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The
financial
rontrie
Bank & Quotation Section
Railway Earnings Section
VOL. 118.
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JANUARY 5 1924.
•
Electric Railway Sectica
State and City SecticE
NO. 3054.
The State income taxes are in addition to the Federal income taxes, and though not quite so heavy as
PUBLISHED WEEKLY
the latter, are independently very onerous. They are
Terms of Subscription—Payable in Advance
corporations and run from 1%
2
1
/
$10 00 4 % in the case of
ler One Year
8 00
ter Biz Months
to 3% in the case of individuals, and both must be
13 50
European Subscription (Including Postage)
7 75
the
European Subscription six months (including postage)
11 50 paid, neither being accepted as a substitute for
Canadian Subscription (including postage)
fluctuations In the rates of exchange. other. Inasmuch as the very large incomes in most
NOT10E.—On account of the
remittances for European subscriptions and advertisements must be made
hi New York Funds.
cases are derived from corporations, this means that
Subscription includes following Suppkment4—
(semi-annually) such incomes are taxed as high as 7 % by the State.
2
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/
'RAILWAY & INDUSTRIAL
BANK AND QUOTATION (monthly)
ELECTRIC RAILWAY (semi-annually)
RAILWAY EARNINGS (monthly)
Mr. Smith does not propose any reduction in the
ST•TI AND Cm (semi-annually) B•NIERS CONVENTION (yearly)
Terms of Advertising
tax, but he does ask that the tax on in45 cents corporation
Transient display matter per agate line
On request
Oontract and Card rates
dividuals be remitted to the extent of one-quarter.
Oztoaao Omen —19 South La Salle Street, Telephone State 5594.
LONDON 0771CS —Edwards & Smith. 1 Drapers' Gardens. E.G.
And the beauty of the proposal is its simplicity.
WILLIAM B. DANA COMPANY, Publishers,
Moreover, as the tax is now divided between the
Front, Pine and Depeyster Streets, New York.
State and its municipalities, Governor Smith proPublished every Saturday morning by WILLIAM B. DANA COMPANY.
President. Jacob Seibert; Business Manager. William D. Riggs: Secretary. Herbert poses that the State shall assume the whole amount
D.Seibert; Treasurer. William Dana Seibert. Addressee of all. Office of Company.
of the reduction, leaving to the municipalities the
same income they now receive, notwithstanding the
The Financial Situation.
If we should be asked to ent. erate the si)st im- lowering of the rate. Note what the Governor says:
"I suggest the immediate enactment of a statute
portant event of the week, in an economic and a
financial sense, we should say it was the recommen- in respect of 1923 incomes, which are payable before
dation of Governor Smith of this Nate in his annual April 15 1924, which will permit every income taxmessage to the Legislature, th. the State personal payer to the State to reduce the amount of his State
income tax be cut 25%, the reduction to apply to the income tax by 25%. This can be done without interincomes of 1923. The country Is suffering from ex- ference with the existing rate. Since the tax blanks
cessive costs of various kinds, bu the most burden- are already printed, to avoid confusion it should be
some of them all is the excessive Governmental costs provided by law that the taxpayer make this reducin the shape of taxes. Like Secretary Mellon, Gov- tion himself, remitting the balance to the State.
"The State is obligated to return to the municipaliernor Smith is to be commended both for having
gauged public sentiment aright and for having sug- ties 50% of the total income tax returns. Nothing
gested a feasible method of relief. Governor Smith should be taken from this 50% now allotted to the
has an advantage over Mr. Mellon in that his sug- municipalities, as the financial condition of the
gestion, if carried into effect, would give instant re- State permits it to assume the entire loss in revenue,
lief—that is, it would not be necessary to wait until brought about by the proposed 25% reduction. Thus,
next year to get the benefit of the lower tax rate, as of the 1923 income tax to be collected, the State will
in the Federal scheme, but the reduction would come really, under the reduction, take approximately oneat once. As a matter of fact, a similar arrangement third of the total return and leave two-thirds to the
in the case of the Federal taxes would be out of the cities."
question, without completely suspending the collecIt is to be hoped that neither party in the State
tion of the taxes due in 1924 on the incomes of 1923, Legislature will attempt to play politics, but that
for it will take months for Congress to enact a new both will co-operate with equal zeal to carry out the
tax measure and if the new rates were to apply on Governor's recommendations.
1923 incomes all would be confusion for a considerGreat Britain has a new Ambassador to the United
able time to come. It is for that reason that Mr.
Mellon proposes that his scheme of reduction shall States. Sir Auckland Geddes has resigned on account of his health, which has been impaired for
begin with the incomes of 1924, payable in 1925.
Governor Smith characterizes the situation with some time. He will be succeeded by Sir Esme Wilunerring accuracy when he says that "throughout liam Howard, now Ambassador to Spain. Sir Esme
the State and all of her municipalities, for that mat- is spoken of as a man of more than usual experience
ter throughout the country, the people are suffering in the diplomatic service, and as one not a stranger
from the burden of excessive taxation, and here is in the United States,inasmuch as he served as Counan opportunity, without impairing the financial c211or of the British Embassy at Washington from
structure of the State and without interfering in the 1906 to 1908. The announcement in Washington of
slightest degree with the progress of any public these changes apparently caused considerable surwork, to give our taxpayers a measure of immediate prise in London, where it was expected that Sir
relief."
Auckland would return soon to his Washington
ghe (Chronicle.
THE CHRONICLE
[VoL. 118.
post. The London correspondent of the New York Washington." Before setting out he was reported
"Times" cabled that "Geddes's resignation has to have expressed himself in part as follows regardcaused a considerable surprise, as recently Sir Auck- ing his plans: "I have not been so fit in ten years;
land has spoken very cheerfully about the prospects my sight is good and I read and write as well as I
of his return to Washington and word was sent to ever did, but my medical advisers said that unless I
the New York 'Times' only three days ago concerning rested another six months they would not guarantee
the Ambassador's sailing from his old friend Sir my cure would be lasting. I may re-enter politics
John Henry." He added that "it is suggested here eventually, although it was never absorbingly attracthat Geddes desires to retire not only on account of tive to me. But as a matter of fact, I've not given a
his eye trouble,but in order to enter business. He is moment's thought to what I shall do when I am
known to be a man of quite moderate means and has through at Washington. The only certainty is that
a large family to provide for. A few months ago it I shall do something."
was rumored that he had looked at the great success
in commercial life of his brother, Sir Eric Geddes,
Predictions that the Baldwin Cabinet in Great
.with some envy, and that it would not be long before Britain will fall soon after the reassembling of Parhe endeavored to follow in his footsteps." It is cer- liament on Jan. 8, and that it will be succeeded by a
tainly a striking coincidence that the selection of a Labor Ministry, with J. Ramsay Macdonald as Prime
new British Ambassador should have been an- Minister, continue to be freely made both in Great
nounced almost at the same time that Frank B. Kel- Britain and the United States. Lord Beaverbrook,
logg, the new American Ambassador to the Court of the prominent British publisher and politician, who
St. James, arrived in London to assume the duties of has been in this country for several weeks, was
bis post as successor to George Harvey, resigned. quoted in an interview in the New York "Times" on
According to London cable dispatches Mr. Kellogg Dec. 29 as expressing the opinion that this will haphas been well received by the British, and already is pen not later than Jan. 15, or exactly one week after
spoken of as the "friendly Ambassador." He is a Parliament comes together. Asked how long a Lathoroughly cautious, conservative and Ndicious bor Government would last he was reported to have
man, and while not of the remarkably jovial nature suggested that "I would not dare to offer a predicof Joseph H. Choate, can be depended upon to be tion. A Labor Government of necessity will be
"friendly" in the best sense, and to do the right a minority Government under present conditions
thing at the right time. Upon his arrival in London and, as such, its hands will to a very great extent be
he was quoted as saying: "I hope and believe that tied. But they have a minority Government in the
1
1924 will be brighter than 1923 as the world gradu- Dominion of Canada at present." Lord Beaverbrook
ally struggles back from the great conflict. I cannot said that there was no probability of some arrangeof course discuss international affairs or domestic ment being made by which a coalition, headed by the
policy, but I believe Anglo-American relations will Liberals and controlling a majority in the House of
grow more and more friendly as time goes on. I Commons, could be placed in charge. This British
shall do my best toward that end." The London cor- publisher is an admirer and supporter of former
respondent of the New York "Times," in a wireless Premier Lloyd George. Relative to the latter's part
dispatch Wednesday evening, said that "Ambassa- in the recent campaign in Great Britain preceding
dor Kellogg is expected to conclude the formalities the general election, he said that "Lloyd George came•
of taking office at the beginning of the week after fresh from his Canadian and American triumphs:
next. He is anxious to attend the State opening of He launched a campaign which for virility far outParliament on Jan. 15 as the fully accredited Amer- stripped anything he had done in his speechmaking
legal Ambassador, and it will be necessary for him to tour in Canada and the United States. It baffled
present his credentials to the King before that date. and then caught the imagination of the British peoNothing on the subject has yet been arranged, but it ple. We could only marvel at the apparently inexseems likely that he will be received by the King im- haustible vitality and resourcefulness of that man." ,
mediately after the latter's return from Sandringham
for the Parliamentary ceremony." While it has been
Commenting upon the political situation in Great
intimated in editorial articles in American newspa- Britain, the London correspondent of the New York
pers that probably Americans would prefer as Brit- "Herald" said in a cablegram published Dec. 29,
ish Ambassador a man somewhat less of the profes- that, "with the approach of the time when Labor
sional diplomat type than Sir Esme William How- probably will be called upon to form a Government,
ard, and more like Sir Auckland Geddes, whom he is J. Ramsay Macdonald and other party leaders are
to succeed, still the new representative of Great Brit- taking steps to insure discipline within the Labor
ain is certain to be accorded a most cordial welcome. ranks, so that loss of time and prestige won't be
caused by the hot-headed exuberance of the extremOfficial announcement of the resignation of Sir ists who in the last Parliament frequently let their
Auckland Geddes and of the appointment of Sir zeal lead them into unprofitable wordy combats with
Esme William Howard as his successor was made the Opposition." He added that "in the event of his
by the British Foreign Office on Dec. 30. It was taking office as Prime Minister, it is stated Mr. Macmade known at the same time by the Foreign Office donald will insist on the absolute loyalty of those apthat Sir Horace Rumbold,"at present High Commis- pointed to Ministerial posts and that committees
sioner in Constantinople, is to be Ambassador to shall have their say before propositions are submitMadrid." In an interview in Madrid on Dec. 31 he ted to the House for approval."
was quoted as saying that "I intend to leave Madrid
A somewhat contradictory situation appears to
about the end of January, going to London to confer
and make final arrangements, which will take prob- exist in France relative to the prosperity of the peoably a few weeks." Sir Auckland left London on ple and the big increase in the debt of the 6overnWednesday "for America, for a month's stay in ment. Commenting on this matter, the Paris rep
JAN.5 1924.]
THE CHRONICLE
3
resentative of the Associated Press said that "the 2, "the rising waters of the Seine that afternoon neFrench people are ending a year of extraordinary cessitated the closing of two of Paris's largest railindustrial and commercial prosperity. French na- way stations—the Gare d'Orleans and the Gare des
tional finances, on the other hand, are more heavily Invalides." In a dispatch the following day it was
weighed down than at any time in the history of the said that "the doors and windows of the first floor
Third French Republic." He added that "private of the Chamber of Deputies are being sealed with
firms and industries in all branches of trade and bricks and mortar, walls are being built around the
commerce have been generally thriving, paying large subway entrances and similar structures are being
dividends or showing handsome profits. There is placed around manholes and sewers in the outlying
no unemployment in France. As a matter of record, sections of the city. Inches of water cover the courtlabor is scarce, and employers have been obliged to yard of the Foreign Office. Service on the electric
import foreign labor, especially from Poland, Italy railway between Paris and Versailles has been susand Spain." As to the finances of the nation, he pended. Ferry communication has been established
said: "The National Treasury, however, finds itself in the vicinity of the Orleans station." According to
owing at the end of the year 1923 some 20,000,000,- Paris advices sent out Thursday night, "the situa000 francs more than on Dec. 31 1922. The French tion caused by the rising of the Seine was hourly bepublic debt, which was officially acknowledged to be coming more alarming. The flood waters reached
380,000,000,000 paper francs on Jan.1 1923, has now 6.80 metres above normal and were expected to be
reached the 400,000,000,000 mark. The increase rep- above seven metres the next morning. The outlying
resents what has been spent in reconstructing and quays already were submerged and the river now is
repairing damages in the departments of Northern within an inch of the top of the parapet lining the
France ravaged by war. The French people as a Quai d'Orsay." In a wireless dispatch last evening
whole are much less concerned about their public it was said that, "although officials are convinced
finances than foreign observers. Money has come that the famous structures along the Seine are not
easily to the French Government, the French nation endangered, water is seeping into the substructures
showing an immense power of absorbing national of the Cathedral of Notre Dame. The height of the
loans. The Ministry of Finance will announce Seine flood at the Pont Royal at 9 o'clock this mornshortly after the new year another loan of 13,000,- ing was 25.26 feet, showing that in the past 24 hours
000,000 authorized by the French Parliament, the the waters had risen 8.66 inches. The rise during the
proceeds of which will again be poured into North- previous 24 hours was 15.7 inches."
ern France, which has swallowed more than 100,000,000,000 paper francs since the armistice. The total
Berlin was no less gay on New Year's eve than
French public debt is made up of the internal debt Paris, according to a wireless dispatch from the foramounting to 269,000,000,000 francs and the external mer centre to the New York "Times." It was claimed
/
debt of 126,000,000,000. While France has borrowed that "Germany is spending her most extravagant
no money abroad during the year 1923 and the total New Year's Eve since the palmiest pre-war days.
foreign debt on Dec. 31 1922 totaled 95,000,000,000 The oldest inhabitants agree that this is a throwback
paper francs, the increase is represented by the de- to the golden time when the Reichsbank still repreciation of the franc in the exchange market as deemed paper marks in gold. There is, however, a
compared with sterling and the dollar. War loans note of dangerous license in this New Year orgy,
from Great Britain and the United States make up which is based on no real prosperity, lightness of
practically the entire amount of France's foreign heart or honest merry-making. What it amounts to
debt. Internal loans amounting to 19,000,000,000 is that several hundred thousand Berliners deliberpaper francs were floated during 1923. The internal ately started out to-night to forget their troubles
debt on Dec. 31 1922 was 250,000,000,000, compared and for one wild night drown them ten fathoms
with 269,000,000,000 at the end of the present year. deep." The correspondept added that "Germans for
For the first time since the armistice the French the first time in years are paying real money for
Treasury shows a surplus of revenue over expenses their New Year's Eve celebration; that is, prices are
in the ordinary budget for the current year. The on a gold basis. It is interesting to note how much final figures as adopted by the Senate are: Reve- money is in evidence in Greater Berlin. For innues, 23,054,000,000; expenditures, 22,151,000,000; stance, the hotels and restaurants—big and little—
a surplus of 896,000,000. The revenues are made up the cafes, cabarets and night life resorts made the
of taxes, 17,101,602,616; and the profits from State most elaborate preparations, and these places were
monopolies, domains and an item of nearly 2,500,- sold out to-night at fantastic prices. A conservative
000,000 described with the somewhat mysterious estimate is that $500,000 will be spent between sunlabel of 'exceptional resources.' More than half the set and sunrise."
expenditures are represented by the interest on the
In another Berlin dispatch to the same paper quite
debt amounting to 12,057,378,586. Interest on the a different side of the picture was presented. After
consolidated debt being 4,353,242,583, and the inter- noting by way of introduction that "Germany is exest on Treasury and other short-term bonds, 6,475,- pected to begin reviving politically, economically
563,642. Interest on smaller loans make up the dif- and otherwise on Jan. 3, when one of the longest soference. France has succeeded in keeping the bank called holiday recesses will definitely end," and that
note circulation at about the same figure as in 1922. "President Ebert will hold his customary New Year
There has been no inflation. The amount of notes reception to the Diplomatic Corps to-morrow," the
in circulation in France to-day is below 37,000,000,- correspondent declared, "but more interesting and
000."
more important developments already loom on the "
horizon, fully indicating that the first part ot the
Considerable damage was said to have been done new year, particularly the annual hunger months of
by the overflowing of several of the largest rivers of March and April, will prove exceedingly unpleasant
France. According to a Paris cablegram dated Jan. and critical. Significantly, a new class struggle is
4
THE CHRONICLE
being opened by Berlin's radical metal workers. Partial strikes have already broken out in the metal industry here. The workers are demanding an increase of from approximately 12 to 15 cents per hour,
whereas the Industrialists are equally enthusiastic
for reducing wages to 10 cents per hour. Another
big fight has started in the printing trades, where
the introduction of what is practically the ten-hour
day is at stake and is more trouble-breeding than
even the wage schedule. An epidemic of strikes and
a bitter labor war are confidently to be expected. In
domestic politics the most powerful party numerically, the Social Democratic, has been forced to sanction the strikes by the radical Left Wing, which consists of the former Independent Socialist Party, and
has come out openly in the opposition to the Government. This bodes no good to Germany's domestic
political quiet."
As to the prospects industrially in Germany in the
new year the correspondent said: "Prospects of industry and foreign trade for 1924 will depend mainly
upon whether the home price level can be reduced.
At present, Germans are buying as little as possible,
and the foreign trade outlook for the coming months
is bad. Probably we shall see a repetition of 1923,
during which the trade balance, judged by volume,
grew steadily more adverse to Germany. But this
question also is inseparably connected with the fate
of the currency." He added that "regarding the
broader European prospect competent Germans
are hopeful. They point to the fact of Russia's progress toward recovery, to the striking and rapid recuperation of Austria, Finland and the small Baltic
Statelets, and to the decline of Bolshevist anti-social
and disruptive influences."
In an interview with the Berlin correspondent of
the New York "Tribune," -Dr. Hjalmar Schacht,
newly appointed President of the Reichsbank, was
quoted in part as saying: "There is just one thought
I desire to express. The United States cannot and
must not hold aloof from Europe. Of course, it is
possible for the United States to live without taking
part actively in Germany's material interests, but
the thousand-year-old culture of this Continent carries waves throughout the world." Arthur von
Gwinner, director of the Deutsche Bank, was reported to have expressed the following opinions:
"Leave Germany to starvation and despair and disorder and you destroy Europe. The United States
won the war, but lost the peace. Is this the kind of
just peace for which, on a solemn condition, the Germans laid down their arms at America's feet? Even
those in the highest positions in Europe would be
powerless without American public opinion to back
them. Our only hope is in the United States." Herr
Scheidemann was quoted as follows: "Should the
United States at the very beginning of the year
clearly indicate its readiness to take part in the adjustment of all questions arising from reparations
and occupation and Europe's economic disorganization, on a basis of justice, democracy and international interest, there will be every assurance that the
reactionaries both in Germany and France will suffer complete defeat."
An interesting and significant development in Berlin financial circles has been the appointment of Dr.
Hjalmar Schacht as President of the Reichsbank
against the will of the Board of Managers. The rep-
[VOL. 118.
resentative of the New York "Times" in the German
capital cabled on Dec. 30 that "the newly appointed
President of the Reichsbank, Dr. Schacht, is hesitating to assume his duties, fearing that the opposition
he expects to meet among members of the Board of
Managers may seriously handicap him in carrying
out certain urgent reforms." Continuing to outline
the situation, the correspondent said: "Dr. Schadt,
who, with the Finance Minister, Dr. Luther, is generally given credit for stopping the note presses and
stabilizing the mark, was appointed President of the
Reichsbank against the unanimous vote of its Board
of Managers, who preferred Dr. Helfferich. President Ebert, however, in whom the power of appointment is vested, exercised it in favor of Dr. Schacht,
who had the overwhelming majority of public opinion, as well as the most important financial, industrial and commercial circles behind him. There is said
to be good reason to fear thatDr.Helfferich's friends,
most of whom belong to influential nationalist and
agricultural circles, have not yet given up hope of getting control of the Reichsbank, and to that end have
gained the aid of certain members of the Board of
Managers, which shares a sort of co-operative authority with the President of the bank to paralyze
any measures Dr. Schacht may introduce. This is
specially feared in regard to the gold note bank
which Dr. Schacht desires to establish in conjunction with the Reichsbank to make stabilization of the
mark permanent. Dr. Helfferich has another plan to
bring about permanent stabilization which would,
however,surrender the Reichsbank and probably the
whole system of German finance to control the Nationalists and therefore is a very unpopular step.
For this reason Dr. Schacht will not assume his new
office until the Reichstag has passed a law that givts
the President of the Reichsbank the necessary power
to ignore his Board of Managers and hold him responsible only to the President of the Republic."
Acording to the "Daily Telegraph" of London, Dr.
Schacht arrived there on Wednesday "for conferences with some of the leading British financiers."
Cabling from Berlin Wednesday evening, the correspondent of the New York "Times" claimed that
"although the fact has not yet been made public, the
German Government's proposal and conditions for
an agreement to establish the Rhenish Westphalian
note bank were turned down unequivocally by Paris
and Brussels. The gist of the German conditions
proposed to France and Belgium was 50% German
participation in the Rhenish-Westphalian bank and
free and unlimited admission as legal currency into
the occupied area of the new rentenmark with the
corollary that the occupying Powers desist from
seizing German currency in the occupied areas."
The pronounced and rapid recovery of Austria
industrially, commercially and financially since receiving an international loan has been the subject of
wide comment, both in Europe and this country. In
outlining what was accomplished in these various
directions last year, the Vienna correspondent of the
New York "Times" said in part: "The unexpectedly
favorable budget results of recent months, the revival of industry, the renewed development of Vienna am a banking centre, the inpour of foreign capital—all this, coming along with the stabilizing of
Austria's currency, seems to warrant hope of further progress in 1924, extending to the rehabilitation
of private concerns. The extraordinary improve-
JAN. 5 1924.]
THE CHRONICLE
ment in the State finances, which are expected to
of
achieve complete equilibrium, possibly at the end
of 1925, points in
1924, but certainly in the first half
the same direction. The National Bank, which began 1923 with 1,195,000,000,000 crowns reserve in
gold and foreign bills and 4,471,000,000,000 note and
deposit liabilities, now reports 3,610,000,000,000
cash, against 7,285,000,000,000 liabilities; all this
without allowing for the League of Nations credit
guarantee. This eusures the stability of the currency in 1924."
5
spokesman for the German industrialists sent to fish
in French waters to see what he could catch." Regarding the probable outcome of this proposal, the
correspondent observed that "it is exceedingly difficult to give a reliable indication of what will come
of Herr Rechberg's plan. If one takes the declara
French Nationalist press and puts them
tions of the
beside the disavowals of the German Nationalist
press one could easily get the idea that Herr Rechberg was wasting his time."
Former Premier Venizelos of Greece left Paris on
28 for Marseilles, whence he
Preparations for the beginning of the work of the the evening of Dec.
the next day. While on his way
two committees of experts that are to look into Ger- sailed for Athens
Premier urged a plebiscite for
many's financial condition and the extent of German back home the former
ing to the correspondent of the
holdings of securities in foreign countries, appear his country. Accord
in Athens, "ex-Premier Venizene"
to have gone forward as rapidly as possible, consid- Chicago "Tribu
ment proposing an imtances: Gen. Charles G. Dawes and los sent a radio to the Govern
ering all circums
te by the Greek people on the followOwen D. Young,two of the three American members, mediate plebisci
ns: One—Whether the nation shall
sailed for Paris on Dec. 29. They will be joined ing two questio
third be a republic or a monarchy. Two—Whether the
later by H. M. Robinson of Los Angeles, the
another dynasty shall rule, if the
American representative. In a Washington dispatch Gluecksburg or
of a monarchy." It was stated
to the New York "Evening Post" Thursday afternoon decision is in favor
Press dispatch from Athens Wedit was stated that Mr. Robinson conferred with in an Associated
shouts from the Deputies and the
President Coolidge and Secretary of State Hughes nesday that "amid
'Long live the Republic; down with the
the day before. He arrived in New York Thursday galleries of
Revolutionary Government was
and will sail for London to-day on the Aquitania. King!' Greece's
the newly elected National Assembly
According to the Washington dispatch, "the com- turned over to
Plastiras, head of the revolumittee of which Mr. Robinson is a member expects to on that day by Colonel
committee." He also said that "another
get under way Jan. 21." The Paris correspondent tipnary
d when Colonel Plastiras said he faof the New York "Tribune" cabled on Dec. 28 that outburst occurre
two vored a republic because he was ct_nvinced that the na"the three French experts chosen to serve on the
s were due to the Gluecksburg dynasty.
committees appointed by the Reparations Commis- tion's trouble
happy because Greece's most promsion conferred with President Millerand to-day. It He said he was
os, would soon again be in the
is understood the French program was discussed, inent son, Venizel
countrymen." According to an Athens
which is, briefly: For the stabilization of the mark, midst of his
Chicago "Tribune," made available
with the creation of banks in various parts of Ger- cablegram to the
morning, "Eleutherios Venizelos
many, the pooling of revenues from customs and the here yesterday
triumph from the exile which Constanproducts of Reich State properties such as mines, came home in
victory imposed upon him three
forests and railways. All fiduciary issues to be tine's ephemeral
He was quoted as saying that "it is good
handed over to the Reich for stabilization of its years ago."
was said to have been "almost
budget and administrative needs. For the commit- to be home again," and
sobbing."
tee dealing with German capital abroad—insistence
that the German Government push the enactment
M. Steklof, editor of "Izvestyia," an organ of the
law making it obligatory for German subjects to rehas shown a procall capital hidden abroad under penalty of confis- Soviet Government in Russia,
a controversy over
cation of their properties within German borders, nounced disposition to keep up
ry of State
including the Ruhr and Rhineland. The French ex- charges made against him by Secreta
by Steklof in
perts will not place much confidence in foreign bank- Hughes because of an editorial article
Steklof published
ers co-operating with the committee on German de- his paper on Nov. 7. On Dec. 28
State Department
an article in which he said "the
posits in their institutions."
Washington
new development in the reparations situation distorted my article when it told the
.A
admitted identification of the
was outlined in a Paris dispatch to the New York correspondents that I
Govern"Times" yesterday morning. It stated that "Dr. Communist International and the Soviet
if you look at my article you will see
Arnold Rechberg, the German industrialist, who has ment. But
Government.
been for two weeks conducting unofficial soundings there is not one word therein about our
the.French Foreign The start of the article entitled 'The Republic of the
in Paris, has now submitted to
' speaks
Office a definite project of a reparations agreement Soviets and the Communist International,
and Germany, incorporating his exclusively of the mutual relations of the Soviet Rebetween France
and from
plan for acceptance by France of shares in German public and the Communist International,
Republic I
industries to the total value of 25,000,000,000 gold the contents it is clear that by the Soviet
the namarks." As to Dr. Rechberg's status, he said that meant the country as such, its population,
at all." The
"while it is difficult to say just what Herr Rech- tion, and not the Soviet Government
"Times," in
berg's status is, it is apparent that it is more impor- Moscow correspondent of the New York
said that "Steklof
tant than was at first said in Paris, since not only a wireless dispatch on the reply
perverted
has he talked with a number of leading French poli- charges'that Secretary Hughes consciously
g in the first instance by introducing a
ticians, but he has been received by Premier Poin- his meanin
in his explanacare. At the.same time, the German official press reference to the Soviet Government
. The tion to the Washington correspondents; secondly,
repudiates him and his plan most heartily
article away from
truth Is believed to be that he is a semi-official by quoting only extracts from the
6
THE CHRONICLE
[VoL. 118.
the context." Steklof concluded his article by say- cient
quantity to make an appreciable difference in
ing that "if the American people read the translation the
s
volume of Russia's commerce."
of the article published fully in the American press
I am convinced that they will admit it represents in
According to cable advices re2eived from London
spirit and in purpose what I say it represents, rather under
date of Jan. 3, the Imperial Bank of India for
than the distorted interpretation advanced by Mr. the
second time in two weeks has raised its discount
Hughes."
rate another 1%, this time to 8%. The previus rate
On Dec. 30 in Washington there was made public of 7%
was in effect since Dec. 20, prior to which 6%
an article printed in the issue of April 23 of "Izve
s- had been quoted from Nov. 29. Aside from this
tyia," which the Washington correspondent of the
change, official discount rates at.leading European
New York "Times" said "has an important beari
ng centres continue to be quoted at 10% in Berlin;
on the controversy over the connection between the in
Norway; 6% in Denmark, 5 % in Belgium
/
1
2
and
Russian Soviet Government at Moscow and the Com- Swed
en; 5 %in France and Madrid; 4 % in Hol/
1
2
munist International." It seems that"at the Twelf
th land and 4% in London and Switzerland.
Open
Congress of the Russian Communist Party, held
at market discount rates in London were easier
and
Moscow in April 1923, after a report by Buckharin there
was a decline to 33
4@3% for short bills,
on the activities of the Communist International; the again
st 3 7-16%@3 %, while three months' bills
/
1
2
following resolution was proposed, supported by the were
quoted at 318@33-16%; against 3 7-16% last
/
presiding body, read by Kamenez, and unanimousl week.
y
Money on call was not changed, remaining at
adopted: 'A. The Twelfth Congress of the Russi
/
1
%. In Paris the open market discount rate
an 12
reCommunist Party approves fully the activities
of the mains at 4 % and in Switzerland at 212%,the same
/
1
2
/
delegation of the Russian Communist Party in
the as heretofore.
Executive Committee of the Communist Inter
national." On Thursday evening Secretary Hugh
The Bank of England in its statement for the
es
made public still another "document in suppo
rt of week ended Jan. 2 reported a small gain in gold,
his contention that the Moscow Communis
t regime amounting to £38,620, and reduction in note circul
ahas not abandoned propagandist activities
with a tion of £622,000, which in turn brought about
an inview to spreading Bolshevism in the Unite
d States. crease in reserve of £661,000. As against this
showIt is a translation of an article which appea
red in ing, however, a heavy increase in deposits was
rethe Moscow 'Pravda' of Dec. 14, giving the
text of a sponsible for a further drop in the proportion
of recommunication to American Communists
from G. serve to liabilities, bringing it to 12.40%, as
comZinovief, President of the Petrograd
Soviet and pared with 14.82% last week and 16.73% for
the
President of the Communist International,
as well week of Dec. 12. In the corresponding week of 1923
as a member of the All-Russian Central
Executive the reserve ratio stood at 1378% and in 1922 at 11%.
/
Committee, which is regarded by Amer
ican officials A decline of £2,247,000 was reported in public
deposas being the 'queen bee' of Russian Sovie
t activities!' its, but "other" deposits mounted £33,413,000, while
the bank's temporary loans to the Government
exEvidently War Minister Trotzky in the
Russian panded £2,658,000 and loans on other securities inSoviet Government already has seen the
danger of creased £27,893,000; all of which reflected the heavy
carrying the most extreme features of
the Soviet strain of meeting Jan. 1 settlements. Gold holdi
ngs
scheme too far. In a recent article in "Prav
da," the aggregate £128,058,002, as compared with £127,4
93,official Soviet newspaper, he "accu
ses the Central 190 a year ago and £128,439,940 in 1922.
Reserve
Committee of bureaucratic methods.
These meth- totals £20,285,000, as against £21,899,730 in 1923
and
ods, he says, are the chief cause of the
formation of £21,195,490 a year earlier. Loans amount to
£108,groups and factions within the party,
together with 966,000, in comparison with £94,203,674 last
year and
the insincerity of the majority members
of the Cen- £120,020,236 in 1922. As to note circulatio
n, this
tral Committee in carrying out the recen
tly adopted has reached a total of £127,521,000, which
compares
resolution in favor of greater democracy in
the party with £124,053,460 and £125,694,450 one and
two
ranks. Trotzky says the existing disse
nsions are not years ago, respectively. No change has
been made
in regard to principles, but only on
particulars and in the bank's official discount rate from
4%. Clearways and means of carrying out the gener
al party ings through the London banks for the week
were
policy!'
£877,002,000, against £471,669,000
last week and
£791,662,000 a year ago. We append
herewith comIt would seem that there is a better under
standing parisons of the different items of the Bank
of Engin London of conditions in Russia than
there was un- land returns for a series of years:
til recently. The "Westminster Gazet
te," in an arBANK OF ENGLAND'S COMPA
RATIVE STATEMENT.
ticle on Dec. 28 asserted that "the leade
1924.
rs of Russia
1923.
.1922.
J1.
Jan. 2.
Jan. 3.
have not changed in principle and Russi
Jan.4.
Jan .
192
1an2.07.
9
a is still
governed by the executive of the Communis
c
eui teposits
13,
127,521.000 124,053,460 125,694
,450 131,569,260 90,347,630
t Party, Publicadlon
434,000 12,916,951 17,118,
which is quite unscrupulous." Continuing
299 16,719,245 21,46,041
150,193,000 144.861,721 174,003
, it was Other deposits
,528 154,987.508 137,296,057
Govt. securRies
52,262,000 59,658,031 68,751,
asserted that "the Soviet Government is not popular. Other
987 89,760,831 60,941,000
securities
108,966,000 94,203,674
Obstacles to trade are being steadily increased, cor- Reserve notes& coin 20,285,000 21,889,730 120,020,236 84,729,122 96,282,026
21,195,490 15,165,800 19,382,891
Coln and buillon
128,058,002 127,493.190 128,439
,940 128,285,060 91,280,521
ruption is rife, and persons who in haste have
at- Proportion ofreserve
to liabilities
12.40%
tcmpted to collect for the value of goorls delivered
13%%
11%
8%%
12%
by Bank rate
4%
3%
5%
7%
6%
foreign traders have been arrested and expelled
as
economic spies. Bribery is rampant and litigants
The Bank of France, in its weekly state
ment
speak openly of arrangements to pay the judge
s a shows a further small gain of 112,500
francs in the
percentage of the proceeds of their claims. Great
gold item. The Bank's total stock of gold
is thus
hope of trade should not be encouraged for
a long brought up to 5,540,493,100 francs,
comparing with
time, as materials for export do not exist
in suffi- 5,534,980,159 francs on the corre
sponding date
JAN.5 1924.]
7
material expansion in
s the year increases in gold holdings and
last year and with 5,524,315,894 franc
nationally. The statement
,320,900 francs deposits, both locally and
previous; of these amounts, 1,864
ed a gain in gold reserves
927 francs in for the whole System show
were held abroad in 1924, 1,864,344,
$12,000,000. The shrinkage in re1922. During of approximately
1923, and 1,948,367,056 francs in
$59,000,000. Open market
in the various discounting amounted to
increases were registered
0, however, so that
the week
bills dis- purchases increased $11,000,00
as follows: Silver, 138,000 francs;
items
ed $48,000,000. Earn15,630,000 total bill holdings were reduc
ed, 606,426,000 francs; advances,
count
$26,000,000, but deposits regis76,000 francs. ing assets decreased
francs, and general deposits, 205,0
$113,000,000. At New
off 3,959,- tered the large increase of
Treasury deposits, on the other hand, fell
to gold holdings of $10,ion
tered the enor- York there was an addit
$14,000,000; redis000 francs. Note circulation regis
bringing 000,000. Bill holdings increased
mous expansion of 1,208,598,000 francs,
secured paper incl.:ased $26,,000 francs, counts of Government
fell $11,000,000.
the total outstanding up to 39,114,032
of 000,000, but "all other" discounts
g with the highest figure on record
comparin
remained virtually
1920. Bill purchases in the open market
5,896,680 francs reached on Nov. 4
39,64
al Reserve notes
in cir- unchanged. The amount of Feder
year at this time the amount of notes
Last
than $95,000,000 for the
as against in circulation declined more
culation stood at 37,426,593,895 francs,
$9,000,000 at New York.
prior to the twelve reporting banks and
37,421,829,805 francs in 1922. Just
nts increased more than
nt was only Member bank reserve accou
outbreak of war in 1914, the amou
00,000 locally. The
the various $89,000,000 nationally and $53,0
6,683,184,785 francs. Comparisons of
nced .5%, to 73.8% for
statement of last System's ratio of reserve adva
items in this week's return with the
there was a drop of
1923 and the System, but at New York
week and corresponding dates in both
2.0%, to 76.7%.
1922 are as follows:
STATEMENT.
RATIVE
BANK OF FRANCE'S COMPA
Clearing
Status as of
Last Saturday's statement of New York
Changes
Jan. 5 1922.
Jan. 4 1923.
showed some
Jan. 3 1924.
for Week.
Francs.
House banks and trust companies
Francs.
Francs.
Francs.
Gold Holdings—
ete wip3,575,948,837
112,500 3,676,172,200 3,670,635,232
Inc.
rather striking changes, including the compl
In France
1,864,320,900 1,864,344,927 1,948,367,056
change
r occasioned
No
Abroad
surplus reserve, but this latte
5,524,315,894 ing out of
to
112,500 5,540,493,100 5,534,980,159
Inc.
Total
279,896,900 no concern, as it was simply taken as incidental
289,658,345
,000
296,660
138,000
Inc.
Silver
4,263,820,000 3,444,235,358 2,850,821,089
certain to be correments and
Dills dIscounted_Inc. 606,426,000
32,480 2,285,894,980 meeting year-end requi
15,630,000 2,418,155,000 2,108,1
Inc.
Advances
The loan
593,895 37,421,829,805
Ion_Inc. 1,208,598,000 39,114,032,000 37,426,
rected in the course of the next week or so.
Note clrculat
17,786.449
64,024,852
16,219,000
3,959,000
.
$122,388,000, while net
Treas.deposItsDec
67,000 2,473,646,426 2,880,352,111 item expanded no less than
Generaldeposits_ Inc. 205,076,000 2,568,5
$3,819,631,demand deposits gained $77,184,000, to
this week 000. This total is exclusive of Government deposits
The trend of the local money market
Rates to the amount of $43,364,000. Time deposits inwas perfectly natural for the end of the year.
Thursday af- creased $2,283,000, to $463,156,000. On the other
held to .a somewhat higher level until
4%. hand, there were reductions in practically all of the
ped to 43
ternoon, when for call loans they drop
2
1
/
to 4 %. reserve accounts. Cash in own vaults of members of
Yesterday there was a further decline
, to
the usual flurry incident the Federal Reserve Bank was reduced $3,678,000
Prior to the beginning of
; reserve of
nts the $57,455,000 (not counted as reserve)
to preparation for the large Jan.1 disburseme
s fell
/
ly 41 2@44%. The fact was State banks and trust companies in own vault
range had been rough
other depositories
which the $211,000, while the reserve kept in
that on the day following the one on
e was
disbursements were made the quo- by these institutions declined $653,000. Ther
greater part of the
nor- a further contraction in the reserve of member banks
tation dropped back to what might be termed a
the with the Reserve bank of $11,951,000, and this, tomal level. It was repor01 that on Thursday
and gether with the heavy additions to deposits, was reofferings of call funds were between $4,000,000
us reserve of $23,014,400,
$5,000,000 in . excess of the requirements. Time sponsible for a loss in surpl
been more which not only eliminated the excess above legal remoney the same day was said to have
it of $8,996,340. This
/
freely offered, and to have been quoted at 431@5%. quirements, but left a defic
ve requirements of 13%
So far as could be learned no loans of importance deficit is on the basis of reser
ve System but
were made below the latter figure. The rate for member banks of the Federal Reser
amounting to
for actual business is 5%. Banking authori- does not include cash in own vaults
last.
ties do not look for any special change in quotations $57,455,000 held by banks on Saturday
e of the month, and then for
until near the middl
call
Dealing with specific rates for money,loans on
only a few days. The offerings of securities this
4M@6%,against 4A@
week do not seem to have made big inroads into the this week covered a range of
of 6% was
large supply of investment money seeking employ- 6% last week. Monday a high rate
the renewal basis, with
ment. There has been no special change in the de- quoted, and this was also
(New Year's
A
mands for funds outside of the financial district. 51 % the low. Tuesday was a holiday
slightly easier conditions preAfter the political situation in Great Britain takes Day). On Wedn,esday
. Remore definite shape, with the reassembling of Par- vailed and call funds did not get above 5%% mum
es that newals were made on that basis and the mini
liament, and after the two special committe
on Thursare to look into Germany's affairs get under way figure was 5%. Further ease developed
the
3
with their work there may be more definite talk day and the range was 44©5h%, with 5%
st, with
ruling rate. On Friday 4% was the highe
about large international loans.
The
4
4M% the low and 43 % the renewal basis.
collateral and
The Federal Reserve Bank's weekly statement figures here given are for both mixed
maturities no
issued on Thursday afternoon showed a return to all-industrials alike. For fixed date
Time money connormal conditions, the features being a sharp con- increase in activity was reported.
was dull and
traction in bill holdings for the banks as a group, tinued in ample supply, but the market
; narrow, with trading light. Quotations have not
notwithstanding a further addition at New York
•
•
THE CHRONICLE
THE CHRONICLE
[VoL. 118.
nged from 4%@5% for sixty days and 5% marily
to the action of markets abroad, where
aturities from ninety days to six months, sharp
declines reflected the uneasiness felt over
which prevailed a week earlier.
the British political situation. Cable rates from
antile paper rates remain at 4%@5% for Lond
on on Wednesday came lower, while a numand ninety days endorsed bills receivable and ber of
large English concerns entered the market
six months names of choice character, with names less
as sellers of round amounts. As usual, this prove
d
well known at 5%, the same as a week ago. A fair
the signal for a general decline locally, while specu
degree of activity was reported, with country banks
lative interests further accentuated the decline
by
still the principal buyers.
attempts to sell. Still other elements in the weakn
ess
Banks' and bankers' acceptances remain at the were
withdrawals of balances in London by forlevels previously current. A better demand
was eigners, also exports of capital on the part Britis
of
h
noted, especially in the latter part of the week.
holders said to be fearful of drastic legislation
on
Trading in the aggregate, however, was not
large the part of the forthcoming Labor Gover
nment.
and the turnover was of moderate proportion
s. Persistent buying of dollars on a large scale
on a
Brokers look for a broadening in the inquiry, now
that dull, narrow market incidental to interest
and divithe year-end requirements have been met.
For call dend requirements was also a factor in
depreF.sing
leans against bankers' acceptances the posted rate
of rates.
American Acceptance Council is now 5%,again
the
st
Leading financiers who had been predicting highe
r
43% last week. The Acceptance Council make
s the levels for sterling, were somewhat surprised at
the
discount rates on prime bankers' acceptances eligib
le turn of affairs and were inclined to regard the
for pdchase by the Federal Reserve banks
43/% decline as overdone. It is freely conceded that the
bid and 4% asked for bills running thirt
y days, accession to power of the Labor Party will proba
bly
43% bid and 41 8 asked for bills running sixty
/
%
and result in more or less unsettlement, detrimental to
ninety days and four months, and 432%
bid and business, but it is not considered likely that any43% asked for bills running for five and six
months. thing really revolutionary will be tried, for
the
Open market quotations were as follows:
time being at least. Aside from the uncertaint
y
SPOT DELIVERY.
surrounding British politics, the European outlo
90 Days.
60 Dan
ok
30 Days
Prime eligible Ms
4540434
4540431
4540494 may be said to have improved.
Relations between
FOR DELIVERY WITHIN THIRT
Y DAYS.
Eligible member banks
Great Britain and France are now apparently
494 bid
harEligible non-member beaks
431 bid monious, while negotiations
for an agreement regarding reparation matters are said to be makin
There have been no changes this week in
g
Reserve Bank rates. The following is the Federal fairly satisfactory progress. Russia is very slowly
schedule emerging from
of rates now in effect for the various classe
the morass in which she has been so
s of paper long
at the different Reserve banks:
engulfed; while Austria is reported as making
DISCOUNT RATES OF THE FEDER
important strides toward something akin to* norma
AL RESERVE BANES
l
IN EFFECT JAN. 4 1924.
conditions.
Paper Maturing—
Referring to the day-to-day rates, sterling exchange
on Saturday of last week was easier and there was a
After 90 Ana 6
Days, buS
but
Within 90 Days.
Within 6 Waldo
decline to 4 341 g4 343 for demand, 4 34%
FEDERAL RESERVE
4
@
Months. bfotstbs.
BANK.
4 34% for cable transfers and 4 31%@4 3234
Secur. lit,
Apricot.* Apricot
for
Com'rclat U. S. Bankers' Trade
awl
and
sixty days; trading was quiet and featureless.
A pricul. (ort.
AccepAccep- Livestock Uvula)
On
&LArest'k Micalances.
lances.
Paper.
Paper.
Monday, although the usual pre-holiday quiet prePaper.
tiona.
Boston
4%
vailed, prices broke heavily, demand selling down
454
454
431
New York
ii
to
431
44
4;;
44
431
Philadelphia
634
44
4 31%@4 323 , cable transfers to 4 323/s@4 33
44
%
44
44
44
Cleveland
8
44
and
434
44
44
434
Richmond
434
434
sixty days to 4 29%@4 303/2; lower London cable
434
434
434
634
Atlanta
434
44
431
431
431
431
Chicago
434
44434
rates and an abrupt falling off in buying
631
634
St. Louis
434
431
power
:g
434
431
434
Minneapolis
434
431434
contributed to the drop. Tuesday was a holid
431
1134
Kansas CRS
634
431
:II
ay
431434
431
Dallas
431
434
634
(New Year's Day). Nervousness over the politi
:g
434
431
San Francisco
434
434
434
cal
434
434
431
situation in Great Britain induced spectacular
•Including bankers' acceptances drawn
inr an agricultural purpose and wanted
weakby warehouse receipts. arc.
ness on Wednesday and there was a violent break
of
more than 43/2 cents, to 4 273 for demand; the
Sensational weakness featured dealings in
high
sterling was 4 293/ while cable transfers range
2
,
d between
exchange notwithstanding the fact that little
if any 4 273/@4 29% and sixty days between 4
25@4 273.
increase in activity was noted. In the early
part On Thursday after a weak opening when
of the week pre-holiday dulness again prevailed,
demand
bills touched a new low point, prices rallied
and the
but rates tended strongly downward, and with
range was 4 25%@4 303/i for demand,
"4 26%@
the resumption of business, after the New Year
4 30% for cable transfers and 4 235
/@4 27% for
holiday, a violent break occurred which
carried sixty days; this was due mainly to
short covering
demand sterling down to 4 273.„a loss of
about operations. Improvement pervaded
Friday's deal5 cents from the opening quotation of Monday
ings, and price levels were advanced more
than
lowest level recorded since the first week
and the
2 cents in the pound. Demand bills were
February 1922. This compares with an
quoted
in
average at 4 283/2@4 30 13-16, cable transf
ers at 4 28%@
ruling quotation during recent months of from
4 31 1-16 and sixty days at 4 263.@4 29
9-16.
450 to 4 65, and a high point of 4 723/i touched Closi
ng quotations were 4 26%for sixty days,4
28%
in February a year ago. On Thursday renewed for dema
nd and 4 29% for cable transfers. Comweakness set in and there was a further slump
mercial sight bills finished at 4 28%, sixty
days at
to 4 25%, although this was almost immediately 4 263, ninet
y days at 4 25, documents for payment
followed by a rally induced by covering of shorts,
(sixty days) at 4 263' and seven-day grain
bills'
which brought the quotation back to 4 30 13-16 at
4 283. Cotton and grain for payment
closed
before the close. The break was attributed pri- at 4 28%.
JAN. 5 1924.]
THE CHRONICLE
9
So far as could be learned, no gold was engaged for 1.96% for checks and 1.97 for cable transfers, as
against 2.19 and 2.193/ the week previous.
either import or export during the week.
In exchange on the former neutral centres, trading
In Continental exchange, trading was only intercontinued nervous was inactive and price movements were in line with
mittently active and the undertone
and unsettled, with the tendency still toward lower those in sterling and at other Continental centres.
levels. French francs again constituted the principal Guilders opened firm, then receded 39 points to 37.66.
feature of interest and after comparative steadiness Swiss francs lost 11 points and the Scandinavian curin the first half of the week, prices began to drop,sue- rencies from 15 to 25 points. Spanish pesetas were
cessivelosses carrying the quotation first from 5.11 persistently weak, opening at a loss of about 6 points,
to 5.08, then to 5.01 and finally to an extreme low of with a further decline to 12.70, nearly 26 points down;
4.86, breaking the recent low record by 15 pointsand all on a light volume of transactions.
Bankers' sight on Amsterdam finished at 37.76,
bringing Paris checks to the lowest figure in the
new against 38.01; cable transfers at 37.80, against 38.05;
French history. There was nothing particularly
to account for this fresh attack of weakness. As commercial sight bills at 37.70, against 37.93, and
previously explained, French internal finances have commercial sixty days it 37.34, against 37.59 a week
been causing some uneasiness for a good while past, ago. Swiss francs closed at 17.42 for bankers' sight
to which is now added fears of what may be expected bills and 17.44 for cable remittances, which compares
when the Labor Party is in power in England. Al- with 17.46 and 17.47 the week before. Copenhagen
most all of the buying emanated from abroad. Very checks finished at 17.51 and cable transfers at 17.55,
little of the support noted last week was in evidence against 17.73 and 17.77. Checks on Sweden closed
.
and it was noted at times that London was also a at 26.38 and cable transfers at 26.42, against 26.40
heavy seller of francs. In the later dealings publica- and 26.44, while checks on Norway finished at
tion of a poor Bank of France statement, revealing a 14.50 and cable transfers at 14.55, against 14.73
big increase in note circulation added to the general and 14.77 the preceding week. Final quotations
depression and resulted in renewed weakness.
on Spanish pesetas were 12.76 for checks and 12.78
has for cable transfers. This compares with 13.00 and
Aside from the movements in francs, there
been very little in the dealings in Continental cur- 13.02 last week.
rencies worthy of extended comment. Belgian FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
francs, of course, followed Paris, and after opening
DEC. 29 1923 TO JAN. 4 1924, INCLUSIVE.
,
firm at 4.483, slumped off to 4.3932 also a new
Noon Buying Rate for Cable Transfers in New York.
Value In United Stela Money.
low point. Reichsmarks apparently continue to
Country and M
Dec. 29. Dec. 31. Jan. 1. Jan. 2. Jan. 3. Jan. 4.
Unit.
feel the stabilizing influence of the Rentenmark, and
S
3
$
$
$
$
EUROPEthe quotation, though a shade lower, was maintained Austria, krone
.000014 .00 014 .000014
000014 .000014
.0435
.0438
.0443
0449
.0448
franc
at 0.000000000023 during the greater part of the Belgium, lev
.007506 .007410 .007433
007850 .007283
Bulgaria.
.029023 .028974 .029032
Czechoslovakia,
week, a nominal figure so far as local dealers are con- Denmark, kronekrone .029208 .029132
.1758
.1746
.1758
.1771
.1774
England, pound stercerned. Fears, however, are beginning to be ex- ling
4.3096
4.2790
4.2942
4.3233
3364
.042871 .024675 .024679
024694 .024713
pressed as to what is going to happen when the Gov- Finland, markka
.0492
.0490
.0501
.0510
0513
France,franc
a
a
a
a
a
Germany, reichsmark
ernment's credit at the Rentenbank is exhausted. Greece, drachma
.020207 .020147 .020073
020980 .020965
.3781
.3778
.3782
.3797
3805
Holland, guilder
Italian lire, which have lately shown signs of artificial Hungary. krone
.000052 .000052 .000052
000052 .000052
.0430
.0428
.0430
.0431
0433
.1442
.1425
support; were moderately affected by the break in Italy, lirakrone
.1438
.1462
1469
Norway,
b
b
b
b
b
Poland, mark
.0337
.0331
.0337
other branches of the market, and lost 7 points to Portungal, escudo-...:. .0339 .0343
.005161 .005150 HOLI- .005098 .005069 .005054
Rumania,leu
.1279
DAY
.1272
.1280
.1291
263/2. Exchange on the Central European coun- Spain, peseta
4.
.1298
.2839
.2635
.2643
.2637
2647
Sweden,krona
.1743
.1740
.1740
.1749
tries was not materially changed, Czechoslovakian Switzerland, franc .011335 .1746
.011269 .011227 .011207
.011335
Yugoslavia, dinar
and Rumanian currencies remaining steady while ASIAChina.7303
.7309
.7334
.7353
7379
Chefoo.
Polish and Finnish marks sagged slightly. Greek Hankowtael
.7253
.7278
.7309
.7330
.7329
tael
.7129
.7121
.7135
.7170
7195
drachmae opened strong, but lost ground in common Shanghaitael
.7389
.7375
.7397
.7422
7438
Tientsein tad
.5068
.5054
.5072
.5078
dollar-with the remainder of the list and declined to 1.963/2, Hongkongdollar- _ -- .5108 .5159
.5132
.5097
.5142
.5118
Mexican
Tientsin or Peiyang
a loss of 24 points.
.5128
.5100
.5163
.5150
6117
dollar
.5116
.5081
.5106
.5138
5100
Yuan dollar
The London check rate on Paris closed at 88.00, India,rupee
.3079
.3071
.3080
.3096
3114
.4519
.4537
.4577
.4618
4638
Japan, yen
comparing with 84.25 a week ago. In New York Singapore(8.8.)do .5104 .5081
.5085
.5075
.5050
NORTH AMER.sight bills on the French centre finished at 4.8734, Canada, dollar
.974944 .974824 .974746
975158 .974989
.999349 .999489 .999531
999531 .999469
;
against 5.0932 cable transfers at 4.8834, against Cuba, peso
.484219 .483542 .483594
483542 .484219
Mexico, peso
.972375 .971938 .972250
.971875 .971875
5.103/2; commercial sight bills at 4.8634, against Newfoundland, dol
SOUTH AMER..7220
.7183
.7230
.7211
Argentina, peso (gold) .7219
.1000
.0981
.0993
.0994
5.083/2, and commercial sixty days at 4.81, against Brazil, milrels
0979
.1055
.1056
.1068
. 1081
Chile. peso (paper)_ _
6
38 3
.7783
.7747
.7779
.7776
a week ago. Closing rates on Antwerp francs Uruguay. peso
7773
5.0334
a German marks have been quoted as follows: Dec. 29, .000000000000237; Dec'
4.31 for checks and 4.32 for cable transfers, in 31,.000000000000232; Jan. 2,.000000000000222; Jan. 3,.000000000000221; Jan.4.
were
2
comparison with 4.4732 and 4.483/ the previous .000000000000227.have been quoted as follows: Dec. 29, .000000170; Dee. 21.
b Polish marks
week. Reichsmarks finished at 0.000000000022 for .000000154: Jan. 2..000000159; Jan. 3, .000000157; Jan.4,.000000159.
As to South American quotations, fractional deboth checks and cable remittances, which compares
with 0.000000000025 a week earlier. Austrian kronen, clines were noted, which carried Argentine checks to
which are still unaffected by the fluctuations in 31% and cable transfers to 32,'against 32 and 32% a
s
neighboring currencies, remain at 0.00143/, un- week ago, while Brazilian milreis declined to 9.85
changed. Lire closed at 4.283/ for bankers' sight for checks and 9.90 for cable transfers, in comparison
bills and 4.293/ for cable transfers. Last week the with 9.95 and 10.00 last week, but rallied again
2
close was 4.323/ and 4.3332. Exchange on Czecho- and closed at 10.05 and 10.10. Chilian exchange
2
slovakia finished at 2.903/, against 2.9234; on Buch- was also easier, finishing at 10.75, against 11.10a
2
0.513/; on Poland at 0.00017, week earlier; but Peru was not changed from 3.99.
4
arest at 0.503 ,against
Far Eastern exchanges were easier, so far as the
and on Finland at 2.48, unchanged from
unchanged,
week ago. Greek exchange closed the week at Chinese currencies were concerned, following the
a
10
THE CHRONICLE
[Vol.. 118.
placed upon the screen the ancient, yet ever present,
story of the Ten Commandments. There was lately
celebrated in several countries what was termed a
Golden Rule Sunday. In the midst of pleasure and
passion men everywhere are troubled over the present and future. The pessimist despairs, the optimist
believes and hopes. Shadows of the Great War linger. Governments seek to give peoples poise and
The New York Clearing House banks in their prosperity. Fundamentalists and Modernists deoperations with interior banking institutions have bate the tenets of religious faith. Collectivism seeks
gained $3,398,065 net in cash as a result of the cur- to impose its doctrines upon the individual. Amid
rency movements for the week ended Jan. 3. all the tumult and turmoil, the social, economic,
Their receipts from the interior have aggregated commercial life of every people proceeds, as near as
$4,168,365, while the shipments have reached $770,- may be, under the natural law.
300, as per the following table:
We look about us, at this time, and behold one
CURRENCY RECEIPTS AND SHIPMENTS.BY NEW YORK BANKING clear outstanding fact—Governments in the role of
INSTITUTIONS.
saviors of peoples. Hundreds of thousands in England out of employment, living upon the dole of the
Ota of
Into
Grain a Lot
• Week ended Jan. 3.
Banks.
Banks.
to Banks.
State. France maintaining nearly a million men in
Banks'Inter,or movement
84,168,365
8770,300 Gain 53,398,065
arms to enforce the decrees of a Treaty of Peace and
As the Sub-Treasury was taken over by the Fed- to cover the fear in the heart of a people. Germany,
eral Reserve Bank on Dec. 6 1920, it is no longer defeated, discordant, a republic in name, beaten and
possible to show the effect of Government opera- battered by the storm of discontent, seeking to surtions on the Clearing House institutions. The Fed- vive. Dictators ruling in Italy and Spain. The Soeral Reserve Bank of New York was creditor at the viet blowing hot and blowing cold in Russia—cerClearing House each day as follows:
tainly though covertly waning in power, while a libDAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
erated peasantry knows not whether acquiescence is
AT CLEARING HOUSE.
voluntary or enforced. And in the proud and powSaturday. Monday. 7'uesday, Wednesd'y Thursday.
Aggregate
Friday,
erful United States, a really prosperous people,
Dec. 29. Dec. 31.
Jan. 1.
Jan. 2.
Jan. 3.
Jan. 4.
for Week.
nagged by political blocs and classes, watching the
72.000,000 81,000,000 Holiday 90,000,000 89,000,000 96,000,000 Cr. 418,000,000
slow drift of Socialism in affairs with indifferent
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of scorn, continuing in the old ways and paths, while
the Federal Reserve System's par collection scheme. These large credit balances,
however,reflect only a part of the Reserve Bank's operations with the Clearing House Government,far too often, yields to the clamor
of the
institutions, as only the items payable in New York City are represented in the
dally balances. The large volume of checks on institutions located outside of few that law bring back the equilibrium a war deNew 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 stroyed. And
so there is hope and fear everywhere.
Bank for collection for the account of the local Clearing House banks.
Calm confidence, contented industry, courageous enThe following table indicates the amount of bul- terprise, these are weak and halting, at home,abroad,
and even the prophets are silent as tO the outcome.
lion in the principal European banks:
On the other hand, here, there, everywhere, the
Jan. 3 1924.
Jan.4 1923.
Banks of
indefatigable mind of man is at work—to make life
Gold.
Bitter.
Total.
Gold.
Silver.
Total.
happier, easier, richer. The heart of man, despite
England_ 128,058,002
128,058,002 127,493,190
127,493,190 the carouse of passion and the carnival of pleasure,
France a_ 147,045,92 11,840,000158,885,92 145,824,524 11,560.
157,384,524
Germany _ 28,390,850 63,475.400 31,866,2
50,110,680 7,189.40 57,300,080 the heart of man melts in sympathy and is glad in
Aus.-Hun 10,944,000 2,369,000 13,313,
10,944,000 2,369,000 13,313,000
Spain ___ 101,107,1o' 26.065,000 127.172.00 I 100,967,000 25,898,00 126.865.000 love. The soul of man aspires and
finds the beati35.318,00
Italy
3,414,000 38.732.011 35,053,000 3,029,
38,082,000
Netheri'ds 48,483,00
70.5,0001 49,188,000 48,483,000
749.000 49,232.000 tudes in humility and service. We put aside the misNat. Belg_ 10,789,00
2,866,0001 13,655,000 10,757,000 2,172,000 12.929.000
Switzeri'd 21,488,000 3,443,0001 24,931,000 21,742,000 4,065,00 25,807.000
taken zeal of reformers, the ardent visions of theoSweden__ 15,107,00
15,107,000 15,220,000
15.220,000
Denmark _ 11,645,000
182,005 11,827,000 12,682,00
252,000 12,934,000 rists, the political nostrums for instant
relief, the pa8,182,0
Norway
8,182,00
8,183,000
8.183,000
Total week 566,557,77 54.359,400620.917,179587,459,394 57,283,400644.742,794 ternalism of mistaken Governments seeking to equalPrey. week 566,502,65 54,185,400620,688,059 588,007,223 57,440,300645,447,523
ize and enrich, and below all the false striving and in
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad. b It is no longer possible to tell the amount of silver held by the Bank every land millions of men and women are following
of Germany. On March 15 1923 the Reichsbank began including in its "Metal
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The the natural law of human survival—and working for
Bank still gives the gold holdings as a separate item, but as under the new practice
he remainder of the metal reserve can no longer be considered as being silver, there a living. Even so plain and simple a statement tells
is now no way of arriving at the Bank's stock of silver, and we therefore carry It
along at the figure computed March 7 1923.
the mighty story of the never-ceasing Advance. Wars
may come, they may destroy and decimate, hate and
Work—The Ancient Law of the Years.
jealousy of races may riot for a time, until, in cataThe Christmas carols die out, and, by the mark of clysmic rebellion, all reason is lost and mighty
.the calendar, the world faces a new year. It is well armies go out to slay, but the day comes when the
there is pause if not prophecy. Retrospect and pros- law of labor reasserts its rule and each man, and all,
pect—each bears its lesson. If one bring regret, the obey the divine command and set forth in peace to
other may bring resolve. If one be cause for rejoic- gather the bounty the Infinite has offered to toil and
ing, the other may be field for recompense. What love. In all the years of yesterday it has been so—in
thoughts come to the masses, at this point in time, all the years of to-morrow it will be so. There is no
that we may dwell upon with profit? Of what is other way by which man may continue to dwell on
mankind thinking? Are there serious problems of earth. There is no other way by which love may
life that loom large in the prospect—problems com- light the fires of learning. Man and master perish
mon to all peoplei? The very question seems too in the leveling process of universal labor. And no
broad to contemplate. Yet we read the charge every more may man be slave of the State and prosper by
day that there is a general lowering of the morale. proxy.
It is said that peoples have grown careless, frivolous,
The ancient law of all the years—work! How
selfish. In our own land a daring director has often it has been said. Here, then, is the riddle and
movements in silver, and Hong Kong closed at
50%®513',against 513/@5l%; Shanghai 713/2@72,
2
against 733@,73; Yokohama 46%@47, (unchanged); Manila 49%@,5038 against 49%@)50;
,
Singapore 51X@)5l%,against 5131
(4)51; Bombay,
313@)31,against 313'@31%,and Calcutta 313/@
2
31%,(unchanged).
JAN.5 1924.]
THE CHRONICLE
11
Speaking of the Soviet propaganda, William
its root. We shall not escape this way of life, though fear.
Burns, Director of the Bureau of Investigation of
all men grow selfish, and all Governments promise J.
States Department of Justice, in a recent
relief. In this year of 1924, now dawning, we shall the United
ew in a Western city, as reported in the Los
all prosper as we deserve by following the law. There intervi
"Times," makes this statement: "Of course
is so much more vouchsafed to us than we earn, the Angeles
American entertains the idea that it would
wonder is we are continually trying to escape. The no sane
possible to precipitate a social revolution in
sun and the rain, the wind and the'tide, the soil and be
America, and this view may be warranted, but these
the air, these are our allies, our friends. And condo immeasurable harm by creating unrest
versely, how much time and opportunity we waste radicals
discontent among our people so that whenever
trying to find an easier way. We invent machines, and
disorder of any kind, the country suffers as
harnessing the laws of nature to do our bidding. there is
And at about the same time,in the city of
Thus we anticipate, thus we declare our dividends in a result."
we find Elbert H. Gary, Chairman of the
advance. But how foolish to think we have nothing Chicago,
the United States Steel Corporation, saymore to do then than to enjoy ourselves. These ma- Board of
d—"Never before have commerce, inchines at once multiply our patrimony and increase ing, as reporte
state-craft and the professions stood in such
the divergence of our individual returns. And before dustry,
sane and sound thinking as they do tothe consequent "rich" and "poor" we shudder and need of
shriek, and carry our petitions to every quack rem- day."
The revelations of Secretary of State Hughes will
edy proposed by politics or by Government.
minds of New Yorkers the terrible and as
Too much politics in Government; too much Gov- bring to
unpunished crime of the explosion which took
ernment in business! To much collectivism by which yet
several years ago in front of the Assay Office
all would have all—too little individualism by which place
Street. And there is no doubt a connection
each may have that to which work entitles him and in Wall
the spread of this literature and the action
opportunity to increase his holdings by thrift and between
or abnormal persons which renders it imeconomy. If the New Year could bring to men and of weak
that no effort be spared to apprehend and
to peoples a realization of this truth; the pathway perative
red radicals and to prevent the "agitation"
would b'ecome smoother, the mind would be freed punish
Third Internationale. But a paramount
from much of its fear, the task of governing which work of the
devolves upon every citizen to examine his
now leads us into so many swamp fires would be- duty
thought and study the effect of his speech
come simpler and saner, and we would reap what we mode-of
questions are at issue which involve the form
sow in honest work—the joy of achieving and the when
Government and the perpetuity of our present
protection of owning. But the peoples are all misled, of our
ions. We are a tolerant people. We are so
unconsciously it may be, by the reputed power of institut
grounded in our beliefs, so engrossed in our
Government. Deeper into the morass of wild ideas firmly
activities, that we let the "cranks" fulminate
plunge the politicians entrusted with temporary normal
indifferent attention. At the very same time
power. Is it not true? France in the grip of an ad- with
ear to those who promise us prosperity and
ministrative interpeter; England refusing to follow we give
methods, which, when analyzed, involve
the plan of a Premier. The United States, stirring peace by
changes in our social life and an "overturn"
uneasily over an approaching election; looking with violent
Governmental forms. There is a term "parmisgiving at a deadlocked Congress. And far away in our
Bolshevik" that causes often a smile of mild conin the furrow and the factory the worker plying his lor
yet this part of the "intelligentsia" by
task grudgingly because he, too, is inoculated with tempt. And
and soft speeches lend color, though it
the false preaching of fanatic and the fulsome prom- their smooth
be unconsciously, to the doctrines of the red radicals,
ise of the law-maker.
their number.
A Happy New Year! The blessings of plenty and meagre though
"Sane and sound thinking" bids us, therefore, set
in this
peace be upon all the world! So say we all,
tendencies, that, under the cloak of
turning point of time. But the inexorable natural our faces against
into the hands of those who
law remains. It was, it is, it will be, when the last respectable politics, play
"dictatorship of the proletariat" in
reformer is gathered to dust and the last Govern- would set up the
tled
man
ment emerges from debt. And in work there is ulti- every country of the world. Theand isdisgrun to
not apt
yearns for relief
mate peace—peace for one who would love life— over conditions
that the reaffirmation of a
peace for that people which would live in concord count the cost. Tell him
Congress by that body over a declared unconwith others—peace for a Government that would lie law of
e Court will bring abunlightly on the governed. May we not dare to proph- stitutionality by the Suprem
dant good to the masses and he straightway clamors
esy, then, that more work and less play, more work
not stop to think that he
and less politics, more work and less law-making, for the innovation. He does
is introducing an element of chaos into affairs, that
will make 1924 a "banner year" in history—and for
he is really changing our form of government from
every people.
a limited to an unlimited republic, that he is setting
the legislative division over the two others and cre"Red" Radicals—Equal Menace from the
Pale Kind.
ating an autocracy of law which may invade any and
ons
The recent revelations made by the Department of all our liberties. The seeds of far distant revoluti
e advocates of half-way
State as to the activities of the Third Internationale are sown by the plausibl
welare not at all disquieting to our people. A revolu- measures designed in peace for the ostensible
—measures innocent in appeartion, social or political, in the sense of Governmental, fare of the masses
idly
is not imminent. The empty wagon makes the loud- ance but radical in effect. The man who looks
on while board after board and commission after
est noise. Gather together all the really red radicals
and
in this country and they would constitute so small commission are created to regulate the normal
to be a negligible natural affairs and relations of the people, and says
a portion of our population as
it, but he is
quantity. It is the semi-socialist we should most nothing, does nothing, may not perceive
12
THE CHRONICLE
[VoL. 118.
sanctioning the establishment by piecemeal a form of cate of
good will. He was three times Minister of
Socialism which must in time engulf the whole of Foreign Affai
rs of his own country, and President of
Government.
the International Law Association at its 31st annua
l
Much as the reds should be suppressed and their conference in
Buenos Aires in August 1922.
work nullified, the pale radicals who flaunt their
We are accustomed to look upon the South Amerispecious theories and gibber their false facts should can State
s rather as beneficiaries. of Western Civilimeet our stubborn resistance. Loose thinking gives zation than
as contributors to it, and a review of
rise to loose talking; loose talking to loose thinking. some of Dr.
Zeballos's addresses and papers in that
In both political parties these pale radicals are bor- conference
reveals the vital and wholly unique coning from within. We want no semblance of Social- tribution
which one of those States, the Argentine
ism or Communism in our laws. A representative Republic,
has made. That conference brought torepublican Government is distinct from a pure de- gethe
r representatives of 19 Republics of the New
mocracy—a democracy where every man is "fit to sit World
, one from the Far East and others from
19
in the councils of State"—as in ancient Greece. Lo- European
States, assembled to try to lay foundation
s
cal Government rightly engendered and supported for the peace
of the world.
will furnish a full task for every earnest citize
It will be remembered that the South
n.
American
Once administered, carefully, rightly, righteously, States, follo
wing the lead of the United States and
the greater fabric will be strengthened and those the French
Revolution had successfully thrown off
delegated to its administration will come out of a the yoke
of European dominion before the defeat of
valiant loyal constituency capably clothed for the Napol
eon, and that the Congress of Verona in 1822,
task.
following that of Vienna, had assembled with
the
What further or future liberty for the citizen lies main purpo
se of putting them back and also arrestin the continuing triumph of this "collectivism" that ing the
republican movement in Europe.
takes stronger hold with the passing of laws paterIn 1813 Argentina was a republic of only
1,200,nalistic? Is it worse to seize property, industry, nat- 000
inhabitants, little known, without political staural rights, by violent revolution and by force, worse bility
, torn by civil war, with great natural resources
in the end and final result, we say, than to slowl undev
y
eloped and lost in barbarism. It had but slight
confiscate property by onerous taxation, control
in- contact with Europe, scant facilities for educa
tion,
dustry until enterprise is strangled and destr
oyed, and almost no knowledge of current languages
or litwrest away natural rights until the citizen
is the erature. For framing its Cot titution it had to
rely
puppet of a State ruled now by this facti
on, class, upon "the good sense of its people and the stren
gth of
bloc, and again by that? The mouthings of red
rad- the national character impressed by the desert povicals, straight from the Soviet, upon the street
cor- erty of the country, the clear vision of its future desner or by means of surreptitious literature do
work tiny and the necessity of attracting men and mean
s
upon weak minds, but the republic is a rock to these from
abroad." As finally framed in 1853, its Constiefforts compared to the hidden danger of yield
ing to tution created a new type of State. Taking from
the
the slow pull of constant changes that all point
to preamble of the Constitution of the United States
Communism.
the phrase, "For ourselves and our posterity,"
it
There are those who believe in the old princi
ples, added,"and for all the men of the world who wish to
the old ways, of a Government founded to
ensure in- inhabit Argentine soil."
dividualism not to permit it to be destroyed.
Then it proceeded to substitute "Inhabitan
Call
ts" for
these men and women "reactionaries" if you
will— "Citizens" and to shape its legislation alike for all.
they are the "fundamentalists" in structural
Govern- Foreigners are specifically mentioned as thus assur
ed
ment who will save us from the insidious under
min- of absolute equality before the law. They are free
to
ing of political "modernists" who can find nothi
ng in accept or decline citizenship; and if they do, they
are
sight they would not change. Before there is
a social exempt from military duty for 10 years. This
was
revolution in this country the fatal fires
of Russian never before done by any nation. It, further,
repudiCommunism will have burned themselves
out and a ates war. It makes treaties with other
Powers suGovernment either democratic or autoc
ratic will preme law for the nation; and,in harmony
with this,
have arisen. But if we go on imperceptibly
yielding conventions of arbitration have been drawn up
with
to the principles of Socialism and Communis
m we nations of every continent. It declares that
victory
will awake some far day to know that the
long return gives no rights to possession; and, in
consequence,
will be through suffering and possibly then
by revo- Argentina submitted to arbitration the
question as
lution.
to her right to hold a vast territory
she had conquered from Paraguay, by five years of
war and at a
great cost of men and money; and when
The Argentine Republic's Contributi
the decision
on
was against her she gave up the
to Civilization.
land. It also declares that the right to declare war
[The fact that it is one hundred years since in
Dec. 1823 President Monroe
lies not in the
proclaimed the policy, now known as the
Monroe Doctrine, which guaranteed Executive, but in Congress.
the safety of the young South American Republi
cs and has had much to do
To meet the requirements of its Const
in connection with their development, gives special
itution the
interest to this article.]
Republic established a Code of what it terme
d PriThe recent death of Dr. E: S. Zeballos, the
distin- vate International Law. This rests
on the Constituguished international lawyer of Buenos
Aires, gives tion's system of "domicile,"
and created the extraoccasion to call attention to an important
contribu- territoriality of domicile which has
no connection
tion. to the intercourse of nations which is not
gen- with the political element uneerlying
Nationality, but
erally known, and which has peculiar value
in view is strictly maintained within private
law and the acof the present outbreak in Mexico and the not infre- quire
d attributes of personal rights. It recog
nizes
quent disturbing conditions appearing from
time to that a man has the sacred right of choos
ing the sovtime further South. Through a long life he was an ereig
nty in which he desires to live. The syste
m is
earnest protagonist of peace and a persistent advobased on five principles:
JAN.5 1924.]
TRE CHRONICLE
13
1. The violation of territorial sovereignty by ves(a) The laws of the Republic are obligatory for all
of neuwho inhabit the territory, whether nationals or for- sels of *war of the belligerents, in using waters
correspondence, intral States as naval stations for
eigners, domiciled or resident.
Foreign laws are nevertheless applicable if formation and provisioning, and for battles.
(b)
2. In using neutral territory as stations for wirethey are not contrary to public order, under condiless telegraphy in preparing warlike operations.
tions which are carefully classified.
as re'(c) The application of Foreign Civil Law is ob- • 3. In using their embassies and consulates
stations, summoning, examining and disligatory in questions not resolved by National Law. cruiting
local
(d) The capacity or incapacity of persons domi- patching recruits on their vessels, and using the
by the law of domi- newspapers to aid this work.
ciled in the territory is governed
4. Furnishing military material -to recruits gathcile, even though treating of acts committed, or propered for fomenting civil war, only too readily favored
erty existing in a foreign country.
(e) And,in turn, the capacity or incapacity of per- by those who furnish the material.
5. Summoning to arms the sons of their nationals
sons domiciled abroad is ruled by the laws of their
citirespective domiciles, even though the act was com- living in neutral countries and who have become
zens of those countries.
mitted or property existed within the Republic.
All these combine to create conditions requiring
Thus the system is broadly extra-territorial and
n
always assures the juridical integrity of the per- revision of the rights of neutrals and an affirmatio
in a manner capable of defending
Of those rights
son.
The Civil Code recognizes the validity of marriage their sovereignty, of preventing the cruel prolonging
for
performed under the law of the place of celebration. of war, and of exercising a salutary influence
A Roman Catholic country in this instance yielding universal concord.
In opening the conference as its President, Dr.
entire liberty of conscience. Foreigners are also alfor a
lowed the same liberty as natives in publishing with- Zeballos spoke of it .as expressing aspirations
we must replace
out previous censorship, in exercising professions, better future of mankind, in which
industries and commerce, in protecting their inven- hatred by love, hostilities by friendship; a better fuof
tions, in acquiring and holding property, and in oc- ture, which is to be based upon the full knowledge
for mutual duties.
cupying public posts. Free navigation of her rivers is mutual rights and regard
Later, speaking on international law, of which suballowed to all States, and no tax is imposed on foreigners coming to work the land, improve industries, ject he was Professor, he closed an address with these
or teach sciences or arts. Delinquents,invalids, crip- solemn words—which may now be read as his last—
ples, agitators, revolutionaries and anarchists alone and to us:"Unhappily,I can have no illusion as to the
are excluded. Its commercial law is in some direc- future. I do not at all share the opinion of those who
of
tions half a century in advance of Europe; and modi- believe that the last war will be followed by art era
result it
fications of Maritime Law as sanctioned from time permanent peace, because to attain that
to
to time by the International Law Association have would be necessary beyond belief and from bottom
peoples are
top, to change human nature.. The
been at once adopted.
Dr. Zeballos in his address before the conference wounded and weakened, but not made pacific. The
said: "Thirty-five years of the application of our i:assions and hatreds which the vast conflagration
Code of Private International Law in the only nation has left behind and which, to an extent without parin contact with modern immigration where collec- allel, economic and military rivalries, race hatreds,
tive naturalization is not insisted upon or pressed, national desires for revenge, religious differences,
have proved, in a manner striking, magisterial and and the lack of wisdom in the peace negotiations have
definite, that all the conflicts and all the difficulties increased, will ferment for years to come; in the
of international personal rights have found with us course of which we shall have the sorrow of participracticable, complete and protecting solutions. No pating in the spectacle of a world ensanguined by
conflict has failed of legal solution, no right, of pro- wars within and without. The statesmen and the
tection; and not a single diplomatic reclamation has Governments of the American nations, by the accomarisen because of lack of means of settlement or of plishing of a task, sincere and noble, exempt from all
application of the law. Political considerations thought of gain, can exercise a moderating influence
have been kept entirely apart from all matters of pri- which Humanity will bless."
vate right."
His feet were on the ground; he looked facts in
This system of Private International Law, as Dr. the face and gave his strength, if need be, singleZeballos points out, is the creation of a Republic handed, to directing them for the general good. His
which has established a new type of political society life is an appeal to the States, big and little, to cease
where the multitudes, freed from the feudalistic re- claiming special privileges, to abandon claim to
gime of the countries of their origin, combine and rights of intervention and conquest, and, recognizing
accept the conception of the State as the community the "new sentiment of international solidarity creof human aspirations. It is a new phenomenon in ated at Geneva," to give their energy to hastening
public law, which corrects the institutional concep- the dawn of the day of arbitration and justice, estabtions on which Europe for seven centuries has formed lished in the support of "the esteem of mankind" and
her nationalities after a fashion more artificial and the consciousness of doing right, and not by force of
military than natural and scientific. It is, in fact, a arms.
"new type of society which is thot of the future of
Humanity."
The condensed statement of condition of the Guaranty
A glance at the extent of the destruction of Inter- Trust Co. of New York as of Dec. 31 1923 shows total renational Law wrought by the War, will indicate the sources of $621,455,549. as compared with $562,409,649 at
the time of the last published statement, Nov. 15 1923. Designificance of this creation, or experiment, if you posits of the company were $499,605,589 at the end of the
will, of the South American Republic. Dr. Zeballos year, as compafed with $441,768,879 on Nov. 15. Surplus
enumerates them:
and undivided profits total $18,655.020.
14
THE CHRONICLE
[Vol.. 118.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. thing to vociferate on the platform and advocate all sorts f
Friday Night, Jan. 4 1924.
radical measures. It is another thing to carry them out in
As usual at the opening of the year, trade is going ahead cold blood, once the radical is in office. It may not be amiss
rather slowly, although it is true that cold weather has to remember that even Lloyd George was at one time considgiven a filip to retail business all over the country. The ered a god deal cf a radical. In office he showed no reWest has had very low temperatures and also snows, and markable tendencies in that direction. But if a Labor Minhere at the East the fall in the mercury has been beneficial istry must come it must come and the British people must
to business. Naturally, the clothing trades are benefited meet it: The British people will meet it. If Labor attempts
most. The coal business, which was slow early in the week, such things as the capital levy and the nationalization of
has latterly improved with the fall in temperatures. Oil Industry, of banks, etc., it will find that the sturdy sense of
prices have advanced 10 to 25 cents, with the California pro- the British people will give it no countenance. It will retire
duction falling, after being a clog on the trade. That cheers from power chastened by the lash of common sense. "The
the Southwest. Cotton has declined $450 to $5 a bale during sober second thought of the people is never wrong and is althe week with some falling off in the demand for the actual ways efficient." On the Continent things would seem to be
staple and the manufactured product. But on the other on the whole in better shape. Many thousands of French
hand North Carolina mills, which had been curtailing their troops are being withdrawn from the Ruhr. German capitaloutput, partly because of low stage of streams, are going to ists, it is understood, are making overtures to the French
resume full time on Monday. Fall River cotton mills de- Government with a view, to all appearances, of hastening a
clared full dividends. It is true that Rhode Island mills settlement of the reparations question. Finally, the New
apparently contemplate some curtailment unless there is an York stock market, after some irregularity of late, advanced
early improvement in business. But a good many of the to-day, together with foreign exchange. The world enters
mills in New England are having a fair trade and some big upon the new year with a sense of big problems to be solved
establishments in New Hampshire. are apparently running but with a growing belief that they can be solved. A year
on full time. For the last two weeks Fall River's sales of ago it was supposed that the settlement of the reparations
print cloths have averaged only about 40,000 pieces a week, question was near at hand. After a year of slow disillusionbut it is at least among the possibilities that trade there will ment that very desirable result may now fairly be said to be
improve in the near future. English politics have had a not many months off. At least, a practical beginning will
more or less depressing effect on cotton because Liverpool be made towards its solution after investigations of expert
has been affected. In the meantime there is a hopeful feel- financiers of the world, including several from this country.
ing in the steel trade. Iron prices in the main have been
Meanwhile Russia begins to see the necessity of establishsteady, partly, it must be added, because of expectations of ing normal relations with the outside world, even with the
a bituminous coal strike on April 1. But apart from that contemned capitalistic element. It has received a severe and
the iron output in 1923 excelling all records is certainly a deserved check from the United States Government in Secgratifying page in the history of this branch of business. retary of States Hughes's exposure of Soviet propaganda in
Mail order business of late has been good, owing, as already this country. Besides, Russia does not offer to pay its preintimated, to colder weather. In fact, it is pointed out that war creditors. It still refuses to grant rights to foreigners
the mail order trade in 1923 did not fall far below the ex- which are customarily conceded in the family of nations.
traordinary record of 1920. That was called a boom year. Russia cannot hope to progress on the "I will and I will not"
During the past year there has been nothing of that kind. plan. It is shipping considerable grain to England and is
But there has been what might be termed a quiet ground actually competing with the United States, Canada, Argenswell of business which has lifted the total to well-nigh the tina and Australia in the English grain markets, but it is
highest ever known. And taking commodities in general supposed that this trade is largely of the nature of barter.
there have been wore advances during the past week than Russia will sooner or later have to recognize the truth of
the
declines. Sugar, it is true, has fallen, now that the Cuban saying "If you wish friends you must be a friend." It canseason has begun in earnest. Despite the recent railroad not adopt an attitude of studied hostility towards the rest of
strike in Cuba, the number of centrals grinding is far ahead the world and expect the world to enter into friendly relaof that of a year ago. It looks as though the people were to tions with it. It will have to recognize the sanctity of
conhave cheaper sugar. Coffee has advanced, partly under the tracts and the comity of nations and finally the
fact that
spur of higher prices in Brazil. Rubber has declined some- Sovietism is not a.step in advance but a step
backward into
what. The leather trade has been rather better in the East- a despotism worse, if anything, than the
despotism from
ern States. The lumber trade has been more quiet. The which it profesSes to free the Russian people.
spring trade in silks has increased. Wool has been quiet, but
In the United States the feeling is hopeful. Last March
steady. Car loadings, as usual at this time, show some de- trade slowed down visibly and has since
proceeded warily.
crease. The grain markets have advanced, especially corn, There was no boom. Whether there was not too
much fear of
which has been offered by the West less freely. Light re- one last spring it is hardly worth while now
to discuss. The
ceipts have also helped to put up prices for wheat, especially year 1923 in any case was notable for a
quiet demonstration
to-day, with foreign exchange rates better.
of the commercial strength of the United States. On the
Franc exchange dropped during the week, it is true, to whole retail trade was good, though
injured in the last few
the lowest rate on record and sterling has also fallen months by abnormally warm weather.
Exports and imports
sharply. It is surmised that people in Europe have been exceeded those of 1922. The railroad car
loadings, of course,
converting foreign currencies into dollars owing to the dis- surpassed anything in the history of
the country. The very
turbed political outlook in England and illso on the Conti- high wages reflected the fact that
employment Was univernent. In England in particular there is an evident fear that sal. Production at times fell off in
some industries, but on
a Labor Ministry may come into power on the reassembling the whole apparently exceeded that of
1922. notably in pig
of Parliament shortly. It would seem that there is to be no iron with its unparalleled total of
40,200,000 tons. Buying
concerted effort on the part of the Conservative and Liberal power was high, especially
among the artisan class, though
parties to keep the Laborites out. Of course, it is recognized the farming community was also
in a better position to buy
that without some sort of understanding between two of the aside from wheat growers and
cattle raisers. The South
principal parties it would be practically impossible to carry certainly was in good shape,
favored as it was by high prices
on the British Government. But the London Stock Ex- for cotton. Building reached a
total that completely
change on the whole keeps remarkably cool. And it appears eclipsed all previous records.
The same can probably be
that there is no movement among financiers of London to said of the automobile output.
bring about an understanding between the parties opposed to
The American Railway Association estimates that during
Labor with a view of preventing the coming into power of a 1923 revenue freight loadings totaled
49,844,000 cars, an inLabor Government, whatever may be advocated by the anti- crease of 18.2-5% over 1922 and 10.5% greater
than in 1920,
Labor press of London. Perhaps there is a belief that an ex- when freight traffic was the heavi_st on
record. Loadings
perience of power and responsibility would have a sobering in 1923 also exceeded the war period of 1918
by nearly 12%
effect on Ramsay Macdonald and his followers. It is one and 1921 by almost 27%.
JAN.5 1924.]
'
THE CHRONICLE
15
and of wage ad-
larger than in 1922,
goods, it employment approximately 13% the previous year. The total value of
At New Bedford, Mass., mills making fine cotton
vances. greatly exceeded that of
Island cotton agricultural production was about $900,000,000 greater than in 1922.
is said, will go on shorter hours. In Rhode
ing .rise
by a
bring a large This increase in income was not accompaniedsavingscorrespond
deposits indicates
mills are not looking to 1924 as a year likely to
the large growth in
Textile Associa- in the cost of living, and e margin of income above expenditures.
volume of business, says the Rhode Island
that there was a considerabl
venture
credit,
tion. Further curtailment is the idea of those who
The review discusses the growth of member bank
Island coma forecast. During the year 1923 six Rhode
market operations, Sm., and is as follows:
include: open
panies established plants in the South. These
The Year 1923.
Bros., Franklin Process, United
the year 1923 the outstandManville-Jenckes, Goddard
In the business and banking developments of
Finishing. The ing fact has been the high level of industrial and agricultural output and the
States Knitting, Clyde Mills and the U. S.
in the demand for bank credit to finance a volume of production and trade never
Sayles Finishing Plants, Inc., is building a new mill
t the year the buying power of consumers,
corporations is con- previously equaled. Throughou
t and increased income
South and another of the Rhode Island
out of practically full industrial employmen
arising
trade and in a more active
templating the establishing of a plant in one of the Southern offarmers, has been reflected in a growth of retail
Island distribution of merchandise than in any other year. which began in the
States. All of these would have been built in Rhode
credit,
The increase in the demand for commercial
Island in
the early part of 1923,
but for the advantage the South has over Rhode
middle of 1922, continued at a rapid rate during
activity, and was mainlonger hours and more favorable tax rates. when there was an unusual degree of industrial months of crop moving
lower wages,
at a high level with a further rise during the
Providence, R. I., wired that cotton mills are likely to in- tained trade. Taking the year as a whole, the credit situation was charand fall
busicrease curtailment in 1924, as they have large stocks of acterized by a growth of credit to meet the renewed demand of active
to hold larger stocks of gray ness.
goods. Converters are said
Growth in Bank Credit.
goods than usual. At Pawtucket, R. I., the Manvilleby the fact thatAhe
The extent of the demand for bank credit is shown
products is removing a number of its total loans of all member banks increased about three-quarters of a billion
Jenckes Co. cotton
year. This increase of about 4%
employees to its newly acquired plant in Gastonia, S. C. At during the first nine months of the place during the last nine months of
upon an increase which took
tic, Conn., textile manufacturing was slightly un- followedan even more rapid rate. In that year the growth of loans was acWilliman
1922 at
der normal in 1923, but conditions on the whole were very companied by an even more rapid growth in investments;in 1923, however,
'
d on Investments declined slightly, while loans continued to increase.
good. North Carolina cotton mills, it was announce
was at a rate
The growth of member bank credit since the spring of 1922
operations on full time next Monday. It
Jan. 3, will resume
that by the middle° of
more rapid than the previous loan liquidation, so
is said, too, that there is very little curtailment in South 1923 total loans and investments were greater than in November 1920.
by the increase in demand dewas
in
Carolina. Gadsden. Ala., cotton mills are reported to be In 1922 the increasetheloans nine exceededof 1923 there was a decrease in
months
first
posits, while during
week.
funds divcurtailing to 40 to 45 hours a
demand deposits. The chief source of increase in member bank
borProfessor Irving Fisher of Yale University announced that ing 1923 was the growth in time deposits, supplemented by additional
averaged 151% of pre-war level. The pur- rowings at the Federal Reserve banks.
, last week's prices
during the
The growth in member bank credit in the agricultural districts
chasing pdwer of the dollar was 663-10 pre-war cents. The period was to a much larger extent than in the industrial districts financed
six Federal
average for December was 151% and 664-10 pre-war cents. by borrowings at the Reserve banks. The discounts at the , Atlanta.
was 153% and 654-10 pre-war Reserve banks located in the agricultural districts (Richmond between
The last quarterly average
by 69%
St. Louis, Minneapolis, Kansas City and Dallas) increased
cents. The average for 1923 was 158% and 634-10 pre- Janmary and September, while discounts at all other Reserve banks increased
war cents. Crump's index number was 154; December averthis,increase
.....oans increased more rapidly in industrial districts, and
age 154; last quarterly average, 150; average for 1923, 149.
in the agricultural
was met in part through the sale of investments, while
Of the 357,803 immigrants allowed for the year ending districts investments continued to increase. In the financial centres funds
through a reduction in
June 30 1924, 339,381 have already entered the United States available for commercial loans were also increased commercial borrowing
loans secured by stocks and bonds. The volume of
the first week in
since July 1 1923.
at member banks in leading cities declined slightly after
The weather has latterly been rainy and cool here. In October, and the lessened demand for credit was also reflected in sorriewhat
the fore part of the week it was very cold at the West, South- easier money rates.
Increase in Reserve Banks' Discounts.
west and Northwest. To-day it was cool and clear. Floods
during the
At the Federal Reserve banks discounts increased rapidly
are threatening Ohio river towns to-night. The flood waters
with
year, but there was a corresponding decline in open-market holdings,
of the Allegheny and Monongahela rivers are pouring into the result that total earning assets remained relatively stable. In fact. as
in the
the Ohio and a stage of 27.3 feet, or more than 5 feet above shown by chart, relative stability in the total volume, with changes Bank
been the principal characteristic of Federal Reserve
the normal stage was reported at Point Bridge. Louisville composition, has past two years. During these two years the countess
assets during the
reported rivers at many points in Kentucky at near flood steadily used from 81,600,006,000 to $1,200,000,000 of reserve bank credit.
and 1923 afford
stage. Landslides in mountainous districts there caused In view of this relatively constant demand, the years 1922volume of openobserving the effect of changes in the
in railroad traffic following recent rains. Cincinnati, an opportunity of the volume of member bank discounts. This changdelay
market holdings upon
Ohio, reported a cold wave to-day with the mercury 10 de- ing relationship was commented on in the May and July issues of "The
close of the year, to make a
grees below zero. It prevented a th eatened flood. The old Bulletin" and it now seems appropriate, at thethe two elements of Federal
between
weather over the entire West. It more complete review of the relation
year went out with cold
operations.
Reserve credit policy—rediscount operations and open-market
e
was 20 to 34 degrees below zero in Wyoming. In Texas it
In the early part of 1922 the Reserve Banks purchased a considerabl
market, partly for
was down to zero. It was 56 degrees below in Alaska. On volume of short-term Government securities in the open
while in 1923 they greatly reduced their
purpose of obtaining earnings,
aggregate
Jan. 2 the Pacific Coast States were cold beyond precedent. the
holdings of these .securities. In the absence of change in the
Records that had stood for years were shattered. Paso Ro- demand for Reserve Bank credit, the increases in open-market purchases
bry a corresponding decline in the volume of disbles, a resort town, had a temperature of 9 above zero. during 1922 were offset reduction in .securities was accompanied by a subcounts, and in 1923 the
Santa Barbara reported 25 degrees above a d Los Angeles stantially equivalent increase in discounts.
which they
37. The lowest reading in San Francisco was 374 degrees.
In 1922 when the Reserve Banks bought securities the funds
banks and permitted these
In Washington and Oregont it was 2" above and 17 the day paid to the sellers found their way into member
The aggregate
banks to repay an equal amount of their rediscounts.
before. The cold weather in Southern California did prac- amount of reserve bank credit in use was not increased or even materially
into
tically no damage to the citrus groves, however.
changed; a certain amount of rediscounts were merely thus converted
the member banks, particularly in the
At Paris, on Dec. 31, the Seine was rising cast afttr con- "securities." But the effect onloanable funds or to enable them to reduce
large centres, was to add to their
tinued rains and expert observers said it would probably their indebtedness at the Reserve Banks. Under such conditions banks are
continue to so all this v eek. It recalls tilt: eat inundation likely to lend more fully to their customers and others.
security
In 1923,on the other hand,when the Reserve Banks reduced their
funds.
of 1910, when the river passed the 27-foot mark. The Seine
they withdrew from the market an equivalent amount of
to 1 ,ave thei- homes, holdings, the withdrawal, the market borrowed substantially the same
has risen so high that people have had
Following
ed substantially
trains have been stopped, subways have been fkoded, boats amount from the banks; and the banks, in turn, rediscount
material
at the Reserve banks, so that there was no
have patroled suburban streets and troops are pre ring to the same amount volume of Federal Reserve Bank credit in use.
change in the total
move the inhabitants.
Policy.
Federal Reserve's Annual Review of Economic Conditions—Increased Wage Earnings, Larger
Industrial Output Marked Course of
Year.
In its annual review of economic conditions, made public
Dec. 30, the Federal Reserve Board states that "the year,
as a whole, was characterized by a large industrial output,
practically full employment, a sustained consumers' demand
for goods, and a level of prices more stable than in any
year since 1915." The review says:
A national income larger than in 1922, arising both out of increased
earnings of factory workers and larger proceeds from the sale of farm
products, furnished the buying power to absorb the year's increased output
of
a
of goods. The income of industrial workers, as the result of volume
Open-Market
banks
The volume of open-market holdings with which the Reserve
instrument
entered the year 1923 put them in possession of an admirable
Federal
for testing the degree of dependence of the credit structure upon
member
Reserve bank accommodation and for placing the initiative upon
meet
banks to determine the volume of Reserve bank credit required to
the
the needs of business and industry. For in rediscount operations
the Reserve
initiative is taken by the member banks, which borrow from
operations
banks at the established discount rate, while in open-market
shortthe initiative may be taken by the Reserve banks, which buy or sell
market
term rcurities in the market largely at their own volition and at
during 1923
rates. The fact that the reduction of open-market holdings
was accompanied by an amount of discounting by member banks approxiFederal
mately equal to the volume of funds withdrawn from the market by
credit
Reserve banks indicated that the total volume of Reserve bank
outstanding was not in excess of requirements.
chiefly
Federal Reserve credit policy during the year has been reflected
country for
in open-market operations. As the aggregate demand of the
-market,
Reserve bank credit may be met either through rediscount or open
16
THE CHRONICLE
[VOL. 118.
operations, the Federal Reserve
Board felt that these two methods
of of the year arose more
extending credit should be brought
into harmony. The Board, theref
from the hesitancy of business concer
ore forward orders than
In April 1923 appointed a committee
ns In placing
from a lessened demand on
of officers of Reserve banks to act
the part of ultimate conIn conjunction with the Board in effect
sumers; and the price declin
ing a more complete co-ordinatio
n in industry rather than in es of the period were chiefly in materials used
of all open-market operations of
the Reserve banks, both on their
consu
own
account and in the execution of
The year, as a whole, was mers' goods.
orders in Government securities
characterized by a large industrial
for the practically full
Treasury as fiscal agents of the Gover
output,
employment, a sustained consu
nment.
mers' demand for goods,
and a level of prices more
At the time the committee was
appointed, the Federal Reserve
stable than in any year since
Board
adopted the principle:
1915.
A national income larger
than In 1922, arising both out
"That the time, manner,
earnings of factory workers
of increased
and larger proceeds from the
meats purchased by Federacharacter and volume of open market investt ucts, furnis
sale of farm prodl Reserve banks to governed
hed the buying power to
regard to the accommodation
with primary goods.
absorb the year's increased outpu
of
t of
The income of industrial
of such purchases or sales on the commerce and business and to the effecworkers, as the result of a volum
general credit situation."
ployment approximately
e of em13% larger than in 1922, and
As the Act provides that discou
of wage advances,
nt rates shall be fixed "with a view
greatly exceeded that of the
of
accommodating commerce and busine
previous year.
The total value of agricultural
ss," the adoption of this princi
ple
definitely established open-mark
production was about 8900,000,000 greate
et policies on the same basis as
than in 1922. This increa
r
discount
se in income was not accom
policies. Open-market operations
panied by a correprovide a cushion of credit between sponding rise in the cost of
the direct borrowings of member
living and the large growth
in savings deposits
banks and the money market,
indicates that there was a
and have
facilitated the flow of credit into
considerable margin of income above
and out of the Reserve banks in
expendisuch a tures. The increased buying during the year is
way as to exercise a steadying
reflected in the volume
influence in the market and to
of retail trade, which was
reduce the
larger for every month of
tendency toward periodical tightn
1923 than of 1922, so
ess of money formerly felt by busine
far as monthly figures are now
in the spring and by agriculture
ss
available, and the total of depar
in the autumn. Indeed, open-marke
sales for the ten months exceed
tment store
operations, particularly sales of
t
ed those for the correspondin
securities, have proved to be
last year by 13%. The distri
g months of
a valuable
adjunct to discount policy. The
bution and marketing of goods
minor influence which sales of securi
by the improvement of transp
were
ties
by Reserve banks exert may, at
ortation facilities and the volum facilitated
times, avoid the necessity for resort
traffic was the largest on record
e of railroad
to the major influence of a chang
ing
. In agriculture the final
e in discount rates.
estimates for the
year indicate a physical volum
e of production larger than
Discount rate changes in 1923
the year before,
were fewer than in any other year in and at the prevailing level of
farm prices the total value of
the history of the System. Advan
the
ces in discount rates from 4% to
4 Yi% is about 12% above that of 1922. Furthermore, a larger year's crops
at the Federal Reserve banks of
Boston. New York and San Franci
farm income was available for
proportion of
sco
were made early in the year, and
current expenditure, since less
of the income
since that time the level of rates
than in preceding years was used
has
been the same at all the Reserve
in the repayment of loans. Sales
banks. With the growth of discou
order houses,representing chiefl
of mail
nts,
however, which accompanied the
y purchases in rural communitie
reduction in the holdings of Gover
s, increased
nment by 31% in 1923. The recovery of agriculture, however, is
securities, the influence of existi
ng discount rates was extended
to a larger particularly in the wheat and live stock industries, and the still incomplete.
proportion of the total Federal Reser
unusual business
ve bank credit in use, and the cost
growth of the year has been
obtaining Reserve bank credit was
of
chiefly in the industrial sections.
borne more directly by member banks
It is the
demand on the part of industrial
Ohanges of discount rates made
.
workers which, even with the
with a view of influencing the deman
decreased
foreign demand, has result
for rediscount accommodation
ed in a better market for agricul
d
from Federal Reserve banks
ttral products.
In addition to the large
are better
understood by the general public
purchases of goods for immediate
consumption,
than open-market transactions.
The there was also an exceptionally heavy demand for houses and
experience of the past year, howev
automobiles.
er, shows that changes in the volum
as indicated by the growth
of securities held by the Reserve
in the construction of buildings and
e
banks, when such changes are
the manuwell timed, facture of motor cars. The automobile output of the
are capable of exerting an impor
year will total nearly
tant and useful influence on credit
con- 4,000.000, an increase of more than 50% over 1922. The
ditions. The weekly statements
building activity
of condition of the Federal
Reserve which had been at a high level during 1922 reached
banks show the amount and compos
a maximum
ition of open-market holdings and Spring of 1923 and then
make it possible for the public to
slackened somewhat owing to the rapid In the
follow these changes from week to
advance
in wages and in prices of
week.
In view of the importance durin
materials. With the subsequent declin
g 1923 of the open-market operat
ions. struction costs activity was renewed and for the eleven month e in cona detailed statement of the changes
s ended in
during the year in the composition
of November contracts awarded totaled more than for
open-market holdings and of their
the corresponding
relation to total earning assets is
shown months of 1922. Building operations on a considerable
in the following table:
scale were general
throughout the country and reside
ntial building not only increased
EARNING ASSETS OF FEDERAL
rapidly than construction
more
RESERVE BANKS IN 1923.
for business and industrial purpos
es but constituted a larger proportion of
the total than in the four previo
us years.
The large volume of constr
Open Market Noi dingo.
uction not only led to increased
production of
building materials, but also result
ed in large sales of furniture and
U.S.Bond Treasury
other
household goods and was an impor
Total.
AccentDiscouMs.
Total I & Note. Certificates
tant factor in the demand in many
lines
ances.
of trade.
Prices of building materials and
S
Jan. l0 1,248,000,000 512,000,
house furnishings, while they declin
734,000,000I176,000,000 332,000,000
ed
during the latter part of the year,
Feb. 14_ 1,183,000,009653,000,0001538,00
226,00
1,191,
0613,0
remained, nevertheless, considerably
0,000 163,000,001 190,000,0001185,000,000 above
Mar. 14_
the average for all commodities. The
0,000
general price
April 11 1,135,000,000623,000,000 570,000,000 161,000,000 184,000,000225,000,000 by the wholes
512,000,000 183,000,000 75,000,000
ale price index of the Bureau of Labor level, as measured
May 9- 1,148,000,000 695,000,000453,000
274,000,000
Statistics, after adJune 13_ 1,085,000,009708,000,000377,00 .000 149,000,000 37,000,000 267,000,000 vancing somewhat during the first three months of the year,
0,000
declined by
July IL 1,134,000,0001847,000,000 287,000,000'125,000,00 33,000,000219,000,000 November to a point below that of November
1922, but the average for the
94.000,000 7,000,000 186,00
Aug. S. 1.091,000,00 823,000,000 268,000
,0001 83,000,000 7,000,000 178,00 0,000 eleven months of 1923 was slightly higher than the average for the
sept.12 1,121
year 1922.
, 842,000,000 279,000,000' 95,000
0,000 More significant than these
,000 5,000,000 179,00
changes in the general level, however,
Oct. 10_ 1,143,000,00 869,000,000.274,00
are the
0,000 87,000,000 5,000,000 182,000,000 readjustments which have
'Nov. 14_ 1,150,000,00 791,000,000359,000
taken place between various group
0,000
,000 79,000,000 12.000,000268,000,
s of commodities, particularly the increase
Dec. 12- 1,188,000,00 762,000,000426,00
in the prices of certain agricultural
0,000 77,000.001 19,000,000 330,00 000
Chg.bet
0,000 products and the continued decline in
fuel prices. Prices of farm products
Jan.10
as a whole were higher in November
Dec. 12_
1923 than at any time since December
58,00-0.00 250,000,000 308,000,000
99,000,000313,000,000103,000.000 1920. This rise was due entirely to the
higher prices of crops, as the prices
of live stock and animal products
Of the two principal types of securities
were lower in November than at any
time
banks—acceptances and United States eligible tor purchase by Reserve during the year.
securities—the volume ot acceptances held by the Reserve banks increa
Attitude of Business.
sed by about $100,000.000 during
the year, while Government securities
The fact that the year, taken as a
declined by over $400,000,000.
whole, has been one of unparalleled
The increase in Federal Reserve bank
Industrial and trade activity has
holdings of acceptances since the
been somewhat obscured by the recess
middle of October reflected in part the
ion
from the unusually high levels reache
seasonal growth in the volume of
d during the first quarter. The growt
acceptances created in connection
h
during the early months was a contin
with the financing of crop export
uation of the expansion which had
s.
The reduction in holdings of United States
been under way for a year and a half,
and carried the volume of production
securities, chiefly certificates
of indebtedness, continued almost without
to a record level.
interruption throughout the
year, though during November and
Stocks of materials had been replen
December there was a slight increa
ished, the available supplies of labor
se and equipment were being
in the holdings of Treasury certificates.
utilized near to capacity and manufa
A comparison of the composition
cturers
began to feel some uncertainty about
of earning assets shows that the reduction in open
the possibility of marketing at
-market holdings between
profitthe middle of January and the middle of
able prices the large current output.
December was somewhat larger
Wide recognition that there had
than the increase in discounts, with the
been
result that for the period the total a rate of advance which could hardly be maintained gave rise to
hesita
volume of Reserve bank credit decreased
and the recession which followed
slightly.
was an expression of the conser ncy,
Stability in the other principal items
vative
attitude taken by the business commu
of the Reserve bank statement
nity. In the fall months,
however,
with the continuance of active trade
has also characterized tho year's operations.
Reserves remained at about
and an undiminished demand
83,200,000.000; Federal Reserve
consumers, business became
from
note circulation, after a seasonal declin
e when business volume, prices more confident. Throughout 1923, a year
early In the year, continued at about $2,200
and credit were adjusting
,000,000; deposits, consisting
themselves to the
largely of member banks' reserve balanc
now levels, it was primarily the attitu
es, declined somewhat, reflecting
de of business which moder
ated both
the upward and the downward
the decrease in demand deposits with
member banks; and the reserve
movements and exercised
a stabilizing
influence upon trade and indust
ratio throughout the year remained near
ry.
76%. This
in the Reserve bank statement during a year of growt absence of change
h in business activity
and of increasing credit and currency deman
d is closely related, as was Secretary of Trea
pointed out last month in this review, to
sury Mellon Predicts Prosperi
the use made of imported gold.
ty For
During 1923 the inflow of gold contin
United States in 1924.
ued in somewhat larger volume
than during the previous year, net imports
Forecasting prosperity in 1924 in
of $262,000,000 for the first
11 months exceeding the total of $238.000,000 for
the United States,
1922. This additional Secretary of the Trea
gold was not reflected in an increase in the
sury Mellon in a statement issued Dec.
reserves of the Federal Reserve
because certain of these banks
banks
met the demand for currency by 31 expressed the conviction that "if the
tax proposals are
putting gold certificates into circulation.
Thus the increase of the total enacted into law and the
sound policy of retrenchment in
money In circulation of 8307,000,000 betwe
en December 1922 and De- expenditur
es is continued, the coming year will witne
cember 1923 was largely in gold certificates rather than
in Federal Reserve
ss a
notes.
steady improvement in the favorable
conditions which have
Trend of Member.Bank Credit.
already begun to make themselves
felt." Secretary Mellon's
The trend of member bank credit during the year,
rather than of Federal statement follows:
Reserve bank credit, has reflected the course of
business developments.
During the last year this country
The period of most rapid increase in the demand
has made a remarkable recovery
for credit was the first a severe indust
from
quarter of the year, when trade was active and
rial depression. It has become increa
the volume of production with busine
singly evident that
ss on a sound footing and fairly
in basic industries was greater than at any previous time.
balanced relations between
Prodbction industries our own country can
reached Its peak for the year in May, and after
enjoy stability and a moder
that time the growth in prosperity, even
when unsatisfactory conditions prevai ate degree of
the demand for credit for commercial purposes slackened.
l abroad. The
result should not only inspire confid
The recession in industrial activity during the summe
ence for the future but justifies the belief
r months, however, that the year immed
iately ahead of us will see continued
was not accompanied by a decline in the distribution of
progress if the
merchandise, and of an unsound basis of taxati
on is removed from business and indust drag
in the autumn the demand for additional credit, largely from
ry.
agriculture,
Much depends upon the continued
resulted in a further increase in commercial loans at
efforts of the country to keep its finanmember banks in cial house in order, holdin
g down expenditures and following
leading cities. The slackening in trade activity during the
sound policies
latter part as regards new undertakings.
The Government has succeeded in closing
the
JAN.5 1924.)
THE CHRONICLE
fiscal year 1923 with a surplus of about 8310,000,000 above all expenditures
chargeable against ordinary receipts, including the sinking fund and other
debt retirements to which the Government Is committed under the sound
policy of balancing its budget and gradually reducing its indebtedness.
During the year the Treasury has completed the refunding of the $7,500.000,000 of the short dated debt on a strict investment basis and without
disturbance to business or a strain on the financial market. This has included the completion of the refunding of the Victory loan aggregating over
84,050,000,000 and the retirement of over $500,000,000 of war savings certificates. The year just closed has also witnessed the funding of the debt
owed to this country by Great Britain into bonds aggregating S4,600,000,000, with satisfactory arrangements for their gradual retirement.
As a result of the present favorable condition of the Government'sfinances
the Treasury has recommended a reduction of taxes, in the belief that the
country should be relieved so far as may be possible of the excessive burden
of taxation which has been borne so uncomplainingly during and after the
war. The Treasury has accordingly recommended to Congress that legislation be enacted which will distribute the benefits of tax reduction among
all classes of taxpayers and release for investment in productive enterprise
funds which are necessary for the country's expansion and future healthy
development.
I am convinced that if the tax proposals are enacted into law and the
sound policy of retrenchment in expenditures is continued the coming year
will witness a steady improvement in the favorable conditions which have
already begun to make themselves felt and this country will enjoy prosperity
In 1924.
17
have a very marked effect on the promise of the earlier
months. "If inventories," he says, "are small and wellbalanced, production and employment should be stimulated. Unreasonable weather in some parts of the country
and provision for installment payments on pleasure cars and
other articles are affecting retail selling of men's wear especially, and there are also in the atmosphere a number of
moral problems that will have to be wisely and courageously
handled in order to make way for a prosperous year. Mr.
Tregoe adds:
Nothing will so directly help in the overcoming of these problems and
the maintenance of a reasonable industry than sensible spending—the'
devotion of income to the buying of articles of a standard type and a
resistance to an urge that toe frequently happens to the buying of articles"
which promise merely pleasure or entertainment.
At the ending of the week on Dec. 21, Prof. Fisher's index number'
registered 150, a lower figure than the monthly average for any month la
1923. Lower prices in metals, building materials, house furnishing goods.
,
fuel and lighting, are responsible for the decline. Farm products road
almost 2%,thus reducing the spread between prices for farm products and
all commodities.
The farm situation shows considerable improvement. According to the
last estimates of the value of farm products, the farmers this year will
In a Christmas mssage given out at Pittsburgh, Dec. 24, have $800,000,000 more for their crops than they received a year ago.
A questionnaire sent out to a largo number of manufacturers and jobbers
Secretary Mellon said:
in nine different lines reveals a moderate degree of optimism. With the
The business outlook for the New Year seems most encouraging and the exception of petroleum, most of the groups report better business for
prospects of the Republican party and Mr. CooLidge's nomination could November 1923 than for November 1922. Some of the groups reported
not be more promising. I hope the reaction over the country in support a falling off in November as against October 1923. The answers cover
of the recommendations for tax reduction may prove more fruitful of sales, collections and business prospects in the following lines: Hardware
favorable action in Congress.
and electrical supplies, groceries and provisions, agricultural implements,
The Secretary added that "the country is facing a year, boots and shoes, clothing, furniture, paint and varnish, and petroleum.
situation, we have every reason to
the outlook for which is better than for any year for a long in Summing up the if the tax revision recommended by foster confidence
1924, especially
Mr. Mellon goes
time. 1924 promises to be a good twelve months."
into effect, and that the 68th Congress does not attempt to interfere with
the courses of natural economic laws.
Boston Federal Reserve Bank's Review of Industrial
and Financial Conditions.
In an article on the general business situation appearing
in the January 1 issue of the Monthly Review of Industrial
and Financial Conditions in the New England District by
Frederic H. Curtiss, Chairman and Federal Reserve Agent
of the Federal Reserve Bank of Boston, Mr. Curtiss defines
the present situation as "one of a relatively large volume of
distribution of goods to the ultimate consumer, a negligible
amount of unemployment, and production reduced to nearly
or even below the requirements of shipments." We quote
the article herewith.
The usual autumn peak of manufacturing activity has been passed, so
that some of the reports of curtailed production which were received during
December were not unexpected. In certain industries, such as cotton
manufacturing, the reported curtailment was even more than seasonal.
Taking manufacturing establishments in New England as a whole, however,
the rate of production is apparently not far from what might be termed
"normal"—that is, average, or part way between the peak reached in times
of prosperity and the bottom reached during a depression. There is little
unemployment, and wages are high. The purchasing power of the people
is good in relation to commodity prices, although the "standard of living"
seems nowadays to require so many extra thingsformerly classed as luxuries
that trade in some "necessities" has suffered.
While the seasonal peak of production is past, December is usually the
month of tho largest volume of sales of the year in retail stores. Department store sales in this district were larger this autumn than a year ago,
and in so far as this is typical of retail trade as a whole, the results are
encouraging. The increase compared with last year is not as large as
most merchanti expected, nor, perhaps, as large as they were entitled to
make, in view of the slightly higher prices this year than last and the
normal growth of the stores. December sales of the Boston department
stores prior to Christmas showed an increase of about 4% over those in
the corresponding period in 1922. This may not be very encouraging to
the merchant but, nevertheless, indicates a volume of trade that is really
large as compared with manufacturing output.
Price changes in the various commodities have nearly counterbalanced
one another during the past few weeks, so that the general average has been
more or less static, with a tendency toward a slightly lower rather than a
higher level. In fact, the business situation as a whole is in a somehwat
similar condition. At such times it is quite difficult to forecast the direction
of the next general major trend, because it is hard to foretell which of the
factors already at work will become so important that they in time will
provide the impetus needed to turn conflicting tendencies into a broad
general movement of the business trend.
The present situation is therefore one of a relatively large volume of distribution of goods to the ultimate consumer, a negligible amount of unemployment,and production reduced to nearly or even below the requirements
of shipments. Then,too, credit is relatively cheap,and much more readily
obtainable than is usually the case during a period when production has been
declining for several months. There is a large volume of new construction
under way,and the recent tendency has been toward an increase rather than
a curtailment. Renewed building activity was one of the foundations upon
which the business recovery of 1922 was based.
The present irregularity in the general situation is apt to continue, how
ever, until some of the factors—whether those working for good or bad
can not now be foretold—operate more forcefully than they do at present.
Moderate Optimism Among Credit Men.
A "moderate degree of optimism" for business in 1924 is
revealed in the returns from a questionnaire sent to nine
different lines by J. H. Tregoe, executive manager of the
National Association of Credit Men in various parts of the
country. Business is entering the new year with a number
of encouraging signs, according to Mr. Tregoe, who declares
that the nature and extent of inventories in January will
Outlook for Real Estate First Mortgage Bonds in 1924.
G. L. Miller, President of G. L. Miller & Company,stated
this week that from the standpoint of real estate first mortgage bonds the outlook for 1924 was remarkably encouraging, both for investors in this type of security and for the
well established and reputable first mortgage bond houses.
Mr. Miller said:
There are several factors working toward a possible decline in the genera
level of interest rates. The proposed reduction in the upper brackets of
the surtax may reasonably be expected to divert considerable sums away
from tax-exempt securities into those which arc not tax-exempt. Such an
increase in available capital for taxable investments will naturally have the
tendency to bring about a lowering in the prevailing rate ofinterest.
Furthermore, if the President's recommendation of a constitutional
amendment abolishing the tax-exempt privilege is carried through, this
tendency towards lower rates should be materially strengthened.
The rate of interest on real estate first mortgage bonds has always been
somewhat higher than the rate on other types of securities of equal safety.
It can hardly be expected that real estate first mortgage bonds will continue'
to pay their present return, in case there is a general decline in interest
rates, but they will almost certainly continue to offer, at least for a time,
a premium in income over that which is offered by other securities of equal'
merit.
I believe that this premium will be a powerful incentive to investors to
place increasing amounts of their funds in first mortgage real estate bonds.
In a period of declining income returns from investment there is always all
eager search for securities which afford an income somewhat above the
average. This is the principle ground for my belief that 1924 will witness
a still more remarkable trend of investment capital into first mortgage real
estate bonds.
Estimates have recently been published that real estate first mortgage
bonds are now being underwritten at the rate of 8500,000.000 a Year. Compared with $50,000.000 a year only four or five years ago. This remarkab/e
growth is an indication on the one hand that this type of bond is meeting
an fulfilling a very real need among thousands of investors. On the other
hand, it is a guarantee of the stability and continued growth of the first
mortgage houses which continue to conduct their business in a sound and
conservative manner.
Secretary of Commerce Hoover Sees Bright Prospects
for United States in 1924—World Situation
Hopeful.
In reviewing the "Economic Prospects of 1924," Herbert
Hoover, Secretary of Commerce, finds the economic outlook
for our own country for the next year bright, and in general,
he says, "the world situation is hopeful." His statement
was made public as follows on Jan. 1:
The important thing in formulating any judgment as to the economic
future is an understanding of our present position and of the forces that are
In motion for and against economic progress. The following summary fabased on the annual review by the Department representatives throughout.
the world.
The economic outlook for our own country for the next year is bright. In,
general the world situation is hopeful. The general spirit of prudence, the
of speculation, complete employment, high production and the great
financial strength and stability of the important States in the Western,
Hemisphere, together with the promise of the early conference for systematic consideration of constructive solution of the world's greatest economic menace—Franco-Oerman relations—all create a hopeful foundation on
which the new year may build.
An economic weather chart of the world would show three distinct areas.
First, the Western Hemisphere, Asia, Australia and Africa, which have
made distinct economic progress during the past year, achieving a high degree of economic recovery.
Second, Russia, the Baltic, the Balkan States, the Near East, Italy and
Spain, which are still struggling with after-war political, social, currency,
18
THE CHRONICLE
[Vor.. 118.
debt and budget problems, but yet show undoubted progress in the restora- Sault Ste. Marie and 30% through the Erie Canal. The overseas tonnage
tion•of commerce and industry.
was about the same.
Third, an area of economic depression resulting from the occupation of
Consumption is indicated by the increase in sales of mail order houses by
the Ruhr and the collapse in Germany. While most acute in that country, about 30%, in chain stores 18% and department stores about 10% over
it ildiates its depressing influences strongly over Poland, Czechoslovakia, 1922. Postal receipts were 10% greater than 1922.
Switzerland, Hungary, Scandinavia, Holland and Great Britain. France
The stocks of goods generally at the end of this year are somewhat higher
can well be placed in this group because the failure to secure reparations has than at the beginning of the year and unfilled orders for steel are lower, as
contributed to an unbalanced budget and the resulting Mired inflation. are orders for railway equipment. But the large employment bids fair for
This has concealed the true situation and has given an artificial and forced large continued consumption of goods.
draught to the industrial activity. The other cluntries of the group are
Price levels maintained comparative stability. Wholesale average prices
suffering from a distressing increase of unemployment.
of all commodities declined about 3% for the year and stand 52% above
The German collapse has in less degree affected every other part of the 1913. Average prices for ground crops increased 15%, while live stock deweek!. The decreased consuming power of Germany and of the States most dined about 7%. Retail food prices increased during the year about 4%
affected has contributed to the low price levels of food products in the United and the Labor Department Cost of Living Index would show an increase of
States and other food exporting countries. The decrease in her steel and about 4%.
coal production at first gave some stimulus to the production of other counThe national debt has been reduced about one billion dollars during the
tries; but this is now offset by decreased buying power of the depressed year; bank debits to individual accounts remained about the same in New
area for other commodities. One other effect of importance has been the York but increased about 12% in the rest of the country. The money in
undoubted substantial flight of capital from many of the States in this area circulation apparently increased about 6%. Member banks show an increase
of depression to the United States, resulting in further excessive accumu- of about 6% in loans and discounts. The reserve ratio is about the same
lation of gold here. The economic world has not yet felt the full impoct of as a year ago, that is about 76%. . Savings increased about 10% and life
the occupation of the Ruhr. Were it not for the hope inspired by the ini- insurance sales about 22%. The financial items, therefore, show a general
tiation of negotiations for settlement of the German problem the situation parallel with increased production without inflation.
would be most unpromising for the future.
In summary, the world situation continues under the European cloud of
Even with settlement accomplished there will arise considerable problems the reparations dispute, unbalanced budgets, unstable currencies and the poin readjustment of trade through re-entry of German coal and steel into the litical uncertainties of armies in the old Allied States greater than pre-war.
markets and through the possible (and to be hoped) return of capital which
et the realizatic.n of the necessity to constructive polution of reparations.
has sought refuge in the United States from many parts of Europe. During the constructive aid to Austria and Hungary, and the projects for budget
the whole year passed the events of the depression area have at least served reorganization in other countries, all give hope that we have at last taken
to inspire caution in the rest of the world and has contributed to the absence a turning
of speculation and, therefore, to their fundamental stability. If it be posOur own country has exhibited extraordinary strength and progress. The
sible to reconstruct Germany's finance during the forthcoming year and to basis of healthy business activity lies in balanced budgets, stable currency,
secure such assistance to France as will enable the stabilization of the franc, high production accompanied by proportionate consumption and savings,
the world will have entered into a period of great hope and much promise with an absence of speculation, extravagance and inflation. These things
of prosperity. Full consummation cannot, of course, be accomplished with- we have in the United States. We have even more in the hope of decreasing
out a large measure of disarmament in Europe, for the armies to-day main- taxes. The odds are favorable to 1924.
tained by 170,000,000 people there are upon a scale which if repeated in the
Western Hemisphere, would mean 3,000,000 men under arms—a strain that
would have made recuperation almost impossible on this side of the Atlantic, Alvin W. Krech Bases Hope for New Year on Tax
even with the economic strength which this hemisphere possesses.
Revision Plan and Co-Operation by United States
Russia is slowly making progress with the inch by inch abandonment of
in Inquiry into Germany's Financial
Communism and Socialism. War has ceased in the Near East. Greece and
Turkey are turned toward progress. The Eastern States of Europe are senSituation.
sibly approaching sound projects for stabilization of budgets and currency.
Alvin W. Krech, Chairman of the Board of the Equitable
China is still disturbed politically, but her commerce is maintained despite
of it. The Japanese disaster has had less effect upon her economic stability Trust Co. of New York, in a first-of-the-year mesage, dethan many anticipated and has furnished new proof of the great strength and clared that "there are excellent reasons to hope that
1924
courage of that country. Latin-America is steadily increasing in productivity but currency conditions in some instances leave much to be desired. will be a year of prosperity for American business," his
Except in Mexico there has been a steady increase in political and social hopes for the new year, he said, being based "to a very
stability.
gre- t extent, on Mr. Mellon's tax revision plan, and on the
Our own country has shown more freedom from depressing European economic influences than most others. The explanation lies in the fact that President's decision to let American experts co-operate in
although our exports are of profound importance less than 6% of our total the inquiry on Germany's financial situation." Mr: Krech's
productivity is exported and of this only about one-half to Europe. The
message follows:
proportion of different products exported to Europe, of course, varies and
There are excellent reasons to hope that 1924 will be a year of prosperity
European conditions, therefore, have a fluctuating influence upon different
for American business. By prosperity I mean not a frantic, multiplying
industrials. As less than 1% of our manufactured products find their marof wealth, which is the dream of the speculator or the gambler, but a measket in Europe, the direct effect upon these industries is more negligible than
upon certain agricultural products which are much more dependent upon ured though steady growth of our economic structure, which is the ideal
prayed for by the sound business man. This country, and It is good at this
European consumption, such as wheat and pork products, and we endure
time of the year to look backward in a pensive mood, has in the last few
both economic and political reactions at home from this latter fact.
years gone through the whole scale of economic vicissitudes. It experienced
In 1923 the United States have witnessed the highest total productiviy
the intoxicating elation of colossal turnovers and profits prior to 1920, but,
and movement of commodities since the war, with full employment, high
sobered by the almost inevitable depression that followed, it took gamely
real wages, greatly increased savings, large additions to home building, and
its losses. The year 1923. completing the uphill work of 1922, saw again
the largest increase in railway equipment since the war. The whole has
this country hammering with calm purpose at its big task, and as a banker
been accompanied by a remarkable absence of speculation, consequent overI should say with gratitude that the business community on the whole has
accumulation of consumable goods, or dangerous expansion of credit. As
shown during the last year an attitude of mind and purpose which to-day
we are not in a boom we can expect freedom from a slump. Some seconfinds its reward In a very encouraging credit position. I may well say that
dary interrogations can be raised as to the effect of the expansion of installthe banks in 1924 will continue to extend to their clients the credits of which
ment buying of consumable goods, the acute suffering in the Northwest
the latter have shown themselves to be so worthy during the past year
agricultural areas, the increase on stocks of some commodities, and decrease
and I believe that this country, which has known the supreme economic
on some advance orders. These items are small compared to the whole inblessing of what amounted practically to full employment in 1923, will be
dustrial fabric. Taking the country as a whole we never in history have
able to keep up its industrial output.
enjoyed a higher standard of living and comfort, nor so great a degree of
I base my hopes for 1924 to a very great extent on Mr. Mellon's tax recommercial and industrial efficiency as to-day or so wide an understanding vision
plan and on the President's decision to let American experts co-operof the forces which control the ebb and flow of business. As severe as the ate in
the inquiry on Germany's financial situation. Secretary Hughes
situation is in the worst of the agricultural States yet the disparity between more than a year ago sowed in New Haven the seeds which
to
-day promise
agricultural prices as a whole and industrial commodities is gradually less- to bring forth the inestimable fruit of a wiser
understanding of the ecoening and the economic balance is tending to right itself.
nomic needs of Europe. There was a time when even the optimistically inA more detailed examination of our own situation based upon the first dined could believe that the Secretary of State's New Haven
proposal had
eleven months, and some later data, indicates that our foreign trade will been swept aside by the winds of discord, but happily it has
been taken up
show about $4,100,000,000 in exports and about $3,800,000,000 in imports again and we witness at last, upon one very important
point at least, a
—an increase of 7% in the former and 20% in the latter over 1922. The gratifying accord between France, England, Belgium,
Italy and the United
merchandise balance will be about $300,000,000 in our favor. Net gold and States.
sihter imports will be about $260,000,000, or on the face of these figures
I firmly believe that America, who sat in the councils of war, must sit
almost a full liquidation of the trade balance. On the other hand, our very In the councils of peace. The European situation Is a problem which by
large net expenditure upon tourists, emigrant remittances and other current far transcends the selfish concern as to the export possibilities of our surinvisible items have been apparently liquidated by the very considerable plus production, it is a problem which involves the
Integrity, the very exflight of capital from Europe. Our publicly issued loans to foreign coun- istence, of the human race, and I take it as a good omen for the material
tries-and enterprises have been about *300,000,000 net for the year, as com- and the moral well being of this country that we have decided, on the eve
pared to over $600,000,000 last year.
ofthe New Year,to let America's voice speak,what will be,I fervently hope,
Our manufaitured production taken together will show about 10% higher the counsel of moderation and brotherhood.
15% higher than 1922. The 1925 production of coal and coke
than 1920 and
shows a great increase, but the strike in 1922 prevents any useful comparison with last year. Production for this year increased over 1922 by about Building Construction Extraordinary Reported by the
40% in iron and steel, about 50% in copper, about 60% in automobiles,
Copper and Brass Research Association.
about 15% in rubber tires, about 10% in lumber, about 20% in cement,
about 20% in sanitary ware and about 10% in leather. Textiles were about
The Copper and Brass Research Association's annual
the same as the year before.
In the agricultural products cotton production increased about 3%; the survey of building construction, made public on Jan. 11924,
total bushels of cereals show an increase of about 3%, pork products about places the total expenditure during 1923 at $5,922,900,000;
20%, beef about 5%—with a slight increase in dairy produce.
the largest single year in the history of the building industry,
In construction work the large additions to our railway equipment have
enabled the railways to fully handle the traffic for the first time since the and bringing the total volume of construction for the past
war, and marks a great achievement. In building there has been about the two years to the astounding total of $11,000,000,000. Dursame floor space constructed, but there has been a great shift from public ing 1923, the expenditure for residential buildings including
construction to make way for private work, as indicated by the decline of
over 20% in public building construction, and an increase of about 15% dwellings, apartments and hotels, is reported as having
in residential buildings compared to 1922. This shift from public to pri- amounted to $2,302,240,000, so that nearly 40% of the total
vate- construction is also indicated by the fact that concrete road contracts expenditure went to relieve the acute housing shortage
declnied about16% while the output of cement, however, increased as above.
which still existed at the beginning of the year. As a result
In transportation, car loadings were increased by about 15%. Cargo
traffic through the Panama Canal doubled, it increased 40% in through of the past two years of record-breaking construction, the
JAN.5 1924.]
THE PHRONICLE
19
comparing by months the value of
The diagram on page 5 [this we omit]
about by the war contract awards in the New York area with awards in the remaining Northshortage in all classes of building brought
recorded in
saw an estimated eastern States shows that the decline in building permitsfigures. For this
the
has been steadily reduced. July 1 1921,
little reflection in the contract
after
$8,084,985,000; and construction during districtmonthsMarch found total contracts for this district show an increase
building shortage of
of this year,
eleven
figure to $6,363,- of 15% over the corresponding period of last year, whereas for all other rethe remainder of that year reduced this
tion. porting districts there was a decrease of less than 1%.
Jan. 1 1922, says the Research Associa
835,000. on
part of the total
Residential building continued to account for a large
the total of $4,910,000,000;
e of resiConstruction in 1922 reached
The following table shows the particularly high percentag
normal yearly awards. construction to total building in this district in the first eleven
dential
which $3,125,000,000 represented the
of
shortage was months of this year:
demand for new construction, so that the
Per Cent. Residential to Total Building—First Eleven Months of Year.
000,000. Total construcrelieved during 1922 by $1,785,
to
1923
1922
1921
$5,922,900,000 during 1923 has contributed further
1920
tion of
of $2,617,900,000;
60
51
relieve this building shortage by a total
56
22
38
935,000 accord- New York State and Northern New Jersey__I 22
34
29
1
All other reporting districts
leaving a shortage on Jan. 1 1924, of $1,960,
investigator.
slightly in November, but building to this
The prices of building materials declined
ction during ing wages averaged somewhat higher. As a result, the cost of construction
The total expenditure for building constru
Research Asso- index computed by this bank remained unchanged at 193% of the 1913 cost
1924 is estimated by the Copper and Brass
000,000 and about 4% below the May high point for the year.
ciation at $4,835,935,000, of which amount $3,125,
ry for normal building
represents the expenditure necessa
Outlook for Future
among James B. Forgan's Survey of 1923—
requirements. Construction in 1923 was divided
"Reasonably Hopeful."
an
the different classes of building as follows:
In a survey of the year 1923, James B. Forgan, Chairm
Percent.
Total.
Classification—
16.00%
$947,670,000
of Directors of the First National Bank of
of the Board
Apartments
6.77
400,980,000
the
Churches
12.00
710,750,000
Chicago and the First Trust & Savings Bank, refers to
Dwellings
7.60
450,015,000
Mr.
Hospitals
10.87
outlook for the future as "a reasonably hopeful one."
643,820,000
y
Hotels
12.63
748.065,000
Forgan states that "the financial structure of the countr
Industrial Buildings
10.26
607,690,000
Buildings
Office
4.20
248,770,000
is at present as sound as, if not sounder than, it ever has
Public Buildings
19.67
1,165,140,000
Schools
been, and if our present banking system is not made the
nce
$5,922,900,000 100.00%
Total
football of politics, we may look with considerable confide
building require- into the future." In stating that "certain industries have
A statement of shortage, normal yearly
the Association to recovered to the extent that would be desirable," Mr.
ments and yearly carry-over as prepared by
inForgan cites as among these the clothing and leather
follows:
$8,054,985,000 dustries, both of which, he says, "are still in need of readjustJuly 11921.estimated shortage
1,721,150.000
Construction, balance of 1921
ments in order to attain again a full measure of prosperity."
36,363,835,000
Shortage. January 1 1922
Mr.Forgan's statement,issued under date of Dec.31,follows:
$4,910,000,000
ion in 1922
ted by the
on
Construct
Normal increment, 1922
3,125,000,000
1,785,000,000
Shortage relieved in 1922
Shortage, January 1 1923
Construction in 1923
Normal increment. 1923
Shortage relieved In 1923
$4,578,835,000
$5,922,900,000
3,305,000,000
32,617,900,000
necessita
The year 1923 was a period of continued liquidati
time it marked the beginnings
business depression of 1920, and at the same
Business men, however, did not forget recent
of a revival in business.
The result is that inventories
experiences and proceeded conservatively.
has been no inflation of either currency or
are not unduly large and there
, may be termed a reasonably
credit. The outlook for the future, therefore
hopeful one.
we are still feeling the shock of the war.•
It is not unnatural that even now
. Certain industries have not recovered to
though with diminished intensity
desirable, and among these may be noted the
$5,085,935,000 the extent that would be
Total shortage
250,000,000 clothing and the leather industries, both of which are still in need of readLess carry over to 1924
full measure of prosperity. Much is
justments in order to attain again a
$4,835,935,000
. As a matter of fact, crops have
heard about the agricultural situation
Construction in 1924
are in a better financial condition
been very satisfactory, and most farmers
of time. Even the difficulties of the
than they have been for a long period
ted. The trouble in their case is that as a result
Business wheat farmers are exaggera of wheat during the war, wheat was grown upon
New York Federal Reserve Bank's Indexes of
of the arbitrarily high prices
ns is not suitable for that crop. In other
Activity.
land which under ordinary conditio
used for other purposes. That the
words, some wheat lands ought to be
Jan. 1 number of the Monthly agricultural situation is not as bad as sometimes reported is proved by the
The following is from the
debts is continuing in a very satisfactory
tact that the liquidation of farm
Review of the Federal Reserve Bank of New York:
gs from
in recent months farmers have restricted their borrowin
distribution and general business activity for No- manner,and
This bank's indexes of
organizations. A further proof of this
with October. joint stock land banks and similar
order houses, whose sales
showed more decreases than increases as compared
reports of the mail
vember
trade and retail condition is to be found in the
and it must be remembered that a large
Among the more notable decreases were those in wholesale
ise and miscella- have been unprecedentedly large,
trade. Building permits and railway loadings of merchand
is found in our rural communities.
trade
small losses. In most groups, notwithstand- proportion of their
neous freight showed relatively
still waits in vain for a solution of the
On the other hand, the country
relatively large, as
ing declines, the volume of trade was shown to remain
pointed out in our statements of recent
shows this European difficulties. As we have
with the computed trend of past years. The following
compared
d uncertainty at home as long as our foreign
of the computed trend, years, we shall face continue
bank's available indexes for November in percentages
at present. The reports from Europe are of
markets are as precarious as
allowance being made for seasonal variation.
le to say whether or not there
such a conflicting nature that it is impossib
political developments hold out some
Per Cent.)
100
has been improvement. Some recent
(Computed trend of past years
to be appointed by the Reparations
hope that the committees of inquiry
of some of the perplexing troub1923
Commission will eventually find a solution
world.
ling Europe and affecting the whole
Average for
the whole world, and we ourselves, is
What not only Europe needs, but
Sept. Oct. Nov.
l tinkering with economic laws is
above all peace and quiet. Continua
Mar. April May
This is especially true of the legisto hamper business development.
bound
tation Act of 1920 has not been
Primary Distribution—
lation affecting railroads. The Transpor
107
105
103
110
judgment to be passed whether it
Car loadings, mdse. and miscell
enforced long enough to enable adequate
108
101
106
121
Car loadings, other
these amendments ought to be.
103
116
100
106
requires amendments, and, if so, what
Wholesale trade, Second District
85
845 Congress can do no greater service to the country than for the present to
95
83
Exports
94
106
1015
126
Impc rta
let well enough alone.
42
58
86
119
ndations for a revision
Cereal exports
The Secretary of the Treasury has made recomme
Distribution to Consumer—
which deserve the united support of
96
97
100
98
of our present income tax schedules
Department store sales, Second District..
y ot our country. He and the
97
97
96
100
Chain store sales
all interested in the commercial prosperit
100
85
91
102
done well to call attention to the fact
Mall order sales
President of the United States have
113
112
113
103
New life Insurance written
time consists not merely in the
84
104.
101
that one of the serious difficulties of our
Amusement receipts
on involved in our
-iii
96
98
93
amount of the taxes but in the uncertainty and duplicati
Magazine advertising
93
92
90
and municipal taxing bodies.
96
r advertising
Newspape
system of taxation by various Federal, State,
but a simplification
General Business Activity-Not only is it desirable to diminish the amount of taxes,
92
100
93
106
Bank debits, New York City
even more necessary.
108
112
_110
of administration and assessment is almost
Electric power
been diminishing during the
102
97
101
103
On the whole, the demand for money has
Postal receipts
153
159
127
149
constant, weakening
Building permits
course of the past year. Money rates have been fairly
113
88
111
103
to earn a fair return
Business failures
101
103
101
somewhat in recent months. Banks have been able
104
Employment, New York State factoriestheir net earnings in many
upon the capital invested, but on the other hand,
of providing for
p PreilminarY.
Instances have been reduced by the continued necessity
of 1920. It
losses which really had their origin in the business collapse
ation incident
may be stated, however, that the liquidation and reorganiz
York on Building
generally been accons.
Federal Reserve Bank of New
to conditions prevailing in 1920-21 have now very
in the quality of
plished and that a decided improvement has taken place
Construction and Prices of Building Materials.
past three years the banks
the obligations held by the banks. For the
In the Monthly Review of Credit and Business Conditions, have had to face and provide for prospective losses on current loans. These
if not entirely
either have been charged off or have been largely reduced,
dated Jan. 1, the Federal Reserve Agent at New York says:
in 27 Northeastern States eliminated, by the improved condition of bank borrowers, many of whom
Contracts for building construction awarded
financial difficulties.
in have weathered the storm and worked out of their
were smaller in November than in October but were 19% higher than
country is at present as sound as,if not sounder
November last year, according to the F. W. Dodge Corporation. Decreases The financial structure of the
the
York State than, it ever has been, and if our present banking system is not made
from the October figures occurred in all districts except New
the
of 13% to the largest football of politics, we may look with considerable confidence into
and northern New Jersey, where there was an increase
future.
amount ever reported.
Shortage, January 1 1924
Normal Inertment, 1924
$1,960,935,000
3,125,000,000
20
THE CHRONICLE
Situation in Philadelphia Federal Reserve District
Continues "Distinctly Favorable."
