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financial The INCLUDING Sank Sir Quotation Section Railway Earnings Section VOL. 118. amide Railway & Industrial Section Bankers' Convention Section SATURDAY, JANUARY 26 1924. Electric Railway Sectiow State and City SeedingNO.3057. "to answer any question pertinent to the questions under inquiry." Contrary to the general custom, or PUBLISHED WEEKLY legal requirement, no witness may refuse to testify Terms of Subscription—Payable in Advan ce or to produce any demanded paper, on the ground 1,cir One Year $1000 For Six Months 6 00 that compliance "may tend to European Subscription (Including postage) disgrace him or other13 50 European Subscription six months (includi 7 75 wise render him infamous," Canadian Subscription (including postage) ng postage) though in this case the 11 50 NOT10E.—On account of the fluctuations In the rates of exchange, witness was asked remittances for European subscriptions and adverti whether he put his refusal on that sements must be made In New York Funds. groun and d made an emphatic disclaimer; and when Subscription includes following Supplements— • BANK AND QUOTATION (monthly) 1 RAILWAY & INDUSTR witne a ss is deeme d in contempt the presiding offiIAL (semi-a nnually ) RAILWAY EARNINGS (monthly) ELECTRIC RAILWA (semi-annually) STATE AND CITY (801121-annually) BANKERS' CONVENY cer of the branch conducting the inquiry must cerTION (yearly) Terms of Advertising tify the facts to the regular prosecuting officer of Transient display matter per agate line 45 cents the Distri Contract and Card rates ct of Columbia, whose duty it shall be to On request Cnicsoo Omni§ —19 South La Salle Street, Telepho ne State 5594. LONDON OFFICE —Edwards & Smith. 1 Drapers' take the case to a Grand Jury, so that the statute Gardens, E.C. WILLIAM B. DANA COMPANY, Publishers, does empo not wer either branch of Congress to proFront, Pine and Depeyster Streets, New York. ceed directly. We are in a time of inquiry and dePublished every Saturday morning by WILLIAM B. DA NA COMPANY. nouncing, yet it is pertinent to wonde President, Jacob Seibert: Business Manager r wheth er . William there D. Riggs; Secretary. Herbert D.Seibert: Treasurer, William Dana Seibert. Addresse s of all. Office of Company. is no limit to "matter under inquiry" or to "questions pertinent" thereto, and whether the old safeThe Financial Situation. guards of personal liberty are not somewhat in danAs a matter of transient interest, the "World ger. Peace Plan" still occupies space in the daily jourThe winner of the first $50,000 would, of cours e, nals, and, whatever be thought of the winning es- like the second, but the anxiety lest the whole movesay, or of the movement itself, the subject has re- ment might result in unduly "influencing" Congr ess ceived some touches of comedy. Some of the disapor public opinion is just a little amusing. As to the pointed essayists loudly complained of unfair ness, popular referendum, which is to carry title to the reand a few took the ridiculous ground that they could maining money, irrespective of what is done or not have and thought of seeking a status in court pro- done in Washington, it remains to be seen whether ceedings. The United States Senate on its part or- this will have any value. If only those in favor of dered a solemn investigation "whether there is any the scheme should vote, the referendum would be organized effort being made to control public opin- worthless. ion and the action of Congress by the use of money By the statement of Miss Esther Everett Lape, the or by advertising, or by the control of publicity," woma n who stands as chief organizer of the scheme, with respect to Congressional action on reven ue and who appeared no more averse to the publicity measures, and "whether the profiteers of the war" she was getting than did Mr. Bok in his own case, it are trying to defeat the bonus, by money or influappears that it was she who selected "the ence, "and what, if any, such influences are being members of the policy committee," all with a free employed," by anybody, anywhere, to control or hand from af- the author of it. She did kLow that "some" of the fect the country's foreign or domestic policies. Edjury selected were or had been for the League of ward W. Bok, who may be considered somewhat of Nations, but not so as to all of them. So the suspia rara avis in being a former newspaper editor cion that the whole scheme was a piece of blessed with a superabundance of money, has been wicked conspiracy propaganda to force upon the country a under examination the present week by the commitcompact which has been once rejeCt ed and is not tee acting under this resolution. likely to be even seriously considered anew remains Whether Mr. Bok added to his fame by his testiunconfirmed, though open•to any who insist on takmony may be doubted. He did not speak with un- ing it seriously. The comic touches, however, have reserved frankness, but veiled the movement in more renew ed the passing interest in a subje ct which has OF less mystery, which is usually damaging to a more attention than it intrinsicall y deserves. cause. He substantially refused inforniation, telling the committee that what he is willing to do for peace The Supreme Court has set aside the Inter-State is within his rights as a private citizen, nor did the Commerce Commission 's order for a 20% cut from hint of possible punishment as a witness in contempt $90 to $72, in the price of "inte rchan geabl e" railwayseem to trouble him. The statute covering such cases mileage books, the decisi on susta ining an injunc tion. is itself peculiar. It declares it a misdemeanor to obtained in Massachuse tts. Apparently the decision, refuse to appear, upon order by either branch of is not finally conclusive, for it is reported to have Congress, "upon any matter under inquiry before been placed on the ground that the reduction ordereither House or before any committee," or to refuse was issued without a proper hearing. On behalf of 3rIxe Thronicle. 340 THE CHRONICLE (VOL. 118. Treasury and Secan organization representing more than 36 minor donald Premier, First Lord of the prominent Labor Other Affairs. for Foreign retary is it salesmen, and local organizations of traveling in the new Cabipositions important holding leaders and further be pursued will alleged that the matter for Home Afthat the reduced price under the order would have net are Arthur Henderson, Secretary the Colonies. for had the effect of increasing travel by commercial fairs, and J. H. Thomas, Secretary three contains men, which had materially fallen off during the war, It is worth noting that the Cabinet MinBaldwin the of defeat hence that a cut would be really for the advantage peers. In describing the York New the of ent correspond of the carriers. This is, of course, a matter of opin- istry, the London to the ion, and the carriers do not all accept it; it might be "Times" said that "the House was crowded to-night, 11.15 after shortly when, capacity true that cutting these rates would somewhat stimu- utmost outlate this particular class of traffic, and the same the division was announced. There was a great but benches, the Opposition from cheering of burst two this involves might be true as to freights. But might that t excitemen of amount that of not was there class either any cut, in questions: one whether traffic, would increase net earnings; the other, the have been expected, probably because the final proeconomic if not the legal right of the regulative body ceedings in the House had been too long protracted to order any rate cuts. The inevitable question re- and the final verdict came more or less in the nature curs: are the carriers in.a position to endure any of an anti-climax." Continuing his account, he said changes which are likely or liable to prove like blood- that "the latter stages of the debate had been fol- • letting to them, although they may have some tonic lowed with the keenest interest by the House and by of quality otherwise as to the general welfare? What- a host of distinguished strangers. The Prince accombeing clock, the seat above a occupied solving Wales ever the Transportation Act may do towards galthe problems of the carriers, it offers no assurance of panied by the Duke of York. In the diplomatic GerAmerica, France, of rs Ambassado the were lery re.fair" "a yield will which rates anything except turn on the actual investment (still undetermined, many, and other representatives of the foreign Powas- must again be said) and even this is not in the ers." It seems that "King George V summoned Ramsay nature of a guaranty. The roads may get 5%%,if an they can, and are subject to the "recapture" clause Macdonald, Parliamentak7 Labor leader, for by so do to advised been having noon, at if they get more than 6%; as a whole, they are not audience resignathe who tendered Baldwin, Minister Prime now.in danger from that clause, since they have not 4% in any year since the return to tion of his Conservative Ministry." The Associated reached the 53 Press correspondent added that l'Macdonald acnominal private control. and Great Britain became that solecism—a cepted earjust has President Rea of the Pennsylvania with King and nobility, administered by monarchy, neclearest the as revenues nestly called for higher members of cessity and said that if he were to sum up in a single a Socialist Government, which included to the proReferring make-up." sentence he would call for net earnings of "at least the nobility in its the Tuesday, on Commons of 6% for a sustained period of time." But, on the ceedings in the House reassemthe on Baldwin, "Mr. that other hand, it is only a few months since prepara- dispatch said Govtion by the railway brotherhoods for another wage bling of the House of Commons, announced the of acceptance King's the and n resignatio in ernment's advance was said to be "causing more thought Preretiring the as cheers Labor no were There It it. Washington than in the rest of the country." should cause thought everywhere,and in this present mier made his statement. He moved the adjournweek a considerable advance to engineers and fire- ment of Parliament until Feb. 12, which date, he men by the New York Central is announced, reached said, had been chosen to meet Mr. Macdonald's con"by modifying certain rules." It is said to be vir- vcnience." In an interview with newspaper men Mr. tually a 5% raise and to affect 15,000 men; but it "after last [Monday] night's council division," a not is "this affects, or may affect, more, for the brotherhood Macdonald was quoted as saying that ity. responsibil a terrible is leaders are preparing to use it as a point in a gen- moment for elation. It We shall have to do our best +o face it, but fail or eral demand. These demands are according to human nature, succeed, I can say that no Government will more but to human nature unenlightened and disposed to honestly try to serve. I am very proud of the Labor see to-morrow without considering next week. Chief Party and it will be a great inspiration to every in Stone himself cannot justly complain when we ap- worker of the country to work and to sacrifice sucto it and enable do to party honor their to order disnot is It to Philip sober. peal from Philip drunk respectful to him to say that he was the latter when, ceed." Commenting upon the speeches in the House only a few years ago, he frankly admitted that what of Commons Monday evening of Stanley Baldwin, railway men might'seem to gain by wage-raising they defeated Premier, and J. Ramsay Macdonald, who would lose, as consumers, should commodity prices was about to succeed him,the London correspondent rise. That those prices will and must rise under of the Philadelphia "Public Ledger" declared that wage-raising is as certain as that one who wades out "Mr. Macdonald made one of the worst speeches of He into the water will dampen his clothes. It does need his career and Premier Baldwin one of his best." that it seemed career his in "for that once accept added some clear sense and some courage to see and sufthe economic truth, but it is before all men for see- Macdonald had-been overawed and his speech that orders definite very by his but thereby, deflafered by ing. The way to easier living conditions is who tion of nominal wages, not by their inflation, or even there be no demonstration, the many members were vote the after 'the sing to Flag' Red wanted . stationary by keeping them constrained to save their vocal attributes for some made The Conservative Ministry in Great Britain, of other occasion. Stanley Baldwin in his speech dissipated rewhich Stanley Baldwin was the head, went down on no excuses for his stewardship and last election Tuesday, Jan. 22, and was succeeded by a Cabinet ports that he had been forced into the He dewill. his against st selected by the Labor Party, with J. Ramsay Mac- on a protectioni policy JAN. 26 1924.] THE CHRONICLE dared he believed that to be the only way out of the present difficulties. He emphatically asserted that henceforth the Conservatives in the Commons would attempt only constructive criticism rather than being facetious with the inexperienced members of the Labor Government." The records show that "the Prime Minister designate is 57 years old and self-educated. Although the leader of the Laborites, he has never been a manual worker. The son of a Scotch peasant, however, be early in life learned the privations of the average laborer's lot. Early in his career he was a schoolmaster. Macdonald seldom laughs, and the set of his jaw bears out his characterization as 'the gray headed fighter.' He had an active part in the organization of the Independent Labor Party in 1893, when but 27 years of age, and has since devoted himself to the Labor Party's interests. From the beginning he championed the capital levy as the best means of solving England's industrial problems. He has also been staunchly in favor of international peace and publicly opposed England's entry into the World War. When the nation was once in the fight, however,he made the best of the situation and served as an ambulance driver in France. He also supported the Government as a member of Parliament in all the big war questions. Like many other public men in England one of his principal recreations is golf." It is easy to see that, for various reasons, the Liberal Party has been placed in an embarrassing position by the accession to power of the Labor Party. After the adjournment of Parliament on Tuesday afternoon the leaders of the Liberals held a meeting at which Mr. Asquith was reported to have "expressed entire satisfaction with the trend of events." At that meeting the following resolution, which was characterized as "un-Laborite," was adopted: "That this meeting of the Liberal members of Parliament thanks Mr. Asquith for his wise and courageous leadership, expresses gratification at the defeat of protection and the fall of the incompetent Tory Government, and declares its steadfast determination to resist every attempt to destroy private enterprise and establish a Socialistic organization of industry, and to continue to press for a policy of international peace based upon the League of Nations, for continued effort at home to remove the existing social evils and injustices, to decrease unemployment and raise the standards of life for the mess of the people." Referring to the attitude of the London newspapers toward the Labor Ministry, the New York "Times" correspondent said that "the general comment of the London morning papers on Mr. Macdonald's Cabinet is that it might well have been worse, and most editorials agree that it will be in keeping with the English spirit to give the Labor Government a fair show, although many misgivings are aired." The London cable advices Wednesday evening, Jan. 23, stated that "seals of office were passed by the retiring Ministry to the new Labor Government at noon to-day, James Ramsay Macdonald having kissed the King's hand—according to custom prevailing since the Restoration after Cromwell—as the first Socialist Prime Minister f England." It was added that "the members of the retiring Baldwin Conservative Government visited Buckingham Palace in the forenoon and soon afterward Prime Minis 341 ter Macdonald and his Labor Ministry arrived at the Palace and received their seals of office. Wasting no time, Macdonald called a Cabinet meeting for this afternoon." One correspondent added that "the new Ministry certainly has no cause to complain of its reception by the London press, especially in view of the fact that all the papers with one exception strongly oppose the Socialistic tenets professed by a large majority of the Ministerial Party." The same afternoon "at 4 o'clock Premier Macdonald presided at his first Cabinet meeting, after which he announced that preliminary decisions were taken on a number of questions, ineluding unemployment, housing, agriculture and the ex-service men. It.was said that the Ministers planned immediate improvements, while working out general policies to be presented in•Parliament when it resumed on Feb. 12." The Associated Press correspondent added -that Premier Macdonald "gave tacit notice to the country and his colleagues to-day that he expected to give the British people a businesslike Administration and would look for punctuality on the part of his as§ociates in reporting for duty each day." As to the French attitude toward the new British Ministry, the Paris correspondent of the New York "Tribune" said in a cablegram Wednesday evening that "though Government circles, carrying out 'a 'wait and see' policy with regard to the British Labor Ministry, decline to be put on record with a single word of comment as to the new regime across the. Channel, it was useless to attempt to conceal at Paris to-day that Ramsay Macdonald's accession to the Premiership• is being received 'with apprehension." He declared also that "Premier Macdonald's foreign policy already is assumed to be anti-French, and the silent attitude of the Poincare Government is based on the principle of the defensive chess player, whose strength lies in forcing the initiative of his opponent." Referring to important appointments that the Labor Premier might make in the near future, the London representative of the Associated Press said that "it is stated unofficially that James O'Grady, M.P.,is already being considered for the position of British Ambassador to Moscow." In London dispatches received yesterday morning It was reported that "the new Labor Government is to instittite full diplomatic relations with Soviet Russia." According to the Associated Press correspondent, "it was learned to-night [Thursday] that James O'Grady,Labor Member of Parliament for the Southeast Division of Leeds, has accepted an offer of the Ambassadorship to Russia. Proof that recognition of the Russian Government will come early was afforded to-night when the Secretary of the South Leeds Labor Party announced that he had received news that Mr. O'Grady, who represents that constituency in Parliament, had agreed to take the Ambassadorship." The strike of railroad enginemen in Great Britain actually began at midnight last Sunday. It was claimed in the London cable advices made public here the next morning that 59,000 men had gone out. It was explained that the strikers are members of the Associated Society of Locomotive Engineers and Firemen and that "the enginemen who are members of the National Union of Railwaymen, if they are loyal to the leadership of J. H. Thomas, M.P., and C. T. Cramp and to the decision of their own special delegates at the meeting of their union, remain at 342 THE CHRONICLE work, carrying out their normal duties." It was added that the Associated Society has a membership of about 62,000, while the "National Union of Railwaymen has between 20,000 and 30,000 drivers, firemen and cleaners in its membership." At that early stage of the strike the opinion was expressed that "if the National Union men continue at work the railroad companies will be able to maintain much diminished but reliable services of trains. Precedence will be given to the services essential to the life of the community, including conveyance of milk and foodstuffs and as far as possible coal." In a cablegram Monday night the London correspondent of the New York "Herald" described the extent and effects of the strike up to that time in part as follows: "The rail executives were too preoccupied with drafting emergency train schedules to say what percentage of curtailment had become necessary. With the aid of the enginemen belonging to the National Union of Railwaymen, who were ordered by their leader, J. H. Thomas, to stay at work, occasional trains were moved from all London passenger termini. It was possible to travel almost anywhere within the Kingdom, but there were long waits, many stops and uncertain connections. The underground lines were running as usual. The morning boat trains for Paris left on time. That for Southampton took four hours to make the trip, which is usually run in an hour and a half." He observed also that "all the British railroad strikes in recent years have been of short duration, and it is expected that the strikers' chances of success or failure will be appraisable in a day or two. The only move which gave grounds for hope of a speedy settlement to-day was the visit of Macdonald and Arthur Henderson to the headquarters of the strikers. Their mission apparently was inconclusive, for no statement was issued thereafter." As early as Tuesday it seemed evident that the strikers were trying to get out of the predicament into which they had brought themselves, the new Labor Ministry and the country. In a London cablegram to the New York "Times" that evening it was stated that "a general improvement in the British train services to-day coincided, perhaps significantly, with a request by the Executive Committee of the striking enginemen's union.for a conference with the railway managers to secure an 'adjustment of differences.' The managers replied that the proposals they had made to avoid a strike were still open for acceptance and there the situation rests." It was added that "the importance of the strikers' request was unmistakable." The news relative to the strike on Thursday was not so favorable. The London correspondent of the Associated Press sent word that "the proposed conference between the railway managers and the enginemen for discussion of the issues involved in the present strike has fallen through, and J. Bromley, Secretary of the Associated Society of Locomotive Engineers and Firemen, announced this afternoon that he 'regretted' that the strike must continue." The representative in the British capital of the Philadelphia "Public Ledger" added that "when and how Ramsay Macdonald's Labor Ministry will be able to shake off the tentacles of the railway strike octopus is the question, but there are no clear indications that it will succeed in freeing itself immediately. All the force of the new Government is being [VoL. 118. exerted as unobtrusively as possible to terminate the quarrel between John Bromley, Secretary of the striking union, and J. H. Thomas, member of the new Government as Secretary of State for the Colonies— instead of Secretary for War—as was prophesied when the strike occurred." According to later cable advices the same evening that were made available here yesterday morning, there had been no real improvement. The New York "Times" correspondent said that "the English railroad strike has taken a graver turn." He added that "industry is suffering more and more from lack of freight trains to carry coal. One hundred thousand colliery and 8,000 iron, steel and tin plate workers were idle to-day in South Wales. The fishing industry on the east coast of Scotland is threatened with total stoppage. Municipalities are beginning to conserve their gas supplies. Passenger service is improving, but still is far from satisfactory. Theatre audiences are smaller all over the country." What has come to be known as Committee No.2 in the German reparations inquiry met in Paris Monday morning for organization. Reginald McKenna, a former.Chancellor •of the British Exchequer, was elected Chairman. M. Barthou, Chairman of the Reparations Commission, made the address of welcome. He said that "your task is the difficult problem of the evasion of German capital. It is easier to state than to solve, but it would be impossible not to take up its examination immediately." Referring to the extent of German capital said to have been placed abroad,"M. Barthou quoted an estimate made by Mr. McKenna in 1922 that the German funds abroad amounted to at least $1,000,000,000." Continuing, "M. Barthou said that Germany had built up capital abroad in the form of deposits and by participation in companies and holding companies to an amount large enough to diminish her capacity and resources for the payment of reparations under the peace treaty." Mr. McKenna, in his address, "declared his earnest intention to do everything possible to, make the work of the committee successful." This committee was organized by the Reparations Commission, it will be recalled, for the express "purpose of finding German capital abroad and determining means for its return to the Reich." As to the attitude of the people in France toward the committee, the Associated Press correspondent in Paris said: "The French public at large and the official world are deeply interested ,in the work of this second committee and expect tangible results from it, notwithstanding the rush which characterized the opening session of the Dawes Committee and which has considerably slowed up." Both Committee No. 1 and Committee No. 2 have decided to go to Berlin in search of further information relative to their respective tasks. The Paris correspondent of the New York "Times" cabled Wednesday evening that "Expert Committee No. 2, following the lead of Committee No. 1, has decided it can best continue its work of seeking exported German capital and find out how to bring it back by going itself to Berlin. This committee to-day sought the advice of Dr. Schacht, President of the Reichsbank, and Herr Bergmann, former head of the German section of the Reparations Commission, on how best a practical investigation could be pursued, and it was after this advice had been heard that the de- JAN. 26 1924.] THE CHRONICLE cision was taken to hold the next meeting in Berlin on Thursday of next week." He also observed that "the work of this committee has necessitated the collection and tabulation of so much statistical information that between now and then the Secretariat will have its time fully occupied. There will be, therefore, no other full committee meetings before the Berlin visit." Real progress seems to have been made by the Reparations Committee, of which General Dawes is Chairman. In Paris on Tuesday afternoon the committee issued a communique that was much more than the usual formal statement that contains no news. It set forth that the committee "had reached the opinion that an independent gold bank under international control was the first essential to any plan for securing the budget equilibrium and stable currency in Germany." The New York "Times" correspondent said that "this opinion, it is emphasized, was a unanimous one, and though the French have been largely instrumental in forwarding the suggestion, they claim no more credit than any other delegates of the five nationalities represented on the committee." He added that "as yet the plans for creation of such a bank are not fully elaborated, but the committee, working under high pressure, has given Dr. Schacht a rendezvous in Berlin for Jan. 30, when it promises to discuss with him a definite plan." In outlining further the plan in the indefinite state in which it was at that time, the correspondent said: "It is emphasized by them [the members of General Dawes's committee] that it is only a part, if a somewhat primary part, of any general scheme. It is necessarily incomplete at present and even such important matters as whether or not the bank should be established on German territory or, as the French desire, elsewhere, is not settled. While it is expected that foreign capital would be willing to participate in the proposed bank, it is thought that nearly the total amount needed could be raised from German nationals within Germany who hold foreign money and from those who hold securities abroad but wish to have the use of them in easier conditions, such as could be obtained if held by the bank. The French estimate that since the Ruhr occupation the amount of French paper money held in Germany would in itself constitute a large subscription to the bank's funds." Cabling the next day, the Paris correspondent of the Philadelphia "Public Ledger",declared that "although the suggestion of an international loan does not appear in the statement, it is understood that the discussion of the plan in Berlin next week will develop a definite program for such a loan, to be subscribed by all the Allies and the interested or associated Powers." In a cablegram Wednesday evening the Paris representative of the New York "Times" said that "Committee No. 1 continued to-day its work in its two departments, one studying the budget problem and the other the stabilization of German currency. The latter sub-committee is now confining its work to elaborating plans for the creation of a gold bank, which it was decided yesterday was an essential step toward the goal set." The Associated Press representative in a cablegram the same day, said that "the essential features for the German gold bank designed by the experts have been taken from a plan proposed by General Dawes and Owen D. Young, the Ameri 313 can unofficial representatives. The plan is to draw into the service of the new bank gold, or the equivalent in foreign moneys, now in Germany, and also a portion of the German deposits abroad. Dr. Schacht, it is understood, estimates the value of foreign currencies now in private hands in Germany at 1,000,000,000 gold marks." He further pointed out that "the purpose of the committee of experts is to mobilize these non-producing moneys into the public service and to induce German funds outside the country to return, by offering them adequate guarantees for the safety of the capital and profitable dividends. The method of winning this capital to the bank will take the form of issuing bearer shares, probably by banks abroad or under conditions at home by which no disclosure of ownership would be possible. Anonymity of capital would be fully respected and safeguarded." He suggested that "one of the great advantages of the plan is considered to be the fact that Dr. Schacht himself 'favors it. In fact, the President of the Reichsbank suggested some of the more important parts of it. Hence it is considered ihat the plan will not be regarded as having been impOsed on Germany by .foreign pressure, as it already has German official countenance." The French, according to a special Paris cablegram to the Philadelphia "Public Ledger," Thursqlay evening, are not enthusiastic over the proposed new gold bank. The representative of that paper said that "the creation of an independent gold banli as means toward solution of the reparations question is viewed, as the French give it more study, as a plausible plan to be accepted with reservations." Continuing, he stated that "one of the most prominent financiers of the Quai d'Orsay, to whom the French delegates look for instructions, told me: 'We may call it a step forward, especially if such a bank and its gold reserve can be adequately controlled by Allied directors. But it is only one of the crutches on which disabled Germany can walk. It is useless to create a new currency if the German budget is not balanced. Germany must do as we are doing in France—cut down expenditures. The State monopolies and State railways must be handed over to international groups under the control of the Reparations Commission. It will be necessary to fix drastic terms to any international collaboration to, restore German finance which would be adequate to insure Allied collection of payment.'" According to a special Paris cablegram to the is:Tew York "Herald" yesterday morning, "the first committee of experts headed by Brigadier-General Dawes to-day [Thursday] began to consider three important subjects, the chief of which is the relation of German resources to the taxes now being paid by German citizens. Taxation in Germany, the committee agrees, is far below the level fixed in other countries, but the committee wishes to determine whether this is not due to the difficult financial position in which Germany has been placed as a result of :the changing European policies. The day's work . included the following points: 1. Whether taxation in Germany can be increased to provide a budget that will include the cost of the armies of occupation and the reparations payments during the next few years. 2. Whether any portion of the resources of private banks can be diverted to Government purposes. 3. Germany's railway resources,, which, according to some experts, including the Belgians, can 344 THE CHRONICLE [VOL. 118. be increased by raising fares and freight charges to noted in last week's issue of the "Chronicle." The the gold level adopted by other European nations." third was given by the Chamber of Deputies on the evening of Jan. 18 and the result of the ballot was Dr. Hjalmar Schacht, President of the Reichs- 415 to 151. The New York "Times" correspondent bank, was examined Monday afternoon in Paris by explained that "the vote followed a review by the the special Reparations Commission committee, of Premier of his foreign policy of the last two years, which General Charles G. Dawes is Chairman. The in which he expressed his attitude toward and his New York "Herald" correspondent at that centre hope in the committee of experts presided over by said that, "after listening to Dr. Hjalmar Schacht, General Dawes." The correspondent further stated President of the Reichsbank, for nearly four hours that "the Premier's address was in reply to the atto-day tell how a new German currency could be put tack of Edouard Herriot, the Radical leader, on the on a sound basis, General Charles G. Dawes and his Government's foreign policy. M. Herriot declared fellow experts were undecided whether anything for co-operation, and had announced that should the more of interest was obtainable from him. The Ger- Radicals be successful in the May elections they man financier made a good impression, at lest upon would seek an equitable settlement of the reparathe Americans, by answering all questions candidly tions problem. But he declared that this settlement and without reservations. He spoke in English, would not be sought by coercion." According to the and, realizing the restrictions under which the com- dispatch also, "stating the position of the French mittee is functioning, rigidly abstained from any po- Government toward the efforts of the committee of litical discussion, touching on the Ruhr only casu- experts to balance the German budget, the Premier ally and entirely in a financial and economic sense." declared that any plan advanced must contain from The Associated Press representative said that "Dr. the outset provisions for reparations." The "Times" Schacht was pledged to secrecy by the committee of representative reported that "Premier Poincare said experts, and when after to-day's session he was that he placed hope in the committee of experts, and asked if he had any impression regarding the pro- desired to see it make the first step toward a settleceedings he replied: 'Yes, I have an impression, but ment of the whole issue of reparations." I am going to keep it to myself.'" All the Paris cable dispatches stressed the idea Nikolai Lenin, the pen name for Vladimir Ilyitch that Herr Schacht made a favorable impression in Ulianov, Premier of Soviet Russia, is dead. The end Paris. The representative in that centre of "The Sun came at 5.50 oclock Monday afternoon, according to and The Globe" cabled Thursday evening that "the an Associated Press dispatch from Moscow,"but the fact that Premier Poincare received Herr Schacht death was not announced for some time afterward." this afternoon justifies Berlin's belief that the direc- It was stated also that "Lenin's death occurred at tor of the Reichsbank scored a far reaching personal his country villa near Moscow, where he had been success in his testimony on Germany's financial con- living in retirement. It came after a sudden turn dition before the Dawes and McKenna committees. for the worse culminating in a stroke which paraThe fact that the Premier has granted a long audi- lyzed his respiratory organism." The correspondent ence to him proved that the French delegates on both said further that "news of his death, while not unexcommittees must have been favorably impressed by pected to those who had been closest to him in the Schacht's earnest desire to reach a solution of Ger- Soviet counsels, came unexpectedly at this time to many's financial difficulties and undoubtedly rec- the great majority, as the most recent reports had ommended to Poincare that he sound him out before been that the Premier was considerably improved in his return to Berlin. This afternoon's interview is health." Commenting upon the situation growing far more significant than the Schacht-Barthou con- out of the prolonged illness and death of Lenin, the ference yesterday, which might have been purely a correspondent said: "While there has been continucourtesy call on the President of the Reparations ous anxiety for Lenin's condition since he was Commission." Apparently a similarly favorable im- stricken in June 1922, public attention has lately pression was created in Berlin. In an Associated been more directed to the differences among the ComPress cablegram from that centre yesterday morning munist Party leaders and particularly to the status it was stated that "Bourse circles are yielding to the of Leon Trotzky, who, it was recently announced, feeling of optimism in consequence of the favorable was in poor health and had gone away for a rest. reports from Paris in connection with the cross-ex- So long as he was alive, although not actively paramination by the British and American experts of ticipating in the Government, he was at least its Dr. Schacht, President of the Reichsbank. Today's titular head, and his death now opens the position to session of the Bourse reflected the sentiment that other leaders." even the cursory deliberations already are having beneficial effects in the direction of coaxing out For some time European cable advices have indimuch-needed capital and possibly encouraging the cated that all was not going well for the Russian return of foreign currencies now deposited abroad. Soviet. There appeared to be discord among the Dr. Schacht is being hailed as'a miracle man'and he leaders themselves, while more recently they have is credited with being the first of the German finan- had to contend with strong opposition from wouldciers to display originality and a resoluteness in be leaders. It has been evident also that Lenin, tackling the herculean job of disentangling the na- Trotzky and those closely associated with them had tion's currency knot." come to realize that the extreme features of their system of Government must be abandoned. Even In spite of political opposition and the assertion at the leaders themselves have been quoted as saying rather frequent intervals that his Minlistry was that they would not be so severe with respect to the likely to fall soon. Premier Poincare of France has seizure of capital as they set out to be. As already received three votes of confidence within two days. intimated, recently there has been concern over the The first and second came within one day and were health of Trotzky as well as Lenin. About two JAN. 261924.] THE CHRONICLE weeks ago Moscow cable dispatches stated that he had gone away for two months. Even then one could read between the lines that he was losing his grip on political affairs. Toward the end of last week the report was current in Moscow that Trotzky had been arrested. This proved to be untrue. Commenting upon his condition, the Moscow representative of the New York "Times" said that "Trotzky is definitely eliminated from all Bolshevist activities, whether of the Communist Party or the Soviet Government, for at least two months; not, however, by the action of any of his colleagues, but by illness." Referring to the fact that "three or four weeks ago Trotzky had left his apartments in the Kremlin and gone to his country house outside the city," he declared that "in reality the move was due to weakness of both body and spirit, the result of a mysterious malady developing during the past three months, whose most marked symptom was a wasting, intermittent fever." Continuing, the correspondent said that "depression overcame Trotzky's hitherto•indomitable energy and he virtually abandoned the field to his adversaries." The trend of sentiment with respect to Trotzky apparently was well illustrated in the following dispatch from Moscow under date of Jan. 20: "The name of Leon Trotzky, the Soviet War Minister, was greeted to-day with cheering at the opening session of the All-Russian Soviets. In the election of a President, however, Premier Lenin, Leo Kameneff, M. Zinovieff, M. Kalenin, M. Stalin and M. Bucharin all received more votes than Trotzky, who ranked seventh in a list of 47." It was made plain in Moscow dispatches that announcement of Lenin's death by President Kalinin at session of the All-Russian Soviet Congress Tuesday morning produced a profound impression upon those present, although it had been known for a long time that his illness was serious. In making the announcement he was reported to have declared that "Lenin is dead, but the Soviet Republic is going to continue his work. The power of the Soviet Government is so strongly planted that even the death of Lenin cannot change this historic fact." The Moscow correspondent of the New York "Times" cabled that, "with Lenin dead and with Trotzky ill and his supporters blamed and even in some cases expelled from high positions, it is the general opinion that Lenin's death will unify and strengthen the Communist Party as nothing else could do. No one who knows them both doubts that Trotzky and Stalin will bury the hatchet over his grave." Commenting upon Trotzky's condition, he said that "Trotzky had a high fever all last week and left for the Caucasus Saturday. It is doubtful whqher he will be able to return for the funeral, but his friends say there is no possible doubt of his loyalty." Numerous rumors as to his actual whereabouts persisted. It was even claimed on Tuesday•that "his colleagues are unwilling to let him out of sight and are keeping him confined to his house under strict supervision." Cabling on the evening of Jan. 22, the New York "Times" representative in Moscow said that "up to the present it has been impossible to verify these rumors. In the prevailing atmosphere of discontent nothing seems improbable. It is likely, however, that the reports greatly exaggerate what is taking place." The New York "Tribune" correspondent at the same centre cabled that "every one feels that the disappearance of the greatest Soviet leader may have tre 345 mendous consequencs in Russia, specially with that other great apostle of Bolshevism, Trotzky, out of politics now for two months because of illness and at loggerheads with the remaining leaders of the party." As to the attitude of the Washington Government toward Russia, now that Lenin is dead, it was stated in a dispatch under date of Jan. 22 from the New York "Times" representative at that centre that "the death of Lenin will not change this Government's attitude toward Russia unless the policy of that country is modified and conforms to,our conditions for recognition, it was declared at the White House to-day." It was added that "President Coolidge did not wish to comment on the passing of the Soviet Premier." The train bringing the body of Lenin from Gorky, the small village where he died, to Moscow, reached the latter centre Wednesday afternoon at 1 o'clock. According to an Associated Press dispatch from Moscow that evening,"more than 20,000 members of Parliament and the Communist Party and delegations from various departments and labor unions had gathered at the railway station." The correspondent also said: "The body of Nikolai Lenin, the Bolshevist Premier, and probably the greatest rebel of this, or perhaps any other generation, against the system of society built up by the ages, lay to-night in a silver trimmed casket on a red draped dais in the great glistening hall of the House of Unions in Moscow. Tens of thousands of persons marched silently past the bier to take a last look on the face of the man who led the Communist revolution, which turned topsy-turvy the lives of the people of a nation of 130,000,000 and left its mark in nearly every corner of the globe. Some of those in the continuous stream passing by the casket, perhaps, had followed Lenin, while others must have hated him, but there was almost dead silence and solemnity in the great hall, and there seemed to be prevalent more of the element of respect for the dead than of curiosity." According to an Associated Press cablegram from Moscow on Jan. 24 "Petrograd's Soviet suggested that Petrograd be renamed Leningrad in honor of the dead Soviet leader and originator of Bolshevism whose body lies in simple impressive state on a red-draped dais in the great glistening hall of the House of Unions—formerly the Nobles Club— in Moscow." Definite word was received from Moscow yesterday morning that "announcement had been made that night [Thursday] that the funeral of Nikolai Lenin had been postponed from Saturday [to-day] until Sunday." According to the dispatch also,"it was likewise announced that Petrograd had been renamed Leningrad." The Netherlands Bank, in line with the action recently of several other State banks in Europe, this week announced an advance in its official rate of discount from 4/ 1 2% to 5%. The previous rate had been in effect since Dec. 12 1923. Aside from this advance, official discount rates in leading European centres have not been changed from 10% in Berlin; 7% in Norway and Denmark;6% in Paris; 5/ 1 2% in Belgium and Sweden; 5% in Madrid, and 4% in London and Switzerland. Open market discounts in London were firmer, short bills advancing to 33 / 8@ 3 7-16%, from 3 5-16% last week and three months' 346 THE CHRONICLE bills to 3/ 1 2% from 3 7-16%. Call money in London likewise displayed strength, and the quotation moved / 4% a weetaoinlection iseth /8%, against 23 up to 77 4%,against 23 /8%,but closed at 21/ up to 27 / 4% a week ago. In Paris and Switzerland the open market 1 2% and 3%, respectively. rates remained at 5/ Another small addition to gold holdings was shown by the Bank of England's weekly statement, amounting to £4,821, while reserve expanded £20,000, as a result of reduction in note circulation of £15,000. The proportion of reserve to liabilities, however, fell to 17.99%, from 18.39% a week ago, which is explained by a large increase in deposits. In the corresponding week of 1923 the reserve ratio stood at 20% and a year earlier at 18.2%.. Public deposits declined £333.000. but."other".deposits gained £3,135,000. The bank's temporary loans to the Government showed an increase of £1,000,000. Loans on other securities were £1,833.000 larger. Gold holdings now stand at £128.076,077, against £127,489,154 last year and £128,447.117 in 1922. Reserve aggregates £22,682,000. comparing with £25,140,584 a year ago and .£24,691.277 a year earlier. Loans amount to £71,472.000. in comparison with £65,238.047 in 1923 and £83,667.488 the year before. Note circulation stands at £125.143.000, as compared with £120,798,570 and £122,205.840 one and two years ago, respectively. The bank's minimum discount rate remains at 4%, the same as heretofore. Clearings through the London banks for the week totaled £752,147.000. This contrasts with £767,160,000 a week ago and £683.214.000 last year. We append herewith comparisons of the different items of the Bank of England returns for a series of years: BANK OF ENV:TANG'S rOMPARATTVE STATEMENT [Von. 118. BANK OF FRANCE'S COMPARATIVE STATEMENT. Changes Slat s as of for Week. Jan. 24 1923. Jan. 26 1923. Jan. Cold Holdings— Francs. Francs. Francs. Francs. In France Inc. 78,750 3,676,515,950 3,670,953,271 3,576,355,850 Abroad No change 1,864,320,900 1,864,344,927 1,948,367,056 Total Inc. 78,750 Sliver Inc. 128,000 Bills discounted Inc. 81.905.000 Advances Dec. 99,113.000 Note circulation Dec.349,199,000 Treasury donosits.lne. 903,000 General deposits...Dee. 195,358,000 5,540,836.850 29 ,973,000 3,668,741.000 2.947,489,000 38,329,195.000 21.387.000 2,373,629,000 5,535 298.199 5.524,722,907 290,169,111 280,498,308 2.661,581.528 2,392,169,202 2,065.585,172 2,289,443,708 36,780,408,080 30.432,842,950 47,559,025 20,018.645 2.160,039.156 2,371,750,113 Early in the week the Imperial Bank of Germany issued a statement, as of Dec. 22, which showed further sensational changes. Note circulation increased 60,388,190,802,855,158,000 marks. Advancesexpanded 48,711,869,666,614,495,000 marks, deposits 28,062,006,859,158,296,000 marks, and other assets 4,088,212,978,612,659,000 marks. There was an increase in Treasury and loan association notes of 2,785,622,002,684,278,000 marks and in investments of 123,020,295,345,000,000 marks. Declines were shown in notes .of other banks 13,396.262,410,631,000 marks, bills of exchange and checks 51,519,039,495,215,289,000 marks, discount and treasury bills 21,872,581,984,451,771,000 marks, and other liabilities 15,204,136,462,127,270,000 marks. On Thursday another statement, under date of Dec. 31, was cabled over, indicating continued though smaller expansion in note circulation, namely 21,948,477,935,826,889,000 marks. Deposits increased no less than 153,310,961,271,619,743.000 marks, and other assets 97,489,690,877,692.072.000 marks. Gains were also made in 'notes of other banks, 27,093,231,453,262,000 marks, and advances 18,284,060,089,084,000 marks. Reductions were as follows: Treasury and loan association notes, 554,250,000.019,733,000 marks, bills of exchange and checks 12,306,810,925,649.521,000 marks, investments 10,390,710,851,000,1714. 000 marks, and other liabilities 10.951,547,531,403,1721 1720. 1927. 1921. Jan. 21. Jan. 24. Jan. 25. Jan. 29. Jan. 26. 813,000 marks. Total coin and bullion (which now Circulation 12g.111.nn0 190,708.570 122.205,890 128.485.100 74R.057.5 , 15 includes aluminum, iron and nickel coins) decreased Pubiledennetts 11.rtt I .0nn 11.372.032 14.529.259 16.0RO.RIV2 20,11n 0.5 Other denddts 112.47n 1507 114 911,342 120.978.852 111.519.199 13%1 cn 403 636.261,000 marks. Gold holdings decreased 1,000 415.15t0,02) .51.941.911 45.074.646 51.211.954 611741.911 Govt sec7C7les._ Other seenritkei 71,47^,919 65.219.047 83.167.998 75.105.7(41 A0.3i0.-13 marks and the previous week also decreased, leaving Reaervell0f1.1 eoln 1%590,000 25.190.599 24.691.277 19.21, 1,504 30.1^(1.2f(6 the total 467,030,000 marks. Total outstanding note Coin and bnIllon....128,076.077 127,989,159, 128.497.117 128,283,608 99,933.8(71 Provortien of reeerve circulation now stands at 496,507,404,761,871,889,to llel'It'es 17.97% 18.2% 20% 194454 14'4% Bank rate 4% 3% .5% 7% 6% 000 marks. Thl Bank of France continues to report small gq,i,-18 gold item, the increase this week being 78,750 francs. The Bank's gold holdings, therefore, now aggregate 5.511).836,850 francs, comparing with 5,535.298,199 francs at this time last year and with 5,524,722.907 francs the year before; the foregoing amounts include 1.864,320,900 francs held abroad in 1924, 1,864,314.927 francs in 1923 and 1,948.367.056 francs in 1922. Silver, during the week, increased 128,000 francs, Treasury deposits rose 903.000 francs and bills discounted were augmented by 81.905,000 francs. On the other hand, advances fell off 49,113 090 francs, while general deposits were.diminished by 195,358,000 francs. Note circulat'on registered the further contraction of 349,199,000 francs, bringing the total outstanding down to 3%329,145,000.francs. This contrasts with 36,780,408,080 francs last year at this time and with 30,432,842,950 francs in 1922. Just prior, to the outbreak of war in 1914 the amount was only 6,683,184,7.85 francs. Comparisons of the various items in this week's return with the statement of last we.k and corresponding dates in both 1923 and 1922 are as follows: in its The Federal Reserve Bank statement, issued at the close of business on Thursday, indicated a moderate loss in gold for the combined system, and small additions, both locally and nationally, to bill holdings, which contrasts with an increase in gold and reduction in rediscounting operations a week earlier. The report for the System disclosed a decline of $5,400,000 in go'd reserves. Rediscounte^g of Government secured paper was augmented S13,000,000. Rediscounts of "all other" were reduced $6,500,000, while open market purchases fell $16 700,000, so that the net result was a reduction in total bills on hand of 810,000,000. Earning assets declined $5,800,000, but deposits increased $18,600,000. At New York there was a gain in gold of $12,000,000, chiefly through the Gold Settlement Fund. Here also an expansion in rediscounting of Government secured paper was shown, with a. small contraction in "all other" and a decline of bill buying in the open market of $10,000,000, which brought about an increase in total bill holdings of $2,000,000. Earning assets increased nearly $4,009.000 and deposits $13,000,000. The amount of Federal Reserve notes in circulation was reduced JAN;26 1924,1 THE CHRONICLE 33,500,000 at New York and $34,500,000 by the ,twelve bank; combined. Reserve ratios were again :advanced .3% to 80.4% for the System and .4% to 88% at New York. 347 has been evident, and quotations were lowered to 4%% far sixty days, against 4WO.,44 3 % last week, 3 with 4/ 1 2•@,4%% quoted for all maturities from ninety days to six months, comparing with 43 4% a week ago. The bulk of the business passing in the shorter Restoration of surplus reserves as ,a result of a periods was at the inside figure. Trading, however, shrinkage in deposits and increase in member bank was.inaetive,,and no large individual loans were rereserves, constituted the feature of last Saturday's ported. The former differential between regular statement of the New York Clearing House banks - mixed collateral and all-i ndustrial loans is no longer and trust companies. The loan item fell $148,000. observed.. Net demand deposits were reduced $29,035,000, to Commercial paper has been moderately active with $3,806,823,000, which is exclusive of $32,433,000 in most of the demand from out-of-town institutions. Government deposits. Time deposits, however, Quotations for sixty and ninety days' endorsed bills gained $1,654,000, to $465,573,000. Other changes receivable and six months names of choice character included a decline in cash in own vaults of members continue at 43 4@5%,- with names not so well knawr. of the Federal Reserve Bank of $5,985,000, to at 5%, unchanged. $46,098,000 (not counted as reserve). The reserve Banks' and bankers' acceptances ruled a shade of State banks and trust companies in own vaults easier. A fair inouiry was noted, although aggregate decreased $18,000, while the reserves kept in other transactions were not large. Light offerings acted depositories by these State,banks and trust companies as a deterrent to real activity. Both local and was reduced $925,000. gember banks increased country banks ware in the market as buyers for their reserves with the Reserve Bank $19,891,000, moderate amounts. For call loans against bankers' and this, together with the contraction in deposits, acceptances the posted rate of the American Accepresulted in a gain in surplus of $22,669,530, which tance Council has been reduced to 33%% fr6m 4% after eliminating last week's deficit left 'a total of last week. The Acceptance Council makes the disexcess reserves of $18,297,240. The figures here count rates on prime bankers ' acceptances eligible for given for surplus are based on la% reserve require- purchase by the Federal Reserve banks 4%%- bid ments 'for member banks of the Federal Reserve and 4% asked for bills runaing 30, 60:and 90 days, System but do not include cash in own vaults to the 434% bid and 43/% asked for bille running four amount of $46,098,000 held by these banks on Satur- months, and 4M% bid and 43470 asked for • bills day last. running for six months. Open market quotations follow: Both call and time n:.toney have the present week SPOT DELIVERY. 90 Days. been in even more abundant supply than last week, 68 DUP. Prime eRgilge bills 414434 and the trend has been toward a still lower level of FOR DELIVERY wawa: THIRTY DAYS quotations. For several days 4% was the prevailing Eligible member banks non-member banks Eligible :and only quotation for tall loans. The offerings of time money were so large at 434% for all periods There have been no changes this week in Federal that the bids were lowered to 4/ 1 2%,and the opinion Reserve Bank rates. The following is the schedule was expressed in some circles that accommodations rates of now in effect for the various classes of paper for the shorter periods would soon be obtainable at the differen at t Reserve banks: the latter figure. There were no developments of a DISCOUNT•RATES OF FEDERAL RESERVE BANKS IN EFFECT striking character in the money market. The chief JAN. 24 J924. .feature, as already intimated, was the further exPaper Maturing— treme ease. Greater activity in some manufacturing After 90 After lines, particularly in the steel industry, has been Days. Met Within 90 Den. Within 6 Within 0 FEDERAL RESERVE definitely reported, but in view of the big supply, Months. Months. BANK. the Corn'rcial Seats. by demand for money from any source, or all sources Austad.* Agricta. Apricot U.S. Bankers' Trade and end etLtocerk Gott. Amy- Aust. lAvestacBLIsestaet gombined, has not been sufficient to make any imPayer. Odttea- target. :awes. Payer. Payee. n.e.s. Lions. pression upon quotations. Financing is going for431 434 434 itH ward on a good-sized scale. The active investment Boston New York gig 43.5 434 434 434 434 4ig 434 434 434 434 5 demand is perfectly natural when the present state Philadelphia Cleveland 4ig 434 4% 434 4).5 Richmond 4H .43g gtg 434 4% 4 of the money market is taken into consideration. Atlanta 4H 4)5 434 4)4 lig 4) Chicago 43.5 gig 434 434 434 The number of powerful syndicates that bid for the St. Louis 4}5 434 434 11)4 434 Minneapolis 434 434 434 $50,000,000 Canadian National Railways bonds and Kansas City 434 4% 434 434 494 Dallas 434 434 434 434 434 the extent to which they were said to have been over- San Francisco 434 434 434 434 4)g 434 subscribed affords a very good idea of the activity •Including bankers' acceptances drawn tor an agricultural purpose and Neared by warehouse receipts. &O. and breadth of the bond market. The European situation is being closely watched by international bankDulness, accompanied by nervous irregularity and, ers. intervals of acute weakness, featured dealings in sterling exchange during the week and price levels Retelling to money rates in detail, call oans have were forced still further downward, until demand remained fixed the entire week at 4%; that is to say, finally touched a new low record on the current on Monday, Tuesday, Wednesday, Thursday and movement of 4 20%, which is 1% cents under last Friday all loans on call were negotiated at this figure, week's low quotation and the lowest point established this being the high, the low and the renewal basis on in two years. The immediate occasion for this; was,, 1 each of these days. Last week the're Wa9 a range of course, the strike of British railway men, whleh of 4@5%. The figures here given apply to mixed exercised a depressing effect on financial sentinaent collateral and all-industrial loans without differen- both here and.abroad. London cable rates were tiation. In time money also a .distinetly easier tone heavy and attempts to.sell frequently failed to bring 348 THE CHRONICLE [VOL. 118. buyers even at material concessions. Locally, quoted erratic, and losses, with the exception of francs, rates were to a considerable extent nominal, since limited to a point or two in either direction. 'In large operators are holding off awaiting the outcome keeping with this, trading was generally quiet and of Britain's labor and political troubles. The latter the volume of business of moderate proportions. came in for a good deal of attention,,especially in the French currency continues to be dealt in more or early- part of the week, when widespread uneasiness less extensively, but the selling movement has apwas shown over the probable attitude of the new parently subsided, and on several occasions during Labor leader in selecting his co-workers. Later the week substantial buying orders were received developments, however, served to allay fears and which helped to advance quotations. At the openthere was a noticeable relaxation of the nearlier ing French checks sold at 4.53. Subsequently there nervous tension on this score. In the final dealings was a drop to 4.38, but only for a brief period. a rallying tendency developed and the quotation Shortly afterwards the quotation shot up to 4.57 on good buying and dimished offerings. Reports recovered to 4 23 3-16. No immediate improvement in either values or that France had no intention of repudiating her volume of trading in sterling exchange is looked for debts to the United States created a favorable imand bankers predict a continuation of the present pression, although operators in French exchange "waiting market" for some little time to come. were said to be marking time pending the outcome This- belief is based on predictions of possibly pro- of discussions of proposed French Government longed labor disturbances, the fact that political measuresfor the improvement of the nation'sfinances. uncertainties have still to be reckoned with, also the Opinion as to the course of the franc is somewhat ever-present reparations question. Moreover, legiti- mixed, some insisting that little or no permanent mate commercial activities are now showing a seasonal return to higher levels need be looked for, while falling off; although it is true that the week's decline others predict a substantial advance in the not disin rates was accelerated by heavy offering of bills tant future, since it is claimed that there is an uncovering shipments of sugar. These, however, were usually large short interest outstanding which will regarded as special transactions and represented to have to be taken care of. Belgian francs ran off in a considerable extent futures. Speculative interests sympathy with French exchange, but later recovered. were reported as more active than in the recent past, Italian lire continue stable, though a trifle lower and quite a few small orders were received from than last week. Berlin, exchange remains at various parts of the country on both the buying and 0.0000000000233', although an entirely nominal figure, as German trading is being settled for in selling side. sterling sterling, francs and guilders, while Austrian kronen quotations, more the to detailed Referring was have not been changed from a shade above 0.0014. there and last was heavy Saturday on exchange a decline to 4 23 5-16@4 23 11-16 for demand, to Greek drachmas were maintained, and the same is 4 23 9-16@4 23 15-16 for cable transfers, and to true of the minor Central European exchanges, with 4 21 1-16@4 21 7-16 for sixty day bills; trading the exception of Polish marks, which are still hovering was dull and lifeless. On Monday increased weak- around the recent low point of 0.000010, all on exness developed and demand sold down to 4 20%@ ceptionally quiet trading. 8@4.21%, and / 4 21%, cable transfers to 4 205 The London check rate on Paris finished at 93.50, s; the slump was at/ sixty days to 4 18%@4 193 93.40 last week. In New York sight bills on against England. tributed to the railway labor walkout in centre closed at 4.46, against 4.583; caFrench on the firmness Higher cables from abroad induced at 4.47, against 4.593; commercial short transfers ble by Tuesday, which was further accentuated against 4.573., and s.xty days 4.45, at sight bills 3-16 23 21%@4 and 4 the range was here, covering 4,against 4.52 a week ago. Antwerp francs 8@4 23 7-16 for cable transfers at 4.393 / for demand, 4 213 and 4 18%@4 20 15-16 for sixty day bills; business, finished the week at 4.03 for checks and 4.04 for cable however, was still quiet. Wednesday the market transfers. This compares with 4.183 and 4.123/2 reflected lower London cable rates and the under- the previous week. Final quotations on Berlin tone was heavy, with demand down a- fraction to were 0.0000000000233/(unchanged). Austrian kronen 4, cable transfers to 4 213'@4 23 and closed at 0.0014 1-16, against 0.0014, or virtually 4 203/@4 223 sixty days to 4 18%@4 203/2. Dulness character- the same as a week ago. Lire finished at 4.33 for ized dealings on Thursday, but better buying brought bankers' sight bills and 4.34 for cable transfers, about an advance to 4 21%.@4 22 11-16 for demand, in comparison with 4.35% and 4.36% the week be%, 4 213/@4 22 15-16 for cable transfers. and 4 19@ fore. Exchange on Czechoslovakia closed at 2.893 against on , 2.903/2; A at 0.501 Bucharest against were quotations On days. Friday 4 20 7-16 for sixty maintained and demand bills sold up to 4 21 15-16 0.503; on Poland at 0.000012, against 0.0000103', 2; cable transfers to 4 22 3-16@4 23 7-16 and and on Finland at 2.503/2, against 2.51 the week pre@.4 223/ 1 2 for checks sixty days to 4 19 11-16@4 20 15-16. Closing quo- vious. Greek exchange finished at 1.91/ tations were 4 20 for sixty days, 4 223 for demand and 1.92 for cable remittances, as against 1.963' and 2 for cable transfers. Commercial sight 1.97 at the close of last week. and 4 223/ bills finished at 4 223', sixty days at 4 19%, ninety As to the former neutral exchanges, although trad8, documents for payment (sixty days) / days at 4 183 at 4'19/ and seven-day grain bills at 4 21%. Cot- ing was not particularly active, sharp fluctuations were recorded in guilders, the Scandinavian currenton and grain for payment closed at 4 221A. The week's gold movement was restricted to a cies and pesetas. Guilders lost some 19 points to small consignment on the Aquitania, valued at 36.97, while Danish exchange broke 139 points, on heavy foreign selling, it was alleged, and failure of £883,456. No exports were made. the official committee in charge of the fund for staAlthough Continental exchange, in the main, fol- bilizing exchange to offer support. Swedish and lowed the course of sterling, fluctuations were less Norwegian currencies participated in the decline, JAN. 26 1924.] THE CHRONICLE but to a lesser extent, and the same is true of Spanish exchange. Swiss francs ruled steady,, but finished at a slight net decline. Bankers' sight on Amsterdam closed at 37.021A, against 37.12;cable transfers at37.063/2,against37.16; commercial sight bills at 36.96M, against 37.06, and commercial sixty days at 36.603/2, against 36.70 last week. Closing rates for Swiss francs were 17.24M for bankers'sight bills and 17.251A for cable transfers. A week ago the close was 17.30 and 17.31. Copenhagen checks finished at 16.19 and cable transfers at 16.23, against 17.30 and 17.31. Checks on Sweden closed at 25.86 and cable transfers at 25.90, against 26.08 and 26.12, while checks on Norway finished at 13.74 and cable transfers at 13.78, against 14.12 and 14.16 last week. Spanish pesetas closed at 12.63 and cable transfers at 12.65, as contrasted with 12.71 and 12.73 a week earlier. FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE BANKS TO TREASURY UNDER TARIFF ACT OF 1922. JAN. 19 1924 TO JAN. 25 1924, INCLUSIVE. Country and Moneta Unit. Noon Buying Rate for Cable Transfers in New York. Value in United States Money. Jan. 19. Jan. 21. Jan. 22. Jan. 23. Jan. 2.4. Jan. 25. s EUROPEkrone 000014 .0412 Belgium, franc .007017 Bulgaria, Lev Czechoslovakia, kron .029038 Denmark, krone 1687 England, pound ster4.2360 ling Finland, markka 024931 France,franc .0451 a Germany, reichsmark Greece, drachma .019455 Holland, guilder .3718 Hungary, krone .000034 Italy, lira .0435 Norway, krone .1411 Poland, mark b Portungal,escudo .0299 Rumania,leu 004913 Spain, peseta 1272 Sweden,krona .2605 Switzerland, franc .1729 Yugoslavia, dinar___. .011454 ASIAChinaChefoo, teal .7159 Hankow tech .7155 Shanghai tael .8995 teal Tientsein .7228 Hongkong dollar-. .4998 Mexican dollar----- -5004 Tientsin or Pelyang dollar .5006 Yuan dollar .5006 India,rupee .3028 Japan, yen.4607 Singapore(S.S.)dol .5020 NORTH AMER.Canada, dollar 975737 Cuba, peso .999938 Mexico, peso 482292 Newfoundland, dolla .972375 SOUTH AMER.Argentina, peso (gold) .7399 Brazil, milreis 1067 Chile, Peso (Paper).- .1024 rTrocoolv Iowan 7251 Austria. a $ s s $ .000014 .0402 .007088 .028988 .1622 .000014 .0412 .006850 .028991 .1608 .000014 .000014 .0406 .0407 .007083 .007067 .029019 .028980 .1618 .1620 .000014 .0405 .007122 .028917 .1620 4.2094 .024897 .0440 a .018884 .3698 .000035 .0433 .1388 b .0299 .004936 .1265 .2596 .1726 .011424 4.2268 .024923 .0453 a .019010 .3705 .000034 .0434 .1386 b .0311 .004945 .1272 .2596 .1727 .011433 4.2146 4.2263 .024943 .024909 .0447 .0449 a a .019252 .019190 .3704 .3708 .000035 .000034 .0434 .0434 .1389 .1380 b b .0324 .0318 .004959 .004946 .1270 .1269 .2587 .2592 .1727 .1725 .011418 .011425 4.2219 .024896 .0449 a .019170 .3706 .000035 .0434 .1376 b .0310 .004962 .1265 .2588 .1725 .011443 .7172 .7165 .7023 .7231 .5014 .5022 .7191 .7185 .7035 .7256 .5011 .5028 .7209 .7203 .7035 .7288 .5008 .5031 .7197 .7178 .7033 .7256 .5001 .5023 .7222 .7210 .7015 .7281 .4995 .5011 .5009 .5016 .3023 .4559 .5000 .5009 .5022 .3021 .4517 .5000 .5018 .5022 .3017 .4470 .5005 .5000 .5006 .3024 .4478 .5000 .5063 .5081 .3031 .4478 .4995 .974247 .999813 .480625 .971656 .975174 .999750 .481094 .973000 .975946 .999719 .480625 .973875 .973734 .999719 .481250 .971000 .973382 .999719 .481875 .970625 .7366 .1080 .1020 .7373 .1108 .0995 2Q19 .7387 .1115 .0996 .7385 .1104 .0998 .7393 .1087 .1015 Wick ,09c "400 /01 . 1 a German marks have been quoted as follows:Jan. 19,.000000000000236; 21. .000000000000224; Jan. 22, .000000000000224; Jan. 23, .000000000000224;Jan. Jan,.24 .000000000000228; Jan. 25., .000000000000229. b Polish marks have been quoted as follows: Jan. 19, .000000106; Jan. 21, .000000104; Jan. 22, .000000102; Jan. 23, .000000107; Jan. 24, .000000104: Jan 25,.000000108. With regard to South American exchange, no essential change was shown. Argentina checks closed a trifle easier at 325 % and cable transfers at 323 4, against 325 % and 323 4. Brazilian exchange, however, was strong and there was an advance to 11 for checks and to 11 Xi for cable transfers, which compares with 109' and 103 4 the preceding week. Chilean exchange was easier, finishing at 10% against %, but Peru was steady at 4 00, against 3 98 the 105 week before. Far Eastern exchange was as follows: Hong Kong, 14@50M; Shanghai, 704@ 503@50%, against 50/ 709., against 719-@72; Yokohama, 44%@45, against 463.@463/2; Manila, 50@503', against 50 @51; Singapore, 50@50%, against 50%@503; Bombay, 30.40@301A, against 30%©313, and Calcutta, 31@313-, against 31@313. The New York Clearing House banks in their operations with interior banking institutions have 349 gained $3,626,426 net in cash as a result nf the currency movements for the week ended Jan. 24. Their receipts from the interior have aggregated $4,405,426, while the shipments have reached $779,000, as per the following table: CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING INSTITUTIONS. Out of Banks. Into Banks. Week ending Jan. 24. Banks'interior movement 84,405,428 Gain or Loss to Banks. , $779,000 Gain $3,626,426 As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer possible to show the effect of Government operations on the -Clearing House institutions. The Federal Reserve.Bank of New York was creditor at the Clearing House each day as follows: DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK AT CLEARING HOUSE. Saturday, Monday, Jan. 19. • Jau. 21. Tuesday, Wednead•y, Thursday, Fridar, Jan. 22. Jan. 23. Jan. 24. Jan. 25. Aggregate for IVed. $ $ 5. $ $ 62.000000 71 000.000 61.000.000 55.000.000 70.000.000 67,000.000 Cr.386$000.000 Note.-The foregoing heavy credits reflect the huge mass of cheeks which com to the New York Reserve Bank from all parts of the country in the operation of the Federal Reserve System's par collection scheme. These large credit balances. however,reflect only a part of the Reserve Bank's operations with the Clearing House Institutions, as only the items payable in New York City are represented in the daily balances. • The large volume of checks on institutions located outside of New York are not accounted for in arriving at these balances, as such checks do not pass through the Clearing House but are deposited with the Federal Reserve Bank for collettion for the account of the local Clearing House banks. The following table indicates the amount of bullion in the principal European banks: Jan. 24 1924. Banks o Gold. Silver. I Jan. 25 1923. Total. Gold. Silver. Total. 1 England _ 128,076,077 128,46,077 127,489,154 127,488,154 France.a _ 147,059,677 11,840,000158,899,677 146,838,131 11,600,000158,438,131 Germany. 28,391,150 03,475,400 31,866,550 50,110,580 7,259,150 57,369,730 Aus.-Hun. 10,944,000 • 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000 101,106,000 25,916,000 27,022,000 101,000,000 25,818,000126,818,000 Spain 35,551,000 3,415,000 38,966,000 35,278,000 3,031,000 38,309,000 Italy Netherrds 48,480,000 662,000 49,142,000 48,482,000 598,000 49,080.000 Nat. Belg_ 10,819,000 3,112,000 13,931.000 10,757,000 2.253.000 13,010,000 SwitzerYd_ 21,484,000 3,423,000 24,907,000 21,499,000 4,145,000 25,644,000 15,098.000 Sweden_ 15,098,000 15,218,000 15,218,000 Denmark 11,643,000 353,000 11,996,000 12,681,000 248,000 12,929,000 8,182,000 Norway _ 8,182,000 8,115,000 8,115,000 Total week 566,833,904 54.865,400621,399,304588,411,865 57,321,150 45,733,015 Prey.week 568,793.033 54.447.400621.240.433588,372.336 57.331.150 45.703,486 a Gold holdings of the Bank of France this year are exclusive of £74,573.797 held abroad. b It is no longer possible to tell the amount of silver held by the Bank of Germany. On March 15 1923 the Reichsbank began including in its "Metal Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The Bank still gives the gold holdings as a separate item, but as under the new practice the remainder of the metal reserve can no longer be considered as being silver, there Is now no way of arriving at the Bank's stack of silver, and we therefore carry it along as the figure computed March 7, 1923. Blazoning War Preparations to the World. In a.recent address, delivered in Washington, Assistant Secretary of War Dwight F. Davis, explains "the necessity for mobilization of industry, as well as man power," in time of war. It seems that under the National Defense Act of 1920 this work falls to Mr. Davis by virtue of his position. "The General Staff," he says, "gives us the man-power program." Then the work of mobilization and procurement is to begin. "In order to be on the safe side," it is explained, "a major emergency is assumed somewhat similar in scope to the World War." Speaking of work already done, Mr. Davis says, "the seven procuring services of the War Department have made up a schedule of requirements." This includes 700,000 items. . . . "On this task fifty officers were engaged for about one year." Dividing these requirements "among individual manufacturers," the task requires "a survey, of the productive capacity of nearly 10,000 plants." There are to be "fourteen procurement districts, with headquarters in large industrial centres." "In time of war the War Department will be represented in each district." And then,in the explanation,follows this short summary: "About allocations, specifications, contracts, etc., without going into details I might say that when 350 THE CHRONICLE plans are completed, if another war comes, the War Department can send out several thousand telegrams and every manufacturer who is to have a war order can go to his safe, take out his production schedule, plans and specifications and a copy of his contract, sign his name on the dotted line and begin work." Yet we talk and work for disarmament! We indulge the sweet hope that "the next war" will never come. We groan and sweat under the burdens of the last one. And yet we deliberately hire men to "make ready" in this fashion. And in order to be on the "safe side" they contemplate a war on the scale of the World War. They would have our instant par ticipation as easy and as "slick as greased lightning' —to use a somewhat crude colloquialism. A President, mayhap without warning calls for a declaration; Congress, wrought to the highest emotional pitch, responds—and the War Department does the -rest, with the speed of the telegraph and probably the radio! Then the bombs "burst in air," the poison gases ravage whole cities, the night is filled with terrors and the day with sorrows and sufferings inde scribable. Millions march to the sound of drum and fife to certain death. Persons are "cannon fodder"; and property is the instrument of torture and de sfruction. The clock of civilization stops. The heart of man turns to stone. His mind reeks with fear, deception, mingled with a form of bravery and sacrifice, that turns him into a monster and a hero. And when generations and peoples are annihilated the shivering remnants of humanity that arn left, we pre aurae, rejoice over a victory that came through "preparedness." Now, we must be just. We are. talking of war— iiot the War Department. The men who head out armies and navies are but doing their duty as they conceive it. And as long as the people and Government engage them for this horrid business of war they have a right to put their own interpretation upon what they are expected to do in times of profound peace. But we wish every man and woman, citizens of a country that profPsses to love peace and hate war, could read this full address of Mr. Davis— read and ponder upon the effect these preparations have upon the war-spirit that still lurks among us. If the Sullivan law has been the means of saving lives in the State of New York would a Sullivan law for nations have a like deterrent effect? We are being deluged with plans for procuring peace. And much good is undoubtedly accomplished by this constant agitation. But, all the time, a paid Governmental corps of army experts is devising ways and means for war.Is it any wonder thoughtless men say "man is a fighting animal"—"wars will exist to the end of time"? If we had the courage for disarmament, on our own part, that we have for armament, our example, at least, would be more potent among the nations of the earth. We prepare and keep on preparing for something we hope will never come— something we are striving to prevent. Could we as a people go to the very verge of total disarmament without danger? We say, and we believe, we have not an enemy on earth. What nation could lead the world in this, with less danger to itself, than the United States? Yet, and again we use the familiar phrase, "all the time" earnest and sincere persons are pointing out to us means of "co-operation" with Europe and the world, to end war. Would it not be a wonderful step if we were to do within ourselves Gorapers, its President, to call attention to the dam [Von. 118. :Cake up any random newspaper and some chron icle will be found telling what our army and navy are doing to increase efficiency. You can find now and again the statement that we are secretly at work in the chemistry of warfare and that we already have gases and explosives deadlier than those possessed by any other Government. A former editor contrives a plan for an expression of the people upon peace and thousands respond thereto. We are now in the midst of the discussion and the vote. The "plan" adopted may or may not win popular and Senatorial approval—but we are all "thinking more' on peace—if even it be in a casual way. Great ma jorities in every land want peace. Still, preparations go on apace in almost every country for war. Somehow, and it is true of ourselves, we cannot as peoples rise up to the courage of our convictions, the courage to destroy the means and machinery of war and rest the future upon an admitted universal good-will. We are not even suggesting general disarmament —though this will come some time if ever peace comes. We feel that no present co-operation with other nations is possible that would or could pro duce complete disarmament. Maybe the road to peace is long and winding. We do not know, we cannot foresee. No one people can. But for ourselves may we not fix our purpose and intent on setting an example of "living peace" by turning our eyes, our industries, our instrumentalities, away from wail Tf a step was made at the Harding Washington Con'!erence, let us live up to the spirit of it. Without disrespect to men of army and navy, may we not loncentrate on the thought that these two agencies exist upon our tolerance and not for the purpose of bringing us glory at arms. May we not provide only for &feline, and that as a last resort for self-protee tion? May we not scout the idea that we cannot live lur national life in the complete isolation of pro found peace? Labor Co-Operation for International Peace. It is not our purpose here to discuss the Bok Prim Peace Plan. But one of the avenues of co-operation suggested therein, namely "participation in the work of the commissions and technical committees of the labor organization," leads us to consider the relation of labor to peace. Since an "organized world" can only mean an organization composed of the Govern ments of the world, what have these, one or all, t4 do with labor in its large, broad, free, sense? It ia a very important question when applied to the corn ponents of peace. In our own Government we hale erected a guaranty that the individual shall hace life, liberty—and life is contingent upon labor, the individual life upon individual, self-directed labor. All interferences with this liberty to labor constitute obstructions to peace and harmony. If in our own scheme of representative rule we do not permit in principle the control of labor, then we should not co-operate with an "organized world" in laying down the lines upon which labor shall function. Great Britain has the present week passed under a "Labor Government," and the prediction that when this happened there would be a far greater manifestation of conservatism than the demands of the Labor Party appeared to indicate, is already in proo ess of fulfillment. On the other hand, the American Federation of Labor has seen fit, through Samuel what we can do to end war? ; JAN. 26 1924.] THE CHRONICLE 351 gers to liberty and labor from propaganda of the ble of laws that enter into the minute details of efThird Internationale, the Soviet, and other Com- fort and enterprise. As the matter stands to-day, munist organizations. Let us say at this point, lest commercial peace, economic unity and individual we be charged with discussing the Peace Plan, that, liberty, would be enhanced by the negation of Govin our opinion, references to possible labor co-opera- ernments, by non-interference of the best of our prestion are not a salient part of the Plan. But a vital ent world's States. What is the chief imperative sinco-operation in a non-essential may be considered in gle aim of the individual in every State? Is it other its relation to ultimate peace—for entangling alli- than the prosaic one of "making a living"—a living ances with foreign labor organizations may cause that ultimately flowers into spiritual.advance? A friction and the necessity for recanting in an after- higher law than law or Government ordained this, time, when, perchance, the conditions upon which a and it will persist to the end of time. The chief .represent co-operation are based may have radically sult of individualistic effort is equable exchange-changed. equable according to the price of wants and needs. The labor that is part of the peace of the world is A co-operation, , all-inclusive, world-wide, exists that true democracy of labor guaranteed to citizens herein, without more from Government than the proof the United States by our Constitution. No en- tection of active labor, the day's toil, and of *inactive, largement of this to co-operation with an organized or stored-up labor, which is capital. So, then, peace world can change this principle. Labor organiza- is pre-existent to war. Peace is a natural state, intions, though independent in themselves, in this dependent of Governments "organized" to bring .it country have not conduced to social, economic or about. Labor and exchange of the products of labor, commercial harmony. They have not been content naturally exist, and increase with the commercia l to exist within themselves, but have sought to gain contacts of individuals and peoples. And the legitipower through laws that favor a single class of work- mate result of labor-co-operation through the instraers. They have not maintained their original stand mentalities of associated or organized Governments for the betterment of a class through education and is and must be labor-control by labor unions, those unity but have sought to coerce capital in wage de- wheels within wheels, which cramp and hamper the mands and to gain unwarranted control through the individual, which tend toward communism, which closed shop. Not only this, but they have not sought disrupt republican-representative Governments, and to widen the freedom of labor in the world by allow- destroy the content, peace and unity provided by the ing it to flow freely where demand is greatest, but ownership of property and the true liberty of labor. to-day seek by shutting out immigration to hold up the price of wages—thus advancing the cost of livThe Spread of Taxes and Their Reaction. , ing to all non-organized labor. Further, by this Some further interesting figures about taxes have means a covert attack is made upon the natural come from the Census Bureau. The Federal tax colgrowth and expansion of capital-fed industries—an lected in the fiscal year 1921-22 was $3,204,133 ,000, interference that in the end must recoil upon organ- in which the largest item was $1,691,090,000 of inized labor. come and profits tax, with $935,699,000 added from In view of these facts, what other form of CO-Op- other internal revenue; customs duties were $562,eration is needed than that provided by individual- 189,000; Federal Reserve franchise taxes were $10,istic competition independent of labor organizations 851,000 and national bank taxes were $4,304,000. and Governments more or less labor-controlled? This These sums total $3,204,138,000, nearly five times is the element of peace endangered by Governmental the total in the fiscal year 1911-12. The States aid participation in labor conferences and committees Darts of States were as active as the central Governprovided by an "organized world." Labor is more ment in pushing up the waste pile. The States colfree in representative republican government than in lected *867,468,000, an increase of 183%; counties one socialistic or communistic. State-labor is slave- took $742,331,000, an increase of 141%; cities and labor. The commune is a despotism over property other incorporat ed places took $1,627,339,000, an and toil. If the tendency in great imperial States is increase of 80%; townships, school districts, and all now toward a Labor Government it is pertinent to 'others took $991,820,0 00. The Federal tax was ask what is the tendency of these rising labor groups? $2947 per capita; the taxes by all the minor civil Is it really toward free labor or toward State-con- divisions were $38 90 per capita. According to the trolled labor? If the latter, upon what basis can the National Conference Board, in 1913-14 about 6I/2 United States hope to co-operate? Now, peace is not cents were taken out of each dollar of a national inmade by the edicts of Governments but by the lives come of $34,800,00 0,000, but in 1921-22 14.3 cents and works of peoples. Labor supports commerce, went out of each dollar of an income of $59,300,000,though the latter is not itself free from the fetters of 000. Government. With a free labor supporting a free Now, an interesting feature of this which should commerce, in so far as economic questions are con- not escape notice is that it is cumulative. The big cerned, what could peoples quarrel about? If wars paternal Federal Government gives the first jab, or are caused by commercial rivalries and economic the first push, as you please to call it; the State selfishness, because labor and capital, in the exer- "fetches" the victim another; then the county, the cise of natural free coalition, are pent up in and con- city, the town, the school district (and the others, if trolled by Governments, that think they act in the there are others) get him in turn as he runs the defense of the interests of peoples, how much more gantlet. Might we pardonably cite a bit of doggerel would be the cause, how much stronger the incentive, which says that"Big fleas have lesser fleas, and those for war when an "organized world" undertook to have less, to bite 'em; Those still have lesser flees, take over the direction of partially organized and and so, ad infinitum"? The singularity of the subwholly unorganized labor? ject is that the citizen who is running this tax gantFew Governments, even those instituted to protect let seems only feebly aware of the fact, and though life and liberty and consequent free labor, are capa- he does,feel something biting him somewhere he lays THE CHRONICLE 352 it to "hard times" or high prices, or wicked profiteers. There is a queer notion, trotted out apropos of the demanded bonus, that the States can afford to pay a bonus because the Government bore the expenses of equipment for military service during the war and did not call on the States. But what a State is except the sum of its inhabitants, and what the "Government" is except the States put together, or how Government (or a State or a part of a State) is to get any money except by digging it all out of the same identical pockets—the bonus advocates forbear to explain. Now,the Federal tax as stated above is P947 per "head," and the other taxes are P8 90. This works out at 8 cents for the one and 10.7 cents for the other, per day,for every man, woman and child in the country, including in the child class the little one who uttered its first faint cry of general protest yesterday. If a uniformed tax-gatherer—and if he were only uniformed and made regular calls he would be better appreciated—gathered in those 18.7 cents (19 cents, to have it even) every morning, with Sunday's contribution added to Monday's, there might be a faster growing realization that "life is real, life is earnest" and that taxation is too large a part of it. Altogether the different Governments combined took from the American people in the aggregate the huge sum of $7,433,081,000 in a single year in the shape of taxes! Let the reader ponder well the fact. The 2 billions, New York "Herald" points out that this 71/ roughly, of taxes is more than all the money in circulation, which of course means that if actual cash were handled it would need to be handled more than once. It is said to be more than the value of the farm crops, more than the assessed valuation of all real estate on Manhattan Island, and more than the whole country was figured to be "worth" in 1850. It may be; we do not have to be meticulously precise in dealing with such big totals; suffice it that they arc big, and that their direction has been—and still is—towards getting bigger. Did the reader ever roll up a snowball in dampish snow? As it rolls, it grows bigger, and it also grows harder to push; and then, possibly, it ends in a break, or, again possibly, the boy falls upon and rends it. Now, President Coolidge said some very timely and intelligible plain truths on Monday, and the most notable fact about his address is the peculiarity of composition of his audience. He was talking to the people, but directly to "subordinate officials," and he began. by saying that, two and a half years ago, there was held, called by Mr. Harding, "the first regular meeting of the business organization of the [Vol,. 118. Government." The "business" organization? That sounds like a new thing, and such it was; "it was a new kind of meeting; there had never been one of such wide scope before, nor one to discuss in detail the text that was chosen as its keynote." That text, heretofore strange and unheard of and unconceived, was "economy and efficiency in conducting Governmental affairs." It was closely connected with the Budget, and the Budget "has proved a success." Said Mr. Coolidge: "As for me, I am for economy. There is scarcely an economic ill anywhere in our country that cannot be traced directly or indirectly to high taxes. To increase that burden is to disregard the general welfare. Through constructive economy, to decrease taxes is to enlarge the reward of every one who toils." He went on to say that he disapproves the practice of afterthought expenditures, known as "supplemental estimates," and only in real emergencies arising after a session ends will he favorably consider such or "countenance the incurring of obligations in excess of appropriations"; that "we are all the servants of the people of this nation," that he looks to the men he was addressing "to hold in reserve in an unapportioned status some amounts from your 1925 appropriations," and he wants to see .expenditures stop short of present estimates. He astonishingly said about this: "That can be done, if we remember that every dollar of public money which we pay out has to be earned. It represents the toil of the people. It is so much taken away from everything they produce; so much added to everything they buy. There will be no doubt about the result if we insist that for each dollar Vent there shall be a dollar of value received." This is wisdom in a nutshell and we may all be glad to see the signs that taxes and their burdensomeness are engaging the thoughts of our people as probably never before. They must demand relief, but before they demand they must be deeply stirrd and in earnest, and before they are stirred they must "take notice." The latter they are really doing, and that they are is slowly penetrating the vacuity of many Congressional heads. It is reported that calls for tax relief are overwhelming and break all records; that the mails are loaded with them, and members of both branches say they never before received any such "mandate." This is as it should be. Congress will never press tax reduction upon the people. It is for the people—if they want it, and they really begin to appear to want it—to demand it from Congress, in terms which brook no refusal and no parleying. Bank Clearings in 1923 and the Course of Trade and Speculation. Records,of bank exchangei at the different bank clearing houses of the country for the calendar year 1923 reflect accurately the course of trade and business during that period of twelve months. Bank clearings nearly always furnish a more or less reliable index of the state of trade, but on occasions financial transactions apart from those directly growing out of the conduct of trade, though having an intimate bearing and connection with the same, come in to disturb the value of the comparisons somewhat. No such qualifications, however, are to be urged in a consideration of the figures for 1923. Nor as a matter of fact were the figures for the previous year subject to any qualification of that kind. For both years, as it happens, clearings totals, not only for the twelve months as a whole, but for the different portions of each of these yearly periods— the months and the quarters—synchronize almost perfectly with what is known of the course of trade movements. We pointed out the close relationship between the two in our review for 1922 and now for 1923 find the concurrence equally close. JAN. 26 1924.] THE CHRONICLE Taking the different industries of the country in their entirety and treating the country as a whole without regard to variations between different sections, the distinguishing characteristic of 1923 may without hesitation, we think, be declared to have been that it was a period of very large activity and yet of relatively lessening activity as the year progressed. By this lie mean that the volume of business, while large throughout and affording no occasion for complaint, yet was on a diminishing scale in the closing months, the diminution referring not to the slackening which in certain lines of trade comes with the approach of the holidays and the advance of the season, but to curtailment having its origin outside of these causes. In certain lines of trade, of which the auto motor industry is unquestionably the most conspicuous illustration, the activity continued unabated from beginning to end of the year. In no other year were anywhere near so many cars turned out as in 1923 and in no other year was the demand for automobiles so continuous or so uninterrupted. The make of automobiles was, of course, not so large in December as in midsummer, but the inquiry for cars was ever present and sales were well maintained even with the advent of winter. No doubt the mild character of the weather experienced—no fall of snow of consequence having been recorded anywhere in the United States up to the end of the year except in extreme northern latitudes where snow is ever present, and very little even there, the winter having been throughout what is termed an "open" one—played its part in keeping up the demand for automobiles, but the underlying cause was found in wholly different circumstances, namely the fact that labor was fully employed at unusually high wages— in some instances, as for example in the New York printing trades and the miners in the anthracite regions, even the peak wages reached in the after-thewar period of inflation having been exceeded. To say that labor was thus fully employed and highly paid is to mention another characteristic of the year which stands out with striking pre-eminence, and it furnishes confirmation also of the statement already made that industrial operations were of large magnitude, even though they were of gradually lessening volume during the last six months. Had not business been so large, full employment could not have been so generally continued, nor could wages have •been maintained at such high levels. Another industry where there was no abatement of activity from beginning to end of the year is the building trades. The shortage of housing accommodation appeared unrelieved, notwithstanding the vigor with which the work of erecting new buildings has been prosecuted since the close of the war. Here also the mildness of the weather for the winter season contributed to maintain operations since it permitted the continuation of outdoor work at a time when work of such character customarily has to be suspended.. The railroads also were most of the year free in placing orders for equipment and for track material and other things, this following from the 353 fact that the carriers in the eastern half of the country were in enjoyment of large earnings and found ' their facilities overtaxed in moving the heaviest traffic they had ever been called upon to handle. The attitude of railroad managers changed somewhat with the assembling of Congress in December when threats of adverse legislation and some dividend reductions or suspensions by prominent railroad companies—the Chicago & North Western being obliged to reduce its common dividend and the St. Paul & Omaha and the Colorado & Southern omitting altogether their dividends on common—suggested that it would be well to go slow in making commitments for the future. Some diminution in railroad buying then occurred. These three great industries—automobile construction, the work of erecting new buildings, and current railroad requirements—did much to keep general trade large and active, as also; of course, did the further circumstance that the current needs of a population of 110,000,000 are always extensive and themselves constitute a factor of no small consequence in maintaining trade in many lines. It is nevertheless true that in face of all these favoring circumstances, the volume of business did fall off in the later months of the year and figures of bank clearings, when studied and analyzed, fully and accurately disclose that fact. Had there not been these stimulating agencies, doubtless there would have been a positive slump in business, such as happened in 1921, instead of a mere lessening of its volume. In the early months of 1923 trade expansion was proceeding at a steadily accelerating pace. In the spring, however, there came h halt. There was no diminution of work, or contraction of operations, at mill or factory. In virtually all leading lines of business there was indeed assurance of full capacity engagement for many months ahead, by reason of orders already placed to meet future requirements or for the fulfilment and carrying out of enterprises previously planned. The halt consisted in a change of sentiment, under which men no longer planned for the future with the same unbounded confidence as before. Previously buying orders had been given with unwonted freedom. The truth is there was rather feverish anxiety to place orders, consumers bidding against one another out of a fear that otherwise they would not be able to get their goods and materials in time for the satisfaction of their needs or to continue uninterruptedly at work. The situation was a psychological one, as is so often the case in trade as elsewhere. Everyone saw a period of great activity and unalloyed prosperity ahead and acted accordingly in making new commitments,just as two years before the whole community saw nothing but depression and disaster ahead and likewise acted accordingly in completely refraining from making commitments of any kind for the future or in venturing upon new enterprises. 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'JJOiltIMPJ 11 noon Af8ti40'13 sun m084.1 Sq wox Damp .%t3 311 'spaont aamo uj .0 / offt ‘sarellop uompu 869`tz mum ssa! ou Jo aaan asuaaau! in? 2u1nI2 trgi Tx! ft9'flZ`698`t91i lnuran `I91'1OteL.9.c.1`88Ti paluit -9Jan P.Z6I u! s2u!.19910 op soma 0p184110 asom ;Lod .3110A tea& jo 0pI84110 pa.unaao '004 '0.101II 'ostioaa Jo, .01.4ea100p ar1011\1021110 RHL ['nu 9 .Nvr District and the San Francisco Reserve District all show larger totals in 1923 than not only for 1922 but also than for 1920. The improvement in the case of the San Francisco District over 1920 is very marked and the reason has already been indicated in the reference to the large increase at Los Angeles, though as a matter of fact nearly all the Pacific Coast cities, and in particular those in California, show striking ratios of improvement. As one illustration, the clearings of Long Beach, Cal., ran up from $250,496,140 in 1922 to $432,151,552 in 1923, a gain of over 72%. 0000000N0N0C0V NWV.MMCCOVV"00 "".°. CC0_06VMNOSNV;0;MN c,, -• 0 0 0'0 ... 0 ON ;4 i N 0 CO CI " d CO w....Owno;mmOmr.o "'t nY 'R n -F 1000'.-110040t..Cin0'h 74334g8Fiqtrtell QV gal 4 e +" I + + +++++ ± ++ + +- .i2 %'; 000"v.010000 0'00 00 , CI 06 CO 4 ts: ; tO -OS ONN c v v. 0 vONv ,. 6- Rgg'.144 R222 g gFgg 0v 4 S'8 2228z2R,T,22.2 vim 0100000'r004m0. NMMCOVOCC000000 " t q".e!".el "."" v000000400NeCiC6 CO N .V NVCOOS N 0'N0000M0v0'00'0 vNNAMNWOCINN0 01 CO 0 C1 v 0 V CI C1 V C1 .1 0 " . 0 0 17,444,720,106 d 0 . 00 11,0 '.". t NV Ari4t;Ig 8;'' ,qRPiRs'..1 C!". 1".. . ...." 00 NNOONVT4OONNN 00 OMWQM 000N0V '.1.O. 0000'0. .1"."Imt" Ny 10.0'0101040 . CO . CO V0404* 00v N n 74 §igS8r.g23g uk 0. . - ci .1 rl. tt °I. tt cl 32 .•-• 16,263,805,2391 We have inserted the foregoing table to show the clearings for the twelve months for a number of the principal cities of the country, carrying the comparisons in this case back as far as 1914, though we have been obliged to omit the 1915 and 1916 figures for lack of room in the column. Most of the outside cities here, notwithstanding the substantial recoveries made in 1922 and 1923, have nevertheless failed to get back to their 1920 total, which thus still stands as a banner year in the trade annals. But there are exceptions to the rule. The 1923 clearings at Boston exceeded thcse not only of 1920 but of all the other years. Los Angeles, that growing Pacific city, continues to establish new high records with each succeeding year; for 1923 the total at that point is $7,029,000,000, against $5,152,000,000 in 1922; $3,994,000,000 in 1920 and only $1,145,000,000 in 1914. Buffalo also shows for 1923 the largest clearings on record. Detroit, Milwaukee and Louisville enjoy the same distinction, as also does Indianapolis, and, among smaller points, Hartford. On the other hand,Kansas City continues to make poor comparisons with the best of previous years and this attracts attention because that city is in the heart of the Western agricultural country. The clearings at that point were $6,886,000,000 in 1923 and $6,811,000,000 in 1922, as against $11,615,000,000 in 1920 and $11,223,000,000 in 1919. We all know that farming communities are not so prosperous as they were a few years ago, and of course in the circumstances the shrinkage in bank exchanges at Kansas City is not to be attributed to lack of growth or lack of enterprise in that part of the country or its bankers. It would be interesting also to have the clearings figures at St. Louis for the same series of years, but the St. Louis people have long since stopped furnishing returns since they did not like the showing they were making in comparison with the records of other cities. Another grouping of the cities, namely by Federal Reserve Districts, is instructive and valuable, and we are the more ready to present them in that way because no one else, we believe, undertakes to show the results in that way. A noteworthy feature in such grouping on this occasion is the uniformity of the percentages of increase as compared with the previous year, though with two rather noteworthy exceptions. For the New York Federal Reserve District there is, of course, a decrease, owing to the predominant part played by this city in the totals. The Kansas City Reserve District, too, stands somewhat 'apart, inasmuch as though the 1923 totals for that district are better than those for 1922, the increase is no more than 3.4%. For the remaining ten Federal Reserve Districts, however, the correspondence between the different ratios of increase is remarkably close, the Boston Reserve District showing 16.6% increase, the Philftdelphia Reserve District 10.5% increase, the Cleiteland Reserve District 18.6%, the Richmond Reserve District 15.4%, the Atlanta Reserve District 19.1%, the Chicago Reserve District 13.7%, the St. Louis Reserve District (made up largely of Southern cities, with St. Louis missing, as already stated) 16.3%, the Minneapolis Reserve District 10.2%, the Dallas district 17.9% and the San Francisco _district 19.8%. The table we now introduce shows the clearings by Federal Reserve Districts for the last four years. Arranged in this way, it is found that the Boston Reserve District, the Philadelphia Reserve District, the St. Louis Reserve • [VoL.118. Tfrl'.'0HRONICLE 347,454,020,706 153,122,801,043 356 R .1 00100'010 00N0 Ei .E : R i.4.;" . .;,. . v E. E... . 0E . ...... . . ..... _ . ..... 0 m m.m. . tm.b..m..1m 1010m. 1.1 0 t: va . . * 1 , .0.00.id.ita4 12 1 .1j11"22,4',;22.' 0 A ::sb Agiv„; . t40 Z a . : ;F t W g 6 ".5'' 0 >8'. 7';,'".ggsc:1 g ;, t 2 •. a .,•-• , -a 4. . 8. 6 z 2: 71, , 4'2 OP 4 AA te ts .9 aXaoalalci5 7. 1 ... .0 0 :a a a El 1 .400ma.40h0002:4 1 g 8 We add still another table in which the comparison of the grand total for the whole country, both with and without New York, is carried back all the way to 1905. This we present without comment. Year. New York Clearings. Inc. or Dec. Clearings Outside New York. Inc Inc. Or Dec. Total Clearings. Or Dec. $ % $ % 3 % +5.2 19236es note 213,996,182.727 -1.8 188,557,304,161 +14.4 402,553,486,888 +10.2 19228ee note 217,900,386,116 +12.1 164,992,255,146 +7.8 382,892,641,2642 -21.3 194,331,219,663 -20.0 162,102,893.531 -22.5 358.434,113,19 1921 243,135.013,364 +3.1 207,968,053,265 +14.3 451,103,066,629 +8.0 1920 235,802,634.887 +32.0 181,982,219,804 +18.3 417,784,854,691 +25.7 1919 178,533,248.782 +0.6 153,820.777,681 +18.7 332,354,026,463 +8.3 1918 177.404,965,589 +11.5 129,539,760,728 +26.7 306.944.726,317 +17.2 1917 159,580,648,590 +44.4 102,275,125,073 +32.4 281,855,773,663 +39.4 1916 110.564,392.634 +33.2 77,253,171,911 +7.0 187,817,564.545 +20.9 1915 83,018,580.016-12.3 72,226,538,218 -3.9 155,245,118,234 -8.6 1914 94.634,281,984 -6.1 75,181,418,616 +2.7 169.815,700,600 -2.4 1913 100,743,987,262 +9.1 73,208,947,649 +7.9 173,952,914,911 +8.6 1912 -2.4 92,372,812,735 -5.0 67,866,960,931 +1.e „ , 1911 97,274,500,093 -6.1 66,820,729,906 +7.3 184,095,229,999 -1.0 1910 103,588,738,321 +30.7 62,249,403,009 +17.2 185.838,141,330 +25.2 1909 79,275,880,256 -9.1 53,132,968,880 -8.4 132,408,849,136 -8.8 1908 87,182,168,381 -16.7 57,843,565,112 +4. 145,025,733,493 -9.3 1907 104,675,828,656 +11.6 55,229,888,677 +10.1 159,905,717,633 +11.0 1906 93,822,060.202 +36.7 50,005.388.239 +13.9 143.827.448.441 +27.7 1905 Note.-Flgurea for 1922-23 in this table for total clearings and for clearings outside of New York do not make a proper comparison with previous years, inasmuch as St. Louis, Bt. Joseph. Toledo and about a dozen minor places which In 1021 and previous years contributed regular returns now refuse to furnish reports of clearings. The omitted places added. roughly. 89.000,000,000. In considering the clearings at New York, the Fact should not be overlooked that Stock Exchange speculation always plays a greater or smaller part in affecting the volume of bank exchanges. The preponderating proportion of the dealings in stocks at the Exchange is cleared by the Exchange itself through its Stock Clearing House. This eliminates an enormous volume of business from the bank clearing house, but, after all, this concerns only the transactions as between one broker and another. It still leaves customers' checks given in. payment of purchases on the Exchange and brokers' checks given to customers in payment of sales to be cleared by the banks. The share sales on the New York Stock Exchange during 1923 were not equal to those of the previous year, but were by no means small. .T4 aggregate of the sales for 1923 was 236,116,032 shares, as against 258,652,512 shares for 1922 and 172,712,716 shares in 1921. In 1919 the total was 316,787,725 shares, WS being the record, but in 1906,in 19054nd in 1901 the sales each year were somewhat heavier than in either 1923 or 1922. In the table we now subjoin we carry the record of the yearly stock sales back to 1880. • NUMBER OF SHARES SOLD AT THE NEW YORK STOCK EXCHANGE BY CALENDAR YEARS. Cal. Year. Stocks, Shares. 1923.,. 236,110,042 1922.. 258,652,512 1921._ 172,712,716 1920.. 226,640,400 1919__ 316,787,725 1918. 144,118,469 1917_ 185,628,948 1916.. 233,311,993 1915_ 173,145,203 1914... 47,900,568 1913_ 83.470,693 Cal. Year. Socks, Shares. 1912.._ 131,128,425 1911__ 127.208,258 1910_ 164,051,061 1909__ 214,632,194 1908 -- 197,206,346 1907__ 196,438,824 1908_ 284,298,010 1905 -- 263,081,156 1904.... 187,312,065 1903... 161,102,101 1902.. 188,503.403 Cal. Year. Stocks, Shares. Cal. •Year. 1901. _ 265,944,659 1900 -_ 138,380,184 1899__ 176,421,135 1898__ 112,699,957 1897 -_ 77,324,172 1896__ 54,654,096 1895_ 66,583,232 1894.... 49,075,032 1893_.. 80,977,839 1892__ 85,875,092 1891... 69,031.689 Stocks, Shares. 1890.... 71,282,385 1889 __ 72,014,000 1888__ 65,179,106 1887_ 84,914,616 1886_ 100,802,050 1885__ 92,538,947 1884..,, 96,154,971 1883__ 97,049,909 1882.,.. 116,307,271 1881,.,. 114,511,248 1880,.. 97.919.099 The 1923 business of the New York Stock Exchange varied, as usual, considerably between the different months and in different quarters of the year. The transactions were lightest in the third quarter of 1923, when the market was in a state of great collapse. There was an increase in activity again in the December quarter when prices °lige more recovered. The record of the stock sales on the New York Stock Exchange for each month of the last four calendar years is indicated in the following: II 1923. 1922. 1921. 1920. No. Shares No. Shares. No. Shares. No. Shares, Month of January February March 19,914,827 16,472,377 16,144,876 19,880,166 22,979,489 16,175,095 10,169,671 21,865,303 25,964,666 22,820,173 16,321,131 29,008,749 Total first quarter 68,858,982 55,467,645 42,635,678 70,754,218 Month of April May June 20,091,986 30,634,353 15,129,709 28,447,239 23,155,730 28,921,124 17,236,995 16,642,242 19,754,197 24,080,787 18,264,671 9,354,267 Total second quarter 63,001,913 83,636,264 51,031,375 54.443,748 Month of July August September 12,551,851 15,118,063 9,288,054 12,541,922 13,144,641 17,862,553 11,117,035 13,728,598 14,643,289 21,712,046 12,924,080 15,296,356 Total third quarter 40,339,781 54,692,662 33,329,169 41,566,876 Month of October November December 15,802,900 25,762,640 13.129,731 13,667,289 22,588,598 19,407,087 15,438,686 22,069,391 25,523,868 19,686,214 17,148,077 24,138,878 Total fourth quarter 63,915,366 64,855,941 45,716,494 59,875.558 Total twelve months 236.116.042 258.652,512 172.712.716 226.640.400 The dealings in bonds on the New York Stock Exchange in 1923 were also materially smaller than in 1922, and the shrinkage was pronounced in Liberty bond transactions and in foreign Government securities; transactions in railroad and industrial bonds also decreased. In the following we furnish a complete record of the business done on the New York , Stock Exchange, covering stocks, bonds, United States securities, foreign issues, etc., for each of the last three calendar years: 12 Mos., 1923. 12 Mos., 1922 12 Mos., 1921. Par Value. Par Value. Par Value. Description. Stock—Number of shares 236,116,042 258.652,512 172,712,716 Railroad and miscellaneous bonds $1,567.961,000 $1,904,905,300 $1,042,962,400 796,431,000 1,873,384,800 1,957,238,150 U. S. Government bonds 425,206.000 591,921,900 State, foreign, &c., bonds, 324,163.700 Total par value of bonds $2,789,598,000 $4,370,212,000 $2,324,364.250 Month of December. Twelve Months. Description. 1923. 1922. 1923. ,1922. 236,166,042 258.652,512 Stock, No. of shares__ 25,523.868 19,686,214 $134,671,000 $1.567,961,000 $1.904,905,300 I Railroad & misc. bonds__ 70,225,000 $170,434,500 99,779.000 bonds 796,431,000 1.873,384,800 Govt. 13.8. 425,206,009 • 591,921,900 State,foreign, dm,bonds 24,910,000 40,736,800 Total bonds 357 THE CHRONICLE JAN. 26 1924.] $229,806,000 S310,95.0.309 82,789:598.000 $4,370,212,000 At most of the outside Stock Exchanges, dealings in 1923, too, were smaller than in 1922. On the Detroit Stock Exchange the sales of listed and, unlisted stocks in 1923 were 3,828,387 shares.. This compares with 6,008,265 shares in 1922, 8,149,837:Shares in 1921, only 4494,789 shares in 1920, no more than 1,099,713 shares in 1919 'and but 430,022 shares in 1918, though the record for these earlier years, as explained in our review for 1921, were imperfect and incomplete. On the Boston Stock Exchange the sales totaled 4,783,324 shares, as against 5,495,041 shares in 1922, 3,97.4,005 Shares in 1921, 6,696,423 ,shares in 1920, 9,235,751 shares in 1919 and 3,929,008 shares in 1918. On the Philadelphia Stock Exchange the dealings aggregated , 2,316,656 shares, as ,against 2,610,045 shares in 1022, 1,579,470 shares in -1921, 2,367,312 shares in 1920 and 3,230,740 shares in 1919. On the Pittsburgh Stock Exchange the sales in 1923 were 2,506,032 shares; as against 2,230,146 in 1922., 2,630,704 shares in 1921, 4,153,769 shares in 1920, 5,579,055 shares in 1919 and 6,072,300 shares in 1918. Cleveland dealt in 812,682 shares, including bonds ($1,000 • in bonds being taken as the equivalent of 10 shares of stock), against 833,952 shares in 1922, 863,644 shares in 1921, 943,250 shares in 1920, 725,970 shares in 1919 and 176,463 shares in 1918. On the Chicago Stock Exchange, however, the dealings comprised 13,302,187 shares, against 9,953,637 shares in 1922, 5,175,972 shares in 1921, 7,382,145 shares in 1920 and 7,408,915 shares in 1619. The clearings at the Canadian cities which in 1922 had. shown a further loss on top of the severe shrinkage in 1921, now for 1923 record very substantial recovery, leaving the total, however, still far short of that reached in 1920. As a matter of fact, several points suffered a further loss even in 1923. This statement applies particularly,to a number of cities in the Western Provinces, among which is to be mentioned such a prominent place as Winnipeg. In the eastern part of the Dominion, however. very material improvement occurred, Toronto showing 12.4% increase over 1922 and Montreal 7.8%. Clearings Reported. ' (000s omitted.) Canada 1923._ 1922_ 192L _ 1920._ 1919_ _ 1918.. 1917._ 1916_. . First Quarter. ibe Second Quarter. Thirds Fourth Quarter. Quarter. $ 3,606,308 3,840,001 4,127,525 4,638,357 3,329,475 2,818,417 2,657,205 2.162.216 $ 4,158,184 4,031,429 4,447,088 4,924,428 3,970,863 3,387,131 3,363,807 2.619.492 3,864,938 3,706,793 3,983,965 4,819,816 4.127,237 3,212,600 2,923,735 2,480.518 s $ Total Year. 8 5,704,775 17.334,206 4.653,94016,232,163 4,760,455 17,319,023 5,873,781 20.256,382 5,275,350 16,792,925 4.300,425 13.718,673 3,611,971 12,556,718 a !sag ass in .r.na coo Stock dealings on the Canadian Stock Exchanges in 1923 also fell off. On the Montreal Stock Exchange stock sales. Of listed shares. for the twelve months of 1923 were 2,539,242., against 2,997,527 for the twelve .months of 1922, 2,107,426 for 1921 and 4,208,975 in 1920. There were also sold unlisted stocks to the amountaf 2,373,748 shares in.1923, against 1,043,488 in 1922, 287,652 in 1921 and 390,769 in 1920. The bond sales were $37,990,200 in 1923, against $48,186,917 in 1922,$66,323,675 in 1921 and $27,278,125 in 1920. On the Toronto Stock Exchange the share sales totaled 1,025,923 in 1923, against 1,214,543 shares in 1922, 548,017 shares in 1921 and 670,064 shares in 1920, and the bond sales $4,663,100 in 1923, against $28,418,050 in -1922,$58,993,100 in 1921 and $27,835,500 in 1920. In the following we give the complete statement of . the clearings at the different cities for: the last four e 114, and also:the ratiOs sof:decrease or increase it:between 1923 BANK cLEAniNGs IN DETAIL 101? THE LAST POUR CALENDAR YEARS ACCORDING 70 FEDERAL RESERVE DISTRICTS. First Federal R District- Boston-3 40.413,669 Utile-BangorPort1and....169.138.227 laSsachusettsBaton 19.310,172,382 Fall River 124.743.526 Holyoke 50.115.765 Lowell 68.569.544 Lynn. a New Bedford 79.033.874 265.226.281 Springfield Worcester 183.348.619 -,2onnecticut566.581.795 Hartford New Haven 312.812.458 Waterbury 96.781.986 633.123,500 thode Island-Providence Total (13 cities) Second Federal R qew York-Albany Binghamton Buffalo Elmira_ _ _ _ Jamestown_ Newyork Niagara Falls Rochester Syracuse 3onnecticut-Stamford gew Jersey-Montclair. Newark Oranges_ 21.925.063.625 Distric •-New V --•*- -270 189.979 57,557.600 2.315.940.899 38.338,921 60.885.468 , 2l3,996.18,727 50 853.968 553 674.317 212.878.903 157.161.942 25.303 131 885,228 908 51.245 326 Total (12 cities) Third Federal R Pennsylvania-Altoona Bethlehem Chester Harrisburg Lancaster Lebanon Norristown Philadelphia Reading Scranton Wilkes-Barre York_ sTew Jersey-Camden Trenton Total (14 cities) 217.853.211 .011 District i s 19.496.713.864 Inc. or Dec. v,c Year 1921. s Year 1920. s 40,568,658 160.459.419 -0.4 +2.3 41,855,269 140,608.794 48,538.088 161.489.197 16.453.000,000 100,814.566 44.299,646 59,153,471 a 79.991.080 233.105.376 181.398.149 +17.4 +23.7 +13.1 +15.9 a -1.2 +13.8 +1.1 14.328,413.721 79,470,642 43,632,988 56,819,399 a 74.033,903 210.452,607 180.617.988 18.816.778,696 119,427,181 53,732,053 68.003.313 a 101.461,094 265.430.059 234,986.546 490.131.145 291.355,625 87.252,900 580,722.300 +15.6 +17.7 +10.9 +9.0 455.975.030 274.849,673 81.291.500 533,785.800 531.038.823 326,577.296 102.427,100 696.799,000 18.802.252.335 +18.6 16,501807.314 +14.1 238,831.877 +8.8 52.889,762 +16.7 2.010.651.040 +32.5 28,941,689 +8.5 56,129.651 -1.8 217.900.388.116 -8.6 55.656,584 491.705.769 +12.6 218.598,137 +11.1 131,029.732 +20.0 +9.6 23,087.917 No'. included in total +4.4 51,962.262 218,783,279 47,999.221 1,811.485.206 25,441.244 48.296.470 191.331,219.663 50.024.885 453.315.967 201,131.156 122.924.113 23,507,936 -1.5 197.378.550.377 +33.2 +33.9 +24.3 +9.7 +14.5 +15.5 +21.1 +9.6 +22.2 +27.9 +18.4 +19.1 +17.1 +16.9 49.960.558 148.261.469 53.191,492 197,119.683 131.125.175 30,983,622 34.890.495 20.445,229.473 129.163.674 241.511.815 136.894.949 66,859,863 253,468,660 183.436.701 +10.5 22.102,095.629 :101.51.1.030 197.620,199 3.002.696.351 4.616.4'3,910 728 899.700 a 31.235,937 31.338.310 16.391.416 71.120.900 192.241.721 33.122.920 a 17.390.812 71.033.255 6.757.743.989 87.579.183 229,627.472 +14.5 +27.6 +14.7 +19.4 +8.1 a +21.9 --3.3 +18.8 +55.8 +15.4 +24.9 a +0.4 +14.6 +21.5 +17.2 -0.2 326,285.000 177.118.844 2.800,971.276 4.666,948,126 660,408.100 210.625.250 29,957.518 43.203.848 16.918,319 64.242,584 188,369.061 32.690.761 a 17.337,138 6.808,206.145 71'.722.888 223,827,117 16.429.998,141 +18.6 16,338,831.975 221.2. 7.870.516 • Thilad rip:as 5 LI57.510 74.927.281 141.659.360 220.517.981 53.942.181 70.832.17.1 201.210,296 220.790 574 144.335.794 165.262.83) 26.201:14 39.270.008 33.255,648 17 519.910 22.488.310,900 21,650332.003 113,781,8)8 175.733.291 231.313.827 299.737.971 I 147.075.707 174.184.353 I 67,851.1359 80,812.315 488.468.910 .572.128.581 238.0.3.817 213.295.232 - - -- -- ---- -- ----- -21.161.8:3,994 27.026.371.503 Fourth Federal Reserve Distrte - Cle.. ,eland)hlo-Akron__359.023.000 Canton 252 117 137 3.414.871.246 Cincinnati Cleveland .5,550 110.161 787.967.900 Columbus Dayton a 41.719.112 . Hamilton 38.050.028 Lima 13.179.144 Lorain 96,579.682 Mansfield Youngstown 221.833.144 41,382.150 'ennsylvania-Beaver County Erie a Franklin 17,462.875 Greensburg 81.475.004 Pittsburgh 8.212,798,575 iventucky-Lexington 192.689.192 Nest Virginia-Wheeling 229.153,134 Total(16 cities) Year 1922. 44,421.237 Clearinis of -- - Year 1923. s Fifth Federal Roger .e Distr. at. Richmond-West Virginia-Huntington _ _ _ _ 106.715,857 Virginia-Norfolk ______ _ ___ 417 592.524 Rich nond 2.6)7.315,107 North Carolina-Raleigh 123,034.304 South Carolina-Charleston 136.596,755 Columhia 144.619.704 MarylandBaltimore 1.838,199,185 Frederick. _. 21,552,957 Hagerstown 40,779,795 District ofColumbia--Washington 1.102.158.974 Total (10 cities) 9,538.565 162 Sixth Federal Reserve DisrV 1t-Atlanta21.526.688.476 Tennes.see--Chattanooga 331,326,017 Knoxville 159.236.191 Nashville 1.003.582 992 GeorgiaAtlanta 4.762.742.785 249.314.588 63.379,600 Augusta 110.799.885 Colu•nbus 47.248.143 2.293,015.699 Macon 78.104.636 savannah a 48.296,471 243.135.013.361 Florida. Jacksonville 653.180.123 53,116,873 Tampa 156,775.810 594,398,278 I 305,871,619 254,623.817 Alahama-BIrmingham 70,958,513 Mobile 101.008,195 Moatgotnery 88,838.663 29.071,239 MississippiJackson 54.066.338 47.181,878 Meridian 47.656.164 Vicksburg 19.513.279 246.8.38,400.380 Hattie; ntr:83.417,851 Louista na-N ew OrIr-ans 4,781.107.416 Year 1922. Inc. or Dec. s vz, Sear 1921. s Year 1920. $ 81.746.051 378.724.141 2.303,840.337 95.719.124 1-25.9 +10.3 +13.2 +28.5 86,508.000 359.033.009 2,092,674,217 66.167.871 75.797.582 526.234,163 3,045.520.224 80.041.899 118.654,406 110.450.925 +15.1 +30.9 126.609.427 101.534.211 227.842,426 170.171,760 .1.141,820.192 20.320,745 32,717.694 981.491.620 +16.8 +6.1 +24.6 +12.4 3.745,337.258 23.850.647 32.264.783 876.405 707 4,898.046.381 32.179.180 39,066.276 897,109,844 8.167,285,235 +15.4 7.509.385,130 9,990.009,735 280,578,709 142.737,597 898.067.590 +18.1 +11.0 +11.7 269.037,000 149.401.816 845.509.812 410.316,650 173.725,822 1.179.501.244 2.191.186,830 94.691,236 40.507.812 65.072.524 a +26.1 +17.0 +16.0 +20.0 a 2.108.957.591 101.318.893 39.359,041 63,519.418 a 3.256.765.739 205.420.013 56.405.088 •120,003,901 a 514.4:37,052 118,325,039 1.124.592.189 91.304.244 72.374.453 +27.0 +32.5 +16.1 +10.5 +22.7 487.697.668 118.325,378 899 335 312 83.758.004 68.215,190 625 63.097 125 269.623 990.962,579 1281,871.991 98.831.667 +21.8 44.391.654 42.140,553 +13.1 +7.6 18.138.114 Not included in to tat. 2.405.555.836 +15.6 37.067.368 33.752.598 16.506.417 . ;i1-6.181.869 _ 211.11-82-.231 34,107.456 3.315.319.238 Total (16 cities) 9.701.258.288 8.144.101.462 +19.1 7,531.943.373 10.741.117.4:38 55.124 037 109 985,297 78.788.384 Dist act-Chicago-Seventh Federal R 205.922.436 11.081.939 +4.0 '11.173.314 10.652.135 10.233.248 158.086,031 Michigan-Adrian • 41.330.175 Ann Arbor 38.979.412 +11.8 31.947.723 30.119.761 40.241,372 Detroit .5.389.251,503 6.693.595.581 +24.2 6,104.323.103 4.648.490,880 43.405.190 82.206.318 112.328.068 74,941.907 +36.6 130.818 577 25.094.696.654 Flint 316.740.272 344.740.021 +8.8 291.514.444 Gran I RapLis 352.898 673 151.410.276 81.947.954 Jackson +34.5 66.857.149 62.388.440 85.320,241 267,995,988 121.261.123 Lansing +29.1 93.891.670 99.072.122 97.796.544 148,981.702 80.472.866 Indiana+20.5 101.017.089 121.740.534 92.206.238 Fort Wayne 108.622.111 295,012.097 +61.3 124,507.300 200,870.511 57.483.401 74.124.261 Gary 205,416.418 I 1.053.025.000 Indianapolis +18.9 883.681.013 941.938.003 785.350,000 96,804.205 +16.3 109.492.365 99.495.626 127.307.414 South Bond 26.936.568,748 Wisconsin+19.5 1.569.987.894 1.876.239.105 1.445.267,846 1.736.327.000 Milwaukee +19.1 32.173.21238.303.540 33.792.796 38.662.133 Osit'cosh Not included In tc tis. 93.844.934 Madison 581.917.000 267,397.140 Iowa107,953.795 130.253,617 105.697.465 +20.7 150.794.214 Cedar Rapids 3.596,794,020 +3.1 Not Included in to ala. .533,336.560 549.979.497 Davenport 6.907,387,037 +15.9 400.365.390 568.486,747 459.177.930 611.749.310 Des Slolnes 751.010.400 +0.6 31.766.662 36 315.220 31.971.112 30.186.580 . Iowa City_ 249.491.107 26.700.598 29.285.431 27.320,208 +9.7 47.649,396 Mason(my. 37,762.194 +14.6 284.854,113 322.275.394 284.871.895 50,1,551.309 Sioux City 55,233,635 +12.8 68,205.756 76.952.214 69.770,097 106.838.616 22.770.026 Waterloo 89,161,095 Illinois-+24.0 49.811.703 61.805.584 45.108,115 . 