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07firtantial
The
INCLUDING
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 120.
runide
Public Utility Compendium
Railway Earnings Section
SATURDAY, JANUARY 3 1925.
gilt'(Chronicle.
Bank and Quotation Section
Bankers' Convention Section
'NO.3106.
so as to bring them in conformity with trade developments and modern requirements. The proposed
PUBLISHED WEEKLY
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CHICAGO Orrice—In charge of Fred. H. Gray, Business Representative,
tion 10 of the McFadden Bill, Section 5200 of the
19 South La Salle Street, Telephone State 5594.
LONDON Orricz—Edwards & Smith, 1 Drapers' Gardens. London.
It. C. Revised Statutes of the United States, which
preWILLIAM B. DANA COMPANY, Publishers,
scribes limits upon the loaning power of the national
Front, Pine and Depeyster S
, New York
banks,is very extensively and essentially altered and
Published every Saturday morning by WILLIAM B. DANA COMPANY, amended. The principal' change is in
the exception
President and Editor, Jacob Seibert Badness Manager, William D. Rigge ;
Treati.William Dana Seibert; Sec. Herbert D.Reinert. Addressee of all. OffIcitof Co.
to the limitations. At least one entirely new exception is made. We refer to gxception No. 9, which
The Financial Situation.
Mr. Dawes, in his lucid explanations, says "is new
We learn that that provision of the McFadden language," and then adds: "National banks at the
Banking Bill which, as noted in this article two present time are-engaged to a greater or lesser extent
weeks ago, it was feared might authorize the redis- in buying and selling investment securities. There
counting by the Federal Reserve banks of paper se- is no express power given in the national banking
cured by ordinary collateral is to be changed—at laws authorizing the conduct of this character of
least a recommendation to that effect has been made business. Nevertheless this is a form of service deto Chairman McFadden and Senator Pepper, who manded by banks, and it has come to be recognized
are respectively in charge of the House and Senate as a legitimate banking service." It is consideration
bills. If done, this will remove all objection on that of this exception in its bearing upon a subsequent
score to the McFadden Bill and will lift a load of part of the McFadden gill that has given rise to the
anxiet3r from the minds of those who saw a possibility misunderstanding in the presentinstance. Thus Secof irreparable harm to the Federal Reserve System tion 14 of the McFadden gill provides that the fourth
as a result of the incorporation in the law of the pro- paragraph of Section 13 of the Federal Reserve Act
vision referred to in the form as originally drafted. be amended to read as follows:
Of course there was no purpose to open the way to
"The aggregate of such notes, drafts and bills bearthe Federal Reserve banks for ordinary collateral, ing the signature or
endorsement of any one borbut there seemed genuine ground for apprehension rower, whether a person, company, firm
or corporalest the language of the bill be susceptible to a cOn- tion rediseonnted for any one bank shall at no time
struction that Might permit something of the sort, exceed 10 per centum•of tile unimpaired capital and
and it Was for that reason we deemed it incumbent surplus of said bank; but tie's restriction shall not
to point out this element of danger in order that apply to the discount of obligations which are excepted under Section 5200 of the Revised Statutes.of
steps might be taken to guard against anything so the United
States as amended, from the general limunfortunate before it was too late. The ambiguity.of itation to 10 per centum
of capital and surplus
language is ildiV to be removed—assuming the ac- therein required."
ceptance Of the substitute provision--by an express
The words here italicized appear to afford color
and unequivocal declaration that the paragraph in for the
suggestion that they might be implied as givquestion is not to be "construed to change the char- ing,
authority to rediscount paper secured by ordiacter or classes of paper now eligible for discount by nary
collateral, inasmuch as the new exception proFederal Reserve banks."
vided in Section 5200 of the Revised Statutes exThe M'cPadden Bill, while having for its primary pressly deals,
as we have seen, with investment seobject the Matter of dealing With the subject of curities.
Whether there would be conclusive warbranch banking, also contains a number of general rant for such
construction, taking the context of the
provisions, as previously stated by us, some of them bill as a whole, is
not of so much consequence as the
of no little Consequence. The general purpose here fact that Section
14 of the McFadden Bill is to be
sems to be to "liberalize" the national banking laws entirely rewritte
n and to contain, as already said, an
2
T H Ili CHRONICLE
•
[Vox,. 120.
made a report to
express declaration that there is no intention to tion of the Council of Ambassadors,
the Germane
that
claimed
was
it
which
in
make any changes in the classes of paper now eligible the latter
Versailles
the
of
nts
the
requireme
all
met
not
for discount by the Federal Reserve banks. In its new had
SaturLast
ent.
disarmam
of
matter
the
in
Treaty
form Section 14 of the McFadden Bill will provide
Secits
ed
"instruct
and
Paris
in
met
Council
the
day
Fedof
the
13
that the fourth paragraph of Section
GovernGerman
the
notifying
note
a
draft
to
retary
follows:
as
read
to
eral Reserve Act be amended
ment that the Cologne bridgehead would not be evac"No Federal Reserve bank shall discount for any
as stipulated in the treaty, on Jan. 10. The
member bank notes, drafts,or bills of exchange of any uated,
d Press cabled
one borrower in an amount greater than may be bor- Paris representative of the Associate
unanimous in
were
ors
Ambassad
Allied
"the
associathat
rowed lawfully from any national banking
and that
the
Revised
re-arming
of
was
5200
Germany
Section
ng
that
of
terms
recognizi
the
under
tion
Statutes as amended: provided, however, That noth- progressive withdrawal from the Rhineland must
ing in this paragraph shall be construed 'to change await further investigation of the interested Governthe character or classes of paper now eligible for dis• ments. There was a difference of opinion, however.
count by Federal Reserve banks."
as to the importance of the treaty violations and the
The foregoing, while expressly providing that the consequent menace to the security of the Allies." In
amendments made to other parts of the law shall not outlining the position of Great Britain and France,
be construed as making any change in the eligibility respectively, the correspondent said: "Great Britain
or the paper the Reserve banks are authorized to dis- seemed inclined to minimize specific cases of violacount, is deemed just as effective for attaining the tion reported by the Military Control Mission, alobject subject by the original provision, which is to though agreeing that further light must be had on
allow the Reserve banks to discount in excess of the this matter before a final decision was reached. The
10% limitation to precisely the Same extent that na- French and Belgians, on the other hand, regarded
tional banks themselves are permitted to make loans the alleged discoveries of newly prepared parts for
in excess of the limit, but the collateral must in the 40,000 machine guns, camouflaged in various ways,
first place be eligible. The substitute would hence as alarming. The stiff attitude of the French Govseem to furnish a solution of the difficulty.
ernment, which favored an immediate decision that
the Cologne bridgehead be held indefinitely pending
In commenting upon. European conditions, an absolute compliance with the Versailles Treaty by
effort was made in this article last week to direct Germany, surprised the diplomats in view of the
attention as little as possible to the seemingly dis- fact that Premier Herriot's foreign policy had been
turbing situation that appeared to be developing be- based largely on a Franco-German entente. This
tween Germany and the Allies, particniarly.France attity.de of the French is explained in political cirThe same attitude was maintained in dealing With cles as proceeding from a conviction on the part of
the question of France. paying her war debts to *the the Premier that responsibility for the so-called vioUnited States and. Great Britain'. It was the Christ- lations of the armament clauses of the treaty will be
mas week,'a time when men,are supposed to be espe- fixed upon the Nationalists of Germany, and that the
cially actuated by brotherly motives. *. Another week final reaction will favor the Social-Democrats in
haaPassed and the situation as to Germany and the Germany and facilitate the formation of an antiAllies has apparently not changed for the better, so Nationalist Government in Berlin."
far as disclosed in dispatches from theleading !capiIt, was to have been expected that the Germans
tale. In the meantime the,question of thepayment ,would not take kindly to the action of the Council of
of French war debts has been even more. tietively!dis- Ambassadors with respect to evacuation of the Cocussed. What is said to have occurred has not tended logne bridgehead. On Dec. 28 the Berlin representato spread a true Christmas spirit*,, to...saY . the tive of the New York "Times" cabled that "there is
least, although the sending .of..!. a note by .hitter disappointment in Germany because the Allies
French Finance . Minister Olementel .to Wash- refuse to evacuate the Cologne bridgehead on Jan. 10.
ington may pave the way' for a .betier. Mu- The Nationalists are shouting, told you so' at those
tual understanding, if not an , actual , seqlement. who thought the advent of M. Herriot to power in
In reviewing the events of the old year the New York France would mean the dawn of Franco-German rec"Tithes" representative in Paris'VerY SignifiCantly onciliation. The Liberals also are grievously disapobserved in a long cable message to hie paper on Dec. pointed. Everywhere one hears hard words for M.
31 that "the end of 1924 finds Europe,somewhat b,et- Herriot." Continuing, he said: "The Nationalists
ter off than twelve months ago, although itweuld be are already declaring that the Allied refusal to evaceasy to exaggerate the improvement. The bettee- uate means the deathknell of the Marx Government's
ment is declared to be material rather than moral, policy. They insist that it justifies the formation of
for, while undoubtedly the economics of the 'Conti- a new Government with the Nationalists in the
nent are in better shape, it would be indeed difficult ascendancy and that hopes of international conciliato detect any long Strides in' moral ,advancement in tion should be relegated to the ash-can. They scent
international relations." As a matter Of fact, Amer- the collapse of the Dawes plan as a consequence of
itan investors became somewhat alarmed and sold the Allied refusal and are already singing dirges
French and German Government bonds in sufficient over its grave. The anti-Nationalists, however, deamounts to depress the quotations'for those issues. spite their gloom at the continued occupation of CoIt was noteworthy that a week ago to-day'and again logne, still hold up their heads and are closing
on last Monday European currencies generally were their ranks for a renewal of the struggle of
strong. On each day sterling made a.neW high record! the German Republic against the return of the monfor the present movement. 'The same was true of; archy."
sterling again on Tuesday and yesterday.
In his account of the effect upon the Germans of
• It will be recalled that last week .the Commission
action of the Allies, the Berlin representative of
the
of Inspection, a body that proceeded under the direc.
JAN. 8 1925.]
THE CHRONICLE
a
the New York "Herald Tribune" said in
a cable mes- 10 was voiced byPresident Ebertin an addr
ess on New
sage the same evening that "economi
c reprisals Year's Day to a delegation of political
leaders headed
against the Allies, including a tariff war
against by Chancellor Marx. He was quoted in part
as say
France,for their refusal to evacuate the Colo
gne zone ing that "whatever be their political faith
, Germans
on Jan. 10 are being urged seriously
here. Both the everywhere are to-day one in their
feeling of bitter
Right and Left parties are united in this
demand, as disappointment and their consciou
snes
s of a new and
they are in vitriolic denunciation of the
Herriot and painful injustice. • Under pretexts with
which we ar6
Baldwin Governments." He even asser
ted that "not as yet unfamiliar and which we, there
fore, are nnsince the French and Belgian armies
marched into able to examine, but of the inconsiste
ncies of which
the Ruhr in January 1923 has such
a spirit of fierce we are all convinced, we are to be depr
ived of the sole
resentment and national bitterness anim
ated all sec- advantage vouchsafed us.in an imme
asurably options of the population and all shad
es of political pressive peace treaty—the evacuati
on of occupied
opinion as that unleashed by yesterday'
s decision of Germip soil." The New York "Tim
es" representathe Ambassador's Council in Paris
to refuse to quit tive said that "this condition, Pres
ident Ebert, obthe Cologne bridgehead." Word came
from Paris on served, was all tlie, more intolerabl
e because GerDec. 28 also that "Wilhelmstra
sse has instructed many was the only truly disarmed
nation in it Europe
Ambassador von Hoesch to request
the Allies to fur- bristling with armaments."
nish details and complete information rega
rding GerFrom the start it has been easy to see that the
many's failure to carry out its disa
Britrmament and de- ish were not in favor of taking the
same determined
mobilization obligations under
the Versailles stand as the French relative to the evac
uation of the
Treaty." The Associated Press repre
sentative added Cologne• area. The London repre
sentative of the
that "the Germans wish to know
the exact date and New York "Evening Post" cable
d on Dec. 30 that,
places where the Inter-Allied Military
Control Corn- "privately the British are annoyed
by the predicamission discovered hidden or camoufla
ged arms and ment in which they find themselves
. They dislike
just what arms they were. They also
wish complete the military occupation and are fearf
ul that the decireports in the Allies' possession concerning secre
t or- sion to delay evacuation may encourag
e a revival by
ganizations for the military training of youth in
the France of her policy of sanctions. Fore
ign Minister
Fatherland in collaboration with the Reichswehr."
Chamberlain in this regard is not much
different
Continuing, he said that "the Germans insist that
from Ramsay MacDonald, and their views are
widely
thousands of parts of semi-manufactured articles
shared." He added that "it has been held
all
along
which the press reports allege to be machine guns or
that 100% disarmament in Germany or
any large
rifles are really portions of entirely different objects
nation virtually is impossible and that Germ
any is
for purely peaceable articles." Herr Gessl
er, Ger- disarmed considerably more than 90%.
Technically,
man Minister of War,issued a statement "itemizi
ng vestiges of armament always can be foun
d and althe most important discoveries by the Allie
d Mill. ways can serve as pretexts when such
are needed."
tary Control," in which he indicated that many
of Continuing to discuss the British view, the
"Evening
the alleged "discoveries" were trivial and that
thP Post" correspondent said: "The evacuati
on of the
others, as already claimed, did not have to do
with Cologne area will be difficult before May
acco
rding
warlike preparations.
to belief in London official circles. The reas
on for
It became known in Paris on Dec. 29 that
"the the setting of that date is that it is doub
ted whether
draft of the Allied note to Germany was prep
ared to- the guarantee of French security on whic
h the withday and sent to the Allied Governments for
approval drawal depends can be envisaged
earlier. The deciprior to the meeting on Wednesday of the Conf
erence sion,to remain at Cologne is unpo
pular and the Forof Ambassadors, which will send the
document to eign Office is sparing no pain
s to make clear that it
Berlin. It is understood that the note point
s out that wants to get out as soon as possi
ble and intends no
statements made in the preliminary repo
rt of the harshness to Germany.• Concern
is being shown lest
Allied Military Control Commission in Germ
any are the decision cause an unfo
rtunate impression in
such as to justify the decision that Germ
any has not America, and it is admitted
informally that the faillived up to the military clauses of
the Treaty of Ver- ure of Germany to disa
rm is only an excuse, although
Haines, and therefore that the Allies
will not evacu- a legitimate one,for the
unavoidable choice. The seate Cologne on Jan. 10, whic
h will be five years after curity pact, in its
turn, awaits the outcome of the
the coming into force of the
treaty. The note adds Dominion Conferen
ce,• at which England will disthat the Allies will determin
e further action after cover to.what extent
her overseas children are willing
study of the complete military
report, which is ex- to commit themselv
es on a guarantee for France
pected about the middle of Janu
ary."
against German aggression. As that
The New York "Times" correspo
conference does
ndent added that not convene until Marc
h and must lead either to some
"Colonel Logan, American observer
on the Repara- pact outside the League
of Nations or an amendment
tions Commission, authorizes
a categorical denial of the League proto
col, which then will have to be
to-day of an agency dispatch from
Washington, car subject to diplomat
ic discussions, the British are not
ried by all Paris papers today, saying Secretary sanguine about evac
uation of the Cologne bridgehead
Hughes had instructed Mr. Loga
n to call the Allied before May, if then. It
is said in political quarters
Governments' attention to the dang
er to the Dawes that it was well understo
od at the London Conte:plan in the continued occupation
of Cologne. Mr. ence,that the British woul
d remain at Cologne until
Logan takes the position that the
affair is none.of the French left the Ruhr, and
that this would be preAmerica's business, and that it woul
d only muddy ceded by a pact guaranteeing
French security."
the water for the American Government
to intervene
between the Allies and Germany in the disa
rmament
In the developments in Paris and
issue, on which the Allies are unanimou
Washington last
s."
week there were distinct indication
s that France was
The feelings of the Germans over the decis
ion of the not contemplating the Making
of
Allies not to withdraw from the Cologne area
on Jan. to pay her war debts to the Unit arrangements soon
ed States in full. In
4
PRE CHRONICLE
[vol. 120.
It was naturll that this situation should have been
fact, Jule* J.-Jusserand,the retiring French. Ambased by exaggerated reports and by outsiders
aggravat
besador to this country, was quoted in an address
reports came to Washingfore a Currents Events Club as sating his country taking a hand in it. Such
principally European capishould be given a moratorium with respect to her ex- ton from various sources,
evening of Dec. 28 the Washington
ternal war debts. Naturally, this caused wide, and tals. On the
York "Times" sent word
in this country, unfavorable discussion, and a state- representative of the New
Department to-night auState
"the
ment credited to Premier Herriot that the Ambassa- to his paper that
of reports reaching
denial
cal
unequivo
an
dor had not been authorized by the French Govern- thorized
y Hughes had
Secretar
that
effect
the
ton
ment to negotiate with the United States with re- Washing
to repin
Europe
dors
Ambassa
n
America
ed
instruct
spect to the payment of war debts.
Dawes
the
that
ents
Governm
Allied
the
to
resent
soin
a
The biggest bomb, however, was found
peaceful settlement of the
called "balance sheet of France," which M. Clemen- plan is dependent on the
Cologne and Ruhr evacuation question." It was
tel, the Finance Minister, laid before Parliament
authorized by the State Deweek ago to-day. The Paris correspondent of the claimed that "the denial
to sweep aside all these
enough
New York "Times" cabled that evening that in that partment was broad
Secretary Hughes had
that
stated
was
It
document "the del-t of France to the United States reports.
r
on the subject to our
ions
whateve
instruct
no
and Britain is not set down,as are other liabilities of sent
It
been made plain both
has
abroad.
tatives
represen
the Government. In the column of liabilities, oppoDepartment during
the
State
and
House
White
the
at
to
an
given
is
site the item of foreign debts, reference
that this Government is maintaining
accompanying memorandum." He added that "part the last week
aloofness in the matter of the bridgeof this memorandum, which fills 300 pages, explains an attitude of
on controversy." The "Times" disthat the French Government does not expect France head evacuati
"the question of the evacuation of
that
to have to pay the total of these obligations, and sets patch added
ads is one, high officials assert.
bridgehe
forth the grounds on which she will seek a reduction the Rhine
States has no official concern.
United
the
which
from America and Britain." According to the in
is naturally interested in
ent
Governm
the
While
"Times" dispatch also, "little prospect of early prothe welfare of Europe, it
affect
may
that
g
anythin
posals to Washington is contained in a statement by
has an official right to make repM.Clementel, the Finance Minister, that France can- does not feel that it
these officials say."
not consider pledging her budget annuities for the resentations on the subject,
of the Washingdirector
l
editoria
George Harvey,
benefit of Britain and America until reconstruction
n
Ambassador to
America
formerly
has been completed and until Germany shall have ton "Post" and
28 issue of
Dec.
the
for
l
editoria
an
wrote
made large reparations payments." It seems that England,
n, in
situatio
debt
war
French
the
on
paper
"the Government sets forth that France owes the that
ent
Governm
French
the
d
criticize
severely
he
United States $2,933,655,231 96, plus $650,000,000 which
AmbasFrench
retiring
the
d,
Jusseran
J.
Jules
and
interest. This so-called political debt and foreign
States. The editorial has been
commercial obligations are not being considered in sador to the United
American newspapers, even
the Government report. The Government debt to as severely criticised by
Republican supporter as the New
Great Britain is £445,000,000, plus £174,000,000 in- such a staunch
"
Tribune.
terest." In further outlining the position of the York "Herald
States Senate on Dec. 29,
United
the
in
In a speech
French Government, M. Clementel said: "This
vania was quoted
Pennsyl
of
Reed
H.
David
technical exposition of the elements which constitute Senator
Senate should
States
United
"the
that
g
declarin
our debt to the United States and Britain doesn't as
vigorous
a
protest
voicing
without
adjourn
seem, however,sufficient to justify a brutal addition not
French
Governthe
of
n
intentio
t
apparen
the
against
to
to our liabilities of the sums which it seems repree its war debt to the United States."
sent. The question of a settlement of our debts to ment to repudiat
"Times" representative added in a
Britain and America has just raised the general prob- The New York
later the same day that "unexpaper
lem of inter-Allied debts, an examination of which dispatch to his
emphatically for that reamore
the
all
has not yet been seriously taken up because of the pectedly, and
Government with
French
the
of
attitude
uncertainty existing from a lack of accord among the son, the
the United States
to
ness
indebted
war
its
to
e
referenc
Allies on ways and means of the payment of reparain Washington
stage
political
the
of
centre
the
took
t
tions by Germany. The inter-Allied debts represen
and
ration
House
the
Administ
Senate,
the
in
-day
ts
to
the
movemen
an exchange of resources, and register
said:
he
the
"Behind
further
still
Going
."
quarters
funds
the
another
to
which took from one country
equally
and
critical
Senate
the
France in
which each in its sphere could supply. If we aban- criticism of
the House lay the obvious suspicion that
in
t
commen
from
matter
the
on
look
and
don the juridical plane
Government contemplates repudiating
the higher view of co-operation and fairness; strict the French
ons to this country. While offiobligati
time
justice would seem to demand a general pooling of its warration were careful to avoid
Administ
the
of
war expenditures and their allotment among the cials
hed questioning France's imapproac
that
g
anythin
Allied States proportionately to the riches of each
n to pay all she owes to
an
intentio
of
promise
plied
enar
one, and without taking count of the particul
drawn
was
e
from their discusilferenc
the
,
America
immoment
the
of
gagements which tile necessities
n
situatio
that
the matter of
debt
French
the
of
sion
an
equality
realized
posed. Thus only would be
the Prench Government for a clear
among all in the total of sacrifices. And if the con- calling upon
purposes with resrect to refunding
tribution of each State to the common victory could statement of its
Government is under considerathis
to
not be weighed against the blood which was spilled, its war debt
was said in informed quarters,
what
on
Based
at least France could hope that the rank she occu- tion.
been
has
created in some minds that
on
impressi
pied on the long list of sorrows and devastations the
not
were
averse to having the subject
officials
certain
would give her the right to legitimate concessions in
of Congress."
halls
the
in
frankly
aired
the domain of compensations."
1
JAN. 3 1925.]
THE CHRONICLE
The Washington Government has let it be known
throughout this controversy that it will stand firmly
for the payment by France of her war debt to the
United States. On Dec. 30 it was asserted in a special dispatch to the New York "Evening Post" from
the National Capital that "the Coolidge Administration will advise officially against further extension
of private credits to France only after a careful
scrutiny of that Government's plans for payment of
its debts and of the purposes for which any future
loans are to be used." According to the dispatch,
"this was made known at the White House to-day by
a spokesman from the President." The correspondent added that, "despite the desire to give France
the benefit of the doubt,it was made clear the Administration will be alert to utilize this powerful weapon
if it becomes necessary. Definite indication by the
Herriot Ministry that it held the views expressed by
Finance Minister Clementel might bring this pressure into play. The President's willingness to let it
be known that this form of influence was contemplated revealed how serious the Administration regarded any intimation by France that it would not
pay in full."
been given to the French that before a final-settlement is made of the distribution of the German annuities there must be some understanding as to the attitude of France, which will go further and be clearer
than that expounded by M. Clementel's inventory of
the French position or in the notes of explanation
sent yesterday to London and Washington." The
Associated Press correspondent at Paris said that
"the prospect that the Dawes plan may be utilized as
a basis for a settlement of the French war debts and
those of the other Allies created even more interest
than the identic note which France and Great Britain are sending to Germany regarding the postponement of the evacuation of Cologne, originally set for
Jan. 10. M. Clementel's declarations on the subject
moves one publication to remark: 'These declarations coming on the eve of the conference of Finance
Ministers, are bound to produce an important reaction in the United States and in the European debtor
countries.'"
Although no official statement had been issued as
to the terms that the French Government would offer
for a settlement of her debts to the United States, the
Paris correspondent of the New York "Herald TribIt was made clear in Paris cable advices that after une" cabled on
Dec. 31 that "France has made an
French Government officials became aware of the informal suggestion
to Ambassador Herrick regardeffect produced in the United States by their state- ing the funding of the
$4,000,000,000 war debt which
ments relative to war debts they were more or less she owes to the United
States, in reply to informal
apprehensive and endeavored to modify their or- queries made by the
Ambassador in the friendliest
iginal statements. Finance Minister Clementel, for spirit. According to
the view of Premier Herriot,
instance, in trying to explain the position he took France agrees that negotia
tions are possible on the
originally in his budget statement, dictated the fol- following basis: First,
a moratorium of ten years;
lowing: "It never has been my intention to present second, protracted
installments over a period of possuch a solution as a pooling of war debts and their sibly 68 years, with a small
rate of interest—the latpayment according to the riches of the Allies. That ter contingent on Germa
ny fulfilling her obligawas included in my report merely to show that there tions." The corres
pondent declared that "these prois a section of French public opinion that believes visions were
suggested in the memorandum which
such a solution would be equitable. But I never have Premium Herrio
t handed to Ambassador Herrick
sponsored this proposal and certainly would not ad- during the latter's
visit to the Quai d'Orsay, and
vocate it when the debt problem comes up for discus- which the latter undoub
tedly has cabled to Washingsion. That should have been plain to American read- ton. The Herrio
t note was not in the form of an
ers, had they read carefully the other paragraphs of official commun
ication direct to the United States,
my report, in which I gave the strongest assurances but in
reply to Mr. Herrick's inquiries and destined
possible that France does not intend to repudiate for the Ambass
ador himself. While all official interany of her debts or contracts, and that her signature change
s on the debt question are being guarded as
will always be considered sacred."
secrets, the 'Herald Tribune' is able to throw this
much light on what has transpired."
It became known both in Paris and the United
The Washington representative of the same paper
States on Dec.31 that Col.Logan would represent the sent
word Wednesday evening also that "developUnited States at the conference of Finance Ministers ments
in the Franco-American debt question to-day
soon to be held in Paris, but that he would have no
forecast the early receipt here of a definite proposal
authority to negotiate with respect to Allied debts from
Paris for the refunding of France's war obligato the United States. The same day the Paris repretions to the United States. The American State Desentative of the New York "Times" cabled that partme
nt has been kept completely informed on the
"though the question of France's debt to America
conversations had by Ambassador Herrick at Paris
and England will not appear on the agenda of the
with Premier Herriot and with M. Clementel,
the
Finance Ministers' conference which meets here in
French Minister of Finance, and the French EmJanuary, it will be discussed in private meetings of
bassy likewise has been informed of these discusFrench Ministers and British representatives." M.
sions. The French position is understood to be
that
Clementel, the French Finance Minister, was quoted
France's creditors should deal with her in
the same
as saying "we can scarcely avoid such a discussion
manner as the Dawes program provides for
Germany
and we know Winston Churchill at least is prepared
—that is, that France's ability to pay be
made
the
to have a frank exchange of views on the subject."
primary basis for any refunding proposi
tion."
Continuing, the "Times" correspondent said that
The following taken from a Paris
Associated
"even though Colonel Logan's instructions will not
Press dispatch of yesterday's date contai
ns the most
allow him to take part in these discussions, Mr. definit
e statements of an authoritative
character relChurchill, as a member of his Government, will have
ative to the debt question that have been
made availfull authority to carry any debt settlement conversaable: "The French Foreign Office to-d
ay confirmed
tions as far as possible and a sufficient hint has
reports that negotiations had been opened
between
6
HE CHRONICLE
[Vor,. 120.
Finance Minister Clementel and Andrew W. Mellon, press, not excepting papers of his own party, assail
Secretary of the United States Treasury, regarding Premier Herriot, accusing him of attacking the lib,
the funding of the French war debt. A note signed erty of the press. The editors do not fail to mention
by M. Clementel went forward Tuesday. It sug- that only last week the Government brought suit
gests a ten-year moratorium and gives an indication against the Nationalist ‘Liberte' on a charge of ex,
regarding what the French Government thinks aggerating the dangers of Communism in France,
France might be able to do in the way of payments. The 'Eclair' is accused under the espionage law of
Although the note is signed by the Minister of Fi- publishing documents threatening the safety of the
nance, instead of by Premier and Foreign Minister State. The writers take the position that the publiHerriot, it is admitted by the Foreign Office it con- cation of the Nollet report might endanger the Gertains the first tangible propositions France has made man State, but certainly could not endanger France
toward a settlement. It is thought in official circles Thefact that Emile Bure, editor of the 'Eclair,' was.
M. Clementel's note cannot afford the basis for an formerly Private Secretary to M. Briand, and the
actual settlement, b.ut that it will open a discussion 'Eclair' generally is considered as speaking for Brithat may lead to a final agreement. It is understood and, who is expected to succeed Herriot, naturally
a similar note, with similar propositions, has been adds some piquant sauce tp the stew." Going still fursent to London concerning the funding of the French ther into the situation, the correspondent said that
debt to Great Britain. The meeting of the Allied "the hurricane of criticism reached the sickroom of
Finance Ministers to consider division of the German M. Herriot this morning, and this afternoon he isreparations payments has been postponed a day. It sued a statement in the form of a reply to a letterfrom Etienne Naleche, head of the Paris Publishers'
will begin Jan. 7."
the
Association, saying that M. Herriot was moving
of
ve
Associated
The Washington representati
forall traditions of French republicanism, which
that
"France's
against
evening
last
Press also sent word
of the press among the most precious
freedom
of
her
warcounts
settlement
for
plan
a
of
mal submission
time debt to the United States has put a new face on guarantees of justice. M. Herriot declares it is not
what hitherto has been a highly troublesome situa- a question of freedom of the press, but says that since
tion. The Washington Government desires for the he has been in power he has been frequently embarpresent to make no comment on the step, pending a rassed by indiscreet publication of documents. He
careful examination of the French note, but there is refers to the publication of the London minutes by
manifest gratification that the settlement discus- the 'Eclair' and says the Nollet report was intersions have produced at least a concrete proposal Allied and secret, and therefore it is proper for the
from Paris. There is much gratification, too, over Government to prosecute for its publication."
Premier Herriot won a victory in the Chamber of
simultaneous reports from London that Great Britain might look with approval on a Franco-American Deputies on Dec. 29, "when, after two hours of desettlement giving Paris more lenient terms than bate, a motion to postpone discussion of the Governthose accorded London in the Anglo-American Agree- ment's action in bringing criminal action against thement. These reports, however, still lack official con- editor of the 'Eclair' was carried by 302 to 0, the Opposition refraining from voting. Had the Oppositiotn
firmation."
until
Jan.
recess
in
be
voted, the ballot would have been very unequal."'
will
Parliament
The French
New York "Times' correspondent explained that
o'clock
7
at
that
The
date
to
taken
was
t
Adjournmen
13.
New Year's morning. The Associated Press corre- "the result is to postpone debate until Premier Her-spondent in Paris said that"the early morning hours riot, who is now ill, can defend his action in person.
passed in bringing about an agreement on pending Since the Chamber adjourns'to-morrow until Jan.13,.
measures, the passage of which was necessary before this means two weeks' delay."
the beginning of the new year. An important measThe problems with which Premier Mussolini has.
ure on which agreement was reached was that for
to contend were only added to and complicated
the
Ministry
between
had
agreement
the
of
ratification
publication by Cesare Rossi of a memorandum.
the
the
of
respecting
by
Bank
France
the
and
Finance
of
disposition of the recent American loan of $100,000,- "in which Premier Mussolini is painted as a master
000. The Chamber yielded in the dispute, accepting criminal of 'violent and sanguinary temperament,'plotting to murder his political opponents one by
the Senate's text."
one." The New York "Times" correspodent in Rome Premier Herriot of France got himself into still declared that this "is the axle round which the inmore political hot water "by bringing criminal ac- ternal political situation revolves." Continuing, he tion against the newspaper 'Eclair' for publishing said that "the Opposition naturally considers the yesterday morning [Dec. 27] a report made to Mar- memorandum positive proof that Italy is at present
shal Foch by General Nollet last April, when the lat- being governed by a gang of criminals, and loudly ter was head of the Allied Military Control Board in calls upon Mussolini and all his collaborators to reGermany, and written just before he became Minister sign and let justice take its course. The Fascisti are of War. In the report General Nollet bitterly ac- equally explicit in declaring that the memorandum
cused the Germans of wholesale violation of the dis is a malicious invention of the Opposition press, and
armament clauses of the Treaty of Versailles and insist that the Government should have the leaders
said the whole Reich was boasting it had a greater of the Opposition and editors of the Opposition press
army than allowed by the treaty." It was further arrested and placed on trial for spreading false news
explained that "on the previous day the 'Eclair' pub- apt to disturb the public order."
Evidently feeling the need of support, on Dec. 29
lished minutes of a meeting in June between M. HerMussolini, in the presence of about 100
the
French
put
"Premier
which
MacDonald
Ramsay
and
riot
Fascist editors and publishers, including members
Premier in a bad light."
The New York "Times" representative in the of the Senate and Chamber of Deputies, inaugurated
French capital said that "to-day the entire Paris the first meeting of the Fascist press." According to •
J.31925.]
THE CHRONICLE
a Rome dispatch, "after an enthusiastic greeting the
Premier delivered a speech in which he said the electoral reform bill which he recently presented to Parliament was intended to offer the Fascisti an opportunity for a new and decisive victory, leading to further development of the Fascist revolution. He was
given an ovation at the conclusion of his address."
The Premier was quoted in part as follows: "This is
the first of a series of meetings which will show the
indestructible power of Fascism. With the Fascist
press is begun a series to be followed by the Fascist
militia, then by the Grand Fascist Council at the beginning of February. Precedence is given by the
Fascist leadership to your task. You possess the instruments for forming Fascist public opinion, which
affects the general public opinion. In the movement
of a crisis, as you know, the newspaper becomes the
arm which multiplies the strength of ideas. The period of high political tension toward which we are
going makes it the duty of the party press to engage
itself thoroughly and capably in all its capacities.
With my uninfluenced decision of Dec.20 in presenting the electoral bill I offered the Fascist Party a
way of engaging itself and conducting a winning
campaign, in the certainty that it will win when the
hour comes for a new battle."
According to a special cable message from the
Rome representative of the New York "Herald Tribune" on Dec. 3, "a rumor spread quickly to-day that
the Government was contemplating resigning following a hurried and unexpected call by Premier
Mussolini for a Cabinet meeting. The report was
accelerated by the resignation of Signor Salandra
from the budget committee. It was reported that the
Liberals were abandonnig the Government to its
fate." It was added that,"however, the Cabinet met
and there were no resignations, Mussolini convincing
his Ministers that only through unity could the country be saved from disastrous consequences. Salandra also made public the explanation for his resign&
tion, saying that it had been sent in when the year's
work on the budget had been completed, which was
the usual Parliamentary procedure."
According to a United Press cable message from
Rome last evening,"increasing disorder and sporadic
clashes between Fascisti and their opponents marked
arrival of the New Year in Italy." It was added that
"the Mussolini Government, whose difficulties increase with each outbreak, has prohibited all Fascista parades and gatherings, including a proposed
meeting here on Sunday. To-morrow Mussolini will
address the Chamber of Deputies, re-emphasizing the
stern resolve of the Government to maintain order."
7
Owing to delays incidental to the Christmas
celebrations the regular weekly statement of the
Bank of England for the week ending December 24,
did not make its appearance until Saturday last,
December 27. The principal features of the report
were an addition to gold stocks of £12,754, a decline
in reserve of £4,235,000, and a lowering in the ratio
of reserve to liabilities of 4.39% to 14.68%. Yesterday (Friday), the Bank made public its statement
for the final week of the year ending with Dec. 31.
Changes, which reflected the full brunt of the yearend settlements, were exceptionally striking. Note
circulation, however, recorded a reduction of £1,456,000, as against an increase the previous week of
£4,248,000. As a result reserve expanded £1,492,000,
although the proportion of reserve to liabilities sustained further shrinkage, falling to 11.48%, as compared with 14.68% last week and 19.07% for the
week of December 18. A year ago the ratio stood
at 12 8% and 1923 at 137
4%. Gold holdings
indicated an increase of £35,633, bringing the total
up to £128,560,000 as compared with £128,058,002
a year ago and £127,493,190 in 1923. In public deposits there was a decline of £6,341,000. "Other
deposits, on the other hand, registered an increase
of no less than £54,499,000, while loans on Government securities expanded £26,660,000 and loans on
other securities £20,010,000. Reserve aggregates
£18,181,085, against £20,287,237 in 1924 and £21,889,730a year earlier. Note circulation is now £128,296,000, against £127,520,765 last year and £124,053,460 the year prior to that, while loans amount
to £103,600,166, in comparison with £108,966,150
and £94,203,674 one and two years ago, respectively.
No change was made in the official discount rate
from 4%. We append herewith comparisons of
the different items of the Bank of England return
for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1924.
1923.
1922.
1921.
Dec. 31.
Jan. 2.
Jan. 3.
Jan. 4.
Jan. 5.
Circulation
128.298,000
Public deposits
8,511,431
Other deposits
165,779,953
Govt. securities
68,579,363
Other securities
103,600,186
Reserve notes dc coin 18.181,085
Coin and bullion_128,560,002
Proportion of reserve
to liabilities
11.40%
Bank rate
4%
127,520.785 124,053,460
13,434,631 12,916,951
150.193,259 144,861,721
52,262,032 59,858,031
108,966,150 94,203,874
20,287,237 21,889,730
128,058,002 127,493,190
12A%
4%
133'%
3%
125,694,450
17,118,299
174,903,528
68,751,987
120,020.236
21,195,490
128.439,940
131,589,260
16.719,245
154,987,508
89,760,831
84,729.122
15,185.800
128,285,080
11%
5%
8A%
7%
The following is the Bank of England's return for
the previous week which could not be given by us in
our issue of last Saturday because owing to the
Christmas holidays the figures were not made public
until Saturday morning instead of the customary
time Thursday:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
No change has been noted in the official discount
1924.
1923.
1922.
1921.
1920.
rates at leading European centres from
Dec. 24.
Dec. 26.
Dec. 27.
Dec. 28.
Dec. 29.
10% in Berlin, 7% in Paris and Denmark; 6/
129,752.000 128.142.780 124,877,870 128,520,245 132.851.150
1
2% in Norway, Circulation
Public deposits
5/
1
2% in Belgium and Sweden;5%
14,852,000 15,682.105 13,323,799 16.057.335 14.304,787
in Madrid;4/
1
2% Other deposits
111,281,000 116.779.958 119,903,432 106,532,000 175,554,567
in Holland,4% in London and Switze
Governm't securities 41,919,000 49,604.532 51,987,900 38,981,987
rland. In Lon- Other securities
107,884.798
83,590.000 81,072,961 78,158.131 83.184,909 86,028,242
don the open market discount rate was a
little lower, ReserVenotes &Coln 18,508.000 19.688,602 21,015,337 20,364.114 13,886.520
Coin and bullion
at 3/
1
2@37
/8% for short bills, against 37
/8@4%, but Proportion of reserve128,424,617 128,019,382 127,443,007 128,434.359 128,267,670
higher for three months' bills at 3 13-16@4%,
14.60%
14%
15%
against to liabilities
188%
73(%
4%
4%
3%
$ 13-16@3V8% a week ago. Money on call at the Brit- Bank rate
5%
7%
ish centre was easier for a time, dropping
to 17
The Bank of France in its statement this week
/870)
but closed at 2%7
0, as compared with 2V8% last shows a further
small gain of 84,000 francs in the
week. In Paris the open market discounts remain
ed gold item. The bank's aggregate gold holdings are
at 61/
4% and 3% in Switzerland, the same as the prethus brought up to 5,545,202,925 francs, comparing
vious week.
with 5,540,493,091 francs at the corresponding date
last year and with 5,534,980,159 francs the year
THE CHRONICLE
8
before; of the foregoing amounts 1,864,320,907 francs
were held abroad in both 1925 and 1924 and 1,864,344,927 francs in 1923. During the week, increases
were registered in the various other items as follows:
Silver, 220,000 francs; bills discounted, 673,378,000;
francs; advances, 8,386,000 francs; and general deposits, 654,566,000 francs. On the other hand,
Treasury deposits fell off 1,292,000 francs. Note
circulation took a favorable turn, a contraction of
281,213,000 francs being recorded. The total now
outstanding is therefore 40,322,752,000 francs, contrasting with 39,114,032,080 francs at this time
last year and with 37,426,593,895 francs in 1923.
Just prior to the outbreak of war in 1914 the amount
was only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement of last week and corresponding dates in both
1924 and 1923 are as follows:
counts were reduced $19,300,000 at New York, but
in the combined report remained at $2,220,000,000,
as compared with $2,222,000,000 last week. In
consequence of reduced deposits and increases in gold
holdings reserve ratios rose to 74.6% at New York,
a gain of 3.5%, and to 73.0%, 2.5% up, for the
banks as a group.
RANK OF FRANCE'S COMPARA1IVE STATEMENT.
Status as Of
Changes
Jan. 1 1925. Jan. 2 1924. Jan. 3 1923.
Week.
Francs.
Francs.
Francs.
Francs.
Cold Holdings—
84,000 3,680,882,018 3,676,172,183 3,670,635,232
Inc.
In France
1,884,320,907 1,864,320,907 1,864,344,927
No change
Abroad
JOT
84,000
Inc.
Total
220,000
Inc.
Silver
673,378,000
_Inc.
_
Bills discounted_
Inc. 8,386,000
Advances
Note circulation_ _Dec.281,213,000
Treasury deposits-Dec. 1,292,000
General deposits--Dec.654,566,000
5,545,202,925
305,924,000
5,914,070,000
2,938,601,000
40,322,752,000
18,228,000
2,613,937,000
5,540,493.091
296,659,895
4,263,820.493
2,395,281,422
39,114,032,080
16,219,211
2,568.567,056
5,534,980,159
289,608,345
3,444,235,358
2,108,132,480
37,426.593.895
64,024.852
2.473,646.426
In its statement, issued as of Dec. 23, the Imperial
Bank of Germany reported a heavy addition to note
circulation, but a falling off in loans from Rentenbank. Holdings of bills of exchange and checks fell
off 119,199,000 marks. Deposits held abroad de.
dined 14,115,000 marks. Among the increases were
7,154,000 marks in reserve in foreign currencies,
3,459,000 marks in the holdings of notes on other
banks, 6,949,000 marks in advances, 41,823,000 marks
in note circulation and 10,565,000 marks in other
liabilities. Other maturing obligations declined 165,896,000 marks and loans from the Rentenbank decreased 25,494,000 marks. Other assets fell 55,165,000 marks and silver and other coins 3,345,000 marks.
Gold and bullion expanded 21,461,000 marks, to 717,646,000 marks. Note circulation Dec. 23 was 1,765,049,000 marks. The above totals are given in gold
marks, each gold mark being the equivalent of a trillion paper marks.
The statements of the Federal Reserve banks for
the final week of 1924, issued yesterday afternoon
(Thursday was a holiday) were featured chiefly by
additions to gold holdings both locally and nationally,
and large reductions in rediscounting operations, together with a decline in the volume of Federal
Reserve notes in circulation. For the combined
System gold increased $24,000,000. Rediscounts of
Government secured paper fell $52,000,000 and
"other" bills decreased $29,900,000, while holdings
of bills bought in the open market were reduced
$2,400,000. Earning assets were reduced $82,500,000, but deposits remained almost stationary, declining only $500,000. Federal Reserve notes in actual
circulation were.reduced $79,000,000. At New York
striking changes were also noted. Gold reserves rose
$28,600,000. Rediscounting of all classes of bills
showed a contraction of $52,800,000. Open market
purchases declined $2,900,000. Earning assets decreased $55,200,000 and deposits $11,500,000. The
amount of Federal Reserve notes in circulation fell
off $7,400,000 smaller. Member bank reserve ac-
[VoL.120.
Saturday's statement of New York Clearing House
banks and trust companies was featured by smaller
deposits and restoration of a substantial surplus reserve as a result of a decrease in deposits and a
large increase in the total of their reserves with the
Federal Reserve Bank. In net demand deposits there
was a reduction of $28,495,000, to $4,736,421,000.
This total is exclusive of $23,250,000 in Government
deposits. Time deposits likewise fell off, the decrease being $5,529,000, to $594,106,000. The loan
item expanded $5,674,000. Cash in own vaults of
members of the Federal Reserve Bank increased
$490,000, to $64,552,000, which, however, is not
counted as reserve. Reserves of State banks and
trust companies in own vaults increased $536,000,
and the reserves of these institutions kept in other
depositories increased $332,000. Member banks increased their reserves at the Reserve institution $35,668,000, and this coupled with lessened deposits
served to bring about a gain surplus reserve of $40,385,680; not only wiping out last week's deficit, but
leaving excess reserve of $25,366,150. The above figures for surplus are on the basis of legal reserves of
13% for member banks of the Federal Reserve System, but do not include cash in vault to the amount
of $64,552,000 held by these member banks on Saturday last.
2%
1
A renewal rate of 5% and a loaning rate of 5/
for call money were recorded in the local money
market this week. Still the turn of the year was
made with less disturbance to the money market than
had been predicted in some circles, particularly in
view of the unusually large disbursements. It was
regarded as significant that, while the renewal rate
2%
1
was higher on Wednesday, there was a drop to 4/
before the close of the business day. Yesterday call
2%,
1
money renewed at 5%, but soon declined to 4/
and later to 4%. It is expected to be correspondingly easy during the coming week.
Most authorities believe, however, that call
money will rule higher during the early months of
this year than during the greater part of last year.
This expectation naturally is based on predictions of
an increased demand as a result of greater activity
in business. It is realized also that large sums of
money already have been loaned during the last two
months that were not employed previously. The
advances in prices, particularly of securities, make
it necessary to borrow larger sums than when the
lower levels obtained. Generally confident predictions of a big volume of business this year are being
made by leaders in all lines of business activity.
Under these conditions it is perfectly logical to expect a more active and a higher money market. Time
money is firmer already at 4% for all periods.
As to money rates in detail, loans on call covered a
range during the week of 4@5%,as against 23/2(4)
5% a week ago. Monday a high figure of 52% was
quoted, although renewals were made at 4%, which
was the minimum. On Tuesday call funds renewed
JAN. 3 1925.]
THE CHRONICLE
9
at 5%; the low was 5% and the high 514%. The has been reached since the "peg" was removed
from
range on Wednesday was 432@5% with 5% the ruling sterling on March 20, 1919. While the advance
was
rate. Preparations for the enormous Jan. 1 dividend directly attributable to buying sterling to
of
pay interand interest disbursements were chiefly responsible est on American securities held abroad,
it was none
for the stiffening. Thursday was s holiday (New the less remarkable in that it
was accomplished in
Year's Day). Firmness was still in evidence on the face of heavy purchases of grain
and cotton at
Friday and the range was 4@5%, with 5% the re- high prices by British interests, rising local
money
newal basis. For fixed date maturities the undertone rates and unsettling rumors from abroad
suggesting
was firm, but as offerings were in larger supply, possible interference with the working
out of the .
actual quotations remained about the same. Daws' Plan for collecting reparations. At
all times,
Towards the latter part of the week sixty-day money however, the demand for sterling was
equal to, if
advanced to 33%, against 334@3%%, and ninety not in excess of the supply, and as the buying
emandays to 3%@4%, against 397
0, but four, five and ated from wholly responsible sources, it once again
six months loans were not changed front 3%@4%. brought up the question of a speedy return
to par.
Trading was dull and featureless. Brokers look for Dealers are now predicting that
before long an
a relaxation in rates shortly, since it is believed that official announcement will be made by
Great Britain
a large part of the money paid out in dividends will announcing the full re-establishment
of the gold
find its way back into the banks.
standard. It is noteworthy that since the commenceMercantile paper rates were not changed from 33/ ment of the upward movement in the early
part of
@,3%% for four to six months' names of choice char- October there has been an advance of approxim
ately
acter, with 3%@4% required for names not so well 27 cents in the pound. At 4
the pound is
743/2
known. The turnover was moderate, with most of within less than 3% of parity.
A factor that may
the business passing at 33
4%. Country banks were restoration of parity for sterling sooner than seems
the principal buyers. New England mill paper and warranted by actual conditions
in England is the
the shorter choice names were dealt in at 33/2Yo.
growing number of European countries whose curBanks' and bankers' acceptances ruled at the levels rencies have been restored to a gold
basis. Some of
current last week. The market was steady but quiet, the recent buying is accredited to
London banks
as is usual with a rising call rate. A falling off in de- who feel the necessity of prompt action
if the prestige
mand was noted, while offerings were also smaller. of the British pound is to be maintain
ed. Be this
For call loans against bankers'acceptances,the posted as it may, the fact remains that
there has been an
rate of the American Acceptance Council moved still almost constant withdrawal of London
balances
higher, reaching 4% yesterday, against 3%% a week from New York banks in recent weeks.
On Wednesago. The Acceptance Council makes the discount day, as was to be expected, pre-holid
ay dulness set
rate on prime bankers' acceptances eligible for pur- in and this with a certain amount
of profit taking
chase by the Federal Reserve banks 3% bid and caused a slight setback. With the
resumption of
27
4% asked for bills running for 30 days, 3%% bid business yesterday London sent higher
cable rates,
and 3% asked for bills running for 60 and 90 days, and this, combined with a falling off in
local offerings,
3%% bid and 33.4% asked for bills running 120 days, sent prices up to the highest point of the
week. No
and 3%% bid and 3 8% asked for bills running 150 striking increase in activity was noted.
and 180 days. Open market quotations follow:
Referring to the day-to-day rates, sterling exchange
•
SPOT DELIVERY.
on
Saturday last was firm and fractionally higher,
90 Days.
60 Days.
30 Days
Prime eligible bills
334©3
so that demand sold at 4 707
3©234
3463
4@4 71 15-16, cable
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible mejpS banks
34 bid transfers at 4 71%@4 72 7-16 and sixty days at
Eligible
ember banks
SH bid 4 68%@4
69 7-16; trading, however, was dull and
narrow. On Monday demand bills shot up to 4 733..
here have been no changes this week in Federal
The highest point in five years, mainly on buying
eserve Bank rates. The following is the schedule
incidenta
l to Jan. 1 payments to be made on foreign
of rates now in effect for the various classes of paper
holdings
of American securities; the low was 4 725
%,
at the different Reserve banks:
while
cable
transfers
ranged
between
4
723'@4
7334
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
and sixty days between 4 703/s@4 703
JANUARY 2 1926.
41 Increased
strength .developed on Tuesday and there was a
Payer Maturing—
further advance to 4 73@4 73% for demand to
After 00 After 6
Days, but
but
4
733@4 733/i for cable transfers and to 4 703.@
WUhin 90 Days.
Within 6 Within 9
FEDI:RAZ, RESERVE
Months. Months. 4 711
% for sixty days; the volume of business passing
BANK.
Com'rcial Secured
continues
small. Wednesday the usual pre-holiday
Agrlc'i& by U. S. Bankers' Trade Arleta.
,Agricul.
Livestock GJoern't Accep- Accepand
and
Payer
Obliga- lances. lances. Livestock Livestock dulness prevailed and rates were a trifle lower, with
n.e.s.
Hons.
Paper. Paper.
the day's range at 4 7214@,4 733.. for demand,
Boston
34
334
334
334
334
New York
4
3
723/@4 73% for cable transfers and 4 69%@4 71
a
3
a
Philadelphia
334
334
34
34
34
314
Cleveland
34
3.4
for
sixty days. Thursday was a holiday (New
34
334
834
134
Richmond
4
4
4
4
Atlanta
4
4
4
Year's
4
4
Day). Friday firmness developed again as a
4
Chicago
4
4
4
4
4
4
St. Louis
4
4
4
4
4
result
4
of
light offerings and higher London cables,
Minneapolis
4
4
4
4
4
4
Kansas City
4
4
4
4
4
4
an
is
and
bills advanced to 4 74%@4 743', cable
Dallas
4
4
4
4
4
4
San Francisco
334
34
314
334
334
1 and sixty days to
sfers to 4 74%@,4 75%
•Including bankers' acceptancee drawn for an
agricultural purpose and
ed
by warehouse receipts, dce.
717
4@,4 729'. Closing quotations were 4 72 1-16
for sixty days, 4 74 9-16 for demand and 4 74 13-16
In the sterling exchange market, trading during for cable transfers. Commerci
al sight bills finished
the final week of 1924 was marked by a sharp rise at 4 74 7-16, sixty days at
4 70 5-16, ninety days at
in values which carried demand bills up to 4 747
4,or 4 69 13-16, documents for payment (sixty days) at
more than two cents above the previous high record 4 70 9-16, and seven-da
y grain bills at 4 73 15-16.
of February 1923, and in fact the highest level that Cotton and grain for payment
closed at 4 74 7-16.
10
THE CHRONICLE
Gold exports were smaller this week. No shipments were made, with the sole exception of about
$1,000,000 shipped to London last Saturday, intended, it was asserted, for re-shipment to the
Continent. Yesterday announcement was made
that J. P. Morgan & Co. were shipping $2,500,000
gold to Hamburg for the account of the Reichsbank,
making a total of $22,500,000 on this movement.
[VoL. 120.
Exchange on Czechoslovakia closed at 3.01%,
against 3.023';.on Bucharest at 0.51%, against 0.52;
on Poland at 193 (unchanged), and on Finland at
2.53 (unchanged). Greek exchange finished at 1.80%
for checks and at 1.813. for cable transfers, which
compares with 1.80% and 1.81% the previous week.
In the neutral exchanges, formerly so-called, trading was reduced to a minimum, but the general
advances were
The Continental exchanges remained dull and fea- undertone was firm and notable
in symmainly
francs,
Swiss
in
guilders.
recorded
tureless and with the exception of Dutch guilders
market.
sterling
the
in
strength
the
with
pathy
sterby
failed to share in the improvement enjoyed
well
and
points,
15
of
rise
a
Up
to
40.50,
shop
Guilders
y
slight
tendenc
a
was
ling. On the contrary, there
adcurrency
Swiss
point.
gold
the
export
above
it
ns
changes
quotatio
although
to irregular weakness,
were
there
while
were usually confined to a few points. This was due vanced to 19.49, a gain of 11 points,
vian exchanges and
primarily to anxiety over the disclosures of munition smaller increases in the Scandina
hoardings in Germany and the action of the Allies in pesetas.
Bankers' sight on Amsterdam finished at 40.483',
in deciding to retain their hold upon Cologne. The
40.353/2; cable transfers at 40.523', against
against
result was to restrict trading activity, especially in
2, against
commercial sight bills at 40.423/
40.393';
French francs, which moved within extremely narat
40.063/2,
days
sixty
ial
commerc
and
40.293/2,
week
the
the
of
row limits. During the first half
Swiss
on
rates
Closing
ago.
week
a
against
for
to
39.933'
5.40
5.413
range was only 13/ points, from
19.50
sight
and
bills
bankers'
for
19.49
were
francs
close.
the
at
to
5.433'
checks, with an advance
19.38
was
the
ago
close
week
A
.
transfers
cable
for
Gercourse.
parallel
a
Belgian currency followed
and
at
finished
17.64
checks
gen
Copenha
man exchange, on the other hand, was wholly and 19.39.
17.64.
and
17.60
against
17.68,
at
unaffected and ruled between 23.81 and 23.82. Ital- cable transfers
Sweden, after remaining at 26.92 for
ian lire attracted attention by a slump of 10 points, Checks on
weeks, moved up to 26.943', with
two
than
more
to 4.18, on renewed political unrest in Italy. Publi26.983/2, but sagged off and closed
at
transfers
cable
cation of documents apparently linking Premier Musand 26.96, while checks on
26.92
at
ed
unchang
solini with some of the most serious of the Fascisti
at 15.09 and cable remittances at
outrages had a depressing effect on market sentiment Norway finished
2 a week earlier.
15.023/ and 15.063/
and caused a sharp outbreak of selling. Later on, 15.13, against
14.00 for checks
at
week
closed the
some'of the losses were regained. It is understood Spanish pesetas
in comparison
,
transfers
cable
however, that large amounts have been transferred and at 14.02 for
the previous
of
Friday
on
13.99
from lire to other currencies. Locally, speculative with 13.97 and
activity was at a complete standstill and changes in week.
As regards, South American exchange, Argentine
rates were largely a reflex of what was going on
strong upward movement and
abroad. The general feeling seems to be that ma- pesos continue their
d by the establishment of
signalize
was
week
the
terial improvement in a number of currencies may be
of 40.22, a gain for the
level
record
high
new
another
no
that
expected with the turn of the year, provided
Continued buying incidental to
fresh complications arise. It is freely conceded that week of 80 points.
exports of grain and other commodithe hitch between Germany and the Allies contains largely increased
ble for the advance. In Buenos
unpleasant possibilities. It is nevertheless worth ties was responsi
the value of Argentine exchange has
noting that for the first time since the ending of the Aires the rise in
by a lowering in American dollars,
World War a majority of the more important Conti- been accompanied
points to 1.0955, or the lowest in
65
nental currencies finish the year at higher levels than which dropped
At the close Argentine checks
years.
of
at the end of the preceding year. Betterment in a number
and cable transfers at 40.27,
40.22.
at
quoted
were
international trade relations, more stable economic
last week. Brazilian milreis
39.47
and
39.42
against
and financial conditions and balanced budgets are
at 11.30 for checks and at
finished
and
firmer
were
to
ted
among the world factors that have contribu
,
against 11.56 and 11.61 a
transfers
cable
for
11.75
e
values.
exchang
bring about this advance in foreign
e also displayed firmness
exchang
Chilean
ago.
week
was
noted.
change
little
In the minor c.urrencies very
closed at 11.53, against 11.49, but Peru declined
Greek drachmae ruled steady at around 1.81, while and
4 15, against 4 18 last week.
the exchanges of the minor Central European coun- to
Easier rates prevailed in the Far Eastern exchanges,
tries were almost motionless.
far as Chinese currency is concerned, but the
The London check rate on Paris closed at 87.45, so
exchanges continued to rule firm. Hong Kong
Indian
as compared with 87.25 a week ago. In New York
55H@55%, against 553g56; Shanghai at
at
closed
sight bills on the French centre finished at 5.41,
against 763@763'; Yokohama at 39@
4%,
74/@7
1 2; cable transfers at 5.42, against 5.393;
against 5.38/
38%@39; Manila at 50@503, against
against
393,
commercial sight bills at 5.40, against 5.373', and
e at 553'@559, against 553@
Singapor
@50;
%
49
5.323
last
3
commercial sixty days at 5.343', against
, against 3532@353, and
at
36@363
Bombay
553';
at
4.98
week
the
week. Antwerp francs closed
,
s
3/
against
at
35H@36
353'@35H.
Calcutta
on
in
,
comparis
transfers
for checks and 4.99 for cable
Final
quotaearlier.
week
with 4.953' and 4.963' a
Pursuant to the requirements of Section 522 of the
tions on Berlin marks were 23.81 for both checks and
1922, the Federal Reserve Bank is now
cable remittances, unchanged from last week. Tariff Act of
Treasury the
Austrian kronen remain immovable, at 0.00143, certifying daily to the Secretary of the
different
the
in
cable
for
rate
transfers
the same as heretofore. Lire finished at 4.21% for buying
for
record
a
below
We
of
world.
the
give
s
% for cable transfers. countrie
bankers' sight bills and at 4.223
past:
just
This compares with 4.273 and 4.283 a week earlier. the week
mEL
JAN. 3 1925.]
THE CHRONICLE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ,ACT OF 1922,
DEC.27 1924 TO JAN. 2 1925. INCLUSIVE.
11
The Problem of the French Debt.
There
appears to have been no very substantial
Noon Buying Rate for Cable Transfers in New York.
Country and Monetary
Value In Untied States Money.
reason why Congress, the public and a section of the
Unit.
Dec. 27. Dec. 29. Dec. 30. Dec. 31. Jan. 1. Jan. 2.
press should have ended the year with excited talk
EUROPE$
$
$
$
$
$
about the impending repudiation of the French war
Austria, krone
.000014 .000014 .000014 .000014
.000014
Belgium, franc
.0498
.0498
.0499
.0499
.0500
debt to the United States, or why more or less drastic
Bulgaria. ley
.007338 .007333 .007350 .007344
.007320
Czechoslovakia, kron .030247 .030253 .030235 .030220
.030171
Denmark, krone
proposals for bringing the French Government to
.1769
.1770
.1768
.1764
.1767
England, pound ate
ling
terms
4.7250
should have been suggested. The debt has not
7298
.7338
4.7344
4.7499
Finland. markka
.025188 .025223 .025205 .025205
.025200
France,franc
been repudiated, and the declarations of successive
.0540
.0540
.0541
.0542
.0543
Germany,reichsmark• .2380
.2380
.2380
.2380
.2380
Greece,drachma
.018095 .018111 .018107 .018054
French Governments that it will eventually be paid
.018111
Holland. guilder
.4046
.4050
.4051
.4051
.4053
Hungary, krone
.000013 .000013, .000013 .000013
still
.000013
stand as evidences of honorable purpose. The
Italy. lira.,
.0428
.0424
.0422
.0425
.0423
Norway, krone
.1511
.1512
.1512
.1511
.1508
whole
episode, however, illustrates once more the
Poland,zloty
1920
.1918
.1921
.1918
.1917
Portugal, escudo
.0482
.0486
.0487
.0487
.0485
mischief
that may be done to international, relations
Rumania,len.
.005145 .005164 .005142 .005156
.005133
Spain, peseta
1400
.1401
.1401
.1398
.1399
when a Government spokesman, confronted with a
Sweden,krona
2697
.2698
.2697
.2696
.2696
8wItzerlani, franc
.1942
.1944
.1947
HOLI- .1949
.1948
difficult.financial situation in regard to which pubYugoslavia, dinar
.015121 .015172 .015337 .015454
.015524
DAY
ASIAlic opinion in his own country and public opinion
rlhinaChefoo, noel
.7596
.7546
.7567
.7558
.7567
elsewhere are not agreed, permits himself to use lanHankow,tael
7609
.7569
.7584
.7578
.7581
Shanghai, feel
7440
.7409
.7423
.7432
.7425
guage
Tientsin. tact
easily susceptible of disturbing interpretation.
7696
.7638
.7683
.7667
.7675
Hong Kong. dollar .5511
.5493
.5481
,5496
.5488
Mexican dollar .. .5460
That M. Clementel had no intention of advocating
.5463
.5450
.5480
.5477
Plantain or Pelyan
dollar
repudiation he has himself categorically affirmed,
.5521
.5546
.5550
.5521
.5529
Yuan dollar
5608
.5608
.5604
.5608
.5608
India,rupee
and
.3554
the statements of the French budget, when read
.3573
.3575
.3569
.3572
Japan, yen.
.3849
.3852
.3852
.3852
.3850
911:mayor°(81.8.) dolla .5417
in the light of his disclaimer, bear him out, but the
.5442
.5417
.5421
.5438
NORTH AMER.
Canada, dollar
.996377
.996083 .998611 .997236 .996222
budget statements themselves were unfortunate, and
Cuba. peso
.999427
.999375 .999427 .999427 .999401
Mexico. peso
.488417
488000 .488167 .488583 .489250
now
that the issue has been joined its merits must
Newfoundland. dollar .993594 .994115 .994844
.993750
.993438
SOUTH AMER.be
considered
.
Argentina, Peso (gold) .9002
.9111
.9073
.9038
.9108
Brazil. milrels
.1160
.1152
.1162
.1168
.1166
The
present
status of the French war debt to this
Chile, peso (Paper)._ .1146
.1149
.1152
.1154
.1148
Uruguay,peso
.9950
.9876
.9959
.9938
.9987
country
is
substantia
lly as stated by Senator Reed
•The new reichemark Is equivalent to 1 rentemnark or 1 trillion paper warns.
of Pennsylvania in his speech in the Senate on Dec.
The New Y.,rk Clearing House banks, in their 29. Of the approximately $3,000,000,000 loaned to
operations with interior banking institutions, have France by the United States during the war, no part
gained $4,143,871 net in cash as a result of the cur- of either the principal or the interest has been paid,
rency movements for the week ended Jan. 1. and no arrangement for payment has been concluded
Their receipts from the interior have aggregated between the two Governments. Interest has, how'4,885,971, while the shipments have reached $742,- ever, been paid on a debt of about $407,000,000, representing sales of American war material to France
100, as per the following table:
CIfRRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING since the armistice. On the bonds from whose sale
INSTITUTIONS.
the loans of $3,000,000,000 were derived the AmeriInto
Out of
Gain or Loss
can
Government has, in the meantime, paid nearly
Week ending Jan. 1,
Banks.
Banks.
to Banks.
$800,000,0
00 in interest, all of it, of course, from taxBanks'interior movement
$4,885,971
8742,100 Gain $4,143,871
ation
of
the
American people. In the balance sheet
AS the Sub-Treasury was taken over by the Fedsubmitted
to
the French Parliament on Dec. 27, ineral Reserve Bank on Dec. 6 1920, it is no longer
tended
to
show
the financial situation of France, the
possible to show the effect of Government operasums
borrowed
from
the United States do not appear
tions on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the among the liabilities, for the reason, as explained in
a public statement issued by the French Embassy
Clearing House each day as follows:
at
Washington, that the budget rules forbid the inDAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
clusion in either the credit or debit columns of any
Saturday, Monday. Tuesday, Wednearry,1 Thursday, Friday,
items for whose recovery as receipts, or for whose
Aggregate
Dec. 27. Dec. 29. Dec. 30. Dec. 31. 1 Jan. 1.
Jan. 2.
for Week.
payment as debts, formal arrangements have not
$
$ IS I$
$
89,000,000 83.000,000 67,000,000 86,000,000 Holiday 117000,000ICr. 442,000.000 been
made.
Note.-The foregoing heavy credits reflect the
mass of checks which come
Co the New York Reserve Bank from all parts ofhuge
M. Clementel's statement regarding the war debt
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 had, unfortunately, less regard for the
possible efHome inetitutions, as only the items payable In New
the daily balances. The large volume of checks on York City are represented in fect of his remarks on
institutions located outside of
American
public
opinion
than
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
an official declaration would seem under the circumBank for collection for the account of the local Clearing
House banks.
stances to demand. The Finance Minister reiterated
The following table indicates the amount of bul- the familiar arguments in favor of pooling all the
lion
inter-Allied debts, suggested that. France might
banks:
_ _in the principal_European
.
fairly
claim mitigations and compensations, and afJanuary 2 1925.
January 3 1924.
Banks of
firmed
that the obligations involved in the payment
Gold.
Silver.
Total.
Total.
Gold.
Silver. I
of the debts could not be assumed until the injuries
E
England __ 128,560,002
28,560,002
128,058,002 done to France
Frances.... 147.235,281 12,209,000 59,444,281 28,058,002
by the war had been repaired and sufGermany c 25,057.300 d994,600 26.051,900 47,045,927 11,840,000 158,885,927
28,390,850
3,475,400
31,866,250 ficient reparation
Aus.-Hun_ b2,000,000
s from Germany had been received.
b2,000,000 b2,000,000
b2,000,000
Spain
101,405,000 26,214,000 27,619,000 01,107,000 26,065,000127,172,000
"The inter-Allied debts," he declared, "represent an
35,582.000 3,374,000 38,956,000 35,318.000 3,414,000
Italy
38,732,000
Netherl'ds 42,051.000 1,052,000 43,103,000 48,48.3,000
705,000 49,188,000
Nat. Belg. 10,819,000 2,767,000 13.586,000 10,789,000 2,866,000
13.655.000 exchange of resources. . . . If we abandon the
!Fitt/Uteri'd 20,226.000 3.698,000 23,924,000 21.488,000 3,443,000 24,931,000
Sweden_ 13,184,000
13,184,000 15,107.000
15,107.000 juridical plane and look at the matter from the
Denmark. 11,639,000 1,280,000 12,919,000 11.645.000
182,000 11,827,000
Norway
8,180,000
8,180,000 8,182.000
8,182,000 higher view of co-operation and fairness, strict jusTotal week 545,938,583 51,588,600 97,527,183 57,613,779 51,990.400609,604.179 tice would seem to demand
a general pooling of war
Prey. week 544 098.188 51.525 600 895.623.788 557,558 659 51.816.400609 375.059
a Gold holdings of the Bank of France tals year arc excluelve of E74,572.838 expenditures and their allotment among the
Allied
held abroad. b No recent figures. c Gold holdings of the Bank of
Germany this States
year are exclusive of £10,825,000 held abroad. d As of Oct. 7 19245
proportionately to the riches of each one, and
12
THE CHRONICLE
[vol. 120.
any of the Allies, has already set
without taking account of the particular engage- United States than
it, and which naturally
ments which the necessities of the moment imposed." about the task of paying
on of more favorable
suggesti
to
the
n
For the action of the United States in refraining takes exceptio
to herself, or to any
we
granted
than
France
for
from pressing for payment, M. Clementel expressed terms
States shall be
United
the
by
which
ent
arrangem
warm appreciation; "nevertheless," he added, "we
Britain is
Great
to
debt
war
the
French
while
paid
cannot consider the possibility of assuming the buron
States,
United
the
of
attitude
The
wait.
to
left
until
we
den of annual payments which may be fixed
that
been that of assuming
have first completed the work of reparation of the its part, has consistently
which it made were to be
loans
war
the
of
all
while
and
suffered,
regions
damages which our devastated
the debts at its expense
of
until the payments due us under the peace treaties repaid, and any pooling
the particular arrangeof,
thought
was not to be
have created for us the necessary resources."
be concluded with each
to
were
for
payment
Any cohsideration of the French debt question ments
that the concessions acand
y,
separatel
ent
Governm
must take account of three main factors, namely the
not to be regarded as
were
ent
one
Governm
to
corded
situation of France, the interest of Great Britain,
ns that might be
concessio
the
of
measure
fixed
the
and the position of the United States. For the finanappropriate to another. It is hard to see how
cial situation in which France finds itself there will found
could expect much more favorable terms
be, as there ought to be, much sympathy in this coun- France
those which have been extended to Great Brittry. The restoration of the invaded departments, than
but there is nothing in the declared policy of the
intended to be met eventually from the proceeds of ain,
United States to prevent a somewhat different adGerman reparations, has been carried thus far as a
of the burden in the case of France if the
justment
domestic charge. No repayment of the French war
France makes it desirable.
of
situation
loans to other Allied countries has yet been made,
the way out of the difficulty is not
then,
Clearly,
and receipts from reparations are still mainly in the
vague appeals to sentiment or in the iteration of
future. Recurring annual deficits and the fall of the in
suggestions which it must be known the United
franc have exercised a depressing influence upon
cannot accept, but in frank discussion of the
business, and particularly upon public opinion, and States
and a conciliatory temper all around.
situation
only this year has the budget been made, in form at joint
which the Herriot Government
proposal
the
least, to balance. The fear of a restored Germany, Whether
ted to Washington aftransmit
have
to
reported
is
and of the possible control of the German Governsettlement cannot, of
of
basis
e
acceptabl
an
fords
ment by reactionary parties bent upon revenge, still
be known until the terms of the proposition
haunts the minds of the French people, and cannot course,
public in detail, but the burden of responbe dismissed as wholly imaginary. On the other hand, are made
for making a definite proposal rests with
it must in frankness be said that the financial out- sibility
and until it is made every such discussion of
look at the present moment for the payment of the France,
as M.Clementel, doubtless in perfect good
war debts is not in all respects as gloomy as the the subject
to the French Parliament and the
offered
faith,
French Government would apparently be glad to
be likely, in this country, to prowill
public
French
have the United States believe, and that French forin Congress, unfriendly edidebate
ly
unfriend
voke
eign policy in one important respect, namely large
a feeling of mingled anxand
rs,
in
newspape
torials
the
and repeated loans to other Governments for
ety and regret in the American people. There is no
benefit of their military establishments, has had a
reason to fear that the American Government, given
disquieting effect upon American opinion. The
a clear and authoritative statement of what France
restoration of the invaded departments, burdensome
feels itself able to do, will not deal with the prosa it has been to the French taxpayers, has nevertheposal in a friendly spirit, and it is in every way to be
less been accomplished, so far as industry is conhoped that Great Britain, which has many roasomiM
cerned, to the extent of approximately 90% of the
maintaining cordial relations with France, will
for
pre-war condition, and the revenue from taxes in the
that it can, consistently with its own rights
all
do
invaded regions, which amounted to about 20% of
, to facilitate a settlement.
interests
and
the total annual revenue before the war, is expected,
according to report, to reach about 16% for the presCriminals and Crime Waves—Twaddle
ent fiscal year. The franc, thanks to American aid,
About Irresponsibility.
appears to have been stabilized, at least for the time
And now London has its crime wave, with which
being, and the general industry of the country is exYard is unable to cope. Is an infection
Scotland
the
of
tion
inaugura
ceptionally prosperous. The
g
spreadin over the world, or is there some deepDawes plan appears to offer as secure a prospect of
seated cause to be found in all peoples? At first, we
reparations payments as, humanly speaking, can be
told the World War was the cause. It was
contemplated, and if the Dawes plan is regarded by were
war life was held so cheaply that in the afterin
said
international bankers, those of France included, as
men, unemployed, and feeling unreyoung
math
sufficient security for a large German loan, it ought,
hesitate to kill in the commission of
not
did
quited,
it would seem, to be sufficient security for France.
it became apparent that- the soSoon
.
robberies
of
ment
All things considered, an inderinite postpone
were intermittent, but that they
waves
crime
called
not
ns
does
obligatio
the payment of its American
It
shown that many robberies
was
cease.
not
did
financial
present
the
seem to be necessitated by
so young as to have been
by
men
d
committe
were
condition
that
much
condition of France, however
draft.
Another
to
e
reason had to be found.
ineligibl
the
make
shall
which
ent
may suggest an arrangem
are far from fathoming the cause.
we
y
to-da
And
the
On
possible.
as
light
as
burden of payment
American cities are daily witnessing the most
other hand, a moratorium of a few years, as inti- Our
crimes. Payrolls are seized in crowded
flagrant
mated in the latest advices, may well be entitled to
day as well as night citizens are "held
By
streets.
careful consideration.
point and made to surrender their
pistol
the
at
up"
that
is
The position of Great Britain in the matter
are robbed in broad noonday—and
Banks
valuable.
the
to
of a Power which, with a larger war debt
JAN. 3 1925.]
THE CHRONICLE
in the commission of these crimes men are murdered.
The highways are no longer safe for those who travel
by auto. Few dare to walk abroad at night on unfrequented streets. And as witness to the terrible
increase, burglary and hold-up insurance has doubled
in cost. Cracking safes and robbing trains in the
old way are out of fashion. The new way is much
easier; and the automobile affords unmistakable aid.
Yet,somehow, we are not unduly alarmed over this
widespread condition. We are complacent—or, possibly, we blame the police. At any rate we feel that
crime waves are a sequence of something, we know
not what, and will pass. Those who strive by analysis to find the cause are widely divided. That the
war had something to do with it no one doubts. That
unemployment and unrest are constant contributing
causes is certain. But in our own land there is not
an aggravated state of unemployment, and we all
agree there is practically an open opportunity for all
who are willing to work. As we meditate upon the
problem we cannot consent to join those who blame
our police forces. We think examination will find
them alive to the evil with which they are compelled
to cope and doing all they humanly can to apprehend the perpetrators of these crimes. It is easy to
blame, but the truth is that secretly the people are
terrorized by the frequency of these robbries and fo•
that reason escape is made easier. After all is said
the frequency, alarming as it is, is only comparatiw
when placed over against the innumerable transactions of our daily commerce.
On the other hand, a comparison with our so-called
"progress" should fill us with grave apprehension.
In an earlier day, and in sparsely settled districts,
vigilance committees and summary vengeance were
a natural consequence of recurrent infractions of the
law. Perhaps we should say there was an absence of
law or an imperfect administration. We have laws,
penalties, guardians of the law. We have reasonable
prosperity. Yet we have these astounding crimes.
Many who discuss the matter are disposed to lay
much of this crime to our courts. Technicalities undoubtedly allow too many to escape the penalty. Yet
we cling to the principle that it is better that ninety
and nine guilty men escape than that one innocent
man be unjustly convicted. And while our Bar associations are striving to perfect our judicial procedure we find no sound reason for blaming our
courts. In most cases juries are co-workers with
courts and must share such blame as is just.
A school of psychology undertakes to classify
crime as disease. It may be so; it is disease in some
instances. But we are bending science to an ill use
when we undertake to attribute prevalent deviltry
to diseased minds. Often the sanest minds will conjure up excuses for known wrong-doing. It is a common trait to make excuses for ourselves when we
know we are in the wrong. We know individually
and collectively better than this. In thousands of
instances it does harm to tell the wrong-doer he
acted from unrestrained impulse. Here is one place
where our coddling begins. And that is carried by
sentimentalists so far that our jails are in danger of
becoming houses of refuge rather than places of correction. Criminals may be born—they are also
made. A certain irresponsibility is growing in the
world. The oft-condemned or condoned "revolt of
youth" comes in this category. Thousands "want
what they want when they want it"; and do not hesitate to get it at any price. They know better, but
13
they take a chance. These bandits who rob and kill
are not intellectuals, far from it; but they skim the
froth of certain teachings of intellectuals, who find
excuses for wrong-doing in the "unconscious," in explosions that come from too long suppression and restraint, a theory easily refuted many times by common sense.
Crime, like war, has its causes remote. Men are
largely the product of the thought of their time. And
therefore the sociology of crime is a more important
study than the psychology thereof. And just as war
may and often does generate in commercial conditions, restrictions and interferences (although both
parties to war know it is wrong), so crime may be
found in social laws, customs and conditions, though
no excuse exists for the criminal's commission at the
time. If we probe now into after-the-war conditions
and couple these with the teachings and impacts of
war itself we may be able to lay bare one of the chief
causes of recurrent crime-waves throughout the
world, though by no means the sole cause. And we
may state this one cause by saying it is a general disrespect for the natural right to property. All our
traditions of human rights in property are broken
down by war. The State commandeers what it wants
for itself, either directly or indirectly. The victorious State does not hesitate to make the defeated
people pay the costs but imposes penalties. It refuses utterly to recognize the fact that if a principle
is at stake between two combatants it is a guide in
reparations.
This, briefly, is a war condition. And it is coupled
With profiteering, which we may barely mention. In
the aftermath there follow two conditions—the inordinate exactions of the State and the social extravagances of the newly-made rich. Other time-honored
relations are broken down. And there ensues a riotous living that unsettles all the old conditions of
slow growth, hard work, frugality and thrift. Examine conditions of to-day and say whether or not there
is a complete change of viewpoint as to earning and
gaining the enjoyments which a former competency
brought. We are not attempting to trace specific
crimes to social causes. We make no excuses for
banditry. But it is to some extent traceable to profligacy. Weak minds (not weak enough not to know
the difference between right and wrong of special
acts) are influenced by what may be termed the "atmosphere" of a social period. State the case in this
.vay; "These rich spenders did not earn their wealth,
they got it by dishonest means, though condoned by
laws and fostered by opportunities of war and circumstance. The world owes me as much as anyone.
If the sheer chances to fasten unholy hands on resources and needs had come to me I would have been
in their shoes, instead of poor and starving. They
took what they wanted, why shall not I do the
same? Society has no God save power, why should
I have?"
Are the "spenders" chargeable with fostering
crime waves? Has not a man a right to spend his
own money in his own way, to live his own life? Yes,
and no. In this last phrase, "to live his own life,"
we find the germ of discontent which breeds crime—
as it appears to us. We must set over against this
the growing "responsibility of wealth." That is unmistakable. And it proves that a man has not the
right utterly to live his own life in his own way. Not
only the very rich, but those in moderate circumstanxe44 it 15 conceded, are "living too fast." Couple
14
T-FrE CHRONICLE
L VOL. 120.
this condition with the pernicious teachings of cer- that "swallowed up the seven good ears." Joseph
tain theoretical economists, with the principles ad- said: "Now, therefore, let Pharaoh look out a man
vocated by Socialists and Communists, and we fash- discreet and wise, and set him over the land of Egypt.
ion an atmosphere in which the common and an- Let Pharaoh do this, and let him appoint overseers
ciently respected rights of property are challenged. over the land, and take up the fifth part of the land
Is it too much to say that the pinch of poverty sets up of Egypt in the seven plenteous years. And let them
in certain shallow minds the belief that the race is gather all the food of these good years that come, and
to the strong, that he may have who will. And the lay up grain under the hand of Pharaoh for food in
highwayman and bandit comes to take his own cause the cities, and let them keep it."
President Coolidge finds his parallel in the followin his own hands. Does he know better? Yes—neither psychology nor sociology can excuse him. But ing words: "And the famine was over all the face of
we are constrained to the belief that he is uncon- the earth; and Joseph opened all the storehouses, and
sciously influenced by what we term a state of irre- sold unto the Egyptians; and the famine waxed sore
sponsibility. Why respect what others in a similar in the land of Egypt, and all countries came into
way do not respect. Why deny one's self the luxuries Egypt to Joseph for to buy corn, because that the
and pleasures held by others who have no clear title? famine was so sore in all the lands." We think it
Two wrongsinever made a right. What we are try- will not detract from the President's lesson, if we
ing to set forth is not an excuse, but a remote cause. attempt to follow a few practical thoughts which
In our opinion the Communist who seizes a factory grow out of this story, if we attempt to consider the
by force knows he is wrong when he does so, but he meaning of this "opportunity" so strangely come to
condones the act as no crime because of his theory as the farmer. How is he to secure this "recognition"
to property. The man who dons a mask and robs a of his importance, and where? Is it to be at Washbank knows he is committing a crime, very often he ington through those laws which Congress is only too
does not care, he is willing to take a chance. But the willing to pass? And how will he attain to, and emorigin of his urge to do this deed, remotely, is in the ploy, the "need for economic equality" that seems to
belief that he has a right to equalize the ownership of start out of the conditions of recent'years? If we
property—that is to say when he reasons at all. And go to Egypt for our answer he will fill granaries out
whether he reasons or does not, he must be met by the of bumper crops and hold the "corn" so stored in
mailed hand of the law. It matters not what the con- order that the people may have "bread" in the lean
formation or deformation of his brain may be, he years that are certain to come. But we find no such
must be punished. A bank clerk emblezzled funds of motive in the present crisis. Nor are we shown that
the bank. It was alleged he was underpaid. And in the Egyptian farmer himself had any such philanthis arose an effort to excuse him. But he was not thropic idea. It was Joseph, who was put over all
down to the point where he had to steal bread for his Egypt by Pharaoh, who caused the grain to be stored.
children. He listened,if he listened at all, to the doc- The State took charge, and compelled the saving of
trine that his standard of living ought to be higher. "one-fifth of the land." No doubt the Egyptian
He became a common thief. So these auto bandits farmer was willing to sell all that he had, though it
who roam the country robbing citizens and banks are is unlikely this was for the purpose of giving "to the
common thieves, and the strong arm and long arm of poor." There was money in those days,for when the
the law must, and will some time, suppress them. brothers returned each found his money in the mouth
But who and what is•responsible for this errant senti- of the sack. But selling for money is not the way to
ment that a profligate society has no connection, prepare for lean years. Making all allowances for
however remote, with crime waves, though not with changed conditions—our complex economic system
and our great distance from the days of barter—sellspecific crimes?
ing for money is just what the American farmer does
Years.
Lean
the
and he does it in a hurry. No sooner is the grain
Storing Grain Against
When President Coolidge delivered his Chicago threshed than it is on the way to the local market.
Commercial Club speech recently, he drew a parallel Once there,it is sold,and all his responsibility ceases.
between the "appeal of the ancient wgrld to Egypt If the lean years come, if bread is scarce and dear, it
and the appeal which the world in our day made to is no concern of his. But has he not lost his opporour country, and to the great market which centres tunity to obtain a high price that accompanies
in Chicago, for similar supply of grain in another scarcity?
Note, now, that it is production rather than distime of passing need." He said: "But out of the
that overcomes famine and correspondtribution
Egyptian experience of Israel came the opportunity
price. Yet we are told that "economic
brings
ingly
for its great service in world leadership. It was in
come thr-'ugh co-operative marketing.
to
is
equality"
those years that Moses came into the world and the
is to be made negligible through
market
local
The
Hebrew nation was prepared for the profound teachof warehousing corporations by
establishment
the
upon
bestow
ing and the great message that it was to
These are to dole out grain
themselves.
farmers
the
in
conviction
the
firm
is
all mankind. And my faith
to sell in quantity to the
and
markets
domestic
the
to
and
trial
of
years
these
it,
realize
that, if we will but
distress for the American farmer will represent only foreign markets. And the individual farmer is to
a time of preparation for his opportunity to secure part with the control of his own crop at the doors of
that recognition of his importance, that need for eco- a marketing association. By emptying his own grannomic equality, which will enable him to render a ary, if he have one, he is to reach the world by assosupreme service to himself and to his fellow men." ciation with others. Or is it that the co-operative
The lessons of this famous sacred story of the seven marketing organization will make one price for the
lean years are many. In a practical sense our study domestic consumer and another for the foreign? We
of the parallel may well begin with the advice of are not told as to this by advocates of this method of
Joseph following his interpretation of Pharaoh's relief; but we are told that the farmer's trouble is in
dream of the fat and lean kine and of the thin ears selling. It would seem that world market prices
JAN. 3 1925.1
THE CHRONICLE
15
would be as powerful over co-operative selling as over So far we
are thankful; but the situation is by no
independent private corporate selling. And since means
clear. World problems remain untouched and
this is true, ought not the storing of grain to begin the New
Year brings them to the front.
with the producer? Why do we never hear the theorHowever varied their aspect certain great forces
ist friends of the farmer advising him to store his under
lie them. One of these is Democracy, which
grain in his own granary? If there is anything in in its
latest presentation as Self-Determination, is
meeting the "lean years," why should not each farmer the
new conception that has taken possession of the
for himself make ready for the time when famine over mind
of the world and has become a dominating
all the world will bring buyers from far lands to his ideal.
If with it we associate Religion we have two
own door? In a word, why not prepare to abide
by forces which have their springs in the hearts of men
the natural law of production and failure inste
ad of and are both powerful in directing individual action
trying to base all (and risk all) on the artificial law
and in the development of human society. It will be
of selling, or distribution?
found also that both are at the parting of the ways;
Again, there is constant iteration and reiteration
both are affected by the experience of the immediate
of the principle of control through limitation of
acrc- past, for both have revealed serious and significant
age and diversity of crops. Egypt was peculi
arly limitations. How far the truth concerning them is
adapted to "corn"—and there is no record of tryin
g encouraging will depend on the view that is taken.
to diminish the return of the fat years.
To us this In any case the truth should be known.
seems the chief folly of our present-day discus
sion of
Democracy had maintained itself on the American
American agricultural conditions. Scarcity
to pro- continent for more than a hundred years when the
duce high price!—though the world that would
buy proclamation of self-determination was seized upon
may starve. Price, not philanthropy! Price
, and as the inspiration of the Treaty of Versailles and the
not even common sense, for the seven lean years
may oriflamme of Universal Peace. America, which
come to our own imperial domain, and
we ourselves brought it, furnished the model for its attainment
be compelled to buy bread in the marke
ts of the and the substantial evidence of its possible realiza:
world. But on this gross material side of price
— lion by the world. It was not strange if all eyes
what folly to have no surplus stored for our own conwere also turned to the United States for its guarsumption in time of need—what greater folly to have
anty. Less than a decade has passed, and what are
no grain to sell when drought and famin come
e
to the results?
Argentina and Australia and while Russia is starvSpain and Italy have both crowded aside their
ing in the grasp of Communism? Imagine
in the fat monarchs and in the name of the people have fallen
years some modern Joseph advising American farm- under
as nearly as possible autocratic military coners to grow less "corn" and save none!
trol. Turkey, which some two decades ago had with
Perhaps our new Agricultural Commission will great
flourish of trumpets and loud popular acclaim
solve this problem of "economic equality" for the
set up republican government, has since the war
farmer, perhaps it will not. But there may be dandriven out myriads of her population and is now in
ger to the one independent unit in our industrial
life the hands of a military cabal established in the mounin surrendering too much to co-ope
rative associa- tains of Anatolia. The Balkan State
s are, with
tions. The farmer who can store his own grain, who
hardly an exception, in constant turmoil, struggling
can open his storehouses when the price is to
some for some form of settled government and
an assured
extent master of the foreign market and the domesexiste
nce.
Greec
e,
at
the
mome
nt
with
a
banished
tic as well, why should not that farmer in some
meas- constitutional monarch and loaded with
her domesure act for himself? The co-operative marke
ting tic burdens and those forced upon her as the
immeassociation must sell at the most favorable opportudiate outcome of the war for which she is loudly
nity. It must make way for a new crop.
It may seeking deserved help, is struggling for
the accepttry, but it will fail, to control the individual
farmer ance of a form of democratic government
by her own
as to kind of crop and acreage. Strange
as it may people who have shown slight ability to
maintain it.
seem, though this lone farmer is at the mercy
of the Austria and Hungary are laboring to keep
their
fat and lean years throughout his own
country and heads above water under any
kind of government
the world, he is at the same time maste
r of his own that will give them food and assured peace
. Czechodestiny in so far as he is prepared to
store his har- slovakia, with a few intelligent leadi
ng men in convests against the urgent need of
the consumer, trol, hopes to be undisturbed until
her redemption
whether at home or abroad. As it is, he
is not pre- is secure. Rumania, possessing Transylvan
ia and
pared. And out of this condition has
grown up a Bessarabia as prizes of war, is holding
them with
system of intermediaries who lessen
his responsibil- heavy-handed control and is in constant anxie
ty and
ity and market his stuff for him at
their own gain fear of her neighbors. Germany is shake
n by violent
and often his loss. The system is
not essentially and irreconcilable political parties with hostil
e prinwrong. Let the farmer control it by overc
oming the ciples and aims. France, while heroically
strug
gling
necessity to sell out of the field and he will
take one with her financial burdens, endures an
almost
important step in his self-preservation, and
the total monthly change of Ministry,and rejoices
when the
of saving for lean years will vastly increa
se. .
months extend to a season or a year. The Scandinavian countries are anxiously enduring socialist exThe New Year — The Struggles of
perimental leadership; and Russia in hourly terror
Democracy.
of her Bolshevist masters is the horror of the
civilEconomic and financial considerations have
had ized world. India, China and Africa at
the North
the centre of the stage as involving the peace
and and at the South, and even Japan, while
they differ
prosperity for which the world is clamoring.
in many ways, are all torn with internal distu
rbance,
These have now passed into the hands of expert
s, and present such serious political problems
as to
chiefly business men in whom leaders of opinion
have prevent any present appeal to them for confirmati
on
confidence, and are in the way of helpful'settl
ement. of democracy or devices for its successful
adoption.
16
THE CELHONICLE
[VoL. 120.
terms for its message; while some -'It is true that the South American Republics still faith and new
row 'the , civilization and repAdiate
maintain their rather tuthultuous existence, and that would 'overth
fact a hindrance.
Mexico has survived at least one monarch and sev- Christianity as in
Meanwhile business men the world over are striveral military dictators and is republican to-day. The
of economic reconstruction, and every
United States has vindicated her institutions ing for devices
whether by Commission of the
moire,
ng
through several wars and more internardisturbances, promisi
in Austria and Hungary, or the
Nations
of
League
but our experiment in the Philippines seems to have
y,is hailed with renewed hope.
German
in
plan
Dawes
encountered a severe set-back in the initial attempt
l conditions on this continent are
at self-government. We certainly are "intrigued" by Though materia
improving and with us are too prosperous
our effort to introduce self-determination and we steadily
continuance, political conditions prehave no increased confidence gained there in behalf for assured
sent sufficient that is disturbing both moral and poof democracy.
urgency in our advocating
To turn then to Religion, which means, of course, litical, to prevent any
is that the real difficulty
fact
The
to
others.
Christianity as the outstanding faith, we find that them
e that in economics
recogniz
to
have
We
deeper.
lies
the war has given a great shock to the Christian
or form counts
method
of
change
mere
politics
and
other
world. Christian nations suddenly had each
t, is the
excellen
however
no
device,
that
and
little
for
ed
savy
develop
by the throat. The fighting promptl
nt
permane
of
for all ills or has the promise
agery; solemn oaths were broken; international law, panacea
nce.
the accepted consent and practice of the nations, was accepta
democracy has yet to vindicate itself and
While
everyand
States,
neutral
of
rights
swept aside; the
is discredited by the conduct of Chrisnity
where of civil society, were trampled upon. Violence Christia
the upheaval of civilization, there is
and
nations
spread as the war advanced. Fighting, as all felt tian
Christ is respected and exalted
fact:
ding
outstan
for existence, every death-dealing device was used to one
out the nou-Cnristian world.
through
before
never
as
crush, to kill and to destroy. At the front men lost
authority, especially among
high
and
leaders
From
a
way
gave
to
their humanity, and people at home
Mahometan and Indian peoples, is the testibitter animosity that would believe no good of any the vast
t to Him not only as the greatest exenemy. The armistice ended the war, but the suc- mony abundan
of personal and social morality
ceeding years have shown how persistent are evil ample and teacher
but also to Him as worthy of
seen,
passions and how completely our civilization is dis- the world has
worship. Here, then, is the
and
ce
reveren
credited. Its whole structure is shaken, its history highest
the hope of the world.
and
ans
Christi
to
e
is invalidated, the foundation truth of the faith that challeng
ask that the facts of
only
can
we
Year
New
the
For
created it is impugned, and in many minds it is rethe situation be honestly stated and fairly faced, that
pudiated.
which men must feel for their perThe Christian Church in its various forms as the with the gratitude
renewed courage they fall
organism and the accredited instrument for the pres- sonal blessings and with
which underlie our
strength
of
ervation and extension of religion is not impaired. back upon the sources
e primarily in
recogniz
we
needs
The
It moves along its accustomed lines with its usual deeper needs.
,as we also
ictions
andconv
nce
experie
al
strength. The diversities of its form and utterances, our individu
h comes
strengt
The
life.
common
our
in
them
whether in its specific methods of work or its creeds, know
s,"
"prevail
that
Truth
the
of
power
e
ultimat
the
have always been influenced from without or have from
y
Integrit
and
from
hope that spring
arisen to meet emergencies. They have rarely the courage and
the Trust in one's fellow-men that
and
-Will,
Good
march.
its
,
onward
checked, or still less arrested
recognition of the mind of Him without
Doctrinal terms have been violently defended and as rests on our
sparrow does not fall to the ground," who
often set aside; ecclesiastical institutions have been whom "the
of the field" and who "would not
produced and in time superseded by others that were "clothes the lily
perish."
should
better suited to changed conditions. The difficulty that any
The challenge of the New Year may be accepted as
to-day is not with these; it is with the badly dising difficulties of the kind without which
present
turbed condition of Christendom and the shock given
not grow strong or reach their best. The
do
men
to the civilization that bears its name. Many doubt
contains that promise for us should also
that
faith
be
to
rebuilt
whether that civilization will not have
sense of responsibility for others.
and Christendom to acquire new sanctions for its quicken our
Indications of Business Activity
.
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, Jan. 2 1925.
As usual at this time of the year, there has been more or
inless slowing down of business for the purpose of taking
good
ventories. But on the whole there has been a very
retail holiday trade and a fair amount of jobbing business.
Nobody pretends that the textile industries are in as good
shape as could be desired. But it is gratifying to know that
in Masthere is a gradual improvement. A number of mills
sachusetts during the past week have resumed full time at a
wage reduction of 10%. It is also satisfactory to know that
In Maine, following a reduction of 10% in wages affecting
some 13,000 workers, some of the textile mills which had for
monhts run at only four days a week have increased their
working time by one day and some are even running the full
week. Fall River is considering measures looking to the
iniprovement in the cotton business at that very Important
centre. No doubt such Improvement con d be greatly facilitated by a wage reduction at that point also of 10%. The cost
of labor in competition with the South, favored by close proximity to the fields and also by lower wages than obtain at tha
North is naturally of very great importance to New England.
It is significant that the big mills at Manchester, N. H., are
endeavoring to engage in the manufacture of various new
goods rather than confine themselves wholly to manufactures of cotton which have hitherto engaged their attention
for many years. There Is a possibility that they may go
into the manufacture of linens to some extent: They have
been Investigating the question in Belfast, it is understood,
that great centre of the manufacture in Ireland.
The iron and steel industry presents a strong contrast with
that of textiles. Everything points to a better state of things
for steel in the not distant future. The output is increasing
and railroad buying continues on a liberal scale. There
'JAN. 31925.]
THE CHRONICLE.
17
seems to be every prospect of a
good business also with ing. As regards
the stock market, it has continued to be
automobile companies, construction compa
nies, and oil pipe active and prices of late
have been advancing. The feeling
line concerns, as well as in other
directions. In pig iron In the financial world
is optimistic, though nobody is indulgthere is a likelihood, so far as appea
rances now indicate, of ing in irridescent dream
s. What is wanted is a gradual and
a better business as the year advances,
and prices have risen conservative improvemen
t in business. And the feeling in
again. It Is worthy of note, however,
that quite a little iron the country may be judge
d from the fact that for some six
is being imported from Belgium,
France and Germany, with weeks to two
months the daily transactions at the New York
possibly a little from Holland. The
Continental manufac- Stock Exchange have appro
ximated 2,000,000 shares, surely
turer, it is of interest to notice,
is able to undersell the a remarkable
record. Call loans have naturally advanced,
American manufacturer by some $15
a ton, according to cur- and to-day were
at 5%. This is a repercussion not only from
rent reports. Copper is gradually
making its way upward a large busine
ss in securities, but also, it is believed from a
and has latterly touched 15c. In the
so-called minor metals gradual and healt
hy expansion in general trade. Foreign
there is a fair amount of business, with
prices to all appear- currencies are gradually rising
. The highest rate for sterances tending upward. Most metal
s are higher than a year ling exchange
since the peg of $4 707-16 per cable rate was
ago. Lead is 2 cents per pound
higher, No. 2 pig iron is removed, was reach
ed to-day, when $475 was touched, with
slightly higher, with a rise of 10%
cents in tin, 1% cents in demand excha
nge selling at one time at the same price.
zinc, 2 cents in copper and 2 cents
also in pig aluminum. French exchange
has also of late been advancing. A regretBessemer billets are, it is true,
some $4 a ton lower than a table misapprehe
nsion in regard to France's attitude toyear ago. The metal trade has
evidently turned the corner. wards its
debt due to the United States seems to have been
During the past week there has
been some decline in the only temporary.
France means to pay and will pay with
grain markets, with receipts at Weste
rn points in some cases details as to times
and terms yet to be determined.
heavy and export demand fallin
g off. To-day there were
Sears, Roebuck & Co. december sales totale
export transactions reported, it
d $26,170,958,
is true, of something like an increase of
25.84% over December 1923. This December
1,000,000 bushels of wheat for
foreign market, half of which was the bigges
t December in the company's history with the
was grown in the United States
. But it is useless to disguise exception of
1919.
the fact that the American
farmer now finds growing comAt Fall River there was a meeting held
petition in the European marke
on Monday last
t with the farmers of other with a view
of adopting measures looking to the resumption
exporting countries. It is said
that Russia has been buying of full time, but
nothing definite seems to have been accomAmerican flour more freely, howev
er. As regards the grain plished. Divid
ends distributed by Fall River 'textile mills
speculation it has evidently died
down. Certainly there are no during the past
year were the lowest paid in many years,
such boisterous operations as
those which characterized the averaging, as
stated above, only about 6.43%. In the year
last half of 1924. It is even said
that some of the big opera- 1923 the average
was about 8.24 and in 1920, which was the
tors at Chicago are less enthus
iastic on the subject of $2 high year for
dividends, the average was better than 20%.
wheat. Some of them are supposed to
have gone into cotton Ten mills failed to pay divid
ends during the year. At Lowon quite a liberal scale late last
week. Appearances cer- ell, Mass., most cotton
mills started on full time schedules on
tainly pointed that way. But to-day
there was very heavy Monday with a 10% wage
reduction in force. Boston wired
selling of cotton by Chicago at New York
and the price sud- that the Renfrew Manufactur
ing Co., making cotton goods,
denly dropped $3 to $350 per bale.
It is understood that not will cut wages of 1,400
employees 10%. Boston also wired:
a little of the selling of grain and
cotton since the turn of "Progress is being steadi
ly made by the Amoskeag Manufacthe year has simply deferred profit takin
g for income tax turing Co. in getting back
to a normal employment schedule.
purposes. Coffee has advanced sharply In
response to rising The company has about 8,300
employees on the payroll. It
quotations in Brazil, with indications of a
better demand for is expected that it will enter
upon the manufacture of new
consumption in this country. There are fears
of a poor crop things. It plans to turn out
a more diversified product and
in Brazil, and another factor makin
g for higher prices is s to that end exper
iments have been going on in several new
report that the export tax in Brazil will be
increased notice- lines, including a part-linen crash
. The visit of W. Parker
ably this month. It is a noteworthy fact
during the past year Straw, agent for the
Amoskeag Co., to Ireland is understood
that there has been a net advance in coffee
of some 12 to 13 to have been especially
in connection with a study of the
cents per pound, but as a partial offset, a
decline in granu- manufacturing processes for
linens and more especially with
lated sugar has taken place of about 1%
cents per pound. reference to bleaching."
In Maine following the 10% wage
But in the main the trend has been again
st a cheap breakfast reduction affecting appro
ximately 13,000 operatives, some
table. Sugar during the past week has
changed very little, of the textile mills which
for months had curtailed producalthough there has been some advance in
futures. It was tion by running four days
a week, have increased to five
noticeable that a greater number of mills are
grinding sugar days, and even to full time.
At Paterson, N. J., little activcane than was the case a year ago, in
spite of reports of ity has been noted
in broad silks this week.• Many plants
labor troubles in the sugar districts of Cuba.
Wool has been closed down Wednesday
of last week and did not reopen
firm, but on the whole quiet, which is not
very surprising, all until Tuesday.
things considered, for the woolen goods
industry is not in as
Forty per cent of the Scranton coal miners have
good shape as could be desired. High
returned
prices seem to have to work.
In Philadelphia Christmas trade exceeded that of
restricted business.
a year ago with medium-priced cigar now as
While cotton is some 11 cents per pound lower
then the best
than a year sellers. Manufacturers are takin
g year-end inventories and
ago, domestic wool averages some 22 cents
per pound higher preparing for
output operations for the first quarter of
than then, though even silki s lower than
a year ago, by 1% 1925, which, it
is commonly believed, will run to 100%. Owto 2 centi per pound. A falling off in
wool supplies has ing to the gener
al improvement in business conditions during
made itself felt in spite of evidence of a
decreased consump- the past year,
the commercial failures in southern New
tion as the result of high prices. Rubber has
met with a fair York, including
Manhattan, the Bronx and the counties
demand, but the London market has been
declining of late adjacent to the
Hudson River as far north as Albany, were
and prices of standard grades are some 12
cents per pound the lowest in numbe
r and volume since 1920.
higher than a year ago. Only a fair busine
ss is being done
There is dissatisfaction in the British cotton trade
in leather at quotations 5 cents per pound
owing
higher than .it to the number of
mills in the Oldham district stopping for
this time in 1924, with hides 21/2 to 3% cents
higher than Christmas Day
only, disregarding the appeal of the Master
then. Food continues to be dear. Flour is
nearly $3 per Spinners' Feder
ation not to consider the holidays a part of
barrel higher than a year ago,
as might naturally be ex- the short-time
scheme. Scarcely any spinning concerns are
pected from the fact that wheat is some
70 cents per bushel now losing money,
but it is feared that if short time is not
higher than then. In the dry goods
trade there has been a adhered to strict
ly profit margins will be reduced and may
fair business in the East and Chica
go reports a very good disappear.
trade at the West. Mail order busine
ss makes an excellent
After touching 12 degrees above zero
showing, the sales of one conce
here over Sunday,
rn showing an increase for a temperature
seldom equaled on that date for many
December over those of the same month
years
last year of nearly past—exceeded only
twice in 50 years—it began to moderate
26%,the largest on its records with a
single exception of five on Monday, when the
lowes
t was 15 above, rising to 30 deyears ago. It is regrettable to notice
that the average Fall grees later. To-day
there was the first real snowstorm of
River mill dividends during 1924 was a
little less than 6%% the season, beginning in the
morning and continuing all day,
on the capital, being the lowest for many
years past. But it with the wind at times blowi
ng a gale. Up to 3 o'clock 7
is hoped, and apparently not without reason that
,
this branch Inches of snow had fallen in
Central Park. Street travel
of business has seen its worst and is now gradu
ally mend- was delayed. Yet the railro
ads met the difficulty well and
is
THE CHRONICLE
[Dor.. 120.
difficulties in this
the Southern States due to lower wage levels. The
traffic moved rapidly. Steamers were delayed by gales and industry created by strike stocks and mid-year dip in industrial activity
afterThis
safety.
for
port
into
hurried
sea
many vessels at
should soon be overcome.
ed high activity.
ow
The construction work of the country has maintain
noon the temperature was 28 degrees here. For to-morr
business buildings, due
. While the shortage, particularly of housing andhas
weather
warmer
slightly
and
fair
for
are
to a large degree
ions
been
indicat
the
to the cessation of construction during the war,
y create a
To-night there are indications of a slowing down of the overcome, yet continued high real wages and general prosperit
n, because of the
demand in excess of that due only to increasing populatio
elbow
storm, though there is considerable wind. Heavy rains in insistanc
more
e of a population of rising standards of living, for
the east Gulf and South Atlantic occurred earlier in the room and better housing generally.
ion activities
One striking factor in maintenance of increased construct
week. Rains extended northward to southern New Jersey
g the demand
is the effect which the automobile is producing in increasin
at one time. Later in the week it became colder over north- for
in many of
n
road construction and in causing migration of populatio
vaof these iorces
ern New York, northern New England, western Pennsyl
our towns to new housing in the suburbs. Another effect
the general price levels. With our
nia and north of the Ohio River. There was a slight snow- is to maintain rents out of line above
expect any
high real wages and little unemployment there is no reason to
MounRocky
north
the
and
region
Lake
the
of
most
over
fall
material change in the course of this industry.
8
Paul,
St.
at
below
12
was
It
y during the year,
tain slope. On the 30th ult.
Our railroads have shown continued increase in efficienc
Is likely to be
above at Helena, 12 above at Milwaukee, 18 above at Kansas and have now proved themselves equal to any burden which
Motor transportation continues to develop and to
them.
upon
Cincin•
and
thrown
Chicago
at
above
24
nd,
at
Clevela
City, 22 above
country—in fact,
enter more and more into the vital economic life of the
anti, 30 at New York and Boston. Texas advices reaching almost imperceptibly our road improvement programs are taking on the
here indicate that the cattle loss from the recent blizzard of complexion of new transportation systems. expansion during the year in
of the
Our foreign trade has shown considerable
figures has
a little over a week ago has dwindled and that instead
exports, and some decrease in imports. The increase in export
half million head originally estimated to have been frozen, been due in some degree to the higher prices of agricultural produce,though
expansion in all exports; the decrease in imports has been
fewer than 100,000 actually died, which is, of course, bad chiefly to general to
lessening activity in production lines at the middle of
part
large
in
and
due
near
had
week
last
material. The
enough. The Pacific Northwest late
year. thus reducing the requirements for imports of raw
the
debillion six hundred
sub-zero temperatures. In California it was 18 to 45
total of our exports for the year will show about four
our imports about three billion six hundred millions. The
grees above zero. Santa Rosa, Cal., reported 18 degrees millions and balance
will be about one billion dollars in our favor. The net
ise
merchand
tempera
te
above and Los Angeles 45. In San Francisco the
imports for the year in partial liquidation of this balance amounts
gold
ture was 36. In Washington the minimum was 4.5 degrees about two hundred eighty millions.
us than in 1923
Our invisible exchange will show larger balances against
below zero at Yakima and in the western part of that State,
freight charges
because of the greater volume of tourist travel, increased
Resiabove.
degrees
24
was
ture
of loans
volume
tempera
increased
the
,
largely
the
all
above
Olympia
at
foreign shipping, and
paid
g
which will probably amount to as much
dents along Una Columbia River had the novelty of crossin and investments to foreign lands,of
that amount for 1923.
one billion as against one-third
t
the river for‘the first time in many years on ice. The low- asInternati
onal trade in the world as a whole shows a larger movemen
Baker
below.
10
was
Oregon
in
d
than at any time since before the
reporte
year
est temperatures
of commodities during the past
of goods, measured in quantities, is
and Portland'had 13 above. Smudge pots were worked over. war. But international exchangepre-war,
although the United States is
still 10 or 12% below
recovered its foreign
time in the citrus groves of Southern California to ward probably
amongst the large combatant nations in having
unique
One
off the frost. Damage in the citrus belt so far has not been trade to a point 15% to 20% above pre-war on a quantity basis.
this lower movement of commodities has
serious, according to the California Fruit Growers' Ex- of the by-products hitherto nof
ning
With the general strengthe
been the continued depressio of shipping.
growth in the movechange announcement.
economic fabric of the world, with the gradual
of the
place, together with the fact
ment of commodities which is now taking
construction during the-last four
that there has been but little new ship
becoming more and more obsolete.
years, and that the existing shipping is
world. The usable surplus
it is fair to expect a recovery in the shipping
probzbly not in excess of two
tonnage at the present time in the world is
year ago.
million tons, as against four million tons a
decrease in Federal taxation
The year has again been marked by a
which will amount for the year
and by a large discharge of Federal debt,
to something in excess of $900,000.000.
show an increase of about
Time and demand deposits in member banks
bank clearings for the year were
two billion eight hundred millions, and
not increased despite imports
higher than in 1923. The gold reserves have
certificates. Savings conbecause of the larger circulation given to gold
the increasing savings deposits,
tinue at a very high rate, as indicated by
nary expansion in
extraordi
the
the large absorption of bond issues, and
maintained a high state
insurance, thus demonstrating that there has been
and commerce, with little evidence of
ce, there has of efficiency throughout industry
most far reaching moveWith the exception of a few spots of secondary importan
waste, extravagance and speculation. In fact, the
poand
economic
social,
toward
advance
real
a
is the larger understanding of its broad
been during the past year
to-day
life
economic
our
in
ment
s are Russia and
litical stability throughout the world. The only exception
ion of the factors of stability, and the definite
less than 334% of interna- problems, the better appreciatof waste, through more stable employment.
China, which even before the war contributed
in the elimination
progress
the
world
.
Generally
continues
this
of
tional commerce,and of course a part
ative methods and through the rapid march of
there are higher stand- through better administr
is producing more goods, there is fuller employment,
we are able to maintain wages at 100% above
That
.
discovery
scientific
future and more
ards of living, more assurance of economic stability for the
of living is 72% and the average wholesale price of
cost
the
while
pre-war
no
is
by
The
world
years.
promise of peace than we have seen for many
above pre-war is the very definite proof of increasthe forces to-day in motion commodities about 50%
ion and of the free flow of competimeans free from liability to economic shock, yet
ing efficiency in production and distribut
year.
ing
forthcom
the
for
all tend to great promise
of the year tive action.
ent
developm
economic
ing
outstand
the
conflict over German repacountry
own
t
In our
In the foreign situation the settlemen of the
after its two-year lag behind
of German currency
has been the very large recovery in agriculture
through the Dawes plan, with its stabilization
rations
the
in
of
losses
measure
large
a
have
employment and producthe recovery of industry. The farmers
the German budget and the recuperation of
and
There
ng.
is
encouragi
outlook
their
but
last three years yet to recover,
, is having and will have a far-reaching effect upon the
g, particularly in the cattle tion in Germany
are some secondary difficulties still remainin
and it has favorable influences reaching to our shores.
Europe,
of
whole
all
of
the prices
industry, and the effect of the sub-normal corn crop: but
shows considerable improvement in all phases of its economic
Britain
Great
comof
average
general
the
farm products are gradually moving toward
of farm products has been life.
in France. Italy, and Belgium
modity prices. This improvement in prices
The commercial and industrial situation
industrial commodities,
ent during the year. Some progress is being atparalleled with some decrease in the prices of many
improvem
steady
shows
been
little
so that there has
such as fuel, building materials, metals, kc.,
countries towards reduction of expenditure and increased
thus the farmers' purchasing tained In these
of budgets and more stable
change in the average of all price levels, and
taxation, directed towards the better balancing
s.
direction
power is being remedied in both
currency. Poland has stabilized her currency. Yugoslavia, Finland.
comof
single
in
prices
nt
adjustme
of
deal
good
a
While there has been
Lithuania, Sweden and Norway show manifest stability
price of all conuneditleohas Serbia..Esthonia,
modities during the year, the average wholesale
trade conditions and steady progress over preceding years.
and
economic
in
It
1924.
and
1923
the years 1922.
varied but 3% as between the ends of
nds, Denmark and Spain show some temporary depression
common level In prices ofabout The Netherla
g. Austria,
would thus appear that we are tending to the
during the year due to local conditions which are improvin
economic
our
present
least
at
represent
to
seems
of progress
50% over pre-war, which
Rumania. Bulgaria, Hungary and Turkey do not show the rate
part of
A
large
advance.
real
no
plane in prices.
the others. Russia makes
of
some
of
and
year,
the
last
during
The average wage in industry has been stable
however, continues dangerously over-armed and currencies are
Europe.
mainhas
of
living
cost
the
while
remains around 100% above pre-war,
foundation of stability which will only be reached when
of each of the last three not yet upon that
basis. . . .
tained almost exactly the same level at the end
there- they are placed upon a gold
labor,
Our
pre-war.
over
72%
about
1924,
abroad that
years, 1922. 1923 and
It has been suggested In some press quarters at home and
There wassome
fore,continues to enjoy the highe.st real wage in its history.
of these favorable factors may be leading cur country towards
result
the
overlargely
been
has
now
it
but
1921.
unemployment in the middle of the year,
a period of inflation of the character of 1919-20 with its disaster of
are on the march of wholesome recome.
as a It can be assuredly stated that we
n
uring
productio
of
manufact
g
slackenin
some
no present iodication of inflation. We
While there was
and In covery from the war and there is
whole in the spring, due in part to the undertainties of election
inflation when undue expansion of credit finds its outlet in
secure
only
g
slackenin
was
little
there
but
part to reduction of accumulated stocks, yet
after the plant and labor capacity of the country is
the continued bidding up prices
stage because
at any time in consumption of major articles, as shown by
ments employed to the maximum. We have reached no such
establish
and
retail
wholesale
of
sales
of
high levels of car loadings,
a margin of labor capacity for enlarged output in the form,
us with a recovered there is still
finds
year
the
of
end
The
.
activities
out of work.
ion
construct
people
andof
however, of more full-time employment than from
ago.
industrial production at practically the same levels as a year
nation our business men, bankers and public officials have gained
a
As
rein
lagged
e
coal—hav
soft
Two industries—textiles and Northern
years in understanding of the basic factors
on of foreign enormously during the past four
covery. The textiles are suffering In part from sharp competiti
y
shed from overexpansion
improvement which create healthy prosperit as distingui
An
habits.
national
in
shift
from
part
in
imports, and
of their responsibilities in the matter. Our
of the bitu- as well as in understanding
quickly detect dangerous
as
a
may be looked for In the forthcoming year. The condition
upon
now
basis
such
services are
is unsatisfactory owing to informational
might
m1116113' coal 'inclUStry in the Northern States
current. It might be added that a holiday season when anyone
safeguard
a
as
year
in
the
early
ted
more comfortable
the unusually large stocks accumula
during think about safeguards from overexpansion is infinitely
ion
consumpt
in
industrial
decrease
n.
the
to
depressio
economic
against possible strikes;
production of than one fraught with negative problems of repair or
dhelmiddlelof thelyear, and to the increased proportional
Secretary of Commerce Hoover Says Forces in Motion
Mark Solid Progress Toward Peace and Prosperity for the Coming Year.
In a statement upon the economic prospects of the new
anyear, Secretary of Commerce Hoover observes that the
benew
year
the
that
"shows
ment
Depart
his
of
survey
nual
gins with the economic structure of the world upon more
solid foundations than at any time since the war." Altogether forces in motion both home and abroad, he says,
"mark solid progress toward peace and toward prosperity
for the coming year." In part his survey says:
JAN. 3 1925.]
THE CHRONICLE
19
Altogether forces in motion both at home and abroad
mark solid progress
Seward peace and toward prosperity for the coming
year.
head. Hogs, despite the high price of corn, justified the
faith of farmers
who find a profit over a term of years in marketing their
corn not as grain
but as pork. The cattle industry was an exception to the general
rule.
F. 0. Wetmore of First National Bank of Chicago Sees Producers of range cattle for five years have suffered under adverse conditions and will continue to be at a disadvantage until beef prices
Country Is Entering Upon New Year With
are adjusted
BO as to yield a profit on production costs, which is
not now possible. Yet
Confidence as to Future.
despite the continued lack of profits in this industry, the
number of cattle
In his survey of the year 1924, Frank 0. Wetmore, Presi- on the range shows little if any diminution from the normal.
From all of these sources the agricultural industry procured the funds
dent of the First National Bank of Chicago, points
out that necessary to reduce its indebtedness substantially. As a result of this
for the first time since the World War successf
change in economic conditions, interest rates on farm mortgages have been
ul efforts reduced
by from one-half to one per
were made during the year "to cast aside
the psychology this territory have been notably easier.cent and commercial loans through
created by the war and to seek a return to conditio under
On
the
other hand, retail and jobbing trade did not increase to the extent
ns
which the peaceful work of the world can
that had been anticipated or that might seem warranted by underlying
be carried on." conditions
. With money in the bank, the consumer showed a disinclinaStating that the most notable event in this particul
ar was tion to buy goods beyond actual necessities. Retail and jobbing
trade
the adoption by the former belligerents of the
for
the
most
part recorded disappointment both in the volume and the profit
Dawes plan
of sales.
and its elaboration by the Conference of
London at which
The reason is not disclosed by statistics and yet it is not hard to find.
business was conducted by means of negotiat
ions instead of The enforced economy of four years of "hard times" has produced mental
by ultimatum, Mr. Wetmore says:
habits not easily cast aside. Thriftiness, enforced by grim necessity, has
The importance of the Dawes plan and
its adoption by the parties inter- become a virtue practiced for its own sake. The ultimate consumer.
ested does not consist, in the view of those
best qualified to judge, in the whose money has not "come easy," is not inclined to spend it freely. The
fact that it is a final solvent for all the
problems created by the war and the business man who is a good risk for new loans remembers too well the result
peace, but in that, as indicated, it represents
a return to a normal state of of unwise expansion. The very qualities of relative prudence and caution
mind on the part of the ruling forces of the
Which brought him safely through the crisis, when many of his follows were
world. Very likely many of the
great hopes attached to this plan may
prove to have been vain and most forced into bankruptcy, now warns him against expansion. The result is
likely many other negotiations and readjustme
that money lies idle in the banks, awaiting greater certainty of profit innts will take place before the
world can finally forget reparations and
allied questions, but it is a start in stead of taking advantage of speculative chance.
the right direction, and, having started,
The new year of 1925 promises a steady increase of business but no"boom"
readjustments can undoubtedly be
made to meet new conditions and unthought
prosperity. There should be, and will be, in all probability, a gradual
of complications as they arise.
As regards our own affairs, doubt has
been expressed as to whether the expansion of industry, a gradual lessening of unemployment, a gradual inDawes plan will prove of immediate
'benefit to all of our industries. Some crease of trade volume and of profits. Many uncertainties--not the least
of these may suffer, at least temporaril
of which was the outcome of the national election—have been resolved into
y, as a result of renewed competition
on the part of Germany and other countries
in the world's markets. How- certainties.
ever that may be, the financial assistance
For ten years the course of business in America has been especially influwhich this country is rendering to
enced by conditions abroad, particularly in Europe. That factor is still
European industry and commerce will help to
bring about a return of stabilised conditions the world over. This will
apparent and important. The acceptance of the Dawes plan made 1924 a
be of the greatest assistance to us,
noteworthy year in the foreign field, with great promise of the eventual
for more than anything else business men
require stability in order to be able
solution of critical problems of European politics and Governmental finance.
to judge with some degree of assurance the immediate
future of trade and
The
restoration of private industry in Europe Ls still a task worthy of the
Industry.
best business brains of both Europe and America. Upon the satisfactory
Alluding to the large credit granted to France and Ger- solution
of this problem depends the full significance of the Dawes plan.
many and the renewed confidence thereby given to the Euro- and with that the restoration of normal trace re'ationsh
ips throughout the
world.
Without it, the upward sweep of our own prosperity can be at
pean business world, Mr. Wetmore in issuing a word of caubest only partial and incomplete.
tion says
"It is to be hoped that this new readiness on the
part of American investors will not go so far as to support
unsound undertakings." Mr. Wetmore observes that "the
renewal of prosperity of the country which has made itself
felt in the latter half of this year has been due primarily to
better agricultural conditions, especially those affecting the
wheat farmer." He also points to the increased export demands as "another factor which has tended to produce a better feeling in this country," and adds that "the conservative
feeling of the American people as indicated by the November
election has made it likely that conservatism will prevail in
our Federal legislation." In his conclusions he says:
Federal Reserve Board's Summary of Business Conditions in the United States—Production in Basic
Industries and Factory Employment During
November at Same Level as in October.
Production in basic industries and factory employment
continued at about the same level in November as in
October, says the Federal Reserve Board in its monthly
statement covering business conditions in the United States.
In its summary the Board also says:
There was a further slight rise in the level of commodity prices
reflecting
advances in nearly all groups of commodities.
Production.
Production of basic commodities was at about the same rate in
November
as in October, but owing to the smaller number of working days not
allowed
for in the adjustment for usual seasonal variations. the Federal
Reserve
Board's index of production declined by about 2%. Increased
activity
was shown in the iron and steel industry and in cotton and woolen
textiles,
while production of food, coal, lumber, paper, and automobiles
declined.
There was little change in the volume of factory employment in
November.
Building contracts awarded declined somewhat in November,
but the
total was considerably larger than for the corresponding month
of any
recent year.
Final estimates by the Department of Agriculture of crop
Walter W. Head, of Omaha National Bank, Says 1925
yields in
1924 showed a greater aggregate production than in 1923 and an
increase
Promises Steady Increase of Business.
of about 9% in the total value of all crops. Yields of wheat,
oats, cotton.
potatoes, and hay were larger than in 1923. but the production
In the view of Walter W. Head, President of the
of corn
Omaha
tobacco was smaller. Marketing continued in large volume
in NoNational Bank, of Omaha, Neb, "the year 1925 will be a and
vember and exports of agricultural products were the
largest
for
that
year for the exercise of careful study and sober judgmen
month
in
any
recent
year.
t."
Caution, he says, "may properly be succeeded by prudence
Prices.
,
The level of wholesale prices, as measured by the index of
but it is still a time for cool heads and
the Bureau of
the use of common Labor Statistics, advanced slightly
in November, price increases in most
sense. To those who hold firmly to these principle
of
the commodity groups being nearly offset by a considerable
s of condecline in.
duct, 1925—unlike its immediate predeces
prices of animal products. During the first half of December
sors—promises the
there
were
further
advances
in
prices
the
of
grains,
flour,
reasonably certain rewards." Mr. Head describes the
sheep, metals, and
year lumber, while the prices of beef, hides, silks and brick declined.
1924 as "chiefly noteworthy in Western
agricultural terriTrade.
tory because of the virtual completion
Railroad freight shipments though smaller in November than in
of the second period
October,
of liquidation—the liquidation of indebted
to seasonal influences, were in about the same volume as in
ness." To-day, owing
Wholesale trade showed the usual decline in November and was 1923.
with rare exceptions, he says, "we
about
have completed the proc- as active as a year ago. Sales of furniture and meat were
larger than
ess of liquidation and are ready
to begin a new cycle of last year, while the volume of business in nearly all other lines was smaller.
Retail trade was somewhat more active in November and sales of
business progress." Continuing, he says:
mail-order
houses and chain stores were larger than last year.
The first period of liquidation
Merchandise stocks
was the liquidation of merchandise. This at department stores were slightly reduced and were
2% less than a year ago.
began in 1920 and was practically
farmers, merchants and manufactu concluded in 1923. In that period,
Bank Credit.
rers suffered heavy loss because of the
Total loans and investments of member banks in leading
necessity of selling commodities at
less than cost. Prior to and during this tinued
cities conto increase during the four weeks ended Dec. 10 and on
period debts accumulated—debts which
that date
strained credit capacity and which were in larger
In some cases forced bankruptcy upon
volume than at any previous time. The Increase
debtor, creditor or both.
during
the period was chiefly in loans secured by stocks and bonds
In 1924, the liquidation of merchandi
and accomse being virtually complete, we were panied continued
engaged principally in the liquidation
activity
in
the
markets.
security
Commercia
l
of debts. The cash value of the farm- showed a seasonal
loans
ers' grain crops—wheat, corn, oats and
decline from the high point of the year reached
in the
rye—was measurably greater than in middle of November
any year since 1919. The sale of these
but continued above the level of a year ago. Seproducts made it possible for the entity holdings,
after increasing rapidly since the spring of the
farmer to reduce materially his obligation
year,
s to the merchant, the banker reached a peak
on Nov. 19 and after that time showed a slight
and the mortgage holder. The result Was
decline.
the
At the Reserve banks total earning assets increased considerab
and the accumulation of money in the banks. general liquidation of debts
ly during
the four weeks ended Dec.17. reflecting the seasonal demand
The grain crops were not alone in
for currency
contributing to this result. Sheep and the export
of gold. The volume of discounts of the Reserve
raisers enjoyed a most profitable year and
banks
enter 1925 under very satisfac- increased between the
tory conditions. The wool crop of 1925
middle
of
November
and
the
middle
of
December.
already is being contracted for Their holdings
of acceptances also showed a net increase, while
sale at 40 and 45 cents a pound; good ewes
are bringing from $10 to $14 a States
United
security holdings declined somewhat.
The result of all this is that our country is entering upon the new year
with a feeling of considerable confidence as to the immediate future. It
is
to be hoped, however, that this may not result in over-confidence and
in a
new period of speculation and inflation. We are still confronted
with an
apparent excess plant capacity in this country brought about by war conditions. The inclination on the part of all business so situated is to
fill the
plants with business in order to reduce the relative overhead. These
factors
combined with the present spirit of optimism might readily lead to another
period of over-expansion. Undoubtedly, the good sense of the American
business world will prevent such develppments.
20
THE CHRONICLE
[VoL. 120.
their operations in November. The coal markets have been quiet of late,
although recent cold weather has stimulated demand. Anthracite production was considerably less In November than in October or In the same
month of the previous year.
In spite of the prevailing business confidence distribution of goods has
of
District
Reserve
in
Federal
ent
been in smaller volume than In the same period of 1923. Retail sales In
Employm
of
Volume
the district have Increased seasonally In November and December, but In
Chicago Again Unchanged, Thus Keeping
the former month were nearly 7% less than In November 1923. This deIt at July Level.
cline no doubt is largely attributable to the fact that employment during the
part of this year hag been considerably less than In 1923; in conseThe Federal Reserve Bank of Chicago in its "Monthly Re- greater
quence, purchasing power has been smaller. It is significant, however,
port of Business Conditions," dated Jan. 1, discusses as fol- that employment and wage payments have been increasing steadily since
mid-summer. All lines of wholesale trade experienced a seasonal decline
lows the industrial employment conditions in the district:
y under last
The volume of employment at manufacturing plants of the district re- In November, and In nearly all Instances were also considerabl
district declined
mained practically unchanged during November. the slight increase of0.1% year's totals. Railroad freight shipments In the Allegheny
the corresas
in
volume
bringing it back to the level of July, when the definite curcallment in prog- somewhat In November but were in almost as large
business actvity
ress since early In the year came to an end. Although there has been little ponding period of the previous year. That general
Is evident from the fact
change in either direction in volume of employment during the past four November was somewhat above that of last year
months,payrolls have Increased approximately 8%. This gain has resulted that the volume of debits to individual accounts in this district was 7%
from the increase In the number of working hours in response to an expanding larger than in the same month of last year.
Industrial demand. In November, however, there was no further increase
In this respect,several plants reporting a seasonal curtailment in time scheds Activity in Boston
ules and total payrolls showing a decline of 0.6%. For all reporting firms, No Change in General Busines
Federal Reserve District Since October.
Including public utility, construction work, coal mining and distributing
emIndustries, as well as manufacturing, the changes were more marked,
In summarizing the situation in the Federal Reserve Disployment decreasing 0.2% and payrolls 1.3%. This less favorable showing
of Boston, Frederic H. Curtiss, Chairman and Federal
was due,for the most part,to the decline In building and construction entertrict
prise,consequent upon the stoppage of road work and much street and sewer Reserve Agent of the Federal Reserve Bank of Boston,
of
development, with the close of November. Public utilities laid off some
1 Monthly Review:
their men, but the curtailment was less than one per cent. Distributive states in the Jan.
Industries added about 5% more workers, especially retail stores, and mail
covering November and the first half of Decemreports
the
of
analysis
An
order houses. Reports of State employment offices respecting the number
ber indicates that there has been no net change In general business activity
of applicants for positions available indicate little change in recent employIn New England since October.
ment conditions. For Illinois this ratio changed from 139 to 140% during
Output has declined in several of the leading Industries In this district
the month of November, while in Indiana it remained at 128%.
which normally expect a seasonal slackening toward the close of the year.
and
metals
Dle,
ta
ing
accompany
in
the
noted
groups
Of the Industrial
Cotton and wool consumption in New England during November was less
metal products made the most definite gains of the month, increasing the
than in October, but the decline was about what would be expected in view
number of men by 1.4% and the payrolls by 2.8%. About 2% more men
of the fact that there were fewer working days in November than In October.
were added in the manufacture of lumber and its products, but the payrolls
The output of shoes during November was less than In October. While
paymen
and
both
in
gains
showed
products
Food
0.5%.
increased only
production In the three leading industries of this district declined searolls but the advances were less than one per cent. Paper and printing made
no greater than that
sonally in November. on the whole the reduction was
increases ef 0.2% each in men and payrolls. For the first time since July
these same Industries In other districts. The building inin
d
experience
but
In
activity,
let-up
a
chemicals showed a decline in payrolls. indicating
of New England continues to be relatively active in spite of the apthe volume of employment remained at the level of the previous month. dustry
proach of cold weather.
Stone, clay and glass products limited their activities considerably, the debeen a
Coincident with the decline In production, there has naturally
crease In men being 2.2% and the decline in payrolls 5.9%. The most notaworkere through employment offices. In M Stelehlleetta
for
demand
smaller
avergroup
this
ble decrease occurred in the textiles and textile products,
of workers on factory paythere was practically no change in the number
aging a decline of 5.6% in employment and 13.1% in payrolls. These
an appreciable Increase
rolls between October and November, nor was there
losses were caused chiefly by the decline in operations by manufacturers of
in the number on full time.
men's and women's clothing.
to be unsatisfactory.
continues
The volume of department store trade
EMPLOYMENT & EARNINGS-SEVENTH FEDERAL RESERVE DISTRICT Daily average sales In November were slightly lees than In the same month
Sales of Boston departlast year. and even the Christmas trade was peer.
were nearly 5%
Total Earnings.
No. of Wage Earner:.
ment stores in the first 15 working days of December
ITeek Ended.
Week Ended.
Merchants reported
ago.
year
a
the corresponding pelled
In
than
lees
Industrial Group.
hut that the call was for
that a relatively large number of sale*, were made.
Non. 15 Oct. 15 Change Nov. 15. Oct. 15. Change cheaper-priced merchandise and the smaller kind of articles.
rising for several
Wholesale, commodity prices have been etrehg and
359,032 358.715 +0.1 58,970,617 59,025,981 -0.8
All groups (10)
prices during the latter part of Docemher were
commodity
Basic
months.
Ideals and metal products
+2.8 higher than at any time since the early part ef 1923. More commodities
137,279 135,448 +1.4 3,145.129 3,053.769 -3.5
(other than vehicles)
week since the middle of
42.268 42,917 -1.5 1,283,938 1,330,335
have increased in price than decreascd in every
Vehicles
-13.1
e40.265
556,263
-5.6
28,517
excess of icnreaees as compared with decreases has
Textiles & textile products. 26,931
+0.9 1.351,666 1,342,838 +0.6 July. To be sure, the
or August. This In
week
Food and related products. 51,664 51,184 -2.2
first
368,287 -5.9 not been as largo at any time as it was In the
346,656
12,100
Stone, clay & glass prod'ts. 11,839 33,001
813.309 +0.5 Itself may be a very significant fact.
+2.2 817,266
Lumber and its products_ _ 33.741
favorable. Department
235,042 245.908 -4.5
9,580 9,574 +0.1
*Chemical products
The credit situation In this district continues
340,865 +2.8
16,520 16.827 -1.8 350.532
hut wholesale trade collecLeather products
80.978 -3.3 store collections during November improved.
78.330
3.033 3.019 +0.5
loan, made by memal"
Rubber products
"commerci
804,337 +0.2 tions declined slightly. The volume of
26,177 26,128 +0.2 805.795
Paper and printing
and the first part of
ber banks to customers declined throughout November
December, following the usual seasonal trend."
Firmer conditions in the money market during the last half of November
and:the first half of December were indicated by higher rates on bankers
acceptances and a rise of % in the rate on commercial paper.
r in
Little Change in Commercial Activity in Novembe
Federal Reserve District of Philadelphia from
Previous Month's Level.
commercial
Aside from the usual seasonal fluctuations,
District of
Reserve
Federal
the
in
and industrial activity
the
Philadelphia showed little change in November from
Federal
the
says
month,
previous
the
in
ed
level maintain
Reserve Bank of Philadelphia In its Jan. 1 Business Review.
Continuing, the bank says:
failed to experience even the norIndeed many lines ofindustry and trade
the volume of business was considerably less
mal seasonal improvement and
decline no doubt Is due to the fact that
than in Nov. 1923. Part of this
working days in this November than in the
of
number
smaller
a
were
there
however, October's volume of business
same month of 1923. In general.
exceeded In November. Business sentiment,
was equalled or slightly
the first few weeks of December witmoreover, continuos optimistic and
November. Preliminary reports received
nessed a noticeable advance over
t at factories in Pennsylvania. New Jersey and
by this bank on employmen
forces were from 1 to 2% larger In December
Delaware indicate that working
with practically no change in the preceding
than in November as contrasted
month.
factory operations in this district was
Although the general average of
to November, there were marked
virtually unchanged from October Industries. Textile mills generally
individual
fluctuations in some of the
and although there has been a seasonal
Increased their operations somewhat,
present volume of orders Is sufficient to
the
lines,
many
in
buying
hill In
operations for two or three months. Underwear
maintain the current rate of
active,although there has been some seasonal
and hosiery mills are also more
textiles and textile products generally
slackening in new orders. Prices of
principal exception being quotations for raw
are firm and unchanged, the
to advance rapidly.
continued
have
wool and woolen goods, which
in fair demand and mill activity in this
Most iron and steel products are
few weeks. Demand for iron and steel
district increased during the past
production also was smaller than in October.
castings declined, however,and
tools and of railroad and track equipment
Sales of machinery and machine
has been active ordering of these products
are in larger volume and there
especially quotations for pig iron, also advanced
for 1925 delivery. Prices,
considerably during the month.
excess of that of
in this district continued well in
IP The volume of building
although there was a large seasonal decrease
year,
last
of
period
same
the
from October to November. Building materials
In the value of permits
manufacturers of brick and tile and glass increased
are also In fair request stint
Increase in Department Store Sales in Federal Reserve
District of Chicago-Reduction in Wholesale Trade.
November sales for department stores reporting to the
Federal Reserve Bank of Chicago exceeded the preceding
month's total by 14%-a rate of increase more pronounced
than previous October-November changes, For which comparable data are available (1919-1923), and particularly significant this year in view of the three fewer trading days in
November than October, says the Bank in its Jan. 1 report
of business conditions. Continuing, the Bank says:
gains.
In fact. on a daily average bards, all hut three entree showed
Influences contributing to this expansion were the eerily holiday purchasing
trade during October.
and the effects of the comparatively slow
The gain of 3% over November 1923 sales reflects individual Increases
for less than half the stores, while cumulative sale% for the five months
ending Nov. 30 for forty-one firms out of fifty-eight were below the corresponding period In 1923.
In general. additions to stocks during the month were not sufficient to
at the end of November for
offset the increase in sales, so that inventories
31. With the large
over 60% of the stores showed declines from Oct.
majority of firms also inventoried lower than a year ago, aggregate stocks
for the district averaged 4% below Nov. 31), making the third decrease for
the year. In proportion to sales, however, stocks since July for nearly half
the stores have been higher than last year.
November collections were heavier than during October, all but seventeen stores reporting increases, and as In the two preceding years towing
the largest volume since January. Their ratio of 44.1% to accounts outstanding at the beginning of the month Is about the same as for October,
but compares with 46.1. the corresponding 1923 figure.
As to wholesale trade the report states:
As Is customary toward the end of the year, a reduction was apparent
during November in the volume of goods sold at wholesale. With eleven
exceptions, all dealers reporting sales to this bank showed declines from
October, averaging in groceries sharper curtailment than In any of the three
years (1921-1923) for which statistics have been collected. In drugs and
hardware, however, the rate of decrease was practically the same as last
year, while In dry goods and shoes the declines were lees pronounced than In
the preceding years, the trend this year influenced by the unusually heavy
drop In October.
JAN. 3 1923.1
ti4110/0-0LE
IP In Comparison with sales for November 1923. most
of the dealers showed
declinbs, and for none of the groups did total sales for
the first ten months
of 1924 reach the corresponding 192:1 volumes.
Groceries continued the one commodity in which stocks are not being
generally reduced, those for twenty-five firms on Nov. 30
averaging a 11%
above Oct. 31 and 33% above June in, the low point for
the year. Declines
n other groups ranged from around 3% in drugs
and hardware to 12% In
dry goods. The large majority of grcee-y firms and about half
the drug
and hardware houses were inventoried above a year
ago.
In concedes most of the grocery, hardware and
drug firms reported
Smaller total receipts than for October: dry goods dealers
showed Increases
for seven out of ten firms: and shoe desiers were evenly
divided between
Increases and declines. All groups except drugs
continued below a year
ago. Of the eighty returns showing accounts outstandi
ng at the end of
November, only twenty-two indicated an increase over
Oct. 30.
21
The'year 1924 has closed with a much better feeling than that
with which
It was ushered in. and this confidence has
many points to sustain it. •
The following recommendations are made by Mr.
Tregoo:."Do not overstrain for vol tune. because In so doing ills are caused
that oftentimes require
months to %soil(' out. Check all speculative. tendencies
is they are discovered. Commodity movements should he free hut
not hectic. Let your
credits be vell thought. out. Let your
commodities or money be exchanged
only for the credits of those who have timely
liquidation in mind and who
have a control of their affairs SO that credit movement
s may be free and
Credit waste kept at a mininthm.