In its general summary of business conditions (dated
Jan. 1) in the Federal Reserve District of Philadelphia,
the Federal Reserve Bank of Philadelphia states that "the
general situation. continues distinctly favorable." The
summary notes that "retail trade, as was to be expected, is
heavy, and preliminary reports indicate that Christmas
sales will- exceed those of 1922." We give the summary
herewith:
[VOL. 118.
$5,543.270. All of the other reporting cities, with the
exception of Atlantic
City, Wilmington, and Scranton, showed losses in
both the number of permits issued and total values. These three cities
recorded increases in the
value of permits, although the number was
in each case smaller than that
for the preceding month. The value of permits
issued by all reporting cities
during November was $5,254,723 less than
that for the corresponding month
of 1922, when a total of $15,357,321 was
reached.
Notwithstanding the seasonal decline in building operation
s the demand
for bricks continues to be fair, although
it is not as good as it was during
November, or in December of 1922. Unfilled
orders are smaller than they
were last month, and no difficulty is
encountered in making prompt shipments. 01 orders now on the books the
majority are tor delivery within
the usual 80 day period,with a fair proportio
n for up to and beyond 90 days.
The rate at which reporting firms are
operating varies from 35 to 100% of
capacity, and unfilled orders will insure operation
s at the same rate for from
two weeks to several months. A few
manufacturers state that weather and
other conditions may interfere somewhat with
production, but that the output during November was practically the same
as that for October.
No change in prices of either building or
fire bricks has been noted since
this time last month, although as is usual
at this season some resistance
to present quotations is being met and in a
few cases concessions are requested.
Stocks of finished goods are moderate, but are
increasing. Supplies of
raw materials, though for the most part moderate
, are in a few instances
heavy, and are either stationary or decreasin
g. Some scarcity of skilled
workers is reported in this district, but the supply
of unskilled labor is
plentiful.
Collections are from fair to good and show little change
from those at
this time last month or during the corresponding period
of last year.
In several lines, sales by manufacturers have as usual
decreased as the
period for taking inventories has approached. The same factor
has been the
cause of a similar decline in wholesale trade, which, however,
is larger than
it was a year ago. Retail trade, as was to be expected,
is heavy, and preliminary reports indicate that Christmas sales will exceed
those of 1922.
Distribution of goods, as measured by freight car loadings,
has decreased,
as is customary at this period of the year.
In certain industries conditions are still unsettled,
but optimism has been
growing during recent weeks, and considerable confidence exists
as regards
prospects for 1924. The pig iron industry recovered somewhat
during late
November, and although activity has lessened since then, a
goodly volume
of orders was received for delivery both immediate
ly and during the first
six months of 1924. This buying movement tended
to lighten stocks, and
a further cutting down of production has brought
the supply more into line
with the demand than it has been in several months. Building
operations
continue on a large scale for this season of the year,
but the demand for
building materials has as usual declined. The value
of building permits
issued In this district during November was over
$5,000,000 less than the • Factory Employment and Wages in New York
total either in October of this year or in November
1922. A shrinkage;
Federal Reserve District.
however, is customary in November, and is observabl
e throughout the
country. Textile products on the whole continue
From the Jan. 1 number of the Monthly Review issued by
to move rather slowly,
partly because of seasonal influences. Quotations on
raw wool and on cot- the Federal Reserve Bank of New
York we take the followton strengthened during the month, but silk weakened
, and prices are now
ing:
about the same as they were before the disaster in
Japan. Manufacturers
of certain textile goods, including heavy underwear
Decreased employment in the clothing industry, and smaller
and full-fashioned
declines in
hosiery, report substantial orders for 1924.
the food products, railway equipment, and iron and steel
industries caused
Hides and calf skins have been in good request,
and heavy leather has a decline of more than 1% in total factory employment in New York State
been moving better. Conditions in the shoe industry,
however, vary: during the month ended Nov. 15. For the United States as a whole there
factories making children's shoes have sold a considera
ble part of their out- was a decline of about 1%, according to a new employment index prepared
put for February and March delivery, but in women's
shoes uncertainty by the Federal Reserve Board.
caused by style changes has tended to curtail orders.
Because of the diversity of industries in New York
Paper is selling only
State, the monthly
moderately well, owing, it is said, to the instability of prices.
Cigar manu- employment statistics of this State have been commonly regarded as a fairly
facturers state that business is not quite up to the November
reliable index of factory employment throughout the
level, but it
country. Comparison
is noteworthy that the higher grades of cigars are
in exceptionally good of the New York figures with the Federal Reserve Boon's employment index
demand, and Christmas orders have been large.
seems to substantiate fully this theory, as indicated by
the diagrams in the
In spite of the varying and somewhat conflicting tendencie
s mentioned, lower half of this page [of the Monthly Review] which show an extraordithe general situation continues distinctly favorable.
Both manufacturers nary degree of correlation in most of the industrial groups. Data for New
and merchants are, for the most part, entering
the new year with only York State are obtained from the State Department of Labor, while the inmoderate stocks of goods. The disposition toward
caution in buying con- dex of the Federal Reserve Board is computed, as explained in detail in the
tinues, although in some industries it is apparent
that purchases for future December 1923 issue of the Federal Reserve Bulletin, from material collected
delivery are growing. The labor situation, too, is
satisfactory. Manu- by various State Bureaus and by the United States Department of Leber.
facturing establishments in this district reported a slight
In general the diagrams show also the tendency for employment
decline in employto vary
ment during the month,accompanied by a decrease in total
wage payments, least in industries most directly related to the consumer, such as foods and
but wage rates were practically unchanged. Mercantil
e establishments food products, and to fluctuate most in industries which supply materials
increased their number of employes in preparation
for further use in industry, such as metals and metal products.
for the holiday trade.
In the lumCommodity prices declined during November for the
third consecutive ber and lumber products industries, which supply the building industry, emmonth, the index of the Bureau of Labor Statistics
standing at 152 on Nov. ployment throughout the country has risen above 1920 levels, but for all
30, as compared with 153 in October, and 156 in November
1922. Of the industries combined the number of workers has generally remained below
various commodities, corn and silk were lower, but
pig iron, raw wool, and 1920, notwithstanding the large increase in production since that time.
cotton advanced.
The average hiring rate for unskilled male labor in the Second
District,
The banking situation continues to be satisfactory.
Money rates are computed quarterly by this bank from reports from representative employers.
easier, and rates on commercial paper are about
continued in December at about the high level reached in June,
31% below those of a
following a
month ago.
continuous advance since 1922 which brought the rate
to within 8% of the
maximum level of 1920.
Employment and Wages in Philadelphia Federal
Average weekly earnings of office workers in New York
State factories,
reported once a year by the State Department of Labor,
increased 4.4%
Reserve District.
during the year ended October to $32 68, a wage
slightly
The following is from the "Business Review," dated previously reached. Earnings of factory operatives rose 8% higher than any
during the same
period to $27 73 but remained slightly under the maximum
Jan. 1, of the Federal Reserve Bank of Philadelphia:
levels of 1920.
Employment and wages at reporting manufacturing
In submitting a diagram showing the relative advances
establishments in
Pennsylvania, New Jersey, and Delaware declined from
October to Novem- since 1914 in earnings of the
two types of workers and comber. The 1.057 industrial plants included in our survey
reported a total
paring these with an index of the cost of liiing in the United
of 413.280 wage earners on the payroll, as compared with
419,042 in the
previous month—a decline of 1.4%. Average weekly
earnings were about States, prepared from figures published by the
United States
1% smaller in November, and total wages paid decreased
2.3%. The Department of Labor
and the Massachusetts Commission on
latter figure closely represents the actual decline in plant
operations, as the
reported changes in wage rates were negligible both in number
and amount. the Necessaries of Life, the bank says:
Hence, the reduction in total wages paid reflects less
While office workers' earnings increased more slowly than the
employment and
cost of livshorter working hours. Wage increases of from 1 to 25%
were reported ing, this disparity was largely eliminated by the decline of living costs since
by 47 establishments, affecting 1.692 employes; whereas decreases
1920. The real wage of factory operatives in terms of
affecting
purchasing power
1.417 workers were reported by 10 employers. Thus, lees than 1%
of the was considerably increased.
total number of employes received increases or decreases In wages.
Employment decreased in most of the industries included
in the survey,
Decline in Wholesale Trade in Federal Reserve
and only two groups—building materials and miscellaneous industrie
s—
District
showed increases. In the former group noticeable gains occurred in
of New York During November.
cement
mills and glass plants, while in the latter group the largest increases
were In
Smaller sales of women's clothing, shoes and silk
paper and pulp mills, printing esta'ellshments, and musical
instrument
and cotfactories. The biggest decreases in employment occurred at
sugar refin- ton goods, caused a decline during November in
sales of 164
eries, canneries, car repair shops, and miscellaneous iron and steel
plants.
A smaller total weekly payroll was reported in 30 of the 47 industries, and wholesale dealers in eleven principal lines in this district,
average weekly earnings were less in 25 industries.
and the weighted index of wholesale trade for the month,
Reports received by this bank from mercantile firms in the Third
Federal computed by this bank, was 2% below that of
November last
Reserve District record seasonal changes in employment at these
establish- year, says the Monthly
Review, dated Jan. 1, of the Federal
ments. Retail stores report an increase of 9.4% and wholesale
houses a
decrease of 8 •
Reserve Agent at New York. The Review continues:
%
This is the first time since July 1922 that the index
Building Situation in Philadelphia Federal Reserve compared with the same month of the previous year. has shown a decline
The decrease of 2% in sales shown in November may
District.
be compared with an
increase of 11% in October and of 8% in September
.
In its report on the building situation the Federal Reserve men's apparel and cotton goods; the decreases in sales In the cases of wofollowed unusually
Bank of Philadelphia in its monthly review, dated Jan. 1, large sales in October.
The chief increases in sales during November
as compared with sales in
says:
November 1922 occurred in stationery and in
hardware, which continued to
wyprp seasonal decrease in the number of building permits issued,
and reflect active building operations. Jewelry and machine tools
contracts they represent, was evident during November
showed
in the value of the
. smaller increases and groceries, drugs and men's clothing were
little changed.
The value of permits issued by 14 cities in the Third Federal Reserve DisAs compared with October, November sales showed
decreases in all lines
trict during that month totaled 810,102,598, or $5,341,030 less than that except stationery. These losses were partly
seasonal in character, but were
for the preceding month. The total number issued was 2,438, a decrease larger than usual, and the weighted index
of this bank declined 24%
beof 861 from the figure for October. In Philadelphia the number fell from tween the two months, whereas the usual
decline at this period of the year
1,429 in October to 1,053 in November, representing a decline in value of is 18%. Detailed figures are shown
in the following table:
Dollar Value of November Sales
(November 1922 =-- 100 Per Cent)
Commodity.
grand divisions and principal countries for the month of
r
November and the eleven months ending with Novembe
for the years 1922 and 1923. The following is tl.le table
complete:
-
•
Per Cent
Change
in Sales,
Odober to
November
1923.
1919
1920
1922
1923
119
Stationery
113
Hardware
176
Jewelry
272
Machine tools
126
Groceries
92
Drugs
168
Shoes
88
Clothing
111
(a) Men's
69
(b) Women's dresses
77
.
coats and sults._ (c) Women's
125
Dry goods
108
Cotton goods
(a)
143
(b) Silk goods
166
Diamonds
135
111
126
190
109
79
77
74
73
74
76
68
73
58
45
95
82
84
38
86
88
112
82
100
60
79
83
88
77
53
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
115
112
109
105
102
101
96
96
100
91
94
91
96
87
87
+ 6.4
- 8.3
- 4.0
-12.7
- 4.6
-26.1
-17.7
-44.8
-41.8
-46.0
-47.4
-21.5
-25.3
-17.6
-19.1
116
90
85
100
98
-23.9
Total (weighted)
1921
ImportsfromGrand divisions
Europe
North America
South America
Asia
Oceania
Africa
d
Federal Reserve Bank of New York on Decrease
Basic Industries.
Production in
wheat
Decreases in the production of pig iron, steel ingots,
us
flour, and in the mining of both anthracite and bitumino
a decline of about 2% during November in the
coal caused
weighted index of production maintained by the Federal
Reserve Board, says the Federal Reserve Bank of New York
folin its Monthly Review, dated Jan. 1, which also has the
lowing to say:
ingots 12% to the lowest
Production of pig iron declined 8% and steel
orders on the books of the
totals since the fall of last year, while unfilled
Total
Principal countries
Belgium
Denmark
France
Germany
Greece in Europe
Italy
Netherlands
Norway
Russia 10 Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
end of November showed a further
United States Steel Corporation at the
in the average daily prodecline of 304,000 tons. There has been a decrease
continuing through the first
duction of crude oil, beginning in October and
two weeks of December.
this season of the year.
Production of automobiles continued large for
in November, as shown by a
Cotton consumption was also relatively heavy
than in October.
total of 531,631 bales, or only 10,000 bales less
for November,
Following are this bank's available indexes of production
trend of past years, with allowexpressed as percentages of the computed
ance made for seasonal variation:
Argentina
'Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
China
British India
Stralta Settlements
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
EXPOTIS toGrand Divisions:
Europe
(Computed trend of past years = 100 Per Cent.)
Nov.
Oct.
Nov.
Peoducers' Goods
Pig iron
Steel ingots
Bituminous coal
Copper, U. S. mine
Leather, sole
Tin deliveries
Petroleum
Cotton consumption
Woolen mill activity*
Zino*
Cement
Consumers' Goods
Anthracite coal
Wheat flour
Cattle slaughtered
Calves slaughtered
Sheep slaughtered
Hogs slaughtered
Sugar meltings, U.S. ports
Paper, total
Tobacco consumption
Gasoline
Automobile, all
Automobile, passenger
Automobile, truck
Automobile, tires
7Innta and ahnava
North America
South America
Asia
Oceania
'Africa
1115.5
1945
July.
Aug.
Sept.
92
,102
100
, 86
100
110
116
106
105
75
136
121
105
106
102
105
84
142
83
104
75
135
110
107
105
111
106
99
146
89
98
73
130
102
99
99
102
90
80
144
88
100
68
138
98
101
99
106
91
98
142
94
102
73
135
90
90
94
1070
92p
150
99
111
96
137
74
108
147
114
93
107
132
138
109
135
100
122
105
123
86
135
70
84
88
110
151
162
109
95
35
109
98
118
76
146
102
85
89
107
140
149
104
107
95
104
100
146
77
139
137
90
93
107
159
171
113
126
90
.
95
Inn
RA
104
116
109
145
79
149
74
93
89
108
145
157
98
121
nn
00
97
96
Total
principal countries:
Belgium
Denmark_
France
Germany
Greece in Europe
Italy
Netherlands
77
148
116
161p
170p
124;
RAT
.
•Seasonal variation not allowed for. p Preliminary
Increase in Chain Store Sales in Federal Reserve
District of New York.
Sales by all types of chain stores were larger in November
than in November a year ago, due in some cases to increases
in the number of stores, though candy and soda, ten-cent,
and tobacco stores also showed increases in sales per store,
says the Federal Reserve Bank of New York in the Jan. 1
Month Review, which adds:
Prices, as reported by shoe stores, showed little change. The average price
with $3 86 in Novemper pair in November this year was $3 84, compared
ber 1922.
Detailed figures on sales are shown in the following table:
Number of
Stores.
Dollar Value of Sales
(November 1922= 100 Per Cent)
Type of Store.
Nov.
1923
1919
1920
435
Apparrel
100
Candy & soda_
1,779
Ten cent
14,005
Grocery
281
Drug
284
Shoe
2,742
Tobacco
546
119
1,867
18,270
324
324
2,698
56
78
75
70
91
106
91
81
94
84
87
96
112
105
20825
24.148
73
RR
1921
1922
1923
Per Cent
change
in Sales
per Store,
Nov. 1922
10
Nov. 1923
81
89
86
84
95
96
98
100
100
100
100
100
100
100
000.-"—•Nts.
101,1CoWC.00.
Nov.
1922
Tatill
21
THE CHRONICLE
JAN. 5 1924.]
RR
100
114
- 0.2
+ 1.1
+10.7
- 7.6
- 6.6
- 6.1
+ 7.1
-20
Total Values of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington on Jan. 2 issued its
report showing the merchandise imports and exports by
Norway
Russian in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
China
British India
Straits Settlements
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
-Month of November- -11 Mos. end. November
1923.
1922.
1923.
1922.
93,448,237 894,085,055 1,064,062,482
94,517,118
70.943,027 73,431,892 755,644,396 933.732,113
39,458,295 34,923,499 319,576,261 430.216.018
76,285,922 82,705,513 748,293,022 939,490,958
56,968,187
45,552,246
2,836,328 1,874,511
79,485,153
55,807,280
5,071,228
7,766,136
291,804,826 291,454,880 2,818,958,260 3,503,954,911
62,188,410
48,998,113
4,829,484 5,064,636
5,914,270
2,851,053
800.143
426,538
12,226.500 12,785,911 131,009,398 136,488,965
13,425,638 106,679,882 147,662,302
10,250,331
13,913,208
17,174,429
882,585
1,962,763
83,562,188
54,959,232
6,766,949 10,776,604
71.487,041
58,967,667
5,018,525
6,203.031
18,621,029
13,043,214
1,927,553 1,924,759
979,748
189,266
1,315
91,037
28,709,126
25,151,729
3,831,212 3,715,375
33,087,756
27,076,140
4,869,089 3.337,291
34,579,430
35.921,573
2,911,230 3,799.188
33,665,362 27.700.887 325,834,728 375,154,673
34,691,846 38,452,037 327,041,880 380,058,775
34,713,255
28,999,417
1,665,224 2,023,892
11,501,722 11,715,278 120,442,388 124,804,122
17,728,562 253,812,896 365,977,925
20,898,509
6,404,684
4,473,703
228,803 1,976,743
76,083,358 111.020.229
8,554,546 3,669,976
104,615,050 127,487,575
14,309,481 17,026,770
85,200,620
53,686,585
9,141,475 2,908,319
41,548,566
33,625,749
5,022,376
2,745,571
5,665,110
7,183,615
366.173
563,592
20,762,885
14,724,888
1,549,759 4,711,116
21,384,501
14,332,443
96,274
1,186,548
11,927,398
12,551,011
1,272,184 1,046,449
12,568,762 21.284,612 123.798,339 178,836,359
83.465,337 119,583,038
9,737,763
10,437,641
82,520,956 139,350,105
5,956,116 9.908,725
49,047,311
30,175,751
2,515.817 3,010,244
34,453,896 28,782,943 321,142.250 314,095,810
72,837,375
56,565,750
4,769,168 3,737,256
39,685,737
33,277,302
1.188,113
1,975,586
14,954,001
10,025,199
601,112
606,802
12,843,102
6,897.908
273,598
943,208
34,159,233
28,578,943
1,899,945
4,140,681
-Month of November- -11 Mos. end. November-1923.
1922.
1923.
1922.
215,744.649 217,201,196 1,896,633.723 1.845,818,313
86,862,262 84,805,971 830,389.632 1,006,611,866
22,304,410 23,411,434 203,946,514 250,080,750
40,040,788 57,450,599 412,763,680 448.378,688
91.731,031 133,375,953
9,557,379 12,679,229
55.649.759
51,985,309
5,490,134 4,642,278
379,999,622 400,190,707 2,487,449,909 3,739,815,329
7,822,982
9,657,711
3,512,487 3.579,478
31,927,987 31,374,136
27,385,242 28,579,928
867,421
1,703.714
17,800,405 18,231,274
9,712,836 10,262,906
2,666,234 1,552,937
35,754
1,906,637
10,280,006 6,743,106
3,858,360 4,249,179
410,401
470,585
89.681,457 99,731,714
55,988,970 45,743,430
3,910,058 4,833,964
8,540,563 11,436,673
13.146,232 16,642,852
1,076,342 1,050.064
8,429,563 9,215,396
4,249.662 4,503,749
3,143,422 2,547,661
2,057,348 1,839.787
189,909
460,458
1,475,437 1,912,834
1,124,557 1,337,644
790.239 1,214,231
8,218,498 9,319,185
1,711,085 3,134,778
591.427
489,269
899,984
464,802
21,455,166 35,112,948
3,890,008 3,881,395
6,700,714 10,276,533
2,743,631 2,282.715
1,957.936 1,995,375
591,580
771,899
92,589,483
32,896,809
241,902,596
291.371,536
9,599,177
135,907.111
107,405,111
29,058,670
18.977,843
65,411,353
29,592,520
3,952,740
775,416,374
523,850,538
40.264,689
100,874,391
114,617,436
9,114,049
85,671,605
40,301,566
20,613,780
17,791,289
4,096.039
12,923,316
10,450,547
7,741.836
94,417,087
28,649,799
5,017,008
6,906,451
192,273,158
39,556.817
72,385,290
18,085.957
19,154,413
7,480,290
88,402.635
35,945,983
242,166,250
284,917,652
11,183,692
147,692,641
98,770,311
25,839,633
3,430,106
56,584,558
38,362,441
4,960,734
757,572,530
606,646,275
51,175,429
111,694,682
177,474,329
12,046,251
106,473.942
41,990,602
29,038,036
20,405,024
3,848,275
17,907,393
1,4007,748
10,428,342
96,719,075
27.686,361
6,839,773
9,88,2107
226,553,693
44,211,076
108,250,978
23,449,078
26,248,968
5,412,309
Dun's Report of Failures in 1923.
(From "Dun's Review.")
Business failures during 1923 and the losses attributable
two
thereto have been somewhat lighter than in. either of the
preceding years, but are still very heavy. Mercantile defaults for 1923, as shown by the records of R. G. Dun & Co.,
number 18,718 and the liabilities amount to $539,386,806.
the
During 1922 there were 23,676 mercantile defaults,
recorded in a single year, and the
largest number ever
liabilities were $623,896,251, next to the largest amount
involved in any one year, the losses attributable to the
failures during 1921, the preceding year, being a few million
dollars in excess of those reported for 1922.
Both in number and amount of indebtedness the figures
for the past three years have run very high. Even under
in
such trying conditions as prevailed in 1914 and 1915, or
were only about 50 or
1893, the losses through insolvencies
a
60% of the indebtedness recorded for 1921 or 1922. In
the much higher range of values now
measure this is due to
In
prevailing for practically all classes of commodities.
nt of trade higher prices have added to the
every departme
the
volume of payments, and naturally this has swollen
22
THE CHRONICLE
[VOL. 118.
sums recorded in all business transactions and, among others,
The Standard Oil Co. of Louisiana on the
same day
the indebtedness of insolvents.
announced an increase of 15 cents per barrel in
the price of
The number of failures each month during three years
all grades of North Louisiana and Arkansas
crude oil.
and liabilities this year are presented herewith:
Pennsylvania crude oil on Dec. 31 was again advance
d,
Liabilities
Liabilities
this time 15 cents per barrel. This makes the
1923.
1,322.
1921.
1923.
price for oil
January
2.126
2,723
L,895
$49.210,497 in the Bradford district
February
1.508
$3 25, formerly 33 10, and outside
2,331
1,641
40,627,939
March
,
1.682
2,463
1.336
48,393,138 the Bradford district $3, formerly $2
April
1,520
85. Other Eastern
2.167
1,487
51,491,941
May
1,530
1.960
1.356
41,022,277 grades were not changed.
June
1.358
1,740
1,320
28,678,276
July
Independent refiners are reported to be offering a premiu
1,231
1,753
1.444
35.721.188
August
m
1,319
1,714
1.562
34,334.722 of 10 cents per barrel for
September
1.226
1,5661,466
Pennsylvania crude in the Oil
28,698,649
October
1,673
1.708
City district.
1.713
79,301,741
November
1,704
1,737
1,988
50.291,708
December
On Jan. 2 the Ohio Oil Co. increased the price
1.837
1,814
2,444
51.614.730
10 cents per
The monthly and quarterly report of business failures is barrel for 7 grades of
crude oil. The prices are as follows:
contrasted below for this and last year with the liabiliti
es Lima, $1 63; Indiana, $1 43; Illinois, $1 42; Princeton,
for 1923; also the total for this year and last:
$1 42;Plymouth,80 cents; Waterloo,90 cents;
Wooster,$1 50
Number
Liabilities
Press reports on the same day stated that
1923.
1922.
the Empire
1923.
January
2.126
2,723
$49,210,497 Petroleum Co. met the price established last
February
week by the
1,508
2.331
40,627.939 Texas
March
Co. for crude oil in Oklahoma and Kansas,
1,682
2.463
48,393,138
prices
ranging from 50 cents to $1 40 per barrel.
First quarter
5.316
7,517
$138,231.574
April
1,520
2,167
$51,491,941
The price of Canadian crude oil was advanced
May
1,530
1,960
10 cents
41,022,277
June
1,358
1.740
28.678,276 per barrel on Jan. 3 and is now selling at $2 03 per barrel.
Second quarter
Regarding the brighter outlook in the oil industry, Earl
4.408
5,867
$121.192,494
July
W.
1,231
1,753
$35,721,188 Sinclair, President of the
August
Sinclair Consolidated Oil Co., on
1.319
1.714
34,334.722
September
1.226
1.566
28,698.649 Jan 3 was reported in the "Journal of
Commerce" (New
Third quarter
3,776
5.033
$98,754,559 York) as having remarked:
October
1 ,673
November
December
1,708
1,737
1.814
1,704
1,841
Fourth quarter
5,218
The future of the oil industry is good, but it
would be folly for the oil
men to inaugurate an active drilling campaign and
bring about another era
of over-production. It Is true that domestic
production is off, but imports
. $181.208.179 of foreign produced oil, added to domestic output, maintain the
old level.
This, with 500.000,000 barrels in storage,
and one can see the danger ahead
$539,386,806 in allowing
a 15
-cent advance to sweep them off their feet. My advice
5623,896,251
is
to
R. G. Dun forcarry on conservatively and in the spring there will be plenty of ground
an active campaign.
5,259
18.718
Twelve months
1922
$79,301,741
50,291.708
51.614.730
-23,676
The records of business failures compiled by
& Co. go back nearly seventy years. The number of conThe Gulf Pipe Line on Jan.4 posted new prices for
cerns in business is now greater than ever before, and this
Powell,
Mexia and Currie crude oil in each case quoting
would account for a part of the increase in the number
$1 25 per
of barrel, thus meeting the 25 cent
advance made by the
business failures. Below is given the number of failures
and Texas Co. last week.
the amount of liabilities for each year back to 1910:
Prices for gasoline also were advanced in several
No.
Liabilities
localities.
No.
Liabilities S
1923
18,718
5539.386,8061916
16,993
8196,212,2568 Sinclair Refining Co. on Dec. 28 followed the adavnce
1922
23.676
623,896,2511915
22,156
302,286,1485 in price announ
1921
19,652
627.401,8831914
ced by the Standard Oil Co. of Indiana
18,280
357,908,8595
1920
8,881
295.121.8051913
16.037
272,672.2885 (see our Dec. 29 issue, p. 2826),
1919
6.451
113,291,2371912
as did the White Eagle
15.452
203,117,3915
1918
9,982
163,019,9791911
13.441
191.061,6658 Oil & Refining, White Star Refining and Indian Refinin
1917 _
13,855
182,441,3711910
g
12.652
201.757,0978 compani
es.
Northwestern Pennsylvania refineries on Dec. 29 advanc
Analysis of Imports and Exports of the United States
ed
the price of motor gasoline %c. a gallon.
for November.
New retail prices in the city of Indianapolis, Ind., varied
The Department of Commerce at Washington on Dec.
28 from 16.2c. to 22c. per gallon, including
the State tax of
issued its analysis of the foreign trade of the United
States 2c. per gallon. A statement in the Indiana
polis "News" of
for the month of November and the eleven months
ending Dec. 29 gave the following companies
as having advanced
with November, so as to show how much of the merchan
dise
imports and exports for 1923 and 1922 consisted of crude prices:
New retail prices, all of them including the State
tax of 2 cents a gallon,
materials, how much of manufactures And in what state
were quoted by company managers as follows;
and 18.2c.
Standard Oil, Red Crown.
a gallon; Western Oil Refining Co., Silver Flash,
how much of foodstuffs, and whether crude or partly
22c., and Target,
or 18.2c.; Great Western Oil Co., Diamond, 18.2c.,
and Crystal Pep, 22c.;
wholly manufactured. The following is the report in full:
Indian Refining Co., Indian, 16.2c.; Sinclair Refining
Co., Sinclair, 18.2c.,
(Value in Thousands of Dollars.)
Month of November.
Groups.
1922.
1923.
11 Months ending November.
1922.
Value. % Value. %
Value.
1923.
%
Value.
%
Imports
Crude materials for use In
manufacturing
Foodstuffs, crude, and food
animals
Foodstuffs partly or wholly
manufactured
Manufactures for further use
in manufacturing
Manufactures ready for consumption
Miscellaneous
Total Imports
s
s
$
s
111,146 38 97,945 34 1,038,077 37 1,286,420 37
32,650 11 40,124 14 298,589 10 327,356 9
31,770 11 - 35,500 12 361,200 13 501,962 14
56,759 20 50.790 17
493,616 17 665,335 19
58,309 20 64,136 22
1,171 __ 2,860 1
610,413 22 705,328 20
17,063 1
17,554 1
291,805 100 291,455 100 2,818,959 100 3.503,955
100
Exports
Crude materials for use in
manufacturing
144,333
Foodstuffs, crude, and food
animals
33,615
Foodstuffs partly or wholly
manufactured
51,471
XfanUfactures for further use
In manufacturing
33,850
11anufacture8 ready for consumption
110,274
‘liscellaneous
1,005
39 1(0,821 41
9 14,461
4
14 52,294 13
868,012 25 1,020,004 28
432,590 13 242,607
538,826 16
7
526,635 14
9 47,156 12 401,863 12 611,041 14
29 118,668 30 1,178,452 34 1,362,552 37
__
954 __
6,297 -5,849 _ _
Total domestic exports._ 374,548 100 394,354 100 3,425,840
100 3,668,688 100
oreign exports
,
5,452 __ 5,837 __
61,610 -71,227 _Total exports
380,000 _ _ 400,191 __ 3,487,450 __ 3,739,915
__
Prices of Crude Oil and Gasoline Continue to Rise.
Dec. 29 brought several new price revisions in the crude
oil market, among which was the schedule posted by the
Magnolia Petroleum Co. for crude oils in Kansas and
Oklahoma. This price list is exactly the same as that given
out by the company for crude oil in Texas last week and
noted on page 2826 in the issue of Dec. 29.
and Sinclair special, 19c.; Pure Oil Co., Purol.
18.2c., and Enorgee, 22c.;
Supreme Oil & Refining Co., White Star, 18.2c.,
and Gold Star, 22c., and
National Refining Co., White Rose. 21c.
All these companies increased their prices 2c. a
gallon.
The price of new Navy gasoline in the Middle West
ranges
from 83/i to 93/2c. per gallon at the refinery. Cosden
& Co.,
the largest manufacturer of gasoline in the Mid
-Continent
field, is quoting the higher price.
Press dispatches dated Jan. 2 state that because
of the
raising of the State road tax on gasoline sales
in the State
of Maryland from lc. to 2c. per gallon, effective
Jan. 1, the
Standard Oil Co. of New Jersey has increased its
gross tank
wagon price from 16 to 17c. per gallon.
The tank wagon price of gasoline in Ohio
was advanced
lc. per gallon, effective Jan. 3, by the Sinclair
Refining Co.
Crude Oil Production Again Declines.
The American Petroleum Institute on Jan. estimat
ed
3
that the daily average gross crude oil product
ion in the
United States for the week ended Dec. 29 was 1,927,7
50
barrels, as compared with 1,944,250 barrels for the preceding
week, a decrease of 16,500 barrels. It was an increas
e of
186,550 barrels, however, over the figure for the corresp
onding week of 1922. The daily average production
east of
the Rocky Mountains for the week was 1,207,400 barrels,
as compared with 1,217,900 barrels the previous
week, a
decrease of 10,500 barrels. California production
was
720,350 barrels, as compared with 726,350 barrels, a
decrease
of 6,000 barrels. Santa Fe Springs is reported at 175,000
barrels, against 181,000 barrels; Long Beach, 235,000 barrels,
against 230,000 barrels; Huntington Beach, 67,000 barrels,
against 69,000 barrels, and Torrance, 37,000 barrels, against
42,000 barrels. The following are estimates of daily average
gross production for the weeks ended as indicated:
JAN.5 1924.]
THE CHRONICLE
23
Lead and Zinc Production in 1923-Good Gain in Lead
and Large Gain in Zinc Reported by the
Geological Survey.
The mine and refinery output of lead in the United States
in 1923 each made a fair gain, and the mine and smelter
output of zinc each increased about one-third, according to
a statement by C. E. Siebenthal and A. Stoll, of the Department of the Interior's Geological Survey, compiled from
reports and estimates by producers and others. The output
of soft lead from mines in the Mississippi Valley and the
small output from mines in the Eastern States amounted
to about 243,000 short tons, and that of argentiferous lead
Hupp Motor Car Co. to Announce New Model.
about 291,000
e Show, the from mines in the Western States amounted to
At the opening of the New York Automobil
tons, a total of 534,000 tons. The corresponding figures for
Hupp Motor Car Co. will announce a new model club sedan
1922 were 267,441 tons from the Mississippi Valley and
to sell for $1,425. The car will be a three-door model, two
209,408 tons from the Western States, a total of 476,849 tons.
doors in the front and one in the rear, according to recent
The southeastern Missouri district made the largest output,
press dispatches.
1922. The
announced by the 173,000 tons, as compared with 176,768 tons in
Referring to the new model recently
Coeur d'Alene district of Idaho came next with about 122,000
Pierce-Arrow Motor Car Co. (see our issue of Dec. 15, p.
tons, a gain of nearly 25%. Utah made an output of about
2591), the New York "Evening Post" of Dec. 29 quoted
104,000 tons, a gain of over 50%. The imports of lead in
Myron E. Forbes, president of the company as follows:
for eleven months were 28,957 tons, 80% of which came
the standard ore
The present Pierce-Arrow car is to be continued in 1924 as
in bullion were about 72,513
the utmost in elegance and excellence which can from Mexico, and those of lead
Pierce-Arrow expression of
tons, almost wholly from Mexico. The lead content of lead
a motor car.
be built into
consideration,
While a lighter car than the present model has been given
ore and base bullion in bonded warehouses on November 1
-Arrow light six until it can be
the public can be sure there will be no Pierce
lead concenPierce-Arrow principles which have been was 66,267 tons. The price at Joplin of 80%
produced in accordance with those
this company and will never be sacrificed in the scramble trates, which at the beginning of the year was $93 a ton, rose
the greatest asset of
be able to
for quantity production. And if the Pierce Company should
to $121 a ton, then fell by the middle
of its super- by the middle of March
put out a lighter type of car there is absolutely no possibility
of July to $60 a ton, and again rose by the middle of August
mcdcl.
seding or relegating the present
to $80. The price remained level until December, rising to
about $105 a ton at the end of the year. We add the followLarge Increase in the Output of Copper in 1923.
ing further data:
Mine Production of ,inc.
The smelter production of copper in 1923 according to the
1923 was about 623,000 tons.
zinc content
Department of the Interior, as determined by the Geological asThe recoverable472,184 tonsof ore mined in output of the Eastern States
in 1922. The
compared with
the smelters showing the actual pro- was about 99,000 tons (75% from New Jersey), that of the Central States
Survey from reports of
duction for eleven months and the estimated production in about 395,000 tons, and that of the Western States about 129,000 tons, as
206,430, and 81.713 tons,respectively. in 1922. The
December, was about 1,477,000,000 pounds, compared with compared with 94,041, region is credited with an output of about 17.000
upper Mississippi Valley
of slightly over 55%. tons, and the Joplin district with an output of about 378,000 tons. Okla950,000,000 pounds in 1922, an increase
as much
output,
The smelter production of copper for December, as estimated homa made the largestIn 1923about 247,000 tons nearly 234 times tons, as
Montana produced about 67,500
was 132,000,000 pounds, or at as any other State. tons in 1922.
by the producing companies,
compared with 59,535
The imports of zinc in ore in 1923 and the zinc in ore in bonded warethe rate of about 1,584,000,000 pounds a year.
le.
The production of new refined copper from domestic houses at the beginning and end of the year were inconsiderab Joplin at the
Zinc concentrates containing 60% of zinc were worth 841 in
sources, determined similarly, was about 1,435,000,000 beginning of the year, rising to 850 in March, but declining to $33 a ton in
pounds, compared with 905,000,000 pounds in 1922. In the midyear. The price gradually rose to $40 by the end of August and
until the end of the year.
1923 the production of new refined copper from domestic remained at or near that point
Refinery Production of Lead.
sources, plus the imports of refined copper,
and foreign
The output of primary domestic desilverized lead in 1923 was about 304,amounted to about 2,118,000,000 pounds, compared with
soft lead
000 short tons, of soft lead about 184,000 tons, and of desliverized
1,359,000,000 pounds in 1922. In addition to the output about 62.000 tons, making a total output from domestic ores of about
of new refined copper about 130,000,000 pounds of secondary 550,000 tons of refined lead, as compared With 468,746 tons in 1922, which
tons of desilverized lead, 209,250 tons of soft lead.
was
copper was produced at the refineries, compared with 146,- and made up of 185,191
74,305 tons offdesilverized soft lead. The output of lead smelted and
pounds in 1922, so that the total output of refined refined from foreign ore and bullion was about 65,000 tons, as compared
000,000
United
copper was about 2,248,000,000 pounds in 1923 and 1,505,- with 63,916 tons in 1922. The total lead smelted or refined in thein 1922.
States was thus about 615,000 tons, as compared with 532.662 tons
000,000 pounds in 1922.
The output of antimonial lead is reported to be about 13.000 tons, as against
The imports of copper in unmanufaetured form during the 8,075 tons in 1922. The imports of refined pig lead in eleven months were
of 21,065 tons, as compared with 3,551 tons in the whole of 1022. Of these
first eleven months of 1923, according to the Bureau
15,478 bons came from Mexico and 3,248 tons from Spain.
Foreign and Domestic Commerce, amounted to 623,519,135 imports in 1923.
in 1923 were received almost wholly in the first seven months
20 pounds during the entire The imports The imports of base bullion in eleven months contained
pounds, compared with 541,013,2
of the year.
exports
year 1922 and 350,472,611 pounds in 1921. The exports for 72.513 tons of lead, of which 70,616 tons came from Mexico. The and of
months were about 42.481 tons
of 1923 amounted to 739,049,275 of lead of foreign origin in eleven tons, as compared with 38.032 tons and
the first eleven months
lead of domestic origin about 2.009
pounds, compared with 743,039,888 pounds during the entire 5.823 tons, respectively, in the year 1922. From a total supply of about
for
year 1922. The figures showing the imports and exports in 636,000 tons of refined lead (exclusive of stocks) there was withdrawn
581.000 tons
about
20 1924. export or remained in warehouse United 55,000 tons, leaving
December will not be available until about January
States, as against 492,705 tens in
available for consumption in tho
The stocks of refined copper in the hands of domestic 1922 and 444,872 tons in 1921.
for
The average quoted price of lead for prompt delivery at New York
refineries on December 311923, as estimated by the regining
the year was about 7.5 cents a pound, as compared with an average selling
companies, were about 256,000,000 pounds, compared with price of 5.5 cents in 1022. At the beginning of 1923 the price was 7.3 cents.
216,000,000 pounds on December 31 1922. The stocks of rising to 8.6 cents in March but dropping to 6 cents by the middle of July.
stationary
August it
blister copper and material in process of refining, in the After a sharp recovery to 6.65 cents inrise ended remained nearly for about
with lead selling
until December, after which a sharp
hands of the smelters, in transit to refineries, and at refineries 8 cents a pound at the end of the year.
on December 31 1923, were estimated by smelting and
Smelter Prodction of Zinc.
about
refining companies at about 490,000,000 pounds, compared
The output of primary metallic zinc from domestic ores in 1923 was
tons,
485,000 tons and from foreign ores about 2,000 tons, a total of 487.000
with 361,000,000 pounds on December 31 1922.
tons from
with 353,274 tons from domestic ores and 1,003
The quantity of primary refined copper withdrawn on as compared a total of 354,277 tons, in 1922. In addition to primary zinc
foreign ores,
domestic account during the year was about 1,305,000,000 there was an output of about 40,000 tons of redistilled secondary zinc, as
zinc
pounds in 1922, cal- compared with 32,988 tons in 1922, making a total supply of distilled tons
pounds, compared with 897,000,000
and electrolytic zinc in 1923 of about 527,000 tons, of which 145.000
special, and
culated as follows:
was high grade and intermediate, 75,000 tons select and brass
Daily Average Production.
Dec. 29 '23. Dec. 22'23. Dec. 15 '23. Dec. 30 '22.
(In Barrels)
410.000
381.900
374,700
368,800
Oklahoma
85.600
70,800
71.050
71,200
Kansas
59,000
64,450
66,250
63,250
North Texas
123,750
191,750
176.600
175,400
Central Texas
78,350
54,900
54,550
53.750
North Louisiana
116,600
119,350
118,150
118,250
Arkansas
123,550
93,550
93,100
88,850
Gulf Coast
114,000
111,000
111,500
109,000
Eastern
120,350
147,250
152,000
158,900
Wyoming and Montana_
510.000
708,350
726,350
720.350
California
1,741.200
1,943,300
1.944.250
1,927,750
Total
1923.
1,435,000,000
Refinery production from domestic sources
from foreign sources. Including
Refinery production
683.000,000
estimated imports of refined copper
216,000,000
Stocks of new refined copper January 1
1922.
905,000,000
454,000,000
459,000,000
2,334,000,000 1,818,000.000
Exports, including unrefined black blister and conpigs, and other forms, and
verter copper in bars,
773,000,000
705.000.000
refined in ingots, bars, rods, &c
216,000,000
256,000,000
Stocks December 31
921,000.000
Loma:cam
897,000,000
account
1,305,000,000
Total withdrawn on domestic
grades
307,000 tons prime western zinc. The output of the corresponding
in 1922 was 103.861, 49,980, and 233,424 tons. respecdvely, a total of
387.265 tons. Of the total output of primary zinc in 1923 about 21,000
tons in
tons was made in Arkansas, as against 13,627 tons in 1922; 80.000
as
Illinois, as against 76.266 tons in 1922; 118.000 tons in Oklahoma,
against
against 74,537 tons in 1922; and 84,000 tons in Pennsylvania, as
57,319 tons in 1922.
tons,
The imports of foreign slab zinc for eleven months amounted to 591
in the
as compared with 56 tons in 1922. No American zinc was returned
zinc made
first nine months of 1923. Tho exports in eleven months of
domestic ores
from foreign ores were 6,184 tons and those of zinc made from
30.032 tons
were 44.309 tons, as compared with exports of 3,471 and
24
THE CHRONICLE
[VoL. 118.
respectively, in 1922. The exports of domestic zinc included
3,419 tons of ourselves to stop hero and assume
that 1921 was to be a year of large business
Sheet zinc, as against 3,218 tons in 1922. The stock of zinc
reported at promise. There are, however, some
modifying influences which may
smelters and in warehouses at the end of November was about 27,000
tons, definitely affect tho business operations of
the year, and it is well to consider
as against 16.890 at the end of 1922. The apparent consumption of
pri- these also. Primarily these influences spring
from the political situatioh
mary zinc in 1923 was thus about 427,000 tons, as compared with
373,094 in Washington and from the psychologica
l disadvantage of the coming
tons in 1922 and 203,600 tons in 1921.
Presidential election.
At the end of November 83,961 retorts were reported in operation
out of a
Last year in my annual letter I referred
total of about 137,000 retorts at active plants, as compared with
to the unfortunate tendency
81,030 in Congress to organize blocs or cliques
"committed to influence and pass h
retorts in operation at the end of 1922. Advices in December put
the num- possible legislation savoring their particular
ber expected to be in operation at the end of the year at about 85,000
constituency in contrast to the
retorts. fundamental principles of good Federal
This Included an additional block by the Athletic Mining &
legislation in which the welfare of the
Smelting Co. whole country becomes the primary
The new plant of the U. S. Zinc Co., at Amarillo, Tex., with
obligation of every patriotic law4,000 retorts, maker." With the elections of 1923
this Congressional group was increased,
was in operation during the year.
with the result that the organization ot
The average quoted price a pound for prime western
Congress for the business of the
zinc for immediate session was greatly deferred
in the House and in the Senate is still incomdelivery at St. Louis in 1923 was slightly under 6.7 cents, as
compared with pleted. You will readily see that all
legislation affecting business Is likely
an average selling price for all grades in 1922 of 5.7 cents. The
price of to be influenced by this unfortunate
legislative organization.
prime western zinc at the beginning of the year in the St. Louis
market was
The trend of tax legislation will be an
7.05 cents, and after declining a little it rose in March to 8 cents.
A decline until it has no earned surplus with whichImportant factor. Taxing business
to increase its operations may build
through the next quarter carried the price down at the end of June
to 5.7734 an absolute barrier to progress. Taxing
private incomes until there is not
cents. By September it rose to 6.55 cents and at the end
of the year zinc sufficient residue to finance
improvements which are necessary to maintain
was selling at about 6.25 cents.
our chosen standard of living will make retrogression
inevitable. Taxing
World Supply in Metric Tons.
one group of citizens while excepting another will
encourage a form of
The lead output of Canada in 1923 was 45,500 tons, an increase
of 5,000 communism which means national stagnation. The revision of the Revenue
tons: that of Rhodesia was 10.000 tons, a decrease of 10,000 tons:
and that Law proposed by Secretary Mellon would avert all of these conditions and if
of Burma was 44,000 tons, an increase of 4,000 tons. The output
of the passed would at once provide an impetus to business in the new year.
United States was about 75,000 tons larger than in 1922.
The attempt to further control industrial operations extending
to a superThe electrolytic zinc output of Canada was 4,500 tons larger and
that vision of prices would also adversely affect 1924 business. At the close of
of Risdon. Tasmania, 17,000 tons larger than in 1922. Belgium
the war there was much agitation about the evil of
increased
high wages and high
its output of slao zinc by 33,000 tons and the United States
increased its prices. Wages have apparently stabilized on a high level, and we find ouroutput by 120,000 tons.
selves prosperous with each year bringing less and less of
a demand for lower
A combination is reported to have brought under one control
the zinc wage levels. High prices, however, are the result of high wages, and the
concentrate output of Burma, India, and Broken Hill, Australia,
relation between them cannot be denied, yet there is
and the
a large group of our
electrolytic zinc plant at Risdon, Tasmania, the uncompleted
zinc smelter people who believe that prices should be rigidly controlled by legislative
at Avonmouth, England, and the principal zinc smelter at Swansea,
Wales. enactment while wages should remain untouched. Should this misunderstanding of fundamental economic laws precipitate legislation
to control
prices while not
Frederick H. Rawson on Business Outlook—Increased prosperity would controlling wages, confidence would be shattered and
at once decline.
Wages Factor in Railroad Situation.
Any interference with the operating efficiency of the
steam transportation
would also have an adverse bearing upon the business of 1924.
Discussing "The Business Outlook" under date of Decem- The linesif
cry
for cheaper rates, and an effort may be made to repeal that
ber 31, Frederick H. Rawson, President of the Union Trust section of the Esch-Cummins Act instructing the Inter-State Commerce
Company, of Chicago. Asserts that "we cannot with Commission to find a rate that will yield a fair return upon the actual
Invested
safety disregard the warning signals, but we may have faith accordingcapital engaged in transportation. The national income in 1921.
to the census figures, amounted to
believe that the world is making progress in reaching a an increase of 85% over the national income $60.000,000.000 and was
to
of 1910. Transportation
facilities permitting the distribution of products made
state of peace and stability." Mr. Rawson notes that "the
this income pcssible,
and the difference between poor and efficient service in
its effect upon
year 1923 has not been kind to Europe"; politically, he business conditions is still fresh in the public
mind when we recall the
observes, "Europe has not made the adjustments that were days of Government operation as against the restored efficiency of 1923,
in which
hoped for,although industrially she has made some progress." than at the railroads moved their largest tonnage with greater dispatch
any time in their history.
He declares it to be "a matter for congratulation that we are in national income may be at the endWhen we consider what the increase
of this decade and the demand upon
not involved in the political conflicts of Europe," and he our transportation agencies in connection with the presumed increase,
we must agree that any legislation that will destroy either the
says "the sentiment of our people is probably more united in confidence in
public
railroad securities or take away
this than in any other of our Federal policies." "To the the roads the power to control their operatingfrom the management of
conditions will, in exact
extent however, that we can aid in economic reconstruction, ratio to the extent of the interference, limit the possibility of business
when an assured basis for such reconstruction exists by com- development in this country.
Power also rests in the legislative activity of this Congress to affect busimon consent of the countries involved" says Mr. Rawson, ness by failure to encourage the operation of the flexible provisions of the
"we should recognize an obligation to use our good offices." Fordney Tariff bill. An improved industrial condition in Europe will
obviously
confronted with
Among other things Mr. Rawson refers to the situation con- the peoplefind us country seem an increasing volume of imports, which
of this
glad to absorb
run
fronting the railroads and he calls attention to the fact that the balance of trade against us to a much larger and which may tend tojust
degree than in the year
Class I roads "are paying an increased wage bill to-day closed. It will be necessary to watch the intake of foreign products into
the
the trade
which is $1,500,000,000 in excess of 1912." The only way, and upon of this country because of the effect upon our industrial production
the maintenance of our present wage standards.
Finally, of course, the Presidential year provides a psychological
he points out, "that rates can be decreased, is to decrease
business
disadvantage. It is in reality more psychological than real, but
wages." "We should stop talking about cheaper transwill tend
to develop a conservatism in buying, retarding the return of confident
purportation," says Mr. Rawson, "until we are ready to adjust chasing upon the old seasonal basis under which
the needs of business could
the cost of providing that transportation." The railroads, be better anticipated and more economical production planned.
Summing tho
"The railroads, he observes, "have shown great ability in possesses the matter up. 1924 should be a good year if common sense
American
all
restoring service. They should be given the opportunity unfavorable aspects canpeople. The fundamentals are thefavorable, the
be very largely controlled by
creation of a
strong public sentimeht against the ruthless application of political
to complete their task without thrusting upon them the unexpediency to the economic problems of the country.
certainty of revenue with which to
carry on their work, and
if they are not given this opportunity the situation in the
transportation field will constitute a real menace to the Guaranty Trust Company's Survey Sees Neither
Boom
successful business operations of 1924." Mr. Rawson's
Nor Depression—Outlook is for "Sound Middle
Mr. Rawson's observations in part are as follows:
Course."
What actually occurred in 1923 is important at this time only as it
furAs we enter 1924, neither a boom nor a general depression
an indication of the conditions likely to confront us In the new year.
nishes
is in sight, states the current number of the "Guaranty
The basis of good business Is good crops, maximum employment and
an
ample supply of money and credit. These basic factors
were present Survey," published Dec. 31 by the Guaranty Trust Company
throughout the past year and the result of their influence upon our
business of New York. "The outlook," according
to the "Survey,"
life stands as the foundation upon which next year's business will be built.
In the field of agricultural production all products have not commanded "is rather for the maintenance of a sound middle course
for
prices high enough to assure a visible profit, but bulking all of the products business as a whole." It continues:
the farm from cotton to wheat, the
of
aggregate buying power has been
greater than in 1922 or in any average pre-war year and is being used more
freely than in the last year for the purchase of necessities and of some commodities that cannot be accurately so classed. To no other industry is
so
much thought and effort being given by the Government as well as by private sources in an endeavor to encourage production, equalize
costs and insure a fair return to farm capital. Unless all signs fail, there should be a
steady improvement during 1924 in raising, financing and marketing our
farm products.
There has never been in any normal year of our history less unemployment than in 1923. Not only has there been work for all who were willing
to work, but the wages paid to both skilled and common labor have been
approximately 40% higher in actual purchasing power than in the
year
1914. As a factor in our national prosperity this buying power ranks
second only to the value of our agricultural production and promises to play
a most important part in the business of 1924.
Of money and credit there has been and now Is a sufficient supply for all
legitimate enterprises. Thrift is being increasingly practised by our people,
as evidenced by an Increase in our savings deposits, the investment in homes
and in desirable securities. Thrift and conservatism are twin virtues and
so long as both are practised the prosperity of the nation is assured.
These conditions all lead to a favorable outlook for 1924. They are
fundamental and promise to be fairly permanent, and we might content
But the vital question which business must now face is
how far political
influences and activities may affect it during the
coming year. The apparently growing tendency to settle economic problems by
political action,
to inject the government into business fields and to promote
class interests
by organized political effort at the expense of the general interest, all
present
a certain menace to business progress which cannot be
Ignored.
Important business problems are before Congress for action, and
if those
problems are handled from the viewpoint of political,
rather than business,
considerations, this may well affect business prosperity.
In the important
fields of taxation and transportation particularly is this true.
The dominance of political over economic considerations has greatly retarded
the
recovery of Europe, and may easily hamper the progress of the
United
States.
In this connection, the legislative program of the Administration
as outlined by President Coolidge in his messages to Congress is heartening
to the
constructive business interests of the country. He endorses
the plan formulated by Secretary Mellon for a needed and feasible reduction
in the
national taxes and gives it priority among his legislative proposals.
Relief
from needless and ill-proportioned tax burdens would provide a
wholesome
stimulus to business enterprise.
Necessarily, such a fiscal program precludes the granting
of a general
bonus to the able-bodied ex-service men. But the President's uncompromising opposition to a bonus rests not merely upon a desire for governmental
THE CHRONICLE
JAN.51924.1
25
Steel and Iron Markets Brighten as New Year Opens.
The activity in finished steel that has been commented
Stabilizing Influences of 1923.
on in the past two weeks is more pronounced as 1924 opens,
Nineteen hundred and twenty-three began with prices, industrial produc- declares "The Iron Age" in its regular weekly market
tion, and the other usual indices of the trend of general business continuing
review under date of Jan. 3. Reports from the principal
a long-sustained advance. This expansion of activity was accomplished
of a number of unfavorable factors in the general situa- market centres agree that good mill operations are assured
despite the presence
diftion. Among these was a marked lack of balance between wages in
for the first quarter in practically all products apart from
ferent employments and between prices of important commodities. that plates and bars, and in respect to these prospects have
evident early in 1923
Notwithstanding such hindrances, it became
was improved, states the "Age," which we quote further as
production in many lines was attaining a menacing pace. There
widespread fear that a drastic reaction was impending. Instead of a general follows:
depression, however, there followed gradual recessions in industrial produc-
economy, but fundamentally upon the conviction that there is no proper
obligation to make such a distribution of the taxpayers money.
Steel
Significance attaches to this week's scale of operations of the
Corporation, which is close to 80%,even though this involves some stocking
of ingots and semi-finished steel at plants rolling the heavier products.
Automobile makers have made further contracts for bars and body
other
sheets and there has been rather well distributed buying of bars in
Buffalo
lines. The Ford Motor Co. is understood to have placed at
it inquired
and Cleveland a good part of the 70,000 tons of bars for which
three weeks ago, and that it secured some concession from the 2.40c.
price to which the large companies have held.
market
One year ago the strong buying movement was on an advancing
and part of the demand was plainly for accumulation of stocks. To-day.
use.
when no price advances are in prospect,the buying is seen to be for early
The difference in the conditions then and now appears in unfilled orders
Delafield Says South is Preparing to Plant for 6,745,000 tons on the Steel Corporation's books one year ago and an
Edward C.
had
Bigger Cotton Crop.
estimate of more than 4,100,000 as of Dec. 31 1923. December
down
larger bookings than November, and December operations slowed
According to Edward C. Delafield, President of the Bank less than was expected.
year,
There is promise of increased railroad buying early in the new
of America, New York, the South is making plans to plant
at Chicago. One is for
order to supply byt the past week has added several contracts supplies. The Southern
a bigger cotton crop than the present one in
25.000 tons of rails and 6,300 tons of track
1,075 in its
the shortage which it feels is bound to prevail this coming Pacific car order is for 5,480 and in addition it will build refrigerator own
cars
Pacific Fruit Express contract for 3,057
year. Mr. Delafield, who has just returned from an exten- shops. The this week.
is looked for
Nov. 30
sive survey of that territory indicates that throughout
The need of equipment business appears from the fact that on
North and South Carolina and Georgia the planters expect undelivered freight cars on the books of the car builders numbered 2,8092.
against 108.487 one year ago.
to take advantage of the higher prices for cotton and to be asIncluding the New York Telephone Co. building, 18,000 tons, structural
ready for the higher returns which will come should the awards oi the week amounted to 36,000 tons, while new work was in
smaller volume than in recent weeks, being about 15,009 tons.
general forecasting of shortage be realized. He says:
time
Pig-iron production held up well in December and for the first
The cotton planters who have crops of any size find themselves in a good in seven months there was a gain in the number of active furnaces, 232
financial position and ready to get the utmost out of the next crop. There being in blast on Jan. 1, against 231 on Dec. 1. The December output
is every indication that unless all estimates of the present crop are utterly was 2.920,928 tons, or 94.225 tons a day, against 2,894.295 tons in the
days of the
inaccurate and unless there is a marked reduction in consumption,there will
30 days of November, or 96,476 tons a day. In the last few
be a real shortage of cotton during the coming year. The total yield tor year a number of furnaces were slowed down.
1923-1924 season is only a little over ten million bales, over a million bales
speculative buying.
Transactions in pig iron have been almost entirely
was
less than the average annual production between 1917 and 1921.
Middlemen are credited with purchases of 50,000 tons, half of which
At December 1 prices, the value of the cotton crop this year is at least basic, at Youngstown and Portsmouth, and the remainder Bessemer.
crop. North Carolina this year has the
however.
$300,000,000 more than last year's
foundry and malleable grades. New York banking interests,
second largest crop of the cotton States, moving up from the position of do not take kindly to buying for speculation. While some resale iron
fourth it held last year and from the position of sixth in the five-year average is still available at slight concessions, prices named by furnaces are fairly
as
of 1917-1921. North Carolina's yield this year will be 1,020,000 bales
firm, but untested, owing to the limited buying.
compared with 851,640 bales last'year and South Carolina's will be 795,000
An interesting item in the export trade is the placing of 12,000 tons
last year.
Australia.
as against 492,535
of railroad car steel with American mills last week for shipment to
The spectacular nature of cotton conditions, however, are too apt to mis- The Chilean State Railways have divided their order for 15,000 tons of
other
lead tho northern observer as to the great future for the South in
mills.
rails between American and Belgian
of the
activities. More and more the South will become a manufacturing region
Returns to "The Iron Age" from companies representing 84%
as well as an agricultural one. There are already more than indications that country's steel capacity indicate that the production of finished rolled
natural resources, combined with its advantages in the way of
the output
the South's
steel in the United States in 1923 was about 31,600.000 tons,
productive efficiency, actually attract established industries from other of steel ingots being about 43,250,000 tons. Railroads took 27% of the
sections. The manufacture of cotton textiles in the South is growing rapidly steel produced last year, or a 50% greater tonnage than in 1922. General
automotive
and New England is already feeling the effects.
construction work took 15.5% of last year's output and the
The South has two basic advantages with which it cannot help developing.
industry 11%.
Its water-power possibilities offer almost unlimited cheap power, and these
States completed
In 1923 independent steel companies in the United
are only beginning to be developed by the South's large utility companies.
of 875,000
19 new open-hearth steel furnaces, having an annual capacity
beginning
The other great advantage is a plentiful supply of labor which has for
were added by the Steel Corporation. At the
steady and contented relations with capital. Increasing tons. None
years lived on
capacity
of 1924 seven open-hearth furnaces are under construction with furnaces.
specialization in production makes this labor increasingly available for all
of 350,000 tons a year. Two of these are Steel Corporation
kinds of manufacturing. And it must be remembered that those who
were added in
For the first time in many years no new blast furnaces
develop new industries in the South will profit trom the mistakes and exconstruction, with
1923. On Jan. 1 1924 five blast furnaces were under
perience of the northern industries.
a capacity of 900,000 tons of pig iron a year.
tion and in prices. And there was no occasion for disturbance of the credit
structure.
-with only
Subsequently, production and distribution of commodities
-have been maintained
moderate changes in the total employment of labor
and generally
at levels for the most part above those for the corresponding,
prosperous, period last year. But the various branches of business have
shared very unevenly in the year's prosperity. Readjustments, made
necessary by the aftermath of the war and the reaction from the extravagant
expansion of 1919-20, are still in process.
The "A ge" composite price follows:
Composite Price Dec. 31 1923. Finished Steel, 2.775e. per Pound.
Dec.241923.2.775c.
Based on prices of steel bars, beams, tank
Business in Malleable Castings Falling Off,
Dec. 4 1923,2.775c.
plates, plain wire, open-hearth rails,
Jan. 2 1923,2.446c.
black pipe and black sheets,constituting
The Department of Commerce statement on the production
-year pre-war average,1.689c.
10
United States output
of the
of malleable castings for November shows that production, 88% Composite Price Dec. 311923, Pip Iron, $21 88 per Gross Ton.
Dec.24 1923. $21 88
shipments and orders all were on a greatly reduced scale Based on average of basic and foundry
Dec. 4 1923, 21 88
irons, the basic being Valley quotation,
during that month. The per cent of total capacity operated
Jan. 2 1923, 25 96
the foundry an average of Chicago,
-year pre-war avemge.15 72
10
Birmingham
in October
Philadelphia and
in that month was only 49.1%, against 59.9%
and 71.0% in May. Figures are also shown comparatively
Prospects for the future of the iron and steel industry
for June, July, August, September, October and November, continue to improve as the beginning of the new year finds
covering the operations of 107 identical plants for which general buying sustained in larger volume, states the "Iron
reports were received each month.
Trade Review" in its weekly market review under date of
Jan. 3 1924. Steel buying continues to spread while the fall
REPORT ON MALLEABLE CASTINGS BY MONTHS.
of pig iron production was checked in December, says
Orders Monthly Ca- P. C. al the "Review," which adds:
Total
Total
Plants
total cap.
booked
pacify of
g
Month.
May
June
July
August
September
October
November
report'
(No.)
99
109
112
118
116
116
125
production shipments
(tools).
(tons).
64,726
65,168
57,881
68,069
60,930
62,238
52,727
62,806
64,608
60,102
65,405
59,396
59,129
49,426
(tau).
52,898
42,087
41,723
39,830
38.636
48.621
37,231
Plants(tons) operated.
91,174
96,240
98,241
103,068
101,750
103.837
107.350
71.0
67.7
58.9
66.0
59.9
59.9
49.1
at the full $42 50 price.
"Iron Trade Review" composite of 14 leading iron and steel products
begins the year at $43 06, a slight advance in the final week. One year
ago it stood at $40 67.
Monthly ca- P. C. of
The Southern Pacific in the closing days of the year finally distributed
pacity of total cap.
largest since
plants(tons) operated. its order for 6,550 cars, making car awards in December the
March. Not all roads, however, are willing to buy at present prices.
66.7
94,840
The Reading withdrew its inquiry for 1,000 cars, though it was quoted
57.4
94,826
2.35c. steel, it is understood. Building awards are good, the leading
66.5
94,858
item being 6,100 tons for the Ford Motor Co.assembling plant at St. Paul.
59.9
93,565
59.4
95,652
After six months, the shrinking of pig iron production seemed checked
49.2
95.801
in December. The total for that month was 2,905,806 tons and the daily
COMPARATIVE SUMMARY FOR 103 IDENTICAL ESTABLISHMENTS
Month.
Total
Total
Plants
report'0 production shipments
(tons).
(tons).
(No.)
June
July
August
September
October
November
107
107
107
107
107
107
63,298
54,433
63,038
56.204
56,798
47.112
62,888
55,922
60,207
54,378
54,221
44,215
Orders
booted
(tons).
39,814
39,131
36,753
35,452
43,978
34.817
Buyers are showing a growing tendency to provide for their estimated
first quarter requirements and are doing it with greater confidence in
prevailing prices and in their ability to absorb this material in their operations. While certain industries such as the automotive plants, have
taken the initiative in buying steel for 1924, the covering movement is
spreading out to embrace practically all groups of miscellaneous consumers. At Youngstown fully 75,000 tons of sheet bars have been sold
26
THE CHRONICLE
average 93,736 tons, compared with 2,891,191 tons and 96.373 tons
respectively, in November. Active furnaces gained 1, totaling 231. Production of coke iron for the year was 40,020,000 tons and including charcoal, 40,260,000 tons, the greatest in history.
At Chicago December shipments of pig iron were the heaviest of the
year. New buying of iron in all districts still reflects the holiday quietness.
Cast-Iron Pipe Production in November 1923.
The Department of Commerce on Jan. 3 gave out statistics on production, shipments, orders, and stock of cast-iron
pipe for the month of November 1923. This is the sixth
of these monthly reports to be issued and includes returns
from 12 establishments. It is confined to bell and spigot
pressure pipe exclusively. Table I gives the total tonnage
for each of the principal items of the industry; Table II
shows in detail stock on hand and orders by class and size;
Table III shows, comparatively, the principal items by
months.
TABLE I.
Cast-iron pipe produced during the month (tons)
Cast-iron pipe shipped during the month (tons)
Orders for cast-iron pipe specified to be shipped from stock (tons)
Orders for cast-iron pipe specified to be made (tons)
Orders for cast-iron pipe not specified as to size (tons)
TABLE II
-STOCK ON HAND AND ORDERS.
80,945
73,080
18,238
118,995
5,197
Sizes.
Class
3
A Pieces
B Pieces
C Pieces
D Pieces
Gas Pieces
4
6
8
679
730
488
698 13,037 21,087
162 3,713 7,326
34
496
529
7,889 5,901
Total
890
9,992
3,587
683
727
10
13
689
5,467
2,203
258
156
568
6,984
2,061
586
496
1,573 25,845 34,331 15,879
8,773 10,695
Specified from stock, pieces
Specified to make, pieces
1,358 16,020 24,765 7,857
3,436 141,641 199,279 50,847
4,794 157,661 224,044 58,074
Years of Activity.
Years of Depression.
1917
542,045.000 1919
453,585,000
1918
571,530,000 1921
407,997,000
1920
555,608.000 1922
397,737,000
From the viewpoint of soft coal production, it is seen that 1923 is now
117,370,000 tons ahead of the years of depression and 192,513,000 tons be..
hind the years of activity.
ANTHRACITE.
A slight decrease carried the production of anthracite below the 2
-millionton mark in the week ended Dec. 22. The total output, including mine
fuel, local sales and culmbank washery and river coal, is estimated at
1.990,000 net tons, a decrease of approximately 23.000 tons. In the
corresponding week of 1922, when the anthracite mines were operating at
top speed to overcome the shortage caused by the strike, 2,065,000 tons
were produced.
Estimated United States Production of Anthracite (in Net Tons).
1923
1922
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.
Dec. 8
1.899,000 89,958,000
2,075,000
48,793.000
Dec.15
2,013,000
91,971.000
2.237.000
51,030,000
Dec.22
1,990,000 93,961,000
2,065,000
53,095.000
BEEHIVE COKE.
The production of beehive coke improved somewhat in the week ended
Dec. 22. The total output is estimated at 251,000 net tons, an increase
of about 10,000 tons. The largest gain occurred in Pennsylvania and
Ohio, and all districts maintained at least the level of the week before.
In the Connellsville region, according to the Connellsville "Courier," production increased from 183,060 to 195,420 tons.
Estimated Production of Beehive Coke (in Net Tons).
Week Ended
1923
1922
Dec. 22 Dec. 15 Dec. 23
to
to
1923.a 1923.b
1922.
Date.
Date.
Pennsylvania & Ohio_ _199,000 193.000 221,000 14,263,000 5.930,000
West Virginia
16,000
16,000 19,000
1,025,000
533,000
Ala., Ky.,Tenn.& Ga. 18,000
15.000
20.000
1,065.000
546,000
Virginia
8,000
8,000
10,000
713,000
340,000
Colorado & New Mex_ 6,000
5.000
6.000
364,000
223,000
Washington and Utah_ 4,000
4,000
5,000
264,000
198.000
United States total_ __ _251.000 241,009 281,000 17,694,000 7,770,000
4,850 3,782
5,273 19,843
Total sold but npt shipped. pieces
[VOL. 118.
Daily average
42,000
40,000
47,000
58,000
26,000
1,330
1,819
672
1,212
a Subject to revision. b Revised from last report.
The cumulative production of beehive coke during 1923 to Dec. 22 stood
10,123 23,625
at 17.694.000 net tons. Figures for similar periods in earlier years are as
24
follows:
30
1919
19,342,000 net tons 1921
5,403,000 net tons
136
202 1920
20,547.000 net tons11922
7,770,000 net tons
511
252
It is thus shown that the production of beehive coke during 1923 to Dec.
204
207
24
82 22 stood at 128% ahead of 1922, 227% ahead of 1921, 14% behind 1920,
315
377 and 9% behind 1919. In comparison with the average
of the four years
1,190 1,120 1923 was 33% ahead.
Specified from stock, pieces
Specified to make. pieces
892
2.892
573
4.237
55
37
903
1,900
484
2,161
587
1,273
Total sold but not shipped, pieces
3.784
4,810
92
2,803
2,645
1,860
36
43
54
60
72
14
A Pieces
B Pieces
C Pieces
D Pieces
Gas Pieces
16
18
20
219
842
130
7
132
Total
A Pieces
B Pieces
C Pieces
D Pieces
Gas Pieces
156
1,129
366
41
127
408
178
80
5
1
49
654
126
24
359
143
400
45
74
Total
48
6
27
20
__ _ _13
22
1
1
740
53
84
28
Specified from stock, pieces
Specified to make, pieces
230
2,269
20
25
36
662
_ _ _ _20
_ _ __68
Total sold but not fhinnad
9 SOO
Sc
sag
nforam
of
TABLE III
-COMPARATIVE SUMMARY BY MONTHS, 1923.
Months.
To Ship
from Stock
(Tons).
Production
(Tons).
Shipments
(Tons).
June
July
August
September
October
81,208
79,528
84,588
76,945
88,696
Novomhar
88,318
77.828
84,843
77,226
88,000
00 O4R
17,905
16,839
14,727
14,401
17,431
72000
10 920
Orders.
Specified
to Make
(Tons).
199,271
183,130
165,518
155,586
119,947
110 005
Sizes Not
Specified
(Tons).
4,366
4,215
6,860
1,802
443
5 If,
in Bituminous Coal Production as
Anthracite Output Falls.
The production of bituminous coal during the week ended
Dec. 22 increased about 607,000 tons over the output during
each of the two preceding weeks. On the other hand, the
output Of anthracite fell off about 23,000 tons, according to
the weekly report of the U. S. Geological Survey, which
follows:
Sharp
Increase
A sharp pre-holiday increase in the production of soft coal lifted the tota
estimated output to 10.545.000 net tons in the week ended Dec.
22. In
comparison with the revised figure for the preceding week, this
was an increase of 607.000 tons, or 6%. In the corresponding week of 1922,
10,138.000 tons were produced.
Reports on loadings during Christmas week have been greatly
delayed.
but those that have been received indicate that the holiday was observed
to even a greater extent than usual. How promptly work was resumed is
not apparent, however, and it Is impossible to estimate the trend of production.
Estimated United Slates Production of Bituminous Coal (in Net Tons), Including Coal Coked.
1923
1922
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.
Dec 8
8,929,000 516.661,000
11,495.000 376,932.000
Daily average..... 1,638.000
1,789,000
1.916,000
1,302.000
Dec. 15_a
9,938.000 526.599,000
10,667,000 387.599.000
Daily average
1,656,000
1.786,000
1.778,000
1.311,000
10,545.000 537.143,000
Dec. 22_b
10,138,000 397,737,000
Daily average_ _ 1,757,000
1.786,000
1.690,000
1.319,000
a Revised since last report. b Subject to revision.
Production during the first 301 working days of 1923 was 537.143,000
net tons. During the corresponding period of the six preceding years it
was as follows (in net tons):
Activity
of Machinery in Wool Manufactures During
the Month of November 1923.
The Department of Commerde on Dec. 28 issued its report
regarding active and idle wool machinery for November
1923, based on reports received from 932 manufacturers,
operating 1,113 mills. These do not include the data for
the Glastonbury Knitting Co., Glastonbury, Conn.; Daniel
Boone Woolen Mills, Chicago, Ill.; Merrimack Woolen
Corp., Lowell, Mass.; John & James Dobson, Inc., Philadelphia, Pa.; Faulkner & Colony Manufacturing Co., Keene,
N. H.; Sheble & Kemp,Philadelphia, Pa., or Merrill Woolen
Mills, Merrill, is. Of the total number of looms wider
than 50-inch reed space, 47,728, or 76.5%, were in operation
for some part of the month of November 1923, and 14,691
were idle throughout the month. The active machine-hours
reported for wide looms for the month of November formed
77% of the single-shift capacity, as compared with 76.7%
for the month of October 1923 and SO% for November 1922.
Of the total number of looms of 50
-inch reed space or less
covered by the reports for November 1923, 13,826, or 80.3%,
were in operation at some time during the month and 3,399
were idle throughout the month. The active machine-hours
for these looms represented 74.1% of the single-shift capacity,
as against 73.9% in the preceding month and 72.7% in November 1922. The number of carpet and rug looms reported
for November 1923 was 9,129, of which 7,885, or 86.4%, were
in operation for some part of the month, and 1,244 were idle
through the month. The active machine-hours reported
for these looms represented 84.5% of the single-shift capacity
of the looms, as compared with 84.2% in October 1923 and
83.7% in November 1922. We also quote the following:
Spinning Spindles.
Of the total number of woolen spindles reported in November 1923,
1.876,072. or 82.1%, were in operation for some part of the month and
409,325 were idle throughout the month. The active woolen-spindle hours
reported for this month represented 88.7% of the single-shift capacity, as
compared with 88% in October 1923 and with 89.7% in November
1922.
The number of worsted spindles in operation during November 1923 was
2,119,440, or 81.6% of the total, and the number idle was 477,188.
The
active worsted-spindle hours were equal to 83% of the single-shift capacity.
In October 1923 the active worsted-spindle hours represented 87% of the
capacity, and in November 1922 93.7%.
Cards and Combs.
Of the total number of sets of cards reported for November
1923. 5,913,
or 85%, were in operation at some time during the month. while
1,043 were
Idle throughout the month. The active machine-hours for
cards were
equal to 93.3% of the single-shift capacity in November
1923, 92.7% in
October 1923 and 93.7% in November 1922.
Of the combs reported for November 1923. 1,993. or 75.6%, were in
operation for some part of the month and 642 were idle during the month.
27
THE CHRONICLE
JAN.5 1924.]
due to the
the single- the year. Mines in a great many quarters have closed down
The active machine-hours for this month were equal to 85.4% of
inactivity.
compared with 86.2% in October 1923 and 111.4% in continued
shift capacity, as
Anthracite production suffered a marked decline last week due to the fact
November 1922.
that the holiday celebration was launched on the Saturday preceding.
Detailed Report.
Practically no mines operated on Christmas. On Thursday about 50%
in operation of the workers returned and it was not until the following day that the
The accompanying table gives the total number of machines
idle for fill mines were able to get back to normal. Due to the absence of low temperasome time during the month of November 1923, the number
double shift, tures householders have made few additional purchases, resulting in retail
whole month, the number reported on single shift and on
active and yards being overstocked. The steam sizes continue dull.
the active and idle machine or spindle hours, the percentages
1922:
the weekly review issued by
Idle and comparative figures for October 1923 and November
ll
g
Similar views are expressed in
the "Coal Age" of New York in its summary dated Jan. 3,
as follows:
.
.
0.•<.1.0go..<
54Naglirog
k Watikl
4 -0
g
n 2
I
I
RE
o
2;z222V.
t
oiT
sT...
v
'6";. t 2
ng
E
g
g',••
toa
gg gE
Ta
1
blab •
4
'"•"
6loin •
e.g.°,
coo,. .
4
.
.
Zr3'
1.,14t 4 043 a
....
2
V bbia . w2 7 ,-..- •-••-•
....3w&-4ww-4
•
-,-. o.la'ecolegelo
w
01- •1
. ,1
.
56 6
... i -, . . 0060000...0.
SES . bb •
LOOMS.
is
SEE •
4.;-;.,
2,675,509
936,929
2,888,513
1,017,946
2,738,398
1,028,357
tows.
mt F acieb. F VTE.7t=tf!
&cc...sc....cm.
o
17..m0
catow 1 ..k.t. .61 OWWN-4,
Wide? than 501 50-tnels Reed
Inch Reed Space. Space Or Lem
ESE i'
10,355,632
3,097,316
10,448,646
3,166,711
10,930,691
2,735,632
b:.,;., ?
laEl4.
1,652,473
303,136
1,747,277
326,860
1,678,638
325,912
ETT
:45i0. 1
:4:4.74 g
m
F
n
.,S
:7'4;6
1
88."2 .
WOO. •
co&
ta
s'"' 1
--- ..
zing
r
i
-.-
R
:
...pp. qr.:4F 4
..
ni7; 'Aitg,_ Ittl
4
'' 00-40.-.1kao,...0.4
nsn a
:2..Y.Ts'EttlE4
, ,
. tv r „ .,....-.0.0.ww-63
g,
.
n
Wt,.i
.I.4
.t.2
1
ee
e,•414ce eala'co ce W
o
1
g•
•
'VSTtEttEt
!.
oa'-r.r. t4
ia-ls. •
1
527 1,645,4061 230,666 1,905,7541 213,686
578 1,701,674 227,979 1,948,869 210,937
752 1,749,135 212,309 2,056,770 218,148
12
" •5MEE
bon •
1,4661
1,417
1,557
*40,.-1
444:4
TVS F "0
4.
Is.
D.
.EIVV a
rag a
:4. bOon R
.....-4 Olt co$
0011.?!..2
&
P'" •
-lac"
Sets of Cards.
b"
...,. •
1,428,126
103,150
1,465,792
115,871
1,442,807
96,497
ESE a
TSS a
a
•
l464.
iabhr •
4.
o
i V5ri i'
1
w la.lo •
D.
g
i
844
a
55V 11,
2,596,628
2,119.440
477,188
2,574,184
2,159,806
414,378
2,526,425
2,274,918
251,507
0.4..1 il
463,820,375
95,081.942
487,812,591
72,630,853
518,683,393
35,029,715
i's°4 1
F
a
SPINNING SPINDLES.
...... ...
ow- p
la
Ton
1 ;..b;-• a
2,285,397
1,876,072
409,325
2,298,832
1,929,653
369,179
2,322,778
1,961,444
361,334
a
447,539,831
56,978,567
456,920,118
62,035,205
455,814,257
52,079,337
SU
The anticipated slump in the anthracite market arrived on scheduled
last
time. Demand for all sizes fell off and independent coal was quoted
week, in many instances, as low as at any time in 1923. Although there
there was sufficient
was a heavy cut in production due to the holiday season,
coal on hand to meet all needs. Movement of premium coal is more diffifor
cult and producers and shippers of independent product are looking
orders. Dispite the dullness of the soft coal market there is a distinctly
and spot
better feeling as the new year opens. Inquiries for both contract
coals are more numerous and buyers generally show iadications of adding
to their present reserves.
"Coal Age" Index as of Dec. 31 shows an advance of one point to 179.
over the previous week. The corresponding average price was $2.17.
Slight increases in Mt. Olive, Standard, eastern and western Kentucky.
Clearfield, Cambria-Somerset, Kanawha and Pocahontas districts were
partly overcome by decreases in southern Illinois, Springfield and Indiana
coals.
The holiday season affected the midwest markets last week. There was
no action in domestic coals and little demand for.team sizes. While many
mines closed down during the week between Christmas and New Years.
production exceeded the demand. The trade at St. Louis is doing little
business in the cheaper grades of coal, but there is no demand for anthracite,
smokeless .coals or coke. Little activity is reported from Kentucky.
Duluth or Milwaukee. Buying is quiet in Ohio,and the Pittsburgh district
market continues in poor.shape. An extremely quiet market is reported
from New England, with buying and receipts in light volume.
The anthracite market lost much of its snap last week. While there is a
good market for stove and chestnut coals the demand for the other sizes.
with the possible exception of barley, is not active. Egg coal is in oversupply with some shippers. Pea coal is rapidly accumulating and it was
said that some of the larger companies are willing to make concessions to
keep it moving. Quotations for this coal ranged as low as $5.50 at Boston.
while the markets at New York and Philadelphia ranged around $6. Cancellations of orders for high-priced coals are being received from Long Island
and sections of New England.
The export market was quiet. Some inquiries were reported but comparatively little new business was reported as closed. Freight rates remained high. A slight increase in foreign business was reported at Hampton
Roads. Dumpings for all accounts at Hampton Roads during the week
comended Dec. 27 were 357. 110 net tons, an increase of 1.183 tons when
pared with the previous week.
Production, Sales and Stocks of Work Clothing in
November.
The Department of Commerce on Jan. 3 made public its
statistics on work clothing for November 1923, based on
reports received from 172 establishments. There is also
furnished a comparative summary for 118 identical establishments which reported each month. The following are the
figures:
REPORT FOR NOVEMBER 1923 (172 ESTABLISHMENTS).
Materials Used.
Denims.
Dozens.
b.4. .
2.50
2.402.20
and 2.45 and and
Other Heavier Lighter
W. B. D. & 7'. D. d8
Drills.
Khaki.
Duck.
18,888
17,947
359
25.036
24,865
20,891
372
29,604
9,191
10,403
185
3.481
All
Other
89,384
82,404
831
37,961
*Overtime was reported sufficient to offset all idle hours and leave an excess of
65,380 hours, or 11.4%.
Garments cur_ __ 158.575
Garments sold_ 187,080
Orders cancelled_ 3,459
Stock on hand_ _ _ 152,190
Coal Markets Continue Dull Throughout Holiday
Season but Improvement is Expected.
green Christmas maketh a full churchyard, it also
If a
makes for a full coal bin observes "The Coal Trade Journal"
in its issue of Jan. 2. Extracts from the "Journal's" weekly
review of market conditions follow:
COMPARATIVESTATEMENT FOR IDENTICAL PLANTS(118 ESTABLISHMENTS).
valuable asset to
p The unbroken spell of unusually mild Weather has been a his supply which
to replenish
Denims.
13,097
12,172
440
18,018
Materials Used.
•
Dozens.
Drills.
2.50
2.402.20
and 2.45 and and
Other Heavier Lighter
W.B. D. & T.D. & T.
Khaki.
Duck.
the householder who has not been compelled
was laid in earlier in the year. The closing down of industrial plants for Garments cut:
79,888
June
the purpose of making usual repairs and the annual recurrence of inventory72,568
July
taking has kept this consumer out of the market. Prices have been attrac74,210
August
September __ ... 86,584
tive enough but the industrial buyer has acquired the habit of making sharp
103.935
October
bargains on a falling market. It is therefore not an easy matter to induce
November_ -. 95,515
him to make any agreement for future wants. However, it is hoped that Garments sold:
the tide will turn with the new year as the time for the much-advertised
71,582
June
61,130
July
suspension approaches. Some business for all or part of the first quarter
77,557
August
been booked and the indications are that this improvement will
of 1924 has
September__ -- 95,806
continue.
112,244
October
during ,recent weeks have shown
In the absence of any stimulus, prices
November.,,,_ 98,514
little ,variation and last week was no exception. Comparing quotations Orders canceled:
2,037
June
with those for the week ended December 22, changes are shown
listed below
3,063
July
In 32% of the figures. Of these changes,42% represented advances ranging
1,846
August
from 5 to 50 cents and averaged 21 cents. The reductions ranged from
September ___ - 2.824
2.087
October
6 to 50 cents and averaged 18 cents. The straight average minimum for
2,745
November_
the week was $1.90, a decrease of one cent as compared with the previous Stock on band:
week. The straight average maximum was $2.24, the same as the preceding
94,634
June
113,650
July
week.
113,520
August
Demand has been light on all grades of bituminous with the possible
109,709
September
with the possibility of a strike only 90 days off
exception of slack. Even
113.994
October
buyers are not coming into the market in any great numbers, although some
November.._ 108.517
sections report a few inquiries for delivery during the first three months of '
42,565
41,077
404
40.163
An
Other,
20,250
21,885
20,217
21.361
22,671
18,189
13,823
10,388
9,062
8,414
9,908
7,921
18,189
16,064
10,872
12.839
14,050
12,730
13,158
9,335
10,069
9,698
12.881
14,068
4.378
5,698
4,643
5,621
5,618
4,790
11,395
12,527
18,354
21.186
16,996
16,989
15,942
19,479
21,148
26,144
20,497
18,154
11,128
9,253
8,457
7,910
8.046
7,224
17.702
13,900
12,412
12,419
11,826
11,254
12,693
9,436
11,720
11,799
13.003
12,284
4,052
2,894
5,353
5,326
6.149
5,863
11,428
12,497
17.835
23,361
16,375
14,758
533
665
211
406
474
333
425
143
269
128
99
424
148
295
163
189
917
276
346
363
186
117
186
132
ea
448
161
63
124
171
388
543
784
566
758
481
26,066
33,045
27,930
27,533
28,954
27.179
10,254
10,124
11.729
11,127
11,277
13.149
20,040
23.266
17,275
16,464
19,095
20.869
15.275
16,984
16,531
14,406
16,834
19.498
5.442
10,624
9,996
7.752
7,677
3.024
17.087
19,753
22,711
24,864
27,085
29,084
28
THE CHRONICLE
Shoe Workers' Unions in Haverhill to Consolidate.
The Shoe Workers' Protective Union and the United Shoe
Workers of America, the two Haverhill, Mass., shoe operatives' unions, will consolidate as a result of preliminau plans
adopted by representatives of each union in the office of
their mutual counsel, F. W. Mansfield, of Boston. Mr.
Mansfield states, according to newspaper advices, that only
minor details remain to be adjusted. It is proposed to retain
the name of the first-mentioned organization, which it is
understood, has some 25,000 members in the Haverhill
district, and other Massachusetts shoe manufacturing cities.
Wool Consumption on a Reduced Scale in
November 1923.
[VOL. 118.
Consumption of Wool by Geographic Sections, November, 1923.
-,
SectionTotal.
Grease.
Scoured,
Pulled. Grease Md.
New England
20,877,173 16,643,828 3,438,526 794,819 24,580.639
Middle Atlantic -18,663.377 15,932,139 1,531,339
1,194,899 20,588,015
Pacific Coast
515.705
167.626 289,662
58,417
824,839
Other sections
3,194,506 1,983,186 1,030,589
180,731 4,285,339
Total
43,245,761 34,726,779 6,290,116 2.228.866 50,278.832
COMPARATIVE STATEMENT OF WOOL CONSUMPT
ION FOR OCTOBER
AND NOVEMBER, AND SINCE JANUARY 1.
(AU Quantifies in Pounds
Class and
Grade.
Totalfor November.
1923.
1922.
Totalfor October.
1923,
Total Jan. to Nov. incl.
1922.
1923.
1922.
43,245,761 55,318,531 44,650.00951,175.814511,904,123509,462,806
15,498,465 26,674,760 5,030,64027,985.450 178,158,7372
88,606,838
27.747,29528,641,771 29,619,36923,190.384333,745,386220,855,988
Combing_a - 22,537.92533,488,126 22,862,85030,861,
118280,484,183288,285,077
Clothing-a
7,363.885 9,171,786 8,170.768 9,274,226 92,461,43010
4,508.354
Fine, total__ _ _ 8.811.32911,211,046 8,380,386
10,467,228 101,156,991 100.746,428
Combing
Domestic 2,970,258 4,769,613 2,560,922 5,435.904
.
31,952,422
Foreign
4,159,112 4,419,260 4,097,523 2,741,025 49,423,402 82,854,069
14,328,883
Clothing
Domestic 1.144,4: 1,422,584 1,209,783 1,803,063 13.555,870
.
18,853,949
Foreign- 537,476 599,589 512,158 487,236
-blood,total- 4,110,972 8,283,628 4,369,568 7,454,440 6,225,297 4,909,547
57,777,663 69,034,251
Combing
Domestic _ 2,223,947 5,533.524 1.532.928
22,888,386
Foreign.... 947,052 1,038,480 1,728,181 5,132,058 20,787,853 47.011,325
682,141
5,932,998
Clothing
Domestic _
736,883 1,556,245 914,658 1,479.979 11,576,178 14,257,734
Foreign... 203,090
165,379
193,801
160,262
34-blood,total_ 5,905,042 8,977,899 6,045,320 8,478,507 2.725,246 1,832,194
82,753,225 88,980.711
Combing
Domestic _ 1,850,747 3,939,752 1,825,063 4,375,622 24,760,266 43,281,402
Foreign
1,865,298 2.250,423 1,761,031 1,556,443 30,435,708 15,927,080
Clothing
Domestic _ 1,760.484 2.173,598 1,875.712 2,086,778 20,309,207 23,543,635
Foreign.._
428,515 514,126 583,514
459,664 7,248,044
-blood.total_ 9,066,284 11,999,043 10.121.479 1,699,554 109,665,508 6,228,594
117.346.392
Combing
Domestic _ 2,867,676 5,156,447 2,700,497 5,523,247 30.586,777 54,113,822
Foreign
4,060,549 4,519,024 5,113,447 3,715,011 52,405,420 32,407,506
Clothing
Domestic _ 1,110.178 1,379,933 1,268,967 1,537,221 14,640,105 18,198,217
Fore1gn- 1.028.181 943,639 1,038,568 924,075 12.033.204 12,626,847
.,o4v 34-blood_
672.327 743,064
752,128 611,578 6,933,698 6.692,885
Combing _
404,393 477,05
392,563 367,766 4,188,076 3,813,765
I nothing_ _ _ _
267,934 268,005 359,565 243,812 2,745,822 2,878,920
)conmon,totair
70,812
278,768
745,646
Combing _
25,235
172,922
363,537
I nothing _ _ _ _
45,577
103,846
382,009
Inid, total _c_
90.970
113,214
410.182
Combing _
72,050
68,742
294,139
Clothing_ ___
18,920
44,472
116,043
An coin,totaLd 1,174,074 1,446,232 974,755 1,424,037 13,482,682
Combing _ _ 1,091,910 1,384,544 909,031 1,331,901 12,578,077 9,992,964
8,814,247
Clothing _ _ _ _
82.164
60.688
65,724
92,136
904,605
fru pet, totaLd 13.343.951 12.656.61913.818,391 11.040,470 138.978,530 1,178,717
116.669,375
Combing, to 6,030,718 6,578,966 6,411,710 5,761,845 70,783,293
Filling, for. _ 7,313,233 6,079,653 7,264,681 5,278,625 88,195,237 61.397.420
55,271,955
Total
Domestic
Foreign
The Department of Commerce on Dec. 29 made public
its report on the consumption of wool, by manufacturers in
the United States during the month of November, based on
reports received from 591 manufacturers. They do not 34
include data, however,for the American Woolen Co., Boston,
Mass.; Amos Abbott Co., Dexter, Maine; Carolina Cotton
& Woolen Mills Co., Spray, N. C.; Columbia Woolen Mills,
Columbia City, Ind.; Crown Mills, Marcellus, N. Y.;
Daniel Boone Woolen Mills, Chicago,'Ill.; Davisville Woolen
Co., Davisville, R. I.; W. J. Dickey, Oella, Md.; John &
James Dobson, Inc., Philadelphia, Pa.; Farnsworth Mills,
Inc., Central Village,'Conn.; Faulkner & Colony Mfg. Co.,
Keene, N. H.; GlastonburylKnitting Co., Addison, Conn.; W
Merrill Woolen Mills Co., Merrill, Wis.; Merrimack Woolen
Corp., Lowell, Mass.; or Sheble & Kemp, Philadelphia, Pa.
Total Consumption of Wool.
The total quantity of wool entering into manufacture
November, 1923, as reported, was 43,245,761 pounds, as
compared with 44,660,009 pounds in October, 1923, and
55,316,531 pounds in November, 1922. The consumption
shown for November, 1923, included 34,726,779 pounds of
wool reported as in the grease; 6,290,116 pounds of scoured
wool; and 2,228,866 pounds of pulled wool. Reduced to a
grease equivalent these quantities would amount to 50,278,832 pounds. The grease equivalent for October, 1923, was 'Wel
reduced
51,814,976 pounds; and for November, 1922, 63,313,170
to areas
equivalent_ e.50,278,83263,313,17051,814,97669,281,774 598.155.593595,759,019
pounds.
Domestic.19,638,817 31,916,187 19,265,629 3,288,761 229,098,987 348,075,808
Foreign...30640,01531,396,98332,549,347 25,993,013 367,056,606 249,683,211
The monthly consumption ofiwool in grease equivalent
a Exclusive of carpet wools. b Al domestic; figures for dates prey ous to July
for concerns reporting for 1923; January was 63,348,35 1923 include common and braid. e All domestic.
d All foreign. s In computing
2 the grease equivalent.
1 pound of scoured wool is considered equivalent to 2 pounds
pounds; February, 57,916,339; March, 62,859,150;
April, In the grease, and 1 pound of nulled to 1 1-3 Pounds in the grease.
56,410,887; May, 59,682,254; June, 52,648,595; July,
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL IN
NOVEMBER 1923 AND 1922.
46,347,256; August, 48,232,955; September, 46,615,99
(AU quantities in pounds.)
7
and October, 51,814,976.. The report also gives the followGrease.
Scoured.
Pulled.
ing:
Class and
Grads.
1923.
1922.
1923.
1922.
Consumption by Grades.
1923.
1922.
Classified according to grade, the total includes
Total, August. 34,726,779 46,026,609 8,290,116 7,349,997 2,228,866 1.939.925
8,811,329 pounds of fine
wool which may be compared with 3,380,386 pounds
Domestic ___ 10,605,207 20,626,549 3,763,899 4,838,035 1,129,359
consumed in October,
24,121,572 25.400,060 2.526,217 2,511,962 1,099,507 1,210,176
Foreign
1923; and 11.211,046 pounds consumed in November,
729,749
1922; 4,110.972
pounds of X blood, as against 4,369,568 pounds
Gombing_a _ 21,041,696 32,018,989 793,041
In October, 1923. and
888,471
703,188 580,666
8,283.628 pounds in November. 1922: 5,905,042
Clothing_a
1,484,812 2,472,110 5.048,122 5,906,809 831,151
pounds of
blood, as
792,887
against 6.054,320 pounds in the month preceding
and 8.977.899 pounds in Fine, total.... 7,547,314 9,621,860
1,001,611 1,276,922 262,404 312,264
November, 1922: 9,066,284 pounds of
blood, which may be compared
Combing
with 10,121,479 pounds in October, 1923; and 11.999,043
Domestic _ 2,805,673 4,509,681
61,381
108,743
pounds in Novem103,204
151,189
ber, 1922: 2.008,183 pounds of low
Foreign
4,125,808 4,406,829
19,104
12,431
blood, common, braid and Lincoln
14,200
Clothingas against 2,116,865 in October, 1923, and 2,188,296
pounds in November,
.Domestic
.
513,137
619,642 486,745 651,497
144,601
1922; and 13.343,951 pounds of carpet wool, against
151,445
Foreign
13.616,391 pounds in
102,696
85.708 434,381
504,251
399
9,630
the preceding month and 12,656,619 pounds in November,
34-blood,total_ 3,232,567 8,968,294 849.097 1,080,013
1922.
229,308 237.321
Combing
Domestic and Foreign Wool.
Domestic. 2,118,754 8,370.019
15,793
53,128
89,400 110,377
Foreign
945,045 1,038,180
Of the total quantity of wool used by manufacturers
2,007
300
during the month of
Clothing
November 1923. 15,498.465 pounds, or 35.8% was
domestic wool; and
Domestic
.
134,162
542,487 496,423 904.288 100,298
109,470
27,747,296 pounds, or 64.2% was foreign wool. The
Foreign_ _
34,606
15,608
134,874
carpet wool was all
122,297
33,610
17,474
of foreign origin, while 46.7% of the fine wool was
-blood,total_ 3,654,268 6,206,850 1,721,178 2,284,711
529,596 486,338
produced in this country;
Combing
72% of the 34 blood; 61.2% of the
blood; 43.9% of the
blood.
Domestic
. 1,581,154 3,561,629
99,338 205,241
170,255
172,882
Foreign... 1,778,238 2,213,326
Geographic Distribution of Consumption.
45,531
26,823
41,527
10,274
Clothing
Of the total consumption of wool in November.
Domestic _
258,825
347,178 1,220,832 1,523,976
1923 (amounting to
280,827 302,444
43,245.761 pounds), 20,877,173 pounds, or 48.3%,
Foreign__ _
36,051
84,717 355,477 528,671
wore reported from the
36,987
738
34-blood,total_ 6,548,621 9,834,678 2,035,439 1,852,102 482,224
New England States; 43.1% from the Middle Atlantic
312.263
States; 1.2% from
Combing
the Pacific Coast States; and 7.4% from other sections of
Domestic. 2,572,330 4,791,876
the country.
198,552 264,252
96.494
100,319
Foreign__ _ 3.681,666 4,332,615 209,742
161,525
169,141
Imports of Tops and Noils.
24,884
Clothing
The consumption of foreign tops and noils constitutes one
Domestic _
179,261
373,216 813,615 902,759 117,302
element which
103,958
Foreign__ _
115,364
336,971 813,530 523,566
it has not been possible to include in the consumption reports
99,287
83.102
since the man- Low 34-blood_.
327.928
510,821
324,121
ufacturers would be unable to distinguish between
224,151
20,278
8,092
foreign and domestic
Combing
284,595
450,783 102,485
24,533
17,313
1,743
tops and nolLs. In the long run, though not necessarily
Clothing__ _ _
43,333
60,038 221,636
month by month,
199,818
.2,965
6,349
this element must be equal to the imports. The imports of wool
Common,total
43,330
26,782
711
and hair.
Combing ___
advanced, including tops, for November were 50.821
18,032
7,203
pounds, and for 1923
Clothing_ _ _ _
25,298
19.579
Including November were 3.806,026; foils for November
700
braid,total_
were 208.261,
70,653
20,317
and for 1923. including November, were 7,141,803. The exports
Combing ___
67,653
4,397
of tops
Clothing_ _ _ _
and nolls were negligible.
3.000
15,920
Lincoln.total.
1,101,627 1,350.596
62,818
77,381
9,829
17.255
Detailed Statement.
Combing _
1,062,748 1,344,051
27,508
31,495
1,854
8,998
Clothing _ _ _ _
38,879
6,545
35,110
45.886
8,175
8,257
detailed statement follows, which shows the quantities Carpet, total_ 12,200,471 11,635,51' 448,953 554,717 894,527
A
566,392
Combing, to
5,779.614 6,278,625
52,744
87.06'
198,360 211,272
of wool consumed, classified according to grade, class and
Filling, for.. _ 6,420,857 5,256,885 398,209 467,648
496,167 355,120
condition, with separate figures for foreign and domestic Total. Sept...
35,881,095 41,878,437 6,362,994 7,510,251 2,405.921
1,787,126
wool. This statement also gives comparative figures for
Total, Jan. to
November, 1922; October, 1923 and 1922; and totals for
October. Incl 409,826,284 406,077.303 75,338,286 77.751,567
26,739,553 25 ,633,93
a Exclusive o carpet wools. b All domestic; 1923 figures
the months, January to November, inclusive, 1923 and 1922. "braid." c All domestic.
include "common" and
d All foreign.
X
X
X
66
X
X
THE CHRONICLE
JAN.5 1924.]
Statement Showing Leather Gloves and Mittens Cut
During November 1923.
The Department of Commerce on Dec. 31 gave out the
following statistics on leather gloves and mittens cut during
the month of November 1923, according to reports received
from 234 factories. The factories included in this statement
represent 95.5% of the total value of leather gloves and
mittens at the Census of manufactures, 1921. A comparative summary for 232 identical factories for October and
November is also given.
QUANTITY CUT DURING NOVEMBER (DOZEN PAIRS).
Women's and Children's.
Men's and Boys'.
Part Leather
AU
Leather, and Fabric.
29
Milk Prices to Be Reduced Next Week by Borden's
Farm Product's Co.
-H. A. Cronk, Vice-President and General Manager of the
Borden's Farm Products Co., announced yesterday (Jan. 4)
that the price of milk to the consumer would be reduced.
He said:
The Borden's Farm Products Co. has Just received notification from
the dairymen that their price of milk to us will be reduced 1 cent a quart,
effective early next week. In accordance with the policy of this Company,
this decrease will be promptly passed on to the Consuming public.
Effective Tuesday, Jan 8, our prices will be dropped 1 cent for Grade A
and Grade B quart bottles and for Grade B pints. In Manhattan, the
Bronx and Brooklyn Grade A %lll be 17 cents a quart; Grade 13, bottled,
14 cents, and Brade B pints, 0 cents.
Part Leather
AU
Leather. and Fablic.
G. W. Slocum, President of the Dairymen's League CoOperative Association, Inc., said:
Drees gloves, street gloves, mitThere is a surplus of milk in New York City at present, and the reduction
tens and gauntlets:
in the producers' price is the result of a prompt response on the part of this
•
Imported:
1,056
290
organization to the workings of the law of supply and demand.
Lamb and kid
5,780
(a)
18
13,358
Cape
702
4,220
(a)
Suede
31
(a)
4,272
(a)
Deerskin
2,383
(a)
5,360
Mocha
12
165
51
1,244
All other
Permanent Injunction Against Shoe Workers' Strike
Domestic:
in Lynn.
393
(a)
(a)
6,481
Suede
2,205
571
16,035
Cape
525
(a)
(a)
Judge Weed, of the Superior Court, of Massachusetts,
1,227
Flasher
70
493
493
762
All other
made effective on Jan. 2, at Boston, a permanent injunction
Work gloves, mittens and gauntlets:
restraining the Amalgamated Shoe Workers of America from
(a)
18,415
Horsehide
4,901
(a)
interfering with the Cruise-Sullivan Shoe Company of
Combination horse and split _
(a)
Zcif
12,476
Shank
(a)
_
Lynn, and continuing the strike against the company.
5,931
Combination shank and split
(a)
6,324
Cowhide
469
22,154
(a)
Sheepskin
4,223
Buckskin
25,458
15,282
Split leather
Bituminous Operators and Miners to Meet in Jack2,369
Hogskin
120
237
13:55
439
All other
sonville, Fla., to Negotiate New Wage Agreea Included in "Ali other" to avoid possible disclosure of individual operations.
ment for Four States.
-In addition to the gloves and mittens here reported, these manufacturers
Note.
also cut 3,279 dozen pairs of men's and boys' and 739 dozen pairs of women's and
children's fabric gloves.
miners and operators of Ohio, Indiana, IlliBituminous
COMPARATIVE SUMMARY OF LEATHER GLOVES AND MITTENS CUT nois, and Western Pennsylvania, will be called to meet at
DURING OCTOBER AND NOVEMBER 1923 FOR 232 IDENTICAL
FACTORIES FOR BOTH MONTHS.
Jacksonville, Fla., on Monday, Feb. 11,"for the purpose of
QUANTITY CUT (DOZEN PAIRS).
on
Men's and Boys'.
KIND.
AU Leather.
Oct.
Nov.
Part Leather
and Fabric.
oct.
NOD.
Women's and Children's.
AU Leather.
Oat.
Nov.
Part Leather
and Fabric.
Oat.
Nov.
Dress gloves,street gloves,
mittens & gauntlets:
Imported:
1,863 1,056
_
290
503
Lamb and kid
5,955 5,780
12
15,420 13,013
Cape
702
807
(a)
5,624 4,106 (a)
Suede
31
16
(a)
3,960 4,272 (a)
Deerskin
(a)
3,099 2,383
8,243 5,360 (a)
Mocha
29
51
165
12
219
54
791 1,244
All other
Domestic:
(a)
184
393
(a)
6,804 6,481 (a)
Suede
571 3,414 2,205
18,35 16,035 (a)
Cape
582
525
(a)
(a)
1,61 1,227
Flasher
70
493
6
65
493
726
762
98
All other
Work gloves, mittens and
gauntlets:
(a)
---19,57 18,397 (a)
Horsehide
Combination horse and
(a)
7,83 4,801 (b)
split
----- (a) - (a)
(a)
15,04 12,276 (a)
Shank
Combination shank and
5,10 5,88 (a)(a) (a)
split
6 24 ....
l
--5,792 22:03 0 (.) _ (t)
Cowhide
-Hi -iiii
(a)
Zcii
22,395
Sheepskin
.--7,681 4,22
Buckskin
- Ii) - -20,321 15,132 21,271 25.:I
Split leather
-(a)
2,351 2,269 (a)-- (a)
Hogskin
237 ------120
227
439 14,510 13.313
1,768
All other
a Included in "All other'to avoid possible disclosure of individual operat ons.
-In addition to the leather gloves and mittens here reported, these manuNote.
facturers also cut 3,585 do en pairs of men's and boys' fabric gloves in October and
3,279 dozen pairs in November: 276 dozen pairs of wamen's and children's fabric
gloves in October, and 739 dozen pairs in November.
negotiating a new wage agreement to become effective
April 1 1924." This was decided at a meeting of representatives of union miners and operators yesterday (Jan. 4)
at Indianapolis. Michael Gallagher, one of the leading coal
operators of Cleveland, issued the following statement after
the meeting:
This meeting of miners and operators was held in compliance with the
resolution adopted by the Joint conference of miners and operators meeting
In New York on Jan. 24 1923, providing that the signatories to the existing
agreement meet at a date not later than Jan.8 1924,to fix the time and place
for the formal Joint convention of miners and operators of the four States
of Western Pennsylvania, Ohio. Indiana. and Illinois.
The meeting to-day authorized the chairman and secretary of the conference to issue a call to the representatives of the minors and operators of
the four States above named to assemble at Jacksonville, Fla., on Monday,
February 11, for the purpose of negotiating a new wage agreement to be
put into effect on April 1 1924. The official call will be issued at an early
date.
Western Pennsylvania will be included in the call, although
the operators and miners from that State were not signatories
to the existing agreement. This places the call before the
old Central Competitive Field,from which Western Pennsylvania was dropped when Western Pennsylvania operators
refused to negotiate with the union. The time of the meeting, it is said, was purposely set back to Feb. 11 so that it
would come after the meeting orthe United Mine Workers
of America in Indianapolis on Jan.22.
Current Events and Discussions
70f the total decline o
and 'Philadelphia a reduction of $7,200.000.'
The Week With the Federal Reserve Banks.
$59,300,000 in discounted bills, $19.100,000 represents liquidation of
A decrease of $95,100,000 in Federal Reserve note circula- paper secured by Government obligations, which on Jan. 2 aggregated
Of this amount, $236,800.000 was secured by Liberty
tion and an increase of $34,400,000 in cash reserves, reflecting $422,800,000.S. bonds. $175,800,000 by Treasury notes, and $10,200,000
and other U.
the return flow of currency following the holiday period, by certificates of indebtedness.
Reductions in Federal Reserve note circulation are shown for all Federa
together with a decline of $59,300,000 in holdings of dis$22.
largest declines being as
Reserve
counted bills and increases of $10,800,000 and $22,500,000, 400.000; banks, the$16,000,000; Philadelphia, follows: Cleveland,York,
$14,600,000; New
Chicago,
respectively, in bills bought in open market and in U. S. $9,400,000, and Boston, $5,200,000.
Gold reserves increased by $12,800,000 during the week, the Boston
Government securities, are shown in the .Federal Reserve
Bank showing an increase of 816,000.000, New York an increase of
Board's weekly consolidated statement of condition of the $9,500,000. San Francisco an increase of $8.200,000. and Atlanta an increase
Federal Reserve banks at close of business on Jan. 2 1924, of $6,800,000. Declines of $18,600,000 and 87,500,000, respectively,
and which deals with the results for the 12 Federal Reserve are reported by Cleveland and Chicago. Reserves other than gold inby $2,100,000.
banks combined. Total deposits increased by $112,- creased by $21.600.000, while non-reserve cash declined
After closing their books on Dec.31 and paying the accrued
900,000, of which $89,400,000 represents the increase in
a
members' reserve deposits, while the reserve ratio rose 6% dividend the Reserve banks paid to the Government
After noting these facts, the Federal total of $3,613,055 38, of franchise taxes and increased their
from 73.3 to 73.8%.
surplus account by $2,545,512 96.
Reserve Board proceeds as follows:
The statement in full, in comparison with the preceding
All Federal Reserve banks report declines in their holdings of discounted
bills except New York, which shows an increase of $14,600,000. Boston week and with the corresponding date last year, will be
reports a reduction of $18,400,000. Cleveland a reduction of $11.600.000.
found on subsequent pages, namely pages 63 and 64. A
San Francisco a reduction of 89,700,000, Atlanta a reduction of $9,000,000.
30
THE CHRONICLE
[Vol, 118.
summary Of changes in the principal assets and liabilities
of the Reserve banks, as compared with a week and a year Departure of Charles G. Dawes and Owen D. Young
to Participate in Inquiry into Germany's
ago, follows:
Financial Affairs—Henry M. Robinson
Increase (-I-) or Decrease (—)
Since
to Sail To-day.
Dec. 26 1923.
Jan. 3 1923.
Total reserves
Brigadier-General Charles G. Dawes of Chicago and
+$34,400.000+89.100.000
Gold reserves
+12,800,000
+34,400,000 Owen D. Young of
Total earning assets
New York, who, as we indicated last
—26,000,000
—67,700.000
Discounted bills, total
+170,300,000 week (page 2833), have been chosen to serve as the unSecured by U. S. Govt. obligations- —59,300,000
—19.100,000
+71,300,000
Other bills discounted
—40.200,000
+99,000,000 official representatives of the United States on the comPurchased bills
+10.800,000
92,000,000 mittee which is to
United States securities, total
inquire into Germany's financial position,
+22,500,000
—330,000,000
Bonds and notes
+20.500,000
—73,000.000 sailed for Europe last Saturday
U. S. certificates of indebtedness_ _ _
(Dec. 29) on the steamer
+2.000,000
—257,000.000
Total deposits
+112.900,000
+26.000,000 America of the United States Lines. General Dawes deMembers' reserve deposits
+89,400,000
+21,100,000 clined
Government deposits
to answer any questions put to him by reporters
+13,900,000
+50,100,000
Other deposits
+9,600,000
—45,200,000 regarding his mission.
Federal Reserve notes in circulation
Mr. Young, who is said to have
—95,100,000
—165,800,000
F.R.Bank notes in circulation—net liab_
—2,500,000 been similarly reluctant to discuss his trip,
is quoted as
saying:
Changes in Condition of the
Member
I have the impartiality of ignorance. I regard the questions to
be settled
by our committee as business questions only. I hope they
will be apBanks of the proached in that spirit,
with a determination to get a constructive answer
Federal Reserve System During the Year.
speedily.
According to the Federal Reserve Board's weekly stateMr. Young, who is Chairman of the board of directors of
ment showing the condition of member banks
in leading the General Electric Co., started life on a farm at Van
cities at close of business on Dec. 26 1923, loans
and invest- Hornesville, N. Y. He was educated at St. Lawrence
ments of reporting member banks in leading cities
increased University and later studied law in Boston. In 1913 he
$338,000,000 during the past year, an increase of
$605,000,- became Vice-President and General Counsel of the General
000 in loans and discounts being offset in part
by a decrease Electric Co., and in 1922 was appointed Chairman of the
of $267,000,000 in investments. These changes
in loans and board. He is also Chairman of the board of directors of the
investments went together with a decrease
of $221,000,000 Radio Corporation of America. Henry M. Robinson of
in net demand deposits, and an increase of
$205,000,000 in Los Angeles, who is to serve on the committee which is to
borrowings at the Federal Reserve banks.
It should be estimate the amount of German capital abroad, will sail for
noted that the figures for these member
banks are always a Europe to-day (Jan. 5). On the 2d inst. Mr. Robinson
week behind those for the Reserve banks
visited the White House and the State Department at
themselves.
On Dec. 27 1922 loans and discounts of
reporting member Washington, where he conferred with President Coolidge
banks aggregated $11,329,000,000, reached
the maximum and Secretary Hughes. At Chicago on Jan. 1 Mr. Robinfor the year—$11,986,000,000--on May
2, and declined son was reported in a New York "Times" dispatch as saying:
thereafter until Aug. 22, when they stood
The inquiry contains great possibilities of being helpful. It would be
at $11,677,000,000, prejudging
the whole affair to even make a
increased again to $11,892,000,000 on
we do not acSeptember 19 and complish any definite and immediate results,guess now. If establish some
we can at least
remained at about that level to the end
facts that will be helpful toward an ultimate solution.
of the year, when
they stood at $11,934,000,000. The
principal change in
loans and discounts during the year
occurred in "all other,' German Court Decision Regarding Repayment of
largely commercial loans, which increased
Industrial Obligations.
by $584,000,000.
Loans secured by U. S. Government
obligations declined by
The following information has just been received by
$62,000,000, while loans secured by stocks
and bonds in- Moody's Investors Service regarding the nature of repaycreased by $83,000,000. Investments of
reporting member ment of bond issues floated in behalf of industrial corporabanks in leading cities show an opposite
trend to that of tions, which should prove of considerable interest to the
loans and discounts, that is, during periods
when loans were large number of holders of such bonds in this country:
increasing, investments were decreasin
A decision of most far-reaching economic significance was handed down
g, although on a
somewhat smaller scale. Holdings of U.
on Nov. 14
the Hanover
S. bonds and of one bond1923 byby Industrial Supreme Court. The planitiff was owner
issued
Corporation "X." The loan was floated
Treasury certificates of indebtedness
declined $112,000,000 in 1909 and was secured by a first hypothecation on the entire real estate
and $114,000,000, respectively, during the
owned by the concern. The plaintiff purchased the bond at the time
year and holdings
of all other bonds, stocks and securities
of issue. The loan
declined $68,000,000. plaintiff refused to was called for payment as of April 1 1923 at par. The
accept amount offered and insisted, infer alto, upon
Of the total decrease of $199,000,000 in
U. S. Government adjustment of the amount on the basis of the Government Cost-of-Living
securities over $139,000,000 is shown for
Index Number at the time bonds were called for redemption. The Suthe member banks
preme Court has sustained the
in New York City, while the decrease
and substantiat
of $68,000,000 in as follows: "Let us assume that plaintiff is the creditor. ed the decision
plaintiff
In accordance
holdings of corporate stocks and bonds of
with Section 607 of the German Civil Code, loans are to be repaid in kind
all reporting
member banks is exceeded by an even
or currency of the same character and of the same value as had originally
larger reduction of been received
by the borrower. The latter is consequently
$83,000,000 reported by member banks in
to
the Chicago repay the original loan in such manner. The fact that bank obligated e•.
notes, 1.
district. Further comment regarding the
changes shown paper marks, are legal tender, does not alter the case. A previous court
by these member banks is as follows:
decision based upon this fact cannot, therefore, be sustained. Neither
does the further fact that the original loan contract expressly provided for
Total loans and investments, which
stood at $16,152,000,000 on Dec. 27
the repayment of bonds at a premium, enter into the situation. The
1922, reached the maximum for the
year—$16,835,000,000—on May 16, contention of
and following the course of loans and
the defendant that the plaintiff was in a position to dispose
discounts declined taereafter to $16,of his bonds when the mark was quoted at a higher level, thereby protecting
211,000,000 on Aug. 22. During the last
three months of the year total
himself against losses, is also without any significance and cannot be upheld
loans and investments were at a somewhat
higher level and aggregated
by the Court. Repayment on the basis of the Government Cost -Living
$16,490,000,000 on Dec. 26.
-of
Index Number at the time bonds were called is, therefore, to be
Net demand deposits followed a generally
effected."
downward course during the
first eight months of the year. declining from
811,527.000.000 on Jan. 3
1923 to $10,880,000,000 on Aug. 29, after which
date the trend was upward. Dr. Schacht Named
to Succeed Late Rudolph HavenTime deposits, on the other hand, show a
fairly steady increase throughout
the year. while Government deposits fluctuated
stein as President of Reichsbank—Seeks Full
considorably in connection
with periodical Government financing.
Reporting banks in the Dallas
Power Over Latter.
and San Francisco districts show substantial
increases in net demand
deposits, and those in the Cleveland. Richmond
Dr. Hjalmar Schacht, the Currency Commissioner, whose
and Chicago districts
smaller increases, while the principal decreases
are shown for banks in the appointment as President of the German Reichsbank, to sucNew York and Kansas City districts. Increases
in time deposits are ceed the late Rudolph
Havenstein, was announced on Dec.
shown for reporting member banks in all Federal
Reserve districts, except
San Francisco, where the withdrawal from membershi
p of a large savings 18, is hesitating, it is said, to assume his duties, fearing that
bank more than offset the substantial increase reported
by existing members. the opposition he expects to meet among members of the
Reserve balances with the Federal Reserve
banks followed more or Board
of Managers may seriously handicap him in carrying
less closely changes in net demand deposits and stood at
$1,379,000,000 at
• the end of the year. as compared with $1.394,000,000
at the end of the out certain urgent reforms. A cablegram (copyright) to the
preceding year, while aggregate cash holdings of all
reporting member New York "Times" from Berlin is authority for
this; we
banks show only a nominal reduction during the year.
quote the cablegram further as follows:
Borrowings of member banks at their reserve banks
showed a generally
upward trend during the first six months of the year increasing
Dr. Schacht, who, with the Finance Minister, Dr. Luther, is
generally
from $370,000.000 on Dec. 27 1922 to $644,000,000 on July 3,
while during the given credit for stopping the note presses and stabilizing the mark, was apremainder of the year borrowings were on a somewhat
pointed President of the Reichsbank against the unanimous vote of
its Board
smaller scale.
Borrowings on the final report date of the year, which
aggregated $575,000.- of Managers, who preferred Dr. Helffrich. President Ebert, however, in
whom the power of appointment is vested, exercised it in
000, show an increase, however, of about 8105,000.000 over the
favor of Dr.
figures
Schacht, who had the overwhelming majority of public opinion,
for the preceding week, largely in connection with the holiday
as well as
season
requirements.
the most important financial, industrial and commercial circles,
behind him.
On a subsequent page—that is, on page 64—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System.
Heinrich's Friends Active.
There is sad to be good reason to fear that Dr. Helffrich's friends, most
of
whom belong to influential nationalist and agricultural circles, have
not yet
given up hope of getting control of the Reichsbank, and to that end have
JAN. 5 1924.]
THE CHRONICLE
gained the aid of certain members of the Board of Managers, which shares
a sort of co-operative authority with the President of the bank, to paralyze
any measures Dr. Schacht may introduce.
This is specially feared in regard to the gold note bank which Dr.
Schacht desires to establish in conjunction with the Reichsbank to make
stabilization of the mark permanent Dr. Helffrich has another plan to
bring about permanent stabilization which would, however, surrender the
Reichsbank and probably the whole system of German finance to control the
Nationalists and therefore is a very unpopular step.
For this reason Dr. Schacht will not assume his new office until the
Reichstag has passed a law that gives the President of the Reichsbank the
necessary power to ignore his Board of Managers and hold him responsible
only to the President of the Republic.
The "Times" also prints the following Associated Press
cablegram from Berlin Dec. 30:
There is a slight note of optimism observable in the current year-end. Appraisals by the financial writers of the immediate fate or continued stability
of the German mark, and such scattering reservations as manifest themselves
In some of the more cautious predictions, are wholly suggested by possibilities as to the ultimate imposition of reparations terms which cannot be met,
and of the central Government's inability to keep the nation's internal economic organism sufficiently coordinated to protect German credit at home
and abroad.
Two factors especially prompt a majority of the writers to consider German finances hopefully for the coming year, these being the appointment of
Dr. Schacht as President of the Reichsbank and the continued ability of the
rentenmark to assert itself as a reliable stabilizing influence during the
period preceding the inauguration of a national gold currency.
Within another week the Rentenbank expects to have 2,400,000,000 of its
total authorized capital of 3,200,000,000 rentenmarks in circulation. It
has already placed 1,200,000,000 at the disposal of the Central Government
through the Reichsbank, which now is being used to call in trillions of discounted Treasury bills. The champions of the rentenmark have an abiding
faith in its ability to absorb or assimilate numberless paper marks, and view
It as the inevitable forerunner of a regularly ordained gold currency, which
Is the cardinal feature of Dr. Schacht's program of Reichsbank reform.
31
The funds made available to the Committee cover interest for the period
Jan. 3 1923 to Jan. 2 1924, inclusive, in accordance with the schedule
published in the Committee's notice of July 9, calling for the deposit of
bonds. Payment in cash of the warrants to be attached to deposited bonds
in accordance with such schedule will be made on presentationTof such
cash warrants after the return of the deposited bonds to the bondholders.
Owing to the great number of bonds of varying denominations and tot
different issues the work of preparing and attaching the necessary coupon
sheets, required to be done before the deposited bonds can be returnedlto
depositors, will require some time, but as soon as the bonds are ready for
return to the depositors a notice by publication will be made. y
The announcement declaring operative the plan for the
readjustment of the Mexican debt was given in our issue
of Dec. 8, page 2486.
Approval
by Mexican Senate of Claims Conventions
Between United States and Mexico.
While press dispatches from Mexico City on Dec. 1212d
carried information to the effect that the Mexica,niSenate
and House of Deputies, in joint extraordinary session had,
that day unanimously approved and ratified the claims conventions between the United States and Mexico, on Dec.I27
the Associated Pressradvicesifrom!Mexico City said:
The Mexican Senate to-day ratified the special United States Mexican
claims convention by a vote of 42 to 5. The general claims convention was
approved as a whole, 38 to 1.
The Senate then adjourned, leaving the discussions article by article of
the general convention until another session.
The greatest opposition against the convention has been against Article
IX of the general convention, which opponents claim discriminates in favor
of citizens of the United States.
Previouslreference to the reported action of the Mexican
Congress, appeared in our issue or9Dec.1 22. page 2710.
Has Voice in the Cabinet.
While Dr. Schacht has not yet installed himself in his new post, his backers announce that he is determined to give the central banking institution a
of New York StockE,Exchange Pin Mexican
complete overhauling, both with respect to its administration and its official
financial functions. He will retain his position as Federal Currency Com5Bonds.
missioner, in which capacity he is allowed "a consulting voice" in the CabThe Committee on Securities1;ofathel,New YorkllStock
inet sessions.
Dr. Schacht's friends predict that he will promptly encounter hostile cur- Exchange on Dec. 31 made known the following ruling:4 .104
rents in the Reichsbank itself, especially among the members of the soReferring to the United States of Mexico external loan of 1899 sinking
called Central Committee, a semi-supervisory body composed of private bank- fund 5% bonds, due 1945 and 4% gold debt of 1904, due 1954, bearing past
ers, industrialists and political appointees, who sharply opposed him while due coupons on which there appear various endorsements:
he was under consideration by the Federal Council. Much of this opposition
Information having been received through the International Committee of
Is explained on the ground that the Reichsbank now has an official head, who Bankers on Mexico that the United States of Mexico has advised them that
graduated from the active banking world, and that Dr. Schacht also is an coupons are payable to bearer regardless of any endorsement which may
acknowledged authority on currency problems and the sworn foe of inflation appear thereon, the Committee on Securities rules that such endorsements
policies.
do not hereafter affect the delivery of said bonds.
In addition, he is reported to be opposed to the extension by the Reichsbank of generous private credits, a condition which obviously is assuming
liberal proportions, according to the Reichsbank's latest returns.
Decision of United States' Government to Supply
On Dec. 23 the Associated Press advices from Berlin had
the following to say regarding the opposition of the Nationalists to Dr. Schlacht's appointment:
President Ebert's confirmation of Dr. Hjalmar Schacht as President of the
Reichsbank to succeed the late Rudolph Havenstein, is being violently opposed by the Nationalistic newsuapers, which are chagrined over the failure
of Dr. Karl Helfferich, former Secretary of the Imperial Treasury, to obtain
the coveted post The newspapers now charge that Dr. Schacht's selection
constitutes an outspoken political appointment, which is in contravention of
the Reichsbank's autonomous character.
The new incumbent, however, meets with a friendly reception by the financial writers, who point out that his advent at the head of the semi-official
Institution indicates a break with the traditional procedure by which Presidents of the Reichsbank formerly invariably were sought among the bureaucracy.
Dr. Schatch graduated from journalism into the banking business. He
has served several of the leading banks of Berlin in an important executive
capacity and is accepted as a distinguished authority on questions of currency reform. Dr. Schacht is an avowed champion of a gold-supported national currency.
Dr. Schacht will retain his former position of Federal Currency Commissioner, as he believes the duties of that post are closely interlocked with the
functions awaiting him as the new head of the Reichsbank. He is said to
be an optimist with respect to the outlook for the early organization of an
official gold currency bank which will enable Germany to extricate herself
from the swollen flood of paper marks. Pending its establishment he purposes to safeguard the present rentenmark as stable transitional currency.
Belated returns by the Reichsbank covering the latter half of November
reveal an addition of three hundred and seven septillion marks in new currency. The continued inflation is explained on the ground that the Reichsbank was called on to absorb unlimited issues of divers emergency currency
of local origin. Whether the output of paper marks continued at the same
pace during the current month will be ascertainable only when the bank's
returns since Dec. 1 are announced.
Time for Deposit of Mexican Bonds Under Debt Readjustment Plan Extended to January 15.
Announcement was made on Dec. 31 by T. W. Lamont,
of J. P. Morgan & Co., as Chairman of the International
Committee of Bankers on Mexico, that the time for the
deposit of bonds under the terms of the Mexican debt
funding agreement has been extended from Dec. 31 to
Jan. 15. Mr. Lamont's notice said:
Following the Committee's announcement of Dec. 8 declaring operative
the above mentioned plan, substantial additional deposits of bonds have
been received.
In order that additional time may be given in which bonds may be
deposited with the Committee, the date for deposit has been extended to
and including Jan. 15 1924, within which period bonds may be deposited
with the American depositories already named and without change in
conditions. On any bonds deposited thereafter the Committee will impose
3 charge.
Mexican- Government WitlAWZISupplies—Protest
_
By Revolutionary Factions.
Protest was this week lodged at Washington against the
decision of the United States Government, made known
Dec. 29, to sell a quantity of war material to the Obregon
Government in Mexico to be used to combat the revolutionary movement which has been in progress since Dec.6, under
the leadership, it is stated, of former Mexican Minister of
Finance Adolfo de la Huerta. Besides this protest, which
was made in behalf of the revolutionary factions by Enrique
Seldner, Confidential Agent at New York of the de la Huerta
provisional Government, the matter was brought before
Congress with its reconvening on Jan. 3 after the Christmas
recess; in a resolution introduced in the House of Representatives at Washington on Jan. 3 by Representative Fairchild
(Republican) of New York, the State Department is asked
for information bearing on "conversations, agreements or
understandings" with the Mexican Government for the sale
of war materials to the Mexican Government. The resolution, along with a measure seeking to bar the sale by this
Government of war materials to foreign powers, was referred
to the House Committee on Foreign Affairs. Regarding the
decision of the Government to supply the Obregon Government with war material, the Associated Press dispatches
from Washington Dec. 29, said:
The Washington Governmenthas agreed to sell a quantity of war material
to the Obregon Government in Mexico.
The decision was reached after a request for such action had been received
from the Obregon Government, and is understood to have been prompted
by a desire to aid that Government, which is faced with an armed uprising
on the part of De la Huerta and other revolutionaries.
Although details of the transaction are still pending before Secretary
Weeks, the material involved is said to include military rifles now stored at
Fort Sam Houston or other army depots near the border and 10 military
airplanes. It is probable that ammunition for the rifles and other equipment is included. One report was to the effect that the Obregon Government contemplated an expenditure of about 8750.000 for the material.
Decision of the Washington Administration to make the sale came somewhat as a surprise, inasmuch as President Harding on April 23 last made
a statement of policy for the War and Navy Departments which opposed
the sale of any surplus military equipment to foreign Powers.
Inquiry at the State Department produced only the following statement:
"The Mexican Government has presented a request to this Government to
sell it a limited quantity of war material. This Government has expressed
its willingness to make the sale, in view of the relations between this Government and the Mexican Government, which was formally recognized last
September,and of the importance of the maintenance of stability and or-,
derly constitutional procedure in the neighboring republic."
32
THE CHRONICLE
[Vol,. 118.
All of the material contemplated for sale is now available at army depots appeal,
and it has responded with its support in behalf
of stability and
In the Eighth Corps area. No orders have yet been sent by the War De- orderly
constitutional procedure in the best interests of all
partment to make deliveries, but it is ecpected that the rifles will be taken
concerne
From the "Times" of Jan. 1 we also take as followsd.
surplus stocks of American manufactured Enfields which were turned
from
, the
out in vast quantities during the World War. The War Department also text of the protest made to the United States
Government in
has on hand a vast reserve supply of ammunition, much of which probably behalf of
the de la Huerta forces:
would become useless with deterioration before it could be used by the AmerConfidential Agency of the Provisional Governme
ican army.
nt of Mexico.
No information was obtainable as to the type of army planes likely to be
Washington, Dec. 31 1923.
Hon. Charles E. Hughes. Secretary of State,
delivered to the Mexican Government. The Army Air Service
Washington:
also still
Sir:—The Undersigned, Consul General
has a war surplus of machines rapidly becoming obsolete, although still
of the Provisional Government
of Mexico in New York and in charge, for the
entirely suitable for the purposes of the Mexican Government in
time being, of the interests of
its present that Government in the
United States, has the honor to inform the Departconflict with the De la Huerta forces.
• s'
The statement of policy in the matter of sale of surplus military equip- ment of State that his Government,as a result of its operations, now controls
the greater part of the Mexican Republic,
ment to foreign Powers was laid down by President Harding in a letter
including all ports on the Gulf
to Coast. save one, as well as
all ports on the Pacific, except those in Sonora
Secretaries Weeks and Denby at the time that Poland was understo
od to and Sinaloa. The major
part of the national military and naval forces
have made informal overtures for the purchase of surplus rifles and ammuare sustaining the Provisional Government,
nition from the United States.
which expects, within a brief
period, completely to exercise dominion
Following is the text of President Harding's letter to Secretary Weeks
over the entire country.
on
In the midst of the campaign now in
that occasion:
progress the Government of the
undersigned views with grave concern reports
"Referring to your inquiry for advice relative to the
in the press that the Governand war supplies to proposed purchasers among foreignsale of surplus arms ment of the United States has determined to extend active
Powers. I am writand material
ing to say that I hope it will be the policy of the War Department not only aid to the Administration of President
Alvaro Obregon by supplying him
to make no sales of war equipment to any foreign Power, but that you will with rifles, ammuniti
on and, possibly, airplanes on a deferred
go further and make certain that public sales to our own citizens
payment
will be at- basis, amounting practically to a donation
tended by proper guarantees that such supplies are not transferr
, for use against the revolutionary
ed to any movement of which
foreign Power. I would gladly waive aside any financial
ex-President Adolfo de la Huerta is the
advantage that
chief, and the
might attend such sales to make sure that none of our surplus
equipment is purpose of which is to resist the unconstitutional imposition of General
employed in encouraging warfare any place in the world.
I
similar note to the Secretary of the Navy and shall confidentam writing a Plutarco Elias Calles as President of the Republic by General Obregon, in
co-operation of both Departments in adhering to this policy." ly expect the defiance of all law and the free right of suffrage. In event the
reports in
the press described above are true, and munition
s of war are to be delivered
At the tine of its publication, President Harding's letter was
generally as proposed, the undersigned is instructed by his Government to inform the
construed as a blanket prohibition upon any sale et war
material to foreign Department of State that such will only serve to prolong the period of
countries. Decision of the Coolidge Administration
to make the sale bloodshed essential to the overthrow of the Obregon Administration, which,
contemplated to the Mexican Government was taken,
however, as meaning however, constitutionally installed in power, has utterly refused and failed
that in Cabinet circles either a more liberal construction has
been placed to comply with its solemn duty to the people, the great body of whom
upon the Harding policy, permitting each question of
sale of arms to be sustain the principles upon which the present armed movement is based.
solved upon its merits as it arose, or that the present
In view of the foregoing facts, the undersign
situation in Mexico
ed hereby begs to submit its
and the desire of the United States Government to see stable
Government respectful protest against the delivery of munitions of war of whatsoever
maintained there and insurrectionary outbreaks discourag
kind to the Obregon Government by the
ed.
Government of the United States
There is little doubt that the decision to sell arms
to Mexico met with with which to make war on the Mexican people, thus tending to disturb
some opposition in the War Department. Army officials
would not talk those friendly and neighborly feelings and sentiments which should exist
of the matter for publication, however.
between the Government and the people of
Mexico and those of the United
Significance is attached to the clause in the
State Department's brief States, which the Government of the undersigned is so anxious to sustain
statement calling attention to the recent restoration of
and to cultivate.
diplomatic relations
between Mexico and the United States. The
The undersigned begs that the Secretary
Obregon Government has
of State of the United States
already procured ratification by the Mexican Senate of
the special claims will accept the assurances of his highest consideration.
convention, one of the two pacts worked out by
a joint commission to
ENRIQUE SELDNER.
pave the way for formal diplomatic recognition by
the United States.
President Obregon, in a New Year's message to
State Department advices to-day said that the second
the Amerconvention, known ican people
on Dec. 31 commended the action of President
as the general claims convention, had been formally
taken up for discussion by the Mexican Senate. It was evident
that early ratification Coolidge stating that the latter "with only one order"
had
of the second convention also was expected in official circles.
"gained more ground in the politics of the contine
Up to the present time the Washington Administr
nt than
ation has maintained could
complete silence as to its views regarding the uprising
have been won by another statesman with elegant
against the Obregon
Government in Mexico. At the same time,
however, great emphasis speeches." A copyright cablegram from Mexico
City to
has been paid in all recent official communications with
Latin-American the New York "Times" gives
countries and in the public addresses of Secretary
this message as follows:
Hughes, which touched
President Calvin Coolidge, with the order that he
on the policies of the United States toward Latin
has dictated with regard
America, upon the to the military revolt
which has taken place in Mexico. has destroyed the
extreme importance attached in Washington to
stability of the other belief that some have
Governments of the Pan-American group.
had and have exploited that the Government
at
Washington looked with favor upon the conditions
In this connection officials privately have
that were produced in
indicated their belief that the Mexico. President
Coolidge, with only one order, has shown a
De la Huerta uprising had never disclosed
sincere
itself as being in any true sense policy toward
the Mexican Government and has gained more
a revolution in which the Mexican people, or any
ground in the
large portion of the politics of the continent
people, were attempting to change either
than could have been won by another statesma
their form of Government or with elegant
n
speeches. The military plot which was projected
their Government officials. The official reports
with the
reaching the State De- object of overthrowing
partment from many parts of Mexico on the
the Government was reproved by a majority of the
progress of the De la Huerta leaders of the
Republic of Washington. President Coolidge
movement have in general had a contrary view
has made
of the situation, indicating known as a good
democrat the feeling of his country. He has
specifically in some cases the opinion of
taken the
consular or other observers that right and
shortest road and from that road there is no possibilit
"the man in the street" in Mexico was holding aloof
y of future
from the revolt and departure.
that the struggle was one between political and
military leaders, and
Taking this opportunity, I wish, through the American
their immediate followers.
press, to offer to
the President and the noble people, our northern
neighbors, my earnest
According to the New York "Times" of Jan.
desire for a happy and prosperous new year for
1 "a clear and
all its citizens.
definite explanation of the position of the
United States
Government with respect to the present Mexica
n situation
and the decision of President Coolidge to sell arms
to the
Obregon Government was obtained in an informe
d quarter"
on Dec. 31. This was given as follows in the "Times":
It was made known on Jan. 2 that the arrangements
for
the deliveries of the war supplies to Mexico had not
yet been
completed, conferences being in progress to this end
between
Secretary of War Weeks and Manuel Tellez, Charge
d'Affaires
of the Mexican Embassy. On the 3rd inst. a
Washington
dispatch in the New York "Journal of Commerce,"
said:
During the day both Secretary
This Government is furnishing a limited quantity
of war material to the
Mexican Government because such action is in
Hughes and Secretary Weeks
the interest of stability and with President Coolidge
conferred
at different times and later Ramon
orderly procedure. The attempt that Is being made
Ross, who
to overthrow the was cne of the Mexican commissi
established Government in Mexico has resulted
oners in the recent Mexico City
from the animosities and versations whict led to
condiplomatic recognition of the Obregon
bitternesses growing out of the Presidential campaign
Government
to select a successor by the United States, called
at the White House accompanied
to President Obregon. It is highly important that Mexico
by Manuel
should break Tolls, Mexican charge. It was learned
away from a long series of unfortunate precedents
authoritatively that the visit
and
cession to the Presidency of that country by peaceful determine the suc- of the two Mexican officials had been arranged by Secretary Hughes
in
and constitutional order to permit Mr. ROSS to carry
methods. It seems that the Mexican Government
out instructions from President
fully
Obregon
With specific reference to its relations with the United realizes this fact. and pay respects to President Coolidge in tae name ot the Mexican Chief
States, the Mexican Executive. So far as could be learned
Government entered into negotiations of conciliat
the visit of the Mexican officials
ion which culminated in had no connection of
any direct nature with the arms sale.
the adjustment of the principal fundamental questions at issue
between the
Aside from the question of policy, it is now
two Governments and which.was followed by recognition
known that certain elements
on the part of the of the arrangement with the Mexican
United States and the resumption of diplomatic relations.
Government are giving some officials
The attitude of here cause for serious thought. Tnis
is true particularly in regard to the
the Mexican Government is strongly man:fested by the
fact that, although arrangement of method of payment
by the Mexican Government for the
It is at present called upon to cope with insurgents, it has
approved one of arms to be sold. In that connection
some
the claims conventions recently negotiated and has asserted its
determina- as to whether a credit transaction might questions seem to have arisen
tion promptly to approve the other; and by the further fact
ont be construed legally as a
that, during loan to Mexico which the President
past few days, at a time when unusual demands are
has no authority to make lacking
the
being made on its Congressional authorization.
revenues, it has completed a substantial deposit to carry
out its agreement
Cash Payment Favored.
for refunding the Mexican debt.
Obviously a cash payment transaction
The action of this Government in furnishing the Mexican
Government barrassment of this nature might otherwise would remove whatever emmaterial is in no sense a reversal of the policy
with war
arise, and it is also true that
regarding the sale of surplus army stores have been
sold in the United States on deferred
arms as announced by President Harding, in his letter to the Secretary
payment
of contracts. To what extent the financial arrangem
War, dated April 23, last. On the contrary, it is in support
ent is holding up comof that policy. pletion of negotiations for sale to
Mexico, however, has not been indicated
The policy as expressed by Mr. Harding is that our surplus war
equipment In the absence of any comment by Secretary
should not be employed in encouraging warfare by fostering
Weeks.
militarism and
Frank expression was given at the State Departme
developing armaments. This material is being made
nt to Administration
available to the disapproval of the sale of arms from
any American source to the Mexican
Mexican Government in conditions of actual rebellion for the
purpose of revolutionists. While no embargo
discouraging warfare and supporting established law and
existed to prevent exportation of
order.
arms from this contry to Mexico,it was
said that the Washington GovernA Government that has made a zealous effort to meet its obligations at ment strongly
disapproved sales to the revolutionists, and
that such sales
home and abroad has been assailed and an attempt is being made to over- would be
made by Americans "at their own risk." So far,
violence. It has appealed to this Government for
throw it by
the State
aid to the Department has not been advised
eficially that arms have been shipped
that order may.be restored and preserved and constitutional procedure from
end
the United States to the ports controleld by the
Mexican revolufollowed. This Government feels that it cannot be insensible to such
an tionists.