49.815.825 Aurora 243,66.5,233 +15.1 67.344.631 77.527.839 68.788.960 Bloomington 07.224.374 42.854.221 28.036.204.337 31.112.845.757 25.974.692,057 +11.0 32.639.233.535 Chicago _ a Danvillea 42.483.761 581.245,449 +13.9 661.367.470 581.129.169 80,324.319 Decatur 205.858.102 229.195.011 +11.3 190.650.996 281.528 229 Peoria 8.982,887.399 99,936.929 118.699.576 +18.8 95.562,813 116.818,998 Rockford 111,124,547 115.864,943 124.002.050 +13.2 131.189.386 146,814.949 Springfield 281.992.700 22.266.931,515 Total (27 cities) 44,348,605.600 39.000,926,300 +13.7 35.354,192,489 44,766,436,187 arlDIN011110 Year 1923. Clearings at- 0 $ Eighth Federal Reserve District-St. Louis-Indiana-Evansville 249,053.640 New Albany 7.880.616 Missouri-St. Louis a Springfield a KentuckyLouisville 1,551.895,901 Owensboro 24.927.658 Paducah 123,049.883 Tennessee-Memphis 1.140.369,120 Arkansas-Little Rock 605,006.351 Illinois-Jacksonville 18,678,428 Quincy 74.332,582 Total (9 eitle.) 3,795,194,179 Ninth Federal R District -Minneapolis-Minnesota-Duluth 390.031.753 Minneapolis 3.677.176,269 Rochester 22.764.354 . St. Paul 1,805,224,636 North Dakota-Fargo 105.274,062 Grand Forks 59.355,300 Minot 13.865,040 South Dakota-Aberdeen 67.224,103 Sioux Falls 155.949.650 Montana-Billings 28,950.445 Great Falls 41,300.582 Helena 164.558,927 Lewistown 11.883.651 Total (13 cities) 6,543,558.772 Tenth Federal R Nebraska-Fremont Hastings Lincoln Omaha KansasKansas City Lawrence Pittsburgh Topeka Wichita MissouriJoplin Kansas CUT St. Joseph OklahomaLawton McAlester Muskogee Oklahoma City Tulsa Colorado-Colorado Springs Denver Pueblo Total (15 cities) _ - __ Eleventh Federal R Texas-Austin Beaumont Dallas El Paso Fort Worth Galveston Houston Port Arthur Texarkana Waco Wichita Falls Louisiana-Shreveport Total (12 cities) District -Kansas City21.532.291 27,145,231 215.136,673 2.103.475,129 Year 1922. $ Inc. or Dec. % Year 1921. $ Year 1920. $ 217,898,167 6,840.775 a a +14.3 +15.2 a a 98,029,000 6.006,530 a 77,474,191 261,887,296 8,010.561 1,336.370,707 23.860.814 85.742.896 1.008.743,103 499.708,912 16,598,320 67.407.373 +16.1 +4.5 +43.5 +13.0 +21.1 +12.5 +10.3 1,199,298.211 22,993.455 78,393.734 819,009,454 459,412,342 17,653.042 65,438,802 1,290,498,398 35,091,193 98,831.124 1,191,104.425 602,978.065 32,838,765 97.022,708 3,263.171.067 +16.3 2.843,708.761 3.728,982,790 320,577.946 3.369.928,782 21,648,002 1,599,711,125 98.020.882 53,283.900 15.352,795 63,082,335 136.602,027 31.078,529 42.974.637 168.305,165 18,262,087 +21.7 +9.1 +5.2 +12.8 +7.4 +11.4 -9.7 +6.6 +14.2 -6.8 -3.9 -2.2 -34.9 334,987,342 3.355.654,989 21.312,922 1,662,221.623 102.431,095 63,889,262 14.632,537 63.704.876 115,737,719 38,271,751 55,806,848 163,848,372 23.916.658 468,056,391 4,012,206,419 33,837.110 1,870,424,350 149,040,028 85.425.000 19.556,718 92.483,832 178.970,141 68.875,652 95,746,057 88,340,188 31,432,258 5.938.828,212 +10.2 6,016,415.994 7,204.394.142 110,720,255 +11.1 -4.0 +7.1 +6.2 24,870,877 29,004,354 174,144,975 1,903,158,686 39.746.046 43,866,560 286.469,930 3.094.338,415 264.352,027 a 229.071,097 a 242,791,314 a 14'41.491.794 536.121.306 +15.4 a a +17.8 -12.9 215,767,252 a 1647,025,208 466,734.222 14935,182 556,080,029 171,180.439 719,765.924 73.853,814 6.885,568,920 a • a 18.638,258 1.16:,341,866 402,491,637 61,091,657 1.605,113,199 44,549,720 13,524.049,852 Dist, et-Dallas91,918,101 69,313,010 1.738.530,234 255,297,087 584.884,838 460,441.966 1,486,957,553 31,486,103 32,215,246 162.331,551 101,107,843 255.320,232 5,269,803,764 Year 1922. Inc. or Dec. II $ % Twelfth Federal Reserve Dis trict-San Franci aceWashington-Bellingham 34.753,147 38,425.000 +10.6 Seattle +17.6 1.658,144,134 1,949,171,370 Spokane +8.3 534,619,000 578.862.349 Tacoma a Yakima -2.9 70%31,111 68,̀567,871 Idaho-Boise +6.5 50.670,103 53,975,270 Oregon-Eugene +27.5 15,863,945 20,219,168 Portland +17.0 1,600,517,595 1,871,946,130 Utah-Ogden 73,236,000 +2.5 71,443,502 Salt Lake City +16.9 671.653,910 785,330,073 Nevada-Reno +17.2 30,419,000 35,664,574 Arizona-Phoenix 96,211,668 Not included in tot al CaliforniaBakersfield -3.5 52,333,596 50,490.278 Berkeley +8.1 194,696,065 210,547.624 -1.0 Fresno 229.234,818 226,954,967 . Long Beach +72.5 250.496.140 432,151,552 Los Angeles +36.4 5,152,305.000 7,028.870,000 Modesto -4.3 39,927.112 38.226.663 Oakland +17.9 679,820,874 801.230.517 +34.2 Pasadena 200,271.022 268.829.267 Riverside +21.4 30.598.482 37,050,156 Sacramento +13.8 323,673,714 368.313,445 San Diego +23.0 156,888,305 192,890,008 San Francisco +10.7 7.273,500,000 8,049.061,000 San Jose +5.3 117.315,972 123,522,486 Santa Barbara +21.7 48.275,720 58.774.470 Santa Rosa +9.5 25,604,390 28,046,959 Stockton +13.1 124,314,800 140,631,000 Total (26 cities) Grand total(183 cities) Outside New York 19.385.004 28,265.768 200,821,198 1.981,529,346 Year 1923. Clearings at- Year 1920. Year 1921. $ $ 26,800,000 1.511,348,283 518.456.000 28.149,719 2,072,639,437 659.860,797 ,653.714 68a a /38.214.198 14.394,311 1,528.445.024 90.439,000 661,686,278 33,915.000 17.567.447 1.906.796,902 133.604,030 892.346.395 45,220,028 59,040,379 160,378,670 226,657.300 181.639,876 4.211,189.000 35,911,884 543,092,161 161.701,121 24,241,933 284,417,587 138,665,592 6.629.000,000 92.064,797 42,452.548 21,516,807 249,179.300 67.098,150 150,987,832 277.206.368 163,595.436 3,994.274.000 25.126,381 552.613,822 130.724,824 34,637.801 324,345.255 154.929,338 8.122.064,917 116.995,085 26,921,441 21.689,481 293,913.000 .. 23,531,088.297 19.637.971.457 +19.8 17.515,286,565 20,301.522.084 402,553,486.888 188.557.304.161 382,759.600.760 164,859,214,644 +5.2 +14.4 347.454.020.706 153.122,801,043 440,643,067,759 197,508,054,395 CANADIAN BANK CLEARINGS FOR LAST FOUR CALENDAR YEARS. • Clearings at- Year 1923. $ Montreal 105, Toronto 5,493,368, 205 5,591, +11.5 66,212,000 53,860,820 93.265,048 Winnipeg 2,528,321.969 6,811,486.964 +1.1 7,537.160.601 11,615,142.427 Vancouver 750,693,542 a a a a Ottawa 354,699,359 Quebec 303,120,335 a a H ifax al .562 28 152.3 1'7,305,274 -7-7.7 a a Hamilton 301,554.611 a 161.534,791 241.241,938 Calgary 272,438.496 1,105,066,227 la5.5 1.214,391,012 1,037,717,950 St. John 141,396.039 385,221,994 +4.5 365,342,425 669,690,614 Victoria 105,229,802 London 151.868,946 53,841.087 +13.5 50.096,140 62,382,894 Edmonton 217,273,336 1,464.123,463 +9.6 1,527,547,230 1,980,644.477 Regina 190,016,983 40,394,515 41,480,801 +10.3 52,079.069 Brandon 30.970.260 Lethbridge 32.012,206 13,082.337.037 +3.4 13,998.375,175 20,353.323,045 Saskatoon 89,096.652 Moose Jaw 64,910,782 Brantford 52.934,940 Fort William 49,754,115 80,003,877 +14.9 73.463,056 84.349,049 New Westminsr te 29.251.757 58,309.312 +18.9 54,036.000 75,779,546 Medicine Hat 17,688,504 1,392.807,318 +24.8 1,301,332.809 1.868,685,312 Peterborough 39.376.850 243,637,669 +4.8 260,721,121 346.074,091 Sherbrooke 43,320,229 577.294,106 +1.3 612.142,408 992,888,032 Kitchener 51,889,983 372,499,434 +23.6 383,317,456 409,843,066 Windsor 176,443,121 1,243,315.900 +19.6 1,200,770,776 1,504,251,520 Prince Albert 18.010,599 21,068.987 +49.4 20,065.693 20,927.985 Moncton 50.243,501 25.861,016 +24.6 26,120.944 38,363.379 Kingston 34,886.560 132,647,690 +22.4 127.827,120 164,918,143 94.755,887 +6.7 107,078,853 228,479,587 Total (29 cities) 17,334,206,520 225,783,778 +13.1 196,551,688 251,133,509 4,467.984.974 +17.9 4,363,427,924 a No longer report clearings. 5,985,693,219 Year 1922. $ 5,093,942,868 4,974,658,388 2,563.938,704 683,054,537 370.776,458 284,484,623 160,112.235 283,272,009 263.240,201 142,488,127 105,773,654 147,787,996 234.211,250 184.149.429 33,077,838 30,979,137 87,892,573 64,035,266 54,067,107 41.147.689 27.367.208 17.707.358 37.100,117 43,261,746 52.490.715 170,789,813 17,974,160 59.344,596 34,679,437 16,263,805.239 Inc. or Dec. Year 1921. $ % +12.75 +7.8 5,720,258.253 5,105.893,766 4 2.682,441,103 -1.4 708,205,932 +9.9 404,237,674 -4.3 302,491,488 +6.6 181,802.598 +6.6 +6.5 297.932.727 335,465,202 +3.5 -0.8 147,301,169 122,416.239 -0.5 161,956.960 +2.8 260.888,619 -7.2 203,659,641 +3.2 -6.4 39,282,713 35,350,739 +3.3 100,553,190 +1.4 74.739,761 +1.4 62,235,591 -2.1 +20.9 43,619.961 +6.9 30,737.565 21,848.524 -0.1 44,195,516 +6.1 53,641.710 +0.1 51.159,584 -1.1 +3.3 162,268,354 +0.2 Not included in total 56,262,833 -15.3 33,872,694 +0.6 +6.6 17.444,720.106 Year 1920. $ 7,109,189,038 5,410,214.802 3,015,704,299 867,901,614 515,006,228 364,651,362 255,678.403 380.733,960 438.073.277 176,671,887 145,707,146 192,157,969 294.863,362 231.070,269 41,398,339 47,397.555 115,403,076 94,584.910 76.113.949 48,072.027 36.435,337 27,808,580 50.639.788 64,046,861 61,600,500 171.282,078 20.232,406,616 arionsiouno Year 1923. Clearings at- Pf-g6T 9g ' 14v1. BANK CLEARINGS IN DETAIL FOR THE LAST FOUR CALENDAR YEARS ACCORDING TO FEDERAL RESERVE DISTRICTS-(Colteluded). THE MRONICLE 360 Kentucky Court of Appeals Upholds Validity of Bing4i ham Co-operative Marketing Act. • • A ruling by the Kentucky Court of Appeals at Frankfort, upholding the validity of the Bingham Co-operative Marketing Act, was handed down on Dec. 21. The court's conclusions are indicated as follows in the Cincinnati "Enquirer": In an opinion, written by Judge Ernest S. Clarke, the court affirmed the judgment of the McCracken County Circuit Court, favoring the "Dark Tobacco Growers' Co-operative Association." Lee D. Potter, farmer, of that county, appealed to the State's highest court in a test case for a decision on the constitutionality of the Act. The court decided that the Act is constitutional; that a contract between a member of the tobacco association and the association is not in restraint of trade, and is not a violation of any Federal anti-trust law; that the contract is mutual and therefore enforcible, and that a contract providing for the sale of products to be produced is valid. Refers to Sherman Act. "The Sherman Act, as amended, itself is expressive of a change in the public attitude and policy toward agricultural and horticultural pursuits in [VOL. 118. yelation to other business activities and a recognition of a necessity, for the public welfare, of permitting organizations among such citizens, to enable them to meet justly and without undue advantage the conditions they 'encounter in necessary trade relations with other citizens or groups," Judge Clarke declared.' -"Nor are the Clayton Act' and many other recent Acts of Congress, treating farmers as a distinct class, the only expressions of such a change in public opinion and the public policy of our nation with reference to them and their economical problems. "Enactment -by the Legislatures of 30 or more of the States' of enabling Acts, precisely like the Bingham Co-operative Marketing Act, is further .evidence:of the present state of public opinion on the matter, as is the attitude of every other agency through which an enlightened public policy may be declared, including the most recent resume of the state of the Union by the President of the United States. • Change is Not Political. "The basis of this change in public opinion toward combination and classification is not in any sense political, but economic rather, and, in our judgment, it is because .of basic economic conditions affecting vitally not only farmers, but also the public weal, that classification, based upon agricultural pursuits, is reasonable, just and imperative for the good of the entire nation and every citizen thereof." The New Capital Flotations in December and the Twelve Months of the Calendar Year The new capital flotations in the closing month of 1923 ran well above those for the closing month of 1922, but were not up to those of November 1923 (when the total -was swollen•by the offering of $100,000,000 American Telephone & Telegraph debentures), 'nor anywhere near the exceptionally heavy offerings made in the opening month of 1923. Our tabulations, as always, include the stock, bond and note issues by corporations and by States and municipalities, foreign and domestic, and also Farm Loan issues. The grand aggregate of the offerings of new securities under these various heads during December 1923 reached $397,463,198. This compares with $539,740,990 for November, with $390,106,577 for October, with $249,734,549 for September, with $224,867,650 for August, and with $197,467,011 for July, when the new offerings were the lightest of any month of any year since March 1919, but with $536,577,225 for June, $312,635,831 for May, $458,133,469 for April, $392,262,540 for March, $380,187,119 for February and with no less than $879,238,265 for January. This latter, though, as explained by us on previous occasions, stands in a class all by itself, the total having been swollen to exceptional proportions by the bringing out of several issues of unusual size—the Anaconda Copper Mining Co. alone by its financing having then added $150,000,000 to the total and Armour & Co. $110,000,000, with the result that January broke all- records for new capital flotations in the United States, the highest previous amount for any month of any year having been $655,817,946 for April 1922. Making a detailed analysis of the corporate offerings in December we find that the amount of financing by public utilities exceeded the combined total for railroads and industrials. The public utility issues in December amounted to $160,828,000; industr'ial issues totaled $104,643,475, while railroad offerings aggregated only $21,507,000. In November the public utility total was even larger, amounting to $191,770,552, as against $107,177,900 for industrials and $88,092,450 for railroads. As will appear, the amount of corporate securities offered in December was $286,978,475, and of this total $174,020,500, or 60%,comprised long term issues, $104,407,975 constituted stock issues and the remainder $8,550,000 , was composed of short term offerings. The portion of corporate flotations used for refunding purposes in December totaled only $14,875,000, and examination shows that $1,075,000 of this was to refund existing long term issues with new long term issues, $9,600,000 was to refund existing short term issues with new long term issues, $2,750,000 was to refund existing preferred stock issues with a new long term issue, $250,000 was to refund an existing short term issue with a new short term issue and $1,200,000 was for refunding an existing preferred issue with a new issue of common stock. The largest corporate issue during December was the 400,000 shares of American & Foreign Power Co., Inc., pre ferred stock (cumulative $7 per share) sold at 96 with a bonus of one share of common with each share of preferred. Other large issues by public utility companies were as follows: 600,000 shares no par value capital stock of Consolidated Gas Co. of New York sold to stockholders at $50 per share; $15,000,000 Commonwealth Edison Co. (Chicago) First Mortgage Collateral 5s, "A," 1953, offered at 923, to yield about 53'%; $10,000,000 Public Service Co. of Northern Illinois First Lien and Refunding 554s,"A," 1962, offered at 92, yielding about 6.05%, and $8,500,000 Northern States Power Co. (Minn.) First Lien and General Os, "A," 1948, offered at 9754, yielding about 6.20%. Industrial issues worthy of special mention comprised the following: $12,000,000 The Straus Building (Chicago) First Mortgage Real Estate 63-s, 1928-50, offered at par; 525,000 shares of no par value capital stock of Pan-American Western Petroleum Co. which was offered to stockholders of Pan-American Petroleum & Transport Co. at $20 per share, and $10,000,000 Lehigh & Wilkesbarre Corp. Collateral Trust 534s, 1925-34, Two largest offered at prices yielding from to offerings in behalf of railroads were $12,500,000 St. Paul Union Depot Co. First and Refunding 5s, "A," 1972, at 943/2, yielding about 5.30%, and $5,000,000 Virginian Railway Co. First Mortgage 5s,"A," 1962, at 94, to yield about /%. 3 No foreign government loans were offered in this country during December. Farm loan bonds were exceptionally light, amounting to only $2,105,000, and consisting of three separate issues sold at prices to yield from 4.75 to 4.96%. 53.4% 53'%. 5 THE RESULTS FOR THE FULL YEAR. ' For the calendar year the record of the new flotations is a noteworthy one. The grand total of the new issues of all kinds brought out during 1923 falls but little below the extraordinary figure of the previous year, the amount being $4,986,474,692 for 1923 and $5,244,862,294 for 1922, or over 10 billion dollars for the two years combined! What a marvel in financing this represents! For 1921 the total was $4,203,793,085, for 1920 $4,010,048,184 and for 1919 $4,286,188,860. The distribution of the new issues among the various groups of securities has varied considerably among the different years. Quite naturally, considering the disturbed political situation in Europe, the placing of foreign Government issues in this country was on a greatly reduced scale, the amount for 1923 footipg up only $242,845,000, against $431,305,000 for 1922 and $379,270,000 for 1921. This is independent of the sale in the United States of Canadian Government and municipal issues, which also reached a smaller aggregate. The appeal to the financial markets by our own States and municipalities also underwent some decline, notwithstanding the advantage which the tax-exempt feature of these issues 'is supposed to give. The aggregate, while remaining large, has declined through both 1922 and 1923; for 1923 the total is $1,032,390,604, against $1,100,717,313 for 1922 and $1,208,548,274 for 1921, though compatIng with only $683,188,255 for 1920 and $091,518,914 for 1919. thpi. 26 1924.] THE CHRONICLE On the other hand, the farm loans issues have established a new high record at $392,505,000 for 1923, against $386,415,000 for 1922, $121,940,000 for 1921 and nothing for 1920. The total of the corporate flotations also breaks all records, the financing on behalf of corporations having reached a total of $3,261,140,088 in 1923, agatinst $3,073,282,447 in 1922, $2,390,907,811 in 1921, $2,966,304,697 in 1920 and $2,739,653,646 in 1919. A distinctive feature of these corporate Issues has been the predominant part occupied by the securities of public utilities. In 1923 these constituted considerably over one-third the whole amount, the financing on behalf of public utilities having reached $1,138,396,158 in that year, against $980,433,795 in 1922. $671,085,220 in 1921, $496,822,550 in 1920 and $462,271,650 in 1919. A review of the corporate financing accomplished during the year ended with December shows that a great many exceptionally large issues were offered to the public during this period. Foremost among the year's new issues were the $100,000,000 Anaconda Copper Mining Co. 1st Cons. Mtge. 6s, 1953, offered in January at 963/2, to yield about 6.25%, and the $100,000,000 American Tel. & Tel. Co. Debenture 534s, 1943, offered in November at 983/2, to yield about 5%%. Other issues of unusual size in addition to those for December referred to above, included the following: $60,000,000 Armour & Co. (of Del.) 7% guar. pref. stock, offered at 99, yielding 7.07%; $50,000,000 of the same company's 1st Mtge. Guar. Ois "A," 1943, offered at 96, yielding 5.35%; $50,000,000 Anaconda Copper Mining Co. Cony. Deb. 7s, offered at par; $35,000,000 Bell Telephone Co. of Pa. 1st & Ref. Mtge. 5s, 1948, offered at 983, yielding 5.10%; $25,000,000 Bethlehem Steel Corp. Cons. Mtge. 53/28 "B," 1953, offered at 93, yielding about 6.00%; $22,000,000 Spring Valley Water Co. 1st Mtge. 55, 1953, placed at 983/2, yielding 5.12%; $17,500,000 Laclede Gas Light Co. 1st Mtge. Coll. & Ref. 53/2s, 1953, offered at 96.45, yielding 5.75%;$13,875,000 Balto.& Ohio RR.Equip. .5s, 1924-38, offered on a 5.25% basis. The foregoing were all offer3d in January,with the result that that month, as already stated, broke all records for new capital flotations in the United States. In February the following were offered: $20,000,000 Sinclair Crude Oil Purchasing Co. 3-Year 6% notes at 99, yielding 64%, and $15,000,000 Brooklyn Edison Co. capital stock, which was sold to stockholders at par, $100. In March the largest issues offered were: $31,500,000 Pennsylvania RR. Gen. Equip. 5s, 1924-38, at prices to yield 5.08; $19,900,000 Oriental Development Co., Ltd., 6% Deb., 1953, offered at 92, yielding 6.62%, and $15,000,000 Duquesne Light Co. 1st 7% Cum. Class A Pref., sold at 103, yielding 6.80%. In April the following were offered: $30,000,000 Illinois Power & Light Corp. 1st & Ref. Mtge. 6s, 1953, offered at 983/2, yielding 6.10%; $25,598,400 par value capital stock of Standard Oil Co. of California, sold to stockholders at par ($25); $14,962,530 par value Common stock of Westinghouse Elec. & Mfg. Co. (par $50), taken by stockholders at $53 a share; $14,003,000 Equip. Trust 5s, due 1928-38, of Illinois Central RR., sold to yield 5.20%, and $14,000,000 Public Service Electric Power Co. 1st Mtge. 6s, 1948, placed at 9734, yielding 6.20%. Only one issue of exceptional size was sold in May, namely, $13,500,000 Chicago Milwaukee & St. Paul By. Equip. Trust 53. s, 1924-38, sold to yield 5.75%. In June the following were offered: $50,000,000 Illinois Bell Tel. Co. 1st & Ref. 5s "A," 1956, at 9534, to yield about 5.30%; $25,000,000 Standard Oil Co. (of Calif.) 5s, 1924-33, at prices yielding from 5.00 to 5.14%; $25,000,000 Sinclair Consolidated Oil Corp. 1st Lien & Coll. 63/2s "B," 1938, at 94, yielding about 7.15%, and $12,000,000 Pure Oil Co. 63/2s, 1933, at 99, yielding about 6.60%. Only one Large piece of financing stands to the credit of July, this being the $40,000,000 Youngstown Sheet & Tube Co. Debenture 6s, 1943, at 99, yielding about 6.05%. The following were offered in August: $14,000,000 Louisville & Nashville RR. Co. 1st & Ref. 5s "B," 2003, offered at 9534, yielding about 5.25%, and $24,000,000 Associated Oil Co. Os, 1935, offered at par. In September only one large issue was brought out, namely, $20,000,000 Union Pacific RR. 1st Lien & Ref. 5s, offered at 993/ 2, yielding about 5.15%. October issues of unusual size were: $17,340,000 New York Central Lines Equip. Trust 5s, 1924-38, on basis of 53.4% to 53/2%; $15,000,000 International Match Corp. (Del.) Cony. Deb. 63/2s, 1943, at 9434, yielding about 7.99%; $15,000,000 New York Chicago & St. Louis RR. 9% Cum. Prof. at 873/2, to yield 6.85%, and $12,500,000 Pere Marquette By. 1st 5s "A," 1956, at 9334, to yield about 5.40%. The more important offerings during 361 November, in addition to the $100,000,000 American Tel. & Tel. 53/2s mentioned above, were as follows: $23,1100,000 Southern Pacific Co. Equip. Trust 5s "F," 1928-38,; offered on a 5.35% basis; $20,000,000 Southern Railway Co. Dev. & Gen. 6s, 1956, at 963/2, yielding about 6.25%; $20,000,000 Bell Telephone Co. of Pa. 63" 2%•Cum. Pref. Gold, to stockholders at par, $100; 2,000,000 shares of no par value Common stock of Shell Union Oil Corp., offered t °stockholders at $10 per share, and $15,250,000 Chicago & North Western Ry. Co. 1st & Ref. 5s, 2037, at 933/2, to yield about 5.35%. The more important offerings for December have already been enumerated above. Foreign Government loans floated here during the year 1923 were as follows: $50,000,000 Cuba 53/2s, 1953, offered in January at 9934, to yield about 5.55%;$25000,000 Dutch East Indies 53/25, 1953, offered in February at 88, yielding about 6.40%; $4,500,000 Panama 53/ 2s, 1953, offered in May at 973/2, yielding about 5.65%; $25,000,000 Austrian 7s, 1943, offered in June at 90, yielding about 8.00%; $2,000,000 State of Ceara, Brazil, 8s, 1943, offered at 993/2, yielding about 8.00%; £75,000 Township of Tel-Aviv (Palestine) sterling 63/2s,1943, offered to yield about 7.00%; $20,000,000 Norway 6s, 1943,offered in August at 963/2, to yield abcut 6.30%; $20,000,000 Switzerland 3-Year 5% notes, Aug. 1 1926, offered in August at 97.29, to yield about 6.00%;$55,000,000 Argentine 6 months 6% Treasury bonds, March 1 1924, offered in September at 993/2, to yield about 7.00%; $10,000,000 Finland 6s, offered in October at 90, yielding 6.98%; $6,000,000 Salvador 8s "A," 1945, offered in October at 100, yielding 8.20%, and $25,000,000 Dutch East Indies 53/2s, 1953, offered in November at 90, yielding 6. 24%. Four large issues of Federal Land Bank bonds totaling $242,000,000, and three issues of Federal Intermediate Credit Banks 6 months bonds, aggregating $30,000,000, were offered during the year, in addition to numerous small issues of Joint Stock Land Bank bonds totaling $120,505,000. The Federal Land Bank bonds were offered as follows: $75,000,000 43/2s, 1933-43, in January at 101, yielding 44%;$75,000,000 43/2s, 1933-53 in April at 1003.4, yielding, 4.45%;$45,000,000 43/zs, 1933-53, in June, at 10034, yielding 3 4.45%, and $47,000,000 4%s, 1933-53, in November at par. The three issues by Federal Intermediate Credit Banks were in each case $10,000,000 of six months 434s, the offerings having been made in August, October and November. The following is a complete summary of the new financing -corporate, State and city, foreign Government, as well as Farm Loan issues-for December and the twelve months of the calendar year. It should be noted that in the case of the corporate offerings we subdivide the figures so as to show the long term and the short term issues separately and we also separate common stock from preferred stock. SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING. 1923. Month of December. New Capital. Refunding. Total. CorporateLong-term bonds and notes Short-term Preferred stocks Common stocks Foreign $ 160,595,500 8,300.000 47,887,000 55,320,975 3 13,425,000 250,000 1,200,000 2 174,020,500 8,550,000 47,887,000 56,520,975 Total Foreign Government Farm loan issues War Finance Corporation Municipal Canadian United States P(1981148i0113 272,103.475 14,875.000 288,978.475 1,456,200 107,404,723 16.331,200 397.463,198 2,105,000 105.948,523 975,000 Grand total 381,131.998 Twelve Months Ending Dec. 31CorporateLong-term bonds and notes Short-term Preferred stocks Common stocks Foreign Total Foreign Government Farm Loan issues War Finance Corporation Municipal Canadian United States Possessions Grand total 2.105,000 975,000 1,887.943,057 416,350,543 2,304,293,600 143.270,700 37,216,800 180,487,500 335,108,297 71,609,830 406,718,127 340,374,101 5,166,760 345,540,861 24,100,000 24,100,000 2,730,796.155 186,845,000 337,473,000 530,343,933 3,261,140,088 56.000.000 242.845,000 55,032,000 392,505,000 1,013,786,164 26,308,000 8,186,000 18,604,440 1,032,390,604 23,100,000 49,408,000 8,186,000 • 4.303.394.319 683.080.373 4.985.474.692 • In the elaborate and comprehensive tables, which cover the whole of the two succeeding pages, we compare the foregoing figures for 1923 with the corresponding figures for the four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings showing separately the amounts for all the different classes of corporations. SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE TWELVE MONTHS ENDED DECEMBER 31 FOR FIVE YEARS. TWELVE MONTHS ENDED DECEMBER 31. 1922 1923 New Capital. Refunding. Total. New Capital. Refunding. 1921 Total. New Capital. Refunding. 1920 Total. New Capital. Refunding. 1919 Total. New Capital. Refunding. Total. $ Corporate— $ Long-term bonds and notes_- 1.887.943,057 Short-term 143,270,700 Preferred stocks 335,108.297 340,374.101 Common stocks 24,100,000 Foreign $ $ $ 416,350.643 2,304,293,600 1,566,137,435 115,646.000 37,216,800 180.487,500 71.609.830 406,718,127 296,331,950 5,166,760 345,540,861 277,173,822 80.445.000 24,100,000 $ 8 $ 656,501,215 2,222,638,650 1,380,128,420 29,311,000 144,957.000 161,569,366 71,252,500 39,956.400 336,288,350 10,529.625 287,703,447 194,904,565 15,150.000 81,695,000 1,250,000 $ $ $ 505,808,080 1,885,936,500 1,104,140,900 52,362,000 213,931,366 541,435,742 3,675,600 74,928,100 469,989,137 6.057,280 200,961,845 554,519,952 15,150,000 39,925,655 3 $ 117155,700 1,221,196.600 523,512,950 103,339,248 644.774,990 324,352,800 21.268,533 491,257.670 726,146,085 14,629,830 569,149,782 .710.203.801 19.113,000 39,925.655 110,145,850 208.337,900 66,859,700 43,481,560 7,500,000 Total 2,730,796.155 Foreign Government 186,845,000 Farm Loan issues 337.473,000 War Finance Corporation_ Municipal 1,013,78i ,164 Canadian 26,308,000 ions.... United States Po 8,186,000 530,343,933 3.261,140,088 2,335,734,207 56,000,000 242,845,000 416.305,000 55,032.000 392,505,000 344,415,000 737,548,240 3,073,282,447 1,823,004.851 15,000,000 431,305.000 329,270.000 42,000,000 386,415,000 121,940,000 567,902,960 2,390,907,811 2,710,011,386 50,000.000 379,270,000 191.000,000 121,940,000 18.604.440 1,032.390.604 1,070,901,057 98,984,534 23,100,000 49,408,000 47,023,000 8,186,000 29.816,256 1,100,717,313 1,199,396,561 75,982.000 107,135,000 206.119,534 27,145,000 47,023,000 256,293,311 2.966,304,697 2,303,328.636 100,000,000 291,000,000 266,550,000 110,000.000 200,000.000 11,422.681 683,188.255 678.187,262 7,498,000 18,637,300 53,278,232 11,700,000 16,277,000 436,325,010 2,739,653,646 173,129,000 439,679.000 110,000,000 200,000.000 13,331,652 691,518,914 75,000,000 93,637,300 11,700,000 683,080.373 4.986,474.692 4,313.362,798 931,499,496 5.244,862,294 3.576.738.412 Grand total 4,303.394,319 9,151,713 1,208.548.274 75.982.000 27,145,000 627,054,673 4,203.793,085 3.634.834,192 CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR 1923. TWELVE MONTHS ENDED DECEMBER 31. New Capital. Long Term Bonds & Notes— tailroads 'ublic utilities ron. steel, coal, copper, &c .:quipment 1 manufacturers dotors and accessories Aber industrial & manufacturing... MI And. buildings, &c lubber 11APPing .11sce1laneous _ Total Total— tailroads 'ublic utilities ron, steel, coal. copper. &c :quipmeait manufacturers 4otors and accessories Other industrial & manufacturing Ill And, buildings, &c tubber hipping 4iscellaneous Total corporate securities 1922. Total. $ $ $ 427.956,500 43.883.000 471,839,500 588,821.471 223,366,629 812.188,100 252.818,139 49.556.861 302.375.000 11.860,000 11.860.000 4.288,000 22,562.000 26,850.000 170.957.447 26,521,053 197,478.500 81,716.000 30.084,000 111.800,000 238,032.500 1,250.000 239.282,500 1.335.000 665,000 2.000,000 107.000 2.675,000 2,568.000 113,416,000 36,629.000 150,045,000 Total 1,912,043,057 Short Term Bonds & Notes— tailroads 9,237,500 'ublic utilities 48,712.200 ron, steel, coal, cooper. &c 9.850,000 tquipment manufacturers 1.945.000 dotors and accessories 15.496.000 Uher industrial & manufacturing 7.350.000 )11 44.814.000 And, buildings, &c 1,330,500 lubber ;hipping 1,000,000 discellaneous 3.535,500 Total Stocks— tailroads 'ublic utilities ron, steel, coal, copper. &c Cquipment manufacturers 4otors and accessories ither industrial & manufacturing lll And, buildings, &c tubber_ hipping 4iscellaneous Refunding. 143,270.700 27,322,450 250,457,058 29.231.646 32.938.800 145.951.683 90.749.013 11.548.000 350,000 New Capital. 19,087,500 64.675.000 9.850.000 1,945,000 25.100.000 9,150.000 44.814.000 1,330 500 16,700.000 1,600,000 35,900,000 3,730.000 1,000.000 3,535,500 215.000 5.000,000 37,216.800 180.487,500 115.646.000 11.076.000 6.096,760 27,322.450 261,533.058 35.328.406 26.968.100 275,715,170 62,611,250 10.006,000 13.260.000 63,384,102 41,820,410 6,630.000 5.162,740 9,604.000 1.800.000 1.335.000 20.659.140 984.690 32 351 800 19,445,000 704.200 86,933.748 1.000.000 35.625.000 34,273,800 166.610.823 91,733.703 11.548.000 350,000 1.000.000 122.558,748 675.482.398 76,776.590 752.258.988 573,505.772 53.733.000 518.249,450 250.405,429 1.138,396,158 55.653.621 347.553.406 13.805.000 15.227.000 86,223,800 48.980.193 373.239,323 31,068.690 248.347.703 1,250,000 252.161.000 665.000 2,350,000 1.107,000 4.675.000 72.254.000 276.139.248 523.807.780 726,241.509 184.870.450 10.156.000 48,360,000 239 657 683 151.104.710 161.889.000 19,762,740 20.525,000 249.359.335 464.516.450 887,990.729 291.899,785 13,805,000 70.996.800 324.259.130 217.279.013 250,911.000 1,685,000 3.568.000 203.885.248 2 730.796.155 ' 29.311.000 26,556,625 1,575.000 1.393.000 4.900.000 7,980.000 8.081,400 67.948.000 53.1,343.933.3,261.140.088 2,335.734.207 375,213.992 4,010.048,184 3,588.403j98h 697,785.662 4.286,188,860 1920. 1919. New Capital. Refunding. Total. New Capital. Refunding. Total. New Capital. Refunding. Total, s $ s $ $ $ $ $ $ 336.670,720 302.122.580 638,793.300 349,975,000 123.230.000 473,205.000 32,021.000 11.337,000 43,358,000 8,075,000 8.075.000 15,700.000 600.000 16.300,000 234,262.300 25.719.400 259.981.700 157.432 000 28.000.000 185 432.000 44.191 500 925,000 45.116.500 86.500 000 86.500,000 2,335,000 3.950.000 6,285.000 123.240.900 9.924,100 133 165,000 302,379,500 199,998,100 90.316,000 23,506.000 3.175,000 181 870.245 78,320,055 68.169,000 20,550.000 11,851.000 137.256,000 657.751.215 2,304,333,650 1.390,403,420 - 505.808,080 1.896.211.500 1.117,390,900 3,000,000 26.311.000 633,658,800 532,690,700 793.005.785 753,685.361 26.613.000 THE TWELVE MONTHS ENDED DECEMBER 31 FOR FIVE YEARS. 1921. Total. $ $ $ 464.487,880 124.723,570 589.211.450 431.081,339 201.324.661 632.406.000 1.750.000 123,305,000 121.555.000 150,000 150.000 18,400,000 2,900,000 21,300,000 174,673,581 71.941.419 246.615.000 73,384,300 143.220.700 216,605.000 151.529,000 8.530,000 160,059.000 26.200.000 14.600.000 40.800,000 20,310.000 1.500.000 21,810.000 176,411,335 75.660.865 252,072,200 416.350.543 2,328.393.600 1,646,582 435 9,850.000 15.962,800 Refunding. 671,765,574 45,780.232 16,277,000 $ 54,000.000 18,050,000 12,394,000 356,379.500 218.048.100 102,710.000 23,506,000 3,175,000 20 ..369,755 202,240.000 599.945 78.920.000 158,000 68.327,000 20.550,000 1,450,000 13.301,000 10,034.000 147,290-000 99,771,000 117,046,000 39.938,000 10,390.000 6,706,000 70,265.250 55,200,000 55,192.000 11,952,000 57.052.700 1.198.000 3,195,100 13.150,000 60.247,800 117,055,700 1,234,446,600 35.196.000 134,967,000 56,746.000 173.792.000 2.887.000 42,825.000 _ 10,390.000 919.0007,625.000 7,504.750 77,770,000 55.200.000 2,500,000 57,692,000 523,512,950 110,145.850 633.658,800 21,500,000 218,065,500 12,285,000 10,302.000 8,550,000 102,159.000 136,900.000 10.565,000 30,400,000 7,085,000 102,963,490 17.400.000 126.486.800 16.723,000 655,000 11,850.000 45,930.000 55,500.000 2,366.000 1.000.000 10.905,000 35.537.000 55.750,000 125.937,900 5,200.000 16.700.000 1.600.000 35.900.000 3,730,000 15,995,200 24.872.000 44,150,000 .225,000 4.700.000 7,740.000 46.875.000 5,595.000 215.000 5.000.000 275.000 12.642.166 400.000 275.000 13,042.166 20,000,000 127,026,252 12.285,000 10.302.000 8,550,000 93,859.000 135,650.000 9.315.000 30.400,000 7.085,000 102.963,490 450,000 73,150,000 252,424,700 21.923.000 655,000 11.850.000 74,430,000 55,500.000 2.366.000 1.000.000 10,905,000 35.987,000 144,957.000 163,069.366 52,362.000 215.431,366 557.435,742 103,339.248 660.774.990 324,352,800 215,837.900 540.190.700 117.087.940 8,678.225 8,557,280 125.645,220 8.678,225 5,394,250 5,332.000 39,937.000 87.240.000 3.795.000 8,637.500 60.708,950 45.844,680 600.000 120,179,325 431.588.268 242.846.552 13,511.047 54,799,200 15,853.500 85.151.585 35.304.950 79.484.600 3,810,000 147,377.132 350,979.928 507.747.210 6.605.500 140.926.800 14.150.000 169.076.766 750.000 6,607,900 __ 5,332,000--52-5.600 39,411.400 87.240,000 3,395,000 400,000 55,314.700 45,844,680 600,000 106,139.595 418,659,385 242.796,552 13,511,047 54.724,200 15.853,500 81,741.085 36.054,950 86.092,500 3.810.000 174.537.932 369 433 028 541,017.370 6,722.000 157.534,300 14,150.000 176.452.066 35.351,800 45,756.000 704,200 26.968,100 302,271.795 64.186.250 11.399.000 13.260.000 68,284,102 49.800.410 14,711.400 5.162.740 500,000 47.363.000 789,000 810.000 2,500.000 16,495.200 72,235.000 44,939.000 225,000 4,700,000 8,550.000 49.375,000 5,595,000 67.948,000 8.387,500 250,000 50.486,025 623.991.797 269,532.065 9,732,880 279.264,945 1.035,184.744 127.723.570 254.192.286 3.325 000 1.393.000 2,900,000 76,841.419 151.200.700 16,611,400 26 200,000 1,500 000 75.660,865 651,531,350 980.433,795 188,196,450 11.549.000 51,260,000 316,499,102 302.305.410 178.500.400 45,962.740 22,025,000 325,020.200 352,665,920 491,934.940 84.849,225 8.300,000 25.732,000 281.413.700 291.547,000 53,181,500 86,500,000 2,610.000 144,270,566 302.622,580 179,150.280 12,126,000 322.379.500 382,339.052 148,445,680 34.408,000 117,864.595 694.388,630 456,766,607 90.995.047 105.674,200 34,789,500 321,960,575 737.548,240 3.073.282.447 1.823.004.851 655,288,500 671.085,220 96,975.225 8.300,000 600.000 26.332,000 27,055,000 308,468.700 30,500.000 322.047,000 1.325,000 54,506.500 86,500.000 3,950,000 6.560,000 10,574,100 154,844,666 567.902.960 2.390.907.811 2.710.011.386 1.500.000 91,039,248 8,300,000 1,250.000 1.250.000 14,039.730 12,928,883 50.000 75,000 3.410.500 35.898.363 1,071.083,107 1,455,462.886 55,500.000 114,483.498 12,394,000 14,039,730 41,598.638 1.899.945 1,408.000 75.000 1.450,000 13.444,500 377,879,500 496.822.550 160.839.680 34,408.000 131.904,325 735,987.268 458,666,552 92,403.047 105,749,200 36,239,500 335,405,075 117,171.000 278.837,750 136,145.600 14.855,000 165,933.132 467.175.178 618,447,210 64,163,500 141.926.800 37,007.000 261,666.466 256.293.3112.966.304.697 2.303.328,636 28,500,000 27,160,800 18,453 100 33.270.160 116,500 16,607,500 7,375,300 110.341,2601,565,804,146 90,946.000 183.433.900 14.694.900 208.117,000 462.271.650 150.840,500 14,855,000 28,079.800 194.012,932 54.457,850 521.633.028 33.270,160 651,717,370 2.616,500 66,780.000 16.607.500 158,534.300 1,198,000 38,205,000 11.020,400 272.686.866 436.325.010 2.739.653.646 0 00 SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF DECEMBER FOR FIVE YEARS. 1923 1922 1921 1920 MONTH OF DECEMBER. 1919 New Capital. Refunding. Total. New Capital. Refunding. Total. New Capital. Refunding. Total. New Capital. Refunding. Total. New Capital. Refunding. i Total. Corporate$ $ s $ $ s $ $ $ Long-term bonds and notes__ s $ 160,595.500 $ 13,425.000 174.020400 106.389.300 $ 8 11.419.000 117,808,300 222.739,400 $ 36,378,100 259.117,500 132,919,655 Short-term 10,292,945 8.300,000 143,212,600 250,000 8.550.000 33,889,400 2,520.000 7,390,600 6.300.000 41,280.000 8,820,000 3,869,700 10,815,000 14,684.700 Preferred stocks 27,675.000 2.600.000 47,887.000 30,275,000 47,887,000 5.641.500 31,560,000 17,243.500 9,656,400 22,885,000 41,216,400 23,900,000 100,000 24,000,000 4.506,900 Common stocks 55.320.975 4,506.900 1,200.000 35,772,000 56.520.975 39.499.950 7,330,000 43,102,000 39,499.950 3.933,350 3,933,350 46,986,760 Foreign 46,986,760 83.215.232 3,086,000 86.301,232 Total 272.103,475 14,875,000 286,978.475 179,969,250 27,375,400 207,344,650 254,442.450 47.293,100 301,735,550 212,088,315 Foreign Government 12,892,945 224,981,260 158,518,132 35,050,100 193,568,232 31,000,000 • 31,000,000 Farm s.oan issues 2,105,000 2,105.000 22,500.000 17.750,000 22,500.000 17,750,000 3,750,000 3.750,000 War Finance Corporation Municipal 105,948.523 1.456,200 107.404.723 64.259,518 1.889,882 66,149.400 219,053,076 1.413,585 220,466.661 Canadian 53,670.296 1.806,335 55,476,631 61,293,123 789,800 62,082.923 2,700.000 0.700,000 8,525,000 United States Po ions_ ,. 975,000 8,525,000 975,000 4,000,000 13.286,000 4,000.000 13.286,000 2,123,000 2.123,000 262,000 262.000 Grand total 381.131,998 16.331.200 397.463,198 275,264.768 29,265,282 304,530,050 513.068,526 48,706.685 561.775.211 274,545,611 14,699,280 289,244.891 246.311,255 35.839,900 282351.155 CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF DECEMBER FOR FIVE YEARS. 1923. MONTH OF DECEMBER. New Capital. -Long Term Bonds & NotesRailroads Public u.ilities Iron. steel, coal. copper, &c Equipment manufacturers Motors and accessories Other industrial & manufacturing_ Land, buildings, &c Rubbkr. Shipping Miscellaneous........ . _. $ 12,007,000 76.166,000 14.000,000 37,537,500 37.537.500 6.860.000 Total • StocksRailroads Public utiliJes • Iron, steel, coal, copper. &c • Equipment manufacturers Motors and accessories Other industrial & manufacturing. Oil Land, buildings, &c. Rubber Shipping Miscellaneous 8,300,000 $ 21,507,000 77,341,000 16.750,000 14.025.000 160.595.500 Total corporate securities s 9,500,000 1.175,000 2,750,000 . Total. 14,025,000 Total Short Term Bonds & Notes-Railroads Public utilities Iron, steel, coal, copper, &c Equipment manufacturers Motors and acceasories Other industrial & manufacturing_ Oil Land, buildings, &c Rubber Shipping Miscellaneous Total TotalRailroads Public utilities Iron, steel, coal, copper, &c Equipment manufacturers Motors and accessories Other industrial & manufacturing_ _ 011 Land. buildings, &c Rubber Shipping Miscellaneous Refunding. 6.450,000 13.425,000 250,000 1,850.000 76,787.000 1,100.000 6,860.000 174,020.500 106,389,300 6.700,000 1,750,000 $ 82,200.000 45,480,000 896.000 300,000 75,210.000 9,510.000 1.366.500 9,000.000 New Capital. Refunding. $ $ 4,500,000 .36,603,600 8,000,000 1,296,000 500,000 17,100,000 58,400,055 1.470,000 8,993.000 599,945 1919. Total. $ 4,500,000 45,596,600 8,000,000 1,296,000 500.000 17,100.000 59,000.000 1.470,000 New Capital. Refunding. $ $ 100,000 1.100,000 1,315,000 2,150,000 15,000,000 6,215.000 _ _ _.__ 2,900.000 ____ ___ 2,500,000 Total. f00,000 4,000,000 1.315.000 2.150,000 15.000,000 8,715,000 3,000,000 4.050,000 700,000 3,700,000 2,050.000 8.009,400 1,990.600 10.000.000 222,739,400 36,378,100 259,117.500 132,919.655 10.292,945 143.212,600 33,889,400 7.390.600 41,280.000 7,500,000 300,000 1,994,700 1,500.000 150.000 10,740.000 1,494.700 12,240.000 150,000 26,000,000 250,000 1.300.000 27,300,000 250.000 3,681,500 300,000 16.043,500 1,200.000 19,725.000 1,500.000 800,000 800,000 225,000 75.000 300,000 1,200,000 1,300.000 2,500.000 1,250,000 220.000 1.250.000 220,000 410,000 410,000 1,200.000 300,000 1,200,000 4.283,475 3.312.500 10,500.000 400,000 11,419,000 6.300.000 225,000 6,300,000 8,820.000 3,869.700 38,124,950 24.425.000 1.575.000 38,124.950 26,000,000 600.000 5,775,000 __ 600,000 5,775,000 1,150,000 8.081,400 6.825,000 985,660 104.407,975 71.059.950 9.656.400 8,000,000 8,730.000 1.575,000 8,081.400 27.375,400 13,685,000 13.685,000 22,805.000 11,000,000 500.000 13,857,000 286,978,475 179,969,250 9,231,400 10,815,000 14,684,700 27,675.000 5,883,350 5,883.350 2,636,460 405.000 750,000 15,750,000 4.300,000 650,000 100,000 750,000 15,750.000 4,300.000 750,000 365.000 35,108,500 9,931,500 300,000 225,000 2.600.000 30,275.000 5.641.500 17,243,500 2,636.460 405,000 4,648,000 6.2. 28.000 10,876.009 365.000 35,108.500 9,931,500 300,000 13,860,432 46,026,400 23,402,400 - .....„-„.'1,188.000 li.860,432 50.214,400 23.402,400 22,885,000 - .. -- 21,871,500 55,929,750 30,395.000 150.000 2,550,000 20.911,000 4.283,475 19,187,500 10,500,000 37,937,500 14.875,000 300,000 73,460,000 9,510,000 1.366,500 9.000,000 s 4.449.000 29,244,000 1920. Total. 35.155.000 4,283.475 19,187.500 10,500,000 37,937.500 272,103,475 $ 77,751,000 16,236,000 896,000 Refunaing. 935.100 76.787.000 2,300,000 21,507,000 160,828,000 19.050.000 400,000 589.000 29171.500 19,034,800 5,670,000 150,000 2,350,000 14.925,000 New Capital. 34.219,900 2,520.000 9.500,000 1,425.000 3.950.000 8200,000 2,430.000 Total. 117.808,300 8.550,000 1.200,000 1921. Refunding. 21,435,000 11,000.000 500,000 12,872,000 250,000 6,82.5,000 12.007,000 159.403.000 15.100,000 .21171,500 16,604,800 5,670,000 150,000 1.950,000 14.336.000 21.435.000 11.000,000 .500,000 12.872,000 1,850,000 1.283,475 3.312,500 10,500,000 400,000 103,207,975 1922. New Capital. 400,000 589,000 985,000 500,000 500,000 2,747,200 2.747,200 31,050.000 80,716,350 27,833,350 100,000 27,933,350 51,493.660 51,493.660 118.987.232 10,416.000 129,403.232 79,745,700 23.619,310 1,046,000 4.449,000 39,984,000 84.194,700 63.603,350 1,046,000 4,500.000 65.240,060 8,655,000 1,296,000 865,000 53,408.500 68,331.555 1,905,000 4,500,000 75,533,060 8.655,000 1,296.000 865,000 54,708,500 100,000 4.781,500 6.263,000 18,943.500 7,428.000 100,000 23.725,000 13.691.000 , 'I.:18166o 13,860,432 53.614,400 -0-or,(515() 3RIMASS 29,871.500 64,659,750 31,970.000 1517,000 2,950,000 21.500,000 1.050,000 89.435,000 13,810,000 2.016.500 9,000,000 1,825,000 1,050,000 91,260,000 13.810.000 2,116,500 9,000,000 10,293,000 1,300,000 13,860,432 49,426,400 "9,94"711:888 Iffg:888. 31,050,000 30.886,400 11.000,000 500.000 13,857,000 34,719,900 935,100 35,655,000 3,000,000 4.707.200 700,000 3,700,000 4,797,200 410,000 39,059,400 1.990.600 410,000 41,050.000 207,344,650 254,442.450 47.293.100 301.735.550 212_0M5 21A 19 509 OAF 995 Mil ORA 1KQ ale 190 nm nail Inn Ino mao non 100,000 TM: CHRONICLE 364 [VoL. 118.. 1„GNS DUR1NG DECEMBER 1923. :,EIETATLS.Op NEW CAPITAL FLOTAI, • LATER THAN FIVE YEARS). •. LONG-TERM EIONDS AND NOTES (ISSUES HATURING Amount. Price, Puepose of Issue. Railroads8 360.000 New equipment 1,969.000 Additions, extensions. &e 80% 1,678,000 New equipment 12,500,000 Refunding: improvements 94% 5,000,000 Improvements; add'ns & better'ts_ 94 To Yield About. Company and Issue and by Whom Offered. Estabrook & Co., N. Y. 5-5.40 Bangor & Aroostook RR. Equipment Trust 5145, 1924-33. Offered by Offered by J. A. Sisto & 6% Chicago Terre Haute & Southeastern Ry. 1st dr Ref. Mtge. 55, 1960. Co.. N. Y and Harper dr Turner. Philadelphia. & N-Y • 5.40 Mobile & Ohio RR.Co. Equipment Trust 55."M." 1925-39. Offered by Clark, Dodge CO.,Kuhn. dc Co.. -5.30 St. Paul Union Depot Co. 1st Ref. Mtge. 5a, "A." 1972. Offered by J. P. Morgan York. Loeb & Co.. First National Bank, National City Co. and Dillon, Read as Co., New fligginson & Co. 5% Virginian Ry. Co. let Mtge. 5s. "A," 1962. Offered by National City Co., Lee. and Kissed, Kinnicutt & Co. 21,507.000 Public Utilities850.000 General corporate purposes 99 750,000 Refunding; acne., exts. & impts 3,500,000 Additions: other corp. purposes_ _ _ 300,000 Additions and betterments 9714 95 98 _ 9714 88% 150,000 Refunding; retire floating debt 475,000 General Corporate purposes 15,000.000 Capital expenditures 1,718.000 Amnia t ons, extens onv, &c 233,000 Capital expenditures 320,000 Capital expenditures 1,100.000 Add'ns & impts.; other corp. purp_ 92% 98 89% 8614 91% 3,000.000 Acquire constituent companies_ _ _ _ 99% 1.183.000 Construction; additions 99 8,500,000 Acq.stk. of Wis.-Minn.Lt.&Pr.Co 97% 51)0,000 Acgtire constituent companies_ _ 9814 1.900,000 Acquire constituent companies_ _ _ _ 98 2,000,000 New construction 98% 2,500.000 Additions and extensions 9214 800.000 Corporate requirements 3,650.000 Acquisitions; improvements 87 96% 400.000 Additions and extensions 10,000,000 Refunding; accts., impts., &c 4,000,000 Improvements;extensions 97% 92 95% 712.000 New equipment 300.000 Capital expenditures 100 4.000.000 Capital expenditures 91% 1.000.000 Additions and improvements 95 1,000.0011 Construction 93% 7,500.000 Additions and extensions 95% Forbes d: Co.. 6.05 Adirondack Power & Light Corp. 1st & Ref. Mtge, 68, 1950. Offered by Harris, Coffin & Burr. Inc., and E. H. Rollins & Sons. New York. 6.20 Alabama Water Co. let & Ref. Mtge.65, 1947. Offered by Brandon, Gordon & Waddell, York. 6.30 American Gas & Electric Co. Debenture 6s,2014. Offered by Bonbright & Co., Inc.. New. 6.15 Associated Telephone Co. Mtge. & Coll. Trust 68, 1950. Offered by Mitchum, Tully & Co., Los Angeles. 6.20 Barre (Vt.) Gas Co. 1st Mtge. 68, 1943. Offered by Putnam & Storer, Inc., Boston, 5.93 Binghamton (N. Y.) Light, Heat & Power Co. 1st Ref. Mtge. 5s, 1946. Offered by Halsey. Stuart Ar Co., Inc. Stuart 5.50 Commonwealth Edison Co.(Chicago). 1st Mtge. Coll. 58, "A," 1953. Offered by Halsey, & Co., Inc. & Ross L. Wm. by Offered 1933. & "C," Coll. 1st & Light 6194. Co. Mtge. 6.80 Community Power Co., Inc., Chicago. Whitaker dr Co., St. Louis, and Liberty Central Trust Co.. St. Louis. Offered by 1942. 55, Light Mtge. & Co. Ref. Me.) Power & 1st County (Portland, Cumberland 5.90 E. H. Rollins & Sons. Co., Phila. 6.10 Jamaica (N. Y.) Water Supply Co. 1st Consol. Mtge. 58, 1946. Offered by Janney & Co., Hal6.79 Michigan Gas & Electric Co. 1st Mtge. dr Ref. 13s, "A," 1943. Offered by Hill, Joiner & sey, Stuart & Co. and H. H. Bickmore & Co. Co., E. H. 7.00+ Missouri Power & Light Co. 1st Mtge.& Ref. 75,"A," 1943. Offered by Hambleton & Rollins & Sons, Federal Securities Corp. and H. M.Byllesby & Co. 6.10•Northern New York Utilities, Inc.. 1st Lien & Ref. 68, "C.' 1943. Offered by E. H. Rollins & Sons and F. L. Carlisle & Co.. Inc. Harris. 6.20 Northern States Power Co. (Minn.) 1st Lien & Gent. Mtge. 68, "A," 1948. Offered by Forbes & Co., Guaranty Co. of N. Y. and H. M. Byllesby & Co. Converse D. A. by Offered 7.20 Northwestern Public Service Co. Convertible Debenture 78. 1933. & Co., New York, Leach & Co. 6.65 Northwestern Public Service Co. 1st Mtge. 6145, "A."1948. Offered by A. B. and A. C. Allyn & Co., inc. Lee, HiggInson Co., & Dillon, Read Ref. & by "C," 1st (is, 1953. Co. Offered Mtge. Power Ohio 6.11 & Co. and Continental & Commercial Trust & Savings Bank, Chicago. Byliesby & Co.. 6.70 Oklahoma Gas & Electric Co. 1st & Ref. Mtge. 6s. "B. 1941. Offered by H. M. Spencer Trask & Co., E. It. Rollins & Sons and Federal Securities Corp.. Chicago. 6.05 Pennsylvania Edison Co. 1st Mtge. 55. "A," 1946. Offered by Lee, Higginson & Co. Drexel & by 6.30 Philadelphia Suburban Gas & Electric Co. 1st & Cons. Mtge. Os, 1943. Offered Co., Bioren & Co. and Stroud & Co., Inc., Philadelphia. Merrill, Oldham 6.20 Portsmouth (N. H.) Power Co. 1st Mtge. Lien & Ref. 68."A," 1945. Offered by & Co., Boston. Offered by 6.05 Public Service Co. of Northern Illinois 1st Lien & Ref. Mtge. 5148, "A," 1962. Halsey, Stuart & Co.. Inc. & Co.. Morgan P. J. by 1948. Offered "C," Mtge. 534s, & Gent. Electric Corp. 5.85 Rochester Gas First Nat'l Bank, Harris, Forbes & Co., Guaranty Co. of N. Y. and Bankers Trust Co. First Nat. Co., & Stephens by 65. Offered 1925-34. Equip. Trust "A," Ry. Electric Diego San .50-6 Commercial Bank of San Diego, First Trust & Says. Bank, of San Diego, Southern Trust & Bank,San Diego, Peirce, Fair & Co.,and Hunter. Dulin & Co. Corp. Investment Valley Mohawk 7s, by 1938. Offered 1st Mtge, Corp. Power River 7.00 Saranac and Citizens Trust Co.. Utica, N. Y. Blodget & Co.. Co., & Drexel Offered by Mtge, 1943. 55, Ref. & 1st Public Utilities Co. Southern 5.75 Stone lir Webster and Estabrook & Co. Bonbright & 6% United Light & Railways Co. 1st Lien & Consol. Mtge. Os, "A," 1952. Offered by Co., Inc. Redo' Drake, by Offered 1947. "A," 6.55 Western States Gas & Electric Co. (Cal.) let de Unit. 68, & Thomas, Los Angeles. Trust Union Co., & Stuart Halsey, Offered by 1953. "F," 5348, 5.85 West Penn Power Co. 1st Mtge. Co., Pittsburgh, and W. A. Harriman & Co., New York, 77,341.000 Iron.Steel, Coal, Copper, &c. 500.000 General corporate purposes 1,500.000 Acq. of property, equip., &c._ _ 91 1005 2.000.000 Fund Big.debt; working capital_ _ 10,000.000 Acq.stk. of Leh.& Wilkesb. Coal_ 2,750,000 Refunding 99 Elavings Bank, 7.00 Central Iron & Coal Co. 1st mtge. Os, 1938. Offered by Canal-Commercial Trust & New Orleans, and Citizens & Southern Co., Atlanta, Ga, stockholders. to company by 1934. Offered 75, Convertible Fields Gold Consolidated Hammon 7.00 underwritten by U.S. Smelting. Refining & Mining Co. E. Hutton 5.75-6.50 Houston Collieries Co. Coll. Trust 68, 1924-33. Offered by First National Bank and W. Cincinnati. & drWilkesbarre Corp. Coll. Trust 5148. 1925-34. Offered by White, Weld & Co., Bankers 5.25-5.50 LehighCo., Trust Co.. Clark, Dodge & Co. and Union Trust Co., Pittsburgh, 6.10 Superior Steel Corp. 1st Mtge, 65, 1938. Offered by Union Trust Co., Pittsburgh. 16,750.000 Other Industrial & Mfg 600.000 Improvements & extension 750,000 Acq. interest In associated cos_ 1.800,000 Additional capital 9834 ___ 100 600,000 Capital expenditures; wkg..capital_ 100 4,000,000 Acq. cap. stk. Pelzer Mfg. Co _ _ 6.000,000 Retire curr. debt: wkg. capital. _ 275,000 Recapitalization of company 97 9634 100 & 7.20 Central Paper Co. (Muskegon, Mich.) 1st & Gen. Mtge. 75. 1933. Offered by Howe, Snow Bellies, Inc., and Lacey Securities Corp. HOughtel6145, 1924-31. by Offered Debenture Peabody, Secured Ltd. Ind.) (Elkhart, 6 Y,-6.4 C.G.Conn, ing & Co. 6.00 Illinois Publishing & Printing Co. Secured 6s, 1924-32. Offered by First Trust & Savings Bank. Chicago. 7.00 Langley Mills (of South Carolina) 1st Closed Mtge, 78, 1943. Offered by Mercantile Trust & Deposit Co. and Baker. Watts & Co.. Baltimore, and Wm. E. Bush & Co., Atlanta. 7.40 New England Southern Mills 78 1933. Offered by Lee, Higginson & Co. 7.40 Warner Sugar Corp. 1st & Ref. Mtge. 7s, "A", 1939. Offered by Blair at CO.. Nevi.Yotk. 7.00 weis mfg. Co. (Monroe. Mich.) 1st Mtge. Serial 78. 1924-33. Offered by Benjamin, Dansard & Co., Detroit. 14,025.000 Land, Buildings, &c. 250,000 Finance construction office bldg. _ _ 5,000,000 Finance construction of bulk:Ins tog Ng 300,000 Additional bldg.; other corp. purp_ 100 150.000 Finance construction of building. _ 100 540,000 Finance construction of hotel 210,000 Finance lease of building 100 1,350,000 Finance construction of building _ 100 90,000 Finance construction of building- 100 100 .560,000 Real estate mortgage 725.000 Finance construction of building_ _ 100 800,000 Finance construction of building_ _ 100 750.000 275,000 250,000 1,500.000 3,000,000 Finance construction of building... Finance sale of propertiesFinance construction of houses.. _ _ _ Real estate mortgage Real estate mortgage 100 100 100 100 100 152,500 Finance construetion of apartment 100 475,000 Finance construction of apartment 100 725.000 Finance construction of apartment 100 700,000 Acqs. finance constr. of bldg.__ _ 100 3.500,000 Finance construction of hotel 100 450,000 Real estate'mortgage 450.000 Real estate mortgage' 100 100 250.000 Finance construction of holeL,„_ 100. 12.000.000 Finance construction of butIdiug.. 100 6.50 Actico Bldg. Co. 1st Mtge. 6348, 1925-40. Offered by Shingle, Brown & Co., and Wm. Cavalier & Co., San Francisco. 6.50 American Furniture Mart Bldg. Corp.(Chicago) 1st Mtge, 1314s, 1943. Offered by Otis & Co.. Hemphill, Noyes & Co., Hoagland, Allum dc Co., Chicago; Guardian Savings & Trust Co.. Cleveland, and Pearsons, Taft Co., Chicago. 6.50 The Ancaster Co. (Cleveland) 1st Mtge. 6148, 1926-33. Offered by State Banking dr Trust Co.. and. Hotel of Cocoa. Fla., 1st Mtge.8s, 1925-38. Offered by G.L. Miller Bond & Mtge. Co.. a 8.00 BrevC Miami, Fla. 7.00 Cape Fear Hotel (Wilmington, N. C.) 1st Mtge. R. E. 6s, 1927-38. Offered by G. L. Miller & ColumbiaAtlanta. Co. Hotel Co. (Astoria, Ore.) 1st Mtge, 7s, 1925-35. Offered by Ladd & Tilton Bank, 7.00 Portland. Oregon, 0.50 875 West End Ave. Apt.(N. Y.) 1st Mtge,6191, 1926-35. Offered by S. W.Straus & Co. 6.50 The Euclid Twenty-Ninth Co. (Cleveland), 1st Mtge. Leasehold 6148, 1927-33. Offered by State Banking & Trust Co. Cleveland. Mtge. 614s, 1925-33. Offered by Straus Bros. Co., Detroit. 6.50 Fairbairn Hotel (Detroit) 1st' 6.50 15 Park Ave. Apt. Bldg.(N. Y.) let Mtge. 6348. 1924-38. Offered by S. W. Straus & Co. 7.00 Fifth and Hill Bldg. Co.(Pershing Square Bldg.), Los Angeles, 1st is, 1935. Offered by Hunter, Dub n & Co. 6.50 473 West End Ave.(N. Y.) 1st Mtge.6145, 1926-35. Offered by S. W.Straus & Co. 7.00 The). L. Free Co.(Cleveland) 1st (Fee) Mtge. is. 1929. Offered by George W.Stone Co.. Cleve. 7.00 Fresno Homes, Inc.. 1st Mtge. 7s, 1925-37. Offered by Council, Moiler & Co., Inc., San Fran. 6.50 Garland Building (Chicago) 1st Mtge.6%8.1926-38. Offered by Peabody,Houghteling & Co.,Ch, 6.50 Hill Street Fireproof Bldg. Co.(Los Angeles) 1st Mtge.61is, 1926-44. Offered by Security Co.. Los Angeles. 7.00 Laurel Heights Apt. (Knoxville, Tenn.) 1st Mtge. is, 1925-35. Offered by Caldwell dr Co.". New Orleans. 6.50 Lincolnshire Apt. Bldg.(Boston) 181 Mtge.614s, 1925-38. Offered by S. W.Straus & Co. 6.50 9-15 Park Ave.(N. Y.) 1st Mtge, 614s, 1926-38. Offered by S. W. Straus & Co. 6.50 Republic Investment Co. (Milwaukee) 1st Mtge. 1314s, 1925-33. Offered by Hackett, Hoff & Thiermann, Inc., Milwaukee. 7.00 The Roosevelt Hotel (N. Y. City) 1st Mtge. Leasehold 78, 1943. Offered by Otis & Co., Howe. Snow & Berties, Inc., and Kelley, Drayton & Co. 7.00 7100 Euclid Co.(Cleveland) 1st Mtge. 75, 1925-38. Offered by Milliken & York Co., Cleveland. 9.50(Thbs. G.) Sloan Co. 1st Leasehold Mtge, 614s. 1925-37. Offered by Worthington, Bellows & Co., Cleveland. 7.00 Stratford Arms Hotel Co. (Detroit) 1st Mtge. is, 1925-37. Offered by Howe, Snow & liertles. Inc., and Livingston, Iftgbie & Co.. Detroit. 6,50 The Straus Bldg.(Chicago) let Mtge. R. E. 614s, 1928-50. Offered by S. W. Straus & Co. .4niount. 365 THE CHRONICLE JAN. 26 1924.] Purpose of Issue. Price. Land, Buildings, &c.-((Con.) 1,500,000 Improvements to property 500,000 Finance lease of property To Yield About. 6.50 B. E.Taylor (Detroit) lot Mtge. R.E.616s, 1925-33. Offered by Watling, Lerchen & Co., Detroit. 7.00 Telegraph Ave. Corp. (Oakland, Calif.) 1st Mtge. 7s, 1926-39. Offered by Bradford, Kimball & Co. and Wm.Cavalier & Co., San Francisco. 6.50 381 Park Ave. Apt. Bldg. (N. Y.) 1st Mtge. 634s, 1926-36. Offered by Commonwealth Bond Corp., New York. 6.50 Toledo Medical Bldg.(Toledo,0.) let Mtge. Ois, 1927-39. Offered by Guaranty Bond & Mortgage Co., Toledo, Ohio. 6.50 Washington-Lafayette Apts. let Mtge. 614s, 1926-38. Offered by Mercantile Securities Co.., San Francisco. 100 100 360,000 Finance construction of apartment 100 325,000 Finance construction of building_ _ Company and Issue and by Whom Offered. 100 400,000 Finance construction of apartment 100 37,537,500 Miscellaneous225.000 Development of properties 500,000 Additional capital 100 100 200,000 Additional capital 800,000 Development of business 100 99 300,000 Retire bank loans; additions 100 850,000 Development of properties 94 7.00 Bogue Farms (Calif.) let Mtge. 78, 1926-36. Offered by Wm. R. Stoats Co.. Los Angeles. 6.50 Camp mfg. Co. let Mtge. 610. 1925-34. Offered by Trust Co. of Norfolk, Seaboard National Co., Norfolk, Va., and Farmers Bank of Nansemond, Suffolk. Va. 8.00 Clear Creek Cattle Co. lot Mtge. 88, 1926-35. Offered by California Co., Los Angeles. 7.12 Clear Lake Lumber Co. 1st Mtge. 78. 1934. Offered by Peirce, Fair & Co., Drumheller, Ehrlichman dc Co., National City Bank, Seattle, and Lacey Securities Corp., Chicago. 6.50 Columbia Quarry Co.(St. Louis) let (Closed) Mtge.610, 1926-33. Offered by Burkholder Bond Co.. Little & Hayes Investment Co., St. Louis. 7.10 Iron City Sand & Gravel Co. (Pittsburgh) 1st (Closed) Mtge. 60, 1930 Offered by Towns( nd, Scott & Son and Stein Bros. & Boyce, Baltimore. 6.00 Rocky Ford Ditch Co. lot Mtge. 6s, 1925-36. Offered by Boettcher. Porter & Co., Denver. Sun Maid Raisin Growers Assn. (Del.) 1st Mtge. 75, 1925-35. Offered by First Securities Co.. 7.55-7.12 Los Angeles, and Anglo London Paris National Bank, San Francisco. Wilbur Lumber Co. (West Allis, Wis.) 1st Mtge. 6s, 1924-35. Offered by Minton, Lampert 6.50 & Co., Chicago; Morris F. Fox & Co. and Marshall & Ilsley Bank, Milwaukee. 6.50 Wisconsin Alabama Lumber Co. let Mtge. 6;68, 1925-34. Offered by Continental & Commercial Trust & Savings Bank and Baker,Fentriss & Co. 60,000 Corporate requirements 100 2,500,000 Working capital; other corporate purposes 99 425,000 Enable management to increase 100 interest in company 100 1,000,000 Additional capital 6,860,000 SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS). Amount. 1,000.000 Purpose of Issue. Price. Public Utilitiesefunding; other corporate purpose 3,500,000 General corporate purposes 2,200,000 General corporate purposes To Yield About. 97.84 99!Z 100 Company and Issue, and by Whom Offered. 6.80 City Light & Water Co. (Amarillo, Tex.) let Mtge. 3-year 6s, Dec. 1 1926. Offered by Brooke. Stokes dr Co., Philadelphia. 6.40 Philadelphia Rapid Transit Co. 2-Year Secured 6s, Dec. 1 1925. Offered by Dillon, Read & Co. 6.00 Washington Water Power Co.68, Feb.2 1926. Offered by White, Weld & Co., Spokane & Eastern Trust Co., Union Trust Co. of Spokane and Ferris & Hardgrove, Spokane. 6.700,000 Other Industrial & Mfg. 350,000 Additional capital 1,500,000 Fund curr. debt: wkg. cap. 100 8.00 Ontario Biscuit Co. (Buffalo, N. Y.) 5-Year 8s, 1928. Offered by A. L. Chambers & Co., Inc.. Fleming, Monroe & Moll and Schoellkopf, Hutton & Pomeroy. Inc. Placed privately Standard Milling Co. 3-Year 65, Jan. 1 1927. Placed privately by Goldman, Sachs & Co. 1,850.000 STOCKS. Par or No. of Shares. *400,000 shares Purpose of Issue. (a) Amount Price To Yield Involved. per Share. About. Public UtilitiesAeq.public utility cos. in Cuba and 38,400,000 Central and South America 96c 30,000,000 50 •600,000shs Additions, extensions, &c 467,500 93% *5,000shs Acquisitions, construction 710,500 1011i *7,000shs Acquisitions, other corp. purposes_ •13,000slis Additions and betterments 3,000,000 Extensions and additions 3,000,000 Capital expenditures 1,209,000 93 3,000,000 100 3,000,000 100(par) Company and Issue, and by Whom Offered. 7.28 American & Foreign Power Co., Inc., Pref. stock Cumulative,$7 per share. Offered by Dillon, Read & Co., National City Co. and White, Weld & Co. N.Y. stockholders. ' Consolidated Gas Co. of N. Y. capital stock. Offered by company to 7.50 East Penn Electric Co. let Pref. stock Cum.$7 per share. Offered by J. G.White & Co. 7.85 General Gas & Electric Corp. Pref. stock, Class"A" Cum.,$8 per share. offered by Pynchon & Co. and West & Co. 7.52 Metropolitan Edison Co. Participating Pref. Cumulative $7 per share. offered by ohn Nickerson & Co. and Parsley Bros. & Co. Pynchon & Co., West & Co.,ig Cum. Pref. Offered by company. 7.00 Public Service Corp. of N. J. Southern New England Telephone Co. capital stock. Offered by company to stockh're _ 76,787,000 Iron, Steel. Coal. Copper, lko. •40,000she Refunding 1,100,000 Liquidate curr. debt; work. capital Superior Steel Corp. Common. Sold to syndicate of persons connected with managem't 7.00 Youngstown Steel Co. Convertible 7% Cum.Pref. Offered by Realty Guaranty & Trust Co., Youngstown, 0., and United Security Co., Cleveland. 1,200,000 30 1,100,000 100 2,300,000 Motors and Accessories3,426,780 Working capital Other Industrial & Mfg. 1,250,00 Acquire constituent companies__ _ _ 1,562,500 Working capital 500,000 Additions and Improvements 4,283,475 12 Hupp Motor Car Co. Common. Offered by company to stockholders: underwritten by Ladenburg, Thalmann & Co. and A. G. Becker & Co. 1,250,000 99 7.07 American Schaeffer & Budenberg Corp. 7% Cum, Partic. Pref. Offered by Manufacturers Trust Co., New York. Daniel Boone Woolen Mills, Inc., capital stock. Offered by company to stockholders. Hill Mfg. Co.(Lewiston, Me.) capital stock. Offered by company to stockholders. 1,562,500 25 (par) 500,000 100 (par) 3,312,500 (M•525,000sh. AN.stk. of Pan-Am.Petr. of Calif. 10,500,000 400,000 Miscellaneous500,000 (See footnote d) 500,000 100 55,000 she. Additional capital 000,000 Development of business .0,000 shs. Development of business 100,000 nettle bank loans; enlargements •125,000sh. Acquire constituent companies_ _ 250,000 Enlargements to factory •12,500 eh. Enlargements to factory •250,000sh. Acquisitions; corporate purposes Pan-American Western Petroleum Co. capital stock. Offered to holders of Common stock and Class "B" Common stock of Pan-American Petroleum & Transport Co. 20 Land, Buildings, &c. 400,000 New construction 50 (par) 6.00 St. Joseph Valley Temple Assn.6% Real Estate Pref. stock. Offered by Meyer-Kiser Bank, Indianapolis. 7.00 Alms & Doepke Co. (Cincinnati) 7% Cumul. Pref. Offered by R. E. Field & Co., Fourth & Central Trust Co., Ashbrook Bros., Hunter, Budde & Duble, A. E. Aub & Co., E. U. Irwin & Co., Bohmer, Reinhardt & Co., Lincoln National Bank, Braun, Bosworth & Co., Otis & Co., Bruner & Reiter Co., Pearl-Market Bank, Brighton Bank & Trust Co., Wm. R. Compton Co., Roberts & Hall, Dominick & Deminek, Second National Bank, W. E. Fox & Co., The Tillotson & Wolcott Co., Edgar Friedlander, The Well, Roth & Irving Co., Gran, Todd & Co. and Westhelmer & Co., all of Cincinnati. 100,000 20 The Early & Daniel Co. Common. Offered by company to stockholders: underwritten by Weethelmer & Co., Cincinnati. IGillette-Rosenger Date Gardens, Inc., 7% Cum. Pref. Offered by R.P. Boyer 500,000 11 eh. Pref.; For & Co., Los Angeles. 11 sh. com.1 $100 Gillette-Rosenberger Date Gardens, Inc., Common. Offered by R. P. Boyer & Co., Los Angeles. 100,000 100 8.00 Hamlet Ice Co.(Hamlet, No. Caro.) 8'7 Cum. Pref. Offered by Raleigh (No. Caro.) Banking & Trust Co. and Bank of Hamlet, Hamlet, No, Caro. 4,125,000 33 National Dairy Products Corp. (Del.) capital stock. Offered by Goldman, Sachs & Co., Lehman Bros. and Tobey & Kirk. 250,000 12 she. Pref., For (Peerless Food Products Co.8% Cum, Pref. Offered by S. H. Stout dr Co., Balt, f 1 all. com.J $20 (Peerless Food Products Co. Common. Offered by W. H. Stout & Co., Bait. 1,250,000 5 - Yellow Taxi Corp.(N. Y. City) capital stock. Offered by company to stockholders. 6,825,000 FARM LOAN ISSUES. Amount. Issue: Price. 105,000 Burlington (Iowa) Joint Stock Land Bank 102 Is, 1933-53 1,000,000 Missouri Joint Stock Land Bank Is, 1933-53_ 1001i 1,000.000 Pennsylvania-Maryland Joint Stock Land Bank of Harrisburg. Pa., 55, 1933-43_ _ _ _ 101.1i To Yield About. Offered by 4.75 Halsey,Stuart & Co., Inc., Harris Trust & Savings Bank and Wm.R. Compton Co. 4.96 A.M. Lampert & Co.,Int!.. Kelley, DraytOn & Co.and Wm.L.Rosa & Co., Inc.,Chicago. 4.80 Battles& Co.,Phila.; J. H.Holmes & Co.,Pittsburgh,and Warren A.Tyson & Co.. Phila. 105.000 * Shares of no par value. a Preferred stocks are taken at par, while in the case of Common stocks, the amount is based on the offering price. b With a bonus of 100 shares of stock accompanying each $1,000 note. c With a bonus of one share of Common stock with each share of Preferred. sources, and while the_proceeds do not go to the_treasury_of the issuing company, the Public Offering nevertheless constitutes d This stock was acquired from private a demand on the Investment market. 366 THE CHRONICLE [Von. 118. CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1923. Continuing the practice begun by us nineteen years ago, we furnish below a record of the highest and lowest prices for each month of 1923 for all the leading stocks and bonds dealt in on the Chicago Stock Exchange. In the compilation of the figures, which are based entirely on sale transactions, we have used the reports of the dealings as given in the Chicago Stock Exchange official list each day, and in pur range we make no distinction between sales in small lots and sales in large lots. For record of previous years see "Chronicle" of Jan. 27 1923, page 349; Jan. 28 1922, page 353; Jan. 29 1921, page 415; Jan. 311920., page 409; Feb. 1 1919, page 416; Jan. 26 1918, page 333; Feb. 3 1917,:page 399; Jan. 29 1916, page 380; Jan. 30 1915, page 349; Jan. 31 1914,'page 347; Jan. 25 1913, page 244; Jan. 27 1912, page 256; Jan. 28 1911, page 234; Jan. 29 1910, page 276; Feb. 6 1909, page 348; Jan. 25 1908, page 205; Jan. 19 1907, page 138; Jan. 20 1906, page 135, and Jan. 211905, page 198. BONDS 1939 Armour & Co 4543 1930 Debenture Is Seaverb'd 1st ref 20-yr 7%31942 Armour &CootDel,20-yr5%3'43 Chicago City Railway 53_1927 Ghinago City &Con Rya 53 1927 1924 Chicago El Rys Deb 6s 1927 Chicago Railways 53 1927 53, Series "A" 1927 43, Series "B" 1927 48, Series "C" 1927 Adjust income 43 Purchase Money 5. _- __ Chicago Telephone 53-1923 1943 Commonly Edison 53 1943 First mortgage 62 January February May March June July April August September October November December Low High Low High Low High Low High Low High Low High ; Low High Low High Low High Low High Low Ifigh Low High 8873 96 105 105 jog 1-ii--------------------_ --------------------100 100 ____ ___ 96 96 8/ 14 96 89% 9034 9013 904 8914 8914 8514 77 -78 7638 81 80 834 81 8112 8012 81 7734 804 7712 47 48 4784 5612 54 6514 5833 61 5412 58 56 5912 534 ------------------------------------------------8 77 78 77 8 8112 8112 8012 8012 79 E) 7713 60 63 59 66 6512 70 68 68 654 67 67 68 65 44 4438 44 50 .50 56 52 54% 5012 52 49 51 48 -8-54 7712 5512 8 7812 55 4834 iii, 8812 -ii girt, 19-13 9914 8912 ____ _ _ 7614 78 ____ ___ 7334 78 75 -76- 73 52 55 52 -5512 51 55 51 5312 48 _ 7612 -7712 73 -77i4 7334 7814 75 VA 7213 6112 62 5784 5734 58 60 53 5712 58 48 4912 454 4914 44 50 45 45 41 887.3 74 5212 -ii 59 43 ----41 ---- -- 52 52 gi -if ----------------53 53 ---------------------------- ---- ---_ . - • If 9978 9978 997 997 9978 -9978 - .. 97 99 9714 Iiii 9712 iiiii oLis i90I4 9534 10514 97 98 •98 II 971-8 -Iii iiiiz I733 iiLit iiii2 953k 957 i./is 10411Q41 1031*1042* ve ----------------------------------------102t Cudahy Pack 1st Mg 53_1946 -----------------------86 Metrop W Side Elev 1st 481938 ____ ____ 65% 66 ----------------61 63 864 8612 ---------------- 86 . 62 52 62 63 82 63 63 81 go iii62 ___ _____ ___ - - - - - 9414 g41 Lon Gu&Acc Bld s f gold 681962 -------------------------------------------------------- 9711 -6/11.3 9i02 -981-2 -_-_-__ ____ ____ ____ --.- - -- Northwestern Elevated 53_1941 --------76 - -- -7-i --------------------------------------------------------_ 7514 Iisi ____ _.::: -O91.2 -ills Refunding gold 53 -93 93 1956 og -90- --------874 Pub Serv Co 1st ref g ss -i -i7.14 gi -gif so ss iii3 Iiii --------85 Ii Ili -iii4._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ 924 924 _ __ _ _ _ __ _ ____ _ _ __ ____ Mutual Fuel Gas 1st 52...._1947 ___ South Side Elevated 4543_1924 90 -9-0 8812 -9-2-4 igi2 -12-12 92 -9-212 9212 9212 92 -9-1 62 12- 92F2 -9-2-12 Hi-3 -ii14 --------91 if 9914 12-14 ___ 9314 9414 958 96 9612 9678 96 9612 96 9612 9573 964 1944 96 973 9513 964 ____ __. _ 9212 9234 93 944 ------Swift & Co 1st a f g 53 STOCKS American Public Service pf_100 25 American Radiator 100 Preferred 100 American Shipbullding 100 Preferred Amer Steel Fdries, com.33 1-3 American Tel 83 Tel Co_ __ _100 Armour & Co (Del) pref.....100 100 Armour & Co pref 15 Armour Leather 100 Preferred 86 9112 87 89 86 8834 824 8712 8414 8533 8334 88 8512 88 8512 88% 8634 8772 85 874 ----------------------------------------8084 _ 8084 8114 82 12213 12218 125 125 120412034 --------------------------------------------- -----125 1-ii 70 7013 65 69 62 6512 59 6512 2 6912 63 65 65 67 66 76 65 6673 63 66 75 75 ----------------80 83 8212 824 86 864 86 86 34% 35 38 3838 3712 4072 " 113- iiii2 1-114 N241224 1211:12233 1203312433 120 12214 12112 12412 12412 12434 12314 123% 123%12438 12614 12614 --------123 937 9 9933 987 100 90 9938 914 95 9072 8484 92 8434 8812 86 90 88 9134 79 95 9013 9212 92 9434 93 9634 84 94 80 88 80 86 7912 844 71 824 72 79 7312 8012 7712 8534 747 80% 778 79 7812 847 97 97 97 814 712 8 712 8 8 8% 8 712 712 712 712 7% 712 7 • 714 7 9 973 10 714 87 87 87 87 87 8713 84 8612 8212 85 824 864 81 824 8012 8012 80 8012 79 80 78 79 75 , 78 564 5012 53 5133 5233 Preferred_ ____ _ _ 89 92 90 90 • Bassick-Alemlte Corp 27% 2818 274 3938 3514 3834 29 3733 3012 3684 31 3412 2933 34 3112 3512 3013 -42- 3214 3714 317 3634 4 • 4 3 4 44 412 433 433 378 4 4 4 Beaver Board 3 3 ---. ---- 24 3 2 2 114 '1% 1 114 1712 25 22 22 17 22 ---------------- 10 10 1614 17 1st pref certificates 15 17 15 16 15 16 1014 15 13 16 Beaverboard •t c "B" * -5-13 ii2 -f: Booth Fisheries, new 5% 6 * --------41 6 638 --------5 --------5 112 Preferred 3612 -------- --------23 25 ----------------29 30 ---------------- -------- 30 35 3233 3233 100 31 Borg & Beck • 25 27 26 27727 3212 2812 32 2212 30 244 32 24 28 25 3012 27 30 25 3678 2612 28 27 29 ----------------- ---- ----1413 1512 137 164 14 16 13 1414 12 1314 10 1234 10 1013 10 1118 10 • 11 Bridgeport Machine Co 105 105 --------106 106 Bucyrus Co pref 100 10 • 10 9 10 912 10 Bunte Bros 10 8 8 10 10 --------833 --8110 10 - 10 11 4 --gig --i- --833 - -93-4 Preferred 100 -213 Case (J I) • 284 314 34 434 3i2 ih a 212 212 1 i is is is Ist preferred 214 1001 2d preferred 34 312 3 100 3 --------2 i 5 --_- ---- RI -312 312 312 ---- ---- 3 is 12 Is 12 ii4 14 Central III Pub Service pref • _ _ _. _ _ _ - - - ---- -- ._ - --- -- - 85% 86 86 86 844 86 Preferred 100 g0 -ii iii2 -iii ii lio" kik, -ifi iii as 8g 17- 8i1'2 17 . ii iii ii 14 8212 85 86 864 _ _ ____ 100 Chicago City Ry • ----------------0514 78 1 Chic C & C Ry pt 36 com 1 78 i4 I - - -- .--112 i2 12 2.8 -2-8 ----------------33 12 i4 ' le 14 14 512 7 514 6 Preferred • 533 612 5 412 584 7 9 918 8 10 5 '14 41s 6 34 4 312 ' 6 Chicago Elev Ry com 90 94 91 97 7912 80 834 8314 120 120 120 120 6912 74 70 72 i 1 100 Preferred Chicago Mill & Lum Co pref. i Chic Motor Coach Corp Preferred Chicago Nipple Mfg Cl "A".50 Class Chicago Pneumatic Tool.i00 Chicago Rye part ctf series I__ Part ctf series 2 Part ctf series 3 Part ctf series 4-------Chicago Title & Trust loo i -iii --ii4 -8-8-4 5 "i g i 1 3% 8 -414 __ ____ ____ ____ ____ ____ 10184 102 --------101 ------------------------ --------138 119 85 88 88 . . ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ 814 "814 2 112 is y 1 f 38 - 14 4 102 1397356 iii 90 87 90 ____ ____ ____ -3, , - -8- 34 -4 is li 14 84 818 y -i, ---3; —‘ -34 - —i. —14 iii 116 iio iii iii ill ilia iii 18 103 87 90 88 1)0 8814 99 89 91 8614 9014 __ _. ____ ____ ____ 4012 4138 4114 4434 40 4313 2033 251: -87 87 10 -11 16% 17 1.'7 I413 ii 21:1 15 15 ---------------- 10 16 io 16 15 11 foi If io "II 2 2 -------- 234 312 218 232 112 113 114 112 72 112 1 1 1 138 112 2 13 1 34 1 ---- ---13 4 ------------------------------------------84 ---------------, , 1 14 14 14 14 14 -----------------------------------------------------------14 4 30 300 300 305 no ao gig --------250 ---- ---- 305 illi iii ill --------287 30 15 151* Preferred --- ...., „, „- - _ -- - - ---- - - -- - - - --- - --- - - -- --- - -- -- -.- - _-_- - ire 1-31- 12924 1-3f 128 1-31- 127412812 12634 12812 12634 129 127 1-28 126 12j84 126- 118 - 18633128 1263 12814 Conunonwealth--Ed1800-- —199 " 1 53 112 6 Rights 433 114 5l2 614 512 W "012 o 613 63 -6 Consumers Co common_ __ _100 2 42-4 14 48 -62 434 44 412 38 334 334 412 100 634 68 60 70 64 66 65 6512 61 6512 62 64 62 63 5833 5912 59 63 61 67 Preferred 62 64 62 63 10 1018 12 912 1035 912 104 94 1114 912 934 633 978 634 913 714 7% 61. 7% 513 634 6% 7 Continental Motors 614 733 11214 11414 11334 115 112 113 10912 11212 1091:112': 10814 110 107 10913 107 10914 107 108 10733109 108411012 109 Crane Co pref 11012 50 55 504 55 50 52 50 51 Cudahy Packing Co com___100 62 6434 6112 63 6112 6272 60 62 54 59 40 55 48 594 584 62 Daniel Boone Wool Mills-- 25 3112 6212 3912 504 4012 49 40 4313 1912 42 2012 2814 21% 2713 24 31 27 3184 2934 3584 2014 3712 3038 3433 31 333 Rights3 3 _..._ _ 15 15 ig -II go -2-0- 29 20 20 -2-012 ____ Decker (Alf) & Cohn, Inc__ • 15 15 193 16 18 100 70 70 75 79 80 80 85 90 90 92 89 90 --------------------------------------80 87 Preferred -pref----100 724 7414 72 74 71 73 70 73 6913 7112 4814 70 60 • 64 Deere & Co 6212 4 _ _ 63 6134 634 61. _ _ l _ iii-_ ootz _ Derby 011 Refining Prof "A"*-------------------------- --------40 42 38 3912 118 11012 114 11012 11112 1.09i4 111112 iio inn* iio 1162 iii fill; Hi- Ili— iii 1-20 10 11 1i 1 Diamond Match • 4 1 34 112 34 1 58 78 24 1'8 12 12 14 Earl Motors Co Is Is 12 14 12 18 14 — _ - - - — ---- ---Preferred --------------------------------------------------6 1 1-2 4 12 12 12 33 32 ____ ____ -2 Voting trust certificates.__• 1.2 12 1.4 14 - --- - -- - 12 12 ----------------24 ----------------30% 24% 273 24 27 2312 -25 _ E422011 Axle & String Co g1 -ii. 2°14 'id 22 13 ____ ____ . __ 2512 3312 3434 285 31 30 40 33 3514 33 3412 33 34 33 3712 ___ ___ , 12 24 9'14 26 2 Eddy Paper Corp (The)---- • 2212 39 100 100 106 102131051* 104 10512 103 1043 10212 1034 102 10314 1014103% 10114 1018 10112 102 10112 103 10112 102 101410212 Fair Corp (The) pref •25782818 2033 2712 1612 2312 163 2112 1814 2014 1612 20 Gill Manufacturing Co 1632 19 17 197 1712 1912 • 15 25 16 24 12 17 2012 25 21 2614 1712 19 11 13 Godchaux Sugar com 712 12 812 1012 8 10 8 10 4 8 100 25 2512 244 29 26 33 313 354 28 32 25 31 25 28 26 28 274 2973 2512 28 2612 1934 27 28 Gossard (H W)prof 100 83 88 89 8334 92 8134 9412 82 88 7 2 88 75 8812 76 821 83 79 84 78 81 Great Lakes D & D 84 79 81 80 30 31 -----------------------31 31 Hanunermill Paper. com__10 ---------------- ---- -- 25 30 --------30 3012 29 304 _ , 102 ----------------------------------------101 Preferred ----------------------------102 . 102 101121017a 101 10184 ---- --90 81 88 8412 86 --------8133 If% 85 85 ____ 100 84 954 0012 94% 90 92 8 Hartman Corporaton ... __ __ ___ — 103 107 105 106 105'z107 106 109 109 111 II1 115 119 11312 117 118 fia 118 1-20 - 118- ifs Hart,Schaffner &Marx com100 Kt 106 100 99%118 116 116 . _ — -- ----- -_ Preferred • 37 43 37 414 It 1613 iii. 114 id 163 alit ii iii4 aail 3814 8514' -fi : ....f_. 1 334 3412 351: -181s 374 -41 Haves Wheel Co • N par i 216 a iii4 J N. 26 19241 THE CHRONICLE 367 CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1923—Concluded. . STOCKS January February March July Apra June 41401ta September Oceober Noternber December May Low HUM Low High Low High Low High Low Mob Low High Low High Low High Low High Low High Low High Lout High Hibbard, Spencer, Bartlett 25 6412 66 64 6438 6412 65 65 66 65 66 65 66 65 651: 65 6512 6412 65 65 65 65 6512 6512 66 1 4 434 6/ 1 4 434 438 4/ 1 4 -------- 5 4/ 1 4 4/ 1 4 4/ Holland-American Sugar _ _ _ 10 438 4/ 1 4 5 878 534 6 5 5 5 5 -5 - __ 10 211 / 4 26 21 27 24 2912 2534 2814 21 25 18 2214 16/ Hupp Motor 1 4 1514 18 1 4 1712 20/ 1 4 2034 1814 20/ 1612 2414 15/ 1 4 2314 Rights ... - - --,- _--- -.„. _-,- 11 ... 2._ _ / 4 2/ 1 4 • Hurley Machine Co 1 4 44 -5034 45 -49 47 -50 47 -5514 5112 5412 4312 45 4112 43/ • 1874 2213 2012 24114 20 2912 2012 3212 1934 2334 19 2312 1818 2278 19 2212 1512 21 Hydrox Corp coca 1 4 1814 1974 16 20 1612 19/ 100 Preferred - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ -Rights _ _ _ _ -- -ii4 1 iii ii liffsi ek 11 ii -si &I "if ii Vil, fa -if iii2 -7117 ii "i6- -ii- -iii ii- "nil. -Fr- Ici- s112 Illinois Brick 8313 Illinois Northern Utilities, pref --------8612 87 84 8634 84 8634 84 86 83 88 8412 86 8234 85 85 87 --------84 8434 8414 8432 Indep Pneumatic Tool Co_ • _ _ _ _ _ _ _ _ _ _ _ _ 80 _ _ _ 1 4 821: _ _ _ _ _ 1 801: 82 80/ Inland Steel .- -iiit 17-4 i-5 `ii 15 - -i5i4 -5-012 45 if12 66 -ii a:I 1512 55 -3I 55 "3112 5514 Ii12 3312 3712 35 3912 341 / 4 3914 International Lamp Corp _25 ------------ ------------28 32 934 131 / 4 9/ 1 4 12 1 4 914 1114 6/ 9 1134 9 11/ 8 2812 8 11 1 4 9/ 1 4 ___ Preferred __ ____ -__ ____ _ _ __ ____ ------------------------105 105 105 105 ____ ___ ____ Kellogg Switchboard & Sup_25 ----------------------------------------42 43 3934 -43 41 -46 43 _47 42 44 41 -441: _.,_43/ 1 4 45 Kuppenh'm'r&Co(B)Inccom 5 28 27 ____ ___ 30 30 2914 X --------2517 251t --------2414 25 2434 26 2512 27 27 31 27 27 Preferred 100 93 95 9412 -95 93 94 94 94 92 93 90 91 90 90 89 89 87 88 87 88 8712 9212 91 9212 Libby, McNeill & Libby 10 Mg 712 612 714 638 7/ 614 513 8/ 814 714 5 / 4 634 514 614 5 1 4 8 1 4 612 838 61 1 4 6/ 614 438 534 Lindsay Light 10 4 414 312 338 3/ 3/ 1 4 414 3 314 4 1 4 4 234 '4 334 334 4 334 4 334 334 314 414 312 4 Preferred 10 1 4 7/ 734 8 72 712 814 814 8 1 4 10 10 1 4 7/ 814 7/ 1 4 834 ----------------72 7/ Los Angeles Suburb Gas • 43 47 Lyon & Healy Inc pref leo 11612 166 1-61 55 fthi; 98 99'2 5572 "Ws 55 19 55 Ifi 55 -ski 5772 'VET 9414 9484 55 li 55 18 McCord Radiator Mfg "A"__-* ----------------37 3814 32/ 1 4 2812 34 3212 35 31 3478 3112 361 1 4 37/ 1 4 26 3612 26 32/ 1 4 39 32/ / 4 3334 36 McQuay•Norris Mfg Co * 1014 25 17 211 2478 28 / 4 1734 23 1812 20 19 2212 1812 20 19 2134 191: 22 Middle West Utilities corn-100 4514 47 4512 53 4734 51 1 4 4512 4134 46 44 4612 4412 46 44 451: 43/ 1 4 441: 46 4712 364 47 45 46 44/ Preferred 100 84 8612 84 8612 83/ 1 4 8013 85 82 8312 82 85 8214 85 8212 8374 824 8512 1 4 86/ 1 4 8313 85 8134 85 81 82/ Prior Lien preferred 102 104 101 10212 9912 10212 9912 100 97 100 96 9912 96 100 96/ 1 4 99 96 99 9534 97 9614 97 9312 96 Michigan West preferred 13 hg Mitchell Motor Co • 1. 1 Murray Mfg Co 10 -------------------- ---- -------- --------1914 1912 18 -1-8 18/ 1 4 -2-018 20 -21- 13 -1-9-14 18 2-1- 26 -21National Biscuit 100 National Carbon pref(new)100 ---- ---- ---------------- 118 123 121 122 115 115 120 120 --------116 i8 1-11 iiii fiti i Di 1-iii1-3 National Dairy Prod w I a___• ___ _ __ __ -- —... __— ____ ____ ____ ___- -___ ___. ____ __-_— -- _ __ ____ _ __ ____ _ - ____ ___ 33/ 1 4 34 National Leather 10 574 -3 712 834 7 8 514 714 534 6 312 We 314 —4 -3,2 -44 314 -414 24 -3-4 2 212 173 212 Northern States Power -98i 9814 99 99 Orpheum Circuit Inc 1 66 -ici ----------------18 "II --------1714 li14 ii -1112 ii lg. 173s 17/ 1 4 -- -- _-_ People's Gas Light & Coke_100 91/ 1 4 93 92 9234 9012 9012 8812 8934 --------90 90 87 87 ____ _ 90/ 1 4 9314 9012 9012 93 96 95/ 1 4 -96-1 / 4 Philipsborn's Inc common_5 30/ 1 4 38 27 34 24 3034 18 25 12 18 12 14 11/ 1 4 1212 3 -1-0-1 4 2 / 4 2 212 214 234 ___. Preferred 97 9912 96 97 92 92 90 92 85 872 ------------------------64 70 64 64 --------40 -4112 -Rights Trust certificates -2-1 / 4 -23-4 I 113 6 i 5 3414 3638 3038 36 2214 3612 22 23 1934 23 19 2034 1774 20 Pick (Albert) &Co 1734 2112 1914 21 1814 1934 1834 23 2034 221i Rights Pigmy wiggly Stores Inc"A".• 5514 6514 5814 7012 70 90 Pub Serv of Nor III corn • 1o1 102 un un 1E41-613-4 iiij16112 9921662 55T2.161 166 16112 991310134 ii 116 k 1662 9714 166 Common 100 10114 104 101 10212 10034 102 10112 10312 100 1011 / 4 99/ 1 410012 9974 101 100 10134 99 10014 9814 9978 97/ 1 4 9812 97 100 Preferred 100 95 98 95/ 1 4 9614 9213 96 921s 99 9112 94 92 9312 911 / 4 9213 911 / 4 93 90/ 1 4 9112 8914 9112 891: 90 891: 94 Rights 750 We 700 114 --- - - -- - --- - -- ---- -Quaker Oats Co 100 235 236 230 235 210 235 220 22412 210 220 215 220 220 220 202 210 208 208 220 222 215 285 222 245 Preferred 100 961:100 9812 100 9814 100 984 100 97 9912 95 99 98 100 9712 99 9812 99 98/ 1 4 9918 9912 9938 99 100 Real Silk Hosiery Mills 10 2918 3234 Reo Motor 10 1134 1434 1312 1512 144 1712 1612 1934 31612 20 144 16 1432 1714 1614 18 1534 18 16 164 1614 -1734 1638 1711 Reynolds Spring Co nom • 2238 2238 26/ 1 4 26/ 1 4 ___ _-_ 2218 2218 --------------------------------25 25 ___ --. Sears-Roebuck common- —100 8514 89 8714 93 8414 90 8434 87 77 -8214 75 7812 6712 734 7312 8212 77 77 76 7914 8414 8414 8686 - Preferred 100 _ 112 112 ____ ___ ____ _-- ---. --• Standard Gas & Electric... 50 1734 1912 18/ 1 4 271: 24/ 1 4 3212 2914 31 27 2834 2513 2818 254 27 25/ 1 4 28/ 1 4 28 311 / 4 2634 -29 2712 -2814 27 -30 Preferred • 50 48 49 48 50 49 51 1 4 4612 4812 48 49 48 4912 48 4912 48 49 47 48 4912 5112 4814 50 4612 48/ Stewart Warner Speed com-100 7814 911 / 4 8914 102 99 12314 11214 12414 8034 10212 75 9414 7434 9414 8312 924 7914 91 75 8412 7832 9014 8712 91111 Studebaker Corporation__ _100 971 Swift & Company 100 iO5i2 1-61i1-2 iiiii41-66 i65i4 16E14 i5:6211662 i654lies 554 11i iiii2 16-2-14 i66 iiii12 ioi 166 un 102 iiii 16112 i66 Rif Swift International 15 1914 2112 18 1912 1818 2012 18/ 1 4 1912 18 1912 16 1912 1634 1914 1712 2132 1812 2014 1714 1914 1714 183 1714 201; Thompson (J R) common.. 25 4878 51/ 1 4 5034 4614 50 4612 4812 48 5412 4914 5014 4834 52 1 4 45 49 46 484 464 474 4458 4612 4312 52 45/ Preferred 100 ---- --------------------------------------------115 115 ---------------------------------------. Union Carbide 8c Carbon-10 62 6714 6278 67 621: 65/ 1 4 6118 6414 5514 6212 5134 5914 5114 5714 53/ 1 4 5712 53 5714 .5114 56 5312 5712 54/ 1 4 5811 United Iron Works v t c 812 4 1 4 5 612 8/ 50 6 534 4 1 4 10 7 712 1334 1112 1334 9/ 8 1 4 1112 6/ 5 6/ 1 4 4/ 1 4 5 378 44 United Light & Rya corn...100 7114 79 7674,10413 103 110 10712 163 145 164 138 156 135 143 137 149 13514 151 13634 142 135 135 135 140 1st preferred 100 75 76/ 1 4 75 78 78 80 78 94 85 89 7913 86 6912 80 75 7814 75 79 75 80 7538 80 7814 82 Participating preferred—I00 --------88 95 8913 9978 9112 98 90 96 90 9532 8014 90 8914 92 90 91 90 92 87 90 871 93 Rights 12 214 134 114 14 112 112 112 ----------------------2 24 _ United Paper Board com_100 16 16 1 4 18 1834 16/ 16 1618 1614 18/ 1 4 17 1538 1514 14 1412 --------14 1412 --------15 1514 15 1111 Preferred 100 . so 80 US Gypsum 20 61 6414 8414 7314 70 7512 68 7034 60 70 60 5978 51 60 54 75.14 68 76 74 80 7834 8834 75 92 Preferred 100 104 10412 10414 10412 105 106 10434 105 10312 103'2 103 103 --------10212.104 105 105 104 104 102 103 U S Steel common 100 86/ 1 4 8918 93/ 1 4 9612 9512 -98 US Stores Corp preferred...._ ____ _ _ __ -__ ____ ___ 981 1 4 9712 9612 97 / 4 98/ 1 4 9212 9834 9714 9818 9714 9814 97/ Vesta Battery Corp common _.• 26 -36 30 30 30 -36 32 34 22 30 22 25 --------1617 23 21 3734 28 -31-12 29 -30 27 -30 Wahl Co • 54 5878 5312 5714 5334 55 50 54 44 5014 4312 47 43 45 4312 45 43 45 43 49 4234 47 3712 441 Wanner MalleableCastingsCo• -------------------- ---- 31 31 26 30 20 28 20 23 21 24 2234 23 2212 23 20 26 26 271 Ward.Montgomery &Co,pf 100 108 109 95'110'2 96 11112 111 11112 11114 11112 1093i112 10934,110 9818 11034 99 110 108 1091: 10634 10914 110 110 When issued 20 2038 2278 211 / 4 2534 22/ 1 4 25/ 1 4 221: 2514 1812 2334 1914 23/ 1 4 1812 2134 18/ 1 4 22 2034 2314 21 23/ 1 4 23 261 / 4 23/ 1 4 251 Class A • 93 95 9314 9914 95 101 101 104/ 1 4 95 102 9612 100 98 9812 98 98 98 105 101 103 102 108 108 110 Western Knitting Mills • 9 1018 7 9/ 1 4 8 1034 713 Ps 4 1 7 112 12 1 234 31: 11: 3 14 2/ 58 1 4 6 18 1 Wilson & Co, corn • --- - -- . _ ____ ____ ____ ___ Preferred 100 -70 70 Wolff mfg Corp • 2812 IF :"iiii, WI.'jars -311-2 -664 1314 -61 W-2 -I6- -2.4- - .16 -1-e 164 2014 44 . 16-12 'ill's II : i 1-512 iii2 Ili Rights -- ---- ---- ---- ---- -- -- 1-64 11 Wrigley, Jr.co. 35 100 104 100410834 10414 111 10734 114 - 10512 112 1041:108 103 108 1061-21081-4 107 118 11114 116 115 12612 11612 118 Common w LA ---- 3812 41 38 41 Yellow Cab mg co,class B'10 223 270 24834 280 252 28712 268 29e- 655- in-- 66a- iii" iio" 216- ii6" iii- iiiii2iii- --- 2691 93 1001 267Rights ____ ____ ---- --New Yellow Taxi Co 7014 74 71 86 8212 95 811 / 4 83.12 . 36 -iii14 13e -1i7- iii2 -4 14 fie -8 . 9-3-4 iii 1-17-14 111 128 11534 12212 5713128 * No oar value. i -28; 14 "is: i4 ii2 i4 - -13 i4 "a; _,,_ ___ _„,_ __ _,__ _ _ _„_ _ _„_ _ _ --- _- 1-1-e i Municipal Bond Market in 1923. By STACY 0. MOSSER, Vice-President Caldwell, Messer & Wlllaman. A major operation was performed on the municipal bond market in 1923. The rapid expansion since 1920 with greatly increased volume, advancing prices and the coming of many new dealers into municipal trading all culminated in an enlarged and top-heavy market. For three years the volume each year of new municipal bond issues has exceeded a billion dollars. This is nearly three times the volume of ten years ago and practically double that of five years ago. The increased volume has been taken largely by investors with large incomes, and they could afford to take them at high prices because of the heavy income tax. The supply of bonds naturally has been stimulated by this keen demand. It only needed a slight interference with this buying to affect the market. This interference began to show itself the early part of 1923, when large buyers reduced their purchases, no doubt influenced by the agitation for reduction of income taxes and the threat to remove the tax exemption from municipal bonds. This agitation has continued and increased in importance since. A major operation, therefore, became necessary to remove a price growth which had reached abnormal size. The market stood the shock well, and, being placed on a reduced and simpler diet and given a period of rest, is now recuperating and seems to be making a fine start toward strength and complete recovery. Over-expansion causes many market ills. In the case of municipal bonds it not only brought a greater supply of bonds than the market could assimilate, but it also tended to over-issuing by municipalities. The desire to take advantage of a good municipal market perhaps led dealers to take more and larger issues from smaller communities than conservative financing would warrant. The effect is now being felt in a higher tax burden which is testing the ability of many communities in the very best sections of the country. Investors are having delays in payments on smaller municipal issues, especially from 368 THE CHRONICLE [VoL. 118. some agricultural districts which heretofore have down disastrously when it comes to guarding against been selected as the safest sections in which to invest. a shortage of working capital. In the case of nearly every business concern, the Of course, this is due to the unprecedented condition of the farmer in these sections. Nevertheless such very largest included, there conies a time when extra a situation would seem to call for greater discrimi- money—working capital—must be secured quickly. nation in buying municipal issues _both by dealers Some sudden demand, perhaps, requires the raising of a large sum hurriedly. Panicky conditions may and investors. There is much criticism of the extravagance of require it or possibly the opportunity to buy goods local governments, and much of the blame for high at bargain prices makes it desirable to raise funds taxes is put upon road building and other so-called at once. In such cases the concern usually seeks luxuries. The volume of road bonds is large and out its banker and asks for a loan. That is the yet it is less than one-third of the total of municipal natural, logical course to follow. Very well, what issues. Bonds for soldiers' bonus cover perhaps 10 happens? to 15%. The remainder are for schools and for First of all, the banker demands a statement of various State and municipal improvements. With the concern's condition. Next, he investigates his the demand of our people for a high standard of own books to find out how large a balance the comliving in all sections of the country, in small as well pany has kept with the bank. And, being human, as large communities, there is likely to be continued his decision is very naturally governed considerably issuance of many bonds for community improve- by the result of this investigation. • ments. More good roads are being demanded, and It is just human nature to help those who help us. as the number of automobiles increases the number We all do it. It is the law of life. Consequently of votes for good roads will grow. So it is hard to it is only natural that the concern or individual who see where a large reduction in the volume of munici- maintains a large bank balance will secure greater pal bonds is to be made. A natural restriction will co-operation from the bank than the concern that come through the tax burden and a less favorable keeps just as small a balance as possible. Indeed, bond market. the man who has not kept a good bank balance can Some reduction seems certain in the Federal in- hardly expect the fullest co-operation from his bank come tax, but even with the greatest reduction in times of need for the reason that the bank is poweradvocated municipal bonds will still be favored by less to help everybody, and it will obviously help those paying the highest surtaxes. A number, its best depositors first.. however, will find it to their advantage to switch To understand this more fully, let us get behind over, so far as income is concerned, to other classes the scenes of the modern bank. Bankers hold daily of bonds. It remains to be seen how many, having meetings of the loaning officers of their institutions become more familiar with municipal bonds and their and all loans applied for or maturing on the day of ' security while purchasing on account of tax exemp- the meeting are discussed. EaCh officer is furnished tion, will continue to favor this conservative form of with a financial statement, a description of the loan, investment. The question of taxing municipal se- and also with a record of the bank balance maincurities is likely to be put up to the various States tained during the preceding year by the borrower. in the form of an amendment to the Federal ConstiWith these facts before him, the loaning officer is tution. It will then be demonstrated whether a then enabled to decide whether or not the applicant sufficient number of States are willing to give up is worthy of the loan. Now let us suppose that the their present rights and to many this seems doubtful. applicant's bank balance has been small—so small, perhaps, that his account has been unprofitable to the bank. Is he, in this case, entitled to a loan? The Advantage of a Big Bank Balance. Any fair-minded man would say that he was not. By GEORGE WOODRUFF.President The National Bank of the Republic. Chicago, IllinoLs. On the contrary, if the condition of the business is There is an axiom of war which says: "God is on satisfactory, if the object of the loan is worthy and the side of the strongest battalions." One of the if the bank balance maintained has been large, it is vorld's great generals preferred to state it like this: an almost foregone conclusion that the loan will he "Providence is always on the side of the army with granted and the most favorable terms extended. the largest reserves." Consequently it will be seen that this record of the That the theory is correct has been proved time balance maintained has a very great influence both and again. It was, as we all remember, the pre- on the amount of credit granted and also on the rate ponderance of reserves—brought about by the en- of interest charged. trance of America—that turned the tide in the Business men are always interested in the reserves Allies' favor in the great World War. carried by their banks. They know that if a bank Ferdinand Foch calls these reserves "the reservoirs carries large reserves it is in a. position to weather of force," and has explained on numerous occasions whatever storms may come upon it. And yet, oddly that his success lay in the fact that he had "the enough, the same men who recognize the importance necessary reserves when the enemy had none." and value of large bank reserves, very oft en pay but What is true of war is equally true of business. little attention to their own reserves. It is the "reservoirs of force"—in the shape of cash About the first thing a banker notices when he reserve—that enables the modern business concern looks at a business man's statement is the amount of to take full and complete advantage of the oppor- "Cash on Hand," and if the cash balance is a large tunities of the hour and the day. one he is favorably impressed at the very beginThis being true, it is a strange thing that a sur- ning. Furthermore, if an adequate balance is mainprisingly large number of business concerns lack tained at the bank, the banker feels under particular adequate working capital and that many men who obligation to go out of his way to give the business carefully provide against material shortages, labor man confidential advice on the business outlook, shortages and shortages in producing capacity fall speeial reports obtained by the bank's Credit depart .JAN. 261924.] THE CHRONICLE 369 ment, and suggestions as to investment opportunities The Advantages of a Central Purchasing that might not otherwise come to the attention of Department for Banking Institutions. the average business man. In short, by maintaining By FREDERIC S. POPE, Cashier Chicago Trust Company. a large balance he actually places the banker on his Every banking institution having several depart"pay-roll," and for this reason, if for no other, a can, I believe, find the same advantages in a business man should—if he cannot arrange his af- ments purchasing department that we have found fairs so that he can maintain a liberal balance at the central in ours. bank—actually borrow enough money to keep such a Our purchasing department was instituted with balance. Theinterest thathe would payfor the money opening in new quarters last September. It our would be a very small price to pay for the advantages established with the idea of centralizing all was . and special services he would receive in exchange which functions for the various departments service that business For example, take the case of a small economy and efficiency. After maintains a balance in the bank of $2,000. Suppose as well as for greater we find that it is one of the most indisthis concern were to borrow $8,000 in order to make six months in our institution, and we are its average. balance $10,000. Even at 6% interest pensable departments success. the cost would be but $480 per year, or $40 per enthusiastic over its We have found that the installation of our purmonth, and yet for this sum it could probably comin a great saving mand the enthusiastic support and assistance of the chasing department has resulted guarantees a uniIt buying. quantity of because whole bank, from the president down to the janitor. the bank, and it ut througho t equipmen of formity Could any business man secure such superior service, entire the of institution y efficienc the increases such ability, experience, efficiency and business judgWhen ic service. systemat and quick its of because the ment, at suck a cheap price? Hardly. Why, bank soon a buying own their do nts departme for as little boy same concern could not hire an office of and furniture variety great a with filled becomes to! money as the interest would amount le. very is undesirab which t, equipmen machine bank a steady large, ed maintain Any man who has y, symmetr types promotes balance knows the feeling of confidence and stability Adoption of standard . economy that "money in the bank" carries with it. He knows efficiency and This service is accomplished through a carefully that he has avoided a large number of the worries for ordering and delivering. This that beset business men who find themselves con- planned system ng. Everything is ordered by interesti is system stantly pressed for funds. on blank has three carbon The requisiti on. requisiti Indeed it is an admitted fact that the successful to the department in d identify numbere all copies, business man is usually one who has confidence in nt head retains . The departme originate they which mind. himself and possesses ease and independence of the house from which to is sent the original copy, one this And nothing, perhaps, goes further to produce is by the copy filed a third d, are purchase goods the bank. the in state of mind than a large cash balance house of the name the nt under departme ng purchasi account bank So much for the effect that a good the by is retained copy fourth the and g, deliverin other the w about has on the man himself. But—ho receipt. upon the goods checks who clerk stock best The him? upon fellow? What is its effect The running inventory is a valuable system which answer to this question is to remind the business and eliminates the tedious annual man of the good impression he himself has received saves much time record is kept of everything daily when he has read a statement of some other concern inventory. A every day the stock clerk and room or individual in which large cash balances in the bank in the stock has on hand. In the file he what exactly have been shown. He has, it is safe to say, been knows quantity is posted for minimum and maximum impressed with the stability and standing of the a an adequate supply This assures article. every concern in question. the s possibility of overand eliminate times all the good at Business men should, therefore, realize this is especially of forms, case the In loading. by a stateeffect on their creditors that is produced t. importan . resources Creditors cash ment showing satisfactory To release .orders from the stock room, another are always inclined to be liberal and accommodating on is used. This is in duplicate, also numor l requisiti has concern individua the that certain if they are identify the department issuing it. The to it become to bered necessary should pay, to the ability the department signs the order and in is of "cash a bank" ntly head Conseque claim. the press tremendously important credit asset and is the best keeps the copy. He then signs the receipt which is posted in the stock room. This assures a perfect possible insurance against business troubles. Why, then, with all these facts in mind do business check. The files which contain our orders to outside men overlook the importance of maintaining large bank balances? The probable answer is that all houses are cleared on the first of each month. These business men have been taught that success comes files contain our order, the delivery invoice and the to those who can figure most closely and as a bank duplicate of the original order which can be quickly balance is about the easiest thing in the world to checked with the monthly statement. When the figure closely the average business man makes the bills are paid our files are clear for the next mistake of carrying too little on deposit in the bank; month. Efficient service is maintained because of the this in spite of the fact that here is one place where it ent of the stock room. The room itself Pencil. a too arrangem sharp with figure to does not pay into department sections. These in turn level a divided had head who pretty is , Franklin Benjamin into classes of supplies. This arrangeon business matters, once said: "There are three are divided faithful friends—an old wife, an old dog and ready- ment makes it possible for the stock clerk to immemoney." And in spite of Reno and the dog pound, diately locate the article wanted. A bank of our size will find that the management what he said nearly two hundred years ago is just as of the purchasing department will not take the entire true to-day. 370 THE CHRONICLE [VOL. 118. time of an efficient man. Because of this we have Large increase in volume of business on the extended the duties of the department. Chicago Stock Exchange. The manager of the purchasing department has While nearly all other Stock Exchanges suffered joint charge with the auditing department of our archive vaults where all old records are stored. He a contraction in the volume of their business in 1923, the Chicago Stock Exchange proved an exception has charge of the duplicating work, the ditto machine to the rule and made a further large increase. As and the addressographing. He also directs the a matter of fact, the dealings were by far the heaviest use of the photostat machine, which has become on record, the sales reaching no less than 13,302,185 a very valuable part of our equipment. It is shares. This contrasts with 9,953,637 shares in largely used by our banking, real estate loan 1922, 5,165,972 shares in 1921, 7,382,145 shares in and trust departments. We have also made 1920 and 7,408,915 shares in 1919. As compared him responsible for the repairing of all broken with the years preceding, still greater expansion is equipment, adjustments and things of a similar disclosed, the sales in 1918 having been only 1,955,151 nature. shares, in 1917 only 1,696,428 shares, in 1916 In looking to the future of this department, we 1,611,317 shares, in 1915 but 715,567 shares, and in hope that some day it may serve to do purchasing 1914 no more than 385,783 shares. for the entire personnel of the bank at a great saving. SALES FOR SERIES OF YEARS. No. Shares. Bonds. No. Shares. Bonds. This would include the buying of household equip- 1923 13,302,187 $11,979,650 1905 $9,556,500 1,544,948 1922 9,953,637 10,017,200 1904 1,251,177 5,432.700 ment, canned goods, Szc., in quantity, to be divided 1921 5,175,972 4,170.450 1903 3,364,160 1.024.002 1920 7,382,145 4,652,400 1902 1,356,558 8,967,100 among the individuals on the bank force. Eastern 1919 7,408.915 5,232,150 1901 9.338,700 1.877,883 1918 1,955,151 4,590,620 1900 8.735,900 1.424.252 1917 banks have found this plan very satisfactory. 1,696,428 9.012,400 1899 12,483,650 3,300.385 1916 1,611.317 11,889,400 1898 1.845.313 9,856,800 1915 715,567 While the department in our bank is relatively 1914 9,237,600 1897 6.575.000 98.1,772 385.783 9,085,500 1896 4,853,950 1.726.400 1913 1,001,417 9.391,000 1895 new, it has already proven that it fills a need in a 1912 8,382.500 1,386.657 1,174.931 13,757,000 1894 10,213,500 1.553.947 1911 1,040,068 14,752,000 1893 6,575,650 1.157.701 most satisfactory manner.•We are sold on the idea 1910 894,362 7,347,000 1892 14.198.000 1,175.031 1909 1,623,495 14,800.000 1891 9.435.000 710,000 of a purchasing department for every institution 1908 819,216 15,259,000 1890 18,368,000 1,097,000 1907 895,984 4,466,200 1889 18,530,000 150.100 large enough to use it to advantage. 1906 1,234,537 5.858,050 Indications of Business Activity THE STATE OF TRADE—COMMERCIAL EPITOME. ton. The trade in agricultural implements will no doubt also be helped by the relatively high prices for corn as well Friday Night, Jan. 25 1924. With cold weather over the larger portion of the United as those for cotton. States the early part of the week retail trade has latterly Grain prices have advanced during the week, led by corn, increased. In fact there is some increase in wholesale lines. for which there is still a very large feeding demand. The It seems to be gathering momentum, although business is amount of feeding on the farms seems to transcend anything admittedly not as large as at this time last year. Cold seen in recent years. And the President in a special mesweather has naturally stimulated the sales of heavy winter sage urges that measures be taken to relieve the distress of clothing. Special sales have also contributed to this result. the Western wheat farmer by financial aid through the The coal trade has been more active with lower tempera- Government, particularly through the War Finance Board tures and a fear of a soft coal strike on April 1. But among and through private action by the banks. Recently not a • the big industries of the country steel has set the pace. It few of the Northwestern banks have failed. Another South is up to 80% of capacity, as against 70 recently. It is not Dakota State bank closed to-day, owing to heavy withdrawpretended that other industries are as a rule up to this als, although it had deposits on Dec. 31 of $900,000. The mark. The cotton manufacturing trade in particular is main aim of the Government is to encourage the diversificaslow. Fall River cotton mills, it appears, are running on tion of crops among farmers who have been raising wheat an average of about 50%. For many weeks past their sales only. This will go to the quick of the matter. Nothing of print cloths have been comparatively small. In active else will. The latter part of next week a conference of times they sometimes run up to 250,000 pieces in a week and bankers, railroad men, merchants and insurance people will even more. In recent weeks the trading has been only about be held at Washington, it is announced by Secretary one-fifth of this. Cotton dress goods sell a little more Hoover. It is hoped that a plan for a permanent relief of freely for the spring trade. Crude petroleum prices are the deplorable conditions,which exist in the wheat States again advancing, with a decrease in the output. Wool sales will then be devised, not only because of the farmer's disin England and Australia have been at high prices. It is tress, but because his troubles may easily react, as we have asserted that the wool output of the world falls short of the seen, upon the banks and also upon the railroads and busiconsumption. In Boston the other day 4,000,000 lbs. were ness generally. The whole country is, of course, interested sold, but this seems to have been a special transaction. In In having the buying power of the Northwest maintained at general the wool trade has been light, though prices have a normal level. It is not up to that level now. The Governnaturally been steadied by the rising quotations abroad. ment, it is pointed out, will begin a campaign for diversified The silk industry has improved somewhat. The hides and farming with the aid of a revolving fund of $50,000,000, to leather trade is rather quiet. Shoe manufacturers are buy- be administered by the War Finance Corporation, and used ing conservatively. The mild weather certainly has not partly for the purpose of purchasing seed and livestock. helped their business. The flour mills are operating at lit- From such a fund each farmer could borrow up to $1,000. tle more than 50% of capacity. It is said that with the ex- A private corporation would extend aid in a manner similar ception of one or two lines conditions are satisfactory among to that which gave relief through the livestock co-operative the paper mills. Tobacco manufacturing is active. So are associations. And it is hoped that once on their feet the many miscellaneous industries. Building and construction farmers will stick to the diversification plan and not revert continue at a high level for the season with expectation of to the single crop idea that has caused them so much trouan active year if prices of materials and wages remain rea- ble. In contrast with the condition of the wheat farmer, sonably stable, and not otherwise. Builders have stood the high prices current for corn make the corn farmer relaabout as much in the way of hold-ups by labor as they are tively prosperous. Cotton, after advancing some $4 a bale likely to stand. The automobile works are producing on a earlier in the week, has latterly declined, owing largely to larger scale than at this time last year. The sales of tires the dulness of the cotton goods trade. It is asserted that and accessories are correspondingly large. The fertilizer cotton goods cannot be sold freely on a basis much above the industry is likely to be stimulated by an increased cotton level of 30 cents for raw cotton. Prices are far above that. acreage this year under the impetus of high prices for cot- Curtailment of output in cotton mills is quite extensive JAN. 26 1924.] THE CHRONICLE 371 throughout New England. It is even asserted that some of by the Armstrong, Gray Separk and Rankin mills during the Rhode Island mills are closing up permanently, owing the winter period. In the Carolinas cotton mills curtailto their inability to cope with Southern competition. This ment, it is said, is sporadic, where there is any, and many may be an exaggeration, but there is no doubt that not a few are sold ahead. At Lynchburg, Va., the branch of the Conof the New England mills are hard put to it to meet Southern solidated Textile Corporation, owing to Sluggish trade, has mill prices and make a profit. Lumber prices have in some cut operations to four days a week. The curtailment is excases advanced and in all others have been firm. Rubber pected to be only temporary and full production is likely to from being firm early in the week has latterly declined, be resumed, it is said, Feb. 1. In Georgia some mills are partly owing to lower prices In London. The rubber manu- working day and night. Clothing prices in the United States rose almost 1% befacturing centres send encouraging reports. Large tire workers of the Central West are said to be running at near tween Nov. 15 and Dec. 15, but decreases in food and•other capacity and New England manufacturers are preparing commodities helped to send down the cost of living 2-10 of 1% during the same period, according to the monthly analyfor new spring shipments to the retail trade. Taking trade as a whole, it is still proceeding on a con- sis of the National Industrial Conference Board. Although servative basis. There is not much ordering ahead. In coal prices took a small jump in several large cities, this this respect the situation is in sharp contrast with that of a was not sufficient to change the level for the country as a year ago. But most commodities are higher than a week whole. Living costs are still 65% above pre-war levels, but ago. Latterly call and time money has declined. Stocks have dropped 19.3% since the peak was reached in July have acted very well and to-day were active and higher. 1920. The purchasing power of the dollar on Dec. 15, comForeign exchange was steady. At one time early in the pared with that of July 1914, was 49.4-less. Painters, the second largest group in the building trades, week it advanced sharply. London has kept cool, in spite of the coal strike and the advent of a Labor Government. have received an increase of 50 cents a day, effective last To-day the tone there was very cheerful, although the haste Monday, raising their daily wage to $1050 for eight hours' of the Labor Ministry, as currently reported, with measures work and the week wage for 44 hours' work to $57 75. .1t to recognize the Soviet Government is naturally and justly affects 10,000 men. Thirteen thousand painters in the subcriticized. It appears from statements made by leading urbs will work only five days a week this spring, according, financial interests in London that the Reparations Commit- it is stated, to plans of the Painters' Union, which intends tee of Experts in Paris is making satisfactory progress. And to extend the five-day rule, now in effect in Manhattan and whatever may be said in criticism of the German gold bank Brooklyn. As the men get $1050 a day, they will make plan by Berlin financiers, there is an intimation that the $52 50.a week, having Saturday and Sunday off. New Jerexpert committee will at least not dismiss it without care- seY painters .will make a drive on April 1 for the five-day ful consideration. Early in the week there were rumors week, while those in Westchester County will do so on May 1. Sears, Roebuck & Co. report.sales last year $198,422,946, that the British railway strike would soon collapse. It was assumed that the strikers, out of regard for the Labor Min- against $166,514,110 in 1922. Net income, $11,512,616, or istry if for no other reason, would abandon the strike. They more than double that of 1922. The "Hardware Age" says: "Stronger buying tendencies asked for a conference with the railroad managers. Nothing has yet come of it. British interests have been buying are becoming more evident in the hardware markets throughout the country. Jobbers and retailers are placing substancoal in this country this week. Finally Lenin, the Robespierre, the Denton, the Marat of tially larger orders with manufacturers than they did a the Rdssian revolution, the man ,who turned Russia into an year ago. Inventory is practically over, wholesale and reoligarchy floating in flood, is dead, and it is hoped that the tail stocks are low. Manufacturers see little likelihood of Russian nightmare will gradually be dissipated like that in lower price trends during the first half of this year. A France in the last evil decade of the 18th century. It would number of price readjustments are being made. The maseem to be the teaching of history that such abnormal things jority of these are adyances.. With better buying collections In Government as Bolshevism, which has already been are expected to improve? On Monday, Jan. 21, the temperature dropped to 6 deforced to compromise with hated "capitalism," will sooner or later give place to saner and ultimately to normal govern- grees above zero here. Central and northern New York ment, along the accepted lines of the greatest good to the were in the grip of a cold wave on the same day, after an greatest number, with an orderly conduct of trade and pro- exceptionally mild winter. Syracuse, N. Y., had 10 degrees duction which are among the principal and necessary pre- below zero and three schools were forced to close. At occupations of civilization, paving the way for the higher Poughkeepsie, N. Y., it was 4 degrees above zero. At Nithings which promote the welfare of mankind. agara Falls it was the coldest of the year, I. e. 14 degrees Cotton spinning activity had a marked decline in Decem- below zero. Middletown, N. Y., had 6 degrees above. The ber, according to the Census Bureau's monthly report, issued northern Adirondacks had a marked drop in temperature, on the 21st inst., showing a decrease of 875,000,000 in the accompanied by a bitterly cold northwest wind and snow number of active spindle hours as compared with November. squalls. At daybreak the mercury registered 10 degrees The total was the lowest since July. Active spindle hours below zero. It was 7 below at Buffalo and 12 below at for December totaled 7,139,371,847, or an average of 190 Olean. Below freezing point temperatures were reported hours per spindle in place, compared with 8,014,579,167, or along the entire Gulf Coast except in the Florida peninsula. an average of 213 in November. Spinning spindles in place Zero temperatures extended to northern New England, Dec. 31 totaled 37,635,709, of which 34,044,870 were active western Pennsylvania, West Virginia and the Ohio and Misat some time during the month, compared with 37,585,049 on souri valleys. At Chicago it was 2 above. At Havre, Mont., Nov. 30, of which 34,101,452 were active at some time during It was 20 above, after being 4 below zero Sunday night, but November. The average number of spindles operated during a new cold wave from Alaska was expected to reach the December was 32,674,471, or at 86.8% capacity on a single Northwestern States in a day or two. On the 22d inst. the shift basis, compared with 36,316,829, or at 96.6% capacity mercury here was down to 4 above zero, but by the next day In November. it was up to 41 degrees at 2 p. m. Then came predictions of At Manchester, N. H., the Amoskeag mills, it is said, have more zero weather for the 24th, which were not verified. very large orders for ginghams. At Lowell, Mass., the Mer- On the 23d, when it was springlike here, Watertown, N. Y., rimack Manufacturing Co. has curtailed from full time to and St. John's, N. F., were in the grip of the worst blizzard four days a week, no reason being given and the curtailment of the winter. The Yukon at the same time in an unusually being announced as indefinite. Lack of orders is believed mild winter had temperatures 40 to 70 degrees above norto be the cause. Providence, R. I., wired that Cotton mills mal. On the 24th inst. New York had a light snowfall, soon there are being steadily forced out of business by Southern turning to rain, the range of temperatures for the day being rivalry. According to the President of one mill corporation, 25 to 35 degrees. To-day has been clear and mild. Considerable damage from freezing is reported in SouthNew England cotton manufacturers would rather have a protective tariff against the South than against England. ern localities to small fruits and Satsuma oranges. Serious The Hamilton Woolen Co. of Southbridge, Mass., manufac- injury to citrus fruits is also reported from California. turers of women's wear, will go on a four-day-a-week sched- Freezing weather caused serious damage to truck crops and ule on Monday next, owing to slackening business. The winter gardens in most southern areas. Pastures are about Pacific mills' worsted division has also shut down a few gone in most areas and are therefore furnishing little feed. looms, although no real curtailment, it is said, is planned. Supplies of hay and forage are ample except in a few secAt Amsterdam, N. Y., the knitting mill strike IS ended. At tions. The condition of all classes of livestock is good as a Gastonia, N. C., no curtailment of mill operations is planned rule and the open winter has been especially favorable for THE CHRONICLE 372 sheep in most production areas. The winter ha9 been open in many areas and favorable as a rule for farm work. In other areas cold weather with snow in northern and high regions has held up work. A serious drouth is reported in California. The Extraordinary Automobile Production of 1923. The Department of Commerce announces December production of automobiles, based on figures received from 186 manufacturers, 96 making...passenger cars and 119 making tticks (29 making both passenger cars and trucks). Data for earlier months include 12 additional manufacturers now out of business. Figures on truck production also include fire apparatus and street sweepers. Total output of passenger cars for 1923is given as 3,636,599 cars, as against 2,339,768 in 1922, while truck output totaled g76,257 in 1923, as against 246,281 in 1922. The production continued large right up to the end of the year, the make ,..passenger cars in December 1923 having been 275,268, against 208,010 in December 1922, and but 70,727 in December 1921. AUTOMOBILE PRODUCTION. Number of Machines. January February March April May June July August September October November December *Revised. Passenger Cars. 1921. 165,616 167,756 144.670 134,774 106,081 70,727 1922. 1923. 81,696 223,819 109,171 254,773 152,962 319,770 197,224 344,639 232,462 350.410 268,053 337,362 225,086 297,330 249,492 314,373 187,694 298,911 217.566 335,023 215,352 .284,921 208,010 275,268 Trucks. 1921. 1922. 1923. 11.136 13,400 13,978 13,149 10,487 8,656 9,576 13,350 20,022 22,640 24,097 26,298 22.046 24,692 19,462 21,795 21,949 20,354 19,720 22,161 35,260 38,056 43,678 41,145 30,663 30,829 28,638 30,166 28066 27,875 Ford Made One-Half of 1923 Motor Output. The following from Washington, Jan. 24, is taken from the New York "Times": The Ford Motor Co. made 2,200.682 automobiles, trucks and tractors in 1923-775,059 more than in any previous year, according to production figures for the year announced to-day. Of the total, 1,915,485 automobiles and trucks were made in this country and 175,474 in foreign plants,including Canada. To the total of these are added 101,898 tractors and 7,825 Lincoln cars. The figures were coupled with an announcement that the Ford company expectd to exceed tihs figure in its 1924 production and that it plans to start early this spring on its program of 10,000 cars daily. The statement says: "The production of more than 2,200,000 automobiles in one year probably is the greatest feat in manufacturing ever accomplished, especially in view of the fact that the Ford company controls the complete manufacture and raw material supplies for a large proportion of everything that goes into the make-up of its products." Additional Changes in Automobile Prices. On Jan. 12 the Peerless Motor Car Co. announced that the price of the new Peerless "Six" is $1,985 for the touring and roadster models and $2,675 for the sedan, f. o. b. Cleveland. With the announcement on Jan. 14 of two new models, a four-door five-passenger sedan and a seven-passenger sedan, the Chandler Motor Car Co. brings its closed car prices to a level close to its open jobs. A price reduction was announced at the same time which serves to bring the chummy sedan near the open car prices. The new four-door sedan has been priced at $1,895 and the seven-passenger sedan at $2,095. Chummy sedan now sells at $1,745, instead of $1,785. Paige-Detroit Motor Car Co. on Jan. 25 reduced the prices on Paige models $555 to $760. Standard touring car is listed at $1,795, against $2,450, a reduction of $655. Sedan is listed at $2,595, against $3,355, a reduction of $760. Brougham is listed at $2,395, against $2,950, a reduction of $555. Four-passenger phaeton and phaeton de luxe are listed at $1,795 and $1,955, respectively. There is no change in prices on Jewett models. Large Life Insurance Business in 1923. The year 1923 is the record year for sales of ordinary life insurance, according to figures just published by the Life Insurance Sales Research Bureau of New York. Sales in 1923 were 19% greater than in 1922 and were decidedly larger than in 1920, previously the record life insurance year. Over $5,833,000,000 of insurance was sold by companies doing about 80% of the legal reserve ordinary business in this country. This is an average of about 16 million dollars of insurance sold per day, or an average amount of new insurance bought from the 48 reporting companies of nearly $50 per person in the entire population. The statement goes on as follows: [VoL. 118. The amount of new business paid for in December 1923 rose to $591,013,000; that is, 23% over the November figure, but this was only about the normal seasonal rise from November to December, due to the special efforts of the agents to get first payments on issued policies before the close of the year. The increase over December 1922 was 19%, or the same as the average increase for the year as a whole. In the eight divisions into which the Bureau has divided the country, sales in 1923 increased from 14% to 21% above the 1922 figure. This shows how well the total increase was distributed over the entire country. Only three States did not exceed their 1922 record. These three were Arizona and Montana, in which 98% of the 1922 volume of business was done, and South Dakota, in which the volume of business was exactly the same in the two years. The maximum increase for any State was shown by Florida, where sales were 38% over last year. Taking the country as a whole, the Bureau finds that in every month of 1923 sales were higher than in the corresponding month in 1921 or 1922, the only other years for which monthly figures are available. The increased sales of life insurance are a reflection of the prosperity of general business in 1923; of the ever-increasing appreciation by the public of the uses and value of We insurance; and of the development of new uses for life insurance, such as insurance to pay off inheritance taxes, insuranc.