New Automobile Models and Price Changes
The Cleveland Automobile Co. will exhibit at the automobile shows this year several new models. One of these
itte
a 6-cylinder touring car to sell at $895 and a sedan at
$1,195
Federal Reserve Bank of Minneapolis on Financial
will represent the lower priced and lighter additions to the
Effects of Year's Crops—Record-Breaking
present heavier line which will he augmented by a coach
Totals of Deposits.
to sell at $1,295. The prices of the present Models of the
From the "Monthly Review (Dee. 23) of Agricultural touring car and sedan
are $1,095 and $1,695 respectively.
and Business Conditions in the Federal Reserve District
The Stutz Motor Car Co. of America, Inc., has announced
of Minneapolis" we take the following:
its 1925 prices. List ranges from $2,880 for the fiveA general survey of the financial effects ol this year's
crop is now possible passenger phaeton to $4,785 for the 7-passenger Berline.
since the marketing movement has passed
its peak. This year will he
The Packard Motor Car No. has reduced prices of all
memorable for the debt-paying qualities of
the crop which has been har- closed
vested and marketed this fall. Briefly the financial
car, the reductions ranging from $640 to $840. The
history is as follows:
The coincidence of good crops. escellent prices
and rapid marketing and prices of "eights" are not affected. New prices went into
sale of the grains to take advantage of this
market placed large cash sup- effect Jan. 2, 1925. Below are
listed new prices as against
plies at the disposal of Northwest
Funds poured into the
country banks. Loans were reducedernandfarmers.
deposits were increased. These the old, showing reductions in NIA elosed model:
banks
were able to reduce their borrowings
Model
Jan.2 Price Old Price Reduction
from the Federal Reserve Hank
4-pass coupe52.585
and correspondent banks. A search for
$3.275
$690
investments began. Temporarily
5-pass coupe
2.885
deposits with correspondent banks were
3.450
765
built up to take advantage of the
6.pass sedan
2.585
3.375
790
Interest return. Later commercial
7-pass sedan
paper and bonds began to he purchased.
2.785
3.625
840
In the cities demand and time deposits
5
-pass
sod,,,,
limousine
2.785
3.425
swelled to record-breaking totals.
640
7-pass sedan limousine
City correspondent banks in the Northwest
2.8145
3.675
790
at first redeposited a large part
of the country bank funds with their
Priers of all open models remain unchanged as follows:
Eastern correspondent banks. Then
their investment holdings were expanded.
5-passenger touring
Interest rates were lowered.
Finally, loans began to increase. n large proportion
7-passenger touring
of which were in the
"
2;7
58
145
5
It una hout
form of commercial paper and loans secured by stocks and bonds.
2,785
Sport model
Concrete evidence of the improved condition of country banks is found
2,750
In the figures of city member hunks
Thus, by the above cuts in closed model prices, the 4and In the records of this Federal
Reserve Bank. Six city Correspondent hanks experience an mu-reuse of passenge
d
r coupe and 5-passenger sedan are brought down
nearly 100% in deposits due to country banks between the end of Ammo
to the 5-passenger touring ear cost. The 7-passenger sedan
and the high point In November. During the last
two weeks in November
there was a decline in these correspondent balances. This has been
and the 5-passenger sedan limousine are selling at same .
olltlY explained as a result of Dec. I requirements to make settlements to price as
Ile. 7-pas‘enger touring. According to press reports,'
Eastern mortgage holders, or a withdrawal in order to purchase investments. Probably both are true. Member bank reserve deposits. excluding the reductims are not interpreted as the forerunner of a
those of our selected list of city banks. Increased s3'.390.0e0
daring the general reduction on the entire Packard line. In fact,
crop-moving period. up to Dee. 10. The borrowing
s of country hanks officials eonternplate a small increase,
it is stated, in the
from this Federal Reserve flank have heen rethossi
more than
pH( e of eight-cylinder models. Lowering the price of the
dollars from keg. 27 to Dec. 17. During this peried
580/, of the borrowings
by North Dakota member banks were repaid. Declines
In borrowings by single Qix will bring the level of the closed car list from
the other agricultural sections were as follows: Montana.
55%: South $3,375 to around $2,585. As no
change in models is conDakota, 46%. and Minnes•da. outside .0 the Twin Cities.
S7%
City correspondent banks experienced an increase of 40% • demand e mplated. the cut represents a new Packard policy to secure
in
deposits and II% in time deposits during the crop
volume production.
meting season f
Aug. 27 to Dec. 10. Their security hsidings
increased :in% and their
The Rickerbacker Motor Co. announced a reduction of
loans 24%. These hanks Increa six! their deposits
with Eastern correspondent banks 58% from the end of au:test
to the high point in November. $200 to go into effect Jan. 1 on all the six-cylinder models
but have since withdrawn one-third et their
Eastern balances.
of the. new series.
J. H.Tregoe of National Association of Credit Men
Says
Feeling of Confidence in Business Is Justifi
ed—
Observations as to Cotton Growing States.
"Although the problems of the smaller business man are
still pregnant with difficulties, and will eontintie so
lung' as
our production overtops our eonsumption, yet a
fotiing if
general confidence is justified." says .1. H. Tregoe,
Executive
Manager of the National Assoeiation of Credit
Men. in his
January monthly letter to members. "I am
personally
confident," he adds, "that at least, the fore part
of 1925 will
show up better in sales and profits than the year just eineed."
Mr.Tregoe's latest observations, covering the cotton
growing
States, may be summarized as follows:
II Of the enterprises reporting to date. 31% had larger Was
in November
than in October. and 6.4% had antaller sales.
Comparing November 1924 with November 1923. 44%
of the reporting
concerns had larger sales in 1021. while 49% had smaller
sales
For the first eleven months of 1924 its compared with
the same period of
1923. 53% of the reporting concerns had larger sales.
while 40% had
ttnialler sales.
In comparing the collections of November with those
of October. 48%
reported larger and 43% smaller.
Comparing receivables of December - 1924 with December
1923. 61%
of the reporting concerns had a larger sum of receivables and
43% us
smaller sum.
For the remainder of 1924 and during the first quarter of 1925.
29% of
the reporting concerns expected a larger number of failures,
while 59%
a smaller number of failures.
Looking towards sales and collections through the winter months.
140%
of the reporting concerns expected an improvement, while 14% expected
no Improvement.
The Peerless Motor Car Co. has reduced prices on its sixcylinder closed models $430 to $545. New prices on 5pas-enger coupe is $2,405, againet $2,950; 5-passenger
.4edan, $2,565, against $2,995; 7-passenger sedan $2,765,
against $3,295, and 7-peseenger limousine $2,925, against
$3,470. Prices on the equiposed eight-cylinder line remain
tinchnitged. All prices are f. o. b. Cleveland. On all
Peerless models balloon tires and hydraulic four-wheel
brakes are standard quipment without, additional cost.
Petroleum Markets Show Little Change—
One Price Revision
No price changes of ronsequence were reported in the
gasoline market., throughout the country during the week
just. closed. The crude oil market was also quiet with but
one price change of note, namely, an advance of 25 cents
pi r barrel announced on Dec. 27 by
the Joseph Seep Agency.
This brings the new schedule of prices up to $3.10 a barrel •
for Brndford district crude and $3.00 a barrel for crude
outside Bradford district. It is the first advance made
Ii the leading grades of ertide oil sinee Jan. 30 1924
when
iBradiord crude was quoted at $4.50 a barrel.
Crude Oil Production Decreases, Owing to Weathe
r
Conditions.
A decrease of 23.250 barrels per day was recorded by
the
American Petroleum Institute for the week just ended.
The
—kr:
"Tregoe points out that, after all, the aggregate of the Institute estimates that the daily average gross crude
oil
smaller rank and file business finds reaction in the bigger production in the 'United States for the week ended Dec. 27
business and counts very largely in the general prosperity Vk as 1.963.150 barrels, as compared with 1,986,400 barrels for
the preceding week, a decrease which is due largely
and contentment of business. He says:
to
Very many of the ills we have suffered In 1924 were Inherited from 1923. weather conditions. Compared with the
output of the correThere was a hectic optimism in the fore part of 1923 that led to overproduc- sponding
week of 1913 It was an Increase of 35,400 barrels.
tion and overbuying in many commodities. and because our consumption
capacity fell short of this production. there VMS a carry-over of stocks and The daily average production east of California was
1,353,liabilities in 1924 which caused many of the year's Mures.
650 barrels, as compared with 1,375,900 barrels the previous
anticipated
22
THE CHRONICLE
(Vol.. 120.
reported production. Many mills are now closed on account
of weather or for semi-annual repairs.
The unfilled orders of 229 Southern Pine and West Coast
mills were 629,614,156 feet, as against 678,545,473 feet for
238 mills the week before. Separately, the Southern Pine
group, 118 mills, reported unfilled orders as 238,689,662 feet,
compared with 246,238,004 feat for the same number of
mills the previous week; 111 West Coast mills had unfilled
orders amounting to 390,924,494 feet, as against 432,307,469
feet for 120 mills a week earlier.
DAILY AVERAGE PRODUCTION.
Altogether the 324 comparably reporting mills had shipDee.27'24 Dee.20'24 Dee. 13'24 Dee.29'23
(In Barrels)368,800
529,300
520,100
494,250
Oklahoma
105% and orders 113% of actual production. For the
ments
71,200
86,300
85,650
81,950
Kansas
63,250 Southern Pine mills these percentages were, respectively,
92,200
92,350
92,950
North Texas
175,400
178,850
200,650
215.500
Central Texas
53,750 104 and 93; and for the West Coast mills 91 and 113.
51,550
51,250
49,350
North LOU18111.1111
118,250
110,350
110,800
106,050
Arkansas
132,450
Of the comparably reporting mills, 298 (having a normal
88,850
132,600
135,700
Gulf Coast and Southwest Texas
109,000
109,000
108,500
108,000
Eastern
for the week of 189,137,003 feet) reported proproduction
158,900
84.300
74,000
69,900
Wyoming, Montana and Colorado__
720,350 duction 87% of normal, shipments 90%, and orders 95%
603,000
610,500
609,500
•
California
1,963,150 1,986,400 1,977,300 1,927,750 thereof.
Total
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
the
for
Heaviest
the
Still
Freight
Railroad Revenue
associations for the three weeks indicated:
Season.
Corresponding Preced. Week
Past Week.
Week 1923. 1924 (Revised).
the
be
to
heaviest
continues
Loading of revenue freight
379
352
324
Mills
224.629,108
205,096,193
173.963,713
for this season of the year on record, according to reports Production
241,330,050
198,309.948
182.591.706
Shipments
271,033.765
207.497.213
196,753,738
filed by the carriers with the Car Service Division of the Orders (new business)
American Railway Association. The total for the week
The following figures compare the lumber movement for
which ended on December 20, complete reports for which the first fifty-one weeks of 1924 with the same period of 1923:
Orders.
Shipments.
Production.
have just been received, was 899,766 cars. This was an
11.885.776.752 11.852,570.367 11.727.118.812
1924
12.523,191.789 12,385.380.280 11,836,999.850
increase of 22,149 cars over the same week last year and 1923
73,464 cars above the same week in 1922. It also was an 1924 decrease
109,881,088
532.629,913
637,415,037
increase of 233,171 cars above the corresponding week in
The mills of the California White & Sugar Pine Associa1921 and an increase of 251,370 above the corresponding tion make weekly reports, but for a considerable period they
week in 1920.
were not comparable in respect to orders with those of other
Due to the usual seasonal decline in freight traffic at this mills. Consequently, the former are not represented in any
season of the year, this was, however, a decrease of 56,985 of the foregoing figures. Nine of these mills reported a cut
cars under the preceding week. Live stock loading for the
289,000 feet last week, shipments 2,418,000 feet, and
week totaled 36,320 cars, a decrease of 6,890 cars under the of
2,833,000. The reported cut represents 15% of the
orders
week before but 1,332 cars above the corresponding week
the California Pine region.
of
total
in 1922.
Grain and grain products loading amounted to 47,164 cars,
Review of West Coast Lumbermen's Association
a decrease of 5,487 cars under the week before and 275 cars Lumber
from Dec. 8 to Dec. 20, Inclusive.
Period
for
It
was
under
3,580
also
cars
year.
last
week
same
below the
twenty mills reporting to the Association
and
hundred
One
two years ago. In the western districts alone, grain and
104,505,574 feet
grain products loading totaled 29,500 cars, a decrease of for the week ending Dec. 13, manufactured
103,412,191
shipped
and
feet;
123,847,989
sold
lumber;
week
last
year.
The of
2,991 cars under the corresponding
feet. New business was 19% above production. Shipstatement then continues as follows:
Coal loading for the week totaled 190,133 cars, a decrease of 1,721 ments were 17% below new business.
week, a decrease of 22,250 barrels. California production
was 609,500 barrels, as compared with 610,500 barrels; Santa
Fe Springs is reported at 51,000 barrels, against 49,000 barrels; Long Beach, 120,000 barrels, against 126,000 barrels;
Huntington Beach, 40,500 barrels, no change; Torrance, 43,500 barrels, against 45,000 barrels; Dominguez, 60,000 barrels, against 54,500 barrels, and Roseerans, 7,500 barrels,
against 8,500 barrels. The following are estimates of daily
average gross production for the weeks Indicated:
cars under the preceding week but an increase of 6.757 cars over the same
week in 1923. Compared with the same week In 1922,it also was an increase
of 11,566 cars.
Loading of merchandise and less than carload lot freight totaled 239,683
cars below the week before but 5.484 cars above the same week last year
and 23.124 cars above the same week In 1922.
Miscellaneous freight loading totaled 297,162 cars, 28,685 cars below the
week before but 8,936 cars above the corresponding week in 1923 and 28,000
cars above the corresponding week in 1922.
Forest products loading totaled 67.275 cars, 4,580 cars under the week
before but 82 cars above last year. Compared with the corresponding
week two years ago, it also was an increase of 8,859 cars.
Ore loading amounted to 10.187 cars, 1,567 cars under the week before
and 625 cars under last year but 1,037 cars above two years ago.
Coke loading totaled 11,872 cars, 559 cars above the preceding week and
478 cars above the corresponding period In 1923. Compared with the
same period in 1922, however, it was a decrease of 1,224 cars.
Compared by districts, an increase over the week before in the total
loading of all commodides was reported in the Southern District but all
others reported decreases. The Eastern Allegheny. Northwestern and
Central Western Districts reported decreases under the corresponding week
last year with increases in the Pocahontas. Southern and Southwestern,
while all reported increases over the corresponding week In 1922 except the
Northwestern.
Loading of revenue freight this year compared with the two previous
years follows:
1922
1923
1924
3.362,136 3,373,965 2.785.119
4 Weeks in January'
3,617,432 3,361,599 3,027.886
4 Weeks of February
4,607,706 4,581,176 4,088,132
5 Weeks of March
3,499,210 3.764,266 2,863,416
4 Weeks of April
4,474.751 4,876,893 3,841,683
May
of
Weeks
5
3,625.472 4,047,603 3,414,031
4 Weeks of June
3,526,500 3,940.735 3.252.107
4 Weeks of July
4,843,404 5,209,219 4,335,327
5 Weeks of August
4,146,403 4,147,783 3,699,397
4 Weeks of September
4,380,149 4,312.650 3,913,046
4 Weeks of October
4,972.391 4,889.500 4,668,655
5 Weeks of November]
909,174
913,921
968.256
Week of Dec. 6
879,052
899,757
956,761
Week of Dec. 13
877,627
826,312
899,776
Week of Dec. 20
Total
47,880.347 49,196,694 42,503,337
Lumber Movement in Seasonal Recession.
Reported new business, says the "National Lumber Manufacturers Association" for the week ending Dec. 20 was more
than a third less than for the preceding week. Shipments
and production also showed large decreases. Owing, however, to the relatively small number of mills reporting, only
324, the week's statistics are somewhat deceptive. New
business list week was considerably in excess of the week's
Forty-six per cent of all new business taken during the week was for
feet, of which
future water delivery. This amounted to 56.479.613
36,438,845 feet was for domestic cargo delivery; and 20.040,768 feet
export. New business by rail amounted to 2.088 cars.
Forty-four per cent of the lumber shipments moved by water. This
amounted to 44,983,815 feet, of which 34,330,164 feet moved coastwise
and intercoastal; and 10,653,651 feet export. Rail shipments totaled 1,790
cars.
Local auto and team deliveries totaled 4,728,376 feet.
Unfilled domestic cargo orders totaled 168,552,949 feet. Unfilled export
cars.
orders 113,754.520 feet. Unfilled rail trade orders 5,000
West Coast LumberIn the fifty weeks of the year. production reported to
men's Association has been 4.696.279,700 feet; new business 4,767,123,426
feet: and shipments 4,792.549,587 feet.
During the week ended Dec. 20, the same authority
reports that one hundred and eleven mills, manufactured
79,154,963 feet of lumber; sold 89,230,993 feet; and shipped
72,226,612 feet. New business was 13% above production.
Shipments were 19% below new business.
Forty-six per cent of all new business taken during the week was for
future water delivery. This amounted to 41.138,521 feet, of which
25,931,336 feet was for domestic cargo delivery, and 15,207,185 feet
export. New business by rail amounted to 1,514 cars.
Thirty-nine per cent of the lumber shipments moved by water. This
amounted to 27,824.140 feet, of which 19,914,517 feet moved coastwise
and intercoastal, and 7,909.623 feet export. Rail shipments totaled 1,391
cars.
Local auto and team deliveries totaled 2,672,472 feet.
Unfilled domestic cargo orders totaled 157,149,564 feet. Unfilled
export orders 93.794.930 feet. Unfilled rail trade orders, 4,666 cars.
In the fifty-one weeks of the year, production reported to West Coast
Lumbermen's Association has been 4,775,434,663 feet; new business,
4.856,354,419 feet: and shipments 4.864,776.199 feet.
Heavy Lumber Production'in 1924.
Exceptionally heavy lumber production with unsatisfactory commercial results, and progress in reforestation
and permanent lumbering that gives promise of an adequate
continuing supply of lumber, were features of the lumber
industry in 1924, according to Wilson Compton, Manager
of the National Lumber Manufacturers Association.
"Measured by volume of production the lumber industry
has just come through one of the greatest years in its history," says a statement by Mr. Compton. "We estimate
the entire production of lumber in 1924 at between 36 and 37
JAN. 3 1925.]
THE -CHRONICLE
23
billion board feet, as compared with 38 to 40 billion feet last demand and production which have characterized the situayear. Except for 1923, the 1924 lumber output was the tion since early November. Steel works operations remain
largest since 1916.
at 80 to 85% of ingot capacity. At Chicago they are 90%
'"As a whole, however," continues the statement, "the year was not a this week and the same
rate holds true in the Youngstown
satisfactory one to the industry, though it closes in a stronger position
than at any other time during the year, with production, shipments and district. Railroad activity shows no let-up. The Northern
orders virtually balanced. Making allowance for re-manufacture at the Pacific has placed 1,000 ears in the week and the Baltimore
mills and local deliveries, shipments have exceeded production. Stocks are & Ohio is
closing on 3,000. The Chicago & North Western
lower than a year ago. Prices have been stable and relatively lowranging from $29 to $33 a thousand for softwood, and from $40 to $45 placed 45,000 tons of rails with one Eastern and two Chicago
for hardwood-being about 40% less than the after-war maximum.
mills, states the "Iron Trade Review" on Jan. 1 in its weekly
"Great progress was made in the direction of reforestation and repro- summary,
which then goes on to say:
ductive lumbering. General activity toward forest replacement awaits
the development of organized forest fire protection and the logical readjustment of the still customary although uneconomical methods of taxing
forest lands.
"The year 1925 is expected to be a good year in lumber with the distribution of demand among various regions of the country, and among
construction, railroad and farm uses, more nearly approaching a normal
balance than at any time the during past four years."
Steel
and Iron Markets Are Strong, with Prices
Advancing.
Important among business closed is the order for 35,000 to 40,000 tons
of pipe for the Hope Natural Gas Co., gone to the National Tube Co.
Pig iron production in December established a heavy gain of appreximate.y 425,000 tons. This represents 16.9% over November. The December total is estimated at 2,940,000 tons.
Rahroads and the building industry furnished the backbone of the demand for steel in 1924. Probably orders for 3,000.000 to 10.000,000 tons
of roiled material could be attributed to these sources.
Pig iron production in 1924, both coke and anthracite, is estimated at approximately 31,000,000 tons, a loss of over 9,000,000 tons, or about 22%
from 1923. Probably 37,750,000 tons of steel ingots and castings were
made in the year, more than 7,000,000, or 16%, below 1923.
Strong prices, well-filled order books, good shipments and prospects
for steady buying for second quarter are principal feautrea of the pig iron
market. These have made of the customary holiday lull a period for
reflection on the sound state of the market.
Building steel requirements in 1924 kept up their high gait of the previous
year and scored a new record, with awards aggregating in excess of 2,000,000
tons.
The composite this week on 14 representative iron and steel products is
$40 70, which is unchanged from last week and the preceding week was
$40 14.
The outlook for larger activity and improved earnings
is better to-day than the steel trade has seen at the beginning of any year since the war. After the minor suspensions
of the holidays, some mills enter 1925 with preparations for
even fuller operation than in December, declares ths "Iron
Age" in its weekly market review of Jan. 1. At the moment
the requirements of buyers and the first quarter bookings
of the mills seem to b fairly in balance, so that further
orders for that period would add to the firmer position of Large Increase in Shipments of Balloon Tires-Monthly
Statistics of Automobile Rubber Accessories.
prices, continues the "Age" adding:
In general, stocks of automobile accessories, manufactured
At Pittsburgh the leading plate producer has advanced plates from 1.90c.
to 2c. in the week and in semi-finished steel the asking prices of some mills from rubber, such as pneumatic casings,
high pressure
are $5 a ton above those of early November.
Pittsburgh mills are not yet so well booked as those at Chicago and are inner tubes and solid and cushion tires, increased during
October, owing to the fact that an all-round speeding-up in
still absorbing freight to get business in intremediate territory.
A new rail order is that of the Chicago & North Western for 41.000 tons production was accompanied by
a fall in shipments. The
-35,000 tons to the Steel Corporation and 6.000 tons to Bethlehem. Of
3,000 cars placed, the L. & N.. Missouri Pacific and Northern Pacific take figures, however, compare favorably with those of October
1923, since when inventories of the majority of articles
1,000 each.
Chicago mills in 1924 booked 500.000 tons of plates, shapes and bars mentioned below have
contracted. The statistics following
and axles to the number of 250,000 for the 62,575 freight cars placed in that
district. For the whole country the new cars ordered last year were about were issued Dec. 10 by the Rubber Association of America.
138,000. as against 98,000 ordered in 1923.
Inc., which states that the figures in connection with high
It is now definitely stated that the Detroit Toledo & Ironton RR.'s pressure
inner tubes were supplied by 54 companies, and
purchase of Belgian rails was 10.500 tons and the price $36 75 at Detroit,
by all-water route, or $40, reckoning overland freight from seaboard. At those of high pressure pneumatic cord casings by 56 com$3 50 ocean freight, $2 24 duty and $6 28 inland freight, the $40 price panies:
figures back to $27 98 Antwerp. Pittsburgh rails are $46 72 at Detroit.
For some weeks rails have been quoted nominally at the equivalent of$35 50.
Antwerp.
New interest is being taken in line pipe contracts, since oil companies
believe they can buy to better advantage now than later. The Humble
Pipe Line Co. is projecting a line from Comyn, Tex., to Reagon County,
calling for 200 miles of 8-inch pipe, and the Houston Oil Co. has plans for
a gas line. The Hope Natural Gas Co.'s order for 100 miles of 20-inch
pipe goes to Youngstown.
Chicago still leads in advancing pig iron prices, adding another 50c. this
week, with buying heavier than had been expected. St. Louis reports
sales of 30,000 tons of basic in the past two weeks. In other districts
buying has been limited, but prices are firm. It now appears that the
Connellsville wage advance will add $1 a ton to the contract price of coke
for the first quarter.
We estimate the December pig iron output at 2.800,000 tons, or above
90,000 tons a day, as against an average of 83,656 tons a day in November.
The 1924 output, including charcoal iron, was not far from 31,100.000
tons, which compares with the high record of 40,361,000 tons in 1923.
Production of rolled steel last year fell off one-sixth from that of 1923.
Structural steel output, however, equaled that of the year before, and
the amount of steel going into building and construction work, 18% of
all the steel, was nearly as large as for 1923. Railroad demand accounted
for 28% of the steel consumption in 1924, or 1% more than the preceding
year. but 13% less in actual tonnage. The steel required for automobile
manufacture dropped from 11% of the total in 1923 to 9% last year. while
the oil industry showed an 800.000-ton drop in the year's consumption
of steel.
Reports to the "Iron Age" show only seven open-hearth steel furnaces
built in 1924, adding 375,000 tons a year to the country's capacity. The
building of nine furnaces is planned for 1925. five by indendent steel
companies.
But one now blast furnace, annual capacity 150,000 tons, was started in
1924. Four new furnaces are under construction, capacity 660,000 tons
a year. Three will be ready in 1925.
Both of the "Iron Age" composite prices advanced this week, pig iron
going to $22 17 from $22 09, and finished steel to 2.56c. per lb.from 2.546c.
Pig iron is now at its highest since mid-April, but is only 29c. higher than a
year ago. Finished steel is at the highest point since mid-July, but is
34 30 a ton lower than on Jan. 1 1924.
PRODUCTION, SHIPMENTS AND INVENTORIES OF HIGH PRESSURE
PNEUMATIC CASINGS-CORD-AND PNEUMATIC CASINGSFABRIC-IN MONTHS FROM OCTOBER 1923 TO OCTOBER LAST.
High Pressure Pneumatic
Casings-Cord,
Pneumatic CasingsFabric.
Total
Total
Product'n. Shipments. Inventory. Produa'n. Shipments. Inventory.
1923-October. 1,318,837 1,588,932 3,442,061 1,042.503 1,276,975 1,434,291
November __ 1,369,117 1,544,986 3,237,315 1,030,608 1,011,215 1,452,014
December___ 1,450,957 1,686,758 2,934,772
986,191
973,570 1,394,528
1924-January. 1,941,314 1,735,035 3.196.362 1,278,978 1,103,535 1,611.722
February --- 2,075,459 1,849.069 3,465.830 1,203,215 1,017.557 1,799,303
March_
2,027,844 1,822,292 3,727.331 1,183.040 1,027,338 1,919,320
April
1,878,529 1,836,147 3,782,881 1,022,142 942,077 2.087,939
May
1,650,366 1,649.812 3,727,795
824,190 837,562 2,033,774
June
1,530,872 1,683,898 3,567,635
598.740 752,030 1.853,253
July
1,632,380 2,148,581 3,028,785
554,73 1,019,39 1,393,845
August
1983,530 2,663,087 2,679.205
750,04 1,094,45 1,032,809
September_ _ 2,077,359 1,959,306 2,731,378
973,764 1,046,80
942,599
October
2,276,134 1.779,232 3.279,383 1,115,571
913,41 1,159,173
PRODUCTION, SHIPMENTS AND INVENTORIES OF HIGH PRESSURE
INNER TUBES & SOLID & CUSHION TIRES IN MONTHS FROM
OCTOBER 1923 TO OCTOBER LAST.
High Pressure Inner Tubes.
Solid and Cushion Tires.
Total
Total
Produen. Shipments. Inventory. Product'n. Shipments. Inventory.
October-1923.
November _
December- _ _
1924-January.
February --March
Apr 1
May
June
July
August
September_
October
3,855,244
3,451,716
3,288,665
3,887,959
4,067,631
4,062,046
3,745,870
3,276,660
3.057.152
3,545,956
4,588.385
5,039,594
5,466,553
3,635,856
3,453,083
3,548,704
3,542,500
3,397,668
3.412.372
3,429.394
3,435,021
3,705,059
5.084,015
5.257,509
4,823,039
3,872,813
6,898,425
6,693,639
6,318,446
6,720,247
7.339.307
8,054,331
8,373,523
8,296,177
7,476,962
5.925,924
5,006,578
5,153.778
6,464,783
37,285
32,577
34,937
53,604
60,646
68,662
69,534
63,901
50.887
42,498
52,516
54,106
58,938
51.604
53,178
65,143
47,295
52,965
61,482
58,486
60.267
58,716
51,449
60,684
59.581
58,078
234,945
213,886
178,088
182,782
188,519
203,608
212,419
219,538
212,704
202,850
183,159
179.927
182,400
PRODUCTION AND SHIPMENTS OF HIGH PRESSURE INNER TUBES,
SOLID AND CUSHION TIRES. HIGH PRESSURE PNEUMATIC CASDec. 29 1924. Finished Steel 2.560c. Per Lb.
INGS. CORD, AND PNEUMATIC CASINGS, FABRIC, OVER
Based on prices of steel bars, beams, tank Dec. 22 1924
YEARS 1921, 1922, 1923 AND NINE MONTHS TO OCT. OF 1924.
2.546c.
plates, plain wire, open-hearth rails, Dec. 2 1924
2.531c.
black pipe and black sheets, constitut- Dec. 31 1923
2 775c.
ing 88% of the U. S. output
1922.
1921.
1923.
1924.
10-year pre-war average, 1.689c.
(9 Months)
Dec. 29 1924, Pig Iron, $22 17 per Gross Ton.
High
Based on average of basic and foundry Dec. 22 1924
Pressure
Inner Tubes$22.09
irons, the basic being Valley quotation. Dec. 2 1924
27,102.206 38,137,181 45,128,083 40,737,806
20.71 Production
the foundry an average of Chicago. Dec. 31 1923
27,795.273 37,254,418 44,303,941 39,959,390
21.88 Shipments
Solid
Philadelphia and Birmingham
and Cushion Tires10-year pre-war averan.w 15.72
Production
786,603
424,252
692,148
ga.
575,292
Finished steel-1924 to date
723,795
550,920
736,124
2.789c. Jan. 15 2.460c. Oct. 14 Shipments
569,003
High pressure Pneumatic Casings1923
2.824c. April 24 2.446c. Jan. 2
CordPig iron-1924 to date
$22.88 Feb. 26 $19.21 Nov. 3
1923
6 248,101 14,933,485 19,488,762 19,073,787
$30.86 Mar. 20 $20.77 Nov. 20 Production
Shipments
6,600,235 13,826,536 18,806,446 19,126,459
Pneumatic Casings-FabricThe market on iron and steel is beginning the new year Production
15,571,678 15.764,654 14,455,174 9.504,421
Rhinmanta
with a continuation of the
The weekly composite price table is as follows:
same conditions of briskly growing
A 1100 1117 I ft litc (199 lA 007 041
0 7K1 WI
24
THE CHRONICLE
Details regarding balloon casings and balloon inner tubas,
as from March last to October last, show that production
of both articles during the eight months above mentioned
has more than doubled, while shipments of balloon casings
have increased more than three times and those of balloon
inner tubes almost five times.
PRODTJGTION. SHIPMENTS AND INVENTORY OF BALLOON CASINGS
AND BALLOON INNER TUBES, OVER MONTHS FROM APRIL
1924 TO OCTOBER 1924 (INCLUSIVE).
[Vol, 120.
The quantity ginned from each crop prior to Aug. 1, Aug. 16. Septh.
Sept. 16. Oct. 1, Oct. 18. Nov. 1, Nov. 14, Dec. 1, Dec. 13, Jan. 16 and
March 1, by States, the name Post Office address and owner of each ginnery
reporting to the Bureau of Census, together with the quantity ginned by
each ginnery. and the name of the special agent or ocher employees of the
Bureau of the Census reporting for each district statistics of the quantity
of cotton ginned; Provided, that the Director of the Census may limit the
canvasses Aug. 1 and Aug. 16 to those sections of the cotton-growing
States in which cotton has been ginned.
Analysis of Imports and Exports of the United States
for November.
ProducInvenInvenProducShipShiption.
The Department of Commerce at Washington on Dec. 27
ments.
tory.
tory.
tion.
ments.
issued its analysis of the foreign trade of the United States
1924.
i
216,808 141,272 116,433 156,904
MirAbt'e
87,733 103,373
for the month of November and the eleven months ending
406.807 235,217 293,406 289,372 156,885 253,820
564,030 282.596 569,624 467,448 213,469 465,635
with November. This statement enables one to see how
June
500,130 317,215 734,649 436,279 259,550 689,196
much of the merchandise imports and exports for 1924 and
July
365.213 393,132 715,844 311,333 308,238 708,098
August
501,166 435,572 765,002 427,302 369,335 751,732
1923 consisted of crude materials, and how much of manuSeptember
479,755 398,324 850,430 466,848 357.765 885,090
October
485,371 454,117 899,824 429,244 402,103 887,417
factures, and in what state, and how much of foodstuffs and
whether crude or partly or wholly manufactured. The
Monthly Zinc Statistics-Stocks Fall 11-540 Tons in The Groups following is the report in full:
ANALYSIS OF IMPORTS INTO AND EXPORTS FROM THE UNITED
November-Further Increase in Shipments.
STATES FOR THE MONTH OF NOVEMBER.
Stocks of zinc in the country in November declined 11,540
(Value in 1,000 Dollars.)
tons, according to statities compiled by the American Zinc
Month of November.
11 Months Ended Norentber,
Institute. This compares with a decline during October
1923.
1924.
1923.
1924.
of 7,268 tons, and is caused entirely by a sharp increase in
Imports.
Value. % Value. %
shipments, with production practically stationary. At
Value. %
Value.
%
Crude materials for use I
26,912 tons stocks at the end of November were the lowest
manufacturing
97,814 34 112,843 38 1,285,807 37 1,111,318 34
an
crude,
Foodstuffs,
since October 1923, when the amount was 25,787 tons.
40,134 14 38,074 13 327,368
food animals
9 384,799 12
partly o
This compares with 38,452 tons on Oct. 31 last, 45,720 tons Foodstuffs
wholly manufacture& _ 35,590 12 29,091 10 501.949 14 494,134 15
at the end of September, 50,922 tons on Aug. 31 and 52,705 Manufactures for further
use in manufacturing_ _ 50,825 17 52,931 18 665,505 19 586,411 18
tons on July 31, when stocks were the highest for the year. Manufactures
ready to
consumption
64,110 22 61,463 20 705,578 20 680,382 20
Production in November was slightly higher at 42,633 tons, Miscellaneous
2,860
1
1,948
1
17,554
1
19,979
1
comparing with 42,488 tons in October, 40,852 tons in Sep291,333 100 296,350 100 3,503,761 100 3,277,023 100
Total
tember, 41,775 tons in August and 44,280 tons in NovemExports.
ber 1923.
Crude materials for use
160,346 41 196,385 40 1,019,529 28 1,158,022 28
in manufacturing
A feature of the table lies in the shipment figures, which Foodstuffs,
crude, and
14,461
food animals
4 58,599 12 242.604 77 351,195
at 54,173 tons are the largest for any month during 1924.
9
Foodstuffs partly or
In October shipments totaled 49,756 tons, as against 46,054
wholly manufactured _ _ 52,295 13 54,800 11 526,639 14 521,157
13
for further
tons in September, 43,558 tons in August, 39,892 in July Manufactures
use In manufacturing_ _ 48,955 12 50,872 11 512,847 14 556,776 14
and 39,163 in November 1923. Shipments from plants for Manufactures ready for
consumption
118,668 30 124,939 26 1,362,248 37 1,466,159 36
export ran up to 15,730 tons in November, comparing with Miscellaneous
942
__
888 __
5,837
__
5,879
_8,299 tons in October, 5,640 tons in September and only
Total domestic exports 395,667 100 486,483 100 3,669,704 100 4,059,188 100
Foreign exports
5,817
__
7,114
__
71,123
__
86,136 -2,123 tons during November of last year.
Balloon Casings.
Balloon Inner Tubes.
ZINC PRODUCTION, SHIPMENTS, STOCKS,STORED FOR CUSTOMERS
SHIPPED FROM PLANTS FOR EXPORT, AND RETORTS OPERATING
IN MONTHS FROM NOVEMBER 1923 TO NOVEMBER 1924,
•
INCLUSIVE, IN TONS (2.000 LBS.)
Total exports
401 484
403.c07
2 7on R97
4 145 294
Activity of Machinery in Wool Manufactures During
the Month of November, 1924.
•
Department
of Commerce on Dec. 31 issued its report
The
Month.
on active and idle wool machinery for November, 1924,
1923.
based on reports received from 903 manufacturers, operating
30,904
482
39,163
2,123
84,906
November.--- 44,280
1,075 mills. This is exclusive of 13 which failed to report
46,485
642
40,811
36,578
December
3,024
86,384
1924.
for the month. Of the total number of looms wider than
1,559
45.590
3,798
40,697
49,709
78,768
January
37,192
1,749
47,438
43,933
5.218
February
79,232
50-inch reed space, 45,600, or 75.6%, were in operation for
32,074
47,775
290
52.893
5,968
78.092
March
552
some part of the month of November, 1924, and 14,710
44,245
32,778
44,949
3,037
April
82,650
1,339
38.080
1,732
42,364
47,666
81,143
May
were idle throughout the month. The active machine-hours
49,684
1,745
36,122
4,317
43,442
75,155
June
52,705
3,040
39,892
7,483
42,913
71,827
July
reported for wide looms for the month of November formed
50,922
41,775
4,765
43.558
6.743
72,195
August
45,720
1,640
46,054
5.640
September.... 40.852
70,875
76.8% of the single-shift capacity, as compared with 73.9%
8,299
42,488
1,651
49,756
38.452
October
72,139
for the month of October, 1924, and 77% for November,
5inlyarnhm.
42.633
54.173
26.912
876
15.730
77.631
1923. Of the total number of looms of 50-inch reed space or
ZINC PRODUCTION,SHIPMENTS AND STOCKS OVER YEARS 1920 AND less covered by the reports for November,
1924, 13,767,
1924. FIGURES IN TONS (2,000 LBS.).
or 78%, were in operation at some time during the month,
and 3,880 were idle throughout the month. The active
Stocks at End
Production.
Shipments.
of Year.
Yearmachine-hours for these looms represented 71.6% of the
479,772
446,199
71,058
1920
single-shift capacity, as against 65.1% in the preceding
215.614
220,064
66.608
1921
422,034
373.678
month and 74.1% in November, 1923.
18,252
1922
531,202
512,876
36,578
1923
The number of carpet and rug looms reported for Novem4515.135
497.501
28012
ber, 1924, was 9,623, of which 7,627, or 79.3%, were in operReports from J. H. Wadleigh, Joplin "Globe,' issued by ation for some part of the month and 1,996 were idle throughthe American Zinc Institute, enable us to compile the fol- out the month. The active machine-hours reported for these
lowing table:
looms represented 77.8% of the single-shift capacity of the
ZINC ORE STOCKS AND ORE SOLD IN BINS IN TRI-STATE DISTRICT looms, as compared with 71.6% in October, 1924, and
84.5%
AT END OF MONTHS MAY TO NOVEMBER 1924, INCLUSIVE,
in November, 1923. The following details are also furnished:
IN TONS (2,000 POUNDS).
•
Shipped
Stocks(End Stored for from
Retorts
Production. Shipments. of Month). Customers Plants for Operating.
Export.
May. June. July.
Zino ore in bins
Ore sold in bins
Aug.1Sept.
Oct.
Nov.
42,000148,000 41,000 37,000142,000 34,000 31,000
1.150 2.200 13,000 16,000110,000 12,000 16,000
Bill Passed by Senate Requiring Detailed Information
Regarding Cotton Ginned.
On Dec.30 the United States Senate passed a bill sponsored
by Senator Smith of South Carolina amending the Act
providing for the collection and publication of statistics
of cotton, so as to show:
Spinning Spindles.
Of the total number of woolen spindles reported In November,
1924,
1,890,797, or 83%. were in operation for some part of the month,
and
388,128 were idle throughout the month. The active woolen-spindle
hours
reported for this month represented 89.5% of the single-shirt
capacity, as
compared with 90.8% in October. 1924, and with 88.7% in November,
1923.
The number of worsted spindles in operation during November.
1994.
was 2,021,525, or 77.3% of the total, and the number idle was
592.755.
The active worsted-spindle hours were equal to 76.1% of the single
-shift
capacity. In October. 1924, the active worsted-spindle
hours represented
78.7% of the capacity, and in November, 1923, 83%.
Cards and Combs.
Of the total number of sets of cards reported for November, 1924,
5.838.
or 84.2%, were in operation at some time during the month, while
1,099
25
THE CHRONICLE
J.31925.]
Consumption by Grades.
were idle throughout the month. The active machine-hours for cards were
equal to 92.1% of the single-shift capacity in November. 1924, 91.8% In
October, 1924, and 93.3% in November. 1923.
Of the combs reported for November, 1924. 2,140, or 80.3%, were In
operation for some part of the month, and 525 were idle throughout the
month. The active machine-hours for this month were equal to 95.8%
of the single-shift capacity, as compared with 98.1% in October. 1924, and
85.4% in November, 1923.
Classified according to grade,the total for this month includes 11,041,203 •
pounds of fine wool, which may be compared with 13,543,591 pounds consumed is October 1924, and 8,811,329 pounds consumed in November 1923;
5.477,104 pounds of M blood as against 5,192,267 pounds in October 1924
and 4,110,972 pounds in November 1923; 6,087,102 pounds of .3,‘ blood an
against 6,874,333 pounds in the month preceding and 5,905,042 pounds In
November 1923; 6.724,069 pounds of 34 blood, as against 7,266,079 pounds
Detailed Report.
In October 1924 and 9,066,284 pounds in November 1923; 2,071,270 Pounds
The accompanying table gives the total number of machines in opera- of low h blood, common, braid, and Lincoln as against 2,632,806 Pounds
tion some time during the month of November,the number idle for the whole in October 1924 and 2,008,183 pounds in November 1923; and 10,762.308
month,the number of reported on single-shift and on double-shift, the active pounds of carpet wool, as against 12,418,303 pounds in the precedlnemonth
and idle machine or spindle hours, the percentages active and idle, and com- and 13,343,951 pounds in November 1923.
parative figures for October, 1924. and November, 1923.
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during this month
of November 1924, 23,340,277 pounds, or 55.4%, was domestic wool, and
18,822,778 pounds, or 44.8%, was foreign wool. The carpet wool was all
of foreign origin. The United States produced 71.6% of the fine wool
90.3% of the M blood, 85.1% of the 4 blood, 67.9% of the 34 blood and
35.8% of the low 34 blood.
Geographic Distribution of Consumption.
Of the total consumption of wool in November 1924 (amounting to
42.163,055 pounds), 20,129.754 pounds, or 47.7%, were reported from the
New England States,44.2% from the Middle Atlantic States, 1.2% from the
Pacific Coast States, and 6.9% from the other sections of the United States.
Imports of Tops and Noils.
in l-.1, •
WAG!
Detailed Statement.
Rt4,
The following tables show the quantities of wool consumed, classified
according to condition, grade and class, with separate figures for foreign
and domestic wools. Comparative figures are also given for November
1923, October 1924 and 1923,and totals for the months,January to November. inclusive:
CONSUMPTION OF WOOL BY GROGRAPHIC SECTIONS,NOVEMBER 1924
Total.
Scoured.
Pulled.
20,129,754 16,426,023 3,010,794
18,632,399 16,610,639 1,372,360
476,284
203,620
258,143
2,924,618 1,666,737 1,056,575
New England
Middle Atlantic
Pacific Coast
Other sections
A
F b4
"
4 3 .o.o..o.p.o.m
,
.;-•--ivtp.-.
b ....1.;0trA"-tfati= S:
0
e ... a
2
6660 P
Greass
Equivalent.
692,937 23,371,520
649,400 20,221.220
739,267
14,521
201,306 4,048,293
42.163.055 34.907.019 5.697.872 1.558.164 48,380,315
Total
4.
:2
i.bot. 5.
N0409(4P.• '''
04.(1 2
.1,0,0
1
I* t4
14 b2 15 14
WW000.0.000.
WOOL CONSUMPTION FOR NOVEMBER AND THE 11 MONTHS.
(All qua6tities in pounds.)
i
.
.
Totalfor November.
4.
o
- ...... ,
,
60
Woolen.
nnn a
Worsted.
23.9
21.3
17.0
Wool Consumption in
%
r
z
Q
.
-0
4,
=It
Totalfor October.
Total Jan. to Nov. Incl.
Class & Grade.
1924.
4
Grease.
Section-
N
29.
r
.
F.,
November Smaller.
The Department of Commerce on Dec. 30 made public
the following statistics with regard to the consumption of
wool, by manufacturers in the United States during the
month of November, based on reports received from 574
manufacturers. This is exclusive of 26 who failed to report
the consumption of wool for this month. The total quantity
of wool entering into manufacture during November 1924,
as reported, was 42,163,055 pounds, as compared with
47,927,379 pounds in October 1924 and 43,245,761 pounds
for Novembar 1923. The consumption shown for November
1924 included 34,907,019 pounds of wool reported as in the
grease, 5,697,872 pounds of scoured wool, and 1,558,164
pounds of pulled wool. Reduced to a greaee .equivalent,
these qua-ntities would amount to 48,380,315 pounds. The
grease equivalent for October 1924 was 54,854,103 pounds,
and for November 1923, 50,278,832 pounds.
The monthly consumption of wool (pounds) in grease
equivalent for manufacturers reporting for 1524 was as
follows: January, 53,845,024; February, 50,632,884; March,
47,630,291; April, 44,361,464; May, 36,507,484; June,
30,972,041; July, 33,777,635; August, 40,063,717; Saptember, 45,637,549; for October, 54,854,103; and for November,
48,380,315 pounds. The report also gives the following: ,
manufacturers would be unable to distinguish between foreign and domestie
tops and wits. In the long run, though not necessarily month by month,
this element must be equal to the imports. The imports of wool and hair.
advanced, including tops, for the current month were 120,574 pounds and
for 1924, including November, were 360,382; noils for the current month
were 1,231,683 and for 1924.including November, 10,480,061. The exports
of tops and noils were negligible.
Z 0i,A1 .
2,614,280
2,021,525
592,755
2,595,686
1,957,904
637,782
2,596,628
2,119,440
477,188
I
352,752,182
110.639,551
463.690,541
125,144,078
463.820,375
95,081,942
76.1
78.7
83.0
V
Carpet and
I
-
ltnsunttvt
mn.ta
14.b :,,
a.
ts. 0-1-, a
4 ....
F
b
tA......
."*teeit
2,276,925
1,890,797
386,128
2,276,811
1,897.351
379,460
2,285,397
1,876,072
409,325
10.5
9.2
11.3
a
6301,627,4221 263,375 1,809,2851 212,240
630 1,649,5231 247,828 1,759,711 198,193
527 1,645,4061 230,666 1,905,754 213,686
g
.._
414,544,954
48,598,549
477,792.258
48.525,926
447,539,831
56,978,567
89.5 I
00.8
88.7
N.
n
507.340
22,256
596,737
11,277
503,243
85,943
.
4.'
6
1,5011
1,505
1,466
ta
853
823
785
.44-4...
EM=2
... .- ..--4b,00
;-8=4M1
0m-1
Liki. •
ta bo ;-• F.
4,9851
4,9391
5,1281
N.
a
r,... P:4:4.
b
f2:::Z3
210
185
2141
C*0
.11000.4..0.0
'
--5,
4.
'
0 •••
;Di+ b4 .. .'O'
'
3
6
b
F
'
C
W
'
''
C
'
•
...
....
004.1.3 f'•
.p....4wowo.p.po
tY..*W...4812
C1
7,4171
7,146
7,671
1,533,164
436,665
1,535,361
609,322
1,652.473
303,136
F4;f1 R
... ;
.
.4.0 •
The consumption of foreign tops and noils constitutes one element which
it has not been possible to include in the consumption reports since the
LOOMS.
00.00 ...
6;24. r•
2,599,867
1,033,331
2,540.626
1,362,135
2,675,509
936,929
4.
&tn.. *
i*i..:0 fa'
t
firlder than 50- 51-Inch Reed
!nab Reed Space.i Space or Less.
i
9,240,092
2,788.328
10.103.645
3.565,123
10.355,632
3,097.316
a
4.4.4
1923.
1924.
1923.
1924.
1923.
7,927,37944,650,009416,135,468811,904,123
•
Total
Domestic__ _ 0 ,340,277 15,498,46506,862.140 15,030,640 06,782,986 178,168,737
Foreign
18.822,77827,747,2960 1,065,239 9.619,369 09,352,482 333,746,380
Combing _ a_ _"4,612,72722,537,925.'7,840,090'22,862,850225,490,319080,464,10
Clothing_a_ 6,788.020 7,363,885 7,668,986 8,170,768 79,158,642 92,461.430
Fine, total.... 11,041,202 8,811,329 3,543,59 8,380,386 98.142.897101.156,993
Combing:
Domestic _ 6,410,921 2,970,258 8,576,814 2,560,922 50,368,364 31.962,423
Foteign..... 2,845,303 4,159,112 2,899,495 4,097,523 28,036,437 49,423.402
Clothing:
Domestic _ 1,493,649 1,144,483 1,701,028 1.209,783 15,618,821 13,555,870
368,254
512,158 4,119,275 6,225,297
291,429
537,476
Foreign_ _ _
39-blood,total_ 5,477,104 4,110,972 5,192,267 4,369,568 51,815,713 57,777,668
Combing:
Domestic _ 3,970,892 2,223.947 3,558,347 1,532,928 33,799,699 22,688,386
488,037 1,728,181 7,240,659 20,787,8511
Foreign._ _
435,045 947,052
Clothing: ,
736,883 1.035,375 914,658 9,288,903 11,576,178
Domestic _
975,151
110,508
193,801 1,488,452 2,725,248
Foreign_ _.
203,090
96,017
34-blood,total_ 6,087,102 5,905,042 6.874,333 6.045,320 62,187,635 82,753.225
Combing:
Domestic _ 3,472,790 1,850,747 3,798,852 1,825,063 26,549,614 24,760,260
Foreign__ _
719,530 1,761,031 12,283.987 30,435,708
606,900 1,865,296
Clothing:
Domestic _ 1,709,222 1,760,484 2,132,322 1,875,712 19,211,722 20,309,207
583,514 4,142,312 7,248,044
Foreign__ _
223,629
298,190
428,515
34-blood,total_ 8,724,069 9,066,284 7,266,07910,121,479 70,767,909109,665,506
Combing:
Domestic _ 3,589,127 2,867,376 4.030,510 2.700,497 30.965,442 30,586,777
Foreign._ 1,692,251 4,060,549 1,689,007 5,113,447 20,507,741 52,405.420
Clothing:
980,599 1,268,967 11,743,956 14,640,105
Domestic. 975,860 1,110,178
565,963 1,038.568 7.550.770 12,033,204
Foreign_
466,831 1,028,181
752,128 13,984,500 6,933,698
Low 14-blood_ 1,495,800 672,327 2.059,645
Combing:
Domestic _
380,139 404.393 600,707 392,563 4,376.585 4,188,076
5,437,324
993,772
777,058
Foreign-.
Clothing:
359,565 2.420,884 2.745,622
304,610
267,934
Domestic _
155,466
1,749,707
160,556
Foreign_ _ _
183,137
276,768 1,751,27:
92.395
745,646
Common, tot_c
70,812
176,680
172.922
696,355
363,637
44,596
Combing_ _ _ _
25,235
63,839
103,846 1,054.923
47,799
382,009
Clothing _ _ _.
112,841
45,577
113,214
50,581
687,718
410,182
90,970
Braid, total_c_
30.481
68,742
324.494
15,122
294,139
72,050
• Combing__
6,190
44,472
35,459
363,224
116,043
18.920
24,291
Clothing__ __
430,185 974,755 5,311,311 13,482,682
Lincoln,total _d
368,309 1,174,074
909,031
4,903,618 12,578,077
425,301
1,091,910
Combing__ _ .
362,272
65,724
4,884
407,693• 904,605
6,037
82,164
Clothing_._ _
Carpet. total _d 10.762,308 13,343,951 12,418,303 13.616,391 111,486,507 138,978,530
Combing_ _ _ 4.914,93: 6,030,718 5,231.443 6,411,710 49,666,463 70,783,293
Filling
5,847,3707,313,233 7,186,880 7,204,681 61,820,044 68.195,237
1
Tot, reduced to
grease equiv e 48,380,31550,278.832 54,854,10351,814,976 486,662,507 596,155,693
Domestic
27,655,830 19,638,817 31,831 A96,19,265,629253,663,294 229,098,987
Foreign
.724.985 30.640.015 23.022.50732,549.347232,999,213 367,056,606
a Rxclusive of carpet wools. b Figures previous to July 1923 include "Common"
ana "Braid." c All domestic. d All foreign. e In computing the grease equivalent,
one pound of scoured wool is considered equivalent to two pounds in the grate, ttW
one pound of pulled to 1 1-3 pounds in the grease.
26
.THE CHRONICLE
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL IN
NOVEMBER 1924 AND 1923.
_
(All quantities-In pounds.)
Greaae.
• Class & Grads.
•
1924.
1923.
Scoured.
.
1924.
1923.
Pulled.
1924.
I
1923.
Total
34,907,01! 34,726,779 5,697,872„
1,558,1641 2,228,866
' Domestic- 18,319,103 10,605,20 3,962,742 3,763,899 1,058,432I 1,129,359
• Foreign
16,587,916 24,121,572 1,735,130 2,526,217 499,732 1,099,507
Combing-a 23,432,764 21,041,696
Clothing-e1,454,690 1,484,612
•-,.Fine, total..
9,620,675 7,547,314
Combing:
Domestic_ 6,191,957 2,805,673
Foreign- 2,811,287 4,125,808
Clothing:
Domestic 570,289
513,137
.
Foreign
47,142
102,696
34-blood,total- 4,562,568 3,232,567
Combing:
•• Domestic - 3,920,010 2,118,754
Foreign426,645
945,045
Clothing:
Domestic 196,846
134,162
19,067
Foreign.-34,606
4-blood, total_ 4,060,481 3.654,26:
Combing:
Domestic
3,245,394 1,581,154
Foreign589,096 1,778,23:.
, Clothing:
Domestic_
225,991
258,825
Foreign36,051
J(-blood, total- 5,206,614 6,548,621
Combing:
Domestic _ 3,312,492 2,572,330
Foreign.-- 1,557,594 3,681,666
Clothing:
Domestic _
246,70.
179,261
Foreign89,81.
115,364
Low 34-blood_b 1,032,14.
327,92:
Combing:
Domestic.
306,948
284,595
682,351
Foreign.-Clothing:
Domestic.
31,507
43,333
11,33.
ForeignCommon, tot_
64,7 I
43,330
Combing..,
53,484
18,032
Clothing_ __ _
11,286
25,298
Braid, total_c_
70,653
6,210
Combing__ -3,711
67,653
Clothing._
2,501
3,000
Lincoln,total-,
334,011 1,101.627
Combing....
331,816 1,062,748
Clothing_ __.
2,195
38,879
3arpet, total., 10,019,565 12,200,471
Combing__ _ _ 4,787,497 5,779,614
5,232,068 6,420,857
Filling
885,159 793,041
4,511,394 5,048,122
294,8041
821,936
703,188
831,151
1,107,837 1,001,611
312,690
262,404
122,437
34,016
61,381
19,104
96,527
103,204
14,200
711,863
239,521
700,790
488,745
434,381
649,097
211,397
4,766
213,746
144,601
399
229,308
29,953
8,400
15,793
2,0071
20,929
89,400
588,789 496,423
73,648 134,874
1,732,502 1,721,178
189,515
3,302
294,119
106,298
33,610
529,596
99,338
45,531
65,294
170,255
41,527
1,272,101 1,220,832
280,495 355,477
1,317,426 2,035,439
211,130
17,695
200,029
280,827
36,987
482,224
162,102
17,804
221,855
115,775
198,552
209,742
54,780
18,882
96,494
169,141
609,038
370,758
408,742
813,615
813,530
324,121
120,113
6,254
54,913
117,302
99,287
20,278
37,302
94,047
102,485
35,889
660
17,313
110,701
166,692
72,330
10,175
62,155
24,271
2,480
21,791
32,655
28,813
3,842
301,319
55,665
245,654
221,636
13,258
5,106
39,600
26
39,400
2,965
1,643
1,643
9,829
1,654
8,175
694,527
198,360
496,167
26,782
7,203
19,579
20.317
4,397
15,920
62,618
27,508
35,110
448,953
52,744
396,209
441,424
71,776
369,648
700
700
Total for Oct 39,763,209 35,881,095 6,308,001 6,362,994 1,856,169 2,405,920
final, Jan. to
.
Nov.,incl.__ 331,276,622409,826,28463,361.134 75,338,286 21,497,61226,739,553
a Exclusive of carpet wools. b Figures previous to July 1923 include "common'
and "braid." c All domestic. d An foreign.
Cold Weather Brings Improvement to Bituminous
and Anthracite Markets.
The last week in December brought improvement to many
of the country's bituminous markets. The advent of real
winter weather was responsible to a great extent. Fourteen
cuarkets out of 20 reported betterment. So perhaps the tide
.is at last beginning to turn. It's a cheerful thought to take
..to bed with you on New Year's Eve, anyway, says the "Coal
-Trade Journal" this week. There was little actually doing
in New York, but there was a whole lot of confidence ex-pressed in what the near future holds. Spot buying, it was
felt,. would give way to contract-negotiations as production
let down and industrial conditions continued th improve,
continues the "Journal," adding:
• Spot movement of domestic was brisk in Chicago. Full circular prices
.were asked on all bituminous grades. Production showed no quickening
and consequently screenings remained tight. In Boston tidewater prices
showed firmer tendency despite light demand, and $5.40 on cars was the
minimum with 5 and be, over frequently quoted. But rail business was
in the doldrums. Philadelphia reports were not encouraging, bituminous
hardly moving there at all. Prices in Pittsburgh were firm, but unchanged,
and the market generally quiet. Louisville reported increases in consumpCon and prices slightly stiffer. Buffalo trade was slow, but the present
apathy was expected to give way to better business when inventory period
Is over. Detroit reported extremely cold weather which stimulated domestic demand, although steam coal aroused only moderate interest. Also
in Cincinnati zero weather made an impression on the market. Industrial
plants showed marked interest, one actually telegraphing an order on
Christmas Day. From Superior-Duluth came the best reports of all. The
Northwest dealers were rushed with orders. Head of Lakes docks worked
Overtime to complete shipments. Industrial inquiry for steam coal steadily
picked up. St. Louis reported good domestic demand for bituminous.
The other markets were less favorable, Columbus reporting a quiet week
and Baltimore having nothing new to report excepting the receipt of a
cargo of Welsh coal.
It is interesting to note that although the lakes movement has practically
stopped, production of bituminous continued at an even greater pace. This
brings production of bituminous for the first 299 working days of the Year
to 455,280,000 net tons. Last year for the same period it stood at 534,679,000
net tons.
Lake navigation had almost stopped in the week that ended Dec. 22,
but dumpings amounted to 26,124 net tons over the lower Lake Lake Erie
ports against 76,824 tons for the preceding week. The cumulative dumpbags of cargo coal for the season to that date stand at 22,972,784 tons.
This is a decrease from the record for the corresponding period last year
of 6.816.099 tons or 23%. Dumpings for this season, however, greatly
exceeded those of 1922, and have exceeded those of 1921 by more than a
half-million tons.
Final returns on the receipts of coal at Duluth-Superior harbor show that
304,714 net tons were unloaded in December, bringing the total for the
*reason up to 9,020,872 tons. Of this total 7,730,878 tons were bituminous
coal, a decrease when compared with last season of 3,537,459 tons. In
[VOL. 120
considering the adequacy of supply for this winter it should be remembered
that at the time of arrival of the first cargo this season, there remained on
the docks nearly 3,000,000 tons of soft coal whereas at the opening of navigation of 1923 the docks were practically stripped.
During the week ended Dec. 20, Hampton Roads durapings showed an
appreciable decline, due to a slackening of foreign demand. The total
Gltnntity handled was 374,524 net tons, a decrease of 39,473.
At last, apparently, the turn In the long lane has come,
and the coal trade is more hopeful. A real blast of winter
weather over a broad expanse of territory has brought the
stimulus needed to sharpen the interest of many of the coal
consumers who have shown a hesitant attitude during recent
weeks. As a result consumption is picking up, distress coal
is less in evidence, inquiries are more numerous and interest
in the renewal of expiring contracts is to be noted. Shutdowns at a number of mines over the holidays promise to
cut down over-production materially, with a firmer tendency
in prices as a natural consequence, observes the "Coal Age"
in its review on Jan. 1, giving the following details:
The steel industry continues to show improvement, many mills nearing
capacity output as the demand increases. Most other lines are making
slight gains, but there is still much room for betterment in textiles. Practically all branches of business take a hopeful view of prospects for the
new year, based on sound fundamental conditions. William Green, the
new President of the Federation of Labor, pronounces labor conditions
reasonably satisfactory, though the coal operators of central Pennsylvania
seem to take a different view.
In the anthracite market there is still plenty of room for improvement,
Independent prices lacking firmness, though no formal reductions have
been made. The labor troubles at the mines have had no appreciable
effect thus far on the supply of domestic sizes, but rice and barely are
less plentiful. Chestnut and stove are in strongest demand, but egg and
pea also have firmed up slightly. Buckwheat is comparatively easy, while
rice and barely are somewhat stronger. The likelihood of any serious
effect on the market by reason of the strike probably disappeared last
week, as numerous defections from the ranks of the strikers seemed to
presage the collapse of the walkout.
Coal consumption during November was 10% larger than in October,
according to the National Association of Purchasing Agents. Consumption
of anthracite and bituminous in November was 40,130,000 tons, as compared with 35,679,000 tons in October, while the estimated stock oleos!
on hand as of Dec. 1 was 57,376,000 tons, as compared with 57,754.000
tons as of the month previous, a decrease of 378,000 tons. Of all industrial
firms reporting stocks and consumption of coal, the survey of the association
shows that 72% showed increased consumption during November, 17%
about the same amount used, and 11% used less coal than in the previous
month. With the exception of January consumption during November
was greater than that of any month in 1924.
The "Coal Age"index of spot prices of bituminous coal advanced another
point during the past week, standing on Dec. 29 at 171, the corresponding
price for which is $2 07, compared with 170 and $2 06 on Dec. 22.
The advent of the hoildays saw a big failing off In activity at Hampton
Roads, dumpings of coal for all accounts during the week ended Dec. 25
totaling 331,913 net tons, compared with 400,099 tons during the previous
week.
Heavy Exports of Petroleum-Coal Exports Second
Lowest of Year.
Exports of bituminous coal from the United States during
November amounted to 974,346 long tons, compared with
1,534,459 tons shipped in the preceding month, according to
a report of the Coal Division of the Department of Commerce, made public on Dec. 24. This decrease is due largely
to smaller exports to Canada, 771,113 tons going to that destination in November as compared with 1,293,963 tons in
October, a decrease of more than 520,000 tons. In addition,
exports to Newfoundland and Labrador fell from 22,834 tons
in October to 24 tons in November. Overseas exports during
the month in question totaled 203,209 tons, a slight decline
from the 216,489 tons exported overseas in October. While
exports to Italy increased from 38,418 tons in October to
66,669 tons in the following month, exports to France
dropped considerably, 11,945 tons going to that country in
November, against 24,004 in the preceding month. The November shipments to France are a new low for 1924.
South American Shipments Lowest of Year-Brazilian Exports Increase.
Exports of bituminous coal during November to South American destinations, amounting to 38,792 tons, were somewhat smaller than the October
exports, totaling 40,601, which was the previous low for the current year.
In spite of this, shipments to Brazil, our principal customer ;n South
America, nearly doubled the exports during October, 35,656 tons going to
that destination in November, against -18,228 in the preceding month.
For the second time in the past four months no coal was shipped to Argentina, although 14,973 tons were sent there in October. Of particular
interest in the South American trade is the fact that 2,053 tons were
exported to Ecuador during November. This is only the second month
in 1924 that 'any bituminous coal has been sent to that country, 1,000
tons being shipped there in April.
Decline in Anthracite Exports.
Total exports of anthracite during November amounting to 282,950
tens show a decrease of almost 80,000 tons from the 362,118 exported in
October. As in the case of bituminous exports, the decrease in anthracite
shipments was largely due to smaller exports to Canada, 273,932 tons going to that destination in November,against 355,592 in the preceding month
Small Increase in Coke Shipments.
The 57.227 tons of coke exported during November show a slight increase
over the 55,759 tons shipped in October. Unlike the exports of anthracite
and bituminous coal, coke shipments to Canada increased by over 5,500
tons, 53,299 tons going to that destination in November, against 47.547
THE CHRONICLE
JAN. 3 1925.]
in the previous month. No coke was exported to Chile, our principal
South American market for that product, although 4,976 tons were shipped
in October.
DOMESTIC EXPORTS OF COAL AMD PETROLEUM.
Month of November.
.1923.
1924.
Eleven Months Ended Nov.
1923.
1924.
Coal3,267,483
Anthracite, tons
369,429
4,215,821
282,950
Value
$4,183,717 $3,191,989 $45,919,835 $36,410,492
14,171,961
Bituminous, tons
1,253,445
974,346
18,076,953
Value
$6,214,493 $4,604,140 $99,040,142 $65,836,797
532.398
Coke,tons
49,363
57.227
1.059,819
$4,452,114
Value
$490,443
$442,140 $11,469,421
PetroleumCrude, gallons
57.293,328 60,322.127 629,657,770 699,856.228
Value
$1,577,830 $2,104,238 $20.784,354 $24,996,138
Refined,total, gallons
248,716,776 312,212,520 2,953,572,390 3,598,951,746
Value
$21,345,169 $29,206,049 $300,657,586 $360,851,915
Gasoline, naphtha &other
light products, gals_
773.892,015 1,088,517,704
Value
$7,044,735 $12.054,819 $128,456,821 $154,553,261
Illuminating oils, gals_ _ 73,991,131 66.600,247 777,104,498 826,880,729
Value
$6,106,017 $6,750,315 $70,734,617 $80,711,109
Gas and fuel oils, gals_ _ 98,840,899 118,699,830 1,087,194,111 1,332,369,152
Value
$2,659,865 $4,304,746 $31,914,768 $45,542,080
Lubricating oils, gallons_ 22,029,228 30,488,141 315,381,766 351,184,161
Value
$5,534,552 $6,096,169 $69,551,380 $80,045,465
28,663,073 28,654,033 299,502,669 351,216,646
Paraffin wax,Pounds
Value
8950.145 $1,529,174 510.313,927 $16,800.151
exported from the United States during the same period of'
1923-a relative decrease ,of 0.1 cents per pound. The de-:
crease in volume of meat and meat products exported hasbeen largely due to decreased shipments of hams and shoulders, bacon and lard-life largest decrease noted was in
bacon. Animal oils and fats exports from the United States
for the first eleven months of this year, while slightly less.•
in volume than for the same period last year, are in point of'
value approximately $2,000,000 greater. This is due, to a,
larger per unit export value.of oils and fats this year, when •
compared with last year.
Full details regarding the different items of meat products, as furnished by the Department of Commerce follow: DOMESTIC EXPORTS OF
•
MEATS AND FATS.
Month of November.
1923.
1924.
Eleven Months Ended Nov.
1923.
. 1924.
Total meats& meat prod.,lbs. 92,230,821 48,336,918 937,269,551 753,945,238
$13,304,234 $8,132,323 1136,111,253 $105,791,010
Value
95,123,831 73,534.277 1,179,117,300 1,129,841,117
Total animal oils & fats. lbs
$12,768,699 111,531,792 $142,592,958 $144,147,697
Value
Beef, fresh, pounds
Value
245,181
$39,535
213,166
136,178
3,141,988
$490,429
2.347.527
1406.791
20,403,070
21,581,716
1,804,376 1,868,047
Beef, pickled, &c
of Canned and Dried Foods.
$2,192,568
$2,074,404
$182,850
5183.853
Value
45.942,792
27.491,844
7,945,969 - 2,846,998
Movements of canned and dried foods during the early Pork,fresh, pounds
$3,775,528
$456,146
56,678.468
$1,127,219
Value
16,782,280
836,452
months of 1924 indicated a successful season. This promise Wiltshire sides, pouncla_a__
2,278,044
5158,652
Value
has completely materialized, according to statistics released Cumberland
25,192,231
1,645.016
sides. pouuds_b:
$3,588,172
$321,009
Value
by the Department of Commerce on Dec. 24. With the ex- Hams
and shoulders, pounds_ 32,920,404 19,393,498 342,960,489 289,719,369
$5,409,160 53,566,116 554,645.710 144.102.224
Value
ception of canned meats, canned vegetables and evaporated
39,026,863 13,555,000 409,666,577 272,497,535
Bacon, pounds
milk, exports for the eleven months of this year already
$5,134,579 52,265,463 $54,113,480 534,763,742
Value
26,702,584
39,115,818
Pickled pork, pounds
2,764,514 1,553,371
items
exceed those of the whole of 1923. In the case of those
$3,138,313
$4,561,537
2326,801
5208,555
Value
93,408,971
93,078,213
9,267,543
Oleo
oll,
6,714,393
pounds
which are exceptions, exports for the whole year 1924 will
$847,797 $1,719,447 $11,039,604 $13.192.085
Value
74.251,127 49,119,500 936,803,603 867,291.931
be in excess of the preceding year, providing that the Decem- Lard, pounds
Value
$10,410,749 $7,919,438 $116,547,198 $113,361.84(
ber exports are not less than those of December 1923. That Neutral lard, pounds
24,737,911 •
21,994,971
1,769,292 2,440,729
Value
the desire of Europe for foods out of the class of bare neces- Lard compounds, animal fats,'$259,708 $474,527 $2,857,562 53,543,971
26,909,242
$6,906,198
pounds
.606.055 1.393,314
sities has not disappeared, is shown by the exports of dried
$955,081
$934,497
Value
$89,037
$190,027
722,311
54,940
.80,889
1,717,004
and canned fruits. Exports of the former for eleven months Margarine, animal fats, lbs
$116.341
8281,891
Value
$12,128
510,229
of this year are nearly double those of last year, while those Cottonseed oil, pounds
33,870,511
5,901,505 9,326,548
42,540,810
13,536,85,
Value
$989,423
$4,543,347
5609,73
of the latter are over 50% above the exports in 1923. Canned Lard
compounds, vegetable '
6,492,351
fats, pounds
536,573
813,189
8,826,604
fish, sardines and salmon are still in large demand-an inVailm,
570M1
5111 024
SI 222 FIRR
10114 MC
crease of 18% Is shown in salmon, while sardines are going
a Included in "Hams and shoulders" prior to Jan. 11924. b Included In "Bacon"
forward at the same rate of increase as was shown in 1923. prior to Jan. 1 1924.
If the progress in the sardine trade continues, another two
years may see the exports of that product passing those of Bituminous Coal Output Remains at About Sam,
Level-Anthracite and Coke Gain.
salmon. Comparative figures follow:
There was little or no change in the output of bituminous
11 Mos. End. Nov.
Month of November.
coal during the week ended Dec. 20, when compared with:
1924.
1924.
1923.
1923.
the preceding week's production statistics, according to the
1,433,432 1,103,108 14,447,396 14,650,021 report of the U. S. Geological Survey. The output of,
Total canned meats, pounds
/402,720 $317,091 $4,706,389 14,120,993
Value
Total dairy products, pounds
23,198,513 17,416,850 180,165,798 211,620,486 anthracite, however, gained 95,000 tons over the preceding
12,041,976 $2,114,493 $23,943,056 $25,950,207 week (in which a holiday had been observed). The gain
Value
Total canned vegetables, pounds
4,944,018 4,542,954 43,019,077 45.790,705
$489,704 $477,598 $4,762,073 $5,137,723 over the week of Dec. 6 was about 53,000 tons. Beehive
Value
Total dried & evap. fruits, pounds 37,332,325 61,730,228 161,700,314 359,716,881
$3,464,992 $44,650,623 115,977,082 $27,167,734 coke output also rose by about 10%, for the first time in 81
Value
Total canned fruits, pounds
14,823,125 28,944,575 121,984,518 198.248,188
Value
$1,516,375 52,916,695 $12,605,281 $20,039,396 months passing the 200,000 tons mark. Further details of interest which' appeared in the Survey's report follow:
Beef,canned, pounds
59,643
90,953 1,631,176 1,433,319
Domestic Exports
$320,513
Value
521,880
5453,245
$13,078
Sausage, canned, pounds
227,604
287,853 2,451,551 3.301.924
Value
$634,400
$892,339
$59,954
$78,333
Milk,condensed,sweetened, pounds 6,781,970 4,305,587 52,239,083 60,874,514
Value
$998,269 $621,218 $7,704,008 $8,767,082
Milk,evap.,unsweetened, pounds.- 15,399,183 10,817,922 112,255,292 134,277.017
Value
$1,547,164 $992.768 $11,214,536 512.174,697
Salmon, canned, pounds
8,786,603 6,746,713 52,810,339 61,827,298
Value
$1,426,332 $986,233 $8,180,641 $8,932,462
Sardines, canned, pounds
3,281,978 4,618,887 30,677,130 43,975,580
Value
1301,061 1389,411 $2,662,839 $3,719,154
Raisins, pounds
12,003,086 12,870,407 69,192.796 87,570,334
Value
$1,124,387 $934,104 $6,833,401 16,679,270
Apples, dried, pounds
6,308,075 6,731.267 12,090,514 25,729.505
Value
$561,48
$795,114 $1,083,750 $3,138,765
Apricots, dried, pounds
2.777.144 1.367,458 16,947,299 29,559,431
Value
$293,599 1203,196 $2,057,470 53,894.10(
Peaches, dried, pounds
791,065
527,377 3,958,525 12,555.661
Value
$973,02/
$374,164
$89,536
$47,389
Prunes, dried, pounds
12 689,218 38,272,253 48,989,640 192,176,002
Value
$1,149,90 12,405,46o 14,543,034 $11.351,032
Apricots, canned, pounds
1,430,164 2.883,072 23,326,550 33,851,551
Value
3122,277 $278,830 51.976,708 12,804,971
Peaches, canned, pounds
4,139,882 7,217,661 32,780,838 57,935,621
Value
$382,080 $736,979 $2,977,307 $5,421,121
Pears, canned, pounds
4,049,985 8,716,096 32,463,900 51,467,76,
Value
$453,495 $1,050,164 $3,679,066 $5,914,611
Pineapples, canned, pounds
1,538,548 2,838,574 15,961,186 26,074.621
Value
1291 sea SRIQ mut SI RR1 min 53.1140.10
Domestic Exports of Meats and Fats Still Small.
Domestic exports of meats and meat products, and of animal oils and fats for the month of November as well as for
the first eleven months of the present calendar year were
for the latter period 20% and 4% smaller in value, respectively, for meats and fats, when compared with the first
eleven months of 1923, according to a report issued by the
Department of Commerce at Washington on Dec. 24. The
average export value of meat and meat products shipped
from the United States for the eleven months period ending
November 1924 was 14.02 cents per pound, as compared with
14.53 cents per pound, the average value of these products
There was no appreckble change in the rate of soft coal production In the second week of December, and the total output is now estimated at10,760,000 net tons, as against 10,723,000 tons in the preceding week. In this connection it is of interest to note that even though the movement of
coal up the Lakes has virtually ceased, production bas not sagged in
consequence.
The average daily rate of output now stands just below the 1,800,000-ton
mark, and is almost exactly at t,he same level as the corresponding weeks.
of 1922 and 1923. It Is considerably below the line for ino, which, at
this date, was close to the peak for the year.
Estimated United Stales Production of Bituminous Coal (Net Tons) Including
Coal Coked.
1924
1923
Cal. Year Cal. Year
Week.
to Date.*
Week.
to Date.
Dec 6
9,829,000 514,200,000
10.612.000 433,797,000
1.791,000
Daily average
1,510.000
1,638.000
1,769,000
Dec. 13 a
9,936.000 524.136.000
10,723,000 444,520,000
1.788,000
1.656,000
Daily average
1,515,000
1,787,000
Dec. 20 b
10,760,000 455,280,000 10.543.000 534,679,000
1,788,000
1,521,000
1,757,000
Daily average
1.793,000
a Revised since last report. b Subject to revision. c Minus one day's
production in January to equalize number of days in the two years.
Production of soft coal during the first 299 working days of the calendar
year 1924 was 455,280,000 net tons. In the six preceding years it was
as follows:
Years of DepressionYears of Activity451,680,000 net tons
1918
569,863,000 net tons 1919
406,162,000 net tons
1920
554,093,000 net tons 1921
410,174,000 net tons
534,679.000 net-tons 1922
1923
Thus it is seen that from the viewpoint of soft coal production, 1924
stands far behind each of the years of industrial activity. In considering
these figures, however, it should be remembered that a considerable part
of the output in those years was added to storage, whereas during the
present year coal has flowed steadily out of storage. Compared with the
year 1919 there has been an increase in production of about 3,600,000 tons,
and with the years 1921 and 1922, when production was sharply curtailed
by an acute industrial depression and a miners' strike of long duration,'
there has been an increase of about 47,000.000 tons.
ANTHRACITE.
The production of anthracite Improved somewhat In the week ended
Etc. 20. The total output, as eitimated (rem the number of cars loaded,
THE CHRONICLE
Is placed at 1.867,000 net tons, an increase of 95.000 tons. Further gain
was prevented by the continuation of the local strike at the mines of one
of the large producing companies. Comparison with the output in the corresponding week of 1923 shows that the present rate of production is about
8% leas than that prevailing a year ago.
Estimated United &ales Produdion of Anthracite (Net Tons).
1924—
192
Week Ended—
Week. Yr. to Date.
Week. Yr. to Date.
December 6
1,814.000 84.652,000 1.837.000 87,952.000
December 13
1.772,000 86,424.000 1.947.000 89,899,000
December 20
1,867,000 88,291.000 1.925.000 91.824,000
BEEHIVE COKE.
'The production of beehive coke continued to improve in the week ended
Dec. 20, and for the first time In the last eight months passed the 200,000..
ton mark. Preliminary estimates based on the quantity loaded for shipment by the coke carriers place the total output at 209.000 net tons, an
increase of 17.000 tons, or nearly 10%. Compared with the corresponding
week of 1923 there was a decrease of 47.000 tons.
[VOL. 120.
Estimated Production of Beehive Coke (Net Tons)
Week Ended
1924
1923
Dec.20'24.a Dec.13'34.6 Dec. 22 '23. to Date.
to Date.o
Penna. & Ohio- —160,000
145,000
207.000 7,074,000 14,228.000
West Virginia - - 10,000
•
1,020.000
•
Ala.. Kentucky,
Tenn. & Ga---- 21,000
19.000
17,000
913.000
1.061.000
Virginia --------9.000
9.000
8.000
408.000
712.000
Colo. Oc N. Mex _ 5,000
5.000
6,000
253,000
363,000
Wash. & Utah.. - 4,000
4,000
4,000
205,000
263,000
U. S. total
209.000
192.000
256,000 9,343,000 17,647,000
Daily average.... 35,000
32.000
43.000
31,000
58.000
a Subject to revision. b Revised from last report. c Less one day's
production in New Year's week to equalize production for the two years.
Cumulative production of beehive coke during 1924 to Dec. 20 stood at
9,343.000 net tons. Figures for similar periods in earlier years are as
follows:
1920
20,413,000 net tons
1922
7.754,000 net tons
1921
5,513,000 net tons
1923
17,647.000 not tons
Current Events and Discussions
Federal Reserve Banking During 1924.
During 1924 the principal changes in condition of the
Federal Reserve banks, according to the statement of the
Federal Reserve Board issued yesterday afternoon, were an
increase in reserve balances of member banks which carried
them to the highest point in the history of the system; a
decrease in the volume of Federal Reserve notes in circulation, as a consequence of the replacement of these notes by
gold; and a change in the composition of earning assets, consisting of a considerable increase in holdings of United States
securities and an approximately co responding decline in discounts for member banks. Net imports of gold, which were
'large during the first half of the year, resulted in a decreased
demand for accommodation at the Federal Reserve tanks,
and total earning assets of these banks declined from $1,272,000,000 at the beginning of the year to about $800,000,000
near the end of May. During the second half of the year the
decline in the volume of gold imports together with an increased demand for currency for crop-moving purposes, and
later for holiday trade, increased the demand for Reserve
bank credit, with the result that at the end of the year total
earning assets were about $500,000,000 above the low point
in May and at about the same level as a year earlier. After
noting these facts, the Federal Reserve Board proceeds as
follows:
Among the different classes of earning assets, discounted bills declined
from $797.900.000 on Jan. 2 1924 to a low point of $221.400,000 on Nov.
26 and stood at $314,100,000 at the end of the year. Holdings of United
States securities rose from slightly over $100.000,000 to above $540,200,000
Ow Dec. 31, this increase being nearly as large as the decline in discounts.
Holdings of bills bought in open market fluctuated during the year, declining from $347,200,000 on Jan. 2 to only 818.000.000 on Aug. 13, and then
Increasing to $387.100.000 at the end of the year.
Federal Reserve note circulation, after the seasonal decline in the early
weeks of 1924.amounting to about $200,000,000.continued to decline up till
the end of September. During the last quarter of the year, however, seasonal demands for currency, particularly during the holiday pericd, resulted in an increase in note circulation to $1.941.700.0Ce on Dec. 24, an
Increase of about 2200.000.000 from the low point of the year. The aggregate circulation of Federal Reserve notes on Dec.31.$1.862.000.000,represents a reduction of $380.000,000 from the amount in circulatien at the beginning of the year. Changes in the demand for currency during the year
were reflected both in charges in the volume of Federal Reserve notes in
circulation and in total cash reserves. Cash reserves, which were at their
high point of 23,274,000,000 on July 23,declined to 22.997,500.600 on Dec.
-24. During the week following Christmas the return flow of currency was
reflected in a decrease of $79,700.000 in Federal Reserve note circulation
and increases of 849,500,000 in cash reserves and $24,600,000 in non-reserve
cash.
Member bank reserve balances, which were fairly stable at about 21,900.000,000 to the end of May.Increased rapidly to $2.261.000.000 on Sept. 17,
and at the end of the year were about $300.000.000 above the low point.
This growth in reserve balances of member banks accompanied the rapid
growth in their demand and time deposits during the latter part of the year.
cates of indebtedness and of other securities were reduced by
$21,000,000 and 32,000,000„respectively.
All classes of loans reported by the New York City members
show advances over the preceding week. Loans secured by
Government obligations were up $4,000,000, loans on other
stocks and bonds $37,000,000 and all other loans $12,000,000.
Holdings of U. S. securities increased $11,000,000 and those
of corporate securities declined $15,000,000. Further comment regarding the changes shown by these member banks
is as follows:
Net demand deposits of all reporting members declined $125,000,000,
the principal reductions being reported by banks in the following districts:
New York $25,000,000, San Francisco 822.000.000, Chicago 219,000,000,
Cleveland 215,000,000. Boston $13.000,000 and St. Louis $10,000,000.
Time deposits show a reduction of $2,000,000 and Government deposits a
reduction of 211,000,000. the New York City members reporting declines of
$8.000,000 and $2.000,000, respectively, in these items.
Reserve balances of all reporting institutions increased by $6,000,000
and cash in vault declined by $5,000,000. The New York City banks
report gains of $15.000,000 in reserve balances and of $3,000,000 in cash.
Borrowings of all reporting members from the Federal Reserve banks
Increased from $133,000,000 to $224,000,000, New York City members
accounting for $77,000,000 et the increase.
On a subsequent page—that is, on page 63—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase(
or Decrease (—)
During
lreek.
Year.
Loans and discounts, total
+834.000.000 +81,088,000.000
Secured by U. S. Govt. obligations- — +5.000,000
—32.000,000
Secured by stocks and bonds
+34,000,000
+783,000.000
All other
—5,000,000
+337.000.000
Investments
—15,000.000 +1.023,000.000
U. S. bonds
+2,000,000
+671,000,000
U. S. Treasury notes
+6.000.000
—330.000.000
U. S. certificates of indebtedness
—21,000.000
+10,000,000
Other bonds, stocks and securities
—2.000,000
+672,000,000
Reserve balances with F. It. banks
+6.000.000
+322,000,000
Cash In vault
—5,000,000
—22.000,000
Net demand deposits
—125,000.000 +2.010,000,000
Time deposits
—2.000,000
+742,000,000
Government deposits
—11.000,000
—17,000,000
Total accommodation at F. R. banks_
+91.000,000
—351.000,000
Visit to United States of Montagu C. Norman and
Sir Alan Garrett Anderson of Bank of England.
The arrival in this country this week of the Right Hon.
Montagu Collet Norman, Governor of the Bank of England,
and Sir Alan Garrett Anderson, a director of the Bank of
England, and the conjectures which have been ventured as
to the purpose of their visit, brought about the issuance of
The statement in full, in comparison with the preceding a statement yesterday (Jan. 2) by the British
Embassy at
week and with the corresponding week last year, will be found Washington announcing that the visitors were here
"in an
on subsequent pages„ namely, pages 62 and 63.
entirely private capacity connected with banking." The
statement follows:
Reports having appeared in the press that Mr. Norman, Governor
The Week With the Member Banks of the Federal
of the
Bank of England, and Sir Allan Anderson were corning to
Reserve System.
on
official business, the British Embassy are authorized to stateWashington
they have
Aggregate increases of $91,000,000 in accommodation at come to this country in an entirely private capacity connectedthat
with banking,
the Federal Reserve banks and of $34,000,000 in loans and and that they are not coming to Washington, but will remain in New York
discounts, together with a decrease of $125,000,000 in net during the whole of their stay, which will not exceed a week or ten days.
The Associated Press dispatches carying the above statedemand deposits, are shown in the Federal Reserve Board's
weekly consolidated statement of condition on Dec. 24 of ment, said:
This announcement served to clear some of the mystery since
Mr.Norman
738 member banks in leading cities. It should be noted and Sir Allan arrived in New
York Tuesday. They not
left Great
that the figures for these member banks are always a week Britain secretly, but they disappeared immediately on their only
impossible to gauge the significance of reports that they arrival, making
behind those for the Reserve banks themselves. Loans on it
had been comby the British Foreign Office to discuss certain pending
questions
Government securities were increased by $5,000,000 and missioned
with Washington.
Loans on corporate stocks and bonds by $34,000,000, while
The New york "Times" of Dec. 31, in reporting the
"all other," largely commercial,leans declined by $5,000,000. visitors' arrival on the Cunard Line steamer
Caronia the
Holdings of U. S. bonds went up $2,000,000 and holdings of previous day, said they were here on a
special financial misTreasury notes $6,000,000, while holdings of U. S. certifi- sion for the British Government and
added:
JAN. 3 1925.] •
THE CHRONICLE
They are going to Washington to confer with Secretary Hughes on the
Allied debts and the problems arising therefrom.
In order to keep their arrival as secret as possible their names were kept
off the list of the Caronia and strict orders were given by the Cunard
management in Liverpool to the officers of the ship that they should not
be mentioned to the reporters on arrival on this side.
The envoys were met at the pier by Benjamin Strong. Governor of the
New York branch of the Federal Reserve Bank, with whom they drove
away. They traveled on diplomatic passports and instructions were sent
by the Secretary of the Treasury to the Collector of the Port to see that
every facility was extended to them.
29
the Saar Basin. The loan is for a term of ten years and
will bear 7% under provisions of a sinking fund which will
completely amortize the issue before maturity. The offering
is scheduled for next week. Associated with ;Ames, Emerich
& Co. will be Strupp & Co. of New York and G. Dreyfus &
Co. of Frankfort and Berlin. Regarding the loan the
"Wall Street Journal" of Dec. 30 said:
Certain international features characterizing its negotiations make
especially interesting. Under the Versailles Treaty the Saar Basin, which
control of the Council of
Last night's edition (Jan. 2) of the New York "Evening has valuable deposits of coal, was placed in direct
the League of Nations, which subsequently appointed five commissioners
Post" said that it was learned at Washington that the representing France, Germany, Belgium, Denmark and Canada, of which
object of the visit of Messrs. Norman and Anderson was "to the French representative, Victor Rault, Is Chairman, to administer the.
Government. In order to execute the contract it was necessary first te
reach understandings preliminary to England's return to the obtain
the approval of the five commissioners under authorization by the
gold standard." The advices (copyrighted) added in part: League, subsequently petitiOning the State Department for the sanction of
The rule adopted during the war, which put the country upon a paper the United States Government.
bids, expires this year. It has been known that the British Government
By the terms of the treaty, the Saar Basin is immune from reparations
would have to reach a decision whether the country would become once, Payments, has no connection with the French debt and is literally "a taxmore a free market for gold.
payer's paradise." All taxes raised react solely to the benefit of the comGreat Britain is not strong enough financially today to adopt a policy munity and are required to be spent locally.
of throwing open its gold to the borrowers of the world without some underThe purpose of the loan is for the development of income-producing mustanding of the policy of this country.
nicipal enterprises and will be used principally for the improvement of the
In particular, the officials of the Bank of England now here are interested public utility plant and for housing. The Soar Basin has a total population
In the prospects of low rediscount rates in the American Federal Reserve of about 700,000, of which 125,000 reside in Saarbruecken.
System. If money should advance here in the hear future. the Bank of
England's dificulties in maintainting a free market for gold naturally
.;
would increase.
Ratification by Peruvian Congress of Certain Revenue'
Inlerested..in_Loan _Policy
Pledged as Security for Loan.
Also. the English bankers are interested in what the American banking
It was made known yesterday gan. 2) that cable disattitude toward foreign loans will be. As a result of other visists which
the Bank of England officials have made to this country, there has been co- patches received by Blyth, Witter & Co. and White, Weld &
operation between New York and London in the handling of foreign loans.
by the Peruvain
It will be necessary that this co-operation should continue especially when Co. from Peru announce the ratification
England goes on a gold standard.
Congress of certain of the revenues pledged as security for
It is understood here that the British bankers will receive sympathy and the recent issue of $7,000,000 Republic of Peru 8% secured
support in this country. From an American banking standpoint, it has
The
been felt to be desirable that England should return to the gold standard, bonds, due 1944, issued for sanitation purposes.
not merely for its moral effect upon business, as a sign that Europe was revenues just approved by the Peruvian Congress represent
recovering from the consequence of the war, but also to obtain a better dis- but a small portion of the total revenues already pledged as
tribution of the world's gold supply.
security for this loan. The Peruvian Congress has now
designated revenues for the service of the sanitation loan
French Loan Syndicate Terminated.
at $1,500,000 for the year ending Sept. 30 1925.
estimated
The following is from the "Wall Street Journal" of Dec. 29: Present annual interest requirements amount to only $5604Dealers who participated in the offering of $100,000,000 French Government external sinking fund 7% gold bonds were notified before the opening 000. A sinking fund, commencing Oct. 1 1924, estimated
of business Saturday that the syndicate had been terminated as of the at not less than $1,250,000 in the first 15 months,is provided
close of business Dec. 26. Syndicate would have expired by limitation
contract under which these bonds were issued.
exercised the right to close it in advance in the
Feb. 1, but syndicate managers
of that date. The bonds were originally offered at 94 and sales have
ranged between that figure and 94%. Following termination of the syndicate, Lame suffered a loss of 134 points from Friday's close of 94.
As we indicated in our issue of Nov. 29, in referring to the
flotation of the $100,000,000 issue, the syndicate offering
the bonds was headed by J. P. Morgan & Co. in association
with the First National Bank of New York, the National
City Co. and Brown Bros. & Co.
Maximum Is Not to Be Raised—French
Bank's Note Issues Are Near Legal Limit, but Law
Will Stand—Debt of State• to Bank.
The New York "Times" is authority for the following
(copyright) from Paris, Dec. 30:
Currency
The Bank of France has declared that it has no intention to ask for the
raising of the legal maximum on its note circulation. This statement is
accepted as proving that no such increase will be needed to allow for the
year-end settlements. Outstanding circulation of the bank, according to its
statement of last Friday, was 40,604,000,000 francs, the legal maximum
being 41,000.000,000. In the week ending Jan. 5 1924, in which the last
Year'end settlements were effected, the bank's note circulation increased
1,208,500.000 francs.
The Minister of Finance has terminated the agreement with the Bank of
France by which the maximum for the bank's advances to the Treasury.
fixed in 1920 at 2,000,000,000 francs annually, would be this year only
1,200.000,000. It is understood that the bank will credit the account of
the State at the end of the year with about 800,000,000 francs,representing
a special account for amortization of debt which was established by means
of previous deduction of the 3% interest which the State pays to the bank
on its advances. Besides this, the bank will credit the Treasury with the
par value of $100000000 proceeding from the Morgan loan of 500.000.000
francs.
The resources of the Treasury will therefore not be diminished by the reimbursement of 1,200,000,000 francs. Nevertheless, those resources are
manifestly insufficient and since the Morgan loan did not greatly increase
them,the opinion in serious financial circles here is that it would have been
much better this year not to reduce the maximum of advances to the Treasury'. Experience has proved that the repayments already effected by the
Treasury to the bank have had no proportionate effect on the bank's note
circulation. On the other hand, they have been a persistent embarrassment to the Treasury, which has been driven because of them into costly
loans which depreciated the public credit.
The last statement of the bank provided additional proof of the failure of
the Government's pclicy to reduce the bank's loans and circulation through
raising the interest rate on Government loans and persuading the Bank cif
France to adopt a 7% bank rate in the week covered by this last statement, advances to the State were increased 200.000.000 francs, leaving a
margin of only 600,000.000 below the legal maximum, while note circulation was increased by 85.000,000 francs.
N. C. Stenning, of Anglo-South American Trust Co.,
Sees Favorable Trade Outlook for South
American Countries in 1925.
Norman C. Stenning, President of the Anglot9
According
South American Trust Co., the Argentine Republic during
1924 enjoyed a period of greater prosperity than it has had
for a very long time. In part Mr. Stenning says:
Probably the best indication of the improved situation is that reflected
by the rate of exchange which at Dec. 31 1923 was quoted at 138.20 and
has now improved to around 109
This rise in the value of the Argentine peso is primarily due to the improved conditions in Europe where thanks to the more established situation,
a great deal of Argentine products have found a ready market. This con
dition has also been enhanced by the failure of the wheat crop in Europewhich synchronised with an unusually abundant crop in the Argentine.
According to the latest figures available the total of cereal shipments made
from the Argentine for the first 10 months of 1924 was 10,253.354 metric
tons against 7.571,047 In 1923 and 6,497,079 in 1922 for the same period.
The price cf wheat June 30 1924 was $13.30 (paper per 100 kilos) against
Ell the previous year while the prices of other cereals remained with but
little alteration at those two dates. At the middle of November the quotation was E15.95 for wheat while maize and oats were $11.35 and E9.85
respectively, which compared with $8.35 and $8.05 at June 30 1923. Even
more encouraging has been the improvement In the livestock industry of
that Republic. The amount of meat exported during the first seven
months of the present year is well above the corresponding amount for the
previous year while the number of cattle slaughtered during the same period
was H10,000 more than in 1923 period. Prices at the stock yards varied
from 30 to 32 cents per Silo, live weight, compared with a 25 cent average
for the previous period. While-the margin of profit to the breeder is still
small it is nevertheless a great improvement in the losses he sustained
during the previous year and the spending power of the people generally is
affected to a considerable extent..
The number of hides exported in the first half of 1924 was 4.978.000 cornpared with 4,015,000 for the first half of 1923. The value of these hide
shipments in 1924 was some E10,000.000 (gold) greater than the 1923 shipments, while the figures for the second half will probably compare still more
favorably.
Although the wool shipped in the period under review was less this year
than last the increased prices show that this year's shipments were of a
slightly higher total value than last year's. . . .
Throughout Central America conditions are favorable. Thanks to the
high prices which have been ruling in the coffee market for some time past.
At the same time most of these countries for one reason or another have
succeeded in placing their exchaege more or less at par vdth the United
States and this also applies to Columbia and Venezuela. While most of
those countries have in the past been very dependent on their cofee crop
to balance their trade movement with the rest of the world, more attention
will now be focused on other products. Venezuela in particular is fortunate
In possessing a very valuable oil field which is fast being developed and
promises to be of the greatest value. The prospect generally is therefore
distinctly avorable and given a continuance of stable government all 9f
those countries should be in for a period of steady development and palsparity.
Negotiations Completed for $3,000,000 Loan in New
York for Saar Basin City.
Announcement was made on Dec. 29 of the completion
The Angio-South American Bank has 62 branches and
of negotiations for a $3,000,000 loan by Ames, Emerich &
Co. of New York to Saarbmecken, chief industrial °entre of affiliations in the United States, South America and abroad.
30
THE CHRONICLE
Capital and reserves exceed $60,000,000. The bank has been
established 36 years in South America.
[Vol.. 120.
At 11 o'clock the Senate had voted by a majority of five to reduce the
State bonus by half, and the Chamber then took up the discussion.
The
Left bloc stood firm and at 3;30 a. m.returned the bill to the Senate, where,
despite the opposition of the Finance Commission, the older men began to
weaken. At 4:30 they revised their previous decision and by a majority
of 12 awarded to the civil servants the New Year's gift.
Prosperous Year for Argentina Justified According
to Advices.to First National Bank of Boston.
Cable reports received by the First National Bank of BosWith the unanimous ratification on Dec. 27 by the Chamton, from its branch in Buenos Aires, indicate that the early ber of Deputies (without a roll-call) of
the Government's
predictions of a prosperous year for Argentina have been convention with the Bank of France, the Associated
Press
justified. Under date of Jan. 1 a statement coming to us said:
A number took advantage of the debate to urge that the Government
says:
The situation is reflected in the steady improvement of the paper peso
which has reached the highest mark of several years, being quoted at
$0.40
U. S. (par value 0.42 0.44 U. S.).
In terms'of paper pozsos. November bank clearings total $3,016,000.000
as compared with $2,935.000,000 and $2,863,000,000 in November of 1923
and 1922 respectively. Buenos Aires customs revenues to December 23d
were 8 % higher than for the similar period In 1923. This trade expansion
was in part responsible for the increase in gross railroad earnings which
amounted to $41,308,000 in November this year against $39,769,000 in
Nov. 1923.
There is no change in the crop estimates of the previous month. Exports
of wheat rosefrom 101.000 tonsin November last year to 105,000; maize from
154,000 to 367.000; and linseed from 16,000 to 78,000. Gains of over 100%
are indicated by the figures in regard to the exportable surplus. On Dec. 1
1923 the surplus on wheat was 125,000 tons; on maize 400,000 tons; on
linseed 50,000 tons; while on Dec. 1 of this year the surplus was as follows:
Wheat, 300,000 tons; maize, 1,000,000 tons; and linseed, 100,000 tons.
Improvement in the cattle market is also noted. November exports of
beef wore approximately 751.000 quarters, and of mutton 203,000 carcasses
as compared with 587,000 quarters and 320,000 carcasses a year ago.
return to a gold basis within a year or two by providing that after a certain
date all payments on new contracts must be made on that basis while existing obligations would be payable in the present depreciated paper
francs.
Deputy Violette, in reporting the bill favorably, said it had "not been.
easy" for the Government to get the consent of the Bank of France
to the
arrangement because the bank wanted the amount of credit
open to the
Government held down, while Finance Minister Clomental, on behalf
of
the Government, sought to have a certain leeway for emergencies.
M. Clemente!, in referring later to this and to the rumors that Georges
Robineau, Governor of the Bank of France, might leave that institution,
said there was complete harmony between the bank and the Government,
and reiterated his support of M. Robineau's hostility to inflation.
The Finance Minister expressed his "thanks to our American friends
for
the very happy manner in which they conducted the loan operation."
He
called attention to the Treasury's difficulties and urged the use of checks
to relieve the tendency toward inflation.
During the debate it developed that one reason for keeping the Morgan
credit in dollars, was that if it had been converted into francs and paid to
the Bank of France the bank would have insisted on reducing its line of
credit to the Government by the full amount,leaving the Finance Minister
no margin for borrowing in emergencies.
Under the arrangement the Government repays the bank 1,200,000,000
francs instead of 2.000,000,000 francs,and has a big fund in dollars available
for stock exchange operations to stabilize the franc. "The defense
of
which is now certain." the Finance Minister said.
Convention Between French Government and Bank of
France for Repayment of Debt—Morgan Loan
Not to Be Used for Budget Expenses.
The following information was contained in a cablegram
Under an amendment to the French Government's con- (copyright) from Paris Dec. 30 to the New York "Times":
vention with the Bank of France relative to the loan on
Instead of 2,000,000,000 francs, as agreed in the convention between the
behalf of France recently floated in the United States by French Government and the Bank of France, signed in 1920, the Government will repay to the bank on Dec. 31 on the account of advances only
the Morgan interests, the French Government is prevented 1,200.000,000
francs. Of this sum 400.000,000 francs will be derived from
from using any portion of the loan for budget expenses. the operation of the Morgan loan and 800.000,000from the budget excedent
The Associated Press accounts from Paris, Dec. 30, had the allocated for the amortization of the debt.
To make this reduction of the amount of repayment possible the consent
following to say in the matter:
of the two chambers was obtained to-day by Finance Minister Clemente].
The Finance Commission of the Senate to-day accepted an amendment
to the Government's convention with the Bank of France regarding
the
recent Morgan loan, whereby Henry Berenger, the reporter of the
Commission, proposed to tighten the terms of the bank agreement so as to
prevent the Government from using any of the loan for budget expenses.
The Senate ratified Finance Minister Clementel's convention with the
Bank of France as to the use of the Morgan loan, but added a paragraph
to prevent the Government from diverting the proceeds to purposes other
than reimbursing Bank of France advances. The bill must therefore be
returned to the Chamber for readopCon.
M. Clementel faced a lot of criticism and advice from the Senators, but
gave the pledges demanded and won applause by his declaration of confidence in the future of France.
The Morgan loan of $100,000,000. with the expenses deducted, yielded
$89,000,000. according to M.Berenger, who also announced that the recent
French internal loan had brought in only 1,000,000.000 francs of.new
money out of a total of 5,000.000,000 subscribed.
Regarding the action by the Chamber of Deputies, we
quote the following Paris Associated Press cablegrams
Dec. 28:
The Chamber of Deputies hasivoted unanimously, without roll call, the
Government's convention with thelBank of France regarding the use to
be made of the 8100,000.000 Morgan loan.
The agreement provides that "the State will pay to the account of the
Bank of France in New York the proceeds of the $100,000,000 loan contracted on the American market, and the Bank of France will credit the
State in francs with a sum corresponding to this deposit on the basis of
5 francs 18 centimes to the dollar. This credit in francs will be applied
to reduction of the advances of the Bank of France toward the amount of
the next repayment, which is fixed at 1,200.000,000 francs."
Following the Senate action on Dec. 30, the Chamber in
modified form adopted the bill on Dec. 31, the Associated
Press reporting this as follows:
The Chamber to-day made such modifications In the bill, prior to passing
It by a show of hands, that the measure had to be sent to the Senate again
this evening for further discussion.
Both houses probably will sit throughout the night, stopping their clocks
at midnight. as the bill must be officially ratified before the end of the year.
The finance Committee of the Chamber recommended rejection of a
Senate article. Its decision replaces the Senate article by one reading:
"When the operation is entirely liquidated, the balance left shall be used
to repay the Morgan loan and a law passed disposing of any surplus."
The deadlock which ensued on the bill was finally broken
in the early morning hours of Jan. 1, as to which we quote
the following from a copyright cablegram to the New York
"Times" on that date:
The Senators had introduced a clause into the convention regulating the
use which is to be made of the proceeds ofthe Morgan loan. This clause the
Chamber had rejected, but, although they had yielded on the bonus Issue, it
was the turn of the elder statesmen to stand firm. They wanted to make
sure that no part of the loan would be used for budgetary purposes, or leak
away to some other use. At nearly 5 o'clock they sent the bill hack to the
Chamber with the disputed clause still included and the Chamber accepted
it. During the debate former Finance Minister Loucheur obtained assurance from the Government that the proceeds of the Morgan loan are still
Intact.
IPA MN. NMI
It was after 6 o'clociethis morning whergthe all-night struggle was 1111
ended.
with a victory for the Senate onIthe bank convention and another for the
Chamber majority on the bonus to the country's employees. Earlier in the
day the Chamber had accepted the Senate's amendments to the Amnesty
bill, but the Socialists and Radicals were determined that they would not
yield on the bonus.
He was able to point out that only once since the original convention was
signed has the Government been able to repay the full amount. That was
in 1921, during the Briand Administration.
Last year Finance Minister de Lasteyrie repaid only 800,000,000 francs
and that only when forced by opinion In the two houses to make any repayment at all. Hisfailure in this matter was one of the contributing causes
In the sudden fall of the value of the franc during the early months of last
Year and the most criticized of any single act of the Poincare Administration.
Without the aid of the Morgan loan, M. Clementel said, he would not
be able to do any better than M. Lasteyrie did. By taking 400,000,000
francs from the loan, however, the Government has been able to repay
1,200,000,000. of which the loan part lain gold value, so that the amount
of repayment can be represented In certain eventualities as 2,400,000,000
francs.
Of the recent internal loan, the Government has been able to devote no
part toward reducing its debt to the Bank of France. This is due to the
fact that, while 3,500,000,000 francs were subscribed for defense bonds,
only 1,800.000,000 was in new money. This new money will have to be
used exclusively for reimbursement of the defense bonds, and, the Finance
Minister explained, cannot be used for repayment to the bank.
During the debate in the Senate M.Clementel once more affirmed that he
would oppose with all his force any increase In circulation, or any increase of
the bank rate.
As to the discussion in the Senate on Dec. 30 incident to
the ratification of the convention we take the following from
the Associated Press advices that day:
The Finance Minister said that he could not repay the Bank of France
2,000.000.000 francs, as Senators Berenger. Francois-Marsal and others insisted. Actually, the recent internal loan subscriptions being in money,
but 3,500.000,000 francs in national defense and Treasury bonds were not
renewed.
"Doubtless this condition," he went on,"will be corrected. In fact,
the
purchase of these bonds is recommended, but we have become the banker
of
the bankers and at the end of every month we must make reimbursements
.
So I have been unable to keep part of this loan to repay the Bank of Prance
and had to turn to the Morgan loan."
M. Clementel renewed his declaration that "the Government has altogether decided to oppose inflation."
"Our country." he continued. "has reached the top of the hill; it must
at all costs avoid any further depreciation of its money. As it is a
country
of small savings. it cannot consider creating a new franc, nor can it
follow
Germany's example by rushing into the abyss. It mist do the
impossible
to keep its circulation within present limits."
France, declared the Minister, must work and produce and "diminish
its purchases abroad."
"France, the worker, has before her a magnificent future which
will
demonstrate to the world that It was not wrong in displaying
confidence
in her," be said.
The Finance minister told of his
struggles in floating the recent internal
loan. The bankers he called together said to him: "We can
place a loan
only at 103, %. and not more than 2,000,000,000 francs."
M. Clementel refused their terms, believing that the
country would
respond. He had to fight against political passions, and in
several departments tracts were distributed discouraging the loan. In
reality he had not
negotiated the Morgan loan to facilitate repayment of the Bank of
France.
"The truth is." he added,"that to put the Morgan loan
at the disposition
of the Bank of France, the hest method seemed to
be by reimbursing
advances."
He reminded his critics of the repayment of 1.200,000,000
francs more
than in 1922 or 1923, and that, counting in the Morgan
dollars fully, reimbursement would have been 2,400,000,000 francs.
M.Francols-Marsal, who once held the past of Minister Finance, urged
of
a repayment of 2.000.000.000 francs to the Bank of France,
saying:
JAN. 3 1925.]
THE CHRONICLE
31
"You must choose between cheap and dear money, the one beneficial,
the other disastrous for all workers."
The failure of the State to fulfill the law requiring a 2,000,000,000 francs
repayment had had a bad effect on exchange, he contended, and, besides,
repayment would enable the bank to give commerce more money without
inflation.
M. Beronger's report of the Finance Commission also condemned the
diminishing of reimbursements. He said:
"To stabilize the franc we must first of all pay our debts. It is by reducing consumption, by economy and saving and by developing exports
and production that we will restore its value to the franc."
M. Berenger showed in his report that the Government's reimbursement
really consisted of the Morgan loan and the sinking fund the Bank had
accumulated throughout the year from profits on transactions for the
Government. So, he insisted, M.Clemente] might add 800.000,000 francs
from the internal loan to make up the amount France had pledged to repay.
He urged that it also be specified clearly that the Government never
would use the Mofgan dollars except for reimbursing advances, unless
Parliament authorized otherwise. He quoted M. Clementel's letter of
Nov. 21 to the Morgans, pledging that the loan would be used to reduce
Bank of France advances and to stabilize exchange.
menta of Britain and America collected large sums in taxes by virtue of
expenditures which France made within their borders, and the total of these
taxes should be deducted from the French debt. He also mentions that
France made advances to her allies, some 15,000,000,000 francs, and says
this should be taken into consideration.
Contending that France is entitled to the payment of reprations before she
pays her debts, the Finance Minister says the fiscal situation in France today
is to be attributed to Germany's failure to pay, and he continues:
"If the abstention of our principal debtor has not yet jermitted us to
undertake a settlement, for which we first hoped, nevertheless we cannot
consider the possibility of assuming the burden of annual payments which
may be fixed until we have first completed the work of reparation of the
damages which our devastated regions suffered, and until the payments
due us under the peace treaty have created for us the necessary resources.
The possibility of having to meet payments on loans definitely maintained against us cannot fail to exercise a large influence on the rigor which
we must show in collecting from Germany. Public opinion is our country
will never admit our consenting, without a legitimate compensation, to a•
settlement of interallied debts or to any abatement in the scale of payments
which binds the countries concerned and of which the Dawes plan undertakes to assure a beginning in execution.
The floating of the French loan of $100,000,000 by a
syndicate headed by J. P. Morgan & Co., was referred to in
these columns Nov. 29, page 2478.
Won't Repudiate Any Contract.
"France doesn't intend to repudiate any contracts she has made, and
her signature always will be held sacred. But she is convinced that an
appeal to the sentiments of justice which grouped so many nations around
her in the war will not be in vain, and she is convinced that her alit s and
friends will respond to the hopes she places in their conscience and their
sentiments of justice and solidarity."
After paying tribute to the comradeship of England and France, M.
Clemente]says:
"France doesn't forget the great memories which unite her to the American people. In the last war she solemnly renewed the fraternity in arms
which Lafayette and Rochambeau in other days sealed on the soil of
America in the fight for independence. She has found the United States
at her side in all crises that she has passed in the last ten years. During
the hostilities America shared our perils and sacrifices, and after peace
came she sent experts to draft a new charter in reprations. France knows
the generous friendship which all citizens of the great American republic
have for her and she feels sure of finding in them help always."
The report states that France expects soon to attain a substnatial reduction of-er debt to England by application of the Bonar Law plan, by which
England agreed to accept from friend and foe alike on the Continent, as
full sentiment, only sums she has to pay America.
M. Clementel "Balance Sheet of France" Omitting War
Debts of United States and Great Britain—No
Intention to Repudiate Debts—Dawes
Plan Basis Suggested.
Not only the omission from "the balance sheet of France"
of the war indebtedness of that country to the United States
and Great Britain, but the assertions by the French Minister
of Finance, M. Clementel, incident thereto have focused
attention on the French debt issue the present week. M.
Clemente' was quoted as saying among other things on
Dec. 27 in presenting the balance sheet to Parliament that
"strict justice would seem to demand a general pooling of
war expenditures and their allotment among the Allied
The summary of the balance sheet as contained in Paris
States proportionately to the riches of each one." In its
Press cablegrams Dec. 27 follows:
Associated
version of M. Clementel's report the New York "HeraldThe French Government,as a "going concern," is valued at 796,830,000.Tribune" copyright advices from Paris, Dec. 27, said:
000 francs, according to a balance sheet issued by Finance Minister Cle-
Clementel's statement contained an exhaustive study of France's internal mentel to show exactly where trance stands financially, and, incidentally,
and external financial situation and was distributed among Senators and "to show the erros and weaknesses of our financial policy," blame for which
Deputies to-day. The statement was designed to maintain confidence in is put on the preceding Governments.
eventual relief from the present financial difficulties. The section dealing
Against this total of assets the Finance Minister lists the debts and pedwith foreign debts, however, was included in the main balance sheet, ing obligations, exclusive of American and British debts, at 660,320,000.000
which reckons France's receipts for the first decade of the Dews plan's francs.
operation at about 104,000,000.0() paper francs and the present national
The statement, which is under the date of July 31, this year, gives the
resources at about 8,000,000.
internal debt in round numbers at 278,000,000,000 francs, the external
But vastly more important to the financial capitals of the world is the debt, not including inte:allied debts, at 19,500,000,000 and pensions.
minister's reckoning of the nation's exterior indebtedness and the plans to capitalized at 5%. at 64,500 000,000 francs.
deal with it. The proposed system seems to be based on a campaign on
In addition, there are obligations listed such as completion of restoration
the part of the French government to appeal for a settlement on a basis of the devasted regions, which is placed at 22.000.000,000 francs; Permawhich will take into account aspects which are neither juridical nor strictly nent military charges. capitalized at 5%. 111.000.000,000: permanent
financial. The minister places France's exterior obligations to the United civil charges. 140,000,000,000, and other items amounting to 19.500,000,000
States at $2,933,265,231 and to England at £445.218,386.
francs.
The listed assets have as their largest items permanent taxes, capitalized
In its account of M. Clementel's statement the New York
at 5%,596,000.000,000; railroads, 70,000,000.000; Sarre mines, 1.400.000."Times" copyright advices (Dec. 27) stated:
000: public buildings and other property. 10.650.000.000: forests. 5.300.After outlining in detail the various processes through which the
debts 000,000, and income from the Dawes plan operations. 100.300.000.000
were contracted, the report, written by M. Clemente],
francs. The statement does not include public property such as canals
says:
"This technical exposition of the elements which constitute our debt
to which are unsalable and difficult to value.
the United States and Britain doesn't seem, however,
sufficient to justify
a brutal addition to our liabilities of the sums
As we note in another item in the current issue, the report
which it seems to represent.
"The question of a settlement of our debts to Britain and America
has just of M. Clementel provoked discussion of the issue in the
raised the general problem of interallied debts,
an examination of which United States Senate on Monday last; on the following day
has not yet been seriously taken up because of the
uncertainty existing from
a lack of accord among the Allies on ways and
Press) brought
means of the payment of (Dec. 30) the Paris cablegrams (Associated
reparations by Germany.
the information that M. Clementel has no intention of
"In the past six months our relations with the
allied countries have in- the inter-Allied war debts; these acCounts went on to say:
creased in cordiality, and the participation of the United
States in the financial recovery of Europe permits us to think
The same cablegrams said:
that study of the problem
of interallied debts may be
Ile merely mentioned it as a theoretical view in his recent inventory of
undertaken in an atmosphere of great sympathy
and mutual desire for the conclusion
of an agreement that will be fair to France's financial position. This explanation was given by M. Clemente]
everybody."
in a statement when he learned of the impression created by the inventory
The report then undertakes a lengthy exposition of
the position of France in the United States. He declared he was the victim of a practice of
on the question. It says—
quoting isolated passages without reference to the context.
"The war made a general appeal to all the strength, all the resources
On the next three pages of the inventory to that containing the pool idea
of the allied countries, and their
occur
paragraphs giving the strongest assurance; that France does not
intimate fusion into one bloc of perfect
unity. which alone permitted them to resist the violent attacks of the com- Intend to repudiate her debts and emphasizing the fact that the new cormon enemy. The unity of command and the close
fraternity between our diality which has developed in her relations with the allied countries during
armies opposed along all the front a solid human wall against the
efforts the past six months warrants belief that the problem of Interallied debts
of the assailant.
can be approached "with mutual desire for conclusion of an understanding
"If our trasuries did not have the same unity of direction, their
agreement which will be equitable for all the interested parties."
brought about the grouping of their respective resources, and the
In the same way, the suggestion that taxes paid on profits earned from
reciprocal
aid they gave to one another alone permitted the
assemblage of the sums allied purchases made in the United States should be deducted from France's
necessary for a continuance of hostilities until the victory was won.
debt was not his, the Minister asserted. He bad merely referred to it as
an example of the opinion held by many people, without himself in any way
Wants AU Debts Pooled.
assuming responsibility for it. The paragraph in question reads as follows:
"The interallied debts repreant an exchange of resources, and
register
"And finally, certain people add that the Treasuries of the United States
the movements which took from one country to another the funds
which and England have gathered
important taxes from the profits realized from
each in its sphere could supply. If we abandon ths juridical
plane and purchases made by us and various orders we placed in each of the lending
look on the matter from the higher view of cooperation and fairness,
strict countries, and that it would be equitable that the total of these receipts
justice seem to demand a general pooling of war expenditures and
their should be deducted from the total of our debt."
allotment among the allied States proportionately to the riches of each
one,
M. Clementel's reference to the suggestion of pooling the interallied war
and without taking count of the particular engagements which the
neces- debts, is regarded in the highest banking circles as actually representing
sities of the moment imposed. Thus only would be realized an equality
the sentiment of the French Government a.s well as of French finance.
among all in the total of sacrifices.
The Minister was bound, it was remarked today, to avoid for diplomatic
"And if the contribution of each State to the common victory could not rea.sons
being drawn into a categorical statement to that effect. Hence his
be weighed against the blood which was spilled, at least France could hope declaration
in the Chamber of Deputies last night in which he argued pro
that the rank she occupied on the long list of sorrows and devastations and con on
the ways of settling the interallied debt question. Inquiry
would give her the right to legitimate concessions in the domain of com- among finaniers
and antong public men closest to the Cabinet, however.
pensations."
indicates that the French generally believe that the whole post-war financial
M. Clemente] then advances the argument that when they fought, settlement should be
revised.
Belgium, France, America and England also were fighting for themselves.
This claim to a new deal is based on the fact, they point out, that the
and that France should receive due compensation for the fact that her soil Treaty of Versailles had been revised to French
detriment: that largely
was the common battleground. He also makes the point that the Govern- through the influence of their principal
creditors. Great Britain and the
32
THE CHRONICLE
United States, they have made concession after concession until there is
little left of their claims on Germany, they insist, while their war debtors
show little disposition to pay and their war creditors demand full payment.
Of the 15,000,000.000 francs gold owing to France for advances made
during the war the Government counts on collecting nothing. Italy
contests part of the claim against her and says'she ought not to be called
upon to pay any part of it. Rumania has shown the greatest sensitiveness
When suggestions were made that she let it be known how she thought
the matter of her debt ought to be adjusted. France has made no move
with reference to Belgium's 3,000,000,000-franc debt, while the 6,000.000,000 francs owed by Russia have been theoretically written off as
uncollectable.
Asfor Germany.it is pointed out that she escapes not only the payment of
French pensions, but according to the most liberal estimates possible will
never pay more than half the material damage France suffered.
These are the reasons given for desiring a new liquidation of the wartime
financial operations.
The French financiers and public resent sharply the suggestions that such
proposals are a cover for repudiation. They recall that Germany, after
what they characterize as the most formidable repudiation the world has
ever known, was rewarded by a reduction of her war debts and with a loan
to put her economics on a sound basis again.
It is urged in official circles that in winding up the affairs of the war,
France alone has been asked to make the concession thought to be necessary
to unravel the great financial and economic tangle.
France abandoned
her claim to repayment for war pensions, but Great Britain thus far, it is
recalled, demands the payment of her full percentage of reparation receipts,
which is made up altogether of pension claims.
M.Clementel pointed out in his speech last night that France for reasons
of sentiment had decided to accept the American demand for participation
in the Dawes plan annuities to pay the American war damage claims, although as a Power that had failed to ratify the Treaty of Versailles the
United States could not legally sustain such a demand. Sentimentality,
he added,ought to come into play on both sides of the question.
In these words the Finance Minister summed up the general French
opinion that if sentiment is brought into play it should serve every one alike.
If the whole settlement is to be made on a business basis, it is argued,then
the principal creditors of France cannot ask France to forgive her debtors
unless they are willing to reciprocate.
In stating that the French Government has addressed a
communication to the United States Government explaining
the bearing of M.Clementel's inventory on the French debt
to this country, a Paris cablegram Dec. 30 (copyright) to
the New York "Times" has the following to say:
The whole note is intended to allay the criticism in Washington of M.Clementel's financial statement and open the way to an opportunity for a full
explanation between Washington and Paris. It is reported that it sets
forth that while France is unable to make payments now she deos not repudiate her debt and is willing to discuss with America conditions and terms.
The document is reported to offer the occasion to discuss the point whether
America would agree to a moratorium.
There is a disposition in Government circles to hold that Paris correspondents of American newspapers placed too much emphasis on what
M. Clementel said in his inventory about the Inter-Allied debts. It is
true that this part of the report filled only three pages out of 300,and there Is
no question that what M. Clementel wrote represents French opinion.
But after all is said and done, what he declared was that France thought it
unjust that she should pay her full debts to England and America, and he
wrote textually:
"We cannot think of assuming the annuities which may be fixed until
we shall have completed making good the damage in the devastated regions
and until payments to which we are entitled under the Treaty of Versailles
shall have created for us the necessary funds."
This is equivalent to saying that if France must pay in full, even though
she thinks she should not, she cannot pay yet.
There is nothing new in the various arguments he presented for reduction or cancellation. They have been reported in news dispatches
from Paris scores of times.
Statement by M. Clemental.
In discussing the situation to-day with a representative of the New York
"Times," M. Clementel said he thought the French press had exaggerated
the feeling aroused in Washington by the statements in his inventory.
He said to-day's dispatches showed that Secretary Hughes realized the
real situation.
"In reviewing the financial situation of France," he said, "it is impossible for a Minister of Finance not to register certain opinions and
certain contentions which have been made in the past and which bear
on the condition of our finances. But nowhere in my report was a word
which said that France wouldn't keep her engagements. And the whole
Idea of the Minister of Finance, as of the present Government, was clearly
expressed in the last page of the report, which says:
"•'The settlement of Inter-Allied debts is still in suspense and we cannot
to-day calculate the burden we will have to assume save through a tudy
of it made in all loyalty with our great Allies who we are certain wish to
embody this settlement in the cordial spirit of solidarity which united
us on the battlefield in defense of our common cause.
'I 'Furthermore the application of the Dawes plan, which subordinates
payment to the debtor State's capacity for payment and the passibility
of making transfers without harming its national economy on the one
hand, and on the other hand the necessity of subordinating payments to
collections from Germany gives us the certainty of a long moratorium
and a long period for the payment of our debts which it would appear
just to leave to our charge.'
"'The French position is clear then—France thinks she is entitled to
a reduction. If she cannot get it she wishes a moratorium and recognition
of'the necessity of subordinating payments to collections from Germany.'"
An explanation of conditions may throw some light on the confusion
in which the attempt of the French to begin negotiations with Washington
has become involved.
Three months ago Premier Herriot sent instructions to Ambassador
Jusserand to sound out Washington on the proposition of a moratorium
as well as the possibility of a reduction. Shortly afterward Ambassador
Herrick returned from Washington with instructions and powers to negotiate
with the French Government on the spot. This led to double conversations
simultaneously.
The conversations here were kept secret. Those in Washington were
not. Comment on the parleys in America complicated and hampered
Mr. Herrick's task here. However, the allegation that M.Jusserand
undertook the conversations on his own account and without instructions
from Paris is not exact. '
The truth of the matter of M. Clementel's statement, it appears, is that
the Government undertook to tranquilize domestic opinion by explaining
by attitude it would take on the interallied debt.s This stated that France
did not repudiate her promise to pay. She would bring to the discussion
the arguments set forth and try to get the best possible arrangements.
[Vor.. 120
M. Clementers statem ents did not represent any final dictum of the
French Government but merely revealed the position it would assume at
the start of the negotiations. Whatever modification of the original
terms was obtained would be the measure of justification of French policy.
The French Embassy at Washington took occasion on
Dec. 29 to issue a statement in which it stated that the
interpretation that the French Government intended to
repudiate its debt to the United States "is entirely wrong
and wholly contrary to the policy of the French Government." The statement follows:
Press publication and comment of Mr. Clementel's "budget sheet" and
memorandum seems to attribute to the French Government the idea of
repudiating its debt to United States under pretext that debt does not appear
at the column "Passive."
This interpretation is entirely wrong and wholly contrary to the policy
of the French Government, which has clearly made known its intention
to refund its debt to America. This intention was clearly shown by
negotiations which have proceeded between the Secretary of the Treasury
and the French Ambassador,
The French debt to the United States cannot appear in the budget for
1925. According to budgetary rules, no expense or receipt can appear
in the column debit or credit as long as specification of modality has not
been made either for the payment.or the debt or the recovery of receipts.
The French budget mentions as receipts the sums to be received from Germany for reparations, as provided by the Dews plan, because this plan
specifies exactly in what way recoveries will be made, and that the French
Government knows exactly the amount of sums to be received and the dates
when these will be paid.
If credit on Germany appears because modality of payment of that
credence has been fixed, it must be considered that the French Government
does not mention credences they have on other allies of the war time such
as Italy, Belgium, Rumania, Yugoslavia, &c. For the same reason the
debt to the United States does not appear. No mode of payment has yet
been determined. Dates and modalities of payment will result in a funding
settlement which, following the example of the British Government, the
French Government will arrive at with the Funding Debt Commission.
It is in view of such an arrangement that preliminary conversations have
taken place between the French Ambassador and the Secretary of the
Treasury, who is President of the Debt Funding Commission.
Some Paris correspondents of American newspapers have cable that
M. Jusserand had been rebuked by the French Government for his speech
on the war debt and the necessity of a moratorium for France. These
rumors are entirely without any foundation and M. Herriot has denied
them in a cable addressed to the French Ambassador in Washington.
According to the Associated Press Paris cablegrams,
Premier Herriot received the American Ambassador, Myron
T. Herrick, on Dec. 30 and had a long conversation with
him on the subject of the recent inventory of France's
financial position issued by M. Clementel, the French
Finance Minister. These cable grams state:
It is understood that the Premier went thoroughly into the circumstances
of the prepration and publication of the inventory and gave every explanation likely to remove what is believed to be the false impression the inventory has made on the United States.
He is also understood to have furnished the Ambassador with ample
assurances as to the honesty of the French Government's intentions regarding its financial obligations.
A proposal for the adjustment of the French 'war
debts call for the adoption of the Dawes plan as a basis
for such settlement. A report to this effect was contained
in press cablegrams from Paris Dec. 31—one of which,
copyright by the New York "Herald-Tribune," says in part:
France has made an informal suggestion to Ambassador Herrick regard.
ing the funding of the $4,000,090,000 war debt which she owes to the
United States, in reply to informal queries made by the ambassador in the
friendliest spirit. According to the view of Premier Herriot, France agrees
that negotiations are possible on the following basis:
First—A moratorium of ten years.
Second—Protracted installments over a period of possibly sixty-eight
years. with a small rate of interest—the letter contingent on Germany
fulfilling her obligations.
These provisions were suggested in the memorandum which Premier
Herriot handed to Ambassador Herrick during the latter's visit to the
Qual d'Orsay, and which the letter undoubtedly is cabled to Washington.
Note Answers Inquiries.
The Herriot note was not in the form of an official cemmunication direct
to the United States, but in reply to Mr. Herrick's inquiries and destined
for the ambassador himself. While all official interchanges on the debt
question are being guarded as secrets, "The Herald Tribune" is able to'
throw this much light on what has transpired.
The question of the French debt remained of the liveliest interest to-day,
especially in view of a personal call made by Finance Minister Clementel
on Ambassador Herrick at the American Embassy, after the Minister had
received the Anterican and British newspaper correspondents.
Clementel Calls on Herrick.
M. Clementel's visit was informal and, according to the embassy, they
discussed the agitation in the United States over the "financial balance
sheet." He presented to the ambassador a marked copy of that document,
indicating the passages which contradicted the suggestion that Prance
would repudiate her obligations. He asked that this information be forwarded to Washington.
M. Clementel heavily underlined the phrase which read: "Moreover, the
application of the principles of the Dawes plan which subordinate payment
by the debtor State according to its capacity for payment and to the
possibility of effective transfers so as not to upset exchange or injure the
national economy, and the necessity of subordinating payments to collections made from Germany, gives us certitude that a generous moratorium
will be granted for the payment of the debt which will be deemed just
and legitimate."
'Dawes Plan" for Debtors.
Some of the correspondents interpreted M. Clementel's ideas of a proposal for debt funding to apply to a sort of modified Dawes plan for solving
the entire problem of Allied war debts. Such a plan would seem to involve
the principal feature of the Dawes plan—the termination of capacity payments to induce prosperity, and transfer organizations to prevent exchange
fluctuations, but would not apply the control features as applied to a possibly recaldtrant Germany. The Minister, however, made it plain that he
JAN. 3 1925.]
THE CHRONICLE
was not offering such a plan as an official proposal of the French Government.
The Associated Press accounts of the same day said:
Reiterating his declaration that interpretation of his balance sheet as a
suggestion for repudiation of France's obligations was absolutely erroneous,
M. Clemente' declared to correspondents that the principle of capacity
for payment which was applied to the settlement with Germany ought to
be applied to the allied debtors as well, and that he was in favor of the
Dawes plan, without the control feature,for all the war debtors."
The Finance Minister said that was not an official proposition, but simply
his personal amplification of his own remark that "If the principle of capacity for payment is rightly applied to Germany it ought to bo granted to
all the war debtors.
M. Clementel insisted that the desire of France to discuss her debts on a
basis of equity with her creditors was only natural, in view of her immense
financial burden, and declared it required considerable lack of faith to distort that sentiment into a tendency to repudiate.
The Finance Minister said that no one could tell now whether the Allies
were going to receive 50,000,000.000 or 40,000,000,000 gold marks from
Germany. while there was a possibility that they might receive much less.
"You can easily figure what difference it would make in the balance
sheet of a creditor," he added,"If the debtor defaulted in such an important
proportion of his obligations and what a position it would put him in with
respect to the payment of his own debts.
"The average Frenchman looks at the question in that way. Ire also
recalls that part of the devastation which he is being taxed to repair was
made by the cannot of our allies and that our country was the battlefield
used for the defense of Belgium. And when he remembers the proportion
of French blood shed in the struggle he feels it is not risking the unfriendly
charge of repudiation to ask that equity enter somewhat into the settlement
of the financial part of the war."
M.Clemente'declared that France was working with a will to pull herself
out of her difficulties, and that the remit of her efforts was shown in the
balance of trade in her favor this year of approximately 1,400,000,000
francs and in a budget fully balanced and which would remain balanced.
"That is not the showing of a careless or indifferent debtor," he concluded.
"It is the effort of a people who mean to pay, although they desire to
pay
justly."
Announcement was contained in Associated Press cablegrams from Paris last night that reports that negotiations
had been opened between Finance Minister Clementel and
Andrew W.Mellon, Secretary of the United States Treasury,
regarding the funding of the French war debt, had been
confirmed by the French Foreign Office, the Washington
dispatches at the same time stating that:
France's formal submission of a plan for settlement of her wartime debt
to the United States has put a new face on what hitherto
has been a highly
troublesome situation.
The Washington Government desires for the present to make no comment on the stop, pending a careful examination of the French note, but
there is manifest gratification that the settlement discussions have produced
at least a concrete proposal from Paris.
All possibility that France will repudiate her debt to the United States
sow is regarded as definitely removed.
The Paris advices stated:
A note signed by M. Clementel went forward Tuesday. It suggests
a ten-year moratorium and gives an indication as to what the French
Government thinks France might be able to do in the way of payments.
Although the note is signed by the Minister of Finance, instead of by
Premier and Foreign Minister Herriot, it is admitted by the Foreign Office
that it contains the first tangible proposition France has made toward a
settlement.
It is thought in official circles that M.Clementel's note cannot afford the
basis for an actual settlement. but It will open a discussion that may lead
to a final agreement.
It is understood a similar note, with similar propositions, has been sent
to
London concerning the funding of the French debt to Great Britain.
Senate Discussion of French War Indebtedness—
Senator Reed Would Make Future French
Loans Impossible With Repudiation
of Existing Debt.
The action on Dec. 27 of M. Clementel, French Minister
of Finance, in publishing the balance sheet of France from
which is omitted its war indebtedness to the 'United States
and Great Britain caused the French debt issued to loom up
prominently in the Senate proceedings this week, and a
statement by Senator Reed of Pennsylvania that neither
"one penny of the interest on the original war time loan
of $2,933,000,000" nor one penny on account of the principal
of the loan has been paid by France, figured in the Senate
discussion of Dec. 29. In what he had to say Senator Reed
declared that"I do not believe that the United States Senate
ought to lake an adjournmeet after the publication of that
balance sheet without some voice being raised in protest
against it." The Senator, speaking "with an acute realization of the fact that American taxpayers are paying every
day a debt that France owea" said that "France must be told
by her friends that her inaction in this matter throughout
the past five years has puzzled those of us who look toward
her most affectionaly and . . . that her present course
can result only in a chilling of that affection that she has
found to exist here in America. . . . She must be told
that each day of delay in achieving a refunding of that debt
makes it more difficult to grant her leniency in terms of
payment . . . and finally . . . that future French loans
in America would be made impossible by a repudiation of the
existing debt." The subject was also referred to in the
33
Senate on Dec. 30 by Senator Deal of South Carolina, who
said:
I think we should not stop with Prance alone. I think France ought
to begin to make arrangements, and the other Governments ought to raise
their budgets, with a view to meeting their obligations to the United States.
Our people are burdened down with taxes, and the time has now come, in
fact it has lone since passed, according to my mind—when the interest on
those debts ought to be paid.
In special advices from Washington Dec. 30 the New
York "World" said in part:
Should France adhere to the position voiced by Finance Minister Clementel, which is interpreted here as repudiation of her debt to America, it Is
proposed that the two Houses of Congress adopt a Joint resolution declaring
it is the sense of Congress that until our European debtors shall have Indicated their willingness to refund their obligations there shall be no loans
from any American source to those countries.
Some days are to be permitted to elapse before this action is taken, for
the advocates of the course believe that France's position should be perfectly
clear before this measure ofrebuke or reprisal is passed.
No Division of Sentiment.
As in this matter, the executive and legislative branches of the Government are assumed to be working in concert, no difficulty is anticipated
In passing the resolution.
There is no suggestion that such action would be binding on J. P. Morgan
or other bankers who handle international loans, but there is no question
In the minds of the Congressmen that the financiers would heed the implied
injunction.
A week ago (page 2948),in giving what Ambassador Jusserand had to say regarding the war indebtedness of France,
we incorporated the comments on the subject of the country's
debt made by Representative Crisp on Dec. 16. Herewith
we quote from the "Congressional Record" some of the
Senate discussion on Dec. 29 provoked by the balance sheet
presented by M. Clementel:
The French Debt.
Mr. Rood of Pennsylvania.—Mr. President, I wish to speak very briefly
on the matter of the recent publication, apparently official, in which the
Government of France contrasted its assets and liabilities, and in making
that contrast omitted from its table of liabilities all mention of the debt
which the French Republic owes to the United States of America.
But, Mr. President, during 1917 and 1918, while America was in the
war, we borrowed from our own people and turned over promptly to France
a vast amount of money. It was not money that lay in the American
Government Treasury, handed over to France without an effort, but
money which we borrowed from our own people for the benefit of Frances
and we borrowed it by giving our own endorsement on the French obligation. It was an American obligation that our people received when they
advanced that money to France, and as an American obligation it must be
honored by us.
In that way we advanced to France in 191Y and 1918 $2,933,171,672 48.
After the armistice we sold her war material which amounted to $407.341,145 01. The current interest on the latter debt of $107,000,000 has
been paid by France regularly since the debt was incurred; but she has not
paid one penny of the interest on the original war-time loan of $2,933,000.000, nor has she paid one penny on account of the principal of that loan.
Our Government, which had issued its bonds to raise that money, has met
the interest currently; and that interest, since the money was advanced to
Prance, which we have taken from American taxpayers to pay to those
bondholders, has amounted, up to the 15th of November of this year.
to $796,711,537 08. In other words, Mr. President, we have taken from
our taxpayers, in order to pay the current interest which French taxpayers
should have paid, approximately $800,000,000 in the last six years.
The principal of these loans, and the interest that comes due in the
future, are still to be paid. The bonds are outstanding that were issued
for the benefit of France and Italy and Belgium, and these other European
countries to which we advanced money. That money still has to be paid.
The question is, Who shall pay it1—whether it shall be taken from American
taxpayers through long years in the future or whether it shall be paid by
the Governments whose promise to pay it now lies in the American Treasury.
We have not dunned those nations for the payment of their obligations.
I do not think we should. It ought not to be necessary. But. Mr. President, we can not forget and we ought not to pretend to ignore the fact that
a very large part of the high taxation that we are extracting from the
American people to-day is extracted to meet the obligations on which those
countries are the primary debtors.
We have a full understanding of France's difficulties. We understand
how hard it is for her and for Italy and for Belgium and these other countries to collect what is coming to them from Germany. and that is why our
people have not wished us to press unduly for the payment of these foreign
debts; but the debtor nations have taken no steps toward refunding the
debt, they have paid no interest upon it, and they have not even given
authority to any of their official representatives to come to any terms
with our country toward refunding.
Mr. Parmenter came here in 1922 absolutely naked of authority to come
to any settlement, or even to recommend any settlement to his own Government, as far as we were able to learn. The French Ambassador—Mr.
Jusserand—has done the best that his great talent enables him to do, but
he Is without authority. He has done much to keep the situation placid.
He deserves the gratitude of his country to an extent that I believe few
of his own countrymen as yet understand, because his efforts have gone
far toward preventing this question from becoming acute. But now.
Mr. President, from France itself, and from Paris, and from the cabinet
of the present administration, comes a step which our people can not fail
to regard as being some evidence of an official intention to repudiate that
war-time debt—the publication of a balance sheet, listing the obligations
of the French Republic, that absolutely omits the debt to America or the
debt .to Great Britain incurred during the time of the war—and I do not
believe that the United States Senate ought to take an adjournment after
the publication of that balance sheet without some voice being raised in
protest against it.
I make no threats. I do not believe that any one in the Senate desires
to make any threats. I know that I speak wholly out of friendship for
France, but with an acute realization of the fact that American taxpayers
are paying every day a debt that France owes. France must be told by
her friends that her Inaction in this matter throughout the past five years
has puzzled those of us who look toward her most affectionately, and she
should be told that this publication of last week has alarmed her friende
and alarmed them very gravely. France must be made to see—and when
I speak of France I speak of her because this publication comes from the
34
rITITE CHRONICLE
French Ministry, although what I saY.4PPlies as well to the other countries
'that are still in the same position—that Her present course can result
only in a chilling of that affection that she hasfound to exist here in America
throughout the past decades. It can have only that result, Mr.President,
and she must be told it by her friends, and she must be told that each
day of delay in achieving a refunding of that debt makes it more difficult
to grant her leniency in terms of payment. Her taxpayers deserve consideration. Their sufferings must be remembered, and the terms of payment must take into account the difficulties of payment on her part, but
each day that she waits makes that more difficult of achievement. And
finally, she must be told by her friends that future French loans in America
would be made impossible by a repudiation of the existing debt.
France, in my Judgment, has done the prudent and necessary thing in
making military preparation to withstand another attack from hostile
neighbors. In my judgment, her preparation has been only reasonable in
extent. I believe that the menace is ever present before the French eyes,
and that we in her place would make the same military preparation that
she has been making. But, Mr. President, she must see that the core
of all military preparation is the preservation of her credit. If this attack
against which she is preparing shall come she will need credit first of all
things, and she must see that a repudiation of her debt of the last war
would fatally cripple her borrowings in that "next war" against which
she is preparing.
Mr. Shipstead.—I should like to ask the Senator if, in this financial
statement of the French Government, the Government carries as a credit
on this balance sheet funds that France has been loaning to the "little
entente" for military purposes in the last few years?
Mr. Reed of Pennsylvania.—I believe that that is so. I believe that
all advances which she has made since the armistice are included as assets
on the other side of this balance sheet; but she has not included as assets
those advances made to Russia and other allies during the period of hostilities.
Mr. Shipstead.—If the Senator will permit me,I should like to state that
a statement by the Bank of France, issued on the 29th day of August, gave
us information that the Government of France had at that time very
recently loaned something like 5,000,000 gold marks to the "little entente,"
and that made a total of about 5,000,000,000 that the French Government
had loaned to the "little entente," and almost every cent of it had been
spent for armaments. I think that statement is interesting at this time,
because we have been lenient with France in regard to this debt in the
interest of peace; and if France is spending vast sums of money for military
purposes I should like to have it explained how that can be in the interest
of peace.