JAN.5 1924.1
THE CHRONICLE
33
year received no interest thereon and if he with-
on deposit for less than a
he received
even
First Joint Stock Land Bank of Cleveland Changed to drew money after it had been on deposittakingfor 23 months of fractions
no cognizance
interest only for a year, the Government
Columbus Joint Stock Land Bank.
as
of a year. Under the new plan, money which has been on deposit for
The name of the First Joint Stock Land Bank of Cleve- brief a period as three months will earn interest and for all multiples of three
January 1 and it applies to
land has been changed to the Columbus Joint Stock Land months. The new arrangement goes into effect
all money now on deposit.
Bank and its location shifted from Cleveland to Columbus,
effective Jan. 1. It is stated that the purpose of the change
Consideration by House
is the desire of the management to have its offices in Ohio Redraft of Revenue Act Under
Dividend Tax Amendment
desirable agriCommittee—Stock
and Michigan as near the centre of the more
Rejected.
cultural districts as possible. The management will remain
unchanged except that some new directors will be added to
With the resumption on Jan. 3 by the House Ways and
the board.
Means Committee of its work on the Mellon tax revision
bill, following the Christmas holidays during which time a
Amended National Bank Regulations End Restrictions sub-committee had undertaken a review of the draft, two
on Loans on United States Securities.
definite decisions, according to the New York "Times,"
the
The following special advices from its Washington bureau were taken by the full Committee—first in reaffirming
in the New York "Journal of Commerce" principle that a corporation can carry a net loss forward two
Jan. 1 appeared
years only to the extent that the loss exceeds the dividends
of the 2d inst.:
for capital
Amended national bank regulations greatly increasing the value of acquired, and, second, by limiting deductions
Government securities as the basis for credit have been issued by Comp- losses to 123/%,the amount now limited on capital gains.
2
troller of the Currency Dawes with the approval of Secretary Mellon.
The "Times" account from Washington Jan. 3 added:
restrictions upon the amount which national banks may loan
In effect,
upon Government securities have been removed.
The amended regulations provide that until June 30 1924, or until such
later date as may be prescribed, any national bank may purchase or dismint paper maturing in not more than six months in an amount in excess
of 10% of aggregate capital stock and surplus of the bank, provided that
such paper shall be directly secured by at least 105% of United States
bonds. notes or certificates of indebtedness, issued since April 24 1917.
least
That is, there must be pledged as security of each $100 so loaned at
notes or
$105 face value of Liberty bonds. Treasury bonds, Treasury
Treasury certificates of indebtedness.
In addition it was provided that the amount which national banks may
loan upon described Government security is in addition to other loans
which national banks are permitted to make, whether or not such other
loans are secured in whole or in part by United States securities.
Under the amended regulations national banks are given a far greater
latitude in extending credit on the security of Government obligations
issued since the entrance of the United States into the war through the
removal of the 10% limitation. But the waiving of that restriction is
safeguarded by the requirement of security to the extent of 105% of the
amount of a loan so made.
The new regulations, it is believed, will enable the national banks to
compete on more even terms with the institutions outside the system in
handling short time paper secured by Government obligations. At the
years
same time it is felt that the value of the Federal issues of the last six
as a basis for credit will be considerably enhanced since there is no longer
any limit to the amount which may be advanced thereon by a national bank.
S. A. Fletcher of Indianapolis Files Bankruptcy
Petition.
Stoughton A. Fletcher, capitalist of Indianapolis, filed a
voluntary petition in the Federal District Court in that
city on Dec. 31. His assets, consisting only of a small
amount of personal property, were listed at $481, while his
liabilities were set at $1,763,603. According to the Indianapolis "News" of Jan. 1, much of the liabilities consisted of unpaid dividends and payments on matured preferred stock in the Mid-West Engine Co. Action is pending,
it is said, in the Federal Court against Mr. Fletcher seeking
payment of dividends. The amount of liabilities of this
nature, it is said, is $1,404,720, according to the schedules
attached to the petition. The "News" further stated that
secured claims, $316,312 of which are held by the Irving
National Bank of New York, amount to $358,883. The
indebtedness to the New York bank, it is said, is secured by
a mortgage on the Laurel Stock Farms Co. the Fletcher
Laurel Hall estate, northeast of Indianapolis. The deed to
this property is held by the Indianapolis Holding Co., it
is said.
In addition, the committee considered a letter received from the Treasury
as to the effect of an amendment which would tax stock dividends at
regular income rates instead of 1234%, after they had been held two years,
but no action was taken on the communication. The letter, written by
A. W. Gregg. assigned by the Treasury Department to the committee
as a tax expert, appeared to discourage the idea of adopted the amendment.
Fear Revenue Would Escape.
The Treasury wished to eliminate the section in the bill dealing with a
spread of losses over a two-year period. but some committee members,
including Chairman Green, took the position that a change in the law
would allow corporations to divide themselves into subsidiaries, with
the result that the parent company might charge for deductions when
the smaller concerns had actually paid in money to the parent organization.
Mr. Green explained that the 1234% limitation on capital losses. a
suggestion offered by Secretary Mellon, did not affect corporations, but
individuals, except the man whose normal tax and surtax did not exceed
1234%. The small taxpayer, he said, would not be involved.
The letter written by Mr. Gregg was in response to a question asked
.
some time ago by Mr. Rainey of Illinois, a Democratic member, on how
it would be possible to reach stock dividends through taxation. At present
stock dividends, if sold during the first two years' holding, are taxed at
income bracket rates, but if sold after that time, the levy is only 123.4%.
Amendment Drafted by Gregg.
In the letter the words "or stock received as a stock dividend by the
taxpayer, or by the donor if the taxpayer acquired the stock by gift,"
are inserted as an amendment in the present law, for the purpose or
illustration.
Yesterday (Jan. 4) by a vote of 12 to 11 the Committee
rejected an amendment to the bill, offered by Representative
Rainey, proposing that gains from the sale of stock dividends
be subject to normal and surtax rates. Representative
Rainey, it is stated, obtained permission to bring up the
question again, and he announced later that he would
propose another vote on the amendment, probably changed
somewhat "to put more teeth in it." On the 3d inst. a
dispatch to the New York "Journal of Commerce" said:
Resuming consideration of the Administration's tax bill, the House Ways
and Means Committee decided to-day to postpone, until after It determines
whether a soldiers' bonus bill should be reported, study of many of the
provisions involving a change in policy and of all sections proposing changes
in tax rates.
Among the provisions of the new bill which will not be considered by
the committee until it disposes Of the bonus question are those defining
earned income and proposing a community property tax. A week or more,
committee members said, will be required to complete their study of the
administrative sections.
The same paper in special advices that day from its
Washington bureau stated:
Prospects of the Administration advocating a lower maximum surtax
rate than the 25% limit recommended to Congress by Secretary Mellon
were indicated to-day at the Treasury. High Treasury officials,it was said,
feel that a maximum surtax rate of 20% would provide as much revenue
the Government as a 25% maximum.
R. Moss Denied Floor Privileges of New York forNumerous members of Congress have inquired of the Treasury,it was disCotton Exchange for Thirty Days.
closed, if the surtaxes, now fixed at a maximum of 50% by the revenue
Mr. Melbrought down to a
Lester R. Moss, a cotton broker of 69 Broad St. was law,could not be the Treasury camelower limit than suggested by Incidentthe 25% maximum.
30 days by action of lon, and also how on the proposalsto fix on bloc to fix the surtax maxidenied the privileges of the floor for
of the farm
ally, in commenting
the Cotton Exchange yesterday, Jan. 4. It was explained mum at about 35% as a compromise, high Treasury officials expressed the
rate would be downin
that Mr. Moss was disciplined as a result of a misunder- view that the only practical change the proposed
ward.
standing which entailed some action and was based on a
Opposes Compromise.
technicality. As the punishment does not amount to susAs to the suggestion that there be a compromise on the qusetion of reducing surtaxes in the revision of the revenue laws, Secretary Mellon was
pension, the business of the firm is not affected.
reported as feeling that the tax bill submitted to the House Ways and Means
Committee was an Administration measure which Congress could either
Interest on Postal Savings To Be Credited Quarterly adopt or refuse to pass but was not subject to any major alterations. for
The Treasury's decision to recommend 25% as the maximum rate
Instead of Annually.
the surtaxes was something in the nature of a compromise between the opinPostmaster Edward M. Morgan, of this city, has been ion of the tax experts and the practical question of the reception to be given
advised by W. E. Buffington Director of the Postal Savings Mr. Mellon's recommendations by Congress.
Rate of Surtaxes.
System at Washington that the Board of Trustees of the
In estimating the rate of surtaxes which would bring into the Government
Savings System has adopted a resolution providing the most revenue, the Treasury experts, it was said, put the figure at a
Postal
that hereafter interest on postal savings certificates of deposit maximum of 20%, but 25% was determined upon for the Administration
surrendered for payment shall be paid on a quarterly basis program as a reasonable rate to advocate. there is a "saturation point" in
Mr. Mellon holds, it was explained, that
instead of upon an annual basis as hitherto. Postmaster taxation where the greatest amount of revenue can be obtained. The establishment of a surtax maximum above or below this saturation point, it was
Morgan's statement adds:
old contended, would mean a loss of revenue to the Government. This point
The new arrangement is in the favor of the depositors. Under the
had been was said to be somewhere around 20 or 25%, and Mr. Mellon was declared
n a person who withdrew money from the postal savings which
Lester
34
THE CHRONICLE
to hold that there was no doubt about 25% being high enough, the
only
question being if greater returns could not be obtained from a slightly lower
maximum.
As we indicated in our issue of a week ago (page 2838),
the full text of the bill submitted by Secretary Mellon to
Chairman Green of the House Ways and Means Committee
was made public on Dec. 28.
New York "Evening Post" Under Ownership of
Cyrus H. K. Curtis,
The New York "Evening Post" made its appearance on
the 2d inst. under the ownership and management of Cyrus
H. K. Curtis, its makeup being distinctly changed, and the
price increased from three to five cents a copy. The acquisition of ownership of the paper by Mr. Curtis was noted in
these columns last week, page 2846. In an account of the
change, the paper, in its issue of the 2d inst., said:
ns.
made public Jan. 2, pointed out that the American people
realize more and more that their individual well-being and
progress depend largely upon their own honest efforts, and
that the Government must not be looked to for help in one
form or another. Referring to the railroad situation, Mr.
Speyer noted that only a little while ago special prohibitive
laws were passed forbidding railroad consolidations and insisting upon unlimited competition, whereas to-day attempts
are being made to enforce consolidations. Neither legislation, he said, will stand the test of sober common sense. Mr.
Speyer also, in alluding to class hatreds abroad, declared
that "every true American should discourage any effort to
accentuate racial and religious differences. His statement
follows:
It is encouraging to be able to record at the close of the year that Ameri-
can men and women realize more and more that their individual
well-being
and progress depend largely upon their own honest efforts, and
that they
must not look to, nor expect their Government—State or national—to
help
The "Evening Post's" Own News Service.
them in a paternalistic way when somebody, often for selfish reasons,
tells
With this Issue the New York "Evening Post" appears in a new dress, them they are entitled to be helped by
some bounty, in one form or another,
which has been devised for easy reading. The wider columns and larger sometimes at the expense of their
fellow-countrymen. There are still, howand more uniformly spaced body type will make for eye comfort.
This ever, some—especially among the important farming classes—who allow
is particularly important in an evening newspaper, since it is so often read themselves to believe that, somehow,
the Government can counteract the powunder artificial light and trying conditionsin trolleys,subways and trains.
erful free forces of nature. The law of supply and demand is immutable
and,
But more important even tnan the mechanical changes in the paper are ultimately, will control. Of course,
certain special factors, some outside of
the improvements in news service. Since it ought to be the primary
pur- our own country, may influence prices and business conditions. At present,
pose of a newspaper to print news, the "Post" under its new management the lower standards of living in Europe
and the reduced purchasing power
intends to put all possible energy into that field. In this issue will be found of some countries, due to depreciated
currencies and the "Economic Consemany special dispatches from the "Post's" staff correspondents in all quences of the Peace," naturally affect
our exports, etc.
the principal news centres of the world.
As regards our railroads, an adequate understanding by the millions of
At Wastington representing us are Robert Barry, one of the ablest ol the their owners and employees of conditions
as they are, and of the fallacy of
younger correspondents. wbe has made his mark since the war, and Clinton some of the remedies proposed, would
save the managers of these great propW. Gilbert, author of the widely read and discussed "Mirrors of Washing- erties a great deal of worry and
time still spent before legislative committon." Mr. Barry is chief of the large staff of reporters at the Washington tees, etc. The American people
need an adequate transportation system, not
bureau and will write many ot the "big" stories which break from day to only adequate to-day, but to-morrow;
a system which will keep step with
day. Mr. Gilbert will contribute a "Daily Mirror of Washington" for tne the tremendous development
which the next decades have in store for them.
editorial page, in the style which made him instantly famous when the Therefore, they must see to
it that the credit of the railroads is not only
secret of his authorship of "The Mirrors" and "Benind tt e Mirrors" was maintained but is further
strengthened, because, without such credit, the
revealed. In addition Mr. Gilbert, who is a native cf New York and had a necessary funds cannot be
obtained for extensions and improvements in the
long and notable career in this city's journalism before going to Washing- service.
ton in the days of the war, will write a daily dispatch on the "high sin t"
How easily uninformed public opinion can be misled or abused is best eviin the day's news at the national capital. He attended the Paris Peace denced by the fact that,
only a little while ago, special prohibitive laws were
Conference and wrote brilliantly of the notables there.
passed forbidding railroad consolidations and insisting upon unlimited
comAnother staff contributor to the editcrial page in the form of a regular petition in every way!
To-day, attempts are being made to achieve by legiscolumn is Raymond G. Carroll, who devotes himself to writing about New lation the very
opposite state of affairs, viz., to enforce consolidations!
York in New York for New Yorkers. After many years oi staff reporting Neither legislation will
stand the test of sober common sense. While abuses
on New York dailies, Mr. Carroll went through the war with the American have occurred
and some Government supervision is called for, it is certainly
armies on the battle lines in France, covered the Peace Conference and was true that our
country has achieved its predominating position by the free
later a staff correspondent at Paris and London,scoring many conspicuous exercise of individual
initiative.
"beats."
It is only a decade or so ago when we were financially dependent on En.
The "Evening Post" Foreign Service has bureaus in London. Paris, Ber- rope, and when
our great set-backs and panics were brought about or intensilin, Vienna, Constantinople, Peking and Tokio, with individual correspon- fied by European
banks and investors withdrawing their funds from our endents at Madrid, Rome, Athens, Geneva and Di bun. The chief of bureau terprises. All
this dependency has gone—and gone for good and all.
at Paris is Wythe Williams, one of the best-known American correspondents
But we should not be satisfied with being the world's great creditor nation
in Europe, who is already well known in this city for his war-time dispatches financially.
There is something more than we can do. Opinions differ as to
from the battlefields of France, Belgium and Italy. The chief at London is what we owe
to European countries, or what we now should do to help them
Sidney Tnatcher, and at Berlin is Seymour B. Conger, both widely known settle their century-old
antagonisms. However, quite apart from all that,
as former Associated Press correspondents in the European field. Mr. there are
some important services that we can render, to our own advantage
Conger was at St. Petersburg tor many years before the revolution. Percy and for the
good of humanity. Nothing is as potent as the force of example.
Noel also writes from London. Clarence Streit has made a reputation as
We of the United States, the greatest republic of them all, can show the
an expert on Balkan and Near East problems. He is stationed at Con- European
peoples that we are able, under self-government, to make orderly
stantinople. The Far East service is under the general supervision of B. W. progress
and to settle differences between what is called "Capital" and
Fleisher, who has staff men under him at Manila, Yokohama, Shanghai, "Labor,"
in a tolerant, peaceful and progressive way, having due regard both
Hongkong and other strategic points.
to property and to human rights. There is another aspect in which
we can
All these DM are in daily touch with the home office by cable and wireless furnish
these countries a very useful and timely example. Over there, the
and, perhaps needless to say, every man in tne foreign service anywhere is
ultra-nationalistic spirit and hatred of other peoples still exist, and
it is
an American.
even being fostered by some, not, perhaps, without selfish motives.
Here
There will be many other special and exclusive news services and features. we
have—living side by side—members of all races and religious
creeds.
It will be the "Post's" policy always to have a trained staff writer on the Every
true American should discourage any effort to accentuate these differscene wherever any great news event is to be covered.
ences and, especially, any attempt to organize blocs or classes on
religious or
This is only the beginning of what it is hoped to accomplish in the way of racial
lines. We owe this to ourselves and to foreign nations.
perfecting the news system, but it is an earnest of the new management's
I am confident that, occasional signs notwithstanding, we
will, under the
dir114 and ambitions to make this newspaper distinctive and complete.
competent and wise leadership of our
The following regarding the "Post" in its new form is thus the United States will become andPresident, render these services, and
remain the great creditor nation of
the world, in more ways than one—"with malice towards
from the New York "Tribune" of the 4th inst.:
none, with charity
Comics and daily magazine features are to be strictly eschewed and illus- for all."
trations are to be used only where they have a news value. The paper is
to be enlarged to twenty pages or more, but the additional space is to be Howard Elliott on Rate
of Return to Railroads—
given over to news, which, in addition to the regular service of the AssoOpportunities To-Day for Young Men—
ciated Press, will be supplied by a staff of writers of the "Philadelphia
Public Ledger" bureaus in Washington and in Europe and the Orient. The
Mother Shipton's Prophecies.
price of "The Post" will be five cents instead of three.
With the inauguration a week ago (Dec. 29) by the HarDefends Higher Price.
vard Club of New York of a series of Saturday afternoon
Asked whether he thought an afternoon newspaper selling at five cents
would attain a large circulation in New York, Mr. Curtis said: "The kind luncheons, similar to those of the University Club, at which
of readers "The Post' will seek will be those who are willing to pay for a discussions are had of social,
economic and financial probhigh class paper. If a person is unwilling to pay the extra two cents, then
lems of the day, Howard Elliott, Chairman of the Board of
he or she is not the kind of reader we are after."
Changes in the staff of"The Post" also were announced. Edwin F. Gay, the Northern Pacific Railway Co., was chosen as the one
to
for five years president and directing head of '"I'he Post"; John Fahey, its address the initial Saturday
afternoon gathering of the
publisher: Simeon Strunsky, who had been in charge of the editorial page
since 1906. and Christopher Morley have resigned. Mr. Strunsky has gone Harvard Club. Referring to the fact that it is nearly three
to "The Now York Times." Mr. Morley will devote himself to literary hundred years since Harvard started, Mr. Elliott undertook
work. Charles McD. Puckette will remain as managing editor, with to outline the industrial
development of the United States
Samuel W. Morse as assistant, Gordon Lamont as city editor and Walter
since then. Incidentally he commented upon views someB. Hayward as news editor.
IffAt the head of the editorial page, with that of Mr. Curtis as president of times heard that "opportunities for young men to-day
are not
the company, will appear the names of John C. Martin. vice-president and as great as they were
before the developments of the last
treasurer, and Charles A. Tyler, secretary.
fifty years, and said:
James Speyer Sees Progress in Dependence of People
on Individual Effort Rather Than on Government.
Declaring that it is true "that our country has achieved
Its predominating position by the free exercise of individual
Initiative," Tames Speyer, of Speyer & Co., in a statement
Plans for large enterprises are now being discussed
which some day will
be completed and become important factors in our
national life, for they
will open up new opportunities for the present
and coming generations.
I mention a few of them.
The Super-Power System Bewteen Boston and
Washington.
This system contemplates that within the proposed
super-power zone
31,000,000,000 kilowatt hours of electric energy will
be required by 1930
for municipal, private and industrial and railroad
purposes, which Can be
35
THE CHRONICLE
JAN.5 1924.]
In the air men shall be seen.
In white, in black, and in green.
furnished at a net saving per annum of $239,000,000 over the present
unco-ordinated system.
There are approximately 96,000 manufacturing establishments within
the super-power zone and by 1930. through the maximum economical
use of purchased electric energy, it is estimated an annual saving of
$190,000,000 can be made.
There are 36,000 miles of railroad track within the super-power zone.
of which it is estimated 19,000 miles can be profitably electrified so as
steam
to yield by 1930 an annual saving of $81,000,000, as compared with
operation.
be saved
By 1930 it is estimated that 49.984,000 short tons of coal can
annually.
The costs are large—estimated to be
Generating and transmitting facilities
Changes in manufacturing plants
Electrification of railroads
Men shall walk over rivers and under rivers.
Iron in the water shall float.
As easy as a wooden boat.
Fire and water shall do more wonders,
England shall at last admit a Jew.
The Jew that was held in scorn.
Shall of a Christian be born and born.
War will follow with the work.
In the land of the Pagan and Turk.
And State and State in fierce strife.
Will seek each other's life.
But when the North shall divide the South.
An eagle shall build in the lion's mouth.
8693,000,000
185,000,000
570,000,000
$1.448.000,000
Total
but it is estimated that a return can be made on this. The figures may
be too optimistic but the project is an important one for the country
between Boston and New York, Buffalo and Washington. which will
have a vastly increased population before the end of the twentieth century
President Coolidge mentioned this subject in his recent message to Congress.
The Great Lakes-St. Lawrence Sea-Way.
This is another great development project. This is a plan for a ship
canal to be eventually 30 feet deep between the lower St. Lawrence and
Lake Ontario, in which the United States and Canada will have an eqaul
Interest. Incident to the building of the ship canal there is a proposed
development of 1.460.000 horse power, twice as much as is developed at
Niagara. The estimated cost is $253,000,000. of which $150.000,000 is
for power and $103,000.000 tor the waterway. Some say that the estimated cost is too low, but the project will be beneficial to all the country
tributary to the Great Lakes. It will relieve congestion on the railroads
reaching the upper Atlantic ports when population and industry are twice
-wise trade, export
what they are to-day. The project will help coast
and import trade between the Middle Western States and foreign countries
opportunity to our great merchant marine fleet. The
and give great
President, in his recent message, thought this project deserved the immediate attention of Congress.
Undeveloped Coal Supply.
You have heard much about North Dakota lately, and Governor Nestos
of that State made a brilliant speech at the recent dinner of the New York
Chamber of Commerce. In his remarks the Governor pointed out the
unlimited supply of fuel which some day will be of great value in the
development of that State.
In Montana. just west of North Dakota, in one county alone, about
the size of Connecticut, there are eight billion tons ot coal. The Northern
Pacific has in this county 10,000 acres with 331.000,000 tons of coal,
150,000,000 of which can be taken from open pit mines by steam shovels.
That company is now arranging to open the first mine and is building
30 miles of railroad to reach it. This will give a supply of coal lasting
from 50 to 100 years for all that part of the railroad between the Red
River and the Rocky Mountains, either for steam engines or to be used
tor producing electric power.
Water Power.
The total potential horsepower to be developed from water power in
the United States is estimated at 54,000,000, of which 26,000.000 are
In the States of Wyoming, Montana, Idaho, Oregon and Washington.
Priest Rapids.
At Priest Rapids on the Columbia River in Washington. plans have
been prepared for the development of 650.000 horse power by an investment of $100,000,000.
The city of Seattle is now constructing a municipal power project on
the Skagit River, 125 miles from Seattle, that will ultimately produce
555,000 horse power.
Another project now under consideration is that known as the Columbia
River Basin Irrigation Project, in eastern Washington, which will water
1.750.000 acres of the most fertile land in the world by gravity flow from
the Pend d'Oreille or upper Columbia River, at a cost of $250,000,000.
General Goethels says of this plan:
"The Columbia Basin project is as much a national one as were the
Panama Canal and the Alaskan Railway and will, after completion, add
much more to the national wealth than either of the others mentioned."
All England's sons that plough the land
Shall be seen, book in hand.
Learning shall so ebb and flow
The poor shall most learning know.
The world then to an end will come.
In Eighteen Hundred and Eighty-One.
Continuing, Mr. Elliott said:
Some ox these visions have been realized. Sir Walter Raleigh visited
Virginia in 1595; tobacco and the potato came from there a few years later.
Steam and electric railroads and motor vehicles have been developed beyond the dreams of the most sanguine. The telegraph, telephone and radio
are here and are almost commonplace, although some may remember the
old "devil's fiddle" with which we played as boys, and the first telephone.
Water has been used for steam and electricity and its great use for producing power in this country has only begun. It is true that in these days some
think the world is more or less "upside down," but it is only a question of
time before it rights itself. Gold was found in California in 1847 by
Captain Sutter at the foot of a tree. The diving suit,the diving veil and the
submarine are in daily use. Aerial navigation is making rapid strides and
will be. during this century, a factor in commercial and social life. Iron
and steel ships have practically supplanted wooden ones.
We have had dreadful wars—Russian, Turkish, Greek, United States.
Japanese, and the recent Great War. Schools and colleges for all sorts and
conditions of people have been provided. The world, however, did not
come to an end in 1881.
There are pessimists, disgruntled people, self-seeking politicians (entirely
too many), of small vision who say that the world is really "upside down";
that civilization is in bad shape and going backward; and declare we should
cut loose from present methods,our Federal and State ccnstitutions, standards of life, &c., which have encouraged and developed our marvelous
growth. They say—
"Look at conditions in Europe."
"Look at the upheaval in Mexico."
"Look at the disturbed state of China."
"Look at the pathetic situation in Russia."
"What about the farmer?"
"What are you going to do about taxes and expenses of the Government?"
"What are you going to do about the railroads?"
"What are you going to do about the relations of Capital and Labor?"
"Look at the Socialists and Communists."
"Look at Congress."
"Look at the bootleggers."
True, various conditions, situations and problems are complicated and
disagreeable. They call for the attention of thoughtful, earnest men. My
own feeling is that, measured by the life of nations and the fact that 99%
of our people, when aroused, are conservative and law-abiding, these troubles and problems will be overcome in a shorter time than the pessimists,
the political "doctors" and trouble-makers, the parlor theorists and demagogues think. We will then march on to a higher and better state of human
society, with more constructive relations established between the nations
of the world.
The proposed use of' this "white coal" now going to waste and the
development of the enormous dormant supplies of fuel in the ground are
only a part ot the projects under consideration. They are not more daring
or visionary than the buying of Alaska and the building of the Panama
Canal. The development of all this power will be of vast importance
to our growing population and the success of the United States.
So the young men of whom I spoke will have their chance—they will
have many, many opportunities to prove their ability and industry.
Recalling Mother Shipton's prophecies, visions and subconscious thoughts, Mr. Elliott recited as follows, a few
uttered along in 1550:
Over a wild and stormy sea
Shall a noble sail.
Who to find, will not fail.
A new and fair countree.
From 'whence he shall bring
A herb and a root
That all men will suit
And please both ploughman and king.
And let them take no more than measure
Both shall have the even pleasure
In the belly and the brain.
Carriages without horses shall go.
And accidents fill the world with woe.
Primrose Hill in London shall be
And in its centre a Bishop's See.
Around the world thoughts shall fly
In the twinkling of an eye.
Water shall yet more wonders do;
How strange, yet shall be true.
The world upside down shall be,
And gold found at the root of a tree.
Through hills men shall ride
And no horse or ass be by their side.
Under water, men shall walk,
Shall ride, shall sleep and talk.
Discussing the railroad situation and the proposal that
rates on agricultural products be reduced, Mr. Elliott said
in part:
To help the farmer the Farm-Bloc-Farmer-Labor politicians propose to
reduce railroad rates on agricultural products 25%. This would bankrupt
some Western roads and stop dividends on others. Such a policy is not
sound because the railroads must serve all the people. The revenues of
the railroads should not be used to make good the losses of .,armers or any
class of our citizens resulting from over-production, errors of judgment,
bad management, nor from any cause for which the railroads are in no
way responsible. Temporarily there is an over-production of oil, why
not reduce the freight rates 25%. on oil until the oil business is readjusted
and so on with other commodities? Ruining the Western railroads by
reducing the rates below a living basis will in the long run hurt the farmer
and the whole country. He and all in the country want and must have
service. Inability on the part of the railroads to provide and move promptly
refrigerator cars for fruit, box cars for grain and hay, stock cars for live
stock at the time when the markets are ready to buy is much more damaging
to the farmer than a difference of a few cents in the railroad rates per
hundred pounds.
The Chairman of the Federal Reserve Bank at Minneapolis in an instructive paper, "The Economic Position of Agriculture in the Northwestern
Grain Raising Area," says:
"The future of agriculture in the Northwestern grain raising area has
not been impaired. It has not lost an appreciable percentage of its capable
men. It has been undergoing a drastic purging process involving the elimination of the unfit, the deflation of excessive land values, the collapse of
credits built on an unsound basis, the wiping out of farming operations on
marginal lands, and changes in the type of production and agricultural
methods, which are tending toward the establishment of the business upon,
a sound basis.
"Failurss, abandonment of' land, foreclosures, and other results of
depression and distress in this area, have been given an emphasis out of
proportion to their importance. The percentage of failure among the
grain-raising farmers is not greater than the percentage of failure of banks
in the grain-raising area, and is approximately the same as the mortality
In commercial business within the same sections. The failure of those
In farming looms larger only because the number is far greater than the
number engaged in banking or other business activities."
The Railroads.
Regulating and managing railroads by political authorities in Washington
has been a favorite pastime for many years.
The Inter-State Commerce Law was passed in 1887 and there has been
a constant increase in the extent and detail of regulation since then. The
most serious regulation began 20 years later, when the Hepburn amendment
gave the Inter-State Commerce Commission power to suspend rat.
thus taking from the railroads the right to make effective their prices
or rates for services rendered. This has had a very serious effect on the
railroad business since that time, and this amendment had made it difficult
to obtain capital. The conditions thus created became so serious that
36
THE CHRONICLE
Fou 118.
the matter was laid before President Wilson in Septemb
er 1914, who sent valuation should be reduced
from $7,000,000,000 to $10,000,000,000.
a message to Congress Dec. 7 1915 which resulted in a joint
resolution Such a confiscation of values
would be in effect a denial to the railroads
on July 20 1916, under which a prolonged investigation was made
of the of their chief means of keeping pace
whole railroad situation. The war intervened before remedial
with the development of the country.
legislation Fair recognition of railroad property
growing out of that investigation could be passed, but
values is essential for adequate earning
later came the power and credit for further
Transportation Act of 1920. That law is not
expansion in the interest of all the people.
perfect, but it has been
When you think that life and fire
helpful in stabilizing the credit of the roads. It
Insurance companies and savings banks
would be dangerous to and eleemosynary instituti
ons hold a very large amount of railroad bonds.
the people of our country to change it hastily. Some of
the roads in the that an adequate and expandin
g railroad system is absolutely necessary
East, working under that Act, have done fairly well.
We now see the to the future growth of the
country, you will appreciate how dangerous
New York Central trying to obtain new capital through
issuing stock— is the attack now being made
on the valuation of our railroads. The
s helpful sign—when one considers that during the last
4;i years the railroads represent on any fair
basis of value at least one-twelfth of the
new money put into the railroads has come, 98.75%
from loans and 1.25% nat;onal wealth. To destroy
from the sale of stock.
that amount of the nation's property, all
or in part, by adverse legislation is an
In the West and South only a few roads have made
economic crime.
satisfactory returns.
All business men and all tinking
The rate of return of the roads to Oct. 31 1923 has been
men, I feel, should do all in their
at the annual power to prevent this economic
rate of:
crime in the interest of all the people of
our country.
New England region
2.08%
Finally, if the railroads of the United
5.15%
5.5707 Southern region
Great Lakes region
States had received the same
Northwestern region
3.279
average rate for freight in 1923 as in
Ohio-Indiana-Allegheny
5.0807 Central Western region
1921, the freight bill of the country
4.5007 for 1923 would have
Pocahontas region
5.89
Southwestern region
been about $700.000,000 larger than
3.60% other
in 1921. In
words, the railroads of the United States,
Total Eastern region
thorugh their efficiency
5.04%
Total Western region
3.88% and the earnest efforts to give a national service of
Total United States
the highest character
4.56% have. In spite of very high wages
and high costs for fuel, materials and
These returns are obviously not sufficient to
attract partners or stock- supplies, transported the largest business ever
handled and at the same
holders with the new capital required for
expanding railroad facilities time made a saving to the freight payers, compared
with the 1921 basis,
to meet the growing development of the country.
We cannot go on of at least twice the proposed saving in taxes by the Administ
indefintely expanding our transportation system
ration at
Washington. Unfortunately, the saving
with borrowed money.
has been too great; that it,
Under the Transportation Law of 1920 the
railroads are giving the some rates are too low for attracting capital so as to prepare
for the future.
best and largest quantity of service in the history of
the business.
From Jan. 1 to Dec. 8 1923 the number of
freight cars loaded Was
47,423,000. For the year 1923 it is estimated the
number of cars loaded
Brotherhood Chiefs Advise Committees to
will be 49,844.000. This is an increase of 15.4%
over 1922, 27% over
Avoid
1921, 1034% over 1920, the heaviest year heretofor
Submission of Wage Questions to Railroad
e, and 12% over 1918.
when the activities due to the war were very great.
Labor Board.
With this very large business there has been no
car shortage—in fact,
a slight car surplus. The freight rates are lower in
L. E. Sheppard, President of the Order of Railway Conthis country than in
any civilized nation, as per the following table:
ductors, and W. G. Lee, President of the Brotherhood of
United States (per ton one mile)
1.11 cents Railway Trainmen, have sent out a joint letter to
England
local union
4.00 cents
Sweden
4.50 cents chairmen on each railroad line ordering them to desist
Norway
5.00 cents from making
Brazil
settlements with the carriers on the basis of
6.00 cents
Passenger rates for equivalent service are much
lower than anywhere present wage scales, but at the same time to carefully avoid
in Europe. With these remarkable facts and results,
whence arises this breaking off negotiations with any of them and see
agitation to dislocate the situation and break
that the
down our marvellous trans- dispute is
not taken to the Railroad Labor Board. Newsportation machine, so necessary to the present
and future welfare of the
country? Just now the law pf 1920 is being attacked
because it annuonces paper accounts say the letter is addressed to the chairmen
the principle that rates should be sufficient to make a
fair return which and secretaries of general committees, secreta
ries of divisions
the property is entitled to under the Constitution.
This is the co-called and lodges of
"Guaranty Clause" which is no guaranty,
the Order of Railway Conductors and the
as the results for the year show.
The clause in the law permitting consolidations
of the railroads is also' Brotherhood of Railroad Trainmen. It makes known that
being criticized.
negotiations are in an advanced state of progress on two
This clause as drawn is rather difficult to make
of
effective and it would the
largest Eastern systems, meaning apparently the New
be helpful to modify it so that groups of roads could
consolidate, subject
to the approval of the Inter-State Commerce Commission,
York Central and the Pennsylvania, and on a large Southern
and not wait for
the nation-wide plan proposed by the present law.
This is a large country system, understood to be the Southe
rn Railway. The letter
and large transportation units are desirable. They
would ultimately says
produce economies in transportation and give better
the assembling of the various union associations officer
service to the public.
The clause of the law, that disputes about labor in
the railroad's business will be made necessary presently by the steady progress of
shall be laid before a Labor Board and adjudicated
by it, is being criticized the negotiations. Precise
orders to the chairmen are as
and attacked chiefly by those representing labor,
but it is desrlable to
have some sort of tribunal to avoid conflicts.
In the interest of all the follows:
people the strike, ultimately must be eliminat
General committees should not make settlements with managem
ed from public utilities and
ents
industry supplying society with fuel and
water. This will be a ccom- unless settlements carry with them the proposition submitted in full,
plished within the lifetime of some of you and Harvard
men and all reason- but should there be offers of a substantial nature made by the officials
able men can help to solve the problem.
of any line it should be immediately referred to the officers
handling the
Another attack is that made upon the
valuation of our railroads—this situation for their consideration. It is not our desire that committe
es
total valuation is a vital factor to be considered in
break with their officers on any line in so far as the wage
rate making.
negotiations are
What is the value of the railroads?
concerned: neither should there be a submission to the
United States
The so-called "Radicals" claim that the total
Railroad Labor Board of the pending wage question by
any committee.
roads upon which a fair return should be made is valuation of our railPresident Sheppard of the Order of Railway Conductors
perhaps $12,000.000,000:
and Vice.
this for the purpose of reducing rates, and eventual
President Doak of the Brotherhood of Railroad Trainme
ly the Government to
n are handling
buy the roads at a much reduced figure. The plan
the wage negotiations and have temporarily opened up headquar
means confiscation.
ters at
Here are a few figures which laymen and Congressmen
should understand: 101 B St.. S. E., Washington, D. C., where they may be reached.
*400,000 miles of track at only 825.000 a mile
(a very low
estimate)
$10,000,000,000
The Department of Agriculture estimates that
age cost of a mile of improved highway to-day— the averResources of New York State Banking Institutions
which has
no rails, ties, tunnels, trestles, and relatively infreque
nt
bridges—is about $36,000.
Greatest in History.
*69,000 locomotives at only $20.000 each
1,380.000,000
The 6.000 or more locomotives bought in the last
Resources of institutions under the supervision of
two
New
years have cost an average of about $60.000
York Banking Department total over $9,500,000,000
some have cost as much as $75,000 or $100.000each, and
.
, the
*2,400,000 freight cars at only $1.000 each
2,400.000,000 greatest in the history of the Department, according to
The average cost of a freight car to-day is about
the
$2,500.
Many recently put in service cost $3.000 and
annual report of State Superintendent of Banks
refrigerator
cars $3,500 each.
George V.
McLaughlin, made public Dec. 30. The deposit
*57.000 passenger-train cars at only $10.000 each
s of these
570.000,000
All-steel passenger-train cars now cost from
$30,000
institutions aggregate $7,449,134,095. The Increas
to $35.000 each.
e in reMaterials and supplies
500,000,000 sources over the previous high total, Nov. 12 1919, is $1,761,Railroads have to keep on hand millions of
rails, ties, spikes, and all other material tons of coal,
890,282, while the gain in deposits amounts to
required in
maintenance and operation.
$1,142,913,855.
Superintendent McLaughlin's report compares
Working capital
the resources
500,000,000
50,000 stations and terminals, yards. signals, roundhouses,
and deposits of New York State banking institu
shops, machinery, water supply, power plants, elevators
tions with
,
docks,coal pits. and all other items,including
those of national banks operating In New York
administration in over 1,000 cities and towns, stations and terminal
State and the ,
facilities cost over a million dollars apiece
entire United States, the national bank figures
7,000,000,000
being taken
These facilities in a few of our larger cities
alone
from the last call of the Comptroller of Curren
account for over a billion dollars a year. wouldabove
The
cy on Sept. 14
property is believed to be worth fully $10,000,
last. The report says:
000,000
and could not be duplicated for anywhere near that
amount to-day.
It will be noted that the deposits of institutio
ns under the supervision of
the New York State Banking Department are
more than twice the total on
This totals
deposit in national banks in New York State
and a valuation recognizing all the elements of value$22,350,000,000
and are equal to 43% of the
total amount in deposit in all national banks througho
assured to the ordinary property owner would be far in
ut the entire country.
excess of this amount, probably
These figures show what an important factor
New York State banking insti$30,000.000,000
tutions are to the banking system of the country.
The figures follow:
* These are Inter-State Commerce Commission figures in round
numbers. Total resources of institutions under supervis
ion of New
York
The Inter-State Commerce Commission found the tentative
value of Total state Banking Department, Dec. 31 1923
$9,500,000,000
resources of institutions under supervision
the railroads on Dec. 31 1919 to be $18,900.000,000. This valuation
of New
York State Banking Department Nov. 12
was based on costs and prices up to 1914, and therefore includes no
1919 (Previous
high total)
wartime inflation of values. The subsequent investment of approxim
7,738,109,718
ately
$1,984,683.000 (1923 estimated) brings the Inter-State
Gain
Commerce ComTotal deposits of institutions under supervision of New $1,761,890,282
mission valuation for rate making purposes as of the end of this
year up to
York state Banking Department,
Dec. 31 1923
$20.884. .
683 000.
$7,449,134,695
Total deposits of institutions under supervision of
New
Every thinking man should judge for himself of the fairmess
York State Banking Department Nov. 12 1919 (previou
of the
s
contention made by Senators La Follette, Brookhart and others
high figure)
of
6,306,220,840
type of Federal legislator that the Inter-State Commerce Commissthat
ion
Gain
$1,142,913,855
JAN. 5 1924.]
THE CHRONICLE
Comparison.
Deposits of national banks in N.Y.State Sept. 14 1923--- $3.623,725,000
Deposits in N.Y.State banking institutions Dec.31 1923_ _ 7.449.134,695
Amount of deposits in N. Y. State banks greater than national banks
3,825.409,695
Deposits of national banks in United States Sept. 14 1923.._ 17.040,530,000
Deposits of N. Y. State banks equal to 43% of the deposits
of all national banks in the United States
7.449,134,695
The detail figures which appear below are confined to State banks, trust
companies and private banks under the supervision of this Department, and
do not include savings banks and other institutions in New York State under
our supervision. Aggregate figures of the first three institutions mentioned,
namely State banks, trust companies and private banks follow:
Resources—Nov. 15 1923
85.437.401,344
Nov. 15 1922
4,915,527,605
Increase
$521,873,739
Deposits—Nov. 15 1923
4.505,004.133
"
Nov. 15 1922
4,083,495.521
Increase
$421.508,612
Capital anti surplus—Nov. 15 1923
598,315,236
Nov. 15 1922
553,256.065
Increase
$45,059,171
These statistics show a remarkable increase in deposits, resources and capital and surplus over the figures reported in the previous year.
It was stated in the last annual report of this Department that the ratio
of capital and surplus to deposits of our institutions was 1 to 7%. This
year, with the enormous increase in deposits, the ratio is 1 to 7%, indicating that our institutions have increased their capital and surplus proportionately with the increase in deposits, thereby at all times maintaining a
ratio that is considered an excellent banking standard and demonstrating to
their depositors a desire to give the fullest protection possible through
maintaining these two funds in proper, proportion.
The policy of our institutions and of this Department in valuing assets has
been to use market value or a figure below it in some cases, so that it can
be said that the financial condition of our institutions, considered collectively
as reflected in the statements submitted, is a fair statement of the assets,
liabilities, capital and surplus of the institutions.
There have been no failures of banking institutions incorporated under the
laws of New York State during the year 1923 and the records of the Department show that no depositor has suffered a loss through the failure of
any corporate bank or trust company under the supervision of this Department since the year 1912.
The net earnings of the banking institutions under the supervision of this
Department have been good but not unreasonably large when considered with
the amount of resources, the amount of invested capital and surplus, the
volume of business transacted and its accompanying responsibility. The
average rate of dividends paid by trust companies during the year 1923 was
12.45%, and the average rate paid by banks was 12.49%. An examination
of our records shows that less than ten banks and trust companies which
have been in business for a period longer than three years failed to pay a
dividend during the year 1923.
The excellent return to shareholders is not the result of any departure
from good banking methods. It is our observation, based on examinations of
Institutions and records on file in the Department, covering a long period
of years, that it is the so-called conservative institutions,,those that do not
resort to objectionable competitive methods, thus avoiding unhealthy conditions, that pay the highest return. shareholders not alone in dividends, but
to
in the appreciation of the value of the stockholders' shares.
During the year there was organized under the New York State Banking
Law 68 new institutions, as follows:
Banks
23 Savings banks
3
Trust companies
5 Savings & loan associations
11
Private bankers
4 Credit unions
6
Investmentcompanies
5
Safe deposit companies
1
68
There has been no change in the policy of this Department in authorizing
new institutions. A thorough investigation is made in every case. The
financial and general standing of the proposed incorporators and directors
are examined as well as the need for the proposed institution in the community where it is expected to locate. We have, however, authorized several
banks and trust companies during the year where the directors represented
groups of individuals engaged in particular industries. In these cases we
were not able to submit all of the directors to the usual tests of financial
standing and training, but relied upon the general standing of the bodies that
they represent.
During the year 1923 it has been possible to make much progress in the
liquidation of the several institutions whose affairs were reported on in
the
last annual report. Unless something unforeseen happens, it is
expected
that all the institutions in liquidation at the present time will be
closed out
before the next annual report.
At this time no legislation is recommended. The Department may
consider it advisable, however, to submit an amendment broadening the
scope of
the private banker's article. This, however, is dependent upon completion
of
examination into the question under advisement at the present time.
Brotherhood of Locomotive Engineers Co-Operative
Trust Company Begins Business in New York.
The new labor banking institution—the Brotherhood of
Locomotive Engineers Co-Operative Trust Co.—began
business in this city on Dec. 29, 500 accounts and deposits
of over a million dollars having, it is stated, marked its
opening day. The institution, to which reference was made
in these columns last week (page 2850) is one of a group of
stock-owned banks which is controlled by the Brotherhood of
Locomotive Engineers. It is stated that the total assets
of this group is over 30 million dollars. The newly organized
trust company, which is located at 205-207 West 33rd Street,
has a paid-up capital of $500,000 and surplus of $250,000.
Its business hours are from 8 a. m. to 5 p. m. The officers
of the trust company'are: Warren S. Stone, President;
Wm. B. Prenter, S. D. Scudder, A. R. Stone and Helen V.
Boswell, Vice-Presidents; Wm.J. Large, Treasurer; John T.
Eiker Jr., Secretary; Paul R. Bellows, Assistant Treasurer;
and Raymond T. Cutler, Assistant Secretary.
The New York "Evening Post" of Dec. 29 said:
Besides their first bank at Cleveland, which the brotherhood opened in
1920 with $600,000 capital and now has $25,000,000 resources, the engineers
37
own two more recently opened Cleveland banks and one each at Hammond.
Ind.; Minneapolis, and Birmingham. It also owns large blocks of stock
and participates in the managements of a bank in Spokane and the Empire
Trust Company in this city.
In outlining the bank's policy of service to customers. Mr. Stone said
any person could open a checking account in any sum,instead of requiring
from $200 up, as is asked by most banks.
Interest on Savings.
"We'll pay 4% on savings, compounded quarterly, and 2%% on the daily
balance of checking accounts," he said.
"If a person wants theatre tickets in a hurry and doesn't want to patronize
a 'scalper,' a telephone call to us will get him tickets at regular rates, and
they'll be delivered to him," he continued. "The same thing will apply to
railway or steamship reservations. We'll do everything, even to having a
person's baggage called for and delivered."
Twenty-odd labor banks have sprung up in the United States in the last
three years, and, according to Mr. Stone, twenty or thirty more are being
organized.
Mr. Stone will remain here until the new bank gets under way, after
which he will divide his time between this city and the brotherhood's home
office. ,
• The following is taken from the New York "Commercial"
of Dec. 29:
Mr.Stone stated that the Brotherhood of Locomotive Engineers is carrying at the present time $192,000,000 of insurance on its 90,000 members
and every year pays out $3,000,000 to widows and orphans.
"This money in many cases goes into wildcat schemes and stock promotion gambles, which leaves the people receiving the money destitute," Mr.
Stone said. "The idea behind our Co-operative Trust Co. is to train the
people to invest their savings soundly, and to buy gocd securities with their
savings. If they get the habit of buying good securities and clipping
coupons they will continue in the habit."
Analysis of Depositors.
"Labor men constitute only 14% of the depositors in the Brotherhood of
Locomotive Engineers National Bank in Cleveland," Mr. Stone said. As
evidence he cited a recent analysis of depositors in the Cleveland bank which
showed the following percentages:
Local deposits by Brotherhood of Locomotive Engineer members, 14:
artists. 1.2; attorneys. .96; bookkeepers, 3.36; bakers, .24; barbers, .47:
blacksmiths, .16; brakemen, .6; brokers, .5; butchers, .1; building
trades, 11.4: chauffeurs, 1.1; clerks, 13.2; common laborers, 2.8; conductors, 1.1; cooks, .5; doctors, .41; druggists, .25; electricians. 3.6:
civil engineers, .96; locomotive engineers, 4.8; stationary engineers, 1.1:
farmers, .2; firemen, 1.8; foremen, superintendents, managers, 1.9: garment workers, 2.5; housewives, 6.1; letter carriers, .36; machinists, 3:
manufacturers, .24; mechanics, 1.3; merchants, .097; metal workers, 4.1:
milliners, .5; ministers, .25; motormen, .6; musicians, .25; nurses, .72;
painters, 3; plumbers, 2.9; policemen, .6; printers, 4.75; sailors, .42;
salesmen, 6.96; seamstresses, .72; stenographers, 4.32; students, .96;
teachers. 1.56; telegraphers. .06; telephone operators, .48; waiters, .72.
Farmers' Loan & Trust Company's Summary of
Industrial and Financial Conditions.
The Farmers' Loan & Trust Company of New York, has
issued in brochure form, a summary of communications to
it on industrial and financial conditions. The matter is in
two sections, Section I embracing comments by leaders in the
following industries: Textile, general stores (retail), shoe
and leather, packing, automobile, rubber, sugar, tobacco,
steel, steel equipments and accessories, railroad, shipping,
copper and brass, electric wire and cable, life insurance and
fire insurance; Section II covers comments by bankers on
local business situations, arranged by Federal Reserve
Districts.
The matter is of date, December 31 1923, and it constitutes a most comprehensive and instructive analysis of
conditions in the leading industries of the country. The
style, too, of the publication is attractive and it is printed
in large and clear type. We presume copies can be obtained on application and they are certainly worth having
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Brown Brothers & Co. announce that Charles F. Speare
and Ralph T. Crane have been authorized to sign for them
"per procuration" in New York and that A. G. Ogden, who
has heretofore signed and endorsed drafts, checks and bills
of exchange for them, has now been authorized to sign acceptances also. W. P. Graham, who has heretofore signed
and endorsed drafts and checks for them in Philadelphia,
has now been authorized to sign and endorse bills of exchange also.
The Chemical National Bank of New York has added
$2,000,000 to its surplus, making the total surplus $15,500,000. This action was taken at the first meeting of the bank's
board of directors to be held in this the one hundredth year
of the bank's existence. The capital is $4,500,000. For many
years the Chemical Bank was known because of its enormous surplus as compared with its small capital. In 1907
the bank's capital was increased from $300,000 to $3,000,000
by a 900% stock dividend made entirely from the earnings
of the bank. Prior to that time the bank for many years
paid to the stockholders an annual dividend of 150%. The
stock of the Chemical Bank sold then at one time as high as
$5,000 per share. In 1920, when the bank consolidated with
the Citizens National Bank, the capital became $4,500,000.
THE CHRONICLE
38
The deposits as shown in the statement of Dec. 31 1923 were
$129,515,549. Throughout the year 1924 there will be different features to emphasize the bank's centennial. The Chemical Bank is the outgrowth of the Chemical Manufacturing
Co., whose charter was amended April 1 1824 to "permit of a
general banking business," and the bank actually opened
for business Aug. 2 1824 at 216 Broadway, opposite St. Paul's
Church, as the first bank on Broadway. The Chemical
Bank has been known in financial circles as "Old Bullion"
since the panic of 1857, when it was the only bank to con'
tinue specie payments.
--4--
Charles E. Haydock has resigned as Vice-President of the
New York Trust Company.
The Manufacturers Trust Company of New York announces that it has engaged the services of Henry A. Clinkunbroomer as a Vice-President. Mr. Clinkunbroomer has for
many years occupied a similar position with the Chatham &
Phenix National Bank, and is one of the best known credit
executives in New York City. Harry I. Arrow, for many
years Assistant Cashier in charge of credits at the Public
National Bank, has also been employed by the Manufacturers Trust Company as an Assistant Secretary, to be especially engaged in credit work.
The statement of condition of the Equitable Trust Co.,
New York, at the close of business Dec. 31 1923 shows total
resources on that date of $394,022,606, of which the principal
items are: Bills discounted, $86,928,162; demand loans,
$60,111,428; exchange for Clearing House, $45,329,418;
time loans, $30,075,721; foreign offices, $38,451,388, and
cash on hand and in banks, $38,387,872. On the debit side
of the statement deposits (including foreign offices) are shown
at $325,924,539; acceptances at $28,592,915; capital as $23,000,000, and surplus and undivided profits as $9,798,393.
[VOL. 118.
The National Newark & Essex Banking Co. of Newark,
N. J., opened a savings department on Jan. 2. Savings accounts will be accepted under the same conditions that apply
in savings banks, deposits being subject to withdrawal on
presentation of pass-book, but not by check. Interest at 4%
2
will be paid on sums up to $1,000 and at 314 % above that
sum, but not beyond $10,000 in one account.
Frederick Frelinghuysen, P-resident of the Mutual Benefit
Life Insurance Co. of Newark, N. J., son of the former
United States Senator and Secretary of State, Frederick T.
Frelinghuysen, and cousin of former United States Senator
Joseph S. Frelinghuysen, died on Jan. 1. Mr. Frelinghuysen
was born at Newark, N. J., on Sept. 30 1848. In 1887 he became President of the Howard Savings Institution and continued in that post until 1902, when he resigned to become
President of the Mutual Benefit Life Insurance Co. of Newark, succeeding the late Amzi Dodd.
A. Roy Hunsberger. the for- mer Cashier of the Hope National Bank of Hope, N. J., whose defalcations caused the
bank to close its doors in October 1922, was on Dec. 31 sentenced by Judge Runyon in the Federal Court at Newark to
ten years in the Atlanta Penitentiary following his plea of
"guilty." His defalcations amounted to $15,000. The Hope
National Bank resumed business on Jan.27 1923.
The First National Bank of Franklin, Pa., with a capital
of $200,000 has been placed in voluntary liquidation effective
Dec. 15 1923. The business of the institution was merged
with that of Franklin Trust Co. of Franklin, Pa. The consolidation of the bank with the Franklin Trust Co., we learn,
was effected by the purchase of all of the stock of the First
National Bank by the Franklin Trust Co.; the capital of the
Franklin Trust Co., which is $500,000, with a surplus of
$300,000, will be unchanged, par value of the stock being $100
per share, no stock of the Franklin Trust Co. being offered
for sale.
Jacques A. Mitchell, for 30 years with the Importers &
.
Traders National Bank, has become associated with the PubThomas Hildt has resigned as President of the Merchants
lic National Bank, 25th Street and Broadway, as assistant National Bank of Baltimore to become a member of the
to the President.
banking firm of Alexander Brown & Sons. Vice-President
M. M. Prentiss has been elected President of the bank and
Alexander C. Snyder, Vice-President of the Irving BankVice-President H. B. Wilcox has been made Vice-Chairman
been in charge of the Flatbush
Columbia Trust Co., who has
of the Board. Mr. Hildt will continue to serve on the direcoffice of that institution, at Flatbush and Linden avenues,
torate of the bank. A resolution expressing their regret at
Brooklyn, died in the Brooklyn Hospital on Dec. 31. He
Mr. Hildt's resignation, and voicing their appreciation of
had been suffering for several months from a complication
his labors in the building up of the institution has been
of diseases. Mr. Snyder became a director of the Flatbush
adopted by the directors of the bank. Mr. Hildt began his
Trust Co. in 1899 and later devoted most of his activities to
business career with the National Bank of Commerce, which
the development of that institution. When this company,
was several years ago merged with the Merchants National
became a part of the
through successive consolidations,
Bank. Entering the National Bank of Commerce as a clerk,
Irving National Bank. he was made a Vice-President and
Mr. Hildt advanced by successive steps to the Vice-Presiplaced in charge of the Flatbush office, a position in which
dency of the Commerce Bank. From there he was called to
-Columbia
he continued after the formation of Irving Bank
the Vice-Presidency of the Astor Trust Co. in New York.
Trust Co.
When that company was merged with the Bankers Trust Co.
-Presi- he became Vice-President of the Bankers Trust Co. In 1921
Bryan L. Kennelly, real estate operator and a Vice
he returned to Baltimore as President of the Merchants
dent and director of the Harriman National Bank of this
National Bank at the time of the merger of that bank with
Harriman National
city, died suddenly in his office in the
the National Bank of Commerce. The firm of Alexander
Bank Building, 527 Fifth Avenue, on Dec. 28. Mr. KenBrown & Sons took a prominent part in the merger.
nelly, who was 58 years old, was also First Vice-President
and a director of the Harriman National Safe Deposit Co.
The proposed union of the National Exchange Bank and
He was a member of the executive committee of the Real the Atlantic Trust Co., both of Baltimore, to form the
Estate Board of Brokers, Real Estate Auctioneers' Associa- Atlantic Exchange Bank & Trust Co., became effective
tion. Real Estate Exchange of Long Island and the Allied on Wednesday of this week (Jan. 2). The new bank is
Real Estate Interests.
being operated under the State charter of the Atlantic Trust
Mortimer E. Wile, for over twenty-four years in the employ of the Security Trust Co. of Rochester, N. Y., has
resigned as Treasurer of that institution to take an active
interest in the J. W. Gillis Co. with an established manufacturing business in Rochester. The resignation became
effective the first of the year. Mr. Wile began his service
with the bank as a messenger and advanced to the position
of Treasurer through successive promotions.
The Meriden Savings Bank, Meriden, Conn., announces
the election on Dec. 24 of the following officers: President,
John G. Nagel; Treasurer, Clifford S. Burdge ; Secretary,
Byron R. Gardner, and Assistant Treasurer, Arthur J. Sternberg.
Taylor D. Bidwell, Vice-President and Secretary of the
Rochester Trust & Safe Deposit Co., of Rocheste-, N. Y., was
elected a director of the institution on Dec. 13 1923.
Co., while the charter of the National Exchange Bank has
been relinquished and the institution's affairs placed in
voluntary liquidation. The Atlantic Exchange Bank &
Trust Co. is a member of the Federal Reserve System and
has a combined capital and surplus of more than $4,000,000,
deposits in excess of $18,000,000 and total resources of over
$26,000,000. The building of the former National Exchange
Bank on Baltimore Street at Hopkins Place is now known,
it is understood, as the Exchange Bank office; the building
occupied by the old Atlantic Trust Co. at 17 South Street
is now designated the South Street office. In addition the
new institution has continued three branches of the former
Atlantic Trust Co., namely, at Waverly, at Edmonson and
at Hartford Avenues; the latter branch was opened on
Dec. 26. The officials of the new bank are as follows:
Waldo Newcomer, Chairman of the board; Eugene L. Norton, President; Laurance Jones, James Bruce and Joseph
W. Leffier, Vice-Presidents; T. H. Bond and Donald Reitz,
Assistant Vice-Presidents; J. B. Jessop, Treasurer; William
JAN. 5 1924.]
THE CHRONICLE
39
R.,Webb, Cashier; William Hembleton, Secretary; F. A. Night & Day Bank of St. Louis was appointed liquidator of
the institution and subsequently charged with the embezzleLevering, Jr., Trust Officer.
ment of its assets, was on Dec. 22 found guilty by a jury in
The directors of the Peoples State Bank of Detroit, at a the Circuit Court at St. Louis on one of the indictments
meeting on Dec. 24 voted to place that institution on a divi- against him, the verdict carrying with it a sentence of five
dend basis of 20% per annum, payable at the quarterly rate years in the Penitentiary. This is the second sentence of
of 5%. For the last two years the bank had paid 16% a year five years, it is said, to be received by Ross. On Dec. 5 last
and prior to that time it had paid 12% yearly. The first he was convicted (according to the St. Louis "Globe-Demoquarterly payment at the 5% rate was made Dec. 31 to stock- crat" of Dec. 5) by jury
a
in the Circuit Court of the emholders of that date. At their meeting on Dec. 24 the direc- bezzlement of $28,250 belonging
to the defunct bank, the jury
tors also authorized the transfer of $1,000,000 from undi- at that time fixing his punishment
at five years in the Penivided profits account to surplus. This operation gives the tentiary. There are
still three additional charges, it is said.
bank a capital stock of $5,000,000 with surplus of $10,000,- pending against the
former State official. An appeal, it is
000 and a substantial amount creditqd to undivided profits. said, has been
filed on the first conviction and a motion for
"The growth of the bank has become so expansive as to make
a new trial is to be made on the second conviction. The St.
it desirable to take the action approved by the directors," Louis "Globe-Demo
crat" in its issue of Dec. 13 stated that
says President John W. Staley, according to the Detroit
the depositors of the defunct bank to date had received a
"Free Press." Among some 3,000 banking institutions in total of
57% of their claims. The Night & Day Bank was
the United States, the Peoples State Bank of Detroit now closed in January
1922. We last referred to its affairs in
ranks 24th in magnitude. Only six other banks west of the
the "Chronicle" of Nov. 10 1923, page 2077.
Atlantic seaboard show greater resources than the Detroit
Institution. Its depositors, according to a recent report, exThe distribution of a $200,000 Christmas present to its
ceed 165,000 in number.
employees has been made by the Bank of Italy at San FranAt the close of business Dec. 31 1923 the directors of Noel cisco under the direction of the executive committee of that
State Bank of Chicago transferred $50,000 from undivided institution. "Each year," said Jas. A. Bacigalupi, Vice-Presiprofits to the bank's surplus account, making the surplus dent of the bank,"we present to the members of our staff a
proportion of each individual's annual salary, as extra comnow $150,000.
pensation. The amount varies from 5 to 10%, depending
Newspaper reports from L- ittle Rock on Dec. 17 stated upon the length of service." A booklet has been published
that on that day two Arkansas banks, the Bank of Taylor by the bank, describing the various features of its special
and the Crittenden County Bank & Trust Co. at Marion, plans adopted for the benefit of employees. Included in this
with branches at Earl and Crawfordsville, were closed by the pamphlet are plans for insurance, sick benefit, pension alState Banking Department. The bank of Taylor was a small lowance and vacations, as well as
extra compensation.
Institution capitalized at $12,000 and with deposits of ap- •
proximately $100,000. A dispatch from Marion, Ark., under
The United States National Bank of Portland, Ore., anthe same date (Dec. 17), which appeared in the Memphis nounces the retirement,
effective Dec. 31 1923, of Robert W.
"Appeal" of the following day, stated that reorganization Schmeer, Vice-President,
after 35 years of active service
of the Crittenden County Bank & Trust Co. was begun at with the bank. Mr. Schmeer
will in the future give his enonce by the State Bank Examiners under F. L. Major, who tire time to his personal affairs.
had taken over the institution and its branches earlier in the
day. Bad crops all over the county, according to Mr. Major,
Amalgamation of two Canadian banks was announced this
were responsible for the bank's embarrassment. The Crit- week. La Banque
Nationale with La Banque d'Hochelaga—
tenden County Bank & Trust Co. had a combined capital with headquarters at
Quebec and Montreal. The enlarged
and surplus of $310,000 and its deposits at the time of the organization will
be known as "La Banque Nationale de
closing amounted to $1,300,000, including county funds. Quebec," with head
office at Montreal and an Eastern headLouis Barton was President.
quarters at Quebec. J. A. Vaillancourt, the present head of
According to a press dispatch from Great Falls, Mont., La Banque d'Hochelaga, will be President of the new bank
on Dec. 21, printed in the Helena "Montana-Record" of the and G. E. Amyot, now President of La Banque Nationale, will
same date, the West Side State Bank of Great be Vice-President. Beaudry Leman, the present General
Falls, a small institution with a combined capital and Manager of La Banque d'Hochelaga, will serve the new bank
surplus of $26,000 was not opened on that day by order of in the same capacity at its Montreal office, while Henry Des
Its directors and a State Bank Examiner took charge of its Revieres, he present General Manager of La Banque Naaffairs. 11. B. Noble, the President and organizer of the tionale, will take charge of the Eastern headquarters of the
institution, had a few days previously, it is said, been sen- new institution of Quebec. The consolidation of the banks
tenced in the Federal Court at Great Falls to two and a half will bring about, it is said, the closing down of some 32
branches and sub-agencies of either of the institutions
years In Leavenworth Prison on a charge of making
which
false no
longer will be necessary, but means will be taken
entries in the books of the closed Commercial Bank of
as far
Great as
possible to take care of the 159 employees who will
Falls, of which institution he had been Vice-President
be afand
fected by the merger. The following statement was
Manager. Mr. Noble resigned the Presidency of the
given
West out in
Montreal on Tuesday night (Jan. 1) over the signaSide State Bank following his sentence, it is said.
tures of J. A. Vaillancourt and Beaudry
Leman, President
The officers and directors of the National Bank
of Com- and General Manager, respectively, of La Banque d'Hochemerce of Lincoln, Neb., formally opened their new
banking laga
home on Jan. 1. From 1.30 to 7 p. m. inspection by
The directors of La Banque d'Hochelaga have
its cus- proposal
examined the amalgamation
submitted by La Banque
tomers and friends was invited. No business
was trans- situation they have come to the Nationale. After a careful survey of the
conclusion that that proposal was advantaacted.
geous, provided
the liquid assets of La Banque Nationale
be increased and
that, for this end, the
Government of the Province of Quebec issue and
The following with regard to the affairs of the
failed deliver to the amalgamated bank $15,000,000 of bonds maturing in 40 years.
The bank will bind itself to pay the interest
American State Bank of Kansas City, Mo., appeared in
thereon to the Government out
the of its profits only; it will also bind
itself to redeem the principal, by means
Kansas City "Star" of Dec. 26:
of an annuity
One thousand of the 3,250 depositors of the defunct American
State Bank
15th Street and Troost Avenue, were paid 90% of their claims
late to-day;
(Dec. 26). Payment was made at the Argyle State Bank, 304
East 12th
Street The Argyle Bank recently purchased the remaining
assets of the
American State Bank for $61,000. The court ordered a 90%
distribute approximately $430,000 to depositors. The American dividend to
State Bank
was closed April 30. William E. West, Deputy State Finance
Commissioner,
took charge June 20. Mr. West said the liquidation of the bank
was nearly
ended.
In its issue of Dec. 20 the "Star" quoted Mr.
West as saying that creditors could expect 95% or perhaps more
of their
claims. "There will be another dividend of at
least 5%."
We last referred to the affairs of the American
State Bank
in these columns in the "Chronicle" of Aug. 11 1923.
of $124,172 40, out of the profits also,
but after the payment
of a dividend of 10%. Any additional
ing fund is provided for. The stock dividend may be paid after this sinkwill be exchanged on a basis of two
shares of La Banque Nationale for one share
of La Banque d'Hochelaga.
This proposal will be submitted in
due time to the shareholders of La
Banque d'Hochelaga. The board of
directors deem it advisable to recommend it, because the purchase of the
assets of La Banque Nationale at the
conditions agreed to will fully safeguard
all the interests concerned.
La Banque d'Hochelaga was
incorporated in 1874 with an
authorized capital of $10,000,000, of
which $4,000,000 has
been subscribed and fully paid up.
Its rest fund is $4,000,000 also. La Banque Nationale
was founded in 1860 with an
authorized capital of $5,000,000, of
which $2,999,050 has been
fully paid up. Its rest fund is
$400,000.
Donald W. Ross, the former Special Deputy Finance
The statement of the Canadian Bank
Comof Commerce (head
missioner of Missouri, who following the failure
of the office Toronto), covering the twelve months
ending Nov. 30
40
{VOL. 118.
THE CHRONICLE
1923 shows satisfactory results for the period. Total re- follows: $1,950,000 to pay four quarterly dividends at the
sources of the institution as of Nov. 30 are given at $427,379,- rate of 12% per annum ($1,800,000), together with a bonus
353, of which $191,862,694 are liquid assets, or 48% of the of 1% ($150,000) ; $350,000 to cover Dominion and Provinbank's total liabilities to the public. Net profits for the 12 cial taxes; $350,000 written off bank premises and $175,286
months, after providing for all bad and doubtful debts, the transferred to pension fund, leaving a balance of $2485,635
report shows, were $2,913,419. This amount, together with to be carried forward to next year's profit and loss account.
$2,097,502, the balance to credit of profit and loss brought Sir B. E. Walker is President and John Aird, General Manforward from the preceding year, made the sum of $5,010,921 ager.
available for distribution, and which was appropriated as
(Continued on page 49.)
PRICES IN 1923 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the lowest and highest prices At the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a new basis. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"—that is, the price included all accrued interest. Income
bonds and bonds upon which interest is in default are still dealt in "flat."
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
1923.
BONDS
January February I March
June
April I
May
July
August
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
RAILROAD BONDS.
1943 96 96 ----------------9334 933 9212 94
4
933 933 93 9414 -------- 953 953 947 96 _ _8
4
8
Ala Gt Sou tat A 5s
8
4
4
____ 943 943
4
8
1928 995 995 997 997 _ _ _ _
8
8
_ _ _ _ _ 993 1013 --------997 100 ----------------100 100 _
.
8
4
Ala Mid 1st gu g 5s
8
8
---- -1946 8112 8112 8111 8212 7812 10
79
797 8014 783 783 7914 8012 _ _ _ _
8
79 81
78; 78 80
Alb & Susq cony ”O
79
_ _
_ 7}1- -4
4
Allegh & West 1st g gu 4s_1998 ----------------83 83 ----------------82 82 ____ ____ 82 8314 --------81 - - - 81 81
81
8111
--- -- 81
1942
12 912 87 89 -------- 88 ssso% Sts 87 ssig 8818 sots 8812 89,2
Alleg Val gen gu 48
----------------8838 912
61
6312 62 6312 60 637 52 60
6138 65
Ann Arbor 1st g 48 July 1995 64 6538 641 65
8
5414 5714 547 5712 5512 57
55
5714 5512 57
8
4
8
853 893 8614 89
4
85 87
4
865 87%
8
87 8912 8838 9112 8714 887 87% 893 873 88
Atch Top &S E—Gen g 4s_1995 875 9018 8712 893 8414 88
4
4
8
1995
86 8614 8638 863 --------854 853 --------8714 89
85 883 84 84
4
Registered
81
833 82 83
4
86 86
8
3
4
8
4
4
4
4
Adjustment g 4s___July 1995 803 8212 803 804 7512 8014 763 7814 773 803 785 801 79 80
4
7814 7912 7814 80% 79 8 8012
7812 79
783 81
8
6
_
1995
__ ____ ___ 7612 77% -------- 7611 7612 - Registered
- -July 1995 803 827 79 82 -i93 -4
8 8112 763 7912 783 8112 79% 803- 787 81
-4
8
Stamped
4
s
8 2
8634 7i
iii Ida, iii4 -- - 7 16 76E2 - -67 '764 - F:678
8
----------------------------------------77 77
_
___
___ ____
Registered
75 75
1955 8112 82% 7738 8112 7
7
45 (1909)
7 2 7814 818114 8212 82- - --38 -827 8
4
82
8
214 - - 3 -823 8414 797 83
823
-84
8 84
1955 80 82
7813 78 8012 818 82% 813 8212 8118 84
773 80
7712 7818 76
4
4
8212 8414 8212 843
814 83
813 84
48 (1905)
4
4
_ _
__ ____
_ ____ ___ 8214 83
1960 100 101 101 1033 102 10414 10014 10112 97 10014___
4
___ 7912 7912
Convertible a 48
8
95 9512 9414 957 9412 ---8 9:11. 95 95% 9538 953
943 -_- 9512 96% 9518 9618 ____4 96
East Okla Div 1st g 45_1928 9334 9538 9512 9612 9378 96
2 65
945
4
8114 8212 7712 8114 7914 80
7914 803 788 783 797 797 7938 80
8
793 803 ___ 8
4
Rock Mtn Div 1st 4s A 1965 8138 83
8
____ - - 795 7988
8
8
4
1958 85 863 823 8512 8212 824 82 83 838 85% 8114 837 815 83
8412
4
4
823 - -- 8318 - - 837 85
4 827
s
4
4
Short Line 1st 45 g
3
823 858 83 84
8
913 9012 912 9012 9114 90 903 9018 91
4
8878 9138 91
8812 923 911 93
4
4
897 925 883 908 871 90
8
Cal Ariz 1.4t ref 41-s
1963 911 93
6712 6812
6814 6838 6712 69 67 69
4
4
Atla-Birm 30-yr 1st g 4s-MaY'33 653 67 67 6938 65 6714 6512 6712 6612 6812 673 68% 67 6814 6718 68
s
8112 8212 8218 834 8218 8312 827 86
83 818 8118 818 8212 84
823 8034 838 82 85
4
85 861 81
Atl Knox & Cin Div a 45_1955 85 86
4
1946 --------9912 9912 99% 9912 9834 983 984 9834 -------- --------------------------------993 9918 -T --Atl Knox & No 1st g 5s
9212
8
1944 913 913 9138 913 90 91
9014 9014_ -------------9134 917 ----------------9214 -8812 90
4
4
4
88 92
Atl & Char A L A 4y4s
4
4
9814 9834 9814 9814 9618 9712 9718 973 97 9818 98 983 9818 99
9714 9714 99
96 9612 96
9812 100
1944 9812 100
1st 30-yr ser B 5s
s
8412 8712 8614 8712 863 8738
8438 873 8414 8735 847 8712 86 874 8412 87
4
8612 8812 821 8714 8314 86
8
Atl Coast List g 4s ...July 1952 865 89
4
1930 106 108 10612 10712 106 10712 10614 107 106 107 10613 108 10618 1071s 10612 10718 106 107 106 1063 10614 10712 10738 1081s
10-year 7s
4
863 873 871/ 873
8
8
8
87
8238 8412 83 8612 81
8
General unified 430
1964 871 885 8612 8938 82 86
8438 8638 85 8612 8418 8512 843 87
8034 823 8114 83
4
8
8
4
8038 8212 77% 821g 7612 8014 773 8218 77 817 80 8134 8014 8138 8038 817 805 82
83
E & N collet g 4s_ _Oct 1952 81
___ ___ 7412 7412 7414 7414 ------------------------7438 75
78
1948 77 8012 758 77
4
75 793 76
73 8 76
7
Atl & Deny 1st 548
1948 ----------------6118 651 62 (341 68% 687 --------65 651 65 65
2d 4s
_
_
_
7612 'His - - iiis 81, 76i2 _
18 -------- -------- -------- --------------- -------- 765
iii4
i73;
Aden & Yad 1st gu g 45 1949 --------7738
9412 9412 - -8
1941 --------------------------------9338 933 9418 91% -------- ----------------931 94
,
"A & N W 1st gu g 5s
97
4
3
4
95 957 937 953 9514 96% 96 9814 96 -94 9712 943 9534 95 95 4 95 96
3Ms-1925 9314 9412 9334 9512 9335 95
Bait & 0 prior lien g
_ _
_ ____
941 94% --------9338 9338 94 94% ---- ----9414 9514 9412 9412 _
Registered
7818 7912 991.2 7812 7638 79
4
7438 771 75
5
6i 8014 - 14
4
8i
77 7812 77
7538 793 77 78
79
July 1948 755 7912 763 80
Gold 48
8
787 --------7438 7535 747 747 --------7438 743 7512 76% 747 75 --------70
g
7814 7814 77
7938 80 80
8
Registered
4
*
795 8214 817 8312 823 8412 817 834
4
8
8018 82
8
4
s
20-year convertible 4301933 7712 8218 783 8112 78 8112 7812 803 7814 8014 77 813 7712 81
8118 83
82 8438 8312 84% 82 8488
Refund & gen 5s A
1995 8012 85
8114 8414 827 83% 8112 84
8112 847 79% 821s 80 8212 804 82
4
99 1003 10014 10134 10012 10114 10014 101 10038 1013 10012 10138 100 10113
4
9914 10012 10018 10134 99 101
8
1929 1001s 1017 9912 101
10-year 65
94% 96
13412 95
94 9438 9334 94
4
9438 9314 94 , 943 943 94 95
4
Pitts Jet & MD 1st g 3345.'25 9114 9138 92 92% 9214 938 94
948 95
7
74% 763 75 78
,
753 777 7712 80
4
1941 73 79% 743 7638 73 7
73 7412 7312 7512 73 7512 731 753 7418 72
4
Pitts L E & W Va 45
5
9514 97
8
8
:
8
923 94
4
8
1925 9112 92
931 9412 9314 9414 9312 9414 9335 9412 9312 943 935 941 94% 957 953 96
9138 94
S W Div 1st g 33is
9
s
Registered
_ - ---- -___ ____ 9138 913 ----------------------------------------5 95
6412 68
6614 673 6614 68
4
64 6514 ls
6218 65
4
6488 6514 63 66
8
Tol Cin 1st & ref 48 A__1959 6112 673 65 6612 62 653 6212 64
____ __ -- ____
Battle Creek & S 3s
7775
- i, -7-
1936 --------86
Registered
1944 /32 3 12 _ __ _
Bid Sandy 1st 45
B & N IC Air Line 1st 45_1955 ______ . _
_.
_ _
iois - -362 4
4
8 4
12 .
9938 - -12 _ -- ---- ilikl -:3 601. - - -14 -- -- ---- ---- --- - - - - - ---- ---4 130
. di
66 91 7512 7512 ----------------69 69 65 65 ----------------63 _
nii8 166 10084 161 67 161
8
i4
0
2
1937 --------1013810188 ioi 10 --------100 116 10114 161-14 ioir 161 160 1- 4 Hui 166
4 - -14
Buff R & P gen g 5s
8612 87% 87 8778
89 89% 8612 8812 8614 88
8
8738 905 87 907 88 89
4 81
1957 8914 9214 90 91% 87 9012
Consol {HI
9518 96 9618 96 9638 95% 9614 96 9612 96 96 2
9712 9712 --------95_
1934 9812 99
984 99% 96% 98
,
99
Burl C R & Nor 1st 5s
96,2
9834 98 9812
4
9614 9818 96 983 98
977 99
75s 973 98
8
95 971 9512 977 96
Canada So co Is gu A 55..1962 9814 10012 98 997 94 99
4
Denadian Ikoellern 5 f 75_1940 112%114 1133811473 11312 115 11312 11478 113 114 11238114 112 113 112 1133 1121 11338 11218 11312 110%11334 11114 113
4
8
4
8
4
,
25-year dt b q f 6548 g_._1946 1103 11212 1105 113 4 111 113 11112 11312 11212 1133 112 113 112 11234 11214 113% 1115 11312 111 1133 11118 11238 110%11214
k
7838 803 78 80% 7818 8014
4
4
4
4
7918 773 793 777 7912 7818 797 791 8338 783 80
Canadian Pt cltic (deb stock)._ 778 8014 7912 801 7612 797 77
6812 7038 ------------------------6018 6918 6938 6938 72 72
71
71
68 68
1949 ----------------70 70
Cent 151 0,1 g 4s
Dar
91
93
93
92% 9312 9
9214 933 9218 94
1938 9112 92
913 9214 9113 93
8
9014 94
9012
4
90 9112 88 4 91
89
,
Daro Clinch & 0 1st 55
95 9638 95 9612 96 97
9612 97
9514 9812
,
8
8
1952 9612 9612 9612 965 96, 9638 95 9712 90 9814 96 97 2 9615 98
6s
8
667 66% --------------------------------6518 6614 --------6588 697
8
_ _
_ - _ _
Dent Br Un 1 ac 1st g 4s 1948 _
so 5212
576018 54
72
12
el., sc 5734
ii iiii ii Lii2 .9is 66 I7 Dent New Eng 1+t gu 45_1961 5
_ __ _
-- 101%102 --------100 101 100 100 100 101 10014 102 100 10018 0012 10012 100 100 8 -7-,
,
:lent of Ga 1st 5 5s__Nov 1945 ____
4
95 957 913 9514 943 9514 947 953 943 4
9538
4
8
9812 925 9612 941 9512 9518 9612 95 953 95 96
4 95129
8
8
4
1945 95% - -- 99 -gold 5s
_
--- _ 93% 93,8 ------------- ------------ --------9113 9112 __-_ - - ..._
Registered
1945 _ . _
661-4 ,
93 100% 100 101 10014 10114 10014 101 2 993 101 9934 1065; iiio 1- 2 loo" foi
4
os 10(5
4
-- 99%1003 99%101
10-year 65_ —.....June 1929 99% 101
76 76
81 ---- ---- ---- -__ ____ ____ 74% 7412 __-Chatt Div pus money g 45_11 81
___
981
67
r
' 9 8
i
1946 ----------------97 -- 3- --------9738 971s iiitt - 9ils ------------------------9713 - -12 --------9813 - !
Mobile Div lit g 5s
4 9114 0088 91
9114 9134
4
8
8
4
9312 9312 93% 973 9238 925 918 913 908 90% 913 92
4
3e.RR & B of CI 4 coll g 55_1937 9238 933 -------- 93 94
8
4
8
2entre' of N J gmx g 55._1987 107 108 105 10514 105 10514 10312 105 10414 10614 105 1061a 104%10514 104%1057 104%1063 1025 10412 10212 104 10318 104%
--------------------103 103 104 104 10312 105% 10312 10312 ------------------------10238 102% 1021s 10314
Registered
,
4
8518 8614 853 8812 8412 8712 8412 8718 8614 8835 8512 87 s
833 86
4
4
4
4
4
Dent Pac 1st cot gu g 4s 1949 85% 875 841 873 813 9112 7938 8435 833 87
8
_
8188 813 --------------------8438 845 --------80 84
8
Registered
9038 91%
92
9014 91% 91
9158 9138 - -14 -91
12 903 -62 8 9114 89% 90
9038 9112 9112 9112 90 91
Aug 1929 9038 9118 90
91
Mort gu g 3)0
4
82 82% 82 863
803 8112 8014 83
4
8012 81
80 81
80 817 7938 80
8
80 8214 7938 82
Through ..t ...t 1st gu g 4s54 8038 8212 8118 84
1936
Dharl & Say 14t 575
4 9
96
4
s
66
9
63
667-12
9612 95 97 68 - 5- 68 - -E' 68i8 91 614 163 in' - - -12 68/ - 14
9
914
& co fun I & Imp 55_1929 9"i% - -.4 98% - -12 iii "914 ois - 2 681'4 - Dhes
9912 10012 9912 101
4
9912 10012 9914 101
9914 100
9912 1003 9912 10114 9935 101
1939 1004 102 100 10314 973 101
973 100
4
4
1st cons g 5s
99
.
_ 9812 9812 97 97 ----------------------------------------09
1939 ----------------9714 9714
Rot/laurel
8418 854
85
°
8418
84
8212
83 8414 83 84% 82% 83 s
4
7
63
8
8
1992 8435 86 8 835 8512 807 8414 8112 - -38 8214 8412 823 85
3
Geo gold 4,
51
8012 8012 ----------------79 79 -- Registered
8 66
67 9513 16 4 8512 - 14
66
6614 997 .
38
1930 8612 8912 8618 883 85 88
8534 88a 122 3 854 88 9914 Convert ibl -, 434*
s
8838 8924
8688 89
1946 93% 96% 92 95 s 871 933 8714 89
8638 8914 8712 8912 84 8912 8512 887 8812 90
,
4
% 86 90
30-yr crnv secured 5s
Registers I
94 94
61
9014 92% 9038 9312 --------9188 92
912 - -3- --------9135 - -38 ---------------- 0238 9312
s 61 8
let g 55___1940 95 95
Craig Vu ley
78'4 781
Potts Cr ok Branch 1st 4s '46
,
-934 7818 80 it
16 1:114 81 ___ ____ in 8038 7914 7
7
i no 8
1(ifg 763 8012 ii - ii3
4
Div 1st con g 45..1989 ----------------77 - - iiig R&A
___
-_
_ _ ____
4
4
1989 --------------------------------7414 76 ---. _ _ __ . _ 743 743
2d co t g 4s
557
5434
55
53% - -14 5338 - - - - 54% -- 0
56
53
5312
5018 52
5138 6212 5214 - - 52% - -14 528 5435 5312 4
1949 5014 523 5014 542 5012 53
;hie & Alt RR ref g 3s
3058 3312 3112 3512
4
4
3
2912 25 4 2912 27 2812 261s 2712 27 3312 271 2914 263 303 29 3235 3018 33
garwav 1st lien g 3345_1950 25% 2914 26
8638
Stamped Oct 1922
•
Stsmped April 1923
8
mkt Hurl & 0 III Div 334s.1949 795 83
--,
A
793 823 79
8
8
80
4912 50
51
51
__
__ ____
_ _ ____
_
46% 46% __
85
8112 7912 81%
78% 8118 8012 - - 7812 -
ii 52 52
51
52 8. .
_____ • ___ 3112 1512
4912 4912 5018 52 ____
*
8012 7938 795
4 80% 7918 8
4
79% 8118 795 793 793 -
JAN.5 1924.]
THE CHRONICLE
41
1923—Continued.
BONDS
January I February
March
May
April
June
July
August
September
October
November I December
Low High Low High Low High Low High Low High.Low High Low High Low High Low High Low High Lou, litgh,Low High
Chic Burl & Quincy (Coed)—
1949 8912 903 88 90
87 883 868 88
4
86 88
Illinois Division 48
8512 89
4
86 8818 8712 89
8614 8712 863 8812 87 874 87 88
Registered
1927 9613 97
97
5 4 ii 55T8 -cii 55i8 - -iiI4 55i4 - .
9112 55 --- . 53. 96
5S1. - -12 55r2 2 99
97
Nebraska Estee 4s
.14
9558 5858 Iii18 58i8 -55 iii 9
104
Registered
1958 8718 8912 8612 88% 83 86
97
General 4s
8 00
ii3ii14 ii38 .41- 81
8314 8512 5 4 - 14 88 -5i4 8112 8558 - 4 5511. - 12 05i8 - 1
5-i12 5,- 58 -8-812 5 1.
1971 993 101, 9812 1003 9
4
981 9912 9714 99 4
8
1st & ref 53
4
4 6% 995 97 984 9812 10014 9714 993 975 9914 9713 9912 9712 9914 9718 99
Chicago City &Con 5s--- -1927 --------47 5783 56 66
5114 5338 5383 5383 52 5312 4914 50
51
85
54 56
56 60
59
6012 623 54
8
8
Chi IcE111—Ist cons g 6s 1934 105%10612 1063 1068 105 105 --------104 105 10418 10418 ---- ---- ---- --------------------10212 103 1034 10383
1951 7818 8012 79 8112 78 8014 7734 934 78% 8014 79 804 7612 79
4
55(new co)
753 7712
77% 763 78
7814 76
77 784 76
9112 94
91
9112 9114 913 89% 918 91
903 92
4
9112 90 02
Chic & Erie 1st gold 58.-1982 94 9712 913 933 873 9283 9014 904 89 91
8
4
4
4
1959 5018 52
5114 56
4818 5012 4712 515 47 50
5014 5314 50 51
Chic Gt West 1st 4s
4
8
4612 4812 4414 473 4412 4512 454 497 49 5214
51
Registered
51
44;
41
.514 - 3 4214 - 18 4418 4512 433 ig
1
Sept 1924 coupon on
2
iiis 4312 413* li 4134 1518 4512 483* 48 51
Chic Ind & Lou ref g 6s----1947 107 107 ____
4
8
_-- ____ ____ 1047 10512 106 10614 10612 1073 10612 10612 106 10634 106 10614 1038310412 10414 10412 10412 10418
Refunding gold 5s
1947 9712 971 9514 9412
94 9583 9334 9512 95 97 --------02 933 954 958 94 94 --------04
97 ---4
Refunding 48 Series C__ _1947 9512 971 8114 8114 7918 12 8 80 8683 80 8012 ----------------80 80 --------8012 8012 793 80 --- ----34
81
4
1st and general 5s
1966 813 83 '8212 84
8314 8014 82
7912 80
8014 8112 8014 8012 li 81
4
80 8054 793 8114
803* 814 8012 81
1966 9512 9712 96
63
95 96% 95 964 9512 97
9412 96
943 98
4
98
95 0612 9418 9512 931 95
9518 9712 9512 97
Ind & Loulsv Ist gu 4s 1956 78 78 _
_
_
_ _
- ____ ____ _
__ ____ _
_
_ _
_ 6812 71 _
----81
1956 8412 841 5ii8 - -1 --------83 81 Ai 115- iiT8 Chic Ind & Sou 50-yr 43
8
ii 8R1 - 14 -_-_ __ ____ 82T2 - 12 ____ ____ P51-4 04 iii8 85
ii
1;2 Chic L S & East Ist 4Hs1969 ----------------8634 863 ----------------8812 90
14 CM & Puget S 1st gen 48_1949 63 68
644 681 6218 651 62 63
61 64
6118 64
55 163- 50 4
683 - 12 643. 1 3 E5i2 17
8 91
5314 46 52
2 /
;
4
711
Chic Mil & St P gen 4s__1989 72 74
7312 7218 74
723* 7413 7112 735 7014 7214 71 __--2 733 7118 72
6812 7212
72% 7012 72% 7012 72
71
4
Registered
_
7012 7012 ---------------- ------------------------67 67
____
64 6514 62 638 6214 63
8
Gen g 3s ser B___51ay 1989 627 65
6214 6312 63 6383 6214 643 63 63
4
61% 6312 608 633 62 62 6214 6214
8
8
General 434s series C_-_1989 795 8312 8114 837 7812 81% 7914 8112 793* 8214 81
77 79
4
8344 7918 81
773* 8018 771 797 78 792 773 79
Gen & ref Series A 4Hs_2014 56 62
4
,
4
593* 6214 60 8 625 593 6112 5818 60
5712 4938 5512 5183 54
57 603 51
4
8
47 521s 495 5012 464 514
Registered
Gen ref cony Ser B 58_2014 64 69% 664 693 6783 70
6614 683 ol 104 5512 s
4
5154 85 094 55 3- 5512 8,-.18 /614 85i8 -56
5118 57118 if 5214 1
Convertible 434s
1932 63 6712 64 673 66 68
6312 667 6312 66
8
4
6212 677 573* 6418 55 61
8
51
5534 60
4
5733 537 568 513 56
48
1925 76 803 78 81
8112 8312 797 8112 7612 823 76
793 84
4
4
7912 7013 78
4
63 684
76 7914 68 7512 6734 72
45
1934 54 5834 58 6212 60% 6312 603 623 587 6183 573 62
4
4
4
5712 608 53 57
52 5512 47 523 50 521 4514 51
4
1926 96 9712 9612 974 97 97
9618 97
Ch & Mo RI, Div 5s
96 972 963 98
97 97
97 9712 97% 9712 97 9714 96 968
4
968 08
947
9512 97
1926 96 96 --------9483 951,
Chic & N W ext 4s
94% 9814 9512 954 9514 9512 --------9434 9512 95 96
953* 96
8
Registered
1886-1926 933 9333 -----------------------------9583 95 2
95% 953 944 9414 95 953* -------- 9512 9512
8
,
r
7212 74
1987 7314 77
72% 75
General gold 3s
7014 73
73 733 7012 /3
4
7312 74
4
7112 7283 7012 7283 693 714 7018 7112 681s 714
6868
Registered
8214 87
8018 84
1987 84 87
8812 8412 General 45
g 8284 IA 8183 iiiig 8412 82E2 .8 -12
4
ii ii. - .1 80i4 I1-18 75 11-38312 801-2 Registered
, 8214 87 4 82 83
1987 ____
,
Stamped 4s
88 i& •-5 - fi 85 - -5- --------85 804 841 85 85
7 7ig 80i8 - ---- _-_--i4 8
i1-3:1
- __1987 10312 10512110314 10412 10183104 101 10212 10114 1033 101 103 1003 10212 100410118 9814 100 98%100
General 5s stamped
4
-0 3
4
993 10012 99 10 ,
4
Sinking fund 65.......1879.1929 1 10318 10453 104 10614 10314 10314 ----------------10112 10112 108 10814 101 101 ----------------102 102 10212 103
97 97
Sinking fund 5s...._ _1879-19291 9812 9812 98%10012 9812 99
4
4
98 100
97 100
97 97% _ _ _ - -- - _ _ _ _ _ _ _ _ _ 973 973 9812 9812 97 9812
1879-19291 ----------------97129712 Registered
- -- — - _
— -- -4 10 3 9919912 iii2 195- 55i- ---12 612166 4 ii foi iii8 - -18 58 4
Sinking fund deb 58____1933,118 101
IiiI4 55 1- - 55 1518 iii4 -sici
.
61
98
-8 4 99
1
1933'
Registered
9914 9914 9918 994 ____
_
___ 97 97 ------------------------97 97
8
4
1930 1073 110 1075 109 1053 10812 10612 1087 106 10712 107 108 10618 108 10612 108 10518 1077 105 107 1053 107 10414 10683
10-year 7s
8
4
8
4
15.year secured 634a... 1936 10858 111 10938 11014 106 110 10714 109 10712 1083 10714 10854 107 10814 107 109 1078310812 10712 10812 10618 109 106 1063
4
4
7912 82
7678 8012 7712 7914 763 803 763 80% 784 798 78 7912 7614 79
1988 7834 82
Chic R 1 & Pac gen 4s
4
76
4
7883 778 7812 78 78%
8
4
Registered
1988 797 805 ____
---- ____
_ _ ---- -- 75% 755 ____
___ ____
8
74 74 --------7683 763 7683 765
8
8
Refunding gold 45
1934 7912 8312 79 - --- 76% -- -3 763 803
4
794
7834754 7612 735 -- -7- 7212 75
79 8
8
73 743 73 747 73 734
32
4
8 75 8
7733 - - 7583 - 4 79
Registered78 78
Ch St L & NO gold 53
1951 10014 10118 10012 101 2 9812 99
9754 166 9518 9584 --------95 1,
6552 155 16618 155 166 --------102 165 10112 1014
1951.
Registered
_ _
Gold 3H8
1951 ----------------79127912 --------78837883
Joint 1st ref A 5s
1963 9512 974 9418 9512 9183 954 913
90 555 94 954 iirs 9412 55T4 94-18 5538 - 6412 5558 t
8 912 5, iE 55i8 1413
Memphis div 1st g 43_1951 ----------------81 83
81
8118 837 81
80 80 --------7912 794 78 78
Registered
____ ___- --_ _ ____
_ 10012 100%
____ ____ ____ ____ ____ ____ ____ ____ ____ _—
Chic St PM &0cons 651930 106410712 105 106 8 10414 105 105 105 105 106 1054 10512 10512 10513 105 10512 104 104 1044 1048s 10414 1043 102 10483
Registered--,
8
895 8983
8
___ __
Cons 68 reduced to 334 _ _1930 ----------- 9213_ 9213 -,- - _ _ ____
__ ____
____
_ ____
-- ____
__ ---1930 943 - - 4 10512 95, 923 95
9912 94 4 9
65Debentures 5s
95% 934 -9112 94 -9538
2
94 8
933 4 954 95i8 - -7- 9218 96
9
5
9
5 - - 95 - 4 94 964
774 793* 77
78
8014 8278 80 811z 7812 8012 793* 83
78 82
787 774 7683 78
8
Chic T H & So'east 1st 58_1960 77 81
793* 8112 768 8012
8
8
Chic Union Station 4H5_1963 90 911 9114 925 8812 92
90 9114 895 92
8
89 908 883 903 8814 90
8783 8854 88 9112 8818 9012 8854 90
4
1963 10014 10012 993 10012 9914 10014 97%100
9834 997 9714 9914 9714 9912 95 993 975 9914 95 983 977 98% 9818 9918
55
8
1963 1127 115 11412 11512 113 11512,113 115 11314 11412 11318 11412 1134 11412 113 11412 11212 114 11212 11378 11318 115 11414 1154
048
Chic & WI gen g 6s__ _Dec 1932 -------105 105 10412 104'l'105 105 --------------------------------1048310483 ----------------105 105
8
;
1952 725 757 7212 7514 70
743 70 4 7318 7012 7212 ) 723 703* 72
4
Consol 50-year 48
7114 7314
7014 7158 6812 7012 6812 703 7012 72
4
,
4
i
1935 10112 1023 10214 10212 10112 1023 10214 10314 102 103 10218 103 101410212 10178 10212 10214 103 10214 103 102 103 10284 103
4
15-year s f 7Hs
1952 ----------------9818 97
95% 9512 96 96
Choc0 8c G cons 5s
9518 96
96% 967 --------95 95 --------9412 94% -,,- -,8
1937 883* 88% 893 893 89 89
8618 8714 ___ ____ 86% 87
Cin Ham & D 2d g 43.48
88
87 87
87 8712 _-__ ____ 87% 87% --------88 I936 ----------------8684 865 864 8712 --------88 88
Cin I St L 8c C 1st g 4s
4
83 ---- 89 89 ---- --- - ---- - _ -2 9012 8814 8812
4
4
4
Cin L & N 1st con gu g 4s 1942 ____ _--- 853 853 853 85% ----------------8312 8484 ---.---- ---- ---- ---- ---- ----- ---rr1928 ---------------------------- ------------ 97 99
Cin S & CI cons 1st 5s
8 98
974 -9714 973 --- ---975 975
8
-_ -,,-- 8
-- --- - Clev Gin C & St L gen 48 1993 803 82 8 7733 794 76 793 76
4
8
,
7914 763* 7914 773* 794 784 -774 7914 78
79
7914 773* - 4 7812 --- 7918 8012
7912
7939218 9312 9058 9314 904 93
20-year debenture 434s_ A931 9112 93
4
9134 923 92 923* 91
924 9112 918 9012 9112 90 93
9214 934 9218 92 2
,
9634 98
4
General 5s Series 11
1993 993 993 9934 100
9612 9712 9712 9812 953* 985 --------9733 985 ____ -_-_ 973 99
98 9812
8
8
8
9812 99
Ref & impt 6s per A
1929 101 102 10118 102 100 10112 100 10114 100 10118 10033102 10034 102 101 102% 100341013* 101 10214 101 103 10018 102
6s
1941 ----------------10114 10114 ---- 10012102 102 102 1021210212 ----------------10234 10312 1013
4103 ---- - 8612 8612 ____
___ 8118 --- 8018 8612 864 8614 84 8414 8412 86
Cairo Div 1st gold 411—A939 8512 88
8118
4 80
853 8512 8512 8513 86
86 86
8
_ 78 783 7514 7612 754 757 77 77
Cin W & M Div 1st g 48_ 1991 ____
764 7712 ____
__ 76 76
7614 763 7612 77
4
7612 7
8
763* 77
_
747 773 75
8
4
-- -3 79 80
81 8
8 773 79
St L D 1st col tr g 481990 781277
Div
7612
12 793* 7714 80
7983 793
4
78 79
77 -794 80
4
7812 774 79
1990
Registered
Sp & Col Div 1st g 4s
1940 iiir2 1212 _ -__ __ -- -- _ - ---- i5 ii -------------------------------- 8218 - -18 5558 - -58 85i2 1;5-12 553-2 - -12
89
i2
.
6
W WVal Div Ist g 45___ _1940 --- __- ,-,8
8
r - ---- 805 815 813* 8214 ---- ---- -------- 821 825 --_- ____ ____ ____ ---- -8
-6
-- 4
8 -6
Cloy Col C & In 6s
1934 10614 10 -14 1063 10 -38 10614 10 , 10318 1034 1033 105 10412 10412 _
--6
4
8
,
. ____ ____ .___ ____ --__ ____ ____ ___ _ 1035 104 4
97 97
97 974 98
Clev Lor & W con 1st g 58_1933 ----- 9712 9712 98 98
98
iii --- 98 98
2 942
1
9614 9614 9612 9612 --_- _-- ---- ---95 -------------------- ------------ 9213 9212 ---- ----94 941 9418 944 -___ ____ 9412 9412 ---- ---Cloy & Mar Ist 43431
1935 95 - Cleve & Mahon Val g 5s__ _1938 --------94 94
93 93 -------------------------------------------_
_
95 95 - 90 0412
4 714 9534 08
Cleve Short L 1st 434s
1961
4 212
4 12
2 92
8
388 (18 18 167 8558 89 903*90% 9034 5558 -9 12
6
Cleve Un Term 53.4s
1972 10418 10512 10312 106 10118 104 101 1054 1023 104 10214 1035 10218 103 1013 103 10114 10238 10112 10254 1013 1028a 102 103
4
4
4
58 B
7
1973 ------------------------------------------------95 9512 943 9512 943 9512 9438 9514 94
9614 9412 95
8
4
83 85
8314 8314 --------8182 8112 8018 8078 95 9512 ------------------------ 798 8213 80 80
Coal Rh. Ry 1st gu 4s
1945 83 84
4
Col & Southern 1st g 48_1929 9218 9312 9214 9314 903 9214 907 925 913* 9312 9114 927 91
4
2
8
8
,8 214 92 212 913*
9214
8
9214 93
92 928
4
Refunding & ext 4,348_1935 8418 871.3 84 853 813* 835 814 833 82 8412 81
4
833 8118 82121 815s 83
8
80% 8213 803* 815
804 827 8012 82
8
Col & Tot 1st ext 4s
803 803 - -- -- 8012 8012 --------76 76
4
1955
4_ _ _ ____
7712 7712 _ _ _
79% 7957 _
rr 4
Cuba RR 1st 50-year 5s 8_1952 833 854 84 8512 82 8412 8214 8434 80
8434 8312 87
---8512 8312 -- - 8212 841 81 834
85 8614 8514 864 83% 843
4
4
7348
1936 104 105 1033 105 10312 1044 104%10514 103 106 103 10412 102 103 102 1034 100 103 101 10212 100 102 .00 102
92 923 91
Day &Mich 1st con 4Hs
1931 0112 9112 92 92
4
91
91
914 914 914 _ - - ____ _
_
__ _-__
__
_ ____
92 9314
8418 87
87 89
Del & Mud 1st ref 4s
1943 863* 00
835 8613 8514 88
8512 873 84 857 543 - -3- 531- - 8 823* - - - 83 - , 83 84
8
4
847
8512
4 857
8 196 4
Convertible 5s
9014 9414 91
92% 95
1935 944 98
94
921 9412 9012 9312 90 03 924 94% 9212 94
913 93
4
918 931 915 923*
1937 1004 10238,100 10212 983*101
5Hs
98 994 98 100
98 100
974 99
974 98
9712 99
9818 1003 99141003* 9712 100
4
4,
10-year 7s
1930 111 1113 1 10712 109 105 1068 1073 109 11063 10834 10614 109 10612 10814 106%109 103 1087 10818 10912 10612 1083 10614 10712
8
4
,
s
41
Den & 11 G 1st cons g 481936 7312 753 7334 7514 73 7518 7214 7312 7218 7618 727 747 727 7412 7318 744 7014 73 694 713* 6513 701 65 7114
_
.
8
14 774 78
7712 79
7812 79
Consol gold 434s
1936 80 80
7712 7712 767 80
7914 79
8
:
7712 78
75 7714 75 754 7212 751 713* 75
Improvement gold 5s_. _1928 84 88
82 834 8318 85
.
834 848 8414 857 86 8612 8412 86
4
82 8312 794 8114 793 8314
84 8612 831 85
5212 5512 5234 557 4814 53
1955 508 58
4912 523* 474 53
let & refunding 58
4112 4414 42 4414 37 4214 38 47
4233 477 42 44
8
48 5412 --------47 47
__
47% 47% _
Bankers Tr cas Feb I922._ 49 53
_
_
_
434 50
51%
----------------4812 50
Farm L & Tr ctits Aug '55._ 5112 5314 48 52
4212 /21; -- -.. -_ -- ii li 57 16 arrT8 li
_ -- --- Bankers Trus ctfs July'22_ ---- ---- ---- --- ---- ---- ---- ---- 50 50
SO
60 -------- 40 401 10 40 421 3
40
4 1 38 4714
do
---- ---- ---- ---- --,- - - ---- ____ 4818 4818 46 48% -------------------- ------------ --------- 3613 4288
StamPed -----_
_
_
_
46
___ 46 46
Amer Ex Nat Bk ctf Feb ii -------- --------46 - - ____
--------38 48
,.... ...... --__
42 4
44 444 42 4412 43 - - -43- 433
4
43
42 44
Des M & Ft D 1st gu g 4s _ _1935 43 45
381g 44
35 37
1 42
38
35 37
' 37
3514 37
Del & Mack 1st lien g 4s.1995 --------751 754 -------------------------------------- 65 65 ------------------------65 65
_
1995 ------------------------65 5
8 (8
Gold 48
(55 16734 7314 --__ _- ---- -,,- rr- 55 5513
85 86
85 874 8618 88
4
Detroit Term Tun 1st 4 345.1961 8712 9 3 872 9
85 88
853 873 8614 87
,
8
8
8614 1612 863 883 88 9812 867 88 4
4
4
2
4
9814 984 -___
DulMissabe &Norgen 58_1941 983 983 991 993 985g 99
_ ---- —
___
9912 9912 ----------------99 99
983* 99
9912 995 9812 100
9841003 9812 100 - 99 99
- 4
Dul & Iron Range 1st 58_1937 99%100
- 3
4
98 18 2
,
99
14 9
9818 983 983* 985 98 4
79
77
77
76
784 80
76
74 75
75
76
Dul So Shore & Atl g 58_ _ _1937 75
74
76
77%
77 78
77 79
777 7512 773* 754 80
8
88 894 -___
89 89
_ ._
_ _ ---- -_-.. 8412 81 2 ---- ---- ---- ---- ---- --- ---- --- - - East Ry M No Div 1st g 48.1948 89 90
,
,
91% 5ir8 -9113 9318 East Tenn reor lien g 5s__ _1938 ____ _____ 9134 9134 9112 954 ____
9218 - -9 4
2
93 93
___
___ 97
1930 ---- ___ ____
9883 --------100 100
99 99
E T Va & Ga div'l 558
974 98% 98%
__
97% 9813 99
9712 9818 984 1812 ____
975 98
4
1956 973 9912
9714 98
9712 98
964 97
Con 1st g 53
973* 97 4 974 99
5
984 9814 9712 98
9812 98% 9812 99
98 99
9812 10014 9814 99
8
973 9918 977 9914 99 99
Elgin Jot & East 1st g 58_1941 9912 100 --------9783 09
4
983 99
4
98 98 --------97 99
1930 1033 1043 12113 10314 104 103 1033* 10318 104 10212 1037 10212 10312 103 10414 1023 104 103 104% 104 105 1032 105
8
8
Erie 1st cons gold Is
4
Erie 1st cons g prior 4s_1996 545 5712 557 584 5
8
554 574 544 5812 557 58 8 5583 584 6813 60
54 5
6
,
60% 644
565 687 5718 5812 5813 62
Registered ------------------------------------------ 43 471g
4
8
.
44 483 4412 4912 ;1:212 1712 iKI 1st coas gen lien g 48_1996 43% 457 45 49% 4514 47% 45 48
19
-151 - - aig - -2 065
8
- 54
09 49'12 - -12 85174 ii
8212 8312 84 85
85 8614 85 8912 893* 90
Penn coll trust g 4s 1951 82 847 834 855 83 8512 833* 81
14
8
893* 894 877 9014 8718 88
473 547 51
474 498k 474 49
45 494 47 2 50% 474 50
50-year con g 48 Ser A_1953 414 458 4514 52
,
54
51
5234 517 5512 533* 5814
474 4912 4712 49
52
4712 50% 4754 50
45 49
do
do
Ser 8A953 424 4514 44
474 55
8
535 515 5212 517 554 523* 56
8
51
4618 5413 497 52
3
1953 43 4 47
49 50 3 464 5083 49 534 52 53
3
Gen con 4s Ser 0
,
503* 578 5411 5612 8414 564 554 577 5612 6012
40 46
Registered
094 85r8 - 8 ii - - 1- -gold 8912 ii li -ii 89785 2
0i 86 8712 863 8s5 8612 89
88 90 8818 g018,
Erle28c Jersey 1st 8 f 68-_1955 87 891g 315- 4
8
-
Series C
[VOL. 118.
THE CHRONICLE
42
-Continued.
1923
BONDS
November December
Ocsober
July
June
August SePtenvber
January February
March
April
May
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
9914 9914
Fla Cent & Pen extd 6s___1923 100 100
9912 9912
98% 98%
9412 9412
1st land gr ext gold 5s__1930
9414 95'2
- 1- -55- 98 -657
64 2
2
93 93
Consol gold 5s
-6. 4 - "91 925
5 661943 9188
8
87 8812 873 8838
853 85114
8612 87
4
86 86
Florida East Coast 1st 4%s 1959 8512 88% 86 8 89
86 88
,
8618 87
65 6512 6318 6514
68 68 -iii4 164 673 68
4
684 70
Fonda J & Glov 4%s
6812 70 -158
1952 ____
684 90
.4 72 69 70
80 4 81
,
81 81
8312 834
Fort St U D Co 1st g 435_1941
79 79
98'! 9988
.2
100 101 jai)" 102 ioois 10 1993 993
0
F W & D City 1st g 545_1961
4
99 4 1013 l00's 101
3
103
4
8
8312 84%
82 8712
86 86
Ft W & Rio Gr 1st g 4s_ __ _1928 85 85
87 873
---- 82% 8412
5
4
106 10718 log's 107 10512 1053
From Elk & Mov 1st 65
6i4 107 107 ---- 4
107 16610784 1673 1074 1074 1071
1933 1075 109
3
3
953 95 4 97 98 s 97 98%
,
4
GH&S A M &P 1st 55 1931 98 99
3
8
9512 963 55/2 - 7 967 9714 9714 9714
61i
4
9612 9612 95 98
2
2d guar exten 5s
9512 9512 9512 9714 -551 169312 96
1931 97 97
93
8814 89's -8812 - 1- -gait 8818 -87i2 - - -Galves Hous & Hen 1st 55_1933 8512 878
4 ,
s
66 2
3
85 8614 8612 88 4 88 88 4 88 897 883 89 4 -iiis
,
873 89
4
90
85% 8612 86 8714 8512 86% 86
Genessee Riv RR 1st at 68_1957 86 885 86 87
82 8514 83 8312 83 84
8212 8612 8312 85
9
81
82 821s 8218 8212
85
Ga & Ala 1st cons 5s_ _Oct 1945 808 803 8112 8112 8012 8114 7912 7912 80 8118
8312 8312 8312 8312
4
4
4
8
Ga Car & No 1st gu g 5s_ _1929 -------- 9012 90 4 907 907 9112 9112 90 90%
90% 90% 907 9214 91% 913
3
3
8
6114 6114
-55- 62
Georgia Midland 1st 3s_ _ 1946 6112 644 62 64
6112 613 62 62 61 61
4
6112 61 61
60 4 603 61
3
4
99% 993
4
-551 9914 9938 9938
4
Gila VG & N 1st gu g 55._1924
994 9912
9914 993
4
91 li7
Gr R & I ex Ist gu g 4%8_1941
89 8 894 90 92
90 90
9118 92 -564 164 89 89
- -1
Grand Trunk s f 75
- 1211312 Ill's112;
,
1940 11212 114 11314 115 11312 114 s 11388 11414 11318 114 112%114 111% 113 4 1121511359 112 1164 1125911384 no3
7
Registered
113 113
lly ioaf2 104 10312 icii4 ioais 104 iogi2 104 i0514 161 2 65- 16i4
15-year s f 6s
11936 102%105 1034 105 103 10412 10314 10412 103% 10412 103r2 fo
1063 10814 105410714 106 1067 105%1063 1054 10714 10614 1071s
Gt Nor gen 7s C B & Q coll a '36 10814 11112 1084 110 1064 108 4 10718 10914 1074 109 107 4
4
8
,
4
,
8
4
1st & refund 4311 Ser A-1961 9012 9212 8914 92
,
4
4
88 9018 87 92 884 91 4 88 4 9112 883 893 8712 873 864 873 8512 864 8514 8612 8512 86%
,
Registered
8834 8634 90 90
8 664
664
2 66 2
53s
9812 100% -98 4 1 1- -9712 -6614 97 - 1- -551 - 1- -9584 97
94'z 96's -55T297
8
1952 10018 1023 100 10214 964 100 4 9712 99
,
Registered
9
912 9 12
9
-gii2 56
Green Bay & West ctfs A
-- -664
70 75
65 65 "go- 16- -1364 75
71
714 7'
91 1212 10 1314 10
7 14 7
74
,
Debenture certificates B
7 14 7
,
78 7
,
1214 9 4 104 8% 9 4 718 9 4 7
3
8114 85
4
2
79 8112 8212 83 4 814 813 79 804 7812 793 80 80
G & Sh I 1st rf & ter 5s g Feb'52 8118 8412 8018 8014 79 80
,
78 80
80 80
4
70
67 6858 70
70 718 7314 7314 73% 75
73 74
Harlem R Pt Ches 1st 4s_1954 7812 7812 77 7712 724 77
7
734 734 73% 73 8 73% 75
833 84
4
83 8518
,
Hock'g Val 1st con g 4%8_1999 8412 86
,
4
8414 83 83 4 8014 833 83 844 8214 83 2 82 84
8314 85 4 80 84
80 4 8312 81
,
3
8112 8112
81
Registered
81
1999,6712 97% -iii2
-9/E2 17
H & Tex C 1st 5s Int gu_ _ _1937 ---- - - 973 - 4 955g 97
- 664
4 117-386 91
90 90
90 90
Houston Belt & Ter 1st 58_1937 92 973 903 9038 893 9014 o 4 If- 90 92
9012 93
8
4
8
95 97
93 93
HE& WT 1st g 5s
9514 9715 9618 98
1933 963 963
4
4
Stamped
98 98 -958
9318 9318
1st gu g 5s 98 98
redeemable_
-- _ _
-g5- 8712
Houston RR con g 5s
87 87
1937 -------4
4
Hudson & Manhattan 5s_1957 824 88 -&51 83
767 1i4 -811 824 -55i2 8238 803 82 8014 8138 80% 8112
s
- -1
61;
793 8112
4
- 1- 77'2 81
614
7
4
Registered
8014 8 4
0,
di
164 -57- - 614
4 6
*
Adjustment 5s
1
1957 61% 648 63 63% 6014 6312 56 58 -Oil,' 162 "igia 164 55 617 -5131 - 4 -Oils - - -ggis 60 -gi64 8712 8712
Illinois Central 1st g 4s__ _1951 90 9012 8812
921g 92 8 92 9214
,
-7 5- 79
7
78 7812
-1st gold 3s
%
77% 81
79% 82
1951 iiT4 1;3
83 85 2 8414 8512
8214 83 8 823 84 -83i4 Id17
,
s
8012 84
Collateral trust g 4s--- -1952 831s 857 83 857 8114 8412 80 2
di- 8214 85
8
8
7812
Registered
3
664
845 - 2
* id511st refunding 4s
Ws 8514 8659 85 8611 -85 4 162 -55- - 31955 8414 883 85 877 82 8514 83 Id- -g5T2 8
4
78 78
7512 7512
77 77
Purchased lines 3%s_ _ _ _1952 7
78% 7612 78
77% 77%
- -- 78
9 79
4
Coll tr 4s L NO & T_ _ _ _1953 80 83
791s 80%
8
4
7818 81 4 7859 807 7912 803 79% 804 793 81
,
7938 8159 78 8014 773 8
4 9
763 763
77 77
8
8
78 81
_Registered
,
itio" 1664
Ref 5s ctfs
,
"fol" - 1- -1554 1664 98 100 9838 100 99 4 100 2 977g 99% 9812 100 997
662
1955 ---- 8 100 4 100 100%
99 4 10012 100%1013 9812 100
,
8
15-year secured 535.-1934 101 1027 1005 102'4 ioo" 16114 100 101 10014 10112 10012 1017 9859100
4
,
- -1s
15-year secured 635
4
,
1.936 10912 111 109 11014 108 10912 1074 1094 1074 109 s 109 110 10814 111 10814 110 1083 11014 108 1094 1084 10912 1034 10912
8312 8312
84% 84 4
Cairo Bridge gold 4s_ _ _1950 87 87
,
-- 823 8212
8
-EigT4 70
71
Litchfield div 1st g 3s_ _ _1951 73 73
71
70 70
194
7313 748 -7312 /11- 75 75 id
74l 75
7314 74
Louis,div & term g 334s.1953 7612 797 76 76
74 74
7212 72 2
7412 75
id
,
2
g
6814 6812
Omaha Div 1st g 3s
65 68
---68 68
4
1951 683 683 69 69 8 683 691g
,
4
4
Registered
65 65
-- -- ---70 /6St L Div & Term g 3s _ _1951
68 70 ----- - --- --71
_-- 71
Gold 33s
-- - ,
---,
-75 75
- - -- 76 2 76 2 7612 7612
1951 7712 80
---- 75 7712
83 4 84 83% 843
West'n Lines 1st g 45_1951 83 83
,
834 84
4
---- ----82 -55- 6683 83 -go- 664 81
____
_
Ind Bi & W 1st pref 45_ _ _ _1940 ---- - -- ---- -- 857 86
g
8712 8712
8212 84's -iii2 8411 -giTs - 2
Ind III & la 1st gold 45_ _ _ _1950 ---- --- 85 8514 8318 8318
611144
-ggis IA; 83l - 19412 9412 9512 95 4 95% 98
951 - 4
98 98 -554 97
97 97
Ind Union gen & ref 5s A_1965 98 99 - 9812 100
,
97 98
6S38
,
7
35 38% 33 3612 35 38 4 38% 42 s 387 4014 39% 42%
Internet & Gt No adj 6s_ A952 4112 487 4512 5914 4412 484 43% 457 4 4 96'z447 3' 4498
0
8
8
982
32
:
8 8
7
1st mtge 6s
88 89 4 87 884 8812 99l4 87% 887 877 907
s
8
,
8
1952 97 97% 97 9712 97 9768 904 97,4 894 9212 87 9112 87 8 90
Iowa Central 1st g sg
1938 7112 Mg 7214 7312 69 71 68 70 69 70 88 6878 57 69 58% 6112 604 614 57 61 68 6912 6238 70
15
,
Refunding gold 4s
,
1712 1514 1612 1412 15 4 14% 17 4
293 3414 1912 29 8 14 20
8
,
37 39
3514 38 4 33 36
1951 36 3814 36 40
,
84% 84% 82 83 4 83 4 84 82 g 83
James F & Clear 1st 4s_ _ _1959 8512 87
,
,
, ,
4
4
---- 8418 8414 83 8312 83 83 823 823 83 84 8 84 84
- 77 777 7612 78
Kan & M 1st gu g 4s
s
1990 783 794 ---,
3 7612 7612 771s 774 7612 77
4
- 75 7812 761g 7618 7614 7759 76 2 767 96 96
97 98
2d 20-year 5s
97 98
957 9574
8
_
1927 9612 97
96% 9612
K C Ft S & 51 con g 6s_ _ A928 10212 10212 102 10212 looTz 1623
,
11508 - 74
102 - 1013 102 10112 10212 101'4 10214 iOi- 102 101 101% 101 8 101% . 4 160s
16i - 4
73% 7412 73% 7412
K C Ft S & M Ry ref g 45_1936 7718 7912 76
,
4
4
8
,
77% 73% 7614 74 7612 7414 773 7459 76 4 7412 753 74 4 7512 7312 747 7312 75
931g 9318 93% 95
93 93
934 9312
KC&MR&BIst gu g 58_1929 95 95
_
934 9312
8
9238 92% 945 944
Kan City South lit g 3s_ A950 6712 687 67 6812 65 68 4
69% 72% 68 70
664 6918 70% 6912 70
7 (384 8
6712 65 667 -634 168 654 ,
8
Registered
6312 6312
Ref & irnpt 55
1666 4
4
664 -13.552 - 1- 848 853 8484 87
April 1950 85 89 s 84 4 867 83 85
1
83 8514 -85 2 8658 857 I57- -85- 8513
s
2
3
3
8
Kansas City Term 1st 4s_ _1960 81
8112 8212 79 82
793 8212 8112 8314 81 82%
4
2
8
83 4 80 814 76% 80 4 76 8 79 4 78 8159 8912 814 797 82
, , ,
Kentucky Central g 4s__1987-- 834 83 8 82 83
83 83 8218 82% 811s 82
82 82
81
82
82 82
7
Keokuk & Des M 1st 5s_ _1923 91
71
86 162 6518 66
624 66 61 65 4
71 - -iii2 71
174 7714 70 75
,
84 88
92 - 90 92 88 91
Knox & Ohio 1st g 6s
3
2
s
3
3
1925 10118 1015
,
,
_ 100 4 101 10114 101 4 1004 101 1004 1017 100 4 loo7 1003810038 100 4 100 4 100121001z 100 10012 10012100 2
,
Lake E & W 1st gold 5s_ _ _ _1937 94 97
923 964 93% 953 9312 94 8 93% 95
8
9312 95 93% 93 4
,
93 95
9314 95
8
,
911s 9214 9114 93
92 4 95
,
2d gold 5s
86 87
85 8712 8512 8712 84 2 87 2
8
82 85 8114 81, 815 83 83 83
1941 8512 86
85 86
,
,
4
7513 /5 4 74 4 75
Lake Sh &M s g 33s
74 7812 75 7612 75 76
,
5
1
75 78
76 764 7512 76
1997 76 s 7812 75 7614 72% 743 74 77
4
7212 7212
Registered
74
74 74
via; 74
7312 7312 75 75
1997
Debenture gold 4s
933 9414 907 94 4 93 94 4 -OA -941- -941s 4
,
664 9414 - . 3
8 ,
9 4
4
%
661928 -gOis 1 64144 -62/4 - 2 92 947 04 954 931
8
-gill. 2
25-year gold 4s
4
9218 9114 9214 9114 913 92 92% 92 9212
931 9218 93 92 9312 90% 93
8
1
4
90% 93 4 9112 9314 913 934 91, 9214 91
,
54 9312 933 917 9212 9212 9212 924 92 4 92 9312 9212 9312
Leh 01 Y) 1st gu g 4;0_1940 95 97
g
,
8
9212 94
9154 93
94% 9418 9214 9214 93 93
90' 9012
2
Registered
92 4 92 4
1940
,
3
Leh Val (Pa) gen con g 43_2003 80 111- 7913 161-4 "iiirg 16" 7815 787 776'sa
4 7817i12
.
7
7 7884 7638 - - 2 -76i - 4 7614 771 7614 7712 77 /64 -igis WI;
s
Registered
75 75
77 77
75
General consol 4%s_ _ _ _2003 89 9214 89 903 86 90 85- 88
,
8 58 9
9
8
8612 90 871g 8 58 84 9212 84 4 8612 -ggi2 87 -554 iii- -8514 87 88 If4
Registered
Leh Val Ter Ry 1st gu g 581_1941
- 1ioiist64- 4
1- 4
1004 10114 1014 1017 10152 1021- 10112 101 2 10112 161 2 10214 166 2
5
,
Lehigh Vail RR coil tr 6s_ _1928 10214 105" 152 4 11114 10112 1021z 1004 103 4 101 8 103 10112 10518 lows 10232 101 102 4 102 1034 102 s 103 101 lO2lt iOii2 1664
,
,
1
1, ,
Leh & N Y Ist gu g 4s_ _1945
80 81% 80 s 8018
807 807
8
8
,
83 93 4 84 8512
,
Lex & East 1st guar 5s_ _ _ _1965 984 - 1- 99 Wi 974 9912 973 9918 9812 9958 97% 994 97 4 983 -654166- 97 s 98 4 97 664
,
, ,
- 4 -654 - 84
661g
66 2
8
964
Little Miami gen 4s Ser A.1962
8178
81
Long 181 1st con g 5s_July 1931
664 97 97 97 9712
971 97'2 98 Id- 96's 97 -oeF2 1
9
871
9712 9712
958* 98
1st cons g 4s
July 1931
gals 164 9214 9214
90 90
S5I2 8484 -1
Can g 4s
83 4 84
,
843 81
84 85
66181
614 8412 - 2 -845 86
1938 84
4
843 85
4
134 1 ; 8334 84
41
Gold 4s
8112 8112
1932
Unified gold 4s
78
78 /18 75 75
11949 8012 81
3
7914 79 4 75 4 764 75'2 7718 77
,
78 7814
Deb gold 5s
-55- 164 92 45T2
91
9312 -1
66- 9114 9114 91
92 92
1934 94 94
_
91
8314 114 84 - 1- 824 84
20-year deben 5s
837 8418 82% 84
8212 84 82 4 83 4 84 8412
s
61 2
,
1937 8312 8512 83 4 85 844 85 -8312 85
,
,
Guar ref g 4s
7612 77% 76 4 784 76 4 77 4 763 7812 78 4 79% 713% 8012
,
, ,
4
78 7914 76 7814 767 773 7612 7912 7712 78
1949 79 83
,
4
N Sh Bch 1st con gu Ss Oct'32
93 93
---- -- 92 92
4
934 96 9318 943
Louisiana & Ark 1st 5s
94l 96'4 -Og- Id - -95- 162 9612 9612 97 97
93 941s 94 94
93 4 94
,
94 - 1- 94 94
761 2
1927 -_-_ -- -gais 94
Louisiana & NW 5s
1935 76 77
Lou &Jeff Bridge Co gu g 45'45 80 80
7814 /64 77 797 77 77
7
7858 81'z 791s 81 7
754 16- -goi2 81
8
7812 79'z 7818 83 -75E2 79
79's 80 *
7
Lou & Nash-Gold 5s
100 101 4 10014 102 4 97% 97% 10112 10112 102 102
wok& Ion 10014 100 4 10114 102% 1021210212
1937 102 102
,
,
,
Unified gold 4s
89 904 894 91
4
8752 897 88 89 4 893 897 8912 9014
,
1940 8912 9112 89 4 92 8714 89 4 88 90% 904 913 8812 91
2
,
,
8
8
Registered
1940
9014 9014
4 , Coll trust gold 5s
)
1931
984 101
98's 99
99%103
97% 97% 978 98 4 -1 iT2 971. 98ls 98i
-geis WI; 97 98
10-year 7s
1930 106 108 4 10612 1074 106 4 108 10714 10812 10714 109 10612 108 10612 108 10659 107'4 10612 1074 10614 1074 mg% lova 10684 10712
,
,
550 A
,
,
,
8
2003 103 4 105 10314 105 10114 104 8 10214 1033 102 103 4 10312 1048 104 10514 103 104 4 1017 1033 102%10514 104 1054 104 106 4
3
4
8
4
9512 961s 95 954 95 9612 9558 97
5s B receipts
2003
964 97 8
,
N 0& M Ist g 6s
6512 103
1930 101%1014
1034103%
No 0 & M 241 g 6s
1930
1- 2 -9712 - 16119/2
Paducah & Mem Div 4s_ _1946
154 664 82'i 82'4 -81- 83
841s 84's iis _ 1_ 4
5_
6012 6218 62 62
6
59 60
St Louis Div 2d gold 3s_ _1980 605 "di" 60'2 61 -LA 664 -6918 63 -Lois - 114 5812 61
6
9218 9218 9218 9218
L & N & Mob & M 1st g 44s '45 96 96
93 4 937
3
93 93
g
L & N-Sou Mon joint 4s_ _ _1952 79% 80% 78 794
7818 7912 72 /6774 77 773 751g 78
8
/6 2 -ig- WI; 76
1Registered
July 1952
7312 7312
951. Idli -9Li4 977
9514 9511
9612 9712 957 954
Louis Cin & Lax g 4%s_ _ _ _1931 97 97 "962
973 98
8
4
9812 9812
Mahoning Coal RR 1st 53_1934
-993 993
4
4
69 71 -6714 70
Manila RR Sou Lines 4s_ _ _1939 6418 6418 68 89
63 6412 63 64
61 - -614
59% 60
Manito S W Colonl g 5s_ _ 1934 95 4 9714 96 967 95% 974 95% 96 2 9612 97 4 9612 96 4 9612 96 2 96 98 4 gills - 12 9714 98.
,
8
,
66
3
,
,
,
9712 97 4
,
8218 83 82 82
_
Man GB&NW 1st gu 345 1941
82 82
---1931
-694 Michigan Central 5s
- 664 Hui 166 100 101
---1051 166 2
2 - 1"iiig Wig
Registered
1931
9712 9712
1940
86% 86 4 86 86 4 86 - 1- -55- 88 -55i2 16g2
,
88 88
4s
,
---871g 8715
80806- ---- - Jack L & S gold 33a .195l
7714 16784 814 78 78
83 84
1952
77 772
- -1i7 2
1st gold 3%.
80 - 4
81:11914 924 89% 93
92
9114 9
9112 924
91
91
92
93
20-year debentures 4s_ _ _1929
214
92 93
86 86
Registered
1940
55
87 87
Midland NJ 1st ext
1 664
-egis 16 994 99 4 9618100
12
-99 4 - 3,
664
-554 M L S & West Ext s f 5s__ _ _1929 -0934 9984
100 g 100 8
7
100 4 100 4
3
1001g 1001s
1
7
Michigan Div 1st g 6s-_ _ _1924
ied
----
----
----
---
----
----
--1.
43
THE CHRONICLE
JAN. 5 1924.]
1923 Continued.
-
BONDS
May
January February
June
November December
September
April
October
March
August
July
Low High Low High Low High Low High Low High Low High Low High Low High how High Low High Low High Low High
1934 8814 904 895 9212
----------------89____ ___1_ 91
89 8
Mil & No 1st ext 43s
91
4
91 91
89 91
8
888 894 89 8912 --------873 9112
--------8914 8914
1934_2 _ _ ---- ---- -615i2 " 1 --------89 89
89 91
ii
Consol 448
111 4 ---- ---8
8
8
3
843 8614 855 855 85 4 612 8512 8512 85 8512 834 86
Mil Spar & NW 1st gu 4s1947 881
8512 87
85 867 8412 85
8518 854 843 84I
8
4
Minn & St List gold 78_ _ _1927 ____ _ _ __ 101 101 --------101 101 100 4 10014 10218 10218 1013 10214 97 10012 100 10012 983 983 99% 9988
,
4
4
1934 7458 76
1st cons gold is
7412 681X 75
70
7212 58 60
60 62
75
76
55 6212 6212 75 62 67
69 73 4 68
3
7338 70
1st & refund gold 4s___ _1949 37 3812 36 40
20 34
3712 40
16 22
37 3814 36 3812 344 38
1612 21
1512 193 17 8 183 17 4 18
3
12
4
7
4
1962 35 378 3712 393 38 3912 37 38
3312 38
Ref & ext 55 ser A
1518 34
3612 38
14
4
1688 1414 164 1512 16
1512 164 15% 16
8618 88
51 St P & S S M cons 4s1938 8712 90
877 883 843 8712 864 8712 864 9012 86 89
8
8
4
14
87 8812 8614 873 8612 873 8614 874 883 87
4
4
4
1938 984 99, 9914 100
1st consol 58
8
4
98 9914 98 9912 994 9912 987 1004 993 994 ---- -- 983 100 8 9812 99
9812 984 9814 9912
3
,
4
1931 1034 106 10318 1044 10112 1037 10314 104 1004 10312 103 1037 1033 1037 10214 10312 1013 1024 1014 102 101 1013 1013 103
10-year coil Ois
8
4
8
8
4
4
1946 10312 10512 1035 105 100 102
6s A
8
8
8
9988 102 10014 10114 9978 997 983 10012 98 9912 9812 100
3
994 10112 9814 9912 98 4 9914
1941 961_4
6612 60t2 ____ __ _
1st Chic Term s f 48
.
1926
M S S M&StlIst 4s
-_-_-_-_ -66- 9688
66- -56i3 -- 5 -68
8 64 .
4
Mississippi Central 1st 58_1949 ____ _ _ __
8712 8814 8814 -18 881*
Mo K & Ok 1st au 5s
1492 94 94
92 9212 9134 - -3- ____ ____ ___ ____ ____ ____ ____ ____ ____ ____ ____ ___91 4
Certificates of deposit
85 85
Mo Kan & Tex 1st 48
747
1990 7812 8014 78 7912
- 62 -754 7588 -754 - 57 174 164
3- 7 751s 78
71 4
7&1
11
;
- s 74¼ 7584 . :8 7638
Columbia Trust ctfs___ A990_n_3_ 77 77
4
2d 4s Trust Co ctfs of dep___ 7038
7312 7414 74
75
lst & refund mtge 4s
2004 89 89
448 Tr Co ctfs of deposit1936 6812 70
7012 724
Stamped
78% 7812 73 7512
Secured notes 5s extd tr nets
823 83%
4
Mo Kan & Tex (new)
5s A
1962 805 834 80 4 828 7712 8038 77 794 7812 783 743 78% 7514 773 757 7812 77
4
8
3
4
s
8
8
7814 763 78
78 797
8
4
7718 79
4s B
1962 6614 6712 6412 67 6312 653 6312 664 623 85'8 8112 643 62 6412 63 64% 624 64 4 8212 833 633 65 8 6342 6834
4
4
4
,
8
,
4
6s C
1932 95 963 9514 96
92 4 96
3
93 8 944 9334 9512 9312 9512 93 954 94 9514 9312 943 9312 9418 9334 943 9418 95 4
7
3
4
4
4
8
is (adj)
4914 5412 485 52
1967 59 613 60% 63 6012 6214 53 613 514 54
8
493 5412 52 54 8 49
8
5112 49 8 5418 511s 537
8
,
4
3
Missouri Pacific (new Co)
1st & refund 5s
79 803 794 80
1965 88 864 8412 864 83 85 8 82 8314 8214 834 80 82
4
3
7314 754 74 754
2
1st & refund 5s
1926 953 9 4 9512 963 9612 96 4 95 97
75 7 3 73 7678
'2
9512 96% 96 988 9 12 9 2 9512 9512 947 95
3
4 63
4 5
4
8
12
9514 96
, 9512 9614 9512 96
51
6s
1949 9412 99
4
9012 943 6012 6312 92 923 8938 927 8512 90
9512 97 2 9212 9612 9212 96
93 95
4
8
,
85 i 2 8718 8912
89
1
:
5818 583 52 58% 5134 55
1975 5912 6314 60 62
General 48
5612 6012 563 58
514 53
4
50 53
4714 51
4812 52 4 50 4 53
3
3
5812 8812 -------Registered
_ 50 50
Mo Pac 3d Is ext at 4% __ __1938
-56- 16-564 168
3-56i8 - 179'2 803 ---668
4
80 4 80 4
3
3
917 917 917 917
s
Mob & BIrm prior lien g is..1945
8
9218 9212 923 93
8
8
7384 72 "i18
1945
Mortgage gold 48
7114 7114
16912 6912 7438 7438
70 /6Mobile & Ohio new g 6s_. A927 104- 10412
14
103 1033 102 104 102410414 103 161 1004 102 101 161 2 100 103 10214 103 1521 1118 i&
1
8
4
7is
1st extension g 68__July 1927 ____ ____ 1654 163 103 103 10314 10314 10034 1003 1013 1015
- -7it
8
9918 9912 10012 1003
1
__4
10058 100%
8
1938 78 76
General gold 48
8
76 76
7312 7812 73 73
73 8 74
7
-r 5- 73
7
725 72% 723 72% ____
8
7312 7614 7514 - 2 734 73 4
7513
Montgom Div 1st g 58_ _ _1947 ____ ____ 94 4 943 924 92% 9012 9012 90 93
3
924 93
904 904 93 93
9214 9214 -- - 4
92 9312 90 4 91
3
94 94% 95 95
St Louis Division 5s._ _1927 94 9418 9512 9512 94 953 9412 9512
4
94 941
9414 943
4
1938 7718 774
Mob &0coil tr a 4s
77 7812 7518 77
75 771 76 76
7518 7518 7412 7614 7,514 7533 75- 7534
76
7538 76
7.3
1991 _
Moh & Mal 1st au g 48
79 - 62
4
813 82
4
_
1937 111 111
Mont C Ist gu it 88
1663_ 1__
_ 4 0 11
10912 1094 10912 1094 1094 109 8
,
.
1:
_
1937 101 101 ioi- 1613 1561. 1111 -51 4 110 - 100 100
- -8
1st guar gold 58
9914 99 4
4 - -)
Rio- 166- 10014
,
-564 161
2000 78
Mor & Essex 34s
78
774 773 7512 7712 743 76
8
7
4
7534 7712 7614 76% 75 7512 745 74 8 74 75
4
74 7412 757 764 747 7584
8
Nash C & St L 1st con 58_ _1928 993 10014 100 101 100 10014 9818 993 9912 100'4 10012 101
4
993 100
8
9912 100
99 _9_9_3_ 9 % 9 4 993 100 99 8 10014
4
4 8
9
8
7
8
12
N Fl & Shef lst gu g 5s_1937 _ _ ____
98 98
98 98
Nat Ry of Me:4)e,'57,July
1914 coupon on
23 29
2818 32
30 3212 30 32
25 8 28
7
2512 29
3014 323 29% 32
2614 28
4
2312 264 2358 2712 233 28 2
4
,
July 1914 coupon off
29 35
---314 314
25 26
Gtd 70-yr s f 4s
1977 2618 2618
April 1914 coupon off
16 8
27's 2713 -55iz - 1
24 24
Nat RR of Mex 43(s
1926
2588
July 1914 coupon on
42 428
8
40 40 2 -i64
3612 kit 38¼385 394
44
-564 40
,
161- -554 40
2
3538 40z
July 1914 coupon off
44% 44%
40 40
1st cons gold 4s
1951
27 28
2614
April 1914 coupon on
23 231 21'4 2114 -2314 24
2412 2412 26
23 241 23 23
28 28
April 1914 coupon off
25 16
26 28
2212 2212 23 23
27't 27l
1812 1812 1934 2212 56Naugatuck RR 4s
1954
681s 6818 2412 34
747 741 743 7412 7514 7514
New Eng RR cons 48
1945 ail " 1175 75
8
1945 89 8912
58
-5613 - 3
661NJ Junc RR gu 1st 4s___ _1986 82 82
-56- -- 1
8 :4
6
7714 7813 77 78'a 78'4 79
4
NO & No'eastern 41is ser A '52 81
4 77 4
78'4 798 -79- SO5 78 8112 80 807
79i- 773 - 8- -56- 16- 80% 83%
8
e
New Orleans Term 1st 48_ A953 767 793 7512 7812 7318 75
743 765 7418 76
8
8
74 75
8
4
734 7512 7412 77
7312 748 734 76
4
75% 77
753 77
8
N0Tex & Mex Ist ser A 68_1925 100 101 10012 1043 100 1003 10014 1014 10014 1013 10012 101 10018 101 1005 1014 10012 101 10014 101 10041003 10012101
4
8
4
8
4
8
Non-cum Inc Ser A 5s_1935 78 793 797 84
4
4
8012 823 783 80
4
8
4
773 79 4 75 7812 7412 7612 724 76% 757 773 7355 76
4
,
7512 84 854 8612
Npt & an B gen gu a 448_1945 8914 8912
8912 8912 9012 9012
90 90
90 90
NYB&MBcong5s
1935
94
94
s
NY Central RR deb 6s
1935 i65- 10i- 10312 1047 i654166 101 1034 10114 161- 10314 1051k 103'4 lO4g lO3lg 10412 ioi- 166- i654164
34
103
- 4
8
1998 804 823 7914 815 76% 80
Consol 4s series A
793 8314 80% 82
8
76% 793 784 824 79 81
7812 813 794 80% 80 4 814
8
8
8
82
3
2013 8578 88 8 843 87 4 8 4 86
7
Set A
4
Ref & impt4.