• to protect a business in the event of the death of an important officer or partner, and insurance to provide a fixed income to the beneficiary. An agent used to try to sell any kind of policy at all to a prospect, whose needs were often totally unkown to him. Now, by the modern methods. the agent studies the needs of each individual prospect and suggests to him the kinds and amount of insurance which best fill his needs for protection, and in doing this the agent usually sells more insurance and performs a greater service to the insured. Over a million dollars' worth of life insurance each day was the average amount sold in Canada, according to the figures of the Life Insurance Sales Research Bureau of New York, which says: Companies which had in force over 85% of the legal reserve ordinary insurance on Jan. 1 1922 reported to the Bureau that their sales in 1923 were $360,555,000. This is an increase of 17% above the sales in 1922, which were $310,372,000. It is also an average of over $40 of new insurance per capita. This is comparable with the figure of $50 dollars of new ordinary insurance per capita which was sold in the United States during 1923. The increase wnich occurred in the sales in the Dominion as a whole was shared by all the Provinces except Alberta, which fell a% behind its record of last year. The Provinces of British Columbia, Nova Scotia, Ontario, and Saskatchewan showed more than the average increase for the country. During the month of December the sales of the reporting companies were $37,377.000. as compared to $30,167,000 In December 1922. This shows an increase of almost one-quarter in the volume of sales for the whole country. In the Provinces of British Columbia. Manitoba, Quebec, and Saskatchewan the increase in the volume of sales was one-third or over, Decrease in Retail Prices of Food in the United States During December. The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics shows that there was a decrease of 1% in the retail cost of food in December 1923 as compared with November 1923. In November the index number was 151, in December 150. The department's statement relative to December figures, issued Jan. 17, says: During the month from Nov. 15 1923 to Dec. 15 1923 18 articles on which monthly prices are secured decreased as follows: Oranges, 15%; pork chops, 9%; onions, 5%; bacon, 3%; ham, strictly fresh eggs, storage eggs, flour, navy beans and raisins. 2%: sirloin steak, round steak, leg of lamb, hens, macaroni and prunes, 1%. and canned salmon and tea, less than five-tenths of 1%. Seven articles increased in price as follows: Cabbage, 5%; butter and bananas. 2%. and oleomargarine, nut margarine, vegetable lard substitute and granulated sugar, 1%. Nineteen articles showed no change in price in the month. They were as follows: Rib roast, chuck roast, plate beef, fraeh milk, evaporated milk, cheese, lard, bread, corn meal, rolled oats, corn flakes, wheat cereal. rice, potatoes, baked beans, canned corn, canned peas, canned tomatoes and coffee. For the year period Dec. 15 1922 to Dec. 15 1923 the increase in all articles of food combined was 3%• For the ten-year period, Dec. 15 1913 to Dec. 15 1923. the Increase In all articles of food combined was 45%. Changes in Retail Prices of Food, by Cities. During the month from Nov. 15 1923 to Dec. 15 1923 the average family expenditure foe food decreased in 32 cities as follows: Seattle, 3%; Boston, Bridgeport, Cleveland, Columbus, Los Angeles, Philadelphia, Portland, Me., Providence. Salt Lake City and San Francisco, 2%; Buffalo, Butte, Cincinnati, Indianapolis, Louisville, Manchester, Newark, New Haven, New York, Pittsburgh, St. Louis and Washington, D. C., 1%; and Baltimore. Chicago, Denver, Detroit. Kansas City, Little Rock. Portland, Ore., Scranton and Springfield, Ill., less than five-tenths of 1%. In 19 cities the average family expenditure increased as follows: Dallas, 3%;Charleston. S. C., New Orleans and Peoria, 2%; Atlanta, Birmingham, Houston, Jacksonville, Minneapolis, Mobile, Norfolk, Omaha and St. Paul, 1%; and Fall River, Memphis, Milwaukee, Richmond. Rochester and Savannah, less than five-tenths of 1%. For the year period. Dec. 15 1922 to Dec. 15 1923, all but one of the 51 cities showed an increase: Manchester,6%;Chicago, Columbus, Indianapolis and New Haven, 5%; Birmingham, Charleston, S.C., Cincinnati, Jacksonville, Memphis, Mobile, Peoria and Springfield, Ill.. 4%; Atlanta. Baltimore, Boston, Bridgeport, Fall River, Milwaukee, Pittsburgh and San Francisco, 3%; Buffalo, Cleveland, Dallas, Detroit, Kansas City, Little Rock, Los Angeles. Newark, New Orleans. New York. Norfolk, Omaha, Portland, Me., Providence, Richmond. St. Louis, St.Paul. Salt Lake City, Scranton and Washington, D. C.. 2%; Houston, Louisville, Minneapolis, Philadelphia, Portland, Ore., Rochester and Seattle. 1%. and Denver and Savannah, less than five-tenths of 1%. In Butte there was a decrease of less than five-tenths of 1% in the year. As compared with the average cost in the year 1913, food In December 1923 was 60% higher in Richmond: 59% in New York; 58% in Scranton and Washington, D. C.: 57% in Buffalo, Fall River and Providence; 56% In Baltimore, Boston and Chicago; 54% in Birmingham, New Haven and Pittsburgh; 53% in Manchester; 52% in Charleston. S. C., Detroit. Mil. in Dallas and St. Louis: waukee and Philadelphia: 51% in Newark: 50% 47% in Cincinnati. Cleveland and 49% in San Francisco: 48% in Atlanta; , Los Angeles and Jacksonville In 45% New Orleans: 46% in Minneapolis; in Memphis: 41% in Omaha; 43% in Indianapolis and Kansas City; 42% in Denver: 36% in PortLittle Rock and Seattle: 40% in Louisville: 39% were not obtained from land, Ore., and 29% in Salt Lake City. Prices Norfolk, Poeria, PortBridgeport, Butte, Columbus. Houston, Mobile, Springfield, III., in 1913, land, Me., Rochester, St. Paul, Savannah and given for those cities. hence no comparison for the 10-year epriod can be The following tables are also furnished by the Department: PRINCIPAL ARTICLES INDEX NUMBERS OF RETAIL PRICES OF THE OF FOOD IN THE UNITED STATES.. BelBarear and Mani fend Rib Cleat Plate Perk con. Ham.Lard.Hass. Epps to. .Roast. Beef. Chops Month. Steak.Steat• 1922. January.... February_ March __. April May June July August September October November December. 139 139 141 143 148 151 154 154 152 151 147 145 373 THE CHRONICLE JAN. 261924.] 136 135 119 135 134 118 138 136 121 141 138 122 146 141 124 150 142 126 153 144 127 153 142 125 151 142 125 148 141 124 144 139 123 141 138 121 106 106 107 107 107 107 106 104 104 106 105 105 137 140 149 157 164 161 164 167 173 174 157 140 97 173 145 139 164 140 173 101 178 140 92 144 185 109 177 92 147 188 107 177 97 147 191 108 177 99 150 193 109 173 150 194 109 168 104 150 189 109 164 108 150 180 109 164 180 151 177 111 163 157 151 172 111 159 187 149 169 111 168 193 118 120 120 118 117 117 119 115 122 183 143 157 Decrease in Wholesale Prices in December 1923. While wholesale prices in December exhibited a strengthning tendency, a further slight reduction in the general level eis shown by information gathered by the United States Department of Labor through the Bureau of Labor Statistics in representative markets of the country. The Bureau in its monthly statement made public Jan. 18, continues: commodities or price The Bureau's index number, which includes 404 declined to 151 series weighted according to their commercial importance, for December compared with 152 for the month before. data for comparable which Of the 404 commodities or price series for shown in 117 November and December were collected, increases were instances no change in instances and decreases in 119 instances. In 168 price was reported. hides, and hops Among farm products decreases in corn, beans, eggs, resulting in a net offset increases in wheat, cotton, potatoes and wool, than in November. decrease for the group. Foodstuffs also averaged lower due to further while fuel and lighting materials were considerably lower, and gasoline. declines in bituminous coal, midcontinent crude petroleum, and Southern fir Douglas In the group of building materials reductions in number well yellow pine lumber and Portland cement brought the index were reported for below that of the preceding month. Lower prices also the group of bran and milifeed middlings, and harness and sole leather, in 1 miscellaneous commodities. averaged Cloths and clothing, due to strong advances in cotton goods, pig higher than in November. Small increases also took place among Av.foryr. 147 145 139 123 106 157 147 181 108 169 129 125 groups of Iron. copper, lead, silver, tin and other metals. In the two general the 1923. chemicals and drugs and housefurnishing goods no change in 146 142 189 123 107 140 147 168 110 162 161 154 January price level was reported. February_ 146 141 189 122 106 137 146 167 110 167 184 151 112 150 INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF March- 147 142 139 123 106 135 145 167 110 168 150 100 169 111 168 COMMODITIES. 145 135 105 123 149 145 140 April 188 152 148 142 124 106 143 145 169 109 170 102 (1913 equals 100). May 131 103 109 166 171 144 142 104 128 145 158 155 1923-----June 1922. 161 159 148 130 108 149 145 171 108 168 108 128 July December. November. December Group185 145 146 August..... 162 169 147 130 105 153 145 172 108 162 120 145 Farm products 147 148 September 162 159 148 131 198 175 146 173 113 164 141 144 144 Foods 147 203 201 October- 157 150 146 130 108 163 146 172 118 168 158 154 194 clothing Cloths and 158 192 162 167 November 153 148 143 128 107 138 143 169 120 216 lighting and Fuel 120 157 157 166 188 139 126 107 128 142 December. 152 148 143 141 131 Metals and metal products 178 181 185 Building materials 130 Av.for vr- 154 150 143 127 106 145 145 169 112 164 135 145 130 130 Chemicals and drugs 176 176 182 goods HOUSE'furnishing 116 118 122 INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES Miscellaneous 151 152 156 OF FOOD IN UNITED STATES. commodities All Comparing prices in December with those of a year ago, as measured by AU declined Year and changes in the index numbers, it is seen that the general level has Month. Clese 2110.Bread7lour Corn Rice. Pont- sugarcol, Tea. Articles. in December Combissel. 35.‘%. Fuel and lighting materials averaged 25% lower than toes. Meal s miscellaneou and goods 1922, while building materials, housefurnishing and 1922. commodities were slightly lower. Food articles, cloths and clothing 142 113 120 125 correspondJanuary__ 149 153 157 148 130 107 metals and metal products were appreciably higher than in the 142 118 119 125 9 148 154 166 130 107 February___ 1' and drugs were on 139 118 119 124 ing month of last year. Farm products and chemicals 149 146 155 161 180 107 March 139 122 120 124 a par with prices in December 1922. 145 143 155 181" 130 108 April 139 120 120 125 139 140 167 161 127 109 May 141 129 121 125 141 140 157 161 130 110 June142 188 121 125 143 144 157 158 180 110 July Competition Between United States and Great Britain 139 147 121 125 144 145 155 155 130 110 August 140 144 121 125 145 147 155 148 180 110 September for South American Trade. 143 144 122 125 October _ ...... 154 149 155 145 130 110 145 147 123 126 November... 161 151 165 145 130 110 of the United States and Great 8-itain for on Competiti 147 151 128 126 166 154 154 148 138 109 December trade is discussed in "The Index," just pubAmerican South 142 Av. for year 149 147 155 155 130 109 165 188 121 125 VVM.OVG409400.8.0 0,0001..t.O.mMINClei lished by the New York Trust Co., which says: 1923. January FebruaryMarch April May June_ .1xtly.....-August September October._ NovemberDecember 169 170 168 164 161 163 164 164 187 174 171 171 154 164 158 158 152 152 153 154 157 158 161 161 155 165 155 155 155 155 157 155 155 155 155 155 148 148 145 148 145 145 142 188 136 189 139 186 138 133 133 183 DU 183 137 137 140 143 147 147 109 108 108 108 108 108 108 108 109 110 119 111 124 124 129 147 159 188 247 218 200 171 153 153 151 158 185 198 204 202 191 175 175 193 287 189 124 128 127 128 128 127 127 126 126 127 127 127 128 127 127 127 127 128 128 128 128 129 129 129 144 142 142 143 143 144 147 148 140 150 151 150 Av. for year 167 155 155 142 137 109 188 184 127 1251 1411 to Argentina. Brazil and In the case of exportations from both countries current exchange basis) Chile the values were approximately equal (on a the same proportion for and the increases in 1923 over 1922 were in about following figures for nine both Great Britain and the United States. The pomonths (the latest comparative totals available) show this interesting sition of South American trade: BRITISH EXPORTS: To Brazil. To Argentina. £8.255.000 £21,723.000 7,572.000 16,424,000 To Chile. £5,158,000 4,051.000 £683.000 £1,107,000 • UNITED STATES EXPORTS. To Brazil. To Argentina. $33.160.000 $88,678,000 Nine months 1923 31,765,000 68,340,000 Nine months 1922 To Chile. $24.186.000 15,776,000 Nine months 1923 Nine months 1922 Increase National Industrial Conference Board's Statement Relative to Changes in the Cost of Living Between July 1914 and December 1923. The cost of living in the United States on Dec. 15 1923 had decreased two-tenths of 1% from the level of Nov. 15 1923, as shown by figures just collected by the National Industrial Conference Board. The Board under date of Jan. 18 said: In the month from Nov. 15 1923 to Dec. 15 1923 there was an increase In the average cost of clothing and a decrease for food. These changes were each less than 1%. There were also decreases in coal prices in some of the larger cities, but these were not sufficiently important to justify any change in the level of fuel prices for the country as a whole. Between July 1920. when the peak of the rise in the cost of living since 1914 was reached, and December 1923 the cast of living decreased 10.3%. The Increase since July 1914 was 65%. n .teu The following table shows in detail the changes in the cost of above: Item. Relative Percentage of increase th the percentage of decrease in the cost of living above average cost of living on Dec. 15 Impor1923from aver. prices inprices in July 1914 totance in family Nov., July, Nov., Dec., July, budget. 1920. 1923. 1923. 1923. 1920. 0.7 31.5 so 51 119 43.1 Food a No change 13.94 80 80 58 17.7 Shelter 0.61 34.2 75 74 166 13.2 Clothing 6.01 No change 76 76 66 5.6 Fuel and light_ (0.5)d (No change) (03) (93) (92) (3.7) (Fuel) (24.3)d (No change) (43) (43) (15) (1.9) (Light) 5.9 No change 74 74 85 20.4 Sundries aver. Weighted 0.2 19.3 65.0 65.3 104.5 100.0 of all Items United States Bureau of Labor Statistics. a Food price changes are from the I Increase. based on the cost of living in Decem • The purchasing value of the dollar, Contrasted with one dollar in July 1914. her 1923, was 60.6 Cents. as £5,299,000 88,410,000 81,395.000 $20.336,000 Increase On the import side, Great Britain's principal South American trade is value with Argentina. Her importations from Argentina are larger in in 1923 than United States imports. They increased in value about 13% from compared to 1922, but on the other hand imports of the United States Great Argentina increased about 70%. The comparative figures are: Britain: 1922 (9 months), £44,188,000; 1923 (9 months). £49,893,000. United States: 1922 (9 months). $59,121,000; 1923 (9 months), $101,155.000. Our imports from Brazil and Chile also increased largely in 1923. while British imports from Brazil decreased and imports from Chile increased only slightly. Domestic Exports of Food Products-Large Falling am n Shipments. itThe Department of Commerce at Washington on Jan. 21 issued its monthly report showing the domestic exports of principal food products for December and the twelve months to Dec. 31. The value of meats exported in December last was $13,856,490, compared with $13,245,754 in the corresponding month in 1922. For the twelve months of the calendar year 1923 the meat exports were $149,967,743, as against $134,919,351 for the twelve months of 1922. The exports of dairy products were valued at $3,393,359 in December 1923, against $1,476,679 in December 1922, and for the twelve months $27,336,395, against $24,905,495. Animal oils and fats to the value of $15,822,765 went out in December 1923, against $11,436,085 in December 1922 374 THE CHRONICLE [VOL. 118. while for the twelve months the comparison on this item is Loading of miscellaneous freight totaled 274.493 cars, 45.101 cars In $158,415,723, against $118,432,275. On the other hand, excess of the preceding week, but 7.166 cars less than the same week last year. Compared with the same week in 1922, it was an increase the value of the exports of grain and preparations of the cars. of 68,300 same in December 1923 was only $20,377,120, compared Grain loading totaled 44,386 cars, an increase of 12,491 cars over the with $31,770,306 in the same month of 1922, while for the week before, but a decrease of 6,639 cars under last year and a decrease of 5,308 cars under two years ago. twelve months of 1923 the exports were no more than $311,Live stock loading totaled 39,765 cars. This was not only an increase 911,836 in the twelve months of 1922. of 8,122 cars over the week before, but was an increase of 2,885 cars over The United States shipped to foreign countries only the corresponding week one year ago and an increase of 3.914 cars over the correspondin g week in 1922. 4,941,100 bushels of wheat in December 1923, against Loading offorest products the week amounted to 63,173 cars. While 9,676,294 bushels in December 1922, and for the twelve this was an increase of 15,777forcars over the week before. it was a decrease of 5,344 cars under last months only 98,524,405 bushels, against 164,691,565 bushels. year, but an increase of 14,978 cars over two years ago. The falling off here was to a small extent offset by a slightly Coke loading totaled 11,783 cars, 762 cars above the preceding week larger outgo of flour, the shipments of which in December but 2,011 cars less than the same week last year. Compared with the same week in 1922, it was an increase of 4,571 cars. were 1,788,904 barrels, against 1,500,355 barrels, and for Ore loading totaled 7,614 cars,'494 cars less than the preceding week and the twelve months 16,309,856 barrels, against 15,024,628 3,400 cars below last year. This was, however, an increase of 3,099 cars barrels. The exports of corn in December 1923 were only over the same week in 1922. Compared by districts, increases over theweek before in the 2,044,338 bushels, against 4,758,249 bushels in December total loading of all commodities were reported in all disricts, while all reported increasest 1922, and for the twelve months 42,187,732 bushels, against over the corresponding week last year except the Allegheny, Southern and 163,609,213 bushels. Similarly we shipped only 56,064 Northwestern districts. All districts, however, reported increases over bushels of oats abroad in December 1923, against 331,645 the corresponding week in 1922. Loading ofrevenue freight this year compared with the two previous years bushels in December 1922, and but 3,226,764 bushels for follows: the twelve months, against 30,011,133 bushels; only 382,240 1924. 1923. 1922. Week ended Jan. 5 703,269 bushels of barley, against 1,092,862 bushels for December, Week 767,296 599,433 ended Jan. 12 872,265 872,908 714,191 and 11,983,177 bushels, against 18,780,600 bushels for the Total • twelve months; and only 521,575 bushels of rye, against 1.575,534 1,640,201 1,313,624 3,763,261 bushels for the month, and 30,850,189 bushels, against 47,260,275 for the twelve months. The following Domestic Exports of Coal and Petroleum-Continued is the report in full: Large Exports of Petroleum and Its Products. -Month of December- -12 Months ended Dec.The Department of Commerce at Washington on Jan. 22 1922. 1923. 1922. 192 . Total meats lbs. 82,047,436 99,338.784 799.372,286 1,036,60 ,335 issued its report showing the exports of domestic coal Value and 813,245,754 $13,856,490 $134,919,361 8149.967,74 Total dairy products_ 81,476,079 $3,393,359 824,905,495 327,336,3953 petroleum for the month of December and the twelve months Animal oils and fats_ _$11,436,085 315,822.765 8118,432,27 $158,415,723 5 ending with December. The feature of the statement is Grans & prep'ns of_ _831.770.306 $20,377,120 $515.911.83 $311,301 ,228 6 Canned vegetables_ _ _ 8364,290 $413,497 34,368.487 $5,175,040 Canned fruits 82,176.324 $2.470,804 $22,324,456 $15,076.085 the continued large shipments of oil. For December the exports of crude petroleum were 86,894,592 gallons in 1923 Beef, fresh lbs. 451,689 243.990 3,910,537 3.385,978 Value 870,502 839,776 $568,494 • 8530.205 as against only 46,554,158 gallons in 1922, and for the Beef, pickled, &e.lbs. 1.348.076 1,459.913 26,210.225 23,041.629 twelve months 716,551,862 Value gallons in 1923, against 419,793,$125,670 $147,781 52,340.349 Pork. fresh lbs. 5,950.695 8,748,404 $2,333,263 54,691,196 896 gallons• in '1922. Exports of refined petroleum 26.974,147 Value 5909.362 $1,323,603 84,308,006 in $8,000,071 Rams & shoulderslbs. 26.155,858 29.132.167 289.613,175 372,092,656 December 1923 reached 317,065,712 gallons, compared with Value 84.442,679 54,673,648 $57,070,244 859,319,358 Bacon lbs. 39.486,112 47,130,920 341,838,745 456,797,497 228,696,167 gallons in December 1922 and for the twelve Value 36.327,125 $51,989,095 860,084,422 months 3,270,638,102 gallons, is against Pork, pickled____Ibs. 3.097,243 35,970.942 only 2,502,871,738 2,725,066 38,506,169 41.840,884 Value $392,959 $323,527 $4,643,969 $4,894,064 gallons. The following is the report in full: Beef, canned____lbs. 142,712 102,792 1,733,968 2.550,770 Value 332.717 319,937 $473,182 $774,805 Sausage, canned _lbs. . 420,992 346,269 2.797,820 2.091,130 Value $102,972 398,011 $732,411 8620,738 Oleo oil lbs. 6.598,217 5.876,691 109,386,571 98,954,904 Value $763,662 8801,397 $11,464,837 811,841,001 Lard lbs. 78,595,915 98,477,968 766,950,103 1,035.381.571 Value 59,567.715 813,624,745 $91,484,669 3130,171,943 Neutral lard lbs. 2.515,755 z.1 3,952 20,497,006 24,128.923 Value 8336.231 3303,333 52.586,703 33,160,895 Lard compounds, animal fats____Ibs. 756.138 544,393 16,286,169 7,450,591 Value $94,606 380,156 51,952,187 81,014,653 Margarine,animal fats lbs. 127,968 74,532 1.792,436 1.843.407 Value 520.754 311.466 $298,487 8293.357 Milk, condensed_lbs. 10.136,637 29,969,086 196,701.738 193,686,904 Value 51.215.576 $19,464,431 $22,496,600 Canned salmon__Ibs. 4,964,630 33,092.492 6.784,083 63,797,279 59,594,422 Value $636,216 8974,070 $7,962,375 89.154.711 Barley bush. 1,092,862 382,240 11,983,177 18,780,600 Value 3837.797 $319,253 89.322.120 Corn bush. 4.758.249 2,044,338 313,748.887 163,609,213 42,187,732 Value 33.815,347 81.738,055 $115,095,358 $36.805.723 Oats _bush. 331,645 56.064 30,011.133 3,226.764 Value $169,701 830.224 815,060.199 $1,694,896 Rice lbs. 28,992,423 28,100.785 358,826.537 292,851,950 Value $1.143,953 $1,207,658 $14,378,780 $11,573.673 Rye bush. 3,763.261 521.575 47,260,275 30.850,189 Value 53.814,854 8424,681 $28,214,801 Wheat bush. 9,676,294 4.941,100 845,785,911 164,691,565 98,524,405 Value 812 029 244 85,510,019 8206,338,408 5116,490.023 Wheat flour_ ___bbls. 1,500.355 1.788.904 15,024.628 16,309,856 Value 8,417,128 9.085.739 88,150.902 Cottonseed oil___Ibs. 11,426,318 7,066,907 85,482.851 75,302,821 49,547,717 Value 81.068,163 3719,343 87,287,142 $5,255,640 Lard compounds, vegetable fats_ _lbs. 781,983 790,082 25,478,494 9,616,686 Value $99.076 8114,966 $2,968,705 81,338.834 Car Loadings of Revenue Freight Again Increasing. Loading of revenue freight for the week which ended on Jan. 12 totaled 872,265 cars, according to reports filed to-day by the carriers with the Car Service Division of the American Railway Association. Compared with the preceding week when, however, loadings were curtailed by the observance of New Year's Day, this was an increase of 168,996 cars. Compared with the same week last year, it was a decrease of 643 cars, but an increase of 158,074 cars compared with the corresponding week two years ago. The statement proceeds as follows: Coal loading for the week ended Jan. 12 totaled 211.098 cars, an increase of 51,627 cars over the previous week and an increase of 12,328 cars over the corresponding week last year. This also was an increase of 53,134 cars over the same week two years ago. Coal loading at the mines, which includes both revenue and non-revenue freight, for the week ended on Jan. 12 was the heaviest for any week since that which ended on Dec. 111920 II8Loading of merchandise and less than carload lot freight amounted to 219,953 cars. This was not only an Increase of 35.610 cars over the preceding week but an increase of 8,704 cars over the corresponding week in 1923. Compared with the corresponding week in 1922, it was a decrease of 15,386 cars. -month of December- -12 Months Ended Dec.Coat -1922 1923 1922 Anthracite tons 381,758 328,945 2.365,587 4.544,766 Anthracite $4,220.591 83.657,558 825,350,777 $49,577,393 Bituminous tons 1,468.917 1.078,028 11,083,112 19.154,981 Bituminous 59.437.765 85.506,443 565,891.7408104,546.585 Coke tons 123,442 44.951 456,733 1,104,770 Coke 8849.979 8420.476 84.319,538 811,889.897 Domestic Exports of Petroleum and Refined Products. PetroleumCrude gallons 46,554.158 86,894,592 419,793,896 716.551,862 Crude $1.563,271 $2,327,478 $18.348.110 823,111,816 Total refined_ _ _ _gallons228,696,167 317,065,712 2502871,738 3270638,102 Total refined 824.694,329 $25,941,4798312,563,4765326,599 ,065 Gasoline,naphtha & other light products...gals 47,222,658 71,801,81'5 579,062,006 845,693.830 Gasoline,naphtha& other light products ' 89.438.586 $9,223.927$126.826,8428137,680,748 011s-Illuminating_gals_ 78.133,354 70.824,956 895,230,641 Illuminating 87,156,944 55.819,350 883,134,510 847,929,454 876,553,967 Gas and fuel__ _ _gals_ 79,550,250 141,400,184 697,219,404 1228594,295 Gas and fuel $2,280,552 $3,793,281 825,959,704 835,708,049 Lubricating gals_ 23.789,905 33,038,757 331,359,687 348,420,523 Lubricating 85,818,247 57.104,921 876,656,301 Paraffin wax lbs_ 26.318.252 30.289,880 176,642,420 284,500,801 329,792,549 Paraffin wax 5910.845 $1,115,378 89.394,904 511,427,305 Steel Orders Increase While Pig Iron Situation Is Mixed. A notable increase in bar tonnage was evident during the week just passed, while railroad bridge and track work was a feature of the steel marleet, declares "The Iron Age" in its market review of Jan. 24. The pig iron situation is mixed as to prices, the "Age"further states, giving details asfollows: The volume of new orders going to the steel mills and some further additions to active capacity have continues to increase been made. With the Steel Corporation's operating percentage at 83 for this week, independent companies have made a gain sufficient to put the industry on an 80% basis. Two or three weeks ago business was developing at a rate indicating that the mills would be actively employed up to April 1. To-day leaders in the industry find signs pointing to large scale operations well into the second quarter. Testimony is uniform to the increase in steel bar tonnage in the past week-an indication that demand is coming from a wide range of manufacturing uses, since the bar is the commonest form of finished rolled steel. At Chicago the week's sales of bars were the largest since last May. In addition to automobile makers, concrete bar dealers, jobbers and farm equipment companies were the chief buyers. Farm implement demand Is on a scale not equaled in many months. Several additional blast furnaces have been started by steel companies, including one at South Chicago and three by the Bethlehem Steel Corporation. The Steel Corporation's view of the scale of demand upon rolling mills in the spring months is seen in its policy of accumulating good-sized stocks of pig iron and semi-finished steel. Recently mills were making quite prompt period is now six weeks with some producers. deliveries, but in bars the In general there is no change from the policy manufacturing buyers have been following, of buying for early use. So far as they have developed, the plans of the railroads look to relatively larger expenditures in 1924 for bridges and track betterment than for rolling stock. Locomotive and car buying in the early months of the year do not promise to equal that of 1923 in the same period. But producers of rails, JAN. 26 1924.1 THE CHRONICLE through the first tie plates and all track supplies expect to be well occupied half of the year. indicated by the buying of Activity in the railroad equipment field is 13 locomotives. There are inand cars passenger 58 cars, freight 2,822 the Santa Fe. The New quiries for 6,800 freight cars, including 5,000 for locomotives. Several York Central is reported in the market for 100 orders. The Chicago & Western roads are expected to place additional rail North Western has just closed for 20,000 tons. to more than 52.000 Fabricated steel lettings of the past week amounted was for the railroads, but tons, the largest in months. About 4,000 tons and over 15.000 tons for public 32,000 tons was for private enterprises more than 36,000 tons, work, mostly in New York. Fresh inquiries call for railroads. for tons 8,000 including association sold Independent sheet mills reporting to the Pittsburgh November. Shipments 349,000 tons in December, against 165,000 tons in 199,000 tons. Unfilled orders for the two months were 188,000 tons and more than on Nov. 30. on Dec. 31 were 445,000 tons, or 165,000 tons iron shows marked increase in several The volume of inquiry for pig is a mixed situation 'districts, notably in Chicago and Philadelphia, but there been made, but in as to prices. In the South an advance of $1 per ton has unsteady. the Philadelphia district and at Pittsburgh prices are somewhat and 5,000 tons basic Inquiries in Eastern Pennsylvania include 5,000 tons of tons 3,500 for inquiring is company steel England of Bessemer and a New are of basic. Large speculative purchases of basic by scrap dealers In Ohio matter of reported, including one deal for 50,000 tons. This feature is a who comment, in view of the amount of iron still held by speculators bought in the November movement. Belgian and French steel mills have secured orders from Chile for 0,000 tons. tons of rails,from Brazil for 12,000 tons and from Finland for 12,000 British iron and steel markets are demoralized by the railroad strike and the political situation. Some works have been closed. Further advances in foundry iron have brought "The Iron Age" pig iron 79 composite price to $22 19from $22 04 last week. One year ago it was $26 One year The finished steel composite price remains at 2.789c. per lb. ago. at 2.489c., it was 11% lower. 375 Market for Crude Oil and Gasoline Is Active, with Rising Prices. Another advance in the price of Pennsylvania crude oil took place on Jan. 19, when the Joseph Seep Purchising Agency posted prices from 15c. to 25c. higher, according to the grade specified, the highest grade on hat date selling for $4 per barrel. On the same day the Prairie Oil & Gas Co. posted similar price revisions, in all cases making an advance of from 15c. to 25c. per barrel. The Sinclair Crude Oil Purchasing Co. follow the advance made by the Prairie Oil & Gas Co. on Jan. 19. Also on Jan. 19 the Gulf Oil Co. announced advances of from 150. to 25c. on all grades of crude oil in Oklahoma, Kansas and North Texas. On Jan. 21 the Magnolia Petroleum Co. advanced prices 15e. to 25c. in Oklahoma, Kansas and Texas. The new schedule is as follows: New Price. Old Price. Grade.50 .75 Under 28 gravity .75 1.00 28 to mg gravity 1.00 31 to 32.6 gravity 1.15 1.25 1.40 33 to 35.9 gravity 1.40 1.60 36 to 38.9 gravity 1.50 1.75 39 and above barrel 25c.a crude heavy Tex.. Corsicana, also advanced The company to 75c. The Texas Co. immediately followed the price revision posted by the Magnolia Co. The Humble Oil & Refining Co. advanced the price of The composite price table compiled by the "Age" follows: and Mexia crude oil each 20c. to $1 60 a. barrel, and Powell Composite Price, Jan. 22 1924, Finished Steel, 2.789c. per Pound. crude 25c. to $1 75 a barrel. Currie Jan. 15 1924, 2.789c. of Based on prices of steel bars, beams, tank Dec. 24 1923, 2.775c. date the Ohio Oil Co. advanced the price of same plates, plain wire, open-hearth rails, the On 2.489c. 1923, 23 Jan. black pipe and black sheets, constitut- 10 average, 1.689c. Elk Basin, Grass Creek light and Lance Creek crude oil 15c. pre-war -year output__ States United the of 88% ing a barrel. Rock Creek was advanced 20c. and Big Muddy Composite Price, Jan. 22 1924, Pig Iron, $22 19 Per Gross Ton. Jan. 15 1924, $22 04 Based on average of basic and foundry 250. per barrel. The company also advanced Lima, Indi88 21 24 1923, Dec. irons, the basic being Valley quotation, 79 26 1923, 23 Jan. Chicago, of an average foundry ana, Illinois, Princeton, Plymouth, Waterloo and Wooster the 10-year pre-war average, 15 72 Philadelphia and Birmingham crude oil 100. a barrel. The Standard Oil Co. of Louisiana on Jan. 21 advanced quotation of all grades of crude oil 150. a barrel. its Review. Iron and Steel Market Texas Co.followed with a similar advance in the corThe Construction activity is keeping up according to the "Iron responding territories. Trade Review's" summary of the state of trade in the iron Also on Jan. 21 the Gulf Oil Co. followed the advance and steel industry during the week just past. Despite in- in crude oil announced by the Standard Oil Co. of Louisiana. creased production, incoming business exceeds shipments, On Jan.22 it was reported that the price of Canadian crude says the "Review" of Jan. 24. The statement follows in full: oil had been advanced 10c. to $2 33 per barrel. Accumulating tonnage on mill books in the face of increased production The Midwest Refining Co. on Jan. 22 advanced the price taken marks the breadth and sustained vigor of the steel market. Orders though of Salt Creek crude oil 20c. a barrel to $1 20. This is double by the Steel Corporation so far this month have exceeded shipments, it has pushed up its operations to 88% of ingot capacity. Its Western the price quoted one month ago. subsidiary this week has gone to 90%. Independent production has risen The Standard Oil Co. of California advanced all grades of of to 70% on the average. For the general industry this represents a gain crude and fuel oil 250. per barrel. Crude oil of 14-19.9 5% to 10% within 30 days. The volume of new buying remains large. All lines have reflected the ex- gravity is now 850. per barrel; fuel oil, $1 25 per barrel. panded activity but the gain in certain materials has been pronounced. On Jan. 23 the Indian Refining Co. advanced western Plate business at Chicago is fully 100% greater than a month ago, and with Eastern mills 50% higher. One large farming implement manufacturer Kentucky light and heavy crude oil 15c. a barrel to $1 81 hisIn the West has specified more bars in January than any month in its and $1 61, respectively, effective as of Jan. 19. tory. Independent sheet mills report total bookings for December of 349,of those double than more or On Jan. 25 another 250. advance was made in the schedule capacity, of 446 tons, representing 132.5% November and well in excess of any month last year. Recent purchases of of prices of Pennsylvania crude oil, which was announced automobile steel from Chicago mills are estimated above 100,000 tons. by the Joseph Seep Purchasing Agency to be as follows: Filling up of the mills is evidenced by the tendency of deliveries in certain Pennsylvania grade in New York transit lines, $4 25. up 25c. products again to lengthen. Virtually immediate shipment which was obtainable for several months from all producers is being supplanted, especially in steel bars and structural shapes, by promises of not less than three to four weeks by the larger companies. More freight cars appear to be under negotiation at present than at any time since the revival of railroad interest first appeared several months ago. Chicago steelmakers sum up the pending list at not less than 40,000 Including 10,000 for the Pennsylvania, 10,000 for the New York Central, to which 8,000 more has just been added, 8,000 for the Louisville & Nashville, 5,200 for the Santa Fe, on which action is expected this week, and smaller lots. New orders include 1,000 for the Reading and 775 for the Western Fruit Express. The Carnegie Steel Co. will furnish 18,000 tons of steel for 1,250 cars taken by American builders for Australia and 7,500 tons for Pacific Fruit Express cars. In addition to 57 locomotives placed by the Santa Fe, the New York Central is taking figures on 100. Structural steel awards have been running at the highest rate in a year and sufficient new work is appearing from week to week to sustain this record. Reported lettings this week total 52,581 tons, principal among which wore 10,000 tons for the municipal repair shop, New York, and 7,000 tons for the Tribune Tower, Chicago. A bridge at Minneapolis, 7,500 tons, is being bid. A Pittsburgh plate fabricator has taken 7,700 tons for two gas holders. Municipalities are putting out some large orders for cast iron pipe. At in Chicago cast iron pipe prices are up $2 per ton. New York is the market for 11.700 tons and Detroit 11,000 tons. iron and steel prod"Iron Trade Review" composite of fourteen leading 35, against $43 29 ucts continues to rise slowly. The week's figure is $43 the part of last week. The pig iron market reflects more confidence on at buyers. At Chicago contracts now are being placed for second quarter 50c. to $24. some advance in price. Cleveland furnaces have advanced and is higher iron and have sold some tonnages at that figure. Southern asking $23. The reIs definitely at a minimum of $22, with some makers the largest cast iron pipe cent purchase of 60,000 tons of Southern iron by Co. Shipments maker was made from the Tennessee Coal, Iron & RR. producers are running by merchant furnaces are on the rise and with some 25% above production. British iron and steel Effects of the railroad strike are being felt by the and exporting is being interindustry. A number of furnaces are banked 12,000 tons of rails for Brazil and fered with. French mills have taken Belgian makers 6,000 tons for Chile. Bradford district in National transit lines. $4 25, up 25c. Pennsylvania grade in National transit lines, $3 75, up 25c. Pennsylvania grade in Southwest Pennsylvania pipe lines, $3 7.„ up 25c. Pennsylvania grade in Eureka pipe lines $3 73. up 25c. Pennsylvania grade in Buckeye pipe lines, $3 75. up 25c. Corning grade in Buckeye pipe lines. $1 80. up 15c. Cabell grade in Eureka pipe line, $1 90, up 15c. Somerset medium in Cumberland pipe line. $2, up 25. Somerset light in Cumberland pipe line, 32 20, up 25c. Ragland grade in Cumberland pipe line, $1. up 10c. This corresponds to the price quoted a little less than a year ago, the price of $4 25 per barrel for the corresponding grade being established Feb. 15 1923, which was the high for the year 1923. In line with the crude oil price advances, gasoline prices also have taken a further upward swing during the week. The Atlantic Refining Co. on Jan. 19 announced that, effective Jan. 21, the price of gasoline would be advanced lc. to 20c. per gallon at service stations in Boston and surrounding territory. The new tank wagon price is 173'c. per gallon. The same company raised the price 2c. to 20c. per gallon in Pennsylvania and Delaware, exclusive of State taxes. On the same date kerosene was advanced 3ic. a gallon by the Northwestern Pennsylvania refineries. The Gulf Oil and the Transcontinental Oil companies on Jan. 19 followed the advances announced by the Atlantic Refining Co. Other companies which followed the new prices quoted by the Atlantic Refining Co. were the Colonial Filling Stations, Inc., Standard Oil Co. of New York, Texas Co. and Jenney 376 THE CHRONICLE Mfg. Co. The latter advance, however, did not go into effect until Jan. 22. • At Houston, Texas, on Jan. 18 filling stations were selling gasoline at 19c. per gallon, a 1-cent increase, while the GalenaSignal Oil Co. maintained the old price of 18c. per gallon. The Humble Oil Sc Refining Co.'s tank wagon price was 15c., while the Gulf Refining price remained 14c. per gallon. On Jan. 22 the Texas Co. advanced gasoline 1%c. a gallon and kersene %c. a gallon in Ohio. The Standard Oil Co. of Kentucky on the same day advanced the price 2c. per gallon in the territory it serves. This made the tank wagon price 18c. and the service station 20c. per gallon. Also on Jan. 22 it was reported from Montreal that the Imperial Oil Co., Ltd., had advanced the price of gasoline 2c. to 263'c. a gallon wholesale and 30c. retail. Further price advances took place on Jan. 23, when the Standard Oil Co. of New Jersey advanced the tank wagon price of gasoline 2c. a gallon in North and South Carolina, and lc. a gallon in Virginia and West Virginia. The Standard Oil Co. of California on Jan. 23 advanced the price of gasoline 2c. a gallon. The advance increases the service station price, without tax, in San Francisco from 14c. to 16c. a gallon and the tank wagon price to 13c. plus tax. On Jan. 24 new Navy gasoline was selling at 11c. per gallon at Tulsa, Okla. FoL. 118. reflecting the influence of union wage scales upon price levels in the second named State. In Buffalo-Toronto-Detroit territory, large consumers balk at paying advances for forward shipments. In the Middle West and in Kentucky the weather has strengthened prices upon prepared coals. The increased demand, however, has enlarged the output of screenings so that prices upon fine coal are easier. That these have not broken badly is attributed to the desire of consumers to build up reserves. Outside of the Cincinnati-West Virginia area little has been heard of transportation difficulties, although there are some reports of local car shortages. The predictions freely made last fall that the end of January would see independent quotations on domestic anthracite down to or below the company circulars promises to be fulfilled. In fact, there are individual shippers who are now faced with the alternative of selling at the companY basis or reducing production. The day of the combination order seems to be waning, as many retail yards are still carrying troublesome stocks of the less favored sizes that they took earlier in the season. Steam sizes, except barley, aro dull. The prospect of a suspension of work in the soft coal fields around April 1 is cited by the "Coal Age" of New York in its weekly report on the state of trade in the coal markets, as possibly having an effect on the upward trend in the markets, though the weather has been a strengthening influence. Says the "Age" in its summary: Sales in the soft-coal industry, as in some other fields, are showing an upward tendency, possibly owing partly to the prospect of a suspension of work in April. Those having small stocks seem to be anxious. However, the weather in most sections of the country has not been without result. Consumers are showning more interest, inquiries have increased and the sales in January have exceeded those made in December. Some operators report sufficient business ahead to keep their mines going during the month and well into February. The possibility of strike in a England and the railroad dispute are matters much discussed, but so far they have had no general effect on the market. There has been more Slight Decrease Noted in Weekly Crude Oil inquiry regarding contracts. The anthracite situation shows practically no change. Production. Though spot quotations for soft coal show slight changes in various The American Petroleum Institute, in its weekly report districts, the general result indicates comparatively little shifting from of the production of crude oil, on Jan.23 1924 stated that the last week. "Coal Age" index as of Jan. 21 registers the same as it did last estimated daily average gross crude oil production in the week. 182, but the average price is $2 25, an increase of 5 cents. The Midwest markets are reasonably active and dealers are kept busy. United States for the week ended Jan. 19 was 1,889,450 Moreover, the railroda been slow to make deliveries, thus preventing barrels, as compared with 1,896,300 barrels for the pre- an excess of coal from have arriving. With the exception of smokeless coals. ceding week, a decrease of 6,850 barrels. In the correspond- however, prices remain firm. Business at St. Louis is on the upgrade. the demand for bituminous coal and coke being fair, though slow for ing week of 1923 the production was 1,736,900 barrels. anthracite and smokeless coals. Western Kentucky prepared coals are The daily average production east of the Rocky Mountains moving better, including a fair tonnage to Chicago. Smokeless coals for the latest week was 1,190,450 barrels, as compared with are not in good demand in the Northwest. but dealers at Milwaukee are having some good business because of the real winter temperatures. 1,191,500 barrels the preceding week. California production A marked improvement for domestic coals is noted in the Ohio markets. was 699,000 barrels, as compared with 704,800 barrels; Buying at Columbus is general and dealers are placing more orders. Discoal is practically cleaned up and a much better tone has developed. Santa Fe Springs is reported at 140,000 barrels, against tress Steam coals are in much steadier demand and generally there is less shading 151,000 barrels; Long Beach,229,000 barrels, against 230,000 of prices to force sales. At Cincinnati the demand for domestic coals IR barrels; Huntington Beach, 65,000 barrels, no change; and strong. Retail dealers whose stocks have been depleted are calling for prompt shipments. Retail demand at Cleveland is showing more activity. Torrance, 34,500 barrels, against 36,500 barrels. The fol- though operators and jobbers say that the demand from the steel mills is owing are estimates of daily average gross production for very quiet. Other industrial plants continue to buy for current needs. Steadiness is noted in the Pittsburgh market with a moderate demand the weeks indicated: for domestic coals. There is feeling that there will be a suspension of mining DAILY AVERAGE PRODUCTION. on April 1. Demand for steam coal in Now England is unchanged from (In Barrels)Jan. 19 '24. Jan. 12'24. Jan. 5 '24. Jar. 20 '23. last week; textiles are at low ebb. Trade along the Atlantic seaboard Oklahoma 372,250 360.200 365,300 407,850 for domestic consumption is Kansas quiet, but there is a fair volume of spot coal 71,360 71,050 71.400 83.200 moving, North Texas while at Baltimore interest centres in the export situation. 60,900 64,700 57,400 64.950 Central Texas 180,450 181,000 127,700 176.150 North Louisiana 52,550 52.200 53,550 72,000 Arkansas 111.150 110,500 118,000 115,650 Gulf Coast 88,900 Both Bituminous Ccal and Anthracite Production 91,250 123,700 89.400 Eastern 108,000 109,000 108.000 114,000 Wyoming and montana_ Recovers from Holiday Slump. 144.900 151.600 103,050 139,350 California 699,000 704,800 530.000 700,300 The weekly report on the production of bituminous coal, Total 1,889.450 1.896,300 1,884.050 1.736,900 Colder Weather Strengthens the Coal Markets, According to the Trade Journals. The drop in temperature which took place in the past week was effective in spurring the demand for bituminous coal in the markets throughout the country but more especially in the middle West, according to the "Coal Trade Journal," which on Jan. 23 reviewed conditions in the market as follows: Freezing temperatures, the most effective season-end spur to the bituminous coal market, have favored the Middle West more than the Atlantic seaboard during the past week. The result has been a brisk demand for soft coal suitable for domestic consumption from Ohio west. In this. West Virginia, which ships large quantities westward, has also shared. Another factor of strength, less noticeable than the weather stimulus, is the growing desire of industries normally dependent upon the union fields for fuel to be protected against the developments that may occur at the close of the present coal year. This same desire is not absent in certain markets of the East, but negotiations for additional tonnage are conducted so quietly that they leave no impress upon spot trading. The substantial character of the existing demand in the country as a whole, however, is borne out by post-holiday production figures. The output for the second week in January is estimated at 11.921,000 tons-the largest since Dec. 1920. Spot levels, nevertheless,continuo to work lower. Comparing quotations for the week ended Jan. 19 with those of the preceding week, changes were shown in 48.7% of the quotations. Of these changes 53.5% represented advances ranging between 5 and 50 cents and averaging 18.7 cents per ton. The reductions ranged between 5 and 60 cents and averaged 22.4 cents per ton. The straight average minimum for the week was Si 90-2 cents under that for the preceding week. The straight average maximum was $2 17-11 cents less than in the preceding week. Analyses of the changes show that New York and Baltimore are the areas of greatest price depression on the seaboard. At Philadelphia and Boston, prices are fairly constant, although the markets are relatively Inactive. Taking pool prices as a whole, West Virginia quotations on the higher rated pools are uniformly lower than those from Pennsylvania, anthracite and beehive coke issued by the Department of the Interior, through the Geological Survey, Jan. 19 1924, says the production of soft coal recovered promptly after the holiday season, and a sharp spurt in the week ended Jan. 12 placed the tota output at 11,921,000 net tons. This was an increase of nearly 32%, and it was about 12% higher than the rate prevailing just before the holidays. In fact, it is the largest weekly output that has been recorded since December 1920. Production during the present week (Jan. 14-19) started at a high rate, which if maintained will result in a total output close to the 12-million-ton mark. Estimated United States Production of Bituminous Coal(Net Tons), Including Coal Coked. 1923-24 1922-23 Coal Year Coal Year 1Veek. to Date. Week. to Date. Dec. 8 a 9.829,000 377.018,000 10,753,000 248.460.000 Daily average 1,638,000 1,783,000 2,052,000 1,170,000 Dec. 15 a 9,936,000 386,954,000 11.900,000 260,360.000 Daily average 1,656,000 1,779,000 1,983,000 1,192,000 Dec. 22 a 10,543,000 397,497.000 11,042,000 271 ,402,000 Daily average 1,757,000 1,778,000 1,840,000 1,209.000 Dec. 29 a 6,713,000 404,210,000 10.495,000 281,897,000 Daily average 1,343,000 1,769,000 1,749,000 1,223,000 Jan. 5 b 9.068.000 413,278,000 10,529,000 292.426,000 Daily average 1,754,000 1,769,000 2,106,000 1.242,000 Jan. 12c 11.921,000 425.199.000 10.993,000 303,419.000 Daily average 1.987,000 1,774,000 2,074,000 1.260,000 a Final estimate. b Revised since last report. c Subject to revision. Production of soft coal during the 240 days of the coal year 1923-24, and of the five coal years preceding, has been as follows: Years of Activity-Years of Depression1918-19 461.269,000 net tons 1919-20 374,225,000 net tons 1920-21 446,871,000 net tons 1921-22 324,094,000 net tons 1923-24 425.199,000 net tons 1922-23 303,419,000 net tons In respect to the production of soft coal, the present coal year stands far ahead of the years of depression, and is but 6% behind the actix e years 1918-19 and 1920-21. ANTHRACITE. to reach the Production of anthracite in the week ended Jan. 12 failed As against 2,013,000 level of the period immediately before the holidays. output is placed at net tons in the week of Dec. 15 the current week's 1,840.000. will be seen that From the following statement of cars loaded daily it normal: Monday production on Monday and Tuesday wassomewhat below 5,628: Thursday Jan. 7. 4,826; Tuesday Jan. 8, 5,396; Wednesday Jan. 9, 5,763. Jan. 10. 5,851; Friday Jan. 11, 5,470; Saturday Jan. 12, allowance include These estimates of the total production of anthracite coal. and washery dredge, for mine fuel, local sales, Estimated United States Production of Anthracite (Net Tons). 1923-1922 1923-1924--1 Coal Year Coal Year to Date. Week. to Date. Week. Week Ending1,560.000 30.707,000 1.236000 69.329.000 Dec. 29 1923 .000 32,433 1,725.000 70,765.000 000 ,436 al Jan. 5 1924_ 2.113.000 34,546.000 1,840 000 72,605.000 Jan. 12 1924 a Revised from last report. or at 86.8% capacity on a single-shift basis. This number compared with an average of 36,316,828 for November, 35,851,435 for October, 34,941,676 for September, 32,075,013 for August, 32,657,966 for July, 36,897,371 for June, 40,192,970 for May, and 37,692,711 for December, 1922. The average number of active spindle hours per spindle in place for the month was 190. The total number of cotton spinning spindles in place, the number active, the number of active spindle hours and the average spindle hours per spindles in place, by States, are shown in the following statement: Spinning Spindles. State. Active during December. Total. spinAver.per. dle in place. 37,635.709 34,044,870 7.139,371,847 190 16,747,046 Cotton-growing States New England States_ _ _ _ 18,862,001 2,026,662 Al other States 16,254,183 16,080.133 1,710,554 4,067,109,646 2.759,447.516 312.814,685 243 146 154 1.330,579 1,310,436 2,706,061 1,142,692 11.952,272 1,448.946 446,970 1,041,954 5,672,327 204,994 2,862,847 5,173,273 456,624 691.216 1,194.518 1,267,854 1,225.241 2,600,054 1.081,583 9,945,643 1,023,576 424,812 871,052 5,522,054 151,119 2,661,586 5,088,335 447.600 668.472 1.067,889 308,503,405 234,701.422 638,040,745 181.931.119 1.642.010,547 158.091.125 74,984,520 159.702,228 1,363,447,200 26.866.845 519,720,057 1,378,626.919 105,465.678 113.544,881 235,735,156 230 179 236 159 137 109 168 153 240 131 182 266 231 164 197 Alabama Connecticut Georgia Maine Massachusetts New Hampshire New Jersey New York North Carolina Pennsylvania Rhode Island South Carolina Tennessee Virginia All other States Estimated Production of Beehive Coke (Net Tons). 1924. 1923. Week Ended Jan.12'24a..fan.5'24bJan .13'23. to Date. do Date. 465,000 Pennsylvania & Ohio 199,000 192.000 260,000 359,000 37.000 25,000 20,000 14,000 14.000 West Virginia 27,000 37,000 21,000 13,000 Ga 16,000 21.000 15,000 11.000 7.000 9.000 Virginia 12.000 11,000 6,000 6,000 6.000 Colorado & New Mex 8.000 9.000 5,000 4.000 4,000 Washington & Utah.. 236,000 39.000 323,000 54,000 445,000 37.000 581.000 48.000 a Subject 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 Jan. 12 stood at 445,000 net tons. Figures for similar periods in earlier years are as follows: 108.487 net tons 427,247 net tons 1922 1920 257,165 net tons 270,251 net tons 1923 1921 Active Spindle Hoursfor Dec. In place Dec. 31. United States BEEHIVE COKE. The production of beehive coke recovered in the week ended Jan. 12 but failed to equal the pre-holiday rate. The total output is estimated at 248,000 net tons, against 236,000 in the preceding week and 251,000 in the week before Christmas. Improvement occurred in all the eastern districts except West Virginia. In that State and in the Western States production was practically the same as before. According to the Connellsvine "Courier," production in the Connellsville region increased from 186,810 to 192.050 tons. United States total 248.000 41.000 Daily average 371 THE CHRONICLE J.261924.] Cottonseed Production During December. On Jan. 19 the Bureau of the Census issued the following statement showing cottonseed received, crushed, and on hand, and cottonseed products manufactured, shipped out, on hand, and exported, covering the five-months' period ending Dec. 31 1923 and 1922. COTTONSEED RECEIVED. CRUSHED. AND ON HAND (TONS). ' Received at Mills* On hand at Mills Crushed Aug. 1 to Dec. 31. Aug. Ito Dec. 31. December 31. Domestic Exports of Cotton, Cotton Cloths, Yarn, State. 1923. 1922. 1922. 1923. Thread and Hosiery-High Prices Swell Values. 1922. 1923. 82,963 145,854 16,150 34.408 On Jan. 22 the Department of Commerce at Washington Alabama 98,661 178,242 149.025 249,183 122.623 158,255 26,986 89,427 gave out its report for the month of December and the Arkansas 164,830 206,258 133,831 149,043 32.172 58,888 Georgia 71,814 26,245 23,772 77,064 96,110 103,305 of the exports of December, Louisiana twelve months ending with 214.008 332,150 153,019 226.289 61.487 106.155 MississIPPI 239,902 226,619 163.727 164,529 76.471 62,776 cotton, cotton cloths, yarn, thread and hosiery. It will be North Carolina 178,319 177,961 127,091 119,889 51.427 58,697 Oklahoma 94.430 24,624 20,151 noticed that values have in many eases increased in face of a South 142,220 113.373 118,235 Carolina 133,635 239.393 106,833 150.231 25,495 89.340 the from Tennessee reduction in the quantity exported. This follows 370,488 203,574 678,400 826,992 877,830 1,189.347 Texas 78,006 27,218 42,781 83.126 109.834 121,009 higher prices prevailing. In quantities the exports of cot- All other 2.723.086 2.818.1211 L995.504 2.036.7411 738.761 789.949 ton manufactures have quite generally declined. Below is TTnItnel States tons on hand the report in full: •Includes seed destroyed at mills but not 12.786 tons and 13,168 and 90,799 tons reshipped for 1923 and 1922, respectively. -Month of December- -12 Months ended Dec.- Aug. 1, nor 71,594 tons 1922. 1923. 1922. 1923. AND ON 5,279,015 COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, 6,113.813 845,581 607,853 Raw cott'n, incl. Haters bales HAND. $79,719,886 3148,701,509 3673,249,613 3807,092,390 Value Cotton manufactures, total_ $11,321,930 510,613,656 8138,701,617 3138,010,223 Cotton cloths,total. eq.yds. 41,098,949 34,824,336 587,492,532 464,293,759 Shipped Out Produced On Hand Value 36,623,634 35,952,883 $85,232,112 $79,312,802 Aug. 1 to Aug. 1 to Season. On Hand Item. 8,929,817 639,417 10,939,685 Dec. 31. 833,876 Dec. 31. Cotton duck Dec. 31. 1111.Yds. Aug. 1. 3295.132 $4,860,753 $4,064,770 Value 3301,005 Other ootton cloths1923-24 '5,103,348 586,371,796 484,931,068 .140,863,176 (pounds). oil Crude 7,591,728 177,172,182 103,288,881 sq.yds. 11,293,805 'Unbleached 6,905.409 615,835,886 544.065,034 109.443,595 1922-23 81,404,138 $1,069,664 $19,296,926 313,731.328 Value 4146,962.600 1923-24 0138,112,489 8396,083.249 6,952,164 99,681,739 77,635,357 Refined oll(pounds) 1922-23 163,851,360 448,794,287 sq.yds. 5,495,870 Bleached 147,128,523 8875,636 $1,058,336 313,871,473 $12,287,691 217,593 744,848 912,650 49,791 1923-24 meal (tons) & Cake 7,469,853 113.319.448 102,202,243 sq.yds. 8,088,244 Printed 175,310 816,529 924.924 66,915 1922-23 $1,175,673 $1,092,900 814,802,468 $15,196,072 Value 185,740 397,676 567,762 15,654 1923-24 6,252,860 101,467,669 99,577.461 Hulls(tons) 8,604,329 163,683 Piece dyed 458,608 593,674 28,617 1922-23 31,272,598 818,111,287 319,679,792 $1,599,841 160,151 Value 270,256 402,838 27,569 1923-24 5,918,314 84,911,809 72,662,000 Linters (500-1b. se.yds. 6,784,825 83,521 Yarn dyed 303,544 348,136 38,929 1922-23 bales) $1,267,341 $1,164,253 $14,789,205 $14,353,149 Value 6,352 12,658 11,745 7,265 1923-24 (5004b. Hull fiber 22.605 Cotton yarn,thread,&c 40,952 29,215 34,342 1922-23 bales) 397,410 9,641,982 558,725 7,327,227 6,058 Carded yarn 7,555 12,008 1,605 1923-24 motes,drc Grabbots, 3204,649 83,451,516 $3,299,164 $236,961 Value 2.796 6.570 7.932 1.428 (500-1b. bales) _._ 1922-23 397,815 5,861,878 461,668 lbs. 4,754,157 Combed yarn $275,167 $3,364,148 83,333,508 3299,527 Value • Includes 1,032,229 and 10,243.489 pounds held by refining and manufacturing and conSewing,crochet,darning establishments and 1370,910 and 26,278,750 pounds in transit to refiners 1,944,640 136,429 197,465 1,809,013 sumers Aug. 1 1923 and Dec. 311923. respectively. & embroidery coVn_lbs. and $217,270 $156,202 32,034.732 $2,065,520 Value a Includes 3.783.784 and 9,135,732 pounds held by refiners, brokers, agents, and 4,792,604 doz.pr. 427,655 315,220 5,159,750 warehousemen at places other than refineries and manufacturing establishments Cotton hosiery oleosubstitute, lard of 39.221,834 $834,974 5589,425 $10,525,183 8,670,531 and 4,139,760 pounds in transit to manufacturers Value margarine, soap, dec., Aug. 1 1923 and Dec. 31 1923, respectively. b Produced from 433,916,266 pounds crude oil. Activity in the Cotton Spinning Industry for EXPORTS OF COTTONSEED PRODUCTS FOR FIVE MONTHS ENDING DECEMBER 31. December 1923. of Commerce announced on Jan. 21 that Department The according to preliminary figures compiled by the Bureau of the Census there wore 37,635,709 cotton spinning spindles in place in the United States on Dec. 31 1923, of which 34,044,870 were operated at some time during the month, compared with 34,101,452 for November, 34,378,60 for October, 33,929,885 for September, 33,708,667 for August, 34,237,887 for July, 34,843,421 for June, 1923, and 34,976,103 for December, 1922. The aggregate number of active spindle hours reported for the month was 7,139,371,847. During December the normal time of operation was 25 days (allowance being made for the observance of Christmas Day), compared with 253c for November, 26% days for October, 24% for September, 27 for August, and 25 for July. Based on an activity of 8.74 hours per day, the average numwas 32,674,471, ber Gf spindles operated during December Item. 011, crude Oil, refined Cake and meal Linters pounds pounds tons running bales 1923. 1922. 12,900,735 6,502,902 69.223 28.262 10,931,512 23,394,694 123.933 14.199 Advance in Farm Wages During Year. Farmers were required to pay higher wages to male farm labor during 1923 than in the two preceding years, the United States Department of Agriculture reports under date of Jan. 4. The average rate per month with board in 1923 was $33 18, in 1922 it was $29 17, and in 1914 the rate was $21 05. The average monthly rate without board in 1923 was $46 91, in 1922 it was $41 79, and in 1914 the rate was $29 88. Day wages for harvest labor, with board averaged $2 45 in 1923, as compared with ..c.t2 20 378 THE CHRONICLE [VOL. 118. in 1922 and with $1 55 in 1914. For farm labor other Employment and Wag,,s in Pennsylvania, Compiled by Federal Reserve Bank than .at harvest time the rate per day with board was of Philaddphia and the Department of Labor and Industry, $1 93 Commonwealth of Pennsylvania. in 1923, as compared with $1 65 in 1922, and with $1 13 Increase(+) or Decrease(-) in 1914. The peak year in wages of farm labor in recent December 1923 over November 1923 No. of years was 1920, the Department points out. The Average Plants Total Employdeflation Group and IndustryWages. Wages. Reporting. mew. of general prices then began and farm wages continued to All Industries(39) 684 -1.3 +2.0 Metal manufactures decline until the fall of 1922, when an upward 248 -1.6 -4.5 +3.0 trend developed. Automobiles, bodies and parts 19 +2.0 +2.2 +1 Car construction and repair 12 +14.0 -2.2 -14.2 Electrical machinery and apparatus 21 +5.4 +1.3 +4.0 Engines. machines and machine tools_ 19 Smaller Winter Wheat Area Indicated. +7.4 + .6 Foundries and machine shops 57 -2.1 +1.1 -3.1 Heating appliances and apparatus.... 15 Decreased winter wheat seedings in -1.6 -2.1 +.5 the United States, Iron and steel blast furnaces 11 +1.7 -1.7 -.1 Canada,and Rumania ascompared Iron and steel forgings 11 -6.5 with last year are reported -11.5 Steel works and rolling mills 43 -1.5 -1.1 --2.6 by the United States Department Structural iron works of Agriculture in its 9 -3.8 -11.9 -8.4 Miscellaneous iron and steel December review of world 27 +9.2 -9.2 -.8 agriculture. The Department, Shipbuilding 4 -3.8 +8.1 +4.0 under date of Jan. 4, said: Textile products 173 +1.2 -1.9 Carpets and rugs 11 The area seeded to date in the three countries -11.1 -5.5 -15.9 Clothing is estimated at 44,273,200 27 +4.0 +31 +7.8 acres, as compared with 51,384,900 acres Hats, felt and other reported to the same date last 4 -1.7 -2.8 -4.5 year. Fall seeclings in Russia are also reported Cotton goods 14 +11.5 +3.7 +15.7 to be less than last year. Silk goods Reported exports of wheat from the United 44 -3.9 -1.7 -5.5 States in December were Woolens and worsteds 22 -2.6 +1.5 -1.2 4,750,000 bushels, as compared with 9,700,000 Knit goods and hosiery bushels in December last 44 +5.6 +5.3 year. The first shipments of Russian Dyeing and finishing textiles 7 grain, including 20,000 bushels +22 -2.6 -5.3 of wheat and 25,000 bushels of barley, to Foods and tobacco 72 -1.1 +1.8 +2.9 the United Kingdom since the Bakeries war, arrived during the month. Other 21 -3.6 +5.2 +1.4 shipments are reported en route. Confectionery and ice cream 20 -5.1 +.6 -4.6 Foreign trade in American pork products Slaughtering and meat packing continued heavy during early 13 +1.7 +4.2 +2.5 December. the German demand for lard Cigars and tobacco 18 +4.5 +3.7 and bacon being particularly Building +8.4 materials active. There was a distinct improvemen 54 -2 -32 t in the German market for Brick, tile and terra cotta products... 12 foreign agricultural products generally, it +4.8 -6.0 --1.5 seemingly being easier for German Cement 14 -1.1 -2.7 --4.0 merchants to import from abroad than to Glass buy from German farmers, the 24 -.6 -4.3 --4.9 Department says. Pottery 4 -6.2 -9.2 Chemicals and allied products Despite greatly increased numbers of swine 27 -1.6 -.5 -2.1 in Germany, slaughterings Chemicals and drugs +42 -1.1 16 have been low until recently, and it is +3.5 reported that the Government Is Paints and varnishes -8.4 e +12.5 +3.1 contemplating measures to compel peasants to Petroleum refining -.4 5 market their surplus hogs. -3.0 -4.0 Such action would materially cut down industries 110 -2.0 +2.5. the demand for American lard Miscellaneous +.4 Lumber and planing mill products... and bacon, the Department says. -3.4 8 -1.6 +1.9 Currency stabilization is expected to Furniture +5.9 17 +.2 +6.2 encourage German farmers to sell their Leather tanning products more freely. +2.2 23 -2.3 -.2 World production of several crops for Leather products +3.1 3 -9.8 1922 and 1923 is estimated as -7.1 follows: Bootsand shoes +8.4 24 -6.5 +1.3 Paper and pulp products --6,g -3.6 13 -3.5 1923, Bushels. 1922,Bushels. Printing and publishing -1.6 19 +.8 -.s Wheat (37 countries) Rubber tires and goods 3,404,000,000 3,052,000,000 +23.0 3 +27.6 +3.7 Rye (26 countries) 952,000,000 839.000,000 Barley (32 countries) 1,128,000.00 998,000.000 0 Employment and Wages in New Jersey, Compiled by Federal Reserve Bank Oats (28 countries) 3,586,000,000 3,142,000.000 of Philadelphia. Corn (12 countries) 456,000,000 367,000,000 Increase or Decrease Flaxseed (24 countries) 127,000,000 83,000,000 Number December 1923 Over November 1923. of Plants Average Total Group and IndustryReporting. Employment. Wages. Wages. Crop Estimates to be All industries(38) 347 +2.6 +.5 +3.1 Improved by more Frequent Metal manufactures +7.9+5.5 96 +2.4 Farm Censuses. Automobiles bodies and parts 6 +11.8 +11.8 Electrical machinery and apparatus_ _ _ 15 --Lii +4.4 +3.2 Greater accuracy in crop and livestock estimates will be Engines, machines and machine tools_ 17 -3.8 +4.0 +8.1 Foundries and machine shops made possible by taking an 15 +6.9 -.9 +6.0 agricultural census every five Heating appliances and apparatus_ _ 3 +4.2 +.2 years, declares W. A. Schoenfeld Steel works and rolling mills +1.5 6 +17.1 +15.4 , Chairman of the Crop Structural iron works +4.1 3 +4.0 Reporting Board of the United States Miscellaneous iron and steel +11.5. Department of Agri20 +22.3 +9.6 Shipbuilding 4 +18.4 +18.8 +4 culture. Congress has already passed the basic law for Non-ferrous metals 7 -3.1 -1.4 Textile products taking such a census in 1925. Mr. 87 +.5 +3 Schoenfeld, in a stateCarpets and rugs 3 +2.0 +2.9 +.9 ment made public Jan. 2, said: Clothing 12 -2.4 +2.0Hats, felt and other 5 Annual agricultural estimates are necessarily +29.2 + L7 +27.0 based in part upon census Cotton goods 9 +3.4 +4.5 +1.1 enumerations. This base is annually reconstructe Silk goods d for crop-reporting 26 +1.0 purposes, but should be checked up by an Woolens and worsteds 11 +4.7 actual census every five years, -i-Yo -2.5If possible. Knit goods and hosiery 4 +13.8 +8.6 Dyeing and finishing textiles 10 Possible discrepancies in the estimating -8.0 -6.4 of acreage and numbers of Miscellaneous textile products 7 +4.6 +2.6 livestock will be minimized by the more frequent taking of agricultural Foods and tobacco 13 +.6 +.4 censuses, the effect of which will Canneries 7 be to improve considerably the accuracy -5.8 +4.0' of acreage and other estimates. The Cigars and tobacco 6 +14.0 -6.2 +7.0 proposed 1925 census will be of Building materials 26 particular value as showing the agricultural +2.2 +2.9. readjustments in the post-war Brick, tile and terra cotta products.... 9 +.4 +2.7 +3.1 period that we are now going through. GI -1.9 +8 Pottery 13 +.1 +3.6 +32* Chemicals and allied products 42 -.4 Chemicals and drugs 24 -.8 -,8 Employment and Wages in Pennsylvania and Explosives 37 9 -12.3 Paints and varnishes 6 +9.6 +8.5 New Jersey in December. Petroleum refining 3 +.7 Miscellaneous industries 83 The monthly statement relative to wages and -.7 +2.8 +3.5. employment Furniture 5 +7.4 +6.7 in Pennsylvania and New Jersey, compiled Musicalinstruments 5 -3.7 -4.8 -1.2 by the Federal Leather tanning 12 +1 +4.4 +4.3 Reserve Bank of Philadelphia and the Departmen Leather products 4 -2.1 -6.0t of Labor Boots and shoes 5 +2.5 and Industry of the Commonwealth of Pennsylva +6.4 +3.8 Paper and pulp nia, says: products 10 +1.7 +10.2 +8.3 Printing and publishing According to reports received from 684 5 +12.6 +16.6 +3.5 manufacturing establishments in Rubber tires and goods 15 +8.0 39 industries in Pennsylvania, employment +17.3 +8.7 Noveltiesand Jewelry decreased a little more than 11 +5.0' +2.9 3% in December, as compared with November; Another industries 11 total wages declined 1.3% +12.6 +5.9 and average weekly wages increased about 2%. Most of the 39 industries represented showed losses in employment, the largest declines being made in the case of car construction and repair shops, carpet and rug mills, miscellaneous iron and steel plants, and structural iron works. A few of the in- Executives of Community Trust to Meet in New York dustries represented, notably electrical machinery manufacturers, shipbuilding establishments, brick and tile plants, chemical February 13. and drug, and paint and varnish factories, showed increases in employment, but in nearly all other Executives of Community Trusts from throughout the instances employment decreased. Average weekly wages, however, in- country will meet in New York on Feb. 13 according to a creased in most cases, owing to the fact that the lower paid workmen were laid off in those plants where employment declined. The largest increases statement issued this week by Frank J. Parsons, 55 Cedar in average wages were reported by car construction and repair shops, ma- Street, Chairman of the Committee on Community Trusts, chinery establishments, cotton mills, boot and shoe factories and rubber tire in the Trust Companies Division factories. These increases in some cases reflected longer the American Bankers working hours. The total volume of employment in New Jersey, as indicated in the re- Association. A business session will be held at the Hotel 347 establishments in 38 different industries show a slight ports of increase Commodore, followed by a luncheon. Mr. Parsons said: in December as compared with November. In that month employment increased .5%; total wages paid by reporting plants 3.1% and average wages It is ten years this month since the founding of the first Community advanced 2.6%. The industries reporting the largest increases in employ- Trust in Cleveland, now there are upwards of forty. The movement is. ment were shipbuilding, cigars and tobacco, printing and publishing, rubber spreading so rapidly that here and there we find evidence of "growing tires and goods and miscellaneous iron and steel plants. In nearly all of pains." We shall meet and trade symptoms. these industries total wages paid and average weekly earnings of workers Thomas Williams of Ichabold T. Williams & Sons, newly also increased. In spite of the rather large increases in employment in these industries, many lines reported decreases in employment, notably heat- elected Chairman of the New York Community Trust's ing appliances and apparatus, clothing establishments, miscellaneous tex- Distribution Committee estimated that representatives of a tile mills, canneries, explosive plants and leather factories. In nearly all score of Community Foundations would be present at the cases total wages paid were larger in December than in November and average weekly earnings also showed marked increases in nearly all industries, February meeting. The mid-winter conference of trust owing largely to longer working hours. companies will take place at the same time. a JAN. 26 1924.] 379 THR CHRONICLE Current Events and Discussions member banks of the Reserve System. In the following is The Week with the Federal Reserve Banks. a summary of the changes in the principal items furnished Reserve Federal in decreases smaller Continued though with a week and a year ago: compared as note circulation at all Federal Reserve banks, amounting Increase (+) or Decrease (-) relatively a with together During $34,500,000, to aggregate in the Year. Week. an and small decrease of $5,800,000 in earning assets, -$54.000.000 +8364,000,000 Loans and discounts-total -73,000,000 Secured by U.S. Government obligations. -5,000,000 increase of $18,600,000 in deposit liabilities, are shown +68,000,000 -41,000,000 Secured by stocks and bonds +369,000.000 -8,000,000 All other in the Federal Reserve Board's weekly consolidated state- Investments, -12.000,000 -370,000,000 total -126,000.000 +8,000.000 ment of condition of the Federal Reserve banks at close of U. S. bonds -119,000,000 +9.000,000 U. S. Treasury notes business Jan. 23 1924, and which deals with the results for -103.000,000 -6,000.000 U. S. Certificates of Indebtedness -22,000,000 securities and stocks -23,000,000 bonds, Other the 12 Federal Reserve banks combined. The reserve ratio Reserve balances with F. R. banks +3,000,000 -11.000,000 -31.000.000 rose from 80.1 to 80.4%. After noting these facts, the Cash in vault +23,000,000 -291.000,000 Net demand deposits +377.000,000 +6.000,000 - Federal Reserve Board proceeds as follows: Time deposits -15,000,000 -160.000,000 A net increase of $6,600,000 is reported in holdings of bills discounted, Government deposits -12.000.000 -65.000,000 accommodation at F. R. banks the New York and San Francisco banks showing the principal increases Total of $12,200,000 and $4,100,000. respectively. A decrease of $3,600,000 is shown by Cleveland, of $2,200,000 by Boston, and of $1,300,000 by Gold and Silver Imported Into and Exported From the Kansas City. Discounted bills secured by U. S. Government obligations United States, by Countries, for December. increased by $13,200,000, amounting to $272,900,000 on Jan. 23. Of The Bureau of Foreign and Domestic Commerce of the this total, 8146.400.000 was secured by Liberty and other U. S. bonds, $119,100,000 by Treasury notes, and $7,400.000 by certificates of in- Department of Commerce at Washington has made public debtedness. and exports of gold Holdings of acceptances purchased in open market declined by $16.- its monthly report, showing the imports 700,000, the New York bank showing a decrease of $10,300,000. An and silver for the United States for the month of December. Increase of $44,300,000 is shown in Government security holdings, all of We give it below: the banks except Chicago participating in the increase. For the fourth consecutive week. all Federal Reserve banks report SILVER. GOLD. declines in Federal Reserve note circulation, the principal decreases during Total Value. Refined Bullion. Total Value. Countries. the current week being as follows: Philadelpnia, 89,200.000; Calcago• 84.500.000. and San Francisco, $4,400,000. Since Dec. 26 of last year Imports. Exports. Imports. Exports. Imports. Exports. to declined has from 52,340,400,000 Federal Reserve note circulation Dollars. Dollars. Ounces. Ounces. Dollars. Dollars. $2.049,800.000, or by $290,600,000, compared witii a decline of $242,26,272 Bulgaria 800.000 during the corresponding period in 1923. 400 2.817 _ _ _ Czechoslovakia Gold reserves decreased by $5,500,000 during the week, reserves other 19,548 5,208,526 France 1,995 than gold increased by $6,600,000, and non-reserve cash declined by Germany 2,375.250 55,000 Netherlands 55.600,000. 11,000 and Danzig The statement in.full, in comparison with the preceding Poland 1,787 4,827 Portugal 1,783 2,492 week and with the corresponding date last year, will be found Sweden 37,168 212,485 323,690 15,135,476 England 154,082 681,290 114,671 236,478 141,168 sum1,881,161 A 410. and Canada on subsequent pages, namely pages 409 3,318 1,744 46,958 Rica 1,000 1,244 mary of changes in the principal assets and liabilities of the Costa 13,000 Guatemala 2,000 34,732 2,852 Reserve banks during the week and the year ending Jan. 16 Honduras 16,497 91,800 Nicaragua 108 169 66,238 Panama 1924 follows: 6,534,249 81,960 628,909 330,061 5,623,097 Increase (+) or Decrease (-) Mexico 1,315 Tobago & Trinidad During 1,872 Other Brit. West In. Year. Week. 30.000 18,173 +849,600,000 Cuba +81,200,000 Total reserves 3,765 +71,500,000 Haiti -5,500,000 Gold reserves 8.162 5,205,783 -189.400,000 Argentina -5.800.000 Total earning assets 11,927 Bolivia -29.000.000 +6,600.000 Bills discounted. total 125,458 1,515 • 22,645 -68,500.000 Chile +13,200,000 Secured by U. S. Govt. obligations_ 11,812 11,559 208,173 +39,500,000 Colombia -6,600,000 Other bills discounted 4,006 82,507 • +71.500,000 Ecuador -16,700,000 Bills bougat in open market 215 • -231,000,000 British Guiana +4,300,000 U. S. Government securities, total 63 29 11,171 Guiana_ Dutch -8,800,000 Bonds 518,981 4,550 178,304 -61,600,000 Peru Treasury notes +4.300.000 10,088 Uruguay -161,500.000 of Certificates indebtedness 55 86 38,390 -171,500.000 Venezuela Federal Reserve notes in circulation-- -- -34.500.000 3,264,245 5,050,964 +27,500.000 British India Total deposits +18.600.000 5,772,600 328 8,969,642 771.546 China +10.400,000 -1.400,000 Members'reserve deposits 65,515 21,727 +28,100.000 Dutch East Indies. 170,626 +21,700.000 Government deposits 32,711 51,111 174,300 • Other deposits -11.000,000 Hong Kong -1,700.000 2.402 156.008 Philippine Islands127 4,390 Australia 104 95,824 New Zealand The Week With the Member Banks of the Federal Portuguese 19,117 211,341 Africa_ 2,637 Switzerland Reserve System. 22841 228 711 820 8.0041.083 14 AIR 117R R 172 mil 0.821.08.3 Total loans and investAggregate reductions of $66,000,000 in ments and of $65,000,000 in accommodation at the Federal Reserve banks together with an increase of $23,000,000 in net demand deposits are shown in the Federal Reserve Board's weekly consolidated statement of condition on Jan. 16 of 762 member banks in leading cities. It should be noted that the figures for these member banks are always a week behind those for the Reserve banks themselves. All classes of loans show reduced figures for the week, loans on United States securities declined by $5,000,000, loans on corporate securities by $41,000,000 and all other, largely commercial, loans, by $8,000,000. An increase of $11,000,000 in United States securities is more than offset by a decrease of $23,000,000 in other bonds, stocks and securities. Further comment regarding the changes shown by these member banks is as follows: Member banks in New York City report a decrease of 57,000,000 in loans on Government obligations and a decrease of $37,000.000 in loans on stocks and bonds, while their other loans show an increase of 516.000,000. Total investments of these institutions declined $15.000,000 during the week. Net demand deposits of all reporting institutions show an increase of $23,000,000 for the week and time deposits an increase of 56,000.000. Net withdrawals of Government deposits amounted to 515.000,000. Reporting banks in New York City show an increase of 55,000.000 in time deposits and reductions of 82.000,000 in net demand deposits and of $4,000.000 in Government deposits. Reserve balances of all reporting banks increased by 83,000.000 while cash in vault decreased by $31,000.000. The New York City members report an increase of 526,000,000 in reserve balances and a reduction of 38.000.000 in cash holdings. Member bank borrowings from the Federal Reserve banks declined from $349,000,000 to $284.000,000. Reduced figures are shown for the banks in all reserve districts. On a subsequent page-that is, on page 410-we give the figures in full contained in this latest weekly return of the New Capital Issues in Great Britain. The following statistics have been compiled by the Midland Bank, Ltd., formerly the London Joint City & Midland Bank, Ltd. It is explained that these compilations of issues of new capital, which are subject to revision, exclude all direct borrowings by the British Government for national purposes, shares issued to vendors, allotments arising from the capitalization of reserve funds and undivided profits, issues for conversion purposes, short-dated bills sold in anticipation of long-term borrowings, and loans by municipal and county authorities except in cases where there is a specified limit to the total subscription. They do not include issues of capital by private companies except where particulars are publicly announced. In all cases the figures are based upon the prices of issue. New Capital Issues* in Great Britain by Months. [Compiled by the Midland Bank Limited.] 1922. 1921. 1920. January February March April May June July August September October November December 42,446,210 35.213,793 69,355.644 45,795.840 20,860,980 27,559,699 43.422,343 9,855,340 20,064,482 28,152,110 33,021,283 8.463,094 22,468.915 10,362.523 25,518,471 14,764,670 17,187.148 33,918,846 7.352,604 3 058 511 9,951,476 33,358,634 18,500,630 19,353,026 42.343,378 25.996,607 24.867,127 17.167.267 35.782,757 21.989,855 18.627.347 1 096 650 5.187,878 25.330,678 9.741,909 7.537,097 1923. 21.051,940 9.956,913 14,880,184 16,028,040 26.844.923 34.762,654 20.859.046 1%307,677 4.329.308 38,575,854 13,468,450 1.694.765 Year 384.210.818 215.795.454 235.668.550 203.759.754 •Excluding British Government loans raised directly for national purposes. 380 THE CHRONICLE [vox,. 118. Geographical Distribution of New Capital Issues* in Great Britain by Months [Compiled by the Midland Bank Limited.] £1,250,000 British Loan to Argentina. Great India & British Foreign The following from Washington, Jan. 21, appeared in the Britain. Ceylon. Possessions. Countries. Total. 1922— Z Z Z £ Z New York "Journal of Commerce": January_ _ _ 27,422.000 20.000 8.076 000 6 825 000 42.343.000 February.. _ 6 570 000 5 195,000 14.232,000 25.997,000 The Argentine President has accepted an offer for a revolving credit of March ____ 9,602.000 100,000 5 655 000 9 510 000 24.867 000 £1,250.000 from a British banking firm, the Department of Commerce was April_ _ _ __ _ 5 899.000 8,095.000 3,173.000 17.167.000 May 9,049,000 1.938.000 7.741,000 17,055,000 35.783.000 advised to-day. The terms of the credit stipulated that the loan for any June 6,055,000 12.020.000 410.000 3,505,000 21,990,000 part of the above amount could be taken up at the convenience of the ArgenJuly 12,108,000 4.204,000 1.828,000 488,000 18,628,000 tine Government and would be for a term of 120 days at the ruling rate of August....., 796.000300.000 1,096.000 interest in force at the time of the loan. September_ 4.745,000 -132:865 111.000 5,188,000 October_,... 7.691.000 17.351,000 .84.000 204.000 25,330,000 November.., 5,579.000 114.000 1,830.000 2,219,000 9.742,000 December _ 4,952,000 39,000 74.000 7,537,000 Lisbon Exchange Closes—Temporary Shutdown Due to 2.472,000 Year.. __ _100,488.000 36.118,000 39 399.000 59,683,000 235,668,000 1923— January_ _ .. 1.736.000 670.000 9,202,000 9.444.000 21,052.000 February_ - 1.241.000 286.000 6.566,000 1.864.000 9.957,000 March 10.940.000 672,000 2.912.000 356,000 14.880.000 April 5,923,000 1.454.000 4,759.000 3,892.000 16,028,000 May 4.830.000 18.050.000 3.511.000 454.000 26.845.000 June 8.205,000 970,000 3.408.000 22,179,000 34.762.000 July 9.322.000 1,239,000 4.868,000 5.430,000 20.859.000 August 423.000 295,000 277,000 313.000 1.308,000 September_ 522.000 2.138,000 1,689,000 4,329,000 October.._ 17,659,000 19.483,000 1 434.000 38,576,000 November.. 6,172,000 1.694,000 4.474.000 1,129,000 13.489,000 December _ 611.000 61,000 588.000 1,695,000 435,000 Year 67,584.000 25,391.000 62,186.000 48.599.000 203 760,000 *Excluding British Government loans raised directly for national purposes. New Capital Issues* in Great Britain by Groups. [Compiled by the Midland Bank Limited.] Year— 1920. 1922. 1923. Governments: z , Z Z Great Britain 7,500,000* 17,100.000* -----India and Ceylon 18,000,000 29.000,000 British Possessions 11,970,000 29,394.800 44.086.142 Foreign countries 14.264.125 26,936.900 Total Municipalities and Publlc Boards: Great Britain India and Ceylon British Possessions Foreign countries Total Railways: Great Britain India and Ceylon British Possessions Foreign countries 19,470.000 89.748 925 89 023 042 53,969,750 8,246,809 3.533.085 3,894.512 7.087 500 531.875 3.421.750 1,994,600 53,969,750 22,761.906 5,948,225 6,552.940 8.883,625 805.000 14.532.300 3,023,700 5.963 030 1.616.000 Total Governments, Municipalities. Public 1 616 000 Boards and Railways 75,055.750 Banks & Discount & Insurance cos.... 19,651.909 Breweries and Distilleries 3.042.881 Commercial and Industrial 180,262.070 Electric Light and Power 1.982,394 Financial. Land, Investment & Trust 13,079.634 Gas and Water 1 447 395 Iron, Coal. Steel and Engineering 40.251,598 Mines 5.787.886 Nitrate 100.000 011 16,683.252 Shipping and Canals and Docks 15,635,372 Tea,Coffee and Rubber 6.642,499 Telegraphs and Telephones 3,039.650 Tramways and OmnThuses 1,548,548 21,890,240 15.870,355 Fall in Portuguese Rate. Lisbon advices, Jan. 22, published in the New York "Evening Post," said: Owing to the fall in the exchange value of the Portuguese money, it is stated by the newspaper "Secolo," the Lisbon Exchange will be temporarily closed and all market purchases of gold must be made through the official savings bank. Announcement has been made in Parliament of the Government's intention to take measures to prevent speculation in the exchange market. Sale of $3,000,000 Bonds of Federal Intermediate Credit Banks. The sale of $3,000,000 43/2% debentures of the Federal Intermediate Credit Banks was announced by Goldman, Sachs & Co., Salomon Bros. & Hutzler, Lehman Bros., F. S. Moseley & Co. and A. G. Becker & Co. The debentures are to be dated Feb 1 1924; the price at which they were offered, and their maturities, are as follows: $1.500,000 due February 1 1925 to yield 4.50%• 1,000.000 due February 1 1928 to yield 4.55%. 500,000 due February 1 1927 to yield 4.60%. The debentures will be in denominations of $1,000, 85,000 and $10,000. Interest will be payable February and August 1. According to this week's announcements, the total outstanding debentures of all the banks, including this issue, will, on Feb. 1, be $30,500,000. The last previous offering of debentures of the Federal Intermediate Credit Banks was referred to in these columns Dec. 1 1924, page 2379. 134,401.071 110,841,622 1.892 851 1,408,154 5.186.413 1.694,675 25.869 269 37.321,396 9.923,666 3,239,517 9.598.286 7,237.338 2,451.255 2.655,434 9.802,965 14,422.128 1,822,493 4,426.394 856.812 1,682.500 17,030,502 4.427.848 16.892,850 4.550,058 3,473,655 472,950 890,900 2,339,500 961.278 1,654.546 Offering of Bonds of California Joint Stock Land Bank. At 101 and interest, to yield over 4.87% to 1934 and 5% thereafter, Blyth, Witter & Co.offered on Jan. 21 a $1,000,000 issue of 5% Farm Loan bonds of the California Joint Stock Land Bank of San Francisco. The bonds, which are issued under the Federal Farm Loan Act, are dated Jan. 1 1924, will become due Jan. 11954, and are redeemable at Total 384,210,818 235.668.550 203.759,754 par and accrued interest at option of the Bank on Jan. 1 *Excluding British Government loans raised directly for national 1934 or on any interest date thereafter. They are coupon purposes. bonds, fully registerable and interchangeable, and are in denominations as follows: Coupon,$1,000; registered, $1,000 Argentine Government Bonds—Statement by and $5,000. Principal and semi-annual interest (Jan. 1 and Syndicate. On behalf of the syndicate which last week offered $40,- July 1) are payable at the holder's option at the bank of 000,000 Argentine Government external gold bonds (re- issue, or at the fiscal agent in New York, Chicago or St. ferred to by us on Saturday last, page 271), the following Louis. The California Joint Stock Land Bank, which operates in California and Oregon, is controlled through enstatement was issued on Jan. 22: As there appears to be some misapprehension as to the obligation of the tire stock ownership by the Bank of Italy, California, which bankers under the contract entered into on Sept. 5 1923 for the Issuance of institution has resources in excess of $300,000,000. The 6% external gold nonds of the Government of the Argentine Nation, of following is the financial statement of the California Joint which $40.000,000 bonds were issued last week,and the possibility offurther Issues of bonds at the present time, Kuhn. Loeb Sc Co., Blair & Co., Inc., Stock Land Bank: and the Chase Securities Corporation state under the terms of the contract they are not required to purchase any bonds not offered for public subscription before March 1 1N4,and that it Is not their intention to make any further issue of such bonds before that date when the contract expires. On the same date (Jan. 22) the New York "Evening Post" printed the following from Buenos Aires: The Ministry of Finance announces that the American banking syndicate having charge of the flotation of the Argentine loan had proposed issuance at the present tirne of $40,000,000 in 33-year bonds, bringing out at a later date a further issue of fifteen or twenty million dollars in short-term securities. The Argentine Government has not accepted this suggestion, the statement said, and will not do so, since the contract signed on Sept. 5 1923 provides for the flotation of a $60,000,000 loan to cover the Issue of $55.000,000 in Treasury notes due on March 1. According to this agreement. the Ministry points out, the entire loan now under discussion should have been issued by that date. Resources— Mortgage loans—gross Less payments on principal.. $10,081,450 00 249,439 82 United States bonds Duefrom banks Amortization installments in process of collection Furniture and fixtures Real estate owned Accrued interest on mortgage loans Accrued Interest on United States bonds_ Accounts, receivable Total Liabilities— Capital Reserve from earnings Profit and loss Farm Loan bonds Deferred loans—due borrowers Amortization installments—advance payments Reserve for unpaid bond coupons Accrued interest on Farm Loan bonds $9,832,010 18 800,390 00 93,818 92 12,960 20 1,40000 22,226 96 120,146 48 11,410 22 4,997 79 $10,899,360 75 $670,000 00 74,500 00 44,939 87 _ 10,000,00000 1,824 73 13,078 65 10.217 50 85,000 00 F. C. Goodenough Opposed to Inflation. The New York office of Barclays Bank Limited received a cablegram this week from London relative to the annual Total 610.899.360 75 meeting of stockholders, at which F. C. Goodenough, ChairDelivery of the bonds is expected about Feb. 1. declared bank, himself as strongly opposed to man of the inflation. Mr. Goodenough, who visited this country last year and addressed the spring meeting of the American Offering of Capital Stock of Kansas City Joint Stock Bankers Association, also discussed various matters of interLand Bank. national finance,including Great Britain's financial relations On Jan. 23 Bauer, Pond & Co., Inc., and Kelley, Drayton with the United States. Barclays Bank Limited is one of & Co., announced an offering of 3,000 shares of capital stock of the Kansas City Joint Stock Land Bank. Tile new issue the largest joint-stock banks in the world. JAN. 26 1924.] 0111101•1-1014t (pax $100) was offered at 132 and accrued dividend. Dividends are payable quarterly on the first day of January, April, July and October. The present rate is 9%. The stock is exempt from Federal normal income taxation; all taxes being paid by the bank, stock is, therefore, not taxable in the hands of individual owner for State or local purposes and need not be declared for taxation by the owner. Regarding the history and earnings of the bank we quote as follows from the official circular: 381 The securities will be sold as of value on May 31 1923, the day the firm failed, and the amount expected to be realized is based,it is said, on an estimate made by Alfred C. Coze Jr.,, the receiver. In signing the order Judge Goddard stipulated that approval of the composition offer should be no bar to criminal prosecutions by State or Federal authorities, and that the books and memoranda of the concern should be kept in the custody of the receiver and held at the disposal of theUnited States and New York County district attorneys. With regard to the approval of the composition by Judge Goddard, the New York "Times" of Jan. 20 said in part: History. The Kansas City Joint Stock Land Bank was organized Jan. 9 1918 Jones & Baker failed on May 31 last. There was a willingness on the part 5. as the Liberty Charter No. Joint Stock Land Bank of Salina, Kan., under and is now one of the three largest joint stock land banks. In February of a majority of the creditors to accept a compromise, but a minority 1922 the bank was moved from Salina to Kansas City, primarily for the opposed the plan and in this was supported by the Government, which did, reason that Kansas City is the most central and accessible point to the not feel that its claim for $279,000 for taxes had been protected. Opposition to the composition was entered by Assistant United States territory which this bank is organized to serve, viz.: Missouri and Kansas, and shortly thereafter the name was changed, by amendment to the charter. District Attorney Thomas J. Crawford. He said that he did not consider a deposit for taxes already set aside, of $285,000. as sufficient. The original to the Kansas City Joint Stock Land Bank of Kansas City, Mo. tax claim against the partners was about $600,000, and this claim now Territory. stands at $279,000. He said that beside this claim the Government had By charter provisions the operations of this bank are limited to the States another against the partnership. The amount of this had not been deterits limited of Missouri and Kansas. As a matter of policy the bank has mined, he said. operations to the better agricultural sections of these two States. • Opposing approval for the minority creditors, Congressman Loring M. In Missouri it confines its operations primarily to 54 counties, which Black contended that the firm had kept their books falsely and he held that constitute 51.69% of the farm area of the State and represent 62.51% of the Court should order the receiver to bring suit against Mrs. William Jones, the value of the farm lands of the State. This same area in 1919 produced wife of the head of the firm, to recover for the creditors the Jones residence 60% of the State total of all crops. The average value of lands in these at Deal, N. J. This property was said to be worth $200,000, and was a counties in 1919 was $106 51 per acre, while the average value of lands in gift of Jones to his wife. the remainder of the State was only $68 37 per acre. The census shows Judge Goddard refused Mr. Black permission to file a brief on the alleged that for a period of seventy years (1850 to 1920) the land in these counties falsity of the Jones & Baker books and ruled that to bring a suit against showing had a steady increase in value averaging 4.38% per year, thus Mrs. Jones would be futile. great stability and indicating absence of boom values. "If I thought the property belonted to the estate I would act accordIn Kansas the bank confines its loans principally to 52 counties in which ingly," he said. "There has been nothing shown here to convince he that the average annual precipitation for the last twenty years has been 29.11 it does." As to the taxes, Judge Goddard thought that a legal question inches. These 52 counties represent 50.58% of the total farm lands of was involved as to whether the tax claims would stand against the bankrupt Kansas but the same counties represent 57.1% of the total land value of the estate. He expressed the opinion that ample provision had been made to State and in 1920 produced 55.75%. of the State total of all crops. The protect the Government. average value per acre in these counties is 1170 22 as against the average "I feel," he continued, "that the receiver and Mr. Black have made a value of the land in the remainder of the State of only $54 20. The census very conscientious and searching effort to discover additional assets. I am period of sixty years (1860 to 1920) the that for a land In these shows convinced, and I think they are convinced, that there are no more assets counties has had a steady increase in value, an average of 3.81% per year, discoverable. I believe it for the best interest of the creditors to have which again shows the stability and indicates the absence of any evidence this composition approved. That is the only question with which we are of boom values. concerned here." The bank loans in effect in these two States average about $34 per acre The composition was presented by Roger Baldwin, counsel for William E. mortgaged for this security, or about 40% of the appraised value of the Jones and Jackson B. Sells, the partners. The cash payment will be made mortgaged land. The average size of Its loans is about $7,000. immediately by the receiver. R.P.Cravens is First Vice-President and Chairman of the We last referred to the affairs of Jones & Baker in the, Board of the bank. Associated with him are his two sons, "Chronicle" of Oct. 13, p. 1612. Walter Cravens, President, and R. H. Cravens, Treasurer of the bank. Jesse Smith is Second Vice-President of the bank. Charles A. Stoneham, Leo J. Bondy and Six Otherf Indicted by Federal Grand Jury. Offering of Bonds of Ohio-Pennsylvania Joint Stock indictment charging Charles A. Stoneham (principal' An Land Bank. owner of the New York "Giants"), the members of the It was announced yesterday that the Union ,Trust Co., former brokerage house of Charles A. Stoneham & Cleveland, is heading a group, together with the United Leo J. Bondy (Stoneham's lawyer) and the members of the Security Co., the Herrick Co., and the Cleveland Trust bankrupt brokerage firm of E. D. Dier & CO., with using of Co., which will offer to-clay (Jan. 26) £1,000,000 5% farm the mails in a scheme to obtain from many customers of the loan bonds of the Ohio-Pennsylvania Joint Stock Land bankrupt concerns various sums of money "by false and 1923, Bank. The bonds, dated Oct. 1 are optional Oct. 1 fraudulent pretenses, representations and promises," was 1933, and due Oct. 1 19.53. The prim is 101 and accrued unsealed on Jan. 11 by order of United States District interest to yield 4.87% to optional date and .5% thereafter. Attorney William Hayward. The indictment, it is said, was found by the Federal Grand Jury early in the fall and Frank H. Barrett of Augusta, Ga., Expelled from not opened until the above -mentioned date. With regard New York Cotton Exchange. to the indictment of the defendants, the New York "Times" Announcement was made yesterday by the Board of in its issue of Jan. 12 said in part: Managers of the New York Cotton Exchange that Frank The acts complained of were mainly coincident with the transfer of the H. Barrett of Augusta, Ga., had been expelled from member- business of the Stoneham concern to the firm of Hughes & Dior, which afterward became E. D. Dler & Co. Besides the defendants named those ship in the Exchange. The announcement said: Frank H. Barrett is hereby expelled from membership in the New York Cotton Exchange and all right or rights of membership of the said Frank H. Barrett in the New York Cotton Exchange shall be sold on Feb. 5 at noon in the manner prescribed by the by-laws and rules of the Exchange. It is stated that he was charged with violation of the bylaws and rules of the Exchange in that he knowingly negotiated alleged fraudulent warehouse certificates, Mr. Barrett was President of Barrett & Co. of Augusta, whose failure on July 20 of last year was announced in our issue of July 28 1923, page 387. Montgomery & Co., New York, Fail. Jan. 22, an involuntary petition in bankTuesday, On ruptcy was filed in the Federal District Court against the stock brokerage firm of Montgomery & Co., doing business at 30 Broad St., this city. The firm's members are given as B. Chester Montgomery and Edward W. Mann. Court Approves Jones & Baker Settlement. Federal Judge Henry W. Goddard on Jan. 19 approved the terms of the composition plan of the failed Curb brokerage firm of Jones & Baker. Under the terms of the settlement the creditors will receive 50% in cash at once on claims amounting to approximately $3,000,000 and in addition they will receive 33 or 34% from the sale of securities. This will make, it is said, the total settlement about 83%. indicted were Horace A. Stoneham, brother of Charles; Ross F. Robertson, a brother-in-law of Stoneham and a member of the Stoneham firm; Elmore D. Dier, Fred Andrews. Bernard A. Andrews, a son of Fred. and August F. Stroh. a son-in-law. The work of gathering the evidence on which the indictment was based began last March under the direction of Assistant United States District Attorney Victor House. The main office of the Stoneham concern was in this city, but branches were operated in Chicago. Milwaukee and elsewhere. An indictment found against Charles A. Stoneham last October charged him with perjury in having given false testimony betore Referee Harold P. Coffin, in having sworn that 11147.500 advanced to the bankrupt brokerage concern of E. M. Fuller & Co. on checks drawn by /x-Sheriff Thomsa F. Foley, was a loan instead of a contribution by a partner, which was alleged to be the fact. This indictment, it was thought, was too weak to stand trial, and the inquiry into the various other activities of Stoneham and his associates was carried on with all possible briskness. The present indictment, it was said yesterday by representatives of the Government, would stand any text to which trial counsel of the defendants might subject it. The indictment, when it was returned, was sealed, and between the date of its return and yesterday efforts were made to induce C. A. Stoneham to makes substantial contribution toward paying the liabilities of E. M.Puller & Co.. but without success. No matter what contribution Stoneham might have offered would not have affected his position so far as the indictment was concerned, but it was believed that earlier publicity of the new danger that confronted him would have destroyed all chance of getting help for the Fuller & Co. credlters through a contribution from him. The indicememt reads in part: "Prior to the dates of transfer [of the business ot Stoneham & Co., said firm of Charles A. Stoneham & Co. had received from the customers of its New York City, Chicago and Milwaukee branches, approximately 2,930 In number, more than $2,100,000 for investment in certain stocks, bonds and other securities, and in partial payment therefor. "Said firm had unlawfully failed to purchase the securities, or a large part of them,so that on the dates of transfer said firm did not hold or have under its control the said securities. The total market value of the securities 382 THE CHRONICLE [Vol,. 118. computed as of the dates of transfer was approximately 35,380,000,and said with representatives of the interested groups to devise a customers' aggregate equity therein was approximately $2,100,000, said practicable plan of action." The following five measures equity being the difference between the total market value less the aggregate balance then owning thereon to Charles A. Stoneham & Co. from its were proposed in the President's message for the relief of customers. the situation in the Northwest: "It was thereupon agreed and arranged between the defendants that The refunding of the pressing past-due indebtedness of the farmer in Charles A. Stoneham & Co.should turn over the accounts of said customers the territories most seriously affected; to the firm of Hughes & Dier. subsequently E. D. Dier & Co.,it being the Financial assistance through a Federal agency to enable wheat farmers defendants' purpcse and intenticn that Charles A. Stoneham & Co. and its to make the change from a single crop system to diversified farming.; members should thereby be freed of their obligations and liabilities to said The resotrat:on. wherever it would be helpful, of the impaired capital customers, and that said firm of Hughes & Dier should assume said obliga- of banking institutions in the distressed sections; tions and liabilities." The creation by private capital of a substantial corporation to assist in The indictment states that it was arranged by the defendants, to the end the plan of reorganization; that the customers might be induced to consent to the transfer, that StoneThe extension of the time during which the War Finance Corporation can ham & Co. should assure its customers through the mails, that it had make loans. investigated the firm of Hughes & Dier and "found such firm to be trust, Among other things, the President stated in his message worthy, of good repute,financially responsible and fully capable of carrying out the obligations it assumed in taking over the accounts." It is alleged that "not only have there been large numbers of foreclosures that other representations were made to create in the minds of the cus- on actual farms, but there are great numbers of farmers whe tomers a feeling of security and reliability and that "each of said representations being, at all the times herein mentioned,in fact false and fraudulent, are continuing in possession on sufferance from their credas each of the defendants then and there well knew." Another part of the tors. There have," he added, "been large and increasing indictment states: bank failures. Bills have been introduced providing for "As a further part of said scheme and artifice the defendants planned and intended that the defendant Leo J. Bondy and the defendants comprising the lending by the Federal Government of moneys directly the firm of Charles A. Stoneham & Co. should represent and pretend to to the farmers for purposes of assisting them in conversion' said customers that such firm held or had under its control all the securities of their farms on the basis of diversified farming. I am which the customefs had ordered the firm to purchase for their several accounts, and that in making said transfer all of the securities would be heartily in favor o these bills, but they do not and will not delivered by Charles A. Stoneham & Co. to the firm of Hughes &Dier and compass the entire problem." On the 24th inst. bills exheld and retained for the several accounts, each of said representations tending the life of the War Finance Corporation were introand pretenses being in fact false and fraudulent, as each of the defendants duced in the House in accordance with the recommendation then and there well knew." There are twelve counts in the indictment, each one charging a particular of President Coolidge, and on the same day it wa3 announced unlawful act by sending through the mails to customers of the Stoneham concern letters which it is alleged contained false statements and were in Sioux City press dispatches that an agency of the War meant only to deceive the customers. All of the letters contained a warm Finance Corporation had begun operations on that day in eulogy of Hughes & Dier, which was described as financially responsible that city as part of the plan of national and State officials and which planned to keep the organization intact "with the same personnel to alleviate the financial situation growing out of the recent at the various offices that has served you in the past." Pleas of "not guilty" were entered on Jan. 14 by Mr. Stoneham and three other of the defendants (namely, Horace A. Stoneham, Leo J. Bondy and Ross F. Robertson) before Federal Judge Learned Hand, and they were released in $5,000 bail each with the exception of Mr. Robertson, whose bail was fixed at $10,000. After answering to the indictment both Mr. Stoneham and Mr. Bondy issued statements. In his statement Mr. Stoneham said in part: closing of a number of banks in South Dakota. The following is the message sent to Congress by President Coolidge on Jan. 23: The economic situation in certain wheat-growing sections of the Northwest Is reaching an acute stage that requires organized co-operation on the part of the Federal Government and the local institutions of that territory for its solution. In my message of Dec. 6 1923 I stated: The distress is most acute among those wholly upon one crop. Wheat acreage was greatly expanded and hasdependent not yet been sufficiently reduced. A large amount is raised for export, which has to meet the competition in the world market of large amounts raised on land much cheaper and much more productive. Diversification is necessary. Those farmers who raise their living on their land are not greatly in distress. Such loans as are wisely needed to assist buying stock and other materials to start in this direction should be financed through a Government agency as a temporary and emergency expedient. Our transactions with Dier & Co. were strictly out and out brokerage transactions. There was absolutely nothing illegal, improper or unethical In our dealings. We made them a reasonable charge for the sale of our good-will, probably one-tenth of its actual cost, beyond that we made not one dollar profit of any character or description in any deal, trade or transaction of any character with Dier & Co. The negotiations which led up Great numbers of individual farmers are so involved in debt both on to this arrangement with Dier & Co. were negotiations between two stock brokers. We had sought no legal advice; Mr. Bondy was not consulted mortgages and to merchants and banks that they are unable to preserve nor did he participate in person or otherwise in any of these negotiations; the equity oftheir properties. They are unable to undertake the diversification of farming that is fundamentally necessary for sound agricultural neither did he nor any other attorney represent us. We do not know why this indictment remained sealed so long. It seems reconstruction of the area. They are unable to meet their obligations and thereby has been involved the entire mercantile and banking fabric of these peculiar that, although the August Grand Jury brought in an indictment against Mr. Charles A. Stoneham for perjury in connection with the Fuller regions. Not only have there been large numbers of foreclosures on actual farms, case, that nevertheless this case was given preference over many other cases taken up immediately by the Grand Jury in the early part of Septem- but there are great numbers of farmers who are continuing in possession ber and not handed down until now, and it is significant because of the on sufferance from their creditors. There have been large and increasing fact that while suggestions to Mr. Stoneham to make settlements in the bank failures. Bills have been introduced providing for the lending by the Fuller case were being made this indictment remained sealed, bus is now Federal Government of moneys directly to the farmers for purposes of assistopened when it is apparent that no settlement in that case will be made by ing them in conversion of their farms on the basis of diversified farming. I am heartily in favor of these bills, but they do not and will not compass him. entire problem. Judge Augustus N. Hand in the Federal District Court theMany of the farmers are, however, in such jeopardy from their creditors had admitted to bail Saturday (Jan. 12) three other men that even with this assistance there is no assurance that they would have named in the indictments. There were: Fred Andrews of a sufficient period in which to work out the necessary conversion of their methods, and it would be useless to give to this group such governmental 2001 Grand Concourse, the Bronx, released in $10,000 bail; assistanceifit is to be only for purposes ofimmediate seizure by the creditors. Such legislation, therefore, will be of little avail unless arrangements his son, Bernard A. Andrews, of Ossining, released in $5,000, been have effected between the farmer and his creditors, by the funding son-in-law, August F. his Stroh, $3,000. and released in of past-due indebtedness and interest or by similar Means,so that the loans All pleaded not guilty. will inure to the benefit of the farmer himself instead of merely to the benefit of his creditors. If such arrangements can be made the farmer be given the opportunity to work his way out of his present difficulties. President Coolidge in Message to Congress Proposes can Ifthey are not made,it is difficult to see how he can benefitfrom the plan. Measures for Financial Relief of Agricultural In addition to legislation of this character, coupled with the agreements which I have mentioned looking to the refunding of past-due indebtedness, Situation in Northwest—Conferences in Chiit is necessary to consider whether any steps can be taken to bring financial cago—Bank Failures in South Dakota. help to certain limited areas of the Northwest in which embarrassments In a message sent to Congress on Jan. 23, President and failures among country banks have added to the hardships of the The War Finance Corporation is stillfunctioning, but itsauthority farmers. Coolidge declared that "the econmoie situation in certain to make new loans expires March 31 of this year. I recommend that the section of the wheat growing Northwest is reaching an acute Congress extend until Dec. 31 1924, the time during which loans can be Otago that requires organized co-operation on the part of the made by the Corporation, and grant senile extension of the period for loans heretofore made can be renewed. Federal Government and the local institutions of that terri- which It appears to me that it is essential that the large business concerns such tory for its solution. This message to Congress came after as transportation, the more stable banks, not only in this territory but in States, who necessarily benefit from the prosperity of these an announcement on Jan. 18 that the President and the adjoining areas, should in their own interest extend a very largo measure of aid in Cabinet had on that day approved a plan for the extension remedy of this situation, and that creditors even further afield, such as of assistance by the Federal Reserve banks and the War our insurance companies and others, should co-operate fully. In those agricultural sections in which numerous bank failures have Finanoe Corporation to banks in the Northwest wheatcontributed to the distressful conditions, it must bo recognized, however, growing district whose condition has been strained by several that there is a distinct limit to the scope of the assistance which the Federal recent failures. On the 19th inst. it was made known that Government can render. Government agencies can not properly make upon insecure collateral, or to banking institutions whose capital is the Government had taken further steps toward alleviating loans impaired. In certain sections a more drastic remedy be necessary. the situation among banks of the Northwest, in furtherance It may be necessary, on a well-organized and extensivemay scale, to provide arrangements had been systematically made for the restoration whereby four Governor strengthening of the capital resources of which of the banks and financing institutions necessary to the proper ment representatives would visit Chicago to study the service country of the farmer. It may be found to be advisable to create new situation more closely. In his message to Congress on the financing institutions, such as have been organized with great success in livestock territories, to co-operate with the War Finance Corporation. 23d inst. President Coolidge stated that he had "directed the The Government can not supply'banking'capital nor can it organize loan Commerce and Agriculture, and of the Secretaries the companies, but it can properly tall upon those large business concerns, the Managing Director of the War Finanee Corporation to confer railroads, the mercantile establishments, the agricultural supply houses. JAN. 26 1924.] THE CHRONICLE and all those large business establishments whose welfare is immediately connected with the welfare of the farmer. It can ask them, in their own Interest as well as in the interest of the country, to co-operate with Federal agencies in attacking the problem in a large way. I have therefore directed the Secretaries of Commerce and Agriculture and the Managing Director of the War Finance Corporation to confer with representatives of the interested groups, to devise a practical plan of action. The refunding the pressing past-due indebtedness of the farmer in the territories most seriously affected; financial assistance through a Federal agency to enable wheat farmers to make the change from a single-crop system to diversified farming: the restoration, wherever it would be helpful, of the impaired capital of banking institutions in the distressed sections and the creation by private capital of a substantial financing corporation to assist in the plan of reorganization; the extension of the time during which the War Finance Corporation can make loans; these are the measures which I propose. They are measures by which, without undue alarm or agitation, but nevertheless promptly and effectively, we can bring to bear on a serious though happily a localized emergency every resource of the Federal Government and all the assistance which the business and farming community can render. CALVIN COOLIDGE. the reserves lost by the banks concerned will be ample to carry them through the emergency. It was brought out in the Cabinet discussion to-day that there is a bank In North Dakota for every 800 In the State's population. As to the following day's developments, the Associated Press accounts of the 19th said in part: The Government took a further step to-day toward alleviating the stringent credit situation among the banks of the Northwest, the President designating four officials to study the problem at first hand. A statement from the office of Comptroller Dawes announcing the step said: At the suggestion of the President, Mr. Dawes. Comptroller of the Currency: George R. James and J. H. Cunningham, members of the Federal Reserve Board, and Eugene Meyer Jr., managing director of the War Finance Corporation, are going to Chicago with the view of studying the Western banking situation more closely. The White House, Jan. 23 1924. The submission of the message to the Senate, prompted the following debate: Mr. Brookhart. Mr. President, I can not let this remarkable message of the President pass without one word. Six months ago I wired the President that this condition existed, and requested him to call an extra session of Congress to most It. He has been more than six months in finding out the terrible condition of agriculture In the United States: and now he sends in a message on the subject after the farmers have been foreclosed, and after most of their crops have been taken away from them by the speculators or by their creditors, and when but little relief can be given to the farmers. I think it is important that we begin now, and make farm legislation the Important thing for this session of Congress. If we delay again until toward the end of the session, and do not listen to this warning, we shall be in the same condition again. Then, when the call comes, nothing can be done, and it will not be worth while to call an extra session of Congress. Mr. Curtis. Mr. President, if the Committee will report out some measures, the Senate will be very glad to take them up for consideration. All we want is the reports to act upon. Mr. Brookhart. Mr. President, at the last session of Congress the Committee did report out a bill that would have taken care of this situation, and it was opposed by the Senator from Kansas and by almost all of the others who failed to see the situation of the farmers in the United States. There has been some change since then, and perhaps when the Committee reports a bill—which it will soon do—it will receive something like fair consideration; but this condition, of which I know the President was warned more than six months ago, now comes before the Senate with emphasis from the President for the first time. Mr. Curtis. Mr. President, I do not think the Senator is Justified in saying that I opposed any bill in the interest of the farmers at the last session. Mr. Brookhart. How about the Norris bill? Mr. Curtis. I was not favorable to certain provisions of the Norris bill as reported by the Committee, and did not vote for it, and I would not vote for it now if reported with the same provisions; and members of the Committee told me at the time that they were not for it themselves, and that it ought not to pass with those provisions. Brookhart. After reporting it? Mr. Curtis. After reporting it: and that is what astonished me. Mr. Brookhart. I am quite aware that the farmers have been represented too often in that way, by Members voting on occasions to favor them, and then when it came to a showdown whispering that they were against the measures. Mr. Curtis. So far as I am concerned. I have been for all legislation that I believed would be for the interest of the farmer, and I shall continue to be. I represent one of the greatest farming States in the Union, and during the whole time I have been in Congress, thirty-odd years. I have supported their measures. and I shall continue to do so; but I want bills to come in that have the support of the members of the committees that report them and not with provisions that Members will come around and say should not be enacted. The officials will leave to-morrow and their plans call for a series of conferences in Chicago Monday, after which means of dealing further with the situation will be worked out. It is probable some of them will visit other Midwestern cities for conferences with banks and bankers to gather sufficient funds to meet requirements of the small banks throughout the Dakotas, Montana and Nebraska. Officials said they could not yet tell how much money would be required, but assurance was given that ample funds would be made available. It was suggested in some quarters that the War Finance Corporation might underwrite much of the paper held by the smaller banks, whose reserves have been strained recently and which, it is believed, need only the promise of new credit sources to tide them over. The whole problem was gone over by President Coolidge again to-day. He conferred first with Secretary Mellon and later with members of the Congressional delegations from North and South Dakota. Mr. Mellon. It was said afterward, felt that the condition could be met without further failures among the banks in the section where credit conditions are most serious. According to information obtained by the Reserve Board, the War Finance Corporation and the Comptroller's office, the banks in most need of assistance are of average small capital stock, a majority of them ranging around 825,000 to $50,000. Each may require only a small additional credit, but, in the aggregate, Comptroller Dawes says, the amount probably will be large. Officials, generally, believe the addition of several million dollars to available funds in the bad spots will serve to relieve banks in adjacent territories also, and to that extent would hold down the amount which must be supplied. In referring to the approval which had been given by the President and his Cabinet on the 18th inst. to the plans to assist the Northwestern wheat-growing section through the Federal Reserve banks and War Finance Corporation, Associated Press dispatches from Washington that day said: Comptroller of the Currency Dawes, the Federal Reserve Board and the War Finance Corporation have been working jointly in a sum y of the needs of banks, particularly in North and South Dakota and Montana, and beneve that the source of credits arranged through their efforts will meet requiremonts. It was said that the failure of two banks In Sioux Falls, S. D.,had brought on the difficulties in which many of the small institutions now find themselves. The Sioux Falls banks served as city correspondents for several hundred small banks, whose capital seldom exceeded $25,000 each,and when their reserves were swept away by failures of their city correspondents, many of them apparently were unable to weather the storm of combined loss of reserves and loss of funds on unpaid loans. The War Finance Corporation is understood to have been planning to aid in the recovery of the banks through absorption of additional farm paper. No indication as to the limits to which the Corporation would go, however, has been given. The larger financial institutions in Chicago, the Twin Cities and Omaha will be called upon to lend a helping hand in setting the small banks on their feet. Some communications have been exchanged between officials of the Reserve Board, the Comptroller's office and the War Finance Corporation and the metropolitan banks, with a view to establishing the amount of money available for the smaller institutions. Members of the Congressional delegations from North and South Dakota conferred with Secretary Mellon several hours late In the day, going over to suggest the entire problem. It was indicated that they were unable better methods of handling the situation than already had been worked out expected to disare The delegations agencies. Government by the three cuss the situation with the President to-morrow. that the mere expression In some official quarters the belief was expressed help tide the stricken banks over the credit of a Government willingness to credit for those requiradditional assure to stringency would be sufficient Just how much or for hew long money ing it from metropolitan institutions. many officials believe that loans equaling will be needed is not certain, but I 383 On the 20th inst. Messrs. Dawes, James, Cunningham and Meyer left Washington for Chicago to undertake the study of the situation, in accordance with the President's suggestion. From the Chicago "Post" of Jan. 22 we take the following regarding their conferences that day: Faced by the unwillingness of Chicago banking circles to participate in a money pool to help the banks of the Dakotas and nearby States which have been unable to realize on "frozen" credits, the special committee appointed by President Coolidge to allieviate conditions in those States went into session again this afternoon. They were to decide, it was reported, whether the War Finance Corporation's funds should be used for the relief purposes. Expert Fractures Wrist. The Federal committee, which consists of Henry M. Dawes. Comptroller of the Currency; Eugene Meyer Jr.. Managing Director of the War Finance Corporation, and J. H. Cunningham, member of the Federal Reserve Board, arrived in Chicago last night, and were Joined to-day by George R. James. another Reserve Board member, who fractured his wrist during the trip to the city. They engaged immediately in unofficial conferences with Chicago and other midwestern bankers as to the salvage plan, which, according to Eastern dispatches, had been evolved. This included the loaning of money by the Chicago banks to reinforce the Western banks' resources. Ad Only as Last Resort. Comptroller Dawes and his associates, it was reported, encountered an almost unanimous opinion that the Chicago financial leaders should not act except as a last resort. The Chicagoans felt, it was said, conditions did not warrant such extreme measures as those proposed and that, basically, the idea of providing a purely sectional relief along the Imes proposed was wrong. Officially, Mr. Dawes and his party had nothing to say. The conferences were masked by secrecy and the identity of those participating was withheld. At noon Mr. Dawes sent out word he was not yet ready to give out a statement as to his program. . . . More Banks Close. Since the Federal representatives reached Chicago the International State Bank of Sioux Falls, So. Dak., ahd the Western National Bank of Mitchell. So. Dak., closed their doors yesterday, and to-day, while the conferees were in session, came news that the Security State Bank of Havre, Mont., had decided not to open as a result of steady withdrawals, and that the Stockmen's National Bank of Fort Benton, Mont., had decided to go into voluntary liquidation. The Commercial State Bank of Triumph, Minn., with a capital of $10,000 and deposits aggregating $35,000, was also closed. Depleted reserves was given as the reason by A. J. Veigel, State Superintendent of Banks. Although money withdrawn from other banks still is in the communities, It has been taken out of the usual channels. According to reports from Sioux City, the sales of thrift stamps. Treasury certificates and the increase in postal savings deposits have been so largo that the post office there was forced to increase its force of employees. Chicago Bankers Heard. The earlier conferences of the morning were largely confined to consideration of the problem with Chicago bankers. Among the latter was George M. Reynolds. Chairman of the board of the Continental & Commercial National Bank. Eugene M. Stevens, Vice-President of the Illinois-Merchants Bank,said to be the one banker more familiar than any other with banking conditions in the Dakotas and Minnesota, also was heard by Mr. Dawes and his associates. 