Mr. Reed of Pennsylvania.—Mr. President, I am not familiar with the
details of the French policy toward the nations that are known as the
"little entente," and it was not my purpose to discuss it here to-day. I
want to keep, if I can, to the subject on which I began to speak.
We have heard in the Senate within the last few days some criticism of
the attitude of the British Government because they have announced that
they will expect to be treated proportionately well by France if any settlement is made with America. Great Britain occupies toward France the
same position that we do. She is a war-time creditor, and Mr. Churchill
has recently announced that it is his policy to demand that Great Britain
shall have proportionately favorable treatment of her claim against France,
If any settlement is made by France with America. That attitude of the
British has been criticized here in the Senate, but, to my mind, there is no
Justification for that criticism. I think Great Britain in that regard has
done exactly what we would do if the shoo were on the other foot, and what
we will do. I hope, if a settlement is made between France and Great
Britain that disregards us. It is the simplest principle of business honesty
that creditors should be treated uniformly, and I believe that that obtains
between nations, and that whatever settlement is made by France with us
should be accompanied by a similar settlement by France with Great
Britain. I do not think we have any room to criticize that policy of the
British, and I hope that we will take the same policy if circumstances are
reversed.
Finally, Mr.President, the tax burden upon the British people is terrific.
There has been no nation in history, so far as I can discover, that has borne
'such a burden of taxation as the British nation is bearing at this minute.
Its taxes are very much higher per capita than those of France or Belgium
or Italy. The burden on each individual citizen is greater in Great Britain;
and yet Great Britain has taken the manly course, has taken the lead in
making a settlement and refunding of her whole war-time debt to this
country, and she is observing with scrupulous fidelity the terms of that
settlement. In spite of the burden that her people are carrying, she has
not flinched under the load, and she is carrying it manfully. As a result
of that, her credit is flawless. She can borrow to-day, and does borrow
to-day, at a very advantageous rate of interest, which these other nations
about which I am talking can not duplicate.
Mr. Shipstead.—The Senator referred to the tax rate in Great Britain.
We all know that the taxes there are high, and I believe it is also true that
a nation's most certain source of income is the power to tax its citizens.
As a matter of fact, the people of France, during the war and since the
war, have not been taxed to support the Government and pay the interest
on the debts to the extent to which the people of England and of the United
States have been. I believe I am correct.
Mr. Reed of Pennsylvania.—They certainly have not been taxed to the
extent per capita to which the people of Great Britain have been, and I
believe that their taxes are less per capita than those of the United States.
Mr. Bruce.—Mr. President, I just wish to say at this point, because it
seems to me to be the proper point at which to say it, that I can not agree
with the Senator from Pennsylvania in thinking that the people of the
United States will be unwilling to discharge France from one "single solitary
red cent" of the debt that she owes to us. Of course, we propose to colleci
that debt in due time and in the right way. I think there is practica
unanimity of sentiment on the part of the people of the United States in
that regard. Our people do not differ from the people generally that Poor
Richard had in mind when he said that "Creditors are a superstitious sect;
great observers of fixed days and times."
There is, however, one allowance which, I believe, ought to be made to
France when her debt to us is provided for. The fact seems to have been
entirely forgotten that during the War of the Revolution, when we were
struggling for our independence. France did not simply make loans to us.
She made loans to us, and large loans, indeed, loans beyond the measure
of her strength, partly from selfish but partly, too, from generous motives,
and those loans were all repaid to her, as I recollect—I am speaking on the
spur of the moment. She granted us, If!am not mistaken,the moratorium
that we desired; gave us time in which to meet our obligations; and, as I
have said, we paid all that we legallyo owed her. But the circumstance
should not be forgotten that, in addition to the large loans which France
made to us during our struggle for independence. she also made us some
most generous gifts, and by no one was the generosity of those gifts more
eloquently acknowledged than by Benjamin Franklin himself. It is a
well..known fact that whqn our national horizon was very dark, indeed.
[Vol-. 120.
Franklin went on one occasion to the minister of Louis XVI and solicited
a loan, only to be told that the king was not willing to make a loan to us
but was willing to make a gift, and that gift was made.
I turn to a letter which Franklin wrote to Robert R. Livingston on
Aug. 12 1782, in which, after stating that the whole indebtedness then due
by the United States to France amounted to 18,000.000 livres, exclusive
of the Holland loan, which was guaranteed by the King of France, he added:
In reading it—
That is, the statement of account—
you will discover several fresh marks of the King's goodness toward US.
amounting to the value of near two millions. These, added to the free
gifts before made to us at different times, form an object of at least twelve
millions, for which no returns but that of gratitude and friendship are
expected. These, I hope, may be everlasting.
As one American citizen I echo that hope.
There is another letter, an even more feeling and significant letter, in
which Franklin acknowledged the obligations of the people of the United
States to the French Government for gifts made by the French Government
to us during the War of the Revolution, but I am unable to refer to it at
the moment.
So I do say that, however strict we may be in other respects in asking
what is justly due to our country on account of the loans that we made to
France, we should not, when the proper time comes, fail to take into
account the fact that France made us the object of that splmdid selfsacrificing generosity during our war for independence.
Paris- Conference of Allied Finance Ministers Scheduled
for January 6 Postponed to Jan. 7.
The Paris Conference of Allied Finance Ministers, which
had been scheduled for Jan. 6, has been deferred a day,
and will open instead on Jan. 6 according to press advices
from Paris last night (Jan. 2). As to the Conference and
its purpose we quote the following Associated Press cablegrams Dec. 30:
The conference of allied Finance Ministers here next week with James
A. Logan Jr., American representative with the Reparations Commission,
who will represent the United States, is expected by close observers to be
a far more important event than the original agenda indicated.
The conference, it is understood, will be called upon not only to establish
a basis for sharing the proceeds of the Dawes reparation plan, but will be
asked to revise the percentages of distribution of reparations among the
Allies as fixed at Spa. An agreement between the French Government
and the leaders of Socialist wing of Premier Herriot's majority in the
Chamber debate and discussions in the lobbies, requires the French delegate
to this conference to raise these questions.
Whether war debts will also be discussed at the meeting depends, it is
stated, upon the plans of Winston Churchill, the British Chancellor of the
Exchequer, who is credited here with the intention of bringing this muchtalked-of matter up in some form.
If it is brought up it is expected the question will be technically outside
of the Finance Ministers' conference and confined to the French and Brilsh,
as it is understood that Colonel Logan will have no instructions to enter
Into any sort of discussion on this subject.
Col. Logan has been designated by Secretary Hughes as
unofficial observer to the Conference. In the French
Chamber of Deputies on Dec. 29 Finance Minister Clementel
spoke as follows regarding the Conference and the interAllied debts:
It can be maintained that it is advisable not to raise the question of the
interallied debts at the conference of the Finance Ministers Jan. 6. But
It can equally be advanced that the question of the interallied debts dominates the entire problem of the distribution of the German payments and
that it would be advisable to discuss both questions simultaneously.
"Some may affirm that settlement of our debt to the United States must
be negotiated direct with the Washington Government, while others may
deem that part of our debt is to be the object of a general agreement on the
interallied debts.
But there can be no question of reaching a definite solution of this problem
before getting into complete accord with the Panl lament. Negotiations
will be started; they are absolutely necessary. But for our American debt
as well as for the British debt, we will come before the Parliament and ask
Its approval before we entier into any final settlement.
France and Great Britain's Position as to War Claims
of United States Under Dawes Plan.
Alluding to the claim of the United States to share in
the Dawes Plan for reimbursement on account of war claims,
Finance Minister Clementel, in a speech before the French
Chamber of Deputies on Dec. 29, indicated that in the view
of France, while the question of right is disputable, the issue
cannot "in equity" be ignored. M. Clementel's remarks,
according to the Associated Press cablegrams from Paris
Dec. 30, are given as follows in the "Journal Officiel":
The request for participdtion by the United States in the Dawes annuities
was not formulated at the time of the negotiations for the Morgan loan,
but was made immediately after the London accords. It was couched in
very friendly terms, but was nevertheless based on the fundamental condition of recognition by us of the United States' right to share in the Dawes
annuities for reparation for damages to property, with immediate payment
of damages to persons.
We consulted experts on foreign affairs who declared that the United
States' legal right to such participation could be seriously disputed. But
there remained the question of equity. Mr. Logan, who for several months
at the Reparation Commission, has always shown himself sympathetic
with the cause of France, came to us and, in accord with his Government,
told us:
"We ask you not to put America aside in the distribution of the annuities under the Dawes plan for payment of certain damages to property
caused us by Germany. We ask you to recognize the rights ofour country."
We replied that the question of right is disputable, but we cannot in
equity and, owing to the friendship of our two nations, ignore the request
from the country which brought us with such magnificent eagerness the
assistance of its arms and helped us finance the war under conditions which
no one can forget; which for years has not ceased to lend us its aid, and
JAN. 31925.]
THE CHRONICLE
35
which cannot recover its damages except through sharing in the Dawes
The principal point is that the Green Police have not become a separate
plan annuities.
peace-time entity, but are intimately associated with the General scam
However, we make two formal reservations: First, that the nature and making them practically part of the army. As the police personnel is
Importance of these damages be fixed by the conference of Ministers of comprised in largo part of former members of the imperial army, they are
Finance; second, we cannot admit that the debt to America for damages considered to be an effective part of the present military forces.
be paid upon a quicker schedule than that for the French lcaim."
The Reichswehr also is considered to be a skeleton of a much bigger
M. Clemente' paid tribute to Owen D. Young and Seymour Parker force of recruits trained in the last five years. Army posts are constantly
Gilbert Jr., Agents General under the Dawes plan, saying that had France filled to the limit, with the personnel constantly changing.
had any hesitations over granting Mr. Logan's request they must have
The report says that the General Staff, under Gen. von Seeckt, is active
vanished upon "the success in the application of the Dawes plan, which in the organization of a large national army, using the Green Police and
once more thas shown us the value of American collaboration for the solu- the Relchswehr merely as a skeleton.
tion of the difficult problems of reparation."
On Dec. 27 War Minister Gessler issued an official deM. Clementel continued: "I especially thank Mr. Young for his recent
speech in New York asking his compatriots to take into account the great nial of the Allied charges. His statement was reported in
sacrifices France made in accepting the Dawes plan. It was entirely the following manner in copyright wireless advices from
impossible for any French Minister of Finance to contest in equity the request
the Berlin correspondent of the New York "Times":
for American participation in the Dawes plan and refuse Mr. Logan the
satisfaction he sought.
Taking up the accusation that equipment for three divisions of troops
In giving our adhestion to his request we have wished to show our had been found, Gessier poured ridicule on this statement, declaring that
sentiments of sincere cordiality for that great and friendly nation, the the alleged "equipment" consisted of a few old saddles, rusty shotguns.
United States. Has it now always been upon such sentimental bases that rifles, &c. A similar claim was made concerning the alleged big find at
affairs pending between the two countries have been settled?"
Rugheleb, near Berlin.
Referring to finds reported at the ICrupp works of 25,000 molds for rifle
Last week (page 2962) we referred to the exchange of barrels,
Gassier admits they were there, but says they were ordered by a
notes between the United States and Great Britain relative firm authorized by the Control Commission itself to supply arms to Gerto the claims of this country against Germany in behalf of many. said firm having been expressly directed to obtain these half-manugoods from Krupps.
American citizens and on account of Rhine Army costs. factured
Gessier ridicules the idea that Germans could be doing anything against
Great Britain's reply to the United States note, handed to the Entente's wishes at the Krupp works,since these are in tho heart of tint
Ambassador Kellogg on Jan. 1, does not, it is learned from occupied Ruhr district surrounded by French troops.
As to another find of 40,000 to 45,000 steel bars suitable for making rifle
Associated Press cablegrams from London, admit the legality barrels,
which were found at Karlsruhe. Gassier declares that the firm on
of such claims, but contains suggestions for a settlement whose premises these were discovered manufactures hunting rifles, and that
no proof is adduced to show that the material was not for such peaceful
equally advantageous to the United States.
purpose. Moreover, he says these bars were not hidden. Gessier adds
that about 10,000 of the above-mentioned bars were somewhat larger than
ordinary, and that the Karlsruhe firm in whose possession they were found
Cologne Zone Will Not Be Evacuated Jan. 10 by Allied had already sent samples to the Control Commission, together with proposals to finish them into double-barreled hunting guns. This. says
Troops—Germany Charged With Evading ArmaGassier, "hardly looks as if this lot of stuff was secret."
ment Provisions of Treaty of Versailles— StreseFrench papers, he points out, do not mention numerous surprise visits.
paid by the Control Commission to various German towns which yielded
mann on Danger to Dawes Plan.
absolutely nothing in the way of finds of arms or other forbidden material.
The Ambassadors' Council, in session at Paris, decided this
In conclusion Gessier says that if, after five years of inspection, Germany
week that the Allies will not proceed with the evacuation of still has secret stores of arms, munitions, &c., it is hardly a complimentary
the Cologne area on Jan. 10 1925, as provided under the testimonial to the manner in which the commission has done its duty.
Treaty of Versailles, owing to Germany's failure to fulfill
the disarmament requirements of the treaty. The Council of
Ambassadors, it is stated, based their decision upon the preliminary report of the Inter-Allied Military Control Commission, which has practically completed a searching examination of Germany's military status. The report of the Commission is understood to be unfavorable to the assertions by
German Government officials that Germany is now a completely disarmed nation. On Dec. 27 the Ambassadors'
Council completed their study of the Commission's preliminary report, and drafted a note to the German Government
announcing the Allies' intentions of retaining their hold on
the Cologne bridgehead after Jan. 10. At the same- time,
according to reports from Paris, the Council gave no other
indication of future intentions of the Allies, having decided
to await the full report of the Inter-Allied Military Control
Commission, which, it is expected, will be completed by the
middle of this month. The draft of the note to the German
Government was finally revised at a meeting of the Council
on Wednesday (Dec. 31) and will be presented, it is stated,
in Berlin by the Ambassadors of the five signatory Powers—
Great Britain, France, Italy, Belgium and Japan. Regarding the contents of the Military Control Commission's
report, which has not been made public, Wilbur Forrest, in
a copyright dispatch from Paris to the New York "Herald
Tribune," dated Dec. 27, said:
Discovery in a single, sealed room in a factory near Berlin of twenty times
the number of vital parts of machine guns that the Treaty of Versailles
authorizes all Germany to possess was the climax of a series of revelations
that the Reich is arming secretly, which caused France and Great Britain
to refuse to evacuate the Cologne bridgehead on January 10, as called for
in the treaty.
This and other discoveries of secret manufacture of munitions, announced
to-day by one of the leading Allied military figures in France, coupled with
disclosures that the German general staff has been reconstituted so that it
might organize a fresh offensive war, and that the Reich possesses an illegal
police organization of at least 100,000 in addition to her regular army.
answer the demands of the Berlin press that the Inter-Allied Military Control Commission prove that Germany is violating the treaty.
The big secret hoard of machine gun parts was discovered in the sleepy
village of Karlsruhetiorf in a factory which, to all outward appearances,
was engaged in the manufacture of sewing machines and agricultural
implements. While the Allied investigators were going through the plant
eight days ago an official noticed a portion of a building that apparently
had not been inspected. Investigation disclosed that there were no doors
or windows.
Disregarding the explanations and protests of the owners, the Allied
officials immediately had a hole bared through the brick wall to permit
one of their number to enter the secret storeroom. He emerged in a few
minutes with indisputable evidence of Germany's deception.
The portions of machine guns found in the hiding place were those that
it would be impossible to construct under camouflage, although the missing
Parts could be manufactured under the guise of innocent utilities in peace
time and attached easily. About 40,000 machine gun barrels are said
to have been accounted for already.
Foreign Minister Stresemann, in a statement published
on Wednesday (Dec. 31) warns the Allies not to drive Germany so hard as to jeopardize the carrying out of the Dawes
plan. The allegations of the Inter-Allied Military Control
Commission, he declared, are false, although at the same
time he "supposes the Commission made finds here and
there." We give Herr Stresemann's announcement, in part:
As for the charge that von Seeckt is a dictator, what could he do, even
supposing he were a dictator, with a little army of 100,000 men, unprovided'
even with gas masks, so that ordering it to attack would mean sending it to
certain death,since it could not cope with poison gas of its foes? Germany
cannot even fight a defensive war to-day.
As for the accusation that the Reichswehr is a professional army, who
forced such an army upon us? Who forced to abandon the old Democratic
idea of making every German serve with the colors and compelled us to have
a professional army of men serving twelve years, and therefore not directly
part of our lives as an army would be wherein the sons of every German
family had to serve?
We are accused of having made another army out of our police forces.
The next accusation will probably be that the policeman in the traffic tower
on Potsdamerplatz in Berlin is a military dictator. They tell us the
Schutzpolizei is a disciplined force. Of course, it is. We are told that we
must no longer keep police in barracks, but have individual policemen live
at their homes. We refuse to do this. We refuse to introduce communism
into Germany at the command of the Entente.
All tales about' German military preparations against the Entente are
like visions of lovely cities seen by travelers across the desert—mere mirages.
Discussing the relation of the Cologne evacuation to the
success of the Dawes plan, Herr Stresemann said:
If the London compact were merely an economic question, Cologne would
have nothing to do with it. But it is far more than an economic question.
The struggle culminating in the Dawes plan was not merely a reparations
matter. It was also the question of political conciliation, involving the
whole world. It was a struggle for the deliverance of Germany in accordance
with agreements.
While the German delegates to London, including myself, were fighting
for this viewpoint we were called illusionists by many. We were told that
the Entente would force the Dawes plan upon us and then refuse to evacuate
Cologne and the Ruhr. We always denied the Entente would do any such
thing. But now it actually refuses to evacuate Cologne.
This is an entirely unexpected disillusionment for all those believing In
international conciliation. It has created a new crisis. Nineteen twentyfour was the first year since 1918 when the German people were beginning
to get calmed down and satisfied. German extremists of the Right and
Left had been defeated. Those wanting a revolution against the German
Republic had received a setback. All this was due to the belief that the
London compact was an augury of a better future.
If a big disillusionment sets in now it will mean the discomfiture of all
who fought for the Dawes plan. Nations develop net so much materially
as spiritually. Germans were ready to develop thus after the London
compact. Were this not true, the Inter-Allied Military Commission could
not have made 1,800 inspections with only one disagreeable incident—that
of Ingoistadt. If reasonable Germans now lose their foothold extremists
will be strengthened anew.
Reports of American intervention in the question of the
evacuation of Cologne were categorically denied Dec. 29 by
Colonel Logan, American observer on the Reparations Committee, who contradicted the published statement that Secretary Hughes had instructed Mr. Logan to call the Allied GovFurther facts were contained in a cable, Dec. 24, from the ernments' attention to the danger to the Dawes plan in the
continued occupation of Cologne.
New York "World's" Paris Bureau, which stated:
36
THE CHRONICLE
John L. Balderston, cabling from London to the New York
"World" yesterday (Jan. 2) states that the inter-Allied note,
as drawn up by the Council of Ambassadors, has been
stopped by the,ritish Government, and that it is unlikely
that the Allies will agree upon the text of an amended note
until Jan. 10.
Germany Lays Down Conditions for Entering League
of Nations—Objects to Clause Regulating
Sanctions in War.
In a note to the League of Nations, the German Government, discussing the desirability of Germany becoming a
member nation of the League, asks, in the event of this coming to pass, for complete freedom in deciding to what extent
Germany will participate in "sanctions" should international
War break out. To make clear the reason for requesting this
privilege, Foreign Minister Stresemann, author of the note,
which was dated Dec. 23, criticizes Article XVI of the covenant as applied to Germany, and declares that her greatly
reduced military and naval strength and her central situation in Europe make it essential that Germany .be not called
upon to waive her right to neutrality—"the last defense of a
disarmed people." The German contention is summed up
thus by the Geneva correspondent of Associated Press:
The Minister affirms that the only solution of the difficulty is to give
Germany liberty to say how far she would go in participating in sanctions
when international wars break out, and he asks that her peculiar situation
be taken into consideration when her League obligations are being fixed.
Dr. Stresemann draws a picture of a "completely disarmed" Germany, at the same time contrasting her armament status with that of her neighbor nations. We give, in
part, the Associated Press account of the German note:
Dr. Gustav Stresemann, Foreign Minister, who himself penned the note,
began by saying that the German government is of the opinion that political
developments during the last year have rendered it possible for Germany
to join the league.
Risks Too Much for Germnay.
The German position Is outlined in the note, which says that Article
XVI. regulating the procedure to be adopted against a eovenant-breaking
state in the event of violation of peace, binds the league members to economic
and military measures such as in general have heretofore Implied a state
of war.
It is argued by Dr. Stresemann that nearly all the league members run
a certain risk. He insists, however, that the risk becomes unbearable in
the case of a country like Germany', "which is centrally situated and completely disarmed."
Germany, with more than 60.000.000 inhabitants and a frontier of nearly
3.500 miles and an extensive coastline, he points out, has an army of only
100,000 effectives. He pictures Germany as a country where universal
compulsory military service has been abolished, with no reserves in training,
and maintains that, quite apart from their numerical inferiority, the German troops cannot in any way be compared with the armies of other countries, because they possess no heavy artillery, no aircraft and no tanks.
Fortresses on the Western front have been razed and the few fortresses
elsewhere he considers wholly antiquated.
In the west, Dr. Stresemann declared, more than 20,000 square miles
of German territory have been demilitarized, though solely to the advantage
of Germany's neighbors. There are no state munition factories—"the
number and special nature of which have been accurately determined"—
merely suffices to satisfy current peace-time demands.
"The strength of the navy." continues the note, "Is far below the armament limits fixed in the Washington agreement of February 6, 1922. On
the other hand, apart from their navies, the armament possibilities of other
European nations are entirely unlimited, and their output of modern war
material is •subject to no restriction. Some states adjoining Germany
possess, even according to their peace-time status. 5,000 tanks. 1.500
military airplanes and 350 batteries of heavy artillery.
"All these states have at their disposal large reserves of material in the
even of war. One such neighboring state—a state with fewer than 8.000.000
inhabitants—has a standing army of 80,000 men; another'with fewer than
11.000,000 inhabitants, has a standing army of over 150,000 men. A
third, with fewer than 30.000.000 inhabitants, has a standing army of 275,000. and a fourth, with fewer than 40,000,000 inhabitants, has a standing
army of over 700,000. All these armies are based on a system of universal
compulsory military service which, in the event of war, insures the utilization of the entire strength of the nation."
Plan Finds Little Support.
After declaring German soil would be the battleground for wars, ho adds:
"Even assuming loyal fulfillment of their obligations under the covenant,
one must bear in mind that the league's non-Gorman troops would never
defend German soil with the same devotion they would show in the case
of their own country being involved."
[Vol,. 120.
with safety. If, in the course of such business transactions, some of our
surplus stock of gold should flow back in increasing volume where it is most
needed, as it surely will, this should not cause any alarm, especially, while
our visible trade balance remains favorable.
As to the railroads, Mr. Speyer says:
As the year draws to a close, it Is encouraging to be able to record the
change which has taken place in the public's attitude toward the railroads.
The American people have begun to appreciate that maintaining and
strengthening of railroad credit is essential to the well-being of the individual and to the growth of our country. Honest, efficient and progressive
management has to be continued, and a larger surplus of net earnings is desirable so as to encourage the investment of additional capital, not only in
the bonds but in the shares of these vast enterprises. There are many reasons why'
the method of financing by fixed interest bonds with limited maturities, followed heretofore, should be changed; but this is no place to go into
details or statistics.
It might be mentioned, however, that during the last two years the authorized expenditures for additions and improvements to the railroads amounted
to over $2,100,000,000. They give employment to nearly 2,000,000 workers, whose combined wages are over $3,000,000,000 annually. There are
about 2,000,000 holders of railroad bonds and stocks, and how many millions
of shippers nobody has undertaken to estimate. Successful efforts have been
made to increase the co-operation between these different factors whose interests are so inter-dependent, and one cannot urge too strongly that the men
entrusted with the management of this great industry will continue their
efforts for closer co-operation between all of them, preferably by enlarging
their circle of stockholders and partners. We can feel assured that, in this
as in all other questions affecting the welfare of the country, the common
sense and fair-mindedness of the American people--if properly informed—
will make them decide right in the future, as in the past.
In his first of the year comments Mr. Speyer also has the
following to say:
The outcome of the Presidential election is naturally encouraging to all
business men, and to the financial community especially It gives renewed
confidence that we have at the head of the Treasury Department a far-seeing
and courageous man, accustomed to and in touch with large affairs--one who
cannot be swayed by consideration of personal advantage, political or otherwise.
While the outlook promises further peaceful development of our natural
resources, and material prosperity, we should not allow ourselves to be entirely engrossed in our private affairs; in order to insure its continuance
everyone should be willing to give some time and energy to the affairs of hi.
city, State and nation, and mindful of the rights and legitimate aspiration.
of others endeavor to secure the harmonious co-operation of all, as far is
'
in corporation as well as in public affairs, towards a common end:
possible,
The greatest good to the greatest number.
To Finance Studebaker Dealers—Industrial Acceptance Corporation.
The growing importance of automobile financing is indicated in the announcement in New York this week of the
formation of Industrial Acceptance Corporation, with a capital of $6,750,000, to handle the business of Studebaker dealers. The new company, which began business Jan. 1, will be
international in scope and operate as an affiliation of the
Industrial Finance Corporation, which during the past five
years has handled this business for Studebaker dealers,
along with its other activities. Owing to the growth and
Importance of the business, Industrial Acceptance Corporation has been organized to take it over and continue to
handle it under exclusive contract with the Studebaker Corporation. Its operations will cover the United States and
Canada and during the year will be extended to Studebaker
dealers in Europe and South America, with especial reference to Brazil and Argentina. In addition to its capitalization of $6,750,000 and its confirmed bank credit lines with
the larger banks in the principal cities, the Industrial Acceptance Corporation will continue to market two to
twelve
months' collateral trust gold notes for the investment of
short-time funds by banks, through its head offices in
New
York and branch commercial paper offices in Chicago
and
Francisco.
San
Officers are: President, Arthur J. Morris; Vice
-President
and General Manager, Vere Brown; Vice-President and
General Solicitor, Charles L. Williams; Vice-Presidents:
Percy
M. Hall, Henry H. Kohn, Kenneth Ashworth and
John G.
Clarke; Treasurer, H. F. Stevenson; Secretary,
Ralph D.
Bunnel. Directors are: William M. Berties,
Stanwood G.
Bradlee, Vere Brown, T. J. Coolidge, W. R. Craig,
John W.
Cutler, N. R. Feltes, E. Roland Harriman, L. E. Jones,
Henry
H. Kohn, John Markle, Arthur J. Morris, Fergus
Reid, Albert
L. Smith and Carll Tucker.
These interests handled business, it is said, in
the twelve
months ending July 31 last of over $62,000,000,
financing
either at, wholesale or retail a substantial part
of the car
production of the Studebaker Corporation.
Commenting on
the results of this financing, Vice-President Hall
says:
Our experience, both in respect to
"Dawes Plan" Step in Right Direction, Says' James
Speyer—Change in Public's Attitude
Toward Railroads.
According to James Speyer, of Speyer & Co., "all American
citizens may feel a justifiable satisfaction with the results,
so far, of the Dawes plan, which is a step in the right direction." Mr. Speyer takes occasion to state that "the mistakes
of the peace treaties are being realized more and more, but
the financing of
we must leave it to the European nations most directly con- on the part of the dealer and time payment
wholesale operationa
sales on the part of consumers,
cerned to rectify or overcome these errors." He adds:
has shown a strikingly low ratio of losses.
The majority of our people are convinced that our country should avoid
useless foreign entanglements and, therefore, should not join the League of
Nations under the existing "covenant"; but surely we have other opportunities to help reconstruction and the maintenance of peace. While it would
be unwise to loan money, directly or indirectly for armaments, it is to be
hoped that our bankers and investors,in their own interest, will continue to
make loans and invest in other foreig enterprises, provided this can be done
While the exact figures for the year just closed are
not yet available,
enough are at hand to indicate that losses will be less
than 1-10 of 1%,
which compares favorably with those of a year ago.
In other words, the operation of an automobile financing
company working
in close co-operation- with a single automobile manufacturing
its dealer organization show results in respect to a low ratio ofcompany and
losses quite
as favorable as anything in the field of commercial credits.
JAN. 3 1925.]
TH l+ CHRONICLE
37
the previous high record, established Dec. 16. To-day's balances at $135,Motor Leaders Discuss Tariff Treaties With Secretary 000,000
were also a new high, comparing with $129,000,000 in December.
Hughes—Suggest Keeping Equilibrium in
On July 1 1924 the high record up to that time for exchanges was $1,443,000,000.
The present extraordinary figures were in part attributable to
Imports and Exports of Manufactures.
the fact that the Jan. 1 interest and dividend disbursements this year.
The relation of commercial treaties to automotive prod- approximating $400,000,000, were the largest on record.
ucts which now rank first in exportation of all United
States manufactures was informally discussed at confer- Miller & Co. Dissolve Partnership on Eve of Its Inences in Washington on Dec. 17 between Government offijunction Proceedings Against New York Stock
cials and a delegation of automotive executives headed by
Exchange.
John N. Willys, Chairman of the Foreign Trade Committee
On Wednesday of this week (Dec. 31) the Stock Exchange
of the National Automobile Chamber of Commerce. Con- firm of
Miller & Cc., 120 Braodway, this city (which on
ferences were with officials instrumental in negotiations of
Dec. 11 obtained a temporary injunction against the No*
commercial treaties of United States with foreign countries
York Stock Exchange, the proceedings of which are still
and included President Coolidge, Charles E. Hughes, Secre- pending)
dissolved partnership. According to the New York
tary of State; members of Senate Committee on Foreign Re"Times" of Dec. 31 the previous day (Dec. 30) E. V.D.Cox,
lations; Tariff Committee; J. Walter Drake, Assistant Sec- Secretary of the Exchange, announced that Miller & Co. had
retary of Commerce; Percy Owen, Chief of United States
notified the institution of its intention to dissolve the folloWAutomotive Division; Louis Domeratsky, Assistant Chief
ing day and further notified the Exchange that the following
of Bureau of Foreign and Domestic Commerce.
members of the firm also resigned: Philip J. Levi, Louis S.
It was pointed out by the automotive representatives that in Oppenheimer, Sydney Bernheim and Samuel Wechsler.
wares,
many manufacturing nations there exists, in finished
In its notification to the Exchange the "Times" said the firth
an exchange nearly equal with the United States. The con- of Miller & Co. did not give any information as to whether
tinuance, however, of this equitable arrangement, seems to Nathan J. Miller, the head of the firm, would continue in
depend on accordance of same facilities to United States business by establishing a new firm, and no information along
exporters of finished goods as are given to foreign shippers these lines was obtainable at the offices of the firm in the
of manufactured wares to this country. It was also indi- Equitable Bldg. Mr. Miller and Mr. Oppenheimer are
cated that the United States has been in general accorded said to have retained their membership in the Exchange and
the minimum or actual rates of duties on all imports in the will continue members until the case now pending before the
belief that there might be established a mutuality between courts is settled. A hearing in this case was held before
all nations and the United States. For that reason there Justice Wagner in the Supreme Court on Wednesday, Dec.
have not, as yet, been applied the maximum duties on im- 31, at which time the Court reserved decision. The proports from any country, although a schedule of rates higher ceedings at the hearing were thus reported in the "Times"
than minimum by 50% and indirectly representing maximum of Thursday, Jan. 1:
schedules comparable to those of other countries are availMax D.Steuer appeared before Supreme Court Justice Wagner yesterday
able under the United States tariff. It was also shown that as counsel for Nathan J. Miller. broker, to plead that the temporary injunction
obtained on Dec. 11 by Nathan J. Miller and his partner, Louis S.
lack of commercial treaties is resulting in the assessment in Oppenheimer,
against the New York Stock Exchange be made permanent.
certain countries of higher rates of duties on American auto- Mr. Steuer said that he represented only Mr. Miller, the dissolution of
mobiles than are applied on motor vehicles originating in Miller & Co. having become effective at the close of the Stock Exchange
yesterday.
competitor nations. Among those participating in the disMr. Steuer declared that the Governors of the Exchange had voted to
cussion Of these automotive aspects in connection with com- expel Mr. Miller and to suspend Mr. Oppenheimer for two years for alleged
with C. N. Haskell, former Governor of Oklahoma, "in an effort
mercial treaties were: J. J. Palmer (Dodge Bros.); A. L. implicity
artificially to influence the market price of Southern States Oil."
Haskell and R. L. Parker (General Motors); George E.
Mr. Steuer reviewed the hearing before the Business Conduct Committee
Willis (Studebaker); Samuel Fitzpatrick (Federal Motor of the Exchange concerning the affairs of Miller & Co., and characterized
proceedings as unfair. He labeled as"false"the affidavits of39 persons,
Truck Co.); A. C. Peters (Packard Motor Car Co.); H. P. the
constituting the Governing Board of the Exchange and present at the
Stewart (Chandler Motor Car Co.); C. A. Ward (Ward hearing; said that its deliberations had been carefully considered, and
Motor Vehicle Co.); Windsor T. White (White Motor Co.); complained that,while the rules of the Exchange did not permit the retenof counsel by accused members at a hearing, the charges against Mr.
G. F. Mooney (Maxwell Motor Car Co.); Alfred Reeves and tion
Miller indicated that they had been drawn by a lawyer or some one who
Pyke Johnson (National Automobile Chamber of Com- should be a lawyer. He concluded with the statement that the expulsion
merce); George F. Bauer (Secretary of Foreign Trade Com- of Mr. Miller would mean his financial ruin.
Walter F. Taylor, of Carter, Ledyard & Milburn, who represented the
mittee).
Stock Exchange, contended that Mr. Miller had a fair trial before the
Summary of Activities of New York Curb Exchange
During 1924.
A summary of the activities of the New York Curb Exchange during 1924 was issued on Dec. 30; according to this.
at the end of the year there were 550 regular members and
505 associates. The price of membership advanced from a
low of $4,000 on Jan. 4 to a high of $9,000 on Dec. 5. The
number of stocks listed or traded in at the end of the year
was 1,035, as well as 119 bonds and 42 foreign bonds. The
total number of tickers in operation at the end of the year
was approximately 500, which included New York, Chicago,
Pittsburgh and Wheeling, W. Va. The service will be extended to Boston in the near future. John W. Curtis, President of the New York Curb Market, states that the year had
been a most prosperous one for the exchange. He emphasized the point that listing requirements had been made
more stringent during the year and that the Exchange had
named its own accountant to scrutinize financial statements
submitted by companies making application for listing. Mr.
Curtis said:
The Clearing House of the Exchange has proved its worth during the
year. At the end of the year more than 125 stocks were being cleared.
Another constructive measure we have put into effect during the year was
the installation of an electric clock to stamp the time on reported slips of
a sale before it is printed on the tape. This arrangement kept the quotation
committee informed as to the efficiency of the service.
Business Conduct Committee. The essence of the charge against Miller
& Co., he said, was that they had been "guilty of conduct inconsistent with
the just and equitable principles of trade."
"There were washed sales," Mr. Taylor added. "and all the other dishonest features alleged. As a result of these sales Miller & Co., having
assisted in conducting them, shared in the profits. During November and
December there were 1,800,000 shares of Southern States Oil sold and
1,800,000 bought, nearly 1,600,000 of that total having been sold by Haskell
and the Unity Securities Corporation, and 1.600,000 bought by Haskell
and the Unity Securities Corporation."
"To put it briefly,over 70% ofthe transactions were wash sales. Richards,
Hutchinson & Co. represented Haskell in purchases and sales. They had
an account with Miller & Co. as did Haskell. Stock was passed around in
a circle, from one to another and back again. Stock was delivered to one
and taken in from another in the same cage at the plaintiff's offices."
In reply to the contention of Mr. Steuer that Miller & Co. did not know
that the stock bought and sold for the Unity Securities Corporation was
bought and sold for Haskell, Mr. Taylor asserted that he had a letter from
Haskell to the accused firm on the letterhead of the United Securities Co.
By means of these transactions, Mr. Taylor said. "carried on in the
hope that the public would be induced to come in," the stock of Southern
States 011 rose from $15 on Nov.4 1923 to $33 on Dec. 24 of the same year.
when the market for it collapsed. In rebuttal Mr. Steuer got permission
from the Court to submit a supplemental affidavit showing that Southern
States Oil sold for $30 a share in April 1923, which was two months before
Miller & Co. entered the market with it.
Justice Wagner reserved decision.
The obtaining of the temporary injunction by Miller &
Co. against the New York Stock Exchange was noted in our
issue of Dec. 13 last, pages 2714 and 2715.
F. I. Kent Defends Federal Reserve Policy Respecting
Mr. Curtis predicts that from present observations next
Purchases of Acceptances.
year will be the largest in point of turnover in the history of
In a recent discussion of "The Dollar Acceptance," Fred I.
the Curb Market since it has housed indoors.
Kent, Vice-President of the Bankers' Trust Co. of New York
and President of the American Acceptance Council, made the
New High Record for Bank Exchanges at New York statement that if it were not for the action of the Federal
Clearing House.
Reserve Banks in connection with dealers' paper, the imThe following is from the "Wall Street News" of yesterday portant and necessary position which such dealers take in
(Jan. 2):
connection with the development of bankers' acceptances
A new high record was established to-day at the New York Clearing
House with exchanges at $1,665,000,000, an increase of $50,000,000 over would be impossible." Mr. Kent argued that "regardless of
38
THE CHRONICLE
[Vox.. 120.
the importance of any of the controversies which are going not be extended on the basis of commensurate deposit balances as is reon concerning the activities of the Federal Reserve System euired in case of the discount of promissory notes.
Exchange fluctuations and varying interest rates so affect the earning
through purchases of interest-earning paper, there is no ques- power of bankers that the
desirability of the maintenance of balances In
tion whatever but that insofar as such activities have to do foreign countries is often absolutely dependent upon such conditions. For
instance,
if
a
foreign exchange were expected to depreciate during a certain
with the purchases of bankers' acceptances, the operations
period because of seasonable conditions, or for any other reason, a banker
have been carried on in such manner as to be for the greatest /night wish to reduce balances
maintained in the country of the depreciatpublic good." Mr. Kent further contends that "the Federal trig exchange, temporarily at least, and he might also wish to discount
he
Reserve banks in carrying on this business for dealers are uch bills as might be buying or have in his portfolio in the exchange that
was apt to depreciate so that he could sell the exchange made by their pronot discriminating against member banks in any sense of the ceeds. Every banker doing a foreign business
in every country must have
word, but instead are taking an effective part in furthering such freedom of action or he cannot protect himself in the purchase of bills
their business and that of their clients whether they are ac- of exchange in a depreciating or fluctuating foreign exchange. When such
freedom does not exist, a banker doing a foreign business will not buy bills
ceptors themselves or not." Mr. Kent's address, delivered and run the risk of tying up his funds or of meeting with an exchange or
at the annual dinner of the American Acceptance Council r...t interest loss, or both. It is essential, therefore, that every American banker
doing a foreign exchange business study carefully the facilities that foreign
the Waldorf-Astoria, this city, m Dec. 12, follows:
bankers can properly ask of him from the standpoint of the requirements
The development of the dollar acceptance in the United States has been that he himself must have in identical facilities from his foreign correattended by many difficulties. There are two principal causes for this spondents. For instance, no American banker is willing to buy foreign
situation, one having to do with the nature of our banking system, and the exchange bills on any country where he is going to be subjected to exchange
other, to the fact that while there are many cities in the United States losses because he cannot discount and return the proceeds of such bills,
whose ousiness results in the creation of foreign exchange in large amounts nor will he do so if his funds are going to be tied up at possibly lower rates
and also in the need for such exchange in large figures, yet that such business of interest than he can obtain at home. It is because of this fact that so
In no city, except New York, is well rounded and covers the general field of many bill of exchange covering our exports to foreign countries are now
foreign trade.
drawn in dollars.
With our system of banking, which has within it many thousands of instiThe foreign banker is in exactly the same situation in regard to his dollar
tutions, the vast majority of which- ave no occasion in the ordinary course business and American bankers cannot expect the foreign banker to assume
of their business to issue their own acceptances but where the authority risks which he himself is not willing to undertake. It is very necessary.
to do so had to be extended to them in order to enable those banks requiring therefore, that American bankers put themselves in the place of foreign
such authority to operate, practice had to be built up in a manner that bankers when considering such services as they may be called upon to extend
would not have been necessary if there had been only a few large institutions to their foreign banking clients. This is one phase of the acceptance busito consider.
ness that has not yet been fully understood by American bankers because
The reasons for this are obvious as a wide open acceptance policy could until they were authorized to accept themselves the situation did not exist
be made perfectly safe for a few large institutions, whose volume of business and they are consequently not called upon by foreign bankers for services of
was constant and required positive knowledge and understanding, whereas this nature.
such a policy would be dangerous when many thousands of banks have
During the past year as President of the American Acceptance Council
authority to accept which would only be exercised occasionally, if at all, I have had occasion to correspond with foreign bankers in all parts of the
and where consequently the nature of the business and the risks involved world who might have dollar American bankers' acceptances offered to
would not be thoroughly comprehended. On this account it might have them for purchase. Such correspondence has clear,ly shown that many
seemed better to have so worded the law as to have limited the power of foreign bankers have no appreciation whatsoever of the existence of an acacceptance to those banks which were specifically authorized by the Federal ceptance market in the United States, and while such market is not as effecReserve Board in the same manner as Is required when banks wish to tive as it should be and will be, still it is sufficiently broad to enable foreign
accept to a total outstanding at any one time of 100% of their capital bankers to purchase dollar acceptances and handle them RO as to prevent
andsurplus. But even if this had been done, it would have been difficult any exchange or interest losses. This being true, the Council has taken
for the Federal Reserve Board to have refused a request for authority to 'steps to educate these foreign bankers in our acceptance practice and faciliaccept by any bank In good standing, so that after all it was undoubtedly ties and many of them have expressed themselves as being very much gratibetter to have extended general powers, even though it necessitated greater fied in having been put in possession of such information. It is necessary
restrictions while sound practice was being built up.
however, to do much work along these lines, particularly as in many places
Again business in domestic bankers' acceptances would very likely have dollar acceptances are still so seldom offered that it may easily be forgotten
seen no growth at all if the law authorizing American bankers to accept that we have an effective market. While the Council can do much to help
had not been general. As it is, the function of the bankers' acceptance in this situation, yet it is extremely important that American bankers doing
our domestic trade. which can be made of such value and importance to the a foreign business impress upon their foreign banking clients the fact that
country, has lagged to a much greater degree than has been well for us.
they are ready at all times to discount prime American dollar acceptances
As education in the risks involved and in what constitutes proper practice at prevailing rates and that this is a service which is entirely separate from
has been acquired, and this has been greatly accelerated by the activities any question of the maintenance of balances which are customary in conof the American Acceptance Council, it has become possible for the Federal nection with the extension of credit in other forms.
Reserve Board to constantly increase the freedom under which acceptances
It cannot be expected that foreign bankers will purchase American dollar
can be issued. While the European exchanges have been in such a state acceptances unless they can do so profitably, particularly bankers whose
of fluctuation, the slow development of our system of regulations from one home offices are,for instance. in London. and where they may consequently
of great restrictions to its present state of comparative freedom has not consider it to their interest to favor sterling acceptances. Actually it is not
been harmful and on this account the dollar acceptance has grown to its to their Interest to favor sterling acceptances provided a satisfactory market
present volume in spite of the greater freedom which exists in connection exists for the American dollar acceptance. On the contrary, it is to their
with such business in Europe. To this extent it might be said that the Interest and profit to be in position to buy both classes of bills, so that they
depreciation of the European exchanges had been helpful to us.
can leave their funds when desirable in the one earning the most interest
In addition to the desirability of handling certain domestic transactions or in the exchange which best meets their demands, but they must,of course.
acceptances
is
the
actual
necessity that the total of American have equal discounting privileges in either bill. With such a situation in
on bankers'
bankers' acceptances outstanding be kept at a high minimum if we are to existence and London on a gold basis, American bankers and British bankers
have the broad and constant acceptance markets that are so essential to the world over would each be able to use either the New York or the London
the success of this class of business. With the requirements for acceptances money market for carrying bills, whichever gave them the greater interest
in foreign trade fluctuating as they inevitably must do, we need a fair return. This would result in great value to the business of both nations as
volume of domestic acceptances more or less constantly outstanding or at well as being profitable to the individual institutions taking the bills, betimes there will be such a dearth of bills that many buyers will lose their cause if the British money market were too easy it would in effect take tunds
Interest in the acceptance market. After the eight years of experience that out of that market and put them into New York. and if the New York marAmerican bankers have now had with the bankers' acceptance, during which ket were too easy, the opposite development would occur, and, what would
time they have been through the disastrous period of 1920 and 1921, which be complementary, the market which most required funds because of money
served to bring to the front in the most forceful manner possible, that is, stress would receive them.
through actual losses made, the risks that are involved in carrying on an
Before the establishment of the Federal Reserve System with its acacceptance business, and in view of the ability of the Federal Reserve Board ceptance privileges, foreign bankers never had any proper channels in
through the Federal Reserve banks to watch and control the general busiliess 'which to temporarily make use of American funds. They could no
of the country along these lines, it would seem safe and desirable and, in legitimately enter into the purchase of our promissory notes any more
view of the near approach of sterling toward par, extremely necessary that than we can buy such paper in European centres and the call money
greater freedom be allowed in the use of domestic bankers' acceptances.
market being one of fluctuating interest rates, they could never figure
ID making this suggestion It is fully recognized that bankers' acceptances on the return that they would receive over such period as they might
can be legitimately used in only a very small percentage of our domestic wish to have,their funds in America. Through the purchase of American
transactions, and there is no intention to recommend the change to accep- dollar acceptances, however, foreign bankers now have a means of intances of any financing which should properly be carried out by means of vesting their American funds that is positive insofar as the interest rate
promissory notes. It must also be borne in mind in this connection that to maturity is concerned and that, with a proper discount market, gives
when the European foreign exchanges are generally stabilized on some gold them all the freedom that is required to enable them to return their funds
basis, that a considerable portion of our export trade that is now financed at any time that they consider it to their interest to do so.
by American dollar acceptances will probably be taken care of by foreign
As we more nearly approach the time when many of the foreign exchanges
currency acceptances as was customary before the war.
in Europe may become more normal, it is important that we take every
must
be
further
Markets for bankers'acceptances
developed in many cities step open to us toward the establishment of a sound and effective acceptance
of the United States, and that in New York should be made as effective practice and the development of certain and continuing markets for Amerias the market which exists and has existed in London for many years if our can dollar acceptances. One thing that American bankers must do to
bills of exchange are to hold the full position in the world's markets that our help this situation is to develop their own portfolios of American bankers'
foreign trade and our money markets require.
acceptances. This can be profitably done if handled intelllgendy. InIf we are to expect foreign bankers the world over to buy American dollar vsstments in bankers' acceptances can be safely undertaken and can be
acceptances offered in their respective markets with the same freedom that made to carry as satisfactory remuneration as investments In call loans
they do. for instance, the London sterling bills of exchange, they must and bankers should endeavor to carry a part of their secondary reserves
have certain and constant markets at all times in which dollar bills can be In such paper. Call money has not always been found to be call money,
discounted. This is essential for two reasons. One, because they must but prime bankers' acceptances can always be dlspcsed of in case of need
have entire freedom in the use of their funds which they cannot afford to under our Federal Reserve System.
s
have tied up, and the other, because they must be in position to protect
The value of the acceptance business to all bankers is sometimes not
themselves from fluctuating discount and foreign exchange markets, which seen by those who do not take an active part in it, as its effect upon the
Is not possible unless dollar bankers' acceptances purchased by them can stabilization of our money market is net evident without analysis. Too
be discounted before arrival, discounted upon arrival, or discounted at high rates of interest or too low rates of interest are equally bad for the
any time before maturity at regular prevailing rates for acceptances. In banker. When rates are excessively high, it is partly because bank deposits
this connection it would seem well to call the attention of American bankers have had to be used by depositors and they consequently fall from this
who receive dollar acceptances for collection from their foreign corre- natural cause. In addition to such loss of deposits, many clients withspondents to the desirability of holding themselves in readiness to discount draw funds in order to invest them themselves at the high prevaiing
all such prime acceptances at prevailing rates for such paper when called rates. This results In curtailing the banker's power to meet the requireupon to do so by their foreign clients and further, that such service should ments of his customers when they most need his aid and it also leaves him
JAN. 3 1925.]
THE CHRONICLE
39
less money to loan at the high
rates than he would have at his disposal
if medium rates prevailed. On
the other side, very low interest rates, Gold Exports from
New York in December Largest Since
occurring as they do when indust
ry and trade cannot use funds, result
In building up bankers' deposits
June 1919—Major Shipments to
at a time when they cannot make use
Germany.
of them. The greater benefit to
the
With regard to the gold move
Industry, trade and commerce, lies banker, therefore, as jt is also to
ment the Federal Reserve
in having interest rates as nearly Bank of
stabilized as possible at a medium
New York in its Jan. 1 "Monthly
rate that is not high enough to be a
Review" says:
tax upon industry nor an induce
Gold exports from the Port
ment to depositors to withdraw funds
of New York during the first 27 days
from banking channels for their own
of
Decem
ber
totale
d $40.242,060, the largest export
profit and to the detriment of all
movement since June
commercial business. Such a
situation can more nearly exist with a 1919. Shipments were largest to Germany, repres
enting
withdr
sufficient volume of American
awals
of
bankers' acceptances in the American proceeds of the German loan, but substantial amounts
were forwarded also
money market to carry a continuing
activity in such market,thus providing to England, India, Holland and Sweden. Imports during
a proper means under which funds
the same period
can flow into this country from other at this port totaled $6.100,000 almost entirely frem France
countries in time of high money in
and Argentina.
conjunction with similar markets in The following table shows gold exports from this port by princip
Europe that will absorb Americ
al countries
an funds in times of easy money here. for the first 27 days of December.
At the moment the European discou
Couni
nes—
nt markets are, of course, of little
Germa
value to us because of the fluctu
Amount.
ating foreign exchange rates,for bankers Englanny
$20,000,000
d
cannot afford to leave their money
in
India
9,993,000
they are subject to an exchange loss long sterling bills, for instance, when Holland
5,918,000
in case sterling should go down during
the life of the bills that might not
n
1,603,000
only wipe out their interest return but Swede
Routh America
that might carry an exchange loss
1,000,000
as well.
Mexico
739,000
The stabilization of European
currencies is, therefore, as important for Spain
500,000
the protection of our money marke
Other countries
230,000
t as it is for our trade and commerce.
The co-operation of the Federa
259,000
l Reserve banks through making loans to
Total
dealers in acceptances against
prime bankers' acceptances as collateral has
$40,24
2,000
Durin
g
been of the utmost importance
November exports of gold for the
entire country were $6.700,000.
to the maintenance of the acceptance Imports for
market. Occasionally a banker
the entire country totaled slightl
y
here
under
$20,00
and
there who has not understood than half from France
0.000, more
the great value of the extens
, and there was a net import balanc
ion of this facility by the Federal Reserve of
e for the month
513,000.000.
banks has taken exception to
it on the ground that it constituted the
loaning of money at a lower
rate in certain case3 to member and nonmember institutions who were
Banking Conditions in Feder
al Reserve District of
who were not dealers. Such dealers than could be obtained by members
New York—Reserve Bank's Disc
critici
sm
while
natura
perfect
withou
l
ly
t
analysis is actually not well
ounts for Memtaken. Member bankers who are dealers are
unable to obtain any better
bers Highest Since April.
rate of discount from the Federal Reserve
banks than any other membe
Discussing banking conditions in the
r except in connection with such business as is
absolutely segregated as that
local Federal Reserve
of a dealer.
District, the Federal Reserve
Further, there has been the
Bank of New York, in its
feeling
that
such
Federa
action
the
by
l
Reserve bank results in placin
g more money constantly in the market which "Monthly Review" for Jan. 1, has the following to say:
in times of easy money is
Banking transactions in Decem
more or less harmful. The fear ofsuch a situation
ber reflected the usual holiday trade
is due to misunderstan
ding of the fact that the dealers are in and out of the activity, preparations for the year-end disbursement
s, and the large GovFederal Reserve bank, using
ernme
nt operations falling due Dec. 15.
it merely for the purpose of enabling them to
Accompanying a large demand
take up and place accept
ances and not for the purpose of carrying them to for currency and withdrawals of gold for export, money
rates became
maturity. Those who would
criticise the action of the Federal Reserve firmer and the volume of credit required of the Federal Reserv
bank on this ground should
e Bank of
turn their cricitism to those bankers who sell New York rose to a new high point for the year.
the Federal Reserve banks
Government operations throug
acceptances in times of easy money, for it is
hout
the
countr
y
center
ing about
such action that puts new
money into the market and for the life of the aggregated approximately 31,500,000,000, including the flotati the 15th
on of a new
bills that are sold. Banker
Treasury refunding loan, redemp
s could avoid this situation if they would
tion of approximately $325,0
better develop their accept
00,000 maturing
securities and payment of interes
ance portfolios and perfect their methods of
t
on
the public debt, payment by
handling them so that they
can profitably carry larger sums in acceptances. the British Government of $91,500,000, chiefly in United States
on account of interest and princip
securit
Some interesting facts in connec
al on its debt to this Government ies.
tion with this phase of the matter are
the collection of income taro s.
shown in the acceptance statist
, and
ics during July and August, 'when money
rates were easiest. The total
In this district the events of
the tax period followed the usual
holdings of the Federal Reserve banks
during those two months were
except
course
that
.
the
amount of Government funds paid
less than the holdings of the dealers for the
out in this market was
same period, showing that
the dealers during this time had obtained the larger than usual in proportion to the rest of the country.
Against total
funds which they required from
disbursements on Dec. 15 of
the outside market. This situation proved
$233,000.000 the Treasury balance
with the
Reserve Bank, together with tax
beyond any doubt that the metlo
and other collections on that date,
ds of the Federal Reserve banks in congated only $89,000,000,leaving a
nection with the dealers' busine
aggress are sound. Again the figures of Septemdebit balance of 3144,000,000
ber and October show conclu
, which was
sively that it was the sale of acceptances by covered by a temporary loan by the Federal Reserve Bank to
the Treasury.
banks to the Federal Reserv
As income tax checks were collect
e banks that brought unnecessary funds into
ed and the proceeds of tax collect
the market for the Federa
ions
l Reserve holdings during these two months were transferred here from other districts, the Treasury
was
able
were largely in excess of the
gradually
to
reduce
and by Dec. 18 extinguish its borrow
holdings by dealers.
ing at the Federal Reserve
If it were not for such action
Bank.
of the Federal Reserve banks in connection
with dealers' paper, the import
The heavy volume of Government
ant and necessary position which such
disbursements on the 15th create
dealers take in connection
d
with the development of bankers' acceptances a large supply of excess funds in the market,and this was reflect
ed in easier
would be impossible. The
money
conditions and a decline in call loan rates.
result would not only handicap the business of
As income tax checks
bankers issuing their own accept
were
collect
ed
and funds were withdrawn from New York
ances, but it would as well have a serious
by interior banks
effect upon their use in our
foreign trade, which would be harmful to all to replace funds transferred by the Treasury to New York, the
equilibrium
bankers whose clients were
engaged in foreign trade and, through the of the market was restored and conditions became firm again.
elimination of the means by
Between Nov.19 and Dec. 17 there was
which
foreig
funds
n
a
furthe
can
enter our market
r slight increase in total
In times of high money
, it would react to the detriment of all bankers. loans and investments and in deposits of reporting membe
r banks in this
The Federal Reserve
banks in carrying cn this business for dealers are not district. The increase in loans and investments was due
to a further rise
discriminating against membe
r bankers in any sense of the word, but In loans secured by stocks and bonds to a new high level. Comme
Instead are taking an effecti
rcial
ve part in furthering their business and that of loans showed a moderate seasonal decline, and investments were
their clients whether
also lower,
due partly to the redemption
they are acceptors themselves or not.
of Government issues maturing Dec.
Regardless ofthe importance
15.
At the Federal Reserve Bank of New
ofany of the controversies which are going on
York discounts for member banks
concerning the activities of the
Federal Reserve System throagh purchases rose sharply during the week ended Dec. 24 to 3134.000,000
of interest-earning
,
the
highest
paper, there is no question whatever but that in so far since April. Bills bought in the open marke
t were also larger than a
as such activities
have had to do with the purchase of bankers' acceptances, month previous, but holdings of United
States
the operations have
securities were smaller.
In consequence of these changes
been carried on in such manner as to
total earning assets increased over
be for the greatest
public good. It is not
$100,the place of the Acceptance Council to consider 000.000 during the month to $410,000,000, a new
the criticism that
high
point for the year.
has been launched against the Federa Reserv
e System
l
because of its purchases
of Government securities, although it may not be
out of place to say
Increase in Holdings of Comm
that if later analysis should show
ercial Paper by Banks in
that the reasons for the
Purchase of Government
securities are as sound and are of as great value
Minneapolis Federal Reserve Distr
to the business
interests of the United States as
ict,
is true of the operations of
the Federal Reserv
According to the Federal Reserve
e banks in acceptances that the
country is to be conBank of Minneapolis
gratulated upon the effecti
ve management of the Federal Reserve System. the supply of banking funds
It is quite imposs
seeking investment has caused
ible for the public to unders
tand the reasons for every a great increase in
move which the officer
holdings of commercial paper in the
s of the Federal Reserve banks may
take in connect bank'
Hon with the handling
s territory. The bank comments
of their funds, but it may be taken
for granted that
as follows:
their considerations are
On Nov. 30 commercial paper
far deeper than those which may be apparent
reached the largest total in this district
to since
the outsider. It must
be borne in mind that the questi
May
31 1920. The total was 24% larger than
on of easy or tight larger
money in this countr
a month ago, 73%
y is not tied up solely with Americ
than on the same date last year
an operations, but of
that the development
and 102% larger than at the low point
of business in Europe and other parts
1924, reached on July 31. Invest
ment houses have experienced a marked
of the world as
evidenced by actual trade
and the indices of prices and of the foreign ex- Increase in business from Northwestern banks.
changes and foreign
In August 30% of their
sales were to bankers, in
interest rates, all have their influe
September 33%, in October 36%, and
nce.
The Federal Reserve
in November
System must of necessity take note of all such
In carrying on its
forces firms 33%. During these four months a group of 11 important Twin City
operations or it will absolutely
sold 22 million dollars worth of invest
fail to meet the needs of
the country. Furthe
ments to Northwestern bankers,
r, a policy which is advert
as compared with 10 million
dollars in the same period in 1923.
Its force and it cannot
ised to the world often loses
be
broadly announce the expected that Federal Reserve officials can always
purpos
e
which
they have in mind as they carry on
their operations. The
Proposed Pennsylvania Banking
results must and will speak for themselves,
as official reports
Code Favored by
and
appear the public has its opport
Philadelphia Bankers—Opposed
unity to analyze the
activities of the banks and
by Pittsburgh
or not. While it is true determine whether they have been well advised
Banks—Branch Banking One of
the
tions should be carefully that the Federal Reserve System and Its operascrdtinized by bankers and business men throug
Contentions.
out the country and that
hwell intended criticism is of value, yet it
Recent hearings in Philadelph
always be borne in mind
must
that
ia by the Pennsylvania
time is not necessarily a sure what appears upon the surface from time to Banking
Commission on the proposed new
bility of policies undertaken. Indication as to the advisability or inadvisaState banking
The officers of the Federal Reserve Syste
code
devel
oped opposition thereto on the
m
must study to anticipate
part of Pittsburgh
condit
money markets and they cannot ions, particularly those in the world's bankers, while Philadelph
ia
bankers appeared in support of
afford for the good of the country to advertise their policies in such
manner that they will become the football of the proposed legislation. According
theorists and so defeat their
to the Philadelphia
very purpose.
"Ledger," an
appeal to the bankers of Penns
ylvania to get
40
THE CHRONICLE
[VOL. L20.
work a hardship on
national banking system." He contended that it wouldand selling stocks of
trust companies if they were prohibited from buying
4 was too severe, especorporations, and gave as his opinion that Section
g a position if found guilty
cially that portion of it barring a man from holdin
felt that the penalty was
of its violation. Mr. Mason and several others also
very severe.
owney is PresiThe Union Trust Co. of Pittsburgh, of which H. 0. McEld
objections. The Union
dent, was among the companies signing the list of
National Bank
Trust Co. and its interests own a large interest in the Mellon
ary Mellon's attitude
of that city. Mr Ladner asked Mr. Frazer what Secret that he had never
replied
to codify and revise the laws relat- was on the question of codification. Mr. Frazer
The commission was appointed in 1917
.
insurance companies, savings banks and discussed the matter with Mr. Mellon
title
ies,
compan
trust
banks,
that it was the desire
to
ing
Mr. Ladner endeavored to get Mr. Frazer to assert
the exception of national banks.
of State banks withprivate bankers operating in the State, with
of the Pittsburgh trust companies to have all the rights t State banks are
At presen
This City Favors New Code.
out being subject to State-bank restrictions.
embodied
s of this city generally are working under the double liability law and other statutes that are
The hearing developed the fact that banker
chartered institutions.
State,
State
all
the
to
able
of
s
applic
section
made
other
and
in
s
code
that
the
banker
in
but
code,
strongly in favor of the
especially Pittsburgh, are opposed to it.
Aims for Banking Safety.
branch banking law to beenPhiladelphia bankers want a straightforward
the
of
are
Banking Commission," Mr. Ladner said, "to
ities
object
commun
the
and
is
cities
"It
other
come effective in this city. Bankers in
as the safety of the public will permit. We
far
so
comtrust
banks
of
true
State
lly
e
is
especia
courag
This
on.
g
our State banks
opposed to a branch bankin provisi
of the Banking Commis- don't want to cripple any institution. We want to favor
protection, we
panies in Pittsburgh, where, to use the statement
ownership." In other and trust companies, and if this code fails to afford them
stock
by
ed
practic
now
is
g
h
bankin
"branc
g
sion
al bankin rules to a great
s
nation
follow
This
code
that
duty.
in
our
tions
in
r
institu
failed
smalle
have
n safe and unsafe bankwords, a number of Pittsburgh banks control them as branch offices.
extent and is declared by authorities to stand betwee
city and nearby communities and, in effect, use
g laws of ing."
bankin
the
bring
to
was
code
the
of
aim
the
Pointing out that
code prohibiting one
Mr. Walker told Mr. Frazer that a provision in the
that there were some features
the nature of a
Pennsylvania to a modern plane, and asserting
g institution from buying stock in another was in
ed legislation, Mr. Mason denot to the liking of all concerned in the propos in the light of what it will bankinvalve, while Mr. Edwards declared that the whole purpose of the code
safety
code
the
er
of rules, and that
clared that bankers should not consid
to place all State banking institutions under one set
but that, in giving considor will not do for their particular institutions, do the Commonwealth as was
Banking Department had approved the code.
it
will
State
the
good
the
of
think
should
they
eration to it,
g that, inasmuch as the trust comIt was pointed out during the hearin
a whole.
the State banks, the Attorney-General has
of
ge
recall
privile
can
"I
the
enjoy
said.
Mason
now
Mr.
panies
"The code is a masterly piece of work,"
ng the latter class of izurtitnd by bankers when it was first held that they are subject to the laws affecti
how the Federal Reserve System was oppose
the bankers who op- Hons.
of
one
not
is
there
Now
ration.
given serious conside
Bank Poll Opposes Branches.
System.
posed it who is not thankful to be in the
al Bank, Bellevue, Pa., and
N. McNary, President of the Citizens' Nation
T.
anted.
Unwarr
Held
tion
Opposi
Opposed to Branch Banking, informed
a head of the Pennsylvania Association
do,
we
Unless
State.
this
in
in the State, made within
ions
banks
condit
"We have to improve banking
sion that a postal card poll of
in Philadelphia we need it. It the Commis weeks, showed 008 banks opposed to branch banking in any
cancerous condition will develop. Here
two
last
the
anted.
is
unwarr
branch banking. There
branch banking here
favor of it and 34 in favor of conditional
seems to me the outside opposition to
us. I am firmly convinced that, if form, 14 in2,500 national and State banking institutions in Pennsylvania.
Passage of the code will be helpful to
about
are
r
a
sounde
on
be
will
y banks.
lvania
countr
Pennsy
in
g
small
from
this code becomes a law, bankin
Most of the opposition to branches was
it were
oppose it will laud it."
objection to the branch banking provision if
any
had
basis, and that years hence those who now
he
if
Asked
s
prebanker
r of Pittsburgh
red with a question
a
only to Philadelphia, Mr. McNary counte
Prior to Mr. Mason taking the floor numbe
apply
to
made
These
seccode.
ed
other
propos
from
of
the
s
n apart
s section
sented 27 specific objections to variou in this city Monday, and were pre- as to why Philadelphia should be given consideratio
to permit branch banking in this city
that
ined
mainta
He
objections were drawn up at a meeting
State.
the
of
of Easton, Chairman of the Legisla- tions
branch banking. Later he
e an opening wedge for State-wide
sented to the commission by E. J. Fox
section was made to apply
Bankers Association, who informed would provid
tive Committee of the Pennsylvania tion itself was in favor of codifica- told the Commission that, if the branch banking
associa
try to get in touch with the Assothe Banking Commission that the
of only the first class, he would
cities
to
State.
the
g
within
bankin
g
to
g and learn its attitude toward it.
tion and revision of the laws relatin
ciation Opposed to Branch Bankin
urgh.
Pittsb
From
Objections
Cameron Approves Code.
further inented by John G. Frazer, of
on said he approved the code, and
Camer
g
Pittsburgh bankers at the hearing were repres Pittsburgh. He was examBankin
of
Secretary
banks
& McClay, of
the power to give approval to new
that
made
tion
the law firm of Reed, Smith, Shaw
sugges
a
this
dorsed
,
of
hands of the SecreLadner and James A. Walker
a committee and not placed in the
in
ined at length by Grover Cleveland
vested
•be
sion.
should
new
Commis
the
the
of
as
rs
He said that,
Pittsburgh, membe
g and the Governor, as at present.
city and George D. Edwards, of
to eliminate the present
Commonwealth Trust Co., Pittsburgh, tary of Bankin
Mr. Edwards is Vice-President of the sion. His bank was not among those code would regulate branch banks, it would serve
g Commis
and Chairman of the Bankin
tendency to establish agencies.
the branch bank question, and it was
that objected to codification.
A number of other bankers spoke on
code that Pittsburgh bankers desire
g
bankin
the
of
s
establishing agencies, which are in effect
section
the
Among
agreed that the present system of
ic fallacy.
eliminated are:
s
ty of stockholders of all State branches, is an econom
maintain agencies in various section
Section 81—Providing for double liabili
In Philadelphia a number of banks
to bring to the main
the law, it is necessary for them
banking institutions.
Under
city.
the
of
agency
the
No Appeal Provision.
ss all moneys deposited in
office at the close of each day's busine Mr. Ladner said, "it, is amazing that •
for any appeal from the decision of
"In view of this condition,"
.
g
Section 32—Which fails to provide
offices
capse
of
decrea
or
e
city." Approval of a branch bankin
al of an increas
here
there are not more hold-ups in the
the Secretary of Banking on the approv
a danger under which the banks
remove
would
elphia
Philad
for
stock.
section
in
ital
establishment of branch banks
d.
Section 36—Which authorizes the
are at present operating, he asserte
a bank is located.
counties in which the main office of
tion Opposed.
ations
of
corpor
Limita
rs
Loan
directo
made to
Section 38—Requiring an audit of loans
Operative Builders'
Vice-President of the Philadelphia
ted.
Bauer,
interes
IV.
are
Henry
they
ng bank
which
in
ity to purchase and sell stocks of Association, spoke in opposition to the section of the code limiti
Section 40—Which fails to give author
ed would work
propos
limit
the 25%
said
He
ges.
mortga
estate
loans on real
corporations.
, and declared that
shall not directly or indirectly
and home buyers in Philadelphia
Section 47—Which provides that a bank se obligations of any person or a hardship on builders
of loans.
limit on the amount of this class
or purcha
no
ation
be
corpor
or
should
person
there
any
to
loan
executive session to-day to consider sugcapital and surplus; which also proThe Commission will hold an
corporation in excess of 10% of its
d by the stock or
secure
is planned to present to the State Legisit
nts
which
discou
code,
or
the
in
loans
s
change
vides that a bank shall not take
of the capital and sur- gested
will be the fate of the bill is problematical
30%
of
what
excess
Just
y.
in
ation
Januar
corpor
in
one
obligations of any
hold in- lature
it. Those interests were
r provides that a bank shall not
Powerful interests are opposed to
plus of the bank, and which furthe mortgages on real estate to an amount at this time.
g Committee of the House at
keeping the code in the Bankin
in
ful
success
vestments in or loans secured by
shall
ture. There are some who think they will
section also provides that a bank
1923 session of the Legisla
exceeding 25% of its assets. (This
one person or corporation the another determined fight against it in 1925.
any
from
ge
exchan
of
bills
is ob- make
not accept drafts or
discussed at an early meeting of the Executive
its capital and surplus. This, too,
The code probably will be
to an amount in excess of 10% of
Pennsylvania Bankers Association.
companies.)
trust
the
of
urgh
l
Pittsb
Counci
the
by
to
jected
Limitation on Borrowing.
employee shall not Christmas Savings Clubs and Other Savings Deposits
es that an officer, director or
provid
ich
48—Wh
Section
ative vote of the
affirm
rve District.
the
t
withou
money
any
in the Third Federal Rese
on shall be a
directly or indirectly borrow
rs and provides that a violati
Third Federal Reserve
the
in
s
bank
majority of the board of directo of $5,000 and one year imprisonment, or
994
of
The reports
misdemeanor, punishable by a fine be barred from holding any position or
73%, maintained Christmas savor
727,
that
guilty
show
found
ict
Distr
both, and a person
g institution in Pennsylvania.
a statement in the matter on
office thereafter in a State bankinrestrict the rights of banks to purchase and ings clubs during 1924, says
Bank of Philadelphia, which
ve
Reser
Sections 60-61—Both of which
al
Dec. 23 by the Feder
hold stock.
Underwriting Stock lanes.
say:
to
un- goes on
companies should have the power to
1,000 available for distribution this year, as
They report a total of $33,861923, a gain of 19%. Complete reports on
Mr. Frazer declared that trust
issues. He contended that the investbond
as
well
as
issues
nting compared with $28.587,000 in
discou
derwrite stock
like
just
was
issue
stock
number of depositors were received from 893 banks,
ny in a
ary of Banking both deposits and the
ing of its funds by a trust compa
pointed out that, if the Secret has the power with the results as summarized below:
He
men.
ss
busine
for
Change.
1924.
note
1923.
he
a
stock purchasing transaction,
did not like the looks of a
Ors:
dePosit
of
r
Numbe
8
+22%
7
474.22
it.
579.36
stop
to
the limiting of the
under existing laws
Pennsylvania•
+7%
97,776
105,030
Commission that it believed
New Jersey'
move to proa
He was informed by the
+24%
was
7,574
6,114
issues
stock
rite
underw
to
ies
re
compan
trust
Delawa
of
powers
+20%
691,971
578,118
ls of Pittsmote safe banking.
Total, Third District
feeling of trust company officia adequate,
Mr. Frazer asserted it was the
Amount of deposits:
+10%
$25,172,491
5,103
$21,14
the conduct of business were
ing
govern
•
g
laws
lvania
existin
Pennsy
+7%
the branch
burgh that
4,970.204
4,132.082
change be made. Concerning
.
no
+18%
Jersey
that
New
ed
2
preferr
262,11
they
5
would
222,62
State
and that
legalize branch banking in this
Delaware
banking section, he said that, tothe mercy of the national banks, which in
+17%
830,404,607
825,999,810
at
Totals.Third District
place the State institutions laws than would trust companies if the code
t.
Distric
e
l
Reserv
Federa
Third
some cases enjoy more liberal
within
located
• That part of State
became a law.
increased more than the amount of deposits,
Penalty Regarded Severe.
As the number of depositors
ies
compan
trust
the
of
n
opinio
the
"in
e deposit from $44 07 to $43 34 resulted. Christ
averag
the
in
se
decrea
a
the
"Codification," Mr. Frazer said,
banking system and into
drive them out of the State
would
ent,
repres
I
and work for its
behind the proposed new banking code
State Legislature was
passage at the 1925 session of the
of the Bank of North
made by John H. Mason, Chairman
at the hearing conia,
delph
Phila
of
America & Trust Co.,
Hall on Nov. 25.
City
in
on
issi
Comm
ing
Bank
the
by
d
ducte
ments for and
argu
the
and
code,
new
the
Referring to
against it, the "Ledger" said:
JAN. 31925.]
THE CHRONICLE
mas savings deposits in Philadelphia increa
sed from $5,322,000 to $7,435,000, or 40%, according to reports receiv
ed from 108 banks. Sixty-seven
banks in that city conducted clubs
during 1924.
In addition to data on Christmas saving
s, the banks were requested to
furnish information on other saving
s deposits. The total for 994 banks
in
the Third Federal Reserve District
in December 1924 was $1,064,939,0
00,
as against $967.671,000 a year before
, an increase of 10%. Reports received from 829 banks, which gave
both the number of accounts and the
amount of deposits, indicate an increa
se in the former of 8.7% and in the
latter of 9.0%. The average
size of the deposit increased from $401
to
$402.
The following table shows percen
tages of change in Christmas savings
deposits and other savings deposi
ts for
ports of ten or more banks were receiv those counties from which the reed:
Christmas
Other
Christmas
Other
Savings
Sayings
Savings
Pennsylvania—
Savings
Deposits. Deposits. Penna.(Concl
Adams
.)— Deposits. Deposits.
+27%
+13%
Lycoming
Bedford
+2%
+8% McKean
Berke
+3%
+12%
+13%
+9% Mifflin
Blair
+10%
+11%
+36%
+4%
Montgomery
Bradford
+7%
+9%
+14%
+4% Northampton
Bucks
+19%
+19%
+8%
+18% Northumberland _'+10%
Cambria
+11%
+17%
+4% Perry
Carbon
+87
+14%
+7% Philadelphia
Center
+37%
+10%
—16%
—2% Schuylkill
Chester
+17%
+12%
+19%
+7% York
Clearfield
+24%
+36%
+4%
+2%
New
Jersey—
Columbia
+18%
+7% Atlantic
Cumberland
+21%
+13%
+8%
+7% Burlington
Dauphin
+14%
+6%
+7%
+11%
Camden
Delaware
+20%
+20%
+8%
+4% Cape May
Franklin
+34%
+7%
+24%
+11%
Glouce
ster
Huntingdon
+26%
+14%
+20%
+12% Mercer
Lackawanna
+14%
+13%
+27%
+15%
Delaware—
Laneaoter
+13%
+17%
Kent
Lebanon
+46%
+13%
+8%
+18% New Castle
Lehigh
+24%
+12%
+19%
+9% Sussex
Lucerne
+8%
+9%
+40%
+6%
41
has been due to the enormous
expansion in note circulation, which has
resulted in a smaller ratio of
reserves. This increase in note circulation.
however,from an international
standpoint is not nearly so great an obstacle
as it might at first appear.
While the number of paper units of curren
cy
has increased tremendously
their purchasing power in the internationa
l
market has declined very materi
ally. If we value the internal note circul
ar
tion of these countries on the basis
of the current exchange rate, and compare the gold reserve to the
actual value of the currency in the internationa
l
market, the discrepancy betwe
en the ratio of reserves to outstanding currency is not nearly so far from
the condition which existed in pre-war
days
as is generally assumed. For
example, the note circulation of the Bank'
of France on the basis of prevai
ling exchange rates, has a gold covera
ge
equivalent to 49.8% as against a
gold coverage of 64% in pre.vrar days.
England on this basis has a gold
coverage for outstanding Bank of Engan
d
notes equivalent to 93.9% as
against 124.2% in 1914. However,
if we
include British currency notes the
gold coverage amounts to about
In the case of most of the other
31.8%.
European countries the relative gold coverage in relation to the value of the
note circulation in terms of the current
rate of exchange shows very little
change and in quite a few instances a
substantial increase from that
of pre-war days. Increases in the gold
coverage are found in the case of
the Swiss National Bank, the Bank of
Norway, the Bank of Denma
rk, the Bank of Finland, the Bank
of
Japan, and, of course, in the case
of the United States. In view of these
facts, the possibility of re-establish
ing convertibility, provided some of the
more important countries would
frankly devaluate their currency somew
here
In the neighborhood of currently
prevailing exchange rates, would be
greatly enhanced.
Assuming for the moment the rather
early resumption of the gold standard on the part of several of the
more
it might be well to consider the possib important European governments,
le effects of such development upon
the gold holdings of the United States
. If we can read the signs aright it
does not appear that a resumption
of the gold standard in Europe and
a
rather general free gold market the
world over will necessarily involve
a
very heavy exportation of gold
from the United States. It is rather
difficult to conjure up a condition of affairs
within the near future that would
force the United States to export more
gold than it cared to. It is really
not so much a question of our export
Dr. W. F. Gephart on
ing gold as it is the ability of Europ
Effect on United States of countries
ean
to make satisfactory arrangements
Restoration of Gold
with us for importing such gold
as they may need for currency
Standard in Europe.
purposes. That this can be done
has
recently been demonstrated by the
Addressing the annual session
ability of Germany to import gold
of the American Economic the many financ
despite
ial and economic problems with
Association in Chicago on Dec.
which
she
is
faced.
Furthermore, a second factor must
30, Dr. W. F. Gephart, Vicebe considered. As a result ofimpro
President of the First National
veBank of St. Louis, stated that ments which are constantly taking place in the world's monetary mecha
nism,
there is good reason to believe
"the restoration of the gold
that a relatively smaller gold
standard and the stabilization formerly will be sufficient
base than
to serve the monetary needs of
of European currencies becomes
the future. The
a possibility worth consid- centralized control of bank credit policy
, in its largest sense, is becom
ering with the generally impr
rather firmly established. Experi
ing
ence shows that the purchasing
oved situation in Europe, a nation
power of
's currency depends not alone upon
agreement on the Dawes plan and
its
gold
base
but also upon the
the approach of the pound wisdom shown in the handling of
its credit policy through the
sterling to par." Dr. Gephart, who
medium
took for his subject "The of the central bank by means of the discount rate
and such other measures
Effect on the United States of the
as are at its disposal.
Restoration of the Gold
The
Bank
of England has
Standard in Europe," stated that
recognized this principle—that the
the possibility of such method of controlling credit long
true
and paper currency is by means
restoration, "Immediately raises
of the rate
the question as to what of discount—and currently it is becoming a rather genera
lly accepted prindemands are likely to be placed
ciple that the central bank rate
can exert considerable influence
upon the stock of gold in in regulating the
not only
currency but in influencing prices
the hands of the United States as a
as well.
England has generally been recogn
result of such developized as having the most scientifically
ments." He added in part:
managed currency system that has
yet been devised. This fact has
never
been better shown than in the period
Because of the complexity of this
since the close of the World War.
problem there are a number of factor
Durin
g this period when the pound
that must be taken into consid
s
sterling was divorced from its gold
eration, among which the following
base
Engla
nd
was
able, through skilful control of her
appear
as pertinent. First, the condition
credit mechanism,
precedent to a restoration of the
standard in Europe. This involv
gold to maintain the purchasing power of the pound in a remar
es the question of the balancing
kable degree.
of national England's ability to maintain her level of Internal
budgets, the elimination of curren
prices
on relatively as
cy inflation, the development
stable
a base as the price level in the Unite
of a workable plan for funding, or otherw
d
States was no small achievement
ise adjusting international debts,
the de- when we take into consideration the fact that our price
valuation of those currencies where
level was based
a possibility of a restoration of pre-wa
parity is most remote, and the
r directly upon gold and England's only indirectly. Too much
extent to which existing gold stocks
credit cannot
Europe are adequate. Second.
in be given to those in charge of Bititish monetary policy for
the question of monetary mecha
being able to
nism, and secure for England many of the benefits that are ordina
the possible effects of improvemen
rily
ts in this field, taking into consid
consid
ered as
availa
ble only to a gold secured curren
eration
the extent to which the increa
cy. The soundness of this policy
sed use of currency, the bank
check and Is further being shown by the gradual approach of
other substitutes for money, may
the
pound sterling to
permit a relatively smaller gold
base to Par•
serve for monetary needs. This phase
of the problem is dependent upon
If American prices continue to rise
whole question of central bank
this will also prove a factor, since
policy and the role that bank credit the relatively British prices
only with respect to purchasing
have been more stable during the
pla
power, but its relation to
past year than
prices as American prices. Hidden forces such as these are
well, including the use of the
likely to prove much
discount rate as an effective instr
more
impor
tant
ument
in
the
for
controlling not only bank credit,
long run than the shifting of gold from
the foreign exchanges,the price
America to
level, and Europe or vice versa. In all the discussion on
also the flow of gold between one
this subject it should be
country and another.
borne in mind that among the impor
The difficulties to a re-est
tant
factor
s upon which the restoration
ablishment of a free and unrestricted
world of the gold standard depends, the shifting of gold is
gold market are freely admitted,
probably the least Imbut there are few, if any,leading banke
who feel that the prlblem
rs portant. We probably overemphasize this factor becaus
is insurmountable. In this connection
e we obtained the
a study bulk of our holdings during a period when
of the facts underlying this
whole problem appear to show that
the
gold
standard was not
much of functioning. Many are probably mislead into
the current discussion of the
believing that a redistribusubject has been misleading. There is
little tion of our present holdings is an essential prereq
doubt but that the opinion is
uisite to the re-establishrather wide-spread that the bulk of the
ment of the gold standard.
formerly held by the variou
It should not be overlooked that one
s European banks of issue now lies in the gold chief merits
of the
vaults
of the proper functioning of the
of the Federal Reserve Syste
gold
standard consists in rem at Washington and that European
gold ducing the movement of gold between nation
holdings have been very materi
s
to
ally
a
minim
deplet
um.
ed
from
With
what
they
confid
were before
ence restored and improvemen
the war. While it is true
ts in the world's financial mechanthat a very considerable change has taken
place ism,the gold.standard and all the benefits therew
In this respect, contrary to
a rather generally accepted popular
ith
will,
in all probability,
belief, this be restored with a much smaller deman
change has been in the way of an
d upon us for gold than is now rather
increase instead of a decrease in gold
hold- generally believed.
ings the world over by the centra
l bank.
An analysis of the actual gold holdin
gs of the world's principal banks
of issue shows the following facts:
Total gold holdings as compared to United States Treasury
Buys Its Own Securities to
1914 have almost doubled, the increa
se
being from about $5,000,000,000
to well over $9,000,000,000.
Finance Bonus—$100,000,000 Put in 4%
Of this increase something over
Bonds.
$2,000,000.000 has apparently come from
The following from Washington appeared
new gold which has been produced in
the
period from 1914 to 1924 and
in the Brooklyn
the balance has evidently come from out
of "Eagle" of last night:
hiding. This was accomplished
partly by appealing to the patriotism
of
the people to give up their hoard
The Treasury to-day took
ed gold in order to strengthen bank credit
the first step toward financing the soldier
and probably partly from the
s'
sheer necessity of the holders; that is, those bonus, investing $100,000,000 In special Treasury securities at
4% to meet
people who had hoarded gold
in order to meet some extraordinary emer- the first call on the Government funds, Jan. 1 1930.
gency or opportunity found both
Half of the securities are
during the past few years. This was
flat 5-year Treasury notes and the other
especially true in Europe
$50.where currency depreciation occurred most 000,000 is in the form of special Treasury certificates of indebt
edness rerapidly and where the individual
deema
ble
at
the
option of the Treasury from the special
who had in his possession a small amoun
bonus
t
account.
of gold was able to command a very
By employing the redemption
provision, the Treasury will be able
high degree of purchasing power.
to turn
money into the bonus fund
The financial position of Franc
e is well known, yet it is probably not
whenever there are obligations to be met.
generally realized that the stock
The
Treas
ury plans to invest in its own securities
of monetary gold in the hands of the bank
a
given amount each
new year, and Secretary
of France has increased almost 50%
Mellon believes that by so doing the greate
since 1914. The same thing holds true
r part
of the fund will be left Intact
for practically every important Europ
until the maturity of the certificates given
ean country, except Belgium and vetera
Germany. For example,the increa
the
ns, 20 years hence. The Secret
se in the Netherlands amounts to almost
ary explained that the Treasury
not go into the bond market
could
300%; the same is true in Switzerland, Swede
each
Jan.
for
1
the
n,
Norwa
purcha
y,
Denma
se
of
rk, Spain. securities without
Japan, England and the United States
unduly increasing the price which the $100,000,000 in
. In each of the above named have
bonus fund would
countries gold holdings have more
to pay.
than doubled, and in some cases they
"If
the practice of buying and selling
have almost quadrupled. Probably one of
in the open market were
the reasons why these large the
used,"
Secretary added, "the Treasury
increases in gold holdings have not attrac
would be continually purcha
ted the attention they deserve• a high
sing on
market and selling on a low marke
t."
•
42
THE CHRONICLE
[Vor,. 120.
dollars of revenue to the
interpretation is correct, of many millions of
Government.
"Wash Sales" for Tax Evasion.
like what is termed in
The Committee has come across cases of what looks
evasion, and it appears
Wall Street as "washed sales" for the purpose of tax
to these attempts to
that the Bureau has not given sufficient consideration
for amortization,
evade taxes. Taxpayers have made excessive claims
purposes. Laxity in
alleging that they purchased excess facilities for war
the war has deto
fixing the extent of the use of these plants subsequent
es were actually needed
veloped in our hearings. Many of these war faciliti
have been built
in the development of the taxpayers' business and would
excess plant and equipanyway, so that the allowance for amortization for
is
It admitted that
ment lost to the Government many millions of dollars.
es being used by the
claim for difference in cost was allowable, but for faciliti
. This means that
taxpayer nothing except this should have been allowed
buted millions of
for many plants now in use the Government has contri
dollars through credits to taxpayers.
cases are now
Much has yet to be done by the investigators and many
Committee. The
being thoroughly examined for presentation to the
suggestions as to what
Committee invites the public to send in helpful
as well as to simmight be done to simplify the procedure in the Bureau
plify the statutes.
First (Converted) and Second
Liberty Loan 4% Bonds into 434%
Issue Expires June 30 1925.
that
On Dec. 30 the Secretary of the Treasury announced
4%
rted
Conve
Loan
ty
Liber
First
rting
conve
the privilege of
bonds of
bonds of 1932-47, and Second Liberty Loan 4%
4% Liberty bonds will terminate at the close
192742 into 41/
be exerof business June 30 1925 and thereafter may not
says:
cised. The Treasury Department's announcement
Privilege of Converting
bonds arose May 9, 1918,
The conversion prvilege with respect to such
ed on March 7, 1919, by tho
and expired November 9, 1919, but was extend
conferred by Section 5 of the
Secretary of the Treasury under the authority
be fixed by the Secretary
Victory Liberty Loan Act, to such date as might
of the Treasury on six months' public notice.
over six years and public
Although the privilege has remained open for
holders of about $33,000,000
notice has been called thereto from time to time
privilege of conversion.
the
of
of bonds have not yet availed themselves
a
In reply, Internal Revenue Commitsioner Blair issued
ved
formal statement Dec. 17 describing the process invol
in allowing amortization with United States Steel Corporation, he said that the amount of amortization "has not yet
ment:
been finally determined. . . ." Herewith his state
Have Been
Senator Couzens Asserts Millions in Taxes
Lost Due to Internal Revenue Bureau's
"Looseness"—Senate Committee's
Charges Conerning United
States Steel Corporation.
special Senate
In a statement on the progress of the
u of Internal
Burea
the
into
n
igatio
invest
s
ttee'
Commi
gan, chairman of the
Revenue, Senator Couzens, of Michi
ns of dollars of
Committee, in charging that "many millio
tmnet through
Depar
ury
Treas
the
to
lost
been
revenue" has
especially
work,
u's
Burea
the
of
"looseness" in the execution
ization claims
amort
the
of
ing
handl
u's
Burea
the
zes
critici
engaged in the
of corporations which during the war were
On that point
ses.
purpo
war
manufacture of material for
16, stated
Dec.
ment
state
his
issued
who
ns,
Couze
or
Senat
Steel
States
d
Unite
the
ttee,
Commi
his
of
that in the opinion
for the
Corporation "escaped paying $21,000,000 in taxes
New York
war period." We quote from advices from the
said on
which
u,
Burea
ngton
"Herald-Tribune's" Washi
d States
Unite
re
tions
s
conten
ttee'
Commi
the
of
t
subjec
the
Steel:
Senator Couzens of Michigan
y, in most instances
During the war the great industries in this countr
ed large plant
at the direct request of some Government agency, install
to the prosecution of
facilities for the production of articles contributing
by the Government
the war. In many cases the industry was assured
be made whole after
agency before it began construction that it would
the war. War prices had to be paid.
Amortization Provision
were no longer necesWhen the war did end these facilities in large part
y. The Revenue Act
sary to the peace-time requirements of the industr
ce, provided for the amortizaof 1918, passed immediately after the armisti
industry of the difference
tion of these facilities, that is, for a credit to the
of the facilities to the Inbetween the war cost and the p oat-war value
The special Senate Committee headed by
l Revenue, began an inquiry
which is investigating the Bureau of Interna
States Steel Corporation. The
to-day into the taxes paid by the United
their opinion the corporation
Committee's experts have asserted that. in
war period.
escaped paying $21,000,000 in taxes for the
l Revenue allowed $55,The experts contend that the Bureau of Interna
when the allowance should
000,000 to the corporation for amortization,
tee will go into the matter
have been about half that amount. The Commit
difference between experts"
fully. Senator Watson described it as "a
of the Committee and the Treasury.
CorElbert H. Gary, chairman of the United States Steel
accordporation, replied as follows to the experts' assertions,
of Dec. 16:
ing to the New York "Journal of Commerce,"
Department, after
l Revenue
, The amortization section of the Interna
finally determined and
prolonged and careful examination of all the stocks, approximately $55,ies at
fixed the amount due our subsidiary compan
ment's own established rule
000,000. This figure was based on the depart
and there the matter stands.
dustry.
t of amortization required
Necessarily, a determination of the amoun
physical properties, which
detailed examination by engineers of the actual
due the United States
has taken much time; for example, the amortization
d,
has not yet been finally
Steel Corporation, the largest industry involve
and in the ordinary course
determined in the Bureau of Internal Revenue,
this corporation is finally
considerable time must elapse before the tax of
adjusted.
reasonable allowance for
a
The law requires that the taxpayer be given
allowance is in large part a
amortization. What constitutes a reasonable
to and determined by the
question of judgment which must be submitted
whose decision this matter
to
e,
Revenu
l
of
Interna
Bureau
the
officers of
Is left by the law.
Conflict of Opinion.
may honestly differ as to
On questions as complicated as these, men
allowance, and it frequently
what constitutes in every case a reasonable
.
is a sharp conflict of opinion
happens within the bureau itself that there that the special Committee
ing
surpris
not
is
it
tances
circums
Under such
eement
Revenue may express disagr
parinvestigating the Bureau of Internal
to the reasonableness of a
with some determination of judgment as
ticular amortization allowance.
on for
first, that there is no provisi
The public should bear in mind,
of war
the amortization of the cost
but
law,
present
the
in
ation
amortiz
arise again;
and once settled will not
y
facilities is entirely a war measure
finally closed so that the countr
second, these war questions should be the determination of a reasonable
third,
and,
stands,
may know where it
nt.
d.by the law is a matter of judgme
due
allowance for amortization as require
to exercise this discretion with
An honest attempt has been made The Bureau of Internal Revenue
ions.
regard to the law and regulat
lished
think its employees have accomp
does not claim infallibility, but I
conditions resulting from post-war adjustt
difficul
very
the
under
much
ment.
appeared in the
We follow with the statement (as it
or Couzens, who
Senat
by
made
rce")
Comme
of
nal
"Jour
out the law and
ing
carry
in
mity,
unifor
Cent Tax on
stressed the "lack of
also referring Secretary Hoover Favors Placing 2 Per
while
u,"
ment.
the rules and regulations of the burea
Equip
Sales of Radio
means of "washed sales:"
to the prevalence of tax evasion bynow
Commerce Hoover, discussing in an interview
investigating the Bureau of
of
tary
Secre
Senate
the
of
tee
Commit
The special
the engineers
21 the question of improving radio
hearings last week because
s, at Washington on Dec.
Internal Revenue held only three
enough work to justify.further hearingce
the financing thereof, declared
and
ams
progr
and accountants had not completed
eviden
ng
much
broadcasti
hear there developed
ions
nut in the cases the Committee did
regulat
a tax of 2% on the sale of
and
ing
rules
impos
the law and the
f in favor of
of lack of uniformity in carrying out
to some himsel
ity worked great injustice
said:
uniform
He
of
ment.
lack
equip
This
.
radio
bureau
of the
injustice arose,
in taxes to others. The
taxpayers and excessive reductions
they should
that many taxpayers paid taxes
not because the evidence showed
d who should not have been
relieve
were
ers
taxpay
not pay but rather that
relieved.
Big Shipbuilding Refund.
allowed a
concern on the Pacific was
For example, a large shipbuilding
00, and the
ng Board involving $800,0
claim by the United States Shippi
to the
losing
thus
Internal Revenue Bureau,
same claim was allowed by the
developed a clear case of lack of
it
taxes,
in
00
responsiGovernment some $600,0
n the two departments. the
proper working arrangements betwee
l Revenue Bureau.
collect
bility for which was upon the Interna
to
made
that an effort will be
The Committee has been assured
Committee believes it should,
the
as
ed,
collect
is
it
if
collected
this $600,000. and
tee's work will have been
fully ten times the cost of the Commit
amen'
for
in one case.
allowed
where claims were
The Committee found other cases
before our country entered the
sed
purcha
ent
equipm
and
zation on plants
amortizaprovided by statute that only
World War,and yet it was clearly
which were
plants and war equipment
tion was to be allowed on war
purchassed after we entered the war. ment officials have admitted ern'rs,
Depart
In some of these cases the
much looseness
no dishonesty, it finds
and while the Committee charges
work.
of
the
on
executi
the
over other
in
taxpayers received advantages
The Committee also found that
keeping their books. Claims in
in
used
s
method
the
of
taxpayers because
armistice was
commitments made before the
for commitsome cases were allowed for
received no remission of taxes
ers
taxpay
other
while
signed,
interpretation, but,
been subject to either
have been
ments. The statute may have
should
it
interpretation was placed upon
ed
in any event, whatever
that the Committee have examin
cases
The
ly.
uniform
placed upon it
if the Committee's
nt a loss to the Government,
represe
ion
connect
in this
•
for licensing or taxing radio listeners.
This country would never stand
ny has a monopoly and all the revenue
That idea only works when one compa
we don't like monopoly.
so derived goes into one pool, and
keep the unlicensed folks from listening
And then how are you going to
force snooping around for illicit aerials
in. Are you going to have a police
and searching people's homes.
admission and that solves the problem
People go into theatres and pay
hall, but it is obvious that there is no
right there for the stage or concert
ce to pay for what it gets. So you've
such way of getting the radio audien
way—leaving out the license tax scheme.
got to approach that some other
ion. That is to fix a certain
I've heard only one very reasonable suggest
sale of radio equipment. One company
tax—say 2%,for instance—on the
in 1923, and that will boa good deal
reports sales running over $22,000,000
enough that way to pay for daily
higher for this year. You could provide
programs of the best skill and talent.
ant in the life of the country every day.
Radio is becoming more import
s. Right now I think the most
It is already one of the necessary adjunct
of what is put on the air. It isn't so much
important thing is improvement
care of itself, as long as the material
a question of growth, because that takes
the most vital thing of all.
put out is really worth while. That is
Wilson
Presentation to Viscount Cecil of Woodrow
of
e
of
Leagu
rk
d—Wo
Foundation Awar
Nations.
plishThe purposes of the League of Nations and its accom
in reood,
Chelw
of
unt
Cecil
by
Visco
wed
revie
were
ments
n
Wilso
row
Wood
0
the
from
ceiving, on Dec. 28, the $25,09
JAN. 3 1925.]
THE CHRONICLE
Foundation, representing the first award to be given
by the
Foundation for "the most meritorious service of a
public
character looking toward the establishment of peace
through
justice." The prize, which included a bronze medal,
was
presented at a dinner given by the Foundation at the
Hotel
Astor, New York, on the 68th aniversary
of the birth of
Woodrow Wilson. Mrs. Wilson, widow of the former
President, and a daughter of the latter, Miss Margare
t Wilson,
were among the 1,500 guests who witnessed the
presentation,
which was made by Norman H. Davis, Chairm
an of the
Foundation, and formerly Under Secretary
of State. The
jury of award was composed of Dr.
Charles W. Eliot, Judge
Florence E. Allen, Dr. James R. Angell,
Mrs. Dorothy Canfield Fisher, Raymond B. Fosdick
, David F. Houston,
Thomas W. Lamont, Dr. Henry Noble
McCracken and Ida
M. Tarbe11. As explained by Mr. Davis,
the Foundation was
established in the fall of 1920 with a view
to "paying an enduring tribute to Woodrow Wilson and
of inspiring this and
succeeding generations to higher endeavo
r by keeping before
them his high ideals and his great
services to mankind." A
permanent endowment was created
through public subscription, the income being applied in "award
s for meritorious
service to democracy, public welfare
, liberal thought or
peace through justice." As Lord
Robert Cecil, the Viscount,
collaborated with President Wilson in the creatio
n of the
League, and, according to Mr. Davis,
the award went to the
Viscount for his taking up and "carrying forward
the standard which fell from the hands
of Woodrow Wilson." In
part Mr. Davis said:
43
No intelligent supporter of the League could do otherwise
than recognize
unreservedly that it is part of the essential sovereignty of
each nation—a
sovereignty which is the very basis of the League Constitu
tion—to settle
for itself what shall belts external policy. That is for America
and America
alone.
The Viscount's address follows in full herewith:
In the first place, let me try to express to you something of the
gratitude
which I feel for the great honor that has been done me by
my becoming
the first recipient of this award. I can very truly and honestly
say that
there is no honor which I should more value in the world than this, and
the
gratification is increased very much by the fact that the award has
been
made to one of my nationality by the very distinguished jurors
that have
had to consider the question. It does seem to me a very fine thing
to have
done. There are, as we all know, many American citizens who
have done
magnificent work for peace, and the fact that the jury should have
looked
outside their own country for the first award shows a spirit of
national
genetosity which is, I venture to say, characteristic of the American
nation
and evidence of the greatness of its spirit. Accept, then,from the bottom
of my heart my warmest, my sincerest, thanks.
Tribute to Woodrow Wilson.
I will not weary you with trying to enumerate the many gratifying
aspects
this event holds for me, but there is one to which I should wish
to allude.
The fact that it is connected with the name of Woodrow Wilson is a
great
element in the pride with which I regard it. I had the privilege
of the
acquaintance, may I not say the friendship, of Mr. Wilson, and
I am not
going to attempt any elaborate eulogy of him to-night. He was
a very
great man. He was a great American and a great citizen of the
world.
There is no title to fame higher than that. He possessed, as we all
know,
a very remarkable combination of the qualities of the student and
the statesman,a rare combination and as admirable as it is rare. It gave to him not
only the cultured eloquence which we all admire, but that capacity
for
action which isn't always found with academic training. But beyond
all
this and beyond many other intellectual and moral qualities
which he
possessed he was by the admission of all an idealist, that is to say,
a man
who set before him some definite object of achievement, to attain which he
thought no personal sacrifice too great. He knew his moments of
great
popularity, he knew his moments of adversity, and through all he
mainTo Woodrow Wilson tnust be
given the chief credit for this organized tained that steady course which the pursuit of ideals alone renders possible.
system of international co-operation, and
I have two pictures of him in my mind which will remain
to Lord Cecil that of collaborating
as long as I
effectively with him in its creation and of developin
g it and making it work. live. One is of his arrival in London after the Armistice. I see crowded
Most of the statesmen since the war have either
been forced or saw fit to streets, cheering multitudes, all the marks of enthusiastic admiration
devote their energies chiefly to dealing with problems
of immediate emer- which have rarely, if ever, been paid by the masses of my fellow-countrymen
gency. Few of them have been able to rise above
the plane of political to one who was not one of their nation. No foreign statesman or foreign
expediency and work for the upbullding of a comprehe
nsive system of potentate has,I believe, ever been received as President Wilson was received
peace. Lord Cecil stands out as one of the few who has
not faltered, nor at the end of 1918, and he was greeted not only for himself but because
doubted, nor retreated, but who. year in and year out, has
worked in all the he embodied the passionate aspiration of the peoples of the world for peace.
fields of international life for higher standards of ethics
and a better under- He was regarded as the apostle of peace and as such he was received in
standing between nations. Being firmly convinced that
if civilization is London, in Rome, and in Paris with unbounded enthusiasm.
to survive it must preserve peace, and that it can only
Then I have another picture of him in a quiet
do so through the
house in Washington, where
free, voluntary efforts of sovereign nations meeting
regularly about a I saw him eighteen months ago. The contrast was striking. He was
common centre to deal with the various problems confronti
broken
in health, he had no longer any official
ng them, Lord
position, his power was
Cecil has not only preached but he has actually demonstrated
the possibilities apparently gone. He received me in private, laboring under grave physical
of reconciliation and co-operation. That the League of
disabiliti
es,
but
his
manner,
his
attitude of mind remained unchanged.
Nations was not
used for purposes other than those for which it was intended,
during those There was the same courtesy, calm and dign:fied, which I had known
first few trying years of post-war reaction, when fear,
prejudice and blind when I called upon him in his Presidential lodgings in Paris and he talked
selfishness were such potent forces, is largely due to
the faith and the to use just as he had talked to me then. And as I rose to take leave I
consecrated efforts of Lord Cecil.
asked him something about my own doings
in this country and whether
Those who have observed at close range the work of Lord
Cecil testify he approved of them. He replied with his usual kindness. Then he
that it was he who tended and kept alive the flame, making
added
these remarkable words:
it flame more
brightly until what had been but a mere faint glow upon
"But remember we are winning: make no concessio
the horizon at
ns." A very striking
armistice time became a source of ever-increasing light
in the practical phrase. I am not here to express agreement or disagreement with its
day to day life of most of the nations of the world.
sense. Some will think it wise and others unwise,
some will think it prudent
In the words of one who nominated him for this award,
"The giving of and far-seeing and others will think it the reverse, but I cannot believe
the first Woodrow Wilson Foundation award to Lord Cecil
will be a deserv- that there will be anyone Who will not admire such an indomitable spirit.
ing recognition of Woodrow Wilson's spiritual successor
by the people who such lion-hearted courage. It is only to idealists that an attitude of that
gave Woodrow Wilson to the world."
kind is possible: devotion to an idea, to somethin
g beyond and above one's
Viscount Cecil in his tribute to the late President
alone makes courage of that kind possible.
stated selfAnd
what was this idea? Peace. Undoubtedly, but it
that beyond the "many other intellectual and moral
was something
qualities more definite and precise than that. It was
rather peace based on the
which he possessed he was, by the admission of
all, an ideal- unity, the solidarity of mankind, the idea that humanity was in the
last
ist, that is to say a man who set before him
analysis one, and that if they could be made conscious
of this unity peace
some definite 'would
be possible.
object of achievement, to attain which he thought
no perI have another recollection of Mr. Wilson. This
time it was in a not
sonal sacrifice too great." Stating that while
the idea to very large room in the Hotel Callon at Paris, a meeting of the League of
which Mr. Wilson devoted himself was
Nations Commission of the Peace Conference.
Very hot and crowded it
undoubtedly peace, was, men
from many nationalities
the Viscount contended that "It was somethi
there, all representatives of the
ng more definite Allies in the great war, still affected being
by
the
mind—ultr
war
a-nationalistic.
and precise than that, it was rather peace
based on the unity, perhaps, one may say of them—and in the course of some discussion Presithe solidarity of mankind, the idea that humani
dent Wilson spoke to them,and to that audience, perhaps
as difficult as it is
ty was in the possible to conceive,
he urged this doctrine of the solidarity of mankind.
last analysis one, and that if they could
be made conscious finishing with a glowing phrase to the
effect
that
future—it might
in
the
of this unity, peace would be possible
." The Viscount de- be the distant future—the time would come when loyalty to humanity
would be as imperative a duty as was now patriotis to one's
clared that he was not claiming "that the League
m
country.
of Nations
It was a moving appeal,
Is the only expression of the
even that unresponsive assembly felt it so.
new conception of international I do not, of course, pretendand
that the idea was a new one. It is, is it not,
solidarity." "On the contrary," he continued, "there
least 1924 years old? Since then many of the noblest teachers, religious,
have at
moral as well as political, have held it, but it was never put forward
been other manifestations of the same spirit
with
in the recent greater force or
greater conviction than by President Wilson. How has it
past, though I am convinced that it is
fared?
only through permanent machinery continuously operating,
such as you have in
the League, that you can hope for a
really effective expression of world unity." The Viscoun
t declared that "It cannot
be too often repeated that the
League is not a super-State.
Its purpose is to promote
international agreement and not
to impose on disputing nations
settlements from the outside." In reciting the activities of
the League Viscount Cecil
stated that "in the last five years
the advance in the direction of international co-oper
ation has been little short of
marvelous." His remarks, among other things,
dealt with
the Corfu incident, the more recent British-Egy
ptian dispute
growing out of the murder of
Sirdar Sir Lee Stack, the
Mosul agreement, etc. Referring to the non-par
ticipation of
the United States in the League, he said that
he had no criticism to make as to this country's attitude "towar
d the
League or any suggestion that it springs from
lack of sincerity or conviction in your horror of war." He added:
Let us look back to the state of things that existed before the
war.
At that time undoubtedly the dominant conception of internati
onal relations was "every nation for itself and the devil take the
hindmost." No
doubt there were exceptions. There had been efforts, such
as the Red
Cross movement at Geneva and the Hague Court of Arbitrati
on, to humanize and even to facilitate arbitration instead of war.
There had been great
international experiments, too, of which the most celebrated
of recent times
was the effort to organize Europe for peace after
the Napoleonic wars—
often misleadingly referred to as the Holy Alliance. That
was a system of
conferences between the great Powers of Europe which did
much for peace,
but broke down in 1822 for want of a definite constitut
ion and continuous
machinery such as that established by the Covenant
of the League of
Nations.
Concert of Europe.
Later there were the arrangements known as the Concert
of Europe for
dealing with the affairs of Southeast Europe—a very
vague and formless
system which yet did something for peace while it
lasted. On this side
of the Atlantic, too, there was the Monroe Doctrine,
which has been of
great, if limited, value for the same cause.
But these were essentially exceptions. The general
international rule
was the crudest form of the strfiggle for life.
Unrestricted international
rivalry was preached almost as a duty irrespecti
ve of the obvious fact that
the only logical outcome ofsuch a doctrine was war,
sooner or later. Inter-
44
THE CHRONICLE
[VOL. 120.
Davis was able to present for adoption a solution which bids
national anarchy diversified by war was, broadly speaking, the pre-war over by Norman
fair to be permanent.
system. No one can doubt the evil of that state of things.
Corfu Incident.
It was portentous, menacing to civilization itself. Its danger had been
I mustn't forget in this connec6lon to deal with one or two questions In
demonstrated to all but the blindest by the World War,and it was obvious
attained.
that if it was to be cured or even mitigated, some new conception of which It has been alleged that the same success has not been
that inciinternational relations, some insistence on the real unity of mankind, must There is the Corfu incident of last year. I think, so far from
of
successes
distinguished
so
most
dent being a failure, it is really one of the
be pressed upon the world. Nor was the success of such an enterprise
hopeless as some may think it at first, for, after all, the desire for unity, the new international conception.
Here was a case of a bitter quarrel between two nations caused by an ocfor corporate life is one of the strongest of human instincs, as strong as the
Italian ofopposite instinct of competition. We see it at work in a thousand forms in currence of the most deplorable character, the murder of four
of
ficers on Greek territory. It was the kind of case which in the past had
our national life. It is the basis of a vast number of our institutions,
embitterment of
our schools, our colleges, our States, our nations, our churches, and it often produced, if not actual war, at any rate prolonged
as that
doesn't seem in itself impossible that this great force should be used to international relations. After all, it was just such an incident
which gave rise to the World War itself. Yet in a very few weeks the
bring about an increased solidarity of mankind.
internaanother
by
partly
Obviously, if that is to be done, the first thing is to foster international matter was adjusted, partly by the League and
co-operation by all means in our power. Do not mistake me. That is not tional body, the Conference of Ambassadors.
to weaken patriotism. There is no opposition between this conception of
League Not a Super-State.
International co-operation and that of patriotism. Indeed, no man will be
Let me here stress one point. It cannot be too often repeated that the
a good citizen of the world unless he has shown himself a loyal and devoted
is not a super-State. Its purpose is to promote international agreecitizen of his country. The nations can only unite with one another if they League
not to impose on disputing nations settlements from outside. It
and
ment
are already firmly united in themselves.
matters nothing through what agency that agreement is reached. SomeLeague Only Expression of New Conception of International Solidarity.
times the parties may agree to accept the decision of the Court of Justice.
Nor am I claiming that the Leaguo of Nations is the only expression of In other cases the Council itself will seem to them a more suitable tribunal.
the new conception of international solidarity. On the contrary, there Or It may be they will select, as in the Corfu case, an arbitral or mediatory
The
have been other manifestations of the same spirit in the recent past, though body of a different character. That is for the parties to settle.
I am myself convinced that it is only through permanentmachinerycontinu- ,League's function has been discharged when it has brought them together
WO.
ously operating, such as you have in the League, that you can hope for a and put them on the road to agreement, and that function was most
actually
really effective expression of world unity. That is why I am so profoundly ceesfully accomplished in the Corfu case. Whether the solution
of
difference
a
of
subject
the
or
be
one
not
may
ideal
the
an
of
arrived at was
convinced that Mr. Wilson was wise in insisting that the Covenant
the
League should form the first part, the essential foundation—at once the opinion. But the broad fact remains that peace was preserved, that
relations between
corrective and the basis of the peace treaties signed at Paris. But the integrity of Greek territory was maintained and that the
principles which underlie the Covenant extend beyond its actual terms, the two countries suffered only a passing shadow.
of
and in what I am about to say I shall pray In aid of all recent examples
Anglo-Egyptian Dispute.
international co-operation, whether tho fruit of the League machinery or
Quite recently there has been talk of another question which has been
outlook
widest
the
movements
world
of
survey
a
attempting
not. For in
thought to have some resemblance to the Corfu incident. I mean the
is the best.
question of Egypt. There, too, a horrible murder took place, not in a
Let me say at once, with great confidence and profound conviction, that
remote mountainous district but in the streets of Cairo as the climax of a
In the last five years the advance in the direction of international co-operaagainst foreigners and especially Englishmen.
Much of the work has been series of outrages directed
tion has been little short of marvelous.
Demands were made by England in consequence of the murder and ultidone so smoothly that it has escaped notice. and I am not going to attempt
was
mately accepted by the Egyptian Government, and people asked why
to try even your patience by a complete catalogue of what has been accomupon to intervene. The answer is simple enough.
called
League
the
not
of
extent
great
the
light
to
bring
plished. But even the broadest survey will
relations
The League is there to deal with international relations not with
the work and how it has touched every branch of international relations.
the national administration of any country. Relations between
Some one told me the other day that in the first eight months of this affecting
England and Egypt are of a very special character. Till 1922 Egypt
year no fewer than seventy-six international conferences and commissions
came
was under the protectorate of England, and when that protectorate
of
typical
is
That
topic.
of
have met at Geneva, dealing with every sort
of
end certain questions were reserved, including the protection
an
to
for
instance.
Take,
years.
five
last
the
during
on
going
been
has
what
by the
lives and properties of foreigners in Egypt, to be dealt with
what may be called the social relations of nations. It is much, surely, to the
some
until
British Government as though the protectorate still existed,
therehave rescued from Imprisonment and banishment some 450,000 prisoners
further agreement was made between Egypt and England. When,
of war and restored them to theh homes:to have liberated many hundreds, if
terrible murder of Sir Lee Stack took place it was part of the
the
fore,
in
harems.
interned
been
had
who
women
Christian
of
not thousands.
whatever
national obligations resting on the British Government to take
safety of its
Repatriating Russian Refugees.
steps it was advised were necessary in order to secure the
ask you
to
propose
not
do
Much, too, has been done in taking care of and -repatriating tens of own nationals and other foreigners in Egypt. I
was right, though
thousands of Russian refugees, and I might prolong the list of such under- to consider whether everything that was done and said
can be justly
I am myself confident that in broad substance no objection
takings considerably.
Or take the questions of health. It is by co-operation of the nations of raised to British action.
as a matter
and,
matter,
But the point is that it was not an international
the world that the epidemics threatening Europe from the war-swept areas
British and the Egyptian
of Eastern Europe have been prevented. By the same agency is being offact, there was not even any dispute between the
Egyptian Ministry resigned
carried out the valuable inquiries into such diseases as malaria and cancer, Governments on the subject. True,the existing
succeeded by another
the standardization of biological remedies such as sera and the interchange after granting part of the British demands. But it was remainder. Interthe
of medical officers among the nations of the world so that they shall learn Ministry constitutionally appointed, which accepted
representative
British
the
so
even
Yet
what has been done in other countries to cope with the problems which they nationally the incident was closed.
accordance with the
on the Council of the League felt that It would be in
also have to meet.
offer to lay before the
Or among the humanitarian activities of the League, take the struggle new spirit of international relations publicly to
account of British action in
with that very difficult and complex question, the suppression of the traffic Council of the League a full statement and
be done.
should
that
in noxious drugs such as opium and cocaine. Even now, as we know, an Egypt if any member of the League desired
progress
To my mind, that is one of the most striking testimonials to the
International conference is sitting and whatever its difficulties may be I
taken place. Here was a
am confident -it will obtain important progress in that arduous struggle. of the idea of international unity that has yet
which
the
to
as
the League
Nor does opium stand alone. There is the still more terrible evil of the matter admittedly outside the cognizance of
explanations, because it
traffic in women and children, where much that has been of the greatest British Government was none the less ready to give
and position of the
Importance has already been achieved, and I hope the day is not far distant desired to pay tribute to the international authority
being flouted, as
when that blot on our civilization will be merely an evil memory. So. too, League Council. So far from the authority of the League
and emphatically
with the troublesome and disgusting problem of obscene publications. In- some have Ignorantly suggested, it has been openly
ternational agreement has been arrived at and effective steps are being endorsed.
Closely allied with these strictly political questions have been a number
taken to limit that pest, so far as it is international in character. In this
refer, of course, to
connection the recent appointment of a commission to inquire into the posi- of other activities of a politico-economic character—I
the great and so far brilliantly successful efforts for the reconstruction of
tion of that hoary evil of slavery should not be forgotten.
There the
Hungary.
in
Austria and the not less successful proceedings
In the Economic Sphere.
of international co-operation has been used in order to bring
principle
first,
the
of
One
done.
been
has
much
So, too, in the economic sphere
assistance to struggling members of the family of nations; in Austria by the
steps taken was the general economic conference at Brussels to examine international guarantee of a loan coupled with provisions for there habilitathe economic problems of the world left by the war, and on tho basis of tion of Austrian finance:in Hungary by utilizing the international machinery
that examination most of the work that has since been done has been built. In order to restore to that country financial credit and confidence without
There have also been conferences to facilitate international transit, to sim- any guarantee.
plify and standardize the laws about such matters as bills of exchange
Financial Difficulties of Greece.
bring
and commercial arbitration. And even an attempt is being made to
Perhaps an even more strildng instance is what has been and is being
about an agreement to reform the absurdities of the calendar.
accomplished in Greece. There a State not in serious financial difficulties
I merely give these as examples which oculd be considerably extended
kind was suddenly faced wish the terrific problem of providing for a great stream
and which show how far international co-operation in matters of this
per- of national refugees equal to one-quarter of its whole population suddenly
is going. More attention has been paid to other activities, which are
its shores by the fortune of war.
haps in themselves not more valuable than those to which I have referred thrust upon
The League, for it was done through the League, used its machinery to
—I mean the political questions that have been submitted to the new methods
confidence to the world that money lent to Greece would be applied In
and new spirit. There was the peaceful and successful settlement of the give
reproductive work for dealing with this great problem. As In Hungary,
controversy between Sweden and Finland about the possession and governwe have had the assistance of distinguished American citizens to direct the
ment of the Aland Islands. There was the adjustment of the serious diffiin the country itself, and it has been to me extraordinarily
culties between Albania and Serbia, which stopped the invasion of Albania operations
striking that when the recent loan to Greece was put upon the London
and for a time at least restored harmony to those two countries.
market it was recommended to the investors mainly upon the ground that
Controversy Between Poland and Lithuania Over Vilna.
since the League was taking an interest in its administration they might be
There was the less complete solution of the controversy between Poland satisfied that the money would not be wasted. I do not know how the loan
actual went here, but in London It was subscribed fifteen times over within a
and Lithuania over the possession of Vilna, which at any rate stopped
Silesian couple of hours of its being offered.
hostilities, and there was the much discussed settlement of the
said
be
may
whatever
which,
question between Poland and Germany,
Dawes Report.
about some of its features, is In practice working smoothly and well.
work acThere has, of course, been also the greatest of all the international reconMore recently we have seen an admirable piece of international
efforts, that for dealing with the reparation question in Germany
complished in the settlement of the Government of the territory of Memel, struction
contributed by his tact and which was the subjec6 of what is called the Dawes report. While the forto which our Chairman to-night so splendidly
Dawesreport and the plans for making it effective were quite
wisdom. That was a controversy which had troubled Europe for two or mulation of the
settlement. outside the field of the League, nevertheless the members of the Dawes
three years and had defied the ordinary diplomatic methods of
success the contribution of the American delegates was
whose
it,
(to
unity to
committee
Yet, applying the new spirit and principle of international
so invaluatle) have themselves pointed out that their plan
bringing it into the atmosphere which prevails in Geneva when the repre- so great and
upon principles established in the cases of Austria and Hungary,
sentatives of nations come together, not to-obtain victories oser one another. was built
difficulties of the Memel which came under League supervision. To my mind, what I hope will be
but to secure agreement—in that atmosphere the
preside:
the great success of the Dawes scheme is just as much a result of the new
question rapidly disappeared and in three months the commission
JAN. 3 1925.)
THE CHRONICLE
45
International conception for which Woodrow Wilson stood
as anything that four years. Last year
a preliminary proposition was made, called the
has been done by the League itself.
Draft Treaty of Mutual Assistance, the
object of which was to secure:
•
Agreement on Mosul.
First, a general acceptance of the principle that no aggressiv
e war should
Before I part with these political questions, there
is one about which a be tolerated: secondly, that there should be a general scheme of interword should be said, and that is the question of Mosul. In
that case the national disarmament in return for, thirdly, a promise by the disarming
two parties, Turkey, which is not yet a member of the League,
and Great nations to protect those who disarmed loom suffering for their action. Ttds
Britain have agreed to refer the delimitation of the northern
frontier of proposition was replaced this year at Geneva by a new one called the
Mesopotamia to the Council of the League. The Council,
following what protocol, which included,in addition to the general principles of the previous
is becoming a common practice, has referred the technical
question to a scheme, the idea of compulsory arbitration for all international disputes.
small committee presided over by Count Teleki, an ex-Prime
I am not going to assert that a solution of
Minister
these very difficult matters
Hungary,
of
which will make an inquiry on the spot and
report to the has been yet arrived at, but it is truly a great step forward that any scheme
Council. I am glad to say that both countries have already
agreed to ac- with that object should have been accepted by the representatives of
cept the decision of the Council, whatever it may be—a good
example of the 47 nations represented not by mere "cranks and crocheteers," but by
growing power of the new spirit.
the foremost statesmen of the 47 nations concerne
d. I am not at all
Finally, there is one branch of international political
activity of great and disturbed by the slowness of the advance toward the solution of this
growing importance. By a number of treaties signed
at Paris and since, question. Pt is, of course, the very heart of the matter. Disarmament
most of the Central European States have come under
an international ob- is the goal to which all intelligent lovers of peace must desire to tend,
ligation not to discriminate against racial and
linguistic minorities within but the difficulties in the way are prodigious and it will need all the new
their borders. These treaties constitute a charter
of freedom for some spirit of which I have spoken to secure success. To me the fact that
40,000,000 people in those countries, and its execution
is entrusted to the the problem is taken seriously and is now being grappled with is in itself
supervision of the League. A delicate function: judge
to
between a Govern- an inunense encouragement and I look confidently forward to substantial
ment and a section of its subjects.
advances being actually secured in the course of
the next few months.
An organization has been created at Geneva which
Well, ladles and gentlemen, if I haven't wearied
receives complaints,
you and you have
circulates thorn to the members of the Council, and,
if endorsed by any been able consequently to follow what I have tried to say. I am sure you
member of the League, an inquiry takes place.
The object, as always, will agree with me that we who believe in peace and still more believe
is a settlement and not a victory, and every effort
is made to secure an that it is a cause worthy of our utmost exertion have much to be thankful
agreement between the parties—sometimes the
Court of Justice is called for. Especially may those take courage who have felt the inspiration
In to advise an any legal points involved. In
all cases the Government of the great ideal for which Woodrow Wilson was content to sacrifice
complained of is given the fullest opportunity
to deal with the complaint his health, and alas, oven his life. The advance which that ideal has
in the first instance. Sometimes a hearing takes
place before the Council made during the last five years has been greater than that of any similar
In the end in every case some settlement—not
satisfying, perhaps, every human movement with which I am acquainted. We have to encourage
one, but approximating to jtcstice—is arrived at. Not
long ago, as a result us a record of great and even marvelous achlovenemt, and we may look
of such methods,' a State paid over $500,000
as compensation to certain forward to an even greater promise for the future.
farmers of a minority race who had been unjustly
Nor must it be thought for an instant that in recounting that great
expelled from their farms.
work done by the League I have overlooked the splendid contribut
Greek and Bulgarian Agreement Regarding
Aliens.
ion
made by America in recent years, as always, to the cause
Hero as in other matters the new spirit is making
of world peace.
way. The League I have
representatives grow in authority and confidenc
already alluded to the Washington conference on reduction of naval
e. Let me give you an in- armament
s, to the success of which Mr. Secretary Hughes and other disstance. By an arrangement between Greece and Bulgaria,
alien population tinguished
American statemen made such an invaluable contribution.
of the two races in each country are to be exchanged,
and the work is pro- Nor have I
failed to note the splendid work done by our Chairman of
ceeding under the supervision of two commissioners
appointed by the to-night and
by other individual Americans in the cause of world reconLeague. Recently a minorities treaty came into force
in the same districts struction,
and other beneficient activities of international organs and
and the Governments agree to entrust tho same commissi
oners with the agencies.
supervision of the rights and obligations under these
treaties also.
I must hurry on, but I cannot omit without any mention
United States and the League.
the great interWe in the Old World have never failed
national institutions which have sprung up as part
of the general scheme
to recognize the strength of
of international co-operation in close connection
American devotion to peace and good-will
with the League. There
among the nations of the world.
We know that you plan no conquests
is the International Labor Office, which aims at establish
, that you nurse no ambition for
ing standardized
labor conditions of employment all over the world,
territorial expansion. The unguarded Canadian
so that no advantage
frontier is a proof that
shall accrue to any country by inhumane exploitat
we have no fekr of American militarism.
No nation in the world has
ion of labor.
stood so consistently for peace as yours.
Court of International Justice.
Nor will you hear from me one word of criticism as
There is the Permaneat Court of International Justice,
to your attitude toward
where we have at the League or any suggestion that it springs
last seen the fruition of ideas and efforts long
from lack of sincerity or conand hitherto unsuccessfully viction in your horror of war. No
intelligent supporter of the League could
made to create a genuine international court of justice.
It is functioning do otherwise than recognize unreservedly
that it is part of the essential
with remarkable success and has already disposed of
a number of inter- sovereignty of each naticn—a sovereign
ty which is the very basis of the
national controversies which would otherwise have
created a festering sore League Constitution, to settle for itself
what shall be its external policy.
in the common life of the nations of the world. Then there
is the Mandates That is for America and for America
alone.
Commission, where you have now a skilled international
We of the League have our task. We believe
body to whom
that to us has been entrusted
annual reports are presented on the administration of
a number of terri- a great mission for peace. We see that much
has already been done and
tories inhabited by less advanced peoples and where the
principle has been that still more remains to be accomplished.
The seed planted by Woodrow
accepted that the administering country is the trustee of
its powers for the Wilson and his colleagues at Paris has already grown
and flourished beyond
benefit of the inhabitants themselves and for the interest
of the world the most sanguine expectations. Let it be ours to foster
its growth, and,
at large.
not wasting our time in criticism or regret, let us press forward
toward that
I wish I had time to describe more fully the work of the Mandates
Com- glorious prize which even now seems almost within our grasp.
mission, but any one who has read their reports will agree
with me that the
sober, impartial, practial spirit that pervades them
The
bronze
medal
which was part of the award, is 10
is of the happiest
augury for the future of this very interesting
Inches in diameter and was designed by Ivan Mestrov
experiment.
ic, a
Quite recently two other very interesting internati
onal experiments have Jugoslav sculptor
been begun. By the generosity of the
. • The following description of the medal
French Government an institution
fostering intellectual co-operation is to
is
from
the
New York "Times":
be established under the auspices
of the League at Paris. Already valuable
work has been done by some of
The symbolic figure of Wilson in the centre is drawn
the chief thinkers of the world in meeting
to convey the
together to discuss international artist's sense of the War
President's chief attributes—wisdom, justice and
intellectual problems, and this new institute
is to strengthen and co-ordinate love of humanity. Around
the rim are the three words, sapientia, justitia
their exertions.
and caritas and below the words Lex Mundi—the law
Further, at the last Council meeting the
of the world.
Italian Government offered to
On the reverse side of the medal is the inscription "Woodro
establish an institution, also under the
w Wilson
League, for considering the pros- Award. To Viscount
pects of the unification of private law.
Cecil of Chelwood for meritorious service in the
This is not the codification of cause of internati
onal co-operation and the establishment of peace through
international law. But that object, the
dream of so many an idealist, has justice. New
not been forgotten. It is a difficult
York, Dec. 28. MCMXXIV."
question, but a beginning has been
made.
A replica of the medal will be presented each year to the
At the last Assembly a small expert
committee was appointed to study
what subjects of international law are ripe
winner of the $25,000 award.
for codification. The lines to
be followed are somewhat those laid down
At the home of Thomas W. Lamont in this city on Dec.
by Mr. Ellhu Root in the com29
mission which drew the statute of the Internati
onal Court in 1920. Here, Viscount Cecil in an intervi
too, wc have American help in the person
ew with newspaper men spoke
of Mr. George Wickersham, so
that the work will proceed under the aegis of two
further regarding the League and its objects, the New
American jurists of more
York
than national reputation.
"Times
" stating that it was suggested that Great Britain
Here surely is a splendid record of five years'
work. Not that any of appeared to be on
the point of rejecting the Geneva protocol,
us should be satisfied that all that could be done
has been done. There
are great and outstanding questions still to be tackled
making aggressive war a crime and looking toward disarma
and none greater
than that of armaments. Here too many efforts have
been made mainly ment, that paper, in its account saying:
on two lines. One is to control the traffic in arms.
Certainly it is a paradox of a startling character
British Government and Protocol.
that we should recognize that the deallng with such things as cocaine and
"I do not think that is correct," he
opium is so dangerous
said. "It is true that Great Britain
to humanity that it ought to be the subject of internati
has asked for a postponement of the
onal control, but
discussion of the protocol, but it should
we have made very little effort so far to supervise
even in the most ele- be remembered that the protocol makes a very considerable change in intermentary way the international trade in instruments expressly
national affairs. The new Government, of
which I am a member, in the
designed to
slaughter and mutilate our follow-men. However, as
the result of very very ancient office of Chancellor of the Duchy of Lancaster—not quite
laborious negotiations there does seem a hope now that
sinecure,
but
its
official duties are small—the now Government, I say,
a conference will
has
meet in the coming year, if possible, to agree upon the very
not had time to examine the
protocol and has asked, and I think rightly
important step
of securing publicity for international transactions in articles of
asked, that the time be extended several months
this charto give her time to examine
acter. That will be at any rate a beginning.
it. The Government is anxious to consult
the Dominions, and of course
the Dominions have a right to be heard."
Limitation and Reduction of Armaments.
"I can assure you," he added with emphasis,
when told of press reports
Then with regard to the larger problem of the limitatio and
n
reduction from England that Great Britain had decided to reject the protocol.
"that
of national armaments one great step was taken by the conference at
the
British Government has taken no action on the protocol."
Washington which has resulted in the limitation of battleships among the
The questioning then turned to the situation that has develope
chief
d over the
naval nations of the world. That is a very important precedent,
though, reported discovery of hidden arms in Germany and the announcement
that
of course, it only deals with a fraction of the naval part of the
problem. the Allies would not evacuate the Cologne bridgehead on Jan. 10 and
turn
There remains the rest of the naval t.roblem. cruisers and submarin
over to the League of Nations on that date the problem
es,
of
the
complete
and the whole of the land and air forces of the world to he dealt with.
disarmament of Germany.
"Of course it is a matter that has nothing to do with the
Draft Treaty of Mutual Assistance.
League now."
In this matter the League and other international agencies cannot be Viscount Cecil said. "The treaty of peace provided for the disarming of
charged with indifference. They have been working hard at it for the last Germany and for the progressive evacuation of occupied territory. If
Germany met the conditions the armies of occupation
were to withdraw a,
46
THE CHRONICLE
[VOL. 120
3100.000
five years less of over-subscriptions, although State quota should not exceed
certain distance five years after the signing of peace, still further
.
over
subscription
machinery
The
years.
five
another
after
after that, and again withdraw
FRANKLIN NATIONAL BANK.
by
for the disarmament of Germany was not created by the League. but
work of
before the Senate Committee of John B.
testimony
The
the treaty. It consisted of an Inter-Allied Commission. The
that commission was interrupted for some two years because of the situa- Cochran, President of the Franklin National Bank; Samuel
tion arising from the occupation of the Ruhr, but it was recently resumed.
in- M. Thrift, Assistant Cashier of the same bank, and Thomas
These matters have come up since I left England, so that I have no more
formation than you have. There appears to be reason to believe that hid- P. Dowd, Manager of the Postal Telegraph Co. at Washingden supplies of arms have been found in Germany. I believe the Interton, was reported in dispatches from the New York HeraldAllied Commission has not made its formal report, although its members
is Tribune's Washington Bureau Dec. 17, which read:
report
that
when
but
,
Governments
respective
their
to
reported
have
The other messages were similar and addressed to the Federal Reserve
made the Allies will decide whether Germany has lived up to the treaty and
The one to
whether the question of supervision shall be turned over to the League when banks at Minneapolis, San Francisco and Kansas City.
to San
Minneapolis referred to "General Motors Co. draft." The one
the first five-year period expires, which will be on Jan. 10."
that to
Some one asked what tho League thought about the admission of Germany Francisco referred to "Standard Oil Co. of New York draft" and
Kansas City referred to "General Electric draft."
to membership.
The first witness called was President Cochran of the Franklin National
"The League," Viscount Cecil said, "is a collection of Governments that
that
s
Government
the
what
Bank. His denial was as sweeping as possible.
belong to the League. It can only think
"There were no such telegrams sent," he said.
belong to it think.
He explained that his bank was in the Fifth Federal Reserve District,
"Personally," he went on, "I think it of the greatest importance to the
to
seem
what
see
whose bank is at Richmond. He said a national bank could have no comworld that Germany come into the League. I regret to
My
accepted.
being
from
her
munication with a Federal Reserve bank outside of its district without
be mere subterfuges advanced to prevent
own feeling is that it is immensely probable that Germany will be admitted special permit and that the Franklin National Bank would have to transfer
money through Richmond.
to the Assembly and the Council."
"We could not do it directly by wire," he added.
Of Ireland and Egypt, Viscount Cecil said that the agreements that
standing.
international
of
granted them independence were not agreements
Whole. Thing a Fabrication.
Imperial
the
than
better
be
will
Nations
of
"I won't say the League
He said that no such telegrams ever went out from the Franklin National
mean is
conferences," he remarked in answer to a question. "What I
a dollar by
the Bank on Oct. 21 or any other date, that the bank never sent
that it will provide the opportunity for free discussion that will be just
and that his bank had no account with the Republican National
that
method
the
of
nationhood
growing
the
thing needed for the problems arising out of
Committee.
Dominions."
"The whole thing is a fabrication," said Mr. Cochran.
Again and again he was questioned about the American position.
Mr. Thrift came before the committee with a file of the bank's telegrams
of
impertinent
"I cannot discuss that." he would reply, or "It would be
for six months and said that no such telegrams had ever been sent by
me to make any suggestions to America."
the the bank.
Once he said,"I have never advocated that the United States go into
Mr. Dowd told the committee he had searched the records of his office
League."
In Washington in October, at the instance of Senator Borah,in the presence
.
of a representative of Frank P. Walsh.
Dowd.
"No such telegrams were sent out of Washington," said Mr.
Senator La Follette's "Slush Fund" Charges Dropped
by Senate Committee.
The allegations of Senator Robert M. La Follette, prior
to the Presidential election on Nov. 4, that a "slush fund"
was being collected secretly by th e Republican National
Committee for the purpose of "buying the election in doubtful States," fell flat on Dec. 16 when both prosecuting
attorneys, Samuel Untermyer, of this city, and Frank P.
Walsh, of Kansas City, failed to put in an appearance before
the Senate Investigating Committee, which met at Washington to resume its hearings of Senator La Follette's charges.
A statement was read from Mr. Walsh, who expressed a
desire to drop the charges. The Senate Committee, presided
over by Senator Borah, of Idaho, adjourned without taking
any action regarding a report to the Senate.
Throughout the hearings of the case, which arose Oct. 8,
when Senator La Follette in a speech at Scranton, Pa.,
accused the Republican National Committee of seeking to
"buy over" doubtful States, no evidence was presented
bearing out the Senator's allegations. Men of high standing
in the political, financial and business worlds were called
before the Senate Committee, and the names of John D.
Rockefeller, J. P. Morgan, Judge Gary, W. T. Mellon,
Edward T. Stotesbury, Joseph R. Grundy, Samuel M.
Vauclain, S. D. Warriner and others were brought in as
being connected in divers ways with the formation of the
alleged "slush fund." A sugar trust, bread trust, railroad
companies, banking institutions and manufacturing companies were vaguely spoken of as lending financial aid to the
fund. The reputed size of the fund did not remain stationary. It rose from Mr. La Follette's estimate on Oct. 8
of "between $4,000,000 and $5,000,000," to Mr. Walsh's
estimate Oct. 18 of $10,000,000 (and later that day to
$12,000,000), while finally on Oct. 27 Mr. Walsh, sp; aking
before the Senate Committee, put the Republican campaign
fund at $16,000,000. On Oct. 28, according to official
reports made to the Senate Investigating Committ,,e, the
Republican campaign receipts totaled $2,829,990 33, and
expenditure $3,451,323 28.
The investigation was carried over the election period in
order to provide time to probe the mystery surrounding
telegrams dated Oct. 21 involving alleged Federal Reserve
Bank financing of the fight to elect President Coolidge,
reported to have come into the possession of Senator La
Follette. The telegrams, it transpired Dec. 16, were said
to have been sent from the Franklin National Bank to the
Federal Reoerve banks at St. Louis, Kansas. City, Minneapolis and San Francisco. They were branded as forgeries.
Following is a copy of the alleged message to the Federal
Reserve bank at St. Louis:
Washington. D. C., Oct. 21 1924.
To Federal Reserve Bank, St. Louis. Mo.:
notes
The Treasury Department desires issuance by your bank reserve
in possession
up to but not exceeding $250,000 against U.S. Steel draft now
amount
any
sum
principal
from
of Treasury Department. You may deduct
figures. Exnecessary to bring State quota deficit, if any, up to original
to augment
pedite remainder to National Treasurer Wm. V. Hodges
in Eastern
victory drive. Unprecedented contributions creating surplus
regarddivision
Western
over
division which makes it necessary to distribute
Bribery Charges in Connection with Postal Salary Bill
—Six Postal Officials Suspended—Clerk of Senate
Post Office Committee Discharged.
The charges connecting a member of a Senate Committee
to
with the acceptance of a bribe in order to use his influence
President
Bill,
Increase
Salary
obtain passage of the Postal
next
Coolidge's veto on which will be voted on in the Senate
ofpostal
prominent
six
of
suspension
the
in
week, resulted
ComOffice
Post
Senate
the
ficials, the discharge of a clerk of
Office
mittee and the resignation of a clerk in the House Post
yesterday
public
made
report
a
to
Committee, according
and In(Jan. 2) by Inspector C. H. Clarahan of this city,
invesan
conducted
who
,
Milwaukee
of
Bates
M.
R.
spector
reported
we
issue
week's
last
In
tigation into the charges.
following an
a decision of the Department of Justice, which,
Thereviolated.
been
had
law
no
that
investigation, stated
upon Postmaster-General New obtained from President
Coolidge an order for a thorough investigation into the matter
the susby the Post Office Department. The following are
pended employees and the two clerks involved:
New York City, who
Peter McGuerty, acting Superintendent of Malls,
cashier, Boston,
has been in the service 27 years; James M. Greig, postal
Detroit, in the serin the service 17 years; Peter Wiggle, acting postmaster, Springfield, Ohio,
vice 24 years; Harvey M. Little, assistant postmaster,
mails, Louisville,
In the service 25 years; J. J. Yields, superintendent of
superintendent of delivin the service 33 years; William Sansom, assistant
Senate employee
ery, Chicago, in the service 36 years. The discharged
Committee.
was E.H. McDermott,assistant clerk of the Senate
that he
Frederick C. Riedesel, clerk of the House Committee,announced
had resigned.
The suspended officials, it is stated, are members of the
executive committee of the National Association of Postal
Supervisors. In brief, the inspectors' report charges that
E. H. McDermott was instrumental in securing the appointment of McGurty, Little, Sansom and Felds to assist the
Congressional Committee in preparing a bill providing for
increases in salaries of post office employees. It is alleged
that E. H. McDermott received $2,585 from the suspended
officials to act as "their paid representative at Washington,"
and according to the report "the executive committee made
a present of $1,000 to Mr. Frederick C. Riedesel, clerk to the
House Committee on Post Offices and Post Roads, who had
also furnished them information from time to time and who
was evidently favorable to their cause."
Senate Committee Approves Bill for Increases in Postal
Rates—Second Class Matter Charged Less than in
Original Proposals.
The Sterling-Paige bill providing for higher postal rates
to counterbalance a proposed increase of $68,000,000 a
year in the Post Office Department's expenditures, was
approved by the Senate Post Office Committee yesterday
(Jan. 2), and will be presented in the Senate by Tuesday
(Jan. 6), according to advices received from Washington,
per Associated Press. The rate increases recommended on
second class matter are considerably less than those originally
proposed. The advices ran as follows:
JAN. 3 1925.]
THE CHRONICLE
The measure will be presented
in the Senate before Tuesday, when the
vote on President Coolidge's veto
of the Postal Salary Bill comes up.
