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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.
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ceed directly. We are in a time of inquiry and
dePublished every Saturday morning by WILLIAM
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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.
In short, the country was rushing ahead at full
speed, the year having opened full of promise with
everyone busy and all the indications pointing to
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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%.
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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
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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
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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
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85 86 Jan'24
33
___
1941
78
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86
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166100"
1927 3D 100
100 Jan'24
Minn & St Louis let 72
6212 6034 Jan'24
60
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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
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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
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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
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7734 139
Feb
8
9
Debenture etts"B"
712 Jan'24
4 Sale 8154
1
83/
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302
8214
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1962 JJ 6718 6753 6634
40-year 4s Series B
68
65
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81
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1932
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97
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1
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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
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1999 J J
11
97
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:
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.
2
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_
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let .S. refunding 58 Ser A 1965 FA 7734 78 7734
21
78
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U.tTOletglsifltgu
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4 Sale 95
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1
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9514 67
8752 9212
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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
/
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_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
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1938 MS 7678 Sale 7678
773s
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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
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1952 A 0
:Sept'19
033
1937 3, 100
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8614 851
8512 8638
9
86
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1955 MN 85
let guar gold 52
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• 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
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1990 Apr, 7283,122
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30 Sept'23
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1958
54
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23
25 23/
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1
4 Jan'24
1943 MN 9034 9114 $912 Dec'23
--do off
26 Nov'23 -_ _
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of 40 1937 J J 42 Sa..1!.. 943238
433814
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27 2614 July'23 PCC&StLgu4AeA
1940 A 0
Jan'24
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21 July'23
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Jan'24
1
4
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1942 MN 9314 9412 9314 Jan'24
9314 9414
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3814 June'23
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1945 Id 84 .8633 90 9114 Oct'23
____ -July coupon on
"id'
3434 45 36
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Jan'24
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do off
34
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36 -33
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1
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4
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10 Jan'24 _
Series 343,4s •
1984
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1954 NI N -6612
6814 May'23 General 5s Settee A
1970 D 9 4 9712 9712
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1945 J J 8212
75 Aug'23
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a1928 A 0 9634 --- 99 Nov'22
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80 Dec'23
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9813 16'New Orleans Term lit 46-1953 J J 7712 Sale 7713
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1936 A 0 8812 8912 88/
351
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1
4
89
16
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1945
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90 Dec'23
1958 M
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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
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..__
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8714 9074
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1998 F A 8214 Sale 82
8314
81
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1
4 50
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8614
6
8314 8514
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8513 8914 Renee & Saratoga 20-yr811-1941 MN 10989%4
88
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1927 A 0 9814
9712 309
-tiiij;
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Rich & Meek 1st g 5e
_ - 72 Mar'23
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.1 7512 7612 7434
1997
74
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1952
J 9614 97
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1934 M N 9038 ssle 9018
8934 91
1940 J J
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9078 24
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1942.6 J 878 8912 8714
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,
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8734
31
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71/
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1
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:73
,27
7514 41 ---_7414 7518
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1998 F A 7034 73
711
/
4 7213
7114
7113 17
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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
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1947.6 J 7014 7374 7212 Jan'24
-- 88 Oct'23
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72/
1
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1031 1W N 8888
8934 St Law& Adlr let g Ea
19963 J 9014 93 961
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1998 A 0 0714 .___ 98 Nov'23_ _
1
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•
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3 8914 9034 8914
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80 Sept'23
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9714 24
96
98
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Da ext geld 011a
-- 95 May'23
Unified & ref gold 48
1929 3, 8618 Sale 851
/
4
8614 52
8312 8634
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-96 _-_. 95 Mar'23
.
Riv & G Div let g 4s
4933 MN 7634 Sale 76
7834 29
72
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9234 Dec'23
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991
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84
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8534
70
95 .657e 70
1
4
Y & Harlem g 8ge
2000 al N 7438 ____ 74 Sept'23
ii
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8413 Sale 83
84/
1
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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
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1942
5Iis
8712 92
911
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1
9712 Dec'23
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7213 7714
96'2 97
1
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76/
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4 143
▪ Y LE&W lat 7seit---1930
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103 June'23
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. Mao Oct 62/
Sale
6112
623
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1
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127
58
/
1
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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/
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1334F A 95062 If
.493/ 3
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0712 9813 97 Jan'24
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9812
98
99
9713
98
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1
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91 June'23
08
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3912 44 St L Peo & N W let gu 55.:--1948 3' 9834 991
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76
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1955 J I 49
444 50
50
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50 49
8914 7012
1056 M N 49
4312 49
3D 80 Sale 7914
48
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2
50 48
80/
1
4 106
77/
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4438
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3934
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8012 23
/
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78 8013
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1948.6 3 6634 Salo 65
59
6734 St Paul & K C Sti List 4%e-1
19
93
43
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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
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1
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1925 A 0 7933 Sale 77
J , 92
703a 8014 St Paul M & Man is
8014 144
9214 9034 Dec'23
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89
78
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,
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1
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10614
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F A 354
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1955
J 4212 4813 38/
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85 July'23 _
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1055 J D 59 Sale 5814
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1927 al 5 9874 ____ 9614 Dec'23
1950 AC 611.1 ____ 53/
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1
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1950 *0 60/
6114 36
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21
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57
1
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712
id gold 430
1937 F A 4214 4878 43 Jan'24
43 • 43
. 01
1941 P it 4414 Sale 441
__
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/
4
45
83 -41 -41511142General gold 6a
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1959 A0 48/
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37
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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
@FedFRASER