'According to the Chicago "Tribune" of Jan. 23 the conference broke up late the preceding day without any public announcement of the progress made at the two-day meeting. The same "paper.sald: 384 THE CHRONICLE The nearest approach to an announcement came from Henry M. Dawes, Comptroller of the Currency, one of the four representatives sen West by President Coolidge. Mr. Dawes said: "Any announcement in connect with the visit of Government officials to Chicago must come from Washington." He refused to amplify this, nor would he say whether yesterday's meeting ended the conference. Earlier in the day Eugene Meyer Jr., Managing Director of the War Finance Corporation, and another of the four Government representatives, announced he would leave at night for Sioux Falls, S. D.,but would nct say what the action of Mr. Dawes or cf J. H.Cunningham and George R.James. members of the Federal Reserve Board,would be [VoL. 118. knownip Associated Press dispatches from Sioux Falls on Jan. 23, which said: After a conference with bankers here to-day, Eugene Meyer Jr., managing director of the War Finance Corporation, announced to-night that the Corporation would establish immediately a branch agency in Slone Falls in order,to bring its resources and assistance in closer contact with the South Dakota bank situation, which has become critical, due to numerou, failures. The branch agency will be in charge of a committee of Sioux Falls bankers, according to Mr. Meyer, who arid further that the War Finance Corporation would act with special expediency on the application for A press dispatch from Chicago, Jan. 23, published in the advances from country banks in South Dakota. "Fundamentally, the economic conditions in South Dakota warrant New York "Times," said: It is understood that it was the consensus of opinion among the Chicago absolute confidence in the future of the State," Mr. Meyer continued. bankers who conferred with the Federal officials yesterday that any relief "The War Finance Corporation in the past has made loans to 38 banks° to the banks in the Northwest, whose capital has been impaired by inability in South Dakota, of which 240 have repaid in full, while the other banks to realize on "frozen assets," mostly farmers' obligations, should come from have made material returns in the amounts advanced to them. The the War Finance Corporation or the Federal Reserve Board acting through Corporation has shown its confidence in the State in the past and proposes to continue to do so in the future." the Reserve system. Immediately after the announcement of Mr. Meyer, the South Dakota The Chicago bankers are said to have been unwilling to enter a pool, sugBanking Department issued a statement that the Sioux Falls Trust & gested by Minneapolis and St. Paul banks, who are understood to have ofSavings Bank, which was taken over by the Department last week, would fered to put up $1,000,004 if New York and Chicago bankers would raise an be reorganized and recapitalized if Sioux Falls business interests gave equal amount. "I have nothing to say," several of the leading bankers replied when in- their support. An investigation of the assets of the bank showed that such a move was entirely feasible, the Department dais!. formed that President Coolidge would call them to Washington for a conThe Federal Reserve came to the rescue of South Dakota banks la, : ference unless they co-operated fully with the Federal Government in renight. A total of 8320,000 in Federal Reserve funds was brought here lieving credit conditions in the Northwest. by Harry I. Ziemer from the Ninth District Bank at Minneapolis. We also quote from the New York "Times" of yesterday The succeeding day's press dispatches from Sioux Falls (Jan. 25) the following Washington advices of the 24th inst. stated: Administration plans for relief in the Northwestern agricultural situation. as outlined yesterday by President Coolidge in a message to Congress. will be developed at a conference to be held before the end of next week, in which representatives of banks, business, and transportation services will participate. Secretaries Hoover and Wallace have been called upon to suggest those to whom invitations should be sent, in the attempt, it was said to-day, to "insure a gathering which will be able to do something besides debate." Representation at the conference is planned on a national rather than on a sectional scale. Although bank failures in the grain-growing territory have presented the most acute phase of the problem which the Administration is endeavoring to solve, the pressure on the farmer is considered to have been transferred to the general Western community in such a degree that more than banking or credit measures alone will be necessary to effect a remedy. One of the proposals to be discussed at the conference will be a refunding of loans made to farmers but now past due,as a means of affording relief. Secretaries Hoover and Wallace. after a conference to-day with the President, began sending out invitations to representatives of the various interests concerned. Governors of the States in which the agricultural situation is most acute also are to be invited to send representatives. Administration officials are working on a plan for the formation of a syndicate of bankers in the larger cities of the Middle West. It is hoped that they may underwrite sufficient loans to relieve the Northwestern bankers in the present credit stringency. Comptroller of the Currency Dawes, head of the special mission sent out last week by President Coolidge to study the credit situation, returned to the Treasury to-day and immediately went into conference with Secretary Mellon. He declined to discuss plans which, it was said, the delegation had formulated, but which have not been finally approved. The announcement yesterday in Sioux Falls by Eugene Meyer Jr.. managing director of the War Finance Corporation, that a branch agency of the Corporation was to be established in Sioux Falls was received at the Treasury with satisfaction. The belief prevailed that such additional loans as the Corporation may extend in that section, regarded as the centre of the stringent credit area, would go a long way toward relieving the strain on the local banks. Treasury officials indicated that the War Finance Corporation's loans were merely the start of Federal aid, but it was said that much of the money that must be employed to straighten out the credit situation in the Northwest will have to come from private sources because of laws limiting the Government credits to six or nine months' paper. In connection with the reported formation of the bankers' syndicate. it was said that while the banks would be the first line of money supply the Government eventually would have to back them up probably through the War Finance Corporation, or through extension of additional credit by Federal Reserve banks. • Plans went forward to-day under the guidance of John Miming. State Superintendent of Banks, to bring about a reorganization of the Sioux Falls Trust & Savings Bank, whose affairs were taken over lsat week by the State Bank and Guaranty Commission. It had the largest deposits of any bank in the State. Bank examiners are continuing their investigation of the International State Bank and the Sioux Falls National Bank, the other two local banks recently closed, and the directors of the two institutions declared that they were working on plans of reorganization. Governor McMaster, who conferred here yesterday with Mr. Meyer and Sioux Falls bankers, expressed confidence to-day that improvement in the situation would result from the decision of the War Finance Corporation to establish an agency in Stns Falls. "Coupled with this is another, and perhaps even more important, factor in that South Dakota has hardly more than started to market the greatest crop in its history," he said to the Associated Press. "Within the next sixty days or so, millions of dollars will pour into agricultural coffers as this crop reaches market,and retain for South Dakota its standing as the leading State in point of per capita production wealth." A committee of Sioux Falls men consisting of W. L. Baker, President of the Minnehaha National Bank: W. Z. Sharp, President of the Security National Bank; N. 0. Monzrid. President of the Dakota Trust & Savings Bank, and J. H. Hollister, President of the Hollister Brothers Agency. will have charge of the War Finance Corporation's branch agency. Farm Loan Board Acts to Aid Credit Conditions in Cattle Growing Regions. Advices from the Washington bureau of the New York "Journal of Commerce" Jan. 20 stated: Action has been taken by the Federal Farm Loan Board, it was stated today at the Treasury, to alleviate the credit stringency which has developed in the cattle growing sections of the country. The Board has authorized the Intermediate Credit banks to discount livestock paper with a spread of 2% instead of 146% • Under the terms of the Rural Credits Act the Intermediate Credit banks, except with the express authorization of the Farm Loan Board, are not permitted to discount paper where the interest rate charged the maker of the paper is more than 13i% greater than the intermediate Credit bank rate. By enlarging the spread to meet the situation in the cattle country, the Board offers an opportunity for holders of livestock paper to obtain credit accommodations on terms nearer to those on which the papre was made. The Board's action, according to Commissioner Cooper, should stimulate breeding very much and help the industry. The Intermediate Credit banks, he declared, are in a position to take care of anygood eligible livestock paper. The following from Washington, Jan. 22, appeared in the Another method of improving credit conditions in the cattle industry. which Is understood to be looked upon with favor by the Government, is Chicago "Journal of Commerce": the formation of agricultural credit corporations under State charters and In giving his unqualified approval of the Norbeck-Burtness bill for Government loans to Northwest farmers for the purchase of live stock, the discounting of paper by these organizations with the Intermediate Credit Under the law the paper of the national agricultural credit corporaPresident Coolidge to-day announced that the Government would do all banks. tions to be created under Federal charter is ineligible for discount at the Inin its power for the relief of stringent credit situations in the Northwest. Credit banks, but similar corporations organized under State termediate He qualified his statement by saying that he expected the Committee of charters have free access to the Credit banks. Federal officials which recently has started a tour of the region to act in such a way as to relieve apprehension, but said that he did not believe the Government should be expected to cure incurable ills or to replace money Co-Operative Tobacco Growers' Credit Bank already lost. Organizing in Durham, N. C. The President made his statement after conferences with members of the House Agricultural Committee, to whom he gave his endorsement of following from Durham, N. C., Jan. 14, appeared in The reommendaHe said that bill. the measure is directly in line with his the don to Congress that such loans as are needed to assist buying stock and the Raleigh "News and Observer": other materials should be made through a Government agency as an Six thousand dollars was subscribed by over 200 farmers who attended emergency expedient. the second meeting Saturday of the Co-operative Tobacco Growers' Credit & Loan Bank. This with the $4,000 at the first meeting makes just half of the $20,000 they expect to raise ultimately. J. F. Bowling, District ManEstablishment of Agency of War Finance Corporation ager of the association, expects no difficulty in completing the sum'. Officers and directors of the bank will be elected at a meeting to be held at Sioux Falls, So. Dak. in Raleigh Tuesday, and some one of the local banks will be selected to serve As we indicate in another item in this issue, steps toward as agent. Charter at a figure of $200,000 already has been secured. This branch will form a sector of a Stata•wide organization backed by the the relief of the wheat-growing section of the Northwest Each Government. branch will be privileged to borrow ten times the amount were taken this week by President Coolidge and the measures of its local capital, but beyond this figure no bank can go. item he suggested to this end are detailed in the which indicated. As is also stated therein, an agency of the War Finance Corporation began operations on the 24th inst. at Sioux Falls, So. Dak., as part of the plan of national and State officials t alleviate the fiaancial situation resulting from the recent closing of a number of banks in South Dakota. The decision to establish the agency was made Farm-Labor Bank Aim of Nebraskans. The following is from the Omaha "Bee" of Jan. 11: First co-operative bank in Nebraska will be formed to care for deposits from farm, labor and small shops, if plans of the Farmers' Finance Corporation are realized. This organization is one of the activities sponsored by the Nebraska Farmers' Union. JAN. 26 1924.] 'FETE CHRONTCLE At a meeting of the finance corporation, following the Nebraska Farmers' Union convention in the Castle Hotel yesterday, some stockholders suggested that since the corporation owed more money than it had in its treasury, it should dissolve. This was contested and a motion was made to amend the articles of incorporation to transform the finance corporation to a deposit bank. The body will exist until the articles are amended. Credit Act Deals Blow. Action was taken because of the recent Intermediate Credit Act, which prohibits the finance corporation from funetioning as a loan body unless each County Board has a capital stock of $10,000. The State Exchange Board meeting yesterday morning re-elected J. M. Martin, St. Edwards, and Laurette Lawrenson, West Point, as members of the board of directors. John Haverkost turned in his resignation, but it was not accepted. President C. J. Osborn declared that although the meetings of the Farmers' Union were in the routine of a usual convention, three high points were visible. Profit it Shown. "The last year was the first since 1019 that the State Exchange has operated with a profit," he said. "A motion to withdraw from the national body was swamped under the votes opposing the recommendation. "The most noticeable fact, perhaps, is the reorganization of the Farmers' Union Livestock Commission companies in Omaha, Sioux City and St. Joseph." The desire of the farmers attending the convention to move ahead as business men and to seek aid through regular businesslike channels, is especially inspiring, declared Mr. Osborn. Semi-Annual Meeting of Business Organization Government—President Coolidge on Budget. of At the semi-annual meeting of the business organization of the Government at Washington on Jan. 21, at. which the budget was considered, President Coolidge told the heads of the Government departments that "the budget has been a success." "You have," he said, "demonstrated that there can be, and as a business organization of the Government. With the easing of conditions," he continued, "the time is at hand when we shall decide whether a business administration is to continue, or whether our Government is to lapse into the old, unbusinesslike and wasteful extravagance." President Coolidge stated that "the receipts for this year are estimated at $3,894,677,000 and the expenses $3,565,038,000, showing a surplus of $329,639,000. Each dollar that you can reduce your expenditures," he said, "will add to the estimated surplus. It will be a source of much gratification to me if the close of the fiscal year will show an actual expenditure less than the present estimate." Stating that he had "given much thought to the question of Federal subsidies to State Governments," President Coolidge observed that "the financial program of the Chief Executive does not contemplate expansion of these subsidies." "I am," he said, "fearful that this broadening of the field of Government activities is detrimental both to the Federal Government and the State Governments." The address of President Coolidge follows. Members of the Government's Business Organtration Two and a half years ago you were called together by President Harding to attend the first regular meeting of the business organization of the Government. It was new kind of meeting. There had never been one of' such wide scope before, nor one to discuss in detail the text that was chosen as its keynote. The theme of that meeting was economy and efficiency in conducting Government affairs. It was the first time in the history of this nation that the Chief Executive personally outlined and presented to a gathering of the officials of the business organization of the Government an executive plan for the unified conduct of governmental business and retrenchment in governmental expenditures consistent with efficiency. These meetings have become a fixture in the Executive branch of the Government. This is the sixth of these regular meetings, and we are met hereto-day to review what has been done and to consider what ought to be done. With what success the joint efforts of the legislative and executive branches of the Government have been crowned is shown by its present economic condition. This is the first mid-year meeting that has been held when the estimated income and expenditure did not show the expectation of a large deficit. The surplus for the present year promises to be well over $300,000,000. This has been accomplished by a steady decrease of the cost of Government. For this you and year associates are entitled to the praise and gratitude of the American people. You have relieved them of an enormous burden and inspired thorn with a new hope. You have your appropriations for the current fiscal year. At the last meeting of the business organisation of the Government. June 18 1923. you were enjoined by the Chief Executive to plan your expenditure program so as to live within your appropriations and effect some saving therefrom. You were informed that for the next fiscal year it was hoped to bring the budget for the ordinary running expenses of the Government. exclusive of what will be necessary for the interest and reduction of our national debt, and for the Post Office which is expected to be self-sustaining, to 31.700.000• That has been more than accomplished. It was proposed to secure a reduction in the estimates for 1925 of at least 3126,000.000 below the appropriations for 1924. That plan has not only been successful, but has been surpassed by 355,000,000. The budget has been a success. You have demonstrated that there can be, and is, a business organization of the Government. With the easing of conditions, the time is at hand when we shall decide whether a business administration is to continue, or whether our Government is to lapse into the old unbusinesslike and wasteful extravagance. As for me,I am for economy. There is scarcely an economic ill anywhere in our country that cannot be traced directly or indirectly to high taxes. To increase that burden is to disregard the general welfare. Through constructive economy, to decrease taxes is to enlarge the reward of every one who tolls. 385 I say to you frankly that except where specifically authorized by law. will not countenance the incurring of obligations in excess of these appropriations. I am equally frank in saying to you that I do not look with favor upon the practice of asking for additional funds for the year in progress. These latter bequests, commonly known as supplemental estimates, may be justified occasionally to meet real emergencies or contingencies arising after the budget has been sent to Congress, or to meet obligations authorized by law. It is only in cases such as these that the Chief Executive will favorably consider the transmission to Congress of supplemental estimates. We are all the servants of the people of this nation. When Congress,representing the people. has appropriated the funds with which to carry On the business of Government we must confine our operation within the limit of these funds. We have neither the authority nor the right to incur obligations beyond such limits. On the other hand, our plain duty is to make every possible effort to effect some savings from these funds. This public trust which I hold, and which you hold, is a sacred trust. Its fulfillment as such should and must be our only consideration and duty. The budget reflects a financial program which IS impersonal. impartial and non-political. This same policy should govern you in your expenditure program. Realize that pressure may be brought to bear to make provision for this or that project from your available funds. It is sometimes difficult under these conditions to give the matter impartial consideration. But I urge upon all of you to view your requirements in the sole light of their necessity from a standpoint of the interests of the whole Government. I take this occasion to state that I have given much thought to the question of Federal subsidies to State Governments. The Federal appropriations for such subsidies cover a wide field. They afford ample precedent for unlimited expansion. I say to you, however, that the financial program of the Chief Executive does not contemplate expansion of these subsidies. My policy in this matter is not predicated alone on the drain which these subsidies make oil the national Treasury. This of itself is sufficient cause for concern. But I am fearful that this broadening of the field of government activities is detrimental both to the Federal Government and the State Governments. Efficiency of Federal operations is impaired as their scope is unduly enlarged. Efficiency of the State Governments is impaired as they relinquish and turn over to the Federal Government responsibilities which are rightfully theirs. These last two and one-half years have been years of real accomplishment. Diminished rer,enues have been more than counter-balanced by reduction in expenditures. The executive branch of the Government and the legiss lative branch have stood side by side in this intensive campaign for economy. It has required courage, patience ahd sacrifice. We Can now truly speak of a business organization of the Government, for it is a business organization conducted on a business basis. This joint executive and legislative campaign for economy has made it possible to reduce present taxation. Economy has no other purpose. The budget for the coming fiscal year. transmitted to Congress Dec. 5 last, carries estimates of appropriations fur all purposes. approximateir $232,000,000 less than the actual appropriations for the current fiscal year. 'rnis reduction is reflected generally in all of the appropriation items of the departments and establishments. The appropriations which may flow from these estimates will determine the maximum amount of business you will be authorized to perform. You will all probably have your appropriations for the coming fiscal year before we meet again. And so I want to say to you again that I sahll expect your expenditure program for the next fiscal years to reflect a policy which will enable you to effect scene savings from your funds. I look to you all to hold in reserve in an unapprotioned status some amounts from your 1925 appropriations. I expect you to cons serve these reserves and to use them only where conditions which may arise during the progress of the year make it imperative that you do so. It is good business practice to have on hand funds to meet unanticipated requirements. We have found this to be so during these last three fiscal years. I wish here to emphasize the importance of the co-ordinating agencies which are functioning under executive order. Co-ordination of our routine business of government is just. as essential as is the co-ordination of the business of any private concern. It eliminates waste and lost motion. The personnel engaged on this co-ordinating work is your psrsonnel. It is working in your interest. We cannot operate as a business efficiently without co-ordination, nor can we operate economically without efficiency. It Is a source of much gratification to the Chief Executive to know that the principles of this co-ordinating work are now being applied by the departments and establishments themselves to the business within their own departments. At the last regular meeting of the business organization of the Government President Harding had occasion to call your attention to the fact that the estimates which are before Congress are those submitted by the Chief Executive. Ire admonished you against the advocating ofan estimate ' before the Congressional committees in excess of the Executive recommendation. I trust that all of you are now so familiar with the Budget and Accounting Act. as to make unnecessary any further admonition. This law must be observed. The receipts for this year are estimated at 33,894.877,000 and the expenditures $3,565.038,000, showing a surplus of 3329,639.000. Each dollar that you can reduce your expenditures will add to the estimated surplus. It will be a source of much gratification to me if the close of the fiscal year will show an actual expenditure less than the present estimate. That eau be done if we remember that every dollar of public money which we pey out has to be earned. It represents the toil of the people. It is so much taken away from everything they produce—so much added to everything they buy. There will be no doubt about the result if we insist that for each dollar spent there be a dollar of value received. Before giving way to General Lord, the Director of the Bureau of Budget. who will tell you in more detail of our work and accomplishments. I wish to say a parting word. We have inherited from our beloved leader, President Harding, a task to which he devoted himself unceasingly and untiringly. He had before him .the vision of a co-ordinated business organization of the Government functioning efficiently and economically. He worked without ceasing to bring this vision to reality.' His inspiration will always be with us. It will be a privilege to be of aid in carrying to completion the task which he began. We can best serve his memory by pledging ourselves to further and greater effort to bring more complete efficiency and more secure economy into the business of the Government. Now, I turn this meeting over to the Budget Director. He does not occupy a place of ease and insignificance, but a place of difficulty and of honor. He is the eyes and ears of the Executive, and the managing director of the fiscal policy of the business organization of the Government. If you think he cannot see the details of' each department as you see them, you must remember that you cannot see the requirements of the whole Government as he sees them. He occupies a position reqviring the greatest amount of candor, tact and good judgment. It is well to remember that his real object is not to hinder, hut to help you and to help me, and most of all to help the country. Ills efforts have 386 THE CHRONICLE been successful. You and I, and especially the nation at large, are under great obligation to him for his self-sacrificing service. I present to you General Lord. As to Gen. Lord's speech, the New York "Times" said:. In his speech General Lord related how the budget cut the total departmental estimates down $55,000,000 below the figure President Harding had set as a maximum. Of the forty-three agencies, he said, the Inter-State Commerce Commission, the Department of the Interior the Veterans', Bureau and the Shipping Board asked for lower appropriations for the next fiscal year. He cited the saving of 8191,500.000 in the curtailing of transportation, telephone and telegraph costs, the co-ordination of certain activities, the ' adoption ofstandard forms of Government leases, the unification of Government purchasing and the standardization of specifications for materials. Purchase of the "Evening Mail" by Frank A. Munsey.- Frank A. Munsey has added to his newspaper interests through the purchase on Jan. 24 of the New York "Evening Mail." In making known his ntention to combine the "Mail" with the "Evening Telegram" Mr. Munsey (according to last night's edition of "The Sun and The Globe," also owned by Mr. Munsey) said: This purchase puts the evening newspapers of New York in a safe, strong position. Financially they are now impregnable. The "Evening Mail" and the "Evening Telegram," another of my newspapers, will be combined Monday morning. The consolidated paper will have the title "The Telegram and Evening Mail." In combination the "Telegram" and the "Mail" will make a strong newspaper with a large circulation and, I hope, a newspaper that will be very much worth while to this country. [VOL. 118. Reference to the purchase of the "Globe and Commercial Advertiser" by Mr. Munsey was made in our issue of June 2 1923, page 2476. Farmer-Manufacturer Convention in Chicago— Government Price-Fixing Opposed—CoOperative Marketing Approved. Opposition to Government fixing of prices of agricultural or other commodities was voiced in resolutions adopted at the closing session, in Chicago, on Jan. 15 of a farmer-manufacturer convention held under the auspices of the Illinois Manufacturers' Association. Approval was expressed of co-operative marketing of farm products "as offering the most practical means of stabilizing agriculture on a profitable basis." The formation of a permanent farmer-manufacturer committee for the discussion of common problems and action, was, according to the Chicago "Tribune," decided upon at the meeting. With the opening of the convention on the 14th, inst. a letter from President Coolidge was read, the President stating therein that the convention "with its central purpose of true co-operation among the business elements is an evidence that the right diagnosis has been found" of the situation confronting agriculture. The President in his letter said: It is perfectly apparent to all of us that we shall not have real and permanent prosperity for the whole country, nor for the greater part of it, so long as any large and vital important section of its productive industry is The newspaper from which the above is quoted also said: unable to prosper. The plight of the farmer in recent years has been and will continue, until we find means of relieving agriculture, a menace to the "Express" Founded in 1836. prosperity of every other element in the community. In acquiring the "Evening Mail" Mr. Munsey took over two journals It is most gratifying to know that such vigorous and intelligent efforts as closely allied with some of the most interesting political phases of the latter this convention represents are being directed to force realization of the full ball of last century. It was in 1836, one year after the elder Bennett estab- situation. A correct diagnosis is the first preliminary to remedying any lished the New York "Herald," that two brothers from Portland, Me., grave disorder. Your convention with its central purpose of true co-operation came to New York City intent upon putting into effect here a newspaper among the business elements, is an evidence that the right diagnosis has founded on their experiences in politics and Journalism in their home town. been found, and that alone is occasion for great encouragement. They were James and Erastus Brooks. James had had editorial experience on the Portland "Advertiser." The purpose of the Illinois Manufacturers' Association in On June 20 of that year the first issue of the New York "Express" ap- bringing about the conference was to form a permanent alpeared. It fearlessly raised the banner of the Whig Party and throughout Its existence as the property of the Brookses it continued courageous. liance of farmers and manufacturers for the mutual benefit It grew. It had filled a demand. On Dec. 1 of its first year it absorbed of both. The Chicago "Tribune" gives as follows the resothe "Daily Advertiser," long an organ of the Federalists and a vigorous at the convention: champion of the proceedings of the Hartford Convention. The "Express" lutions adopted 1. We oppose Government fixing of prices of agricultural or other comthereupon became the "Evening Express." The "Evening Express," on the appearance of the Knownothing Party, modities. 2. We approve of co-operative marketing of farm products as offering embraced the principles of that organization. It was such a power that of stabilizing agriculture on a profitable basis. Erastus Brooks, the younger brother, was elected in spite of himself to the most practicable means universities and colleges public schools, and especially the New York State Senate. where he served valorously. The Know- We urge American ' high schools, to establish and agricultural nothings dissolved and the "Evening Express," after careful calculation our State agricultural colleges in marketing, and that courses in farm cost acby its proprietors, took its stand under the flag of the Democratic Party. regular and special courses James Brooks was subsequently elected to Congress, where he served tow counting be stressed. Take Stand on Muscle Shoals. terms. 3. We commend the Department of Agriculture and the Department of First Issue in 1867. Commerce for the work they are doing in the foreign marketing field and One of the journalistic rivals of the "Evening Express"—likewise a we also urge that it be continued and enlarged in their respective fields. Democratic organ—was the "Evening Mail,", a sturdy sheet which put 4. In the development of the power at Muscle Shoals the production of forth its first issue on Sept. 21 1867. Cyrus W. Field, who laid the first be the primary but not the sole object. transatlantic cable, was the most noteworthy of its early owners. Mr. Field fertilizer should 5. We favor a movement which will encourage the reforestation of thouestablished his newspaper with an idea toward stability and fearlessness. sands of acres of lands which should never have been denuded of their timHe was a strong party man, but was not afraid to be independent where he ber, and desire to assist in the scientific cutting of our still standing trees. was convinced that his party was in error. 6. We favor a material reduction of the taxes now being imposed by the For a number of reasons the "Evening Mail" had a tempestuous career. county and local Governments. We commend the efforts But it continued to grow and when the Brooks brothers died Mr. Field Federal, State, through the Director of the Budget to curtail expenses purchased the "Evening Express" and combined it with the "Evening which have been made Government. We urge budgetary procedure upon all other Mail." This amalgamation was effected in 1882, and thereafter, until of the national units. 1903, the newspaper was known as the "Evening Mall and Express." The Governmental Ask "Quality Immigrants." combination was purchased in March 1888 by Colonel Elliott F. Shepard. 7. We urge that Congress shall adopt as a permanent immigration policy Thereafter the "Evening Mail and Express" made excellent progress. It was nominally a Republican organ, but actually it was independent in admission of applicants limited not by number but by quality and in accordance with our economic needs. If a system of national quotas be re• politics. Colonel Shepard died in 1893 after establishing for himself, as proprietor tained by the present Congress, we favor such flexibility of administration a and and Express," fairness for Mail that in time of agricultural and industrial expansion enough may come in splendid reputation of the "Evening enterprise. His estate conducted the affairs of the newspaper until 1897, and in time of depression not too many. Selection should be made at the when a combination of five of the employees of the "Evening Mail and point of origin. 8. We favor an American merchant marine owned and operated by AmerExpress," headed by Hnery L. Stoddard, purchased it. Thus it was conducted until 1900. when there was a rearrangement in its ownership. In ican citizens and directed by agents of American citizens at home and been "Evening has "Express" and the as known the since dropped abroad. We favor the patronage by American citizens of American ships. 1903 it We urge the repeal or modification of our present laws affecting navigation to enable the American merchant marine to operate successfully in compeits reference to the acquisition of the "Mail" by Mr. tition with the vessels of other nations. Munsey the New York "Times" of yesterday had the following 'to say: In 1917 the "Evening Mail" was purchased by Dr. Edward A. Rumeley, but was taken back by Mr. Stoddard and other former owners two years later, when it was charged that the money for the purchase was furnished by the German Government for the purpose of obtaining an organ to spread propaganda to keep the United States from entering the World War on the side of the Allies. We also take the following from the "Times": Mr. Munsey's first venture in daily journalism in New York City was in 1891, when he purchased the "Star," changed its name to the "Daily Continent," and published the latter in tabloid form. Mr. Munsey had the idea that a newspaper of small size, with the news presented concisely, would be • more convenient than a newspaper of the usual size. His venture,although it attracted considerable favorable attention, was not successful and was discontinued on June 30 1891. •The list of Mr. Munsey's New York newspaper purchases follows: . 1891—"The Star," name changed to "The Daily Continent." Nov.26 1901—"Daily News." Press." Sept. 15 1912—"The New York Sun" and "The Evening Sun." • June 10 1916—"The Herald" (with the "Paris Herald") and York New 1920—"The Jan. 14 "The Evening Telegram." and Commercial Advertiser." May 26 1g23—"The Globe . •• Mail." • Jan. 24 1924—"The Evening Favor Gulf Waterway. 9. We favor waterway projects through the Mississippi Valley and other parts of the country as in the interest of farmers and other shippers, particularly the St. Lawrence River and the Lakes to the Gulf proposals. 10. We congratulate the railroads on their prompt recovery from the disorganization consequent upon Federal control and the vigor and success with which they carried the record tonnage of 1923. National prosperity requires the continued provision of adequate, economical and efficient service. This depends upon the ability of the roads to finance additions and betterments. Enlistment of capital in turn demands stability of Government policy sufficient to sustain investors' confidence in the net income of the railroads. We favor further trial of the Transportation Act of 1920, without amendment by the present Congress. Against United States Ownership. 11. We oppose Government ownership or operation of railroads, rnines, public utilities, farms or factories. The pledge of less Government in business and more business in Government met with endorsement by the citizens in 1920. We urge the Federal Administration and Congress to observe the pledge. 12. We denounce all legislative projects designed to impair property rights and deprive the industrious and the thrifty of the fruits of their toil and self-denial. We call upon the citizens to renew their loyalty to our Constitution, which aims to preserve- individual initiative and energy as the basis of a proiressive civilization: JAN. 261924.1 THE CHRONICLE Farmers. 13. We oppose every attempt toward depriving the United States Suglreme Court of its primary function, to determine the validity of Congres.sional action threatening the rights of person or property guaranteed by the 'Constitution. We condemn the proposal to require more than a majority vote of the court to void any Act of Congress which would give the minority .a controlling voice. The "Tribune" also stated: United States Movement Foreshadowed, The Illinois Manufacturers' Association, which organized the convention, was thanked for its efforts, and the Chairman, E. C. Hedrich, Jr., said this probably was the forerunner of a national movement along these lines. There was no debate over the resolutions except on the one indorsing cooperative marketing. An amendment was offered to the effect that in the establishment of such organizations no legislative help be accepted. The 'opinion was expressed that there had been too much discriminatory legislation and the farmers did not wish any for themselves. E. I. Burton of Kangas, Acting Chairman of the committee, said this was covered in the resolution. Farmers actively participated in the work of the resolutions committee, although there was a notable absence of them the first day. They brought about discussion and changed several resolutions. White Urges Specialization. There were many addresses during the day. F. Edson White, President of Armour & Co., advocated specialization and quality in farm products. "Regardless of what may be most practicable or most convenient for the farmer," he said, "he must meet the same responsibility of producing in accordance with the consumptive demand that the manufacturer meets. We to-day face the situation of having so many hogs and so much wheat in national and international commerce that it is utterly impossible to find buyers who can be induced to pay prices profitable to the farmer. "The fundamental difficulty in farming to-day lies in the over-valua tion of land and equipment in terms of the income that may be received. A great .many of our present agricultural difficulties would not exist if all European nations were in a position to buy what they really need at their pre-war ,prices." Complete Inland Waterways. Ira C. Copley, of Aurora, told the conference that the farmer must come to the conclusion that the tax on final sales offers the fairest and safest form of tax for him. Completion of the inland waterways system was advocated by H. W. Seaman of Clinton, Ia., as the agency that will bring an industrial balance between the East Coast and the Middle West. C. H. Markham, President of the Illinois Central Railroad, said reduction in freight rates would not bring prosperity to any farmer who is not pros,perous under present conditions. "A reduction in taxes is feasible," he said, "whereas a reduction in freight rates would seriously threaten to impair the service which agricultUre demands of the railroads." In its account of the opening session, the Chicago "Post" said in part: 387 National Thrift Week—Warning of Secretary Mellon Against "Get-Rich-Quick" Schemes. In a message to the people of the country upon the occasion of the celebration of National Thrift Week, for which the period from Jan. 17 to 24 was set apart, Secretary of the Treasury Mellon issued a warning against "get-rich-quick" stock promotions. "Stock in companies being organized on the success of others rarely turns out well," says Secretary Mellon. "A going concern," he points out,"has a great advantage and will not allow a new comer to take over its business. Do not put your money into another man's dreams." In his message the Secretary stated: 1. Never buy stock in mines you know nothing about. Mining is a very expensive undertaking. Shun alluring promises about mines in a faraway land. While some mines may be good, often unscrupulous men start mining ventures Just to obtain your money. In many cases they never Intend to develop a mine. There is an old saying:"A mine is a pot where fools dump their money." 2. None but the rich can afford to trifle with oil wells. There are many good Mining and oil investments, but how can you tell the good from the bad, or know the intentions of the promoter? Drilling for oil is expensive. The chances are great. A "gusher" is rare. You may find a well that yields ten barrels a day for a month, or you may find your well is dry. In many cases there never is a well except on paper. 3. Schemers take advantage of every important discovery or invention. Recently, In the wake of radio, came countless stock-selling schemes. Many invested and lost. Some promoters may have good intentions, but others have only promises to sAl. A patent may be only the right to a lawsuit. 4. Do you want to buy a swamp? There are real estate promoters who will sell you swamps as "shore frontage." If you buy property: buy near home. Then you can see what you are getting. Long distance buying is dangerous. Know what you are buying. Investigate personally before you make a purchase. :I. Look out for new companies that are going to sell by mail. No money will come in until sales are made, and sales require a good organization and time. They may never earn more than salary money, and that is paid out. 6. "New manufacturing methods" should always be personally checked and investigated. If you lack experience in making this examination, get an expert's views. 7. "Invest quick or it may be too late" is the fax orite urge of the wildcat stock salesman. That should made you suspicious. The swindler fears investigation. His fakes sell best when he rushes you off your feet. Many have lost because they did not "sleep over it." 8. Look with suspicion on offers with special inducements in cash discounts or stock bonuses. Such an offer may be a trap, and many have been lured to misfortune by it. 9. Your banker will tell you that "tips" on the stock market are worthless. Those who have advance information will not tell you when they can profit themselves. But the "slick blue sky" stock salesmen will tell you in confidential whispers "it's straight from the inside." You may be tempted, but do not think you will be let in "on the ground floor." 10. The rich man can afford to speculate. If he loses he has other money In bank. Not so the investor, the man on a salary with a family to support. If his speculation fails, it spells disaster, and he has not money him tide over the unexpected. Never play the stock market on "marto gin." Avoid the bucketshop. If you buy stocks outright for investment, do so through a member of a legitimate exchange. 11. Stock in companies being organized on the success of others rarely turns out well. A going concern has a great advantage and will not allow a newcomer to take over its business. Do not put your money into another man's dreams. Warnings against radicals, pleas for support of the Wallace plan for the control of export wheat and other relief legislation, and a discussion of the railroad problem featured the opening sessions of the farmer-manufacturers' -convention at the Congress Hotel to-day. The goal of the meeting, it was announced, will be the formation of a national farmer-manufacturers' association which will draw the two groups into closer harmony. The gathering was called by the Illinois Manufactur.ers' Association. Two Greatest Industries. "This is the first time that an attempt has been made in an extensive way to bring about a meeting of farmers and manufacturers," E. C. Heidrich, Secretary Mellon pointed out that "there is no easy road -Jr., President of the association, said. "Farmers and manufacturers represhort cut to success. It means constant hard work and sent the two greatest industries in America. Both are producers, or both are managers, both are employers and both are property owners. There is every saving and many sacrifices, but it is really worth them all economic reason why they should get together,`talk over their problems and through the ultimate feeling of accomplishmen t and the help each other. The farmer is probably not only the largest customer of lasting happiness which it brings to its possessor." Under the manufacturer, but he furnishes the manufacturer with most of his raw material. the caption "How Three Men Divide Their Incomes," Resolutions proposing joint action of farmers and manufacturers to support Secretary Mellon submitted the following figures: measures regarded to be of mutual interest are to be brought before the convention for action, with a lively time anticipated over their Tightwad. Spendthrift. Thrifty Man. proposed adop- Living expenses tion. 37% 58% F..0% Education 1% 1% Congressman Dickinson Speaks. 10% Giving I% 1% 10% Congressman L: J. Dickinson of Algona, Iowa, addressing the gathering Recreation 1% 40% 10% to-day, asserted that "farming either must be made a safer business or the Savings 60% 20% 0% .present standard of farm civilization cannot be maintained." He expressed the opinion that legislation can greatly improve the farmer's condition. Secretary Mellon stated that it was estimated that more The Wallace plan for the control of export wheat, the program of the than $500,000,000 had been taken from small investors National Farm Bureau relative to organization and co-operation, and organisation for commodity marketing control, were indorsed by the speaker. He during 1923 in precarious investments. A thrift message, suggested that by organization corn growers of Iowa- and Illinois could con- published by the Educational Committee of the Oregon trol the price of their product. Plea for the Railways: Compulsor? consolidation of the railroad systems, now being discussed with favor, will be followed by Government ownership unless the roads are allowed to maintain a reasonable income, W. H. Stackhouse, another of the speakers, asserted. "The principal factors in existing freight rates," he said, "are the exceedingly high cost of material and labor." An inconsistency in the Transportation Act, he pointed out, is that the rate-making power is vested in the Inter-State Commerce Commission, while wages and conditions of employment are fixed by the Rail Labor Board. Fred R. Marvin, editor of the Searchlight department of the New York "Commercial," urged an active and well-financed movement by supporters of American institutions to combat the activities of the Communist Internationale in America. Recognition of the Soviet Government, he pointed out is sought because it affords an opportunity to fill the Embassies and Consular offices with trained revolutionary propagandists. Bankers' Association, of which E. C. Sammons of Portland is Chairman, says in part: Every true American thrills at the mere mention of independence. It is the bone and sinew, the heart and soul of our Democracy. It is that for which our ancestors fought and died in the Revolutionary War. We celebrate with great rejoicing each year when Independence Day comes around and we are particularly proud of the Declaration of Independence as the greatest American document. But that is only one kind of liberty, one form of independence—political and religious freedom. There is anoiter and exceedingly important kind of independence that is directly related to the daily lives, the well-being, comfort and happiness of each one of us; an independence that is vital to the preservation of our national integrity. Without It we would degenerate from a nation of sovereign individuals to one of practical slavery. This is economic independence; the assurance of being able to provide for the material needs of life; the physical comforts and even luxuries that can make living to-day so thoroughly enjoyable. That is why we celebrate mut Week each year. Thrifty living will Discordant Note Efeard. enable you in later years to look upon Thrift Week as a holiday week to The-one discordant note at the meeting was when Benjamin C. Marsh of show your happiness at having achieved financial independence. 'Washington,. 1). 0.,,Managing Director of the Farmers' National Council, isHow can you do it? By starting now to save something systematically sued a statement saying- "the progressive farmers, co-operating with labor, each week out Of what you earn. Put these savings in the bank it interest hold the .political balance of power in the United States and,are not going and make your money work for you. When a man and his dollars work Into 'cahoots' with any manufacturers' associations." ogtether the result is prosperity. It is not alone what you make, but how 388 THE CHRONICLE you spend and what, you save that counts in the end. And remember that hoarded money is lazy money. Be sure that your money is well invested and is working for you. Benajmin Franklin is perhaps the outstanding exponent of thrift among notable Americans and to-day we honor his memory in the observance of Thrift Week. J. H. Puelicher, Chairman of the Milwaukee Thrift Week Committee,in a statement regarding National Thrift Week, had the following to say: Every one interested in the National Thrift Week activities has read of the Detroit Plan, whereby school children secure the opportunity to visit the banking institutions of the city on Bank Day. There is much need for the future American to understand the fundamentals of banking, so that he will feel an acquaintanceship with its purposes and its functions that will serve him when he is through with his schooling and becomes an adult member of the community and this Commonwealth. Only through such knowledge can he make use of the institution which strives to help all members of its community to succeed in life. The opportunity to visit the banking institutions of Milwaukee has been given to the Milwaukee school children on Bank Day of National Thrift Week and whenever desired throughout the year. Realizing, however, that not merely the future American, but many adult Americans, especially among the new Americans who have so great a timidity and misunderstanding with regard to banking institutions that many have never even been inside of a bank, needed this knowledge, classes In English for new Americans in the social centres and night schools of the Milwaukee educational system, were invited to devote one evening to visiting banks. The banks belonging to the Clearing House Association voted to hold open house from 8 to 10 o'clock one evening. The students met at their respective schools and went with their teachers to the bank assigned them. About 500 adults took advantage of these field trips. At each bank a general talk was given to the group as a whole on the relation of the bank to the community and the services of its different departments. The group was then divided into smaller parties, which were personally ushered through the departments by bank officers, thus permitting these new Americans to feel a personal acquaintanceship with the officers of the bank. The visits seemed to mean much to these new Americans. Many of them had never been inside of a bank before. Many of those who were acquainted with banks knew only of the savings department. All of them seemed much impressed with the large vaults and expressed happiness over the thought that their money was so well guarded. The talks in the banks were given in English and from reactions which have come to us from their teachers, were beyond the comprehension of many whose knowledge of English was still very limited. It will be our endeavor, should similar trips be made during the coming Thrift Week, Jan. 17-23, to give the talks in the native tongue of the students. [Vor.. 118. with respect to the above. In the matter of the tax on admissions, estimated on the basis of the first six months of the present fiscal year to produce $90,000,000, a number of proposals were made, these indicating disinclination to repeal the tax in full. There is considerable sentiment for the repeal of the candy and jewelry taxes, and some for the removal of the tax on automobile trucks and automobile repair parts and tires. It is expected that the committee will be able to dispose of matters pertaining to these taxes and then to take up3. Earned income. There is a great deal of sentiment against this recommendation, the belief being that it is impracticable. In any event, if adopted, it will be made progressive, so thht the man with large earned Income will not have an advantage over the less fortunate taxpayer. 4. Provisions intended to stop tax avoidance. These were laid aside on first reading of the bill as being matters of policy. 5. Community property income. There is quite a drive on to retain the provisions of existing law and a hot fight in committee Is in prospect. 6. Income tax schedule rates. 7. General amendments. Two Weeks for Income Rates. Under the above schedule the committee will have two weeks for the consideration of the Income rates. The matter of compromise was broached to the Democrats in a question propounded by Chairman Green to Mr. Garner: "In view of the attitude of the Democratic members of the committee and Democrats generally as stated in the newspapers, I wish to ask you whether you intend to stand on the Garner plan as a party measure in the committee?" he inquired. Mr. Garner declined to give a direct answer and Mr. Hull suggested that he ask the Republicans whether they intended to stand on the Mellon plan. "The Republicans of the committee are willing to co-operate with the Democratic members in framing a tax reduction bill which will be supported by both parties in the committee and on the floor of the House," said Mr. Green on behalf of the committee. The Democrats look upon this purely as a political move of the Republicans, it is said, and it is understood that the latter were forced into this position by newspaper stories to the effect that the Republicans are pushing a partisan measure without opportunity to the Democrats to take any real part In the program. The Republicans put them squarely on record as avoiding the issue to-day and believe that the situation is such that they will have to ask the Democrats to absent themselves from committee meetings in the near future and to proceed with the drafting of a straightout party measure, taking a thence in the House of getting legislation adopted. On the 11th inst. it was stated in the Washington advices to the paper which we quote above that "the word is soon to be broadcast to the country that the Mellon plan for the reduction of taxes, as such, is an issue that cannot be put through Congress. It was stated further in the dispatch of the 11th inst.: The first move toward effecting a compromise on surtax rates was taken this afternoon when Republican Floor Leader Longworth met the Republican members of the Ways and Means Committee and views were broadly expressed as to the possibilities of putting the Mellon plan through Congress. At the Republican conference last evening. Mr. Longworth discussed this very question. A compromise must be made, or there will be no tax reduction. The big thing is how to effect this compromise gracefully, still getting the maximum reduction possible under the circumstances. It is not understood that rates were discussed to-day; this being a matter for additional future consideration. And it may be said In passing that there are few—one or two—members of the committee really In sympathy with the 25% maximum- Resignation of Victor Murdock as Member of Federal Trade Commission—George B. Christian Jr. Named as Successor. The resignation of Victor Murdock as a member of the Federal Trade Commission was announced on Jan. 14. The resignation will become effective Feb. 1. On Jan. 21 Pres!. dent Coolidge nominated George B. Christian, Jr., of Ohio, to be a member of the Commission succeeding Mr. Murdock. On Jan. 13 the Washington advices to the New York Mr. Christian had been Secretary to the late President Hard- "Journal of Commerce" had the following to say in part: ing. Mr. Murdock,it is stated, will return to Wichita to reThe revenue revision situation at the Capitol has been made more coma near split among the sume active work on his newspaper, the "Eagle." Mr. Mur- plicated by a new outburst of varying opinions and leaders. It has been aggravated by defection in the Republican ranks. dock has been a member of the Commission since 1915, and which is taking some of the members practically into support of the Democratic tax revision program and others to that middle ground to be reached his second term would have expired in September 1925. by compromise. The President's staunch stand on the Mellon plan will find supporters. Redraft of Revenue Bill by House Committee—Efforts for following a conference with Representative Tilson, Connecticut, it was declared that about half of the Republican membership on the Ways and Toward Compromise—President Coolidge Said to Means Committee would be inclined to hold out for the adoption of the plan Stand for Mellon Bill Unchanged. as now whipped into shape, plus the rate provis:ons not yet acted upon. From a dispatch to the New York "Times" from WashPublic hearings on the Mellon tax revision bill, which were brought under way on the 14th inst. by the Ways and ington Jan. 17 we quote the following: President Coolidge is being informed by Republican Congressional Means Committee of the House, were closed on Saturday leaders that concessions are necessary if the Mellon tax reduction bill is to last, Jan. 19, at which time Chairman Green of the Com- pass the House with the support of the Republican members. Within the mittee announced that tax schedules would be taken up by last three days several of the leaders have carried this message to the President, and have tried to make it plain that the Administration must submit the Committee behind closed doora, with a view to reporting to more than one Important amendment to the original plan. the with Feb. by House 11, the accordance in to bill the in forecasting the final outcome they have said that the majority of the resolution adopted at the caucus of Republican members of House Republicans believe that the reduction in the surtax rates; on incomes too great. They have also made the point that with tho new rules of the House on Jan. 10, to which reference was made by us is procedure, which the Democratic and insurgent Republican coalition has on Jan. 12, page 148. Last week it was reported that forced in the House, it will be by no means as easy as pass a bill through that leaders in Congress were tending toward the view that it body with unimportant amendments as it was in the past. Representative Madden of Illinois, Chairman of the Appropriations Comwould be impossible for the Mellon proposals to go through mittee, is among those who say that compromises are essential if the main in their present form. On the 23d inst. a direct offer to the features of the bill are to be enacted. Ile so expressed himself at the White Democrats to agree to a compromise in the drafting of a House to-day, where he went for a conference with Mr. Coolidge. There is no escaping the fact that the Democratic surtax schedules in the tax bill on a non-partisan basis was made on behalf of the Garner plan have made an appeal In Congress as well as outside. DemoRepublican members of the Ways and Means Committee by cratic leaders are taking advantage of this, and say with much optimism Chairman Green, but the minority members declined to that they are fast overcoming "propaganda" for the Mellon plan. which the country accepted at first on the that the Secretary's bill was the commit themselves to such a proposal at this time. The best possible tax reduction idea. theory York of New "Journal its from the Commerce" to advices Chairman Green of the Ways and Means Committee conWashington bureau on the 23d inst. said: on Monday last (the 21st inst.) with President Coolferred After sparring around considerably, apparently testing out each faction's idge the tax revision proposals, the conference, it is stated, on began committee tentative consideration the of and excise strength, the stamp taxes of the present law with a view to determining the extent of having dealt with the extent to which the President would be the reductions to be made. By a strict party vote a program as follows willing to approve minor alterations in the Mellon bill. In was adopted: this the "Journal of Commerce" said: Agree on the amount of tax reduction to be apportioned to direct stating 1. upon on a motion to indirect taxes, as andRepresentative , .CT0hOisan respectively.$0 writaSre Mills 1_0,000,000, respectively, of backing the Garner suggestion of $230,000,000 and $90,Democrats the 000,000, respectively. Indirect Taxes. indirect taxes in order, beginning on page 224 of the 2. Take up the a view to modifying them within the limit agreed ry draft, with considerable number of tentative motions were on as T mat.* above proVided. A Coolidge /s Steadfast. No comment was forthcoming either at the White House or from Chairman Green as to the outcome of the latter's talk with the President, but it is understood that Mr. Coolidge continued steadfast in his policy for the passage of the Mellon plan as written in so far as the fundamental principles of the measure are concerned. As to miner changes In the .TAN. 26 1924.] THE CHRONICLE bill, it is believed that the Administration will be satisfied with whatever alterations the Ways and Means Committee finds it expedient to make. Fellow members on the committee believe that Mr. Green and Representive treat., Wisconsin. Republican,are the only ones among the Republicans who are not altogether in accord with the ...dellon plan rates. Consequently, it is said, all possible influence is being and will be brought to bear upon the chairman that a party measure may be brought out. In the event that these two representatives are not in accord with the idelion rates—r. Freer has announced his opposition to any reduction from the present surtaxes, and it is known that Air. Green would rather favor a rate, say, of 32%—with the Democrats solidly behind the Garner substitute, the vote would be 13 to 13 in committee. Expect Change in Bill. Few, if any, of the committee members believe that the Mellon plan rates can actually be "put across." However, the leaders on the committee want as solid support as possible for the 25% maximum. Even Republic Floor Leader Longworth has expressed the belief that a compromise must be effected, and he and others think the country should be prepared for a change in the bill. The Republicans do not have the well-defined majority in the House that would guarantee the adoption of the Mellon plan "as is" and they cannot put through a rule that will prevent its mutilation on the floor. With this knowledge the leaders do not withhold their desire to have the committee bring out a bill that will attract the support of at least enough Democrats to replace the radicals who will vote against anything not just exactly to their liking. Mr. Longworth, who expresses the belief that a deal can be made with the Democrats on the question of surtaxes, proposes to hold some conferences with the committee members in the very near future to discuss the situation with them. He has already conversed with Secretary Mellon and Mr. Slemp, telling them what is to be expected. 389 drafting a strictly partisan revenue revision bill, following the refusal of Democrats to agree to a compromise. On Jan. 24 the Ways and Means Committee tentatively agreed to repeal the taxes on candy, telephone and telegraph messages and leased wires. The repeal of the excise tax on Soft drinks and beverages was tentatively agreed on yesterday (Jan. 25), by the Committee. Chairman Green estimated that $11,000,000 in revenue would thus be lost. In reporting the conclusion of the public hearings on the 19th inst. by the Ways and Means Committee of the House the New York "Times" dispatch from Washington said: Hearings on the bill ended to-day—on Monday the committee will take up a side issue In the morning—the debt of Finland to the United States. In the afternoon there will be a meeting to discuss the program for handling the rate in committee, and probably a separate session of the Republican members. Chairman Green said he believed consideration of the Treasury estimates on the revenue affected by the bill would take up two or three days, and that the committee probably would not take up the actual rates before about the end of next week. It is still the aim of the Chairman to get the bill to the floor by Feb. 11, as demanded by the Republican conference. The last witness at the hearing to-day was Ben C. Marsh of the People's Reconstruction League, who advocated retention of the higher surtaxes, enactment of an e.mese profits tax, a levy of undistributed profits and an Increase of the estate taxes. He had with him a prepared statement in which he attacked Secretary Mellon as "conspiring with felonious tax dodgers to help them escape taxes," and declared the Secretary should be forced out of office, but he refrained from reading this. Objection to the proposed Board of Tax Appeals was expressed by Edwin Surtax Vital Feature. E. Gore of the American Institute of Accounts, on the ground that the He says that there are some Republicans who want an opportunity to taxpayers would be left "to the mercy of the Treasury," with which Reprevote for the 25% maximum in committee because they are pledged to sentative Garner agreed. support it, but that Is as far as they will have to go when finding themGreen Fears Politics. selves against a stone wall, and they can acquiesce in a compromise rate The suggestion of Mr. Gore that the Board should not be appointed or agreement. Surtax rates are the vital feature of the bill. In the committee to-day there was a general discussion of the surplus dismissed at the will of the Secretary of the Treasury left Chairman Green estimated, if all present taxes remain, with a view to determining how cold. He stated that Senatorial confirmation would throw the Board into much and what taxes can be cut. This will be resumed to-morrow, when politics, whereas experts and not officeholders were desired as members of the body. a program for the future will be agreed upon. Both Mr. Gore and Mr. Garner said they understood the tenure of office The tax experts were directed to prepare an amendment to relieve farmers mutual insurance companies from taxation on a parity with of certain Treasury employees depended upon their success in collecting Mr. Garner declared that one employee had told him this. taxes. building and loan and similar co-operative organizations. Treasury Taxation of railroad leases came up when Joseph Brady. representing rulings have operated against these companies for which tax exemption the New York New Haven & Hartford road, urged revocation of the present had been intended under the provisions of the 1921 Act. system under which the lessee is permitted to deduct the amount of tax Further indications that President Coolidge maintained paid by the lessor on income from rent. He argued that the lessee of a an unchanged stand for a maximum surtax of 25% were con- railroad actually pays the tax under this system and, therefore, even when operating on a deficit is charged with the tax. Mr. Brady would have the tained in Washington press accounts Jan. 22, at which time tax levied upon the lessee, so that when a deficit occurred the tax would the New York "Journal of Commerce" stated: not have to be paid. Representatives Miller and Summers, both of Washington, opposed the Representative Garner, ranking minority member of the Ways and Means Committee, asserts that if the President holds to the views ascribed to him Mellon recommendation preventing filing of individual returns by husbands by White House spokesmen—that he is opposed to any fundamental change and wives on community property taxes. Several Western States have laws making this separate return permissible. made in the measure—the tax bill is foredoomed. John J. Boobar of the National Association of Taxicab Owners asked for Despite the standpat attitude of President Coolidge and Secretary Mellon, Republican leaders at the Capitol maintain that a compromise must be a repeal of the 5% tax on cars of this character. effected as between Mellon rates and those now in existence, for surtaxes With the start of the hearings on the bill by the Committee are the crux of the situation. Democratic leaders declared that Mr. Melon the 14th inst., the repeal of the tax on stock sales and lon's proposals must be cut or there will be no tax bill. Resent Party Conference. The Democrats to-day took umbrage at the action of the Republicans on the Ways and Means Committee in holding conferences yesterday and today at which the Democrats were excluded. , "1 think you ought to tell the country to-night that Mr. Mellon has said that the Congress and the country are considering this tax bill as a nonpartisan question, and the Republican organization has changed its position to one of partisanship and is considering the bill in secret session," declared Representative Garner. At to-day's "secret session" the Republicans considered a program for the future handling of the bill. This program will be presented to the Democrate to-morrow for confirmation. An effort is being made to postpone consideration of the surtaxes until toward the last, devoting the nett few days to the so-called nuisance taxes to determine just how much they can be cut. The adoption ot the Garner plan will necessitate the retention of many of these levies which would otherwise go into the discard as war relies. Several times during the recent hearings Chairman Green warned witnesses that if Congress is to remove all of the excise and special taxes to which opposition was thus raised, it would not be possible to make much of a reduction in income rates or surtaxes. Republicans Are Melded. There is a marked division of opinion among the Republican Ways and Means members as to the handling of the bill, and consideration of the program kept them very busy. Some, it is reported, were desirous of considering the bill in the future in secret session, with the Democrats absent by request. Chairman Green does not share in that thought and at least for the time being the bill will be considered by both parties in joint session. According to Mr. Green, the committee now is twice as large as it should be, making consideration of the various problems more difficult and extending discussions, each member having to express his views. Representative Garner, when apprised of the President's expression that he would view any change in the Mellon rates as fundamental changes, to which he is opposed, declared that if the President takes the position that he will not sign a bill that has surtaxes between 25 and 50% for the maximum, "there will be no tax law." transfers was urged by Laurence Tweedy, President of the Consolidated Stock Exchange. Mr. Tweedy in his arguments said: This tax yields less than $10,000,000 from the whole country, and 90% of it is collected in New York City. In New York, Pennsylvania and other States it is a double tax, as both the State and Federal Governments collect on it. It is a burden which a small group of men, floor traders, who perform a very useful and economic service in Providing close markets, have to carry. Of 85 traders on the floor of our Exchange, I find that during the year 1922 the average payments on this tax totaled 25% of the gross income of these men. Such a tax corresponds in percentage to a surtax on $100,000. It must be apparent that such a huge tax on a few hundred men is both unfair and discriminatory. The repeal of the theatre admission tax was also urged at the hearing. Joseph R. Denison, representing the Motion Picture Theatre Owners' Association, who contended that this was a war measure, and affected many, asserted it was a large contributing factor in the closing down of 1,400 small neighborhood moving picture houses last year. Giles Whiting, of the Carpet Manufacturers' Committee, advocated repeal of the tax on carpets and rugs. A division of opinion on the question of a reduction in the tax on industrial alcohol was brought out at the hearing; drug manufacturers asked that the tax be maintained, lest its reduction force cuts of almost 50% in their inventory values and their business be endangered. Retail druggists asked reduction or elimination of the tax. On the 14th inst. Chairman Green of the Committee is said to have declared that the passage of tax legislation at this session has been jeopardized in his opinion by the action of the House in repealing on the 14th inst. the Underwood rule which sought to restrict amendments from the floor to revenue bills, as well as to curb debate. The Associated Press in stating this added: Predicts Signing of Bill. "I predict," declared Mr. Garner, "if we send the President a bill with the maximum below 50 and above 25% he will sign it, because the American people want tax reduction, and a majority of Congress are going to act on a bill of tax reduction." Admitting that he had talked with members of the committee as indiAfter the House had revoked the rule, Mr. Green expressed the opinion viduals. Mr. Garner denied that there had been any formal move toward Republicans and Democrats getting together on a compromise. Mr. that such a flood of amendments might be offered to the Revenue Bill. Longworth believes that some acceptable agreement can be reached, and once it reaches the House, that action might be indefinitely delayed. "If the tax bill." Green said, "goes before the House controlled only by when asked as to his views in the matter said."My big job is to get out a the rules as amended to-day, a situation would prevail under which it would bill that will pass the House." be practically impossible to pass it, even though a majority of the House was According to advices to the New York "Journal of Com- in favor of it." merce" on Jan. 24, next week will probably see the ReThe motion to abolish the Underwood rule, which prepublican members of the House Ways and Means CoMmittee vented admission of amendments to a bill unless they were 390 THE CHRONICLE [VoL. 118. germane to the item under consideration, had been made by Green, who said, however, the question had not come before the committee Representative Garrett, the Democratic leader, and was and it was problematical if it would be taken up. According to a Washington dispatch to the New York passed by the House by a vote of 208 to 177. The following in the matter is taken from the Washington dispatch "Journal of Commerce" on Jan. 17, the stamp tax levied upon sales of produce on exchanges and the laws that provide Jan. 14 the New York "Times": Mr. Garrett's position on the matter was defined during the debate other taxes on sales were declared responsible for the present depressed condition of the Chicago grain exchange when on the floor. "In my opinion, rules will not be brought in that put the same restricRepresentative Newton, Republican, of Minnesota; former tions upon the consideration of revenue bills that have been brought in In the past," he stated. "If such rules are brought in the House will not Congressman Campbell, now of Washington, D. C., and ' adopt them." L. F. Gates, of Lamson Bros. & Co., Chicago, former Representative Huddleston of Alabama asked how restriction of amendPresident of the Exchange, appeared as witnesses before ments to revenue bills could he prevented. the Committee. The dispatch also states: "We'll take care of that all right," replied Mr. Garrett. Representative Garner, ranking Democratic member of the committee, said: "Chairman Green and I will get together on the maximum surtax rate, and after that the writing of the remaining surtaxes will be merely a mathematical proposition." Mr. Garner refused to say whether he would make a concession by consenting to a rate below 40%, but the feeling is that both Democrats and Republicans in the end will agree on a point between 35 and 40, perhaps 37, which Chairman Green is said to favor. The Democrats will insist on greater exemptions than those allowed in the Mellon bill, but will not make any determined fight for cuts below the normal taxes proposed by the Secretary. Elimination of the Underwood rule was the only actual step taken in the battle over the rules. Before the House adjourned Mr. Crisp of Georgia moved to make the number of names required on a discharge petition 100 instead of 150, but the vote on this will not come until tomorrow. Garrett Starts Rules Fight. The rule changes were brought in through a resolution introduced by Chairman Snell of the Rules Committee, and at once the fight against the Underwood rule was started by Mr. Garrett, who said he had never favored this rule and consented only because a Democratic caucus had approved it. He said it would give a single man power to destroy the will of a majority through a point of order. They asked the repeal of the stamp taxes covered by a number of paragraphs in schedule "A" of the present law, amounting to about $18,000,000 of the $64,000,000 raised by the stamp taxes in their entirety. Automobile taxes were also discussed by witnesses before the committee and pleas were made for an increased inheritance tax and a gift tax, and for remedial legislation assisting individual companies. "The Chicago wheat and grain market is depressed," declared Mr.Campbell. "We think it is very largely because the traders are being taxed practically out of existence. We think that anything that depresses the market should challenge the attention of this committee and of Congress. "Every time there is a sale of cash grain, every time there is a sale for hedging purposes, the tax is imposed. Split sales are so taxed also. This has depressed the Chicago market to the edent that 45% of the traders have quit. We think this Is ofsuch great importance as a marketing facility that this tax should be removed. It is a stamp tax upon the farmer." Mr. Gates also attacked the Grain Futures Act of 1921, which taxes Indemnities, bids and offers, and which has resulted in driving trade to the Winnipeg market, where there are no such restrictions as are imposed in the United States. The repeal of the present tax on telegraph and telephone messages was asked by Mr. Gates. Ile said that it is a heavy burden upon the cost of doing business. He pointed out that often a man will handle 10,000 bushels of wheat in the hope of a profit of $6 25. The tax is $2 20, and sometimes the trade fails to make a profit. Regarding the hearings before the Ways and Means In the Senate on the 15th inst. an amendment to the Committee on the 15th inst., we quote the following from Mellon tax reduction bill was proposed by Senator Curtis, of the New York "Times" dispatch: Kansas; under his proposal the amusement taxes would be At the hearings on the Mellon bill before the Ways and Means Com- retained with a view to being applied as a bonus for veterans mittee to-day, C.C. Hanch,representing the National Automobile Chamber Washingof Commerce, asked for a reduction in the taxes on automobile parts and of the World War. According to a dispatch from trucks. ton yesterday (Jan. 18), in "The Sun and The Globe," the Edward H. Hufnagel. President of the National American Retail tax revision proposals of Secretary Mellon and RepresentaJewelers' Association, told the committee that the 5% tax was driving tive Garner, Democrat, came into open debate yesterday at jewelers out of business. The jewelry tax extends to musical instruments in the manufacture the hearing of the House Ways and Means Committee Industries of which silver, gold or ivory is used, Alfred Smith of the Music during the presentation of• Treasury reports by Garrard Chamber of Commerce said, and this was a tax on education, because Winston, Under-Secretary of the Treasury. We quote furalmost half of the instruments were used by children. C. R. Burnett, Chairman of the Tax Committee of the National Associa- ther as follows: tion of Credit Men,voiced the sentiments of"thirty-odd thousand wholesale manufacturing, banking, credit managers of the country unanimously favoring the Mellon plan for tax reduction." He said also that not one of the 138 local credit men's associations favored the bonus for uninjured soldiers. Carey E. Quinn of the International Association of Garment Manufacturers, asked for the repeal of the tax on shooting, hunting and smoking garments. Change on Insurance Asked. Abram R. Serven of Washington asked for the adoption of legislation granting insurance companies the right or an additional year to seek the refund of taxes on premiums where policies subsequently were cancelled. Remodelling of the tax laws so as to take cognizance of American interests in foreign holdings was urged by John E. Walker of Washington, D. C., on behalf of the United States Graphite Co. The proposed Board of Income Tax Appeals was opposed by H. Ely Goldsmith, certified public accountant of New York. because It "does not assure the taxpayer judicial consideration of his appeal if the members are appointed by the Secretary of the Treasury." Representative Garner inserted in the Congressional Record what he said was a comparison of the benefits which income taxpayers in every State would receive respectively, under the Mellon and Garner tax schedules. In New York he estimated that out of 1,066,637 income taxpayers, 1,063,606 would be most benefited under his rates and only 3,031 under Mr. Mellon's. Taking the country as a whole, with 6,662,176 persons paying income taxes, he said that 6,652,833 would be better off through his schedules, as compared with 9,343 under Mr. Mellon's. Chairman Green of the Ways and Means Committee declared the Treas.' ury's estimate of losses in revenue, which would result from proposed cut in surtax rates to a 25% maximum,was "too optimistic," contending the loss would amount to $200,000,000 instead of the $10.0000,000 estimated by the Treasury. He added, however, that he was not in favor of surtax rates with a 44% maximum, as suggested under the Garner plan. Arguing for the surtax rates suggested in the Mellon plan, Mr. Winston agreed with statements of Representative Mills, Republican, of New York, that the reduction would bring capital now evading taxes into business and ultimately would increase revenues from this source. Representative Garner, Democrat, of Texas, inquired if estimates of the Treasury Actuary, particularly figures on various tax revision schemes, were not edited in the office of Secretary Mellon, Mr. Winston said they were not. The Texas Representative yesterday received estimatesfrom the Treasury on the probable results in revenue collections which his plan of tax revision would bring. Neither the Treasury nor Mr. Garner has made the estimate public and the latter has asked the Treasury for a more complete report. Chairman Green predicted the total of miscellaneous tax receipts would be larger next year than in the fiscal year of 1923, which amounted to $933,000,000. Requests for repeal or reduction of most of these taxes have been presented to the committee during the hearings this week. From the Associated Press accounts from Washington Jan. 18 we quote as follows regarding the developments that day: Secretary Mellon's program for tax reduction was a storm centre in legislative and political discussions to-day. While views for and against the proposed income tax rates were placed before the House Ways and Means Committee at public hearings, the bill's Representatives Dellinger, of Massachusetts, and Burtness, of North course in the House was confronted with Parliamentary developments Dakota, Republicans, urged repeal of all special taxes, the former suggesting which majority leaders admitted threaten its major provisions. At the a sales tax as a substitute. Mr. Dellinger also advocated raising the age same time President Coolidge let it be known that he still intends to accept limit of children from 18 to 21 years of age for whom exemption may be no compromises in the main principles of the Treasury Secretary's proposals. Mr. Coolidge told visitors he believed the Mellon plan was gaining favor, claimed in income tax payments. both in and out of Congress, although that he expected some changes in Drama Periled, Thomas Sags. the bill. Republican leaders admitted that with the rules revision adopted by the Augustus Thomas. President of the International Theatre Managers House to-day it was possible the entire rate structure of the Mellon plan spoken the destroying the said admission theatre tax was Association, drama in this country and urged its repeal. James A. Emery, speaking might be changed when the measure reaches the floor, as a result of elimifor the National Association of Manufacturers, endorsed the Mellon tax nation of the rule restricting amendment of revenue and atriff measures. In this connection Representative Oldfield of Arkansas, Democratic plan, while Robert Sinclair, Chairman of the Association's Tax Committee, declared radical reductions in surtaxes would bring not only indi- whin. -Announced he would offer an amendment, when the bill reached the to restore the excess profits tax, with lower rates, and Representative floor, social and economic a have would but relief, beneficial the on effect vidual Freer of Wisconsin, insurgent Republican member of the Ways and Means life of the country. Representative Garner, of Texas, author of the Democratic substitute Committee, sought support for his proposal to provide revenue for a tax scheme proposing higher surtax and lower normal tax rates than the soldiers' bonus in the tax bill, in a letter directed to members of the House. Chairman Snell of the Rules Committee said Republicans could not hope Treasury measure, asked why the association particularly favored Mr. Mellon's plan, and Mr. Sinclair replied: "Because Mr. Mellon is'a success- to get a special rule to protect the tax bill against amendments when it is brought to the floor and admitted it was open to attack In all its major ful business man and his scheme, we believe, is sound economically." Representative Clancy (Democrat), Michigan, demanded repeal of the rates provisions. He expressed doubt, however, that amendments proposing in an excess profits tax or a bonus would be considered germane under used of and that parts trucks on automobile 3% tax on automobile 0111 repair work, as well as a reduction of the tax on high-priced automobiles provisions of a rule still in effect. Representative Garner of Texas, author of the Democrats' substitute and elimination of it on low-priced cars. A similar plea was made by tax proposal, has declared that if he is not successful In the committee in E.P.Chalfont,of the Motors and Accessories Manufacturers Association. A suggestion of Representative Burtness that tax be levied on the un- obtaining the normal income tax rates of 2 and 4%, In place of the 3 and Chairman rates suggested by Secretary Mellon, and higher surtax rates than 6% from response favorable a met corporations distributed profits of At the hearing on the 16th inst. repeal was urged of the so-called nuisance taxes and approval was indicated of the Mellon tax revision plan. The Washington "Post" said: JAN. 26 1924.] THE CHRONICLE 391 those suggested by the Treasury Secretary, he will seek to amend the bill to this effect on the floor. The income tax rates of the Mellon plan to-day received indorsements before the Ways and Means Committee from the American Bankers' League and the American Mining Congress, while they were criticized by the American Farm Bureau Federation and the National Grange, the latter proposing higher surtax rates. The surtax rates of the Mlleon program at the same time were vigorously defended by Garard Winston, Under Secretary of the Treasury, in answering questions of committee members as to the probable effect of the plan on future revenue. Addressing a meeting of the Bankers' League prior to their appearance before the committee, Senator Glass, Democrat, of Virginia, warned that "blind adoption by Congress of the Mellon plan might work a hardship on a great number of people." While indorsing in principle Mr. Mellon's proposals for lower surtax rates, he advocated the modifications proposed by Representative Garner, which, he said, would "benefit many millions of Americans of moderate income." Representatives of the League later visited Secretary Mellon and offered to enter a contract to "finance productive industry" if Congress adopted the Secretary's tax reduction scheme. Charles de B. Claiborne, President of the League, told the House Committee that, although business might be considered a generally sound condition, it was not "what It should be" as a result of lack of credit. pers in freight rates. The farmer, who alone must meet world competition in what he sells, in what he buys, pays the surtax. The New York Renting Commission reports that tenants are in no better position to-day than they were in 1920, and that rents have risen enormously. Increased cost of building is not responsible. Again the tenant pays the surtax. The public should clearly understand what is involved in this effort to re-establish in this country a sound basis of taxation. The question is not one of whether two or three million voters save in their direct payments a tax of $15 apiece, but whether by the re-establishment of an economically sound basis the 110,000,000 people in this country will save much more than $15 apiece in what they pay for the necessities of life. There is only one thing which must be insisted upon: the high surtax rates must be reduced to a point where capital is freed from their killing effect upon new 'investments. To the solution of this economic question, Mr. Garner's plan is not even intended to be directed. The present rates of tax aggregating, at a maximum of 58%, are treated as if they were the normal rates of tax. Any reduction from them, it is argued, is a great concession to the rich. This is not true. Before the war required the taking of every cent which could be obtained for the support of the Government in its emergency, a surtax rate reaching 13% at $2,000,000 was considered high. As a bit of history, substaptlally as much revenue was realized from incomes over $300,000 out of this 13% maximum in 1916 as was realized in 1921 from the same class of taxpayers out of the 65% rate. These high surtax rates are war taxes, and nothing but war taxes. The war is over. Such taxation should cease. To pretend to change them and Secretary Mellon's Review of Representative Garner's no more is to keep up the high war living costs which everyone pays. We come then to the fundamental differences between Mr. Garner's plan Tax Proposals. and the Treasury bill: His is a makeshift, the Treasury plan is the result A review has been made by Secretary of the Treasury Mel- of experience and study. His seeks popularity by offering a small direct lon of the Democratic tax revision proposals submitted by saving to the most taxpayers, the Treasury bill is fair to all classes. His is not intended to be effective on the economic side of taxation, the Representative Garner (which are given elsewhere in this Treasury bill is designed to free capital and to benefit not only the individIssue), Mr. Mellon contending that the Garner plan is "a uals who pay taxes direct, but every person in the country who must pay makeshift" while "the Treasury plan is the result of expe- these taxes in every purchase. It is the difference between a political method of handling tax reduction and a business method. rience and study." Further, says Secretary Mellon, the Garner plan "seeks popularity by offering a small direct saving to the most taxpayers, the Treasury bill is fair to all classes." Stating that the Garner plan "effectually removes from the payment of any income tax those whose incomes are below $2,000 for single men and $3,000 for married men," Secretary Mellon says "it is obvious that under the Garner plan this majority will be benefited in their direct payment to the Government to the extent of, say, $15 apiece over what they would pay under the Treasury bill." "The question is not one of whether two or three million voters save In their direct payments of tax $15 apiece," says Secretary Mellon, "but whether by the re-establishment of an economically sound basis, the 110,000,000 people in this country will save much more than $15 apiece in what they pay for the necessities of life. There is only one thing which must be Insisted upon: the high surtax rates must, be reduced to a point where capital is freed from the killing effect upon new Investments. To the solution of this economic question Mr. Garner's plan is not even intended to be directed." Secretary Melton's statement in more detail is given herewith: Representative Garner, the ranking Democrat on the Ways and Means Committee, has given publicity to a plan of income tax reduction, and has requested the Treasury to determine the probable effect of this plan on Government revenues. Since this request was made the Government actuary has been engaged in determining the effect of Mr. Garner's suggestions, but owing to the immense amount of detail involved, the figures are not yet available. It is believed, however, that irrespective of the revenue feature the essential differences between Mr. Garner's plan and the Treasury bill should be stated. Briefly, Mr. Garner increases the exemption of single men by $1,000 and of married men from $500 to $1,000, depending on their income. He has made some further reduction in normal taxes on lower the earned income credit one-third instead of one-fourth.incomes and made Whereas in the Treasury bill surtax rates commence at $10,000 net income, Mr. Garner has made it $12,000. He has then rapidly increased the surtaxes so that at $60,000 net income they reach the same rates as in the present law. They are continued as in the present law until net income of $92,000 is reached and a 44% surtax, then they are abruptly ended. This compares with the Treasury plan of a fairly spaced increase in surtax rates, commencing at $10,000 to 25% at $100,000. By the increase in exemptions Mr. Garner effectually payment of any income tax those whose incomes are belowremoves from the $2,000 for single men and $3,000 for married men, and who constitute in number more than a majority of the total taxpayers. It is obvious that under the Garner plan this majority will be benefited in their direct payment to the Government to the extent of, say, $15 apiece over what they would pay under the Treasury bill. The proposed change in the surtax rates from the present law is obviously Insincere. True, the starting point is made different from the Treasury bill, and Mr. Garner stops at 44% instead of 50%. It is to be noticed, however, that the middle incomes pay the same surtax that they pay under law, and the incomes in higher brackets pay 50%, 44% surtax the present and 6% normal, as against 58% aggregate under the present law. This change is hardly material, and the economic effect of taxation is completely ignored by the Garner plan. The plan is political and nothing else. Let us illustrate the political character of the Garner plan by the argument made by its supporters against the Treasury bill. They say that under the Mellon plan a man with $1,000,000 income makes a saving of about $250,000, whereas 200 mean each with incomes of $5,000 and the same aggregate income, save only $5,950. Reverse the picture. Te text, of course, is what tax a man must pay. The millionaire, under the Mellon plan, will pay a tax of $298,792 and the 200 small incomes $38 25 each, or a total as to them of only $7,650. The one high income pays 40 times the tax that the 200 small incomes of equal aggregate amount pay. Did the proponents of that argument believe they were giving the public the whole truth when they made it? No thoughtful person longer doubts that, irrespective of his income, he pays the high surtaxes in the general high price level. For example, the Baltimore & Ohio Railroad Co. has bonds maturing next year bearing 31,4% interest, the Chicago Milwaukee & St. Paul has maturities in the same year bearing 4% interest. Both roads will have to refund on a 6% basis. The additional price of money must be paid, not by the roads, but by their ship- In answer to Secretary Mellon, Representative Garner was quoted in a Washington dispatch to the New York "Times" as saying: If Mr. Mellon had to go to the country for his certificate of election every two years, as members of the House do, he would find out that the people not only doubt his judgment but his sincerity as well. When he had President Harding sign the present tax law, he did not say anything about politics. The bill I have introduced is certainly better than the present law. I reduce surtaxes 8% and relieve 6,000,000 people of their burden, and he says that is politics. In talking with Republican members they have agreed with me that if there was not a Democrat in the House, if the House was organized with the Democrats entirely out of the picture, the tax bill which would be passed would come nearer the Democratic proposal than the Mellon plan. I think the country ought to know that. Secretary Mellon and President Coolidge have made it possible by their propaganda for the Democratic program to go through. The President has prepared the people for tax reduction. He will have to sign the bill when it comes to him, and it will be more like the Democratic proposal than the Mellon plan. I relieve the country of its tax burden, reduce surtaxes s% and get enough money to run the Treasury, and that's politics. If he reduces surtaxes 27% and gets the money to run the Federal Treasury, that's statesmanship. The Treasury cannot disprove the statement that my bill is financially sound. It has got to resort to calling it politics. Insurgent Tax Revision Proposals as Presented by Representative Frear. The tax revision proposals of the insurgents as embodied in the bill presented in the House on the 7th inst. by Representative Frear of Wisconsin were noted briefly in our issue of Jan. 12 (page 148). As indicated therein, the plan calls also for a 50% reduction in the normal tax rates, but would leave undisturbed the prevailing schedule of surtaxes, which reach a maximum of 50% on Incomes In excess of $200,000. From the dispatch to the New York "Herald" Jan. 7 we take the following further account of the legislation advocated by Representative Frear: Five bills were introduced by Mr. Frear. He delivered a long speech urging higher surtaxes, restoration of excess profits taxes, a tax on gifts and a tax on undistributed profits, including tax dividends. He charged that Secretary Mellon persuaded President Harding to veto the bonus bill last year on the theory that the Treasury already faced a $200,000,000 deficit,. and now, he said, the Secretary of the Treasury has discovered a surplus of $310,000,000 on which he proposed to cut the little fellows' normal talc 1 and 2% and the high surtaxes 25%. "Starting out with Treasury surplus of $310,000,000," said Mr. Frear, "against which bonus payments will make a charge of $200,000,000, leaving' a surplus of $110,000,000, the following is proposed: "First. Reduce the tax on earned incomes $100,000,000, "Second. Reduce normal taxes double the Mellon plan, $200,000,000. "Third. Repeal all nuisance and luxury taxes or leave all of them—do not discriminate between the child's five-cent candy and the $5 opera ticket. Do not cut his surtaxes one-half for men of great wealth and then exempt Senators and Congressmen from surtaxes nor ask for movie propagnda in exchange for special movie favors. "Every one of the 7,000,000 income taxpayers will get exactly the same reduction by this plan instead of a cut of 25% of the surtax for men of great wealth, and only 1 or 2% of the normal tax for the little fellow. It this much is clear than I add we can pass the soldiers' bonus, the 25% reduction on earned income and cut in half the normal tax if less than $200,000,000 can be provided. We have, however, a definite equitable program by which we can raise several times any needed amount: First, a law specifically taxing net income from municipal and State securities (now exempt). Second, moderate excess profits tax. Third, increased inheritancetax. Fourth, a gift tax. Fifth, a moderate tax on undistributed Profit'. Sixth, publicity of tax records that will increase returns. "Twenty-five thousand new millionaires since 1917 are estimated to have been added to the holders of `rotten riches.' Some of these are reputed tobe worth upward of a billion dollars, whereas 6,500,000 farmers averaged only $469 income in 1921, according to Government reports. These farmers and several million laboring men are not engaged in pressing propaganda, for Mellon's tax plan or tax escape plan we are asked to adopt." [VOL. 118. THE CHRONICLE 392 In so far as this situation relates merely to the affairs of Guggenheim Brothers, it may be of little consequence. But in so far as our experience reflects the experience of others similarly situated, I venture to believe that our experience points to this conclusion: The present law discourages the growth of enterprises which may give In a letter to Secretary of the Treasury Mellon commend- increasing employment to labor; it specifically penalizes, and thus prevents development of business enterprises involving risk and at the same time ing the steps the latter has taken in his tax revision program the offering opportunity for extensive development and thus the payment of to promote business activity, Daniel G. Guggenheim, of Gug- ever-growing taxes. The present tax law presents a definite obstacle to the genheim Brothers, says: "If to our present sound money expansion of American business enterprises, and, therefore, a menace to the prosperity of this country. system we can add tax reforms such as you have proposed, continued If to our present sound money system we can add tax reforms such as you which will provide adequate revenues for the Government have proposed, which will provide adequate revenues for the Government and at the same time regulate the tax burden so that it will and at the same time regulate the tax burden so Unit it will not discourage industry, the zest which will be given to American business enterprise and not discourage industry, the zest which will be given to activity will make every citizen—rich or poor—in this great country more will and every make activity enterprise business American prosperous and happier. DANIEL G. GUGGENHEIM. citizen—rich or poor—in this great country more prosperous Guggenheim Commends Secretary of the Treasury Mellon's Tax Revision Plans—Sees. Country More Prosperous as a Result. Daniel G. and happier." Mr. Guggenheim states that "up to a few years ago our operations were upon a progressively increasing scale; at the present time," he continues, "they are upon a greatly reduced scale, and the reason is because of the unduly high surtaxes upon income." He adds that "under the present plan the business man must assume the burden of all losses, whereas the Government through taxes takes so large a share of the profits that in a business such as mining . . . the possible net return . . . does not warrant taking the chances involved." A change in the plan of taxation under which those who earn substantial profits may retain a sufficient share of them to compensate for possible losses will," says Mr. Guggenheim,"very decidedly affect the vigor of not alone our own but all American business effort." Mr. Guggenheim's letter follows: Guggenheim Brothers, 120 Broadway, New York City, Jan. 18 1924. Iffy dear Mr. Secretary: The experience of my firm may throw some definite light upon the problem of tax revision to which your efforts are making so constructive a contribution. The firm has been in existence for some 50 years, and during that time has devoted its efforts to the search for, and then the development of, profitable mining properties. Our operations have been carried on in all parts of the world, they have resulted in widespread employment for labor, in extensive sales of American goods, in an increase in American commerce, in profits for those who have invested their money in these enterprises, and in substantial-return to our firm. Up to a few years ago our operations were upon a progressively increasing scale; at the present time they are upon a greatly reduced scale, and the reason is because of the unduly high surtaxes upon income. The net result if a great decline in our ability to do that which we would like to do in the promotion of American enterprises, business activity and prosperity. Until recent years it was not uncommon for us directly through our firm or through corporations created for that purpose to spend fully $500,000 each year in the mere examination of mining properties. To-day our expenses in that direction are practically nil, and the large organization which we had built up for that purpose has been virtually dissolved. Under the present plan, the business man must assume the burden of all tosses, whereas the Government through taxes takes so large a share of the profits that in a business such as mining, involving great risks or loss, the possible net return—under existing law—does not warrant taking the chances involved. If a reduction in the surtaxes is made in accordance with your proposals, there is no doubt that I will personally be relievd from crtain taxation. But that fact will not add to my personal comfort or expenditure; it will merely give me additional funds to invest in profitable enterprise, the profits from which will in turn be subject to taxation. A change in the plan of taxation, under which those who earn substantial profits may retain a sufficient share of them to compensate for possible losses, will very decidedly affect the rigor of not alone our own but all American business effort. Contrast our own present inactivity with a few instances of enterprises which have been conducted on a large scale in the past: My firm in the early nineties invested some $6,000,000 in Mexico. This investment later became our participation in the assets of the American Smelting & Refining Co., which has since grown into one of the leading industrial corporations of the country, with present assets of nearly $200,000,000. In Alaska our firm invested and caused to be invested on its recommendation over $22,000,000 in the Kennecott Copper Corporation before any dividends were paid. That company now has so increased its investment that its assets now amount to nearly $150,000,000, including its ownership of interest in subsidiary corporations. In the Chile Copper Co., in Chile, we and others invested $50,000,000 before any dividends were paid. That company now has assets of some $150,000,000. In the Braden Capper Co., Chile, we invested and brought about the investment of nearly $50,000,000 before any dividends were paid. The original investment and risk in all these cases led to great later development and the production of wealth and dividends subject to taxation. At the present time and for several years past we have been developing tin properties in Bolivia. In those properties we have invested some $10,000,000 and have not yet invited public participation and risk because we are not yet prepared to give these properties our definite sanction. American engineers and experts are utilized in all these enterprises; materials and machinery are exported from America; the exchange of goods increases American commerce in both directions; and, after the producing stage of development of these enterprises has been reached, the profits upon the employment of capital of them afford a legitimate compensation for American investors. specific instances my firm has been imporIn addition to the foregoing in various parts of the world tuned to make investments and developments concessions in foreign countries. The tempting many offered and has been development of these opportunities would be of great advantage to American commerce and prosperity. Careful consideration of the whole situation has led to the conclusion, that the large surtaxes which, under existing very regretfully on our part, pm, mod be paid on any profits, when added to the risks normally involved in mining activities, make such enterprises as we have undertaken in the effort. past too hazardous for present New York State Assembly Endorses Mellon Tax Plan. A resolution sponsored by Assemblyman Murphy of Roch- ester, calling on Congress to adopt the essential features of the Mellon tax reduction plan, was adopted by the New York State Assembly at Albany on Jan. 21 by a vote of 87 to 63. The New York "Times" says: Led by Assemblyman Bloch, the minority leader, the Democrats attacked the Mellon plan, declaring that it was not in the best interest of the people. Mr. Bloch declared that out of a million income tax payers in New York State, the Mellon plan would benefit only about 3,000. Republican Assemblymen in urging the adoption of the resolution praised the Mellon plan as a "sound,scientific measure that will benefit every one." Majority Leader Adler said the Mellon plan provided for logical and scientific reduction of taxes. "It is the best plan to reduce taxes that has over been presented to Congress and is based upon correct principles," he said. Assemblyman Murphy said: "The Mellon plan now has the hearty approval of every fair-minded man would like to see taxes reduced. Inasmuch as New York State contributes one-sixth of the total income taxes levied throughout the country, I believe the Legislature has a perfect right to memorialize Congress in favor of the essential features of the Mellon plan. Governor Smith has virtually endorsed it in recommending that the income tax in New York be reduced 25%." Assemblyman Davison. Republican, of Nassau, and Chairman of the Assembly Taxation Committee,accused Democratic Assemblymen opposing the resolution of "playing politics." He said that in New York State the Democrats were talking about tax reduction and yet they had increased the State's expenditures by more than $20.000.000 in the last year. Investment Bankers Association Approves Secretary Mellon's Tax Revision Plan. Indicating themselves in sympathy with the tax revision program of Secretary of the Treasury Mellon, the Board of Governors of the Investment Bankers Association, in a telegram to William R..Green,Chairman of the Ways and Means Committee of the House, state that "the members of the association, regardless of party affiliations, are united in the opinion that reduced and more equitable taxation is a paramount pm-requisite to the prosperity of agriculture, labor, industry and to the general welfare." At the same time the members express themselves as "unequivocally opposed to the assumption by the Federal Government of any new burdens which will increase taxation," In addition to Representative Green, the telegram was sent by the Board of Governors of the association to President Coolidge, Secretary of the Treasury Andrew W. Mellon and United States Senator Reed Smoot, Chairman of the Senate Finance Committee. The telegram follows: The Investment Bankers Association of America is a non-political organization whose members are of various political faiths residing in all parts of the United States, engaged in the indispensable public service of gathering the savings of the people together to supply the demands for capital, for Governmental and industrial purposes. Its membership includes practically all the agencies through which this enormous and vital demand is met. From 20,000,000 investors these agencies in recent years have raised about $70,000,000,000 of capital, including about $10,000,000,000 to meet the needs of State and municipal Governments and to finance the needs of agriculture through the land banks, the association therefore feels that it is qualified by experience to judge of the effect of taxation upon the flow of capital into industry and upon the cost of living. The members of the association, regardless of party affiliations, are united in the opinion that reduced and more equitable taxation is a paramount prerequisite to the prosperity of agriculture, labor, industry and to the general welfare. The present system is burdensome and unjust and is the principal cause of many of the inequalities and maladjustments of agriculture and industry, the high cost of living and a growing adverse class consciousness such as should not exist in this country, so rich in resources and opportunities for all. It is the chief cause, for instance, of the deadening disparity between the income of the farmer and the cost of the things he must buy. The association is, therefore, in sympathy with the program of Secretary Mellon, approved by the President of the United States, for a general reduction of Federal income taxes, and particularly and unqualifiedly approves the reduction of the maximum surtax rate to 25%. The existence of many billions of tax-exempt Federal, State and municipal bonds, already outstanding, even if the omission of additional issues of such securities should be prohibited, affords and will continue to afford the means by which individuals of large incomes may legally evade the contribution of their just proportion of the Governmental income. This means of evasion will continue to be used so long as the high surtax rates make its use profitable. High surtax rates, therefore, are economically unsound, even as revenue producers and actually defeat their own purpose. Even more vicious still are the effects of high tax rates upon the free flow of capital into productive industry. JAN. 26 1924.] THE CHRONICLE The diminution of the supply of the country's capital available to industry because of the investment of billions in tax-exempt securities inevitably has increased and will continue to increase the cost of capital to industry with the result that the cost of production is enhanced and the cost of every product to the farmer, the laborer, and to all citizens is increased, and this increase is multiplied through all of the various steps of progress of the product from raw material to consumer. So long as so large a part of the country's available capital is thus withheld from profitable and productive use, the high cost of living must continue to reach the pocketbook of every household. The restoration of a large portion of such capital, now withheld to productive industry must, on the other hand, necessarily reduce the cost of every article, thus contributing to the prosperity, comfort, happines and welfare of the entire people. The members of the association are also unequivocally opposed to the assumption by the Federal Government of any new burdens which will increase taxation. Central States Group of Investment Bankers Association Approves Secretary Mellon's Tax Revision Proposals. In indorsing the tax revision program of Secretary of the Treasury Mellon, a resolution adopted at Chicago on Jan. 17 at the annual meeting of the Central States Group of the Investment Bankers Association of America said: The members of the Central States' Group of the Investment Bankers Association in the annual meeting assembled believe that the tax reduction program which has been introduced by the Secretary of the Treasury and is now pending/ before the Congress of the United States, if enacted into 18V7, will be of tremendous value to the industry of the whole United States. We believe that it will benefit all classes of persons; we believe that it will insure the steady employment of labor; we believe that it will turn capital from non-productive forms of investment into productive forms of Investment; we believe that the plan as suggested by the Secretary of the Treasury should be passed without modification or mutilation. We believe that it is particularly essential that the maximum surtax should be placed at 25% in order that investors of great wealth may be encouraged to transfer their investments from tax-exempt securities into other forms of securities which are taxable, such as the securities of railroads, public utility companies, industrial and manufacturing companies and others. We believe from our own experience in the purchase and sale of securities that there are literally thousands of industrial companies in this country which would be directly benefited if it were made possible by the reduction of the surtax to divert the wealth of the country from Government, State and municipal bonds, which are tax exempt, into the securities of all forms of productive enterprises which are now taxable. The meeting was addressed by John W. Prentiss, President of the association, who spoke in support of Secretary Mellon's tax proposals. New York Savings Banks(Group IV) Approve Secretary Mellon's Tax Reduction Proposals. At a recent meeting of the savings banks of Group IV, Savings Banks Association of the State of New York, comprising New York, Bronx and Westchester counties, the following resolution was unanimously passed: Resolved, That the members of Group IV of the Savings Banks Association of the State of New York, comprising the savings banks of Westchester, Bronx and New York counties, representing nearly 2,000,000 depositors, heartily approve of the Mellon plan of tax reduction and urge that it be given precedence in legislative enactment. That a copy of this resolution be sent to each member of the Ways and Means Committee of the House of Representatives and that a copy be given to the press. 