8412 87
8
8414 867 8518 863 8455 853 8412 8514 8514 8612 84 8 88
8518 87% 85 87
, 4
8
8
3
2 94 963 9412 95 4
2013 9614 983 96 9712 924 964 933 954 944 97 4 9414 963 95 96 4 954 96
Ref & impt Ss
4
943 9512 9412 95
4
4
,
,
4
3
Registered
9512 9512
72 4 - 4 7314 74'2 737 75
N Y Central 3;4s
1997 7514 773 727 76
4
8
ii 8
72 74
754 7212 7438 -7312 758 fit; 73 - 5- -i5- 75
fil73'2 748
Registered
1997 73 73
6914 7312 7212 727 73 73
7112 7112
725 72 a
8
7
8
Debenture gold 40
1934 893 9188 89 91
- 2 86's 89s 883 901s
1114
- 1- 87 1666 2
16- 88 90
87% 893 883 89% 885 8912
8
4
4
4
Registered
1934
30-year deben 4s
863 9014 86 89
1942
4
4
8412 885 8612 8712 853 873 8514 867 85% 8612 843 863
8
8
8
4
86
8
8638 8538 8612
Lake Shore coil g 3Xs_ 1998 7214 7412 7114 76
684 72 69 713 7012 7312 7012 73
70% 72
714 727 72
8
8
73
7012 72
721s
7114 7214 71
Registered
1998 72 72
70 704 69 4 693 694 6912 70
70
3
69 69, 703 71
4
4
8
70 7012 70 8 70 8
3
3
7484 77
MichCent coil g 33 13_1998 7512 76
,
6
71% 727 7218 73
71'2 73l 71i 72
8
7 7212 73
7214 72 4 72 72 4 71
,
,
7214 7114 737 72% 7212
8
1998 75 75
Registered
_
7012 7012
693 695
8
8
703 70 4
4
3
NY Chic & St L let g 4s- _1937 87% 9014 87% 8912 83s 87 844 8714 86'2 88'S -55i2 8812 87 87 -564 - 7- 873 883 88 8912 8914 90 8 8913 1 16/8
4
4
- 4
6
3
Registered
87 87
25-year deben 43
8
1931 8612 887 8712 877 83% 85 85 87 8
863 8612 88 87 -554 - 5- 8614 89 -8713 11- 873g 8784 -883 8815
66 8
8
4
6s A.I3
1931 _
98 10012 99 100
993 101
4
993 100 8 9934 101
4
984 100
993 1004 99 1004 1004 1003 100 10012
5
4
4
NY Connecting 1st A 4Hs 1953 8512 887 8514 8712 8414 86
8
3
85% 877 86 87% 85 4 8612 86 87
8
85'2 8814 85 4 867 86 87
86 86%
3
8
's 84% 86
NY & Erie 3d ext 4)4._.1923 9914 9914
95 95
4th ext gold 5s
1920 _
4
- 1- 91$g 918 -9318 94 94
118
95 95
if%
N Y & Harlem g nis
2000
77% 771 734 7312
8
74 74
N Y L & W constr 5s
100 100
998 - 74 9914 -11i11-4
4 1(1)
1923
997 10014
8
Term &!mot 4s
1923 9914 9914 9912 99%
103 103
-- - NY L E & W funding 7s
1930 94 94
9812 984
----Dock & impt 541
1943 ____ __ _ 9818 984 98 984
95 4 99 ---- ---3
96'2
-- ---- 9914 9914
NY&J5s
9434 6812
1932 974 98
96 96 ---- ---- 9614 984 9818 9618 96 964 953 9712 96 973
4
4
NY N H & Hartford
Non-cony deb 330
43 43
8
1954-424 43
-- 465 47
40 41
363 4312 36 39
4
35 3612 35 37
344 3612 36
3
383 3714 39 4
4
Non-cony deb 4s
49 49
1947 474 "- 8
4734 49
477
485 48% 4812 49
8
42 42
Non-cony deb 34s
48 48
1947 4312 46
44 44
_ 44 44
3584 353 38 38
4
Non-cony deb 4s
4514 513 45 4614 46 4814 42 447 4312 45
1955 47 50
8
8
3734 10
-565 41 - 55- 4038 404 4214 40 43
4
12
Non-cony deb 48
454 474 45 477 43 464 4414 46
1956 48 5012 43 51
8
3918 4212 37 4112 3034 4018 39
40
3814 4414
4014 43
Cony deb nits
1956 40 4612 42 4512 4212 4312 43 43
394 42
39 40
3512 3914 35 40
34 40
3412 39
36
3934 37% 40
Cony deb 6s
67 6812 6312 6814 61% 64
1948 6714 73 4 67 73
58 657 52 59
,
8
52 6012 553 59'2 52 5512 5234 59
4
5718 61
Registered
_
65 65
70 70
6018 8012 5218 5214 5412 5412 513 514
60 61
4
55 57
Debenture 4s
407 42
8
1957 3912 41
3812 423 %His ill; 36 407 35
4
3912 31
313 27 29
4
3512 30 3012 30
s
28 3
55, 34 3512
78
Apr I 1925 6312 764 723 76
7212 75
4
72 74
64 713 61
697 5418 625 5712 6314 6112 64
8
8
4
6018 6278 62 693 66 7414
4
Francs
April 1 1925 7018 81
60 71% 6814 717 63 6814 6012 631 605 653 53 825 5714 8012 59 6184 5812 593 5812
8
8
s
8
,
8
58% 67 69 2
Consol Ry non-cony deb 48'54
404 40 4 4612 4812
,
- -- 40 40
Y & North 1s1 g 58
N
1927
- - -- -554 - 7- -1554 Wag
668
99 99
_
1992 68 - ; 6E4 68
64 654 644 663 627 66
N Y Ont & W 1st g 4s
61 3 64 -664 62 60 8
707
4
6i4 6014 6114 6012 623
4
1955 633 70% 58 6212 58 593 55 60
General 48
4
4
53 5814 56
56 58
57 585814 5814 5814 57 58
56% 58
58 59
NY & Put 1st con gu g 48.1998 -___ -_ _
. 8212 823 8012 818,
4
82 82
8212 8212 8214 8214 8014 81
8214 8214
_
1927 ____
-55- 16N Y & Ro Bch 1st g 5s
-138is 961
887
4
1st ref g 511_ A937 5112 - _- -Li 60
5314 -117e
N Y Sus & W
,56
56
64 16- -EE
53 52 - 8
5315014 5212
1937 _
42 47% 48 48
2d g 41is
48 48
45 45
45 45
45 45
3
46 40
46 4614 4818 45 4
1940 45 454 45 49
45 47
General gold 5s
46 46
4114 45
43 45
41
4418 40 43
39 44
3
374 42 4
3712 38
3912 43
1943 __ _
Terminal 1st g 5s
933 933 84% 8458
8
8
84 84
8412 8412
N Y W & 13 18t ser I 4%s 1946 46 16- 453 484 43 467 41
8
4
.- 14
4418
4
4
11% 363 4212 3213 378 343
-5iT8 41"
36 3912 3612 394
513_1961 634 6712 66 71
Norf Sou 1st & ref A
64 70
6112 66
6418 667 614 6614 6114 64
8
61 6314 62 6312 63 65
63 654 6218 644
1941 903 9 3 91
Norf & Sou 1st il 58
8
4 04
8878 9058 9034 903 90 908 90 90
9312 917 92
4
4
874 877 8812 8812
8
4
---- 87 893 88 8912
1934 10812 10812
Norf & West gen g 6s
10018 100 8 107 107 106 106 107 10812 10638 1064 10818 10812 10612 1081
,
106 106
2 ---1934 ____ ____
110 110
Improve & ext g 6s
1932 ____ __ __
New River 1st g 6s
1063 1063
4
4
i6i- 107
107 16i- 107 16iFa7416ft;
: f6f8 1063810638
1Norf & W Ry 1st con g 43_1996 9018 934 8988 9213 8512 89 4 8613 881, 863 887 86I 887 8712
3
4
8
8
893 8912 9238 564 Wiz 88 90
7
4
8812 91
864 88 8
1996 8812 90
Registered
85 85
8814 8814 85 86
87 87
85 85
853 85 4
4
3
Div 1st lien & gen g 4s_ _1944 85 4 8 4 883 8612
84 845 85 87 8514 87 84% 88
3 63
8
8
877 88
.
88 88
87 89
88
8612 87%
1938 108 108
Convertible 4 Yis
107 107
102 1024 101 105
10-year convert 6s
1929 1114113 4 113 11734 112 116 .
10714 11 1- 1084 11012 jai-- 4
1
8
10714 10812 10712 10914 10734 116- 65416i- 10714 166" 106
Registered
11241125
8
Poca C & C joint 4s__1941 8714 88 8 865 87
3
8
85 853 - 3 - 7
4 4 81 g
-8514 86
8
858, 8534 -554 16- -58i2 - - -554 16 -56- 18 2 8812 814
6618
.,
Northern Ohio lit gu g 58 1945
wi
.
7912 7912
79 79
82 87
80 80
807 85
8
85 8634
Nor Pac-Prior lien g 4s_ _1997 843
8
6741- 824 84
82 4 8512
3
8012 82 4
1
83l 86 -524 61:- 8112 83 8112 83
Registered
1997 8312 8312
81
8112 824 8212 85 8 8312 813 83 814 814
3
4
_
8114 8114 8138 813 80 81
8
g 3s
Gen Ben
59 664 5914 60
4
Jan 2047 603 624 -66is
59 4 61
3
5912 6012 591s 6014 5912 6014 59 60
5814 5912 58 59% 5818 59
Registered
Jan 2047 5914 5914
584 58 2 60 60
5812 66
,
581s 561
8
2047 88 90 2 86
Ref & impt 44s A
8
8712 833 847 823 853 8412 88
,
4
4
8514 85 4 84 8514 -5814 - , 84 8434 8215 84
4
,
863
811* - - 7 79% 828s
8 i
1
_iai, _9_6(8 _ii,i4 _i65i -::: ---- -ei- ii- -56i, -9-e78 -_-_-_-_
---- --_-____ ____100 loo ----------------8713
-.
ids
.
--_-
____
--_-
____
----
----
-7 54
7
----
----
2518
-4214
--
_1--
----
----
io418 16658
iiia
8084
106
i5:18
-a- Wit:
a
112
-5514 -Wiz
----
-.1-
"65" 1614
-5,- 8 56
6
5
-5 Wit; -55- - -712
.5-
3713
-iiis
airs
ilia;
1613;
-
ii"
-§3is -
"iii.
-55 2 16-
-11 1i-
----
--
44
THE CHRONICLE
[VOL. 118.
1923—Continued.
BONDS
January February
March
April
May
June
July
August
September
October I November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High
Northern Pacific (Concluded)
Ref & impt 6s, ser B__--2047 1073 1093 1073 1083 10618 10714 106 10712 10612 109 10618 10812 10614 108
4
4
8
4
Registered
- 105 105 ___
s
8
__ 1073 1073
55, C
2047 9734 101
95 9918 9212 99
933 -8 96
9414 963 9312 1612 9212 15
4
55, D
2047 --------9812 9914 9212 9914 931 953 933 9612 9312 9614 9213 95
8
4
10518 107
103%106
10234 1043 10213 1035 102 10338
8
8
94 4
93 - 3- 934 - 5- 6238 63 2
t- 62
6614 ) - -78 5613 12
-14
9212 933 9213 93
928 94
9114 93
4
9012 9178
Nor P Ter Co 1st g 6s
1933 ------------ ---- 108 ffii 108f2 fcii kat 10834 --------10912 1-16 ---------------- 10914 16623 16614 16
6614 i6f621- 63;
No of Cal guar gold 5s_1938 ----------------------------------------100 100 ----------------100 100
og & L Ch 1st gu g 4s
1948
4 68 14t870 70 ------------------------67 8 1
6614 6734 68 ai ./I78
6
Ohio Conn Ry 4s
1943
OhloRiverRR1stg53
1936 FAs --- F
i 9818 A -9i 5813165 ------------------------------------------------9612 9613 --- ---- - r -, -Gen gold 5s
1937 --------95129513 -- _
--- --- -- ---- ---- _.,:- - - ..,..,
---- ---- _ _ 9438 943
8 ------94849412
-Ore & Cal 1st gu g 5s
1927 9918 100
9878 100
983 99
-8
9812 -9912 9812 --9912 9838 -9912 983 -- -58 99 4 99
994 99 10
-0
99 0958 99% 1-0
9918 9912
1946 87 8712 86
Ore RR Sc Nay con g 4s
8914 86
863 873 8614 88
4
8
4
8612 843 86
8614 8712 8614 863 86 8634 8618 8712 8612 8712 8614 8712
4
Ore Sh L 1st cons g 5s
1946 103 10412 10112 10212 99 10112 997 1015 10012 102 10112 10212 10012 10213 10113 1013 1001210078 100 10112 10034 102 10034 10213
8
8
4
55 guar
1946 103 105 102 1033 997g 10212 10018 1015 100, 102 10314 104 10113 10314 101 102 100 102 10014 102 10112 10212 10134 10234
4
8
4
Guar ref g 45
923 9288 927 9088 9218 9034 923 913 923 9112 9214 9134 923 9138 9238 917 925 9138 93
4
1929 91
8
4
4
4
9214 93
8
9214 9234
Oregon-Wash 1st & ref 45_1961 7912 82
79 8012 7512 7912 7618 7814 773 8012 78 2 79% 79 803 7914 8014 78 80
4
,
8
7814 8012 788 80
7914 80
Registered
7512 7912 --------------------------------------------------------79
79
Pacific Coast Co 1st g 5s__1946 7912 7912 78 78
7 7953 7812 7812 77 7813 75 77
7912
75 75
75 75
74 75
74% 75
75 1614
Pac RR of Mo 1st ext g 45-_1938 8638 8638 --------8612 8612 85 85
--------854 853 853 8612 8612 8612 8612 8712
84 84
8612 8612 84% 841
4
4
2d extended gold 55
1938 --------97 97
9512 9513 -------------------- ------------ -------- 9482 95
_
8
8
9458 0612 965 965 ___ __ __
Paducah & Ill 1st s f 4;45_1955 9012 9012 905 91
8
012 90 90 ---- -------- ----90 90 --------893 893 ---907 91
- 90% 9
4
4
Paris-Lyons mid RR 65_1958 6614 7314 6718 72
4
4
70 733 ------ - 7514 753 7314 98
71
4 72 773
65% 72 694 74% 703 7312 6618 7212 66 -- -18
74
4
7
0
Paulista Ref. 7s
1942 -------- --------------------------------9512 97% 9514 9614 9612 97
9538 965 9512 96
8
95
95 95
Penn RR-Con g 4s
1943 9314 931493
909014 4 9314 9314 9012 7012 8812 8938 8813 8813 8813 8812 885s 8838 89 89 89 96
9
90
89
Con g 4s
1948 89 9012 897 91
8714 9014 88 90
8
873 9012 8738 9112 877 887 884 8912 874 8814 873 8812 8714 8812 873 8812
4
8
4
4
Stamped
89 90
88 88
88 8814 853 86
85 89
85 87
4
88 88
8812 8812 ----------------84 8714 86 86
Consol 4545
1960 97 9812 953 985 923 9712 927 953g 94 963 95 9613
4
8
4
8
4
9414 9512 9512 98
4
12 95% 933 9512 9414 95
General 434s
1965 91
8812 9112 858 - 12 8912 903 8918 903 8918 91
9014 92
963 908 9213 88 9118 88 91
4
0012 9112 90 917
96
4
8
Registered89 89
General 5s
4
1968! 99513 1013 100 1013 9812 101
4
98 10018 55F2 161
- - 5Fii8 1- 1 4 993 101
4
61
991- 160
4 - -12 98i4 - 4 681-4 16612 99i2 16676612 66C4 16614
10-year Is
1930 109%110 4 1083 1103 107 110 1073 110 110618 1083 107 109 10714 109 1073 109 108%109 10712 109 10612 108 107 1075
,
4
8
4
4
4
8
15-year secured 6jis
19361 109 11118 110 11014 1063s 10912 10712 1088 10714 10884 10618 10812 107 1085 10714 1083 10713 1083 10712 108% 107 10812 1073 10812
8
4
4
4
Registered
Penn Co
Guar 334s coil tr ctfs, B_1941 83 83 --------8184 813 8134 82 --------823 8312 827 827 8214 8214 82 8218 82 82
4
4
8
8
8214 8214 8218 821s
Guar g 3%5 tr ctfs, ser D 1944 -------------------- ------------ --------818 - -3- ----4
-1 81 4
- --- ---- ---- 813 813 --------8118 835
8
4
8
Guar g 15-25-year 4s____1931
93--------92 9212 9038 9078 903 9112 8914 9112 90 -61 3 -90 -90 --------9083 9112 i4
8
-3
904 92
Guar 4s, series E
1952 87 87 --------85 85
853 903 8412 8412 ----------------87 87
8
85 85
------8312 84
8534 87
Peo & East 1st cons 4s
1940 74 78
12 7214 704 7114
7412 77
7212 7514 72 7212 7012 737 71
8
12 7278 7012 7012 684 75
69 70
68 69
Income 45
26
1990 27 2812 28 30
21
21
2512 21
255 26
8
26
28
2212 21
2112 203 213 2078 27
8
25
2338 2478 21
4
Pere Margette 1st set A 55_1956 95 98
941 96
9312 96
9412 963 923 96
9314 96
4
4
9418 9514 94 95
934 9438 933 947 903 9418 9118 9218
4
8
8
1 79
1st series B 4s
1956 81
8212 80 82
4
77 803 7814 803 7812 80
78 81
4
77
7914 7914 7638 77
757 7714
78
7612 7814 77
Phila Balt & W 1st g 4s
1943 8914 9212 ____
_ 8814 8814 --------8912 8912 -:-...
,
8912 8912 ----------------873 88 --------8812 8912
4
Philippine Ry 1st 30-yr sf 4s '37 463 497 465 --- 463 48
8
8
4
8 48
46 473 4584 46'2 44 - 8 4112 45
4
457
,-4318 4412 41
4278 4134 4313 4012 4314 39 41
PC C & St L gu 13 134s, set A '40 947 9518 971 9718 94 9413 9413 9412 9418 9514 94 9438 94 943 95
,
4
9512 94% 9412 9212 9212 933 933 933 95%
4
4
4
Series B. guar
1942 9478 947 --------9412 977 96 96
8
9412 9518 94 9412 0612 9612 9414 9514 93 93
94 95
8
9312 9312 94 94
Series C. guar
9312 9313 4
- 913 913 9314 9314 -- -- ---4
Series D, guar
93
1949 ----------------8912 - - -13 gii2 - 13 ------------------------923 -- OiTs
Series E, 33is, guar g
89
81
_
.
492 49088 933 .
3
4 ::: _ - _ _ . _ _ ---- - —
_
Series F, cons 45 gu g__ _1953 --------89 9112 ----------------91
91
9112 9.4
Series G,cons 4s guar.1957 ----------------8988 93 ______ ____ ---- -,-8
iii4 Ills isZ li- 65 - -_66Series I, cons 4ji5 guar_1963 --------9412 9452 ____ ---_ 9212 - - --------9211 - - -7- 9213 925
92 8
921
8 ------9324 9314 9014 9014 -.-- ---- ---- -Series .7, 4Ms
1964 --------------------------------9212 9212 --------9212 94
_;
9314 9314 93 93
9112 9112 ---- --- -- -1970 9678 9918 9 12 99
General 5s, series A
9338 9714 93% 957 9438 97
96 9714 95 963 9412 957 935s 96
8
'2 957 97
8
9614 -- 4
957 "97
8
9
63Registered
__ ___ -.... ____ ____ ___- 95 95
Pittsb Shen & L E 1st g 55_1940 9914 9914
9918 100 -------------------------------- -9814 9812 9888 9838
100 100 -------- 9714 100
3943
1st cons g 55
Providence Secur deb 48_1957 58E8 -- ----------------38
55 - _ _
3638
ii
----------------100338 38
1997 8512 86
Reading Co gm n g 4s
8312 8534 827 85
83 8538 8512 88
8312 563 i:1 4
iti gU2 - 6 86
6
8
174
,
Registered
1997 --------82 834 8212 8212 8012 8012 8412 86
85 85
84 854 _ _
---___ ____
-- ____
___ 864 8612
8313 8312 --------79 8113 7414 8514 834 838 83 853 8318 88
Certificates of deposit
4
8618 --12 8612 -- 3 8638 87
87
87 8
86 8713
8614 87
Jersey Central coil g 45_1951 85 86
81
82 84
8312 8412 80 835 81
8212 81 82 813 83 814 8212 81 8112 8112 8214 8112 83
8314
8
4
Rich & Dan 5s stamped_1927 ------------------------9788 98
9818 98 8 ---- ----973 9734 973 973 9814 9812 98 98 -----9712 98
4
,
4
4
1948
Rich & Meek 1st g 4s
Ter Ry 58
1952 100 100 --------984 99 --------97 lily 6812 Richmond
6613 _ _
_
- -1, 68 67
4
65 8817 -66•12 68T2 664 -------Rio Gr June 1st gu g 5s
1939 8512 853 ____ ____ 84 8418 --------85 85 -------- ii 4
_
ii 83 87
8388 8418 83 83 8312 84
3 85
1940 ---- ------------------------------------9
Rio G So 1st g 4s
r624 7
318 318
u
7
_- 788 788 7
Guaranteed
1940
_
__ __
11 _
__ __-- 11
12 12
12 12
8
---- ---- ---- ---- 8
Rio Grande West 1st g 4s 1939 76 78
735 7613 72 743 73 7612 7412 7613 71r2 - 7- 77 777 7418 77 738 7512 75 72
7513 77
77 8
8
8
75 7718
mcg & eon tr g 45 Ser A 1949 66 68
617 633 6038 617 605 65
6312 66
8
6318 65
6113 6384 62 63
5912 6212
62 647 6114 6312 61 63
8
8
1934 7838 87
RI Ark & I 4Yis
78 80
76% 7812 76
4
7718 753 7712 74 7712 7214 7612 7312 75 , 713 75
72 74
4
4
733 7514 738 753
4
Rutland-Canlstgug4sA949 70 70
Rutland 1st cons g 4).9s...1941 --------8012 1611 go 16 __ _
___ ____
_ ____ _ .
5 -76 _
88 I-12
1
St Jos & Cr Isl 1st g 45- -- -1947 7412 7412 7312 7534 73 7412 72 72
71 8 - - -53 6914 - .14 ___„_-- ___- ------ ---- 693 693 ( A 163- 70 75
, 72
73
4
4
I
4 --91 91
1996
' 913- 7 67
2d gold 6s
98i2 12 iLi 1814 --------9538 - 8 9718 - -14 ogiz - ____
-12 4
6613
Vii2 iii4 17 8 9ii4 Vi; -,,- -,-7
12
90 90 _
1931 8814 90
St Louis & Cairo gu 4s
4
8714 8 12 888 89
88 8814 87 88
_
__ 89 90
8713 8713 8818 8914 8814 8912
943 9714 95 9612 944 16 9414 153 9312 943 9318 943 94 955 9513 97
4
9618 97
1931 965 9913 95 99
8
St L I M Sc So gold 55
95 97
4
8
8
4
Unit & ref gold 4s
1929 8712 897 8514 87
8
823 8512 82 86
4
8412 87
8412 865 8334 8512 83 84
8
827 833 823 84
8
4
4
83 8358 8212 835
8
River & Gulf Div 1st g 4s 1933 82 86
80 8214 76 805 761 7812 778 79
8
7514 783 7414 77
4
7414 7614 7418 76
7112 743 72% 7334 713 7212
4
4
9614 9614 9714 9714
9638 99
St L Met Bdge Term gu g 551930 98 98
96
96
964 9614 96 96
_
- 9614 9614 9712 9713
664 68
677 6514 St L & San Fran 4s Ser A 1950 6712 70% 6718 6912 6512 677 65 6714 66 68
4
8 67766% 673 665 - 8 653 4
4
68 6514 663 6514 67
Prior lien Series B 5s
1950 83 858 82 844 80 83 80 82
803 83% 8018 833 8014 8214 81
4
4
8213 81
8212 7912 81
79 8118
7914 83
Prior lien Series C 6s
1928 08 10018 9712 99
97 9838 973 9918 98 99 9818 9913 9838 100
4
9813 993 971* 99% 9738 99 .9814 9918
99%100
4
1942 91
9288 9138 9212 8812 9212 88 89
9012 89 913 8912 9114 894 92 8914 9112 8712 0013 8712 8814 885 864
534s
873
4
4
8
7 77 80
Gum adjust Series A 65_1955 7512 77
76% 7938 7178 743 71, 74
2
4
7
012 757 7114 753 7214 743 7212 747 675 71
4
8
8
703 73 4
6814 74
8
3
Income Series A 6s
1960 58 595 607 6614 6313 66
62 6412 6118 6412 6318 674 6218 673 6318 677 62% 667 5314 567 545 597 5638 5912
8
8
8
s
10358 100 106 103 103 103 103 1025 104 103 1034 ____
8
General 6s
1931 1033 1033 --------103 1033 10212
_
8
8
___ 10338 10312 10318 10314
8
General gold 5s
1931 9719 993 9638 9712 9618 98
4
953 9612 9614 9612 767 9712 97 9712 9712 987 97 973 9714 8
8
8
4
98 100
98
9718 98
_
_ ____ ____ _ _
Eh
South West Div gold 551947 -------------------------------- --------71 - 83 L Peoria & N W 1st 55_ _1948 ____
- - 1001s 1005 9914 100 101 I03 1003 1013 i.66i4 161 _ __ _
__ ____
8
4
4
-12
963_ 69 - - 4 68T4 9114 68i2 193- 2§i2 - i97S
( .4
783
7818 7418 9712 74 76
7713 723 745 73 7512 74
4
8
St Louis Southw 1st g 4s _ _ 1989 75 - - 7434 -7418 - 5 74 7513 731 7613 743 76
71 8
4
743 7612
4
8
2d g 4s inc bond cas_Nov1989 6914 6014 -------- 69 69% 69 7014 6912 797 69% 7012 663 6714 6713 68 ---8
8
-- 6818 683 6838 685 6938 70
8
74 777 7313 7614 74% 76
1932
Consol gold 45
4 7488 76% 7313 757 7312 7612 75 78
2
7512 "7612 7418 76
7514 7612 768 783
4
First term & unifying 5s 1952 7912 8212 7812 8114 7312 79
7312 76
74
755 7312 774 734 76
74 7513 74 7558 7312 76
7414 7512 7418 77
53 p & K C Sh L 1st 434s
1941 7912 8112 78 793 753a 7612 7514 78
4
7618 78
7512 78% 7413 75
7412 753 74 743 7414 7512 7218 75
4
4
7218 7314
_
8
Registered-- 803 8012
__9114 923 9158 92
8
___ 93 93
9112 9138 913 9218 613 4
it P Minn & Man cons 45_1933 --__
. 614 ----------------91 91 90% 9118 904 9034
4
1933 10812 1084 10913 10984 1083 10884 108 108 107% 108
4
1st consol gold 6s
073 1083 107 107% ___ 4
4
- 106 106 106 106 10613 10612 10514 1053
4
3 96'4 952 96 2 953 96
9618 97
9558 9638 95
Reduced to gold 45_1933 9713 9712 9712 98
%
,
4
953 -- -13 953 9614 947 953 9512 96
4 96
4
9512 96
4
4
1937 90 913 91
894 913 9
89 8 9084 893 93
,
93
Mont Ext 1st gold 4s
4
8 04 9012 90 913 ____ __-- 9012 903 8814 8814 8914 8012 8812 90
4
4
Pacific Ext sterling gu 451940 ----------------84 84 --------84 84 --------85 85 __
___ _ _ - _
_
I A & A P 1st guar g 451943
7534 7312 75 82 8434 7 4 8334 71 88 74 7233 743 703s 7313 7034 1319 7158 -7238_. -7158 _761-4 -- _ 83 83
7114
72 70% 72
97 97
_
;antra Fe Pres Sc P Ry 5s_ _1942--_ --- ---- - - ---- ___ ____
.
2
8 81
8314 807 - -12 78% 1950 8014 8112 74 103- 7912 8218 80 82 61 I1I2 8131 81
4
ion Fran Term 1st 4s
2
-12 ao 61-12 7978 - -12 86 63
ii 80i4 114
76 76
Registered
; Fin Sc West 1st g 6s___I934 ----------------107 107 ------------------------207 16/ ----------------108 10814 --------1073810738
ser
85% 8512 86 86
icio Val & NE 1st gu g 45_1989 --------8628 8718 86 86%
8512 8512 8512 86 86 864 8512 7
8438 86
8512 8538
56
58
58 ieaboard Air Line gold 45_1950 53 5313 58 58
55% 5512 --------5284 54 -------56 56 _ _
58
.
5888 6014
563 62
4
52 5414 5312 57
Stamped
54 5518 53 557 5434 5738 55 IA 561y 5984 5812 5912
5314 5513 54 5712 544 57
5
314 58
;
25 295 28 321 30 32
8
283 317 2613 3218 2514 2012 2613 32
4
8
Adjustment 55
1949 2234 26
293 32
8
3012 367 3618 4558 4214 4514
4514 4212 677 4118 4312 41
8
44 4512 43 45
45
1959 39 4212 4112 46
4212
Refunding
43 45
45
4
4338 4512 4412 483 4678 48
6112 677 6118 6413 6212 66
6412 6712 6313 66
63 67
6034 68
4
1st & cons 6s Ser A_ _ _1945 583 62
64 673 6414 6688 66 6814 6712 683
4
4
;
eabeard Sc Aornoke 1st 5s1926 65 4 67
933 9618 9684 9614 963 963 97% 973 9712 97% 97 9712 9614 97% 9718 9718 9714 9714
3
8
8
4
4
8
__ 0713 975
------------------------3712 3712 -------- 3613 3612 ---- ---- ---;her shrev Sc So 1st gu g 55 1943
_
---- ---- ____ ___- _ - ---- ---oi - 6
6-------- --------957 - 8 _ _ _ _ _ _ _ _ _
917
4
; Sc N Ala cons gy g 5s _ _ _ _1936 98 1014 --------983 1N' --------997 10
8
4
%
9814 9813 9613 983 987 998 997 990 987 98 _ _ _
guar 55
1963 9652 99
4
_ - ---- --- - -- Gen consol
663-- 9712 - 4 9834 9834 Oil,: 1834
; , pacific Co coil 4s
02
82 8438 795 82
1949 8213 85
7712 813 8012 823 795 8214 798 - - 80o4 8
8
81
8
8118 85
8114 15
85
834 85% 827 84
4
1029 9114 9238 91% 9238 901 913 905 9214 9114 9214 9012 913 9088 9214 9112 925 9158 9212 9188 93
Convertible 4s
8
4
3
9258 9312 9213 93
1934 10012 102 10134 10214 101 10214 1003510113 100 10038 9
Convertible 50
84 10112 08%10012 985 100
8
97% 98
9912 100
97 10012 983 9912
4
___ ___ ___ ____ __
Registered
61
no Pac of Calif 132 53----1937 ----------------10114 10114 10114 10114 __-- ---- ---- ---- jai 1- -13 --------10384 1137 103 1037 --- —_ -___ __
8
93 _8814 884_ i _ _
88
90_ 90
i r - -: 8
4
4
87
8614 18
853 8818 843 873 8413 s
Pac RR 1st ref guar 4s-_1955 863 8812 85 8734 83 853 83 854 8514 8814 84% 873 fA 12 8618 - 787
4
s
Sii8
Stamped
05r2 04 iiis sii13 OA ;outhern 1st cons gold 52_1994 -. ii 9378 05% 652 -915-," -0112 6 43
.
. cW ifir4 Ii iLis 945i 9 -9518 Oi - 14 . Iti35511
8
01 1
.5i8
9324 93 4 - 9012 90% 93
3
Registered ----------------------8
3F . iii 663 6714 6614 683 Lila 12
6918 aisis -tiffs
-6i7g (Wit - 4 LA 16 aa liti7i
663level Sc gen 4s Series A___I956 6614 6912 87 69% 1 ' Registered
1956 _ _
.1. 66 4
- 90 4 - 1 oils -ii 2
,
6s receipts
8
-31956 1603 111 4 loof8 16i iaa 162 ioof4 1- 4 i66f4 1617- iaiiis 1- i ioais 1-cii i6ii4 1- 6
61-36
6i iii6E. fola4 ionia 1- -12 low3 10134 Bao34 BB34
61
6;is A
9458 943 935 933 93 93 --------93 94
9014 9313 9214 93
Memphis Div 1st g 4 is.._1996 96 97 --------90 94
8
9314 05% 94 94
4
4
_ 7514 7614 7714 9313 77 81
_1951 7912 803 7878 80 ____
7813 7818 7718 81
7784 7012 763 7814 783 81
79 81
4
St Louis Div 1st gold 45
_ _ 97 9934 __ _
9712 97 9814 9814 9814 98 98% 984 9814 9713 99
4
4
983 993
0811 9813 99 99
985 90
8
n Coro & Ga 1st ext 5)4s....1929 9834
1 83
8134 8134
83 83
51255 8255
'.-- 2. ..- /.....,....r 15t eSs_ 1955 --------83 2 - 12 ---- ---- ---- - _ _ _ 82 83
-i7-3- ia -iii, 8058 --712 iiii.
4
8
6658 -6-8 - -ii
JAN. 5 1924.]
45
THE CHRONICLE
1923—Continued.
BONDS
May
June
February
April
January
March
July
August
October
September
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Term Assn of St L 1st 64348'39 --------95 95
8
9012 9213 --------9233 9414 9218 9212 9212 923 927 92
93 9412 9213 9414 925 944 93 93
7
8
4
96
96 96
1st cons gold 5s..__1894-1944 9712 98
96
96
96
9538 9612 96 96
97 99
97 97
973 9812
3
97 9713 --------9784 99
78 81
Gen ref s f gold 4$
1953 80 82
793 81
4
79 8014 793 80
77 8114 7734 79
804 82
4
784 79
/
1
773 78
4
7814 79
7853 80
Texas & N 0 consol 5s___ _1943 --------9084 903 -___ ._- 90 904 904 904 -------------------------------------------------------4
9212 933 9214 933 9212 933 9113 93 894 92
Texas & Pacific 1st g 5s
2000 93 96
4
904 9414 92 94
8
8
94
92 4 9513 9012 ,
9178
925s 914 9
3
200051
2d gold income 58
La Div 11 L 1st g 58
8912 893 88 8913 iii4 - 4 88il - 1 84 86
1931 92 92
194
4
90 91
883 98
18 4
iiT8 Ifi , 8518 91 ii IA; 1561 128
4
3
Tot & Ohio Cent 1st g 58._1935 963 9714 9714 975 973 983 9713 9814 9712 9814 ----------------96 96
4
8
4
4
97 97
97 97
97 9812 974 974
Western Div 1st gold 58_1935 96
96
9312 9312 9214 9212 9213 9312
General gold 5s
1935
875 875 89 89 --------8914 913 --------90 -8
8
9
0 9018 92 --------933890 90
4
9113 911a
Tol Peo & West Ist gold 48_1917 ----------------------------------------30 30 ----------------2812 32
30 30
Tol St L & W pr lien g 3;is 1925 9318 937 9314 9414 9312 94
943 95
8
95 9614 945 9618 944 954 9514 9638 953 - 944 9412 9412 95
3
8
4 9
64 96 96 3
,
50-year gold 4s
8
4
1950 724 75
4
73 7412 694 7214 684 713 6853 698 6818 7012 683 71
687 704 685 703 683 74
8
8
8
8
72 7412 7414 77
Registered68 68
- 9 -- T
51
i'Ll4 953 9612 964 9514 9514
2
Series B 4 yi s
1933
9418 9418 --------9414 9414
_
_ 95 95
Tor H & 0 1st g 4s_ Yuly 1946 8114 82 ---_
80 82 ---------------- 793 8014 811g - _- 7813 81
__- 7812 82 ----------------80 80
8
814
Ulster & Del 1st con g 5s 1928 9512 954 9453 954 94 954 9412 954 944 95 _-- ---- ---- --- 9412 9412 9414 944 96 96
94 94 ,. 9052 924
lstrefundinggold4s...A95266 67
67 70
---63336333
Union Pac RR & id gr 048_1947 9114 93
4
4
4
9 8
36
8
58 4 Ii4 8814 923 §W4 - - 7 §912 918 9014 92 904 923 914 945 9012 9212 905 - -12 9154 8 93
9013 904 913
8
Registered
8
8
1947 8918 92
8
91
903 903 --------8811 885 8812 8812 89 90 905 905 91
4
4
893 893 913 933 8912 9134 90 90
8
4
4
4
205year cony 45
1927 943 9818 944 9512 9414 9514 9438 9512 9453 9538 9478 9534 9412 9518 954 9614 9512 9614 9553 9618 9553 963 9512 96
4
4
1st & refunding 4$
817 845 8212 8414 83 85
8
8
8212 85
2008 8712 88
4
803 83
4
83 864 804 833 8012 84
80 8212 8214 835 82 83
8
Registered
- --- ---- ---- ---- ---- ---- 83 83
-First ref 5s certificates_ _2008 ____
---- --- ---- ---- -- ---- --- ---- ---- ---- ---- -- -- ---- ---- ---- ---- --- 99 4 10018 1023
3103
,
10-year secured 68
1928 10312 1053 1033 4
- __4
4 10412 103 1043 103 1047 10214 103 1024 10412 103 104 103 10414 103 1034 10218 10338 10214 1033 1023 103
- -- 3
3
8
U N 3 RR & Can Co gen 4s 1944 ----------------932 9312 -------- 90 90
9112 9112 --------------------------------9212 9212 _
1
__
------------------------------------------------9914 9914 9914 993 5:11 1414
Utah & North gold 5s
1926 9912 997 ____ __-- 9918 9918
4
4
1st extended 4s
1933
1926
9834 9834 iiis - 18 0431. 1818 — - --- __ _ _
Va Mid Series E 5s
_ _ _ ---- _ -- 9818 98% -----------------------01
8
General Mid gen 5s
3
1936 --------977 977 93 9612 9712 9712 974 9714 974 8
9641 974 96 9618 --------97 9718 9718 9718 97 9712
96
12
Va & Southw 1st gu 5s _ _ 2003 93 9314 9318 9318 93 93 ----------------92 92
___
92 92 92 92
9112 9112 ----------------9114 9114
7614 7818 7512 777 753 78
1st consol 50-year 5s___ A958 7918 7918 784 81
4
3
7712 807 7714 79
8
8
7814 763 --------7633 77
754 7612
Virg Ry 1st 50-yr Ser A 58_ 962 9 8 98
944 97
9012 95
93 9438 9312 944 9334 953 9212 94 4
911 96
93 964 94 4 964 94 95 94 95
53
,
1
57 4
3
Registered
--- 933 93 4
4
3
_
-- --- - - ___- _-- ----4
1930 973 9834 9758 99
9434 9718 9414 97
Wabash 1st gold 5s
96
945 -8 974 9414 - -12 94 96
9418 - - 3 933 9533 9484 984 9512 97
9
57
4
98 97
1930 8612 9214 8712 8812 83 8612 83 87
2d gold 5s
3
8418 854 8312 853 84 857 844 86
8412 855 844 85 4 85 8 8814 8718 884
8
8
3
5
1st lien 50-yr g term 48..1954 6812 6812 --------69 69
6814 6814 --------71
71 ____ ____ _
_ ____ ____ _-__ ____ 6714 6714 71
_
71
Oct & Ch Ex 1st gold 58_1941 96 96
3
Des Moines Div 1st g 4s 1939 7314 733 --------63 4 633 ------------------------------------------------71 -____
3
4
ii
Omaha Div 1st gold 3 yis_1941 65 6614 --------65 65
63 8 635 6312 6312 ----------------6214 65
5
8
6412 6412 63 63
6512 193- 68 19
4
Tel & Chic Div Ist g 48_1941 ------------------------723 727 _ ------ ---- -------------------- 7133 724 723 723 ____ ____ ____ ____
4
8
8
8
1948 ----------------80 81 --------7458 748
Wash Cent Ry 1st g as
7
_ _ _ _ _ -- 78% 787 -- _ _
_
8
--- 78% 78% ---- -- -- -- —— 1924 --------------------------------9738 9753 983 9812 ----------------9
W 0 Bc W let cy gtd 4s
3
9 99
99 9912
-- 1188 - 8
8 1115
1945 7712 794 78 4 78 4 7612 7613 --__ ____ 7612 7612 79 7912 7814 7814 --------79 79
Wash Terml 1st gu 3Hs
,
,
7812 79 -----7918 7953 793 gu 13
4 80
Registered
1945
1st guar 40-yr 48s
WMW&NWIstgu5s1930 ----------------8314831 --------------------------------80 80
_
T
West Maryland 1st g 4s— A952
6 1
64 so 63748
s 112
s 1
21z
s
5934 6o7s Li 164 554 IdIs 574 Id irfs It;
Registered
62 62
5573 Penn 1st 658_1937 9858 loo
West N Y &
5834 iiii
ii 554 993- 55 Id 5.34 1612 9534 9e;14 9012 Vila 584 Wiz 55 -4
ddlz 9511 1414 554 1911
Gen g 4s
1943 77 81 --------77 773 753 76
4
75 75
76 77
7314 763 74
4
7614 7812 7512 7512 7512 76
7814 we
4
75
Western Pacific 1st 58 A...1946 8114 8312 803 83 80 8113 7938 8012 7812 80
4
783 80
4
79 7914 794 8i12
78 8014 7812 794 78 795 7814 80
8
68 B
1940 92 95
4
913 943 93 94
4
9212 94
92 93 4 91 9112 86 92 --------8714 90
3
9318 94
893 92
3
894 92
14
West Shore 1st 4s gu
2361 818 837 793 83
4
8
4
77 81
7712 80
79 8112 773 815 78 804 7914 80
8
8
7718 7953 773 801 784 80
4
783 79
3
14
Registered
2361 80 8112 7918 82
75 80
76
77
77 80
773 784 76 774 771s 78
4
764 7712 7512 78
77 79
77 784
Wheel & L Erie 1st g58._ —1926 9712 99
97 9812 9712 9712 9712 9712 9714 9712 984 983 ------------------------98 98
4
9812 9812 98 99
12
Wheeling Div 1st g 5s.....1928
Exton & impt g 5s
1930 554 - 8 - _
_ _ _
9112
913-- - - -- -- -id - -ii3s 114 47 0112 _
Refunding 43,s ser A1966 604 614 aO li
2 10 4 & i8 12
3/
-18 i5 1618 ii lil4 i811 - 6 -i54
54514 iii -di 55 s
id
Wh & L ERR 1st con g48_1949 604 7518 6314 643 5712 63
4
5912 5812 60
57
61 61
61 63
60 62
60 62
5912 6012 5914 6212 60 62
Wilk & East 1st gu g 58_ _ _ _1942 59 60
5212 5413 51
53
56 60
50 5612 504 54
514 54
49 5114 4978 sire 493 51
8
50 5212 48 53
14
Will & S F 1st g 5s
1938 101 101 ----------------------------------------98 98
99 99
9914 100
9918 9914 ____ ____ 994 9913
Winston-Salem S 13 1st 48_1960 81 14 8112 --------80 80
76
7914
-- -- 80 80
79 79
79 79
7014 7914 7914 7914
-- ---- --,7414 77
Wiscon Cent 1st gen g 48_1949 78 82
763 78
7412 78
4
754 - - 7512 764 75 7612 764 79
763
4
7614 8012 753 767 -----8 77 7714 764 77 4
3
78
7714 7714 764 7634 75 7714 76
Sup & Dul div 1st 4s_ _ _1936 78 8058 77
7714 76 78
7812 7713 76 7612 --------77 77
763 77
4
7 7i,
INDUSTRIAL BONDS.
Adams Express coil tr g 44,1948 80 8018 80 80
80 80
8014 80 8033 80 8058 80 80
SO
80 80
80 8014 80 8014 80 8058 80 804
Ajax Rubber 88
1936 96 9714 98 9914 96 983 9512 984 98 983 944 963 934 95
4
4
934 95
8
92 953 87 9112 88 9012 864 8812
4
Alaska Gold deb 6s A
1925 614 8 --------683 8 --------5
6
5
5
5
5
5
5
5
5
518 55
8 58 8
7
6
6
Cony deb 6s ser 13
1926 614 614 612 612 6
6
64 618 5
5
5
6
612 612 5
5
5
5
5 8 514 53
,
6
8 63
3 5
Am Ag Chem 1st cony 58_1928 991,1001, 973 10012 974 98
4
96
975 9614 9814 96
8
993 95 963 9512 9614 957 983 9612 98
4
4
8
4
967 98
8
974 99
1st ref s f 7118
1941 1023 1044 10314 1013 99 1043 100 10212 9714 10212 97 100
8
4
4
9612 98
9614 993 984 9912 9812 9912 9612 9812 07 98
4
Registered ---------------------------------10212 10213 ____
_ ____ _
_—_-- 9712 97 2
,
Amer Chain 68
_971 9758 9633 ---34 95 9758 9212 - - 9212 95 93 15 92 - -3 92 - 8 9173 2
-97
954
93;
643
93
92 94
Am Cot 011 deb 58
1931 794 8012 7412 7812 .597 7714 62
8
7078 65
713 60 644 60 62 62 7012 68 7012 66 6912 69 81
4
78 814
Amer Republic 6s
1937 ----------------89 9012 89 907 8912 904 88 90
4
3
864 893 86 89
85 88
8514 8612 87 87
8512 804
Am Smelt & Refg 1st A 58_1947 895 923 89 913 87 90
8
4
84% 8912 8712 90
88 90
8
8914 907s 90 9112 90 913 9014 9112 9118 93
913 92
4
12
Registered
68
1947 _ _ _ _ ---- ---- ---- ---- - --- ---- ---- 159i3 101 I66 102 loo 1117 1(30E8 102 i5o4 1614 io54 1
-- 3
- - 18 .
-6i1., iojig idd ioi. 103-13
Registered -----------------------------------------------992 997 8
-_
American Sugar c4
1041318 121312
8 10
10114 1028 861. 1/1 8 Hai 10214 151.4 16214 ioi4 idi 9958102 155 161 4 100 161
4
-7- /
- -1Am Tel 8c Tel coil trust 48_1929 913 9212 9114 923 91
8
4
9214 907 92
8
9114 924 9118 924 9118 9214 917 9318 92 9212 9214 927 9214 9314 924 9212
8
8
Convertible 48
8738 88
1936 863 871 8714 90
:
4
8618 885 86 8853 87 88
8
877 8813 8812 885 9018 883 9014 887 893 87 877
8
87
8
4
3
8
4
20-year convertible 4a_1923 10014 10212 10014 102 1013 10312 1003 102 100 101 100 10212 10014 10213 10112 103 102 103 10212 10314 102 104 1034 105
4
4
30-year coil trust 5s
1936 9734 101
9712 99
95 983 9514 98
4
9714 9812 96 98
963 98
8
97 934 963 9812 967 98
4
8
953 9814 965 98
4
8
5 Yis receipts
1943 ____
_ ____
__ ____
__ --__
. ____
_ ____
_- ____ - _-__ ____
_ - ---__ 983 984 98 9852
8
7-year convert 62
1925 115 11- 11412 116 11512 11713 1143 11614 1133 11 - 11313 1165 114 116 11412 I1612 11518 117 1163 11714 1153 11712 117 1204
718
-4 --4 53
4
-- 3
----8 -4
Amer Water Works 58
1934 8314 85
83 843 8212 8434 82 8512 8414 86
4
8413 86
845 8514 8312 85
8
82 843 8312 8412 8418 85
8
83 84
38
Am Writing Paper s f 7-68_1930 84 8614 8312 8514 8112 8414 793 8214 70 80
4
65 7313 65 70
624 68
55 644 52 5634 4212 521 40 444
Anaconda Copper 6s
1953 9638 963 96
9834 9653 98
4
9653 98
9614 973 96 973 955 9712 9633 973 9612 973 94 97
4
4
4
4
4
9412 96's 953 964
8
7s
1938 100 10012 100 10412 1014 1044 101 10313 1003 102
4
983 1013 9812 10034 9912 1003 9912 10012 94 10012 963 99
4
4
4
4
9712 99
Armour & Co 1st 434a
1939 88 90
843 89
4
844 865 84 87
3
843 8612 82 8553 8214 85
4
4
83 8412 823 84
83 85
84 85
8318 85
Associated 011 65
1935
9458 9533 9453 9553
Atlantic Fruit cony Is A1934 55 16 56 10
-12 io 16 55 ii i Ifi 5if2 1i18 5oTs ii ii - - i6 -di 515 -di 20 29 1812 35
2
i
Certfs of deposit
1 29 30
2912 3912 34
34
3514 34 39
39
3312 39
31
3312 26 2914 2312 26
18 21
18 20
1812 30
do
stamped
' 3512 314 31
39
38 44
3413 40
34 3912 2012 39
25 26
26 26
2212 25
177 22
8
19 213 18 29 4
4
3
Atlantic Refg deb
_1987 983 993 9814 993 97 99
4
4
97 983 9714 987 9612 984 9753 99
3
8
9714 9812 97 9834 9414 973 968 98
9612 98
4
4
Baldwin Loc Wks 1st 8 f5s 1940 1005 103 10014 10112 101 10134 10012 101 10012 101 1004 10113 1004 10112 1003
55.5s.- 8
41003 10018 10012 100 10053 10018 1003 10012 10112
4
4
Barnsdall 88
1931 100 103
994 103 1003 10212 10114 1023 100 1023 9513 100
4
3
4
94 98
94 98
96 99
94 9714 9412 9514 9513 981
8
Bell Telep of Pa laser A_ 1945 1073 108 10712 1083 1073 1073 107 3 1074 3
4
3
4
,
-- -- 58
1948 984 9918 983 983 9512 99
3
963 9514 554 11 oLis - - s 55 -di 55i4 - 4 iii "di -ii- iff -554 - - -sii- Iiii
3
5if
ii3s
ii34
Beth Steel 1st ext 8 f 58___ A926 983 99141 984 9912 984 9913 9734 99
4
9812 9914 977 99
8
9858 9938 985 9912 984 99
98 100
5
9814 987 983 100
8
4
1st & refund 58 ser A
1942 93 9741 93 94
91
9558 92 9512 9114 95
944 9612 9218 95
903 9512 9133 95
4
93 96
94 9512 94 8 96
,
Purchase money 5s
1936 90 9312 89 91
87 8953 877 895 8812 8912 88 8913 87 8858 87 8912 88 90
8
8
863 8912 8712 89
4
884 8912
1948 973 100
68
3
973 993 96 9878 97 977 9753 9914 98 9973 9712 9812 97 983 97 99
3
4
8
8
96 973 9
8 64 98
97 974
1953 93 93 I 923 937 --------892 9114 9012 92
5jis
4
1
2
8912 92 8914 91
893 904 874 90
4
8718 894 8712 897 8814 894
3
1926 _ _ _ _ _ _ _
Booth Fisheries 6s
__
70 3 703 ------------------------80 80
3
8
78 78
Braden Cop M coil tr 6s__ A931 984 - 6- 9852 - 2 977 10012 977 994 99 993 9834 997 973 9912 -------------------------78 80
iiii 2
9973
2
4
2
oo99 9918 9812 9932 9912 100 9934 101
1942 9512 965 94 0853 9212 9434 915 9312 9314 944 92 95 933
8
Brier Hill Steel 5168
8
3 95
94 9412 9314 9433 9212 933 927 94
4
3
92 4 933
3
8
B'y & 7th Av 1st con g 51_1943 62 6812 66 66
663 69
4
67 67 65 68
6113 663 623 633 62 65
4
3
4
64 65
65 663 62 65 635 0
4
8 4
Certificates of deposit
67
1941 --------867 8712 554 -di 8Li.2 0 534 .- 112 55 Bklyn City 5s
8
- 4
5
612 85 -----713 8634i ii aa if
ii: iii2 - 12 1
14 3
12
il
Brooklyn Edison gen 58 —1949 9518 98
954 9712 95 987 9478 98
954 97
8
9412 99
944 98
4
9614 9712 964 974 9614 9712 963 98%
6 98
1930 102 10312 10212 104 10012 10313 10214 10412 10114 1023 102 10314 1014 10478 9
General 6s series B
4
10218 104 102 103 103 104 1013 10314 1024 103
4
1930 106 10814 10512 10614 105 108 105 10614 105 10833 105 10612 106 10712
General 7s series C
106 107
8
3
General Is series D
1940 106 2 109 10788108': 106 1084 10713 10812 10653 1083 1075 109 1073 10934 108 10938 1054 1067 106 10613 10518 10612 105 4 107
,
4
8
4
108 10918 1071210853 108 109 1077 1083
8
8
64 64
1968 ._
_ _
_ _
Bklyn M R T Secur 6s
_ _
_ _
71
731
Brooklyn Rap Trans g 58_1945 55 - - 2 7i4 id
7384 id
7212 - 7
8
i5i.1 7584 70 70
70 - 7
i 714 72
723 7314 72 73
4
34
727 7314 74 78
3
Certificates of deposit
54 7312 7153 79
723 757 7214 7712 7514 7612 71
4
3
7613 683 7258 704 72
4
72 7318 72 7253 73 7414 ---- - --1st refund cony g 4s____2002 54 62
603 68
4
6112 643 61
4
6412 6218 6412 60 6412 59 60
564 607 613 614 6053 6053 593 6014 ---- -8
8
4
RegIstered
._ _
_
_.
.
_
Certificates of
.
. _
_.
Ei --deposii_
ii
Iiii 87
3
-year secured 78
5911 iio id 5514 If 884 lily 5i4 "iii12 55 IA iiis
/
iii8 iiis id 5514 ii 90 Iis4
55 96
Certificates of deposit__ 8512 9212 90 9512 90 93 4 8813 933 ma 9314 85 938 84 iii2 55 1 12 -55 4
3
4
8818 864 89
875 8918 8612 8918 874 90
8
do
do
stamped_ 82 8853 87 9518 85 9014 8418 8914 87 9812 8818 89
78 843 813 8412 844 8534 83 85
8
4
8412 8518 8512 904
Bklyn Un El 1st 6 4-544-1850 814 825 823 85
3
4
83 8412 8014 8212 81
8214 8014 83
79 83
80 8218 80 81
7712 7918 777 80
7953 8114
8
Stamped guaranteed_ _1950 8112 84
8312 8434 83 8413 82 8318 8112 825 81 83
8
81 834 8053 8113 79 8 81
5
72 4 794 78 80
79 8012
3
53
Bklyn Un Gas Co 1st c g is 1945 96 100
9514 99
96 9714 9514 9612 9312 9612 9418 9612 9412 953 9455 96
2
4 95 0 33
12 8
9412
72
1932 11012 11414 11513 11673 112 115 113 114 4 108 1123 10712 1097 10778 10912 108521093 95 9553 94 9612 110 953 1125 114 4
3
8
8
8
4 109 10953 10812110
3
11414
1947 104 10514 1044 10514 102 10412 10212 104 10312 10512 100 4 10453 10314 10434 103 10378 10338
68
3
10414 103 103 8
7
8
4
1929 110 11018 1148 117 112 114 1118 11412 10734 1103 10812 10912 10718 10812 10858 loos 1081310853 108121093 10212 10413 1027 103
75
4
4
4
4 1097 1133 112 117I
3
4
Buff & Susq Iron 1st 8 358_1932 --- -- ____ ____ ____ ____ ____ ____ ____ ____ 9111 9112 ------------------------9113
91
92 4 9112 91 2 91
5
,
ai 6733 -aa ----6638
THE CHRONICLE
46
[VOL. 118.
1923—Continued.
BONDS
January February
March
April
May
June
July
August
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
1952 83 87
8012 81
80 8118 80 80
82 4 823 --------8112 84 823 823 81 81 ____ ____ 807 8112
3
Bush Terminal 1st 4s
4
4
4
8
1955 874 93
87 89
811s 873 8312 85% 8414 87
83 4 87
3
83 85
Consol 55
83% 8514 8412 86
84 8512 828 8412 g1 81
.18 "
93 4 8812 91
3
85 90
86 893 8914 9014 Lig12
4
Buildings 5s tax exempt 1960 91
2
93
1
1937 97 9814 963 973 95 97
8
California Gas & El 5s
4
944 9512 9514 97
9,12 9
, 9618 96% 9513 9712
9
642
_,,._2 _ _ _ 2 94 9512 9
9 1_
6
Calif Petroleum 6 Ms w i.1933
9
4 9 12 9412 9012
5
9
5
7
1942 -f)1T3 - 7 -W - - -6a- ii8
ii
iiiii
-ii1- 419 -ii- -- - 2 -0ii3 - 1- a Zi
819
95 9512
Camaguey Sugar 78
4
0i4
1742 9214 9412 9212 97
9334 9712 93 4 947 94 95
9213 944 9114 9312 9314 94
3
Canada Steamship 78
1942 1013 10312 1003 102 100 10112 10012 102 100 10112 100 10112 10012 10113 101 7_2_ 1:4.12 1E1:
8
4
2
Can Gen Elec 6s
: : 10118 131
4 1811
2
2 :312 24
2
5 100
14 9918 983 983 _9_81_2 99 .,.
99
98 100
1943 9914 100
97 9818 98 9812 98
Central Dist Tel 1st 5s
98
97 98
4
4 .
1931 87 8912 9012 9512 98 9914 90 97
9214 9214 8818 9113 88 88
Central Foundry 1st 6s
91
92
8312 8512 9
i
3814 981 896712 93
94
0
985 9912 984 98% 984 98 8 9712 98% 97 977 97 974 944 9712 87% 94% 91
7
Central Leather 20-yr g 58_1925 9814 9914 9818 10018 9812 99
95
1941 _
7
4
Central Steel 8s
4
0712 1073 0712 10718
cerro de Pasco Copp cony 88'31 130 139 13314 14612 1401 1$0 i58- 147 - iiii2 13 - - 1 1:131 1il - iii3i4 1ii - li5" fii- ii5i2 12 - ill 121 118 130 128 140
3
4
-6 . 4 - -6
- -14641464 ____ _ --Registered
4
-54- - - -5:1" IS- -1ii- 91
61- -ii- - 14 -854 ri4 2 -8ii2 - -1- -41- - - -55i2 -9-12
iiCh Gas L & C 1st gu g 5s__1937 9514 9612 96 4 963 9514 9512
3
-11i3 4
a
3
1927 7612 7812 7614 82 4 80 83% -g1F1- - - 8018 8212 774 81
3
id
763 793 7614 7712 734 774 74 78
4
Chicago Rys 1st 5s
4
724 7412
Chicago Telephone 1st 58_1933 100 1001s 997 10018 9912 100
993 100
4
993 997 99%100
4
0
99%100 997 997 --------997 99% 17034 10
3
3 7
6 --- - 0
1923 1123 1203 11514 11912 113 12118 106 11312 9914 1003 9712 100 2
4
4
4
,
Chile Copper cony Is
4
1932 96 99
98%10314 100 10314 993 100% 96 8 973 963 998 -571 1614 -6133. 116- -973 991- 81 - - -3 -68- 99I; -68E2 147;
4
2 - 16 ;
6
Coll trust & cony 6s
,
4
4
-. 4
;
2
102 102
Registered
1:814 -3171 18 -9 - 8
4
8
-1
Cincinnati G &E 1st ref 5s 1956 9714 993 9712 983 963 9814 9618 9718 -356; ;
if- -8812 - - 1 -iiis - .7 -68- 6 ;
6
96;
ii- -88- 1i 4 -86 2 - 1
27 66;
1961 98 9813 9714 9813 967 9812 9512 9712
8
9131 9712 96 9712 9532 9712
/
4
514 9
7
9; : s87384
14 % 9 7388 9
4 2
5
2
534s
ii18714 8912 -86- - -2 -ii12 - 2 86 88 86 8714 8612 8712 86 8714 87 87 8712 8914
i6;
Col Fuel & I Co gen s f g 5s 1943 8814 89 ____ ____ 8512 87
7612 77% 75 794 75 76
4
74 75
Col Indus 1st colt tr 52 gu_1934 755 773 7513 7718 751s 7812 75% 78
7434 76
7412 75% 74 76
75 76
9512 9612 95 9612 95% 9612 9618 97
964 971s 96 97% 9614 97
Columbia Gas & El 1st 58_1927 954 97
97
96 96% 96 96%
Stamped
_4 2 _9_6_ ! ?r
3 32_
'
8 2
44
_
6
7
_6 _ 6
--------10
Col & 9th Av 1st gu g 5s_ _ _1993 191112 512 _6_32 _!
: l'_1!2 t ' 8A - - -3 -,i-,- -- - 98% 9118
1932 --------92 92 ------------------------9288 92
Columbus Gas 58
92;_ -oi _,_ _
1
7414 7012 7114 70 71
70 71
72
Commercial Cable 1st g 48_2397 7418 7512 73% 75
70 7012 69 71
701 71
693 70 4
7
4
7012 72
,
Com'wealth Power 6s
1947 87 88
873 8914 84 8812 85 8712 8612 87 4 8514 8712 8412 8014 843 8712 8513 87
s
,
4
8512 88
86 88
Compania Az Baraqua 7%81937 99 4 100% 9812 1003 100 10112 993 1003 100 100% 99 1003 100 10013 100 10012 100 10012 100 10012 100 100% 1: 18g:
3
4
4
4
4
9612 9812 9714 994 9612 988 98 98, 963 9912 98 994 9712 101
4
4
Computing-Tab-Record 68 1941 9512 98
98 99
98 100
98 994 98%100 s
7
----------------7714 78
Conn Ry & Lt 1st g 448_1951 8418 8788 ____ ____
i7 2
1951 ____ ____ 8314 844 -55- 81- -iii, 11;-iii2 - -2Stamped guar 44s
-3
;7 s 76 82
"
5
79 792 -ii- Ili- -ii- ---- -8,6i2 IF
81
873 8988 85 894 8412 863 851s 874 86
4
Consol Coal Md 40-yr 58_1950 87 90
8
86 873 86 871 8512 8714 8614 8812 8614 88
4
8134 8612 ---- ---- - -Registered
5
3 i913,1442
2
9 12 9 14 9 14 9 3 -s9:21382 1
6 2 8 2 1;
8
3
Consum Gas Ch 1st gu g 5s 1936 --------9512 954 92 9512 8512 91
-s9
-8/565144 -81154-i-88.-6134isi
2
1952 90 8 9212 89 9012 85 8912 8412 8818 8714 8888 8734 8912 89 89'
3
Consumers Power 58
6 8i8i 2 i 5
. -8i i
-- _-:8_:912 --8-- -- --- -85- :,
Corn Prod Refg s f g Ss__ _1931 ----------------9914 663
:ii 4 -2- _i-2 _
100 100
9 :- 55
1. ; -2
4
i
1934 9912 101
2 16 12 664 1oo -iiis - 1- 98
iiii 2
1st 25-year s f 5s
99
98 9914 -998 10014 -iigi4 - .
4
--- - --66 92 947 9112 9312 90 9212 90 92
1942 92 95
89 9114 88 4 90
Crown Cork & Seal 6s
89 8912 8811 9114 87
,
:
8312 8518 83 8412
82 897 843 871 85 8788 87 89 8631 86814 864 9012 8913 9113
1930 8588 88
8714 94
Cuba Cane Sugar Is
9014 928 904 913 874 90
4
4
: 0
1930 9012 9212 9114 9814 9414 9688 9414 96
9214 9514 8712 95
8s (stamped)
894 933 9014 92% 924 9334 93 947 927 96
4
8
9514 97%
8
4
Cuban-Am sugar 1st colt 8s '31 107 10734 10612 1077 107 1073 107 10712 107 10812 10512 10812 106 10712 10612 1074 10612 107 105 107 1053 IR 106 10712
4
9214 9112 9212 91
Cumberland T & T 1st 58_1937 9288 944 93 9418 9112 9414 91
92% 91% 92
9112 921 9212 934 9212 9312 9212
1951 874 90
87 8713 84 863 83 8688 84 2 8612 8 8 8618 84 8512 8414 87
4
3
Denver Gas & El 5s
,
43
85 8714 8418 86
843 8614 8114 a2
8
i '8 l 7
8
05 7012 6518 767 72 81
8
1942 98 99
974 99
55 99
Dery Corp 78
714 80
7288 80
77 80
6613 76
66 75
76 78
Detroit Edison co 1st 5s 1933 984 10018 99 1004 943 100
4
9588 97
4 974 9914 9933 9913 987 ni St2 1?,1434 9914 10012 i,74 : :: 99 199
,
5 :
3
1
34 : 0
9 :: 92
9
7
99141.613
9588 967 90 4 96
3
92% 953 9312 9612 92 9
4
1st & refund 5s ser A_1940 9512 98
74 94
8
95118 963 95 957
8
4
4
18i
1st & refund 6s ser B___ _1940 102%104 102 10312 101 10312 10114 10312 1013 10412 1013 104 102 104 1241113 10218 10414 10212 103% 103 1033 103 10413
4
8212 8314 8314 85
4
Det United 1st cons g 430_1932 82 8312 8212 8312 823 8514 83 84
8412 85%
212 85 86
12
833 85 4
4
844 88
,
Diamond Match s f deb 73is '36 107 108 10718 10812 105% 10814 106 10788 106 107 105%10612 105%106 105i8 106 108114 18
8
5212 64
56 60
4913 5212 47 as =,
5112 5612 49 51
Distillers'S Clconv 1st g 5s 1927 4912 54
-;IWA -- -1- -4 '3 - ;
4 2 5 4 (:
8
4
I
49 52% 52 64
47
55 5812 513 5512 50 504 48 51
Certificates of deposit
' 81712 :813 - 484 52
51
8
88
45 4914 45 50
/
1
4
& Steel 58.1939 84 85'2 83 8414 81
8318 80 8214 8088 83 80 8212 774 793 76 79
Dominion Iron
4
77 79
78 7988 7713 79
77 79
1942 87 90
84 90
893 9134 88 904 8614 89
4
Donner Steel 7s
86 873 8614 874 86 87 87
4
91
87 90 864 8712 8612 8734
873 883 88 88
4
4
E. I du Pont Powder 41is _ _1936 ____ -_- 90 984 90 90
883 88%
4
_ 9112 9113
g
- ;
4
4
du Pont de Nemours 73is _ _1931 10712 1087 10714 10812 0718 10912 1063 1087 107 1073 1583 1-1:17-3-4 1071. 1 d12 il67i8 1-g148 - (
15'7i4 101
8
1117- 10 1
.
- - :4
. - 18
8
4
Duquesne Light 1st 68 A 1949 1027 10412 10312 10412 01 104% 101%104 10214 1033 10212 10312 10212 10388 1033 10412 18Z714 18,81: 103 10488 187118 18814 103 10412
8
8
2 11
34
1936 1064 10714 107 1073 07 10818 106% 108 107 10712 1067 107 4 ____ __ __
s
4
,
134s
9612 10312 96 10012 "iii- iiiii
1937 94 9788 954 11314 05 1103 105 1087 101 10512--------8714il iis 101East Cuba Sugar 734s
8
3
- 14
166 4 -9 it 163 6
- 3- i - -3e
8
Ed El III Bkn 1st con g 4s_ _1939 8712 894 89 91
867 8812 8712 8712 86 87
8714 8812 90 89 893 887 89 8 89 8912 883 89
4
8
6
4
Ed El III (.N Y)1st cons 75_ _1995 103 103 10114 10188 100 100 ___ _ _ _ _
9912 994 100 100
99 100 100 10014 100 100
iil1925 99 99 994 9914 99 99
97 974 -51 - 2 ---- -- 964 9612 9712 9712 9612 964 9512 9612 954
Elk Horn Coal 6s
-ilii4 II93 -ii3i3 -1d3-4 89 9212 8988 9388 913 93
,
6
Empire Gas & Fuel 7) 8_.1937 9314 9818 93 9412 934 9412 9112 9338 91
4
893 923 8912 9012 8988 90%
4
4
Equitable Gas Light 58_ _ _1932 95 95 --------95 95 -___ ____ - — ---038 94
4
933 95
4
101's
1942
:
4 98 9g
U84 9114 -Ogg 16 -61 125; 903 9212
4
8
Federal Lt & Tr 63
-94
2
1941 1063 10812 106 1 3 104- 1073 10412 1171- i155 10718 104 10612 1044 106 103 10412 102 10312 9918 1044 993 10214 10118 103
Fisk Rubber 1st 88
4
4
- i
(1i
;
Fort Smith L & T 5s
---------------------------------78 78 4
1936 ----------------7013 70
,
3
Framerican Ind & Ddv 7)01942 8314 913 85 89
923 903 ---4
4
t 134
i t iii
;183
4
s
; f
i6 85 89
12
9914 102 100 101 100 1033 100 101 10014 101 1003 10214 1003 103
Francisco Sugar 7)is
1942 100 103 101 10212 101 10212 10118 10212 101 102
4
4
4
Gas & Elec Bergen Co 5s...1949 ____ ____
9318 9312
914 9114 ____ _ _ _ _
General Baking 1st 6s_ _ _ _1936 --------9988101 -loo loo -584 161 2 it56- nil- iiiii 1- 6 2 ioo lows
- 16 11.664 1112T12
joilit 101773 80
4
1942 78 79
4
7914 8012 7888 7914 7688 783 78 80
General Elec deb 3,3is
7814 7812 -iiit -7-9-- 79 8218 80 82
82
814 811
81
1952 10114 10214 10114 102% 9912 103 100 10114 100 101 100 100 4 100 10034 997 10118 100 10334 1001 10214 100114 10214 10012 102
Debenture 58
3
8
4
8
20-year 68
1940 105 10512
i61General Refractories 6s _1952 9814 101 -frii4 101)- -ilif4 ifili -iiiT4 16- -88- 16- -ii- - 2 -ii- vii; -9714 -- ii•
-- ii
-98 -5ii3 181 -iiii - - 1- -68i4 III
67 2
4
Goodrich 63is
1947 100% 10114 10012 10112 100 10188 993 101 10014 101% 99 101
983 100
4
9712 100 -99 9931- 9618 994 6
4
4
2
4
8
4
4
Goodyear Tire & R s f 8s_ _1941 1143 1153 11512 117 11512 11734 117 1177 11512 117% 1143 11712 1133 116 11514 11612 116
67 14 19
8
8
)
1
1114 1
13 IL::11 8 11 ,7 1 7
6
/1
3
8s
1931 99%104 10112 106 103 4 104% 103 1057 10418 10512 10112 105 10114 10212 10114 103% 101 104 199 102,14 9038 101 100 102
,
2
Granby Con MS &P 1st 6s 1928 ------------------------92 9212 --------881 9
2 8312 8812 ----------------91
------------------------92 9?
1928
Stamped
93 9788 92 95 -92- - - -15i- 1;21; -86- 1925 9613 98
Cony debenture 8s
9614 100
1lf
94
is
ii- -85- - 1- -ii- - .561 2
i6 2
1932 97 98
954 9814 95 5 95_4 Z 2 sli4 9234 92 95 91 93
984 9812 9013 101
Gray.& Davis 7s
2
1 4
85 91
gg34 19113 89
4
98 ___ ____
4
97 993 97 983 971 983
4
Great Falls Power 1st 58_1940 983 100
9812 100
9512 N7182
00
g 2
1952 fills 814 811s 82 ---- -- - - 8012 8012
i t4
Hackensack Water 45
-il3T4 - - -18 4
0
793 7032
2
4
4
813 8514 8314 813 -iii8 lit; -88- 1E- -i321' -U1-4 823 8312 8014 823 -iii- 12-3-8 8112 8312
Havana El Ry, Lt & P 58_ _1954 818 8412 833 8514 82 84
4
8
4
-2
4
88
903 9012 921s 90% 907 92 9314 934 933 9314 9388 9314 9388 9318 9312
4
4
87 907 8712, 88
8
Havana Elec Ry cons g 58_1952 873 9012 904 94
4
1942 9414 983 9712 99
8
4
4
9
3gzi ( 4
4
9714 9812 97 9812 96 983 9714 2 N14 ,
7
1:8
Hershey Chocolate 6s
9812 99 984 9914
10018 10112
897 9088 8918 9118 8812 9112 87 891 85
8
1947 8712 92
Holland-American 68
84
81
83
7? 1'7812 7414 78
9312 9312 9388 95
938
4
7
1949 92 9412 94% 944 94 944 9314 94
9312 9312 934 9312 813 93314 9312 94
9438
Hudson County Gas 5s
4
2
3
i :714 94
8 95
4
973 09
4
9712 9888 9714 987 974 9814 964 984 9712 9888 9614 97% 944 9
Humble Oil & Refin 5 his_1932 973 99
96 983
4
018 6424 976
9514 9522 95 95% N3 24
1936
Illinois Bell Tel 5s
3
5, 2: gr 934 94 9318 9418 93% 9412
13
8
:
a
9213 90 92
1940 91
9314 918 9212 88 92 4 88 9214 91
9018 9112
Illinois Steel deb 4)iti
,
9014 9188 90% 9112 Nos 9112
Ind Natural Gas & 011 513._1936 --------------------------------802 8012 794 8012 79 79
9918 10014 994 10018 99 1004 9914 10012 -85;3 icif - -5W8 166- -86i8 166 2 ioo- 1667; ..,,,,-4 1.,1 2
1952 100 10112 10018 1012 99 101
Indiana Steel 1st 5s
. - 1
17,A. r; 7T
1
912 912 92 10
Inter-Metrop coil 4%s_ _ _ _1956 818 10
914 5 10
93 10
9
4
1 104 : 1612 103 11
4 11
1
12
4
034 v2 812 9 4 --------5
912 012
5
718 13
3 1,
4 1, . — - -Certificates of deposit
4 4 ---- -- -9
Guar Trust ctfs stamped _ _ _ _ 6
11111
12 Vs -Us -- 1 --is -- 8 1 -- ,- --Ira -Is; --ii4 - 1; 114 -II; -ii8 --14 --ii2 -- -1- ---- ---14
16% stamped
8 1%
1 2 13
70 727 (3812 72 683 7012 66 6812 59 6612 5612 1353 6114 05
8
Interboro R T 1st & ref 58_1966 6914 72
8
59 05
-61 8 - - - -4 6)t 61t 2 11
6112
Registered -----------------------------------------0888 6833
8
id- -Lii2 -o; 673 70,4 -i512 lir ".88r; 7 12
212
8
Stamped
iii; -86i4 6'S- -. ii "(ii :i -581'2 -0i- -5711 - 4 -88- 12
5 4 , L 26
3
4 iii18
,
1932 60% 7318 674 7112 6712 768 663 6812 63 667 55 65 2 527 597 54 61
8
8
57 61
68
55 6012 5518 5738 554 59
85 914 85 90
8914 913 8912 91
4
1932 9114 943 91% 9488 8914 94
4
8512 88
75
84112 8874 84 88 8414 8612 82 8612
2
5712 74 2 56 60
,
4
70
6012 67 6512 08
77% 7218 79
6012 65 617 633 63 07 2
Int Agricul Corp 1st 5s._ _1932 743 7712 78 8112 78 81
8
4
,
1926 109 117 110 12034 119 12 4 ,. - - ,-- _-,_- ,,r r, ,
63
Internat Cement 8s
-z
2
853
844 -75f2 16188
Int Mere Mar new 1st s f 6s 1941 89 90% 847 88% 85 8812 -85% - - -8212 - 8 -7914 -iii4 IC -iii2 iii85 86
8512 8712 8314 86
81% 86
li- -,,
Internet Paper cony 5s A._1947 8512 8812 8512 87
f
,82 837 81
833
4
8
84 86% 83 85
844 8512 823 86
85 883 85 4 87
4
3
8112 8212 844 8314 85
,4
Refunding 5s B
8252 843 8112 84
80% 8312
4
Registered ---------------------------------85 85
80 83% -ioi2 -- -3 -iii- - 1- -135 - -1- -i8- - ;
8 4
3
1947
2 I
ii 2
. g4 2
4
1;6 -ii- 1
C7
8
fit; -ii- Jurgens 6s
ii- -iii2 2
ii3; -fiii - 2 -,- 4 W1iii- 711
8914 903 904 91
788
90 27 93 95 88 897 894 904 89 90
1953 _oir4 _ i _ _6ii, _i6 _ i ____ 87 90
__
.
4
877 91
8
4
e_
Kansas City Pr & Lt 5s
8
1952
98
94 9614 9414 963 94 954 944 9512 90
8
Kansas Gas & Elm 65
8912 93
92 94
91% 93
4
1942 105 107 1057 107 103% 10614 105 106 104% 1053 103 105 10218 105 102%104 18932 195 104 106 104 105 104 lows
s
Kayser 75
0314 0 38
0
4
4
4
Kelly-Springfield Tire 8s_ _1931 10712 109 10812 1093 10812 1093 10812 10912 10814 10914 105 10812 105 1073 07 07 105 108
983 105% 100%104 10114 10288
4
9514 9712 9712 98
1937 9888 99 99 99
98 98 4
3
9712 99 19914 199314
4
Kings Co E I,& P g 58
,
977 97% 98 98 2 9754 100
8
8
8
- 1997 1107 111% 11114 11312 10914 110 iogit 1664 109 111% 1097 1097 1097 110 11012 11012 18Z 11 0 110 111 110 11114 11012 11012
8
Purchase money 6s
8
17
Convertible deben 6s_ _ _1925 ----------------------------------------1048810488 ----------------977 977
8
3
___ _ _ _
1949 ____ ____ ____
___ 714 73
71
74
70 7112 703 71
14
12 6912 71
ii -ii- ii- -66i2 "ft .
i
Kings Co Elev 1st g 4s
7312 7312 7114 72
7014 7112 70 71 --------08 71
73 / 75
1
4
Stamped guaranteed_ _ _1949 7318 78
6912 7114 -;. - - - 707 7114 70 71
8
4 73
7514 75% -- - - - - - .
75 75
Kings County Light 58_ _ _1954 ____ ____ 80% 8012 ----------------78 78
97 98
9512 9712 9512 9512
974 9812 97 9718
1954 9712 101
95 9512
6)iii
3
1936 9912 100 10012 10112 100 10078 1007 10112 100 4 10112 10012 10212 10014 1017 10
8
3 10E2 1f,ft: ,t - 4,
Kinney 7)is
1013 10212 101 10212 101 101%
8
__
_
__
___ ...
_
__
997 997 __
Lackaw Steel 1st cony 5s_ _1923 997 10014 9912 100
- -88- - - -88- - - 8
90190
90
1950 90 3 9212 907 9212 89 9113 -89- - 2 -8813 3
89
-ii- - .ri6
1st cons 5s Series A
893 9312 90 92
9214 96
4
93 4 9512 9212 94
3
91 -S -D
8 1-4 ill: - ;-0114 t- -9214 iii4 9218 92%
9212
- 2
St
Laclede Gas It ref 1st g 58_1934 924 954 947 97
4
/ ?4'- 9312
1
4
91
9012 91
Lehigh Coal & Nay 43.5s_ _ _1954 ----------------9112
91
1933 --------100
9112
-- -1-8
9°
921448 -fli4 - - 14 il3 F1 9734 99 --------08 99
61 4
Lehigh Valley Coal 58
/
1
4
/
1
4
12
44 -------------------------------- 42
4
37 4114 353 3618 3112 37
Lex Ave & P F 1st gu g 5s_ _1993
;
17 117 1173 117 118
116% 11714
1
s 11
14
2 11 3
4
117 1183 118 11914 117 119
4
4
Liggett & Myers Tob temp 78'44 --------4411
9412 963 94 9712 9412 97
8
1951 9712 9818 97 98 93 98
95 974 953 9712 953 9734 1984 1963 953 9734 0614 96%
4
4
4
4
58
8
, 12
s
,
1
1
,
2
5
1
11 Ills 117 117 1184 11012 11712
3
612
Lorillard (P)temporary 78_1944 115 11612 115 11614 11312 116 1117 115 11313 1153 1121111,la% 111 144 11:8 11: :111 :
934 95
1951 9612 9718 9612 9718 9418 97
944 96
58
8014 97334 8/14 St
87 4
Louisville Gas & Elec 58_ _ _1952 -------------------------------------------------------- 88 884 8612 8834 8618 87
114
1
4152
107
2 11 12
1
s 11
81 .
4 . 5
]
1933 1s l
2
1012 111:8 17421g8
Magma copper 78
99 10188 9812 10014 981 99
,
964 102
1942 9612 98
Sugar 73411
Monad
1
7
613 834 5818 82 8 58% 003 58 5918 574 5718 5518 583 56
4
1
4
a
4
5812 53 583
4
Manhat Ry(NY)coil g 44_1990 6011 0218 61.18 647 59 634 5914 62
____ ____ ..... ____ ____ ____ 5212 5212 5014 5012 - --- ---- ____ ____ -- - -__ 45
45
47% 4985
2013
2xtd as
s2.4 $1:712 iv gip 1114 N112 8134 N34 91;8 9114 9314 9134
.
8
2
-iii3 19-- -if -9-9--
s;9;342 (9gz
95 2. 1,5
2
Nis T.: INI2 F5,8 _71_44 _i_l_1_4
77:: 8812 8558 8834
"iii;1-667- "iii2
8
9512
9112
8734
87 89'8 ------------
Frio- 1-61-1-2 ioii- 1-61--
s s4
.7,42
23
21.8
11'4 1-4 -gf: -tl;
-
1-tf:- - w- -". 1'''
"
2 igl., 21.:181.3:_90
1 --18
ii4 1122 IR 121.132,4 123d
4
8
JAN.5 1924.]
THE CHRONICLE
47
1923—Continued.
BONDS
January February
4Pr11
June
March
May
July
August September
November December
Odober
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Manila Electric 7s
1942
9612 9834 974 98% 971 983 964 97
9612 9812 97 98
96% 97
96 97
96 97
95 964
Manila Elec Ry & L 5s_ ---1953 847 84% 84 84
3
81% 8514 ___- --- ---- „_.- 82 2 8212 ------------------------8212 8253 8214 8214 8114 83
,
__
Market St Ry 1st cons 58_1924 9114 9212 913 9214 9112 963 9312 924 9312 9314 9414 9314 933 8818 934 893 92% 92 9412
8 9 8
9518 925 - 45 9214 94
3
4
4
4
6s
1924 947 954 96 963 953 978 97 9812 9512 99
96 97
963 98
4
9618 9673 9614 963 95 965 9338 9553 943 9714
4
4
8
4
4
Marl Oils f 8s A (with war) 1931 109 118 118 122 120 . 15934 140 1613 13313 14014 12012 132 120 1223 115 117 113 113 115 1161± 114 119 116 137
4
8
Without warrants
4
1024 1038 10412 107 104 1074 104 107 106 108 104 1063 10212 10512 10112 10334 9858 1034 97 102
98 105 100 104
7s with warrants
8
102 10214 10712 113 11312 159 136 15812 135 1375 112 131 115 120 112 112 112 117 112 11212 11178 120 119 131
9812 101
9812 993 974 9812 95 100
Without warrants
8
_ _ 9134 1017 997 10114 9912 101
3
4
97 10014 941411)41898 102
Merchants & Manufac 7s_ _1942 98 9911 9814 19
95 99
4
98 998 973 991 984 9914 9812 10412 1043 10512 105 106 105 105 1047 105 — -,3
8
Metropolitan Edison 6s
1952 98 993 9814 997 9912 993 9812 9912 9614 98
9512 98
9712 9812 9712 99
4
4
8
9614 994 968 100
9712 9818 003 4 9818
1953
5s
1953 ---- ---------------- ---------------- ----96 - - -12 ____
96
Met Power 68
__. Eiji' - - 948 - - -1 9434 951 9412 951 9412 95
.
s 9S
1 9
5
_
1938
_
_
_ _ __
__ ____
Met West Side Elev 4s
3
_ 58 4 5918 62 62
------6114 611 ----------------51 51
Mexican Petrol of Bel fts__ _1936 igi 1664 /664 10
4 - 112
- 4
8
3
-i /17.ri4 1083- 1073 10§ i67 16i 108 1084 108 1084 107 1083 1027 1067 103 105 13 8 107 1031±10534
7
Mich State Telep 1st 20-yr 5s'24 993 997 933 998 9953 997 993 100
4
3
9834 998 993 997 9934 10053 9934 100
4
4
s
993 100
4
997 100
9512 100
993 100
4
Midvale St & Ord cony s f 5s '36 8814 9112 88 898 87 883 8653 89
8612 873 843 8612 8412 8714 858 8714 85 87
8612 88
4
4
4
3
854 8612 85 867
4
8
3
8953 90 --------8712 88 4 863 8812 8614 8818 8614 873 8412 877 84 87
Certificates of deposit
8
86 8712 85 85
8512 8512 8512 8612
Milw Elec Ry & Lt cons 58_1926 9918 9918 9918 9914 98 99% 98 99
98 99
4
983 99
983 994 98% 9912 9853 99
4
9812 99
12
9853 98 4 98 9914
8
Refunding & ext 4348_1931 91
9112 904 904 8914 9034 89 9012 8853 8912 --------89__
8912 883 8912 88 4 8912 --------89 90
4
90 93
3
General & refunding 58_1951 9014 91
91
92
9014 92
91
18 9014 9112 8918 904 89 9014
904 92
887 91
4 9
9214 934 92 9412
58
4
4
3
1961 86 8918 8434 88's 82 4 85
82 8412 83 843 8114 853 81 84
8158 84
81 82
80 818 79 4 8153
4
3
8118 82
Milwaukee Gas Lt 1st 48_1927 9278 938 9312 9414 93 4 94
4
93 4 9412 94 943 94 9418 9318 9418 9312 94
3
93 4 94
3
9312 94
3
8
94 9412 9453 943
Montana pow 1st & ref 5s..1943 9634 9834 9534 9812 93 97
93 4 963 93 4 964 9418 9953 944 96
3
3
4
8
9438 9514 943 9538 9412 9614 94 9653 9478 97
Registered
_893 904 8812 897 8814 90
4
Mont Tram 1st & ref A 5s_1941 8818 go
66
.
88 4 9012 66 - 12 Iiii lila 66j4 iii 81i1-2 - 14 ii 161 iii iiii, wiz, If
3
8
6i
4 4
Morris & Co 1st a 24_
3481939 86 874 83 8614 7912 8312 77 8112 7812 8078 7312 8014 75 79
733 78
4
773 7938 7814 7912 7812 79
4
763 79
4
9334 9
Registered
-_ _ ____
- ____
353 _ _ ---- --- ---- --- -„__ 95 95
92
iii 92 9212 92 9312 66 9312 9212 -- -12 9212 - -12 9212 13 924 9212 6212 - 3Mortgage Bond Co 5s
92
193 -- -------------9112 92
2
92
964
Mutual Fuel Gas 1st gu g 511'47 -9414 9 14
4
9312 9312 89 4 893 904 9018 9053 95 903 92
9312 9312 914 9153 ____ ____ ____ ____
3
4 95
4
931
9513 9513
1941
Mutual Union Tel 58
Nassau Mee gear 80Id 4s--1 51 "Ei li 634 67 4 Li i6412 Oils -63
6614 55i4 ii io 16 Li -6112 Li ii Li IA Li li
-12 60r2 112 Li 8
9
19 1
94 9514 93 943 91
National Acme 7s
58'291-9„... ____ ____ ...— _--- -___ ____ ____ ____ ____ 94 9534 93 95
4
90 9112 90 92
93
94 95 4 ------------------------97 97
97 97
3
7 97 --------99 99
Nat Enam & Stpg lst 20-yr
1952 10014 101% 100 10518 9812 100
98 9912 981 100
97 100
National Tube 1st 55
98 9912 9814 oo
1 3 99 994 9938 167 95i4 - 74
- 3 99 8
8
Newark Cons Gas cans 5s 91948 9214 94
9418 9412 9412 9412 ------------------------9358 9434 934 9314 934 9334 94 94
9414 95
93 94
New England T & T 58_ _ _ _1952 9814 100
9512 984 9638 9712 9612 975 974 9718 97 98
3
s
955 9812 963 99
8
9813 9918 958 99
3
9614 975 967 98
8
NY Air Brake 1st cony 68_1928,102 104 102 1023 100 102 101 1013 10118 102 10112 102 102 10214 1011±102 102 103 102 10234 102 10234 102 10284
4
4
78 7812 78 7914 788 79
7412 80
NY Dock 50-year gold 48_1951 7712 79
75 75
4
757 78
763 78
4
78 79
78 784 78 7812 75 7714
Edison 6348
New York
4
1941 1093 11211 1094 1103 10653 1101 10712 110 10814 10912 10812 10953 1081±110 10914 110% 109 110 109 1093 10912 11014 109 4 11012
:
4
3
4
NY Gas, El Lt, lit & Pow Co
9612 97 964 984 974 993 97 99% 9634 98
4
1st colt trust gold 55_ _ _1948 9834 100
99 991 9514 9912 9512 984 9713 99
9658 9812
985 98
8
------------------------811
Registered
Purch money colt tr g 48-1949
2
4 82 8312 79% 8314 7918 8114 tilit 11 3 ii4 - - - kit li ii - 18 iii4 1i 8153 1i5 8111 Ii - - A ills 1212
6
2
-72
ii
NY Municipal Ry 1st A 58_1966 76 76 --------------------------------82
N Y & Queens EL & P 48_1930
------9
9 9 --------96 97 84 97 964 96% asi2 11618 --------9614 - 8 6- --713 658 663- 7 9 914 66,. - 14
4 i9
--------------- ----91
1952 85 85
___ 894 8984 83 86
91 ____
NY & Richmond Gas 6a
8412 8788 8712 90
8812 90 89 90
3034 Ms 2953 3134 2812 303 288 303 2814 3412 3114 33
37
33 New York Rys 1st & ref 48_1942 -5114 -3534 2 36343814 30I2 34
4
4
4
3012 33
Registered
____ ___. .--- ---- ---- ---- ---- -- 34 35
ii 55 If 25 16 2778 1142 ii ii 354 34 368 30 3384 32 3718 ii Certificates of deposit
304 3353 32 36
ii 2914 Ili
57
418 24 33
8 8
8 212 3
3
64 4
Adjustment income 58_1942 57
212 3
7
74 512 712 5
14 214
34 188
2
4 2
7
4 34 2
418 13
4
Certificates of deposit— - 413 614 412 7
214 2
48 3
44 612 488 6
34 13
4 112
2
28
4 1
cons 4;0142 66 6712 653 69 643 674 617 65 61 64
62 647 60 62 59 6012 62 63
3
NY State Rys 1st
8
4
4
5988 62
59 6114 5813 59 2
,
1962 6/-__ ____ _- -- 96 9712 94 941 91
15 ó3s
9412 90 90 90 9212 8914 8914 88 90
88 8814 87 883 83 85
8
New York Steam 65
1947 —
971 96 98 96 9653 934 9584 93 947 93 94 92 93 9212 9334 9214 94 93 94 93 934 9212 93
8
8
4
93 933 9318 943 9314 95
NY Tel 1st & gen s f 434s....1939 92 94 93 9
9312 943 955 943 9314 9453 93 95
9314 9214 93
4
4 903 934 91
8
4
4
30-year deben 68
1949 10512 1083 106 107 1035 106 103 1051 104 10612 10514 10612 105411363 105410612 105 10653 1045 1053 1047 10614 1053 10612
4
3
8
8
3
4
'2
3
1941 10414 10714 105 106 10214 106 1023 10514 1027 10411 103 1053 103 8 1054 10412 1053 1044 105 10378 105 10314 10412 1035 10573
Refunding 6(4
8
4
3
8
4
8
983 9912 98%10014 997 10012 9853 100
4
8
Niagara Falls Pow lit 58.. A932 9911 101
4
3
3
99 10014 983 993 9514 987 9714 99
9913 100
99%10012 99 99
14 1034 10311 10414 103410414 1033 10434
Refunding & general 68_1932 10373 105 10312 10512 1014 104 4 10178 1031± 100 103 10912 1043 1037 10
3
,
8 413 103 2 104% 103
8
8
8
Nia9 Lock & Ont P 1st 55_ _1954 977 98 --------9814 9814 9712 9814 9858 9878 99 9912 99 997 9953 993 9912 100
8
8
99 10012 9814 101
9814 100 4
,
4
9312 9114 93
9114 933 91
4
North Amer Edison 6s_ __ _1952 9312 96
9312 9412 92 9514 92 938 92 9312 91
92
914 92
90 914 8912 9114
1948
6,4s
- _
96 97 9518 97
9253 9353 924 94
90 94
92 93
9012 9312 9212 94
96 92
934 94
North Ohio mac & Lt 6s._1947 -934 95
92 93
_9012 92 ____
3
3
4
Northern states Pow 5s A-1941 913 93 904 9212 8718 9018 873 9053 8914 913 885 915 89 9012 893 907 90 907 89 90
3
4
4
4
3
89 90
8914 9014
Registered
018 102
1st & ref 68 Series B— -194 -----------88128813012 10112 9914 101% 683 1014 66 2 16112 iii6 1 - iii21663 Hie; 16112 O5r4 1667i 55i . 4
- -614
,
216612 55i,16634 55 100i
4
NorthwestBell Tel 7s SerA1941 10714 108 1074108 10712 1074 10714 108 107%1077 107 4 108 10
8
7 108 10712 108 1075310818 107%10778 10712 10778 10738 107114
,
107107
Registered
__
_
Northwestern Tel 4 y4s_ _ --1934 9212 9212 ----------------9188 I1; 9112 I112 ------------------------------------------------ -9133 - -8
_
614
Ohio public Service 734s-1946 101 1011 103 10712 111113 108 10612 107 10214 105 1023 05 4 10214104 10318 104 104 11.1412 104 106 10412 10558 104 10412
4
,
----- 10112 10514 100 4 10
1947
4
_
78
,
3
5 1005 103% 100 103 100 4 10318 993 10014 10012 10213 101 102 100 101 1001±101 100 101
8
14 94 954 9312 954 94
N F 1st 58_1943 9514 96
Ontario Power
95513 9438 964 95 953 9312 95
4
9418 95
% 9514 96
4
94 983 928 95
4
934 94%
___ 94 943 94 96
4
937 9378 93 985 933 95
Ontario Transmission 5s_ -1945
93 9412 93 9412 9312 9412 9212 9412 9314 94
3
93 944
1941 -9712 1912 98 101 100 10112 9812 10014 982 190
9712 9953 9612 994 96 98
97 99
Otis Steel 8s
97 9818 9612 9812 98 9912
1947 9114 9412 9214 944 9312 944 923 94
9212 9012 93
9112 9312 9012 9214 907 93 2 9288 94
92 9312 91
714s
9318 94
4
3
,
9014 9114 9018 9114 89 9112 8812 9012 90
Pan Gas &El gen & ref 58_1942 9112 9314 91 93
8988 92
89 913 89 9118 9014 92
4
91
904 917
2
Registered
_ ____ __8 -12 5i34 - -12 554 -6614 55 - . ii -9112 9178 - 62
,
Pac Pow & Lt 1st & ref 5s-1930 91 2 14. 9158 93
62
, 6i4 6iis - -14 65i 12
921
4
6334
8 62 4
89 8 9258 65. - -3- 6i 2 Pacific Tel & Tel 1st 58----1937 98 9912 9612 99
4
95 9712 953 9713 958 963 947 964 943 9612 964 964 9558 97
53
8
4
4
953 967 96 9712 96 97
8
4
1952 9034 9212 903 9412 8812 912 88 9112 90 92
55
8
4
8912 917 8958 915 9053 913 9014 917 893 9078 89% 9112 9012 913
8
4
4
1
1931 107 108 1073 10811 107410833 107881075 --,- - '',7
Packard Motor Car 88
4
8
,'" 77T"
''
'
'
-' .'""
"""
—'
-- 4
Pan-Am Pet & T 1st lien 7s 1930 102
3
105% 102 10312 1023 103 10212 1023 10212 102 s 10212 104 103 16i ia 1633 i0612 114 10212 104 10212 10312 i6/i4 11 2-54
- -7- 1
0
1953
Park-Lexintgon 6,1s
_
_ _ ___
Paterson & Passaic G & E 58'49 -fa if
Ii18 _
_ 9358 9351
People's Gas & Coke 188 6s 1943 107 10714 10788 1077 167i2 166 iiii4 166 iiii fo5• 105 165 10612 Co658 -------- 10438 10
8
-,
f4
5 166 11513 10414 16 1033 10514
4
1947 92 9314 90 9314 8812 94
Refunding gold 5s
4
89 8973 8812 8912 81 8912 8912 90% 887 8912 8814 8912 8758 881;
8712 8912 8814 90
3
Registered921± 9212
PhIla Co cony deben 68_ _ _1944 66i8 16112 100 10112 661 1664 Ogi3 1114 ioo 16118 ioo 161 ii56i8 1603 iogi4 16i 554 16118 5i3 1664 554 1-.
- - -4
- 836612 69 166
4
534s
1938
__ _ _ _
.
___ ____
__ 90 9112 893 913 8712 9012 8812
___ ____
- _
4
3
1943 ---------------- 78 12 4 ,
Pierce-Arrow 88
-3
i578 -80'4 74 7712 68 -78 65, -- 71 7834 7334 7712 724 75 7212 8913 89 9034
__8 73
7414 731: 76 1
5
Pierce 011 8s
1931
97 9758 9514 973 9412 9614 95 96
4 98
4
84% 8812 7C1
8414 89
85 95
821. 70 8212 70 80
77
7
-- 95l 9514 95 9573 943 84 1
1943
Pillsbury Flour 68
4 95
_
Pleasant Valley Coal 5s_ A928
___ 89 90 ___
___ ____
61
_ _ _ 66 - - 66 8 - - -18 --------9014 - 0 ;.—_
, 9
0
.
- 6 -3,
_ _ ___ _ _ 94 94
Pocahontas Con Coll 1st is1957 -6i 92
9038 92
"961 4 93
9388 9453 92 9112 9212 9113 9213 905 9214 90 - - 9012 91 - 62
92
3
9112 9212 921;
92
Portland Gen Elec 1st 5s_ _ 1935 9314 9414 9353 9338 94 9512 93 4 9512 ._ __ ...... _ _
.
_ 9112 9214 9313 9412 9412 9412 9412 9412 93 94
3
9212 95
Portland Ry 1st & ref 5s_ _ _1930 87% 873 843 87
8
4
863 88
4
865 8 86% 863 873 874 873 873 877 87 887 87 871 85 8714
8618 8618 8612 4
87
4
4
4
3
8
Porti'd Ry,L & Peony 5s- -1942 82 86% 844 848 844 8514 8334 8612 8214 84
8212 83 8 8212 84
7
83 837 82 833 81
8312 8012 82
4
804 82
6s
1947 95 9614 85 9612 94 96
943 9312 9413 93 94
94 95
9012 991
94 954 94 9513 94
913 93
4
1946 10688107 1063 10714 10512 10714 104 10413 103 8 10612 104 105 10414 10514 1043 105 1044 10512 10414 105 10438 105 884 924
734s
8
3
7
10312 104
Porto Rico-Amer Tobae Ss 1931 103 103 10334 10414 104 10514 1054 10512 10318 10513 1014 10313 10214 1037 10312 10512 105 106 105 105 105 105 104
8
10434
1933
_
__
Pressed Steel Car 5s
_ _
_
..... 875 9014 893 94
8
89 9114 8913 92
4
891* 9014 89 90
Prod & Ref 8s with warr'ts 1931 Hi 116 Hi 128 3 12953 133 13178 13312 12312 118 126 126 119 120 108 118 109 11012 107 110 106 110 110 4 114
- 7
3
Without warrants
107 10812 1063 10712 10613 10712 1064 1073 10612 1073 105 10714 10434106 107 116 100 102 102 10314 1043 107 106 10711
4
4
4
4
1959 8118 86
Pub Serv NJ gen 5s
8414 86
3
83 8 854 893 85 834 84 4 8313 844 8312 8412 813 833 80 82
3
4
4
7612
4
,
1937 10618 108 10514 115 113 124 11312 1243 110 11673 107 8 11312 1058 110 10514 109 10714 11014 106 80 3 79 8014 7718 814
Punta Alegre Sugar 7s
5
4
1103 106 110 10712 111
4
Rapid Tran Sec 68
8
_- 703 7112 704 7488 7212 74
68 7312 6514 6914 6612 68
6518 68
Remington Arms 6a
1937 93 66 93r2 1412 9258 9412 9938 9414 93 944 9212 9412 928 9412 9312 95
4
9388 95
92 9217 8 94
94
92i4 944
Republic Iron & Steel s f 581940 943 964 933 95
4
4
89 9412 89 93
90
9312 91
91
94
92 94
9212 893 9214 89 92
4
9112 9453 92 94
5%5
1953
____ 9418 945 89 9458 8912 904 go 90% 885 904 873 90
8
8712 89
4
3
87 8812 864 8913 874 881 8712 89
981_ _9678 98 _9612 9613 _964 9613 _961_2 9631 _9612 963 _9612 9613 _92/2 951.! _9312
2
Robbins & Myers
.
_
.
4
:
9353 _9112 gill
98_
% 9184 9912 99
789 6 97 99 .
1942 91
4
Roch Pit Coal & Iron 5s
Rogers-Brown Iron 75_ _ _1942 9212 93
66
8514 16 55 11-18 56- - 12 g/iC4 1612 ii 12 1612 85 8
:0;
66 gi I4
8212 io 16 i3f8 1365- i' "
-12 WI -8
1937 _ ,
_
77
____ 77
--- --St Jos Ry L H & P 5s
78 784 78 784 78 783 --------7953 777 783 783 764 7934
4
4
4
St L R Mt & P 5s stmpd_ _1955 63 84 --------82 83 ---- ____ 8312 8312 8013 8312 8014 8014 804 804 795 81
8
76 7718 75 7853 808 807
1
guar imp 58 1924 ----------------62 62 _ _
_
..
St Louis Trans
._
__ 60 60 ----------------5714 5714. -- . -- 563 563 543 6011
4
4
4
iCity Cable
.
iii 62_ 1213 92 923 ----------------92 92 _—_ _____ 9012 901! 9458 91
4
_
012 9
6
: :
:
C . --- -- - --- --- _- 63
_1 77
a blpot 5s _. 1932
De e 5s
St Paul Union
C
1942 i661 16i i
1621 Oi 1- 1-12 164E4 1E1 iiii iiiii ii56 fa; iiii (63 iiii 1- 15212 1- 35- ioi2 iiii iiiiis iiii 1001310434
6
Saks & Co 75
4
4 .
6618
6 8
3 9012 9214 9118 9238 9114 923 90 92
___ 93
San Antonio Pub Serv 68_1952 ---- -------- --- 12 943 93 94
4
90 93
9112 92
90 914 91 94
s
Sharon Steel Hoop 1st 8s_ _1941 14 14 983 104
97 10114 98 9914 98 994 9812 99
8984 100
9812 9912 99 994 99 9912 99 9912 99 100
1942
_
Sheffield Farms 63i5
997 10012 997 10112 100 103
991±10113 10012 101% 1003 10114 10013 1013 101 10113 100%101
4
4
1949 86 86
Sierra & S F Power 5s
833864 874 824 - 4 8213 8312 994 10112 100 103
86 8714 8614 874 8412 8612 8312 8412 8314 85
83 841,
1937 100 10112 100 101
8
o 9814 100 954 9711 938 9634 92 9614 92 9433 9014 9312 9318 9471
Sinclair Consol Oil 75
99 1011 993 loo1
1938 ------------------------------------_
0.1s
_
__
94 95
94 9714 88 9418 8512 8914 8558 8812 85 874 87 88
_1925 973 99
4
9734 10053 978 9918 977 9878 9778 98% 94 95
Sinclair Crude 011 53411_ _
9612 98
9514 98
94 96
953 96% 96 967 95 4 973,
4
3
8
1926
98 9912 99 997 973 9918 97% 99
65
1 93 8 953 9433 974 954 9688 95 4 971,
9512 9812 9612 984 954 97
8
4
5
4
3
1942 8533 8912 86 8734 834 8634 843 87
Sinclair Pipe Line 5s
4
841 87 4 84 8718 84 854 82 8412 8014 834 8012 8212 8013 8112 80 8111
3
South Porto Rico Sugar 78 1941 9812 1004 9812 102 1004 1013 100 10112 100%10114 9812 10112 9812 10014 100 1003 100 1003 100 101 10038 101 10053101':
4
4
4
94 983 911 94
4
Southern Bell T & T 1st 5s 1941 9334 97
90 4 93
3
9212 94 93 9414 8712 9512 944 954 933 9553 944 95
4
945 9653 944 96
8
Southern Cob° Power 68_1947 ------------------------91 92
89 9114 87 2 89
,
874 88 2 88 9112 8812 92
,
8912 8612
34
9914 9814 99 98 994 8712 89 974 984 974 9813 9812 9934 87 10012 984 8714 86 88
Stand Gas & El cony s f 68_1926 0678
984
998 9812 998
Standard Milling 1st 58_ A930 9612 9914 96 96 4 96 9712 97 974 97 98
3
98 99
4
96 10418 96 9678 957 964 945 953 95 9512 952 96i,
8
4
4
Stand 011 Calif 10-year 78_1931 10514 106 1053 107 105 107 105 1053 105 10618 104 10612 1037 1044
- -.
steel & Tube 7s Series C_ _1951 101 1074 102 107 100 1025 100 102 10114 10253 --------102 1034 ioii4 11112 ROA 11N1- ioii2 16i12
8
..,
4
i62T3 16i /62 2 104
, 9612 9812 9612 99
Sugar Estates Oriente 75_1942 9614 97
9612 993 98 995 9
74 9912 97 9812 96 977 9612 971 94 9513 94 9614 95 961
Syracuse Light Co 1st g 5s_1951 91 2 914 -------------------- ---- ----- ---- 90 8 904 9014 9114 ------------ ---- 92 92 _
_
_
,
_
_ 9178 93
848 84% --------85 85
8
Syracuse Lt & Pow at 5s_ _1954 ----------------8453 86
4
823 834
843 8613 835
8
83
7 8333 3 q 8353 84
3
gi - - 3
3
7
3
Tenn CI & RR gen 58
1951 10014 101 10014 100 g 98 4 99 4 984 98 8 99 100
7
99 100
9818 9912 100 100 --------99 99
99 99% 995 100
8
3
Tennessee Copper 1st 6s_ _1925 100 100 10018 loo14 100 10012 10058 1014 10053101 10014 10012 ____ ____ 9934 100
991: 9915 9914 991. 100 100 10014 1001
[VOL. 118.
THE CHRONICLE
48
1923—Concluded.
BONDS
July
January February
June
March
April
may
August
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
944 943 9418 947 9214 9412 923 9312 9218 9312 9214 9314 9218 94
4
1947 933 9412 9312 9414 9214 9412 9218 9412 9312 95
8
Tenn Elec Power 6s
4
1960 5812 62
4
60 617 59 6112 5812 6012 57 2 588 5212 583 544 5558 5412 5612 5514 5612 5012 5514 5034 534 5214 54
Third Avenue 1st ref 4s
,
Adjustment income 5s_1960 5678 597 583 623 5712 62
4
4
543 454 493 461 523 484 5112 39 47
8
53 5458 45
5312 57
4
8
8
393 458 4012 453
8
14 03 94
91
1937 9312 95
9112 93
9212 93
91
92
91
9212 9212 92 9338 92 9212 90 92
1st 5s
94 94
9212 94
4
4
Tidewater 011 10-year 630_1931 10212 105 1023 1033 102 10318 10218 10314 10212 10312 102 10312 10218 103 10112 102% 102 1023 10218 103 102 1023 102 10212
4
4
8
1931 10234 1043 10314 10412 10334 105 10318 105 104 105 104 105 103 105 10412 1057 10452 10512 10514 1075 10712 10812 106%1077
g
Tobacco Products 78
8
2
1941 10614 10738 10518 10712 1054 1067 10534 1063 106 107 1053 10714 106 10712 107 10712 1053 10634 10534 107 1063 107 10512 107
4
4
Toledo Edison 7s
8
4
Toledo Trac Lt & Pow 6s_1925 9818 99
985 9912 984 9834 9712 9838 97 2 9838 984 985 9818 983 98 9812 9734 9834 9758 9812 9712 978 9712 9812
8
8
,
993410014
Tri-CltyRy&Lt1st5s
1923100 100
923 92% 55r4 -- 14 58rs
4
Underground of Lon 430_1938 908 100
9
3
1948 ----------------8814881488
Income 6s
.
963 973 96 9712 96
4
Union Bag & Paper 6s_ _ _1942 9612 99
4
7 9714 95
8
Union Elec L & P 1st g 5s_ A932 965 9634 9634 97
95
Union Elec L & P ref 5s_ _1933 9112 92
90 91
884
91
92
5iE8 -9-2-5: --------------------------------85 -- --------85 - 3
. 8
i
85
.
86388638 ------------------------88 81) 8914 8914 -,_-- -,,- _-_-_
9734 9518 9712 95 99
96
963 9738 9518 9712 95 -4
9612 98
9512 1004
97
953 9512 9512 9638 963 9512 97
3 9638
955
8
9514 96
4
9512 9638 9638 9712 96
4
9053 92
907 9178 0118 9134 9114 9212 0112 9212 9153 9212
8
918 92
91
92
-70 70
96' 9412 9517 68 16 4 66 16 _.,,.... ____ _ .
.394 3
Union Oil of Calif 1st 5s_ _ _1931 ----------------95 lig 56 - -7- 66 -__ _ ilii4 -64-14 9414 -9124
May 1942 10138 10258 101 10134 101 10212 998 101 100 101 1004 101 10018 101 100 10053 99, 10014 iliii4 1130
6s
2 983 994
2
0712 99
-Union Tank Car equip 78_1930 10312 104 10314 104 10212 104 10318 104 103% 104 4 1033 10412 103 105 103 104 10314 10334 102 104 103 104 10312 10414
4
,
1941 11214 11334 1104 11318 1103 1123 1105 11212 11114 11314 11112 11314 11058 11212 110 11112 111%112 10914 1117 1093 110% 1093 1113
United Drug 8s
8
4
4
4
8
8
4
9
United Fuel Gas 1st s f 69_1936 963 98
9634 9734 9512 97
8
4
947 9512 9414 953 94
9334 95
9512 92 94
923 948 93 9412 92 94
8
9538 94
Un Rys Inv 5s, Pitts issue_1926 8714 904 8834 9112 94 9712 955 9612 91
913 9414 9218 9312 92 927 9114 9212 9212 9334 9112 9253 91
4
94
8
9212
1934 6118 634 6112 62
United Rys St L 1st g 4s
5812 59
5912 6212 5812 6014 5812 6112 6118 63 60 61
5812 61
5612 598 5753 63
7 6114 6412
89 91
8914 92
United Steamship 6s
1937 88 90
87 89
9012 93
88 91
8612 91
4
86 864 85 85
8712 893 8812 8912 86 89
United Stores Realty 6s_ 1942 993 10114 9912 103
9834 10012 9838 9934 983 100
4
8
9914 98 10018 985 10018 98 9953 99 9938 98 9914
98
993 98
4
4
1932 10212 10312 10212 10312 1014 103 10018 1017 1008 102 10212 103 10212 103 102 103 10153102 10158 103 10214 10238 10214 10412
U S Hoffman 8s
8
4
US Realty & Imp dev g 5s_1924 997 100 100 100
99 10012 998 10012 993 10012 998 10014 10014 10012 100 10012 100 10014 997 100
99 100
9812 997
87 8912 85 8814 85 875 8612 88
US Rub 1st & ref 5s Set A_1947 8713 89
86 874 8512 88
8614 88 8512 87
8
84 8512 84 86
84 86
10-year secured 730_
1930 107 109 10712 10912 10238 10812 106 108 106 4 10712 1053 1074 10512 107 1053 1067 105 107 10214 106 103 10412 103 105
4
8
4
,
99 100
4
4
4
9912 100
4
3
US Sm Ref & Min cony ;3_1926 100 10114 100 102 10012 10058 100 1003 993 1003 993 100 4 9912 997g 9912 100
99 993 99 100 4
4
,
U S Steel Corps f g 5s_Apr 1963 1023 104 10218 1034 101 10314 10034 103 101% 103 101 1023 10112 10238 10112 10214 10113 10214 10114 102% 10214 103 102 10311
4
4
__ 101 101 --------100 10118 ----------------10152 1024
4
Registered
___ 1014 1013 ____
Apr 1963 1027 10412 --------1015310234
8
8212 87 ____4
Utah Light & Trac 5s
1944 864 913 8614 88
78 805 79 8012
4
8012 -8418 8012 8212 804 8212 80 813 8018 82
81% 83
8
8153 83
Utah Pow & Light 1st 5s 1944 91
88 8912 874 8912 873 8824 8712 8812
4
873 89 2 853 894 8638 8812 8818 89
4
,
8
90 913 8618 903 875 89
s
92
4
Registered
89 89
_ ____ ____ 58 Ii 681 -204 ____
__ 6612 9 - 458i2 - 5- ---- - - ---- - - -- — --- 4
Utica Elec L & Pow 1st 59_1950 --------------- _ _
.4 .
6
91 4
8912 8938 8938 90 90
90 8953 8953 8938 -Utica Gas & Electric 5s__ _ 1957 9138 9214 911 92
418 9114 - - - --- -- -iii -- --------89 89
4 92
'
914
Va-Caro Chem 1st 15-yr 5s_1923 100 10014 100 10012 100 10014 9934 100 100 100 100 100 100 10014 100 100
984 997 ____ _ _ _ _
997 100 100 100
Cony deben s f 6s
1924 10014 10014 100 10012 997 997 9912 9958 -,-- , -- -- - - ---- - - -- -8
-- -—
-4 91-14 75 - -34 79 8212 7912 -7s
1947 96
2 81%
61:1 i21. - - i i4 86
98
8912 illi i2 9712 88 9212 853 96
973 91
4
3ii
5' gi iaill 6114 71
6812 71
7114 585 6712 60 72
7012 8212 55
913 9412 88 9634 8034 89
8
730 with warrants
1937 9112 94
66 7212
62 68
81
Without warrants
6912 7114 6812 6812 --------65 68
58 7114 5814 67
71
86 88
58 69
8712 9012 8512 9312 79 86
93 9512 9212 9318 924 924 92 93
Va Iron Coal & Coke 1st g 5s '49 93 95
92 9212 90 92
92 92
923 9312 92 9414 92 9312 90 92
8
8612 87
Virginia Ry & Pow 1st 58_1934 84 8512 8412 87
8712 89
4
85 8612 868 88
8414 8614 84 85 84 8512 84 8512 85 86
8414 86
9712 983 9614 98
4
Vertientes Sugar 7s
1942 96
93 96
973 9714 98
96
4
4
973 963 973 9619 9712 95 9612 9312 96
4
9612 99
4
9612 98
1941 10312 106 104 10512 10212 1053 102 10312 10212 10312 1017 104 10158 104 101%10312 102 10312 1023 1033 1027 104 10112 104
4
Warner Sugar 7s
8
4
8
2
9914 9912 9912 100
_ 9812 994 9912 9912 995 995g 995 100
Wash Water P 1st 30-yr 5s_1939 ----------------99 9912 9818 9812 9812 9812
Westchester Light gold 5s_1950 963 97 4 --- 954 9512 9558 9612 9618 965
94 95
944 9514 ____--- 9312 95
8
954 9518 9512 96
4
,
947 9612 95 95
8
West Penn Power 5s A__ 1946 9112 93
903 9214 90 9112 901e 908 893 907
4
9014 93
8814 9312 8812 '914 88 9214 8818 92
913 - -7- 90 95
4 92 8
8
8
4
2
1st Series C 6s
1958 1013810212 1001210214 10112 102% 10012 10134 10018 10214 1013 10214 10012 101% 10012 10112 1003 10112 101 10212 10112 1017s 101
102
1946 104 10514 10438 10514 1043 1057 104 10712 103 1047 1024 105 10334 105% 10412 1053 104 105 104 105 104 10412 104 1047
8
75
4
4
8
8
8
1953 ---------------- ------------------------88 883 8738 8812 87 8912 88 8912 8712 8812 8712 8814 8612 893
5s E
4
97 99
9812 100
Western Union coil tr 53_1938
967 9812 9614 9779 9612 9714
s
99
9714 984 96
. 911 98 987 96 987 9612 9918 9612 9
33
8
Fund & real est 430 g_1950 9112 9212 91
9134 90 91
9158 9234 923 94
89 9014 904 9114 9012 92
8934 913
8
927 9014 92
8
9212 934 91
4
1936 10912 1117 109 111 106 110 1067 1085 1073 109 109 110 10812 109% 1083 110 1083 10978 108 1097 109 110 10812 110
4
4
8
15-year 630 gold
8
8
Westinghouse E & M 7s_ _ _1931 10712 10812 108 10812 1074 108 10614 1073 10512 107 106% 1073 1067 1077 10612 1077 10614 10712 10712 1077s 10712 1073 10652 10712
s
4
4
4
o
8
8
95 973 9312 963 928 9434 92 95
2
97 98
1935 9614 gs
Wickwire Spencer?,
39 0412 85
9412 96
9112 73 8712
93 95
91
94
9514 9712 944 9612 95 9638 953 9638 9412 9618 93 9612
Wilson & Co 1st s f 6s
1941 100 102
8
96 101
99%101
96 995 97
% 9918 95 98
8
99 99 _ - --- --- Registered
- - --- --- - -- -- -- - - -- - - -- - - -- - - -- - - -- -- -- -- ---- - - -- ---- ---10-year cony s f 6s
844 8512 824 873g
8
65 9322 9912 9312 86 913 83 8814 8414 86% 05 86% 8414 86
4
1928 92 943 944 9612 95 98
947g 9712 9412 97
1931 102 10334 1023 105
9418 101
9512 9612 9518 96% 94 96
93 98
97 100
99 1033 963 102
4
734s
4
4
4
8
Winches Rep Arms 7345_1941r10038 104 10118 10212 101 1033 10012 104 1025 106 104 1055 10312 10412 103 1033 103 10312 1023 10312 1014 1033 1003 102
4
4
8
4
9312 95
8
roungs Sheet & Tube 6s_ _ 1943 ------------------------ ------------------------99 9912 99 9912 9412 9912 92 945 9318 94
- 18
91
88
98
958
9112
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1923.
[Compiled from sales made at the New York Stock Exchange.]
COUPON BONDS.
REGISTERED BONDS.
Liberty Loan.
Victory Treasury
,82, 41h 430, &Us,
131 330, 1st 45, lst 453s, .4ids, 2d 43, 2,1 411s, 3d 4,
,
43.1s,
1932-47. 1932-47. 1932-47. 1932-47. 1927-42. 1927-42. 1928. 1933-38. 1922-23. 1947-52.
January
Opening
High
Low
Closing
February
Opening
High
Low
Closing
March
Opening
High
Low
Closing
April
Opening
High
Low
Closing
May
Opening
High
Low
Closing
June
Opening
High
Low
Closing
July
Opening
High
Low
Closing
August
Opening
High
Low
Closing
September
Opening
High
Low
Closing
October
Opening
High
Low
Closing
November
Opening
High
Low
Closing
December
Opening
High
Low
Closing
99.00
99.10
98.24
98.34
99.00
99.00
98.10
98.10
98.30
98.44
98.00
98.00
98.40
98.60
97.88
97.90
98.90
99.09
98.64
98.68
98.84
99.00
98.12
98.14
100.26
100.32
100.10
100.20
98.34
99.08
97.88
97.90
98.50
98.80
98.50
98.70
97.74
98.70
97.46
97.46
98.00
98.88
97.58
97.74
98.64
99.18
98.26
98.36
98.02
90.04
98.02
97.94
100.22
100.24
98.20
100.02
99.86
100.04
99.34
99.44
101.26
101.34
100”22
100,522
98.00
98.30
9622,,
971,32
98.00
98.00
97 00
.
97.00
97.58
98.22
Eiggin
97.76
97.74
98.22
9823,,
971332
98.46
98.62
9720
,
98 32
97.90
98.36
97332
97.32
100.04
100.18
100.00
100,
32
99.46
100.00
981722
98"n
2s,
1930.
4s,
1925.
Panama
Canal
3s.
1961.
99.94
100.04
99.80
99.92
101.56
101.84
101.18
101.20
Panama Consoli4s,
Canal
dated
1925.
3s,
22,
1961.
1930.
100.94
101.90
100.94
101.54
98.90
98.90
98.64
98.70
9334
9634
9334
9634
103349336
9334
10351
9334
10334
10334
9334
9434
9434
9434
9434'
100"32
1011432
100"32
101"33
97
,312
972232
97"32
97"32
97"22
98.32
96.
132
973 n
97312
98 22
,
97%
972,22
97,522
9722,,
973,
97 32
,
971332
98232
%
962
970
98 32
,
%
982
971322
981%
973!22
98%
97%
971122
100 32
,
100 32
,
99"32
100.00
98,52:
99 31
,
981,21
982,22
10334
10334
10334
10334
9436
9435
0434
9434
101 33
,
101",,
1002.22
1005,32
97 3s
,
97"32
975
97n,,
97 32
,
98"s2
97732
981,g2
97 32
,
98,432
975
984,
971132
982,12
971332
98,522
97hs
982,31
97 32
,
98",,
9813:
994
98.00
,
98 42
971%
992,32
97322
981322
100.00
100%
100.00
100.00
98":2
100.00
98"32
99,,z12
10334
10334
10334
10335
9434
95
9436
95
1003522
101,
22
1001.32
1001%
982i,,
981022
972%
972832
982„,
981%
97 .il
,
984
9814,,
981432
9813s,
981.32
9830,,
98,132
9734,
972432
9722.,
981%
972532
98 32
,
9821,,
98"32
98•22
981,22
98",,
98
"32
972!21
98,22
9812,,
99
032
98',,
9912,,
102
102
102
102
100"n
1001532
100
100 32
,
98"32
98",,
98 32
,
981,32
98%
98",,
98 32
,
98%
98 32
,
98 32
,
971,32
97"32
98%
98un
97"32
98 32
,
98 32
,
98un
98.32
98 32
,
98"ag
99 00
.
98'5.1
982
%
98%
98"32
98'22
98 32
,
9920,,
99 42
,
99"3:
9920,,
103
103
103
103
100132
1001%
100.00
100.00
98122
98,032
98132
98,032
98%
98"31
98 32
,
98532
98.00
98422
97"2,
98432
98%
981.22
98.32
98"32
98 32
,
98",,
98%
98'41
98"32
99.00
982,22
981,22
98%
981,31
98432
98"32
99"32
992122
99n,,
99,322
97,132
98u32
972132
981,32
97.20
995332
97.00
98.00
98.00
98'32
973132
98.00
981022
981022
972232
972%
981,22
9832,,
98"32
98"32
98522
98",,
97"32
97 4n
991,22
99
,322
991,3t
991322
97732
971,32
97 31
,
97113:
9710j
98%
97%
972
%
9710
9725
97.00
9723
9714
972
%
97 32
,
971 n
971712
98.32
973
971%
9825
99.00
98'32
982132
97"n
98%
97%
9734S1
9913;2
991,32
98,132
98"12
98 32
,
984
98 23
,
98%
972,
n
,
98 32
972532
981
9710,2
97303
971532
972,32
972532
98 32
,
972312
98.00
9725
98534
972332
972h2
982332
99724
981022
993
97,522
9842
972422
98%
99912
99,022
9948
Non
98 32
,
981131
98 s2
,
98312
98 32
,
981132
,
98 22
98•32
98.00
981,22
98.00
9810,,
98122
981142
98122
98%
98 32
,
981132
98 32
,
98%
993
9912
99 32
,
99,022
98%
9815,,
98132
98232
991,
12
9910
99•12
1022
99
100.00
100.00
99"32
99n,,
991ss
1002
:2
99.22
9923
993132
99,32,
981032
32
991,
99,032
100.00
99432
99622
•First Liberty Loan second converted (under the terms of the fourth loan).
- - -- 10335
104
10334
104
-- ---
9351
9331
9334
9334
1 i
10434
104 34
10434
10434
10334
10334
10334
10334
--- - --
9234i
9234
9234
9234
del al
---------
i
JAN.'5 1924.]
THE CHRONICLE
49
The annual statement of the National Bank of Scotland,
Ltd. (head office Edinburgh) covering the fiscal year ending Nov. 1 1923, and which was presented to the proprietors
of the institution at their annual general meeting on Dec. 20,
s just come to hand. Net profits for the 12 months, after
providing for all bad and doubtful debts, the report shows,
amounted to £296,229, which when added to £64,261, the
balance to credit of profit and loss brought forward from
the preceding year, made the sum of £360,490 available for
distribution. Out of this amount it was resolved to appropriate the following sums: £134,531 to pay a dividend at
the rate of 16% per annum (this being exclusive of income
tax of £47,737) ; £50,000 to the reserve fund; £75,000 to officers' pension fund; £10,000 to the bank's annuity fund and
£25,000 to the heritable property account, leaving a balance
of £69,959 to be carried forward to next year's profit and
loss account. The bank's total resources are shown in the
report as £38,413,289. The subscribed capital of the institution is £5,000,000, of which £1,100,000 is called up; £900,000
uncalled and £3,000,000 reserve liability, while the reserve
fund now stands at £1,250,000. The Duke of Montrose, K.T.,
Is Governor of the National Bank of Scotland and William
Carnegie, General Manager.
ending Nov. 30 1923. Outstanding features of the statement
are a gain of about $50,000,000'in deposits; liquid assets of
approximately 50% of the bank's liabilities to the public and
an increase of approximately $59,000,000 in the total resources of the institution, which are given at $538,358,555, as
against $479,362,366 on Nov. 30 1922. Cash items are shown
to be $81,604,539. Net profits for the period, after deducting charges of management, accrued interest on deposits,full
provision for all bad and doubtful debts and rebate of interest on unmatured bills, amounted to $3,909,316, which when
added to the balance of $1,007,514 brought forward from the
preceding year, made the total available for distribution
$4,916,831. This sum, the report states, was apportioned as
follows: $2,448,000 to pay four quarterly dividends at the
rate of 12% per annum; $408,000 to pay a bonus of 2%;
$100,000 transferred to officers' pension fund, $400,000 appropriated for bank premises, and $475,000 reserved for Dominion Government taxes, including war tax on bank note
circulation, leaving a balance in amount of $1,085,831 to be
carried forward to next year's profit and loss account. The
bank has a paid-up capital of $20,400,000 with a rest fund of
equal amount. H. S. Holt heads the institution and C. E.
Neil is General Manager.
G. MacG. Mitchell, President of G.P.Mitchell & Sons, West
That the Royal Bank of Canada (head office Montreal) India merchants
, of Halifax, N. S., was on Dec. 27 elected a
enjoyed a highly satisfactory business year is evidenced in director of
the Royal Bank of Canada, according to a special
the annual report of the institution for the twelve months dispatch on that
day from Montreal to the Toronto "Globe."
COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE
YEAR 1923.
BONDS
New York State—
Highway Improvement.
4s
1961
43481963
Canal Improvement.
4e
1961
46
1960
4345
1964
New York City—
Corporate Stock.
3348
1954
41i
1958
48
1957
48.
1958
48_
1959
4348
1964
434a
1960
4348
1963
4346
1965
430
1967
4348
1971
4348
1966
434a
May 1957
4 Wa
Nov 1957
January
February
March
April
Jaw
May
July
August September October
November December
Low High Low High Low High Low High Low High Low High
Low High Low High Low High Low High Low High Low High
10312 10312 --------10112 10112 102 1021
___ _ _ _
.
•
9012 91
91 91
9938 9938 9912 9912
9934 10014 997 997
9912 997, 9912 995
8
9912 10014 (1958 9958
10178 1027 102410278
1005,101 1005,101
107 10714 107
/
1
41074
1067 10718 ---- ___
s
1067 107 1072410712
8
10714108
10238 1024 - - - - - - - - - - - - -t- - - - - - - - - - - - - 10410212
-10612 107 1067 10712
8
106191117 1071. lirrs.
------------------------------------------------___ ____ ____ ____ ____ ____ ___ ____ 110341103 ____ ____
4
1411034 ____ ____ ____ __8812 9034 '89',, 8914 8714 8714 8712 8712 87 87
9912 9912 9718 974 --------961, 9614 95 9624 ---- -- - - - ---- -- -- ---_ ____ __ ____ ____
9834 994 --------9713
4
12 963 963 ----------------96-96 --- - 96% - 1 --97 4
--994 9914 9712 9712 9634 9712 9812 9612
% 9624 965 965 _„
8
s
, __
96% 965
--- 8
8
-984 995 9712 9858 9658 9712 9612 9714 9614 987, 9634 9634 9634 -9-- 9634 963 985 97 9614 97
8
634
4 9634 9712 10058 10114 10018 101 100 1007 1001,1004 10018 1003 10014 10014 9918 9918 10014 10014
s
8
4
1
1004 10084 100 10012 993 10014 100 10024 100 10012 997 1004 9914 100 99% 10014 100 1003 Iiiiii4 109958 10018 9912
106 10658 10518 105 4 1047 10512 1047 1054 10412 10412 1042410412 102h 10414 104%10412 --------10 100
3
8
8
4 104
10512 1061 10518 10512 10518 105 105 1054 ---- — -12 10412 10412 1037 1037 10412 1044
8
.
_ 103%103%
10614 107 105 10514 105 10514 10412 10514 10412 1047 10441045
- 8
8
150 1116 ---- ---4
8 ____ ___ ____
_ _ _ __ _ -- --- - -x s
3 100 100 100i4 1116 4
4
310514 107 105 10514 10412 10458 10458 1047 10412 1043- 10414 10434 1023 1048 10414 10434 10014 10i014 ____ — - ,
-- 4
4
103 10438 10334 /
1
4
1058.. Inas
1041. Inas. 1045. 105 1043. 10434 1023. 1041 --------1035. 1041, 1035.104 Inn.104
104
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE
YEAR 1923.
1923.
STOCKS
January February
March
April
June
ki
July
August September October
November
Low High Low High Low High Low High Low au
High Low High Low High Low High Low High Low High Low High December
Low MO
RAILROADS
Allegheny & Western
100
-10024 10034
Ann Arbor
100 14T4 11 1774 - 2
412 ii 12 19
Ii .
1.112 ----------------------11 11
Preferred
1512 18
100 324 35 34 45 40 45 3034 20
443 36 39 29 38 22 30 22 22
4
21
Atchison Topeka & S Fe-100 100 10238 100%10414 10218 10518
35 3112 1212
10012 10278 978 10112 97 1048 944 100 943 98 9512 24 2658 32 25 Preferred
8
99 94 99 954 983 947, 9812
100 8814 90 8912 9024 89 9058 874 8978
8
8758 893 87 9014 86% 883 875 8835 8718 88
8
Atlanta Birm & AO
4
,
8714 88 8634 88 854 883
100 14 2
17
4
34 24 3
2
/
1
24 13
Atlantic Coast Line RR100 11014 11658
4 24 14 255 112 13
4 114
134 112 23
112 2
112 212
112 2
11512 127 117 12434 112 11918 1117 11614 111 122 1097, 115 110 114
Baltimore & Ohio
8
1097 11334 110 11412 11118 1173 11258117'!
100 4018 4918 4612 53, 521 564 4914 537
7
4
/
4
Preferred
55 5934 5658 5912 573 60 4
100 5734 60 4 5958 6034 5958 807 5814 60 4512 6024 4112 5238 4218 5058 46 5034 47 57
,
3
6534 5814 5612 5858 5618 5812 5618 5812 5614 5912 56 5912 58 59
Bangor & Aroostook pref
91 944 93 93 91 94 9012 91
5614
90 9234 89 89
llkiyn-Man trust
9C0 90 8'7 87 ------------------------84 59
85
Trust certificates Prof
91 1158 103s 127, 1158 14!
',
Brooklyn Rapid Transit_ _ _100 1038 163412 371 3412 397 3734 497
/
4
14 858 127- 358 8
9
152 4
.14 jig -Vs - 1
Certificates of deposit
24
-314 118
84 13
14 I
4
-3
8
14
738 12
18
3 ---- -- -- -- -- ---8
3
778 14 4
/ 112 3
1
4
Warrants
34 27s
4
14
/
1
4
14
34
'2
18
18 ---- --- - ---- ---.
__
-17's l8's 1554 18s 11
Warrants 2d install paid
1734
___ ____ ___
__ B R T full paid
3 iiig - 2
i
..._
- -- -- - -------------------------Buffalo Koch & Pitts
_.. 3012 3012 50E4 iiis 51 If 56 5114 5512 ii3
100
68 6312 6312 64 66 614 65 611
- 3214 ii
4
Preferred
2 63 61 64 --------58 62 53 58 54 100 ---- 60 51 5512 50 53
-89'! 8912 87 89 ------------------------78
90 90 87 87 ----------------85 85
120 125
Preferred
too
_- - - - - - - - - - - - - - 50 ii --------51 "LI
Canadian Pacific
100 i 4 145 i 1495
.
1
1.16i, 1E6 4 142 155 14012 1481 14318 147 ----------------50 .1618 _ _
Canada Southern
-1
100 ------------- ---- 5214 5214 50 6
13934 1433 1417 1473 1434 148% 144 Ili
4
8
8
51
5114 52
5113 517 50 50 5013 61
3
Central RR of NJ
100 210 220 210 231 21112216 201 212
5034 52 --------51 53
5318 531,
196 202 182 205 175 1883 204 206 --------200
Chesapeake & Ohio
1001 69 763 7358 7614 71
219 205 215 205 225
8
7558 6634 724
s
Preferred
5714 6114 5738 64 604
100 1017 1028 102 10478 102581044 101841028,, 6234 673 57 66
1001 10134 98 10212 96 973 98 9S12 98 6414 6034 6914 67% 7512 6918 75%
/
4
Chicago & Alton
100 24 23
99 978 9912
234 318 214 234 2
4 212 38
,
4
212 2
318 218 217 224 34 214 312 28 358 9812 100 4 9714 1003
Preferred
100 3 8 414 4
3
258 41, 31, 431
63
8 45
8 5 8 44 47
5
8 312 418 4
514 334 4
Certificates of deposit.,100
334 6
51s 8% 7
0%. 712 111_ 9 s 123
93 9 i
_
Preferred certlfs of dep....100 _
_ ...
_.
.
_ . .
_ _
Chic & East III RR (new)
aO
31 5534
3lit. iii! 2614 ii) 1(i iL "iii 184 if
Preferred (new)
51 538 544 ii 4 ii " 14 5912 Ii14 ii334 3313 iii4 4
/ 57
1
/ 5614 6214
1
4
14
/
1
6214 6414 60 50 60
47 4914 4612 4912 4934 6212 51 53l8 iii "i6 254 30
Chicago Great West
100 4
534 524 7
51 658 513 8
/
4
4
503 58 48 54
411 512 418 57
4
42
458 4
Preferred
100 812 1214 1214 17
4
/ 458 234 4% 3 6 438 4
1
4
13% 1538 1214 14
3
474
10 1214 10 144 94 1124 914
Chic Milw & St Paul
100 20% 2412 23 26
117o 9 1112 6% 1058 858 103 10 121:
2358 2624 204 2412 1953 2173 18 2373 16 20
4
Preferred
144 18
100 3212 34
15 175 1114 183 1213
8
37 4458 41
8
8
4512
274 35 2414 3158 2558 30h 21 2812 24 147 1114 1451
Chicago & North west
100 77 8224 8034 8712 824 88 3738 428 344 3812 3018 41
275 2054 263
78 84
1
Preferred
'100116 117 1167, 118 116 1181, 1141211612 7618 80 69 8134 62 7112 6158 6812 6314 6814 5812 6412 595 64
4718 834
112 116 110 116 1083 111 109 109
4
Chic Rock Isl & Pac
100 3112 3458 338 374 344 3778 30
--------104 107 103',,1067 974 105
s
3518
7% preferred
100 898 94 92 95 9112 95 90 92 26 30% 2312 834 204 26% 1914 2418 21 '2414 194 2412 2058 2512 2012 251,
7712 89
76 85 72 8012 7714 80 7418 8012
6% preferred
100 817 8312 82 845 8112 85 79 8212 85 89
77 84 75 8511
8
754 8012 68
8
Chic St P Minn & Omaha_bOO 71
7412 72 77 757 78 72 734 86 6934 8534 801, 637 75 6078 72 654 6958 634 6978 66 72 63 731
714 60 61
Preferred
534 58 53 5412 4858 525 4814 54 29 50
100 10224 1027 100 100 _ _
8
8
9812 99 95 9612 9712 100
9512 98 91 91 8614 8614 8614 8614 75
Cleve Ciao Chic at St L
100 76 764 754 794 8012 92 85 893 77 85
7712 7112 78
4
- ---- _-__ 87
Preferred
100
4 8312 9014 91) 104 97 115 104 114i,
9
9958 9913
891-5
Cleveland & Pittsburgh___50 ---------------- -------70 id. -------------------Colorado & Southern
100
------------------------------------66 "673
lt412
37 40
: 6
2
1st preferred
iii. 16 ii ii ii Ill: ii 'lila 1734 24
100 584 5812 5914 60 693 60
------541 5412 --------505014 ___.: ____ 48 49 47
2d preferred
100 55 55 -------- - - 5 ----------------48
3
50 ----------------42 4314 35 49 ____ ___ 4912 50
Cuba RR
100
434 45 45 38 38
Delaware & Hudson
103 1174 116 12112 ilai4 116 i joie 11i iiiii,
89 69
,
-111
Del Lack & Western
50 122581291± 12514 18012 123h 128 118 123 11344 11912 iiiiit 111i18 9514 167 165 flit, 10578 1097s jaia flit iii774 lips 1053 110
4
11(112 12114 1114 11658 11218 11614 111 116 1097 115
Mackinac
Detroit &
100
3
113 11913 11012 1171,
Preferred
100
20 20 20 20
Detroit United Ry
100 --------70 nil, iE1/4•-iii ii "ici -------------------- --------------------------- ---- - 55 71
-
iai. -3-68-4
[VOL. 118.
THE CHRONICLE
1923—Continued.
STOCKS
July
May
August September October I November December
June
April
March
January February
Low High Low High Low High Low High Low High Low High Lop High Low High Low High Low High Low High Low High
3
33
2% --------2
8
8
8
8
28 24 3
35* 2% 2 4 2 8 28 --------2
284 3
4 3
4 314 23
23
3
100 3
Duluth S S & Atlantic
5
41
3
5
4
4
312 414 314 33
4
100 484 5
6
3
8
5 8 5% 514 37
5 3 414 4% 4% 5
Preferred
1518 1414 1983 18% 224
8
8
1514 13
100 1012 1134 114 1312 12
8
123 1013 1212 1012 1318 103 1212 1118 163 13 - 1314 11
Erie
4
s
8
3
18
100 15
1712 208 183 2083 17
8
1983 1512 1934 1718 2183 167 208 1714 2513 20 2413 207 248 23 2983 2814 31,
1st preferred
4
100 1118 12% 123 147 13 15
4
8
4
1212 1312 103 1313 1283 1612 1214 137 1212 1812 1412 1818 1518 1712 1712 233 2312 2783
2d preferrred
50 _
Erie & Pittsburgh
19 4
66 4
3
7 53
12
100 71
74% 78% 75 80
76
Great Northern pref
8
2 iii 67. Vi 6212 - 41 5514 li 5112 /618 5512 16 &Ai 16 this - 3 Kis
221 8
8
8
25 298 25 4 3214 2614 307 27 3013 293 333 2714 328
3
3
4
no par 30 32
31 343 271 31% 2513 30
3018 3412 33 36
Iron ore prop
1712 1012 12
912 1114 912 11
10
18
4
12
98 113 10% 141 13 1714
1512 1512 13
4
Gulf Mobile &Nor tr cas __100 123 1412 141 193 17 20
4912 533
4
49 5112 4734 473 47 47
4
4
46 5014 473 52
4812 54
54
50
100 4478 4812 47 623 5712 6012 53 57
Preferred
4
8
100 110 11312 1113 11712 1128311634 112 1147 108 112 10512 11212 105 10912 105 10613 103131061* 102 10514 101 10312 993 10312
8
4
Illinois Central
,
4
100 113 115 113 11712 113 11812 1147 116 113 1143 115 115 111 11212 10912 113 11113 11212 10512 112 10714 10714 10512 107 2
6% pref Series A
___ 6414 6414 65 65
__ ____
100 --------68 683 69 70 ------------------------65 68 ____ ____ ___
A
4
RR Securs, Series
72 72
3 70 4
7012 72 73
721 7212 --------70 7014 --------73 7312 --------70 4 --, 7012 100
731 74
Leased line stock
Preferred w I _
Rights ------------------
__
---- ---- ---- ----
3-16 1
14
12
10514
ifs ife
Preferred
8
111
1 - - 12 I.2 - 3- id 112 -ii7 1318 joig 143
- -3118
2 1ils 2i8 13 4 1.