Rate increases recommended
by the Post Office Department were reapportioned so second-class mail
will be charged considerably less than
originally proposed.
The bill would be effective April
15 and terminate Feb. 15 1926. It
provides, however, for creation
of a Joint Congressional committee to
conduct hearings on the rate
increases and report to Congress by the first
week of the next regular session.
47
wherever they go throughout the
world, in the realization that they are not
serving selfish interests but seekin
g to advance the knowledge of mankind.
Foreign Policies of America and
Britain Are Deter• mined by Geographical Posit
ions, According to
Sir Esme Howard—Upholds United
States
Policy of "Aloofness."
Souvenir Cards Two Cents.
Speaking before the American Politi
The new measure provides for a
cal Science Associaflat
class mall devoted to reading matter IX cents a pound rate on all second tion at Washington on Dec.
, instead of two cents, as first proposed
29,Sir Esme Howard,the British
by the Post Office Department. The
present rate is 1 M cents on all matter Ambassador, contrasted American
except that devoted to religious,
foreign policy with that
educational or non-profit material, which of Grest Brita
is now charged 1 Wi cents a pound
in. He voiced the belief that the United
.
The eight zones for mail with
advertising matter are grouped under the States' policy of "aloofness" was required by her geographic
new bill into three divisions with
al
rates of threg cents a pound in the first position, while Britain, also
because of her geographical posithree zones, six cents a pound
in the fourth, fifth and sixth zones and tion,
"cannot hold altogether aloof from a leagu
eight cents a pound in the last two
zones.
e for peace
This results in a slight increase
in the first two zone rates over the present any more than she could formerly hold
aloof from the
law and a reduction in the
last three zones, but is less in the latter
syste
m
of the balance of power." Sir Esme Howa
zones
than proposed by the Post Office
rd, whose
address was entitled "British Policy and
The proposed increase of half Department.
a cent on drop letters and postal cards is
the Balance of
eliminated, but private mailing
cards and souvenirpostal cards are advanced Power," in part stated:
from one to two cents.
For the moment there is no power which
threatens Europe with dominaThe limit on weight of third
class mail is reduced from eight to four tion—for I think the latest danger, that of a Russia
ounces and the rates increa
n Communist domination,
is practically at an end. It was no
sed in this class proposed by the Department
doubt
far more serious than most
retained.
European statesmen would care to admit
from
1918
to 1920, but it ended.
Present rates on advertising
believe, when the Bolshevik hordes were
defeated before the gates of'
matter in publications are: IWarsa
w in August 1920.
First and second zones, 2 cents
a pound; third zone, 3 cents;
Now it seems to me that unless we want
to return
fourth,5 cents; fifth,6 cents;
the old system
sixth, 7 cents; seventh,9 cents, of the balance of power, with all its attendant dangersto
of competition in
and eighth, 10 cents.
armaments and inevitable wars, we must find
something to take its place:
otherwise there is,I fear, nothing to be done
but to return to the old hopeless
condition, which means ruinous expense
in armaments, with the spectre
Secretary Hughes on Prom
of
war at the end, disastrous both to victors
otion of International Coand to vanquished.
Operation by Means of Scien
tific Methods.
Says England Can't Hold Aloof.
"Some Aspects of International
choice rests, so far as I can see., betwee
Co-Operation" was thq of Our
n returning to the balance
power in Europe or a league conclu
title of an address delivered
ded for the proper establishment of
by Secretary Hughes at the quiet and peace.
annual meeting of the Ameri
We must remember Englan
can Association for the Add is a European power by her geographical
vancement of Science, held at Washi
position and nothing can alter
that. She must shape her policy to fit in
ngton, Dec. 29. Sec- with that
domina
ting circumstance. Therefore a league
retary Hughes discussed the need
for peace and quiet,
for an application of the or shall we say for arbitr
ation, security and disarmament, in Europe, is
"methods and revelations of science"
bound to affect her very closely
to the promotion of any
. She cannot hold altogether aloof from it
more
international peace, to the attainment
of sound govern- of power.than she could formerly hold alooffrom the system of the balance
mental economy, and to the developmen
America, which has the geogra
t of a "sense of
phical merit of being 3.000 miles away
mutual interest and obligation" amon
has no fears for her security, can
g all peoples. The and
hold aloof, and in my humble opinion
neithe
r of us has the right to criticize
Secretary of State said in part:
the other for doing what its geographical position requires. But I
We are deeply interested in the
would
ask Americans to try to understand
promot
ion of peace. But there are only that the position
two methods by which we
of Great Britain is by far the
really may assure peace. The one is the long
more difficult of the two.
Every man in the British Isles
and difficult process of drying
desires the closest understanding with the
up the sources of controversy, of getting rid United States
in some amicable fashio
. That is a cardinal princip
n of actual causes of difference. The other is by main
le of our policy and must reso.
developing new and enlarged concep
tions of national interests and thus
One of the principal duties
avoiding the strife due to narrow and
of Great Britain in the future, as it seems
artificial concepts, by mutual appre- to me, must be
to explain and interpret the
ciation of the advantages which
necessities and the difficulties of
will accrue by purusing paths of peace and Europe to
America and the overseas domini
by an adjustment of our intern
ons, while at the same time
ational relations more in sympathy with the working in
Europ
e for an enduring peace, which
methods and revelations of science
is, when all is said and
.
done, the greatest interest of
us all.
I hope and pray that British
Calls Force "a Stupid Blunder."
statesmen may rise to the height of the task
that will be imposed on them,
I am in hearty sympathy with those
and that we may thus avoid a return
who would make aggressive war a system
to the
of the balance of power in Europ
defined crime, but such definitions,
e, with all its attendant evils, withlike
other
legal
concep
ts, in order to out sacrificing any
be effective, must be sustai
of the good-will and friendship
ned adequately by sentiment, and we make
of
our
friend
cousin
and
s
s
in other parts of the world.
the most rapid progress as
we convince the practical judgment that unnecessary resort to force is a stupid
blunder. It is your work that points
to tho benefits of peacef
ul co-operation that are within our grasp. Scienc
it is true, forges
e, S. Davies Warfi
the weapons of war and constantly develo
eld's Analysis of the Railroad Secti
ps new and
on
more terrible instruments of destru
of President Coolidge's
ction.
But
she
is
far
more
eloque
nt
as
she points to the wastes
Message to Congress—
of strife, the retarding of progress and the
Asks to Be Relieved of Presi
vast
Opportunities which are open to indust
dency of National
rious peoples if they are able to
abandon their mutual fears and destro
Association of Owners of Railr
y the artificial barriers to community
oad Securiof enterprise.
ties—Pooling of Box Cars Sugg
We should think in terms of the
ested.
co-operation of peoples and not simply
of Governments.
In a letter to members of
Science knows no political boundaries: she
the National Association of
recruits her
conquering chieftains from all climes
and races. It may be an Austrian Owners of Railroad Securi
monk, revealing the secrets
ties. S. Davies Warfield, Presiof plant inheritance, or a New Hamps
hire dent of the association, analy
farmer's boy who learns to
zes the railroad section of the
fashion instruments of the utmost delicac
y
and
precision: or a Serbian herdsman taking
youthful lessons in communication recent message of President Coolidge to
by listening throug
Congress, and comh the ground; or a Japanese devotee of medica
prehe
nsively reviews the association's
l research
isolating and cultivating microwork,
beginning in
organi
sms.
In
this
field
all
are
and pride is not of
co-workers 1917, when it was
organized with two billion dollars of railrace or of tradition but of achievemen:, in
the interest
of humanity.
road securities represented,
as compared with the present
It must be recogn
ized that effective international co-operation
quite as much on
depends ten million dollars. Pointing out
national organization and on appropriate
the association's future
as upon the
interchanges usefulness
creation of distinctive international bodies.
and that it "has filled an important place
There are international obligations which
in
must
be met and which can be made adequately transportation history" and
only by the aid of
that "no other agency can take
Govern
its place," Mr. Warfield
The place of scienti ments.
asks to be relieved of the duties of
fic research in our Governmental economy
have more appropriate
should President,
recognition. We develop bureaus, but with
but to continue as a member of committees
all our
Indebtedness to investigation
. He
we are still lacking in proper appreciation
scientific work. It is not
of says:
comforting to our pride to think of the
For seven and a half years
scientists who are servin
eminent
I
have occupied the position, often to the exg our Government without adequate recomp
the lasses in person
ense or clusion of other interests demanding my attention. The
nel we sustain by lack of appropriate provis
position was acion for those cepted as one of great public concer
who would be our
n. Fully alive to its responsibilities
greatest benefactors.
and determined to carry them,
Then there Ls the
with a single purpose, to the point where
responsibility which each nation should assum
erly assembling, arrang
e of prop- my duty to those who had placed their confidence
in me had been met, I
ing and safeguarding all data and record
s within the now feel justified in asking to be relieved.
limits of its territory.
Each nation should consider itself a truste
interest of humanity of
e in the
all tho results of researches in matters
A feature of the letter is the suggestion
either touching itself directly or
for the pooling of
related to general questions dealing with wider
regions.
the 1,100,000 ordinary box cars unde
ra single control agency
Asks Interchange of Data.
Each nation should
managed by the railroads. Reviewing the Presi
also acknowledge its obligation
dent's sugin the interest of
necessary international
gestion that as the consolidation of the railroads
co-ope
tions its assembled data and ration to make readily available to other nainto large
record
s.
The
syste
mutual
unders
ms
tanding and suptakes place "It will reduce the importance" of Secport of all peoples relating to
any subject of research will give ultima
tely to tion 15a, the rateeach investigation and to each
making section of the Transportation
separate locality tho largest possible measure
of result. This sense of mutual
interest and obligation will be of especial Act, Mr. Warfield states the association being
importance in opening opport
responsible
unities throughout the world for archaeo
logical for the initiation of its features and its defense
Inquiries. We deprecate all
before Consuggestions of the monopolizing of such researches or their results to the
gress, it becomes necessary to re-state the
prejudice of reasonable requests to prosec
reasons for its
ute
investigations on fair terms. We
tives of our museums and scienti trust that our scholars and the representa- enactment and continuance as essential to scientific ratefic institutions will receive a cordial
welcome making. That only if all the railroads
were
consolidated
48
THE CHRONICLE
[Vor.. 120.
failure to
by the President. He asks whether
no necessity for Section care suggested
relations
ed
dinat
co-or
of
lack
into a single system would there be
cure
s to
the adjustment of rates provide' the mean
pressure for the large
the
to
led
15a. That this section provides for
not
has
oads
railr
the
g
meet the inherent traffic amon
deal
by the regulation of the excess to
ing fewer competitive elements to
the respective large consolidations, creat
which
in
ories
territ
the
in
nness
uneve
Unless the consolida- with.
into a very few sysconsolidated systems would operate.
"With all the railroads consolidated
n to the extent of
titio
compe
n
lesse
to
ized
Government regulaorgan
are
strict
r
"unde
tions
Warfield,
en the various new rail- tems," says Mr.
several executive railonly
with
balancing the traffic revenue betwe
ct
conta
to
wed
narro
regulation of excess will tion
railroad systems, the necessity for the
ity of whom would formulate the
Warfield, "as initiative road heads, a major
Mr.
nsays
"
Gover
long,
to
so
step
"Just
short
n.
a
remai
of the country, it is but
the systems to outstrip the road policy
that point have exat
not
we
Will
is encouraged in the managers of
best.
at
tion
opera
and territories, rates will ment
others in developing their systems
nt regulation for Government control,
ence to the excess pro- changed Governme
refer
with
ted
adjus
be
to
be required
"
tion?
opera
fact
Act,"
in
of the Transportation
obtaining in 1917, of
ducd by them." "This section
Mr. Warfield refers to the conditions
mental issues—unevenfunda
two
"met
eld,
Warfi
had grown up toude
Mr.
attit
says
ing and when an hosile
oad territory—confiscatory long stand
quate with coninade
were
ness in traffic density in railr
rates
That
oads.
railr
conduct of transporta- ward the
nsatory or
compe
er
wheth
State rates. Both were vital to the
e
them,
to reduc
the work of the National stant pressure
. The Commission's
rence
tion by rail. The result was due to
diffe
little
made
ry
scato
confi
,
Securities."
Association of Owners of Railroad
then indefinite. The Commission
oads have endeavored power and duties were
For many years, he says, the railr
to make rates that should be "reasonable"
State regulation. "Your as- was required
to provide against confiscatory
tion of what "reasonable" meant. The
defini
a
remedy which was based without
sociation," he continues,"found the
t value of railroad securities, he states,
ely new in the considera- decline in the marke
entir
and
legal
ue
reven
of
ion
quest
on the
serious, in many cases they were no longer
important result of the plan of was then
strained
were
oads
railr
the
,
that
tion of the subject." An
funds
trust
for
15a was that "it lifted the investments
rate-making embodied in Section
d by inadequate State to the breaking point.
cause
erce
comm
State
oads at that time
burden on interHe discusses the opposition of the railr
State rate strucinteran
ied
nullif
the association,
by
ess
e
Congr
befor
rates that continually
laid
Commerce Commission. We to the proposals
in Section 15a of the Transied
ture made by the Inter-State
embod
were
s
state
he
ue
of
which
reven
involved were those
contended that the questions
that they now ask Congress not to amend the
on 15a and not 'discrimination' portation Act,
Secti
gh
bethrou
ded
provi
as
opposition of the railroads was principally
rly set up; that Congress had the Act. The
case of individual
the
s
in
exces
of
as between localities, forme
ation
regul
the
essential to the conduct of cause of
power to provide the revenue
the fact that regulation of excess, acut interference by bur- roads, losing sight of
witho
s
State
the
en
betwe
erce
comm
15a, was necessary to sustain transon
Secti
by
ished
ed
limit
compl
ed by a State that
densome intra-State rates creat
.
whole
destroying inter-State trans- portation as a
ly represents the railroad
carrier revenue to the point of
The association, he says, large
s Supreme Court took this
State
d
Unite
The
"
tion.
nds—yet constituting
porta
r—bo
powe
g
votin
ut
witho
securities
ality of Section 15a.
tment. Voluntary in
inves
view in deciding the constitution
oad
rairl
total
of the President in stating three-fifths of the
sm
rvati
conse
the
to
s
from members and
point
ted
collec
He
rted by dues
should be "worked out step by character and suppo
endent course to
indep
an
ed
that the large consolidations
enabl
es
sourc
oad
lished life of various com- not from railr
wise.
other
ble
possi
not
step," that "the rights and estab
n
dent advising against be followed by the associatio
and communications
munities" must be respected, the Presi
thous
ed
hundr
five
n,
any
millio
to
Two
any final plan or adhere
the "endeavor to anticipate
been used in the association's work.
ct which shall stipulate a (mostly printed) have
artificial or unchangeable proje
s, Mr. Warfield points out, have been
The President, Mr. Warfield Fifty-one appearance
fixed number of systems."
Congressional committees, with testie
befor
ernment pressure" after made by him
ds.
points out, suggests the idea of "Gov
pages of the Congressional recor
present law to give the Commission mony covering 756
s established policy of
ation'
a period, amplifying the
associ
the
of
e
nuanc
be
conti
The
security owners would
such authority. He says the
c necessities in transportation is
that Government pressure recognition of the publi
greatly interested in the form
eld states, and especially so durcaution advised by the Presi- very important, Mr. Warfi
might be exerted and that the
period through which we are
ative
legisl
ition
of this fact. The association, ing the trans
dent indicates his recognition
of permissive consolidations, passing.
he states, has been in favor
lines.
c
traffi
al
but along natur
be secured would
Questioning whether the economies to
National Association of Owners of Railn of facilities, with Resolution of
actio
contr
a
great
too
of
t
effec
Acknowledging Services of S. Davies
'offset the
ities
Secur
road
tive and development, he
ton W. Harrison New President.
its resultant limitation of initia
—Mil
Warfield
in the proposed large
Inquires whether the greatest economy
services of S. Davies Warfield "In
the
of
on
ciati
tant
Appre
ted from the resul
consolidations would not be expec
nition of the wide ownership of the
recog
al
rly owned by the re- establishing gener
'consolidation of the equipment forme
ance, other mutual companies
insur
life
gh
throu
y
oads
iatel
railr
e
immed
not secur
spective railroads. He asks: "Why
ded in a resolution adopted on
recor
is
,"
banks
gs
plainly evident by consolidating and savin
the economies that are now
the Executive Committee of the Naof
ng
meeti
a
at
30
single
a
Dec.
under
cars
box
(pooling) the 1,100,000 ordinary
Owners of Railroad Securities, at
oads? This can be done tional Association of
ventral agency managed by the railr
st of Mr. Warfield that he be relieved of the
reque
the
will
ns
which
ratio
corpo
the
e
immediately, whereas to consolidat
association was granted with reluctance
consolidation of equipment presidency of the
'take years." He believes the
ution also expresses and acknowledge-4
resol
The
a single railroad body would and regret.
that is capable of pooling under
s to Mr. Warfield of that vast owner
ation
oblig
ng
lasti
ms.
syste
"the
large
30
under 25 or
produce greater economy than
" represented by the membership of
ities
secur
ay
railw
he says, is made up of 125 con- ship of
The Pennsylvania Railroad,
The committee elected Milton W. Harrison
n.
iatio
assoc
hanto
nue
the
conti
not
did
any
stituent companies, each comp
the association, he having been Vice-President.
were consolidated under the President of
dle its cars separately, they
understood that Mr. Harrison will pursue the policies
is
It
management of the system.
down by Mr. Warfield in the managemiles were made by that have been laid
In 1923, he says, 8,500,000,000 empty
n, and Mr. Warfield has expressed the
iatio
assoc
the
observance of the ment of
freight cars. This, he says, comes from
service he can as a member of the comany
of
be
to
isoe
idual
desir
indiv
of
y
railroads' "ownership rules." The polic
nt were: Darwin P. Kingsley,
such as the "own- mittees.. Among those prese
lation must eventually disappear, he says,
York Life Insurance Co.; Haley Fiske, presiNew
dent
ordiPresi
the
to
as
"even
ership rules" which are now in force
anc Co.; Frederick H. Ecker,
oads—migratory in dent Metropolitan Life, Insur
nary box car—legal tender among railr
Life
an
polit
Insurance Co.; John J.
Metro
ident
w, 55% of its time on Vice-Pres
its use, here to-day and gone to-morro
ant Industrial Savings Bank:
Emigr
dent
Presi
yn,
railal
Pulle
centr
a
Such
."
rails of roads other than of its owner
ry Savings Bank and Presives would secure greater liam E. Knox, President Bowe
road agency as suggested, he belie
Bankers Association; Lewis B. Gawtry, Vicecan
Ameri
and
dent
ties,
facili
other
and
joint use of terminals, freight yards
gs; Harry P. Gifford, Treasurer
step before the final one is President Bank for Savin
asks should this not be the first
-Cent Savings Bank, repersenting New England
Five
.
rties
Salem
prope
cal
physi
the
of
all
taken in the consolidation of
ton, President Boston Mutual Life Inltation with the Commis- members; J. E. Edger
Such an agency, working in consu
n W. Harrison, Vice-President of the
Milto
and
Co.,
methods exerted by the surance
sion rather than under compulsory
n.
iatio
assoc
of
y
polic
the
ing
out
Government, would be helpful in carry
JAN. 3 1925.]
THE CHRONICLE
49
_After discussion of Mr. Warfield's letter and
the work of I carriers were $977,657,000, or 4.47%
. The association says
the association, both as to the past and future
, the commit- in part:
tee adopted the following resolution:
Most Efficient in World.
t Whereas, After seven and one-half years of public
The American railroad
service of the highest
order as President of the National
Association of Owners of Railroad
Securities, Mr. S. Davies Warfield has
asked to be relieved of the duties
of President of the Association for the reasons
stated in his communication
dated Dec. 24 1924, addressed to the
Executive Committee and membership
of the Association; and
Whereas, The great improvement in the
position of the railroads and
the soundness of railway securities are
due in
approach to the problem of private ownersh large measure to the modern
ip and operation of railways
urged by this Association under the leaders
hip of Mr.Warfield and reflected
In the Transportation Act 1920: therefor
e, be it
Resolved (1) That the request of S. Davies
Warfield to be relieved of the
duties of the Presidency of this Associa
tion be granted with reluctance and
regret, and with keen appreciation of
the courage, originality and great
ability he has brought to bear In the
leadership of the Association in these
matters:
(2) Resolved further, That the member
ship of this Association register
its particular appreciation of Mr. Warfiel
d's public service in establishing
general recognition of the wide public
ownership of the railroads through
We insurance, other mutual companies
and savings banks, and investors,
in supporting the principle of sound
regulation by public authority, and in
formulating and obtaining the means
for adjusting the inter-State rate
structure to the circumstances and
reasonable requirements o icompetitive
railroads operating in traffic areas
of varying density and conditions as
Carried out through Section I5a
of the Transportation Act;
(3) Resolved further, That in
granting his request to be relieved as the
President of this Association we
do further express and acknowledge the
lasting obligations to Mr. Warfiel
d of that vast ownership of railway securities represented by the member
ship of this Association and express the
hope on their behalf that he will
continue to stand by with his counsel and
assistance In connection with any
existing or future formulations of public
policy or emergency affecting
the railways and the owners of their securities;
(4) Resolved further, That this Commit
tee does not attempt in these.esoluMons to adequately express
our appreciation of the services rendered by
Mr.Warfieid to this Associa
tion and in the public interest. Over a thousand
of his friends, at the time of
the accomplishments to which we refer, attempted to give some recognition
of their appreciation and confidence in
the testimonial dinner tendere
d him at the Waldorf Hotel, New York,
on Dec. 13 1920.
(5) Resolved further, That these resoluti
ons be suitable engrossed and
presented to Mr. Warfield and to the
press.
Release of Robert P. Brindell from Priso
n—Barred
from Building Trades Council.
Robert P. Brindell, having served almost
four years in
prison, was released on parole from Great
Meadow Prison,
Comstock, N. Y., on Dec. 26. The former Presid
ent of the
Building Trades Council was at once re-arrested
on a Federal
charge of falsifying his 1920 income tax return
, but was
released on $5,000 bail. The Government charge
s that in
1920 his income was $108,680, instead of $21,28
7, as stated
by him, and that he owes taxes of over $35,00
0. His trial,
it is stated, will come up shortly in this city.
Brindell was convicted on Feb. 8 1921 on
charges ot extortion and bribery, and was sentenced
to an indefinite
sentence of between five and ten years.
There were many
charges of partial treatment accorded
him while in prison,
and from Sing Sing, where he was
first confined, he was
transferred to Clinton Prison at
Dannernora because of a
clandestine meeting with his family in a
deserted house near
the prison. Samuel Untermyer,
prosecuting attorney during
Brindell's trial, cited more than 100
instances of his alleged
offenses. Labor, however, stood by
him until his conviction, after which the Building Trade
s Council amended its
constitution to bar any man from
holding office who has
been convicted of extort
ion. On Dec. 18 the Board of
Parole made public the follow
ing statement, in part:
At the regular meeting
of the Board of Parole Dec. 17
P. Brindell made
1924, Robert
request to the Board that he should
be granted another
bearing for further
explanation as to the rules covering
and conduct while on
his employment
parole. Brindell was granted a hearing
to the Board that
and stated
it was
official position whether not his intention or desire to again enter any
as an officer or business representative
trade union.
of any
s are the most economically operated of any in
the
•world to-day and so far as consistent progress and advancement toward
greater efficiency and economy in operation are
concerned, stand on a par,
if not exceed, any other industry. Furthermore,
the railroads are doing
everything possible to continue this policy.
The number of tons of freight originating
on Class I railroads in the
United States 25 years ago was half a billion,
while the investment of those
roads was $10,000,000,000. This meant
an investment per ton of freight
originating of $20. The railroads in the
meantime have invested another
$12,000,000,000, all of which was made at
rising prices, yet in 1924 the
investment account of the railroads of this country
was only $17 70 per ton
of freight originating. It is safe to say
that no other industry of this country has made any such showing.
For every $100 investment, the railroad
s in 1898 carried 1,241 tons or
revenue freight one mile. In 1924 it was 1,767
tons for every hundred-dollar
investment.
Part of this saving from economy in operatio
n in 1924 was due to lesser
costs for materials and lower rates for labor.
The great bulk of it, however,
was due to improved methods of operation rendered
possible by large capital
expenditures for equipment and other improvements
plus the intelligent cooperation and working together of the Federal
and State regulatory bodice,
shippers, railway employees and managements,
in tackling the problem not
as a legislative one but as a purely economic proposit
ion, as it is, through
exercise of individual initiative, enthusiasm and co-opera
tion.
Capita/ Expenditures.
Since their return to private control on March 1
1920 the railroads have
continued each year to surpass their previous perform
ance, with the result
that in 1924 they furnished the most satisfactory service
ever given the public in history, both from the standpoint of car supply and
prompt movement
of the loaded traffic.
A program calling for the furnishing of an adequat transpor
e
tation service was adopted by the railroads in the spring of 1923.
All plans adopted
at that time have been and are being carried out.
For improvement in the transportation plant and the
expansion of its
capacity, including improvements in and addition
s to roadway facilities,
locomotives and cars, the railroads authorized in 1924
capital expenditures
totaling $1,100,000,000.
Of that amount actual expenditures in
that year was in excess of $800,000,000, which
leaves approximately
8800,000,000 of authorized capital expenditures to
be carried over into 1925.
No estimate has been or can be made as to
what the capital expenditures
will be this coming year, this being largely depende
nt on general business
conditions and the freight traffic outlook in that year.
Reports up to Nov. 1 1924 showed that for locomoti
ves, capital expenditures authorized for the year 1924 amounted to
$101,238,000; for cars,
$412,264,000, and for other improvements, which
includes improvements of
roadway, structures and extension of of line, $563,80
0,000.
Ten New Rich Records.
Ten new high records were established by the
railroads in 1924, as follows:
1. The greatest freight traffic for any one month
in history was carried
by the railroads in October, when it amount
miles. This exceeded by 1% the previous highed to 43.109.743,000 net ton
record made in August 1920.
2. More cars were loaded with revenue freight
when the total was 1,112.345 cars, than during the week ended Oct. 25,
any one week in history.
exceeding by 14,852 cars the record
of 1923, which remained the peak
until this year.
3. Except for coal, coke and ore, loading of
all other commodities this
year was the heaviest on record, amount
ing to 37,800,000 cars, or an
increase of 1.6% over 1923.
4. More cars were loaded during the year with grain
and grain products
than ever before, the total being
00 cars, or an increase of 120,000
cars over the previous high record2,570,0
made
1922.
5. Loadings of miscellaneous freight inin1924
were the greatest on record
for any similar period.
6. The greatest number of cars for any one week
in history were loaded
with miscellaneous freight the week
ended Oct. 25. for which the total
was 422.890. This exceeded by 24,917
week which was that of Oct. 11 1920. cars, or 6.2% the previous record
7. The railroads on Oct. 15 moved 1,030,211 freight
cars, the greatest
number for any one day in history.
This included both loaded and empty
freight cars.
8. In October there was an average of 43.8
cars per freight train, the
highest average ever attained by the railroad
s.
9. The average load of freight per train in
October
was 770 tons, the
highest for any month on record. The average
for that month in 1920
was 737 tons and in 1923 it was 722 tons.
10. High record in respect to number of surplus freight
cars and serviceable locomotives in storage when loading
revenue freight was in excess
of one million cars a week. At the sameof
time
there
was
no car shortage
or congestion due to railroad disability.
With complete reports available for the first 49
weeks—that is from Jan. 1
to Dec. 6, inclusive—and estimates for
the last three weeks of the year,
loading of revenue freight in 1924 amounted
to approximately 48,500,000
cars. Except for 1923, which exceede
d the year just passed by 1,800,000
cars, or 2.6%, in the number loaded with
revenue freight, the year 1924 was
the greatest on record.
Eleven Million Car Weeks.
The year 1924 started with a heavy freight movemen
t, loading of revenue
freight for the first three months being
the greatest ever known for any
similar period. A temporary decline, however
, developed at the end of
that period with the result that loadings fell
below the previous year until
the latter part of September, when an increase was
noted, with the result
that all previous high records for that season
of the year were smashed.
Approx;imately 300,000 more cars were loaded during
the last quarter of the
year than during the same period in 1923, which
had marked the previous
record.
Loadings of 1,000,000 cars or more of revenue freight
were reported in
eleven weeks, with the peak being reached the
week of Oct. 25, when 1,112,345 cars were loaded.
Practically all the Western railroads broke previous
grain loading records
during the year, but this enormous traffic was
met
congestion chargeable to railroad disability. There without cars shortage or
was also an ample supply
of refrigerator cars to meet the demands, while
the supply of open top cars
was also satisfactory.
Operating Efficiency of
Railroads of United States
During 1924 Results in Savin
g of Approximately $600,000,000 to Shippers.
According to the American
Railway Association the railroads of the United
States were operated in 1924 with the
greatest efficiency and
economy on record, this operating
efficiency amounting to a
saving to the shipping public of
approximately $600,000,000 in
reduced freights alone, as compared with the ratio in
effect in 1921. The-statement of the
association indicates that
for every dollar investment the
railroads in 1898 carried
1,241 tons of revenue freight one
Shippers Save Millions.
mile, while in 1924 it was 1,767
The achievement of the railroad in handlin
tons for every hundred-dollar
s
g the greatest freight traffic
in October ever known in any one month
investment. It is brought out
is notable. It was handled the most
in the statement that the roads expeditiously
and with the greatest efficiency on
during the past year, as in 1923,
record by the railroads of
"failed to realize the mod- the country, saving millions of dollars to the shippin
g public by the prompt
erate return contemplated under
movement of commodities to market. This
the existing level of trans- the prompt
was accomplished not only by
loading and unloading of freight, but by
portation charges." In 1924 the
speeding up the movenet operating income of ment of both loaded and empty
cars and by increasing the load carried per
Class I carriers was approximatel
y $970,000,000, or 4.30% train.
on their property investment.
The daily average moveme
nt per freight car In October was 30.7 miles,
In 1923 the earnings of Class
the greatest for any month in history except
October
last year, when the
50
THE CHRONICLE
[vor.. l.0.
in
is taken porary bequests that future generations will not be hopelessly shackled
same mark was reached. In computing this figure, however, account
of attempting to employ them usefully. In beginning this year of 1925 we
of all freight cars in service, including cars in transit, cars in process
also are looking forward to the conditions of 2025.
being loaded and unloaded, cars undergoing or awaiting repairs, and
cars on side tracks for whims no load is immediately available.
daily
a
When it is considered, however, that the railroads in October had
ate Commerce Commission Endeavoring to
average of nearly 100,000 surplus freight cars in good repair, compared Inter-St
freight
200,000
about
had
and
1920
in
2,650
only
Bring About Rate Scale Standards.
with 27,000 last year and
with
cars in need of repair, or an increase of approximately 45,000 compared
moveUnder the caption,"Rate Scale Standards," the Inter-State
October last year and 28,000 over the same month in 1920, the average
the figures Commerce Commission has the following to say in its annual
ment of freight cars in October was even somewhat higher than
would seem to indicate.
4:
the report, made public Dec.
Eliminating surplus freight cars and freight cars awaiting repair,
numerous
with 33.2
In working out rate adjustments, especially in cases covering
daily average movement in October was 34.4 miles, compared
For the commodities or considerable territory, certain general standards are kept
miles in October 1923 and 30.9 miles in the same month in 1920.
miles In mind by us. Heretofore many complaints of discrimination and preflist ten months in 1924 the average was 51.5, compared with 30.9
y rate
judice have arisen through lack of standard class and commodit
last year and 26.8 miles in 1920.
carriers
scales, particularly the former, and through extensive use by the
lines
Regional Advisory Boards.
of commodity rates designed to meet the needs of their respective
with little regard to the general adjustCredit in no small degree for the remarkable performance of the railroads and the shippers located thereon,
shippers.
or
of ment in contiguous territories or the effect upon other roads
this year is due to the active co-operation on the part of the shippers
the shippers have As has been indicated in previous reports, class rates are governed by three
the country through the various Regional Advisory Boards
there
functionare
ons
major classifications, largely territorial, and although under each
organized throughout the United States. These organizati
are maintained class rates which move many thousands of different articles,
ing with great satisfaction to shippers and railroads alike.
year, making the number of classes and the relationship of one class to another have been
Three Regional Advisory Boards were organized during the
Atlantic States far from uniform, not only in one classification as compared with another
the
are
ones
new
three
The
g.
functionin
now
ten
of
a total
in New Jersey, but within each of the classifications. In so far as the practical needs of
Shippers' Board with headquarters in New York, which takes
eastern half of commerce will permit, we are now endeavoring to bring about standard
Delaware, part of New York, part of Maryland and the
Board with head- percentages of the lower classes to first class, first in each of the classificaPennsylvania; the Mid-West Shippers' Regional Advisory
Iowa and parts of tions separately and later in all three. Experience has indicated that until
quarters in Chicago, which covers the States of Illinois,
with headquarters in rates are made more uniform it is impracticable to obtain a uniform classificaIndiana and Wisconsin, and the Pacific Coast Board
Nevada, Arizona and tion, and it is hoped that the process of standardizing class-rate percentages
San Francisco, which takes in the States of California,
will aid in the accomplishment of that purpose.
western New Mexico.
on the organization in•
Where it is thought desirable to use distance rates as distinguished from
In addition, the shippers have under considerati
ip
in
another
England States,
specific rates, efforts are being made to bring about a standard relationsh
1925 of three other boards, one to be in the New
industrial district, of the rates for various distances compared with one another, giving due
the Pacific Northwest and the third in the Pittsburgh
and northern West regard to varying transportation conditions. In many instances comwhich will include western Pennsylvania, eastern Ohio
modity rates can be eliminated by standardization of class rate schedules,
Virginia.
by
and discriminations, complications, and difficulties may be lessened
Earnings.
class
failed to realize by relating the commodity schedules more nearly to standardized
year
past
the
during
railroads
the
1923,
of
case
As in the
be construed as expressing the
level of transportation scales. However, nothing here said should
the moderate return contemplated under the existing
basis, or that even where rates
in 1924 was approxi- view that all rates should be upon a distance
charges. The net operating income of Class I carriers
all
bear the same relationship
should
they
basis
a distance
on
earnings
made
The
are
.
investment
riroperty
their
on
of commerce and
mately $970,000,000, or 4.30%,
This estimate one to another for the respective distances. The needs
4.47%.
or
00,
$977,657,0
were
1923
in
carriers
I
of the Class
in the way of uniformity. Rates
ten months, which other practical considerations often stand
as to 1924 was based on complete reports for the first
up
the
commerce of the
build
the annual rate of re- manifestly should be made to encourage and
showed a net operating income of $805,075,079, or at
its free flow should not be impeded by theoretical obstructions.
incomand
on
based
country,
estimate
an
and
,
investment
turn of 4.31% on the property
always taken into account
In prescribing rates, practical considerations are
plete reports for the last two months of the year
than now exists
by us, but we are convinced that far greater uniformity
considerations.
Taxes.
can be attained without undue sacrifice of practical
investigation is
State
careful
and
and
Federal
extended
Experience has indicated that
Class I railroads in 1924 paid $350,000,000 in both
of about $13,618,000 necessary before important rate changes are made, and it appears that a
taxes, or nearly $1,000,000 a day. This was an increase
to the needs of
gradual process of readjustment is much better fitted
over the total taxes paid in 1923.
according to an estimate commerce than are radical changes involving disturbance of business
1924,
in
stock
railroad
on
paid
dividends
Cash
to $303,000,000, an in. conditions. Hence, immediate completion of the process of standardizing
by the Bureau of Railway Economics, amounted
even the class rates is not anticipated.
crease of about $5,486,000 over the year before.
rate controversies,
Continued success has attended our efforts to adjust
s or correNew Equipment.
those involved in suspended schedules, by conference
including
ion service to the ship- spondence with carriers and shippers, and gradual progress is also being
In order to continue to provide adequate transportat
placed in service in 1924 a made in securing simplification of tariffs In the interest both of shippers
pers of this country, Class I railroads will have
is based on complete reports for and carriers.
total of 158,000 freight cars. This estimate
number of cars placed in service
eleven months and an estimate as to the
Inter-State Commerce Commission on Reimbursements
during December.
available, but from Jan. 1 to
Detailed figures for the full year are not
Under Transportation Act of Deficits Under
totaled 67,939, coals cars 47,196 and reDec. 1 box cars placed in service
Federal Control.
freight cars on order on Dec. 1.
45,095
also
were
There
12,640.
frigerators
totaled 2,100, compared
Locomotives placed in service during the year
Under the above head the Inter-State Commerce Commiss on order Dec. 1 totaled 265.
with 4,037 the preceding year. Locomotive
Surplus Freight Cars.
than 300,000 surplus cars in
The railroads at the end of 1924 had more
service if necessary, compared
good repair and immediately available for
no car shortage is being reported
with 312,338 on Jan. 1 1924. Absolutely
revenue freight for the last three
of
loading
that
fact
the
despite
anywhere,
on record.
months was the heaviest for any similar period
Equipment Repairs.
1, the latest figures available,
Freight cars in need of repair on Dec.
on line. On Jan. 1 1924 such cars
totaled 189,140, or 8.2% of the number
1 1923 there were 190,000, or
numbered 158,175, or 6.9%, while on Jan.
8.3%.
the year totaled 11,500, or
Locomotives awaiting repair at the end of
with 10,376, or 16.1% on Jan. 1
18% of the number on line, compared railroads of this country has been
1924. The motive power situation on the
having been approximately 5,000 serthe best during 1924 on record, there
the peak traffic, which it was unnecduring
storage
in
s
viceable locomotive
service. At the end of this year the
in
place
to
railroads
the
for
cessary
was in excess of the 5,000 mark.
number of serviceable locomotives in storage
sion, in its annual report just made public, says:
filed claims for reimIn our last report we stated that 352 carriers had
1920. claiming an
bursement under Section 204 of the Transportation Act.
During the past year 13
aggregate amount of approximately $25,200,000.
amount
approximately
the
additional claims have been filed, increasing
have been effected, in the
$575.000. Final settlements with 223 carriers
certified as partial
gross amount of $9,392,663 70, and $17,546 73 has been
effected, making a
payments to carriers with which settlement has not been
$2,279,235 78 was
amount,
total of $9,410,210 43 certified. Of the latter
due to the director
withheld as traffic balances and other indebtedness
in settlegeneral of railroads, as agent. In certifying the above amounts
in deductions from
ment, we have made substantial adjustments, resulting
of
sub
the
provisions
-division
the amounts claimed by carriers pursuant to
(b) of Section 204. In view of
(f) of Section 209 as required by paragraph
of
period
the
entire
Federal
cover
filed
claims
all
practically
the fact that
on the last 20 months
control, whereas settlements in most cases are based
us
of that period, it is difficult to determine the exact deduction made by
of the deductions, is
on a 20-month period basis. The aggregate amount
0.
$10,000,00
approximately
have been dismissed
In addition to the final settlements effected. 84 claims
disposition.
and 5 withdrawn. leaving 53 awaiting final
of
the
period of Federal
portion
that
The status of short line carriers for
is now in litigation.
control prior to relinquishment by the director general,
Year by New York
Completion of First Calendar
Community Trust.
completing its first
The New York Community Trust,
Inter-State Commerce Commission Finds Railroad
at 120 Broadoffices
of
hment
establis
Construction Not Keeping Pace with
calendar year since the
in the administraAbandonments.
way,has made a permanent place for itself
g to a statetion of trust funds for public purposes, accordin
report of the Inter-State Comannual
the
to
g
Accordin
Chairman of the
ment made this week by Alvin W. Krech,
Commission, new railroad construction is not keeping
merce
Trustees' Committee. Mr. Krech says:
with abandonments, although existing roads are coninsurance has been placed in pace
During 1924, upwards of 8300,000 of life
t fund for the commercial stantly being improved by additional main tracks and yard
force, to constitute eventually an endowmen
Commerce. Trustees of the tracks and siding. The report continues:
arbitration work of the State Chamber of
of this fund. Officials of
Community Trust will be charged with custody
Community Trust have cothe International Education Board and the
of art in more than
operated this year in placing a traveling exhibition
Felix M. Warburg has
fifteen American cities. The generosity of Mrs.
a half-million dollars for
made available, through the Community Trust,
wills. in addition, have been
the support of visiting nurses. Numerous
through the Community
written, creating future funds for administration
Trust.
tendency to substitute an
There Is apparent, moreover, an increasing
that has heretoforo handiadaptable elasticity for the rigid inflexibility
The Community Trust,
capped so many philanthropic endowments.
task of so arranging contemnow firmly established. Is dedicated to the
The substitution of larger cars and locomotives for retired equipment
continues. From 1908 to 1923 the average tractive power of a locomotive
Increased from 26,356 pounds to 38,835 pounds and the average capacity of
a freight car from 34.9 tons to 43.7 tons. The calendar year 1923 marks the
peak of railroad freight tonnage and ton-mileage. The number of passengers carried in 1923 although larger than in the year preceding, was smaller
than in 1913. 1914, 1916 and in each subsequent year, including 1921, but
this relationship does not hold true of the passenger-miles because of the
Increase in the length of the average journey. The growth in tho length of
haul per ton of freight reached its maximum in the year 1919, having been
309 mile; in that year as compared with 300 miles in 1923 and 254 miles in
JAN. 3 1925.]
THE CHRONICLE
51
1908 (fiscal year). The investment per mile
of road continues to grow
annually, but the rate of return from operati
ons on the reported book
value, which now exceeds 21 billions of
dollars shows wide fluctuations.
That for 1923.4.56%. was the most favorab
le since 1917. Likewise, the net
income after paying fixed charges, both
in absolute amount and in ratio
to capital stock. 7.06%, was the largest
since 1917. For the year 1923,
62% of the capital stock paid dividends, the
average rate on such stock
being 7.29%. But if the amount of dividends spread
is
over all the outstanding stock, the average percentage
falls to 4.52. In 1923, as in 1920.
operating revenues passed the 6-billion
-dollar mark. While operating
revenues were greater in 1923 than in 1920,
operating expenses were nearly
a billion dollars less than those of 1920.
Maintenance of equipment expenses
continue to absorb a much larger proport
ion of operating revenues than they
did 15 years ago. The average number
of persons employed in 1923 by
Class I steam roads was 1.855,260,
representing a substantial reduction
from the peak in 1920. 2,022,832. but
an
and 1922. The compensation to employ increase over the figures for 1921
ees was $3,004,083,599. This sum
bears about the same relation to total
years before, but in relation to operati operating expenses as obtained ten
ng revenues the pay roll is a somewhat
larger percentage than for the year
1913. although a decided reduction from
the peak figure of 1920. The
average receipts per ton-mile in 1923 were
1.132 cents as compared with 0.729
cents in 1913. an increase of 55.3%.
In the same period, the passenger-m
ile receipts increased from 2.008 cents to
3.026 cents, an increase of 50.7%.
sophisticated it. Then Canada, which
feels much as we do,
made proposals that in effect destr
oyed the article. All the
great nations were in accord; a dozen
of the small nations
which would have been glad of protec
tion against "external
aggression" abstained from voting
in deference to "the
Spirit of unanimity." But Persia
stood by the Covenant as
written. Wearing his black fez of baby
lamb, Prince Mirza
Riza Khan Arfa-od-Dovleh cast a single
ballot which ended
that effort to "possibilize" the Coven
ant. In the following
year the League took the opposite
tack. The so-called Draft
Treaty of Mutual Assistance not only
raised Articles X and
XVI to their full stature, but consti
tuted the Council virtual
Director of a super-State. Friends of
the League in Geneva
declared that, having wooed us in vain,
the League scouted
and flouted us. Be that as it may, the
nations of Europe
developed such an opposition to the Draft
Treaty that it
perished still-born. Its place was taken
by the protocol,
which professes to outlaw war by means withi
n the original
scope of the Covenant. But still the Unite
Inter-State Commerce Commi
d States was
ssion on Lack of Funds flouted, or at best ignore
d. Most .of the fears which the
to Carry on Work.
protocol has raised here and in England are
imaginary, but
Lack of sufficient appropriat
ions is interfering with the the .fact remains that a strictly literal
interpretation would
carrying on of its work, the
Inter-State Commerce Commis- launch against us the combined forces of
the League in case
sion claims, in its annual report
, the Commission stating:
we constituted ourselves an "aggressor" by
refusing the preIn our last report the amount
s of our estimates for 1925 were basic and scribed arbitral processes. Even at
did not include any increas
Geneva it was evident
e in compensation for employees by reason of that
that fact alone would prevent England from signin
reclassification. Such increase
was subsequently approved in the amount
g the
of $281,080. We supplement
the table in that report showing the amounts protocol, at least as expounded by those who are for the
imof our estimates, the amount
s of the estimates approved by the Bureau of mediate and absolute prohib
ition of war.
the Budget, and the amount
s appropriated by the Congress, by adding
More experienced friends of the League, of whom
thereto in the following table
the available data for the fiscal year 1926:
England
is one, have long advised proceeding
without special consideration of any non-member nation, but
Our
Budget
Appropriawith a due regard
Estimates.
Estimates.
tions.
for the difficulties of all. The League must
1923
hold true to its
$5,649,500
$5,344,970
$4,879,500 living spirit, its inwar
1924
d development. Considered intel5,204,500
4,514,500
4,903,860
1925
4,688,860
4,279,500
.4,272,284 lectually,.as opposed to politically,
1928
the late Assembly made
7 RA4 408
4013.500
astonishing advances. It discovered
•To be increased by approximately $350,000
that the only firm
covered by pending legislation.
basis for military sanctions is law, and
The details of the estimates for the
that the only firm
fiscal year 1926 for the various
branches of our activities follow:
basis of law is an illumined world opinion.
Even to determine with sufficient speed and accuracy when
a nation is an
Our
Budget
"aggressor" requIres a general submission
Estimates.
Estimates.
to the findings of
a World Court. It will take time to accom
Commissioners and Secretary
plish this; and a
$139,500
$139,500
General
2,318,660
2,100,000 steady evolution of opinion. But the way has been clearl
Accounts
y
1,189,6
70
600,000
Safety
traced on the chart of the future, and the fact
395,000
500,000
Signal and train control devices
that it has
292,040
been due to the statesmen who framed the
Locomotive inspection
protocol, what500,000
450,000
Valuation
2,369,626
1,000,000 ever their incidental errors of enthusiasm. In
Printing and binding
what happens
160,000
124,000 hereaf
ter England will have a guiding hand, and no
Total
step is
$7,364,496
$4,913,500 likely to be taken
which ignores her dominions or any neuAs stated in our last report, our reference to those
repeate
d reductions tral Power.
Is not in the nature of an appeal, but
we believe it is our duty to again
inform you that under the appropriations which
In all minor matters the League is going
have been reduced we can
ahead steadily,
not carry on in the future the same amount
and kind of work as has been in the main triumphantly. The
outlawing of war is more
performed in the past.
difficult, but ships beating to windward not
We have endeavored in the past to perfor
m additional duties placed
infrequently
upon us from time by new legislation
without asking for supplemental or come about. As is reported from Rome, the
protoc
deficiency appropriations, except when such
ol, "Is
additional funds were abso- still.a living insrtument
lutely necessary. We have also endeav
"; delay will not "in any way prejuored in all instances to respond
promptly to resolutions of the Congress or
dice"
it. On the contrary, it should reduce the intell
of either house of the Congress,
ectual
and to the many requests made upon
us by the various committees of the advance it has made to concrete politi
cal results.
Congress and individual Senators and
Representative
s. Much of the work
in connection with the foregoi
ng was at considerable expense, and withou
t
additional appropriations to cover
the
same.
It
does
not seem that it
Will be practicable or possibl
e for us to perform in the future any additio
nal
work ofthis nature unless
the requests therefor are accompanied by authori
for sufficient moneys to
ty
defray the necessary expenses in connect
ion therewith, unless, of course, we
should curtail materially or discontinue entirely
some of the work now being
performed, all of which we consider necessary
to the proper perfor
mance of our regular duties.
The League of Nations—
The Protocol Deferred.
[From the New York "Times," Dec.
10 1924.]
All doubt as to the
sincerity and the responsibility of
Austen Chamberlain's protes
tation in behalf of the League
and its protocol is now
laid at rest. In almost the same
words, the British Gover
nment repeats it in the speech from
the Throne. "I follow
with deep interest," said its royal
Spokesman, "the impor
tant deliberations of the League of
Nations." He added that
though his new Government had
not yet been able to
study the protocol "with the attention
which its character
demands," it had "already begun to examine this weighty
question." Simultaneously comes the
announcement from Rome
that the British Foreign Secretary has prevailed upon
the League Council to postpone consideration of the protocol,
which probably means that the
conference on armaments
scheduled for next June is also
deferred.
Initiative Measure to Repeal Oregon Inco
me Tax Law
' Carried at November Election.
As stated in the news columns of our State &
City Department in the issue of Nov. 22, an initiative
measure to repeal
the Oregon income tax law was carried
at the election on
Nov. 4. The majority for the repeal prove
s to have been
larger even than the early returns seemed to indica
te. The
official figures show that 123,799 votes were cast
in favor
of the repeal and 111,055 against it. At the same
election
there was submitted a drastic compensation measu
re (notwithstanding the fact that the State already had a very
satisfactory measure of that character on its statute
books)
and a measure to prevent the manufacture and
sale of oleomargarine in the State. Both of these measu
res were defeated by a very large vote, indicating that Orego
n's citizenry is not as radical as the rest of the count
ry might be
inclined to suppose. It may be recalled that
Edgar H. Sensenich, President of the West Coast•National
Bank of Portland, Ore., criticised the State tax law in an
address delivered at the annual convention of the State
Bankers Association in June, and a large part of what
he had to say was
published in our issue of June 21, page
3035.
In all likelihood the event
ITEMS ABOUT BANKS; TRUST COMP
marks the beginning of a new
ANIES, &C.
stage in the development of
The
New York Stock Exchange membership
League policies. During the
of J. Edward
first two years, Geneva spent
its best endeavors to placate Davis, deceased, was reported posted for transfer this week
the United States and woo its
consent to the Covenant. It to Max Straus, the consideration being stated as $99,000.
toned down Article X, by "legal
interpretations"—in reality Last previous sale was at $101,000.
52
THE CHRONICLE
[Vol, 120.
be increased
was resolved that the capital stock of the bank
par value
from $2,000,000, consisting of 20,000 shares of the
s, and
share
0
30,00
of
sting
consi
,000,
$3,000
to
of $100 each,
in
rata
pro
on
ripti
subsc
for
ed
that the new stock be offer
holders of recstock
to
ngs
al
holdi
sever
their
to
rtion
propo
ription and
ord on Dec. 26 1924, at $150 per share. Subsc
nt
nceme
annou
wing
before Jan.
follo
the
J. P. Morgan & Co. made
payment for the new stock must be made on or
31:
Dec.
of
under date
30 1925.
Ewing, both of whom have been
Arthur Marvin Anderson and William
heretofore
,
Barrow
t
Dwigh
s
29 by the IrFranci
and
years,
on our staff for a number of
ing
The following statement was issued on Dec.
National Bank of New York, now becom
:
York
a Vice-President of the First
New
of
Co."
Co.
et
n
Trust
mbia
Morga
P.
J.
ving Bank-Colu
sign "per pro
a member of our staff, are authorized to
ta de Economia y Hacienda," of
A statement recently published in "Revis
it is stated,
Trust Co. plans to establish itslf in
umbia
Bank-Col
Messrs. Anderson, Ewing and Bartow do not,
Irving
the
that
,
Madrid
plate such a step. All
special assistants to Spain
is incorrect. This company does not contem
become partners, but they will act as
in its business with Spain is conducted through correspondent banks in that
Cowd
Elliot
of
death
the
to
g
Owin
ers.
the regular partn
that basis.
terminated on country, and will continue to be conducted on
Bacon, his interest in the Morgan firms
Dec. 31.
the Commercial
At a meeting of the board of directors of
g trust
votin
a
of
tion
forma
Dec. 24 1924,
on
sed
held
propo
y
City,
the
Jerse
y,
of
of New Jerse
Announcement
city "to insure Trust Co. quarterly dividend of 3% and an extra dividend
of the stock of the Bank of America of this
ar
regul
es of the present the
of the company,
the continuance of the conservative polici
of 1% were declared on the capital stock
dent
Presi
ield,
Delaf
C.
rd
Edwa
by
management" is made
payable Jan. 1 1925.
stockholders:
of the bank, in the following letter to the
1924.
30
Dec.
New York City,
Bank of Boston
The directors of the First National
ca:—
holders, at a special
To the Stockholders of the Bank of Ameri
the
to
share
d
mmen
sed by over
reco
increa
to
have
bank
voted
the
of
ts
tly
deposi
recen
During the past year, the net
business have grown in even greater meeting to be held on Feb. 3 next an increase of $5,000,000
$20.000,000; its trust and foreign
of this :ncreased business your
ements
requir
the
meet
To
capital and surplus of the institution, making
proportions.
certain plans involving advantageous in both the
directors have under consideration
to consteps
taking
00,000 each. If approved by the stock$20,0
before
and
bank
items
the
these
changes in the capitalization of
, including the
olders
stockh
larger
your
shares will be issued of the par value
of
new
rs, 50,000
summate the same, certain
t of the bank and its shareholders holde
offered to the shareholders at WOO
and
directors, deem it for the best interes
,
the
share
of
uance
per
contin
the
$100
insure
to
of
be formed
that avoting trust of the stock
t
brough
have
the proposed increase in the capital
which
to
,
d
ement
regar
t
manag
In
presen
per share.
conservative policies of the
therefore depositing their
are
They
bank.
the
ution, the Boston "Herald" of
of
instit
growth
surplus of the
about the recent
ent with Messrs. Edward C. DelanoId, and
stock under a voting trust agreem
part:
agreein
which
of
said
copy
s,
28
trustee
Dec.
Thorne. as
Frederick E. Hasler and Edwin
always maintained a MI,h ratio of
of Frederick
The New York Curb Market membership
Gardiner T.
to
week
this
sold
ted
repor
was
C. MacDonnell
0. Last
$9,25
as
d
state
Dresser, the consideration being
0.
39,00
for
was
sale
previous
trust department. You are requested to
ment may be obtained from our
stock certificates, properly endorsed and
co-operate by depositing your
of the Bank of America, 44 Wall
witnessed, with the trust department
of its branches, wh:ch will deliver to
St.. Newyork City, or with any
cate; representing the number of shares
you in exe-bange voting trust certifi
manner as stock certificates which
deposited, and transferable in the same
ed by the trustees as dividends thereon.
will entitle you to all sums receiv
Very truly yours,
EDWARD C. DELAFIELD, President.
•
rt, Vice-Chairman of
It is announced that Alexander Gilbe
New York, has made
of
Co.
Trust
mbia
-Colu
Bank
g
the Irvin
can Institute of
Ameri
er,
Chapt
York
New
a gift of $1,000 to
so long as the chapBanking. The fund is to be kept in trust
to be used in accordance with
ter is in existence, the income
of Governors of the chapter.
d
Boar
the instructions of the
the income fro the establishuse
to
t
outse
the
at
ed
plann
It is
.
prizes
astic
schol
ment of certain
in New York announces
The National Bank of Commerce
s, heretofore Second
Bower
W.
that, effective Jan. 1, Thomas
sident. FranVice-Pre
a
nted
appoi
been
has
,
ident
Vice-Pres
am and Henry
Putn
B.
John
Lee,
H.
cis W. Boehm, Elliott
associated with the bank for
been
have
whom
of
all
,
Renz
J.
Assistant Cashiers.
a number of years, have been appointed
has
The First National Bank of Boston
this
The action of the board is in line with
capital structure to deposits.
with its increasing deposits and
pace
keep
policy of increasing capital to
s in this country ard abroad.
constantly expanding opportunitie
ion of
made necessary by the rapid expans
The latest capital Increase is
department, and particularly in Cuba
foreign
the
in
lly
especia
ss,
busine
y
expectation of enlarged business activit
and the Argentine, and by the
ing
have been for some time averag
next year. Deposits of the bank es. It is presumed that the current
branch
about $275,000,000, including
on the enlarged capitalization.
$18 dividend rate will be maintained
around
issue of new stock are valued at
Rights to subscribe to the latest
$31 with the stock quoted at $325.
directors of the NaAt a recent meeting of the board of
wing officers were
follo
the
n,
Bosto
of
tional Shawmut Bank
tant Cashier,
Assis
rly
forme
elected: Ernest H. Moore,
White, formerly
H.
Leon
dent;
Presi
Vicetant
elected Assis
Vice-President; Earl F.
Assistant Cashier, elected Assistant
er, elected Assistant
Cashi
tant
Assis
rly
forme
ore,
Fillm
rly Manager Trust
forme
Hill,
W.
Ralph
Vice-President.
Officer; Robert B.
Department, elected Assistant Trust
. Charles R. Wiers
tment
Depar
Bond
ger
Mana
ed
Rugg, elect
.
ident
-Pres
elected Assistant Vice
the personnel of the
The following changes were made in
Philadelphia on Dec. 30
of
Bank
nal
Natio
ange
Ex,ch
Corn
years Manager of the new
Roland A. Hillis, for a number of
ution, was made a Viceinstit
the
business department of
man was elected Trust
Free
W.
rd
Edwa
and
dent
Presi
resigned on account
who
,
Wolfe
ll
Russe
ed
Officer to succe
for the last three years has
of poor health. Mr. Freeman
Federal Reserve Board at
been Assistant Counsel to the
Washington.
and William A. ElJohn K. Wallace, Ernest C. Haaren
taries and FrankSecre
tant
Assis
dridge have been appointed
and Alexander T.
es
Thom
F.
ll
Russe
,
nhall
Mende
lin P.
Central Union Trust
Galloway Assistant Treasurers of the
Co. of this city.
this city on Dec. 27
The Title Guarantee & Trust Co. of
nt of $860,984, in
rseme
disbu
ring
the National Security
t-sha
profi
announced a
George Kessler, a Vice-President of
, according to
share
to
are
yees
the historic Carpenemplo
of
dent
Presi
and
ia
delph
which all officers and
Phila
The officers and em- Bank of
date.
that
was seventy'-one
He
of
29.
le"
Dec.
"Eag
on
nly
lyn
the Brook
died sudde
of their annual salaries, ters' Co.,
ployees receive from 26.7% to 37.4%
age.
of
'
. went on to years
"Eagle"
according to length of service. The
dent of the Media Title
say:
V. Gilpin Robinson, formerly Presi
plan, one-fourth of the net profits
was elected President of the
Pa.,
Under the company's profit-sharing
a,
Medi
ing
embrac
,
Co.,
now
zation
organi
Trust
the
&
to
In excess of $1,000,000 is distributed
rly
ia, at a
estimated amount Is distributed quarte
69th Street Terminal Title & Trust Co., Philadelph
2,189 persons. One-half of the
held till the end of the year.
e
balanc
on Dec. 29. Charles L. Roach,
the
tors
direc
the
of
throughout the year and
ng
gives
meeti
and
ees
employ
the
the part of
This method is an aid to saving on
, and John C. Marsh were elected
the end of the year and available Vice-President of the bank
each one a substantial sum reserved to
lation of capital, a savings
accumu
Robinson has been a member of the Bar
Mr.
ors.
direct
for investment. To encourage the
their
of
n
they may invest any portio
and was active in the passage of the Banking
fund is provided for employees, wheer
netting 53%. This fund now for 52 years
savings in guaranteed first mortgages
ylvania.
Penns
Code in
amounts to more than $700,000.
According to the Pittsburgh "Post" of Jan. 1, the directors
ard Bank, and
Richard M. Lederer, President of the Stand
d $2,of the bank, have of the Union Trust Co. of that city on Dec. 31 adde ing,
Louis W. Abrons, one of the directors
account of the institution bring
us
surpl
the
to
the
d
00
towar
000,0
York
New
to
also
sailed for Havana; they will return
the same up to the huge sum of 344,000,000. It was
the
ng
nt,
maki
end of January.
ve
accou
the
reser
to
000
$500,
voted to add
or supplementary surplus, $4,500,000.
nt,
accou
of
Bank
ve
reser
the
of
rs
holde
total
stock
At a special meeting of the
0,000 with
32d Street) on Dec. 22 it The Union Trust Co. now has a capital of $1,50
United States (Fifth Avenue and
JAN. 3 1925.]
THE CHRONICLE
surplus of $44,000,000 and a reserve account of $4,500,000,
a total of $50,000,000. The directors also declared a
quarterly dividend of 25% (100% per annum) and an extra
dividend of 10%, payable Thursday of this week, Jan.
1,
to shareholders of record Dec. 31.
The Guardian National Bank of Chicago opened for business on Jan. 2, the first business day of the New Year—
at the southeast corner of Dearborn and Monroe Streets,.
offering a complete.anking service in commercial, savings,
bond and foreign departments. Officers of the bank are:
Henry R. Kent, president; Samuel B. Wechsler and Henry
T. Bowers, Vice-Prcsidonts; Emil E. Rose,
Vice President
and Cashier, Edward N. Heitz and Albert L. Rogers
,
Assistant Cashiers.
53
and the Commercial Savings Bank of Des Moines, both
of
which have been taken over by the State Banking Depart
ment, and the First National Bank of Denison, the Bank
of
Dow City and the Traders' Bank of Vail. The dispat
ch
printed in the New York "Times" in regard to the closing
of the five banks was as follows:
Two Des Moines banks, the Mechanics Savings and
the Commercial Savings, closed to-day and were taken over by
the State Banking Department.
due, it was announced, to prospective or actual
heavy withdrawals of public and private funds. The Banking Department
this afternoon (Dec .31)
was unofficially informed that the First
National Bank of Denison. Iowa;
the Bank of Dow City, Iowa, and the Traders
' Bank of Vail. Iowa, also had
been closed because of heavy withdrawals. These
three institutions were
said to be closely related. Robert Leach, Superin
tendent of Banking,
had not been advised of the details of their
difficulties, and no reason was
assigned for the run on the throe banks.
The Commercial Savings Bank, which carried deposits
of 51.500,000 in
public money, was the first to close, officers stating
that they had been
advised of the probable withdrawal of the funds
because surety companies
declined to renew depository bonds.
The Mechanics' Bank.it was said, was closely allied
with the Commercial
and held $115,000 of State funds, which were not
fully covered by suretires,
in addition to large deposits by insurance companies
centring here. Officers of the Mechanics' Bank offered no explanat
ion except that heavy
withdrawals had prompted their action.
The necessity for'withdrawal of public money to be
turned over to the
incoming State Treasurer by the present Treasurer,
who closes up his aocounts to-night, was said unofficially to have had
a bearing on the bank
suspensions. The closing followed closely upon an opinion
by AttorneyGeneral Ben Gibson that public funds, under a new State
law, were not preferred claims. This, it was believed, led the surety compani
es to decline
further guarantees of public money until the question
was decided by the
courts.
Formal opening of the Marshfield Trust Saving Bank,
s
&
a new Chicago financial institution, takes
place to-day
(Jan. 3), according to the Chicag
o "Tribune" of Jan. 1.
The new, bank is located at Lincoln and North Marshf
ield
Avenues and School Street and begins operat
ions with a
capital of $200,000 and surplus of $50,00
0. William Schalka,
head of the Illinois Brick Co., is Presid
ent and the other
officers arc: William S. Frisby and Willia
m A. Burmeister,
Vice-Presidents; A. J. Adams, Vice-Pres
ident and Cashier,
and Edward Umbricht, Assistant Cqshie
r.
The National Bank of the Republ
ic of Chicago has orYesterday (Jan. 2) a merger of the Southern Nation
ganized an affiliated company which has
al
been chartered with
Bank of Memphis (capital $300,000) with the
$500,000 paid in capital, under the
Fidelity Bank
name of the National
&
Trust Co. of that city (capital $1,000,000), both
Republic Company. The new compa
comparany will take over the
tively new institutions, was consummated under
business of,the bond department of the National Bank
'the title of
of the
latter, and on the same day (Jan. 2) the Fidelit
the Republic and the entire organization
y Bank
of that department
& Trust Co. opened for business in its perman
which now includes the business and
ent banking
bond departments of
quarters on the first floor of the former Union
both the old National Bank of the Republic and
& Planters
the National Bank
Building, 47 Madison Avenue, which wsa purcha
City Bank of Chicago which were recent merged
sed by
ly
. Along
the Fidelity Bank & Trust Co. some months ago.
with the bond and investment business
The Fidelof the bank, the
ity
Bank
&
company will organize a new real estate loan department
Trust Co. Is a new institution which began busiin
ness on July 15 last, while the Southern Nation
order that this branch of financing may be taken
al Bank,
care of by
which it has absorbed, began operations on April
the Republic organization. John A. Lynch
9 1923.
has been made
S. H. Butler, the former President of the Southern
chairman of the board and Samuel W. White
National
has been
Bank, has retired from the banking business. The
elacted president.
officers
•
of
enlarg
the
ed Fidelity Bank & Trust Co. are as follow
s:
The St. Louis "Globe-Democrat" in its issue
McDowell, President; J. T. Russell and John
J.
D.
of Dec. 23 reM. Dean,
ported the incorporation of a new bankin
Vice-Pres
idents
; D. D. Robertson, Cashier, and W. M. Daniel,
g institution for
East St. Louis (Ill.) under the title
of the Metropolitan Assistant Cashier. John T. Fisher is Chairman of the Board.
Trust Co., with C. B. Thomas, Federa Refere
l
e in Bankruptcy, as President. The new institution,
A. L. C. Magruder, organizer and President of the Securi
it was said, would
ty
begin operations on Jan. 2 in the
former quarters of the State Bank & Trust Co. of San Antonio, died suddenly on
failed Drovers National Bank in the
Metropolitan Building. Dec. 18. Mr. Magruder had been In the banking business
Mr. Thomas, according to the "Globe
-Democrat," is well for 30 years and was well known in banking circles throughknown in East St. Louis. He
served as Judge of Hamilton out Southwest Texas. He was 53 years of age.
County for a number of years before
going to East St. Louis
fourteen years ago and was a
candidate for Governor of
At the regular monthly meeting of the directors of
Illinois at the Democratic primar
the
ies last spring.
Bank of America, Los Angeles, held recently, a resolut
ion to
increqse the capital of the institution from $1,300
,000 to
Two small Missouri banks—the
Brookfield Trust Co. at $1,500,000 by the issuance of 2,000 shares of new stock (par
Brookfield, and the Monroe County
Trust Co. at Paris—were value $100 per share), to be sold at $159 a share,
was
closed by their respective directors
on Dec. 18. State Bank adopted, according to the Los Angeles "Times" of
Dec. 20.
Commissioner Frank C. Milisp
augh, it is said, has placed The new stock, it is stated, has been entirely
underwritten
Joseph AfcElvane, a bank examiner,
in charge of the former by the board of directors. At the same meetin
g the directors
institution, and B. H. Swan, a bank
examiner, in charge of also declared the regular quarterly dividend of the bank
of
the latter. According to its June
statement, it is said, the 1.1h% for the last quarter of the year.
Brookfield Trust Co. was capitalized
at $50,000; had deposits
aggregating $296,000 and total resour
ces in excess of $451,That the operations of the Canadian Bank of Comme
000. C. M. Hopper was President of the
rce
failed bank and (head office Toronto) during
the fiscal year ended Nov. 29
Walter McCollum, Secretary. The
Monroe County Trust 1924 were satisfa
ctory is evidenced by the annual financial
Co. was established, it is said, two years
ago with a com- report of the institu
tion, published elsewhere in our pages
bined capital and surplus of $55,000 and had
total resources to-day. This is the first annual
statement of the bank since
of $130,000. E. G. Sanders was President and
C. E. Smith, its absorption of the Bank
Secretary.
of Hamilton. Total assets are
shown at $510,073,530, of which $240,759,083
are quick assets,
or more than 51% of the bank's liabilities
to the public, while
Two additional Missouri banks were closed on
Dee. 30, total deposits am given at $403,099,014.
Net profits for the
according to an Associated Press dispatch from
Jefferson City twelve months, after providing for
all bad and doubtful
on that date published in the St. Louis "Globe-Demo
crat" debts, amounted to $3,424,722, which when
added to $2,185,of Dec. 31. The banks are the Citizens' State Bank
of 635, the balance to credit of profit and loss, brough
Seneca, with total resources of $144,958, and the
t forward
Bank of from the preceding year, and $181,954,
Fortescue, with total resources of $96,269. A
State Bank of Hamilton's profit and loss balanc representing the Bank
e transferred on Dec.
Examiner has been placed in charge of each
institution. No 31 1923, made altogether $5,792,311
available for distribution.
reason is given for the closing of either bank, it is said.
Out of this amount, the report shows,
the following sums
were appropriated: $2,350,000 to cover
dividends; $200,000
banks
were forced to close on Wednesday of this to pay
Five Iowa
a bonus; $150,000 transferred to rest
account; $450,week (Dec. 31), according to press dispatches from Des 000 to pay
Dominion and Provincial taxes;
$500,000 to
Moines on that date appearing in the New York daily papers adjust Britis
h and foreign exchange, etc.; $750,0
00 reserved
of Jan. 1. The banks are: The Mechanics' Savings Bank for depreciation
in real estate, etc., and $174.230
transferred
54
L.120.
THE CHRONICLE[VO
to pension fund, leaving a balance of $1,218,080 to be carried
forward to next year's profit and loss account. The bank's
paid-up capital is $20,000,000, with a rest account of like
amount, not including the $150,000 to be transferred thereto
noted above.
5.3434 ®
To-day's (Friday's) actual rates for Paris bankers' francs were
bankers' marks are
5.3734 for long and 5.40(35.4234 for short. German
bankers' guilders
not yet quoted for long and short bills. Amsterdam
were 40.04(440.08 for long and 40.41040.41 for short.
.20 francs
range-87
week's
Exchange at Paris on London 87.45 francs:
high and 87.55 francs low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days. Cheques.
Sterling Actual4 7534
4 74%
4 7234
High for the week
4 7134
4 7034
46534
Low for the week
Paris Bankers' Francs5.4434
5.4334
5.3734
High for the week
5.3934
5.3834
5.32%
Low for the week
Germany Bankers' Marks23.82
23.82
High for the week
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders40.54
40.50
40.08
High for the week
40.47
40.43
40.03
Low for the week
81,000
Domestic Exchange.-Chicago, par. St. Louis, 151325c. per
per
discount. Boston, par. San Francisco, par. Montreal, $2 8125
$1.000 discount. Cincinnati, par.
The 55th annual report of the Royal Bank of Canada
(head office Montreal),which appearselsewhere in our paper
to-day, is evidence of the highly successful operation of the
institution during the fiscal year ending Nov. 29 1924. Outstanding features of the statement are an increase of more
than $40,000,000 in deposits-the bank's total deposits now
standing at $461,228,770-and a gain in high grade securities
of $41,231,935, of which amount nearly $34,000,000 is in Government and municipal bonds. The bank's total resources
are shown as$583,789,509 (as against $538,358,555 last year),
of which liquid assets amount to $278,024,740. Included in
the liquid assets are cash holdings of $89,961,244, as against
ENGLISH FINANCIAL MARKETS-PER CABLE.
,
cash items last year of $81,604,539. Net profits for the
The daily closing quotations for securities, &c., at London
twelve months, after deducting charges of management, as reported by cable, have been as follows the past week:
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
accrued interest on deposits, full provision for all bad and
London,
Dec. 27. Dec. 29. Dec. 30. Dec. 31. Jan. 1. Jan. 2.
Week Ending Jan. 2.
doubtful debts and rebate of interest on unmatured bills,
31%
31 9-16 31 13-16
d Holiday 3134
per oz
878.9d.
amounted to $3,878,976, and this added to $1,085,831, the Silver,
88s.26.
880.1d. 88
Gold, per fine ounce
from
d
forwar
brought
loss
5734
and
5734
5734
5734
balance to credit of profit
Consols, 234 per cents
10134
tion British, 5 percents
10134 10134 10134
Nov. 30 1923, made the total available for distribu
HOLT- 97
973
9734
9734
ng British, 434 per cents
DAY 49.80
$4,964,807. From this sum, the report states, the followi
49.80 49.80 49.80
French Rentes(In Paris)__Ir.
quarfour
pay
61
to
000
61.30
61.30 61.30
appropriations were made: $2,856,
French War Loan(In ParLs)(r.
,000),
($2,448
annum
per
been:
has
day
12%
same
the
of
on
York
rate
New
the
in
at
ds
silver
of
dividen
terly
The price
00) ; Sliver in N.Y., per oz.(eta.):
together with a bonus of 2% to the shareholders ($408,0
87
NU
6634
6634
6634
0
Foreign
$100,000 transferred to officers' pension fund; $400,00
for
d
reserve
0
$465,00
and
account
s
premise
bank
added to
Dominion taxes, including war tax on bank note circulation,
COURSE OF BANK CLEARINGS.
e
leaving a balance to be carried forward to next year's profit
Bank clearings for the country as a whole still continu to
and loss account of $1,143,807. The Royal Bank of Canada
is
of
more
gain
ratio
the
but
ago
show an increase over a year
has a paid-up capital of $20,400,000, with a reserve fund of
GenNeill,
E.
moderate. As before, the improvement follows largely from
C.
and
nt
is
Preside
Holt
S.
H.
.
amount
like
es at this centre
the expansion at New York City, the exchang
eral Manager.
over 1923.
showing an increase for the five days of 14.7%
in
phic
upon
laga,
telegra
based
d'Hoche
us,
by
d
Preliminary figures compile
The 50th annual statement of the Banque
the
since
nt
e
,
that
stateme
its
first
indicat
country
-and
the
of
Canada
of
cities
on
chief
the Domini
l from the
- advice
Banque Nationale was amalgamated with the institution
week ending to-day (Saturday, Jan. 3) aggregate
the
for
fiscal
the
makes a good exhibit. The report, which covers
es for all the cities of the United States from
exchang
deduc- bank
year ended Nov. 29 1924, shows net profits, after the
is possible to obtain weekly returns will register an
tion of expenses of management, interest accrued on depos- which it
week last year.
proviincrease of 7.7% over the corresponding
its, rebate of interest on discounts, and making full
.7
$8,625,940,58
This
against
,
4.
953,316
of
$737,08
$9,302,
l
debts,
doubtfu
at
The total stands
sion for all bad and
loss
y for
tive
summar
compara
Our
1923.
in
week
same
amount together with a balance to credit of profit and
for the
year,
ng
of $239,658 brought forward from the precedi fiscal
the week is as follows:
sum
was
which
tion,
made $976,742 available for distribu
Per
four quarClearings-Returns by Telegraph.
allocated as follows: $475,000 to take care of
1924.
Cent.
1925.
Week ending Jan. 3.
fund; $103,terly dividends; $25,000 contributed to pension
84,583,000.000 83.995,910,254 +14.7
$125,000 to New York
517,816,540
--6.1
485,976,538
750 to cover Dominion Government taxes, and
Chicago
-2.7
410,000,000
of
e
399,000,000
Provinc
the
of
er
Treasur
the
ia
to
t
Philadelph
paymen
provide for
-4.7
00
342,000,000
326,000,0
a balance of Boston City
+0.8
98,536,176
99,334,052
Quebec under Statute 14, Geo. V, Ch. 3, leaving
Kansas
+8,5
*106.000,000
*115,000,000
year's St. Louis
fiscal
current
the
to
d
0
forwar
-8.8
00
133,700,00
carried
121,900,0
be
to
2
$247,99
Francisco
113,659,000 -12.9
98,900.000
resources are San
Los Angeles
131,926,049
-3.0
127,956,959
profit and loss account. The bank's total
Pittsburgh
1
are
104,326,554 +17.0
,885
122,033,60
which
$60,197
Detzolt
shown in the report as $122,255,339, of
82,534,898
95,728,277 -13.8
ion's liabilities to the Cleveland
-3.2
*86,000,000
88,865,469
liquid assets, or over 54% of the institut
Baltimore
55,346,449
68,765,273 -19.5
the assets and New Orleans
public. A foot-note to the report states that
+8.1
55.702.983,297 86,199,915,592
le (France),
Thirteen cities,5 days
liabilities of the Banque Canadienne Nationa
+6.1
988,368,397
1,049,477,800
Other cities,5 days
ary
a
as
subsidi
ng
operati
branch
a
red
the same being conside
$7,752,461,097 $7,188,283,989
+7.7
days
5
cities,
all
balance
Total
the
in
d
+7.7
1,550,492,219
1,437,656,598
of the Banque d'Hochelaga, are include
All cities, 1 day
nt as $96,824,-L7 7
89.302.953.316 58.825.040 5R7
sheet. Total deposits are given in the stateme
cities for week
all
tat
T.
ion as $5,500,000,
412 and the paid in capital of the institut
Estimated.
office of the in- •
head
The
.
amount
like
of
fund
with a rest
te and exact details for the week covered by the
Comple
the name of the
stitution is in Montreal. On Feb. 1 1925
will appear in our issue of next week. We cannot
ng
nne Nationale. foregoi
bank is to be changed to Banque Canadie
to-day, inasmuch as the week ends to-day
them
furnish
Leman, General
J. A. Vaillancourt is President and Beaudry
(Saturday) and the Saturday figures will not be available
Manager.
until noon to-day. Accordingly, in the above the last day
of the week has in.all cases had to be estimated.
FOREIGN EXCHANGE.
In the elaborate detailed statement, however, which we
was fea- present further below, we are able to give final and complete
The final week of the year in sterling exthange
by a sharp results for the previous week-the week ended Dec. 27. For
tured by fairly active trading, accompanied
or within that week there is an increase of 9.2% ,the 1924 aggregate
advance to the highest level since March 1919,
Continental of the clearings being $7,742,085,573, and the 1923 aggregate
The
parity.
pre-war
normal
of
12
cents
about
depressed, with 87,092,202,718. Outside of New York City, however, the
exchanges, however, were mostly dull and
both of increase is only 3.1%, the bank exchanges at this centre havthe exception of Dutch guilders and Swiss francs,
on
weakest
the
were
Lire
.
records
new
high
ing recorded a gain of 14.4%. We group the cities now acwhich scored
points.
cording to the Federal Reserve districts in which they are
the list, losing more than 10
exchange were 4 7134(4
, and from this it appears that in the Boston Reserve
located
To-day's (Friday's) actual rates for sterling
for cheques and 4 7434(44 75% for
47234 for sixty days, 4 74%04 74%
an improvement of 3.5%, in the New York
©4 7434, sixty days 4 7034(4 district there is
cables. Commercial on banks, sight 4 74)4
s for payment (sixty Reserve district (including this city) of 13.8%, and in the
document
and
7034,
4
days
693404
4 70%, ninety
4 '14 X(34 74)4 and grain for
Philadelphia Reserve district of 4.3%. The Cleveland Redays) 4 7034(4)4 7034. Cotton for payment
payment 4 74 Yt @4 74 X.
JAN. 3 1925.]
THE CHRONICLE
serve district has a gain of 2.1%, the Richmond Reserve district of 2.3%, and the Atlanta Reserve district of 5.5%. In
the Chicago Reserve district the totals are larger by 2.2%,
in the St. Louis Reserve district by 5.6% and in the Minneapolis Reserve district by 14.0%. The Kansas City Reserve district has an increase of 1.6% and the Dallas Reserve
district of 30.8%. The San Francisco Reserve district is the
only district showing smaller totals as compared with a
year ago, it recording a loss of 1.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ending Dec. 27 1924.
1924.
1923.
Federal Reserve Districts.
$
$
(1st) Boston
11 cities 380,463,767 367,659,986
(2nd) New York
11 " 4,452,634,749 3,912,316,970
(3rd) Philadelphia __ _10 "
493,122,512 472,893,675
(4011) Cleveland
8 "
322,143,763 315,413,835
(5th) Richmond
6 "
167,259,267 163,543,006
(6th) Atlanta
12 "
186,073,976 176,440,966
(7th) Chicago
20 "
753,158,295 736,660,608
(8th) St. Louis
8 "
199,548,851 188,941,074
(9th) Minneapolis
7 "
113,400,162 99,456,826
(10th) Kansas City
12 "
209,554,481 206,354,104
(11th) Dallas
5 "
80,057,649 61,206,133
(12th) San Francisco_ _ _17 "
384,668,101 391,315,535
Grand total
127 cities 7,742,085,573 7,092,202,718
Outside New York City
3,381,356,033 3,279,390,965
Canada
29 cities 316 101 CM 9M 174 All
Inc.or
Dec.
1922.
1921.
%
$
$
+3.5 371,370,482 277,046,684
+13.8 4,180,550,620 3,455,753,573
+4.3 492,014,060 370,510,209
+2.1 310,990,481 268,316,754
+2.3 153,411,573 116,752,089
+5.5 162,773,092 122,818,839
+2.2 766,424,730 581,469,828
+5.6 65,025,799 46,923,072
+14.0 114,230,447 91,170,927
+1.6 219,536,737 182,995,407
+30.8 61,006,193 45,839,572
-1.7 311,091,394 310,158,317
+9.2 7,248,425,608 5,869,745,271
+3.1 3,168,622,935 2,492,505,739
-4-10.4 277.700.436 294.661.187
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending De . 27.
Clearings at
55
Week Ending Dec. 27.
Clearing, at-
Inc. or
1924.
1923.
Dec.
1922.
$
$
%
$
Seventh Feder al Reserve D strict-Chi cageMich.-Adrian __
174,067
162,361
+7.3
153,366
Ann Arbor_ _ _
703,802
644,970 +9.1
693,482
Detroit
104,087,797 111,209.720 -6.4 111,976.930
Grand Rapids_
6,405,955
5.530,222 +15.8
5,157.793
Lansing
2,580,289
2.074,044 +24.4
1,480,803
Ind.-Ft. Wayne
3,370,439
2,059,126 +63.7
2,066,132
Indianapolis_ _ _
14,215,000
17,223,000 -17.5
16,203,000
South Bend....
1,917,000
1,640,200 +16.9
2,084,600
Terre Haute__ _
5,434,753
4,729,680 +14.9
Wis.-Milwaukee
30,585,011
29,443,414 +3.9
28,634,558
Iowa-Ced. Rap2,063,785
2,575,030 -19.9
1,803,047
Des Moines_ _ _
8,567,943
8,938,997 -4.2
8,702.437
Sioux City_ _
5,946,005
5.008,269 +18.7
4.542,505
Waterloo
1,263,909
1,174,759 +7.5
*900,000
Ill.-Bloomington
1,232,362
1,000,000 +23.2
1,258,394
Chicago
554,862,246 534,501,589 +3.8 572.470,661
Danville
a
a
a
a
Decatur
1,249,587
899,650 +38.8
864.889
Peoria
4,130.413
3.691.236 +11.9
3,816,247
Rockford
•2.300,000
2,027,774 +13.4
1,710,118
Springfield
2,067,932
2,126,567 -2.8
1,904,768
Total(20 cities)
753,158,295
736,660,608
1921.
$
149,816
320,000
92,383,000
4,763,810
1,315,000
1,648,680
13.872,000
1,217,078
22,363,522
1,392,019
7,471.367
3,591,580
882.510
948,971
422,464,105
a so
732,250
2,824,305
1,520,000
1,599,835
+2.2
766,424,730
Eighth Faders I Reserve Dis rict-St. Lo ulsInd.-Evansville
4,760,155
4,282,787 +11.1
Mo.-St. Louis_ _ 126,838,188 123,406,743 +2.8
Ky.-Louisville_ _
27,952,167
27,305,767 +2.4
Owensboro._
511,647
459.145 +11.4
Tenn.-Meznphis
24,891,243
21,315,760 +16.8
Ark.-Little Roc
13,159.669
10,582,788 +23.2
Ill -Jacksonville
318,387
344,690 -7.6
Quincy
1,117,395
1,143,394 -2.3
4,738,471
3,505,183
27,305.767
552,529
20.765,203
10,396,904
366,925
*900,000
19,666,730
391,694
14,759.322
7,440,700
267,583
891,880
Total(8 cities) _ 199,548,851 188.941,074
+5.6
65,025,799
Ninth Federal Reserve Dls tri.t-Minn eapolisMinn.-Duluth_
6,709,072
5,780,405 +16.1
5,126,445
Minneapolis_ _
d72,503,000
57,641,168 +25.8
69,430,418
St. Paul
27,901,944
29,968,961 -6.9
32,888,669
N. D,-Fargo..
1,625,107
1,470,668 +10.5
1,798,258
S.D.-Aberdeen
1,359,129
1,075,522 +26.4
1,116,930
Mont.-Billings
507,331
475,071
+6.4
560,697
Helena
2,794,570
3,045,031 -8.1
3,309.031
46.923,072
581,459,828
3,747,922
49,421,000
31,835,777
1,400,594
838,916
540.300
3,386,418
Total(7 cities). 113,400,161
99,456,82( +14.( 114.230,447
91.170,927
Tenth Federal Reserve Di, trict-Kens as City Neb.-Fremont..
c298,831
278,979 +7.1
333,400
282.298
Hastings
368,364
411,949 -108
405,762
393,430
3
Lincoln
3,369,841
3,034,567 +10.2
First Federal Reserve Dist rict-Boston
3.380,542
2,299,797
Omaha
30,414,027
32,213,307 -5.6
Me.-Bangor _ _
36,557,66t
27,289,40
1,516,188
1,541,628 -1.7
1,405,032
797.647 Kan.-Topeka _ _
d2,676,86(
3,528,018 -24.1
Portland
2,826,091
2,185,249
2,477,145
2,062.482 +20.1
*2,300,000
2,020,487
Wichita
c16,641,00(
6,699,000 -0.9
Mass.-Boston _
8,411,008
7,838,136
340,000,000 328,000,000 +3.7 330,000.000 245,000,000 Mo.-Kan. City.
112,393,52(,
114,615,423 -2.0 126,500,236 109,613,215
Fall River_ _ _ _
2,009,509
1,852.877 +8.5
1,832,483
1,296,003
St.
Joseph_
_
e6,142.746
6,232,895 -1.4
Holyoke
a
a
a
a
a
Okla.-Muskogee
a
a
Lowell
a
a
a
939,070
1,362,000 -31.1
1,139,433
899,126
Oklahoma City e27.967.280
20,240,382 +38.2
Lynn
16,907.469
20,989,201
a
a
a
a
a
Tulsa
a
a
New Bedford
a
a
1.393.151
a
1,120,484 +24.3
1,298,419
1,107,982 Colo.-Col.sags
828,738
881,649
-6.0
Springfield __ _ _
650,000
939,250
3,809,286
3,981,979 -4.3
4,368,357
2,907,943
Denver
17,635,568
17,568,905 +30.4
Worcester
15,094.116
18.536,937
3,018,000
2,591,000 +16.5
2,873,000
2,744,881
Pueblo
e817.683
629,030 +20.0
Conn.-Hartford.
656,648
482.277
10,457,415
9.382,320 +11.4
9,857.779
7,660,758
New Haven__ _ • 5,123,803
5,227,616 -2.0
5,003,179
3,889,857
Total(12cities
209,554.481 206,354,104 +1.6 219,536.737 182,995,407
R .1.-Providence
9,720,200
10,537,600 -7.8
11,292,800
8,722,000
Eleventh Fed ral Reserve DistriLt-Da lasTexas-Austin _
1,815,650
1,525,000 -13.7
Total(11 cities) 380,463,767 367.659,986 +3.5 371,370,482 277,046,684
1,275,926
1,431,399
Dallas
•
51.:a1.230
34,507,000 +50.3
37,627.303
22.686,655
Fort
Worth_
_
12,1,2'3,322
11.595,280 +4.6
Second Feder al Reserve D strict-New York10,772,871
10,401.000
Galveston
•
10,477,346
9,374,930 +11.7
N. Y.-Albany _ _
4,149,247
7,622,516
6,656,286 -37.7
8,330.885
4,297,806
3,763,335
Houston
a
a
a
Binghamton_ _ _
863.800
731,900 +18.0
a
a
693.100
666.700 La.-Shreveport
4,264,101
4,203,923 +1.4
Buffalo
c35,683,444
3,707,577 '2,989,633
35,517,802
37,706.456
+0.5
28,003.661
Elmira
849,313
567.904 +49.5
470,318
Total
(5
cities)
80,057,649
61,206,133
Jamestown_ __
+30.8
c1,254.578
45,839,572
61,006,193
1,051,337 +19.3
914,569
765.385
Twelfth Fede.al Reserve D (strict-San
New York_ _ _ 4,360,729,540 3,812,811,753 +14.4 4.079,802.673 3,377,239,532
Franc'scoWash -Seattle...
29,993,196
33,562,939 -10.6
Rochester
25,485,937
29,955.516
9.405,563
8,450,194 +11.3
8,649,811
7.024,311
Spokane
8,620,000
9,403,000 -8.3
Syracuse
3,654,714
8,839,000
4,169,934 -12.4
*9.500,000
3,447,830
2,887,098
Tacoma
a
a
Conn.-Stamford
a
c3,029.138
2.496,722 +21.3
a
a
2,517,673
1,666,514
Yakima
1,129,449
1,053,980 +7.2
N. J.-Montclair
1,128,250
525,177
1,128.250
311,415 +68.6
381,619
346,128 Ore.-Portland _ . 29,343,189
31.195,579 -5.9
Northern N.
24,846,824
32,490,235
26,607,253
39,551,723 -17.9
41,668,765
33,390,909 Utah-S. L. Cit, 15,836,872
14,527,598 +9.0
14,823,000
12,423,400
a
a
Total(11 cities) 4,452,634,749 3,912,316.970 +13.8 4,180,550,820 3,455,753,573 Nev.-Reno _
a
a
a
Ariz.-Phoenix _
a
a
a
a
a
Cal.-Fresno _ _.
2,759,032
3,887,482 -29.0
Third Federal Reserve Dist rict-Phila delphla
3,384,540
4,288,862
Long
Beach..
.
5,419,194
Pa.-Altoona - _ 6,851,559 -20.9
1,232,642
2,719,891
5.398,237
1.196,381
+3.0
1,050,768
882,000
Los Angeles_ _. 119,888,000 125,781,000
Bethlehem __
*3,300,000
3,115,157 +5.9
84,667.000
-4.7 106,550,000
3,859,820
4,016,107
Oakland
.
13,550,051
Chester
12,798,13
975,834
1,118,689 -12.8
9,290,263
11,008.000
+5.9
1,706,072
1,078,000
Pasadena
.
4,335,252
4,484,780 -3.3
Lancaster
1,857,609
2.456,671 -24.4
2,389,926
3,548,712
2,540,628
1,757,711
Sacramento _ .
6,063.629
6,451,63
Philadelphia_ -- 466,000,000 449,000,000 +3.8 468,000,000 350,000.000
-8.0
4.152,417
5,188,193
San
Diego_
.
3,183,943
Reading
3,093,550 +2.9
2,787,993
*2,800,000
2,756,017 +1.1
3,200,000
2,585,797
2,099,929
San Francisco. 137,600,000 131,600,000
Scranton
5,797,004
4,737,355 +22.4
+4.6 125,700,000 124,100,000
4,774,945
4,044,201
San Jose
1,863,810
1,871,19'
Wilkes-Barre. _
d3,764,029
-0.4
3,176,332 +18.5
1,400,000
1,863,146
2,554,921
2,168,512
Santa
Barbara.
904,739
York
767,05 +18.0
1,462,614
1,275,694 +14.7
556,363
760,125
1,045,552
1,189.892
Santa Monica.
N.J.-Trenton_ _
1,503,445
1,788.06 -15.9
5,944.787
4,061.379 +46.4
3,895,557
3,273,857
Stockton
.
c2,674.300
Del.-Wilming'n.
2,198,000 +21.7
a
a
1,573,500
1,972,100
a
a
a
Total(17 cities) 384,668,101 391,315,535 -1.7
Total(10 cities) 493,122,512 472,893,675 +4.3 492,014,060 370,510.209
351,091,394 310,158,317
Grand total (12 r
cities)
.7,742,085,573 7,092.202,718 +9.2 7,248,425.608 5,869,745,271
Fourth Feder al Reserve D istrict--Clev landOutside
New
Ohio-Akron __ -Yor
t
3,381.356.033 3.279.390.965 +3.1 3.168.622.935 2.492.505.739
c6,767.000
5,188,000 +30.4
4,563,000
4,443,000
Canton
4.200,197
3,975,037 +5.7
3,641,856
2,418,184
Cincinnati _ _ 59,539,196
57.789,247 +3.0
59,202,898
47,549.654
Cleveland
89,156,039
87,631.689 +1.7
88,002,683
Week Ended December 25.
63,284,124
Columbus
Clearings al11,301,800
12,041,900 -6.1
13,113,600
11,479,300
Dayton
a
a
a
a
a
Inc. or
Lima
a
1924.
a
a
a
1923.
a
Dec.
1922.
1921.
Mansfield
d1,502,705
1,552.451 -3.2
1,526,248
987,586
Springfield_ _ -Canadaa
a
a
$
a
a
$
$
%
$
Toledo
Montreal
a
a
110,553,968
a
81,800.559
a
a
+35.1
80.217,741 101,171,632
Toronto
Youngstown _
3,528,049
4,232.959 -16.6
88,043,079
3,475.419
84.527,126 +4.2
88,522,653
2,154,906
86,885.442
Pa.-Erle
Winnipeg
a
a
52,638,737
a
50,774,441
a
+3.7
44,436,710
a
42.894.274
Pittsburgh _ _ 146,148,777 143,002,552 +2.2 137,464.777
13,931,197
13,941,037 -0.1
11,801,702
11.577,396
136,000,000 Vancouver
Ottawa
6,086,390
6,103,240 -0.3
6,291.475
6,080,117
Total(8 cities) _ 322.143,763 315,413,835 +2.1 310,990,481
4,704,086
4.644.827 +1.3
5,234,986
268,316,754 Quebec
4,805,736
Halifax
2.409,592
2,297,496 +4.9
2,514,323
2.778,623
Fifth Federal Reserve Dist riot-Mehra ondHamilton
4,336,087
5,167.368 -16.1
5.267,871
4,901,673
W.Va.-Hunt'on
Calgary
1,502,832
1,812,787 -17.1
6,367,244
7,113,346 -10.5
1,787,257
4,855.175
4,729,490
1,215,800 St.
Va.-Norfolk
John
c8,029,609
7,980,978 +0.6
1,967,969
2,398,657
7.301,015
-18.0
2,816,662
5.941,606
2,411,769
Richmond
_
53,774,000
48,530,000 +10.8
1,520,444
46,176,167
1,950,070 -22.0
1,875,111
2,256,798
35,167,425 Victoria
S.C.-Charleston
*3,100,000
2,904,811
2,705,719 +16.8
3,160,024
2,819,629
+6.7
2.874,107
1,841,615 London
2,833,836
Md.-Baltimore
Edmonton
80,683,666
84,133,430
4,093,817
4,215.348
-4.1
78,014.724
-2.9
3,906,823
57,658,625
3,763,391
D.C.-Washing'n
Regina
20,169,160
18,181,000 +10.9
3,312,295
3,921,869
17,312,781
-15.5
3,704,712
14,927.018
4,234,168
Brandon
595,155
593,691
+0.2
609,802
663.820
Total(6 cities). 167,259,267
163,543,006 +2.3 153,411,573 116,752,089 Lethbridge
533,498
510,537 +4.5
524,208
526,823
Saskatoon
1,585,888
2,065,902 -23.2
*1,500,000
1,709,463
Sixth Federal Reserve Dist
Moose Jaw
rict-Atiant a1,421,047 -17.8
1,168,667
1,286.607
1,188,399
Tenn.-Chatt'ga
06,776,191
Brantford
5,626,112
793,783
993,985
+
-20.1
20.4
5,262,057
1,021.994
4,266,123
930,428
Knoxville
*2,700,000
2.499,012 +8.0
1,366,229 -13.1
1,186.710
2.713,039
882,124
2,070,366 Fort William_ _._
757.985
Nashville
17,289,496
15.792,594 +9.5
494,265 -12.7
16,663,697
431.450
475.030
555,244
13,910,585 New Westminster
Ga.-Atlanta.__
58,042,359
Medicine
Hat_
50,533.757
_
_
422,239
+14.9
-35.6
271.931
46,756,735
346.074
35,102,123
363,789
Augusta
•1.800,000
805.322 -9.3
1,684,000 +6.9
730,671
1,707,046
754,973
736.396
1,980.172 Peterborough__ _
Macon
1.502,152
Sherbrooke
890,484 +1.1
1,307,239 +15.0
698,010
729,594
1,300,235
828,371
928,209 Kitchener
Savannah
a
882,420 -8.1
828,481
a
a
965,858
a
840,392
Fla.-Jack'nville
*14,000,000
12,3
'
2,838,948 -5.9
26,450 +13.6
2,484,267
10,548,744
2.469,527
2,299,820
8,418,194 Windsor
Ala.-Birm'ham
26.260,917
25,587,943 +2.6
387,271 -23.0
298,324
24,184,249
340,171
345,620
15,647.292 Prince Albert__ _.
Mobile
*2,000,000
Moncton
1,785,711 +12.0
815,698
742,634 +9.8
1,726,704
872.598
854,948
1,643,088
Miss.-Jackson_
1,104,690
826,321 +33.6
753.571
798,237 -5.6
659.797
601,825
735,346
583,407 Kingston
Vicksburg
378.168
331,405 +14.1
278,968
252,759 Total
La.-New Orrns. d54,220.000
Canada(29) 316.301.033 286,374,314 +10.4 277.700,436 294,681.187
58,140,422 -6.7
50,971,821
38,016,521
Total(12 cities) 188.073,976 176.440,968
a No longer report clearings. b Do not respond to requests for
+5.5 162,773,092 122,818,839
c Week
ended Dec.24. d Week ended Dec. 25. a Week ended Dec. 26 figures.
•Estimated.
1924.
Inc. or
1923.
1922.
1921.
THE CHRONICLE
56
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Violent price fluctuations, both upward and downward,
•-but mainly upward, have characterized the trading in the
'New York stock market during the present week. Individual losses and gains throughout the list ranged anywhere
from 1 to 20 points or more. Industrial issues were the
active speculative favorites until Friday, when the rails
,again showed new life. Oil shares displayed marked improvement and copper securities were in active demand at
. advancing prices. The noteworthy feature of the week was
:the spectacular jump on Wednesday of General Electric,
-which shot forward 23 points to 322 on the announcement of
' the arrangement for the distribution of the shares of the Elec.
- trio Bond & Share Co. On Saturday speculative enthusiasm
again reached the boiling point, th!, sales for the two-hour
.session reaching a total of more than a million and a quarter
-shares. Steel stocks were particularly prominent in the
• early trading and a large number of miscellaneous specialties
scored substantial advances. Oil shares improved on the
. announcement that Pennsylvania crude oil had been advanced 25c. a barrel. In the enormous volume of buying
in the ,last hour United States Steel common went briskly
forward and crossed 120 for the first time since 1917. Republic Iron & Steel also displayed remarkable recuperative
„ powers and reached 60 in the early trading. Further extensive gamely were made by Bethlehem Steel, which got
-above 50. Other notable advances were American Locomotive. which spurted forward neatly 3 points to a new high
at 108, and United States Cast Iron Pipe & Foundry, which
hung up a new mark at 168. On Monday the market was
• again strong, nearly 40 issues registering new high records
,in the first hour. As the day advanced, however, an avalanche of selling hit. the list and early gains were completely
wiped out. United States Steel common made a further
. advance of 1 point and Fisher Body made a spectacular jump
of 173/2 points to 2473/2. United States Cast Iron Pipe &
.Foundry was again conspicuous in the trading by its advance
to 169%, and General Electric crossed 300, though it do-dined 2 points later in the day. Price movements were
irregular as the market resumed its activities on Tuesday,
. and soon developed into the sharpest downward reaction the
, market has witnessed in several weeks. General Electric
.was the noteworthy feature of the session because of its ad-vane° to 307%, though it closed nearly 14 points lower.
Another notable feature was the improvement in American
.• Can, which advanced nearly 3 points. from its low level of
the day. Violent advances in numerous high-priced indusfeatured the trading on Wednesday. Railway
trial
-equipment securities were especially strong, several issues
, in this group registering advances of 3 to 7 points. Amen-can Can continued its brisk upward movement, and Radio
• Corporation went up nearly 8 points to 65. The notable
.feature of the day was the remarkable jump of General
Electric, which opened 13 points higher than its previous
- close, continuing its advance until the stock had completed
an advance of 2.5 points. All stock markets were closed on
• Thursday in observance of New Year's Day. The market
.opened the now year with a rush, and a turnover of more than
two million shares was recorded at the close of the first day's
activities. Spetacular advances, in which Radio Corporation of America recorded a net gain of 13 points and American Bosch Magneto registered a net rise of 153/2 points, were
the noteworthy features of the day. Industrial steel stocks
were also in strong demand at improving prices and Amen-can Car & Foundry established a new high record at 203.
General Electric lost 9 points in the morning rush. Railroad
shares, particularly Atchison and New York Central, were
In good demand at advancing prices and new high ground
-was touched by several issues in the oil group. The final
• tone was strong.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Docks.
No. Shares.
Week Ended Jan. 2.
1,047.455
1,927.811
1,773,221
1.607.617
8,397.604 537,893.100
Week Ended Jan. 2.
1925.
1924.
4,578,475
8.397.604
'Stocks-No. shares___
Bonds.
Government bonds__ _ 512.779.000 819.599.000
9,006.000
State and foreign bonds 15,126,000
'Railroad & misc. bonds 37.893.100 29,064.000
Totalbonds
United
States
Bonds.
3804,950
52,395.000
$4385000
2.526,200
4.011.500
9,778.600
4,615.300
3,073,500
8.878.000
2.470.550
2,735.000
6,428,500
HOLIDAY- NEW YEAR'S DAY.
2.362,000
2.911,000
8.443.000
2.041.500
Saturday
Monday
,
Tannin)
Wednesday
Thursday
Friday
P Total
Sales at
New York Stock
Exchange.
State,
Municipal ck
Foreign Bonds.
Railroad.
cic.
Bonds.
815.126,000 512,779,000
Jan. 1 to Dec. 31.
1924.
1923.
281,678.046
236,118.032
2898,412,915
583.488.500
2,322,652,400
11796.431.000
425.206.000
1.567,961,000
265.798.100 357,669,000 53,804.553,815 82.789,598,000
Virot. 12-6.
THE CURB MARKET.
The Curb Market continues to exhibit underlying strength.
Price movements were somewhat irregular, due to profit
taking in the closing days of 1924, but the opening of the
new year was characterized by strength and acitivity. All
departments shared in the upward movement with radio
shares the leader. De Forrest Radio advanced from 24%
to 30. Duplex Condenser & Radio sold up from 113 to
133. Freed-Eisemann Radio improved from 303/2 to 33
and closed to-day at 323/2. Hazeltine Corp. moved up from
443 to 51 and ends the week at 503/2. Liberty Radio
Chain Stores rose from 6% to 83/2 and finished to-day at 8.
Thermodyne Radio gained three points to 120. E. Thompson Radio sold up from 163s to 249/2, the close to-day being
at 243/2. Public utilities also show heavy gains. Lehigh
Power Securities was conspicuous for an advance from 103
to 117, the close to-day being at 116. East Penn Elec. Co.
gained two points to 633'2. Internat. Utilities, class A,
advanced from 133/2 to 17. Middle West Utilities, coin.,
sold up from 793/2 to 93, but reacted finally to 88. Centrifugal Cast Iron Pipe rose from 223j to 273/2, reacting
finally to 26. Continental Baking, class A, weakened
from 111 to 1083/2 and to-day sold up to 112. Nickel Plate
% and ends the week at 86.
com. improved from 843/2' to 863
Oil stocks also show strength. Buckeye Pipe Line advanced
from 613/2 to 639 and finished to-day at 62. Eureka Pipe
Line gained two points to 85. Galena-Signal Oil com, rose
from 543 to 57. Illinois Pipe Line sold up from 124 to
128. Northern Pipe Line gained three points to 83 and
Pen-Mex Fuel 43/2 points to 37. South Penn Oil rose from
131 to 141 and ends•the week at 140. Standard Oil (Kansas)improved from 3534 to 3738.
A complete record of Curb Market transactions for the
week will be found on page 76.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, writteh under date of
Dec. 17 1924:
GOLD.
The Dank of England gold reserve against its note issue on the 10th inst.
amounted to £126,683,260. as compared with £126,671,775 on the previous
Wednesday. India and the trade readily absorbed the small amount of
gold on offer here this week.
Dr. H. ialmar Schacht. President of the Reichsbank, has informed the
Central Association of German Banking Houses that the Relchshank now
possesses a gold and foreign currency reserve amounting to over 2,000,000.000 marks (E100.000.000).
The United Kingdom Imports and exports of gold during the month of
November last were as follows:
Imports.
Exports.
Russia
£44,580
5132.900
Sweden
136,500
3,360
Netherlands
62,821
Belgium
724
France
6.070
Spain and Canaries
1.900
Egypt
25,385
114,095
West Africa
6.826
Java and other Dutch Possessions in the Indian Seas.,
17.918
2,564
United States of America
29,188
Indies
2,234
Central America and West
267
Various South American countries
180.447
Rhodesia
......
1,085,176
Transvaal
British India
1.421,754
Straits Settlements
34,208
140,654
Other countries
45,599
Total
£1,670.697 f1.833,471
The Transvaal gold output for November 1924 amounted to
802,313
fine ounces, as compared with 827.58.3 fine ounces for October 1924 and
780.639 fine ounces for November 1923.
The Director of the United States Mint has made an estimate of the
absorption of the precious metals by the industrial arts in the United
States of America during the year ended Dec. 31 1923:
Gold.
Silver.
Issued by-MaterialFine Os,
Mints & assay offices 60.235.677 1,716.433
Bullion
Private refineries
Bullion In various forms
5.556,568 35,031.200
Banks, 4,c.
United States coin
•3,500,000
77,344
Total
69,292,245 36,824,977
Old Jewelry, plate, scrap, &c., contained in private
refinery returns, and that returned to monetary
use
29,279,0708.469,806
New material
40,013,17528,355,171
SILVER.
During the week the market has developed a considerable amount of
weakness, and by yesterday a total fall took place of Nd. in tho price for
spot silver. The pain cause has been more or less pearistent sales for
forward delivery on account of China, where there is considerable speculation in exchange. Bence the market has been active, though Continental
offerings have been smaller and America was not a heavy seller. The
Indian bazaars have bought and sold, and a good deal of bear covering
absorbed most of the balance available.
Notwithstanding the lower level of, prices there does not appear to be
much confidence as yet.
Jeri. 3 1:9445.]
THE CHRONICLE
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Nov.22. Nov.30. Dec. 7.
Notes in circulation
18025
18006
18034
Silver coin and bullion in India
8489
8380
8462
Silver coin and bulHon out of India
Gold coin and bullion In India
2232
2232
2232
°old coin and bullion out of India
Securities (Indian Government)
5713
5713
5713
Securities (British Government)
1700
1599
1600
No silver coinage was reported during the week ending 7th Inst.
The stock in Shanghai on the 13th inst. consisted of about 52.900,000
ounces in sycee. 39.500.000 dollars and 1.080 silver bars, as compared with
about 51.900.000 ounces in sycee. 39,000,000 dollars and 2,280 silver bars
on the 6th inst.
-Bar Silver. Pr Oz. Std.Bar Gold,
QuotationsCash.
2 Mos.
Per Or. Fine.
Dec. 11
33 1-16d.
33 3-16d.
88s. 8d.
12
33 1-16d.
33 3-16d.
888. 9d.
13
327
.4d.
33d.
15
329-16d.
8&s. 9d.
3211-16d.
16
325-1150.
32%d.
88s. 94).
17
325-164).
32%d.
888. 104).
Average
32.697d.
88s. 9d.
32.802d.
The silver quotations to-day for cash and two months delivery are,
respectively. %d. and 13-164). below those fixed a week ago.
onmercial indtccUanconsgems
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Dec. 27 to Jan. 2, both Inclusive, compiled from official lists:
Friday
Saks
Last Week's Range Jo?
Sale
ofPrices.
Week.
Par. Price, Low. High. Shares.
Amer Wholesale pref___100
93
93
75
Artust-Cator 8% pref..100
50
50
50
Aru tide! Sand & Grave1.100
82
83
154
A utollne 011
10
4
9
4
Baltimore Tube
100
30
31
140
Preferred
100
64
64
20
Beneath (I) corn
•
38
384
201
Cent Teresa SUS pref. .10
14 2
550
Century Trust
50 1054 10534 10534
10
Chas & Po Tel of Bad t._100
1114 1114
1
Commercial Credit
• 25
25
26
325
Preferred
25
25
197
2539
Preferred it
25 2634 26
2639
245
Consul Gas E L & Pow.,.... 3334 32
.989
3'
lou
64% preferred
10534 10.534
27
900 10934 10934 110
7% Preferred
88
8% preferred
' 100
12339 12334
138
Consolidation Coal._ .100
694 7039
525
Eastern Roiling Mill
• 112
107 112
204
8% preferred
100 1124 1124 115
53
Fidelity & Deposit
50 90
90
25
90
Ellimn Co of Amer pref_25
50
2634 27
Finance Service el A....10 1939 1939 1934
156
l'referred
10
9
160
9
Holm Gil trust ctfs. pref.100
954 97
230
Mfrs Finance 2 pref _._.25
2434 2434
157
Maryland Casualty Co_ _25
8334 8534
165
Morel, & Min Tr Co_ _100
115 115
25
111(mon Val Trac pref._ _25
21
23
255
Mt V-Woodb Mills v t r100
15
40
15
Preferred v t r
100 8534 6534 6634
30
New Amsterdam as..100
423$ 43
45
Northern Central
50
79
79
100
Penna Water & Power.100
128 129
135
Roland Pk Homeland corn'
2334 25
25
allies Gel Corp
•
14
1534 1.625
United fly & Electrie_50 1939 1939 194
330
U $ Fidelity & Guar_.....50 183
181 181
61
Wash Balt & Ann ap prei 50
184 19
125
Low.
High.
Aug
92
Dec
50
Jan
46
4 Sept
Jan
21
Jan
63
Jan
36
134 Oct
Mar
99
10034 June
2234 June
2334 June
244 May
3134 Nov
1004 June
10434 Mar
1154 Jan
694 Apr
6839 Jan
Jan
88
77 June
Jan
18
174 Apr
74 June
8634 May
2139 Sept
7' June
102 June
17 May
7 Sept
45 June
384 June
72
Apr
984 Jan
17 Nov
12
Nov
154 May
145
Apr
1034 Oct
Jan
100
89 Mar
Dec
90
4 Sept
37
Feb
734 Feb
39 Mar
434 Jan
Dec
108
Feb
112
314 Ft b
Dec
26
27
Deo
354 Dec
Dec
107
11034 Dee
1244 Oct
8134 Jan
Dec
112
Dec
115
90 June
Dec
27
2134 Nov
939 Nov
9734 Dec
2439 Dec
Dec
88
Dee
118
2334 July
15
Dec
6634 Dee
43
Deo
7934 Dec
13.539 Oct
Dec
25
3014 Feb
204 Sept
185
Dec
28
Jan
BondsBall Electric 59
1047
Bernh-Leader St0 78..1043
Com mereirti Credit 68.1934
Consul Gas 5s
1939 ....,......
Con0 IC 1.&P ser E 54s'52
Series A tis
1949
Series D 6 411
1957. ......
Consol Coal ref 5s_ ___1950
Elkhor Coal Corp 6a.1925 994
Fair & Clarks Trite 5a.1938
Locke Insulator Corp 711'42
74rmon Vail Trac 5s...1942
Norf& Ports Trac 58 1936
'United fly At Elea 48_1999
Income 4s
1949 52
Fundings 5s
1936
6s
1927
(is
1999
Wash Balt & Ann 5s_.1941
10034
994
98
974
1024
107
87
954
90
100
78
88
6854
49
724
9534
9534
60 .
Stocks-
100 100
104 104
9934 0934
1004 100st
102 102
1044 105
109 109
874 874
994 9934
9339 9339
107% 1074
8834 8834
9'254 9234
704 704
52
5239
7434 7439
984 9834
96
96
6534 6534
$1,000
1,000
5,000
1,000
1.000
5,000
3,000
7.000
13,000
1,000
1.500
1.000
1,001
24,000
15,000
3,800
6,000
3,000
3.000
Range for Year 1924.
(erg
Jan
Apr
Dec
Mar
Jan
Jan
May
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Apr
Jan
May
Apr
Oct
1003$
104
9934
10034
10234
1013
1094
90
100
95
10734
90
93
734
53
75
9934
994
6839
Dec
Dec
Dec
Dec
Nov
Nov
Nov
June
Dec
July
Dec
Dec
July
Aug
soot
Jan
Nov
Jan
Dee
New York City Banks and Trust Companies.
AU prices dollars per share.
Banks-N.Y. Rid Ask
America•
265 285
Amer Each.. 345 855
Amer Union" 185
Bowery •....... 525
Broad way Cen 155
Bronx Berri" 250
Bronx Nat.__ 150
Bryant Park • 175
Butch & nee. 140 15)
Capital Nat_ 152 163
Cent Mercan_ 215 225
Chase
414 418
Chat & Phen_ 300 305
Chelsea Exch.. 175
Chemical _ _ 590 600
Coal & Iron_ _ 233
Colonial •_ _ _ 450
Commerce.- _ 362 368
Com'nwealth• 285
Continental_ _ 200 210
Corn Exch.__ 450 460
CosmoP'ten• 115 125
East River_ 215
Fifth AvenUe•1850
255
Fifth
2150
First
300
Garfield
130 145
Gotham
Greenwich'-- 390
950
Hanover
•Banks marked with.
Banks
Bid Ask Trust Co.'s Bid AAR
465
New York
Manhattan S. 180 liE American......
Me tit & Met- 393 405 Bank of
Y
Mutual'
415
& Trust Co 670 580
Nat American 140 166 Bankers Trust 440 450
National Cityz452 458 Central Union 720 730
Rights
50%. 5112 Empire
300 310
New Neth •_. 160
Equitable Tr_ 292 248
Park
453 402 Farm L dr Tr_ 725 800
Penn Exch.... 105 115 Fidelity Inter 235
Port Morris
178
- Fulton
400
Public
450
Guaranty Tr_ 310 315
Seaboard ...- 495 505 Irving BankSeventh Ave_ 98 105 Columbia 'Tr 235 240
Standard
300
Law Tit & Tr 275 290
435 505 Metropolitan_ 375
Trade•
144 150 Mutual (West
Trademen's• 200
cheater) ___ 140
234) Ward'... 190 200 N Y Trust_ 413 ifs
United States" 203
Title Gu &
495 505
Wash'n Fite_ 205
U S Mtg & Tr 330 340
Yorkville •_
200
United Stu 1675 725
Brooklyn
Westches
1250
Coney Island* 180 --Brooklyn
First
450 --- Brooklyn Tr_ 705 720
Meehanlos''- 175 .-- Kings County1200
Montauk "-- 185
Manufacturer 320 830
Nassau
305
625
People's
People's
270
Queensboros_ 166 178
are State banks, (x) Ex-dividend. (i) Nevi steak.
57
New York City Realty and Surety Companies.
AU prices dollars Per Sham
Bid
Alliance Wity 115
Amer Surety. 117
flond & M O. 395
City Investing104
Preferred.. 101
Lawyers Mtg 208
Ask
Mtge Bond__
122 Nat Surety__
415 N Y Title &
Mortgage__
109
U S Casualty_
215 US Title Gua
Rid
178
194
285
260
230
Ask
Ask
198
158
93
83
Bid
Realty Assoc
(Bklyn)oorn 153
let pref..-- 88
295
2d pref.__ 78
Westchester
Title & Tr. 250
250
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Int.
Int. •
Maturity.
Rate. Bid. Asked.
Maturity.
Rate. Bid. Asked.
Mar.
.15 1925_ 434% 10034 10034 Dec. 151927... 439% 1011ess 10P's
Mar.151020... 434% 1003,• 100114 Mar.15 1927_ 4
3(% 101th. 101"..
Dee. 15 1925... 4I4% 101 Ii- 10134 Mar.151025... 4%
1001.6 10014
Sept.15 1926_ 4ti% 10011i. 10010,4 Sept.15 1925- 234% 991Ses Nun
Tune 151925... 43.4% 10034 10054
National Banks.-The following information regarding
national banks is from the 'office of the Comptroller of the
Currenty, Treasury Department:
APPLICATIONS To ORGANIZE RECEIVED.
Capital.
Dec. 24-The Hartsdale National Bank. Hartsdale, N. Y
$25,000
Correspondent. J. L. Leviness. Hartsdale, N. Y.
Dec. 24-The Harrison National Bank, Harrison. N. J
100.000
Correspondent, Philip Vogel. Harrison, N. J.
APPLICATIONS TO ORGANIZE APPROVED.
Dec. 24-Beverly National Bank of Beverly Hills, Calif
$100,000
Correspondent, Earl F`. Snowden,625 Crescent Drive,
Beverly Hills. Calif.
Dec. 26-The First National Bank of Wilsonville, Ill
25.000
'Correspondent, John Giachetto, Wilsonville. Ill.
Dec. 26-The First National Bank of La Grange, III
100,000
Correspondent, Walter H. Eckert, 10 South La Salle
St., Chicago, Ill.
APPLICATION TO CONVERT RECEIVED.
Dec. 24-Mankato National Bank, Mankato, Minn
$100,000
Conversion of the Mankato State Bank, Mankato.
Minn.
CHARTERS ISSUED.
Dec. 22-12611-First National Bank in Alexandria, So. Dak
$50,000
President, H. J. Wagner; Cashier, Jacob Schiltz.
Dec. 26-12612-The First National Bank of Htshop. Texas
25,000
President, J. F. Cage; Cashier, Zelma L. Butts.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Mares. Stocks.
$ Per sh. Shares. Stocks.
$ per sh.
75 Indian Co.. common
$50 lot
$7 lot
100KelvIn EnineerIng Co.. corn.. 50e. 10 Thermo-Cherniiml Co.. pref
211ot
12,746 Bon Air Coal & Iron Corp.,
5 Thermo-Chemical Co.. corn
$I lot
common
$8,343 lot 200 Riordon Pulp & Paper Co.__ _.$5 lot
12,746 Bon Air Coal & Iron Corp..
500 Interstate Gasoline. Par $1.....870 lot
preferred
$12,746 lot 828 Loire Sugar Co
60
440 Hudson Navigation Co
$16 lot 68 3-20 AlriCo Photoproducts, Inc..1
Preferred certificate for 100-20.000
preferred
MOO
Interest in net proceeds of prop6 163-200 Ansco Photoproducts.) lot
erty held under declaration of
Inc., common
trust made by Harry J. Hart et
30 Greasalt Products Corp
$21 lot
al., dated June 3 1920, known as
324,250 Middleton Mines, Inc..8)00 lot
"Frances 011 Trustees." The
6.050 Pinto Valley Co., par 81.51.000 lot
declaration of trust Is recorded
514 Iron Fields Development Co.,
In Kieberg County. Tex.. in book
par $10
CO lot
14, page No.78 to 86
$12 lot 50 Kellum Co., pref
1E80
500 Hart Parr of Iowa, pref
1334 50 Kellum Co.,common
(lot
8 Continuous Cast'g Corp.. par $25.51 lot 200 Charles M.Childs & Co., Inc.,
1239 Deep Sea Fisheries, Inc.. no
par $5
$45 lot
par
$1 lot 720 Mexico North Western Ry__ _$75 lot
Sundry accounts receivable aggro1,500 McCombs Prod.& Ref. Co.$30 lint
gating 810,839 10. List at nue_
100 Republic Motor Truck, old_ __ Ai lot
$10.000 lot 28 Kendall Products Corp.. com....$1 lot
tIoneers• office
500 Dolores Esperanza Corp.. par
14 Kendall Products Corp.. pref. _51 lot
$2
$115 lot Judgment against Colima Lumber
1,000 Standard Films Industries,
Co., filed in the office of the
Inc., v.t.c., par $5
$2 lot
County Clerk of New York Co.
200 New York Curtain CO
$1 lot
Dec. 22 1917 In the amount of
6 Blograph Co
$2 lot $43,253 20. Assignment of the
3 Blograph Co
$1 lot
Judgment will be made without
50 Crown Charter Gold Mining Of
recourse
$50lot
Porcupine Lake. par Si
Si lot Judgment against Colima Lumber
100 Woods Petrol. dr Ref. Co., par
Co., filed in the office of the
51
81 105 County Clerk of New York Co.
53 Midland 011 Co., Inc.. Par $131 lot
Dec. 9 1918 In the amount of
12 Astoria Mahogany Co., Inc.,
250,249 10. Assignment of the
preferred
$20101
Judgment will be made without
440 Slaklyou Mines Co., Nevada,
recourse
$50 lot
par $10
$3 lot 12 Smith Springfield Body Corp,
130 Eisner Mendelson, Ino..19IaLne,
Preferred
5425101
Preferred, par $10
510105 500 The Ohlo Petroleum Co.,
400 Zinc Concentrating Co. of
Del. par $10
Inc..$1108
Del. v.t.c., par $10
512105 1103-100 Deep Sea Fisheries. Inc.,
100 Cathcart Texas 011 Co.. Inc.,
0.t c
81 lot
Ohio
$9lot 23 British Canadian Lumber Corp..
100 Natatorium Construction Co.,
td.. ordinary
$11 lot
Common_
150 lot 60 British Timber Corp., Ltd.,
400 Denver& Rio Grande RR.Co.,
v.t.c.. with 15 shares British
com,al.of dep.; 1st instil. palc1320 lot
Canadian Lumber Corp.. pref..116 lot
25 Force Inc
$5105 100 Lafayette Motor Corp., 2d pr_s7 lot
3 Saxon Motor Car Corp
$1 lot 25 Lafayette Motors Co., corn,
19 Marcus Locw's Theatres, Ltd,
no par
81 lot
of Toronto, common
$425105 225 Mercer Motors Co.. cons..
100 Anse° Photoproducts Co„)
no par
5710$
1st preferred
155,000 3,000 Northwest 011 Co., corn.
300 Anse° Photoproduets Co.,I lot
par $1
180 lot
common no par
1,000 Union 011 of Wichita. Kan..
50.000 Granite Ell-Metallic Consol.
pref., par $10
$12101
Mining Corp. of Mont., par $10. lc. 5,000 Union Oil of Wichita, Kan.,
100 State Investing Co.. par S25... 32
common, par $1
$610t
200 City & Sub. Homes, par 510.... 8
100 Ziegler Burners, Inc., no par...1121ot
$1,000 Chic. R. I. & P. RR. 45 of)
1,000 Hicks Parrett Tractor Co.
2002, Nov. 1914 and subsequent
pref., par $10
26 lot
'
coupons attached
1,000 Hicks Parrett Tractor
25 Hayttan American Corp., corn. $10
common, par $1.0
Co..Si lot
Ott. of deposit
lot 50 Ziegler Burners.Inc.. no par____$1 lot
100 Flaytian American Corp.. prof.
350 Alaska Copper Corp., par 815-$3 lot
50 Haytian Am. Corp., founders1,000 Oklahoma 011 Co. of Del..
ELMO demand note of Adams,
common, par $1
$5108
Evans & Co.,dated Aug.26 1922 $3 lot 100 Josevig Kennecott Copper
10 Bowman-Biltmore Hotels Corp.,1
par $1
Co..$1 lot
Common, no par
4725 Note for $2,250 of M.A. Spinrad...27 lot
10 Bowman-Blltmore Hotels Corp.,i lot Claim for $433 10 against F. F.
preferred
von Wllmousky
$1 lot
$10.000 Holland-American Lines
Claim for $535 against F. F. von
tanking fund Os, 1947
79
WilmouskY
$1 lot
600 Darby Petrol. Corp., no par-4251ot 200 Acme Copper Co
$1 lot
Shares. Stouts.
$ per sh. Shares. Stocks.
$ per sh.
$33 lot
500 Waring Hat Co.,corn
300 Mutual Tire & Rubber Corp..
$5 lot 100 Rickard Texas Oil Co., Inc_ _ _ _I 1
Par 81.0
i lot
common
Co.,
Island
Rock
20
Min.
Divide
8,000 Reorg. Belcher
$5 lot
$5 lot 15 Wiebusch & Huger, corn
Co., par 10c
150 Wiebusch & lifter, pref."A"$100 lot
4,000 Belcher Ext. Divide Min.
$30 lot
$5 lot 45 Challenge Cutlery Co
Co., par 10c
604 Memphis Gas & Electric Co _ 1
100 Nat. Conduit & Cable Co.,corn.)
2
pref
Tabulat'g,
&
Accounting
1,234
I
Co
Packing
Acme
140
1,597 Accounting & Tabulat'g,corn. 1
600 Interboro. Consolidated, com I
36 Accounting & Tabulating Corp.
500 Pittsburgh Jerome Copper)
1
of Canada
8100
Co., par $1
35
400 Columbia Graphophone Mfg.; lot 50 Hygenic Ice
15
20 Albany Cottage
Co., common, no par
10
50 National Ball Game Co
5 Harrison Gas & Oil
438 Central San Cristobal, Inc_ _ _53 lot
20 Reflex() Precincts Co.,Inc
corn
1525
Co.,
Corralitos
2,109
Products
Food
500 U.B.
f lot
2,016 Corralitos Co., pref
I
10 Victoria 011 Co., par $10
$2 lot 5,175 Granite Si-Metallic Consoli1,000 Cons. Fold Mining Co
lc.
dated Mining Co
$1
200 Nancy Hanks Mining Co
50 Crankless Engine Co. of Jacklotrn
5 Straight Filament Co., co
2c.
.1 lot
sonville, Fla
5 Straight Filament Co., pref
76
$3 lot 10 Revlllon, Inc
1,400 Twin City Oil& Gas Co
800 American Chilled Meat Co__ _Si1 lot
Per
Cent.
Bonds,
Co.,
Meat
Chilled
405 Canadian
87lot $7,500 Mountain Lakes, Inc., let
common
M. 7s, 1932, Jan. 2 1923, and
270 Canadian Chilled Meat Co.,
15
subsequent coupons attached
$10 lot
preferred
$1 lot $4,500 Mountain Lakes, Inc., let
60 Carnotite Co.,common
Wet
M. 7s, 1932, Jan. 2 1923 and
20 Carnotite Co., pref
subsequent coupons attached_-- 15
$10 lot
36 Radium Corp., common
$25 lot $10,000 Mountain Lakes, Inc., 1st
47 Radium Corp., pref
M. 75, 1932, Jan. 2 1923 and
10
100 Mutual Service Corp
subsequent coupons attached... 15
149 North Amer.Fruit Exchange__ 10
20 Kinemacolor Co. of Am., pref_ _S1 lot $10,000 Mountain Lakes, Inc., 1st
M. 75, 1932, July 1 1922 and
140 Kinemacolor Co. of Am.,com_$2 lot
subsequent coupons attached to
11,500 Granite Bi-Metallic Consol.
and Jan. 2 1923 and sub$6,000
lc.
Mining Co., Dar $10
sequent coups,attached 10 84.000 15
1
100 Rock Hill Coal & Iron, pref_
$32,000 Mountain Lakes, Inc., 1st
100 Winchester Arms Mfg., 1st -pf_ 11
M.78, 1932, July 1 1922 and sub2)4
50 Winchester Mfg., 2d pref
sequent coups.attached to 56,000
5
50 Cleveland-Akron Bag Co
Jan. 2 1923 and subsequent
and
$1
par
Mining,
4,000 Pilot
coupons attached to $26,000_ __ 15
50 Kendall Products, corn., no Par $4
50 Kendall Products, Pref., par $101 lot $50)0 Hudson Navigation Co.
mtge. 6s, 1938; Aug. 1 1921 and
$200 Seaboard Refineries 10% note.
subsequent couponsattached_ __ 45g
due 1926
Porter Academy Boys'Edu$2,000
par
no
Refineries,
2 Seaboard
cation 5% bds., due June 1 195760 lot
_
45 Empire Cotton 011 Co.,
tr. ctfsi$110 $23,000 Clarke Brothers, Ltd., 7%
155 Emp.Cot,011 Co.,corn.com_bonds, due Sept. 11936; Sept. 1
Interest and title to $15,000 Em- I lot
1923 & sub, coupons attached__ 4
pire Cotton Oil Co. 8% deb.,
$20,000 Georgia & Florida Gen.
dated July 1 1921 and 30 shares
10
mtge. 6s, 1932
Empire Cotton Oil Co., pref_
$3,400 Seaboard Finance & Invest$7.850 Alaska-Snettisham Gold
ment Co. cony. 7% notes, Sept.
kiln. Co. 1st M.8s. Jan. 11924
6
1 1923
5,656 Alaska-Snettisham Gold Min.
$10,000 International Oil Process
Co., common, par $10
5
7s,
tr.
coll.
Inc.,
Min.
Co..
Gold
3,500 Alaska-Snettisham
$108 $19,300 Boulder notes ofthe Mojave
Co., pref., par $10
lot
$13
Tungsten
lot
payCo.6%
evidencing
receipts'
$10,000
$3,000 Chic. & Interurban Trac.
ment of 810,000 on 2,000 shares
3
5% bonds, Jan. 1 1932
Alaska-Snettisham Gold Min.
$10,000 Coll. tr. notes of the M.1
Co.,preferred
E. Smith Securities Co.coupon I
100 Liberty Potash Co. of Utah,
No. 4 attached; May 1924 cou-I
8% preferred
Pon detached; ctf. of deposit__ 182,500
300 Liberty Potash Co. of Utah.
$35,000 Coll. tr. notes of the M.I lot
common
E.Smith Securities Co.;coupon I
20 Price-Campbell Cotton Picker,
No. 4 attached; May 1924 decommon v.t.c. and $43 scrip
tached; ctf. of deposit
7 Price-Campbell Cotton Picker,
Chicago Interurban Trac.
$4,000
scrip
preferred and $85 50
tion Co. 1st M., Jan. 1 1932_ _ .... 3
$100 U. S. Treasury 434s. 1952
I
I
I
By Messrs. Barnes & Lofland, Philadelphia:
$ Per sh. Shares. Stouts.
Shares. Stocks.
65 American Theatre
675
2 Land Title & Trust
60 Producers & Consumers Bank,
10)4
Par 810
5 Producers & Consumers Bank,
10g
par $10
10 Community Trust Co., par $50_ 45
30 Penna. Co.for Ins.on Lives, &c.645
6 National Bank of Chester Valley,
180
(Coatesville, Pa.), par $50
10 Commonwealth Title Ins. & Tr..401
5 Olney Bank & Trust, par $50--150
252
5 Bryn Mawr National Bank
1 Athenaeum of Philadelphia (1925
100
dues not paid)
5 Autocar Co., pref., par 8100_ _ 85
80 Horn de Hardart Baking Co.,
184
Philadelphia), no par
24 Saguenay Pulp & Paper Co.,
$6 lot
pref., par $5
80 Saguenay Pulp & Paper Co.,
$81ot
corn., par $.5
$15 lot
2.000 Allied Oil Co., par $1
100 Peoples Nat. Fire Ins. Co.,
28
Par $25
20%
18 Philadelphia Bourse, corn
24g
3 Philadelphia Bourse, pref
10c.
261 Dr. Von's Health Biscuit Co
90
2 Hare & Chase, Inc., pref
25 Hare & Chase,Inc., corn., no par 25
20 Hare & Chase,Inc., corn., no par 20K
20 Hare & Chase,Inc., corn., no par 2034
34%
50 Northern Liberties Gas Co
40 F. C. Schaible Co., Inc., pref.,
Par $50, with 1 share common_ _$20 lot
50 Waterville Knitting Co., Inc_ _ _S7 lot
105 Klauder-Weldon Dyeing Mach.
2
Co., 7% preferred
1
200 Castle Kid Co.,common
10 Rockhill Coal & Iron Co., pref..
50K
par 850
88 International Nitrogen Co.. Com.S.3 lot
59 Internat. Nitrogen Co., pref.... $5 lot
100 Notaseme Hosiery Co., pref_S1 lot
22
440 Enterprise Mfg. Co
11
8 Philadelphia Rifle Club
E per sh.
Realty Co.,
11
par $10
40 Wm. Cramp & Sons Ship &
48g
Engine Bldg
4
50 Tacony Steel Co., pref
345 Tr -Prong Pin Co., pref.,
$5101
par $10
$4 lot
100 I. S. Mabee Co., pref
158 Valley Smokeless Coal., pref_100
20 Astoria Mahogany Co., pref.,
$22 lot
ctf. of dep
1,550 Treicler Co. of America_ _ El° lot
10
200 American Cuptor Corp
$2 lot
128 Fullard Mfg. Co.,corn
$4101
128 Fullard Mfg. Co., pref
Bonds.
Per cent.
$2,000 Cleve., Elyria & West. Ky.
62
Ext. 7s, 1923, ctf. of dep
$2,000 Col., Buckeye Lake di Newark Trac.1st 5s, 1921,ctf. of dep. 4
$2,500 Pueblo Gas & Fuel 1st s f.
45
58, 1942
$3,000 Southern Ohio Traction Co.
5
1st Consol.5s, 1920, ctf. of dep
82,000 Easton Consol. Elec. Co.
100
Coll. Tr.5s, 1949
$6,000 Eastland Pioneer 011 & Ref.
bat s. 1. 8s,(receipt of Penna. Co.
for Ins. on Lives, &c.)_ __ _81,300 lot
86.500 Nat. Properties Co. (Amer.
Rys.) Coll. Tr. 4-6e, 1946, stpd_$6 lot
85,000 Nat. Properties Co. (Amer.
Rys.) Coll. Tr.4-68, 1946,stpd _ $11 lot
$5,000 Lewiston Land & Water Co.
Ref. 7s, 1919(Apr. 1 1915 and all
subsequent coupons attached)_ _ _$5 lot
89.000 Mesaba Ky. Co. 1st M. 5s,
10
1932,°U.of dep
$4,000 Col. Newark & Zanesville
Elec. Ry. gen. & ref. 58, 1926.
ctf. of dep
234
$107,000 Frankford, Tacony &
75
Holmesburg let 5s. 1940
$2,500 Cherokee Co. Gen. S. E.88,
$40 lot
1933
By Messrs. R. L. Day & Co., Boston:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per sh.
21734 100 Union Twist Drill Co., corn26 National Shawmut Bank
5702 lot
mon, par $5
334g
25 First National Bank
115%
1334 16 Collateral Loan Co
58-7 Old Colony Trust Co
4,400 Pacific Tungsten Co.. par $1 $10 lot
198
1 Naumkeag Steam Cotton Co
lot
pref.$25
Mach.,
Automatic
Cleve.
60
iss%
18 Ludlow Mfg. Associates
4534 50,626 Santa Clara Oil Co., par
10 Acadia Mills
lot
$25
$1
lot
.830
corn
Inc.,
Bleached.
Whiteley
75
15 Thomson Electric Welding Co.,
50 Whiteley Bleach., Inc., pref.,
4234
par $20
$35 lot
par $1
97
Hood Rubber Co., pref
16
6
corn_
Corp.,
6 25-100 U.S.Worsted
80%
7 Union Twist Drill Co., pref
104
4 Arlington Mills
7 Collyer Insulated Wire Co., 118 ex-div.
80
10 Nonquitt Spinning Co
825 lot
Chocolate Co
5 York Barb.& Beach RR., par $50 5g 50J.S.Bell Silver Mines & Mills,
1,500 Cascade
120
5 Draper Corporation
$10 lot
$1
par
lot
55
pref
Automatic
Mach.,
10 Cleve.
7 Charlestown Gas & Elm. Co., par
1 Boston Athenaeum, par S300._ _..650
17534
.$30$50
Development
Corp..
Pacific
500
1,500 Ucan Safety Hair Cutter
Per Cent.
Bonds.
$501ot
Corp., par $10
$1.000 Maine Central RR.lei, Dec.
6,000 International Royalty, par
92g
1935
$1001ot
81
$1.000Marshalls,Inc., 7s. Feb.193982
Library Bureau. pref. Ser. B__ _ _105
[VOL. 120.
THE CHRONICLE
58
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ Per sh.
199
10 Naumkeag Steam Cotton_198, ex-div. 55 Griffin Wheel Co., pref
51108
10 Radio Engineering Corp
45
50 Nyanza Mills
25 Nashua Mfg. Co., corn
72g-73 10 Wickwire Spencer Steel Corp.. pf 24
49%
35 American Glue Co., coin
200 Mass. Consol. Rys., corn,)
$5 10 Bath Iron Works, Ltd., pref_3134 lot
trust etre
78 Mass. Northern Rys., coml lot 28-100 State Theatre Co., pref.__ 794.
5 Graton & Knight Mfg. Co., pref 41
trust ctfs
"I
5,000 Cascade Silver Mines & Mills,
25 Rochester & Syracuse RR., pref_ 13
$2.25 lot
par $1
13 Rochester & Syracuse RR.,corn_ 50c.
9674-97 100,000 Deer Trail Mining Co., par WO
5 Hood Rubber Co.,pref
$100101
$40
8 Malden Elec. Co., w. 1., par $25- 6834
18 Atlantic States Warehouse Co_$10lot
10 Jones, McDuffee & Stratton
1,150 GlIpade Mining, par $1.$1.25 lot
50
Corp., corn., class A
100 Philipsborn's,Inc.,corn., par 85E1 lot 55.D. Warren Co., 7% prior pref. PI
10434, ex-div.
$1 lot
20 Radio Engineering Corp
4 North Boston Ltg. Prop., pref._ 9434 100 Stollwerck Chocolate Co.,com..$5 lot
51101
20 Pope Manufacturing Co
10 S. D. Warren Co., prior pref.
10474, ex-div. 2 Point Shirley Club
250 Perpetual Royalty Syndicate,
10 Widen Lord Tanning Co., pref.
7534,ex-div.
par $1
200 Oko Zinc & Lead Co., Jar 810_
10 Greenfield Tap & Die Corp.,
913.1, ex-div.
preferred
Note for 8333.33 dated Oct. 8 $100
lot
1918 Oko Zinc & Lead Co__
8 Fall River Gas Works, par $25._ 54
Note for $333.33 dated Oct. 31
2 Cambridge Electric Securities_ _ _ _335
105 Internat.Abrasive Corp.,2d pf.1
1918
40 Internat. Abrasive Corp., cont.,' $1
Note for 5200 dated Apr.22 1921
)lot
Call certificate $250for gold bond
Par 825
Tacco Phosphate Corp
800 Int. Abrasive Corp., corn.,)
20 Tacco Phosphate Corp., prof.,
deposit receipts, par $25
1,800 Int, Abrasive Corp.. corn.
Dar 85
$1 lot 150 Tacco Phosphate Corp., corn,,
dep. receipts, par $25
200 Appleton Rubber Co.,com_ --- 9
Par $5
109g
5 Bird & Sons, Inc., prior pref
Rights.
$ per Right.
70%
5 Yale & Towne Mfg., par $25_ _
25 Eastern Texas Electric Co
634
15 New Hampshire & Vermontl
)4)4 on
Bonds.
Power, pref
Per cent.
15 New Hampshire & Vermont) pref. $1,000 Chicago Stock Yards 55,
Oct.1961
Power, class A
7334
250 Pung Chow Co., Inc., pref____1$20 $2,000 Puget Sound Electric Ky.
let 55, Feb. 1932
125 Pung Chow Co., Inc., coin_ _ j lot
863'4
I
__ I
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per When
Cent. Payable.
Book, Closed.
Days Inclusive.
Public Utilities.