393 President, Charles de B. Claiborne, of New Orleans, advised the House Ways and Means Committee that the Secretary's proposals were endorsed by the League. According to the Washington dispatch to the New York "Evening Post," Mr. de B. Claiborne stated that 25% of the profits of any individual or concern was the limit which the Government could exact. without killing off productive industry. Saying he was authorized to speak for the presidents of twentyone State bankers' associations and 10,000 banks, he aserted that "surtaxes and income taxes must positively determine the interest rate, or point at which capital will flow into productive industries instead of tax-exempt securities." Any rate higher than 25%,he added,"will bripg leas revenue than a lower levy." "If Congress adopts the Mellon plan of tax reduction," he said in his prepared statement, "the bankers can finance the productive industries of the nation, but unless it is adopted in substantially the form submitted then we don't know where capital can be secured to take care of the agricultural budget cf the nation and to maintain and develop our productive enterprises on a sound,stable busines: basis." The proposed meeting of the American Bankers League was referred to in our issue of Jan. 12, page 152. Brotherhood of Railway Clerks National Bank of Cincinnati. Cincinnati's new labor bank, the Brotherhood of Railway Clerks National Bank of Cincinnati, began business on Dec. 15 in the Brotherhood's newly erected building at Court and Vine streets. The bank starts business with a capital of $200,000 and surplus of $50,000. The Grand Lodge of the Brotherhood owns 51% of the stock, the other 49% being owned by the members of the order and by business men, no individual's holding being in excess of 10 shares. There are 300 stockholders. Dividends on the stock are limited to 10% a year. Savings depositors will share in the profits of the bank through dividends to be declared from time to time on the savings deposits when the profits of the bank warrant this action. Interest on savings will be at 4% and will apply from the day of deposit to the day of withdrawal. The bank allows 2% interest on checking accounts on balances over and above $500, the interest to be credited monthly. The officers are Edward H. Fitzgerald, President; George S. Levi, ViceTresident and Cashier; John C. Cardwell , Jr., Vice-President; Lyman E. Norris, Assistant Cashier, and Horace G. Stems, Auditor. Mr. Cardwell, who had been connected with the Locomotive Engineers' Bank of Cleveland, is in direct supervision of the affairs of the Cincinnat i bank. In a letter to us under date of Jan. 16, VicePresident Cardwell says: Since opening our doors on Dec. 15, our institution has done exceptionally well. At the time of this writing, our resources are in the neighborhood of $1,113,000, with over 2,600 depositors. The people of Cincinnati are responding very nicely to our method of paying interest, also the other unusual features which go along with this plan. Our deposits, at time of this writing, are approximately $825,000. This figure includes all classes of deposits, savings, commercial, time certificates and due to banks. Senator Glass Explains Position on Tax Proposals. In press dispatches from Washington Jan. 18 giving account of an address by Senator Glass of Virginia before the American Bankers League, the Senator while endorsing the "so-called Mellon principle" of fixing a lower surtax The directors of the bank are: Edw. H. Fitzgerald, George S. Levi, J. C. Cardwell, maximum is said to have attacked other provisions Jr., G. C. Milani, of the P. E. Ziegler, J. H. Sylvester, H. F. Baldwin, Richard P. Dee, George lienMellon plan and advocated the modifications proposed by digs, Adam Huebner, J. H. McNally, Rudolph Settler, Agnes A. Silk, G. J. Representative Garner, Democrat, of Texas, which, Weber, James G. Stewart, Joseph G. Parsons, Lewis he Fricke, W. English, Arthur C. M. D. Geigennan. said, would benefit "many millions of Americans of moderate income." The Senator's position was on the following day indicated in a dispatch to the New York "Times" which said: Capital Expenditures by Class I Senator Glom of Virginia, who was reported yesterday as Railroads in 1923 having committed himself to the Garner tax reduction plan, makes it plain Largest in History. in a statement to-night that he is not to he placed in the position of According to a statement authorized by the American Mellon plan, and adds that he accepts the Mellon surtax "attacking" the proposition, which is the big factor in the tax reduction controversy. Railway Association, capital expenditures made by the "I am afraid I was not very explicit in my informal talk to the American Class One Railroads during the year 1923 for equipment Bankers League," said Senator Glass. "if it was thought that I 'attacked' and other facilities in order to meet increased demands for the proposed constitutional amendment against further issuance of taxexempt securities, 1 merely pointed out the great delay which ordinarily transportation were the greatest for any similar period in attends attempts to amend the Federal Constitution, and expressed doubt history. The Association's statement, dated Dec. 29, also as to securing the assent of a sufficient number of States to this particular says: proposal. Detailed figures showing the amount of such expenditur "Nor did I desire to be understood as attacking the so-called Mellon es for various plan of tax reduction. I simply said it was altogether unreasonable to imagine classes of railway equipment and facilities became available to-day for the that Congress should feel obliged to accept a Treasury plan of taxation first time in special reports made by the carriers to the Bureau of Railway Economics. without any change whatsoever, and predicted that the tax measure which One result of these enormous expenditures Congress will enact at this session, while accepting the principle of was that the railroads in 1923 the Mellon plan as to a maximum surtax., will afford greater relief than is handled without transportation difficulties the greatest freight traffic on proposed by the Treasury to persons whose incomes are $5,000 to 850.000. record. In nine out of twelve months there was an average of a million cars loaded weekly with revenue freight. The million mark has been reached only in five separate weeks in previous years, all of which took place in the Endorsement of Secretary Mellon's Tax Revision late summer and early fall of 1920. Capital expenditures actually made in 1923 for Proposals by American Bankers League. the purchase of equipment and other facilities totaled $1,075,897 ,940, while unexpended auFollowing a meeting held earlier in the day in Washington thorizations made during the current year but which will be carried over to consider Secretary Mellon's tax reduction program, the into 1924 totaled $300,806,519. Of the total expenditures made in 1923. 5690,857.266 was for equipment . American Bankers League on the 18th inst., through its while 5385,040.674 was for roadway and structures, which includes addi- 394 THE CHRONICLE engine houses, and tional track, heavier rail, additional ballast, shops and other improvements. to $212.225,204: amounted Actual expenditures for locomotives in 1923 For other for freight cars, $415,923,534, and passenger cars, $49.791,516. $12,917,012. rolling stock and floating equipment the expenditures totaled track and Class One carriers also spent $116,215,710 for additional rail. Additrack material during the year, and $27.106,021 for heavier engine and shops for expenditures tional ballast cost $10.015,601, while For other houses, including machinery and tools, totaled $48,787,828. improvements not heretofore enumerated, $182,915,514 was expended. over Of the $300.806,519 unexpended authorizations which were carried includes a into 1924. $89,828,105 was for equipment. This latter amount carry-over for locomotives of $20,665,383; for freight cars, $50,006,942, and for passenger cars, $14,793,182. Unexpended authorizations for roadway and structures carried over into additional track 1924 total $210,978,414, which includes $64,843,315 for $4,132,463 for and track material; $19.169,551 for shops and engine houses: for heavier rail, and.$4,109,155 for additional ballast. The carry-over other improvements amounted to $118,723.930. [VoL. 118. declaring that a group of freight handlers employed by the Lehigh Valley RR. on New York and Brooklyn piers should be reimbursed to date for a cut of 7 cents an hour sustained on March 1 1922, when arbitrarily placed by the carrier under the jurisdiction of a private company, without permission of the Board or of their brotherhood. This decision is expected to have a far-reaching effect, it is pointed out, as, if other similar cases pending are decided in favor of employees, reimbursements will be heavy. New York Central Lays Off 2,000 Men Employed in Locomotive Shops at West Albany. Two thousand men employed in the West Albany, N. Y., locomotive shops of the New York Central RR. were laid off on Jan. 23 for an indefinite period, according to Albany and Engineers Grants dispatches in the daily papers. It is announced that they Railroad Central York New New on Cent Per Five probably will return to work in February. In the meantime, of Firemen Wage Increase the annual inventory of the shops will be conducted. One-Year Agreement. The first settlement growing out of negotiations with 12,000 Car Repair the railroad brotherhoods over wage increases recently asked Baltimore & Ohio RR. Furloughs Week. a for on Men Railroad Central York was announced by the New A dispatch from Baltimore on Wednesday statedethe BaltiJan. 22 when that system made known that it had reached all practically on and firemen & Ohio RR. Co. will furlough 12,000 car reapir men for engineers more with an agreement divisions and subsidiary lines of the road providing for an a week beginning to-day. Only the employees in the increase in wages of approximately 5% and changes in "heavy" repair shops, were engines and cars are recondicertain working conditions. The agreement which will run tioned, will be affected, it is stated. for one year will affect, it is estimated, about 15,000 men, including engineers, firemen, hostlers and hostlers' helpers. Allard Smith to Serve On Federal Legislative Committee In view of the wage increase, it is said, the men in return of American Bankers Association. waived certain rules, the more important of which covered Smith, Vice-President of the Union Trust Allard Mr. reliefs and extra-pay mileage allowances of some fifteen Co. of Cleveland, Ohio, is to serve upon the Federal Legisyears' standing. The road opens negotiations with its lative Committee of the AmeriCan Bankers Association. 17,000 conductors and trainmen next week, and there This Committee is endeavoring to lend support to Secretary seems rather general hope in rail circles, it was said, that the Mellon's income tax reduction proposal. one settlement would speed the other. The official announcement by the New York Central classified the wage increase ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. for the engine service as follows: miles 100 The New York Cotton Exchange membership of Milton 24 cents per Passenger service 36 cents per 100 miles Farrier was reported sold this week to Herbert B. Newman, Freight service 32 cents per day Yard service the consideration being stated as $33,000, the same as the 32 cents per day Hostler service preceding transaction. last 5% tely "approxima Pointing out that this represented said: further lines Central the for spokesmen increase," Two New York Coffee & Sugar Exchange memberships existing The settlement provides for modifying certain rules in the e, when were reported sold this week, that of Ferdinand Eloy to schedules, the more important of which permit the discontinuanc in the and later that of Raymond M. stoker-fired locomotives are provided, of th3 requirement that men Falls, F. R. Crego for $6,300 freight service between Albany and Syracuse be relieved at Little tne dis- Wilson to Lamborn & Co. for $6,200. The last preceding and between Syracuse and Buffalo be relieved at Wayneport; Division; sale was at $6,300. • continuance of arbitrary mileage allowancas on the Pennsylvania Albany, and the modification of arbitrary reporting time on the Boston & Rys. Louis St. & Chicago Pittsburgh & Lake Erie,and Cleveland. Cincinnati. A new 23-story skyscraper is to be erected at Wall and Although the conferences have been prolonged, they have demonstrated cement William Sts., New York, by the Bank of America, which a desire on the part of both the management and the employees to characteristic of the spirit of co-operation which has bean such a marked has been doing business at that corner since 1812 and is a New York Central service. successor to the First Bank of the United States, direct The agreement affects the following lines: Buffalo & founded largely thtugh the efforts of Alexander Hamilton East, west of Buffalo, Illinois Division, Boston & Albany, in 1791. The new building, a contract for which has just Michigan Central, Cleveland, Cincinnati, Chicago & St. been let according to an announcement by Edward C. Louis, Cincinnati Northern, Peoria & Eastern, Evansville, Delafield, President, will be a unique addition to the canyons Indianapolis & Terre Haute, Muncie Belt, Louisville & and skylines of the financial district. Its architecture will Jeffersonville Bridge & RR., Pittsburgh & Lake Erie, be of the colonial style which prevailed on Wall Street in Indiana Harbor Belt RR., Chicago River & Indiana, Chi- the days when the bank was founded and which is the only cago Junction Ry., Ohio Central and the Rutland RR. purely American type of architecture. The successive The engineers, firemen, hostlers and hostlers' helpers will consolidations by which the Bank of America has acquired receive the following increases: Passenger service, 24 cents the Franklin Trust Co., the Atlantic National Bank and the per 100 miles; freight service, 36 cents per 100 miles; yard Battery Park National Bank will be represented by a decoraservice, 32 cents per 100 miles; hostler service, 32 cents per tion on the Wall Street front of the structure, embodying 100 miles. the seals of all four institutions—the spread eagle, the head D. B. Robertson, President of the Brotherhood of Loco- of Franklin, the ship, and the fort. According to Trowmotive Firemen & Enginemen,commenting on the agreement bridge & Livingston, the architects, who designed also the said: Morgan & Co. Bldg., the Stock Exchange Office conferences J. P. There were many details that we were able to iron out in the never Bldg., and the Bankers Trust Bldg. in New York, the with the employers. Under a general arbitration plan such details result Mellon Bank Bldg. in Pittsburgh, and other financial would have been considered. We are very much gratified by the employers meet to the unusual type of architeeture to be used is of the conference and we feel that when employees and should not structures, discuss their differences as we did there is no reason why they e to the historical character of the bank, appropriat only not g. understandin an to .came well to the exigencies of the zoning especially itself lends but President Mr. Robertson said that he and Warren S.Stone, law in downtown New York. other and Engineers, e of d Locomotiv Brotherhoo the of members of the wage conference would return at once to The Colonial Bank of New York City has increased its their homes. He explained that it was premature to discuss capital from $800,000 to $1,000,000. The additional stock would ns organizatio service two train the any, what move, if was authorized by the shareholders on Jan. 9, and the make to obtain wage increases on other railroads. new capital became effective Jan. 16. United States Railroad Labor Board Orders Lehigh Valley RR. to Reimburse Freight Handlers Placed in Employ of Private Company. order The United States Railroad Labor Board issued an precedent in recently which is said to establish an important The W. R. Grace & Co. bank of 7 Hanove • Square, this city, announces the election of the following directors: J. A. Allis, J. Louis Schaefer, W. R. Grace, D. S. Iglehart and F. G. Fisher. At the annual meeting of directors of W. R. Grace & Co.'s bank held Jan. 23, the following officers were JAN. 26 1924.] THE CHRONICLE elected for the ensuing year: President, J. Louis Schaefer; First Vice-President, J. A. Allis; Vice-Presidents, F. E. Wheeler and H. J. Roig; Cashier, R. F. C. Benkiser; Assistant Cashier, E. L. HoHermann, and Trust Officer, L. E. .Ziegener. In the Hamilton National Bank of this city James R. Postal was elected Vice-President and Cashier, succeeding L. E. Williams. At the annual meeting new directors were .also elected as follows to the board of the Hamilton National: Daniel J. Boylan, President of the Boylan Tug & Towing Co.; Hugh White, President of the George M. Fuller 'Construction Co., and Robert M. McBride, President of Robcrt M. McBride & Co. 395 and most encouraging growth. The result was all the more satisfactory because it was accomplished during a period of reduced activity in foreign trade in almost all parts of the world, and in the face of grave economic and financial uncertainties and disturbances in a great many countries. It was pleasing to report that in spite of these adverse conditions and with the large volume of acceptance credits granted, the bank since its organization has not yet suffered a single loss from this business. "We have continued," he said, "our policy of conscientiously spreading our risks both as to commodities and countries. Our acceptances continue to cover all parts of the world, but the aggregate for each country is carefully limited, and in no country among the so-called Central Power countries, or even among the Allied countries, have we acceptance liabilities as much as $3.000,000." The following are the directors re-elected: Controlling interest in the Bronx National Bank, at 149th Street and Third Avenue, this city, has been purchased by Matthew C. Brush, President, American International Corp., New York. about 30'prominent and successful business men of the Newcomb Carlton, President, Western Union Telegraph Co., New York. Bronx. Four'members of the old board were requested Emory W. Clark, President, First National Bank of Detroit, Detroit. to Walter E. Frew, President, Corn Exchange Bank, New York. remain by the new interests, these four who are among the F. Abbott Goodhue, President SO mentioned above, are Frederick A. Wurzbach, George Robert F. Herrick, Herrick, Smith, Donald & Farley, Boston. W. Fennel, A. J. Shanberg and Frederick W. Gehle. Mr. L. Nachmann, Vice-President. Gehle John T. Pratt, New York. is a Vice-President of the Mechanics & Metals National Charles B. Seger, President and Chairman, United 'States Rubber Co. Bank. As a result of the change in control, ten new Lawrence H. Shearman, W. R. Grace & Co., New York. directors have been elected, who will serve with the William Skinner, William Skinner & Sons, New York. four indiPhilip Stockton, President, Old Colony Trust Co., Boston. eated. The new members are John S. O'Learyo Edward RobCharles A. Stone, Chairman of Board, Stone & Webster, Inc., New York. itvek, Emil Leitner, John Duffy, George Kumpf, Robert Henry Tatnall, Vice-President, Pennsylvania RR. Co., Philadelphia H. . Felix M. Warburg, Kuhn, Loeb & Co., New York. Bergman, John G: Borgstede, Albert J. Schwarzle r, John Paul M. Warburg, Chairman of the Board. Kadel and E. L. Barnard. The changes in the offices Thomas H. West, Jr., Pres., Rhode Island Hospital Trust Co., Providence. are ss'follows: George W. Fennell,' President; Daniel G. Wing, President, First National Bank of Boston, Boston. Albert J. Schwarzler, A. J. Shamberg and H. J. B. Willis, Vice-PresiWe have received from Max Lederer, Vice-President and dents; William H. Maeder, Cashier, and Thomas-A. McGovCashier of the Standard Bank of this city, the following adern: Assistant Cashier. vices, under date of Jan. 19, regarding the employees' parJohn McHugh, Chairman of the board of directors of the tial payment plan for subscription to stock in the bank, Discount Corporation of New York, in the fifth annual re- which has been in force over a year, and to which reference port of the company, issued last week to the shareholders, was made by us in our issue of Dec. 16 1922, page 2651. that after making provisions for taxes the net Our employees' partial-payment plan for subscription to stock in our bank profits was formulated in October 1922, when the stock was *240 from operations in the year ended Dec. 31 1923 bid. were $414,A block of shares was secured in the market by one of our directors, and S58. Dividends at the rate of 6% per annum, amounting to employees were permitted to subscribe to shares, the number of which was based in proportion to the amount of annual compensation received by them. :$300,000, were declared during the year, leaving $114,858 to The shares were to be purchased by them at $200 each—the difference bebe added to the undivided profits account, which now stands tween this amount and purchase price was assumed by the bank—payments st $1,372,913. The statement of condition as of the end of to be made at the rate of $5 per share per month until paid for. All divi1923 shows total capital, surplus and profits dends declared to be to the subscriber, and interest on the unpaid of $7,372,913. balance to be charged credited at the rate of 5%. The resources include United States certificat es of indebtedEmployees to obtain the benefits to be derived in this plan must be in ness and Treasury notes of the par value of $27,784,500; the employ of the bank until the termination of the plan—any one leaving United States Liberty Loan bonds of the par the bank's employ in the meantime, to receive full amount paid in, plus value of $1,215,- interest at the rate of 5% per annum, but no credit to be given CO0 and cash in banks and on hand dividend. $1,622,870. "The volume In case of death, the subscriber's estate would have the optionfor of receiving of businss," says Mr. McHugh in his statement certificate upon a payment of the balance of the purchase price. The stock to stockholdin the meanwhile not being subject to any lien or obligation for debts of the ers. "transacted by your corporation in bankers' acceptances subscriber, or to attachment or sale in any way. The director during the past year was slightly purless than that of the year chased this stock agreed to carry the same until fully paid for, who it not to previous, but on the other hand the transactions in United exceed 5% interest, and it so happens that up to now the interest charge has been 41 / 2%, the difference operating in favor of the subscriber. States Treasury certificates and notes exceeded that of any At the end of 1922 a stock dividend of 100% was declared, which, while previous years." The combined capital and surplus of the cor- doubling the holdings of our subscribers reduced the amount to be paid poration is $6,000,000 and its total resources monthly to $2 50 on each of the new shares. $104,533,405. While this plan has been in operation only fourteen months, every indica• The directors of the New York Title tion leads us to believe that the stock will not cost the subscriber more than & Mortgage Co. $85 for each of the new shares, whereas elected M. F. Eitelbach an Assistant Treasure present bid price is $220 per r of the com- share, with the possibility of being worth its still more before the termination pany. of the plan. While the American Trust Co. of New York and the New "York Title & Mortgage Co. have, as announce d a short time ago, acquired property for an uptown banking site at the southeast corner of 41st Street and Madison Avenue, it is stated that it is not the intention of the companies to remove their main offices from 135 Broadway , a building they also own, to the uptown site. At the annual meeting of International Acceptanc e Bank, Inc.,'this week, all the directors were re-elected , as were the principal officers of the bank. The following changes and appointments were announced: Harold E. Barker and Howard J. Rogers, Assistant Vice -Presidents; John P. Collins, Treasurer; G. Genech, Assistant Treasurer; C. B. Hall, Assistant Secretary; D. Hwoschinsky, Manager, Commercial Credit Department; W. 'T. Sheehan, Manager, Collection Department The financial statement rendered to the stockholders of the Morris Plan Co. of New York at their annual meeting this week,shows that 76,303 loans, totaling $18,942,442, have been made to men and women of New York and Brooklyn. The average loan has been $240. The increase in business over 1922 approximated 6,000 loans, totaling $5,000,000 . Since the inception of business on Jan. 1 1915, through the close of 1923, the company has made over 370,000 loans, which in round terms amounted to $73,000,000. A check-up of investors, indicates that 23,500 have purchased investment certificates to date, aggregating $9,000,000. The gain for 1923 was nearly $3,000,000. Following the stockholders' meeting, the directors assembled and voted the usual quarterly dividend of 11/ 2%, payable Feb. 1, as to stockholders of record Jan. 26. —4--. The Seamen's Bank for Savings at 76 Wall Street has established a service department under the directors hip of Miss Dorothy Madison, formerly Assistant Cashier of the Petaluma (Cal.) Savings Bank. Miss Madison will assist the bank's depositors in the matter of investmen ts, home budgets and the making up of income tax returns. She will also have charge of employees' savings clubs, as well as school savings. Henry B. Kingman resigned as Assistant Secretary to accept a position as Vice-President of the Webster & Atlas National Bank of Boston. , In his report to the directors and stockholders, F. Abbott Goodhue, President, pointed to the fact that with the end of 1923 the International Acceptance Bank has completed the second full calendar year of its operations, and that, therefore, for the first time since the bank's organization in April 1921, it was possible to make a comparative analysis of the operations and results of two consecutive twelve months' peFollowing a run on the institution, the private banking riods. The figures, Mr. Goodhue explained, showed a steady house of Garfunke l & Tauster, at 67 Clinton Street, this 396 THE CHRONICLE city, was taken in charge by the State Superintendent of Banks, George V. McLaughlin, on Jan. 10, and after an examination of its books a petition in bankruptcy was filed by David W. Kahn in the Federal District Court. Judge Winslow appointed E. Bright Wilson and Rayford W. Alley of 111 Broadway receivers, under a bond of $50,000. The following with regard to the affairs of the defunct Union Bank of Brooklyn, which was closed in 1910, appeared in the Brooklyn "Eagle" of Jan. 11. The "Eagle" said: Supreme Court Justice Callaghan has authorized the distribution of $207,final 346 72 to depositors of the defunct Union Bank. The sum represents collection and realization of Union Bank assets by Banking Superintendent McLaughlin and adds another 5% to the dividends already paid. This is the fifth dividend of 5% to be paid out. There is some litigation still pending and the banking department stated it had sold all its claims. The last previous dividend was in 1918. Superintendent McLaughlin also has the contents of some safe deposit boxes which their were never claimed after the bank and its numerous branches closed doors, and these will be deposited in the State's strong box to await claimants. The contents, the nature and value of which were not disclosed, did the not belong to the Union Bank and cannot be sold or distributed among creditors. Justice Callaghan approved the accounting of the liquidation rendered by Superintendent McLaughlin, which was begun by his predecessors in the Banking Department and dates back to 1910, when the Union Bank closed ent its doors for the second and last time, following temporary re-establishm It was claimed by the depositors that the bank, with assets worth but a neglithe of fraction of their "book value," was allowed to reopen because comgence and carelessness of State officials and that the State should be pelled to pay. The Court of Claims rejected the claim of the depositors, however, and there is small likelihood that the State will ever be called upon to make good for the negligence of its agents. Our last reference with regard to this bank was in the "Chronicle" of Feb. 17 1923, p. 690. Herbert N. Armstrong, Assistant Vice-President of the American Exchange National Bank of New York, has been elected a Vice-President of the First ational Bank of Tenafly, N. J. At a meeting of the directors of the First National Bank of Hoboken, N. J., on Jan. 15 Herman Goelz, formerly Cashier, was elected Second Vice-President; Wm. H. De Veer, formerly Assistant Cashier, was elected Cashier, and Wm. Muller Jr. was appointed ,Assistant Cashier. On Jan. 19 former Judge E-dward K. Mills of Morristown was elected President of the Morristown Trust Co. of Morristown, N. J. Judge Mills succeeds William B. Boulton, who died some time ago. The Tarrytown National B- ank of Tarrytown, N. Y., on Jan. 2 distributed an 18% dividend to its stockholders. The amount is 3% for six months on the 6% stock and an extra dividend of 15%. The Tarrytown "Daily News," commenting on the bank's action, said: The Tarrytown National Bank surprised its stockholders yesterday by sendconservaing them an extra dividend of 18%. The Tarrytown bank has been done. tively run and it has not given extra dividends as other banks have would they But this year has been a good one and the directors thought hand out a little New Year's present. The stock of the bank is held in high esteem by investors. In fact there are is little of it to be had and what few shares are put on the market quickly bought up. It is selling around $275. of management the The success of the bank and its soundness are due to the President Patteson. He is one of the most conservative bankers in county. The Ridgefield Park Trust Co. of Ridgefield Park, N. J., announces the election of the following new officers: Chairman of the Board (former President), C. W. Mergler; B. C. Diekman, President; W. B. Richardson, Courtlandt Linkroum and Walter J. Townsend, Vice-Presidents; W. C. Carron, Secretary and Treasurer, and C. Campbell, Assistant Secretary and Treasurer. Mr. Diekman, the new President, who had heretofore been Secretary and Treasurer, is but 28 years of age. [Ver.. 118. L. Babcock, Vice-President, and C. B. Vail and J. R. Hardin Assistant Cashiers. The appointment of a Cashier was postponed until a later .date. A. J. Brunson and George Finger, who retired as President and Cashier, respectively, have, it is understood, made no plans for the future and for the present will take a vacation. Mr. Brunson had headed the bank for 20 years. The First National Bank was organized in 1864 and is the oldest financial institution in Plainfield. Its present building is located in the heart of the business section of the city. Recently extensive alterations were made in the banking quarters in order that the needs of expanding business may be adequately met and all necessary up-to-date facilities placed at he disposal of Its patrons. At the annual meeting of the Fidelity Trust Co. of Buffalo, N. Y., on Jan. 7, announcement was made of the election of Lewis G. Harriman as President to succeed Clifford Hubbell, who resigned the first of the month. The following promotions were also made—George B. Macphail, Secretary; Frederic J. Federlein, Treasurer. Mr. Harriman came to the Fidelity Trust Co. in 1919 as Vice-President. For some years he was in the investment banking business in New York and during these years he lectured at the New York University on financial and economic subjects. For several years prior to his connection with the Fidelity Trust Co., Mr. Harriman was associated with the Guaranty Trust Co. In New York. With this institution he held a number of positions, among which his work as Investment Trust Officer was especially noteworthy and brought him to the favorable attention of bankers all over the country. He is a director of the Society of Natural Sciences and a director and VicePresident of the Buffalo Better Business Commission, in the organization of which he was one of the leading spirits. He Is also a director of the Pierce-Arrow Motor Co. and the Eastern Oil Co. George B. MacPhail, the new Secretary, has been connected with the Fidelity for the past 23 years. He originally came from Canada. He has been keenly interested in the subject -of financial education and has been prominently connected with the American Institute of Banking for some years. Frederic J. Federlein, who becomes the bank's Treasurer, has for some 12 years been connected with various Buffalo banks, having been in the employ of the old Columbia National Bank, the old Bankers Trust Co. and the Marine Trust Co. During the war Mr. Federlein served in the Marine Corps. Upon his discharge he came to the Fidelity Trust Co. as Auditor, being promoted to Assistant Treasurer a few months later. This position he has held ever since. Horace Reed, Charles A. White and D. It. Nott were elected to the board of directors of the Fidelity Trust Co. Mr. Reed is President of the Niagara Lithograph Co. and has for the past year been President of the Rotary Club. He has recently been elected President af the Buffalo Club. Mr. White is a prominent attorney of Buffalo. For a number of years he has been Public Administrator of Erie County. Mr. Nott is President of Gerber-Nott & Co. With these additions, the board of directors is now composed of the following: Franklin D. Locke, Chairman; Frank B. Baird, Joseph G. Dudley, Charles W. Goodyear, Charles L. Gurney, Lewis G. Harriman, Harry D. Kirkover, Thomas B. Lockwood, Eugene J. McCarty, Edward McM. Mills, D. R. Nott, Robert W. Pomeroy, Harry T. Ramsdell, Horace Reed, A. H. Schoellkopf, Henry P. Werner, Charles A. White, W. A. Wickwire, Langdon B. Wood, Perry E. Wurst, Clinton R. Wyckoff. Other officers of the Fidelity Trust Co. were re-elected as follows: Franklin D. Locke, Chairman of the Board of Directors; Harry T. Ramsdell and Thomas B. Lockwood, Vice-Presidents; Joseph E. Bright, Joseph E. Chambers, Walter L. Curtiss, Richard S. Graham, Albert E. J. Krauss and A. Erwin Rankin, Assistant Secretaries; Harley F. Drollinger, Manager, New of Plainfield, N. J., was recently Business Department; George P. Rea, Manager, Investment Department; The First National Bank purchased by Interests identified with the State Trust Co. Samuel G. Easterbrook, Trust Officer; Thomas Cantwell, Assistant Trust Officer; Edward W. Miller, Assistant Treasurer, and George D. Thomsen, of that city and others. As a consequence numerous changes Assistant Secretary. took in both the directorate and personnel of the institution place at the respective annual meetings of the stockholders is and directors held on Jan. 8. The new board of directors made up of the following well-known local men: George L. Babcock, Elias H. Bird, William R. Codington, E. F. FeickC. ert, George M. Holstein, James T. MacMurray, Charles Randolph, David J. Scott and Arthur T. Vanderbilt. Of these Messrs. Babcock, Feickert and Holstein are directors and Macof the State Trust Co., Messrs. Bird, Codington Messrs. and Bank, First the National of directors Murray, Randolph, Scott and Vanderbilt, not hitherto directors in (Presieither. At the organization meeting E. F. Feickert George dent of the State Trust Co.) was elected President; Regarding the changes, Franklin D. Locke, Chairman of the Board, says: Recent changes among the executive officers indicate no change whatever in the policy of the Fidelity Trust Co. It will continue its operations along the same conservative lines as in the past, laying emphasis on the services which this trust company is particularly well equipped to render. There has not been nor is there now any contemplation of a merger with any other financial institution. At the annual meeting of the stockholders of the HartfordAetna National Bank, Hartford, Conn., held on Jan. 8, Henry T. Holt, 2d Vice-President of the institution, was elected a director. JAN. 26 1924.] THE CHRONICLE 397 $200 per individual. Thus the higher salaried men and officers are restricted in their participation. To the fund so created the company pledges itself to contribute 5% of its net earnings "as a deferred accumulative additional salary for services rendered." The company's contribution is made twice a year after its net earnings for the six months are determined, out of the money applicable for dividends. Hence that part of the whole that comes from the prosperity of the business is, in effect, a dividend, though it does not cut into net dividends, being taken, as a matter of fact, from surplus earnings. Thus the plan, in a sense, makes the employees partners in the bank and encourages loyalty and efficiency. As already indicated, the plan is open to every officers and employee, including the scrubwomen and cleaners. The savings fund is administered by a board of trustees, elected from the employees by the directors of the American Trust Ce. As their designation implies, they may invest the fund of the trust in stocks, bonds, mortgages, etc. Money may not be withdrawn from the fund except if the employee leaves Florrimon M. Howe, formerly a Vice-President of the Inor is discharged from the company. In case he is discharged for fraud or dustrial Trust Co. of Providence, was advanced to the Presi- dishonesty the company's contribution to the fund is withheld from him and dency of the institution at the annual organization meeting he receives his own principal plus compound interest at 4%. Otherwise the of the directors on Jan. 15. Mr. Howe succeeds H. Martin fund is paid to the estate of the contributor on his death. Employees may borrow not to exceed 80% of the amount of the fund to their credit at 5%, Brown, who declined re-election, after holding the office for but when borrowing they do not participate in the contribution from the 12 years, and was thereupon made Vice-Chairman of the company. The directorate of the Phoenix National Bank of Hartford was reduced to twelve members at the stockholders meeting held on Jan. 8, through the withdrawal of two of the directors, S. G. Dunham and J. H. Holcombe, who had become ineligible to serve longer under the interlocking directorate provision of the Clayton Act and no new men being elected to succeed them. At the directors' meeting which followed, Harry H. Walkley, formerly Cashier of the bank, was promoted to a Vice-President and 0. M. Hibler, heretofore Assistant Cashier, was elected Cashier to succeed Mr. Walkley. Leon P. Broadhurst is President. board of directors. Another appointment was that of George W. Gardiner, for the past 10 years a Vice-President of theUnion Trust Co. of Providence, as a Vice-President. At the stockholders' meeting held previously on the same day. Mr. Gardiner. together with Webster Knight, President of the Phenix National Bank of Providence, were elected directors. Mr. Howe, the newly-elected President, went to the Industrial Trust Co. as a Vice-President and director in 1918 from the Federal Reserve Bank of Boston, where he had held the position of Cashier. Prior to his connection with the Federal Reserve Bank he had been an executive of the Old Colony Trust Co., Boston. The Industrial Trust Co. has total resources of $116,710,811; deposits of $102,040,994 and combined capital, surplus, undivided profits and reserves of $12,503,851. At its annual meeting the Union Market National Bank of Watertown, Mass., a proposal to increase the capital stock from $400,000 to $400,000 and to add $165,000 to surplus by selling 1,000 new shares at $265 each, was ratified'unanimously. This will give the bank capital, surplus and und, .vided profits totaling about $900.000. The enlarged capital will become effective April 2. A dispatch from the Philadelphia bureau of the "Journal of Commerce" of this city on Monday, Jan. 21, appearing in that paper the following day, stated that formal steps for the acquisition of the Real Estate Title Insurance & Trust Co. of Philadelphia by the Pennsylvania Company for In- surances on Lives & Granting Annuities were taken on that *day (Jan.21) at a meeting of the directors of the latter, when The National Shawmut Bank of Boston has completed a special meeting was called for April 7 to vote on increasing arrangements for establishing a new office to be located in the capital stock of the institution by 25,000 shares. the Park Square Building, and to be known as the Arlington At last week's annual meeting the stockholders of the InStreet office. The Shawmut Bank office will occupy the entire Arlington Street end of the building, using the ground dustrial Trust, Title & Savings Co. of Philadelphia, elected floor and basement and taking in the St. James Avenue John T. Carson to the board. and Providence Street sides. The main entrance will be George K. Erben, Isadore Stern and Joseph F. Donovan at 61 Arlington Street with a rear entrance joining the building arcade. The ground floor will be arranged as a com- were added to the directors of the Third National Bank of modious banking room, with all facilities for modern banking Philadelphia, increasing the directorate to 15 members, at service. A broad stairway will lead from this floor to the the recent annual meeting of the stockholders of the bank. basement, wherein will be located a large safe deposit vault The stockholders of the Bank of Pittsburgh, N. A., at their and an even larger storage vault for silver and other valuables. Adjacent to the vaults will be numerous booths and annual meeting on Jan. 9 elected William G. Clyde a direcrooms for use of customers. Customers' and conference tor of the institution. Mr. Clyde is prominent in the steel rooms will be provided op both floors. The main office of industry, being Vice-President and General Manager of the Shawmut Bank is in its own building at 40 Water Street Sales of the Carnegie Steel Co. Street, and it has been in that neighborhood since its beginning in 1836. The additional office to be provided is in Charles W. Brown, President of the Pittsburgh Plate keeping with the business expansion which has developed Glass Co., Pittsburgh, was elected a director of the Mellon in the Back Bay district. The facilities which the office National Bank of that city at the recent annual meeting of will provide for the storage of silver will be the largest in the stockholders. Boston. The Park Square Building is said to be the sixth H. C. McEldowney, President of the Union Trust Co. of largest office building in the world and ranks first among the large fireproof office buildings in New England. It Pittsburgh, was elected a director of the Second National will house 5,000 people. Work of fitting the quarters for Bank of Erie, Pa., on Jan. 8. Mr. McEldcrarney takes the occupancy by the Shawmut Bank will be started at once. place of the late Matthew H. Taylor on the board of the It is hoped to complete the work not later than June 1 next. Erie institution. From an Item published in the "DispatchAs a convenience to customers and for use until the permanent Herald" of Erie, Pa., on Oct. 29 we take the following relaoffice is ready, a temporary office will be opened by the tive to the history of the bank: bank to-morrow, Thursday, Jan. 24, at 39 St. James The business of the Second National Bank of Erie dates back to the Erie Avenue branch of the United States Bank of Pennsylvania in 1840. In the history in the Park Square Building. of Erie County, by Miss Laura Sanford, rrrm4)..r.. it is stated that "the United States Bank of Pennsylvania established a branch at Erie in 1837 to be discontinued in 1850. When the parent institution at Philadelphia failed in 1840, William C. Curry was appointed to settle the affairs of the branch in Erie." Mr. William C. Curry, then a Teller in the United States Bank, with Mr. among Boston banks in this respect, shows that for every Milton Courtright of this city, purchased the assets of the United States dollar saved by the employees, the bank contributed Bank and opened a banking house under the partnership name of William out of C. Curry & Co. Later on Mr. Courtright withdrew earnings $1 31. This completes the third year of the firm and the this fund, business was continued by Mr. Curry, individually, from under the title of the which, according to officers of the bank, is no longer Merchants Bank. The Merchants Bank was merged into the Second National in the experimental stage but a regular feature of the on or about Dec. 12 1864. institution. Bank Mr. Curry was the moving spirit in the organization of the Second Nacompany makes The the following announcement regarding tional Bank and contributed more than half of the original capital which the fund. was $200,000. The capital was soon increased to $300,000 and in May 1920 The total contributions by employees in 1923, through savings contributed it was again increased to $500,000, the present capital. Thirty-three stockfrom their salaries, amounted to $11,826 50. The income on the investments holders signed the original Articles of Association, which were dated Nov. of the fund, together with interest on the bank account, amounted 1 1864. to 209 87, which, with the amount contributed by the bank, makes the $3,The present officers are: F. M. Wallace, President; C. F. Allis and H. J. grand total of the fund at the close of business on Dec. 31 $78,722 50. Leslie, Vice-Presidents; A. E. Beim, Cashier; W. A. Allis, Will Noble and The plan, which is embodied in an agreement between the bank B. W. Billing, Assistant Cashiers. and its employees, combines profit sharing with regular savings by the In 1921 a building for the exclusive use of the bank was Participation is optional with old employees, practically all of employees. whom have erected. joined it; it is compulsory for all new employees. The officers and employees of the bank under this agreement contribute The following directors were added to the board of the a definite sum each year to the savings fund. The percentage is not more than 5 nor less than 2% of their current yearly salary, and in no case exceeds Columbia National Bank of Washington, D. C., at the annual The report of the Employees' Savings Fund of the American Trust Co. of Boston for 1923, believed to be unique 398 [VOL. 118. THE CHRONICLE meeting of the stockholders of the bank on Jun. 8: Harry Blake, George M. Leimbach and Joseph H. Milan& by the board of directors of the bank was contained in the dispatch. It read: Two changes were made in the personnel of the Continental Trust Co. of Washington, D. C., at the directors' organization meeting on Jan. 8. Hugh W. Barr, formerly Assistant Secretary, was elected Treasurer, and A. R. Holden was appointed Auditor. It (the Board) is pained to announce that Mr. Frank P. Fuchs, heretoforethe Vice-President, is short in his accounts to the extent of $77,982 67, and the officers and directors of the bank feel that the public is entitled to the information. The bank is protected by a bond of $50,000 and the net earnings are abundantly able to take care of the remainder, which is a comparatively small amount. The bank is in excellent condition, having just ended the most successful year in its history. Mr. Fuchs confesses his shortage and the directors of the bank, with the National Bank Examiner, have personally made an examination verifying the figures. Atlee Pomerene, former United States Senator and now member of the firm of Squire, Sanders & Dempsey; Dr. R. H. Bishop, Jr., Executive Secretary of the Associate Hospitals and Medical School of Cleveland; Orville W. Prescott of the Saginaw Bay Co., and Thomas E. Monks, Vice-President, were added to the board of directors of the Guardian Savings & Trust Co. of Cleveland at the annual meeting of the stockholders on Jan. 14, according to announcement by J. A. House, President. All present officers were re-elected and Lester J. Gelb, Manager of the Bookkeeping Department, was made Assistant Treasurer at the annual organization meeting of the directors. Reports showed that the Guardian Savings & Trust Co. had enjoyed a good year, and 1924 promises to be one of marked progress. The accused, it is said, had been connected with the Citizens National Bank for nearly 33 years, starting as a messenger. Charles H. Hulburd, for 25 years President of the Elgin National Watch Co., died at his home in Chicago on Jan. 14. Mr. Hulburd, who was 73 years of age, had continued as active head of the company and had been at his office a week before his death. Mr. Hulburd was a director of the Corn ' Exchange National Bank of Chicago, Ill. The respective stockholders of the National Bank of the Republic, Chicago, and the National City Bank of Chicago. at special meetings on Tuesday of this week (Jan. 22) ratified the proposed consolidation of the institutions. The enlarged National Bank of the Republic will, it is said, move into the Corn Exchange National Bank Building some time during the coming summer, after the latter has taken up its quarters in the new Illinois Merchants Trust Building. Louis J. Kaufman, Vice-President in charge of the savings department of the Guardian Savings & Trust Co., Cleveland, was elected Vice-President of the Commercial Travelers' Life & Accident Association of Cleveland at the annual stockholders' meeting. He succeeds Carl D. Friebolin, refThe stockholders of the Woodlawn Trust & Savings Bank eree in bankruptcy in the Cleveland district. Charles A. Nesbitt is President and Treasurer and R. B. Wright is Secre- of Chicago voted on Jan. 7 to increase the capital stock of the institution through the issuance of 1,000 new shares. tary of the association. The new shares will be sold to existing stockholders at $150' Earle B. Naylor, heretofore - Assistant Cashier of the T4- a share. As a result the capital stock will be increased from fin National Bank of Tiffin, Ohio, has been elected Presi- $400,000 to $500,000. With Ats enlarged capital the bank dent of the bank, to fill the vacancy caused by the death of will have a surplus of $150,000 and undivided profits of George D. Loomis, B. W. Crobaugh has been elected Vice- $104,000. At the bank's annual meeting, Henry T. Boberg President; W. L. Hertzer, Cashier and Grover Smith and and Horace Cooling were elected Assistant Cashiers.. TheLloyd Smith are Assistant Cashiers. increased capital will become effective Jan. 27. Stacey L. McNary, heretofor- e Cashier of the Security Savings Bank & Trust Co., Toledo, Ohio, was promoted to a Vice-Presidency of the institution at the annual meeting of the directors on Jan. 9.. The stockholders at their meeting on the same day added John,J. Huebner to the board of directors. At the annual meeting of the Western State Bank of Cicero, Ill., on Jan. 14, the stockholders voted to increase the capital stock from $200,000 to $250,000. The following directors and officers were elected: Directors: Frank G. Hajicek, also President and director Lawndale National Bank and Vice-President and director Lawndale State Bank; John W. Jedlan, director Lawndale State Bank; Frank Kirchman, Chairman of The First National Bank o- f Port Clinton, Ohio, and the Board, Lawndale State Bank; Frank L. Karel, Vice-President, Lawndale Magruder National Bank have been consolidated and will State Bank; Joseph Klicka, director, Lawndale State Bank and President of' be known as the First National Magruder Bank of Port Clin- Joseph Iclicka Co.; Adolph Radosta, Secretary, Western Agency & Loan. Corporation; Joseph J. Salat, President and director, Lawndale State Bank. ton, Ohio, with a capital of $100,000. The consolidation be- and Vice-President and director, Lawndale National Bank. Officers: Frank Kirchman, Chairman of board of directors; John W. came effective Jan. 2. The officers of the consolidated inJedlan, President; Frank L. Karel, Vice-President; Henry F. Tykal, Cashstitution are S. A. Magruder, President; H. B. Bredbeck and ier; Anton Havlik, Assistant Cashier; George P. Kirchman, Secretary ;. Dr. Paul de la Barre, Vice-Presidents; Frank Holt, Cashier; Henry Barton, Attorney and Trust Officer. Charles G. Wiechel and Albert J. Davids, Assistant CashNet earnings, it is stated, were 322-5% on the capital stock iers. and 232-3% on the combined capital, surplus and undivided A stock dividend of 100% f- rom surplus earnings was de- profits. clared by the directors of the Floyd County Bank of New The stockholders of the First National Bank, St. Paul, Albany, Ind., on Jan. 8; a resolution ratifying the action of at their annual meeting on Jan. 8 elected two new directors, the directors was adopted by stockholders on the same day, namely William A. McLeod, Treasurer of the Emporium the capital thereby being increased from $50,000 to $100,000. Mercantile Co., and Albert Schuneman, Vice-President of The increased capital became effective Jan. 16. Schuneman & Evans, Inc. The directors on the same day 4--At a meeting of the board of governors of the Indianapolis elected Augustus H. Kennedy Vice-President (formerly Stock Exchange on Jan. 9, J. F. Wild, President of the J. F. Assistant Vice-President), and re-elected all the old officers Wild & Co. State Bank, was elected President of the Ex- and added to the roster Harry A. Dezell and William H. Norchange for the ensuing year. Mr. Wild, who succeeds Ray- ton, as Assistant Cashiers. mond D. Jackson as President, has been a member of the H. W. Strickler, President of the Midland Trust & SavExchange since its organization in 1901 and previously served in the presidency for two terms. Other officers ings Bank of St. Paul, was elected Chairman of the board of' elected were: Newton Todd, Vice-President; Otto F. Hauei- directors of the Wabash National Bank of that city at thesen, Secretary; H. F. Clippinger, Treasurer; Mrs. Eunice annual meeting of the directors on Jan. 8. Johnson, Assistant Treasurer, and Bert Henley, Assistant Jule M. Hannaford, Jr., was elected a director of the. Secretary. Northwestern Trust Co. of St. Paul to succeed Judge James A special dispatch from Eva- nsville, Ind., on Jan. 10 to the W. Lusk, retired, at the annual stockholders' meeting on Indianapolis "News" stated that Frank P. Fuchs, a Vice- Jan. 8. Mr. Hannaford is Vice-President of the firm of President of the Citizens National Bank of Evansville, was Gordon & Ferguson. arrested on the night of Jan. 9 on a Federal warrant for "embezzling and misapplying $78,838 of the funds of the John R. Mitchell, formerly a member of the Federal ReCitizens National Bank." Fuchs, it is said, has confessed to serve Board, was elected a director of the Capital Trust & the shortage. He waived preliminary examination and was Savings Bank of St. Paul at the annual meeting of the stockFederal Grand Jury at Indianapolis under a holders on Jan. 8. At the held for the directors' meeting on the same day' bond of $20,000. The shortage, it is said, was confined to C. E. Johnson, a Vice-President of the Capital National three large accounts which Fuchs handled personally and Bank, was eWted a Vice-President and Glenn E. Rogers,, was effected during the year 1923. The following statement formerly with the Wells-Dickey Co. and the Federal Land) • JAN. 26 1924.] THE CHRONICLE Bank, was elected a Vice-President and Manager of the Farm Loan Department. At the annual meeting of the directors of the Capital National Bank of St. Paul, Wynn M. Roberts, a member of the Country Bank Department of the Capital National Bank, was elected an Assistant Cashier of the institution. No other changes were made in the personnel of the bank nor in the board of governors. 399 Denver National Bank at 17th and Curtis streets. It is expected the new building will be completed in 1925. Another recent Denver merger is that of the Home Savings & Trust Co. and the Merchants' Bank. The resulting institution—the Home Savings & Merchants Bank—has a combined capital and surplus of $500,000 and resources of $5,000,000. Frank L. Bishop, formerly President of the Home Savings & Trust Co., heads the new institution. The stockholders of the Union State Bank of Minneapolis on Jan. 9 added E. J. Wagenhals to the board of directors of Paul Hardey, until recently a Vice-President of the Stock the institution. Yards National Bank of Denver, was elected Vice-President and Cashier of the Drovers' National Bank of that city at Hugh Martin recently became Cashier and Assistant the recent annual meeting of the directors. Mr. Hardey is Treasurer of the Minneapolis Trust Co. of Minneapolis. widely known in banking circles in Colorado and is Secretary of the State Bankers Association. The stockholders Ray Maxwell, Assistant Cashier of the First National of the Drovers' National Bank at their meeting elected Mr. Bank of Council Bluffs, Iowa, -- s at the recent annual Hardey a director and also elected Hubert F. Thomas a meeting of the directors made Assistant to the President, a member of the board to succeed Robert McIntosh, resigned. newly created office. He has been with the bank for five years. E. A. Wickham is President of the institution and The stockholders of the Colorado National Bank, Denver, also President of the State Savings Bank of Council Bluffs. at their annual meeting on Jan.8 elected Frank N. Bancroft Hereafter Mr. Maxwell will serve as his personal represen- a director to fill the vacancy caused by the death of Dennis tative at the First National. The other officials of the in- Sheedy. The directors on the same day appointed S. D. stitution besides Mr. Wickham and Mr. Maxwell are Frank Morrison an Assistant Cashier. Mr. Morrison has been conEverest, Vice-President, and George F. Spooner, Cashier. nected with the institution for nearly 25 years. Four South Dakota banks were closed during this week, Charles 0. Davis was elected an Assistant Cashier of the as will be seen by the following press dispatches appearing New England National Bank, Kansas City, Mo., at the anin the New York daily papers: nual meeting of the directors on Jan. 9.. Mr. Davis entered Sioux Falls, So. Dak., Jan. 21.—The State Banking Department to-day the employ of the bank eleven years ago as a bank messentook charge of the International State Bank of this city because of heavy ger. No other changes were made in the personnel of the withdrawals. Mitchell, So. Dak., Jan. 21.—The directors of the Western National Institution and the stockholders at their animal meeting Bank to-day voted to close the institution because of depleted reserves, made no changes in the directorate. due to heavy withdrawals. Redfield, So. Dak., Jan. 23.—Heavy withdrawals have caused the closing of the Merchants' Bank of Redfield, with deposits of $450,000, it was announced to-day. The bank's finances are said to be "well in hand." Sioux Falls., So. Dak., Jan. 25.—The Commercial & Savings Bank of Sioux Falls, a State Institution, with deposits on Dec.31 of $900.000, was taken over by the State Banking Department this morning because of heavy withdrawals and depleted reserve. At the recent annual meeting of the stockholde rs of the Merchants' Bank of Kansas City, Mo., four new directors were elected, namely L. H. Cochrane, A. M. Hughes, Mike Brady and L. G. Lebrecht. The directors at their meeting made no changes in the official staff,of the.institution. The Holland Banking Co. of Springfield, Mo., with total resources, it is said, of $7,008,510, was closed by its board of directors on Jan. 15. The institution had a capital of $300,000; surplus of $100,000 and deposits of approximat ely $4,500,000. State funds to the amount of $1,035,656 were held by the bank when it closed, it is said, against which the State holds bonds and collateral of $1,126,490 and a personal The following press dispatch from Albuquerque, N. Mex., bond of $1,025,000. E. L. Sanford was President. on Jan. 17 which appeared in the Los Angeles "Times" of Harold L. Keller has been elected an Assistant Treasurer the following day reported the closing of the State National Bank and the State Trust & Savings Bank of Albuquerque, of the American Trust Co. of St. Louis. affiliated institutions. J. B. Herndon was President of both banks. With regard to the affairs of the Chippewa Bank of St. The State National Bank and the State Trust & Savings Bank were Louis, closed on Dec. 21 upon discovery of alleged irregulariclosed to-day by the directors of the institutions. State and national ties of its Cashier, Joseph S. Carr, the St. Louis "Globebank examiners are In charge. The State National had deposits of $1,856,000 in its last statement, Its capital is $200,000. Democrat" on Jan. 18 stated that a new banking institution had been organized by George A. Meyer, Chairman of the On Jan. 11 the Sioux Palls National Bank, Sioux Falls, board of directors of the International Bank of St. Louis, S. D., one of the oldest banks in that State, it is said, was and others, to purchase the good assets of the Chippewa not opened for business, by order of the National Bank Ex- Bank. The new bank will be entitled "The Chippewa Trust aminer in charge of that district. The closed bank had a Co.," it is said. The "Globe-Democrat" further said:. capital of $150,000 and deposits of $2,500,000. A press disThe new trust company, which may be open for business next Monday (Jan. 21), will pay to depositors of the Chippewa patch from Sioux Falls on Jan. 14, which appeared in Bank, immediately after the It opens, 50% of the amount of their deposits, this in the nature of a loan following day's issue of the Minneapolis "Journal," reported without interest until the examination of the Chippewa Bank is completed that preparations were then under way for the re-opening and the payment of a dividend of that sum can be substituted. Then as fast of the institution with W. E. Stevens of Sioux Falls, capital- as collections can be made on the notes of the Chippewa Bank, the depositors will be paid subsequent dividends. It is expected they ultimately will reist and former automobile dealer, as President. ceive dollar for dollar the amount of their The First State Bank of Bristow, Okla., an institution with capital of $25,000 and deposits of about $800,000, closed its doors on Jan. 10. Inability to realize on notes on account of the recent depression in the oil industry was given as the reason for the failure. A bank examiner was placed in charge of its affairs. deposits. The Sioux Falls Trust & Savings Bank, Sioux Falls, S. D., was on Jan. 14 placed under the supervision of the State Depositors' Guaranty Fund Commission and payments on deposits temporarily suspended. The bank has deposits of more than $5,000,000. The Lindell Trust Co. of St. Louis began business on Jan. 2 with a capital of $200,000 and a surplus of $20,000. Its officers are Charles H. Peters, President; Charles C. Kunz and F. A. Brickenkamp, Vice-President s; William T. Jones, Counsel; A. W. Dehlendorf, SecretaryTreasurer; Leo Osthaus, Jr., Assistant Treasurer, and the following are the directors. George Bilgere, F. A. Brickenka mp, A. W. Dehlendorf, Herman Dischinger, Murtha J. Hackett, William T. Jones, Charles C. Kunz, Henry Marquard, Charles H. Peters, F.W. Peters, Ben J. Spaeth, F. A. Sudholt. The bank is located at Grand Boulevard and St. Louis Avenue. An important bank consolidation was consummated in Denver on Jan. 21, when the Denver National Bank (capital $1,000,000) and the Hamilton National Bank (capital $350,000) united their interests under the title of the former. The resources of the new bank are $33,562,181. J. C. Mitchell, heretofore President of the Denver National Bank, continues in that capacity with the enlarged institution. PendJohn G. Lonsdale, President of the National Bank of Coming the erection of a $1,000,000 12-story home, which the merce in St. Louis, in his letter to the stockholders under Denver National Bank had already proposed to construct, date of Dec. 29 relative to the position of,the bank at the the consolidated bank is occupying the old quarters of the end of the year said in part: 400 THE CHRONICLE It is a pleasure to report substantial growth in every one of our seven departments, with an ever increasing list of satisfied patrons now numbering nearly 90,000. Your bank, continuing its aggressive policy, has taken its part in the business progress of the past twelve months, and is in excellent shape to realize on the prosperity of 1924. The degree of this prosperity is justly a mooted question, with every basic factor apparently favorable at this time. Jumping over the traces through sheer political shyness, or running afoul of the uncertainty of a presidential year should not, however, be seriously deterring if business keeps its efforts concentrated in definite channels, and is not distraught by the beating of the political tom-toms. One thing seems patent, and that is, that during the era of growing keen competition the winning of commercial success will come only as a reward to the efficient, aggressive and business minded. Commercial. With customers now totaling over 19,000, the conduct of this important and primary function of the bank has recorded continued upward development. Both loans and deposits have remained of an even volume. Inasmuch as the banking experience of this institution has gone forward with business for 66 years, the past year has as well added to the magnitude of St. Louis's industrial life and the broadening of commerce in the Mississippi 'Valley. Savings Department. There have been more propitious periods for savers than 1923, as general statistics bear out, and yet the growth of this division, now in its sixth year, continues to lead, the gains in time deposits being considerably greater than those of other banks in the city. Total deposits now reach 48,800,000, with 48,000 customers. More than 6,500 were enrolled in the first Christmas Club. Trust Department. The operation of this department proceeds in a highly satisfactory manner. In the very nature of its work the passing of time merely serves to enlarge its advantages. Each year sees the number making use of this service decidedly augmented. There are many estates now in process of administration, the number of which will necessary increase yearly because of the cumulative nature ofthe 'business. Confidence in a trust department under United States supervision, the reputation of our own bank and a recognized force of capable trust experts can be credited with the unusual success of this, the largest trust department of any national bank. Foreign Department. Because of disrupted European conditions, the volume in this line has not been large. Practically no German exchange has been dealt in since June, making a considerable difference in the year's total. We have an increasingly valuable clientele, however, in the financing of exports and imports. Any measure of improvement in world conditions will find this department in readiness to fully realize on the opportunities. Bond Department. A highly trained and experienced staff of experts selecting sound Invest' meats is responsible fey an increased distribution of high grade municipal bonds, which continues to strengthen our position in the investment field In general. New Commerce Company. The 2,500 shareholders of the National Bank of Commerce are located in various parts of the United States-44 out of 48 States—and in foreign countries, truly indicative of the representative ownership of this big banking concern. The purpose of the officers and board is constantly to augment the functions of this bank in the greater service of the public and our fertile tributary territory, not only that the value of this institution to its customers may be reflected in better earnings, but that the sturdy foundation of all our progress, the community's prosperity, may be safely maintained and judiciously advanced. With reference to the "Commerce Company" (corporate name National Commerce Company) about which you have received several communications, this company will have an authorized capital stock of a minion dollars. It is the intention of your board of directors to declare nex't month a special dividend of 10% drawn from surplus, in order to provide each stockholder with the funds with which to purchase his proportionate interest in this company. Stockholders owning 93% of the stock have signified their approval of the plan. The company is now being organized and should be ready for business in a few weeks. According to the St. Louis "Globe-Democrat" of Jan. 9, State Finance Commissioner Millspaugh issued a charter for the Federal Commerce Trust Co. on the 8th inst. The paper quoted says: The capital is $800,000 and the surplus and profits $140,000. The company will start Feb. 1 and occupy quarters on the first floor of the Federal Reserve Building, Broadway and Pine Street It is proposed that the Federal Commerce Trust Co. will handle estates and matters not privileged to a national bank and thereby serve as a valuable adjunct to the Bank of Commerce. It was first proposed to form the National Securities Co., to deal in high' class securities and first-class mortgages, but a recent decision of the Missouri Supreme Court holds that national banks cannot act as executors and the change in the name and form of the company was made to include fiduciary powers. "Formation of the Federal Commerce Trust Co.," said John G. Lonsdale, President of the National Bank of Commerce, "gives us a national and State banking institution and precludes any possibility of interruption or Interference through unfavorable court decisions." The directors of the Federal Commerce Trust Co. are John G. Lonsdale, Wilson Hemingway, W. Frank Carter, Charles Rebstock and J. B. Strauch. A bank merger of importance to Eastern North Carolina became effective as of Jan .1 when the New Bern Banking & Trust Co., New Bern, and the Bank of Pamlico, Baysboro, with branches at Oriental and Arapahoe united to form the Eastern Bank & Trust Co., with head office at New Bern and branches at Baysboro, Oriental and Arapahoe. The consolidated bank has a capital of $130,000; surplus and undivided profits of $59,099; deposits of $2,379,346 and total resources of $2,595,726. The principal officers of the new institution are: 0. W. Lane (formerly President of the New Bern Banking & Trust Co.), President; W. J. Swan (hereto oraL. 118. fore President of the Bank of Pamlico), Vice-President and Chairman of the local boards at Baysboro, Oriental and Arapahoe; T. A. Green, Vice-President and Chairman of the Board; John S. Weskett, Vice-President, and W. R. Ross, Cashier. —•-E. W. King retired as President of the First National Bank of Bristol, Tenn., on Jan. 8, and the office of Chairman of the board of directors was created, to which he was elected. James W. Lynn, heretofore First Vice-President of the bank, has been elected President to succeed Mr. King. The Guaranty Bank & Trust Co. of Memphis, Tenn., has increased its capital from $500,000 to $600,000. The new issue was authorized about a month ago, and has just been Issued. With its capital of $600,000 the institution on Dec. 31 reported surplus, profits and reserves of $294,208. Its deposits on that date were $8,755,655, while its resources were given as $10,484,340. The Comptroller of the Currency announced on .Ian. 9 that the name of the Wise County National Bank of Wise, Va.,'has been changed to "The First National Bank of Wise." The Comptroller of the Currency has approved the increase in the capital stock of the American National Bank of Pensacola, Fla., to $800,000. The bank has a surplus account of $200,000. At the recent meeting of the shareholders the following officers were elected: E. R. Malone, President; Morris Bear, J. W. Malone and W. B. Harbeson, VicePresidents; C. W. Lamar, Cashier; J. W. Andrews, J. S. Leonard and J. F. Quina, Assistant Cashiers. The old board of directors was elected and two new members were added: W. B. Harbeson and Dr. C. E. Hutchinson. The board in full is as follows: S. A. Alford, Vice-President Consolidated Naval Stores Co. J. D. Anderson, President Anderson-Muldon Motor Co. J. A. Andrews, Assistant Cashier. Morris Bear, President the Lewis Bear Co. J. D. Carroll, Manager Swift & Co., New Orleans. D. P. Coleman, cotton merchant, Uniontown, Ala. Dr. W. C. Dewberry, Central Pharmacy. C. A. Faircloth, President National City Bank, Tampa, Fla. W. B. FIarbeson, President W. B. Harbeeon Lumber Co., Be Funiak, Fla. Dr. C. E. Hutchinson, surgeon. R. Leon Jones, Supt. Southern States Lumber Co., Walnut Hill, Fla. D. ICugleman, wholesale grocer. C. W. Lamar, Cashier. J. S. Leonard, Assistant Cashier. E. II. Malone, President. G. H. Malone, President First National Bank, Dothan, Ala. J. W. Malone, Vice-President. John A. Merritt, ship broker. F. M. Moseley, President American Bank, Union Springs, Ala. L. E. Nobles, L. E. Nobles & Co. W. H. Northrup, capitalist. A. D. Pace, Avant-Pace Co. D. S. Oppenheimer, broker. J. H. Pace, President Baldwin, Lewis, Pace Co., Jacksonville, Fla. S. Pasco, attorney. W. C. Sherman, Can. Mgr. St. Andrews Bay Lumber Co., MUlvfl]e, Via. C. A. Weis, President Weis-Patterson Lumber Co, Two promotions marked the annual meeting of the board of directors of the Citizens' Bank & Trust Co. of New Orleans. J. C. Delery, the Cashier of the institution, was given the added title of Vice-President, succeeding in that office the late Charles St. Raymond, and Thomas F. Regan, heretofore Credit Manager, was made Assistant Cashier. Mr. Delery entered the service of the bank 27 years ago and has worked up to the Vice-Presidency through successive stages. Mr. Regan has been with the institution ten years. All the other officers of the bank were re-elected. Charles J. Theard is President. Three new directors were added to the board of the South Texas Commercial National Bank, Houston, on Jan. 8. They are W. B. Chew,C. Ed. Settegast and Herbert Goodwin. No changes occurred in the personnel of the bank. James A. Baker is President. On the same date the following changes took place in the official staff: E. F. Gossett, formerly Vice-President and Cashier, was elected 2d Vice-President; John Dreaper, formerly Assistant Cashier, was appointed -President; E. P. Stallings, formerly AssistAssistant Vice ant Cashier, was appointed Cashier; W. Browne Baker, formerly an employee of the bank and more recently an Assistant National Bank Examiner, was appointed Assistant Cashier; Ben W. Ralston, for many years associated with the bank, was appointed Assistant Cashier; Wm. S. Patton, Vice-President, and W. Browne Baker, Assistant Cashier, have become respectively Trust Officer and Assistant Trust Officer of the bank. JAN. 26 1924.] 401 THE 'CHRONICLE fund, $75,000, and written off bank premises account, $250,000, leaving a balance to profit and Joss account to be carried forward to 1924 of $252,696. Total assets are shown at $227,889,799, of which $131,761,385 are quickly available assets. This latter compares with liquid assets at the close of 1922 of $126,986,092. Total deposits are given as $174,791,698. The bank's paid-up capital is $10,000,000 and its . The annual meeting of the stockholders of California rest fund $19,500,000. G. S. Campbell is President and Bank was held on Jan.9 1924 in the California Bank Build- J. A. McLeod (office Toronto), General Manager. ing, Los Angeles. In line with the bank's policy of encourAn announcement, indicating a new departure by Lcndon aging its stockholders to take an active interest in the bank's banks, is made to the effect that the National Provincial large part of the 700 stockholders were present. affairs, a In addition to the figures usually submitted at these meet- and Union Bank of England, Ltd., opened a branch on Jan. ings, the bank's operations during the past year were out- 10 in Waterloo Station (London) and, to meet the special lined by the executive officers in charge of the various de- requirements of travellers, the usual London banking hours partments. The same directorate was elected with the addi- are being extended, the branch being kept open on ordinary tion of Paul 0. Hoffman of the Paul G. Hoffman Co. At the days until 6 p. m. and on Saturdays until 2 p. m. There directors' meeting held immediately following the stockhold- will be a foreign exchange department and Americans disers' meeting, all officers were re-elected, with the addition embarking at Southampton and travelling to London by the of J. B. Chaffey, Junior. Vice-President in charge of the Southern Railway should find the branch very convenient bank's properties, and James Daly and L. E. Smith, Assist- for cashing dollar notes and travellers' cheques, &c., and for ant Cashiers at the head office. In speaking of the growth of transacting other banking business. The National ProCalifornia Bank during the past year, President Chaffey vincial and Union Bank of England, Ltd., is one of the "Big Five" London banks. It has approximately 1,100 offices said: We are very proud of the increase made in our deposits and the addition in England and Wales and transacts every class of banking of 43,000 new depositors during the year 1923. We started the year with business. The bank also owns the whole of the capital of $49,332,737 32 in deposits and finished with $70,958,380 an increase of the famous banking house of Messrs. Coutts & Co. $21,625,642 75, or about 44%. Of course, with the tremendous 07, growth in D. B. Lacy and C. C. Hall were added to the official staff of the First National Bank of Houston as Assistant Cashiers at the organization meeting of the directors on Jan. 8. No other changes were made in the personnel of the institution and the stockholders at their meeting on the same day reelected the former directors. our Los Angeles population, a large increase in bank deposits is only to be expected. California Bank has become a leader in this growth of deposits and I attribute it very largely to the wonderful spirit of our organization and the friendship of our depositors. Our personnel has been further strengthened during the year, and I have yet to see a more enthusiastic and devoted personnel than that of the California Bank. The capital stock of the California Bank was increased during 1923 to $3,000,000 and its capital, surplus and undivided profits now amount to $1,422,167 66. It has total resources of $75,000,000 and operates 35 offices in Los Angeles. That A. P. Giannini, President of the Bank of Italy, head office San Francisco, will retire from the presidency of the institution upon rounding out his twenty years of connection with the institution on Oct. 17 next, was announced by Mr. Giannini himself, at the 19th annual meeting of the stockholders of the bank on Jan. 16. Mr. Giannini will, however, still continue to be the leading factor in the great organization as Chairman of the Executive Committee, Chairman of the Loan and Discount Committee, President of the Joint Stock Land Bank & Stockholders' Auxiliary Corporation and President of the Bancitaly Corporation. In announcing his intention to retire as President, Mr. Giannini was quoted ,in the San Francisco "Chronicle" of Jan. 17 as saying that be believed in giving the other officers and employees of the bank a chance at the big jobs that carried responsibility, and that while he would still retain all his interest, he wished to retire from the presidency, as it required too much attention to details. In line with Mr. G'iannini's policy enunciated above, the number of directors was increased by four by changing the by-laws of the institution and the following. all of them now Vice-Presidents of the bank, were elected to the new positions, effective Feb. 5: W. W. Douglas. A. J. Mount, A. J. Cock and Leo V. Belden. The stockholders also elected three new directors, as follows, to fill the places of members who had died during the year: W. E. Blauer, Vice-President in charge of the San .Tose branch of the bank: A. J. Ferroggiaro, Vice-President, San Francisco, and E. C. Aldwell. Assistant Secretary, San Francisco. The California State Banking Department recently approved the consolidation of the American Bank of Oakland with the American Bank of San Francisco, and the former will become a branch of the latter as soon as details are completed, according to the San Francisco "Commercial News" of Jan. 16. This Is said to be another step in the plan of the American Bank of San Francisco to establish a series of branches throughout the Bay District, The 92d annual report of the Bank of Nova Scotia (head office Halifax) covering the year ended Dec. 31 1923 shows net profits for the period, after estimating and providing for losses by bad debts of $2,104,532, and this amount when added to a balance of $173,163 brought forward from the previous year gave the sum of 82,277,696 as available for distribution. From that sum (the report shows) the following appropriations were made: To cover dividends for the year at the rate of 16% per annum, $1,600,000; to pay war tax on circulation, $100,000; contribution-to officers' pension The directors of Lloyds Bank Limited, London, announce that, after payment of salaries, pensions, staff bonuses and allowaaces, other charges and expenses, the annual contribution to the Provident & Insurance Fund, and making full provision for rebate, income tax, corporation profits tax, bad debts and contingencies, the available profit for the past year is £2,047,116. To this has to be added £498,342 brought forward from the previous year, making a total of £2,545,458. Out of this total, an interim dividend of Is. 8d. per share, being at the rate of 16 2-3% per annum, and amounting, less income tax, to £913,282, was paid for the half-year ended June 30 last, £100,000 has been placed to the staff widows' and orphans' fund, and £100,000 to the staff pensions fund. After making these appropriations, there is a balance of /1,432,176 remaining, and the directors have decided to recommend to the shareholders at the ensuing general meeting that a dividend at the same rate, amounting, less income tax, to £928,253, be paid for the past half-year, ieaving £503,923 to be carried forward to the profit and loss account for the current year. In addition to the above allocations, £500,000 has been transferred to the bank premises acount from profit on the sale of investments during the past year. The available profit for the previous year was £2,068,875, to which was added /546,143 brought forward, making a total of £2,615,018. Out of this £1,766,676 was paid in dividends (at the same rate), £250,000 was placed to the bank premises account, £100,000 to the pensions fund, and £498,342 carried forward. The statement of condition of Barclays Bank. Md., as of the close of business Dec. 31 1923. received this week frOm London by the New York office of the bank, shows total resources (figuring the pound sterling at $5) of $1,665,348,615. compared with $1,635,737,591 on June 30 1923. At the close of 1923 current, deposit and other accounts aggregated $1,507.749.817; cash in hand and with the Bank of England. $223,071,555; balances with other British banks, $40,797,634; money at call. $93.271,295; bills discounbed. $193,115,375; investments. $351,055,225; advances to customers and other accounts, $662,601,195; capital stock, $77,961,860, and reserve fund, $41.250,000. The statement shows also that Barclays Bank. Ltd.. owns (book value) $18.190.922 stock of the British Linen Bank; $12,000,000 tile Union Bank of Manchester, Ltd.. and $7,059.750 the Anglo-Ecyptian Bank. Ltd. ENGLISH FINANCIAL MARKETS-PER CABLE. Thedaily'closing quotations for securities, &C-., at London, as reported by cable, have been as follows the past week: , London. Wcek endino Jan. 25. Silver, per oz SW. Fri. Mott. Tues. II-ed. Thurs. Jan. 19. Jan. 21. Jan. 22. Jan. 23. Jet•7. 24. Jan. 25. d 338 16 Gold, per tine ounce 97s.36. Consols. 234 per cents British 5 per cents British 415 per cents _______ French Rentes (In Paris)_ _ tr. 55.25 French War Loan (in Paris)(r. 71.10 33 11-16 331.1 334 98s.0d. 978.116. 978.6d. 55 551( 551.4 99': 99S 98'4 96 yi 964 961,i 54.25 54.00 54.10 71.20 71.30 71.45 33 13-16 33 l•i" 978.10(1. 978.8d. .5.51'.; 513!i 99 100 961i 961i 53.70 54.25 70.75 70.70 The price of silver in New York on the same day has been: Silver in 'N.'Y., pet Fbreign (hts.): 6234 63 6331 63, 63.i 65 402 THE CHRONICLE [Vol,. 118. THE WEEK ON THE NEW YORK STOCK EXCHANGE. THE CURB MARKET. The stock market has continued its upward course this Trading in the Curb Market this week was active and week, though price movements showing considerable irregu- included a broad list of securities. While oil shares continue larity the fore part of the week. Speculative activity has the chief feature, industrials came in for more than the centred largely in specialties and industrial stocks. Con- ordinary share of interest. There was a firm undertone to spicuous strength was displayed by General Electric and prices despite the irregularity of movements. Heavy gains Corn Products, both of which were in strong demand at were recorded in a number of the Standard Oil issues. 3 to 5334 and ends the advancing prices. Railroad shares have not been greatly Continental Oil sold up from 47% 3 changed. Most of the oil stocks, as also the steel shares, week at 53%. Illinois Pipe Line gained nine points, to 156. have advanced to new high levels. On Saturday the market Prairie Oil & Gas advanced from 257 to 263, eased off to was comparatively quiet. United States Cast Iron Pipe & 25834 and recovered finally to 26034. Solar Refining was Foundry was under severe pressure and declined more than conspicuous for activity and strength, advancing from 197 • four points. General Electric was the most conspicuous to 224, the close to-day being at 222. Standard Oil(Kansas) feature of the day, advancing over five points for the session. sold up from 47 to 483 %. Standard Oil (Nebraska) was • On Monday the market was active and strong, many active active and advancing from 22834 to 25634 reacted to 237, issues in the general list advancing to higher levels. Gen- the close to-day being at 240. Standard Oil of New York 3 to 473g. Standard Oil (Ohio) on active eral Electric rose 8 points from its early level. Corn Prod- sold up from 45% ucts also participated in the upward movement with an trading rose from 314 to 333, the final figure to-day being advance of 10 points to a new high record. Oil shares 332. Strength was shown by a number of the miscellaneous gained considerable strength in the last hour, the most promi- securities. Brooklyn City RR. stock, on which there is nent of the group being Producers & Refiners, which closed talk of a stock dividend, advanced from 113 % to 14 but the day with an advance of 5 points above its low of last reacted finally to 1234. Ward Baking issues were conweek. The market slowed down considerably on Tuesday. spicuous, the corn. "A" shares moving up from 61 to 723 % General Electric was the leader in the day's activities, making and reacting finally to 6934; the corn. "B" stook after an advance of 6 points during the day. Corn Products early loss from 2034 to 193%, recovered to 2234 but moved a further declined 3 points in the early trading, but recovered to a new downward again, resting finally at 207 %. Amer. Gas & high record in the last hour. The steel stocks were in active Elec. corn, sold up from 4934 to 5534, the close to-day being demand throughout the forenoon. United States Steel at 55. Bridgeport Machine com, advanced from 1034 to advanced to 101% at mid-session, but registered a fractional 1234. Glen Alden Coal improved from 8134 to 8634 and loss in the last hour. The market developed considerable Gold Dust Corp. from about 4 points to 363 %, the latter strength on Wednesday. General Electric opened frac- closing to-day at 3634. Mining stocks were dull. Bonds tionally lower, but quickly advanced 2 points to 21534. were fairly active and firm. A complete record of Curb Market transactions for the Corn Products was also conspicuous in the upward swing, advancing 3 points to 17234 and again making a new high week will be found on page 423. record. United Fruit stood out prominently in the day's transactions, going forward 434 points to 189. In the railCOURSE OF BANK CLEARINGS. road group Pittsburgh & West Virginia rose one point, Bank clearings show a moderate increase over a year ago and Erie issues were in active demand in the late afternoon. for the country as a whole. This follows mainly, however, The market was again buoyant on Thursday. The recovery as the result of a gain at this centre. Outside of New York extended to practically all active issues in the general list. quite a number of important cities record losses. PrelimiCorn Products led the upward movement, advancing 434 nary figures compiled by us, based upon telegraphic adviees points to 178%. National Lead was a prominent feature from the chief cities of the country, indicate that for the week of the upward swing, recording an advance of 334 points ending to-day (Saturday, Jan. 26) aggregate bank clearings to 14834. United Fruit, which was again in strong demand, for all the cities of the United States from which it is possible rose 3 points, touching the highest point that this issue to obtain weekly returns will show an increase of 4.4% as has reached in two years. A notable feature of the after- compared with the corresponding week last year. The total noon session was the activity in Brooklyn-Manhattan pref., stands at $7,871,161,242, against $7,539,132,850 for the it advancing over 2 points to 55. Motor stocks were also same week in 1922. At this centre there is a gain of 6.7%. in good demand. United States Cast Iron Pipe & Foundry Our comparative summary for the week is as follows: net registered a advance of 2 points during the day. The Clearings-Returns by Telegraph. market was again extremely active on Friday, practically Per Week ending Jan. 26. 1924. 1923. Cent. all of the various groups participating in the vigorous upNew York 83.603,000,000 33,376,702,205 +6.7 ward movement. The industrial list continued its advance Chicago 471,233.723 483,979,802 -2.6 391,000,000 under the leadership of American Can, which went briskly Philadelphia 405,500,000 -3.6 Boston 328,000,000 291,000,000 +12.7 forward 234 points to 1103%. Corn Products advanced to Kansas City 96,235,493 111,698,558 -13.8 Louis a a a 17934, establishing another high record. United States St. Ban Francisco 128,400,000 123,500,000 +4.0 Los Angeles 123,987,000 97,467,000 +27 2 4. Oil stocks were moderately Pittsburgh Steel common sold up to 1043 137,970,982 139,862,122 -1.4 Detroit strong and railroad shares closed at improving prices. 122,704.905 108,043,808 +15.7 Cleveland • 84,3138,837 77,227,621 62,705,033 86,561,419 74,045,572 59,386.796 -21.5 +4.3 +5.6 Twelve cities, five days Other cities, five days $5,626,863,394 932,437,650 35,355,747.282 926,863.435 +5.1 +0.6 Total all cities, five days All cities, one day 38,559.301,044 1,311,860,208 $6,282,610,717 1,256,522,143 +4.4 +4.4 87,871,161.242 87.539.132.R5) -1-4.4 Baltimore New Orleans FOREIGN EXCHANGE. Sterling exchange touched new low records, then steadied and closed slightly up, on dull, narrow trading. The Continental exchanges were fairly well maintained, but also inactive, most currencies being in neglect the greater part of the time. To-day's (Friday's) actual rates for sterling exchange were 4 19 11-16 4 20 15-16 for sixty days,4 21 15-16©4 23 3-16 for cheques and 4 22 3-16 4 23 7-16 for cables. Commercial on banks, sight, 4 21 13-1604 23 1-1; sixty days 4 19 5-16@)4 20 9-16, ninety days 4 18 1-1604 19 5-16, and documents for payment (sixty days) 4 19 9-16@4 20 13-16. cotton for payment 4 21 13-16@4 23 1-16, and grain for payment 4 21 13-160g 4 3 1-16. To-day's (Friday's) actual rates for Paris bankers' francs were 4 393 @ 445 for long and 4 4434:4)4 50% for short. Germany bankers' marks are not yet quoted for long and short bills. Amsterdam bankers' guilders were 36,594036.64 for long and 36.95%037.00 for short. Exchanges at Paris on London 93.50 francs; week's range 92.90 francs high and 94.60 francs low. The range for foreign exchange for the week follows: Sixty Days. Sterling ActualCheques. Cables. 4 23 11-16 High for the week__ _ 4 21 7-16 4423-16 2 014 4203. Low for the week_ --- 41831 Paris Bankers' Francs4 57 High for the week--- 4 5054 4 58 4.38 Low for the week---- 4.3131 4.39 Germany Bankers' Francsweek_ 0.00000000002334 0.00000000002331 High for the 0.000000000023% 0.0000000000233i Low for the week _ _ Amsterdam Bankers' Guilders37.16 37.20 High for the week___ 36.74 36.9131 38.9531 Low for the week__-- 36.4731 Domestic Exchange.-Chleag.o, par. St. Louis, 15@25c. per $1,000 discount. Boston. par. San Francisco. par. Montreal. roZ7.1875 per $1.000 discount. Cincinnati. par. Total all cities for week 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 weeJc ended Jan. 19. For that week there is an increase of 2.3%, the 1924 aggregate of the clearings being $8,528,077,500 and the 1923 aggregate $8,337,501,416. Outside of this city the increase is only 0.4%, the bank exchanges at this centre having increased 3.8%. 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 a gain of 8.6%, in the New York Reserve District (including this city) of 3.9%, and in the Atlanta Reserve District of 2.0%. In the Philadelphia Reserve District there is a loss of 4.5%, JAN. 26 1924.] in the Cleveland Reserve District of 3 .1%, and in the Rich. mond Reserve District of 1.9%. In the Chicago Reserve District the totals are smaller by 0.4%, in the St. Louis Reserve District by 13.1%, and in the Minneapolis Reserve District by 9.3%. The Kansas City Reserve District also registers a decrease, namely, 12.7%, but the Dallas Reserve District and the San Francisco Reserve District both have gains, the increase being 27.3% for the former and 10.3c( " for the latter. In the following we furnish a summary by Federal Reserve districts: SUMMARY OF BANK CLEARINGS. Week ending Jan. 191924. 1924. 1923. Ine.or Dec. Federal Reserve Districts. $ 3 (1st) Boston 11 cities 525,342,654 483,922,340 (2nd) New York 10 " 4,869,891,773 4,689,139,361 (3rd) Philadelphia. _ _ _10 •• 518,231,714 542,702,096 (4th) Cleveland 363,506,861 375,017,022 8 " (5th) Richmond 6 " 184,369,953 187,987,392 (6th) Atlanta 198,623,693 194,762,585 12 " (7th) Chicago 883,857,167 887,579,671 19 " (8th) St. Louis 71,927,768 82,806,356 7 " (9th) Minneapolis.... 7 " 114,283,124 125,949,874 (10th) Kansas City..__ _11 " 225,049,067 257,689,846 (11th) Dallas 5 " 78,468,891 61,646,603 (12th) San Francisco...16 " 494,524,835 448,307,070 1922. 1921. $ $ % +8.6 361,145,196 353,446,863 +3.9 4,247,391,524 4,461,226,762 -4.5 428,085,747 452,986,345 -3.1 275,915,485 379,369,137 -1.9 128,442,212 155,612,146 +2.0 136,141,341 151,379,928 -0.4 667,725,776 743,287,101 -13.1 57,119,227 56,542,023 -9.3 95,753,123 119,998,619 -12.7 231,397,163 284,272,491 +27.3 50,021,342 59,122,950 +10.3 342,447,275 340,894,284 Grand total 122 cities 8,528,077,500 8,337,501,416 +2.3 7,021,585,411 5,757,938,551 Outside New York City 3,733,541,669 3,719,585,707 +0.4 2,836,044,342 3,158,464,663 ..-• Week ending Jan. 19. Clearings at 1924. Week ending Jan. 19. Clearings 01.1923. Inc.or Dec. 1 $ i First Fed qui Reserve Dist rict-Boston Me.- Bango '- - -. 989.309 842.218 +17.5 Portland _ _._ _ 3,334,921 -9.6 3.015,930 -ni _. 471,000,000 433,000,000 +8.8 Mass.- 80554 Fall Rive --. 2,369,055 2,578,917 -6.0 Holyoke_.- - - a a a Lowell_ _ _ _ 1,227,917 1,344,732 -8.7 Lynn a a a New Bedf cd__ 1,700,690 1,747,986 -2.7 Springfield _ __ _ 5,493,740 5,389,360 +1.9 Worcester .- 3,452,000 3,710,000 -7.0 Conn.-Hartford14,017,031 11,310,542 +23.9 New Have n_ _. 7,406,982 6,723.664 +10.2 R.1.-Provi lence d14,670,000 .14,000.000 +4.8 Total(11 cRies) 525,342,654 483,922,340 +8.6 1922. $ 789,145 2,700,000 332.000,000 1,861,406 a 1,216.204 a 1,794,260 4383.689 3,398,489 8,202.003 5,000,000 1921. $ 746.061 2,500,00)) 322.113,296 1,396.856 a 1,308,439 a 1,455,051 5,106,935 3.824.209 9,185,781 5,810,235 361,145.196 353,446,863 +3.164,247.391.5244,461.226.762 Third FeClend Reserve Dist rict- Philad elPhisPa.-Altoon 1,329,895 1.381.741 -3.8 963,061 Bethlehem _ _.4,383,379 3,529,590 +24.2 3,332,248 Chester. _ --1,397,075 1,234.510 #13.2 1.036.363 Lancaster • 2,752.417 3,432,977 -19.8 1.914,784 Phlladelp la 488,000,000 515.000.000 -5.2 407,000,000 Reading.. -.-. 3,920,286 3,152.539 +24.3 2,482.845 Scranton_ 5.701,325 5,615,728 +1.5 4,555,739 Wilkes-Barre_ _ d3,996.176 3,490,802 +14.5 2,200,000 York 1.499,023 1,289.350 +16.3 1,175,766 N. J.-Tren ton_ 4,574,859 +14.8 5,252.138 3,424,941 Del.-Wilmin(n. a a a a Total(10 Ries) 518,231,714 542,702.096 -4.5 1,00(1.000 2,793,561 1,341,806 2,099,836 431,157,427 2,424.523 4.715.686 2,463.724 1.268,491 3,721.291 a 428,085,747 452.986,345 Fourth ?eder al Reserve I) Istrict-Clev eland-•Ohlo-Akro i._ 7.386.000 5.674,000 +30.2 5:839,000 Canton _ 5343,665 5,388,400 -4.5 2,388,352 Cincinnati - ---70,800.117 73,000,282 -3.0 55,960.418 Cleveland 105,715,914 112,070,759 -5.7 80,251,204 Columbus 13,266,100 16,376,000 -19.0 13,225.500 Dayton _ a • • a Lima. • • • a Mansfield d2,025.003 2.041.498 -0.8 1,271,966 Springfiel a a a a Toledo._ aa a Youngsto en ._ d5,167,742 4.;53,277 +4.3 2.779,045 Pa.-Erie. a a • a Pittsburg 154,003,320 155,512,806 -1.0 114,200.000 W.Va.-Wh eellng b b b b' 6.720,000 3,516.235 61,556,521 119,012,678 13,174.900 a a 1.427.4(12 a a 4.752,716 a 169.208.625 b Total(Srities) _ 363,506,861 375,017.022 -3.1 275,915,485 379.369,137 Fifth Fed oral Reserve Dist net-Richm endW.Va.-11u arg'n 2,134,118 2,228,569 -4.2 Va.-Norfol 10,222,947 7.712.785 +32.5 Richmond e47,989,000 53,963.743 -11.1 S.C.-Char leston d2.739.769 2,863,356 -4.3 Nid.-Italti lore97.684,119 99,011,708 -1.3 D.C.-Was lingo d23,600,000 22,198,231 +6.3 1,533,609 5,509.501 37,290,690 2,173,345 63,219,198 18,715,869 1,825,722 7.068,466 45,194,159 3,000,000 81,983,979 16,539,820 128,442.212 155,612,116 Total(Octties)- 184,369,953 187.978,392 -1.9 Sixth Fet!era! Reserve Dist rict-Atiant aTenn.-ChatVga. d6,971,395 7.551.079 -7.7 Knoxville 2,796,597 3.346.392 -16.4 Nashville d21,254,000 22,548,552 -5.7 •Ga.-Atian a.._. 51,571.365 50.844.809 +1.4 1,708,731 Augusta _ 2,109,000 -19.0 1,401,016 Macon...,._ 1,374,714 +1.9 a Savannah a • 11,921.410 +6.1 Fla.-Jack' Mlle. e12,653,860 Ala.- BIrml ng'm. d28,356.000 27.956.615 +1.4 1,651,537 Mobile. 1.763.587 -6.4 1,049,168 1,094.189 -4.1 Miss.-Jackson._ 324,729 603,021 -48.2 Vicksburg 68.885,295 63,649,217 +8.2 La.-New0leans Total(12 :Ries) 198,623,693 194,762,585 +2.0 1922. Total(19 cities) 883,857,167 887,579,671 4,909.412 5,346,835 2,910.714 2,953,764 16,008,752 16.925.813 36,134.012 . 41,675.182 1,310,432 2.074,268 51,500,000 . 1,800.000 a • 8,988,130 11,310,313 16,034.470 16,788,431 1,663.430 2,050,963 861,130 805.593 346.624 383,590 45,474,235 49,265,168 136,141,341 151,379,999 1921. $ 202.308 614,652 100.502.093 5,615.455 1.803,131 1.790,536 14.200.000 1.450.000 29.091.633 2.107,162 9,148.677 6.422,179 1,470,674 1,367.661 557,728.634 a 1,162,595 4,338,829 1,814,987 2,455.895 667,725,776 743.287,101 Eighth Federa 1 Reserve Din trict-St. Lo ulsnd.-Evansville 4,665.726 4,742,380 -1.6 4.129,720 4o.-St. Louis._ a a aa ry.-Louisville 32.146.482 39,094,998 -17.8 24.859,060 Owensboro_ 665,586 607,518 +9.6 875,896 7enn.-Memphis 20,342,636 25,476.351 -20.2 17.628,901 Lrk.-LittleRock 12,291.095 11,061,006 +11.1 • 8,194,637 11.-Jacksonville 350,759 306,744 +14.3 262,726 1,465,484 Quinn)* 1.517,559 -3.4 1,168,287 3,870.239 a 24,290,732 555,790 16,830,403 9,046.642 342.598 1.605,619 71,927.768 -0.4 57,119,227 56,542.023 Ninth Federal Reserve Din trict-M I n n eapolls61h:tn.-Duluth_ _' dS.032.4235,584.480 +8.0 3,792,708 Minneapolis _ d67,113,000 78.691,878 -14.7 58.738.687 St. Paul 34,520.180 34,410.938 +0.3 27,928,611 O. Dak.-Fargo 1.733.606 1.872.155 -7.4 1.618,877 i.Dak.-Aberd 'n 1,285,969 1.291.389 -0.4 1.001,391 ‘1ont.-113111Ings _ 482,610 579,221 -16.7 579.084 Helena 3,115.336 3.519,815 -11.5 2,093,765 7,180,346 69,335.270 37.797.139 1,811,233 1.235,109 938,494 1.701,028 82,806,556 -13.1 Total(7 cities) _ 114.283,124 125,949,874 -9.3 95,753,123 Tenth Federal Reserve Din trict-Kens as City(eb.-Fremont d399,901 428.834 -6.7 424,521 Hastings 466.333 518.974 -10.1 350,275 Lincoln 3.822,514 3.933.222 -1.3 2,974,816 Omaha 36,548,136 46,258,821 -21.0 33.815,657 d3.708,306 (an.-Topeka 3.775.630 -1.7 2.790,412 d8,064,492 Wichita 11,117,856 -27.5 10,956,862 do.-Kan. City_ 126,285,949 145,916,545 -13.5 138,237,490 a a St. Joseph_ _ _ _ a a a )kla.- Muskogee a a a Oklahoma City 24,699,389 24,011,584 +2.9 21,303.827 Tulsa a a a a Svgs. .."o1.-Colo. 926,078 1,155.408 -19.9 911,549 19,208,523 Denver 19,814,392 -3.1 18,889,4134 e859,446 Pueblo 758,580 +13.3 742,260 119,998,619 Total(11 cities) 225,049,067 257,689,846 -12.7 Eleventh Fede ral Reserve District-Da liasrexas-Austin 2,093,000 1,612,585 +29.8 Dallas 46,391.042 34,409,912 +34.8 Fort Worth. _ _ d12,515.716 11,611.528 +7.8 Galveston 12,255,719 8,442,675 +45.2 Houston a a a 5,213,414 La -Shreveport5,569,903 -8.4 231,397,163 284,272,401 1,451,281 25.781,512 10,989,022 7,685,793 a 4,133,734 1.631,031 28,985,988 14,251.575 8.851.068 • 5,403,288 78.468,891 Total(5 citles) _ 61,646,603 +27.3 50,021,342 Twelfth Feder al Reserve D Istrict-San Prune sco-Wash.-Seattie _ _ 40,306,479 36,255,988 +11.2 30,218,193 Spokane 11,059,000 11,221,000 -1.4 Tacoma a a a a 1,212,055 Yakima 1,159,958 +4.5 1,341,195 37.350.518 Ore -Portland- _ 34,402,847 +8.6 27,396.761 18,066,804 Utah-S. L. City 15,494.082 +16.6 11,405.847 Nev.-Reno a aa a Ariz.-Phoenlx._ a a a a Callf.-Fresno 4,127,489 4,349,215 -5.1 3,946,154 Long 8each__ _ 9.194.907 7.767,230 +18.4 3,707.741 Los Angeles_ _ _ 159,369,000 133,744,000 +19.2 97,468.000 Oakland 16,985,748 14,900,776 +14.0 12,222.372 Pasadena 7.398,443 5,961,263 +24.1 3,882,361 Sacramento d8,208,960 6,491,169 +26.5 5,840.912 4.415,857 San Diego .4,000,000 +10.4 3,021,232 San Francisco _ 170,500.000 166,300,000 +2.5 136.800,000 San Jose 2.205,904 2,669,338 -17.4 1,892,000 Santa Barbara_ 1,402,871 909,604 +54.2 879,307 Stockton c2.720.800 2.680,600 +1.5 2,425,200 59,122.950 • Second eder at Reserve I)!strict-New YorkN. Y.-Alb 11Y _ _ 5,558.056 +5.2 5.282.406 4,325,409 4,600.000 13inghamt 931.700 1.184,100 -21.3 848,700 879,500 Buffalo_ _ --. 47,154,956 45.461.795 +3.7 39.882,340 39,634,467 __ -770,908 661,024 +16.6 Jamestow c1,229.897 1.285.974 -4.4 1,291.560 917.258 New Yor :__ - - 4,794,535.831 4.617,915.709 +3.84.185,541.069 4,399,473,888 Rochester. _ _.. 11.110.072 9.581,482 +16.0 8.612,595 9.068.968 Syracuse_ _ -4,658.015 4,052.785 +14.9 3,700.038 3.893.652 Conn.-Sta nford c3,455,595 3.264.307 +5.9 2,887,405 2,242.374 N. J.-Montclair 486,743 449,779 +8.2 302,408 516.655 Total(10 Ries) 4,869,891,773 4,689,139,361 Inc.or Dec. 1923, $ i $ % Seventh Feder al Reserve D istrict-C hi cageIich.-Adrian _ _ 249.254 257.926 -3.4 222,234 Ann Arbor_ _ __ 731,628 771,330 -5.1 514,533 Detroit 136.473,859 122,240,037 +11.6 87.946,999 Grand Rapids. 8.047,328 6.491,656 +24.0 6.349,649 Lansing 2.021,018 2.311,836 -12.6 1.732.015 1 ad.-Ft. Wayne 2.121,891 1.853.169 +14.5 1.901.545 Indianapo1is__ - d24,299,000 22,926.000 +6.0 16,601,000 South Bend_ _ _ 2,267,300 1.550,013 2,247,300 +0.9 Terre Haute_ ._ 4,798.833 Notincl.in to tal. Vls.-Milwaukee 38,072,705 36,087,163 +5.5 27,629,116 1 3198-Ce4I. Rap. 2,311,476 2,235,404 +3.4 1.670,879 Des Moines_._ 10,692,053 10.272,606 8,055.940 +4.1 Sioux City_ _ - _ 6,127.221 6.332,000 -3.2 4,922.743 Waterloo 1,370.096 1,275.026 +7.5 1304.828 1 11.-Bloonigton_ 1,479,621 1,400,444 +5.7 1,116,478 Chicago 636.700.032 660.904.514 +5.7 498,325.460 Danvillea a a Decatur 1,265,128 1.170.495 988,869 +8.1 Peoria 4,441,979 4,379.756 3,280.190 +1.4 Rockford 2,368,501 1,999,907 +18.4 1,611.718 Springfield _._ _ 2,817,077 2,423.102 +16.3 2,201,576 Total(7 cities) _ We now add our detailed statement, showing last week's . figures for each city separately, for t lie four years: 1924. 403 THE CHRONICLE 607.323 577.874 3,552.610 42,204.876 3,336,661 11,710.194 170,709.590 a a 24.647.692 a 1,028.319 18,860,747 1.036.509 29,547,628 a 1,169,272 30,556,006 15,290.647 a a 3,619,739 3.463,316 87.087.000 9,723.378 3,494,353 5,416,774 2,796,439 141,400.000 1,546.706 808,326 4,774.700 Total(16 cities) 494,524,835 448,307.070 +10.3 342,447,275 340,694.284 3rand total (122 8 528,077,500 8,337,501,416 +2.37.021,585,411 7,557,938,551 cities) Dutside New York 3.733,541.669 3.719.585,707 +0.4 2,836.044,342 3.158,464,663 Week ending January 17. Clearings al1924. Inc.or Dec. 1923. 1922. 1921. CanadaMontreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton Calgary St. John Victoria London Edmonton Regina Brandon Lethbridge Saskatoon Moose Jaw Brantford Fort William_ New Westminster Medicine Hat Peterborough_ Sherbrooke Kitchener Windsor Prince Albert Moncton Kingston $ 99,497369 118.746.065 41,839,394 13.765.282 8.251.726 5,048,044 2,751341 4.850,910 8,500.060 2,667.161 1,849,525 3.222.942 4,064.087 3.297,440 422,571 491,135 603.959 1,019.202 994,946 825,523 522,563 380.690 778,516 750,692 789,723 2,825,164 337,257 755,310 576.010 , 33 $ 96,011,142 +3.6 107,947.047 109,509,216 115,110,337 +3.2 106,010,761 94.509,046 38.109,410 +9.8 53,000.200 38,493,390 12,613,390 +9.1 11,646,513 14,139,868 6,476,990 +27.4 8,875,262 6,531,477 5,111,601 --1.2 6,392,024 5,359,600 2,433.036 +13.1 3,738,287 3,104.952 5,200,595 -6.7 6.359,827 4,909,715 5.163,864 +64.6 7,398.523 4,763,501 2,217,514 +20.3 2,468,959 2.750.996 2,074.281 -10.8 2,765.805 1,887,525 2,597.329 +24.1 3,181.235 3.129,576 3,444,833 +18.0 5,136,860 3,871,690 3,039,501 +8.5 3.796,185 3,102.940 537,460 -21.4 733.528 517,791 481,958 +1.9 674,353 533.465 1,300.705 -53. 1,962,931 1,589,649 1,067,107 -4.5 1.457.804 1.126.069 872,505 + 14.0 919,412 . 1.187,056 738,139 +11.8 946,066 1,000.553 393.287 +32.9 539.836 408,953 286.730 +32.8 479,307 370.400 613,961 +26.8 8.52.807 710,155 661,311 +13.5 981.389 652,390 856,446 951,515 -17.0 857.518 4,247,795 -33.5 2.776,438 2.444,593 368.477 316,002 318,515 +6.7 953,394 -20.8 1,025.722 913,859 603.005 -4.5 724.416 Total(29 eltinA 320 424 907 III 425 AT; _I_ R a 215 210 qr. 215 205 cill a No longer report clearings. b Do not respond to requests for figures. c Week ending Jan. 16. d Week ending Jan. 17 e Nir eek ending Jan. 18. • Estimated. 404 THE CHRONICLE [Vox,. 118. The destination of these exports for the week and since THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular of July 1 1923 is as below: Samuel Montagu & Co. of London, written under date of Flour. Corn. Wheat. Exportsfor Week Jan. 9 1924: and Since Week Since Week Since Since Week GOLD. The Bank of England gold reserve against its note issue on the al inst. amounted to £126,233,095. as compared with £126,198,660 on the previous Wednesday. The Indian bazaars and the Continent have taken a good proportion of the moderate amount of gold on offer this week. SILVER. Business has not been active during the week. In view of the unsettled condition of markets generally there has been a natural indisposition to open fresh commitments. The trend of silver prices for the last month or so has not encouraged speculative activity, for, although extremely large shipments have been made to the Far East, absorption has taken place on arrival. Hence a waiting attitude is likely to be maintained until the nearness of the Chinese New Year clarifies the situation. The adverse movement of exchange with America has helped to keep does from serious weakness, although buyers are distinctly shy. INDIAN CURRENCY RETURNS. (In Lacs of Rupees.) Dec. 15. Dec. 22. Dec. 31. Notes in circulation 17943 18042 18341 Silver coin and bullion in India 9063 8762 8661 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) 900 900 900 Bills of exchange 400 800 No silver coinage was reported during the week ending the 31st ult. The stock in Shanghai on the 5th inst. consisted of about 21,800,000 ounces in sycee. 32,500,000 dollars. and 2.730 silver bars,as compared with 21,200,000 ounces in sycee. and 31,500,000 dollars on the 29th ult. (No holding of silver bars was reported on the 29th ult.) Bar Silver, Per Oz. Standard. Bar Gold. QuotationsCash. 2 Months. Per Oz. Fine. Jan. 3 34 1-16d 96s. 10d 33 3-16d. 4 3315-16d. 333-16(1. 96s. 2d. 5 34 1-16d 335-16(1. 7 33 11-16d. 32 15-16d. 954. 10d. 8 337-16d. 96s. 5d. 32%d. 9 33 9-16cl. 327Ad. 96s. Average 33.791d. 96s. 3d. 33.041d The silver quotations to-day for cash and forward delivery are, respectively, Md. and 1-16d. below those fixed a week ago. July Ito- Jan. 19 1924. July 1 1923. Jan. 19 1924, July 1 1923. Jan. 19 1924. July 1 1923. Barrels. Barrels. Bushels. Bushels. Bushels. Bushels. United Kingdom_ 44,645 2,677,365 1,325,653 57,084,209 146,000 961,926 Continent 184,857 4,888,944 2,548,890 91,818,223 337,000 1,187,099 So.& Cent. Amer_ 4,000 142,000 9,000 57,000 325,000 West Indies 19,000 536,000 7,000 36,000 677,000 Brit.No.Am.Cols_ 60,000 Other Countries__ 9,010 502,790 1,571,155 6,000 Total 1923-24._ 261,512 8,747,099 3,874,543 150,805,587 528,000 2,949,925 Total 1922-23__ 247.492 8.490.757 8.054.191 2111 D14 457 1 017 071 DA 022 1125 The world's shipment of wheat and corn, as furnished by Broomhall to the New York Produce Exchange,for the week ending Friday, Jan. 18, and since July 1 1923 and 1922, are shown in the following: Corn. 1923-24. Week Jan. 18. Since July 1. Since July I. Week Jan. 18. Bushels. I Bushels. I Bushels. Bushels, North Amer_ 9,294,000256,248.000289.412,000 575,000 Russ.&Dan. 256,000 29,242,000 782,000 Argentina__ _ 2,842,000 40,374,000 51,536,000 944,000 Australia ___ 1,928,000 23,336,000 14,780,000 India 12,416,000 4,308,000 0th.countr' 1,584,000 Total Since July 1. 1922-23. Since July I. Bushels. Bushels. 4,031,000 61,759,000 15,586,000 3,676,000 70,230,000 86,124.000 14,755,000 4,521,000 372,200,000363,795,000 2,301,000 104,602,000156,080,000 Auction Sales.-Among other securities, the following, not actually dealt in at the Stock Exchange, were recently sold at auction in New York, Boston and Philadelphia: By Messrs. Adrian H. Muller & Sons, New York: Shares, Stocks. Per Cent. $ per sh. Bonds. 75 gulf's representing 2,879 bags of 800,000 marks Bank fuer Industriecolfee,list at auctioneer's office_3100lot werte Aktiengesellschaft Berlin 55 guias representing 1,879 bags of 5s $100 lot coffee,list atauctioneer's office.$100lot 200,000 marks Bank fuer Industrie10 Chelsea Exch. Bank. new stock 136 werte Aktiengesellschaft Berlin 55 25 North Carolina Public Service 6,246 marks check on Berlin Corp.. preferred 87 20,000 marks German Govt. 55.- _ _ Breadstuffs figures brought from page 452.-The share North Carolina 33,000 marks City of Berlin 4s $320 statements below are prepared by us from figures collected by Fractional Public Service Corp., preferred-- 83 12,000 marks City of Stuttgart 33s lot a fractional share North Caro. 10,000 marks State of Hamburg 4s. the New York Produce Exchange. The receipts at Western 1 and Serv. Corp., corn... _546 per sh. 75,000 marks Prussian consols. 35.. lake and river ports for the week ending last Saturday and AllPublic of the right, title and interest in 40,000 marks Neckarwerke 5s and to a certain Judgment for 1,000,000 marks Bank fuer Indussince Aug. 1 for each of the last three years have been: triewerte Aktiengesellschaft, $4,655 90 recovered by decedent In his lifetime against the AmenBerlin Receipts at- Flour. Wheat. Corn. Oats, Barley. Rye. 20,000 marks City of Frankfurt 4s_ can Silver Corp. on Sept. 8 1921. in New York County $12 lot 20,000 marks Badische Anilin & bbls.1961bs.bush. 60 lbs. bush. 56 lbs.bush.32 lbs.bush.48155.bush.581b5. 25 Columbia Graphophone Mfg. Soda 4145 Chicago 231,001 295,000 2,071,000 1,088,0'' 211,000 39,000 Co., preferred $1 lot 20,000 marks Hamburg-American 1,338,000 Minneapolis325,000 $4 lot 518,000 201,000 105,000 60 Int. Acetylene Co., Inc Line 414s $450 Duluth 191,000 66,000 $16 lot 20,000 marks Aligemeine Electrizi- lot 32,000 11,000 150,000 100 Granada Oil Corp Milwaukee _ _ _ 31,001 26,000 178,000 20,000 200 Traboh Oil & Gas $7 lot tats Gesellschaft 43.is 284,000 158,000 Toledo 69,000 96,000 3,000 Per Cent. 20,000 marks Siemens Schuchert26,000 Bonds. 91,000 Detroit 53,000 134,000 54,000 $1,000 Erie RR.,Buff.& S.W.dlv., werke 414s IndianapolLs_ 29,000 360,000 903 20,000 marks Elberfelder Farbenext. 5s, 1928 268,000 St. Louis_ 88,000 483,000 1,001,000 4,000 314,000 Brooklyn Ferry Co. 1st . 14,000 984.000 fabriken 414s Peoria 45,000 26,000 340,000 eons. 55, 1948, ed. of deposit_ _ _51 lot 20,000 marks No. German Lloyd 4s 291,000 44,000 Kansas City_ 691,000 524,000 $2,000 Yorkville Independent Hy518,945 marks check on Berlin 122,000 Omaha 176,000 so 767,111 gels Ice Co.5-year 63, 1924 174.000 St. Joseph77,000 178,000 4,000 Sioux City_ 18,000 3,000 230,000 114,000 4,000 By Messrs. Barnes & Lofland, Philadelphia: $ Per sh. Shares. Stocks. $ per sh. Total wk. '24 395,000 3,472,000 6,270,000 4,024,000 669,000 324,000 Shares. Stocks. 1,150 Butterworth-Judson Corp., Same wk. '23 405,901 7,989,000 8.319,000 5,413,000 754,000 1.385,000 905 Chester Co. Light & Pow. Co_ 25 50 Victory Ins. Co., par $50 common 961 $20 lot Same wk. '22 293,000 4,626,000 14,672,000 4,391,000 561,000 252,000 96 21 Victory Ins. Co., par $50 Bonds. Per Cent. 5 Tacony-Palmyra F'y Co., par $50 43 $4,225 Demand note of Chester Co. Since Aug.1Light & Power Co., dated July 1 1923-24..... 10,451,000130,117,000 134:377,000133,857,00025,594.000 8,450,000 100 Horn & Hardart Co. of N. Y. 8914 1914, with int. at 6% from 1922-23 _ _ _ _ 13,057,000283,379,000 172,071,000127,678,00023,709,00030.577,000 8 Phila. Bourse, com., par $50._ _ _ 2134 1 Penn. Academy of Fine Arts-. 2514 July 1 1920 31,500 1921-22_ _ _ _ 10,911,001 230,652,000190,345,000 112,325,000 15,685,000 1.214,000 25 Northern Liberties Gas Co 344 $15,135 24 Demand note of Chester French Co., pref. 90 24 Smith, Kline & Co. Lt.& Pow. Co., dated July 17 Total receipts of flour and grain at the seaboard ports for 30 Manufaers Casualty Ins. Co 2434 1914, with int. at 6% from the week ended Saturday, Jan. 19 1924 follow: 50 E. W.Bliss Co.,2d pref., par $10 914 July 1 1920 35.000 500 E. W.Bliss Co:, corn., no par_ 1514 $2,543 05 Demand Note of Chester 500 Contin'tal Candy Co., no par.$2001ot Co. Lt.& Pow.Co., dated Jan. 2 I Flour. Receipts atWheat. Corn, Oats. Barley. i Rye. 700 Butterworth-Judson Corp., 1915, with Mt. at 6% from 530 lot common July 1 1920 CLOW Barrels. Bushels. Bushels. Bushels. Bushels. I Bushels. 500 Island 011 Co., par $10 $50 lot $3,615 63 Demand note of Chester 190,000 616,000 New York__ _ 79,000 12,000 2,200 Lucey Mfg. Co.,no par____$150 lot 360,000 452,000 Co. Lt.& Pow. Co., dated Jan.3 Portland,Me_ 10,000 405,000 28,000 , 75 Wabash RR.Co.(old stock) _$5 lot 1916, with int. at 6% from Philadelphia__ 65,010 633.000 ' 138,000 1 26,000 1,690 New Castle Co. Elec. Co., 22,000 July 1 1920 $1,500 20,000 Baltimore....233,000 2,000 4,000 489,000 27,000 734 $100 Springfield Water Co. cons. common, par $25 Newport News 2,000 . 5 5 Pennsbury Township Co 55, 1926 9534 Norfolk 2,000 593,000 18,000 808 American Elec. Pow. Co., pref. 80 $1,000 Whitehall Cement Mfg. Co. 61,000 12,000 New Orleans * 76,000 17,000 65-100 Amer. Elec. Pow. Co., pref-$51 1st 5s, 1941 9314 Galveston__ 16,000 213 Bryn Mawr Ice Mfg. & Cold $500 Colo. Wyo.& East. Ky. let & St.John,N.B 25,000 342,000 • 254,000 42,000 Storage Co.. par $25 301. Ref. 6s, 1934; Jan. 1922 and all 25,000 Boston 24,000 8,000 21,000 10 Nat.Bank of North Philadelphia 14334 subsequent coupons attached: 16 Kensington Nat. Bank. par $50.134 certificate of deposit $20 Total wk. '24 400,000 2,874,000 809,000 42,000 1 Nat. Bank of Commerce, N. Y.321 729,000 469,000 53,000 Habirshaw Elec. Cable Co. Since Jan.1'24 1,477,000 10,186,000 1,920,000 2,426,000 1,303,000 95,000 10 Jefferson Title & Tr.Co.,par $60 70 cony. deb. 7s, Sec. A. 1935; cer25 Broad St. Trust Co., par 550 _ _. 703 tifIcate of deposit 4134 415,000 5,619,000 2,494,000 Week 1923_ _ _ 724,000 251,000 1,492,000 10 Provident Trust Co 49914 $1.000 Eastern Petroleum Co. 1st Since Jan.1'23 1,748,000 20,847,000 5.502.000 2.316.000 669.000 4.201.000 10 Central Tr.& Say. Co., par $50.150% lien coll. 7s, 1928, elf, of deposit_ 26 3 Fidelity Trust Co 510 $5,000 New Chester Water Co. 1st •Receipts do not include grain passing through New Orleans for foreign ports 100 Strawbridge & Clothier, pref 106 55. 1943 82 OD through bills of lading. 200 Butterworth-Judson Corp., $5,000 Philadelphia 314s, reg., 1932 9534 common $2 lot $2,400 Philadelphia 314s, reg., 1931 9514 The exports from the several seaboard ports for the week ommercial andAXiscellanzons ending Saturday, Jan. 19 1924, are shown in the annexed statement: Exportsfrom- Wheat. Corn. Flour. Oats. Rye. Barley. Peas. Bushels. Bushels. Barrels, Bushels, Bushels. Bushels. Bushels. 1,582,542 154.512 280,005 43,117276,901 New York 10,000 28,000 Portland, Me_ _ _ _ 405,000 80,000 3,000 Boston 69,000 13,000 629,000 10,000 Philadelphia 191,000 120,000 14,000 Baltimore 18,000 2,000 593,000 Norfolk 2,000 Newport News_ New Orleans_ _ _. 52.000 321,000 38,000 25,000 342,000 254,000 _ _ N. B_ 42,000 St. John, week 1924_ 3,874,543 528,000 261,512 572,005 43.117318,901 Total ___ _._ •nno • II OM 101 1 017 071 2474l2 555 525 1 955 eIVI inn ROA By Messrs. R. L. Day & Co., Boston: Shares. Stocks. $ per sta. 1 Webster & Atlas Nat. Bank 19734 52 National Shawmut Bank 20234 20 Beacon Trust Co 268 10 Lyman Mills 161 I Ludlow Mfg. Associates 14734 3 Great Falls Manufacturing Co.. 3514 45 Nashua Mfg. Co., pref- --.100 dc div. 3 Otis Co 119% 2 units Ivar-Lite Corp 15534 5 Ginter Co., preferred, par $10.. 1014 25 Sullivan Machinery Co 58q 10 Ginter Co., preferred, par $10.. 1034 16 Albany Trust 60 37 North Boston Ltg.Properties, pt. 8414 1• Jones, McDuffee & Stratton Corp., preferred_ __ ---------....,...93% 140 ex-div. 10 Lawrence Gas Co Shares. Stocks. Spec sh. 3-100 State Theatre Co., pref 72c50 Plymouth Cordage Co 106 5 Puget Sound Power tfc Light Co.. prior preferred 10434 &My. 13 Lawrence Gas Co 1403( ex-div. 50 Boston lilt. Holding Co., pref,_ 35 1 Columbian Nat. Life Ins. Co__ .127 50 Springf. Gas Lt., par $25-47N-474 15 Graton & Knight Mfg., pref___ _ 49 10 Eastern Mfg. Co., let pref 5511 50-100 State Theatre Co.. pref. _72c.-76c. 10 Norton Co., let pref_ ___110 (lc div. 80 Lawrence Gas Co_ _14014-143, ex-div. Per Cent. Bonds. $1,000 Monongahela Valley Tramthan gen. 7s. July and Jan. 1923 and subsequent coupons on__ _ _$1,005 By Messrs. Wise, Hobbs tk. Arnold, Boston: Si Per sh. Shares. Stocks. 321 2 First Nat. Bank, Boston 320 2 First Nat. Bank, Boston 32 pref-Inc., Knight, R. & B. B. 20 85% 1 Nashua Mfg. Co.,common 100% 100 Arlington Mills 47% 3 Hamilton Manufacturing Co- 32 5 B.13. & R. Knight Corp.. pref 106% 9 Plymouth Cordage Co 72e. 14-100 State Theatre Co.. pref 55% 5 Eastern Mfg. Co., pref 10 American Glue Co., common_ _ _ 37 6% 2-10 Smlivan Machinery Co 7 Groton & Knight Mfg. Co., pref_ 49 Spec sh. Shares; Stocks. 21 American Glue Co.,common_ _37-37% 3 Greenfield Tap & Die Corp., pref. 8934 12 American Felt Co., preferred_ _ _105 2 Heywood-Wakefield Co., 1st pref _104% 20 Brown Beckwith Co.,8% pref _1110 8 Cass & Daley' Shoe Co.. post 5 unit 143 10 Lawrence Gas Co 168 15 Draper Corp 25 Springfield Gas Lt. Co.. par $25_ 47% 62 15 Pond & Co., Inc.. pref 37% 5 American Glue Co., common_ 4 Eastern States Refrigeration Co., so 8% preferred National Banks.—The following information regarding national banks is from the office of the Comptroller of the Currency, Treasury Department: APPLICATION TO ORGANIZE RECEIVED. Jan. 15—The First National Bank of Madison, Ala Correspondent, W. A. Burgess, Huntsville, Ala. APPLICATIONS TO ORGANIZE APPROVED. Jan. 17—The First National Bank of Merrick. N. Y Correspondent, Alexander Halleck, Merrick. N. Y. Jan. 17—New First National Bank in Martinez, Calif Correspondent, Prime Ferrarini, Martinez, Calif. Capital. 525.000 825,000 50,000 CHARTERS ISSUED. Jan. 18-12484—The Farmers National Bank of La Follette, Tenn_ $50,000 President, A. J. Jones; Cashier. J. A. Hollingsworth. Jan. 18-1245—Albuquerque National Bank, Albuquerque, 250,006 New Mex President, G. A. Kaseman; Cashier. Roy McDonald. CHANGE OF TITLE. Jan, 9-10611—The Wise County National Bank of Wise, Va.. to "The First National Bank of Wise." Jan. 14-2486—The Milmo National Bank of Laredo, Texas, to "The First National Bank of Laredo." Jan. 15-12286—The American National Bank of Pontiac, Mich., to "First National Bank in Pontiac." VOLUNTARY LIQUIDATION. $60.000 Jan. 19-2979—The First National Bank of Palmyra. Mo Effective Jan. 15 1924. Liquidating committee. Jarpes W. Proctor, J. W. Head and B. F. (Ilahn, Palmyra, Mo. Absorbed by Marion County Savings Hank of Palmyra, Mo. New York City Banks and Trust Companies. ,411 prices dollars per share. Trust Co.• Bid Ask New York American __ Bank of N Y. it Trust Co 485 495 Bankers Trim 355 360 362 Central Union 537 543 150 Commercial __ 110 120 805 815 Empire 432 Equitable Tr. 201 203 595 605 FarmL & .5 Fidelity In 200 38 255 Fulton 165 Guaranty 'Fr. 261 230 235 Hudson 33.5 Irving Bank217 222 Columbia 146 Law Tit & Tr- 200 210 Metropolitan- 315 325 lio Mutual(Wee cheater) _ _ 120 130 N Y Trust_ -- 358 362 Title Gu & Tr 392 399 805 810 U S Mtg & United States1320 • Brooklyn Coney Island* 160 170 Westches 'Fr. 210 Brooklyn First 385 400 Mecbancle S. 130 185 Brooklyn Tr. 480 490 KingsCounty 850 170 Montauk Manufacturer 275 250 Meagan 385 466 250 275 People's People's •Banks marked with(1)are State banks. is) Ex1.1013d• . 11 ' Banks—N.Y. 854 Ask 216 Americas___ _ 211 Amer Exch.._ 307 317 440 Bowery* Broadway Cen 160 Bronx Boma_ 140 115 -Bronx Nat_ Bryant Park* 155 Butch & Drov 135 166 Cent Mercan- 215 353 3-56 Chase Chat & Phen- 253 256 Chelsea Each' 125 Chemical - _ _ _ 565 575 Coal & Iron__ 220 230 350 Colonial'_ _ 319 321 Commerce _ Com'nwealtb• 250 260 Continental__ 150 Corn Exch_ _ _ 435 410 125 Cosmop'tan•_ 115 East River _ _ _ 198 205 Fifth Avenue'1250 1300 235 245 Fifth 1410 1440 First '75 285 Garfield 170 1'41 Gotham Greenwich •_ _ 290 310 710 Hanover Ind Banks Harriman.... 820 150 Manhattan Mech & Met. 382 820 Mutual" Nat American 143 National City 359 140 New Neth• 300 Pacific• 427 Park Port Morris__ 173 360 Public 400 Seaboard Seventh Ave_ 90 Standard •___ 220 325 State* 140 Trade. Tradesmen's• 200 23t1 Ward's_ 275 United States* 165 Wasb'n Hts•- 300 Yorkville"... 800 Ask 162 386 264 New York City Realty and Surety Companies. AU prises dollars per share. ic Alliance R'Ity Amer Surety. Bond & M G.. ()By Investln Preferred __ Lawyers Mtge Bta 102 95 310 78 08 164 Ask 108 99 320 ... Mtge Bond.. NatSurety._ N Y Title & Mortgage B °Malty168 °El Title Guar 861 110 182 200 170 Ask 185 204 180 145 MA BAmdty ASSOC (liklyn)coml 188 let pref ____ 83 2d pref._ _. 73 Westchester Title & Tr- 223 Asa. 170 ss 78 Name of Company Public Utilities (Concluded). Pacific Lighting Corp., corn.(quar.) Preferred (quar.) Philadelphia Co., 5% preferred Union Street Ry.(New Bedford)(qu.) Fire Insurance. Pacific Name of Company. Per When Cent. Payable When Per [Cent. Payable. *4 .1% *2)4 2 Books Closed. Days Inclusive. Feb. 15 'Holders of rec. Jan. 31 Feb. 15 *Holders of rec. Jan. 31 Mar. 1 *Holders of rec. Feb. 9 Feb. 1 Holders of rec. Jan. 17a $1.50 Jan. 23 Holders of rec. Jan. 22 Miscellaneous. Feb. 1 Holders of rec. Jan. 254 2 Acme Wire, preferred (guar.) 3 Feb. 9 Feb. 1 to Feb. 10 Amparo Mining(guar.) 1 Holders of rec. Jan. 21 Feb. 1% (qu.) pref. Archer-Daniels-Midland Co., Feb. 1 Holders of rec. Jan. 17a Barnard Mfg. (quar.) Feb. 1 Jan. 20 to Feb. 1 Batchelder & Snyder Co., prof.(qu.).._ 2 Feb. 1 *Holders of rec. Jan. 25 *6 Bates Manufacturing 1% Feb. 15 Holders of rec. Feb. la Beacon Manufacturing, pref. (quar.)_ _ Apr. 1 *Holders of rec. Mar. la pref. 7% Steel, *134 (guar.) Bethlehem Apr. 1 *Holders of rec. Mar. la .2 8% preferred (guar.) Apr. I 'Holders of rec. Mar. 1 Bethlehem Steel, com.(quar.) •1% Feb. 15 *Holders of rec. Feb. 5 Brunswick-Balke-Collender, corn. (au.)_ Feb. 1 Holders of rec. Jan. 10a Budd (E. G.) Mfg..7% pref.(qW1%) Apr. 10 Holders of rec. Mar.29a prof. & 1% Car Canadian Foundry, (guar.)Preferred (acct. accum. dividends) _ _ _ hl% Apr. 10 Holders of rec. Mar.29a % Feb. 14 Holders of rec. Jan. 31 Canadian General Electric com.(quar.)_ _ Feb. 15 Holders of rec. Jan. 31a 2 Celluloid Co., pref.(quar.) Chicago Mill & Lumber, corn. (quar.)- - •34 Feb. 15 *Holders of rec. Feb. 7 Copper (quar.) Chili '6234c Mar. 20 *Holders of rec. Mar. I Jan. 30 Holders of rec. Jan. 24 10 Commercial Safe Deposit Mar. 1 *Holders of rec. Feb. 15 •$1 Cuba Company, common (quar.) Mar. 1 *Holders of rec. Feb. 18 Dictophone corporation, pref. (guar.).. "2 rg Feb. 1 *Holders of rec. Jan. 25 Edwards Mfg $1.50 Apr. 1 Holders of rec. Mar. 15a Electric Auto-Lite, com. (quar.) Fain Knitting 31111s, prior pref. (quar.)_ (p) Feb. 1 Holders of rec. Jan. 21 Feb. 29 Holders of rec. Jan. 31 Famous Pl. Canadian Corp.. 1st pf.(qu.) 2 Feb. 1 *Holders of rec. Jan. 21 •13 Franklin Company Feb. 1 'Holders of rec. Jan. 21 *4 Extra (H. rranklin Mfg., pref.(quer.)_ _ •1% Feb. 1 *Holders of rec. Jan. 20 1% Mar. 1 Holders of rec. Feb. 15 General Asphalt, pref. (quar.) sl Feb. 1 *Holders of rec. Jan. 26 Hamilton-Brown Shoe (monthly) '234 Feb. 1 "Holders of rec. Jan. 24 Hill Manufacturing(guar.) •e331-3 Stock dividend •1% Feb. 1 *Holders of rec. Jan. 10 Holly Sugar Corp. pref. (quar.) •3 Feb. Houston 011, preferred Industrial Finance Corp., pref. (quar.). •1% Feb. 1 "Jan. 29 to Feb. 10 corn. Mar. 1 *Holders of rec. Feb. 14 (quer.) Co., .2 Ingersoll-Rand Johnson Educator Biscuit, Class A (qu.) 50c. Feb. 1 Holders of rec. Jan. 25 Holders of rec. Jan. 15 6.93 Kirby Lumber, pref Mar. 1 Holders of rec. Feb. 16 corn.(qu.) _ 3 w Lakeofthe Wood, 151 Mar. 1 Holders of rec. Feb. 16 Preferred 151 Feb. 1 Holders of rec. Jan. 26 Lancaster Mills. pref.(guar.) *11 Feb. 29 *Holders of rec. Jan. 31 Lehigh Coal & Navigation (quar.) Feb. 1 Holders of rec. Jan. 31 1 Leming's, Inc. (quar.) Feb. 20 Jan. 30 to Feb. 19 Lit Brothers Corn 2 Feb. 1 Holders of rec. Jan. 260 Loew's Ohio Theatres, Inc.. 1st pf.(qu.) Lord & Taylor,2d pf.(acet.accum. city.) _ .h16 Feb. 1 'Holders of rec. Jan. 21 *5 Feb. 1 'Holders of rec. Jan. 24 Lyman Mills Feb. 11 *Holders of rec. Jan. 25 Massachusetts Cotton Mills (quer.)_ _ Feb. 15 Holders of rec. Feb. 1 $4 Mercantile Stores Co.. Inc 1,4 Feb. 1 Holders of rec. Jan. 23 Monarch Knitting, Prof. (quar.) *75c. Mar. 1 *Holders of rec. Feb. 20 Munsingwear, Inc.(quer.) The. Feb. 15 Holders of rec. Feb. 5 Nat. Supply Co. of Del.. corn.(quer.)-Feb. 15 Holders of rec. Jan. 31 1 Ontario Steel Products, coin. (quar.) Preferred (titinr.) 1,4 Feb. 15 Holders of rec. Jan. 31 Feb. 1 Holders of rec. Jan. 23 Pacific Mills (quer.) Feb. 11 Holders of rec. Feb. 5 Pennsylvania Coal & Coke (quar.) $I 4 Feb. 1 Holders of rec. Jan. 21 Pepperell Mfg 2 Pierce,Butler & Pierce,corn.(quar.)_ _ _ (qu.) I Holders of rec. Jan. 20 pref. Feb. 2 Pierce, Butler & Pierce Mfg., Feb. 15 Holders of rec. Jan. 31 2 Pullman Co.(quar.) Feb. 1 Holders of rec. Jan. 20 2 Rmillon. Inc., pref. (qua!'.) 41.24 Feb. 11 *Holders of rec. Jan. 29 Royal Dutch Co 5 Jan. 31 Holders of rec. Jan. 23 Sagamore Mfg. (guar.) Feb. 1 Holders of rec. Jan. 28 1 Cotton Compress (guar.) St. Louis •3 Feb. 20 *Holders of rec. Feb. 11 Seotten-Dillon Co. (quar.) *2 Feb. 20 'Holders of rec. Feb. 11 Extra Scott Paper. 7% sinking fund pref.(qu.) 1,4 Feb. I Holders of rec. Jan. 250 •1% Mar.31 *Holders of rec. Mar.20 Shawmut 511115, corn.(quar.) Preferred (quar.) '151 Mar.31 *Holders of rec. Mar.20 Holders of rec. Jan. 4 Sherwood Petroleum, corn. (in corn. stk.)/25 Holders of rec. Jan. 4 8 Prgerred (annual) Feb. 29 Holders of rec. Feb. 18 Standard Milling, corn. (guar.) Feb. 29 Holders of rec. Feb. 18 Preferred (quar.) Mar. 1 Holders of rec. Feb. 150 2 Stern Brothers,8% pref.(guar.) Stewart-Warner Speedometer (guar.)$2.50 Feb. 15 Holders of rec. Jan. 310 2 Feb. 1 Holders of rec. Jan. 21 Sullivan Packing, prof. (quar.) 1% Feb. 1 Holders of rec. Jan. 210 Troxel Mfg., pref.(quar.) 1% Feb. 1 Holders of rec. Jan. 230 Union Cotton Mfg.(quar.) United Engineering & Fdy.,corn.