11 3
7
8
Interboro Rap Trans (w i)_ _ _ _ 15 20% 1712 203 18 22 3 1734 2112 iiig - 3- 21 - __ 40 40
_
lot Rys of Cent Mex. pref 100
19
3
1
4
.
3
100 22 2313 22% 25
23 2518 24 2418 18 2312 20 23 4 1613 2153 -15- 1814 -15- 17 3 -12- .- — -123 19 4 1914 23
lot & Gt Nor Ry (w I)
2 ----------------134 13
2
2
3
2
23
4
4 2
3 18 3
100 414 434 512 613 514 514 414 414 3
Iowa Central
3
5
8 8 16 4 1914 1718 2014
4
4
8
100 1812 2234 2114 2334 2134 247 2083 22% 1812 203 1713 22% 155* 183 1612 1834 1612 18% 18
Kansas City Southern
5314 3014 5314 4818 52
3
4934 538 52 5218 5012 53 4 51
535* 52% 53%
8
4
100 527 55
5312 SO
Preferred
54% 573 53 543 51
100 _
Keokuk & Des Moines
Preferred
100
Lake Erie & Western
4
743 75
65 75
4
100 66 6818 67 7113 7012 74 68 703 68 68
Preferred
64
638
6312 59 6283 59 6312 5818 - 8 595* 4
8
4
50 6612 7113 68 7113 643 703 63 6612 60 637 54 643 5412 623 59 4
Lehigh Valley
8
844 888 8514 897 8734 91
8
,
87 4 9114 87 887 868 88
130 155 14218 152 1403 14434 8512 14018 89 92
100 13012 137
Louisville & Nashville
44 44
8
3234 42
,
38 4 541 383 424 42% 4412 43 458* 40 40
4
100 454 477 49 57
55 60 423 58
Manhattan Ry guar
54 56
___ ____ -_ _ _
___ ____
__ ____
. ____
-- ---- -..._ ---- -- -- ____
4114 __-41
44
41
Equit Tr Co of NY c t
3518 3914 39 44
4
343 33 .--- 313 -- 8 30 - -3
30 3
3618
2712 3314
33
4 353
44
3014 4414 31
7
42 8 397 4512 4118 -100 - 41gu
Manhat Elev Mod
47
5 -----------------------5
4 5
47
48 5
42
48 43
Scrip
48 478 48 47
4 47s 47
4 4 43
7
814 10% 8 137
,
9 14 7% 9 4 812 2 8 1012 15
8 9
1312 838 12
1914 11
100 814 912 814 97
12
3 92 22
Market Street Ry
35 42 4
37 42
,
35 36
32 32
4
23 273 251 29
33 41
34 45
100 40 42
39 438 3914 6812 4618 54
Preferred
643* 7212
5612 6612 60% 68
63 6712 65 7212 65 70
6312 73 62 70
100 6618 7012 67 6912 69% 87
74 81
Prior preferred
145 2214 1814 31
*
29 36 4
3
25 '25
25 3112 22 25
2118 25
2314 33
4
100 2112 2612 2112 253 263* 5614 333 46
Second preferred
4
100 350 350
Michigan Central
12 ifs 14
512
14 if* 1
313 'lig 14 ii8 1
is - 7
12 1i2 1
54 /
12 113 4 fa; Us I
100 53
8
(new)
812 7 4 - -12 67 1
1 9
Minneap & St L
5712 6112 5512 55% 56% 573 50 5014 46 5012 39 49
4
,
,
Minn St Paul & S S M
100 6014 6418 65 72 4 69 2 7312 65 713 63 6712 60 67
93 94 --------------------------------81 82 --------60 75
100 85 883 8 2 903 91 100 8 951 98
,
Preferred
4
4 4,
59 59
5
----------------59
100 ----------------6338 633* ----------------62
Leased line certifs
-- ---- ---- ---- ---- ---- --- - --814 1018
1012 11
100 97 1113 11
12
Mo Kansas & Texas
100 12
Preferred
12
- - - -- - -....- .,..- - - -.,
.
. - _- - - - - “
- -, -,
f
4
4
4
383
37 4134 3ii2 ---- 363 363 3618 3614 -,,7 ,f...,
Full paid
12
- -12 10 -11
11 13
10
-14 9 4 -3 131s 1018 1314 108 1314
%
13
1114 --- 1014 14
141 1612 1212 15
110 Kan & Texas Co (new)
1312 157 1518 17
8
,
3
27 32 4 2914 33
3
26 30 4 2814 3134 243 32
325 3712 25 378 25 30
3
41
4018 4513 4014 4414 36
Preferred (new)
3
151 11
1578 9 1214 9 1114 10
9 1114 9 113
3
1114 814 10
8
4
8
Missouri Pacific tr cas__100 1512 1738 163 1938 163 183 1512 1714 13
8
8
8
012 3114 417 2514 333 244 3012 2613 3113 2214 .298 245* 2912 2612 MA
518 4
8
,
8
100 413 4512 4414 49
43 4812 403 44 8 3
trust ctfs
Preferred
76 76 --------76 76
7312 7312 7412 76
7514 77
77
_ 7612 7634 --------76
50 78 78 ____
Morris & Essex
___ ____ ____ ___.
----------------------- 117 117 ------------------------115
--Nash Chatt & St Louis__100 --------120 122
77
51
53
5
8
412 412
412 5'2 41
6
68 712 6
75
91
71
8 812 75
9% 73
9
14
Nat Rys of Mex 1st pref. _100 is
1% 214 112 212
3
4 212 312 28 314 212 WE 2
4 33
100 25s 35* 23
3% 414 312 38 23
Second preferred
3
4 4 4 338 48
84 873 8614 9783 9312100
8
85 9612 83 884 8212 894 8383 91
9414 10214 9212 98
100 84 89
87 95 921 105
N Orl Tex & Mex r t c
4
s
/101
98%10278 9914 1023 100%104% 1023 10714
4
100 93 9512 94% 98 4 9514 100 4 9212 9513 9012 9918 96 10418 953 10038 961
,
New York Central
3
8
3
14
.—
. __
Rights
314 33
Rights-Reading
69 72 ____ ____ _ _ __ _ _ _ ____ ____ ____
73 76
100 78 84 80 8313 78 7918 74% 7812 68 7714 70 75
N Y Chic & St Louis
94 95
100 79'z 07 94 96
85 85
First preferred
_
7 90 95 _ _ _ _ _ _ _ _ _ _ _ -...... ._ _ _ _ __ _ _ _ _ _ -_ _ _ _ _ _ _ -_ -_
1 82 92
100 7612 88 85 9012 87 87 --------82 8
Second preferred
50 163 162 ------------------------137 137 ------------------------136 138 --------138 140 140 141
New York & Harlem
4
3
7713 72 4 7 3 7514 794 76% 8012
72
100 ------------ ------------ ---- --------------------74 7612 6712 73
& St L w I
NY Chic
9012 86 877 88 883
8
_ 90 9512 87% 88 88 91 8 71
- _ _
_
100
preferred w i
r
18 i
/
-6 14 96 96 ------------------------9614 97
.
6
:
1
190- 166 8 ido- 166- -_-_-_- --- -6714 - 714 iii8 17
NY Lack & Western
1111,
314 1113 15 8 13 - 4
3
4
4
2012 1614 1812 148 1878 98 .143 103 134 1118 13% 10
100 1612 2212 183 2212 1812 - -- 177
%
21
NY N H & Hartford
1413
8
180 1918 2034 1918 215* 19 2012 18 198 168 1812 1414 1834 1514 17 2 1412 174 157 17 1412 1718 10 1788 1513 181*
NY Ontario & western
1212 11
4
163
912 1018 1112
, 94 914 9
11
10
14
912 15
1614 14
15
4
3
18 4 143 18
100 15
14
Norfolk Southern
15
8
4
4
10514 10912 10178 110% 100 10513 10018 1057 101 10513 104 104 1033 1083 10112 105
4
100 10934 114 11214 117% 111 1153* 109 1123
Norfolk & Western
7312 75
7214 74
75 75
77 7714 77 7734 75 7612 76 7813 72 75
77 78
7514 78
100 761 78
7713 78
Preferred
50
Northern Central
1 if 51f8 I4 3 50i2 -561
Eli%
26
lila 69is 7378 ark 74i8 56 - 1 54i2 164 5514 - 14 45 4 100 7g- 16- -iiis - - -ii' -Ei1 2 -7ii2 —
Northern Pacific
663s 8 1
17 21
21
7 1412 16
7
10 --------------------------------7
10
13
100 ------------- ----11
Pacific Coast
100 _
First preferred
18 18
11 16 24
id ig
_
100 ----------------16 1914 ------------------------------------ 15 Second preferred
43
3
4
413 44% 425* 4312 1% 43% 415 427 407 4178 41
8
50 4634 4738 48 46% 48 463 4518 477 437 447 4112 46
Pennsylvania
4 93
83
4 912 12
812 113
9 10
4 813 1112 8
12
133
11
13
10
1312 15
17
13
100 12
1334 1314 15
Peoria & Eastern
8
4
4
40 433 403 4412 39 423 404 4258 40 43
100 36 387 375* 407 3812 417 374 425* 3818 433 4018 474 393 44
8
s
Pere Marquette v t r
4
67% 7112 6912 708 7014 7112
70 70
73 683 701 69 71
71
4
7012 73
73
100 7212 75
7314 7412 7312 763 71
Prior preferred v t r
4
58 61
59 6012
63 648 60 63 60 627 59 61
572 60
100 6512 7012 65 85
6612 8812 64% 6714 63 65
Preferred v t r
100
Chicago
_ ____ ____ ____ ____ ____ ___ ___
Pitts Ft W &
-3, - -3100 124 14114 --------------------------------128 fig 158 fig 157i2 fig i57i4 iiiI4 i574 117 4 ii7i4 137 4 -,7
Preferred
3 36 425* 378 42 2 374 - 4138
4
,
0 .5033 3814 463 403 4512 40 4338 4018 43
7
i4 4
8
33 3833 363 397 36 39
8
Pitts & W Va
88 89
89 89 86 89
8712 89
8513 90
87 8714 85 88
8712 8913 87 90 8 88 90
100 89 93 90% 91
,
Preferred
2
8 914 163
4 94 123 12 1334 1112 1414 114 13
4
3
Rapid Transit sec w l__no par ____ ____ ____ ____ 174 1814 15 8 183 1514 173
3
8
35 403 363 39
4
4313 4612 323 4512 313 3814 332 36
%
100 ----------------45 4512 4312 49
Second preferred w i
5g
8012 ibis 164
725s 7613 73 7611 72 8018 743 50 763* 7938 763 8118 76% 807 742 7812 7112 763 681 7814 681 78
4
3
Reading Company
51
53 54
5318 5212 55l 53 55
52 8 5812
7
49 5112 44 325s 46 55
50 52
50 52 56
8
513 5613 501 52
First preferred
48
4714 55
52 53
3
5013 53 52 5 4 52 538 52% 55 8
3
50 517 563 52 55% 505 5212 50 532 4912 5214 45 53
8
Second preferred
100 _
- ---- -__.. -_-- __-- ____ -___ -_-- -___ .__-----108 108 112 112
Rensselaer & Saratoga
32 -2 1g - - 2 -3112 39
S412512 2212 30 301 24 30 3612 25 30
25 32
30 30
4
t 3113 34 373 33 33
100 iii Rutland RR preferred
1712 21
4
4
1912 178 203 163 2014 177 31
4
,
2214 2512 19 8 223 18 2412 17 2012 17
4
2414 2314 2614 243 27
St Louis-San Fran tr ctfs_100 21
40 46
4013 4613 42 4614 40% 445*
495 4614 50
42 4612 384 4212 3712 488 37 4112 35% 41
Preferred A trust cas
100 3213 423 41
8
4
3
2512 298 27 305* 254 3014 2612 3338 303 3514
8
3
33 4 32 363* 33 3614 2912 343 265* 3163 275* 343 2714 31
.100 284
St Louis Southwestern...
7 554 58
48
4
3
5 8 5
812 56 601 5612 6 3
03
4
100 56 5914 573 62
4
5912 638 563 6114 5512 613 543 623 55 583 55 58
Preferred
73
53
718 5
4
4 43 6
5
612 512 8
73
2 6
8 6,
55
6 3 72 614 714 5
100 54 614 6
72 6
Seaboard Air Line
814 1011 9
1012 912 1113 10
4 812 10
4
14
4
8
127 153
1314 1114 1314 1018 1212 83 123
12
100 8% 103 1012 13
4
Preferred
8
8
1
100 87 9112 90, 9514 903 947 895* 923 87 913 8412 918 844 8712 8413 8914 857 8918 844 877 855* 9018 85% 9018
4
Southern Pacific Co
3918
8
4
4
325* 3534 313* 3518 2912 3412 3112 373 303 3414 3018 3313 313 3533 32 35% 338 377 36
4
100 243 308 287 34
Southern Railway
8
8
6514 683 6712 6912 643 693 6614 6812 663 68 4
633 6914 63 68
4
8
,
8
6853 64 6712
100 644 69
6612 70% 67 707 66
Preferred
14
4
183 173 217 16
3
215* 1712 2132 18 218s
274 2014 2414 18 243 1433 21
100 193 23% 21 12 273 247 2912 24
Texas & Pacific
91 14
934 123 10
912 111
8
838 1018 838 1012 812 1014
12
8
4
4
100 1412 1612 152 1914 1538 1814 143 163 1314 16
Third Avenue
,
56 56 --__ --__ _. _ _ ____
%
53 62
4 64
57 58 6
65 65 --------52 52
62 66
- ---- -- -Tol St L & West tr recta
57 59
57% 60
50 50
52 5714 513 535* 53 5713 50 50
Preferred trust recta
67 67 673 - - 6412 14 3 -654 16 -644 lila
4
4 1c8
64 683 664 7712 70 72
-34
,
63 2 66
Twin City Rapid Transit_100 5814 6014 58 613 603 64
3
97 97 ------------------------947 94% 95 95
98 98
90 90
100 _
Preferred
4
8
7
4 8 - -3100 135% 139% 137 1447 139 14414 13518 14212 132 1383 1263 38% 12514 1323 1241213414 12718 133 12678 116i i22i4 134" 12-7 111 1
8
Union Pacific
8
72 738 72 725* 701 723 7112 727 7014 7214
717 7414 7112 734 707 73
8
8
73 7512 714 74
76
100 743 7612 75
Preferred
1112 98 127g
9
1238 7 8 11
8
87 1312 10
4
8
113 1412 812 1452 83 11
4
113 17
4
4
4
100 113 1412 123 183 158 21
United Rya Investment
2714 4078 32 3914 26 35
8
35 424
28 38
3
327 5018 33 4212 303 4212 29 34
2812 473 48 62
100 26% 31
Preferred
- —
Rights
32 3212 303 3512 -5i- - - - -2412 18 2 -54- 15 -56- 36
4
----------------------------------------34 34
—
6
4
1100
Virginia Ry & Power
93
914 714 9% 8
1014 8
912 1078 1014 12
88 103
100 81 10
,
11 2 94 1038 818 938 8
3
9 3 llia 7
Wabash
4
285o 335* 318a 3514 3318 3612
100 2314 2814 27% 3112 29 3418 29 3214 251 2953 26 317 24 283 2414 288 27 30
Preferred A
17
1812 17
1712 18
1812 191 1812 21
18
2114 2212 22 233
20 20
19 2012 2012 2212 1912 21
4
100 1612 19
Preferred B
8 912 1014 9 1012 8 1113 812 93
4 87 1014 834 loll
1212 14
1114 12% 1018 1214 9% 123
s
100 105 1212 11% 15
Western Maryland (new)
1934 17
17
1953 14 2014 1412 1814 1618 1884 1518 19
1712 26
,
20 2 25
4
100 2218 243 225* 25
4
3 263 22 26
2
Second preferred
14
15% 1838 16
3
174 153 19
171 12 178 1212 1614 123 1414 1312 18
1814 15
100 16
1814 173 2
17% 2014 16
4 0
Western Pacific
55 60
8
53 6012 547 60
3
54 57
8
57 61
5413 598 547 5812 54 58
59 6334 574 59
58 62
100 5612 58
Preferred
3034 41
40 41% 42 43
'
44 4712 45 515* 45 4711
100 ------------------------3814 517 47 525* 4013 51
West Penn
4
8512 87 --------838 85
80 8514 85 88
8512 907 89 90
100 ------------------------7514 80
Preferred
85 90
_- 85 85
100 _
West Penn 7% pref
2
613 I
71
613 912 *6% 712 614 73
814 6
8 7
67 I
8% 912 7% 9
Wheeling & Lake Erie Ry_100 84 912 9 1012 9 10
1612 1113 144 11
4
1313 11
1313 10% 145 10
1378 13 1711
1612 181 1312 161 123 1512 12
100 147 29 4 1612 19
3
Preferred
67 67 __ _ _
Warrants
8
8
2.
4
26121 2
,
26 8 31% 2412 -2- -3- -55- - 1- -ill - - 2 -25f8 -. - -28- 121- -iT I87
74
4
30 343 2714 32
2934 287 3512 32 34
100 26
Wisconsin Central
4
1
lndustrial and Miscellaneous
685* 704 67 71
7812
70 7412 70% 7514 70 71
67 70
74
72 75
673 76
4
100 68 7312 70 7312 72 82
kdams Express
4
10
1118 14
1312 912 1012 98 1012 7
4
8
73 113
,
6 2 712 61
16
9
3
98
1913 14
100 1212 1512 15 3 185s 17
kdvance Rumely
38%
3212 3613 3113 3313 2
33 37
34 43
31
47 4712 43 45
813 3114 24 32
100 46% 4618 48 5434 477 53
Preferred
62 6613 6313 665* 61 6412 633 687 6612 68
578* 653 56 65
4
4
713 61% 67
8
59 65% 6312 723* 65
5718 61
no par
Ur Reduction Inc
77
3 6
1318 634 1112 612 73
8
514 7
3
4
8
414 64 512 7% 5 8 714
50 1212 1413 1213 143 1314 147 1318 143 10
kjax Rubber Inc
14 12 12 , Is 14
14
4
3
13
14
%
12
18
14
14
s
14
12
14
8
5
14
%
14
33
14
10
klaska Gold Mines
8 1
7
113 134 11
14 1
11
114
8 1%
7
1% 1
114
8 1
7
1
78 113
8
8 111
7
N 17
10 113
klaska Juneau Gold M
_ 101 10312 --------97 100
95 97
97 97
4
3
95 975* 96 100
100 102 108 10214 1043 1021 103 100 4 104 __
Cables
kll American
8
4 73
838 5914 6912 6213 6813 598 647 6312 8812 6614 713*
4
8
72 7912 7334 793 6912 751 621 -- -13 64% 717
par 7113 80
kilied Chemical & Dye.
i
8
4
8
Ion 109 1117 109%1117 1093 112 109 11033 1083 110% 1065 11033 10612 10814 10514 10812 107 109 10519 107 10684109 109 11119
3
--
JAN.5 1924.]
THE CHRONICLE
51
-Continued.
1923
STOCKS
January
February
March
April
May
June
July
August September
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High October
Low High Low High Low High
Allis Chalmers mg
um 45 4812 46 51 47% 51 53 4934 3812 4438 3734 43 38 4212 3812 44 3934 4412 3734 42 40 433 413
8 46%
4
Preferred
100 98 9712 944 97
9412 974 943 85
9112 93
9112 93 89% 92
4
90 92
90 93 8912 9212 89 92
913 9212
4
Amalgamated Sugar 1st pref100 2912
96 4 963 95 953 98 105
3
4
4
96 96
Amer Agricu I Chemical_ _ _ _100
I2 4 -561 367- 3012 35
-3
8
2
24 303 1514 46
8
-iof 1414 1113 1723 1224. 168 -ior2
13 4 19 8
,
,
8
- If% l01s 183*
if:54
Preferred
100 39 6112 583 687 60 138
4
4512 5912 37 49
34 46
29 37
2918 45
35 4138 284 3614 29 3912 33 48 8
7
American Bank Note
50 77 80
80 86
86
9112 87 89
80 843 8012 81
77 8138 81 85
4
8212 85
8612 89
88 100
95 100
Preferred
50 543 545 55 55
8
54% 54% 514 54
52 52
52 52
53 5514
5012 52
54 54
53 53
5212 5312
American Beet Sugar
100 36
393* 384 4912 43 48
40 47
28 33
3512 4112 3014 39
25 3034 3112 35
-12 30 37
32 4313 39 434
Preferred
100 77
77
75 80
79 79
773 773 65 773 66 66
4
4
4
6812 6812 72 75
70 73
7212 7212 73 76
12
Amer Bosch Magneto-tio par 37 423 3718 4912 4814 60
4
46 53
37 4614 293 4014 2912 35% 3034 3712 2812 3
4
4
3
7 223 3012 25 34% 32 4 38 4
3
Brake Shoe & Fdy__so par 70 77
Am
75 8314 774 83
78
79 4 71
3
77
70 7012 70 73
74
70
8918 72
70 72 4 7112 7534 7414 7714
,
Preferred
100 10612 109 4 10911 110 107 109 10712 108 4 1084 1083 10414 109 10212 103
3
1
4
103 10412 103 104 105 10712
American Can
100 7312 8514 803 104
8
9612 1053 90 9914 8514 104% 8518 1023 83% 9318 -59f4 1664 -89'3 111115 883 97
4
8
4
963 10314 102 107%
8
Preferred
100 11114 11212 11212 115 110 114% 1063
4
4
4
4
3
American Car & Foundry 100 178 186 178 187 17912 189 1723 109 107 109 10714 110 107 1093 107 1093 106 1087 10614 107 1063 109% 10812 110 s
4 181 165 175 15812 1723 14814 160 150 169 15312 16612 15318 1593 15712 164 160 189
4
4
Preferred
100 123 1257 125 1257 11914 12312 119 4 120 11914 121 12014 12114 12011 12214
8
3
122 122 117 11814 1173 1213 121 122 119 12212
4
4
American Chain class A w
__
_
25 2512 23 2412 22 233 2038 2314 20% 22
4
203* 23
2118 2212 2112 2212 2112 234 2212 24
American Chicle
noi___--53 -par
4 714 614 - 311 4 7 2 9 4 7 11
8 10% 83 11
,
9 13
3
104 1314 1014 1214 103 1314 13 174 1314 17
4
4
Preferred
14
100
22 25
_
37 483 40 51
40 45
4
45 45
43 45 - - --- 48 65
49 55
American Cotton Oil
100 1512 203 15
4
184 1312 1712 -i151-2 15
7% 13
4% 9% 33
44 8
4 7
5% 7% 54 63
3
Preferred
4 5 4 914 84 10
100 32 383 253 35% 2818 32
4
4
22 28
19% 14
14
2512 14
1812 1514 26
18 248 17 2 2014 18 29
,
2612 30
Certificates
Prior certificates
84 8 4 8% 104
3
Amer Druggists' Syndicate _ _10 --618 - - - 617 70 6
i
718 --Liz -i- 5 512 4'z 538 41. -11- 48 -12 4I 6 - --9i2 63* 512 6 2614 324
4
4
5
6
American Express
100 134 142 133 1413 134 14312 120 134 11514 122
4
95 118
91
97
9114 97
90 95
89 9414 87 91
884 91
Amer For Power 25% paid w I__
American Hide & Leather_100 -11- - - -1- 1114 13
96 97
12 2
1112 133 103 111s 83 11
4
8
8
3 83
614 83
4 612 8% 64 914 7
4 612 712 7
878 6 2 9 4
Preferred
,
3
100 6612 70
6714 7314 69 743 563 68
4
473 57
4
38 4712 3 18 3924 2934 4632 3812 43, 33 41
4
5
3714 47
411s 53
American Ice(New)
2
100 9812 10512 99 110 105 111 10812 11112 90 102
8812 10112 8734 9518 8812 98
8914 97
76 9412 8314 88
83 91
12
Preferred
100 86 8712 8512 89
86 3712 83 8612 82 85
78 823 79 8078 80 82
4
81
823 773 82
4
4
79 80
78 80
American Internal Corp_. 100 248 2712 2412 298 28 3312
26
1818 25
323* 23 28
1718 207 1612 2074 16
2012 16
191 1818 27
Am-La France Fire Engine_ _10 1114 117 113 1212 12
214
13
115s 127 113* 1212 1012 1173 104 113* 1052 1134 1114 113 1012 111_ 11% 1112 104 264
4
7% cumul preferred
1172
100 96 96
95 96
9612 984 95 953 94 9491 91 - 4
- 9312 9312 -- - - --- 913 913
4
American Linseed
4
100 30 33
303 363 33 38
4
4
3012 34
203 305 -18- 2584 177 203 174 2212 164 2214 13 184 1512 193 -191 -1114
4
8
/2 4
4
Preferred
100 50 55
54
59
5412 537 49 55
41
513 38 463 38 41
4
4
2812 36
30 37
32 3612
American Locomotive
100 12018 1298 1203 1283 12512139 38 13012 136141 1253 1433 13112 1463 1293 13514 33 4012 3414 41
4
8
4
4
4
Preferred
100 11912 12112 121 122 117 12112 11518 117 1115 117 11612 11814 11612120
2
110 11412 1171- 116 118l 117- 1111- liW8 118
New
- 4
6514 708 643 70 4
4
7514
3
7518
7214 70% 7514 7114 761
Amer Metal temp cas_no pa 51
4
543 5117 -507- .
543 -3014 8
8 47_4 5_3_ 14414 14814 _4;14 _481_ _40 4 : 68 4518 68 4538 6818 4512 44 4512 41 44%
4.. i 2 4
2 13 20
0
c.;1
:9
6 _ 1 3_4 4218
4
43
421s
Preferred
100 115 11612 115 117 116 117 114 11612 ____
_
108 1097 110 110
8
10712 10712 110 111
American Radiator
25 76 8
80 84.8 8212 884 8214 8812 78 - -3- 7818 83
84 4
774 82
78 - 14 80 834 7978 8214 80'2 8614 -39- 97
81
Preferred
100 _
- 123 123 12212 12312
Amer Roll Mill, pref w 1_ _ _ _100 100 10018 97 100
97 984 97 100
99 100
-99- 16- 97'2 981* 971, 883* 98 9914 123 1233
American Safety Razor
9712 99 4
25 68 8 4 74 94 7 4 813 74 83
3
3
4 612 734 47
67
8 54 53
8 63* 518 63
4 53
2 5% 614 6% 8
Amer Ship & Commerce__ no par 182 213 1712 203 1712 193
614 74
8
4
4
1814 14
4
153* 103 1414 1038 133 11
1312 11
4
1338 10% 113 103 13
4
American Smelting & Refin100 53 5814 56 654 6318 688 14
4
10 8 12
1
6012 853
8
8
4
5612 59%
Preferred
100 783 100 100 10178 10088 1023 9812 10012 5312 613 53 6318 53 583 5312 6012 5618 603, 5114 5928 5338 60
8
8
963 987 93 97% 9412 963 954 9734 9512 974 9514 97%
s
4
American Snuff
l0 140 14212 146 15214 144 15012 143 1454
( _
114
9 % 97 9514 964
4
135 143 130 141 130 135 13314 137 1313 140
4
Preferred
1343 1384 136 144
4
100 100
95 101 ____
96 96
96 96
Amer Steel Foundries cas_ 3314 3512 375 3618 3912 383* 407 377
92% 92%
8
8
- _- 3412 382*
4012
8
3538 -55- - - 4 -59- -371; -554 -353- 35 39
367Preferred
4
36s 40s
100 102 1033 104 10514 1013 10414 10018 10012 100 10113 3218 373 3188 4
4
98 1023 98 101
977 9912 100 100 10014 101 100 10178 101 102
4
American Sugar Refining 100 76 8014 763 85
4
78 844 77 82
574 67
69 78 65 74
57 674 61 6812 48 6512 52 595 54 59%
Preferred, new
100 10812 1083 10812 1083 106 10812 10512 1074 10414 10584 10018 103
4
4
4
10034 103 100 10312 100, 10112 94 101
American Sumatra Tobacco100 26 29
4
92 97
24, 99
2
2414 383 304 337 28 32
8
2412 283 1812 20
1612 213* 163 24
4
2012 2412 163 2112 18 2014 1812 217
Preferred
4
100 553 558 5612 653 64 04
8
4
61
_ _
324 44
404 45
45 45
American Teleg & Cable_ _ _ _10038 431. 41
54
- 577 5812 55% 5612 52 62- - 47 -5512 51 5212
4912 46
4612 483 4314 - 1- 41
American Telep & Teleg
431; 40 43
iS- 4
4
.100 1.
12i 1213 1233 1213*12512 12114 1234 12112 123 11918 1243 11912 5114 50 51
4
8
4
123 1213*1243 12158 125 122%123 4 123 12518 12412 128 4
8
American Tobacco
3
100 150 15412 15212 160 152 1583 15114 15512 141 1537 1403*14812
3
4
1
4
4
Preferred, new
100 103 104 10318 104 101 1057 10118 102 10114 103 10114 103 140 4 147 14134 1473 144 151 14614 152% 146 152 4 147 152
,
8
Common stock B
100 148 1527 150 1593 14914 1563 1493*15314 140 15112 14014 147 1017 10322 102 10234 10014 103 10214 10312 10018 10314 10018 1034
3
4
8
14014 14514 14034 14512 142 149 144 15012 145 15012 14618 149%
Am Wat Wks & El v t c
100 2712 307 2814 313 29 31
4
293* 443 36 423 34 4312 32 383* 35 4012 3612 403
4
4
4 36
3934 3614 40
1st pref(7%) v t c
3812 41 2
100 853 93
4
,
893* 93
91
9212 904 92
883 90 4 86 9014 8514 91
4
,
877 92
90 92
Partic pref (6%) v t c__ _ _ 100 4812 56
903 9214 8714 90 88 90
4
53 5812 5314 59
55 8318 564 8112 53 62 4 53 61
3
5512 62
5912 63
61 64
Amer Wholesale Corp, pref_ 100 9314 984
59% 6314 60 6712
_
95 4 9712 97 97 943 943 9314 9314
3
4
4
American Woolen
100 93 9722 95 106 4 1027 1093* 94 1047 85 4 9512 8012 97 4
1
8
3
3
8
7
-99- 7714 -9512 7584 7088 Ie54
Preferred
100 10938 1113 110 11112 11012 11112 10312 1107 1013 1074 9818 1018 8O7 88 -317 871 -.- 2i8
4
8
4
100 102 8 10034 1027 993 103
,
8
4
96%10112 9918 1011s 99 10112
Preferred full paid ----------------- ---- --- -_ 10012 1023 99%1023 10118 1017 --4
4
8
-Rights
14
-12
18
14
Amer Writing Paper, pref_.100 26 29
27 30
2712 34
253 2934 16
4
1512 20 4 12
26
3
15
--si1- --54
Certificates
2
24 us 21i
Amer Zinc, Lead & Smelt__ 25 15 1712 157 1914 187 19
1
213
8
15
1714 -104 - 7- - -3% -l27
115
•
8 1012 --812 - 9l
7 -14 64 8
1Preferred
64 84
3
25 4818 51
49 5814 55 58 50% 54
48 5012 3018 447 31
368 31
3514 29 3218 26 30 4 28 30
Anaconda Copper
3
24 4 2918
3
50 4518 507 4784 517 4934 3312 47 5014
473 3814 46
4
38 423 38 8 42
438
8
,
383 43
8
323 40
Armour (Del) pref
34% 38% 35 4 38 4
8
3
10 _
3
Arnold,Constable & Co
884 91
90 9214 92 944
16 17
168g 1812 12
1812 13 -114 13i 1584 13 -fit; -1512 -113- 12% 183 1012 15
Art Metal Construction_ _ _ _ 10 16
4
12 1512
4
1614
1512 18
17 17
1534 16
15 4 161534 153 15
3
4
15
Assets Realization
16
10
16
3
4 1
3
4 1
3
4
3
4
3
8
3
8
12
5
8
14 1
118
18
-1
4
3 -1 --.3
8
5
8
3 - 4
Associated Dry Goods
100 6214 71
4
12
4
67
;
7538 73 89
7518 8414 69
7612 7214 818 764 853* 78 853 7712 15
8
8
1st preferred
73 804 75 83
100 8212 85
854 89
7714 86
8314 89
8334 86
824 85 4 8212 843 8212 85
3
4
853 853 85 85
4
4
2d preferred
8312 86
8412 85
100 8818 91
82 82
90 9312 92 9312 92 92
90 921g 88 8812 88 903 ____
4
- 8612 878 84 84
Associated Oil
100 12014 133 123 1308 12012 130 8 108 12112 104
86 88
88 90
,
1183 10412 11614 1044 110 103 1084 9814 105
8
Associated Oil new
9912 108
25 _
Rights
24% 2718 -5911/2
4 -25s. 1.
4
12
Atlantic Fruit
no par
13
4 214 2
18
3 --24 14
--2- - -- 3
-14
1- 8
11-1
7
8 112
1$
12 114
Colum Tr Co ctfs of dep_ _ _ _
112 17
138 27
4 2
212 2
24 17
2
114 2
118 13
• 114 112 1
8
Atl Gulf & WI SS Lines_ ......100 1818 224 1914 277 2512 34
114
12 1
,
34 113 1
112
22 304 1438 2212 1312 1918 914 1512 1112 17
14
Preferred
1612 1214 15% 14
100 15 17
173 1412 187
4
s
147 2114 21
27
173* 23
1234 1812 912 144 634 1514 10%14
12
Atlantic Refining
1438 11
1318 11
100 119 15312 13314 147 13112 14934 1247 134 114 127
1312 13 1518
8
105 11912 100 110
7 109 4 998*106 10014
99
3
Preferred
100 11912 120 119 120 118 118 11512 116 115 11612 115
107 10112 1183 114% 13312
4
118 117 117 116 117 11612 117 116 117 117 1174 116
Atlas Powder
100 155 155 160 162 152 152 150 177 163 172
117
163 17513 160 160
6% cum preferred
8912 90 4 8612 8612 87 88 90 90
,
874 8712 86
8612 83 834 -828 - - 843* 8412 - - - 824
New
*
- 87 87
s
54 573 51
5412 5114 573 53 50
Atlas Tack Corp
4
52 5312 52 54
no par 1534 193* 1714 20 2 18
528* 54
,
-i9i2
1114 1112 1034 12
4
Austin, Nichols & Co_ _ no par 31
114 12% 11
.
3512 29 3314 29 314 28 314 224 2734 173 2312 104 12
12% 7 4 1114
3
4
17 223 183 253* 2312 274 22
4
8
Preferred
26
100 89 8912 87 87 2
23 26% 2412 3018
,
84 8514 80 83
783 83
4
80 82
Auto Knit Hosiery
83 8518 85 4 8512 82 8712 82 86
,
no par
-- 2312
2234 2814 24
2612 20 243 1 12 22
4
20 2212 194 21
Auto Sales Corporation _ _ 50 2
2
41. 3
2
8 11% 868 11
74 19
31
3
3
34 3
3
3
3
3
Preferred
3
3
3
3
3
50 1212 123 1212 1412 1412 144 12
23
4 3
4
212 24
134 12
123*
12
11
Baldwin Locomotive
1214 --------13
13
100 12914 1394 1293 142 13712 14414 1323 14118 123%13814 12
12 12
113 12
1314 12
8
8
4
116 1337 11114 123 8 110121263* 112141253* 113
Preferred
7
100 114 1163 113 11614 114 1157 111 113
4
8
112 11212 112 11212 112 113 112%113 113 113 114 121% 120 129% 12214 128
Barnet Leather
11412 112% 113 111 112
no par 47 51
33 55
48 52
46
50 --------------------------------30 30
Preferred
100 _
2012 27
99
9812 9613
97
l
Barnsdall Corp, Class A._ _ _ 25 29 3422 2918 3212 304 99
_ 87 87
82 82
35
2012 323* 187 23
10
8
1918 117 143
Class B
4 97 1412 1078 14 4 9% 14
,
1014
25 183 22
8
1942113 1538 2012 14
14
1712
1888 21
97 14
16
9 10
Batopilas Mining
7% 9 4 63
3
20
913 6
8
12
14 112
84 10
12
9 4 1112
3
14
14
12
14
38
14
3
8
18
4
1g
Bayuk Bros
4
3
8
13
18
18
14
no par 51
3
3
60% 5012 57
5512 5812 56 8214 51
58 50 513 51
8
56
Preferred
527 5
5312 59 2 -9i92 62
3
100 110 121 111 112 113 11514 118 1244
50 53
,
53 6012
____ 97 100
97 9718 97 97
Beech Creek
97 97
95 9612 97 9812 98 98 4
50 40 40
,
Beech-Nut Packing
20 51
69% - 5
62
- 4 -95- - -1- -iii2
i4-1/9 2
-95- 7513 64's 77 -99Preferred
100 _
_ _ ___
-954 747
Bethlehem Steel Corp
100 5912 633 -95-9912
4
-991-4
- -;i9- 5534 46% 5514 104 104 4 48ss 555 51 543*
414
Class II common
100 6014 6512 613* 672* 648 717 644 67
46 493
Preferred
100 9612 9613 9314 96
9312 933* 95 95
7% preferred
9312 96
3
9312 974 94 9712 93 9514 1
95
-1. 81 891.
.
2
-9114 9484 8814 92
Cum cony 8% preferred_ _Is:
110 107% 1114 10818 11114 108 10834 1048* 1084 10014 91 4 108 MI:10212 10• 212 107 105 106 103 104% -35- 933* O0's 9384
Blumenthal pref
102 10612 105 105 4
,
no par 5
914 9112
Booth Fisheries
-7-1- 6 67 538 012 5 55 9712 98 93 9414 93 93 2
89 93
- -438 5% 414 54 414 52
100 30 3514
43
1st preferred
4 512
414 5
414 61s
,
_ 33 33 ----------------25 -14 3112 3112 334 3 32% 35 4 35 38
0
100 9
British Empire Steel
914 83
712 - - -712 97111
4 94 ,
131:1 712 8
67 818 6734 7 3
7
5% 6
1st preferred
100 87 67 8612 6912 6712 69
4%
418 414 3
67 67 63 66
__
_
6214 6214 583 59% -5517 60
2d preferred
4
100 248 26
55 55
2412 2612 2312 264 2123 - 204 2514 1912 23 5214 5214
_. - 14
- -1620
Brooklyn Edison, Inc
1614 18
100 109 1 153 10914 12113 11112 114% 10918 112
, 124 15
4
10414 111 105 1087 105 110 10614 1101 10818 1094 15 18% 1212 14
8
48
Rights
- - 34
214
10612 109% 1083 11212 109 112
312 9
8
Brooklyn Union Gas
100 10914 12434 120 128 115 121 114 120
10312 11738 107 1164 ioi- 112 i99- 110 log- 110 10914
1Brown Shoe, Inc
100 60 837 5912 623 5912 65
8
11312 113 11713 112 12034
8
57 6578 5512 6114 493 57
4
4212 52
48 50 8 47 51
Preferred
,
100 98 99
41% 47
98 98 9612 9812 944 07
49 53
4514 50
94 95 9414 9414 91
92 2 95 9514 92 92
,
Brunswick Term & Ry Sec_100 2
85 90
2% 24 212 214 2% I% 2
90 90
90 90 4
3
112 112 114 134
114 1,
11g 114
4
1
Burns Brothers
114
100 141 14412 138 142 138 1443 13912 142
78 114
Vs
4
13412 137 120 13638 11612 12314 108 119 100 11478
Preferred .
100 1044 10512 105 108 10634 10734 107 10712 10518
ioi212
101 107 102 10512
10812 10712 1093
8
9812 9812 94 95
Prior preferred
100 - --. --- _ 120 120 120 120 120 120
94 97
94 9618 944 93
1184 11814
New Class B common
3918 43
120 120
374 403 3612 404 36 8 3812 314 38 -5512 36
4
3
,
224 2714 22 25 4
Bush Term Bldgs, pref
,
- -1- 223* 2514 23 25
i7 2
100 ---- ....- 23 2412
94 9612 9212 95 4 94% 95
,
903 923 90 90
4
4
Bush Terminal Co
100 _ _ _ - - _ _ _
9018 9013 8914 8912 - --- 67 70
Butte Copper & Zinc v t c
5 9
,1
4 107 -iO3 1134 912 113
o
- 8 8
10
614 8 4 5 4 77
,
3
3 5% 6% 512 818 5l
Butterick
424 -11-2 -.192
6
2134 1712 20
100 18
1712 21
1714 213 16
4
1314 1712 14
17
16
15 22
Butte & SuperiorMinIng..... 10 2912 33
1818 20 2 17
1814 1712
,
2912 3812 33 377 27 334 204 28% 17 25
1
12
1814 22% 1312 197 1314 1614 127 144 13% 208
Caddo Cent 011 & Ref __ _no par 5
8
8
9
17
712 94 7
14 312 534 24 4 8 2
8 3 58 7
7
3
3% 112 24 112 238 112 24 114 2%
California Petroleum
100 6814 79
7714 893 90 1023 90 1007 8314 117% 10514 1174
8
8
s
Preferred
100 948 98% 9614 10112 101%110 10014 1054 96 1103 97%
8
109 -9814 1661- -iiis - 2
93 4
6E52 -9912 9712
New
25 _
2112 29% 184 2914 184 2318 173 2134 1718 21 -91- - 1- -924 97 -994
175 20% 18 24% 223 27
4
8
-
!
or.
[VOL. 118.
THE CHRONICLE
52
-Continued.
1923
November December
September October
August
June
May
July
April
March
January February
Low High
Low High Low High Low High Low High Low High Low High Lou High Low High Low High Low High Low High
4
4
4
77 823 7712 80
783 7912 79 82%791 82
4
8612 80 8414 78 8214 773 80
no par 7912 834 8012 87
8414 81
82
379 814 4
Calif Packing Corp
512 33
6
5% 4
8 5
65
4
4 43
812 518 712 5
6
9% 1252 934 11% 814 11
10 94 11
Callahan Zinc-Lead
42 44%
4212 48
8
8
575 44 5518 4712 4918 48 487 45 4834 42 48
55
57 61
57 64 6112 66
Calumet & Arizona Mining- 10 52 57
4114 4212 40 41
8
4218 425 42 44
25
Calumet & Hecht
1
;
19 2014
188 26 18 20
25
New
8
2 62
8
5
612 --72 78 -83 -- 7- 1 112 L5s 112 --554 554 54 5, 14 34 414 412 112 214
1 7
12 914 8- -2 -812 -Carson Hill Gold
8 1%
3
134
52
8 314 34 212 23
'1
8 1
3
52
314 48
4 318 42
12
4
318
no par 3
13
53
Case (J I) Plow
-- - _
- -100
18 2d Preferred
18 2012 17 22
20 29
136 42 -58- 1i- -34- 2i 2
35 35
60
Case Threshing Mach Ice_ _ _100 -2812 6i- 65 6712 66 6812 6612 70
66- -6814 -55- - - - -85- 7
6
76- 79
79 80
79
80 85
7412 794 76
3
Preferred certificates___ _100 69 4 78
953 1434 1014 137
1818 2218 1312 207 1518 2014 11% 17
8
4
100 3212 36
33% 38% 36 4012 3215 36% 25 323 20 28
Central Leather
33 46 4 2818 3812 2914 3953
3
5014 563 40 4 5214 4214 52
,
4
7612 63% 72% 55 68
744 7934 72
100 672 73
7018 76
Preferred
8
4
8
32 344 3318 367 3212 353 28 34% 29% 3212 2912 31% 2912 307 29 3112 2914 2914 29% 30
Century Ribbon Mills
9112 93
96 96
9812 9812 97 97
Preferred
-4 -5
-8
-42 16;
4
-488 4612 504 4312 49% 4118 4512 38- 133 -55E2 111; -5718 113 -iiTs 114 364 39% -50i2
54
Cerro de Pasco Copper__ -110 par 4212 4 3 43 30 3014
32 343 29 30
4
2978 3212 23 2614 26 30
3214 35
404 45
3918 45
44
. 114 4212
Products__no par4__ __._ 41
Certain-Teed
76 7618 734 734
79 80
8514 8514
87 88
1st preferred
4 66612
6518 71% 58% 6614 4612 61% -46E2 16- -454 - 7- 4614 5414 43 4812 -47- 5333 -i33- 70% 76
i 4
3
04
?8
The) __n
p u niat. i2
ChandlerlCar(ic T _i opar 43.74:41, 7 7 61% 75
341 341
Chase National Bank
2
1i6161 2
.- 77 - 1- go- - - -81- 85
66- --5f2 168 7013 If- 79 8214 -i5i2 15
7
48 66 4
18373 888 -0 4 - 3- -7014 8514 -700
Chicago
14
2414
153 193
251 274
,
:
8
4
8
8
4
29 3014 2814 30% 2612 2834 2618 2914 2118 27, 247 2718 257 273 25 8 273 2514 27
Chile Copper
%
16
2612
1434 173
1518 18
4
17 2312 17% 20% 14% 18
2114 20
4
243 30% 28% 3178 25 29
Copper
8253Chino
6814 7312
69 743 6514 73 67 71
4
63 72
8
61
707 60 65
4
66% 7214 6712 764 683 7512 64 68
Peabody & Co
Cluett,
9914 10314 10112 102 102 10514
10812 110 104 106 102 103 10112 103 105 105 10114 10112
Preferred
691
4
3 723
,
7253 773 744 7934 75 777 73 8214 7512 83 s 75 79% -70j8 16- 72 78'2 654 7534 94 2 73 4 9612 78
4
Coca-Cola
9612
9512
9414 9414 94 9412
,
95 9612 924 99
9312 93 2
9512 97
9312 94% 94 96
Preferred
,
20 28 4 22 2514 22 26 2
,
2514 31
8
n° 111 r 1214 43814 2514 313 2814 307 27 347 2712 353 25 35% 25 29% 25 32
P10:
8
0 :
4
444
434
Colorado Fuel & Iron
_ 102
102
102 102
100
Preferred
4314 47
-14 4412 5118
4 2
8
468 08 16- -4518 -- -1- 431 49 42 48'2
_ -4864 . 7. •
Columbian Carbon
914 9514
9112 103
9914 100
8
8
7 51 2
Columbia Gas & Electric_ _100 1037 1113 107fs111- 1075311184 10512112¼ 3312 3512 3014 354 30% 3512 -iirs -315; -55- IA -3l7 3433 -314 23 8 -5i:s - 1-7i
30 372
no par
When issued
4 1
2
18
4-1
8
3
12
12
8
7
34 112
12
4 Ds
3
4
ifs 112 214 14 13
par 218 23 4 512 -Ifs --ifs -14
13
Columbia Graphoph_ _ _ _no
14 3%
8 43
27
4 412 328 412
2
4 33
10
6
s 612 10
4 918 113
10 834 2112 9 113
4412
Preferred
36
34 35
27 33
28 33
32
2512 3314 31
3512 26 29 2 28 29
,
3712 4434 25
4212 45 4 3918 46
3
Commercial Solvents A
28 40
27 27
17 25
17 23
1818 18
24 26
19 28
18
15
15 20
26 2712 2112 27
27 30
9714
694 7214 7212 827 81
71
75%
67 7478 674 7412 69% 75%
7612 8312 7114 76
Computing-Tab-Rec -_no par 69 7314 7112 7912 70 83
---as
%
8
3
Rights
- -1- 3-3
---- 155- 118;156- 181 2 170- 114 2
---Congoleum
4412 4512
---no par
912 1214
C. Con goleurn
3 O's 11
-io- 117
i
143 151z 12 11- 1312 141g 13 13
1814 1412 17
118 2214 181 262 17
8
145 21
Conley Tin Foil
8
163 19
19 2312 17 2428 15 21
20 25
,
28% 34 8 24 31% 18 27
no par
35 3914 344 39
Consolidated Cigar
62 6512 6512 6512 60 70
65 66
65 65
67 67
66 75
734 78
100 81 82 8012 83
7914 8134 78 80
Preferred
90 90
100 9212 9212 -Cons Coal of Maryland
15
18 ---15
4
14
14
14
8
8
3
3
14
38
8
no 1) r
2833
5714 -6114
Gomel Distrib, Inc
62 4
112 2 -66- - -11- -87i2 64
8
8
60 6914 6518 695 6514 677 644 6812 59% 674 564 63% 68% 61% 0 6314
Consolidated Gas, w i
---• 100 120 137
Consolidated Gas N Y
21s
4 133 -114 13
---Rights
Pa
61
77
718 6
74 6
6
68 85s 71s 9
5 ,
3
11
0 1107 1284 11
II- 97 - -;
1453 1228 1414 -lois Consolidated Textile__ no /1r
Can, Inc
Continental
_ jai 105 103I 10412 10412
- 2
100 106 10714 ma- 1164 10784 110 166416i- 107 16i- 1651, 1671- ioi- 105
- 3Preferred
l 5 18 614 6
i: - - .73 45 50 2 148 z 12319 49% 57%
0
7:2 165:4 5 1 2
1
07
4318 484 44E8 168
4
4328 493 47 50 2 4512 4918 45 4812 427 488 4314 48
,
When issued
93 9314
4
4
4
91
90 903 9234 923 92 95 933 94
93
,
95 96 2 25 92 104 100 10312 99 100
98 100
Continental Insurance
614 7%
812 714 7 4
7
3
10
652 - 94 104 1214 9
1012 912 1014 94 1114 8
Continental Motors
63
12838 12134 12814 12 4 134 4 132%16012
,
8 121
8
8
4
m0 li
ii1114 12714 13914 12712 136% 1223 1333 12512 13212 12214 134 1145 1245 11734 1295 116 119 116 11712
Products Refining.- --1p
Corn
11934 121%
8
4
117 1173 11614 118 11612 11812 1164 1193 11912 11912
12012 122% 120%122
Preferred
3414 224 2818 2314 313 30% 36%
4
4
563 6214 4814 5912 4418 50118 3959 4913 304 41% 284 3314 2234 93
5312 00
Cosden 2c Co
8912 93
4 2 4
2
8314 943 _87 90
0
8612
97 9712 85 97
98 102
101 10714 106 109% 107 10914 103 10728 100 102
Preferred
20 24
254 2514
3012 26 27
3012
100 _
25 29
30 30
24% 25
633 68%
5713 68¼
4
Crex Carpet
4 6878
4
844 75 8314 6312 753 624 745 5772 6714 583 - 2
4
4
7 -7Crucible Steel of America_ _100 6812 93 8 703 8212 78%
14
0 8 67 4
8 8318 08: 9178 90 90%
4
853 8714 86 904 8 12 90
4
100
9412 gips 6154 8718 9114 88 9214 8614 89
9134 9418 90
4
Preferred
103 1453 134 163
4
1318 1058 13
8
8 812 117 11
8 9 115
1614 1018 145
no par 12
1512 1814 13
%
881 14
1614 19
12% 20
4914 428 5614 524 654
Cuba Cane Sugar
4
40 633 3612 4414 3312 4418 42% 5018 41
8
100 3718 40
39 603 565 6414 56 6414 4812 57
4
Preferred
4
4
8
23 287 2612 3214 27 313 283 323 30% 34%
8
2914 3428 2452 3312 2312 28
10100
3112 3753
2478 37% 3114 36
95 9812 95% 9712
Cuban-American Sugar
4
943 9514 9334 97
92 9512 95 95
8
937 98
9514 99
9814 101
23
1004 21, 101 10212 100 102
10 2
6
Preferred
5124 8 614 5% 7%
3
4
54 438 53
4 6
4 43
8 3
75
4 5
623 83
11
3
8
87 10 4 94 12,4 8
40 48
40
0
Cuban Dominion Sugar-nopar
33
3312 36%
30 36
32 39
40 483
46 50
4
100 --- 5112 56
4
542 5812 46 57
59 7212
Preferred
4
8
4
,
64 6818 614 663 5612 64 2 5412 637 5818 65% 5934 663 41
no Par
Cuyamel Fruit
3512 54%
5153 4758 7912 6512 8114
8
4
8
203 293 227 3553 2012 35% 26 72
2918 3353
.) 248 -ill 261-2
-5no par 21
3
15
Davision Chem v t c
18 218
Rights ----------------------------2114 22 4 2058 2138 2083 21 -1884 21 2514 -225s 24 -ZiTs
,
3712 24
- 5T2 - .
6" -562 2
2De
- 58:1 1814 -551 - no Par
6012 62
Beers Cons Mines
8
6014 6212 61 627 6012 63 61 63
62 62
70
6512 69
100
70 7212 7012 7312 70
72 72
02 10312 103 10412 10312 10614
Deere & Co pref
8
100 1T18714 1N12 10712 111 10612 111 10512 10712 10112 10612 10014 10312 10112 10314 10214 10312 10178 104
Detroit Edison
---8
3
53
12
18
_ _ __
94 94
93 93
Rignts _____________________
6690 90 -55- 96 96
Devoe & Reynolds 1st pref_100
4
3953 3434 394 35% 363
8
4
3
397 Ii2 303 4214 3414 3912 3112 3614 34 375 0Li2 110 -597 - 8 -554 :1278 411- 8
17 8 2014 -i5T2 20
Dome Mines Ltd (The)
---•
8
123
New
12
11
111, 11
114
1253 1414 1212 137 13 1353 12 - 1- 11
____
•
2
Douglas Pectin
103, 10318 102 103 102 103 101 10212 10158 101% 101 1031- 10212 103%
8
Duquesne Light 1st era_ _100
,
3
74 94
15
15
15
10
1713 171; -17- 17
18 50 18 18
1655 56
Durham Hos Mills "B"
- 80 80
100 _
Preferred
4
112's 10612 1093
- -3;
4116
2
7
100 89% 9918 -554111- 110 11312 10722 ILA i655 - - 3 10514 167 4 10112109 10028108 1013410753
Eastman Kodak
10912 10912
1081210812
_ 11012 11012
4
1143 1143
4
100 _
Preferred
2158 2014 251- 23 26%
2313
2
2014 2514 20
2412 27
Eaton Axle & Spring
612 1347 12414 13412
8
- 12
166 107 123 1127 13312 119 140% 12118 13118 12
6
- 2
14 12
-1- 11554 166 _
85% 8612
E I du Pont de Hem & Co_ 10010af, 8618 198r2 164
82 8412 7412 78
82 85
8414
8512 8812 8012 8812 8112 8914 85 8712 83 86
4
6 8
5
8412 6618 5893 6 % 583 60
0
67 cumul pref
44 8
8
6
4
4
573 6258 5313 6112 52 5712 5412 613 5712 62
8
8
100 54 58
64 6053 5814 6718 617 657
4
.
0
. 14
1012 14
Electric Stor Battery
15% 1312 13% 33 3 % _1_31_4 . 12 1214 133
1312
1312 14
4
8
13% 155 138 17
17
50
133 16
1914 15
16
20 25
Elk Horn Coal Corp
30 3012 30 30
30 30
7 317 30 31
32 32
50
8
31
Preferred
8 118
5
1
2
1
112
2
212 212 2
318
512 314 412 2
712 54 712 47
5
100 612 7
Emerson-Brantingham
18
5578 5512 017 5512 612 9
18
103 17
4
8
18 22
4
263 2812 2214 26
100 26 2812 2512 3012 2512 30
Preferred
63 6614
6
8 2
6212 70 4 63 6812 -65- - - 1- 65 16,
7414 67 71
4
8
50 88 9414 7514 917 733 7783 70
Endicott-Johnson
11312 115 11214 116 110 11418 112 11314 11218 11614
4
4
4
8
100 117 118 112 115 1147 116 1113 1143 111 115 11512 11512 11434 1143
Preferred
2018 22
19% 2112
20 21
,
26 2712 25 2618 22 25 2 22 2314 2018 2112 20 21
31
26
2712 31
2712 3012
Exchange Buffet Corp
6
3%
6
7
3
814 512 512 7
,
818 8 8 6
934 11
12
11
25 94 918
56 76 iu
Fairbanks Co (The)
178
654 73
6914 77% 82 94 -83 .
4
4
no par 823 93 84 93 85.4 9153 80 8912 7314 8412 673 82 66 76% 673 7714
934 1012
4
853 89
Fam Players-Lasky
874 9012
89 93 85 90
8
7 992 96 993 96
4
973 90 953 8718 93
8
977 94
4
100 94
Preferred
834 10
10 13129 14114
7
94 10
10
8
8
712 7
5
14
4
8
4 93
100 83
4 95 123 1012 127 8
812
40 474 40 43
Federal Min & Smelt
3414 4514 354 3914 37 4212 38 4112
e412
- -- 45 49
100 44 497 4614 6012 50 5412
Preferred
118 119
4
12118 110 1164 1073 111 107 11014 11234 114
114
Fildeity-Phenix Fire Ins_ _ _25 1023 110 11512 138 125 135 121 128
,
,
9 8 10 8
8 8
,
7 4 8%
8 712 9 2 74 818 73
,
8
858 958 77 103
8 7 8 83
4 77 10
5s
3
no Dar 7 103
714 19
165 170 154 18034 159 16 9 1584 176
Fifth Avenue Bus
7
978
80 191 155 16834 145 161 142 164 140 16312 15912 190
no par 15012 21214 150 189
97 99's
Fisher Body Corp
---_ -8
100 116 119 1187 119% 20 120
Preferred
,4
1 E: 15
1912 &fel -- 58
18
21
_
Rights
7139,734 9851: 98 1664
061992
9684 10253 -54- 9853 -55E2 -- 2
8
4
8
99 10112 983 1005 98 997 98 99
4
Fisher Body Ohio, lard_ _100 96%100
83
7
912 64 8 8 58
,
4 7% 872 7
113
4
25 1314 15 8 1412 1612 133 1512 1212 1453 914 124 8
,
1701,82 17214 6
4
4414 46
6
Fisk Rubber
45% 4214 44% 413 4331 24 434 47
4
4
4138 38 4618 43 4714 393 4558 393 4412 41
no par
3753 4012 3818
Fleischman Co
65 7212 58 693 64 7214 6614 70
4
,
70 2 67 78% 6912 78
'2
4
8
if
_ _ 653 713 6412 7112 6612
par
Foundation Co
3
912 12% 1014 153 1112 154
4
14
103 1412 1114 14
4
1658 193 1212 1618 10
19 22 -107- 21-3-4
8
no
6
5
3
Freeport Texas Co
63
8
,
,
2
y6 _ 133 1434 97 13% 8 4 9 4 812 912 714 8 4 40 4 85
no par ____
41
47%
46
Gardner Motor
4112 463
3812 437 40 49
4
4412 5653 4012 46%
3
59 69 4 53 60
no Par 66 6914 68 717 6784
Car
93 9512
924 945 91
8
9414 80 98
Gen Am Tank
9912 10112 98 9914 9614 100 9512 96%
8
100 100 10153 10012 1027 10218 10312
254 35% 25 31
4
263 3484 33% 43%
7% preferred
,
42 5012 37 434 2553 30 2 2434 30% 23 37
100 42 491 4112 4858 46 54
67 7414
General Asphalt
60 67 61 . 6318 6212 67
4
61% 6812 633 70
71
61
75
75 8114 71
4
793 774 83
100 77 8012 76
Preferred
81 95
80 84
91 1034 9312 96
75 81
79 908 78 7814 72 75
78 81
82 85
80 84
no par 73 89
11014 11012
10812
Baking Co
Gen
3
61_;11212 11212 10812
• 108 108
Preferred
. 66 2
4
81
8353 803 8414 -5612 - 1- 80l 83'! 8253 8753 8312 9712
8112 8612 8018 87
644
6818
100 815 874 -584 - - 2 -55- - - -55- 106 106 10514 10514 10414 1054 10478 106
General Cigar, Inc
10512 10512
___
100 10412 106 10812 10912 10614 10912 10712 110 1054 108
(7%)
Deben pref
1651 - 1 108 108 10712 10812 105 10812 103 103
216 12
8
1_ _
108 108 1084 10818 0814 10814
100 10412 106 10878
Preferred
4
4184 171 176 172 18012 16758 180 1693 17353 173%185 181 20214
177 1834 170'2180'4 1713
110---100 179 18512 18418 19018 183
10%
General Electric
1012 11% 1078 1112 1078 1134 11% 11 1014 1053 1334 11 8
11% 11
4
1118 113 11
8
1153 104 113 1012 11
113 12
155
13 1578 1312 1412 137 1484
8
Special when issued
4
,
4
4
154 1314 1512 145 1518 143 1712 1453 1714 12% 15, 123 14 8 135 16
2
no par 1318
80 82
82 83% 79 8114 8012 82 82 83
Gen Motors Corp
83 87
84 8518 8412 8512 86 89
100 834 85
83
70 4 8211
Preferred
79 83
4
783 8178 7912 8212 80 8312 7972 83 8913 8 2 81
82% 8712 8114 85
84 8614 8614 90
83% 80
100 8312 85
97 09
4
953 98
4
8
97 9812 97 97% 96 987 933 98
6% debenture stock
99
96
9812 103
9912 1007 101 105
97%101
8
100 987 100
52 557
8
7% debenture stock no par
--- General Refractors
6
4
14
16- -561 164 -56- 16- -46- - - - ---- -2 50
.12
Gilliland Oil pref (8%)__ _ _ 100 48 497 4514 4853 40 4812 45 50
-- -4053 44 - 42 16- -45- 1'1 45's 477 -47- 10 -471 i62
4
4212 453 55i2 15
4814
41
4
8
Gimbel Bros
,
967 98 2 97 4 9812 97 9912 98 1003 987 10012 9812 99%
8
,
974 997 99 100
8
96% 994 991810214 99 10014 983 100
9%
8
Preferred
6% 712 618 10
8% 6
71
,
8 8 712 818 8
953 1012 812 94 7
4
10
1218 103 111
12
no par 10
Co
55
Glidden &
8 512 64 47
312 54 312 414
8 718 618 77
7
4 8 683 52
137k 18's
Goldwyn Pictures
2014 2112 1312 2218 144 1612 16% 18
•
8 3
:
15
68
173 21 4 18 2 (4 85 - 9,32114 2612 - 4 - 3- -.8-34 - 38 -20'18 ;
22% 2612 2014 26
New
2212 30
35
- 8
4
4
k
no par 34 3918 3512 383 37 411- -544 291- 30
7212 757
73 77
4
Goodrich (B F)
80 81% 794 8112 7012 81% 673 76
4
4
89% 9212 8914 903 89 9053 793 90
100 84 92 8812 90
8
85 42
8 39
3
90 94% 85 91 12 3 12 9434 88 914
Preferred
9212 95 92 93
5 99
954 964 943 98
4
96
9658 978
98 99
-100
41514148
prior pref w
7 4318 513 45 47
36 46
8
Goodyear
4412 54
5018 5012 50 6212 5312 61
12 1712 123 1614 3129,8
4
1614 20
2114 17 20
Preferred
4
27 3212 2214 2712 153 2414 16
8
.
3
1.
100 23 24 23 304 287 33
4 77
7
3 63
83
8
918 7
Granby Cons 41 S & P
91 1214 712 1012 712 1014 714 984 8
13
8
155 12
1414 12 144 13
no par 11
Inc
4 104 104%106 10414 105 10412 10512 10514 10714
4
Gray & Davis
100 105 10614 1054 10814 105 10612 1044 10518 1033 106 10314 10314 1023 21
pref._ _100 105
137 1612 1383 l57
4
133 17
16% 21
16
2
165 21
8
2184 257 15 24
Great West Sugar
29
8
4
2714 234 313 30 344 257
_ _100 24
Greene Cananea Copper_
STOCKS
1
51
11 8
858
388 334
20 8 6138
0
6 116:2l05l
-
ili-
um
E
N34
87
-6-6-7;
11812123%
1
-ia-
JAN. 5 1924.]
THE CHRONICLE
53
1923—Continued.
STOCKS
January February
March
April
May
June
July
August September
Low High Low High Low High Low High
Oaober
November December
Low High Low High Low High Low
High Low High Low High Low High Low
High
Guantanamo sugar
no par 9
53 105
8 9 8 1418 10
5
123
4 9 4 113
3
4 7% 94 614 812 58 63
3
Preferred
100 99 10018 101 101
4 514 6 8
1
7
5% 678 512 63
98 98
4 614 712
98 98
957 957 ------------------------ 5
2
8
Gulf States Steel tr ctfs
100 78 843 8012 9612 9112
4
--------85 85
85 85 ---- --1045 89 10114 7712 9178 66 8514 66 7512
8
1st preferred
100 101 101 1053 1053 1033 10514 105
663 893
4
4
4
4
105 ------------------------------ 4 7312 9053 71 8014 784 85
/ 7813 - 8
1
4
845
Habirshaw El Cab
no par
114 212 114 17
----------9814 9814 113014 10014 10014 10012
8
4 112 1
2
1
112
13 13
Hanna lot prof A
5
3
2
3
4
100
14
12
%1
3
8
3
4
12
3
4
1
Hartman Corporation
9453 97
100 8312 95% 91
9212 9614 90 954 88 9012 8912 92 4
89 93 88 9012 807 87 803 8912 8012
948
8
4
New
8653 81
8814 803 883 80 8653 793 85 --•
4
8
4
Rights --------------------- ---- -_ _ _ - _ - — _ _ _ _ _ _ 393 423 40
4
4
412%
Hayes Wheel
no par --------3814 4112 36
g 153434.214
18 27
4012 383 44
4
35 41
3112 3814 31
Heime (G W)
36
25
3213 388 3312 273 333 3518 343 253
4
8
4 3818 3- 8 71- a4
Helme Co pref
100 -------------------------------11214 1 - 14 -,..,
'
-1i
Hendee Manufacturing
-.- -_,,100 187 21
8
_- -7,19 233 20 22% 17 21
4
14
18
-- ---Homestake Mining
1212 -164 12 13 4 1218 - -r- -,,- "20 - --- - - 7 -r
3100 75 797 69 75
18
1612 - -12 15 17
683
4
16 193- 183 21 4
60 6714 62 65
4
Household Products__no par ----------------3584 701 6714 70
62 63
61
61 6210 61 6214 60 6114 54 2 - - -35912
3953 3612 3853 3114 3612 283 2453 2853 335 2912 62
4
Houston Oil of Texas
8
100 6914 77% 683 78
3212 30
4
6512 7412 564 6814 50 68
.1
51
6512 42 5413 403 5412 45 3214 3014 323 32 3453 3312 347
Hudson Motor Car
no par 253 2912 2818 30
4
548 46
533 47 5612 547 727
4
2853 321 27 30 2 2414 273 20 257 2012 24% 22 4
4
,
2
4
Hupp Motor Car Corp
10 2253 255 237 27
28
227 267 217 25
8
8
8
8
2414 2912 26 28
24 26
257 2912
Righ 8
20
171 2214 167 2053 1812 21
1
4
2
8
18 2012 153 18
ts_ / 26
4
1612 24
1518 2314
Hydraulic Steel
no par 414 612 4
53
4 4
5% 17
4
212 3
Preferred
112 25
8 114 178
112 13
100 34 34 ----------------10
4
i4 -22
1
i2 14
25
10
i2
14
Independent Oil & Gas
5
8
14
12
14
53
12
12 --------11
.
1112 6
6
__
2
312
812 1114 6
Indiahoma Refining
9
5
614 412 5
5 13
33
16
8 5
14
153 1314 19
4
4
512 418 _--- 5% 712
112 1618 8
63
1112 4
Indian Motorcycle
4
8
4
512 37
no par 48 114 414
1
212 114 353 15
3 3
Indiana Refining
10 51
4 68 58 75
8 6
612 6
Preferred
4 7
5 2 62
,
4 5
-14 5
_4 5
_
10 812 53
-44 4
- -23 4 ,1
- 14 412 i
614 312 614
0-5
Ingersoll-Rand
100 105 105 11934 121 124 12412 119 120
---- --- ___ 4912 4912 -----12014 122 126 128 125 12812 125 125 -----Preferred
---145 170 157 185 1541
217312
Inland Steel, WI
no par ------------------------44
103 103 103 103
4653 36 4414 33 39
Preferred w I
3118 3314 32 35
100 ------------------------1043
4 10512 102 1047 9612 10212 97 9914 98 1013 32 3814 3312 373 327 8 3912 3414 193
4
8
Inspiration Cons Cop
4 10012100% 10118 1013 101 1011
20 33 363 33 4353 3812 438 36h
4
4
4 99 1013
3918 3214 36% 2714 3312 27 3153 278 2953 263
Int Agricul Corp v t c
4
100 714 818 8
4 3014 2314 273 245 29
11
8 6
4
853 103
8
24 267
3
Preferred v t c
8 2
58 212 47
3
2
4
100 31
1
343 32 397 33 38
414
4
12 112
30 3214 15114 20
58 I%
12 I
73 1614 7
4
New
914 64 13
no par
514 1212 418 8
453 7h 434 77
Internet Cement_
no par 3412
- — ---- -_-_ 4
07
8
3914 413
4
47
38
8
Inter Combus Engine—no par 2312 3914 3613 4 4 40 44
32 3713 34 377 3453 3718
26
2212 263 24 2612 2412 2718 3453 4014 31
3312 36
35 423 41
4
20 2412 19% 2314 193 237 2012 24
4353
Rights
4
8
20 235 20 21% 21
8
25% 2252 26
I ntcrn at Harves new
100 874 90
1-16 3
887 98% 8934 98
8
8
18
87% 913 794 88 .75% 83% 7114 783 71
18 --4
Preferred new
4
100 115 11614 11414 116 114 115 111
-8
725 7814 6634 7612 73- ---- -- -115 112 112 10812 11012 10814 110 107 78
79
791:
7553 -Internet Mere Marine
1083 10614 109 106
100 8% 107
4
3 9% 115 10
8
113g 812 1014 8
9
514 8
Preferred
518 714 478 712 6% 7744 618 107 106 10814 10612 10814
100 3712 47
38 443 403 443 34 42
4
818 61
8
4 918 6
30 35 .22 305 213 2612 1812 2553
8
International Nickel
758
4
16
25 14
2053 28
143 1614 1453 1618 13'8 15
8
2114 32
297 3838 28 34%
1353 143 12% 153 1118 133 1158 1312 111 13
8
4
Preferred
100 694 7712 74
1028 1214 103 1253 Ills
783 75
4
78
7512 7712 76 79
4
77 83
International Paper
7718 81
1453
78 80
100 4912 55% 50% 55
77 78
75 7714 76 81
52 58% 4212 5314 3912 4634 3518 4412 3153
4
Preferred stamped
38
303 36
4
100 70 75% 693 7112 71
3018 353 277 3314 29 3612 783 81
4
4
7312 6614 71 8 6512 6912 66 702 63
33 3953
,
International Salt
100 --------88 92
60 6453 603 638 6112 64%
9012 9012 ------------------------77 66% 6312 6514 6312 66
4
International Shoe
77
_-- ____
no par 6514 67 6514 684 683 7012 698 73%
-- 7812 80
4
67 7314 0414 69
Preferred
643 65 ____8
6414 75
,,
71 -100 --------116 117 115 12012 115 1163 -----73
70 7312 73 '74
4
75 - 4
--115 115 115 115 -----Int Tel & Tel
--11453116 11412 11412 115 115 115 '79311614
12
18 4 12 65 65
Intertype Corporation_no par ----------------36
643 6712 53 661 65 67
4
4
4
14
64 66
04 6912 6713 69
2812 38
2712 3034 28 28
Invincible Oil Corp
2618 30
28 33
31
50 1414 1714 1618 78 1718 1914 144 183
32
2912 31
2453 30
91 1418 9 103
29 31
4 1314 15
Trust certificates
4 8
953 812 105
•
8 714 93
4 712 11% 1014 173
1317 914 1012 ____ ___ ____
1334
10
Iron Products Corp
4
no par 4112 47
--- -,_
42 553 5053 5814 4914 574 3912 1453 37
4
___ --__ -- 157 1653
5114
2
44
Preferred
34 3912 3212 45
100 993 993 105 11014 105 105 100 105 -----34 4
45
34 434 43 - - 4812 547
5378
i
----------92 92 -----Certificates -----------------------------------------100 1053 1051
------------------------39 4412 3512 44
_
4
4 10514
Island OIL 8r Transport
34 3512 313 4312 39 4412 38
4
l
14
11
1
8
46
18
12
427 49
8
4612 51
3
8
Jewel Tea Inc
11
3
3
12
14
%
14
3
8
14
100 1753 2053 18% 2 7 204 24
3
8
14
8
3
52
.03 Is ---20 223 18
2118 1712 2018 1712 197 1714 195 1714 195 1 4
4
Preferred
-.
8
8
100 6914 7712 73 82
7418 79
553 1812 1618 1953 1814 -70
2214
74
Jones Bros Tea Inc
6414 70
673 694 69 73
4
5212 5812 5618 6353 58 6212 66 7412 62 66
100 50 53
6514 70
72 76
78 88%
5612 593 56 59
Jones 8c Laughlin Steel pf new 1073 1077g 1073
56 59
5634 5958 3212 57
8
25 3512 24% 343 203 267
8 109 107 10914 107 108 10758 10814 1041210
4
,
Kan City Light 1st prat__na par 9714 9714
83 10718 110 109 110 108
4
107121085 10712 10812 10758 108
8
9312 96
93 95
91
4
943 953 953 97 97
Kansas & Gulf
4
4
9718 9712 ------------ ----93
112 312 1% 214
17 8 212 112 17
34 1%
12 1
93
12
Kayser (Julius) & Co
82
14
100 40 437 4214 458 40% 435 3412 4012
12
14
3
8
14
8
'11
14
14
291 36
I
29% 3512 28 33'2 2912 42
1st preferred
3512 43
337 3918 35 3812 3414 37
100 100 103 1013 102 103 104
4
98 102
98 9912 ------96 102
Keely-Springfield Tire
99%100 1011 10112 9712 1005 -----25 463 517 478 5512 5318 624 51
4
8
8
---98 99%
613 4214 -5434 30 463 3014 361 29 3518
8
8
Preferred 6%
237 3453 2012 2614 2414 32
8
100 8418 8418 87 91
90 9212 89 90
30 33%
8712 8712 797 797 --------80 80
8
Preferred 8%
100 1023 108 106 106 105 10712 104 10518 89 90
4
7018 71
70 75
7212 7511
96 9712 95 95
Kelsey Wheel Inc
94 96 --------80 80
100 101 11012 107 114 107 11714 10214 10612 98 102
78 843 84 88
4
95 10312 85 97
844 91
Preferred
87 943 8014 88
4
75
100 100 100 101 101 10314 104 1021210412
81
90
88 9911
98 98 101 10214 ------------------------99 80
Kennecott Copper
no gar 35 373 3614 443 408 45
8
99
993
4
410112 1013
37 413 345 3934 32 3712 32 353 3253
4104
4
Keystone Tire & Rubb
8
353 32% 357 2953 3412 3112 35% 3318
4
10 83 10% 84 1012 8% 111
8
8 4 107
3
3553
8 6
82
4 4
7
4
Rights
6
414 5% 214 5
183 214
11
8 3% 2
37
212 31
Kinney G R
____ ---- ---- -___ iii 16 ggis I2i2
gi 64 EL
Preferred
5412 58 52 58
54 577 49 54
8
Lot; 16 ii i627;
92 92
95 95
97 100 100 100
Kresge(SS)Co
100 iii 214 210 34712 177 20212 198 24812 92'o 96
219 232 210 230 210 22914 212 221 217 229 220
Preferred
252 250 29212
-----------------------------------4
Kress Co
--1098410934 ___- --__ 2863 300
11012 1121,
Preferred
100
Lackawanna Steel
800 83 88
Laclede Gas (St Louls)
100 83 86
ggiz ii
1E 8012 If go li go- 16-5; ig 16 ii Iir 7878 16 igi Preferred
100 !iels ig 8384 7712 fil,
Lee Rubber & Tire
no par 27% 2978 2814 307 2
-7fs litsi 28i8 - -118 ig -2884 152 1512 ii 16 4 Di 167- iLEs 114
Lima Locom Works
1
8
no par ---- ---- ____ ____ 6314 747 67 3
724 615 69% 5814 6612 58% 643 597 6714 62 - 3- iiig If% 12i2 li 1324 fit
Preferred
4
8
• 677 621g 6653 6314 6814
100
64 677
Liggett &Myers Tobacco_ _ 100 211
--------------------------------13311133122104
1
2i
214 1902 200 ilig 200 19434 205 19514 195 4 2031220512 20334ii5
4
Series B
- - -14
100 116 11818 217 2193 200 20014 19014 198
,
4
i17
--------199 1994 194 204
2241I 240
Preferred
.,.. 200 4 20014 2033
,
100 584
4
Loew's Incorporated____no par 1814 6211 1163 117'1 115 117% 111% 114 1127 11414 112 114 11214 114 ,,,---6 11634 117 113 4 226 22014 22014 22514 22514
%
2
114 1114
19% 1812 2114 1913 21
17 197 14% 18
8
Loft, Incorporated
14 171 147 1614 1414 171 15% 1712 15 115 11614 1167 11614 1167
8
2
no par 104 113 105 1114
4
4
8
177 17
8
18
8
16% 1912
8 4 714 853 618 712 618 712 614 67
1
Looes-Wiles BISCU14 41' ctfe_100 517 6114 55 5934 8 107
8 6
7
8
6
55 6314 51
7
614 87
8 65
5612 47 5012 3734 4734 3614 45
8 8
,
1st preferred
4214
100 107 10712 105 1071
4
8__
51
-- 106 106 106 106 106 106 ------------ 58% 48 573 48 53
6418 5812 6614
2d preferred
------------108 106 106
100
ii37 117
8 -106 106 106
-----4
Lorillard (P)
,
100 16114 170 170 17853 167 1751 16014 165 1091 10953 ---------------------- - ---------- 103121047
Preferred
151 160 146 165 14812 158 155 15912 15814
100 117 119 11812 11812 116 119 112
-3
11434 113 11411 ------ 113 114 114 114 114 115 160 167 16014 1743 169 1823
McCrory Stores pref
100
11434 1143 117 117
4
McIntyre Porcupine Mines_ 5 1778 183
4 1723 1958 18 20
18 1912 161 - - -- -16
Mackay Companies
4 20
--4
-IA -16 2 -i6- -1i1- ____ ---- 9512 98 98 id
- -5100 105 116 115 121 110 11512 11218 113
- 4 158 163 10
4
17
Preferred
17
103 112 107 107 10612108 109 113 108 109 105
100 69 6953 69 7012 6713 6914 66
6
9 16 1s 115 16534 10 14 1812
15 6
0
0 10 6 1041
,
4
6 6
4
Mack Truck. Inc
8
tto par 58% 693 6512 747 73 8953 82 8 673 67% 6712 6512 8884 64% 6612 654 65 4 64% 6512
3
8
1st preferred
6334 81
65 783 6912 83
4
100 9212 9412 94 97 94 9914 95 9312 7112 85
73 8312 68% 77
74 85% 8212 911
963 9118 952 881 94 87 932 927
8
2d preferred
8 9318 94
100 84 8712 86 90
88 92 86 91
9453 893 9153 90 9414 932 96
4
4
82 851 72 87
Macy
78 8212 827 84
8
85 88
6118 7112 68% 70
83% 85
6514 697 6512 69 6013
8
85 88
Preferred
112'2114'I 11434 11512 11384 115 1113 11414 112 6513 5753 6312 57 61% 571 63 61 62% 5912 63 6114 673 88 90
4
4 6312 681
------1111 113 113 113 112 11253
Magma Copper
113
no par 2953 3214 3014 37
3518 3814 3234 37 30% 34
111121133 113 11418 11253114
4
Mallinson (H R) & Co_no par 3413 40
29 34
4
283 3214 283 31
4
281 3112 2714 30
3414 37 8 3214 37
4
3
8 27 36
294 3112 2912 311
3312 37
Preferred
3214 22 8 2914 22 8 2512 2514 3312
,
100 90 90
,
8914 9014 ---- --- 85 8 88% 82 86% 21
273 32 4 2812 321 2718 311
4
,
5
Menet! Sugar
83 83 ----------------84 89
100 4312 47
463 63 624 4
7514 65 7212 56 6812 441 5812 43 52
----------------86 88
Preferred
4
44 50
100 --------83'z 90
483 56
46
88 90
86 86
50 62 61 641
82 82
Manhattan Beach
75 814 Ws 7512 ----------------72 55
100 _
_
72
77 813 80 801
Manhattan Elec Supp_n0 par 51%
4
574 54 5812 55 66
61 63 49 - f ii iii4 38'2
114 11
5Manhattan Shirt
4604 36 44
25 45 477 4312 47
- - 36 4412 47
iii% 553 - -1- 37 421
44 46
8 i1 4
4218 47% 42 4653 4212 45% 43 4478 3814 44
Manila Electrical Corp
100 ____ ____ ____ ____ 8812 90
4112 44
40 4212 41
883 8912 8812 90
4
4458 42 451
Maracaibo Oil Exploration _ _ _• _
88 8853 87 88 --------87 87
_ _
_
_ _
_ __ _
87 94
___ ____
_ ____
88 9414 88 88
_ 20 2212 18 2
Marland 011
no par i'ir4 - 12 553 ii
16
1953 17% 20
4 4:i ;163 18"8
4
59% 4254 1814 253 25 284
5048 30 ii12 278 4014 26
4
4
Rights ------------------------------------------ 7- 44 3153 2014 30
1712 262 1812 2853 2718 39
------------------1
Marlin-Rockwell v t c
,
5
8 1-32 14
no par io
11
912 16
12 15
94 1114 714 93
Martin Parry Corp
4 8 1212 7
8
no par 2712 31
7
814 7
273 311 303 3312 3112 37
- --------314 7
4
4
4
53 30 4 3518 27 3353 26
414 5
,
Mathieson Alkali Works— 50 497 5512 5413
- -4
9
3012 263 31
4
8
28 31% 26
4
4118 52
Maxwell Motor W V Class A.100 4614 5412 4314 61% 56 633 5214 58
36 4914 37 457 381 4653 3712 4414 3114 2912 281 33 31
361
534
3912 34 4214 35%
Class B
4
5
4
no par 1518 1753 14% 1714 5214 6314 49 613 41
4
1618 207s 17% 21 4 14 511 37 48 8 363 43% 37 45% 373 44
36 42% 4114 017 43 461
2
1814 102 1612 1012 1334 111 1418 1053
May Department sreres____100 6753 7838 7244 757 721 76
3 501
4
4
3
4
133 1014 123 12
4
713 7514 7014 815 78 86
4
4
1818 124 141
8
Preferred
7114 8114 724 7934 7514 81
100 11618 119 11634 11714 116 116 116 116
76 867 81% 8618 83% 93
3
Metropol Edison. pref..
par 934 9714 94 9712 9612 9912 97 974 ------1141411414 11412115
90 92
9112 914 ii 16 66
Mexican Petroleum
9312 94
100 290 293 270 270 265 288 288 289 ------ - -1 iii 96- -56" - -ii- "iii
6 -82
i6i;
Preferred
__-- --------210 210
100 --------10014
- 11111112
Wslc Et n Seaboard oil____go par 1614 83 1612 10014 103 10514 ----- ---- ---- ---- ---- -_2
,,r - _..• -..
19% 1612 193 165 19
,
4
- - -3
.
-12 1412 10012 13% i918 034 -1Voting trust certificates__ 1518 1753 1512 1838
238
5
b.4 1
1044 8 8 168 --5i2 162
812 1518 19% 1618 183 14 2314 1212 194
,
74
Miami Copper
84 14
6 10% 8
5 267 28
2
4
263 3011 28 304 2714 3014 255s
1014 852 1053 9% 143 -His -161
Middle States OH
4 12
2854 2212 2614 22% 2518 2212 2412 2212 241
15
10 11
1214 1118 12
2012 2453 20% 227 2153 22
1114 12
11
12
81 1118 6% 1014 63 7% 5% 7
g
Rights
,
8
%
18
43 6
4
51
43
4
312 512 47
Rights full paid ---------8 7'
12 115 1134 1153 --8
__ ____
Midvale Steel & Ordnance__ 5'i -ii4
_ ____
...........
.,.. -,__ __ ____
- 12 27 30% 2853 32
21
2953 -3
3% 2612 - s 2112 -Monongahela Trac & Power_ .
3012712 22 -2-5% 24 28% 2514 - --- -24% ---------- 18 18 .
2 3
84
-._
_ _
---29
Montana Power
_
16i 65 2 -- -14 65% 728 664 _
1 68
ii itif4 if iiii -- .iiiz - _Li_ "iii 0 Wg _ _Liti2 - -14 _
1 6iiI
Preferred
al.'
4 8
100 108 108 111 111 11012 11013 110 112
f2 Lii. 6612 in- iii" -(31514 li
------10784 107 4 --------106 109
hfontgom Ward & Co_ _no par 20% 23
3
--------103 105 10414 10414 104
2112 26
22 2518 2253
14
Moon Motor Car
104
8
no par 1753 19% 1811 245 22% 2953 2512 2514 18 2312 1914 23% 185 2114 1814 2214 2053 23
8
21
2314 223 264 238 25,
2812 243 28 2 203 28 3 20 23 8 20
4
4
Mother Lode Coalition_no par 11
3
3
4
3
257 23 26
8
113 11114 14
4
1934 23% 21
1253 1353 1023• 123
4 914 103
2
Munsinowear
3
4 713 10 3 3
98 9
ON 814 953 718 812 818 247 2412 27
77
953
9
-4 ,
-1"
1r01t
-414
will.
,
2-ig
-1-9-1i •ia- -if.;
THE CHRONICLE
54
[Vol,. 118.
1923—Continued.
November December
October
August September
July
June
May
April
March
January February
Low Nigh Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
1312
12
15
12
1018 1812 12 184 13 16
2014 1138 16
16
8
24 2712 2514 297 22 2712 17 22
no par 22 24
_ ____
Mullins Body
--------------8818 8818
100 ---------------9014 91
Preferred
9412 h3234
- 93 884 1014 8612 SW
953
89 - 3 8514 ,
98 4 89 100
91
3
8
8
par 7518 11412 101 10814 1027 1137 10314 1093 8914 105
no
Nash Motors Co
97 9712 9614 99
4
9613 9812 98 9918 98 9912 9812 9813 9712 9712 97 973 98 98
4
99 10134 99 993 98 98
Preferred
7 104 712 9 4
3
4 84 9
1012 1112 1014 1112 814 103
,
1138 1813 1318 16 4 1312 1512 1212 1434 10% 13
12
50 11
National Acme
297 309 295 29713 290 295 29612296I2 287 291 295 295 300 300 --------300 307 298 298
Nat Bank of Commerce_100 298 299 296 300
4
4
8
14 433 39 4214 3814 4218 41 463 45 4812 4614 483 4712 5278 5012 523
4
4
3
100 38 413 39 4313 42 433 394 42% 39
National Biscuit
12338
12034 12034 12178 123 122
4
4
4
4
100 12034 12313 122 125 12012 121 120 12012 1193 120 1193 1193 11812124 122 1223 120 120 8 53 59
Preferred
8
59 647 62 63 4
8
5334 587
50 54
50 55
40 56
53 58
61
58
100 60 65 62 671* 5812 65
National Cloak & Suit
612
9112 9318 94 9712 9312 9
8
927 93 93 94
8
893 9412 9212 94
94 96
98 10018 95 98
100 102 102 100 104
Preferred
12 - ,- -_- -,,la
14
/1
3
12
14
'8
4
3
12 1
12
14
114
4 14
112 118 112 1
_ -7t0 par 1
412
3712 Nat Conduit &
39
3934 5712 354 413 37 4178 38
8 4012 343 3912 35 37
4
Cable_National DepartmentStores_ ---- ---_ ---- ---- 37 3734 3614 4212 37 95
9312 9412
914 93
9112 9278 91
9318 92 92
9112 9412 9078 93
4
9414 9512 9414 973 9312
Preferred
8
92
3 , 438
4
56 6512 5212 6434 35 523 373 42
4
5512 62
6712 56 66
8
4
4
NatEnameling &Stamping.100 6514 6918 67 703 6814 723 6718 707 6914 98 97 97
88 9214 91
9114 89 8912
97 97
94 94
95 95
4
9914 9914 95 973 98
4
100 100 1004 993 102
Preferred
4
11734 13034 11434 12212 1183 12814 12314 148
4
12834 12612 13314 129 13634 126 13213 11114 12618 11012 122 108 1183 112 132
100 12312
National Lead
11212113 11034 11212 11112 11214 11038 111
100 11214 114 11212 114 11034 11334 111 11134 110 1113* 10712 11112 10912 11112 11238 11314
Preferred
100 _
National Park Bank
50
National Supply
_
__
100 _
Preferred
.._
------------161 161 ____
100 ----------------163 164 163 1644 164 16512 ---------------------------- 23
National Surety
3 1214
8
4 94 123 104 1214 113 - 1338 1434 11'* 144 1112 238 1118 212 11%
3
18 8 1412 16
5 1418 1614 1418 1718 16
Nevada Consol Copper
4
8
33 377 353 4273 40 42
3312 38
8
30 357
33 3812 3113 3712 30 34
37 41
New York Air Brake— no Par 264 2914 2712 3912 3514 3878 48 51
8
4612 49
4
4712 493 46 4978 46 463 4514 4858 47 4812 4634 4738 467 .50
4
46 5012 49 5112 4818 5058
Class A
1934 173 1914 167 20
8
3
4
1514 1838 153 1812 17
1514 2114 1514 19
1818 25
4
3
100 2113 223* 2114 25 4 2212 263 23 27
New York Dock
44
38 42
3812 43 41
39 43
4
373 43
394 43
8
4612 5018 49 5112 497 5114 4218 5012 45 50
100 48 48
Preferred
,
4
4712 483 ------------------------------------------------47 50 8
5214 54
812 84 92
Newp N & H Ry, G & Elec...100 ----------------55 5912 87 88
14
24
4 7 14
85 85 86 86 __-_
----90 90
Preferred -------------------------------------------------3014 3214 29 3212 28% - - -3- 2712 28
28 If 2712 2812 28 3012 2412 27
8
2 4
-------------New York Canners
--88 88
100 --------------------------------94 9412 ----------------86 8912 -------------Preferred
1018 1014 9 - 14
014 10
124
812 914 -------- 97
10
12
13
1513 12
8
1312 133 1513 13
,
no par 1214 12 4 12
NY Shipbuilding
____ ____ ____ ____ ____ ____ ____ 92 92 --------91 91
_
__ _
-_
100 _
New York Steam Pr.
--------10714 109
Falls Power, pref_ _100 109 109 10812 10812 10838 110 106141062*
Niagara
-_- ---- -_-- ---- ---- ---- --__ ____ ____
4
8
4
50 10012 1073 1027 11912 10912 1163 10918 116
North American (new)
4
423 444
8
4
4
8
4412 4538 427 4434 421-2 443 433 143 43 4412 43 4378 4312 45
100 4412 4512 45 4812 4618 4712 4478 46
Preferred
2-_ _ ____ ____ --- ---- --__ ____
18 2012 --------------------------------1512 151
B rights
North American
2212 213 22%
4
8
8
3
8
2414 1713 2212 1834 213 183 2212 263 223 20 2212 2013 2114 21
8 22
4
38
134 1612
When Issued-- ---------------------23 2 3 213 233 247 26
1414 15
1712 1412 19
16
20 20
19
19
8
2012 2518 193 22
8
4
26 293 28 2978
Nova Scotia Stee & Colte_100 27 29
87
3
8 77
8 93
8
812 8
814 77 818 8
4 8
83
934 8
8 914 912 8
4
03 1018 012 034 012 93
no par 913 10
178 3
Nunnally Co (The)
3
134 313
438 2
8 54 3
8
4 9
63
8 64 71* 412 618 37 412 37
4
4 73
Ohio Body & Blower_ __ no par 612 1013 83 1018 63
3138 3118 3112 31% 33
31
3134 3118 3118 3138 3214 31
33
31
3114 33
3113 34
25 59 6612 --------64 67
Supply
8
Ohio Fuel
8 118 13
8 13
7
4
13
4 1
112 134 114 13
4 218 112 178
8 13
25
8 2
8 213 238 318 238 318 213 27
Okla Prod & Refin of Amer_ 5 17
414 612 --------5
9,4
338 --------312 4
8 414 512 3
77
5
7
5 12 512 512 513 64 6
100 5
Ontario Silver Mining
2518 2 14
34 34
32 34
6
_ 35 36
__
3
45 8 40 4178 35 39
41
_no par ------------------------4513 50
Onyx Hosiery temp ctfs_
8
8814 16 --------88 88 8614 8614 86 87
94 9612 9314 9412 893 90
100 ------------------------96 98
Temp certifs. pref
1912 1814 20
1712 1812 17
1612 1712 1638 1712 1738 1
3
8
4
1 1712 193 1814 2114 18 203 1712 211 1712 197 1614 19
Orpheum Circuit,Inc
91
93
__ 92 93
91
_ 91
91
88 9512 92 9212 91
894 8912
100 8412 85
Preferred
4
- . 125. 136 134 14714
- -12
12612 1i 412 123 11412 122 118 123 iii1212
4
4
100 144 15212 1443 153 1393 15012 12912 139 115 130 118
Otis Elevator
100
4
8
3
100 10212 104 8 ----------------998 100 10018 10018 997 10014 100 10018 9813 9812 ------------------------0812 104
Preferred
714 1012 812
8
4 7
3
7
4 914 73 93
4 7 1018 718 8 8 73
113
8 9
4
4
4 43 103 143
,
no par 778 914 8 8 117 103
Otis Steel
45 4712 46 58
55 58
49 50
50 50
51
48
50 54
5212 65 63 7214 64 6912 53 62
100 47 50
Preferred
4
4
4
4
4614 4012 433 413 4412 423 453
8
4
8
8
403 447 4113 443 413 4614 4
4
8
3
437 467 45 5134 46 523 405* 45
8 46
25 363
Owens Bottle
_ 108 108
_
__ __ _
100
Preferred
12
1.,
12
12
8
3
12
8
3
4
3
8
8
8
4
3
2
4 1
34 1
12 lls
8 114
7
8 214
7
Development _ __ _no par
Pacific
7912 8312 83 9478
4
8
797 743 8012 75 7912 73 7734 7614 8518 76 8212 7612 82
7912 823 77
4
4
79 83
100 783 85
Pacific Gas & Electric
7
912 73
9
8
4 94 812 1214 933 11
8
7
9
8
10
8
4 914 1114 8
5 113 1134 1012 1212 1012 123
Pacific Mail Steamship
8
8
8
32 347 3114 367 36 405 365 4318 4112 5214
8
4
8
8
414 4713 373 4218 35 403 3212 373 3112 3514
8
no par 4218 487 4218 47
Pacific Oil
90 93
90 90
87 93
85 85
85 88
83 83
100 67 67 --------80 8038 ----------------8013 85
Pacific Teiep & Teleg
93 93
--04 944
8
8
917 927 9314 9314 ----------------9313 94 -------------100 9112 92
Preferred
8
133
8 97 - 4
8 124 103 1218 12
1118 412 1214 1414 1212 312 1212 312 1213 133
1413
8
104 14131 123* 1412 133 1513
Packard
9214 917 9512 9218 9212
9234 9314 91
9412 9112 935* 9312 95
9018
3
92 93 8 93 93
93 9812 9712 99__
Preferred
8
632k 53 6114 533 5913 5634 6434 60 6413
8
3
4
8
8
a7
84 9114 7814 9312 77 - 8 6834 787 6712 763 593 7612 547 673 5613 6114 507 595 5012 5714 533 613 5712 6218
Pan-Amer Petr & Transp— 50
4
8
*
8
4
6312 701* 5412 7012 51 643 547
7112 763 65 73
8
50 773 8414 6934 86
4
Class B stock
114 212
DI 112 114 214
4
214 2
4 13
13
2
2
4
8 2
4 47
43* 44 64 33
5
4
412 5
Panhandle Prod & Ref no par 4
8
5712 577 51 51 --------------------------------2712 40
60 60
61
61
60
60
60 60
100 62 68
Preferred
1178 918 912 918 1213 914 1213 914 1018 914 1214 113* 1414
913
12
8
4
no par 1118 1414 12 1312 113 154 113 1373 9
Parish & Bingham
_ 10312 10413
_
------1041210514 ------------------------103 103 ____
100 10112 10234 ----------------102 104
Penney, preferred
27 - 5 2712 30
34 *
4
3512 3613 3513 3714 3612 373 3318 37
4
8
-- ---- ---- 403 433* 3918 4212 363 40
50 _
Penn Coal & Coke
95 95 100 10014
--------98 98 --------9514 96
------9813 9813 98 98
no par 102 102 --------102 102
113 234 178 314 23
Penn Edison, pref
4 33
4
4 34 212 314 212 314
8 514 34 412 23
33
6
512 4
8 4
Penn-Seab Steel v t c__ _no par 24 34 314 57
8 812
8814 9338 8614 9038 88 9313 90 9334 8812 9113 89 961* 953 9
8713 94
8
8
People's Gas Lt & Coke ...100 90 9413 91 937 903 9214 86 91
43 46
8
427 4512 4112 4414 4214 4412 4214 44
45
4714 4218 4812 41
8
50 4114 4414 42 4714 47 5014 453 4812 44
(Pitts)
Philadelphia Co
4112 4214 42 4212 4112 43
4312 4312 44 45
8 44
4
4212 453 444 4514 43 4412 4112 4214 4112 4238 415
43 45
Preferred
55 57
55 56
55 61 --------55 55
63 6514 59 6214 57 60
8
no par 76 783 --------74 7612 60 80
Phillips Jones Corp
8912 8912 --------------------------------8.513 85'4
90 90
9014 9014 9018 91
92
91
89 92
100 94 96
Preferred
8
5 22'8 1731 203 19 244
8
8
1612 1134 153 1112 134 13 164 1514 18
10 ----------------174 1912 1618 1914 15
Philip Morris & Co
2618 213 3112 3031 3614
21
4
8
2012 253 1934 25
2112 28
8
4
8
8
5912 693 5413 693 463 693 40 52
61
no par 4712 5212 51
2912
Phillips Petroleum
28
2718 31
27 28
28 30
2812 30
3912 32 3412 30 33
32
40 45
5 ----------------43 47
Phoenix Hosiery
__ 95 95
_ ____
93 9312
91__ _
89 9318 91
95 96
96 97
100 ----------------98 100
Preferred
4
8
83
5
9
8 74 _- - 8 74 _- 4 8
4 83 101
93
4 7% 107
612 1114 64 98
4
8
4
1118 1514 1134 1338 117 133 1112 1312 93 12
Pierce-Arrow Mot Car -no par
3
24 293
8
2012 1712 2612 173 2412 18 2012 183 26
4
8
4
4
8
100 273 353 2918 333 2912 333 28 333 20 2913 15 2614 1312 63 4 65 6718 61 6518 60 60
4
Preferred
62 65
6312 6914
3
4
6014 653 60
6212 67
63 7213 6612 72
---- ---- 65 65
Preferred w i ------------------ - - - - -- - - - -- - - --- - - - - - - - 15
14 4
3
-------18
Rights
112 27
3
8 2
5
4 17
8 2 8 112 2
112 3% 238 23
314
414 2
43
- 4 3
414 518 4
6
438 4
25 4
Pierce 011 Corp
16 2012 18 2812 2218 2912
8
4
24 253 183 20
25 35
3712 30 3512 30 40
3912 4412 393 4412 31
4
100 38 45
Preferred
684 124
4
no par 5514 643 5812 71
Pig wig Stores CIA
58 6012 5813 6412 6212 6414 59 6212 60 6228 .59 6314
8 5912 65
4
pittsburgh Coal (of Pa)_ .100 58 6114 6012 673 84 6778 63 6614 6114 667 9812 9912 9712 9912 994 9914 99 100
9812 9812 98 984
96 99
9812 9912
100 99 9912 98 9912 98 995* 988 100
Preferred
1118 1012 107 1014 107
8
8
1114 1012 1114 10
10
------10 10
-------------Pittsburgh Utilities pref10 ---------------------------94 95
4
4
943 943 95 95
9014 95
95 96
95 95
963 95 96
96
4
4
973 98
95 96
100 92 9318 9314 94
Pittsbut gh Steel Pref
4414 914 10
403*
10 3818 42
Pond Creek Coal
_ ili - - ___
_
__
5 60 65
7
___
86378 - 4 'Hi ii__
83 96
6713 6712 60 84
Porto Rican Amer Tob
54
4
583
51 - -- 49 __- 50 537 5138 59
47 5314 4818 53
4814 105
3
3
8
no par 113 1313 127 133 1217 127 115 12412 93 4 118
Postum Cereal
110 111 10812 11214 10918 10918 ----------------111 11214 111 11214 111 11214
,
100 1104 114 4 113 11414 11114 112 1104 113
8% preferred
53 56
48 5612 4212 53
5114 55
5112 633* 53 6612 50 564 49 58
64 68
100 65 8112 58 6914 64 73
Pressed Steel Car
80 8612 83 874 8012 84
89 89
8614 8912 8814 9012 89 90
9112 88 90
9112 9312 90
4
100 86 993 90 93
Preferred
4
4
8
29 3714 2414 313 2018 2612 1712 253 17 3512 233 4314
8
8
4
50 4714 5114 4918 543 515 5818 4414 5714 4112 5738 323 45
Producers & Ref Corp
36 47
36 40
4412 47
8
8
407 41
467 477
8
43 45
43 45
50 46 474 45 4818 4712 4918 47 4813 44 45
Preferred
1713 22'8
2612
50 _
Certificates
- --__ _
---- - ---97
9314 6812 4 - 8
157T 1025 91
4
--100 938 1005* 97 10314 99 104
NJ
Pub Serv Corp of
4
- -12 85- 102 - -12 9812 IA 99 10184 98 1023 101 102
8
4
106 10718 106 1083 104 1083 103 108% 10212 10312 101 10312 100 101
Preferred
4
4
8 434 4914 43 464 4214 4712 42 463 42 4514 43 463 4112 45
no par ------------------------4814 5113 45 483 100 100
New
95 994 97 9912
90 9212 90 90
95 95
98 98
---- ---- -___ ...... 10212 1041z100 100
_
100
7%
8
8
4
119 112 11313 11312 11814 115 118 1153 1253 120 1253
100 126841333* 128 1324 12712 134 120 12914 11512 122 11112 12014 11012 525 4212 53
Pullman Company
49 5618 4814 575* 50 553 5238 5878
8
8
8
4
8
50 43 474 4612 5912 584 687 5912 694 5714 6438 4814 613 417 1938 1612 20
Punta Alegre Sugar
8
1614 1914 163 174 163 214 1814 253
8
3
8
8
8
2812 3114 253 2878 20 263* 167 227 17
2714 32
8
25 27 297
Pure Oil
4
8212 8712 853 863 86 8712 87 89
89 93
4
93 984 90 9518 88 91
96 98
8
8
100 97 997 983 9912 9712 100
8% preferred
100 10434 100 10734 9978 107
9912 1023 101 112 106 11114
8
4
11912 110 117 116 1223 114 118 109 114 100 113 ____
100 11012
Railway Steel Spring
_ 11418 11412 --------11014 112 ____
_ 112 114
11714 118 118
.,__ _106 --------11512 119 117 12112 11718 11754 11614 323 303 3212 2914 --- 293 303 2914 303 3012 314 3114 - - - 3118 323
Preferred
8
4
294
3
334
8
8
4
8
4
no par 3212 333 3212 342* 304 313 3012 324 3012
Rand Mines Ltd
1114 9 8 12
8
8
7
1214
117 10
103 123 11 13 127 11
8
4
3 163 15
1414 154 1212 1514 10 134 10
4
8
1714
10 1313 147 13
Ray Consol Copper
15 15
14 --------14 1414 1412 17
10
1114 1312 1014 13
8
153
14
194 1514 18
16
1814 1618 17
no par 16
Reis (Robt) & Co
6814 73
__ 67
_ 70 70
_ _
73% 6814 6814 ____
4
763 794 794 8014 7518 7818 70
7618 82
8
100 817 82
32 3434
1st preferred
8
327 293 3512 33 3734 iii -iiia 334 36
,
8
364 4614 4218 4818 403 4812 33 2 424 24 394 26 ----06 8 - 100 3312 38
Remington Typew v t c
89 91
__ 90 00
96 -- -- - _ ____
8
100 101 103 1027 104 100 101 ---------------------------preferred • t c
1st
95 9814
96 - - ----05 95
-98
85 85 --------8714 96
91
9114 90
91
90 90
84 88
100 80 83
14
2d preferred
1012 1312
1133 9
1414 8
7
4
4
4
4
3
243 313 265 293 23 2712 18 2314 1212 193 1014 1513 9 8 133 10
no par 2314 29
Replogle Steel
8
42 497 4214 507 414 453* 4312 507 4614 5178
8
8
403* 47
8
8
4
4
3
100 47 523 47 603 5918 663 563 6512 464 577 4018 5214 87 9312 89 9312 87 943 8434 89
Republic Iron & Steel
8812 93
90 93
3
954
9614 9114 9512 86
4
8
3
4
100 89 923 90 943 94 967 923
Preferred
4
1914 2512 195 243
8
183 2112 197 233 19 28
4
4
8
8
2212 143 22
8
8
204 2714 1812 253 22$8 297 194 254 14
3
no par 16 8 25
____
_..
Reynolds Spring Co
_ ___
--- ---_3
7 4 614 1255 ---- --- ---- -- ----- - --44 44 4
Rights
4
4
8
613 68 653 - 4 64
593 - - -3s -:-,4 69% 673* 7312 70 723 693 75
66
604 -8 673
4
66% 623 - 8
613 59 4
Reynolds (R J) Tob CI B_25 47 55% SA 593 5712
11514 118 11612 118 115 115
8
1157 11514 116
8
7
100 1144 11614 116 118 11714 117 8 115111185* 116 11718 1157 11714 114 90 87 904 1154 116
7% preferred
- _ _ __ _
8712 8712 - -86 86
89
9412 90 91
25 --------------------------------91
4
-- 7
Rossia Insurance Co
:16 113 4- 38 52
4634 434 48
4
4012 463 4334
4
45 493* 415 48
,
4
,
Royal Dutch Co NY shares___ 424 5315 44 4 554 4 14 544 49 523 45 2 50
8
193 22
214 23%
3
4
183* 1712 193 19 203 19 20
1912 17 194 17
8
8
8
s
4
183 183 211 2012 223 1913 207 18
10 18
St Joseph Lead
312
2
2 18 14 1
2
3 2
'2 113 2
8 218 17
2 12 13
2
3
2
8 4
8 23
312 43
8 212 5
23
4
4
Santa Cecelia Sugar____no par 2
21
31
4
19 23
2812 333 284 3212 303 343 32 3512
4
193 26
4
193 26
8
100 184 2312 2112 253 234 2812 2412 30
8
8
Savage Arras Corp
9514 90 957 93 1067 10214 11634
4
904 9914 913 9612 91
88 914 89 89
9114
Schulte Retail Stores-__no par ------------------------80 ----115 115 ----------------114 114 112 112 112 112 112 114 112 112
100 ---------------------------Preferred
4
753 8212 81
8714 83 874
8
6614 7412 70 823 7412 82
4
% 78
8814 72 833
85 9238 85 9112 81
100 834 90
-8
Sears Roebuck & Co
108 108 108 11018 109 1147 110 115
100 11012 11012 112 112 11014 11312 11014 11014 108 109 10612 1084 10612 10612 713 8
Preferred
612
518 714 5
8 8
714 94 47
4
84 612 83
8 812 6
1213 814 1012 73
4
3
par 7 8 814 73 1218 10
7
6
4 514 7
53
5
55* 7
Seneca Copper Corp__ no_10 818 912 9 103
512 8
713 512 7
84 6
912 7
4 94 104 814
4
8
3
Shattuck Arizona Copper_
313 347 32 343
2914 32
3018 32'4 294 34
8
38 4114 388* 391* 3514 3818 3313 377 2912 33
8
343 384 3513 40
8
1712
4
8
Shell Transport & Trading__£2 123 1418 137 1614 147 163 1612 187 163* 1914 154 1778 1434 167 15
1734 133 175 13% 1618 1334 157 15
8
8
8
3
9212
8912 92% 91
92's 90 92
91
90 92
Shell Union Oil
90 92
90 1L2
8
92 9112 9212 913 95
C134 91
9112 9318 91
1111 112 ---- ---Preferred
1218
3
Rights
,
8 8 10% 612 84 612 712 6 2 818 7% 814 104 107 10
3
4
8
8 93
123 15 8 1 13 153
8
- -14 123 1
1214 13
Petroleum
Simms
STOCKS
JAN. 5 1924.]
THE CHRONICLE
55
1923—Concluded.
STOCKS
January
February
March
May
June
April
July
October
August September
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High
no par ____ ____ 244 311 2612 3452 30 3212 263 307 264 307 23 2812 2312 264
Simmons Co
/
4
4
2
8
23 4 2618 2352 26
3
25 2818 224 2714
Preferred
9914 1013 9712 995 99 9918 994 9912 ------------------------97 97
4
8
96 96
96 96
Sinclair Con 011 CorP---no Par 317 357 32 354 33 393 3014 383 273 32% 22 4 30
2
2
2
4
4
3
317 2518 193 234 16 2 3 1732 193 1714 23% 223 274
8
2 4
4
4
Preferred
9714 99
9612 994 96 983 97
4
9812 94 9612 93 9513 8814 9314 8014 89
805 833 823 8412 807 87
2
4
85 8612
2
2
1
Skelly Oil Co
10 9 12
11
1314 12
137 2512 35
2
23 29
1612 253 15
4
18
1212 157 123 1514 1412 1712 154 2112 207 26
2
8
2
-New
35
313418
Sloss-Sheffield St'l &Iron_100 42 5034 46 52
5512 5814 Ki 16 iii ici ii) 4
6612 5iii4 164 iii,2 ii ii 4 12 551-2 -- 55 11 iii4 63
.
6
46
Preferred
68 79
78 7914 80 90
8312 86
74 80
80 81
78 78
78 78 --------75 75
84
79 8114 81
100 40 423 414 64
So Porto Rico Sugar
4
56 6414 56 637 45 5712 40 524 39 4612 3814 4512 40 48
2
50 6112 57 70
464 55
12
____
Preferred _ __________________ 923_ 94 _ _ 94_ _ _ _9_5_ 2_ 96 100 _ 96 98 _ _9_6_ _9_6_ _ _94_ _ _ _9_7_ _ _9_6_ _9_6_ _ _ _ _ _ _ _ _ __ _ _ _
4
3
__ _ _ _ __ _9_6_ _ 2 98_ 1001_ _9_8_1_2 _9_8_1_
2
. 9_6_1_
2
Spalding
1st preferred
jai Iiii _ _ _ _ _ _ ioii2 iiiii2 jai,' 11114 _
- - _ -- ,-- ,
- - i6iii:11652 ini 161 --------102 16i ---Spicer Mfg Co
no par 19 223 2112 - -14 2112 263 2014 20 jEi - - 1134 -4
4
2 21
27
2
1712 12 -17
1312 181 14 174 12 8 15
4
1312 1533 1334 1/4
7
Preferred
100 90 964 94 977 95 95
2
90 93 90 90
9212 9614 90 92
90 91
89 89
88 90
88 92 894 924
Standard Milling
100 8512 9012 85 88 8214 85
7014 75
80 82
767 78
2
70 70 -___
- 697 70
4
62 66
65 4 70
3
604 6
4
Preferred
100 95 9512 --------96 97
90 90
92 92 --------89 --89 91
89
Standard Oil of Calif
35 5452 12312 5514 613 54% 644 4952 551 505 5552 49 8 53% 474 524 473 52 ----------------8884 8912 81 - 8112
4
3
2
2
483 524 504 554 513 573 54 6412
4
3
4
/
1
4
Rights
_
_ _
_
3 8 414 3
5
33 _
- —
-Standard al 4;111-,J
15 354 -4114 iii, 1114 40 4414 3672 411 55i2 6614 iii ii2 iilis -jilt -3i18 -- -7- -5Elig - ,- / 41
4
3 4
3
ii4
3
4
1612 - - -Preferred
100 11612 117 2 1163 118 116 1173 116 117 11614 1173 115 1163 11533118'4 11434 11714 11518 11614 iiis - -14 iiig - . 55 12
7
2
4
4
2
117
116 1171s 11541174 116
Steel & Tube of Am pref.-100 85 1077 98 10512 94 105
8
95 99
9312 96
95 1083 103 2 108 105 1105 ____
4
7
8
__ ____
___ __ _ - - ---- -- Sterling Products
no par 607 64 58% 6432 6212 67
8
52 59 633 5414 6114 51
58
5112 5712 53 5512 53 4 -- 2 5412 3 553
57
5634 - - 58 63
5932
Rights
18 258
Stern Bros pref (8%)
100 10912115 Hi 111 --------112 1
-1212 --------111 112 iiii2112 ----------------11312 1
- 12
. -11 iii 1 - ii5 11514
-1i
Stewart Warner Corp___n0 Par 7914 9114 89 100
983 12312 11312 12412 8014 115
4
7518 9412 74 9452 8314 923 7812 9114 754 845 7634 9014 fase 913
4
5
4
Stromberg Carburet
no par 6214 69
633 8312 8112 944 8014 9014 643 8112 60 754 594 72 2 623 7312
4
4
7
4
8
76% 86
/
1
4
Studebaker Corp (The)__100 1121s 119 11312 12214 1193 12614 11952 124% 10612 120% 9852 1137 9814 1073 10014 10812 6312 72 6012 687 6512 88
4
2
4
8
9412 10712 93 41008, 9914 105 10341084
Preferred
100 112 1124 1123 1133 113 11314 113 114 114 114 114 115 115 115 11612 11612 115 115
4
4
115 115 117 117 115 117
Submarine Boat Corp—no Par 7
9 4 93 143 108 1452 1214 15
3
2
8
834 1212 81g 1214 77
2 912 7 2 1014 8 10
7
812 103 10
4
1332 9 2 1241
7
Superior Oil
no par 47
8 558 5
63
4 5
64 412 514 4
412 23
8 4
3
3 14 252 312 2
24 2
3
23
23
23
4
4 2
4 2
Superior Steel
100 2914 31
3012 3212 32 34
31
24 2912 24 25
33
2912 31
24 29
24 30
31 3112
2312 24
25 32
First preferred
100 ----------------98 993 984 9814 9612 9612 95 4 953 ---- --- _ _ - 100 100
4
3
4
9712 9918 98 4 98 11452 115
/
1
4
3
Sweets Co of America
10 2
27
8 134 212 13
4 24 112 2
112 152 1
313
lit 1
1
114 i
14 112 24 17
2 312 2% 312 272
Tenn Cop & Chem
no par 105 1212 1112 123 113 123 108 1112 97 107
4
812 912 87
2
97
4
2
2 8 1012 812 97
7
812 97
4 914 8 4 012
83
Texas Co (The)
35 4732 49
4752 52
504 528 46% 518, 433 47
4112 453 40 43
4
4
7 3934 427 3914 42 4 3812 424 3452 424 403 445
s
3
4
Texas Gulf Sulphur
10 5872 65
5912 6358 5958 63
5712 648, 5912 63% 5512 607 5314 59
8
537 60% 5418 584 564 587 573 634 58 62
4
2
4
Tex Pacific Coal & Oil
10 20 23
2132 344 203 2312 1714 214 1512 1812 10
4
161, 712 107
7% 914 7
812 6
83
54 94 9 1212
Texas Pac Land Trust
100 300 300 --------3221232212 ----------------324 324 280 295 ----------------280 285 4 ____
_ 274 321
Tidewater 011
100 120 133 128 138%128 144 125 13114 116 125
94 10314 08 102
95 120
1
8
9512 1015 99 104
993 121 11232 1227
12
4
Timken Roller Bearing no Par 334 383 36 393 394 45
4
4
4012 4312 3514 424 3412 404 34 383 36 40
4
3433 3912 33114 357 35 39
4
3714 3 4
9
Tobacco Prod Corp
100 5018 5812 5032 5832 5512 60
543 614 4913 584 474 5412 4714 513 463 555 5018 5752 5352 603 54 66
2
4
4
2
65 7858
Preferred
100 1063 1063 1043
4
4
4114 10914 113 10814110 107 10914 10712 110 1083 110 2 109 1097 108 110 10814 11512 11334 115 113
2
3
s
112
Temp ctfs Class A
100 78% 841 7812 844 8212 85
8112 8414 79 8214 7714 8214 7612 8214 78 8418 81 8714 85 9058 85% 914 88 2 92
7
5
Transcon 011 ctfs
no par 107 1411 11
13
1112 14
914 1212 633 912 5
752 512 7
3
52 5 4 312 4 4 114 4
3
3
2
458 212 412
Transue & Wins Steel
no par 334 334 34 353 3212 3512 34 40
8
31
35 374 30 31
31
30 3312 31 314 30 30
33 35
14 33 35
Underwood Typewriter.__100 136 140 145 145 150 150 150 15313 145 183 164 183 164 164
'
Preferred
10
RI
New
25 _
_
___ _ __
_ _ __
__
___ 41
413 36 42
4
is 413
4 - 2 38
014 36 3934 3712 3938 373 42
4
Union Bag & Paper new _100 6334 67 61 2 69 6514 -7712 73 - 2 65 7514 65 69 641s 68
76761 65
621 6314 50 6312 53 633 60 65
:
2
Union 011
no par
18
14
Is
Is
Is
Is
Is
Is
Is
Is
Is
Is
Is
18
Is
Is
Is
Is
11/
14 ----- _ _ _
18
tl
Union Tank Car
100 82 8512 81
90
89 993 897 9512 833 88
4
4
86 893 84 87
4
84 87
92 9414
85 88
9
Preferred
100 10872 112 11612 112 107 11112 10812 10912 107 109 108 10914 1064 108 10778 1077 106 1073 87 87
2 107 10812 108 1088 10712 108
8
United Alloy Steel
no par 3312 34
3772 354 394 36 377 347 358 3014 35
34
29 31
30 33
30 33
30 324 30
2
United Cigar Stores
100--------185 223 215 215 210 210 210 210 --------170 176 17472 200 205 205 169 314 305 3111 185 210
185 170 192
Preferred
100 116 116 114 114 115%119 114 118 11312 11312 ----------------110 110 10818 110
7
___ _
_ 1124112 1
United Drug
100 78 8232 80 85% 79 84
75 8312 743 813 76
7714 84% 78 84
4
4
81
76
80 ____744 7712 :11i4 - 1
i- 77 80
1st preferred
50 4714 477 4612 474 47 4
8 4 8 4713 4014 4732 4612 47
47 49
4614 4712 4714 4712 467 4788 4614 47 14 7
87
76 2
534
United Dyewood
100
50 5012 40 40 45 45 --------50 50
47 47
45 4812 3812 3812 --------39 39
39 39
Preferred
100
United Fruit
100 15212 16312 15914 18012 177 183 lia 12i lid fn iii in 162 173 iiiii4 1ii - iiii4 fii
.
18 1
48
7111
- 3
4
i13ti 1
'13 172 179
United Paperboard Co
100 164 1612 --------1614 185 1814 1814 163 163 14
------ 14
1614
2
4
_ _
1414 _ _
_ __ _ _
154 191:
United Retail Stores
• 67 783 6458 823 7852 84
4
4
795g 844 734 803 7012 7812 6914 744 6912 78
2
:74 - 3- iti 21
ii 4
12 5
"45; _ . ,
- 2'4 3
..,;
US Cast Iron Pipe & Fdry_100 29 323 29 33
4
31
3413 2812 324 22% 283 2012 28
4
20 28
24 3052 2712 3412 3012 4034 36% 5812 044 3 1
.
”
Preferred
100 69 723 6912 7212 694 717 6812 693 65 7114 64 71
4
4
6532 71
71
733 73 79
4
7812 823 8014 87
4
81
8531
US Express
100 7
712 7
812 3 4 8 4 4
3
3
414 33
--------33
4 334 --------384 33
4 34
4 34 312
314 31:
_ _
3
U S Food Products
100 33
4 5
4
5
412 612 43
2 512 312 412 214 33
1-3
4
3 214 34 23
4 6% 312 512 312 512 334
2 3
US Hoffman Machine
• 1878 25
1934 2312 1814 22
177 1984 17 1814 15 1812 15 1612 1518 1814 16
4
1712 1334 16
15
173 1713 197
4
U S Indus Alcohol
100 625 687 6414 7174 6858 7314 59 7114 493 60% 40 573 41
*
s
4
4
50
44 5614 4712 56
4714 543 5312 654 614 723
2
Preferred
100 98 9812 98 9812 10014 101 100 100
9514 9514 96 96 ____
9812 100
— ___ -- 9612 97
974 97% 96 "
9
U S Realty & Impt
100 8812 9512 8952 9954 981,106
9612 10312 9612 10214 8852 10012 8818 983 923 -4
92 2 96
98
89 934 93 9514 9212 103
Pref ctfs w i
103 105 10212 105 105 10 2 104 10714 10214 1041 99 105
,
83
973 101
4
9712 10013 10012 1047 994 10112 100 101 100 1053
8
S Rubber
100 55 62
5714 62
5914 647 58 6212 4914 5813 3812 52
2
332 3614 357 401,
40 4458 3512 444 3612 44
2
3052 40
lit preferred
100 99 105 10114 10354 10254 1043 10112 10414 9814 101
4
9414 10014 95 97
8814 973 9084 97
4
7634 95
8114 91
8
6 901
U S Smelt Refg & Mg
50 35 4012 35 414 38 433 3212 38
29 331 20 308 2114 2712 22 2612 231s 257 1858 2312 183 2312 18 23
4
Preferred
50 46 4812 45 46
453 463 4414 4412 4314 4458 4012 4412 41
42
4
4212 427 41 413 39 4112 393 40% 383 41
2
4
4
United States Steel
100 104 10834 10414 108% 105% 1098 10314 10814 95 1037 8958 973 8512 9258 86
8
4
4
7
4
857 9314 857 9112 907 9612 93 4 1001
4
4
Preferred
100 119 12312 11914 12114 11814 1203 1177 120 116341183 1171211932 11734 1187 11612 94
4
4
8
118 1161211812 11714 11912 118 12014 118%120
U S Tobacco
* 57 65
63 69
6652 673 55 66
4
5314 5414 49 54
48 5012 --------52 52 --------5214 5314 523 54
4
Preferred
100 11014 1104 11178 112 112 112 10814 10814 --------93 93 10514 10514 --------108 108
10512 10512 10614 10612 - Utah Copper
10 6212 664 63 753 7012 7612 6514 723 613 69
4
ti5t
iii 4
4
564 66
56
59 6352 554 6014 5812 65
584
Utah Securities • t c
100 153 1712 163 2432 20 2354 1774 2014 17 193 1414 2058 143 6112 15 62
4
4
4
2 16
1858 147 183 14
2
2
16
15
1612 16
171
Vanadium Corp
• 343 394 337 44
4
2
393 445 35 42
4
2
30 3514 2512 34
244 3214 2658 333 2855 3412 27 29% 271 323 2
4
4
4 9 323
Van Raalte
593 84
4
5114 57
56 61
43 493 397 45
4
34 40
4
338 3814 33 3614 3714 3914 317 3612 28 34
4
27 311
2
Van Raalte 1st pref
100 9512 98
94 08 92 933 93 93
4
8912 90
90 90 ---------------- --------85 85
8514 854 7934 8_
51
Va-Carolina Chemical
100 233 253 21
2
27
4
18 253 12419l
4
8 141
614 101
714 93
4 71g 93
2 83 123
4 71 143
4
4
4
4 712 10 2
3
Preferred
100 6112 634 61 684 5252 69
3812 56
253 40i 17 2912 20 25
4
2112 29
7
2414 33 4 203 2713 2314 3334 28 4 331
3
4
Class B
1612 1612 1412 17
1258 16% 714 13
512 83
i 314 54 312 412 48
412 458 714 414 414 358 4% 44 SI
Va Iron Coal & Coke
100 534 55
5312 67 6212 68
61 664 5912 63
53 54
52 57
52 5612 --------5214 54
52 63
52 54
Preferred
100 80 80
80 80
813 84
4
85 85
83 83
774 8014 7814 79 --------80 80
81 81
83 83 80 80
Vivaudou (V) Inc
• 1514 18
1612 1952 17%28 2052 227 174 211 157 1952 16
2
19
167 2058 18
19
12
18'3 14 1612 1212 15
Vulcan Detinning
Preferred
100 _
Waldorf System
10
41 44 4012 4314 iiii iii 3612 37
2
New
•
143 1812 1612 18
183 20
4
1512 1 3 1512 -1612 1534 -1612 15 -1751
17 18
/4
Weber & Heilbroner
* 1214 127 1214 13 2 1234 1558 14
3
2
1512 1314 143 1312 14
/ 1312 15
1
4
13 2 1514 133 153 1312 143 137 1414 134 16'
3
4
4
4
Wells Fargo Express
100 01 953 934 9812 463 105
4
2
4514 38 41
423 4714 41
4
3412 3712 36 36
35 38
35 402 38 3858 33 351
West Elec 7% cum pref
100 112%11414 113 1143 11112 11314 11112 113 11118 11312 11112 115 112 11312 11272 117
4
113 11512 1113 11414 1124114 11212 11314
4
Western Union Teleg
100 109 1138a 112 11912 Ill 11134 11012 114 105 11014 104 10812
1
101121074 1047 109 10558108', 1047 1073 106 11413 107 1101
2
4
2
4
Westinghouse Air Brake__56 107 11112 1094120 11612 120
86 118
83 867 77 85
2
76 84
794 807 8012 813 7912 82
4
2
79 83
827 86
Wesegh E & Mfg assent
50 583 627 62 674 61 65% 5688 6333 527 584 5212 5212 5212 5711 543 6012 573
4
2
6112 557 5852 5718 60
4
58% 62'
1st preferred
50 72 75
77 78
75 75
7 7214 74
k
72 75
7214 74
724 7212 70 73
74 7512 75 75
1
72 73
72 72
West'h'se E & M rights ______ _
_ _
- 5
8 118
5
8
3 ---- --- ---- ___ ____ ___- ____ __-_ ____ ___ - _ - __ ____ ---- - 4
White Eagle Oil & R
; iiia - 14 i i - 1 ii ii
i2 21 4
31'14 263 283 2515 277 243 2
4
2
4 27% 2314 26
2018 234 20 2314 20 23% 23 2
21% 24
7
White Motor
50 4858 534 51 537 523 607 53 587 4912 5312 45 533
4
i
4 4512 51
4
463 5152 47 513 47 4914 494 523 52 581 4
4
4
White 011 Corp
57
• 3
34 3
4
5
314 44 22
312 13
4 27
8 13
8 2
114 13
4 l's 112
14 114
6
3
4
Certificates
58 '
3
2
•
6
Wickwire-Spencer Steel
5 10% 115 11
1114 127s 10
14
115s gill 11
i
14 534 22 13
553
2
4 2
; Iiis 15- 5
5
8
31
655 3
Willys-Overland
25 68 84 714 818 612 74 714 814 612 74 5
67
4
74 5
52 75, 53
2 812 712 11'
4 714 67
New preferred
100 4212 4812 4458 527i 5018 6073 6012 697 62 674 584 6412 512 74 7
2
6052 70
6512 71
55 7052 57 70
71 83
6834 74
Wilson & Co Inc•t c
• 36 39
38 4214 37 4234 33 37
2714 33
19 28
1958 26
2014 2512 21
257 19 22
4
1914 22
20 27 8
Preferred
100 86 87
86 89
85 85
81 84
78 84
68 70 64 664
4
65 65
63 6612 644 69
Woolworth (F W)
100 19914 22412 20612 223 207 21812 206 223 21214 23912 224 243 22314 23634 661 663 85 65
100 1243 12514 ----------------------------------------------- 23114 259 244 260 25114 284 275 28712 27114 290
Preferred
4
100 303 347 33 4012 3514 92 3 1, 38 2 274 3414 241s
4
Worth't'n P & M •t c
2
8
2312 29 --------2313 -2912 20 4 --14
,
---- 27
100 --------83 80
Preferred A •t c
8112 8314
81
83 83 --------81 81
81 81
65 69'
100 6612 68 663 7012 69 7113 6712 684 6314 65
Preferred B•t C
4
61 6514 63 65
6112 62
6012 613
4
62 62 58 60
Wright Aeronautic
• 814 87
2 812 912 8% 9 2 83 1012 10
7
4
11
8 4 1032 932 10
3
912 10
95 10
8
97 104 10 1312 1212 13
3
no par
Wrigley(Wm,Jr.)
• 73j2 16 iii4 -7
Youngst Sheet & Tube
- 7312 78 70 7312 61.2 -il iii2 - - iii2 -154 iiii -ills ili -2012 ii 6
il
6614 ail iii 6734 69 2
THE WEEK ON THE NEW YORK STOCK
EXCHANGE.
The stock market displayed considerable buoyancy at the
beginning of the week, but trading has been curtailed
somewhat on account of the interruption of the New Year's
holiday. Interest has continued to centre around the railroads, the oil and steel shares. These were in strong demand
at advancing prices on Saturday and Monday, but in the
downward reaction of the market on Wednesday several of
the active leaders of these groups closed the day with a loss
of from one tiq four points. In the brief session on Saturday
trading was unusually brisk, the steel and oil groups leading
in the day's activities. The tone of the market was again
strong on Monday, the outstanding feature being the steel
shares. In the early trading United States Steel common
forged steadily ahead, and at midsession went over 100,
the highest level in'.the present movement, and the first time
in several months.that this issue has gone above par. Oil
shares were in moderate demand, Producers Sr Refiners
being the most conspicuous in the group and leading with an
56
THE CHRONICLE
[VOL. 118.
DEALINGS IN FOREIGN GOVERNMEN T SECURITIES AT NEW YORK STOCK
EXCHANG E IN 1923.
BONDS.
January February
March
April
May
June
July
August September October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
1927 10014 10112 10118 1027 101 10318 1011g 103 102 102% 1014 10214 10112 10212 10112 10212 10012 1017 10114 10214 102 10212 1007 10238
Argentine (Govt) 78
Argentine-Internal Ss of_1909 8014 82 804 82 7712 803 78 80
79 80478'2 81 80 8514 8012 8234 8014 83 8014 8134 81 85 8312 8412
1943 ------------------------ ------------ ---- -------- 88 92 88 8912 833 8934 8634 89 8612 8884 8512 88
_
Austrian Is
4
1945 9114 102 9412 100 98 10114 9858 10258 10014 10314 10018 10383 9934 10184 94 10018 9812 101% 974 10012 95 10014 97 9814
Belgium 730
1925 93 9883 9314 9634 9314 9478 94 97 964 9718 9514 9714 9512 9612 948 9612 96 9678 96 9738 9514 97 96 9712
5-year 65
1941 9114 10114 93 993 97 9914 988310283 1004 102 100 10314 9834 102 96 10012 99 103 98 102 9812103¼ 97
20-year s f 85
4
98 4
3
Bergen (Norway)8 I 88-- -1945 1074109 10734 1094 1088310878 10712 109 10812 1094 109 10912 10814 10912 10834 10978 108 1088 107 10812 107 10883 10883109
1945 111 11234 11012 11218 111 11314 111 11234 10914 112 10858 11012 10812 110 10834 1104 108 110 10712 10838 10784 1084 1074109
Berne 25-year $ f 85
4
4
1947 90 94 893 933 9112 9314 9014 93 8912 9112 86 92 86 90 87 8812 87 8812 8612 8818 834 8712 8418 87
Bolivia 85
Bordeaux (City of) 15-yr 6s 1934 694 7838 72 7714 7514 78 7734 83 7834 8278 7714 8312 76 8014 73 78
76 8134 7712 80
7234 7914 7312 78
Brazil, U S of,external 85.1941 9483 99 94 9814 94 9612 9134 9812 9552 9812 957g 98 9512 97
9514 9612 94 9583 9314 9412 9383 9534 94 9512
1952 8112 8614 81 85 8112 843 80 8412 82 837 8214 84 8114 83 81 82 78 813 7718 80
Cent Ry 75
8
4
78 80 7784 79
1952 964 9934 100 10378 10283104 997 10234 10034 1013 100%10134 99% 10134 9973 10014 997g 1013 9978 100
730
4
4
9414 99 941 9612
Canada, Dominion of, 5s_ _1926 99410013 100 10134 9938 10083 9918 100% 997 10012 100 10012 9912 10078 99 10018 9914 10014
9934 9912 100 9912 998
1931 9912 100% 100 102 9912 1014 99 10012 998310083 100 1013 998310014 9912 10018 9912 10014 9983
5
8
998310014 9914 10018 9912 100
1929 1011 10213 100%10218 100 10212 10014 10214 101 10214 10114 1013 9983102 10034 102 0012 10113 10013 10113 1003410112 9912
10-year 5348
4
10114
1952 9812 102 9834 10412 98 9912 9714 9934 9834 9912 9812 9978 987 100 99 9934 978 99
53
8
9834 9978 9918 9983 9883 993
4
1941 10234 10312 103 10412 103 10412 1024 10418 102 104 4 10014 10334 100 10312 10212 104 103 10414 10312 10412 1038 105 102 10534
Chile external s f 83
,
1926 95 9683 933 963 9412 9612 94 9612 95 9618 9312 9614 934 9512 9312 95 934 95 94 958 94 9612 94
4
85
9512
1942 10118 102% 10114 10214 1018310213 102 10312 10214 10234 100 10212 100 10383 1021 103% 10212 10414 10283104 1028310312 102% 1044
78
4
1946 1023 10312 103 104 103 105 103 104 102%10414 10012 104 101 10334 10278 1041203 1044 10314 104140334 10512 103
8s
1
Hukuang Ry sterling 5s__ _1951 51 52 5012 5234 48 5212 45 5083 44 47 44 4812 4212 4514 41 44 42 4312 4134 4612 4618 4838 39 104 3
464
1945 1078310912 109 1104 1097 11212 11018 112i2 10912 1104 109 11012 10812 110 109 10934 10713 10914 108 109 106
Christiania $ 188
8
10783 10612 108
90 9412 92 9412 8812 94 92 94
Colombia 6.45
9212 95 90 9412 9038 9112 91 934 9112 9212 9112 9414 93% 9612 9412 9583
8
Copenhagen 25-year 5Ms_ _1944 90 914 8834 91 8812 9314 89 9134 91 9218 8934 9238 88 9034 88 8934 88 8934 873 8983 8712 89 8612 8814
4
Cuba, Rep of,58, ext debt_1904 94 964 9014 95 95 96
9514 97 96 9718 97 98
963 9973 98 99 9712 984 95 97 94 9734 943 95
4
58 ext debt A of 1914-___1949 9012 9312 8934 903 -- -_ 8712 89 8914 9012 9014 9183 88 9178 91 9112 91 913 91 91
4
4
92 95 9012 94
434s
1949 8112 87 83 84 8314 84 8118 84 823 8413 82 84 8112 8212 8212 85 8112 8534 84 8512 82 87 8178 8283
4
1953 9914 9914 99 4 9913 9914 9914 99 9914 9834 9914 9914 9983 9914 9914 9914 9983 9012 9914 90 9214 89 9112 8983 9112
,
5343
1951 8318 8912 77 89 88 90 88 9312 9214 96
Czechoslovak 8s
91 9612 9183 94 92 9334 92 94 92 94
91 93 927 9483
Danish Municipal 8s ser A.1946 107 10883 107 10933 10814 10912 10814 10912 10758 10914 10612 10814 107 10714 10714 1084 0714 109 107 10812 10612 10,1 10678 10712
1946 107 10812 107 109 10838 10912 10818 109 1074 10983 1063 10814 107 10783 10714 108 10714 108 10634 10814 105 10712 106%107%
88 ser B
4
Denmark 25-years f 8s-- --1945 10814 110 1073410934 10812 110 108 10912 109 1093 10883110¼ 10758 11018 10812 11012 10734 10912 108 10914 107 10912 107 109
4
1942 97 99 9514 98 9613 98 9612 9838 97 9883 9614 9858 95 967 9514 9712 954 97 94 9718 9313 9514 93 9412
65
1958 9314 971, 97%100 97 9718 9614 9712 9613 9712 96 97 97 102 99 102 100 101
Dominican Republic 55
9912 100
9918 998 99%101
1942 84 90 8714 885 8514 8734 864 88 87 88 8714 90 87 88 87 8914 8614 89 86 8714 8514 87 85 87
8
55
1947 9214 94 9314 9512 9318 95 9418 97 96 9714 94 9814 9514 97 957 973 9614 97 9618 9738 9334 964 9412 96 3
g
Dutch East Indies 65
8
,
1962 9214 94 92 9583 93 9414 93 9614 95 9614 93 9734 95 97 953 9678 957 97 9512 9634 9283 9612 94 957
65
4
8
3
1953 ___-___ 88 8812 875 8914 8812 9112 9012 9214 9034 9414 9083 9218 9118 9214 9183 9218 9034 92 8912 9112 8934 9011
5145
8
8
4
9812 10018 965 10012 9534 9814 93 9812 9712 1005 973 10014 924 99 94 963
French Republic s f 8s.... 1945 903 9883 90 97 9534 9883 975 101
8
4
4
20-yr external loan 754s- 1941 84 95 8612 9634 9134 9434 9312 97 9412 96
9314 964 9212 952 9012 95 9353 96
9383 9512 90 9412 9014 93
•3t Brit & Ireland (United
Kingdom)20-yr a 534s..1937 1028310413 10234 10412 10313 10483 103% 10434 1038310412 10234 104 101 103 10114 10234 10083102 10013 10112 9913 101% 993 101
4
4
1929 113 116 114 11513 1142 11514 11334 115
10-year cony 5348
1312 11412 h123 11414 111 113 111 11214 109% 111% 0912 112 1063410984 07 8 10912
,
1952 6512 7512 6512 754 74 753 7434 8173 7812 8234 75 8212 7414 777k 7412 7634 76 7712 7524 7612 76 78 76 7712
4
.7reater Prague 734s
1952 9534 9612 95 4 98 9514 98
95
9212 95 92 9312 8912 9283 8912 9114 907
934
iaiti 6s
,
4
943 96
92 8612 903
4
4
1925 9212 95 9312 9434 9412 9514 9434 9612 94 9714 9618 965 9614 9612 9614 9612 9512 9618 96 8 933 9014
taly 5-year 634s
9773 97
4
4
1925 92 937 93 9312 9212 931 924 9312 927s 9353 9212 9314 9283 933 9212 9314 9012 9213 9218 94 9212 9812 973 983
f apanese £ loan 434s
9334 9212 9414
1925 9214 9358 9214 9314 92 9312 92 9383 9214 927 9218 923 9112 9314 9214 9212 9083
4
1
2d series 4. s
4
9283 91 93 914 9212 9218 93 8
7
1931 80 82 804 39 8114 8278 8114 8213 81 8112 8014 82 793 8183 80 8114 7534 7834 78 80
Sterling loan 45
7914 8014 7983 81
4
Oriental Development 65 1953 ------------------------92 9312 9214 93 91% 93 9114 9212 91 917 8814 9112 8814 91
8718 90 87 89
,yons (City of) 15-year 65_1934 6914 7914 72 7712 7512 78 2 7734 83 783 83 77 8338 76 80 7483 7778 76 8212 7812 818 73 80
4
,
7312 78
farseilles(City of) 15-yr 65 1934 6912 79 72 7714 7552 78 7712 83 783 8278 774 8312 76 80 7234 78
4
7234 783 734 78
7618 8112 7714 80
4
1943 324 3412 3512 3534 343 39 38 42
lexicon irrig 434s
3934 42 37 37 34 38
4
____ 3014 3014 30 3414 30 33
30 337
lexico U S cf sk fund 5s_ A945 49 64 50 57 54 57 534 58 5512 5812 53 57 51 5434 51 55 5283 55 45 5283 4218 51
4912 624
33 3612 35 3678 34 394 38 4114 3114 38
4s gold deb of 1904 _ _ _1954 3312 37
27 3083 26 3083
304 3514 30 35 3018 348 2614 31
1952 8914 9153 89 9013 8612 90 85 9114 87 91
fonteviedo 75
8612 91
86 87 86 8712 85 8612 85 8683 86 8734 8514 87
Zetherlands 6s (flat)
1972 9714 99 97 10158 9783 99 9834 10018 99%10012 10014 10183 10018 10212 9984 10234 9634 9812 964 9814 903 9714 9413 964
1940 109 112 10914 11212 1103 1123 10912 112% 110 11153110 111 10934111 10983110121091111084110 11114 11014 111 1103 1113
Torway s f 88
8
8
4
4
1952 9712100
98 99 9714 99 97 9834 9712 9812 9714 9858 97 9812 9514 98 95 9612 93 9514 9214 04 9134 9412
65
1943
6$ certificates
1953
'enema 534s
9612 9783 9513 9783 9512 9634 9434 9712 *9534 9634 9614 9634
1961 -66- -- 2 -68" 991.sr -155 If- -9S- "9 -- -oili2 iii" -ii- - 2 94 - 97 2 95 96 96 9812 96 96
6
'orto Alegre gs
94 9612 9212 953
9114
,
2
1941 107410912 1064 1087 10614 10834 106 107 10614 10712 106 10712 10534 1008 10614 107 10512 106 106 10734 105 10612 10378 105 4
weensland 75
,
1947 101 10284 10012 10112 100 10173 100 10134 10014 10112 10014 10112 0012 109 10018 109 10012 10184 1001 10114 100 4 10114 100 10012
65
,
1946 9312 9914 93 99 95 98 93 97 9512 9834 95 9812 9173 9512 94 96 96 9712 9512 9612 9312 953 92 964
Jo Grande do Sul 85
4
1946 90 97 91 9412 9234 94 914 95 933 9434 9212 9412 9118 94 9018 9312 90 9312 8983 91
Jo Janeiro (City) 85
88 9012 87 8912
4
1947 91 9713 9014 95
9218 9414 9234 9518 93% 95 9012 94% 90 93 90 92 9014 92 89 91 88 90 853 8912
88
4
1952 96 9914 9534 9812 97 9812 98 9958 9834 9912 97 9934 967 9883 9612 971 9518 9714 934 9683 95 9612 95 97
an Paulo (City) 85
an Paulo (State) ext 8 f 8s 1936 9512 998. 9683 100 99 100 98 100 9812 100 964 100 97 9934 9834 994 9812 9912 98 9912 98 9912 9612 98 4
,
eine (France) 75
1942 76 87 78 8534 83 8712 85 90 874 90 85 .8934 837 87 7818 8412 834 8758 84 8712 7912 85 79 833g
erbs, Croats St Slovenes 88 '63 5714 7012 5312 63 6183 70 6612 70 6312 7083 68 7812 6312 7014 64 7134 6415 68 6518 68 6412 67 64 6612
1936 6612 7814 694 767 753 7983 7812 85 81 8314 80 8312 79 2 83 76 828 80 8358 824 8313 80 8 8318 77 83
oissons 65
4
3
,
1939 0412 106 10312 10.512 10313 10514 10418 106 105 1053 105 10534 10413 10513 104 10553 10414 105 1033 10478 h01g 10414 10284 1043
weden 20-year 6s
4
4
4
wills Confederations f88_1940 11814 11914 11712 11834 11712 119 11712 11834 115 1184 114 11634 11478 11634 11312 116 112 115 11112 11212 1118312283 11153 11212
okyo, city loan of 1912 Ss____ 7112 724 7112 7312 7313 74
7283 7714 76 7712 7514 77 75 764 74% 754 68 75 66 6834 6458 67 63 6434
ruguay,Rep.external 85.1946 103 107 1034 10612 10334 10512 10412 10678 10341054 9914 105 10212 10334 10214 104 10112 103 101 103 101 104 103 104
1945 111 113 111 113 112 114 112 11334 1104 11214 110 11214 109 11112 10912 III 10812 11114 10812 10912 0812 111 110 112
arich 25-years f 8$
advance of five points. Railroad issues were fairly steady,
the greatest activity being apparent in Southern Railway
shares, which advanced to a new high for the year. Tuesday
being the first day of the New Year and generally observed
there is a gain of 3.5%.
the week is as follows:
as a holiday, all New York exchanges were closed. The
market suffered a brisk downward reaction as the session
opened on Wednesday. Declines of one or two points were
numerous, although there were slight rallies at various times
during the day. Oil stocks were under pressure. Railroad
issues were irregular and numerous recessions were recorded.