American Electric Power, prof.(quar.)_ _ *154 Feb. 15 *Holders of rec. Feb. 6
Ches.41, Potomac Telep.of Bait., PI.(qu.) 134 Jan. 15 Holders of rec. Dec. 31
Citizens Gas & Fuel, Terre HauteDec. 26 Holders of rec. Dm. 23a
3
Common (quar.)
131 Jan. 1 Dec. 27 to Jan. 1
Preferred (quar.)
Feb. 2 *Holders of rec. Jan . 15
*2
Commonwealth Edison (quar.)
g Dec. 31 Dec. 21 to Jan. 1
Conestoga Traction, common (quar.)_
1% Dec. 31 Dec. 21 to Jan. 1
Preferred (quar.)
Jan. 15 Holders of rec. Dec. 31a
2
Consolidated Traction of New Jersey_ _ _
Consurn.E.L.& P.,New On.,corn.(qu.) 1)4 Dec. 26 Holders of rec. Dee. 10
Feb. 2 Holders of rec. Jan. 15
3
Edison Elec. Ilium. of Boston (guar.)_
Dec. 31 Dec. 21 to Jan. 1
3
Edison Electric Co., Lancaster (quar.)
13-4 Dec. 31 Holders of rec. Dec. 20
Elmira Water, L.& RR.,corn.(quar.)_ _
Jan. 2 Holders of rec. Dec. 15
$2
(quar.)
Gen'l Gas de Elec. Corp.,pf.,CLA
$1.75 Jan. 2 Holders of rec. Dec. 15
Preferred, Class B (quar.)
Dec. 31 Holders of rec. Dec. 18
10
Harrisburg Light & Power, common_
Dec. 26 Holders of rec. Dec. 18a
2
Houston Gan & Fuel, common
Dec. 26 Holders of rec. Dec. 13a
1
Common (extra)
Dec. 31 Dec. 21 to Jan. 1
3
Lancaster Gas Light & Fuel
Montpelier & Barre Light & Power, pref_ 8519.50 Jan. 20 Holders of rec. Dec. 23
Feb. 1 Holders of rm. Dec. 31
$1
Mountain States Power, common
Jan. 5 *Holders of rec. Dec. 25
*5
Phila. & Camden Ferry (quar.)
Jan. 5 *Holders of rec. Dec. 25
*10
Extra
San Diego Consol. Gas & Elec., p1.(qu.) 134 Jan. 15 Ilolders of rec. Dec. 31
Southern Gas & Power Corp., pref.(qu.) 134 Jan. 1 Holders of rec. Dec. 27
Jan. 2 Holders of rec. Dec. 26
Southern Indiana Gas & Elec.,6% pref. 3
1)4 Jan. 2 Holders of rec. Dec. 26
Seven per cent preferred (guar.)
Jan. 15 *Holders of rec. Dec. 31
*2
Southern New England Telep. (quar.)
Banks.
Bryant Park
Extra
Capitol National
Corn Exchange (guar.)
Gotham National (quar.)
3
3
1%
*5
134
Jan.
Jan.
Jan.
Feb.
jan.
1 Holders of rec. Dee. 220
1 Holders of rm. Dec. 22a
5 Holders of rec. Dec. 30a
2 *Holders of rm. Jan. 31
2 Holders of rec. Dee. 300
Miscellaneous.
jan. 20 Holders of rec. Jan. 10
Abitibi Power & Paper, corn. (quar.)--- $1
Jan. 10 Holders of rec. Jan. 10
2
Alliance Realty (quar.)
Jan. 19 Holders of rec. Jan. 10
2
Extra
Feb. 2 Holders of rec. Jan. 15a
Allied Chemical & Dye Corp., corn.(qu.) $1
American Bank Note,common (quar.)_ _ *51.25 Feb. 16 *Holders of rec. Feb. 2
134 Jan. 1 Holders of rec. Dec. 20
Amer. Furniture Mart Bldg. Corp., pref
5
Jan. 8 Dec. 28 to Jan. 1
Antillean Holding Co.,corn
Associated Dry Goods, corn.(quar.)___. 134 Feb. 2 Holders of rec. Jan. 17
17-4 Mar. 2 Holders of rec. Feb. 14
First preferred (quar.)
134 Mar. 2 Holders of rec. Feb. 14
Second preferred (quar.)
134 Feb. 2 Holders of rec. Jan. 158
Atlantic Refining, pref. (quar.)
2
Jan. 15 Holders of rec. Jan. 2
Belding-Cortice111, Ltd., common
$1.25 Jan. 2 Ilolders of rec. Dm. 31a
Best (C. L.) Tractor, corn. (quar.)
25c. Jan. 2 Holders of rec. Dec. 310
Common (extra)
174 Jan. 1 Holders of rec. Dec. 21a
Bon Anil Co., pref.(quar.)
2
Jan. 1 Holders of rec. Dec. 27a
Brogon Mills
*2
Jan. 2 *Holders of rec. Dec. 19
Canadian Westinghouse (quar.)
*2
Jan. 2 *Holders of rec. Dec. 19
Extra
7
Dec. 29 Holders of rec. Dec. 20
Central Amer. Plantations Corp
Chicago Milw.& Franklin Coal, p1.(qu.) '1)4 Feb. 2 *Holders of rec. Jan. 15
134 Jan. 2 Holders of rec. Dec. 27
Cohn-Hall-Marx, pref. (quar.)
*758. Jan. 30 *Holders of rec. Jan. 15
Congoleum Co.,common (quar.)
134 Mar. 1 *Holders of rec. Feb. 16
'
Preferred (quar.)
20c. Jan. 20 Holders of rec. Jan. 21
Continental Motors, corn. (quar.)
$2.50 Jan. 15 Holders of rec. Dec. 31
Delaw. Lack.& West. Coal(quar.)
411.25 Jan. 15 Holders of rec. Dec. 31
Extra
16c. Jan. 16 Holders of rec. Jan. 3
Fifth Avenue Bus Securities
1
Jan. 2 Holders of rec. Dee. 30
Gotham Safe Deposit (quar.)
13.4 Jan. 10 Holders of rec. Dec. 31
Hamilton Woolen (quar.)
1% Feb. 2 Holders of rec. Jan. 15
Holly Sugar Corp., pref. (quar.)
Preferred (acct. accumulated divs.)-- 8134 Feb. 2 Holders of rec. Jan. 15
$1
jan. 15 Holders of rec. Jan. 10
Hurley Machine, corn. (quar.)
25c. Jan. 15 Holders of rec. Jan. 10
Common (extra)
*114 Jan. 15 Holders of rec. Jan. 8
Internat. Paper, preferred (guar.)
Feb. 16 Holders of rm. Jan. 20
$4
Mercantile Stores Co., Inc
*75c. Feb. I *Holders of rec. Jan. 15
Moon Motor Car (quar.)
2
Feb. 10 Holders of rec. Jan. 20
New Jersey Zinc (quar.)
134 Jan. 2 Holders of rec. Dec. 20
Penick & Ford,Ltd., pref.(quar.)
Jan. 2 Holders of rec. Dee. 20
Preferred (account accum. dividends). hl
2
Feb. 16 Holders of rec. Feb. 5
Penman's,Limited,corn.(guar.)
1)4 Feb. 2 Holders of rm. Jan. 21
Preferred (quar.)
g Fan
eb. 2
? Holders of rec. Jan. 20
Phillips-Jones Corp., pref.(quar.)
Pittsburgh Steel, common (quar.)
234 Jan. 15 Holders of rec. Dec. 81
Securities Co
•134 Feb. 1 *Holders of reo. Jan. 15
Simmons Co., Pref.(qtiar.)
Jan. 15 Holders of rec. Jan. 8
Spalding (A. G.) & Bros., corn. (guar.). $2
134 Mar. 2 Holders of rm. Feb. 21
First preferred (quar.)
2
Mar. 2 Holders of rec. Feb. 21
Second preferred (quar.)
Name of Company.
Per
When
Cent. Payable.
Miscellaneous (Concluded).
Stearns (F. B.) Co., com. (guar.)
37).c Feb.
Stedman Products, 1st pref. (quar.)
13 Jan.
Swift Internacional
90c. Feb.
Textile Banking (guar.)
2
Jan.
U. S. Radiator, corn. (guar.)
Jan.
*$1
,Common (for year 1924)
Jan.
*$2
*1% Jan.
*Preferred (quar.)
U.S.Smelt., Ref.& MM.,pref.(guar.). 87%c Jan.
Utah Apex Mining
25c. Jan.
Ventura Consolidated Oil (guar.)
"50c. Feb.
Books Closed.
Days Inclusive.
1 *Holders of rec. Jan. 25
2 Holders of rec. Dec. 27
14 Holders of rec. Jan. 15
2 Holders of rec. Dee. 24
30 *Holders of rec. Jan. 15
30 *Holders of rec. Jan. 15
15 *Holders of rec. Jan. 1
15 Holders of rec. Jan. 8
15 Holders of rec. Jan. 10
2 *Holders of rec. Jan. 15
Below we give the dividends announced in previous weeks
and not yet paid.
59
THE CHRONICLE
JAN. 3 1925.]
This list
does not
include dividends an-
nounced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred. _ _ 3% Feb. 16 Holders of rec. Jan. 16
Albany & Susquehanna (special)
2
Jan. 10 Holders of rec. Dec. 22a
Atchison Topeka & Santa Fe, pref
2% Feb. 2 Holders of rec. Dec. 31a
Atlantic Coast Line RR.. common
3% Jan. 10 Holders of rec. Dee. 15a
Extra
.52
Jan. 15 *Holders of rec. Dec. 31
Baltimore & Ohio,common (guar.)
1% Mar. 2 Holders of rec. Jan. 10a
Preferred (guar.)
1
Mar, 2 Holders of rec. Jan. 10a
Boston RR. Holding Co., preferred
2
Jan. 10 Jan. 1 to Jan. 9
Canada Southern
1% Feb. 2 Holders of rec. Jan. 2a
Central RR. of New Jersey (extra)
2
Jan. 15 Holders of rec. Jan. 50
Chicago Indianap. & Louisville, corn
2% Jan. 10 Holders of rec. Dec. 27
Preferred
2
Jan. 10 Holders of rec. Dec. 27
Cleve. C.C.& St. L., eom.& pf.(qu.)_ _
1% Jan. 20 Holders of rec. Jan. 2
(Juba RR., preferred
3
Feb. 2 Holders of rec Jan i5'25'
Delaware Lackawanna & West. (quar.)_ $1.50 Jan. 20 Holders of rec. Jan. 2a
Extra
Jan. 20 Holders of rec. Jan. 2a
$1
Detroit River Tunnel
3
Jan. 15 Holders of rec. Jan. 8a
Great Northern Railway. preferred
2% Feb. 2 Holders of rec. Dec. 26a
Gulf Mobile & Nor., pref. (guar.)
1% Feb. 16 Holders of rec. Feb. 20
Kansas City Southern Ry.. pref.(guar.)- $1
Jan. 15 Holders of rec. Dec. 31a
Louise. Rend. & St. Louis, pref. (ann'l) *4
Feb. 16 *Holders of rec. Feb. 2
Louisville & Nashville
3
Feb. 10 Holders of rec. Jan. 15
Michigan Central
10
Jan. 29 Holders of rec. Jan. 2a
Missouri-Kansas-Texas, pref. A (No. 1)_ 1% Feb. 2 Holders of rec. Jan. 153
New York Central RR.(guar.)
1% Feb 2 Jan. 3 to Jan. 28
New York Ontario & Western
I
Jan. 28 Holders of rec. Jan. 8a
Norfolk & Western, ad.l. pref.(quar.)
1
Feb. 19 Holders of rec. Jan. 31a
Northern Central
Jan. 15 Holders of rec. Dec. 3Ia
$2
Northern Pacific (guar.)
1% Feb. 2 Holders of rec. Dec. 31s
Northern Securities (quar.)
4
Jan. 10 Dec. 25 to Jan. 11
Pere Marquette, prior preference (qu.)._
1% Feb. 2 Holders of rec. Jan. 12a
1 % Feb. 2 Holders of rec. Jan. 123
Five per cent preferred (quar.)
Philadelphia & Trenton (quar.)
234 Jan. 10 Jan. 1 to Jan. 11
Patel). Ft. Wayne & Chic., pref.(quar.) 1% Jan. 6 Holders of rec. Dec. 10a
$2.50
Feb. 2 Holders of rec. Jan. 123
Pittsburgh & Lake Erie
Pittsburgh sr West eirizlnia. prof iquar.) 1% Feb. 28 Holders of rec. Feb.2'25a
Feb. 12 Holders of rec. Jan. 15a
Reading Company,common(quar.)_. $1
50e. Jan. 8 Holders of rec. Dec. 233
Second preferred (quar.)
St. Louis & San Francisco, com.(No. 1) 1% Jan. 15 Holders of rec. Jan. 2a
1% Feb. 2 Holders of rec. Jan I5a
Preferred, Series A (guar.)
1% May 1 Holders of rec. Apr. 15a
Preferred, Series A (guar.)
1% Aug. 1 Holders of rec. July 150
Preferred, Series A (guar.)
1%
Nov. 2 Holders of rec. Oct. 150
Preferred, Series A (quar.)
1% Feb. 2 Holders of rec. Jan. 10a
Southern Railway, common (quar.)__ _ _
1% Jan. 15 Holders of rec. Jan. 2a
Preferred (guar.)
6
Jan. 15 Holders of rec. Dec. 26a
Troy Union Railway
United N.J. RR.& Canal Cos.(guar.)_ 2% Jan. 10 Dec. 21 to Dec. 31
(guar.)
1%
Jan. 6 Holders of rec. Dec. 23a
pref.
Western Pacific RR.Corp.,
Public Utilities.
1% Jan. 14 Holders o rec. Dec. 31a
All America Cables (guar.)
1% Jan. 15 Holders of rec. Jan. 2a
American Gas (guar.)
134 Feb. 2 Holders of rec. Jan. 10
(quar.)_
preferred
Electric,
Amer. Gas &
Amer. Telephone & Telegraph (quar.)__ 2% Jan. 15 Holders of rec. Dee. 20a
2q Apr. 5 Holders of ree.Mar 17'
Quarterly
Associated Gas & Electric, pref. (extra)_ 1234c. April 1 Holders of rec. Mar. 15
1235e. July 1 Holders of rec. June lb
Preferred (extra)
12340. Oct. 1 Holders of rec. Sept. 15
Preferred (extra)
1234e. Jan1'26 Holders of rec. Dec. 18
Preferred (extra)
2
Jan. 15 Holders of rec. Dec. 23
Bell Telephone of Canada (guar.)
Bell Telephone of Pa.. pref. (quar.)___ *135 Jan. 1 *Holders of roe. Dec. 20
334 Feb. 2 Holders of rec. Jan. 15
Boston Consolidated Gas. pref
Brooklyn Borough Gas, corn. (quar.)--- 50e. Jan. 10 Holders of rec. Dec. 31a
Brooklyn-Manhattan Transit. pf. (qu.)_ $1.50 Jan. 15 Holders of rec. Dec. 31a
Carolina Power & Light,common (quar.) 1% Feb. 2 Holders of rec. Jan. 15
Cent. Illinois Pub. Serv., pref. (quar.)-- $1.50 Jan. 1
Holders of rec. Dec. 313
135 Jan. 1 Holders of rec. Dec. 31
Central Power, prof.(quar.)
.(mthly.) 65c. Feb.
Holders of rec. Jan. 13a
Chicago Rapid Transit, prior pf.
CM. Newp't & Coy. Lt. & Tr.,com.(qu.) 134 Jan. 1 Jan. I to Jan. 15
134 Jan. I Jan. 1 to Jan. 15
Preferred (quar.)
2
Jan. I
Detroit Edison (guar.)
Holders of rec. Dec. 20a
Dominion Power & Transmis'n. pi.(qu.) 135 Jan. 1 Dec. 22 to Dec. 31
East Bay Water, pref., Cl. A (guar.) _
Holders of rec. Dec. 31
134 Jan. 1
14 Jan. 1
Preferred, Class B (guar.)
Holders of rec. Dec. 31
El Paso Electric Co., pref. A (quar.)__ _
13.4 Jan. 1 Holders of rec. Jan. 2a
Preferred B (guar.)
134 Jan. 1 Holders of rec. Jan. 2a
Germantown Passenger Ry., Phila.(qu.) $1.31 Jan.
Dec. 18 to Jan. 5
International Telep. & Teleg.(quar.)_
134 Jan. 15 Holders of rec. Dec. 27a
Internat. Utilities, pref.. el. A (qua".)_ - *8734 c Jan. 15 *Holde.s of rec. Jan. 6
Kentucky Securities, preferred (quar.)._
134 Jan 15 Holders of rec. Dec. 22a
Manufacturers Light & Heat (guar.) _
$1 Jan. 15 Holders of rec. Dec. 3Ia
Massachusetts Ltg. Cos.,6% pref. (qtr.) 134 Jan. 15 Holders of rec. Dec. 26
Eight per cent preferred (quar.)
Jan. 15 Holders of rec. Dec. 26
Michigan Gas & Elec.. 7% prior pr.(qu.)
Jan. 15 *Holders of rec. Dec. 31
Six per cent preferred (quar.)
•134 Jan. 21 *Holders of rec. Dec. 31
Middle West Utilities, pref. (guar.)_ _
1% Jan. 15 Holders of rec. Dec. 31a
Montreal Telegraph (quar.)
2
Jan. 15 Jan. 1 to Jan. 15
Mountain States Power. prof. (guar.)._
135 Jan. 20 Holders of rec. Dec. 31
National Fuel Gas(quar.)
•134 Jan. 15 *Holders of rec. Dec. 31
Nevada-California Elec.. pref.(guar.)_ _
135 Feb. 2 Holders of rec. Dee.d30a
New York Telephone, pref.(quar.)
1% Jan. 15 Holders of rec. Dec. 20
Niagara Falls Power, preferred (quar.)_ _ 4334 Jan. 15 Holders of rec. Dec. 31a
Northern Indiana Gas& Elec., pt. A (qu) 135 Jan. 14 Holders of rec. Dec. 31
Northern Stater; Power (Del.), com.(qu.) 2
Feb. 2 Holders of rec. Dee. 31
Preferred (guar.)
13.4 Jan. 20 Holders of rec. Dec. 31
Ohio Edison. 6% preferred (quar.)
$1.50 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (guar.)
$1.65 Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred (guar.)
$1.75 Mar. I Holders of rec. Feb. 15
Oklahoma Natural Gas (guar.)
50c. Jan. 20 Holders of rec. Dec. 26a
PacifieGas & Electric Co., corn.(quar.)
2
Jan. 15 Holders of rec. Dec. 31a
Pacific Teleph. & Teleg., pref. (guar.)
13.4 Jan. 15 Holders of rec. Dec. 310
Peoples Gas Light & Coke (guar.)
2
Jan. 17 Holders of rec. Jan. 3a
Philadelphia Rapid Transit (guar.)
75c. Jan. 31 Holders of rec. Jan. 15a
& Western Ry.. Prof. (guar.)_ _ _ _ 6234c Jan. 15 Holders of rec. Dec. 31a
Public Service Elec. Power, Prof.(quar) *1% Feb. 2 •Holders of rec. Jan. 15
Puget Sound Pow. & Lt., com. (qu.)__
1
Jan. 15 Holders of rec. Dec. 20a
Prior preferred (guar.)
135 Jan. 15 Holders of rec. Dec. 20a
Six per cent. preferred (quar,)
134 Jan. 15 Holders of rec. Dec. 20a
Quebec Power, corn
4
Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
135 Jan. 15 Holders of rec. Dec. 31
Shawinigan Water dz Power(gar.)
135 Jan. 10 Holders of rec. Dec. 23
South Pittsburgh Water, Prof. (quar.)_ _ •1
Jan. 15 *Holders of rec. Jan. 2
Southeastern Power dr Light, pref. (qu.) $1.75 Jan. 15 Holders of rec. Dec. 31a
Southern Canada Power, pref. (guar.)
1% Jan, 15 Holders of rec. Dec. 31
Standard Gas & Electric, com.(guar.)
75c. Jan. 26 Holders of rec. Dec. 31a
Seven per cent prior preferred (quer.). 135 Jan. 26 Holders of rec. Dec. 31
Texas Electric Ry.. corn. (quar,)
1
Mar. I Holders of rec. Feb. 15
Second prefened (quar.)
135 Feb. 1 Holders of rec. Jan. 15
United Gas & Elec. Co., preferred
234 Jan. 15 Holders of rec. Dec. 31a
Jame of Company.
Public Utilities (Concluded).
United Gas Iraprovement,common(a.)
Prof.(guar.)
United Light & Power, corn. A & B (qu.)
Virginia Ry.& Power,pref.(guar.)
Washington Wat. Pow., Spokane (qu.)West Penn Power Co..7% prof.(quar.)_
Western Power Corp., pref. (quar.)__ _ _
Western States Gas dr Elec., pref.(qu.)
Western Union Telegraph (guar.)
Winnipeg Electric Hallway,com.(guar.)
York Rys., com.(guar.)
Preferred (quar.)
Banks.
Commonwealth
International Bang, Washington,D.C.._
Trust Companies.
Westchester Title & Trust
When
Per
Cent. Payable.
Books Closed.
Daps Inclusive.
Jan. 15 Holders of rec. Dee. 316
81
8734e Mar. 14 Holders of ree. Feb. 28a
40e. Feb. 2 Holders of rec. Jan. 15a
Jan. 21 Holders of rec. Jan. 2a
Jan. 15 Holders of rec. Dec. 24a
2
PA Feb. 2 Holders of rec. Jan. 156
135 Jan. 15 Holders of rec. Jan. 8
134 Jan. 15 Holders of rec. Dec. 31
Jan. 15 Holders of rec. Dec. 240
Feb. 1 Holders of rec. Jan. 15
1
75e. Jan. 15 Holders of rec. Jan. ba
6234c Jan. 31 Holders of rec. Jan. 21a
134
134
5
5
Jan. 15 Holders of rec. Dec. 31a
Jan. 15 Holders of rec. Jan. 1
5
Jan. 6 Holders of rec. Dec. 31
Fire Insurance.
Jan. 10 Holders of rec. Dee. 296
53
Continental
Jan. 10 Holders of roe. Dec. 29a
$3
Fidelity-Phenix Fire
Miscellaneous.
Jan. 15 Holders of rec. Dec. 310
Air Reduction Co.(guar.)
$l
Allis-Chalmers Mfg., pref. (quar.)
135 Jan. 15 Holders of rec. Dec. 24a
(qu.)
Works,
com.
&
pref.
American Art
134 Jan. 15
1
Jan. 31 Holders of rec. Jan. 10a
American Beet Sugar,common (guar.)._
American Can, common (guar.)
134 Feb. 16 Holders of rec. Jan. 313
2
Feb. 16 Holders of rec. Jan. 313
Common (extra)
135 Jan. 26 Holders of rec. Jan. 56
American Ice, common (guar.)
134 Jan. 26 Holders of rec. Jan. 56
Preferred (guar.)
Amer.La France Fire Eng.,corn.(guar.) 25e. Feb. 16 Holders of rec. Feb. 23
Amer. Laundry Machinery,com.(guar.) 75e. Mar. 2 Feb. 22 to Mar. 2
Jan. 15 Jan. 7 to Jan. 15
Preferred (quar.)
American Rolling Mill, corn. (quar.).... 50c. Jan. 15 Holders of rec. Dec. 31a
Amer.Seeding Mach., pref.(quar.)
134 Jan. 15 Holders of rec. Dec. 310
Feb. 2 Holders of rec. Jan. 1525
American Shipbuilding, corn. (quar.)-- 2
2
May 1 Holders of rec. Apr. 15'25
°molder! cquar )
Aug. 1 Holders of rec. July 15'25
Common (guar 1
2
135 Feb. 2 Holders of rec. Jan. 156
Preferred (quar.)
American Steel Foundries, com.(quar.)_ 75c. Jan. 15 Holders of rec. Jan. 2a
Amer.Ts pe Founders,corn.& preL(qu.) 134 Jan. 15 Holders of rec. Jan. 106
1
Jan. 15 Dec. 20 to Jan. 8
American Vitrified Products, com
to Dec. 25
American Woolen. preferred (quar.)__._
134 Jan. 15 1)ec. 16
Anaconda Conner Mining
75e. Feb. 16 Holders of rec. Jan. 17a
Archer-Daniel-Midland Co.. prof.(qu.)
Feb. 1 *Holders of rec. Jan. 21
Asbestos Corp. of Canada, pref.(quar.)_
134 Jan. 15 Holders of rec. Jan. 2a
Associated Industrials, pref.(quar.)_ _
2
Jan. 15 Holders of rec. Jan. 156
Associated Oil (guar.)
3734e Jan. 26 Holders of rec. Dec. 316
Atlas Powder, prof.(guar.)
134 Feb. 2 Holders of rec. Jan. 263
Austin, Nichols & Co., pref. (quar.).._
134 Feb. 1 Holders of rec. Jan. 156
Babcock & Wilcox Co. (quarterly)
1% Apr. 1 Holders of rec. Mar.206
Balaban & Katz, com. (monthly)
.25c. Feb. 1 +Holders of rec. Jan. 20
Common (monthly)
.25e. Mar. 1 *Holders of rec. Feb. 20
Common (monthly)
*25e. Apr. 1 *Holders of rec. Mar.20
Preferred (quar.)
*13 Apr. 1 *Holders of rec. Mar.20
Barnhart Bros. & SpindlerFirst add second preferred (quar.)__ _ _
1% Feb. 1 Holders of rec. Jan. 26a
Bayuk Cigars, 1st pref. (guar.)
135 Jan. 15 Holders of rec. Dec. 3I6
Second preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 316
Convertible preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 313
Beech-Nut Packing, com.(quar.)
60c. Jan. 15 Holders of rec. Dec. 316
Preferred (quar.)
I% Jan. 15 Holders of rec. Dee. 313
Belgo-Canadian Paper, common(No.1). 134 Jan. 10 Holders of rec. Dee. 310
Boyd-Welsh Shoe (guar.)
50e. Apr. 1
Bond & Mortgage Guarantee (stock div.) *46 2- Feb. 5 *Holders of rec. Jan. 21
British-American Tobacco,ordinary__ _ _
Jan. 19
to
See note to
Ordinary (Interim)
to
Jan. 19
See note to
Burns Brothers, prior Prof.(quar.)
1% Feb. 2 Holders of rec. Jan. 23a
Bush Terminal Co., common
234 Jan. 15 Holders of rec. Jan. 2a
3
Jan. 15 Holders of rec. Jan. 2a
Preferred
134 Jan. 16 Holders of rec. Dec. 31
Canada Cement,corn. (quar.)
"Canada Dry" Ginger Ale. el. A (q11.)-- 75c. Jan. 15 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dec. 31
Canada Iron Foundries, Ltd., pref
3
Canadian Car & Foundry, prof.(quar.)- 1% Jan. 10 Holders of rec. Dec. 26
6535 Jan. 10 Holders of rec. Dec. 26
Fret.(acct.& in full of accum.
Canadian Industrial Alcohol (quar.) _ _ :32c. Jan. 15 Holders of rec. Dec. 31
Jan. 10 Jan. 1 to Jan. 9
Central Steel, corn.(guar.)
$1
135 Jan. 26 Holders of rec. Jan. 15a
Chicago Pneumatic Tool (quar.)
33 1-3c Feb. 2 Holders of rec. Jan. 206
Chicago Yellow Cab (monthly)
33 1-3c Mar 1 Holders of rec. Feb. 206
Monthly
Cleveland Stone (quar.)
134 Mar. 1 Holders of rec. Feb. 159
134 June 1 Holders of roe. May lba
Quarterly
134 Sept. 1 Holders of rec. Aug. 158
Quarterly
Jan. 2
10
5 Holders of rec. Dec. 31
Consolidated Mining & Smelt.of Canada 3
Holders of rec. Jan. 56
Corn l'roducts Refining, coin. (quar.)_ 50c.
135 Jan. 15 Holders of rec. Jan. 5a
Preferred (guar.)
Jan. 15 Holders of rec. Jan. 2
1
Crane Co., common (extra)
Creamery Package Mfg., corn.(quar.)_ 50c. Jan. 10 Holders of rec. Jan. la
1% Jan. 10 Holders of rec. Jan. la
Preferred (guar.)
10e. Jan. 10 Holders of rec. Dee. 31.6
Cresson Cons. Gold M.& M.(guar.)_
Jan. 15 Holders of rec. Dec. 316
51
Crex Carpet
1
Jan. 31 Holders of rec. Jan. I50
Crucible Steel, corn. (quar.)
Jan. 15 Jan. 6 to Jan. 15
1
Cudahy Packing, common (quar.)
.3
Jan. 15 *Holders of rec. Dec. 31
Davis Coal & Coke
34 Jan. 10 Dec. 26 to Dec. 31
Detroit Brass & Malleable Wka.(mthly.)
Dictograph Products Corp.,com.(No.1) Sc. Jan. 20 Holders of rec. Dec. 313
2
Jan. 15 Holders of rec. Dec. 316
Preferred (quar.)
500. Jan. 20 Holders of rec. Dee. 31
Dome Mines, Limited (quar.)
135 Jan. 15 Holders of rec. Dec. 31
Dominion Textile, Ltd., pref.(guar.) _ _ _
Douglas-Pectin Corp.(guar.)
25c. Dee. 31 Holders of ree. Dee. la
du Pont(E. I.) de Nemours & Co1% Jan. 26 Holders of rec. Jan. 106
Debenture stock (guar.)
du Pont(El.) de Nem.Powd.,com.(qu.) 134 Feb. 2 Holders of rec. Jan. 196
135 Feb 2 Holders of rec. Jan. 19a
Preferred (quar.)
Jan. 24 Dec. 16 to Jan. 1
Eastern Rolling Mill, common
El
Jan. 24 Dec. 16 to Jan. 1
Preferred (guar.)
2
Eastern Steamship, pref.(no par value) _ 8734 Jan. 15 *Holders of rec. Jan. 8a
Eastern Theatres(Toronto), pref
3% Jan. 31 Holders of rec. Dec. 31
Feb. 2 *Holders of rec. Jan. 15
Elgin National Watch (quar.)
*2
Extra
$2.50 Jan. 20 Holders of rec. Jan. daa
Feb. 2 Holders of rec. Jan. 2
Famous Players-Lasky Corp., prof.(qu.) 2
334 Jan. 10 Jan. 1 to Jan. 9
Federal Food Stores, Inc., preferred_ _
Fifth Avenue Bus Sec. Corp.(quar.)_
16e. Jan 15 Holders of rec. Jan. 43a
Firestone Tire Sr Rubber,common (qu.) 451.50 Jan. 20 Holders of rec. Jan. 103
134 Jan. 15 Holders of rec. Jan. la
6% Preferred (guar.)
7% Preferred (guar.)
1% Feb. 15 Holders of rec. Feb 1
Francisco Sugar (guar.)
51.50 Apr. 1 Holders of rec. Mar. 21a
Quarterly
$1.50 July I Holders of rec June 206
Quarterly
$1.50 Oct. I Holders of rec. Sept.216
General Electric, common (guar.)
Jan. 15 Holders of rec. Dec. 3a
2
Special stock (quar)
150. Jan. 15 Holders of rec. Dec. 36
General Motors, 7% pref. (quar.)
1% Feb. 2 Holders of rec. Jan. 50
Six per cent debenture stock (quar.)__
134 Feb. 2 Holders of rec. Jan. be
Six per cent prof. (quar.)
13.4 Feb. 2 Holders of rec. Jan. 6e
General Refractories (quar.)
50c. Jan. 15 Holders of rec. Jan. 70
Gimbel Brothers. preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 15a
Gossard(H. W.) Co.,common (mthly.) 250. Feb. 2 Holders of rec. Jan. 20
Common (monthly)
25c. Mar. 2 Holders of rec. Feb. 20
Harbison-Walk. Refract., pref. (quar.)- 134 Jan. 20 Holders of rec. Jan. 10a
Hillcrest Collieries, common (guar.).-- 134 Jan. 15 Holders of rec. Dee. 31
Preferred (qaar.)
135 Jan. 15 Holders of rec. Dec. 31
Hoe (R.) & Co.. Inc., Class A (quar.)
$1
Jan. 15 Holders of rec. Jan. 2a
Hood Rubber, preferred (quar.)
•135 Feb. 1 *Holders of rec. Jan. 20
Illinois Brick (quar.)
*2.40 Jan. 15 *Holders of rec. Jan. 3
Quarterly
*2.40 Apr. 15 *Holders of rec. Apr. 3
Quarterly
*2.40 July 15 *Holders of rec. July 3
Quarterly
*2.40 Oct. 15 *Holders of rec. Oct. 3
Indiana Pipe Line (guar.)
51
Feb. 14 Holders of rec. Jan. 20
Interlake Steamship (quar.)
$1.25 Apr. 1 Holders of rec. Mar.18
International Business Machines(gnarl_ 82
Jan. 10 Holders of rec. Dec. 230
134
'134
.5
60
TRE CELBONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inc.lualve..
[VoL. 120:
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
bilscellansous (Concluded).
International Harvester, corn. (quar.)__
134 Jan. 15 Holders of rec.'Deo. 24a
The following shows the condition of the New York City
Lehigh Valley Coal Sales (guar.)
$2 Jan. 2 Holders of rec. Dec. 11
Loevea Boston Theatres, corn. (guar.)._
134 Feb. 1 Holders of rec. Jan. 20
Clearing House members for the week ending Dee. 27. The
Loose-Wiles Biscuit, second pref.(quar.) 134 Feb. 1 Holders of rec. Jan. 19a
Lord & Taylor, common
figures for the separate banks are the averages of the daily •
234 Jan. 15 Holders of rev. Jan. 3
preferred
Second
(Quar.)
2
Feb. 1 Holders of rec. Jan. 19
hirwAndrews & Forbes Co..COM.(guar.) 234 Jan. 15 Holders of rec. Dec. 31a results. In the case of the grand totals, we also show ths
Common (extra)
4
Jan. 15 Holders of rec. Dec. 31a actual figures of condition at the
end of the week.
Preferred (guar.)
134 Jan, 16 Holders of rec. Dec. 31a
Macy (R. H.) & Co., pref. (guar.)
13' Feb. 1 Holders of rec. Jan. 170
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
ManatiSugar. common (guar.)
134 Mar. 2 Holders of rec. Feb 140
Whited In thousands of dollars-that U. three ciphers (0001 omitted.)
Common (guar.)
134 June 1 Holders of reo. May 15a
Common(quar.)
134 Sept. 1 Holders of rec. Aug. 15a
Preferred (quar.)
1% Jan, 2 Holders of rec. Dec. 16
New
Maple Leaf Milling. preferred (guar.).- 134 Jan. 19 Holders of rec. Jan. 3
;Arad Proftts. Loans.
Suave
McCrory Stores Corporation. pref.(gu.) 134 Feb. 1 Holders of rec. Jan. zoa
Ending
Week
Discount, Cash
with
Net
rift! Boat
Preferred (guar.)
134 May, 1 Holders of rec. Apr. 206
at% Oct. 1 InvestDec. 27 1924
In
Legal Demand
De- armPreferred (guar.)
13( Aug. 1 Holders of reo. July 20a
State,
Nov.
15
ments,
Vault.
De
Deposits. posal. toPreferred (guar.)
134 Nov. 1 Holders of reo. Oct. 20a
Cos.Nov.15
mated.)
(000
de.
torles.
tion.
Mexican Petroleum, common Mara._ $3
Jan. 20 Holders of rec. Dec. 30a
Preferred (guar.)
$2
Jan. 20 Holders of roe. Dec. 30a Members of Fed. Res. Beak.
Average Auras Avesta° Average Aurae Airgth
Mlles Detroit Theatre Co.(guar.)
*4
Jan. 10 Holders of rec. Dec. 31
3
3
National Biscuit, corn. (guar.)
760. Jan. 15 Holders of rec. Deo. 31a Bank of N F
4,
12.462
75,037 1,031 7,271
53.102 10.234
National Fireproofing. preferred
2
Jan. 15 Holders of rec. Jan. 2
Bk of Manhat' 10,000 13,874 151,536 3,404 17,429
126.894 n9:783 la
Preferred
134 Apr, 15 Holders of rec. Apr. 1
Medi & Met B 10,000 16,02
184,868 4,36 23.61
177,27
2881
National Licorice,common
2
Jan. 8 Holders of rec. Dec. 24
6,500 5,412
87,335 2,29 12,686
93,722
National Paper & Type, Prof.(quar.)
2
Jan, 15 Holders of rec. Dec. 300 Bank of Amenl
Nat CRY Bank- 40,000 54,355 631,897 4,927 74,630 *667,168 94
958
5:9
27
11
New York Air Brake, common (quar.)
M.
Feb. 2 Holders of rec. Jan. 7a Chem
4,500 16,857 135,739 1,696 16,695
Nat
126,911 8.8481 348
Class A (guar.)
$1
Apr. 1 Holders of rec. Mar.10a Nat Butch & Dr 1,000
262
7.443
114 1,027
5,967
New York Canners, Inc.8.074
5,000
Amer Each Nat
111,215 1,36 14,111
100,466
2101
Common (payable In common stock).
Feb. 2 Holders of rec. Jan. 15a Nat
Bk of Corn. 25.000 39,854 368,644 1,583 '44,000
_1_
10 :
336.588 14%
4 94_39
5423
First preferred
334 Feb. 1 Hold.of rec.Jan.22'25a Pacific Bank
1,000 1,708
33,015
.529 4.481
31,192 3,144
Second preferred
4
Feb. 1 Hold,of rec. Jan.22'250
&Phen Nat 10,600 9,357 175,568 5.545 19.524
158
1
139,182 33,840 5:2
New York Dock, preferred
234 Jan. 15 Holders of rec. Jan. 5a Chat
Hanover Nat Bk 5,000 23,096 124.289
798 14.736
110.865
New York Mortgage Co., corn. (guar.). 500. Jan. 15 Holders of reo. Nov.29
Corn Exch Bank 10.000 13.493 204.342 8,712 27,736
188,343 28.131
Preferred (guar.)
13 Jan. 16 Holders of roe. Nov.29
Bank_ 10,000 23,870 177.739 1.308 18,767
Park
Nat
141,072
10,241 8,561
New York Transit (guar.)
50o. Jan. 15 Holders of rec. Dec. 190
2.100 1,952
31.538 1,373 3.813
24.781 7.379 498
New York Transportation (quar.)
500. Jan. 15 Holders of rec. Jan. 2a East River Nat_ 10,000 62.690 343,092
First National541 35,175
264,541 25.894 7.460
Niplasing Mines,Ltd.(quar.)
*150. Jan. 20 Jan. 1 to Jan. 18
Irving Bit-ColTr 17.500 12,417 28.5,291 5,033 37,687
282,460 28.247 - -Extra
•15c. Jan. 20 Jan. 1 to Jan. 18
Continental Bk. 1,000 1,066
7.746
165
661
5.823
452
Ohio Fuel Corporation (guar.)(No.1) *500. Jan. 15 *Holders of rec. Doe. 31
Chase National. 20,000 25,141 394,787 5.237 56.435
390,994 22.288 1.085
Olym pia Theatres. Inc., cons.(quar.)_.. Wo. Jan. 15 Holders of rec. Jan. 2
500 2,704
Fifth Ave Bank
24.357 1,075 3.281
25.236
Preferred (guar.)
1% Jan. 15 Holders of rec. Jan. 2
600
1.099
13,496
505 1.479
10.880 2.863 _
Otis Elevator, common (guar.)
$1
Jan. 15 Holders of rec. Dec. 310 Commonwealth. 1.000 1,680
16.799
564 2.496
16.581
153
399
Preferred
134 Jan. 15 Holders of rec. Dec. 310 Garfield Nat.,. 1.200 1.301
19.473
318 2.595
18.867 1.317 250
Overman Cushion Tire,Inc.,corn.(guar) 154 Jan. 20 Holders of rec. Doe. 31a Fifth National, 4,00
7.788
99.080 3.967
66
Preferred
834 Jan. 10 Holders of rec. Doe. 310 SeaboardNat.. 1,500 1.341 107,218 1.425 13.221.
580 2.408
21 339
.735 409
Second preferred
3,4 Jan. 10 Holders of rec. Dec. 310 Coal & Iron Na 20.000 26,514 332.402
"X" preferred (guar.)
Jan. 20 Holders of reo. Dec. 310 Bankers Trust- 3,000 4.619 60.019 1.371 17.284 *293.002 44.946
52.292 7.064
Owens Bottle, com. (quar.)
75c. Apr. 1 Holders of rec. Mar. 160 U S Mtge & Tr_ 25,000 19,180 508.410 1.075 6,812
1.871 54.910 *486.110 50.26
Preferred (quar.)
134 Apr, 1 Holders of rec. Mar. 160 Guaranty
2.000 2.117
635 2.510
20.942
18.376 1.855
Pacific 011
$1
Jan. 20 Holders of roe. Dee. 15a Plelei-interTru
179.795 1.346 20.271
146.212 31.438
Packard Motor Car,common (guar.)._ 300 . Jan. 81 Holders of roe. Jan. 15a N Y Trust Co.. 10.000 19.147
533 5.746/
Metropolitan'I5r 2,000 4,129 47.671
43.283 3.536
Pan-American Petroleum & Transport17,370 104.320
5.
533 15.718 •123.199 25.843
Common and common B (quar.)
$1
Jan. 20 Holders of roe. Dee. 30a Farm Loan & Tr 23,000 11,262 278,144
1,796 34.210' *320.677 26.109
Equitable Trust
Permanent Mtge. Co.. preferred (ex,ea)
134 Feb. 1
Pennsylvania Salt Manufacturing (qu.). $1.25 Jan. 15 Holders of rec. Dec. 31a
averages 291,900 462.224,5.305,549 61.455833.415c4.632.475 53(1.822 32.239
Philadelphia Insulated Wire
$2
Feb. 2 Holders of roe. Jan. 15a Total of
Pick (Albert) & Co.. common (quar.)
400. Feb. 2 Jan. 21 to Feb. 1
actual cohlition Dec. 275,306,582 64,552040,642 c4,623.669 527.202 32.148
Pittsburgh Coal, preferred (quar.)
134 Jan d24 Holders of rec. Jan. 90 Totals,
actual co ndition
2f)15.300.479 64,0526 ir.974 c4.652.316 532.525 32.288
Totals, a
Plymouth Cordage (quar.)
*1
Jan. 20 *Holders of rec. Jan. 1
co ndltion Dec. 135.253,848 55,992687.109 c4,617,598539,70832,409
Prairie 011 & Gas(guar.)
2
Jan. 31 Holders of rev. Doe. 310 Totals, aaual
Not Members of Fed, Res've Bank.
Banks
State
Prairie Pipe Line (guar.)
2
Jan. 31 Holders of rec. Dec. 310
Bank 1,000 2,434
21.2121
21,515 2.187 1,818
856
Procter & Gamble Co..8% pref.(quar.) 2
Jan. 15 Holders of rec. Doe. 24s Greenwich
250
897
333
2.670 1,989
5.404
492
Pro-phylactic Brush common (quar.)--- 500. Jan. 15 Holders of rec. Dec. 31a Bowery Bank__
3,500
Bank__
99.458
2,249
61,205,
4.251
35.352
State
134
5
.
Co.,
Quaker Oats
common (guar.)
3
Jan. 15 Holders of rec. Dec. 315
Preferred (guar.)
1% Feb. 20 Holders of reo. Feb. 2a Total
of averages 4,750 8.467 126,377 6.771 4,5591
59.234 64.0501
Realty Associates. let pref
3
Jan. 15 Holders of reo. Jan. 5
Richmond Radiator, preferred (quar.)
134 Jan, 15 Holders of refl. Doe. 90
Totals, actual condition Dec. 27 125.784 7,112 4.931
59.634 64.155
Preferred (guar.)
134 Apr. 15 Holders of reo. Mar.81a Totals, actual condition Dec. 20 126,168 6.598 4.740 • 59.590
63.941
Preferred (guar.)
134 July 15 Holders of reo. June 300
actual co ndition Dec. 13 124.884 6.380 4.411
58.041 63,775
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.300 Totals,Companies
Not Membe rs of Fedi'l Res' ye Han k.
1
Preferred (guar.)
154 JanI526 Holders of rev. Dec. 310 Trust
Title Guar & Tr 10.000 15,908
36.819 2.247 ---59.355 1.6211 3.964
Be. Joseph Lead (guar.)
50o. Mar.20 Mar. 10 to Mar.20
LawYersTit&Tr 6.000 6,311
16.176 838 ---27.435919 1,596
Quarterly
500. June 20 June 10 to June 21
Quarterly
50o. Sept.21 Sept. 10 to Sept.21
Total
16,000
of
averages
22.220
52.995
5.560
3.085 -___
2,5401
86.790
Quarterly
50o. Dec. 21 Dec.10'26to Dec.21 '25
4412 Jan. 15 Holders of rec. Dec. 31
St. Lawrence Paper Mills, met
ndltion
Totals,
actual
c
Dec.
27
2,749
2.619
53.118
86,590
5,657
Savage Arms Corp.. 2d pref.(guar.)._ _
134 Feb. 16 Holders of rec. Feb. 20 Totals, actual condition Dec.
53,010 3.169 ---.
20
86,635 2,597 5,526
Smith (Howard) Paper Mills, pref.(qu.) 2
Jan. 20 Holders of rec. Jan. 10
Totals, actual c nelltion Dec. 13
53.287 3,294 --86,370 2.477 5,571
Spanish River Pulp dr Paper Mills,
common and prefer'ed (guar.)
134 Jan. 15 Holders of rev. Dee. 31
Gr'd aggr., ay 312,650492,912 5,518,716 73.766'
643,534 4.744.704 597.95732.239
Steel Co. of Canada, corn. & Pf. (qtr.)- 134 Feb. 2 Holders of rec. Jan. 7
Comparison with prey. week.. +11.201 +4,6651-6.569 -7.091-9,359 -12
Sterling Products (guar.)
SI
Feb. 2 Holders of rec. Jan. 15a
Stetson (John B.), corn
*$3.75 Jan. 15 *Holders of rec. Jan. 1
Gr'd aggr., °a',cond'n Dec. 275,518,956 74,283851,230 4.736.421 694.106 32.148
Preferred
*El
Jan. 15 *Holders of rec. Jail. 1
Comparison with prey. week.. +5,674 +1,026+3509O -28.495-5,529 -140
Sullivan Machinery (quar.)
$1
Jan. 15 Jan. 1 to Jan. 14
: .
Superheater Co. (guar.) '
51.50 Jan. 15 Holders of rec. Jan. 5
Gr'd aggr., aa'l cond'n Dec. 205,313,282 73:257815.240 4,764,916 599.63532.288
Superior Steel, common (quar.)
750. Feb. 2 Holders of rec. Jan. 15
(red aggr., cal cond'n Dec. 135.465,102 84,819697.091 4.728,926 606.837 32.409
Telautograph Corp., pref.(guar.)
*134 Jan. 10 *Holders of rec. Dec. 31
Gr'd aggr., acrI cond'n Dec. 65,537,885 62.353609.395 4,743,465616.72832.363
Thompson (J. R.) CO., corn.(monthly)_ 25e. Feb. 2 Holders of rec. Jan. 23a Gr'd aggr., act', cond'n Nov.29
5,536,009 62,416636,221 4,712.285637.831 32.207
COMMOD (monthly)
206. Mar. 2 Holders of rec. Feb. 230 Gr'd amt.,act'l cond'n Nov.225,485,077
59,942647,913 4.664.139640.842 32.270
Tobacco Products Corp.. cons.(guar.)._ $1.50 Jan. 15 Holders of rec. Jan. 20 GeV aggr..
awl cond'n Nov.155,501,160 57,733829.853 4.719,997607.209 32,282
Transue & Williams Steel Forg. (guar.). 75c. Jan. 15 Holders of rec. Jan. d3a
Tuckett Tobacco, common (guar.)
1
Jan. 15 Holders of rec. Dec. 31
Note.-U. S. deposits deducted from net demand deposits in the general totraa
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
above were as follows: Average total Dee. 27, 523.234.000; actual totals Dec. 27,
United Alloy Steel Corp., pref.(guar.)._ *134 Jan. 20 *Holders of rec. Jan. 1
523.250,000; Dec. 20, 523.182,000; Dec. 13, $14.144.000; Dec. 6, 220,211.000:
United Drug,first preferred (guar.)._
13' Feb. 2 Holders of rec. Jan. 15a Nov.29,$21.590,000. Bills payable. rediscounts, acceptance
'
,and other
Second preferred (guar.)
154 Mar. 2 Holders of rec. Feb. 160 average for week Dec. 27. $617.953.000; Dec. 20, 5550.917.000: Dec. 13, liabilities:
$546,812,United Fruit (quar.)
234 Apr. 1 Holders of rec. Mar. 80 000; Dec.11. $529.475,000; Nov.29,5516.820,000. Actual totals Dec .27. 5550.3$4,Quarterly
2% July 1 Holders of rec. June 60 000: Doe. 20, 2558,402,000: Dec. 13, $616,972,000; Dec. 6, $532,223,000;
Nov. 29,
Quarterly
234 Oct. 1 Holders of rec. Sept. to $550,121,000.
Quarterly
234 Jan2'26 Holders of rec. Dec. 50
*Includes deposits In foreign branches no: included in total footings, as follows:
United Shoe Machinery, corn, (guar.)._ 62340 Jan. 5 Holders of rec. Doe. 16
National City Bank, $131.128,060; Bankers Trust Co.. 818,148.000; Guaranty Trust
Preferred (guar.)
3730 Jan, 5 Holders of rec. Deo. 16
Co., 883.017,000; Farmers' Loan & Trust Co.. $7,703.000; Equitable Trust Co.,
United Verde Extension Mining (quar.)_ 50e. Feb. 2 Holders of rec. Jan. 30 $65,361,000. Balances carried in banks in foreign countries
as reserve for such
U. S. Industrial Alcohol, pref.(guar.).- 134 Jan. 15 Holders of rec. Dec. 3Ia deposits were: National City Bank, $18,852,000; Bankers Trust
Co.. $1.806,000;
U.S. Realty & Improvt., pref.(quar.)_. 114 Feb. 2 Holders of rec. Dec. 50 Guaranty Trust Co., $4,183.000; Farmers' Loan & Trust Co.,
$7,703,000: Equitable
75o. Jan. 15 Holders of rec. Dec. 31
U. S. Can. corn. (guar.)
Trust Co., $7,985,000. c Deposits in foreign branches not Included.
194 Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
Victor Talking Machine, corn.
$2
Jan. 15 Jan. 1 to Jan. 5
The reserve position of the different groups of institutions
13' Jan. 15 Jan. 1 to Jan. 5
Preferred (guar.)
134 Jan. 20 Holders of rec. Jan. 90 on the basis of both the averages for the week and the actual
Vulcan Detinning, pref.(guar.)
Pref. (acct. accumulated dividends).- M.
Jan. 20 Holders of rec. Jan. 9a condition at the end of the week is shown in the following
134 Jan. 20 Holders of rec. Jan. 90
Preferred Class A (guar.)
Weber & Heilbroner, preferred (guar.)-- 154 Mar. 2 Holders of rec. Feb. 16a two tables:
West Coast 011(quar.)
$1.50 Jan. 5 Holders of rec. Dec. 23
STATEMENT OF RESERVE POSITION OF CLEARING ROUSE
BANES
Westinghouse Air Brake (quar.)
51.50 Jan. 31 Holders of rec. Doe. 310
AND TRUST COMPANIES.
Westinghouse Elec.& Mfg., corn.(quar.) 51
Jan. 31 Holders of rec. Dec. 310
Preferred (guar.)
81
Jan. 15 Holders of rec. Dec. 310
White Eagle 011 dt Refining (guar.)
500. Jan. 20 Holders of rec. Dec. 31a
Averages.
Wrigley (Wm.) Jr., & Co.
Monthly
250. Feb. 2 Holders of reo. Jan. 200
Cash
Reserve
•
Monthly
Reserve
250. Mar. 1 Holders of row. Feb. 204
In
Total
Reserve
Surplus
Yellow Cab Mfg.,class B (monthly).
In Vault. Depositories Reserve,
- 21o. Feb. 2 Holders of rec. Jan. 200
Rulutred.
Reserve.
Class B (monthly)
210. Mar. 1 Holders of ree. Feb. 200
Members Federal
Reserve Bank._
633,415,000 633,415,000 618,146,410
•From unofficial sources. t The New York Stock Exchange has ruled that stock
6,771,000 4,559,000 11,330.000 10,662,120 15,268.690
Will not be quoted ex-dividend on this date and not until further notice. I The State Banks*
667.880
2,540.000 5.560,000 8,100,000
New York Curb Market Association has ruled that stook will not be quoted ex- Trust companies*
7,949,250
150,750
dividend on this date and not until further notice.
Total Dec. 27.-- 9,311,000 643,534,000 652,845,000 636,757,780
16,087.220
books
Transfer
not
closed
Correction.
for
s
d
Payable
dividend.
in
stock.
this
a
Total Deo, 20--- 8.908.000 650,103,000 659,011,000
I Payable in common stock. g Payable in scrip. h On account of accumulated
Total Dec. 13._.- 8.782,000 634.791,000 643,573.0W 637.929.160 21,081.840
636.711,840 6.861.160
dividend/. m Payable In preferred stock. a Payable In Canadian funds.
Total Dec. 6- 8,826,000 642,387,000 651,213.000 638.285,110
12.927.890
s On account of accumulated dividends and being in full of all accumulations.
•Not members of Federal Reserve Bank.
a
reserve
required
on
This
Is
the
the
net
demand
at
rate
Dividend
of
is
deposits
5%
per annum for period from May 26 to Deo.31 1924.
In the ease of State banks
t
and trust companies, but In the case of
of the Federal Reserve Bank
W Final dividend is two shillings and Interim dividend is ten pence. Transfers includes also amount In reserve required on members
net time deposits, which was as followE
received In London up to Jan.3 will be In time for Payment of dividend to transferees. Deo.
20,
516,204,560: Dec.13, $16,307,850; Dec.6. 316,728.27, 115,924,6601 Deo.
s Payable to holders of Coupon No.7
860.
JAN. 3 1925.]
61
THE CHRONICLE •
Actual Figures.
Cash
Reserve
Reserve
in
in Vomit. Depositories
Toed
Reserve.
RUMS
Required.
Surplus
Reserve.
Members Federal
Reserve Bank_
State Banks*
Trust companies*
3
$
840,642.000 640,642,000 618.893.030 23,748,970
7,112,000 4,931,000 12,043,000 10,734.120 1.308,880
308,300
2,619,000 5,657,000 8,278.000 7,967,700
Total Dec. 27_
Total Dec. 20
Total Dee, 13
Total Dec. 6
9,731,000 851,230,000 880.981.000 635,594,850 25,388,150
9,195,000615,240.000 624,435,000 639,454,530 -15019,530
8,857,000 697,091,000 705,948.000 834,921,210 71,026,790
8.892.000609.395,000 618,287,000 837,068,460 -18,781,480
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
3
•Not members of Federal Reserve Bank.
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:
Dec. 27, 315,816,000; Dec.20, 815,975,750; Dee. 13. $16,193,040; Dec.6, 316.486.230.
Dec. 17
1924.
Changes from
previous week.
Dec. 24
1924.
Dec. 10
1924.
5
$
$
$
Capital
160.000 57,400.000 57.400,000
57,300,000 Dee.
Surplus and profits
78,000 82.513.000 82.461.000
82,591.000 Inc.
Loans, disc'ts dr investments_ 898,582.01.0 Inch 2,915.009 995,847.0011 892.612.000
Individual deposits, incl. U.S. 652,508,000 Dee. 5.299.000 657.805.01)0 646.313.000
Due to banks
132,771.000 Dec. 11,186.000 143.937.06)0 148,312.000
Time deposits
834.000 162.0117.00(1 163.094,000
161.173.000 Dec.
United States deposits
29.732.000 Inc. 11,3136.000 19.397.1910 11,890.000
Exchanges for Clearing House 32.0460)0 Dec. 2.6)501)0 34.651.6am 32.042.000
Due from other banks
78,333,000 Dec. 7,256.065) 85.539,0(10 711,215.000
Reserve In Fed. Res. Bank
78.065.000 Dec.
753.000 76.818.000 76,664.000
Cash in bank and F. R.Bank _ 13.484.000 Inc.
915,000 12.569,000 11,147.000
Reserve excess In bank and
763.000
Federal Reserve Bank _ _ _ _
1.235.000 Inc.
57.000 1.178.000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return
for the week ending Dee.31, with comparative figures
panies in New York City not in the Clearing House as follows: for the
two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING ROUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Difference* from is not a part of legal reserve. For trust companies not memprevious week.
Dec. 27.
Loans and investments
$980,725.100 Dec.38,830.900 bers of the Federal Reserve System the reserve required isGold
36,400 10% on demand deposits and includes "Reserve with legal
4,809,300 Dee.
Currency and notes
26,334,900 Inc. 1,393,000
Deposits with Federal Reserve Bank of New York_
8.5,829,600 Dec. 5,766,800 depositaries" and "Cash in vaults."
Total deposits
1,054,001,800 Dec.20,790,600
Deposits, eliminating amounts due from reserve
Week graded Dec. 27 1924.
depositories and from other banks and trust
Ciphers (00)
companies in N. Y. City, exchange and U. S.
1924
Membersof
Trust
omitted.
deposits
1,000,952,500 Dec. 15.188,000
P.R.System Companies
Reserve on deposits
155,577.500 Dec. 9,298,100
Percentage of reserve, 20.9%.
341.819,0 35,000,0 846.8192)
Capital
RESERVE.
123.666,0 16.526.0 140.192.0
Surplus and profits
-State Banks
- -Trust Companies- Loans,(Niels ka invest't.a._ 811.47(1,0 45,292.0 856 782.0
Cash in vault
$83,295,400 15.46% Exchanges for Clear.House 36.312.0
*$34,678,400 18.91%
835.0 37.147,0
Deposits in banks and trust cos_ _ __ 12,228,500 05.96%
25,375,200 04.70% Due from banks
103,323,0
32.0 1(13.355,0
144.219.0
985.0 145.204.0
Bank deposits
Total
3108.870.600 20.18% Individual deposits
$46,906,900 22.87%
573.297,0 26.880.0 600.177.0
1,533.0 95.444.0
Time deposits
93,911,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Total deposits
811,427,0 29,398,0 840.825.0
State banks and trust companies combined on Dec. 27 was $85,829,600.
15.37(1.0
U. S. deposits (not Incl.).
Res've with legal deposit's_
3.418,0
3.4)8.0
62.692,0
Reserve with F. R. Bank_ 62.692.0
1,408,0 14.7(12,0
Cash in vault •
13.354.0
Banks and Trust Companies in New York City.-The Total reserve & cash held.. 76,046.0 4,821.0 80.872.0
4,125.0 66.639.0
Reserve required
62.514.0
averages of the New York City Clearing House Banks and Excites
res. dr cash in vault_
13,532,0
701,0 14.233,0
Two
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
Week EndedAug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov.22
Nov.29
Dec. 6
Deo. 13
Dec. 20
r..... O.,
OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
*Total Cash
Reserve in
in Vaults. Depositaries.
Loans and
Investments.
Demand
Deposits.
3
6,176.232.200
8.189,878.800
6,171,331,700
6,245.090.200
6.380,981,700
6.482.535.800
8.413.398.600
8.406.300.400
6,455.020,500
8.471,127.800
8.426,927.200
6.433,204,400
6,474,249.900
8.518.724,600
8,528.299.100
6,511,329,700
6,467,071,000
$
5,410.175.900
5.413.638.100
5.428.157.800
5.544,643,300
5,544,168,600
5,616.632,400
5,588,825.300
5,572,477,300
5,649,960.400
6,627,593,900
5,591,046.400
5,663,989,100
5,684,532.300
5,708,357,400
5,760.687.300
5,757,800,800
5,787,935,500
0 Ann A...1 IAA
a .1.4G it MR allea
5
78,013,900
80.217,700
83.772,900
80,731,400
81.522.500
81,794.900
87.219,200
85,602.500
83.921.000
83,783,000
84.099.700
88,084.800
85,378.900
87,856,300
89,895,100
93.756,200
98,888,600
Ir. ninont.
$
733,914,000
722,157,200
739.130.000
828.036.100
749,472,300
748,585,400
749.029,900
765.528,200
782,706.900
750.335,800
751,013,300
773.736,400
761,712,200
759,845,500
775,979,000
764,940,900
785,191,000
•1110. IIA.1 onn
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers(0001 omUted.)
Members of
d'll Res've Bata
nee Nat Bank...
Total
State Banks
lot Members of
c113 Res've Bank
.nk of Wash. Ms_
4onial Bank......,_,
Total
rust Company
Jot Member of
dl Res've Bank
veh. Tr.. Bayonne
Total
$
1,000
3
3.685
1,1 11
1.8:
Cash
in
Vault.
Not
Reserve
Na
with Demand Time
Legal Deposits Deposits.
Depositortes.
Average Average Average Average Average
$
$
$
$
$
580
3,257
9.801
52
4,318
9,801
52
580
3,257
4,318
481
2.541
1.200
3,022
500
464
864
2,912
349
1,348
5,800
22,950
32,887
3,778
1,697
28,750
5,159
8,653
344
119
2,982
5,924
119
7,167
25,500
2,035
3,124
046,819.0.
140,192.0
865.542,037.688.0
108,978,0.
155.966.0
617,199.094.537.0
8117.702.0
12.010.0
4.453.0.
64,033,0
14.635,0
83.121.0,
69.169.0
13,952,0.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business D,c. 31 1924 in,
comparison with the previous week and the corresponding
date last year:
Dec. 311924. Dec. 24 1924. Jan. 2 1924,
II
$
Resources384,337.000 384.374.0011 583.619,000
Gold with Federal Reserve Agent
11,557,000
7.744,000
9,223,000
Gold redemp. fund with U. B. Treasury_
3
Gold held exclusively asst. F.R. notes. 395.864.000
Gold settlement fund with F. R. Board_ 236.475.000
277.283.000
Gold and gold certificates held by bank
392,118.000
273.031.000
265.781,000
592.842.000
112.425,000
163,215.000
959,802.000
21,868,000
930.930.000
18.600,000
873,482,000
24.478.000
981,476,000
Total reserves
18.517.000
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations... 68,745.000
12,577,000
Other bills discounted
919.53(1.000
11.545.000
897.960,000
12,318,000
103.105.000
31.952.000
184.134,000
35.460.000
81,322,000
101,823.000
134,157.000
104,743,000
219,594,000
89,991,000
12,440.000
120,495.000
36.963.000
12.385,000
117.793.000
39.166.000
6,202,000
23,903,000
8,073,000
Total U. S. Government securities.. 169.898.0(10
Foreign loans on gold
1.748,000
169.344)1(10
1,746.000
38,178,00
Total earning assets
Uncollected Items
Bank premises
All other resources
409,990.000
146.322.1100
17,452.1100
8.462.000
347.763,000.
154,142,000.
18.298,000
2.202.000
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought in open market
U. S. Government securities-Bonds
Treasury notes
Certificate, of indebtedness
354,789,000
156,377.000
16,213,000
8.657.000
1.538.053,000 1,543.301.000 1,427.683.000.
LiabilitiesFed. Res. notes In actual circulation
387.353,000
Deposits-Member bank, reserve sect.. 883.861.000
18,901,000
Government
28,195.000
Other deposits
394.825.000
903.165.000
16.609.000
20.712.000
419.226,000,
758.990.000.
7.392.000.
16,629.000,
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
910.486.000
115.109.000
30.149,000
59.929.000
2.803.000
783.011.000
134,180,000.
29,454,000
59,929,000'
1.883,000
Total liabilities
200
1,000
$46.819.0
140.192.0
857.067.0
39.618.1)
112.463.))
149,388.0
614.593.0
96.110.0
860.091.0
15.768.0
3.651,0
63.580.0
15.099.0
82.330.0
67,700.0
14.630,0
•Cash in vault not rounted as reserve for Federal Reserve meinhers.
Total resources
Loans,
Net
CLEARING
Capital.1 Profits,
Di,)N-MEMBERS.
counts,
Nat. bits. Oct. 10 InvestWeek Ending State bks. Nov.I5 meats,
Dec. 27 1924.
Tr. cos. Oct. 10 dtc.
Dee. 13
1924.
Dec. 2(1
1924.
928,960.000
129,055,000
30,167,000
58.749.000
1.789.000
1,536,053.000 1.543,301.000 1,427.683.0006
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined --Contingent liability on bills purchased
for foreign correspondents
74.8%
71.1%
12,421,000
12.426.000
74.7%
6.587.000.
CURRENT NOTICES.
500
464
8,653
344
2,982
5,924
2.7,,
Orand aggregate__.
Cemparison with pr es, week
3,172
51,121
-1.064
4.172
--41
2,396 a34,989
--2 -1,144
15,401
4-201
Or'8 aggr., Dec. 20
Or'0 aggr.,Dec. 13
Or.6 aggr., Dec 6
'd agar- Nov. 29
5,11
5,113
5,113
6.113
52,185
52,830
52,503
52 975
4,213
4,331
4,207
4 114
2,398
2,545
2,525
9 &AR
a36.133
237,014
236,281
.211.282
15,200
15,276
15,403
182in
2.71
2.700
2,700
2.700
a United State. deposits deducted. $251,000.
Bills payable. red 'mounts. accePtanceS and 0414Or 04.4144444, $449.009:
Excess reserve, 3150,410 Increase,
-Brown Brothers & Co. announce the admission to partnership in the
firm on Jan. 1 of Ellery Sedgewick James, who will be a resident partner
in Boston. Mr. James is the son of Henry A. James of this city and a
nephew of Dr. Walter B. James. He graduated from Yale in
and
entered the army, serving abroad as Captain of Field Artillery. In June
he entered the New York office of Brown Brothers & Co., leaving at
the end of
to become manager of the bond department of the Boston
office, with power of attorney.
The firm have also given a power of attorney to Robert A. Lovett,
son of Judge Robert S. Lovett, who has been with the firm since January
Mr. Lovett graduated from Yale in
and served in the war with
the rank of Lieutenant-Commander in the United States Air
1917
1919
1923.
1922
1919
Service.
62
[VoL. 120.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jaa. 1,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
u a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 28, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 31 1924.
Dec. 311924.Dec. 24 1924. Dec. 17 1924. Dec. 10 1924. Dec.3 1924. Nov. 26 1924. Nov. 19 1924. Nov. 12 1924. Jan. 2 1924.
RESOURCES.
$
Gold with Federal Reserve agents
1,702,306.000 1,747,218,000 1,822,424,000 1,836.288,000 1.905.730.000 1.926.215,000 1,933.981.000 1.970,011.000 2,109,715,000
Gold redemption fund with U. B. Trees_
41,245.000
45,756,000
47,048,000
45,788,000
32,093,000
42,136,000
27,114,000, 57,327.000
38.620,000
Gold held exclusively aget. F. R. notes 1,743,551,000 1.792.974,000 1,869,472,000 1,868.381,000 1,951.518.000 1,968,351.000 1,972,601,000 1,997,125,000 2,167,042,000
Gold settlement fund with F. R. Board_
679,464,000 637.240,000 589.390,000 647,643.000 588,036,000 591,026,000 610,131,000 601,642,000 568,954,000
Gold and gold certificates held by banks. 513,518,000 482.605.000 495,256,000 481,474.000 488,376,000 486.873.000 468,086,000 449,115,000 347,890,000
Total gold reserves
Reserves other than gold
2,936.533,000 2,912.819,000 2,954,118,000 2,997,498.000 3,027,930,000 3,046,250,000 3,050,818,000 3,047,882.000 3,083,886,000
84.694,000
110,521,000
94,467.000
89,963,000
95,218.000
87,701,000
92,411,000
87,984,000
90,065,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
3,047.054,000 2,997,513,000 3,048,585.000 3,092,716.000 3,117,893,000 3,133.951.000 3,143,229,000 3,137,947,000 3,171,870,000
37,668,000
62,567,000
40.418,000
40,023.000
41,643,000
34.307,000
43.005,000
41,731,000
67.573,000
186,840,000
127,288.000
239,230,000
157.199,000
158,413,000
125,398,000
127.279.000
126,977,000
124,656.000
124,272.000
96.204,000
125.201.000
84,680.000
149,164,000
95.334.000
128.898,000
422,764,000
375,119,000
Total bills discounted
Bilis bought In open market
U. S. Government securities:
Bonds
Treasury notee
Certificates of indebtedness
314,128,000
387.100,000
396,429,000
389.574.000
283,811,000
336.827.000
254,256,000
352,838.000
248.928,000
354.606,000
221.405.000
281.001.000
233,844.000
275.245,000
224,232.000
248,190,000
797,883.000
347,185,000
75,265,000
349,354,000
115,541,000
74.756.000
342,552,000
120,571.000
64,578,000
341,485,000
158,099,000
46.358,000
361.082.000
144,456,000
44,785,000
390,876.000
139,282,000
44,320,000
390,079,000
147,816,000
44,243.000
397.568.000
145,266,000
44,746,000
398.318.000
145.300.000
29,429,000
79,859,000
17,355,000
Total U. S. Government securities..
All other earning assets
Foreign loans on gold
540.160.000
2.050,000
6,000,000
537.879,000 584,162,0001 551,896,000
2,050,000
2,050,000'
6,000.000
6.000,000,
6,000.0001
2,050,000
574,943,000
2.050,000
6,000,000
582,215,000
2.550,000
587.077.000
2.550,000
588,364,000
3.557.000
126,643,000
51,000
1,249,438,000 1,331.932,0001,102,850,000 1,167,040,000 1,186,527.000 1,087,171.000 1,098,716,000 1.064,343,000 1,271,762,000
Total earning assets
1
6% redemp. fund agst. F. R. bank notes
28.000
Uncollected items
656,197,000 674,514.000 831,419,000, 649,131,000 663,892,000 615,240,000 713,720.000 685,893,000 679,216,000
61,819,0001 61,768,000
57,595,000
61,555,000
Bank Premises
61,741.000
61.085.000
61.553.000
60,751,000
53,998,000
23,827,0001 23,458.0001 26.239,00..
23,529,000
All other resources
27.299,000
27.363,000
27,179.000
27,439,000
15,835,000
5,096,380,000 5,127.273,000 5,198,498,000 5.038,510.000 5,097,189,000 4.959,585,000 5.086,934,000 5.018,104,000 5,260,282,000
Total resources
LIABILITIES.
F. R notes in actual circulation
F. R bank notes in circulation—net__
Deposits—
Member banks—reserve account
Government
Other deposits
2,220,436,000 2,222,870,000 2,214,744,000 2,192,333.000 2,252,475,000 2,148,137.000 2,215,346.000 2.172,354,000 1,963,874,040
58,081,000
51,197.000
8,542.000
22,911,000
35,975.000
26,723,000
33,424.000
24,667.000
56,695,000
39,035,009
30.233,000
33,022,000
30,007,000
31,002,000
27,856,0001 30.432,000
29,662,000
30,229,000
Total depoelta
Deferred availability items
Capital Paid IR
Surplus
AU other liabilities
2,310,668,000 2,311,184,000 2.256,308,000 2.259,310,000 2,305.393,000 2,202,716,000 2,270,445.000 2,235,440,000 2.050.798,000
584,716,000 526,992,000 723,943,000 578,685,000 595,581,000 564,340,000 646.230,000 606,738.000 62,0215,000
112,038,000 112,026,000 112,036,000, 112,123,000 112,159,000 112,169,000 112,241,000 112,222,000 110,483,000
217,837,000 220,915,000 220,915,000 220,915,000 220,915,000 220,915,000 220.915.000 220,915,000 220,915,000
14.409.000
9,059,000
13.843,000 1
14,135,000
13.863.000
13,643.000
14,137.000
12,171.000
13.587,000
1,862,062,000 1,941.747,000 1,871,453,000'i.853.614,0001.849,066.000 L845,308,00011.823,460,000 1,829,202,000 2,245,230,000
470,000
Total liabilities
5.096,380.000 5,127,273,000 5,198.498.000 5,038,510.000 5.097,189.000 4.959.585.000 5.086.934.000 5,018,104,000 5,260,282,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
70.4%
68.4%
71.5%1
75.2%
71,8%
72.8%
72.8%
74.5%
74.9%
Ratio of total reserves to deposit and
F. R note liabilities combined
70.5%
73.0%
73.9%
75.1%
75.2%
7.4%
73,8%
78.8%
77.2%
Contingent liability on Mils purchased
for foreign correspondents
42.683.000
41,754,000
42,725,0001 37.297,000
31,229.000
25,584.000
27,177.000
27,179.000
19,010,000
Distribution by Maturities117,576,000
1-15 days bills bought in open market_
241,603,000 101,937.000
81.993.000 100,198,000 107,856,000
68,123.000
75,403,000
74.489,000 133,892,000
240,000 313,715.000 200,751,000 174,476,000 170,178.000 138,102.000 149,052.000 137.645.000 467,376,000
1-15 days bills discounted
341,000
1-15 days U. S. certif. of indebtedness.
40.000.000
55,426,000
4,510,000
53,346.000
1-15 days municipal warrants
31,000
70,548,000
75,192,000
59.338,000
16-30 days bills bought in open market._
58,458,000
54,043,000
46,126.000
49,011.000
53,412.000
67,873,000
22,988,000
27,796,000
18,335,000
16-30 days bills discounted
23,755,000
23,750.000
25.528,000
23,604,000
57,915,000
38,195.000
16-30 days U. S. certif. of indebtedness..
68,240,000
63.720.000
16-30 days municipal warrants
10,000
111,099.000 114,184,000 105,192,000 108,012,000
81-60 days bills bought in open market_ _
96,668,000
84,907,000
80,240,000
90,550,000
74,404,000
30,116,000
26,413,000
26,816,000
81-60 days bills discounted
28,835.000
28,674.000
32,397,000
34,014.000
33,175,000
76,892,000
81-60 days U. S. certif. of indebtedness.
68.341.000
100.000
81-80 days municipal warrants
10,000
90.046,000
78.504,000
71,576,000
61-90 days bills bought in open market
78,322,000
78.724.000
61,807.000
46.145.000
60,941.000
49,711,000
18,989,000
18,159,000
17,343,000
61-90 days bills discounted
17.303,000
17,018.000
17,761.000
16.423,000
15.239,000
67,280,000
18.012,000
24,067,000
13,012,000
61-90 days U. B certif. of indebtedness.
241,000
5,734,000
61-90 days municipal warrants
7,000
12,859,000
11,800,000
11,657,000
11,861,000
13,302.000
Over 90 days bills bought in open market
12.263,000
10,139,000
7.026.000
5,160,000
10,289,000
10.621,000
10,434.000
9.887.000
9,308,000
Over 90 days bills discounted
9,596.000
9,541,000
8.139,000
28,420,000
94,032,000
85.936,000
Over 90 days certif. of indebtedness._. 102,289,000 102,218,000
88.789,000
76,926,000
84,096,000
76,959,000
7,1.11,000
Over 90 days municipal warrants
Federal Reserve Notes—
2,253.234,0002.216.720.060
2,200,892,000 2.262,896,0002,248,213,000 2.254.425,000 2.255.532.000 2,805,972,000
2,244,961.000
Outstanding
382,899,000 311,487,000 345,276,000 347,278,000 413,890.000 402,905,000 430.965,000 426,330.000 560,742,000
Held by banks
In actual circulation
1,862,062,000 1,941,747,000 1.871,453,000 1.853,614.000 1.849,006.000 1,845,308.000 1,823,460.000 1,829,202,000 2,245,230,000
Amount chargeable to Fed. Res. Agent 3,181,478,000 3,195,722.000 3,189,942,000 3,203,711.000 3,185,685.000 3,186.031.000 3.170,639,000 3,174,616.000 3,633,851,000
In hands of Federal Reserve Agent
936.517.000 942,488,000 973.213,000 1,002.819,000 922,789,000 937.818.000 916.214,000 919,084,0001 827,879,000
Issued to Federal Reserve Banks_
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
WithlFederal Reserve Board
Total
2,244,961,000 2,253,234,000 2,216,729,000 2,200,892,000 2.262.896.000 2,248,213.000 2,254,425,000 2,255,532.000 2,805,972,000
279,494,000 278,494.000 278,904,000 278,904,000 279,104.000 289,104,000 289,504,000 290,504,0001 326,584,000
542,655.000 508,016,000 394,305,060 364,604,000 357,166,000 321,998.000 320,444,000 285,521.0001 696,257,000
114,918.000 116,771,000 118.314,000 113,954,000 113,627,000 122,731,000 111,111,0001 117,372.000 125,237,000
1,307,894,000 1,351,953,000 1.425,206,0001 1,443,430.000 1.512,999,000 1,514,380,000 1.533.366.00011,562,135,000 1,657,894,000
2.244.061.0002.253.234,000 2.216,729.0002.200,892.000 2,262.896,000 2.248,213.000 2.254.425,000 2,255,532,000 2,805.972,000
Eligible paper delivered te F. R. Agent.. 668.793.000 742,865.000 577,093,000 578.283,000 571.620.000 478,862,000 487,126,000 456,665,000 1,082,313,000
•Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 31 1924
,
Two ciphers (00) omitted.
Boston. New Fork. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Federal Reserve Bank of
Total
—
$
$
$
$
$
$
RESOURCES.
$
$
$
i
$
$
$
Dold with FederalReserve Agents 164,365,0 384,307,0 168.237,0 165,466,0 79,184,0 143,306,0 165,909,0 56,590,0 73,528,0 63,475,0 37.186,0 200,753,0 1,702,306,0
908,0 2,626,0 1,978,0 2,438,0
11.557,0 4,480.0 1,849,0 2,107.0 2.492.0 2,498.0 3,274.0
Gold red'n fund with U.S.Treas. 5,038.0
41,245.0
Gold held excl. agst.F.R.notes_ 169,403,0 395,864,0 172.717,0 167,315,0 81,291,0 145,738,0 168,407,0 59,864,0 74,436,0 66,101,0 39,164,0 203,191.0 1,743,551,0
3016 settiel fund with F.R.B'rd 32,275,0 286,475,0 31,137,0 40,158,0 18,724,0 12,983,0 110,989,0 23.834.0 19,569,0 40,920,0 18,033,0 44,387,0 679.464,0
Glold and gold ctfs. held by banks 18,422,0 277,263,0 27.713,0 21,407.0 19,662.0 8,390,0 87,980,0 8,165,0 5,867,0 2,898,0 9,065,0 26,686,0 513,518,0
-Total gold reserves
220,100,0 959,602,0 231.567.0 228,880.0 119,677,0 167,151,0 367,376,0 91,883,0 99,872,0 109.919,0 66,262,0 274,264,0 2,936,533,0
Reserves other than gold
21,868,0 4,994,0 9,365,0 5,809,0 9,167,0 15,576.0 11,700,0 1,608,0 3,964,0 8,948,0 3,782,0 110,521,0
13,740,0
Total reserves
233,840,0 981.470,0 236,561,0 238,245.0 125,486,0 176,318,0 382,952,0 103,563,0 101,480.0 113,883.0 75,210,0 278,046,0 3.047,054,0
Non-reserve cash
18,517.0 1,731,0 5.934,0 3,493,0 4,701,0 9.266,0 3,387.01.027,0 2,722,0 2,508,0 3,733,0
5,543.0
62,567,0
Bllis discounted:
68,745,0 27,411,0 29.248,0 11.948,0 1.329,0 19,379,0 5,303,0
Sec. by U.S. Govt. obligations 15,217,0
229.0
727,0
246,0 7,058,0 186,840,0
12,577.0 8,873,0 12,825,0 21,600,0 14,741,0 18,445,0 4,827,0 4,223,0 4,249,0 2,467,0 8,684,0 127,288.0
Other bills discounted
13,777.0
81,322,0 36,284,0 42,073,0 33,548,0 16,070,0 37,824,0 10,130,0 4,452,0 4,976.0 2,713,0 15,742,0 314,128,0
Tots Mills discounted
28,994,0
Sills bought in open market
63,889,0 101,823.0 18,276,0 41,217.0 1,486,0 9,202,0 33,882,0 21,391,0
8,0 15,661,0 26,197,0 54,068.0 387.100,0
P. S. Government securities:
12,440.0 1.345,0 11,126.0 1,340,0 1,564,0 19,494,0 1,264,0 8,856,0 9,911,0 3,273,0 3,180,0
Bonds
2.472,0
75,265,0
33,858.0
24,127,0
2,464,0 1,349,0 46.556,0 11,171,0 13.145,0 18,182,0 16,998,0 37,282,0 349,354,0
Treasury notes
23,727,0 120,495,0
36,963,0 4,417.0 15,068,0
Certificates of hidebteZnees_ 10,461,0
807.0
872,0 14,320,0 2,653,0 3,787,0 6,288,0 5,226,0 14,681,0 115.541,0
..._.._ ,., .. .-,.... ..........4.6...
Is Ann n
IRO 9012 n 90 ARO n An ncn n
a all n
q 711r n on 'urn n in two n on ?RR n qq gal n ,m An, n
.....n r An 1.111 n
JAN. 3 1925.]
THE CHRONICLE
RESOURCES (Concludett)Two ciphers (00) omitted.
Boston.
New York,
$
Foreign loans on gold
AU other earning assets
• Total earning assets
Uncollected items
Bank premises
All other resources
S
1,746,0
129.543,0
60,635,0
4,190,0
180,0
63
Cleveland. Richmond Atlanta. Chicago. Si. Louts. Mtnneap. Kan. CUe Dallas. San Fran
Phila,
$
702.0
$
582,0
1,550.0
3
342,0
3
264,0
$
894,0
3
294,0
3
216,0
3
276,0
500.0
$
228,0
3
456,0
Total.
$
6,000,0
2,050,0
354,789,0 86,581,0 144,042,0 39,987,0 29,321,0 152,970,0 46,903,0 30.464,0 54,794,0 54,635,0 125,409,0 1,249,438,0
156,377,0 59,473,0 56,127,0 54,296,0 27,950,0 81.588,0 35,994,0 13.942,0 42,975,0 30,909.0 35,841,0 656,197,0
16,243,0 1,114,0 7,573,0 2,446,0 1,780,0 8,099,0 3,176,0 2,901,0 3,965,0 1.833,0 3,275.0
57,595,0
8,657,0
353,0 1,775,0 1,556,0
333,0
203,0
736,0 1,793,0 4,142,0
306,0 3,495,0
23,529,0
Total resources
433,931,0 1,536,053,0 385,663,0 452,254,0 226,066,0 242,845,0 636,431,0 193,329,0 153,309,0 219,075,0 166,978,0 450,446,0
5,096,380.0
LIABILITIES.
F.R.notes In actual circulation_ _ 207,389,0 387,353,0 168,737,0 198,515,0 87,579,0 142,879,0 196.529,0
57,813,0 71,761,0 72,836,0 55,641,0 215,030,0 1,862.062,0
Deposits:
Member bank-reserve acct.__ 140,102,0 883,861.0 129,677.0 163,019,0 66.295,0 62,897,0 312.395,0 80,511,0 55,967,0 92,692,0 65,828,0
167,192.0 2,220.436,0
Government
3,856,0
16,904,0 2,152,0 4,203,0 2.455.0 3,757,0 6,173,0 2,468,0 1,636,0 2,291,0 1,665.0 3,637,0
51.197,0
Other deposits
84,0
28,195,0
340,0
806,0 1,123,0
422,0
124,0 1,615,0
614,0
671,0
224,0 4,817,0
39,035,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
144,042,0
57,905,0
7,980,0
16,382,0
233,0
928,960,0 132.635.0 168,345,0 69,090.0 66,778,0 320,183,0 83,650,0 58,025,0 95,597,0 67,717,0 175,646.0 2,310,668,0
129.055,0 53,591,0 49,460,0 51,205.0 19.023.0 72,786,0 36,377.0 11,883.0 36,916,0 31,219,0 35,296,0 584,716,0
30,167,0 10,518,0 12,756,0 5,300,0 4,564,0 15,172,0 5,129,0 3,270.0 4,338,0 4,131,0 8,113.0 112.038.0
58,749,0 20,059,0 22,462,0 11,701,0 8,950,0 30,426,0 9,971,0 7,497,0 8,977,0 7,592,0 15,071,0 217.837,0
1,769,0
651,0 1,335,0
591,0
716.0
123,0
411,0
873,0
389,0
678,0 1.290,0
9.059,0
Tote!liabilities
433,931,0 1,536,053,0 385,663,0 452,254.0 226.066,0 242,845,0 636,431,0 193,329,0 153,309,0 211,075,0 166.978,0 450.446,0 5,096.380.0
Memoranda.
Ratio of total reserves to deposit
and F. It. note liabilities combined. percent
66.5
84.1
80.1
64.9
78.5
74.6
74.1
73.2
67.6
78.2
61.0
71.2
73.0
Contingent liability on bills purchased for foreign correspond'ts
12 421 n 4 140 0 4 994 n 2.433.0 1.878.0 6.360.0 2.091.0 1.537.0 1.963.0 1.622.0 3.244.0
42.683.0
STATEMENT OF
FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS DEC. 31 1934.
Federal Reserve Agent at-
Boston Newrork Phila.
Cleve. Riehm'a Atlanta Chicago.
2
Resources(In Thousands of Dollars)
$
Federal Reserve notes on hand
45,150
Federal Reserve notes outstanding
241,102
Collateral security for Federal Reserve noted outstanding
Gold and gold certificates
35,300
Gold redemption fund
11,065
Gold Fund-Federal Reserve Board
118.000
Eligible paper(Amount required
76.737
lExeces amount held
16,146
St. L. Minn. IC.City. Dallas San Fr.
2
2
Total.
2
$
$
$
$
331,940 32,000 49,170 25,884 56,595
528.118 215,664 230,609 101,218 166,830
$
$
$
$
253,020 25,660 14.993 26,753 15,152 60,200 936,517
213.687 64,600 74,836 81,639 63,722 262,936 2,244,961
188,531 6,000 8,780
____
3,500
29,776 14,848 11,686 4,389 8,306
166,000 147,389 145,000 74,795 131,500
143,811 47,427 65,143 22,034 23,524
16.040 5,471 15,763 9,688 1,581
9,775 13,052
____ 14,556
____ 279,494
976 5,115 4,130 16,547 114,918
5.265 2,815
160,644 44,000 59,500 58.360 18,500 184.206 1,307.894
47,778 8,010 1,308 18,164 26,536 62.183 542.655
23,657 23,484 2,342 2,415 2,182 7,372 126.138
Total
543,500 1,404,216 468,799 526,151 238.008 391,836
_
Net amount of Federal Reserve notes received from
Comptroller of the Currency
286,252 860.058 247,664 273.779 127,102 223,425
Collateral received from Gold
164,365 384.307 168.237 165.466 79,184 143,306
Federal Reserve Bank(Eligible paper
92,883 159.851 52.898 80,908 31,722 25,105
704,051 178,344 167.007 192.443 144,778 593.444 5,552,577
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes In actual circulation
466,707 90,260 89,829 108,392 78,874 323,136 3,181,478
165,909 56,590 73,528 63.475 37.186 200.753 1.702,306
71,435 31.494 3,650 20.576 28,718 69,555 668.793
543,500 1.404.216 468,799 526,151 238,008 391.836
704,051 178,344 167,007 192,443 144.778 593,444 5,552,577
241,102
33,713
528.118 215,664 230,609 101,218 166,830
140,765 46.927 32,094 13.639 23,951
213,687 64.600 74,836 81,639 63,722 262.936 2,244.961
17,158 6,787 3.075 8,803 8,081 47,906 382,899
207 589
587.353 168.737 198.515 87.579 142.879
196.529 57.813 71.7111 72636 55 041 215 nfin 1.862.082
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 738 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 2639. The comment of the Reserve Board upon the figures
or the latest week appears in our Department of "Current Events and Discussions," on page 28
f
I. Data for all reporting member banks In each Federal Reserve District at close of business Dec. 24 1924
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ran. City Dallas. San Fran.
qumber of reporting banks
'Aims and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts._ _ _
108
55
77
75
$
$
77,622
10,098
272,924 2,189,109
642,797 2,601,871
$
11,150
308,203
364,495
$
18,914
409,185
721,205
Total loans and discounts
2.S. pre-war bonds
7.8. Liberty bonds
7.8. Treasury bonds
3.8. Treasury notes
0.8. Certificates of Indebtedness
Ither bonds,stooks and securities
925.819 4,868,602
13,458
52,528
81,167 646,000
18,332 179,316
9,994 230,548
1,786
59,519
195,353 1,125,003
42
Three ciphers (000) omitted.
36
Total.
100
33
25
71
$
6,835
122,004
345,013
$
$
7,725
32,017
66,021 671,977
380,169 1,207,628
50
$
10,880
176,245
310,533
$
3,105
56,783
213,885
it
4.387
95,250
336,540
$
3,620
66.454
232,070
683,848 1,149,304
10,675
45,179
52,672 192,534
27.047
25,336
20,712
58,177
7,481
9,219
255,784 344,739
473,852
25,938
36,243
4.342
2,734
364
64,937
453,915 1,911,622
15,041
21,832
10.519 164,930
41,496
1,112
3,762 105,600
19,177
2,144
41,940 427,495
497,658
14,357
27,751
5,744
10.956
2,279
102,905
273,773
8,486
27.146
9,860
19,009
6,578
37,098
436,177
10,632
39,896
3,997
24,742
3.168
72,908
302,144 1,046.103 13.022.817
18,814
261,492
24.552
13.478 119,597 1,411,933
4,570
48,585
369,737
8,731
28,221
523,188
3,195
18,480
133,390
20,375 189.832 2,878,369
Total loans Sc disc'te & lliVeritIn'te 1,245,909 7,161,516 1,058,219 1,824,488
Swerve balance with F. R. Bank
93,110 824,381
77,141 123,757
laah In vault
25,386 103,133
19,786
34,338
bet demand deposits
860,092 5,878,338 739,231 1,004,180
rime deposits
315,396 1,143,206 173.788 681,972
)overnment deposits
29,471
37,893
18,745
18.199
sills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
6,298
84,774
14,274
18,191
Another
24.084
5.643
2.935
12.304
608,410
39,627
15,162
355,444
177.578
4,789
528,433 2,692,152
40,558 239,888
61,087
11,581
308,884 1,705,082
188.694 920,354
4,819
26.423
661.650
47,113
9,136
395,532
211,902
7,669
381,950
25,294
6,749
258,758
101.526
2,056
591,520
55,559
13,402
476,019
138.238
1,597
371.307 1,475,370 18,600,924
28,878 105,032 1,700,338
10,896
333.491
22,835
281,459 781,510 13,044,529
90.255 671,526 4,814,435
2,979
14.545
169,195
16,174
1.726
1,151
2.078
5,756
9.027
870
6.372
107
318
260
2.814
66
738
$
$
9,920
196,273
206,859 4,641,014
829,324 8,185,530
7,500
1.592
155.384
68.893
I. Data of reporting member banks in Federal Reserve Bank 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 Cites. Other Selected Mies.
Total.
Dec. 24. Dec. 17. Dec. 24.. Dec. 17. Dec. 24. p Dec. 17. !Dec. 24. Dec. 17. Dec. 24. Dec. 17. Dec. 24 '2411ec. 17'23Dec.26'23
lumber of reporting banks
67
461
67
471
254'
255
193,
193
291
738i
2911
739
764
Loans and discounts, grow:
S
$
$
I
$
$
I
$
I
$
$
Secured by U.S. Govt.obligations
73,363 69,347
24.229, 137,520, 131,986
24,686
31,913,
33,278
26,840' 26,185
196,273
191,449
228,365
Secured by stocks and bonds
970,9091,933,953 509.117, 514.6641 3,426,795 3,391,694 665,912' 661,983 548,307, 553,192 4,641,014,
1
4,606,1369 3,857,662
All other loans and discounts.._ 2,305,4872,293,265 712,462 713,8471
_
5,120,099, 5,122,792 1,688,546 1.691,6091,376,885 1,376,202 8,185,5301 8,190,603 7,848,307
'
l'otal loans and discounts
349,7594,296,565
1,246,2651,252.740
4
8,684,4141
8,646,4722,386,3712,386,8701,952,0321,955,759 13,022,81712,988,921 11,934.334
U d pre war bonds
41,348
42,001
4,104
4,088
92,750
92,262
71,560
72,915
97,394
97.182
U 8 Liberty bonds
261.492
262,5711 275,460
83,991
82,510
553,768 547,503
868,693
836,422 348,625 352,998 194,615,1 194.515 1,411,933 1,413,935 1,016,279
U. BTreasury bonds
161,312 164,753
23,2611 26,061
270,662
275,275
58,457
52,356
40,618' 36,844
369,737
V.8 Treasury notes
364,476
81,052
77,674' 82,343
212,548 199,723
361,433
351,877 118,172 120,025
43,518
45,552
523,186
U. 8. Certificates of indebtedness...
517,4541 852,965
12,941
63.678
•
57,781
106,818
26,766
35,502
10.821
11,738
Other bonds,stocks and securities.
133,390
154,058
123,464
879,741
206,108
859,839
1.641:561 1,651,101 700,492 696,159 536,316 533,252
211,2061
2.878,369 2,880,512 2,206,111
Total loans dr diso'te & I n veelm'ts.6,237,0086,188,311
015,316 11,990,2273,710,443 3,716,8252,875,165'2,874,874 18.600,924 18.581.926 16,489,665
Reserve balance with F. R. Bank...., 769,414 754,025 1,657,9451,667,61212,
169,1611 166,991 1,243,673 1,236,259 273,190 281.546 183,475 176,204
Ossh In vault
1,700,338 1,694,000 1,378,672
32,264
82,503
80,868
180.049
34,202
175,067
69,565
73,812
89,542
83,877
333,491
Net demand deposits
338,4211 355,454
5 345,202 ,355,109 1,163,120 1,166.455 9,139,555 9,203,6672,150,354 2.184,943 1,754,620 1,780,88213,044,529
13,169,49211,034,033
Timedep, ts
804,230 812,534 449,412 451.207 2,434,741 2,444,7301,388,1501,377,830 991,544 993,848 4,814,435
4.816,408 4,072,029
Government deposits
17.585
28,596
26,457
119,516
17,069
126,790
36,064
39,251
13,615
Bills payable and rediscounts with
169,195
14.2641
180,3051 185,938
Federal Reserve Bank:
Secured by 13.8. Govt.obligations 98,690
4,430
4,055
9,635
98,334
29,013
40,287 saws
16,743
155,364
305,620
8,8781
90,739
All other
20,626
2,581
486
617
16,980
39,650
10,184
10;220
14.925p
19,059
68,893
269.178
42,125
Ratio of bills payable & fedianelinte
with F. It. Bank to total loam
and Investments, nor cent
3.
0.7
• atV1Iled
[Vol,. 120.
THE CHRONICLE
64
Wall Street, Friday Night, Jan. 2 1925.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 56.
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 Ended Jan. 2.
Sales
for
Week.
Range for Week.
Lowest.
Par.Shares $ per share.
Railroads.
800 2131
100
Ann Arbor
100 1.000 43
Prefelred
1.900 3934
Bangor & Aroostook.]
163 67
Buffalo Roeb & Pitts.1
10 58
100
Canada Southern_
100 2.600 290
Central RR of N J
200 50
C St P Minn & Om_ _10
100 93
100
Preferred
24 6934
Cleve & Pittsburgh_ _150
400 61
Colo & Sou, let pref_100
200 86
100
Cuba RR. pref
Denv & Rlo0 West. pre 2.800 42
200 354
1
Duluth S S & AU_
100 7
100
Preferred
Hudson & Manh, pref100 600 6414
70011534
Illinois Central, pref _100
260 71
RR See Series A__ _100
200 85
100
Manh Elm.guar
100 2,700 4734
M St P&SSM
300 73
1
Preferred
179 7794
5
Morris & Essex
1 7834
Northern Central ........50
20.1)) 224
Reading tights
,est.
Hig'
Range Since Jan.1.
Lowest.
Highest.
d Per share. 3 per share $ per share.
Dec 31 23 Jan 2 12
ate 27 25
Jan 2 45
Jan 2 4034 Dec 29 4034
Dec 31 6834 Dec 31 40
Dec 27 58 • Dec 27 23
Dec 27298 "• Jan 2 199
Dec 19 29
Dec 31 53
93 ,Doc 27 6834
Dec 2 '
Dec 3 6944 Dee 30 6841
Dec 30 50
Dec 21 62
Jan 2 7134
Dee 30 89
Dec 31 434 Dec 30 42
Jan 2 ni
Dec 29 4
Dec 27 7 Dc 27 344
Dec 3 6454 Dec 30 5754
Dec 30 11691 Dc 29 104
Dsc291 64
Jan 2 73
Jan 2 8534 Jan 2 42
Dec 27 5354 Doc 29 2944
Dtc 30 50
Dec 31 75
Dec 31 7814 Dia 29 7434
Dec 2. 7834 Dc 29 723.4
Dee 3i 23 ,.. Dec 27 1531
Apr 2234
Mar 4.634
Dec 4434
Ma] 76
Feb 58
Ma 295
Jan 5734
Ap 94
Au • 71
Jan 6534
Ma 92
Dec 434
Jan 5
Apr 34
Nov 6434
Ma 11754
Jan 73
Jan 85
Apr 5354
Jun 75
Ma 79
May 7814
Ma 2534
Dec
Dec
Dec
Oct
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Dec
July
Industrial & Misc.
Dec
Jar 160
Jan 2 98
Jan 2162
100162
American Bank Note.5
Sept
10 5331 Dec 30 5354 Dec 30 52 May 56
Preferred
Dec
Dec 31 6854 Oct 83
Amer Beet Sugar. Pf.100 1,000 7814 Dec 29 83
Dec
Sept 39
1)... 27 23
300 37
Dec 27 37
Amer Chicle. certifs...•
Dec 27 115% Dee 20 10754 Apr 115% Dec
20 115
American Metal, pref 100
Dee 29 92
Nov 9554 Dec
Dec 2. 95
100 95
American Plano. pref.100
Oct
794 Dec 30 8014 Dec 30 7754 Nov 83
Amer Railways Exp.1015 1.7
Dec
Jan 48
Dec 29 25
Dec 30 48
American Republies...• 300 47
3654 Jan 2 3354 Jan 2 3534 Dec 4034 Nov
Amer Safety Itazor_.100 1,2
Nov
APr153
100 146% Dec 3 14634 Dec 30 134
100
American Snuff
Jan 2 38L Dee 4354 Jan
90 3816 Dee 2 41
Amer Telex & Cable.100
Dec
8514 Dee 31 8814 Dee 29 8256 Dec 89
Amer Tobacco. new. 50 11.8
50 10,300 8556 Dec 31 8734 Dec 23 8134 Nov 8754 Dec
B. new
Sept
Sept 115
Dec 2. 106
Jan 2 113
200 112
Amer Tyne Founders.1DP
Am Wat Witt! & Elec..9 3,00 3754 Jan 2 4114 Dec 27 2414 No 4154 Dec
Nov 4% July
Jan 2 1
Dec 30 4
Am Writ Paper c Us...10 2.600 2
Dec
Archer Daniels Miff&• 100 2834 Dec 31 264 Dec 31 2844 Dec 29
Dec 91 34 Dec
90
30
914
Dec
31
Dec
90
10
500
Preferred
Dec 31 154 Dec 31 1454 Oct 163. Jan
200 15
Art Metal Construe...10
May
Jan 2 8314 May 94
100 94
Jan 2 94
Am Dry G. 1st pref...10
Jan 102% Dec
Jan 210234 Dec 30 89
99I01
1
2d preferred
Ap 5431 Feb
Dee • 47
Dec 2, 50
Atlas Powder, new...• 200 50
• 6.300 9 Dec 3 1014 Dec 31 5 June 1l3. Feb
Atlas Tack
Jan 444 Dec
4 Dec 30 3
Dee 3
470 4
50
Ani o Sales
Dec
Dec 31 1134 Jan 16
Dec 31 16
145 16
50
Preferred
Dec
39
Nov
Dec
234
4
3
351
3
Dee
35
•
1,30
Barnet Leather
Sept
101 9634 Dec 31 9634 Dec 31 9556 Oct 98
Bayuk Bros. let pref.1011
6
Dee
Aug
Nov
Dec
3
31
1%
3
31
200
100
Steel_
F.mpir5
British
Mar
Auv 54
130 3054 Dec 3 3114 Dee 29 30
100
let preferred
600 754 Dee 30 934 Jan 2 114 Nov 1134 Dec
100
2d preferred
Jan
Nov 93
Dec 30 73
Dec 3 79
100 79
Blumenthal. neer__.100
Dec 30 62% Nov 6754 Oct
Burroughs Addhlacbine.• 200 fuq Dec 31 65
Dec 27 1954 Dec 29 134 May 1934 Dec
25 5.100 18
Calumet & Herta
Jan
Dec 29 4134 May 77
Dec 3 65
300 64
CaseLIT)Thr Ma. Of _Ion
Dec 27 3034 Dec 31 25% Ap 3534 Nov
Century Ribbon Mills_ _• 1.100 30
Dec
Jan
Jan
2
4454
44W
30
Dec
2434
414
10,200
Certain-Teed
Dec 27 1004 Jan 10554 Jan
Dec 27 102
100 102
Ciuett. Peab & Co. p1100
Dec
Dee 311 10334 Dec 105
Dec 2 105
Columbia0& El, pf _100 1.100104
Nov
Dec 3P *04 May 58
52
2
Jan
50
500
Corn Invest Trust.
Nov
May 103
Dec 31 103 Dec 31 93
100 103
100
Preferred
44 T)ee 944 Dec
Dec 2.
Commereisl Solvents rt. 3,7(10 644 Jan 2 8
734 May 1454 Dec
• 900 1334 Dec 27 1434 Dec 31
Conley Tin Foil
Dec
14 Jan 3
244 Dec 27 434 Jan 9
Consol Distributors_ ....• 19,41
Dec 29 11934 An 1094 Dec
Dec 31 107
400 104
25
Cont Insurance
Dee 30 11534 Ant 12334 Aug
800 12014 Dee 3 121
Corn Prod Ref. pref.!
1 11234 Dee 2 1124 Dec 30 10434 Jan 114 June
Cont Can. Inc, pref. _1
Feb
Dec 95
50 83 Jan 2 8314 Jan 2 80
Cosden & Co. pref._ 1 Is
100 6634 Dee 3 664 Dee 30 5654 Au 7634 Sept
Cushman's Sons
100
Der
Dec
100
3P
Dee
100
30
Dec
100
100
1
Preferred
Mai 9834 Aug
Dec 31 93
97 Dec 31 97
1
Devoe-Rayn. let pf_ _100
Dec 29105% Dec 30 10014 Ma 10334 Sept
400105
Duquesne Lt. let pf_100
Feb
Dec 57
Dec 29 40
Dec 30 42
3015 40
Durham Hosiery. 01.1
Dec
Ap 96
200 9434 Dec 30 944 Dec 30 85
El du Pont6% pt. _ len
Dec
16
An
4
71
2
Jan
15
31
Dec
14
200
100
Emerson-Brant. pref
Dec
Dec 29 2514 May 34
Falrbanks-M tem etfs_ _• 13,800 314 Dec 27 33
80011.534 Dec 50 11734 Dee 31 7456 Mar 12254 Dec
Fed Lt & Tr tern etfs...•
Dec
Jan
10634
98
29
Dec
Dec 2. 105
100105
Fisher Body Ohio. Pt III
Dee 106% Nov
10414 Jan 1 104
1 10414 Jan
Franklin Simon. Prof....
Dec
994
Feb
92
27
Dee
2
Dee
9784
1
9734
Gen Am Tk Ca r 7% pf 100
Dec
Dec 3 10114 Ma 106
Dee 3 106
400 105
Gen Cigar Inc. pref..100
Jan
June 55
• 1.1100 4914 Dee 27 5354 Jan 2 31
Gen Retractors
Sept
107
Jan
99
2
Jan
Dec
105
30
800 10434
Gimbel Bros. pref....11
Dec 2734 Nov
Dec 3 244 Jan 2 21
• 5,001' 11
Ginter Co
Dec
An 115
Dec 30 105
lOr 11134 Jan 2112
Great West Sue, pref 100
3-113 Dec
Guantanamo Wm. rts.. _ 19,70r 1-64 Dec 3 1-16 Dec 29 1-64 Dee
Feb
Dec 95
Dec 30 37
Dec 3 87
300 87
Hanna, let of. CI A.100
Jan 2100 Jan 2 10016 Dec 10134 Dec
Hayes Wheel. pref..100 10,700 100
Dee 27 4)134 Dec 5134 Ded
Dec 2 49
Hoe(R) & Co. Cl A._.• 600 49
Dec
2. 644 Dec 27 334 May 10
De.
40r
631
pretler
Hyde:11111e Steel,
Dec
Mat 75
Jan 2 60
Jan 2 RO
100 RO
Indian Refining. 91..100
Nov
265
27 159
Dec
Jan
27150
Dec
550.
7
2
100
Rand
Ingersoll
Dec
Jan
2P
10734
Dee
10114
107
20
Dec
ler 107
Inland Steel w 1 prof...'
3 June 934 Jan
lot Agri...Morel new_ _.• 2,60e 634 Dec 29 746 Dec 31
Nov
119
Ap
73
27
Dec
116
31
Dee
115
50
International Shoe..._•
Dec 29 2434 Dee 3254 Mar
.• 2.200 2431 Dec 27 26
Intertype Corp.
Sept
Janus
1(1011134 Dec 30 III st Dec 3(1 109
Jones &',Steel Pref. isc
Dec
Feb 99
92
Jan
99
2
Jan
101' 99
K C Pr & Lt let pref...'
Jan
% May 1
44 Dee 27
% Dec 27
.Ir 1,700
Kansan & Gulf
Dee 2P 5454 Dee 29 40 June 7334 Jan
6110 52
Kelly-Sp Tire 6% nf _IOC
Dee
3044
Sept
25
1
31
Dee
3P
2534
100 2534 Dee
Kuppenhelmer & Co...5
Oct 9634 Dec
50 9654 Dec 31 964 Dee 31 91
100
Preferred
Oct 10634 July
Dec 27 86
McCrory Stores elan; B• 2.600 914 Dec 31 94
Dec
On 115
Dec 31 93
Dee 31 115
100 115
Mack•Trucks 24 paid_ _.
• fine 2934 Dec 29 31) Jan 2 2834 Dee 3134 Dec
Manila ElectrD.
Dec
98
June
29
9114
Dee
9/1
29
Dec
100 98
Mathleson Alkali pref100
Dec
Dec 29 9834 Dee 29 9034 Ayr 101
• 200 98
Met Edison pref
Dee
Sept 19
15
27
Dec
IR
29
Dec
Pie
pf27
500
-Goldwyn
1731
Metro
Nov
.
98
Jun
2
Jan
9114
97
Jan 2
400 96
Midland Steel Prod p1100
Dec 3434 Feb
300 2854 Dec 30 294 Dee 2. 28
50
hfIdvale Steel
Dec 21 3314 Dec 27 2834 July 3934 Jan
• 300 33
alunsinawear
Jan 210434 Dee 29 9331 July 10494 Nov
Nash Motors Co pref 115f 1,600 104
Dec
Jan 2 9244 June 100
30 10014 Dec 20 102
Net Dept Stores pref _100
Dec
Dee 30 3034 Au 54
Nat Distill Prod pref. _ _• 4,30P 4854 Dec 27 54
Jan
Sept 89
Dec 30 67
Dec 30 Al
_ me
100 RI
Nat Enam & Stpg pf.
108
Dec
Jan
100
2
Jan
4
1043
2
Jan
100
10°1.044
Nat Supply nref
Dec
400 344 Dee 27 353.4 Dec 2' 32 Jun 37
New York Canners____*
Dec
May 20
Dec 29 11
• 250 19% Dec 30 20
N Y Shipbuilding
Dec 3 83 ..Ma 9854 Dec
Dee 30 98
2 98
N Y Steam let prof... .Sept
Jan 2 27 Jun 29
255 2854 Dee 2 29
Niagara Falls P pf new25
Sales
for
Week
STOCKS.
Week Ending Jan.2.
(Conduded)
Vaulters' i azette
Range since Jan.l.
Range for Week.
Lowest.
Lowest.
Highest.
Highest.
per share.S Per eters.
Indus. & Miscall. Par. Shares $ per share. $ per share.
Jan
100 1834 Dec 30 1854 Dec 30 18 May 30
Onyx Hosiery
Dec 29 7854 Dec 30 7634 Au 8934 Feb
100
300 78
Preferred
June
10954
Jan
96
29
Dec
Dec
105
29
100
100105
Otis Elevator pref
Jan 10614 Mar'
Dec 29 103
Dec 29 105
10 105
Penney (J C) Co pref 100
Dec 30 26% Dec 27 1854 Nov 304 Jan
Penn Coal & Coke_ .... _50 3,200 24
July
90
May
78
31
Dee
Dee 31 88
100 88
Phillips Jones pref...1.00
Dec 30 19 June 3256 Jan
Dec 30 23
100 23
5
Phoenix Hosiery
Feb
94
Nov
8234
30
Dec
30
Dee
100
8754
8754
100
Preferred
Dec
Jan 2 92 Dec 31 5934 Jun 95
Pierce-Arrow prior pref.' 600 89
Aug
Jan 103
Jan 2 95
70010054 Dec 30102
Pittsburgh Steel pref_100
Dec
Pitts Term Coal rec.-100 4,400 6134 Dee 27 6344 Dec 29 5814 Dec 6334
Dec 8744 Dec
100 1.200 8554 Jan 2 8744 Dec 29 83
Preferred
Dec
164
Feb
1134
27
Dec
1544
30
154
Dec
etfs_10
1,400
prof
Utilities
Pitts
Feb
100 53 Jan 2 53 Jan 2 50 Jun 70
Porto Rican-Am Tob 100
100 433.4 Dec 31 4354 Dec 31 42 June 474 Jan
Prod & Ref Corp pref.50
Dec
2
May
654
29
Dec
26%
30
Dee
rights._
1234
2554
5,200
PS Corp of NJ
Dec
Jan 119
Dec 27 113
Dec 27 119
200119
Ry Steel Spring pref _100
Mar 98
Sept
Dec 30 9354 Dee 27 86
Resale Insurance Co..25 200 93
41)4
Feb
Ja
33
2
Shell Trans & Tend._52 1,400 3954 Dec 27 43 Jan
Nov
Dec 30 102% Ma 105
Dec 30 104
100 104
Sherw-Williams pref_100
Dec
98
Ap
91)
2
Jan
95%
2
Jan
p1100
200
95
Ir
Sloss-Sheff Fitt&
Apr
O 17003
7
100 9914 Dec 30 99% Dec 30 399%
Spalding Bros 1st p1_100
Dec
Dec 27
May
Standard milling_ -100 400 7131 Dec 27 72
Mar
85
Nov
7834
29
Dec
29
Dec
16
80%
100
8034
Preferred
Jan
Dec 27 10954 Nov 115
300114
100
Dec 27 114
Studebaker pref
Dec
Dee 31 23. July 35
100 2,600 32
Dec 27 35
Superior Steel
400 1144 Jan 2 1214 Dec 29 1234 Dec 1254 Dec
Sweets Co of Am new.50
Telautograph Corp _-• 1.400 1354 Dec 30 1454 Jan 2 814 Jun 1454 Dee
Dee 29 2894 Oc 3534 Jan
Dec 27 32
800 31
Trans- Williams Steel...
Nov
Nov 39
Union Oil California_ _25 32.900 3654 Dec 27 3354 Jan 2 35
July
Jar 19
2 113
2118
Jan
Jan
100
118
pref_100
St
Cigar
United
Nov
6414
Jun(
4244
30
6254
Dec
25 1,600 6154 Dec 27
New
July 254 Dec
200 2154 Dec 31 2254 Dec 27 10
United Paperboard_ _100
Feb
60
Jun(
31
Dee
30
514
Dec
55
200
54
•
U S Tobacco
July
Dec 29 108
Dec 29 10554 Nu* 110
200 108
100
Preferred
200 2154 Dec 30 21% Dee 3 1544 Oct 333-4 Jan
100
Van Raalte
Jan
Sept 80
Deo 2 53
Dec 27 70
700 67
100
let preferred
r 713i
ee
un
D
Dec 29 134 Dec 29 d
Va-Carolina Chem 11._.• 600 1
Dee
54 Dec 29
44 Dec 29
J34
100
Certificates
Oct 53 r Jan
Dee 3 35
Dec 30 40
10 40
Va Coal & Coke cons ion
Dec
June 80
140 79 Dec 29 79 Dec 29 71
100
Prefe-red
29
July
Apt 117
2
11534
Dec
Dec
114
200
11134
p1100
West Elec 7% CUM
Dec 29 72
Dec
Jan 82
Dec 29 82
100 82
West E & Mb; let pf _50
Dec
Dec 29 4754 Jan 127
Dec 31 120
• 600 118
West Penn Co
Dec
Jan 2 874 Ap 97
500 9434 Dec 29 95
Preferred 7% _ _ _100
Nov 10334 Dec
20010394 Dec 29 10354 Dec 29 102
West Penn Pow pref.100
Dec 35 24
Dee
Dec 24
Dec 30 24
Wickwire Spen SIb p1.100 2,265 24
Au 7234 Jan
Dec 30 20% Dec 2 11
100 1,400 19
Wilson Co pref
JitI 8934 Dee
400 854 Dec 29 811% Dec 2 88
Worthington pref A._1011
500 724 Dec 31 7514 Dec 27 5894 Jan 7551 Dee
100
Preferred B
•No par value.
DAILY TRANSACTIONS AT 'THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Ending
Week
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Holm.
Jan. 2 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised.
215,000
1,320
234,300
23,209
539,000
48,734
23,500
3,319
432,800
28,129
36.550
56,782
31,800
2,385
28,900
22.258
36,100
47,605
19,500
2,087
25.000
17,898
51,000
42,889
NEW YEAR'S DAY- S TOCK EX CIL CL OSED.
16,000
479
32,000
20,299
20.000
18.748
214,758
$182,850
109,793
2553,000
9,590
$105,800
204,204
2143,200
73.95
2359,200
8.725
$74,800
1 Jan.2
Daily Record of U. S. Bond Prices. Dec. 27 Dec. 29 Dec. 30 Dec. 31 Jan
First Liberty LoanHigh
834% bonds of 1932-47_ _{Low_
Close
(First 3)48)
Total sales in $1,000 units...
Converted4% bonds of 'High
1932-47 (First 48)----i Low(Close
Total sales in $1,000 anus.
Converted434% bonds {High
of 1932-47 (Finn 4)(8) Low_
Close
Total sales in $1,000 units,..
SecondConverted 49455(High
bonds 01 1032-47 (FIrsti Low.
(Close
Second4545)
Total sales in $1,000 units,..
(High
Second Liberty Loan
4% bonds of 1927-42._ (Low.
(Close
(Second 48)
Total sales in 21,000 units..._
Converted 434% bonds {High
Low.
of 1927-42 (Second
Close
454s)
Total sales in $1,000 units__
illIgh
Third Liberty Loan
Low.
454% bonds of 1928
Close
(Third 494s)
Total sales in $1,000 units__
i High
Fourth Liberty Loan
414% bonds 0(1933-38_ Low.
Close
•
(Fourth 454*)
Total sales in $1.000 units...
(High
Treasury
(Low.
444s, 1947-52
(Close
Total sales in 21.000 units...
(High
4a '1944-1954
(Low.
(Close
Total sales in $1.000 units...
100"st 100"st 100"st 101.00
100"at 10014st 100"ot 1001111
100"st 1001,st 100"st 101.00
101
882
250
35
- .
--- ;10711iL 10114-1
101 I',, 10-1-11
101"st
101"st 1011111
101"st
101"st 10114n
39
120
20
101"tt
101"ss
101"ss
_
--
10-0;it-1
100"tt
100"st
192
1013ss
101.00
101sts
168
101wst
1012.”
1011.ss
271
104"st
104"st
104"st
42
1001.82
100Ists
100"st
21
100"st
100"st
681
101,st
101.00
101.00
174
101Het
101",,
101 1*(2
943
105.00
104111(
105.00
175
1001%
1001.,
10011,
117
100"st
100"ts
1.907
101,st
100"st
st
101,
380
101"st
101"ss
101"st
619
104"ss
104"st
104"st
69
100"st
100"st
100"st
181
Hollday
"New
20itt Years
10011n Day"
100"st
678
101,
ss
101.00
101'st
147
101"ss
101"st
101"st
698
105,ss
104"st
105Ist
84
100":1
100"st
100"st
423
100-ati
1002•11
100ust
1
1001%
10016.1
10014.,
1,680
10141
101ln
101lst
254
1011in
101"ss
10111131
714
105lst
104nts
1041ln
41
100lIts
100111st
100"n
41
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10021(1 to 100"8141 3d 41(e
100llst to 1011u
24 15t 3555
1011(1 to 1014312,136 4th 434s
1011082 to 101141,
3 1st 4148
10011(1 to 10014(1 25 Treasury 4345
.104",, to 105lts
65 24 454s
Quotations for U. S. Treasury Notes and Certificates
of Indebtedness.-See page 57.
The Curb Market.-The review of the Curb Market is
given this week on page 76.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Week Ending Jan. 2.
DuLd/Mis.
Mining,
Domestic. For'n GUN.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
52,610
109,460
157,070 2641,000
114,305
176.770
228,180 1,312,000
184.725
115,515
922,000
289,460
165.640
91,720
713,000
172,140
HOLI DAY-N EW YEA R'S DAY.
219.970
158,205
201,980 1,017.000
269.000
384,200
134.000
57,000
- Total
856.561
532,36.5 1.048-830 84.605.000
$691.200
47,000
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive, see pieced ng page
Tuesday,
Dec. 30.
Wednesday
Dec. 31.
Thursday,
Jan. 1.
Friday,
Jan, 2.
$ Per share $ per Share $ per share 8 per share $ per share 3 per share
11818 11334 118 11914 11712 11852 11712 119
11834 11958
9912 9912 9912 994 9614 9912 .0314 9312
9338 934
4
378 4
438
414
4
34 414
372 4
15018 151
150 15058 148 150
14814 149
14812 14934
80
8058 79
8014 7812 79
7812 7912
8158
79
6512 6512 6518 654 6434 65
6434 6134
6554
65
3918 3918 3734 39
36
3758 364 38
374 3712
73
73
73
7314 7234 7234 .7112 73
724 7314
.412 514 *412 514 *4
5
84
5
5
*4
150 15012 1494 14952 149 14914 149 14952
150 15114
9434 95
9434 9634 9512 974 95
9578
9514 9634
.108 10712 107 107
10712 10712 .108 108
10712 10712
84 9'
87g 9
858 834
85g 84
834 932
1678 17
1658 1678 15
1618 1512 16
1512 1612
3812 3512 3512 3512 35
3534 *35
36
3518 3512
e55
57
55
5714
5634 5634 5612 5612 5612 0612
952 958
914 912
84 918
84 9
104
9
2658 28
2652 2772 26
2652 2572 2678
264 2938
1534 16
1514 1572 1412 1514 1412 154
1452 1552
2712 2812 2612 274 2514 2678 2512 2678
2534 27
7078 7112 7014 7114 69
7014 6914 7038
7112
71
*112 114 *110 113
11134 11134 .110 113
11114 11114
4538 454 4512 4612 4412 4512 4114 454
4472 4658
e92t2 9312 93
93
93
9314 93
93
93
92
83
83
8334 834 8212 8212 8234 8312
834
83
*4512 48
4512 454 4414 4414 4458 444
444 4518
137 1374 13614 137
13512 13612 13534 13912
137i2 13812
14534 146
14412 146
143 14514 14314 144,2
s14278 144
3034 304 31
314 3034 31
3078 314
3112 3212
4434 4532 4412 4514 4358 444 44
46
4512 484
4218 424 414 4178 41
4212
4178 41
4312
43
71
714 7018 7112 6918 70
694 6978
71
70
3452 35
3412 344 334 344 3432 3912
354 3812
27
27
2712 28
26
27
2612 2612
274
2612
.92
9412 92
95
9212 93
934 '4
9178
.91
264 27
2918 27
2534 2612 2538 2572
2558 26
11512 11512 11558 116
11512 11618 116 11632
11534 11612
1738 1712 1712 18 .1714 1772 18
•1778 1812
1812
*55
92 .5312 61
859
.59
60
5912 6012
60
33
34
3134 33
304 3112 3078 32
.3012 32
354 364 3412 3614 3352 35
3612
3312 3432
34
.5734 58 .574 58
53
574 574 •56
.56
58
7712 78
7612 7734 74
7872 8034
7814 75
774
10712 108
1084 109
108 10314 .108 10812
103 10912
4818 4813 47
48
4912 47
4712 4712
47
47
11
1118 10
1114 .9
1012 1012
10
•9
934
•30
39 .20
2032 •25
31
825
31
825
31
5314 54
53
5512 51
•5012 52
5234 50
50
25
2553 24
2534 2312 2312 2212 2212
*2212 2312
278 3
278 3
24 24
234 234
24 24
2818 2858 2712 2814 2612 23
2814 31
2678 2832
73
7314 7212 7372 7214 7338 724 744
7434 78
3112 32
31
3134 3058 31
3312
31
3012 3114
73
7312 724 7312 7112 7278 71
72
7212 7452
232 238
238 258
2
214 214
218
2
2,2
11438 115
11518 11512 11512 11558 11534 11534
Stock
•11512 11572
119 11912 119 11912 11818 119
z11712 119
118 11912
125 125 .122 12412 12034 122
12212 12434 Exchange 125 12712
.89
90
89
90
.8912 90
8814 8914 8912 8912
304 3I32 3012 31
3018 3012 3012 3034 Closed304 3134
2618 2818 2514 2614 25
2512 2638
2512 25
2538
25
25
2412 25
2458 2434 2412 2412 New Years 244 2612
13112 13314 130 1314 12834 130
13012 13134
12814 13032
876
.76
77 •76
77
•76
Day
77 .78
77
77
7012 71
7038 71
6934 7014 28814 69,2
6934 703/3
4818 4832 48
48
4814 4758 4818 4753 48
4312
• .1712 1812 *18
20 .16
1812 1812
20 .17
20
6614 6614 6512 6614 66
6838
68
66 .
6712 88
•8012 8412 .81
.8112 8212
8212 8012 801 .81
8412
•7212 7434 7212 73
.7212 73
7212 7212 7258 7234
7234 7332 73
72
7112 72
7238 734
74
73
010578 10612 .108 10612 •108 107 .109 107
•108 107
75
76
734 7434 7234 74
7434 7632
7234 7372
38
38
•3712 3834 38
3834 3712 3712
3712 38
54158 4134 40
3978 4012 394 4032
4058 4113
40
.6218 6358 62
62 .5958 8112 .5952 6152
.5912 611
6212
62's 624 6238 6272 61 18 8212 61
56034 6252
6253
7913 7912 7912 7912 7914 7912 7834 79
7972 797
' 5014 5114 5014 5114 4914 504 4918 50
5052 5214
7112 7112 71 18 71 18 7034 71
704 714
71
71
22
22
2178 2214 21
2112 21
2134 2238
2312
394 40
3912 40
3912
3814 3814 38
39
4153
10258 10332 1024 103
101 12 10212 10152 10212
10212 10312
7812 7872 7814 784 774 784 7732 7853
7752 791
8458 85
84
8458 84
84
8334 84
s83
84
4512 454 45,2 4614 4412 454 4414 45
4414 46
•1212 134 1212 1212 1214 1214 .12
13
•1212 13
584 4.57,2 60 .58
5912 60
62
6312 65121
"7
14914 14978 1484 14972 14814 14914 14812 14912
14914 15038
7458 7458 75
7412 7412 7458
74
75
7414 7414
*2714 29 .27
28
27
27
.2612 27
2634 2634
.59
64
61
61
59
59
59
59
13014 6014
8912 6912 6938 6972 6712 6712 .6712 68
674
67
21
2138 21 18 2134 2058 2112 2014 21
2118 2212
5712 58
5712 594 5612 58
56
57
57
5378
41 . 41
839
40
39
3938 38
.3812 39
1412 144 1414 1458 1358 1432 1352 3872
1432
1434
1532
2314 2314 2314 2378 2212 2314 223
24
2412
4 234
3412 3434 3312 334 3234 334 334
34
3434
3453
083
85
8412 85
85
8512 8412 85
8514 8514
16
Ms 1558 1618 15
1478 1814
154 15
15
3032 3012 30
30
2818 29
28
274 3032
284
89,2 8912 8912 90
90
9014 .9212 9314
1514 1512 1518 1512 1458 1452 •14
18
50
5072 51
52
5112 5112 51
51
884 8912 894 9012 89
9018 z874 88,2
1234 13
1278 1358 124 1318 13
134
.1212.124
4 .15
.14 .15
.15 .15
112 14 •1
1 12 118
Its
14
1 18
8312 8434 8312 814 8314 88
8312 8414
•11712 11814 .117 118
11714 1174 .11714 118
724 7312 7112 73
71
72
7032 7178
•101 14 10312 .1014 103 *10114 10312 102 103
134 1412 1358 1418
134 1534 1412 15
3034 404 4034 4178 3912 4458 43
444
4212 424 41
4212 4012 41 12 404 4034
3212 3232 3l78 34
3212 3234 32
3314
98 10012 9912 102
9712 9918 9712 99
107 107 .10.5 11014 .105 110 .105 110
35612 15738 15438 1564 15452 159
158 16138
0116 11612 16 11638 116 116
115 115
•
191 195
102 194
191 195
193 20014
•12112 125 812112 125 .12112 12412 .12112 12112
2314 23,4 2258 2338 2234 2314 .224 23
394 304 39
39
39
3952 394 3972
51z 552
512 512
54 512
512
512
148 1494 14834 149
14912 15434 154 16434
128 129
128 12814 12612 12634
129 130
12814 129
128 12814 12612 128
130 130
1252 1258 .1212 13
1212 1252 •1212 13
70
89
16912 8934 .69
99
6812 6832
• Bid and asked prices. sEr-d vidend. b Ex-rights.
the
Week.
Shares.
24,700
2,200
7,500
3,600
32,400
2.200
7,200
1,300
6,400
51,700
300
3.800
5,700
3,100
2.400
10,600
20,700
26,200
61,000
9,800
200
30.000
1,900
2,400
1.700
3,000
6.300
27.300
33.300
2.300
18,700
45,400
2.300
800
7,700
2,500
2,000
300
6,700
14,800
100
32,300
3,200
1,800
1.000
2.700
1,100
3.700
53,400
17,800
28.700
27,700
4,000
1.400
80,700
3.600
900
33.400
4.800
1,500
21,600
25,600
17,100
200
1,700
100
1,900
6,500
30,100
1,000
2,200
100
29,900
1,100
7.600
1,300
11,200
9,000
34,100
34,100
3,900
7,500
200
600
19,600
1,700
300
700
1.100
48,800
3.700
800
20.300
5.700
9.200
900
8,600
1,800
Railroads.
Par
Atch Topeka & Santa Fe__100
Do prof
100
Atlanta Blrm dr Atlantic...100
Atlantic Coast Line RR
100
Baltimore & Ohlo
100
Do prof
100
Bklyn Manh Ti v t o._No par
Fret vol tr ctfs
No par
Brunswick Term & Ry_-...100
Canadian Pacific
100
Chesapeake & Ohio
100
Do pref
100
Chicago dr Alton
100
Do pref
100
Chic & East III RR
100
Do pref
100
Chicago Great Western__ _100
Do pre/
100
Chicago Milw & St Paul
100
Do pref
100
Chicago At North Western-100
Do pref
100
Chicago Rock 1st dr Pacific.100
7% preferred.
100
6% preferred.
100
Colorado Ai Southern
100
Delaware & Hudson
100
Delaware Lack & Western_ 60
Erie
100
Do let preferred
100
Do 2d preferred
100
Great Northern pref
100
Iron Ore Propertlea_.No par
Gulf Mob & Nor tr etfs
100
Do met
100
Hudson &Manhattan
lilinolsCentral
100
Int Rya of Cent Ametica 100
Preferred
100
Interboro Ran Tran
100
Kansas City Southern
100
Do pref
100
Lehigh Valley
50
1.,ilsvIlle & Nashville...A00
Mania Elevated, mod guar_100
Market Street RI,
100
Do prof
100
Do prior pref
100
Do 2d pref
100
Minneap & St L (nets)
100
Mo-Kan-Texas RR____No par
Do prof
100
Missouri Pacific corn
100
Do pref
100
Nat Rys of Me!25 pref
100
New Ori Tex & Mc!
100
New York Central
100
N Y C & StL new co
100
f
100
NY N II & Hartford
100
NY Ontario & Western
100
Norfolk Southern
100
Norfolk & Western_
100
Do pref
100
Northern Pacific
100
Pennsylvania
50
Peorla & Eastern
100
Pere Marquette
100
Do prior pref
100
Do prof
100
Pittsburgh & West Va
10()
Do' prof
100
Reading
50
Do 1st preferred
r,0
Do 2d preferred
50
Rutland -H. pref.
100
St Lou
an Fran
100
Do Ise: A
100
St Lo.1 e Sluchwestern
100
D. pref
100
Sea:mard Air Line
100
Do prof
100
Southern Pacific Co
100
Southern RallwaY
100
Do pref
100
Texas & Pacific
__100
Third Avenue
._100
Twin City Rapid Transit. _100
Union Pacific
100
Do pref
100
United Railways Invest_100
Do pref
100
Virginia Railway di Power.100
Wabash
100
Do pref A
100
Do pref B
100
Western Maryland
100
Do 25 preferred
100
Western Pacific
100
Do pref
100
Wheeling & Lake Erie Ry _100
Do pre(
100
Industrial & Miscellaneous
600 Adams Express
914
100
1514
700 Advance Rurnely
100
50
1.200
Do pre(
100
7,900 Air Reduction, Ino____No par
91
1352 17.100 Ajax Rubber, Inc
50
.15 4.500 Alaska Gold Mines
10
118
114 1.700 Alaska Juneau Gold Min
10
844 8572 18,500 Allied Chemical & Dye_No par
11714 11714
400
Do pre
100
72
734 15.300 Allis-Chalmers Mfg
100
10312 10414
400
Do pref
100
144 1514 9.600 Amer Agricultural Chem_100
43
4412 11,700
Do pre(
100
40
4032 5.300 American Beet Sugar
100
4932 37.500 Amer Bosch Magneto__No par
33
99 100
4,000 Am Brake Shoe & F___No par
•105 110
100
Do pref
100
15934 16134 14,000 American Can
100
11534 116
1.200
Do prof
100
198 20514 14,600 American Car dr Foundry_100
124 124
100
Do prof
100
2234 23
1.800 American Chain, el A
25
3918 39,8 1,300 American Chicle
No par
512
512
3,200 Amer Druggists Syndicate_ _1(
162 166
10.700 American Express
100
12512 12512 2,000 Am & Foreign Pow 25% paid__
127 127
2,300
Full paid
•1212 13
400 American Hide & Leather_100
6834 6912 1.400
Do oref.
100
9134
154
50
89
13
.15
rIStC Jri Axes
Range for Precious
Year 1923.
Lowest
Highest
Lowest
$ per share
9718 Jan 2
8812 Jan 2
152 Feb 23
112 Jan 23
5213 Apr 22
5614 Apr 16
1312 Jan 4
4814 Jan 3
1 Jan 3
14234Mar 10
674 Feb 28
9912 Jan 3
34 Apr 15
8127May 20
21 May 5
37 May 5
4 Apr 30
1012June 4
104 Oct 6
19 Oct 11
4914 Jan 3
100 Jan 8
2112 Feb 15
7634 Feb28
6552 Jan 2
20 Jan 2
10112Mar 5
1104 Feb 15
2034 Jan 3
2852 Feb 19
2512 Jan 3
5334 Mar 3
28 May 23
1134 Apr 30
50 Jan 3
2034 Oct 30
1004 Mar 4
1134July 24
4414May 12
1234 Jan 2
1734Mar 26
5114 Mar 31
53912 Apr 10
8758 Jan 16
3012 Jan 2
634 Mar 15
20 Oct 17
41 Nov 8
14 Mar 18
112 Jan 3
1012May 20
2934 Feb 18
934 Jan 3
29 Jan 3
1 18July 18
9312 Feb 15
9912 Feb 15
7212 Feb 18
83 May 21
144 Jan 2
16 May 24
1212 Apr 22
10212 Jan 3
724 Feb 28
4778Mar 3
4214 Jan 3
934 Mar 13
4012Mar 31
714Apr 23
80 Jan 4
38 Ian 4
8514 Jan 5
5178May 20
34 Oct 14
63312 Jan 16
32 Jan 3
1918 Apr 30
4252 Jan 3
33 Jan 2
5778 Jan 3
814 Jan 2
1414 Jan 2
8512Mar 28
3812 Jan 2
6834 Jan 3
19 Jan 3
834May 20
3912 Oct 2
12852 Mar 3
70 Mar 20
758 Apr 23
2812 Apr 21
36 Feb 29
1034 Jan 4
84 Jan 3
2212 Jan 3
832June 3
1514:May 15
144 Jan 2
58 Jan 7
74 Jan 2
1414 Jan 2
$ per share
12034 Dec 18
984 Dec 29
5 Dec 4
15214 Dec 22
8478 Dec 17
6612 Dec 19
4172 Dec 5
7534 Dec 5
512 Dec 9
15612 Nov 26
9814 Dec 12
10918July 25
1012 Dec 8
1978 Dec 6
38 Dec 5
624 Dec 5
1178 Nov 24
3138Nov 24
1814 Nov 24
3218 Nov 24
7514 Dec 8
11414 Dec 19
50 Nov 22
9734 Dec 1
8712 Nov 28
49 Nov 8
13958 Dec 20
14938 Dec 19
3538 Aug 1 1
49,4 Dec 13
4734 Dec 3
75 Dec 17
3914 Nov 25
2912 Dec 5
99 Dec 20
2914 Dec 5
11778 Dec 5
1812 Nov 21
63 Nov 21
3914July 17
4152 Dec 5
5912 Dec 5
85 Dec 17
109 Dec 29
517 July 18
1312 Jan 4
42 Dec 26
7112 Jan 4
30 Jan 4
432 Jan 28
3438 Dec 5
754 Dec 15
3414 Nov 20
74 Dec 19
3 Dec 4
12112May 20
1194 Dec 26
128 Dec 13
9372Sept 5
3314 Dec 18
2814 Nov 21
29 Nov 25
13314 Dec 27
8012June 10
73 Dec 18
50 Dec 5
2212 Nov 12
73 Dec 13
8512 Aug 2
77 Aug 8
7514 Dec 1
10678 Oct 29
7912 Dec 18
5812 Jan 14
58 Jan 14
66 Nov 20
65 Dec 5
8212 Dec 5
5578 Dec 5
74 Nov 28
2418 Dec 4
4512 Dec 4
10512 Nov 12
794 Dec 19
85 Dec 26
4832 Dec 4
1812July 17
66 Jan 12
15158 Dec 18
7612 Aug 27
41 Dec 19
6478 Dec 18
724 July 12
2138 Dec 5
6034 Dec 17
4238 Dec 18
1614 Dec 18
2814 Dec 18
3978 Dec 4
8812 Dec 6
1712 Dec 18
3212 Dee 5
$ per sharel
94
Oct
8552 Dec
114 Aug
10972 July
4012 Jan
554 May
914 Oct
3412 Oct
4 Nov
13914 Sept
57 June
98 June
2 May
332 Jan
19 Aug
464 Aug
234 Oct
672 Oct
1114 Oct
2052 Dec
4718 Dec
974 Dec
1918 Oct
72 Aug
6078 Aug
17
Oct
934 July
1094 Oct
1018 May
15
Jan
1034 May
5052 Oct
25 July
94 Aug
447 Jan
94 June
1558 July
4852 July
54 June
8444 Oct
274 Dee
712 Oct
23
Oct
5612 Oct
1452 Oct
72 Aug
914 Oct
2472 Oct
814 Oct
224 Oct
114 Nov
8212 Aug
904 May
674 Aug
88 Nov
958 July
1414 June
9 Sept
100 July
72 Sept
4984 Oct
4078 Nov
8
Oct
Jan
38
674 Oct
574 Oct
3378 Jan
85 Dec
6812 June
44 June
45 June
2212 Oct
164 Oct
3212 Jan
2512 Aug
5432 Jun
44 Aug
814 Aug
844 Au
2414 Jan
83 July
14 Aug
812 Dec
5814 Jan
12412 Aug
7014 Dec
74 Oct
Oct
26
3014 Aug
7 Mar
2314 Jan
1612 Jan
8 Sept
14 Sept
12 Sett)
53 May
Oct
6
Oct
10
734 Jan 2
6 Juno 9
2814June 14
6714 Jan 2
412May 14
.05 Dec 24
58 Jan 30
85 Mar 18
110 Apr 8
41 May 20
90 Apr29
74 Apr 7
1834 Apr 7
36 Mar 21
2214 Apr 1
76 Apr 14
10414July 10
954 Apr 21
109 Jan 8
1534 Apr 14
1184 Apr 9
2132 Mar 21
1434 Ayr 22
312June 6
88 Apr 15
9212 Mar 8
9112 Apr 4
714 Apr 28
5olt Jan 3
9312 Dec 8
164 Dec 10
54 Dec 10
93 Dec 9
1412 Dec 18
14 Feb 2
112 Mar 4
8712 Dec 8
11858 Dec 8
7358 Dec 28
10472 Dec 22
1718July 29
4953 Jan 9
4912 Feb 6
3878 Jan 12
102 030 29
110 Mar 26
16312 Dec 19
119 Oct 27
20014 Dec 31
125 July 18
25 Sept 5
4078 Dec 17
7 Oct 25
1844 Dec 31
13214 Dec 22
133 Dec 22
1458 Dec g
7232 Dec 5
67 Sept
612 Oct
24 Nov
58 July
414 Oct
4 Aug
4 Oct
5914 Aug
10514 Aug
3744 June
89 Nov
1018 July
2814 Oct
25 Aug
2234 Oct
8912 Sept
102 July
7312 Jan
106 Sept
1484 July
117 Sept
2032 June
54 Jan
41s Sept
87 Nov
98 Dec
- - - - --618 Aug
2924 Aug
994 -Dec
Highest
4„,e, .
v.7,. . ...i.. .
t. z --a zaz aa a aa aa
.... ,w
.4 4 it'4o.14 0...4.4.4...."tve.4.4.4.4.4.4.aKKg>.4.4K KK: : .4: .4KKgotio.4.4.4K.444444 .4.4.4.4uu.4.-.0...-,Ot:40r444"e
h4141444'4
1
j
elt:::044'4
'
4....P.t:”41:
3'
44vt:J'm
-`' '
°
v ..e .1,• I 0I 6,p ,
,
2 (,..d. 0 0 t 4. 0 ,
..
.......
S. ,
...lee Gee* a c
nos*** .....
.
00 0 ,Q '4.1 2.
..,-,esqr ......,,,..
.T.*SPPOE
.
.2.."2.!!!!!
PIZPOoRt2.4tez
.
.
Monday,
Dec. 29.
?BIC SHAKE
Range for Year 1924.
On basis of 100-share tots
.
..,
..
.
.
, , .•
..
.
.
.
,,,,,...,,,ye,, .01,,o, , .., CON)0300O2CONOOKOPOD04,-.0CPOO •-•
POO ,11.....CC000 i,„,..,,,,,,..
MC.+3 ... 0V CO _ P.