(quar.) 3 Jan. 24 Jan. 18 to Jan. 24 Preferred (quar.) 1% Jan. 24 Jan. 18 to Jan. 24 U.S. Glass (guar.) 50e. Jan. 31 Holders of rec. Jan. 25 *134 Apr. 1 *Holders of rec. Mar. 21 U. S. Playing Card (quar.) Van Itaalte Co., Inc.. 1st Pref. (guar.) - •1% Mar. 1 *Holders of rec. Feb. 15 Feb. 1 Holders of rec. Jan. 240 Waypoyset Mfg., corn. (quar.) Preferred (guar.) 1% Feb. 1 Holders of rec. Jan. 240 Weetamoe Mills(quar.) 134 Feb. 1 Holders of rec. Feb. 230 White Motor (quar.) Mar.31 'Holders of rec. Mar. 4 *21 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: Books Closed. Days Incluatre. Railroads (Steam). 2 Boston Railroad Holding Co.. pref *2 Central RR. of N. J. (guar.) $IO Mnhoning Coal RR., common •134 Norfolk & Western,common (quar.)_ $2.25 Oswego & Syracuse 2% Delaware Passaic & 1% Pennsylvania (guar.) 3 Syracuse Binghamton & N. Y.(qtmr.) _ Jan. 10 Holders of rec. Dec. 3Ia Feb. 15 'Holders of rec. Feb. Sc Feb. 1 Holders of rec. Jan. 28a Mar. 19 *Holders of rec. Feb. 29a Feb. 20 Holders Of rec. Feb. 8a Feb. 1 Holders of rec. Jan. 25a Feb. 29 Holders of rec. Feb. la Feb. 1 Holders of rec. Jan. 25a Public Utilities, •1% Amer. Elec. Power. pref. (quar.) 234 Bristol & Plainville Elec. Co.(quer.). 3 emu_ Power, & Light Arizona Central 2 Preferred (guar.) *65c. Columbia Gas & Elec. (quar.) % Cedar Rapids Mfg.& Power (quar.)___ _ Connecticut Ry.& Ltg.,com.API. (11t1.)• $1.12% "131 _ (qu.) pref. Co.. Elec. Wisconsin Eastern 3 Fall River Gas Works(quar.) Georgia Ry. & Elec. Co., prof.(guar.)- - 134 2 Lawrence Gas (guar.) 234 Lowell Electric Light (quar.) 1% (guar.)-coos. P., & H. L., Montreal Montreal Light, Heat & Power (guar.)- - 2 1% Pacific Gas & Elec.. let pref.& Pt.(au.). Feb. 15 *Holders of rec. Feb. 5 Feb. 1 Holders of rec. Jan. 23a Feb. 15 Holders of rec. Jan. 31 Feb. 15 Holders of rec. Jan. 31 Feb. 15 "Holders of rec. Jan. 31 Feb. 15 Holders of rec. Jan. 31 Feb. 15 *Feb. 1 to Feb. 16 Mar. 1 "Holders of rec. Feb. 20 Feb. 1 Holders of me. Jan. 26a Jan. 21 Holders of rec. Jan. 10a Feb. 1 Holders of rec. Jan. 24 Feb. 1 Holders of rec. Jan. 24a Feb. 15 Holders of rec. Jan. 310 Feb. 15 Holders of rec. Jan. 31 Feb. 15 Holders of rec. Jan. 31 405 THE CHRONICLE JA;NI. 26 1924.] Below we give the dividends announced in previous weeks and not yet paid. This list does not include dividends announced this week, these being given in the preceding table. Name of Company. When Per Cent. Payable. Railroads (Steam). Alabama Great Southern. Proferred__ Atch.Topeka & Banta Fe,corn.(qu.)... Preferred Baltimore & Ohlo,common (quar.) Preferred (quar.) Canada Southern Chicago St. Paul Minn.& Om.,pref.._ One. New Orl.& Tex.Pike.. Pref.(qu.). Preferred (quar.) Preferred (guar.) Connecticut & Passumpsic Rivers,Prof.. Cabs Railroad. preferred Delaware Lackawanna & Western(guar) Great Northern, preferred Gulf Mobile & Northern. preferred Hudson•& Manhattan, preferred Internat. Rye. of Central Am.,pi.(qu.) Louisville Henderson & St. Louis, pref._ Louisville & Nashville Massawippl Valley Michigan Central Mine Hill & Schuylkill Haven Nashville Chattanooga & St. Louis New York Central (guar.) Norfolk & Western,adl. pref.(guar.).-Northern Pacific (quac.) Pere Marquette. prior pref. (quar.) Five per cent preferred (quarh Pittsburgh & Lake Erie Pittsburgh & West Virginia, pref. (qu.). Reading Company,common (quar.).... letpref. (guar.) Virginian Railway, preferred Feb. 16 Mar. 1 Feb. 1 Mar, 1 Mar. 1 Feb. 1 Feb. 20 134 Mar. 1 134 June 2 134 Sept. 2 Feb. 1 3 Feb. 1 3 $1.50 Jan. 21 2% Feb. 1 Feb. 15 1 2% Feb. 15 11‘ Feb. 15 4 Feb. 15 2% Feb. 11 Feb. 1 3 Jan. 29 10 $1.25 Feb. 1 Feb. I 1% Feb. 1 1 Feb. 19 134 Feb. 1 134 Feb. 1 134 Feb. 1 $2.50 Feb. 1 1,4 Feb. 29 Feb. 14 81 50c. Mar.13 3 Feb. 1 314 134 2Y• 11.‘ 1 114 384 Books Closed. Days Inclusive. Holders of rec. Jan. 18 Holders of rec. Jan. 250 Holders of rec. Dec. 28a Holders of rec. Jan. 120 Holders of rec. Jan. 12a • Holders of rec. Dec. 280 Holders of rec. Feb. la Holders of rec. Feb. 15a Holders of rec. May 170 Holders of rec. Aug. 164 Holders of rec. Jan. 1 Holders of rec. Jan. 190 Holders of rec. Jan. 5 Holders of rec. Dec. 270 Holders of rec. Feb. la Feb. 2 to Feb. 15 Holders of rec. Jan. 31 Holders of rec. Feb. 1 Holders of rec. Jan. 150 Holders of rec. Jan. 1 Holders of rec. Dec. 280 Jan. 17 to Jan. 31 Holders of rec. Jan. 190 Jan. 3 to Jan. 23 Holder, of rec. Jan. 310 Holders of rec. Dec. 3I0 Holders of rec. Jan. 150 Holders of rec. Jan. 154 Holders of rec. Jan. Ila Holders of rec.Feb l'24a Holders of rec. Jan. 220 Holders of rec. Feb. 210 Holders of rec. Jan. 210 406 THE CHRONICLE Pea When Cent. Payable. Books Closed. Days Inclusive. [VoL. 118. pp, When Cent. Payable. Books Closed Days Inclusive. Public Utilities. Miscellaneous Amer. Dist. Teleg. of N.J.(guar.) 24 Jan. 2 Holders of rec. Jan. 15a Brown Shoe,common (Continued). (qaar) 1 Amer. Gas & Elec., Pref. (quar.) Mar. Holders of rec. Feb. 206 75e. Feb. Holders of rec. Jan. 12 Preferred (quar.) 14 Feb. Amer. Light & Tree.,common (quar.).. 1 Holders of rec. Jan. 21a Feb. Jan. 12 to Jan. 27 California Packing Corp.(guar.) $1.50 Mar. Common (payablein common stock)_ _ 11 Holders 1 of rec. Feb. 29. Feb. Jan. 12 to Jan. 27 Canada Cement. Ltd.. pref. (guar.)_ _ _ _ Preferred (guar.) 134 Feb. 1 Holders of roe. Jan. 31a 114 Feb. Jan. 12 to Jan. Canadian Converters (quan) fi Feb. 1 Holders of rec. Jan. 31 Am.Wat.Wks.& Elec.,7% 1st pf.(qu.) 14 Feb. 1 Holders of rec. Feb. 27 la Canadian Explosives, Ltd., corn. Six per cent partie. preferred (guar.).- dl (guar-) 134 Jan. 3 Holders of rec. Dee. 31a Feb. 1 Holders of rec. Feb. la Common (extra) Appalachian Power. 1st pref. (guar.) _ _ _ 14 Feb. Jan. 3 Holders of rec. Dec. 31a Holders of rec. Jan. 150 Cartier, Inc., prof. (guar.) 131 Bangor Ry.& Electric,corn.(aura...-1 3 Holders of rec. Jan. 15 Feb. Holders of rec. Jan. 10 Cerro de Pasco Copper Corp.(quar.).- Ii Jan. Boston Consolidated Gas, preferred Feb. Holders of rec. Jan. 17a 34 Feb. Holders of roe. Jan. 15 Charlton Mills (guar.) Brazilian Trac., Light & Pow.. ord.(qu.) 1 Feb. Holders of rec. Jan.d14. Mar. Holders of rec. Jan. 31 Checker Cab Mfg.. class A (guar.) $1.25 Feb. California-Oregon Power, pref.(guar.)._ 14 Jan. 3 Holders of Holders of rec. Jan. 15a Jan. rec. 150 Chicago Flexible Shaft, pref. (Quar.).- - 134 Mar. Carolina Power & Light, corn.(guar.)._ Holders of rec. Feb. 19 Feb. Holders of rec. Jan. 15 Chic. Wilm.& Frank. Coal, pref.(au.)_ - $1.50 Feb. City Gas of Norfolk. pref.(quar.) Holders of rec. Jan. 150 2 April Holders of rec. Mar. 15 Chicago Yellow Cab,Inc.(monthly)_. 331-3c Feb. Preferred (quar.) Holders of rec. Jan. 21a 2 July, Holders of rec. June 15 Monthly 331-30 Mar. Preferred (guar.) Holders of tee eel). 204 2 Oct. Holders of rec. Sept.15 Chief Consolidated Mining (guar.) •10c. Feb. Preferred (guar.) *Jan. 11 to Jan. 20 2 Jan2'2 Holders of rec. Dee. 15 Cities ServiceCleve. Elec. Iii., 6% preferred (guar.). 14 Feb. Holders of rec. Jan 19 Common (monthly,pay.In cash scrip) 034 Feb. Commonwealth Edison (quar.) Holders of rec. Jan. 15 2 Feb. Holders of rec. Jan. 15a Common (payable In corn,stock scrip) 0134 Commonwealth Pow.Corp.. corn.(No.1) $1 Feb. Holders of rec. Jan. 15 May Holders of rec. Apr. 18 Preferred and preferred B (monthly)._ Six per cent preferred (guar.) 4 Feb. Holders of rec. Jan. 15 14 Feb. Holders of rec. Jan. 18 Common (mcnthly, pay.in cash scrip) 174 Mar. Six per cent preferred (quar.) Holders of rec. Feb. 15 14 May Holders of rec. Apr. 18 Common (payable in corn,stock scrip) p14 Mar. Consumers,Power(Mich.),6% pf.(qu.). 1.% Apr. Holders of rec. Feb. 15 Holders of rec. Mar. 15 Preferred and preferred B (monthly)._ Seven per cent preferred (quar.) 34 Mar. Holders of rec. Feb. 15 14 Apr. Holders of rec. Mar.15 City Ice & Fuel, Cleve. (guar.) Dallas Power & Light, pref. (quara 2 Mar. Holders of roe. vet). 200 14 Feb. Holders of rec. Jan. 19 Quarterly Detroit United RY.(quar.) 2 June Holders of rec. May 20a 14 Mar. Holders of rec. Feb. la Quarterly 2 Eastern Mass. Street RI., first pref. _ _ _ 3 Sept. Holders of rec. Aug. 20a Feb. Holders of rec. Jan. 21 Quarterly Sinking fund stock 2 Dec. Holders of rec. Nov. 20, 5 3 Feb. Holders of rec. Jan. 31 Clinchfield Coal preferred (guar.) 131 Feb. Preferred B stock Holders of rec. Jan. 25a 3 Feb. 1 Holders of rec. Jan. 31 Cluett, Peabody & Co., Inc.,com.(qua - 131 Feb. Faison Elec. Ill.. Boston (qar.) Holders of rec. Jan. 210 3 Feb. Holders of Jan. rec. 15 Columbian Carbon (guar.) $1 Edison Elec. Ilium, of Brockton (qu.) _ 24 Feb. Feb. Holders of rec. Jan. 21a Holders of rec. Jan. 190 Congoleum Co.,common(guar.) Electric Bond & Share, prof.(quar.).. 75c. Jan. 3 Holders of rec. Jan. 15a 1.4 Feb. Holders of rec. Jan. 19 Connecticut Mills,first pref.(quar.) Fort Worth Power & Light, pref.(qu.)._ 14 Feb. Holders of rec. Jan. 16 1 h Feb. Holders Jan. rec. 15 of Consolidation Coal (guar.) Idaho Power, preferred (guar.) 1.50 Jan. 3 Holders of rec. Jan. 15a 131 Feb. Holders of rec. Jan. 16 Continental Can,common (guar.) Illinois Northern Utilitior, Pref.(guar.)- 14 Feb. $I Feb. 1 Holders of rec. Feb. 5a Jan. 16 Common (payable in corn. stook)._ /5 Illum. & Pow. Securities, corn. (qu.)_ _ 45e. Feb. 1 Holders to Feb. 1 Fob, 1 Holders of rec. Feb. 5a of Jan. rec. Continental 31 Mills 4 Preferred (guar.) Feb. Holders of rec. Jan. 10 131 Feb. 1 Holders of rec. Jan. 31 Coaden & Co., pref. (guar.) 14 Mar. Kaministigula Power (guar.) Holders of rec. Feb. 15a 2 Feb. 1 Holders of rec. Jan. 31 Crucible Steel, common (guar.) 1 Massachusetts Gas Cos.,common (gu.). $1.25 Feb. Jan.3 Holders of rec. Jan. 15a Holders of rec. Jan. 15 Cuba Company,preferred 34 Feb. Milwaukee El. RI.& Lt., pref.(qu.)_ _ Holders of rec. Dec. 31 114 Jan. 3 Holders of rec. Jan. 21a Davis Mills(guar.) 114 Mar. Montreal Tramways, common (guar.).- 24 Feb. Holders of rec. Jan. 21 Decker (Alfred) dr Cohn, pref.(quar.). 14 Mar.2 Holders of rec. Mar. 8a Mountain States Power,corn.(No. 1)__ 81 Holders of rec. Feb. 20a Feb. Holders of rec. Dec. 31 Del. Brass & Malleable Works(mthly.)Municipal Service, pref. (guar.) Feb. Jan. 26 to Jan. 31 114 Feb. Holders of rec. Jan. 15 Dietograph Products Corp.. prof. (qu.)_ 234 Nevada-California Elec. Corp., pi.(qu.) •14 Feb. Feb. Holders of rec. Jan. 150 *Holders of rec. Dec. 29 Dominion Bridge (guar.) 1 Newport News & Hampton RY.. Feb. 1 Holders of rec. Jan. 31 Dominion Coal. pref.(quar.) Gas & Elec.:common(guar.) 134 Feb. Holders of rec. Jan. 12 $1.25 Feb. Holders rec. 157 of Jan. Pont du (E. I.) de Nom.Pwd.corn.(qu.) 134 Feb. Northern States Power. corn.(qua?.)_ Holders of rec. Jan. 190 2 Feb. Holders of rec. Dec. 31G Preferred (guar.) Pacific Power & Light, pref. (Quar.)._ _ 14 Feb. Holders of rec. Jan. 190 14 Feb. Holders of rec. Durham 18 Jan. Hosiery, preferred (quar.)---Philadelphia Co., corn. (guar.) 14 Feb. Holders of rec. Jan. 26" $1 Jan. 3 Holders of rec. Jan. 14a Eastern Theatre preference_ 34 Jan. 3 Holders of rec. Dec. 31 Philadelphia Rapid Transit(guar.) 75e. Jan. 3 Holders of rec. Jan. 15a Eastman Kodak,(Toronto), common (Guar.) Portland (Ore.) Gas & Coke, pref.(gu.). 14 Feb. 31.25 April Holders of rec. Feb. 29a Holders of rec. Jan. 18 Common (extra) 750. Apr. Pub. Sera. Co.of Nor. Ill., corn.(guar.) •31 .75 Feb. Holders of rec. Feb. 29a *Holders of rec. Jan. 15 Preferred (guar.) 114 Apr. Preferred (guar.) Holders of rec. Feb. 29a *14 Feb. 'Holders of rec. Jan. 15 Eisenlohr (Otto) de Bro.. corn. (quar.).. 14 Public Service Invest., corn.(quar.) Feb. 1 Holders of rec. Feb. la 131 Feb. Holders of rec. Jan. 15a Elgin National Watch(guar.) 2 Feb. Preferred (guar.) Holders of rec. Jan. 15a 134 Feb. Holders of rec. Jan. 15a Esmond Mills, common (guar.) 14 Feb. Railway & Light Securities, common_ _ _ Holders of rec. Feb. 25 Feb. Holders of rec. Jan. 15 Preferred (guar.) Feb. Common (extra) 111 Holders of rec. Jan. 25 1 Feb. Holders of rec. Jan. 15 Eureka Pipe Line (guar.) 2 Feb. Preferred Holders of rec. Jan. 15 3 Feb. Holders of rec. Jan. 5 Exchange Buffet (guar.) 50e. Jan. 3 Holders of rec Jan. 21a Sierra Pacific Elec.. pref. (guar.) 134 Feb. Holders Fair 22a of Jan. rec. (The), prof.(quar.) 134 Feb. Texas Power & Light, preferred (guar.)_ Holders of rec. Jan. 19 131 Feb. Holders of rec. Jan. lb Fajardo Sugar (guar.) 24 Feb. United Gas Impt., preferred (guar.). Jan. 16 to Feb. I 874e. Mar. la Holders of rec. Feb. 290 Famous Players-Lasky Corp., pf. .(qua _ 2 Feb. United Light& Railways,corn.(guar _ _ Holders of rec. Jan. 15a 134 Feb. I Holders of rec. Jan. 5a Federal Sugar Refining, corn.(guar.) 131 Feb. _ Common (extra) Holders of rec. Jan. 21a fi Feb. 1 5. Preferred (guar.) 14 Feb. United Rys.& Elec., Balt., corn.(guar.) 50c. Feb. 15 Holders of rec. Jan. 25a Holders of rec. Jan. 2I0 Holders of Jan. rec. Firestone Tire & Rubber, 7% pref. (qu.) 14 Feb. 1 Holders of rec. Feb. West Penn Co.. common (guar.) la $1 Mar.31 Holders of rec. Mar. 150 Fisher Body,common (guar.) $2.50 Feb. Holders of rec. Jan. 21. Seven per cent preferred (guar.) 14 Feb. 15 Holders of rec. Feb. la Prelshmann Co., common (guar.) 75e. Apr. Holders of rec. Mar. 150 Six per cent preferred (guar.) 134 Feb. 15 Holders of rec. Feb. 1 Common (quar.) 75e. July Holders ef rec. June 15a West Pena Power Co.. preferred Mara_ 14 Feb. 1 Jan. 15 Common (guar.) 75e Oct. Holders of rec. Sept. 150 Wisconsin River Power. met (guar.).- 81.75 Feb. 20 Holders Of rec. Jan. 31a Common (guar.) Holders of rec. 75e. Jan l'2 Holders of rec. Dec. I50 York Railways. preferred (guar.) 14 Jan. 31 Holders of rec. Jan. 210 General Cigar,common (guar.) 2 Feb. Holders of rec. Jan. 23. Preferred (guar.) 14 Mar. Holders of rec. Feb. 230 r Bank.. Debenture preferred (guar.) 134 Apr. Holders Bowery Bank of New York (guar.) of rec. Mar.24a 3 Feb. I Jan. 29 to .ran. 31 General Development(guar.) 25e. Feb. 2 Holders of rec. Feb. I I a Extra 7 Feb. I Jan. 29 to Jan. 31 General Tire & Rubber, corn. (guar.) -- 134 Feb. Continental Holders of rec. Jan. 20 4 Feb. 1 Holders of rec. Jan. 260 Gillette Safety Razor (guar.) $3 Mar. Corn Exchange (qua?.) Holders of rec. Jan. 31 5 Feb. 1 Holders of rec. Jan. 3Ia Stock dividend e5 June Pacific (guar.) Holders of rec. May I 2 Feb. 1 Holders of rec. Jan.d25a flimbel Brothers, nref.(guar.) 14 Feb. Extra Holders of rec. Jan. I5a 2 Feb. 1 Holders of rec. Jan.4252 Gossard (H. W.) Co., corn. (monthly) 25e. Feb. Public(Payable in stock) Holders of rec. Jan. 20 (0) Feb. 28 Holders of rec. Feb. 210 Common (monthly) 25e. Mar. Holders of rec. Feb. 18 Prof.(guar.) 14 Feb. Trust Companies. Holders of rec. Jan. 20 Gray & Davis, preferred (guar.) $2 Feb. Farmers' Loan & Trust (auar.) Holders of rec. Jan. 210 6 Feb. 1 Holders of rec. Jan. 190 Great Lakes Dredge & Dock (guar.)_ _ _ 2 Feb. 1 Holders of rec. Feb. 8 Title Guarantee & Trust (extra) 4 Mar.31 Holders of rec. Mar. 22a Extra 2 Feb. 1 Holders of rec. Feb. 8 Great Western Sugar,common (quar.). •$2 Apr. Miscellaneous. *Holders of rec. Mar.15 Preferred (quar.) *14 Apr. 'Holders of rec. Mar.15 Guenther Publishing Co., pref.(annual). 5 Feb. 1 Holders of rec. Jan. 15 Alaska Packers Association (quar.) 2 Feb. Holders of rec. Jan. 31 Halle Brothers, 1st & 2d pref.(quar.)... 14 Jan. 3 Extra](from interest on insurance fund) 2 Jan. 25 to Jan. 31 Feb. Holders of rec. Jan. 31 Harmony Mills, preferred (guar.) 1,‘ Feb. Allied Chemical& Dye Corp.,corn.(qu.) $1 Holders of rec. Jan. 25a Feb. Holders of rec. Jan. 15a Harris Brothers, preferred (guar.) Allis-Chalmers Mfg., corn. (guar.) Feb. *Holders of rec. Jan. 11 Feb. 1 Holders of rec. Jan. 24 Hercules Powder,pref.(guar.) 14 Feb. 1 Feb. 5 to Amalgamated Sugar, 1st ore(.(guar) 2 Feb. 15 Feb. Holders of Jan. rec. Hollinger 17a Consol. Gold Mines, Ltd Sc. Jan. 2 Holders of rec. Jan. 10 American Bank Note,common(qua?.). $1.25 Feb. 1 Holders rec. Holly of la Feb. Sugar Corp., pref.(guar.) 14 Feb. American Can, common (guar.) Holders of rec. Jan. 15 14 Feb. 1 Holders of rec. Jan. 31a Hood Rubber, pref. (guar.) 14 Feb. Common (extra) Jan. 20 to Feb. 1 1 Feb. 1 Holders of rec. Jan. 310 Hudson Motor Car (guar.) The. Apr. American Cigar. common (guar.) Holders of rec. Mar. 20a 134 Feb. Holders of rec. Jan. 15a Hupp Motor Car,common (guar.) 260. Feb. American Coal(guar.) Holders of rec. Jan. 180 $1 Feb. Jan. Feb. to 12 Indiana 1 Pipe Line (guar.) 2 American Glue, preferred (guar.) Feb. Holders of rec. Jan. 18 2 Feb. Holders of rec. Jan. 18a Int. Combustion Engineering (guar.)._ _ 50c. Jan. 1 3 Holders of rec. Jan. 280 Am. La France Fire Eng.,Inc.,com.(gu.) 25e. Feb. 1 Holders of rec. Feb. la International Nickel, pref.(guar.) 14 Feb. American Radiator, common (guar.). _ $1 Holders of rec. Jan. 17a Mar.3 Holders of rec. Mar. 150 International Shoe, pref. 50c. Feb. (monthly).Preferred (quar.) Holders of rec. Jan. 1.56 131 Feb. 1 Holders of rec. Feb. la Intertype Corporation,corn, (guar.)...- 25e. Feb. 1 American Sales Book, pref.(guar.) Holders of rec. Feb. la 134 Feb. Holders of rec. Jan. 200 Common (extra) 25e. Feb. 1 American Shipbuilding, pref.(guar.) Holders of rec. Feb. la 14 Feb. Holders of rec. Jan. 15 Iron Products Corp., Prof. (guar.) $2 Amer. Shipbuilding. oom.(qual.) 2 Feb. Holders of rec. Jan.. 150 Kaufmann Dept. Stores, corn. (quar.).. $1 Feb. 1 Holders of rec. Feb. In Feb. Common (guar.) Holders of rec. Jan. 20 2 May Holders of rec. Apr. 150 Kellogg Switchboard & Supply (guar.) 2 Common (quay.) Jan. 3 Holders of rec. Jan. 23 2 Aug. Holders of rec. July 15a Kelly-Springfield Tire, pref. (guar.) - 2 Amer. Smelt. & Refg., corn (guar.)._ _ Feb. 1 Holders of rec. Feb. la 15i Feb. Holders of rec. Jan. 110 Kelsey Wheel, pref. (guar.) 134 Feb. Preferred (auar.) Holders of rec. Jan. 2Ia 151 Mar. Holders of rec. Feb. 8a Kinney(G.R.) Co., preferred (quar.)__ 2 American Soda Fountain (guar.) Mar. Holders of rec. Feb. 19a 134 Feb. 1 Holders of rec. Jan. 31 Preferred (special) 3 Amer. Sugar Refining. pref.(guar.). _ Feb. 1 Holders of rec. Feb. la 14 April Holders of rec. Mar. la Kress(S. H.) & Co.. common (guar.) 1 Amer. Vitrified Products. corn.(quar.)-- *50c. Feb. Feb. Holders of rec. Jan. 19,5 'Holders of rec. Jan. 20 Lincoln Manufacturing (guar.) 2 Preferred (quar.) Feb. '14 Feb. Holders of rec. Jan. 15a *Holders of rec. Jan. 20 Lindsay Light. preferred (quar.) Hi Amoskeag Mfg., common (guar.) 75e. Feb. Holders of rec. Jan. I56 Loew's Boston Theatres, corn.(guar.)._ 250. Feb. 1 Holders of rec. Feb. 70 Preferred Feb. 1 Holders of rec. Feb. 2 $2.25 Feb. Holders of rec. Jan. 150 Loose-Wiles Biscuit.2d pref.(guar.)._ _ 57 Arizona Commercial Mining Feb. 50e. Jan. 3 Holders of rec. Jan. 190 Lord & Taylor, 2d pref.(guar.) Holders of rec. Jan. 184 2 Art Metal Construction.corn.(qua?.)_ Feb. 25c. Jan. 3 Holders of rec. Jan. 15a Luther Manufacturing (guar.) Holders of rec. Jan. 21 *2 Associated Dry Goods.common (quar.). 134 Feb. Feb. 'Holders of rec. Jan. 15 Holders of rec. Jan. 120 Macy(R. H.)& Co.. Inc., pref.(ma) 134 Feb. Ora preferred (qua?.). Holders of rec. Jan. 12a 114 Mar. Holders of rec. Feb. 96 Madison Safe Deposit 3 Feb. 1 Second preferred (guar.) Holders of roc. Feb. 9 131 Mar. Holders of rec. Feb. 90 Manua Sugar(quark $1.25 Mar. Atlantic Refining, Pref.(qual.) 131 Feb. Holders of rec. Feb. 150 Holders of rec. Jan. 150 Quarterly $1.25 June Atlas Powder, preferred (guar.) Holders 114 Feb of rec. May 164 Holders of rec. Jan. 19a Quarterly $1.25 Bee Austin. Nichols& Co.,Inc., pref.(quar) 134 Feb. Holden of rec. Aug. 154 Holders of rec. Jan. 15a Martin Parry Corporation (guar.) 75c. Mar. Bang Service Stations. Inc., pre/.(guar) Holders Feb. of rec. Feb. 15a Holders of rec. Jan. 15 Mayer (Oscar), Inc., 1st pref.(guar.)._ 134 Mar, Barnhart Bros. & SpindlerHolders of rec. Feb. 21 Second preferred (guar.) 2 Mar. First and second oreferred (qua?) 131 Feb. Holders of rec. Feb. 21 Holders of rec. Jan. 26a McCrory Stores Corp.. pref. (guar.)._ 131 Beacon 011. preferred (guar.) Holders of rec. Jan. 2Ia 1.874 Feb. 1 Holders of rec. Feb. 1 Melville Shoe Corporation, corn.(qua?.). 50c. Feb. Feb. Belding Cortleelli, Ltd.. corn.(No.1)- - - 2 Holders of rec. Jan. 2I0 Feb. 1 Holders of rec. Feb. la Preferred (guar.) 2 Feb. Bigelow-Hartford Carpet, corn. (guar-)_ $2 Holders of rec. Jan. 210 Feb. Holders of rec. Jan. I86 Merchants Mfg. Co. (quar.) 2 Feb. Preferred (guar.) $1.50 Feb. Holders of rec. Jan 4211. Holders of rec. Jan. 18a Miami Copper (guar.) 50e. Blyn Shoes, Inc.(guar.)(No. 1) 25e. Jan. 3 Holders of rec. Jan. 15 Michlun Sugar, pref.(acct.aecum.city.) h134 Feb. 1 Holders of rec. Feb. la Apr. 1 4 Holders of rec. Apr. la Feb. 1 Holders of rec. Feb. la Borden Co..common Preferred (account accum. dividends). h14 114 Mar.1 Holders of rec. Mar. la Preferred (guar.) Holders of rec. July la Preferred (account accum.dividends). 51.34 July 1 Oct. 1 14 June 1 Holders of rec. June la Missouri Portland Preferred (guar.) Holders of rec. Oct. In Cement (quar.) 114 Feb. Holders of rec. Jan. 21 Feb. 3 Bourne Mills (guar.) Holders of rec. Jan. 166 Moon Motor Car (guar.) 75e. Feb. Holders of rec. Jan. I5a Bridgeport Machine,corn. Mara 25c. Apr. Holders of rec. Mar.200 Morris Plan Co.of N.Y.(quar.) •14 Feb. 13( Feb.• 'Holders of rec. Jan. 26 Brill (.1. G.) Co.. pref. (guar.) Jan. 25 to Jan. 31 Motor Products Corp., pref.(No. 1) $1 Feb. Holders of rec. Jan. 19 British Empire Steel Corp.,Prof. B (qu.) 14 Feb. Holders of rec. Jan. 12a Mount Vernon-Woodberry Mills, pref 24 Feb. Holders of rec. Jan. 15a 134 Feb. Jan. 26 to Jan. 31 Bunte Bros., pref.(guar.) Mullins Body Corp., pref.(guar.) 2 Feb. (qua?.) Holders of rec. Jan. 150 A Class '$250 Feb. 1 corn., Bros., *Holders of rec. Feb. 9 BUM Nash Motor,common $3.50 Feb. Horders of rec. Jan. 18a •50e. Feb. 1 *Holders of rec. Feb. 9 Common,Class B (guar.) Common (extra) $1.50 Fob. Holders of rec. Jan. 18a 134 Feb. Holders of rec. Jan. 18a Prior Preferred(guar) Preferred Class A (guar.) 14 IFeb. Holders of rec. Jan. 18a Name of Company. Name of Company. Name of ComPawl. Per 1When Cent. Payable. Boat* Closed. Days inclusive. Miscellaneous (Coneisided). 75c. Apr. 15 Holders of rec. Mar.310 National Biscuit, common (guar.) 1% Feb. 29 Holders of rec. Feb. 14a Preferred (guar.) Feb. 1 Holders of rec. Jan. 21 2 National Carbon, preferred (quar.) Nat. Dept. Stores, let pref.(guar.)-- I% Feb. 1 Holders of rec. Jan. 15a Mar. 1 Holders of rec. Feb. 154 1% Second preferred (Van) Feb. 15 Holders of rec. Feb. 1 National Fireproofing,preferred (quar.). 1 May 15 Holders of rec. May 1 1 Preferred (guar.) 1% Feb. 1 Jan. 20 to Jan 31 National Tea. Preferred (guar.) Feb.. 9 Holders of rec. Jan. 310 2 New Jersey Zinc (guar.) Feb. 1 Holders of rec. Jan. 25 New Niquero Sugar, common (guar.).- 2 Feb. 1 Holders of rec. Jan. 80 Si New York Air Brake, common (quar.) Apr. 1 Holders of rec. Mar. 70 $1 Cies: A (guar.) 33 Feb. I Holders of rec. Jan. 220 New York Canners, Inc., let pref Feb. 1 Holders of rec. Jan. 220 4 Second preferred O'Cedar Corporation,Class A common *150. Feb. 1 *Holders of rec. Jan. 15 Orpheum Circuit,Inc..common (mthly.) 12Sic. Feb. 1 Holders of rec. Jan. 200 re4 Mar. 1 'Holders of rec. Feb. 20 Package Machinery,common Preferred (guar.) *13£ Feb. 1 *Holders of rec. Jan. 20 30c. Jan. 31 Holders of rec Jan. 15a Packard Motor Car, common (quar.) Paige-Detroit Motor,common (guar.).- *30c. Apr. 1 'Holders ot rec. Mar.20 Feb. 1 Holders of rec. Feb. 5 2 Penmans, Ltd., corn. (guar.) Preferred (guar.) 13, Feb. 1 Holders of rec. Jan. 21 100. Feb. 1 Holders of rec. Jan. 15a Penn Traffic Holders of roe. Jan. 150 $2 Feb. Philadelphia Insulated Wire Phillips-Jones Corp., pref. (guar.) *1% Feb. 1 *Holders of rec. Jan. 20 Holders of rec. Jan. 2 Feb. (guar.) corn. 40c. Pick (Albert) & Co., Holders of rec. Jan. 2 130. Feb. New common Feb. 1 Holders of rec. Jan. 310 5 Pittsb. Plate Glass, cons. (extra) Holders of rec. Mar. 170 Apr. 2 Common (guar.) Holders of rec. June 160 July 2 Common (guar.) 1 _ Holders of rec. Feb. 15 (quar.)__ preferred Steel, Mar. Pittsburgh Plant(Thomas G.) Co..first pref.(qu.). 1% Jan. 3 Holders of rec. Jan. 16a Holders of rec. Jan. 200 Feb. $1 Postum Cereal. common (guar.) Holders of rec. Jan. 200 Feb. Preferred (guar.) 2 Jan. 3 Holders of rec. Dec. 31a 2 Prairie Oil & Gas(guar.) Jan. 3 Holders of rec Dee. 310 2 Prairie Pipe Line (guar.) 5 Feb. 1 Holders of rec. Jan. 25a Procter & Gamble, common (quar.)____ Producers & Refiners Corp., pref.(qu.)_ 87)c Feb. 4 Holders of rec. Jan. 230 Punta Alegre Sugar (quar.) 51.25 Feb. 15 Holders of rec. Feb. la Pyrene Manufacturing, corn. (quar.)_ _ _ 25e. Feb. 1 Jan. 20 to Jan. 31 1% Feb. 29 Holders of rec. Feb. la Quaker,Oats, preferred (guar.) Realty Associates,common $2.50 Apr. 15 Holders of rec. Apr. Jan. 1 Holders of rec. Jan. First preferred 3 Second preferred 23.4 Apr. 1 Holders of rec. Apr. Holders of rec. Mar. I Republic Iron & Steel, preferred (guar.)1% Apr. Holders of rec. Mar. 1 Apr. Preferred (account accum, dividends). hl Holders of rec. Jan. 1 a 500. Feb. Reynolds Spring,common (guar.) River Raisin Paper Co., corn.(guar.)_- 13.( Jan. 2 :an. 16 to Jan. 2 Holders of rec. Jan. 1 Rockland & Rockport Lime,com.(No.1) 13.4 Feb: Holders of rec. Jan. 1 First preferred 334 Feb. Feb. Holders of rec. Jan. 1 Second preferred (No. 1) 3 Holders of rec. Jan. 1 134 Feb. Russell Motor, pref.(guar.) 25e. Mar.2 Mar. 9 to Mar.2 St. Joseph Lead Co.(guar.) 25c. Mar.2 Mar. 9 to Mar.2 Extra Holders of rec. Jan. 2 St. Lawrence Flour Mills, corn. (guar.). l3. Feb. Holders of rec. Jan. 2 1% Feb. Preferred (guar.) Salt Creek Producers Association (guar.) 25c. Feb. 2 Holders of rec. Jan. 1 a Extra 20c Feb. 2 Holders of rec. Jan. 1 a Holders of rec. Jan. 1 Savannah Sugar,common(No. 1) $1.50 Feb. Holders of rec. Jan. 1 I% Feb. Preferred (guar.) Holders of rec. Feb. 1 a Mar. Schulte Recall Stores, onm.(In pref. stk.) m$2 Holders of rec. Jan. 1 a $1.50 Feb. Securities Corp., 1st pref.(guar.) Shell Union 011,6% pref. A (guar.)_ _ _ 134 Feb. 1 Holders of rec. Feb. a of rec. Jan. 1 'Holders Shove Mills (guar.) •1 li Feb. •134 Feb. *Holders of rec. Jan. 150 Simmons Co.. pref.(guar.) Sinclair Consol, 011 Corp., corn.(guar.)_ 50e. Feb. 2 Holders of rec. Feb. to Holders of rec. Feb. la Feb. 1 2 Preferred (quar.) Holders of rce. Feb. 10 1 Si Feb. 1 Southern Acid & Sulphur (monthly)_ Holders of rec. Feb. 180 Spalding(A. G.)& Bros., let pref.(qu.). 134 Mar. Holders of rec. Feb. 16 Mar. 2 Second preferred (guar.) Holders of rec. Jan. 2.5 1% Mar. Standard Oil(Ohio). pref.(guar.) Holders of rec. Jan. 5 Steel Co.of Canada, cone.& pref.(guar.) 134 Feb. Holders of rec. Jan. 120 Sterling Products(guar.) Feb. Si el 'Holders of rec. Jan. 15 Feb. Stevens Manufacturing Co.(guar.) Stover Mfg. & Engine. pref.(guar.) _ _ _ _ Jan. 22 to inn. 31 1,, Feb. Sugar Estates of Orients, Inc., pref.(qu.) 2 Holders of rec. Jan. 156 Feb. Swift International 90e. Feb. 1 Holders of rec. Jan. 150 Thompson (John R.) Co.. corn. (mthly.) 250. Fec. Holders of rec. Jan. 230 Holders of rec. Fcb. 230 Common (monthly) 250. Mar. Tobacco Prod. Corp., Class A (guar.)._ Holders of rec. Jan. 310 134 Feb. 1 Trenton Potteries, preferred (guar.)_ Jan. 2 Holders of rec. Jan. 17a 2 Union Buffalo Mills, first preferred Holders of rec. May 80 334 May I Second preferred Holders of rec. May 8a 2% May 1 Union 011 Associates (guar.) 78e. Jan. 2 Jan. 8 to Jan. 20 Union 011 of California (guar.) $1.80 Jan. 2 Jan. 8 to Jan. 19 Union Tank Car,common (guar.) Holders of rec. Feb. 54 1 41 Mar. Preferred (guar.) Holders of rec Feb. 50 13/ Mar. United Cigar Stores of Am.,corn.(qu.)- $3 Feb. Holders of rec. Jan. 16a United Drug, first preferred (guar.).- 8734c Feb. Holders of rec. Jan. 15a United Eastern Mining (guar.) 15e. Jan. 2 Holders of rec. Jan. 8a United Fruit (quar.) Holders of rec. Mar. 6 234 Apr. Quarterly Holders of rec. June 6 234 July Quarterly Holders of rec. Sept. 13 234 Oct. Quarterly Holders of rec. Dec. 6 '2 2 Jan 234 United Gold Mines Co Holders of roe. Jan. 3I0 ; le. Feb.di United Profit Sharing, corn. (guar.)... Apr. Holders of rec. Mar. 4 . 15 Common (Payable in pref. stock)._ m25 Holders of rec. Mar. 4 Apr. United Verde Extension Mining (guar.). $1 Holders of rec. Jan. 3 Feb. U.S.Cast Iron Pipe & Fdy., pi% (gu.)_. I% Mar. 1 Holders of rec. Mar. 1 134 June 1 Holders of rec. June 2 Preferred (guar.) Holders of rec. Sept. 2 Preferred (quar.) I 3./ Sept. I Preferred (guar.) Holders of rec. Dec. 1 134 Dec. 1 Holders of rec. Jan. 21 134 Feb. U.S. Realty at Impt.. pref.(guar.) 2 U.S. Realty & Inept., common Mar. 1 Holders of rec. Feb. 280 Preferred (guar.) 1% May Holders of rec. Feb. 280 United States Rubber, 1st pref.(guar.). 2 Jan. 3 Holders of rec. Jan. 15a Universal Pipe de Radiator. pref.(No. 1) lit Feb. Holders of rec. Jan. 15a Ventura Cowl. 011 Fields (guar.) /1olders Of rec. Jan 15 50e. Feb. Wampanoag Mills (guar.) 1 ii Feb. Jan. 16 to Jan. 31 Washburn-Crosby Co., preferred (guar.) 1 Holders of rec. Jan. 25 Feb. Weber & Hellbroner, pref. (guar.) Holders of rec. Feb. 200 134 Mar. Westinghouse Air Brake (guar.) $1.50 Jan. 3 Holders of rec. Dec. 31a Weetinglquee Elec.,k Mfg.,cons.(guar) II Jan. 3 Holders of roc. Dee. 31a Wheeling Steel Corp., pref. A (quar.)___ h7 Feb. 1 Holden of rec. Jan. 9 Preferred B (guar.) 5834 Feb. 1 Holders of rec. Jan. 9 .(qu.) 134 Jan. 3 Holders of rev. Jan. 25a White Rock Mineral Spring.2d. pf. Wolverine Portland Cement (quar.)_ __ _ Feb. 15 *Holders of rec. Feb. 5 2 Woolworth (I W.) Co..(guar.) Mar. 1 Holders of rec. Feb. 100 es Wrigley (William) Jr. & Co. New no ear value stock (monthly)._ _. 25e. Feb. 1 Holders of rec. Jan. 20a 250. Mar. 1 Holders of rec. Feb. 200 New no Par value stock (monthly)._ New no par value stock (monthly)__._ 25e. April 1 Holders of rec. Mar.20a Yellow Cab Mfg.,class B (monthly)_ _.. 41 2-3e Feb. 1 Holders of rec. Jan. 210 41 2-3e Mar 1 Holders of rec. Feb. 204 Class B (monthly) 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 Jan. 19. 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. •From unofficial sources. f The New York 8 ock Oxchange has ruled that stock Will not be quoted ex-dividend on this date and no, until further notice. I The lurb Market Association has ruled that stock will not be quoted exNew York, dividend on this date and not until further notice. •Transfer books not closed for this dividend. 0 Correction. a Payable in stook. I Payable In common stock. o Payable In scrip. it On account of accumulated dividends. m Payable in preferred stock. a Payable In Canadian funds. o Also to holders of coupon No. 30. u New no par value stock issued in December 1923 in place of the old 825 par stock, the monthly diet,' ods of 50 cents a share and 25 cents a share extra on the old stock declared for payment in 1924 being all rescinded. r Dividend is 8500.000 on capital of $3.500.000. or 14 2-7% 407 THE CHRONICLE JAN. 26 1924.] NEW YORK WEEKLY CLEARING HOUSE RETURNS. (Stated la thousands of doilars-that is, tares ciphers (000) MEWL) New Capital.Profits. Loans. Discount Week ending Jan. 19 1924. Nat'l. Dec. 31 investState. Nov. 1 ments, etc. (000 omitted.) Tr.Cos..Nov.1 sere vcau:aht. Rewith In Time Bens NW De- Cm Demand laDeposits. posits non. I tortes. Legal Members of Fed. Res. Bank. Average Averageriverag $ Bank ot N I 66,596 836' 6,782 Trust Co__ __ 4,000 12,271 Bk of ManIsat'; 10.000 13,676 128,347 2.289 14,758 Mech &Met Na 10,000 16,510 154.496 4,638 19,359 6,500 5,604 77,716 1,417, 10,744 Bank of Ameni Nat City Bank_ 40,000 51,902 507.107 4,082 58,162 4,500 16,671 116,044 1.046 13,866 Ban Nat Chem 47 500 4,213 53 548 Nat Butch & D 5,000 7.848 96.141 995 11,475 Amer Exch Na Nat Bk of Corn. 25,000 38.824 305.575 1,000' 33,787 8721 3,812 Pacific Bank _ _ 1.000 1,713 26,979 Chat&PhenNa 10,500 9,114 155,770 4,859, 18,372 590 13,874 Hanover Nat Bk 5,000 22,161 116,117 Corn Exchange_ 9,075 12,924 181,842 5,757, 22,465 NationalPark_ 10,000 23,646 164,986 1,023 17,680 15,275 3881 1.79 East River Nat_ 1,500 1,304 509 22,84 First National_ 10,000 59,319 273.709 17,500 11,419 258.196 3,572 33.480 Irving Bk-Col 980 8.248 137 Continental Bk _ 1,000 88 Chase National_ 20,000 23,706 329,467 4,177 40.15 500 2.549 649 3,064 21,944 Fifth Avenue__ 600 1.050 314 1.21 10,364 Commonwealth_ 15,544 418 2.61 Garfield Nat__ 1,000 1,625 16,945 197 2,33 Fifth National_ 1.200 1.115 859 10.63 82,975 Seaboard Nat__ 4,000 7.315 1,500 1,344 15,763 308 2,03 Coal & Iron Na Bankers Trust_ 20,000 24,019 264.806 1,115 29.33 50,803 747 6.31 S Mtge & Tr_ 3.000 4,431 Guaranty Trust 25.000 18.406 363,461 1.428 39,81 2.000 1.943 Fidel-InterTrus 20,899 390 2,404 642 15.12 NY Trust Co__ 10,000 18.342 151,386 2,000 4,032 38,165 565 4,56 Metropolitan 523 13,513 Farm Loan & Tr 5,000 16,354 128,576 Equitable Trust 23,000 9.986 226,906 1,704 27,641 Average sag As'p. Aver 49,201 106,444 147,502 80.102 .534,058 100.823 3.519 82,877 255,882 25,515 125.754 103.311 161,564 133,353 11,880 44 196 3:1 71 15 2 6 14 7:87 18 3,734 2.913 68.956 5.50 8 8 296 20 :1: 2 7,399 4,945 2,336 26,879 5,981 00 24:451 5,960 7,822 50 2,913 89 7,438 518 19 364 ____ 6.163 7 1,088 : 1a 19 3;9 22 30 9,0411 1,314 34 15,549, 16.918' 1,899 6 12 34 8 1'9 19 97 3,8 16 *228,994 27,97 46.322 2.800 .366,196 45.005 _ _46 396 _60_ 2 18 44 2 9151 1871 1, 171. 348 8434 ,4 88: 214 13 .97.802' 22,727 •237.668, 20,903 Total of averages289, 75 41,9564,395,361 48.097503,254 c3,726.898.403.149 31,866 Totals,actual condition Jan. 194.381.308 Totals, actual condition Jan. 124,382,456 Totals, actual condition Jan. 54,413.417 State Banks Not Members 1 of Fedi 19,361 Greenwich Bank l,00t 2.386 5,555 864 251 Bowery Bank__ 5,048 2,50 92,313 State Bank Total of acreage 8,299 117.2671 46,098511,14803,699.840404.308.31.W 52,083491,25710,728,880402.561132,075 54.566512,918c3,725,663405.02 1.789 Reeve Bank. 1,711 2.107 20,306 341 2.8.59 2.04 342 3,746 1.932 32.1911 57.065 5.798 4.381 55,3561 59,121 Totals,actual co nelition Jan. 19 117,1671 5,863 4,280 Total.s.actual co ndition Jan. 12 117,499; 5,992 5.190 Totals,actual condition Jan. 5 117,485 6,329 4,296 r:]les No Members of Fed' Res've Sank. . i Trust Compa 10,000 13,964 54.4771 1.371 3.865 Title Guar & 930 1,558 25,993 Lawyers Tit & T 6,000 5,715 55,329: 59,048 56.3121 59.185 55,309 59.48 Total of averages 16.000 19,680. 80,470, 2,301 5,423 51.150, 2.193 Totals,actual co ndition Jan. 19 Totals,actual co ndition Jan. 12 Totals,actual co ndition Jan. 5 80,948 2.305 79,6161 2,194 77,524 2.573 5,517 5,532 4,914 51,6541 50,666 47,9891 34,899 16.251 1.478 717 2,217 2.173 2,166 Gr'd aggr., aver.309,62548'1,936 4,593,098 56,196513,05t341 3,833.404 464.46331,866 Comparison with prey. week.., +3,636-8,010L__ -1.02 +5.4201 +301 -40 12(945 3,806,823465.57331,845 Gr'd aggr., WI cond'n Jan. 194.579,423'54.2665 -148-6.0031+189661 -29.035,-1-1.654 -230 Comparison with prey. week _ .. Ord Gr'd Gr'd Gr'd Gr'd Gr'd aggr., acelcond'n aggr., act'ljcond'n aggr., eelcond'n aggr., set cond'n neer.. aa ,cond'n aggr.. acelleond'n Jan. 124,579,5711 Jan. 54.608.426 Dec.294,681.563 Dec.224,559,475 Dec.154.850.078 Dec. 84,518,771 60,269501.979 63,468522,128 66,3021494,546 70,191'507,150 62,895517,685 59,575521.308 3,835,858463,91932,075 3.828,961 466,674 31.789 3,819.631 463.156 32,250 3.742,147 460.873 31.854 3,791.284 464.204 32,219 3,759.070 458,795 31,881 ' Note -U. S. deposits deducted from net demand deposits in the general Wal above were as follows: Average total Jan. 19. 532.433.000: actual totals Jan. 19 22. Dec. $43,364,000 Jan. 832,433.000: 12.832.433,000: Jan.5,537.937,000: Dec.29, 548,518.000. Bills payable. rediscounts, acceptances and other liabilities average for week Jan. 19, $446,188,000; Jan. 12,5448,782,000; Jan. 5.8490,775,000 Dec.29, $5 5.77 .000. Dec. 22, $456,385,000. Actual totals Jan. 19, $457,914,000 Jan. 12, 5425,522,000: Jan. 5, 5465,969,000: Dec. 29, 5535.639,000; Dec. 22, 8499 229,000. • Includes deposits in foreign branches not included in total footings as follows: National City Bank, $119.58.5.000: Bankers Trust Co.. $10,571,000: Guaranty Trust Co., 1/78,220.000; Farmers' Loan & Trust Co.. 8276,000; Equitable Trust Co.. $29,246,000. Balances carried in banks In foreign countries as reserve for such deposits were: National City Bank. 821,744,000; Bankers Trust Co.. $1,652,000: Guaranty Trust Co.. $13,103.000: Farmers' Loan & Trust Co., 8276,000: Equitable Trust Co., $4,191,000. c Deposits in foreign branches not included. The reserve position of the different groups of institutions on the basis of both the averages for the week and the actual condition at the end of the week is shown in the following two tables: STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS AND TRUST COMPANIES. Averages. cash Reserve in Reserve in Vaud. Drwsserier Members Federal Reserve banks State banks. Trust companiee____ Total Total Total Total $ 5.798.000 2,301.000 Total Reserve: • Reseree Required. II $ $ 503,254.000 503,254.000 496,591,210 4,381,000 10,179,000 9.964.080 5,423,000 7.724,000 7,672,500 Surplus Reserve. 8 2111:. 0 6.1.79 51.500 Jan. 19_ . 8.099,000 513,0.58,000 521,157.000 514,227,790 13,929,210 Jan. 12-- 8.318,000 514,087,000 522,405,000 513,467,320 8.937,6130 Jan. 5_ _ _ - 8,482,000 521,945.000 530.427,000 518,818,680 11,608.320 Dec. 29_ _ __ 8,811,000 507,389.000 516,200.000 501.8.56,570 14.348,430 • Not members of Federal Reserve Bank. a This Is the resen e required on net demand deposits in the case of State banks and trust companies but in the re. of members of the Federal Reserve Bank includes also amount tt reserve required on net time deposits, which was as follows: Jan. 19,$12,094.470; Ian. 12,812.082.530; Jan.3,812.107.970; Dec.29.811.993.400 THE CHRONICLE 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: Actual Figures. Cash Reserve Reserve in in Vault. Depositaries dorsi panles____ Total Jan. Total Jan. 12_ -Total Jan. 5-___ Total Dec. 29__-_ Total Reserve. Surplus Reserve. Reserve Required. [VoL. 118. BOSTON CLEARING HOUSE MEMBERS. $ $ $ 511,148,000 511,148,000 493.108,440 18,039.560 5,863,000 4.280,000 10,143,000 9,959,220 183,780 2,305,000 5,517,000 7,822,000 7,748,100 73,900 8,168,000 520,945,000 529,113,000 510,815,760 8,186,000 501.979,000 510,165,000 514,667,290 8,902.000 522,128.000 531,030.000 513,640,850 8,847.000 494,546,000 503,393.000 512,389,340 Jan, 23 1924. 18,297,240 x4,402,290 17,389.150 x8,996.340 •Not members of Federal Reserve banks. b This Is the reserve required on net demand deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows: Jan.19,$12,129,240: Jan. 12. 512.076,830: Jan.5,512,150,690; Dec.29,$12,057,930. a Deficit. Changesfrom previous week. Jan. 9 1924. Jan. 16 1924. $ $ Capital 7 300,000 Unchanged 57,300,000 57,300.000 Surplus and profits 79,981,000 Inc. 13,000 79,968.000 81,943,000 Loans, disc'ts & investments_ 834,338,000 Dec. 10,542,000 844,880,000 848,567,000 Individual deposits .0.8 615,514,000 Dec. 7,370,000 622,884,000 614,644,000 Due to banks 123,370,000 Dec. 5,447,000 128,817,000 128,643,000 Time deposits 127,669,000 Dec. 359,000 128.028,000 127,869,000 United States deposits 13,545,000 Dec. 1,000 13,546,000 15,520,000 Exchanges for Clearing House 29.749,000 Dec. 4,913,000 34,662,000 31,373,000 Due from other banks 72,617,000 Dec. 2,130,000 74.747.000 71,815,000 Reserve in Fed. Rest Bank 70,723,000 Dec. 840,000 71,563.000 71,110,000 Cash In bank and F.It. Bank 8,717,000 Dec. 238,000 8,955,000 9,945,000 Reserve excess In bank and Federal Reserve Bank 997,000 Dec. 33,000 1,030.000 775.000 State Banks and Trust Companies Not in Clearing Philadelphia Banks.-The Philadelphia Clearing House House.-The State Banking Department reports weekly figures showing the condition of State banks and trust com- return for the week ending Jan. 19, with comparative figures panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve requirements for members of the Federal Reserve System SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT. to be kept with the Federal Reserve Bank. "Cash in vaults" (Figures Furnished by State Banking Department.) is not a part of legal reserve. For trust companies not memDifferencesfrom bers of the Federal Reserve System the reserve required is Jan. 19. previous week. Loans and Investments $33,100 10% on demand deposits and includes "Reserve with legal $825.295,500 Inc. Gold 82,700 depositaries" and "Cash in vaults." 3,436,900 Dec. Currency and bank notes 21.707,000 Dec. 1.735.400 Deposits with Federal Reserve Bank of New York.. 73,532,600 Dec. 1,934,700 Total deposits 869,916,100 Dee. 5,174,600 Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 817,948,800 Dec. 1,703,900 Reserve on deposits 135,121,200 Dec. 5,925,400 Percentage of reserve, 21.5%. RESERVE. -State Banks -Trust CompaniesCash In vault "$30,803,600 16.34% 867,872,900 15.47% Deposits in banks and trust cos_ _ _ 10,369,600 05.49% 26,075,100 05.94% Total $41,173.200 21.83% 393,948,000 21.41% •Includes deposits with the Federal Reserve Bank of New York, which for the State banks and trust companies combined on Jan. 19 was $73,532,600. Banks and Trust Companies in New York City.-The averages of the New York City Clearing House banks and trust companies combined with those for the State banks and trust companies in Greater New York City outside of the Clearing House are as follows: COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. Loans and Investments. Week endedSept.29 Oil. 6 Oct. 18 Oct 20 Oct. 27 Nov. 3 Nov 10 Nov 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Deo. 29 Tan. 5 Jan. 12 fan. 19 Demand Deposits. $ $ 5,351.110,900 4,422,478,500 5.389.173,500 4.488,842,200 5.353.284,200 4,461.182.100 5,355,546,100 4,503,826,700 5,350.666,100 4,495,610,900 5,373,050,300 4,533.531,000 5,337,904,700 4,522,471,900 5.336,645,600 4,561,107,300 5.313,324,400 4.553,358,100 5,342,550,200 4,562,572,400 5,335,770,100 4,558,091,100 5.323,809,000 4,555,017,600 5,375,564,900 4,567.845,800 5,390,060,400 4.539.321.800 5.486.657,900 4,687,252,400 5,414,724,400 4.647.636,700 5,418,393,500 4,651,352,800 'Total Cash in Vaults. Reserve in Depositaries. $ 79,056,100 80,036.500 82,900,900 83,304,800 81,105,600 80,947,800 84,949,200 85.487,900 81,487.500 83,180,100 85,764,500 89.977,000 93,693.900 95.510.600 88,504,200 89,168,000 81.339.900 s 587.766.500 602,701.800 598,292,700 600,034.000 599.275,700 608.669,300 612,693,900 616.672.200 608,185,800 612,246,900 609,403,800 609,685,200 607,561,200 612.227,600 643,539,300 628,171,600 623.035.300 New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House by clearing non-member institutions and which are not included in the "Clearing House Returns" i the foregoing: SWUM OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE. masa Is thousands of dollars-that is, three MO 1 1(0001 milled.) I Net Loans CLEARING pita'.Profits DisReserve Net Net Nati NON-MEMBE counts Cash with Daman Time Bank Nat.bks. Sep.14 Invest is Legal I DeDe- Circle Week Ending State bks.Nv,1 menu, Vault. Deposi-' posits. poetic Jan. 19 1924. Tr.coa. Nov.1 ctc. tortes. Members of Fedi Res've Bank W.R. Grace &Co_ Total . .5 e Banks Not Members of Fedi Res've Bank Bank of Wash.H Colonial Bank_ Total Trust Company Not Member of 'WI Reeve Bank Mech.Tr.,Bayonn Total 500 1.626 Average Average Average'Average Average Average $ i 8,483 18 563. 3,029 3,805 8.483. 800 1,000 1 54 3,029 3,805 6.30s 665 2,302 21,000. 2,520 320 5,346 1,542 20,73 1,590 2,691 27,308 1,862 1,5 407 3,185 26,08 8,751 354 87! 2,899 5,821 8,751 354 871 2,89 5,821 Grand aggregate__ 2,000 4,724 44,542 3,557 2,512 a32,013 11,218 Comparison with previous week _ _ 2,124 -211 -2681-1,889 -164 Ged aggr Jan.121 2,000 4.724 46,666 3,768 2,7781 a33,902 11,38 Gr'd aggr., Jan. 5 2,000 4,724 45,624 3,712 2,453, a32,267 11,594 (led aggr., Dec.29, 2,000 4,580 46,167 3,634 2,3301 a32,057 12,077 Ge'd aggr., Dec.22. 2.000 4.580 46,481 3,640 2,4321 a32,838 11,784 -a United States deposits deducted. 360,000. Bills payable, rediscounts, acceptances and other liabilities, $166,000. Excess reserve. $138,730 decrease. ___- Week ending Jan. 12 1924. Two Ciphers (00) omitted. Membersof Trust F.R.System Companies 1924. Total. Jan. 5 1924. Jan.12 1924. Capital $39,875,0 85.000,0 544,875,0 $44.875,0 Surplus and profits 108,077.0 15,800,0 123,877,0 123,877,0 Loans, disc'ts & investmla 684,851,0 42,503,0 727,354,0 734,204,0 Exchanges for Clear.House 30,189,0 435,0 30,624,0 29,776,0 Due from banks 103,318.0 15,0 103,333,0 98,187.0 Bank deposits 123,671,0 945,0 124.616,0 124,503,0 Individual deposits 522,645,0 25,573,0 548,218,0 548,000,0 Time deposits 58,166,0 1,053,0 59,219,0 59,596,0 Total deposits 704,482,0 27,571,0 732,053.0 732,099,0 U.S deposits (not incl.)_ 9,423,0 9,604,0 Res've with legal deposit's 3,871,0 3,871,0 4,020,0 Reserve with F.R.Bank 55,338,0 55,338,0 55,317.0 Cash In vault 9,448,0 1,293,0 10,741,0 11,259,0 Total reserve and cash held 64,786,0 5,764,0 69,950.0 70,596,0 Reserve required 55,476,0 3,962,0 59,438,0 59,986,0 Excess res. & cash In vault 9,310,0 1,202.0 10.512.0 10,610,0 •Cash In vault not counted as reserve for Federal Reserve members. $44,875,0 123,865,0 736,810,0 48,928,0 113,813,0 128,941,0 576,920,0 60,834,0 766,695,0 11,173,0 4,733,0 57,579,0 12,016,0 74,328,0 61.690,0 12,638,0 Condition of the Federal Reserve Bank of New York. -The following shows the condition of the Federal Reserve Bank of New York at the close of business Jan. 23 1924 in comparison with the previous week and the corresponding date last year: Jan. 23 1924. Jan. 16 1924. Jan. 24 1923. Resources$ $ 3 Gold with Federal Reserve agent 613,372,000 613,442,140 645,604,000 Gold redemp.fund with U.S.Treasury_ 9,285,000 6,226,014 8,325,000 Gold held exclusively nest. FR. notee 622,657,000 Gold settlement fund with F.R. Board._ 153,136.000 Gold and gold certificates held ay bank.. 215,481,000 619,669,055 146,794,826 212,647,791 653,929,000 158,883,000 137,169,000 Total gold reserves Reserves other than gold 979,111,672 30,505,440 949,981,000 27,468,000 Total reserves 1 023,319,000 1,009,617,112 Non-reserve cash 14.711,000 15,889,074 Bills discountedSecured by U.S. Govt. obligations__ 102,726.000 88,579.430 discounted Other bills 22,969,000 24,871,225 977,449,000 8,958,000 191,283,000 25,358,000 Total bills discounted Bills bought In open market U. S. Government securities-Bonds Treasury notes Certificates of Indebtedness 991,274,000 32,045,000 125,695,000 39,655,000 1,202,000 5,861,000 5,912,000 113,450,655 49,943,447 1,202,450 4.171,500 5,787.500 216,641,000 32,066,000 1,149,000 .28,784,000 66,916,000 Total U.S. Government securities-- 12,975,000 Total earning assets 178,325.000 Uncollected items 118,499,000 Bank premises 13,641,000 All other resources 1,659,000 11,161,450 174,555,552 151,769,643 13,300,624 1,682,647 96,849,000 345,556,000 124,081,000 10,479,000 2,214,000 Total resources 1,350,154,000 1,380,814,654 1,468,737,000 21•0111111•11••••••••... LiabilUiesFed. Res. notes in actual circulation... 389,419.000 Deposits-Member bank,reserve acet__ 738,510,000 Government 22,784.000 Other deposits 11,539,000 392,899,671 739,822,770 8,244,021 11,744,405 545,265,1100 722,717.000 6,369,000 10,856,000 Total deposits Deferred availability items Capital paid In Surplus All other liabilities 759,811,197 122,703,217 29,454,300 59.928,967 2,017,300 739,942,000 92,055,000 28,737,000 59,800,000 2,938,000 Total liabilities 772.833,000 96,634,000 29,454,000 59,929,001) 1,885,000 1 350,154,000 1,366,814,654 1,468,737,000 Ratio of total reserves to deposit and Fed. Rea, note liabilities combined_ _ _ Contingent liability on bills purchased for foreign correspondents *Includes Victory notes. CURRENT 88.0% 87.6% 76.1% 5,886,000 5,956,128 12,475,000 NOTICES, -The 64th annual report of the Rome Life Insurance Co. discloses a most satisfactory condition. After the payment of 35.871,544 to policyholders during the year, it has added to the insurance reserve fund 31,958,096; the dividends apportioned to policyholders during 1924 amount to 11,215.000, and the surplus for contingencies now Is 82,015,000-an increase over the previous year of $283,112. The company has nearly 100.000 policyholders and its total insurance In force amounts to nearly 8250,000,000-an increase over the previous year of about 115,000,000. -Edward D. Jones & Co.. Boatmen's Bank Bldg., St. Louis, are preparing their annual booklet of official transactions on the St. Louts Stock Exchange, showing the high and low and the number of shares traded in during 1923. When the booklet comes off the press, copies will be sent gratis to banks and investment houses on request. 409 THE CHRONICLE JAN. 26 1924.] Weekly Return of the Federal Reserve Board. The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 24, and showing the condition of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents' and Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptrollerlatest ReservecAgents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the week appears on page 379, being the first item in our department of "Current Events and Discussions.". COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 23 1924. Jan. 23 1924. Jan. 16 1924. Jan.91924. Jan.2 1924. Dec. 26 1923. Dee. 19 1923. Dee. 12 1923. Dec. 5 1923. Jan. 24 1923. $ 8 $ 8 8 $ $ $ $ RESOURCES. ' 2,103,477,000 2.130.879,000 2,106,705,000 2,109,715,000 2,109,814,000 2,140.445,000 2,100,895.000 2.055,625,000 2,181,121,000 Gold with Federal Reserve agents 44,167,000 56,009.000 66,108,000 57,327,000 63,085,000 61,095.000 51,448.000 Treas_ S. 46,800,000 U. 52,632,000 Gold redemption fund with 2,225,288,000 Gold held exclusively agst. F.R.notes 3,156,109,000 2,177,679,000 2,168.153,000 2,167,042.000 2,175,922,000 2,201,540.000 2,163,980,000 2.111,634,000 556,642,000 584,501,000 647,658,000 Gold settlement fund with F. R. Board- 587,327,000 573,038,000 582,522,000 568.954,000 553.604,000 541,011, 298,207,000 Gold and gold certificates held by banks 408,226,000 406,402,000 369,667,000 347,890,000 341,401,000 348,584,000 367,158,000 358,847,000 1 "" Total gold reserves Reserves other than gold Total reserves Non-reserve cash Bills discounted: Secured by U. S. Govt. obligations Other bills discounted Total bills discounted Bills bought in open market U. S. Government securities: Bonds Treasury notes Certificates of indebtedness 3,151,662,000 3,157,119,000 3.130.542,000 3,083,888,000 3,070,927,000 3,091,135,000 3,115,639,000 3,118,139,000 3,080,137,000 79,516,000 141,844,000 66,589,000 78,010,000 72,303.000 87,984,000 119,923,000 113,285,000 106,965,000 3,271,585,000 3,270,404,000 3,237,507,000 3,171,870,000 3,137,516,000 3,163,438.000 3,193,649,000 3,197,655,000 3,221,981,000 76,043,000 68,460.000 69,661,000 64.548,000 67,573,000 67,612,000 67,756,000 68,926.000 63,331.000 272,927,000 259,774.000 306,373,000 422,764,000 441,842,000 385.425,000 363,293,000 359,078,000 341,454,000 267,851,000 274,411,000 300,548,000 375,119,000 415,309,000 364,771,000 398,635,000 387,185,000 228,281,000 540,778,000 534,185,000 606,921,000 797,883.000 857,151,000 750.196,000 761,928,000 248,623,000 569.735,000 275,997,000 292,744,000 319,166,000 347,185.000 336,415,000 322,379,000 329,383,000 398,370,000 204,547,000 28,781,000 70,384,000 29,429,000 1 88,835,000 72,957.000 77,182,000 19,903,000 20,026,000 20,014,000 *138,076,000 79,8.59,000 j 62.089.000 72,084,000 76,455,000 20.911,000 185.962,000 15,323,000 8,292.000 17.355,000 19.112,000 18,366,000 24,502,000 24,457,000 120,926,000 10,000 Total U. S. Govt. securities Municipal warrants Total earning assets 5% redemp.fund agst. F. R. bank notes Uncollected items Bank premises All other resources 116,612,000 20,000 100,358,000 51,000 126,643,000 31,000 104,158,000 51,000 81,249.000 51,000 96,294,000 51,000 91,295,000 154,000 352,819,000 4,000 937,711,000 943,561.000 1,026,496.000 1,271,762,000 1,297,775,000 1,153.875.000 1,187,656,000 1,136,082,000 1,127,105,000 310,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 591,436,000 670,437,000 606,178,000 679,216,000 591,608,000 734,270,000 683.968,000 643,289,000 589,151,000 46.400,000 56.715,000 57.105,000 53,998,000 56,951,000 56,458.000 54,006,000 54,209,000 54,578,000 15,497,000 14,602,000 15,835.000 15.684.000 15,515.000 14.860,000 16,185,000 15,576,000 17,120,000 5,067,487,000 5,116,831,000 5,169,377,000 5,204,229,000 5,260,282,000 5,188,625.000 4,935,789,000 5,023,750,000 5,007,547,000 Total resources LIABILITIES. 2,049,834,000 2,084,320.000 2,147,064,000 2,245,230.000 2,340,375,000 2,296,436,000 2,266,831,000 2,252,598,000 2,221,316,000 E. R. notes in actual circulation 3,132,0on 489,000 470,000 477.000 470,000 483,000 456,000 439,000 444,000 F. R. bank notes in circulation-netDeposits1,924,521,000 1,884,010,000 1,923,505,000 1,849,596,000 1,874,486.000 1,963,874,000 1,941,006,000 1,936,307,000 1,934,949,000 Member banks-reserve account 33,042,000 30,065,000 42,811,000 56,695,000 11,334,000 26,612,000 19,343,000 39,436,000 61,184,000 Government 33,263,000 21,429,000 20,572,000 21,922,000 30,229,000 21,556,000 23,406,000 23,895,000 22,163,000 Other deposits 2,018,296,000 1,999,638,000 1,983,755,000 2.050,798,000 1,937,869,000 1,882,852,000 1,971,673,000 1,935,504,000 1,990,826,000 Total deposits 523,511,000 595,671,000 532,205,000 620,215,000 535,490,000 654,456,000 610.980,000 574,347,000 515,000,000 Deferred availability items 110,035,000 110,302,000 110,506,000 110,483,000 110,103,000 110,156,000 110,142,000 110,114.000 147,648.000 Capital pald in 220,915,000 220.915,000 220.915,000 220,915,000 218,369,000 218,369,000 218,389,000 218,369.000 218,369,000 Surplus 11,196,000 25,410,000 26,701,000 25,879,000 12,171,000 25,751,000 12,646,000 12,460,000 12,759,000 All other liabilities 5,067,487,000 5316,831,000 5,204,229,000 5,169,377,000 5,260,282,000 5,188,625.000 5,007,547,000 4,935,789,000 5,023,750.000 Total liabilities Ratio of gold reserves to deposit and 73.1% 74.5% 74.0% 73.5% 71.8% 71.8% 77.3% 75.8% 77.5% F. R. note liabilities combined Ratio of total resit-yea to deposit and 76.5% 76.4% 73.3% 75.7% 75.3% 73.8% 78.4% 80.1% 80.4% F. R. note liabilities combined Contingent liability on bills purchased 33.028.000 17,808,000 19,010,000 18.373.000 18,366,000 17,886.000 18,175,000 17,315,000 17,010,000 for foreign correspondents $ $ $ $ $ $ $ $ $ Distribution ntt Maturities71,673,000 92,000,000 99,634,000 103,719,000 95,035,000 100,361.000 107,011,000 133,892,000 117,289,000 1-15 days bills bought in open market_ 421,946,000 508.804.000 522,264,000 528,800,000 612,660,000 467,376.000 399.948,000 357,494,000 345,482,000 1-15 days bilis discounted 13,970,000 20,186.000 17,259,000 1,924,000 5,123,000 4,510,000 401,000 1,000 1,000 1-15 days U. S. certif. of indebtedness_ 113.000 10,000 31,000 10,000 31,000 41,000 10,000 1-15 days municipal warrants 41,930,000 51,144.000 65,164.000 65,124,000 68.180.000 67,873,000 69,227,000 59,661,000 58,348.000 16-30 days bills bought in open market_ 31,576.000 72,584.000 70,082,000 63,229.000 64,310,000 57,915,000 49,268,000 45,280.000 41,702,000 16-30 days bills discounted 1.000 1,000 18-30 days U.S. certif. of indebtedness_ 31,000 31,000 31,000 10.000 10,000 10,000 10,000 10,000 16-30 days municipal warrants 52,446,000 96,973,000 88,448,000 103,904,000 94,220,000 90,550,000 88,168,000 86,520.000 83,416,000 31-80 days bills bought in open market_ 52,300,000 92,131,000 84,069,000 77,781,000 84,887.000 76,892,000 74,461,000 72,735,000 69,510,000 31-60 days bills discounted 76,567,000 9.909,000 10,426,000 31-60 days U.S. certif. of indebtedness_ 4,000 10,000 10,000 10,000 10,000 10,000 opal warrants 31-60 days moon 29,204,000 52,588,000 48,841,000 58,640,000 55.119,000 49,711,000 49,620,000 42,065,000 36,755,000 61-90 days b lbs bought in open market_ 36,641,000 48.257.000 58,171,000 50.519,000 66,514,000 67.280.000 54,984,000 45,249,000 40,892,000 61-90 days bills discounted 14,507.000 783,000 1.022,000 5,734,000 286,000 9,569,000 5,000 61-90 days U.S.. certif. of Indebtedness_ 61-90 days municipal warrants 9,294,000 5,865.000 7,955,000 4,663,000 7,477,000 5,160,000 5,140,000 4,443,000 market 4,137,000 open days in bought bills 90 Over 27,272,000 26,487.000 27,660.000 29,598,000 28,751,000 28,420,000 28,260,000 27,955,000 28,664.000 Over 90 days bills discounted 80,918,000 724,000 5,346,000 7,111,000 1,852,000 9.417,000 14,306,000 8.396,000 14,025,000 Over 90 days certif. of indebtedness_ _ _ _ Over 90 days municipal warrants Federal Reserve Notes2,646,876.000 2.710.213.000 2.756,251,000 2,805,972,000 2,838,398,000 2,793,837,000'2.755.949.000 2,732,743.000 2,654,125,000 Outstanding 428,894,000 480,145,000 597,042.000 625,893.000 609,187,000 500,742,000 498,023,000 497,401,000 489,118,000 Held by banks In actual circulation 2,049,834.000 2,084,320,000 2.147,064,000 2,245,230,000 2,340,375,000 2,296,436,000 2,266,831,000 2,252,598,000 2,225,231,000 Amount chargeable to Fed.Res,Agent 3,572,170,000 3,593,087,000 3,620,140,000 3,633.851,000 3,646,647,000 3,630,501,000 3,607,858.000 3.601,797,000 3,588,873.000 925,294,000 882.874,000 863.889,000 827.879.000 808,249,000 836,664,000 851,909,000 869,054,000 934,748,000 In hands of Federal Reserve Agent 2,646,876,000 Banks 2,710.213,000 2,756,251,000 2,805,972,000 2,838,398,000 2,793,837,000 2,755,949,000 2,732,743,000 2,654,125,000 Reserve Federal to Issued How Secured327,584,000 326,584,000 326,584,000 326.584,000 326.584,000 327,084,000 320,084.000 320,534.000 339,809,000 By gold and gold certificates 543,399,000 5793334,000 849,646,000 696,257.000 728,584,000 653.392,000 655.054,000 677,118,000 473,004,000 By eligible paper 119,072,000 120,474,000 115,533,000 125,237,000 114,480,000 113,751,000 119,439,000 117,197,000 133,647,000 Gold redemption fund 1,683,821,000 1.664,588,000 1,657,894,000 1,668,750,000 1,699,610,000 1,661,372,000 1.617.894m0 1,707,665,000 Board Reserve 1,656,821,000 Federal With Total 2,646,876,000 2.710.213,000 2,758,251,000 2,805,972,000 2.838.398,000 2,793,837,000 2,755,949,000 2,732,743,000 2,654,125.000 784,485,000 798,483,000 885.309.000 1.082.313.000 1.136.708.000 1.019.129.000 1.035.364.000 995.510.000 746.805.000 Eligible paper delivered to F.R.Agent • Includes Victory notes. WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 23 1924 Two ciphers(00) omitted. Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. SanFran. Total. Federal Reserve Bank of$ $ $ $ $ $ $ $ RESOURCES. $ $ $ $ $ 3old with Federal Reserve agents 174,455,0 613,372,0 170,622,0 199,885,0 64,719,0 93,897,0 384,525,0 62,872,0 55,908,0 49,614,0 19,942,0 213,666,0 2,103,477,0 9,285,0 4,774,0 2,825,0 4.377,0 3.413,0 4,801,0 3,055,0 2,370,0 3,809.0 1,892,0 2,862,0 52,632,0 3old red'n fund with U.S.Treas. 9,169,0 Gold held excl. agat.F.R. notes 183,624,0 }old settle't fund with F.11.13'rd 82,339,0 3old di gold certifs. held by banks 24,160,0 622,657,0 175,396,0 202,710,0 69,096,0 97,310,0 389,326,0 65,927,0 58,278,0 53,423,0 21,834.0216,528,0 2,156,109,0 153,136,0 19,871,0 82,641,0 33,508.0 7.344,0 95,015.0 23.952,0 18,096,0 37.451,0 12.153,0 41,823.0 587,327,0 215,481,0 38,107.0 13,092,0 6,459,0 7,069,0 53,956,0 4,779,0 9,016,0 3,299,0 12.040,0 22,768,0 408,226,0 270,123,0 9,860,0 991,274,0 231,374,0 298,443,0 109,061,0 111,723,0 538,297,0 94,658,0 85,390,0 94,173,0 48,027,0 281,119,0 3,151,662,0 32,044,0 6,259.0 10,415,0 4,832,0 9,715,0 15,307,0 13,569,0 1,636,0 4,979,0 6,611,0 4,696.0 119,923,0 Total gold reserves leserves other than gold 279,983.0 1,023,318,0 237,653.0368,858.0 113,893,0 121,438,0 553,604.0 108.227,0 87,026,0 99,152,0 52,638.0 285.815,0 3,271,585,0 Total reserves 83,331.0 4,080,0 14,711,0 2,145,0 3,831,0 3,775.0 6,567.0 10.354.0 5,140,0 754,0 3,325,0 3,570,0 5,079.0 ion-reserve cash discounted: bills Sec. by U.S. Govt. obligations 13,671.0 102,728,0 31,063.0 21.509,, 20,746.0 13,959,0 23.903,0 14,680,0 2,411,0 9,626,0 1,598,0 17,035,0 272.927,0 12,140.0 22,969,0 8,958,0 14.445,0 25,299,0 36,132,0 38,216.0 26,649,0 14,908,0 28,775,0 7,409.0 32,313,0 267,851,0 Other bilis discounted 25,811,0 Total bills discounted 26,968,0 311Is bought in open market 7.S Government securities: 544,0 Bonds 4,854,0 Trea111117 notes Certificates of indebtedness... 1,839,0 ,........ TT a rinvt at...m.91m 7 "0711 125,695,0 39,659,0 35,954.0 46,045,0 50.091,0 62.119,0 41,329,0 17,319,0 38,401,0 9,007,0 49,348,0 655,0 2,650.0 85.0 42,534,0 31,860,0 39,655,0 33,705,0 43.459,0 3,045,0 13,160,0 38.221,0 747.0 1,202,0 918,0 5,861,0 18,576,0 11,175,0 5,912,0 1,774,0 3,470,0 1,191,0 1,040,0 898,0 158,0 1,044,0 1,051,0 12 075 n 21 (1070 15 5113 n 3 120 0 2 253 n 12 059 11 4,426,0 5,896,0 3,637,0 540.778.0 275,997.0 1,932,0 8,358,0 1,471,0 1,780,0 5,129,0 11,160,0 1,049,0 1,993.0 20,914,0 76.155.0 24,457,0 1 597 n In 21,1 n 11 7111 n 7 ASS n 12 1520 120 1129 0 760,0 767,0 7,118,0 2,602,0 596,0 410 THE CHRONICLE RESOURCES (Concluded) Two ciphers(00) omitted. Boston. New York. $ 3 Municipal warrants Phila. 5 Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan.City Dallas. San Fran. $ 5 10,0 S _ Total earning assets 60,016.0 5% redemption fund-F.R.bank notes Uncollected Items 51,924,0 Bank premises 4,312,0 All other resources 132,0 (VoL. 118. 8 5 $ $ Total. $ $ $ 10.0 178,325,0 94,461,0 94,976,0 52,219,0 85,514,0 114,299,0 43,511,0 30,283,0 50,247,0 59,499,0 94,361,0 937,711,0 28.0 118.499,0 50.790,0 55.715,0 60,722,0 32,181,0 77.999,0 32.653,0 12,031,0 32,749,0 26,486,0 39,687,0 13,641,0 1,111,0 9.097,0 2,528,0 2,678,0 8,284,0 1,409.0 2,262,0 4,595.0 1,911.0 2,770,0 1,659,0 448,0 410.0 299,0 80.0 4,070.0 260,0 381,0 623,0 4,663.0 4.095,0 28.0 591,436.0 54,578,0 17.120.0 Total resources 400,447,0 1,350,153,0 388,400,0 472,776,0 233,547,0 228,826,0 764,901,0 191.020,0 136,426.0 190,891,0 148.795,0 431,807.0 4.935,789,0 LIABILITIES. F.It. notes in actual circulation 200,862,0 389,419,0 191,043,0 222,238.0 90,992,0 132,555.0 371,667,0 70,850,0 62,053,0 63,335,0 46,623.0 208,197,0 2,049,834,0 F. It. Bank notes in circulationnet liability 439,0 439.0 Deposits: Member bank-reserve acc't_ 123,658,0 738,510,0 115,236,0 158,452,0 65,317,0 57,249.0 277,908.0 69.281,0 46,972,0 76,107,0 58,322,0 147,937,0 1,934,949,0 Government 2.674,0 22,784,0 4,721,0 4,508,0 2,771,0 2,901,0 4,077,0 2,738,0 2.943.0 3,564,0 2,112,0 5,391,0 61,184,0 Other deposits 183,0 11,539,0 141,0 1,434,0 113,0 293.0 1,455.0 557,0 459,0 636,0 22,163,0 375,0 4,978,0 Total deposits 126.515,0 772.833,0 120.250,0 164,415,0 68,201,0 60.291.0283.419.0 72.576,0 50.374,0 80,307.0 60.809.0 158,306,0 2,018,298,0 Deferred availability items 48,487,0 96,634,0 44,817,0 49,042,0 58,171,0 21.460,0 62,980,0 31,949,0 11.887,0 32.362,0 27,284,0 40,478.0 523.511,0 Capital paid in 7,901,0 29,454,0 9,941,0 12,338,0 5.791,0 4.432,0 15,045,0 5.003,0 3,494,0 4,538,0 4,208,0 7.890,0 110,035,0 Surplus 16,390,0 59,929,0 19,927,0 23.891.0 11,672,0 8.950,0 30,426.0 10,072,0 7.484.0 9,496,0 7,577,0 15,301.0 220,915,0 All other liabilities 312,0 1,884,0 720,0 1,138,0 1.364,0 422,0 1,052,0 570,0 1.154.0 653,0 1,855,0 1,635,0 12,759,0 Total liabilities 400,477,0 1,350.153,0 386.400,0 472,778,0 233.547,0 228,826,0 764,901,0 191,020,0 138.426,0 190.691,0 148.795.0 431.807.0 4,935,789,0 Memoranda. Ratio of total reserves to deposit and F. R. note liabilities combined, per cent 85.5 63.0 71.5 88.0 73.5 84.5 76.3 79.9 69.0 77.4 49.0 78.0 80.4 Contingent liability on bills purchased for foreign correspondls .5.886.0 1.463.0 1.8.37.0 697,0 2.365.0 885.0 748,0 578.0 731.0 612,0 1,208,0 17,010.0 STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JAN. 23 1924. Federal Reserve Agent at- Cleve. Richned Atlanta Chicago. St. L. Minn. K.City. Dallas. San Fr. I Boston New York Phila. Resources (In Thousands of Dollars) $ Federal Reserve notes on band 100,700 Federal Reserve notes outstanding 221,642 Collateral security for Federal Reserve notes outstanding Gold and gold certificates 35,300 Gold redemption fund 11.155 Gold Fund-Federal Reserve Board 128,000 Eligible paper!Amount required 47,187 lExcess amount held 5.592 Total. $ 5 $ $ $ 282,060 60,000 65.970 37,145 77,557 707,126 231.790 247,727 103,433 148,760 $ $ $ $ $ $ $ 136,200 24,300 13,095 32,553 29,394 66.320 925.294 440,559 87,647 68,264 74.838 52,401 262,689 2,646,876 8,780 2,400 14,105 4,424 8,497 177,000 60,295 83,000 47,842 38,714 54,863 29,941 9.084 8,169 11,130 13,052 327,584 7,391 7,880 3,242 1,856 3,254 3,051 15,034 119,072 376,645 48,500 41,000 46,360 9.500 198,632 1,656,821 58,034 24,775 12.358 25,224 32.459 49,023 543,399 44,139 17.012 5,996 13.064 17,980 31,596 241,086 235,531 31,841 346,000 93,754 58,181 14,000 14,733 141,889 61,168 2,332 Total 549,578 1,752,493 525,912 591,365 253.095 383,246 1.061.457 216.608 155,619 195,293 152.178 623,294 6,460.132 LiabilitiesNet amount of Federal Reserve notes received from Comptroller of the Currency 322,342 989,186 291,790 313,697 140,578 226.317 576,759 111,947 81,359 107.391 81,795 329,009 3,572,170 Collateral received fromf Gold 174,455 613,372 170,622 199.885 64,719 93.897 384,525 62,872 55.908 49,614 19,942 213.666 2,103,477 Federal Reserve BanklEllgible paper 52,779 149,935 83,500 77,783 47,798 83.032 100.173 41,787 18.352 38,288 50.439 80,619 784,485 Total 549,576 1,752,493 525.912 591,365 253,095 383,246 1,061,457 216,608 155,619 195,293 152,176 623,294 6,460,132 Federal Reserve notes outstanding 221.642 707,126 231,790 247,727 103,433 148,760 440.559 87.647 68,264 74,838 52,401 262,689 2.648,878 Federal Reserve notes held by banks 20,780 317,707 40,747 25,489 12,441 16.205 68,892 16,797 6.211 11,503 5,778 54,492 597.042 twieral Ri•APrya nntast In ant11.11 Atro•Ileflt•n onn Rani 9on eln Inl n1, 1 999 97R 00 009 1'19 AAA 771 Rft7 7n RAll 59 nA2 Al RAA -15 597 705 107 9 540 574 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 762 member banks from which weekly returns are obtained. These figures are always a week behind those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures /or the latest week appears in our Department of "Current Events and Discussions "on page 379. I. Data for all reporting member banks in each Federal Reserve District at close of business Jan. 16 1924. Three ciphers (000) omitted. Federal Reserve District. Number of reporting banks Loans and discounts, gross: Secured by U.S. Gov't obligations Secured by stocks and bonds_ _ _ _ All other loans and discounts_ _ _ Boston New York Phila. Richm'd Crime. 111 55 80 76 $ i 13,991 74.380 230,102 1,663,336 630,714 2,473,602 $ 14,467 270.543 337,580 $ 27,491 404,947 676,204 $ 10,209 127,847 332.470 43 Atlanta 38 Chicago St. Louis ' Mnpls. Kan. City Dallas San Fran. Total 105 35 26 73 3 $ 37,845 9.051 65.361 594,997 360,099 1,105,918 3 11,253 152,795 307,041 $ 3.801 42.989 186,223 52 3 7.086 79.237 338.139 $ 3.212 63,344 218,182 874.8074,211.318 622.590 1,108,642 470.526 434,511 1.738.758 471,089 12,885 14.578 28.845 49.007 24.807 48.315 10,684 14,992 77.094 455,320 28,665 14,568 24,668 93,992 44,237 105,227 5,003 2.773 25,555 1,917 4,319 12,145 7,061 2,994 20,977 468,383 13,875 55.712 5.959 119.385 17,403 42,792 7.203 20.500 7,388 1,987 8.070 22.988 7,000 5.438 160.928 755,391 179,243 301,639 41.687 338.922 51.311 86,625 -Total loans & disc'ts 44 investm•ts 1,167,897 5.987,982 .597.982 520.608 2.348.509 629,908 1,630.854 907.978 Reserve balance with F. R. bank 88.503 668.786 42,229 34.421 197,312 38,190 70,694 107,751 Cash in vault 19,042 78,572 15,190 10.829 13.688 30,777 53,563 8.028 Net demand deposits 831.2474.833,135 873,026 885.364 352.228 284,880 1.483,696 363.623 Time deposits 272,367 911,476 122.124 808,805 151,714 176.380 798,392 196,972 Government deposits 13,462 14,298 7.723 4,571 4,649 18.931 41,048 11,015 Bills Payable and rediscounts with Federal Reserve Bank: Secured by U.S. Govt. obliga'ns. 2.266 11.168 12,946 10,385 5.788 69.900 7,670 9.071 All nthar 233.013 9,071 12,501 955 29.745 1,554 26,390 422.462 11.515 45,345 3.204 14.639 2,567 58.060 284.738 1.004,405 11,876,859 20,480 269,824 24,645 14,551 98,047 1,014,215 1,960 12,385 80,271 16,538 841,760 36,352 8,715 15,873 107,283 13.940 158.275 2,181,411 313.229 19.377 6,415 196.367 84.663 1,476 557,792 42.191 11.983 397,850 131,192 1,622 358,922 1,349.982 16,371,623 25,018 101,082 1,433.554 9,833 21.705 279.805 949.7211 757,017 11,308,162 86,311 571,729 4,112,125 5.908 14,075 138,776 Total loans and Minnow 11,5. pre-war bonds U.S. Liberty bonds U. S. Treasury bonds U.S. Treasury notes U.S. Certificates of Indebtedness Other bonds.stocks and securities a an9 1 a 1..., ., on., I., Kna .9 AAR 1R AIR ,1 55.1 10 1120 1.415 6.890 1 :175 IA 572 350 9 al a 68 762 3 $ 10.678 223,464 183,670 3.879,168 810.057 7,774,227 10,594 1 A e•••• 148,443 vole •sAc. 7. Data of reporting member banks in Federal Reserve Rank and branch cities and all other reporting banks. Three ciphers (000) omitted. New York City. City of Chicago. All F. R. Bank Cities.F. R. Branch Cities.Other Selected Cities. Jan. 16. Jan. 9. Jan. 16. Jan. 9. Number of reporting banks 67 67 48 48 Loans and discounts, gross: $ $ $ $ Secured by U.S.Govt.obligatlo 66,563 26.523 73.977 29,285 Secured by stocks and bonds 1 463.102 1.500,503 All other loans and discounts- --- • .167.957*.151.558 441.473 440.784 637,461 644.146 Total loans and discounts 3.897,822 3.726.038 1,108.21 • 1,111.453 U.S. pre-war bonds 38.0521 38.051 4,220 4.215 U.S. Liberty bonds 36.285 39.028 396.7151 393.980 U.S. Treasury bonds 17.149 17.597 5,237 5.21 Ti. S. Treasury notes 439,587 441,533 80,54 68.522 U. S. Certificates of Indebtedness12.357 13,089 20.1461 22.479 Other bonds, stocks and securities_ 161,953 162.819 540486L876 Total loans .fc disc'ts & Investla- 5,149,7575,192,554 1,412,2871,400,893 Reserve balance with F. R. Bank.... 818.111 591,634 136.341 152.790 Cash In vault 63.828 71,812 28,094 31.910 Net demand dep)sits 4.332.013 4,334,278 994.8751.003.001 Time deposits 617.320 611,946 372.217 373.191 Government deposits 37,746 41,947 7,632 6.937 Bills payable and rediscounts with F. R. Bank: Secured by U.S. Govt.obligati° 53, 68,000 3.611 1.607 All other 11,237 1,540 2,301 2.853 Ratio of bills payable le rediscounts with F. R. Bank to total 1 ••••••1 Intrcultmanto nap rantI 1.3 1.3 04 0.3 • Revised figures. Total. Jan. 16.1 Jan. 9. Jan. 16. Jan. 9, Jan. 16'24 Jan. 9 '24 Jan. 17'23 ---------204 255 205 255 303 303 782 763 781 $ I $ $ $ I $ $ $ 150,941 41.3931 42,091 145.064 37,007 35.555 223.464 228,587 296,581 2.726,781 2.774,237 628.020 624.238 524.387 522,288 3,879.168 4.775,211 4,773,51 1.634.50011.643.4701.384,5161.364.612 7.774,227 3.920,783 3,811.555 7,781,600 7,405,063 -- 7,647,036 7,698,6 2.303,913 .309.7991,925,9101.922.45511,878,85911 ,930,950 11.513.199 74.2251 74.246 106,798 106.698 88,801 88,74 289,824 269,692 279,442 620,092 614,439 227.4551 225,208 166,668 165.746 1,014,215 1,005.393 1,081,531 19,4131 19.752 40,802 41.992 20,056 19.601 80.271 81.345 129,666 628.43. 139.0151 140,208 635,258 67.489 67,046 841.760 832.689 *960,476 64.484 30.4991 33,286.300 67.01 13,431 107,283 113,734 210,543 1,146.546 1.165.87. 595.1101 598,106 439,7551 440.147 2.181,411 2.204,128 2,203,583 0,243.01710.302,202 3.389.6303.400.6052.738.9762.735.12416,371,82316,437,93116,378,440 233,860 239,252 169.8291 170,716 1.433,554 1,430,117 1.433,712 1.029,865 1.020.14 155.4!l61,498 67.034 137,608 80.499 88,315 279,605 290,124 310,839 7.697.081 7,685.9141.941.9371.943.9531,669,144 1 655 48411,308,16211.285, 351 11.599.541 . . •1,998.002 1.238.081 1.230,806 879.239• 877,049 4.112.125 4,105.657 3,735,272 89,041 98,939 38.888 43.098 10,847 11.995 138.776 154,032 298,612 Jan. 16. 82.884 52,486 1.3 Jan. 9. 112.073 65,053 40,977 45.040 48.345 45,242 24.582 38,342 2.5 2.8 22 29.326 48.722 148.443 135.848 189.844 159.017 198.769 97.292 17 9 1 1 Q • 1.7 2 oinitherc' Mazetti STOCKS. Week ending Jan. 25. Wall Street, Friday Night, Jan. 25 1924. Railroad and Miscellaneous Stocks.-The review of the Stock Market is given this week on page 402. The following are sales made at the Stock Exchange this week of shares not represented in our detailed list on the pages which follow: STOCKS. Week ending Jan. 25. Sales. for Week 411 THE CHRONICLE JAN. 26 1924.] Range for Week. Sales for Week Indus. & Miscall. Par. Shares 800 1st pf 50 3.5 -house El & •12,400 White Oil etfs Worthington pref B__100 300 100 100 Preferred A • 3,900 Wrigley (Win Jr) Range Since Jan. I. Range for Week. Lowest. I $ per share. I Jan 1 72 % Jan 19 61% Jan 22 71% Jan 25 38% Jan 21 Highest. Lowest. Highest. $ per share. $ per share $ per share. Jan 73% Jan 7314 Jan 23 72 1% Jan 22 3.6 Jan 1% Jan 824 Jan 23! 58% Jan 62% Jan Jan. 73% Jan 71% Jan 25 70 Jan 39% Jan 251 38% Jan! 40 • No par value. TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY. Range since Jan. 1. State. Municipal ct Foreign Bds. United States Bonds. share. per share.$ Par. per $ share. tier $ Shares I share. per Railroads. Jan Saturday Jan 13 106 Jan 24. 13 Jan 24 13 100 13 Ann Arbor $2,008,000 $5,871,000 51,375.000 454,060 Jan Monday Jan 90 Jan 25 86 Jan 251 88 100 88 Bangor & Amos, pref.100 3.278,000 1,573,000 6,916.000 908,920 Jan 44 Jan Tuesday Brunswick Terminal_100 3.300 2% Jan 23 4% Jan 19 1 2,969,000 1,499.000 8,841,000 988,150 7 54% Jan 24 54% Jan 24 53% Jan 54% Jan Wednesday Canada Southern_ _.100 3,396,000 1,418,000 8,847,000 934,477 Jan Thursday Jan 110 Jan 25 106 200 1119% Jan 25 110 C C C & St Louis__ - A00 3,101,000 1,015,000 10,000,000 1,110,575 Jan Friday Jan 32 100 Jan 24 29 400 29% Jan 23 30 CStPM&O 3,137,000 809,000 8,838,000 1,317.400 Jan 300 4% Jan 19 4% Jan 19 4 Ja 5 Duluth S S & AU,pf A00 Jan 1044 Jan 1034 25 600104% Jan 21104% Jan III Cent, pref. full paid__ 5.690.482 849,112.000 $7,889.000 11171189.000 Total Jan Jan 74 Jan 25 70 100 74 Jan 25 74 Leased line stock_ _10 Jan 28% Jan Int &(it No Thy, w 1.100 5,400 244 Jan 21 28% Jan 25 22 Jan. 1 to Jan. 25. Week ending Jan. 25. Sales at Jan Jan 25 45 Jan 25 43% Jan 46 100 45 100 M St P & S S M Nen. York Stock Jan 67% Jan Jan 23 67% Jan 19 66 200 66 Preferred 1 1923. 1924. 1924. 1923. Exchange. Jan 122 Jan 122 22 Jan 100 12214 22 _100 Nash Chatt & St L122% Jan 16 Jan % Jan 71 Jan 19 117230 N Y Central rights 4 Jan 21 17.297,957 21,088,747 3,674,340 .5,690,482 1,860 3% Jan 19 336 Jan 19 3.4 Jan 3% Jan Stocks-No. shares... Reading rights • Bonds. 400 20 Jan 224 Jan 1 Jan 21 22% Jan 25 16 Pacific Coast $68,276,000 573,548,000 Jan Government bonds_ _ _ 817,889,000 $12,223,000 100 Jan 24 2034 Jan 24 Jan 22 24 400 22 2d preferred 42,298,000 27.299,000 9,981,000 7,689,000 4,989 19% Jan 21 204 Jan 22 19% Jan 22% Jan State & foreign bonds. Reading rights 124,922,000 167,320,000 49,112,000 38,085,000 RR. & miscell. bonds_ Industrial & Miscell's. Jan Jan 102 Jan 00 100 Jan 21 102 All America Cables.A00I 500100 8235,498,000 5288.167,000 $74.690,000 $80,289,000 Total bonds Jan Jan 19 55 Jan l 66 Jan 19 55 Amer Chicle. pref A00I 100 55 Jan 21 11% Jan 19 11 Jan! 1234 Jan Am Cotton Oil etre I 700 11 Jan' 37% Jan DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND Preferred certiflcates..I 3,800 33 Jan 21 v8% Jan 25 3 BALTIMORE EXCHANGES. Jan 19 984 Jan 21 96 ,Jan Jan 96 Am Foreign Pow.etfs, pd 1.200 98 900 984 Jan 29 964 Jan 21 95 Jan 96% Jan Preferred full paid Jan 21 43 Jan Jan 19 25 Jan 43 Amer Republics °I 300 42 Baltimore. Boston. Philadelphia. Jan 140% Jan American Snuff 1001 100140% Jan 2 140% Jan 23 136 Week ending 42% Jan 22 42% Jan 22 41 1 Jan 43% Jan Amer Teleg & Cable_100 Bond Saba. Sales. Sales. Shares. Shares. Shares. 1924. Bond 'Bond 25 Jan. Jan 22 98 Jan 22 92 Jan 10( 98 Jan 98 Am Wh'sale Corp.0(.100 Jan 25 108% Jan 109 Jan Amer Metal, pref _ _100 200108% Jan 2. 109 85,500 .906 859,700 4,7771 $40,000 8.700 Saturday 19 Jan 16 Jan16 Jan 16 18 Jan 300 Art Metal Construe _ _ _10 *2.e66 44,300 80,100 4,8811 458,150 13.892 • 400 10% Jan 22 11% Jan 19 94 Jan 11% Jan Monday Atlas Tack 9,000 387,300 418,550 *1,821 14,024 20,883 Jan 24 53 Jan 54 Jan 24 54 Jan Tuesday • 100 54 Atlas Powder 18,500 9,726 *1,952 18,595 36,700 677,500 Jan 21 1004 Jan 24 98 Jan 100% Jan Wednesday Amer Roll Mill. nref _100 700 100 40,700 *2,040 400,300 198,000 11,288 22,115 AtlFrUitCOlTCOCtfd.600 1% Jan 23 134 Jan 23 1% Ja* 136 Jan Thursday 23,000 4,707 58,000 .2.0891 15,450 87,500 Jan 21 93 400 93 Jan 21 93 Jan Friday &till 93 Blumenthal. pref._ _100 Jan 22 964 Jan 25 954 Janl 96% Jan 200 96 Burns Bros, pref.. .106 11.474 8141,000 49,383 82,050.750 99,431 8847,050 Total 100 884 Jan 23 88.1 Jan 23 884 Jai l 884 Jan Bush Term Bldg, pf _100 500 174 Jan 22 184 Jan 25 17% Ja 19% Jan ...... m'ocar nen..lasvi Inn R20 tAIR ISA 25 Calumet & Heels 5121 Ann 2 ST/ RR Al, CO OK4Tnn Jan 25 29 Jan 21 28 Jan 29% Jan Century Ribbon Mills_• 1,300 28 Jan 23 92 Jan 23 92 Jan' 92 Jan 100 92 100 Preferred • In addition sales of rights were: Sat., 25; Mon., 978; Tues.. 300: Wed., 775: Jan' 36% Jan Thurs., 650: Fri., 600. 200 33% Jan 23 35 Jan 21 30 ('ert-Teed Products.! I I Jan10536 Jan Cluett,Peab & Co,pf.100 306105% Jan 22105% Jan 22 105 100 923. Jan 25 92% Jan 25 91% Jan 92% Jan 100 Coca-Cola, pref 57% Jan Daily Record of U. S. Bond Prices. Jan. 19IJan. 21 Jan. 22 Jan. 23 Jan. 24 Jan. 25 J Congoleum Co *16.500 55% Jan 2 57 Jan 23 45 Jan Jan 21 11 Jan 12 Jan 1 12 200 11 Conley Tin Foil 997•22 High 997322 997.12 99.332 99"32 99333 Jan 97% Jan First Liberty Loan Jan 2 98% Jan 22 92 500 94 2 Cont Insurance 991 31 99"n 99.22 91022 3%% bonds of 193247-- Low- 991 32 9913: Jan 19 44% Jan 25 43% Jan 44% Jan Commercial Solvents A • 400 44 993°31 991533 99"32 32 , 99 99"a2 99"32 close (First 3%s) Jan 25 33 Jan 39% Jan Jan 21 36 • 800 33 181 363 234 247 584 112 Total sales in $1.000 units__ Jan 34 Jan 21 Jan 4 Jan 21 _• 800 (High of bonds Converted 4% Jan 108% 1044 Jan 24 Jail 105 2 Jan 200104% Continental Can prat 100 Corn Prof Ref new w1.2 149400 3234 Jan 19 36% Jan 25 31% Jan 36% Jan 200 91% Jan 22 914 Jan 25 91 11 Jan 92% Jan 100 Cosden & Co _ ___ ___ ____ _ __ __ __ Total sales in $1,000 units... Jan Jan 24 4% Jan 19 14 Jan 5 8,700 1 Davison Chemical HO 99.32 99"» 99"s, 99-132 _9933: _Converted 4%% bonds (High 99332 Jan Jan 22 70% Jan 76 Jan 22 73 200 73 100 Deere & Co pref 9933n 99"32 99"32 99332 (Low. 99321, 99312 %a) 4 (Find 193247 of Jan Jan 17% 19 194 25 Jan 20% •19,500 17% Jan Dome Mines 99722 991432 99142: 9911n 99% loose 99,32 Jan Jan 11 • 300 11% Jau'24 11% Jan 24 11 Douglas Pectin 149 35 55 266 70 93 Total sales in $1,000 units__ Jan Jan 21 85% Jan 87 Jan 21 86 Du Pont deb 6% __ _100 300 86 - --- --(High 44% ---____ 99711 Converted ---Second Jan Jan 105 Duquesne Lt 1st pref 100 1,000103% Jan 19 105 Jan 25 103 .._ - -- - 99.22 bonds of 1932-47 (First( Low Jan Emerson-Brant pref.'II 200 144 Jan 23 14% Jan 22 104 JanI 15 Second 44s) Fidelity Phenix Fire In I .___ _._ _ -- -. -- - Total sales in $1,000 of NY Jan Jan 19118% Jan 127 500 127 ,lan 19 127 25 1111616 99..2 - --- 99.22 Jan Second Liberty Loan units.Jan 65 Jan 23 65 Jan 24 61 Fisk Rubber 1st pref_100 900 61 99.00 99%2 I.ow_ { _ -_ ... 1927-42_ of bonds 4% 7 Ja Jan • 100 64 Jan 22 671 Jan 22 8 Gardner Motor ._ --- 99.2. -_--___ (close 99.00 (Second 4.) Gen Am Tk Car7% pf 100 Jan 25 92% Jan 94?.,i. Jan 100 94 Jan 2 94 Total sales in 51,000 untts. . Jan Jan 25 93 Jan 98 Gen Baking Co Jan 24 98 • 400 96 9-114. 9 91.332 .332 99 0iin bonds . 9 99332 44% 99722 (High Converted Jan Gen Refractorien Jan 23 54% Jan 19 51% Jan 55 • 2,200 52 99"22 99.32 99332 99142 99332 of 1927-42 (Second (Low_ 99332 Ja 101 Gimbel Bros pref.._ .100 643100 Jan 23100% Jan 19 99 Jan 9914. 99on In , 99 99332 (Close 9932, 99331 44s) Jan 1083i Jan Great West Sugar pf _100 Jan 19 108% Jan 21 107 327 107 187 481 205 529 1,229 678 Total sales in 81,090 units__ Hanna 1st pf cl A___100 200 914 Jan 21 92 Jan 25 89% Jan 92 Jan (High 99.2.2 99.42 99...2 99.7.2 100.00 100.00 Jan 44% Jan Third Liberty Loan Itartinan Corp • 5,800 42% Jan 21 43% Jan 25 41 99.22 99.22 991312 2 99.n . 99377 of 99.22 bonds Low_ _ ( 1928... 44% Jan 19 436 Jan 7 Hydraulic Steel pref_100 Jan 19 7 Jan 100 7 (Close 99"32 99"12 99"32 99.32 89.32 993332 (Third 4%a) Jan 25% Jan Indian Motorcycle__ • 4,400 234 Jan 1 25% Jan 25 19 522 1,871 647 1,5119 329 1.264 Total sales in $1.000 units_ __ Jan 22 63 Jan 87 Indian Refining Pref. Jan 22 67 Jan 100 67 _100 991.1.2 997•11 99"... 990.2 997.2 (High 9942 Jan Fourth Liberty Loan 231 174% Jan 24 175 Jan 24 159 Ja 175 100 Ingersoll-Rand 9912,, 9923,, guto. 90., 9931: 9973, 44% bonds of 1933-38_(Low Jan 3734 Jan Inland Steel w • 6,900 38% Jan 19 37% Jan 25 36 99..2 99"., 99"., 997.21 993.2 (Close 99..2 (Fourth 4%,) Jan Int Agricultural new_ _ _• 800 5% Jan 25 516 Jan 22 4% Jan 6 674 696 694 554 1,015 1.010 Mal sales in $1,000 units... Int Telep & Wag_ _ _10 300 87% Jan 22 87% Jan 22 67% Jan 884 Jan 100332 1003n 10013, 10033: 100132 100332 (High Treasury 30 /4 30 24 Jan Jan Ja 31 Int ert yne Corp Jan • 200 30 (Low.. 100.00 10072, 100.00 100.00 1007.2 looin 434e. 1947-52 Jan 21 109 Jan 21 109 Jan 109 Jan 100109 Jones & L Steel Pref._10 1007.2 1001.. 1001., 1001.: 1007.2 100122 loose % Jan I Jan 19 34 Jan 21 1 10 4,9001 Kansas& Gulf Jan . --- ... _ - ....., 56 400 94% Jan 25 95% Jan 25 93 Jan 95% Jan K C Pr & Lt 1st pref..* Jan 7816 Jan Kelly-Sagfd Tire 8% 100 200 7732 Jan 22 78% Jan 25 75 104% only of coupon 22105% sales includes 22 table Jan Note. Jan above _100 pf Jan Inc -The 105% 107 Wheel 100 Kelsey Jan Jan 63 • 1,700 60% Jan 25 62% Jan 21 59 Kinney Co Jan bonds. Transactions in registered bonds were: Jan 19 97% Jan 19 98 100 300 98 Jan 97% Jan Preferred 99.00 to 99712. 5 1st 33413 993.2 to 997.1 18 3d 434s 100 400 66 Jan 21 68% Jan 25 654 Jan 68% Jan Mackay Copref 99"32 to 99,11 to 993,32 88 3d 4 Macy (It H)pref. _100 100113% Jan 22113% Jan 22 113% Jan 13% Jan 19 lot 474s ss 9"I , to 99 4348 4th 991•31 278 1.2 98. to 4s 98...2 2d 200 115 Jan 23115 Jan 23 115 Jan 115 May Deptstorcepf.l0l Jan Jan 93% Jan • 400 914 Jan 21 93% Jan 24 91 Met Edison pref Jan /4 95 Jan 97 Nat Cloak & Suit p1.100 300 96% Jan 24 97 Jan Foreign Exchange.-See page 402. • 8,700 39% Jan 21 42 Jan 22 394 Jan 43 Nat Dept Stores Jan Jan 19 95 Jan 21 93% Jan 95 100 700 94 Preferred Jan for U. S. Treas. Ctfs. of Indebtedness, &c. Quotations 84% Jan 2 6536 Jan 2,100 Jan 67% 50 21 Supply Jan Nat 89% Jan 1034 Jan 100 5001024 Jan 21 10334 Jan 21 100 Preferred Int. Du. • 600 24 Jan 24 24% Jan 23i 42% Jan 25% Jan N Y Canners Bid. Asked. Maturity. Maturity. Rate. Rate. Bid. Asked. Jani 82% Jan 100 900 571. Jan 23 62% Jan 251 57 Otis Steel prat 16 Jan! 1 Jan 25 32 Jan 2'' 1 Jan June 15 1924... 55i% 100111 100".. Dec. 15 1927___ 414% 100771, 1001114 Pan-Am Petroleum rts__ 6,300 Jan 2 35 Jan 2 35 100 35 Jan! 4014 Jan Sept.15 1924 Panlutndle P&It pref _100 514% 100n, 1007.1, Mar. 15 1924.._ 434% 10071. 1004.4 Jan 2 30 Jan 25 294 Jun 30 100 30 Jan Penn Coal & Coke_ _50 Mar. 15 1925 _ 44% 100%, Mar. 15 1927__ 494% 10134 101% 34 Jun 17. Jan Mar. 15 1926. 494% 100% 100.34 31 Jan 21 1% Jan 25 Phillips Petroleum right 94.100 101 Mar. 15 1924 434% 100 100% Jan I. 43% Jan 25 42% Jun 43., Jan Dec. 15 1925.- 4;6% 100% 1001i 50 500 43 PhIla ' e," pref 100% June 15.1924.- 4% 100 Phila dr Read C & I w1.. 13,100 434 Jan 1 44% Jan 22 434 Jun 497, Jan Sept. 15 1926 434% 99% 100 Deo. 15 1924.-- 43I% 100% 100% ' 64 72', Jan 70% 24 Jan 21 70 Jun 200 pref.'. Jan prior Pierce-Arrow 10034 10011 Jun 101 Jan 25 95 700 95% Jan 21 101 Jan Pittsburgh Steel pref _100 Jan 19 9% Jan 10% Jan Pittsburgh UHL pref..10 1,000 9% Jan 22 10 The Curb Market.-The review of the Curb Market is Jan 4734 Jan 200 47% Jan 21 47% Jan 21 46 Prod & Ref Corp pref _50 50 200 28% Jan 11 26% Jan 23 25% .lan; 26% Jan given this week on page 402. Certificates Jan p1.100 100101% Jan 19101% Jan 19,100% Jan'102 A complete record of Curb Market transactions for the PS Corp NJ Jan 191 97% Janl 99 Jan 200 97% Jan 1 99 Pub gerv of N J 7% _ 100 will be found on page 423. week 114 Jan 114 21 Jan 21 Jan 1i Jan 114% 200114% _100 pref Spring Steel Thy • 100 154 Jan 24 154 Jan 24 15 Jan] 15% Jan DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET. Reis(Robt)& Co 100 94% Jan 24 94% Jan 24 94% Jan 94% Jan Simmons Co pref. _ _ _100 Jan 100% Jan BONDS(Par yaho). STOCKS (No. Shares). 100 100% Jan 24100% Jan 24 100 So Porto Rico Sug p1.100 Week Ending 100116% Jan 2511184 Jan 25116% Jan 116% Jan Superior Steel 1st p1.100 January 25, Ind 4311s. Oil. Mining. Domestic. FOl'It Govt. 41)0102% Jan 24 1024 Jan 25 1024 Jan 103% Jan The Fair pref Jan 21 34% Jan 21 3334 Jan ,Jan 100 34 Tranaue&WilliamSStl.• Jan207 55,815 61,285 Jan Saturday 89,825 100205% Jan 22205% Jan 22'05 United Cigar Stores_ _100 226.000 00 5!!3,000 51 67 58 Jan 23 21% Jan 23 1935 Jan 21% Jan 123,600 S3 68,200 163,817 214 200 _100 Paperboard_ United Mondayda y 0gt „0 32 Jan 56% Jan Tue. 575,000 126,095 84,870 159,135 • 100 58% Jan '24 56% Jan 24 55 US Tobacco 4 Jan 105% Jan Wednesday 689,000 136,920 68,595 108,745 10334 24105% Jatt 19 Jan 300104 pref. Impt & Realty US 235,000 Thursday 858,000 144.125 7 Ja 148,290 Jan 83,305 4% 23 Jan Jan 4 19 4 Va Carolina Chem B _• 2,700 149,000 571,000 Jan 33% Jan Friday 141,435 52,580 200,425 Jan 21 29 Jan 25 33 31 7 lii Van itaalte Jan1115 Jan Jan 21114%Jan 22 114 200 114 West Elec 7% cum pf 1 51,430,000 $3,603.000 Total Ja 762,000 391,360 51% 841,697 Jan Jan 25 47% West Penn Company..' 200 49% Jan 25 50 3004 90% Jan 19 90% Jan 19 89% Jan 90% Jan 100 Note.-In addition there were sold during the week 72,600 rights. Preferred 7% • Lowest. I Highest. Lowest. Highest. Week Ending Jan. 25. Stocks. Shares. Ragroati. Ac. Bonds. New York Stock Exchange-Stock Record, Daily, Weekly and Yearly 412 OCCUPYING FOUR PAGES For sales during the week of stocks usually Inactive, see preceding page HIGH AND 'LOW SALE PRICE-PER SHARE, NOT PER CENT. Saturday, Jan. 19. Monday, Jan. 21. Tuesday, Jan. 22. Wednesday, Thursday, Jan. 23. Jan. 24. Friday, Jan. 25.1 Sales for the Week. STOCKS NEW YORK STOCK • EXCHANGE PER SHARE Range Since Jan. 1 1924. On basis of 100-share lots PER SHARE Range for Previous Year 1923. Lowest Lowest Highest Highest per share $ per share 3 per share $ per share per share $ Per share Shares. Railroads. Par S per share share $ per per share $ share Per .31 • 37 .31 37 .31 37 .31 3712 *31 Ann Arbor preferred 37 .31 37 100 21 Sept 45 Feb 9818 98% 981s 9858 9818 9S3s 98% 98% 9812 9834 9712 9812 7.200. Atch Topeka & Santa F&_100 32 Jan 18 34 Jan 8 971s Jan 2 99 Jan 10 Oct 10514 Mar 94 8914 8912 891$ 8918 8918 8914 8878 89 8838 8814 8858 88% 1,300 Do pref 100 8612 Jan 2 8912 Jan 19 853* Dec 90118 Mar 214 214 2 214 214 214 2 2 214 2,4 2 218 2,600 Atlanta Birm & Atlantic...100 1% Jan 5 314 Feb 234 Jan 11 114 Aug 11212 11212 *11212 11312 *113 115 112 11238 112 114 11438 11438 800 Atlantic Coast Line RR..-100 112 Jan 23 115% Jan 7 10974 July 127 Feb 58 5838 5778 5818 5734 57% 5712 58 5738 5734 57% 583s 25,200 Baltimore & Ohio 100 5712 Jan 14 4014 Jan 6013 Jan 60 14 Dee 9 5834 5834 *5812 59 .5812 59 *5812 5834 5834 5834 5873 5878 Do pref 300 100 5814 Jan 12 5913 Jan 5 5534May 6074 Mar 1478 1514 1518 1513 1538 1614 1558 1614 1618 17 17 17% 45,500 Bklyn-Manb Tr ctfa---No per 1313 Jan 4 1738 Jan 25 Dee Oct 1412 914 5118 5138 50% 5118 5034 53 .52 5234 5234 5534 3314 56,4 23,900 Certificates, pref____No per 4834 Jan 3 5614 Jan 25 34% Oct 497 Dee 148 148 .147 148 14838 14838 14718 14712 *14712 148 148 14914 2,360 Canadian Pacific 100 14514 Jan 5 150% Jan 9 13934 Sept 180 Apr 7212 7212 7213 73% 7312 74 7312 7334 73 7312 73% 74 11,900 Chesapeake & Ohio 100 71 Jan 2 75% Jan 10 57 June 7611e Jan 101 101 *100% 101 •10058 101 .10078 101 101 101 400 10078 101 Do pref 100 9912 Jan 3 101 Jan 18 96 June 10474 Feb 314 414 414 41.1 4 4 414 4 4 4 3,200 Chicago & Alton 100 3 3 8 Jan 4 5% Jan 10 4re Dee 2 May 111s 11 11 1114 11 11 1012 11% 11 11 Do pre 2,200 100 934 Jan 3 1234 Jan 10 1211a Dee Pa Jan *2514 26 2514 2514 25 25 *2518 26 25 25 500 Chic & East Ill RR 100 25 Jan 14 27 Jan 10 5814 Feb Aug 19 5012 5012 .50 50 50 5012 50 50 '0 9 4934 5018 Do pref 900 .1;45:32 100 48% Jan 2 5113 Jan 8 45 25011:1 41612 Aug 6214 Mar *Ws 514 .5 5 53s 5 518 5% 700 Chicago Great Western-100 5,4 5,4 3,4 514 418 Jan 3 5% Jan 17 7 Feb 234 Oct 13 127s 13% *1234 1278 1214 1278 1214 1212 12% 12% 13 2,400 Co pref 100 1058 Jan 4 1338 Jan 9 6% Oct 17 Feb 1638 1634 16 1614 16 1612 1614 1612 1534 16% 11.500 Chicago Milw & St Paul-100 13% Jan 8 18% Jan 1 263g Oct Ma° 111.4 2618 2612 2558 2614 2578 2634 26 2638 2 16 613 2 16 Do pref 93 2 2512 2612 16,600 100 2318 Jan 3 28 2058 Dec 4514 Mar 52 5234 52 5214 5158 52 513s 5178 513 5134 5112 5134 3,900 Chicago & North Western_100 49% Jan 3 5234 Jan 1 Jan 1 4718 Dec 88 Mar 10312 10312 .101 104 •101 104 *101 103 .101 4 104 103 103 Do met 200 100 100 Jan 8 10312 Jan 1 971 Dec 11812 Mar 2412 25 24% 2414 243s 2478 24 2434 2414 2458 2438 253 , 8,000 Chicago Rock Id & Pacifici_100 2314 Jan 3 2738 Jan 1 1912 Oct 377g Mar 80 .7812 80,2 7834 7834 .78% 80 *78 *7914 80 7% preferred 7914 7912 400 100 77 Jan 2 83 Jan 1 72 Aug 95 Feb 68 •67 *67 68 .67 68 *6612 6712 *8612 6712 6612 6678 8% 'preferred 300 100 6558 Jan 2 69% Jan 1 6074 Aug 85 Mar 26 26 2638 2638 2612 2612 .2534 27 .26 2634 2612 2612 500 Colorado & Southern 100 20 Jan 2 26% Jan 1 17 Oct 45% Feb *10712 10812 *10712 108 •10719 108 •10712 108 108 108 10834 110 800 Delaware & Hudson 100 10712 Jan 4 110 9314 July 12412 Feb 112 112 112 11212 112 112 11214 11214 11212 11312 11313 11312 2,600 Delaware Lack & Western_ 50 111 Jan 12 11313 Jan 2 Jan 2 109% Oct 13012 Feb 25 2538 2513 25% 2538 2614 2518 2618 2512 2578 2513 2558 48,500 Erie 100 2034 Jan 3 2613 Jan 10% May 2234 Dee 3234 33 3234 33 33 33% 33% 3334 33 Do 1st preferred 3314 3212 3314 11,600 100 29 Jan 3 3414 Jan 15 Jan 3114 Dec 29 29 2838 29 29% 2912 .2834 2914 .2812 2914 *2812 2914 4,200 Do 26 preferred 100 25% Jan 3 29% Jan 1 05* May 2758 Deo 56% 57% 5638 5714 56% 57 57 5634 57 5714 5712 5838 10,400 Great Northern pref 100 .5438 Jan 3 59% Jan 505 Oct 80 Mar 2858 28% 28% 28% 2834 29 2834 2914 2834 2958 2912 295 Iron Ore Properties-No Par 28 Jan 15 30 Jan 1 , 3.400 35 Mar 25 July •15 151. .15 1512 .1414 1513 *1412 16 .1412 1512 1512 16 1,200 Gulf Mob & Nor tr otfe 100 14 Jan 3 1734 Jan cgs Aug 20 Mar *53 55 •5213 .54 5313 53,2 *53 5334 5313 54 Do pref 2,100 55 57 100 50 Jan 3 57 Jan 2 4474 Jan 6234 Feb 10212 10212 10218 10234 10212 103 10212 10314 10278 10314 103 10314 3,200 Illinois Central 100 10112 Jan 3 10312 Jan 1 9958 Dec 11712 Feb 1414 15 1434 1618 15% 1612 1534 16 1534 17,4 1678 1714 29,000 Interboro Rap Tran 100 1234 Jan 2 1714 Jan 2 913 June 2214 Mar 19% 1912 *1938 1912 18% 19 1812 1834 *75021 1814 75 10331 8: 14 1832 1914 4,000 Kansas City Southern 100 1814 Jan 3 2118 Jan 1532 July 247 ,Mar •5213 B3I2 52% 52% .5212 54 Do pref 100 *5212 .54 .5212 54 100 52 Jan 2 53 Jan 4858 July 5754 Mar • 6918 89% 7018 7214 71 .71% 69% 7114 7038 7238 56,600 Lehigh Valley 50 61 Jan 2 7238 Jan 2 54 June 713* Feb 8812 3814 8814 88 8814 *88 88 88 88 8818 8814 1.000 Louisville & Nashville 100 87% Jan 16 9012 Jan 1 8434 Oct 155 Feb 35% 3434 3512 35 34 *3412 35 35 35 3512 3518 3534 3,700 Manh Elevated, mod guar_100 3012 Jan 2 35% Jan 19 2713 Dec 4512 Apr 1078 . •10 97a 1114 1012 1012 1118 1112 *1114 1112 1112 1112 1,000 Market Street BS 100 9% Jan 71 Oct 22 Max 8 13% Jan 4 40 *3334 40 .35 3334 3334 35 Do prof 35 .34 40 .35 200 40 100 3212 Jan 8 40% Jan 5 23 Oct 6812 Mar 63 63 63 63 63 8318 64 6412 6438 64% 64% 6414 1,600 Do prior pref 100 63 Jan 8 7112 Jan 4 5612 Oct 87 Mar •22 30 23 23 2578 257s 2512 2613 2612 2612 25 Do 2d prat 800 2612 100 22 Jan 16 30 Jan 4 1458 Oct 5814 Mar 234 278 278 3 312 378 234 31s 3,4 37 334 378 14,900 Minneap & St L (new)_1Q0 91 Feb 138 Jan 3 3% Jan 23 178 Aug 12% 1238 12% 1278 1214 1212 12 1214 1218 1238 12% 1212 5,900 Mo-Kan•Texaa 1138 Jan 2 13 Jan 17 934 Oct 17 Feb 33 3338 32% 3312 3212 3234 *3214 3212 3212 3212 3234 33 Do prof 4,000 30% Jan 3 33% Jan 9 247 Oct 451k Feb 11% 11h 11% 11% 11 11h 1114 11h 1114 118 11 1138 5,500 Missouri Pacific trust etts-100 934 Jan 3 12 Jan 10 814 Oct 193* Feb 3212 3158 32 32 32 321 1 31% 3218 3212 3212 31% 32% 7,100 Do prof trust etfs 100 29 Jan 3 3414 Jan 10 2214 Oct 40 Feb *1h 2 134 134 1% 134 *11 2 172 .178 900 Nat Rys of Mex 26 prat 100 134 2 158 Jan 4 2 Jan 25 114 Nov 434 Feb 9672 97314 9612 9612 •96l4 97 9638 9678 9638 9678 9614 9714 2,600 New Orl Tex & Mex v t c 100 9534 Jan 4 97% Jan 10 8213 Aug 105 Mar 10218 10238 102 10214 10134 10238 10158 102 25,200 New York Central 10134 10214 102 103 100 101% Jan 15 10358 Jan 8 9013 May 10714 Deo *7714 781 i 7712 7838 7734 78 .7712 7814 78 781 1 2,300 NY C& St L new to w 1_100 76% Jan 4 7912 Jan 9 78 78 6712 Aug 801a Dee 86 86 86 8712 8712 8734 87,4 8734 8712 8712 8714 8734 2,800 Preferred w 1 100 86 Jan 2 8734 Jan 22 88 Nov 9513 July 1734 1812 1734 18,4 17% 1838 1772 1838 1814 1834 1814 1914 22,700 N Y N H & Hartford 100 1418 Jan 2 2034 Jan 10 958 July 2212 Jan •1814 1834 *18 1813 •1131/1 1812 .1814 1834 .18 N Y 100 1834 1878 18% Ontario & Western._.100 17 Jan 2 1978 Jan 9 1414 June 215* Feb 15 *14 14 14 14 14 14 14 .1214 14 14 14 700 Norfolk Southern 100 14 Jan 5 143 4 Jan 9 Sept 17 1838 Feb 104 104 .104 10412 103% 103% 104% 10452 •104% 105 105 108 1,400 Norfolk & Western 100 10212 Jan 3 106 Jan 25 100 July 1175* Feb 77 .70 1367 77 .65 73 *71 Do pref 73 73 *71 73 .71 100 77 Jan 11 77 Jan 11 72 Sept Aug 7813 5358 5334 5338 5373 53% 5313 53 5312 53 100 50% Jan 3 5434 Jan 10 5313 5314 54% 7,800 Northern Pacific, 493 Oct 811,Mar 4334 4378 4312 43% 4378 4418 4413 4412 4414 44% 44% 441. 15,600 Pennsylvania 50 4214 Jan 3 44% Jan 23 477k Apr 40% Nov •1012 12 •10 12 *10 12 •10 12 Peoria & Eastern *10 12 •10 12 100 1034 Jan 8 12% Jan 10 8 Oct 17 Mar 43% 4312 43 4312 4278 43 4278 43 4278 43 4234 4312 4,100 Pere Marquette 100 41 Jan 2 44 Jan 9 36 Jan 4714 June 72 .71 72 7212 72 72 .71 7212 7214 7214 7234 7234 Do prior prof 500 100 7134 Jan 9 7234 Jan 22 67% Oct 7634 Mar *59 6012 60% 6012 6012 60,2 6012 6012 61 Do pref 400 61 *61 100 60 Jan 4 61 Jan 12 6112 57% Oct 702 Jan 4234 44% 4218 43 4134 4212 4218 4334 43 4438 13,400 Pittsburgh & West Va_ _ _ _100 38 Jan 4 45% Jan 18 43% 43 33% Jan 503* May •8612 88 .8612 88 •86 88 .86 pref 88 .8614 88 Do 88 *86 100 8514 Jan 5 87 Jan 4 85 Dec 93 Jan 5714 5778 58% 5713 5534 56% 56,4 56,3 5634 57 6634 57% 13.600 Reading 50 5534 Jan 22 79 Jan 12 6812 JuD0 8118 Feb 3534 3578 36 3612 36 3618 36 Do 1st preferred 36% 36 50 83518 Jan 15 5612 Jan 14 3612 361s 3612 5,700 44 June 5612 Feb 3418 3438 3414 3438 3412 3412 3412 3412 3412 3412 3412 34h 2,820 Do 2d preferred 60 633% Jan 16 56 Jan 14 46 June 5634 Jan *3514 38 *3514 38 3514 35,4 *34 37 700 Rutland RR pref 35% 3712 100 32 Jan 3 3713 Jan 25 2213 Oct 39 Dec 2112 2158 21 21 21 2112 21% 2134 •374 3 25 1: % 3 1 3 22 75 5 : ,114 2214 2234 10,600 Bt Louis-San Fran tr ctfs 100 1914 Jan 4 22% Jan 25 1534 Oct 27 Mar .44 45 *44 45 4312 4312 •44 Do pref A trust ctfs 45 4434 4612 46 100 42% Jan 3 46% Jan 25 46% 5,000 3212 Jan 50 Mar 35% 3558 351s 3514 343 35 34% 35 3512 3634 11,000 St Louis Southwestern___ _100 33 Jan 2 3734 Jan 7 2513 Aug 3638 Feb 59% 59 .59 59 58% 59 ' Do pref 59% 1,300 100 37% Jan 3 6014 Jan 7 5834 5912 58% 5938 59 541 June 637k Mar *7 718 718 7,4 7 7 7 7 71s 71$ 1,200 Seaboard Air Line 100 614 Jan 2 712 Jan 4 434 Aug 712 Feb •1512 1534 •1512 1614 1573 16 1514 15% *1514 16 Do pref 1512 16% 2,100 100 1414 Jan 2 17% Jan 7 814 Aug 1534 Deo 87/2 8778 8718 87% 8718 8712 87 8714 87 8732 12,500 Southern Pacific Co 8714 87 100 86% Jan 3 8878 Jan 10 84% Aug 9514 Feb 4214 4212 4134 4238 4218 4258 4134 42% 4134 42 69,200 Southern Railway 4134 44 RIO 3812 Jan 3 44 Jan 25 2434 Jan 3918 Deo 68% 6858 6858 6834 6858 6834 6812 6812 6812 6834 6814 6834 2,600 Do pref 100 6634 Jan 3 69% Jan 17 63 July 701 Mar 211. 2112 2112 2112 2158 2134 2114 214, 21 21% 1,800 Texas & Paclflo 21 21 100 19 Jan 3 22% Jan 10 14 Aug 2912 Mar .1014 1012 101. 1114 12 1214 1112 1213 11 1212 1134 1214 6,400 Third Avenue 100 958 Jan 3 1213 Jan 23 812 Dec 1914 Feb *6414- 6618 .6412 6618 .64 66 1365 66 300 Twin City Rapid Transit_ _100 65 Jan 8 66 Jan 12 86 6512 66 *64 58% Jan 7712 June 12918 12914 129 12912 12912 12934 129% 12932 129% 12934 12912 130 5,000 Union Pacific 100 128 Jan 2 131 Jan 10 12412 Aug 144% Feb 73 73 73 73 73 73 7278 73 Do pref 73 7212 72% 800 73 100 7184 Jan 4 73% Jan 16 7014 Dec 7613 Jan •1014 1012 10 10% 1018 10% 1014 11 1012 1012 .1014 1012 1,300 United Railways Invest.._100 9% Jan 4 1114 Jan 5 778 Oct 217* Mar 3638 36% 3612 3612 3878 3678 3712, 3912 •38 Do prtf 100 3614 Jan 14 40% Jan 4 38 39 3914 1,800 26 Oct 62 Mar 12% 1278 1212 1234 1212 1234 1232 1234 12h 12% 15,600 Wabash 12% 13 100 1034 Jan 4 1338 Jan 10 7 Mar 12 Dee 3812 38 38% 39 38 3874 38 Do pref A 3812 38 3834 38% •3878 39,100 100 34 Jan 3 39% Jan 10 2314 Jan 3613 Deo 3125 26 26 26 25% 25% .25 Do pref B 26 26 300 *2514 26 26 100 2212 Jan 3 26 Jan 9 16% Jan 2334 Deo 10 1014 1014 10% 10 10 *978 10% . 19 77 58 8 10 1,600 Western Maryland 10 100 1758 10 9% Jan 2 1138 Jan 9 8 Sept 16 Feb 18 19 18 •1734 18% *1734 18 *18 4.1734 1814 Do 26 preferred 300 100 17 Jan 2 2014 Jan 10 14 Sept 2834 Mar 1,5% 15% 1513 1512 15 1514 •15% 1514 •1538 16 100 1434 Jan 2 1834 Jan 9 15% 15% 1,200 Western Pacific 12 Sept 2014 Mar 5834 6834 .5814 60 .5834 59 *5834 59 Do prof 2 58 400 7858 :3 19 100 58 Jan 7 59 Jan 14 5814 1873511.: 5 *58 53 May 6358 Mar 814 SIj 818 812 .838 81. .8% 85* 814 8% 2,000 Wheeling & Lake Erie Ry_100 712 Jan 2 9 Jan 17 6 Oct 10% Feb 18 1712 1712 1714 1734 1714 18 18 Do pref 1712 17% 1.200 100 1414 Jan 2 1914 Jan 17 10 Oct 19 Feb .3514 3534 35% 3534 *35 3512 34 3514 35 100 31 Jan 16 37 Jan 2 35% 3512 3512 4.800 Wisconsin Central 23 Aug 3878 Dec Industrial & Miscellaneous • *75 75 76 .75 76 75 •7512 76 7512 75'2 76 300 Adams Express 100 7312 Jan 2 7712 Jan 3 76 67 Sept 82 Mal 1012 .10 1078 *10 •10 1012 •10 1(112 1014 1014 1014 1011 200 Advance RumelY 100 10 Jan 14 1212 Jan 2 612 Oct 1912 Mar 38 3712 3712 *37 3812 •37 *37 Do Pre( 3812 •37 3812 37 200 :17 100 3614 Jan 10 4118 Jan 4 24 Nov 54% Jan 7414 7278 737 7478 73% 74% 7334 7434 7338 7412 12,800 Air Reduction, Inc..._ _No Par 6714 Jan 2 74% 74 73 Jan 22 July 56 7338 Mar 95s 10,4 938 973 914 91z 9,2 034 912 9514 6,700 Max Rubber, Inc 50 614 Jan 3 1012 Jan 11 9% 91z 414 Oct 14h Mar *12 t4 •18 14 v .18 18 14 14 18 "3 200 Alaska Gold Mines_____ 14 10 Jan 3 18 Jan 3 •78 38 Mar ',Aug *78 1 *f a *7 2 1 *78 1 1 •78 1 Alaska Juneau Gold Min__ 10 1 Jan 3 118 Jan 3 I% Oct 114 Oet 71% 7018 71 70 70 71 6934 70 70 7214 8,000 Allied Chemical & Dye_No par 693i Jan 23 7438 Jan 8 7038 70 59% Aug 80 Jan 11018 11018 *1101111111 •11014 11114 •11012 11118 11012 11012 11034 110% Do prof 410 100 11024 Jan 19 111 Jun 7 10514 Aug 112 Mar 4912 502 49 4912 4934 4912 503 4912 48 4834 4712 4812 10,900 Allis-Chalmers Mfg 100 4514 Jan 3 5012 Jan 22 June 37% Feb 5114 9512 *95 9634 .95 *95 Do pref 9612 *95 9512 *95 951: 95 200 100 9278 Jan 9 9634 Jan 17 95 89 Nov in% Jan 16 15 15 1534 1534 1434 1.534 15 5.400 Amer Agricultural Chem100 14 Jan 15 17 Jan 2 1478 1518 15 15 1018 July 3073 Feb 43 4534 4312 44 4338 44 4278 45 Do pref 4112 43 4034 4214 5,700 100 40% Jan 25 49% Jan 9 2814 Oct 68% Feb 102 103 103 103 •100 105 .100 105 .100 105 1023.1 103 600 American Bank Note 50 98 Jan 8 10834 Jan 14 Jan 100 Nov 77 •5112 5414 .5113 5414 .51 .54 •5112 5414 .52 Do pref 54 5414 •51 50 54 Jan 16 .54 Jan 16 6013 June 5514 Aug 41 .4012 41 .40 42 4212 4278 4434 4312 44 41 41 6,100 American Beet Sugar 100 4012 Jan 15 4434 Jan 24 25 Aug 4913 Feb 351 1 3312 34 30 3612 35 3378 35 35 34 35 3512 3.300 Amer Bosch Magneto..No par 33,2 Jan 22 3834 Jan 7 22% Oct BO Mar 79 78 79 78 7814 7934 8012 8113 81 •79 7938 1,300 Am Brake Shoe & F__ _No par 77 Jan 3 8178 Jan 7 Sept 8314 Feb 8133 6918 .105 10814 *105 10814 .105 10824 .105 110 .105 110 .105 110 Do prat 100 108 Jan 7 108 Jan 7 102 July 110 Jan 106 10612 10478 10634 10638 10814 10714 108% 10814 11034 11013 11214 139,200 American Can 100 10318 Jan 3 11214 Jan 25 Jan 10738 Deo 7312 Do prof 111 11134 1,700 11134 11134 111 111 .111 111711 111 111 *110 111 100 109 Jan 8 11134 Jan 18 106 Sept 115 Feb 16413 165 185 167 •163 165 .163 164 31183 164 16812 17472 4,600 American Car & Foundry.100 161 Jan 3 17478 Jan 25 14814 July 189 Mar •120 12034 120 120 *11914 12034 •11914 12034 11912 119,2 12034 12034 Do prof 100 119 Jan 18 121 Jan 5 117 Sept 12572 Jan 300 23 23 23 23 23 23 23 23 2312 23 23 800 American Chain. cl A__._25 2214 Jan 8 23% Jan 12 .23 2038 June 2512 Mar 1712 173* .17 1734 1712 1734 17% 1718 *1712 1734 •1712 19 No par 900 American Chicle 16 Jan 2 2012 Jan 7 17% Nov 514 Jan American Cotton Oil 100 334 July 2034 Jan Do pre/ 100 -14 May 3834 Jan -8-1-8 6 5- ,66 Amer Druggists Syndicate.-19 514 Jan 2 618 Jan 5 413 Sept 7318 Feb *95 99 98 9834 9834 99 9914 9911 .98 900 Amer can Express 99 99,2 96 100 9518 Jan 16 10312 Jan 7 87 Nov 14312 Mar 1134 1134 1114 1114 1112 1214 1214 1258 1211 1238 4,600 American Hide St Leather-100 .1112 12 gh Aug 13% Mar 9,8 Jan 2 1258 Jan 24 5412 5414 5512 55 5834 57 54 Do pref 5734 56% 5738 12,300 100 5012 Jan 3 5734 Jan 24 2934 Aug 74% Mar 5.3,8 • 231. 23 233 , 2234 231 . 233* 233* 2234 2418 10.300 Amer International Corn. .100 22% Jan 2 25 Jan 9 16 Sent 3312 Mar 233 2334 23 •Bid and asked prices. X Ex-dividend. b Ewialus. New York Stock Record-Continued-Page 2 413 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, Jan. 19. Monday. Jan. 21. Tuesday, Jan. 22. Wednesday, Thursday, Jan. 23. Jan. 24. Friday, Jan. 25. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE PER SIIARE 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 $ epr share Per share $ Per share $ per share $ Per share $ per share Shares. Indus. & StIscell. (Con.) Par $ Per share $ Per share 78 Oct 1114 Apr 100 86 Jan 14 93 Jan 8 200 American Ice 8812 8812 88 88 *8714 88 88 *88 8814 83 •88 89 8212 7734 Oct 89 Feb Jan 17 pref Jan 3 Do 100 81 200 8212 8212 8212 8212 *8212 8234 *80 *80 8214 •82 84 .80 13 Mar 1018 July 10 10% Jan 18 1214 Jan 9 4,800 American La France F E 10% 11 1034 11 10% 10% 10% 1078 11134 1034 1034 11 Oct 38 Mar 13 100 1812 Jan 2 2238 Jan 14 2,500 American Linseed 20 1934 2018 20 20% 2012 19% 2018 1978 2012 2014 203 2812 Oct 69 Feb 100 36 Jan 4 45 Jan 14 Do pref 900 4134 4134 42 42 4212 415 4234 42 41 4312 41 *42 7614 Dec 6434Ju1y 7412 12,700 American Locom, new No par 7258 Jan 21 7512 Jan 8 734 734 72% 7318 7234 7318 728 7338 73% 74% 74 Do pref 100 11734 Jan 8 11911 Jan 24 11412 Sept 122 Feb 600 11834 11914 *11834 120 11812 11812 119 119 *11834 120 *11834 119 40/ 1 4 June 5573 Mar 500 Amer Metal temp ctfs_ _No par 4258 Jan 3 4512 Jan 23 45 4512 *4514 4512 *4412 4512 "4434 4512 *4412 4512 *4412 45 'an 97 Dee 76 25 9412 Jan 16 103 Jan 7 9918 9912 10134 100 10012 1001, 10178 10112 10258 7,600 American Radiator 98 9812 99 478 -dna 94 Feb 878 Jan 9 814 Jan 3 612 6% 2,200 American Safety Razor__ _ _ 25 614 614 612 Ps 612 612 6,4 6,4 612 612 10% July 2158 Jan 4,500 Amer Ship & Comm_ -No Port 1158 Jan 2 1518 Jan 9 1358 1334 1358 1334 1334 14 1414 13% 1414 1334 14 14 Oct 6913 Mar 511 / 4 8 Jan Jan 14 Smelting & 100 607 8 5712 Refining. Amer 9,200 .593 4 59% 5912 5914 58 58 5818 598s 5734 58% 6758 58 93 June 10258 Mar Do prof 100 96 Jan 2 10014 Jan 24 10014 10014 99% 10018 2,600 9978 100 99% 9978 100 •99 *99 100 4073 Mar 315* July 37% 3778 37% 3818 3,500 Am Steel Fdry tom ctfs_33 1-3 37 Jan 3 3814 Jan 2 3734 37% 3712 37% 3712 3712 3712 375 / 4 Feb 9771 Aug 1051 100 102 Jan 3 104 Jan 21 Do pref temp ale 200 104 104 *103 104 *103 10414 *103 104 *103 104 *103 104 Feb 48 Oct 85 55 5518 55 5733 567,8 5714 5534 56% 7,600 American Sugar Refining_ _100 5414 Jan 3 5838 Jan 11 55 55 5534 56 92 Dec 1083 4 Jan *9712 99 100 Jan 18 prof 9612 Jan 7 9912 Do 9712 900 *98 99 98 98 97 9712 9712 98 9834 16 July 100 2034 Jan 2 2312 Jan 9 3858 Feb 24 *24 2,500 Amer Sum-tra Tobacco 25 25 2478 257 25 25 25 25 25 25 100 59% Jan 4 69 Jan 16 3212 July 6534 Feb Do pref *60 70 *64 70 *60 6972 *60 70 70 63 70 .60 100 12518 Jan 2 12912 Jan 14 11918 June 12834 Dec 12812 12834 12838 1253s 12818 12838 12814 12833 1283s 12812 12812 12838 4,500 Amer Telen & Teleg Jan 8 14014 July 1811 Feb Tobacco 100 14318 Jan 3 1517 8 2,400 American 1497g 14978 150 15134 149 150 150 15078 14912 151 *149 150 100 101% Jan 2 1024 Jan 18 10018 Nov 1057 Mar Do pref 300 102 102 *10112 10212 *101 10212 102 102 *101 1021 102 102 100 Jan 14 149 Jan 9 140 May 159% Feb common Class B 147 Do 14814 148% 2,100 14834 14812 14818 14834 148 148 148 148 148 1488 274 Jan 4454 Apr 100 4012 Jan 3 4378 Jan 8 *4212 43 600 Am Wat Wks & El v t 13 4212 4134 4134 4112 41381 *4112 43 4212 42 *42 8514 July 93 Jan Do let pref (7%) v t c_100 9038 Jan 4 9112 Jan 21 300 91 9112 9112 *9058 9112 .91 9112; *91 9112 91 9112 *91 4813 Jan 6712 Dec Do panic p1(6%) v t c.100 6818 Jan 3 6878 Jan 7 67 *6612 6784 *6612 6734 *6612 6734 *6612 6734 *66 6784 *65 100 7213 Jan 4 7878 Jan 11 65 Oct 10938 Mar 7512 7518 7512 7512 761a 7538 7658 12,400 American Woolen 7514 7534 743 7512 75 100 100 Jan 4 10258 Jan 19 Oct ee 114 3134 an 985 11 :D Do prof 500 102s 10258 *10134 10312 *10134 10212 1017s 1017g 10134 10134 102 102 4 Jan 7 Mar 258 Jan 2 200 Amer Writing Paper prof..100 358 312 312 *3 358 358 358 *31 . 358 *3 *314 358 612 Oct 1914 Feb 97 10 *9 914 912 912 *9 934 914 978 9 912 8 Jan 5 10 Jan 12 1,300 Amer Zinc, Lead & Smelt._ 25 2414 Dec 5814 Feb 25 29 Jan 4 34% Jan 14 100 Do pref 3212 3012 3012 *32 3212 *3018 33 *30I8 3212 *31 3212 *31 3834 Jan 24 g238 Oct 6311 Mar 3634 3712 36s 3738 3714 383g 3814 3834 3814 3834 35,000 Anaconda Copper Mining_ 60 3858 Jan 1 3678 37 100 9214 Jan 2 9318 Jan 21 8834 Oct 9414 Dec 94 1,200 Armour, pref 93 93 93 93 93 *93 93 9318 9318 93 93 No par 1013 Nov 1234 Jan 15 Jan 9 1834 Oct 134 134 1318 13 13 1234 1234 *1234 1312 *1234 1314 1,000 Arnold Constable 13 82/ 1 4 Jan 89 Mar 82Ig 84 8412 6,500 Associated Dry Goods____100 79 Jan 15 8112 Jan 25 8012 8012 82 84 8012 8012 8038 8012 80 100 85 Jan 15 86% Jan 25 82 Nov 89 Feb 100 Do let preferred *85 86 87 *85 87 *85 87 *85 87 8634 8834 *85 100 89 Jan 2 93 Jan 24 84 Oct 9311 Feb *9112 93 Do 2d preferred *9112 93 *9112 93 *9112 93 100 93 93 ' 09113 93 25 2812 Jan 10 33% Jan 21 291 31; Dec 247 18 2 Oct 3158 32 3178 3214 87,240 Associated Oil, new 3014 3114 3112 3358 3114 3338 3138 32 178 Jan 2 Nov No Par 118 Jan 15 Feb 114 138 114 *114 700 Atlantic Fruit 134 114 17g Da *1.313 112 158 138 34 Mar 914 July 1512 1514 158s 1434 1473 15 *15 15 15 153* 1558 1534 1,500 Atl Gulf & W I SS Llne__100 1338 Jan 2 1634 Jan 9 100 1212 Jan 4 1334 Jan 9 u lt; i Ju elpyt 13 23 712 M 1,900 Do pref 33 842 s 1212 1212 1212 1212 *1238 1278 1212 1212 1314 1358 1212 13 100 12834 Jan 4 13434 Jan 14 13112 13112 *13112 134 132 132 700. Atlant °Refining 132 132 133 133 132 132 100 117 Jan 23 117% Jan 10 115 May 120 Jan Do pref 100 *11612 11734 *11612 11713 *117 11712 117 117 "11714 118 *117 11712 2512 2612 2612 2734 27 17 July 3513 Jan 27 27 2634 27 28 274 8,000 Austin, Nichols & Co--No Par 2512 Jan 23 30 Jan 9 28 *8012 8712 *86 100 86 Jan 4 8814 Jan 24 GOO Do pro 7834 June 8912 Jan 8712 *86 8712 87'2 8655 8658 8712 8814 "86 78 No par 658 Jan 15 812 Jan 2 7 658 Dec 2814 Apr 7 *63 7 *634 7 712 712 1,800 Auto Knit *634 7 7 12114 1234 12218 12338 12258 12312 12314 12534 125 12512 65,500 Baldwin Locomotive Wks..100 12114 Jan 21 12758 Jan 11 11012 Aug 14414 Mar 12218 123 100 111 Jan 4 12112 Jan 12 111 *11212 _ 11212 11212 *113 _ -_ *11212 ____ 100 Do pref Apr 116% Jan •112 Barnet Leather No pa 26 Jan 9 26 Jan 9 55 Feb /a 35 25 -35 *25 35 2012 Dee *25 -35 *25 3 . 5_- *25 35 97 Aug 35 Mar 1518 Jan 7 1834 Jan 18 173* 1818 1712 183* 1612 177 19,400 Barnadall Corp. Claee A__ 2 1712 183* 1738 1812 1714 18 2 10 Jan 7 13% Jan 18 Jan Do Class B Oct 22 . 1318 1314 13 1,900 6 1338 1358 13 1334 1318 131 13 13 13 *12 14 14 14 *12 14 *12 14 *12 14 *12 14 18 Jan 2 2 18 July 58 Aug 600 Batophas Stifling 14 Jan 17 *554 57 54 Jan 24 59 Jan 5 54 5512 *5512 57 600 Bayuk Cigars, Inc ____NO pa 50 June 6214 Apr 5538 553* 5512 5512 *5512 57 20 5318 Jan 57 Jan 9 184 Dec 8414 Mar 5534 5534 553* 5512 56 57 56 5812 56 5812 5513 5618 4,400 Beech Nut Packing 100 53 Jan 3 5634 Jan 25 41% June 70 Mar 5412 5514 5458 547 55 5514 5438 55 5434 5512 555 5634 30,900 Bethlehem Steel Corp / 4 Mar Do cum cony 8% pref_100 108 Jan 7 108 Jan 7 16014 June 1111 •103 107 *103 107 *103 107 *103 107 *103 108 *103 107 Preferred new 100 9012 Jan 9 93 Jan 14 974 Mar "9112 92 92 1,900 87 July 9112 9178 913* 9218 *91 92 917 9134 92 74 Jan 6 Jan 74 Jan 9 3% Oct 612 6 6 1,100 Booth Fisheries No Par 6 6 *6 612 612 612 .638 6s *57 97 Mar British Empire Steel 100 3 Dee *4 458 *4 458 *4 458 *4 5 *4 5 5 *4 100 Do lot preferred 5214 Dee 6912 Mar •_ 50 Do 2d preferred 100 1338 Jan 18 1578 Jan 11 1218 Dec 2612 Feb .1278 1412 *1212 14 *1212 14 *1214 1334 *13 1334 *1214 14 100 111 Jan 2 11534 Jan 9 10414 May 12113 Jan 11412 1147* 3,300 Brooklyn Edison, Ins 11334 11414 11378 11378 11312 11334 11312 11534 11378 114 100 11914 Jan 3 12958 Jan 23 10312 May 128 Feb 126 12634 5,000 Brooklyn Union Gas 12518 12634 125 1258 125 12958 126 126 12412 126 4138 Oct 6578 Apr Brown Shoe Inc 100 4914 Jan 3 5312 Jan 9 *4712 52 *4712 51 *4712 52 *4712 51 *4712 52 *4712 52 104 Jan 3 1074 Jan 18 100 Sept 14414 Mar 200 Burns Brothers 10612 10714 *104 107 *104 107 *104 107100 •105 107 "104 106 2112 Sept 43 Jan Do new Class B com 24 Jan,3 2518 Jan 18 500 2438 2412 *24 2438 24 245* *24 2458 2458 2412 2412 *24 414 Oct 1114 Feb .5 Jan 3 6 Jan 10 534 534 2,300 Butte Copper & Zinc v t o__ 51 514 514 53s Ps *54 54 512 534 514 512 1314 June 22 Aug 100 19 Jan 3 233* Jan 23 2012 2134 2184 2134 2114 2314 223g 2338 22Ig 2212 2114 2212 9.200 Butterick 127s Oct 3773 Mar 10 1518 Jan 2 19 Jan 24 2,700 Butte & Superior Mining 1818 19 1658 1658 *1688 1634 17 18 1834 19 17 17 414 Jan 19 918 Feb 2 Jan 2 114 Nov 418 414 4 4 334 334 14,000 Caddo Cent 011 & Ref _No par 3 414 34 312 334 4 77 Aug 87 Feb 84 *83 837 837 8412 8412 1,400 California Packing____No par 82 Jan 2 8612 Jan 5 837 84 833* 8338 8312 84 171g Sept 2938 May 2558 2578 2512 2614 2534 26% 2534 2814 26 2658 2638 2714 62,600 California Petroleum, new 25 244 Jan 4 2714 Jan 25 100 9912 Jan 4 102 Jan 25 9012 Sept 11012 May Do prof •9912 1001 *99 IOOlz 100 10014 100 100 10114 102 1,900 100 101 *514 10 458 Jan 2 578 Jan 9 334 Oct 128 Feb 558 514 2 558 2,000 Callahan Zinc-Lead 511 512 5% 58 10 4378 Jan 7 4918 Jan 24 42 Oct 86 Mar '43% 451 *4358 4514 .435; 4518 *447 458 49 1,400 Calumet Arizona Mining 4534 4918 48 33 Jan 22 1 212 Jan 16 *214 4 112 Dec 958 Feb *212 4 900 Carson Hit I Gold 258 358 '258 312 *212 312 *213 4 No par 14 Jan 11 14 Oct 1 D2 434 Feb 1 114 *1 34 Jan 8 114 114 *1 112 114 138 1,000 Case (J I) Plow 138 85 *74 *74 Case (J I) Thresh M pf al_100 75 Jan 9 77 Jan 11 Oct 85 Apr 78 78 *74 78 *74 78 *74 78 *74 78 100 135* Jan 2 173* Jan 18 1634 171 1618 1678 1612 1678 16 958 Nov 4012 Mar 17 7,400 Central Leather 1634 1678 1714 17 100 375 Jan 2 445 Jan 8 Do pref 42 2818 Nov 79% Mar 4312 433 42 4214 4234 42 4314 434 437 427 4314 3,900 45 453 4434 45 3612 Oct 5013 Mar 45 4634 1714 4714 18 15,300 Cerro de Pasco Copper_No par 4134 Jan 21 48 Jan 25 4514 4558 468 6138 621 43 Oct 76 Mar 5918 6114 5934 6114 6058 61% 6112 6334 614 6258 16,600 Chandler Motor Car__ _No par 5918 Jan 21 6612 Jan 2 Chicago Pneumatio Tool__100 8234 Jan 7 84 Jan 8 "8312 84 *83 84 *8312 84 *83 8414 *83 84 7513 June 9034 Mar 84 *83 25 27 Jan 12 2814 Jan 2 2734 2734 2738 2734 2714 2758 2712 2734 2758 28 2734 277 23,000 Chile Copper 2418 June 3038 Mar ___ 5 1714 Jan 21 20 Jan 5 1712 17% 1714 1734 1712 1734 1734 185s 1878 1918 1834 1914 14,300 Chino Copper 1434 Aug 317 Mar 73 / 4 Jan 14 7412 Jan 7 72 *7134 7213 713 72 7134 7112 72 1,500 Cluett, Peabody & Co___ _100 701 60 July 7614 Mar *6834 704 '70 74 No par 7212 Jan 21 7712 Jan 2 74 7212 74 7312 74 74 7334 74 74 7313 7617 10,800 Coca Cola 651 / 4 Oct 83% June 26 2612 2512 2512 2612 2612 2612 2878 2812 2914 19,000 Colorado Fuel & Iron 100 2914 Jan 25 2914 Jan 25 265s 27 20 Oct 353 May 5312 5258 Columbia Carbon Vs par 545 8 5284 55% 54 5314 5334 525 53 5314 5234 531 49$8 Jan 2 Jan 18 7,400 41 Oct 5112 Dec 3614 35 3534 3512 361 18,900 Col Gas & Elea, new___No par 3434 Jan 14 3612 Jan 8 3534 Ma 351g 3658 3514 3512 35 30/ 1 4 June 3784 Apr ______ Columbia Graphopbone No par 278 Feb --- - ---- ____ ____ __-_ ---- ---- ---- ---- -_ 4 Oct 100 1,1 Oct 1212 Jan - 9558 -9558 li38', -ki4 963-4 W 971-2 _ 6,000Computing-Tab-RecordNo par 91% Jan 14 99 Jan 9 67 June 9714 Dec 6,08 -953.4 95 41114- -9E08 No par ___ Congoleum c4412 Dec 18438 Nov ...,-2 164 _ -3-,600 Consolidated Clgar___ _No par -igis 1-614 "ii- -19-3-4 wiii2 19-1; "ii- -18-5-81 -iiis 1812 -iii 17% Jan 24 2218 Jan 14 14% Dec 39% Jan 74 7778 7378 7412 75 Do pref 75 74 74 70 7214 *70 100 6914 Jan 3 84 Jan 15 75 1,700 60 Dec 83 Feb 6584 102,500 Consolidated Gas(N Y) 100 6078 Jan 2 6734 Jan 23 634 6112 6312 6414 8358 6418 6314 6734 6478 6534 65 5634 July 6958 Feb 73, 75* 758 778 758 778 6 Jan 2 712 758 712 75* 738 712 5,100 Consolidated Textile___No Pa 8 Jan 5 6 Oct 1412 Feb 537 557 543 553 554 5534 851 4 5678 21,100 Continental Can, Ine 5514 53 100 5312 Jan 15 60 Jan 8 4278 Slay 57% Dec 738 734 71z 734 712 758 7/ 1 4 75s 74 5712 6'8 57 718 Jan 2 8 Jan 16 614 712 7,400 Continental Motors_ __No par 5 Oct 1214 Jan 17013 174% 175 17912 17614 133 15984 16034 161 1703 16714 172 100 15238 Jan 4 183 Jan 25 11438 July 18012 Dec 71,100 Corn Products Refining 118 118 *117 120 "116 120 '116 120 *117 120 ;"116 120100 Do pref 100 118 Jan 5 12012 Jan 3 1154 Nov 122% Feb 3534 36141 3558 3758 39,600 Coaden & Co 355 364 3513 3614 3512 36 No pa 3438 Jan 3 37% Jan 25 3534 36 2234 Sept 6214 Mar 8614 8512 0618 6534 6614 6612 6714 67 85 67 68 13,400 Crucible Steel of America__ WO 65 Jan 21 6812 Jan 10 66 6712 Sept 844 Mar 9012 *90 9012 9012 9012 9012 9012 9012 9012 Do prof 9012 *90 300 •90 100 89% Jan 9 9012 Jan 17 8534 Aug 9412 Mar 147 155* 1534 1838 1018 1718 27,900 Cuba Cane Sugar 147 15 1514 147 15 No pa 15 1412 Jan 15 1718 Jan 25 812 Aug 20 Feb 8278 82 (127 63 645 84 6714 6678 8812 49,500 Do prof 100 6078 Jan 4 6812 Jan 24 6234 6314 62 3312 Aug 6512 Dec 3412 3512 3512 364 3534 3638 43.250 Cuban-American Sugar.....' 10 33 Jan 4 3,3314 Jan 25 3414 345* 3412 347 3412 347 23 Aug 37% Feb 9912 98 98 *97 98 *97 98 "97 98 *97 98 Do pref 100 *98 100 96 Jan 4 987s Jan 15 Apr 92 July 106 7 718 812 658 •612 678 67 638 65s 612 612 7 718 Jan 19 1,700 Cuban Dominion Sugar No pa 612 Jan 22 3 July 1214 Mar 5012 *46 505 50 5012 5012 5012 49 49 5034 .49 1.2001 Preferred 100 47 Jan 3 51 Jan 17 50 30 Aug 5812 Mar 71 711 7213 727 No par 70 Jan 7214 7414 7214 7334 6,600 Cuyamel Fruit 725g 7278 7014 72 7412 Jan 3 5413 July 7212 Dec 6312 6412 5914 6418 41,500 Davison Chemical v t c_No par 5914 Jan 25 6912 Jan 8 6712 6434 6714 6538 67Ig 6218 637 66 20% May 8114 Dee *1814 1938 *1734 19 1814 1814 *1734 19 *1734 19 500 De Beers Cons Minee No par 1814 Jan 21 "1814 19 1878 Jan 2 1834 Dee 28 Mar 108 10714 108 10714 Detroit 10714 108 Edison 10712 107 2,400 100 10512 Jan 7 10814 Jan 10 1004 June 111 Mar 10718 1074 10718 1074 Dome Mines. Ltd 10 3034 May 444 Jan iff 10938 1-0.9-1-2 *10914 1104 HO- iicr 110-12 1-1-63-4 _ 1,&-x0 Eastman Kodak Co___No per 1034 Jan 14 11212 Jan 8 8934 Jan 116% Apr joii, 110 2378 •23 2318 2318 2312 2313. •23 24 2378 2318 2318 200 Eaton Axle cx Spring__ No par 2234 Jan 3 2418 Jan 8 *23 20 Oct 27 July 13012 132 131 132 7.000 El du Pont de Noes & Co_ _100 12812 Jan 14 134 Jan 2 10614 Jan 1484 Apr 130 13012 12914 129% 129 13018 12913 130 61 61 6138 6118 62 6112 6112 6178 61 2,800 Elea Storage Battery_No par 5912 Jan 15 6212 Jan 5 1 4 Mar 60% 6058 61 62 July 87/ 1214 1214 *1214 1284 1,100 Elk Horn Coal Corp 50 1214 Jan 1 1214 1213 1214 1212 "1214 1234 *1214 13 1234 Jan 8 1214 Dec 2034 Jan 100 234 234 '238 234 *238 234 •238 234 *232 234 300 Emerson-Brantingham 713 Feb 112 Jan 3 318 Jan 9 58 Dec 234 234 85 8534 65 65 6512 65 65 1,800 Endicott-Johnson ao 64 Jan 3 6712 Jan 16 58% Oct 94/ 6814 6512 6512 *65 1 4 Jan 65 *11314 Do Prof 100 113 Jan 3 115 Jan 17 110 _ *11314 100 1144 11412 *11314 ---- *11314 ____ •11314 Jan Oct 118 Exchange Buffet No par 22 Jan 11 2288 Jan 12 •2112 2212 *2112 2212 *2112 2212 *2112 -2212 *2113 2212 Jan *2112 23 19% Dec 31 6914 7058 65 6978 6414 6718 41,000 Famous Players-Laaky-No par 8414 Jan 21 7212 Jan 17 Jan 62 Oct 93 7118 7112 703g 7112 7058 71 Do preferred (8 %)_ _ _.100 8834 Jan 25 91% Jan 14 600 92 *9012 9112 *9012 9112 *9012 9112 8912 9012 8834 8978 *90 82 Oct 99% Feb 11 "912 11 *9 11 .0 11 1118 *912 11 200 Federal alining & Smeirg-100 918 Jan 10 1118 Jan 24 *9 11 5 June 13 Nov Do Prof 4412 4434 4434 447 45 4734 4514 45,4 3,400 100 1112 Jan 4734 Jan 24 444 4412 •1134 45 3414 June 6012 Feb No par 1112 11% 1112 1112 1112 1234 1212 1314 17,400 Fifth Avenue Bus 912 Jan 1338 Jan 26 714 Sept 1033 Jan 1238 1113 12 12 163 167 18614 167 16614 16712 2.000 Fisher Body Corp No par 163 Jan 23 174 Jan 4 140 July 21214 Jan 16514 16514 *1638 168 *16614 170 99 99 9858 "98 9814 9814 *98 100 Fisher Body Ohio pref__ _100 9814 Jan 24 9813 Jan 10 99 *98 94 July 102% June 98% *98 *933 101 10 No par 078 9% 10 10Ig 1018 1038 3,200 Fisk Rubber 10 814 Jan 1034 Jan 16 10 5% Oct 1612 Feb 10 10 No par 4414 Jan 2 4912 Jan 10 37% Feb 4714 May 475a 4814 1814 4812 4814 4938 4812 4914 4812 4812 9,000 Fleischman Co 48 43 • Bid and asked prima; no Bales on this day. c Ex 300% in stock. z Ex-dividend. New York Stock Record—Continued—Page 3 414 For sales during the week of stocks usually inactive, see third page preceding HIGIZ AND LOW SALE PRICE—PER SHARE, NOT PER CENT. Saturday. Jan. 19. Monday, Jan. 21. Tuesday, Jan. 22. Wednesdah, Thursday, Jan. 23. Jan. 24. Friday, Jan. 211. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1 1924. On basis of 100-share lots PER SHARE Rangefor Previous Year 1923 Lowest Highest Lowest Highest Indus. & Miscall.(Con.) Par Per share per share Per share per share Foundation Co .No par 67 Jan 25 68 , 4 Jan 5 5812 Oct 7832 July Freeport Texaa Co.._.No per 1113 Jan 19 13% Jan July 7 22 Jan 911 Gen Amer Tank Car--No Par 4318 Jan 14 4614 Jan 2 3812 Oct 7171 Feb General Asphalt 100 39% Jan 4 4618 Jan 17 23 Aug Ma. 54 pref Do 100 7134 Jan 3 761: Jan 14 60 Bent 83 Ma. General Cigar,Inc 100 911 1 Jan23 0724 Jan 10 8013 June 97% D • Debenture preferred_ _ __100 106 Jan 3 107 Jan 11 10414 Nov 110 Ai. 60.400 General Electric _100 10312 Jan 3 22178 Jan 25 167 , 8 Sept 20214 Dec Special 6,400 10 1034 Jan 2 1118 Jan 21 104 Oct 12 Jan 71,400 General Motors Corp No par 1434 Jan14 15% Jan 7 1234 June 1712 Apr Do pref 100 8118 Jan 4 79 July 89 Apr Do Deb stock (6%)_100 81 Jan14 83 Jan 10 1.200 7834 July 90 Apr Do Deb stook (7%)-100 98 Jan 7 8314 Jan 11 501) 9912 Jan 17 93114 Oct 105 Apr 2.300 Gimbel Bros No par 48 Jan 4 51% Jan 10 June 3912 514 Apr 500 Glidden Co No par 858 Jan 9 1958 Jan 11 6 Sept 1238 Feb 400 Goldwyn Pictures, new_No par 9 Jan 2 8 Nov 2212 June 2.600 Goodrich Co(B F)____Ne per 2214 Jan 2 12 Jan 9 283 4 Jan 10 173 2 Oct 4118 Mar Do pre! 700 100 75 Jan 8 80 Jan 17 6734 Oct 9213 Mar 2,000 Goodyear Tire, pre! 100 39 Jan 4 49 Jan 8 35 Oct 6212 Apr Prior preferred 200 100 8814 Jan 2 Jan 12 88 Oct 99 Feb 5.500 Granby Cons M,Sm & Pow 100 1358 Jan 15 93 1812 Jan 7, 12 Oct 33 Mar 1,300 Gray dt Davis, Inc—.No per 712 Jan 2 9% Jan 11' 634 Dec 15% Mar 1,600 Greene Cananea Copper_ 100 1418 Jan 21 1614 Jan 8' 13% Dec 34% Mar 1.800 Guantanamo Sugar_ _.No Pal 8, 4 Jan 7 711 Jan 2 5 Sept 1414 Feb 36,000 Gulf States Steel tr ate__ _100 8034 Jan 4 8514 Jan 10 66 June 1041% Mar 2,700 Habirshaw Elea Cable_No pa 58 Jan 2 1% Jan 8 14 Aug 2% Jan Hartman Corp 100 -;13 7984 Nov 9478 Feb 4858 4712 4858 4858 497 48 488g 4814 5033 49 50 41,300 Hayes Wheel 100 40 Jan 3 50% Jan 24 . 31 July 44 Apr Hendee Manufacturing-100 12 July 23% Feb *5512 56 56 56 56 *56 58 *55 58 *55 200 Homestake Mining 58 100 55 Jan 14 5612 Jan -5 54 Dec 7978 Jan 3333 334 3314 3314 3314 3314 3384 3384 3334 3334 3312 34 1,430 Household Pro No pa 3314 Jan 21 3412 Jan 2 28% July 394 Mar 69 681 : 7114 70 69 717 70 7114 7014 71 7214 17,500 Houston 011 of Texas 71 100 674 Jan 15 7214 Jan 25 40 , 4 Aug 78 Feb 2734 2772 2714 274 27 2733 27 2738 274 2712 273* 2713 0,900 Hudson Motor Car___ -No 27 Jan 22 28, 4 Jan 7 June 32, 20 •1612 1634 1614 1634 1612 1612 1633 1612 164 1612 1612 1612 7,800 Hupp Motor Car Corp..._ Par 4 Mar 10 1612 Jan 9 18 Jan 2 1518 Dec 3014 Apr 14 1 14 14 114 114 118 114 1 84 1 14 114 1 114 3.500 Hydraulic Steel No pa 12 2 Jan 112 Jan 10 812 9 834 914 8 878 918 Oct 818 814 Jan Is 64 813 834 818 10,400 Independent 0113z Gas_No par 8% Jan 3 914 Jan 18 21. 234 234 24 278 278 388 Sept 1114 May 224 278 273 273 278 273 4,800 Indiahoma Refining 5 1, 4 Jan 2 2% Jan 17 1 538 534 Oct 19 Mar 534 534 54 558 512 512 512 584 3,850 Indian Refining 523 573 1 .1 Jan 4 5% Jan 17 2512 2558 253* 2578 2512 2512 2578 27 34 Dec 812 Apr 2613 273g 2634 27 7,200 Inspiration Cons Copper 20 25 Jan 15 2788 Jan 24 *78 14 1 1 2314 Oct 43 14 218 *138 134 , 4 Mar 158 158 112 113 2.000 Internat Agricul Corn 100 I Jan 3 24 Jan 22 *8 9 *8 9 Oct 11 Feb 12 914 *8 933 94 *8 100 878 *8 Do Pref 9 100 714 Jan 2 1014 Jan 8 4333 4312 43 412 Oct 3978 Feb 4378 4314 4314 43 43 4214 4253 424 4314 1.800 International Cement—No Par 4214 Jan 24 4414 Jan14 81 Jun 44 Mar 2534 2578 2512 2578 2512 2614 2434 25 2518 2534 2.54 2614 13.300 Inter Combua Engine_.N0 Par 2418 Jan 2 27% Jan 12 19 8411 8458 8312 85 , 2712 Apr 4 Jun *8312 844 8438 8458 8434 8434 *8312 8414 1,000 Internat Harvester 100 78 Jan 3 86 Jan 16 6684 Oct 984 Feb 107 107 10714 1074 •10634 10714 10714 107,4 10714 10714 10634 107 Do pref 659 100 10684 Jan 25 10784 Jan 16 •73. 8 106 758 753 738 728 *738 712 Oct 11614 Jan 7 , 2 712 712 *732 712 400 Int Mercantile Marine _100 6, 4 Jan 2 7% Jan 7 472 Aug 11% Feb 30 30,4 3033 31 364 31 *3034 31 3033 3012 304 3112 4,900 Do pref 100 2978 Jan 2 33% Jan 7 43 134 13 184 Aug 47 Jan 134 131g 1333 13 13,4 13 1373 1314 134 21,300 International Nickel (The) 2 13 Jan 19 1414 Jan 2 1032 Oct 1614 Feb 81 *79 *79 81 *79 80 8078 8078 79 79 300 81 Do pref *79 100 7834 Jan 7 8078 Jan23 •3812 39 69% Jan June 38 38 38 83 3834 381 : 3834 3858 394 3812 3912 3,000 International Paper 100 373 Jan 15 401 :Jan 7 6518 6518 6412 65 •63 2778 Oct 58% Mar 65 *63 6334 *6312 6414 *63 6414 Do stamped preferred-100 64 Jan 3 65 700 , 4 Jan 8 60 1512 1578 1558 1578 1538 1534 15 Oct 75% Jan 1533 154 1553 1538 1512 15,400 Invincible 011 Corp.- —No Par 15 Jan23 1678 Jan 2 5058 5133 50 Vs Nov 1914 Mar 50,2 5°12 514 *50 5012 50 , 4 5118 5012 5114 3,300 Iron Products Corn... No Par 49 Jan 2 5284 Jan 10 32% Aug 58% Mar Wand 011 az Transp v t a 10 .03 Nov *2214 22* 21 -if - '21 22 812 Feb -12- -2-2-78 223, 1.200 Jewel Tea. Inc - 22 100 21 Jan 21 2314 Jan 15 , 8 Or 24 Mar 90 90 *88 90 .88 90 1z 91131-7 *88 Do pref 91 . 100 88 90 100 87 Jan 5 9158 Jan 16 62 Jun 88is Dee 2512 25 254 2514 2514 *2514 251: 25% 2611 2578 2614 •25 1.4110 Jones Bros Tea, Inc 100 2484 Jan 16 2713 Jan 3 20% De 63% Mar 37 38 3634 3634 3614 3714 3638 37 3514 36 2.9011 Kayser (J) Co, v t 4 _-.No par 33% Jan 3 38% Jan B3 3534 36 28 July 4578 Feb *98 101 *98 102 •98 101 9912 9912 *9913 101 101 102 300 Do 1s1 prat No par 9914 Jan23 102 Jan 25 96 July 104 Mar 3134 3034 3112 3034 3114 3078 3112 32 31 3212 314 3224 9,000 Kelly-Springfield Tire 25 30% Jan 21 35 Jan 10 2012 Oct 8214 Mar . 81374 8773 864 8778 87 87 *86 88 86 86 500 *86 8778 100 84% Jan 4 88 Jan 10 8% pref 78 No 108 Jan *93 99 •._ 1CO •97 100 *97 100 97 97 . 100 Kelsey Wheel, Inc 97 100 100 97 Jan 4 101 Jan 10 75 Oct 117% Mar 3418 35 3458 35 3414 3412 3453 3534 35 Kennecott , 4 3614 36 33,700 3624 Copper No Par 3418 Jan 21 3634 Jan 25 2934 Oct 45 Mar 334 334 358 333 34 384 334 374 2.100 Keystone Tire & Rubber__ 10 3% 3 34 37 3% Jan 2 4% Jan 9 1% Oct 1114 Mar 28734 28734.280 290 •285 290 290. 290 290 200 500 Kresge (55) Co 290 290 100 2872 Jan 17 29212 Jan 14 177 Mar 300 Dec 84% 8312 834 8491 8414 8412 8434 *84 *84 8412 84 700 Laclede Gas (8t Louis)._ __100 79 Jan 2 8484 Jan 24 84,4 75 July 894 J21118 1613 *16 16 16 157 1578 *15 16 •16 161: 161: 1612 1,300 Lee Rubber & Tire_ _ __No par 1418 Jan 2 17% Jan 11 113s Oct 11115 Mar 23878 239 *235 239 •235 239 .235 239 •235 239 *235 239 200 Liggett & Myers Tobacco__100 23854 Jan18 240 Jan 2 19014 May 240 •11514 117 *116 117 11678 11678 117 117 117 11778 *116 117 Do prat 4011 1001 116 Jan 2 11778 Jan 24 11134 Apr 11812 Dec Jan 6578 66 6558 6614 6534 6613 6658 67 66% 6714 6634 6718 7.000 Lima Loc Wks temp caf.No pail 6512 Jan18 681: 5814 June 7478 Mar 1712 1712 1733 1734 1712 1712 1714 174 1634 1712 1972 1728 6.700 Loaves Incorporated__.No par 164 Jan24 18 Jan 9 Jan 10 14 June 2114 Feb 74 778 8 8 773 77g , 8 734 774 .712 8 8 ' 800 Loft Incorporated No par 714 Jan 3 8 , 4 Jan 11 6 Sept 1134 Jan 58 5714 5714 5712 5734 584 60 .57 61 6114. 2,400 Loose-Wiles Blecult 61, 4 61 100 5614 Jan14 6134 Jan 24 3614 July 17112 17111 171 171 16914 17014 169 189 *165 170 170 170 1 1.200 Lorillard (P) 100 169 Jan23 17584 Jan 5 146 June 66% Dec 182, •11058 115 *110 115 *110 113 *110 113 •11034 1121 111, 4 Dec 8 11112 200 Mackay ComPanlee 100 107 Jan 2 11211 Jan 11 103 8512 864 8412 86 May 121 Feb 8334 8512 8314 85 '854 864 86 8678 21,600 Mack Trucke, Inc No par 834 Jan23 90% Jan 7 5818 Jan 93% Apr 9634 .96 *95 9634 *95 968 *95,2 9654 *9614 963 961 1 96141 Do let preferred 300 100 9512 Jan16 97 Jan 10 87 July 99% Mar 881 •86 *87 88% •86 8812 •86 8812 _ _ _ . _ _ Do 2d preferred 8812 *8714 881 *86 100 874 Jan15 90 Jan 8 72 June 92 Mar 6514 66 *6514 66 6512 6513 *6514 66 65% 66 .3 atiFma Copper 0 100 iM viaa 32 54 l i:0 61 34 No par 64% Jan18 6812 Jan 2 3 6 57 July 7111 Jan 3184 3114 *31 •3178 32 32 3184 3213 33 33 No Par 3014 Jan 2 33 , 4 Jan 5 2714 Oct 3814 Mar 31 313* 2984 3074 30 307 29 - 2914 29% 3014 2914 2958 8,500 Mathison(H 10 & Co-No par 27 Jan 2 3184 Jan 18 21 June 40 64 64 64 64 64 Jan 64 64 64 67 Do Suatar 1,100 Manatipr 67 86 66 100 62 Jan 5 67 Jan 24 43 July 7514 Mar 87 87 .80 *80 87 .80 *80 87 •80 87 •80 87 100 82 Jan14 84 Jan18 72 Oct 3912 4014 40 41 90 Feb *3884 39 40 4012 *40 Manhattan 1,700 40% 40% *40 2 Elea SuPPlyNo par 3544 Jan14 42, 4 Jan 9 35 4218 427 Oct 66 Mar 4213 424 4218 4212 4134 42 421g 4213 42, 4278 6.300 Manhattan Shirt 25 4134 Jan23 44 Jan 10 40 Oct 4773 Jan 3112 3214 3112 3284 3211 3334 3234 3312 3338 3614 3534 373* 51,200 Maracaibo 011 Ittpl---No Par 251 : Jan 3 374 Jan 25 16 Sept 3712 38 2838 Dec 37 3778 3658 37% 37 363* 3853 39 387g 40 166,100 Marland 011 No per '351 Jan 8 40 Jan 25 1713 Oct 59% Apr 1234 1234 1212 1312 1314 1312 12,2 1284 •8 1314 2.500 Marlin-Rockwell 13,4 .8 No Po, 8 Jan 8 13% Jan 18 314 Nov 16 Feb 3534 3534 3514 3614 35 3512 35 3514 3412 3558 3514 3553 3.800 Martin-Parry Corp____No per 34% Jan23 37138 Jan 17 26 July 3784 Apr *381g 39 *384 40 3814 384 38 39 3813 .38 600 Mathinion Alkali Works— 50 37% Jan 25 4112 Jan 8 3738 38 3114 Oct 6354 Mar 5178 5414 524 5434 5234 504 54 5214 54 554 5314 5454 35,300 Maxwell Motor Clam A-100 4914 Jan 2 55 , 4 Jan 9 36 Oct 6314 Mar 1553 1518 1578 1518 1553 1533 1573 1514 1578 28.050 Maxwell Motor Class B No par 13, 144 1514 15 4 Jan 2 16 Jan 0 1014 Oct 21 93 9278 9278 94 9438 93 9114 9214 91 Apr 94 94 95 12,800 May Department Stores-100 89 Jan 4 95 Jan 25 674 Jan 93 Dec .1714 1734 *1714 1784 1714 1714 •1718 1712 174 1712 *174 1734 300 McIntyre Porcupine Mines_ 17% Jan 24 1814 Jan 7 15 Sept 2014 May 153/1 164 1558 1638 1534 16 16 1434 1512 1434 16 1612 10.500 Mexican Seaboard 011.