The market was again irregular on Thursday. Oil shares
fell off from one to four points, Pan American taking the
sharpest decline of the group. Railroad issues were prominent in the day's activities and displayed increasing strength
in the late afternoon trading. The buoyancy of this group
had a stimulating effect on the general list, which quickly
brought prices back to their morning levels. Price fluctuations continued irregular en Friday. In the morning session
trading was fairly active, but diminished in the late afternoon. Railroad shares were dull, but oil issues did somewhat better than yesterday. In the general list many of
the active issues declined fractionally.
COURSE OF BANK CLEARINGS.
Bank clearings show a small increase as compared with
a year ago. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country, indicate that for the week ending to-day (Saturday, Jan. 5)
Clearings-Returns by Telegraph.
Week ending Jan. 5.
Our comparative summary for
1924.
1923.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,993,000,000
517,816,540
410,000,000
342,000,000
08,536,176
a
133,700,000
*110,000,000
131,926,049
104.326,554
95,728.277
88,866,469
68,765,273
$3,859,675,851
529,564,749
424,000.000
345,000,000
114,367,214
a
126,400,000
*100,000,000
127,003,775
101,077,681
91,495,907
80,196,936
56,613,638
+3.6
-2.2
-3.3
-0.9
-13.8
a
+5.8
+11.0
+3.9
+3.2
+4.6
+10.8
+21.5
Twelve cities,4 days
Other cities, 4 days
$6,094,664,332
840,846.416
25,955,485,751
844,034,360
+2.3
-0.4
Total all cities,4 days
All cities, 1 day
26,935,510,748
1,733,877,687
$6,799,520,111
1,699,880,028
+2.0
+2.0
Total all cities for week
$8,669.388.435 28.499.400.139
-I-2.0
a Will not report clearings. •Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
the week previous
-the week ended Dec. 29. For
that week there is a decrease of 4.1%, the 1923 aggregate
results for
of the clearings being $6,908,095,912 and the 1922 aggregate
aggregate bank clearings for all the cities of the United States
from which it is possible to obtain weekly returns will show
is only 1.0%, the bank exchanges at this centre having
compared with the corresponding
an increase of 2.0% as
week last year. The total stands at $8,669,388,435, against
$8,099,400,139 for the same week in 1922. At this centre
fallen off 6.5%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
this it appears that in the Boston Reserve District there is
$7,205,497,449.
Outside of this city, however, the decrease
JAN.5 1924.]
THE CHRONICLE
a loss of 1.0%, in the New York Reserve District (including
this city) of 6.5% and in the Philadelphia Reserve District
of 3.9%. In the Cleveland Reserve District there is a gain
of 1.9%, in the Richmond Reserve District of 6.6%, and in
the Atlanta Reserve District of 8.8%. In the Chicago
Reserve District the totals are smaller by 4.6%, in the St.
Louis Reserve District by 9.7% and in the Minneapolis
Reserve District by 12.9%. In the Kansas City Reserve
District there is a decrease of 8.8%, but in the San Francisco
Reserve District there is an increase of 11.1%. The Dallas
Reserve District shows a gain, but it is small, being only 0.3%
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ended Dec. 29 1923.
Federal Reserve Districts.
(1st) Boston
11 cities
(2nd) New York
10 "
(3rd) Philadelphia_ _ _ _10 "
(4th) Cleveland
8 "
(5th) Richmond
6 "
(6th) Atlanta
12 "
(7th) Chicago
18 "
(8th) St. Louis
7 "
(9th) Minneapolis
7 "
(10th) Kansas City
11 "
(11th) Dallas
5 "
(12th) San Francisco-._16 "
1923.
1922.
$
$
367,635,445 371,370,482
,870,306,704 4,138,881,865
472,893,675 492,014,060
317,024,146 310,990,481
163,543,006 153,411,573
177,094,372 162,773,092
730,091,185 765,165,336
58,728,885 65,025,799
99,456,826 114,230,44
200,121,209 219,536,737
61,206,133 61,006,193
389,994,326 351,091,39
Incur
Dec.
%
-1.0
-6.5
-3.9
+1.9
+6.6
+8.8
-4.6
-9.7
-12.9
-8.8
+0.3
+11.1
1921.
90 Mlles
OM tII. lit
MI Irlil LRA
-1..9 1
OIL 221 129
Week ending Dec. 29.
1923.
First Federal
Maine-Bangor _
Portland
Mass.
-Boston
Fall River
Holyoke
Lowell
Lynn
New Bedford. _
Springfield_ __ _
Worcester
Conn.
-Hartford
New Haven
R.I.-Providence
1922.
inc.or
Dec.
$
$
%
Reserve Dist rict -Boston1,541,628
1.405,032 +9.7
2,062,482
.2,300,000 -10.3
328,000,000 330,000,000 -0.6
1,852,877
1,832,483 +1.1
a
a
a
1,362,000
1,139,433 +19.5
a
a
a
1,120,484
1,298,419 -13.7
3,981,979
4,368,357 -8.8
2,591,000
2.873.000 -9.8
9,357,779
9,857,779 -5.1
5,227,616
5,003,179 +4.5
10,537,600
11,292.800 -6.7
1921.
1920.
$
$
797.647
2,020.487
245,000,000
1,296,003
a
899,126
•
1,107,982
2.907,943
2,744,881
7,660.758
3.889,857
8,722.000
933,694
2,500,000
324,143,789
1,324,247
a
923,981
a
1,205,278
4.058,353
3.751,894
9.222,065
4,785,005
11.237,400
Total(11 cities
367,635,445 371,370,482 -1.0 277,046,684 364,085,706
Second Federa Reserve Dis trict-New York
N. Y.
-Albany..
4,197,743
4,297,806 -2.3
3,763,335
4,000,000
Binghamton_ _ _
731,900
693,100 +5.6
666,700
702,300
Buffa'o
37,706,456 -5.8
d35,517,802
28,003,661
34,714,584
Elmira
567,904
470,318 +20.8
Jamestown_ c1,051,337
914,569 +15.0
765,385
1.264,347
New York __
3,812.811.753 4,079,802,673 -6.5 3,377,239,532 4,225,083,510
Rochester
8,450,194
8,649,811 -2.3
7,024,311
9,830.255
Syracuse
4,169,934
3,447,830 +20.9
2,887,098
3,766.810
Conn.
-Stamford
d2,496,722
2,517,673 -0.8
1,666,514
2,090,852
N. J.
-Montclair
311,415
381,619 -18.4
346,128
281,390
Total(10 cities) 3,870,308,704 4,138,881,855 -6.5 3,422,362,664 4.281,734,048
Third Federal Reserve Dis tact-Phil adelnh laPa.- Altoona- _ 1,196,381
1,050,768 +13.9
882,000
801,908
Bethlehem
3,115,157
3,859,820 -19.3
4,016,107
3,545,539
Chester
1,118,689
1,706,072 -33.4
1,078,000
1,100,000
Lancaster
2,456.671
2,540,628 -3.3
1,757.711
2,100,000
Philadelphia _ - 449,000,000 468,000,000 -4.1 350,000.000
432,332,659
Reading
2,756,017
2,585,797 +6.6
2,099.929
2.338,572
Scranton
4,737,355
4,774,945 -0.8
4,044,201
4,756,642
Wilkes-Barre...
d3,178,332
2 ,554,921 +24.3
2,168,51
2,684.599
York
1,275,394
1,045.552 +22.0
1,189.89'
1,179.253
N.J.
-Trenton
4,061,379
3,895,557 +4.3
3,273,85'
3,435,804
Del.-Wilmingtona
a
a
a
a
Total(10 cities)
472,893,675 492,014,060 -3.9 370,510,205
Fourth Feder al Reserve D Istrict-Clev eland-Ohio-Akron - _ - d5,188,000
4,563,000 +13.7
4,443,005
Canton
3,975,037
3,641,856 +9.1
2,418,18
Cincinnati __ 57,789,247
59,202,898 -2.4
47,549,65
Cleveland
d89,242,000
88,002,683 +1.4
63,284,12Columbus
12,041,900
13,113,600 --8.2
11,479,305
Dayton
a
a
aa
Lima
a
a
a
a
Mansfield
d1,552,451
1,526,248 +1.7
987,581
Springfield ____
a
•
a
a
Toledo
a
a
a
a
Youngstown - d4.232,959
3,475,419 +21.8
2,154,90(
-Erie
Pa.
aa
a
a
Pittsburgh --- 143,002,552 137,464,777 +4.0 136,000,000
W. Va.-Wheeling
b
b
b
b
Total(8 cities). 317,024,146 310,990,481 +1.9 268,316,754
Fifth Federal Reserve Dist act-Richm ondW.Va.-HuntIon
1,812,787
1,787,257 +1.4
Va.-Norfolk
d7,980,978
7.301,015 +9.3
Richmond --48,530,000
46.176.167 +5.1
S.C.-Charleston
d2,904.811
2.819,629 +3.0
Md.-Baltimore.
84,133,430
78,014,724 +7.8
D. C.-Wash'ton d18,181,000
17,312,781
+5.0
1,215,800
5,941,606
35.167,425
1,841.615
57,658,625
14,927,018
454,274,976
7,374,000
3,597,993
57.490,506
120.231.980
12,355,900
a
a
1,173,300
a
a
4,300,000
a
164,405,712
b
370,929,391
1,415.260
6,612,207
39,530,748
3,000,000
77,572,527
14.103,271
Total(6 cities). 163,543,008 153,411,573 +6.6 116,752,089
142,234,013
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga
d5,626,112
5,262,057 +6.9
4,266,123
6,000,000
Knoxville
2.499,012
2,713,039 -7.9
2,070,366
2,485.748
Nashville
d16,446,000
16,663,897 -1.3
13,910,585
15.684,965
Ga.-4tlanta
50,533,757
46.756.735 +8.1
35,102,123
40,278,879
Augusta
1,684,000
1,707,046 -1.3
1,980.172
1,755,045
Macon
1,307,239
1,300,235 +0.5
928,209
*1,800,000
Savannah
a
a
a
a
a
Fla.-Jacks'nville
12,326,450
10,548.744 +16.9
8.418,194
10.513,387
Ala.-Birm'ham.
25.587,943
24,184,249 +5.8
15,647,292
15,790,355
Mobile
1,785,711
1,726.704 +3.4
1,643,088
2,000,000
-Jackson
Miss.
826,321
659,797 +25.2
583,407
491,362
Vicksburg
331.405
278,968 +18.8
252,759
243,552
La.
-N. Orleans_
58.140,422
50.971,821 +14.1
38,016,521
48,861,330
wI
Total(12 cities) 177,004,372 162,773,092 +8.8 122,818,839
145,904,603
Inc.or
Dec.
1922.
$
Seventh Feder al Reserve D istrict-Chi cago
-Adrian
Mich.
162,361
153,366 +5.9
Ann Arbor_ _ _
644,970
693,482 -7.0
Detroit
111.209,720 111,976,930
Grand Rapids_
5.000,532
5.157,793 -3.0
Lansing
2,074.044
1,480,803 +40.1
-Ft. Wayne
Ind.
2,059,126
2.066,132 -0.3
Indianapolis_ _ _
17,223,000
16,203,000 +6.3
South Bend_ _ _
1,640,200
2,084,600 -21.3
Terre Haute_ _
4,713,310 Not included n total
Wis.-Milwaukee
29,443,414
28,634.558 +2.8
Ia.-Cedar Rap.
1,891,246
1,803,047 +4.9
Des Moines _ _
8,938,997
8,702.437 +2.7
Sioux City-d5,382,000
4,542.505 +18.5
Waterloo
1,174,759
*900.000 +30.5
Ill.-Bloomingt'n
1921.
1920.
149,816
3'20,000
92,383.000
4,763.810
1,315.000
1,648,680
13,872.000
1.217,078
133,765
375,000
76.667.054
4,543,158
1.200,000
1,613,074
13,500,000
1,400.000
22.383.522
1,392,019
7,471,367
3,591,560
882,510
25.360,732
1,643.093
7,014.617
4,547,753
1,084.602
530,439,947
__
534,501,589
a
899.650
3,691,236
2,027,774
2,126,567
572.470,661 -6.6
a
a
864.889 +4.0
3,816.247 -3.3
1.710,118 +18.6
1,904,768 +11.6
422,464,105
a
732,250
2.824,305
1.520,000
1,599,835
730,091.185
765,165.336
.
580,510,857 677,864,453 .
-4.6
Eighth Federal Re serve Dis trIct-St.Lo uls--Evansville
Ind.
d5,073,476
4,738,471 +7.1
Mo.-St. Louis..
a
a
a
Ky.-Louisville
19,666,730
27,305.767 -28.0
Owensboro. _ _
459.145
552,529 -16.9
-Memphis
Tenn.
21.315,760
20,765.203 +2.6
Ark.-LittleRock
10.682,788
10,396,904 +2.8
-Jacksonville
III.
387,592
366.925 +5.6
Quincy
1.143,394
*900.000 +27.0
917,015
3,469,031
1,747,099
2,208.513
3.505,183
a
19,666.730
391,694
14.759.322
7.440.700
267,583
891.8.60
3,986.094
a
21,692.556
299,311
13,426,605
7,233,500
909,908
1.106,751
-9.7
46,923.072
48,654.725
Ninth Federal Reserve DM mkt-Minn eapolis
Minn.
-Duluth._
d5,780,405
5326.445 +12.8
Minneapolis_ _ _
57,641.168
69,430.418 -17.0
St. Paul
29,968,961
32.888.668 -8.9
-Fargo_
N. D.
1,470,668
1,798.258 -18.2
-Aberdeen_
S. D.
1,075,522
1,116,930 -3.7
Mont -Billings _
475,071
560,697 -15.3
Helena
3,045,031
3,309,031 -8.0
3.747.922
49.421.000
31,835,777
1,400.594
838,916
5.040.300
3,386,418
8,438.218
63,000.000
34.812,885
1,987,281
1,400.000
932,354
1,747,595
Total(7 cities)_
99,456,828 114,230,447 -12.9
Tenth Federal Reserve Dis trict Kens as City-95,670.927
Neb.-Fremont
278,979
333,408 -16.3
262.298
Hastings
411,949
405,7e2 +1.5
393,430
Lincoln
3,054,587
3,380.543 -9.6
2,299.797
Omaha
32,213,307
36,557,665 -11.9
27,289,420
-Topeka _ _
Kan.
d3,528.018
2,826,093 +24.8
2,165.249
Wichita
d6,699.000
8,411.000 -20.4
7,838,136
Mo.-Kan. City_ 114,615,423 126,500.230 -9.4 109,613,215
St. Joseph.. _ _
a
a
a
a
-Muskogee
Okla.
a
a
15
a
Oklahoma City d20,240,382
20.989.201 -3.6
16,907,469
Tulsa
a
a
a
a
-Col. Spgs.
Colo.
881.649
939,250 -6.1
650.000
Denver
17,568,905
18.536,937 -5.2
15,094.116
Pueblo
e629,030
656,648 -4.2
482.277
Ign •e• ..•
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings at
1923.
Total(18 cities)
$
$
277,046,684 364,085,706
,422,362,664 4,281,734,048
370,510,209 454,274,976
388,316,754 370,929,391
116,752,089 142,234,013
122,818,839 145,904,603
580,510,857 677,864,453
46,923,072 48,654,725
95,670,927 112,318,333
182,995,407 238,626,542
45,839,572 49,583,793
310,158,317 309,372,868
Grand total
121 cities 6,908,095,912 7,205,497,449 -4.1 5,839,905,391 7,195,583,451
nutaide New York City
3,095,284,159 3,125,694,776 -1.0 2,462,665,859 2,970,499,941
CIAMItia
Week ending Dec.29.
Clearings at
Chicago
Danville
Decatur
Peoria
Rockford
Springfield
1920.
57
112,318,333
Total(7 cities)-
58,728,885
65,025.799
Total(11 cities) 200,121,209 219,536,737 -8.8
Eleventh Fede ral Reserve District
-Da has
Texas-Austin__
1,525,000
1,275,926 +19.5
Dallas
d34,507,000
37,627.303 -8.3
Fort Worth_ _ d11,595,280
10,772.871
+7.6
Galveston
9,374.930
7,622.516 +23.0
Houston
a
a
a
-Shreveport
La.
4,203.923
3,707,577 +13.4
Total(5 cities)61,206,133
61,006.193
Twelfth Feder al Reserve D istrict-San
Wash -Seattle._
33,562,939
29,955,516
Spokane
d10,145.000
*9,500,000
Tacoma
a
a
Yakima
1,053,980
1,128.250
Ore.-Portland_ _
31.195,579
26,307,253
Utah-Salt L.C'Y
14,527.598
14,823,000
Nev.-Reno _ _ _
,a
a
Ariz.-Phoenlx
a
a
Calif.-Fresno3,612.333
4,288.862
Long Beach_ _ _
6,851,559
5,398,237
Los Angeles.. _ 125.781,000 106.550,000
Oakland
12,798.134
11,008,000
Pasadena
4,484,780
3,548.712
Sacramento __ _
d6,451.631
5388,193
San Diego _ _ _ _
3,093,550
*2,soc000
San Francisco. 131,600,000 125,700,000
San Jose
1,871.192
1,863,146
Santa Barbara_
767.051
760,125
Stockton
c2,198,000
1,972.100
500.000
404,928
4,000,000
33,198.761
2.925,731
8,182,296
145,837.318
a
a
21,055,583
a
300,000
21,540.692
681.253
182,995.407
238,626,542
1.431.399
22,686,655
10,401,000
8,330.885
a
2.989,633
1.500,000
24,592,853
11,458.774
8,432.166
a
3,600,001
+0.3
45,839,572
Franc'sco+12.0
25,485,937
+6.8
8,839,000
a
a
-6.8
1,128,250
+17.2
24,846,824
-2.0
12,423,406
a
a
a
a
-15.8
3,384.540
+26.9
2,719,891
+18.0
84,667,000
+16.3
9,290,283
+26.4
2,389,926
+24.4
4,152,417
+10.5
3,200.000
+4.7 124,100,000
+0.4
1,400,000
+0.9
556.393
+11.5
1,574,500
24,943,018
9,500,000
a
1,400.000
25,641,099
16,000.000
a
a
3,849,305
2,775,888
76,065,000
8,553,905
2,557,219
4,712.974
3,000,000
123,300,000
2,000,006
589,560
4,484,900
49,583,793
Total.(16 cities) 389,994,326 351,091.394 +11.1 310,158,317 309,372,868
Grand total (121
cities)
6,908,095,912 7,205,497,449 -4.1 5.839,905,391 7.195,583,451
Outside New York 3.095,284,159 3,125,694,776 -1.0 2,462.665,859 2,970,499,941
Week ending Dec. 27.
Clearings at
1923.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Resins
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _ _
New Westminster
Medicine Hat
Peterborough_ _
Sherbrooke
Kitchener
Windsor
Prince Albert __ _
Moncton
Kingston
81,800,559
84,527,126
50,774,441
13,941,037
6,103,240
4,644,827
2,297,496
5,167.368
7,113,346
2,398,657
1,950,070
2,705,719
4.215,348
3,921,869
.593,691
510,537
2,065,902
1,421,047
993,985
1,366,229
494,265
422,239
805,322
690,484
882,420
2.638.948
387,271
742,634
798,237
1922.
Inc. or
Dec.
80,217.741 +2.0
88,522.653 -4.5
44.436,710 +14.3
11,801,702 +18.1
6,291,475 -3.0
5,234,986 -11.3
2,514,323 -8.6
5,267,871 -1.9
4,855,175 +46.5
2,816,662 -14.8
1,875,111 +4.0
2,874,107 -5.9
3,906.823 +7.9
3,704,712 +5.9
609.802
524,208
*1,500,000 +37.7
1,286,607 +10.4
1,021,994 -2.7
882,124 +54.9
475,030 +4.0
346,074 +22.0
754,973 +6.7
729,594 -5.4
965,858 -8.6
2,469.527 +6.9
340,171 +13.8
872,598 -14.9
601.825 +32.6
1921.
$
101.171,632
86,885,442
42,894,274
11,577,396
6,080,117
4,805,736
2,778.623
4,901,673
4,729,490
2,411,769
2,256,798
2,833,836
3,763.391
4.234.168
663.820
526,823
1,709.463
1,188.399
930.428
757,985
555,244
, 363,789
' 736,396
828,371
840,392
2,299,820
345,620
854,946
735,346
1920.
$
107,648,577
82,769,146
60,694,810
16,777.284
7,569,697
6,569,346
3,328,563
5,871,282
7,217,951
2,707,817
2,029,499
2,793,106
4,893,531
4,300,606
723,896
729,442
1,989,311
1,573,836
1.149,124
952,996
588,689
435,729
867.863
1,072,567
957,926
3,082,866
388.593
797,285
Total(29 cities) 286.374.314 277.700.436 +3.1 294.661,187
330,481,338
a No longer report clearings. b Do not respond to requests
ending Dec.26. d Week ending Dec.27. e Week ending Dee.for figures. c Week
28. •Estimated.
[VOL. 118.
THE CHRONICLE
58
THE CURB MARKET.
continues unabated. It is hardly affected by the political chaos and
there seems to be no limit to its possibilities."
INDIAN CURRENCY RETURNS.
(in Laos of Rupees.)
Nov. 30. Dec. 7. Dee. 15.
17943
18220
Notes in circulation
17850
9063
Silver coin and bullion in India
9340
9550
.
__ _
Silver coin and bullion out of India
.
i5i
Gold coin and bullion in India
2232
2232
Gold coin and bullion out of India
8'ii§
84§
Securities (Indian Government)
5748
900
900
Securities (British Government)
300
No silver coinage was reported during the week ending the 15th inst.
The stock in Shanghai on the 15th inst. consisted of about 21,100,000
ounces in sycee, 29,000,000 dollars and 1.130 silver bars, as compared with
about 21,800,000 ounces in sycee, 29,000,000 dollars and 820 silver bars
on the 8th inst.
Bar Gold
-Bar Silver per Oz. Std.per Oz. Fine.
QuotationsCash.
2 Mos.
94s. 6d.
Dec. 13
33 7-16d.
324d.
94s. 5d.
Dec. 14
33%d.
32%d.
Dec. 15
33%d.
32 13-16d.
94s. 4d.
Dec. 17
32 13-16d.
33%cl.
94s, 4d.
Dec. 18
33 11-16d.
327d.
94s, 4d.
Dec. 19
33 d.
32 11-16d.
94s.4.6d.
Average
33.562d.
32.822d.
The silver quotations to-day for cash and forward delivery are respectively
Nd.above and the same as those fixed a week ago.
While strength and activity constituted the feature in
Curb Market trading on the closing day of 1923, profittaking followed in the opening session of the new year and
thereafter irregularity was the chief characteristic. Oil
shares, as usual, were the leading issues. Trading in
Prairie Oil & Gas was heavy and the price rose from 240 to
269, closing to-day at 26234. Prairie Pipe Line sold up
from 103 to 110, reacted to 1053/ and closed to-day at 107.
Buckeye gained 634 points to 7734, Indiana Pipe Line advanced from 85 to 92, and to-day sold at 89. Magnolia
Petroleum moved up from 158 to 163, dropped back to
152, but moved upward again, resting finally at 157. Ohio
Oil was strong, advancing from 703 to 7934, the close to-day
being at 79. Solar Refining on few transactions advanced
X
from 170 to 190 and sold finally at 189. South Penn Oil
after an advance of 18 points to 176, broke to 155, the final
figure being 160. Southern Pipe Line rose from 8934
to 100 and ends the week at 99. Standard Oil (Indiana)
-PER CABLE.
ENGLISH FINANCIAL MARKETS
was up about a point to 673(, but weakened to 653, the
The daily closing quotations for securities, &c., at London,
close to-day being at 653 . Standard Oil of N. Y. sold up
%
4
at first from 463 to 48, then down to 453 and at 463. as reported by cable, have been as follows the past week:
Wed. Thurs. 'Fri.
Mon. Tues.
Sat.
London,
finally. Trading in industrials exhibited little of interest.
Dec. 29. Dec. 31. Jan. 1. Jan. 2. Jan. 3. Jan. 4.
Week ending Jan. 4.
The undertone was firm. Durant Motors advanced from Silver, per oz
d 339-16 33 7-16 Holiday 33 11-16 34 1-16 33 11-16
94s.10d. 95s.4d. Holiday 95s.10d. 96.910d. 968.2d.
4
3034 to 3534 and closed to-day at 343 . Durant Motors of Gold, per fine ounce
55X
55%
Holiday 55%
5%
5
Indiana sold up from 734 to 1034 and at 103 finally. Glen Consols, 2)4 per cents
%
99)4
9934
Holiday 100%
100
British,5 per cents
5
Alden Coal rose from 76 to 78 and reacted to 77%. Gold British,4X per cents
96)4
96)4
Holiday 96)4
97
Dust Corp. improved from 31 to 353%, with the final figure French Rentes(in Paris)_ _fr. ____ Holiday Holiday 55.10 53.50 53.05
Holiday Holiday 70.35 69.75 68.85
to-day at 3534. Peerless Truck & Motor gained four points French War Loan (in Parls)fr. _
days has been:
The
silver in
up 2634 and rested finally at 26. Stutz Motor was prominent Silver in price of oz.(eta.): New York on the same
N.Y..Per
4
for an advance from 834 to 113 , the close today being at
64X
64X
Holiday 64)4
64%
64%
Foreign
1134.
A complete record of Curb Market transactions for the
SommercialandAnscellanconsgem
week will be found on page 77.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 19 1923:
GOLD.
The Bank of England gold reserve against its note issue on the 12th inst.
was £126,196,335, as compared with £126,044,760 on the previous Wednesday.
India and the Continent have taken a fair proportion of the substantial
supplies of gold which came on offer this week.
The United Kingdom imports and exports of gold during the month of
November 1923 were as follows:
Exports.
Imports.
£96,100
Switzerland
Sweden
9395
215,544
£2,0Nethrlands
1,480
Belgium
30,596
France
250.000
Egypt
West Africa
101,452
8,410,739
United States of America
1,580
Java and other Dutch possessions in the Indian
10,000
Seas
471
Various South American countries
Rhodesia
221,790
Transvaal
2,754,327
131,988
British India
4,130
Straits Settlements
47,098
237
Other countries
£9,197,675
£3.091 252
Total
According to figures issued by the Belgian Ministry of Colonies, the production of gold in the Congo has risen to 3,500 kilograms. In 1921 the
production was only 2,100 kilograms.
New York City Banks and Trust Companies.
All price* 4orktre per share.
814 Ask Trust Co.'s 814 Ask
Banks
.
BanIcs-57„Y Bid Ask
New York
__
America •..... 210 215 Harriman.- 315
..
Amer Exch.,... 290 295 Manhattan'., 154 157 American-- .._ Mach & Met- 384 389 Bank of N V.
441)
Bowery*
-& Trust Co 480
__
820
-- Mutual*
Broadway Oen 160
_ Nat American 120 135 Bankers Tru 850 355
Bronx Soros.. 140
__ National City 346 350 Central Unto 602 512
Bronx Nat__ 115
-_ New Neth*._ 145 150 Commercial_ 110 120
Bryant Parks 155
305 315
Empire
300
Butch de Drov 135 150 Pacifie•
413 418 Equitable Tr. 193 197
__ Park
Cent Mercan- 215
__ Farm L & Tr. 560 570
343 346 Port Morris_ 167
Chase
-__ Fidelity Inter 198
335
Chat & Phan_ 253 256 Public
__
255
Chelsea Exch• 102 112 Seaboard__. 375 385 Fulton
__ Guaranty Tr. 247 252
545 Seventh Ave.. 80
Chemical.... 535
-230
-- Hudson
- Standard *-- 215
Coal & Iron__ 212
295 310 Irving Bank__ State'
Colonial •____ 375
ColumblaTr 215 218
-Commerce..._ 298 301 Tradesmen's• 200
_ Law Tit & Tr_ 193 199
275
Conenwealth* 220 225 235 Wards
__ United States* 165 173 Metropolitan_ 310 320
Continental__ 150
-. Mutual (West
,
Corn Exch.-- 420 430 Wash'n HU - 200
chatter) ...... 120 130
800
Cosmop'tan*- 115 125 Yorkville'..
N Y Trust... 853 357
East River__ 200
tle Cu & Tr 382 887
Fifth Avenue1,1250 1300
S Mtg &'Pr 305 810
235 245
FIfth
nited States 1275 1290
Brooklys
1410 1440
Met
°etches 'Pr- 210
270 280 Coney Islands 160 170
Garfield
Brooklyn
385 400
150 160 First
Gotham
Oreenwichs__ 290 310 Mechancite S. 130 135 Brooklyn Tr. 475 485
-.
-- Kings County 850
-- Montauk'___ 170
710
Ranover
_ Manufacturer 275
250
_Nassau
385 400
250 275 People's
People's
•Banks marked with (P) are State banks. (s) Ex-dividend.
New York City Realty and Surety Companies.
AU prices dollars per share.
BPS Ask
Bid Ask.
Mtge Bond__ 108 113 Realty Assoc
Alliance R'Ity
SILVER.
(Hklyn)corn 163 173
99 Nat Surety__ 160 164
Amer Surety_
On the whole the market has been quiet during the week. The Continent Bond & M ()let pref._ 82
286 N Y Title &
87
! Mortgage__ 194 199
has been a moderate seller and America has been disposed to let out some City Investing
77
2d pref._-- 72
U S Casualty.. 160 175 Westchester
Preferred -supplies at the rising rates. Yesterday the quotation for cash-33 11-16d.
159 LI STIR° Guar 125 135
Title & Tv. 222
-was the highest fixed since Nov. 7 1922. The amount of speculative Lawyers Mtge
business open In this market on Indian anb China account has been considerably reduced of late. As supplies are not yet plentiful, bear covering
-The following information regarding
National Banks.
orders, even though they may be far from large, are bound to influence
national banks is from the office of the Comptroller of the
prices more than usual.
Department:
The latest United Kingdom silver coins have a more pleasing aspect Currency, Treasury
than those to which we have grown accustomed, though with some relucAPPLICATIONS TO ORGANIZE RECEIVED.
Capital.
tance. The use of nickel for alloying the silver to 500-1000 fine has been
825.000
-The Westmont National Bank, Westmont, N. J
abandoned for that of copper, and the exterior of the pieces has been Dec. 26
Correspondent, Walter S. Keown,503 Market St., Camblanched to a greater degree. The films of pure silver thus left upon the
den, N. J.
25,000
surface must eventually be removed by wear. We shall then be able to Dec. 29
-The First National Bank of Merrick. N. Y
Correspondent. Alexander Hallock, Merrick, N. Y.
compare the appearance of the new copper with that of the old nickel
compound, the greenish tinge of which failed to meet popular approval.
APPROVED,
APPLICATION TO ORGANIZE
$25,000
The following extract from a report by the "Times" correspondent from Dec. 28
-The First National Bank of Sherman, So. Dak
Correspondent, Carl Digre. Sherman, So. Dak.
Peking throws interesting light upon the conditions in that country:
through"It had been generally expected that the widespread confusion
APPLICATION TO CONVERT RECEIVED.
The
out China would result in a serious check to foreign trade. . .
$25,000
-The Zeigler National Bank, Zeigler. Ill
Dec. 29
-year, however, have falsified these forebodings
Conversion of The Zeigler State Bank, Zeigler, Ill.
Customs figures for the half
and given proof of the extraordinary vitality of trade in China. The
VOLUNTARY LIQUIDATION.
Customs revenue is ahead of all previous records, and even if a generous Dec. 26
$75,000
-The Miles National Bank. Miles. Texas
-6935
allowance be made for the increase consequent upon the application of the
Effective Dec. 15 1923. Liquidating agents. John F.
Lacy and Ray B. Johnston, Mlles, Texas. To be suc5% tariff for part of the period, there is a net gain of $2,000,000
effective
a State bank.
(£225,000) compared with the 'record' figures for the corresponding period Dec. 28 ceeded by Unaka & City National Bank of Johnson
-The
-6236
$400.000
last year. . . . The explanation is simple enough. It is that the
City. Tenn., and
-The Washington County National Bank of Johnson City,
12469
Chinese are fast awaking to the utility of foreign manufactured goods,
100,000
Tenn
of living is steadily rising, and that the demand for
that their standard
Consolidated under Act of Nov. 7 1918, and under the
foreign articles within the zones of the Treaty Ports alone is sufficient
charter and title of"The Unaka & City National Bank of
Johnson City, No. 6236, with capital stock of $400.000.
to maintain and increase foreign imports. In huge areas in the interior
Consolidated bank has one branch located in Johnson
trade and enterprise are being stifled to extinction by the chaotic conditions
City, to which has been assigned $25.000 of the capital.
edvelopment of Littoral and Riverine regions
prevailing, but the economic
Bid
103
95
282
78
98
154
Ask
JAN.5 1924.]
THE CHRONICLE
CHARTERS ISSUED.
Dec. 26
-12477
-The First National Bank of t4uantico, Va
$25,000
President, G. W. Herring: Cashier. H. Ewing Wall.
Dec. 29
-The Commercial National Bank of Hattiesburg.
-12478
Miss
100,000
Conversion of the Bank of Hattiesburg & Trust Co..
Hattiesburg, Miss. President, R. B. McLeod: Cashier.
G. B. McDuff.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Price.
18 Buffalo Gas Co., pref
135 lot
75 do Common
20 Manhattan Mtge., corn. _$100 per all.
8 do Common
$100 per all.
18 do 25 preferred
$80 per sh.
6 Guaranteed Mtge. of N.Y_$125 per all.
35M Manhattan Mtge. & Developing Corp., pref
$80 per sh.
175 Corn Exchange Bk..$421 to $426 p. all
25 Colonial Motion Picture Corp.,
par
$1 lot
200 liammond Typewriter Corp.
common, par $10
3140 lot
200 do Preferred, Dar $10_
16 Ansco Co., common
$33 lot
Shares. Stocks.
Price.
25 Glass Machinery Co, of Columbus, Ohio
20 Tenement Improvement Co. of $6
Pittsburgh. par $10
lot
300 American Direct Concentrating Co., par $1
3 Assembled Tile & Slab Co
Bonds.
Per Cent.
$2,000 Second Ave. RR. 55, 1948,
certificate of deposit
$5 lot
$6,000 Missouri Pacific RR. 48.
1924, coupon on
51%%
$10,000 Mountain Lakes, Inc., 1st
Mtge. 7s, July 1 1922, cow). cint 11%
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks,
Price.
4 National Union Bank, Boston,
Mass
1953g
25 Merchants National Bank, Boaton, Mass
292
10 Second National Bank, Boston,
Mass
333
30 Commonwealth-Atlantic National Bank, Boston, Mass
20634
2 U.S. Worsted Corp., 1st pref____ 25
.
Shares. Stocks,
Price.
1 Worcester Bank & Trust Co.,
Worcester, Mass
2
0534
1 Bigelow Hartford Carpet Co.,
common
15034
5 Nashua Mfg. Co.,common
8134
3 Norwich & Worcester RR.,pref _ 7534
642 Norton Water Co
$500 lot
5 units Ivar-Lite Corp
15034
25 Lawrence Gas Co
14134
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price.
11 National Shawmut Bank
20234
5 National Shawmut Bank
20234
17 Nashua Mfg. Co., pref
100
10 Eastern Mfg. Co., pref
55
2 Maine Central RR
23
10 American Glue Co., common
3934
9 North Boston Lighting Properties, preferred
8431
Shares. Stocks.
Price.
5 American Glue Co., common_ _ 393
10 Stollwerck Chocolate Co., 1st pf. 2234
.
1 Sullivan Machinery Co., ex-dlv__ 60
10 Mass. Ltg. Cos.,common
23
Bonds
$19,000 Forest Hills Hospital income 8s, March 1932
25 de int.
.
By Messrs. Barnes & Lofland, Philadelphia:
Shares, Stocks.
Price,
11 Woodbury Trust Co.. N.J
356
20 Phoenix Trust Co
45
100 Phoenix Trust Co
4134
10 Nat'l Bank of Commerce
132
4 Philadelphia Nat'l Bank
392
10 Philadelphia Nat'l Bank
391
1 Southwark National Bank
23134
7 Southwark National Bank
228
10 Producers & Consumers Bank__ 10
2 Bank of No. Am.& Trust Co_ _..288
1 Glenside Title & Trust
100
8 Fidelity Trust Co
500
5 Girard Trust Co
890
5 Producers & Consumers Bank_ _ __ 10
Shares. Stocks.
Price.
10 Philadelphia Co.for Guar. Mtg_185
10 Auto Car of Ardmore,Pa.,com_ 65
10 Manufac. Fire Insur. Co
20
9 Fire Ass'n of Philadelphia
33334
3284 Beneficial interest in stock of
GwIlliam Mfg. Corp
35.000 lot
2 Trenton Banking Co
16534
40 13th & 15th St. Pass. Ry
161
2 10th & 11th St. Pass.IV
202
4 Bourse
20
4 Bourse
1934
Bonds
$3,000 Lukens Steel Co. 85
98
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.
Railroads (Steam).
Norfolk & Western, adl. pref.(quar.)___ •1
Pitts. Cinn. Chic. & St. Louis
*2
Reading Co., 1st pref.(quar.)
•50e.
Rich.Fred.do Potomac,corn. So div obit. 334
Troy Union RR
6
Books Closed.
Days Inclusive.
Feb. 19 *Holders of rec. Jan. 31a
Jan. 19 *Holders of rec. Jan. 10
Mar. 13 *Holders of rec. Feb. 21
Dec. 31 Dec. 27 to Jan. 1
Jan. 15 Holders of rec. Dec. 28a
Public Utilities.
Amer. Light & Trac., common (quar.)
1
Feb. 1 Jan. 12 to Jan. 27
Common(pa yablein common stock)_ - fl
Feb. 1 Jan. 12 to Jan. 27
Preferred (quar.)
134 Feb. 1 Jan. 12 to Jan. 27
Bangor Ry.& Electric, corn.(quar.)_ _ _ _
1
Feb. 1 Holders of rec. Jan. 10
California-Oregon Power, pref.(quar.)_ _
134 Jan. 31 Holders of rec. Jan. 15a
Chesapeake & Potomac Tel.of Balt. .) 131 Jan. 15 Holders of rec. Dec. 31
(qu
Citizens Gas & Fuel (Terre Haute)
Common (quar.)
434 Dec. 26 Holders of rec. Dec. 18
Preferred (quar.)
134 Jan, 1 Dec. 27 to Jan. 1
Columbia (Pa.) Gas (quar.)
2
Dee. 31 Dec. 22 to Jan. 1
Commonwealth Edison (quar.)
*2
Feb. 1 *Holders of rec. Jan. 15
Conestoga Traction,common (quar.) _
134 Dec. 31 Holders of ree. Dec. 21a
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 21a
Consumers El. Lt.& Pow., New Ott
Common (quar.)
134 Dec. 26 Holders of rec. Dee. 10
Edison Elba. Co., Lancaster (guar.)---- 3
Dec. 31 Dec. 22 to Jan. 1
I
Elmira Water,Light & RR.,corn.(qu.)_
Dee. 31 Holders of rec. Dec. 21
3
Jan. 2 Nov.28 to Jan. 1
Holyoke Street Ry
2
Dec. 26 Holders of rec. Dec. 14a
Houston Gas & Fuel, common (quar.)_
2
Dec. 26 Holders of rec. Dec. 14a
Common (extra)
Illinois Northern Utl ities, pref. (quer.). '134 Feb. I *Holders of rec. Jan. 15
Kentucky Utilities, pref. (quar.)
134 Jan. 15 Holders of rec. Dec. 31a
Lancaster Co. Ry.& Lt., corn.(quer.)_ _ $1.50 Dec. 29 Holders of rec. Dec. 276
134 Dec. 31 Holders of rec. Dec. 27a
Preferred (quar.)
3
Dec. 31 Dee. 22 to Jan. I
Lancaster Gas L. & Fuel (guar.)
134 Jan. 31 Holders of rec. Jan. 21a
Milwaukee El. Ry. de Lt., pref.(qu.)__
134 Jan, 20 Holders of rec. Dec. 31a
Mountain Stares Power, pref.(quar.)_ _ _
*El
Jan. 15 *Holders of rec. Jan. 3
Newburyport Gas & Elec. (quar.)
91
Jan. 15 *Holders of rec. Jan. 13
Extra (from reserve for dividends)_
134 Jan, 2 Dee, 21 to Jan. 1
North Shore Gas, pref.(Guar.)
Northwestern Electric, common (guar.). 30c. Jan, 2 Dec. 19 to Jan. I
7% preferred (quar.)
134 Jan. 2 Dec. 19 to Jan. 1
134 Jan. 2 Dec. 19 to Jan. 1
6% preferred (quar.)
Omaha & Council Bluffs St. RY.,Pf.(qu.) 134 Dec. 31 Dec. 16 to Jan. 14
*51
Jan. 3 *Holders of rec. Jan. 14
Philadelphia Co., corn. (quar.)
Pub. Seri. Co. of Nor. III., corn.(quar.) *$1 .75 Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
'134 Feb. 1 *Holders of rec. Jan. 15
1
Jan. 2 Holders of rec. Dec. 256
Rome(Ga.) R. Light.corn.(quar.)- _
&
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 28a
Southern Cities Utilities, corn.(quer.)_ _ 788. Jan. 10 Holders of rec. Dec. 15a
Preferred (monthly)
134 Jan. 10 Holders of rec. Dec. I5a
1
Jan. 10 Jan. 1 to Jan. 10
Trinidad Electric (quar.)•
- 131 Jan. 1 Holders of rec. Dec. 27
United Gas & Elec. Corp., pref.(qu.)
United Gas & Elee. Co., pref
234 Jan. 15 Holders of rec. Dec. 31
Wash. Ball. & Annan. El. RR.,91.(q11.)- 14 Jan. 1 Holders of rec. Dec. 22a
Wisconsin River Power. pref.(quer.)--- *61.75 Feb. 20 *Holders of rec. Jan. 31
1
Jan. 16 Holders of rec. Jan. 5a
York Rya.,common (quar.)
14 Jan. 31 Holders of rec. Jan. 21a
Preferred (guar.)
Name of Company.
Banks.
Harriman National
Extra
59
•
Per
When
Cent. Payable.
5
5
Books Closed.
Days Inclusive.
Jan. 4 Holders of rec. Jan. 3
Jan. 4 Holders of rec. Jan. 3
Miscellaneous.
$1 Jan. 21 Holders of rec. Jan. 10a
Abitibi Power & Paper,corn.(quar.)_
2
Jan. 1 Holders of rec. Dec. 21
Alabama Fuel & Iron (quar.)
Feb. 15 *Holders of rec. Jan. 24
*1
Allis-Chalmers Mfg., corn. (quar.)
American Bank Note,common (quar.).. *$1.25 Feb. 15 *Holders of rec. Feb. 1
American Bond & Mtge., pref.(quar.)_ _ 1% Jan. 1 Holders of rec. Dec. 20
Feb. 1 *Holders of rec. Jan. 15
American Cigar, common (quar.)
Feb. 1 *Holders of rec. Jan. 11
Amer. Smelt.,k Refs., corn (quar.)-Preferred (quar.)
*131 Mar. 1 *Holders of rec. Feb. 20
Atlantic Refining, pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 15
4
Jan. 2 Holders of rec. Dec. 21
Bancitaly Corporation
2
Jan. 10 Holders of rec. Dec. 15cr
Beach Royalties Corp.(monthly)
134
Holders of rec. Jan. 2
Best (C. L.) Tractor, Prof. (quar.)
4
Dec. 31 Holders of rec. Dec. 3Ia
Brandon Mills, common
Preferred
334 Jan. 1 Holders of rec. Dec. 310
Feb. 15 *Holders of rec. Feb. 1
*4
Borden Co.,common
4.134 Mar. 15 *Holders of rec. Mar. 1
Preferred (guar.)
Preferred (quar.)
*134 June 15 *Holders of rec. June 1
*10e. Feb. 1 *Jan. 11 to Jan. 20
Chief Consolidated Mining (quar.)
Chic. Wilm.&Frank.Coal, pref.(au.)... 31.50 Feb. 1 Holders of roe. Jan. 15
2
Jan. 15 Jan. 3 to Jan. 15
Collins Company (quar.)
•75e. Jan. 10 *Holders of rec. Jan. 15
Congoleum Co.,common (quar.)
*31.50 Jan. 31 *Holders of rec. Jan. 15
Consolidation Coal (quar.)
334 Feb. 1 Holders of rec. Dec. 31
Cuba Company,preferred
134 Jan. 19 Holders of rec. Jan. 50
Corn Products Refg., corn.(quar.)
Common (extra)
34 Jan, 19 Holders of rec. Jan. So
134 Jan. 15 Holders of rec. Jan. So
Preferred (quar.)
*8734c Jan. 15 *Holders of rec. Jan. 7
Eastern Steamship, preferred
*2
Feb. 1 *Holders of rec. Jan. 15
Eureka Pipe Line (quar.)
*234 Feb. 1 *Holders of rec. Jan. 15
Fajardo Sugar (quar.)
$2.50 Feb. 1 Holders of rec. Jan. 216
Fisher Body, common (quar.)
134 Jan. 10 Holders of rec. Dec. 290
Hamilton Woolen (quar.)
134 Feb. 1 Holders of rec. Jan. 15
Holly Sugar Corp., pref. (quar.)
*50c. Jan. 25 *Holders of roe. Jan. 19
Homestake Mining (monthly)
Interprovincial Bank of Canada,com _
134 Dec. 31 Holders of rec. Dec. 21
Preferred (guar.)
131 Dec. 31 Holders of rec. Dec. 21
Dec. 31 Holders of rec. Dec. 21
Interprovincial Clay Prod., prof. (quar.) 2
Feb. 15 Holders of rec. Feb. 1
2
Kelly-Springfield Tire, Prof. (quar.)_ _ _
o 2 e Jan. 2 Dec. 21 to Jan. 1
Murray (J. W.) Mfg.(stock div.)
Nat. Automatic Fire Alarm of Cin.(qu.) 24 Jan. 2 Holders of rec. Dec. 300
Dec. 31 Dec. 21 to Jan. 4
2
National Casket (quar.)
Nat. Dept. Stores, 1st prof. (quar.)__ _ _ '134 Feb. 1 *Holders of rec. Jan. 15
*1.34 Mar. 1 *Holders of rec. Feb. 15
Seecnd preferred (quar.)
North Star Oil, pref. (quar.)
131 Jan. 2 Holders of rec. Dec. 156
10c. Jan. 15 Holders of rec. Dec. 31
Oil Lease Development(monthly)
4
Jan, 1 Holders of rec. Dec. 22a
Orr Cotton Mills, common
334 Jan. 1 Holders of rec. Dec. 226
Preferred
15c. Jan. 2 Holders of rec. Dee. 8a
Park Utah Mining(guar.)
Pennsylvania Rubber, coin. (quar.). --134 Dec. 31 Holders of rec. Dec. 15
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 15
7
Dec. 31 Holders of rec. Dec. 20
Penn-Harris Hotel, preferred
1
Jan. 15 Holders of rec. Jan. 5a•
Pierce, Butler 'Sc Pierce (quar.)
1
Extra
Jan. 15 Holders of rec. Jan. 56
4
Poinsett Mills
Dec. 31 Holders of rec. Dec. 31
4
.8c. Jan, 3
Premier Gold Mining
50c. Feb. 1 Holders of rec. Jan. 156'
Reynolds Spring,common (quar.)
Rockland & Rockport Lime,com.(No.1) *134 Feb. 1 *Holders of rec. Feb. 1
First preferred
'334 Feb. 1 *Holders of rec. Feb. 1
.3
Second preferred (No. 1)
Feb. 1 *Holders of rec. Feb. 1
1% Dec. 31 Dec. 31 to Jan. 14
St.Joseph Stock Yards(quar.)
1% Jan. 2 Holders of rec. Dec. 20
Sayers 4.Scovill Co.,common (quar.)_ _ _
Common (extra)
% Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
Ili Jan. 2 Holders of rec. Dec. 20
411.50 Feb. 1 Holders of rec. Jan. 18
Securities Corp., 1st pref. (quar.)
15e. Jan. .2 Holders of rec. Dec. 20
Silver King Coalition Mines
Smyth (John M.) Co., pref. (quar.)
1% Jan. 1 Holders of rec. Dec. 24a•
El Jan. 1 Dec. 22 to Dec. 31
Soden (G. A.) Co., common (quar.)_
First preferred (quar.)
134 Jan. 1 Dec. 22 to Dec. 31
Second preferred (guar.)
2
Jan. 1 Dec. 22 to Dec. 31
34 Jan. 1 Holders of rec. Dec. .8
Southeastern Express
Spalding (A. G.) 4. Bros., corn. (quar.)_ 2
Jan. 15 Holders of rec. Jan. 8
14 Mar. 1 Holders of rec. Feb. 16
First preferred (quar.)
2
Second preferred (quar.)
Mar. 1 Holders of rec. Feb. 16
Stearns(F. B.) Co.(quar.)
50e. Jan. 20 Holders of rec. Jan. 30
90e. Feb. 15 Holders of rec. Jan. 15a
Swift International
Tobacco Prod. Corp.. class A (quar.)_
*134 Feb. 15 *Holders of rec. Jan. 31
Union Oil of California (quar.)
*$1.80 Jan. 26 *Jan. 8 to Jan. 19
United Cigar Stores of Am.,corn. (qu.)_ $3 Feb. 1 Holders of rec. Jan. 160
15
United Profit Sharing, corn. (quar.)
Apr. 1 Holders of rec. Mar. 4
Common (payable in pref. stock)_ _ m25
Apr. 1 Holders of rec. Mar. 4
4% Jan. 7 Jan. 5 to Jan. 7
U.S. Fidelity So Guaranty (Bait.)
1% Dec. 31 Holders of rec. Dec. 20
U.S.Paper Goods, pref.(guar.)
U. S. Printing ac LIth., corn. (War.)- - 1% Jan. 1 Holders of rec. Dec. 210
First preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 210
Second preferred (quar.)
1% Jan, I Holders of rec. Dec. 210
West(John) Thread Co.,el. A 4o B (qu.) 2
Jan. 2 Holders of rec. Dec. 22
West Virginia Coal & Coke, prof
Jan. 2 Holders of rec. Dec. 28a
3
Woodruff Cotton Mills
10
Dec. 31 Holders of rec. Dee. 31a
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred__
Albany & Susquehanna special
Ate.Topeka & Santa Fe,pref
Atlantic Coast Line RR., common
Baltimore & Ohio,common (quar.)
Preferred (guar.)
Canada Southern
Contra IRE. of New Jersey (guar.)
Chicago Indianapolis& Louisville,corn
Preferred
Chicago & North Western, common
Preferred
Chicago St. Paul Minn.& Om.,pref
Cinc. New Orl. Tex.Pac., prof.(qu.)_
Preferred (quar,)
Preferred (guar.)
Cleve. Mc.Chic.& St. L.,corn.(qu.)-Preferred(quar.)
Cuba Railroad, preferred
Delaware Lackawanna & Western(guar)
Detroit River Tunnel
Georgia Railroad & Banking (quar.)_ _
Great Northern, preferred
Gulf Mobile & Northern, preferred
Kansas City Southern, preferred (quar.)_
Little Schuylkill Nay.RR.& Coal
Louisville do Nashville
Michigan Central
New York Central (quer.)
Northern Central
Northern Pacific (quar.)
Northern Securities Co
Extra
Pere Marquette, prior pref. (quar.)Five per cent preferred (quar.)
Philadelphia & Trenton (guar.)
Pittsb. Ft. Wayne & Chic., pref. (qu.).
Pittsburgh & Lake T rle
Pittsburgh & West Virginia, pref. (qtr.)_
3% Feb. 15
2
Jan. 5
2% Feb. I
3% Jan. 10
13( Mar. 1
1
Mar. 1
1% Feb. 1
2
Jan. 15
1% Jan. 10
2
Jan. 10
1% Jan. 15
3% Jan. 15
3% Feb. 20
• 1% Mar. 1
134 June 2
1% Sept. 2
1
Jan. 19
134 Jan. 19
3
Feb. I
$1.50 Tan. 21
3
Jan. 15
Jan, 15
3
2% Feb. 1
1
Feb. 15
I
Jan. 15
31 Jan. 15
234 Feb. 11
10
Jan. 29
134 Feb. 1
32 Jan. 15
134 Feb. • 1
4
Jan. 10
2
Jan. 10
1% Feb. 1
134 Feb. 1
234 Jan. 10
1% Jan. 8
$2.50 Feb. 1
134 Feb. 29
Holders of rec. Jan. 18
Holders of rec. Dec. 220
Holders of rm. Dec. 28a
Holders of rec. Dec. 140
Holders of rec. Jan. 120
Holders of rec. Jan. 12a
Holders of rec. Dec. 28a
Holders of rm. Jan. 4a
Holders of rm. Dec. 290
Holders of rec. Dee. 290
Holders of rec. Dm. 210
Holders of rec. Dec. 210
Holders of rec. Feb. la
Holders of rec. Feb. 156
Holders of rec. May 17a
Holders of rec. Aug. 160
Holders of rec. Dec. 280
Holders of rec. Dec. 280
Holders of rec. Jan. 196
Holders of rec. Jan. 5
Holders of rec. Jan. So
Jan. 1 to Jan. 14
Holders of rec. Dec. 27a
Holders of rec. Feb. la
Holders of rec. Dec. 310
Dec. 18 to Jan. 15
Holders of rec. Jan. 150
Holders of rec. Dec. 28a
Jan. 3 to Jan. 23
Holders of rm. Dm. 31a
Holders of rm. Dec. 316
Dec. 25 to Jan. 10
Dec. 25 to Jan. 10
Holders of rm. Jan. 1548
Holders of rec. Jan. 15a
Jan
1 to Jan. 11
Holders of rec. Dec. 100
Holders of rm. Jan. ha
Holders of rec.Febl'24m
60
THE CHRONICLE
Name ol Company
Per
When
Cent. Payable.
Books Closed.
Days Inclu.rive.
Railroads (Steam)(Concluded).
Reading Company,common (quar.)---- $1
Feb. 14 Holders of rec. Jan. 22a
Second preferred (quar.)
50c. Jan. 10 Holders of rec. Dec. 17a
United N.J.RR.& Canal Cos.(guar.)_ _
233 Jan. 10 Dec. 21 to Dec. 31
Name of Company.
[VoL. 118.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Beacon 011, preferred (guar.)
1.874 Feb. 15 Holders of rec. Feb. 1
BlYn Shoes, Inc.(guar.)(No. 1)
254. Jan. 31 *Holders of rec. Jan. 15
Bridgeport Machine, corn.(guar.)
25c. Apr. 2 Holders of rec. Mar. 200
British-American Tobacco ordinary_
Jan. 17 Holders of coup. No.98o
9
Public Utilities.
Ordinary (interim)
4
Jan. 17 Holders of coup. No.990
All America Cables (guar.)
14 Jan. 14 Holders of rec. Dec. 3Ia British Empire Steel Corp., prof. B (qu.) 134 Feb. 1 Holders of rec. Jan. 120
American Gas (guar.)
14 Jan. 15 Holders of rec. Jan. 2a Brown Shoe,common (guar.)
1
Mar. 1 Holders of rec. Feb. 200
Amer. Gas & Elec., pref. (guar.)
75c. Feb. 1 Holders of rec. Jan. 12
Preferred (guar.)
151 Feb. 1 Holders'of rec. Jan. 216
Amer. Telephone & Telegraph (qmar.)
24 Jan 15 Holders of rec. Dec. 200 Burns Bros., prior preferred (guar_ _
15,4 Feb. 1 Holders of rec. Jan. 18a
Appalachian Power,preferred ((uar.)_
15,3 Jan. 15 Holders of rec. Dec. 310 Bush Terminal,common
24 Jan, 15 Holders of rec. Jan. 20
First preferred (quar.)
121 Feb. 1 Holders of rec. Jan. 15a
Preferred
Jan. 15 Holders of rec. Jan. 20
3
Bell Telephone of Canada (guar.)
Jan. 15 Holders of rec. Dec. 220 Canada Cement(guar.)
2
13,4 Jan. 16 Holders of rec. Dec. 31a
Boston Consolidated Gas. preferred_
- 31,4 Feb. 1 Holders of rec. Jan. 15
Canadian Car & Foundry Co.
Brooklyn Borough Gas,common
50c. Jan. 10 Holders of rec. Dec. 316
Preferred (account accum.dividends)_ 534 Jan, 10 Holders of rec. Dec. 29
Carolina Power & Light, corn. Mar.)
ai Feb. 1 Holders of rec. Jan. 15
Canadian Explosives. Ltd., corn. (guar.) 134 Jan. 31 Holders of rec. Dec. 31a
Central Ills. Public Serv., pref.(quar.)
14 Jan. 15 Holders of rec. Dec. 31
Common (extra)
3
Jan. 31 Holders of rec. Dec. 31a
Central Power, preferred (guar.)
121 Ian. 15 Jan. 1 to Jan. 15
Preferred (guar.)
15,4 Jan. 15 Holders of rec. Dec. 310
CM. Newp.& Coy. L.& Tr., corn. ((lu.) 14 Jan. 15 Jan. 1
Canadian Fairbanks
-Morse,preferred_ _
to Jan. 15
3
Jan. 15 Holders of rec. Dec. 316
Preferred (guar.)
123 Jan. 15 Jan. 1 to Jan. 15
Canadian Industrial Aleohol(guar.) _ _ _ _
13.4 Jan. 7 Holders of rec. Dec. 31
City Gas of Norfolk, pref.(guar.)
2
April 1 Holders Of rec. Mar. 15
Central Coal & Coke,common (guar.)_ _
14 Jan. 15 Holders of rec. Dec. 310
Preferred (guar.)
2
July 1 Holders of rec. June 15
Preferred ((uar.)
123 Jan. 15 Holders of rec. Dec. 3Ia
Preferred (guar.)
Oct. 1 Holders of rec. Sept.15
2
Central Foundry,first preferred ((uar.). 2
Jan. 15 Holders of rec. Dec. 31
Preferred (quay.)
2
Jan2'25 Holders of rec. Dec.15'24 Central Steel,corn.(guar.)
Jan. 10 Jan. 1 to Jan. 9
81
Colorado Power, tom.(guar.)
4 Jan. 15 Holders of rec. Dec. 31
Checker Cab Mfg., class A (guar.)
$1.25 Feb. 1 Holders of rec. Jam. 15a
Consolidated Traction of N. J
2
Jan. 15 Holders of rec. Dec. 31a Chicago Pneumatic Tool ((uar.)
14 Jan. 25 Holders ot rec. Jan. 150
Detroit Edison (nuar.)
2
Jan. 15 Holders of rec. Dec. 200 Chicago Yellow Cab. Inc.(monthly)...- 331-30 Jan. 2 Holders of rec. Dec. 200
Detroit United Ry.(guar.)
14 Mar. 1 Holders of rec. Feb. 1
Monthly
33 1-3c Feb. 1 Holders of rec. Jan. 210
Dominion Power dr Transmission, pref
34 Jan. 15 Dec. 25 to
Jan. I
Monthly
331-3c May, 1 Holders of rec. Feb. 200
East Bay Water, preferred A (guar.)._ 13.4 Jan. 15 Holders of rec. Dec. 31
City Ice & Fuel, Cleve. (guar.)
Preferred B(guar.)
14 Jan. 15 Holders of rec. Dec. 31
Quarterly
2
Mar. 1 Holders of rec. Feb. 200
El Paso Electric Co., preferred
3
Jan. 14 Holders of rec. Dec. 22a
Quarterly
2
June 1 Holders of rec. May 20a
Germantown Pass. Ry., Phila., (W.).- $1.31 Jan. 8 Dec. 19 to Jan. 7
Quarterly
2
Sept. 1 Holders of rec. Aug. 20a
Internat. Telephone & Teleg.(guar.)_ _ _
15 Holders of rec. Dec 270 Cities Service
13,4 Jan.
2
Dec. 1 Holders of rec. Nov.200
Interstate Public Service, prior lien (en.) 151 Jan. 15 Holders of rec. Dec. 31
Common (monthly. Day. In cash scrip)
Feb. 1 Holders of rec. Jan. 15
Kentucky Securities, preferred (guar.)
Common (payable in corn, stock scrip) p134 Feb. 1 Holders of rec. Jan. 15
13,4 Jan. 15 Holders of rec. Dec. 21a
Laurentide Power(guar.)
Preferred and preferred B (monthly).
14 Jan. 15 Holders of rec. Dec. 310
4 Feb. I Holders of rec. Jan. 15
Louisville Gas dr Elec. of Ky., pt. (clu.). 151 Jan. 15 Holders of rec. Jan. la Commercial Chemical (guar.)(No. 1) _
*374c Jan. 20 *Holders of rec. Jan. 2
Manchester Trac., Lt.& Power (quar.)_
2
Jan. 15 Holders of rec. Jan. 20 Commercial Credit Co.(Bala.), common flO
Jan. 21 Holders of rec. Dec. 21
Manufacturers' Light & Heat (guar.)_ - Si Jan. 15 Holders of rec. Dec. 31a Computing-Tabulating-Record. (guar.).
81.50 Jan, 10 Holders of rec. Dee. 210
Massachusetts Ltg. Cos.,6% pref. ((lm.) 14 Jan. 15 Holders of rec. Dec. 26
Consolidated Car-Heating (guar.)
13.4 Jan. 15 Holders of rec. Dec. 31a
Eight per cent preferred (quar.)'
Jan. 15 Holders of rec. Dec. 26
2
Connecticut Mills, first pref.(guar.)_ _
14 Feb. 1 Holders of rec. Jan. 16
Michigan Gas & Electric, pref.(quar.)_ _ •1
an. 21 *Holders of rec. Dec. 31
Consolidated Mining & Smelting
Jan, 13 Holders of rec. Jan. 5
Prior lien stock
*151 Jan. 15'Holders of rec. Dec. 31
Consolidated Royalty 011(guar.)
3c. Jan. 20 Jan. 16 to Jan. 20
Middle West Utilities, pref. (quar.)---- 13,4 Jan. 15 Holders of rec. Dec. 31
Corn Products Refining, corn. (guar.). _ *134 Jan. 19 *Holders of rec. Jan. 5
Montreal Telegraph (quar.)
2
Jan. 15 Jan. 1 to Jan. 15
Common (extra)
"75e. Jan. 19 *Holders of rec. Jan. 5
Mountain States Power,corn.(No. 1)__ Si
Preferred (guar.)
Feb. 1 Holders of rec. Dec. 31
"151 Jan. 15 *Holders of rec. Jan. 5
National Fuel Gas(guar.)
51.25 Jan. 15 Holders of rec. Dec. 31
Creamery I'ackage Mfg..common ((lu)_ 50c. Jan. 10 Jan. 1 to Jan. 16
Extra
Jan. 15 Holders of rec. Dec. 31
1
Common (extra)
50c. Jan. 10 Jan. 1 to Jan. 16
Nevada-California Elec. Corp., pf.(qu.) 153 Feb. 1 giolders of rec. Dec. 29
Preferred (guar.)
14 Jan. 10 Jan. 1 to Jan. 16
New York Telephone, pent.(quar.)
144 Jan. 15 Holders of rec. Dec. 200 Cresson Cons. Gold M.& M.(guar.)... 10c. Jan. 10 Holders of rec. Dec. 310
Niagara Falls Power, pref.(gpar.)
14 Jan. 15 Holders of rec. Dec. 3I6 Crucible Steel, common ((uar.)
1
Jan. 31 Holders of rec. Jan. lba
Northern States Power, corn.(quar.).
2
Feb. 1 Holders of rec. Dec. 310 Cudahy Packing, common
•1
Jan. 15 *Holders of rec. Jan. 4
Preferred (guar.)
14 Jan. 19 Holders of rec. Dec. 31
Davis Coal & Coke
53
Jan. 15 Holders of rec. Dec. 316
Oklahoma Natural Gas (guar.)
3734e Jan. 19 Holders of rec. Dec. 260 Del. Lack. & West. Coal (guar.)
51.25 Jan. 15 Holders of rec. Dec. 31a
Pacific Gas & Electric, corn (quar.)____
2
Special
Jan. 15 Holders of rec. Dec. 310
32.50 Jan. 15 Holders of rec. Dec. 31a
Pacific Telep. & Teleg.. pref.(quar.)_
134 Jan. 15 Holders of rec. Dec. 310 Detroit Motor Bus (guar.)
'2
Jan. 15 *Holders of rec. Dec. 31
Peop,es Gas Light ds Coke(guar.)
14 Jan. 17 Holders of rec. Jan. 3a
Extra
'1
Jan. 15'Holders of rec. Dec. 31
Philadelphia Rapid Transit(guar.)
75c. Jan. 31 Holders of rec. Jan. I50 Dome Mines, Ltd. (guar.)
50o. Jan. 21 Holders of rec. Dec. 310
Philadelphia & Western Ry., pref (qu.). 6234c. Jan, 15 Holders of rec. Dec. 310 Dominion Coal, pref. (guar.)
14 Feb. 1 Holders of rec. Jan. 12
Puget Sound Pow.& Lt., corn.(guar.)-- 1
Jan. 15 Holders of rec. Dec. 20a Dominion Textile, preferred (guar.)._
14 Jan. 15 'folders of rec. Dec. 310
Prior preference(guar.)
14 Jan. 15 Holders of rec. Dec. 200 du Pont (E. I.) de Nemours & Co.
Preferred rduar.)
Debenture stock (guar.)
123 Jan. 25 Holders of rec. Jan. 100
13.4 Jan. 15 Holders of rec. Dec. 200
Quebec Power. preferred (guar.)
151 Jan. 15 Ilo.ders of rec Dec. 2Sa du Pont(E.I.)de Nem.Powd..com.
(qu.) 134 Feb 1 Holders of rec. Jan. 190
Shawinigan Water ec Power (guar.)
Preferred ((uar.)
14 Jan. 10 Holders of rec Dec, 24
13.4 Feb. 1 Holders of rec. Jan. 190
Southern Canada Power (guar.)
134 Jan. 15 Holders of rec. Dec. 310 Eagle-Picher Lead. preferred (guar.)_ - 12i Jan. 15 Jan. 6 to Jan. 15
Southern New England TeleP.(guar.)_ _
2
Jan. 15 Holders of rec. Dec. 310 Eastern Theatre (Toronto), preference__
33.4 Jan. 31 Holders of rec. Dec. 31
Southern Wisconsin Elec.. corn.(quay.). .2
Elgin National Watch ((uar.)
Jan. 15 *Holders of rec. Dec. 31
42
Feb. 1 *Holders of rec. Jan. 15
Standard Gas & Elec., com,(guar.). - 624c Jan. 25 Holders of rec.
Ely-Walker Dry Goods. COM.(extra)... 50c. Jan, 15 Holders of rec. Jan. 4
Dec. 31
Union Natural Gas(guar.)
-Lasky Corp., pt. (au.). 2
Famous Players
*50c. Jan. 15 *Holders of rec. Dec. 31
Feb. 1 Holders of rec. Jan. 15a
United Gas Impt.. common (quar.)-874e Jan. 15 Holders of rec. Dec. 310 Federal Acceptance Corp.. prof.(guar.). 2
Jan. 15 Holders of rec. Doe. 310
Preferred (guar.)
8723c Mar.15 Holders of rec. Feb. 290 Fifth Avenue Bus Securities
16e. Jan. 17 Holders of rec. Jan. 2n
United Light & Railways,corn.(guar.). _
131 Feb. 1 Holders of rec. Jan. 50 Finance Co.of America. corn.(guar.)_ _ _
24 Jan. 15 Holders of rec. Jan. ba
Common (extra)
Preferred (guar.)
51 Feb. 1 Holders of rec. Jan. ba
131 Jan. 15 Holders of rec. Jan. 5a
Virginia Ry. & Power, prof. (guar.)._
14 ran. 21 Holders of rec. Jan 2a Firestone Tire Sr Rubber,common
51
Jan. 21 Holders of rec. Jan. 10
Washington Water Pow.(Spokane)(qu.) 2
Six per cent preferred (guar.)
Jan, 15 Holders of rec. Dec. 24
13.4 Jan. 15 Holders of rec. Jan. la
West Penn Power Co., preferred (guar.)_
Seven per cent preferred (guar.)
151 Feb. 1 Holders of rec. Jan. 15
151 Feb. 15 Holders of rec. Feb. la
Western Power Corp.. pref. (quar.)._ ._
153 Jan. 15 Holders of rec. Dec. 310 Vielshmann Co., common (guar.)
75e Apr. 1 Holders of rec Mar15'24a
Western States Gas & Elec., pref.(guar.) 14 Jan. 15 Holders of rec. Dec. 31
Common (guar.)
750, July 1 Holders of rec. June 150
Western Union Telegraph (guar.)
Common (guar.)
151 Jan. 15 Holders of rec. Dec. 24a
75c Oct. 1 Holders of rec. Sept 150
Wisconsin Pow.,Lt. & Ht.,7% pt.(qu.) 14 Jan. 19 Holders of rec. Dec. 310
Common (guar.)
75e. Jan 1'25 Holders of ree.Dec 15240
Foulds Milling, preferred (guar.)
2
Jan. 10 Holders of rec. Jan. la
Banks.
General Electric. corn. (guar.)
2
Jan. 15 Holders of rec. Dec. ba
Commonwealth
Special stock (guar.)
5
Jan. 15 Jan. 1 to Jan. 14
15o. Jan. 15 Holders of rec. Dec. ba
Corn Exchange (guar.)
5
Feb. 1 Holders of rec. Jan. 310 General Refractories(guar.)
21
Jan. 15 Holders of rec. Jan. 7a
Gimbel Brothers, pref.(guar.)
134 Feb. 1 Holders of rec. Jan. 154
Trust Companies.
Globe-Wernicke Co., pref. (guar.)
13-4 Jan. 15 Holders of rec. Dec. 20
Title Guarantee & Trust (extra)
4
Mar.31 Holders of rec. Mar.22a Gossard (II. W.) Co., corn. (monthly) "25c. Feb. 2 *Holders of rec. Jan. 20
Common (monthly)
*25c. Mar. 1 "Holders of rec. Feb. 18
Fire Insurance,
Gray & Davis, preferred Mar.)
*2
Feb. 1 *Holders of rec. Jan. 21
Continental
$3
Jan. 10 Holders of rec. Dec. 29a Halle Brothers, 1st & 2d pref.((uer.). _
151 Jan. 31 Jan. 25 to Jan. 31
Fidelity-Phenix Fire
$3
Jan. 10 Holders of rec. Dec. 290 ITarbison-Walker Retrac.. pref. (guar.). 14 Jan. 19 Holders of rec. Jan. 90
Harmony Mills, preferred (quar.)
*151 Feb. 1 *Holders of rec. Jan. 25
Miscellaneous.
Harris Brothers, preferred (guar.)
' Feb. 1 *Holders of rec. Jan. 11
1 5,4
Hillcres Collieries, common (quar.)..._134 Jan 15 Holders of roc. Dec. 316
Air Reduction (guar.)
$1
Preferred (quay.)
Jan. 15 Holders of rec. Dec. 310
151 Jan. 15 Holders of r.c. Dec. 310
Alliance Realty (guar.)
2
Jan. 18 Holders of rec. Jan. 106 Rowe Sound Co.(guar.)
Sc. Jan. 15 Holders of rec. Jan. 26
Allis-Chalmers, preferred (guar.)
14 Jan. 15 Holders of rec. Dec. 240 IIIIPP Motor Car, common (guar.)
25e. Feb. 1 Holders of rec. Jan. I8a
Allied Chemical & Dye Corp..corn.(qu.) $1
Feb. 1 Holders of rec. Jan. 15a Hurley Machine,common (guar.)
*El
Jan. 7 *Holders of rec. Dec. 9
Amalgamated Sugar, lot pref. (guar.)._
2
Feb. 1 Holders of rec. Jan. 17a
Common (payable in common stock)_ _ *El
Jan. 15 *Holders of rec. Dec. 29
Amer.Art Works.corn.& pref.(guar.) _ 14 Jan. 15 Holders of rec. Dec. 310 Illinois Brick ((uar.)
•
.151 Jan. 15 *Holders 01 roe. Jan. 3
American Can, common (guar.)
14 Feb. 15 Holders of rec. Jan. 31a Indiana Pipe Line (guar.)
2
Feb. 15 Holders of rec. Jan. 18
Common (extra)
I
Feb. 15 Holders of rec. Jan. 316 Ingersoll-Rand Co.. eon).(pay.in stock)(10
Jan. 10 Dee. 15
to Jan. 9/1
American Coal(guar.)
Inspiration Consolidated Copper (guar.) 50c. Jan. 7 Holders of rec. Dec. 200
5
11
Feb. 1 Holders of rec. Jan. 11
Amer. Greenhouse Mfg., pref. (quar.)_
2
Jan. 15 Holders of rec. Dec. 310 Internat. Harvester, corn.(guar.)
14 Jan, 15 Holders of rec. Dee. 240
American Ice, corn.(guar.)
153 Jan. 25 Holders of rec. Jan. 9a Internationci Paper, prof.(guar.)
134 Jan. 15 Holders of rec. Jan. 7a
Preferred (guar.)
13.4 Jan. 25 Holders of rec. Jan. 9a Intertype Corporation, corn.(quar.)___ 254. Feb. 15 Holders of rec. Feb. la
Am. La France Fire Eng..Inc.,com.(qu.)
254. Feb. 15 Holders of rec. Feb. la
Common (extra)
25c. Feb. 15 Holders of rec. Feb. la
Amer. Laundry Machinery, pref.(guar.) 14 Jan. 15 Jan. 6 to Jan. 15
Iron Products, corn.(No. 1)
$1.50 Jan. 15 Holders of rec. Jan. 20
American Locker, Inc. (guar.)
2
Jan. 10 IL,Iders of rec. Dee. 31
Lakewood Engineering, rem.(No. IL
*51.50 Jan. 15 *Holders of rec. Jan. 10
American Milling, corn.(In corn. stock). 150
Jan. 15 Dec. 21 to Jan. 14
Libby-Owens Sheet Glass c ,m (in stock) I50 Jan. 10 Holders of rec. Dec. 31n
Amer. Rolling Mill, coca. (guar.)
500. Jan. 15 Holders of rec. Dec. 310 Lindsay Light, preferred (guar.).
-....134 Feb. 11 )folders of rec. Feb. 70
American Sales Book, pref.(guar.)
151 Feb. 1 Holders of rec. Jan. 200 Loew's Boston Theatres, corn. ((uar.)._ •fal
Feb. 15 *Holders of rec. Feb. 2
Amer. Seeding Mach.. corn. (quar.)__
750. Jan. 15 Holders of rec. Dec. 31a Lord & Taylor, 2d pref.(quar.)
2
Feb. 1 Holders of rec. Jan. 21
Preferred (guar.)
14 Jan. 15 Holders of rec. Dec. 31a MacAndrews & Forbes, corn. (guar.)... 24 Jan. 15 Holders of rec. Dec. 31a
American Shipbuilding, prof.(quar.)_
14 Feb. 1 Holders of rec. Jan. 15
Common (extra)
4
Jan. 15 Holders of rec. Dec. 3Ia
Amer. Shipbuilding, corn.(guar.)
Feb. 1 Holders of rec. Jan. I50
2
Preferred ((uar.)
123 Jan. 15 Holders of rec. Dec. 31a
Common (guar.)
2
May 1 Holders of rec. Apr. 150 Macy(R.II.) & Co.. Inc.. pref.(qu.)_ _ _134 Feb. 1 Holders of rec. Jan. 12a
Common (guar.)
2
Aug. 1 Holders of rec. July 136 Magnolia l'etroleum (guar.)
1
Jan. 5 Dec. 23 to Dec. 25
Amer.Steel Foundries,common (guar.)_ 750. Jan. 15 Holders of rec. Jan. 2a Matmti Sugar (Var.)
Si .25 Mar. 1 Holders of rcc. Feb. 156
Amer. Type Founders, corn. (quar.)___ •151 Jan. 15 *Holders of rec. Jan. 10
Quarterly
$1.25 June 1 Holders of rec. May 15a
Preferred (guar.)
'134 Jan. 15 *Holders of rec. Jan. 10
Quarterly
$1.25 Sep
I Holders of rec. Aug. 150
American Woolen,com,and pref.(guar.) 14 Jan. 15 Dec. 15 to Dec. 26
Manning, Maxwell dr Moore,Inc.(qu.)_
13-4 Jan. 5 Holders of rec. Dec. 31
Anaconda Copper Mining (guar.)
75c. Jan. 21 Holders of rec. Dec. 154 Manning, Maxwell & Moore (extra)_ _ _
,
Jan. 5 Holders of re . Dee. 31a
3
Armstrong Cork Co.
Maple Leaf Milling, Pref. (guar.)
14 Jan. 18 Holders of rec. Jan. 3a
Common(payable in co mm on stock) _ •150 Jan. 9 Dec. 20 to Jan. 2
Mercantile Bankers Corp.. prof.((uar.)_
Jan. 19 Holders of rec. Dec. 31
2
Asbestos Corp. of Canada, pref.(quay.). 14 Jan. 15 Holders of rec. Jan. 2
Mexican Petroleum, common (guar.)... 4
Jan. 21 Holders of rec. Dec. 31a
Associated Dry Goods,common (guar.)_
123 Feb. 1 Holders of rec. Jan. 126
Preferred (guar.)
Jan. 21 Holders of rec. Dec. 310
2
First preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 9a Michigan Limestone & Chem.. Pf • ((U.). 14 Jan. 15 Holders of rec. Dee. 3Ia
Second preferred (guar.)
13,4Mar. I Holders of rec. Feb. 9a Michigan Sugar, pref.(acct. accum.(liy.) 'hi 53 Apr. 10'Holders of rec. Apr. 1
Associated Industrials, first pref. (guar.) 2
Jan. 15 Holders of rec. Jan. 14a
Preferred (account accum. dividends).
July 10 'Holders of rec. July 1
vh
Associated Oil (guar.)
373.4e Jan. 23 Holders of rec. Dec. 31a
Preferred (account accum. dividends)_
Oct. 10 *Holders of rec. Oct. 1
•tr
14 Feb. 1 Holders of rec. Jan. 190 Midwest 011, corn. and pref.(guar.).- 6330
Atlas Powder, preferred (guar.)
Jan. 15 Holders of rec. Dec. 31a
Austin. Nichols & Co.,Inc., pref.(guar.) 14 Feb. 1 Holders of ree. Jan. 154 Moon Motor Car (guar.)
*75c. Feb. 1 'Holders of rec. Jan. 15
Barnhart Bros. & Spindler
Motor Products Corp., prof.(No. 1)...... $I
Feb. 1 Holders of rec. Jan. 419
First and Second preferred (guar.)._ _ _ •153 Feb. 1 *Holders of rec. Jan. 26
National Biscuit,common Parana
750. Jan. 15 Holders of rec. Dee. 3114
14 Jan. 15 Holders of rec. Dec. 310 National Fireproofing, corn. (special)._ 500. Jan. 10 Holders of rec. Dec. 28
Bayuk Cigars, Inc., first pref. (guar.)._
convertible (quar.)_ _
14 Jan. 15 Holders of rec. Dec. 31a
Second preferred
Preferred (quar.)
Feb. 15 Holders of rec. Feb. 1'24
1
Jan. 15 Holders of rec. Dec. 31a
2
Second preferred non-cony.(guar.),
Preferred (guar.)
May 15 Holders of rec. May 124
- 60e. Jan. 10 Holders of rec. Dec. 3Ia National Licorice, common ((uar.)
Beech-Nut Packing, common (guar.).
234 Jan. 8 Holders of rec. Dec. 24
153 Jan. 15 Holders of rec. Jan. la
Common (extra)
Preferred (guar.)
234 Jan. 8 Holders of rec. Dec. 24
13,4 Jan. 15 Holders of rec.dDec. 31a National Tea, preferred (guar.)
Preferred (guar.)
151 Feb. 1 Jan. 20 to Jan. 31
JAN. 5 1921.]
Name of ComVaal.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
61
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
New Jersey Zinc (quar.)
•2
Feb. 9 *Holders of rec. Jan. 31
The following shows the condition of the New York City
New York Air Brake, common (quar.)
51
Feb. 1 Holders of rec. Jan. sa
Class A (quar.)
Apr. 1 Holders of rec. Mar. 70 Clearing House members for the week ending Deo.
51
29. The
New York Canners, Inc., 1st pref.
3)4 Feb. 1 Holders of rec. Jan. 2a
Second preferred
4
Feb. 1 Holders of rec. Jan. 20 figures for the separate banks are the averages of the daily
New York Dock, preferred
234 Jan. 15 Holders of rec. Jan. 5a
results. In the case of the grand totals, we also show the
New York Mortgage Co..corn.(guar.)._ 50c. Jan, 15 Holders of rec. Dec. 31
Preferred (guar.)
13 Jan. 15 Holders of rec. Dec. 31
actual figures of condition at the end of the week.
New York Transit (guar.)
50c. Jan. 15 Holders of rec. Dec. 20
N.Y.Transportation (guar.)
50c. Jan. 15 Holders of rec. Jan. 20
NEW YORE WEEKLY OLEARING HOUSE RETURNS.
Nipissing Mines Co.(guar.)
150. Jan. 21 Jan. 1 to Jan. 17
Extra
(Stated In thousands of aoum-teal it, tartfd et95•?*(
15e Jan. 21 Jan. 1 to Jan. 17
000 Pained-)
1
Nova Scotia Steel & Coal, pref.(guar.)._ 2
Jan. 15 Holders of rec. Jan. 5
O'Cedar Corporation, Class A common_ _ *15c. Feb. 1 *Holders of rec. Jan. 15
Ohio Brass,common (guar.)
Si
Jan. 15 Holders of rec. Dec. 31a
New
Preferred (guar.)
1.3j Jan. 15 Holders of rec. Dec. 3I0
Capita1.1Profits. Loans,
Resets
Ohio Fuel Supply
62540 Jan. 1 Holders of rec. Dee. 31a
Week ending
Discou t Cob
Net
with
Time Baal
Otis Elevator, common (guar.)
Dec. 29 1923. Nat'l, Sept. 14 Invest
2
Jan. 15 Holders of rec. Dec. 316
Legal Demand
In
De- Circe
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31a
State, Nov. 15 merits, Vault. Deposl Deposits. Posits. LaOverman Cushion Tire, common
(000 omitted.) Tr.Cos.,Nov.15
154 Jan. 20 Holders of rec. Dec. 316
&c.
tortes.
floe
Preferred
354 Jan. 10 Holders of rec. Dec. 316
Second preferred (No. 1)
334 Jan. 10 Holders of rec. Dec. 31a Members of Fed. Res. Bank. Average. Average'Average Average Await Ao
preferred
1)4 Jan. 2 Holders of rce. Dee.131a Bank of N Y
$
PacInc Oil
Trust Co....4,000 12,271
51
Jan. 2 Holders of rec. Dec. 14,5
65,747
868 6,933
48,93
7,076
Pacific State Securities, preferred
*334 Jan. 1.
Bk of Manhat' 10,000 13,676 131,300 2,811 15,203
108,874 18,578
Packard Motor Car,common (guar.) _ _ 300. Jan. 3 Holders
of rec Jan. 150 Mech&Met Na 10,000 16,849 157,625 5,293 18.489
140,223 3,51
650
Pan-Amer. Petrol. & Transport
Bank of Ameni
6,500 5,604
76,142 1,903 10,162
75,871 2,916
_Common and common "B"(guar.)--- $2 Jan. 2 Holders of rec. Dec. 310 Nat City Bank_ 40,000 52,241
512,862 4,505 54,582 4
'513,576 72,869 2,144
Paul Rubber Co., corn.(in stock)
Chem Nat Bank 4,500 16,550 114,182. 1,235 12,909
•/10 Jan. 1 *Holders of rec. Dec. 31
95,536 6,59
347
Penmans, Ltd., corn.(guar.)
2
Nat Butch & D
Feb. 1 Holders of rec. Feb. 5
500
152
4,386
534
71
3,515
24 297
Preferred (guar.)
1)4 Feb.
Amer Etch Nat 5,000 8,128
Holders of rec. Jan.d21
93,562 1,100 10,849
77,801 7,711 4,957
Pennsylvania Salt Mfg.(guar.)
51.25 Jan. 1 Holders of rec. Dec. 3Ia Nat Bk of Corn_ 25,000 39,449 303.623 1,391 32,996
248,726
_Philadelphia 4,Camden Ferry (guar.)
Pacific Bank_
Jan. 1 *Holders of rec. Dec. 28
•6
1,000 1,713
25,7711 1,384 3,694
21,3764 2.256
Special
*10
Chat&PhenNa 10,500 9,791 150,651, 6,248 17,864
Jan. 1 *Holders of rec. Dec. 28
120,504 27,387 6,554;
Phillips-Jones Corp., pref. (guar.)
Hanover Nat Bk 5,000 21,904 116,382
*1,‘ Feb. 1 *Holders of rec. Jan. 20
548 14,704 103,601__
100
Philadelphia Insulated Wire
52 Feb. 1 Holders of rec. Jan. 15a Corn Exchange. 9,075 12,92
178,114 7,20 21,867
157,221 24, 17
Pick (Albert) & Co.,core.(guar.)
40e. Feb. 1 Holders of rec. Jan. 2
National Park__ 10,000 24,050 168,311 1,18 17,217
130,934 6,139 7,869
New common
130. Feb: 1 Holders of rec. Jan. 2
East River Nat_ 1,000
932
15,440
453 1,646
11,545 2,974
50
Pittsburgh Coal, common (quar.)
1
Jan. 25 Holders of roe. Jan. 106 First National__ 10,000 55,943 284,263
607 25,56
191,863 21,081 7,483
Preferred (guar.)
134 Jan. 25 Holders of rec. Jan. 100 IrvIngBk-ColTr 17,500 11,419 256,5111 5,099 33,312
252,122 15,269
Inttsb. Plate Glass, corn. (extra)
5
Feb. 15 Holders of rec. Jan. 316 Continental Bk. 1,000
980
8,426.
136
938
Common (guar.)
2
Apr. 1 Holders of rec. Mar. 176 Chase National_ 20,000 23,250 334,9541 5,006 41,227 287,670
22,66 1,100
Common (guar.)
2
July 1 Holders
Fifth Avenue__
500 2,549
23,058
890 2,806
20,920
*)34 Jan. 19 *Holders of rec. June 16a Commonwealth_
Plymouth Cordage (guar)
of rec. Jan. 1
600 1,0
11,3811
3
1,258
9,544 1,1- -Prairie Oil& Gas(guar.)
*2
Jan. 31 *Holders of rec. Dec. 31
Garfield Nat.__ 1,000 1,642
15,278
450 2,199
14,755
Prairie Pipe Line (guar.)
2
Jan. 31 Holders of rec. Dec. 31a Fifth National_ 1,200 1,190
16,898;
274 2,347
16,975 1,252 249
Procter & Gamble,8% pref. (guar.)._
2
Jan. 15 Holders of rec. Dec. 24a Seaboard Nat__ 4,000 7,35
85,1011 1,145 10,229
77,957 1,81
61
Quaker Oats,common (guar.)
3
Jan. 15 Holders of rec. Dec. 31a Coal & Iron Nat 1,500 1,283
15,768
533 2,014
13,389 2.295 412
879
Preferred (guar.)
134 Feb. 29 Holders of rec. Feb. la Bankers Trust_ 20,000 24,019 254,675 1,318 28,075
*220,026 24,392
_
Realty Associates,common
52.50 Apr. 15 Holders of rec. Apr. 5
U S Mtge & Tr_ 3,000 4,431
47,734 1,074 6,051
42.804
First preferred
3
Jan. 15 Holders of rec. Jan. 5
Guaranty Trust 25,000 18,406 356,8471 1,629 38,069 *357,059 42,0
Second preferred
254 Apr. 15 Holders of rec. Apr. 5
Fidel-InterTrust 2,000 1,943
20,663!
503 2,483
18,147 2,04
Rickenbacker Motor (guar.)
2
Jan. 15 Holders of rec. Dec. 316 NY Trust Co__ 10,000 18,342 140,463
879 16,386
115,573 18,123
St. Joseph Lead Co.(guar.)
25c. Mar. 20 Mar. 9 to Mar.20
Metropolitan Tr 2,000 4,032
39,083
60
4,610
34,120 2,793
Extra
250. Mar. 20 Mar. 9 to Mar. 20
Farm Loan & Tr 5.000 16,354 125,108
61 13,174
*95,168 21,436 ___ _
qehulte Retail Stores. corn.(In pref. stk.) 0152
Mar. 1 Holders of rec. Feb. 150 Equitable Trust 23,000 9,986 228,519 1,957 27,574
*238,739 17,9051
&twill Manufacturing
Jan. 5 Holders of rec. Dec. 20
6
Securities Company
234 Jan. 15 Holders of
Total of averages 289,375440,3284,378,83 59,288497,966c3.635,350399.78032.
052
Smith (Howard) Paper Mills, corn.(qu.) 134 Jan. 21 Holders of rec. Dec. 31a
rec. Jan. 100
Preferred (guar.)
2
Jan. 21 Holders of rec. Jan. 100 Totals, actual co ndltion Dec.294,484.356 57,458485,502c3,715,415
401,93132,250
Southern States 011 (monthly)
100. Jan. 20 Holders of rec. Jan. 1
Totals, actual co ndition Dec.224,363,518 61,133
Spanish River Pulp & Paper Mills
Totals, actual co nditlon Dec.154,353,761 54,260 507,7 c3,686,352403
,34382.219
Common and preferred (guar.)
13,C Jan. 15 Holders of rec. Dec. 31
State Banks Not Me mbers of Fed'I Res've Bank.
Steel Co.of Canada,corn.& pref.(guar.) 134 Feb. 1 Holders of rec.
Greenwich Bank 1,000 2,3861 20,146 2,087 1,916
Jan. 5
21,156
7
Sterling Products(guar.)
$1
Feb. 1 Holders of rec. Jan. 12a Bowery Bank..
250
8641
5,565
368
456
2.S4
2,033
Stetson (J. B.) Co.,common
•53.75 Jan. 15 *Jan. 1 to Jan. 15
State Bank _ _ 2,500 5,049
92,723 4,000 2,061
31.874, 56,954
Preferred
*51
Jan. 15 *Jan. 1 to Jan. 15
Sugar Estates of Oriente. Inc., pref.(qu.) 2
Feb. 1 Holders of rec. Jan. 15a Total of averages 3,750 8,299 118,434 6,455
55,8741 58,9941
Sullivan Machinery (Mar.)
31
Jan. 15 Jan. 1 to Jan. 13
Teeopa Consolidated Mining
134c. Jan. 16 Holders of rec. Dec.
Totals, actual condition Dee.29 119,3941 6,432 4.123
7
56,502 59,0821
Tennessee Copper & Chemical (guar.)-- 250. Jan. 15 Holders of rec. Dec. 31
31a Totals,actual condition Dec.
6,681 4,796
55,273 58,852
Thompson (John It.) Co., corn.(mthly.) 25c. Fee. 1 Holders of rec. Jan. 23a Totals, actual condition Dec.22 117,31
15 116,497 6.198 4.908
Common (monthly)
25e. Mar. 1 Holders of rec. Feb. 236 Trust Compan lea Not Members of Fed I Res'y e Bank. 55,603 58,693
Tobacco Products Corp.. common (qu.)13.4 Jan. 15 Holders of rec. Jan.
Title Guar do Tr 10,000 13,964, 53,1271 1,445 3,462
32,492 1,463
Transue & Williams Steel Forg.(guar.)_ 750. Jan. 15 Holders of rec.dDec. 26 Lawyers'Tit dr T 6,000
5,715 25,856
31a
911 1,528
15,577
707
Tuckett Tobacco, Ltd.. corn.(quar.)
1
Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
13 Jan. 15 Holders of rec. Dec. 31
Total of averages 16,000 19,680: 78,983 2,356 4,990
48,069 2,1701
Turman 011 (guar.)
30c. Jan. 20 Holders of rec. Dec. 31
Union Bag & Paper Corp.(quar.)
114 Jan. 15 Holders of rec. Jan. 56 Totals,actual condition Dec.291 78,083 2,415 4,921
47,714 2,1431
Union Buffalo Mills, first preferred
3)4 May 15 Holders of rec. May 8a Totals,actual condition Dec.22, 78,640
47,5961 2,179
Beoond preferred
234 May 15 Holders of rec. May 80 Totals,actual condition Dec. 15, 79,820 2,377 4,901
2,437 5,00
49,329 2,164
United Alloy Steel, common (quar.).... 750. Jan. 10 Holders
of rec. Dec. 250
Preferred (guar.)
1f4 Jan. 10 Holders of rec. Dec. 250 Gr'd aggr., aver.309,125468,3074,576,256 68.099507,389
3,739,293 460,94432,052
United Drug, first preferred (guar.).
8734e Feb. 1 Holders of rec. Jan. 15a Comparison with prey. week ...1 +14,784
+844 +9,0
-29,939, -2491 +83
United Fruit(guar.)
2
Jan. 15 Holders of rec. Dec. 20
Extra
2
Jan. 15 Holders of rec. Dec. 20
Grange?., oat cond'n Dec.294,681,863 66,302494,546 3,819,631
Quarterly
2)4 Apr. 1 Holders of rec. Mar. 6
Comparison with prey. week..'+122383-3,889-12,604 +77,484 463,156 32.250
+2.2831 +396
Quarterly
214 July 1 Holders of rec. June 6
Quarterly
2)4 Oct. 1 Holders of rec. Sept. 6
Gr'd aggr., acel cond'n Dec.224,559,475 70.191507.150 3,742,147460,873
Quarterly
31,854
254 Jan2'25 Holders of rec. Dec. 6
Gr'd aggr., act'l cond'n Dec.15 4,550,078 62,895 517,66 3,791,284
United Gold Mine
464,204
•le. Feb. 1 'Holders of rec. Jan. 31
Gr'd aggr., aa't cond'n Dec. 84.518.771 59,575521,308 3,759,070 458,795 32,219
United Shoe Machinery, core. (qUar.)-- 500. Jan.
31 ,881
5 Holders of roe. Dec. 18
Gr'd aggr., act't cond'n Dec. 14.561,185 58,158516,300 3,816,212
Preferred (guar.)
3754c Jan. 5 Holders of rec. Dec. 18
Gr'd aggr., acamond'n Nov.244,503,415 56,515501.869 3,727,781 455,874 31,924
United Verde Extension Mining (guar.). 31
448,486
Feb. 1 Holders of rec. Jan. 3
Gr'd aggr., acrticond'n Nov.17 4,510,059 55.148 521,555 3,759,149449,471 32,113
U. S. Can, common (guar.)
32,015
75e. Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
Note.
-U. S. deposits deducted from net demand deposits in the
U.S.Finishing,common(guar.)
*2
Jan. 15 *Holders of rec. Dee. 20
above were as follows: Average total Dec. 29, S45.011,000; actual general total
U.S. Industrial Alcohol, pref. (quar.)
totals Dec. 29
134 Jan. 15 Holders of rec. Dec. 310 343,364,000; Dec. 22,836,518,000; Dec. 15, $6,315,000;
United States Radiator, prof.(guar.).
Dec. 8,86,314,000; Dec. 1.
154 Jan. 15
$9,283,000. Bills payable, rediscounts. acceptances and other liabilities,
U.S.Smelt., Rena.& Min.,pref.(guar.) 87540. Jan. 15 Jan. 1 to Jan. 15
for week Dec.29,$515,774,000; Dec.22,3456,385,000; Dec.15.8455,333,00 average
Holders of rec. Jan. 7
Universal Pipe & Radiator. Prof.(No. 1) 154 Feb.
0; Dec.8.
1 Holders of rec Jan. 15a $432,556,000; Dec. 1,5442,326,000. Actual totals Dec. 29.
Ventura Conn.'. 011 Fields (goar.)
5535,639,000: Dec.
500. Feb. 1 Holders of rec. Jan. 15
5499.229,000; Dec. 15,$475,737,000; Dec. 8,8448.044,060: Dec. 1,3436,364.00 22,
Victor Talking Machine, corn.
0.
2
Jan. 15 Jan. 1 to Jan. 6
*Includes deposits in foreign branches not included in total footings
Preferred (guar.)
131 Jan. 15 Jan. 1 to Jan. 6
National City Bank. 3117,896,000; Bankers Trust Co., $11,186,000: as follows
Vulcan DetinnIng, of,& pt. A
Guaranty
154 Jan. 20 Holders of rec. Jan. 9a
Trust Co., 379,373,000; Farmers' Loan & Trust Co., $297,000; Equitable
Warner(Charles) Co.of Del., corn.(gu.) 40c. Jan. 15
Trust
Holders of rec. Dee. 316 Co., $30,204,000. Balances
First and second preferred (quar.)__
carried in banks In foreign countries as reserve for
154 Jan. 24 Holders of rec. Dec. 310 such deposits
were: National City Bank, $17,893,000; Bankers Trust Co., $1,958.Weber & Heilbroner, pref. (guar.)
154 Mar. 1 Holders of rec. Feb. 20a 000: Guaranty
Westinghouse Air Brake(guar.)
Trust Co., $9,347,000; Farmers' Loan & Trust Co., $297,000;
$1.50 Jan. 31 Holders of rec. Dec. 31a table Trust
Co., 54,241,000. c Deposits in foreign branches not included. EquiWestinghouse Elec.& Mfg.. corn.(guar.) $1
Jan. 31 Holders of rec. Dec. 310
First preferred ((Flit51
Jan. 15 Holders of rec. Dec. 3I0
The reserve position of the different groups of institutions
White Eagle Oil & it"
500. Jan. 20 Holders of rec. Dee. 310
Westchester Title & Trust Cu
5
Jan. 5 Ifoldesr of rec. Dec. 31
on the basis of both the averages for the week and the actual
Winchester-Hayden, Inc, Peet (guar.)_
154 Jan. 25 Holders of rec. Jan. 256
condition at the end of the week is shown in the following
Wrigley (William) Jr. & Co.
New no par value stock (monthly)
25e. Feb. 1 Holders of rec. Jan. 200 two tables:
New no par value stock (monthly) 250. Mar. I Holders of rec.
New no par value stock (monthly)- _ 25e. April 1 Holders of rec. Feb. 20a STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Mar.20a
Yellow Cab Mfg.,Chula B (monthly)_
412-3e Feb. 1 Holders of rec. Jan. 210
AND TRUST COMPANIES.
Class B (monthly)
412-3c Mar. 1 Holders of rec. Feb. 200
•From unofficial sources. t The New YvrIt Stock Exchange has ruled that
will not be quoted ex-dividend on this date and not until further notice. stock
t
New York Curb Market Association has ruled that stock will not be quotedThe
exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. 0 Correction. e Payable In
stock.
Payable In common stock. ft Payable In sat). lo On account of
accumulated
dividends. m Payable in preferred stock. n Payable in Canadian funds.
o Transfers received in London up to Jan. 1 1924 will be in time to enable
transferees to receive dividend.
r Subject to approval by stockholders.
t Temporary Injunction has been obtained restraining the Payment on Dec. 20 of
the U. S. Cast Iron Pipe & Foundry Common and Preferred dividends.
a New no par value stock to be issued in Dec. 1923 in place of the old $25 par stook,
the monthly dividends of 50 cents a share and 25 cents a share extra on the old stock
declared for payment In 1924 being all rescinded.
o Correction; stated In previous Issue as 20%.
x Ail back dividends also declared for payment Jan. 1 1924.
Averages.
Cash
Reserve
Reserve
in
In Pauli. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companies..
Total
Total
Total
Total
Dec. 29_ _ _
Dec. 22_ _ _
Dec. 15..,..,
Dec. 8_ _ _
6,455,000
2,358,000
Total
Reserve.
•
Reserve
Required.
Surplus
Reserve.
3
5
$
497,966,000 497,966,000 484,588,900 13,377,100
4,433,000 10,888,000 10,057,320
830,68
0
4,990,000 7,346,000 7,210,350
135,650
8,811.000 507,389,000 516,200,000 501,856,570 14,343.430
8,665,000 498,331,000 506,996,000 505.719,660 1,276,340
8.495,000 505,092,000 513,587,000 504,020,550 9,566,450
8,441,000 502,084,000 510,525,000 504,828,200 5,696,800
Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits
In the case
and trust companies, but In the case of members of the Federal of State banks
Includes also amount in reserve required on net time deposits, which Reserve Bank
was as follows:
Dec.29,$11,993,400: Dec.22,512,007.410; Dec.15,$12,105,150:flee. $11,988,270.
8,
Actual Figures.
Reserve
Cash
In
Reserve
in Vault. Depostiaries
Members Federal
Reserve banks_
State banks.
Trust companies_ _
Total
Total
Total
Total
[Vol,. 118.
THE CHRONICLE
62
Dec. 29____
Dec. 22___ _
Dec. 15____
Dec. 8_-__
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
$
485,502,000 485,502,000 495,061,880 x9,559,880
384,640
6,432,000 4,123,000 10,555,000 10,170,360
178,900
2,415,000 4,921,000 7,336,000 7,157,100
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
8,847,000 494,546,000 503,393,000 512,389,340
9,058,000 507,150.000 516,208,000 502,189,940
8.635.000 517,665,000 526,300,000 508,734,060
8,508,000 521,308,000 529,816,000 504,269,070
x8,996,340
14,018,060
17,565,940
25,546,930
* Not members of Federal Reserve banks.
b This is the reserve required on net demand deposits in the case of State banks
Bank
and trust companies, but in the case of members of the Federal Reserve
includes also amount of reserve required on net time deposits, which was as follows:
Dec.29,$12,057,930: Dec.22,$11,995,260: Dec. 15,$12,100,410; Dec.8,$11,943,x Deficit.
540.
Dec. 19
1923.
Dec. 26
192.3.
Changes from
precious week.
Jan. 2
1924
$
57.300,090 57,300,000
57,300,000 Unchanged
Capital
81,0110.090 83,491,000
83,688.000 Unchanged
Surplus and profits
Loans, disc'ts 6c investments- 854,158,000 Dec. 3,336,03 857.504,000566,709.000
612.991,000 Inc. 15,914.000 597,077,0001612,117,000
Indivictual deposits,Incl.0
121,476,000 Inc. 13,227.000 104.244.000110,340,000
Due to banks
60.003 120,0114.000 126.803000
2
•
126,344,000 Inc.
Time deposits
17,719,000 De:. 2.812.0001 20,511.000 16,507.000
United States deposits
Exchanges for Clearing House 36,715,000 Inc. 10.014,000 23.031.000 29,557,000
74,271.000 Inc. 4.471,000 65.800,000 7..161.000
Due from other banks
69,812,000 Inc. 2,153,006 57,651.0110 69.381.000
Reserve In Fed. Res. Bank
Cash in bank and F. R. Bank 10,838.090 Dec. 1.073,030 11,911.000 11,333.000
Reserve excess in bank and
0911 000
654.000
334 003
,
832.030 To .
Federal Reserve Bank_
-The Philadelphia Clearing House
Philadelphia Banks.
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly return for the week ending D 2.with comparative figures
House.
figures showing the condition of State banks and trust com- for the two weeks preceding, is given below. Reserve
panies in New York City not in the Clearing House as follows: requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER to be kept with the Federal Reserve Bank. "Cash in vaults"
CLEARING HOUSE STATEMENT.
NEW YORK, NOT INCLUDED IN
is not a part of legs,1 reserve. For trust companies not mem(Figures Furnished by State Banking Department.)
Differencesfrom bers of the Federal Reserve System the reserve required is
Previous week.
Dec. 29.
10% on demand deposits and includes "Reserve with legal
1813,804,400 Dec. $288,500
Loans and investments
3.279,000 Dec. 519,000 depositaries" and "Cash in vaults."
Gold
24.132,600 Inc. 1,491,700
Currency and bank notes
70,754,700 Dec. 2,124,500
Deposits with Federal Reserve Bank of New York
850,341,000 Dec. 2,088,300
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 800,028,800 Inc. 1,415,000
132,250,200 Dec. 3,418,900
Reserve on deposits
Percentage of reserve, 21.9%.
RESERVE.
-Trust Companies
-State Banks167,327,000 15.50%
*330.839,300 16.73%
CashIn vault
24,733,800 05.69%
banks and trust cos___ 9,350.100 05.07%
Deposits in
392,060,800 21.19%
$40,189,400 21.80%
Total
•Include deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Dec. 29 was $70,754,700.
Week ending Dec. 29 1923.
Two Ciphers (00)
omitted.
Trust
Membersof
F.R.System Companies
Dee. 15
1923.
Dec. 22
1923.
1923.
Total.
139,875,0 $5,000,0 $44,875.0
Capital
108,274,0 15,513,0 123,787,0
Surplus and profits
Loans, disc'ts & investm'ts 695,264,0 43,037.0 738,301,0
625,0 37,581,0
Exchanges for Clear.House 36,956,0
22,0 100.877,0
100,855,0
Due from banks
985,0 118,487,0
117,502.0
Bank deposits
526,306,0 25.643,0 551,949,0
Individual deposits
1,020,0 60,414,0
59,394,0
Time deposits
703,202,0 27,648.0 730.850.0
Total deposits
12,817,0
U.S. deposits (not Incl.).
2,996,0
2,996,0
Res've with legal deposit's
55,016,0
55,016,0
Reserve with F. R.Bank
1,220.0 12,547,0
11,325,0
Cash in vault
4,218,0 70,559,0
Total reserve and cash held 66,341,0
3,948,0 59,435.0
55,487,0
Reserve required
270.0 11.124,0
Excess res. & cash in vault 10,854.0
* Cash in vault not counted as reserve for Federal Reserve
344,875,0
123,787.0
741,899,0
33,880.0
104,089,0
116,413,0
554,621,0
61,333,0
732,367.0
13.700.0
3,006,0
54,777,0
13,277.0
71,060,0
59,450.0
11.610.0
members.
$44,875,0
123,787,0
740,389,0
31.756,0
103,869,0
117.792,0
560.174,0
60,739,0
738,705.0
1,028,0
3,734.0
55,754,0
12,603,0
72,091,0
60,333,0
11,758.0
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Condition of the Federal Reserve Bank of New York.
Clearing House are as follows:
--The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jaq. 2 1924 in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
comparison with the previous week and the corresponding
GREATER NEW YORK.
date last year:
Jan.31923.
*Total Cash
in Vaults.
Loans and
Incestments.
Week endedSept. 8
Sept. 15
Sept. 22
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov.24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
rt.. 20
Demand
Deposits.
$
5.299,993,700
5,305,103,700
5,343,149,700
5.351,110.900
5,389,173,500
5,353,284,200
5,355,546,100
5,350,666,100
5,373,050,300
5,337,904.700
5.336,645,600
5,313,324,400
5,342,550,200
5,335,770,100
5,323,809,000
5.375.564.900
5.390.060.400
$
4,380,653,300
4.404,072,200
4,458,769,600
4.422.478.500
4,488.842.200
4,461,182,100
4,503,826,700
4,495,610,900
4,533,531,000
4,522.471,900
4,561,107,300
4,553,358.100
4,502,572,400
4,558,091,100
4,555,017,600
4,567,845,800
4.523.321.5110
$
79,476,700
82,333,900
79,777.500
79,056,100
80.036,500
82,900,900
83,304,800
81,105,600
80,947,800
84.949,200
85.487,900
81,487,500
83,180,100
85,764,500
89,977,000
93,693,900
05 510 600
Reserve in
Depositaries.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
-that 4s, three ciphers [0001 omitted.)
(Stated in thousands of dollars
1 Net Loans
Nat'l
Net
Reserve Net
aiiiital.Profits. DiaCLEARING
with Demon, Time Bank
counts. Cash
RON-MEMBERE
De- CircuDeLegal
54at.bks. Sep.14 Invest- in
Week Ending ttatebka.Nv.ia menu, Vault. Deposi posits. Vatic lotion.
tortes.
&c.
Dec. 29 1923. Fr.cos. Nov.1
Total
State Banks
Not Members of
Fed'IRes've Ban
Bank of Wash.II
.71elonial Bank
Total
Crust Compact)
Not Member of
Fed'i Ree've Bank
iggeb.Tr..Bayonne
Total
Average Average Average Averag Averag Average
$
$
$
$
$
$
$
I $
2.593 4,886 -13
550
500 1,6261 9,081
500
1,6261 9,081
550
2,593
4,886
200
800
389 6,279
2,302 22,000
742
2,583
328
1,316
5,472
21.289
1,476
1,000
2,691 28,279
3,325
1,644
26,741
280,640,548
583,618,940
9,222,606
245,108,688
608,673,840
10,194,903
316,035,000
658,892,000
9,588,000
873,482,095
24,477,674
883,975,432
21,246,794
984,515,000
29,055,000
897,959,769
12,317,880
885.222,226 1,013,570,000
11,529,000
9,937,232
184,133,500
35,460,072
89,991,311
158,190,000
46,766,404
90,052,013
169,695,000
15,889,000
51,797,000
309,584,884
30,105,450
295,008,418
11,248,750
237,381,000
44,163,000
296
136
2,723
5,715
296
136
2,723
-- --
--- -
8,072,500
11,150,000
77,205,000
347,762,834
Total earning assets
13,298,062
Bank premises
5% redemp.fund agst. F.R.bank notes.
154,142,172
Unoollected Items
2,202,554
All other resources
317,407,168
14,527,748
358,749,000
10,101,000
121,205,997
1,359,374
178,108,000
2,088,000
Total resources
1,427,683,273 1,349,859,748 1,574,145,000
Liabilities
29,454.300
Capital paid in
59,928,987
Surplus
Deposits
7,392,288
Government
-Reserve account-- 758,989,878
Member banks
16,629,059
All other
783,011,224
Total
419,226,103
F. R. notes in actual circulation
F. R. bank notes In circu'n-net liability
134,180,333
Deferred availability Items
1,882,345
All other liabilities
Total liabilities
29,439,300
59,799,523
28,688,000
59,800,000
9,202,772
705,484,880
10,792.752
241,000
741,930,000
12,284,000
725,480,405
428,578,921
754,455,000
597,350,000
100,863,765
5,497,833
131,992,000
1,860,000
1,427,683,273 1,349.659,748 1,574,145,000
Ratio of total reserves to deposit and
74.7%
F. R. note liabilities combined
Contingent liability on bills purchased
6,588,748
for foreign correspondents
•Not shown separately prior to January 1923.
76.7%
75.0%
6,110,523
12,130,376
1,476
CURRENT
500
407
8,807
500
407
8,807
2,000 4,724 46,167
3rand aggregate
Xwaparlson with .revious week..- -314
3r'd agar., Dec.22
led aggr., Dec.15
1r'd aggr..Dec. 8
,
1, e soor..Dec. 1
13
117,648,100
198,387,000
$
584,092.300
Total gold held by bank
591,433,500
601,935,000 Gold with Federal Reserve Agent
587,768.500 Gold redemption fund
602,701.800
Total gold reserves
598.292,700
600,034,000 Reserves other than gold
599,275,700
Total reserves
608,669,300
612,693.900 'Non-reserve cash
616.672,200 Bills discounted:
Secured by U. S. Govt. obligations608,185,800
All other
612.246,900
Bills bought in open market
609,403,800
609,685,200
Total bills on hand
607,561,200
612 227.600 U. S. bonds and notes
U. S. certificates of indebtedness
One-year certificates (Pittman Act)....
All other
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:
Members of
Yedl Res've Bank
W.R.Grace & Co.
Jan. 2 1924. Dec.261923.
Resources
168,215,004 168,220,306
certificates
Gold and gold
76,886,381
Gold settlement fund-F.It. Board-- 112,425,543
2,000
2.5 i I
2 i1i
2.' i 5
4.724
4,580
4,580
4.580
46,481
46,993
46,504
45.841
5,715
----
3,634 2,330 232,057 12,077
-6 -102 -781 +293
-- -
11,784
11,457
11,328
11.571
--- ---_-
3.640
3,809
3,829
3.618
2,432
2,595
2,795
2.378
a32,838
034,027
a33,772
232,171
a United States deposits deducted, $81.000 other liabilities. $153,000.
Bills payable. rediscounts, acceptances and
Excess reserve, $13,460 increase
--- -
NOTICES.
-Clark, Dodge & Co., New York, have prepared a special review and
analysis on the above Company covering 15 pages. The booklet covers the
organization of the Company, its connections with the Royal Dutch-Shell
combine, a description of its properties as well as a statement of earnings
for the past six years.
-Joseph W. Burden, Russell E. Sard, Frederick M. Van Wicklen and
John B. Pitney are retiring from the trim of Prince & Whitely. The
business will be continued by James R. Branch, Robert H. Gamble and
Archibald F. McLiesh.
-Brown Brothers & Co. have prepared for distribution their January
circular describing various issues of tax exempt and corporation bonds yield_
but from 4.30% to 7.82%•
JAN. 51924.]
63
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon,Jan. 3,and showing the condition
of the twelve Reserve Banks at the clese of business on Wednesday.' In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Amounts (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 29, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 2 1924.
Jan. 2 1924. Dec. 26 1923 Dec. 19 1923. Dec. 12 1923. Dec. 5 1923. Nov. 28 1923. Nov. 21 1923. Nov. 14 1923. Jan. 31923.
$
347,890,000
588,954,000
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Tota gold reserves
Reserves other than gold
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. B Govt. obligations....
Otherbills discounted
Ms bought in open market
341,401,000
553,604,000
348,584.000
541,011,000
387,158,000
584,501,000
358,847,000
647,658,000
359,568.000
587,079,000
$
376.216,000
600,741.000
388,047,000
584,046,000
272,504,000
550,126,000
916,844,000 895,005,000 889,595,000 951,659,000 1,006,505,000 946.647,000 976.957.04,0 972.093,000 822,630.000
2,109,715,000 2,109,814,000 2,140,445,000 2,100,895,000 2.055,625,000 2,104,845.000 2,098,784,000 2,107,168.000 2,165,627,000
61,194,000
59.715.000
54.748,000
56,009,000
60,944,000
63,085,000
66,108,000
61,095,000
57,327,000
3,083,886,000 3,070,927,000 3,091,135.000 3,115,839,000 3,118,139,000 3,112.436,000 3,135.458,000 3,134.009,000 3,049,451,000
77,425.000
75,370,000 113,319,000
79,516,000
84,846,000
78,010,000
87,984,000
66,589,000
72,303,000
3,171,870,000 3,137,516,000 3,163,438,000 3,193,649.000 3,197,655,000 3.197,282,000 3,212,881.00 3,209,379,000 3,162,770,000
94,565,000
72,880,000
71,881.000
58,754,000
68,460,000
67,612,000
84,548,000
69,661,000
67,573.000
351,483,000
276,162,000
255,182,000
1,145,068,000 1.193,566,000 1,072,575.000 1,091,311,000 1,044,633,000 1,083.385,000 1.030,742 000 1,059.562,000
88,332.000
78.657,000
70,384,000
71,341,000
77,182,000
88,835,000
72,957,000
109,288,000
5,031.000
11,663.000
20,911,000
13,119,000
19,112,000
17,355,000
15,323,000
8,292,000
51,000
317.000
154,000
154.000
51,000
51,000
51,000
51,000
Total bills on hand
U. S. bonds and notes
U. EL certificates of Indebtedness
Municipal warrants
373,536,000
417,576.000
268,450.000
882,827,000
182,315,000
274,239,000
39,000
422,764,000
375,119,000
347,185,000
441,842,000
415,309,000
336,415,000
385,425,000
364,771,000
322,379,000
363,293,000 359,078,000
398,635,000 387,185.000
329,383,000 398,370.000
382,643,000
411,738,000
289,004,000
341,635,a.0
404,553 000
284,554,000
1,271,762,000 1,297,775,000 1,153,875.000 1,187,658,000 1,138,082,000 1,167,999,000 1,104,156.000 1,150,199,000 1,339,420,000
Total earning assets
45,281,000
56,559.000
56,162.000
56,715,000
56,649.000
56,458,000
57,105,000
53,998,000
56,951,000
Bank premises
2,097,000
28.00
28,000
28,000
28,000
28,000
28,000
28,000
28,000
• redemp.fund aget. F.R. bank notes
679,216,000 591,608,000 734,270,000 683,968,000 843,289.000 603,579,000 680,640,000 787,899.000 770,070,000
Unoollected items
15,506,000
13,828,000
13,945,000
14,602.000
13,987,000
14,860,000
15,515,000
15,684,000
15,835,000
All other resources
5,260,282,000 5,169,377,000 5,188,625,000 5,204,229,000 5,116,831,000 5,098.278,000 5.139.973.000 5,290,472,000 5,429,709,000
Total resources
LIABILITIES.
Capital Paid in
Surplus
Depoalte-Government
Member bank-reserve tweet=
Other deposits
110,483,000 110,103,000 110,156,000 110,142,000 110,114,000 110,095,000 110,103,000 110,023.000 107.450,000
220,915,000 218,369.000 218,369,000 218,369,000 218.369,000 218,389.000 218,369.000 218.369.000 218,369,000
6,630,000
34,803.000 26,072.000
44,911,000
30,065.000
42,811,000
26,612,000
56,695,000
11,334,000
1,963,874,000 1,874,486,000 1,849,596.000 1,923,505,000 1,884,010,000 1,881,025,000 1.891,027,000 1,913,355.000 1,942,749,000
75,394,000
24,380,000
21,429,000
22,765,000
24,165.000
20,572,000
30,229,000
21,556,000
21,922,000
Total deposits__
I.E. notes in actual circulation
F.R.bank notes In circulation--net
Deferred availability items
All other liabilities
2,050,798,000„
1,882,852,000 1,971,673,000 1,935,504,000 1,938,593,000 1,941,479.000 1,982,431,000 2,024,773,000
2,245,230,000 2,340,375,000 2,296,436,000 2,266,831,000 2,252,598.000 2,248,300.000 2,223,074.000 2,263,048.000 2,411.058,000
2,947,000
502,000
489,000
507.000
498.000
483,000
470,000
470,000
477,000
620,215,000 535,490,000 854,456,000 810,980,000 574,347,000 559,044.000 621.692.000 691,589,000 655,532,000
9,580,000
24,754.000
24,505.000
25,410.000
25,379,000
26,701.000
25,751,000
12,171,000
25,879.000
5,260,282,000 5,169,377,000 5,188,625,000 5,204,229.000 5,118,831,000 5,098,278,000 5,139,973.000 5,290,472,000 5,429,709,000
Total liabilities
Ratio of gold reserves to deposit and
67.4%
75.3%
74.5%
73.8%
74.4%
71.8%
74.0%
71.8%
73.5%
F. R. note liabilities combined
Ratio of total reserves to deposit and
71.3%
77.1%
76.4%
75.6%
76.4%
75.7%
73.3%
75.3%
73.8%
P. It. note liabilities combined
Contingent liability on bills purchased
25,045,000
33,912,000
18,373,000
35,709,000
24,655.000
17,808,000
19,010,000
17,888,000
18,366,000
for foreign correspondents
Distribution Si. Maturities
1-15 days bills bought in open market
1-15 days bills discounted
1-15 days U. B. certif. of Indebtedness..
1-15 days municipal warrants
16-80 days oille bought in open market_
16-430 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
111-60 days bills bought in open market.
111-80 days bills discounted
51-80 days U. S. certif. of indebtedness
51-80 days municipal warrants
61-90 days bills bought in open market.
61-90 days bills discounted
01-90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills diseounted
Over 60 days oertlf. of indebtedness
Over 90 days municipal warrants
103,719.000
528,800.000
17,259.000
10,000
65,164,000
70,082.000
1,000
31.000
103,904.000
84,867,000
92,000.000
506,804,000
20,188,000
113.000
51,144.000
72.584.000
1,000
31,000
96,973,000
92,131,000
10,000
58,640,000
58,171,000
1,022,000
10,000
48,641,000
50,519.000
10,000
52,538,000
48,257,000
4,663,000 . 7,477,000
29,598,000
28,751,000
9,417,000
5,346,000
7.955,000
27.660.000
1,852,000
5,665.000
26,487,000
724,000
133,892,000
467,376,000
4,510,000
31,000
67,873,000
57.915,000
117,289,000
612,660,000
5,123,000
31,000
65,124,000
64,310,000
99,634,000
522,264,000
1,924,000
10,000
68,180,000
63,229,000
10,000
90,550,000
76,892,000
10,000
94,220.000
84,069,000
31,000
88,448,000
77,781.000
10,000
49,711,000
67,280,000
5,734,000
10,000
55,119,000
68.514,000
783,000
5,160,000
28,420,000
7,111,000
88,265,000
542,731,000
9,881.000
90,994,000
489,878,000
2,818.000
41,031,000
45,431,000
73,420.000
73,512,000
1,466,000
2,558,000
10.000
113,000
85,172,000, 80,488,000
104.881,1100i 108,193.000
1,000
1,000,
31,000
31.000'
64,186.000
63,376.000
50,977.000
48,287,000
10,0001
6,760.000
24,970,000
679.000
10,000
7.855,0
00
23,720.000
746,000
$
84,358.000
520,155.000
9.289,000
266,000
43.170.000
84.621,000
61,380,000
110.911.000
1,375.000
10,000
69,118.000
54,847.000
1.000
31,000
10,426,000
20,578.000
998.000
10,000
97,524,000
443,297,000
100,383,000
26,000
45,049,000
43,826,000
68,309,000
61,399,000
6,000
37,180,000
49,550,000
66,616.000
6,000
7,120,000
29,573,000
107,238.000
1,000
Federal Reserve Nola
Outstanding
Reid by banks
2,805,972,000 2,838,398,000 2,793,837,000 2.755.949.000 2,732,743.000 2,719.721,0002.721.504.000 2,730,668,000 2,810,254,000
560,742,000 498.023.000 497,401,000 489.118,000 460,145.000 473,421,000 498,430,000 467.620.000 399,126,000
In actual circulation
2,245,230,000 2,340,375,000 2,293,436,000 2,266,831,000 2.252,594,000 2.240.300.000 2.223.074,000 2.263.048,000 2,413.058,000
Amount chargeable to Fed.Roe. Agent 3,633,851,000 3,646,647,009 3,630.501,000 3,607,858,000 3,801.797.000 3.602,159,000 3,614.813.000 3.595.957.00013,641,657,000
827,879,000 808,249,000 836,664,090 851,909.000 889.054.000 822,429.000 893.339,000 805.289.000i 873,403.000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,805,972,000 2,838,398,000 2.793,837,000 2,755,919,000 2,732.743.000 2.719,721.0102,721504,0(441 2.739.008,00012,810,254.000
326,584,000 326,584,000 327,084,000 320,084.000 320,534.090 320,534,000 320.534,(1)0 320,534.000 333,462,000
896,257,000 728,584,000 053,392,000 655,054.000 677,118,000 •014,875.000 622.720.000 823,5140,000 641,627,000
125,237,000 114,480.000 113,751.000 119,439,000 117,197.030 103.644,000 115.375.000 110,972.000 131,431,000
1,657,894,000 1,668,750,000 1,699,010.000 1.661.372,000 1,617.291.000 1,677,660,000 1.662.475.000 1,666.662.000 1,681,734,000
2,805,972,000 2,838,398,000 2,793.837.000 2,755,949,000 2,732.743.000 2,719.721.000 2,721.501.000 2.730.668.000 2,510,254,000
_
006.000 1.004,342.04lo 830,750,000
995.510.000 1.1436.334.000 089.
El•gible paper delivered to F. R. Agent. 1,082,313,000 1,136,703,000 1.019.129,000 1.035.364.000
•Not shown separately Drlor to Jan. 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF TRE 12 FEDERAL RUSERVE BANKS AT 411.04E OF BUSINESS JAN. 2 1924
Two ciphers(00) omI(408•
Boston. New Yong, P7400. Cleveland. Richmond Atlanta. Chicago Bt. Louts AS inneap Kan (A* Dallas. San Fran
Federal Reserve Bank of
$
$
$
S
s
s
$
$
s
s
s
s
RESOURCES.
20,059.0 168,215,0 33,529,0 12,120.0 5,468,0 6.082.0 50,955.0 5,147,0 8,823.0 3,136,0 11.773,0 21,973.0
Gold and gold certificates
Gold settlement fund-F.R.B'rd 54,818,0 112,428,0 26,407,0 81,394,0 35,028,0 16,936,0 111,537,0 33,085,0 22,105,0 33,032,0 12,811,0 42,845.0
Thud.
a
347,890,0
553,954,0
Total gold held by banks
Gold with F. It. Agents
Gold redemption fund
74.877,0
167.161,0
14,426,0
280,641,0 59,030,0 73,514,0 40.193,0 23,618,0 162,502.0 38.832.0 30,928,6 42,068,0 24.614,0 64,818,0 916,844,0
583,619,0 182,479,0 224,900,0 70,123,0 91,037,0 334,897,0 49,304,0 54,552,0 46,788,0 25,807,0 225,382,0 2,109,715,0
9,223,0 5,091,0 3,086,0 2,084,0 5,935,0 3,012.0 2,752,0 2,000,0 3,413.0 2,229,0 3,330,0
57,327.0
Total gold reserves
Reserves other than gold
256,484,0
3,736.0
873.483,0247,506.0 301,506,0 113,303,0 123,349,0 531,341.0 90.918.0 87,484.0 92,269,0 52,650,0 293,590,0 3,083,886,0
24,477,0 11,048,0 5,464,0 4,109,0 6,025,0 1,451.0 10,140.0 1.333,0 3,537,0 6,324,0 2,240,0
87,984,0
260.200,0
Total reserves
19,055,0
Non-reserve rash
Bills discounted:
Secured by U.S.GOvt.obligens 20,849.0
40,003,0
Other bills dIseoUnted
33,391,0
Bills bought in open market
897.960,0 258,554,0 308,970,0 117,412.0 129,365.0 500,712.0 101.048.0 83,809,0 95,856,0 53,974,0 295,830,0 3,171,870,0
67,573.0
12,318,0 1,248.0 5,200,0 3,390,0 4,979,0 7.666,0 3,855,0
733,0 3,168,0 2,720.0 3.183,0
Total bills on hand
049420
184,134,0 40,502,0 29,781,0 23.852,0 14,202.0 55.263,0 19,535,0 4,740,0 14,450,0
618.0 14,838,0
35,460,0 14,490,0 27,490,0 29,803,0 46,139,0 49,538.0 38.583,0 15.081,0 30.062,0 8,098.0 40,372.0
89,991,0 32,972,0 48.973,0 1,982.0 13,003.0 40,890,0
545,0 47.702,0 36.798,0
889,0
43,0
2110 Rag°
87 ORA
0 14(0904
A
RR 44270 72 RAA 01,1A 007 n
cia in, n
90 7111 n
4000711 064150
422,764.0
375,119.0
347.185.0
00.008.0 1_145.088.a
64
THE CHRONICLE
RESOURCES (Concluded)
Teo ciphers (00) omitted.
Bolton
U. S. bonds and notes
U. B. certificates of indebtedness_
Municipal warrants
Tote earning assets
Bank premises
5% redemption fund
F. R. bank notes
Uncollected items
All other resources
Nett York
Phila.
Cleveland. Richmond Atlanta. Chicago. Ett. Loafs. mission. Kan.CIO Donal. Ban Fran.
$
$
s
$
30,105.0 12,868,0 10,311,0 1,494,0
3,073,0
879,0 2,210,0, 371,0
S
4,746,0
1,313,0
100,302.0
4,312,0
[VOL. 118.
$
366,0
635,0
51,0
$
9,189,0
1,125.0
$
$
$
131,0 10,133,0 14,031,0
316,0
244,0
831,0
$
8,388,0
536,0
Taal.
s
s
9,526,0
822,0
109,288,0
17,355,0
51,0
347.763.0 101,711,0 118,765,0 57,502,0 74.396,0 156,011,0 58,808.0 31,087,0 59,919,0 63,342,0 102.356,0 1,271,762.0
13.298,0 1,111,0 9.097,0 2,528,0 2,664,0 8,284,0 1,345,0 2,103,0 4,595,0 1,911,0 2.770,0
53,998,0
againSt
28.0
28,0
154.142,0 65,079,0 65,749,0 58,172,0 27,038,0 76,058,0 35,579,0 15,020,0 37,571,0 29,833,0 45,692,0 879,216,0
2,202,0
505,0
403,0
500,0
180,0
285,0
145,0 3,524,0
592,0 3,236,0 4,134,0
15.835,0
453,281,0 1.427.883,0 427.881.0 506,341,0 239,509,0 238,845,0 809,076,0 200,620,0 141,336.0 201,701.0 160,044,0 453,985,0 5,260,282,0
69.283,0
129,0
Total resources
LIABILITIES.
Capital paid In
7,901,0
Surplus
16,390.0
Delmelta: Government
2,098,0
Member bank-reserve acol_ 132,517,0
Other deposits
649,0
29.454,0 9,941,0 12,334.0 5,802.0 4,429,0 15.185.0 5,009.0 3,498,0 4,551,0 4,192,0 8,187,0 110,483,0
59.929,0 19,927.0 23,691,0 11,872,0 8,950,0 30.426,0 10.072.0 7.484,0 9.496,0 7.577,0 15,301,0 220,915,0
7.392,0 3,810,0 4.838,0 1,734,0 3,403.0 12,967,0 4.582,0 3,618.0 3,526.0 3,750.0 4,977,0
56,695.0
758,990,0 117,974,0 158,447,0 64,874,0 80,294,0 276,354,0 69,645,0 48.202,0 72,620,0 56,886,0 147,071,0 1,963,874,0
16,829,0
201,0
708,0 2,525,0
225,0 1,797,0
401,0
601,0 1,201,0
571,0 4,721,0
30,229,0
783,011.0 122,492,0 165,810,0 66,809,0 63,922,0 291,118,0 74,628,0 52,421,0 77,347,0
156,769.02,050.798,0
419,226,0 218,453,0 241,114,0 103,278.0 141,413.0404,255.0 75.606,0 84,818,0 67,068,0 61,207,0 227,748,0 2,245,230,0
52,661,0
Total deposits
135,264,0
F R.notes in actual circulation__ 229,594,0
F. R. bank notes In circulation
net liability
Deferred Availability items
63,857,0
All other liabilities
275,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined. per cent
Contingent liability on bills put°based for foreign correspond'ia
470.0
470,0
134,180,0 56,748,0 62,279,0 51,314,0 19,081,0 66,798,0 34,772.0 12,015,0 42,614,0 32,221,0 44,338,0 620,215,0
1,883,0
630,0 1,050,0 1,296,0
320,0 1,113,0
533,0 1,102,0
625,0 1,716,0 1,622,0
12,171,0
453,281,0 1.427.683,0427,881.0 508,341,0 239,509,0 238,845,0 809.076,0290,620.0 141,338,0 201.701,0 160,044,0 453,965.0 5,260,282,0
71.3
74.7
75.8
75.4
69.0
63.0
80.6
67.3
A 007 II
1 RIR A
0 /1./ 11
052R 0
770 0
0 IlArl 11
070 ll
75.8
Adel I
66.4
51.8
78.9
73.8
017 11
ACIA IN
1 e411 is
In .....1.1
•
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JAN 2 1924.
Federal Reserve Agent 05
-
Boston. New York Ma. Cleve. Rielinfd Atlanta Chicago. BC L. Mins. IC.City. Dallas. Saw h. TOW.
Resources
(In Thousands of Dollars)
$
Federal Reserve notes on hand
78,050
Federal Reserve notes outstanding
254,598
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
13,861
Gold Fund-Federal Reserve Board
118,000
Eligible paper!Amount required
87 437
tEx0eaa amount held
6,806
$
$
$
$
$
284,620 38,400 62,120 29,530 71,942
712,170 255,247 272,598 115,951 157,115
$
$
$
$
$
8
$
126.440 22,740 12,075 29,153 26,009 57,800 827.879
480,058 92,199 89,388 80,412 58,651 277,6052,805,972
235,531 14,000 8,780
2,400
32,088 12,590 15,126 3,828 7,237
316,000 155,889201,000 68,295 85,000
128 551 72,788 47,892 45,828 62,478
150,507 1,138 47,377 6,708 10,732
10,130 13,052
7,391
326,584
8,253 3,234 1.500 3,428 3,916 20,176 125,237
376,844 30,000 40,000 43,360 14,600205,208 1.657,894
75.161 42.835 14,816 33,024 32,844 62,223 898,257
70,337 15,178 4,012 11,222 22,717 39,324 386,058
Total
594,052 1,859,487 550,030 844,693 268.140396.904 1,116,893 222,318 154,823 201,199 105,028 652.334 6,825.879
LiabattiesWet amount of Federal Reserves notes received from
Comptroller of the Currency
332,648 990,790 293,847 324,718 145,481 229,057 586,498 114.939 81.443 109,585 83,680 335,405 3,633,851
Collateral received from!Gold
107,161 583,619 182,479 224,906 70.123 94,837 384.897 49,384 54,552 48,788 25,807 225,382 2,109,715
Federal Reserve BanklEllgIble paper
94,243 279,058 73,904 95,089 52,536 73.210 145,498 58.013 18,828 44,846 55,581 91,547 1,082.313
Total
594,052 1,859,467 550,030 644,6931288,140 396,904 1,110,893 222,316 154,823 201,199 185.028 652,334 8.825,879
Federal Reserve notes outstanding
Federal Reserve notes held by banks
254,598
25,004
712,170 255,247 272,598 115,951 157,115
292,944 38,794 31,4841 12,675 15,702
460,058 92,199 89,388 80,412 58,651 277,6052,805,972
55,803 16,593 4,552 13,344 5,990 49,857 560,742
229.1504
Federal Reserve noted in actnal circulation
419226 218.453 241.114403.27R 141.413
4042815 78.606 64.816 67.086 152881 227 74R 2 245 230
Weekly Return for the Member Banks of the Federal Reserve System.