COIN ___
00tO ,
_ .0
___
'-".-":"..'"'-'"'''-''''C'''''''
""..."'C"-.
ODOC400.4,0bOCati.CO
:2Votit16
4
:Stit324,1° 23F3
000VOZCOVCOOOPIOn.V
..av .,..
7
00-41....0,
a., , V, wooacz-4.-.0....cncy"..-4couocAce -4-4e.4.4*.4.4.010.4.4t?..y
PV 04020
0.r.
.....1 a"
10.1,
,
.
424
.
2
.
7.„....,.
4,...„..
r
,rx 4
.
„... 4
.
. ..7
,
1C.24SC:.
Saturday,
Dec. 27.
STOCKS
NEW YORK STOCK
EXCHANGE
.
-..4°''''°'
PtOPOODO
for
a zazza
44; u14.4Z4.-.4Nc......44N.g...1 ,
-0,
114....0
444.-.44
.. .....,............
.P... moo...
Sales
,
.-.
•-•
.NOOZCO.0,•0000PCOCJOCA.00
V., CP
POO, VO,VV0,VOWCODCOO,
V.VOCOP.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
New York Stock Recora-Continued---Page z
66
For sales during the week of stocks usually Inactive. see second page preceding
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share
91
9112
"78
80
3418 34%
1114 1114
284 29
5678
53
10712 109
*119 12012
5234 534
290
9034
Shares.
7,000
500
12,300
1,000
9,800
9,300
39,700
400
26,500
3,000
12
1112 1214
-17:i4 -114 129758 9978 9678 9818 9614 97,
9914 100
4
10712 10758 10618 10712 10518 10714 "10612 108
4712 49
47
474 48
4714 43
48
10712 10734
*107 109 *10712 109 .
1074 108
5112 52,
5214 53
4 .5012 5212 5112 5238
93
93
9314 93,4 9338 934 9212 93
1278 1278 12
12
1212 12
1278 *12
38
*36
40
38
38
*38
279338
4 13
3018 13012 130 1303s 13
3703814 130 13034
1134 hi?8
9734 100
10714 10714
34713 481s
*10712 109
5134 52%
93
93
12
12
*3612 40
13058 13278
- ;(5156
siiiiTz 1045, "10412 10158
*10412 10438
600
*100 105
1-65- 'ioo- 1-6i- 166 1-17011-2
ia- 1-6f9512 96
98
9524 97
"96
95
9512 95,2 95,2
6312 6418
6112 65
64
6512 644 6534 6358 65
9534 9534
9534 9512 9512 95
*95
9512 *9412 9512
738
5
334 418
438
434 434
3
314 34
*1114 1175
1112 1214 1118 1218 1114 1114
1112 12
35
35
36
3678 354 354 344 35%
364 36
47
4712
4678 48
4712 4814 4714 4778 4678 4712
*92
934
*93
93 "92
9314 *9134 9214
9312 93
812 812
812
84 84
818 814
74 84 *8
13314 134
134 137
138 138
13112 13234 13134 132
3312 3514
3312
3214 3234 32
3258 3214 3334 233
2134 224
22
21
20
21
2118 20
21
20
3112 33
2912 2912 28
2912 2814 2912 2812 3112
9512 984
954 944 9678 9434 9512
9018 9114 91
*114 115
•114 11412 *114 11412.'114 11422 *114 115
304 31
30
3012
2914 30
3034 314 2934 31
*8412 89
90
*8312 8934 *8312 8934 *8312 8934 .85
234
214
17s
2
2
24
14
2
24 218
13112 1324
12934 13312
1324 134% 13012 13338 13012 132
116 116
116 116
116 116
*115 116
116 1'6
2314 2412
2158 2214 2134 2212 2218 2312
2114 22
1712 184
1612 164 1712
16
1578 16
1514 16
47
47
47
4634 4634 4512 4612 4612 4612 47
6914 7134
71%
604 6334 6314 6712 6678 7234 269
5012 5112
4912 5038 5018 504 50
503* 4934 .504
*110 111
11018 11018
*109 10912 109 109 *109 111
95% 95%
*944 9434 94
9418 9434 95t8 *9512 96
512 5,2
514 51
514 538
54 5%
5,4 514
12058 12134
12012 121
12078 121
1204 12114 12034 121
7834 7912
7978 7758 7814
7812 7812 7914 78
78
Stock
7112 72%
724
70
71
*69
72
70
70
•70
9612
96
96
96
96
9612
99
9978 99
*99
2278
2112 22 lExchange *22
22
2234 22
23 "22
"22
1
8
83
4
8,
8
87
83
812
9
84 9
8%
94
24
2712
2412 Closed244 2438 2538 24
24
24
23
23
2334
2234 2378 2212 2334
2412 2512 2314 25
114
118 118 New Years *118
1
14 1114
114
114
114
104 105
10178 10378 104 10134 10134 10614 10412 10412
Day
2378 2414
2312 2318 2334 2314 2334
2234 2338 23
100 101
99 100
*99 100
9934 100
.9812 99
8
,
412 4
412 458
412 43
412 434
418 412
65
5718
5712 5712
5834 5634 58
5814 57
57
300
1,000
31,600
600
5,700
4,200
2,700
85,200
200
4,900
4,200
32,600
8,200
11,100
20,000
Indus. ec Miscell. (Con.) Par
100
American Ice
100
Do pre(
Amer International Corp 100
American La France F E._ 10
100
American Linseed
100
Do pref.
American Locom. new _No par
100
Do pre _
No par
American Metals
25
American Radiator
25
American Safety Razor
Amer Ship & Comm__ _No par
Amer Smelting & Reflning_100
100
Do pref
Am Steel Foundries_-__33 1-3
100
Do pref
American Sugar Refining _100
100
Do pref
Amer Sumatra Tobacco.--100
100
Do pref
100
arner Tenn) he Toles
100
American Tobacco
100
Do pref
Do common Class B I00
Am Wat Wks dr El v t o__ .100
l)o 191 pref(7%) v t 0.100
Do partic p1(6%) v t 0.100
100
American Woolen
100
Du ,,ref
Amer Writing Paper pref _100
Amer Zinc, Lead he Smelt _25
25
Do pref_
Anaconda Copper Mining_ 50
Armour & Co (Del) pref _ _ _100
krnold Const'le &Co v tc No Par
Associated Dry Goods_100
25
Associated Oil, new
Atl Gulf & NV I SS Line__ _100
100
Do pre/
100
Atlantic Refining
100
Do pref
Austin, Nichols & Co-_No Par
100
ere(
Do
Auto Knitter Hoslery_No par
Baldwin Locomotive Wks.100
100
Do pref
25
Barnsdall Corp. Class A
25
Do Class B
Bayuk Cigars, Inc_ _ _ _No par
20
Beech Nut Packing
100
Bethlehem Steel Corp
Do corn cony 8% pref _100
100
Preferred new
No pm
Booth Fisheries
100
drooklyn Edison. Inc
Bklyn Union Gas new_No par
_100
Brown Shoe Inc
100
Burns Brothers
Do new Class B com____
a
Butte Copper & 'Zinc
100
Butterick Co
10
Butte & Superior Mining
Caddo Cent Oil & Ref _No par
California Packing ---No Dar
California Petroleum. new.. 25
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 27.
Monday,
Dec. 29.
$ Per share $ Per share
9378 90
92
92
79
80
80
80
3312 33,
4 3314 3438
1158 1134 1138 1138
2678 26
26
•25
46
46
4578 46
10512 108
106 108
•118 121 •118 120
5238 5238 5212 5312
132 132
3014 13212
Tuesday.
Dec. 30.
$ Per share
92
90
80
80
3312 3438
"1138 1134
25
2712
4534 4914
106 10714
119 119
54
53
1304 134
Wednesday
Dec. 31.
$ per share
90
9014
80
80
3338 3438
1114 1114
2612 2834
4818 5338
10512 10934
11978 119%
5358
53
133 133
-1112
30 1630
•28
1912 1978 1912 2058
554 5638
5558 56
5418 554 5412 5634
3518 37
3658 37
9714 97 10012
95
5312
5112 5112 53
3714 3838
374 38
2812 29
2818 29
5934 60
5812 60
8012
80
7934 80
434 4414
4312 44
4812 493*
4878 49
4634 47,2 4758 48
12.5. 12712
121 122
120 12118 126 129
4218 4278 404 4212
2714 2714 2534 2614
80
80
83
•81
76% 774 7634 78
10412 10412 10458 10458
-2578 1618 '27
1834 1938 1834
5514 554 55
5412 5514 534
354 36
34
98 10078 9718
54
55
54
3614
363s 37
28
28
*27
6012
61
*60
80
7912 80
42
4314 4212
49
49
49
47
4738 48
12214 12514 *121
12134 12412 12212
4018 4154 4138
26
26
25
76%
76
76
19
564
54%
364
98
55
37
28
6058
8012
4334
49
47%
125
12212
4412
26%
764
77
Thursday,
Jan. 1.
Per share
Friday,
Jan. 2.
29
1978
5658
5434
3612
9678
•55
3634
2712
6012
8038
4212
49
4714
121
12234
42
2612
7934
7612
29
2012
564
5512
3634
98
56
3758
2712
64
80%
4312
49
47%
121
12234
2
2738
794
77%
35,800
1,900
31,320
300
18,200
1,500
1,200
100
12,900
6,600
412
6834
84
4118
2658
7512
9212
144
604
29%
9814
6
44
5578
*71,
8
4458 4538
"217 2234
•11234 113
134
13
163s 1638
11112 11134
Lowest
1,700
61,900
500
62,100
4,900
800
48,700
56,900
400
1,800
1,500
4,300
10,200
3,200
3,000
1,100
14,600
16,600
20,500
4,800
5,900
34,000
100
Do prat
1,100
10
15,700 Callahan Zinc-Lead
10
7,000 Calumet Arizona Mining
NO par
Case (J I) Plow
700 Case Threshing Macb_No par
100
6,700 Central Leather
100
l)o pref
3,400
36,500 Cerro de Pasco Copper_No Par
10,050 Chandler Motor Car_ _ _No par
32,800 Chicago Pneumatic Tool 100
5,600 Chicago Yellow Cab_ _No par
25
61,900 Chile Copper
5
1,700 Chino Copper
2,300 Cluett, Peabody & Co_ _ _ _100
No par
7,700 Coca Cola Co v t c
100
14,500 Colorado Fuel & Iron
1,700 Columbian Carbon v to No par
19,300 Col Gas he Elea, new....No Par
1,900 Commercial Solvents A No par
No par
B
1,900
No par
59,700 Console= Co
No Par
2,800 Consolidated Cigar
100
pref
Do
1.000
38,800 Consolidated Gas(N YtiNo pa'
Consol Gan,EL & Pot Balt100
14,800 Cousolidated Textile__.No par
100
28,500 Continental Can, Inc
8,800 Continental Motors__ No par
___25
I
w
Refill
Products
Corn
66,020
No par
48,900 Coaden & Co._
20,100 Crucible Steel of A merica__100
100
Do pref
560
No par
8,900 Cuba Cane Sugar
__-__100
pref....._
Do
18,800
12,000 Cuban-American Sugar__ 10
100
Do pref_
100
12,268 Cuban Dominion Sugar No Oar
100
Do ()ref
1,200
No par
3,500 Cuyamel Fruit _
2,400 Daniel Boone Woolen Mills 25
33,300 Davison Chemical v t o _No par
600 De Beers Cons Mines.-No Par
100
1,600 Detroit Edison 5,300 Dome Mines, Ltd --No pry
._
1,500 Douglas Peetln_ . .... .
10,400 Eastman Kodak Co.--No Par
1,900 Eaton Axle he Spring _ _ _No par
14,900 E I du Pont de Nein & Co..100
45.800 Elec Storage Battery __No par
50
100 Elk Horn Coal Corp
800 Etnernon-Bn4ntingham Co_100
50
2,600 Endicott-Johnson Corp
100
Do pref.
100
500 Exchange Buffet Corp_No par
57,200 FaM0118 Players-Lasky _No par
100
Do pref (8%)
1,500
1,110 Federal Mining & Smelt-4_100
100
Do prof
6,100
Nowt
100 Fifth Avenue Bus
No par
2,400 Fisher Body Corp
No par
23,900 Fisk Rubber _
100
First preferred
6,600
No par
6,500 Fleischman Co
No par
6,800 Foundation CO
15,400 Freeport Texas Co_ _No Par
No par
2,800 Gardner Motor
2,800 Gen Amer Tank Car_ No par
100
60,300 General Asphalt
Do twee_ _ _
3.600
7643144
_7;31 _75.8
414 412
418
44 -11-2
6878 69%
6712 6958 6818 6878
6734 69
ais
838
814
8
83
818
84
818 838
404 4112
4034
39,2 404 3912 4012 40
2634 2734
2618 2678 2638 2634
2618 27
7412 76
7312 7434 7234 7412
76
75
9312
93
"9112 94
93
93
94
*93
1318
13
1314
13
13
12%
13
1312
5834 59
5818 5934 5712 5834 5814 591s
2912 29%
2918 29% 2914 2958 2912 29%
9812
•98
9814 9814 9814 *9612 9814
*98
6
6
4
534 6
534 5,
534 54
4312
4312
4212
4214
4312
43
4312 4312
54
54
534 5334
5418 5418 5314 54
7,2 7,2
714 7,4
712
7
8
8
45% 46
4358 454 4358 4638 4518 4738
2318 234
2214 2214
22
*2218 2234 22
112 11238
11234 113,4 112 113 *11112 11234
1318 1312
1318 13% 1314 1358 21314 13,4
16
1614
16
1614 1534 1618 16
16
11012 111
11138 11134 111 11138 110% 11138
15
15
15
15
144 15
154 154 1412 15
139 140
14112 142
13712 13934 13712 14134
13834 142
6214 66
6414 6112 63
6114 6112 6314 62
61
•1112 1212
1112 1112 1112 •I1
1112 •1112 1212
•10
238 238
24 24
258 258
212 212
*212 234
70
69
69
6912 6912 69
6978 69
6934 69
*11212 115
*115 11514 *11212 1144 11212 11212 *112 1144
1912
1912
20
•1812
1814 1834 18
21
18
*19
9712 9912
9278 9512 9512 9712 9512 9812 9612 97%
107 107
*10512 10612 10618 10612 106 10312 107 107
*2212 24
24
2418 *22
2312 2312 2412 2434 24
6134 62
61%
6312 6412 6212 64
6214 6212 61
12
*11%
12
•1158
12
12
*1158 12
•1158 12
239 245
22712 240
23514 23514 238 239
•222 224
1318 13%
1314
1338 13
1234 124 1234 1338 13
85
85
85
8312 86
85
85
84
83
83
8514 8612
8312 8414 84% 844
8478 8534 8412 86
9212
91
915
91
4
93%
91,
8
8
90,
93
9212 924
1034 1134
1012 1014 10%
114 1112 114 1138 10
44 418
418
41s
4
4
418
4
44 418
'5012
5112
51%
49
5034 51
50
51
50
51
6212 6334
6114 60
6338
61% 60
584 58
58
100
100
100
9812
96
96
4
943
9834
•92
9834
igHldaatl asked prices. no sales on tate dky. 4 Es Jdol, le stook. 4 Ex-rigati
414
684
814
4038
2538
7412
9212
1314
59$4
2914
"98
534
•4314
5434
PER SHARE
Range for Year 1924.
On basis o 100-share lots
r Ss-dividend
Highest
$ per share
$ per share
72 Aug 28 96 Feb 7
7512 Nov 3 83 Feb 5
17% Mar 19 354 Nov 26
10 May 19 1214 Jan 4
1334May 7 2834 Dec 31
30 Apr 15 533 Dec 31
7018 Apr 15 10934 Dec 31
1164 Apr 16 120128091 29
3834June 3 54 Dec 30
9414 Apr 16 136 Dec 15
578 Apr 22 1014 Nov 28
104 Oct 28 1538 Fen 11
5712 Jan 14 1004 Dec 26
96 Jan 2 1073* Dec 26
3312 Apr 21 49 Dec 29
10114 Apr 25 10914 Nov 19
36 Oct 30 6134 Feb 7
77 Oct 30 9978 Feb 14
638July 11 2812 Jan 9
2212Seot 9 69 NU 16
12118June 26 13434 Dec 18
13658 Mar 25 16078 Nov 11
101 April 106,2July 23
1354 Mar 25 16838 Nov 11
80 Feb 18 144 Dee 3
8912 Mar 21 101 Dec 11
66 Feb 19 102 Nov 17
0114 Sept 10 784 Jan 11
90 Oct 25 10258 Jan 19
7 July 14
1,2 Apr B3
7 1).14r 22 1214 Dec 29
24 June 5 3678 Dec 27
) 4814 Dec 29
2811May 21
8314June 18 9438 Dec 13
6 Oct 27 15 Jan 9
79 Jan 15 14012 Nov 19
2712July 16 3458 Feb 5
1034 Mar 26 23 Dec 9
124 Jan 4 3112 Dec 31
78,2July 16 14018 Jan 31
108 Oct 27 118 Feb 7
1812Mar 23 334 Dee 12
79 Apr 17 91 Nov 25
ii2Nov 7
812 Jan 2
10438May 20 1348 Dec 27
11012June 10 11712 Nov 28
Feb 16 2312 Dec 31
14
10 Jan 7 1712 Dec 31
39121)Iay 16 59 Jan 5
4434 Apr 15 7234 Dec 30
3734 Oct 22 624 Feb 5
10114 Apr 12 1104 Feb 15
8912June 30 97 Feb 11
74 Jan 6
358June 11
10714June 2 12414 Dec 12
5658 Apr 21 8234 Dec 16
39 May 27 7612 Dec I
96 Dec 30 11212June 27
29 Nov 21
193* Feb 46
914 Dec 1
358June 25
17 Apr 28 258 Dec 30
14 May 29 2512 Dec 27
414 Jan 19
1 Nov 18
80 Apr 30 10614 Dec 30
914 Feb 5
1912July 16
9212July 16 107 Jan 31
55 Jan 9
212May 10
4114Mar 31 58 Dec 29
134July 18
4 Mar 26
14 Mar 19 35 Dec 8
97 Mar 25 215* Dec 15
294 Mar 6 5814 Dec 15
404 Mar 31 5634 Dec 29
2678 Nov 10 6612 Jan 2
79%May 15 10078 Dec 30
39 May 12 6112 Apr ill
2558 Mar 29 3838 Dec 29
15 Mar 28 29 Dec 27
55 Oct 7 7512 Jan 30
61 Apr 21 8318 Dec 9
2474 Feb 15 5414 Aug 5
39345ePt 30 5538 Jan 18
33 Mar 21 48 Dec 29
4312 Jan 11 13114 Dec 17
33 Jan 15 12912 Dec 17
3238May 19 6634 Feb 19
1138Mar 25 30 Nov 28
594 Apr 24 84 Jan 15
8078 Jan 2 797 Dec 12
129 Sept 15 15534 Oct 1
8 Jan 5
258 Apr 22
4312 Apr 14 694 Dec 30
6 Apr 22
878 Dec 10
314 Jan 15 434 Nov 28
2258Sept 30 4014 Feb 5
48 May 13 76 Dec 29
88 May 22 93 Dec 8
104 00122 18 Feb 6
7178 Feb 11
533* Apr 21
2814 Nov 11 3872 Feb II
96 Jan 4 10014 Nov 21
418June 16
84 Feb 5
38 Dec 15 62 Feb 5
4518 Nov It) 7412 Jan 3
6 Nov 6 3214 Mar 6
3812 Nov 12 6912 Jan
184 Jan 21 2214 Dec 5
101ta Jan 30 11514 Dec 9
1134 Nov 19 2014 Jan 7
1138.111ne 9 18 Dec 3
10418 Apr 21 11478 Nov 26
83 Sept 11 2418 Jan 8
112 May 20 142 Dec 26
5012May 15 66 Dec 4
11 Dec 12 1458July 26
%June 23
312July 29
6678may 0 734 Dec I
10512June 26 115 Jan 17
18 Dec 30 2412 Aug 1
61 Jan 29 9312 Dec 30
574 Jan 28 10812 Dec 30
als Ace 1 2414 Dec 29
414 Jan 2 6412 Dec 26
94 Jan 23 1 33* Jan 26
163 Jan 23 240 Dec 29
512 lune 6 1378 Dec 10
3818July 10 86 Dec 29
444 Jan 24 9014 Nov 28
664 Jan 11 944 Dec 12
718Sept 6 1378 Jan 7
314 Oct 21
7 Jan 9
3518may 28 53 Dec 19
313* Apr 11 6338 Dec 31
"'•
100 Dec 31
PER SHARE
Range or Previous
Year 1923.
Lowest
Highest
per share $ Per share
Oct 1114
78
7784 Oct 89 Fe
16 Sept 334 M
1018 July 13 Ma.
13 Oat 38 Ma
Fee
2812 Out 59
644 July 7614 Dee
11412 Sept 122 Feb
4014 June 6574
Jan 97 Dee
78
47 June
918 Feb
, .1130
104 July 211
5114 Oct 6912 Mar
93 June 1025, Mv
314 July 407 Ms.
9772 Aug 10514 Feb
Feb
43 Oct 85
92 Dec 10834 Jae
18 Jai, 36% Feb
324 July 6534 Fee
1194 June 1284 floe
14014 July 16134 Fee
10018 Nov 105% Mar
110 May 15954 Feb
4434 ay,
2718 Jan
Jae
23
854 July
Dec
674
Jan
4812
Oct 10953 Mar
65
9658 Oct Wad .166
l's Dec 34 Ma:
1914 Feb
618 Oet
244 Doe 584 Feb
3238 Oct 534 Mar
8834 Oct 9414 Dee
1834 Oes
104 Nov
6214 Jan 89 Mar
247 Oct
9'2 tle
914 July 3Mao
634 July 27 Mar
994 Sept 15312 Jul
Jan
115 May 120
17 July 354 Jae
7814 June 3912 Jan
658 Dec 284 A1/1
11011 Aug 14414 Mar
Apr 11.344 Jan
111
• 97 Aug 35 Mar
Jae
Oct 22
6
50 June 624 Apr
4818 Dec 8414 Mar
4134 June 70 Mar
10014 June 11114 Mar
87 July 9712 Mar
Vs
34 Oct
10414 May 1214 Jan
4i1 -Oct
65s Ape
100 Sept 14444 MID
214 Sept 43 Jan
414 Oct 114 Feb
1314 June 22 ADD
1278 Oct 377g Mar
911 Feb
14 Nov
77 Aug 87 Feb
1718 Sept 398 Mar
904 Sept 11018 Ma,
384 Oct 123* Feb
42 Oct 66 Mat
Oct4Feb
ct 42
Dee
Mae
1714
914 Nov 40,2 Mal
7934 Mar
2818 Nov
364 Oct 5012 Mar
43 Oct 76 Mat
754 June 9034 Mar
244 June -WI; KlIa's
144 Aug 314 Mar
Mar
60 July
t
7338 June61
654 Oct 8
Oct 353* May
20
Oct 514 Dec
41
3014 June 3784 Apt
Apr 46 Feb
25
15 Am 40 Dee
e4412 Dec 184% NOV
1438 Dec 3988 jam
60 Dec 83 Feb
564 July 694a Feb
Oct -fi) Feb
-1--;
,May 578
13as
..._
427
Oct
5
1214 Jan
1234 SeD
-1
574 Sept
8534 Aug
84 Aug
334 Aug
23 Aug
92 July
3 July
30
Aug
5412 July
_
203* May
184 Dec
10014 June
3034 May
II
44c1
8934 Jan
20
Oct
10614 Jan
52 July
1214 Dee
6214 Mat
844 Mae
944 Mat
20 Feb
6512 Dee
373*
106
1214
5812
72:8
..
Feb
(pp
Mu
Mar
8114 Dee
28 Mat
111
Mar
444 /no
1414 Jane
5::
18
14
1
p:
a
27 J1111
117s Mar
304 Jan
Gel
ec 941
Oc
8 D
'8
587
::
71
j
3
.12)
110
Oct 118
Jan
Ulf
197s Dec 31
52
Oct 93 Jan
82 Oct 994 Feb
5 June 13 Nov
3414 June 6018 Feb
74 Sept 104 Jan
140 July 21214 Jan
57 0.21
161s Feb
-373* -Feb
47', Mar
7838 Iola
584 Oct
hp
918 oh, 24
5 Dec 1434 Apr
71a Feb
3811 ,Jel
23 tog 54 Mar
Mar
'
,^
New York Stock Record-Continued-Page 3
67
For sales during the week of stocks usually Inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 27.
Monday,
Dec. 29.
Tuesday,
Dec. 30.
Wednesday
Dec. 31.
Thursday
Jan. 1.
$ per share 3 per share $ per share $ per share $ per share
14434 14478
148 148
14734 148 •145 147
97
97
9612 97
9612 97
9678 964
•105 110 *105 110
107 107 *105 108
294 296
296 30712 304 322
29412 301
1118 1114 1118 1114 11
1118 114 114
6538 6678 65
6678 6414 6538 64
6612
*9112 93
94
.91
*9112 93
*9112 9312
•9112 93
*9112 9214 9134 9134 92
92
•102 103
102 10238 102 102 *10214 10212
4212 424 4212 43
4214 43
4178 4212
6818 584 5712 5812 55
5712 5512 5638
14
14
14
14
14
1414 14
14
3934 40
3914 3912 3914 4214 42
4278
3612 3712 37
38
3678 38
37
371
91
91
*9012 91
9012 9012 9034 9112
89
8912 8938 8912 8834 8934 8918 893
10518 10518 105 105
10412 10512 *10412 105
2078 2178 21
2178 2014 2138 2014 2034
414 414
4
4% 414
414
418 414
9418 9538 9238 9514 9114 9312 9112 9238
1978 21
2012 21% 19
1934 1834 194
4,672 6
5% 5%
512 512
5,2 612
863
86
8612 873
8538 8678 8538 8612
364 367
518 3638 34
3538 34
3434
37
87
36% 371
3512 37
3514 3738
41% 411
4012 411
42
42
43
43
3518 351
3434 351
3478 35
3438 35
78
77
7712 791
78
,
8 8114 7934 80%
3538 36
3518 357
3318 364 34% 3538
•1634 167
1634 17
1612 17
1638 177
114
1%
11
114
118 11
11
1212 13
1212 13
1234 147
1418 161
"Fri: 171
•5
534
47
47%
32% 3314
1711 1i1-2
434 614
4712 4734
33
3378
1612 1712
54 534
474 474
31% 3238
16
18
54 514
47
473g
3134 3214
11738 11712 118" 117
11624 11614 1163, 11878
53
53
53
53
52
534 5214 53
3738 3814 3714 3812 37
384 3612 3733
10834 1101E 109 11038 108 1084 107 10838
•115 11514 11514 11512 •115 11512 11412 115
1312 1334 1214 1358 1238 13313 1234 1314
444 4478 4334 4412 44
4618 4432 46
2612 2718 26
264 2512 26
2514 27
*93
95
*9213 95
*93
9378 934
95
5512 58
5634 60
5612 5958
573
55
74
74
747 *73
74
75
75
*73
9012 91
9112 9334 9212 94
93
931
1518 15,
1518 151
8 1518 151
1518 1538
9834 99
96
94
94
96
92
92
2038 20% 2014 203
1938 20
2014 201
0104
•10312 104
10312 1031 •103 105
19
19
1912 197
1934 207
Stock
1938 211
5012 51
484 501
4714 483
4718 481
2714 28
2714 2738 2534 261
27 Exchange
26
*88
8912 *86
891 *86
891 •85
891
1734 1818 17
17
18% 174 181
1738 Closed*45
51
521
50
5212 521
50
50
.
95
98
99 100
•9812 99
*9712 981 New Year
57
5734 6614 5738 5512 561
5514 561
2
Day
178
2
178
2
178 2
17
85
8533 8434 86
8534 853
861
85
*454 470 46434 46434 470 47514 *47478 4951
*44
41338 4512 4512 4312 4312 4338 4338
•110 111
11058 111 *110 ---- •110 112
124 13
1238 1278 124 1238 1214 12%
6789 67,
8 674 6734 6612 674 56612 6714
*11914 11934 11914 11914 *11612 119 •116 119
674 6734 6738 6789 6618 6718 6678 67
7014 71
71
6912 7012 6912 71
70
2312 24
2312 244 2318 2378 23
23,
8
618 614
638 638
64 614
614 612
✓77
78
78
7938 7812 794 78
7878
345
34
3334 344 3378 3438 3418 343s
37
3778 3634 3771( 354 3612 3918 364
•11412 11612 *11412 117 •11514 11612 *11512 117
11712 11872 11812 11814 11534 117
11538 11754
•108 10714 *105 107 *106 107
10612 10612
*99 10012 *99 100
99
99
*99 100
7034 7078 6914 70
6914 70
6912 697g
434 4512 4318 4538 4212 434 42
4312
333s 3378 3338 3414 3318 3378 333g 34
*4212 4312 42
4378 4114 4114 41
4378
28
31
31
30
2912 3034 304 3058
2734 2834 2778 2918 2814 284 2813 2834
37,
8 38
3758 3834 3734 3878 3734 3812
1212 1234 13
1312 1312 1312 13
1333
34
3478 3414 3412 *3414 3412 3414 3512
544 5612 66
574 5512 5512 55
5678
8234 8318 8014 821
79
8034 7812 8112
3534 3678 3412 353
3318 3434 3314 36%
10812 1084 107 10814 106 1088 10734 109%
•15
1512 1514 151
1518 1512 1514 153
204 2138 20313 2138 205 2114 2034 211
2338 2438 2312 2414 2318 2312 2234 231
118
118
118
11
1%
114
118
11
71
7338 7212 7384 71
72
.71
72
4712 4812 4612 477
46
4612 4589 47
24
2438 23,
g 241
23
2312 23
231
838 9
9
91
914
9
9
91
16
16
1618 17
154 1634 16
16
203 204
204 204
193 19834 194 1983
6,
8 658
634 63
614 834 *612 7
7114 7112 7034 733a 7112 7334 27214 723
•12612 128
12612 12612 *12612 ____ *12612 _-__
6638 68
6712 6812 6712 6834 6878 684
42
4212 4178 4214 4111 42
4134 42
37% 38
38
384 3734 3778 3778 3814
•3314 34
32
3314 3112 3214 3112 3184
160 16112 159 16112 158 15934 16012
16234
'
1,116 117
116 116 *116 117
11614
5914 5938 5934 6034 6012 6178 6114.11614
16
1638 1638 1634 15% 1638 1534 617
16
55
564 5534 57
55
557
541 5634
5678 57
5612
*56
5612
5612
57
56
3012
*29
*28
3012 29
30 •28
30
.
5438 5412 *5412 55
5412 5412 5458 5458
4212 4234 4134 43
4132 4212 4114 4232
4612 4634 46% 4634 4612 4634 4812
4852
*712 812 *712 812 •7
812
812 812
;ais ._62_4
*6
7
6% 6%
2814 29
28
28/
1
4 2734 28
27/8 27%
1
4 92
8638 8812 89/
90
92
28912 91
93
93
9% 9%
038
934
938 914
4438 4634 46
4712 48
4714 46
4718
-64i2 10412 jai, iiii" iiii" fiii- z103l-4 niise
838 8%
•832 012
8118 8%
9
9
5212 5272 521, 53/
1
4 53
55
53% 5478
. 1534 15/
1
4 1612 15/
1
4 16
15
157
02% 1024 10214 10212 •102 103 *10214 103
1011111 and asked MUCK AO Wei Mil day. a Blx-dlvidend.
Frtday.
Jan. 2.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1924.
On basis of 100-share lots
Lowest
$ per shar. Shares. Indus. & MIscell.(Cora.) Par
per share
800 General Baking
145 14734
No par 93 Jan 12
9612 9678 3,100 General Cigar, Inc
100 8214 Apr 30
Debenture preferred. A00 100 Apr 3
100
06
8,4
0512 16
•16
312 320 122,700 General Electric
100 193% Jan 3
Special
5,900
Apr
10
111,900 General Motors corp..No par
5195)124 Oct 2
19
*9
1112 9
Do pref
14
D8
June
100
.1,6112 94
Do Deb stock (6%)_ _ _100 8
200
3
20
838
1s,ne
Preferred
10278 10314 1,100
7%
100 9518July 1
4212 4378 26,900 General Petroleum
25
16,900 Gimbel tiros
55
No par 4718June
66
2,700 Glidden Co.
14
14
No par
8 June
40
238 8,300 Gold Dust Corp
8 3
47
3
17
4
No par 2812 Apr 1
7,500 Goodrich co (B
17 June I
No Par
Do pre(
•9012 9112 1,000
100 7014May 1
8934 9,100 Goodyear T de Rub pi v 10.100 39 Jan 4
89
Prior preferred
00
600
412
4 12
12
00
100 8814 Jan 2
14.000 Granby Cons M,Sm & Pow 100 1212 Apr 14
414 634 10.300 Gray & Davis, Inc._ __No par
212 Oct 10
Highest
PER SH.
Range for Presiow
Year 1923.
Lowest
$ per share $ per share $ per Mani
160 Sept 24
72 July 10318 Nov
9838 Dec 15
8018 June 9718 Dee
1219 Dec 20 104% Nov 110 AV/
322 Dec 31 167% 861/1 20214 Dee
112 July 1 1
1014 Oct 12 Jan
6673 Dec 27
93 Dec 10
79 July 89 AM
9312 Dec 10
7834 July 90 Ara
10312 Dec 9
41,
4
64% Dec 18
39% June 51'i Apr
15 Nov 19
6 Sept 1218 Feb
43% Nov 26
38 Dec 29
/
4 Ma
173s Oct 411
92 Dec 16
6734 Oct 92/
1
4 Ma,
90% Dec 18
Oct 6212 Apt
35
108% Dec 18
Oct 99 Feb
88
2178 Dec 29
12
Oct
33 Ma
918 Jar, 11
634 Dec 1575 Mar
8,000 Great Western Sugar
25 8314 Oct 22 96% Dec 13
9234 93
194 194 5,100 Greene Cunene,'Copper.- _100 10 May to 21% Dec 29
13/
1
4 Des- 3418 Mar
534 5,
4% Nov 11 10% Eel, 6
4 3.100 Guantanamo Sugar__ __No Par
141
/
4 Feb
5 Sept
8612 8778 9,600 Gulf States Steel
32
1(
1 s
0
) 8914 Feb 7
100 6
M apyt 2
06 June 10458 Ma
3433 3134 12,700 Hartman Corporation...He par
4434 Feb 4
1
4 Nov
79/
9478 Feb
Wheel
tlayes
17.300
3912
38
100 3214May 20 52% Feb 4
44
31 July
Am
1,000 FIomestake Mining
43
43
100 35 July 1 5612 Jan 3
54 Dec 79/
1
4 Jar
3,100 Household Prod, Inc__ No par 31% Apr 19 38 Nov 28
•34% 35
1
4 Min
28/8 July
39/
20,100 Houston 011 of Texas
82
81
:
A
., 22
2 8212 Feb 5
100 61,2
4014 Aug 78 Feb
35% 35% 29,100 Hudson Motor Car_ __No par 2012MaY 13 36 Doc 27
20 June 3214 Mat
1734 183
, 21,100 FIupp Motor Car Corp
10 1118May 13 18 Ian 2
1518 Dec 3012 Ator
118
4,700 Hydraulic Steel
No par
2% Dec 15
11
12 Oct
612 Jan
1584 164 95,500 Independent Oil & Gas_ No par
534Sept 27 1614 Dec 31
Ma Sept
/
4 May
111
indlaboma Refining
18 Nov 10
1
27s Jan 17
Oct 19 Mar
15
1:
18
2s.m7,4
1uaanyy
*1611 17 - 1;565 Indian Motocycle ___No par 3,
e 216
69 2514 Feb 4
18 Dec 1914 Dee
334 Apr 12
512 614 3,900 lndlan Refining
710lane 18
10
312 Dec
8/
1
4 Apr
4712 6,700 Inland Steel
47
4814 Nov 28
No par
3118 July 4858 Apt
32
3214 15,300 inspiration Cons Copper - 20 2218 Feb 28 33% Dec 29
2314 Oct 43/
1
4 Mar
Intermit tgricul Corp pref _t00
1012 Jab 8
418 Oct 8978 Feb
HiT2 11834 2.800 Int tiosins Machines_ No par 83 Apr 11 11878 Dec 31
5212 5213 1.800 International Cement No par 4014 Apr 24 51:1 Nov 21
81 June 44 'Mit;
3612 3714 72,300 Inter Combus Engine No par 22 Mar 31 39 Dec 15
19% June 2718 her
10712 10734 12,400 International Harveeter___100 78 Jan 3 11012 Dec 27
6614 Oct 9812 Feb
800
Do pref
•115 11512
jan
eb 26 11512 Nov 19 108
100 10684 F
Oct 116/
1
4 Jan
1314 1338 14,400 lot Mercantile Marine-100
15% Dec 5
4/
1
4 Aug 11/8 Feb
45
1112l
Do pref
N ayr 26 4738 Dec 4
16
100 2
4534 21,20
1812 Aug 47
Jan
2638 2712 78,30 International Nickel (The) 25
2718 Dec 27
1012 Oct
1614 Feb
40
9434 95
100 7512May 29 95 Nov 10
Do pref
69/
1
4 Jan 83 Juni
5712 5914 44,40 International Paper
100 3412 Apr 1
60 Dec 29
2778 Oct 58/8 Mar
1,20
Do stamped preferred_100 62% Mar 25 7478 Oct 1
75
•73
Oct 7518 Jan
60
100 66 Feb 1 94 Dec 30
92
9414 4,90 Internet Telep & Teleg
64 Oct 711
/
4 Apt
1512 161 19,80 Invincible 011 Corp----No Pa
1012July 17 16% Ian 2
7/
1
4 Noe 19/
1
4 Mat
94
700
Iron Products Corp._ __No pa
92
.
3912 Apr 2 100% Des 18
8212 Aug 5814 Mar
•2014 20,
8 2,000 Jewel Tea, Inc
100 1632 Apr 15 2314 Ian 2
15/
1
4 Ott 24 Mar
Do pref
500
103 103
100 718434M
Septar 3
110 106 Dec 19
62 Jun
88/
1
4 Dec
2014 204 2,900 Jones Bros Tea, Inc
100
2712 Jan 3
1
4 Dec 68/8 Mar
20/
49
10,500 Jordan Motor Car
52
No pa
2134May 20 52% Dec 16
2,700 Kayser (J) Co, v t o......No pa
•2612 27
1614 Aug 16 3838 Jas 18
28 July 45? Feb
Do let pref
891
.
87
No pa
77 Aug 16 10212 Feb 11
98 July 164 Mar
16% 1738 15,200 Kelly-Springfleld Tire
2
934June 20 35 Jar 10
1
4 Mar
2012 Oct 62/
1,200
*5012 51
8% preferred
100 33 June 21 88 Jan 10
Jan
78 Nov 108
1,200 Kelsey Wheel, Bic
9712 971
100 76 May 7 104 Dec 13
Oct 117% Mar
75
55% 563 90,500 Kennecott Copper
par
No
34% Jan 21 5734 Dec 27
2918 Oct 45 Mar
2
3,800 Keystone Tire & Rubber__ 10
2
112 Oct 22
434 Jan 9
1/
1
4 Oct 1112 Mal
8512 86% 4,400 Kinney Co
No par 5214May 14 8614 Dec 30,
*480 495
400 Kresge (8 13) Co
100 28711 Jan 17 47514 Dec 301 177 Mar 800 INN;
*43% 4438
700 Kresge Dept Stores__ __No par 42% Nov 12 6278June 28
111 111
300 Laclede Gas L (Si Louis). _100 79 Jan 2 113 Nov 18
76 July -891;June
•1212 1278 4,700 Lee Rubber ge Tire ___ _No par
8 May 13 1712 J. I
Ilse Oct 311s Mar
67
66
4.000 Liggett & Myers Trb new _ 25 50 Mar 26 6814 Dec 20 1111
/
4 Apr 118/
1
4 Jan
•116 119
900
Do pref
100 11472July 7 121 Just, 20
66
13 new
6634 3.000
25 4878 Mar 28 6812 Dec 20
70
7034 11,700 Lima Loo Wks tern otf _No par 56 June 9 71 Dec 27
747s
6814 June
Mar
2312 20,000 Loew's Incorporated_ __No par 1518June 2
23
25 Dec 15
14 June 2114 Feb
614 614 4,000 Loft Incorporated
No par
512 Apr 22
814 Jan 11
6 Sept 111
/
4 Jan
7734 7934 4.000 Loose-Wiles Biscuit
100 50 Mar 6 84 Nov 8
8614 July 6614 Dee
3418 3433 13,300 Lorillard new
25 3338 Dec 22 42)14 July2
3538 364 11,700 Ludlum Steel
No par
17 Oct 28 3814 Dec 26
*11512 117
Mackay Companies
100 107 Jan
119 Ault 1 led" May Hi- Feb
11812 120
21,500 Mack Trucks, Inc
No par 7534 Apr 1 11878 Dec 26
5818 Jan 93/
1
4 Apt
•106 107
100
Do let preferred
100 9512 Jan 1 10714 Dec 24
87 July 99/
1
4 Mal
99
99
200
Do 2d preferred
100 87 Apr 22 101,4 Dec 9
June
72
Mat
92
•6912 70
1,800 Macy (R 14) & Co. Ino_No par 59 May 15 7112 Dec 18
57 July 7112 Jan
4212 4414 23,500 Magma Copper
No par 2618J une 1
4518 Dec 29
2714 Oct 3814 Mat
3334 34% 24,500 MallInson (II R)& Co_No par 18 Mar 28 4112 Dec 4
21 June 40
Jan
4378 454 6,500 Manhattan Elec SupplyNo par 33% Mar 2
49%J ulY 15
Oct 66 Mar
35
30
3012 11,800 Manhattan Shirt
25 2612 Dec 22 44 Jan 10
Oct 4772 Jan
40
2834 2912 17.000 Maracaibo 011 Expl___No pa
24% Oct 1
3711 Jan 26
16 Sept 28/
1
4 Dee
3814 39
77,300 Marland Oil
No pa
29 May 1
42 Feb 5
1712 Oct 59/8 Apr
•1318 1312 2,200 Marlin-Rockwell
No par
8 Jan 8 1734 Mar Ii
8/
1
4 Noe 16 Feb
3514 3534 3,700 Martin-Parry Corp____No par 3118 Nov 28 37/
1
4 Jan 17
26 July 37/
1
4 ADr
54
573
8.800 Mathieson Alkali Works_ _ 50 2938May 13 58% Dec 19
8114 Oct 63/4 mar
8034 8152 16,600 Maxwell Motor Claes A...100 38 Apr 14 8418 Dec 16
Oct 83/
38
1
4 Mar
3472 361 48,400 Maxwell Motor Class D.No par 1018 Apr 30 39% Dec 13
1014 Oct 21
Apr
10978 1113 17,600 May Department Stores_ _ _100 82% Apr 21 115 Dec 12
Jan 93 Dee
8
671
17
16
3.800 McIntyre Porcupine Mines_ _ _
14% Dec 11 1814 Jan 7
15 Sept 2012 May
22
21
25,600 Mexican Seaboard 011_.No par 14% Jan 3 2534Sept 12
514 Aug 23/
1
4 May
2234 23
33,100 Miami Copper
5 20 May 19 25 Aug 18
2012 Oct 80/
1
4 Feb
14
11 17.000 Middle States 011 Corp _ - 10
1 Aug 14
6% Jan 2
312 Nov
1214 Jan
72
.
71
3,100 Montana Power
100 6114June 17 7434 Dec 16
5412 June 75 Mar
46% 49% 76.100 Mont Ward & Co III Corp_ 10 2134May 20 4812 Dec 27
1814 May 2614 Nov
23% 243
7,300 Moon Motors
No par
1712 Oct 28 2712 Feb 7
17/
1
4 Jan 291s Mar
9
91 41,400 Mother Lode Coalltion_No par
6 May 19
7% June 14 Feb
,4 Feb 15
9
167
•16
2,800 Mullins Body Corp__..No par
9 Mar 22 1814 Dec 16
1018 Aug 2978 Mar
198 2011
2.500 Nash Motors Co
No par 9612 Apr 29 234 Dec 27
7518 Jan 11412 Jan
*638 7
900 National Acme
50
7 Nov
1018 Jan 28
1818 Feb
334 Oct 11
75
73
38,300 National Blacult
25 5014 Mar 28 7714 Sep, 23
38
Jan 5278 Noy
*12612 -200
Do pref
1
4 July 125 Feb
100 12012 Jan 8 12834 Dec 17 118/
*6812 68% 2,100 National Cloak & Sult
100 44 June 5 70% Dec 16
40 June 8714 Feb
42
42
2,300 Nat Dairy Prod ten stfe.No par 30% Apr II
4114 Dec 4
3812 3812 3,600 Nat Department;Pores No Oa
3614 Oct 27 43 Jan 9, 1;4 June 42's Apr
33% 3,100 Nat Enam'st & Fitt[Aping .100 1812Seot 8 4478 Jar 171 85 Oct
33
73 Mar
160 16134 3,800 National Lead
16914 Aug 15 108 July 148 Dec
•116 117
200
0. pref
118 Sept 9 10712 June 114 Jan
61/4 62
5.000 National Supply
5412 Oc
50 5412 Oct 10 7212 Feb 4
684 Dec
1614 11,200 Nevada Consul Copper
16
5 1178 Jan 2 1634 Dec 29
9% Oct 18% Mar
5614 10.800 NY Alr Brake temp °tie No pa
56
3618 Apr 22 57 Dec 29
2618 Jan 4278 Nov
*56
5612
700
Class A
57/
1
41,4
No pa
136
,
ec 23
4
4714 Jan 7 3
151
614
2
Feb
*28
30
400 New York Dock
.an
JAttre 257112
500
Do pref
100 I% trill 23 5514May 14
8714 Aug 5112 Mar
4
51
572 4
52
512 36,900 North American Co
45 Dec 4
1712 May 2414 Apr
4632 4834 2.500
5014 July11
Do pref
4212 July 48/
1
4 Feb
*712 812
100 Nunnally Co (The)-...No pa
912 Dec 19
7 Apr 11
r
ill I:
I366
c
113118
2 Feb
Ohio Body & Blower_ __No 94
18 Dec 1
438 Jan 14
-;13- --i
200 Ontario Silver Mining
85* Oct 4
434 Mar 24
100
8 July
914 Dec
27/
1
4 2778 3,300 Orpheum Circuit. Inc
1
Feb
18
18 29 Dec 27
16/
1
4 Jun
21/
1
4 Apr
8978 91
11,700 Otis Elevator-3
e 26
4 92 Dec 29 114/
10
41nv
No
61£31,
1
4 July 153 Feb
10
1078 9.600 Otis Steel
111
/
4 Jan 26
par
7 Jun
1414 Mar
4714 4912 48.600 Owens Bottle
571
,14 v
25 3914May 29 4
lan
o,29
5
86/2 Jan 15214 Ape
Pacific Development
18 Jan 2
114 lat 11
le Nov
2/
1
4 Mar
jai'
l I-Oil-2 - Z:geo Pacific Gas&
Electric
100 9018 Jan 4 105 Dec 29
73 July 9478 Dee
9
9
600 Pacific Mail Steamship__ 5
7 Apr 7 1014 Jac 9
5478 5614 108,200 Pacific 011
1612
672m
1
Aa
py
r 22
45
87
114 IletY IR )
311s
eel
1534 16
36,100 Packard Motor Car
10
Dec 29
978 Oet 1512 Mal
*102 103
200
Preferred
100 8912 Apr 24 10214 Dee 12
9O'.Junel 99 Feb
!Par value changed from $100 to 650 and prioee on that bards beginning
June 3 a len-rbtlits
12 NIVIVI
IS 22 Jan!
New York Stock Record-Concluded--Page 4
For sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
....
Friday,
Wednesday. Thursday,
Tuesday,
Monday,
saturday,
Jan. 2.
Jan. 1.
Dec. 31.
Dec. 30.
Dec. 29.
Dec. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1924.1
On basis of 100-share lots
Lowest
$ per share
$ per share $ per share $ per share $ per share S per share $ per share Shares. Indus. & Miceli.(Con.) Par
6434 6612 26,200 Pan-Amer Potr & Trane___ 50 444 lob 14
4
/
4 641
1
4 6353 6434 26234 6312 62/
/
641
64
B
4114 Feb 14
50
Class
Do
133,200
6614
4
/
641
6218 64
6312 64,4 6318 6438 36214 63
112Sept 6
200 Panhandle Prod dr Ref_No par
3
.2
212 212 .212 3
3
3
4
.3
par
__No
34July 1
stapd
Bing,
&
Parish
200
178
4
/
•11
4
13
8
*15
4
13
4
13
8134 11
4
/
4 "134 11
/
No par 24 Sept 8
14,500 Park & TIlford
3412 35
4 3514 3418 35
1
3534 34/
3434 3514 35
Ill Oct 16
4 2
/
11
79.200 Penn-Seaboard St'l v t cNo par
178 2
134 2
134 2
178
134
'11413 11512 2,100 People's G LA C(Chic)__ _100 9234 Apr 29
11412 11513 11514 115,4
11412 11412 115 115
12,800 Philadelphia Co (Pittsb)__ 50 42738ay I
.5614 57
5612 56
4
/
561
5712 56
5634 5714 56
4 4934 32.900 Phila It Read C & 1w 1_N0 par 3412 Mar 28
1
48/
4918
4818
4
493
4813
4
1
/
49
49
51
4912
200 Phillips-Jones Corp__No par 44 May 14
85
85
82
8212 .76
83 .76
83 .76
*80
1434 1434 8.900 Phillip Morris & Co Ltd____10 11 July 10
1512 1412 1534 15/
4 1534
1
1512 1512 15
Phillips Petroleum___ _No par 2812 Oct 3
44.500
4
373
4
1
/
36
37
4
1
/
36
3718
4
363
3718
4 3612
/
364 361
813May 13
1414 1433 6,100 Pierce-Arrow Mot Car_No par
4
1
14/
4 14
1
14/
4 1458 154 14
1
1412 14/
100 1813May 15
Do pref
9.000
.51
50
4912 5114
524 51,2 53'4 5018 51
52
25
112 Apr 3
Corporation
011
4
13
4
13
Pierce
5,500
4
/
4 11
/
11
1 12 134
1 12 134
4 134
/
11
100 20 Mar 4
Do prof
2512 2534 1,900
25
25
2414 25
2434 25
2412 25
4 Oct 11
/
41
par
No
Petroleum
Pierce
40,200
I
6
4
1
/
5
1
1
4
53
2
5
4
1
/
5
52
4 •534
1
5/
4 512
1
5/
100 47/
4 Dec 23
1
4912 5.000 Pittsburgh Coal of Pa
49
4812 4834 4838 4878 4838 49
4812 99
4 Aug 21
1
100 94/
Do prof
200
9813 9812
9812
9812 9833 9838 .97
•97 100 .97
972 Jan 22
1512 3,700 Pittsburgh Utilities pref _100
15
4 1434 1512
1
4 1513 15/
1
1534 1534 1512 15/
par
1nc_No
Apr 22
Co
4813
Cereal
Postum
20,400
8
1033
4
/
1011
4 10114 10312
1
9634 9734 9712 9934 9938 102/
100 110 Feb 7
Do 8% preferred
.116 117
0116 117 *116 117 .116 117 .116 117
6
Aug
39
100
Car
Steel
Pressed
10,500
8
647
6112
1
8
5912 5934 5934 5914 613
5914 59 4 59
100 67 Aug 15
Do pref
400
8718 8713
87
*86
8514 87
90
*85
89
•84
2978 10,500 Producers& Refiners Corp_ 50 2234 Apr 22
29
2878 2878
2712 2812 2338 2918 2812 29
6938 16.600 PubServCorp ofNJ new No par 39 Mar 25
69
6834 6938 6834 6914
6918 6934 6873 70
100 11312 Apr 10
16,600 Pullman Company
148 150
14612 149
4 14818 14912 14634 148
/
150 1511
4 Dec 22
1
50 37/
4014 21.300 Punta Alegre Sugar
3013
8
405
8
3914
40,
4
1
/
41
39
4
333
4
1
3914 40/
25 20 June 6
011
Pure
44,932
(The)
2934 3014
294 2934 2912 2978 2914 2934 2914 2953
100 92 Jan 10
Do 8% preferred
100
"104 105
104 104 .104 105 *10312 105 .104 105
6634 7778 413,800 Radio Corp of Amer___No Par 2578 Oct 15
5612 66741
4812 5113 5118 5834 5614 60
50 4578 Oct 21
Preferred
3,000
4978 50
4912 4978 4938 50
4834 4834 4878 50
100 106 Jan 3
136 13814 14,900 Railway Steel Spring
133
135
132
13634
13712
135
2
1357
13358
30 Jan 17
par
No
Ltd
Mines.
Rang
100
33
.32
*3212 33
33
33 .32
33
•3234 33
9 Mar 27
4 32,400 Ray Consolidated Copper_ 10
/
1612 161
16,2 174
1712 1634 1712 1612 17
17
Jan 4
3214
100
Typewriter____
Remington
6,400
4
1
/
53
5214
53
5214
5413
5214
4 5414
1
5158 50/
51
11
90142uly
100
preferred
1st
200
100 100
4 .99 100
1
9934 9934 99/
•96 100 '99
100 9012May 13
preferred
26
100
120
'108
120
.109
120
.108
120
'109
10814
10814
11
714June
par
No
Steel
Replogle
15.900
2113
8
205
21
8
203
21
2112 2114 2112 20
21
100 42 June 7
6114 6278 32.400 Republic Iron AC Steel
4 614 6278 614 62
1
4 6034 6114 63/
1
58/
100 82 June 16
pref
Do
1,600
934
4
1
/
93
4
933
94
4
4
933
933
9312
9312
9214 93
4May 13
1
9/
No par
9,500 Reynolds Spring
1558 17
1612 1634 153* 1658 1513 1633 1512 16
7534 7612 7,800 Reynolds(K J) Top Class B 25 6158 Mar 31
4 7614 7534 761 2
1
7612 75/
7618 7614 76
4 Mar 26
/
100 1151
Do 7% preferred
4 12014
1
.119/
•11978 12014 •11978 12014 *11938 12014 *11978 12014
4012 Oct 14
4 5412 20.800 Royal Dutch Co(N Y shares)_
1
53/
4 5314
1
5133 5234 5153 5238 52/
5034 51
10 22 Jan 7
45
4558 11,100 St Joseph Lead
4512 45
45
4512
4234 4434 4432 45
1(4 Mar 6
Santa Cecelia Sugar__ _No par
____ ____ ____ ... __
____
4 Jan 2
1
8434 8134 3.200 Savage Arms Corporation_100 32/
8314 8214 8374
8538 8314 8512 83
85
4 8.600 Schulte Retail Stores_No par 9854 Apr 18
1
114 114/
4
/
114 11512 11418 11573 11312 11514 114 1141
15
78/4May
100
Co
&
Roebuck
Sears,
28,200
15413
150
155
148
149
14714
4
1513
15014 15212 14812
100 1124Mar 26
1)0 pref
____ _ . __ _
____ ____ ____ ____ ____
13May 2
No pat
1
74(
1 18
78
118 -1- 4 13,300 Seneca Copper
118
78
118
118
4 Apr 11
4 1,500 Shattuck Arizona Copper__ 10
1
•712 7/
8
4 734
1
.7/
734 8
8
4 8
4July 17
/
No par 151
2258 2312 63,500 Shell Union 011
2214 22 18 22,2
22
4 2158 22
/
2112 211
Jan 4
9113
100
Preferred
100
9912
500
9912
9912
100
*9912
9913
9918
9918
1199
2 Jan 4
103
10
Petroleum
Simms
108,900
2378
23
2258 2312 2258 23
2112 24
1878 20
No par 22 Apr 14
4.500
Co
3318
33
Simmons
Stock
3318
33
33
33
3314
33
3314
33
15 July 16
1714 17/
4 75.200 Sinclair Cons Oil Corp_No par
1
4 1718 1634 1718 167g 1714
1
1614 1634 16/
100 75 Oct 14
Preferred
7834 7834 1,800
7713 7634 7712 7714 79 Exchange
7714 7712 76
174July 17
25
Co
011
Skelly
45,200
26
2412
23
23
4
/
211
4
/
4
/
241
211
21
2078 21 14
83
Closed8212 8314 3.500 Sloss-Sheffield Steel & Iron 100 52 May 20
8312 8414 8314 8312 82
8312 84
6414 2.900 South Porto Rico Sugar__ _100 58 Oct 29
64
.62
5913 60,8 5914 6078 .62
64
84
752June 20
No par
Years
Now
4 1834 4,300 Spicer Mfg Co
1
17/
1712
17
1814
1814
1812
1812 1812 1812
100 78 July 113
Do prof
300
9613
.94
9512 96
96
9612 .94
*94
9612 .94
Co.No par 3112May 20
El
It
Gas
4014
Standard
6,500
Day
8
407
4012
4
/
391
4114
4
1
/
40
4
1
/
40
8
403
4012
4014
6278 6378 41,800 Standard 011 of California. 25 5513 Apr 2
6218 6318 6214 6234
8238 6278 6214 63
4014 4114 84,100 Standard 011 of New Jersey 25 33 May 14
31158 4014 3934 4012
3913 3073 3934 40
Do pref non-voting___100 11534 Mar 1
11712 11712 1,300
117 11712 1171g 11718 .11718 1171 3
117 117
1318 Oct 21
1514
1518 1538 3.200 Stand Plate Glass Co__No par
1412
1413
4
1
/
13
4
1
/
13
4 1313
1
4 13/
1
13/
No par 5512 Apr 23
1,400 Sterling Products
63
63
63
63
6234 .6212 63
*6214 6212 62
Corp.No par 4812July 17
Sp
11
Stewart-Warn
34,600
1
751
7018
4
703
6834
4
1
/
69
3
7
7018
4
683
18
71
704
7678 5.200 Stromberg Carburetor_No par 5412N1ay 14
70
70
69
69
4 7014 69
1
4 69/
1
60/
69
4534 4634 61,900 Studebaker Corp (The)n w I No 30I2May 20
4614 455g 4614 4434 4512 4458 46
46
Nov 3
No par 6
11,500 Submarine Boat
10
4
1018
93
4
1
/
9
1014
10
1012
4 10
1
1018 10/
4 Jan 2
1
2/
No par
514 5,100 Superior 011
5
454 518
4 5
1
4/
4 5
/
41
434 54
114Sept 8
10
Sweets Co of America
____
____ ____
____ ____
4Mar 31
1
6/
No par
7,800 Tenn Copp & C
9
9
94
9
'
9
9
912
9
914
4314 4334 34,400 Texas Company (The)____ 25 3734.1une 7
434 4234 4314 4212 4318 4234 4314
43
10 5714 Apr 21
Sulphur
Gulf
Texas
53,200
4
1083
4
1
/
106
106
8
10212
1085
104
109
10412
110
10814
8 Oct 14
10
1178 1214 18,400 Texas Pacific Coal & Oil
1034 1218 1112 1114
103* 113* 1078 1 ng
100 11614 Oct 15
130 13212 2,700 Tidewater 011
12934 13012 12934 13014 12012 13178 12912 13012
19
31.12May
par
_No
Bearing
Roller
Timken
3
393
4
383
10,500
3
384
4
1
/
38
3814
4
38
3914
3834 3914 3834
x70
7078 13,900 Tobacco Products Corp_ 100 53 Apr 11
4 7134 7338 711
/
4 7212
/
7 34 7178 7134 711
100 834 Mar 25
Do Class A
1,605
9314
9318
93
93
9318
9213
93
9212
93
93
4 Apr 15
1
3/
4 44 51,300 Transcontinental Oil_ __No par
1
3/
418
4 4
1
3/
4 44
1
3/
4 4
1
3/
3,900 Underwood Typewriter_ 26 3618Sept 8
3913 40
4014
3912 3912 3934 4012 3914 3034 40
100 3312Sept 10
Corp
Paper
It
Bag
Union
3,367
4512
4
433
1
4212
43
42
46
3
42
4
423
4234 4318
100 94 Jan 7
100 Union Tank Car
12212 12212
124 124 .12213 126
123 124
1'122 124
100 10614 Feb 18
Do prof
200
114 115
114 114
115 115
114 115
•113 115
No par 20 Oct 23
2812 2834 3,700 United Alloy Steel
28
2778 2814 28
2812 2812 2712 28
100 71 May 29
5,600 United Drug
120 120
11778 12034
120 12034 11813 11912 11712 118
60 4812May 3
Do 1s1 preferred
200
'517$ 53
53
.517s 5212 5212 53 .5178 54 .52
100 182 Jan 4
Frult
United
4,700
224
218
217
212
215
207
202 20314 20214 207
13 July 23
par
Rad__No
&
Pipe
Universal
83,100
4512 47
4414 4734 4458 4678
4312 4414 4312 48
100 4712 Oct 14
Preferred
7818 7914 16,000
79
7514 767s 74
7434 754 7412 77
Feb 27
84
100
Fdy
&
Pipe
Iron
Cast
US
24,400
169
166
16412 16834
4 185 167
1
16512 169/
16514 168
4 Jan 15
/
100 811
Do pre(
100
*102 104
104 104 .102 10412 .102 104
8101 104
No par 2112May 8
Corp
Distrito
US
7,300
5
39
3818
384
8
395
3814
39 4
4 4014
1
39/
4 40
1
39/
100 98 July 18
•14812
_
Preferred
100
_
4 1594 *14812_ •14812
1
159/
3114812 160
900 US Bairn Mach Corp_No par 1652134er 28
2314 -2114
4 2312 2313 2314 2-3'58 '2314 -2-3-12
1
2333 23/
6118May 20
100
Alcohol
Industrial
US
68,900
88
86
8312 8714 85
8612
84,4 8518 8312 85
100 98 Jan 3
Do pref
.105 107
105 107 '105 107 *10312 107
0106 107
100 90 June 9
Improv't
&
Realty
124
US
7,700
1234
124
121
4
1243
121
12512 12712 124 12634
100 June 9
Preferred
100
12214 12214
125 128 .121 126 *123 125
•125 127
100 224May 22
4 4214 34,400 United States Rubber
1
40/
4
/
4212 4118 4218 4034 411
4 4112 41
1
40/
100 6811may 28
preferred
1st
Do
2,900
96
9512
4
9412 9518 9518 957s 9518 9534 9534 953
3834 8,100 US Smelting. Ref & Min_ 50 1813 Mar 28
38
3812
3712 3914 38
41
4034 4113 39
50 3713Mar 22
Do pref
800
4678
*46
4634 4678 467g 4614 4014
4652 4612 48
11934 121 256.800 United States Steel Corp_100 9414June 6
4 12038
1
11878 12018 118/
4 121
1
11912 12014 119/
100 11832 Feb 1
Do pre(
12258 12234 3,400
12232 12232 12212 12278 12234 12278 12258 12278
10 84 Jan 18
8712 8713 2,400 Utah Copper
4
1
87/
8884 8834 8634 8812 8618 874 86
100 1652 Jan 4
4314 4334 7,700 Utah Securities
4
1
4 4312 43/
1
4334 44/
4434 46
4512 46
194June 9
par
No
Corp
10,100 Vanadium
3018 31
2918 30
4 2918 30
/
4 3058 311
/
3012 311
34J une 10
214 214 9,100 Virginia-Carollaa Chem___100
4 258
1
2/
4
1
4 2/
/
11
4 2
/
11
212
2
100
212.h1ne 9
prof
Do
5,900
913 10
94 10,2
712 1014
714
7
712 712
No par
434July 12
818 833 3,700 Vivaudou (V)
4 813
1
8/
858
8
812
8
4
1
754 7/
No par 14 Apr 29
1878 1934 28,300 Waldorf System
1812 1812 1878
1814 1812 1814 18
18
1412Nov 19
No par
10,800 Weber & IIelibroner
1734 18
1734 18
4 18
1
17/
1712 1734 1734 18
5 Oct 1
1
Fargo
Wells
200
1213
8
•123
8
123
2
,
12
1212
•125s
1212
•1238
•1238 1212
May 1
105
Telegraph_100
Union
Western
8,500
3
1173
11614
11478 115
11412 11514 11434 1164
115 115
19,700 Westinghouse Air Brake___50 84 Jan 2
10712 108
108 10834 10853 1094 .10713 109 x106 106
554May
50
Mfg.
15
&
Elea
Westinghouse
101,700
76
4
/
711
1
6918 69i2 6938 7133 70
4 36814 71 4
/
711
No par 2318May 12
2812 18,800 White Eagle 011
28
2774 2778 2838 22718 2838
27
27
27
50 504 Apr 11
White Motor
14.000
7112
71
71
8
693
7012
6978
4
713
8
705
7214
7118
34 Oct 20
5
114 112 30,012 Wickwire Spencer Steel
14 14
114
14
118
I
113
1
678May 17
1012 1034 46,600 WIllye-Overland (The).._.... 25
4
/
4 1058 1033 1034 1018 1012 1014 101
1
10/
100
16
6112May
14,900
4
1
/
prof
76
4
Do
753
4
/
761
7414
7614
4 7518
1
7618 77/
7413 77
412May 16
No par
714 714 1,600 Wilson de Co Inc
7
714
713
714
7
714
*634 7
12412 18,100 Woolworth Co(F W) n w 1 25 7212 Apr 10
12334
125
12234
4
1263
8
1235
12212
4
1237
12854
12414
100 2314June 9
7612 7934 54.100 Worthington P & 51
81
4 7612 7934 76
/
754 801
7712 79
958May 15
2153 2333 40,325 Wright Aeronatuical___No par
4
1
20,8 23/
4 20
1
1653 1724 1713 18,8 17/
par 35 Apr 22
No
4
1
/
45
Jr)
4
1
/
(Wm
46
Wrigley
9,200
461
8
463
4
443
4
4412
463
4454
44
44
_10
Nov 26
32
We_
tern
Mfg
4
373
393
4
393
1,800
4
Cab
Yellow
3734
394 3734 38
394 3934 39
500 Youngstown Sheet & T_No oar 5934 Oat 27
70
70
*6913 7013
891. 6912 6913 70
70
•69
a
-new rights. s No per.
ea
g
•131.6 and lobed pass: no sales on this day
PER SHARE
Range for Previous
Year 1923.
Highest
Lowest
Highest
$ per share $ per share $ per share
Feb
53 Sept 934
65 Dec 22
5013 Oct 86 Feb
6458 Dec 22
614 Apt
114 Oct
44 Jan 23
4 Dec 0
/
11
3534 Dee 29 _- - ---- -- - -8 -Apt
1-12 Oct
414 Jan 17
Apr 9813 Dee
88
11913 Dee 5
5712 Dec 29
41 July 504 Mat
5414 Dec 20
88 July 14 15 Aug -86 "Apo
4 Dee
1
1112 July 24/
2334 Jan 31
4 Apr
1
4 Sept 69/
1
19/
4212 Apr 5
1514 Jal
614 July
16 Dec 9
4 Jan
1
35/
1313 July
54 Dec 9
Feb
8
14 July
412 Jan 22
Jan
45
36 Ian 21
Oct
16
-534 Dec 51
Jan 6772 Mar
6334 Mar 12j 68
Apr
Oct 100
100 Apr 41 98
1112 Set t
10 July
1678 Dec 8
47 July 134 Fe,
10313 Dec 31
117 Oct 2 10813 June 11414 Jan
62 Jan 26
4212 Oct 814 Jan
4 Jan
/
Oct 991
90 Feb 6
80
584 Mal
17 Nov
4313 Jan 22
70 Dec 29
414 Dec 514 API
4 Dec 27 11012 July 134 Ma/
/
1511
6914 Apr
6758 Mar 14
4172 July
1814 Sept 32 Feb
3014 Dec 8
1051 1 Dec 9
8212 Aug 100 Mar
4 Dec 31
/
661
50 Dec29__-- - - -13712 Dec 31
994 Oct 123 Mat
3433 Feb
2914 July
33'z Nov 5
1712 Dec 5
1714 Mar
972 Sept
5112 Dec 30
24 June 484 Mat
9934 Dec 30
89 Dec 104 Fob
110 Dee 2
Jan 99 Nos
80
2314 Nov 29
4 Feb
/
311
Oct
8
4 Dec 29
1
63/
4012 June 881
4 Ma/
/
95 Mar 6
8454 Oct 9672 Ma •
2234 Jan 7
14 June 3972 AD •
4 Doe 2
/
791
Jan 75 Die
47
121 Juue 17 114 July 118 Fen
4013 Aug 6.511 Feb
5912 Feb 6
4578 Dec 16
17 June 2318 Del
5 Feb
4 Jae 24
1
3/
114 Oct
1812 Jan 354 Dee
8878 Dec 16
83 MAY 11614 Deo
12914 Aug 7
6534 June 921. Feb
155 Dec 31
4 Nov 12 10612 June 115 Nov
/
1251
473 Oct 12,3 Mat
414 Jan 11
8 July 23
Oct
5
4 Mat
/
101
19,4 May
4 Jan
/
121
2212 Dec 31
8912 Nov 95 May
9913 Dec 30
Feb
16
612 July
24 Dec 29
4 Mat
/
4 Dec 341
/
221
37 Dee 13
16 Sept 3938 Mai
2718 Jan 2
8014 Aug 994 1 eb
90 Jan 21
4 Jan 35 Mat
1
9/
29 Feb 4
Dee
394 July 63
4 Dec 19
/
841
Dee
9578 Mar 8 • 3814 Aug 70
4 June 2714 F•6
/
111
20 Dec 18
Oct 9;72 Hob
88
9814 Dec 17
4 Dee 5
/
411
4718 July 12311 .421
8812 Jan 26
444 Mar
4 July
1
30/
4214 Jan 26
11913 Aug 22 11414 Aug 11814 July
3514June 11
51- June -87-1
4 ids.
/
6512 Nov 24
74 July 12413 Apt
10078 Jar, 12
5912 July 9414 Mar
4 Jar 11
/
841
464 Dec 20
15 -API
7 Jan
1238 Dec 15
654 Feb
2 Sept
84 Aug 4
1 June
4
Ool
3 Jan 2
8 June 1214 Feb
934 Jan 5
3153 Nov 52/
4538 Jan 30
4 Ma;
1
'5314
Jan
July 65
110 Dec 27
512 Nov
2414 Feb
1514 Feb 1
94 July 144 Mar
151 Feb 7
3318 Jan 45 Mat
41 Jan 7
4 Dec 30
1
73/
46/
4 Allit 7814 Dec
1
7812 July 9273 Dee
93,2 Oct 'I
114 Oct 1412 Jan
614 Jan 21
3572 Aug 42 Dee
43 Jan 9
50
Oct 7713 Mar
4 Feb 4
1
64/
81 Feb 904 May
13278Sept 18
11634Juiy 23 106 Sept 112
Jan
29 July 394 Mat
37 Feb 11
4 Dec 26
/
1211
7414 Oct 8554 Feb
53 Dec 29
4814 Feb 49 July
22412 Aug 5 15212 Jan 18713 Dee
48 Dec 29
79 Dec 31
_
____ --_
4 Dec 29
1
169/
20 July 894 -5,4
10414 Oct 21
84 June 67 Nov
42 Dec 17
168 Dec 17 _ _
_ - --_ ---•_
2438 Oct 22
1354 Ott 25
Jan
8714 Dec 30
40 June 734 MAP
106 14 Dec 17
9514 June 101 Mat
14313 Dec 6
8813 July 108 Mat
143 Dee 6
9712 Au R 108/
4 Mat
1
424 Jan 12
3053 Oct 6472 Mat
4 Dec 29
1
95/
78/
4 Oct 105
1
Jan
4112 Dec 27
4 Oct 43/
1
18/
4 Mat
1
41178 Dec 30
3833 Dec 4812 Jan
121 Dec 29
8511 July 109/
4 Mar
1
123 July 23 11618 Aug 12312 Jan
4 Dee 27
/
881
5513 Oct 7612 Mat
46 Dec 16
14
Oct 2452 Feb
3313 Feb 11
2454 July 4452 Mai
4 Jan 11
1
10/
614 Juno 27 Feb
3434 Jan 2
17 June 69 Mat
1518 Jan 10
12
Oct 23 Mat
20 Nov 7
144 June 20 May
1912 Mar 15
1214 Jan 1614 Dee
1212 Nov 20
111534 Dec 9 1014
- .-fill; 1192i
111 Dec 9
78 July 120 Feb
75 May 17
5212 June 6718 Feb
2933 Feb 6
20
Oct 30/
4 Mal
1
7212 Dec 18
45 June 6073 Ma/
5 Jan 11
2 Dec 14 Feb
1414 Jan 16
5 June 1114 Den
88 Jan 15
4212 Jan 83 Dee
28 Jan 9
19 June 4254 Mat
12634 Dec 18
_
81 Dec 31 -197 -Oct -401; Feb
234 Dec 31
814 Jan 1312 Nov
46/
4 Dec 30
1
4 Dec 4012 Dee
1
37/
85/
4 Mar 27
1
72 Dee 9 -ttii" Vei -iti -..it-ti
New York Stock Exchange-Bond Record Friday Weekly and Yearly
69
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-exceyt for income and &fanned bonds.
BONDS
N Y STOCK EXCHANGE
Week ending Jan. 2.
Price
Friday
Jan. 2.
Week's
Range or
Last Said
o
31:11,
1
Range
Year
1924,
BONDS.
N.Y.STOCK EXCHANGE
Week ending Jan. 2.
Price
Friday
Jan. 2.
Week's
Range or
Last Said
.11
U. S. Government.
Bid
High
Ask Low
HIPS No. Low
AO Low
Bid
Blob
TIM Liberty LoanMelt Top & S Fe-Gen g 40_1995 A 0 8838 Sale 8814
8834 60
83'% of 1932-1947
.1 D 1003343 Sale 1003,44 101 1349 983411013344
adjustment gold 48
Nov 82
81995
8259 8212 Dec'24
Cony 4% of 1932-47
.1 D 10113n - - - 101344 Dee'24
983'44102"i,
No'. 8234 Sale 8234
81995 No
8278 23
Cony 44% of 1932-47
6
J D 1011344 Sale 10120441013242 292 98 421022232
Cony gold 40 1909
81ia
2
8112 8214 8113
2d cony 44% of 1932-47
.1 D 1011144 Sale 10111441011,32
Con• 45 1905
5 98.331021332
8112 Sale 81 12
81581 16
Second Liberty LoanCons g 45 issue of 1910_ _ .1
Dec'24
19
9
96
8014
5'
0
8014
55
1
.
1.1P
DB
D
as of 1927-1942
M N 1001342 Sale 100.55100."
1 9841101.44
taut 01210 01'. lel 4 48_1928 M e
98
9734 99
I
2
Cony 43-4% of 1927-1042
MN 1003342 Sale 10033,5100.as 4638 98342102145
Rocky Mtn Div lot 4a
8312 8478 8412 Dec'241.......
.1965 .1 J
Third Liberty LoanFrans-Con Short List 40.111583 .1 86
8718 88 Dec'24
4M% of 1928
MS 101342 Sale 10034510145 1123 99,4410234s
10
lot
92% 92
92
"A"1962
Fourth Liberty LoanAtD
ISS BI-Airrims 801' &rles
8
,
344 Dce89'32211_270.
8,12
4
ft4P4e8
3:
1i 8
1933 M
M S 88
43-4% of 1933-1938
A 0 1013342 Sale 101134410113a 3245 98343103
Atl Knoxv & Cln Div 48..1955 M N
Treasury 43-45 1947-1952
A 0 104342 Sale 104,1441053H 411 983441074r Atl Knoxv & Nor let
5s_ -1946 J D 10134 ____ 10212 Nov'24
Treasury 48
1944-1954.1 D 1003332 Sale 100.44100334, 786 10013441003334 Atl & Cheri A I, 1st A g430.1944
9612
96I8 964 9612
J .1
28 consol coupon
a1930 Q J
10238 10288
10284 124
T
ct
r:g
101 30-year ss Series B
_1944 J .1 10214 10212 10214 Dec'24
Panama Canal 33 gold
1961 Q hi
9712 9712 All Coast Line lot con 40.51952 M S 8914 8912 8904
2
8914
State and City Securities.
10-year secured 70
5
1930 j
111 ND 10714 Sale 110714
10724
NY City-43-4s Corp atock_1960 M S 10012 101 101
984 10134
5
101
General unified 4340
892
7,
91
913
1964
4'
9
49(e Corporate stock
1964 M S 10118 10134 101 12 Nov'24
9938 10234
L & N coil gold 49
8638 8618
01952 M 6 86
86% 73
Illie Corporate stock
10238
1066 A 0 101 18 ____ 10238 Oct 24
9934
Atl & Danv lot g 40
21
77
76
77
7612
1948
J
.1
6345 Corporate stock
1971.1 D 10558 ____ 10618 Sept'24
10534 10714
2d 48
2
6212
1948 J .1 6212 63
621z
434s Corporate utock_July 1987.1 J 10514 106 10512
A tl &Yar ,
6 10234 10834 AaNw
stt
,
gug,
7714 7412 Dec'24
guaVs
105,2
1949 A 0 74
11348 Corporate stock
1965J D 10514 106 10658 Nov'24
103 10678
Aug'24
10018
99
9812
1941
J
.1
4345 Corporate(dock
1963M 8 10518 10578 10512 Dec'24
10234 107
Bait & Ohio prior 33-40
9978 40
1925 J .1 9978 Sale 9934
4% Corporate stock
1959 M N
944 9912
98 Sale 98
Registered
984
9978 Sept'24
#1925 @ 1 9934 100
6% Corporate stock
1958 M N 98
9458 9938
lot 50-year gold 45
9812 98 Dec'24
81948 A 0 8634 Sale 8534
86,
4 84
4% Corporate stock
1957 M N
964
993
4
98
0812 98 Dec'24
Registered
8478 8512 8438 Dec'24
#1948 Q J
4% Corporate stock reg 1956 M N 9712 9814 9758
94% 9812
2
10-year cony 43-40
109
8912
89
Sale
973
8
8912
MS
1933
634% Corporatestock
1957 M N 105 10558 10538 Dec'24
10318 10638
Refund & gen So Series A_119
8578 Sale 8514
86
995
49 J O
4)4% Corporate stock__1957 MN 105 10558 10512 10512
1027s 1064
1st g 58 int ctfa
151
10014 Sale 1111118
A0
11/03
4
Corporate
834%
stock
1954 MN
854 903s
10-year 68
8958 8914 Dec'24
89
10314 68
J J 103 Sale 101
New York State Can Im 40.1961 J J
10212 10334
10212 Aug'24
Ref & gen 65 See C temp 1995
101 14 174
20 J O 10114 Sale 10034
Highway Improv't 4%8..1983 M S
111 1127a
Dec'24
111
P
Jet
Dec'24
&
997
NI
993
8
4
100
let
Div
g
MN
3540_1925
Foreign G nnnnn ment.
P L E & W Va Sys ref 4s 1941 MN
8358 Sale 8312
8414 20
argentine(Govt) 78
1927 F A 102 Sale 10158
10314
1003
4
103
102
Southw Div let gold 33-45_1925 3.1 9934 Sale 9934
994 38
argentine Treasury 56_8_
8518
1945 M S 82 Sale 8178
78
8312 11
Tel & CM Div lot ref 40 A_1959 J J
6
683
4
6014
69,
4
6914
Sinking fund 6s Ser A_ _ 1957 M S
9512 222
894 90
Battle Cr de Stur let gu 30.1
9514 Sale 95
60
5878 ____ 60
193
98
,
9J
Esti s f our B temp_Dee 1958
9512
95
9512 146
Beech Creek let gu g 4s
9514 Sale 95
9218 9312 9218 Dec'24
ii
Austuan (Govt.) s f 78
1943 i li 9612 Sale 9614
8514 95 Beech Cr Ext let g 348..51951 AO 7658 80
88
07
7714 hlay'24
Saul un 25-yr ext at 7348 6_1945 J D 10812
97 111
Sale 10814
10914 78
5
Big Sandy 101 40
85
1944 .10 85
6- Year 8% notes
Jan 1925 J .1 8712 Sale 100
9634 101
3
100
B & N,
5
I
65
Air
7
8
Line
1st
6712
0712
89
45
FA
6875
1955
20-year s f 88
1941 F A
97 109 Bruns & W lot gu gold 4o
Sale 1074 10734 137
92 Nov'24
9138 93
1938
J
25-pr ext 6348 temt recta_1949 M S 10712
9812
9134
3
9278 Sale 9134
Buffalo R & P gen gold 50.1
5
93 4 82
102
_ 102
195
937
7 SI S 102
Bergen (Norway) at 8a
1945 M N 111 11114 11114
5 108 115
11114
Como'4346
20
8818 Sale 8734
881
MN
25-year a I Os temp
98 Burl C R & Nor 102 50
96
1949A 0
9614
1
96,4 12
194
031
90314
4, AO 0934 10014 9934
Bernie (City of) alas
11212
108
1945 M N 111 Sale 111
5
11112
Canada Sou cons an A Ss__ -1962 A0 10012 100314 10012
5
1001
Bolivia (Republic of) 8a_ _ _ _1947 MN
94 Canadian Nor
85
9234 113
9212 Sale 9214
North deb 0 f 73.1940 J o 11538 Sale 11538
37
116
Bordeaux (City of) 15-yr 65_1934 MN
91
8314
8434 Sale ; 8314
25-year 5 f deb 63-40
84,
4 118
135
1163
J J 11612 Sale 11638
Brash,US external 88
91
9912 Canadian Pac Ry deb 4s stock_. J
1941 J
97
119
96 Sale I 96
793 255
7912 Sale 79
J
7e (Central Ry)
88 Carb & Shaw let gold 40__ _ 1932
76
1952 J D 8212 Sale 1 82
8212 98
94 , 0234 Dec'24
949 MS 02
730(Coffee occur) £(flat) 1952 AO 104 Sale 10338
104
94
8
10414
Caro Cent lot con 40
84
5
82
82
J J 82
Buenos Aires (City) ext 6 tis.1955 J .1 9512 Sale 9412
97 Caro Clinch &0 letit3-yr 50_19
94
21
96
62
95
3,
S 3D 10012 10112 10012 IWO
Canada (Dominion of) g be_ _1926 AO 101 Sale 10038
9958 1014
42
101
6s
10612 Sale 10612
10634 30
J
o
be
1035
8
9912
1931 AO 10134 Sale 10114
Cart & Ad lot an g 40
10134 26
1981 J o 8258 8514 8312 Sept'24
10-year 5545
1929 P A 10238 Sale 10134
10238 46 10034 10404 Cent Branch U 13 1st g 45..1948 J O 7438 7538 7438
7438 17
56
9914 10414 Cent New Ens let gu 48_1961
1952 MN 10134 Sale 102
10234 169
6412 64
64
6434 13
Carlsbad (City) a I 8s
9414 99 Central Ohio ReOre 4340 ...._1930 3,
1954 J J 98 Sale 9714
984 18
9634 9912 9758 July'24
MS
Ohne (Republic) ext a I 88.1941 FA 10634 Sale 10614
10634 10 102 10912 Central of Ga let gold 58-171945 P A 101 18 ____ 9938 Dec'24
External 5-year a 1 8s___ _1926 AC 103 Sale 103
1031
10 102% 10559
Consol gold 50
994 100
8
1945 MN
9914
9914
94
20-yr ext 70
9934
1942 NI N
9914 Sale 984
9938 49
10-year eeeur en
103 Sale 10234
12,
June 1029 J
103
25-years f 8s
1946 Nt N 107 Sale 10612 10714 32 102 10712
Ref & gen 53.42 ser B____1059 A0 09 Sale I 9858
31
9059
3914
4712
Chinese (Hukuaug fly) 50.1951 .1 1) 4234 43
41
4314 62
Chatt Div Our money g 48 1951 .1 I) 83
____ 84
Oct'24
Christiania (City) 5 f 88___.1945 AC 110 111 110
11034
2 1117 113
Mac 44 Nor Div lot g 58_ _1946 J J
9834 ____ 100 Dec'24
9634 9814
1954 51 S
30-yr s f 65 int ctfa
07
9738 24
Mobile Division 5s
100
____ 100
2
1941
100
J
.1
9434 100 Cent RR & B of Ga coil g
Colombia (Republic) 63-9a- -192 Al) 9934 Sale 9912 100
99
95
96
9514 Dec'24
56_1937 MN
Copenhagen 25-year of 5349_1944 J
8714 9614 Central of NJ gen gold 5s-009
95
9412 Sale 041
47
17
108
9877 J J 108 Sale 10738
Cuba 58 01 1904
9334
1044 M
9714
0612 Sale 964
8
961
Registered
6
10614
@ J 10614 ____ 106
89
Eater debt 5s 1914 Ser A..1949 F A
9734 Cent Pac let ref gu 40
9814 9712 Dec'24
97
8738 Sale 8738
8818 22
it
P A
794 89
External loan 434e
1949 F A '8612 Sale 8612
8612
4
Mtge guar gold 314s
9534 Sale 9534
41
1
192
963
4
1
1.
4
J
1955 JJ
9112 97%
1is
9612 Sale 96
9634
Through St I. lot gu 45..1954 A0 8018 8612 864 Dec'24
94 10134 Charleston & Savannah
Oseehoslo% ak (Repub of) 80_1951 A 0 9812 Sale 9734
9934 105
70.1936 J J 11618 ____ 11.559 Feb'24
9712 101 12 Ches & Ohio fund & impt 50.1
Sink fund 8813er B int ctfs.1952 A 0 9812 Sale 9712
9934 68
9934 ____ IOU
100
19
93
29 J J
Danish Con Munielp 80"A"_ 1941 F A 10934 110 10934
110
18 10638 11278
let consol gold 5a
MN 10258 ____ 103 Dec'24
1946 F A 10934 110 10914
Series B orbs
10934
7 10818 110)2
Registered
Nov'24 -1939 MN
Denmark external 5 f 88_ __ _1941, A 0 109 Sale 109
1i7'4
1121
4
11014 78
General gold 434s
8814 Sale 8714
884
49
1992
M
1941.
J
20-year 88
934 10112
9912 Sale 9922
10018 104
Registered
1992 MS 874 Sale 8578
8714 25
Dominican Rep Con Adm a f 58'58 F A 101 10218 10178 Dec'24
100 10178
20-year convertible 4548.193' FA
95 Sale 9434
9614 84
Custom Administr 5540.1942 M S 92 Sale 914
8514 9438
9214 101
10034
30-year
Sale
cony
secured
10512
50
1816
1941
108
*
0
Dutch East Indies ext Oa__ _1947
J
9238 99
9918 Sale 9834
9914 71
Craig Valley 1st g 56
9712 Sale , 9712
0712
2
194( J J
- _1962 M S 99 Sale 984
40-year 6s
9212
99
99
143
Potts Creek Branch lot 48.1946 3, 81
82
I
83
Dec'24
30-year ext 548
1953 M S 0278 93
954 9314
9278
9314 43
R At A Div let con g 48
8312 84 1 784
1981 J J
7814
1
1953 M N
30-year ext 5348
93 Sale 9234
85% 9314
9314 193
78
2d conaol gold 45
8258 8412 Dec'24 -1981 J J
Trench Repub 25-yr ext 80...1945
S 10312 Sale 103
92,2 109
104
412
9634 9812 95 July 24 -Warm Springs V let 50.. 1941 M
20-yr external loan 7348 1941 1 i) 9918 Sale 9818
9012 10514 Chic & Alton RR ref g it38.
0978 364
6218
Sale 6218
194, A0
6214
7
External 78 of 1924 temp.1949 .1 D 0214 Sale 9114
94
9512
0334 2143
Certifs dep atm' Oct 1924 int__
584 ---- 5334
_
5834
Finland (Rep) ext So..
1945 hi
85
8512 Sale 85
91 12
8512 15
Centf den stmixi Apr 1924 Int
6078 Nov'24
German ext'l loan 70W I__ _ _1949 A 0 9378 Sale 93
9234 9534
9438 2561
Railway first lien 334a..__195t I J
4612 Sale 4512
4612 63
Gt Brit & Irel(UK of) 53-48_1937 F A 10514 Sale 10478
984 107 Mc Burl dr Q-111 Div 33.48_194i
10512 232
8138 12
3, 8138 Sale 81
10-year cony 534e
1929 F A 11612 Sale 11514
11638 462 10612 116
Illinois Division 48
1949
8812
.1 8812 Sale 8812
5
Greater Prague 730
1952 IN N
7612 9312
9012 Sale 90
9114 66
9912 Sale 9878
Nebraska Extension 4s
9912 28
1927 MN
Halt! (Republic) 65
1952 A 0 92 Sale 9112
8812 93
92 1 28
General 40
1958 MS 8778 8812 877a
8802 77
Hungacy (Kingd of) et 734swi'44 F A
90 Sale 89
87
8934
90
195
10118
1st & ref be
Sale 101 18
10134 61
195
71 FA
Ind Bank otJapaa 6% notes 1927 F A
9834 99
9814 9978 Chic City & Conn Rys
99
994
5
56
5438
5434 14
5s _1927 40 55
Italy (Kingd of) Set' A 6540_1925 F
9918 Sale 9918
100
6 9812 101 Chicago & East III let (is_ _ _1934 •
0 10612 ____ 10612 10612
1
Japanese Govt I loan 411._ _ _1931 .1 J
82118 Sale 8218
7538 88 C & E III RR (new co) gen 50_1951 MN
88
102
76 Salo 7412
102
76
Temporary a f g 64
1954 F A
91 Sale 8978
881a 9338 Chic & Erie let gold 56..1982
91
390
9912 ____ 9912
9912
5
MN
Oriental Development 88_1953 M
84 Sale 8314
81
91 Chicago Great West 1st 46._1959 MS 6014 Sale 5912
8418 32
6012 156
Lyons (City of) 15-year 68..1934 M h
8512 Sale 834
7218 91
86
71)
Chic Ind&o
L
(30_ _1947 3, 10912 111 11012 Dec'24 -Marseilles(City of) 15-Yr 60_1934 M N
8478 Sale 83
7218 91
85
61
Refunding gold 50
9912 100
9912
995n 24
1047 J J
1947
Mexican Irrigation 444s._ 1943 M Is
18
20
20 Sept'24
20
40
Refunding 46 Series C__ IN; J J 8558 87
8512 Oct'24
Mexico-So of 1899
1945 Q J
40 Nov'24
20
5112
General
8712
Sale
5s
8712
A
8712
I
MN
Gold debt 4s of 1904
1954.1 D 3918
23
1912
18
30
2
1912
General (Is B
8
c1966 J J 10112 10214 10112. 102 1
Montevideo 70
1952 .11 1) 89 Sale 88
8514 93
89
13
Ind
de
78
78
78
78
6
Louisville
let
gu
46_1956
ii
Netherlands 65 (flat prices)_ _1972 M
104 Sale 1034 104
8934 104 Chic Ind &
44
50-year 48_ _1958 J J 8618 ____ 861z Dec'24 -80-year external 68 Wan 1954 A 0 10018 Sale 100
98 103 Chic L S & Sou
10012 145
93 Nov'24 -East lot 43.4s
195313 • D 9218 05
Norway external sf85
1940 A 0 11212 Sale 11238
11212
4 10934 11378 C M & Puget Sd let gu 4s
5418 5634 5214
55 I 58
1949 .1 J
20-yr esti to
1943 F A
9838 Sale 9712
9112 poi, Ch M &
9812 104
734 19
St P gen g 4sSer A.e1989 J , 7338 Sale 7234
20-year external 138
1944 F A
9734 Sale 9714
97
98
99
97
General gold 34sSer B e1989 3" 6318 84
638
3
6341
30-yr esti 68
1952 A 0 9712 Sale 9714
924 9912
9734 26
8258, 11
General 4348 Series C
e1989 3, 8214 Sale 8214
Panama (Rep) 530 tr reete..1953
D 10078 Sale 10012
954 101%
101
10
91
53
Gen & ref Series A 4345....a2014 A0 53 Sale 5112
Porto Alegre(City of) 8s_
1981
D
9414 ____ 9412
92
99
9412
7
158
58
Gen ref cony Ser B 6e
a2014 FA .58 Sale 5434
Queensland (State) ext at 78 1941 A 0 10914 Sale 109
10914
6 10414 110%
1st sec 6s
5912 167
5812 Sale 57
1034
1193324 J J
25-year 85
1947 F A 10112 Sale 10112 102
994 104
20
100 I 56
Debenture 4345
9978 Sale 9934
J
O
Rio Grande do Sul 88
1948 A 0 9414 95
94
92
941.
7
99
7604' 825
76 Sale 744
Debenture 46
1925 J D
Rio de Janeiro 25-yr at 86_ _1948 A 0 93 Sale 93
87% 9934
9413 28
5412 93
25-year debenture 48
5414 Sale 5234
1934 J J
25-yr eat! 80
1947 A 0 93
9312 93
87
9334 29
977e
Chic & Mo Riv Div 50_ _ _ _1928 .1 .1 0512 9658 9618
9641
7
Rotterdam (City) external 661984 M N 10014 10012 10018
98 102
101
13
9938 9978 9978
Chic & N'west Ext 48.1888-192c FA
9978'
1
1948 .1 .1 10312 Sale 10314
El Salvador (Rep) 811
10312 10 100 104,4
9778 9818 984 Dec'24'-___
Registered
FA
1886-1926
1952 M N 100 Sale 9814
Se0 Paulo (City) a I 80
904 1024
100
29
1
7318 7514 74
General
7514
gold
334s
SI
4
N
87
Ban Paulo (State) ext 6 f 86.1936 jJ 10114 Sale 10034
94 103
10114
12
General 4s
8312 8334 8312 Dec'24
M N
1942 .1 J 8912 Sale 8818
Seine(France) ext 76
79
9712
205
90
8312 Dec'24
Stamped 40
8112 84
M N
Serbs, Create & Slovenes 80_1962 hi N
8634 Sale 85
6314 9012
8614 213
General
85 110312
10358
6
8318
5s
stamped
1
1
19
9
98
8
67
MN
77
Soissons(City)60
1938 M N
8512 Sale 82
78
8934
854 105
Sinking fund fla
1879-1929 A 0 40418 ____ 10012 Nov'24 -Sweden 20-year 6/5
1939
104 Sale 10334 10413 44 10174 10614
Sinking fund 551
1
10012
10012 Sale 10012
1879-1929
40
External loan 53-48 Inter ctfs'54 NI N
99 Sale 9812
9812 100
10038 297
Registered
1879-11521. A0 9912 ____ 10078 Nov'24 -Swiss Confeder'n 20-yr 01 84 1940 .1 J 11612 Sale 116
11612 23 11158 118
Sinking fund deb be
6
10012
10018 Sale 10018
1933
MN
SWItserland Govt ext 51e0 .1948 A 0 10014 Sale 9812 10034 158
9404 10112
9978 ____ 10012 Dec'24 - Registered
193
33 MN
Tokyo City bs loan of 1912
MS 6612 Sale 66
5918 6634
5
664
10-year secured 70 g
1074 21
193(1 J D 10738 108 ,10734
TrondhJem (City) esti 0348_1944 .1 .1 97 Sale 97
96
9834
9714 41
15-year secured 6358 g-- - - 1938 MS 11158 112 111158
112 1 23
Uruguay (Republic) ext 8a_ _1946 F A 107 Sale 10614
107
26 10114 107 Chic R I& P-Railway gen 481988 J
8358' 15
4
83
83
833
J
1945 A 0 11034 Sale 10912 11034
coach (City of) o f 88
8 10912 11334 ' Registered
83
83 1 260
J 814 84
Railroad.
Sale 8318
Refunding
66
84
8314
Se
gold
411
1934
*
0
A
1943 J D 10034 102 10078 Dec'24
9554 101
Ala Ot Sou let cons 50
Chic St3
t
se N 0 gold bs
1951 ID 1004 --- 10134 Dec'24
Ala mid let guar gold be__ _1928 M N
101
984 102
Dec'24
Gold
7912 ---- 7818 Oct'24 -1951
D
1946
3340
8218
A
0
8212
Alb & 81010 cony
8212
79
8312 13
8312
Johat tot ref 5s Series A
1983 J O
9634 08
964
1998 A 0 8312 85
80
8312 Dec'24
Alleg & West 18t g 48 fra
84
Do Series B
1963 ▪ D
9512 June'24
1942 61 S 91
02
91
Dec'24
8834 93
Alleg Val gen guar g go
Memphis Div let g 49_ 1953
1
J
0
8518
Dec'24
84
8218
81995
C)
64
6414 64
57
64
6512 0
Ann Arbor lit it 48
P 1., eon. 3 vs
10824 0 1014 ____ 10114 Dec'24
Due may. a Due June. 5 Due July.
115-4. a DUO Jan. 4D0. April.
I Due Aug.
Due Oct. p Doe Nov.
Due Dee. a Option aale
1081
2011
Rarkie
Year
1924.
Heal
Low
88
9114
7912 8,512
7414 85
81
85
80% 85
8014 8314
99(2 9912
80
854
8314 89
904 95
70
86
81
90
8912 103
91114 965a
96 103
8612 93,4
106 11.1858
8614 9334
814 8778
734 904
6212 694
618
8018
9612 1004
9614 1004
96 1004
814 89%
80
887e
8214 904
894
83
9914 101
10018 10318
100 10131
964 100
79
86
9612 1004
664 71!
58
62
9012 9318
774 774
8078 8.5
694
61
8812 924
100 103
8612 9014
9534 1014
97% 102
Ill 11718
11034 11812
7812 8234
94
90
71178 83
92% 101%
98 1084
834
81
67
78
5034 67
97%
96
99 102%
984 101 15
100 194
96 100
784 84
9534 100
1)6 100
9178 9934
10334 10814
102% 10.022
85
8912
91
964
81% 87
1154 11536
97 1017e
9958 103
98 101
8414 90
8354 8614
8814 964
8878 109
9'4% 99%
83
78
7912 85
88%
76
95
95
6372
58
61
54
5312 81
30% 48%
78% 834
86
91 12
9612 10112
91
85
96% 10234
47
5672
10414 10734
6912 784
9174 100
6234
50
105% 111
954 100
81% 8573
8112 8734
95'2 1024
71
Ma
8212 88
8l72 93
48
6034
684 754
6114 6514
84
78
4814 5714
62
621a
5118 66
9634 101
63
8672
47
80%
96 100
9638 904
9912
96
6938 76
80
8611
79% 86
95 1054
99 105
96% 1004
96 10412
974 102
9814 10712
10414 10914
1054 11212
7814 84
7674 83%
73% 85%
99 10172
77
7812
94
98
9514 964
80% 85
9976 1014
70
I k
BONDS.
N.Y.STOCK EXCHANGE , r
...•;41
Week ending Jan. 2.
New York Bond Record-Continued--Page 2
Price
Friday
Jan. 2.
Week's
Ranges?
Last Sale !
,
Range
Year
1924.
BONDS.
N.Y.I3TOCK EXCHANGE
Week ending Jan 2.
I
Na„
Price
Friaay
Jan, 2,
Weal
Range or
Lan Said
.
es
Range
Year
1924.
Moo
High No. Low
I
1/316
Ask Low
High Illinois Central (Concitulec0High! No.! Low
Ask Low
Bid
89
85
1950 J D 8812 ____ 8814 Dec'24
Cairo Bridge gold 45
2 10138 10614
10512
.Calc St P M & 0 cons 611.._1930 J D 105 10512 105 1
724
69%
J
J
Nov'24
1st
70%
38_1951
Div
4
gold
923
7008
Litchfield
72
7318
9234 Nov'24
Cone Os reduced to 34s_ _1930 1 13
7434 804
77 Dec'24
Loulsv Div & Term g 3340 1953 J J 7634 82
9312 9938
19311 m 8 96
9734 9734
2
9734'
Debenture bs
6834 72
A
F
3s
Nov'24
lily
4
gold
1951
1st
82
703
7614
25
Omaha
70121
72
4
693
78
79
Chic T H & Se East let 56198;) JD 78
7013 81
4
7134
St Louis Div & Term g38.1951 J J 7134 Sale 7134
5712 64,3
60%1 28
6078 60
Dec I 1960 M S 59
Inc gu 53
7518 82%
1
79
1951 .1 1 79
82
79
Gold 3145
92 I 45, 8538 94
Chic Un Shen let gu 436s A_1963 J J 9134 Sale 9134
7658 82
c4
e2
3
D
July'24
g
1st
Div
He_1951
4
2
6
1023
8
Springfield
2
87
8
20,
97
3
8
1
8
7
8
10112
3, 1
1
1963 J J 10112 Sale 10118
lot 5e Series B
8334 87%
Western Lines let g 4e..1951
117341 22, 114% 118,4
1963 3' 11634 11713 11634
1'6 He derma
85
85
A
F
May'24
1951
4
1043
2
,
105
8485
ReisIstered
Nov'241----I
10512
68_31932
QM
10514 -- -Chic & West Did gang
83% 88%
4 -90 - 8714 Dec'24
/
1950 J J1 871
7714i 24' 7112 7814 Ind III* Iowa let g 48
1962 J J
77 Sale 7614
Consol 50-year 413
96 101
1965 J J 10014 __ 100 Dec'24 -=
11 10112 104% Ind Union Ry 5e A
104
1935 MS 104 Sale 104
18-year s f 7345
40% 714
6918 222
94 10(94 In! & Great Nor adlust 6s....1952 J 1 6918 Sale 673*
1952 MN
it oe Okla & Gulf cons 55
9934 101 100 Nov'24 -9038 1021s
97
101
1952 1 1 101 Sale 10008
88% 9412
let M 68 Ser A
1937 .1 .1 93% 94
9308 Dec'241---• H &.1.) 2d gold 4Ha
4
1
76/
76
7634 35
82% 91 Int Rye Cent Amer let 55_1972 M N 7612 Sale 7612
*1936 Q F 9012 9214 9058 Dec'24
O St & C 1st g 48
70
56
57
42
56%
1938 3 11 57
9112 9112 Iowa central Lot gold 513
61
*1936• F 8634 -- 9112 Sept'24
ftegistered_
154 26
1912 30
894
1914
1951 M 8 193 20
86
2
Refunding gotd 48..
8718
1942 MN 8718 Sale 8718
0 n Lab & Nor gu 4.8 g
8314 89
874
9838 10018 James, Frank & Clear let 415_1959 .1 11 8458 8714 8718
5
10018 Oct'24
1928 j
9958 _ _
3tnS&Clcons1etg5e
99 100
4 84 Ka A dc Ci It 1st gu g
1
/8/
J 2 993* ____ 100 Nov'24 ---5
8414
3 eve Cin Ch & St L gen 45_1993 Jo 8414 Sale 8312
7734 83
8212 82 Dec'24 ---2
8214 9812 Kan & M 1st gu g 46
1990 A 0 80
9612
1931 J J
96 Sale 96
JO-year deb 410
95 101
97% 10414
1927 J .1 1003* 10012 1003* Dec'24 ---2d 20-Year 58
1993 J D 98% 101 1003* Dec'24
General bs Series B
4 10212 103
1
3 10012 104
1928 M N 10212 102/
KC Ft S& M cons g 68
10312 21 100,2 104
Ref & Impt (is Series A_1929• J 10312 Sale 103
7313 8278
46
0
A
807g
8114
g
Sale
rot
8012
Ky
10714
8
M
1013
12
Ft
C
48._1936
K
106
10714
1941
Sale
10714
(.3
J
J
series
Os
9412 9812
94
& B 1st gu 58-1929 A 0 9818 ___ 988 Dec'24 ---964 K C & M
9512 38
9514 Sale 95
1963
be Series D
4
/
711
67
7038
3
8618 91
6
Kansas City Soule,gold 311-1950 A 0 7014 703o 7014
894
1939• j 8914 904 8912
tAiro Div let gold 48
91
88
Apr 1950 J J 8912 Sale
8918
77
2
Ref & impt 55
8012
'31n W & M Div 1st g 48_1991 Ji 7958 8012 80%
854
80%
.1
J
84
85
8
Sale 83
914
3 6300
9114
84
8
78%
Kansas City Term let 48-1960
8278 Dec'24
4.1t L Div 1st coil tr g g 4.8._1960 MN 8178 83
8614
82
8512 8814 Kentucky Central gold 48_1987 J J 834 ____ 84 Dec'24 ---1940 MS 8838 91,4 8814 Dec'24
apr & Col Div 1st g 4s
6012 88
86 Nov'24 ---87 Keok & Des Moines let 5s_ _1923 A 0 8814
86
4 Aug'24 -1
W W Val Div lst g 4s._ 1940 J J 874 8813 86/
J
J 10034 10118 10013 Dec'24 ---- 10114 101
103% 1091s Knox,& Ohio let g 55
1925
1934 J J 1074 - - 10734 Dec'24
COC&Igencon5g6s
93% 101
9958 10034 9958
4 10112 Lake Erie & West lot g 56-1.937 J J
1
9908
97/
1
10112 Dec'24
018y Lor & W con let 1158-1933 AO 10112
99%
87
84% 96%
96 Aug'24
1935 MN
964
Olt Mar let sue 434e
j D
j 2
8
7834
73% 804
91148 9
78
2
78
2
99 Lake Shore gold 3148
814
1997 j
788
95
:3 14
9
4
9812 Nov'24
Cleve & Mahon Vail g 513-1938'.3 98%
7834
75
D
J
76%
77
8
767
91
Dec'24
---1997
91
Registered
-Mar'24
91
CE & P gen aU 4H8Ser A.-1942'.3 9712
94% 99
98 1 94
1928 M S 9778 984 9708
84% 94%
Debenture gold 4s
8412 Aug'24
1942 A0 9758
Series B
M N 9518 Sale
9214 97
1931
8312
8712
45
gold
-year
25
87
91
83
A
F
1950
Series D 3348
0134 9534
_?
21 8
98
98 4 July'
1931 ive N 917 985 953
734 22
'
8'
6
2
9012 9734
Registered
4 6714
1
Cleve Shoo Line let gu 4548-1961 A 0 9714 97/
1 100 10114
1954 F A 10034 101 10058 10038
13 10238 108
Leh Val Harbor Term 58
Cleve Union Term 534e.......1972 A (3 106 Sale 10512 106
J J 9614 100
92% 97
97
9612
Dec'24
---_1940
454s_
1014
gu
let
Y
N
58
Val
4
Len
993
Sale
9908
0
A
9934
1973
let 8 58 Ser B
9112 9472
8412
1940 J 1 --- - ____ 94% Nov'24
80
Registered
D 8314 8312 8314 Dec'24
Mal River Ry let gu 4s...._1945
80
79
76% 83
4 9812 Lehigh Val (Pa) cow g 4a_ _2003 MN 79
1
92/
9718 32
4
/
Colorado .fo South let 6 U._ A929 F A 9678 Sale 961
8534 96
2003 M N 8714 883* 88%
724
3
88
8011 9134
473
General cons 434e
9114 30
Refunding & exten 4148-1935 MN 9078 Sale 9034
99
4
/
991
9912 83
8118 808 Lehigh Vail RR gen 5s serles-2003 M N 9938 Sale 9838
8718 Nov'24
1948 A 0 864
001 & LI V 1st ext g 48
A 0 9914 993* toy
!
Dec'24 ---- 10014 103
58._1941
g
gu
let
817
8
Hy
Term
86
V
-Leh
Dec'24
8412
90
A
F
1955
8414
4s
ext
COI & Tol 1st
99%
0
4
A
4
991
993
---Nov'24
---993*
1941
85
4
/
811
8
83%
1 Registered
4
1
0ibis RR 1st 50-year be 6-_1952 J J 8312 Sale 83/
8214 86
Oct'24 -- - 18 10012 10612 Leh & NY let guar gold 4s1945 M 5 8312 8512 86
106
1936.3 D 105 Sale 103
1s1 ref 7 As
10312 20
99 10512
105
10308
0
A
1033*
1965
gu
be
50-yr
8712
let
90
Lax
East
&
89
Sale
J
89%
Cuba Northern Ry let 58_. 1966
8112 81%
1962 MN 827e ---- 8113 July'24 ---9212 97 Little Miami 4/1
914 1351
96
1931 J J 9614 Sale 9614
..Jay &Mich let cone 4138
1935 A 0 10712 ____ 108 Nov'24 ---- 106% 108
8258 9114 Long Dock consol g 613
4 28
1
89/
1943 m N 8912 8934 8912
Get & Hudson let & ref 4e
8 9912 Dec'24 ---997
99
971$
J
Q
100%
58_51931
gold
104
8
con
923
78
let
meld
Long
103
101
Sale
1935A 0 103
80-year cony&
9318 10011
51931 Q J 9234 -___ 10018 Aug'24 ---24
974 1024
102
let consul gold 45
1937 M N 10114 Sale 10114
15-year 5345
84/
4 88%
1
J D 883* _-__ 883* Dec'24 ---10612
1938
110
48
gold
b
General
109
8
1083
109
108
D
1930J
78
secured
10-year
89
83
4 -___ 89 July'24 ---/
1932 11 D 881
94
92
_
Gold 48
94 Dec'24
1936 F A 9312
yG RR & Bdge 1st gu 48 g
4
1
84/
3
79
8472
4
1
82/
1949 M El 8312 85
6714 8334
64
Unified gold 48
83
nen & R Or-1st cons 9 48-1936 J 2 8278 8-;le 82
91% 98
____ 96 Nov'24 ---9512
D
.1
1934
87
7215
1
58
Debenture
gold
86
86
J
86
1936
4
1
J
86/
Consul gold 43419
90
---8712
84
88
Dec'24
8718
N
M
1937
7913 9614
20
20-year p m deb 58
96
Improvement gold Se... _1928 .1 D 9512 Sale 9514
88
79
8212 14
3418 5934
1949 M El 8218 8278 8238
Guar refunding gold 4e
5934 176
1955 F A 5812 Sale 5712
lit & refunding 58
9414 100
9934 9913 Dec'24 ---99
4434 4613
Nor Sh B let con g gu 58-01932 Q J
4612 Nov'24 _
do Registered
9512
4
1011
9918
9914
Dec'24
99
5
M
3414 60 Louisiana & Ark let g 58.-1927
62
60
60 Sale 5712
farmers L&Tr rots Aug •85..
4
7912 95
82 ,
83 82
3414 60% Lou &Jeff Bdge Co gu g 48_1945 MS 82
60% 188
4
1
59% Sale 56/
Bankere Tr ctfs of dep
1 100/
10412
1
4
1
103
10334
103
102%
N
M
5914
-1937
33
58_
Nashville
Louisville &
5914 50
584 Sale 5714
do Stamped
94%
89
9214 13
59
1940 J .1 92 Sale 9134
37
Unified gold 4s
13
59
60% 5834
56
Am Ex Nat Bk Feb '22 titfs_
8912 92
9134 Dec'24
1940 3 j 8734 90
314 59%
Registered
55
5978 16
5534
do Aug 1922 Mfg
103
---4
1
/
913
Dec'24
102
100
1003*
MM
3712
474
Collateral trust *gold be._ _1931
9
41
re M & Ft D let gu 4s.__1935.3' 41 Sale 3914
107 , 12 10572 10814
7413
1930 M N 10714 10712 10613
60
74 Dec'24
10-year secured 7s
75
37'et & Mack-let lien g 48..1995 J D 72
105 1 13 104 108
70
60
let refund 534e Series A2003 A 0 104,4 Sale 10414
1995 J D 6614 7014 6714 Dec'24
Gold 46
9712 10514
17
10212
Sale
1023*
10214
0
A
2003
8712 9313
1st & ref 55 Series B
1961 MN 9114 91% 9114
9112 17
Ost RI, Tun 43.84
92
9334
2003 A 0 92,4 Sale 9214
9213 35
99% 102
102 Dec'24
1st & ref 4 s Series C
Dal Missabe & Nor gen 58_1941'.3 10218
10311
105
---Nov'24
104
18512
10414
J
1
98
Us
1013
1930
8
_
N 0 & M 1st gold
Dec'24
1937 AO 10012 101 101
Del & Iron Range let lis
88
1930 1 .1 1033* 10512 1033* Dec'24 ---- 102 104
76
2d gold thi
1
8734
owl Sou Shore & Atl g fig__ _1937• J 8734 Sale 8734
85/
4 90%
1
8612 89% 8834 Dec'24 ---8412 8916
Paducah & Men Div 4s 1946 F A
88% Dec'24
1948 AU 8713
II Minn Nor Div let g 48..
84
60
90% 10014
St Louis Div 2d gold 35-1980 M 8 6212 6484 63 Dec'24 ---1938•S 99,
4 ---- 99 Dec'24
▪ Tenn reorg ten g 58
95%
93
93 Nov'24 --- M 5 9413 97
64101945
1st
100%
4
983
LAN&M&M
Dec'24
58
g
10008
____
.3'
99%
1930
Div
Ga
•T Va &
85
3
,
79
82
82
4
823
8112
.1
J
Id
joint
413_1952
4
1013
8
7
97
South
L& N
10008 21
1956 MN 10012 101 100
Cons let goid.'511
77
77
---Jan'24
77
---7612
.7
Q
51952
97% 103
Registered
101
1
Main Joliet & Eat let g 56_1941 MN 101 Sale 101
96
9914
9914 9818 Dec'24 ---98
N
M
4345_1931
9912
gold
Les
99
&
Cln
Louise
4
9912
9912
1965 AO 99%
El Paso & S W lst 56
4
1
/
98
1
101
101141
0114
10114
J
s
1934
14 104% 10912 Mahon Coal RR let bs_
•rie let consol gold 79 ext..1930 MS 10712 Sale" 10712 108
63
55
6134
62
59
1
6104'
4 74% Manila RR(Southern Lines) 1939 M N
/
611
7012 24
1996• J 7012 Sale 701
1st cons g 4s prior
1
9812
997 9812
9612 99
69 Manitoba Colonization 5s___1934 .1 D 98
61
4 Dec'24
1
67/
1996
J
Realatered
5
I
84
84
Sale
80%
8258
84
J
J
5311 66 Man GBANW lst 3)0_1941
i5ii
64
let consil gen lien g 4s 1996• j 64 Sale 6314
98 10071
1931 M 8 10073 .. lOO7s Dec'24 ---59 Michigan Central 56
53
5834 Nov'24
Registered
1996•
--Dec'24
99
99
88
---_
98%
M
Q
1931
Registered
8813 9534
95 Dec'24
9513
Penn coil trust gold 4s 1951 ✓ A
9658 36
8604 9652
1940 .1 3 9612 Sale 9613
5434 6612
48
38
65
50-year cony 45 Ser A 1953 AG 65 SSale 64
8614 ---- 8612 Sept'24 ---7718 8613
1940 J J
544 6912
Registered
74
65
ale 64
1953 AO 65
do Series B
---Apr'24
7718
774 9338
---_
773*
5
M
1951
J L & S 1st gold 310
59% 77
7414 260
Gen cony 48 Series D_1953 AO 7414 Sale 7214
1
8234
7912 8234 8234
774 83
MN
1952
gold
let
3384
104
4
1
/
89
9
10212
10212
10412
1955
10213
let
I
6s
f
Jersey
s
uric &
9618 Dec'24 ---92/
4 98%
1
1929 A 0 9812 97
85
82
20-year debenture 411
84 Dec'24
1940 3' 84
Erie & Pitts gu g 3348 B
8712 94%
1940 A 0 9312 9334 93
85 Mid of N J let ext 55
83
Oct'24
84
_
1940 ii 84
Series C
10014 ____ 0014
9912 10114
93;421 151
10
A
F
58_1929
g
Imp
Weet
SA
L
Milw
4
973
loots
100
1
j
100
100
Fla Cent & Pen let ext g 55_1930 j
10018 10014
1925 M 8 9934 100 10018 Nov'24
Ashland Div let g 6s
9338 loo
1943 J J 9814 9912 98 Dec'24
Control gold 55
1
95. 1
88% 95
1934 JD 87*..__ 95
87% 95 Milw & Nor let ext 453s
1959 J D 9238 9313 9278 Dec'24
Florida E Coast let 4Hs
9212
874 ---- 8814
85
D
.1
4538
1934
extended
Cons
9612
96
9618 260
1974 MS 9414 Sale 931
lst & ref 5s Ser A
2
41 15
83'4
83% 88
87
s 87 Sale 87
42 10078 103 Mil Spar & N W 1st go 48..1947 M
1934 MN 103 Sale 10213 103
Fla West & Nor 70 Ser A
82 86%
1941 J J 8058 -___ 8612 July'24 ---3148
gu
let
L
S
70
&
Mile
63
20
654
65
8
647
1952 MN 64
roads J & Glov 434e
2
9808
97% 103
1927 .1 D 984 ____ 9858
8238 8812 Minn & St Louis let 73
8812 Nov'24
fort St U D Co let g 410 1941 J J 89
524 13
6834
51
1934 M N 5134 Sale 5134
let consol gold 513
10014 105%
10438 Dec'24
1961 Jo 104%
Ft W & Den C let g 34s
48
22
2108
1946 m s 2118 22
1312 2334
48
gold
refunding
8418
943
&
lot
4
8
9318
9218 Sale 924
Ft Worth& Rio Gr let g 45....1928 J
2
4
1
/
15
16
16
13
13%
A
Ser
F
Q
21
58
1962
50-yr
Ref & ext
2 1054 108
108
1933 AO 108 10934 108
From Elk & Mo V let 68
8634 62
8512 90
954 10058 MStPASSMcong 4sintgu•382 J 8612 Sale 8612
OH&SAM&PIst5s_1931 MN 100 1003 100 Dec'24
9814 99
99
99
J
3
1938
9734
1034
58
9612
cons
10012
let
9934
9934
1931 .3' 9834 100
26 erten 58 guar
10234' 29 101 10334
1931 M S 10212 Sale 10214
8912 9334
10-year eoll trumt 6 t38
Dec'24
91
00
1933 *0 9118 192,2
Daly Ilona & Bend let 5ai
100 Sale 100
9
10013'
1946
974 10212
89 101%
lot & ref 68 Series A
101
5
10012
1957.3' 10014
Genesee River let s I 66
Sale
85
85
8512
7
S
1949M
87
83
s
25-year 5 14
11 8412 98%
963s
96%
Us & Ala Ry lot con 5s____81945 J J 9212
9212 ____ 9212 Dec'24
1941 M N
Term 81 4s
9112 101%
Chicago
93%
100
1st
5,
9918
9918
j
661
•
9918
Oa Car do No let gu g 58_. 1929
9914 .... 9908 Dec'24
J
gu-1926
Istg4sint
9634
s
997
67
MSSM&A
4
603
6412
2
6412
1946 AO 6412 Sale
Os Midland lot 35
'
9334 92 Dec'24
88
92
9812 100% Mississippi Central let 5e...1949 J J 92
Oct'24
100
GlIaVG&Nletgug5s...l924 MN 9934
8114 57
gold 413.19110 J D 8114 Sale 8034
757
Tex-let
8
98
&
4
1
/
98
Kan
Mo
833
4
Feb'24
4
983
aou & Oswegatch 5s
1942 J D 9912
J 8618 Sale 86
7834 87/
9038 95 Mo-K-T RR-Pr 15* Ser A.1962
4
1
9412
9413
9413
1941
7114 Sale 7038
2 125
'
711
86
Or R & Tax let gu g 4Hs
33
1962 J
74
65
11034 11714
48 Series B
-year
11618
25
40
11512
Sale
115%
A0
Grand Trunk of Can deb 78_1940
102 1 11
1932 J J 10178 Sale 10118
94% 10212
63 10211 1077
10-year 6s Series C
107
1936 MS 10612 Sale 10614
79 1105
16-years f 68
5134 80
Cum adjust 56 Ser A Jan.1967 A 0 79 Sale 76
10912 163 106 11018
10912 Sale 10918
Great Nor gen 713 Series A 1936 J
83
Pacifie (reorg Co)
Missouri
9314
Dec'24
4
923
93
9218
'.3
1961
8312 Salo 83
let & ref 41Ls Series A
8334
72
7512 8512
A
F
1965
A
Ser
58
refunding
9618
&
1017
let
45
10053
General 5146 Series B__1952'.3 100% Sale 10018
100381 41
9414 101
let & refunding 58 Ser C 1926 F A 10014 Sale 100
72
93
914 9534
1973• J 93 Sale 9212
99 Sale 99
General 5s Series C
9913 100
A
F
1949
D
Ser
68
refunding
87%
100
4
593
70
&
1st
Dec'24
70
75
Green Bay & W deb ctfs"A" -- Feb 69
6334 251
191A M S 6334 Sale 6234
65
51
16
General 48
7
4 19
1
14/
1412 Sale 1278
Feb
Debentures Ws"B"
98 Mo Pac 3d 79 ext at 4%1938 MN 8458 ____ 8438 Nov'24
81
8034 85
8
4
973
4
973
100
9712
3,
Golf & IR I let ref & t g 58__81952
9518
__ 9818 Oct'24
J
J
_1945
5s_
g
lien
p•lor
92%
6312
Blr
8312
98%
&
Mob
10
4
803
4
803
8134
Harlem R & Pt Ches let 40_ _1954 MN 80
78
7712 Dec'24 _.__
85
4 90%
/
Mortgage gold 46___ . _1945 J .1 77
88
8912 171 831
8912
Hocking Val let cons g 4346_1999 J J 89% 90
1 102/
102341
84
4 10478
1
83
Mobile & Ohio new gold 6s_ .1927 .1 D 10278 10312 10234
83 May'24
1999.3' 834 90
__
Registered
10212
8 Sept'24
1025
QJ
___51927
6s
gold
97
ext3nded
10034 10234
10014
let
100 Dec'24
1937.3, 98%
& T C let g &tint gu
841
8
8418
1938 M S
74
85
97
General gold 48
95
10
96
96
90
Hotutton Belt & Term lot 58_1937'.3 95
-68.38 9808 Dec'2497 9841
9514 9978
1
9838
Montgomery Div lst g 58-1947 F A
92
9934 Dec'24
99%
1933 MN
Lions E & W T 1st g 58
1927 J D ____ 10014 9934 Dec'24'
9514 10014
St Lout., Div 58
99% 100
99% Nov'24
1933 MN 99% 101
let guar bs red
8214 -11_
8338 8383
413
21410
1938 M
coll tr g 48
Ohio
95
Dec'24
85
&
76
8414
Mob
93
9212
MN
Housatonic Ry cons a 55....l937
1991 M
Dec'24
8012 8558
Moh & Mai lst gu g 4s
8718 56
804 88
Hod & Manhat Se Series A 1957 ✓ A 8612 Sale 8612
1937 J J 11034 1 12 110 July'24
10814 110%
5814 6913 Mont C lst go g 68
6812 249
1957 AO 6814 Sale 67%
Adjust Income 55
10112 103 1004 Sept'24
J
J
1937
64
gold
guar
88
Dec'24
93
89
let
994 101
3 89
'
Illinois Central let gold U 1951
20003 0
7614 80
89
89 M 5 E 1st gn 3Hs
1951 J J 8714 -66- 89 July'24
Registered
870
75383'4 8
a2
10
19 10
70
let fis__1928 A 0 10
734 10
L
St
4
1
8
7
2
&
9
14
Chatt
9972 102
78
Nov'24
8314
8214
Nash,
4
,
81
81
J
1951 J
Lrt gold 3Hs
1937 F A 1001g ---- 99 Apr'24
99
99
774 8412 N abs g, 5 let gu e Si
81 Dec'24
=tended let gold 334e...1951 AO 81
30 Sept'23
8013 8012 Nat By of Max pollen 4348_1957 J J
8012 June'24
81
1951 AO 78
Registered
27
1534 July'24
on..........
coupon
87
i
160
1914
June'24
60
July
61
.
72
57%
1951 M
lit gold 38 sterling
27% July'23
914
83
8678 11
4
1
Guaranteed 70-year 8 f 42_1977 A
Collateral trust gold 48_1952 MS 8634 Sale 86/
8414 904
18 May'24
coupon on..........
1914
881
38
April
881
Sale
884
MN
1955
41
tot refunding
3812 June'23
751 81
8134 7914 Dec'24
Nat RR Max prior lien 4148_1928 J J
78
1952
Purchased lines Hei
28 --__ 25 July'24
4 19
/
831
794 8613
July 1914 coupon on
1953 IL N 83 Sale 83
Collateral trust gold 4a
0
A
28
1961
---Apr'23
45
9934
10318
21
8
10512
1027
contra
10304
let
10318
1955 M N
Refunding 55
35
Jan 24
April 1914 coupon on
1934.3 J 103% Sale 10212 10308 29 10011 104
15-year secured 15348
10
22
4 Apr 24
/
181
off__________
(*upon
1014
3
108%
11018
112%
April
10912
Sale
10912
J
1936
g
SO
15-year secured 6
Due Oct • Option isle.
DIM Sept.
Dito J1111.
Duo Bab. 0 Due June
oDue Jan.
3
'
New York Bond
BONDS.
N. Y.STOCK EXCHANGE
Week ending Jan. 2.
•
'3
Price
Friday
Jan. 2.
Week's
;•1
gangs or
Last Sal..
71
Record--Continued-Page 3
Ranee
Year
1924.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Jan. 2.
•
Price
Friday
Jan. 2.
Week's
Range or
Lail Sale.
Ranoe
Year
1904.
1149
Mob Pitts Chi Chic az St L(com)Mob No. Low
XII
Ask Low
BM
All Low 'Ilion No. Low
8812 9232
Series E 3
guar gold __1949 F A 8912
N 72
Naugatuck RR let 49
1954
24 Sept'249---067s May'23
874 9712
Series F guar 90 gold
9210
'kJ
1953 J D 8912
New England cons Si
924 Oct'24
8912 Nov'24 -.-1945 J J 92
8812 92
83
Series 0 48 guar
75
1957 MN 8912
Consol 4e
91 Nov'24 ---1945 J J 7834 87
7812
2
78%
90.4 964
Series 1 cons guar 43-4e
8034 83
13 June RR guar lst 4e
1963 1' A 94%
83 Sept'24
95/
1
4 Dec'24 -1986 F A 8134 86
90% 9412
Series J 4 tie
81% 88
1964 MN
944
87
10& NE let ref & Imp 4 Hs A*512 J J 86
9412
944
8572 Dec'24
031s 101 12
General 5s Series A
7
Km Orleans Term let 42__ _1953
J 8015 81
7614 83
1970 J D 100% 1-003-4 100/
1
4
8118
11
8118
100 100%
9814 102% Pitts & L Erie 2d g be
10 Texas & Mexico let 69 1925 J D 101% 10178 1014 1014 13
01928 A 0 1004 10132 10012 Sept'24
Non-cum Income 55
851s 9312 Pitts McK & Y let gu 68_--1932 J .1 104
105 Dec'23
1935 A 0 724 9212 92
924 43
9834 100
2d guaranteed Ets
94,4
1934 J .1 102
89
let be Series B temp
9834 Aug'24
1954 A0 91 Sale 90
91
37
9812 10034
98 100 Pitts Sh & L E let g 511
Oct'24
100
1940 A 0 101
let 154e Series A temp. .1054 A 0 9812 Sale 9734
9812 48
9834
97
9112
let consol gold 58
92
X & C ledge sea gu 414e_ _ _ _1940 J J 9214 94
1943 J J
0378 Nov'24
9834 Feb'24
99 11218
Pitts Y & Ash let cone 5e
95 101
N YB&MBletcong 69_1935 A 0 99 10018 99 Dec'24
1927 MN -8904
10034 Dec'24
53
40
2
▪ Y Cent RR cony deb 611_1935 MN 113 Sale 11114
5312
5312
114 1353 10311 113% Providence Secur deb 49___ A957 MN 5038
80
80
1
4 8312 8214
8018 86% Providence Term let 4e
1956 M 5 8118
Consol 45 Series A
834 37
80 Sept'24
1098 F A 82/
8714 95%
Ref & imnt 4145
841s 9012 Reading Co gen gold 4s
1997 J J 95%
2
95,4
95,4
89
_2013 AO 88% 90
90
52
95% 10014
8714 9514
Certificates of deposit
Ref & Impt 5a
95,4 Nov'24
2013 A 0 9934 Sale 98%
9934 325
8314 894
Jersey Central coil g 49_1951 * 0 89
891. 8812
89
29
•Y Central& Hudson River794
881a 944
74
Gen & ref 434e Sec A
1907 J J 94 Sale 931
Mortgage 3/48
94
40
/
4
1997 .1 2 76% Sale 76
78
20
98/
1
4 190%
721.4 7814 Rich & Dan 5e
1927 A0 9914
100/
Registered
1
4 Oct'24
1997 J J 7412 7614 75 Dec'24
744 7414
Rich & Meek let g 5e
89% 90
1948 M N 7412 77
Debenture gold 4e
74,4 Nov'24
1934 M N 0314 Sale 9314
9314 19
96 1004
9334 Rich Ter 5e
10014 101 14 10018 Nov'24
1952 J
80-year debenture 43
87
917 Dec'24 --- 1942 J j 9114 92
9314
84
7518 7512 75
1
70% 774 Rio Grande June let gu 59 1939 .1 D 9238
Lake Shore coil gold 3149_1998 F A
93
93
7534 43
34 7
7
733 76
597s 75 Rio Grande Sou let gold 49-1940 3.3
Registered
5 Dec'24
73% Dec'24 ...-1998 F A
33
6
78%
Guaranteed
73
1940
Mich Cent coil gold 334e..19911 F A
7
Dec'23
75% 7612 75%
7514
8
rs
7214 7712 Rio Grande West 1st gold 411_1939 J .1 834 Sale 8314
Registered
8378 15
734 00
737
1998 F A
7378
2
894 934
73%
60
Mtge & coil trust 4e A__ _ _1949 * 0 7212 Sale 7212
N Y Chic & St 1. let g 4e
914,
72% 22
9114
1937 A 0 9012 92
5
744 874
1934•S 8812 Sale 8414
8818 9134 R I Ark & Louis let 4 He_
Registered
8512 29
9134 Dec'2T ____
1037 A 0 884 89
8372
68
J J
2
7314 73% 7318
88
951e Rut-Canada let gu g 4e
25-year debenture 4e
7378
93
9612 927
1931 M N
93 . 55
3
804 88
1941 J .1 8518
86
2d 6s Series A B C
86
1931 MN 10212 Sale 10212 102% 11 1004 10334 Rutland let con g 4He
We
9312
Sale
96
,
4
Ref 51.1e Series A
. _1974 A 0
9334
9412 73
7112 77
7512 767 7512
1947 .1 J
3
X Y Connect let gu 434e A 1953 F A 90 Sale 90
7512
861s 92 St Joe & Grand tel g 49
90%
7
911
/
4 961
/
4
/
4
1996 J .1 931
95 0,
8812 8912 St Lawr & Adir let g be
•Y & Erie let est g 49
1'21 -.92
89
1947 ai N 89
Oct'24 _-_1)8 100
0
9914
102 100 Dec'24.--.
1996
2d
gold
A
6e
9312 96
84 511 gold 448
96 May'24 ___ 1933 Ni 8 91%
89
9514
1931 J J 9334 9412 937 Dec'24' _ _
9714 St L & Cairo guar g 4s
96
4th ext gold Is
9714 Sept'24 _--1930 A 0 9912
96 10118
19
93% 9712 St L Ir M az 8 gen eon g 59_1931 A 0 994 993 994
993
5th eat gold 48
974 Dec'24 _.- 1928 1 D 9714 --_
834 9312
13
1929 J J 92 Sale 9112
Unified & ref gold 49
92
•Y & Green L gu g 5e
8412 9212
92
92
1948 MN
5
72
85%
1933 MN 8414 Sale 8312
Riv & G Div 181 g48
761s 78
N Y & Harlem g 334e
844 66
2000 M N 7814 8312 761s Dec'24 __7
9612 10014
_
1930
A
0
0914
Ter
9811
gu
g
9812
be.
St
L
M
Bridge
99
99
Dec'24 - N T Lack & W lat & ref 59_1973 M NI ---- ---- 9812 Nov'24 -__
65% 73%.
2407
5.
St LA San Fran (reorg co) 491950 3 J 71'2 Sale
96 101
& ref 410
1973 M N 98 10014 0912 Dec'24 -8012 8712
Prior lien Ser El 5e
71141
5
1950 J .1 8514 Sa e 8
N Y LE& W let 7e ext
71%
86
1930 M 5 10312 109 10212 Aug'24-- 10214 10212
9838 10314
Prior lien Ser C 6e
1928 I J 10214 Sale 101% 1024 '
9734 9934
Dock az Imp 59
9934 Dec'24 _
3
1942 J J' 9934 100
9612 10078
8712 954
1942.5
9334 Sale 9335
63-45 Series D
N Y & Jersey let 59
95
73
101
7
1932 FA 994 101 10014
72
8614
853
4
Sale
6e____51955
A
adjust
0
Ser
A
851s
Cum
90
9012
854
893
4
N Y & Long Br gen g 4e__1941 MS
151
........ 9012 Dec'24
51960 Oct
Income Series A lie
7852 Sale 7732
58% 8178.
7874 447
N INH& Hartford105%
997
8
_1931
J
&
J
San
10512
Frau
gen
10514
6e_
St
Louts
441/
614
613
4
Nov'24
Sale
Non-cony deben 4e
1
4
613
M
/
4
611
1947
9712 1004
58
1
4 Sale 100/
1931 J J 100/
General gold 56
38
1
4 1003
3
56
Non-cony deben 3 He
56
5
S 5512 56
1947
8414 841/
StL&SFRReoneg 49_1996 .1 .1 904 ---- 8412 Dec'24 -- -31112 5514
Non-cony deben 3Sie_ _ 1954 * 0 56 Sale 5514
5038
8
/
4
9612
974 991
___
61
Soutbw
0
Div
4418
let
g
5a
974
1947
A
6134
5918
Dec'24
593
8
59:18
2
Non-cony deben 49
1955 33
4
4212 6112 St L Peo & N W 1st gu 52-1948 J
101 12 10312 10112 10112
98 10312
60
Non-cony deben 4e
9
1956 MN 60 Sale 60
92
/
1
4
Salt
94%
2
393
4
60
St
Louie
Sou
let
gu
914
g
4e
1931
M
56
Sale
8
55
27
Cony debenture 3149
56
'
3
1956
87 St LOW let g 49 bond ctf9_1989 51 N 8018 Sale 8018
8014 21
59
76
83
Cony debenture 13e
8712 197
1948 J J 8738 Sale 8512
211 g 4e income bond ctfe.p1989 I
73
74
/
4 747/
734
7473 10
36
691
55%
5412 66
Debenture 4e
1957 MN 54 Sale 53114
8538 Sale 85%
Consol
855
J
4
I
gold
23
45
79%
777
2
973
80/
1932
07
Sale
4
12618
9710
233
78 European Loan
*0
1025
814 Sale 8134
85
let terminal & unifying 59.1952 1
69
78
9612
961
82
/
4 1300
25
I/0MM_
1925 AO 9614 Sale 957o
0
83
St Paul dr K C Sh List 049_1941 F A 8038 Sale 80
73
44 Apr'23
Cone Ry non-cone 49_ _1930 FA
95
88
88 Sept'24
-E1lf1-1 St Paul E Or Trunk 4 He_ _1947 J J
/
4
551
/
4
2
Non-cony 4e
1954 3, 551s -_- 551
48
6512 St Paul Minn & Man 4s
9134 9814
1
4
1933 J J 934 9414 93/
5312 Dec'24
9334
1
'
Non-cony deben 4e___ _1955
3 5418
424 5712
let consol g 69
116 199
56 Dec'24
1933 1 J 1081s 109 108,4 Dec'24
'3 5415
Non-cony deben is__ _1956
99/
1
4 101
65 reduced to gold 4 Hs _1933 ..1 J 99 Sale 99
94/
1
4 99
Oct'24
99
101
3
X Y & Northern let g 59_ __ _1927 A0 100
60
69
Mont ext let gold 49
24
874 9772
1937 J D 9134 934 917s Dec'24 -2(38
NYO&Wref let S 4s_ _01992 St S 68 Sale 6713
681
/
4 66
Pacific ext guar 49
65 65 Dec'24
89 Sept'24
1940 1 J
824 89
General 414
1955 3D 63
854 8538 8 A & A Peas let gu g 49-.1943 J 3 8134 Sale 803*
711
/
4 83
8l3
86
Y Prey & Boston 4e
1942 * 0 8578 _- 854 Oct'24
8312 Santa Fe Pres az Mien 59
81
1942 hl 5 9812 _ _ 100
99/
1
4 100
_
Oct'24 -Y & Putnam let con gu 42.'93 AO 8134 8234 82% Dec'24
8912 100 San Fran Terml 1st 49
9918
2
1950 A 0 8414 84% 844
994
8012 8734.
8512 31
Y & R13 let gold 5e
1927 M S 9918 __
/
4
524 72 Say Fla & West 6e
7
108 Aug'24 -- 10712 108
1934 A 0 1071
6714
X Y Sumo & W 1st ref 5e___1937 J 2 67 Sale 67
62 62
6312
43
5e
6
10114 Nov'24
1939 A 0 101
62
1001a 10112
26 gold 434e
1937 FA 59
1
4 89
4914 66 Scioto VA N E let gu g 46_.1989 M N 87/
8814 Dec'24 - 6134
8474 Mil
General gold 55
1990 P A 614 Salo 61
94
92
77
93% Dec'24 _8614 9512 Seaboard Air Line g 45
7612 Dec'24
1950 A 0 74
5514 7614
1943 MN
Terminal let gold 55
394 63
1950 A 0 744 Sale 7118
Gold 4s stamped
6212 64
75
27
6812 76/
1
4NY W'ehee& B let Fier 1 44s '46 3 .1 62 Sale 61
77
77 Sale 74
1
4
194
8112 88/
01949 F A
Adjustment 59
8334 439
43% 78
Nord R 9 t 6 He w I
1950A 0 8314 Sale 8112
/
4 Sale 7112
6012 53
711
6112 76
1
4
Refunding 4e
1959 A 0 6012 Sale 59/
72,4 35
47% 614
Norfolk Sou let & ref A be_ _1961 F A
Sale
4
243
9518
85
_
953
951s
89
-Dec'24
841
/
4
let & cone 69 Serial A
1945 M 5
8518
6734 88
Norfolk & Sou let gold 51
1091 M N
9734 1014
1926 J .1 100 10018
W ort & West gen gold tie .l931 M N 10718 10812 10714 Dec'24 -- 10538 1077a Seaboard & Roan let 68
106 10712 8& N Ala cons ell g 53
2 Dec
1936 F A 102 104 1(0)°
l°
'
°
21 - -2
/
4 4432
- 10,1
Improvement & eat es_ _1939 F A 107% _ _ 10712 Oct'24
4
10712 Sept'21
106 10711
Gen cons guar 50-yr 55_ 1963 A 0 10314 10414 10334 Dec'24
99 1064
1932 A 0 1063
New River let gold
86
164
911
/
4 So Pac 001 45(Cent Pac col)k1949 1 13 85 Sale
884
814 884
1996 A 0 8812 Sale 8812
& W Ry let cons g 49
8714
8714 221 8614 89
20-year cone 49
171929 M 8 9612 Sale 96%
9838 143
9212 10011
1996 A 0
Registered
971
8834
8978 341 8814 9072, 20-year cony 5e
/
4 101%
19343 D 96% Sale 094
Div'l let lien & gen g 48_1944 J J "8912 lii
994
Sale
13118
I061
/
4
101
_ 101 103
13312'
_
12912
1961
13312
10112
So
Pac
Cal
-Go
of
g
Dec'24
511
1929 M S
10-year cone 13e
904
91
8818
Sale
9012
19
91
764 9212 So Pac Coast let gu 4s g__ 1937
J
8818
111 N
7 .%
88% 17
874 1014.