-NO Par 1418 Jan 3 16, 8 Jan23 134 10 1414 15 534 Aug 23% May 1434 15 144 15 •1334 14 Voting trust certificates.._ _ 15 1514 5,000 12% Jan 3 15% Jan 11 6 Aug 2314 May 2212 224 2258 224 23 , 2214 2214 2214 2212 224 221 234 2,800 Miami Copper 5 22 Jan 2 2388 Jan 25 2012 Oct 30% Feb 64 57s 618 6 614 6 614 64 61 614 21,600 Middle States 011 Corp_ _ . 64 614 _ 10 5% Jan 9 67 8 Jan 3% Nov 12% Jan •294 3033 *2934 30 .2934 30 •2958 36 30 3018 3012 3028 1,000 Midvale Steel & Ordnance- 50 28% Jan 4 30% Jan 2 25 2114 June 33% Apr *6112 62 62 6213 6214 6214 624 6234 624 6234 621: 6212 1,500 Montana Power 100 6113 Jan 10 6284 Jan23 5414 June 75 Mar 2514 254 2584 2538 2573 2533 2573 251 25 : 2578 2534 2573 9.800 Mont Ward & Co III Corp- 10 2478 Jan 2 2718 Jan 3 18% May 2614 Nov 2553 2573 2558 254 254 26 2512 2512 2538 26 2534 2614 8,900 Moon Motors No par 2514 Jan 2 2673 Jan 12 1734 Jan 294 Mar 818 814 84 778 84 8 8 8 814 812 832 812 15,700 Mother Lode Coalition-No Par 7% Jan 2 812 Jan 4 7% June 14 Feb . *13 14% *13 1434 *13 14% 141 1314 14 1338 133 400 Mullins Body 1411 No par 1258 Jan 2 14% Jan 9 104 Aug 2978 Mar *3713 381 37 37 3633 3638 *36 37 37 37 *37% 381 400 Munsingwear : No par 3578 Jan 2 3914 Jan 3113 Oct 3614 Nov 1027 10414 104% 10412 1,400 Nash Motors Co 104% 104% 1021: 10411 102 102 •10113 102 No par 100 Jan 4 111 Jan 16 15 7512 Jan 11414 Jan : •98 10012 *98 100% •98 10012 *08 10038 *98 10012 Do preferred A .98 1001 100 10014 Jan 14 1003* Jun 18 y% 97 91: 912 •9 10 *0 10 9614 Dec 10134 Jan 10 10 *0 10 300 National Acme 50 83i .lan 4 10 Jan 24 5412 5113 51 7 Nov 5158 5112 52 5178 52 18% Feb 5178 52% 5214 5214 6,800 National Biscuit 25 5078 Jan 14 5212 Jan 24 38 Jan 52% Nov 12184 12184 •120 123 *12113 123 •12134 123 *12184 12211 012134 123 Do pre( 100 100 12013 Jan 8 12134 Jan 10 11812 July 125 Feb 60 60 •59 .58 60 *59 61 60 60 6214 6211 6234 900 National Cloak & Suit..._100 00 Jan 21 8 62 4 Jan 25 AO June 674 Feb _ Nat Conduit & Cable_ _No per Ig May 14 Feb -45i8 -4-3-1-4 42% 4334 4213 434 4258 4278 4272 4312 4212 4334 3,900 Nat Etutm'y & StamPlng-1100 40 Jan 8 4474 Jan 240 17 7 13914 13014 13gi: 144 35 143 14514 14413 14578 1441 15011 148 14914 14,600 National Lead. Oct 73 Mar 13712 Jan 15 150% Jan 108 8 July 11314 *11214 11311 *112 .112 4 148 11314 4 1125 11314 Dec Do pre! 113 4 113 1128 11314 300 100 112% Jan 19 11314 Jan 25 10712 June 114 Jan 12 1218 1178 12 1238 1213 125* 121: 128 6,500 Nevada Consol Cooper-- 5 1178 Jan 2 1218 1218 12 1333 Jan 7 4234 43 43 94 Oct 183s Mar 4214 4214 42% 427 10,500 NY Air Brake temp 4134 433* 4218 4314 42 lg Jan i 4984 498 2658 Jan 4278 Nov 50 4914 495 50 5 Class A 50 50 50 1,700 ctfaro F): :IT': !Mann 175 5403% j 493* 50 4514 Aug 51% Feb 1,000 New York Dock 2414 2412 2414 2458 *2418 2414 244 244 2312 2312 •2413 2414 100 19 Jan 9 24% Jan18 4711 1514 June 27 Apr 4814 .41 48 .40 *41 4612 48 *41 4714 48 pref 200 Do .4614 100 43 Jan 9 4934 Jan 18 37% Aug 5112 Mar 2412 2414 24% 23.700 North American Co, new.. 80 , 8 2412 2414 24% 2418 2412 2414 248* 24 24 10 22 Jan 2 25 Jan 10 1712 May 2414 Apr 44% 44% 44% 44 , 4 443 4458 445* 44, 4 441 Do pref : *4434 443 1,400 4 43% Jan 2 45 Jan 5 4 5 20 4212 July 4812 Feb *1414 20 , *14 20 *14 •1312 20 *14 .13% 20 Nova Scotia 20 3 Steel & Coal_ _100 4 1 1414 Jan18 14 Jan18 134 Dec 294 Mar 814 8,4 832 838 *814 9 •84 812 *8 9 600 Nunnally Co(The)---No Po? •814 9 83* Jan 2 812 Jan 2 778 Oct 10% Feb 312 4 3 3 3l 3 3 4 53 *314 3 312 3 4 Ohlo 0 Body Blower—N & *334 o par 4 4 278 Jan 5 433 Jan14 2 7 218 114 Dec 10% Jan 7 134 134 .188 1.8 2 1511 214 .2 2 14 2 5.500 Okla Prod & Ref of Amer__ 5 1 18 1 12 Jan 2 8 2 % .JJa an 22 7 3% Feb 712 .638 7,2 78 Nov .7 712 4,2 7% 714 *7 100 Ontario Silver Mlning____100 712 673 Jan 15 8 8 July 181 : 8 1812 914 Dec 1813 1812 181: 1812 2,500 OrPheum Circuit. Ina *1858 187, 188 18 4 18% 18 4 1399:1 2014 Jan 3 1614 June 214 Apr 147 14758 146 14712 145 146% 8,800 Otis Elevator 14312 1444 14212 14812 147 149 149 Jan 22 11412 July 153 Feb 1014 1012 Ills 1112 1112 27,800 Otis Steel 1014 10 104 1024 1012 1012 10 Jan 3 118 Jan 25 7 June 14% Mar 4558 4553 4553 454 4514 4534 3,100 Owens Bottle 4578 4512 46 45 No 1112 7 5 4314 Jan 3 4/14 : 45 45 ..1n 1 n 1? 78 72 3611 Jan 5234 Apr '32 8 .1 72 Pacific 7 2 .1 / 4 1,850 14 Developme 78 7 2 en nt 4 34 90,4 4 2 1 Nov 9512 214 Mar 2 947 4 95 9453 93 6314 9353 95 95 954 95 9514 5,700 Pulite Gas& Electric 100 2 Jan 951: Jan 0 73 July 9478 Dec •94 10 912 1014 *9 2 1014 .94 10 400 Pacific Mall Steamship-- 5 . 9% 101: •914 10 91:Jan 20 1034 Jan 9 7 July 1254 Mar no wee this day. z Ex-dIvIdend. • Bid and asked Prizes: Per share per share $ per share per share $ per share Per share *6712 6774 *674 6773 6778 674 •68 6814 671v 674 67 6758 *1112 1134 1112 1134 1158 1134 1153 12 1112 1112 1153 12 *45 4512 *4434 46 45 45 44 , 4 44, 4 *441: • 45 4324 46 44 44 45 44 44 45,4 4312 4414 44 4514 441g 4472 79 764 7512 7512 *73 *74 7678 *73 *73 7612 *73 7613 94 944 9414 94 94 9414 9114 9114 92 92 917g 9178 •103 108 *103 108 *103 108 .10334 108 *10334 107 *103 108 :21178 21212 217 200 20478 2031 212 21512 2121: 21412 213 22178 11 II 11 1118 11 114 11 11% 11 111g 11 1112 1478 15 1478 15 15 15 1434 15 14% 15 1434 15 . 8112 84 *8112 84 *8114 84 . 82 84 •8212 84 *82 84 8178 82 82 8134 8184 82 82 82 58218 8211 8214 824 *99 99 9934 9812 9812 99 9914 9914 •99 100 *99 9934 4912 4912 494 49% 481. 4918 48 4858 4812 49 48 49 10 10 978 978 *973 10 *934 10 98 97 *978 10 11 11 *10 11 *1058 11 •1012 11 1058 1034 *1012 11 2434 24% 2434 2474 2414 241: 244 2412 2414 2434 25 254 78 7984 7934 785s 7884 *76 77 78 79 79 *7613 78 •4518 4514 45 43 4373 4313 441* 4412 45 4514 4413 45 *9113 93 93 *9113 93 *914 93 93 *9158 93 9212 0212 1413 1453 144 1434 1434 1434 1478 1578 1534 1614 1558 1558 838 812 *84 834 812 812 814 834 834 834 812 812 *144 1512 151 *1414 1434 141g 15 : 16 154 164 *1414 1512 7 7 7 74 *7 714 7 714 714 733 74 728 *8214 8241 8112 8278 82 8328 824 834 8338 843s 8334 85 jig I 1 74 1 74 118 34 118 112 1 1 Shares. 400 6.500 900 9,500 100 1,900 41 v New York Stock Record-Concluded-Page 4 415 For sales during the week of stocks usually inactive. see fourth page preceding HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT. Saturday, Jan. 19. Monday, Jan. 21. Tuesday, Jan. 22. Wednesday, Thursday. Jan. 24. Jan. 23. Friday. Jan. 25. Sales for the track. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1 1924. On basis of 100-share lost Lowest Highest PER SHARE Range for Previous Year 1923. Lowest Highest per share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par $ per share 3 per share $ per share $ per share $ per share $ per share $ per share 8114 Sept 5214 Dec 4814 Jan 4 5212 Jan 21 52 5212 78,100 Paciflo Oil 5134 5214 52 50 5014 503g 5218 5138 5212 51 10 1134 Jan 25 128 Jan 7 98 Oct 1518 Mar 1218 1214 12 1218 1178 1218 1134 12 9,300 Packard Motor Car 12% 1218 1218 12 Preferred 100 92 Jan 3 9312 Jan 9 9018 June 99 Feb 9412 *9312 9412 .93 9412 *93 9418 *fah 9412 *9312 95 *93 53 Sept 9312 Feb .5114 5234 62,400 Pan-Amer Petr & Trans- 50 487 Jan 23 6114 Jan 2 5314 53% 5214 5334 5038 52% 48% 5034 5038 535 497 5112 169,700 5012 Oct 86 Feb 5l, 475 Jan 23 5912 Jan 2 Do Class B 4914 51% 4758 4934 4918 518 50% 52 5138 52 214 Jan 3 378 418 418 Jan 23 114 Oct 614 Apr 312 37 .314 4 312 312 1.900 Panhandle Prod & Ref-No par 3 3 314 312 No pat Jan 9 Bingham 1318 Jan 2 8 May 1612 Mar Pariah & 145* 14 14 1,000 14 13% 13% 1334 137 8 *1358 14 14 .1358 1414 31j Jan 2 414 Jan 17 112 Oct 6 Ayr 4 414 3% 4 418 414 358 418 65,600 Penn-Seaboard St'l•t allo par 334 414 334 4 85 Apr 9812 Dec 9434 95 9434 943 95 9514 95 9512 2,800 People's G L &0(ChIc)-100 9434 Jan 22 9812 Jan 2 95 95 05 95 41 July 6014 Mar 4514 45 45% 45 453s 4514 4514 45 4514 2,900 Philadelphia Co (FILM). 60 43 Jan 2 45% Jan 11 45% 45 45 55 Aug 80 Apr No Par Phillips-Jones Corp 5918 *55 .591s *55 591 .55 5918 5918 *55 5912 .55 .55 1112 July 245 Dec 10 2038 Jan 7 2234 Jan 2 21h 22 2258 27,000 Phillip Morris 215* 2214 22 21% 2134 2114 2178 2138 22 1934 Sept 6958 Apr 34% 35% 3334 3484 34 3434 3438 3534 3578 363* 3612 3934 93,100 Phillips Petroleum -No par 3334 .Jan 21 3934 Jan 25 61 July 1514 Jan 914 Jan 2 1218 Jan 17 10 101* 1014 1058 978 1012 8,100 Plerce-Arrow Mot Car-No Par 11 1112 10% 1114 1014 11 Jan 17 1313 July 3558 Jan 2714 pref 100 2614 Jan 2 303* Do 271: 28 27 271: 27 277 2834 27 2,600 2858 28% 27 41 Jan 22 314 4 38 118 July 214 Jan 11 8 Feb 4 41: 418 438 334 39,100 Pierce 011 Corporation.... 25 418 414 4 414 16 Oct 45 Jan 303 3078 2812 30 100 2334 Jan 2 36 Jan 21 3312 3512 3112 34 Do pref 8,500 2914 3012 3412 36 58 Jan 677a Mar 100 61 Jan 10 6312 Jan 2 62 61 61 62 .60 61 6112 .61 62 611: 621: 1,500 Pittsburgh Coal of Pa .61 96 Oct 100 Apr 98 Jan 14 99 Jan 5 9812 9812 99 1 9834 9834 .98 98% "9812 99 99 300 Do pref *97 99 No par 5434 Jan 22 5812 Jan 8 47 July 134 Feb 56 5514 55341 2,900 Postum Cereal 56 5614 5512 5534 5434 5514 .5434 55 55 1141s Jan 9 lOSlaJune 11112 Jan 11312 Jan 7 114 100 100 Do 8% preferred *110 113 *11112 11134 11134 *110 113 .110 113 *110 113 421k Oct8112 Jan 100 5212 Jan 2 60 Jan 25 541 *54 55 54 54 5412 5478 5478 55% 5618 5612 60 6.700 Pressed Steel Car 80 Oct9934 Jan 8312 831: 100 83 Jan 3 85 Jan 21 .85 87 85 85 *8312 8612 *8312 87 .83% 67 200 Do pref : 4112 425s 4114 42% 4118 42 58,800 Producers & Relinera Corp. 50 3414 Jan 8 43% Jan 22 17 Nov 58% Mar 3714 375 371: 408 4118 431 437 4112 Dec 5111 Apr 43 4318 431g 43 43 43% 4254 431: 4312 4312 2.200 PubServCorp of157J,new No Par 42 Jan 4 4412 Jan 7 43 53 100 12114 Jan 15 12534 Jan 10 11012 July 134 Mar 73 14 2 12:1 12212 12258 12212 12212 123 12334 12 5 42 124 12512 1243* 12514 8,800 Pullman Company 4178 July 6918 Apr 50 56 Jan 4 6014 Jan 25 5834 5934 5914 6014 21,800 Punta Alegre Millar 57% 5818 5714 5712 5712 57% 2438 24 25 238 Jan 4 25 Jan 2 16% Sept82 Feb 2438 2458 245* 2412 23% 24% 24 2438 2378 2438 18,300 Pure 011 (The) 821 Aug100 Mar 95 .92 95 Do 8% preferred 100 92 Jan 10 947k Jan 15 *93 95 *92 95 .92 95 *91 95 .92 9913 Oct123 Mar •10714 10913 *108 10912 10914 10914 10912 11412 11314 11414 114 11512 5,900 Railway Steel Spring 100 106 Jan 3 1151: Jan 25 29% July 341g Feb *3118 34 .3018 34 .3058' 3134 3118 3118 *3114 3218 *3058 34 No par 30 Jan 17 3118 Jan 23 100 Rand Mines, Ltd 973 Sept1714 Mar 1034 1034 1034 11 1034 10% 1078 1158 1112 1134 1112 1134 13,300 Ray Consolidated Copper- 10 1034 Jan 18 12 Jan 2 437 438 43% 4378 4214 4238 42 24 June 4811 MU 443 44 4634 3,200 Remington Typewriter v t c100 3214 Jan 4 4714 Jan 10 4212 43 100 91 Jan 4 93 Jan 10 .91 92 *91 94 91 let preferred •t o 89 Dec 104 Feb 95 *91 94 *91 91 .91 94 100 100 953 Jan 9 100 Jan 14 80 Jan 99 Nov 100 100 *100 102 *100 102 •100 102 *99 102 .99 102100 2d preferred No par 1114 Jan 2 1538 Jan 24 8 Oct 3134 Feb 12% 137* 13144 137* *1318 1312 1334 1414 14% 1538 147 158 20,000 Replogle Steel 533 100 5014 Jan 3 565* Jan 25 4018 June 6634 Mar 538 548 53 5312 5412 53% 5414 54% 5534 555 5638 19,000 Republic Iron & Steel *9034 92 .90 92 100 89 Jan 7 9178 Jan 23 8434 Oct 267s Mar 91 91 91 9178 91 91 9114 911 Do prat 700 No par 1718 Jan 22 2234 Jan 7 20 20 1838 18 1858 9,800 Reynolds Spring 14 June 2978 Apr 20 20 1718 19% 1734 1812 18 73 74 47 Jan 75 Dec 72 73 73 73 721: 7234 727k 73 7278 7314 8,300 Reynolds(RJ)Tob Clam B 25 72 Jan 19 747 Jan 2 100 11614 Jan 4 11834 Jan 8 114 July 118 Feb 200 Do 7% preferred *11712 118 1177* 1177 11778 117% *11712 118 •11712 118 .11712 118 5414 54% 5418 5434 5538 5534 12.300 Royal Dutch Co(NY shares). 48 Jan 2 5534 Jan 25 6013 Aug 5513 Feb : 528 53% 5314 54 5212 521 10 22 Jan 7 2318 Jan 24 2212 2318 2211 22% 1.700 St Joseph Lea 17 June 2318 Dee 2234 2234 2212 2212 2214 2212 2238 23 35 Jan 24 3 314 3,600 San Cecilia Sugar v t a-No par 318 35* 212 Jan 11 258 3' 5 Feb 13* Oct 258 25* *213 2% *212 234 1812 Jan 3512 Dec 4138 4138 4012 4034 4112 4211 401 42 404 4112 421 4312 7,700 Savage Arms Corporation_100 3258 Jan 2 4312 Jan 25 88 May 116% Dec .103 10312 10312 10434 10434 10534 10452 10434 104 10513 105 10512 4,700 Schulte Retail Stores__No par 103 Jan 14 10934 Jan 4 100 87 Jan 2 9212 Jan 14 9114 92 92 92 911: 9212 9214 923 91 6554 June 928g Feb . 91 9134 921 , 7,100 Sears, Roebuck & Co 100 113 Jan 2 114 Jan 16 10612 June 115 Nov $11312 118 .11312 118 *11312 118 •11312 118 *11312 118 .11312 118 Do pref 53 Jan 2 47 Oct 1212 Mar 6h 614 3,100 Seneca Copper No par 6 6h 6 614 64 Jan 11 578 578 578 6 6 6 4014 612 *614 634 *6 614 Jan 23 67 Jan 10 5 Oct 1053 Mar 612 634 .614 612 614 68 400 Shattuck Arizona Copper__ 10 612 34 3412 3434 35 .35 3614 3458 3458 3518 36 2918 Oct 4114 Mar .34 35 1,100 Shell Transp & Trading__ £2 33 Jan 5 36 Jan 25 1714 40,800 Shell Union 011 No par 1658 Jan 7 1714 Jan 2 1714 17 1718 17 1258 Jan UN May 1678 17 1678 17 17 1714 17 95 Preferred 100 9112 Jan 4 95 Jan 25 9411 95 *93 9334 *93 9334 9334 9412 931 9334 .94 600 891: Nov 95 May 10 1038 Jan 4 1418 Jan 17 81 July 18 Feb 1312 1358 1338 135* 13 13 1314 13 1338 1318 135* 9,000 Simms Petroleum 131 No par 2214 Jan 11 2358 Jan 3 221 2212 2212 2212 2214 2214 2212 2212 2258 2258 2258 23 2234 Dec 3434 Ma 3,700 Simmons Co 2614 2658 2534 2612 2234 251 , 2338 2312 2432 157,900 Sinclair Cons Oil Corp-No Pox 2234 Jan 22 2718 Jan 2 16 Sept 3988 Mar 3 237 227 100 8618 Jan 24 90 Jan 21 Preferred 8612 69 *8614 8714 8618 86h *8614 8712 8014 Aug Ms Feb •88 8912 8912 90 900 25 2438 Jan 4 2614 Jan 25 958 Jan 35 Mar 25 2558 25 258 2478 251 2478 2512 2538 2534 251 2614 18,600 Skelly Oil Co 8914 July 63 Dec 6012 6012 60 (10 60 6014 6014 6134 4,205 froes-Sheffield Steel & Iron.100 58 Jan 14 62 Jan 7 581 59 5912 60 100 87 Do pref 68 Jan 90 Mar .85 87 87 •85 87 .85 *85 87 .85 87 .85 381 Aug 70 Dec 7812 7934 5,100 South Porto Rico Sugar-100 67 Jan 3 7972 Jan 24 797 .74 7434 747 75 748 74% 737(1 7511 77 No Par 157 Jan 4 18 Jan 12 11s4June 3714 Feb 700 Spicer Mfg Co •17 1712 17 1638 1612 1614 1614 *1638 1658 17 1612 163 100 90 Jan 2 90 Jan 2 88 Oct 9772 Feb Do pref._ 91 .88 91 91 .88 *88 91 .88 91 .88 91 .88 100 55 Jan 10 60 Jan 4 6014 Dec 9012 Jan 65 140 Standard Milling 60 *55 60 5514 554 .55 65 .56 65 '56 65 4718 July 12312 Jan 6378 648 635 64% 6412 6538 643 6518 65,8 653s 6514 66 42,800 Standard Oil of California- 25 6214 Jan 3 66 Jan 25 3078 July ay Mar 4078 4134 4112 42 58,400 Standard 0101 New Jersey 25 397 Jan 10 42 Jan 2 401* 407g 405 41)8 4034 411 405, 41 100 117 Jan 2 11838 Jan 22 11434 Aug 1181 July Do Pre! non-voting 1177g 117% 1.100 11734 11734 118 118 118 1185* 11814 11814 118 118 No par 61 Jan 15 638 Jan 2 51 June 43758 Mar 6178 6212 2,200 Sterling Products .6012 61 61 61 62 6238 615* 62 •6158 62 74 July 12413 Apr 963* 9714 94 96118 9412 96 9334 95h 95h 9534 9512 967k 24.900 Stewart-Warn By Corp_No par 9014 Jan 3 1007 Jan 12 79 Jan 14 847* Jan 11 5914, July 943* Mar 8013 81 8118 1.100 Stromberg Carburetor-No pa 80 80 80 80 7914 80 8012 8012 80 9314 Oct 12614 Mar 102 10212 9934 10238 99% 10114 9954 10134 102 10312 10111 1025, 178,200 Studebaker Corp (The)__.100 9918 Jan 22 10814 Jan 8 100 115 Jan 17 115 Jan 17 112 Jan 117 Nov Do pref 115 115 115 115 300 115 115 *115 117 .115 118 *115 118 No Par 103, Jan 15 1218 Jan 2 7 Jan 16 Ala 1034 11 1034 10% 1034 1034 1012 1034 1038 1012 1013 105* 4,300 Submarine Boat 37 No par 4% Jan 21 37 414 Jan 21 2 Sept 654 Feb 35* 414 9,600 Superior Oil 378 4h 312 4 334 37 334 334 100 31% Jan 2 347 Jan 9 333 333 2312 Oct 34 Mar 200 Superior Steel '311 333,4 •3214 3334 *311 3212 .3112 333 *3112 333 10 2% Jan 13 3 Jan 2 1 June 212 23, 23 6,500 Sweets Co of America 4 Oct 234 234 234 27s 212 234 21 258 258 878 Jan 14 934 Jan 5 8 June 1234 Feb 878 9 9 9 .88 9 918 93, 91t 95* 4.500 Tenn Copp & C tr ctfa_No par 9 914 25 4312 Jan 9 4434 Jan 2 4334 44 437 44 4334 44 44 441 19,000 Texas Company (Tbe) 3458 Nov 5278 Mar 4312 44 4334 44 10 81 Jan 2 65% Jan 11 02 628 6218 628 6212 6212 62% 6212 63 631 5314 July 65 Jan 6358 6414 5.100 Texas Gulf Sulphur 1118 1 13* 113, 1112 113 , 131 28,300 Texas Pacific Coal &011- 10 1012 Jan 10 1312 Jan 24 , 1178 12 1212 1234 131 : 127 612 Nov 2414 Feb 13612 13738 13512 13834 13814 14012 13934 13934 138l 13934 138 139 100 120 Jan 5 14234 Jan 14 de 94 July 144 mar 300 100 Tlim 3;5 kwenRo ater° 111eir Bearing-No Par 3812 Jan 21 41 Jan 7 3834 39 3812 3878 385* 387 39 39 3914 39 333 Jan 45 Mar , 385* 39 6578 66 66 675* 67 6758 6658 6712 6678 6814 6738 6814 39,300 Tobacco Products Corp-100 65 Jan 11 69 Jan 4 4634 Aug 7834 Dec goi 3,700 Do CIA (since July 15) 100 8834 Jan 14 9012 Jan 4 89 89% 89 8918 8918 8918 89 8834 8914 89 891 7613 July 9278 Dec 100 11434 Jan 4 117 Jan 4 10458 Feb 11512 Oct 115 115 *11318 11512 11512 11512.'115 116 *11412 116 *1151* 116 57 Transcontinental ntinental Oil__ _No par 4 Jan 7 618 6 orr ed 614 Jan 21 614 514 618 512 57 3 114 Oct 1458 Jan 55* 57 140,801 55* 558 4012 4052 .40 408 40 4012 408 4014 40 413 4018 40 3,500 Underwood Typewriter__ 25 40 Jan 3 43 Jan 9 3578 Aug 42 Dec *5978 6012 5934 5934 *5912 5934 5912 5912 6012 6012 *5914 ad 300 Union Bag & Paper Corp.. 100 5912 Jan 15 635* Jan 3 50 Oct 7713 Mar 96 96 9614 971 *95 9713 95 95 98 98 *964 985. 100 94 Jan 7 98 Jan 24 700 Union Tank Car 81 Feb 9984 Mar •112 __ __ •10753 10734 *10758 10734 10734 10734 *112 ___ *112 200 Do pref 100 1071 Jan 7 108 Jan 7 106 Sept 112 Jan 34 3234 3234 .33 33 .33 *33 34 33 33 33 34 No pa: 32 Jan 3 35 Jan 9 300 United Alloy Steel 29 July 3913 Mar 8134 82 82 8214 .81 8238 .81 8214 8178 8212 8214 8384 3,700 United Drug 100 80 Jan 5 8334 Jan 25 7418 Oct 804 Feb *4738 4818 .4712 4812 *4712 4812 *4712 48h 48% 4818 .4712 481: 100 Do 1st preferred 50 48 Jan 8 4878 Jan 11 4618 Feb 49 MY :189 18734 191 18812 195 •18414 16518 18434 18514 *185 186 1851 100 182 Jan 4 195 Jan 25 15213 Jan 18712 Dec 3,900 United Fruit *37 4 4 4 4 *334 4 4 *37 4 4 4 600 United Retail Stores-No Dar 21. Jan 7 4 Jan 19 a2ls Dee 8411 Age 7212 7634 734 7478 74 7212 7634 58,100 US cast Iron Pipe & Fdy-100 655 Jan 2 8458 Jan 9 7614 747 761 7554 775 20 July 6913 Dec 85 8518 8534 87 , 8738 8738 8738 3,100 *85 86 8634 8634 865 Do Pre" 100 817 Jan 15 873 Jan 24 64 June 87 Nov 3 3 318 314 314 314 218 Jan 17 61. Mar 3% 314 3 314 314 38 4,000 U S Food Products Corp100 2% June 48 Jan 3 *1712 18 *1712 1734 *1712 18 1734 18 1712 1712 1712 178 800 U S Herrn Mach Cor15.1/0 par 1712 Jan 24 1914 Jan 11 1858 Oct 35 Jan 707 7112 703 7214 7138 7214 718 75 7434 7534 7512 7812 100,400 U S Industrial Aleohol 100 6734 Jan 14 781 Jan 25 40 June 7314 Mar 1001: 101 *100 104 .98 102 •98 102 .98 105 *100 105 200 Do pref 100 98 Jan 3 101 Jan 18 961* June 101 Mar 100 1001: 1003, 10012 10012 10138 10078 1007 10012 10134 100 100 2,600 U S Realty & Improvement100 9918 Jan 14 1035* Jan 11 881s July 106 Mar 39% 4014 39 40 3918 4914 3914 3972 397 4034 401: 411 10,600 United States Rubber 100 373 Jan 4 427 Jan 12 30% Oct 64% Mar 8838 89 .89 8934 00 89 90 89 89 8978 90 8912 2,800 Do 1st preferred 100 883, Jan 21 9434 Jan la 7634 Oct 105 Jan *1912 201 .2018 21 21 21 2034 21 2114 2112 2112 213 1,000 U 0 Smelting, Ref & Min 50 2018 Jan 18 2212 Jan 11 1838 Oct 43% Mar .40 4012 *4014 4012 4012 401: 4012 41)% 4012 4012 4012 4012 501) Do pre: 50 3912 Jan 8 41 Jan 7 3838 Dec 4818 Jan , 998 10138 100 1005 100% 10112 1001: 10058 9934 1005 8 165,900 United StatesSteel Corp...100 9818 Jan 3 10418 Jan 25 8512 July 109% Mar 20 "18 8 10 20 4;8 3,000 120 120 *120 12012 120 120% 120 12038 12018 120% 10 D 100 119 Jan 2 12012 Jan 14 11618 Aug 12312 Jan 6412 641: 6412 6412 65 6512 6512 8578 66 6612 2.600 Utah Copper 64 84 10 64 Jan 18 6612 Jan 25 5512 Oct Mt Mar 2318 24 2272 24 2312 2388 2212 2338 22% 23 2334 24 10,900 Utah Securities•t c 100 165, Jan 4 2412 Jan 16 14 Oct 243* Feb 3018 3034 3012 3078 8.200 Vanadium Corp , 2934 3034 2958 3014 30 30 305* 305 No par 295* Jan 22 313 Jan 10 2454 July Ws Mar 0512 *80 9512 .80 9512 Van Raalte, let pref •8012 9512 *80 89% *8012 9512 *80 100 80 Jan 9 80 Jan 9 795 Dec 98 JAB 712 7% 23,300 Virginia-Carolina Chem-100 818 85* 753 88 81: 834 814 9 71 Jan 24 103* Jan 11 718 13,8 614 June 27 Feb 27 2834 26 28 2614 2714 18.400 Do pref 2058 28 2912 281s 29 28 100 26 Jan 24 3434 Jan 2 17 June 89 Mar 56 49 ' 200 Virginia Iron, C &0 _100 49 Jan 25 .53 Jan 11 50 50 *49 53 49 56 .50 56 .50 *50 52 July 68 Mar 86 86 .78 86 .78 Do pref *78 86 .78 86 •78 100 79% Jan 8 7912 Jan 8 86 .78 7712June 85 Apr 143 147 15 •1478 15 *1478 15 1458 1434 1,500 Vivaudou(V) No par 145 Jan 15 1518 Jan 10 14% 1518 15 12 Oct 23 Mar No par 15 Jan 4 1534 Jan 22 153* 15% 151: 1512 1534 1534 *1514 16 *1578 16 .1534 16 400 Waldorf System 1458 June 20 May 1512 15 1514 15% 1512 .15 1512 700 Weber & Hellbroner-No Par 15 Jan 3 1614 Jan 2 *1538 155* 151 151: •15 1214 Jan 1658 Dec 371 373 .35 36 38 3612 50 3514 Jan 19 38 Jan 23 700 Wells Fargo Express 3514 3514 *35 3712 .3514 36 33 Dec 105 Mar 110 11012 109% 110 *110 11012 110 11012 1,000 Western Union Telegratth-100 107 Jan 3 11112 Jan 9 10113 July 11913 Feb 110 110 110 110 93 9512 94 9412 943* 965* 95% 9614 8,700 Westinghouse Air Brake__ - 50 84 Jan 2 9638 Jan 24 925* 93 93 93 76 July 120 Feb 6334 648 6358 6414 63% 6434 50.400 Westinghouse Elea & Mfg_ 50 5934 Jan 4 65 Jan 22 6134 6312 633* 65 6114 62 5212 June 8718 Feb , 2634 26% 2678 268 2678 2,700 White Eagle Oil No par 26 Jan 4 2714 Jan 12 263 26% 2678 268* 2634 2688 263 20 Oct scot Mar 5512 57 7.100 White Motor 5414 5414 66 78 i 5312 4,6312 5412 54 50 53 Jan 21 58 Jan 9 54 53 54 4514 June 527 112 15 22,300 White Oil Corporation_No par 112 178 158 13 lh 134 114 113 12 Jan 14 178 Jan 22 78 118 Oct 412 458 414 412 5.400 Wickwire Spencer Steel- 6 414 412 41. 458 44 412 3 Jan 3 412 45 5 Jan 11 2 Dec 14 Feb 1212 127 1234 1338 1234 1314 90,000 Willy,-Overland (The)._ _. 25 10 Jan 10 141 Jan 16 : 1318 1238 13 5 June 1114 Dec 127 13% 121 100 805 Jan 2 88 Jan 15 8478 85h 845* 863* 8458 85% 12,100 Do pref 8533 8418 86 421s Jan 83 Des 8412 851: 82 26 .25% 2538 .2512 26 600 Wilson & Co.Inc.•t 0-No par 25 Jan 17 28 Jan 9 26 2534 *2512 26 19 June 4234 Mar 2534 26 •2512 100 280 Jan 4 29634 Jan 24 1993* Jan 290 Dec 289 28934 289 290 290 292h 29314 295 294 29634 29518 29512 2,300 Woolworth Co(F W) 29% 1,300 Worthington P & M•I 4_100 257 Jan 4 3134 Jan 9 30,4 29 Oct 134011 29% .27h 2812 281. 2812 29 2914 29 197s J •28 Nov 200 Wright Aeronautical_ -No par 12 Jan 15 131: Jan 3 818 123s 1212 .1214 1212 •1214 1212 •1214 1234 .1214 1234 *1238 123 200 Youngstown Sheet & T-No par 68 Jan 4 7014 Jan 7 82 Oct 80 Jan 6812 *68 6812 .68 6812 6812 6812 46712 6812 •68 6812 •138 •Bid and asked prices: no sales on this day. z Ex-dividend. a After.distribution of dividend in shares of United Cigar Stores at the rate Of 38.8 shares for 100 shares of United Retail Stores 416 New York Stock Exchange-Bond Record, Friday, Weekly and Yearly Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds BONDSN.Y.STOCK EXCHANGE Week ending Jan. 25 I El it ....12 . Price Friday Jan. 25 Week's Range or Last Sale 4'3 g ,_. xe el Range Since oe Jan. 1 a :Iv . BONDS. o t*r. N.Y.STOCK EXCHANGE u e Week ending Jan. 25 415- Price Friday Jan. 25 Range Since iM Jan. 1 az c53 High tow High 7212 70 Jan'24 ____ 8434 8512 Jan'24 ____ Nov'23 ---- ---- -Dec'23 --- -,,_-96 -9 9812 26 87 88 14 88 1065 8 10712 34 107 8713 8978 8812 31 82 83 43 83 4 25 75 75 Aug'23 ---- -,,r Jan'24 ____ 7702 / 712 Dec'23 _- -- ---- ---- Week's Range or Last Sale High High No. Low Bid Ask Low Bid U. S. G00000avant. Ask Low AU & Btrm 39-yr 1st g 48_6_1933 M 8 7018 72 Mat Liberty Loan7014 J D 991042 Sale 99444 991441 1720 9944 992041 AU Knoxv & CM Div 46-.1955 M N 8534 86 8512 1134% of 1932-1947 J D 991021__ 98',,Jan'24 -77, 984449843nU A Knox & Nor 1st g 58_1946 D 99 Cony 4% of 1932-1947 ___ 9912 J D 991144 Sale 99344 990443 068 9804z 99144 At! dc Chad A L let A 4348_19443 1 9214 -93 9214 Cony 434% of 1932-1947 1st 30-year 58 Ser B 1944 J D 992138991,i 99034 99,44 J 9812 99 9812 1 982.43 99144 25 cony 454% of 1932-1947 At! Coast Line let eon 48 ..h1952 M fil 87 ..e. Second Liberty Loan88 8712 M N 993n 10-year secured 78 1930 M N 10634 107 10658 13 98443 99444 99.00 99444 4% of 1927-1942 992 General unified 4348 991% 3309 984cl 991444 MN 99144 Sale 1964 J D 88 8834 8812 Cony 434% of 1927-1942 .7. L & N coil gold 411 01952 M S 83 Sale 8212 Third Liberty LoanM S 99342 Sale 994344100.00 5922 99.44 100 Atl & Danv let a 46 1948 3 J ' 7518 2722 75 434% of 1928 2d48 1948 J J 6632 70 75 fourth Liberty Loan-. A 0 991% Bale 994 991ea 4613 98731 991342 AU& Yad let g Sitar 45 1949 A 0 7912 82 7718 AM % of 1933-1938 A 0 100544 Sale 100.00100444 897 99244 100444 A & N W 1st gu g Si 1941 J J 9312 9758 964 Treasury 4345 1947-1952 61930 Q J --------10413 July'23 ---- ---- -ID comfol registered Balt & Ohio prior 3345 1926 J J 9738 Sale 9733 d1930 Q 3 • 103 July'23 --- Ss consol coupon 9614 97_43 9758 262 1925 Q F Registered k1925 Q 1 --------9614 Jan'24 ___ 104 May'23 - -is registered 9614 9644 1925 Q F k1948 A 0 8314 Sale 8213 1034 Aug'23 ------------1st 50-year gold 4s 814 8352 as eoupon 8302 130 psaama canal 10-30-yr 28-k1936 Q F ------- _ 100 July'2I ---- ---Registered k1948 Q J --------8013 Jan'24 ___ 80 804 ---1981 QM 10-year cony 4348 1933 M 8 8638 Sale 8534 Panama Canal 38 gold 8214 8714 9412 Apr'23 - 8612 171 Refund & gen 55 Ser A.-1995 J 0 8678 Sale 86I State and City Securities. 83 96 87 8714 66 9928 9922 5 994 661, 10-year 1929 3 J 10158 Sale 10113 10158 101 10018 10114 11 Y City-434s Corp stock_1960 M S 9973 99% 1964 M 13 P Jet & M Div let g 3348-1925 M N 9614 964 9678 9934 9934 ___ 9934 Jan'24 ____ Ods Corporate stock 954 97 8 97 A 1966 Va Sys ref 0 stock & W Corporate MN P L E 4s-1941 9958 8014 Sale 80 99589934 9934 10014 0934 Jan'24 ---els 79 8072 8014 22 1971 J D 10312 _- 10312 Oct'23 ---- ,,,- --Southw Div 1st gold 3%5-1925 J J 9733 Sale 97 9613 9713 9712 50 d34s Corporate stock 434e Corporate stock-3uIY1967 J J 10313 1-0418 10312 Jan'24 -___ 1034 1-0312 Tol & Cin Div let ref 48 A-1959 J J 6834 Sale 6858 8624 6913 6 69 1965 J D 10312 10418 10358 Dec'23 -- Battle Cr & Stur 1st gu 38-1989 J D 57 63 5818 Apr'23 _ __ 434s Corporate stozk .,..c.: :r- -_- 1963 M 13 10338 Sale 10338 10313 --3-3-4 Beech Creek 1st gu g 45_1936 J J 9012 Sale 9012 8 . imws 10 II 8 Corporate stock 9022 -1 9012 9012 1936 3 .1 --------86 Feb'23 -----------1959 MN 9618 9634 9614 Jan'24 9614 9614 Registered 4% Corporate stock 1958 M N 9618 9634 9614 Dec'23 ---------- --2d guar gold 52 1936 J J 11% Corporate stock 4 _ 104 May'12 _-- ---- ---1957 M N 10314 1034 984 Jan'24 -- -8% Corporatestock 964 9614 Beech Cr Ext 1st g 334a___b1951 A 0 7514 - --- 60 July'23 -----------19443 D 8213 Sale 824 -- Big Sandy 1st 45 9534 95 July'23 ---- 7,-11% Corporate stock reg 1956 M N 95 1 82 8212 8212 1957 MN 10314 10338 10334 Jan'24 10312 1-0-4 B & NY Air Line Mt 48-1955 F A 6012 6212 62 4)411 Corporate stock 61 62 2 62 5 10314 1034 Bruns & W 1st gu gold 48-1938 J J 8832 90 89 1957 M N 10314 10372 10314 10324 444% Corporate stock 89 89 25 89 8512 86 Buffalo R & P gen gold 56_4937 M S 9934 _7_ _ _ 100 Jan'24 ___ 1334% Corporate stock-1954 M N 854 8622 8512 Jan'24 ---100 100 1961 M S Consol 4M5 _ 10213 June'23 Hew York State-48 90 90 8718 21 90 sale 8913 N 1957 __ ____ 10212 June'23 ---- ---- ---- Burl C R & Nor let 55 Canal Improvement 48-1961 J J A0 1934 91 974 9734 9612 Jan'24 ____ 9534 964 Highway Improv't 430_1963 M S --------11214 _July'23 --- - ---- ---Highway Improv't 018._1968 M 13 --------10423 Apr'22 --- - -- -- ---- Canada Sou cone gu A 58-1962 A 0 9812 99 9833 9758 9852 9858 18 1991 J --------7104 Oct'20 ---- --- - ---- Canadian North deb 8 f 7e 1940 J D 11234 Sale 112 Virginia 2-35 11328 66 112 11323 25-years I deb 13348 1946 3 .1 11218 Sale 112 11238 91 11113 11258 mint. Foreign G Canadian Pee Ry deb 48 stock__3 J 8133 Sale 814 7972 823g' 128 82 1927 F A 10112 Sale 101 Argentine(Govt)7s 1932 M S 9128 Sale 9138 90 9138 1 9138 10124 202 101 10214 Carb & Shaw let gold 46 83 84 Caro Cent 1st con g 48 Argentine Treasury 58 011909_ _.M S 8312 Sale 83 1949 J 7212 7412 7212 Jan'24 ____ 8334 ,45 7213 724 8514 78 8813 J 85 1943 D 86 Sale 854 Car Clinch &0 let 3-yr 58-1938 D 94 Austrian (Govt) 711 w 1 9412 9334 8 9313 9414 9414 Belgium 25-yr ext a f 7;0 g_1945 D 9818 Sale 9778 65 1952 97 n D 98 Sale 9778 9812 46 9812 98 96 9812 J Jan 1925 J 9834 Sale 98 1981 Li 81 ____ 81 Jan'24 ___ 9684. 184 „ 5-year 6% notes 81 „. Cart & Ad let 211 If 48 99 81 1941 F A 9834 Sale 98 1948 D 6712___ 6912 7 .9 Cent Br U P 1st g 46 30 -years 185 9824 70 . 6912 1 67 71 8 10812 109 Cent New Eng let gu 42 1945 MN 109 Sale 10834 109 Bergen(Norway)6 f 88 1961 J 56 -57 5034 57 19 5612 57 7 10813 110 Central Ohio 4348 1930 1945 MN 10912 Sale 10913 110 Berne(City of) 8 f 88 1930 M S 93 .__ 9334 Dec'23--7 ,,,7- _- 85 1947 MN 8814 Sale 88 8812 Central of Ga let gold 55_401945 F A 9958 1-0-0 101 Bolivia (Republic of) 8i 2 tut lid 101 8814 56 Bordeaux (City of) 15-Yr 68-1934 MN 75 Bale 7414 Consol gold 55 1945 M N 964 Sale 96 7 _112 7512 74 75 9658 68 954 9542 1941 D 94 Sale 94 June 1929 3 D 10112 Sale 10138 10112 12 100 1014 95 Brazil, U El external 88 10-yr secur 68 . 105 9412 87 7712 7828 19523 D 7838 Sale 78 Chatt Div pur money g 04_1961 D 7712 ____ 74 Oet'23 -----------78 (Central RY) 784 199 let 7345 (Coffee Security)___ _1952 A 0 94 g 55-1946 J 9514 ____ 964 Sept'22 ____ ---- ---Mac & Nor Div 96 96 95 94 29 96 9952 10112 Canada (Dominion of) g 55_1926 A 0 9934 Sale 9958 10118 64 Mid Ga & AU Div 58 1947 J 9214 ____ 94 July'23 ___ -,,, -9912 100 do 58_1931 A 0 9934 Sale 9958 100 1946 do J 9634 _ _ 9634 Mobile Division 55 do 46 9034 -9-7 1 9634 41 10034 10214 Cent R R & B of ga coll g 55-1937 MN 92 13-4 96 1929 F A 10114 Sale 10024 10112 10-year 54s 917a 96 -__ Jan'24 9934 138 9914 9978 1952 MN 9922 sale 6614 Central of NJ gen gold 5'4•1987 J J 10412 10518 10513 10523 58 8 10414 10512 k1987 Q J --------105 Registered. Obile (Republic) ext 8 f 841_1941 F A 103 Sale 10212 1034 25 102 104 2 10358 105 105 1928 A 0 10224 Sale 10234 10314 22 10213 10314 Cent Pac lot ref gu a 46 -1941-. F A 864 Sale 86 External 5-years 188 8513 8713 8612 25 1942 MN 11412 Bale 9412 78 Mort guar gold 3y4s. __k1929 J D 9212 Sale 9213 92 9228 9258 18 9514 72.9412 96 '02 104 25-years f 88 1946 M N 10212 Sale 02 Through St L lot gu 42_1954 A 0 82 834 8378 Jan'24 --.18 103 824 8378 6 4114 4212 Charleston & Savannah 75.1936 J J 11518 ___ __ 11413,fues.23 ____ ____ Chinese(Hukuang Ry)58 1951 J D 4212 Sale 4212 4212 Obristiania (City) s 1 88_4945 A 0 10812 Sale 0812 10834 22 10713 109 Ches & Ohio fund & wont 52.1929 J J 974 18 9712 97 -98 1 9712 9434 96 1930 MN 9958 Sale 9958 Colombia(Republic)6346._ _1927 A 0 9512 Sale 9514 9958 lot consol gold be 9952 1004 2 6 9512 5 88 9112 1939 MN -------- 99 Dec'23 ---- -,-- --Registered Copenhagen 25-year 8 I 5;48_1944 J .1 89 Sale 89 89 1992 M 8 8614 Sale 8534 1944 M 8 93 9514 9413 8414 -87 General gold 4346 Out a 58 8634 46 9544 94 3 9412 9214 9214 1992 M 13 8358 Sale 8323 3 8358 8358 8358 Registered Ester debt of 58 14 Ser A _1949 F A 91 9214 9224 Jan'24 --8114 83 i 8814 9158 1949 F A 8114 Sale 8114 9158 240 External loan 4345 20-year convertible 430_1930 F A 9034 Sale 8913 814 9113 9238 19533 J 92 Sale 92 30-year cony secured 58_1948 A 0 9178 Sale 9112 884 92 96 92 3348 9224 528 94 9558 19403 J 93 ____ 9234 Jan'24 -.__ Craig Valley 1st g Ss Csechosloyak (Repub of)85-1951 A 0 9434 9514 9478 9234 9234 9558 117 Potts Creek Branch 1st 45_1946 J J 7438 ____ 7814 May'23 - --- ---- --Danish Con MunIcip 85"A"_1946 F A 10712 10758 10714 107349 107 108 18 10718 79$4 "8012 2 8012 Series B 1946 F A 10712 Sale 10714 10758 R & A Div 1st con g 46 _1989 J J 8012 Sale 8012 108, 1989 J J ___ 76 Jan'24 .--2d consol gold 45 Denmark external 8 f 88_1945 A 0 10712 Sale 10712 10814 21 10712 109'4 78 76 9318 9534 9512 64 Warm Borings V let g 55_4941 M 13 749112 95 93 Dec'23 -- J 9322 sale 9312 1942 20-year 68 ---. Dominican Rep Con Adm a I 56'58 F A 10138 10214 10124 10112 56 -514 5 5814 6 10014 10112 Chic & Alton RR ref g 38.-1949 A 0 5814 Sale 58 _ 53 July'23 --- - ---1942 M S 89 Sale 8822 New York Tr Co can 89 _03 882 _,5 „ 13 89 oh e ----- 5334 5512 5312 Jan'24 --._ Stamped Oct'22 int-144'3 von Dutch East Indies ext 68_1947 J 954 Sale 95 5313 -5-318 9512 57 ' 9412 96 1962 M S 96 Sale 9438 Stamped Apr'23 int-- _ ,--, 5034 ____ 5112 Dec'23 --- - ---40-year tis 139 96 -1950 3 J 3358 Sale 3312 8 ,,984 9022 1953 M 5 8934 Sale 8934 Railway 1st lien 33i51 53.is trust rcts 45 34 3034 -3-434 9028 16 Stench Repub 25-yr ext 85_4945 M S 9358 Sale 9358 8114 64 212 „ 9,504 ChM Burl dc Q-01 Div 3348-1949 3 .1 81 Sale 80 79 9434 .339 ' 8114 1949 J J 8858 Illinois Division 48 90 .0 '2 20-yr external loan 7 5_4941 J D 9114 Sale 9034 8813 89 8858 6 9138 360 8612 8918 9918 10018 Nebraska Extension 424-1927 M N 9612 Sale 9612 GS Brit & Ire (UK of) 5 6.1937 F A 9934 Sale 9914 100 576 97 9634 19 9534 1927 M N 9613 9612 96 Nov'23 ..- - ---- _1929 F A 10714 Sale 10813 10714 110 10612 109 10-year cony 5345 Registered 80 1958 M B 8712 Sale 864 1952 M N 80 Sale 7824 General 45 Greater Prague 7348 7611 8711 66 7 80 86 874 • 8812 92, 1971 F A 9814 Sale 98 Haiti (Republic) 65 1952 A 0 91 Sale 9012 let & ref 55 9812 46 9112 63 9712 99 1927 A 0 54 Sale 5312 Italy (Kingd of) Ser A 0.62_1925 F A 99 54 9802 9 n00 9:2 Chic City de Conn Rye 55 9912 32 „ 9912 99 101 53 53 n18.4 Chicago & East Ill 1st 66_1934 A 0 10512 ____ 0414 Jan'24 ----I 1044 10414 954 722 . Japanese Govt-L loan 045_1925 F A 95 9518 94 1 4 9414 19253 J 94 Sale 9278 Second series 4I46 7614 7828 92 78 n„ C & E III lilt(new co) gen 56_1951 SIN 7712 Sale 7714 9414 584 . 1982 M N 9334 9422 9312 Jan'24 -- 7,1 9258 9434 Sterling loan 45 7934 al Chic & Erie let gold 515 1931 .3 J 8018 Bale 7934 8012 271 884 90 chleago Great West let 48_1959 M S 52 Sale 5112 8934 116 Oriental Development 68_1953 M 8 8734 8814 8824 52 68 50 52 5112 Sale 5078 With Sept'24 coupon on Lyons (City of) I5-year 611_ 4934 M N 7434 Sale 74 5112 14 7 _2 2 8 76 30 75 4815 5112 Marseilles(City of) 15-yr 65_1934 M N 7412 7518 744 '4'2 76 Clue Ind & Loulsv--Ref68_1947 J J 10512 10614 10538 10512 32 75 6 10538 10578 Mexican Irrigation 454s __ _ _1943 MN 2812 33 30 Dec'23 --97 9538 Jan'24 ---Refunding gold 55 1947.3 J 96 ---- ---9528 9538 4512 43 i 4512 1945 Q J 44 85 8213 Jan'24 ---Refunding 4s Series C___ _1947 J .1 81 46 4512 Mexico-55 of 1899 8213 8213 2614 2713 1954 3 0 2614 27 2612 1986 M N 84 Sale 8334 General 5s A Gold debt 44 01 1904 84 2612 14 8112 84 14 19523 D 87 e1966 3 J 9618 Bale 96 Montevideo 75 General Os B 8812 88 8753 9612 86 1 9522 9613 9 8758 9453 30 Netherlands fis(Oat price,) 1972M B 9412 Sale 9334 _ _ 72 8238 Dec'23 __ Ind & Louisville let gu 48-1956 3 3 71 93:8 9612 1940 A 0 11122 112 ROMS)externals 185 25 1114 1124 1114 112 „ Chic Ind & Sou 50-year 414_ _1956 J J 83 . 85 83 i 83 i33 14-1-8 9214 %el 1952 A 0 9114 Sale 93 9322 25 90 8712 Jan'24 -- -, n, Chic L S & East let 4;0_4969 J D 88 tie 8712 8713 CM & Puget 8d 1st gu 48...1949 J J 54 Sale 84 9n n2.,_ 12 .:, n 61 (interim certificates)._ _1943 F A 9314 Bale 93 174 94 4934 6534 5534 43 88 9613 VW:MEM(Rep)554s Tr rects_1953 .1 D 87 n' 4 2 Ch M & St P gen g 42 Ser A_51989 J J 7078 Sale 7014 9712 13 "•3 ',, 71 17 7014 7154 Porto Alegre(City of) Eis___ _1961 J D 95 99 5 96 96 954 General gold 334e Ser B-411989 3 J 6212 6312 62 Jan'24 ____ ..'2 62 62 Queensland (State)eats( 78_1941 A 0 10478 Sale l0412 10512 32 10418 106 General Oil'Series C__ _21989 J J 79 Sale 79 78 51 7918 31 994 1014 0 1947 5314 Sale A A 4%8..42014 F A 62 Gen & ref Series 9912 Sale -year 5214 53'2 298 9912 25 9972 53 4934 5312 92 1946 A 0 95 96. 96 94 Jan'24 -Gen ref cony Ser 13 58-132014 F A 5634 Sale 5513 Rio Grande do Sul 80 58 121 55 582 4 8788 8942 19323 D 5712 Sale 5512 Convertible 4541 8812 ii 5853 345 Blo de Janeiro 25-year s I 88_1948 A 0 8912 Sale 89 544 5914 44 8912 87 1947 A 0 894 8912 8834 19253 D 7612 Sale 73 774 682 8912 12 7811 86 6818 100 100 19343 J 54 Sale 511,7 10018 24 25-year debenture 48 n96,.18 56 El Salvador (Fier) temp 88_1948 .3 10018 Sale 100 125 4912 50 1952 M 8 964 Sale 9653 Chic & Mo Riv Div 56_1926 J 1 97 4 98 Ban Paulo (City) e f 82 9712 0738 . 9 a5,02 ; 13 9732 5 974 J 9812 Sale 9812 Ban Paulo (State) ext s 1 86_1936 99 9638 1 c -4 " 471 Chic & N'west Ext 4a-18Si-1926 F A 9634 9714 9638 19 ; 1 964 9638 1885-1926 F A 9612 Sale 9612 J 7914 Sale 79 1942 Regl te ed Seine (France) ext 75 8014 115 ' • '"4 9612 5 96 9612 6304 70 169 MN Croats & Slovenes 82_1962 1987 M N 701g 7118 701g 6714 Sale 6478 General gold 33411 6734 Barbs, 7013 12 6938 7238 22,_ 9 78 8114 91987 Q F ____ ____ 8858 Jan'24 - --7 1936 M N 76 Sale 76 Doissons(City)62 Registered 8858 6852 ' 69 10414 10514 1939 J D 10414 Sale 10414 105 1987 M N 8078 Sale 8058 General 42 Sweden 20-year 68 8078 18 80 814 11134 118 1987 MN ____ 8212 7934 Jan'24 -- -7 92 .1 11413 Sale 1144 118 Stamped 45 Swiss Conferee n 28-yr s f 82_1940 7934 7934 M S 6212 Sale 6212 1987 M N 9958 Sale 99 General 5s stamped 6352 6324 30 62 Tokyo City 52 loan of 1912 100 46 994 100 102 104 10212 A _1948 1 ' 1 A 0 1870-1929 103 10212 Sale Republic ext 88_ _ _ Sinking fund (la 20 10112 10312 100 Jan'24 ---Uruguay 99 100 1870-1929 A 0 100 1021 01 1945 A 0 111 Sale 111 Registered 11112 16 11034 112 Burtch (City of) 6 f 88 Jan'24 --- - 101 101 Sinking fund 56 1879-1929 A 0 -------_ 9758 Jan'24 --- iS5=--L 9728 9714 . Railroad. 1879-1929 A 0 --------96 Jan'24 --- 7 Registered 96 98 1943 J D 9412 9534 9458 Dec'23.-- - ---- ---1933 M N .984 Sale 9834 Sinking fund deb 58 Ala Gt Sou 1st cons A 5e 984 6 9712 9828 9834 9824 1933 M N 96 9834 Jan'24 ___ Registered 98 97 Dec'23 -,_ --Ala MId let guar gold 58-1928 M N 9933 101 1946 A 0 7938 80 10-year secured leg 1930.9 D 10434 Sale 0414 10514 21 10414 1-0614 79 79% 7918 8 794 AM & Buse cony 3Sis 8234 8118 Dec'23 --__ -;,,,•.; -n-nv 1998 A 0 78 15-year secured 6545 g____1936 M 111 10634 1074 0634 10634 Aileg & West let g 45 gu 2 10638 107 J 8014 Sale 80 0 _ 1942 M 8 894 9012 8912 Jan'24 --__ 05 '",5 Chic R I & F-Railway gen 45'88 8012 5 7814 804 Alleg Val gen guar g 45 1 J 764 ___ 7873 Jan'24 -- -*1995 Q J 5712 Sale 5722 0442 ??.,.0' 4 5814 15 Registered Arbor let g 45 Ann Tor/87 764 7878 8834 88 0 48_1995 A Sale g gold 48 „ 88 -Gen Refunding 1934 A 0 7614 Sale 7614 8833 54 & S Fe 7634 210 ARM 7352 7712 1995 A 0 --------86 Jan'24 --1951 J D 10013 Sale 0013 10023 . 4 °° Chic St L & N 0 gold 56 Registerer1 8 99 10018 7934 8122 3 81 *1995 Nov 81 8138 Registered Adjustment sold 45 *1995 Nov 8118 Sale 8078 1951 J D ii ---- 7758 May'32 -- -- ____ 79 ' 2 81 ' 2 8138 52 Gold 3348 Stamped 1965.3 D 83 -_ _ 83 Dec'23 -__ ---- --- Joint let ref 52 Series A__.1963.3 D 98 Sale 9412 9422 " 9612 96i3 21 Cony gold 46 1909 8213 8412 1951 3 D 80 8412 92 Memph Div Iota 42 83 78 Sept'23 -- -Cony 44 1905_ __.......1955 J D 8212 24 8312 9978 997k Cony 4 Me di 1910- _1960 J D ___ ____ 7913 Dec'23 __ -,,,;- -- v C St L & P let cons g 5s___ _ 1932 A 0 994 ____ 9978 Jan'24 ---1928 M S 9512 Sale 9512 012 Ws Chic St P M & 0 cons 68_1930 I D 10234 ___ 0223 Jan'24 ---- 10128 10255 9838 11 . Div mat g 4e East0 131) 8072 82 80 Jan'24 --___ 8958 Jan'24 ---Cone 6e reduced to 3I4a_ _1930 J D ____ 8928 8952 2.001IF Mtn Div let 46._ 1965381 844 8712 5 . 85 1930 M B 94 -9514 94 Jan'24 -7Debntur 15a 9312 96 yron Short L 1st 48_1958 J J 85 Sale 85 905 92 ChM 1' II & So East let 54_1960 .1 D 7878 Sale 784 7 02 7723 7928 27 79 Cal-Aria let & ref 4345•A"1962M 8 9112 ___ 9133 asked. a Due Jan. d Due April ['Due May. g Due June. h Due July. k Due Aug. Due Oet. p Due Nov. 4 Due Dee. Option sale. •No price FridaYilatein bid and 417 New York Bond Record-Continued-Page 2 BONDS. N.Y.STOCK EXCHANGE Week ending Jan. 25 Price Friday Jan. 25 Week's Range or Last Sale Bid Ask Low High 9012 90 9072 Mello Bta'n let en 4341 A..1963 J. J 90 1963 33 9914 100 9834 • 9912 SI B 1963 33 11452 Sale 11452 11514 lit Series C 13340 105 Dec'23 ChM & West Ind gene ft-21932 QM 105 1952 3, 7512 Sale 7434 Como) 50-year 42 7534 1935 MS 10212 Sale 10212 10272 15-year s f 7345 N ▪ 9514 99 9434 Nov'23 Choc Okla & Gulf eons 52-1952 88 Mar'17 C Find & Ft W let gu 45g-1923 MN 88 Dec'23 Clln H & D 2d gold 4748-1937 3, -8634 81936 Q F 89% Sale 89 80% OIStL&Cletg 4s 81936 Q F 88 901 87 Dec'23 Registered MN 1942 8714 4 / 861 8612 8612 Clin Lob & Nor gu 45 g 3 984 99 9758 Dec'23 ' 1928 Oln & CI cone let g 5s 93 Mar'23 Clearf &Mah 1st gu g 5e---19433, 9434 3D 80 Sale 80 Olen° Cm Ch & St Leon 42-1993 8014 1931 J 94 941 9252 9412 20-year deb 4345 1993 3D 99 1001 99 Jan'24 General 56 Series B 1929 3, 10132 Sale 10132 10134 Ref & impt 62 Series A 1941 33 102 82 C 10214 Jan'24 1939• J 8634 873 86/ Cairo Div let gold 48 4 Jan'24 1 Oln W & M Div 1st g 4s 1991 23 7812 80 Jan'24 8t L Div let coil tr e g 42-1990 MN 80 103 8012 8034 Star & Col Div let g 4.8_ -1940 MS 8534 89 864 Jan'24 1940 J J 83 WW Val Div let g 4s 92/ 4 Sept'23 1 10414 3 ' 1934 10614 103/ GCC&Igenconse(15 4 Jan'24 1 Mew Lor & W eon let g 5s-1933 AO 9814 Sale 9814 9814 1935 N 9414 8412 Nov'23 01 & Men let go g 434s 3 93 ' Clay & Mahon Vail g 52-1938 95 Nov'23 1942 33 9414 454e Bar A 91 Mar'21 CI& P gen 1942 AO 9412 Berke B 10412 Dec'15 1942 AO 7938 let reduced to 330 7612 Feb'12 1948 MN 79 82 904 Dee'12 Settee C Was 1950 FA Settee D 3342 67 Jan'21 Oieve Sher Line let gu 43•62-1961 AO 9112 9212 9212 9212 1972 AO 10318 Sale 10315 104 Ott ye Union Term 5345 1973 AO 9734 Sale 9673 Sc (w I) 9734 Coal River fly let gu 4e...._1945 J D 82 86 8215 8214 Colorado & South let g 48__ _1929 FA 9352 9372 9312 9354 Refunding & erten 4348_1935 ▪ N 84 Sale 83 84 1948 AO 8112 8112 Col & H V let ext g 42 811s 1955 FA 8032 .._ 79/ Col & Tel let ext 45 4 Nov'23 1 1952 j 84 Sale 83 Cuba RR let 50-year 5s g 84 D 1936 102 10212 10112 10112 let ref 730 g^t. BONDS. N.Y.STOCK EXCHANGE Week ending Jan. 25 Range Since Jan, 1. Price Friday Jan. 25 Week's Range or Last Sale Range Since Jan.!. High No. Low Ask Low Bid High High IlUnois Central (Concluded) 1952 J 1 7814 7838 77 Jan'24 Purchased lines 334s 9112 7612 7812 Collateral trust gold 45__ _1953 M N 8112 Sale 8012 8112 52 7972 8113 9912 1953 M N 7852 ___ 78 Jan'24 78 Registered 78 11512 1955 M N 10034 10112 101 5 10014 10112 101 Ref 5s 1934 J J 10034 Sale 10053 10138 77 10012 10134 15-year secured 534s 711 /&1-4 1936 J J 109 Sale 10813 10934 18 10812 110 15-year secured 1334s g 10112 10318 1950 J P 8434 88 85 Jan'24 85 85 Cairo Bridge gold 48 2 70 70 70 Litchfield Div let gold 32_1951 J J 6952 70 214 75 Jan'24 75 75 Louisv Div & Term g 3%2 19533 J 7412 1-__ 6912 Jan'24 1951 F A 6834 6912 gold 3e 89 1i78 Omaha Div letTerm 7012 Jan'24 6914-7012 g 32_1951 J J 69 7012 7012 St Louis Dlv & 7714 7714 7714 Jan'24 1951 .7 J 7714 Gold 334s 86 1951 .1 .7 7534 ____ 7558 Jan'24 7558 7558 Springf Div let g 33411 Western Lines let e 411---1951 F A 8418 ____ 8434 Dec'23 92 Mar16 1951 F A Registered -76E2 104 1940 A 0 "iiii's :::: 86 Mar'16 9212 94 Ind B & W lst Mel 42 1950 3 J 8452 ____ 8414 Dec'23 98 99 Ind III & Iowa 1st g 45 2 9714 la; 19663 J 9732 9772 9732 10012 102 Ind Union Ry Es A e 4434 4912 629 401e 4912 102 102 lot & Great Nor adjust 62-1952 J J 4912 dil19523 J 9334 Sale 92 9334 212 905e 9354 let mtge 6sctfe 8612 864 6812 7 66 6812 7734 80 Iowa Central let gold 52-.1938 .1 r..) 6812 Sale 6814 18 4 1951 M Et 18 Sale 18 1672 18 Refunding gold 4e 7932 81 8612 8618 841 8412 Jan'24 James Frank & Clear let 42-1959 J D 84 8314 8412 No. Low 20 9014 31 9778 13 11458 62 17 5 2 58 30 3 -eel; 10338 19383 J 9614 - 787s 1990 A 0 7814 -7978 VI5 "ii" -fir 1927 J J 98 9914 9778 2 9818 52 g 411 95 984 20-ye:8u 2d44Ml Kan 1928 M N 10112 102 10112 10134 le u ft R & M cons g 62 2 10012 102 4 115 1 76/ 7312 7674 K CFLS&M Ryref 642_1936 A 0 7652 Sale 7534 9734 97 97 2 97 97 KC&MR&Bletguft 1929 A 0 96 e_ 11.9 J 6858 Sale 6858 A O 0J 950 6914 125 6838 6933 Kansas City Sou let goldAtr 8734 Sale 8758 8818 28 8812 Ref &(met 5s 86 8312 18 8134 8312 1 -561-2 9212 Kansas City Term let 4s___ -1960 J J 8314 Sale 8234 8212 83 15 1024 104 Kentucky Central gold 4s__ -1987 J J 8233 83 8214 Jan'24 4 Jan'24 1 6252 631s 41 9512 9734 Keok ,S4 Des Moines let 59-1923 A 0 63 67 62/ 19253 J 10018 10034 10038 10033 2 10052 10012 80 824 Knoxv & Ohio let g 62 5 9234 9358 1 J J 9552 100 95 Jan'24 37 194 70 8012 84 Lake Erie & West lst g Es 9358 95 8712 8912 8712 4 18 1 87/ 8712 87 1 211 gold 58 811g 8118 1997 J D 774Sale 7712 7734 4 Lake Shore gold 354e 751s 80 D J 1997 75 75 773 Jan'24 2 Registered 75 75 9 8l5 84 1928 M S 9512 Sale 9538 9534 31 943e 953A 26 101 10134 Debenture gold 42 1931 M N 934 Sale 9278 9314 48 9214 9312 25-year gold 411 1931 MI N 3 9114 ' _ 93 9134 Dec'23 si Registered 9134 9134 9212 Jan'24 _ Day & Mich let cons 434s_ _ _1931 9212 0212 v 1943 MN 8634 Sale 8612 g g 4ANystu 31940 J J 55i2 6 9232 94 9312 9312 Del& Hudson lot & ref 4s 8714 5 8358 8714 Leh 1935 AO 9414 Sale 9338 1940 3 J 9038 Oct'23 Registered 20-year cony 52 9414 21 . 9252 9414 1937 MN 9912 100 997s 100 -791, 7812 7834 7 77 784g 15-year 570 45 9712 100 Lehigh Val(Pa) cons g 48-2003 M N 2003 PA N 8812 89 89 1930 3D 10814 Sale 108 89 8 8612 89 General cons 434s 10812 10 10612 10812 10-year secured 72 89 May'22 D RR & Bdge 1st go 42 g---1936 FA 9012 _ Leh V Term Ry lst gu g 59-1941 A 0 9958 103 9938 Dec'23 1941 A 0 97 _ _ 100 Sept'23 Registered 65 Den & It Go-let cone g 41_1936 33 69 Sale 6812 69 6714 691 1936 10214 103 28 101 103 °ousel gold 474s 1 7312 75 7432 7432 7212 7413 Leh Val RR 10-yr coil 62-a1928 M S 10234 Sale -le-1945 M S 82 874 8214 1928 3D 80 Sale 7934 1 Improvement gold 5e 8214 27 80 8214 8214 7912 8272 Leh & N Y let guar goldCu-8 A 0 994 Sale 99 1Q 35 196 -1 1955 P A 39 Sale 3814 9938 9 99 9912 let & refunding 55 3914 66 38 40 Lex & East let 50-yr 52 MN 1962 80 42 8138 Nov'23 Miami -do Registered ---4912 Oet'20 - -Little 0 A _ 1935 10658 10658 Nov'23 3712 39 38 Jan'24 -Warmers L&Tr rcts Aug '55_ ---Long Dock consol g 6s 38 38 . 100 97 Dec'23 37 41 Bankers Tr etfe of dep 374 Jan'24 -_3714 3712 Long laid let cons 1101d 52-91931 Q 3 97 _ 90 Dec'23 -8912 36 do Stamped 3912 3714 Jan'24 let consol gold 42 3714 3714 1938 J D 8514 -8.6 . 86 Jan'24 Am Ex Nat Bk Feb '22 Ws_ 857 86 General gold 48 40 Jan'24 --40 40 D .1 1932 35 do Aug 1922 etre 40 3812 Jan'24 __ _8112 July'23 45 Gold 38,2 3812 _ 79 1949 M 1 79 79 79 Dee M & Ft D 1st gu 48._ _1935 ii 43 Sale 4334 4334 35 4234 4312 1934 J D 91 - 9138 4 / 7914-i212 4 1 911 go4led 5e 5 4 91/ 1 91/ ntugroeid Des Plaines Val let gu 43,4e1947 MS 9314 Sept'23 ifeled eis Dn tr 1937 N N 8512 8612 8512 8513 8513 S512 10 Oat & Mack-let lien g 4&_1995 3D 67 7212 60 Jan'24 - -20-year p m deb 55 60 8012 80 80 80 5 1995 3D 60 7934 8012 1 70 60 Gold 45 60 Guar refunding gold 4s-1949 M 60 60 -_ 9318 Dec'23 1961 MN 8812 Sale 8812 4 44 1 Dot My Tun 4348 89/ Nor Sh B let cone gu 58_a1932 Q J 9318 9012 88 s 97 -9712 9678 19 7 M S 245m _ 9:1 : 48 . 7 957k 97 97 otggul ls eee Ark 3 9834 ---- 99 Oct'23 ' Dul Missabe ae Nor gen 5s 1941 8078 8138 8132 8138 3 7912 8132 1037 AO 9814 994 98/ LoL°u141&21aJnestfltd 1 Dul & Iron Range let 52 9838 4 1 98 4 983 J N /I J P _ 5s-1 10018 7 0 3 4 9 0 1 Nashville 1 10212 10212 10212 10212 1937 AO Louisville & Registered 9512 July'23 4 Sale 9038 1 90/ 907s 38 8934 91 Unified gold 42 DIU Sou Shore .5 AtI g 52-1937 ▪ j 81 Sale 81 7 81 76 81 .1 sim 64 99330i 3 4 May'23 1 90/ d 44 gold 54_1940 aftero egtiosrte ua coR -913- 101 99 Jan'24 -eV W▪ Minn Nor Div let g 42----1948 A 0 85/ 4 891 1 4 8412 July'23 / 10758 10878 10712 108 14 10612 108 1938 M 012 Z Tenn reorg lien g 54 9312 9712 9312 3 -5312 -931. 2 10-year secured 7s 2003 A 0 10514 Sale 10434 10514 6 10434 10618 ICTVa&GaDivit5e 19303 J 9834 Sale 9834 5 • 9834 9834 let ref 5342 9834 2003 A 0 9958 Sale 99311 4 36 1 1956 M N 9834 100 9814 99/ Cons let gold 5e 974 10012 9 5a B (w 1)_ . 9834 98,4 99 _ J 19303 104 10353 Nov'23 62 Elan Joliet & East let g 152 1941 N N 9834 ---- 9878 gold let M & 0 N 9878 101 9712 9874 1930 .1 J 10114 104 10112 Feb'23 Zile let consol gold 7e ext-1930 M S 10538 Bale 105 2d gold 65 10538 21 10452 10512 1996 j .7 647 Sale 6418 87 87 lit cons g 42 prior Paducah & Mem Div 48-1946 F A 8512 8778 87 Jan'24 644 97 6134 6474 t: 601 mQ S 25 M 40 5 98 19 -1 446 4 61 6112 Jan'24 / 1996 J oldg34_ io Registered dg 61 d,2m 6112 miv 57 Mar'23 Nti:D Lo fr& 95 Sale 9412 1st consol gem lien g 4s_ -1996 3 .1 5412 Sale 5412 95 2 9534 94 115 55 531 5814 19963 J Registered 8112 79 8113 16 48 Oct'23 L & N South Joint M 48-1952 J J 8112 Sale 7914 Penn coil trust gold 4s_ _1951 F A 8933 _ 77 Jan'24 _ _ 77 Registered 77 8934 Jan'24 8812 167-8 50-year cony 4s Ser A 1953 A 0 5434 Sale 5434 _ 31 56 8434 56 Loulev Chi & Lox gold 4341-1931 MN 9534 ____ 9514 Dec'23 1953 A 0 5412 Sale 5412 do Series 13 5512 55 5412 5614 _ 9934 Jan'24 1934 33 9858 Gen cony 4s Series D1953 A 0 6334 Sale 63 . 6334 260 9934 9934 5934 64 Mahon C'l RR 1st 55 Cris& Jersey lets 163 59 60 19553 J 93 Sale 93 5912 13 19 94 8912 94,2 Manila RR(Southern Lines) 1939 MN 5912 Sale 5912 Snle & Pitts cog 3545 B__1940 J J 8134 ____ 8314 97 97 1 8314 8314 8314 Mtualtoba Colonization 58-1934 3D 9878 9718 97 Jan'24 1940 3 J 8134 ____ 83 Jan'24 Series C 82 Sept'23 83 83 ManG Bat NW lat 39-1941 33 8112 1942 A 0 102 S Zvans & T H 1st gen g 5a 77 Mar'13 _ _ 88 Apr'23 Mel Internat'l let cons g 42-1977 _ B 1931 ▪ Sul Co Branch lot g 55.._1930 A 0 101 Nov'23 Michigan Central 5e 6912 Apr'21 9778 _ _ fare° & Sou 6s 1931 Q 19243 J 994 Oct'23 Registered 98 98 Jan'24 _ 1940"3 8818 ____ 8634 Jan'24 Fla Cent & Pen 1st ext g 55.19303 J 9412 ____ 9412 Dec'23 8634 8634 42 1940 J 1943 J J 94 Consol gold 58 Registered 951 94 94 2 85 Oct'23 1959 J D 8758 8834 88 Florida E Coast 1st 4;is_ 1951 MS -71 9 -8 88 80 Feb'23 J L St 81st gold 334e 54 -8 58 1-2 48 Glov & 475s 1052 MN 6734 Sale 6734 Venda J 6814 22 65 6814 1952 ▪ N 80 2 81 let gold 33.48 801 8012 2 79 161931 fort St U D Co let g 05e-1941 J J 8318 _ 4 1 83/ 4 / 831 1929 AO 9312 Sale 9312 2 9214 9334 10 20-year debenture 45 1940 AO 1 10 Ft W & Den C let 00-1961 J D 101 Sale 10012 101 87 Apr'23 231 10 80 112 Mid of NJ let ext 5e 83 1 ft Worth & Rio Or let g 48._1928 J J 8934 Sale 8934 Milw L & West imp g 551929 FA 99 8934 9914 Dec'23 frem Elk & Mo V 1st(Se-1933 A 0 103 10734 10512 Jan'24 1925 MS 10014 100 Dec'23 Ashland Div let g 132 84 10 511 10 5314 89 4 99 98 Jan'24 Mich Div lot gold 6e OH ABA M &P iatSs....J93iM N 98 10012 1661-2 1924 33 10014 - - - 10012 Jan'24 97,2 9812 1931 .7 .1 9512 9758 98 July'23 8914 894 211 eaten 52 guar Milw & Nor let ext 470----1934 3D 8933 91 1 891 894 Galv Boos /t Hen let 55_ _1933 A 0 9012 Sale 9014 8712 8718 7 9012 1934 3D 88 891 871* Jan'24 Cons extended 470 164 Genesee River let s f 68.._ _1957 J 9112 9212 914 92 4 go 8352 8512 89 16 92 Mil Spar & N W lit go 42...A947 MS 8412 85 8412 85 86 Jan'24 33 ___ 1941 78 Gs& Ala RY let co a 5e_ _ o1945 J J 84 86 3545 go 4 / let 661 L S & Milw Aug'2 86 j 9218 ____ 9138 Dec'23 ) JA( Ga Car & No 1st gn g 166100" 1927 3D 100 100 Jan'24 Minn & St Louis let 72 6212 6034 Jan'24 60 Ga Midland let 35_. 6312 67 6034 6034 1934 MN 664 6812 6678 let consol gold 55 5 67 1949 111 1 Gila V & N let go 452.-1924 MN 9938 ____ 9934 994 18 2034 1834 20 1914 9812 0034 let & refunding gold 4e 1914 8 1942 J D 9818 100 98 Jan'24 --_16 98 4 20 164 / Gan & Oswegatch 55 1612 Ref & ext 50-yr 58 Ser A 1962 Q F 161 98 1612 11 9214 9038 Jan'24 ---8652 Mos 9038 9054 M Sap&SSM con g 48int gu'38 33 8714 Sale 8714 Or R & I ex 1st gu g 454s.... _1941 J J 91 8712 11 70_1940 deb A 11258 Can 0 of Trunk Sale 11212 1134 28 .112 11314 Grand 9912 100 100 Jan'24 1938 J J lat cons 5s 1936 MS 104 Sale 10338 104 55 10332 104 15-year f 1931 MS 103 10334 10314 10334 16 10112 10342 10-year coil trust 6342 1947 3 D 8514 10112 Apr'07 Grays Point Ter 55 101 1946 33 101 65 A 101 3 100 101 9213 Dec'22 Great Nor gem 78 Series A_ _1936 .1 J 10718 Sale 10634 10714 112 ioi" 0712 let Chicago Term if 42..„1941 MN 9038 1961 J J 8714 90 8672 88 12 8558 88 msSM&Alste4sint gu_1926 ▪ j 9713 98 9634 Jan'24 96 let & ref Oil! Series A 9634 1961 J J 88 881, 90 June'23 Register Registered _ Mississippi Central 1st Fs__ _1949 33 8814 8812 88 Jan'24 1952 J J 98 Sale 97 98 76 -66i2 9834 M K & Okla let guar 52__1942 MN tigs Seriee B _ 9134 May'23. Green Bay & W deb eft"A"---- Feb 58 60 56 Dec'23 76 /81-2 Mo Kan & Tex-let gold 42_1990 ID 7734 Sale 7714 7734 139 Feb 8 9 Debenture etts"B" 712 Jan'24 4 Sale 8154 1 83/ 7834 83 -712 784 Mo-K-T RR-Pr I 5s Ser A.1962 302 8214 Greenbrier fly let gu g 42-1940 M N 83 ---- 8412 Oct'23 1962 JJ 6718 6753 6634 40-year 4s Series B 68 65 671, 20 81 84 14 10-year Os Series C Oulf&S I lst ref & t g 52._91952 J J 84 Sale 8114 84 9412 9712 1932 9634 Sale 9652 97 83 7312 76 1 76 Cum adjust 5s Series A__ _1967 5578 Sale 55'5 Harlem R & Pt Ches let 4e...1954 N N 76 Sale 76 5134 557s 554 520 8374 8634 Missouri Pacific(reorg 00)8634 26 Hocking Vat 1st comae 454s-1999 J .1 8634 Sale 8414 1999 J J 11 97 8 1 July : 13 . 2 7 ' 9 7512 7855 _ Registered let .S. refunding 58 Ser A 1965 FA 7734 78 7734 21 78 1937i J U.tTOletglsifltgu 4 -97- 978 4 Sale 95 1st & refunding 58 Ser C 1926 P A 95/ 1 9114 9514 9514 67 8752 9212 let & refunding 6s Ser D 1949 FA 9238 Sale 9018 9038 liouston Pelt & Term 1st 38_1937 J .1 9034 9114 0038 Jan'24 ---0014 9212 83 1933MN 9478 ---- 964 Jan'24 51 96 General 45 9714 1975 MS 5378 Sale 5312 5532 5414 136 Hone E&WTletg58 1933 M N 9534 9634 931 4 July'23 / Missouri Peellelet guar 58 red _1937 MN 8078 85 8414 8538 4 -841'4 615,3 3d 72 Extended at 4% --A938 MN 8074 841 8034 Jan'24 Housatonic fly cons g 8034 8034 9214 9234 8034 84 Mob & Bir prior lien g 5s_1945 33 9238 8234 166 84 923; 9234 4 Bud & Manitat lie Series A_ 1957 F A 84 Sale 6112 6212 140 58t4 6212 1957 A 0 6112 Sale 1945 33 7134 74 7134 7134 Mortgage gold 45 7134 4 7134 Adjust:two= 59 8812 8834 Mobile & Ohio new gold 62 1927 10214 103 10238 103 10214 Jan'24 (Illinois Central let gold 4e_1951 J J 8838 ____ 8834 Jan'24 1951 J 83/ 4 Sept'22 1 10034 10112 10112 Jan'24 81927 Q j 10054 let ext gold 6s Registered 1951 J .1 S0'8 75 74 1938 MS 74 General gold 42 75 Jan'24 let gold 33.4a 1951 J 94 92 Montgomery Div late 58_1947 FA 9414 OS 94 94 Registered_ 83 Feb'23 1927 3D 9434 9534 9434 Oct'23 Bt Louie Div 5s Itztended let gold 3 4s_11151 A 0 7784 1951 A 0 7634 Sept'23 76 Mob & Ohio coil In g43 1938 MS 7678 Sale 7678 773s Registered 1951 M S 5912 72 8312 Mar'22 1991 MS 82 81 Moh & Mal let go e 42 Oct'23 let gold 35 sterling 8452 8538 Mont C let gu g le 8518 Sale 8512 jail. 108i4 1952 al 3 1937 3' 10812 1094 10814 Jan'24 853s Collateral trust gold 48 1952 A 0 :Sept'19 033 1937 3, 100 Registered Registered 8614 851 8512 8638 9 86 19373' 9014 1955 MN 85 let guar gold 52 N let refunding 42 5 KaA&GRlstguiats 9814 65 z3,2 02 0:1:223 7758 79 • No price Friday; latest bid and asked this week. a Due Jan. b Due Feb. Due June. 8 Due July. a Due Sept. 0 Due Oct. a Option sale. 418 BONDS. N.Y.STOCIC EXCHANGE Week ending Jan. 25 New York Bond Record-Continued-Page 3 PfiCS Friday Jan. 25 Week's Range or Lasl Sale Range Since Jan.! BONDS. N.Y.STOCK EXCHANGE Week ending Jan. 25 Pries Week's Range Range or Friday Since Last Sale Jan. 1. Jan. 25 Bid Bo Ask Low High High No. Low Asit 60003 D 7518 78 7612 Jan'24 M&N1.taU8348 7613 7613 Peoria 04 East 1st cons 49-__1940 A 0 70 7114 11 7034 75 tmv 67 7114 Mashy Chet& St List68-1928 A 0 100 10012 10012 Jan'24 Income 4s - 100 10012 1990 Apr, 7283,122 H 22, 47: 4 1: 58 1h *7 28 41., J.117:8.29:42 1937F A Ws 9312 9614 Oct'23 11Fle&Bletirug Se Pero Marquette lat Bar A 6e 1958 J 9113 9334 9334 82 an° 9333 Sala 9213 4 Mat Ry of Mex pr nen 4,41L-1957 3 72061:: 30 Sept'23 let Series B 43 1958 54 Sale July coupon on 23 25 23/ - 554 37 Phila Balt & W let g 1 4 Jan'24 1943 MN 9034 9114 $912 Dec'23 --do off 26 Nov'23 -_ _ Philippine By let 30-yr. of 40 1937 J J 42 Sa..1!.. 943238 433814 General 41(00t on) 1977 A 0 27 2614 July'23 PCC&StLgu4AeA 1940 A 0 Jan'24 1714 28 April coupon on 21 July'23 937e 9414 • Series B 4A3 guiu• 1942 A 0 9334 9434 93/ Jan'24 1 4 do off 21 Dec'23 Series C 4I4e guar 1942 MN 9314 9412 9314 Jan'24 9314 9414 Uat RR Max prior lien 434s.1926.6 I 3814 June'23 Series D 4s guar 1945 Id 84 .8633 90 9114 Oct'23 ____ -July coupon on "id' 3434 45 36 -56" Jan'24 Series E guar gold__.1949 F A 8114 90 9034 Oct'23 do off 34 Oct'23 _ Series F guar 49 gold 1953 J D 87 sevt2 23 ___- -1/2 June' 912 03 851.1 89 Int aonsol 4e (Oot on)--:,..1951 A 0 28 Apr'23 Series 44 guar 1957 MN April coupon OD 36 -33 Jan'24 _ 36 Series Icons guar 4Ms_......1983 A 9013 ---- 90/ 90/ 1 4 9933 1 4 90/ 1 4 do Off 10 16 10 Jan'24 _ Series 343,4s • 1984 N 9013 9374 9118 Jan'21_ 911 0638 / 4 0 97 11; Netlgstnek RR let 41 1954 NI N -6612 6814 May'23 General 5s Settee A 1970 D 9 4 9712 9712 -2 97 11 / 4 71 New England cone 68 1945 J J 8212 75 Aug'23 Pitts & L Erie 2d g 55 a1928 A 0 9634 --- 99 Nov'22 ---- .Cense'40 1945 J J 7634 Sale 7634 75 763 4 7634 5 Pitts McK & Y let gu.88--1932 J J 10212 --_ 105 Dec'22 ---- -J Jane RR guar Ist 40-1988 F A 80 Dec'23 211 guaranteed 8s 1934 .1 6 99524 Jjuanne:3242 WONE1stref&lmO434sA52J J 84 Sale 8234 1940 A 0 983 0953 8412 17 -6F3 8413 Pitts Sh & L E 1st g 5a 9813 16'New Orleans Term lit 46-1953 J J 7712 Sale 7713 76/ 1 4 771 / 4 11 7738 let consol gold 58 1943 J 971 Feb'23 _ -/ 4 ____ 100 97 97 MeMeo 1st 83_1925 D 101 Sale 101 0Texas & 10112 1 10034 10112 Pitta Y & Ash let cons 5e- _1927 MN 832 -- -. 98 June'22 _ _ _ Non-cum Income 5e 1936 A 0 8812 8912 88/ 351 / 4 8912 Providence Secur deb 4e.---1957 M N 3312 ---- 334 Dec'23 1 4 89 16 & C Base gen gu 430 1945 Providence Term let 4e 90 Dec'23 1958 M _7134 Dec'23 Y B&M B let cong 54-1935 A 0 9234 0612 1997.6 Reading Co gen gold 4s 91 712 "8714 01 9034 Sale 9013 ▪ y Cent RR cony deb 0e-1935 al N 103/ 1 4 Sale 10334 101 Certificates of deposit ..__ 285 10313 10412 90/ 1 4 113 90/ 1 4 Sale 8913 8714 9074 Como'de Salm A 1998 F A 8214 Sale 82 8314 81 82/ Jeremy Central coll g 46.---1951 A 0 1 4 50 Sale 8512 8614 6 8314 8514 Set 1mpt 4.49 "A"----2013 A 0 8774 Sale 8774 8513 8914 Renee & Saratoga 20-yr811-1941 MN 10989%4 88 8 fief& Impt 5e 2013 AC 9734 Sale 9634 9533 9713 1927 A 0 9814 9712 309 -tiiij; Y Central& Hudson Myer1948 MN 6934 Rich & Meek 1st g 5e _ - 72 Mar'23 Mortgage 3I4s .1 7512 7612 7434 1997 74 7612 Rich Ter Si 1952 J 9614 97 76 9 Jan'24 96 95 95 Reeetered 1997 .1 .1 73 43114 741 1 Jan'24 7273 7414 Rio Gr June let gu 5a 19393 D 82 87 Jan'24 ____ 87 88 87 Debenture gold le 1934 M N 9038 ssle 9018 8934 91 1940 J J Rio Or Sou let gold 4e 9078 24 553 31 / 4 7 513 1 514 5/ 1 4 80-year debenture M 1942.6 J 878 8912 8714 87 833 , 4 19403 .1 Guaranteed 8 8734 31 / 4 _ 7 Dee'23_ _ Lake Shore con gold 3341_1998 F A -73 Sale 72/ 71/ 1 4 7312 Rio Or West lot gold 4e 19393 J 75 Sale 7413 1 4 :73 ,27 7514 41 ---_7414 7518 Registered 1998 F A 7034 73 711 / 4 7213 7114 7113 17 Mtge & coil trust 4e A.---1949 A 0 64 Sale 6313 6434 15 80 647g Mich Cent ooll gold 3341_1998 F A 7414 Sale 74 74! 755 7374 7414 R I Ark & Louis let 4Me----1934 M S 7.512 Sale 75 5 18 7412 7518 Reentered 1998 F 7114-7214 7214 Rut-Canada let gu g 4e 19491 .1 681 7214 Jan'24 Jan'24 68 Jan'4 / 4 75 6 80 812 8 7011 21 Y Chic& St L Ist 811 1937 A 0 90/ 8934 9014 .1 1 4 9Q7 1941 .1 -- 8934 Rutland let con g 4%5 3 8013 894 Registered 1937 A 0 1947.6 J 7014 7374 7212 Jan'24 -- 88 Oct'23 St Joe ar Grand lel g 4e 72/ 1 4 7212 Debenture 4.11 1031 1W N 8888 8934 St Law& Adlr let g Ea 19963 J 9014 93 961 89 8914 8014 8914 96/ 1 4 2 • 96/ / 4 1 4 96/ 1 4 .66 8e A B C 1031 al N 10114 Sale 100/ / 4 10134 1998 A 0 0714 .___ 98 Nov'23_ _ 1 4 10134 33 1001 • 26 gold 8e ▪ ar Connect letignOis A- 1953 F A •8814 Sale: 88 87 8813 St L & Cairo guar g 411 • 1931 3 8914 9034 8914 7 8918 1 "" 88/ 1 4 i6 1C1 ▪;Y & Brie let ex;j4e,...947 M N 8318 80 Sept'23 Eft L le ad ars gen conk 56---1931 A0 97 Sale 9618 9714 24 96 98 4 063 PS El Da ext geld 011a -- 95 May'23 Unified & ref gold 48 1929 3, 8618 Sale 851 / 4 8614 52 8312 8634 Ath ext gold5a 30 A -96 _-_. 95 Mar'23 . Riv & G Div let g 4s 4933 MN 7634 Sale 76 7834 29 72 7634 6th ext gold 4.1 39283 D __ 9234 Dec'23 -„iiii.2 ,_-_4 St L M Bridge Ter gu g 55- -1930 A0 93 991 / 4 Jan'24 ____ 99 9914 ▪ Y & Green L gu g 5e 1946 MN 92863-4 8434 84 *66'. St L & Sin Fran(morg 0°1-49-'50 3' 6874 Sale 68/ 8534 70 95 .657e 70 1 4 Y & Harlem g 8ge 2000 al N 7438 ____ 74 Sept'23 ii Prlor lien Ser B6a 8413 Sale 83 84/ 1 4 73 8012 851e Y Lack & Weotein 6s 1923 F A ---- ---Prior lien Ber C 9934 June'23 199 2 13.8 100 Sale 9934 100 32 9838 100 iiet&ref4e -1973 14 N 1942 5Iis 8712 92 911 / 4 12 9114 0134 9114 • & ref Ags 197861N 155297 1 9712 Dec'23 Cum adjust Bar A 0.--61955 A Q 76/ 7213 7714 96'2 97 1 4 Sale 7614 76/ 1 4 143 ▪ Y LE&W lat 7seit---1930 S 103 June'23 Income Series A (is . Mao Oct 62/ Sale 6112 623 3 1 4 127 58 / 1 4 83/ 1 4 Dock & Imrt5s 1949 J .1 -9911 Nov'23 St Louie & San Fran gentle-1931 3 1 4 10333, ---- 10334 Jan'24 ___ 10334 103/ X Y &Jersey let 50 1334F A 95062 If .493/ 3 General gold 56 0712 9813 97 Jan'24 Jan'24 9812 98 99 9713 98 / 1 4 Y & Long Br ger II 4fi----1941 M S 8613 --- 91 July'22 St Lacey'RReonsg4a---1998 32 89/ 1 4 _-_ 8213 Ju122.23 If TN H & Ranter°Southw Div let g 5s....*--1947 A0 94 91 June'23 08 Non-cony deben 37;e----1954 A 0 44 3912 44 St L Peo & N W let gu 55.:--1948 3' 9834 991 45 44 44 5 / 4 9834 Jan'24 "9333 9833 Non-cony deben 4a 1947 M 4411 4514 St Louis Sou let gu g 4e 1931 MS 878%4 49 52 4514 Jan'24 8 76 8/ 1 3 44 De7 3'82,3 8 _5. 0 Non-cony debon 334.........1947M 13 43 43 St LB W 1st g4ebond etre_ -, 38 ,1 193 3 4413 43 43 Sale 89 2 MN 76 7853 Won-cony deben de 1955 J I 49 444 50 50 2d g 49 income bond etfe-01989 J J 7012 73. 7013 Jan'24 __ 50 49 8914 7012 1056 M N 49 4312 49 3D 80 Sale 7914 48 Consol gold 49 2 50 48 80/ 1 4 106 77/ 1 4 8074 Cony debenture 35411 4438 1556J J 44 Sale 41 3934 1434 .18 let terminal & unifying fa 1052 J J 791 8012 23 / 4 8013 7913 78 8013 Cony debenture 88 1948.6 3 6634 Salo 65 59 6734 St Paul & K C Sti List 4%e-1 19 93 43 1 FA 75 Sale 7414 6534 105 75 19 73 75 11% debentures '957 MN 40 28 4412 St Paul E Or Trunk 410 19 4113 9 41 40 9013 Nov'23 , 43 7 .8.3 88/ 1 4 91 __-. -7s European Loan 1925 A 0 7933 Sale 77 J , 92 703a 8014 St Paul M & Man is 8014 144 9214 9034 Dec'23 -France 1925 A 0 7512 Sale 741z 89 78 3, 10613 107/ let coesol g lle , 78 2374 1 4 10614 10614 1 105 10614 F A 354 009.5 By son-mutt / 4 __ 951 Be Reduced to gold 4348 -1933 33 961 / 4 Jan'24 .9513 9534 -Non-cany 44 1964 3J 4213 53 1037 J D p alson oittioex et x, lgu st ar golu d 43 40 Oct'23 _ ..aii3 ..____72 S812 8812 4 8112 904 Non-cmer deben 01 1955 J 4212 4813 38/ .• 1 85 July'23 _ 1 4 Oct'23 Non-cear deben 40_1958 J 3.6 7.514 Sale 74/ 42 ' SA&APaseletgugda 1 4 4212 4812 4212 5212 75/ 1 4 31 .11 119 9 9 93 42 44943 ilia "i5); Y & Northern let g 5s 1927 A AI Oct'23 Santa Fe Pres& Ph 5s -_- 99 Y 0.1 W ref lets 40----01992 M 1950 *0 9 4 San Fran Terml let 46 15 65 92 7/ 4 1 349Y -613i's -ed189 234 Bale8 /32233 -05 -657-8 8414 4 --38 83 8012 General 4s 1055 J D 59 Sale 5814 AO 10713 58/ 1 4 51 Say Fla & W thi 59 2 107/ 1 4 Dec'23 . Prey & Boston 43 1942 A 0 A0 9912 10113 9913 Dec'23 as __ 73. Aug'23 7& Yu let cone gu g 49_1998 A 0 80 MN ---- ---- Selo V & N E let gu 4 M.-11998 394 7314-85 8014 Sept'23 8512 8614 8513 85/ 1 4 13 8512 8553 UT&RB let gold 5e..1 1927 al 5 9874 ____ 9614 Dec'23 1950 AC 611.1 ____ 53/ Seaboard Air Line g 4s 1 4 Dec'23 _ II Soar & W let ref 5e„ 1937 J 57 Sale ' 1950 *0 60/ 6114 36 0713 57 21 / 4 Gold 4e etamped 57 1 4 Sale 601 712 id gold 430 1937 F A 4214 4878 43 Jan'24 43 • 43 . 01 1941 P it 4414 Sale 441 __ Adjustment 50 / 4 45 83 -41 -41511142General gold 6a _1940 F A 46/ 40/ 1 4 50 1959 A0 48/ Refunding 45 1 4 Sale 4834 1 4 40 4613 50 37 4912 55 47/ 1 4 50 Terminal let gold Se " 1943 fel N 8312 ____ 5614 Jan'24 M S 864 8614 1945 A _ let & cone fis Serlee 7074 Sale 7012 711 / 4 213 8734 717s 1117Nrches& B 1st Ser I4%e_'49 3912 47 Seaboard & Roan let Es.--19213 3, 07/ 9 461 1 4 ____ 971 / 4 Dec'23 _ -1614 84 / 4 Sale 44 Norfolk Sou let & ref A 60_1981 F A • 6334. Sale 6314 83 6514 Sher £312 & So let gu g 5s 1943 Jo 3613 June'23 _ _ _ _ 1 64 Norfolk & Sou let gold 53_1941 P A N 8874 91/ 89 1938 9034 8& N Ala cons gu g 6t1 9914 -___ 9873 Aug'23 1 4 9034 Jan'24 _ Serf & West gen gold 8s___1931 al N 10813 99 Gen cons guar 30-Yr 50-r-1993 A0 991 10613 Sept'23 / 4 100 Jan'24 _ 55- 99 Improvement & extg /934 F A 1061 106 1 ioL" 166" So Pao Co145(Cent Pao con-2'49 0 8% 3 810 1112 0 8 04 3438/ 4 __ 108 843 90578 p s 83 85 Neer River let gold 1032 A 0 104/ 91929 MS __ 20-year cony 4s 1 4 ____ 106 Dec'23 9212 93/ 1 4 & W Ry let eons g 4a 1998 A 0 88 Sale 88 1.1 9714 9374 9712 87 8812 7 9713 20-year cony 50 8812 25 9714 99 Registered 1998 A 0 M N _ _ _ So Pao of Cal-On g 5e 11993 37 4 101 10214 103 Oct'23 8534 Oct'23 Dly'l 1st lien & gen g 4e_1944 J J 3712 Sale 87 88 So Pao Gout let gu 4e B.-195 87 6 35 7 8712 51 94 10-25 year cony MS So Pao RR let ref 4s 8834 Sala 863.1 8714 21 82 Dee'23 8614 8713 10-year cony Os 1929 M S 10833 Sale 10838_ 10334 46 3 199 11955 9,6 4 3, .156i3 11)13-4 Southern-let cons g 5e 9514 9718 Focal'C & C joint0_1941 J D 8712 Sale 8713' 87/ 87 873a alee 9 70 6'2 Develop & gen 4s See A-.1956 *0 9 2 Sa 7 90 1 4 5 770118 71'; 27 55 3 6914 71 North Ohio 1st guar g 55_ L1945 A 0 82/ A 0 85 (w 1) Dec'23 _ _ _ Sale 07 9734 9712 397 1 4 86 32 9812 97/ 1 4 /Menlo prior lien 4a 1997 Q .1 Nor AO 10 81- iili 03 23 348 ja10 8213 Sale 8212 831 / 4 46 03 27 34Sale 10 63S8 03 21 115 10114 104 1997Q .1 Registered 7934 8214 Mem Div let g 434e-58 1998 J __ 7934 Jan'23 ___ 93/ 1 4 9334 General lien gold 38 57l8 02047 Q F 59 Sale 581s 33 59 1951 / 1 4 St Louts div let g 4s 594 128 81 Sale 801 81 20 79/ 1 4 81 a2047 Q F 511 Registered / 4 99[4 194 29 3 MN 9914 _ _ 991 So Car &Ga let ext 530-___1 / 4 5712 5614 Dec'23 1 98/ 1 4 9914 7934 83 Spokane Internet let g 58 Ref & impt 4349 ser A----2047 J .8 8034 8134 8012 1955 82/ 1 4 _--- 82 Oct'23 _ _ 8134 2047 J J 103 19313 103 fis see 13 J D 1041 / 4 86 10214 10414 Staten Island By 4345 80 Oct'20 20473 .1 9113 Sale 91 5s C 90/ 1 4 9234 Sunbury & Lew 45 1938 3, 9112 12 9951 2 13 5 2047 3 J 91!3 Sale 9112 69 D 8934 9212 Superior Short L let 5e g--41930 MS 002 26 May' St Paul-Duluth Div g de..1998 J El 8333 ____ 89 Feb'23 _ _ _ ---- ---- Term Assn of St L let g 4%e-1939 A0 -554 0 93 738 14 D Jean n:223 4 Elt Paul & Duluth let /6_1931 Q 1944 P A _ let eons gold 58 98/ 1 4 June'23 1968.6 D 8033 let consol gold 41 .3 8 1953 Gen refund s f g 4e 93 1, 12 3 S9 841 / 4 Jan'24 2,3 1e78 8 93 1 8 94 112 / 1943 3, 3 ffor Pao Term Co let g 09.--1933 J J 108/ Tex & N 0con gold 5s _ 1 4 109/ 1 4 Dec'23 95 9034 May'23 9 _ _ 1938 A 0 10034 102 NO of Cal gnat g 5s 2000 J D Texas & Pao 1st gold 51 99 Dec'23 Wisconsin let fie 1930.8 J Mar North 92000 2d gold income 5e _ 100 June'23 _ 51 78 58 Aug'23 _ 1931 '.6 92 Sale 92 Og & L Chem let gu 4a g...._1848 J .1 1011409 ' 73 La Dly B L let g 56 71 2 71 72 - - 71 9213 .12- -9213 19432.48 Tol& Ohio Cent let gu 5e.__1935 3, 9713 9812 98 8934 Oct'23 98 1 98 98 1936.8 D 893193 15 7 A0 95 19 Ohlo River Bit 1.8861 Western Div let g 58 97 95 Nov'23 97 100 9813 Oct'23 1937 A 0 General goin 68 1935 3D 9113 97 911 General gold 58 / 4 Dec'23 9414 Dec'23 3, 21 1927 .1 9934 Sale 99/ 9914 9934 Tol Peo & West 45 Ore & Cal let guar g 5s 1 4 9934 11 26 3014 394 -5074 /07 4futis 8712 Tol St L & W pr lien g 3)45-1 1940 1 D 8312 90 8634 19 99 20 5 3, 96/ Ore RR & Nay con g 4a 2 1 4 97 9612 8634 97 9 96Ig 97 AO 7914 Sale 9 50-year gold 43 4 102 103 Ore Short Line-let cone g 5/248 3J 1021 76 9 Deo / 4 Sale 10214 1021 1 79213 3 29 76 7912 J 1948 J 10212 Sale 10214 10234 24 102 10234 Tol W V &0gu 4}4e A Guar eon Se 19 93 33 1 3, 95 1929 3 11 9334 Sale 93/ 9214 94 Guar refund 48 124 9574 95 June'23 ....„ Series B 4%it 1 4 94 J 811 orogen-Wash let & ref 4a---1981 1942 MS 8713 Series c 40 8812 Nov'23 79/ 1 4 811 / 4 814 100 / 4 Sale 80/ 1 4 7511 7812 Tor Ham & Buff let g 41-21946 Faelfle Mast Co let g 6s---.11)48 1 D 7812 8112 8273 83 Dec'23 1 4 7813 2 75/ F A -1-iii.4 FACER of Mole ext Ulster & Del Bacons g 5e---1928• D __ 8834 Dec'23 9313 6 95 713 6 1938 93 24 D 9553 1952 A0 8153 Dec 1 ec:2 239 1st refunding g 45 861/49512 96 95/ 1 4 9554 26 extended gold fie J 9034 ____ 8934 Nov'23 Paducah& Ille let et 430 1455 91 Sale 91 9114 94 Union Pacific let g 4s __ -9211 nee-Lyons-Med RR 81.......1958 F A 67 Sale 67 li1-4 1 9 2 4 -a7 9614 Sale 9814 20-year cony 4s 9613 74 68 100 9838 9812 1942 VA 1011 / 4 45 10018 102 95 96 10134 Sale 101 let & ref temp 65 92008 M nudists By 79 ' 9512 ____ 9512 9512 2 1 4 Ireemsylvania RR-cone g 41 1943 M 24 8913 g2008 M 84 8334 Sale 83/ 9 let & refunding 48 _ 89 Dec'23 811 / 4 84 •e.,,,ae perm secured 03_1 /948 MN 103/ 1 4 26 10234 103/ 1932 9923, F 3, 103 Sale 103 Como!geld 45 _ .8712 894 89 Jan'24 1 4 May 1 1008 MN 88 Sale 83 3731 9212 9212 Nov'23 - _- ...„ 8714 88 aladn, geen 4e-- _ _1044 M J&RN IIndrtgC 88 1 de stamped .1 1980 F A 9434 9512 951 9414 9534 Utah _ l Gomel 44e / 4 952 32 3, 9578 90 4114 4 ID : D c:223 904 0134 1981 J D 91 Sale 9034 1st extended 48 General 434. 011 / 4 83 1084 3 D 100 Sale 99/ 99 10074 Vandalie cons g 4s Sec A-19 93 57 5 FA 8413 __ 8412 Dec'23 General 55 1 4 10012 65 MN 8412 89 86 1930 A 0 1071 Jan'24 / 4 Sale 10712 10834 54 10634 10834 Conseil 4e Series B 10-year secured Is '938 5 A 108/ 36 June'23 _ 1934 J J / 4 10914 47 10734 10912 Vera Cruz & P let gu 4He 15-year secured (Bie 1 4 Sale 1081 29 Dec'23 2.512 29 July coupon on Pennsylvania Co96 .9712 9814 Mar'23 _-_- --- Verdi V I & W lat g 6e 1928 1W / 4 8111 Dec'23 _ _ Guar 330 coil truat reg A-1937 56 S 8334 851 Jan'24 _ _ 97 9914 ii" 07 1928 m Virginia / 4 Dec'23 -Ser E 58 Guar 334e con trust Ser B_I941 A A 82 84 821 ---- ---1938 M N 9714 ____ 9714 Dec'23 83 8114 Dec'23 trust cite C---1942 J D S1 araM I re Guar ID 8114 83 8114 J 0214 9414 9114 Dec'23 2003 Vs & Elo'w'n lot gu rts Guar 334s trust etfe D-_.1944 8114 1 -8114 1958 A 0 781 1 0 9034 93 91 92 .80 9 -i6T480 91 / 4 7912 79 92 11 let CODS 50-Year 50 Guar 15-25-year gold 411-19311: N 8434 8534 8512 Jan'24 1952 9234 0412 „ I 8434 8512 ilrenian 1st 5e Series A_ _ _1982 101,24 9412 Sale 9334 9412 58 Guar 46 fier E • •No mice Friday;latest bld and Asked this week. a Due Jan. b Due Feb. c Due J11130. b Due July. k Due Aug. 0 Due Oct. p Due NOv. • Due Dee. 8 Optiell eale. 44: • s e..' 4;1 • - -.-^ New RONDS N.Y.STC/DK EXCHANGE Week,ending Jan. 25 419 York Bond Record-continued-Page 4 Z.I . BONDS. Price Rangs Pike Week's Week's 1 , Range 1-,2 .1-'! •;•! t j't,'„, N.Y.STOCK EXCHANGE Friday Friday Range or Since Since Range ot -C' t.., Week ending, Jan. 25 . 5 ,4 Jan. 25 Las: Sale Jan., 1 Jan. I. Jar:. 25' elle Las; Sate 4 :,3 -• . . Bid High High Ask Low Bid Ask Low High No. how Ilit'h No. Low Wabach 18t gold 54 98 Sale 9734 8138 3712 9612 9814 Det United 18t cons g 4458-1932 J'J ' 8612 8634 864 804 - 14 9814 34 -19 939 rF aN A 8938 Sale Ms 2d gold 59 10473 Oct'23 8718 90 Diamond Match s I-deb 735-8 1938 MN 8938 21 lapin 60-yr 3terzi 45_1151 1 J 7053 7114 Distill Sec Corp cony isle 5s 1927 A '0 4734 5 14 49.38 •Jan'23 -40-9 63 _ 71 , Jan'24 __ I '.' , 97 Trust certitiCates of deposit__.. 97 Dat & Cis est 151 9 59_.....1911 •• 5018 Sale '49 48 5018 97 5018 49 1-60 - 9512 Noy'23 ___ Dee Molaeo Div lct g 0-1933 3 7413 71 73 Domln!on Iron & Steel 55___1913 1-; 7813 791 1 78 7914 73 781.9 12 '78 73 Jan'24 ____ . 3 A ,,, • 1942 J Om Div 1st - 31.42 3612 88 88 Sale 8719 88 6818 6878 Donner Steel 78 4 4;45 Powder 1941 (El) _1936 51 3 _79,8 du Pont J D Tel & Ch Div 9111 9112 Nov'23 .9 7 83 ' 28 4 13Dure Oct'23 7 8_5 8: _33 '98% _7_9.58. ____ 787: 6 c. , 8 : ' 223: ::1: ---- ---- duPont de Nemours & Co 7AO' 20G0 F A •Warron let re;gag 3%2 31 MN 10773 gale 10738 -74l 108 89 lQ71 108 /948 Q 48 1 j I 1111_4 sale 10413 105. --- ---- Duquesne Lt let & coil 6s_..-193 Wa8h Cent 1st gods 80 1031:1 105 1024 F A 9914 ____ 9938 Jan'24 ____ -11T8 -9-6; .4c Debenture Ts 'V let 3 8012 8012 Emt Cuba Sug 5-yr s f g nis'37 M 5 10919 sale 12 ,14 " Wash Teem let go 3Me_-_19/5 F A 8034 .____ 8012 Jan'24 _ _ _ l073 70 -.3§.i 166T4 T1-10-14 F A 8412 8934 5914 1st 10-year guar :a Ed El Ill Bka.lst con (348_1939 3 j a _ 8513 Junc.'23 _ _ _ _ 9312 99 W Min 57 .2.N W le:gu 53_1930 Ed Elec III 1st cons g 58----1995 J J " 99 912 9_91.4 ;_ 8 99 9'4 3 .1a a9n:21 4 -_-_-_-_ 7538 -9-0 - 80 Atis'23 _ _ _ _ 1925 3 D 96 0 West Maryland let g 42_1932 F A 0 624 Sale 6134 - 38 9519 Dec'23 _ _ _ 6212 91 -lig- -g2-1-2 Elk Horn Coal cony 65 ,IA N 92 Sale 91 . Weat N Y Fe 1's let 9 &L.-1937 1 J 9753 99 99 Jan'24 ____ 9258 78 -1119 -6663 9812 99 Empire Gas & Fuel 7Ms.--127 1943 A 0 8812 80 Gen gold 48 S 9414 9178 9334 Jan'24 ____ 9334 034 7612 7634 Equit Gas Light 58 7619 Jan'24 ____ 93 7912 8312 Federal Light & Tree 83-1912 52 El 8419 85 96 Western as let Sec A 58_1048 Ili S 8314 Sale 83 95 .7 94 8319 48 1946 M S 9.512 -98 82 9238 9334 1952M S 101 Sale 100 1 78 101 12 100 101 9334 9334 1941 M 5 104 Sale 104 784 8119 Fisk Rubber 1st e 188 '361 3 3 8119 Sale 79 .10112 25 10234 10478 teat Shore let 42 guar 8113 12 2351 J J 7812 80 Registered 78 Dec'23 ____ 774 80 FtSmith Lt & Tr lot g 55_,_1936 M 5 7724 70 79 79 7_ Wheelleg i.: RE 1st 6 bs-....1928 A 0 0828 9934 9838 Jan'24 ____ - 2 1 .1 8112 Sale '8438 984 984 Frameric Ind & Dey 20-yr 73.1a 8518 17 -3.14 -38;,,-Wheeling Div 1st gold 13.1928 J j 98 N 103 Sale 103 10314 43 40118 10333 ----: Francisco Sugar 'n..5 a Oct'23 ____ 99 96 91 11 'Extols or Impt- gold Ec.___1930 F A 8034 _ __ 94 •Jan'24 9119 Oct'23 _-__ ,- , Gas & El of Berg Co goose 551949 .1 D 94 Refunding 4;is Series A_ _1986 52 5 5634 -5j- 56 5712 19 -5312 -57-4 General Baking 1st 25-yr 63_1936 3 D 1014- f0-2 102 102 1 101 102 82 RR 1st come!' 48 1949 NI S 6212 74 6218 81 60 64 Gen Electric deb 9 3Ms...--NN 81 Sale 81 8118 15 6234 42 18.1101 10313 Wilk & East let 001 58 1942 3 D 5112 5218 5119 49 81344 Debenture 5.30 5212 182 Sa_l_e_ 181 5218 26 1. 1 - 1138 J 13 99 9814 99 8 6s Ser A-18V . Will & S 13 let gold 55 2,.fi9 1sot8 V 14 lecfbr 0 en ot 99 Jan'24 --__ 99 99 00 98 100 82 Winston-Salem 83 1st 48.-1930 3 .3 82 82 5 82 82 ,N A 117 Sale 17g78 11718 B Wis Cent 56-yr 1st gen 48_ _1949 J J 7812 Sale 7818 7638 794 Goodyear Tire & Rub let a f Sal /11 73 11419 11718 6 7914 Sup & Dul dB,dr term 10 45'18 61N100 Sale 100 10314 _1_30 100 10312 10-years f deb g 89 83 3012 Sale 30 77 8178 21 9,922,8 3228. 181 . . .r0. N INDUSTRIALS A 8834 -__ 89 Dec'23 Granby Cons M S & P con 69 14' .. A darns Espresa toll tr g 43-1948 M 8 8014 80 Stamped 4 804 8914 -9014 92 June'2? 8034 30 Ajax Rubber 8e '9363 D 95 Sale 9412 . 95 -9039 Sale 3914 • 9038 31 "89- 614 Cony deben Ss 873s 95 14 0133 00 Alaska Gold M del: Gs A____1925 81 5 619 612 Gray & Davis 78 94 95 94 06' 16 Jan'24 58 1 9 9 8 4 0 2 61 J M 6 8 64 612 N 2 98 1st Cony deb Os setles B 1926 M s 99 Power 9814 99 Falls 9338 9838 53 4 , s6 Great 2 6 Jan'24 --__ 5-4 6 80 80 Ara Agric chemist Oa 1928 A 0 9618 97 4 7934 81 80 80 964 07 Hackensack Water 48 1612 Jan'24 ____ 97 101 821i 86 lot ref s f 7K8 g 1933 F A 0 A 10038 Sale 100 Havana E Ity L & P gen 55 A 195.4 M S 85 Sale 3119 86 57 1001: 95 9313 902 American Chts'n 65 95 Sale 914. 9538 24 94 9538 Havana- Eke consol g 58.- -1952,F A 834 9312 9319 jan'24 82 87 -, 21 Am Cot Oil debenture 52-1931 1.6 v.. 8612 Sale 8513 9014 Hersbey Choc let a I g (A..- 94. NI N 10118 Sale. 10112 102 43 101 102 94 (s. 11. a. i):,119 4409 74 f.1 N o 8211 83 8218 7912 83 AD Dock & impt gu 3s__ _1936 J 4 10612 " __ 10558 Dee'22- _...._ 8 11n3646g88 eraL nd-0 V0 aw 83 20 llu FioldIs Amer Republics 68 MN .9414 9419 944 Jan'24 1937 A 0 9058 -9-2 90 9414 9514 91 ' .. 20 -3i58 -61-1947 A 0 9238 Sale 9219 0654 9832 92 9314 'Humble Oil& Refining 51:i5_19.32 J 3 98 Sale 98 Am Sas & R let 30-yr Os eer A1 68 9838 91 93 94 9514 Os Es 9514 _3_27 . 10273 Sale 10253 10318 45 10134 10313 :Illinois Bell Telephone 55 _.1955 .1 13 9473 Sale 0478 9114 93 Amer Sugar Refining Go___1937 11 J 101 Sale 10112 10212 66 101 10234 . Illinois Steel deb 4Ygs i Sa ;lle e 10 90 15 18 9 193 928 9m 9212 9413 ,l d J .1 9358 Sale 9358 _Am Telee & Teleej cod U.43.1 9413 292 1195 36 2 5M8 N 10 Convertible 48 790 827 738 8 s - 79 .191 10 9.2 1:83 2 19 4 10019 1-1:117,4 88 InacliNanalge&el0198t95s._,_ ' 5 87 83 874 33 57 01935 j j 97 - 9973 96 Nov'23 1933 M S 10712 sate 10712 108 6 10518 10838 Ingersoll Rand lot 55 20-year cony 4M8 1946 J D 99 Sale 9833 11, 11 6 11 30-year eoll tr 58 99 157 9718 99 Interboro Metrop coil 4SV1_1956 A 0 10,2 1712 11 1913 M N 9934 Sale 994 Certificates of deposit 9978 -:-. 4 1812 4 Nov'23 99 29-year sf 55.28 9978 580 ec1 3 . 2 112 138 Dec'23 ____ Guar Tr Co ctis 18% stampra 7-year convertible 68__1925 F A 12138 12158 12134 1214 33 1124 12212 1034 A 0 8573 Sale 8.573 584 liti 8418 861 2 lnterboro Rap Trau let 58-1968 i -i C4 Sale 6118 6412 379 Am Wet Wks & Elm 5. 2 3614 - i 7-05........1939 1 .7 4814 sale 4614 17 5834 6312 2:8 45 4712 63 Sale 6034 Am Writ.Paper, Stamped 6312 300 1953 V A A 0 6178 Sale 5734 96 Ws 6113 Anaconda CoPPZ'r'01 98.2 8178 254 9319 Sale 3714 9812 481 10-year 65 1038 0 A 1014 Sale 994 '10114 419 1932 MS 8819 Sale 8512 3314 38,• 984 10114 7e 881: 295 78 66 724 Armen,.& Cc.1st real eat43'51939 3 13 9634 Sale 8614 8673 49 72 4 83 8 87 Int A gric Corp let 20-Yr 59_1932 M N 7014 7114 7178 7912 8212 Macon:& Cant Del 5518 - _ _1943 J 3 91 Sale 9014 9014 9214 Inter Mercau Niarines f 68_1941 A 0 8014 Sale 80 9134 96 89 113 1,11:7 7; J 5413 Sale 8334 33 847s Aunclated Q11 temp 69_ _1935 51 5 0778 Sale 9712 93 341 8158 10 3S4 gg.„. International Paper 55 5318 8.5 Atlantic Fruit:cony deb 73-A.1231 3 0 29 3 8413 Sale 8334 3012 Jan'24 ____ 85 32 let & ref Is B 30 e3 )_. __ I0 9.17. ,518 3 tc: 3t, s fe vi i 4, 1 iA3s 7812 Sale 774 774 79 103 84 33201. 1, 3012 14 2 , Trust cc:DM/tee of deposit__ ____ 15;tkys 6 7334 41 Kansasgens0 30 Sale 30 , Jur 9134 59 do atamped 9134 Sale 9118 21 3 29 Sale 29 9 1 1 34 v 95. 964 1312 lean Gas & El 65 93 Atlantic Refg deb Se Sale 1937 J J 93 Sale 98 9812 22 1097 A 10 94 878 Sale 19 01 471 10512 8 10434 10533 Baltic/ Loco V7orke let 68_ .1940 ai N 100 10114 10114 1014 12 10012 10133 1931 SIN 0 10434 Sale 10412 10478 49 101.38 10.14 9818 37 9514 9318 L BarmdallCoyds f cunv 8%-A1931 1 3 9712 9612 964 ariy ee -19:119 CgoileIl Tire 82 as 193 37 5 Co plgst85 . 7118 333 ep& 7312 _ 7318 Jan'24 EeilL Bell Telephone 0 Pa 58.--1948 1 J 9853 Sale 0818 9 , 83 34 6'.81 eT sto0 no 9 inygs ; 97 4 90 933 K ne 192/1 J J 9912 Sale 9933 99341-60 100 'Seth Steel let e.zt 81 Os 100 2 100' 100 1104 1104 1094295 .1 51 F A 0 j A s 1_ 1_ 1 3 Purchase money 63 __.__ __ 197 1.078 sJeal)nt:24 let & ref Os guar A 1942 MN 9538 Sale 9538 054 9 9.r,2-11 9612 89 deb 68 914 9158 29 20-Yr pm & trap al 50__1130 1 J 918,3 Sale: 9012 7214 -7-3 F7 El tot 9 48_ _1919 •I 6 7'21.4 7-314 7214 7214 1 63 A 1848 F A 9878 Sale 9819 99 78 9 _7,, 99 89112 Kings Countyuar 43 73.14 7334 Zi80S.4 1953 F A 91 Sale 90 Stamped 9112 75 convertibleStam 5S68 98 54 4.3 i U11194 7 7714 78 7r14 2 B12 .q .. " it) .Booth Fisheries deb 8 /6s...1926 A 0 77 83 1 ____ 83 ,318 KfolonlsesyCcouou7tyxLsighting 58-19 93 95 9812 Jan'24 9812 9912 98 8 10012 101 'Braden Cop M coil tr 2 2 88-1931 F A 10012 Sale 10012 10034 1936 J 0 10334 Sale 10278 10314 13 10112 1034 Brier Hill Steel let 5iii.-.1942 A 0 9518 Sale 9419 954 21 91 6012 6212 Lackawanna Steel 58 A j 91 Sale 90 88 : : 9 1 0 3 1: S 91 57 B'way & 70 Av 151 o 9 53-1943 3 0 6238 67 61 6118 2 94 8718 8818 Lac 03S L of St'L ref &ext 581934 A 0 9312 Sale 9312 92 94 2 Brooklyn City 7411 58 • 1041 3 J 8718 Sale 37 874 2 9734 9878 Lehigh C & Nay s t 40 A 1954 3 J ai 9834 18 __ 91 Nov'23 _ Elkin Edison inc gen 58 A_ _1949 j J 9712 9514 98 9S5 ,991g 1930 .1 J 10414 Sale 10338 10414 9912 1-0-0 9838 9914 7 General Os Series 15 9 10219 104 Lehigh Valley Coal 58 1333 1 3 General 78 Series 0 1930 3 J 107 Sale 10 __ 8312 Oct'21 107 2 106 107 4s 35 37 General 78 Series D 1940 J ID 109 Sale 109 37 37 10 39 36 .10914 14 108 10919 1,ex Av & P F 1st, go 9.5s....1093 5.1 S 9019 94 44 A 0 11678 11712 1174 11738 52 118 1164 7234 7612 Liggett A Myers Tobac 78_1 Bklyn Man 11 Tr Sec(tem)68_ 'OS j 3 7818 sale 7414 • 7612 1822 '951 F A 1712 Sale 97 9618 9778 Bklyn Qu Co & Sub con gtd 53'41 32 N 8014 ____ 80 9758 25. Jan'24 ____ 89 80 53 ' 1st be 1941 J J __ ___ 64 Dec'23 ___ 11634 Sale 1164 11634 2' 1164 11712 Lorillard Co (P) 70 1951 F A 9718 9712 97 95 . 9734 „Brooklyn Rapid Tran g bs..1945 A 0 8518 713,.4 83 9712 6 83- Jan'24 ____ 58 8618 9114 A.. o N 9019 Sale 8934 '9114 42 Trust certificates - 19 94 52 2M Louisville G & El 58 7334 Nov'23 _ _ _ _ ____ . let refund cony gold 0...2002 3 .1 7018 ____ 7478 Jan'24 ____ 1171: 42 11112 11712 64713 -6433 Magma Cop 13-yr cony g 7s-1932 .1 D 117. Sale 113. 9712 102 Maned Sugar 745 3-yr 7% seeured note;!..-1921 3 J 10414 __• __ 102 9334 10024 102 20 11012 Sale 9919 1001: 102 Certificate!' of deposit ._.. 9612 10438 Manhat fly (NY) cons g 42.1990 A 0 5014 Sale 584 51 5934 5934 72 8 10438 Sale 9912 10138 sklyC ntu fenoE f Idl eeptoggit4_83a tameed1_9 _8 9234 100 '013 J D 47 52 7.0 -.. i 40 52 52 2 • 43 - 100 Sale 9658 100 2d -A 8013 81 1942 61 N 9412 100 8113 19 84 Sale 84 Stamped guard-So '83'1 85 1950 IF A 84 Sale 834 8 91 9 15 3 79y & Lt s 8 96 Eleec R 1, 33 U18 515 n111:E a9 Bklyn Un Gas let cons 955.1940 MN 99 Sale 97 9458 100 Market St fly 1st cons 58...h924 m S 9978 Sale • 9978 100' 126 f 54-1 19 1932 MN 118 Sale 11734 121 187 11513 121 95 2: 7e 9712 1007s 43.f ( ) 11 100 10018 1.1 .,45w4-,Tiatelinaodr,06t% notes -86451-4 Sale SS5aaillee 100 893819 Jan'24 12 let lien & ref ea Series Z5_1947 M N 10314 10378 104 1014 10 10319 1044 532 130 130 12538 133 130 acaln19 ..:3 14v 1 eafrr8 1thtw _1'A 0 1041.1 10412 10414 1920 .4. 12012 97 115 12019 Inwtia 79 11833 119 117 10414 3 103 1044 1932 J D 1931 F A 11918 135 119 Dec'23 Buff & SUSQ Irons! 1,49 91 Dec'23 9842581 75is Series B '952 A 0 3234 Jan'24 Bush Terminal let 42 82 10033 10033 Sale 100 10038 28 do without warrants Consollie 1955 .1 3 8414 Sate 8113 8412 24 8811 3841r4Ieffrag agtiss& Ili 18478 ____ 10478 Nov'23 lvI ste erch tr E Building Sti guar tax ez..._1060 A 0 1214 Sale 9134 .1 9 91 9238 r 5B 9238 E 6sxeShe7 1, 1 991 5 33 22 F A 100 Sale 9914 100 18 'kit fair 98 74 98 971z Jan'24 ____ 9419 96 00 CI & E Corn 58..__5___1937 MN 9778 OS 7 2 Metr Power 65 J D 9538 9513 953e 96 . 27 0 -.1933 A 0 96 Sale 96 10138 10412 97 Cal Petroleum 31ye (WI) 39 Mexican Petroleum 8 1 8a...1936 M N 997 9978 95 Camaguey Sag lat.3 f g 72.._ _1012 A 0 904 Sale 9519 9712 44 9712 Mich State Telep 1st 53 1924 F A 1N78 Ti11 4 8 51 35 8 127 (1e 11 Canada 139 Lines lsicoll 8173'42 NI N 9134 Sale 9112 9134 15 91 8534 9012 9134 Midvale Steel &0cony a f 581936 NI S 9012 Sale 87 9012 269 6 10258 10413 5942 F A 10413 Bele 10238 10412 Canada Gen IFAec Cod' 9512 894 CertifIcates of deposit 1936 3 8934 8914 Sale 88 9834 41 9734 99 511Iw Elec Ry & Lt cons g 58 1926 F-A Cent Dist,Tel let 30-year 58_1943 4 D 9834 Sale 9812 96 9834 99 9912 9512 9312 3 921 1 9214 9214 2 Cent Foundry late I 65__1931 F A 9312 9912 9214 9114 9214 Refunding & eaten 13.ge_1931 J J 92 2 92 Sale 92 964 84 Cent Leather 2J-year il 63..1925 A 0 96 Sale 9534 92 9314 9114 9614 1951 J 0 9213 Sale 924 9234 21 Gen 55 t ' , Cop Oa 1931 .1 J 14312 Sale 137 1431, 15 137 . 1434 8018 85 Cerro de Pate 1061 3 D 84 85 13 8412 83 Se 9434 95 3 9313 74 3 1 84 53 521514v1 kee Ch0L & Coke let gu 9158_1037 3 .1 95 Sale 95 B Gas L let 411...„192; M N Jan'24 _ __ _ 9519 9534 95 "927 F I. 7834 Sale 7612 764 51 Chtmgo Ryes let Ls 95 974 97 28 s1ontana Power 181 56 A-_.1943 J J 97 Sale 9638 1923 J D ____ Chicago Tel 56 100 Nov'23 _,,, -iy 1-667; Montreal Tram lat 34 ref 59_194 I J J 8858 89 8813 11913 12 8833 89 1932 A 0 19078 Sale 9934 1004 200 Chile Copper 68 Bar A 7712 SO \lords & Co late 1 41i0.-- 1931 J J 7912 Sale 78 7919 43 3 9834 Cincin Gas & Elm lot & ref 53'56 14 0 9634 Sale 9612 1960 A 0 7419 ..- _ 6412 Dec'23 , 96 6'.84 Mortgage Bond 4s 996825 1961 A 0 9712 9734 9614 Jan'24 ____ 92 1i5543 Ser 11 due Jan 1 8g14 ,72 Colo F & I Co gen 5 f la.....1943 F A 8814 Sale 8314 gi2 '.15 19:114 UFuel Gas 1st cu g 513 7 :1- 1.: 2- 24 1 2 k23 :::: my 7 Col Indus let & coil 159 gu___1934 F A 7678 77 Mut Un gtd bds ext 5'78...A941 61 N 3278 ___ 9518 Feo'23 9 6 8 98 7 14 9 ,4 5927 J 3 0778 Sale 974 98 734 Nassau Rice guar gold 42-1951 J J Columbia 0& E /at Oa 5734 Sale 5634 5734 26 "ai4 58 1927 J 3 9784 Sale 9712 9734 16 Stamped 9012 9212 National Acme 7A6 1931 J D 92 9338 92 Jan'24 8 Dec'23 ---- -.65,78 -9g4 8 12 964 Ms Col & 91e Ay let go g 5.3.....1993 M S 1st 56929 m _1 - 1- N at Enam & Stapg 1 D 9813 98 - 96 Jan'24 Columbus Gas 1st gold 56_1932 J .1 9414 964 9514 Jan'24 ---Nat Starch 20-year deb 53..1930 3 J 97 -__ 95 Oct'23 _ _ 7., 4 72 72 Commercial Cable 1st g 48_2397 Q .1 ____ ____ 72 National Tube lat 58 1952 M N 10034 Sale 10034 10054 5 -99i4 87 8912 69 8912 Newark Con Gas be 934 04 Coramonwealth Power 62-1947 MN 8912 Sale 884 1043 3 D 9418 9434 9358 Jan'24 ____ 1937 3 .1 10114 Sale 101 10212 36 100 10212 New England Tel & Tel 5s__1952 J 13 994 Sale 9834 , • 99'. 48 974 994 Comp Ago Bars 710 98 13012 New Orl Ry & Lt gen 45,6e_ _1935 J J ..___ _. _ 62 Computing-Tab-Itec 8 1 62_1941 3 J 10013 Sale 9934 10012 11 Oct'23 10214 16274 Conn Sty AL let & ref 94).is 1951 3 J 8112. _ _ 7714 Sept'23 -gy B -g. 2-- N Y Air rake let cony 68_1928 181 N 10213 102-34 102,2 10212 1 82 1951 .1 J 82 Sale 82 7419 7614 Stamped guar 430 N Y Dock 50-yr 181 g 48___ _1951 F A 7534 7612 7512 7534 87 20 89 89 • NY Edison let & ref 6.1.58 A.1941 A 0 111 Sale 11058 Cons Coal of Md 1st & ref 58 1950 J 13 89 Sale 8812 1111 75 110 11113 9312 94 NYGEL&Pg5a 994 100 1948 J D 9938 Sale 9958 100 , 314 Con0 Cool Ch let gu g 58..19383 1 9312 ____ 3753 Jan'24 _ 8714. 8912 8914 75 8218 8314 1952 51 N 8534 Sale 88 Consumer!' Power Purchase money g 45. _1949 F A 8312 Sale 8314 834 - .18 0 1-. 8 Oct'23 ---- .94.w4 1131 61 N 9918 10018 100 6.561 4. at y Mun1c fly lets f .55 A__1986 J J 80 ___ 82 June'23 ---Corn Prod Stein III a be 10 100 . 99 98 1934 IA N 100 10012 9914 99: 1 N Y Q El L & P let g Ls___1930 F A 984 1-00 let 25-Yr S 1 55 99 4 80 1943 F A 80 Sale. 80 33341 3613 3812 48 Crown Cork & Seal 68 N Y Rys 1st RE & ref 48..._1942 1 J 36 Sale 3412 56 94 9112 94 . Certificates of depcisit 3732 Sale Cuba Cane Sugar cony 76_ .1930 1 3 94 sale 93 97 9714 99 112 2 99 8 -.1930 1 J 9334 Sale 9818 43 al942 A 0 Con, dcben stamped 87 30-year ad, Inc 52 119 2 I Cuban Am Sugar let cell 85_1931 M S 10712 Sale 10714 10734 61 10714 10814 Certificates of deposit...... _ . 04 6 9453 05 5838 85' 3616814 6 32 7 3 21'..15 4 NY State Rye let cons 068 1982 M-N 631 ' 1613'3217 1 OtImb TAT let & gen 5...l937 J J --------9458 .33 2 1040 8713 96 8718 12 8413 8713 1982 M N 91 9314 94.' , Jan'24 ____ Den Gas & EL lst&ref 5!958'51 M N 8612 Sale 8612 6355 13 9212 9612 82 7434 82 NY Steam lst 25-yr(12 Ser A 1947 MN 9611 ._._ 964 1942 M 5 82 Sale 8012 961: 7 Dery Corp (13(1) 75 9972 10014 38 933 3 95' Sale 1 9974 9934 44 3 95 63_1633 J 10014 MN 4 Cr 9419 94 gen e f 410.1938 Sale e011 NY Telep 1st & 1st Edieon Detroit 971. 30-year deben s f fis_ __Feb 1949 F A 10714 Sale 10678 10714 34 106 108 9738 36 95 11940 M S 9714 Sale 9634 let & ref 55 Series A 22 104 105 11940 M 13 105 Sale 10412 105 20-year refunding gold 68_1941 A 0 105 Sale 10412 10518 115 104 10514 let & ref 68 Series B -- 4 , r2 •Nei price Friday; Weed bid and &aged. a Due Jan. c DuO march. 3Due April. e Due May. 0 Due June. 5 Due July. 4 Due Aug. o Due Oct. 95Due Dec. I OPtler.1 WO' 420 TITE CHRONICLE New York Bond Record-Concluded-Page 5 BONDS. N.Y.STOCK EXCHANGE Week ending Jan. 25 7.4.1 t ,-., a. Price Friday Jan. 25 Week's Range or Last Sale .2. .g. It to, * Range Since Jan. 1 Bid Ask Low High No. Low High Niagara Falls Power let 5e__1932 J J 100 Sale 99 99 10012 27 100 Ref & gen 65 01932 A 0 10412 Sale 10412 10412 1 104 10512 Nhig Lock & 0Pow let 58__1954 M N 9912 10118 5 „, 10118 Sale 9912 10118 No Amer Edison (3e 93 31 9114 93 1952 M. 93 Sale 9212 Nor Ohlo Trao & Light6s_ _1947 M S 9412 Sale 9178 9212 27 8818 9212 Nor States Power25-yr 56 A _1941 A 0 9218 Sale 91 8914 9212 9218 49 let & ref 25-year 6s Sec B_1941 A 0 10218 Sale 10112 10214 25 101 10234 Northweet'n Bell T let 78 A-1941 F A 10818 Sale 4 10814 62 10755 10814 North w T let fd g 4Yis gtd_1934 J J 9318 _ _ 1073 9138 Dec'23 -- -- ---- -Ohio Public Service nis 1946 A 0 10414 105 10378 10412 j(1438 Jan'24 - - 78 1947 F A 102 10212 10212 10212 1 10014 10258 Ontario Power N F let 5e...-1943 F A 9618 Sale 9618 1 9434 9634 9618 Ontario Transmission be .1945 MN 95 __ _ 95 95 1 94 9512 1941 F A 100 Sale 100 Otis Steel 8s 9838 101 10 101 1st25-year a f g 7;is Ber B 1947 F A 9412 9478 9414 93 95 11 95 Pacific0& El gen & ref 58._1942 J J 9314 Salo 9212 934 70 9034 9314 Pat Pow&Lt lst&ref 20-yr be '30 F A 94 Sale 9312 9212 94 6 94 1937 J J 9712 9772 9732 Pacific Tel & Tel let be 9772 75 96, 8 977s 1952 M N 9218 Sale 9158 be 9058 9212 9218 45 Pan-AmerP& T lst 10-yr 751930 F A 100 Sale 9934 10212 96 9938 10234 1935 MN 9314 Sale 93 61.4e(w1) 93 967s 9618 103 Park-Lax MI5) 6145 1953 J J 9778 Sale 9612 9612 100 9838 25 Pat& Passaic0& El cone 5a 1949 M S 937s -_- - 9378 Jan'24 937 8 9378 ---PeOD Gal8 dr C let cons g 68-1943 A 0 106 1-07 10814 jou.24 --- 10414 10634 1947 M S 8934 Sale 8912 Refunding gold 511 8714 8934 8934 33 1944 F A 101 Sale 10034 10114 17 Philadelphia Co 6s A 9958 10114 90 9118 1.938 M S 24 9114 Sale 9012 9114 23 Pier 'e-Arrow 82 7512 82 98 8112 793 4 SS Sale Ti 8658 MPierce Oil 5 f fle 1943 2 198475 9012 31 J 9114 90 90 eillsbury Fl Mills ils (rets)_1943 A 0 6633 _ 6558 964 8 947s 9614 Pleasant Val Coal lst g 5 f 58 1928 J J 8712 -ii 94 Dec'23 - - --;;,.Focal,Con Colliers late 155-1957 .1 J 92, 4 -1 9258 8 9314 9258 Portland Gen Elec 1st bs_-- _1935 J J 9534 Sale 9512 95 0814 9614 13 Portland Ry let & ref 58 ___ -1930 MN 853., 8612 8612 8612 86% 6 8658 , Sale a. Portland Ry,Lt&P 1st ref be'42 F A 8. 8053 8218 7 8218 1947 MN 92-4 Sale 8134 68 B 8934 92 41 9012 92 1946 M N 104 Sale 104 1st & refund 734e Ser A 5 10312 10434 10434 105 MN Tob 88.-1931 Porto Rican Am 10412 105 106 105 Jan'24 - Pressed Steel Car be 8915 9234 "92 Sale 9112 1933 9234 ' ii Prod & Ref a I 85(with war'nts)'31 J D 113 131 115 4 114 11614 11614 Without warrants attached_.._ J D 108 10812 10712 10734 12 10612 10734 Pub Serv Corp of N J gen 513-1959 A 0 8258 Sale 82 77 8258 8233 35 1937.7 J 11414 Sale 110114 11414 Punta Alegre Bilgae 78 114 109 11414 1937 M N 9312 Sale 9312 Remington Arms65 95 93 44 95 Repub I& El 10-30-yr 5851_1940 A 0 9438 Sale 9378 93 10 95 95 1953 J J '61.14 Sale 9012 534s 8732 9112 9112 15 _ 88 9018 Jan'24 ____ 1952 J D Robbins & Myers 8 f 7s 90's 9015 Ruch & Pitts Coal& Iron be-1946 M N -70: 50 - - - - 91 Jan'23 ---- -..,.Rogers-Brown Iron Co 75.-1942 MN 87 Sale 8218 8712 23 5Z -8713 2 1937 M N 7712 7812 78 St Jos Ry, L,H & P55 78 7634 78 4 Eit L Rock Mt& P ba stmpd-1955 J J 7914 Sale 7812 77 79,4 5 791, 1924 A 0 83 60 St Louis Transit 58 .57 58 1 57 1937.7 J at% fit Paul City Cable ba _ 77 -------r1972J 9512973StPaulUnoDepb 4 Sale 971 965 2 ao 1942 M S 102 Saks Co 75 7 103 10414 10312 10312 10414 1952 J J 05 Sale 95 San Antonio Pub Set 0W 26 9334 9538 8 953 S 102 Sale 102 Sharon Steel Hoop let 85 set A '41 M 4, 16 100 10212 102 Sheffield Farms 6345 3 101 10214 1942 A - 102_,- 10214 10214 Sierra do San Fran Power be-1949 F A .8.372 ,ig, 6 8612 ... 8612 7 8612 Sinclair Cons 01115-year 78-1937 M 0 94'2 Sale 9312 339 97 1938.7 D 8731 Sale 8718 8340 B (w I) 8718 9014 9014 309 1925 A 0 9772 Sale 9714 Sinclair Crude 0115348 9714 99 9838 116 1926 F A 9734 Sale 9712 Oa 97 8833 9812 149 1942 A 0 8212 Sale 8112 Sinclair Pipe Line 58 8138 86 8478 194 D 10214 Sale 10118 10214 19 10078 10214 South Porto Rico Sugar 78-1941 South Bell Tel & T let 81 56_1941 J J 9512 Sale 95 94 9534 7 9512 J 8714 88 8712 Jan'24 _ Southern Colo Power 65--_1947 8714 8712 Stand Gas & El cony 5 f 65._1926 J D 102 Sale 10134 10218 15 no 10212 1930 MN 0622 98 9612 Standard Milling 1st58 9678 16 9534 9678 J 10412 Sale 104 Steel & Tube gen a I 7saer 0_1951 10412 17 103 10413 Sugar Estates (Orient!) 75-1942 M S 9712 Sale 96 9534 9712 9712 36 Syracuse Lighting let g 58._1951 C 9218 ____ 92 Jan'24 92 93 Light&PowerCocoltrsfSe'54J 88 Sale 86 841s 8612 7. 8612 3' J 98 102 102 Tenn Coal, Iron & RR gen be '51 10212 11 10038 10212 Tennessee Cop 1st cony 6e_ _1925 M N 10012 10034 10012 102 6 10014 102 Tennessee Elec Power 65......-1947 D . 95 Sale 9434 , s 95, 4 9534 73 93 Third Ave let ref 45 1960 5334 567s 56% 99 J 5614 Sale 54 Adjustmentincome 58_01960 A 0 4814 Sale 4518 44 4814 4814 251 Third Ave Ry let g 58 i 9138 9412 91 Dec'23 ____ 1937 ,,,_1931 F A 103 Sale 10278 10314 36 102 : Tide Water Oil 634s 1 0-414 . Tobacco Products 5 f 7s___:-1931 J D 10772 Dec'23 1941 M107 Toledo Edison 78 Sale 107 . 10714 ii 'jai/ 108 1925 F .. 9914 9958 9914 100 Toledo Trace L &P 68 9812 100 5 1949 M 8 Trenton G & El let g be _- - 9234 Nov'23 ____ ---- ---Undergr of London 45is...-1933 J J 82 9332-9112 - 87 Dec'23-1948 1 J 81 Income 65 8812 8914 Oct'23 ___ - -,,.- --1942 M N 98 Sale 9714 Union Bag & Paper 68 9614 -98 33 98 Union Elec Lt & P let g 58-1932 M S 6712 ___ 9752 9758 12 9718 9785 1933 M N 0412 ' 58 92 9712 Sale 9438 9712 155 Union Elev (Chicago)5s.._..1945 A 0 68 - - - - 70 Jan'24 _ 70 70 1931 J J 9434 --_ 9414 Dec'23 ____ ------ Union 011 5a o1942 F A 10012 Sale 6. 3 9912 01.1-12 8 100'z Union Tank Car equip 78-1930 F A 1041: Sale 10414 10412 26 10358 10412 1941 J H 11312 Sale 11214 11312 21 11112 11312 United Drug cony 88 United Fuel Gas lets I 68-1936 J J 0514 9812 9512 9212 9512 8 9812 United Rye Inv 58 Pitts Issue 1926 MN 95 Sale 95 91 9534 7 9534 United Rys St L let g 4e_..19343 J 65 Sale 6434 6212 6575 6514 40 United BEI Co Int rots 6s 1937 MN 8712 Sale 8612 8712 2 86 8712 1942 A 0 101 Sale 99 United Stores 68 9814 101 47 101 1932.7 J 104% Sale 10418 10412 U 8 Hoffman Mach 85 1 103 10412 US Realty di I cony deb g 55 1924.7 1 9934 100 9934 9968 100 5 9934 U 8Rubber list & ref 58 ser A 1947.7 J 8624 Sale 881i 834 86A1 8634 150 1930 F A 10612 Sale 10534 10612 36 10334 10612 10-year 734g US Smelt Ref & M cony 66_1926 F A 10012 Sale 10018 10012 41 9934 10012 US Steel Corpleoupon -,_61963 MN 10234 Sale 10212 10312 133 10214 10312 if 10-60-Yr lis!registered -41963 MN 102 10233 _- 10214 Jan'24 __ Utah Light & Traction fie__ _1944 A 0 ;i77: 80 8635 00.3 Sale 8212 8633 78 1944 F A 8934 Sale 89 Utah Power & Lt let 55 8733 8934 89, 4 19 Utica Rift L & Pow lst a f 581950 J J 95i4 9514 Sept'23 -----------1957.7 J 9012 -91-78 18 oi1 2 Utica Gas & Elec ref 58 - 9018 9018 Va-Caro Chem 1st 15-yr 58..1923 J D 81 82 9834 Nov'23 _ 1947.7 D,, 81 Sale 8018 78 i13.1.5 -02 8334 iii 1937.7 . 6334 Sale 6278 12-years f 73is 6273 7314 7134 146 warrants attached_ J J Without 6112 Sale 6112 6112 76 6812 45 Va Iron Coal& Coke lst g 55 1949 M 5 9012 92 9072 91 91 1 9072 1934 J 1 8912 Va Ry Pow 1st & ref 55 8912 90 94 3 9014 90 98 16 0 8 2 95 90 sale 95 D 10423 Vertientes Sugar 73 1941 J 13 10253 Sale 10212 103 Warner Sugar 7s 22 10212 103 1939.7 1 9934 100 100 Jan'24 --__ Wash Wat Power s f 5a 9912 100 Weetehes Ltg g 5sstmpd gtd 1950 .1 D 9618 ____ 9638 Dec'23 ____ _ ---West Penn Power Ber A 58.._1946 M S 9012 Sale 90 8912 -9052 14 90 1958 J D 1011, 10112 101Is 10112 12 101 102 1st 40-year 6s Series C 51946 F A 10.513 Sale 10518 10734 let series D 78 3 10414 10734 1963 m S 8612 8733 87 58 E 87 8914 7 8818 Western Union coil tr cur 58_1938 1 J. 9714 Sale 9714 98 97 55 98 Fund & real estate g 434e-1950 MN 91 Sale 9038 9038 9178 7 91 1936 F A 110 Sale 10958 11014 41 10853 11134 15-year 0511 g Westinghouse E & M 7s__ _ _1931 MN 10734 Sale 10718 108 90 10634 108 7978 Wickwire Spen Steel lst 78_ _1935 1 J 77 Sale 77 75 7778 16 91 Wilson & Co 1st 25-yr a f 68_1941 A 0 9734 Sale 97 9812 9812 46 1928 J 0 9118 Sale 9034 8614 9184 9134 39 10-year cony 51 1311 1931 F A 9812 Sale 9814 9712 100 9918 30 Via 1941 A 0 10234 Sale 10134 10234 5 10034 10234 Winchester Arms This 9614 215 9412 9614 voung'n Sheet & T 68(w 1)._1943 J .1 96 Sale 9518 .No price Friday; latest bid and asked. a Due Jan. d Due Apr. c Due Mar. e Due 0 Due Due Aug. p Due Due July. Dec. Oct. June. 5 g,Due s Option sale May. ------ [VOL. 118. Quotations of Sundry Securities All bond prices are "and Interest- except where marked •f" Standard 011 Stocks Par Bid Ask r. C 6t. 0 Basts Railroad Equipments Pe5 Anglo-American 011 new., El *1538 1534 Atlantic Coma. Line fie 6.35 Atlantic Refining 100 132 134 5.50 5.25 Equipment6%5 Preferred 100 1174 11514 Baltimore & Ohio 68 5.65 5.35 Borne Scrymser Co 100 155 165 Equipment 4348 & 58 5.40 5.10 Buckeye Pipe Line Co_-50 Buff Roth & Pitts equip 6.. 5.50 5.30 Chesebrough Mfg new...100 311 321 Canadian Pacific 4345 & 65_ 5.50 5.20 Preferred new 100 115 120 Central RR of N .1 65 .5.50 5.35 Continental Oil new 25 5.65 5.45 78 Chesapeake ois Ohio 68 16 3: 9 42 580 Crescent Pipe Line Co 50 ;57 18 3 5.60 5.30 Cumberland Pipe Line 100 116 118 5A5 5.20 Equipment 5s Eureka Pipe Line Co.....100 104 105 Chicago Burl & Quincy 6s 5.60 5.35 Galena Signal Oil corn..-100 67 68 Chicago dr Eastern III 510_ 6.25 5.50 Preferred old 100 110 117 Chicago do North West 138_ 5.65 5.35 Preferred new 100 102 106 Equipment Ois 5.65 5.35 Humble Oil & Ref new.. 25 1 1 8 4 13812 39 ChE lo 00 111pIm &en Ptac 034%5 & 5e_.. 5.50 5.25 Illinois Pipe Line 100 5.80 5.45 Imperial 011 25 *118 11812 Colorado dr Southern Os.- 5.70 5.45 Indiana Pipe Line Co 50 *96 98 Delaware & Hudson 68 5.60 5.35 International Petroleum_(3) *2138 2112 Erie 434s de 55 6.20 5.75 Magnolia Petroleum 100 154 155 Equipment6s 6.00 5.75 National Transit Co__12.50 *25 2514 Great Northern 68 5.60 5.35 New York Transit Co_100 90 93 Equipment 55 5.40 5.15 Northern Pipe Line Co.-100 100 103 Hocking Valley 65 5.70 5.45 Ohio 011 new 25 *7612 77 Equipment 5a Penn Max Fuel Co 25 *3712 40 Illinois Centra1435e & 5s 5 5..3 45 5 5.10 .20 Prairie Oil& Gas new--100 260 261 Equipment(is 5.60 5.35 Prairie Pipe Line new..... -100 109 110 Equipment 7s & 6345 5.55 5.20 Solar Refining 100 2 12 68 112 2 12 69 412 i Kcamm anawhcaidity Michigan 68 5.75 5.40 Southern Pipe Line Co 100 96 98 Equipment 41.is 5.65 5.25 South Penn Oil 100 Southern 5315- 5.65 5.35 SoutnwestPa Pipe Lines.100 55 88 Louisville & Nashville 65 5.55 5.30 Standard Oil (California) 25 *6534 66 Equipment63.68 Standard Oil(Indiana) 25 *67 671s Michigan Central 55 do 65._ 5 5..5 58 5 5..2 25 Standard 011(Kan) 25 *4813 49 Minn St P do 8S M 4Sis dr be 5.70 5.40 Standard 011(Kentucky) 25 11612 117 Equipment 634e & 7e_._ 5.65 5.30 Standard 011(Nebraska)100 238 240 Missouri Kansas do Texas 1311 6.00 5.50 Standard 01101 New Jer_ 25 *4178 42 Missouri Pacific 138 J2 634s__ 6.15 5.70 Preferred 100 11734 11814 Mobile & Ohio -flis & be-- 5.50 5.20 Standard 01101 New York 25 *4678 4718 New York Central 4358 & 55 5.40 5.15 Standard 011(Ohio) 100 330 334 Equipment6s 5.60 5.35 Preferred 100 Equipment 7s 5.50 5.20 Swan & Finch 100 19 3 16 5 714 19 318 89% N0 ort rfo hlekrndipW acea ute ler7n543.0 5.20 4.90 Union Tank Car Co__-100 5.55 5.25 Preferred 100 10758 108 Pacific Fruit Express 711-.... 5.55 5.25 Vacuum 011 new 25 *6214 647 2134 2 s Po eEu ng nauyty lvm aenn iat6 R 2R eq 55 & 65 5.60 5.20 Washington 011 10 *26 27 Pitts & Lake Erie 6348 5.55 5.25 Other 011 Stocks .75 .40 Atlantic Lobos Oil 5. 3312 5 Reading Co 4434s & lie 5. 50 : 1 Preferred 63 0 08112 6 St Louis & San Francisco 50- 5.60 5.35 Gulf Oil new 25 113 Seaboard Air Line 4;is & be 6.10 5.75 Mexican Eagle 011 10 Co 4345.- 5.45 5.20 11 , Mutual 011 *1312 1334 EtnhueirnpmPenaet 5.55 5.25 100 85 87 Southern By National Fuel Gas 5.60 5.30 Salt Creek Producere--- 10 2314 233s Equipment 5.85 5.50 Sapulpa Refining *158 134 Toledoar0hio 4C 4 Peintra1 &. 5 65 5.85 5.50 AmericanUnion 5.45 5.20 Public Utilities Amer Gas & Elea new--(2) :94 542 41 : 1 4 55 312 ga7raSe,' TobaccoPaeC it11° t oL cm ktn 10 00 0 28 74 612 86 79 50 Preferred era reed Pr erefm 95% Am MatN Deb Os 2014 hine do Fdry_100 136 142 Amer Light & Trao com-100 2 1 161 112 BrI ptris efhe-rA remder Tobae ord. 9 1891, 105 912 2 189 2 100 Preferred Bearer *1:2023(109 81I; Amer Power & Lt com_ _100 20 5 Helme (Geo W)Co. new10 100 Preferred 22571111 12 M&S 9212 9312 Imperial Tob of GB & Irerd *1434 1512 Deb Os 2016 Amer Public UM com_100 4012 43 int Cigar maemnery_100 55 60 100 75 77 Johnson Tin Foil & Met7% prior pref l00 es1 00 9 78 5 _0_1; _ 100 56 60 MacAndrews & Forb 4% partio pref 100 144 46 Blackstone Val0&E corn 50 *8 79 3 75 Preferred Carolina Pow & Lt com_100 Mengel Co 21 23 100 6914 -7Posernetorglep Cities Service Co com -0-1-3 R I ican Co -Amer Tob__100 65 75 100 Preferred 80 -._ CitiesServiceBankere'Shares 112 2 55 1:4 2 12 8 16 34 Unpirveetrr6 rs e aleLea1'rob com_100 30 33 Colorado Power corn_ _ - _100 100 80 84 100 Preferred Young (J 5) Co 100 107 11 Com'w'th Pow,Ry & Lt. 100 56 2 9 57 4 Preferred 100 103 06 Com'w'th Pow Corp pref 100 7212 74 Rubber Stacks(Cleveland) prices) Consumers Power prat _100 8414 86 Firestone Tire & Rub corn 0 10 *073012 Elec Bond & Share pref _100 6% preferred 66Federal Light Jo Traction(*) preferred 100 90 -100 *7 Preferred 6 93 97 7 79_ 5 81 General Tire do Rub corn10 50 *19 7 9 5 Lehigh Power Securities_(I) *3714 3514 7%p Preferrree 87604517 Mississippi Riv Pow corn 100 22 23 Goodyear Tire st R oom_100 1034 113s 100 80 82 Goody'r T&R of Can pI-100 o79 80 Preferred First mtge 58. 1951-J&J 9214 9314 India Rubber corn F g deb 75 1935M&N 101 102 Pre ferred Nat Power & Lt com (t) '70 71 Mason Tire dc Rub oom-(2) 764,34514 Preferred (t) *8412 86 Preferred 100 27 30 J&J Income 75 1972 9114 9214 Miller Rubber 100 7112 75 Northern Ohio Electric-(t) *9 10 Preferred 100 92 94 100 26 2712 Mohawk Rubber Preferred 100 5 10 North States Pow oom-100 97 100 Preferred 45 55 100 91 Preferred 93 Selberling Tire dr Rubber(*) *478 512 Nor Texas Elec Co coin-100 58 62 Preferred 100 38 45 100 66 70 Swinehart Tire & R com-100 10 20 Preferred Pacific, Gas & El 1st pref 100 90 91 Preferred 100 35 50 Power Securities corn._.Cl) *2 6 • Sugar Stocks Second preferred (2) •14 17 Caracas Sugar 50 *14 17 1949.__Jdon trust 65 Coll 79 84 Cent Aguirre Sugar corn. 20 *8812 8912 Incomes June 1949._F&A 161 65 Fajardo Sugar 00 16 1614 104 6 Puget Sound Pow do Lt 100 44 46 Federal Sugar Rof com 1 100 77 81 6% preferred Preferred 1(110) 93 0 107 0 100 a103 105 Godchaux Sugar, Ino 7% preferred .2103 Gen mtge 7145 1941.M&N 10412 106 Preferred rr 100 18 Republic By & Light 10 Great Western Sugar newl2 511 *4 93 512 9 57 0111 100 44 46 Holly Sugar Corp com...(t) Preferred *27 32 South Calif Edison com.100 10112 0212 Preferred 100 78 80 1 8% preferrea 115 118 Juncos Central Sugar---100 110 120 Standard Gas & El (Del) 50 *32 33 National Sugar Reflniug_100 87 89 50 *48 49 New Niquero Sugar Preferred Tennessee Eleo Power Cl) *20 2034 Santa Cecilia Sug Corp pf 100 Second preferred Cl) *50 51 Savannah Sugar cora- Cl) *8 5 95 948 169811 Western Power Corp-._ _100 31 33 Preferred 100 78 80 7 100 81 Preferred 83 Sugar Estates Oriente pref. Short Term SieurItIsslit WestI prete00 nrr d1a Bug Fin corn_ lee 9 Am Cot 0116s 1924_ -MdiS2 100 0014 100 23 -2 .8 Amer Tel&Tel 6s 1924_F&A 100 10013 Industrial&Miscell Anaconda Cop Min 611.291do.1 10212 10234 American Hardware_ __.l00 69 71 Anido-Amer01171.65'25 A&O 10134 102 Amer TypefoUndeni corn 100 Federal Bug Ref66'24-M&N Preferred 100 98 9 10 00 1 M&N -iii1-2 -ii- Bliss (E W) Co new 6s 1933 18 (t) *16 Hocking Valley 68 1924 Mdt8 100 10015 Preferred 50 *57 60 Interboro 11 T 8s 1922-M&S Borden Company com-100 124 126 K 0Term Ry 65'23 M&N15 Preferred 100 102 104 J&J 10212 10312 Celluloid Company 6546 July 1931 15 1 10 80 8 18 1926 10012 10034 512e Preferred Lehigh Pow Sec rls '27..F&A 97 : 1 9 98 Chpr ildeefeC rro any corn new(3) Sloss-Sheff 81.1c1 6s '29_F&A 100 115 11 13 15 312 U S Rubber 7345 1930.F&A 106 10634 Hercules Powder 100 103 107 Joint Stk Land Bk Bonds inrerrn efa erlen dal salt 100 104 106 Chic Jt Eltk Land Bk 58_1951 10012 10112 100 79 84 158 1952 opt 1932 10012 10112 International Silver pref 1(10 108 8-4.1963 opt 1933 55 101 102 Lehigh Valley Coal Sales 50 82 1931 102 10312 Phelps Dodge Corp 534. 1951 opt 100 135 140 1952 opt 1932 4 99 100 Royal Baking Pow com-100 125 135 434s 1952 opt 1932 9712 9812 Preferred 100 98 100 43i. 1963 opt 1933 99 100 Singer Manufacturing-100 140 145 * Per share. * No par va ue. S Basis d Purchaser also pays accrued dividend. f New stock. I Flat price. k Last sale. is Nominal. z Ex-dividend. y Ex-r ghts. 8 Ex-stock dividend. s Sale price. o Canadian quotation. BOSTON STOCK EXCHANGE-Stock Record seaBZnage HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT. Saturday, Jan. 19. Monday, Jan. 21. Tuesday, Jan. 22. Wednesday, Thursday, Jan. 24. Jan. 23. Friday, Jan. 25. Sales for the Week. STOCKS BOSTON STOCK EXCHANGE 421 Range Since Jan. 1 1924. Lowest Highest PER SHARE Range for Previous Year 1923. Lowest Highest Railroads Shares. 100 146 Jan 2 150 Jan 23 143 Apr 151 June 369 Boston & Albany 148 14812 148 148 147 148 14712 149 148 14934 14934 150 100 78 Jan 2 80 Jan 8 Elevated Boston 75 June 84 Jan 756 79 7814 79 7913 7912 7912 79 7912 7912 794 7934 79 100 9234 Jan 3 95 Jan 21 pref 9112 Aug 100 Mar Do 36 4,3314 _ 95 9314 934 94 95 •____ 95 100 112 Jan 5 11614 Jan 24 11111 Aug 125 June 77 Do 1st Prof 11614 11614 +11514 --- *115 -- 11512 11512 116 116 100 2 Nov 106 Mar Jan 9534 Do 994 pref 2d 95 12 Jan 219 99 ' 98 9834 *9858 8 98% 98, 9812 9812 *984 99 100 812 Jan 2 13 Jan 10 734 Dec 2012 Mar 739 Boston& Maine 4 1112 1112 11% / 1112 1134 1112 11% 1112 1112 111 100 12 Jan 10 13 Jan 17 7 Dec 27 Feb 25 Do pref 14 •13 13 13 14 14 *13 14 •13 •13 1212 Oct 3212 Mar 356 Do Series A 18t pref-100 134 Jan 2 19 Jan 10 15 15 1512 1512 16 14 1534 16 17 16 1512 Dec 48 Feb 104 Do Series B let pref-100 1712 Jan 2 22 Jan 10 2012 21 22 22 23 22 2134 2134 *21 9 Jan 19 pref.-100 let 0 Series 9 Do Jan 20 1512 Dec 42 Mar 1914 10 1914 *19 *19 20 20 4 20 / •191 *19 20 Dec 59 Feb 5 Do Series D let pref.-100 23 Jan 3 28 Jan 9 *2414 28 24 24 28 .24 ____ *25 28 •25 100 143 Jan 4 147 Jan 16 135 July 16012 Jan 30 Boston & Providence *146 147 2146 147 •146 147 14613 14612 *14612 147 18 Feb 35 Mar 234 East Maas Street By Co_ 100 19 Jan 7 2112 Jan 14 2012 •20 22 "in- 1620 •____ 21 •_ _ _ _ 21 •_ _ _ 21 100 584 Jan 8 63 Jan 23 107 Do 1st pref 62 63 58 Dec 72 Jan 66 61 60 63 . 60 60 66 •57 *60 100 3 Jan 52 B prof Jan 58 Do 25 43 5034 Dec 65 Mar 58 57 59 *56 58 *58 58 55 • 56 56 56 56 100 32 Jan 2 3514 Jan 25 49 Do adjustment 31 Dec 46 Mar 34 344 3514 _. 33 34 •34 33 33 *33 523 East Mass St By (tr etfs)..100 3234 Jan 12 35 Jan 24 31 Nov 45 Mar 35 15:35 35 33 35 _ 33 33 33 ▪ 2312 100 . Jan Central 274 3 Maine Jan 2 26121 556 271 2712 2712 274 274 274 2712 2738 2712 224 Dec 43 Jan 25 26 100 14 Jan 3 2078 Jan 10 934 July 2212 Jan 1814 1818 1834 1838 1918 1,207 N V N II & Hartford 1838 18 1858 1778 184 18 18 Northern New Hampshlre_100 62 Jan 14 62 Jan 14 62 Dec 84 Feb 65 *64 •63 65 *64 65 +64 66 •64 67 ---Norwich & Worcester Pref-100 80 Jan 2 85 Jan 9 75 Dec 100 Jan +85 90 •____ 8612 ____ 100 7212 Jan 4 784 Jan 9 120 Old Colony 6412 Oct 81 Feb 77 76 77 76 78. 78 78 77 77 78 78 *77 100 35 Jan 25 4138 Jan 14 2112 Aug 38% Dee 175 Rutland pref 3634 35 *35 __ 36 • _ _ _ 3712• _ _ 36 *35 36 *35 & -100 22 Massachusetts Jan 70 Vermont 72 Jan 3 10 70 Nov 98 Jan 72 72 72 *70 70 •70 •70 70 Miscellaneous 14 Jan 14 2 Jan 18 312 Jan *17 65 Amer Pneumatic Serviee_ 25 2 2 1 Sept *178 2 *I% 2 2 2.178 2 *178 2 50 12 Jan 3 1414 Jan 17 140 Do pref 4 14 1 12 Dec 20 Jan 15 14 •14 1414 14/ 14 14 15 *14 12838 12834 12818 1281 12818 12838 128 12834 128 12812 ii§ja 1-2184 2,691 Amer Telephone & Teleg_100 125 Jan 2 12978 Jan 15 119 June 12812 Dec No par 71 Jan 2 83 Jan 14 95 Amoskeag Mfg 79 6713 Oct 112 Jan 81 79 7814 7814 81 81 8112 •37814 82 81 81 No par 74 Jan 2 7712 Jan 19 76 43 Do Prat 76 72 Oct 88 Jan 77 77 774 475 78 475 77 475 77 475 _ Art Metal Construe,Inc__ _ 10 _ 1434 Nov 1512 Mar 4 *x14 1 16/ 1618 161 414 1618 •x14 2414 1614 *214 No Our 1014 Jan 8 1014 Jan 8 *94 1012 Atlas Tack Corn 8 Dec 2012 Feb *912 101 *912 101 *94 104 *912 101 65 Boston Cone Gas Co. prof-100 104 Jan 18 107 Jan 8 104 Oct 10812 Feb _ 4104 _ _ _ 104 104 105 105 .10 True-No Par 7 Pet Jan Max Boston .20 Dec .80 Jan .05 10 Jan .25 +.10 .25 *10 •.10 .25 2.10 . .25 *JO .25 10 24 Jan 2 2738 Jan 25 _5.345 Connor (John T) 19 July 27 Mar 2638 2718 4 2518 2514 251 1 25/ 25 28/ 4 26 263 1 2614 Jan 2 2812 Jan 22 2512 Dec 2614 Dec 1,110 Dominion Stores, Ltd 2814 2812 2612 27 2712 2812 *2714 28 2634 271 100 84 Jan 15 85 Jan 5 84 3 Preferred A 84 84 *80 84 *80 84 *80 84 *80 - 10 212 Jan 3 4 Jan 2.212 3 East Boston Land 212 Jan 3 2 Dec *212 3 +24 3 *212 3 •212 3 5 734 Jan 17 71 Eastern Manufacturing 8 Jan 2 5 Dec 141s Mar 712 *7 74 •7 712 +7 •7 *7 71 25 38 Jan 3 39% Jan 25 445 Eastern SS Lines,Ina 39% 31 No 12714 Mar 3834 38 3818 3834 •38 3812 *38 39 *38 39 *38 no par 35 Jan 25 38 Jan 5 36 380 Preferred 36 35 Oct 40 Oct 36 *38 3614 35 37 36 36 •3512 361 36 100 8513 Jan 88 88 Jan 23 88 Oct 49. 1st preferred 88 88 85 Au 88 •8612 88 *8612 88 *8613 88 100 16312 Jan 175 Jan 25 1523s No 172 alb 1,881 Edison Electric /lIttm 168 168 16838 170 170 17212 17112 17213 172 17212 1721± 175 No pox 14 Dec 107g Jai 212 Jan 17 Elder Corporation •278 4 212 Jan 17 *278 4 *212 4 *213 4 *213 4 15 15 a July 2912 Feb 22 •15 25 Galveston-Houston Klee_ _100 13 Jan 11 15 Jan 24 22 •15 _ •13 5 Jan 2 No Par 64 Jan 8 Gardner Motor r *34 612 •34 612 *512 612 . 512 612 *312 61_ 514 Dec 1512 Mar 25 144 Jan 11 15% Jan 7 15 15 1434 Nov 24 Feb 20 Greenfield Tap & Die *1412 1514 *1412 1514 •1412 1514 .21434 15 304 304 50 No par 50 Jan 17 52 Jan 8 50 50 50 131 Hood Rubber 50 Dec 6312 Mar 5034 5034 50 50 51 51 434 4312 15 Internat Cement Corp-No par 4258 Jan 10 4358 Jan 14 82 July 44 Mar *43 44 *43 44 *4211 4312 *4212 4312 *4212 431 3 Mar .10 .20 .2.20 .50 +.20 .50 879 International Products-No par .10 Jan 22 .50 Jan 2 .10 Dec .21 .21 .2.25 .60 112 Jan 2 100 Do prof •.25 1 113 Jan 2 3 Mar .60 Dec •.25 I '.25 1 214 •.25 1 +1 Kidder. Peabody Acceptance 100 80 Jan 3 80 Jan 3 82 25 Corp Class A pref 80 May 834 Feb 82 *80 82 82 •80 *80 80 *80 80 4 Jan 24 1 5/ 14 Libby,McNeill& Libby- 10 612 Jan 4 412 Dec 814 Aug *54 6 554 6 . *512 6 54 51 *514 534 20 70 Jan 9 70 Jan 9 115 Lincoln Fire Insurance 70 70 70 •70_ 70 70 70 *70 25 10 Jan 10 1012 Jan 9 Loew's Theatres 101 838 June -if 1012 •10 2 *10 •10 1012 +10 1012 •101.4 -161100 7558 Jan 24 79 Jan 9 7534 -76 734 Dec 8712 Jan 7612 76 313 Massachusetts Gas Coe 7612 76 7612 7528 781 76 76 76 100 64 Jan 2 6812 Jan 25 62 Dec 73 Jan 6714 6812 410 Do pre: 671 68 66 66 6612 67 66 66 66 86 88 Mergenthaler Linotype_100 153 Jan 2 160 Jan 12 147 June in Jan 15914 15912 +157 15912•-_ 159 159 159 159 159 •____ 159 612 Jan 2 8 Jan 16 3 Dec 1434 Feb 475 Mexican Investment,Inc_ 10 712 7 8 7 7 74 814 •7 714 734 4 Jan 25 2278 Jan 5 / 4 Jan 1 18 Nov 28/ 2114 2112 130 Mississippi River Power-100 211 2274 2278 2212 2212 2214 2214 2214 2214 2214 221 100 80 Jan 4 80 Jan 4 80 Jan 84 Feb Do stamped pref 81 •80 81 82 *80 82 •80 •80 82 •80 10 24 Jan 2 334 Jan 4 834 Feb 121 'Dec 0 National Leather /i7. 358 --65-8 354 34 334 3 312 312 3% 3% 313 358 4 Jan 23 2 Jan 2 2 Oct 412 Sept _ 25 New England 011 Corp tr eh. *312 4 4 4 4 4 •3 *3 4 •3 100 17 Jan 10 20 Jan 25 1212 Dec 16 Oct 20 -60 100 Preferred (tr ctfs) *1612 20 *1612 20 •1612 20 *164 20 *1612 20 1,045 New England Telephone_100 111 Jan 22 115 Jan 10 110 Dec 122 Jan 11312 114 11314 114 111 114 114 114 114 115 111 115 1634 July 2112 Apr 1 14 Jan 16 2018 Jan 2 Ina 138 Orpheum -__ 1834 1834 1812 1812 41812 19 41838 1812 41812 19 8412 Jan 3 8634 Jan 22 Circuit. 84 Dec 190 Jan 787 Pacific Mills 86 -8-528 -86 86 86 863 x8534 86 88 86 8534 86 10 1434 Jan 5 1512 Jan 5 x1424 Dec 18 Mar 65 Reece Button Hole •1458 15 1513 154 1512 1512 1512 15 151 •15 15 •15 3 Jan 2 2 Jan 3 Jan 2 81.2 Mar Reece Folding Machine_ 10 *238 3 •238 3 .234 3 .238 234 *238 3 5 .25 Jan 11 .30 Jan 12 .10 Dec 2 Feb Simms Magneto 100 101 Jan 4 10312 Jan 14 9812 June 10912 Jan 552 Swift & Co 11324 1-663-4 lid ioi- 1-6112 102 102's ioi 102-12 2 jai- 1-62-125 41 Jan 3 4212 Jan 11 3934 Dec 80 Mar 90 Torrington •4134 42 4134 41 41 41 4118 41111 4118 4134 4134 42 5 8 Jan 3 8 Jan 3 6 Dec 11 Mar Union Twist Drill 10 *8 10 2.8 10 *8 10 *8 10 *8 25 34 Jan 3 3712 Jan 8 4 37 3213 Nov 5584 Mar United Stine Mach Corp_ 3614 3612 3618 3612 3812 3634 364 3678 3613 3714 i 25 2513 Jan 2 27 Jan 7 243s June 2814 Jan 2612 2612 26 26 26 2612 2614 2614 2614 2614 _ -5,P53 Do pref 26 26 1934 Aug 30 Jan 2638 2534 2814 3,592 Ventura Consul 011 Fields_ 5 2514 Jan 21 2634 Jan 2 2512 2558 2514 2513 2558 26 2614 26 26 15 Dec 4214 Mar 981 Waldorf Sys,Inc.new ehNo par 15 Jan 10 1714 Jan 9 1538 1538 1538 1512 1558 16 1534 15% 1534 152X4 1534 16 612 Jan 11 8 Jan 14 5 Feb 13 Mar *74 9 •713 9 130 Walth Watch Cl B com.No par 8 8 *712 9 +712 8 19 Jan 25 100 1513 Jan 15 Dec 2912 Mar 170 Preferred trust ctfe 18 *1712 18 •I7 4 1812 1812 18 1 174 18 1714 17/ 1114 Jan 18 Dec 17 17 *1612 17 1714 1714 1714 1714 1712 1714 1712 1,515 Walworth Manufacturing- 20 1612 Jan o 1758 Jan 9 17 35 4 Jan 12 1 36/ 2512 Jan 3412 Mar 50 2958 Jan 3534 6,023 Warren Bros 3334 344 34 35 36 35 3538 3518 3512 35 50 3558 Jan 41 Jan 25 4012 40 3012 Dec 3912 Mar 41 2,213 Do 1st pref 39 40 3914 40 3912 39 3912 3912 39 417 42 50 39 Jan 14 42 Jan 18 41 41 41 88 July 42 Mar 300 Do 26 pref 404 4012 4012 41 41 *4012 42 54 Jan 14 3 Jan 10 412 412 3 Dec 1212 Feb 434 434 550 Wickwire Spencer Steel- 5 Mining 1 Feb Adventure Consolidated- 25 .10 Nov •.20 .25 •.20 .35 .2.20 .35 •.20 .35 +.20 .35 •.20 .35 25 15 Jan 15 .15 Jan15 Algomah Mining 10 July .50 Mar .10 .20 •.10 2.0 *AO .20 •.10 .20 •.10 .20 *JO .20 134 Jan 7 25 112 2 214 Jan 8 .70 July 414 Mar 134 178 2 2 173 1% 728 Arcadian Consolidated 134 2 134 2 5 9 9 8 Jan 2 934 Jan 7 292 Arizona Commercial 7 Dec 1412 Mar 838 838 84 914 833 834 •3838 844 812 84 10 15 Jan 10 1878 Jan 15 •1734 18 •18 1412 Oct 19 Feb 1812 18 260 Bingham Mines 18 •1778 18 *1734 18 •1734 18 1728 Jan 22 1978 Jan 7 1812 1814 1818 4,356 Calumet & Heels 2 1818 1812 18 17 Oct 49 June 1812 1758 1812 1734 1818 18 938 Feb I 218 Jan 3 212 258 1% Dec 1,070 Carson Hill Gold 28 Jan 24 212 212 278 278 *234 3 234 314 *234 3 2512 2512 2614 1,041 Conner Range Co 2212 Jan 19 2613 Jan 25 2 2212 23 2218 2314 2212 2312 24 2214 Oct 4634 Mar 2412 25 438 438 6.015 Davis-Daly Copper 4. 4', 10 03 438 438 412 5 Feb 4 4 214 June 358 Jan 3 434 Jan 23 412 434 432 Nov 1112 Mar 434 Jan 3 512 Jan 24 434 414 2.458 5 865 East Butte Copper Mining- 1 *434 5 434 512 .54 538 434 5 2 .90 Jan 8 1 •.90 1 2..90 •.90 1 .90 .90 •.90 1 1 Jan 8 .80 May 2% Mar 155 Franklin .90 .90 11 4 Mar 112 *1 112 . 9 *1 Oct 112 +1 1 2 •1 6 Hancock Conaolldated 1 Jan 22 Jan 22 1 113 1 1 28 •27 +27 28 2534 2712 •27 2434 Mar 3358 June 28 2534 Jan 21 2812 Jan 7 5 Hardy Coal Co 28 •27 28 •27 114 Feb 2 .40 Jan 2 .75 Jan 8 .10 Sept 2..80 .75 •.60 .75 .2.60 .75 *.50 .75 ' 20 Helvetia 1%75 .75 9912 -9912 2312 Nov 1154 Apr 99 1 9512 Jan 2 10034 Jan 8 9834 99 991s 100 99 403 Island Creek Coal 984 997 9912 100 4 Nov 10014 Mar 1 93 93 90/ 941 94 *9212 95 1 9112 Jan 8 9314 Jan 23 •92 93 58 Do pref 93 9212 9318 *93 18 18 *17 17 17 *17 1814 16 Oct 3314 Mar 18 25 17 Jan 21 20 Jan 3 220 Isle Royale Copper 18 171 1712 18 +134 2 .178 214 5 2 Jan 14 17 Jan 2 •134 2 *134 2 *178 21 3% Jan 172 Dec 200 Kerr Lake 1191 1 26 .50 Jan 7 .90 Jan 7 .60 Sent •.75 1 .80 .80 •.75 1 214 Mar *.75 1 15 Keweenaw Copper •.80 1 •.75 1 614 mar 25 113 Oct 1 1 1 Jan 7 112 Jan 10 134 +1 •1 134 *I 60 Lake Copper Co 134 *Vs 134 134 +1 4 / 11 4.,30 814 Mar 25 85 Jan 21 1 Jan 23 .50 Dec .75 .85 .2.90 114 ...90 11 170 La Salle copper •.90 11 1 .90 11%, 11%, 5 11114 Jan 19 134 Jan 8 4 1% *158 178 *1, / .211 lls Nov •158 1% 4 Mar 1 2/ 100 Mason Valley Mine 11 1711 *Ps 17 25 .50 Jan8 414 Mar 1 Jan 5 .50 Dec .75 .75 60 Mass Consolidated .55 .55 +.60 1 •.60 1 *.60 1 •.60 1 7 Feb 112 112 14 Jan 22 4 *138 2 / 4 11 / 11 139 Mayflower-Old Colony__ 25 2 Jan 11 158 158 112 Oct *112 2 112 17 25 30 Jan 18 3514 Jan 11 35 31 27 Oct 71 Mar 34 31 31 286 Mohawk 31 34 31 32 33 31 33 1612 Jan 2 1974 Jan 7 1414 Oct 341s Mar +16 525 New Cornelia Copper 1634 •1614 17 1612 17 1738 17 1738 1714 1712 17 414 AL. 2 4 Aug New Dom. Copper *218 234 *218 23 WI 212 +112 212 New 44 River 100 Apr 40 AP' COmPanY 44 *37 85 *37 •37 44 *37 44 *37 44 44 *37 100 70 Jan 12 7414 Jan Do pref 70 72 Nov 64 Mar *65 74 74 74 •- - - - 74 684 Feb 4 301117 534 Jan 10 a 6 638 Jan 12 6 163 Nipissing Mines 534 53 111 6 .213 638 .26 61 534 614 2 Jan 16 15 34 Jan 24 314 34 2,805 North Butte 544Nov 12% Mar 2% 312 278 3 234 27& 2% 27 *234 3 25 .55 Jan 7 .90 Jan 3 .50 Nov ,Mining Ojibwa' 258 Mar .2.65 1 .2.65 1 •.65 1 .2.65 1 •.65 1 •.65 1 25 154 Jan 9 17 Jan 9 131. Oct 8212 mar 240 Old Dominion Co 16 *15 *1512 16 16 16 1614 1618 1612 .215 16 *15 313 Jan 3 412 Nov *438 412 214 Aug 412 Jan 16 200 Park City Mining & Smelt. 5 414 438 +414 41 +414 412 •414 4 41 1 +4/ 12 1214 Dec 1614 Mar 300 Pd Crk Pocalionts tCo-No par 12 Jan 5 1212 Jan 11 1212 121 •1218 121 +1218 121 *1218 1212 *1218 1212 12 2212 25 Mar 50 1912 Quincy 15 Jan 2212 2213 Oct 18 Jan 8 501 2112 2212 21 20 20 104 20 20 20 20 3312 33 136 St Mary's Mineral Land- 25 294 Jan 16 3414 Jan 3 27 Oct 5314 Mar 33 *3114 32 •314 32 3014 301 *3012 3212 30 10 Shannon Mar 1112 .40 Jan 9 .60 Dec •.45 .45 .80 12 Jan ,.50 •.40 .60 •.40 ' .42 .50 •.42 .5 •.42 .4 25 South Lake 1 Aug .10 June 4%25 .75 •.25 .75 •.25 .75 •.25 .7 •.25 .7 2..25 .7 314 Mar 25 .90 Jan 15 114 114 14 Jan 18 1 Dec 20 Superior •14 17 .2114 1% •114 178 *114 173 344 Feb .80 .90 205 Superior & Boston Conner- 10 .80 Jan 2 1 Jan 11 .65 Dee •.80 1 .85 .85 •.80 .90 ":66 •.80 .90 112 Feb 5 .55 Jan 4 .80 Jan It .20 Oct 305 Trinity Copper Corp .75 .7 •.60 .80 .70 .75 •.75 .80 •.75 .80 •.70 .80 Aug 10 .10 Jan 24 .45 Jan 15 .80 Dec 147 Tuolumne Copper .40 .4 .20 .20'-----30 .10 .10 •.20 .40 .40 6 Apr 234 278 2% Jan 8 2 12 Oct 27 Jan 12 775 Utah-Ailey Mining 2% 274 2% 2% •234 2% 2% 278 278 273 3 Mar Utah Consolidated .01 Jan 3 .01 Jan 3 .01 Dec 122 Feb -;.-3-5 .40 5 "-AO -73103 Utah Metal & Tunnel-- 1 .35 Jan 8 .45 Jan 4 .25 Dec •.50 .75 •.60 .75 •.60 .75 ..65 .75 •.60 .75 •.65 .75 Vs Feb 1 .75 Jan 3 .75 Jan 3 .60 Aug Victoria 114 Mar 25 .20 Jan 16 .26 Jan 4 .10 Dec Winona +.25 .30 •.25 .30 •.25 .30 •.25 .30 ' 1..25 .30 .2.25 .30 1 Mar 25 Wyandot .50 .50 .50 •__ _ _ Ex-stock dividend. a Assessment paid. •Bid and asked prices; no sales on this day. s Ex-rights. 1) Ex-dividend and rights. x Ex-dividend. e 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 210 par value. In order to make possible comparisons with previous quotations, we have divided all these previous quotations by two. ---- ---- -iaig -- 422 THE CHRONICLE Outside Stock Exchanges Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Jan. 19 to Jan. 25, both inclusive: [VoL. 118. eriday Sales Last Week's Range for Sale ofPrices. Week. Stocks (Concluded) Par. Price. Low. High. Shares Range since Jan. 1. Low. High ai .4 0., 0., 8 .504/1 .C.C“,,C....C....00.00 0...1 ... 0 , ...C.,00,.....S.D w. w.m. o w.. .41,:ca.:,-. .. o. o CDOWN.ZOW...N.WO.Co00.A000.40,100.C, ICIN .. .. o pb'obbbsbbObb-obb'obb ,0.0.0 00000.00.00 00000000000000000 00,0“.0.W.N0Q00.M.OWO.t3 Philadc!phla Co(Pltts)Preferred (570) 50 ------33 33 Jan 33 33 Jan Preferred (cum 6%)-.50 _.____ 423-4 4331 Friday Jan 4334 Jan 42 Sales 05 323,5 3234 Phila Electric of Pa Last Week's Range for 3334 3131 Jan 3314 Jan Range Since Jan. 1. Preferred 25 3234 323.4 3234 Sale, ofPrices. Jan 313,4 Jan 33 Week. Phila Insulated Wire_ _ _ _• 43 BondsPar. Price. Lou. High. Shares, 43 43• Jan Jan 45 53 Low. High. Pinta Rapid Transit_ 50 353( 3554 3734 Jan 3534 Jac 39 Philadelphia Traction...50 6134 613-4 6334 Amer Agr Chem 734s_1941 Jan 64 Jan 100% 10034 62,000 100 61 Jan 100% Jan 50 11 Amer Tel & Tel 4s_ __ _1936 1134 Jan 12 Jan 9 9334 9334 2,000 931.4 Jan 93'4 Jan Phila. is Westera Reading Co warrants w d I 3854 403-4 All Gulf &- AV 1 SS L Is 19.39 481,5 453.4 4334 36,000 42 3334 Jan 4434 Jan Jail 4834 Jan 1st preferred 50 Beaver Mills 7s 3634 1944 3634 Jan Jan s35. 9834 9834 3 4 3634 1,000 9834 Jan 98% Jan 2d preferred C B & Q Ill Div 334s__1949 50 3434 34% 34% Jan 3134 Jan 80 SO 5,000 80 Jan 80 Jan Reading, Traction 50 23 Chic Jct Ry &U S Y 4s1940 23 Jan Jan 23 23 8034 8034 . 1,000 80 Jail 8034 Jan Traction Union 00 4234 5s 4234 1940 95 4134 Jan 95 Jan 43 41 95 14,000 9234 Jan 95 Jan Cos United of NJ 100 Copper Range 50 19214 19234 193. 1949 Jan 18734 Jan 193 7031 7031 3,000 70% Jan 70% Jan United Gas Impt 50 6334 6234 0351 E Mass St MI.Ser B 5s1918 6-1 Jan 64 5534 Jan 64 6634 12,000 60 Jan 66% Jan Preferred 50 56 Hood Rubber is 56 1936 Jan 5534 Jan 56 101% 10134 8,000 100 Jan 101% Jan United Rys Investment 100 1034 1034 IC C din & Spr lot 5s.1925 1014 Jan log 'an 87 87 2,000 87 Jan 87 Jan tVarwIck Iron is Steel...10 834 83-4 83,4 K C aIem & B Inc 5s__1934 Jan 8 87 87 834 Jan 500 87 Jan 87% Jan West Jersey& Sea Shore:50 40 39% 40 4s 1931 8734 8711 8734 1,000 863% Jan 3934 Jan 4034 Jan 8734 Jan WeSrMOreland Coal 50 63 6214 6334 Mass Gas 4aas 1929 623-4 Jan 6334 Jan 9434 9.311 11,000 94% Jan 95% Jan York RyS pref 50 3434 3434 4545 1931 34 Jan 35 Jaa 913.2 9134 1,000 91 Jan 92 Jan BondsMiss River Power 5s._1931 02% 921•4 93 16,000 92 Jan 93 Jan kmer Gas is Elea 5s__2007 87 83 New England Tel 5s_ _1932 98% 9834 9894 14,000 97 8514 Jan 8534 Jan 88 Jan 9834 Jan Sell Tel Cool Pa 1st 5s '48 9 93% New Haven 7s 834 1925 Jan 9834 Jan 94 80 80 5,000 80 Jan 80 Jan 2onsal 3‘rac of NJ 5s.1932 63 69 New River 5. 1934 6894 Jan 69 87 Jan 87 5,000 87 Jan 87 J412 Elea & Peoples tr ctfs 4s'45 6434 6314 Swift & Co 5s 1944 6415 6234 Jan 645-4 Jan 9634 9631 15,000 9534 Jan 97 Jan Sinai' 45 1915 641.4 6434 'Warren Bros 734s____1937 116% 1 1234 117 157,000 106 6434 Jan 6134 Jan Jan Jan 117 Keystone Telephone as1935 Western Tel .53 7734 773,4 1032 9614 96 963.4 15,000 93% Jan .90% Jan Lake 75 Jan 78 Jan Superior inc Os_ _1924 15 15 15 18 113,4 Jan Jan aehigh Coal & Nay 4%8'24 9134 91% Jan 9134 Jan Baltimore Stock Exchange.-Record of transactions at aehigh 9134 Valley gin 4s..2003 78 78 7aa4 Jan 78 Jan Baltimore Stock Exchange .-ehigh Val Trans ref 5s '60 76 76 79 19 to Jan. 25, both in- '6114 Jaa 79 75 Jan CO Cons is stpd 53'51 8834 8924 clusive, compiled from official lists: Jan Jan 8334 8934 ahlla Elec Sat 55 1956 93 913 ' , 933.4 9134 Jan 0.154 Jan lot 53.0 ' 1947 9934 1.00 r i ...Li tog Jan 100 Jan zaies 1st 5345 ' 1953 993,4 993-4 10.)31 Last Week's Range for 9014 Jan 1003-4 Jan Range since Jan. 1. •6s• • L 1941 1043.4 104% 1Ja% Sale 1J314 Jan 10334 Jan ofPikes. Week. leading gen mtge 4s_ _199a 91 Stocks-a 9034 91 Par. Price. Low. High. Shares, 87aa Jan 91 Jan High. Low. 90.K, 8934 9034 General 41,4s w 1 89 Jan 9034 Jan 'leading Coal 5s when laad Alabama Co • 94 94 100 91 65 91 Jan Jan 65 65 Vaichzeth Jan Jan On 75 7.4 10211 0, 114 001/ nn Arundel Sand & Gravel_100 433-4 4634 4 1,, inn 1n n 83.4 46 Jan 4834 Jan Bait Electric pref 50 49 40 3934 Jan 40 Jan Baltimore Trust Co 50 160 Chicago 160 160 Stock Exchange. Jan 160 160 -Record of transactions at Jan Baltimore Tube 100 26 2534 2634 21 Jan 2634 Jan Chicago Stock Exchange L. 19 to Preferred 100 62 Jan. 25, both inclusive, 58 62 53 Jan 62 Jan Benesch (1)com • 363.4 3634 3634 compiled from official sl as lists: 30 Jan 3634 Jan Preferred "5 26 26 . 26 26 Jan 26 Jan Central Teresa Sue pref-10 414 434 r "Illy 434 Jan 434 Jan JCLICS Chas & Pat Tel of Balt_100 11115 11134 11134 Last Week's Range for 1093.4 Jan 11115 Jan -Range since Jan. 1. Cammerce Trust 50 5834 5834 Silk of Prices. Jan 57 Jan 5814 Week. Commerce Credit 25 7934 79 Stocks8034 Par. Price. Low. High. Shares. 7334 Jan 81 Jan Low. High. Cammon • 27 2634 27 Jan 2734 Jan 26 Preferred 25 25 2534 89 .25 593,4 Jan 253/s Jail Amer rub Sera, pref....100 50 8.5% Jan 90 Jan Preferred B 25 Armour 26 & Co(Del),Dref 25 100 93 93 Jan 28 9334 26 Jan 896 923a Jan 9334 Jan Consol Gas,E L & Pow 100 11334 11334 114 Jan 114 110 Jan Armour is Co, pref....100 8234 8234 8331 597 803'j Jan 8334 Jan 8% preferred 100 118 Armour Leather 11634-18 15 7 7 7 Jan 11534 Jan 113 56 7 Jan 731 Jan Consolidation Coal-- _ _100 77 77 7834 25 5134 5034 5134 1,594 5034 Jan 5134 Jan 81.54 Jan Balaban is Katz v t c 77 Jan Davison Chemical rights.. 1% 434 134 .... 373-4 363-4 3734 3,315 3334 Jan 383,4 Jan 5% Jan Basalck Aleante Corp.-. 134 Jan Eastern Rolling Mill * 80 6934 SO Beaver ctfs... Board pf __ 1st __ __ 14 15 125 14 Jaa Jan 6634 Jan SO 15 'Jan 8% preferred 100 93 97 * 30 293-4 3034 6,365 2794 Jan 31 Jan Borg & Beck 88 Jan 9,7 Jars Equitable Trust Co 25 47 47 47 1014 10% Jan Bridgeport Mach Co.,,,' 47 200 10 Jan 47 Jan 1034 Jan Fatality is Dep wit 50 82 8134 82. 85 83 Jan Central Ill rub Sera, pref • 55 233 85 7814 Jan 82 Jan 69 Jan Mance Co of America_ _25 45% 4534 4554 Jai) 4634 Jan Chicago City is con ItaRoust in Oil pf tr ctfs...100 Panic sh preferred._ _ _• 87 90 4 3% 4 1,770 Jan 87 Jan 90 314 Jan 4 Jan Mfrs Finance lot pra___25 24 2434 % X Jan 2434 Jan Chicago Elea Ry pref__100 24 34 4,050 A Jan % Jan 2d preferred 25 22 2234 07 45 97 Jan 2234 Jan Chic Mill is Lunt Co Old._ 97 9734 22 Jan 9734 Jan NIaryland Casualty Co_ _25 793.4 76 80 184 185 305 178 Jan cafe Motor Coach cora..5 185 Jan 83 76 Jan 185 Jun Mercantile Trust Co___ _50 250 250 250 Preferred 90 89 92 • 1,420 89 250 Jan 250 Jan Jan 95 Jan March & Min Tr Cs_ _100 10,1 104 10534 . 3834 3931 500 3S14 Jan 40 104 Jan 10534 Jan Chla Nipple Mfg cl -"A" 50 Jan Monon Valley Trac pref_25 1934 2034 Class "B" 2134 213.4 2234 1,820 1934 Jan 2234 Jan 193-4 Jan 2034 Jan aft V-Woodb M pf v t r 100 5534 5534 58 1 5/ 1 400 :% Jan 5534 Jan 6034 Jan Chic RI's part et( Series 2., 1 Jan New Amstder'm Cas ColOC 39 3834 3934 , 1 1334 143-4 950 1334 Jan Jan Corn Caen.% Co of Tenn..* 143 3334 Jan 40 1434 Jan aTorthern Central 50 7334 7334 7334 2,815 129 1293.4 36 7234 Jan 7334 Jan Commonwealth Edison 100 135 „Tan 136 Jan Velma Water & Power_100 10534 10234 105% 9834 Jan 10534 Jan Consumers Co. pref___100 6434 643-4 6434 50 8234 Jan 6494 Jan Union Trust Ca 50 117 117 734 734 71-4 2,755 Jan 117 117 Jan Continental Motors_ _ __10 7 Jan 814 J312 United fly & Electric,,.50 17 Crane Co, preferred ___ 18 .....Ill% 112% J211 50 10 1103.4 Jan 11234 Jan Jan 1634 LT S Fidelity & Guar_ _50 152 152 153 59 5934 Jar. 1533.4 Jan Cudahy Packing, corn.100 59 152 237 59 Jan 60 Jan Hash Bolt is Annap._ _50 6 Daniel Boone Wool 51111_25 3731 3434 38 6 6% Jan 66,650 3334 Jan 38 6 ' Jar. Jan Preferred 50 27 27 Decker (Al!) is Cohn,Inc • ___.