Followiug is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 764 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" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 30.
1. Data for all reporting member banks In each Federal Reserve District at close of business Dec. 26 1923.
Three ciphers (0041) omitted.
Federal Reserve Metrict.
Boston
New York
Phila.
Cleveland Richmond Atlanta
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
$
$
13.322
78,759
230,961 1,649,472
635,174 2,470,903
80
76
$
$
15,403
28,673
265,403 408,263
340,962 684,602
$
9,966
122,113
333.041
Total loans and discounts
U.S. pre-war bonds
U. S. Liberty bonds
U. 13. Treasury bonds
U. S.'treasury notes
U. R. Certificates of Indebtedness_
fiber bonds, stocks and securities...
879.457 4,199,134
12,731
49,003
76,788 449,948
3,398
25.867
21,444 473,938
7,219
28,087
170,441 755,773
621,768 1,121,598
10,894
48,411
43,337 109.174
3,088
4,585
45,630
53,023
6,147
8,376
185,397 300,836
43
112
55
39
Chicago St. Louts Mimeo% Kan. City
106
Dallas
Saw1Pras.
Total
5
s
9,275
30,332
68.742 592,150
370,678 1,128,938
35
28
73
3
12,008
149,540
311.688
3
3,914
41,981
194.484
$
0,040
80.880
341,255
784
$
$
$
3.190
11,483
228,365
64,648 185.509 3.857,662
226.030 810,614 7,848,307
465,120
28,795
27,952
2,941
14.892
4,196
50,061
448,595 1,757.418
14,582
24,785
14,772 102.090
1,878
12.557
6.200 129,455
9,116
21,383
42,480 349,770
473,218
15,293
22,887
8,919
17.383
8,827
87,658
240,379
9,161
12,373
955
28.779
2.572
28,746
428,175
.11,531
45,493
3.858
10,227
3,055
59,413
293.868 1,007,606 11,934,334
20,481
30,093
275,460
15.225
98,240 1,016,279
1,963
13.043
81,052
15,034
852,965
38.960
6.759
123,464
17,947
14,141 161,595 2,206,111
Total loans & diec'ts .fe investmle. 1,171,478 5,981,730 910,061 1,645,803 993,957
Reserve balance with F. R. bank
79,260 635222
69,318 104.262
33,203
Dash in vault
25,518 103,338
19,902
37,670
17,202
Ret demand deposits
788,151 4,701,075 671.953 868,188 339,153
Time deposits
266,077 895,284 114,593 607,724 150.444
Government deposits
18,099
54,912
14,744
25,580
6.216
Sills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
12.124 129,524
19,369
17,828
21,780
All other _
42.943
36.298
9.645
24.597
17.211
535,623 2,391,458
32.111 201,796
13,772
67,630
270,848 1,470,801
180.701 801,341
10,284
19,185
631,883
39,874
9,686
342.263
189,793
3,161
322.965
21.085
7,428
197,019
85,309
2,294
567,752
43,661
14,328
396,110
132,672
1,738
387,471 1,363,484 18,489,665
26,854
92,026 1,378,672
12,341
26,839
355,454
257,638 730,864 11,034,069
83,038 585,053 4,072,029
7,897
185A8
18,848
37,065
9,752
22 R2A
5,290
A 241
15,651
22657
2,248
17 04/0
0 0.40
10,355
20.165
52
65
18534
....•‘..y..
305,520
nanImITI
3. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting
banks.
IS,.. ciphers (000) mattlarl.
Number of reporting banks
Leans and discounts, gross:
Secured by U.S. Govt. obligati
Secured by stocks and bonds
AU other loans and dlecounta
Ness York City.
City of Chicago.
AU P. R. Bank Cities.F. R. Branch Cities Other Selected Cities,
Dec. 28. Dec. 19. Dec. 20. Dec. 19. Dec. 26.
Total.
Dec. 19. Dec. 26.1 Dec. 19. Dec. 20. Dec. 19. Dec.26'23Dec. 10'23Dec.27'22
67
67
49
257
48
257
203
203
304
304
782
764
704
s
$
$
$
$
$
5
$
$
$
$
$
$
88,381
71,0
27,242 28,585 150,579 149,018 40,814 40,182 36,972 35,613
225,413 290,281
228,38.
1,455,128 1,428,794 440,290 436,642 2,723,746 2,695,299 813,949 616,605 519,967
518,097 3,857,802 3,830,001 3,774,775
,157,752 2,179,276 662,391 803,202 4,816,873 4,855,0691,658,494 1,864,982
1,372,9401,380,532 7,848,307 7,900,583 7,263,941
Total loans and discounts
3,683,9683,676,4311,129,923 1,128.429 7,691,198 7,699,9862,313,2572,321,769
1,929,8791,934,242 11,934,33411,955,99711,328,977
U.S. Pre-war bonds
38,052
38,051
4,197
4,201
94,101
93.268 74,499 75,547 108,880! 106,891
275,460 275.70
U.S. Llberty bonds
392,027 389.337 45,792 37,208 819,945 609,219 231,785
231.0811 164.549j 165,089 1,016,27 1,005,389 el,485.007
Treasury bonds
.B.
17,45:
17,757
5,214
5,304
41.650
43,137
19,718 20.0941 19,6841 19,472
81,052
82,703
U.S. Treasury notes
443,062 440.171
80,128 60,354 840,970 625,160 139,755 142.374
72,240 72,554 852,965 840,088 *825,738
24.877
28.061
U. S. Certificates of Indebtedness11,085
9,456
68,660
72,178 39,488 41,4751 15,3361 19.993
123,484
1 3,646 237,956
Dope bonds, Mocks and securities- 539,583 543,834 171,468 167,942 1,136.985 1.162,909 595,246
590.8821 443 8801 441,102 2,208,111 2,194,893 2,274,145
Total loans & dise'ta & Invesrts.5.139.3265,133,3431,447,8971,412.864 10,323.50910,305,8573,413,7
28 3,423,222 . , 2,759,343 18.489,68516,488,422 16,151,821
Beeerve balance with F. R. Bank_ 585,242 552,31
141,776 138,601
980.179 951,291
,
.
170,1
182,825 1,378,672 1,355,021 1,393,755
Dub in vault
84,0701 71,0701 38,345 34,937
184,013
163,200 78,481
81,532 94.9801 90,905 355.454
335,037 358,449
Set demand deposits
,212,83114,235,781J1,003,369 975,238 7,502,887 7.534,904 L886.5171.908,6431,644,65 1,861,80011.034,033 11,103,34711,255,425
rime deposits
07 4
608 8301 6 , 611 378,930 382,870 1.985,445 1,988,6771,220,4501,203,968 866,134 865,309 4,072,029 4,057,952 3,708,406
.
/overnment dePosIta
50.483 54.062
9.316
10.053
119,573 130,145 51.970 49.819
14,395
15,602
471,209
185,938
195,580
Eulis payable and rediscounts wit'
.
F. R. Bank:
96,809 47,55
Secured by U.S.(lovt.obligati°
19,827
6,393
181,790
125,207 78,000 85,424
45,83
43,674 305,020 254,305 206,253
26,851
6,845
All otber
9,709
4,558
148,913
93.201 86,418 70.063 53,84
52,897 269,178 216,181
163,322
!Alio of bills payable ,h redisooun
with F. R. Bank to total I
10
1.1
2.4
and investments. Per cent
2.0
0.
3.2
2.1
4.2
4.5
3.0
2.3
3.5
2.9
3.5
• Includes Victory notes.
JAN.5 1924.]
..THE CHRONICLE
Vanittrs' e.azeth
Wall Street,'Friday Night, Jan. 4 1924.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 55.
The following are sales made at the Stock Exchange this
week• of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Jan.4.
Sales.
for
Week.
Range for Week.
Lowest.
I !Highest.
Range for Year 1923.
Lowest. i Highest.
65
TRANSACTIONS AT THE NEW YORK STOCK EXCHANG
E
DAILY, WEEKLY AND YEARLY.
Week Ending Jan.4.
Saturday
Monday
Tuesday
Wednesday
Thursday
PriclaY
Total
Sales at
New York Stock
Exchange.
Stocks.
Shares.
Railroad,
&c.
Bonds.
748,985
1,112,693
859,170
1,012,199
834,200
4.567.247
$5,595,000
$761,000
6,072,000
968,000
HOLT DAY
6,447,000
1.045,000
5,708.000
1,494.000
4,650.000
1,133,000
225 472 min
Week ending Jan. 4.
1924.
State,
Municipal &
Foreign Bds.
1923.
AA 401 non
United
Stales
Bonds.
$2,751,000
2,203,000
5,110,000
3,605.000
4,539,000
21R 211R non
Jan. 1 to Jan. 4.
1924.
1923.
Shar $ per shire. S Per share. $ per share.S per
-No. shares...
share. Stocks
4,567,247
4,578,475
Railroads.
Par.
2,705,569
4,008,999
Bonds.
Aroostook. _100 35 85
Bang &
Dec 31 86 Jan 2 84
Dec 944 Jan Government bonds_ _ _ 518,208,000 $19,599,000
Bruns Terminal
100
13,264.000
100 1
$20,001,500
Jan 3 1 Jan 3
234 Jan State and foreign bonds
5,401,000
9,006.000
Buffalo Roch & Pitts.100 356 4934 Jan 2 50 Dec 31 503.4N0
3,672,000
7,711,000
Dec 68
Jan 11R.& miscell. bonds__ 28,472,000 29,064,000
Central RR of N J
100
16,805.000
10)205 Dec 29 205 Dec 29
14,297,000
July 231
Feb
C C C & St Louis_ _ _100 20 11314 Jan 411334 Jan 4 175
Total bonds
76
Ja 115
Nov
$52,081,000 $57,669,000
Cleveland & Pitts__ _ _50 1,500 66
$33,731,000
$42,009,500
Dec 31 66
Dec 31 66
Dee 70
Apr
ClitPM&O
100 4,200 2914 Dec 29 314 Dee 31 29
DAILY TRANSACTIONS AT THE BOSTON.
Dec 78
Mar
PHILADELPHIA AND
1,0 Preferred
10
100 75 Jan 2 75 Jan 2 7134 De 100 June
BALTIMORE EXCHANGES.
Southern 2d pf100
Colo &
10 38 Dec 31 38 Dec 31 35
Oct 55
Jan
Detroit & Mackinac.100
10 20 Dec 29 20 Dec 29 20
No 20
Nov
Boston,
Preferred
100 10 35 Dee 29 35 Dec 29 35
Philadelphia.
Baltimore.
Nov 35
Nov
Week ending
Detroit United By__ _100
100 71
Dec 31 71
Dec 31 65
Dec 76
Mar
Jan.4 1924.
Shares, Bond Sales Shares. Bond Sales Share,,
Illinois Central of full pd
.
Dec 3110334 Jan 2 10234 D 10414 Dte
40010314
Bond Sale*
.
Iowa Central
100 2
2 Dec 29 2 Dec 29 2
July 613 Feb Saturday
44.442
Manh Elev gtd
$30,750
100 220 384 Dec 29 40 Dee 31 3234 Dec 60
11,595 5181,000
2,044
329.000
Apr Monday
31,502
MStP&SSM
29,800
100 700 42 Dec 29 44 Dec 31 39
11,381
100,300
1,238
Dec 634 Mar Tuesday
New Year a Day- Stock Ex change Cl osed41,800
Preferred
100
10 68 Dec 31 68 Dec 31 60
Dec 10033 Mar Wednesday
16,948
Nat RysMex 1st pref 100 20
64,610
6.808
433 Dec 31 434 Dec 31 413 Nov 94 Mar Thursday
563,100
846
20,700
13,639
N Y Central rights
23,600
54,20
10,551
489.600
34 Dec 29
1,038
34 Dec 29
32,300
3(D
3.4Dec
11,197
Reading rights
34,000
11.510
31,30
34 Dec 31 313 Dec 29 314 Dec 34 Dec Friday
36,000
1,973
20,000
Pacltic Coast
100
10 16 Jan 3 16 Jan 3 434 Sept 21
Nov
Total
117,728 $182,760
Reading rights
2,70 1934 Jan 3 20 Jan 3
51,845 $1,370,000
7.139 3143,800
Prey omsk revised
101 772 SR111 RIM
4045(1 21 7A1 Ann
Indus. & Mlecell.
L SAG
till Min
Am Beet Sugar pi__ _100
100 76 Dec 29 76 Dee 29
Feb Daily Record of U. Bond
American Chicle prof 100 500 57 Jan 2 66 Jan 2 65 June 80
S.
Prices. Dec. 22 Dec. 24 Dec. 25 Dec. 26 Dec. 27 Dec.
22
Feb 65
Nov
28
Am Cotton 011 ctfs
4.400 104 Dec 29 1134 Jan 4 8% Dec 104
Dec
Preferred ctfs
6,5
3134 Dec 29 354 Jan 4 264 Dee 314 Dec First Liberty LoanHigh 9941, 99'j
99933
991031 991,n
Am For Pr w 1 25% pd._ 4,900 96 Jan 3 964 Dec 29 96
34% bonds of 1932-47-{Low_ 99ss, 99s,s
Dec 97
Dec
99 at
,
997n
99ast
Certificates full paid
1,300 96 Jan 4 9633 Jan 4
(First 33.48)
close 99's, 994,1
999s2
9910n 9911n
Am Republics
• 200 25 Jan 3 274 Jan 4
Total sales in $1,000 units_ _
290
295
351
264
315
Am Writing Paper pf ctf. 1,100 14 Dec 29 214 Jan 3
Converted 4% bonds of (High 98ss,
Dec 13.4 Dec
---.
Art Metal Construc'n.10 40 16
1932-47 (First 4s)_.....4 Low- 98sn
Jan 4 164 Jan 4 15
-_-18
Atlas 'Tack
• 1.800 734 Dec 29 934 Dec 31 7% Set, 20% Mar
(Close Nan
Dec
____
Feb
------Am Metal tern ctf pf..100
---20u 1084 Jan 210814 Jan 3
Total sales in 81,000 units_ _ _
2
___ _
Feb
Amer Rollin MIllpfd.100 200 98 Ja 2 98 Jan 2 106 Jun 117
Converted 44% bonds (High 9801, 98",,
98
Aug 10034 Jan
9811
, 98"st
Assets Realization_ _ -10 300
8"st
of 1932-47(First 41313) Low_ 981s,
13 Jan
54 Jan 4
34 No
1
98*ss
Jan
98sn
98%
98,631
Atl Fruit Col TCo etf dp 5,80
1
Dec 29 134 Jan 2
Close 98 32
,
% No
98 33
,
2% Feb
98 33
,
981,33 981131
Auto Sales
50 200 23.4 Dec 31 24 Dee 31 2
Total sales in $1.000 units...
68
64
Ja
4% Feb
27
61
20
Preferred
50 400 1134 Jan
Second Converted 411% {Hih
____
1113 Jan 4 11
____
July 1434 Feb
------Atlas Powder
-• 100 524 Jan
bonds of 1932-47(First Low_
524 Jan
July 5734 June
Booth Fisheries 1st p1100 200 40 Jan 3 404 Jan 4 51
Second 434,)
4 25
A'60
Burns Bros pre
100 400 95 Dec 31 95 Dec 31 94 Sep010944 Oct
Total sales in
__
__-_ DAY
June Second Liberty 81,000 units_ .
Calumet & Hecia
25 300 18 Dec 29 1834 Jan 2 1734 Oc
Loan
(Mils 98sn
_____
2034 Oct
Case (J I) Th Mach...* 300 22 Dec 31 25 Jan 3 17
4% bonds of l927'-42...( Low. 98',,
De 42
--- _
Mar
Cluett Peab'y & Co pf100 20010514 Dec 31 1054 Dec 31
(Second 48)
(Close 98',s
9014 Or 110
_ __ _
Feb
Congoleum Co
*34,700 444 Dec 29 494 Jan 4
Total sales in $1,000 units...
10
____
---____
Commercial Solvents B • 106 343.4 Jan 3 3434 Jan 3 443.4 Dec 4534 Dec
I
Converted 434% bonds (Hih 98'n
15
98
Ap 40
,
11
98731
98 33
,
Cont Can Inc pref _ _100
981°31
11)105 Jan 2 105 Jan 2 1024 Jun 1104 Dec
of 1927-42 (Second (Low_ 98 31
,
98 31
,
Feb
98431
98433
Cosden&Copref__..lOs 1,400 9214 Dec 29 9234 Dec 29
98/n
43.45)
(Close 98 33
,
834 Oc 10934 Feb
98 33
,
98131
9811, 9810s,
Crex Carpet
105
Total sales in $1,000 units_
90 20
Dec 29 2034 Dec 29 20
909
378
De 3014
1070
847
583
Deere & Co pref
100 300 62 Jan 2 70 Jan 4 604 Au 734 May Third Liberty Loan
(High 9912s, 99'ss,
gen, eqn. poss.
Jan
Dome Mines new
*10,400 194 Jan 2 1934 Dec 31 1734 Nov
44% bonds of 1928_ (Low. 98 8
,
990n
Nov
2034
99%
9910st 99 5as
Douglas Pectin
(Third 4140
* 40 114 Dec 29 1114 Dec 31 11
090,, 99"n
loose
Oc 1434 June
99"ss
99"12 9911.1
DuPont deb 6% prof.100
Total sales in $1,000 unfit...
100 86 Jan 2 86 Jan 2 8134 Ap 894 Apr
675
226
2575
1066 2%36
Duquesne Lt 1st pf_ .100
Fourth Liberty Loan
20
101
(High 9810n 98 if
Sep
"
99,13
98"st 98"n
Durham Hos Mills"B"50
16i 734 Dec 31 8 Jan 4 713 D 10334 Deal
434% bonds of 1933-38._I Low. 98's, 98"ss
18
Jan
989n
98%
Eastman Kodak pf. _100
98"n
100 10914 Dee 31 1094 Dec 31 10814 Sept 11434 Apr
(Fourth 413e)
(Close 981,1
98"s,
98"s, 9811n 98"n
Emerson-Brant pref.100 1,500 74 Dec 29 104 Jan 4 634
Total sales in 81.000 units...
485
Dec 3014 Feb
596
855
1123
Fidel Phen Fire IN Y 25 200 118
898
Dec 29 11834 Jan 4 0234 Jan 138
{High 99111, 991012
Feb Treasury
99,1
: 9915n 9911n
Gardner Motor
• 40
513 Dec 311 6 Jan 2 5
44s, 1947-52
Low_ 9911,
De 1434 Apr
995s,
991s, 991Gss 9911e,
General Baking Co....* 21 94 Jan 3, 95 Jan 2 72
Close 99112
July 1034 Nov
991O32
991,31 991,33 99,733
Gen Refractors
• 90 52 Jan 3 53 Dec 29
75021 sales in 51.000 Units
242
CIS
D. 5514 Dec
SAG
150
SC,
Gimbel Bros pref.__ _100 40 99 Jan 2 9934 Dec 31 52
9634 Jan 102% Feb
Great western Sug p1100 201 10534 Dec 29 106
Note.
-The above table includes only sales of coupon
Dec 31 1023.4 Au 10813 Mar
Hanna lat pref
100 300 894 Dec 3li 904 Jan 2 88
No
Aug bonds. Transactions in registered bonds
Hartman Corp
• 2,700 4034 Dec 29 4111 Dec 31 394 No 97
were:
Hupp Motor rights
1st ass!!
28,800 14 Dec 29 333 Jan 2 114 De 4234 Nov
991.. to 99, 37 3d 434,
33
134 Dec
99131 to 9911n
Indian Motorcycle_ _ _ • 7,20 18
1 1st 4s
Doc 29 214 Jan 4 18
9710,1 to 9710n 100 4th 448
Dee 1934 Dec 13
9E031
Ingersoll Rand
100
1st 4148
40 158 Dec 31 163 Jan 3 119
98
to 98 31 10 U. S. Treasury 434s..-99133 to 981,33
,
Ap
Nov 88 2d 434s
Inland Steel w
to 991n
• 3.20 3434 Dec 31 3634 Dec 31 314 Jul 185
981n to 981,2
4034 Apr
Preferred w I
100 600 99 Dec 29 100
Dec 31 964 Jun 10534 Apr
Interest Agrle new.---• 1,500 44 Dee 29 54 Jan 4 4
Dec 4.4 Dec
Quotations for U. S. Treasury Certificates
Iron Products ctts
1,500 473.4 Dec 29 51
Dec 29 3113 Aug 4934
of InC Pr & Lt 1st pf
• 100 934 Jan 4 9334 Jan 4 91 Jun 974 Dec debtedness, &c.
-See page 78.
Sept
Kansas & Gulf
10 1,100
4 Dec 29
33 Dec 29
13 Au
334 Jan
Foreign Exchange.
Kelly Spring T6% pf 100 700 75
Dee 20 754 Dec 31 70
Nov
Aug
To-day's (Friday's) actual rates for sterling
Kelsey Wheel pref _100 200 1044 Jan 4 105 Jan 4 98 May 96
10414 Apr
exchange were 4
Kinney Co
• 1.600 5914 Dec 29 61
Jan 4 3514 Ap 644 June 4 28 9-16 for sixty days, 4 28% ®4 30 13-16 for cheques and 4 26% ®
28%®
Ligg & Myers Tob B 10
4 31 1-16 for cables. Commercial on banks sight
100 238 Jan 4 238 Jan 4 1904 Ap 225
4 2834@4 30 11-16, sixty
Oct days 4253.4 ®4 283.16.
McCrory Stores pf-100 200 101
Dec
102 Dec
Dec for payment (sixty days)ninety days 42434 @426 15-18 and documents
maey (R H) pref-.100 100 11334 Jan 31 1131 Jan 31 9534 Nov 102
4
4
4 1114 July115
®4 287-16, cotton for payment 4 2834©
42634
Mackay pref
ioo
Is 65 Jan 4 65 Jan 4 644 De 7014 Feb 4 30 11-16 and grain for payment 4283.4_ @430 11-16.
Feb
To-day's (Friday's) actual rates for Paris
et Edison pref
• 40 93 Dec 31 0334 Dec 31 87
Au' 9914 Mar 4.8634
ontana Power pref _100
for long and 4.85®4.92 for short. bankers' francs were 4.79% ®
100 104
Dec 31 104
Dec 31 103
Oc 112
Germany bankers' marks are
Apr not yet quoted
at Bk of Commerce 100
25 299 Jan 2299 Jan 2 287
for long and short bills. Amsterdam
Jul 309
Mar were 37.30@37.36 for
at Cloak & Sult p1.100
100 964 Dec 31 9814 Dee 31 8934 June 104
long and 37.66®37.72 for short. bankers' guilders
Feb
Exchange at Faris on London, 88.00
at Dept Stores
• 2.500 3934 Jan 3 41
Dec 29 3534 Jun
francs; week's range, 86.00 francs
at SuP1424,900 6634 Dec 31 6914 Jan 2 5434 Oct 424 Apr high and 88.00 francs low.
6833 Dec
The range for foreign exchange for the week
• 1.100 244 Jan 2 25
Y Cane
Doc 31 244 Dec
follows:
211 3214 Jan 3 323.4 Jan 3 31 Jun 3214 June
too Fuel supply
Sterling Actual2
Cheques.
Mar High for the week_-- Sixty Days.
Cables.
• 1,10 25 Jan 3 284 Jan 2 254 De 67
nyx Hosiery
43234
50
43434
Apr Low for the week_
43434
100 70 87 Dec 31 87 Doe 31 86
Preferred
___ 4233.4
Dec 98
42534
42634
tie Elevator pret.__10
Paris Bankers' Francs
2
96 Jan 4 99 Jan 4 9834 Au 1004 Apr
June High
tie Steel pref
100 300 57 Dec 31 58
Dec 31 45
Oc 7234 Mar Low for the week.-- 5.0634
5.1234
5.1334
nnargoa P R pref100 500 3314 Dec 29 40
for the week---_ 4.7934
Dec 31 2734 Dec 68
4.86
Jan
4.87
Germany Bankers' Marks
nn Coal A Coke....-5
100 28
Dec 31 23 Dec 31 27
Nov 4334 Apr High
Ila Co6% pref
for the week_
50 600 4114 Dee 2 43 Doc 31 4114 May 4513 Feb
0.000000000023 0.000000(100023
erce-Arrow prior pt..*
200 64 Jan 3 6514 Jan 4 60
July 724 July
0.000000000022 0.000000000022
Amsterdam
ttsburgh Steel pref.100 21/0 95 Jan 4 95 Jan 4
D
Apr High for the Bankers' Guilders
.
rod & Ref Corp pref..50 700 4734 Dec 29 4774 Dee 31 9034 Sep 98
week__- 37.81
36
4933 Mar
38.03
38.07
Certificates
50 60 2614 Dec 31 2614 Dec 31 174 Nov 203.4 Dee Low for the week-- 37.24
37.66
37.70
S Corp of NJ pf8% 100 40010014 Dec 29 101
Domestic Exchange.
Dec 31 95
De 1084 Mar
-Chicago, par. St. LOUIS, 15@25e.
yStceiSpringpref.10I
100 113 Jan 4 113 Jan 4 1104 Oc 12114 Mar discount. Boston, par. San
per $1,000
Francisco, par. Montreal, 825.3125 per
aisles Insurance
2
400 87 Jan 3 8714 Jan 4 86
Sept 944 May $1,000 discount. Cincinnati, par.
Porto Rico Bug p1.100
100 100 Jan 4 100 Jan 4 9234 Jan 10014 Nov
The Curb Market.
ern Bros pref
100
10011514 Jan 311514 Jan 3 10934 Jan 1154 Dec
-The review of the Curb Market is
ohm 011
• 200
% Jan 3
3.4 Jan 3
given this week on page 58.
Ja
4
eked Paperboard_100 800 1914 Jan 2 2114 Jan 3 143.4 June 1934 Jan
Dec
DAILY TRANSACTIONS AT THE NEW
nited Cigar Stores._100
100 207 Jan 3207 Jan 3'129
YORK CURB MARKET.
Oct 220
Feb
S Tobacco
• 300 5334 Dec 31 56 Jan 4 48
Jul 69
Feb
S Realty & Imp full pd 3,600 103 Dec 29 10514 Dec 31 9714 Au 10834 Mar
STOCKS (No. Shares).
BONDS(Par Value).
-Carolina Chem B._• 801 54 Dec 29 7 Jan 3 334 Jun
Week Ending
17
Feb
n Raalte
100 900 2714 Dee 29 28
Jansen/34.
Dec 31 27
Ind AMU
.
Dec 64
Jan
011.
Mining. Domestic. For'n
eat Penn Power
• 50 47 Dec 29 48 Jan 4 384 Ap 5234 May
est'h'se E&M 1st pf SO
200 73 Jan 4 7333 Dec 29
65.615
78
Mar Saturday
144,917
122,610 5382.000 $111,000
bite 011 ctfs
• 8,100
33 Dec 2
Monday
34 Dee 31
% Oct
89,084
34 Dec Tuesday
158,870
164,910
301.000
125,000
ilson Co pref •
100 20 69
Dec 20 69
Dec 29 83
No 89 * Feb
Holiday- New Year 'a Day
rthington pref B_ _100
100 58
Dec 31 58
Dec 31 58
Dec 7134 Mar Wednesday
56,455
130.020
177,810
332,000
88,000
'referred A
100
100 70 Jan
70 Jan 4 85
833( Mar Thursday
D
47,815
56.095
208,400
482,000
138,000
• 3.600 3814 Jan 2 3914 Dec 29 37% D
gley(Wm Jr)
34,955
106,490
4034 Dec Friday
276.280
506,000
118,000
No par value.
Total
293,924
596,392
950,010 $2,003.000 $$80,000
66
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive. see preceding page
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CE.VT.
Saturday. . Monday.
Dec. 31.
Dec. 29.
Tuesday.
Jan. 1.
Wednesday.. Thursday
Jan. 3.
Jan. 2.
Friday,
Jan. 4.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. I 1923.
On basis of 100-share lots
Lowest
1
Highest
5 per share
45 Feb 23
1054Mar 3
8
905 Mar 6
314 Feb 21
127 Feb 28
4
603 Dec 8
8
607 Mar 21
1412 Dec 31
494 Dec 29
160 Apr 18
8
763 Jan 30
1044 Feb 23
44 Dec 3
8
123 Dec 1
383 Feb 13
4
6214 Mar 26
7 Feb 7
17 Feb 8
264Mar 5
4512 Mar 5
88 Mar 5
11818 Mar 21
3778 Mar 21
95 Feb 9
85 Mar 5
454 Feb 13
12412 Feb 13
1304 Feb 8
4
223 Dec 6
3114 Dec 6
8
275 Dec 6
80 Mar 5
36 Mar 19
20 Mar 5
4
623 Feb 21
11712 Feb 21
8
227 Mar 14
3
247 Mar 21
6714 Mar 5
8
713 Feb 7
1155 Feb 28
Pita SHARII
nano for Previous
Year 1922.
Lowest
Highest
8 per share i per shars
8
277 Jan 52 Aug
4
913 Jan 10812 Sept
8
845 Jan 9513 Aug
4 Jan
54 Apt
Jan 1244 Sept
83
334 Jan 6014 Aug
5212 Jan 864 Aug
---------------___- ---- ---- ,
8 -11918 Jan 1515 -AU11
79 Aug
Jan
54
10053 Dec 10553 Oct
1284 MaY
114 Jan
34 Jan 204 May
4
1214 Jan 433 Aug
3113 Jan 6412 Aug
1014 May
34 Doe
7 Dot 2.112 may
1714 Tani 364 Aug
Jan 5514 Sept
29
Jan 9513 Sept
59
Jan 125 Aug
100
3012 Dec 60 Sept
8314 Jan 105 Sept
7014 Jan 95 Sept
Jan 5312 Apr
38
4
1061 Jan 14113 Seat
Oct
108 Feb 143
183 MaY
4
Jan
7
2812 Aug
1118 Jan
74 Jan 2014 May
7014 Jan 9578 Oct
4558 Apr
2818 Nov
Jan
19 May
5
Oct
Jan 47
16
4
9712 Jan 1153 8801
1734 Dec 3214 Aug
17 Nov 3014 Ayr
6912 At r
524 Nov
8
565 Jan 72 Sept
8
Jan 1447 Oct
108
Par g per share
Railroads
per share Shares.
per share
per share
per share $ per share
$ per share
100 21 Sept 28
300 Ann Arbor preferred
37
*31
37
*32
37
*31
32
32
37
*31
Oct 27
8 0718 974 9718 9713 5,700 Atch Topeka & Santa Fe_100 94 8 Dec 28
9718 975
4
963 974
8
063 97
100 855
Do pref
800
87
.86
*8612 87
8612 87
86 14 8614
86
86
114 Aug 14
Atlanta Birm & Atlantio_100
1,600
*134 2
4 2
*13
4 2
*13
14 14
3 14
17
8July 31
100 1097
3.700 Atlantic Coast Line RR
11212 11312 11314 11314 11313 114
8
1123 11312 11314 1134
100 404 Jan 17
4
4
5878 5913 583 5918 583 5914 13,900 Baltimore & Ohio
4
8
585 584 583 09
100 5514May 7
Do prof
700
*5812 59
59
5812 5812 59
594
5812 *59
5812
914 Oct 29
par
4
1418 144 133 1418 1312 144 23,200 Bklyn-Manh Tr cUs___No par 3412 Oct 29
1312 1418 1414 1412
Certificates, pref___ _No
5014 4834 4912 4878 5112 19,400
49
8 4812 49
497
47
45ept 21
100 1393
14534 14612 9,200 Canadian Pacific
*14514 14612 *14514 146
8
1463 1463
4
4
1453 147
100 57 June 27
4 9,800 Chesapeake & Ohio
4 714 713
713
4 71
713
71
8 7012 7214
6912 703
100 96 June 29
Do pref
700
994 9912 9912 9912
*9918 100
9914 9912
99
99
100
2 May 21
338 418 4,900 Chicago & Alton
8 334
4 *33
8 33
*33
34 34
,
314 3 4
8
33 Jan 12
100
Do pref
4 2,400
103
10
4
93 10
10
10
10
10
94 10
100 19 Aug 6
2518 2512 1,200 Chic & East Ill RR
26
4
4
253 253 *25
26
26
2513 2512
100 4612 Aug 15
Do prof
1,700
*4812 50
49
4 49
4
483 483
4
433
4812 4914 48
4
23 Oct 26
100
412 1,400 Chicago Great Virestern
44 438 *414
414 414
4
4
418
4
8
67 Oct 26
100
Co pref
3,900
8
8
4
107 104 103 114 105 11
1014 1014 103
19
1
100 114 Oct 25
19.600 Chicago Milw & St Paul
1334 1418 1334 1418 1378 14
5
8 13 8 14
1314 135
8
100 205 Dec 19
Do pref
4
233 2414 2313 2438 234 2414 21,500
2234 2312 2313 2414
4718 Dec 27
8
5n 517 26,800 Chicago & North Western_100 9718IDec 23
4978 5012 4914 51
5014 5014 51
49
100
Do pref
800
101
*99
101 101
4
1013 102
9914 9934 100 100
1918 Oct 25
8
4
2338 233 .2314 2414 244 243 26,100 Chicago Rock 351.8 Pacific_100 72 Aug 4
2112 2213 2212 2312
100
7% preferred
4 783 7912 804 8012 1,800
4
783
77
8
767 77
76
76
100 60 Aug 4
6% preferred
3,900
,
654 6613 6714 68 8 68(4 6912
8 643 6558
4
8
637 643
100 17 .)••r, 29
1,400 Colorado & Southern
21
20 14 2034 21
20
20
4 20 20
1913 193
100 9341(57 7
400 Delaware & Hudson
103 108 *107 10713 10713 10712
108 10814 *108 10814
3
Delaware Lack 5c Western_ 50 1097 Oct 26
2,000
112 11212 112 112 *111 112
11113 1124 1114 112
8May 22
100 101
8
2113 2113 2034 2112 '207 2112 31.700 Erie
4
8
8
213 214 213 213
100 15 Jan 17
Do 1st preferred
8 11,700
8 2918 297
293
8 29
2913 295
8
2958 2934 295 3018
4May 21
100 103
Do 20 preferred
900
2513 2518 2512 2514 254
*25
*2514 26
25
25
8
100 505 Oct 25
8
8 547 5512 28,800 Great Northern prof
8
5412 5514 543 553
8
8 535 55
8
525 535
Iron Ore Properties.No par 25 July • 2
8 2812 284 2,500
2813 2878 2813 287
5
4 23 8 29
2814 283
912 Aug 22
100
600 Gulf Mob & Nor tr ctfs
1438 154
14
1512 14
*14
14
14
15
*14
100 444 Jan 2
700
Do Peel
5112 5112
51
50
*4912 52
4912 494 5912 594
8
100 995 Dec 19
2,500 Illinois Central
10112 10112 102 102
*10018 102
8
4
10014 10112 1007 1013
912June 30
100
8 7.000 Interboro Rat) Tran
134 137
13
124 1314 13
4
1114 1212 113 124
100 1558July 31
6,000 Kansas City Southern
1814 184 1812 19
1878 19
4
18
183
8
175 18
8
100 485 JUly 30
Do pre(
200
53
53
52
*5212 53
52
*5212 54 *51 14 5312
50 54 June 30
6,100, Lehigh Valley
62
4 62
8
62
617 623
61
4
4 597 603
8
8
593 593
100 844 Oct 30
Nashville
1.2001 Louisville &
8913 90
8 8912 90
8814 887
90
884 90
88
-------5.700 Manh Elevated, mod gear.100 2712 Dec 18 4512 Apr 17
11 Mar
*3014 3114 *3112 32
3012 31
34 Jan
3012
8
285 2912 30
712 Oct 26 22 Mar 12
100
1313 2.000 Market Street RY
11
1114
11
Jan 5014 Apr
*1114 13
17
1012 1012
11
11
100 23 Oct 29 6812Mar 12
pre(
Do
300
38
35
43
*35
Jan 76 Nov
42
*35
35
41
37 .36
87 Mar 12
*35
100 561.,• Oct 29
Do prior pref
4
683 7112 2,800
32. Apr
8
687 69
4
633 69
8
55 Jan
4
4
671 1 683 683
67
8
100 145 Oct 29 5614 Mar 12
400
Do 20 pref
30
20
34
1413 Apr
*29
34
*29
Jan
34
5
3013 *28
913 Feb 13
*26
4 Aug 15
8 14 2,600 Minneap & St L (new)__100
13
8
13
13
8
112
8
*13
713 Jan 194 Aug
8
13
114
118 114
4
93 Oct 31 17 Feb 15
8,100 Mo-Kan-Texas
8 1134 12
8 1138 117
8
113 113
2412 Jan 484 Aug
1114 1112 1112 1213
8
247 Oct 30 4512 Feb 14
prat
Do
8 3014 3153 4,900
4 3014 305
*3014 303
1512 Nov 2514 App
3
303 3053
'2934 30
814 Oct 24 1938 Feb 14
1012 6,900 Missouri Pacific trust ctfs_100
4
93 1012 10
40 Nov 6314 Sept
912 10
8 94
97
94
9
100 2214 Oct 25 49 Feb 10
Do pea trust Ws
3
2934 293 3014 10,700
294 2938 29
74 May
2814 2912
8
23 Nov
4114 Feb 15
2713 28
114 Nov 20
2d prat 100
900 Nat Rys of Mex
8 14
15
134 *112 2
*158
8
547 Jan 8788 Dec
8 *13
4
112 15
3 13
100 8212 Aug 14 105 Mar 28
4
953 0612 4,600 New Orl Tex & Mex v t o 100 9012May 4 10714 Dec 12
96
97
96
96
7214 Jan 10118 Oct
8
9514 9534 955 9814
New York Central
4
8
8
10238 10314 10214 1025 1023 1023 18,700
8012 Dec 3 ---------------8
8
104 1043 10414 1047
8130 NY C & St L new tow 1_100 6712 Aug 9
8
__
767 7712
77
7714 7714 77
774 774
77
77
100 86 Nov 15 9512July 3 ____ ____ ____
Preferred w 1
1,500
86
38 86
Alli
.86
8618 86
86
Stock
1213 Jan
86 18
86
86
86
958July 6 2212 Jan 30
100
Hartford
8
3 1418 1512 1434 153 14,600 N Y N H 8
1812 Dee 3012 Apr
1418 143
1418 1438
14
23 2158 Feb 13
8
135
100 1414June
1713 1714 1712 3,400 NY Ontario & Western- 100
17
17
17
834 Jan 2211 Juno
1838 Feb 9
8
175 Exchange
1512 1614 17
9 Sept 1
100 Norfolk Southern
8
145 1458 *1212 15
9614 Jan 12511 Sept
*1212 15
*1212 15
13
*12
100 100 July 30 1174 Feb 9
4,600 Norfolk & Western
Oct
4
1023 103
Jan 82
10212 103
72
Closed- 103 104
Aug 15
8
1023 10418 10314 10418
100 72 Sept 7 7812
Do pref
77
3
77 .70
73 Dec 903 Aug
77
570
*70
77
*70
75
*70
4
100 493 Oct 5 8112Mar 5
4
4
8 5114 523 41,400 Northern Pacific
8
3314 Jan 493 Oct
s 507 523
4
8
5212 5112 523 New Year's 5218 525
Nov 2 477 Apr 4
8
8
513
50 407
4
103 Jan 2613 Aug
4212 4258 424 4213 4214 424 11,800 Pennsylvania
413 424
3
4114 42
8 Oct 1 17 Mar 21
100
300 Peoria & Eastern
1012
*10
4
*10
1012 *93 11
Day
10
1014 1014 10
8
Jan 405 Aug
19
100 36 Jan 1 4714June 11
Marquette
7,500 Pere
Jan 82 Aug
4153 4113 414 4138 42
63
41
8 4113 4112
4012 415
100 8712 Oct 15 764 Mar 6
Do prior prof
7134
7134 *70
5018 Jan 744 Aug
4
Jan 9
713 *70
*70
4
4
713 *70
713
*70
100 5712 Oct 25 7012
Do pref
200
60
60
Jan 4153 Aug
23
*5813 60
*5812 60
8May 10
*5812 60
59
59
2,700 Pittsburgh & West Va__100 3373 Jan 27 505 Jan 9
39
Jan 95 Nov
78
3513 3353 3812 3812 38
4
8 373 3812
3712 377
100 85 Dec 22 93
Do prat
300
87
4 87
7118 Jan 8718 Oct
87
8612 863
*85
8
4
863 *855 864
*85
50 6812June 29 8118 Feb 7
4
764 774 9, 00 Reading
7634 78
43 Mar 67 May
774 78
8 7714 78
44 June 28 5612 Feb 7
7714 777
60
Do 1st preferred
Jan 5912 May
.5212 5214 5214 1.200
52
45
5212 53
4
524 5312 5312 5313
50 45 June 28 563 Jan 30
Do 20 preferred
5214 *5112 5312 1,000
52
1712 Feb 5314Jun3
5238 53
5212 5213 5212 53
100 2212 Oct 21 39 Dec 4
400 Rutland RR pref
36
*32
3
32
2014 Dec 323 Aug
3313 32
*32
34
27 Mar 21
4132
32
32
4
3,000 St Louis-San Fran tr etts_100 163 Oct 27 54) Mar 5
1914 21
3.114 Nov 56 Aug
1912 20
8
195 20
4
193
1814 18(2 19
100 3212 Jan 3
Do pref A trust ctfs
1.100
3
8 4278 44
8
8 425 425
8
203 Jan 367 Nov
4278 427
8
4
4213 423 43
*41
_100 2512 Aug 4 363 Feb 10
Louis Southwestern___
8
323 Jan 5978 Nov
3418 33
334 3312 354 17,600 St
33
8
8June 28 837 Mar 21
8 3238 3413
32
323
100 543
Do prat
2.100
Apr
59
10
574 5814 58
8
25 Jan
74 Feb 10
8
4 577 58
573
4
43 Aug 15
57
100
Air Line
712 10,100 Seaboard
4
143 Apr
7
612 7
44 Jan
614 614
4
612
614 7
,
8 4 Aug 1 153 Dec 7
*6
100
Do pref
16,900
7818 Jan 9614 Ocr
1414 1414 1414 1534 1514 17
1314 134 1313 1453
100 8414 Aug 14 9514 Feb 21
14,600 Southern Pacific Co
8
8
8
1714 Jan 285 Aug
87 8714 865 8718 867 8712
8
877
8 87
877
87
100 2434 Jan 8 3918 Dec 31
8
Oct
4 394 395 08,600 Southern Railway
Jan 71
46
8
8
384 3918 3812 393
8 373 3918
373
100 63 July 2 707 Mar 22
37
Do Prof
AD1
4
184 Nov 36
674 6714 663 6713 *6714 6712 5,000
4 67 6718
4
663 663
100 14 Aug 4 2912 Mar 21
.8 Pacific
6,400 Texas
2013 21
2553 May
21
134 Nov
1913 1913 19
8
1913 107
813 Dec 28 1914 Feb 10
19
1818
100
3,200 Third Avenue
7
9 8 10
4
34
3
10
Jan 6212 Sept
94 93
103
7712June 11
918 912
84 9
100 Twin City Rapid Tranelt 100 5314 Jan 19 14473 Feb 28 125
*6212 65
65
4
*63
Jan 1541 SePt
65
*64
4
4
643 643
•____ 65
100 1 12412 Aug 4
4
128 1283 128 12812 12812 12912 15.600 Union Pacific
7114 Jan 80 Aug
12714 12914 12814 12912
1001 7014 Dec 29 7613 Jan 6
Do prof
1,700
7134 72
8
72
717 72
72
72
71
7014 71
8
197 APP
713 Jan
8
77 Oct 29 214Mar 6
100
3.400 United Railways Invest
978 11
10
3612 AD?
8
2014 Jan
*97 1012 10
1012 1012 *1012 1112
100 26 Oct 29 62 Mar 5
Do pre
404 5.300
3
4
143 May
Jan
3714 3813 363 3713 38
6
10 12 Dee 8
3714 374
7 Mar
38
38
100
1034 1118 5,100 Wabash
104 1114
11
Jan 3518 Aug
11
19
8 1053 107
8
8
103 105
100 2314 Jan 17 3612 Dec 6
Do prof A
354 3458 3513 24,300
3 34
8
345 353
1214 Jan 244 Aug
4
8
344 345 3514
100 164 Jan 18 233 Dec 8
34
Do pre( B
100
25
1714 Aug
*2238 224 2212 2213 *23
814 Jan
*2212 23
8 Sept 27 15 Feb 0
100
*2214 23
4 2,700 Western Maryland
912 93
8 978
93
4
Jan 2813 Dee
4
13
912 93
834 914
914 912
100 14 Sept 27 261 Mar 22
Do 2d preferred
4 3,300
8
4 1714 1712 1712 173
17
173
1314 Jan 247 APP
28 2014 Mar 5
4 1753
4 163
1614 163
100 12 Sept
3,800 Western Pacific
15
1518 15
15
4
143 15
5113 Mar 60 Sept
8
8 144 1518
147
14
100 53 May 7 633 Mar 6
Do pre(
100
59
*58
161211108
60
5912 .58
*58
8 Feb
58
58
6 Oct 25 1012 Feb 13
*5712 58
4 74 3.700 Wheeling .8 Lake Erie Ry_100 10 Oct 30 19 Feb 13
73
4
712 713
294 June
712 73
94 Jan
8
718 75
100
718 712
Do prof
1,300
1434 15
4
1414 144 143 1514
Jan 334 mar
35
15
15
100 23 Aug 4 384 Dec 12
14
14
3612 3.200 Wisconsin Central
3613 36
36
4
363 37
36
3712 36
35
•
Industrial & Miscellaneous,
0011
Jan 83
48
1001 87 Sept 28 82 Mar 3
1,200 Adams Express
76
4
7312 7514 763 7713 76
8
107 Jan 23 Aug
612 Oct 29 1918Mar 8
4 4,
100
*734 7418 *733 7 4
8 6,100 Advance RumelY
1178 1213 1212 1212 1114 117
3153 Jan 3018 Aug
4
8
8 1012 113
100 24 Nov 9 543 Jan 14
8
97 107
Do pref
4118 2,700
Oct
4
*403 4312 41
3812 41
4518 Jan 66
8
58 July 2 723 Mar 19
4
333 3413 3412 3812
8 1,700 Air Reduction. Ino__No par
8
1814 Apr
8
8 677 677
675 675
6714 68
913 July
67
8
50
414 Oct 16 147 Mar 14
6712 6712 67
4 May
8 64 8,210 Ajax Rubber. Inc
4 Doe
65
614 634
8
612 65
58 Mar 9
614 67s
18 Aug 16
512 618
. 10
Mines __
2 May
18 1,700 Alaska Gold
14
13
38 Jan
13
*is
4
18
14
is
•18
178 Oct 19
4
3 , Mt 9
10
_114 2,200 Alaska Juneau Gold Min par 5914 Aug 9 80 Jan 2
4
14 *118
5538 Jan 911 Sept
1
•118 114
1
1
14
Dye_No
1
Jan 11612 Sept
7114 *7218 7212 24,300 Allied Chemical &
70
7018 71
704 714
10514 Aug 16 112 Mar 2 101
100
8
693 704
Do pref
800
.10934 11178 11014 11012 *110 1104
4
4
111 11113 *1093 112(2
4
371 Jan 598 Sept
Feb 16
) 371
4june 28 5114
104
Mfg
864 Jan 104 sent
4538 4538 4514 4514 *4534 4618 2,000 Allis-Chalmers
100 89 Nov 20 9713 Jan 27
8
455 4618 *4514 454
Do pref
4278 June
2714 Nov
*9014 92
93
*91
93
*89
03
*89
1013July 3 364 Feb 21
93
Chem_100
*89
Jan 724 sops
1513 1618 1538 154 17,800 Amer Agricultural
56
1512 17
8
100 2814 Oct 31 887 Feb 21
8
127 134 1418 1538
DO prof
4512 5,100
Jan 91 Dee
68
8 4534 4618 45
4534 473
4678
45
45
50 77 Jan 6 100 Nov 26
43
American Bank Note
98
*95
.51 July 554 Dee
08
98
*95
*95
Aug 14
98
*95
98
50 5012June29 5514
*95
Do pref
*5112 54
3114 Jan 49 June
*5113 54
*5112 54
*5113 54
*5113 54
100 25 Aug 4 4913 Feb 1,3
Amertcan Beet Sugar
Apr
3114 Jan 49
4114 414 4118 4112 4114 414 1.500
Mar 6
4111 4134 42
41
3712 6,200 Amer Bosch Magneto No Par 2234 Oct 30 60 Feb 16
8 36
373
36
36
61
36
Jan 8812 Sept
8314
3534 36
3512 36
8 1,100 Am Brake Shoe .8 F__ _No Par 6918Sept 13 110 Jan 14
Oct
805
78
9814 Jan 113
77
7812
7813 77
*77
*77
78
100 102 July 3
.77
Do pref
*10513
3214 Jan 764 Nov
_I*10714 113 *10512
8
*1951,----'107 112
100 7313 Jan 2 1075 Dec 17
8
4 9314 Jan 1137 Dee
1033 16441 1034 10413 10318 10414 24,200 American Can
10414 10478
100 106 Sept 6 115 Feb 20
10414 105
Do prof
700
Oct
8
Jan 201
10914 109141 10913 10918 1093 1094
Mar 7 141
*10814 10913 10914 1094
400 American Car & Foundry_100 148141017 12 189 8 Jan 18 1154 Jan 12618 Nov
161 161
•162 164 I 161 161
100 117 Sept 17 1257
16113 16112 163 163
Do pref
100
___
4
1203 120541l8 121 *119 121
8June 28 2512 Mar 29 ____
•119 121 *12012 121
Chain, cl A -----5 203
800 American
4
*223 23
Nov 14 M1
23
8 23
224 227
5 8
2212 224
534 Jan 30 173 Nov 7
N.9 par
5
22 3 23
5.800 American Chicle
4
8 183 20
203
1514 Nov 3012 Ma
16
20's 19
34July 11 204 Jan 4
100
1714
1714 17
17
American Cotton Oil
3313 Nov 61 Ma
4
100 14 May 18 383 Jan 4
Do pref
74 Au
___ ____ ____ ____ ______
44 an
____ ____
753 Feb 23
418Sept 10
__-- - --- ---- ---2,800 Amer Druggists Syndlcate__10
Oo
162
Si; *513 55
8 6
55
8
514
100 87 Nov 19 14312Mar 2 128 June
514 514
514 514
2,480 Amer can Express
102 102
1018 Dee 1713 AD
10013 102
98 100
4
Aug 9 133 Mar 7
64
*95 105
8
895 91
4
94 912
918
911
94 913 2,100 American Hide & Leather_100 2914 Aug 9 7414 Mar 7
Jan 741 Sep
58
100
913 938
9
Do prof
9
8
4 7.700
523
5012 5153 51
2453 Dec 505 Jun
5031 51
5012 5112
91 SAC ....new inrornattnnAl corn_ _100 18 Sent 2S 3312 Mar 28
Y.1
,
.5051
•. c_ o.,... .-)..,
,...,, ..,
-.,
.....
___
.
• .•
-dividend.
•Bid and asked pews s Ex
New York- Stock Record-Continued-Page 2
F..
•sles during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 29.
Monday.
Dec. 31.
Tuesday,
Jan. 1.
Wednesday
Jan, 2.
Thursday,
Jan. 3.
Friday.
Jan. 4.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
I
1
,
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
67
PER SHARES
Range for Previous
Year 1922.
Lowest
Lowest 1 Highest
1 Highest
per share $ per share $ per share $ per share Shares. Indue. & MIscell.(Con.) Par $ per share
2 per share $ per sharel$ per eadro
873 8912 .86
4
90
*8712 8812 1,700 American Ice
100 78 Oct 29 1114 Apr 2
Jan 122 Seel
78
*7914 81
81
81
*80
Do pref
400
81
100 773 Oct 30 89 Feb 21
4
72
/
4
Jan 951 AIM
1078 107
8 107 104 1078 11
8
1,500 American La France F E
10 1018July 8 13 Mar 1
918 Jan 14 July
1812 1934 185 195
8
8 1914 1912 10,800 American Linseed
100 13 Oct 30 38 Mar 5
28 Nov 4212 001
3612 38
*3612 3712 36
Do pref
374 2,800
100 2812 Oct 30 59 Feb 15
48 Nov 6412 001
743 7514 733 7412 7314 743 11,700 American Locom, new _No par 643
4
4
8
4Ju1y 5 7614 Dec 27
*1153 11734 *1153 1173 *1153 1173
4
4
4
Do pref
4
4
100 11412Sept 15 122 Feb 9 112
4 1 eil
Jan 1221- --3
43
44
4258 4358 *43
4412 2.000 Amer Metal temla etfa_No par 4014June 30 5572 Mar 5
44 Sept 5314 Dee
9512 9814 9734 99
9812 10012 7,300 American Radiator
25 76 'an 2 97 Dec 24
Jan 129
001
82
638 612
614 614
6 4 63
,
2 3.100 American Safety Razor
25
47.
8 ane 27
94 Feb 19
34 Jan
87 Oct
8
1158 1134 12
12
12
125
8 3,280 Amer Ship & Comm_ __No par
103
8July 2 213 Jan 5
8
54 Jan 2414 May
585 6034 593 603
8
4
4 594 60
18,800 Amer Smelting & Refining 100 5114 Oct 27 6913 Mar 2
435 Jan 6713 May
8
96
96
97
97
97 18 9718
Do pref
600
100 93 June 27 1023 Mar 6
8
864 Jan 10412 Oct
3712 3814 37
38
374 3734 4,000 Am Steel Fdry tem etts_33 1-3 315
8July 2 4() 8 Mar 21
7
3034 Jan 4818 Bent
*102 104
102 102 *101 103
Do prof temp Mrs
200
100 977 Aug 14 10514
8
91
Feb 10814 Oct
55
5514 5414 5518 5414 5452 5.000 American Sugar Refining 100 48 Oct 27 85 Feb 9
Feb 13
5418 Jan 854 Aug
*94
98
*943 98
4
*94
98
400
Do pre!
100 92 Dec 26 1083 Jan 3
4
84
Jan 112 Aug
2034 217
8 21
21
2034 2414 7,800 Amer Surn-tra Tobacco
100 16 July 2 3638 Feb 14
2314 Feb 47 May
*52
64
*55
59
59 18 67
Do pref
600
100 3212July 11 653 Feb 13
4
524 Feb 71
Jan
12518 1253 12514 126
8
1255 126
8
5,900 Amer Telep & Teleir
100 11918June 29 1283 Dec 14 11413 Jan 12814 AIM
4
14912 15012 14818 150
15014 150)3 1,400 American Tobacco
100 14014 July3 10114 Feb 13 12918 Jan 16912 Sept
1013 1013 1017 1017 102 102
8
8
8
8
Do pref
SOO
100 10018 Nov 27 10578 Mar 3
9613 Jan 1083 Oct
3
14718 14712 14712 14734 *14714 148
Do common Class B
2.700
100 140 May 20 15934 Feb 9 126
4
Jan 1653 Sept
4113 4012 4012 4912 4012
*40
300 Am Wat Wks & El v t o.._100 2712 Jan 29 4434 Apr 26
6
Jan
3314 Nov
100
8
8
De let pre (7%) v t 0_100 8514 July 3 93 Jan 16
*8912 9014 *8934 9032 903 903
67
Jan 9378 Sept
6614 6614 6618 6618 663 664 1,1p()
8
Do Prulic Pf(6%) v 10.100 4813 Jan 3 6712 Dec 27
1714 Jan 5514 Oct
733 734 7234 7314 7212 744 14,000 American Woolen
8
100 65 Oct 27 1095 Mar 21
8
7814 Jan 105
Oot
*9812 10014 10018 10018 100 100
200
Do pref
100 964 Oct 27 11114 Jan 3 102
Jan 11114 Dec
25
8 318
318 3 8 *314 312 4.700 Amer Writing Paper pref. 100
5
118 Dec 14 34 Mar 7
2213 Jan 551 Sept
/
4
812
812 *8
812
812 812 2,100 Amer Zinc, Lead & Smelt__25
618 Oct 30 194 Feb 16
1218 Jan 21 Sept
*2712 2914 *26
29
29
29
1,200
Do pret
25 2434 Dec 24 5814 Feb 27
36
Jan 57 Sept
3678 383
3 375 3814 3712 3818 24,465 Anaconda Copper Mining- 50 328 Oet 29 5312 Mar 6
8
8
45 Nov .57 Mai
9214 9214 *9214 925
8 9214 9214 1.000 Armour, pref
100 884 Oct 19 9414 Dec 8 --------------123 13
4
127 127
8
2 13
133
3 5,000 Arnold Constable
No Par 1012 Nov 7 183 Oct 3
4
81
8112 81
8112 8012 8012 2,600 Associated Dry Goods____100 824 Jan 5 89 Mar 19 ____ ____ ____ ___.
43
Jan 757 De".
2
*85
86
*84
86
*85
S6
Do 181 preferred
100 82 Nov 26 89 Feb 13
75
Jan 86
Or'
89 89
•88
90
89
89
Do 2d preferred
300
100 84 Oct 26 9313 F31126
76
Jan 9112 Oe'
283 2912 2812 29
.1
*283 29
4
8,200 Associated Oil, new
25 247 Oct 31 2912 Dec 26 ___
8
___ ____ __ 17
2 14
15
8 178
15
8
15
8 2.100 Atlantic Fruit
No par
12 Nov 15
34 Feb 14
113 Dee
512 Air
133 1512 133 143
8
4
4 147 15
8
30,700 Atl Gulf & WI SS Line___100
914 July 5 34 Mar 19
195 Dec 4314 may
8
1234 1312 1234 13
125 1338 3.920
8
Do pref
100
63
4July 3 27 Mar 19
15 Dee 3114 May
130 132
130 131
1283 1283
4
4 4,300 Atlant c Refining
100 993
8Sept 18 15312 Jan 10 117 Dec 1575 001
117 117 *117 118
•117 118 *117 118 *117 118
Do pref
100
100 115 May 2 120 Jan 18 113 Jan 11912 Dee
8 2812 283
2812 285
2813 2812 284 2817 28
4
2812 3,200 Austin, Nichols & Co__No par
17 July 6 3512 Jan 12
9
/ Jan 404 Bent
1
4
84 8 843 *8412 86
3
8
87
87 i *8414 8612 88
86
Do pref
500
100 783
4June 21 8912 Jan 23
68
Jan 91 Sept
7
714
712 73
73
4 813
4
83
3 83
8
814
Sas 2,800 Auto Knit
No par
65 Dee 22 2814 Apr 18 ___ ____ ____ _ __
s
12434 12512 12412 12614
12412 12534 12278 1248 123 1233 43.301 Baldwin Locomotive Wks_100 11013 Aug 4 14414 Mar
4
4
19
9313 Jan 1424 001
*110
Ill
___
*111
•111
111 111
Do pref
300
100 111 Apr 2 1184 Jan 4 104
Jan 118
Oat
*233 8 36 .24 34
.24
34 1 *24
30 .24
Barnet Leather
30
No par 2012 Dec 20 55 Feb 16
40
Jan 675 Sept
8
1518 153
8 1518 164
157 163
8
4 1512 16
1513 157
8 7,700 Barnsdall Corp, Class A___ 25
94 Aug 23 35 Mar 23
195 Jan 5614 Apr
8
104 1012 1012 1034
*103 1034 103 103
8
8
2 103 104 1.000
3
Do Class B
25
6 Oct 31 22 Jan 2
17 Nov 39
Apr
18
18
*18
14
18
18
*18
14
18
20
18 1,300 Batoplias Mining
18July 2
52 Aug 31
/ Dec
1
4
158 Mat
*55
56
*5612 58
57
57
58
58
*57
59
200 Bayuk Bros
Yo par 50 June 21 8214 Apr 4
33
Apr 65 Sept
553 56
8
5412 5512
*54
56
5412 *53345412 2,950 Beech Nut Packing
.54
"M
4818 Dec 13 8414 Mar 261 30 July 533 Dec
8
5312 534 5312 5418
535 53 8 53
8
7
533
4 53
533 19,595 Bethlehem Steel Corp
8
100 4134June 29 70 Mar 31 51
Jan 79 May
•104 108 *103 108
•10312 108 *103 108
Do cum cony 8% pref _100 10014June 21 11114 Mar 121 104
Jan 1183 June
8
9012 9012 9012 903
4
Stock
91
91
91
91
*90
91
Preferred new
100 87 July 2 9712Mar 91 94 Nov 101
600
Oct
54 6
6141
6
53
4 53
614 64
4
64 612 2,800 Booth Fisheries
No par
33 Oct 25
4
718 Jan 181
4 Nov
104 Anf.
4 418 Exchange
4 *33
33
4 33
*35
8 45
8 *378 418 *34 44
100
100 British Empire Steel
3 Dec 11
978 Mar 2
15 Bent
St Jan
*5412 57
*5412 57
*5412 57
*5417 57
--------------Do lst preferred
100 5214 Dee 11 6912 Mar 131 58 Marl 7634 Apr
•1514 17
15
15
Closed1518 1518 *135 18300 Do 2d preferred
;
100 1218 Dee 10 2613 Feb 20
1918 Mar 39 Sept
10912 10912 110 1114
111 112
11138 11318 11238 1 123
- - - - 4,100 Brooklyn Edison, Inc
4
100 10414May 22 12113 Jun 9 100
Janl 12453 Aug
116 116
1163 1203 New Year's 12014 1205 11914 122
4
4
8
121 1213
4 4,500 Brooklyn Union Gas
100 10312May 11 128 Feb 7
70
Jan1 1244 Nor
*49
50
*4712 50
*4712 50
4914 4914 *4712 50
Inc
100 Brown Shoe
100 4138 Oct 29, 854 Apr 2
42
Jan 647 Sept
2
10213 10212 103 10318
Day
10413 10412 104 10413 *103 106
100 100 Sept 291 14414Mar 23 11312 Jr
2.200 Burns Brothers
-n 147 Del
2412
2314 234 24
2412 243
247
4 24
8 24
24
Do new Class B corn
1,300
2112Sept 29 43 Jan 2
283 Jan
8
Om
53
478 512
47
2 5
54 518
5
534
54 512 3,600 Butte Copper & Zinc v t e__ 5
414 Oct 27 114 Feb 14
514 Mar
1012 Der
1812 1812 18
1814
*1838 19
19
19
*18 14 19
1.200 Butterlck
100 1314June 21
22 Aug 18
15 Net
34
Feb
144 15
143 1533
4
1518 154 157 16
8
1518 1512 7,800 Butte & Superior Mining
10 127 Oct 1 3778 Mar 1
8
203 .1,.,
8
35
Ctet
14 2
2
2
2
218
214 214
214 212 3,200 Caddo Cent 011 & Ref _No par
94 Feb 16
114 Nov 3
814 rf e 1518 AG?
82
8012 8012 82
S3
83
*8212 83
83
83
700 California Packing____No par 77 Aug 4 87 Feb 9
68 .'1 n 8012 Ren,
26
263
8 2613 267
8 254 2618 243 257 33,700 California Petroleum, new_ 25 1718Sept 19 293
2618 267
8
4
8
3May 31
10114 1013 100 10012
4
1013 1013 100 100
3
9912 9912 3,700
8
Do pre!
100 9012Sept 27 11012May 23
83
. an 9812 Age
41, 458
4
412 45
458 43
8
453 47
8
47
8 5
4,600 Callahan Zinc-Lead
10
334 Oct 29 125 Feb 20
8
514 Veb 113 Man
2
43 43
43
43
*4314 44
*4212 44
*424 44
320 Calumet Arizona Mining
10 42 Oct 26 88 Mar 1
5013 Nov 6632 June
*218 214 *2
4
*2
4
*2
4
*218 4
Carson Hil'Gold
1
112 Dec 17
95 Feb 19
8
61 Dec 183 Mat
/
4
2
*12
3
4
12
12
*12
321^
3
4
*12
14
Case (J I) Plow
No par
500
14 Oct 22
454 Feb 21
3 Mar
913 Junt
68 68
70
70 *69
75
*68
75
*68
75
200 Case (J I) Thresh M pf ett_100 65 Oct 17 85 Apr 9
68 Feb 9314 Aug
1212 133
8 1212 1314
133 1334 133 143
8
4
8 14
144 16,500 Central Leather
100
95 Nov 23 4012 Mar 7
8
29$8 Jan 444 Sept
363 3712 3718 38312
8
374 3814 375 403
8
4 40
42
100 2818 Nov 25 793 Mar 7
Do pref
14,520
4
63 8 Jan 8254 Sept
3
4512 4534 4512 457
8
4512 4718 464 474 *46
4 4 11.800 Cerro de Pasco CoPper_No par 3612 Oct 24 5012 Mar 28
63
323 Jan 401 Dee
4
8
66
67
66
677
8
6414 6612 6334 6512 6312 6434 12,600 Chandler Motor Car_ _No par 43 Oct 13 76 Mar 14
473 Jan 791 Apt
4
/
4
*83
84
*8314 84
83 83
*83
84
833 833
4
4
200 Chicago Pneumatic fool_100 7512June 20 903
4Mar 21
60
Jan 895 Sept
8
2714 2712 273 275
8
8
2712 2814 28
2814 277 28
8
16,600 Chllo Copper
25 2418June 20 303 Mar 1
8
154 Jan 2914 Not
1712 175
8 175 175
8
8
175 1814 181 194 185 1918 11,200 Chino Copper
8
/
4
8
5 1134 Aug 30 317 Mar 2
8
2214 Nov
3338 Junl
72
7212 7214 7312
7312 737
8 7112 7313 .72
7313 4.800 Cluett, Peabody & Co
100 60 July 2 7614 Mar 28
63
Jan 7014 Del
744 763
4 763 78
8
77
7712 763 7712 763 7714 18,000 Coca Cola
4
4
No par 854 Oct 27 833
8June 8
61
Jan 824 Oct
2512 2612 253 264
4
2514 2414 25
*24
2512 25
5,900 Colorado Fuel & Iron
100 20 Oct 30 353
8May 31
24
Jan 37 Ma]
50
51
49
50
403 505
3
8 4912 52
5112 52
14,200 Columbia Carbon
No par 41 Oct 19 5118 Dee 28
3434 35
3518 353
8
35
3514 35
354 3513 357 12,300 Col Gas & Elec. new
8,
No par 304June 28 374 Apr 19
---- -- -- -- -- ---- --- ---- ---- -- -- --- - -- - -1 _____ . Columbia Graphophone No par
18 Oct 16
24 Feb 8
114 Jan
514 Junl
Do pref
100
--•I -- - 14 Oct 22 1212 Jan 15
- -7-5 Feb 21 Jun!
-56- - - -1
07; 9552 - 4
-9418 943
4 924 1312 9212 -95 21 ki(10 Computing-Tab-ReeordNo par 87 June 30 9714 Dec
1ig3,
29
5514 Jan 793 API
4
No par 24412 Dec 20 1843 Nov 26
8
- -- _ - -- Congoleum
1734 1918 1918 21
-1512 - - - 1813 167
ii
8 ------17,109 Consolidated Cigar
1458 Dee 24 3938 Jan 3
No par
1858 Feb 424 Oct
*85
70
70
70
*6312 67
6914 7912 76
76
Do pre/
2.500
100 60 Dec 20 83 Feb 17
47 Feb 8714 No:
61
615
3 6114 613
4
8 6118 6318 63
607 617
8
6311 59.000 Consolidated Gas(N Y) 100 563
4July 2 6953 Feb 2
854 Jan 1453 Sent
64 614
4
6
614
6
63
3
614 63
8
63
8 7 4 27,300 Consolidated Textile___No par
3
6 Oct 30 144 Feb 2
9 July
155 API
8
56
4
5612 553 5612
553 5712 5618 5712 5614 573 39,200 Continental Can, Inc
4
2
100 4278May 7 573 Dec 24
8
4514 Jan 1151 Del
612 672
/
4
65
8 7
718 714
712 7,2 *73
8 7
4 5,300 Continental Motors_ __No par
5 Oct 24 1214 Jan 19
1114 Dec
185 Del
8
8
15312 1553 15414 158
15612 1574 15518 157
1523 1535 26,250 Corn Products Reflning
8
8
100 114 8July 5 16012 Dee 26
3
914 Jan 13414 OM
4
1193 1193 *119 122
4
*11913 122
12012 12012 119 119
Do pref
.500
100 11512 Nov 1 1223 Feb 24 III
8
Jan 12214 Nci
8 354 36
353 363
8
3514 3614 343 353
8
2 343 344 59.900 Cosden & Co
2
No par 2234 Sept 19 6214 Mar 9
313 Jan 54 Dal
3
4
6814 663 68
67
6634 8714 663 67
8
653 6612 8,800 Crucible Steel of Amerlea__100 5712Sept 27 8412 Mar 21
4
5234 Feb 984 Sept
*88
90
90 2
*89
,
*89
9013 *89
9012 *89
9012
Do prof
100 854 Aug 6 9412Mar 2
80
Jan 100 Seel
4518 1512 145 154
8
15
1538
1478 154 145 1478 10,500 Cuba Cane Sugar
8
No par
84 Aug 2 20 Feb 13
84 Jan
193 Mal
4
61
63
623
4
62
6218 6314 613 6214 604 62
4
Do pref
24,700
100 334 Aug 4 6512 Dec 26
1514 Jan 4174 Jul]
333834
4
3314 333
333 337
8
8 3314 333
8 33
3312 11.700 Cuban-American Sugar_ _ 10 23 Aug 1 373 Feb 13
.
9512 9812 *954 9812
s
1413 Jail 28 Aul
96
9812 *9612 984 96
*9612
Do pref
100
100 92 July 12 106 Apr 5
784 Jan 10213 Da
658 67
8
63
4 7
*7
*64 83
73
2
4 9,500 Cuban Dominion Sugar No par
63
4 7
3 July
4612 48
•44
47
*44
473
8 47
47
*45
47
1,200
preferred
100 30 Aug 28 5812 Mar 20 --------------7018
70
70
70
70
71121 71
7413 7212 7414 14.700 Cuyarnel Fruit
No par 5412July
6312 68
603 7114 6512 7114
4
6214 6714 624 643 112,400 Davison Chemical v t a_No par 20 2May 6 7212 Dec 24 --------------4
3
21 8114 Dec 13
2318 Nov 655 API
2
1834 1878 •183 1914 *184 19
•1812 205 *1812 2014
8
8
700 De Beers Cons Minee_ _No par
183 Dec 21 28 Mar 1
4
1512 Jan 255 SeP
8
*10414 105
10534 1053 *1047 106 *10412 1053
105 105
4
8
4
200 Detroit Edison
100 10014June 26 111 Mar 2 10038 Jan 11812 AM
Dome Mines. Ltd
10 3034May 22 444 Jan 4
184 Jan 4612 NO1
ioo- 1607 10814 1087 1iiii4 10812 3200,
ii5A- 10812 109 166- 8
8
Eastman Kodak Co__-No par 894 Jan 2 1153 Apr 3
4
70 July 9018 Do
23
23
23
2318 23 2313
2234 23
*2214 23
1.800 Eaton Axle & Spring_ _No par 20 Oct 31 27 July 24 ____
___ ____ ---.
13012 134
1285 13012 12934 132
8
13038 13312 13013 13212 23,000 E 1 du Pont de Nem &Co._100 10814 Jan 17 14812 Apr 28 105 Dec 16934 Not
6014 6014 6014 6012
*6014 81
60
60
60
617
8 2,100 Elm Storage Battery__No par 52 July 5 674 Mar 21
4012 June 584 Des
1212 1212 1214 1214
*1214 127 *1214 123 *1214 127
8
4
8 1,500 Elk Horn Coal Corp
50 1214 Dec 31 203 Jan 2
4
1414 Jan 244 Des
*1
112
7
2
1
11. 112
3
4 1
112
1,
2 2.000 Emerson-Brantingtiam
100
5 Dec 19
8
713 Feb 20
25 Jan
1118 Dim
8
•6412 6412 6412 6512
643 8513 64 - 6412 6412 6413 2,000 Endicott-Johnson
4
50 5878 Oct 29 9414 Jan 2
7614 Jan 9472 Del
•11314 11514 *11314 11673
11314 11314 113 113 *11314 11514
Do prof
200
100 110 Oct 29 118 Jan 3 104
Jan 119 De,
*20
*20
22
2078 2113
23
*197 22 .20
8
22
200 Exchange Buffet
No par 194
2613 Dec 314 00
705 7112 704 717
8
70
7178 6938 703
8
8 685 695 13.000 Famous Players-LaskY-No Par 52 Dec 4 31 Jan 10
8
8
Oct 27 93 Jan 2
754 Jan 107 Sep'
884 884 *89
894 8978 90
90
90
91
91
1,400
Do preferred (8 %)___ _100 82 Oct 29 993 Feb 14
4
914 Jan 1073 84p1
2
914 914 *9
914
*9
*912 1013 *9
10
1012
200 Federal Mining & SmelPg_100
5 June 5 13 Nov 9
Jan
9
1613 Ma]
41
41
41
41
41 12 4112 42 3 43
4
43
43
900
Do prof
100 3414June 4 8012 Feb 13
3712 Mar 623 Sop:
4
912 93
4
934 97
94 93
s
912 97
4
2
93
4 93
4 5,100 Fifth Avenue Bus
No par
7145ept 21 103 Jan 2
3
84 Dec 104 De:
164 164 *165 167
•165 167
167 168
170 174
1,000 Fisher Body Corp
No par 140 July 3 21214 Jan 11
Jan 218 Dos
75
98
98
98
*96
*97
99
*97
983 •W
99
100 Fisher Body Ohio pref._ 100 94 July 3 1023
8June 14
7612 Jan 10314 Jung
838 812
812
8
73
4 814
814 83
8
814 85
8 6,800 Fisk Rubber
:Pio par
57 Oct 19 1612 Feb 13
g
1912 API
105 Nov
8
4414 4414 4414 4412
4411 4412 4412 4412 4412 441. 1.7011 Flelschrtrtn Co__ _ _ _ _ Nn nar
2730 Fph 37 471.‘fstv 4 __
-_
*Bid and asked prime; no sales on this day. a Ea. 300% In
Ex dividend.
$ per share $ per share
8412 85
8614 87
*7814 7813 7812 7812
1058 1053 1078 11
17
1712 1714 1914
34
3414 343 3612
4
75
753
3 743 753
4
8
*1153 117 *116 1173
4
4
4234 427 *4212 43
8
963
8
9518 9514 94
63
2 652
65
8 65
8
1012 103
1214
4 11
8 583 59
583 587
8
4
*955 96
953 953
8
4
4
38
3812 3814 384
,
*10112 107 *101 103
4 5512 555
5514 553
8
9612 9612 944 943
4
194 203
8 2014 217
8
*50
64
54
54
125 125
125 12538
14818 14818 1483 1483
4
8
10134 1013 *101 102
4
14714 14714 14718 14712
*40
41
*39
41
*883 9614 *8834 0014
4
6512 66
6512 6512
73
735
8 725 737
8
8
*983 100
4
*99 10014
17
8 218
2
2
77
8 84
814 85
8
28
29
26
2918
354 3614 363 37
8
9214 9214 9214 9214
13
13
13
13
7714 783
4 7913 794
*85
86
*85
86
*89
90
*89
90
283 29
8
285 2912
8
1
118
114 113
165 173
8
4 153 1714
8
1312 14
13
133
4
1274 13112 13212 1334
New York Stock Record-Continued-Page 3
68
For sales during the week of stocks usually Inactive. see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Dec. 29.
Monday.
Dec. 31.
Tuesday.
Jan. 1.
Wednesday. Thursday,
Jan. 3.
Jan. 2.
per share
$ per share 1$ per sh re $ per share
*66
68
8 6714 6714
8
*667 673
4
1214 123
4
113 12141 1114 117s
46
4614
43141 44
453
4
43
3912 40
4014 40121 4014 41
72
7212
7112 72 I 713 713
4
4
9512 9612
*9512 9612 9512 97
*10412 10612
*103 106 I 106 106
194 196
19512 19714 19612 19612
103 107
4
8
4 103 103
4
4
4
103 103
147 1514
8
4
8
145 147
8 143 151s
*8114 8212
*8114 8212
*8114 83
8114 82
8114 8112
*8112 82
*9812 99
99
99
99
99
4912 4912
473 4814 4812 4912
4
812 812
*812 9
812 812
9
9 12
8
85
8 85
818 812
2214 2234
2238
215 2218 22
8
7514
*73
7212 73
*7312 75
40
4012
393 397
4
s
3958 40
8814 8814
8818 8814 881s 8818
15
1618
1434
4 1434
4
143 143
712 73
4
75
8 77
8
7
712
15
1514
1414
1418 14
14
73
3 712
7
7
714
*7
813 8314
4
84
4 83
8318 833
521
5
8
3
4
3
4
114
3
4
_
1- -15i4 162
'
4
-34
40 ill- -4151. 10 4
8
3414 3414 343
72
70
713
8
4
21
273
4 273 273
157
8 153 1714
4
5
8
12
5
8
67
s
63
4 63
4
4
13
4
13
4 13
47
8 512
43
4
2418 247 2518
8
3
4
3
4
3
4
4
618 63
63
4
8
427 4278
43
4 2414 2438
2414 243
7712
763 7714 77
4
*10612 10712 *10612 107
614 67
8
612
6
8
4
285 293
8
3 295 313
1312 1334 1312 14
81
•79
81
*79
4
373* 373 39
37
64
8
6312 637 *63
8
4 163 1712
1714 173
5112 5012 51
50
3414
8
705
2712
153
4
12
612
13
4
412
24
3
4
612
43
*55
3412
69
2712
17
12
67
8
134
514
253
zt
*7,s
714
43
Friday.
Jan. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Indus. & &flacon.(Con.) Par
Foundation Co
No par
Freeport Texas Co.. No Par
No par
Gen Amer Tank Car
General Asphalt
100
Do pref
100
General Clgar,Inc
100
Debenture preferred_ _._100
General Electric
._100
Special
10
General Motors Corp_No par
Do pref
100
Do Deb stock (6%)_100
Do Deb stock (7%)_..100
Gimbel Bros
No par
Glidden Co
No par
Goldwyn Pictures, new_No par
Goodrich Co (B F)__No par
Do pref
100
Goodyear Tire, pref
100
Prior preferred
100
Granby Cons M,Sm & Pow 100
Gray 68 Davis, Inc__ _ No par
Greene Cananea Copper__ -100
Guantanamo Sugar__ .No par
100
Gulf States Steel tr ctfs
Habirstraw Dec Cable_No par
100
Hartman Corp
100
- b:ino Hayes Wheel
.100
Hendee Manufacturing..
100
---500 Homestake Mining
No par
2.500 Household Pro
100
10.900 Houston 011 of Texas
3,400 Hudson Motor Car_ __No par
20.500 HuPp Motor Car Corp.... 10
No Par
4,200 Hydraulic Steel
3,100 Independent Oil& Gaz_No par
5
4,200 Indlahoma Refining
10
3,700 Indian Refining
10,050 Inspiration Cons Conner_ 20
100
1,800 Internet Agricul Corp
100
Do pref
3,900
1,900 International Cement_No par
Inter Combos Engine_No par
14,200
100
4,300 Internet Harvester
Do pre!
100
6,900 lot Mercantile Marine ___100
Do pref
100
36,000
11,500 International Nickel (The) 25
Do pref
100
100
2,100 International Paper
Do stamped preferred_100
400
32,200 Invincible Oil Corp____No Par
.No Par
10,700 Iron Products Corp.-.
Island Oil & Transp *8 0.. 10
100
7,100 Jewel Tea, Inc
100
Do pref
100
100
13,000 Jones Bros Tea, Inc
4,400 Kayser (J) Co, v t 0 ___No par
I
Do let pref
5
__o 2
9,275 Kelly-Springfield Tire N -par
100
1,100
8% pref
100
200 Kelsey Wheel, Inc
No par
33,100 Kennecott copper
13.000 Keystone Tire & Rubber__ 10
100
100 Kresge (5 5) Co
per share
5812 Oct 29
2
3813 ouzo
23 Aug 9
60 Sept 27
8018June 28
10414 Nov 14
1675
88ept 21
1014 Oct 19
1234June 28
79 July 10
7854 July 17
933 Oct 30
4
3912June 27
6 Sept 22
8 Nov 5
1738 Oct 23
573 Oct 20
4
35 Oct 26
88 Oct 30
12 Oct 24
63 Dec 27
4
134 Dec 20
/
1
5 Sept 19
66 June 28
r4 Aug 8
793 Nov 1
4
31 July 5
12 July 2
54 Dec 17
2838July 2
403 Aug 4
4
20 June 28
1518 Dec 24
Oct 27
3 8Sept 21
3
1 Oct 19
312 Dec 10
234 Oct 24
13 Oct 26
44 Oct 30
81 June 28
8June 28
193
6133 Oct 29
4
106 Oct 27
47 Aug 9
8
1812 Aug 8
1038 Oct 26
693 Jan 4
4
277 Oct 25
8
60 Oct 24
74 Nov 5
3212 Aug 6
.03 Nov 26
3
103 Del 11
62 June 20
203 Dec 21
8
28 July 2
96 July 2
2013 Oct 17
78 Nov 3
75 Oct 18
293 Oct 26
8
13 Oct 19
8
177 Mar 2
.No par
Martin-Parry Corp...
Mathieson Alkali Works... 50
Maxwell Motor Class A__ _100
Maxwell Motor Class B No par
May Department Stores.. _100
McIntyre Porcupine Mines__
Mexican Seaboard oil..No par
Voting trust certificates__
5
Miami Cooper
Middle States 011 Corp.__ 10
Midvale Steel & Ordnance- 50
100
Montana Power
Mont Ward & Co III Corp. 10
No par
Moon Motors
Mother Lode Coalltion_No par
No par
Mullins Body
No par
Munsingwear
No par
Nash Motors Co
100
Do preferred A
50
National Acme
25
National Biscuit
100
Do pref
100
National Cloak & Sult
75 July 5
111 Oct 19
/
4
4May 21
1903
1113 Apr 4
4
6814June 28
14 June 21
6 Sept 8
3814 July7
148 June 21
103 May 23
5818 Jan 2
87 July 3
72 June 29
57 July 2
27 Oct 29
/
1
4
21 June 27
43 July 31
72 Oct 22
35 Oct 18
40 Oct 30
16 Sept 17
1712 Oct 31
314 Nov 7
26 July 31
311 Oct 23
/
4
38 0.•t 13
104 Oct 2
67 Jan 5
/
1
4
15 Sept 18
5 4 Aug 1
3
6 Aug 15
2012 Oct 29
312 Nov 16
2112June 29
5412June 28
1814May 22
173 Jan 17
4
718June 20
1018 Aug 21
314 Oct 28
753* Jan 2
9014 Dec 29
7 Nov 12
38 Jan 5
11812July 5
40 June 18
$ per share $ per share Shares.
500
6814 6814 *6818 6812
121s 1212 *12
1214 6,300
2,800
*45
46
4515 46
3912 40
3918 4114 9,000
713 72
4
723 723
4
4 1,100
9518 9518 9412 943
4 4,700
500
106 106 *10412 10612
19312 195
19312 2007 16,000
8
107 11
8
1078 10722 3.500
147 15
8
1478 1514 108,300
100
*807 83
8
8118 8118
82
82
8112 823
8 1,900
300
99
99
*9812 9912
3,600
49
*4712 4812 48
400
*812 9
*814 9
3,504
97 10
8
10
10
*2214 223
8 223 225
8
8 2,100
500
*73
757 *73
8
757
8
393 4012 39
4
393
4 2,800
400
*88
89
*88
89
6,000
153 1618 153 16
4
4
812
8
818 4,900
8
1512 16
15
1512 2,880
*7
712
7
713 1,300
81
823
8 803 8112 11,500
4
34 2,100
3
4
3
4
*5
8
40
7 - 6T2
1612
-is6- 16-
3412 3412 3412 3414 343
-8
703
8 685s 7014 683 693
4
4
2712 273 273
8
4
4 2712 277
18
17
1712 1714 1754
5
8
58
5
8
5
8
58
67
8
612 612
thy 612
2
178 2
2
2
5
5 14
514 514
8
55
2634 26
2612 253 263
4
4
1
1
1
1
13
8
97
8
8
4
77
22 8
73
43
*4212 43
43
43
2412 25381 2412 2514
2418 25
78
8212 8112 82
*7
84 79
*10612 107 *1053 1073 *10612 10712
4
4
63
4 714
7
7 1
714 712
2978 3138 30
307
81 307 323
8
4
1334 1414 1312 137
8 135 137
8
8
•79
81
*79
81 I *79
81
*3712 38
38
3812 *3712 3814
*6312 65
64
6414 *6414 65
1618 1678 1518 163 *1618 1614
8
49
4934 4934 51
49
503
4
-2
.2- -- -1- -2054 - 7- ' 2 - - 2
23 4
-1218 7 .- 221-I3128 -2 4 /2 4
1*87
88
*87
88 •86
88
88
*87
88
25
273
8 26
2712 2518 2614
Stock
2314 25
23
343 3514 335 3412 3353 335
4
8
8
3514 3412 353
8
8
*97 102
*97 102
98 Exchange *977 102
*96
98
3238
317 3252 3112 32
8
3112 3212
32
32
8.513 8512 853 853
3
8 843 8412
8
8512 8514 8514 Closed
*92
98
*92
98
98
97
98
*96
97
8
4
8
8
347 New Year's 343 353* 347 3518 345 347
8
7
33 8 34
314 33
8
314 312
3
/ 338
1
4
27
8 318
3
Day
nsa 293 *286 294 •296 294
nss 295 293 293
•7712 78
*7812 7912
79
7912 79
8012 81
8114 1,500 Laclede Gas (St Louis)._ _100
8001 Lee Rubber ‘18 Tire___No par
14
14
1418 1418 1414 1414 1414 1414
137 14
8
400 Liggett & Myers Tobacco_100
23912 240 *238 240 *235 240
4
*235 2393 *225 239
100
Do pref
116 116 *116 117 ,*116 117100
*116 118 *116 117
.No pari
6612 67
66
6614 4,600 Lima Loc Wks temp et!
6612 66
6614 6612 6612 6714
6,900, Loew's Incorporated___No pari
1714 1778 1718 173
8 173 17322
8
4 1712 1712
163 173
4
714
No DWI
714 84 3,100' Loft Incorporated
*7
714
714
67
8 67
8
63
4 714
100
800 Loose-Wiles Blecult
5612 58
60
5712 5712 5712 5712
*59
60
*59
100
2,400 Lorillard (I)
17112 17112 17114 172
17214 175
169 16912 *170 171
/
1
4
100
600 Mackay Companies
107 107 *108 110
108 108
510718 112 *108 113
No par
9012 91
89
8918 895 14,950 Mack Trucks, Inc
8
9014 91
90% 89
90
100
Do 1st preferred
100
9614 9614 *9614 97
*9512 96
*9512 97
*9512 96
100
Do 2d preferred
200
90
89 89
*89
90
*89
90
*88
90
90
No par
6712
5,400 MaCY
*66
67
6812 667 6712 665 67
8
8
67
*66
No par,
3012 33
311 327
/
4
8 3112 3112 1.900 Magma Copper
4
*293 3012 304 3114
2,900 Mallinson (H B)& Co-No pal
27
271 27
/
4
2734 *2714 28
2714 2714 2718 2712
100
66
300 Manati Sugar
*62
66
*62
*62
66
63 63
62
62
100,
Do prat
87
*80
87
*80
86
*80
87
*81
87
*80
2,500 Manhattan Eleo SuPPIYNo par.
*39
40
39
40
393 4114
4
3714 3714 *3812 40
25
1,380 Manhattan Shirt
42
/
1
4
4212 427
8 42
42
42
42
42
42
42
2612 27
2512 2612 2614 2612 3,800 Maracaibo Oil Expl___No par
/ 27
1
4
273
8 26
27
No par
37
3512 393
38
3714 3812 3738 3812 54,600 Marland Oil
8 3718 39
No par
*71
8 *___
*714 6
400 Marlin-Rockwell
8
8
8
9
*8
-ilia
88
2214
3412
*96
3112
85
*93
33
53
258
/ 353
1
4
8 3514 3514
35
403 403
4
4
40
39
4
483 4912 4812 4934
1334
1314 13
13
9014 91
4
903 91
8 1712 173
4
1712 173
8
1512 154 153
15
1412
14
13
/ 14
1
4
8
/
1
2112 214 217 22
618 612
578 618
8
/ 287 2918
1
4
283 28
4
25112 6212 62
62
2412 24
/ 247
1
4
8
24
8 2518 254
2514 253
77
8 814
77
8 8
4
4
1218 1212 *123 133
3812 3512 3512 3512
993
8
9814 9814 99
97
97
9614 97
8
712 77
4
7 4 73
3
5112 52
5114 5114
312
122111235* *120 12
*56
' 63
*56
64
PER SHARE
Range since Ian. 1 1923.
On basis of 100
-share lots
3518 35181 343 35
4
'
343 3618 2,300
4
1,200
40
3912 40
*39
40
*39
4914 5312 51
5314 503 5212 43.700
4
1334 1514 143 15
8
1438 143 23,700
4
90
903
4 8912 90
89
8912 3,700
173 171 171 18
8
/
4
/
4
18
18 I 2,500
; , 1.118 1412 5,600
144 15141 It 1.4/
1
14
5
4,100
14
14
3
2212 2212 2222 2212 2234 2,400
22
622 67
8, 614 6
/
1
4
64 612 62,460
29
29 I 28
/ 284 283 283
1
4
4 1,100
4
400
*62
6212 *62
6212 813 62 I
4
247 2614 203 274 261 2718 70,800
8
4
/
4
2514 2512 2512 253
4 2538 2612 4.600
778 814
7
/ 814
1
4
818 812 18,600
1238 1312 *123 133
4
4 1312 1412 1.200
38
35
/ 3718 37
1
4
3714 377
8 1,900
101 10112 101 102
100 1003
4 1.000
850
*97 101 17 *9
101
*97 101
2,900
9
9
834 9
*812 9
4 3,800
8 5114 5134 5114 513
5113 617
400
*120 12312 *120 12312 *120 12312
63 '
*56
53
*59
63
*57
Highest
Lowest
Highest
$ per share $ Per share $ per share
783
8July 20 _--/ Jan
1
4
27'g Oct
12
22 Jan 13
Oct
711 Feb 20
/
4
45
/ Jan 80
1
4
4
54 Mar 7
374 Nov 733 July
/
1
69 Nov 111 July
83 Mar 7
/
1
4
9712 Dec 24
65 Mar 83 Dee
Oot
Jan 109
110 Apr 2
94
Jan 190 Dee
20214 Dec 11 130
12 Jan 2
104 Oct 12 Sept
15 July
/
1
4
1712 Apr 18
814 Jan
Jan 88 Sept
69
89 Apr 17
/
1
4
90 Apr 7
67 Mar 9614 Oet
105 Apr 10
7914 Mar 100 Sept
5112 Apr 24
384 Oct 454 Oct
123 Feb 9
8
91 Nov 1814 JUDO
/
4
2218June 5
4118 Mar 22
s
2812 Nov --447 May
794 Nov 91
Apr
9212 Mar 6
6212 Apr 25
99 Feb 19
33 Mar 23
22 Nov 35 May
15 Mar 7
/
1
4
8 Nov 194 May
/
1
3418 Mar 6
22 Nov 34 8 May
3
1412 Feb 14
/
1
7 Feb 144 Mar
1044 Mar 21
/
1
447
8
47 .].s444
. s Oct
44
7
a
24 Jan 12
Jan
947 Feb 6
8
44 Apr 19
233 Feb 16
4
15
Jan -2144 Sept
7978 Jan 2
55
Jan 82 Nov
391 Mar 15--14 --/
4
78 Feb 16
61 Nov --ois4 Oct
4
1912 Aug 263 Dee
323 Mar 8
8
3012 Apr 2
1078 Jan 2618 Dee
612 Jan 8
34 Feb 1418 June
1114May 3
14
4 be;
19 Mar 19
3 Jan --183 Jan
114 June
/
1
812 Apr 6
5
31 Nov 45 June
433 Mar 1
4
/
1
4
5 Dec 113 Ma,
4
11 Feb 20
284 Nov 4318 Mat
397 Feb 23
3
Jan 381 May
/
4
26
44 Mar 19
2018 June 304 Saps
2718 Apr 6
793 Jan 1157 Aug
8
984 Feb 7
8
11614 Jan 4 10512 Feb 119 Sept
111 Feb 14
/
4
83 Dec 2718 May
4
4138 Dec 873 May
47 Jan 5
8
4
1614 Feb 18
1114 Jan 191 Apr
Jan
83 June 12
Jan 85
60
434 Mar 63 Oat
/
1
4
58 Mar 6
/
1
4
7518 Jan 5
59 Mar 8018 Sept
1914 Mar 7
1218 July 2014 Apr
5814 Mar 8
24
Jan 534 Oct
/ Feb 24
1
4
3 Jan
13 Nov
24 Mar 15
10
Jan 22'I May
884 Dec 27
3812 Jan 763 Dec
8
344 Feb 57 8 Sept
633 Mar 16
8
7
4578 Feb 23
34 May 484 Aug
/
1
94 May 1064 JUDO
104 Mar 23
6218 Mar 22
3414 Jan 53 May
/
1
4
108 Jan 18
9012 Jan 1078 May
4
Feb 11.513 Dec
81
1174 Mar 8
/
1
45 Mar 1
2512 Jan 39 May
/
1
4
4 Nov 24 May
/
1
4
/
1
4
1118 Mar 24
Jan 18912 Nov •
300 Dec 8 110
43 Jan 9411 Aug
sJune 9
893
244 Nov 354 Mar
311 Mar 7
/
4
240 Dec 8 1534 Feb 235
Ool
11818 Jan 8 108
Jan 12312 No,
52 Nov 1174 May
74 Mar 20
/
1
4
101 Jan 231 Sept
/
4
4
2114 Feb 14
9 Jan 1414 May
113 Jan 5
4
6614 Dec 12
36
Jan 67 Sept
/
1
4
1823 Dec 11 147
4
/ Jan 180 Sept
1
4
121 Feb 6
72
Jan 117 Dee
2513 Jan 517 Sept
9312 Apr 8
8
9914 Mar 12
88 Feb 9412 Dee
92 Mar 5
54
Jan 8734 Sept
714 Jan 20
69 Nov 62 Dee
3814 Mar 3
2718 Nov 353 Sept
4
40 Jan 2
1512 Jan 40 Aug
3014 Jan 52 Map
7514 Mar 14
90 Feb 26
/ Apr 8414 Sept
1
4
73
41 Mar 89
65 Mar 21
/ Apr
1
4
477 Jan 5
8
32 Mar 58
/ Oct
1
4
283 Dec 26 ____ ____
8
22
/ Jan --ass inn;
1
4
59 Apr 2
/
1
4
16 Feb 26
511 Mar 264 Mar
/
1
3734 Apr 17
2014 Jan 3814 June
63 Mar 13
/
1
4
22
Jan 54 Nov
6314 Mar 8
4114 Nov 743 May
4
21 Apr 5
11 Feb 25 June
/
1
4
93 Dec 24
6612 Dee 17434 Dec
2012May 4
101 Jan
/
4
211 Mai
/
4
2334May 28
15
Oct 344 July
2314May 28
12
Oct 324 July
304 Feb 23
25 Nov 313 MaY
g
1214 Jan 12
11 Nov
18
Apr
3
33 8 Apr 18
2618 Dec 454 May
7•5 Mar 8
63
Jan 763 Sept
8
2614 Nov 15
12 Feb 253 Aug
4
2938 Mar 22
13 Aug
19 Dee
/
1
4
14 Feb 20
9 Nov
/
1
4
1214 Dec
29 Mar 15
/
1
4
1714 Deo 34 Mar
3612 Nov 7
11418 Jan 12 --70 Dec -525 Jul;
1013 Jan 17 10118 Aug 108 Dec
4
1818 Feb 19
94 Nov 214 Apt
527 Nov 28
8
364 Dec 270 Dee
Oct
125 Feb 2 1134 Jan 126
Jan 664 Sept
6714 Feb 21
26
14May 31
11 Feb 24
/
4
I Nat Conduit & Cable_ _No pat
0 35 Oct 18 73 Mar 14
41
4114 4012 4012 403 403
4
54 6,000 Nat Enam'g & Stamping-10
4 4
0
40 -- 3- "io" 168
100 108 July 6 148 Dec 26
14112 143
140 14212 140 14212 5,800 National Lead
14212 14312 142 142
100 l07'tJune28 114 Jan 4
Do pre(
*1127 1133 *1123 113 *1123 1133
8
4
4
8
4
4
4
4
8
*1127 1133 *1127 1133
918 Oct 27 183 Mar 5
8
1778 12
12
1214 123 1234 6,800 Nevada Consol Copper.... 5
4
s
/
4
1112 111 1112 113
/
1
4
8
41
41
405 40.8 *4012 4034 1,500 NY An Brake temp Ws No Par 26 Jan 2 427 Nov 23
8
4018 41
4012
40
No Par 4514 Aug 23 bits Feb 13
Class A
4778 477
4
8 473 473 *4714 48
4
47- 47
48
.47
100 1514June 30 27 Apr 2
New York Dock
1978 *18
*17
20
*18
20
•19
193
4
•17
1812
4
100 373 Aug 14 5112 Mar 15
5001 Do prat
*40
43
*40
43
*3712 43
/
4
*401 45
42
42
2214 2218 2214 2218 2214 12,020: North American Co. new.. 10 1712Muy 21 2414 Apr 13
22
2218 2214 2218 2238
60 4212July 2 484 Feb 14
Do pref
437 44
8
1,0001
44
4414 *4414 45
/
1
4
4 43
433
43
43
8
2
200 Nova Scotia Steel & Coal. 100 138 Dec 29 297 Mar 3
*1514 18
•14
18
*14
18
8
133 1412 *1514 1812
7 Oct 20 1018 Feb 9
/
1
4
814 812 *8
8
9
814 814 1,700 Normally Co (The)____No Par
8
7
/ 3
1 7
4
/
1
4
.No par
1%4 Dec
104 Jan 29
8 *214 27
*214 27
I Ohio Body & Blower..
8 *214 27
8
.21/4
*214 3
3 Feb 8
/
1
4
Nov
112
158
15
8 *112 158 2,100 Okla Prod & Ref of Amer__ 5
132 11
/
4
112
/
4
/
4
11 11
3 , July 21
94 Dec 15
I Ontario Silver MinIng____100
*75
s 8
*712 8
*712 8
*712 8
*712 8
1 1614June 21 2158 Apr 26
1912 20
1918 2014
1912 1912 12,000 Orpheum Circuit, Inc
/
1
8 184 20
183 187
4
100 1144 July 30 153 Feb 18
3,200 Otis Elevator
140 140'12 141 14212 141 143
1403 14112
4
141 142
87
7 June 30 9141/481VI ar 21
No par
93
s 912
914 912
918 91g
9322 912 4,100 otte Steel
914 93
8
52,4 m ar 5
234 Ap 2
25
433 433
4
4 434 4312 4312 433
44
4 3,300 Owens Bottle
4 44
433
4
433
3631 Nov 2
jan
*3
8
12
*38
12
700 Pacific Development
3
8
3
8
/
1
4
/
1
4
3a
3
8
Dec 17
100 73 July
91
911 9018 91
/
4
91 12 92
4,600 Pacific Gas & Electric
9134 92
93
93
4
7 July 2 123 Mar 14
5
*1011 1012 10
10
1018 1012 7.700 Pacific Mall Steamship
4
8
10
103
8 103 103
Ex-divIdeue.
Bid and &eked Woes: no Isles Una day. s
7001
PER SHARE
Rano for Previous
Year 1922.
111a Apr
1 Dec
30
/ Jan 684 Oct
1
4
Jan 1294 Dec
85
Jan 117
108
Oct
1318 Nov 1918 June
2412 Nov eats seat
4518 Nov 5114 Oct
20 Nov 46 June
46 Nov 684 June
- -38
Jan 4714 Aug
203 Feb 40 Sept
4
8 July 12414 Mar
5 No v 14
/ A
1
13
4
43*
123
8
116
6
/
1
4
2412
Dec
Jun
Jan
Jan
Nov
t
i n
o
28
Oot
683 Oat
4
164 Apr
443 SIpr
124
t
60
11
Jan
Jan
9118 Sept
19 June
4 June
/
1
4
9s• mar
New York Stock Record-Concluded-Page 4
69'
For sales during the week of stocks usually inactive, see fourth page preceding.
PIER Zli AKII
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICE
dafarday,
Dec. 29.
Monday.
Dec. 31.
Tuesday,
Jan. 1.
Wednesday. Thursday,
Jan. 3.
Jan. 2.
Friday,
Jan. 4,
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since Jan. 1 1923.
On basis of 100-share tots
Lowest
Highest
rim ALIalga
Bantle for Provialw
Year 1922.
Lowest
Highest
$ per share $ per share $ per chars
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miceli.(Con.) Par $ per share
4212 Nov 89 Ma7
32
3114Sep 19 5214 Dec 27
4938 5034 4812 50
4814 49 52.700 Piscine 011
4
1
/ 5114
504 5153 50
10 Dec 21 Nov
10 978 Octt 23 1512Mar 22
1
/
1212 1258 124 1212 *1214 1212 4,700 Packard Motor Car
4
1
/
4
1
/ 12
4
1
/ 12
1238 12
9114 Dec 92 Des
5 99 Feb 7
Preferred
100 9018June
400
4
1
/ 93
8 92 92 *32
925
*90
9218 9232
.9214 93
4
1
/
48 Jan 10078 Dec
6012 6114 58 6013 .555* 5772 34,300 Pan-Amer Petr & Trans_.- 50 53 Sept 28 9312 Feb 7
s
8112 617
6358 64
4012 Feb 953 Dec
s
50 5012 Oct 19 86 Feb 7
Do Class B
8 5358 5534 104,500
584 5912 54 587
6114 8178 5914 60
3 Dec 1212 Jan
614 Apr 5
114 Oct 26
1.900 Panhandle Prod & lief_No par
214 212 *214 31
1,900
212 212
238 212 *214 212
74 Nov 17 Apr
9 May 23 154 Mar 13
No par
1.800 Parish *Bingham
4 1312 1313
1318 1352 1312 133
124 13
1234 13
238 Dec 1338 May
8 Apr 4
112 Oct 8
338 . 34 59,100 Penn-Seaboard St'l v t obi° par
38 312 . 314 312
34 314
,
4 38
23
5954 Jan 99 Sept
-100 86 Apr 27 984 Dec 31
2,700 People's0L &0(Chic)
4
1
/ 96
98 984 9814 9614 95
8
973 9712 9712 9812
8
3113 Jan 453 Beta
Philadelphia Co (Pittsb) _ 50 41 July 2 5014 Mar 19
43 4312 434 4418 44 4414 2,600
4214 4212 4234 43
7314 Oct 1054 Jan
No pas 55 Aug 9 80 Apr 4
800 Phillips-Jones Corp
5918 *55 594
5918 *55
*55
584 5818 5812 5812
10 1112July 2 2458 Dec13 ____ ____ ___ ____
2214 51,100 Phillip Morris
2138 2234 204 2134 21
1
/
8 2318
2034 205
20
2814 Jan 594 June
8
3514 3612 3418 3512 344 343 42,100 Phillips Petroleum _..-No par 1914Bept18 695 Apr 5
4
1
/
8 344 3614
3412 347
8 July 24 8 AD?
614 July 2 1514 Jan 14
5
914 912 5.700 Pierce-Arrow Mot Car-No par
4
912 93
4
/
4
s 91
87
914 93
4
1
/ 834
8
4
1
/
18 July 49 Apr
loo 1313 July 2 3558 Jan 9
Do pref
4,400
274 *2612 27
2614 2734 2814
2634 27
2618 27
8 Feb 13
378 Dec 12 Jan
112July 5
25
238 21
2 21
238 238
*241 212 5,800 Pierce Oil Corporation
24 21
Jan
32 Sept71
100 16 Oct 11 45 Jan 4
Do pref
400
2334 2334 *253 27 •2312 2412
4
23 231 *234 26
55 Nov 7214 Sant
8
100 58 Jan 16 877 Mar 7
200 plttsburgh Coal of Pa
8312 6312 *6112 83 *62 63
*82 6312 *62 6312
9018 Feb 1004 Sept
go
100 96 Oct 26 100 Apr 5
1
Do pref
987$ 087, •98
300
99
•98
4
1
/ 9814 9814
9878 98
6558 Apr 120 Oct
No Par 47 July 5 134 Feb 6
1
/
8
4 5638 567
5652 563
5612 5612 564 5614 567 564 2,000 Poatum Cereal
8
100 1084June 30 11414 Jan 25 1054 Apr 11212 Oc?
Do 8% Preferred
200
*11114 11212 112 112 *111 114
111 , Ill *11112 1121
133 Jan 9514 Sent
100 4212 Oct 23 8112 Jan 2
2,500 Pressed Steel Car
5414 56
5212 5414 534 54
5114 5112 524 521
91 Feb 106 Sept
4
100 80 Oct 23 993 Jan 5
Do pref
300
*83 85
83 83
*8212 83
*8112 8212 8238 821
244 Jan 51 Sept
& Refiners Corp_ 50 17 Nov 10 5818Mar 20
8
39 4214 3852 40'z 3712 395 83,800 Producers
3814 4354
3812 38
4 42
7,000 PubServCorp ofN.J.new NO Par 4112 Dec 29 5112 Ayr 18
43
4112 4212 42 4238
4278 4312 4312 438
Sept
100 11012July 2 134 Mar 8 1054 Jan 13934 4,600 Pullman Company
12112 1221 *122 123
122 122
12258 1234 12212 12313
Jan 5314 Juns
31
50 41?July31 6914 Apr 19
5634 3,400 Punta Alegre Sugar
58
4
1
/ .5812 57
57
57 57
57 58
577
264 Nov 3858 Jan.
25 1614 Sept21 32 Feb 13
8 2332 2334 24,400 Pure Oil (The)
2334 245
2412 25
24
2458 2414 247
4
1
/
94 July 102 Apr
100 8212 Aug 28 100 Mar 9
Do 8% preferred
100
9412
93 93 *94 95 *93
.914 93 *93 94
94 Jan 12814 Sept
100 9912 Oct 29 123 Mar 17
200 Railway Steel Spring
108 108
106 106
•107 108
•107 108 *107 108
1912 Jan 384 Sept
4
1
/
1
/
No par 294July 16 34 Feb 19
100 Rand Mines,Ltd
31
31
*304 34 .2978 34
*2912 34 *2934 34
1218 Nov 19 Ma7
8Sept 21 1714 Mar 1
97
4
/
1112 111 7,800 Ray Consolidated Conner- 10
8
117 12
1114 12
11
1118
1118 11
24 Jan 43 Mar
400 Remington Typewriter v t'2100 24 June 27 484 Mar 6
3212 324 3214 3214
33 33
3214 3214 *3212 34
55 Jan 105 Des
100 89 Dec 14 104 Feb 13
1st preferred v to
200
91
91
92
9112 914 *91
*9112 92 *902 92
5012 Feb 8034 Dec
2d preferred__100 80 Jan 3 99 Nov 23
100
98 *93 98
*93 98 *93
95 95
*95 98
21 Nov 3812 Ma7
4
8 Oct 25 313 Feb 16
No par
114 1178 8,400 Replogle Steel
4
/
111 12
1114 124
11
1012 11
8
117
6812 Nov 7812 Mar
4018June 30 6634Mar 21
100
12,600 Republic Iron & Steel
514 5178 5014 5112 *5012 51
4
/
511 503 5112
51
4
74 Feb 95 4 MaY
3
100 8434 Oct 1 9878 Mar 21
Do pref
400
*8834 89 *8834 89 *8834 89
8812 89
*8812 89
3
1214 Nov 50 4 June
No par 14 June 30 2972 Apr 17
2014 2012 203 2034 2038 2012 5,900 Reynolds Spring
8
2014 2052 2014 21
4
1
/
43 Mar 63 Nov
8 7312 74
7312 7312 12,600 Reynolds(RJ)Tob Class B 25 47 Jan 10 75 Dec 31
747
74
3 737 75
7312 737
100 114 July 9 118 Feb 9 1114 Apr 11834 Oct
Do 7% preferred
100
*113 11814 11614 11814
*115 11814
*115 11814 *115 11614
4012 Aug 1 554 Feb 19
4
1
/
47 Jan 87 :155111
4
1
/ 495
1
/
4818 484 48
8 4,400 Royal Dutch Co(N Y shares)
49
48
3
7
4714 48 8 473 4812
1258 Jan 2014 BeD
10 17 June 29 2318 Dec 13
300 StJosePh Lea
2234 2234
*2212 23 *2234 23
2234 2234
*2273 23
614 Mar
112 Jan
5 Feb 14
114 Oct 4
400 San Cecilia Sugar v t c-No par
*212 34 *212 3
*212 31
24 234 *212 318
10 14tui 2478 Apr
4
1
/ 33
32
3312 3414 34
3 9.600 Savage Arms CorporatIon_100 1812 Jan 3 3512 Dec 11
4
1
/ 373
4
4
8
328 2212 333 333
__
___ ____
4
109 109 10612 108 10734 10984 4,500 Schulte Retail Stores_No par 88 May 3 1183 Dec 8 ..107 10712 108 10812
Feb 947 -Anil
2
Ms 4
1
/
3
100 65 4June 30 92 Feb 13
87 8712 87
883
881 10,100 Sears, Roebuck & Co
88
8814 8612 8834 8634
Jan 112 Aus
91
100 101312June 4 115 Nov 28
Do pref
100
113 113 *111 118 *111 118
•10912 113 '10914113
8 Oct 231 Jas
4
2
47 Oct 26 1212Mar 3
No Par
Ols 3,500 Seneca Copper
6
538 578
6's
8
4
1
/
514 5
3
514 5 2
61 Nov 12 June
5 Oct 15 1078 Mar 2
.612 7
*612 7
*612 7
613
500 Shattuck Arizona Conner__ 10
6
612 61
3412 Dec 4818 Ma7
1,800 Shell Transp & Trading__ £2 2918 Oct 3 4114 Mar 7
4
1
/
4
33 3414 *3134 33 *313 33
3414
34
3212 33
4
1
/
12 Dec 1314 Dee
4
1
/
No par 12 Jan 8 1914May 23
1678 174 33,700 Shell Union 011
1678 1714 1678 171
1834 1738 163 1714
4
No 8918 Nov 2 95 May 23 ____ ____ ---- -Preferred
9215 9112 92
500
*9158 921 *92
*9112 9214 •9158 921
16 Feb 28 ____ ____ ____ -6123u1y 3
10
1114 1038 11
8,500 Simms Petroleum
1138 1113 11
114 1112 1138 1113
4Mar 23
1
/
No par 2234 Dec 20 34
52 223 2314 1.800 Simmons Co
2338 2312 23
4
23
4
1
/ 2314 2234 2338
23
1
18$4 -Jan - 31 4 June
4
1
/
2618 2678 26
2812 48,000 Sinclair Cons 011 Corp_No par 18 Sept 18 39 Mar 19
2834 271
2858 274 2634 2714
100 801.4 Aug 23 994 Feb 14
300 Preferred
*8614 88 *8814 88
Stock
*8614 88
8712
73
8512 85 *86
858 Nov 1178 Oat
958 Jan 2 35 Mar 31
10
2518 2578 2478 254 2438 2478 14,400 Skelly 011 Co
23
2512 2514 26
344 Mar 5412 Mal
59
59
5914 1,800 Moss-Sheffleld Steel & Iron.100 3914July 11 63 Dec 27
8078 8078 59
1
/
614 Exchange
61
8114 82
66 Mar 80 Aug
100 88 Jan 13 90 Mat 16
Do pre?
87 •83 87
•83 85 .85
•8212 .83 *824 85
33 Nov 5714 Mar
6818 8818 67 6712 674 8712 1,600 South Porto Rico Bugar_,-100 3814 Aug 4 70 Dec 27
Closed87 6834 68 88
15 Nov 24 June
No par 1134June 30 2714 Feb 16
164 1814 1614 1578 1614 2,200 Spicer Mfg Co
16
153 153
4 154 161
8
4
/
1
/
100 86 Oct 19 977 Feb 2
8
84 Apr 98 Sept
Do pref
Wo
*88 90
91
90 New Year's 90 90 •88
*88 90 *88
8434 Dec 141 Sept
100 8014 Dec 24 9012 Jan 23
60 60
65
520 Standard MW1ng
*60 65 *80
8112 814 62
*BO
4
/
911 Jan 135 0c2
Day
63 8418 6214 6314 8212 6312 45,100 Standard 011 Of Ofilifornla. 25 4718July 30 12312 Jan 2
4 8318 6412
4
1
/
83 633
3812 Dec 2504 Oct
4014 4058 112,380 Standard 0 lot New Jersey 25 3078July 31 4414 Mar 3
4038 41
42
41
1
/
394 4014 4018 42
100 11434 Aug 24 11814July 27 11338 Jan 11612 Nov
Do Prof non-votIng
117 117 117 11712 11712 11752 1.200
11634 11834 117 117
4518 May 83 4 Des
3
-No par 51 June 29 8758Mar 2
4
1
/ 2,700 Sterling Produota
7
83 63 8 8312 6312 834 83
8112 8112 6212 63
244 Jan 79 Dec
-Warn Sp Corp-No par 74 July 5 12412 Apr 17
go
8 9012 9112
007
3
4
903 9113 9014 93 4 9232 94 22,400 Stewart
364 Jios 71 D3,3
1
/
3,500 Stromberg Carburetor-No Par 5912July 2 944 Mar 6
4
793 8114 8014 81
7912 80
8012
80
80
7978
1
/
7918 Jan 1414 Des
10514 10814 30,000 Studebaker Corp (The)__-100 9334 Oct 1 12614 Mar 21
8
106 1067 10558 107
10633 10714 10814 1074
100 112 Jan 4 117 Nov 7 190 Feb 11814 Nov
Do pref
•115 11834 *115 1188g 115 11834
•115 11834 *115 11834
872 Nov
34 Jan
7 Jan 3 15 Apr 8
No par
11
12
1178 8,100 Submarine Boat
1114 124 11
12
1112
4
/
111 12
4 Nov 1014 June
834 Feb 15
2 Sept 18
No Par
238 234
258 23
4 5,100 Superior 011
*Vs 23
218 24
218 214
28 Jan 3912 Apr
100 2312 Oct 27 34 Mar 22
.304 3112 3112 3112
300 Stmerlor Steel
4
/
4
/
4
/
311 311 *3114 321 *3012 3214
5 Mar
4
/
11 Nov
4 Oct 30
1 June 4
10
Sweets Co of America
1,700
4 3
*23
8 3
27
3
3
278 3
4
1
/ 3
2
838 Nov 12 Map
4
1
/
4
1
/
8 June 21 12 Feb 21
4
1
/ 3,700 Tenn 00013 & C tr ctfil_No par
4
1
/ 9
9
914 9l3
4
1
/ 912
9
1
/
94 912
91s 914
42 Mar 5214 Oot
4
1
/
8
25 345 Nov 2 52 Mar 20
4434 4334 4438 4358 44 35,100 Texas Company (The)
44
2
4
1
/ 443
4
1
/ 43
4312 43
3812 Jan 674 Nov
10 5314July 2 85 Jan 15
4
1
/ 813 62
6,300 Texas Gulf Sulphur
624 82 82
4
61
4
6112 6112 8114 613
1812 Nov3234 June
10
512 Nov 2 244 Feb 2
*1058 11
1
/
1138 1112 104 11
10,080 Texas Pacific Coal & Oil
4
1
/ 1078 115
104 10
8
100 94 July 2 144 Mar 2 10938May 154 Oct
12218 1234 122 1221 *12012 1234 1,600 Tidewater 011
12112 122
7
12214 122 8
2812 Sept 35 Oct
39
4
3914 383 39
391
4
/
4
383 3911 8.494 Timken Roller BearIng_No par 334 Jan 2 45 Mar 8
3912 39
39
4
1
/
1
/
49 Nov 8414 June
4
1
/
1
/
87
8878 6812 664 88
4
1
/ 69 54,700 Tobacco Products Corp _100 484 Aug 4 78 Dec 8
1
/
894 70
6914 70
7878 Aug 894 Sept
8914 8934 9012 7.000
Do CIA (since July 15) 100 7612July 2 9278 Dec 14
89
8912 90
89
4
1
/
88 89
904
88 Mar 115 Sept
100 10434 Feb 9 11512 Oct 25
Preferred
4
1
/
*113 115 *113 1141 114 117
1,100
•113 115 *113 115
712 Mar Ms May
14 Oct 25 144 Jan 5
412 47
1
/
44 412 79,200 Transcontinental 011___No par
4
1
/
44 4
4
1
/ 418
3
4
1
/
312 3
1
/
•3912 4112 40
2.200 Underwood Typewriter_ __25 354 Aug 1 42 Dec 31
4
1
/
4012 40 40
3912 4014 39 42
ha Mar 78 Weil
6112 8358 *8012 6212 2.400 Union Bag & Paper Corp_100 50 Oct 27 77
12Mar 28
*6212 65
8213 82's 62 65
8.5 Dec 13414 Det
100 81 Feb 1 9934Mar 19
•92
95 .92 95 *92 95
100 Union Tank Car
9412 941
•92 95
100 106 Sept 13 112 Jan 19 102 Feb 113 Sept
Do pref
•10714 1071 *1074 1071 *10714 10713
*107 1071 •112 120
25 Jan 4114 Ms7
No par 29 July 31 3912Mar 21
324 3312 3.400 United Alloy Steel
333
32
324 33
3012 33
3012 31
8078 Mar 85 Oct
4
1
/
1
/
100 744 Oct 31 85 Feb 26
8212 8112 8112 *8012 8112 1,900 United Drug
81
81
*78
*78 80 s
7
1
/
60 464 Feb 14 49 July 1
414 Feb 5172 Oct
Do 1st preferred
*4712 48 *474 48
*4712 48
48
481 .47
. •47
4
1
/
100 15212 Jan 17 18712 Dec 8 119 Jan 162 Cul
183 185 *181 183 182 182
1,400 United Fruit
1811
181
179 180
4312 Feb 8712 Oct
Ds 2t
•238 3
_ -No par a218 Dec 29 8418 Apr 17
*212 3
•212 3
1,800 United Retail
218 21
184 Jan 89 Atli
Pipe &Fdy-100 20 July 3 8912 Dec 26
4
1
/ 7214 71
69
1
/
744 81,100 US Cast IronStores4
1
/
65 69
87 67'c
6634 68
60 Jan 78 Atli
100 64 June 21 87 Nov 28
1
/
4 884 861
Do pref
8614 863
4
/
s 3,000
85 851
8512 86
8434 85
812Mar 19
4
1
/
2 Feb 1013 Jar
218June 28
8 418
35
358
4
318
352 33
3
3 8 312 4,800 US Food Products Corp 100
3 18
3
4
1
/ 18
1
/
184 Nov 2571 M1E7
•1712 18
1
/
1
/
184 1,000 US HoWn Mach Corp-No Par 1334 Oct 26 25 Jan 27
•1818 184 •184 18
18
18
37 Jan 7272 Oct
4
1
/
100 40 June 29 73 Mar 16
7158 7258 8934 7152 6952 701 49,200 U 13 Industrial Alcohol_
4
/
704 711 71
8
723
7212 Dec 102 001
4
1
/
•96 100 13,300
100 9514June 29 101 Mar 28
98 98
96
98
*94
Do pref
96
•98 98
58 Jan 9278 Oct
101 10234 10018 10034 10158 10214 20,600 II El Realty & Improvement100 8818July 2 108 Mar 5
8
4
1
/
98 1015 10112 103
5
MI Nov 8712 Api
100 30 8 Oct 26 6478 Mar 22
4
/
1
/
4
1
/ 3812 371 3814 3738 384 13.200 United States Rubber
37
4
1
/
3718 3712 374 37
91 Sept107 Jul]
4
9034 90
9118 90
90
91
Do let preferred
100 763 Oct 26 105 Jan 13
8812 8938 8958
2,600
8812
21
4
2078 21
83 Feb4834 Oc
2118 2118 21
1,800 US Smelting, Ref & Mln 50 1838 Oct 29 431 Mar 2
1980 2034 21
19
4214 Feb49 Aui
8
4
/
Do pref
*40
50 383 Dec 27 4818 Jan 3
4134 *3934 411 •4014 411
1
/
404
*4014 4034 *40
82 Jan 11112 00'
4
1
/
9858 9934 9818 99
9818 98 129.800 United States Steel Corp 100 8512July 31 10958 Mar 21
9858 9958 99 10018
4
1
/
119 11932 119 11914 11918 1191
Do pref
100 11618 Aug 6 12312 Jan 15 113 Feb123 Sep
3,900
4
/
1
/
1194 1191 11914 11912
10 5512 Oct 2
7612 Mar 5
65 8514 65 . 854 6412 643
59 Nov 7112 Bel)
1
/
2,200 Utah Copper
6418 6434 •64 6412
1854 1634 17
17
4
1
/
9 Jan 231s Sep
1652 167s 1,900 Utah Securities v t o
100 14 Oct 31 2438 Feb 18
4
1
/
4 184 163
1618 163
3014 Jan 6334 Aui
No par 2434July 5 4458Mar 20
4
3018 3058 2934 3014 293 3O's 7,000 Vanadium Corp
8 3012 31
2912 303
92 Jan
80 *79
Van Amite, 1st pref
100 79 Dec 28 98 Jan 25
80
80
•75 80 •79
4
1
/
*79 80 *79
4
1
/
23 Nov
614June 27 27 Feb 20
5,100 Virginia-Carolina Chem-100
912 97
912 97
4
1
/
4
1
/
914 9
8 9
95
4
1
/
fps 9
34
1
/
334 345g 33
58 July
Do pref
100 17 June 27 69 Mar 15
7,900
34'2 34
324 3314
313
31
56 •52
58
*52
56 *52
Virginia Iron, C &0 ____100 52 July 2 68 Mar 5
43 Mar
56
56 *52
*52
86
88 579
86 •79
•79
Do pref
100 7712June 28 85 Apr 23
66 Mar
86 •79 86
*79
4
1
/ 1,400 V1vaudou(V)
1434 147
64 Jan
s 1434 14
No par 12 Oct 23 23 Mar 22
1434 147
1412 143 •1412 15
15
1518 2,000 Waldorf System
4
/
151 1538 1514 151
No par 1458June 20 20 May 24_._1514
15
15
15
1614 161
1538 1512 11,700 Weber & Hellbroner-No pa
151
15
1214 Jan 27 16 Dec 31
4
1
/
2
107 001
1635
16
1
/
154 157
3618
3618 361 .35
100 Wells Fargo Express
381
•35
100 33 Dec 6 105 Mar 2
8814 Jan
381
3648 *35
*35
1,900 Western Union Telegrapb-100 10118July 5 11912 Feb 20
108 108
107 107
108 108
89 Feb
107 1077 107 107
8412 841 *8418 87
900 Westinghouse Air Brake
84 84
80 Mar
50 76 July IS 120 Feb 17
831
83
4
1
/ 85
84
6,600 Westinghouse Eleo & Mfg- 50 5212June 30 674 Feb 18
4913 Jan
1
/
6014 6034 604 6078 5934 61
8012 81
8112 62
2834 3,100 White Eagle 011
2834 263
35 May
264 2514 26
No par 20 Oct 31 awe Mar 20
2812 287
s 2612 26s
8 2,800 White Motor
5413 545
541.2 55
551
55
50 45 June 28 8078 Mar 19
354 Jan
1
/
554 55*4 554 55'3
4
1
/
5 Feb 19
24 Dec
h Oct 19
8 4,800 White Oil Corporation_No par
7
3
8
3
4
3
4
3
4
3
3
8
5
3
5
s
3
4 3,400 Wickwire Spencer Steel
314 33
814 Nov
3 14
3
1
/
34 314
2 Dec 2 14 Feb 13
5
3
4
1
/ 3
3
31
-Overland (The)
1
/
104 11
1012 1078 1014 1058 62,400 Whys
44 Feb
5 June 21 1114 Dec 13
25
1038 103
101
10
8058 83
8078 8138 6,000
Do pref
24 Feb
100 4212 Jan 2 83 Des 31
1
/
804 82
814 83
7918 81
26
*25
26
26
1.800 Wilson & Co.Inc. v t c-No par 19 June 27 42 Mar 7
26
26
4
1
/
27 Jan
4
1
/
4
1
/ 2843
254 25$8 25
700 Woolworth Co(F W)
28312 284 28234 28234 280 282
100 1994 Jan 24 290 Dec 26 137 Jan
*280 284 282 282
28
1
/
4
1
/
254 264 1.500 Worthington P & M•t e_ _100 194 Oct 30 404 Feb 15
26 Nov
28
26
28
1
/
1
/
8 25 25
245
2
245
1318 1312 1338 13
4
1
/ 1,500 Wright Aeronautical_ _ _No par
6 Jan
1318 131
4
1
/
8 Jan 17 134 Nov 8
1318 134 1318 13's
89
*6812 70
88
70
900 Youngstown Sheet & T_No par 62 Oct 24 80 Jan 26 ---- ---*89
68 88
89
*WI
•old and asked prices; no Wee on me day. •Ex-dividend.
e After distribution of dividend in shares of United Cigar Store at the rate of 38.5 shares for 100 shares of Untried Retail Stores.
100
3878
83
9412
88
16
Oc
Ma
Oc
Jai
00
De
17 Ai
1
/ 0
984 0
12114 Au
114 De
6518 Au,
4
1
/
33 No,
54 Sep
12 Ma:
2172 Ma
10 Ma:
4912 J111:
5012 Set/
223 No
7
E5 8 JUn
11 Au
---- ---
70
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "awl interest"-MZCeln for income and
defaulted bonds
BONDS.
N. Y STOCK EXCHANGE
Week ending Jan. 4.
4
a
U. S. Government.
First Liberty Loan
J D
334% of 1932-1947
•D
Cony 4% of 1932-1947
J D
Cony 451% of 1932-1947
in
26 cony 43.1% of 1932-1947
Second Liberty Loan
MN
4% of 1927-1942
MN
Cony 431% of 1927-1942
Third Liberty Loan
MS
43j% of 1028
Fourth Liberty Loan
AO
43j% of 1933-1938
AO
Treasury 450 1947-1952
61930 Q J
28 consol registered
61930 Q J
28 consol coupon
1925 Q F
de registered
1925 Q F
Ss coupon
Panama Canal 10-30-yr 28_ _11938 Q F
1961 QM
Panama Canal 38 gold
State and City Securities.
N Y City-45is Corp stock_1980 MS
1964 MS
s Corporate stock
1966 AO
434s Corporate stock
1971 J D
434s Corporate stock
434s Corporate stock _July 1967 J J
1985 in
43'6e Corporate e.t.a.%
1963 M
4148 Corporate stock
1959 MN
6% Corporate stock
1958 M N
A% Corporate stoek
1957 MN
A% Corporate stock
4% Corporate stock reg 1956 MN
1057 MN
1134s Corporate stock
1957 MN
434% Corporate stock
1954 MN
1134 % Corporate stock
1961 MS
-4s
New York State
1961 J J
Canal Improvement 4s
Highway 1mprov't 450_ A963 M S
Highway Improv't 430_1985 MS
1991 J J
Virginia 2-39
Price
Friday
Jan. 4.
Bid
Week's
Range or
Lan Sale
Ask Low
.t2
High No
Range
Year
1923
Low
I
BONDS.
N. Y. STOCK EXCHANGE
Week ending Jan. 4.
t
t
Price
Friday
Jan. 4.
Week's
Range or
Last Sale
"7:4
3
441.]
Range
Year
1923
High
Bid
Ask Low
High
Low
High
All & Birm 30-yr 1st g 4s_e__1933 M S 695 76
8
65
70 Dec'23
70
994,101.00 All Knoxy & Cln Div 48____1955 M N 854 86 86
803 8612
86
4
971,, 98.90 All Knox & Nor isle 5s____1946 J D
9912 Nov'23
983 9912
4
9614,99.10 Atl & Cheri A L 181 A 4348.19443 J 913 93
4
9214 Dec'23
88
9212
1st 30-year 5s Ser B
97.0099.00
1944J .1 9712 98
96 loo
9738
973
8
Atl Coast Line lot con 48 _51952 M 8 8714 873 8612
4
82% 89
873
8
984, Sale 984, 984,
11 9814,98.70
10-year secured 78
1930 M N 100 10712 0712 10712
10,, 108
933039 Sale 984, 981.4, 3787 9814,98.88
General unified 430
19643 D 864 883 8712 Dec'23
4
82
89%
I & N colt gold 4s
a1952 M S 824 Sale 82
83
7818 83
39 6978 97111, 9914, Atl & Deny 1st g 48
09.111 Sale 991
., 9911
1948 J J 7318 75
75 Dec'23
737 793
s
4
2d 4s
19483 .1
65 Aug'23
814 68%
941133 Sale 984, 9811,, 3957 974, 99.04 Atl & Yad 181 g guar 48
1949 A 0 775 797 7814 Dec'23
8
8
7612 7812
991712 Sale 99732 991739 1466 98141100.04 A & N W 1st gu g 59
935 95% 9612 Dec'23
8
934 9714
10412 July'23
1 2 , 1044
,
0
103 July'23
103 13alt & Ohio prior 350
102
96% Sale 06%
9318 9712
9634 146
104 May'23
103
104
Registered
1;9245 3 ; 0012 9614 9412 Oct'23
99251 Qj
934 944
1034 Aug'23
1034 103.,
1st 50-year gold 48
*1948 A 0 82 Sale 8112
86
8
74% 825
82
100 July'21
Registered
11948 Q J 80 Sale 80
1
744 80
80
9412 Apr'23
iii, ii5- 10-year cony 450
1933 M 8 83 14Sale 82
844
77
8314 185
Refund & gen 58 Ser A
1995 J D 8812 Sale 83
79% 85
833
4 94
99% Sale 993
1
4
997
8
9814 101
10
-year 68
1929 J .1 10118 Sale 10078
99 1014
10114 55
9934 Sale 9934
9934
2
995 1027
8
8
P Jet & M Div 1s1 g 350_1925 MN 9558 96
2
914 96
95%
95%
9934 Sale 9934
9934
5 100 10212
P L E & W Vs Sys ref 4s. _1941 MN 80 Sale 7918
33
80
73
80
---- 10312 Oct'23
10312 108
Southw Div lst gold 350-1925 J .1 963 Sale 9612
4
9112 97
9718 139
---- 10414 Nov'23 - _ 1013 10712
4
Tel & Cln Div 1st ref 4s A_1959 5 .1 67 Sale 667
7
8112 88
8
67
1035 Dec'23
1014 1074 Battle Cr & Slur 1st gu 3s 1989 J D 5314 63
584 Apr.23
574 80
104 Dec'23
_ 10218 1073 Beech Creek lot gu g 49_183
93
8
5 893 9114 9034 Dec'23
.1
4
8812 90%
97 Nov'23
95 10014
Registered
86
88
Feb'23
88
9614 Dec'23
95
9938
2d guar gold 5s
1936J J 90
0812 104 May'12
97 Nov'23
96 10018 Besch Cr Ext Isle 330_51951 A 0 7514 _ _ _ _ 60 July'22
95 July'23 _ _ _ _
95
9912 Big Sandy 1st 45
1944
D 80
82
8014 July'23
"i5c4 114
10334 10334
4 10112 1075 B & N Y Air Line lst 48
8
1955 F A 583 61
4
61
61 Nov'23
7512
104
104
4 10112 10712 Bruns & w 122 gu gold 4s
1938
J 86
8912 82 Feb'22
89
89
86
86
2
8512 91
Buffalo R & P gen gold 59_1937 M S 99% 100% 993
6
9912 101 8
4
993
,
4
10212 June'23 _
1014 10312
1957 M N 8712 Sale 8712
Consol 450
8814 9214
873
4 21
10212 June'23 _ - _ _ 1021, 10212 Burl C R & Nor 1st 58
1934 A 0 9618 9612 96
1
95
96
9912
11214 July'23
_ 11214 11214
10412 Apr'22
--- ---- canada sou eons gu A 59._1962 A 0 97
9814 9812 Dec'23 -94 10012
7114 Oet'20
--__ -_- Canadian North deb a f 78 1840 5 0 11214 Salo 112
19 8 J 5
11214 27 110% 115
25-year s f deb 8545
111 12 Sale 111
110% 1133
4
1113
4 •
Foreign Government.
Canadian Pac Ry deb 45 stock__ J J 8018 Sale
747 8.14
014 141
s
1927 F A 10112 Sale 10078
Argentine(Govt) 7s
10112 100 10014 10318 Cart, & Shaw 1st gold 4s........1932 M S 8512 90
9284 Oct'23
79 12
8312 Sale 8312
Argentine Treasury 5110I 009M
84
7712 8514 Caro Cent 1st con g 45
10
1949 .1 J 7212 7412 72 Dec'23 - - -118- 72
1943 J D 86 Sale 8512
Austrian (Govt) 70 Is 1
838 933 Car Clinch & 0 lot 3-yr 5s 1832 5 D 93
8614 206
4
93 3
8
94
8814 94
9314
94 I
3
Belgium 25-yr ext vi 7345 g_1945 .1 D 98 Sale 97
98
914 10312
66
6s
9612 Sale
983
8
89
Jan 1925 .1 J 9712 Sale 963
5-year 6% notes
93
4
9838 Cart & Ad 1st gu g 48
1981 J 0
974 163
8
71314 795
66
°
87 2
9
6
4
5932 Dec'23 --5
795 4
1941 F A 9734 Sale 97
29
-years 18.