Pocah C & C Joint 4a.__191 I .1 D
8411 91 So Pac RR let ref 4e
8812 36
North Ohio let guar g 5e._1945 A 0 8714 8712 8734 Dec'24
1955 1 1 8818 Sale 87%
85
90%
101
8478 101
8012 8634 Southern-let eons g 5e
1904 J .1 101 Sale 10018
101
Not Pacific prior lien 45_ _1997 Q J 84% Sale Ws
911a 102
834 Sale 83,4
6
781
/
4 854
8314
Develop & gen 4e Ser A _1966 A 0 7418 Sale 7312
7412 46
691s 75/
1997 Q
Registered
1
4
58
GI
6634 63
1956 A 0 10314 Sale 10134
10312 109
Develop & gen fie
General lien gold 35
964 105
02047 Q F 61 Sale 60le
594 Dec'24
6311
57
1956 A 0 107 Sale 107
Develop A gen 648
10712 48 1011
/
4 107%
02047 Q F
Registered
8614 12
9912
Stem Div 1st g 44s-58_1996 3 1 9912 100
7984 9912
Ref & Impt 434e ser A____2047 J .1 8014 Sale 8512
9912 21
9338 100
119 10124 10958
2
107
St Louis Div let g 4e
86
118 ser B
1951 3 3 86 Sale 86
7934 8514
20472 .1 106% Sale 10614
95
964 9514
9618 17
90% 9812 So Car & Ga let ext 5 34s.
fia C
l929 M N 102 1021 102 Dec'24
977, 102%
20472 J
9618 0514
9614 10
8934 100 Spokane Internal let ft 5s___1955 1 .1 8312 Sale 83
59
8312 12
20472
8272 0234
i057
1
9914
Mar'24
893
4
991
/
4 9914 Sunbury az Lew 4e
91
St Paul & Duluth let 59..1931 Q F
Oct'23
1936 1
9938
_
95 May'18 -Superior Short L let 5e g
let consol gold 48
1968,2 D 8014- 8414 Jan'23
e1930 M
1 -;211 115.7.
15914 1-693
/
4 96
Nor Pac Term Co let g 68._ _1933 J J 10912 1(11;4 10912 Dec'24
; Term Assn of St L let g 4149_1939 A 0 951
9514
9514
2.
10018
91 14 Aug'24
100 ___ 100 Dec'24
No of Cal guar g 5e
8912 10912
let cone gold 58
14
914
51 A
y
9714 1 00351938 A 0
100 June'24
8212 83
973a 100
Korth Wisconsin let 6e
Gen refunds f g 49
8218
8212 42
7834 861
/
4
1930 1 J 103%
99 Dec'24
Tex & N 0 con gold 5s
19433 J
94% 99
69
74141 Texas & Pac 1st gold be
Og & Cham let gn 48 e_1948 J 2 704 7314 7214 Dec'24
10018 12
2000 1 D 997 Sale 99%
101
0034 ___ 9034 Dec'24'
3 92
Ohio Conn Ity 4e
8912 904
95
00
2d gold Income 59
90
1943 M
e2000 Mar 88
73% 86
99
10
/
1
4
9812
100 Dec'24 _ _
Sale 9812
9714 100
Oblo River RR let g 5e
La Div B L let g Se
9812
19363
91 100
1931 3 3
98% Nov'24
_
General gold 5e
1
4 9834 Tol & Ohio Cent 1st gu 59._1935.
95/
10012 Dec'24 ---;
97 103
1937 A 0
1 .1 100 -Ore & Cal lat guar g 59
99 4 102'4
Western Div let g 5a
1938 A 0 9912 9934 994
994
94% 101
19272 3 10038 Sale 100% 100% 13
Ore RR & Nay eon g 4e_ _1946 .1 D 884 8812 8818
8818 63
8958 9014
96/
1
4 96 Dec'24 - General gold 53
91 12 100
1935 3 13 96
1044 15 101 10614 Toledo Peoria A West 4e__1917 J .1 30
387s 3712 Dec'24 Ore Short Line-let cone S 56.'46 I J 104 Sale 104
201
/
4 384
0022 28
Guar cone Se.
105
3 10188 10838 Tol St LAW pr lien e 31-45_1025 J .1 994 Sale 994
19463 J 105 Sale 104
9612 100
961
/
4 13
/
4
Guar refund 4e
0214 9814
50-year gold 49
8314 33
76
1929 J D 96% Sale 961
1950 A 0 824 Sale 81
8411
82/
1
4 73
9538
Oregon-Wash let & ref 9e
96% Dec'24 - - -7938 84 Tol W V&Ogu 442A
95% 97
1961 3J 82 Sale 817s
1931 3 J
12
82 81%
82
9518 Feb'24.,-- -Pacific Coast Co let g 59._ 1948 J D 89
7512 82
Series 13 4 Sis
9154 9612
1933 1 i 954 97
Pao RR of Mo let oat g 49_ _1938 F A
2
894 1/014 89%
8978
78
8612 Mar'231 ---9034
Series C 49
19421'I 5 8912
8318
1
984 Dec'24
ed extended gold 5s
89
99% Tor Ham & Buff let g 49_ _k1946 .1 D 833s 8512 8312
-8-6-34
1938.5 .1 981s
Paducah & ills let f 4)411553
93/
1
4 96
937 Dec'24 - - 91
Dec'24 ---914 934 Ulster & Del let cone g 58-1928 .1 D 8612 92
91
9712
170
7914
Sale
Dec'24
57
77
80
62
844
Cl':
Parts-Lyons-Med RR fle
65
let
refunding
0
g
.1958 F A
4e
61
7034
1952 A
269
883
914
4 Sale 87
Sale 907
Sink fried external 7s w 1_1958 M
8834
92
68
87
93% Union Pacific let g 49
881
/
4 94
1947 J 1
88
9914 28
84
87% Sale 8678
9912 Sale 98%
Paris-Orleans RR e f 78
86% 9312
20-year cony 45
1954 M
95/
1
4 100
1927 1 J
3
97% 98
97
97
8434 21
Paullsta Ry 7s
98
89
let& refunding 49
1942 M
0200866 5 8412 8434 8411
811
/
4 8814
11
9212 Dec'24
10414
Pennsylvania RR-eons e 4e 1943 MN 9112 _
8912 9512
let lien A ref 5e
100 106
92008 M S 10414 Sale 104%
9112 Sale 9012
Conaol gold 4
9012 11
1037s 12 10284 10512
9334
87
10-year perm secured lie...1928.3 .1 1034 Sale 103%
1948 MN
91
9212
9012
9012
Sale
93
As @tamped
Sept'24
9012
3
8714 95 UN J RR & Can gen 4s
May 1 1948 MN
1944 M S
8834 93
901.314
Comm'4 He
98% 29
90 100
Utah & Nor gold Ss
1960 F A 98% Sale 984
1926 J .1 10018 101 10014
93 1004
9314 114
90/
1
4 991
/
4
93 Aug'24
General 411e_
1st extended 4e
1985 J D 931s Sale 11212
1933 J J 93%
93
93
861
/
4 86% 88,2 Oct'24
General bs
78
102
/
4 Sale 101 le
934 110
Vandalla cons g 4s Ser A..
1968 3 D 1011
1955 F A
85
864
1
4 8878 8612 Dec'24
10-year secured 79
1081
/
4 52 101 1,014
Consol 48 Series B
1930 A 0 108% Sale 10814
1957 M N 86/
85
89
20
Ill
I8-year @enured 6 .1 4e
110
110
Oct'24
/
1
4
11018
Sale
1117
/
1
4
Iii
lQM F A
Vera Crux & P let gu 4 Hs
1934 3 J
20
2012
_ 21% 20 Dec'24 40-year gold be temp
98/
1
4 409
July 1914 coupon on
9734 984
1964 61 N 984 Sale 98
20
264
Pennsylvania CoVerdi V I & W let g 5e
1926M S 998 -- 100 Nov'24 ---;
9914 100
1
He
coll
84%
trust reg A.1937 M
Guar 3
8514 8434 Dec'24 - -10018
8434 864 Virginia Mid Series E 5e __ _J926 M S 100%15535 10018
97 10032
1
83
84
84
83
Guar 33-45 coil trust Ser 13_1941 A A 83
83
1936 M N 100...,1004 Dec'24 -General 58
98 1001
/
4
851s Sept'24
-Guar 33-45 treat ctfe C__ _ _1042 .1 D 82 84
8114 8518 Va & Southw'n let gu 641_ _ _2003 J J 95% 9671 9412 Dec'24
9214
97
8912 Dec'24 -1944 J D
Guar 34e trust Ws
811
/
4 8912
1958 A 0 84% Sale I 8414
let cone 50-year 59
84% 14
7814 884
0532 46
944
3
Guar 15-25-year gold 44_1931 A 0 9434 9514 9434
904 96
Virginian 181 58 Series A ._ 19132 NI N 9514 Sale I 95
9214 9734
1
8.5 Sale 85
85
/
4 Wabash let gold 6a
1952 M N
Guar 48 tier E
83/
1
4 871
1939 M N 10038 10017 100
10012
7
9612 10114
941t Sale ; 9412
7
04141
Peoria & East let eons 45_ 1940 A 0 764 78% 7814 Dec'24
1939 F A
87
80
211 gold 58
87
984
4 142
199(1 Apr. 35 Sale 35
Income 45
3812
21
let lien 50-yr g term 48_ _1954 J .1 771s 7835 7812 Dec'24
79
68
08% 59
Pere Marquette let Ser A be 1956 .1 .1 9814 Sale 98
9112 99
1941 J .1 99¼... 994 Dec'24
Del & Ch eat let g 59
97 10014
19563 J 82 Sale 82
8214 29
let 49 Ser B
781s 8211 'Des Moines Div let g 48_1939 J .) 807s 8134 8035 Dec'24
724 8514
9214
26
7212
100
45
1943
M
let
g
74
924
7312
9214
Bait
N
&
W
8
Pinta
8912 9934
1941 A 0
Om Div lat g 3
7412
871
/
4 7412
43
9
42
7812 Dec'24 -Philippine Ry let 30-yr s I 4e 1937 J 2
37
47
1941 M 13 82%
Tol & Ch Div g 49
77/
1
4 85
1040 A 0 98
9712 99% Nov'24
PCCAStLgu44sA
773 Oct'24 -93/
1
4 99% Warrea let ref gu g 33-4e...2000 F A 771
771
/
4
77/
1
4
97
1942 A 0 96
96 Dec'24 -Series B 4148 guar
8-85
8612 Aug'24 -9334 961
/
4 Wash Cent 1st gold 49
1948 Q M 8112
784 8812
1992 MN 06
9612 9412 Aug'24
8212 Dec'24
Series C 4!.-4e guar
9412 Wash Term let gu 3 He
88
1945 F A 8212 83
8012 89
1
4 Sale 89/
1945 M N 89/
1
4
Series 11 4e guar
8934 18
83
901
let 40-year guar 414
/
4
1945 F A 884 ---- 84 July'24 ---734 8814
a Due Jan. * Due March. 4 Due Apr. • Due May. rr Due June. 8 Due July, 0 Due Aug. 8 Due Oct. PDSIS Dec. i Optiou sale.
72
BONDS.
N.Y.STOCK EXCHANGE
Week ending Jan. 2.
t
New York Bond Record—Continued--Page 4
El
Pries
Friday
Jan. 2.
Ia
Week's
Range or
Last Sale. rn
Range
Year
1924,
BONDS.
N. Y. STOCK EXCHANGE
Week ending Jan. 2.
ii k
FPrridicaey
Jan...._!.._
.
Week's '
Range or
11
Last Sale
Me) Na
Ask rose
.Bist
High
714e0 No Lose
90 98 East Cuba Sug 15-yr a 1 g 7%8'37 M 3 105 Sale 1044 10512 130
Dec'24 -9112
5
9112
58
654 Ed El fil Blip lot cons 48_1939 1 J 8978 92
6312 46
97•4 101 14 Ed Elee III let cons g 55_1995 J J 10218 ____ 10112 Dec'24
9932:
1
19253 D 100 Sale 100
100 1 26
754 8418 Elk Horn Coal cony Gs
Dec'24
98 I 461
7912 9314 Empire Gas & Fuel 73.0.--1937 MN 98 Sale 964
9012 38
1932 M 8 9912
100 Dec'24 - - -92,
8 102 Eqult Gus Light 58
10112
5
8814
4
1942 M S 8838 90
8814
784 85 Federal Light A Trac 68
824 15
1953 M 13 11512 118 115
117
3
75
7714 884
80121 12
ggas 10034 Federated Metals s f 7s
72
1939 .1 D 104 Sale 1014 104
Dec'24 -1941 M 5 108 Sale 1074
10814 31
98 10034 risk 'tubber ist s 1 ris
1
994
94
9912 Ft Smith Lt & Tr 1st g Is. 1936 M S 7814 ____ 7814 Dec'24 ---Nov'24
534 69 Framerie Ind & Dev 20-yr 710'42 .1 J 9214 Sale 92
2
6812
1942 M N 10434 105 105 Dec'24
Francisco Sugar 7345
4_
60
75
9 24 —_9
6
7258
49
70 Gas dr El of Berg Co cons g 5e 1949.3 D 98
20
984 98 Nov'24 -- -64
1
1044
99 10134 General Baking let 25-yr 68_1936 J I) 10412 ____ 1044
1004
1
81
8418
6
8412 Gen Electric deb g 3140_ __ _1942 F A 84 Sale 84
Dec'24 -Debenture 55
1952 M S 10434 Sale 10434 10514 20
761
/
4 8414
8058
6
10012 10
8734 Gen Refr 1st s I g 6s Set A._1952 F A 10012 Sale 100
77
Dec'24
Goodrich Co6iis
1947 J J 10012 Sale 100
10058 26
8534 Goodyear Tire & Rub lots f 8e'41 M N 11928 Sale 11918
78
11934 61
6
85 Sale 85
8514
10
-years f deb g 8s
01931 F A 10838 Sale 10888
7434 9814
10834 43
9614 Sale 96
9634 31
4
74 Granby /Cone MS& P coolie A'28 M N 92 ____ 93 Dec'24 _
312 5
4
71
Stamped
1928 M N 92
312 512 5 Dec'24 15
9978 9189 Nov'24 — --1
1025 M N 95 Sale 95
94
5 1001
: Cony debenture 80
6
9518
7i
9812
9814 9912 9814
Davis
82 101
1932 F A 92
Gray
9312 9312
9312
11
9514 Sale 95
9558 83
sw7e8
Power
vi
(Japan)78
9112
GtC
Cons
&
1944 F A 91 Sale 90
97
8
4
9112 73
974
46
9714 Sale 9612
82
92 Great Falls Power lot e f 521_1940 M N 10114 102 102
102
3
92 Dec'24
9118 92
atgrF4
85
1952.3 .1 83,
IOOli 10734
E
aclkity
WL
8 84
8334 Dec'24
107 Aug'24
106
en 58 A 1954 M 5 8534 Sale 8534
874 97,
8 Havana
9112 12
9112 Sale 9112
854
9
91% 9778 Havana Elec consol g 5s_..19l2 F A
9312 94
9312 Dec'24 ____
9614 72
9614 Sale 9514
1942 M N 10414 Sale 10334 10414 22
10412 Sale 10334 10412 16 1014 10634 Hershey Choc lot of g 6s
(flat)
Line
Os
A947
M
N
9612 102,
4 Holland-Amer
7912 Sale 7812
794 27
9912 Sale 9912 10014 61
924 9814 Hudson Co Gas 1st g 50_ _ _ _1949 M N
98
9828 98 Dec'24 __ _
9678 163
9684 Sale 9658
Humble 011 & Refining 5342.19323 J 9978 Sale 9912
87
4
9978 67
8
91
9034 Sale 90,
1956 J D 974 Sale 97
91% Illinois Bell Telephone 5s
2 10058 113
9712 107
109
10638 ____ 108
1940 A 0 9312 Sale 9234
9718 10258 Illinois Steel deb 4345
57
9314 70
102
10012 Sale 10038
1036 M N
9714 10314 End Nat 0 A 0 55
8838 Sale 8828
8838
5
184
102 Sale 10158 102
181
0 55
t 55
0193
1955J
2M N
-Itee
3031,
J 10112 Sale 10128 1014 19
ilmS
nu
rle
12714 138 11214 127 Iin
127 Sale 125
9884 ___ 100 Aug'24
44 5
97
4
3
86
9234 36
9212 Sale 9214
coll
4
Metrop
Ais
1956
A
0
fnterboro
11
9 Dec'24
47
27
4628 Sale 454
interboro Rap Tran let 6e-1966 J J 6834 Sale 6712
434 67
684 167
46
25
46 Sale 4412
Stamped
944 10014
68 Sale 6718
684 89
9912 99
9912 Sale 9918
1932 A 0 7212 Sale 7214
93
10-year 14
412 196
7334 145
03%8
10338 448
10278 Sale 102
1932 M S 93 Sale 9214
78
93
74
93
93
482
67
70
6018
8312 8779 int Agee Corp let 20-yr 58_ _1932 M N
6018
1
8512 Sale 85
8534 14
84% 9212 Inter Mercan Marines f 6s 1941 A 0 8834 Sale 8812
8934 67
9112 Sale 9114
9134 77
1947 J J 8814 Sale 8734
964 102 International Paper 5e
8812 '59
1014 Sale 1014 102
80
-------1947
J
84
let & ref 50 B
1614 40
24 Sale 1614
24
20
18
3912 Jurgens Works& Olaf prke).1947 J ..1 89 Sale 88 Mar'249114 287
22
22
22 Sale 18
964 9938 Kansas City Pow & Lt 58-1952 M 9 9614 Sale 96
V37
,8
2 t
9814 Sale 9734
9814 19
1952 M S 98,
8 Sale 98
Kansas Gas & Electric 6e
10212
4 1001s 103
102 Sale 102
1942 F A 102 Sale 102
Cgof17
e
199
se_s
r An
102
9
097
012 104
001;42 (
K
ce
arly
10018 10334 10312 Dec'24
3
'
I
d
Tire
88_1931
M
N
104
9734 Sale 97 4
98
24
954
10314 Sale 10134
10314 18
Keystone Telep Co let bs- —1935 J J 82
84
84
8414
5
10034 Sale 10034
101
64
1937 A 0 10012 Sale 10012 10034 10
Kings Co El & P g be
10012 10034 10034
10034
5
Purchase money lis
9218 9713
1997 A 0 11614 ____ 11612 Dec'24
9312 Sale 9312
9428 19
7514 75
76
75
1
8712 9134 Kings County El let g 45-1949 F A
91 Sale 80
38
91
guar 48
1949 3' A
92,
4 100
75
7512 7512 Dec'24
128
9334 Sale 93
94
ating 55 1954 J 1 8814 90
83
92
234 Kings
8838
1
84
72
amCounty
8828
86
54
86 Sale 8434
721k
1954.3 J 10338 _ _ 10314
10314
2
82
8014 8278 82
1
1936 J D 10618 ____ 10512 10512
1
93
97,
4 Kinney
ney Co 7115
9712 Sale 97
9714 26
9 M 8 8928 Sale 89,
1195503
90
10
8
Lackawanna Steel 58 A
7314 Sale 7212
7334 211 6012 74
99
17
72
7312 74 Dec'24 ___1 6014 74 Lao Gas L of St L ref &eat 58 1934 A 0 99 Sale 9814
F A
87
94
9538 Sale 95
9512 75
Coll & ref 5348 ser C
8712 9134 92
92
8
95 Dec'24 ___ _
9918 10218 Lehigh C & Nay 81 43,45 A 1954 .1 J 95
96
9914 Sale 994
9934 103
1933 J J 100 101 10012 l00'2
5
10334 10414 107
107
5 10212 10612 Lehigh Valley Coal 56
1933 .1 J 91
8958 Sept'24
40
105 10812 1054
10512
2 10418 109
_ 107 11015 Lee Av & P F 1st gu g 55_ 1993 NI 5 3912 55% 4058 Dec'24
10728 Nov'24
7284 8432 Liggett & Myers Tobac 7s 1944 A 0 11734 Sale 11734 11814
5
824 Sale 8214
83
385
1951 F A
6334 7012
974 Sale 97789834 16
55
67
6612 67
67
7
1944 A 0 11414 Sale 11414
8058 Lorillard Co (P) 75
115
7
80
8012 Oct'24
1951 F' A
9678 11
7814 101
9612 Sale 9612
05
90 Nov'24
55
96
96
Louisville Gas & Electric 58_1952 M N
9058 Sale 9038
91
18
96 June'24
137
253
6479 8284 Magma Cop 10-yr cony g 78_1932 J 1) 132 Sale 130
81
Dec'24
1942 A 0 99 Sale 99
100
33
974 10912 ManatiSugar 7345
10912 Sept'24
6314 22
9612 120
Manbat Ry(N Y) cons a 48_1990 A 0 6314 Sale 6314
120 Nov'24
2
10
94
10
3 1 D 54,
55
,
8 22
9234 11718
2d 4s
8 Sale 5438
11718 Dec'24
_
1942 M N
8012 8512 Manila Electric 78
98 Sale 9712
98
8
8314 Sale 83
8338
6
Lt a I 55 _1953 M S 84
81
8512 Manila Elec RY&_
85
8414 Dec'24
8312 11
8314 8358 8212
Market St fly 70 Set A
100
37
Q J 9934 Sale 99
8
9914 10014 9912 10014
1961
14/
46
199
3:
11 Marland 011 e f 88 with warnts'31 A 0 12618 145 132 Dec'24
14412 163 15912 Dec'24
Without warrant attached___. A 0 10514 Sale 10514
106
25
10712 17
10714 Sale 10714
12512
5
19
14
913 165
1931 F A 125 134 12518
9314
7348 Series B
166 163 Dec'24 _
without warrants
90
,
4
do
938
4
105,
8 Sale 11154 1054
Oct'24
_
9218
2
9178
81
1934 M S 10514 Sale 105
86% Maxwell Motor is f 75
10514
84
11
8
84 Sale 84
834 88% Melt Ed lot & ref g 68 Set 8-1952 I A 10212 Sale 10218
1021
5
8678
14
8612 8678 8612
1953
J
D
Metr
Power
6e
91
1003
4
101
1003
4
101
6
973
4
9512 12
9418 Sale 944
Mexican Petroleum s f 8s
1936 M N
Dec'24
1 9714 100 Midvale Steel &0 cony et 581936 M 5 --------10728
8712 Sale 87
8758 95
994 11
Cal G & E Corp 58
1937 M N 9918 9934 9834
95 10178 Mllw Elec fly & Lt cons g 58 1926 F A 10014 10012 10012
10012
4
Cal Petroleum 634s(w I)_ —1933 A 0 10078 Sale 10058 10078 30
Refunding
&
exten
4;0_1931
1
924
973
J
9518
Sale
95
96
4
1,
93
5
9312
93
93
0
A
Sug
let
of
g
1942
Camaguey
7s
General be A
1951 J D 954 Sale 954
9414 9938
96
96
6
11
Oinada SS Lines lot colts f 70'42 M N 9612 9712 96
lot 5s B
1961 1 D 8512 Sale 8434
4
8512 29
8 10712 10712 11 102% 107,
Canada Gen Elea Co 6e_ _1942 F A 10712 107,
1953 NI S 99 Sale 9734
9734 101
lot A ref g as ser C
99
1003a
8
45
Cent Dist Tel 1st 30-yr 50_ _1943 J D 10014 10012 10018
9812
9778 9814 9812
8919 9712 Milwaukee Gas Lt lot 41 1927 M N
1
9512 9612 9512 Dec'24
Cent Foundry let of 14_1931 F A
1943 J J 9738 Sale 0712
924 1004 Montana Power lot 521 A
99
10014 46
38
Cent Leather 20-year g 5s 1925 A 0 10014 Sale 10014
1 10758 11014 Montreal Tram lot & ref 511941 J J 9414 Sale 94
11014
22
1941 MN 11038 ____ 11014
Central Steel 88
1939 J 1 78,2 Sale 7814
9312 100 Morris & Co 1st 5 1 4AS
11
9914
3t12 ___ 0_
C714 G L & Coke let gu g 5s 1937 .1 1 994 Sale 9914
1966 A 0 7618 ___ 7412 June'24 4
89 Mortgage Bond 40
8378 49, 74
Chicago Rys lot be
1927 F A 83 Sale 8234
1932 A 0 9512 9712 95 Dec'24 _-__
5s
778' 99 112
1932 A 0 11078 Sale 10938 112
Chile Copper 60 Ser A
9914
07
9558 10058 Mu Fuel Gas 1st cu g 511-- -.1947 M N 94
9534
9914
6
CIncIn Gas & Elec lot & ref 5s'56 A 0 9938 ____ 995,
N
j 6905%1
6
90
518
4 Aug'24 -96 1024 Nut Uri gtd bonds eat 5% 1941 MN
__ _2_
9
1961 A 0 102 Bale 10158 102
5345 Set B due Jan I
Sale 6014
8118 9384 Nassau Mac guar gold 48.„1951
92
93 Dec'24
__
1943 F A 90
Colo F & I Co gen e 5s
1931 .1 D 9258 Sale 92
8212 National Acme 73is
9312
75
15
81
Sale
8012
81
__1
1_2
5_
O01Indue let a coil be au---1934 F A
22
9 J D 98 ____ 98
954 10112 Nat Euam & Stampg let 53_ 195
10118 28
19273 J 10118 Sale 10014
Columbia0& E let 58
ft4 N
J
9614 101 Nat Starch 20-year deb 55_1930 .1
10012 16
1927.3 J 100% Sale 10014
Stamped
10
90
7114
2 1-0-1-- 1(9
)714 °I.c0
5
7 National Tube 1st 5s
fl2
6
6
5
1,4
8
12
4
Col & 9th Ay 1st gu g 55_1993 M
aes15;
1948 J D 98 100 100 Dec'24 3_8
EnglandConGT
Newark
83
99
9834 Dec'24
1_
Columbus Gas let gold 5e 1932 J J
Tel 150_ _1952 .7 0 100 Sale 994
New
70
10014
7614
7114
7114
2
72
73
2397
Q
Commercial Cable let g 4s
7
128
432
9834 N Y Air Brake let cony 60 1928 M N 104 10414 10
87
45
98
1947 M N 98 Sale 9714
Commonwealth Power Se
A.0
A
98 103 N Y Dock 50-yr lot g 4s___ _1951 F
D1
1
e9
c
1.4
3
214
2
10114 Sale 101
10134 25
Computing-Tab-Rec s f 130_ _1941 J
17
"
131: Sale
874 8838 NY Edison lot & ref 8340 A_1941
__5_2
:
1
Conn Ry & L 1st & ref g 4)01951 J .1 8934 9112 8818 Oct'24 06
218
2 SaleSale 18062
A 18
82
894 N Y Gas El Lt & Pow g 5e_ A948 JF D
3
92
180621182
1951 J J 92 Sale 884
Stamped guar 430
4s
Purchase
money
g
1949
86
90
,
4
88
25
864
Sale
865
8
D
26
15110,3
56
Cone Coal of Md 1st & ref
Munic
fly
let
e
f
50
A
1966
J
J
8012
___
88
N
Y
8112
94
11
894
90
9012
Apr'24
Cont Pap & Bag Mills6)46_1944 F A 89
F Aj
1930 j
9158 100
N Y 0 El L & P let g 5s
9814 9914 9128 Dec'24
3
Con 131 Co of Ch let
g .58_ _1936 J
1942
V/
1
4 gil-e- V
9259 N Y Rys let R E & ref 4s
"
87
914 110
V" 12
Consumers Power let Ss_ _1952 34 N 9078 Sale 904
4478
deposit
Sale
of
4412
Certificates
903
8
103
45
117
Corn Prod Refg s f g 5s__ _1931 Tel N 100 ____ 90% July'24 -1no
c
a1942 A 0
ate8
418 Sale
37e
9814 10134
30(-7yeeratriflacd
41g
6
101
101
21
1934 M N .101
let 25-year s f 5s
f5d8epoeit ______ — 71
85
4
4
77
44 34
418 16_1_
1943 F A 77 Sale 7512
Crown Cork & Seal 68
9112 98
46
N Y State Rya 1st cons 4 tie 1962 M-P4 58 Sale 65
95
9412 94
68
J 94
Cuba Cane Sugar cony 78_1930
1962 MN ____ 89
9212 Dec'24 23
96 10112
74
100
0 Ais
Cony deben stamped 834_1930 J J 9988 Sale 9914
8
108
26 107 10812 NY Steam let 25-yr go Set A 1947 M N 9984 Sale 975,
98
28
Cuban Am Sugar 1st coil 88_1931 M S 10738 Sale 107,
9.1
53
548 Sale 2
9414 984 NY Telep lot dc gen 81 4548_1039 M N 2
9534
9
:
534
9614 56
(Jamb T & T 1st & gen 5s__ _1937 J J 9712 Sale 97
30-year deben s I 68_ _ _Feb 1949 F A 108 Sale 10778 108
N3
34 VI
8414 9312
63
Den Gas dr EL IstAret s I g 5s'51 MN 9212 9234 9211;
clulfee , 101
67
82
75
10
20-year refunding gold 14_1941 A 0 110n71184 Sale
1163588
75 Sale 7214
12 10
1942 TM
Dery Corp(D
7,
87
114
1324 9
50
1
99 10158 Niagara Falls Power let 50_1932 J J 10184 Sale 10184 102
10078 13
14
Detroit Edison let coll tr 5e_1933 J .1 10012 101 10018
Ref & gen 68
61932 A 0
95 101
10014 44
100 Sale 9978
105
$1940 M
lot & ref 50 Series A
8
P4
4 Mae Lock &0 Pow let 58._1954 M ,
Dec'24
$1944) MS 107 Sale 10612 10714 29 104 107,
Series B
Ist & ref
8458 95
3
9112
Refunding 65 Series A
1958 F
10434 _ _ _ _ 1041
9112
%
2
Det United let cons g 434e_ _1932 J J 9113 92
1952 M S 9079 Sale 96
40
541g No Amer Edison 60
52 Nov'24 Distill Sec let 15s ctf d4p____1927 A 0
1948 M 8 101 Sale
Secured a f g 610Ser B
38
54%
54 Nov'24
to of deposit stamped
1
8112
79
Nor Onto Trite & Light 68 ..1947 M 9 924 9214 92r8
8112
87
93
9
Dold (Jamb) Pack lot 6e___1942 M N -illy 82
1
A 0
4A) 10752 Sale 93
58
66
85 Nor States Pow 25-yr 5s A ..1941:
66
69
9334 66
Dominion Iron de Steel be_ _ _1939 .7 .1 66
81
8912 10
9212
let & ref 25-vr 6e Set B_ _1941
19423 J 8912 Sale 8834
Donner Steel 75
_
_
Dec'24
894 9212 Nwthwest'n Bell T 1st 7e A.1041
do Pont(E I) Powder 4340_1936 J D 8978 9012 8934
.1
26 11937s 108 N ,rtb W T Int td g 44s gtd_1934
Dec'24
duPont de Nemours & Co 714/1'31 MN 10758 Sale 1075, 108
947
6 A 0 1101;110-4 1?4(0384
Public Service 7Ks_ _19
Duquesne Lt lot & coil 11s_ _ _1949 J J 10534 Sale 10534 10618 41 10314 10638 Oslo
8
10434 It 102 1043, s4 .
A 10718 108 10712
Sale 104,
1043
4
10778
4
J
B_1949
Series
5Aie
trust
con
let
Dos June, A Due July. k Due Aug Dies No •Due Oct.
V V 'Due Dec. a Option sale.
•Due 355. b Doe Feb
W Min W & N W let gu 5e1930 F A
Welt Maryland let a 431952 A 0
West N Y & Pa let g 56._ _1937 J J
1943 A 0
Oen gold 4s
Western (•se let isler A 55
1946
1946 M S
•
West Shore lot es guar
2361 J J
Registered_
_2361 J J
WoeulIng & L E 1st g ba _ _1026 A 0
Wheeling Div lot gold 511928 .3 .1
Eaton & Rapt gold 5s_ _ _1930 F A
Relunding 414s Series A__1966 M
RR lot 0011501 45_
._.1949 M S
Wilk & Emit let gu g be
1942 J D
Will & S F let gold 5a
1938 J I)
Waseton-Salem S B lot 4&_ .1960.3 J
Wle Cent 50-yr lot ger, 41 _ _1949 J
Sup de Dui dly & term let 4s'36 MN
INDUSTRIALS
Adams Express cell tr a 41.1948 hi 8
Max Rubber 821
1936.3 D
/lane Gold M deb 6s A
1925 M 8
Cony deb ris series B
1926M
Am Agile Chem let (ie
1928 A G
lot ref of 7358 g
1941 F A
American Chain 6s
1933 A 0
Ant Cot 011 debenture 6s__ _1931 M N
Am Dock & Impt gu Go
1936.3 J
Amer Republics 6s
1937 A 0
&aoSm&RletZO-yrSe!erA1947 A (2
fie B
mer Sugar Refining
J
km Telep & Teleg coil tr 48.1929.3 .1
Convertible 4s
1936 M S
110-year cony 43is
1933 M S
110-year coil tr be
1946
1943 MN
10-year a f 51as
7-year convertible 6s_ _1925 F A
• Wat Wks & Elect 5s
1934 A 0
Am Writ Paper s f 7-44___ _1939 J J
Temp interchangeable otis deP
1055 F A
miaconda Copper Os
193i, F A
To
Comp Asuo Antlila 730
.1939 .1 J
armour& Co 1st real est 43481939 1 I)
J
Armour & Co of Del 510.„1943
Amputated 011 temp fls
1935 61
Atlantic) Fruit 7s ctfs deo---1934 .1 D
Stamped certlfs of deposit
Atlantic Refs deb 5a_ _ _ . _ _ _1937 J .1
Seirlw Loco Worka let 5s1940 M N
Comp Ant Sara 714s
1937 I .1
Barnadall Corp s f cony8% A1931 J J
Bell Telephone of Pa 5e
1948
J
Beth Steel let ext of 58
1926 J J
1942 M N
let & ref be guar A
39-yr n m & imn fl I 5a_
I936 J J
Cons 30-year 613 Serbs; A _ _1948 F A
Cons 30-year 5)is Series B 1953 F A
Booth Isherles deb e (4_1926 A 0
1942 A 0
Drier Hill Steel let 530
8'way & 7th Av 1st c fie .19433 D
Califs of Sep stpd June'24 lot
1941 J J
Brooklyn City RR 5s
liklyn Edison Inc gen 5o A...1940.3 .1
1930.3 J
General Ss Series B
1930 J J
General To Series C
1940.3 D
General 7s Series D
Slnyn—Man R Tr Sec 61 —1908 J
Skiyn Qu Co & Sub con gtd be '41 MN
1941 J J
let 50
lisooklyn Rapid Trans g ta._1945 A 0
Trust certificates
let refund cony gold 43_2002 J J
192l.3 J
0-yr 7% secured notes
Certificates of deposit ______ --_
MN of deposit stamped
skim Un El lot g 4-5s
1951)
1950 F A
Stamped guar 4-be
Sklyn lin Gas let eons g 68_1945 M N
1932 M N
To
lit lien & ref (Pi Series A 1947 M N
1929 M N
78
19323 D
Duff & Snag Iron e f 5a
1952 A 0
gush Terminal 159 4e
000501 58
1955 .1 J
Building 58 guar tax ex .i960 A 0
Ask Low
Bid
92
95
,
4 94
6318 Sale 6318
9934 100,4 9932
804 8112 82
9012 Sale 904
10112 Sale 10112
8212 Sale 82
8012 Sale 8018
100
101
__
9914 10014 9914
9912 9612
97
6812 684
68
70
7212 7212
634 Sale 6314
1004
10058
8358 8314
83
79,
4 8018 80
8712
85
87
5
--
10.58 Ix,: 21
Range
Year
1924.
tow
HISs
10212 111
8918 92
984 1014
96 100
8878 08
9334 100
8778 98
984 11912
984 104
9818 111104
Si
77
8438 974
1014 1077s
94
98
101 10578
8414
80
100 1054
9814 102
9333 10034
11418 12014
100 11014
93
91
94
90
98
89
96
78
9319
90
28 10253
7914 8334
8134 864
92
9514
19
0
,
1,3 100
44
9
73
24 9
884
4:3
9414 994
9114
82
100
100
9
951s
9414
104
100
11
5834 7114
58% 7214
413
31.4
41:
794
83
8
7318
4
9
70
45119
3
90
8814
9
85
14
89
9714
91)5,
973
3 4 106
°114
2
8614 10418
7318 86
9838 103
16
19
03
74 17
16
612
79
77114
4 10
76
3
96 104
10
88
112 19
05
352
9132 9834
9252 9614
91
9518
91 101
5712 890s
13
124/
4
31
4 14
1391'
957s 100
11412 11814
96
99
10
88
8114
8 19
33
7/
4
1
9714 10118
4
56
58
708
9412
9418 100
8212 88
19
16
738 10
40
1
100 1064
10
8187
114
158
4 1!
0
06
3
16
8
2
9734 103
944 102
8534 9012
96 1054
7
92
0,
18
2 9
86
814
42338;
0
964
780
9466
79709
:
514a 199
95
101
93
27s 93184
6334 634
82
94
9618 9108
9512 97
9912 10212
9332 10032
9714 1014
1014 10412
73
7878
10978 11414
984 10215
824 864
804 8118
98 101
3338 461s
32
464
lle 6
118 6
58
594
86
96
9218 99
934 971s
105 109
1034 107,
4
99 105
1024 1061a
9918 106
99 105
9114 101
98 103
8712 934
8914 9134
101 105
10718 11034
92
954
10334 11034
10014 109
JAN. 3 1925.]
73
THE CHRONICLE
New York Bond Record-Concluded-Page 5
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "f."
Standard Olt Stocks Par Bid. 'Ask.. Railroad Equipments PerCt. Basis
5.30 600
Anglo-American Oil new. fl 21832 19 °Atlantic Coast Line lie
5.05 4.85
Atlantic Refining
100 98 9814' Equipment Btie
5.35 5.05
Preferred
100 114 115 1 Baltimore & Ohio Os
Equipment 4345 & 55____
5.00 4.70
100 235 240
•
Ifigk Borne &maser Co
Hint Ain Low
Bid
40 Gm'
6214 Buff Roca & Pitts equip 68- 5.19 4.85
9612 9952 Buckeye Pipe Line Co_50 *61
Old Ben Coal lot Cis
1944 F A 9734 Sale 9714
42
98
Mfg new
25 *4812 4912 Canadian Pacific 4318 & 64. 5.05 4.80
Ontario Power IN r 1St 5s-1943 F A
9435 99.
,4 Cheaebrough
9878 Sale 9878
1
9878
6.30 5.00
Preferred
100 110 1114 1 Central RR of N J Os
Ontario Transm15sion 58_ __ _1945 MN
9658 ___ 97
Chesapeake & Ohio 111
5.35 5.05
25
Otla Steel &
91% Continental 011 new
9
C 1 1(19
1941 F A
2
99 Sale 9935
V112 34
6)45
Equipment
5
15 4.85
*1258
1
13
Crescent
Pipe
Line
Co...
50
18325-yr e f g 714s Ser 11_1947 F A
95
9112 Sale 9112
92
121 84
Equipment 55
505 4.85
Cumberland Pipe LIne_100 136 13712
Pacific0& El ego & ref 5s...1942 J J
9034 95
9414 Sale 9378
9434 58
86 Chicago Burl & QuIney Os.- 530 5.00
83
100
Eureka
Line
Co
Plpe
Pao Pow&Lt Ist&ref 20-yr 5s '30 F A
9158 99,2
9838 22
98 Sale 98
57 Chicago & Eastern Ill 5345- 5.50 5.05
Pacific Tel & Tel lot 58
1937 J 1 9912 Sale 99
9658 10012 Galena Signal Oil corn _100 56
52
100
100 108 115 Chicago dt North West Se.... 5.30 5.05
Preferred old
Ss
1952 M N
9058 9378
93 Sale 9214
71
93
Equipment6)45
5.10 4.85
103
108
100
Preferred
new
Pan-Amer P & T Sat 10-yr 751930 F A 10434 Sale 10418
9914 10514
10434 14
Humble 011 & Ref new. 25 *4234 43 Chic RI & Pao 4)4e & 55..... 5.15 4.90
Park-Sex (ctte) 6)48
94 100
1953 J J 9514 Sale 9518
9678 32
Equipment tis
5.55 5.25
Illinois Pipe Line
.100 12714 128
Pat & Passaic(I& El cone 58 1949 Si 8 97
9378 9812
0778 Dee'24 ____
25 121 12112 Colorado & Southern 6e_._. 5.45 5.20
Imperial 011
Peop Gas & C 1st cone g 6s._1943 A 0 107 108 10718
10714
9 10414 10812 Indiana Pipe Line Co_. _ 50 *74
75 Delaware A Hudson 65.-- 5.30 5.00
Refunding gold 55
1947 34 5 9458 9514 9478
9478
4
8714 98
5.30 5.00
2412 Erie 434s & 55
Philadelphia C 68 A
1944 F A 10218 Sale 10158 10258 37
9958 10378 International Petroleum-(2) *24
Equipment65
5.55 5.25
_100 135 137
Magnolia Petroleum
5he
96
90
29
94
1938 M S 9334 Sale 9258
5.35 5.05
National Transit Co_ _12.5(1 2212 2312 Great Northern 65
rhea & Reading CA 1 ref 68_1973.8 J 101 Sale 10012 101
9114 102
13
EquipmentSe5.00 4.76
New York Transit Co_ _100 6512 68
Pierce-Arrow 8s
1943 Si 13 9618 Sale 9618
6818 100
74
98
5.40 5.10
83 Hooking Valley fis
Northern Pipe Line Co _ _100 82
Pierce 0115188 '
1031 J D 10312 Sale 103
8478 103
4
10312
*6478 6511
Equipment le
5.00 4.75
25
Oil
new
Ohio
Pillsbury Fl Millis 20-yr 68 .1943 A 0 9958 Sale 9938
100
947s
9958 33
Central
4345
&
155-....
4.90 4.70
Illinois
25
*3612
3712
Penn
Mei
Fuel
Co
Pleasant Val Coal let g 88 58 1928.8 J 97
93 102
9712 Dec'24 ____
98
5.25 5.00
Equipment&
Prairie 011 & Gas new_.100 214 21412
Pooah Con Collieries let a I 551957 J J
9318 94
9012 95
93 Dec'24 ____
10612
75 & 6345____ 5.05 4.80
Equipment
_100
106
Line
new..
Prairie
Pipe
Portland Gen Elec 1st 55...._1935 J J
9838 Sale 9838
9838
4
95
99% Solar Refining
100 230 215 Kanawha & Michigan Os . 5.50 5.15
Portland By 1st de ref 5s
86
96
1930 MN
9212 9314 0234 Dec'24 __ _
5.20 5.00
Equipment4)4a
Southern Pipe Line Co...100 9012 92
Portland By Lt & P let ref 581942 F A
8038 90
8414 Sale 8414
3
85
IGO
141 141
Kansas City Southern 5345- 5.35 5.05
Oil
South
Penn
Sc B
1947 M N 94
941 94
78 Louisville & Nashville 66.-- 5.25 5.00
SouthwestPa Pipe Lines _100 76
let & refund 714s Her A_ _1946 M N 10518 Sale 10518
47
7
Equipment(3)0
Porto Rican Am Tob 8s___ _1931 M N 106 - - - 106 Dec'24 ____ 10418 10612 Standard 011(California) 25 6338 6312
5..2
90
5 4..9
89
5
Standard 011 (Indiana)._ 25 *6258 6234 Michigan Central 55 & 65_
Pressed Steel Car 5s
19333 J 94 Sale 9338
8812 95
9438 68
25 *3714 3712 Minn St P & S S M 4)45 & 68 5.30 5.00
Prod & Ref8 f 8s(wIth waents)'31 .1 D 112 114 114 Dec'24 ____ 1093s 116,4 Standard 011(Kan)
5.30 5.00
Equipment 634s & 78
Standard Oil(Kentucky) 25 *11812 119
Without warrants attached__ 1 D 110 III 113 Dec'24 ____ 10512 111
Standard 011(Nebraska) 100 248 250 Missouri Kansas & Texas Cs 5.65 5.35
77 107
10412
8
P95 Berv C6r96( N J eel]58-1959 A 0 10412 10458 103
Jar_ 21 *4118 4112 Missouri Pacific Os & 6345_. 5.65 5.25
Certificates of deposit
9742 Standard 011 of New
,
9
06
6 4 92
9
'
,
24 _76
_
3 Nov
,
97
84
5.00 4.76
100 117 11714 Mobile & Ohio 4348 & 5s
Preferred
Pub fiery Elea & Gas 1st 5)451959 AO 98/8 Sale
Pub Serv El Pow & Ltg 681948 A 0 10358 Sale 103
96 10434 Standard 011of New York 25 *4434 4478 New York Central 4345 & 55 4.95 4.75
10358 11
5.25 5.00
100
348
350
Equipment
6s
011
(Ohio)
Standard
Ptuita Alegre Sugar 78
1937 J 3 10314 Sale 103
10411 71 102 122
5.05 4.80
100 11712 118
Equipment is
Preferred
Remington Arms 68
8312 9512
4
9114
9018 Sale 9018
100 2212 23 Norfolk & Western 44e__ _ 4.85 4.40
&
Finch
Swan
Repub I AS 10-30-yr 58 81.19
:13
4
94
30
7M
A NO 94 Sale 94
9232
6
9418
80
5
10
5 4
4..8
5..0
Union Tank Car Co..,,..100 120 125 Northern Pacific 75
5)48
87
9212 64
1953 3 J 92 Sale 9114
100 11314 115 Pacific Fruit Expreas 75_ _ __
Preferred
Robbins & Myers 8 1 75
65
9112
1952 J D 66
66 Dec'24 _ _._
70
5.10
4.75
new
25
815
8
eq
55
&
Os
Vacuum
011
817
8
RR
Pennsylvania
Roch & Pitts Coal& Iron 55_1946 MN 9034 ___
90 91
90 Aug'24 ____
5.15 4.90
Rogers-Brown Iron Co Ts__ A942 Si N 8158 83
7334 8
CI214 Washington Oil Stocks 10 2912 3812 Pitts & Lake Erie(3)45
12
84
82
5.60 5.20
Other OIL
Equipment&
St Joe Ry Lt lit & Pr Ss__ A937 MN 85
861 85 De
Dec'24 ____
711
4.75 4.50
011
*212
_
Atlantic
Lobos
(I)
3
5s._.
4348
&
Reading
Co
St L Rock Mt & P58 stmpd_1955 J J 78
79143 79
50
634 712 St Louis & San Francisco fis. 5.15 4.90
Preferred
St Louis Transit 58
5258 80
78'2 Gulf
74
5
1
1924 A 0 7358 74
74
7358
25 *6612 667s Seaboard Air Line 5148 & 69 5.60 5.20
011
new
St Paul City Cable 55
1937
0
414
a2
c112
1a Co 435e__ 4.85 4.50
12
14 1 Southern
EautpmP
en
St Paul Union Depot 5a
1Or
.
1422 Mexican Eagle Oil
lgg Da4
2 -ti6
1972 J J 10018 Sale
'
6 *1231182
5.05 4.80
Saks Co 78
5 102 10712 Mutual Oil
107
1942 M 13 10634 Sale 10614
100
Gas
106
National
Fuel
109
41ie
& te
1
By
Southern
101
San Antonio Pub Ser 138_
9334
1952 J 3 9934 Sale 9912
9934 36
5 4
5..80
10
10 *2414 24,2
5
5.9
40
Bait Creek Producers
Equipment68
Sharon Steel Hoop lat 85 ser A '41 M S 10618 Sale 10534 10614 16 100 106
6 *111
Sapulpa Refining
134 Toledo & Ohio Central tis. __ 5.35 5.10
Sheffield Farms 634s
4 10012 106
105
1942 A 0 105 Sale 104714
4.80
5.05
Union
Pacific
75
Sierra & San Fran Power 58_1949 F A
837
4 SI
90
26
90 Sale 90
Public Utilities
Sinclair Cons 011 15-year 76_1937 IN S 8814 Sale 8478
84
8814 132
82
Preferredobaeets
Tobacco Stocks
8212 9014 Amer Gas & Elee now---(2) •80
1st Ilen 63.4s Ser B
8312 86
1938 J D 83 Sale 8234
50 *4512 47 American Cigar common 100 75
77
Preferred
97 10114
33
Sinclair Crude Oil 5345
100
1925 A 0 9978 Sale 9938
MAN
95
Deb 65 2014
9514
9578 10114
24
Oa
1926 F A 100 Sale 9912 100
Trao
Light
&
oom_100
139
16
8
6
0
89
Amer
141
&
Fdry.._101
1
Machine
Amer
86
811
/
4
!Sinclair Pipe Line 55
8212 40
1942 A 0 8218 Sale 82
100 93
Preferred
95 British-Amer Tobao ord_ El *25 -2-fiBooth Porto Rico Sugar 78_ _1941 J O 102 10238 102
10214
8
Amer Power & Lt aim
66
67
Bearer
00
99 19
South Bell Tel & Tel let.1581941 J J 9934 100
9978 69 19453413
9914
m
1
5
00
6
8
9
8
3
Preferred
9
0
4 He
25
1 *25
reedo W) Co. corn £
E
lm
ree
f(
erG
9313 9714
9638 74
11'west Bell Tel 1st & ref 5s 1954 F A 9618 Sale 9618
4
212 ..ii1..
12
10
Deb 65 2016
85
94
94
30
Southern Colo Power 68_ ,.....1947.8 J 9312 Sale 9312
oom__100
Public
Util
Amer
_
GB
IreTli
85
&
Imperial
Tob
of
9412
108
Bland Gas & El deb g 63.0_1933 M S 10712 Sale 10534 10758 46
100 -8
.
8. 92 Int Cigar Machthery___100 70
7% prior pre/
9534 10014
Standard Milling let &
1930 ki N 100 10034 10018 10018 10
ref
& El r5 (2)
100_
71
cia
ptaed
rtie
Gp
u
74 Johnson Tin Foil & Met_100 75
.55.4
4„
%
106
16 103 107
Steel & Tube gen ti f 78 Ser C 1951 J J 105 10534 10514
.y52., 54
99
4
9
56
2
Ma
EcrA
eftf
rrredwa & Forbes_1(10 x148 fii9412 98
Sugar Estates (Oriente) 78 _1942 131 $ 9634 Sale 1 9614
9634 42
Sec g 6128 1954
96 100
9912 0818'Dec'24 __ _
Superior 011 let s f 78
1929 FA" 98
77 Mengel Co
9878 Blackstone Valfa& E com 60 75
92
98
1
Syracuse Lighting 1st g 58.. _1251 1 D 9612 98 1 98
Carolina Pow & Lt com_100 320 330 Porto Rican-Amer Toti_110
0 gli 181
84113 105
L1ght & Pow Co coll tr a I 55'54 .1 J _ _ _ ____ 10478 Nov'24 ___
51
Utica Service Co oom___100 177 179 Universal Leaf Tob oom_100 49
9914 103
10238
2
l'enn Coal Iron & RR gen 58 1951 J J 1021
_ _ 10238
Preferred
100
803
4
81
,
4
Preferred
9712
103
10138
1
10312 10138
Tennessee Cop let cony 65_ _1925 M N 101 4132
10 *75s 778 Young (3 5) Co
Preferred B
9358 100
9912 83
Tennessee Elee Power 1st 68_1947 J D 9912 Sale 9914
104
Preferred B B
100 7712 7812
Preferred
5012 6158
5558 105
Third Ave lot ref &
1960 J J 55 Sale 5434
Si PU43
1091094 )
Ad]Inc 50 tax-ex N Y
394 5858 CitlesServieeBankere'Sbares •1734 1814 Rubber S.....(Medal:
4934 187
a1960 4 0 4812 Sale 4734
8
Colorado Power oom___ _100 3414 3512 Am Tire & Rub corn
927s 96
Third Ave By lot g &
95
7
1937 J J 95 Sale 9412
---- 40
100 92
Preferred
95
Preferred
10278 22 102 10434
Tide Water 011 10-yr 6345_1931 F A 10234 Sale 10234
198 99
Com'w'th Pow Corp corn (2) *125 127 Firestone Tire & Rub tom 10 '
Toledo Edison 181 7s
6 106 110
1941 M 5 10812 Sale 10812 10912
Pr
Preferred
100 82
83
6% preferred
9812 101
5
Toledo Tree Lt St Pr 6% notes'25 F A 10014 10034 10014
10012
Consumers Power pref _ _100 90 i 93
100
33 NII 9312
7% preferred
97
97
Trenton 0& El let g 55
1849 Si 5 9714 -_ _I 97 Sept'24 ___
Elec Bond & Share pref _100 10214 10314 General Tire & Rub corn 50 *230 240
100 97
Elea By Securities
(I) *1512 1612
__
Preferred
90
Underer'd ... London 43.45_1933 J J 8858 ---90
Lehigh Power Securitlea-(2) 116 117 Goodyear Tire & R. eom_100 2512 -Hil
Income A.
19483 J
36 1 38 Goody'r TAR of Can pf _100 1,8912 8934
1:1121012 Bag & Paper 1st M 68_1942 M N 9512 96
:
111
4 ---0
Ira :214 MbssissippiRiv Pow corn 100
E12 tjue9
100 88
Preferred
90 India Tire & Rub lom_100 ---Onion Elea Lt & Pr let g 55_1932 M S 10018 Sale 9934
10012
9718
10018 11
First mtge 5e. 1951....1&J 9612 9712
100
Preferred
Ref & ext 55
92 100
9878 25
1933 Si N 9812 Sale 0838
-:-2-15
S F g deb 76 1935__&N
M
102 10312 Marion Tire & Rub com_(2) -*-1-3-4 Union Elev By (Chic) 55_ _1945 A 0 ,.___ 7534 77 Dec'24 ____
70
77
22
100 18
-Union 011 lot lien a f 58
Preferred
9514 10214 Nat Power & Lt com__-(2) 235 240
1931 J J 9934 ___ 9934 Nov'24 ___
Preferred
99 Miller Rubber
100 109 111
30-yr 68 Ser A
(2) 94
103
3 9919 10312
May 1942 F A 10238 10234 10234
312 104
Union Tank Car equip 7e,..1930 F A 10312 Sale 10312 10414
Income 7s 1972
100
Preferred
* 95
97
7 10234 10558
25
100 20
United Drug cony 8s
812 Mohawk Rubber
11111 1161
/
4 Northern Ohio Electrici_M
1941 J D 10034 Sale 115 Dec'24.
1075
Preferred
100 x _
2712
United Fuel Gas let s f Os__ _1936 J J 9812 Sale 1 98
9212 100
Preferred
9812 41
United Rye Inv 5s Pitts issue 1926 MN 100 10014 100
ISeiberlIng Tire & Rubber(2) x1834 20
100
8
91 10012 North States Pow com_100 103
Preferred
100 94
Stamped
Preferred
100
76
91
9934
100 Sale 9914
46
_9 _
_ 1_9
:
95:
Nor Texas Elec Co com_100 70 -7-2-- Swinehart Tire & R isom-1
United RY8 St L let g 4s_ __1934 J J 74 Sale 74
199
00 :
6118 77
60
77
Preferred
100 72
United SS Co 15-yr 65
86
93
00
92
10
75
Preferred
1937 M N 02 Sale 9112
United Stores Realty 20-yr (is '42 A 0 103 Sale 10258 103
92 Caram5SusauazesriSteeks
0814 1035s Pacific Gas & El let pref 100 90
6
U S Rubber let & ref 5s err A 1947.8 J 85 Sale 85
50 *3
6
20
7812 8778 Power Securitlee com__(2) •17
8511 92
10-yr 7)4% see notes__1930 F A 10458 Sale 10414
Second preferred
48 Cent Aguirre Sugar corn.. 20 *7112 73
10424 20
(2) *44
99111 10612
10 112
US Smelt Ref & M cony 65_1926 F A 10138 Sale 10114
Coll trust 65 1949_J&D 90
9934 102
94 Falardo Sugar
101'2 21
52
US Steel Corp/coupon...81963 MN 10412 Sale 10412 105
,12
9
Incomes June 1949 FAA
78
82 FeE
lS
red
ugar Ref ooM_ _18 14
294 102 10514
dreerfae,
90
e I 10-60-yr 58lregistered_41963 MN --------10338 Dec'24 ____ 10134 10412 Puget Sound Pow & Lt__100 56
58
4
Utah Lt & Trac 1st & ref 58_1944 A083
6%
preferred
100
83
85 Godchaux Sugar. Ina---(3)
80
8712
38 28
8338 Sale 83
25
100 20
.Utah Power & Lt 1st 5s. _ _1944 F A 9112 Sale 91
9184 23
7% preferred
100 d105 107
8752 94
Preferred
Utica Elec LA Pow 1st 815a 19501 J 9918 ____ 9918
lat & ref 5)451949 __J&D 97
98 Holly Sugar Corn com (:) .32 35
9738 101
1
9918
Utica Gila & Elec ref & ext 55 1957 J J 9814 --__ 9734
Preferred
901a 9914 Republic RI & Light-100 55
9838 22
95
4
95
9 12
"0 7
Victor Fuel let e 1 Se
6434
Preferred
51
51
3
100 71 ;
ii- Juncos Central Sugar_..l00
51
53
19533 1 50
Vs-Caro Chem 1st 7519471 D 74 Sale 70
7438 227
531s 8512 South Calif Edison oom_100 101 103 National Seger RefinIng_100 100 102
92
Certificates of deposit
8% preferrea
16 ___- New Niouero Sugar__ 100 88
527s 73
pi 10
00
0 19
731
28
--------717314 Sale 6934
._.... ---2
5
Standard G& El 7% pr
5312 69
Certificates of deposit stmpd
3
--- Santa Cecina Sus Corp pf 100
65
6758
66
7345 with & without war- _1937 J D 4512 Sale 4258
8% cum pref
50 4912 5112 Savannah Sugar oom___(2) *63
45's 123 '2712 7314
82
100 79
Certlfs of den with warrants_ ---- 45 Sale 43
Preferred
4712 Tennessee Elea Power,...(I) 5114 52
26
45
14
Va Iron Coal & Coke let g 581949 M (3 9118 93
Second preferred
88
92
9138
2
74 Sugar Estateis Oriente pf 100 95 99
(2) *73
913*
17
9414 26
Va Ry Pow let & ref 58
earteefrn
errLower Corp_ 100 37
88
38 vest India Sue Pincon1-1.00 14
9513 WE
1934 J J 9414 Sale 9314
42
38
Vertientas Sugar let ref 78,19423 D 9111 9212 91
8914 97/
1
4
5
9112
Warner Sugar Refin let 7s 1941 J 11 8978 Sale 89
Short Term Socuritleir 8512 87
87 10314
Preferred
9058 52
l
Warner Sugar Corp 1st 78_ _ _1939
7714 9634 AnacondaCopMin65'291.5.1 10258 10315 industrial&MiscollawsouNe
78'2 16
7758 7938 7712
92
Wash Wat Power 5 f 58
Angio-Amer 0117)48'25 A&O 10058 1007:s American Hardware----I00 90
993s 101
Dec'24 ____
19391.7 J 10012 ____ 101
100 132 136
97 Babcock & Wilcox
9638 10012 Federal Sus Ref 68'33_M&N 95
WeeIchee LIR e 5
.3 strand gtd 1950 J 0 100
___ 100 Dee'2 -___
16
West Penn Power Ser A 55 1946 M S 9618 Sale 96
42) •14
8911 9634 Hocking Valley 55 1928 M&S 10038 10034 Bliss (E W) Co new
5
9658
57
53
let 40-year (is Series C
5 101 10512 /I 0 Term By 630'31 J&J 10312 --10412
1958 J D 10412 Sale 104
let 78 Series 13
:
133 135
1946 M 5 106 Sale 10578
1926 101.12 1017-8 Borden Companycorn --43
10612 22 10414 107114
5125
106
Prefeed
let 58 Series E
Preferred
1963 M S 9312 Sale 9338
9312 17
8634 9715 Lehigh Pow See 66'27 _F&A 1033 10114
101 lig 40
1
let 5345 Series F
98 10218 Slosa-Sheff S&I Os '29..F&A 10134 10134 Celluloid Company
19531A 0 10034 Sale 10034 10034 21
95
Preferred
100 92
Western Electric deb 5a
98
9912 17 CI Rubber 7)4 e 1930..F&A 10412 10434
1944!A 0 9812 Sale 98
9834 166
42
Childs Company corn _ _ Az *40
Western Union coil tr cur 58_1938 J J 9914 10014 10058 10038
963* 10158 Joint 5th Land Bk Bonds
3
Preferred
Fund & real estate g 4)0_1950 M N 92
9038 9718 Chic Jt Eitk Land Bk 55_1951 10214 103
9412 17
9414 9412
12,9
0 1981 IF
8 1085s 11214
15-year 6349 if
1936 F A 11078 Sale 11058 11134
10212 10314 Hercules Powder
58 1952 opt 1932
Preferred
Westinghouse E & M 7s
1931 M N 10734 Sale 10738 10734 48 10634 10934
10258 10312
58 1963 opt 1933
110
51
77
26
Wickwire Spoil Steel let 7s 1935 J J 77 Sale 75
10412 10514 International Silver pref NS
79/2
5)0 1951 opt 1931
85
Wein-Overland 5 f 6)0_1933 M 5 100 Sale 9912 100
95 100
56
10112 10238 Lehigh Valley Coal Sales 50 *83
eie 1952 opt 1932
9912
100 107 110
80
9258 61
9934 10058 Phelps Dodge Corp
Wilson & Co 1st 25-yr is f 6s.19411A 0 9158 Sale 9112
41.5e 1952 opt 1932
19283 D 53 Sale 5434
44
10158 10212 Royal Baking Pow oom_100 151 154
93
5612 44
10-year cony 5 f 65
We 1903 opt 1933
Preferred
461* :00
91931 F A
53
58.
5512 Sale 5412
10-yr eonv a(7)41:4
Pac Coast of Portland, Ore
n2 12
1941 A 0 10134 Sale 10134 102
_19
9 1003s 10214
J&J 102 103 Singer Manufacturing
Winchester Arm5 71411
55 1954 op 1934
94
9634 142
Penitent Sheet & T 20-yr 62.1943 J .1 9558 Sale 9514
97
•Per share. I No par value. 11 Basis. 4 Purchaser also pays accrued dividends
i 155-14111011.
a Due Jan. aDler April. e Due March. sr Due May. •Due June. 5 Due eNew Mock. !Flat price. 1 Last sale. a Nominal, slax-dlyklentl
,. Inty. !Due Aug. oDue Oct. p Due Dee. s Option gale.
zEx-stock dividend. 5 Sale pries. s Canadian quotation.
BONDS.
II.T STOCK EXCHANGE
Week ending Jan. 2.
a.
Price
Friday
Jan. 2.
Week's
Range er
Last Sate
434
Range
Year
1924.
181122 't 18 84
ig
IN
131
74
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHAM?. NOT PER CENT.
Saturday.
Dec. 27.
Monday,
Dec. 29.
Tuesday,
Dec. 30.
Wednesday
Dec. 31.
Thursday,
Jan. 1.
Frklay,
Jan. 2.
Sales
for
MC
Week.
STOCKS
BOSTON STOCK
EXCHANGE
5 aBY?,:
rii
r)
1! s•
Range for Year 1924.
PER Elf ARE
Range for Prelim,
Year 1923. .
Lowest
Lowest
Highest
Railroads.
•/„. 16334 16312 16334 18312 18312 16312 164
100 1457s Mar 27 164 Dec 31 143 Apr
-_ • 151 Booton & Albany
80
8334 8312 85
80
80
8012 78
100 7184 Aug 8 8,5 Dec 31
5,919 Boston Elevated
85 -id
75 June
91
91
90
__ 90
5
100 8714 Dec 23 961451ay 10
96
95
91% Aug
96
103 Do pref
--------11011 11012 112 114
L10812
*1891210812
11312 114
100 107 Dec 18 11(114 Jan 24 1111s Aug
80 Do lot pref
97,
8 99
9812 99
99 101 14
9512 96
100 92 Sept 30 101 14 Dec 31
10012 10014
570 Do 26 pref
95 Nov
1714 1712 1612 1712 16
1712 18
1612
1678 1678 1,401 Boston& Malta
812 Jan 2 2514 Nov 24
100
724 Dec
26 •____ 19 *____ 1912
•____ 20 .25
100 12 Jan 10 2678 Nov 11
7 Dec
Do pref
---- ---2412
2512 26
27
23
248 24
100 13 June 12 3714 Nov 24
1212 Oct
551 Do Series A lot pref
---- ---39
40
*33
35 ...___ 37 •____ 37
___ __
100 1712 Jan 2 48 Nov 24
1512 Dee
48 Do Series B lot pref
33
35
_ _ .33
____
_ *33
34
100 16 Feb 27 41 Nov 26
1511 Dec
510 Do Series C lot pref
---- ----------52 -52
52
52 -5i
_52
5012 52
100 23 Jan 3 62 Nov 20
456 Do Series D lot prof
20 Dec
170 '7112 *116812170 x168121702
*2171 175
100 143 Jan 4 172 Nov 17 135 July
13 Boston & Providence
36
37
ll 3712 3712 36
3612 3512 36
-iii4 -31-83
100 18 May 12 3812 Dec 22
1,801 East Mass Street ID,CO
18 Feb
•69
6978 69
68 69122 Do lot pref
69
69
69
100 6812 Jan 8 71 Dec 8
58 Dec
6034 6034 6014 6012 *5912 6012 .
-.6074 -60-1-4
100 48 May 26 6112 Nov 17
5912 6012
765 Do pref 13
504 Dec
4514 4512 44141 45
4358 4412 4412 44,2
44
100 28 May 21
4478 1,075, Do adjustment
31 Dec
4614 Dee 23
East Mass St Ry (tr ot1s) 100 313 Apr 23 39,2 Feb 11
31 Nov
100 25 June 19 3712 Apr 9
419 Maine Central
2212 Dec
*3114 302 .303 31
30
3012 30
100 14 Jan 3 3314 Dec 18
937j74 Y Nil & Hartford
3012 3-134
3073
92 July
75
es...._ 79
75 ..x72
____ ____
75
75
22 Northern New Flampoblre_100 62 Jan 14 81 Nov 10
76
62 Dec
.2101
___ ./101 104 ..2101
35 Norwich & Worcester pref _100 80 Jan 2 108 Nov 10, 75 Dec
10112 10112
96 -9697 97
9612 9612 9612 -9-7
100 7212 Jan 4 98 Nov 191 6412 Oct
96
125 Old Colony
9612
--_- ---- _-- ---- ---_ ____ .--- --_100 34 Mar 3 64 Nov 10
63
20 Rutland pref
6312
2112 Aug
*90 ____ •90
93
93 *___. 95
93
____ ____
10 Vermont & Massachusetts_100 70 Jan 22 9318 Nov 19
70 Nov
Miscellaneous
37
1
1 Nov 6
25
334
339 3
3 2 312
414 Dec 22
540 Amer Pneumatic Service
3,2 312
,
4
1 Sept
19
50 12 Jan 3 2014 Dec 12
1939 1812 1918 1812 1814 18
Do pref
-1/314 1872 1,569
1812
12 Dec
12934 13012 2912 13012 12918 13014 12934 13012
13018 13258 2,529 Amer Telephone & Teleg 100 121 June 24 13412 Dec 18 119 June
72
73
73
7-12 7212 72
No par 5712 Oct 28 83 Jan 14
72
72
797 Amoskeag Mfg
7112 7278
6712 Oct
•7
75
75
7512 .7512 _
DO pref
No par 69 Oct 29
65
•7512
79 Aug 14
7514 7514
72 Oct
•14
5 • 14
1-5 .14 -1-5
15 .14
Art Metal Construe,Inc.__ 10 13 Aug 8 16 Feb 15
14% Nov
93
93
No par
918 9%
_
6 June 10
938 958
-1()
- 14 -1-611014 Jan 8
4 - -1:600 Atlas Tack Corp
8 Dec
•ioi- -Oil
100
Co
prat_
_100
106 106
10413 106
06 106
Dee
Cons
Gas
_
22 108 July 1 104
120 Boston
Oct
_
_ ..08
.05 .15 ..08
y •.08
__
500 Boston Mex Pet Trus No par .05 Dec 29 .20 Jan 10 .05 Dec
II 21
-2-1
2011 1611
2018 -if
1
21
10 20,8 Dec 30 2818 Mar 5
-ii- -if- 1,016 Connor (John T)
19 July
' *33
2412ay
3512 .33
3512 *33
M
3512 *33
22 35 Sent 26
Dominion Stores. Ltd
3512---- --2512 Dec
_
_ _ .192
•z8812 _ _ •z8812 _ _ *192
100 84 Jan 15 8812 Dec 11
Preferred A
--- . ___ _ ._
3
*212 _-212 112 .212 -i
'212 -32 Sept 22
10
3 Feb 25
160 East 11081011 Land
3
1
i Dec
434 5
458 414
5
6
4 Oct 3
5
513 518
812 Feb 6
.538 512 1,935 Eastern Manufacturing
5 Dec
49
49
50
51
50
51
53
25 38 Jan 3 5514Mar 8
•51
460 Eastern SS Lines, lite
31 Nov
341k
par
36
36
36
38
3678 36
.36
37
No
40 Feb 7
Jan 23
-ia- -3-6Preferred
395
35
Oct
8812 89
90
8812 8812 .188
*287
90
100 8512 Jan 8 93 Mar 8
lot preferred
86 Aug
37
200 201
19912 201
20012 201,2
19912 201
100 16312 Jan 2 20112 Dec 31 1522* Nov
203- 206
---- 1,823 Edison Electric Mum
-------*4
5
4
4
4
4
*4
5
No par
5 Dec 13
212 Jan 17
112 Dee
509 Elder Corporation
-------.39
•40
41
.40
41
3812 3812
41
1 Galveston-Houston Elee__100 13 Jan 11 41 Dec 5
5 July
4
4 . _
5
•_
5 C. _
612 Jan 8
No pa
334Sopt 10
514 Dee
---------50 Gardner Motor
.._
rr •iii
r __ "• 14
•11:1
r __ "Ili
Georgia Ry & Llee
100 11314 Mar 26 11612Sept 16 116
__ __ _ _
Oct
•7812 -80 .7812 -80 .7812 -80 .7812 -80
5% non ,'um prof
100 79 Aug 18 80 Jan 3
78 Feb
13
•1312 14
1312 1334 13
135
25 1218 Nov 18 1572 Jan 7
14
15
1334
1424 Nov
1,270 Greenfield Tap & Die
58
5812 •____ 5712
58
59
5812 59
No par 46 Mar 25 60 Dec 15
50 Dec
205 Hood Rubber
____ _53 ./5212 5312 *5214 53
..25212 5312 53
32 July
40 Internet Cement Corp_ No par 41 Apr 28 59 Nov 24
*1
2
•1
2
*1
2
*I
2
International Products_ No par .10 Feb 18
3 1)00 10 .10 Dec
---- ---712 712
8
8
7
7
*8
1012
100 .25 Feb 14 14 Dec 10 .60 Dec
Do pref
701
---- ---Kidder. Peabody Acceptance
*88
8912
88
8812 8812 8812 8812 88
80 May
100 80 Jan 3 8812 Dec 11
32 Corp Clam A pref
8l
8
778 8
712 818
712 778
418 Dec
812 1)00 31
8- --8-39
4 June 12
687 Libby, McNeill& Libby_ 10
•__ 69 •____ 69 .____ 69 •____ 69
Stock
_ _
_ ____ _ _ Lincoln Fire Insurance _ 20 70 Jan 9 71 Nov 19, - -- --12,
8 1239 1258 12,
8 12,
1212 13
.13 --8 1239
13
-814 Jane
13 Dec 271
9 Mar 21
25
65 Loew's Theatres
69
6934 69
6912 70
70
69
6934 Exchange
69
721 Massachusetts Gas Co2-100 66 Nov 3 81 Feb 201 7312 Dec
70
6312 64
64
65
6312 6312 6312 65
65
6514
62 Dec
Do pref
270
100 62 June 26 70 Jan 31
16714 16814 168 168
168 168
*2168 170
Closed- 168 168
376 Mergenthaler Linotype_100 150 Apr 22 172. Dec 10, 147 June
•
,1
812 9
10
8
10
1214
1214 16
3,345 mexican Investment, Inc
3 Dec
612 Jan 2 17% Feb 21(
10
35
34
3112
3614 New Years 36
33% 3414
33
34
36
18 Nov
891 Mississippi RI% er Povver100 19 Feb 18 3;i Dec 31
90 .189 90
88 .89
88
88
88
Do stamped pref
88
---- 80 Jan
1011 80 Jan 4 90 Sept 25
43
.434 5
Day
454 484
5
439 47
404 434
1,452 National Leather_
1 1X, Dec
538 Nov 7
2 Apr 24
10
112 134
1 12
112
134 134
112 134 1,174 New England 011 Corp tr ctfo_
1
114
2 Oct
512 Apr 8
.50 Dec 16
46% 10
7
9
7
9
6
8
7
8
805
Preferred (tr Mrs)
6 Dec 29 3114 Mar 201 12% Dec
100
100 10034 100 10018 100 10012
10018 10012 1,550 New England Telenbone_100 98 Dee 16 11512 Jan 31 110 Dec
100 101
2812 2812 *12712 28
2734 2734
28
*227
16,
4 July
_
.
300 Orpheum Circuit, Ine
14 Jan 16 2812 Dec 29
1
81
81
8012 81
804 8014 8012 81
-al205 Pacific Mills
-iici
84 Dee
6910 Oct 30 87 Feb 14
1614 16
16
16
16
.21578 1612 16
--_- _--45 Reece Button Hole
10 110 Jan 5 17 July 22121414 Dee
*2212 234
.1212 3
212 212
212 212
212 212
2 Jan
3 Jan 2
300 Reece Folding Machlne
218May 14
10
• ___
.10 .10
.10 .10
.25
.25 •____
_ _
220 Simms Magneto
1 .10 Oct 27 .40 Feb 151 .10 Dec
11634 118
116 118
11512 116,2
i.1612 117
11534 11-61,319 Swift & Co
100 100 June 11 118 Dec 291 0812 June
4634 47
4634 47
47
4714 47
*247
270 Torrington
---- --._
3914 Dec
26 3512June 3 52 Dec 18
7
7
812
•7
812 •7
.6
812
6 Dec
100 Unlon Twist Drill
--5 Dec 22 10 Feb 18
6
4212 4134 421
42
-42 -4-3.14 1,507 United Shoe Mach Corp
4212
4238 42
42
3212 Nov
34 Jan 3 4314 Dec 12
21
2634 263
27
27
27
2634 263 .12634 27
27
Do pref
189
2439 June
26 2458 Feb 29 28,4 Nov 11
1912 20
197 '20
1914 20.
1934 1978 1939 20
1984 Aug
2,895 Ventura Consol Oil Fields_ 5 1014 Oct 15 27 Jan 29
187 18%
18
18
20
19
.218
1812 18
1912
367 waldorf Sys, Inc,new sh No par
15 Dec
1378 Apr 30 20 Nov 7
8
8
8
.8
8
8
8
_ __
5 Feb
57 Walth Watch CI B cum_No pal
812
612 Jan 11 1012 Feb 1
16
•1512 1612 *1512 1612 1612 161
12
______
Preferred trust Otto
1734
15 Dec
14 June 10 2312 Feb 13
101
18
2012 1914 20
1912 2014 1,827 Wal worth Manufacturing_ 2(' 1512-Tune 20 22 Feb 19
1912 2014
20
21
1114 Jan
3712 3714 3712 37
37
37
3712 37
37
3812 1,650 Warren Bros
2512 Jan
50 2938 Jan 3 3934 Nov 18
•s3814 3914 3314 3814 *21814 39% 38
Do lot pref
3012 Dec
50 3434 Apr 25 41 Jan 25
3814
*23939 41 •139
41 .23939 41
39
39
Do 2d pref
-- --_33 July
50 38 Mar 5 42 Jan 18
_ ____ ____ -___ ____ ___
Wickwire Spencer Steel
-_ -___
3 Dee
3 .90 Aug 20
512 Jan 14,
Mining
1
.25 .30 •.26 .60
.51 .51
.20 .20
0.50 .60
.15 Dee 18 .51 Dec 29 .10 Nov
750 Adventure Consolidated_
.23 .25
.25 .25 ..20 .39 •.15 .25 •.20 .30
300 Algomah Mining
26 .10 June 15 .25 1)ec 26 .10 July
212 21 *3212 278
3
315
.212 2%
2% 312
312 Dec 27 .70 July
5 June 16
25
945 Arcadian Consolidated
1439 16
1418 1418 10,637 Arizona Commercial-.. 6
14
1478 1418 1438
1518 16
8 Jan 2 16 Dec 27
7 Dec
28
2712 277, 2758 28
10 14 June 13 3139 Dec 31
13,679 Bingham Mined(
2934 2978 3158
141 Oct
*3134 32
.'"
1358May 15 197 Jan 7
18
19,4 1834 1912 1814 1878 1814 1812
1812 18% 9,078 Calumet & Reda
17
Oct
3 Feb 1
.37 Nov 15
.69 .70
.75 .75
7,235 Carson Hill Gold
_
.50 .65
11 Dee
.50 .60-26 '812June 6 3339 Dee 27
3312 31
3358 32
31
2218 Oct
3114 -3-3.14 7,786 Copper Range Co
32,4 304 3112
Davis-Daly Copper
434 .110, 23
10
_
339 Jan 3
___ __ _
2% June
7
43 Nov
314July 15
678 Dee 27
6
512 6%
6
63a --5
6%
-8-14 6,470 East Butte Copper Mining_ 10
25 .40 May 24
.95 .95 *.70 .85
'11.75
1
•.75
1
1 Jan 8 .30 May
15 Franklin
..70 .75
112
2 Jan 28
Oct 27
25 .30
1 14
.50
112 1 12
114 •114
328 Hancock Consolidated
•114 112
112
1
Oct
241, Mar
1
.203 21 12 2012 2112 2112 2112 2114 21,4
1912 Dec '10 2812 Jan 7
905 Hardy Coal Co
2112 22
26 .30 May 10
17
214 Dec 31 .10 Sent
1 14
•1 14
112
.214 224 1,680 Helvetia
212 23
134 2
1 9414 Apr 2 142 Nov 29
13312 13412 133 134
135 135
13418 135
9312 Nov
715 Island Creek Coal
133 134
1 90 June 4 100 Slept 11
96 •s9418 96
06
96 •:95
.96
97
5 Do pref
•9414 96
901.4 Nov
25 12 June 7 2212 Dec 27
20
2212 2012 2212 1939 2014 19
2,502 Isle Royal Copper
•11112 20
20
16
Oct
g
02 mar 5
4.134 2
13
218 Feb 13
.134 2
•134 214 .134 2
200 Kerr Lake
17a Dec
184
25 .50 Jan 7
114 Nov 11 .80 Sept
Keweenaw Conner
•1
112
1
1,2
1
1 12 .
1 12 .
•I14
184 *1 14
25
3,4 Dec 29
.90 Apr 3
3
3
1
670 Lake Copper Co
*234 312
3
3
212 314
224 3
Oct
25 .70 June 13
3 Dec 29 .50 Dec
238 238 1,250 La Salle Copper
212 234
212 3
•215 212 '258 312
5
lle Oct 23
212 28
239 Dec 27
238 2N4
1% Nov
239 239 3,285 Mason valley mine
2% 214
214 23/3
25 .50 Jan 8
158
112 112
1,
4 Aug 20 .50 Dec
280 Mass Consolidated
1
114
38 •114
134 •114
112
25 .80 Apr 9
5 July 21
339 3,
3
3
3
3
314
8
1,360 Mayflower-Old Colony
3
3
3
1% Oct
25 2312June 13 41 Dee 27
1,713 Mohawk
3012 40
3612 38
39
41
38
39
3712 3838
27
Oct
1612 Jan 2 2539 Dec 29
2434 2514 2452 25313 2412 25
5.144 NewCornelia Copper
25
25
2434 25
1414 Oct
..40 .50 *.40 .50
.40 Dec 2
234 Apr 7
100 New Dominion Copper
.40 .40 ..35 .50
212 Aug
1
35
June
16
Company
100
-12
40
New
River
•-_---_
3
.
2
•- - 32 2 ... _ 35 ...
Mar 11
35
35 s.
35 Apr
100 5712 Dec 31 76 Mar 11
*60 _
180 Do pref
60
66
60
oo
76'il 5755 iii2 5712
72 Nov
612 -154
534 Jan 10
6
435 NipissIng Mines
618 614
614 Dec 27
612 634
Ws
612 634 1618
484 July
37
346
15
23
2% 8,255 North Butte
17 Oct 7
234 314
2
212 3
638 July '26
3
1.X4 Nov
•.80 .95
..1 .99
25 .40 June 10
114
.95 .95 ..95
1 Nov 3 .60 Nov
100 Onbway Mining
118 *.96
vs
25
27
2812 26
Dominion
Co
25
26
7
15
Old
2,459
2712 2514 26
Jan 30 2812 Dec 27
25
25
131s Oct
43
43 .242
*414 51
414 439
312 Jan 3
160 Park City Mining & Smelt_ 5
5 •1454 514
5% Feb 1
214 Aug
•1212 13
.1234 1312 1212 1212 .1212 13
13
180 Pd Crk Pocahontas Co..No par 1034July 11 1512 July 23
13
1214 Dec
3
303
3012
3112
30
3014 31
33
34 4 3312 3412
25 14 June 10 343 Dee 27
1,818 Quincy
18
Oct
4512 46
49
41
465,, 43
25 26 June 16 49 Dec 29
46
4414 4612 45
4,953 St Mary'. Mineral Land
27
Oct
114
1%
13
114
114 3,005 Shannon
139
10 .30 Apr 2
118
1 14
118
lls
1 12Sept 13 .30 Dec
..25 .75
.75 .75 .
.50 1
100 South Lake
'11.25 .75 •.25 .75
25 .25 July 19 .75 Dec 27 .10 June
*2
*178 2
17s 2
2
2
521s 214
2%
25 .90 Jan 15
650 Superior
214 Dec 26
1 Dec
178
.134
178
2
218
2
2
178 2,745 Superior & Boston Copper.. 10 .25 Aug 19
1% 2
218 Dec 29 .65 Dee
37
339 339
4
34', 339
37 Dec 31
I
339 339
16,590 Utah-Apex Mining
338 352
178June 26
212 Oct
1 .01 Jan 3 .01 Jan 3 .01 Dee
Utah Consolidated
•.4-5 .50 2,400 Utah Metal & Tunnel
.45 .48
.40 .45
.45 .50
.45 .48
1 .14 June 18 .70 July 22 .25 Dec
5.75 .95
1
.95 .99
•.75 118
.90 .90 0.75
25 .16 Apr 24
630 Victoria
1 Aug 18 .60 Aug
•.40 .60 '11.35 .50 •.35 .50 .1..30 .50
•.35 .50
25 .13 Feb 6 .71 July 22 .10 Dee
Winona
•.20 .25
•.20 .35 •.20 .30 ..20 .30 ..20 .30
25 .10 July 23 .25 July 26 .10 Dec
Wyandot
•Bld and asked prises. no sales on this day
14x-cleats 5 gx-di• •11.1 •i4Cite • K2 dividend
stock dividend. 0 Asseesment paid
Fries on
Highest
151 June
Jan
84
100 Mar
125 June.
106 Mar
2012 Mar
27 Feb
3212 Mar
48
Feb.
42 Mar.
69 Feb
16012 Jan
36 Mar
Jan
72
65 Mar
46 Mar
45 Mar
Jan
43
2211 Jan
84 Ftt.,
Jan
100
81 Fen
3878 De:
Jan
98
312
20
12812
112
88
1612
2018
10812
.30
27
2614
Jan
Jan
Dee'
Jan
Jar
Mar
Feb ,
Feb
Jan
Mar
Dee
-4- Jan
1415 Mar
12712 Mar
40
Oct
Out
88
172
Jan.
107g Jar.
291j Feb
1539 Mar
11615 Oct
80% June
24 Fob
6318 Mar
44 Mai
3 Mar
8 Mar
8312 Fel>
81 Aug
- .- -ff •Apr
871 Jan
73
Jan
179
Jan
1439 Feb
2814 Jan
84 Feb
82, Ner
41 Sets
16
Oct
122
Jan
2112 Apr
190 Jan
18 Mar
314 Mar
2 Feb
1091, Jan
50 Mar
11 Mar
555 Mar
281, Jan
30
Jan
22212 Mar
13 Mat
2912 Mar
18 Dec
3412 Mar
3912 Mar
42 Mat
1212 Feb
1 Feb
.60 Mar
41 Mar
1412 Mar
19 Feb
49 June
939 Feb
40114 Mar
5 Feb
1112 Mar
239 Mal
4 Mar
3339 June
114 Feb
115% Apr
10012 mar
3314 Mar
3% Jae
214 Mal
54 Mar
314 Mar
239 Mar
414 Mar
7 Feb
71 Mar
2439 Mar
4% Apr
40 Apr
84 Mar
614 Feb
1239 Mar
239 Mar
3212 Mar
412 Nov
16% Mao
50 Mar
5312 Mat
112 Mar
1 Aug
314 Max
314 Feb
8
Apr
3 Mar
1,
2 Feb
2,
8 Feb
1114 Mar
1 Ma.
new basis.
•
JAN. 3 1925.]
THE CHRONICLE
Fyiday
Sales
Last Week's Range for
of Prices. Week.
Sale
Stocks (Concluded) Par. Prize. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
.Stock Exchange Dec. 27 to Jan. 2, both inclusive.
Bonds-
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Range for Year 1924.
High.
Low.
All Gulf& W 258 L 5.91959 64
604 64
38,000 42
Chic Jung Rys US Y-59;40
97
98
20,000 9235
-Chic Mil & St P 44s._ 1952
5734 5735 5,080 5735
EMassStRR ser A 4%5248
64
64
8,000 58
Series B 5s
1948
72
70
2,050 59
Series D 159
1948
80
80
500 70
,Hood Rubber 78
101%. 102
1938 102
10,000 9955
K C Mem & B 49
1934
9255 92% 1,000 87
53
1934
95% 9534 1,000 87
MEW Gas 434s
1929
9835 9855 2.000 9435
Miss River Poweo5s_ _1951 96% 9634 9655 9,000 92
New England Tel 5s_ _1932 9955 9934 9935 15,000 97
•Swift St Co 58
1944 98
9735 98
9,000 9435
Warren Bros 7345-- -1937 124
121% 124
2,000 106
'Western Tel & Tel 59_1932 994 9955 100
15,000 95%
Jan
Jan
Dee
Sept
Aug
Jan
May
Jan
Jun
Jan
Jan
Jan
May
Jan
Jan
6255
9855
574
6635
7535
82
103
93%
964
99
9935
102%
101
12934
10035
Dec
Nov
Dec
Nov
Nov
Nov
Nov
Sept
Oct
Dec
Oct
Nov
July
Oct
Nov
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Dec. 27 to Jan. 2, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
X
X
=
XXXX
= =XX
rxr
r x
a.cive,
Eligg%8PitigEttgZttBS156V6Zais ,
rafwo ,
,P,F,PPPC=1.124:1Pu4z0z.,z(
=zaPc.PPPGIPPPAw g..Pg0
LI
m r
V
-
-
S
t
e
e
✓
✓
b
rr
- --
rx
- -
S
S
O
e
rx mrrx
.001•.0o00..mWW0MW0000000C
Jan
Mar
Jan
Oct
Nov
Jan
Sept
Dec
Feb
Jan
May
June
Jan
Oct
Feb
Jam
Jam
Jam
Jar
Jam
VC.0
•
54,000 68
11,500 84
6,000 6155
10,300 61
9,000 984
6,000 75
19,000 1335
12,000 17
15,000 9134
1,000 7635
5,000 84
4,000 100
4,000 8855
1,000 80
18,500 97
1,000 964
2.000 9954
1,000 9834
12,000 10334
2,000 834
000M.5toWVVVV.QvCc4Mr.
Bonds• Altoona & Log El 455s 1933
78
78
Amer Gas St Elec 56._ _2007
9135 92
Congo'Trac N J 1st 551932
70
70
Elea & I'eop tr ctfs 48_1945
6234 63
General Asphalt 89_.-1939
100 100
Keystone Telco 1st 58_1935
82
82
Lake Superior Corp 551924 18
17
18
Certlfleates of deposit.....17
17
Lehigh 0& N cons 4%8'54 98
96
96
Lehigh Val gen cons 482003
7934 7954
Market St Elev let 49.1955 8655 8634 8835
Northern Cent B 2d 581926 100
100 100
Phila Co cons &stpd 581951
9354 94
Phila Elea 1st s f 4s_..1966
83
83
lst 5s
1966 101
1003410134
Registered 58
100 100
1966
545
1044 10434
1947
5545
1953
10535 10554
69
1941 106
106 10634
Reading-Jer Cent 45_ _1951
8855 884
Jan
32
7734 Mar
7754 Apr
2655 Apr
3 Sept
10635 Oct
854 Jan
49 Sept
384 Jan
Feb
31
4234 June
Dec
58
Mar
24
304 July
5035 July
Apr
33
32 June
3 May
Feb
23
Dec
72
484 Jan
254 Oct
235 Jun
644 Jan
3954 AP
22 Jun
4834 Ma
Jan
57
7834 Oct
4254 Jan
Jan
42
29 May
2934 Mar
41
Jan
3055 June
5834 May
Jan
9
3134 Apr
5135 May
7-16 Aug
135 Jan
3755 June
5854 Jan
5555 Jan
734 May
344 July
,c7c.o.ovtowwNco20.0044c-CM
374 374
288
9434 96
85
123 146
7,045
4454 4734 9,739
4
4
50
1074 108
150
108 109
535
50
50
50
3955 40
120
300
4234 4234
544 544
20
58
50
58
2435 2454
25
43
100
43
61
430
6334
450
60
6134
51
51
50
5
19
19
15
46
46
72
72
100
575
6834 67
26
5
26
434 54 7,685
9,615
98
88
704 7235
198
219
234
23
28
5254 5255
60
BO
60
185
8354 85
4735 4834 3,079
48
100
46
3934 4134 26,597
384 4055 1,768
55
4935 50
404 8.693
40
352
614 62
1,365
1534 17
354 36
340
125
78
74
9-16 9-16
60
135 155
300
3935 40
1,848
88
9034 21,910
57
54
5734
755 734
135
38
39
150
High.
mmv.V
Alliance Insurance
10 3735
Amer Elea Pow,pref._ _100 96
American Gas of N J.....100 144
American Stores
• 47
Bellefonte Central
so
Bell Tel Co of Pa, pref..--..
Brill(JO)Co
1110 109
Buff& Sus Corp, pf, vto100
Cambria Iron
50 40
(Congoleurn Co,Inc
•
Cramp(Wm)& Sons. .100
East Pennsylvania
se
East Shore G&E,8% pf.25
Eisenlohr (Otto)
100
Elec Storage Battery_ -100
-General Asphalt
100
General Refractories
•
-Giant Portland Cement-50
Preferred
50
Green & Coates Ste Paas.50
Insurance Co of N A_ _.-10 664
Keystone TeleP, met_ -50
Lake Superior Corp----100
554
Lehigh Navigation
50 98
Lehigh Valley
50
Lit Brothers
10 2334
Minehill & Schuyl Hav 50
Penn Cent Light dr Power.*
Penn.sylvanla Salt Mfg._50 8355
Pennsylvania RR
50
Phila Co, pref(cum 8%)40
Phila Electric of Pa
25 4135
25 4034
Preferred
Phlia Insulated Wire
•
Philo. Rapid Transit_ _ 50 40
Philadelphia Traction..--50
50 17
Phila. & Western
50 354
Preferred
50
Reading Company
Tono-Belmont Bevel__ .1
1
• Tonopah brining
50 40
Union Traction
50 90
United Gas Impt
60
Preferred
Warwick Iron & Steel-- _10
755
• West Jersey & Sea Shore_50 39
Range for Year 1924.
Low.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Dee. 27 to Jan. 2, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Lots. High Shares.
Amer Pub Sem pref._ _100
Amer Shipbuilding... .100
Armour & Co(Del), W.100
Armour & Co, pref....100
Armour Leather
15
Preferred
100
Balaban & Kati v t o._ _25
Preferred
100
Beaver Board v t o"B" •
Preferred offs
100
Bendix Corporation_ -10
Booth Fisheries, oret...too
•
Berg dr Beck
10
. Bunte Bros
Case (.1 2) 1st pref
100
100
2d preferred
Central III Pub Ser pref..*
Chicago City Ry
100
Ry
Chicago City &
•
Part share common
•
Preferred
Chicago Fuse Mfg Co._ _.•
Chic Nipple Mfg CI"B"_15
Corn Chem of Tenn"B" •
Commonwealth Edison_100
Consumers Co. com......20
100
Preferred
•
Continental Motor*,
93%
88
535
86
51
334
85
90
57
93
86
54
85
51
9435
8%
34%
3051
31
26
15
1%
35
85
50
9034
40
58
135
570
9334
88
2,465
6
579
45
8654
540
5155
9455
100
478
7
3434
15
39
11,700
31
40
2655
600
15
500
140
2
200
3.4
8655
195
SO
10
35
34
44 44
29
29
1655 1634
3
44
138
135 13634
455 455
55
55
835
834
_ 834
.
29
1655
Range for Year 1924.
Low.
75
High.
Nov
May 92
Jan
Oct 63
Dec
May 95
Apr 8954 Dec
735 Mar
May
Dec
June 86
Apr 513.4 Jan
Apr 100
Mar
14 Feb 755 Dec
13 June 4055 Dee
Dec
304 Dec 39
Nov 40
27
Jan
22 June 31
Jan
Dee
9
Jan 15
435 Jan
1 June
55 Apr
34 Jan
85
Jan 92 Sept
50
Aug
Dec 51
85
4854
83
69
2
47
38
854
65
34 Dec 7 Dec
435 Dee
155 Aug
275
2
264 Sept 3655 Oct
14
July 2254 Jan
7
52
3
Dec 1435 Jan
38 12655 May 13754 Dec
55 Oct
100
435 Jan
100 33
Nov 85
Jan
4 21
6
Apr
834 Dee
'
Crane Co. common
25
69
69
Preferred
100 115
115 115
Cudahy Pack Co, com.100 SO
7655 85
Daniel Boone Wool M..25
7
7
8
Decker(A10 & Cohn pf 100
98 100
Deere dr Co. pref
100 83
83
82
Diamond Match
100 11755 117 11755
Eddy Paper Corp (The)--• 25
20
25
Flee Research Lab
• 3534 3235 3535
Fair Corp (The) pref__ 100
10835 1063.4
Evans dr Co. Inc, Cl"A".5 294 264 30
Foote Bros G at M Co._-• 1535 15
154
Gill Mfg Co
4
4
Godchaux Sugar,com___ _•
235 234
Gossard, H W,pref
• 2634 26
264
Great Lakes D &
ADO 95
95
95
Hammermill Paper, pref100
103 10455
Hartman Corporation_ _ -•
34
36
Hib Spen Bart & Co_ _ _25
68
684
Hum( Motor
10 184 164 1855
Hurley Machine Co
* 56
62%
56
Illinois Brick
100 12234 122 12235
Illinois Nor Utll, pref.. _100
87
86
IndependentPneum Tool-• 70
89
7034
Inland Steel
•
4755 4755
International Lamp Corp25
254
3
2
Kellogg Switchboard.._ .25 45
44% 45
Kraft Cheese
25 3735 3231 40
Kuppenheimer & Co (B),
Inc, common
5
2755
27
755 84
Libby,McN&Libby,new 10
84
Lindsay Light
10
134 154
Lyon & Healy. Inc, pf.100
10255 1024
McCord End Mfg "A"..' 404 39
404
McQuay-Norris Mfg
• 17
17
14
Mid West Utilities, corn_ • 88
79
92
190 9134 9155 9435
Preferred
Prior lien preferred_ _100 984 9755 99
Midland Steel Prod
• 33
324 334
National Leather
10
455
434 5
North American Car Co_ •
2735 2754
Omnibus pre("A" w L.100
90
90
Vot trust ctfs, w I a_
1555 1655
• 16
Phillipsborn's, Inc, tr itt-1
35 235
30
Preferred
30
100
10 2235 22
Pick (Albert) & Co
23
Pines Winterfront"A"- -5 66
6134 66
Pub Bert( of Nor Ill, coma.*
109 110
Pub fiery of Nor Ill, com100
111 111
100 9455 90
Preferred
9454
100
7% preferred
10534 111
Quaker Oats Co. pref...100 103
1024 103
Real Silk Hosiery Mills_ _10 6134 57
6135
10 1734 1734 174
Reo Motor
Reynolds Spring Co,com-•
16
16
25 324 324 323.4
Ryan Car Co(The)
Sears, Roebuck, corn...100
15154 15134
Standard Gas dr Elec Co- • 4055 4055 41
Preferred
1.
50 504 50
5055
Stewart-Warner Sp, cont..* 7454 684 75
100 11635 115 11834
Swift dr Co
15 3254 3154 3434
Swift International
Thompson(J R),com _25
45
46
Union Carbide & Carbon.* 6634 65% 674
United Iron Works v t c_50
235 234
United Light dr PowerCommon "A" w a_ _ _• 504 4935 52
Common "B" w I a_ -• 5054 50
5055
•
Preferred "A" w I a_
8355 84
Preferred "B" w la. _•
43
42
United Paper Bd, com_100 2235 22
224
Unit( Theatres Co
4555 48
5 46
20 12935 125 169
S Gypsum
100
Preferred
113 113
Vesta flattery Corp.corn.* 17
17
17
Wahl Co
18
• 1755 17
Wanner Malleable Cast....* 22
22
21
Ward (NIontg)& Co. pf 100
114 114
Common
10 4834 46
4935
1164 118
Class "A"
• 118
7
7
Wilson & Co.common. •
•
734 735
Wolff Mfg Corp
Wolverine Port Cement_10 124 1255 1235
Wrigley Jr, corn
• 4635 4454 47
Yellow Cab Mfg. CI"B" 10 3934 3734 394
Yellow Cab Inc (Chic)---• 5434 5135 55
BondsChicago C & C Rys 58_1927
Chicago Railways 58....1927
59, Series "A"
1927
Common Edison ISs ...1943
Swift dr Co 1st f g 58-1944
56
98
5535
8155
46
10054
98
Range for Year 1924.
Low.
High.
Nov
Mar
Apr
Nov
May
May
July
June
Dec
Apr
Dec
Dec
Oct
Dec
July
Apr
Jun
Nov
Jan
Jun
AP
May
Jan
De
Ma
Ma
Apr
Oct
120
95
2,845
1,285
240
128
160
210
3,500
5
10,375
1,83
20
85
230
35
445
335
44
30,350
9.937
205
20
293
10
1,985
470
2.450
61
10734
55
5
86
61
115
15
3235
100%
2635
1455
334
255
22
7955
10035
3435
653.4
1034
48
78
84
69
34
1
37
24
100
11,725
350
50
2,225
440
8,110
785
935
170
445
25
2,300
2.385
8,015
265
4,125
10,402
35
,13
105
75
65
7,525
297
100
1,595
100
665
385
28,100
7.132
14,085
840
13,800
100
Mar 3155 Dee
June
835 Dec
Jan
Dec
4
July 105
Dec
Apr 4035 Dec
June 2035 Jan
Dec
Jan 92
Mar 9434 Sept
Jan 9955 Sept
Nov 35
Nov
June
534 Nov
Oct 3335 Oct
July
Dec 92
Sept 1835 July
Si Aug 234 Dec
Nov 42
15
Jan
17
July 2435 Deo
1935 Apr 65
Deo
99 June 112
Dec
Dec
96 May 112
90
Dec 9935 Jan
105
Dec
Aug111
9934 May 1034 Nov
2835 July 61
Dec
15 June 1934 Jan
16
Dec
Dec 16
Dec
3034 Nov 35
80 May 15134 Dec
304 Jan 414 Dec
Nov
4654 May 51
Jan
494 Aug 101
1004 May 11835 Dec
Jan 354 Nov
19
4235 Apr 504 Jan
Apr 6755 Dec
55
155 Oct
434 Jan
93
11655
85
38
100
8835
12034
21
3935
10654
29
16
18
30
38088
Nov
Nov
Dec
Jan
Dec
Nov
Jan
Dec
Nov
Sept
Dec
Dec
Jan
Jan
DecJ.
Dee
44% Feb
Feb
b
70
Dec
18
Nov
18
6
24
7 se
8034 Jan •
4755 Deb
p
jo
ae
,
e
0
46
755 N
25
4
14
96
30
11
43
8354
94
3254
234
27
884
1434
4,690 2835 May 56
668 31
May 55
127 7554 Apr 85
735 414 Nov 48
200 16
July 2535
1.490 344 Nov 4834
3,015 78
Apr 175
45 10255 Jan 116
July 28
825 15
4,075 16
Dec 42
Oct254
325 19
100 1104 Jan 117
9,350 2134 May 4855
1,060 104 May 1•1935
200
7
Dec 21
100
94
44 Apr
705 124 Dec 1355
12,800 3555 Oct 47
12,050 32
Nov 97
19,240 3835 Oct 8454
56 810,000
8234 9,000
2.00
46
10054 3,00
98
8.000
46
74
46
95
944
Oct
Oct
Bent
Oct
Dec
Dec
Dec
Aug
Jan
Jan
Feb
Sept
Dec
Nov
Feb
Oct
Dec
Dec
Jan
Jan
Nov 57
Dec
Oct 88
Dec
Dec
Dec 67
Jan 11034 Nov
May 9834 July
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Dec. 27 to Jan. 2, both inclusive, compiled from official sales lists:
Stocks-
Friaay
sates
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High Shares.
Nat Bank of Commerce_ _ _.___..
Mercantile Trust
398
United Rys common
2
Preferred
44
Beet Clymer Co
Brown Shoe,common
71
Preferred
9935
Certain-teed Prod 2d pref.Chicago Ry EI:11.111), cora.
Preferred
Emerson Electric. pref.- 96
Ely & Walker D Ude,oom_ 224
1st preferred
2d preferred
Fulton Iron Works,com
......
Preferred
Hydraulic Press Brim, corn_
64
Preferred
814
Indlahoma Refining Co_ .
_ ... ..
International Shoe,corn_
Preferred
11934
Laclede Steel Co
MeQuay-Norris
Mo Portland Cement
National Candy, common.. 106
2d preferred
RIce-Stix Dry G'ds, let pfd 10734
2d preferred
Southern Acid dc Sul, corn_
S'weetern Bell Tel, pref...... 10735
Wagner Elec Corp. cora.-- ..- _
43g
-Johnson Bros Shoe
Boyd Webb Shoe
44
Securities Inv, common
43
PaAlan ISITablIza•
• No par value,
ORU
14335 144
398 398
4
2
455
4
3934 45
71
69
98
9954
77
77
45
45
26% 2654
96
9654
2255 2234
105 105
82
82
3755 '38
100 100
535 64
8154
78
20e 200
11434 118
11934 11934
148 148
14
14
155 157
105 10735
196 106
1074 10754
10054 10054
175 175
107 10734
264
26
423.4 434
42
40
43
43
234
13
300
953
618
118
97
2
100
2,638
75
366
55
40
135
5
160
707
20
290
23
15
100
124
381
34
20
10
10
90
96
415
375
42
Ogle (MU
liLl
Range for Year 1924.
.
High.
Low.
July
135
Oct
388
Dec
42
Dec
2
183,4 May
45 Julie
85 June
July
65
July
35
July
60
90 June
2034 July
101 May
79 June
20 June
Aug
92
335 Sept
6134 Jan
30 Jan
73 May
115 May
100 June
14
Dec
94
API*
80 May
9955 Feb
108
Apr
10035 Dec
175
Dec
103
Mar
20 May
40
Dec
3755 Dee
43
Dec
RR
1-...t
Jan
147
Dec
400
Jan
75
1135 Jan
Dec
45
75
Dec
9935 Dec
Dec
77
46 May
Nov
27
9834 Dec
Jan
24
Dec
150
Jan
85
Oct
39
100
Dec
634 Nol
8154 Jar
20 Dec
No
119
12054 De(
150
De(
Mat
16
157
Dv
10735 De(
De(
106
10955 Not
10334 sevi
185 Ma)
10834 Del
3434 Jai
4555 Del
De
46
454 De.
015.44 Jai
76
Nrraog
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High Week.
Bonds-
$3,000
2,000
15,000
10,000
42,000
5,000
6,000
3,000
Low.
42Pal
"
68
864
82
754
75
82
2534
103
Range for Year 1924.
Ot.,OCCON0
Alton Gran & St L Tr 5s---------65
EStL&SubCo 58
8534 8534
St L& Sub Ry gen mtge 5s_ _-____
82
United Railways 4s
724
73
Certificates of deposit_
72
St Louis &Sub 58 etfs of den
8134
Independent Breweries 6s_
2531
Kinloch Telephone 6s
103
High.
65
87
854
76
75
8434
2534
103
Dec
Oct
Nov
Dec
Dec
Nov
Dec
Dec
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Dec. 27 to Jan. 2, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Am Vitrified Prod, com_50
Am Wind Glass Mach_ _100 8854
Am Wind Glass Co, p1_100
Arkansas Nat Gas, com_10
534
Carnegie Lead & Zinc_ _ _ _5
44
Colonial Trust
100
Commonwealth Trust. _100
Duquesne Light,7% pref_
Indep Brewing, com_ _50
Jones & Laughlin St, pf 100
Lone Star Gas
25 324
Nat Fireproofing, cold_ _50 114
50
Preferred
Ohio Fuel Corp
32
Ohio Fuel 011
1
Oklahoma Natural Gas_ _25 264
Pittsburgh Brew, corn_ _ 50
Preferred
50
Pittsburgh Coal, com_100
Preferred
100
Pittsb & Mt Shasta Cop_l
Pittsburgh 011 & Gas__ _ _5
834
Pittsburgh Plate Glass_100 258
Salt Creek Cons Oil
10
634
Stand Plate Glass, p1..100
Prior preferred
Stand Tank Mfg, com_25 125
Tidal Osage Oil
10
9
U S Glass
25
West'house Air Brake_ _ _50 10734
.-- --
204 204
884 90
11034 11034
535 534
331 454
190 190
203 203
1054 10534
134
134
III 1114
324 3234
1154 12
3354 3334
32
3234
1334 1434
27
26
24 3
534 7
4834 4851
99
98
9c
7c
74 84
257 259
634 6',4
75
75
974 9755
125 12534
84 9
16
17
10634
-.., 10934
--,-
20
505
20
3,675
4,364
48
75
130
25
45
925
220
345
4,426
245
642
404
122
10
65
8,200
820
154
2,545
55
100
265
500
393
477
Range for Year 1924.
Low.
84
8234
107
4
i'%
182
17334
102
iq
11034
264
7
203-4
2834
114
2231
154
431
4834
9434
Sc
6
209
6
75
9534
9094
8
16
84
June
Nov
Mar
Oct
May
Oct
Dec
Feb
Dec
Nov
Jan
June
June
Sept
June
May
Jan
Jan
Dec
Mar
Mar
July
Jan
Dec
Dec
Dec
Jan
July
Dec
Feb
High.
27
99
112
7
6
195
205
108
4
114%
3334
1334
344
334
154
2834
8
734
73
100
lie
931
265
1036
100
101
12534
16
303,6
111
Dec
Dec
Feb
Apr
Apr
Feb
Dec
Sept
May
Jan
Nov
Dec
Dec
Nov
Aug
Nov
Jan
Feb
Jan
Apr
Jan
Feb
Mar
Jan
Aug
May
Dec
Jan
Aug
Dec
week's record on the
Baltimore Stock Exchange will be found on page 57.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Dec. 27 to
Jan. 2, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Strnt curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Baltimore Stock
Week Ended Jan. 2.
Stocks-
[VOL. 120.
TITF CHRONICLE
Exchange.-This
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Indus. & Miscellaneous.
Acme Packing
10
Adirondack P&L, com.100 37
100 99
7% preferred
•
954
Allied Packers,eom
Prior preferred
100
Amalgam Leather com_ •
Preferred
100
Am Cotton Fabric pref_100 98
Amer Foreign low new w i
3974
Amer Gas & Else, corn _ _ _•
Common (ex stock (111,)_• 8154
50
Preferred
10
Amer Hawaiian SS
Amer Lt &'Frac. corn._100 14074
Preferred
100
Amer Pow & Lt corn new_• 6654
Preferred
100 89
Amer Road Maeliinery _100
AM Superpower Corp. CI A
3531
3534
Class B
Appalachian Pow,com_100 76
Arizona Power, com_ _100
Armour & Co (III). pref.100
Armour Leather. cote_ _15
Preferred
100 86
1
Atlantic Fruit & Sus( ... _ _•
Borden Co. common.....100 134
100
Preferred
Botany Cons Mills. Cl A 50 48
Bridgeport Mach corn _ _ _•
Briggs Mfg
• 39
Brit-Am Tob ord bear_ _£1
sroeslyn City RR
10
94
Brunsw-Balke-Coll,com100
100
Bucyrus Co pref
Campbell Soup pref_ _ _ _100 11055
'Jar Ltg & Power. com _ _ 25
214
Carolina Pow & Lt corn 100
r.Iellulold Co Common _ _100
ent Teresa Sugar, com .10
'entrifugal Cast Iron Pipe• 26
Vhapin-Sacks Inc w 1_._ _• 1634
...'hat tenon dr Son cam..It
1335
Checker Cab Mfg.cl A _ _.•
7,1111ds Co new stock
•
'Mies Service. corn_-100 1773.5
Preferred
100 8034
Preferred B
10
Stock scrip
.
Cash scrip
95
Bankers' shares
• 1734
2Ieveland Autom pref....100
7olombian Syndicate
3om'wealth Pow Corp....• 126
Preferred
100 82
7ons Gas,E L & P Balt new 333-5
.:7ontlnental Baking,com A* 112
Common B
• 2234
9155
8% Preferred
'entinental Tobacco.. • 2474
Alba Company
• 3735
3uban Tobacco Co v t c___
634
:Ammo A ero& M.new com• 16
Preferred
100 57
De Forest Radio Corp...• 36
Del Lack & West Coal__ 50 121
4.,,., .r. 'Mr. flr woo, inn
* No par value.
2e
3c
5,800
37
38
700
99
9955
120
400
9
936
100
58
58
1034 1034
300
4355 4355
1110
500
9955
98
39
4355 14,600
12255 130
3,600
500
81
8334
100
4634 4634
12
100
12
475
140 141
75
9355 94
654 6955 31,060
90
8855 8934
400
50c She
3255 3555 6,600
36
'.400
34
1,420
7636 79
300
1751 184
59
87
86
100
555 534
330
84
86
13,300
82c
1
530
13254 134
60
10334 106
48
4834 2,130
100
5
5
3834 3934 20,500
400
2531 254
9
931 2,600
4834 4954
1,600
400
11555 117
11035 11055
30
155 235 9.000
335 335
10
38
38
10
50c 6130
900
2234 274 13,200
1635 1734 3,100
900
1334 1335
1,700
1834 21
4054 4154
800
1,046
175 17755
600
8034 8034
400
734 735
125 12734 827,000
96 $21,000
95
1,500
1754 18
20
90
9054
2,100
70c 85c
2,675
12334 135
1,025
8155 8234
3134 3436 17,000
1,900
1084 112
2031 224 28,600
1,600
9034 9135
1,600
24
2434
700
3734 3934
200
631
63-5
2.300
1431 16
620
57
59
36,100
2436 30
425
130
121
zo Le. AR 3,.:
a Inn
Range for year 1924.
Low.
2c
224
96
134
1434
6
4235
95
30
4355
High.
Dec 10c
Feb 384
July 100
Mar 11
June 61
Sept 1635
Dec 604
Jan 10034
Aug
4355
Jan 130
4134 Apr
Apr
8
117
Aug
84
Apr
3755 Oct
84
Apr
50c Dec
2434 Oct
25
Oct
65
Oct
1731 Dec
72
Apr
334 July
48
Sept
72c Sept
11755 Mar
Mar
100
4631 Nov
5
Sept
384 Dec
2034 Jan
z3134 Sept
4835 Dec
Aug
100
10734 Jan
50c July
Dec
335
Dec
35
50c Dec
1534 Sept
1651 Dec
10
J uB
14
Aug
May
32
-lune
132
6634 Jan
655 Jan
Jan
77
May
70
1334 May
Apr
82
25c May
Feb
68
Mar
74
3134 Nov
Nov
94
1634 Nov
894 Nov
'
0., NI-.
July
32
4
Nov
44 June
3034 May
Nov
21
88
Apr
23
Jun,
4634
1535
14534
95
694
92
60c
3334
36
93
1934
884
651
84
255
1333-4
100
49
1236
3934
2634
14%
5054
117
111 54
254
335
77
13£
30
1934
1335
40
4431
190
8234
7,
129
96
19
95
134
135
90
3934
118
2434
97
2674
4055
7
16
59
2834
13134
4.x54
Jan
Dec
Sept
Dec
Dec
Jan
Jan
Dec
Dec
Dec
Friday
Sales
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sale
of Prices.
IYeek.
(Continued).
Par, Price. Low. High. Shares.
Doehler Die-Casting
• 19
Dubiller Condenser & Rad• 674
New
3354
Dunhill Inteniational_ _ _ • 30
Duplex Cond SC Rad v t c.* 1331
Du Pont Motors, Inc_
•
• 18
Durant Motors, Inc
Duz & Co. Inc, Class A _• 2634
East Penn Elec Co coin_ _• 633-4
Elec Bond & Sharearef 100 10355
Elec Invest without warr'ts 45
Elec Ry Securities
•
Federal Teleg of Calif_ __10
Federated Metals Corp..
Film Inspection Machine_•
8
Fisher Body Corp new w I. 61
Ford Motor Co of Can _100 505
Freed-Eisemann Radio_ ___
3234
Freshman (Chas) Co w _ _
24
Gillette Safety Razor
58
Glen Alden Coal
•
Goodyear Tire & It.e0m100 2535
Grand 5-10-25c Stores_ _ _ _• 67
Grennan Bakeries
17
Hall Switch & Sig pref_ _100
Happiness Candy St el A..
7%
Founders shares
Hazeltine Corp
• 504
•
Heyden Chemical
236
Imperial Tob of Gt Brit & I 21
Intercontinental Rubb 100
Internet Concrete IndustIO 12%
Inter Match non-vat pf wi- 3734
Internat Utilities, CI A_ _• 4636
Class B
17
Inter-Ocean Radio Corp.' 13
Jones(Jos W)Radio Mfg'
834
Keystone Solether__4__10 59c
Knox Hat
Landover Holding Corp A 1
Lehigh Coal & NavIg._ _50
Lehigh Power Securities._• 116
Lehigh Valley Coal Sales $O 864
Leh Vail Coal etre new w I 4934
Libby McNeil & Libby_ _10
Liberty Radio Ch Stores_ _•
8
Long-Bell Lum Corp A__• 5251
Lupton (F H)Pub el A__ •
2Si
100
Mengel Co
Mercur Bank (Vienna)American shares
Mesabi Iron Co
•
351
Middle West Utilities eom• 88
100
Prior lien stock
Preferred
100
Midvale Co
• 24
Miller Rubber
100
Motor Wheel Corp com_10 ____
100 100
Preferred
Murray Body Corp w I _* 434
Nat Distillers Products_
164
National Leather
10
455
Nat Power & Light. com _• 238
Preferred
National Tea,new
• 245
New Eng Telco & Teleg 100 ____ - New Mex & Ariz Land__ _I
654
NY Telep 64% prei_ _100 11035
Nickel Plate corn, new, w I. 86
Preferred, new , WI
8635
New Corp when issued(11 Bond & Sh Hold Co) 884
No slates Pr Corp corn, 100 10234
NorStates Pr Del warrants
Omnibus Corp v to
• 16
Series A preferred _100
Paths Exch Inc class A _ _ _• 48
Power Securities coin__ •
Procter & Gam 6% Pf - 100
Pro-phy-lac-tic Brush con _
4255
Pyrene Manufacturing,_10 1055
Radio Corp of Amer,com_• 1534
Preferred
Reo Motor Car
10
5 1754
5
Repetti, Inc
5
Rove Radio Corp tr ctIs • 1274
Shattuck (Frank G) corn.• 333.1
Silica-Gel Corp corn v to.' 1534
Singer Mfg
100 19414
Sleeper Radio v t e
17
Sou Calif Edison corn..l00 103
VI, preferred
100 89
Southern Coal & Iron._ .6
9e
Southwest Bell Tel pref 100 10754
S'eastern Pr & Lt core ___• 57
Standard Motor Constr_ 10
354
Stand Publishing Cl A __25 2655
•
m.
Stutz Motor Car
Swift & Co
100 11836
Swift International
15 3234
Tenn Elec Power, corn _• 5134
Second preferred
Thermlodyne Radio
• 20
Thompson(RE)Radio vtc• 2434
Timken-Detroit Axle__ .10
Tob Prod Export Corp_ •
Todd Shipyards Corp _ _ _•
5 23
Tower Mfg Corp w I
Union Carbide & Carbon_• 6631
United G&E Pr A corn n_10
United it & Pow corn. A •
United Profit Sharing_ _ _
534
United Shoe Mach com_ _25 43
•
135 Gypsum common_
035 Lt & Ht Corp.com._10 95c
Preferred
2::
.
12 43
U S Stores Corp
Utilities Pr & Lt Cl A
25%
Wn
aner Mall Cast clam A * 22
Word Corp.corn. Class A •
1855 2135
65% 68
33
33%
2934 3055
1154 1314
135
1%
17
1854
264 274
60
6334
10234 1034
44
48
1534 154
3
3
364 3834
734 8
56
61
490 510
036 33
214 2434
56
5834
12031 12354
254 274
67
67
1554 17
28
28
734 8
634 64
44% 51
24 3
21
21
555 6
1231 1234
374 3834
464 464
1334 17
1234 1235
754 83-4
50c 65c
47
47
851 84
8834 100
103 117
85
8635
47% 4934
7% 831
635 854
5234 5231
755 755
30
30
Range for Year 1924
Low.
Sept
3,600 16
14,300 1055 Jan
6,400 3254 Dec
1,400 23 May
Dec
10,100 11
500 99c Dec
6,500 12
May
1,400 2234 Sept
June
1,810 30
Jan
900 97
Dec
9,600 44
Mar
100 11
Oct
3
100
Oct
2,200 30
34 Aug
1,500
Dec
2,800 54
400 410 June
Nov
25,400 27
15,500 2134 Dec
10,700 4934 Sept
660 7634 Jan
831 Jan
13,900
Feb
200 35
Dec
1,800 15
4
Feb
100
4
May
3,600
3
MAY
100
Feb
37,300 13
June
1
2,500
Jan
1,000 15
2 June
1,300
8 June
500
Dee
7,300 37
400 45% Dec
654 Nov
21,000
1.200
834 Sept
MOO
7
Dec
1,600 50e Dec
Dec
100 42
100
64 June
800 8234 Aug
Jan
11,200 33
1,000 72 May
48,000 26% Apr
4 June
800
12,000
5% Dec
3,200 5254 Dec
555 Jan
100
10 25, Apr
2,300
555
53-4 7
2
1,700
334 3%
7955 90
14,150 50
97% 98
50 96
92% 9255
10 9055
24
24
MOO 18
20 105
105 105
1255 125-4
200 12%
20 100
100 100
4235 43% 2,300 4235
7%
14% 16% 4,530
435 434
400
254
230 256
3,710 8394
20 94
94
94
240 247
170 151
10 10155
10135 10134
3%
531 6% 5,900
350 109
11031 110%
84
864 8.000 70
854 8754 3,600 82
8336 88%
1023-410231
834 84
15%
16
90
90
4734 4834
18
18
114% 115
424 43
1036 1036
9% 1531
434 5
1754 18
51c 51c
1154 12%
33
3434
1434 16%
1924 19434
1534 1731
101% 103
89
85
7c
9e
107 10734
55
61
331 331
26
2634
84 1035
11534 118
32
3334
51
5231
73
734
17
20
1631 2434
434 44
334
334
404 41
23
23%
6631 67
3255 34
4954 5055
54 535
42
43
165 165
50c
1
90c
24
18
19.
2531 26
22
22
12034 124
40% 4334
Cs
7
n,e
!iferreri
WO 9256 92
93
Ware Radio Corp
• 40
3736 40
Warner Bros Pictures_ _ _
1234 1236
26c 50c
Wayne Coal
5 - -50c Western Pr Corp. corn_ luu 3734 3631 39
Preferred
100 86
8531 86
WhiteRockklinSp newvte•
17
17
Yellow Taxi Corp N Y___• 22
21
23
Dec
Sept
Oct
Dec
Dec
Aug
Dec
Dec
Dec
June
Sept
Dec
Dec
Dec
Feb
Feb
May
Nov
Mar
Dec
Dec
July
Nov
Dec
Oct
Jan
Dec
Feb
Jan
Dec
Dec
Dec
Jan
Dec
Nov
Nov
Nov
Dec
Dec
Nov
Aug
Dec
Dec
Nov
Oct
Dec
Dec
Rights.
Dubiller (Mud & Radio__•
Dec
1%
134
1%
Dec
Former Standard 011
Feb
Subsidiaries
Dec
Anglo-American Oil,.,_51
Dec
181
% 183,4 1831
Dec Bonie-Scryniser Co..100
235 240
Dec
Buckeye Pipe Line
50 62
60
6351
48% 49%
Dec Chesebrough Mfg new._25
new Crescent Pipe Line
25
125£ 1234
Cumberland ripe Line.100 13551 135341353-4
10,000
10
100
700
100
750
100
30
300
100
9,700
400
1.900
100
3,300
15,600
2,200
160
6,400
160
20
41,000
20
2,400
100
900
15,500
630
8,990
2,800
325
26,700
44,200
1,000
2.900
261)
400
4,000
1,300
2,100
300
300
20
5,300
6,200
300
3,700
200
400
2,260
1,260
9,700
200
2,600
3,700
280
200
5,900
4,300
High.
2235 Mar
08
Dec
33% Dec
3255 Dec
1254 nee
3% Jan
365£ Jan
28% Sent
64
Sept
103% Dec
Dec
48
19 June
74 Apr
38% Dec
1054 Aug
60% Dec
526
Dee
Dec
33
2355 Dec
59
Soot
130% Nov
2735 Dec
June
81
22% Nov
Dec
28
834 Deo
734 Deo
4834 Deo
355 Nov
20% Dec
634 Deo
13% Dee
3835 Deo
48
Dec
1634 Dec
1634 Dec
16% Oct
2
July
47
Deo
13
Feb
100
Dec
117
Dec
8934 Feb
48% Dec
834 Dec
Dec
8
Dec
53
14
May
35% Apr
Dec 14
Mar
854
MAY 90
Sept 9834
Dec 924
Jan 25%
Dec 105
Dec 1254
Dec 100
Dec 454
Sept 1654
July
554
Mar 257
Dec 04
May 258
Dec 10636
Jan 10
Mar 11235
Oct so
Oct 8954
Jan
Sept
Deo
Nov
Dec
May
Dee
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Sept
June
Apr
July
Dec
Dec
Nov 104
99
Feb
731 Oct
855 Dec
14% Aug 19
July
8655 July 93
July
33% Sept 4934 Dec
Oct 26
11
IgOv
10751 Dee 11534 Dec
4034 Aug 46
Sept
10
May
1.3.5 Feb
335 Apr
1334 Dec
315ir July
5
Nov
16% June 1835 Jan
50c Mar
154 Jan
95s July
17% Sept
3055 Dec 3455 Dec
Nov
11
35
Jan
Jai 196
125
Nov
15
Dec 17
Dec
9754 Sept 10434 Apr
85
Dee 91
Dec
4e May 20o
Oct
105% Aug 107% Dec
38
Dee 65
Dec
2.4 Jan
414 July
2555 July
2734 Nov
445 Nov
1055 Dec
100
June 118
Dec
184 Mar 35;5 Nov
174 Jan 55
Dec
493-4 Jan 74
Dec
12
Nov • 19% Dec
7
Oct 21
Dec
3% Oct
714 Jan
254 Sept
554 Feb
3931 Dec 634 Feb
184 Sept 28% Nov
56
Apr 67°5 nee
1535 Jan 41
June
30
Apr 5634 Oct
5s5 July 7% Feb
3435 Apr 44
Dec
119
Oct 170
Nov
50c Nov
1 54 Jan
84c Dee
1% Jan
154 July 2035 Sept
2554 Dec 27
Dec
19
Nov 23
Jan
5355 Jan 1,
3
Nov
14% Apr 4734 Nov
7954 Jan
974 Nov
1334 June 394 Dec
7
May
1235 Un
15c
Oct 93c
Jan
26
Mar 45% Sent
80 June 8555 Dee
9 June 12
Nov
15
Nov 3954 JIM
155 Dec
7,400 1435
50 155
360 51
600 4734
100 11%
30 110%
255 lies
June 18%
Jan 265
I534
Sept
May 5255
June 20
Jan 149
Dec
Mar
Jan
Mar
Jan
July
Sales
Friday
Last Week's Range for
Former Standard Oil
Week.
of Prices.
Sale.
Subsidiaries
(Concluded)
Par Price. Low. High Shares.
Eureka Pipe Line
100
Galena-SIgnal Oil. cotn_100
Humble Oil & Refining__25
100
Illinois Pipe Line
Imperial 011(Can) coup_25
50
Indiana Pipe Line
Magnolia Petroleum__ _100
National Transit_ _._12.50
New York Transit
100
Northern Pipe Line_ _ _100
25
Ohio 011
26
Penn Mex Fuel
Prairie 01164 Gas
100
25
New when issued
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
Southern Pipe Line__ 100
South West Pa Pipe L 100
Standard 011 (Indiana)__25
Standard Oil (Kansas)..25
25
Standard 011(Ky)
Standard 011 (Neb)--__100
Standard 011 of N Y__25
Stand Oil (Ohio) com--100
Preferred
100
100
Swan & Finch
25
vacuum 011
77
THE CHRONICLE
JAN. 3 1925.]
sp
83
54% 57
57
41% 43%
43
124 128
128
121% 114 122
75
73
135 139
22% 23
23
68
6541 63
80
83
64% 62% 64%
32% 37
37
206% 205 214%
54
53% 52
10615 105% 107
202 207
202
131 141
140
89% 92
92
78
7635 75
62% 6115 63
37% 3514 37%
118% 117% 119%
245 248
247
44% 4331 45
348 355
350
118 120
118
22% 23%
23
81% 80% 81%
Other 011 Stodge
lc
it
Amalgamat Royalties Corp
5% 5%
10
Arkansas Nat Gas
241
Atlantic Lobos 011 com___•
7
Preferred
36
3655
British-American 011_ _25
3%
British Control'd Oil Fields
Carib Syndicate
Creme Syndicate
934
5
9%
4c
Engineers Petroleum
5
Sc
4c
1116
950
950
Euclid 011 Co
18e 18e
Federal 011
5
3%
Gilliland Oil, coca v t c_ •
Gulf Oil Corp of Pa
25 6641 64% 66%
International Petroleum _ _• 24% 22% 24%
5%
Kirby Petroleum
•
4
6
6
Lag° Petroleum Corp- - - -•
6%
Lance Creek Royalties_ _1
lc
le
Latin-Amer 011
2c
2c
1
Livingston Petroleum_
66c 80c
•
55c 55e
Margay 011 Corp
Mexican Panuco Oil____10 75c
61c 79e
Mountain Producers__ __10 18% 18% 18%
11% 12%
Mutual 011 vot trust ctfs_5 12)1
106 106
Nat Fuel Gas
•
335
New Bradford 011
5
New England Fuel 011_5 21% 20% 21%
814
New York 011
8% 9
25
10e 11c
Noble(C F) Oil& G com_l 1 lc
35e 36c
1 36e
Preferred
3e
30
Northwest 011
32% 32%
Ohio Fuel Corp
1%
Peer 011 Corp
•
Pennok 011 Corp (new)._ • 18% 15% 18%
10c 130
13c
Pennsylvania Beaver 011-1
21% 2331
Red Bank Oil
25 23
7% 731
731
Royal Can Oil Syndicate..•
331
Ryan Consol Petroleum..'
6
6%
645
Salt Creek Consol Oil_ _ _10
24
24%
Salt Creek Producers.. _10 24%
1316 1316
Sapulpa Refining
5
141
135 1%
Savoy Oil
5
7
Tidal-Osage Oil n-votstk_•
235 3
United Cent 011 Corp,com•
3% 3)5
3%
Venezuelan Petroleum_ _ _ _
8c
8e
Western States Oil & Gas 1
53; 6
w mos Oil& Gee
1
431 6
oodley Petroleum Co--•
5c
5c
*Y" Oil & Gas
1
Mining Stocks
9c
Arizona Globe Copper_....1
Bingham Mines Co
10
Black Hawk Consul
1
Calumet &Jerome Copper.
435
znario Copper
10
3%
Chief Consol Mining
1
40e
Chino Extension
Comstock Tun & Drain 100
3!i
Conant Copper Mines__ __I
6c
Coneol Nevada-Utah. _ _ _3
10c
Cortez Silver
1
Cresson Cons Gold N1,41%1.1
1
Crown Reserve
Sc
•ramund 111 Butte neural
4c
Divide Extension
1
Emma Silver
1
Engineer Gold Mines, Ltd_i 16
Eureka Croons
1
First Thought0 M
58e
Golden State Mining
90
Goldfield Consol Mines_ _1
4c
Goldfield Deep Mines..
Goldfield Development _ 5c
Sc
Goldfield Florence
9c
1
Gold Zone Divide
4c
10e
...mill Divide
14c
10a
...wtherne Mines. Inc- - 1
16c
'lining
25, 13
Hilltop Nevada Mining_ _1
Hollinger Consul G
1035
ilt,Ar. Anent) CO
331
..1
14e
tonemmdence Lead Min__I
Iron Blossom Cons SIM .1
Jerome Verde Davel
Oh f'onaol Mining
50e
1
Jumbo Extension Mining_l
••. copper Co
1
lain
Kelley Extension Mining.. -----Kerr Lake
5
1 )1
Knox Divide
10c
'one Star Comm!
6c
I
Lorrain Silver Synd
1
MacNamara Crest Devel_l
Marsh Mining
1
Mason Valley Mines
5
14c
mcHinley-Darragh-Tav_ _I
Mohican Copper
37c
1
National Tin Corp__
9c
New Cornelia Copper Co_5
100 197%
New Jersey Zinc
a
,Inissing mines
645
North Butte Mining_ _15
1%
. olio topper
r
52c
Parmac Porcupine MInes 1
Firmouth lead Mines_ 1 75c
25,,
Premier Gold Mining Ltd _1
5 13c
Ray Hercules, Inc
Red Warrior Mining Co_ _1
Silver Dale Mining
40
Silver King Divide ReorlOo
South Amer Gold & Plat__1
80
7,710
11,000
400
8.130
350
515
900
310
140
3,500
3.080
4,260
1,800
1,270
150
1,690
230
150
85.600
4.300
2,800
11
14,900
210
30
320
9,500
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Mining (Concluded) Par Price. Low. High Shares.
Range for Year 1924.
Mph.
Low.
Oct
74
Sept
52
34% Aug
Sept
120
98% AM
66
Sept
311 y
122
20% June
Aug
55
Nov
72
June
58
July
27
Oct
193
5045 Nov
Feb
100
175
July
117 June
8044 Oct
Dec
68
54% July
32% Aug
May
101
Jan
199
37% May
275
June
115% Dec
Nov
20
58% Jan
lc Dec
1,00
Oct
4
2,20
2% Dec
3,40
July
5
200
32 June
29
Ott
2
400
2% Oct
5,300
2% Jan
5.700
30 Mar
22,000
Oct
2,800 80e
1,090 15c May
131 Jan
300
6.900 5634 May
37,800 16% June
144 Apr
28,800
2% Jan
28,600
le Feb
11,000
to Aug
5,000
1,100 60c Mar
Oct
400 500
1.000 50e Sept
Feb
5,500 16
945 July
62,400
Jan
10 85
3% Dec
2,900
Oct
17
1,730
8% Dec
900
60 Sept
10,000
3,000 25c Nov
20 June
1,000
1,000 29% Oct
96e Nov
2,10
1241 Oct
3.30
9c Dec
19,00
5% Jan
2,106
241 Apr
23,80
3% Jan
10
Dec
6
1,20
1,800 19% Feb
Jan
200 820
1)4 Oct
200
Dec
6
1,709
2)5 Dec
200
234 Sept
6,530
7c Dec
4,000
4% May
9,400
Nov
5
2,700
3e Dec
2,000
7c
9c 32,000
100
29% 29%
15c
18c 6,900
1,000
25c
25
4% 17,700
4
.500
3)1 3%
40c
400 3,000
34c 10,300
32c
13,100
3lit
7c 2,000
60
10c
10c 5,000
1,100
331
314
45c
45c 1,000
Sc 11,000
6c
4c
4c 6,00
2e
1,00
2c
60
15% 16
9c 7,00
Sc
59c 6,400
58c
10c 16,00
9c
4c 2,400
4c
2c 4,000
lc
Sc 36,000
5c
90 10,000
6c
6c 39,000
4c
1,0 60,300
13c
16c 8.000
13c
4.600
1231 13
32.00C
2c
15
1,300
1534
3% 24,800
3
12c
14c 45,000
26e
26c 6,000
300
98c
99c
46c
58c 209,800
2c 1,000
2c
1% I% 127,100
40
4c 3.000
200
131
134
3a
3e 8,000
6c
9c 144,000
26c
26c 1,00
3c
3e 2,00
6c
6c 1,00
251 2% 10,8%
13c
15c 6,00
24c
37c 106,00C
7c
54 18,000
24% 2514 4,100
19034 199
2,350
634 6% 4,100
3% 3%
100
131e. 134 27,200
48c
Mc 15,500
71c
754 40,300
214 2% 4,100
40
13c 12,000
40c
400 1.000
2c
7c 6,000
40
4c 1,000
351 3% 2,600
105
70
4344
161
119
100
162
27%
97
107%
7944
43
269
54%
111
230
171
100
89
68%
50%
12144
262
48
377)4
120
81
83%
lc
1145
1
Spearhead
1
Success Mining
Superstition Cons Min_ _ _1
Teek Hughes
1
Tamiskaming Mining_ _ _ _1
Tonopah Belmont Devel.1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
1
Trinity Copper
United Eastern Mining_ _ _ I
United Verde Extension 50e
U S Continental Minea_ _5
Unity Gold Mines
5
Utah Apex
5
Walker Mining
1
Wooden Copper Mining-1
West End Exten Mining_ _1
White Knob Copper,pref._
Yukon-Alaska Trust ctf___
it Dec
Jan
7
4% Jan
Jan
11
36% Jan
3% Dec
6% Jan
10% Dec
Jan
130
1116 Dec
Jan
600
5% Feb
67% Nov
24% Nov
Dec
7
641 Dec
3c Aug
1% Feb
241 July
I% Apr
1% Apr
20% Oct
13% Jan
110% Sept
8% Jan
July
44
Feb
14
160 Feb
Jan
530
Jan
9c
33% Nov
Jan
6
18% Nov
Feb
62e
Aug
58
8% Dec
5% Mar
10% Jan
27% Sept
2% Mar
3% Jan
Jan
14
3% Nov
4% Nov
Jan
30e
8% Feb
13
May
Feb
14c
Oct
Oe
Jan
Feb
May
Jul}
Dec
Aug
Jan
Apr
June
Oct
Sept
Jan
Jan
Jan
Mar
4e June
400 Sept
(10 Dee
40 Feb
lc Dec
20 Aug
6e Dec
2c Jun
Apt
20
12e Nov
844 Jan
Feb
Ma
JUTII
Apr
tle
Oct
25c
760 July
15e Mat
lc Nov
Apr
1
Apr
5c
1)5 Mar
lc May
le May
20c Nov
10 Aug
4c Dec
111 Jan
Jan
Cc
Oct
8c
Sc Aug
15% Jan
134% May
5% Jan
Oct
2
65e Ma
160 Jun
Jan
30e
1% AP
40 Dec
210
Jai
lc July
lc Jun
234 Jun
30
15
lc
7c
134
294
35e
15e
.1%
Sc
10c
3%
44c
40
2c
le
Jan
July
Mar
Jan
Oat
Oat
Jan
Feb
Jan
Jai'
Jar
Jan
Oat
Dec
Pet
Jan
Jan
Jan
Jan
Jan
Jan
No'
Nov
Jan
Nov
May
Jan
Nov
Jan
120
2951 Dec
18e Nov
38c Dec
4% Dec
Jail
4
40c Dec
34c Dec
4% Nov
9c May
700 Mar
431 Jan
Jan
75c
220 July
7c Aug
2c Dec
2355 June
Jan
15e
70c Dec
10c Aug
Jan
6c
70 Sept
19c Nov
Jan
42e
Jan
12
260 Aug
Jan
82e
13% Dec
7c Mar
1534 Dec
3)4 Dec
Feb
180
37c Dec
Jan
2
950 July
Jan
3c
1% Dec
75c Star
2% Nov
30 Dec
90 Aug
Oct
8Ic
Sc Sept
Jan
13c
2% Dec
16c Mar
Jan
48c
18c .Oct
25% July
Dec
194
6% Dec
04 July
1 8.. Oct
67c Mar
Oct
Silt
2% Nov
354 Feb
750 Aug
Jan
Cc
Sc Nov
5% Oct
8e
20c
351,
25c
29%
120
335
2%
100
15%
7c
100
lc
Ms
20c
53e
200
21118
1%
25c
35e
28%
120
570
3)4
gtis
2%
9c
70c
1515
90 42.000
10c 1,000
2c 35,000
1% 1,400
20c 2,000
60c 1.700
20e 1,000
331. 4,800
700
1%
280 5,100
354 1,000
3.200
30
13c 7.000
66c 2,000
600
3%
2,930
2% 9.300
10c 2,000
200
70c
300
15%
Range for Year 1924.'1
Low.
20
ge
lc
1144
Ific
40e
170
134
1%
25c
350
21
9e
560
2
2
I
20
60c
15
Jan
Dec
Mar
May
Aug
Apr
May
Jan
Jan
May
Oct
June
Nov
Dec
Apr
Apr
Are
May
Ma
Feb
High.