-- 19 19 100 19 ,. Jan 19 Jan 2711 Jan 28 27 Jan BondsPreferred 100 -. _ 89 89 100 87 Jan 90 Jan 3entral Rys cons 5s_ ..1932 07 Deere is Co, pro 97 100 74 73 Jan 74 197 69 Jr.n 97 97 Jan 75 Jan Dhes & P Tel of Va 1st 53'43 933,4 9334 100 120 9314 Jan 9314 Jail Diamond Match 119 120 65 11834 Jan 1203.4 Jan a'ons GE Lisp 1st 530'52 99 99 99 97% Jan 99 2314 24 60 2314 Jan 2454 Jan Jan Eaton Axle is Spring Co..' 24 lat Cls seriee A 1949 102% 102% 102% Eddy Paper Corp • 3431 '3334 35 101% Jan 102% Jan 1,475 3354 Jan .3531 Jan "JonsalidatIon Coal 4Hs 34 9014 91 Jan Fair Corp (The), pref__100 ......-- 102A 10234 85 102 Jan 8934 Jan 91 Jan Refunding 5a 1950 8834 8834 8834 • 17 1634 17 Jan 8834 Jan in Mfg Co 87 130 163.4 Jan 10331 18 Jan 9avlson Sulphur&P 65 '27 973-4 9 Godschaux Sugar,com_ _ _• _.„-73-4 973-4 7 9734 Jan 9734 Jan 73-4 534 Jan 250 8 Jan alkhorn Corp Os 1925 96 9314 Sossard (H 9534 Jan 93% Jan WI, Pref--100 29% 28 1,295 27 Jan 30 Jan 30 Fair & Clarks Trac Gs_193S _9134 9134 Great Lakes')& D_ _ _100 87 Jan Jan 92 89% 00 85 566 80% Jan 8934 Jan aexington fly 1st 55..1949 863.4 8634 Eiammermill Paper:pref._ _a __- - 100% 10134 8634 Jan 8634 Jan 500 1001-4 Jan 10154 Jan Maryland Elec Sty 1st 58'31 9-1 94 94 Elartman Corp Jan Jan 94 93 25 4234 Jan 42% Jan 100 _ -- 42% 4234 lid & Penna 1st 43... _1951 6734 6734 Sort, Saha( & NI, cozn_100 ..--- 120 120 0734 Jan 6734 Jan 15 118 Jan 120 JD North Central 53ser B 1926 ----... 99 09 Hibbard, Spencer,BartJan Jan 99 99 United Rys 4s 1949 7214 7234 lett is Co 25 _ 7034 Jan 7234 Jan 520 6534 Jan 68 a- 66 68 Jan Income 9s 1949 5234 5234 5234 sog Jon 5234 Jan Juin)Motor 10 113% 1631 1634 4,277 163-4 Jan 1734 Jan Funding 55 1936 7354 74 Jan [Turley Machine Co 6234 Jan 74 • 5134 5114 52 195 51 Jan 5334 Jan Os 19-19 9914 9934 Jan gag Jan Corp,common. • Elydrox 1934 1914 9934 215 183.4 Jan 19% Jan vaan Flair efr Ann-in Ra 11111 711 2: 71 te ena e 0/111 71 I,? Inn :HMOs Brick 100 8434 83 '8434 310 82 Jan 843-4 Jan annals Nor Util, pret _100 85 8434 86 81 84 Jan 863,1 Jan Philadelphia Stock Exchange.-Record of transactions tridepend Pneum Tool._ • 80 80 45 80 Jan 8014 Jan Mternat'l Lamp Corp.._25 734 30-5 7% 7% 734 Jan at Philadelphia Stock Exchange Jan. 19 to Jan. 25, both Kellogg 9 Jan Switchboard____25 413,a 4135 4334 320 4134 Jan 44 Jan inclusive, compiled from official sales lists: Kuph'tn'r & Co(B) pref 100 91% 913-i 10 9134 Jan 9234 Jan Libby, McNeill & Libby 10 534 6 2,510 53,4 Jan 63.4 Jr.n Friday Sales aindsay Light 10 4 4 685 33-4 Jan 4 Jan Last Week's Range for uacaaa Rad Mfg Co...,' 353-4 35 Range since Jan. 1. 310 3434 Jan 5834 Jan 353.4 Sale of Prices. Week. tIcQuay Norris !Mfg_._ _• 1934 18 1934 425 113 Jan 2034 Jan StocksPar. Price. Low, High. Shares. High. Low. did West Util, corn._ _100 5034 49 53 11,945 43 Jan 53 Jan 100 87 Preferred 1,740 8331 Jan 87 8434 87 Alliance Insurance Jan 10 33 33 7 32 Jan 33 99 Jan Prior lien pref 97 99 445 94 Jan 99 American Elea Pow Co_ _50 26 Jan 2514 26 883 2414 Jan 2734 Jan Mfg durray 10 Co ' 19 19 50 1834 Jan 19 Preferred Jan 100 82 83 105 8011 Jan 83 Jan call Dairy Prod WI 0..* 34 33 3454 2,005 33 Jan 3434 Jan American Gas of N J._ _100 8511 8434 8534 116 8314 Jan 8534 Jan qational Leather 10 3% 33-4 4 1,711 234. Jun 4 American Stores .lan • 3051 3034 3034 3,674 3034 Jan 'copies Gas Lt is Coke 100 31 54 Jan 95 95 20 95 Jan 95 Brill (J G)Co 100 118 Jan 11634 123 2,585 8.534 Jan 123 shilipsborn'a, Inc, tr elf..1 Jan 134 2 515 1% Jan Cambria Iron 50 25-4 Jan 39 39 8 39 Jan 39 Jan nck (Alberta is Co 10 205l 21% 580 2054 Congoleum Co Inc Jan 2134 Jan * 56 56 5611 345 47 Jan 5014 Jan alb Sera of Nor III, com_.• 10133 101 10154 400 9934 Jun 102 Consol Traction of N J-100 Jan 3234 3234 50 32 Jan 3334 Jan 'ub Serv of Nor III, corn100 101 10135 130 100 Jan 102 East Shore G &E 8% p1_25 Jan 25 25 5 25 Jan 25 Jan 100 9454 94 Preferred • 9454 112 9354 Jan 9914 Jan Eisenlohr (Otto) 100 61 61 115 60 Jan 61% Jan Oats 100 )uaker Co 280 23-0 150 270 Preferred Jan 285 100 Jan 963-1 98 110 94 Jan 98 Jan 100 1003,4 10034 10034 Preferred 251 995.4 Jan 101 Electric Storage Batt'y_100 Jan 61 61 34 20 60 Jan 6234 Jan teal Silk Hosiery :Mills. _10 32 32 3234 765 31 Jan 33 Erie Lighting Co Jan 24 25 55 2334 Jan 25 Jan Motor 10 leo 18 173,6 1834 1,160 17 Jan 1954 Jan 100 General Asphalt 44 4594 210 4234 Jan 4531 Jan Wars,Rozbuck,com....100 9234 9214 100 8734 Jan 9234 Jan Insurance Co of N A _ _ __10 49 4834 49 623 4834 Jan 5134 Jan ltandard Gas & Elec _ _..50 323-'t 323.4 323.4 1,430 303.4 Jan Keystone Telephone-- _50 3334 Jan 734 7% 225 6% Jan 7% Jan 50 4834 4834 483.1 Preferred 437 47 Jan 4831 Jan 50 Preferred 30 30 14 2614 Jan 30 Jan itew Warn Speed,com.100 063-1 9335 97 34,565 90X Jan 101 Jail 3.% Lake Superior Corp_ _ _ -100 334 3% 1,860 Jan 33-4 Jan 334 100 iwift 10214 is Co 102 10214 1,225 101% Jan 10314 Jan 50 6834 6834 70 Lehigh Navigation 553 6434 Jan 70 Jan iwlft'International_ _ a _ _15 .2054 2034 2234 19,100 19 2254 Jan Jan Lehigh Valley 50 6934 72 653 63 Jan 72 Jan 7homp3on,J R.com_ _25 47 47 Jan 503.4 Jan 4834 1,470 47 Warrants 30 30 65 30 Jan 30' Jan JnIon Carbide & Carbon 10 6114 5734 6134 6,555 5754 Jan 6114 Jan 10 2434 2434 25 Lit Brothers 3,436 2434 Jan 2.5% Jan Mite(' Works t e Iron _EA v 4' 3 4 500 434 Jan Jan 3 49 Madill!& Schuyl Haw- _50 49 5 49 Jan 49 Jan Jnited .100 Otis Rys. _ cam 135 13.5 10 135 Jan 13734 Jan Nprthern Central 50 7334 733.4 5 7334 Jan • First preferred 733.4 Jan 100 79 80 215 7834 Jan 78 Jan 81 PennCent Light & Pow..' 58, 53 60 70 58 Jan 60 Jan Participating pref. .100 87 87 87 Jan 9034 Jan 10 87 79 79 North Pennsylvania.....50 79 7 79 Jan 79 Jan 1 S Gypsum 20 9134 8814 95 1,725 tEl Jan SRN Jan Pennsylvania Salt alfg _ _50 863-C 8734 90 86 Jan 8735 San resta Battery Corp,com.• 28 26 140 26 Jan 28 Jan 4.31 Pennsylvania RR / 4 4435 50 6,371 42a' 443i Jan 4 Jan . '' •-noisy Seaboard Steel...' 0 4 33.4 Jan Jan •No par vainc. JAN. 26 1924.T Trg CHRONICLE 423 nnn Frida Sales Last 'Week's Range for Sale OfPrices. Week :ma. High. Shares Stools (COncluded) Par. Range Since Jan. 1. Lose. 11?. 112 111 11031 Ward,M ontg & co, pf_ _100 20 25% 25 25% 3,53: 243,4 When issued 109% 103% 109% 3,12( 10715 Clam -A" 675 Western Knitting Mills_ • % % 5i 7 7 7 7 , 283 Wolff Mfg Corp 25 39% 38% 3974 4,123 3855 Wrigley Jr. corn Yellow Cab Mfg,"B"._ JO 8534 88 .00% 4,605 87% 63% 61% 64% 13,864 60% Yellow Taxi Co Bonds77 77 $19,000 74 'Chicago City RV 53.-1927 -77 45,000 5134 •Chic City & Con Rys 5c'27 535% 53% 54 5931 59% 5,000 58% •Chic Rys 5s. Sea "e..1927 97% 07% 19,000 95 .Commonw Ediaon 58_1943 62 62 2,000 58 Met W Side Elev extg 4s'38 7531 75% 6,000 71 Northwestern Elev 5s_1941 Swift & Co lets f g 53_1944 3)6% 9634 1,000 95% Rich. Stocks (C0114tded) Per Jan 112 Jan 27 Jan 110 Jan 1 Jan 8% Jan 40 Jan 96 Jan 6435 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jut. Jaa Jan Jan Jan Jan Jan Jan Jan 77 54 60 a714 62 7511 ;.; Pittsburgh Stock Exchange.-Record of transactions at Pittsburgh Stock Exchange Jan. 19 to. Jan. 25,,both inclusive, compiled from official sales lists: Stexics- Fr(clag Sales Last Week's Range for Sale of Prices.. Week. Par. Price, Low. High. Shares Range sir cc Jan. 1 Low. _50 80 80 50 80 Am Vitrified Prod pref, 80 150 94 Or, Am Wind Gins Mach_100 Preferred 100 04 94 94 55 94 674 2,470 554 65-4 7 Arkanms Nat Gas. com..10 2,441 2% Carnegie Le,ad & Zinc_ _ _ -5 3 214 3 10 1874 1874 10 1874 Consol Ice, pref 90 Exchange Nat Bank- -100 90 5 90 109 105 150 los% Jones-Laughlin Stl, pref 100 109 25 2774 27% 2774 5.230 26% 1,013C Star Gas 50 5374 5374 53% 5120 5254 Mfrs Light & Heat 854 8 8% 1,581 755 Nat Fireproofing. com_ -50 81 22% 21 22% Preferred 690 2074 1 15 15 1554 205 14% Ohio Fuel 011 25 3234 32 3254 1,665 32 Ohio Fuel Supply 805 22% Oklahoma Natural Cas...25 2474 2474 25 Pittsburgh Brew, prat_ _50 5% I;W, 53-4 300 4% 61 61 70 61 Pittsburgh Coal, corn. 100 9855 9874 555 9754 100 Preferred 9e Sc Ile 17,000 Se PIttsb & Mt Shasta Casp_ _1 5 8% 8% 834 290 8 Pittsburgh 011&. Gaa 215 216 149 209 Pittaburgh Plate Glaas_100 219 1074 1074 1,325 9% Salt Creek Conaol 011_ _10 887 os% Stand San Mita corn-----5 10474 103 105 10 8,680 10 1174 16 Tidal Osage 011 25 28% 2814 2974 590 2835 Union Natural Goa 92 96 2,304 8434 'West-house Air Brake_150 96 65 530 61 1V-house El & Mfg, cora.50 ...... 62 84 84 15 84 West Penn Rya, prof- _100 RoodsIna% Ina% a. nnn 1,1‘,1/ High. Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 80 15 95 7 414 1974 330 109 2874 54 87-4 2274 1574 3334 25 555 63 99 lie • 9 216 1055 105 16 2974 96 65 84 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 7n» Ina sa 7n» St. Louis Stock Exchanige.-Record, of transactions at St., Louis Stock Exchange Jan. 19 to Jan. 25, both inclusive, compiled from official sales lists: Stocks- sates a rump Last Week's Range for Week. ofPrices. Sale Par. Pike. Low. High. Shares. Boatmen's Bank Nat Bank of Commerce.- - ...... St 1,0111.3 Union Trust Title Guaranty Trust United Railway., preferred Browrs Shoe preferred Certain -teed Prod lot prof_ 80 Searand preferred CIffeago Ry Equip coin-- ...... Ely & Walker Dry Gds com First preferred Second preferred Fulton Iron Works com--- 35 Hydraulic Press Brick cons_ 5 Preferred Indep larcwarics 1st pref _- ...... Indlahoma Leaning Co_ ..- _.. International Shoe coat _ - _ 7734 Preferred 11734 Mo Portland Cement National Candy common__ _. Southwestern Bell Tel prof_ 104% Wagner Electric common 33 Preferred Johnson Stephens Shea.-- 41% Mo Ills Stores preferred_ _ _ --____ Planters Realty preferred_ ...... BondsSt L & Sub Ry gen mtge 58. --....,.. United Rya 4s....._..... -- ____ Independent Brewerim 6s_ ...... Mi.Portland ermont.6 v.R _ _ 145 145 144% 1455-4 230 230 58 53 10 10 9274 9274 79% SO 7274 7274 33% 39 23 23 10214 10234 8274 825a 35 35 5 5 627-4 6234 4 4 3 3 777,4 79 1107411734 99 99 89 90 104 10434 3274 3374 8254 8234 35 42 103% 104% 94 91 3 12 31 50 1 10 10 4 90 80 40 10 35 25 20 50 10 280 124 62 40 208 170 91 880 68 30 Rugs for Yew 1921. Low. 140 140 220 50 10 88 70 65 30 2074 10154 83 34 33.5 4774 4 1 6374 114 7934 7334 101 21 71 65 59,000 55 64 65 65% 23,000 5734 1,000 45 42 42 UM -UM 1 nnn ins .5 High. Dee Nov Jan Mar Dec Nov Aug Nov Oct Aug Sept Aug Rev Aug July May Oct Jan Oct Jan Aug July Aug July 148 May 153% Mar Feb 245 60 Oct 17 Jan 9974 Jan 90 Feb 80 Jan Jan 34 25% alar 105% June 86 Apr 5454 Mar 6% Feb 6514 Dee 4 .May Mar 19 80 Der Ila Mar 102 Dac 93 Dcc 10055 •Dec 353 Apr. 83' Dec ' ' Sept 65 Nov 6474 May 52 alle 1 nq Jar Dec June no, New York Curb Market.-Official transactions .in the New York Curb Market from Jan. 19 to Jan. 25', inclusive: mac:: Sales Last Veclds Range for Week ending Jan. 25. Sale. ofPekes. Week. Par. Price, Low. High. Shares, StocksIndus. ik Miscellaneous. 1(1 Acme Coal Mining Amalgamated Leather_ _ ..• Amer Cotton Fabr.a at.101; Amer Cask Flee, col ___* American-Havalla a I .' . i. Am Light &Trap.ea1,n-160 100 Preferred American Multigraph_..a• Amer Power& Lt com_100 Am Type Founcleracom 100 Archer-Daniels Mld CO..' _11. Blyn ShOcs Inc. com Bordea Co common--10e Bridgeport Maclaine Co..' Brit-Anuer Tob ord bear_ £1 it 13rook1yn City RR Candy Products Corp- _1 Car Lighting a Power___2( 2' Preferred Cent Tcresa Suaar. com 11 13 Preferrcd Cenalfugal Cast Iron Pipe Charcoal Iran of Am corn 15 Checker Cab Mfg Clara A' Cltles Service, corn..- _10 50. Preferred It Preferred 15 Stock fsg11) Casa scrip 1674 97 55 2274 1214 2155 1274 2 27-5 11 2074 153 7074 • 16 l/: 2% 2% 100 15 1674 1,400 97 0774 203 4974 5534 2501 11 !a 1274 4: t.. 11854 122 3G( 93 93 101, 22 20( 2234 202 202 2( 100% 102 4) 24 2414 203 954 103-4 1,70. 125 126 30 1074 1254 4,40: 2054 2134 2,1(1 1174 14 17,10 1% 2 45,20 214 2% 1,20 10 1154 3,40. 60 13-3 I% 4 4 10 2954 20% 1,70 174 1 74 10 39 39 20, 151 153 95 70 7014 3,06 31, 63/4 634 81 83 3,0( 73 73 1,0( 1514 1514 65,. Range since Jan. I. Low. 154 12 95 437-4 1174 118% 92% 21 202 100% 24 9% 12134 10 20% 1074 las 2 10 I% 4 29 85c 32 142 6754 674 77 72 1474 Jan Jan Jan Jas Jail Jan Jan Jon Jar Jai' Jan Jan Jan Jar Jar. Jut Jul Ja: am Jai Ja! Jul Jul Jo' Jo,, Ja Ja Ja Ja .111. High. 3 167-4 97% 65% 14 126 93 2274 202 102 26 1074 i26 12% 2174 14 2 254 11% 154 4 3174 2 40 153 70% 67-5 83 73 16 Jan aan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jest Jan Jan Jar. Jar( Jai Jan Jan Jan nricia• • Sales tare Week's Rang: for Week. of e. :ow. High Shares. r.awls since Jon. I. Lew. 200 38% Clac Nipple Mfg, Cl A-5 33% 39 5 1,000 19% Class 13 213-4 2234 36 • L100 35% Childs Co new stock 353-4 56 750 758 754 1,100 35c Colomtaan Syndicate_ ___ 5354 5774 260 43% Comneth Plly &L corn 10 2074 _ 25 205a- 23.100 25 Continental Tobacco 3534 36 1.860 3554 Cuba Company 10' 58 58 20 58 Cudahy Packing 92% 937-4 2.700 915a 9274 Del Lack & West Ccal_h 16 22,800 1054 14% 16 Dubllier Condense:ed.:Rao 26a. 26% 2774 3,100 6% Dunhill Internat 3 3% 2.700 3 Du Pont Motors, Ine 30n 2074 33 a 3,800 29.34' Durant Motors, Ine.-__. 300 83/4 854 931 DUrall1 Motors of Ind_.1. 153-4 1555 10 1574 Eastern Steel Casting corn 97 97 20 97 Elea Bond &Share,pt._10. 80 423 Ford Motored Canada_10 43854 436 440 C0c 60c 60c 160 GOe Garland Steamship 277 276 280 590 273% Gillette Safety Razor__ 1134 1175 12 1,200 II% Gleasontto Products Con 81% 81% 8614 7.800 76%. Glen Alden Coal 36% 3234 3654 4.800 32% Gold Dust Corp w 11% 1054 117-4 1,500 ;Goodyear The & Racom10 8;fi 9754 96 1.900 94 Great West Sugar cam_ _2' 97 6 6 109 6 Hall Switch Sig pref._10: 2 2 2% 1.900 Hayden Chemical 114 10' 21% 2134 22 1.300 20% Hudson Cos, pref 11% 11% 1274 2,300 11% Ilud & Math, com--10. 50 51 10. 50 1.201) 50 Preferred 1914 1974 10 19% Hydrox Corp common_ _ _ • 15 15 700 Imperial Tob of GB & EC' 5,5 15 3% 4 300 Intercontinental Rubb _10 3% 12% 12% 1234 3,400 12% Internal Concrete Indus_ It 800 I 134 Kelsey Moto41 1.400 44% 4334 4455 Kresge Dept Stores. eon,. 50c 55e 300 50e Lake Torpedo Boat cons 1I 13 6 6 6 260 First preferred 1 4 45.5 414 1,400 3 Leader Production 33 1,30.0 38% ,37Y5 3874 Lehigh Power Seauritlea_ 81 84% 450 83 77% Lehigh Val Coal Sales__5( 33% 3114 35% 15,900 Lehigh Valley RR,new, w I 31 60% 700 60 Ligg& Myers new comw12: 60.% 60 100 59% 595, 593-4 59% Clans B new w 800 21 21 2174 21% Ludlum Steel Co • McCrory Stores-32 32,--10 31 Warrants stock Purchase 14 14' 200 14 alereurb'k (Vienna) Am at 7 6% 7% 2,600 63/4 Mesabi Iron Co • 22 21 2254 3.800 Midvale Cu 18 33 • 34% 11,400 33 Nat Dairy Products Corp • 34 774 514 734 58,000 3% New Mex & Ariz Land,. _I 300 109% Y Telep 654% Prer - -J00 1105. 10934 11034 50 377-4 40 New York Tran800ren_10 40 3355 100 15% 1574 15% Paige-Det Motor Car_ __10 " 2754 27 271-4 1,200 26% Park &Mord. Inc 237-/4 2354 100 2334 Fearless Truck & alotor_50 23y1134 113-4 1,100 Pyrene Manufacturing 10 Hy Radio Corp of Amer,COM * 43-1. 434 47-4 32.200 • 1154 43.4 43", 4as 47-4 12,100 Preferred 411.1 10 173-s 173-4 137-4 800 17% Rea Motor Car 10 1 1 Revetti, Inc 600 90c 493/4 4934 40 Rosenb'm Grain Coro p130 4974 .49 14 14 14 10 14 Royal Typewriter 21 24 Shelton Looms, corn 23 70 e..* corn v SO 30 3314 20 Silica Gel Corp 130 125 Singer Manufacturing...100 1425 13314 14254 120 15c 33,00 Southern Coal & Iran- 5 14c .12c 31% 33 300 31 Standard Gas & El oom _50 274, 25.4 200 Standard Motor Constr_10 25a • 1151 1154 117-4 609 10% Stutz Motor Car 100 10334 10334 50 101 Swift & Co 15 20% 22 2,200 19% Swift Iaternatiorall 1.200 1734 Tenn Elea Power, corn...' 203-! 195 203/4 50 50 50 4934 Second preferred 754 100 Timaen-13€t Axle corn_ _10 7% 7% 43454 43/4 1,200 Tob Prod Esporta Corp..' 3% 52 55 509 4.354 Todd Shipyards Caranace 55 93, sg 934 2,100 9% Transport Truck Co prels0 58 60 200 58 Union Carbide A: Carbon_• 60 5634 5974 4,000 5634 Unit Bakeries Corp, corn • 5874 100 88 88% 300 85 Preferred 1 1,700 United Profit Slur 7% 734 774 755 5 Unit Retail Stores Candy-' .533 534 1.900 a434 :1654 3634 United Shoe Mach com.25 100 31535 19% 20 900 18% US Cities Corp.(lass A.10 20 (38 Distrib Corp new corn a 2255 223-4 23 2.100 18 New preferred.._ _100 95% 94 9534 400 90 e0m--10 93c 93e 99e 1,100 80o US Light & Heat, 10 Preferred I% 134 100 134 1434 1534 Unit.Pipe & Had common* 143-i 400 15% 100 GO Pretarred 59 60 400 59 Wanner Malleable Cast A° . 23 23 100 23 Ward Corp corn cl A w L.* 695: 61 7234 4.300 52% Common class B w L..* 2074 1934 22% 9,100 19% 100 80 7% preferred w L 80 80% 1,900 7934 • Waring Hat pref 854 83-4 3% 100 53-i Warner Bros Pictures w i-12 1`,Ye 36,800 12 1274 5 85e dray-ne Coal 050 85c 3,100 60c W11151 Corp,let pref.--100 11 11 11% 1.800 9% lot prat ctfs of dep 113-4 1114 1,500 9% Yel Taxi Corp, NY. new.' 353'. 35 363./4 2.000 34 Rights. With Vallea w I 3234 3035 3474 25,600 2954 Pan-Amer Pet &Trans__ ...... filc 154 49,700 61e Union 011 of Calif /5e 750 300 760 Former Standard ant Subsidiaries linglo•Amenean Oil-_23 1534 lb% 15% 3,000 15% fluctuate Pipe Line 6 £0 950 75 79% 79 ChwoM•ough Mfg 103. 32() 311 320 . 20 238 Continental 011 25 5314 4734 53% 14.800 43 Cumberland Pipe Iliso_10a 117 114 117 130 110% Eureka Pipe Line 103 104 103 104 -50 99% Galena-Signal Oil, oom -10a 68 67 63 450 65 Humble Oil & Reflnlag_ _2: 38% 38 3834 3,600 35% Uthols Pipe Lthe 101 156 117 1(81 230 136 Imperial 011 (Can) coup.2: 118% 1153-4 110 4,105 111% 51 tudiena Pipe L17.10 97 92 93 405 89 Magnolia .101 155 150 155% 505 150 National Transit... 25 2451 28 1,100 23 1(1( New York Transit 91 92 80 87 Northern Pipe Line..-101 102 97 102 480 94 2! Ohio Oil 7714 7634 7335 5,500 7234 Penn Max Fuel ^ 3634 39 700 34% Prairie Oil & Gam 101 280% 257 263 5.120 253 Prairie Pipe Lige 10. 110 10754 1 la 3,045 104 Solar Refining I(a 222 197 224 917 583 10. 169 aouth Pemi 011 860 135 157% 171 Southern Pipe Line__ 10. 99 96% 99 GO 94 So West Pr. Pipe lanee_lal 87 85 al .50 81 Standard 011 (laths:1()_2: 67 6634 6754 47.300 35 Standard 00 aJaansaz)...2: 48% 47 83 4.800 4594 Standard Oil(Ky) 2: 116% 115 120 8,700 107 Standard Oil(Nab)_ _ 240 2235-5 25655 2,440 199 Standard Oil of N Y..._2. 47% 455: 4734 21.600 45 Stand On (Ohio) corn..10' 337 314 3'33 870 310 Swan & Finch 10( 36, 37 220 36 vacuum 011 62% 5834 0234 20,900 5634 washingtOn 011 IL 25% 116 70 25 No oar Value. Hfaa. Jan 40% Jan 2234 Jan 37 Jan 1 Jan 5734 Jan 2655 Jar. 36% Jan 58 Jun 933-6 am. 16Jan 28 Jan 3% Jan 30% Jan 10% Jan 15% Jan 98 Jan 440. Jan 70e an 280 Zan 12% Jan 86% Jan 37% Jan 1154 Jan 100 Jan 6 Jan 214 Jan 22 Jan 1254 Jan 51 Jan 1931 Jan 15 Jan 4% 1251 Jan Jan 1% Jan 40 Jan 55c Jan 6 Jan 5 Jan 33% Jan 86% Jan 3554 Jan 61 Jan 59% Jan 2154 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jas. Jan Jan Jar. Jest Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 32 Jan Jan 14 Jan Jac 814 Jan Jan 22% Jan 3434 Jan Jan et% Jan Jan Jan 112 Jan 40 Jan Jan Jan 16% Jan 28% :tau Jan Jan 26% Jan 11% Jan Jan 4% Jan Jan 4% Jan Jan 1834 Jan Jan Jan Jan Jan 4934 Jrzt Jan 3471 Jan Jan Jan 24 Jan Jan 35 Jan 1423-3 Jan San 17e Jan Jan Jon 33 255 Jan Jan 1554 Jan Jan ..510 103% JAM Jan Jan 22 Zan 5.0% Jan Jan Jan IA 714 -Jan :fan 434 . •/an Jan Jan 55 Jan /an 9% Jan Jan 00%.• Jan Jan 62 • Fan 3 Jan Jan Jan 7% Jan Jan 53a Jan Jan 365‘a Sass Jan 20% Jan Jan 25 Jan Zan Jan 89 1% Jan Jan 1% Jan Jan Jan Jan 17 Jan (51% Jan Jan Jan 23 Jan 72% Jan, Jan 22% Jan Jan 8031 Jan 8% Jan Jan Jan 12% Jan Jan 930 -Jan 3134 Jan Jan Jan II% Jan Jan 3136 Jan Jan Jan Jan 34% Jan 2 Jail 75c Jan Jan 16% Jan 20% Jas 820 Jan 53% Jan 117 Jan 104 Jaa 6934 Jan 39% Jan 156 Jan 119 Jan 98 Jan 162 Jan 25 Jan 94 Jan 102 Jan 79% Jen 43 Jan 269 Jan 110 Jan 224 Jan171 Jan /00 Jan 37 Jan 6a 34 Jan 48% Jan 120 Jan 2567.3 .Jan 473a Jan 333 Jaa 37 Jan 62:5a Jan 36 Jan Jan /an Jan Jan Jan Ina Jan :an Jan Jan Jan Jan Jan Jan Jan Jars Jan Jan Jan Jan Jan Jar, Jan Jan Jan Jon Jar. Jan :au Jaa Jan 424 THE CHRONICLE Friday Sales Last Week's Range for Other Oil Stocks. Sale ofPrices. Week. Par Price. Low. High Shares. Allen 011 1 Arkansas Nat Gas com_10 Atlantic Lobos Oilcom--• Preferred • Boston-Wyoming 011 1 British-American Oil__ -25 Carib Syndicate Creole Syndicate 5 Derby 011 & Refin. CoM • Preferred • Engineers Petroleum Co--1 Federal Oil 5 Gen Petrol'm Corp com_25 Gilliland Oil v t e Glenrock Oil 10 Gult 011 Corp of Pa _ _-26 Gulf States 011 & Ref----5 Hudson 011 1 International Petroleum • Keystone Ranger novel_ _1 Kirby Petroleum • Logo Petroleum Corp_....• Lance Creek Royalties_ __1 Latin-Amer OH 3 Livingston Petroleum 5 Margay MCorp * Marland 011 of Mexico __1 Mexican Eagle 011 5 Mexican Panuco 011_ -10 Mexico Oil Corporation.10 Mountain & Gulf 011 1 Mountain Producers--10 Mutual 011 vot trust etfs _5 National Fuel Gas * New Bradford 011 5 New England Fuel Oil-..5 New York OU 25 Noble(Chas F)0& Geoml Preferred 1 Northwest 011 1 Omar Oil& Gas 10 Peer 011CorPoratIen • Pennsylvania Beaver 011_1 Pennok Oil 10 Phillips Petrol new w I._ • Red Bank 011 i5 RoYal Can 011 Synclicate-• Ryan Consol Petrol • Salt Creek Cons Oil 10 Salt Creek Producers-10 Sapulpa Anthill's B Savoy 011 5 Seaboard Oil& Gas 5 Tidal-Osage 011 * Non-votIngstock Turman OIL new 10 Western States 011 & Gas-1 Wilcox 011 & Gas I Woodburn Oil Corp • rlr''' Olt & Gas 1 260 150 26e 5,000 631 7 300 3% 415 500 11 15 160 1 134 5,300 3515 36% 1.400 5% 634 13,000 214 336 63,700 7 7% 1,100 30 3034 1,600 7c ge 41,600 35c 35c 1,000 3834 39% 2.800 3 3% 1,300 50c 60c 3,900 60 6114 6,400 1% 214 2,100 30 Sc 12,500 2034 2134 37,080 2c 3c 29,000 2 2% 2,600 2% 4 16,200 20 20 8.880 800 88e 58,500 65e 75e 1,000 85e 85c 100 315 311 600 331 334 100 70c 85e 6,600 25c 25e 7,000 134 Me 2.900 1834 1934 8,400 1234 1334 164,800 8534 8534 10 534 634 10,300 2134 2134 100 1134 1234 ' 500 100 12e 12,000 40e 40c 1,000 6c 7c 5,000 66c 70c 1,500 2% 3% 1,000 50c 550 4,500 1334 15 32,400 34 3734 1,700 511 6 200 354 4 2,700 4 5 3,90) 10 1,800 1031 2234 23% 7,290 134 1% 9,600 1% 234 700 91e 99c 26,400 1034 16 2,300 2,200 12 14 7 7 100 21e 25e 9,000 0,400 6% 7 1,000 50c 50c 7c 8c 13,000 Range since Jan. 1. Low. 180 515 31/ 11 060 3531 4% 236 7 33 60 30c 3834 1% 31e 5834 134 3c 2034 2c 111 2% 2c 78c 6.5c 850 331 3% 70c 23c 144 1734 1134 85 536 20 234 70 40e Sc 66e Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan High. 260 7 434 15 114 36% 615 3% 8 34 8c 600 3934 3% 60c 6115 2% 7c 2115 3c 2% 415 20 88c 800 85e 47 % 3% 89e 30e Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Friday Sates Last Week's Range for Sale ofPrices. Week. Mining (Concluded) Par. Price. Low. High. Shares. [VOL. 118. Range since Jan. 1. Low. High. Tonopah Extension 134 1 1% 11114 11114 Jan 400 136 Jan Tonopah Mining 1% 1% 1% 1,400 13( Jan 1 134 Jan 3% Trinity 80c Jan 80c Jan 80e 100 61e 11 Tuolumne Sc Jan Jan 3e 3c 4,000 3c 134 (Jolted Eastern Mining ---1 88c 86c 900 6,300 73e Jan 13.8 Jan 3634 United Verde Extenslon50e 27 2634 28 1,900 2634 Jan 29 Jan 614 U S Continental Mines_ _- 200 160 Jan 170 Jan 20e 24,000 14c 331 Unity Gold Mines 6 1 Jan 800 Pal Jan 1 134 734 Victory Divide 10c 4c Jan Jan 4c 5c Sc 2,000 4e Walker Mining 334 214 Jan 334 334 5,900 234 Jan 80 Wenden Copper Mining 1% pl. 1 A , 9,300 1% Jan 1% Jan West End Consolidated-5 64e 62c Jan 6fic Jan 650 500 50c 3934 Jan West End Extension Min-, ______ 4c Sc Jan Jan 60 23,000 3c Jan Western Utah Conner- -1 37c 37c Jan 40c 2,000 Jan 30c 58e Jan Wettlaufer-Lorrain SU M.1 200 13e 20e 20,000 12c Jan 12e Jan 6115 Jan White CaP Extension Min5c 60 2,000 Jan 6c Jan Sc 2 Jan Yukon Gold Co 5 80e 80e Jan 80e Jan 600 75c 60 Jan Bonds2115 Jan Allied Pack 8s. See B.193980 Jan 84 368,000 70 76 Jan 84 Jan Cony deb 6s 1939 7034 6934 15,000 63 Jan 7034 Jan Jan Aluminum Co of Am 761933 10634 10631 7031 6,000 10531 10711 Jan Jan 10734 3 Jan 75 1925 10234 5,000 101% Jan 10234 Jan Jan Amer G & E deb 6s _ _2014 9515 10234 95 95% 83,000 9434 Jan 95% Jan 88e Jan Amer Light & Trac 68_1925 Jan 10334 1,000 10334 Jan 101 10334 75o Jan smer Rolling Mill 68.1933 9934 9915 6.000 Jan 9931 Jan Jan Am Sumatra Tob 6%s 1925 9731 9711 97% 10,000 9834 Jan 9734 Jan 9634 Jan Amer Tel & Tel 13s 1924 99% 9934 99% 19,000 99% Jan 100 Jan Jan American Thread 6s_ _1928 10234 10244 8.000 101% Jan 10234 Jan Jan Anaconda Cop Min 68_1929 10234 10214 102% 49,000 10134 Jan 102% Jan 25e Jan Anglo-Amer Oil 7%s-1925 10131 101% 27,000 101% Jan 102 Jan 134 Jan Assoc Simmons Hardw1931 Jan 19% 6148 1933 9134 9134 91% 59,000 9015 Jan 01% Jan 1334 Atl Gulf & W I SS L 58 1959 4834 4531 4834 86,000 42 Jan 1334 Jan 4811 Jan Jan 87 Beaver Board 8s 1933 Jan 7115 Jan 7115 7134 2,000 70 645 Jan 634 Belgo-Can Paper 68_ _ _1943 9334 9315 1,000 9334 Jan 9314 Jan Jan 2114 Beth Steel equip 7s-1935 10334 102% 9334 28,000 10234 Jan 103% Jan 10334 Canadian Nat Rys.78.1935 108 Jan 1215 10734 10831 18,000 106% Jan 10834 Jan Jan 12e 88 1925 9934 9934 12,000 9931 Jan 9915 Jan Jan 53c CharcoalIron of Am 881931 9215 90 9234 17,000 8834 Jan 9234 Jon 7e Jan 70 Chemical Co of Amer 78'33 94 94 4,000 94 Jan 9734 Jan Jan 80c Chic Mil & St P 68 w 1_1934 9834 97% 9834 331.000 9634 Jan 9834 Jan 315 Jan ado & N W Ry 5s w 1_2037 93 334 9234 93 9234 150.000 9334 Jan Jan 53c Jan 55e 50e Chic III & Pac 5%s_ _1926 9934 9834 99% 8,000 9731 Jan 9915 Jan 15 1234 Jan 15 Chic Union Station 5s H'63 9834 98 98% 9734 219.000 Jan 98% Jan 3715 Jan 3714 34 Cities Service 7s, Ber C1966 9234 9134 93% 23,000 89 Jan 9314 Jan 6 534 Jan 78.Series D 1966 8934 8914 90 Jan 8745 Jan 90 10.000 334 3% Jan 4% Columbia Graph'ne 8s 1925 434 5 314 Jan N Y Tr Co pantie ctfs-- 1534 1531 16 Jan 19 21,000 1531 Jan 1034 9% Jan 1034 Certificates of deposit __ Jan 1534 1534 5,000 1515 Jan 23 2331 2134 Jan 23% Cons GEL & P Balt 6s'49 102% 102 102% 22,000 10136 Jan 102% Jan 134 Jan 82e I% 78 1931 107 10711 5,000 105% Jan 10734 Jan 354 8%8 134 Jan 1952 9831 9834 13,000 97 Jan 9831 Jan 95e 680 Jan 1 Consol Textile 8s 1941 93 92% 93 Jan 14,000 97 90 Jan Jan 16 8 Cuban Telephone 7%81941 2,000 10636 Jan 10634 Jan 12 Jan 14 Cudahy Pack deb 515s 1937 8836 1063410634 88 Jan 16,000 Jan 8634 8834 8834 811 4% Jan Deere & Co 7348 1931 100% 10031100% 33,000 100 Jan Jan 101 24c Jan 30c 21e Detroit City Gas 66-1947 10034 10054 54,000 9931 Jan 100% Jan 7 731 654 Jan Detroit Edison6s 1932 10411 10431 104% 55,000 102% Jan 104% Jan 50c Jan 500 DunloPT&R of A m 76.1942 93 9115 93 39,000 9134 Jan 93 Jan Jan 8e 70 Federal Land Bk 4%8.1954 10034 10034 10,000 10034 Jan 10034 Jan Federal Sugar 68.---1933 10014 99 10034 54,000 9714 Jan 10014 Jan Mining Stocks Fisher Body 6s 1925 10034 10011 18,000 10015 Jan 100% Jan American Exploration__ -I% 1 Jan 111 131 7,000 50c Jan tis 1926 100% 10034 10034 23,000 9931 Jan 10015 Jan Arizona Globe Copper_- Inc 12e (le Jan Jan 100 25,000 6c 1927 6s 100 10015 22,000 9836 Jan 10034 Jan Belcher Extension 100 lc Jan Jan lc go. • lc be 3,000 1928 85,000 9915 100 Jan 100 Boston-Montana Corp-10 16e Jan Jan Gale (Robert) Co 7s__1937 9934 96% 9715 19,000 9734 15c Jan 18e 17c 8,000 140 9511 Jan 9714 Jan Butte & New York 1 Jan Galena-Signal Oil 7a..1930 9734 10434 105 Jan 2c 20 2e 1,000 2c 23.000 10434 Jan 105 10434 Jan Butte & Western I 22e Jan 550 30e 2,000 25e Jan General Asphalt 8s_._1930 105 105 2,000 104 Jan 10536 Jan Calaveras Copper 5 I% 115 114 Jan 100 115 Jan General Petroleum 68_1928 9434 96% 5,000 94% Jan 97 Jan Canarlo Copper 10 234 211. 254 5,300 254 Jan Grand Trunk Ry6%8.1938 234 Jan 10534 105% 8,000 10534 Jan 106 Jan Candalarla Sliver 1 2e 20 6,000 20 Jan 30 Jan Gulf 011eff Pa 58 1937 9534 9454 9534 21,000 94 Jan 9534 Jan Central Amer Mines,Inc-1 136 134 134 1,700 87e Jan 136 'Jan 1926 Serial deb 514s 1003410031 2,000 10036 Jan 10034 Jan Chief Consol Mining 1 Jan Jan 4 3 800 3 4 Serial deb 5155 1927 100 100 100 5,000 100 Jan 100 Jan Comstock Tunnel Jan Hood Rubber 78 19e Jon 21e 290 3,000 18e 1936 10134 10115 11,000 10034 Jan 10134 Jan 3301:1101 Col/Pet Minna_ _I 1% 1% 2 25.1 Jan Internat Match 6Xs_ _1943 94 115 Jan 8,600 9314 94 72,000 9214 Jan 94 Jan ConsolNevada-Utah Coip_ 7c 7c 7c 1,100 7c Jan 70 Jan Kennecott Copper 78.193U 10454 10414 104% 39,000 103 Jan 104% Jan Cones Sliver 1 64e 59c 64e 53,900 56c Jan 64c Jan Laclede Gas Lt 534s..1953 91% 9345 15,000 90 Jan 9331 Jan Cresson Con Gold M.& N-I 4 4 Jan Lehigh Val Harb Term 58'54 9234 3% Jan 3,400 3% 4 97 9654 231,000 9514 Crown Reserve 97% Jan Jan 9734 1 71c Jan 75c Jan Libby.McNelli&LIbby7s'31 9931 9834 9915 33,000 75c 5,200 68c 9815 Jan 9936 Jan Davis-Daly Mining 10 434 4% 300 4 Jan 104 104% 6,000 103 4% Jan Liggett Winchester 78_1942 Diamond B1 Butte (reorg). Jan 10414 Jan Jan Manitoba Power 7s- _1941 97 8c 8c Sc 40 Jan 8e 105,000 97 9831 13,000 9536 Jan 9851 Jan Dolores Esperanza Corp-2 650 600 55e 300 50c Jan 650 Jan Maracaibo 0117. 1925 325 350 3,000 265 Emma Silver Jan 350 Jan 1 le le Jan lc 4,000 lc le Jan Morris & Co 7%s...___1930 9934 9915 100 18,000 9731 Jan 100 Eureka Croesus Jan 1 130 12e Jan National Leather Jan 15e 14e 20,000 12e _1925 100 100 100 53,000 98 Fortuna Cons Mining-Jan 10054 Jan 70 Jan New Orl Pub Serv fra__1952 8315 8336 Jan 80 60 60 7e 18,000 8334 73,000 8114 Jon 8334 Jan Golden Cycle 1% Jan Nor States Pow 6158 w 1'33 9915 134 500 134 134 134 Jan 99 9931 107,000 98 Goldfield Consol Mines-10 Jan 9911 Jail 5e 6c Jan Ohio Power 58 Jan 5e Sc Sc 5,000 1952 8734 87 88 10,000 8415 Jan 88 Goldfield Deep Mines..-5c Jan Sc Jan Jan 8c Sc Sc 7c 15,000 Penn Power & Lt 58 B 1952 8834 8934 14,000 8736 Jan 89 Goldfield Development.-Jan Jan nun moo oio Jan 10c 80 Sc 4,000 10c 1953 99% 100 9931 58,000 9815 Jan 100 Goldfield Florence Jan 1 40c Jan Jan 42e 40c 1,600 39e 1947 10031 100 10015 12,000 9815 Jan 1 5345 Goldfield Jackpot 1 0031 Jan 40e Jan Jan 40c go 40e 1,000 40c 1941 105 10444 105 15.000 10454 Jan 105 Gold Zone Divide 1 Jan Jan Phillips 120 Jan 80 0 60 9c 11,000 Petrol 715s 1931 10441 10431 10434 7,000 101 c i Hard Shell Mining Jan 10411 Jar 1 2c Jan Jan 2c Sc 3c 75,000 20 Without warrants 101 101 2,00 101 Harmill Divide Jan Jon 101 3c Sc 3c 2,000 3c Jan 3c Public Jan Corp Serv 711-1941 101% 101% 102 41,000 101 Hawthorne Minna Ine Jan 10234 Jan Jan 82c 80c Jan Pub Serv Elea Pow 68.1948 820 2,200 23c 99 9834 9734 120,000 Hecht mining 9 Jan Jan 99 554 25c 834 815 8% 1,200 934 Jan Pure 011 Co 614s 815 Jan 1933 9414 9334 9454 181,000 9234 Jan 9415 Jan Hilltop-Nevada Mining-- __ __ 3c Jan Jan 3c 3e 3,000 2e , Shawsheen Mills 70- _ _1931 104 104% 3,000 102 Hollinger Cons Gold MLn 5 12 Jan 104% Jan 1154 1231 2,20 11% Jan 1236 Jan Sloss Sheffield S & I 68 1929 9754 97 9754 17,000 97 Howe Sound Co JanI 9834 Jac 1 Jan Solvay & Cie 8a 3 2,100 231 Jan 254 3 1927 10411 104 10414 17,000 104 Independence Lead Mln--1 150 JanI 10454 Jac 10e Jan South Calif Edison 58_1944 17c 170 38,000 12e Jan 91 9054 Indian Mines Corp, Ltd..I 61c 7,000 89% Jan 91 60c Jan 660 64c 6,000 60c Jan Stand 011 of N Y 6 As.1933 107 10754 31,000 105% JanI Iron Blossom Cons Min_ _1 Jan 10731 Jac 31c 32c 2,000 31c Jan 320 Jan 7% serial gold deb--1925 10131 102 Jerome Verde Developm't 1 8,000 1014 Jan 102 Jan 1% 134 1,100 Jan 134 2 144 Jan 7% serial gold deb-1926 10434 10454 5,000 10414 Jan 105 Jib Consolidated Mining_ Jan Jan 25e 25e 2,000 25e Jan 25e 7% serial gold deb.-1927 10534 10534 8,000 106 Kelly Extension 44c 35e Jan 105% Jar Jan 440 22,000 30e Jan 440 7% serial gold deb_ _1928 10531 105% 16.000 10554 Jan 1053.4 Jan Kerr Lake a 2 1,000 234 234 Jan 1% Jan 7% serial gold deb_ _1929 10534 10634 3,000 1 Kewanus 10631 40 Jan Jan 4c 4c 1,000 4c 7% serial gold deb_1930 10634 106 106% 10,000 0556 Jan 10614 Jar La Rose Mines Jar 5 10534 Jan 20c Jan 22c 6,000 200 Jan 22c 7% serial gold deb-1931 107 10615 107 Lone Star Consolidated -1 48,000 10634 Jan 107% Jar Sc 3,000 Jan 70 Jan Sun Co 7s 4e 5e 1931 10234 101% 1024 Macnamara Min & Mill_ _1 10,000 10114 Jan 1024 Jar Jan lc go lc 1,000 Jan le lc 1929 9834 9915 23,000 9834 Jan 9934 Jar Marsh Mining 1 13c 130 4.000 12e Jan Swift de Co 5s_ _Oct 161932 Jan 13e 9354 9254 9315 93,000 91 Mason Valley Mines 6 Jan 9315 Jai 1% 1% 100 154 Jan 136 Jan Tidal-Osage 011 7s_ -_1931 103 10354 12,000 10114 Jan 10314 Jai McKinley-Darragh-E3av _ _I 1M 10c Jan Union El L&P of III 5158'54 110 2,000 10c Jan 12c Mohican Copper 9654 83,000 96 1 430 Jan 9634 Jar 35c Jan Union 0116* 8er B-1925 9654 96 43c 46,000 30e Jan 48c 100 National Tin Corp ----500 120 10074 9,000 100 Jan 100% Jar 110 Jan 13c 12c 12,000 lle Jan United 011 Produe 88--1931 7234 78 Nevada Hills 17,000 7034 Jan 78 Jaz 120 Jan United Rye of Hay 734e'36 Sc . 12e 13,000 Jan 12c Sc 10631 10631 107 New Cornelia 14,000 10514 Jan 107 Jai 1634 17 Jan Vacuum 011 78 300 1574 Jan 18 1936 106% 10615 10615 49,000 106 New Dominion Copper. .3 1% Jan 10614 6,000 134 2 231 Jan Jal 215 Jan Valvoline 01168 1937 10215 10215 10236 2,000 10214 Jan New Jersey Zinc 100 go 14534 Jan 151 150 151 102% Jai Jan virginian Ry 58 Ser A_ 1962 93 94 New York Porcupine Min_ 32c 88,000 92 320 Jan 9434 Jai 320 1.000 25c Jan WebeterMills6 44 %notee'33 94 Jan 35e 101% 10134 101% 42,000 10054 Jan 102 Nipissing mines. 5 Jai 631 5% 634 2,600 634 Jan 5% Jan Foreign Government Ohio Conner 1 78c 78c Jan 86c 16,300 72e Jan 86c and Municipalities Park Utah I 415 431 431 500 434 Jan Argentine Nation 68_1924 100 434 Jan 100 100 316,000 9944 Jan 100 Plymouth Lead Mines_ _I Ja 31c 32e 5,000 300 Jan Jan 35e Ester 68 of 1923 Ser A '57 9514 9615 6,000 9614 Jan 9615 Ja Premier Gold 2 215 1,300 Jan 234 Jan Mexico 4s 19452 Ray Hercules, Inc 5 20e 210 4,000 120 Jan Jan 24e Certificates of deposit_ 2954 3234 71.000 2815 Jan 32% Ja Red Hills Florence Sc 4c 15,000 Jan lc Jan 5e 58 certificates of deposit.. 1145 1115 5,000 1144 Jan Red Warrior 210 34c 8,000 210 Jan 34c Jan Netherlands 1115 Ja (Kingd)6a H'72 9334 9344 94 18,000 9334 Jan 9615 Ja Rochester Silver Corp 50 Jan Peru (Republic) 88...1932 Sc1,000 Jan Sc 5e 9714 98 4,000 9736 Jan 98 1 San Toy Mining 30 3e Ja 3c 1.000 Jan Russian Govt 610_1919 98 30 Jan 3c 17% 1635 20 200.000 5e 4c Ja Jan 20 Silver Dale Mining 9 50 12,000 Jan Jan 60 3c Certificate* 1645 16 191.4 512,000 10 Silver Horn M & D 3c 70 15,000 Jan 1934 Ja Jan "a 50 Jan 80 1921 1634 1434 1834 213,000 Silver King Consol 60c SOc 934 Jan 1834 Ja Jan 700 60c Jan 60e Certificates 1434 1834 181,000 Sliver King Divide Glenn° 20 2c 3,000 934 Jan 1834 Ja Jan Switzerland Govt 5%8 20 Jan 2c 1929 9934 9851 9954 73,000 98 le le 1 Simon Silver-Lead 2e 5,000 Jan 9954 Ja Jan lc Jan 20 Ext 3% g notes----1926 97% 9734 98 79,000 9715 Jan 98 Ja South Amer Gold & Plat.1 315 334 1,700 334 Jan 254 Jan Spearhead 1 40 30 4e 16,000 Jan Jan 4c 2c • No par value. k Correction. ss Dollars per 1.001.1 lire Hat. I Listed on ill lc 1 lc 12,000 Stewart Mining Jan lc . . took Exchange this week, where Jan lc additional transanlons will be found. • Nei 47e 1 48e 2.000 470 Success Mining Jan stock a Option sale. to Jan 48c When Issued s Es-dividend. it Ex-rigins • Ex-sto• PH 134 2,600 1 Teck-Hughes 114 Jan 1110 Jan dividend. s Ex-stock dividend of 40%. r The Committee on Listings rule ,.. nal nIttnt Tonal 1 arie 59c 300 500 Jan 50c J 11 ri•n 91) thnt trnnanr1Innn In Unanthnnna Minna in. anananr1.1 nntll titre hnr nntlen. 134 134 gnutstment and gailroad 425 frUxcitct RAILROAD GROSS EARNINGS The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly return oa,n 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 railway, are brought together separately on a subsequent page. Latest Gross Earnings. ROADS. Week or Month. Current Year. Previous Year. Jan. 1 to Latest Date. Current Year. Previous Year. $ $ 3 216,312 181.800 2,477,681 2.010.653 Akron Canton & Y_INovember 302,917 289,604 3.196,139 2.760,129 Ala & Vicksburg- November Amer Ry Express... September 13745004 13019823 119225088 111862592 195,872 192.230 2d wk Jan 108,715 106.298 Ann Arbor Atch Topeka & S Fe November 18297511 18757744 186692851 172414489 Gulf Colo & S Fe.. November 2,674,301 2,542,30023,256,680 21,701,157 Panhandle & S Fe November 1,017,707 861,570 8,012.537 7.317,386 401.503 383,516 4.237.633 3,625,378 Atlanta Birm & Atl_i November 268,972 268.499 2,710.693 2.364.352 Atlanta & West Pt.. November iNovember 274,416 261,311 4.588.788 4.361,727 Atlantic City Atlantic Coast Linel November 7.104.447 6,162,691 73.129.287 63,746.153 Baltiraore & Ohio_ . November 20057155 19845040 238519181 179894064 307,269 301.310 3,437.438 2,846.886 B &0Chic Term- November Bangor & Aroostook November 629,446 619,054 6,215.767 6.929,294 98.469 Bellefonte Central_ _,November 6,197 113.293 9.773 591.452 612.709 6.641.903 5.590.547 Belt Ry of Chicago-November Bessemer& L Erie November 1.605.373 1,662.57019.436,600 13.395,146 208.696 37.643 419,533 27,368 Bingham & Garfield November Boston & Maine_ _ _ November 6,895,876 7.057,448 79,572,047 73.006.493 113,063 140,674 1.379.297 1,450,450 Bklyn E D Terminal November 642.937 1,030.847 Buff Roch & Pittsb_ 2d wk Jan 358,630 515.424 223.784 222,082 2.545.626 1.435.202 Buffalo & Susqueh_ November Canadian Nat TRys. 2d wk Jan 4,169.482 4,312.039 8,188,191 8.556 358 194.076 281,393 2.722.746 2,538,469 Atl & St Lawrence November 213.524 245.884 3.063.573 2,083,311 Ch Del Can G T. November 623.736 529,223 6.305,511 4,957,147 Del G H & Milw_ November Canadian Pacific... 28 wk Jan 2,952,000 2.810.000 5,938 000 5.778.000 749.559 665,930 8,508.773 6,959.605 Caro Clinch & Ohio_ November Central of Georgia November 2,176.469 2.165,549 24.149,588 21.078.853 Central RR of N J-INovember 4,789,343 4,797.187 53,045,594 44,902.859 Cent,New England_INovernber t 701,382 666,304 7,326.069 6.205.504 November 679.927 860.933 8,022.870 6,867.845 Central Vermont 309.923 265,776 3.579.775 2,953.837 Charles'n & W Caro November Ches & Ohio Lines November 8.388,874 6.801.070 93.781.777 75.999.770 Chicago & Alton_.._ November 2.780.022 2.575,120 31,025.027 24,711.937 Chic Burl & Quincy_ November 14268971 15616190 157991456 149855219 Chicago & East Ill November 2,290,129 2,271.849 26,162.489 22.208.348 Chic Great Western November 2,109.651 2,150.586 23,807.620 22,076,038 November 1.417.022 1.414.719 16.498.420 14.526.700 Chic Ind & Louisv Chic Mllw & St Paul November 13681662 14549839 156329775 142983970 Chic & North West_ November 12745460 12853797 147991981 134109512 124,311 180.937 1,291,899 1,928,579 Chic Peoria & St L. November 646.216 619,741 6,885.613 6.208.548 Chic River & ad...... November Chic RI & Pacific November 10644711 10356585 114284352 109198522 550,763 516.936 5,265,473 5.330.541 Chic R I & Gulf November Chic St Paul M & 0 November 2,332,552 2,278,352 26,036,758 25,425,179 377,272 418,633 4,283,561 3.957.191 Chic Ind & Western November Colo & Southern.... November 1.184.209 1.131,997 11,619.243 11.951.036 944,571 955.070 8,718.339 8.803,826 Ft W & Den City_ November Trin & Bazros Val November 741,901 215.658 3.233.073 2.567,808 184.463 169.868 1.370,294 1,225.588 Wichita Valley_ November Delaware & Hudson December 3,894,904 3,432,888 47,191,777 37.722.123 Del Lack & Western December 7,565,273 6,761,151 88,490.646 74,873,605 lienv & Rio Grande November 3,357.716 3.101.986 31.860.071 30,320.175 289,989 228,532 2,503,673 1,407.510 Denver & Salt Lake November 181,739 164.747 1,800.861 1,745.472 Detroit & Mackinac November 811.729 775.081 9,634.045 8.242.863 Detroit Tol & front_ November 326.745 333.020 3,887.331 3.262,852 Del & Tol Sh Line November Dul & Iron Range._ November 514,406 354.869 7,657.700 6,671,911 Dul Micnabe & Nor_ November 1.900.640 1.126,291 22,126.486 14,813.541 177,817 90,705 179.285 Dul So Shore & AU_ 2d wk Jan 93,749 Dul Winn & Pacific_ November 204,005 168.823 2.192,012 1.811,530 196,212 195.878 2.209.985 1.893.854 Ean tL Connect November Elgin Joliet & East_ November 2.064.414 2.182,032 25.600.524 19.322.228 El Paso & South W. November 1,090.035 962,383 11.602,044 10,219,646 November 9,506,700 9,714,735 109528509 85,303,149 Erie Railroad Chicago & Erie November 1.381,405 1,169.303 13.318.851 10,434.642 122,660 123.693 1,456.432 1.372.935 NJ&NY RR_ _ _ November 153,085 172,745 1,611,016 1,135,823 Evans Ind & Ter II_ November Florida East Coast_ November 1,281,831 1,005.217 14,410,815 12,152,657 112,638 119.826 1,352,040 1.279.179 Fonda Johns & Glov November 152,124 178,640 1.451.548 1.527.346 Ft Smith & Western November 168.606 167.060 1.377.719 1,462.445 Galveston Wharf...... November November 531.942 499.189 5,692.228 4,725,349 Georgia RR 62,300 28,600 54,500 31,600 Georgia & Florida 28 wk Jan Grand Trunk West_ November 1,504.457 1.393,324 18,280.360 14,898.780 Great North System 24 wk Jan 1,412,612 1.961,892 2,864,229 3.855.635 111,072 106,600 1,206.027 1,242,845 Green Bay & West_ November 495.500 454.795 5,472,086 4,310.902 Gulf Mobile & Nor_ November Gulf & Ship Island_ November 280,887 233.043 3,046.611 2,698.026 Hocking Valley-. November 1.398.404 1,383.658 16,509,201 12,558,393 *Illinois Central Sys November 15263711 16568113 172319475 158277146 Illinois CentralCo November 13233363 14421551 153115281 140444576 Yazoo & Miss Val November 2,030,348 2.146.562 19,204,194 17,832.570 Internet Gt North _ November 1.618,870 1,359.020 14,300,468 13.375,887 Intern By Co of Me November 202.702 206,950 2,388,956 2.329,524 O'Mex & Orient.. November 164,578 126,436 1,665,702 1.235.784 K0 M & Got Texas November 157,902 178,554 1,609,403 1.404.659 Kansas City South November 1.593,859 1,631,233 18.203.603 16,473.406 Texark & FtSmith November 267,034 197.595 2,643,145 1.934.159 _ _ _ _ December. 1,638,351 1.953.615 22,485,099 20,361,180 • Total Kansas Okia & Gulf November 221.350 283,898 2.291.856 2,646,373 Lake Superior.& Ish November 45,279 1,269.570 1.065,616 115.519 Lake Terminal By.. November 82.445 1.066.532 98.244 961.931 Lehigh & Hudson R November 279,283 227,110 2,845,979 2.201.571 Lehigh & New Engl. November 464.276 612,100 5,423,964 4,049,604 Lehigh Valley November 6,723,185 5,602,080 69,621,297 56.924.124 Los Ang & Salt Lake November 2,347.898 1,954,600 22,607,818 18,101,935 November La & Arkansas 330,524 282,697 3,470,062 2.989,881 341,892 38.0058 3,596,154 3.269,840 La By & Navig'n Co November Louis Rv&N of T November 136.958 898.724 Louisv & Nashville_ November 11432481 10012472 125132836 110769621 276,205 / Rend & St L November , LOUIS 2,980,217 November 1,745,215 1,783:048 4:i161:7 Maine Central 13r5 18.750.207 Midland Valley_ _ _ November 369.003 426,587 4,132.870 4,272.069 24 wk Jan 15.856 7.688 Mineral Range 14.751 8,580 Latest Gross Earnings. ROADS. Week or Month. Current Previous Year. Year. -4-- Jan. 1 to Latest Dale. Current Year. Previous Ycsr. 685,095 550.373 Minneap & St Louis 2d wk Jan 302.720 367,585 Minn St P & S SM.November 2,518,647 2.787,992 26,958.235 25.650,863 18.950.01917,251.351 Wisconsin Central November 1.623,105 1,791.924 Total system_ -_ -INovember 4.141,752 4,579.916 45.908,254 42,902.214 156.381 138,370 1.654,075 1.369.623 Mississippi Central. November Missouri-Kan- Texas November 3.120.935 3351,397 32.08.5.534 30.369.854 M H Tex Ry of TINovember 1.988.991 1.991.155 19.112,135 19.522.405 Total system_ _ _ _ November 5.109.926 5,142.552 51.197.669 49.892.259 624,577 146,382 132,796 1.399,552 Mo & No Arkansas_ November Missouri Pacific.....November 10293814 8.884.393 105032565 91.194,536 854,081 664.537 28 wk Jan 368.231 450,266 Mobile & Ohio 147,543 149.625 1,435.916 1.420 009 Colum & Greenv_ November 1,715.071 2,669.905 December 170,665 202,473 Monongahela Conn_ 997.342 150,935 187.718 2.269.342 November Montour , Chatt & St L November 2.093.472 2.066.580 22.867.659 20.352,901 ' Nash 12.088 7,842 6,044 5,442 Nevada-Calif-Ore.. 2d wk Jan 531.499 938.280 61.516 102.265 Nevada Northern November 1.766,984 1.949.802 November 183.675 179.919 Newburgh & So Sh. 227.612 212,027 2.625.595 2.323.731 New Orl Gt North November 267,940 343.915 2,685.108 2.634.531 X 0 Tex & Mexico_ November 342,934 190.059 2.321.601 1.867,376 Beau Sour L & W November 568,620 356,098 5.649.952 4.690,775 St L Browns & M November New York Central November 32243752 36659729 388479266 328907650 917.135 905.535 10.728.079 9,377.808 Ind Harbor Belt- November Michigan Central November 7.280,168 7,999.148 87,391,307 75.609.332 C C C & St Louis November 7,57p,064 7,596.012 87,875,296 76,791.593 393,0001 4.812.446 3,159.668 Cincinnati North_ November Pitts & Lake Erie November 3,147.805 3,577,555 41.612.310 25.835,793 N Y Chic & St Louis November 4,629,995 4,564,328 53,084,222 46,133.759 238.152 250,480 3,059.584 2.709.717 N Y Connecting_ November NYNH & Hartf'd_ November 11038299 10941894 123209582 112429072 N Y Ontario & West December 1,028,955 1,005,440 13.937 366 12,341.912 346.681 372.697 4.399.981 3.737,505 N Y Susq & Western November 839,431 734.487 9,386,653 8,412,957 Norfolk Southern December Norfolk & Western_ December 8.074,152 6,960.753 95,494.687 90,314,743 87,733.885 Northern Pacific_ November 10002383 9,433.995 . . 569,176 604,015 7.485.818 7.421.541 Northwestern Pac.... November Pennsylvania Syst November 59880605 63190909 716583712 635401583 Penn RR & Co.. November 56113732 59410370 666627846 588907546 119.921 109,767 1,473,272 1.464.395 BaitChes & All.. November November 2,533,288 2,377,497 31407.708 28,573,099 Long Island 22,647 974,829 1.084,514 87.818 Mary Del & Va... November November 438.018 415.826 5.303,662 3,315.948 Monongahela. 140,682 185,047 1,693.003 1.562,044 Tol Peoria & West November 852,330 988.365 13,300,344 13.047,297 W Jersey dc &ash November 165.644 178.756 1,640.531 1.679.380 Peoria & Pekin Un_ November Pere Marquette__ _ _ December 3,501.735 3,390,331 45,965,737 38.397.934 November 117,300 104.769 1.055,186 1.179.551 Peridomen Phila & Reading-. November 7.937.125 8,521,783 97.154,901 73,076.125 72.189 110.469 1.172.110 945.947 Pitts & Shawmut- November 106.265 145.634 1,283.261 1.122.560 Pitts Shaw & North November 353,004 253.557 3.539.819 2,553.136 *Pitts & West Va.... November November 169.658 189.547 2,447.194 1.651.811 Port Reading November 5.384.030 4,877,862 66.523,809 59.291.040 Pullman Co 105.419 151.908 1.156,548 1.127.335 Quincy Om & K C.. November 920.979 858.039 11.041.007 9.908.382 Rich Fred & Potom- November November 537.301 512,920 6,226.508 5.302.893 Rutland St Louis-San Fran _ _ 28 wk Jan 1.564.788 1.573.595 3.036,668 3.140.848 168.104 144.718 1,563,570 1.551,063 St L-San F of Tex November 148.883 139,083 1.404,627 1,263,427 Ft Worth & Rio G November St Louis Southwest_ November 1.953.098 1,850.983 19.211.519 16.565.184 903,331 727.229 7.980.941 6.882,975 St L S W of Texas November 915,845 1.169.942 Total system_ _ _ _ 28 wk Jan 490.854 600.155 72,597 803,163 68,420 683.108 St Louis Transfer November 645.386 514,408 5.896.105 5,307.190 San Ant & AranPass November 73,384 1.129,921 94.247 962.670 San Ant Uvalde & G November Seaboard Air Line November 4.520.0494,223.461 47.340,661 41.161.595 Southern Pac Syst_ _ December 22679401 23436662 287204635 262519170 Southern Pac Co.. November 17941 363 16617029 187859784 167895320 Atlantic SS Lines_ November 1,264.090 1.149,671 12.783.804 10,908,189 337,606 285.416 3.406.822 2,878.000 Arizona Eastern. November GalHarris & 8 A_ November 2.416,529 1,989,897 21.861,917 20,117,305 Nous & Tex Cent_ November 1,478,535 1,451.496 13,389.630 13,687.440 319.593 287,654 2.912,690 2.882,201 bus E & W Tex_ November Louisiana West'n. November 442,641 413,942 4,263.894 3,861.511 842.422 790.135 8.273,529 7.961,837 Texas & New On. November Southern Ry System 2d wk Jan 3.205,3563,550.014 6.510.976 7.044.932 Southern Ry Co November 12730044 12176615 138035159 116265554 926,226 850,618 9.980.739 7,656,593 Ala Great South_ November C,New Orl & T P. November 1,891.912 1.701.653 21,188.275 15.067.630 Georgia Sou & Fla November 468,023 384,280 4.844,385 4.114.956 New Orl & No H. November 556.296 561,872 6.333.670 4.923.325 North Alabama... November 150.805 145,091 1.600.855 1.286.398 Spokane Internat.'. November 97.182 138,269 1,082,688 1,118.763 Spok Port 6c Seattle Nthrember 977,072 680,589 7,804,918 6,666,178 _ November Staten Island R 2J1,281 184.475 2.355.465 2.228.610 Tennessee Central _ _ November 247.748 228,410 2,845,230 2.273,816 Term RR Assn of8tL November 435.044 388,558 4.714.904 4,112,083 St L Mer Bdge T. November 413.745 443.630 4.497,372 3.688.366 Texas & Pacific_ _ _ _ 1st wk Jan 562,071 638,137 562.071 638,137 Ulster & Delaware... November 117.098 121.917 1.658,495 1.536.152 November 11108217 10634353 108730878 98.335.449 UnionPacific December 16369868 17138131 211318465 192877122 Total system_ Oregon Short Line November 3,932.628 3,618,886 35.789,814 33,456,479 Ore-Wash RR&N. November 2,960,601 2,442.394 27.820,089 25,845,127 328,305 306,217 3,045.444 2,900.458 St Jos & Grand Isl November Union RR (Penn).. November 1,005,763 981,665 11,769,455 10,339.652 November Utah 158.264 182,478 1,505,493 1.587,113 Vicks Shrew & Pac_ November 400,698 345,663 4,083.538 3,344,315 November •Virginian RR 923.640 1,452,988 19.150,03117.519.971 November 5.665.343 5,085,572 61,081.37052.827,450 Wabash RR Western Maryland_ 28 wk Jan 390,625 398.414 721,294 737.354 Western Pacific_ _ _ _ November 1,239,327 1,173,519 13,120,226 11,472.537 Western Ry of Ala _ _ November 296,688 291.481 2,790,745 2.487.852 Wheel & Lake Erie_ November 1.677,344 1,108.303 17.865,372 12.113.076 1 AGGREGATE OF GROSS EARNINGS-Weekly and Monthly. Weekly Summaries. Current Year. , Previous Year. Increase or Decrease• % Monthly Summaries. Current Year. Previous Year. Increase or Decrease. Mileage. Cur.Yr. Prey•Yr. $ $ $ 3 +407.275 1.82 February..- -235.399 235.528 444.891.872 400.146.341 +44.745.531 11.18 1st week Nov r roads)--__ 22,48.500 22.3L,225 32 ihnii:02I a 235.424 23g:r 2d week Nov 16 roads)____ 23.329,297 22,225,106 +1,104,191 4.97 March t59.806.190 12.68 .9 3d week Nov 14 roads).... 21,461,311 20,276.234 +1.185.377 5.84 A rU 105578442 25.39 ay 235.186 235.472 545.503.g9g 35. +890.625 3.49 4th week Nov (13 roads)____ 26,391.027 25,500.402 41 +97.510.054 21.77 :4396 236.739 236.683 540.054.165 473,150.664 +66.903.501 14.14 +403.397 1.98 June 1st week Dec r6 roads).- 20.736,442 20.333,045 235.477 235.813 +129.554 0.89 July +91.678.679 20.70 2d week Dec15 roads)---- 14.634,894 14,505.340 235 357 235 696 August +90.181.967 19.00 3d week Dec 14 roads)____ 19.222,485 17,601,012 +1,620.573 9.21 sei:)o ber _ _235,611 236,525. . . -772.138 4.14 499.720.575 +44.549.658 8.91 4th week Dec (14 roads)____ 17.852.536 18,624,674 1st week Jan (15 roads)___- 11,483,372 12,916,389 -1.433.017 11.09 October _ -235,608 236,015 586,328.886 549,080,662 +37,248.224 6.78 2d week Jan (15 roads) __ 15.549.448 16.785.655 -1 238 207 7.38 November 253,589 253.593 530.106,708 522.458,208 +7,648.500 1.48 Note.-Grand Rapids & Indians and Pitts. Oin. Chic & St. Loots included In Pennsylvania RR. Lake Er e ev Western Included in New York Centro Toledo St. Louis & Western ncluded in New York Chicago & St. Louis. ing 2.1121:18i141..??8:Eg 426 THE CHRONICLE Latest Gross Earnings by Weeks.--In the table which follows we sum up separately the earnings for the second week of January. The table covers 15 roads and shows 7.38% decrease over the same week last year. Name of Road or Company. [VOL. 118. Latest Gross Earnings. Month. Current Previous Year. Year. Jan. 1 to Latest Date. Current Year. Previous Year $ Haverhill Gas Light_ _ November 51.692 49.827 *570.881 •.542,451 Honolulu Rapid Tran November '82.710 80,362 803.657 884,805 Houghton CO Electric November 48 652 51.436 *531.741 *54'.391 Hudson & Manhattan December 1043.326 983.676 11.576,711 10.996.713 Runtinien Dev & Gas November 118.33t. 104.484 •1 .311.254 *1.191,331 Ann Arbor 108.715 106,298 2,417 Rapid Transit_ November 4923.201 1734.074 51,563.339 57.087,201 Buffalo Rochester & Pittsburgh_ 358,630 515.424 156.794 Interb Subway Division__ November 3259.125 3129,154 33.780.936 39.849.516 Canadian National 4.169.482 4.312,039 142,557 Elevated Division_ November 1664.076 1604,920 17.773.403 17.237.685 Canadian Pacific 2,952,000 2,810,000 142,000 no Power Co November 205.941 109.406 *2415411 *2,432,746 Duluth South Shore & Atlantic_ 90,705 93.749 3.044 Ida Kane City Pow & Lt_ November 819.462 765.093 *8.919.623 *7,761,190 Georgia & Florida 31.600 28,600 3,000 Gas & Elec Co_ Novem ber 504.995 466.881 *5.558.063 *5.1911.12/ Great Northern 1.412,612 1,961,892 302 dKan 20 519;8 Keolcuk Electric Co.. November 37.330 34.613 *413.014 *3 Mineral Range 7.688 8,580 Kentucky Trac Term November 127.793 127.081 3744.303 3728,731 Minneapolis & St Louis 302,720 64,865 Keystone 367,585 Telep Co.. December Mobile & Ohio 176.275 168.833 1.814.371 1.703.274 368.231 32 5 Key West Electric... 85.6 00 453,266 November 20.215 22.223 *247.032 *247.388 Nevada-California-Oregon 5.442 6.044 Shore Electric.. November 220.453 216.885 2.527.145 2,284.817 St Louis-San Francisco 1.564,788 1,573,895 8.807 Llice Island Electric_ October St Louis Southwestern 73,167 30,783 331.452 334.715 490.854 109,301 Long 600,155 Los Anceles 0 & E Co October 983.821 851.691 10.015.174 9,418,569 Southern Railway 3.295.365 3.550,014 254,658 Louisville Gas & Elec October Western Maryland 499.449 5.198.119 4,447.227 390,625 7.789 398,414 Lowell El & Lt Corp_ November 134 330 451,694 148.900 *1.613.745 *1,320,041 Manhat Bdge 3c Line October Total (15 roads) 24.305 24,980 230,636 237,178 15,549,448 16,785,655 147.417 1,383,624 Manh Queens (Roe) October Net decrease (7.38%) 34.604 34,957 331,733 321,381 1,236.207 Vienna&Electric Corp. October 309,303 313,943 *3.579 617 *3,579457 Market Street Ry December 841.260 938.821 9.90(1.303 9.583,436 Mass Lighting Co._ October 300.513 284.883 2.737.098 2.431.561 Net Earnings Monthly to Latest Dates.-The table eMetropolitan Edison November 832.250 687.391 *7,724436 *13,684.478 following shows the gross and net earnings for STEAM MOw Elec Ry & Light November 1933.114 1782.834 *22144 829 *19187968 Miss River Power Co_ November 244.314 241.685 *3.017.180 railroads reported this week: *2.897.887 Munic Ser Co & Subs- November 395.578 415,480 *4,817,478 *3,446,646 -Gross from Railway- -Net from Railway- -Net after Tares - d Nebraska Power Co_ November 344.233 314.683 *3.783.478 *3.447.852 1923. 1922. Nevada-Calif,Electric 1923. 1922. November 241.093 218,962 *3.972.461 *3.327477 1923. 1922. New Bed 0 & Ed Lt_ November 310.182 319,840 $ $ $ $ $ 8 3,322,957 New Eng Power Syst_ November 638.077 574.211 *7.455.844 Delaware & Hudson*5.728,078 New Jersey Pow & Lt November December._ 3,894,904 3,432.888 *74,892 93.524 71.757 *965.396 *672.911 *531,443 From Jan 1_47,194,777 37,722,123 56,512.344 *1,216,669 Newp News & Ramp Hy, Gas & Elea Co_ November 162.942 170,459 *2.110.291 *2.093,220 Delaware Lack & WesternNew York Dock Co November 268.480 280.622 3 025 173 3.549,916 December _ _ 7,565.273 6,761,151 *1.091,959 *329,130 New York Railways_ November 732.098 762.483 8.348.963 8,637.079 From Jan 1_88,490,646 74,873,605 *13,443,543 *6,669,022 Eighth Avenue.... October 103.415 106,564 978,870 1,013,240 Kansas City SouthernNinth Avenue October 45.366 45.837 428,566 414,768 Dec 1,638,351 1,953,615 223,431 477.547 N Y & Queens 42,337 595,257 October 55.246 60,320 835,717 560,953 From Jan 1.22,485,009 20,361,180 5,776,288 5,277,720 4,330.070 3.956,520 N Y & Harlem(Ree)- October 136.916 138,971 1,227.529 1,285.385 Monongahela ConnectingN Y & Long Island October 43.285 48,090 483,471 415.133 December _ 170,665 202.473 4,870 1,096 Niagara Lockport & 9,707 -24,049 Ont Pow Co & Subs November 499.792 179.110 5.040,621 3.723,420 From Jan 1_ 2.669.905 1.715,071 448,497 174,995 393,269 207,578 Nor Caro Public &my September New York Ontario & Western117.236 102.444 1.375.263 1.204,573 Northern N Y Utli. . November 215.137 130.139 1.918.856 1.440.682 December._ 1,028,955 1.005,440 *98,114 4,-163.023 Nor Ohio Elec Corp. November 828.256 820 109 *10146746 *9,298.265 From Jan 1.13.937,366 12,341,912 *1,008,956 *334,216 Nor'west, Ohio Ry az P November &11.643 45.008 *582.109 *476,342 Norfolk SouthernNorth Texas Elec Co_ November 247 147 256 45' •2411 154 *3,071.620 834,431 December. 734,487 •151,796 *122.077 Ocean Electric October 19.835 19.738 314,294 301,091 From Jan 1_ 9,386,653 8,412,957 *1,367,528 *1,108.375 dPacIfic Pow & Light. November 278.286 272.709. 3.107.874 *3,003.039 Norfolk & WesternPaducah Electric_ _ November 54,533 50.265 *609.617 *557.145 December.. 8.074.152 6,960.753 *2,377,969 *642,677 Penn Central Light & From Jan 1_95.494,687 90,314,743 Power Co & Subs.. November 301.300 247.201 3.010.465 2.222,865 *19,877,677'18,624,468 Pennsylvania Edison_ November 274.654 263.764 *3.115497 *2,611,769 Pere MarquetteDecember.. 3.501,735 3.390.331 294,438 Philo Co & Subsidiary 476,363 Natural Gas Cos November 253.680 1076.327 13.198.634 12.345.136 From Jan 1.45,965.737 38,397,934 7.086,372 6,081,196 Philadelphia 011 Co November 19.070 85.117 368.313 Southern Pacific System835.048 & West_ December 77.45" 72.883 870 853 825.459 December- -22,679.401 23.436.662 5,598,955 5,390,559 *2,978,907 *2.718.758 Philadelphia Transit Philo, Rapid December 036.243 3881 325 44.930.401 42.529,543 From Jan 1 287204,635 262519,170 80.038,047 68,854,713'54.228,023'46,222,848 Pine Bluff Co November 76.676 75.486 *887.786 *830.083 Union Pacific Systemdl'ortland Gas & Coke November 284.957 *3.399.441 *3.367.456 December._16,369.868 17,138,131 4,523,542 4,370,909 3,387,681 3,701.653 Portland Ry, Lt & Pr November 925.249 279.301 '10786198 *10063404 From Jan 1 211318,465 192877,122 59,069,385 49,030,892 45,474,535 35,766,067 Puget Sound Pr & Lt. November 1132.601 ssnAna 927.472 '12200947 '10407905 Reading Transit & Lt November 242.566 238.725 *3.105.209 *2.937,789 • Not after rents. Republic R y & Lt Co_ November 877.387 796.07n 9.027.895 7.570.837 • Richm Lt & RR(Rec) October 65.385 64,224 684,091 672,001 Rutland Ry,Lt & Pr. November 44.188 46.116 *541.791 *589.677 ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Sandusky Gas & Elec November 75.309 74.131 •367.578 *763477 Savannah Elec & Pow November 166.718 132 96" *1 741.34? *1.805.991 November 20.122 18.023 *207.905 *195.046 Latest Gross Earnings. Jan. 1 to Latest Date. Sayre Electric Co_ Second Avenue (Roe) October Name of Road 91.427 86,824 853,602 834,817 Plane 17th Co St November Intl 3,540 or Company. 3.029 Current Previous Current 35,262 35,754 Previous Sierra Pacific Elec Co November 83 580 80.925 ' 1.017.226 *901.550 Month. Year. Year. Year. Year. Southern Calif Edison November 1769 405 443.498 *2025R lno *16854458 So Ind Gas & Elec.__ October 232.408 203.715 2,196.432 1.903,222 $ S S $ Adirondack Pow & Lt December 654,820 647.753 195.903 182.886 *2.516,649 *2.327476 6,902,447 5.767.841 Southern Utilities Co_ October Alabama Power Co.. December 740.926 583.624 7.863.293 5.745.321 osouthwest.n Pr & Lt October 1011.800 905.621 *10872663 *9.693.715 Staten Isid Ed Corp November Amer Elec Power Co_ November 1695.750 1692.084 19.020.471 17.482,916 240.623 208.141 *2.603.777 *2,432,395 Am Pr & Lt Co subsid October 2756.778 2505.411 *31096249 *28319967 Tampa Electric Co.. November 185.908 158,71? *2 117 220 *1.795408 American Tel & Tel September 5796.462 5645.669 53.341.075 17.861.878 Tennessee Elec Pr Co November 802.277 732.066 8.297.704 7.232,067 mAm %Vat Wks & Sub November 3012.333 2550.142 *34496261 *23404182 Texas Electric Ky... November 281.067 245.849 *2.929.240 *2,708.152 Appalachian Pow Co_ December 293,189 276.112 3,434,228 2.949.602 °Texas Power & Light November 560.787 469.134 *5.546.678 *4.847.066 eArkansas Lt & Power November 123.198 98.899 •1.471.989 *1.278.391 Third Avenue Ry Co_ November 1186.895 1180,435 36.032.710 36.054.601 Asheville PONV & Lignt November 79,701 76.284 *964.711 '896.448 United Electric Rya September 627.685 721.758 6,060,406 6,072,819 Associated Gas & Elee November 308.791 186.988 *3.247.806 *1.946.956 United Gas & El Corp November 128 1,708 1146.738 •13914 700 •12375014 Aug-Aiken Ry & Elm October 98.008 104.685 •1.217.914 *1.095.421 United Lt&Rys&Subs September 985.875 956.394 9 070.640 8,408,991 Bangor Ry St Electric November 131.117 136,363 *1,553.617 *1.481.078 United Rys & Electric October 432 288 1421.207 13.7(18 471 13.490.398 tBarcelona Tr, L & P November 4689,114 4478.246 46,099.472 2,193.201 Utah Power & Light_ November 786,142 666,742 *3,431,741 *7,030,806 Baton Rouge Electric November 56.517 49,691 *629.174 *581.787 pUtab Securities Corp November 910.558 806.937 *10037160 *8.748,349 Beaver Valley Tree_ _ November 66.388 53.726 *734.186 *571,926 55.320 54,116 579.084 Vermont Hydro-Elec_ November 639,786 Binghamton L,H & P November 113.165 100,856 1.173.971 1,007.644 Virginia Ry & Pow Co December 945.919 936.449 10.508,608 9,513,095 Blackstone Val (1 & E November 403.876 371.976 *4,526.409 *3.951.027 Wash Water Pr Co December 486.638 489.794 5,406,922 4 993,794 Boston "L" Railway. November 2924,542 2831,759 31018,053 9,693.831. West Penn Co & Sub. November 999.362 188248" .23 I 29.81 *16639665 Brazilian Tr. Lt & Pr October 21438000 17735000 225401 000 179876000 Winnipeg Electric Ev November 465.990 480.1163 *5.467.380 *5.484,668 Bklyn Heights (Rec). October 7.418 73.913 nYadkin River Pr Co November 171.575 101,869 *1,831,210 *1,219.514 71.342 7.727 BklynQCo&Sub(Rec) October 15 637 19.486 223,484 225.861 2.129.631 2.139.752 York Utilities Co__ December 230,814 224.809 Con I & Bklyn (Ree)_ October 50.4721 41.284 235,529 233,922 2,470,082 2.446,332 Youn & Ohio Ely RR September 15,310 159,341 Coney Island & Grave October 137.435 6.958 124.384 6.756 Nassau Electric October 483.668 453,201 4,631.023 4,301.851 a The Brooklyn City RR.Is no longer part of the Brooklyn Rapid Transit 3outh Brooklyn October 991.922 System, the receiver of tie Brooklyn Heights RR. Co. having, with the 103.983 102,547 1,055,524 Bklyn City RR December 999.070 987.487 35.879.487 35,849.254 approval of the Court,declined to continue payment of the rental; therefore PN Y Rap Tran Corp- November 2209.032 1981.321 23,677.699 21466.265 since Oct. 18 1919 the'rooklyn City lilt. has been operated by its owners. CapeBreto ii E1 C0.1,ut November 64.985 61.213 *700.091 *625.024 b The Eighth Avenue and Ninth Avenue RR. companies were formerly Oarollna,Power & Lt. November 232.388 197.732 *2.252.380 *1,961.841 leased to the New York Railways Co., bet these' leases were terminated Central Illinois It Co October 302,272 270,272 2.868.198 2.428.108 on July 11 1919.since which date these roads have been separately. operated Cent Miss Vail El Co_ November 52.518 48.427 *575.015 *542.189 o On June 15 1923 the New York Consolidated was reorganized under the Cities Service Co_ _ _ _ October 1049.915 1114.936 *18592772 14558623 name of the New York Rapid Transit Corporation. Pine Bluff c Includes Citizens Tr Co & Sub. November 84.075 77.107 *960.451 *804.078 Co. 8 Subsidiary of American Power It 1,100. e includes York Haven Cleve Painesv & East November 56.240 58.885 643449 667.775 Water & Power Co .f Earnings given in milreis. g Subsidiary companies. Colorado Power Co._ November 126.525 90.273 9.221.754 1,029.731 Given in pesetas. Columbia Gas & Elec November 1855.548 1718.408 18.902.288 16.615.968 Power & Light Co. m Includes West Penn Co. it Includes Palmetto o Subsidiary of Southwestern Power & Light Co. Columbus Eiec & Pow November 194.839 188.897 *2.232.663 1.981.341 Earnings for 12 months. s Earnings for 5 months ending Nov. 30. Com'w3th,Pow Corp_ November 2771.266 2435,601 27,067,10723,640.175 • z Earnings for 6 months ending Dec. 31. Com'w'ith Pr. Ry & L November 3401,1022991,154 *37298714 '32787703 Connecticut Pow Co_ November 173.285 166.009 *1.990.226 *1.710.599 Consumers Power Co. November 1608.489 15.251.872 12,792.086 Electric Railway and Other Public Utility Net Cumberland Co P & [.November 300.068 1311.743 284.069 *3.757,566 *3.156.872 Detroit Edison Co_ _ _ December 3225,679 2762.764 31.724.185 26.352.486 Earnings.- The following table gives the returns of Duquesne Lt Co Subs November 1704.883 1530.774 17.605.356 15.268.627 ELECTRIC railway and other public utility gross and net Eastern Mass St Ry. _ November 800.881 858.347 9.841,631 9,780.291 Eastern Penn Ele Co October 278.082 218,789 *2.880.163 *2484.234 earnings with charges and surplus reported this week: last ShG&E Co&Sun November 51.307 45.570 *553.721 *498.652 -Gross Earnings- -Net Earnings November 365.222 386.016 *4.450.427 *3.847.839 last St Louis & Sub Previous Current Current Previous last Texas Elec Co._ November 178.386 158.097 *2.040.265 9.768.146 Companies. Year. Yea,. Year. Year. 1dis Either Brock'n_ November 140.793 130.749 *1.575,469 *1.368.782 $ $ $ $ 11 Paso Electric Co.. November 207.002 194,292 *2.401.988 *1.283.212 Alabama Power Co Dec 740.928 330.360 244.073 583.624 Elec Lt & Pow Co at 12 moo ending Dec 31-- 7,863,293 5,745,321 3,585.073 2.750,722 Abington & Rockl'd November 42.171 37.152 *450.221 *374.760 Dec 999,070 ?all River Gas Works November 202,054 8 .487 89,148 88.821 *1.031.574 *1.002.139 Brooklyn City RR 6 moo end Dec 31 rederal Lt & Trac Co November 489.407 458.316 4.990,570 4.618.619 96:225 985.070 5,879,487 5.849.254 1Ft Worth Pow & Lt. November 271.440 234,815 *2,985.878 *2,504.045 Fixed Gross Balance. Net after 3alv-flous Elec Co _ November 280.233 282.511 *3.316.534 *3,306.202 Charges. Taxes. Earnings. Surilus. 3en G & E & Sub Cos November 1355.609 1246.641 *15643769 $ 303orgia Lt, Pr & Rys October 164.611 143.864 1.571.290 1,394.185 leorgla Ry & Power_ November 1457.871 1309.364 14.588.329 13.021.891 Adirondack Power Dec '23 97,581 654.820 169,992 267.573 S.st y October 1..umiz . & Light Corp 1reat West Pew . 596.134 633,309 '22 99,161 173.392 647,7.53 74.231 12 mos end Dec 31 '23 6,902,447 1,998.955 1.134,828 864,127 avana x.1 Iy, . , . '22 5.767,841 1.716,49 1.050,465 665.964 Second Week of January. 1924. 1923. Increase. Decrease. JAN. 26 19241 THE CHRONICLE Gross Earnings. Net after Taxes. Appalachian Power Dec'23 293,189 *162,715 '22 Co 276,112 *121.418 12 mos end Dec 31 '23 3.434.228 *1,660,923 '22 2,949,602 *1,417,837 Cleveland Painesv Nov '23 56.240 13,871 '22 az Eastern 56,886 11,058 11 mos ending Nov 30 '23 643,999 136,631 '22 667.775 182,417 Nov '23 Lake Shore Elec 220.453 41,839 '22 216.885 37,285 11 mos ending Nov 30 '23 2,527,1413 533.684 '22 2,284,817 534,364 Philadelphia & Dec '23 77,459 34,434 Western '22 72,863 30,146 12 mos ending Dec 31 '23 870,853 366,500 '22 825,459 366.942 Philadelphia Rapid Dec '23 4.036,243 *755.813 Transit 3.881,825 *800,634 12 mos ending Dec 31 '23 44,930.491*11,816.369 '22 42,529,543*11.682,455 Virginia Ry & Dec '23 945,919 *381.618 Power Co '22 936.449 *395,532 12 mos end Dec 31 '23 10,508.608 *3,971,266 '22 9.513,095 *3,442.053 York Utilities Co Dec '23 15.637 *713 '22 19,486 *3,957 12 mos ending Dec 31 '23 224.809 *13403 '22 230,841 *56.031 z Inchn.es taxes. Fixed Charges. Balance, Surplus. 106,651 56,064 66,306 55.112 656.109 1,004,814 779.213 638,624 5.414 8,457 --2,627 13.685 —8,048 144,679 29,843 152,574 6,575 35,264 3.132 34,153 143,877 389.807 155.159 379.207 z15.667 . 18.767 17,133 z13,013 179,992 z186,508 187,761 z179.181 846.250 --90,437 821 615 --20,981 10.016.369 1,800.000 9,853,177 1,829,278 102,190 279,428 297.154 98,378 1.196,959 2.774,307 1,183,673 2.258,380 --3,452 z4,165 —154 z4.111 z49.914 --36.511 z49,267 6.764 * After allowing for other income. 427 Industrials (Continued)— Page. Hygienic lee Co.(of Del.). Chicago_ 317 Indian Refining Co 209 International Agricultural Corp 83 International Cement Corporation 209 International shoe Co 00, 199 Kaministiquia Power Co.. Ltd *2896 Kendall Mfg. Co.. Providence, R.I. 317 Keystone Telephone Co.. Phila 210 Loew's Boston Theatres Co 317 Los Angeles Gas& Electric Corp_ _ _ _ 317 Manati Sugar Co 82 Manhattan Shirt Co.. New York 309 Martin-Parry Corporation *2897 Metropolitan Ice Co., Somerville, Mass 318 Middle States Oil Corporation 210 Mullins Body Corporation 211 Munsingwear, Inc.. & Sub. Corp.__ 211 Nash Motors Co lea Nashua Manufacturing Co 91 National Biscuit Co.. New York__ 308 Naumkeag Steam Cotton Co 318 Newton (Geo. B.) Coal Co 92 New NI,luero Sugar Co 83 New York Air Brake Co *2897 New York State Gas & Elec. Corp-- 318 Industrial., (Concluded) Pape. North American Co *2897, 319 Northern Securities Co 211, 309 Penick & Ford, Ltd., Inc 319 Pennsylvania Coal & Coke Co *2898 308 R. J. Reynolds Tobacco Co Saco-Lowell Shops, Boston 320 Savage Arms Corporation *2899 Sears, Roebuck & Co., Chicago.... '2899 Simms Petroleum Co 212 Simmons Co *2899 Sugar Estates of Oriente. Inc....93, 213 Superior & Boston Copper Co 93 Superior Steel Corporation *2899 199 Swift & Co., Chicago Tonopah-Belmont Devel Co_ _*2899, 93 Transue & Williams Steel Forging Corp 2900 United Paperboard Co 83 Warner Sugar Corporation *2900 321 Warren Brothers (Asphalt) Co Wayagarnack Pulp & Pap.Co..Ltd.•2900 321 Western Union Teleg. Co., Inc 214 White (R. H.) Co.. Boston 214 Willys Corporation 321 Whys-Overland Co • Volume 117. Great Northern Railway. (Preliminary Statement of Earnings—Calendar Year 1923.) President Ralph Budd, St. Paul, Minn., Jan. 21, wrote in substance: The outstanding facts concerning the operations for the year are: New York Street Railways. (1) A very large volume of business was handled without appreciable —Gross Earnings— —NetEarnings— congestion, delay, or car shortage. (2) During the fall months, a larger volume of traffic was handled Current Previous Current Previous daily than ever before, and in the month of October both the gross and Companies. Year. Year. near. Year. the net revenue exceeded that of any previous month in the history of S a $ the road. Brooklyn City RR Oct 1,055,649 1,036,965 191.617 191.478 (3) The cost of operation per net ton mile of freight handled was reFrom Jan 1 10.008,721 9,886,136 2.246,846 2,117,579 duced, compared with the cost during Federal control and since; so that MnItiklyn Heights (Rec)-Oct 7.418 7,727 1,108 even with the three large items—fuel, wages and taxes—more than double 1,635 From Jan 1 71,342 73,913 4.236 what they were ten years ago, the operating cost for the year 1923 was 6,187 Bkln Qu Co & Sub (Rec)_Oct 223,484 225,861 47,843 only 78% more than ten years ago. Freedom from labor troubles and 41,910 From Jan 1 2.129.631 2,139,752 428,724 improved co-operation between the management and the employees had 477.750 Coney Isl & Bk.n (Rec)__Oct 235.529 233,922 55.656 much to do with increasing efficiency in 1923. 43,399 From Jan 1 (4) If rates had been advanced on Great Northern traffic to equal the 2.470.082 2.446.332 548.392 677.571 average increase for all railroads in the United States, the net railway Coney Isl & Gravesend_ _Oct 6,958 6,756 1,373 --678 operating income for 1923 wcnild have been 533,900.000. or $9,200,000 From Jan 1 124,384 137,435 39.620 47.482 more than it was. Nassau Electric Oct 483,668 453,201 104.966 92.917 Taxes in 1923 are estimated at $9,200.000; in 1913 they were 54.276.898. P. From Jan 1 4,631.023 4,301,851 1,075.088 1,077.298 Had taxes been increased only as much as rates were advanced in this =Rapid Tran Corp_ __Oct 2,292.510 1.988,297 467.693 teo-year period, the net railway operating income would have been in712,864 From Jan 1 21,478.667 19,584,944 5,948,348 4,954.849 cre'sad 83.300.000 in 1923. Two things must be borne in mind in considering this record of service: South Brooklyn Oct 103.983 102.547 34,944 37,886 From Jan 1 (a) That the net railway operating income which gave only 4 1.055,524 991,922 342,144 401.625 the value of the property was not commensurate with the very large on New York Rys(Rec)-___Oct 816.888 831,143 26,822 39,592 volume of business handled, and the large amount of gross received. From Jan 1 7.614,865 7.874.616 182,798 315.468 (b) While a wonderful performance was accomplished in the later Eighth Avenue RR.--Oct 103,415 106,564 —8,904 1.012 months of the year. when the net earnings, as well as the gross, were From Jan 1 978.870 1.013,240 104.656 —23,322 favorable, the business of the Great Northern fluctuates an much throughNinth Avenue RR-- _Oct 45,366 45,837 —6,871 587 out the year that a plant of very large capacity must be kept available From Jan 1 419,768 426,566 15,428 40,985 during many months when the business is not sufficient to use it to anything like its limit. Inttxboro R T System— .Subway Division It is to the matter of taxes, and legislation hostile to the railroads, Oct 3.318.917 3,069,901 1.369.744 1,172.161 From Jan 1 30,530.811 36,720,362 12,422.414 11,166,276 that I want to call your particular attention. The business of politicians is to run the Government. The cost of running the Government, as Elevated Division____Oct 1.7617502—".17670.751'379,439 reflected • in the taxes, has increased considerably over 100% since 1913. 555.757 From Jan 1 16,009,327 15,632,766 4,802,005 3.700.517 The lerislators, who are attempting further to reduce railroad rates, Manhattan Bdge 3c Line_Oct 24.305 966 2,039 wtizh have increased less than 40% for Northwestern roads in the same 24,980 From Jan 1 230,636 13,736 time. should endeavor to reduce the cost of the business they are engaged 237.178 1,421 Second Avenue(Rec)___ _Oct 91,427 8,075 86.824 468 in, namely, running the Government, as a means of reducing the cost of From Jan 1 853,602 834,817 —24.550 rail way operation, which is the only way of reducing railroad rates. 53,325 The public must invariably foot all tax bills, including railroad taxes. N.Y & Queens Co (Rec)_ -Oct 55,296 —4,972 60,320 1,636 more than that of any railroad, to reduce public interest, From Jan 1 560,953 22,752 It is in thekeep them low. even 835,717 23,502 taxes and Long Island Electric___ _Oct 33.167 30,783 2,084 —3,976 rendered by railroads In 1923 is the best evidence of the service Tne From Jan 1 334.715 331.452 —23,283 51,018 the ern iency of private operation, and it is to the interest of the country. Ocean Electric Oct 19,835 19,738 14 as a whole, no matter whether the majority of the people are directly —1,795 From Jan 1 301,091 314,294 119,954 101.103 interested as railroad security holders or not, to have the railroads conManh & Queens (Rec)_ _ _Oct 34,604 9.652 tinne to furnish the best service possible, at the lowest costs. 34,957 5.519 From Jan 1 ittilroad rates cannot be maintained at a lower level unless transporte331,733 321,381 73,961 69.922 New York & Harlem_ _ _ _Oct In can be manufactured more cheaply. Unless the railroads In the 136,916 138,971 5,207 19,456 d Northwest are permitted to earn a more generous return on the value From Jan 1 1,227,528 1,285,385 71,677 144,106 of their properties, it will be impracticable to continue to raise the money New York & Long Island_Oct 43.285 46,090 —27.996 —11,487 necesstry to provide new and improved facilities, as needed, and private From Jan 1 415.133 483.471 —206,017 58.482 operation will fail on that account. This is the real object of some of Richmond Lt & RR Oct 65.385 64.224 96 --3,659 those who are now attacking the railroads. by, From Jan 1 681.091 672,001 50.459 2,316 It is to your best interest, and that of the country as a whole, to use it — Deficit. your influence with members of Congress: (a) To lighten the present L Note.—Above net earnings are after the deduction of taxes. heavy burden of taxation; and (b) to avoid new or amendatory legislation. hostile to the railroads. FINANCIAL_REPORTS Annual, &c., Reports.—The following is an index to all annual and other reports of steam railroads, street railways and miscellaneous companies published since and including Dec. 29 1923. Or This index, which is given nocsathly, does not include reports in to-day's "Chronicle." Bold face figures indicate reports published at length. r Steam Roads-Paoe. Industrials (Continued)— Page. Buffalo & Susquehanna RR 310 Guantanamo & Western RR 198 Interboro. Rapid Transit Co...' 1 2016. 201 New York Central RR *2890 Rapid Transit in New York City... 307 Union Pacific RR •2391, 86 Electric Railways— Bangor Railway & Electric C9 309 Capital Traction Co., WashingtOn, D.C 310 201 Illinois Power & Light Corp Milwaukee Electric fly & Light Co. 85 New Orleans Public Service, inc.... 311 Northern Ohio Traction & Light Co. 203 203 Pin Bluff Company 204 United Light & Railways Co United Rys.& Elec. Co.(of Balt.)_ 312 312 Washington Water Power Co Industrial— Alliance Realty Co., New York__ 313 87 Alms & Doepke Co O2892 Amalgamated 011 Co 313 American Cotton Fabrics Corp American & Foreign Power Co.,Inc. 205 *2888 American ice Co *2892 American Metal Co. (Ltd.) 205 American Railway Express Co Corporation- •2893 American Repub'ics Corration— American Vitrified Prod. Co..2893. 205 American Wholesale Corporation.-- 309 *2893 Anglo-Persian Oil Co., Ltd *2890 Associated Oil Co *2897 Atlanta Gas Light CO British-American Tobacco Co., Ltd. 203 Canadian Car & Foundry Co., Ltd_*2883 Canadian Industrial Alcohol Co....... 208 Century Company (Publishers) 314 Central Power & Light Co.(St. Louts) 206 Chesapeake & Potomac Telep. Co. (of Baltimore City) 314 Cities Service Companies 311 Columbia Steel Corp.(S. F., Calif.) .207 Continental Motors Corporation_ _ _ 82 Coca-Cola Co., Atlanta, Ga Cresson Consolidated Gold Mining & Milling Co Crompton & Knowles Loom Works, Worcester, Mass Cuban Dominican Sugar Co Cudahy Packing Packi Co e '2886 89.2222823(0:81)i Cuyamel Fruit Co Detroit Edison Co Dominion Bridge Co., Ltd Dominion Glass Co., Ltd *23 8 -9 45 4 0 Dominion Stores, Ltd 89, 315 Dueber Hampden, Inc 316 Duquesne Light Co Ely & Walker Dry Goods Co.,St. L. 316 Emerson Shoe Stores Co Endicott-Johnson Corporation Fisk Rubber Co *28 2 39 ;61 8 Franklin County Coal Co., Chicago:222 2 880 90968 8 5 General Gas & Electric Corp General Tire & Rubber Co Harmony Mills, Boston Hayes Wheel Co 316 Hudson Motor Car Co 90, 199 Hupp Motor Car Co 90, 209 Hurley Machine Co *2896 Hydraulic Steel Co 209, 317 INCOME ACCOUNT FOR CALENDAR YEARS. *1023. 1922. 1921. • $93,700,000 $78.065.563 874.700.241 Frei^ht revenues Passenger revenues; 15 200.000 15.119A s3 16.460,280 Mail. express & other transportation_ 11.100,000 50274.92. 10,156.683 Total railway operating revenues_3120.000.0008103.452.9375101.317,204 586.500.000 579.616.038 880,496.913 Railway operating expenses • 9200 000 8.291.224 Taxes 8.097.725 Cr400,000 Cr1.572.958 Equipment & joint facility rents Cr385.423 524.700 000 $17,292.132 512.914,491 x10.300.000 10.487,006 31.731.122 Net railway operating income Other income Total income Interest Other deductions $35.000,1100 $27,779.198 $14,645,613 y$16,600.000 816.478,961 514,909,315 400.000 434.505 1.242.576 Balance available for dividends-518,000.000 810.861.672 828.493.722 • Preliminary. x Includes 58,302.500 dividend from C. B. & Q. stock. y Includes 58.050.000 interest on bonds issued for purchase of C. B. az 4Q stock.—V. 117, p. 2652. Chicago City & Connecting Railways Collateral Trust. (Report for Fiscal Year ended Dec. 31 1923.) INCOME ACCOUNT FOR CALENDAR YEARS. 1922. 1923. 1920. 1921. 51,139.514 $1.21S,514 81,290.514 $1.316,514 64,913 42.323 92.962 90,007 33.027 47.833 34.518 38.467 Dividends received Interest received Other income Gross income Bond interest Bond redemption General expense, &c Interest on bills payable Taxes Balance, surplus $1,252,260 51.046,550 105.000 41,216 15,450 81,292.354 51,051,890 105.000 23.696 81.418.988 81,057.050 105.000 37.620 2.123 18.657 9.240 81.442.503 $1.062,300 105.000 48,288 19,778 12,504 5194.633 544.043 593.200 5207,954 STATEMENT OF CURRENT ASSETS ANT)LIABILITIES DEC.31. Assets— 1923. 1922. 1922. Mahal:la— 1923. Cash $540.604 $486,763 Accrued int. parte $281.637 $262.950 Bills receivable__ 317,000 5,277 317,000 Reserves 5,250 Other investments Excess over current (at cost) 192,577 ILibIlities 203,700 783.233 • 744,190 Accrued int. recle. 4,690 4,705 Accounts recelvle_ 248 249 Total(each side).51.055,121 $1,012,417 428 THE CHRONICLE FINANCIAL STATEMENT DECEMBER 31 1923. Sinking fund 5% gold bonds outstanding, 520.931,000 (see page 22. "Electric Railway Section"): Preferred Participation shares, 250.000, and Common Participation shares. 150,000. having no par value. Assets(Pledged to Secure Said Bds.) Stocks(par). 0 Tot. Is. Bonds (par). Chicago City RY x $16,971,900 518,000,000 Calumet & South Chicago Ry 10.000.000 10.000,000 r Southern Street Ry 2,400,000 2,400,000 Hammond Whiting & East Chic.By. 1,000.000 1,000,000(a11)1,000,000 Chicago & Western 72,000 72,000 [VOL. 118. Power Co., New York & Queens Electric Light & Power Co., New Amsterdam Gas Co., Central Union Gas Co.. Northern Union Gas Co.. East River Gas Co. of Long Island City, Standard Gas Light Co. of the City of New York, Consolidated Telegraph & Electrical Subway Co., Westchester Lighting Co.• New York & Queens Gas Co., Bronx Gas & Electric Co.. Northern Westchester Lighting Co.. Peekskill Lighting ez RR., Yonkers Electric Light & Power Co.. Brush Electric Illuminating Co. of New York. Ball Electrical Illuminating Co.. Municipal Lighting Co., Inc., National Coke & Coal Co. Earnings Analyzed-Return on Investment.-Although the net earnings for 1923 amounted to but 6.47% on the total investment, the surplus 'or Outstanding bonds not pledged to secure aforesaid bonds, viz.: earnings remaining afterr the payment of all fixed charges and preferred "x," $33,926,000: "y," 55,393,000.-V. 116. p. 2388. and minority stock dividends, amounted to a substantially higher yield (viz., $7 77 per share) on the outstanding non par value common stock. On Dec. 31 1923 the average investment per dollar of gross earnings for Bethlehem Steel Corporation. the year 1923 amounted to 54 47. About 29 cents is, therefore, required out of every dollar collected for even so low a return as 6.47% on the invest(Preliminary Statement Year Ended Dec. 31 1923.) ment employed in producing such dollar. As stated, in respect of the net At the regular quarterly meeting Jan. 24 the directors earnings in 1922, such a rate of return is in no sense profit. It is less than current cost of money required by public utilities for capital purposes. considered the preliminary report and gave out thestatement the It is within the limits of what has been decided in court proceedings to (below) showing the results of the business for the fourth amount to confiscation. It is less than Is being currently allowed on the to be quarter and the full year 1923, comparing with 1922. In Present value of property devoted to the public service. It would haveprofit. more before it could be alleged to contain any element of making public the statement of earnings Pres. E. G. Grace substantially Strength and Stability of Financial Condition.-Attention is again invited to the evidence presented by the balance sheet of the strength and stability said: company's financial condition. This is attributable not only to the Results.-The earnings as shown do not include those of the Midvale- of the that much of the company's capital stock was issued, in earlier years. Cambria properties for the first quarter, as title to those properties was not fact at a premium, but also to the conservative policy which for substantial acquired until March 30 1923. After providing $4,318,264 for Preferred many years has governed the matter of dividend distribution, as well as the dividends, the net income available for dividends on the Common stock was accumulation, out of earnings which were within the limits of a reasonable $10,055,899. equivalent to $6 46 per share on the average amount of Com- return on investment, of substantial but prudent reserves as safeguards mon stock outstanding during the year, $97,681,400 of Common stock against uninsurable hazards and vicissitueds. The investment of these having been issued on March 30 1923 in part payment for the properties resources in gas and electric properties gives assurance of the company's acquired. to maintain at least its present earning capacity. Balance Sheet.-The balance sheet as of Dec. 31 1923 will show current ability The company is in a better position than ever before to protect the rights assets over current liaoilities of $119.724,173 as compared with $87,197,190 and interests of its stockholders in such litigation as has been forced upon the previous year. Cash and liquid securities as of Dec. 31 1923 amounted it, and upon its affiliated gas companies, by the enactment by the Legisto $35,521,800 compared with $28,237.353 a year ago. The net additions lature, to property account during the year for plant construction and properties price toat the last session, of a law fixing $1 per 1,000 cu.ft. as the maximum be charged for gas in the City of New York. acquired, excluding the purchase value of Midvale-Cambria properties. Average Cost of Coal, &c.-The average cost per long ton of bituminous amounted to 514.723,706. The estimated cost to complete construction coal used during the year 1923, in the production of coal gas, was 57 47. authorized and in progress as of Dec. 31 1923 was $13,550,000. New Financing.-The only new financing done during the year was the as against $7 78 in 1922. The average cost of generator-coal and coke issue in January of $25.000,000 of 534% Consolidated Mortgage Bonds, used was $10 64 and 58 91 per long ton, respectively, as compared with Series B, which were sold primarily to provide for refunding maturing obli- $10 66 and $8 73 in 1922. Steam coal and coke averaged 57 51 and $6 97 gations. Due,however, to the fact that certain of the maturing obligations per long ton, respectively, in 1923, as compared with $7 62 and $7 18 in were converted into other of the corporation's securities, that operation 1922. Gas oil used in the production of water gas cost on the average 5.55 cents per gallon in 1923 and 5.77 cents per gallon in 1922. resulted in providing $8,373,000 cash available for capital expenditures. New Business Booked.-The total amount of new business booked by the Wages. &c.-There was an increase in the average rate of salaries and corporation during the year, including $25,261,000 on the books of the wages paid in 1923, as compared with 1922, of about 2%• Midvale and Cambria companies on March 30 1923 amounted to $260,There is probably no other item of cost in the production and distribu968,000 as compared with $149,212,000 for 1922. The value of orders on tion of gas and electric energy which responds more quickly to the law of hand Dec. 31 1923 was $53,265,000 compared with $53,134,000 at the end supply and demand than the item of salaries and wages. In a business of the third quarter and $67,510,000 Dec. 31 1922. which of necessity must be continuous, with an adequate supply of the Demandfor Products.-The early part of the year was characterized by an product of a standard quality at all times and in all seasons, regardless of unusually large demand for steel products requiring capacity operations conditions, the current rate of wages, somewhat modified by the circumover quite a period. The dexnandT materially lessened during the second stances of greater continuity of employment, Is controlling in these indusquarter, reaching a low point in the late summer, since which time there tries. Labor turnover cannot exceed a certain limit without impairing the has been a gradually increasing demand. This is evidenced in the case of quality of the service. The maintenance of a high quality of service is of Bethlehem by each succeeding month since August showing an increased prime importance. Satisfied patrons Constitute a valuable asset, dissatisvolume of new business. The current demand requires the placing in opera- fied ones a disastrous liability. The training of new employees in the pertion of additional producing units. formance of their duties, especially those employees whose duties bring them Corporate Structure.-Simplification of the corporate structure of the in contact with the public, or give them access to consumers' premises. corporation has been largely accomplished during the year by making the takes time. Every department possesses potentialities for promoting or two common stocks one and the retirement of the 7% non-cumulative pre- defeating the companies policy of rendering service of an exceptional standferred stock, practically all of the latter having been exchanged for 7% ard of excellence. Hence the reluctance to let trained employees go, and Cumulative preferred stock. Approximately 40% of the 8% Cumulative the necessity for meeting the current rates of pay. On the other hand, the preferred stock has been converted into 7% Cumulative preferred stock. inevitable labor turnover in the various departments, due to various causes. With this conversion completed, there will be but two classes of Bethlehem Including deaths, resignations and promotions, enables the companies Steel Corp. stock outstanding, namely. 7% Cumulative pref. and the corn. within a reasonable period to adjust their rates of pay in accordance with Consolidation of Properties -Bethlehem's outstanding problem through- the trend of rates currently paid for similar service when such trend is downout the year was the co-ordination of the affairs of the Lackawanna Midvale ward. Prices of Material.-In the following table a comparison is made between and Cambria companies with its own. Satisfactory,progress has been made butit will naturally require some time before the full benefits can be expected prices on Jan. 1 1924 and in prior years of materials which are used extenfrom the consolidation of the properties. The work of modernizing and sively in the production and distribution of gas and in the upkeep and mainrounding out the new properties to fit in with the enlarged Bethlehem pro- tenance of gas properties. Most of the items show an increase in this year's prices over those of a year ago. gram is being executed as rapidly as conditions will permit. Pre-War Prices Prices PRELIMINARY STATEMENT OF EARNINGS FOR CALENDAR Prices. Jan. 1 '23. Jan. 1 '24. YEAR 1923. Anthracite, per ton $467 $10 60 $10 80 Bituminous coal, per ton 330 7 63 1923 7 00 Gas oll-1915, per gallon 1922. Year. 03 4th Quar. 0552 0552 Gross sales and earnings 52 50 Not stated$275,213,000$131,866,000 Wrought-iron pipe, per ton 160 00 156 00 Total net earnings $19,793,713 per ton Steel pipe. 37 $37,373,228 50 80 00 $9,935,147 89 00 Less-Int. charges, incl. proportion of Wood shavings, per bale 26 39 42 disc. on & exp. of bond & note issues 3.270,245 12.322.998 8,689,193 Malleable iron fittings, per ton 120 00 105 52 216 32 Cast-iron pipe, per ton 21 50 56 10 63 00 Balance 53 00 112 50 56,664,903 $25,050,230 $11,104,519 Cast-iron special castings, per ton 112 60 Less provisions for depreciation, obsoFire-clay shapes, per ton 12 00 28 00 29 71 lescence and depletion 21 00 2,846,460 10,676,078 6,499,189 Fire brick. per 1.000 60 00 60 00 Checker brick, per 1,000 23 00 56 40 49 00 Netincome $4,605,337 Lumber. per 1.000 feet 32 50 $3,818,442 $14,374,153 57 50 70 00 Less divs.on stocks of Beth.Steel Corp.: Red building brick, per 1.000 700 18 50 22 00 Preferred $1,080,275 $4,318,253 $3,662,310 Gas-oil the -During 1923. and Coal. "spot" oil a remarket showed Common 3.275,706 2,246,315 7.767,074 duction. of which advantage could not be taken, owing to the necessity of advance for contracting a dependable in supply of gas -oil over subSurplus for period def2,332,686 $491,853 $2,288,825 stantial periods. This was the reverse of the situation in 1920. for example, -V. 118, p. 87. when this company.was obtaining oil, under its contract, for 7c. per gallon, as contrasted with 'spot" market prices ranging from 12 to 15c. per gallon. United Fruit Company. The trend of oil prices at the present time is upward, and the prospect would seem to be that, during the next 12 months, this company will (Reportfor Year Ended Dec. 31 1923.) procure oil for-less than the prices at which "spot" oil could be obtained INCOME & PROFIT 8e LOSS ACC'TS, FISCAL YEAR ENDED DEC. 31. or new contracts made for future delivery. Should legislative efforts prevail to force the manufacture and dis1920. 1923. 1922. 1921. Net income from oper_ _$26,878,656 520,476.759 $18,827,979 $43.661.238 tribution of gas of not less than 650 British thermal units, the price of Interest, dividends, &c_ 954,036 gas-oil per gallon would probably be forced upward. 1,751,857 339,364 2,084.790 Anthracite will probably continue to be obtainable at present contract Total net income $27.218,020 $22,561,549 $20,579,836 $44,615,274 rates. Gas-coal and coke have shown a tendency to lower prices. Less-Interest charges_ Issue of Common Shares.-The stockholders on Dec. 3 1923 authorized 525.187 $8,906 Estimated taxes $4,120,690 $3,710,231 3,595,167 15,581,780 the issuance of 600.000 shares of Common stock, without par value. The Dividends (see note)_ -- _x20,000,000 10,000,000 8,000,000 6,518.990 same was offered to stockholders for subscription, pro rata, at $50 a share. Rate per annum (20%) (13%) at the rate of one new share for every five shares owned by them. The (10%) (8%) issue of stock was practically all subscribed for. Approximately 94% Balance, profit,for year_ $3,097,330 88.851,318 $8,975.763 $22.489,317 of the amount subscribed for was paid on or before Dec. 28 1923. Accum. profit Jan. l The funds thus made available were employed, to the extent of $27,44,970,023 34.955,774 25,980.011 49,109,723 000,000, in the cancellation of loans made by National City Bank to the Total $48,067,353 $43,807,092 531,955,774 $71.599,040 company and its affiliated gas and electric companies. Less' Stock diva. (100%) 50,000.000 Issue of Pref. Stock.-The sale, to employees and consumers of the company and its affiliated gas and electric companies, for cash, at par, Balance, profit $48,067,353 543.807,092 $34,955,774 $21,599,040 of the issue of 515.000.000 6% Cumul. Partic. Prof. stock $50). Credits to profit and loss 4,380,970 payable in one payment or in weeldy or monthly installments,(par 1,162.930 was comduring 1923. The issue was heavily over-subscribed. Profit & loss balance_$48,067,353 $44,970,022 $34,955.774 $25,980,010 pleted The maximum number of shares of the Prof. stock which may be held by any individual holder is 20 shares. x Including $10,000,000 dividends for 1924.-V. 117. p. 2662. Stockholders.-There are 41,985 holders of the company's Pref. stock and 18.566 holders of the company's Common stock, making an aggregate Consolidated Gas Co., New York. of 60,551 holders of Prof. and Common stock of the company. • Acquisition of Additional Stock of Sub. Cos.-In November 1923 the (Statement Presented at Annual Meeting Jan. 21:for Year 1923.) company purchased from the New York Edison Co. and from the United At the annual meeting Jan. 21 President George B. Cor- Electric Light & Power Co. at the price of $50 a share. 7.090 shares of the Pref. stock, without nominal or par value. and 456.700 shares of the telyou said in substance: Common stock, without nominal or par value, of the Consolidated TeleCombined Statement.-Following the practice inaugurated in 1922. the graph & Electrical Subway Co.; dividends on each class of stock being report for 1923 contains a combined statement of the assets and liabilities at the rate of $5 per share per annum. of the Consolidated Gas Co. and its affiliated gas and electric companies. Plants Retired from Service -Early in 1923. a very thorough and careful together with a combined statement of the revenues and expenses of these study was made by the engineering department, of the future additional companies, with all inter-company items eliminated. To these statements manufacturing plant requirements of the company and its affiliated comhave been added a combined surplus account and a combined summary panies. It was estimated that within the next ten years additional plant of financial transactions for the year of the companies. capacity, to the extent of approximately 110,000,000 Cu. ft., would have Stock of Affiliated Companies in Hands of Public -The total amount of to be provided. the capital stock of the affiliated companies in the hands of the public Careful consideration was given to the question of the location of the additional plant, the study on this subject being largely directed to a conamounts to only yi of 1% of the total amount of capital outstanding. AffiliBied Companies.-The affiliated companies are as follows: New York sideration of the territory wherein the major part of the growth in the Edison Co., The Astoria Light, Heat & Power Co., United Electric Light & volume of business is likely to take place, with due regard also to the possi- JAN. 26 1924.] THE CHRONICLE 429 Its gas sales and those of its allied companies in the Borough of Manextent, of any of the bility of increasing the capacity, to any appreciable Cu. ft., or 9.12% as comand to the fact that, for hattan, increased during the year 2,520.633,600 existing plants (except the plant at Astoria).the manufacturing capacity pared with an increase of 2.40%, in 1922. during 1923 in the vlume obvious reasons, any further centralization ofwas undesirable. increase the The Bronx of Borough the In compared with an at the Astoria plant for many years to come advisability of at- of sales amounted to 863,721,500 cu. ft., or 15.72%, as Consideration was also given to the question of thecapacity by the re- Increase of 2.95% in 1922 over the previous year. Co. and its allied comGas tempting to provide any of the required increase in plants, Consolidated of the sales gas combined The a had which and in construction of the 14th and 42d St. manufacturing The panies in the Boroughs of Manhattan. The Bronx and Queens daily capacity of 5,000,000 and 4,500,000 cubic feet, respectively. to 4,014,168.000 cu. ft. more in 1923 than was immediately adjacent to the Westchester County, amounted in 3.18% of increase with an circumstance that the 14th St. plant compared as 10.72%, of increase an 1922, In operation of the plant Willard Parker Hospital. and that the continuous objectionable by the hospital 1922 over the previousofyear. the year were during on this site would probably be deemed highly companies of gas the various sales combined The for acquired authorities, coupled with the fact that the city had already the previous year of 10.72%. a substantial portion 41.448,991.500 cu. ft., an increase over the hospital purposes, through condemnation proceedings, The sales of electric current during the year. including that sold toNew at this point—thus greatly imof the company's property and water frontproperty Transit Co., the New York Rapid the Brooklyn RR., Avenue Third for gas manufacturing amounted RR., pairing the serviceability of the remaining Manhattan & to enlarge the capacity of Haven & Hartford RR. Co. and the Hudson purposes—was thought to render any attemptinexpedient. Furthermore, to 1.543,732,692 kilowatt hours, an increase over the preceding year of this plant, or even to operate it continuously. rated capacity 14.86%. its to economically and continuously plant the to operate At a cost of 810,939,494 for repairs and $4,622,274 for renewals or a total very considerable expense. Maininvolved practically its entire reconstruction at aamortization of the invest- cost of $15,561,767, all of these gas and electric properties have been The conclusion reached, therefore, was that theproperty sold to New York tained in excellent repair and at the highest possible point of operating ment in this plant should be completed and the electric generating station, efficiency, thus insuring a uniformly satisfactory quality of gas and elecEdison Co.. which was seeking a site for a newtheretofore available at this tricity and their economical production and distribution. and that an equivalent plant capacity to that station should be provided elsOlhere. problem. In order to completely COMBINED EARNINGS STATEMENT(INCLUDING SUBS. & AFFIL. COS.) CALENDAR YEARS. The 42d St. plant presented a similar and apparatus or (±) and Inc. machinery labor-saving modern with plant equip this it would have been Dec.(—). 1922. 1923. render it available for continuous economical operation, available at that Gas sales (Cu.ft.) 41.448,991,500 37,434.823,500 +4,014.168,000 necessary to practically reconstruct it. The area of land substantially add to +199.755,667 impossible been have 1.343,977,025 would (k.w.h.)it 1,543,732,692 sold that Electricity plant was so limited or rehabilita- Gros.s earns., incl. miscell. to the capacity of the plant by any process of reconstruction +110.655,626 located was too great oper.& non-oper.revenue $123,741,998 $113.086,372 tion. The value of the land upon which the plant was reor reconstruction in money of Oper.& non-oper.exp.incl. to justify any considerable expenditure that were +6.674,485 81.258,743 87.933,228 retirement exp.& taxes habilitation, and the purchase of additional adjacent land—if could not have possible—for the purpose of increasing the plant capacity advisable, +$3.981,141 $31,827.630 $35,808,770 Net earnings been justified as an economic proposition. It was deemed that theretofore Int.on fund.& unfund.debt —2,399.310 9,954,831 7.555,521 therefore, to provide elsewhere plant capacity equivalent to plant and sell the available at this station, amortize the investments in theNew York Edison +86.380,451 -. $28,253.250 $21.872,798 earnings Surplus real estate. The immediate availability of this site to and desirability as Co. for storage purposes, and its ultimate availability to that company Divs. paid Consol. Gas +6.358.188 8.525.597 Co.'s Common stock-- $14,883,785 a site for further station construction, enabled the sale +508,153 508,153 Preferred stock of the land on which this plant was located. station, St. 42d +10.810 West the at 37,003 stk.. buildings 47,813 co.'s certain of MTH. on Divs. pd. With the exception for temporary which have been purchased by the New York Edison Co. are being —$496,699 113.310.198 carried to sur. acct_ 812,813.499 Bal. use, the buildings and structures, comprising both plants, the now of demolished under contracts which secure to the company for benefits use, have COMBINED SURPLUS ACCOUNT FOR THE CALENDAR YEAR 1923. all salvage. Tools and implements, which were available $89,539.521 Credit balance Dec. 31 1922 stations. other to been transferred $12.813.499 a suitable site Surplus earnings for the year 1923 Site for New Plant.—As the result of a diligent search for of book cost_ _ _ _ 1,747.823 in of excess sold property piece real estate for single a but received was Amount there that found was it plant, new for a 336.234 York_ of New City suitable the area, taken by sufficient of for property award on Interest requirements available which met the necessary 69.936 this piece of property, Miscellaneous items (net) location and adequate water front. The cost ofBronx. comprises which the of Borough in the Point, Hunt's located at $104,507,114 $2,265.000. Total somewhat over 230 acres, or 4,000 city lots, was Street manufac- Less—Adjustment of Federal income taxes N. Y. & Queens A corresponding area of land in the vicinity of the 21st 367.330 Electric Light & Power Co.(1917 to 1920) turing ;plant, in the Borough of Manhattan, would have cost approximately 127.000,000. gas coal 8104.139.784 of 1923 site 31 this Dec. upon balance erection Credit the with proceed to It is proposed the expiration of ten FOR THE plant and water gas plant in suitable units, so that at and gas plants COMBINED SUMMARY OF FINANCIAL TRANSACTIONS years we may have constructed and in operation coal cu.water CALENDAR YEAR 1923. ft. Thereafter, 100,000,000 about of capacity of a combined daily hand 31 on 1922, Dec. on sh rash object Resources.—Ca $13,816,274; the with extensions will be made to existing plants, including Astoria, relationship of $5,077.234 hand Dec. 311923. 18.739.040; total always in view of approximating as closely as possible the 857,547,584 should Proceeds of issue of Preferred and Common stock 75% of water gas plant and 25% of coal gas plant. These extensions 12,813,499 to account surplus carried earnings of carry us until about 1940, when additional land will again have to be pro- Balance Amount charged for gas, under restraining orders, above vided for further plant extension. 2.257.337 rate 14th the statutory of Additions to Gas Properties.—The manufacturing capacity of the fore- Amount received for real estate sold in excess of book cost__ _ _ 1,747,923 result Street and 42d Street plants, retired from service as a day. 336,234 York_ -.... of New City by for taken property award of on loss Interest This per ft. cu. going transaction, was as stated 9,500,000 45,713 equioment Sundry minor adjustments capacity has been replaced by the installation of additionaltwo 69,936 loss credits (net) profit and Miscellaneous 12-inch includes extension This station. at 21st Street water gas with hydraulic double superheater type of water gas generators, equippedboilers for steam 879.895.460 Total operation and interlocking mechanism,and also waste heat These Appropriation of Resources.—Invested inland, plant & equip-842.767,024 generation from waste blast gases given off from the generators. 33.349,234 cancelled generators are also equipped with both high pressure and exhaust steam Unfunded debtFederal 367.330 income taxes (1917. 1920) Adjustment of connections and with high-pressure blowers. 3.411.871 a and assets and apparatus (net) liabilities Variation in current The plant extension, in addition to the gas generating equipment: Two 31. DEC. 3,000,000 cu, ft. holder, includes the following accessory COMBINED BALANCE SHEET arranged 600 horse-power stoker-fired water-tube boilers having furnaces con- [Consolidated Gas Co.of New York and Affiliated Gas and Electric Cos. for the use of screenings from the generator coal for fuel; a directly Inc.(±) or per Cu. ft. 750,000 of capacity a having exhauster driven nected steam Dec.(—). 1922. ft. 1923. Assets— hour; a 200-tube salt water condenser: an all-steel tar separator 58 x 21 1503.109.906 $460.342.881 +$42,767,025 by 8 ft. 6 in. deep; four all-steel purifier boxes 24 x 40 ft. by 10 ft. deep, Plant & equip.(incl.land) —59.516 6,505,753 and 6,446.237 1922; during point this at Investments being a duplicate of the installation erected —5,077,234 8,739.040 13,816.274 two 16-ft. station meters, each equipped with Hinman drums. Cash —1,316,552 18,877.921 17,561.369 Additions to Electric Properties.—At the Hell Gate Station of the United Accounts receivable 13.249.440 +4.088.594 17.338.033 Electric Light & Power Co.there were installed and put in operation during Materials and supplies tothe year an additional 25-cycle 35.000 kilo-watt turbo-generator unit, boilers, new three +$40.402,317 $512.792,269 1553,194.586 including equipment, with the necessary auxiliary gether Total Liabilities— having an aggregate rated capacity of 4.770 Ii. p. The installation of these a$178,224,966 1135,372.120 +142.852.846 boilers represents a radical innovation in boiler construction. Instead of Common stock of consist boilers these +14,694,739 b14.694,739 of the conventional brick-steeing, the side walls Preferred stock 998,350 c998,350 water tubes through which the feed water circulates, thus adding heating Affiliated companies to a effective maxiis —643 120.492.431 fire, 120,491.790 the to on which, proximity its of account surface Funded debt d13,140.643 46.489,877 —33.349.234 mum degree. This design eliminates the expense of brickwork maintenance Unfunded debt +455.626 14.866,793 pay. and accrued charges.. 15,322.419 in so far as the side walls are concerned. Accts. 11.931.576 —1,095,455 Building construction, switching and other electrical equipment for three Res.for retirements & insurance_ 10,836,121 55.016,202 55,016,202 additional sections of the Electrical Galleries Building has been completed, Reserve for contingencies —13.161 38.072.236 38,085,397 and work is now in progress on the remaining sections, which will complete Stock and bond premiums +2,257.337 e2.257,337 the Electrical Galleries Building for the ultimate capacity of the station Gas sales suspense 104.139,784 89.539,521 +14,600,262 as originally designed. Surplus To meet the demands on the 60-cycle system, an additional 50,000 kilo$553,194,586 $512,792,269 +140.402,317 watt cross compound turbo-generator unit has been ordered and will be Total installed for operation for the fall of 1924. Three additional boilers,conshares, no par value, Dec. 31 1923. b 293.894.77 denser and other auxiliary equipment will be required in connection with this 3,562,803.96 a additional capacity, studies of the design of which, having in mind the shares, par value 850, Dec. 31 1923. c 9,963 50 snares, par value $100. progress of the art, are now being made. Dec. 31 1923: 40 shares, no par value. Dec. 31 1923. d Includes conWith the installation of this unit, there will have been installed in the sinners' deposits (15.708,514) and disputed taxes ($3,528.829) Dec. 31 Hell Gate Station at the close of the year three 60-cycle and three 25-cycle 1923. a Amount of gas sales, resulting from the excess in the price charged turbo-generators. for gas, by the Consolidated and its affiliated gas companies, in the City Gross Capital Expenditures.—The aggregate gross capital expenditures of of New York, above the statutory rate of $1 per 1,000 cu. ft., not included and plant land, for equipment, its companies, and affiliated company the in the earnings pending the termination of the proceedings in the Federal for the year 1923 amounted to $50.810.323. Court.—V. 118, p.88. Credits to capital account, due to the retirements of plant and equipment from service, the sale of real estate. &c., aggregated 8.043,298. leaving a Sears, Roebuck & Co., Chicago. the year new increase in the investment in land, plant and equipment for of 842,767,025. for Fiscal Year ended Dec. 31 1923.) for (Report 1924. in additions to expend, necessary will be It is expected that it and extensions to gas and electric producing and distributing systems, the INCOME ACCOUNT FOR CALENDAR YEARS. $69.000.000. of approximately amount gross 1921. 1920. 1922. 1923. The Cost of Taxes.—One of the largest items entering into the selling $ is the cost price of the gas and electric service in the city of New York. 254,595,059 178,014,981 182,165,825 215,540,604 sales The Gross various authorities. and Federal State city, by of taxes assessed 20,738,187 governmental departments thus compel the patrons of public utility service Returns,allow.,disc.,&c. 24,216,457 21,517,672 18,980.463 to pay large sums as taxes, in the guise of utility rates, which thereby are 191.324,147 160,648,153 159.034,519 233,856,872 Net sales proportionately increased. 5,005.202 11.516,546 5,865.957 7,158,799 The Federal, State and municipal taxes charged as a part of the operating Other income the year 1923 during companies, affiliated its and company costs of the 245,373,418 166,514.110 164,039,720 198,482,946 Total income amounted to $13,876,096, as compared with 812,563,158 46 during the Purchases and expenses_184,445,023 157,385.331 177.963,577 229,436,224 preceding year. 1,221,077 690,542 600,484 816.050 to and amount Repairs operations renewals_ and properties gas of The taxes paid on account 1,172.879 594,199 1,321,368 1,133.624 by system companies; and Depreciation reserve.. 15.06 cents per 1,000 Cu. ft. of gas sold in 1923and 1,209,232 1,500.000 1.226,871 to Other operations reserves amounted properties electric of account the taxes paid on 587,332 271,758 575,631 Profit fund &c., sharing. current sold.. 0.51 cent per kilowatt hour of electric y2.099.470(8)7,198,028 taken into Common dividend The significance of these facts as to the cost of taxes should be 559,188 559,188 559.188 559,188 service. Preferred electric dividend gas and for (7%) rates present account, in connection with Statistical.—The municipal street lamps on the lines of the company and 3,989,458 10.953.430 4,875,980 z19,094.127 incandescent gas Balance, surplus its allied companies on Dec. 31 1923. consisted of 6,005 1.745.607 7,564,374 33,574.919 a Previous surplus 6,621,587 lamps, 455 electric arc lamps and 70,453 electric incandescent lamps, 5,000,000 of 50,000 shs_ xDonation lamps. street 76.458 of total 8,275,360 and its affiliated xProfit on sale ofreal est. The total number of gas meters supplied by the company; (40)30000000 companies in use at the end of 1923 WM 1,042,024 and of electric meters Less stock dividend_ 735.190. 7,564,374 6,621,587 1,745,607 lass surplus.. as Profit and 1923. during Co. increased Gas 17,575.017 The gas sales of the Consolidated Cu. ft.. or 9.53°A. In 1929 compared with the previous year, 2,094,133,400 the company's real 1920 purchased Dec. in Julius President x Rosenwald the previous with compared as 2.67%, of sales gas there was an increase in estate in Chicago and donated 50,000 shares of the Common stock to be year. 430 THE CHRONICLE sold at not less than par. Mr. Rosenwald has the option for three years to repurchase the stock at par. (V. 113, p. 2827.) y The Feb. 1921 2% dividend was paid in 6% scrip. due Aug. 15 1922 (which have all been paid-V. 115. p. 655), and the May 1921 Common dividend was omitted. z Loss. CONSOLIDATED BALANCE SHEET DEC. 31. 1923. 1922. 1923. 1922. Assets$ $ Liabilities$ $ Real est.,bldgs., Preferred stock_ 8.000,000 8.000,000 mach'y, Arc__ 25,660.717 26,942,985 Common stk__y100,000,000 100.000.00 0 Good-will, Arc_ _ 30,000,000 30,000,000 7% secur. notes_ 16,907,900 Capital stock of Accts. payable_ 8,953,036 13,818.932 other cos.__ - 5,230,947 4,473.947 Notes payable__ 7.880.900 576,535 x Inventories__ 40,272.512 34,737,519 Accr. taxes,Ind. Accts.receivable 23.989,034 28,879,650 res.torFederal Purchase money taxes 975,229 654,671 mtge. notes__ 12,000,000 12.000.000 Pref. d1v. paymarketable sec's 1,056,051 1,340,733 able Jan. 1 139,797 139,797 Liberty bonds__ 861,801 861,016 Accrued int__ 273,510 5,737,245 8.470.403 Reserves Cash 4,049.435 5,874,989 Insur.,int., dec.,, Surplus 17,575,017 6.621,587 paid in adv'ce and other deterred charges 2,765,107 5,161.670 [VOL, 118. An explanatory note issued in connect ion with above says: In explanation of the above, it be noted that on Oct. 19 1919. when the property was returned toshould its ers, the company had no substantial amount of cash on hand andstockhold traction lines, was at a very low ebb. its credit, like that of all electric with the problem of raising large sums The management was confronted required for capital improvements in order that the service rendered be adequate. This money was secured by retaining in the treasuryshould the earnings of the property otherwise available for dividends. The last dividend was plaid on July 15 1919. and dividends at the full rate were not restored until Sept. 11923. although three quarterly dividends had previousl y been paid at a lower rate. The stockholders were thus deprived of an amount which would have exceeded $5.000,000. Over $4.000,000 has been spent for rolling stock and inexcess of $600,000 on track and roadway improvements, all of which are capital expenditures. It is proposed, if the stockholders and the Transit Commission approve, to issue $4,000,000 additional stock against these capital additions which have cost substantially in excess be increased from 812,000.000 to of such sum. The capital stock will thus $16.000,000, and the present shareholders will receive one share of new stock for each three shares of stock now held. Results for December and 6 Months ended Dec. 31 1923.. 1923 -Dec. -19221923-6 Mos.-1922. Gross earnings $1.037,655 $1,025.817 $6,140.851 $6,082,97 4 Oper. exps., taxes, &c 792,728 770,684 4.840,996 4.787,018 147,573,414 152.867,921 Total Total 147,573,414 152,867.921 Net earnings it Cost or market, whichever is lower. y After deducting 50,000 $244,927 $255.133 81,299,855 $1,295,956 shares in treasury donated by President Julius Rosenwald, not to be sold at less Fixed charges 48,043 53.079 310,630 310,886 than par, $5,000,000 (V. 113, p. 2828).-V. 117, p. 2899. Surplus $196,884 8202.054 $989,225 $985,070 -V. 117. p. 2108. GENERAL INVESTMENT NEWS Brooklyn-Manhattan Transit Corp.-Earnin gs. - 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." New York Central RR. Increases Wages $2.000,000.-Agreement announced by N,' Y. Central RR. affecting 15.000 engineers and firemen will add $2,000.000 annually to wage bill. New York "Evening Post" Jan. 23. p,3. U. S. RR. Labor Board Declares Lehigh Valley RR. Must Reimburse Labor for Wage Cut in 1922.-A group of freight handlers employed on New York and Brooklyn piers by Lehigh Valley should be reimburse d to date for cut of 7c. per hour sustained March 1 1922 when carrier arbitrarily placed them under jurisdiction of a private company without permissio of Board or of representatives of their union, according to ruling reachedn Jan. 22. -Wall Street Journal" Jan. 22, p. 9. Nine Bids Received for Ata0Maiil Control Systems on New York Central.New York "Times" Jan. 23. p. 30. I.-S. C. Commission Order Fixing Price of Interchangeable Mileage Scrip Books Issued by RRs. at 20% Reduction in Rate Nullified by U. S. Supreme Court. New York "Times Jan. 22, p. 34. Authorized Statistics.-The following is authorize d by the Car Service Division of the American Railway Associatio n: Car Surplus.-Surplus freight cars in good repair and immediately available for use totaled 353,790 on Jan. 7. an of 41,452 over the number ofsuch cars reported on Jan. 1. Of the increase total number, 165.975 were surplus coal cars in good repair an increase within there also was an increase within the game period a week of 16.566, while of 21,282 in the number of surplus box cars which brought the total for that class of equipment to 151,245. Reports also showed 12.298 surplus refrigerat or cars or an increase since Jan. 1 of 2,292, while surplus stock totaled 16,054, a cars decrease of 66 compared with the number reported on the first day of the month. Car Shortage.-No shortage is being reported. Car Repair.-Tnc railroads on Jan. 1 this year had 158.175 freight cars in need of repair. or 6.9% of the ownership,according carriers with the Car Service Division of the Americanto reports filed by the Railway Association. This was a decrease of 57.836 compared with the number in need of repair on Jan. 1 1923, at which time there were 216,011, or 9%%. Of the total number, 118,653. or 5.2%, were in need of heavy repair at the beginning of this year compared witn 164,041, or 7.2%, on Jan. 1 1923. a decrease of 45.388.Freiht cars in need of light repair on Jan. 1 year totaled 39,522, or 1.7%. compared with 51,970. or 2.3%, on the this Compared with Dec. 15, the number in need of same date the year before. both heavy and light repair on Jan. 1 this year was an increase of 9,913. Matters Covered in "Chronicle" Jan. 19.-(a) Senator Smith elected Chairman of Senate Inter-State Commerc e Committee, p. 252. Ann Arbor RR.-Equip. Trusts Sold.-Freoman & Co., have so'd at to maturity, $840,000 6% Enuip. Trust Gold Certificates, S r es A, issued under the Philadelphia plan. (See advertising pages.) Principal Stroud & CO., inc., and J. S. Bache & Co. prices to yield frObil 63. to 6%, according and dividends to be unconditionally guarantee d by the Ann Arbor RR. Bank of North America & Trust Co.. Philadelphia, trustee. Dated Jan. 1 1924. Payable semi-annually, in installmen serial ts. July 1 1924 to Jan. 1 1934. both incl. Denom. of $1,000 O. Redeemable on any date at 105 and dividends without deduction normal of income Federal in not excess tax of 2% per annum. Dividends payable J. & J. at the office of the trustee or at New York Trust Co.. New York. Security.-These certificates are to be secured underframe steel superstructure single-sheathed on 500 new 40-ton steel box cars. The actual cost of this new equipment is to be $1,125,000, making an initial equity in this trust of 25%. Earnings.-Current earnings of the company are very favorable and the net income for the 6 months ending Dec. 31 1923 (December partially estimated), after payment of all interest charges, were equal to 5% for the year on the company's Pref. stock, leaving a balance 0(4% for the Common stock -V.118, p. 201. Belvidere Delaware RR.-Bonds Reduced .The Philadelphia Stock Exchange on Jan. 17 off the regular list $15,000 Consol. Mtge. 4% bonds. due 1927. struck purchased and cancelled operation of the sinking fund; leaving the amount by of said bonds listed S607,000.-V. 110, p. 1088. Boston Elevated Ry.-To Issue $2,098,000 65'8. The company has petitioned the Mass. Departme of Public Utilities for approval of an issue of $2,098.000 30-year 6Si% nt bonds, to used for be • refunding a bond issue of 81.500,000, due March 1, and for construct ion and equipment.-V. 118. p. 309. Brooklyn City RR.-To Increase Stock-Stock Dividend Proposed-Earnings.- PeriodGross earnings Operating expenses and taxes Net earnings Other income Total income Fixed charges 3 Mos.end. 6 Mos.end. Dec. 31 '23. Dec. 31 '23. $9,895,844 $19,576,897 7.199,147 14,335.804 $2.696,697 $5,241,093 240,144 476,391 $2,936,841 $5,717,484 1,914,826 3,880.772 Balance,surplus -V. 117, p. 2888. $1.022,015 $1.836,712 Burlington (Iowa) Ry. & Light Co.-Bonds Offered.W. R. Britton & Co. are offering $250,00 0 1st Mtge. 5% bonds, due 1932, at 72 and int. to yield over 10%. The company has been operating since 1874. The sinking requires that 5% of the gross earnings be set aside annually for the fund purchase and cancellation of bonds at not exceeding of an original issue of $1.903.000 have105 and int., and a total of $215.000 been retired.-V. 113, p. 1674. Canadian National Rys.-Bond Issue Sold. -A Canadian syndicate consisting of Wood, Gundy & Co., Dominion Securities Corp., National City Co. A. E. Ames & Co., Bank of Montreal, Royal Bank of Canada ' , Dominion Bank, and Harris, Forbes & Co., which was awarded 30-Year 5% Guaranteed bonds (at a price the $50,000,000 of 97.813, Canadian funds) has sold the entire issue at 99% and int. to yiedabout 5.03%. The bonds, which bear the guaranty of the Dominion of Canada, are dated Feb. 1 1924; due Feb. 1 1954. Principal and half-yearly interest (F. & A.) payable at the office of the Minister General of Canada in Ottawa. or at the office of Finance and Receiverof the Assistant ReceiverGeneral in Halifax, St. John, Charlotte Regina. Calgary. or Victoria, at thetown, Montreal, Toronto, Winnipeg, option. Denom. 31.000 and $500. Bonds may be registsred as toholder's These bonds are secured by the full principal only, or fully registered. Dominion of Canada equally with its credit and taxing power of the bonds and other direct obligations. The Dominion of CanadaVictory guarantees unconditionally the payment of principal and interest, the guaranty being endorsed on each bond. Another Canadian syndicate, consisting of Aemillus Jarvis & Co., R. A. Daly & Co., McLeod, Young, Weir & Co., Ltd., Gairdner. Clarke & Co., R. C. Matthews & Co., Ltd.. W. A. Mackenzie & Co.. Ltd., Royal Securites Corp., Ltd., Nesbitt, Thompson & Ltd., Bell, Gouinlock & Co., Rene T. Leclerc, Greenshields & Co., and Co.,L. G. Beaubien & Co., bid 97.11. Canada. Kuhn, Loeb & Co., Blair & Co. and the mitted a bid of 95%, New York. Figuring Chase Securities Corp. subthis bid would figure about 98.03, Canada on a rate of exchange at 2%%, Dillon, Read & Co., National City & Co., Bankers Trust Co.and associatesCo.. Guaranty Co.. Harris, Forbes a bid of94%,New York. Bonds were awarded to the Canadian submitted group on their bid, owing to the fact that the Dominion would have a liability on the excnange rate over a period of 30 years for payment of principal and interest, if the bonds were awarded to the Kuhn, Loeb & Co. syndicate though their bid figured slightly higher than the Canadian bid. Operating revenues Operating expenses Net revenue -V. 118, P. 310. Earningsfor Calendar Years. 1923. 1922. Increase. 8254,662,447 8233,656,888 $21,005,5 59 234,535.000 231.176.376 3.358,624 $20,127,447 82,480.512 $17,646,935 Central of Georgia Ry.-New Director.Charles T. Airey, Vice-Free. & Traffic Mgr., has been elected to succeed the late 'William A. Winburn .-V. 118, p. 310. 201. a director Chicago & Eastern Illinois The I.-S. C. Commission on Jan. 16 Ry.-Bonds.authorized the company to pledge and repledge not exceeding $2.605,30 0 of Prior Lien Mtge. Series "B," from time to time, until otherwise 5 Si% bonds. for certain notes that may be issued, and ordered. as collateral security to sell said bonds at any time to and including Dec. 31 1924 at a 95 and interest.-V. 116, p. 2881. price to net the applicant not less than Chicago & Western Indiana RR. -Listing-Earnings.The New York Stock Exchange has authorized the listing of $4,509,000 additional Consol. Mtge. 50-Year Gold 4% bonds due July 11952, making the total amount applied for $48.457,0 The income account for the 12 months00 (authorized 850.000.000). ended Dec. 31 1922 shows: Total revenue, $4,807,600: expenses, $4,113.12 5; net income $694,475; income applied to sinking fund and other reserve funds, $210,709; surplus for year 1922, $483.766; surplus forward from $389,188; total surplus, 3882,519; dividends 1921. 89.564; other credits. paid, 8300.000; other debts. $268,733; surplus Dec. 31 1923, $313,785 .-V. 117, p. 2652. Delaware RR.-New President.- The stockholders will vote Feb. 6 on increasing the capital stock from 1,200,000 shares. par $10 each. to 1,600,000 shares, par $10 each. A. J. County of Philadelphia John P. Green.-V. 117, p. 324. has been elected President. succeeding Jan. 24 in letter to stockholders Since Oct. 1919, when the properties formerly leased to Brooklyn says: Heights RR. were returned, company has deliberately withheld dividends stockholders and has made capital expenditures out of earnings from its excess in $4,000.00 increase to incilities, 0 its of in order that it ini.;ht render the best possible service. The directors appreciate the made by the stockholders in the Interests of the company and ofsacrifice the traveling public. To enable the company to fully meet the increasing volume of its business, to improve its credits, its facilities and its service, it is necessary to readjust its security issues and capital account. It is therefore proposed to apply to the Transit Commission for authority to issue $4,000.000 additional capital stock to the stockholders who have foregone dividends a greater amount. The division will be made pro rata-one share of the in new stock for each three shares now held. RR.-Buy Locomotives.The company has set aside 81.600.000 for the purchase of 25 new locomotives which will be placed in service during the current year. Steady expansion of the volume of traffic on the road has necessitated these additions. Present tractive units are in excellent condition and no replacements are contemplated.-V. 118. p. 84. Pres. Frank Lyman Del. Lackawanna & Western Denver & Rio Grande Western RR.-Re-He aring.The I.-S. C. Commission has approved a petition for re-hearin g and re-argument of the reorganization plan. It was reported this week that the reorganization plan be will partially rewritten to permit the raising of additional capital in order to fortify the cash position of the company. The date for putting the plan into effect be postponed indefinitely beyond Jan. 31. the date now technically in will effect. Efforts will be mad JAN. 261924.] THE CHRONICLE to speed the rewr