June
Feb
July
Jan
Jan
Feb
Feb
Oet
2% July
Jan
80e
151, Feb
30% July
200 Jan
234 Feb
3% Dee
Dec
4
234 Dee
33c Sept
85e Dec
Dec
16
100
510
3c
1%
31c
75c
400
BondsDee
May 85
Allied Pack cony deb Ce'39 8234 8115 83 $52,000 48
Dec
May 94
91% 24,000 57
8s, series B
1939 9045 90
5,000 105% Mar 107% Aug
AlumluuM Co of Am 7s_'33 106% 106% 107
78
1925 10245 102% 102)4 3,003 101% Jan 10335 JUDO
954 109,000 9444 Oct 96% June
Amer G & E deb 6s-_2014 9541 95
18,000 99% Oct 107% Aug
103% 105
American Ice 7a
American Power & LightSept
6s old warr attach. _2015 9331 93% 93% 82.000 9344 Dec 95
Amer Rolling Mill 68_1938 10041 100 100% 12,000 9834 Apr 10144 OW
Feb
99
July
Amer Smartt Tub 741s 1925 94% 93% 94% 12.000 73
10.000 10145 Jan 10441 Nov
102% 103
American Thread 6s__1:323 103
Aug
104
Feb
39,000
101
102% 10316
Anaconda Cop MM 68 1929 103
Anglo-Amer Oil 7%s_ _1929 100% 100% 100% 8,000 10034 Dec 105% June
Assoe'd Simmons Hardware
8341 10,000 7134 June 93% Feb
634a
1933 8334 83
Mar
Dec 36
2441 47.000 17
18
Atlantic Fruit 88
2434
Des
Jan 62
6434 222,000 42
Atl G & W I SS L 5a_ _1959 6434 60
Dec
89%
Jan
70
Beaver Board Co 8a--1933 8935 8734 8934 25,000
15,000 10241 Feb 10454 Oct
103% 104
Beth Steel equip 71.._1935 104
Sept
96
Dec
10.000
9334
93%
9335
Canadian Nat Rys 435s'54
seat
19,000 1063-4 Jan 112
7s
1935 108% 108 109
Dec 95% Dec
Central Leather 6s__ _ _1945 95% 9514 9534 90.300 95
101%
July
Nov
97%
100% 10034 15,000
Chic RI & Pat 530..1926
9844 Nov
Chic 1M Station 5s_ _ _1944 9834 9841 9854 63,000 9834 Dec
Dec
110
June
102
10.000
106%
107%
Childs Co es
1929 107
Nov
Cities Service 7a,ser C.1966 11134 11134 11194 179.000 8955 Jan 112
Nov
101
Jan
89
144,000
99
99%
99%
76 Series D
1966
9434 9434 17,000 94% Nov 94% Dec
Cities Service Pr & Lt 68'44
Cleve Elec III Is A__ 1951 9934 999.4 9934 5,000
104% 5,000 10134 Jan 10531 June
104%
ConsG.E L&P,Balt.61149
Oct
tl 103
3,000 ,9,83
102 162
1952
534*
109% Nov
615s Series D
1951 108% 108% 10934 12.900 1063.1 May
Sept
9,000
88
Oct8
Congo! Textile 8a
1941 88
July 1097744
106% 10634 2,000 106
Cuban Telephone 73481941
53,000 8134 May 9034 Dee
88% 91
Cudahy Pk deb 545a 1937 91
NOv
105
May
103% 104
14,000 9941
Deere & Co 741a
1931 104
5741 CO 346,000 5046 Nov 61% Dee
Deny & KG West 55_ _1955
1947 102% 10244 102% 31,000 9944 Jan 10341 June
Det City Gas 6s
112 11234 17,000 102% Jan 11334 Dec
Detroit Edison 6s_..1932
Nov 11344 Dec
1931 111% 11145 11245 11,000 108
8s
Nov
Dec 98
973.4 7,000 97
58
1949 9791 97
Jan 10044 Dee
59,000 90
Dunlop T&Hof Am7s_1942 161% 101 102
AY
1013.4
Nov
95
6.000
95
9634
Federal Sugar tIs
1933
1928 10235 10234 1023.4 2,000 9754 Jan 10234 Dee
Fisher Body 6s
44,000 9434 May 10034 SePt
Clair (Robert) Co 75_1987 99% 9831 100
Aug
105 105
7,000 10434 Jan 106
Galena-Signal 011 7s...1930
General Asphalt 6s _..1939 10035 9954 10014 14,000 99% Dec 1003.4 Dec
Anil
General Petroleum 68_1928 10035 10034 130% 15,000 9434 Jan 101
Aug
Grand Trunk Ry 6 34s_1936 10531 10541 105% 10,000 10554 Dec 10841 Nov
Jan 983.4
1937 9834 98% 9841 11,000 94
Gulf 011 of Pa 5e
11,000 9934 May 102% Nov
101% 102
1936 102
Hood Rubber 78
Dee
Internet Match 6348._1943 113% 11241 114 786,000 9234 Jan 11534
Se'D1
98
9834 11,000 9741 Feb 100
Italian Power6 Ms_ _1928
IMPS
10254
Jan
Kan City Term Ry 5)5'3'26 101% 101% 10134 10,000 10034
Jan 10134 Nee
101
10141 10,000 96
Lehigh Pow Secur 6s_ _1927 101
101
102
53,000 94 June 10144 Nor
Libby McNeill& Libby78'31 102
108 108
1,000 10231', Jan 1089-2 Nov
Liggett Winchester 78_1942 108
Manitoba Power 78._ _1941 98% 9834 9834 6,000 9634 Jan 10034 8004
5,000 9934 June 10036 Avg
9994 100
Missouri Pat RR 5s_ A927
36,000 92 June 1003.4 Feb
9834 99
Morris & Co 7%s
1930 99
June 10091 Nov
100
3,000 85
99
Nat Distillers Prod 7s_1930
Apr 10234 NOV
102 102
16.000 92
National Leather 80_1925
Jan
New Orl Pub Serv 5a_ -1932 86% 8531 8634 27,000 8141 Jan 9534 Dec
Jan 106
105% 106
45,000 98
Nor States Pow 634s..1933 106
001
9944 100
27,000 9634 May 100
641% gold notes_ _ -1933 100
88% 8934 14,000 8434 Jan 9134 Sent
Ohlo Power 5s
1952 89
Feb 9794 Sept
7,000 84
Park & Tilford6s
1936 _- - - 9531 96
Dee
Dec 96
12,000 95
95
97
Pennok Oil Corp 6*. _1927 97
June
9335 5,000 8734 Jan 94
Penn Pow & Light 5s _1952 9344 93
10441 10444 4,000 98% Jan 10444 Dee
Philo,Electric 5
_ _1947
104% 104% 4,000 9834 Jan 10434 Dec
1953
5%5
Dee
9945 9945 15,000 9941 Dec 99
Ss when issued
1960 9934
Nov
9634 Dec 97
Pub Serv El & Gas 554s_'64 9634 9641 96% 146,006
Jar
97
Oct
94
9454
111.000
94
Public Service Corp 6s 1944 94
Dee
Pure Oil Co 635s
1933 98% 97% 93% 122,000 9241 Jan 99
Jan 10431 Maw
Shawsheen Mills 7s..1931 - _ - - 102% 10345 19,000 102
p
98
9% DeAper 171% Nov
34
34
Sinclair Cons Oil 6s ..1927 9941
July
Jan 102%O'
101% 9,000 97
Sloss-Sheff St & I 613_1929 10134 101
Se
t
102
100
19
08
0 199
00
Solvay & Cie tis
1934 100
9236 9234 1,000 8934 Jan 9344 Ne•
South Calif Edison 5s_1944 - AUg 10254 Dee
Standard Gas & El 6448'54 10734 106 10734 346.000 96
90,000 10534 Jan 10934 JUne
10635 107
Stand 011 of NY 640.1933 107
1.000 10441 July 19641 Aug
105 105
7% serial gold deb_ _1927
Dec 1073.4 aline
3,000 105
105
115
7% serial gold deb._1929
Feb
Dec 109
2,000 105
- 105 105
7% serial gold deb_ _1931
Dee *644 Dec
9545 159,000 95
Sun 011.5%s
1939 95% 95
Aug
9534
May
8941
83,000
94%
Swift & Co 56._Oct 15 1932 9434 94
Jan 104% 3511Y
Tidal-Osage Oil 7s_ _1931
- - 10.141 10345 2.000 10134
Nov
100
Union El L &P.:1111540'54 9934 9834 9951 20,000 9434 Apr 102
July
Union Oil fis
1926 --- --- 10134 10141 1,000 10041 Oct 793 Feb
Oct
1,000 23
35
35
Unit ed 011 t3rod 8,
1931
_
NOT
110
tin Puts of Havana 73.0.'36 109% 109 10931
Jan
6,000"i
1
106
0
Vacuum 011 75
1936 10751 106% 10744 26,000
July
08 j
rne
10441
Apr
101H
3,000
104
103%
Valvoline Oil 6s
1937 104
1,000 101% Dec 101% Dec
101% 101%
Wayne Coal6s
1937
104% Sept
Webster Mills 694s _ _ _1933 10134 101% 101% 56,000 10034 Jan
Foreign Government
and Municipalities
Dec
973-. 81,000 96% Dec 99
97
Bogota (Colombia)8s _1945 97
Oct
21.000 90% Dec 91
Finnish munic614e CI A014 _ _ _ _ - - 90% 91
Nov
91
(6034
Dec
1,000
90%
90%
Clots It
1954 __ _ _- _
Jan
38)1
Aug
1.000 30
32
French Govt Victory .5s '31 _ _ _ _ -. 32
Dec 9114 Dec
French Nat Mall SS 7s 1949 91
90% 91 34 126.000 91
Indus Mtge Bk of Finland
809
9441 20,000 9341 Nov 96%
94
lat M coil a 1 7s_ _ _.1944 94
19'19 9914 99% 9944 5,000
Ennon 7s w i _
Nov
Nov 98
1,000 98
98
Medillin(Mun)Col 8s 1948 ._ _ _ - - 93
Dee
22,000 8934 Apr 104
10345 104
Netherlands OS MIMI6sB12 104
Oct
99%
Oc
9935
28,000
Peru (Republic of) 8s_ 1914 __ _ _ - - 99% 9945
Aug
21
Jan
9
Russian Govt.()%et_ _ _ .1919 ...... 12
1334 33." 10
Jan
2044 Feb
253,000
133.4
......1234
634s certificates... _1919
934 Jan 20% Aug
1231 33,000
12
5559 --------- ......1921 _. _ _ - _
All
935 Jan 21
1331 61,000
12
534s certificates_ _. _1921 _ _ _ _ -Aug
Apr 102
9734
7,000
10134
101
Switzerland Govt 5 He 1929 101
Nov
101
Jan
9715
Ext 5% notes
1920 100% 100% 10031 37,000
week,
where
this
• No par value. k Correction. I Limed on the Stock Exchange
to When
additional transactions eel I be found. o New stock. s Option sale.
Issued. z Ex-dividend. y Ex-righ ty z Ex-stock dividend
78
PUTtMent
anti
Latest Gross Earnings by Weeks.-In the table which
follows we complete our summary of the earnings for the third
week of December. The table covers 15 roads and shows
9.20% decrease from the same week last year.
Monti guteragente.
-Grossfrom Railway- -Net from Railway- -Net after Tams
1925.
1924.
1925.
1924.
1924.
1925.
$
$
$
$
$
$
Boston & MaineNovember _ 6,335,945 6,895,876 1397,536
937,120
965.909
708,460
From Jan 1_71,695,655 79.572,047 13,164,121 10,219,310 10,376,144 7,541,372
Buff Rochester & PittsThird Week of December.
November. 1,243.543 1,461,390
1924.
1923.
Increase. Decrease.
96.445
206.490
121,417
248,539
From Jan 1_14,672,948 20,601.361 2,189,934 1.681,535 1.820,053 1,305,932
Previously reported (4 roads).. 10.260.360 11,871,861 181.648 1,791149 Buffalo & SusquehannaNovember. 169,772
223,784
-580 -88,646
6,224 -23,196
Buffalo Rochester & Pittsburgh288,050
353,527
65.477
From Jan 1- 1,719,546 2,545.626 -66,389
35,592
159,443 -124.906
Duluth So Shore & Atlantic-89.174
99,496
10,322
Georgia & Florida
34.900
Canadian National Railways35.600
700
Great Northern
1.908,070 1,885.766
At! & St Lawrence-1
2,50‘i
Mineral Range
8,977
8.843
November - 214,161
134
194,076
--8,908
9,593 --24.058
27,759
Mobile & Ohio
334,541
Flom Jan 1_ 2,139,176 2,722,746 -338,287 --642,743 --521,816
361,878
27.337
809,507
Nevada Calif & Oregon
4,556
6,608
2.052
Chic Bet & Can 0 T JetSouthern Railway
3,878,410 3.788,822
89.588
November.
232,121
213,524
70,330
74,316
78,527
88,283
Texas & Pacific
747.007
725,513
21,494
From Jan 1- 2,649.583 3.063.573 1,190,813 1,617,403 1,058,981 1,517,106
Western Maryland
375.710
393.967
18,257
Bet 0 31 & MilwaukeeNovember _ 512,369
Total (15 roads)
523,736
84,295
60.490
86,957
65,922
17,929,755 19.531.881 315,168 1,917,294
From Jan 1_ 5,957,973 6,305,511 1,394,707 1,483,411 1,333,984 1,442,550
Net decrease (9.20%)
1.602,126
Caro Clinch & OntoNovember. 779,058
• In the following we show the weekly earnings for a number
136,038
749,559
185,564
255,998
186,233
From Jan 1_ 7,917,002 8,508,773 2,511,162 2,354.326 1,920,361 1,802,410
of weeks past:
Central of GeorgiaNovember. 2,381,648 2,176,469
293,410
478.975
390,830
595,045
Current
From Jan 1-24.809,034 24,149,588 5,533,118 4,744,487 4,339,642 3,613,697
Previous Increase or
Week
Year.
Year.
Decrease.
%
Central New EnglandNovember - 593,976
701,382
199.757
243,541
216,481
269.256
$,
8
$
From Jan 1- 7,437,548 7,326,069 2,129,606 1,830,970 1,846,607 1,582,806
let week October 16 roads)
20,743,925 22,525,076 -1,781,151 7.90
of
Central
N
.1
RR
2d week October 16 roads)
20.567,810 22.435.931 -1.868,121 8.32
November. 4.449,706 4,789,343 1,718,689
385,358
3d week October 16 reads)
816,529 1,313,602
23,294,670 21.936.283 -1,358.387 6.19
From Jan 1_51,159,980 53,045,594 14,492.368 8.744,841 10,268,006 5,392,916
4th week October 16 roads)
31,627.038 35.092.977 -3,465,938 10.95
1st week November 116 roads).- - 21.523,466 22,971,811 -1,415,345 6.16 Central Vermont2d week November 16 roads)__ _ 20.905,122 23.411.584 -2,506,462 10.70
November. 616.104
679,927
53,973 j
72,331
91,766
72.994
From Jan 1- 7,803,474 8,022.870 1,110,433
3d week November 16 roads)._ 20,734,931 22.568.668-1.833.735 8.84
673,990
900,952
899.8513
4th week November 16 roads).- 24,470,236 27,366,760 -2,896,524 10.58 Charles & West Carolina1st week December (16 roads)
. 19,379.076 20,782,125 -1,403.049 6.75
November. 313,679
309.923
19,352
109,794
92,103
54,409
2d week December (16 roads).... 18,620.438 20.042.471 -1.422,033 7.09
From Jan L 3.537,001 3,579,775
777,995
880,344
704,789
584,494
Chesapeake & Ohio LinesWe also give the subjoined comparisons of the monthly
November - 9,198,379 8,388,874 1,853.113 1,283.302 '1,457,107
752,917
From Jan 1_98,948,809 93,781.777 23,246,054 21,259,605 19,030,079 17,215,902
totals of railroad earnings, both gross and net (the net beChicago & Altonfore the deduction of taxes), these being very comprehensive, November. 2.568,462 2,780,022 411,525 628,958 303.121 489,360
From Jan 1-28.337,674 31,025,027 6,281,639 7.390,591 5,206.269 6,339,428
they including all the Class A roads in the country, with a
Burlington & Quincytotal mileage each month as stated in the foot note to the Chicago
November _13.445,250 14.268.971 3,377.195 3,982,254 2,491,022 3,352,597
table.
From Jan 1 149623.457157991,466 39,139,246 33,323,825 29,482,128 24,609,181
Chicago & East IllinoisNovember. 2,069,948 2,290,129
237,489
383.598
100,180
231,102 #
Gross Earnings.
Net Earnings,
From Jan 1_23.641,517 26.162,489 3,158.832 3.703.025 1,836,190 2,290,975
Month.
Increase or
Chicago Great WesternIncrease or
1924.
1923.
November _ 2,123,551 2.109,651
Decrease.
450.864
469,212
390,620
1924.
1923.
377,678
Decrease.
From Jan 1_22.676,156 23,807,620 4,024,913 3,771,531 3,184,061 2,927,411
3
$
$
I
$
Chicago Ind & LouisvilleJanuary 467.887.013501,497.837-33,610,824 83.953,867 93,366,257 -9,412,390
271,390
410.359
November _ 1,397,075 1,417,022
343,710
319,452
February 477,809,444445,870.232 +31,939,712104,117.278 70,729.908 +33,387,370
From Jan 1_15,638,462 16,498,420 4,235,681 4,579,845 3.376,182 3,630.607
March__ 504.016,114534,644,454-30,628,340114,754,514 117,668,590 -2,914,076
Aoril--_ 74,094,758522,336,874-48,242.116101,680,719 122,974,961 -21,294.242 Chicago MIlw & St PaulNovember _13,673.624 13.681,663 30581,708 3,483,847 2,869,490 2,848,798
May ___ 76,458,749546,934,882-70,476,133 96,048,087 26,496,150-30,448,063
From Jan 1145404,840 156329,776 29,520,666 31,264,752 21,092,463 23,240,961
June --- 64.759.956540,202,295 -75,442,339101.527.990 24,374,592-22,846,602
Chicago
& North WesternJuly...)480.704,944534,222,102-53,517,158112,626,696 22,228,450 -9,601,754
November _11,680,009 12,745,460 2,211,848 2,520,402 1,409,405 1.766,604
August _ 507.406,011563,358,029-55,952,015134,669.714 136,817,995 -2,148,281
From Jan 1_138056417 147991,981 26,448,333 24,991,696 17,987,355 16,596,638
Sept _.:539,853,860544,970.083 -5,116,223165.049.184 134,911,897 +30,137.287
October 571,405.130.586.540.887-15.135,757168,750,421 142,540,585+26,209,836 Chicago River & IndianaNovember _ 569,701
151,965
227,675
190.417
646.216
190,669
Note.-Percentage of increase or decrease in net for above months has been:
From Jan 1- 6,343,093 6,885,613 2,138,113 2,604,692 1,728,991 2,203,973
January, 10.08% decrease; February, 47.19% increase; March, 2.47% decrease;
Chic RI& PacificApril, 17.32% decrease; May, 24.07% decrease; June, 18.37% decrease: July,
November _10,476,533 10.644,711 2,631,712 2,470,773 2,059.181 2,013,244 •
7.86% decrease: August, 1.57% decrease; September, 22.33% increase; October.
Fr'm Jan 1113,785,651 114281,352 21,806,433 21,968,127 18,821,425 16.912,381
18.38% increase. In January the length of road covered was 238,698 miles in 1924,
Chic R I & Gulfagainst 235.886 miles in 1923; in February, 235,506 miles, against 235,876 miles; in
191,238 '252.983
269.085
550,763
November _ 658,206
236,977
March.235,715 miles. against 236,520 miles: in April, 235,963 miles, against 235,665
954,188 1,650,800
FromJan 1_ 6,060,474 5,265,473 1,792,475
876,520
miles; in May, 235.894 miles. against 234,452 miles: in June, 236,001 miles, against
&
Paul
0
Chicago
•
Minn
St
235,691 miles; in July, 235,145 miles, against 235,407 miles; in August, 235,172
437.223
November _ 2,240,352 2,332,552
577,417 • 546,381
miles. against 235,445 miles; in September. 235.178 miles, against 235,640 miles: in
421.158
From Jan 1.25,664,233 26,036,738 5,264,519 4,218,837 3,754,045 2,773.662
October, 235.189 miles, against 235,625 miles.
Mc Indiana de WesternNovember. 383,544
39,357
68,111
377,272
45,896
21,314
Net Earnings.Monthly to Latest Dates.-The table
From Jan 1. 4,112,155 4,283,561
442,587
705 999
648,260
486,020
following shows the gross and net earnings for STEAM Colorado
& Southernrailroads reported this week:
November. 1,206,717 1,184,209
279,124
383,095
319,217
210,852
From Jan 1_11,732.103 11,619,243 2,445,102 1,333,913 1.752,381
601,794
--Dross from Railway- -Net from Railway- -Net after Taxes
Ft Worth & Denver City1924.
1923.
1924.
124.
1923.1923.
November _ 1.252,532
944,571
410,896
673,843
607,210
3813,230
$
From Jan 1. 9,862.684 8,718,339 3,808,799 2,583,018 3,303,789 2,164,212
••Akron Canton & Youngstown
Wichita
Valley
November. 250.123
216,312
92,498
81,975
86,281
67,604
November _ 221,954
101,536
184,463 ' 144,969
130,598
'FromJan 1_ 2,580,301 2,477,681 1.046,344
94,097
950,402
916,027
794,241
From Jan 1. 1,683.680 1,370,294
569,500
848,958
748,172
495,589
Alabama dr Vicksburg-Columbus
&
Greens
November _ 306,652
302.917
82.843
40,654
55,689
25,465
November - 161,481
147,543
28,387
29.914
28.403
28,387
From Jan 1_ 3,292,045 3,196,139
719,010
766,072
438,487
451.431
From Jan 1. 1.498,931 1.435,916
155,064
193.959
177,843
148,504
Amer Ry EvpressDelaware & Hudson• September _25,662.495 25,663,933
November. 3,587.564 3,797,312
*198,884 *191,354
655,407
507.467
552,297
406,147
Wm Jan 1213,411,255 232257,244
From Jan 1_41,140,848 43,299,873 7,760,267 7,352,833 6,619,505 6,379,320
*1,700,065 *1,849.403
Delaware Lackawanna & WestAnn Arbor-November. 7,321,661 7,842,329 2.162,689 2,009,381 1,510,678 1,343,996
November - 502,921
552,084
127,675
142,877
08,497
122,668
From Jan 1_79,414.174 80,925,373 20,424,896 16,652,668 14,184,824 11.410,063
From Jan 1. 5,053,948 5,116,903 1.113.562
917,228
852,783
083.421
Denver
& Rio GrandeAteh Topeka & Santa FeNovember - 3,040.370 3,357,716
719,177
893,198
588,915
November _17,435.455 18.297,511 6,661,193 6,556.256 4,869,198 3,717.291
766,146
Jan L30,279.664 31,860,071 4,617,491 4,166,948 2,846,214 2,395,838
From
From Jan 1_177699698 186692,851 47,933,367 52,619,316 33,293,739 36,109,692
Salt
Lake
&
Denver
Gulf Colo & Santa FDNovember _ 409,006
289,989
113.604
38,473
104.599
November _ 3,621,473 2,674,301 1,656,117 1,095,754 1,560,764 1,001,115
29,473
From Jan 1_ 3,039,619 2,503,673
168,345
114,946
69,331
'FromJan 1_27,004,937 23,258,880 6,977.786 5,028,627 6,016,355 4,119,797
15,801
Detroit & MackinacAtlanta Birm de AtiNovember _
147,077
181,739
17,943
36,841
7,728
27,320
November.
401.503
- 403,004
42,288
31,718
From Jan 1_ 1,815,971 1,800,861
19,141
29,362
327,176
147,893
209,983
55,758
From Jan I_ 4,376,108 4,237,633
372,934
44,228
231,211 -98,316 Detroit Toledo .3r IrontonAtlantic CityNovember _ 1,034,791
811,729
397,884
204,489
353,919
240,164
ember _ 293,152
274.416 -11,637 -42,652 -47,586 -62,643
From Jan 1_11,071,704 9.634,045 4,177,508 3,508,620 3,793,895 3,344,100
FromJan 1- 4.474.475 4.588,788
554.978
319,190
778,048
555,593 Bet & Tol Shore LineAtlantic Coast Line-#.40,, #
November _ 293,757
326,745
age...
3•*11
m.m.mw PPippo,o
146.927
145,235
116,751
116,935
November. 8,788,950 7,104.447 1,816,858 1,931,711 1,215,560 1,230,829
From Jan I_ 3.126,377 3,887,331 1,379,758 1,892,707 1,123,385 1,661,407
_From Jan 1_73,769,503 73.129,287 18,782,250 18,516,694 13,740,088 13,831 777 Duluth & Iron RangeiftalliiMfifffir•.11.11,,,Ver"1
Baltimore & Ohio•
1400.1.40. 611101.0
November
144.276
514.406 -148 742
106.050 -154,409.
54,058
November _18,732.803 20.057,155 4,054,682 3,708,372 3,365,061 2,767,222
From Jan 1_ 5,861,303 7,657.700 1,330,543 2,616,060
525,776 2,025,392 ,
From Jan I-206103636 238519,181 47,673,286 54,594,842 38,545,012 45,458.434
Dul Missabe & NorB &0 Chic TerminalNovember
234,226 1.900,640 -224,995 1,126,059 -243,188
929,134
November _ 280,897
307.269
-5,983
From Jan 1_13,754,515 22,126,486 6,804,747 13,562,566 4,336,030 11,135,685
1,715
42.188 -46,256
From Jan L 3,274,572 3.437,438
418,264 -359,945 -29,102 East St Louis Connecting69,782
Bangor & AroostookNovember - 182,940
196.212
83,936
95,471
70,738
76,780
November _ 648,545
250,230
236,587
629,446
185,677
From Jan 1_ 2,026,133 2,209,985
190,510
894,916 1,221,523
818,357 1,065,538
From Jan I_ 8.319,550 6.215,767 1,662,195 1,483,138 1,186,114
985,386 Elgin Joliet & EasternBelt fly of ChicagoNovember _ 1,713.715 2,064,414
541,097
594,5M
464,047
517,516
November. 566.850
191,401
158,547
209,233
591,452
From Jan 1_19,558,052 25.600,524 5,667,508 8,589,832 4,712,658
149,736
7.568,063
FromJan I- 6,283.352 8,641.903 2,118,083 2,448,943 1,631,937 2,005.655
Erie RailroadDemmer & Lake ErieNovember _ 8,434,962 9,506.700 1,733,561 1,758,670 1.405,998
1,489.987
November - 805,976 1,605,373
473,812
3,004
398,249
35.507
From Jan 1_97,043,594 109528,509 16,759,519 18,429,430 12,960,800 14,738,181
FroM Jan 1-13,732,739 19.438,600 3,143,114 6.804,592 2,285,210 5,807,176
Chicago & ErieBingham & GarfieldNovember. 1,109,788 1,381,405
382.090
333,759
577,131
557,115
Nevembet 43,550
3,933
24,615
37,643
-3,313
13,943
From Jan 1_12,936,782 13,318,851 4,771,539 4,325,799 4,200,621 3,735,107
FromJan 1- 451.415
120,877 -28,553
77.714
419.533
31.857
NJ&NYRRNovember - 128,719
122.660
23,736
20,381
14,350
11,020
*After rents.
From Jan 1 1.456,928 1,456.432
229,10115,509
255,447
191,803
kllov
JAN. 3 1925.]
THE CHRONICLE
-Grossfrom Railway-. -Net from Railway- -Net after Tares
1924.
1923.
1924.
1923.
1924.
1923.
$
$
Evans Ind & Terre HauteNovember _
172,715
153,085
30.117
48,278
28,725
50,162
From Jan 1_ 1,705,751 1,611,016
420,987
386,864
428,233
370,890
Florida East CoastNovember _ 1,735,568 1,281,831
99,791
572,939
466,108
223,695
FromJan 1_17,850,126 14,410,815 6,112,441 4,735,678 4,995,008 3,563.378
Fonda, Johns & GloversvilleNovember _
99,424
112,638
34.178
30,288
24,513
39,953
From Jan 1.. 1,158.990 1,352,040
436,202
385,098
302,988
518.312
Ft Smith Sz WesternNovember _
206,775
152,124
17,860
82,560
76,760
24.670
FromJan 1_ 1,719,748 1,451,548
341.214
418,045
352,663
200.429
Georgia RailroadNovember
516,748
531,942
114,245
95,593
88,677
120,517
From Jan 1_ 5,504,638 6,692,228
948,342 1,223.677
870,789 1,151,353
Georgia & FloridaNovember _
146,526
161,183
36,395
37,752
42,855
31,349
From Jan 1_ 1,631.689 1,632,925
318.046
415,018
388,149
343.432
Grand Trunk WesternNovember - 1,190,328 1,504.457
198.903
175,821
96,295
262,580
From Jan 1_16.551.969 18,280,360 2.719.328 5,186,170 1,880.222 4,523.799
Great Northern SystemNovember _12,069.495 12,218,122 5,869,865 5,567,458 4,920.677 4,643,104
FemJan 1101.474.883 111662.095 32,353.859 30,928,265 23,042,077 22,597,016
Green Bay & WesternNovember _
130.890
111,072
17,334
31,650
24,150
23,778
Frozn Jan 1_ 1,357,464 1,208,027
109,953
306,969
224,434
193,773
Gulf Mobile & NorthernNovember _
564 466
495,499
157,876
58.250
126,999
85,879
From Jan 1_ 5,555,887 5,472,085 1,593,247 1,408,714 1,274,348 1,082.435
Gulf St Ship IslandNovember _
292,157
41.275
280,887
64,116
90,085
59,762
From Jan 1_ 3,278,337 3,046,611
494,105
662,189
946,463
748,141
Hocking Valley-November _ 1.538,768 1,398.404
32,109
185,521
326.680
132,908
From Jan 1_16,231.117 16,509,201 4,005,918 3,513,095 2,891.692 2,518,458
Illinois Central SystemNovember _14,605.288 15,263,711 3,369,768 3,169,712 2,162,692 2,221.558
From Jan 1_158370057 172319,475 35,893,575 33,414,663 24,499,039 23,359,195
Illinois Central CoNovember _12,380,187 13,233,363 2,552,544 2.534,367 1.461,029 1,707.992
Fr'mJan 1 138,655,418 153115,281 30,584,364 30.428,744 20.460,330 21,610,807
Yazoo di Miss ValleyNovember 2,225,101 2,030,348
513,566
701.663
817,224
635.345
From Jan 1_20.014,639 19.204,194 5,309,211 2,985,919 4,038,709 1,748,388
International Great NorthernNovember, 1.645.531 1,618,870
365.734
452.135
415,632
500.446
From Jan 1_15,268,269 14,300,468 3,355.453 2,850,854 2,955,883 2.475.048
Kansas City Mexico & Orient11,841
November. 262,327
38.325
11,841
164 578
48,325
From Jan 1 2,139,788 1,665.702
184,378 -26,010
273.416
22,794
K C Mex & 0 of T24,853
November _
78,715
307.685
157,902
85.715
24,917
From Jan 1 2.291,089 1,609,403
12,796
339,347
50,657
401,302
Kansas City Southern58,318
351,953
November _ 1,n78,124 1,593,859
455.081
296.564
From Jan 116,733.378 18,203,603 4,208,018 4,297,061 3.184,250 3,178,422
Texarkana & Ft Smith107,218
November _
125,726
87.295
242,208
267,034
106.365
From Jan 1 2,644,975 2,643,145 1,260,059 1,255,796 1,082.614 1;109 311
Kansas Okla & Gulf33.959
40.652
November _
43,880
214,253
221,350
50,877
275,507
From Jan 1_ 1,085,497 2,291,856
384,917
115.291
227,333
Lake Terminal-9,869
-4,187
-3,935 -10,596
November
78,181
98,244
From Jan 1_ 981,324 1,066,532
42.210
46,549 -112,710 -21,911
Lehigh .St Hudson River46,087
45.801
59.913
62,607
November _
239,345
279.283
748,983
From Jan 1 2,895,558 2,845.979
691,082
896,805
846,024
Lehigh & New England38,314
52,601
134,597
November _
464,276
156,065
480,895
From Jan 1_ 5,004,743 5,423,964 1,311.779 1.286,102 1,106,850 1,080,321
Lehigh ValleyNovember 6,190,695 6,723,185
971.121 1,235,168
706,841 1,135,977
From Jan 1.70,087,240 69,621,297 14,078,334 7,613,636 11,164,055 5,383.563
Los Angeles & Salt LakeNovember. 1,865,780 2,347,896
513,709
221.333
646,428
80,695
FromJan 1_22,454,683 22,607,818 4,081,554 5,338,550 2,646.357 4,049,187
Louisiana & ArkansasNovember _ 350,394
96,019
330,524
81,775
124,305
40,128
From Jan 1_ 3,697,195 3,470,062
849,737
702,203
984.684 1,133,040
Louisiana Ry & Nay CoLa Ry es Nay Goof TexasNovember _
42,554
23,216
46,554
19,214
115,050
136,958
From Jan 1_ 1,209,477
156.542
878,724
181,169
137,145
188,542
Louisville Henderson & St LouisNovember. 270,780
276,205
72,919
76,313
55,207
60.170
From Jan 1 3.138.297 3,195,791
783,263
547,210
699.975
937,728
Louisville & NashvilleNovember .11,531,492 11,432.481 2,533,368 1,990,765 1,932.991 1,285.958
Fr'm Jan 1 123,310,622 125132.836 25,188,786 24,060,797 19,542.594 18.670.174
Maine CentralNovember _ 1.657,684 1.745.215
235.054
318.523
220,739
334,535
From Jan 118,685.850 19.667,815 3,393,435 3.055.044 2,274,049 1,967.276
Midland ValleyNovember. 381.700
88.218
369,003
118 406
139,906
103,540
From Jan 1 4,138.668 4,132,870 1,449,177 1,307,335 1,247,077 1.138.328
Minneapolis & St LouisNovember _ 1,285,051 1,314,155
7,224
186,986
86.169
118,160
From Jan 113,889.297 15,170,291
393,360 2,014.102 -290,036 1,291,483
Minn St P & S S MNovember. 5.226,127 4,141,752 2,209.771 1,242,039 1,860,213 1,022,485
From Jan 1_44,038,298 45,908,254 10,405.607 10.786,717 7,577,777 7.991,891
Mississippi CentralNovember. 154,931
30,185
156,381
38.775
28,772
35,186
From Jan 1 1.704,681 1,654,075
268,687
399,440
479,678
326,593
Missouri-Kansas-TexasNovember 3,214,305 3,120,935 1,093,182
822,081
838,048
811;937
From Jan 131.380.528 32,085,534 10.031,615 7,647,627 7.657,231 5.811.814
Mo-Kan-Tex of TexNovember _ 2,477,360 1,988,991
378,477
749,571
812,454
426,404
From Jan t 20,395.407 10,112,134 5,666.753 3,627,959 5,110,855 3,081,152
Missouri & North ArkansasNovember. 141,751
140,382
35,753
31,775
30,684
38.807
From Jan 1 1,446,136 1,399,552
181,943
244.560
244,132
156,067
Missouri PacificNovember _11,239,977 10,293,814 2.756,825 1,945,983 2,263,187 1,571,489
Fr'm Jan 1112.441.962 105032,565 22,841,450 15.122,715 18,536,552 11,007,859
Mobile & OhioNovember. 1,609.112 1,682,563
207,898
901,257
295,661
283.718
From Jan 117.931.372 18,574,507 4,864,613 3,963,977 3,875,380 3,049.272
Montour122,072
November _
150,935
22.344
16,335
29.884
8,591
From Jan 1 1,540,535 2,269,342
583,482
229.223
144,864
722,844
Louis
Nash Chat & St
November. 1,940,845 2,093,472
154,447
338,489
214,805
288,386
From Jan 1_21,634,603 22,867,659 3,665.893 3,160.641 3,042,466 2,496,088
Newburgh & South Shore183,675
164,001
November _
37.990
26.113
24,879
39,370
From Jan 1. 1,828.365 1,949,802
237,516
199,445
341,355
89,593
79
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1924.
1923,
1924.
1923.
1923.
New On Tex & MexicoNovember _
326,033
267,940
108,583
59,617
89,599
27,090
From Jan 1 3.106,856 2,685,108
974,690
765,229
752,061
460,312
Beaumont Sour Lake & WNovember.
_
169,494
72,822
169,856
272,825
342.932
80.582
From Jan 1 2,511,425 2,321,601
916,831
912,885
989,161
973,347
St L Brownsville & MexicoNovember _
124,894
223,848
551,698
252,826
568,620
159,399
From Jan 1 7,254 245 5,649,952 3,193,897 2,248,300 2.852.576 2.033.126
New York CentralNovember .29,511,385 32,424.461 6,463,759 5,233,907 4,637,623 3.649,919
From Jan 1338221.539 389101.129 82,683,629 91,127,356 60,995,648 69,427,003
Indiana Harbor BeltNovember _
859,534
917,135
211,355
235.918
262,098
188,347
From Jan 1_ 9,951,236 10,728.079 2,442,082 3,195,766 2,146,250 2,833,261
Michigan CentralNovember. 6.673,001 7,280,168 1,608,711
634,894
927,100 1,173,628
From Jan 1 80,473,411 87,391,307 23.577,560 26,058.719 18,472,563 20,890,350
C C C & St LouisNovember _ 7,168,151 7,575,064 1,618,402 1,641,567 1,209,351 1,200,969
From Jan 1 80,233,257 87,875,296 18,830.262 21.814,948 14,408,688 16,985,033
Cincinnati NorthernNovember _
96,595
89,056
406,177
126.955
105..310
385,570
From Jan 1_ 4,404,920 4,812,446 1,459,880 1,449,251 1,212,332 1,219,011
Pittsburgh & Lake Erie541,009
November _ 2,496,405 3,147,805
427,042
727,483
262,030
From Jan 128.707.263 41,612,310 5,338,086 13,629,984 3,583,224 11,045,609
New York Chicago & St Louis238,048
November. 4,544,825 4,629.995 1,302,415
411,383 1,128,261
From Jan 1 49,561.409 53,084,222 12,349,032 12.966,831 9,871,245 10,141,749
New York Connecting142,388
127,828
November _
170.251
238,152
184,888
260,454
From Jan L 2.759,135 3,059,584 1,923,459 2,132,341 1,490,609 1,724,450
NYNH& HartfordNovember _10,474,105 11,038.299 2,878,812 2,081,707 2,475,616 1,682,386
From Jan 1 116371,955 123209,582 27,087,024 23,478,205 22,592,590 18,847,627
N Y Ontario & Western142,524
145.790
130,573
128.790
November. 963,166 1,095,511
From Jan 112.674,249 12,908,411 2,538.976 1,637.790 2,076,265 1,294,690
N Y Sus(' & Western59.741 -25,233
80,625
603
346,681
November
405,945
7,253
352,837
107,623
From Jan 1_ 4,393.092 4,399,981
418,161
Norfolk Southern-181,300
220,760
150,380
873.729
195,066
November _
741,606
From Jan 1 8,548.021 8,547.222 2,155,233 2,024,647 1,677,611 1,600,362
Northern PacificNovember. 9.547,005 10.002,383 3,936,646 3.557,680 3,013,634 2,827.271
From Jan 187,040,414 94,133,549 22,179,878 19,091,009 14,224,022 11,235,559
Northwestern Pacific8,312
83,166
November _
474,346
569,176
47.723
37.053
From Jan 1_ 6,643,824 7,485,818 1,847,104 2,081.600 1,343,189 1.662,174
Pennsylvania SystemNovember _52,070,884 56.113,732 8,022,122 10,352,783 5,432,656 7,707.997
From Jan 1 592523,939 666627,846 119177,679 118955.076 89,017,752 88,244,734
Baltimore Ches & Atlantic1,152
November. 110,849
119,921 -13,258
1.152 -13,256
From Jan 1 1,410,676 1,473,272
62,713 -46,591
14,709 -111.830
Long IslandNovember. 2.603,835 2.533,288
508,760
390,852
404,593
284.420
From Jan 1 32,457.323 31,507,708 8,198,198 7,892,312 6,617,225 6,162,855
MonongahelaNovember. 428,434
438,018
69,468
212,830
195,324
84,818
From Jan 1 4,277,343 5,303,662 1,602,746 1.667.701 1.472,354 1,552,785
West Jersey& SeashoreNovember _
-6,229
826,730
852,330
7.004
-6.170
6.925
From Jan 1_12,123,981 13,300.344 2,103,446 2.159.653 1.190.878 1,299,034
Pere Marquette946,352
November _ 3,499,484 4,004,846
941,325 1,132.398
704,556
FromJan 1_38,450,565 42,464.002 10,062,787 10.300,671 8,154,189 8,621,696
Perklomen_
111,856
November.
117,300
51,106
52,915
55,739
48.720
358,633
From Jan 1_ 1,111,327 1,055,186
457.649
407,582
417,750
Pittsburgh & West Virginia53,118
November _
396,120
353,004
161,561
96,770
116,684
312,642
From Jan 1_ 3,822.992 3,539,819 1,190,550
731,250
755.796
Port Reading45,002
November. 188,795
74,025
169,658
96,425
60,949
923,041
From Jan 1_ 1,933,239 2,447,194
636,237
787,912 1,113.093
Richmond Fredericksburg & Potomac223,751
November _
251,550
941,183
920.979
304,544
271.347
From Jan 1.10,785,919 11,041,007 3,596,436 3,803,738 2.986.059 3.183.288
Rutland89,798
November _ 497,690
537,301
61,699
112,20
38,196
From Jan 1_ 6,002,528 6,226,508 1,022,710 1,059.576
719,790
800,288
St Louis-San FranciscoNovember 7,806,688 7,141,255 2,411,591 1,960,703 1.974,788 1,543,631
From Jan L78,325,883 78,775,232 23,175.076 21,063,368 18,970,394 17,195,371
St Louis-San Francisco of Texas55,876
November _
235,707
87,801
168,104
57,918
89,888
From Jan 1_ 1,810,193 1,563,570
475,124
264,695
451,208
240,650
Ft Worth & Rio Grande27,170
November _
139,902
6,634
148,883
10,468
30,876
30,570
From Jan 1_ 1,406.368 1,404,627
115,685
158,546
73,314
Southern Pacific SystemAtlantic S S LinesNovember _ 1,107,431 1.264,090
From Jan 1_11,043,384 12,783,804
Gals. Harris San AntNovember _ 2,280,836 2,416.529
From Jan L24,288,203 21,861,917
Houston & Tex CentNovember _ 1,462,227 1,478,535
FromJan 1_13,804,628 13,389,630
Houston E & W TexasNovember _
256,818
319,593
From Jan 1_ 2,933,524 2,912,670
Louisiana WesternNovember - 376,827
442.641
From Jan 1_ 3,835,787 4,263,894
Morgans La & TexasNovember. 798,152
958,487
From Jan 1_ 7,614,908 8,262,928
Southern Railway SystemSouthern Railway CoNovember .12,076,287 12,730,045
From Jan 1_129855890 138035,160
Alabama Great SouthernNovember _
926.227
958,158
FromJan 1_ 9,210.440 9,980,739
Cinc New Orl & Texas PacificNovember. 1,833,980 1,891,913
From Jan L20,115,936 21.188,276
Georgia So & FloridaNovember _
466.913
468,023
From Jan 1_ 4,642,332 4,844.385
New Orleans & NortheasternNovember _
460,081
556,296
From Jan L. 5.185,573 6,333,676
North AlabamaNovember _
119,640
150,805
From Jan L 1,349,097 1,600,855
97,032
455,796
-52,057
1,901,500
72,446
294,436
--64,432
1,770,213
434,987
678.409
500,959
751,641
6,275,679 3,400.103 5,511,376 2,675,133
434,826
425,869
552,030
550,199
3,225,384 2.828,465 2,651,238 2,241,031
67,298
383,499
49,918
413,696
55,547
297,941
31,991
296,041
150,191
1,102,100
155,237
1,179,509
102,206
754,690
121,131
843,066
174,026
677,507
255,078
954,357
114.816
127,453
206,879
426,692
3,890,519 3,356,885 3,128,851 2,784.950
35,496,871 34,344.742 28,459,309 27,869,896
153,451
212,148
236.314
172,995
2,374,091 2,886.219 1,875,568 2,303,794
464,864
603,256
526,507
504,029
6,049,012 5,996,601 5,168,637 5,048,058
130,313
1,066,463
154,362
1,116,055
111,427
849,149
140.917 101,262
1,590,414 1,456,267
94,209
1,162,054
53,324
906,932
47,929
495,390
44,666
573,926
173,042
1,320.335
49,975
552,338
50.675
645,128
SO
THE CHRONICLE
-Grossfrom Railway--Nei from Railway- -Net after Taxes
1924.
1923.
1924.
1923.
1924.
1923.
{VOL. 120.
Gross
Earnings.
St Louis SouthwesternNovember _ 1,741,255 1,955,098
698,411
781,821
587,210
638,419
From Jan E16,436,074 19,211,519 5.257,642 7,347,589 4,426,227 6,176,334
St Louis Southwestern of TexasNovember _ 751,455
903,331
101,348
170,119
75,802
136.846
From Jan 1_ 7,288,674 7,980,941
249,042 -275,045 -34,598 -583,659
Seaboard Air LineNovember _ 4,758,303 4,520,049 1,071,821 1,071,549
836,520
891,819
From Jan 1_48,080,499 47,340,661 10,623.260 10,587,435 8.475,977 8,651.002
Tennessee CentralNovember _ 283,269
247,748
59,379
53,682
52,822
43,624
FromJan 1_ 2,685,860 2,846,230
659,540
603,323
586,341
532,746
Texas & PacificNovember _ 3,257,785 3,250,698 1,202,850 1,137,287 1,022,444
971,036
FromJan 1_30,472,319 29,487,270 7,472,671 6,493,648 5,775,989 5,244,110
Union PacificNovember _ 9,512,957 11,108,217 3,602,839 4,483,167 2,991,700 3,894,781
FromJan1_102714,919 108730,878 34,946,605 35,776,189 27,476,505 29,492,907
Oregon Short LineNovember 2,931.912 3,932,628 1,021,759 1,432,518
981,688 1,080,489
FromJan 1_32,152,508 35,789,814 8.666,959 9,535,718 5,879,890 6,553,133
Oregon-Wash Ry & Nay CoNovember _ 2,340,625 2,960,601
530.825
769,298
359,622
591,011
From Jan 1_26,546,066 27,820,089 5,658,753 3,895,387 3.775,877 1,991,628
St Joseph & Grand IslandNovember - 279.683
58,629
328,305
35,316
88,860
74,365
FromJan 1_ 3,038,332 3,045.444
608 809
475,133
416,407
327.504
VirginianNovember _ 1,734,032
923,840
676,239 -158,903
552.117 -207.301
FromJan 1_17,533,148 19,150,031 6,305,900 6,715.434 5,045,859 5.599,085
WabashNovember 5,520,637 5,865,343 1,452,876 1,153.895 1.136,130
963,384
From Jan E60,106,124 81.081,370 14,015,922 13,380,165 11,339,622 11,280,458
Western MarylandNovember 1.580,609 1,755,210
484,591
409.812
344,812
394,591
FromJan 1_17,534.251 21,344,418 4.538,747 4,870,966 3.683,747 3.955.968
Western Ry of AlabamaNovember _ 272,757
298,688
73,792
85,301
60.262
65,213
From Jan 1_ 2,835,921 2,790,745
761,661
773.783
623,832
806,894
Wheeling & Lake ErieNovember 1,557,957 1,677,344
319,800
423,326
223,075
318.480
PromJan 1_17,004,131 17,865,372 3,695,790 4,177,506 2,520,434 2,936,853
-Grossfrom Railway- -Available for Ill.Net Income
1924.
1924.
1923.
1923.
1924.
1923.
Net after
Taxes.
Fixed
Charges,
Northern Ohio Elec Nov'24
221,949
894,569
Corp
'23
177,528
828,256
12 mos ended Nov 30 '24 9,966,290 2.196,955 2,041,470
'23 10.146,746 2,385,198 1,921,934
Portland Elec Power Nov'24
196,359
381,917
916,413
Co
'23
925,249
172,497
356.564
12 mos ended Nov 30 '24 10,826,394 4,242,311 2,223,968
'23 10.786,198 4,210,068 2,073,392
Tennessee Elec
Nov'24
169,288
887,754
392,741
Power Co
'23
802,277
156,468
374.972
12 mos ended Nov 30 '24 9.459.781 4.433,570 1,907,464
'23 9.058,835 4,103.044 1.743,951
Third Avenue
Nov '24 1.186.617 *210,100
225,247
Railway System
'23 1,186,895 *219,974
225,245
5 mos ended Nov 30 '24 6,083,418 *1,099,785 1,125,247
'23 6.032,740 *1.179,058 1.119,312
* 11:$ eludes other incomes. k Before taxes. Includes taxes
I Includes preferred dividends of subsidiaries. 5
-Deficit.
Balance,
Sur Ins.
155.485
463,264
185,558
184.067
2,018,343
2,136,676
223.453
218,504
2,526.106
2,359,093
-15.147
-5,271
-25.462
59.746
and rents.
Month of November
12 Mos. Ending Nov. 30
Surplus
Surplus
YearGross.
Net.
aft. Chges. Gross.
aft. Chges.
Net.
Puget Sound Power & Light Co1924
1,092,560
415,537
247,072 12,509,267 4.595.638 2,608,253
1923
1,132,601
414,824
250,265 12,290,847 4,743,292 2,887,657
Baton Rouge Electric Co1924
64,475
25.884
20.581
242.637
700.796
193,593
1923
56,517
16.168
13,669
183,651
214.062
629,174
Blackstone Valley Gas & Electric Co1924
428.490
176,202
139.178 4,587,637' 1.519.146 1,089,334
1923
403,876
154,236
126,729 4,526,009 1,635,060 1,295,578
Cape Breton Electric Co Ltd1924
56,779
12,456
6,867
872,497
133,632
65,257
1923
64,985
16,646
11,035
88,772
700,094
21,050
Cent Miss Valley Elec Properties1924
51,948
13,944
10,755
593,412
119,435
158,052
1923
52,518
P5.789
12,558
575.015
120,549
160,673
Eastern Texas Electric Co1924
203.385
65,529
45.646 2,348,669
889,179
686,419
1923
178.386
66,944
48,683 2,040,265
763,011
563,367
Edison El Ilium Co of Brockton1924
149,301
68,303
68,431 1,566,725
549,440
545,930
1923
140,793
58,467
56,377 1,575.489
577,087
565,156
The Elec Lt & Pr Co of Abington & Rockland1924
38,855
5,320
5,017
440,128
65,656
63,244
Missouri-Kansas-Texas Lines42.171
1923
9,135
9,066
450.221
68,776
63.929
November _ 5,691,665 5,109,926 1,423,735
940,467
801,209
305.621
From Jan 1_51,764,567 51,197,669 11,600,023 9.368,163 4,706,451 2,433,469 Fall River Gas Works Co1924
87,371
26,994
26,902 1,006,941
245,790
244,889
89.148
1923
21,145
21,134 1,031,574
Income.
231,950
Charges.
231,312
Balance.
Haverhill Gas Light Co$
Fonda Johnstown & Gloversville1924
56,230
16,119
614,627
16,113
144,663
142,939
November 1924
*26.,365
31,220
1923
-1,355
51,693
14,465
14,381
570,881
130,274
129,751
November 1923
30,676
*36.263
5,587 Houghton Co El Lt Co11 months ended Nov. 30 1924
*371,332
346.043
25,289
1924
45,928
15.670
11,586
511,779
136,587
87,474
11 months ended Nov 30 1923
*507,465
360,177
117,288
43,652
1923
14,973
531,741
10,891
132,943
82,668
New York New Haven & HartfordKeokuk
Elec
Co
November 1924
*2,543.526 1,929.861
613,965
1924
35,790
7,948
421,783
4.525
108,564
66,488
11 months ended Nov 30
n3,701.058 21,211,294 2,489,764
1923
37,330
10,974
413,014
7,743
109,226
69,109
St Louis Southwestern (inci St Louis Southwestern or Texas)The Key West Elec CoNovember 1924
*638,816
234,288
404.528
1924
20,418
8,480
241,220
5,972
94,853
64,813
*749427
November 1923
225.598
523.829
1923
6,074
20,215
247,032
97,517
3,757
66,797
11 months ended Nov 30 1924
*4,525,728 2,551.103 1.974.625
Elec
The
Lt
Corp
Lowell
11 months ended Nov 30 1923
*5,683.494 2,430,885 3,252.609
1924
148,539
62,493
525,706
62,457 1,531.179
503,899
Western Maryland Railways Co1923
134,339
55,638
566,874
52,967 1,633,745
560,041
November 1924
*295,586
255.296
40,290
River Power CoNovember 1923
*411.910
261.765
150,145 M168188118)1
257,425
1924
198,126
102,421 3.184,444 2.373,99
1,188,802
1923
244,334
155,914
* Includes other incomes.
56,519 3,017.189 2,223,375 1,019,666
Northern Texas Electric CoElectric Railway and Other Public Utility Net
1924
81,931
950,429
224,211
54,289 2,720,120
612,572
247,147
1923
59.516 2,914,154
86,803
981.285
663,278
Earnings.-The following table gives the returns of
Electric CoELECTRIC railway and other public utility gross and net Paducah
1924
53,449
17,932
628,219
8,568
189.727
80.045
1923
earnings with charges and surplus reported this week:
54,533
19,604
203,126
609,617
10,485
98,549
Savannah
El
&
Pr
Co
-GrossEarnings--Net Earnings
1924
166,495
36.340 1,908,239
67,691
720,968
347,757
Current
Previous
Current
Prerinus
1923
188,718
85,845
34.767 1.741.342
612,503
288,577
Companies.
Year.
Year.
Year.
Year.
Sierra Pacific Electric Cos
$
$
S
Barcelona Tree.Lt & Pow Co,Ltd1924
100,500
41,499
35,464 1,080.174
460.642
388,134
Novembet
1923
€5,308,817 4,669,114 3,447,841 3,018.290
88,580
35.778 1.017,226
41,497
483,142
420,970
11 men ended Nov 30-e51.234,621 46,099,472 31,033,324 26,968,693 Tampa Electric CoBras Tr Lt & Pr Co_ ___Nov 2,346.029 1,780,453 1.415.829 1,123.372
1924
217,277
90,768 2,315,553 , 980,799
95,248
925.178
1923
11 mos ended Nov 30-24.493.452 22.219,706 15,239,942 14,137.936
185,908
76,016 2,117,220
80.774
913,319
847,886
Month
of
October
12
Mos.
Ending
Oct.
31e Given in pesetas.
Eastern Texas Electric CoNet after
Gross
Fixed
Balance,
1924
.
202,573
39,228
141,909
2,323,669
890,595
669,456
Earnings.
Taxes.
Charges.
Surplus.
1923
170,795
56,371
39,036 2,019,976
759,287
559,439
$
Galveston-Houston Electric CoAtl Gulf & W I 88
1924
344,405
95,604
48,117 3,742,583
Lines & sub cos Oct '24 2,433,662 k*652,765 5195,320
952.378
425,198
457,444
1923
283,193
54,768
13,276 3,318.812
10 mos ended Oct 31 '24 22,289.607k*5.262,886 j1,994.003 3.268.883
680.997
201.527
Bangor Ry & Elec Nov '24
68.220
125,517
25,896
42,324
Co
68.596
131,117
23
24,528
44,068
12 mcks ended Nov 30 24 1,539,609
792,618
305.753
486.865
778,649
1.533,617
23
285,008
493.641
Boston Elev Ry
684,094
Nov 24 *2.862,534
669,063
15,031
727,716
644,305
23 *2,924,542
83.411
Commonwealth
Nov '24 2,737,441 1.204,542
Power Corp
'23 2.771,267 1,168,451
12 mos ended Nov 30 '24 31,572,169 12.788,237 6.960,212 5.828,025
'23 29.722.021 11.679.991 6.272,725 5.407,266
811,321
Consumers Power Nov '24 1,583,541
778.792
Co
'23 1.608,469
12 mos ended Nov 30 '24 18,306,04 8.669,583 2,573.786 6,095,797
'23 16,660.989 7,699,246 2,298,309 5,400,937
136,417
302,219
59,901
Cumberland Co
Nov '24
76.546
116.618
300,068
Pow & Lt Co
61,401
55.216
'23
12 mos ended Nov 30 '24 3.838.736 1.736,642
741,356
995,281
749,116
'23 3,757,566 1,521.567
772,457
*14.195
East St Louis &
111,465
15,557
-1,362
Nov'24
Suburb'n Co.Alton Cos'23
*11,601
114.758
15.587
-3.986
12 mos ended Nov 30 '24 1,386.804 *179,515
187,596
-8,081
187,149
35,015
'23 1,422.741 *222,164
E St L & Suburban Nov'24
*80,989
327.559
62,766
18,223
Co, mei of Alton Cos '23
*79,722
365,222
54.653
25.069
12 mos ended Nov 30 '24 3.976.817 *952.022
637,907
264,115
636,042
554.557
'23 4,450.427 *1.190.599
Milwaukee Elec Ry Nov'24 1.900.979 *630.937
194.513
436.424
& Light Co
*626.030
1.933.109
194.721
431,309
'23
12 mos ended Nov 30 '24 22,409,545 *6,742,196 2,459,581 4,282,615
'23 22,144,829 *6,249,592 2,323,311 3,926,281
Mississippi Power Nov '24 *131,995
52,157
& Light Co
38,245
'23 *108,580
12 mos ended Nov 30 '24 *1,356,260
252.840
467,965
215,125
402.943
'23 *1,201,624
Nevada-Calif Elec Nov'24
12,283
99,738
287,871 *112,021
Corp & Subs Co
85,641
260.847 *140,338
54,697
'23
12 mos ended Nov 30 '24 4,486.487 *2.181,056 1.136,303 1.044.753
23 4.139,850 *2,176,026 1,039,308 1.136,717
North American Co Nov'24 6.884.149 *2,773,378 f1,146.184 1.627,195
& Subs Cos
'23 6,769,399 *2.322,575 j1,064,647 1.257,928
12 mos ended Nov 30 '24 78,981,121*30,918.494f13,482.002 17,436.492
'23 73.199,371*26.678,506f11,409,110 15,269,396
FINANCIAL REPORTS.
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. • This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Dec. 27. The next will appear in that of Jan. 31.
Fisk Rubber Co.
(12th Annual Report-Year Ended Oct. 31 1924.)
Pres. H. T. Dunn, Dec. 18, wrote in brief:
Plant and property accounts have increased approximately $1,700,000.
which represents the installation of new machinery and equipment
throughout the several plants of the company and also includes a transfer from
Investments of a textile plant located at Jewett City, Conn. In addition
to all maintenance charges, depreciation amounting to $1,725,000 has been
charged to operating costs.
The net sales for the 12 months ended Oct. 31 1924 amounted to $52,946,531. Operating profits after depreciation but before interest were
$4,259,544. and after interest and other charges $3,136,664 as compared
with the ten months ending Oct. 31 1923, of $2,583,613. After deducting
a provision for Federal taxes for 1924, the net amount carried to surplus for
the year is $2,736,664.
Unit sales increased approximately 10%, whereas the value of such sales
Increased approximately 5%, this relatively smaller increase being due to
two price reductions occurring during the year.
Inventories are $12,583.273, or $1,314,642 less than at Oct. 31 1923.
while accounts and notes receivable are $9,202,051. or $2.720,292 in excess
of Oct. 311923. Total current assets of $24,031,379 and current liabilities
of $2.178,866 show a ratio of current assets to current liabilities of 11 to 1,
with an increase in working capital In the amount of $2.351,618.
The company closed its fiscal year with no notes payable or bank indebtedness.
Company has recently acquired through certain of its subsidiaries a modem and well-equipped tire fabric plant at New Bedford, Maas., which to-
JAN. 3 1925.]
gether with its other textile plants will provide a capacity sufficient to
supply a substantial part of the company's fabric requirements. (Compare
Fisk Tire Fabric Co. in V. 119, P. 3015.)
Orders on hand for spring delivery are the largest in the history of the
company, and the prospects for the coming year are very satisfactory.
INCOME ACCOUNT FOR STATED PERIODS.
Year Ended 10 Max.End Year Ended
Oct. 31 '24. Oct. 31 '23. Dec. 31 '22.
•
&
returns
less
Gross sales,
allowances_$52,946,532 $44.862,744 $45.462,441
Cost of sales,incl. depreciation,selling
and administration expenses
48,672,253 41,051.863 42,304.979
14,734
Miscellaneous losses
Operating profit
$4.259,545
Deduct-Interest paid, net
$999,861
•Amortization of discounts, &c
115,665
purchased
&
bonds
Prem. comm. on
for retirement
7,355
Stamp tax assessment for issue of
Common stock
Appropriation for additional reserve
for doubtful accounts receivable_
Appropriation for reserve for Federal
taxes and other contingencies
400.000
Miscellaneous income
Balance, surplus
$2,736,664
Previous surplus
5.612.107
Profit and loss, surplus
$8.348,771
$3,810,881 $3,157,463
$1,068,170 $1,163,800
116,832
92,329
33,276
16.759
33,493
250,000
500,000
Cr.45,004
$2.083,613 $1,655,076
1,873,418
3,528,494
$5,612,107 $3.528,494
BALANCE SHEET OCTOBER 31.
1923.
1924.
1924.
1923.
$
Assets8
Liabilities3
$
7% cum.lst pfstk18,951,500 18,951,500
Land,bldgs.,mach.
15,000
1.3,000
& equipin't, less
Management stock
depreciation__ _a19,539,938 17,837,021 7% cum.2d pf.stock 1,079,000 1,113.300
Good-will
1
1 Common stock__ _x7,543,115 7,508.845
Liberty bonds held
1st M. 20-yr. 8%
in trust
153,017
sink, fund bonds 8,474,000 8,894,000
1,500.000
2,447,695 3,980,798Loans payable_ _ _ Investments
Inventories
12,583.273 13,897.915 Accounts payable_ 1,665,880 1,987.560
120,000
Accounts & notes
Accr. bond interest 112,986
receivable (less
Prov. for Fed'I tax 400,000
reserve)
9,202,051 6,481,759 Res. for ins. Rahn.
120,000
Cash
assumed by co__ 120,000
2,246,056 2,728,781
Deferred charges_ _ 1,435,952 1,753,507 Reserve for conting 744,684 1,010,487
8,348,771 5,612.107
Surplus
Total(each side)_ _47,454,966 46,832.799
a After deducting $5,891,239 depreciation. a Represented by 796,882
shares of no par value.-V. 119, p• 3015, 2887.
Manati Sugar Company.
(Annual Report-Fiscal Year Ended Oct. 31 1924.)
Pres. Regino Truffin, N.Y., Dec. 23 1924, wrote in subst.:
Production.-Grinding operations started on Dec. 10 1923 and finished
of
on May 18 1924. Company's production was only slightly in excess
the previous crop, i.e., 540,526 bags in 1924, as against 534,628 bags in
1923. As a result of the severe drought which curtailed the Cuban crop
of 1922-23 and continued into 1924, especially in Eastern Cuba where the
mill is situated, part of company's spring plantings of 1923 did not mature
sufficiently for grinding during the past crop.
Operating Results.-As company owns the entire capital stock of the
Ferrocarril de Tunas, S. A. (Tunas RR.). and also the entire capital
stock of the Compania Terrateniente y Urbanizadora del Puerto do Manati,
a Cuban corS. A. (Landholding & Townsite Co. of the Port of Manati),
poration, organized during the current fiscal year, the operating results
of these companies are included in those of the company in the following
condensed statement:
••
5° 624,295
Operating profit
342.195
Interest earned and other income
Tunas RR., $114,176: total, $4,195.939. Deduct: Amounts written off:
Against working capital assets for year 1923-24. $17.498; extraordinary
repairs, $175,000: balance as at Oct. 31 1924. $4.003,440.
The amount of extraordinary repairs of $175,000 written off from reserve
for depreciation represents expenditures' beyond normal maintenance,
mainly for account of the factory, company's railroad, marine equipment.
and dwellings for employees, which extend the useful life of those properties
and restore depreciation already taken.
Capitalization.-The capitalization of the company as of Oct. 31 1924
Is as follows:
Issued and
Outstdg.
Author.
1st (Closed) Mtge. 20-Year 7.14% Sinking Fund Gold
$8.000,000 $7,629,000
bonds. dated April 1 1922
7% Cumul. Prof. stock (par $100) preferred as to
assets and diva., red. in whole but not In part at
5,000,000 3,500,000
120 and accrued dividends
15,000,000 10.000,000
Corrunon stock (par $100)
Bonds.-In accordance with the sinking fund provisions of the 1st Mtge.
20-Year 7i% Sinking Fund Gold bonds due April 1 1942. there have
been redeemed $368,000 bonds. There were also redeemed $3,000 bonds,
being the proceeds of the sale of a parcel of land containing 40 hectares
Manati.
(99 acres) to the Landholding & Tovrnsite Co. of the Port of
This makes a total of $371,000 par value of bonds canceled during the
fiscal year ended Oct. 31 1924 thereby reducing the bonded indebtedness
of the company from $8,000,000 to $7,629.000.
Owing to the strong cash position of the company and the comparatively
low price of its bonds, the directors deemed it advisable to continue to
purchase its bonds during the year. and has now in the Treasury $491,000
which will be tendered to the trustee for sinking fund purposes.
Review of the Sugar Sitaution.
As anticipated in the 1922-23 annual report. there was no carryover of
1922-23 sugars into 1924. and a similar condition now exists with respect
to the beginning of 1925,In spite of a record-breaking Cuban crop in 1923-24
of 4.067,000 tons of sugar, being an increase of 464.000 tons over 1922-23.
As a result the year opened with a very brisk demand, which continued
througb February when prices reached the peak of 54c. C. & f. At that
time, however, indications that Cuba would produce a crop considerably
larger than the previous one, coupled with reports that European beer
crops would also be much larger. resulted in a sharp decline which continued
until 3c. c. & f, was reached in June. Prior to the war whenever raw
sugar sold down to 2c. c. & f., that low level was the turning point, for
at that price a large demand developed resulting in an upward reaction.
All materials, labor and other factors contributing to the cost of producing
and marketing sugars have increased substantially since then, and the
corresponding turning point in price now should be proportionately higher.
and may perhaps fairly be placed at 3c. c. & f.
Last year the prediction was ventured that indications foreshadowed
prices for 1924 satisfactory to producers, even though the world's production promised to be larger than the previous year, because it was
expected that the production would not exceed the world's requirements.
That forecast for 1924 was fully realized.
Notwithstanding that the world's production for 1925 is estimated by
the bast authorities at 22,700,000 tons, being an increase of 3,000,000
tons over 1924, the improvement in the economic and industrial situation
everywhere and particularly in Europe where sugar consumption has been
abnormally low since the World War, makes it seem reasonable to expect
that there will be in 1925 greater absorption of sugar by consumers than
in 1924. At previaling quotations for the coming crop, consumption will
undoubtedly show a very material increase, probably in amount sufficient
to absorb the estimated increase in the world's various sugar crops for
1925. It must not be forgotten that without the abnormal conditions
which developed as a rnsult of the great War, and which interrupted what
had until then been a steady annual increase in consumption, the world
to-day would probably have been on the basis of an annual consumption
of sugar of 25-26,000,000 tons.
12.966.490
Total
Deduct int. on 1st Mtge.20-Year 7;4% Sinking Fund Gold bonds,
current accounts, &c.,and provision for taxes, depreciation and
1.780,228
reserve for colones accounts
245,000
Dividends on Preferred stock
$941.262
Balance carried to surplus account
Dividends on the Common stock aggregating 5% were paid during the
year, amounting to $500,000, and were charged to surplus account.
There were no sugars uncold or unshipped at the close of the fiscal year.
Oct. 31 1924, and only 563 bags undelivered against sales at the plantation.
Average Price.-The average price obtained by the company was 4.48c.
per pound f.o.b.. or 4.63c. per pound c. & f. This price is considered
satisfactory in view of the wide fluctuations, which ranged from 5;4c.
Per pound c. & f., the highest, in February, to 3c. per pound c. & f., the
lowest, in June.
Cash Position.-Company was not obliged to snake any bank loans,
and carried substantial balances at all times.
Costs.-The cost of manufacturing and delivering the sugar aboard
stoamers, including all general expenses in New York and Havana, but
exclusive of the cost of cane, was .906c. per pound for 1924, as compared
with .842c. per pound for 1923, and 1.195c. per pound for 1922.
The cost of cane to the company is based on the average price obtained
by It for its entire production of raw sugar.
Manufacturing Results.-Unlike last year the sucrose in the cane was
low, i.e.. 13.211%,as against 13.828% last year. The total manufacturing
losses, however, were materially reduced to 1.937% as against 2.315%
last year, resulting in a final average yield of 96 deg. sugars of 11.744%
as compared with 12% last year.
Cane Supply.-Of the 328 cabs. (10,933 acres) planted In cane in 1922-23
which were intended for the crop 1923-24. owing to the drought previously
referred to, only 220 cabs. (7.333 acres) had matured sufficiently for
harvesting in the past crop New plantings made during the past year
amount to 497 cabs. (16,561 acres), and further plantings will be made to
provide for an ample supply of cane, the results of which plantings, are
of course, dependent upon weather conditions.
Tariff.-The tariff on Cuban sugars remains at 1.76c. per pound.
Tunas Rit.--l-The change from narrow to standard gauge line from the
Mill Batey to the Bay of Manati, a distance of 18 kilometers (11 miles)
has been completed and the road now operates entirely on standard gauge
from the town of Victoria do las Tunas on the line of the Cuba Co. railroad
to the Port of Mantal. Furthermore,that Port has been declared a national
port by Cuban Presidential decree dated Jan. 14 1924.
Landholding A. Townsite Co. of the Port of Manati.-This Cuban company.
the entire capital stock of which Is owned, was formed in connection with
the nationalization of the Port of Manati. for the purpose of developing
a townsite at the Port. It owns 40 hectares (99 acres) of land, which it
acquired from the Manati company.
Property and Plant Account.
Property and plant account Oct. 31 1923
$18,600,816
Increases during the past fiscal year: (a) Lands (133 cabs. or
4.433 acres), $129,907; (6) miscellaneous improvements,
341.466
$179.766:(c) additions to working capital assets, 331.793; total
Total
-------------------------------------$18,942,282
Less-Railroad lines transferred to Tunas RR., $148,335:
depreciation of working capital assets, 417,499
165,834
Balance
$18,776.448
Add-Property account of the Tunas RR
2.876.433
. Property account of the Landholding & Townsite Co. of the
-. 11.028
p l'ort of Malian
IP Total Oct. 31192-1
Deduct-Reserve for depreciation
•$21.663,910
4,003.440
It Net book value of property and plant
$17.660.469
PFDeprecialion.-The changes for the year in the reserve for depreciation
were as follows: Balance as at Oct. 31 1923. Manati Sugar Co.. $3.389.763:
add depreciation for the year 1923-24: Manati Sugar Co.. $,692.000
81
THE CHRONICLE
STATISTICS FOR YEARS ENDING OCTOBER 31
1920-21.
1921-22.
1922-23.
1923-24.
Output of raw sugar
58,008
64,177
77.365
78.447
(tons 2,240 lbs.)
2.714 cta. 4.500 eta.
4.658 cta. 4.474 cta.
Receipts per pound
4.001 cts.
2.270 cts.
Cost of produc. (per lb.) 3.165 cta. 2.920 cts.
$848,432
$629.546
$2692.707
$2624,295
Operating profit
INCOME ACCOUNT FOR THE YEARS ENDED OCTOBER 31.
1920-21.
1921-22.
1922-23.
1923-24.
400.400
450.391
534.628
540,526
Production (bags)
Sales-Centrifugal sugar
17.865.320 $7,642,023 13.604.915 55.493.860
f. o. b. basis
40.000
82.393
285,534
Molasses
314,010
242.331
28,187
34,304
Miscellaneous income_ _ _
18.185.158 17,752.583 $3,847,246 15.847,870
Total income
Oper.exp.,f. o. b. basis_ $5.580.863 15.059.876 $3.217.700 $5,199,439
$648,432
$629,546
Profit from operations $2,624,295 $2,692.707
31.874
24,920
Account prey. Meal yrs118.153
Tunas RR. profit
Total income
$2,767,388 $2.724,581
DeductionsInt.,other inc.& charges
5279.468
03
.88
$43g.
(net)
100.000
Inc..domes.Sr for'n taxes 11
31.723
50,341
Disc. dr exp.on bonds.286,247
Adjust. of Colonos' sects
38,929
Adjust,of mat'ls & supp.
11
Account of previous years
Prop'n capital stock Cuba
Sugar Fin. & Export
39.000
Corp. not recoverable_
Equity in sugar sold, not
10.339
recoverable
Readj.of working capital
116,995
assets
1.301
Customs duties uncollec.
491
Accts. rec.. uncollectible
142,823
Tax.pd.appl.to prev.yrs.
660.000
692,000
Depreciation reserve-- Other reserves
239.175
245,000
Preferred diva.. cash_ _ _ _
245.000
Common diva., cash_ _ _ _
500,000
$629,546
$648.432
$479.732
10.807
18.521
1105.894
50,284
14,236
21,828
6.623
450,000
50,000
245.000
630,000
625.000
245.000
750.000
$915.087 def$660,577df$1,764,369
$323.559
BALANCE SHEET OCTOBER 31.
1923.
1924.
1924.
1923.
$
$
LiatrilniesAssetsS
S
Property & plant _21,663,910 18,489,025 7% Pref. s'ock_ _ _ 3.500,000 3,500.000
111,790 Common stock_ _10.000,000 10,000,000
Adv. eget. contets
First mtge. bonds_ 7,629,000 8,000,000
Capital stock Fer200,000 Purchase money
rocarril de Tunas
mtgee.on Cuban
2,570,690
Adv. to F.de Tun_
743.414
631,511
24,408 lands
Adv. seat. contets
250,000 Notes payable_
Notes receivable_ _ 200,000
87,652
outstanding
168,545
Drafts
Materials & suPP. 927,685
880,581
Adv. to Colonos__ 2.968,762 2,781,441 Accts. payable and
195.579
111.067 accrued charges. 422.019
Accts.receivable.. 104,606
Unpresented coup.
Cuba Sugar F.& E.
24,161
on let 111 bonds.
3,000
Corp. cap. stock
1,320
45
Corn. div. scrip.- Sugar on hand_ _ _ _
8.203
Accrued interest on
Sugar shipped pen50,000
44,612
mortgage bonds.
33,582
ding liquidation.
350 Approp'n for cornMolasses unlIq'd_ _
pletion of exten1.305,174 1,656.609
Cash
683,317
23,205 slots & improve
24,161
Depos.for bend lot
100,000
Reserve for taxes_ 135.000
70,149
Growing cane_
372.800 Depreciation reeve 4,003.440 3,389,763
let M. bonds pur. 492,403
113,380
res.
accts.
Colonos'
Sinking fund
540
1,753,311 1,429,752
3.488 Surplus
Special deposits_ _
1,397
667,433
656.716
Deferred charges
Surplus for year
Total
28,425.027 28,179,479
-V. 119. p. 3017. 2296.
Total
28.425,027 28.179.479
82
THE CHRONICLE
Libbey-Owens Sheet Glass Company.
(7th Annual Report-Year Ended Sept. 30 1924.)
Pres. E. D. Libbey, Toledo, 0., Dec. 10, wrote in subst.:
[Vol.. 120.
shares of Canadian Light & Power Co., there remains a loss in book value of
$11,038,200.
There was held by the company 1.250 shares of the Common stock of
Quebec-New England Hydro-Electric Corp. This stock was exchanged for
562% shares of Prof. stock and 5623 shares of Common stock of United
Securities, Ltd.
The value of the Quebec-New England Hydro-Electric Corp. Common
stock stood in the books at $529,800, representing the par value of the Common stock of this company, which was the purchase price of the said shares.
As in the case just recited, this brings about a loss in book value, the amount
being $417.300.
The action taken in the Superior Court against Quebec-New England
Hydro-Electric Corp. to compel the payment of the residue of the purchase
price of these shares and bonds, together with suits taken for other sums due
the company, have been withdrawn, all of the indebtedness of Quebec-New
England Hydro-Electric Corp. to this company having been settled.
On Mar. 1 the $7,300,000 short-term bonds of the company became due.
For the purpose of refunding this amount and to provide for further requirements, an Issue of 5-Year 6% Collateral Trust Gold bonds aggregating
$8.000.000 was created and sold.
The necessity arising in the past of the company conducting its financial
operations by means of short-term securities has resulted in extremely heavy
losses of discount and legal charges.
During the year the company paid out $270.272 for discount on maturing
loans; incurred charges of $360.000 for dicsount on the refunding issue, and
$28.248 for the costs of such issue, making a total of $658,520.
The litigation into which the company was carried occasioned charges
against the company of $32,195. As the company has no reserves upon
which to call to replace these losses and charges, they have resulted In an
impairment of capital.
Plant & Equipment.-Wo have completed the program of enlarging
of 12 furnaces at Charleston to accommodate two machines to eachsix
of
such furnaces. There are now installed and operating in that factory
a total installation of 18 glass-drawing machines, compared with the original
plant containing six machines.
Title to an undivided one-half interest in the Charleston District gas
property which the company developed jointly with the Owens Bottle Co.,
was transferred to us during the year. The gas field is operated as a
joint enterprise by a committee composed of an executive officer from
each company, which has direct charge of operations as well as the development and extension of the gas field, its pipe lines and equipment.
Patents.-The patent department continues to function efficiently.
Many applications on file last year have resulted in the issuance of regul, r
patent papers. Added applications have been filed during the year, all
looking to further protection of our various methods and apparatus.
Foreign.-(a) Belgium.-The six-machine plant of the Compagnie
Internationale Pour la Fabrication Mecanique du Verre, at Moll. Belgium,
has been in full operation since the middle of last June, at which time
the last two machines entered into production. From the start, its product
has found a ready market, and continues to be greatly in demand in England
and other European countries, South America, Canada, China, and the
Near East.
Because of the successful results of the first year of operation, our Belgian
associates have decided to double the plant at once and build a plate
glass plant, using the grinding and polishing process which we have
developed.
Through the Belgian company, the development of the Libbey-Owens
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED NOV. 30 1924.
process in other countries is actively under way and there is every reason
to believe that the steady Increase in the number of licenses during the Income from securities
$561.164
on bonds, $476.214; general int., $33.055
Interest
509.269
last few years will be continued this year.
72,000
(5) Japan -The American-Japan Sheet Glass Co. continues to earn Proportion of discount for year on 5-Yr. bonds due 1929
substantial profits and there is every reason to believe that the result of Expenses of refunding Issue
5,650
Legal expenses
our process in Japan will prove to be very satisfactory.
32.196
(e) Switzerlana.-The_product of the one-machine plant of the Com- Taxes
2,813
pagnie Des Verreries de Moutiers at Moutier, near Bale. Switzerland, has Appropriation by directors in month of Sept. for remuneration
of President
10,000
est,blished itself in the market, although the present unsettled economic
situation in Europe has been a disturbing factor. It is hoped that the General expenses
6,885
condition will change with the re-establishment of more normal conditions,
Deficit for year
Including an adequate tariff.
$77,647
(d) Canada.-It continues to be inadvisable to operate the plant of Exchange on U. S. funds, &c., on payment of $7.300,000 shortterm bonds on Mar. 1 1924
the Canadian Libbey-Owens Sheet Glass Co., Ltd., located at Hamilton.
270,272
Ont. In the meantime the Cornpagnia Internationale pour la. Fabrication Loss on 1,250 shares of Quebec-New England Hydro-Elec. Corp.
exchanged for United Securities, Ltd.. stock
stock
Mecanique du Verre is selling its glass in Canada through the Canadian
417.300
securities
of
Canadian Light & Power Co
company, which acts as agent and receives a commission on all glass sold. Loss on sale of
11,038.200
The Belgian company's glass is very well received in Canada and the demand Interest adjustments, etc., previous years
Cr.12.327
Previous deficit
for it continues to increase.
1,704,569
(e) France.-The first plant of the Compagnie Franco-Belge pour la
Total deficit
Fabrication Mecanique du Verre is nearly completed. The initial in$13,495,662
stallation located at St. Etienne consists of one tank with two machines
BALANCE SHEET NOV. 30. IMP ''''''
and is is expected that glass will be drawn by February 1925. A
second
1924.
1923.
plant Is now well under construction. This required an increase in capitaliel 1924.1923.
AssetsLiabilities- ,- $
$
zation, which was readily subscribed.
$
17,578.330 17.578,330
U) Spain.-The continued unsatisfactory political situation in Spain Securities held__ x4,306,300 17.089,800 Capital stock
Montreal Tram. 55 6,168.852 6,168,852 Bonds
8,000,000 7,300.000
has further delayed the construction of the Spanish plant.
(g) lialy.-Socleta Dalian Vetri e Cristalli, the Italian licensee of the Montreal Tram'ys
A ccr'd interest...
80.219
52.042
Common stock. 964,625
964,625 A cc'ts Payable_ _._ 901,203 1,276,896
parent Belgian company, was organized last March and a one-tank, two7,470 1,385,343 Quebec-New Eng.
machine plant is under construction near Venice. Rapid progress is Can. Lt. dr Pr. 50.
Hydro-El. Corp.
being mane in the construction of this plant and it is expected that the Mont. Dee. & Ld.
manufacture of glass will be commenced next fall.
Co., Ltd., stock 550,000
loan ac,eount_
500,000
2.592,500
Financial -Net earnings for the year. after deducting cost of experi- United See. Ltd.
Common stock
56,250
mental work and provisions for depreciation, repairs, taxes, doubtful
accounts and various contingencies, are $3,274.989.
Office furniture...
516
948.798
Cash dividends of $1,030,000 have been paid during the year. In Acc'ts receivable__ 146,044
58.703
Acced Interest._ _
January 1924 a 50% Conunon stock dividend of $2,500,000 was paid.
There was expended during the year for extensions, such as buildings Suspense account_ 310.598
494,732
37.780
and equipment, $1,619,824. The loans to allied companies have been Cash
Totaheach side)26,559,752 28,799,767
reduced by 3S45.000.
P.& L. deficit__ ..13,495,662 1,704,569
There has been removed from reserves $750,000, which amount had
been carried as a contingent liability. The condition requiring this conx Securities of subsidiary and allied companies acquired on exchange of
tingency was favorably disposed of during the year.
shares agreement, in conformity with incorporation of the company.
We continue to amortize our patents, which value now stands at $1.154.- Montreal Tramways Co., 11,029 shares Common stock; Canadian Light &
218,•being a reduction since last year of $720.624, of which $556.102 was Power Co.. 403 shares capital stock; Montreal Hydro-Electric Co., Ltd..
through the sale of rights for which stock was received, and $189,000 42,500 shares Common stock.-V. 119, p. 1733, 1625.
as a deduction for expiration. During the year $24,478 was expended for
the purchase of patents.
INCOME ACCOUNT FOR YEARS ENDED SEPT. 30.
1923-24.
1922-23.
1921-22.
1920-21.
aMfg. prof. & royalties_ $3,919,151 $4,237,929 $2,278,088 81,689,614
Other income
486,e76
165,068
293,333
21,707
STEAM RAILROADS.
Interstate Commerce Commission's New Chairman.-Commissioner AitTotal Income
$4,406,127 $4,402,997 $2,571,421 $1,711,412
to
was
serve for ensuing year.-" Wall St. News" Dec. 30.
elected
chison
Pats., licensing, exper.
expense., &c
$538,137
$399.934
$621,695
$500,686 P.O.
S. Davies Warfield Constructively Analyzed President Coolidge's Message
Res. for est. Fed, taxes
and contingencies_ ___
593,000
450,000
230,000
100,000 to Congress Regarding Railroad Matters.-Mr. Warfield, President of NaPreferred dividends_ __(7%)280.00{) (7)210,000 (7)140,000(17%)350000 tional Association of Owners of R.R. Securities reviews suggestion as to
consolidation of roads. Is in favor of retaining Section 15a of TransportaCommon dividends
750,000
400,000
300,000
tion Act (regarding rate making and adjustment).-"Sun" Dec. 29. p. 27.
Milton Harrison, Formerly Vice-President. Now Elected President of
Balance, surplus
$2.244,990 $2,943.063 $1,279,726
$760,726
P. & L. surplus
x4,259,158
4,358,234
2,175.868 y1,373,069 National Association of Railway Securities.-"Now York Evening Post'
Dec. 31, p. 14,
Delaware c% Hudson Co. Files Test Suit in U. S. District Court to invalidate
a After deducting cost of sales and general overhead. x In Jan. 1924
a 50% Common stock dividend ($24)0,000) was paid. y A.stock dividend I. C. C. Order to Install Automalic Train Control Devices.-49 other roads
of 25% aggregating $1,000,000, was paid on the Common stock on Dec. were required to have automatic control devices installed. The original
order was issued June 1922.-Now York "E.ening Post" Dec. 31, p. 2.
'
31 1920.
Expenditures Will Establish New High Records in 1925.-Information
BALANCE SHEET SEPT. 30.
from 32 roads with aggregate mileage of 126.000 indicates that
received
1924.
1923.
1924.
1823.
the railways of U. S. and Canada will spend $1,3.50.000.000 for additions
AssetsLiabilities5
$
$
$
improvements during 1925 or at the rate of 15% higher than during
and
7,565,193 6,106.204 Preferred stocks__ 4,000,000 4,000,000
Plant, &is
years. Most of the improvements will be designed particularly
312,037 Common stock__ 7,500,000 5,000.000 the last 2 cost
Employees' houses 452,302
of operation -Railway Age." Jan. 3 1925. 0.27.
to reduce
659,115 Accounts payable_ 574,938
1.388,579
Cash
555.309
-The number of surplus freight cars in good repair and
Surplus.
Car
463,418 Taxes, Int. & insur
Accts.& notes rev. 429,229
39,961
37,404 Immediately available for service continues to increase, according
to re1,204,639 1,073.436 Res. for Fed, taxes
Inventories
filed by the carriers with the Car Service Division of the American
& contingencies_ 1.313,813 1,833,575 ports
U.S.obligations 2,143,839 2,044,148
Railway Association. These show that on Dec. 22, surplus
Reserve for repairs 136,594
Misc.accts. reedy.
109,298 totaled 230,798. an increase of 7.367 cars compared with the freight cars
number on
322,766 Surplus
97.392
and advances
4,259,158 4,358,234 Dec. 14, at which time there were 223,431. Surplus coal cars
in good repair
792,854
Inv. In allied cos._13,345,517
on Dec. 22 totaled-00,330. a decrease of 463 under the number reported on
1,959,946
Due from affil.cos.)
Dec. 14, while surplus box cars in good repair totaled 93,720, an increase
214,97s
Gas develop't fund
of 7.015 within a week. Reports show 15,041 surplus stock cars, an increase
Patents (deprec'n
of 1,036 over the number reported on Dec. 14, while there was an increase
book value)____ 1,154,218 1,874,841
during the same period of 1,213
the number of surplus refrigerator cars
Deterred asseta___
Tot.(eactiside).17,824,463 15,893,819 which brought the total for thatin
70,08,
43.554
class of equipment to 10,983.
Note.-Company was liable at Sept. 30 1924 for uncompleted conCar Shortage.-No car shortage is being reported.
struction Contracts in the approximate amount of $1,025,000, and for the
Matters Cocered in "Chronicle" Dec. 27.-(a) Volume of revenue freight
unpaid portion of its subscription for capital stock of an affiliated company. continues to break all records for the season, p. 2942. (b) U. S. RR.
-V. 119, p. 2769, 1963.
Labor Board refuses plea of Western railroad managers to suspend wage
agreement of Southern Pacific Co., P. 2969. (c) 1.-S. C. C. to begin
hearings into class rate readjustment Feb. 4, P. 2969.
Montreal Tramways & Power Co., Ltd.
mums
GENERAL INVESTMENT NEWS.
(Annual Report-Fiscal Year Ended Nov. 30 1924.)
Pres. Julian C. Smith reports in substance:
Akron Canton & Youngstown Ry.-Bonds Authorized.
The I.-S. C. Commission on Dec. 20 authorized the company to issue
$382,700 First Mtge. 6% Gold bonds, to be sold at not less than 973 and
Interest, and the proceeds used for the purposes stated below. The report
Under the new management appointed in September last steps were at of the Commission says:
once taken looking to a settlement of disputed accounts and to withdrawal
These bonds were acquired by the applicant
Jan. 1 and May 1
from the expensive litigation into which the company had become involved. 1920 for the purpose of resale or pledge, and between
Under a contract between the company and Quebec-New England Secretary of the Treasury as part security for are now pledged with the
a
loan
made by
of
$212,000
Hydro-Electric Corp. dated Dec. 6 1923, company sold 59,500 shares of the United
a
Common stock and $1,700.000 5% bonds of Canadian Light & Power Co,
tantrnow proposes to sell these bonds. It will have printed on
ca
The
liS
The management had served a notice under date of Feb. 29 on the pur- each bond sold the following: "The holder
of this bond, by acceptance
chaser of its Intention to repurchase these shares and bonds, and under thereof, hereby agrees that nothing contained
hereon
date of May 16 a second notice had been served cancelling the previaus shall be construed as obligating the company to herein or endorsed
pay more than its par value
sale
notice. The
thereby was completed. The sale price was $2,a92,a00. on July 11930."
These shares and securities stood on the books of the company valued at
The proceeds of the bonds will be applied to the payment of the loan from
$13,630,700; the bulk of this valuation being represeated by the issuance of the United States and, to the extent
available, to assist in retiring a note of
Common shares in this company. Of this sum the book value of the $1,700,- $200,000 to the Guardian Savings &
Trust Co., of Cleveland, which will
000 aggregate par value of Canadian Light & Power Co. bonds stood at mature Dec. 24 1924. The loans to be retired
were used in making addi$1,377,000. After subtracting this cost price of the bonds from the total tions and betterments or to pay
obligations originally incurred for that
seeing price and applying the residue against the book value of the Common Purftese
•
•
JAN. 31925.]
The bonds have been sold to F. R. Sawyer & Co., Inc.. of Boston. Mass.'
at 97 Yi and int ,rest. On that bark the annual cost to the applicant will be
approximately 6.62%.-V. 119. P. 2176. 2642.
Alabama & Vicksburg Ry.-Lease to Illinois Central.-
See Illinois Central RR. below.-V. 119. p. 2757, 2405.
ff Atlantic Coast Line RR.-A cquis and Operation of Line.
The I.-S. C. Commission on Dec. 20 issued a certificate authorizing the
company to acquire and operate a line of railroad owned and operated by
the Montgomery Lumber Co.. extending from the end of a branch line of
the applicant's railroad at Spring Hope. Nash County,in a general westerly
direction through a portion of Franklin County to a point near Rolesville,
Wake County, Including a spur track about 3 miles long from the end of
said line to a granite quarry,a total distance of approximately 22 miles. all in
North Carolina.
The company proposes to pay $170,000 cash for the property. It estimates its system freight revenues from the operation of the line at $407.047
the first year and $809,142 the fifth year. After the fifth year revenues
are expected to increase 10% a year.-V.119. p. 2405, 2282.
Boston & Maine RR.-Loring Plan Not Final.The directors in appointing four members to co-operate with the general
readjustment committee which is considering plans for the strengthening
of the financial and physical structure of the road, did not commit themselves to any plan, nor are any of the interests represented on the general
committee of stockholders and bondholders committed to any plan. it was
announced Jan. 1 in a statement authorized by the executive committee
of the directors.
This statement, Issued from the office of President James IT. Rust's, was
made as a result of inquiries regarding the relation of the directors and the
management of the B. & M. to the general readjustment committee.
The principal proposals before the committee are those made by Chairman
Homer Loring of the executive committee which call for the extension of
bonds of early maturity at a uniform rate of 4%, together with the issue of
$13,000.000 of prior Preference stock for permanent improvements, and
abandonment of 1.000 miles of unprofitable trackage, to be replaced in
part by motor services.
The statement of the executive committee says in part:
The directors believed it their duty to join with any group of security
holders in the discussion of any plan that has back of it a sincere attempt
to benefit the railroad.
le The (Loring's) plan is not intended in any way to be considered final, but
is an attempt to place a picture before all interests in the hope that out of
it may come a plan acceptable to all, and one that will result in a permanent
benefit to the railroad and the community it serves. The objects of the
proposed plan are those that have been receiving the attention of the management since the return of the property from Federal control.
Homer Loring Discusses Necessity and Benefits of Proposed
Reorganization.To clear up misconceptions regarding his proposed plan, Mr. Loring
has issued a statement which says:
"The program for discontinuance of unprofitable mileage will not in
my opinion work injury to the business life of the communities affected.
Not so many years ago, before the development of motor transportation.
it would have been impossible to cut away a large portion of the system
without doing serious damage. Now, however, the motor bus and truck
provide not merely, an acceptable substitute but actually a superior form
of transportation for the requirements of these sparsely settled districts.
"The B. & M. has no ambition to create a super-motor transportation
System. Where private capital will step in and operate motor service,
Well and good. But, in any event, the road will undertake to see that no
community is left without any transportation.
"I think the facts and figures clearly prove the imperative necessity of
some major operation of the character contemplated. As I pointed out
In my letter to the voting trustees, of the 2.450 miles of railroad in the
B. & M. system, 45%, or more than 1,000 miles, handles only 3% of the
business. An analysis of our accounts covering some 300 miles of road
Shows the actual out-of-pocket loss to be approximately $880.000 a year.
On some of our branch lines the taxes per mile are equal to more than half
the annual gross revenues.
"Obviously the B. & M. management cannot sit complacently by in
'the face of this drain. It is therefore proposed to cut off approximately
1.000 miles of line which can never hope to pay,following which the B.&M.
will have a system ofsome 1.200 to 1.500 miles capable of giving good service
at reasonable rates and with low operating costs.
"The system as curtailed will abundantly justify the expenditure upon
It for improvements. From $20,000.000 to $30.000.000 will be required
and can be profitably spent for this purpose during the next five years.
The Boston terminals alone will need an expenditure of several millions.
I am confident that this new money can be made to earn very largely in
excess of its cost.
Now as to the suggested readjustment plan. The formation of a genvral
committee representing all interests in the B. & M. is a matter of public
knowledge. This committee is wedded to no particular scheme of readjustment. Certainly it is not committed in advance to the plan which is outlined in my letter to the voting trustees. It seems perfectly clear that the
'best interests of the security holders will be conserved by a readhistment
effected through a general committee acting for all classes of securities'
rather than by a number of partisan committees each striving for an advantage over the others. it Ls worth remembersing that the reorganization
t)r 1918 cost nearly' $590,000.
Of course, the plan which has been outlined is far from perfect. But the
Imperfections and the inequalities as between classes of securities are such
as can easily be adjusted in committee as they appear.
Something has been said to the effect that no readjustment is necessary.
This view, it seems to me, is flatly contradicted by the facts. Not only
'has the road $64.000,000 of maturities in the next five years, but these
maturities are so spaced that no breathing spell will be afforded in which
to build up credit of the road before another maturity is upon us. With
existing B.& M.bond issues quoted at prices to yield as much as 10% upon
the investment, it is not apparent just how new securities can be sold
'except at a prohibitively low price.
Bondholders who fear that an enormous prior lien mortgage is to be
placed ahead of their mortgage are giving themselves needless concern.
In the first place the prior lien mortgage as proposed would be a closely
•restricted instrument permitting the road to issue a limited amount of
bonds and only up to a conservative percentage of the cost of improvements.
'I would not favor issuing any of these bonds unless it became absolutely
accessary. In other words, the purpose is to have at hand a vehicle for
datture financing but to make use of it only as a last resort.
Continuing on the subject of the necessity or lack of necessity for a
,readjustment plan, the indicated earnings of the road for 1924 have been
-cited as evidence that reorganization is superfluous. These earnings we
• estimate at $700,000 after fixed charges, sinking funds and equipment
installments. But it should be borne in mind that this is just about the
margin by which the snow expense
year was less than that of a year
.ago. Moreover, we have enjoyed athis
very substantial saving on coal this
year. In fact, broadly speaking, the B.& M.has had operating conditions
Tin its favor in 1924 although it is true of course
that passenger and freight
business has been unsatisfactory.
We hope freight traffic will improve with general business but passenger
traffic is steadily declining. The passenger decrease in 11 months of 1924
was $1,632.000. It is doubtful if this lost business ever can be recovered
and probably the decline will continue until motor vehicles have reached
the saturation point. The road must be placed in a position to offset
•decrea.sing gross earnings with profitable improvements which require new
money. In my opinion without immediate credit, the B. & M. has not
a fighting chance of becoming a financial 8110M9S.
I cannot subscribe to the view, that, because of the possibility of consolidations, no readjustment is necessary. In the first place, no consolidation affecting the B. & M. system is imminent. There is ample time to
,rehabilitate the road physically and financially. There is not the slightest
• doubt that as a sound and prosperous road with demonstrated earning
power, the B. & M. would enter any future consolidation on vastly different
terms than if weak and dependent. Our slogan should be: Rehabilitation
before Consolidation.
N. L. Amster in Notice to Stockholders.-N. L. Amster, in
to the stockholders, says:
za. notice
83
THE CHRONICLE
According to the I.-8. C. Commission valuation for the U. S. Government, the B. & M. property has a value. in round figures. of $282,000.000.
after the deduction or $50,000.000 for property depreciation.
Boston & Maine funded and unfunded debt totals only $132.000.000,
leaving property value of $150.000,000 for its stock. There is only $81.000.000 par of all classes of B. & M.stock, leaving excess property value of
over $68,000,000. over and above all the capital issues.
This $63.00.000 of excess property which the Government's own engineers found in the B. & M., is equal to $250 per share for the 395.000
shares of the company's Common stock, and explains why certain interests
are now attempting to frighten bona fide stockholders with possible reorganization and refinancing.
Boston & Maine, in common with other New England railroads. has had
some distressing times since the war, but these are now in the past because
under the Transportation Act. New England roads secured a larger rate
division from their connecting trunk lines, and lately they were given
higher commutation rates and increased postal rates, which added millions
to the Boston & Maine and New Haven nets. turning 1924 Into a surplus
instead of $4.000.000 deficit which B. & M. had in 1923. There are many
other rate adjustments coming which materially add to the B. 5r M.Income
for 1925.
Everybody predicts that 1925 will be a greater year for railroads than
1924: and every indication points to the B. & M.earnings in 1925 not alone
all interests charges but full dividends on all classes of its Preferred stocks
and at least $76 per share on the Common.
Why in the face of all these positive facts. Mr. Loring should insist upon
confusing the situation with some unheard of. Impracticable and unnecessary financial plans and precipitate a veritable panic among the already
milked and looted stockholders, can only be surmised when we realize the
bright outlook the railroads are facing the coming year and know the great
value which Government valuation shows is behind the Common stock.
My friends and I are interested in the company's securities and we are
forming a committee made up of actual owners of the company's securities.
Our aim is to defend and conserve the equity of the security holders and
expose all attempts and efforts to deprive stockholders of their valuable
equities.
I can unqualifiedly state-(1) that Mr. Loring published his refinancing
plan without either action by or approval of the board of directors: (2) that
Mr. Loring knew, before he published his plan. that banking interests were
ready to buy enough of the B. & M. bonds, which the co np my has the
right to issue under Its present mortgage to take care of all the 1925 maturities: (3) that the inference in Mr. Loring's plan that the B. .Ss M. has no
means of financing its coming maturities is entirely unfounded and untrue,
because under the present mortgage there Ls provision for the refunding of
all B. & M. maturities and $40.000.000 for extension and improvements
besides.
It is to the interest of every bondholder and stockholder to co-operate In
defending and conserving, not only the great value back of the B. & M.
securities, but the property itself as a great utility machine which has faithfully served the communities it traverses for more than 90 years and holds
the record of having paid consecutive dividends over a longer period than
any railroad in the country with the exception of the Pennsylvania.
I am convinced that the B. & M. can and will repeat its great history if
proper attention is given to its operating and traffic departments Instead of
trying to dig money out of the security-holders' pockets, which have already
been greatly depleted.
Valuation of $234,000,000 Placed on Property.The final valuation of the Boston & Maine RR. as of June 30 1924 was
found by the I.-S. C. Commission to be $234,189,816 for all 'properties
owned or used. The value of properties owned and used was found to be
$101,712.971, and of properties used but not owned. $132.476.845.
The commission found that the investment in road and equipment.
including land. was $90.653.840 on the valuation date. The cost of reproduction new of total properties used was found to be 6223,317,897, and the
cost, less depreciation, $170,629.869.-V. 119. p. 3005.
Chesapeake & Ohio Ry.-Stockho!ders Protectire Comm.
Further opposition to the terms of the proposed merger of the Nickel
Plate. the Chesapeake & Ohio, the Hocking Valley. the Erie and the Pere
Marquette railroads became known Jan. 1 when it was learned that a group
of minority stockholders of the C.& 0.lead formed a protective committee.
with Hobart S. Bird, of 233 Broadway, as counsel. and Albert I. Stiles, an
engineer, of the same address. as Secretary.
According to Mr. Bird, the stockholders have been "getting the worst
of it in every plan proposed se?.far by, the promoters of the merger."
"The protective committee, Mr. Bird said. "has been formed to get
better terms for the stockholders of the Chesapeake & Ohio or to file a protest with the I.-S. C. Commission pointing out the iniquity of It so far as
our stockholders are concerned.
"The merger will be advantageous to all the roads concerned with the
exception of the C.& 0. It will bring about a diversion of the large freight
traffic originating with the C. & 0., which amounts to 53.4% of all of that
of the five roads to be merged. In the terms as proposed there is no compensation to the stockholders for this advantage. That is the crux of the
difficulty. Also, the C. & 0. stockholders are asked to surrender their
salable converting certificates without compensation for the surrender of
rights therein.
"The C. & 0. stockholders have been getting the worst of it in every
proposal. They have never been satisfied. They have now formed a
committee of eight to look after their interests."-V. 119, p. 2757, 2282.
Chicago Rock Island & Pacific Ry.-Bonds.-The 1.-9. C. Commission on Dec. 23 authorized the company to sell
$1.000.000 First & Ref. Mtge. Gold bonds at not less than 81 Si and Interest,
the proceeds to be applied to the payment of a loan from the United States.
The company states that it has not entered Lito any contracts or underwritings for the sale of these bonds. It is proposed, however, to sell them
at not less than 84 LI and interest. On that oasis the annual cost to the
company will be approximately 6.10%. The company proposes to use the
proceeds of the bonds to pay in part its existing Indebtedness to the United
States on account of a loan made to it.-V. 119, p. 2406. 2282.
Delaware & Hudson Co.- Seeks Injunction.A suit was filed Dec. 31 in the Federal Court by the company to enjoin
the I.-S. C. Commission from forcing the carrier to install automatic
safety devices along 113 miles of road between Rouse's Point and Whitehall.
N. Y. The suit sets forth that the railroad had been ordered along with
49 other roads to make installation of the automatic devices on June 13
1922. The time limit for the beginning of operations with the new mechanism was set by the Commission at Jan. 1 1925. The railroad claims
that the cost of the installation of these devices would be $255.000 and
that the annual cost of upkeep would be $55,000.-V. 119. p. 2757.
Eastern RR., Pittsburgh.-Control.See Monongahela Connecting RR. below.
Florida East Coast Ry.-Balance Sheet.Oa.31'24. Dec.31'24
00.31'24. Dec.31'23
Assets$
Irwin road&equip.86,669,734 60.259,932
Impts.on prop..dep
in lieu of Intged.
Property sold &
202.633
misephys.prop. 192.090
Inv. in attn. cos__ 526,423
524.310
Other investments. 2.665.025 1,909.404
Cash
11.075.561 1,143.494
Time drafts & dep. 1,000.000
Six dal deposits. _
857.797 1,267.009
Loans & bills reele 1.857.383 1.812.564
Traffic & car sett,.
180.695
balance recelv'le
Balance re'le from
149 860
agents & condo°. 273.822
706.563
Mile. ace'ts reedy
542,647
Material & supplies 3,178.050 2,289.663
7.378
In, & diva. recelv.
17.417
8.750
Rents receivable2.917
4,656
Deferred assets_
3.774
Unedjusted debits,
- 1.385.253 1.329,468
-V.119. p. 3008. 1624.
$ 4
Common stock...37.500,000 12.500.000
Long term debt &
funded debt and
other oblig'ns..30.975.000
.39.400.000
Loans & buts pay3.245,000
Tratrir and ear service hats. pay'le. 199.401
60.582
Audited acens and
wages Payable. _ 1,962.859 1,643.438
mac aecns payle.
20.314
18.494
877
int. mat'd & tined.
4.927
Unmet. int. acer'd 1.155.600
665.813
16.553
Unmet. rents ecer.
10.988
2.364
Deferred liabilities
289
Unsdiusted credits 3.979.332 2.954.690
Athens to property
188.351
ming
thro. Ine & surp
Pront & loss bal_14.047.041 11.130.229
Total(each side)-90,045,693 71.796.383
THE CHRONICLE
Gulf Mobile & Northern RR.-Balance Sheet.oct.si'24. Dec.31'23.
Oct.31'24. Dec.3123.
Assets$
Invest. in road and
equipment
27.199,888 27,196,565
Misc. phys. prop
143,753
96,809
Investm'ts in affiliated companies.. 631,810
631,810
Other investments. 623,203
27,510
Cash
778,909
748,709
Loans& bills rec_z
5.994
10,786
Traffic & car serv.
balances receivle
62.589
Net bal. rec. from
sets. & conduc_deb.8,223
5,883
Misc,sects.reedy. 171,267
178,076
Material SE SU PP
583,381
497 382
Int. & diva. rec.__ 161,909
130,552
Deferred assets._ _
2,759
2,259
Unadjusted debits. 511,709
410,740
Total
30,720.362 30.086,270
-V. 119. p. 3006, 2874.
LiabilitiesCommon etock___10,988,100
Prefetred stock___11,406,800
Funded, &e., debt. 2,039,500
Loans & bills pay_ 317,600
Traffic & car sent.
balances payable
94,292
Audited acc'ts and
wages payable__ 430.107
Misc, accts. payqe
43,468
Unmat.diva. decl_ 142,585
Unmet. int. acci'd
17,028
Tax liability
322,888
Oper. reserve
deb.9,724
Accrued deprec. of
oad & equipm't 758,809
Other unadj. cred_ 223,476
3,945.432
Profit and loss__
Total
10,988,100
11,406.800
2,066,500
194,600
134,228
626,118
51,100
114,068
. 30,958
163,419
693,467
47.432
3.501,480
30,720,362 30,086,270
Illinois Central RR.-To Lease Alabama & Vicksburg
and Vicksburg Shreveport & Pacific Ry. Companies.-
[VoL. 120.
Southern Pacific Co.-New Office Created.-
ThomaeM. Schumacher has been appointed Executive Vice-President
of the company, clothed with such authority and charged with such duties
as shall from time to time be presctibed by the board of directors or
the
executive committee. The appointment became effective Jan. 1 1925.
-V. 119, p. 3007.
MI
Vicksburg Shreveport &
Central.-
Pacific Ry.-Lease
to Illinois
See Illinois Central RR. above.-V. 119. p. 2527, 2408.
Wabash Railway.-New Mortgage Approved.-
The stockholders on Dec. 29 approved and authorized the creation of a
Refunding and General Mortgage, the aggregate principal amount of which.
at any one time outstanding, together with all prior obligations as defined
in the mortgage or deed of trust securing the Refunding and General Mortgage bonds, shall be limited to 1.14 times the aggregate par value of the then
outstanding Capital stock, determined as provided In the mortgage.
The stoekholders also authorized the acceptance by this company from
the Brunswick & Chillicothe RR.and the St. Louis Council Bluffs & Omaha
Ry. of instruments relinquishing to this company their nominal reversionary interests in the railroads and properties formerly owned by the companies, but now owned by this company under Instruments in the form
of leases for terms of 999 years and 1,000 years, respectively, from
1878,
but. without rental obligations. Comnare also V. 119, p. 1735.
The I.-S. C. Commission on Dec. 23 authorized the company to assume
obligation and liability in respect of $4,391.000 Equipment Trust certificates, consisting of $1,826.000 of Series D and $2.565,000 of Series E, to
be issued by the Bank of North America & Trust Co. under agreements to
be dated Dec. 1 1924. and sold to Kuhn. Loeb & Co. at not less than 98.8
and dividends in connection with the procurement of certain equipment.
See offering in V. 119, p. 2644. 2527.
The con pany confirms rumors that, subject to approval of the I.-S. C.
Commission, it has agreed with parties representing the interests in control
of the roads involved to lease the Alabama & Vicksburg and Vicksburg
Shreveport & Pacific Ry. companies for a long period of years. The stockholders of the Alabama & Vicksburg Ry. recently authorized a stock
dividend of 100%. payable to stockholders of record of Jan. 2, subject to
the approval of the I.-S. C. Commission. The per annum rental to be
paid by the Illinois Central will be equal to a 6% dividend on the then
Wellington Grey & Bruce Ry.-Bonds Called.outstanding capital stock of the Alabama & Vicksburg Co. and 5% each
Forty-six (£4.600) First Mtge. 77
0 bonds were called for payment
on the outstanding Preferred and Common stock of the Vicksburg ShreveJan. 1 at par and int, at the offices of the Canadian National Ry. in Montport & Pacific Ry.-V. 119. H. 2643. 2525.
real, Canada, and London, England.-V. 119. p. 3007.
Leavenworth & Topeka RR.-New Bond Issue.-
The Kansas P. U. Commission has authorized the company to issue
$64.000 1st Mtge. 6% Ref. bonds to replace its present issue of 180,000
IstMtge.7% bonds. Ofthe $80,0001ssue, $20,000 is kept in a trust fund,
leaving $60,000 to represent the actual indebtedness of the road. Of this
amount, $12,000 is to be paid off when the new issue of $64.000 is made,
and $16,000 will be kept in the trust fund.-V. 114, p. 947.
Longview Portland & Northern Ry.-Notes.The L-S. C. Commission on Dec. 18 authorized the company to issue
$229.736 promissory notes. payable to the order of the Mager Car Corp.',
the notes to be delivered at their face value in connection with the procurement of 135 logging cars, costing $306,315. These cars were procured from
the Mager Car Corp. under a lease dated Oct. 6 1924. There has been paid
on the cars $76,579 cash and the rental reserved in the lease is to be represented by 6 promissory notes of the applicant, dated Oct. 6 1924. payable
to the order of the Magor Car Corp. The notes will bear interest at the
rate of 6% per annum until paid, and will mature $38,289 each April and
Oct 6 from April 6 1925 to Oct. 6 1927.-V. 119, D. 1733.
Monongahela Connecting RR.-Control ofEastern RR.-
The I.-S. C. Commission on Dec. 20 authorized the acquisition by the
company of control of the Eastern RA, by purchase of Its Capital stock.
The railroads of both companies are located in the city of Pittsburgh.
The Capital stock of both companies, except directors' qualifying shares,
is owned and held by the Jones & Laughlin Steel Corp.--.V 112, p. 933.
New York New Haven & Hartford RR.-1615,024,100
of New Debentures of Proposed $23,000,000 Already Subscribed
for.-The directors in a letter to the stockholders dated
Dec. 30, requesting them to subscribe to the new Issue of
debentures, announce that $15,024,000 of the proposed issue
of $23,000,000 (compare V. 119, p. 2526) have been subscribed for to date. The official announcement says:
'
Wheeling & Lake Erie Ry.-Equipment Trusts.
The I.-S. C. Commission on Dec. 15 authorized the company (1) to
assume obligation and liability in respect of $2,124,000 Equip. Trust
certificates, Series "C," consisting of $1,700,000 of Prior Lien and $424,000
of Deferred Lien certificates: the Prior Lien certificates to be disposed of'
at 983,4 and diva. and the Deferred Lien certificates at par and divs., in
connection with the procurement of certain equipment.
The Commission also authorized the company to issue $424.000 promissory
notes to be exchanged for an equal amount of Deferred Lien certificates,
and to pledge as collateral security for the promissory notes $424,000 of
Deferred Lien certificates.-V. 119. p. 2408. 2065.
PUBLIC UTILITIES.
Brooklyn Edison Co. Reduces Rates 3i Cent to 735 Cents Per Kilowatt
Effective Jan. 1.-See that company below.
$1 Gas Rate Called Unconstitutional.-See "Brooklyn Union Gas Co."
below.
Adirondack Power & Light Corp.-Plans Acquisition.-
An authorized statement says: "The corporation plans to purchase all
of the outstanding capital stock of the Consolidated Electric Co. of Greenwich, Washington County, N. Y. Owing to the growth of business, the
Consolidated, it is pointed out, will soon require additional energy that must
either be developed by expensive improvements, or purchased from the
Adirondack corporation, which occupies contiguous territory. Furthermore,certain hydro-electric properties owned by the Consolidated company
can be developed more completely and economically, it is claimed, if used
In connection with the present and future power plants of the Adirondack
concern."-V. 119, p. 2644.
All America Cables, Inc.-Laying of Cable Begun.The New York end of the cable that is to connect Cuba with New York
and form a link in the Central American and West Indian service of the
company was made fast on Dec. 27 at Oriental Point, Manhattan Beach,
N. Y. The cable will have its southern end on the edge of Guantanamo
Bay, near the United States naval base there, approximately 1,500 miles
from the New York station. (See also V.119, p. 1397.)-V. 119. p.2875.
The balance of the so-called European loan amounting to approximately
$23,000,000, becomes due April 1 1925. It is proposed to refund this loan
by issuing 15-Year Secured 6% Gold Bonds at par, in denom. of $100,$500
and $1,000. There will be an annual sinking fund of 2%, which will retire
American Electric Power Co.-Sale of Properties.as many of the bonds each year as can be bought at less than 105 or called at
Control of the Quincy (Ill.) Gas, Electric & Heating Co. and the Chicago
105. Interest on bonds so acquired will be added to the sinking fund.
The bonds will be secured by an equal amount of the First & Refunding & Joliet Electric Ry.has been acquired by the Central Illinois Public Service
Mortgage bonds as collateral; and the entire collateral. $23,000,000, will Co. (See the latter company below.)
Control of the Warsaw (Ind.) Gas Co. the Goshen (Ind.) Gas Co. and
remain as security until all of the Secured bonds are paid.
'been acquired by the Insull inThe public, the employees and the stockholders of the company are the Niles (Mich) Gas Light Co. have also
vitally interested in the successful sale of these new bonds. The public is terests of Chicago.
The American Electric Power Co. has called for redemption on March 1
• interested because it wants good service; the employees are interested
because of their desire to be helpful to the enterprise with which they are 1925 all of the outstanding American Railways Co.-National Gas Collateral
associated; the stockholders are interested not only because of their desire Trust 5% Gold bonds, due 1927, at 102 and interest. Payment will be
to obtain the funds to enable the company to give good service, but also made at the Bank of North America & Trust Co., Philadelphia, Pa. The
on account of their wish to enhance the value of their equity in the property. funds for the redemption of the bonds will be provided from the sale of the
It is proposed to invite the public and the employees as well as the stock- above properties.-V. 119, p.691. 72.
holders to subscribe to these bonds.
American & Foreign Power Co., Inc.-Balance Sheet
A number of the various enterprises served by the New Haven, recogdesiring
to
company
and
them
from
the
received
by
nizing the good service
Oct. 31 1924.insure good service for the future, voluntarily interested themselves some
AssetsLiabilitiestime ago in the matter of securing funds which would enable the company
$42,656 Capital stock
to pay the loan duo April 1 1925 without embarrassment or crippling its Cash
x$44,274,725
Notes & loans payable.financial resources. Banks, bankers, trust companies and insurance com- Notes & loans rec., repro710,000
senting in part capital
Accounts payable
panies. having the interests of New England at heart, have also subscribed
114,639
expenditures
13,779,727
Accrued accts. payable__
liberally to this proposed new issue.
232,800
610,450 Reserve general
The directors, believing in the future prosperity of the company, have Accounts receivable
187,275
taxes
Prepaid
20,580
Surplus
personally subscribed over $1,000,000.
1,085,581
Invest. in subsid. cos__ - 32,104,243
The subscriptions received to date from the directors, banks, bankers, Investigations
47,366
Total (each side) . $48,805,021
Insurance companies and industries amount to $15,024,100.
With the European loan refunded, there are no other maturities of conse- -x Represented by 231.095 shires of Preferrecrstilck7120.000 shares-rd
quence until 1930. Between 1930 and 1935 the company's indebtedness to 2d Pref. stock and 920,000 shares of Corn, stock, all of no par value.the Government matures, which the directors believe can be cared for in a V. 119, p. 3007..
de
satisfactory manner. Excepting the indebtedness to the Government the
Atlantic City Gas Co.-Bonds Approved.company has no maturities before 1940 which it cannot easily pay or refund.
The New Jersey P. U.Commission has approved the sale by the company
In the meantime with normal business it will have cash enough to pay for
,p. 2113.
such additions and improvements in roadway, structures and equipment as .of $400,000 bonds.-V.117.
OW.
rawid
will enable it to continue to furnish adequate transportation. resulting in
Atlantic & Suburban Ry., Pleasantville, N. J.-Fares.
such increased efficiency, economy and net income available for dividends
possible.
make
methods
operating
machinery
transportation
and
as modern
The New Jersey P. U. Commission has approved an increase in rates
The securities will be sold at par, there being no commission or under- asked by the company. The increase provides for from 1 to 3 cents addiwriting for any one in the transaction.-V. 119. P• 3007, 2875.
tional in the fare between specific points served by the company's trolley
lines.-V. 113, p. 2078.
N. Y. Susquehanna & Western RR.-Equip. Notes.
The I.-S. C. Commission on Dec. 17 authorized the company to issue
$219.000 534% Equipment Gold notes, Series "D." the notes to be disposed
of at par and Interest and the company to pay in connection with their
disposition a commission of not exceeding 1%.-V. 111, p. 190
Pennsylvania RR.-Number of Stockholders.-
164110004
Bell Telephone of Pa.-Budget for 1925.- "Imagutwomi
During 1925 the company proposes to expend $31,000,000 in extensions
of its system and facilities. During the year the company expects to
install 220 000 new telephones. The net increase in 1924 over 1923 was
70.000.-V. 119. p. 3008.
sm--
Beloit (Wis.) Water, Gas & Electric Co.-Acquisition.
The number of stockholders on Dec. 1 were 146.400, a decrease of 40
B. F. Lyons, V.-Pres. & Gen. Mgr., has announced the purchase of the
compared with Nov. 1 1924, but an increase of 2,994 over Dec. 1 1923.
Avefage holdings on Dec. 1 1924 were 68.21 shares, a decrease of 1.42 plant and distributing properties of the Citizens' Utilities Co. of Durand.
shares. The foreign holdings totaled 3.74% of the stock.-V.119, p. 2758. Ill., which has filled the electric light and power requirements of consumers
in Davis, Rock City, Dakota, and Durand with energy bought from the
Rockford Electric Co. The Durand properties are about 20 miles southwest
Seaboard Air Line Ry.-Adjustment Mtge. Int.-Bonds. of
Beloit, Wis. and will be supplied with energy from the Beloit plant,
An installment of interest on the Adjustment bonds amounting to 2
extension of service to consumers in the towns of Shirland
to be follwed by
425).represented by Aug. 1 1922 coupons Nos. 49 and 50.for $12 50 ea
Harrison, 211.-V. 118. p. 554.
and
has been declared and will be paid on and after Feb. 1 at the New York
Trust Co., 100 Broadway, N. Y. City.
Birmingham (Ala.) Electric-Co.-Pref. Stock Offered.The I.-S. C. Commission on Dec. 23 authorized the company:(1) tot ssue
Refunding Mortgage bonds in an amount which, when taken at their fair Old Colony Trust Co., Boston, W. C. Langley & Co., Spenmarket value at the time of pledge, will not exceed $1,023,255, said bonds cer Trask & Co. and Jackson & Curtis,
are offering, at $98
be pledged under company's First and Consol. Mtge.; (2) to procure
dividend, to yield 7.14%, 20,000 shares
authentication and delivery of not exceeding $1,082,000 of First & Consol. per share and'
time,
time
to
repledge,
f
rom
Mtge. bonds, Series A; and (3) to pledge and
Cumul. Pref. stock, no par value. Dividends $7 per share
said $1,082,000 of bonds and $446,500 of such bonds now in the company's
treasury,as collateral Security for short-term notes,-V.119, p.3007, 2875. per annum.
JAN. 3 1925.]
Preferred as to assets and dividends over the Common stock. Redeemable at the option of the company at $110 per share and dividends. Dividend payable Q.-J. Transfer agent, Birmingham (Ala.) Trust & Savings
Co., and Registrar & Transfer Co., Jersey City, N. J. Registrars: First
National Bank, Birmingham, Ala., and Corporation Trust Co., Jersey
City. N. J.
Under the present Federal income tax law (Revenue Act of 1924) dividends on this stock are exempt from the normal tax and are entirely exempt
from all Federal income taxes when held by an individual whose net income
after all deductions is $10.000.000 or less. Dividends when received by
corporations are entirely exempt from all Federal income taxes.
Issuance -Subject to authorization by the Alabama P.S. Commission.
Data from Letter of E. W. Hill, Vice-President of the Company.
Company.-In March 1924 acquired the properties formerly owned by the
Birmingham Ry., Light & Power Co., and some of the subsidiaries of that
company. The present company does practically all the commercial electric power and light, gas and street railway business in Birmingham. Fairfield and Bessemer, Ala. Eight other adjacent communities are furnished
with electricity or electricity and street railway services by the company.
The population served is estimated at over 254,000. Over 50% of the gross
earnings for the year ended Oct. 31 1924 were derived from the electric
and gas business.
Capitalization Outstanding (upon Completion of Present Financing).
Preferred stock, $7 Cumulative
30,000 shs.
Common stock
800,000 shs.
$8,000,000
First & Ref. Mtge. (is, due April 1 1954
Birmingham Ry., L. & P. Co. Gen. Mtge. Ref. 43s. 1954_ _$8,720.000
Earnings Twelve Months Ended October 31.
1923.
1924.
Gross earnings from operation
$7,754.564 $6,949.988
Operating expenses and taxes
4,658,098
5,275,935
Net earnings from operation
Other income
$2,478,629 $2,291.890
11,618
18.281
Totalincome
Total interest charges
$2,496,910 $2.303,508
983,361
945,552
or if not so obtainable through call by lot at such call price. Bonds retired
through the sinking fund will be canceled.
Security.-Direet obligation of the company and secured by direct mortgage on all property now or hereafter owned, subject to the lien of the 1st &
Ref. Mtge. and to the liens of underlying divisional mortgages, if any, on
property hereafter acquired. Specifically the indenture will enumerate
these items:
(a) 20.000 shares of the Common stock of the Columbia Railway Gas &
Electric Co.
(b) 8,953 shares of Preferred stock of the Columbia Railway Gas & Electric Co.
(c) 3,000 shares of Preferred stock of Parr Shoals Power Co.
Consolidated Earnings of Subsidiary Companies. Years Ending June 30.
1924.
Operating Revenue1923.
Electric department
$955.734 $1.039.678
229,676
215,924
Railway department
288.132
302,769
Gas department
Total
Operating ExpensesElectrical department
Railway department
Gas department
Taxes
Balance for dividends,renewals and replacements
and surplus
$1.551,358 $1,320,147
After all charges, including renewals and replacements, the balance available per share of Preferred stock outstanding was $31 94.
Property.-The electricity purchased under contracts is distributed by the
company over 90 miles of high voltag.e lines and 625 miles of distributing
system. This system serves more than 37,500 customers, with a total
connected load exceeding 95,000 kw. The kilowatt hour output for the
year ended Sept. 30 1924 was 186,895,753 kw. h. The gas systems located
at Birmingham, Fairfield and Bessemer serve over 25,500 customers, with
sales aggregating over 1,402,700,000 cu. ft. during the year ended Sebt. 30
1924. A steam-heating system serving 260 customers, and a street railway
property which carried over 66,276.000 passengers during the year ended
Sept. 30 1924, completes the well-diversified services rendered by the
company.
Management.-Operation supervised by Electric Bond & Share Co.
V. 119, p. 2644.
Brooklyn (N. Y.) Edison
Inc.-Price of Electric
Current Reduced from 8 cents to Co.,
7M cente per KW. Hour.The company filed on Dec. 29 with the New York P. S. Commission a
schedule of rates, effective Jan. 1 1925, by which it voluntarily reduces
from 8c. to 7c. per kw. h. its price of electric current to all residential
and commercial users in Brooklyn (N. Y.) now paying the maximum rate
of 8c. This means a saving of $1,000,000 a year to Brooklyn users of
electricity.
President M.S. Sloane says in part: "We are able to make this reduction
because of lower manufacturing costs and other economies in operation,
and our policy of sharing all benefits with our customers."
"Since Nov. 1 the company has saved 91,300,000 a year to the people of
Brooklyn, viz.: Nov.20,a reduction in rates to Flatbush users ofelectricity
$300,000, and on Dec. 29 a reduction in rates to all Brooklyn $1,000,000.-V. 119, p. 2527.
Broad River Power Co.-Bonds Offered.-Halsey, Stuart
& Co., Inc., anli Pynchon & Co. are offering at 100 and int.
$1,500,000 10-Year 63/2% Secured Sinking Fund Gold bonds.
Dated Nov. 1 1924; due Nov. 1 1934. Int. payable M. & N. in New
York or Chicago without deduction for Federal income taxes not in excess
of 2%. Denom. $1.000. $500 and $100 c*. Red. all or part at any time
on not less than 30 days' notice at the following prices and int.: To and incl.
Nov. 1 1925, at 105; thereafter decreasing M of 1% for each expired year
or part thereof to and incl. Nov. 1 1933 and thereafter at 100. Penn.
tax, District of Columbia
4-mill tax. Conn. 4-mill tax, Maryland 4
5-mill tax and Mass, tax on int, not exceeding 6% refunded.
Listing.-.Bonds are listed on the Boston Stock Exchange.
companies doe), without competition,
busindary
Company.-Throli
the entire electric I ht and power, gas and street railway business in
Columbia, S. C., an environs, which business had its inception in 1891.
Upon the completion of certain construction in the near future, the company
will also furnM electric power in the vicinity of Spartanburg, S. C.. and
serve other prosperous communities.
Company owns directly or controls practically all of the outstanding
preferred and common stock of Columbia Railway Gas & Electric Co.,
Parr Shoals Power Co. and Columbia Gas Light Co. Control of these
stocks has been acquired through the issuance of $1,250.000 Pref. stock and
$2,_200.000 Common stock.
It Is the intention of the company to effect a transfer to itself of the entire
electric light and power and gas properties now held by these controlled
companies as soon as proper authorization has been received from the
Legislature of the State of South Carolina. The company has already
embarked upon an extensive construction and expansion program.
Electric properties operated by company through subsidiaries have a
present installed generating capacity of 25,500 k. w., of which 20,000 k. w.
Is hydro-electric. There is now under construction the first 12,500 k. w.
unit of a modern steam generating plant, which is expected to be in operation
about Sept. 1 1925, when construction of an additional 12,500 k. w. unit
will be started. This station will be located on the Broad River adjacent
to the present hydro-electric station at Parr Shoals and will have an ultimate
capacity of 65,000 k. w. Electric energy from this new station will be available through the construction of 130 miles of high-tension transmission
lines to meet the demand now existing in and around Columbia and Spartanburg and various other communities. Upon completion of.the above
construction, the con pany will have a total installed generating capacity
of 50,500 It. w., 188 miles of high-tension transmission lines and 324 miles
of distribution lines. In addition to the present proposed steam power development, the company controls additional hydro-electric sites possible of
practical development of at least 50,000 k. w., from which power may be
produced at very low cost.
Gas is distributed in Columbia through 60 miles of mains from holders of
1,500,000 cubic feet capacity. In addition, electric railway lines comprise
30 miles of track and necessary equipment for operation.
'
Authorized. outstanding.
CapitalizationFirst and Refunding Mortgage bonds
$100,000
•
10-Year Secured Ois, 1934
1,500,000
$1.500.000
7% Cumulative Preferred stock (V. 119, p. 2284)-10,000.000
1,250,000
Common stock
10,000,000 2,200,000
Funded debt of subsidiary companies with public
6,202.600
* The 1st & Ref. Mtge. bonds will be secured by a first mortgage on all
property (except property exempted therefrom) now or hereafter owned,
subject to the liens of underlying divisional mortgages, if any, on property
hereafter acquired. Additional bonds may only 130 issued under conservative property and earnings restrictions to be included in the mortgage, except that in addition to the $100.000 1st & Ref. Mtge. bonds to be presently
outstanding the con pany may issue $1,650,000 on the basis of 75% of the
cost of additional property without earnings restrictions.
Purpose.-Entire proceeds will be used in connection with the Company's
construction and expansion program and will be deposited with the trustee
to be expended only in connection with the construction of a modern generating station, transmission lines additions and betterments to the company's properties and the acquisition of additional property free of lien.
Sinking Fund.-Mortgage will provide for an annual sinking fund beginning May 1 1926 of $60,000, which will operate to retire these bonds semiannually through purchase up to and Including the prevailing call price,
85
THE CHRONICLE
$1.473,542 $1,558,370
$249,252
273.457
169,251
123,621
$253,092
266,070
157.497
126.948
Operating income
Other income credits__
$657.960
3.541
$754,763
4,753
Gross income
Interest, &c
Depreciation
$661.501
341,562
137,600
$759,516
369,675
143.999
$245,841
Net income
$182,339
Consolidated Balance Sheet as of June 30 1924.
[Rwresenting Columbia Railway Gas & Electric Co., Parr Shoals Power
Co.. olumbia Gas Light Co. and Public Service Co. of South Carolina.)
AssetsLiabilities$2,000,000
Property and franchises_$10,562.612 Common stock
1,195,300
Inv. in other securities__
3,520 Preferred stock
a6,486,000
Sinking funds _
291,078 Funded debt
377,581
Total current liabilitiesDeposit in lieu of mtged.
79.621
property sold
1,018 Advances
1.245.724
Current assets
383,242 Total reserves
522.516
Unamort. debt discount_
665,272 Surplus
911,906,742
Total
Total
$11,906,742
a Columbia Ry.. Gas & El. Co. 1st Mtge. 58. 1936. $2.961,000; Columbia
Canal Co.6s (extended from year to year). $200.000; Parr Shoals Power Co.
1st Mtge. 5s, 1952 (incl. $255,000 in sinking fund), $3.000,000; Columbia
Gas Light Co. 10-Year 7% Sinking Fund Gold notes, $325.000.
Management.-Company is controlled through ownership of its entire
outstanding Common stock by General Gas & Electric Corp. Compare
also V. 119. p. 2284, 3008.
Brooklyn Union Gas Co.-31 Gas Law Illegal.A tentative opinion by Almet R. Latson, the Special Master appointed
In the
gas litigation in Brooklyn, finds that the law so far as it applies
to the company has been proved to be confiscatory beyond a doubt. Therefore he recommends the issuance of an injunction restraining public officials
from attempting to enforce it. Counsel rperesenting the various interests
will appear before the master on Jan. 12 and file what objections they please.
The report is similar to the report of Special Master James G. Graham.
who recently completed a tentative report in the case of the Consolidated
Gas Co., only in that it declares the law unconstitetional because confiscatory. In other important particulars the two reports vary. Mr. Graham
allowed the Consolidated company 99,000,000 for "going value," but Mr.
Latson rejected entirely the claim of the Brooklyn company for an allowance of $16.000,000. Concerning this claim Mr. Lateen said:
"The plaintiff started as a going concern, there was a going value at its
birth."
It is pointed out in the report that there is no way to estimate the amount
spent by the company in "annexing its consumers" beyond the outlay of
1923,
, "which indicates that promotion expenses, cost of setting meters,
&c.'averaged about $23 a meter. Other items, the master states, render
this
'calculation valueless.
Concerning the testimony of an expert employed by the company to assist in fixing "going value," the master states: "This is all so difficult to
e
conceive and so contrary to general experience that the imagination falters."
Mr. Graham allowed the Consolidated company more than $7.000,000 as
the value of its franchises, but Mr. Latson refused to allow the Brooklyn
company anything for this sort of property. The company claimed that
its gas-making and gas-distributing property was worth $93,000.000 as of
June 1 1923. the date when the El gas law was supposed to have gone into
effect. but Mr. Latson fixed the value at $55,000,000. According to the
findings presented in the report it costs the Brooklyn company 92.45 cents
per 1,000 Cu. ft. to produce gas for the year Dec. 31 1923, when the value
of the plaintiff's property had increased, the master finds. to $58.092,513,
and its net operating revenue for the year was 4.04% instead of the 8%
which the master thinks the company is entitled to earn.-V.119, p. 2876.
2284.
Central Illinois Public Service Co.-New Financing.Halsey. Stuart & Co., Inc., has purchased and will shortly offer for public
subscription $4,800,000 Serial Gold notes. The notes, all of $1,000 denom.,
will be dated Jan. 2 1925. and serial maturities of the issue in the amount
of $400,000 will be taken up each quarter beginning
rll 1 1925 and ending
Jan. 1 1928. The first four maturities will bear 4{% interest, while the
remaining eight will bear 5%. The Central Illinois Public Service Co. will
sell Preferred stock among its customers over the three-year period for the
ptinlose of funding the note maturities.
The proceeds will be used to acquire all of the outstanding Capital stocks
except directors' qualifying shares of Quincy (Ill.) Gas, Electric & Heating
Co.. and the Chicago & Joliet Electric Ry. [According to press reports the
Central Illinois Public Service Co. also takes over the Dellwood Park and
Joliet line and the Chicago & Joliet Transportation Co.. which operates a
bus line.] These companies now serve the city of Quincy,
having
population of more than 35,000, with electricity, gas and heat and street
railway service in Joliet. Ill. having a population of more than 38,000, as
well as an interurban railroad
'between Joliet and Chicago.-V.119, p. 1281.
Chesapeake & Potomac Telephone Co., Balt.-Rates.
The Maryland P. S. Commission has rejected the plea of the eompany
for increased telephone rates throughout Maryland. and has ordered the
existing rates maintained. The rates proposed by the company were said
by the Commission to be unjust and unreasonable.-V.118. P. 314.
Chicago & Joliet Electric Ry.-New Control.See Central Illinois Public Service Co. above.-V. 116. p. 2128.
Chicago North Shore & Milw. RR.-Notes Called.-
All of the outstanding Series 'C" 3-year Secured Sinking Fund Gold
notes, dated April 2 1923, have been called for payment Jan. 23, at 100%
and interest, at the Central Trust Co. of Enrols, Chicago. See also
V. 119, p. 3009.
Cities Service Co.-Listing.-
The Boston Stock Exchange on Dec. 31 admitted to the list (a) 499,554
shares Common stock (par $100); (bY 814.717 shares Preferred stock (ear
$100); (C) 459,192 shares Preferred B Capital stock (par $10); and (d)
10.825 shares Preferred BB Capital stock (par $100)•
Transfer Agents (All Classes).-Old Colony Trust Co. Boston; Henry L.
Doherty & Co., New York; Huntington National Bank. Columbus, Ohio.
and International Trust Co., Denver, Colo.
Registrars for Common and Preferred.-State Street Trust Co., Boston;
Guaranty Trust Co. New York; Commercial National Bank. Columbus;
First National Bank,
'Denver.
Registrars for Preferred B and Preferred BR.-State Street Trust Co..
Boston; Bankers Trust Co., New York; Commercial National Bank,
Columbus,0.,and First National Bank. Denver.-V.119. p.2528, 2409.
Coast Counties Gas & Electric Co.-To Issue Stock.The California RR. Commission has authorized the company to issue
at not less than 86, on or before Dec. 31 1925, 4,000 shares of 67 1st Pref.
stock, par $100, the proceeds to be used to finance capital expenditures.
-V. 116, p. 2261
86
THE CHRONICLE
Danbury & Bethel (Conn.) Street Railway.
-
Judge J. Moss Ives, receiver of the company, will petition the Connecticut
General Assembly for a charter to operate an electric railway system and
power generating plant. The company will be designated as the Danbury &
Bethel Power & 7 ransnortation Co., and if authorized may take over the
company now operating, foreclosure of which has been ordered by the
Court on the petition of the first mortgage bondholders. It is also proposed
to take over the charters of the Danbury & Bethel Traction Co. and the
Bridgeport & Danbury Electric Ry. ("Electric Railway Journal.")V. 114. p. 1890.
Denver Tramway Co.-Fare Increase Granted-Earnings.
F Federal Judge Symes has signed a formal decree giving the company permission to raise fares to any figure that will bring a net return annually of
52.207.500. or 7% on the valuation of U3,514.769 plus a reserve for
depreciation of *450.000. The decree affirms the company's right to a
perpetual franchise, obviating the necessity of an election in 1926.
E. Stenger. rece.ver of the company, recently presented the followinx
;geosrt
U
ap ointed. S.istriccetcgo
veucrt vgrAl
.g3o1pelialiens from Dec. 24 1920.
he was
Condensed ES..t.:meLt of N.1 Income P..riod Doe, 24 1920 to Oct. 311924.
Accumul' e
e
Dec.24'20 to Jan.'24 to Dec.24'20 to
Dec. 31 '23. On. 1924. Oct. 31 '24.
Total revenue from transportation--314,136.741 $3.733.107 $17.869.848
Total rev,from oper. other than trans.
514.900
162.308
677.208
Total operating revenue
314.651.641 V3.895.415 C8.547.056
Total operating expenses
9.802,256
2.542,433 12,344,689
Net operating revenue
$4,849.385 *1,352.981 $6,202.366
Total miscellaneous income
36.462
20.910
57.372
Gross income less operating expense $4.885.847 $1.373.891 *6.259.738
Total deductions from income
4,237.966
1.178.117
5.416.083
Net Income
$647,881
$195.774
$843.655
-V. 119, p. 2877, 2645.
(Vol.. 120.
Indiana Columbus & Eastern Traction Co.-Interest.
The Nov. 1 1924 coupons pertaining to the Dayton Springfield & Urbana
Electric Ry. 1st Mtge.5% 30-Year Gold bonds will be paid Dec. 31 1924 at
their face amount, together with 6% interest thereon, viz., 25c. per coupon,
upon presentation thereof at the office of the New York Trust Co., 100
Broadway, New York, if accompanied by appropriate ownership certificate.-V. 119, p. 2287.
Indianapolis Water Co.-Appeal Granted.-
A petition for an appeal to the U. S. Supreme Court of the decree of
Oct. 3 enjoining the Indiana P. S. Commission from enforcing the present
schedule of water rates of the company and In which the value of the
property of the company was found to be M0.000.000 was recently granted
the Commission and the City of Indianapolis by Judge Ferdinand A.
Geiger in the Federal Court. The petition was filed by the Commission,
and the City of Indianapolis. Intervening defendant.
After the injunction was issued on Oct. 3 1924. the company filed with
the Commission a new schedule of rates estimated to yield a return of
about 7% on a valuation of V9.000,000 and to give the company In 1925
an increase of revenues of about 3300.000 over the revenues of 1924. The
proposed schedule represents an increase of about 13% over the present
schedule. A hearing on the petition was held in November. It was
contested by the city, which contended that a return of 6% on the liberal
valuation of
Comm
the pzoperty fixed by Federal Court was adequate. The
order of the
F Ion on the petition is pending.-See also V. 119, p. 1741
Jamaica Public Service Co. Ltd.-Expansion, cfCC.--
President R. D. Bell, in connection with a recent increase in the authorized capital stock, said in part:
"Since the organization of the company and the acquisition by it of the
properties of the West India Electric Co.Ltd.. and the Jamaica Light 8s
Power Co.. Ltd., in June 1923, the business of the company has grown
steadily, necessitating the provision of increased and improved facilities.
To date an amount of S304.000 has been invested In the development of
additional power and tramway facilities. largely from funds provided at
the time of organization for that purpose and, from earnings reinvested in
the property.
"The needs of the communities served and the opportunity for further
profitable business through increased facilities make it desirable to conDetroit Motor Bus Co.-Eztra Dividend.tinue the policy of building up the property. While the company can readily
The directors have declared an extra cash dividend of 1% and the regular finance these improvements through sale of actintional first mortgage 634%
quarterly cash dividend of 2%.