977
58
93 10314 Cent Br U P 1st g Is
1948 .3 D 67 Sale
6510 69%
1945 M N 10812 109 10812 109
Bergen (Norway) 5 f 8s
107 10912 Cent New Eng 1st gu 4s
1961 J .1 5034 Sale 5012
61121
8
48
58
1945 M N 108 1083 108
Berne (City of) s f 8s
4
10812 15 10712 1134 Central Ohio 430 1930
1930 M S 927 __-- 933 Dec'23----:
8
4
1947 M N 85 Sale 85
Ballyia (Republic of) 8s_
8384 94 Central of Ga 1st gold 59_91945 F A 100
858 138
__
5038 Nov'23 -- - Hi)" 102
B,rdeaux (City of) 15-yr 85_1934 MN 75 Sale 74
6912 834
75
83
Causal gold 55
1945 M N 953 Sale 9514
8
924 984
95121 13
1941 .1 D 94 Sale 94
Brain, U 9 external 88
June 1929 .1 D 10012 Sale 100
9412 110
10-yr occur 68
913 99
4
10012 52
994 1014
1952 .1 13 78 Sale 773
78 (Central RY)
7712 8614
4
7812 51
Chatt Div our money g 48_1951 J 13
74
76
Oct'23 ---824
(Coffee Security) ___ _1962 A 0 943 9514 95
4
7 S58
96
17
9414 104
Mac & Nor Div 1st g 59_1946 1 J 94% ____ 963 Sept'22 -Canada (Dominion of) g 58_1926 A 0 995 Sale 995
99 1013
100
4
1947 1 J 9214 ___- 94 July'23 ---6
Mid Ga & All Div 58
6- -- 14
1 -58 1931 A 0 9912 Sale 9912
do
do
do
99 102
1946 J J 9638
Mobile Division 53
993
4 51
944 9718
- 9812 Dec'23 -1929 F A 10114 Sale 007
10-year 5545
99 10212 Cent It R& B 01 gacoll g 5s._ _1937 MN 9114 92
10114 35
905
8
4
9058
9014 974
1952 M N 9912 Sale 9914
55
977 102
8
central of NJ gen gold 58.1987 a J 10418 108 10334 Dec'23 -- - - 1024 108
993 117
4
Chile (Republic) ext s I 89_1941 F A 10214 Sale 102
10314 21 1011 10514
k1987 11 J 1035 105 1O3l4 Dec'23
Registered
8
- 10214.1054
1926 A 0 103 Sale lQ212 103
External 5-year 9188
10 100 10418 Cent Pao lot ref gag 49 __-_1941 F A 861g Sale 8614
,
8838 41
705 8818
8
1942 M N 943 Sale 043
7e
4
4
95
27
9312 963
4
Mort guar gold 334s._ _k1929 J D 913 92
8
913 Dec'23 - - - 8
4
893 924
1946 M N 102 103 103
-year s f 8s
25
103
3 10013 10512
Through St L lot gu 4,9_1954 A 0 8212 Sale 82
79% 883
8212
3
4
Chinese (Ilukuang Shy) 58 _1951 .1 D 42 Sale 4112
40
42
528 Charleston & Savannah 75 __1936 ..1 J 1154 ---_ 1412 June'23
15
_ 11.112 114's
Christiania (City) a I 85.1945 A 0 108 Sale l07l2 108
49 106 11212 Ches & ()hlo fund & Inapt 58.1920 J J 0814 ---- 964
08 97
9818 17
Colombia(Republic)650_ _ _1927 A 0 954 Sale 9412
8812 9612
1930 M N 10018 Sale 100
1st consol cold 68
9518 72
973 10314
10014
4
4
Copenhagen 25
-year. 53i8_1944 J .1 88 Sale 8712
8612 921
21939 N 95
88
M
22
Registered
993 99 Dec'23
4
9714 99
_
1944 M
Cuba Is
953 Sale 9434
4
9014 997
1992 M 8 8414 Sale 8414
953
4
2
General gold 4565
807 86%
8
843
, 41
Eater debt of 58'14 Ser A..1949 F A 9214 Sale 9214
1992 M S 79
8718 96
1
9214
Registered
83
8412 Nov'23
804 8218
_
1949 F A 81
External loan 450
82 82 Dec'23
814 89
20-year convertible 450 1930 F A 883 Sale 88
4
8218 894
8878 05
1953 J J 913 Sale 91
15548
4
89
093
4
30
-year cony secured 5s....1946 A 0 8912 Sale 887
013 682
4
84
964
8912 97
8
Czechoslovak (Repub of) 89_1951 A 0 9412 Sale 933
77
9812
4
19405 J 92
Craig Valley 1st g 58
9412 47
9014 95
9214 Dec'23
Danish Con Municip 8s"A"..1946 F A 10714 Sale 107
10714 113 10618 10912
Potts Creek Branch Ist 45-1946 .1 .1 737
7814 784
784 May'23
1948 F A 1063 108 10718 1073
Series B
4
4
R & A Div 1st con g 48
1989 .1 J 73
4
8 105 1093
9
71
8012
88
81)12
6 7638 81
1945 A 0 10812 Sale 108
Denmark external 8 f 88_
1083
1989 .1 J
4 20 107 11038
2d consol gold 48
7414 76
78
76
1942 J J 933 Sale 93
-year 6s
20
4
09
Warm Springs V 1st g 59_1941 M S 9212 933 93 Dec'23
93
933
4 26
4
903 93
4
_
Domlnican Rep Con Ad m 9154'58 F A 100% Sale 10014 10038
1 49
9 9.54 102 Chic & Alton RR ref g 3s-1950 A 0 5638 Sale 56
6012 4634
1942 M S 85% Sale 8512
5349
84
90
857
8 31
New York Tr Co etfs
53 July.6' 25
4814 53
5 23
'
J 947 Sale 9412
Dutch East Indies ext Os__ A947
9214 984
Stamped Oct'22 Int_ _ _ _
9514 110
503 ____ 52
4
4912 62
Oct'23
1982 M S 947 Sale 9412
40
-year 65
947 105
8
92
9734
Stamped Apr '23 int_
5034 ____ 5112
1953 M S 9018 Sale 893
53.4, trust rcts
4
9018 121
875 9414
s
ri 3334 Sale 3034 Dec'23 196 4658 5118
Railway Ist 11C1333-48
337
2518 3518
French Repub 25-yr eat 83_1945 M S 95 Sale 94
90 101
95
-Ill Div 350_1949 J .1 79 Sale 79
232
Chic Burl &(9
7812 87
20-yr external loan 734s_ _1941 J D 9218 Sale 9014
1949 J .1 88 Sale 8612
Illinois Division 45
0214 422
8
4
97
88
79
854 1103
.3
24
4
Ot Brit & Ire (UK of) 530_1937 F A 993 Sale 9014 100
4
9912 1043
328
4
Nebraska Extension 45_1927 M N
96 Dec'23
9512 97
19291F A 109 Sale 1074 109
-year cony 530
10
1927 M N 95
75 10014 116
Registered
9612 98 Nov'23
05% 964
1952 M N 77
Greater Prague 750
7712 76
65
823
4
77
1953 M 13 86 Sale 86
75
General 45
83
8612 16
8918
1952 A 0 9012 Sale 8612
Haiti (Republic) 6s
8512 98
9012 103
1971 F A 9712 Sale 974
1st & ref 58
975
96% 10118
8 13
Italy (Killed of) Ser A 650_1925,F A 99 Sale 9812
9212 983 Chic City & Conn Ttys 513__ _1927 A 0 5138 80
99
4
29
4912 Dec'23
47
68
Japanese Govt-£ loan 450_1925.F A 94 Sale 933
904 944 Chicago & East III 1st 6,4._ _1934 A 0 1035 ___ 10338
8
94
87
8
103%
1 10212 10818
192.51 J 9212 Sale 913
1
Second series 450
4
923
4 12
90
'2 93'2, CA E III RR (new co) gen 58.1951 MN 7614 Sale 76
763
4 60
4
753 814
1931.1 J 8018 81
Sterling loan 4s
753 827 Chic & Erie 1st gold 55
80
8012 37
4
5
1982 M N 9212 9314 9212 Dec'23
864 9718
Oriental Development 69.1953 M 8 89 Sale 88
89
9312 Chicago Great West tat 4s 1959 M S 5014 Sale 4912
64
87
44
503
4 41
56
Lyons (City of) 15-year 6s. _19341M N 75 Sale 74
75
094 831
0
With Sept'24 coupon on
62
4914 Sale 4818
4914
5
41% 51
Marseilles(City of) 15-yr 65..1934M N 747 Sale 744
8
8912 834 Chic Ind &.. Loulsv-Ref 68_1947 J--:1 10412 1057 10458 10
75
23
8
2 1033 1074
438
Mexican Irrigation 4340___ _1943 M N
2812 32
30
30 Dec'23
42
Refunding gold 511
1947 J .1 944 953 9412 Dec'23
8
92
974
1945 Q J 45 Sale 4212
Maxieo-55 of 1899
424 5812
46
38
1947 J .1 80
Refunding 48 Series C
85
80 Nov'23
7918 864
1954 J D
Gold debt 4,01 1904
2712 52
25
2612
418
4
1966 M N 80
General 5s A
8112 793
4
8112
7
7912 84
Montevideo 7s
1952 J D 873 Sale 8512
873
8 32
c1966 J J 95
General 6s B
91%
85
9512 95
951,
7
9312 98
Netherlands 6s (flat pcicce)_ _1972 M S 96 Sale 953
9412 10212
4
Ind & Louisville let gu 49_1956 J .1 69
9612 44
74
823 Dec'23
6812 823
2
Norway external s f 88
1940 A 0 1113 Sale 11138 112
.1
-year 48 1956 J J 83
28 109 11284 ChIc Ind & Sou 50
847 85 Dec'23
8
81
85
)952A 0 9214 Sale 9124
88
023
9131 100 Chic I. 8 de East 1st 450_1969 1 D 8714 _-__ 8814 June'23
4 49
863 90
4
- -tle (Interim certiftcates)._1943 F A 93 Sale 9212
93
924 9 % C M & Puget Sd 1s1 gu 49
8
58
1949 J J
4614
Panama(Rep)63.48 Tr recta _1953 1 D 0638 Sale 9612
965
5 9433 97% Ch M & St P gen g els Ser A_51989 J J 50 2 13ala4 69; 51 21 6812 6812
8
79718 5l/ 4 42
1
7112 39
74%
Porto Alegre(City of) 8s_ _1981 J D 92
93
9312 92
9912
7
General gold 311s Ser B e1989 J .1
953
4
_
604 6514
Queensland (State)ext sf 79_1941 A 0 10512 Sale 10414
10512 34 1037 10912
2
e1989 J J 68 Sale 91's
General 45.6s Series C
7918
7
8
68
711121 37
77
337
10
8
F A 10018 Sale 100
1947
25
-year as
10118 31 100 1023
4
Gen & ref Series A 450_a2014 A 0 50 Sale 497
5114 219
3
4618 62%
8
162
Rio Grande do Sul 85
1916 A 0 92
917s 9914
9312 92
9312 14
Gen ref cony Ser B 58___a2014 F A 5512 Salo
504 70
Rio de Janeiro 25
-year 8 f 88_1946 A 0 87% Sale 875
8
89
47
1932 .1 D
Convertible Cis
87_ 97
46
68
56
376
1947A 0 8738 88
88
85% 9712
87
89
1925 .1 D
77
45
64414
55
6
84
60
687 419
8
El Salvador (Rep) temp 8s 1948 J J 100 Sale 100
10018 120 100 10012
19345 J 48431 8 0l4 483
25
-year debenture 48
66912 :
4 6 1lee
5
4
4514 634
5012 150
Han Paulo (City) s (88
1952 M
953 97
8
934 9934
95
9612 25
1926 J .1 96
Chic & Mo Rly DIY 6s
06% 96
98
96
9512 100 Chic & N'west Ext 4e-1886-1926 F A
San Paulo (State) ext s 1 88_1936 J .1 09 Sale 98
99
41
95
3 97
4
97
944 97
1942 J J 8114 Sale 79
Seine (France) ext 75
1888-1026 1 A 9512 96
Registered
,
8114 1011
9512 De9 23
933 96 2
4
667
c
3
61
Serbs. Croats & Slovenes 8E1_1982 MN 6312 Sale 6312
6414 113
1987 M N 7114 Sale 693
General gold 3345
5312 7912
76
9
8
,
8
694 77
7114 --0
21936 M N 7714 Sale 77
&Masons(City)69
91987 Q F 685 Sale 683
7712
Registered
9
8
8
665
8
6
6814 6812
Sweden 20
1939 .1 13 1043, Sale 10414
-year 68
1987 M N 79
General 48
1043
4 46
80
79
79
87
90
'2
16 82
:
Swiss Confereen 20-yr.f 88_1040 J .1 11212 Sale 1113
4 11212 19 106172 118919654
1987 M N
Stamped 48
79
874
v10 No0 23
8
012 1v0
.
Tokyo City 5s loan of 1912
MS 6338 Sale 823
1987 M N -6518 1070978
General 59 stamped
6312 77
4
633
4 31
9814 1054
9914 107
Uruguay Republic ext Ss_ _1946 F A 103 104 1033
4 104
1879-1929 A 0 1013 10312 103 Dec'23
Sinking fund 88
3
4
101 1084
Burtch (City of) 8 1 88
1045 A 0 Ill Sale 111
8Registered
1117
8 12 Iowa 1137
1879-1929 A 0 100 103 1017 Apr'22
18.5=.6
1870-1129 A 0 271_8 _9_9
Sinking fund Is
.
._ 87,4 m5
07
9 13 23
icUr
7
s
2
Railroad.
1879-1929 A 0
Registered
9712 9718
Ala Gt Sou 1st cons A 5s
1943 J D 9412 95
94% Dec'23
924 98
Sinking fund deb 58
1933 M N 9712 Sale 9712
97 103
9712 10
Ala Mid let guar gold 59___A928 M
Oct'23
9812 100 100
1933 M N 96
Registered
98
07
97 Dec'23 _ _ _
994
Alb & SUR] cony 350
1946 A 0 7814
9958 1818
78
79 Dec'23
4
1930 J D 10514 10614 1053
10-year secured 711g
4 1057
8
6 10112 110
Alleg & West late 4s gu
823 81 18 Dec'23 _ _ _ _
4
1998 A 0 78
81
83
4
1036 M S 10614 1065 10618 Dec'23
15-year aecured 6Sis g
8
10514 111
/Oleg Val gen guar g 48
1942 PA S 88% Sale 887
887
8
5
8
5412 5552 Chic B. I & P-Railway gen 45'88 J J 7814 Sale 7818
0
78% 12
713
82
Ann Arbor 1st g 4s
11995 Q J 58
56
56
2
58
Registered
.1 J 787 Sale 767
s
7674
8
74
80%
-Gong 48_1995 A 0 8712 Sale 86 9
Atel,Top & 8 Fe
8712 236
844 9112
,
Refunding gold 48
1934 A 0 743 Sale 7314
8
743 211
8
724 834
Register&
1995 A 0
86 Dec'23
_
81
89 Chic St L & NO gold 58_....1951 J D 97 102 10112 Dec'23
05 102
Adjustment gold 4.8
11995 Nov 7912 8014 7938 Dec'23
7512 8212
J D
Registered
9558 May'23 _ _
055 953
8
s
Stamped
11995 Nov 80 Sale 7914
80
11
7814 8 4
2
Gold 35.6s
1951 .1 13 77
801, 7738 May'23 _
78% 7912
Cony gold 48 1009
1955.1 D 8212 ---- 83 Dec'23
_
848
76
Joint 1st ref 55 Series A
1963 J D 9314 0412 9312
9414
8
9132 971
1
1965.1 D 8212 Sale 8212
Cony 4; 1905
821
.
1
78
86
1951 J 0 80
Memph Div 1st g Is
84
78 Sept'23
__
83%
78
cony 4 time of 1910_-_1960 .1 D 7912 8112 7912 Dec'23
77% 0414 C8t LA P 1st cons g 69
1932 A 0 99% ____ 9912 Sept'23
994 1003
4
Div 1st g 48__1928 M
East0
4
954 953 953 Dec'23
4
933 0612 Chic St PM & 0 cons 89
4
1930,J D 1013 10312 102
8
102
9 102 10711
Rocky Mtn Div 1st 4s
1965 J J 79% 81
7718 83
79% Dec'23
Cons 6e reduced to 330..1930 J D 88
9012 8938
893
8
5
89% 9219
-Con Short L let 4s.19583 .1 8414 85
Trans
85
85
6
8138 863
4
1930M S, 9212 9312 93 Dec'23
Debenture 5s
92
98%
Ca!-Arla 1st & ref 450"A"1962 M S 8958 913 893 Dec'23
8
4
874 93 Chic T H & So East 151 59_1960 J D 7734 Sale 773
8
734 41
76% 83
no price Friday; latest bid and asked. a Due Jan, 4 Duo April, 8 Due May. 0 Due June. h Due July, 1 Due Aug. o Due Oct.
DDUe Nov. g Due Dec. a Option sale.
9914, Sale
984, ---9814, Sale
971 1112 98332
994, 991/32 1515
2
981
.984,
9842 98142 240
984,Dec'23 - -
71
New York Bond Record-Continued-Page 2
BONDS
H. Y. STOCK EXCHANGE
Week ending Jan. 4.
Price
Friday
Jan. 4,
Week's
Range or
Last Sale
Range
Year
1923
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 4.
kId
zt
Price
Friday
Jan, 4.
1Veek's
Range or
Last Sale
Range
Year
1923
,
42
H1511
High No. Low
Ask Low
Bid
High Illinois Central (Concluded)
Ask Low
High No, Low
Bid
7512 8014
4
7612
Purchased lines 3s
1952 J .1 76
7712 7612
9112 19
877 925
8
9012 91
91
8
Oh Un Sta'n let gu 4As A_1963 J
1
4
772 83
80
N 794 Sale 7913
Collateral trust gold 4s__ _1953
J 99 Sale 99
09
95 10012
1963.9
15
Si B
s
762 784
77 Dec'23
Registered
1953 N1 N
1963.9 J 115 Sale 115
11518 10 11212 11513
1st Series C (His
,
994 100 2
19
10014
Ref 55
1955 MN 10014 Sale 10014
_ _ _ _ 105 Dec'23
10413 105
Chic & West Ind gen g 68...e1932 Q M 105
a
8 41 100 1027
1013
1934 J J 101 Sale 10038
-year secured 5e
15
6812 757
8
1952 J J 7112 Sale 7112
7214 36
Como' 50-year 45
6 10712 111
15-year secured 6;is g
1936 J J 109 Sale 10813 10912
10212 13 10112 10314
10214
1935 M S 10212
-years f 73.s
15
8282 87
Cairo Bridge gold 4s
1950 J o 8414 8512 8438 Dec'23
94
97
8
077 9434 Nov'23
1952 M N 95
Oboe Okla & Gulf cons 5s
2
683 73
70 Dec'23
Litchfield Div let gold 39_1951 .5.9 6914 70
88 Mar'17
0 Find & Ft W 1st gu 4s a-1923 M N
s
7212 797
Loulsv Div & Term g 3.j.i a 1953• j 7513 8214 7412 Dec'23
86 4
- 111937 J
4
8818 893 88 Dec'23
pin H & D 2d gold 4As
4
671 69%
6812 Oct'23
Omaha Div 1st gold 35... _1951 FA 684
8
907
8618
11936Q F 8814 90
8812 Dec'23
0 I StL&C letgas
71
68
70 Nov'23
87
St Louis Div & Term 535.1951 J J 6734
k1936 Q F
'37
87 Dec'23
Registered
80
75
7613 Dec'23
1951 J J 7612 78
Gold 3s
1942 hi N 854
8312 854
8418 June'23
Cln Leb & Nor gu 45 g
7512 7513
1951 J J 7553
Spring} Div 1st g 334a
_ 7512 Dec'23
99
1928.9 J 9712 99
97
8
975 Dec'23
Cln & CI cons let g 511
814
80
4
1951 FA 8418 _ _ _ 843 Dec'23
Western Lines let g 4s
94
93
1943 J J 943
93 Mar'23
Glearf & Mali let gu g 55
92 Mar'16
1951 FA
Registered
7912 17
4
476
4
824
Cleve Cin Ch & St L gen 423_1993 J D 783 Ea 783
"85s 15,
9313
1940 AO 90
86 hiar'23
1931 J J 9313 sale 931,
90
9312 Ind B & W let pref 4s
3
-year deb OXe
20
8212 802
1950 J J 845 _ _ _ _ 8414 Dec'23
8
1993 J D 98
98
5
95 8 100 Ind Ill a:Iowa let g 45
1
9812 98
General 5e Series B
9412 100
3 9613 99
'
1965
95 Dec'23
1929.9 J 10118 Sale 10018
102
59 100 1027 Ind Union Ry Os A
8
Ref & impt Os Series A
494
33
44 -227
bat & Great Nor adjust 65 1952 j
1941.9 .1 102 Sale 10012 102
4114 Sale 40
5 10012 103
63 C
8612 974
1952 JJ 903 Sale 9014
4 54
903
let mtge 6sctfa
86 Nov'23
4
1939 J J 853 87
8018 88
48
4
Cairo Div 1st gold
7318
57
6314 Dec'23
8
7514 783 Iowa Central let gold 5s----1938 3D 633 67
8
8
763 7812 7612 Dec'23
Cin W & hi Div let g 413_1991 J J
40
14
1951 MS 164 Sale 165
8
164 14
Refunding gold 4s
8
8
8
747 8313
St L Div 1st coll tr g g 4a_1990 MN 793 807 794 Dec'23
824 8512
Bur & Col Div lat g 4s__1940 M S 854 ____ 8512 Dec'23
87
82
84
83 Dec'23
8
805 824 James Frank & Clear let 45_1959 J D 83
1940 J J 83
8
__ 825 Sept'23
W W Val Div 1st g 4e
8 10414
1934.9 .1 1034 10612 1035
3 1034 1064
OCC&I gen cons g 60
J J 9514 -- - gu g 5a
1938
9412 98 Ka A & G It let
4
Cleft Lor & W con lst g 5e 1933 A 0 963 ____ 9612 Oct'23
797k
75
1990 A0 77
8412 95 Kan & NI let an g 4e
7639 Dec'23
78
8412 Nov'23
1035M N 9414
CI& Mar let gu g 4As
9413 98
941,
3
1927 J J 9514 964 9412
-year 56
95
95
J 921s 9412 95 Nov'23
2d 20
1938
Clav & Mahon Vail g 5s
10012 1024
N 101 10134 10013 1001,
1
1928
K C Ft S & hi eons g f3e
1942 1 J 933 ____ 91 Mar'21
4
0l&Pgengu4sSer A
7912
73
733
3 28
K C Ft SAM Ry ref g 49_1936 AO 7312 7334 7338
10412 Dec'15
1942 A 0 933
Series B
925s 95
4
7612 Feb'12
K C & M R & B 1st gu 55_ _ _1929 A0 934 973 9312 Dec'23
8
Oat reduced to 33's._.1942 A 0 793
834 724
6912
8
8
Kansas City Sou 1st gold 35.1950 A0 685 693 6839
9018 Dec'12
3
1948 MN
Beries C 3A8
2
893
83
Apr 1950 J J 863 Sale 8578
863
4
4 55
Jan'21
Ref & Impt 55
67
1050 F A
Series D 3.6e
76% 831‘
82
35
894 98 Kansas City Term lat 49_ -1960 J J 82 Sale 8134
9018 Dec'23
91
Cleve Shor Line let gu 45411-1961 A 0 90
7
83 2
81
8
103
8
19 101 106 Kentucky Central gold 45_ _ _1987 J J 8218 827 82 Dec'23
8
1972 A 0 1027 103 1027
Union Term 5s
Cleve
92
61
8 10
625
624
67
94
9614 Keok & Des Moines let 59-1923 AO 63
1973A 0 955 Sale 9513
8
8 19
955
65 (WI)
100 10111
1925 .1 .1 100 10034 10012 Dec'23
7954 85 Knoxv & Ohio 1st g 65
8012 Nov'23
1945 J D 7712 80
Coal River Ry let gu 4s _
4
4
923 Sale 923
903 9312
4
9
4
92
Colorado & South let g 48.-1929 F A
9112 97
8
94
81
8012 8718 Lake Erie & West 1st g 58-1937 J J 94 Sale 935
8
8
29
,
Refunding & eaten 436s_ A935 M N 803 Sale 803
11
8114 87
8713 8618 Dec'23
1941 J .1 86
2d gold 58
4
803 Nov'23
4
803
1948 A 0 807 82
8
78
Col & H V lst ext g 46
72% 7812
754
1997 J D 75
76
76
18
8
795 Nov'23
8034 Lake shore gold 3Si8
1955 F A 793
76
4
Col & Tol let ext 4s
7212 75
7212 Sept'23
1997 3D ____ 75
Registered
87
8214 72
80
-year 58 g _ _ _1952 J J 82 Sale 81
Cabs RR 1st 50
9072 96
1928 MS 945 Sale 9414
8
8 18
945
Debenture gold 48
102
1036 .1 D 101 Sale 100
5 100 10512
1st ref 7340
9052 9312
1931 MN 9212 Sale 9214
25-year gold 48
9212 11
1031 MN
Registered
9184
913
91
4
9314
92
4
933 92 Dec'23
Day & Mich 1st cone 40_1931 J
9ls 97
1940 J J -9239 94
9212
9212
84
828 90 Log gal N V let gu g 4Sis
4
4
833 Sale 8338
2
76
Del & Hudson 1st & ref 46-1943 MN
2
923
90
1940 J J
_ 9012 Oct'23
93
Registered '
1936 A 0 93 Sale 9212
90
96
98
-year cony 5e
20
764 8112
N 77
8 10
773
78
- - -38 7738
1937 M N 977 Sale 97
8
8 18
977
9714 10212 Lehigh Val (Pa) cons g 4s._ -2003
15
-year 5140
9211
84
MN 8612 Sale 8613
Ois
2003
8612 12
1030 .1 D 107 1071_ 10712 10713
General cons
4 103 111114
-year secured 75
10
s
9938
1 1007 1024
8
093
1936 F A 894 ____ 89 May'22
Leh V Term Ry let gu 15 Os..1941 AO 9912 103
▪ RR & Bago let gu 45 g
100 100
1941 A0 9918
_ _ 100 Sept'23
68
Registered
4
673 Sale 654
43 -5'5- 16 8
1
-let cons g 48..1936 .1
Den & It Or
72
10218 10 1001a 105
7318
80 Lela Val RR 10-yr coil 6s__n1928 1)1 5 10158 Sale 101
1936 .1 J 7318 Sale 7213
1
Cense' gold 4s
1
8014 892
80
7914 88 Leh & N I' let guar gold 4s_ _1940 M S 8134 8214 8958 Oct'23
40
Improvement gold Ss __ _1928 J D 7912 82 • 7912
97 100
4
403 307
4
993 9858 Dec'23
58 Lea & East let 50-yr 58 gu-1965 AO 99
3934 Sale 38
37
1955 F A
let & refunding 5s
2
812
81
1962 hi N 8018
_ _ 8138 Nov'23
4912 Oct'20
Little Miami 45
do Registered
105% 107
_ 10638 Nov'23
1935 AO 10658
37- 5314 Long Dock console 66
40
3814 4014 38
73
Harmers L&Tr rcts Aug '56_
9555 98
J 97 100
40
3914
97 Dec'23
4018 38
38
7
60 Long laid let eons gold Os-01931 Q
Bankers Tr ctfe of dep......
9214
90
81931 Q J 89113
41
0 Dec'23
8
373 40
424 50
40
11
1st consol gold 45
do Stamped
8611
81
1938 J D 85 - 8 85 Dec'23
85740
4
383 48
15
374 4012 40
General gold 48
Am Ex Nat Bk Feb '22 etre.
_
8112 8112
1932 J D $25s
_ _ 8112 July'23
4112 4318
3812 10
374 4012 3812
Gold 48
do Aug 1922 We
81
75
1949 MS
45
4
35
4
433
8
Unified gold 45
11
- 783 Dec'23
J 394 4312 435
Des M & Ft D let gu 45-1935 J
94
91
1034 J D 91
9212
7834- - 91 Dec'23
Debenture gold 55
9314 Sept'23 ---Dee Plaines Val 1 at gu 4Ms_ _1047 M
821a 8511
1937 MN 8412 8612 8412 Dec'23
55- 7539
-year p m deb 55
20
_ 65 Dec'23 ---Dot & Mack-let lien g 4s_ A995 .1 D 63
83
75
refunding gold 45-.1949 MS 7914 8012 803 Dec'23
8
55
7314
554 Dec'23 ---70
Guar
1995 J D 56 -Gold 45
96
92
_ 9318 Dec'23
4
903
88
85
11
1061 MN 88 Sale 88
Nor Sh 13 let con g gu 5e_01932 Q J 9312
Pet Riv Tun 4s
98
93
984 994 Louisiana & Art let g 55_ -.1927 I)1 S 9514 16 97 Dec'23
899 Oct'23
& Nor gen 5a _1941 .1 j 985
Dal Missabe
83
77
80
98 10034 Lou & Jeff Bdge Co gu e 45-1945 MS 7913 Sale 793,3
12
1
1e
984
1937 A 0 983 6;- - 984
4
Dul & Iron Range 1st 5s_
9752 103
10212 Dec'23
954 9812 Louisville & Nashville (AL -1937 MN 9912
954 July'23
1937 A 0
Registered
8714 92
7812
1940 J J 90 Sale 893
9018 76
gold 45
4
74
80
Unified
Elul Sou Shore & All g 65_1937 J .1 7612 Sale 7612
4
9014 901
9014 May'23
1940 J J
Registered
97 101
M 98
98
mtho Nor Div let g 4a____11)48 A 0
99
98
4
Collateral trust gold 55 _1931
_ 8412 July'23
5412 90
106 109
1930 MN 106 1067 10634
78
9112 0312
7
4
1063
s
9712
1938 RR El 93
8412--- 9218 Dec'23
10-year secured
Z Tenn reorg lien g 511
2003 A0 1054 Sale 10538
10378
97 100
8 10114 10512
9914 9878 Dec'23
1030.9 J 98
let ref 553
ETVadoGaDivg 5a
9.5
973a
2003 AO 9812 Sale 9712
9812 89
9812 Dec'23
1956 M N 0812
9612 9912
94 B (w I)
Cons let gold 5a
10142 10352
_ 1033 Nov'23
1930 J J
8
N 0 & hi 1st gold 6s
8-10014
975
4
Elgin Joliet & East let g 5& _194l M N 9712 983 99 Dec'23
9712 10112
1930 J J 1035810114 1(Cri 10112 Feb'23
105
9 10212 105
2d gold Os
let coneol gold 78 ext_1930 151 S 105 Sale 10414
Erie
8214 87
87 Nov'23
62
6412 6412
Paducah & Mem Div 413_ _1946 FA 8513 88
36
1996 .1 J 62 Sale 6112
let cons g 4e prior
6812 63
4
13
61
57 Mar'23
62
1096 J
Registered
St Louis Div 2d gold 35_ 1980 MS 603 6112 61
9212 RI
"557
4
933 Sept'23
;3
L&N&MdthilstgOis1945 M S
4 Sale 5312
_75419 126
let consol gen lien g 413-1996 J J 533
4
801
72
7914 48
183
8
43
9514- Oct'23
43
783
48
1996 J J
Register
Registered
L & N South Joint M It._1982 J J ' 8 79
7312 731s
7312 Apr'23
01952 Q
72
90
82
Registered
8 89
Penn colt trust gold 45_ _1951 F A 887 - -14 88 Dec'23
9452 971
N
4
5512 Louis, CM & Lea gold 00_1931
____ 9514 Dec'23
9558
4112
4
5512 107
-year cony 4s Ser A 1953 A 0 554 Sale 543
50
4214 56
55
8
49
1953 A 0 55 Sale 547
do Series 13
9812 100
1934 J J 9858 10039 993 Dec'23
4
4334 5914 Mahon C'1 RR let 55
440
1953 A 0 603 Sale 60
8
4s Series D
6012
Gen cony
61
71
84
__
5934 60
00 Manila RR (Southern Lines) 1939 WI N 55
00
Oct'23
13
1955.9 J 8912 Sale 89
Erie & Jersey lets 168
8
953 9812
Oct'23
8354 85
1940 J
8
s
Manitoba Colonization 5s_ _1934 J D 9614 973 9712 Dec'23
833 84 84
Erie do Pitts Hu g nig 13
83
82
N W let 3558-1941 1 J 8038 _
_ 82 Sept'23
82
4
_
1940
8
J 837 __ 823 Dec'23
Series C
8314 Man G B &
.
____ 88 Apr'23
1942 A 0 102
Hex Internat!let cons g 45_1977 M S ---- -- 77 Mar'13
Evans & T H lat gen g 5s
flif"
1931 M 8 9813
101 Nov'23
____ 6912 Apr'21
Sul Co Branch let g 5s_ 1930 A 0 96
Michigan Central Se
9914 11119712 10012
2
1931 Q M 97
9914 Ott'23
993- 4 9712 Dec'23
Registered
1024 J J
Vargo & Sou 6a
4
853 88
1940.5 J 863
9318 9412
8
9412
86 Nov'23
J 9412 Sale I 9413
2
Fla Cent & Pen let ext g 5'3.1930
48
38
85
8
1940 J J 85
96
933
91
8
Oct'23
Registered
85
1
8
88
1943 J J 9314 933 933
Consol gold Os
80
80
1951151 S 7518 78
.
8512 89
80 Ifeb 93
5
4
883 1 8812
8812
J L do S 1st gold 3S4s
D 83
Florida E Coast 1st4s ..1919
7618 84
1952 M N 78
6318 72
3
65
80 Dec'23 _
79
let gold 3 ifi
,
Fonda .9 & Glov 456e
1952 MN 65 Sale 65
894 934
1929 A 0 9213 93
79
9214 Dec 23
Fort St U D Co let g 05s-1941 .1_ J 8214 8312 814 Oct'23
801
20-year debenture 4e
87
9813 103 Mld of N J let ext 5e
87
1940 A 0 8114
_
87
4
Apr'23
Don C 1st g
4
D 983 1003 9912 Dec'23
_1961
Ft W
9712 100
82
8512
Worth& Rio Or let g 441_1928 J J 844 _
8512
West imp g 55._1929 F A 9812 9912 9914 Dec'23
2
88 Milw L El &
Ft
100 100
10512 109
4
1925 M S 9914 ---- 100 Dec'23
- -From Elk do Mo V let 6s
193.4 AO 10514 1073 10512 Dec'23
Ashland Div 1st g 65
1
9512 99%
_ 10018 Dec'23
1924 J J 1001g
9812 97 Dec'23
_ _ 10018 1007
0H&SA
&Piet 5s
1931
Mich Div let gold 65
N 97
4
873 924
8
110
1934 J D 8718 - - 8912 Dec'23 _ _ _
975 98 July'23
9312 98 15111w & Nor let ext 43.is
26. eaten 59 guar
1931 J J 05
91
89
8912 Dec'23
1934 .1 D 8738 8912 8914 Nov'23
8514 897
Gale Ilona & Head let 56
a
1933 AO 8918 90
Cons extended 4.S4s
834 89
90
1
90 MU Spar & NW let gu 4s1947 151 0 8312 8412 8518 Nov'23
82
Genesee River let s 1 66......1957 .9.9 90 Sale 90
__
1941 J .1
8
7912 85 Milw & S L let eu 3.tis
_ 6618 Aug'23
01945 .9.9 835 ____ 8312 Dec'23 ---Ga & Ala Ry 1st cox 55
8(33
0138 Dec'23 -..8613
8
90
3 -61 10214
1927 J D
9214 Minn & St Louts let 7s
Oa Car & No let go g Ss_ _1929 ii 9114
78
55
63
63
8084 6478
5
1934 1)1 N 0418 "67
66 4
1946 AO 59 .- 3- 62 Nov'23 let consol gold 55
Oa Midland let 3a_
1512 40
1818 34
4
994 Dec'23 ---1924 MN 997
8
9914 994
Gila V 0& N let gu 58
1st & refunding gold 4t._.1949 as s 1818 Sale 173
14
4
392
Gog & 09wegatch 513
16
1
Q F 1538 1612 16
---1942 .93) 9512 9539
Ref & ext 50-yr 5s Ser A 1962
2
842 g012
1
87
8
89
- - 20
02 hi St P & S S M con g 45 int gu'38 J .1 87 Sale 8612
1041
6639
J 905 913 55E8
4
Or R & I ex let gu g 4%a
98 101
_
11214 15 1104 115
9814 Dec'23
1938J J 994 _
Grand Trunk of Can deb 70-1940 AC 11214 Sale 112
1st cons '3s
17 1024 105
4
1936 M S 10334 Sale 103
1033
1931 M S 10112 Sale 10112 1027g 22 10014 108
10-year coil trust 6)-58
15-years f 65
10112 Apr'07
100
1947 J D 85
1 9734 10511
1940.9 J 100 Sale 100
Orals Point Ter Is
135 A
_ 9212 Dee'22
Terms f 4e_ 1041 hi N
7s Series A 1936 J J 1063 Sale 10612 1067 135 iOLT8
8
4
let Chicago
Great Nor gen
4
551 07"
8514 9213 hf S S M & A 1st g 4s int gu_1926 J J 92-- - 9634 Nov'23
8 26
-is
4
8
663
963 0713
let do ref 43 Series A_ 1961 J J 863 Sale 8614
8713 100
1961 J J
4
863 90 Mississippi Central let Us__ _1949 J J 8814
_ 88 Dec'23
90 June'23
Registered
1952 J .9 9614 Sale 9614
9154 94
9412 1024 M K & Okla 1st guar 55_ _ _1942 M N
9184 May'23
0612 36
__
,
53is Series B
__
7318 8014
65
7614 60
56 Dec'23
5512 75 Mo Kan & Tea-let gold 45_1990 J D 76 Sale 76
Green Bay & W deb ctfe "A"____ Feb 51
4
748 83%
Feb
712 21
4
1314 Mo-K-T RR-Pr 15s Ser A_1962 J 3 7934 Sale 7 4
7
793 141
714 73
83
Debenture Ws"B"
4 718
_ _ 8413 8112
6112 6712
8412 Oct'23
1962 .1 J 6512 Sale 65
654 30
40-year 4s Series B
Greenbrier Ry lat gu g 43-1040 MN 83
9244 NA
8 17
853
78
8
1932 1 J 943 Sale 943
4
9514 63
85%
10-year gs Series C
4
let ref & Is 5s,51952 J J 8378 gnIe- 833
Gulf AS I
8
485 63
4
734
7318
1967 J J 527 Sale 5112
5278 '455
8
Cum adjust 5s Series A
7812
61
Harlem It & Pt Cheri let It._1054 M N 7313 74
4
4
8378 8312
833
80
86 Missouri Pacific (reorg Co)
Hocking Val let cons g4%3-1999 3 J 83
734 864
_
1909 J J -- -- 82
8
757
8112
7512 Sale 751s
81
8112 July'23
1st d refunding 5s Ser A 1965 F A
Registered
4
9458 963
2
1
94
1037 J .1 9712 97$4 9712
9712
954 9754
let & refunding 5s Ser C 1926 F A 94 Sale 94
H & T C let g 58 Int gu
85 99
8913 9034 9014 Dec'23 _ _ _ _
86
8
8814 94
93
let & refunding 6a Ser D I949 F A 88 Sale 873
Houston Belt & Term 1st 38_1937 J
47 631
98
14
03
4
9612 13
4
General 45
1975 M S 513 Sale 503
5112 156
8
Cons E & W T let g 58
1933 MN 9412 9712 9613
9318 July'23 _ _ _ _
1933 MN o532 98
934 98 Missouri Pacific
let guar 6s red
7912 82
85
1938 M N 803 813 803 Dec'23
8712
4
4
4
4
3d 78 l'Mended at 4%
Housatonic Ry cons g581937 M N 8018 843 83 Dec'23 _ _
8
917 93
1945 j j 924 ____ 93
8114 98
Oct'23
8
767 8478 Mob & Bir prior lien g 53
BudA Manhat 55 Series A..1057 FA 8114 Sale 8012
6912 7482
4 55
4
583
7414 743 Oct'23
1945 J J 71
8
55
Mortgage gold 45
8
643
1957 AO 583 Sale 5712
Adjust income Os
100 1044
8
8
8713 9218 Mobile & Ohio new gold 68_1927 J D 1023 Sale 1025
8712 Dec'23
4
1023
4
Illinois Central 1st gold 413_1951 .1 J 877
9918 1037
5
0
8
8318 Sept'22
01927 Q J 10053 10113 10058 1005
1031 .9.9 -- -let ext gold Os
Registered
8612 7412 Oct'23
7412 83
1
741 4
1938 hi S 7414 Sale 7414
7258 784
General gold 4s
1051 .1 J 7034 let gold 3Si
4
942
90
Oet'22
4
903 Dec'23
Montgomery Div let g 58_1947 F A 8913 99
80
1051 .9.9
Registered
9512
94
4
83
83 Feb'23
4
1927.9 D 9334 943 943 Oct'23
St Louis Div 5e
83
Extended let gold 33 e
1951 A 0 i6E8 70
744 7812
8
4
763 753 Dec'23
1938 M S 75
1051 AO
7614 7614 Mob & Obto coil tr g 421
Registered
794 Sept'23
81 8258
Oct'23
1991 M S 8112 ____ 81
Mob & Mal let go g 45
1951 M 5 5912 72 8312 Mar'22
gold Is sterling
107 111
Oct'23 ____
2
85
85
1937J J 108 110 109
7718 85% Mont C let gu g 'Is
Collateral trust gold 413_1952 MB
.
934 Sept'10
Registered
1937.9 .1 106 10912 -------------------1952 AO - -Registered
1914 1014
8
8
4
885
82
5
1937 J J 9914 9934 993 Nov'23I____
let guar gold 55
1955 M N 8518 5)t 851 1 Dec'23
let refunding 48
'No price Friday; latest bid and asked t1112 week. a Due Jan . 0 DUB Feb. I Due June,
/Due July. UDUS zlejt
a Due Oct. 5 Option sale.
72
BONDS
N. Y.STOCK EXCHANGE
Week ending Jan. 4.
New York Bond Record—Continued—Page 3
Pries
Friday
Jan. 4.
Week's
Range or
Lan Sale
in
Range
Year
1923
BONDS
N.Y.STOCK EXCHANGE
Week ending Jan. 4.
Prize
Friday
Jan. 4.
;Week's
Range or
Last Sale
Range
Year
1923
Bid
Ask Low
Bid
Ask Low
High
HOB No. Low
High No, Low
HIM
& E lat gu 33.45
2000 3D 7478 7712 75 Dec'23
74
78 Peoria & East 1st cons 45-1940 A 0 6612 6812 67
6814 15
68
78
Mashy Chatt& St L let 58_1928 AO 998 101
997
997
Income 45
22
1990 Apr, 2118 Sale 2118
22
9842 101
203s 30
N Fla& S 1st gu g 5s
1937 P A 987 ---- 9614 Oct'23 _
92 287
8
9614 98 Pere Marquette 1st Set A 55 1956 J J 9178 Sale 9114
9034 98
Nat Ry of Mel or lien 049_1957 J J 24
lat Series B 45
19563 J 7818 Sale 7618
30 Sept'23
6
7714
7578 8212
July coupon on
24
1943 MN 8838 ____ 8912 Dec'23 - 37
2 -US- al; Phila Balt& W let g 45
37
8734 9214
do off
23
2634 26 Nov'23
25
35 PhilippineRylst3o-yref4elO3lJ J 41
42 40
6
4012
39 497
a
General 45(Oot on)
1977 AO 23%
ma 2618 PCC&StLgu4345A
1940 A 0 4358 ____ 9334 Dec'23 28% July'23
93 971
4
April coupon on
1812 257 21 Dec'23
Series B 4%23 guar
1942A 0 9334 9414 94 Dec'23
21
243
4
93 977s
do off
1812 2213 24 Dec'23
Series C 0.68 guar
1942 MN 9314 9418 9314 Nov'23
20
2912
914 9414
Nat RR Max prior lien 4345-1926 -I
3412 ____ 3814 June'23
Series D 45 guar
1945 MN 8634 90
9118 Oct'23
8934 93
July coupon on
Series E 3148 guar gold_ 1949 F A 8454 8712 903 Oct'23
3412 3812 3514 Dec'23
2418 711844 934
do off
3312 ____ 34 Oct'23
34 443
Series F guar 42 gold
1953 J D 87
88 9111 June'23 a
89 913
4
tat consol 48 (Oct on)_ __ _1951 AD
Series G 4s guar
1957 M N 8512 89 93 Sept'23
27
28
28 Apr'23 -8938 93
April coupon on
1914 ____ 23 Nov'23 - Serlea I cons guar 434s
1963 F A 9058 Sale 9038
2114 2612
4
905
8
9014 944
do off
191 23 2034 Dec'23 —
Series J 414s
1812 284
1964 M N 9058 9112 9112 Oct'23
9112 94
Naugatuck RR let 45
N 65
1954
General 58 Series A
1970 J D 9812 100 9614
6818 May'23
es% 684
9812 11
933 97
5
New England eons 56
1945• J 7812 878 75 Aug'23 -75
9012 Pitts & L Erie 2d g 52
111928 A 0 9834 ____ 99 Nov'22 _ _ _
Consol 4a
1945 J J 69% 76 64 Oct'23 --64 7514 Pitts McK & Y 1st gu 8s_ _1932 J .1 102 __ 105 Dee'22 _
NJ June RR guar let 4a_
1986 P A
0
80 82
9 14
8
2d guaranteed 6s
08 2
2
_
1934 J .1 _17014 _. _ 0538 June' 32 _ 0
80 Dec'23 - -NO & NE let ref & imp 4345 A'52 33 82 824 83
9
1
1940 A 0
83ia 14
77 8214 Pitts Sh & L E 1st g 58
100
New Orleans Term let 45„_1953 33 7612 Sale 76
100 Feb'23
let consol gold Is
19433 J
7612 38
_ no no
Ws 791
4
NO Texas & Mexico let 65 1925 3D 101 Sale lOO58 101
31 100 10112 Pitta Y & Ash let cons Is.... _1927 MN 9918 __-- 98 June'22
Non-cum income bs
1935 AD 86 Sale 8114
4
132
725 863 Providence Secur deb 4e..... _1957 M N 3312 40 3314 Dec'23
4
86
85 38's
la & C Bdge gen gu 454s__ 1945 33 90 927 90 Dec'23 - --8914 9012 Providence Term let 48
1956 M S
8
7134 713
4
NY B&M B Isteong 56_1935 AO 9234
4
917 94 Reading Co gen gold 4s
8
87% 108
1997 J J 873 Sale 87
82% 88
N Y Cent RR cony deb 6s 1935 MN 10334 Sale 15514 104
8712 Sale 8714
8712 44
Certificates of deposit
88 101 1064
79 88
Consol 4s Series A
1998 P A 81
Sale 8234
8434 26
Jersey Central coil g 4s.__1951 A 0
815 81
8
763 83
s
37
8112
80 87
Ref & inapt 045 "A"
2013 AD 8534 857 8512
84 884 Retuss& Saratoga 20-yr 65.-1941 MN 10"784151442
7154 Dec'233
31
86
Ref de impt bs
2013 AO 953 Sale 954
- 1g
913 774 99
1927 A 0
4
93 s 983 Rich & Dan be
7
8
953 280
4
NY Central & Hudson River—
M N 6714 72 72 Mar'23
Rich & Meek lst g 56
1948
72 72
Mortgage 3345
1997 33 7312 7414
1952 J J 9434 97 964 Nov'23
72 773 Rich Ter ba
4
95 100
Registered
1997 J
19393 D 82 84 84 Dec'23 _ _
7212 7278 7338 Dec'23 _8
234
__
6 6914 7312 Rio Gr Juno lat gu 52
88 87
1934 MN 8934 Sale 883
Debenture gold 45
614 Dec'23
518 7
19403 J
864 91% Rio Or Sou let gold 4s
4
812 9
893
4 59
1942 3J 87
-year debenture 45
80
518 -_.- 7 Dec'23
1940 J J
8734
Guaranteed
843 9014
4
7 12
Lake Shore coil gold 3345-1998 FA 7118 8238
7438 Sale 7438
75
21
_
72 78
Dec'23_ _7 684 76 Rio Or West 1st gold 45
Registered
1998 FA -„, 7112 708 Dec'23
6012 13
1949 A 0 60% Sale 5912
Mtge & coil trust 48 A
69 73
5912 08
Mich Cent coil gold 3345 1998
743
4 35
7614 R I Ark & Louis lat 4149_ _1934 M S 7412 Bale 74
71
7212 733 7212 Dec'23 -4
71
/ 81
1
4
7
0
7
0
Registered
1998 0 A
69 2 75 Rut
19493 J 6512 8 12 7() June'23 _
7214 7034 Nov'23 -- 3
-Canada lat gu g 48
70 70
X Y Chic & St L lit g 45
1937 A 0 897e Bale 8912
81. Dec'23
1941 J .1
8372 9014 Rutland 1st con g 4348
79 81
90
18
1937 AD 88
74 72
Registered
73
5 694 75 4
19473 J 72
881a 88 St Joe & Grand Isl g 49
88 Oct'23 -1
1931 MN 88
Debenture 4s
19963 J 9018 93 974 Nov'23
8338 89 St Lawr & Adlr let g 58
91 976
884 88
1
88
6
1931 MN 10038 Sale 10018 10038 46
2d 6sABC
98 Nov'23
98 101
1996 A 0 9612
2d gold fis
954 984
NY Connect let gu.048 A 1953 FA 86
89 90 89
89
1
87 86
1931 J J
86
6 844 8878 St L & Cairo guar g 48
87
90
1947 ▪ N 834
W Y & Erie lat ext g 4s
81 81 StLIrMikSgencong 5a-1931 *0 9512 96 9612 Dec'23 _- 80 Sept'23
931 994
6
1933 ▪ S
Ild ext gold 434s
8312 46
95 9912
Unified & ref gold 413
1929 33 8312 Salo 83
824 894
95 May'23
AO 96
lithext gold 5s
1930
7212 16
934 94
714 86
Riv &0Div 1st g 48
1933 N 7212 Sale 72
95 Mar'23
6th ext gold 48
1928 3D
9614 Nov'23
914 923 St L M Bridge Ter gu g 58—.1930 AO
4
96 99
9234 Dec'23
la Y & Green Lau g 5a
1948 MN 92- 8 85 Dec'23
8
6612 159 65 70%
82 847
72 83 St L & San Fran (reorg Co)48250 33 663 Sale 6538
2000 MN
N Y de Harlem g 334e
8112 25
7312 77%
1950 33 8012 Sale 80
5iiiSept' ;
7
791 85
4
Prior lien Ser B bs
4
/
1
4
i2
713
1923 P A -NY Lack & Western 5i
9918 23 97 1002a
9934 100
Prior lien Bet C68
1928 J 3 9834 Sale 9812
9934 June'23
1973 MN
lat & ref 53i
8712 14
1942 33 8712 Sale 8788
863 92%
4
5345
1973 MN
1st & ref 414s
7312 172
95% 97
Cum adjust Ber A 6(1—J11955 A0 7312 Sale 7814
67% 90
3
N Y L E & W ist 7s ext1930 M
593 199
8
108 103
103 June'23
51960 Oct 59Ig Sale 577g
Income Series A 13s
5314 67
Dock & Imp 55
1943 33
94 9914 St Louis & San Fran gen 60_ -1931 33 10338 ....— 10318 Dec'23
9914 Nov'23
10212 104
X Y & Jersey let bs
1932 P A 9812 1931 33 9714 9778 98 Dec'23
94% 987
2
97 9612 Dec'23
95% 100
General gold 55
N Y & Long Br gen g 48— _1941 MS 86 --- - 91 July'22
8412 ---- 8212 July'23 ___
BtL&SFRRconag 45-1998 J 3
8212 8212
NY N H & Hartford—
Boutin Div let g 55----1947 AD 9012 __-- 91 June'23
'
,
91
91
Non-cony deben 3345.....-1954 * 0 38
8
347 47 St L Pao& N W lstgu 58
2
48 387
1948 33 98 983 99 Dec'23
3912 14
98% 103
8812 --- 8838 Dec'23
1947 M
_
Non-cony deben 4m
8611 8912
4.734 49 St Louis Sou lat gu g 48
43
1931 MS
42 Dec'23 _ _ _
Non-cony deben 3345-1947 M
7614 12
38
371 40 38 Dec'23
48 St L B W 1st g 4sbond ctts_1989 MN 7614 Sale 7518
7234 78%
Non-cony deben 45
1955 33 4212 4714 4038 Dec'23 -3734 514
88% 7612
2d g 48 income bond ctfa-p1989 3J 6838 6912 70 Dec'23
1956
7838 36
Non-cony deben 49
4212 46 44 Dec'23
87 50
1932 3D 7838 Bale 77%
7312 78%
Consol gold 45
1956 JJ
7834
5
Cony debenture 3345
34 4618
7314 8212
let terminal & unifying 50-1952 33 7814 Sale 7634
47 3814 Dec'23 -7334 73
73
11
Cony debenture (Ss
1948 33 6012 Sale 573
52 7314 St Paul at K C Sli L 1st4%s-1941 P A 72
7218 8112
4
60% —93
-89 91
9012 Nov'23
1957
11% debentures
2714 423 St Paul E Or Trunk 414:L-1947 .1
35
36
9012 903
4
4
3412
35
5
92
9512 9034 Dec'23
1925 AO 7114 Sale 7018
is European Loan
544 81 St Paul M & Man 4s
1933 33
90% 93
7114 33
105 107 10514 Dec'23
_ 10514 1091
1925 AO 6912 Sale 68714
Francs
53 7112
1933 33
lit consol g 65
4
6912 460
Cons Ry non-cony 45-1930 FA 3514
9538 9912
68 Reduced to gold 4345 _ _1933 33 9512 9618 9538 Dec'23
4
Non-cony 42
1954 33
40
46l
55 io-- °jai -_-_-_-_
1937 3D 8814 893 8912 Dec'23
8814 93
Mont eat let gold 45
85 July'23 _
Non-cony deben 4s
1955 33
387 44
1940 J J
5
83 85
Pacific en guar 45
---- 388 Oct'23
9812
9833 50
Non-cony deben 45„ 1956 33
40
40 R A & A pan lat gu g 48
_ 50 40 Sept'23
1943 33 -513i2
704 753
4
715
17
NY & Northern let g 5a- —1927 AO 99 ---- 99 Oct'23 - - 9978 Banta Fe Free dr Ph 55
1942 MS 7133 Bale 71
99
97 99
N Y 0& W ref let g 431—_01992 MS 6214 Sale 8018
6014 7078 San Fran Terml let 45
1950 AO 9614 99 97 May'23
8214 32
7815 8314
8114 Sale 8012
8114
7 107 1084
General 4s
1955 JD 5738 59 5754
1934 * 0
663 70 8 Say Fla & W Bs
4
3
5754 10
1942 AO 7314
I Y Prov & Boston 4s
1934 * 0 1067 108 10738 Dec'23
99% 994
4
73 Aug'23 _
58
N Y & Pu let cons gu g 45-1998 AD 80 4 85 8b14 Sept'23
804 824 Selo V & N E 1st gu g 48
1989 MN 99 10054 99% Dec'23
3
8442 87%
NY&RBIstgold5s
1927 MS 9618
95 964 Seaboard Air Line g 49
1950 * 0 8512 8814 8858 Dec'23
63 82
964 Dec'23
NY Busq & W let ref 5s__ _1937 33 5212 Sale 5014
50 60
1950 *0
52
594
4
Gold 4s stamped
5212 14
55
81
59
2(1 gold 4345
1937 P A 43 Sale 43
4015 4938
01949 FA 5812 Sale 5 :Dec'23'23 — 7'22% 45
Adjustment 58
43
2
4412 151
1940 FA 4012. 42 4012
General gold be
3712 49
1959 AO 4412 Bale 43
39
4833
Refunding 45
4012
2
48 Sale 4712
48
78
Terminal let gold ba
1943 MN 8512 _ _
84 934
5834 697
2
8412 Nov'23
let & cons 65 Series A.....-1945 MS
683 117
4
NYWches&B 1st Ser I 4%8246 .1
8212 5014 Seaboard & Roan let bs_ _1926 33 6812 Sale 6734
4134 Sale 38
/
1
4
934 97
4134 170
9712
9712
1
Norfolk Sou let & ref A 55_1961 PA 6312 Sale 623
71 Sher Sh & Bo let gu g 58
1943 J O
61
3612 3733
4
6312
3612 June'23 _ _
N 8614 8812 89% Dec'23
1941
Norfolk & Sou let gold 58
87 9312 Sat N Alacons gu g 58
1936 FA
98 1014
9878 Aug'23
N 10314 108 0812 Sept'23
1931
Sort & West gen gold 6s
106 10812
Gen cone guar 60-Yr 55-1983 AO
964 99
/
1
4
_
Improvement de *meta
1934 PA 106 108
110 110 So Pao Col48(Cent Pao col)-r49 3D 9878 __-- 9834 Dec'23
10 Mar'23
774
8314 Sale 83
83% 27 9011 85
1932 AO 10334 107 08 Dec'23
New River let gold
106% 107
14
01929 M
-year cony 45
20
934
93
83 974 1024
8514 9314
N & W Ry 1st cons g 4e__ _1996 A
8714 Sale 8612
1934 3D 927 Sale 9212
20
-year cony 55
873
4 88
9878 Sale 9812
99
7 101 1019 4
Registered
1996 AO
85 90 So Pac of Cal—Gu g 55
85% Oct'23
1937 MN 10118 103 103 Oct'23
7
_
Dly'l lit lien & gen g 48_1944 33 ___ 8812 88
823 89 So Pao Coast 1st gu 4411----1937 J
2
88
88 914
49
e- 8 1 58
8
10-25 year cony 434e._1938
101 108 So Pao RR 1st ref 45
1955 J J 88693344 Sale 9612 Nov'23
82 Dec'23
83 88 884
MS ioi- Sale 063
1929
10
-year cony 6s
8 107 -"if) 106 11734 Southern—let cons g 58-19943, 95 Sale 955
9283981*
9512 66 664 Oft
1941
Focal% C & C joint 45
87 873 8634 Dec'23
84% 88 2
3
4
Develop & gen 46 Set A-1956 AO
6912
6912 106
1945 AO 82 87 82 Dec'23
79 88
North Ohio let guar g 512
1956 AO 9612 Sale 694
65(w I)
8
Sale 9613
9838 50 9614 96 4
1997 Q3 8138 Sale 8012
Nor Pacific prior lien 4/4
8012 87
8112 --38
1956 AO 102 Sale 10118 102
(1;45
102
218 100
1997 Q J 8214 Sale 8214
Registered
80 8312
Mem Div let g 450-5a- _ _1996 33 9314 9412 94
8214
Dec'23
02047 Q F 58 Sale 57
General lien gold 36
6612 6214
1951 3,
58
St Louis div 1st g 45
754 81
_1 5
(
4
8
Registered
a2047
F
68% 60 So Car & Ga let ext 534s__1929 ▪ N 7914 797 7834 Dec'23
587 58% Dec'23
2
97 99 4
8
Ref & impt 434s ser A....._2047 J J 7914 80 80
79% 90% Spokane Internet 1st g 58-19553, 9878 9938 99 Dec'23
80
814 834
8278 ___- 8238 Oct'23
2047 33 10234 Sale 10218 10234 207 102 10934 Staten Island Ry Oils
68 ser B
1943 3D
80 Oct'20
2047 33 903 9112 9012
58 C
9012 100 Sunbury & Lew 42
4
1938 33 8234
90% 16
9078
91
_ 91
Oct'23
2047 J J 9 3 Sale 9014
55 D
9012 94% Superior Short L let Sag. .21930 MS
04
68
St Paul-Duluth Div g 45_ _1996 3D
89 89 Term Assn of St L 1st g 045_1939 AO
89 Feb'23
927 riale- 9 34 Ma7 3
—
2
5
927
18
8
98% 987
St Paul & Duluth let 55.1931 Q F 2
9878 Jan'23
1944 P A
let cons gold 531
954 99
9738 Dec'23
let consol gold 45
1968 3D 8014
8414 Jan'23
84 8414
14
19533
Gen refund s f g 48
77 82
4
1933 J
Nor Pac Term Co lit g 6s
1095 1097 10938 Dec'23
108 110 Tel dr N 0con gold Si
19433 J 783 82 7938 Dec'23
90 904
1938 AO 9912
99 102 Texas & Pao let gold 52
No of Cal guar g 5s
99 Dec'23
2000 3 13 92 9212 9
894 96
9 38 M8Y.23
2
0
92
1930 33 10114
North Wisconsin let 6s
100 June'23
52000 Mar 51
2d gold income 55
4016 56
5178 58 Aug'23
1948 J J 68
Og & L Chant let gu 45 g
66
70
69 68 Dec'23
19313 J
La Div B L let g 5a
84 92%
92 92
92
1
1943 MS 894 ---- 8938 Oct'23
Ohio Conn Ry 48
8814 MN Tol & Ohio Cent let gu 58... _1935 33 89
4
96 983
97
1936 3D 97
951z 981s
Ohio River RR let g 58
9812 Oct'23
Div let g 5a
1935 AO 0
Western
9214 96
9
94:11 -- — 91D Nev:2
07 95 Deo 2
9
2
:
c 2
.3
1937 *0 9414
General gold 58
941s 95%
9414 Dec'23
General gold 58
1935
8738 93
1927 33 991 Sale 991
9838 100 Tol Peo & West 48
Ore & Cal let guar a Be
99%
1917 33
1
284 32
1946 3D 88% 87 8614 Dec'23
84% 88 Tol St L & W pr lien a 310_1925 33 2018 30 30 Oct'23
Ore RR & Nay con g 45
9318 9918
818 ---- 96 Dec'23 -99 10412 80
Ore Short Line-1st cons g 55245 33 102 10238 102
102
-year gold 45
1950 A0 9
684 77
7812 Sale 76
77
38
1946 J J 10238 Sale 102
Guar con 58
9978 105 Tol W V &0 gu 4;45 A
10238
1931 33
2
95 9512
1929 3D 9212 Sale 9214
Guar refund 4s
90% 93
9212 47
Series B 434s
1933 33 95
944 964
957 95 Jun : 3
:
8 514 De 223
Oregon-Wash let & ref 48__ _1961 33 79 4 Bale 79%
75% 82
3
793
Series C 4a
1942 MS
4 77
7418 7958 Tor Ham & Buff let g 4a___11946 J O
Pacific Coast Co 1st g ba__ _ _1946 JD 7512 7614 7512 Dec'23
78'8 82
77 8 14 8
8
2
3
0 I : 32
84
8712 Ulster & Del lato one g 55-1928 3D 8 31 ---- 8878 N/Z 2 -_-_-_-_
4
Fox RR of Mo lst ext g 4s-1938 PA 883 ---- 8634 Dec'23
9038 9614
92 95 92
2
9212
1938 33 943 943 97
8
8
2d extended gold 55
9638 Nov'23
1st refunding g 4s
1952 AD 6118 673 63 Dec'23 _
634 70
8
J 893 _
& Ills let if 434e_1955
Paducah
8
893 91 Union Pacific let g 48
4
8934 Nov'23
_
1947 33 9118 Sale 9034
1
9114 62 884 1741
-Lyons-hied RR 65_ _1958 PA 6814 Sale 86
Paris
65 8 7818
,
6814 142
20
-year cony 48
1927 33 957 Sale 9558
9414 9814
957
1942 MB 95
Paulista Ry 75
96 95
95 977
2
98
8
let & ref temp be
p2008 MS 10018 Bale 9934 10018 66
9914 1004
79
MN 8812 --- 89
pennaylvania RE—cons g 48 1943
88% 9314
89
2
let & refunding 418
02008 M
82 Sale 8133
82
58 80 88
N 88 Sale 88
1948
Consol gold 4s
87% 9112
8812 12
•••.:--vear perm secured 68_1928
3
10234 Sale 1023
4 103
16 1024 105 4
May 1 1908 MN 86 .8714 86 Dec'23
84 90
de stamped
_
• ...I RR & Can gen 4s____1944 MS 8734 9212 921 Nov'23 -90 9312
94 4
44
12
1960 PA 92
Consol 4345
9434 9412
92% 985- Utah & Nor geld 53
95
45
1926 33
9414 997a
/
.418
1965
9058 Sale 9014
General 434s
91
131
let extended 48
1933 33 9012 9212 9014
9014 914
/
1
9012 Sale 9918 100 143
1968
General 56
99 101% Vandalla cons g 46 Ber A__ 1955 P A 8412 86 8412 Dec'23
844 85
14
Dec'23
1930 AO 10634 Sale 1063
-year secured 75
10
4 10712 118 1081s 1103
4
Congo! 4s Series B
1957 MN
86
2 86 87
1936 FA 108 Sale 10718 10814 44 1061a 11118 Vera Cruz & P lat gu 4He_ -.1934 J J 86 Sale 86
secured 634s
-year
15
84
3712
36 June'23
Pennsylvania Co—
July coupon on
25
46
2712 3078 29 Dec'23
8414 8414 Verdi V I & W 1st g 513
Guar 315 coil trust reg 4_1937 MS 8312 86% 8414 Dec'23
1926 MS 95
9712 082 soa":23
9 4 Mpt 23
81
981 98 4
4
1
Guar 3 5 coll trust Ber B_1941 AA 8184-- -- 82% Dec'23
8138 8318 Virginia Mid Ber E bs
1926 MS
9814 984
9
1942 JO 81
85 8114 Dec'23
Guar 3 s trust ctfs C
8114 8134
N 9718 --- 9718 Dec'23
General 58
1936
93
9772
trust ctfa D...._1944 JD 8114 Sale 8114
Guar 3345
8115 93 Va & So'w'n let gu Is
8114 io
2003 33 9212 9312 9114
9114
4 9114 934
92 Dec'23 _ _ _
-25
Guar 15 -year gold 45_1931 AO 90%
8714 93
1st cons 50
-year 58
1958 *0 758 7614 7538
25 4 81
8
75%
1952 MN 83% - - - 84 Dec'23
843
4
834 9088
Guar 45 Ser E
NZ
-er
*No cirloe Friday: latest bid and asked this week a Due Jan. 8 Due Feb. a Due June, A Due July 4 Due Aug. °Due Oct. foDue Nov. Due Dec. sOntlen Bale
73
New York Bond Record-Continued-Fage 4
BONDS
H. Y. STOCK EXCHANGE
Week ending Jan. 4.
t
Price
Friday
Jan. 4.
;Week's
Range or
Last Sale
"
13
rip
Range
Year
1923
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 4,
,2.
Price
Friday
Jan,4.
Week's
Range or
Lain Sale
Range
Year
1923
Hid, No Low
Ask Low
Bid
HOB
BM
High No. Low
Ask Low
8514 53
4
1
/
84
82 8642
g 4;4s__1932 J J
1
/
904 98 Det United 1st consdeb 7A e 1936 MN 85 Sale 10474 Oct'23
9274 83
Virginian little Series A___1962 M N 9234 Sale 9214
1044 10114
9324 99 Diamond Match of
1939 M N 961 Sale 9614
4
/
9673 25
Wabash lot gold 56
5
50
46 84
4
/
Distill Seo Corp cony lit g 501927 A 0 461 53 47
83 9214
1
1939 F A 8774 Sale 87
8773
4
1
/
26 gold ba
13
45 64
50
Trust certificates of deposit....... 4814 Sale 4614
674 718
2
1
88
3 76
1st lien 50-yr g term 44-1954 J J 6712 7134 68
854
7914
_1943
7914 Sale 7914
94 9613 Dominion Iron & Steel Si._ 19423
1
/
84 93
864 45
Det & Ch ext 1st g &L.-1941 J J 97 10014 951: Nov'23
1
/
864 Sale 8612
Donner Steel 75
71
73%
1
75
79 75
Des Moinee Div 1st g 41_1939i J 73
8784 9114
9112 Nov'23
4344 .1936.3 D 8918
5
6212 69 2 du Pont(E 0 Powder Co 7344'31 MN 10778 6E- e 10712 108
1941 A 0 68% 6813 8812 Dec'23
81 105% 199 4
Om Div lst g 3344
1
d
1941M S
714 72 s duPont de Nemours & 64_ _1949 J .1 10412 Sale 103
7
7234 Oct'23
Tol & Ch Div g 44
4
1
/ 10412 48 101 10431
Duquesne Lt let & coll
2000 F A
7414 Mar'22
Warren litre! gu g 3As
106% 108%
1936 J J
10614 June'23
Debenture 7540
7414 80
1948 Q M 74
4
1
/
80 78 Dec'23
wash Cent let gold 44
94 11314
10713 182
MS
gide 106
7
97 s 9952 East Cuba Bug 15-yr 6 f g 7;0'37 J J joisis
1924 F A 994 Sale 9914
1
1
/
9914
91
86
W 0& W let cy eu 44
- 89 Dec'23
7613 go% Ed El III Bkn lst con g 413._1939
,
793,3 Dec'23
3 99 103
99
Wash Term lot gu 3344-1945 F A 7914 81
1995 J .1 8998% 100 99
Ed Elm III 1st cons g 56
1945 F A 8438
8512 8512
8513 June'23 _
-year guar 44
1
9514 9914
9513
lit 40
1925 J D 9512 9734 9538
Coal cony (14
12
80 87 Elk Horn
1
/
914 163
W Min W & N W let eu 56-1930 F A 7734 90 80 Aug'23 _ _
8813 93
1937 M N 9134 Sale 90
56'2 653 Empire Gas & Fuel 7Xs
4
581z 16
93
West Maryland let g 44-1952 A 0 5812 Sale 58
95
1932 M
4
1
/
4
933 94 9414 Dec'23
9013 100 Equit Gas Light 5e 84
1
9734
4
4
903 9614
Weet N Y & Pa lat 54-1937 J J 9753 99 9734
9413
1942 M
825s ____ 93
'Frac
1943 A 0 7512 7812 7613 Dec'23
7314 81 Federal Light &
_
97 100
Gen gold 45
14
100
19S3 M5 100 Sale 100
75
78 8312
1946 M S 81 Sale 791:
61
81
Western Pao let Ser A 5s
99 108%
1941 M S 103 Sale 1023* 10314 22
931
95 Fisk Rubber let 0158
88
1946M S 927 Sale 9274
10
136a
7014 80
4 79 78 Dec'23 -7934 30
77 83% Ft Smith Lt & Tr lot g 54-1936 M J 773 Bale 85
2361 J J 7934 Bale 781.
West Shore let 44 guar
3
83% 93 4
8534 11
8534
Frameric Ind & Dev 20-yr 7345'42 J
75 82
2361 J J 7714 Sale 7714
7714 12
Registered
4
1
/
99% 103
1942 m N 10113 Bale 10114 1011: 17
7348
99 Francisco Sugar
97
_1926 A 0 9838 9934 99
1
99
Wheeling & L E lot g 54
13
9114 93
98 99 Gas& El of Berg Co cons g 541949 J D 9314 9414 9114 July'23 -J 95
99 96
Oct'23 _ _ _
Wheeling Div let gold 54_1928 J
4
1
/
99 10114
91% 95% General Baking lot 25-Yr 68-1936 J D 10012 102 101 Dec'23 -Exten & !rapt gold 56-1930 F A 891: ___- 9113 Oct'23 _ _
4
7614 821
Dec'23 -11
9
813*
1(
4514 62 Gen Electric deb 3356
28
531
54 Sale 52
Refunding 434,3 Series A-1966 M
9912 1033
4
4
8114- -10134 P4e 101% 10134 18
Debenture 59
57 651s
10
1949 M
60
60 Sale 60
RR let consol 44
97 101
5
,
9814
3
9814 Sale 9814
I g 68 Ser A-11,1 1/' 1
48 60 Gen Refr lets
1942.3 D 50 Sale 48
5O'e 10
Wllk&Eaatletgugsa
4
8 9816 1013
9812 3
9812 Sale 971
98 101 Goodrlcb Co 6 5/1
1938.3 D 99 Sale 9938 Dec'23
Will & S F 1st gold 56
7
e '11
11474 Bale 11414 11474 76 11334 117 4
8113 Goodyear Tire & Rub late!8r9
76
Winston-Salem S B lot 4m19130 J J 79% 82 81 Dec'23 ---99 106
Sale 10014 10113 60
10013
-year f deb g 86
10
7414 82
76% 21
4
Win Cent 50-yr lit gen 48_1949 .1 .1 763 7774 7638
3
7
,
'
1 11 1:
8812 93
(1419
89 Dec'23 753k
75 8052 Granby Cons MS& P con
4
Sup & Dul city & term lot 45'38 M N 77 Sale 7634
92 92
IS
89% 9438 92 June'3 -Stamped
1943.3 J 66
65 May'2
W & Con Eaat 1st 434s
5
87 100
89
1925 14 N 89
891 89
Cony deben 84
INDUSTRIALS
85 101
1932 F A
89 Dec'23
91
2 80 8038 Gray & Davis Ts let 0 1 5614a Id :
4
1
80
/
Adams Express coil tr g 4s-1948 M B 80 80 80
1 98 Sale 98
2
6
9814
97 100
66% 99% Great Falls Power
1936.3 D 80 88 8614
4 10
873
Max Rubber Si
7713 82
7914 7934 793* Dec'23 -8 Hackensack Water 45
5
3
1925 M
6
612 6
6
Alaska Gold M deb Os A
22
884
80
82I
Ay L & P gen Es A 1954 M S 8214 Bale 82
12
6 Havana E
5
1926 M S
4
1
/ Si b Dec'23 5
Cony deb 64 series 33
94
87
9312 15
.1952 F A 9314 ___ 9336
98 10012 Havana Elec consol g 58
1928 A 0 9714 9812 9714
1
9714
Am Aerie Chem let 58
96 10112
Hershey Choc let it g 8a---1942 MN 10112 Sale 10114 10112 17
96 10434
84
1941 F A gm Sale 97
98
1st ref 41 7344 g
92
71
9
79
6a (flat).1947 MN 79 Sale 78
917 974 Holland-Amer Line
s
4
1933 A 0 9334 94 94
94
American Chain 65
7
92 4 93
9434 94 Dec'23 -59 814 Hudson Co Gas let g ba---1949 M .1 94
282
91
91 Sale 8114
Am Cot 011 debenture 54-1931 M
:
4
/
941 99
981 36
9814 Bale 9613
Oil & Refining 5348.19323
Humble
1936
it, 10614 ---- 1057 Dec'2
9413 210
4
Am Dock & Impt gu 6i
A
9315 952
9 1 2 Sale
9414 sale 94
- SICK Illinois Bell Telephone boj
18 1937
4
872 8213
Amer Republics 64
4
1
/
92
1940
88
9134 12
9114
2 8414 93 Illinois Steel deb 434s
9758
8213 94
9214 Sale 9612
82
Am Sm & R lst 30-yr 54 ser Alt; a
4
1
/
80
79
1936 M N
79 July'2399% 10314 IndNat0&055
10334 Sale 10213 10334 32
B
66
1
/
61
1952 131 N 10034 Sale 100% 1003
99 1014
1937 j J 10134 Bale 10012 10134 57 99% 104 Indiana Steel lot 54
Amer Sugar Refining 64
96 Nov'23 -171935 J
97 __
4
1
/
90 9314 Ingersoll Rand let fa
93 261
4
Am Telep & Teleg coll tr 44_1929 J J 927 Sale 9274
if
- - s If9014 Interboro Metrop coll 044-1956 A 0 101. 1713 1034 Dec'23
86
1936 M El 8512 8734 873 Dec'23.
Convertible 44
914
4
4
1813 4 Nov'23 -Certificates of deposit
1933 M 13 10514 Sale 10514
1 100 105
10514
-year cony 4344
_
20
3
15
14 1
136 Dec'23
Guar Tr Co ctfe 16% stamped_
95 101
120
1946 J D 97% Sale 97%
98
-year coil tr 54
30
s
5612 727
5934 iiti
lit 5s-1966 J J 59 Sale 5812
64-.1925 F A 119 Sale 11814 11914 27 113% 12014 Interboro Rap Tran
-year convertible
7
571s 721s
59 218
5834 Sale 58
Stamped
88
82
84% 38
Am Wat Wks & Elec 54._ -1934 A 0 8412 Sale 84
1932 AO 55 Sale 5418
527s 731a
56 208
-year 64
8614
10
40
j 4614 Sale 40
1939
97
47
Am Writ Paper I 7-61
8
82 9414
g37 124
1932 M S 83% Sale 82
74
9412 98%
1953 F A 9613 Bale 9534
9634 419
Anaconda Copper 64
8118
8
55
67
9512 104 int Aerie Corp let 20-yr 98- _1932 MN 67 Sale 65%
4
1
/
1938 F A 9912 Sale 9774
991 322
75
3
90 4
74
4
/
801 132
90 Inter Mercan Marine e I 6e 1941 A0 8014 Sale 79
82
63
841
let real eat 0441939 J D 83% Sale 8314
Armour & Co
1947
881s
81
8334 40
'3 8314 Sale 83
4
/
941 9534 International Paper Si
243
97
$
967 Sale 9513
Associated Oil temp 66.--.1935 M
t
883
1947
'3 83 Sale 83
81
8314 30
let & ref 55 B
1812 4012
1
29
3112 29
AtiantleFrult cony deb 74 A.1934 j p 26
8
733 8412
791: 42
4
/
391 Jurgens Wks 84 (fiat prtc4)_1947 3.3 7614 Sale 7614
18
19
30
30 Sale 28
Trust certificates of depoolt
91
87
9014 76
Pow & Lt 58-1952 MS 9014 Bale 89
1774 44 Kansas City
17
32
32 Sale 2934
do stamped
89
4
1
/ 9634
1952 MS 93% Bale 9213
3
93 4 22
4
1
/
9414 99 Kan Gas & El 63
98
1937 J J 96% 973 971:
4
Atlantic Refg deb be
23 10214 107
1942 FA 10434 10514 10434 105
1 100 103 Kayser & Co 75
Baldw Loco Works let 54_ 1940 MN 10012 Sale 1001: 1001
3
182
3
98 4 109 4
Tire 8s...1931 MN 102 Sale 1011: 102
94 103 Kelly-Springfield
14
98
Barnsdall Corps f cony 8% A1931 j 3 9634 Sale 951:
7212 7212
7213 Oct'23
9512 9914 Keystone TeleP Co let 54.-1935 3.3 73%
9814 64
Bell Telephone of Pa 54_ _ _1948 J J 9814 Sale 98
0014 100
El L & P g 55-- -1937 AO 98% 100 100 Dee'20
9614 100 Kings Co
4
1
3
,
1824 I 2 10013 101% 9934 100
Beth Steel let ext o f Si
14
4 10812 113
1997 AO 11013
11012 11012
Purchase money 134
90 4 9715
3
22
96
98 Sale 96
lit & ref 5s guar A
4
9774 1043
1925 MS
9774 Sept'23
Convertible deb 6s
883 9313
4
8913 25
6912 74
20-yr p m & Imp f 53_ _1936 J J 89 Sale 89
1949 FA 71 1.3 70 Dec'23
7 -El 1st g 4s
4
1
/
95 100 Kings County
1948 F A 9734 Sale 97%
4 57
973
64 A
1949 FA 7114 7534 71 Dec'23
65 75
2
Stamped guar 48
4
1
/ 937
87
34
89
1953 F A 89 Sale 8814
5M6
754 804
78 75 Dec'23
4
1
/ 80 Kings County Lighting 5s--1954 J .1 76
70
1
8014
Booth Fisheries debit 64_ _1926 A 0 8014 Sale 8014
19543 .1 94
94 101
% 95 95 Dec'23 -4
973 101
6545
6
Braden Cop 51 coil tr 8 f 64..1931 F A 10014 101 30012 101
994 1024
1
/
914 9834 Kinney CO 73401936 3 D 10114 101% 101%
9314 31
Brier Hill Steel lot 5344_._.1942 A 0 93% Sale 9234
87 921r
--1950
6
8914
10112 38
8914 Sale 89
4
/
5 611 89 Lackawanna Steel 54 A--64193 M
3
0 12
12
028
Wway & 7th Av lit cg 541_ _1943 J D 6013 Sale 160 4 160
WA 96
4
8
3J 3
9213
_
83 88 Lac Gas L of St L ref & ext 193 A 0 9134 92% 92%
1941 j
8613 8814 87 Dec'23
Brooklyn City RR Si
3
54 3 J
14
c 7
;
88 924
142 0 3281
3731 Nov 223
& Nav e f 4346 A 19 3 .1 j 9014 _
944 99 Lehigh C
4
1
/ 29
98
4
9713 987 98
Bklyn Edison Inc gen 54 A_ _Ing
974 10014
9914 100 9814 Dec'23 -- 4
1
/ 4s
14 100% 304 Lehigh Valley Coal 5s
10213 103
Si Series B
General
105 10812
1930
J 10534 108 10634 Dec'23
General 74 Series C
4
3112 W1
3
5
1991
983
p 108% Sale 108
1940
10834 26 106 10914 Lex Av & P F 1st gu g 5s-19944 A 0
General Ts Series D
4
1
/
10 112 119
19
118
6513 7438 Liggett & Myers Tobao 74-1 44 A 0 117 118 117
3
723 1819
7214 Sale 7013
Bklyn Man R Tr See(tem)6s.'68 J
4
93 981
9634 13
M A
F S 964 Sale 9614
1
/
bs
58 66
7014 Dec'23
Bklyn Qu Co & Sub con gtd 56'41 MN
1
1
/
3 1114 118 4
1
/
116 1164 11612 11613
Lorillard CO (P) 711
1941 3 3
64 Dec'23
1st 55
4
1
/
1951F A 95 96 96
4
1
/
93 97
11
96
55
24 -a- 1(1
80
Brooklyn Rapld Tran g 54_ _1945 A 0 80 Bale 80
1
1952 MN 88% Sale
8815 88 4
& El 58
79 Louisville G
54
7334 Nov'23
Trust certificates
3
4 A
32j
125 107 120
112
112/4 11534 111
54 68 Magma cop 10-yr cony g 74_1
6614 ____ 7814 Dec'23
lit
1st refund cony gold 44_ 2038
987 Sale 9834
4
3_
1_4
89
9812 _ _22 963 102
88
4
1
/ 98 Manatl Sugar 734i
84
8
9713
8-yr 7% secured notes,__1921 .1 J 972 Sale 9534
7
64 4
54
1g1
5734 132
57 Sale 5414
96 Manhat Ry (NY)cone g 411-1 2
2 84
96
96
Certificates of deposit
45 66
47
78 95%
50 47
2d 48
100
93
_ 9034
9212
Ctfs of deposit stamped
3
95 98 4
9514 27
7e
vs Sale 95
7712 85 Manila Elec
13
811
1950 FA 81 Sale 81
_-Bklyn Un El let g 4-54
7
8114 84 a
8134 83% 83 Dec'23
8
784 844 Manila Elec Ry & Lt f 58-1953 M
811
1950 F A 8113 Sale 8113
Stamped guar 4-56
4
883 97
9714 267
97% Sale 94
934 100 Market St Ry let eons 32-121
3 96 Dec'23
Bklyn Un Gas lot cons g 55_1945 MN 954 97
93 99
99
103
99 Sale 9714
2 5-year 6% notes
1932 M N 11634 Sale 11434 11738 123 10712 1107
78
2
5 109 1613
134
8 10014 10512 Marland Oils f 85 with warnte'31 A 0 127 134 134
106
let lien & ref 64 Series A 1947 M N 1031: 104 104
12
97 107
103
110
Without warrant attached-- A 0 11314 11334 100
s 52 1071g 117
1173
1929 M N 117 Sale 114
74
1931 F A 125 135 119 Dec'23 _
_ 97 159
9234
7S4e Series B
91
1932 J D 903
91 Dee'33
Buff & Susq Iron e f 5s
4
914 10412
5
991: 997 9914 100
do without warrants
80 87
811
1952 A 0 8038 8112 811:
Such Terminal let 45
1933 J
95 106
_
s
3 82% 897 Merchants & Mfrs Exch 75-1942 j D 1047 ___ 10474 Nov'23
8414
1955.3
8414 Bale 8414
Consol 55
7
95 99 s
98% 20
s
85 9512 Metr Ed lst&ret g 64 Ber 33-1952 F A 98 Bale 975
12
923
tax ex__ 1960 A 0 9112 Bale 9113
Building Si guar
944 964
941: 95 9413 Dec'23
11
97
1937 MN 9634 97% 96%
44 98% Melt Power 65
9
Cal G & E Corp 54
8 101 10914
42 944 96% Mexican Petroleum s f 86-1936 IS N 10313 Bale 10313 10412
953
Petroleum 6126 (w -_-1933 A 0 9534 Sale 941:
Cal
1924 F A 9974 __ 9974 Dec'23
4
3
99 8 1003
94 99 Mich State Telep let 5s
4
Camaguey Sue lot a f g 70._ -1942 A 0 95
95% 943 Dec'23
8418 9112
8618 80
3 904 974 Midvale Steel &0cony f 56 1936 M S 8618 Sale 85
9013
Canada SS Lines letcoll e f 78'42 M N 9013 92 901:
84 90
:
; 111 3
o e p°siA"909636 _
3
Certificat 4,f een . 190111 jjj Do; 85 4 86 8614 Dec'23
99 10314
Gen Elec Co 6s__ _ _1942 F A 10314 Sale 10238 10314 18
Canada
9912
98
4
97 100 Milw Elec Ry & Lt C01111g 56 1926 F A 9812 983 9838 Dec'23
9714 12
-year 58_1943 .1 D 973 9814 9714
4
Cent Dist Tel let 30
8 3
885 9
8513 9914
2
9 12 10
92
9114 Sale 9114
esDefundIng
Cent Foundry let 8 1 64._ _ _1931 F A 9012 9314 91 Dec'23
413
88% 9
11
9213 Sale 92
Gen 54 A
4
1
/
100
e 47
87%
931
-year e 55._1925 A 0 95% Sale 9434
Cent Leather 20
7914 89%
8074 56
8074 Sale 8014
14114 63 115 150
1931 .1 J 136 138 137
Cerro do PASCO Cop 88
92% 944
1927 MN 943* 943 9434 Dec'23
4
4
92 9(34 Milwaukee Gas L let 4e
931: 9312 Dec'23
Coke 1st eu e 5a-1937 J J 93
Ch G L &
93 9834
1943 J J 95 Sale 95
43
7214 gra Montana Power let 5e A_
953* -- 1027 F A 7413 Sale 7312
7412 75
Chicago Rye lit 55
91
86
87
5
9913 10015 Montreal Tram hit & ref 58_1941 J J 861 867 863*
1923.3 D
100 Nov'23
Chicago Tel 54
4
7312 871
3
69
7714 31
4
773 Sale 7834
96 10314 Morris & Co let e f 4344_ _ 19 6
A
70
991:
1932 A 0 9912 Bale 983
4
Chile Copper Si Sir
6412 6412
Dec'23
4
3
94 4 993 Mortgage Bond 45
Mein Gas & Elec let & ref Si'56 A 0 9513 9814 96 Dec'23
14
9112 93
A
A
92
64's
1932 3A O 664
9 4 12
92
95
55
9812
1961 A 0 9512 9738 9714
9814 14
B duo Jan 1
5344 Ser
3
89 4 95
4
1
_1943 F A 8714 8812 8812
8513 8912 Mu Fuel One lit cu g 5s.h947 MN 92 933 93 Dec'23
Co gen e f 54
col° y
8812
9538 95%
951 Feb'23
_
4
/
28
791 Mut LTn gtd bda ext 3%- _1941 MN 927
1937J j
74
75
- 924 F A 75
76 75
Col Indus lot & coll 55 ell
4
1
/
67
51
54%, 55
1951 J J
17
95 97% Nassau Elec guar gold 4s-1931 j D 541: Sale 5334
54
9638
9613 Sale 9614
Columbia & E lst
3
95 4
90
901s 10
9013 92 90
1
/
954 973 National Acme 7Y41,
4
1927 J J 9614 Sale 9614
9614 11
Stamped
4
1
/
97
97
8 8
20 Nat Enam & Stampe let 56_1929 J D 997 10012 9712 June'23
1993 M S
8
8
12
8
Ist gu 5s
Col & Oth Av
95 95
1930 m J
.
-year deb 54._1952 J N 97-_. 95 Oet'23 _ _
20
92 9334 Nat Starch
11
94
Columbus Gas let gold 5,3_1932 J J 94 Sale 9334
997
997 111e11: 99 4
97 10132
3
25
89 75% National Tube let 54
1
72
73 72
Commercial Cable let g 45..2397 Q .1 71
9214 95
19483 D 9353 94 93 Dec'23 _ _ _
4
1
/
8713 22 84 8914 Newark Con Gas 65
Commonwealth Power 64-1947 IS N 8712 Sale 87
9514 100
.1952 J D 98 Bale 987
98
59
4
9812 10112 New England Tel & Tel 58.
1
1937
.1 10013 101 1001g 10014
Comp Azu Bars Thia
62 62
62 Oct'23 _ _ _ _
9512 10112 New Orl Ry & Lt gen 4346_1935 J J
7
3
98 4
-Reg s f 64 1941 J J 9814 Sale 9814
Computing-Tab
76% 8758 N Y Air Brake 1st cony 613_1928 M N 10214 Sale 10214 10214 29 100 10e
8112 ----7714 Sept'23
Conn Ry & lot & ref g 4%41951 J
7412 80
76 8314 N Y Dock 50-yr lst 13 45_ _ _ _1951 F A 7414 751_ 75
1951 J J 8112 8214 8014
8112 10
Stamped guar 4344
8
2
16
4
1
/ 27
87
3 D 87 Sale 87
13
84 90 N Y Edison 1st & ref 6344 A _1941 A 0 11078 Sale 110% 17114 41 1065 11212
Cons Coal of Md lit & ref 541950
9512 100
1948 3 D 9815 993 98%
4
9813 24
90 95% NYGEL&Pg 54
9314 10
9314
4
923
Con G Coot Ch 1st
511-1936
1
7912 83 4
4
8213
Purchase money g 45_1949 F A 8212 Sale 821
84% 9212
8712 28
1952 M N 8712 Sale 87
Consumers Power
82
76
98% 100 N Y Munie Ry 1st f 5s A_ _1966 J J 80_ 82 June'23
1931 MN
100 Oct'23
Corn Prod Refit of g be
99%
96
.
1930 F A 98 160 9914 Dec'23
98 101 N y Q El L & P lst g 5s_
7
9813
1934 M N 9813 Sale 98%
1st 25-yr f 56
284 384
_
328 Dec'23
i
5 63 95 N Y Rya lat R E & ref 48_ _ _1942 J J 3213 34
8314
1943 F A --__ 8312 83
Crown Cork & Seal 64
374
27
33% 79
327g Sale 3213
Certificates of deposit
921: 98
82 94
Cuba Cane Sugar cony 74_ _ _1930 J J 9214 Sale 90%
388
114
134 22
977 114
134 Sale
-year adi Inc 154
01942 A 0
30
8712 9814
Cony deben stamped 5%.1930J 3 971: Bale 97%
84 7 s
7
125
2
114 21e l's
12 105 10812
Certificates of deposit
S 10713 Bale 10736 1071
Cuban Am Sugar let coll 84_1931 M
,
584 69
8
5912 61
9475 12
91
s
947 NY State Rya 1st cella 4344 1962 MN 591. Sale 583
1
/
4
/
Cumb T & T let & gen 58_1937 J .1 941 Sale 944
83 974
8712 83 Dec'23
8514 18
1962 131 N 33
6346
8314 90
54'51 MN 8514 Sale 8312
Den Gas & E L Ist&ref g
92 98
.
921
99
Y Steam let 25-yr Sc Bee A 1947 151 N 9212 Sale 9212
55
10
732
75 73
1942 M S 74
Deny Corp(D G)7o
903405'.
9534 53
997
17
Y Telep let & gen ef 4346_1939 MN 9312 Sale 931a
4
1
/
94 10012
Detroit Edison let colt tr 54_1933 J J 9978 Sale 9934
46
-year deben f 66_ _ _Feb 1949 F A 10614 10613 10534 10613 46 1031s 1084
80
953
9534 Sale 95
3
90 4 98
111940 M S
1st & ref 54 Series A
45 101 10412
-year refunding gold 64_1941 A 0 10413 Sale 10334 1041: 99 10214 1074
105
20
81940 M S 105 Sale 104
lit & ref 64 Series B
3 Due Aug. o Due Oct. Plane Dee. *Option sale
No pries Friday: Weft bid ADO *eked. a Due Jan. IS Due April IP Due Mara. i Due May. g Due June, 5 Due July,
ri
'A
8
--
74
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[VoL. 118.
Quotations of Sundry Securities
All bond prices are "and interest- except where marked "I"
Standard 011 Stocks Par frici 438
Railroad Equipments Per Cs. Basil
Anglo-American Oil flew. El •16 I 1618 Atlantic Coast Line es
5.60 5.35
Atlantic Refining
100 128 129
Equipment65.58
5.50 5.30
Preferred
100 11712 118 Baltimore & Ohio 6s
5.75 5.50
Bid
Ask Low
Mph No. Low
Nigh Borne Scrymser Co
100 165 165
Equipment 4)0 & 55
Niagara Falls Power let 5s__1932 J J 9934 Sale 9938
5.( 5. 0
56) 535
.0 .
5
4 15
993
9514 101
Buckeye Pipe Line Co__50 *76
77 Buff Roch & Pitts equip 6s_
Ref & gen 65
61932 A 0 105 Sale 104
9 10112 105
105
Chesebrough Mfg new 100 235 240 Canadian Pacific 4348 A 6s_ 5.50 5.30
Nlag Lock & 0 Pow 1st 5s_ _1954 M N 10012 101 10014 Dec'23 _9711 101
Preferred new
100 109 114 Central RR of N J 65
No Amer Edison 65
5.50 5.35
1952 M S 9112 Sale 9114
8912 96
19
9114
Continental 011 new...,. 25 *43
44 Chesapeake & Ohio 65
Nor Ohio Trac & Light 68_1947 M 5
5.70 5.45
8778 9012 Nov'23 _
8912 95
Crescent Pipe Line Co
50 *17
1812
Equipment6
Nor States Power 25-yr 58 A.1941 A 0 90 Sale 8914
5.60 5.35
87 8 93
,
63
90
Cumberland Pipe Line 100 111 113
Equipment 5s
1st & ref 25
5.55 5.30
-year 6s Ser B.1941 A 0 10112 Sale 10058
983 102
4
10234 36
Eureka Pipe Line Co
100 102 104 Chicago Burl & Quincy 65_ _ 5.60 5.35
Northwest'n Bell T 1st 78 A_1941 F A 1077 Sale 10758
8
,
10778 71 107 108 8 Galena Signal 011 com
100 65
67 Chicago & Eastern 111
6.25 5.50
North W T 1st Id g 4.tis gtd_1934 .1 5 913 93
8
9138 Dec'23 ---912 9212
8
Preferred old
100 108 115 Chicago de North West
Ohio Public Service 7,96s___ _1946 A 0 1033 Sale 10334
5.75 5.40
3 101 108
4
10412
Preferred new
100 102 104
Equipment 6148
7a
5.70 5.40
1947 F A 10014 101 10018
2
10018
993 10514 Humble 011 & Ref new.. 25 *3712 3812 Chic
4
R IA Pac 434e& 5s
Ontario Power N F 1st 5s
5.70 5.35
1943 F A 9414 9434 94
923 9512 Illinois Pipe Line
4
2
94
100 138 190
Equi pment65
Ontario Transmission 5s
5.87 5.50
1945 MN 93
9318
94
9318
9214 98 8 Imperial 011
2
,
25 *11214 11312 Colorado A Southern 6s
Otte Steel Ss
5.75 5.45
1941 F A 9912 Sale 9814
9912 10
96 10112 Indiana Pipe Line Co__ 50 *89
91
Delaware dr Hudson (is
Ist 25
-year s f g 7A s Ser B 1947 F A 9312 Sale 93
5.65 5.35
9312
9012 947 International Petroleum_(t) *2012 20 5 Erie
9
8
,
494s & 5s
Pacific G & El gen dr ref 58_1942 J J 9112 Sale 90)
6.20 5.75
2
8812 9314 Magnolia Petroleum___ _100 159 160
60
92
Equipment Os
Pao Pow&Lt latAret 20-yr 55 '30 F A 92
6.25 5.95
8
923 923
897 94
5
925
4
8
8
National Transit Co__I2.50 *23
24
Pacific Tel & Tel 1st 58
5.75 5.40
1937 J J 97 Sale 965
8
9434 0915 New York Transit Co_ _100 93 95 Great Northern 65
38
97
Equipment 58
58
5.45 5.25
1952 M N 903 Sale 9012
4
88
29
92 2 Northern Pipe Line Co. 100 94
,
91
95 Hocking Valley 6s
Pan-Amer P & T let 10-yr 7s 1930 F A 10214 Sale 10214
5.75 5.45
4
5
10212 19 1013 1053 Ohio Oil new
25 *7812 7912
Equipment 58
6348 (cv 1)
5.60 5.35
1935 1,1 N 9612 Sale 96
967 174
963 9712 Penn Mex Fuel Co
8
5
25 *33
40 Illinois Central ‘iis A 55_ _ 5.45 5.20
Park-Lex (ctfs) 6)0
1953 J 5 973,1 Sale 96
100
96
9
3
9936
97 __ 1_7_
23
Prairie 011 & Gas new.. _100 262 26212
Equipment 6s
Pat & Passaic G A El cons 55 1999 M 5
5.60 5.35
923 94
5
Dec'23
Prairie Pipe Line new.... _100 10612 10712
Equipment 75 & 6
Peon Gas & C 1st cons g 6s 1943 A 0 10414 Sale
5.55 5.30
4
6 1033 108
1033
8
4
1043
Solar Refining
100 185 195 Kanawha A Michigan 1313..
Refunding gold 55
5.85 5.50
1947 M S 8712 Sale 8714
8718 94
6
877
8
Southern Pipe Lino Co 100 98 101
Equipment 4345
Philadelphia Co 68 A
1944 F A 10014 Sale 995
5.65 5.25
9858 101 3 South Penn 011
32
,
100 159 162 Kansas City Southern 595s_ 5.65 5.35
590
1938 MI 8 9014 p e 90 8 10014
. ale
8712 9112 Southwest Pa Pipe Lines _100 80
83 Louisville & Nashville 65__ _ 5.60 5.30
Pierce-Arrow 8s
1943 M 5 75
6518 82 4 Standard 011 (California) 25 *623 63
3
4
Equipmentfli
Pierce Oils f 83
1931 J D 85 Sal
5.50 5.30
98
le 85)3
70
.
796
0
72
8514 11
Standard Oil (Indiana)._ 25 *6514 65118 Michigan Central 5s As Cs. _
Pillsbury Fl Mills 6s (rcts)_ _1943 A 0
5.50 5.25
943 96
4
9412
943
4
Standard 011 (Kan)
25 *46
7
4614 MinnStPASS M 454a & 5e 5.75 5.40
Pleasant Val Coal 1st g 51 58 1928 J J 8712 - - 94
93
Dec'23 ___
Standard 011 (Kentucky) 25 10712 108
Equipment 6348 & 78_
Local]Con Colliers 1st *1 58_1957 J J 9218 95
5.80 5.45
94 8
C18 943 Standard 011 (Nebraska) 100 209 211
9212 Nov'23 -___
Missouri Kansas & Texas 6s 6.00 5.50
Portland Gen Elec 1st 5s
1935 J J 93
*
--- 9213 Dec'23 ---91 2 952 Standard 01101 New Jer_ 25 *4012 40 5 Missouri Pacific 65k (1 13
'
,
Portland Ry 1st & ref 59__1930 M N 85 6.15 5.70
87
8
84 s 887
,
8518
Preferred
100 117 11712 Mobile & Ohio 4345 & 55__ _ 5.55 5.30
Portland Ry. Lt & P Ist ref 5a'42 F A 8112 Sale 803 Dec'23 --8018 18714 Standard 011of New York 25 .46
0714
81 12 12
8
4618 New York Central 4345 J. 5s 5.45 5.20
6s B
1947 M N 89 Sale 8878
90
4
887 9614 Standard 011(Ohio)
5
100 310 315
Equipment Os
let A refund 73-is5er A__ _1946 M N 10312 1033 10312
5.60 5.35
5 10324
4
8
Preferred
100 116 119
Equipment 7s
Porto Rican Am 'rob 8s___ _1931 M N 10412 1047 10412 1035
5.55 5.30
4 10178 106
10412
5
Swan A Finch
100 34
37 Norfolk & Western 434s.._.
5.35 5.15
Pressed Steel ar 58
1933 J J 90 Sale 90
8728 932 Union Tank Car Co_ _100 92
4
90
9
95 NorthernPacific 75
Prod & Re( et 8s(with war'nts)'31 J D 11112 13212 112
5.60 5.35
4
2 1063 133 2
114
,
Preferred
100 1071 1 10712 Pacific Fruit Express 7s_
Without warrants attached__ J D 1063 Sale 1063
5.55 5.35
4
15 100 10812 Vacuum 011 new
25 *563 57 Pennsylvania RR eq 58 & (Ss 5.60 5.20
4
Pub Serv Corp of NJ gen 55_1959 A 0 787 Sale 77 4 107
8
7612 36
50
79
Washington 011
10 *25
26 Pitts A Lake Erie 63.4e
Punta Alegre Sugar 75
5.55 5.30
EN .1 il 1A173 te 1212 11012 20 105 124
,4 l
14
e
Other Oil Stocks
Equipment Cs
Remington Arms 69
5.75 5.40
Atlantic Lobos 011
(3) 4,31, 5 Reading Co 43-45 & 55
Repub 1 & 5 10-30-yr 585 f_1940 A 0 92
65.35 5.. 570
5.. 7105 65.160
143
93
937
8
N
82 8 , 8
g87 L2 4
22
•8
Preferred
50
13 St Louis A San Francisco 5s_
1953 J J 88 Sale 87
51.48
Gulf 011 new
25 *59
60 Seaboard Air Line 43-45 & 56
Robbins & Myers s 1 78
1952 J D
Mexican Eagle 011
5 53
4
floch dr Pitts Coal & Iron 55_1946 NI N 90
5.45 5.20
_ _ ! 2 !a __3_2_
92
_I
154
9991
Mutual Oil__
5 •1238 121. Southern Pacific Co 4348„ 5.55 5.30
19)11)3 86
Equipment 75
,
Rogers
-Brown Iron Co 75_1937 NI N 82 Sale 82
42
80
1
82
National Fuel Gas
100 82
89 Southern fly 4348 A 55
St Jos Fly, L, H & P 55
5.60 5.30
M N 751 783 7678 Dec'23
767 793 Salt Creek Producers_ _ 10 2234 23
8
.
s
8
Equipment65
St Joseph Stk Yds 181 g 9948 1930 J J 883 92
5.85 5.50
5
8518 Dec'22 --- 5 *85
95 Toledo & Ohio Central Cs...... 5.85 5.50
St L Rock Mt & P58 stmpd_1955 J 1 77
1 "i8 iiiii Sapulpa Refining
7934
"
Union Pacific 75
St Louis Transit 58
1924 A 0 53
5.45 5.20
543 62
4
62
6058 10
6058
Public Utilities
St Paul City Cable 55
1937 .1 J 913 ____ 013 9012 93
5
Amer Gas A Elec new__(I) *451, 612
Tobacco Stocks
Saks Co 7s
1942 M 5 103 Sale 10112 1g3
6 100 10412
1
Preferred
50 *4112 4212 American Cigar common 100 77
San Antonio Pub Ser 68
79
1952 J J 9438 Sale 93
MAN 94 93
Deb
2014
Preferred
100 z82
Sharon Steel Hoop 1st 8sser A '41 FA S 10012 Sale 1OP
85
97 12 4 Amer Light As Trac com_100 116 118 Amer
1(
)
12P2 1.g
1812
Machine A Fdry_ _100 137
Sheffield Farms 634s
1042 A 0 10114 Sale 1003
9
10114
9915 103
4
100 91
Preferred
(53
22
Sierra & San Fran Power 58_1949 F A 84 Sale 83
8212 8712 Amer Power & Lt corn....100 196 199 British-Amer Tobac ord. .61 .21
24
84
El *21
Bearer
-year 75_1937 M S 947 Sale 9314
22
Sinclair Cons 011 15
8
9012 10112
947
8 99
IGO 84
Preferred
86 Heime (Geo W) Co. new 25 *57
59
1933 .1 D 88 Sale 8718
5348 B (w I)
85
9714
88 • 100
M&S 9212 9312
Deb 68 2016
Preferred
100 109 111
Sinclair Crude 011 594s
1525 A 0 97 8 Sale 975
,
9338 190
94
09
;: Amer Public! Util corn_ _100 30
9734 23
8
35 Imperial Tob of G B A Irel'd *1412 1512
1926 F A 9714 Sale 967
(15
8
9714 24
100 73
7% prior pref
76 Int Clear Machinery..
.100 55
Sinclair Pipe Line 55
1942 A 0 8312 Sale 81
60
80
8314 270
89,
2
100 49
51 Johnson Tin P011& Mot_100 80
4% panic pref
South Porto Rico Sugar 78_1941 J D 1007 Sale 10078
8
8
9812 102
101
Blackstone Val G Az Ecom 50 *7312 75 MacAndrews A Forbes,100 2137 14
-6
South Bell Tel & T let 51 55_1941 J J 94 Sale 94
Carolina Pow A Lt com_100 76
78
100 398 100
Preferred
Southern Colo Power 65
1947 J .1 8614 88
8614
94311 11
86
Cities Service Co com
100 143 144 Mengel Co
869°4 992
100 21
23
Stand Gas & El cony s 1 65..1926 J D 100 Sale 100
967 10012
8 5%
1
100
Preferred
100 6712 6812 Porto Rican-Amer Tob .100
Standard Milling 1st 58
70
1930 M N94.89914
9521 967 96 Dec'23 8
CitiesService Bankers'Shares 1412 1314
Scrip
80
Steel dr Tube gen a f 75 ser C.1951 J J 10318 10312 103
15 100 107,2 Colorado Power com
104
100 2112 2212 Universal Leaf Tob com_100 138
Sugar Estates (Orient!) 713_1942 M 5 96 Sale 953
4
903
94
5
96
4
86
278
100 90 93
Preferred
Preferred
100 x85
Syracuse Lighting let g 5a- 1951 J D
89
9018 92
3 ____
9 : D 23 - - -Com'w'th Pow,Ry & Lt.100 41
42 Young (5 5) Co
100 108 112
Light & Power Coco!tr s f 55'54 J J 84;2 86
91 3
823 88
4
8234 Dec'23
Com'w'th Pow Corp pref 100 70
72
100 100 107
Preferred
Tenn Coal, Iron & RR gen 58 '51 J J 1003
8
9818 101
1003 Dec'23 ____
8
Consumers Power pref_ _100 84
87
Rubber Stocks(Cleveland) ccices)
Tennessee Cop 1st cony 65._1925 M N 10014 10012 10012
9914 10112 Elec Bond & Share pref _100 9612 97
4
10012
Firestone Tire & Rub corn 10 *69
Tennessee Elec Power 68
1947 J D . 9458 Sale 9334
945
9215 95
8 53
Federal Light & Traction(f) *71
72
6% preferred
100 9212
Third Ave 1st ref 45
1960 1 J 54 Sale 5338 . 54
5012 62
52
Preferred
100 75
76
7% preferred
100 389 I9 2
Adjustment Income 59___a1960 A 0 443 Sale 9212
-1
623 Lehigh Power Securities.
4
39
243
78 4 1
4
45
()) *323 332 General Tire & Rub corn 50 •150
4
4
Third Ave Fly 1st g 5s
1937 J J 91
94
Mississippi Fly Pow corn 100 22
23
Preferred
100 98 1116Tide Water Oil Via
1931 F A 10238 Sale 102
118 21 10112 I01
C
t4
Preferred
100 80
82 Goodyear Tire & R corn,100
Tobacco Products s I 7s
1931 J D __6i, 60.l_ _ 1077 Dec'23 -_
87
8 9
1023 10812
4
. e
8
First mtge 55, 1951_ _J&J 92
93 Goody'r TAR of Can 91_100 o81
Toledo Edison 75
1941 M 5. 10
84
10534
10634 10 10512 10752
F g deb 75 1935_ _MAN 101 102 Mason Tire A Rub corn_(1) x3
Toledo Trac, LA P0*
1925 F A 98ts 9812 973
5
4
9812
6
9712 9912 Nat Power A Lt corn .(1) *67
6812
Preferred
100 20
Trenton GA El let g 5s
1949 M 5 9314 ____ 923 Nov'23 -___
25
92 4 95
,
4
Preferred
(I) *x81
Miller Rubber
100 68
Undergr of London 434s
1933 J J 9112 ____ 87 Dec'23 -70
85
9314
Income 7s 1972
J&J 87
8812
Preferred
100 91
Income 68
1948 J J 8012
93
86 8 8914 Northern Ohio Electric_(3) *6
,
8914 Oct'23 8 Mohawk Rubber
100
Union Bag & Paper 65
1942 M N 97 Sale 9612
5
8
4
95 1003
18
97
Preferred
100 2112 2212
Preferred
Union Elec Lt dr P 1st g 55_ _1932 M S 967 ____ 963 Dec'23 -- __
s
40
50
4
95
973 North States Pow com-100 295
4
98 SelberlIng Tire A Rubber(f) •37, 914
5s
1933 M N 92
92
Preferred
100 201
93
Preferred
Union Eiev (Chicago) 58
100 38
1945 A 0 67
42
697 6812 Dec'23 __ 12
8
9 23
8
__
6812 9213 Nor Texas Elec Co coin..100 58
9 4 70
61 Swinehart The & R com_100 10
Union 011 58
1931 .1 J 9412
15
90
96
9414 Dec'23 Preferred
100 67
70
Preferred
65
0942 F A
100 35
40
9918 Sale 9918
9918
9712 10258 Pacific Gas & El 1st pref 100 88
2
90
Sugar Stocks
Union Tank Car equip 7s
1930 F A 10414 Sale 10338, 10414 20 10212 10.5
Power Securities com
(:) *2
5 Caracas Sugar
50 *14
United Drug cony 85
1941 .1 D 11112 112 11012 112
16
11 10914 1132
1
Second preferred
(1) •13
10 Cent Aguirre Sugar corn. 20 *83
United Fuel Gas lot St 65.„1936 J J 93 Sale 92'
8.)
2
93)
4
11
92
98
Coll trust 6s 1949___J&D
79
84 Fajardo Sugar
100 11312 115
United Rya Inv 55 Pitts issue 1926 M N 92 Sale 91
9212 24
8714 9713
Incomes June 1949F&A f 59
64 Federal Sugar Ref corn_ _100 61
United Rys St L let it 48._ _1934 J J 6314 Sale 6212
65
5612 64, Puget Sound Pow cir Lt...100 43
644 142
3
45
Preferred
100 90 100
1937 M N 85
United SS Co int rcts 6s
86
85
85
93
12
85
6% preferred
100 77
81
Godchaux Sugar, Inc„..(f) •3
United Stores 68
1942 A 0 9872 Sale 9814
7
8
9778
98 10158
7% preferred
100 102 105
Preferred_ _
100
U 5 Hoffman Mach 86
1932 J J 10318 Sale 103
50
6 10018 10412
10314
Gen mtge 790 1991...MAN 1033 10512 Great Western Sugar new 25 43
4
US Realty A I cony deb it 5s 1924 J J 9958 100
*95 100
9818 Dec'23 -,__
9812 10213 Republic Ry & Light- 100 16
18 Holly Sugar Corp corn_(I) *25
US Rubber lst dr ref 58 ser A 19475 J 85 Sate 843
30
4
837 8912
8
8512 117
Preferred
100 4312 45
Preferred
-year 71-45
100 80
10
1930 F A 105 8 Sale 104
82
,
54 102, 10913 South Calif Edison com_100 102 104 Juncos
106
4
Central Sugar,.100 110 120
US Smelt Ref & M cony 6E9.1926 F A 99
9018 993
4
9934
987 102
8
4
preferred
8%
100 114 117 National Sugar
US Steel Cothjcoupon ___d1963 MN 1025 Sale 1023
89
8
100 10034 104
8 103
Standard Gas & El (Del) 50 *3012 3112 New Niquero RefinIng_100 87
Sugar
at 10-60.yr5slregletered _81963 MN 102 Sale 102
97 100
10238
8 100 10412
Preferred
50 *47
48 Santa Cecilia Sug Corp 01100
8
Utah Light & Traction 58_1944 A 0 8014 Sale 80
4
80
0l2 47
8
78
913 Tennessee Rice Power
4
(I) "17
13 Savannah Sugar corn......(f) *61
63
Utah Power & Lt 1st 55
1944 F A 87 8 88
8718
,
15
853 92
4
Second preferred
49
(3) .47
Preferred
100 7812 8012
Utica Elec L & Pow 1st s 1 55 1950 .1 J 9534 ____ 9514 Sept'23 ---95
952 Western Power Corp
4
100 28
29 Sugar Estates Oriente pref _ - 85
88
Utica Gas A Elec ref 5s
1957 5 J 90
917 9114 Nov'23 --_
8
887 9214
s
Preferred
100 z80
82 West India Sug Fln com.100
Va-Caro Chem 1st 15-yr 55 1923 J D 8.112 847 983 Nov'23 -8
4
9834 100 2
,
Preferred
100 20
28
1947 J 0 8412 Sale 827
78
75
98
8
8
847 150
Short Term Securities
19375 J
12-year s f 7355
71 Sale 7012
7314 141
559412 Am Cot 011 6s 1924_ ..1\1&52 100 1003 industrial &Miscellaneous
8
Without warrants attached_ J J 68 Sale 68
70
1'1
Amer Tel&Tel fle 1924 F&A 100 10018 American Hardware_ _ _ _100 60
61
Vs Iron Coal A Coke 1st it 58 1949 M S 90
92
90
AnacondaCopMin6s'29JAsJ 1013 10134 AnaperrefTeryrpeedfounders corn 100 97
8
1934 J J 8814 Sale 88
Vs Ry Pow 1st A ref 58
84
89
8838 11
Ang,
o-Amer Oil 7345'25 AdO 10112 1017
3
100 97 iii(i1942 J D 93 Sale 93
Vertiente5 Sugar 7s
99
5
93
93
Federal Suit Ref Gs'24_MAN vi,_ - - - Bliss (E W) Co new
, 8i34
):
(11 ;
5
1
.10
18
1
1941 J D 1027 Sale 102
Warner Sugar 75
8
103
54 10114 106
Cs 1933
MAN
1939 j j 995 9934 9
Preferred
8
Wash Wat Power a 1 55
9818 100
92
,
5
9912
Hocking Valley 65 1924 MAS 100 10014 Borden Company com..,i0O 1201E,
:1
Weetchee Ltg g 5s stmpd gtd 1950J D 9618 .._ _ _ 96 5 Dec'23 --,
9312 9714 Interboro K T 8s 1922M k5
Preferred
West Penn Power Ser A 5s 1946 M S 8912 Sale 8912
9012 13
88
95
K C Term Ry 6s'23 MAN15
Ceilre olnedompany
p ulfe d C
100 77
82
-year 65 Series C__1958 I D 101 l01' 101
1st 40
102
5 100 10215
696s July 1931
JA.11 10212 10312
100 108 111
0946 F A 10412 Sale 10458
D 78
let series
10412 14 10218 10715
5125
1926 1003 1005 Childs Company
8
8
1963 M S 8714 Sale 8612
nom new(3) *:137 1127 28
g4 1 s
58 E
8714 15
8612 5912 Lehigh Pow Sec (Is '27.F&A
9312 95
Preferred
Western Union coll tr cur 55_1938 1 5 98 Sale 97
98
4
96 100
Sloss-Sheff SAs1 (Is '29 F&A
9612 97 Hercules Powder
100 101 108
91
Fund & real estate it 450_1950 al N 90
893
4
8978
89
94
4
U S Rubber 730 1930.F&A 10312 10414
Preferred
100 103 10112
1936 F A 1083 Sale 0812
-year 6345 it
4
15
10918
14 106 1117 Joint Stk Land Bk Bonds
8
t.crLat io.
te
t na
100 82
1931 M N 10714 Sale 06 5 1, 11 gi 12 1212 Chic Jt Stk Land
87
Westinghouse E & M 7s
,
1
12
Bk 55_1951 993 10114 International 51lvt prof 100 103 106
4
l 8al er
Wickwire Spen Steel let 75_ _1935 I J 7512 Sale 73
58 1952 opt 1932
993 10114 Lehigh Valley Coal Sales 50 78
4
7912
967
8 44
Wilson & Co 1st 25-yr a f 63_1941 A 0 9614 Sale 9134
93 1(12
5345 1951 opt 1931
10214 10314 Phelps Dodge Corp
1928 j D 8618 87
100 135 145
8618
8714 27
-year cony s 1 fls
10
8212 88
4n,s 1952 opt 1932
Royal Baking Pow coin.100 130 135
1931 F A 971. Sale 9712
9814
19
7.465
93 105
954s 1952 opt 1932
2713 9811.22
8 12
Preferred
100 97
1941 A 0 1001 1003 10012
.
(
Winchester Arms 7 4*
4
1003
4 16 10012 106
45 4 1963 opt 1933
4
983 99 4 Singer Manufacturing..100 12512 197112
4
2 2
9
95
4
Young'n Sheet AT 6s(w 1) 1943 J J 943 Sale 941 1
148
9314 9912
•Per share. I No par vett o
B3418.
d Purchaser also pays accrued dividend.
*No price Friday:latest bid and mikes.. a Due Jan. tl Due Apr. e Due Mar. e Due 8Now stock. fFiatprics. k Last Gale. n Nominal. z Ex-dlvidend.
y Er-rights!.
L(ay. p Due June. Due July. k Duo Aug. o Due Oct. v Due Dec. s Option sale. eEx stock dividend. a Sale price. s Canadian ouotatlon.
BONDS
N.Y.STOCK EXCHANGE
Week ending Jan. 4.
Price
Friday
Jan. 4.
Week's
Range or
Last Sale
go
Range
Year
1923
83 r12,
.
,
t
BOSTON STOCK EXCHANGE-Stock Records
75
ate
se:erg
a
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
dattirdar,
Dec. 29.
Monday. I Tuesday.
Dec. 31.
Jan. 1.
14512 146
146 146
7812 79
78
7812
93 93 *x924 93
*stilly__ 1114 11212
*9534 96
96 96
8
8
734 814
7
8
714 712
13
1314 1312 1412
1512 1614 *1712
•_ _ _ 154 1512 1512
20
21
20 21
*314314 149 *14314 149
20
20 *20-_ _
60 60
60 .60 52
52
_
3312 3312 *52-- 34
34
"3312 34
33
34
2312 234 2338 2512
133 137
4
8 14
1412
sz60 ____ *260
_
▪
85 *17514 85
69
70
69 6912
3212 3212 3214 324
72
Wednesday. Thursdop.
Jan. 2.
Jan. 3.
146 146
146 146
79
78
78
78
9234 93
93 93
*11112 114 *111 113
96
96
955 96
4
913 912
813 812
*712 -- *712 ____
1313 1412 1312 15
1712 18
1712 19
*1513 1612 *1612
23
2413
"22
23
*143
_ "143 146
*_ _ _ _ 20
*20
*53 -- .- 60 60
6
5
52
52
32
3312 3312
32
34
"3218 34 *32
2312 2312
"2312 24
1514
1414 1412 14
80
80 80
"7012 73 '71
*3214 3312 *3214
72
80
74
3312
72
Friday.
Jan. 4.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for 1923.
Lowest
Highest
PER SHARE
Sauce for 'rectos
Year 1922.
Lowest
Railroads
Shares.
91 Boston & Albany
100 143 Apr 3 151 June 14 1301 Jan 152 Mal
8
147 147
734 Feb 8910 Beni
100 75 June 29 84 Jan 5
273 Boston Elevated
78
78
42 Do pref
100 9112 Aug 9 100 Mar 6
9414 Mar 105 Sent
93 93
74 Do let pref
100 11112 Aug 2 125 June 12 116 June 126 Sent
113 114
183 Do 26 pref
100 95 Nov 19 106 Mar 5 1014 Nov 109 Sept
96
96
734 Dec 31 2012Mar 2
100
679 Boston & Maine
14 Jan 3114 May
912 212
7 Dec 29 27 Feb 13
100
20 Jan 37 Apr
323 Do pref
_
1,047 Do Series A let pref_100 1212 on 29 824 Mar 1
22 Jan 444 App
262 Do Series B let pref_.-100 1512 Dec 29 48 Feb 6
86 Jan 62 May
30 Jan 54 May
145 Do Series C 1st prof-100 154 Dec 31 42 Mar 22
40 Jan yytk May
345 Do Series D 1st prel_100 20 Dec 29 59 Feb 7
1 Boston & Providence
100 135 July 21 16012 Jan 25 125 Jan 163 July
143 143
-2
150 East Mass Street R7 CO....100 18 Feb 15 35 Mar 22
18 July 262 July
100 58 Dec 21 72 Jan 16
388 Do let pref
66 Aug 77 Jul)
- 100 5034 Dee 21 65 Mar 19
105 Do pref B
51 July 60 NOV
.
100 31 Dec 28 48 Mar 22
173 Do adjustment
28 July 47 Aug
-8812 13 2
-128 East Mass St FLY (tr ctfs)..100 31 Nov 19 45 Mar 21
29 July 47 Aug
100 2212 Dec 14 43 Jan 2
906 Maine Central
-2312 -- -1.
27 Jan 55 Os.
12
23 3
95g July 5 224 Jan 80
100
14
1478 153
8 3,4211N Y N H & Hartford
12 Jan 3472 May
!Northern New Hamp8hlre_100 62 Dec 4 84 Feb 3 69 Jan 98 Jul/
Norwicb & Worcester pref-100 75 Dec 27 100 Jan 3
8
541
58 Jan 103 4 Des
100 6412 Oct 25 81 Feb 14
2371 Old Colony
72i 73'2
37 Jan 9814 MAY
100 2112 Aug 25 38 8 Dec 4
7
150 utland pref
15 Jan 527.JIM
41 Vermont de Massachusetts-100 70 Nov 26 98 Jan 11
78 Jan 100 Aug
Miscellaneous
64 lan
1 Sept 19
812 Jan 9
60 Ames Pneumatic Service__ 25
212 Dec
"14 'if ---- ---50 12 Dec 24 20 Jan 10 13
12
____
_
45 Do Pre!
Feb 2014 Aug
12
12518 12512 12434 116 - 2,0741 Amer Telephone & Teleg_100 119 June 29 12812 Dec 14 11422 Jan 12814 Aug
No par 6712 Oct 9 112 Jan 5 104 Jan 121 Dee
7112 7212 73
71
191 Amoskeag Mfg
No par 72 Oct 9 88 Jan 5
•70
74
80 Nov 91 Aug
-- -- --4
45 Art IAetaIef nstrue,Ina__ 10 143 Nov 15 1 .12 Mar 14
D° Pr Co
*1434 164 ---- ---14 Nov 2012 May
8 Dec 29 2018 Feb 14
No pm
"8
9
____
13 Jan 22 May
_ 1,515 Atlas Tack Corp
10612 10612 10612 1156-1-2
73 Boston Cons Gas Co. pref _100 104 Oct 17 10812 Feb 24 10434 Aug 107 Dec
..12 .25
2,550 Boston Mel Pet True....No per .05 Dec 26 .30 Jan 25 .10 Sept .50 Mai
10 19 July 6 27 Mar 19
2414 25
,
7
152 Jan 30 Dec
4
- iii - 13 1.970 Connor (John T)
21
212 212 --------290 East Boston Land
10
2 Dec 21
8 APP
4 Jan 2
3 Jan
5
5 Dee 10 1418 Mar 5
*734 814 "712 814
325 Eastern Manufacturing
7 Dec 1414 Feb
Eastern SS Lines,Inc
31 Nov 1 1271
8912 Oct
25
38
38
38
1,055
38
:M8r 22
3812 Jan
16412 165 2 .
5
100 1524 Nov 8 11702%
41 16_7 7_5_
1
1,807 Edison Electric Illum
3 158 Mar 185 Seta
2
*3
4
No par
112 Dec 4
___ ____
1,890 Elder Corporation
Jan
3 Mar 13 May
5 July 9 2912 Feb 5
*1134 13
____ ____
30 Galveston-Houston Elee_100
28 Dec 39 Aug
No par
514 Dec 26 1522 Mar 8
75 Gardner Motor
4
9 Nov 161 AMP
25 1434 Nov 27 24 Feb 10
*15
1534 147 1478 --------85 Greenfield Tap & Die
8
1
17 Dec 27 4 Feb
*5113 53 "5112 4313 ____... ________ _____ 5_ Hood Rubber
No par 50 Dec 6 6312 Mar 13
43 Mar 5484 Dee
*4212 53
*42
43
lutenist Cement Corp-No par 82 July 2 44 Mar 19
26 Jan Me may
60 10 Sept 14 22 Fe + 19
Internet Cotton Mills
20 Nov 32 Jan
100 50 May 31 7912 Jan 10
Do pre
60 Aug 85 Dee
811 Mar
715 .35
--..51:1 -- Hi -;. - -.
- 0 .tio
4
Tin
3 Mar 20
-__57o International Products-No per .10 Dec 27
Ps Dec
112 112 *1
214
.60 .60
1
1 4'
18
54 Dee 17 Apr
8 Mar 15
320 Do OrdDec100 60 D 29
418 Dec 13
4
43
4
5
10
5
788 Libby,McNeill & Libby
812 Aug 20
14 Apr 114 June
*53
4 613
53
4 614
85. -- 14 63
•10
es
25
1012 "1014 1012
814June 27 11 Apr 26
1014 1014 *10
101 --------15 Loew's Theatre!
8 July 13 Jan
7513 76 I 7513 7613
77
7712 7612 77
100 7312 Dec 20 8712 Jan 2
77
78
773 Massachusetts Gas Cos
63 Jan 9012 Nor
63 63 I 64
100 62 Dec 27 73 Jan 25 62 Jan 74 Oct
64 •
64 65
65
65
6434 6434
220 Do pref
*451 153 •151 153
153 153 '15112 154
100 147 June 19 179 Jan 8 130 Jan 181 Oct
154 15513
50 Mergenthaler Linotype
6141
613
3 Dec 21 1434 Feb 19
7 --------515 Mexican Investment. Inc_ 10
61
1
6
11 Dec 27 2 June
554 614
*22
2278 22
22
'22
227 ;88- 2278
8
82, Mississippi River Power__ _100 18 Nov 7 2814 Jan 31
13 Jan 84 Aug
"x80 82 '
0380
82
82
100 80 Jan 16 84 Feb 14
Stock
*80
82
*80
85- - -20, Do stamped pref
i0
7212 Jan 8512 Oot
2
24
218 238
218 3
10
3
lheDec 17
133 Feb 13
35
8
314 334 5,436 National Leather
4
634 Dec 1112 Jan
*318 31 --------2,113,New England Oil Corp tr ctfs_
214 2141
2 Oct 9
5 Jan
3
2
212 Exchange
412Sept 13
2
22 Dec
110 110
112 11212
112 112
. 4 112
11112 112
222 New England Telephone_100 110 Dec 28 122 Jan 3 109 Jan 125 Sept
1834 1878 19
1912 1912
4July 12 2111 Apr 28
Closed
2018 2018 1912 20
1 163
20
13 Jan 28'Oct
850 Orpheum Circuit, Ins
84 Dee 24 190 Jan 2 115 4 Oct 192 Dee
84
8412 84 843
85 85
8412 85
8534 86500 Pacific Mins
3
4
10 z1434 Dec 14 18 Mar 14
1512 1512 •x15
1512 New Year's *15
15
25 Reece Button Hole
1212 Apr 18 Jut,
1512 *15
1512 15
10
2 Jan 11
314 Mar 15
3 Mar
3
*238 27 --------25 Reece Folding Machine
8
132 Dec
3
5 .10 Dec 18
TY Apr
2 Feb 20 .50 Nov
__ _
Day
100 Simms Magneto
---- ---- ---- ---100 9812June 26 10912 Jan 6
9214 Jan 11012 Sept
102 10214 102 10214
10112 10212 10134 10214 101 102517 Swift & Co
1
25 393 Dec 28 50 M'ar 9
4
•140
41
41 3
*41
4114 41
39 July 518 June
4114
4112 ---320 Torrington
6
6 Dec 3 11 Mar 7
8
8
*8
11
8
8
8
8 Mar 1414 Feb
180 Union Twist Drill
*73 11
4
25 3212Nov 2 553
3414 34
34
35
3458 35
4Mar 8
37 Jan 45 Mao
3414 35
34
3,285 United Shoe Mach Corp
3412
.
25 2458June 14 2814 Jan 11
2512 2534 *12534 2612 2618 2612
25 Jan 2711 Jell
*254 26
143 Do pref
253 253
4
4
264 26
2172 Jan 3312 June
2638 2612 2614 263
2634 26
26
2634 2.084 Ventura Consol 011 Fields. 5 1934 Aug 23 30 Jan 2
4
1512 '1612 1514 1512 1514 1 ! 1.263 Waldorf Sys,Ine,new shNo par 15 Dec 28 e224 Mar 19 5131 Jan 4191, Dee
15
1514 15
4
1514
3
5 Feb 15 13 Mar 17
214 Nov 14114 Apo
7
7
67
8 7
*7
712 *7
74 --------168 Walth Watch Cl B com.No par
1512 17
100 15 Dec 31 2912 Mar 19
11 Nov 49 AIM
15
*1512 16
323 Preferred trust ctfs
16
16
___
_
712 Feb 13 Oct
8
*1612 167
8 167 167
8
'1613 167 '1613 1612-167 1 8
8
167
8
8 67
250 Walworth Manufacturing- 20 1114 Jan 5 18 Dec 4
50 2512 Jan 31 3412 Mar 14
1712 Jan 3514 geld
"2913 30
297 30
8
30
2958 2934 2978 3014
30
530 Warren Bros
36
3614 *3612 3612 3554 3612341 Do 1st pref
Dec
3012 D 10 3912 Mar 14
3012 Jan aski Oct
35 35
353 38
4
•37
39
50 33 July 10 42 Mar 15
31 Feb 444 Jali
373 373
4
4
1037
38
*37 38
25 Do 26 pref
4
5
3
3
3 Dee 27 1212 Feb 21
420 Wickwire Spencer Steel
2
8 4 Nov 21 May
Mining
.20 .20 *.20 .30
'.25 .50 3
..25 .50 •.20 .40
1 Feb 28 .50 Jan
150 Adventure Consolidated- 25 .10 Nov 28
1 AN
25 54 July 5 87 M
Mar 1
56 Nov 88 May
-57- -Tie)
.
10
.
.iai
h
25 .10' July 5 .50 Mar 2 .03 Sept .50 APP
-37- -- ii -*Tab -- io -*Tab -.
10 .
A
Aliromaeek Mining
25 15 Aug 9 34 Mar 1
19 Dec 3212 Jan
-iii,
17
138 138
llos May
Ali°uez
--i.
7114-1- --iitt -25 .70 July 3
414 Mar 5
2 Mar
178
i- ---Lib' Arcadian Consolidated
8
8
758 8
8
8
*8
812
812 812
5
7 Dec 18 1412 Mar 2
6 Nov 1012J11.116
485 Arisona Commercial •
•14
15 *14
*14
15 *14
15
*14 15Bingham Mines
10 1412 Oct 30 19 Feb 19
18 Jan 1824 Sept
15
174 1812 18
19
1834
1938
1938 1934 1912 1934 2.038 Calumet & Heels
25 17 Oct 25 49 June 15 248 Nov 301 Aug
2
24
17 '214
238 21
218 21e
Pe Nov 1614 May
8
231‘ 23
1
178 Dec 13
938 Feb 13
8 2,420 Carson Hill Gold
8 Nov 1311 Feb
_ii_ ii.. _2:
_
. _ .. .4 _2 .. _._.
ti3 2 1_
25
7 Jan 18 15 Mar 1
.
3,
3.
o
g
Centenntnge co
C pper
Tail/ 131- 2314 14 4
-2
5
25 2218 Oct 31 ,46114 Mar 1
3512 Dec 4884 May
715
564
gig Jan
414 414
4
414
4
414
358 4
358 4
218 Nov
10
214June 28
5 Feb 23
2,675 Davis-Daly Copper
412 452
5
5
5
5
43
4 5
43
4 434 1,885 East Butte Cormer Mitllng- 10
43 Nov 1 1112 Mar 1
8
712 Nov 1214 Jan
.85 .85 '
3.90 1
374 Apt
258 Mar 5
'.85 1
25 .30 May 22
'
5.90 .99 '
5.90 .99
1
Apr
gig Mao
*114 112 *114 112
.
1114 112 *114 112 *114 113
l
1 Oct 30
Augi
15 rran ki -Consolldated.Hancoc
25
4 Mar 5
28
28
2812 2812
4
283 '27 2875 Hardy Coal Co
4
1 2434 Mar 28 834/June 7
*273 283 *27
4
.25 .25
.30 .30
40 .40
65 .70 *.50 .65
Dec
25 .10 Sept 17
114 Feb 20
450 Helvetia
514 Jan 1162 JUDO
4 55 96
9512 953 3
9512 9612 9512 96
97 97408 Island Creek Coal
1 9313 Nov 7 11513 Apr 7
2
•x90 92 *390
92
"300
92
92
92 '91 926 Do Ore!
1 9014 Nov 28 10012 Mar 28
88 Feb 9712 NOV
1612 174 1738 1712
300 Isle Royale Copper
20 20
20 20
'1812 1912
18 Nov 2814 May
25 16 Oct 24 3314 Mar 3
178 17
8
178
178
*134 20Kerreemw Comer
a% Apo
17s 178 4184 2
358 Jan 2
8 Feb
0
5
17 Dec 29
8
32 Kew La e
5
.75 .75 •.99 14
•.99 112 •.99 112 *.99 112
Mg ADP
1 Feb
25 .60 Sept 4
214 Mar 5
112 *1
115 118
1
1
•14 112 *1
584 May
214 Feb
112
25
1 Oct 25
514 Mar 1
108 Lake Copper Co
•.90 11
13.90 114
24 Apo
I La Salle Copper
•1
114 *1
314 Mar 1
1 Nov
114 *1
114
25 .50 Dec 20
•112 134
138
138
*112 134 *112 13
284 May
4 `112 12
5
118 Nov 16
las Jan
4
200 Mason Valley Mine
2 8 Mar 27
5
.50 .50
.
1.60 1
4o4 Apr
".75 1
".75 114 ".80 114
100 Mass Consolidated
25 .50 Dec 27
44 Mar 3
Ds Dec
112 15
8
113 112
178
178 *158 ._1_711 2,105 Mayflower-Old Colony-- 25
134 178
7 Feb 10
212 Dec
14 Oct 19
612 ala
*114 2
1
1
7 Api
12 Michigan
4 Mar 17 .75 July
25 .90 July
31
3213
14 3414 1,021 Mohawk
3112 32
34
35
3412 15 - -54
52 Nov 68 June
25 27 Oct 31 71 Mar 2
16
8 16
163
16
1612 1612 1612 1612 17
18
1,170 New Cornelia Copper
5 1414 Oct 29 2212 Mar 2
1514 Dec 2012 June
*218 23
*218 25
4
*21s 234 *2
23 -- -- -- - - ______ I New Dom. Copper
4
212 Aug 20
414 Apr 4
44
•37 44 *37
*37
44 *37
44 •37
44
New River Company
100 35 Apr 18 40 Apr 27
87 Jan 60 Fan
78
78 *75
*70
7412 *70
*75
7412 7414 7414
5 Do pref
100 72 Nov 8 84 Mar 16
73 Jan 85 Oat
8
*534 6
63
8 64 x64 63
5% 6
*r57
8 6
7 Jan
375 Nil:01321ns Mines
Fe
5 July
184 17
2
212 212
212 212
215 212 4,450 North Butte
15
8 17
1
812 Oct 15 ma
15
1',. Nov 5 1234 Mar 1
614
5
b25
.55 1
*.55 1
.90 .90 '.65 .95
614 Apt
.52 .52 •
113 Oilbway Mining
25 .50 Nov 8
114 Dec
222 Mar 5
1434 15
1612 1612
1612 *1534 1634
1812 1612 16
296 Old Dominion Co
16 Nov 27 Jan
25 1311 Oct 30 8212Mar 1
-- -2
25 2424July 18 46 Mar 1
25 Nov 881 An.
41
'z4
4
--512 --414
4
ParrClty
334 Nov
414
807 °Be ia Mining & Smelt- 5
412 Nov 27
212 June
14
214 Aug 13
*12
*1214 13
13
*1212 13 *12
1214 1214
13
100 Pd Crk Pooahonta eCo_No par 1214 Dec 18 1614 Mar 23
19
2058 21
191
21
2112 2112 2112
20 20
290 Qum°,
25 18 Oct 31 50 Mar 2
30 Nov
*330
32
301
31
34
30
33
3414 3312 334
160 St Mary's Mineral Land
11
37 Nov ‘8 Mal
25 27 Oct 31 5312Mar 1
.40 .40
•.40 .60 '
.37 .37
0.40 .60 '
0.40 .60
900 Shannon
184 May
10 .30 D ec 12
112Mar 5 .25 Mar
'.25 .7
•.25 .75
".25 .75 *.25 .75 *.25 .75South Lake
114 May
25 .10 June 4
1 Aug 8 .25 Dec
1
1
1
1
*1
1 4 *114 13
3
4 .1
134
70 Superior
454 July
25
112 Dec
1 Dec 27
3 Mar 8
14
.65 .7
.80 .80
.85 .85
.80 .80
.85 .85 2,725 Superior & Boston Copper- 10 .65 Dec 29
25* 001
Big Feb 23 .90 Mar
.60 .60
•.50 .85
.70 .70
.60 .60
.55 .55, 1,550 Trinity Copper Corp
312 API
14 Feb 15
5 .20 Oct 24
1-4 Dec
.45 .4
.40 .40
.40 .40 3
..45 .50 ..45 .60,
600 Tuolumne Copper
10 .30 Dec 13
158 Aug 18 .40 Nov .92 Mal
212 21
2
/ 232 *23s 234, *212 2114'
1
4
212 212
4 Mal
400 Utah-Apex Mining
11 4 Oct
,
6 Apr 13
5
212 Oct 25
.01 .01
gis June
.01 .01
•.01 .03
.01 .011 .01 .011 3,420 Utah Consolidated
1 Feb
1 .01 Dec 15
3 Mar 5
.40 .40 *.37 .45
.25 .35
.30 .33
.40 .45 7,955 Utah Metal & Tunnel
21g AMP
1 .25 Dec 3
14 Feb 27 .80 Dec
.75 .85
'.75 .85
21, Jaa
*.78 .85 •
.75 .75 •
.75 .85
50 Victoria
25 .60 Aug 30
232 Feb 28 .75 Nov
•.25 .40 .
.20 .20 '.25 .40
MI API
3.25 .40
.25 .28
320 Winona
Jan
25 .10 Dec 18
14 Mar 5 .25
5
_--1
Wolverine
714 Nov 16 May
25
44 Nov 5 13 Mar 1
asked prices; no sales on this day. a Ea-rights. 0 Hz-dividend and rights. a Ex-dividend. g Ex-stock dividend a Assessment paid.
elEfld and
/Beginning with Thursday. May 24, trading has been In new shares. of WI2100 two new shares of no Oar value were given in exchange for one share of old Moot of 310
oar value In order to make sensible oOrtlearleolle with previous quotations, we have divided all these previous Quotations by two.
13
4 134 •112 2
•13
1312 1312 1312
12412 125 12434 1253
8
70
71
70
7013
74
74
74
74
*143 1614 "143 1614
4
4
8
812 Epp
9
'10612 107 *10612 107
•.05 .10
.10 .30
"z24
2434 2414 2458
234 234 *212 3
7
7
714 8
373 3812 3812 385
4
8
1593 160
8
16014 1645
4
3
312 4 8
4
354 33
*11
13
1114 1114
*5
612 '5
612
157 1578 *15
3
157
8
"151
54 , 63
53
*s42
43 I *42
43
178 178
*12
14
125 12512
71
71
74
74
*1434 1614
*8
9
10612 10612
.12 .12
2412
24
.212 3
8
8
*373 395
4
8
16312 16412
*3
4
"1112 13
:i8"
la" ill6'
'76
THE CHRONICLE
[VOL. 118.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Dec. 29 to Jan. 4, both
inclusive, compiled from official sales lists:
-Transactions in bonds at Boston
Boston Bond Record.
Friday
Sales
Stock Exchange Dec. 29 to Jan. 4, both inclusive:
Last Week's Range for
Range for Year
Outside Stock Exchanges
Bonds-
Friday
Sales
Last Week's Range for
Sale.
Week.
ofPrices.
Par Price. Low. High Shares.
4154 4134
Amer Writing 65
1939
42
Atl G de W I SS L 5s_ _1950 44
4754
Chic Jct & US Yd 49_1940
80
80
1940 9354 9334 9354
55
65
E Mass St RR B 5s.1945 65
65
Hood Rubber 79
1936 101
100 101
9434 9434
IC C Mem Ry Bdge 58-1929
1929
Maas Gas 454s
9434 9454
1931 91
4348
91
91
Miss River Power 5s._1957 92% 92
9254
New England Tel Ss_ _1932 9734 97
9734
1952
Series A 58
97% 973.4
Swift & Co Ss
1944 95% 9554 95%
Warren Bros 734s _ _ 1937
106 106
Western Tel 58
1932 96% 94
9634
1923.
Range for Year 1923.
Low.
$5,000 4134
59,000 4054
1,000 7834
6,000 8854
1,000 63
15,000 100
' 6,000 91%
1,000 92
2,000 89
6,000 89
4,000 95
1,000 9754
4,000 91
2.000 10234
23,500 94
Hip •
Dec 4134 Dec
Mar
Nov 62
Feb
May 84
Mar
May 95
Nov 77H Jan
July 102% Jan
June 9434 Jan
Apr 96)4 Mar
Apr 9254 Oct
Apr 95
Jan
Nov 9954 Jan
Dec 9754 Dec
Apr 99% June
July 15
Mar
Dec 98
Feb
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Dec. 29 to Jan. 4, both inclusive, compiled from official lists:
Stocks-
rrtaay
sates
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
Alabama Co
100
1st preferred
100
2d preferred
100
Amer Wholesale pref 100
Armstrong-Cator 8% pf100
Arundel Sand & Gravel 100
Atian Coast L(Conn)_ _100
Baltimore Tube
100
Preferred
100
Benesch (I) pref
25
Celestine Oil
1
Central Teresa Sus com_10
Preferred
10
Ches.): Po Tel of Bait _ _100
Commerce Trust
50
Commercial Credit
25
Preferred
25
Preferred B
25
Consol Gas, EL & P100
7% preferred
100
Consolidation Coal__ _100
Davison Chemical
•
Eastern Rolling Mill
*
8% preferred
100
Fidelity & Deposit
50
Finance Co of America_ _ 25
Houston Oil pfd It ctfs_100
'Hurst, John E, lst pfd_100
Manufacturers Finance.25
1st preferred
25
2d preferred
25
Maryland Casualty Co_ _25
Merch & Min Tr Co_ _100
.
Mt V-Woodb Mills v t r100
Preferred v t r
100
New A msterd'm Cas Co100
Northern Central
50
Penns Water & Power_100
Pittsburgh Oil pref
10
'United Ry & Electtic__ _50
U F3 Fidelity & Guar_
50
Wash Bait de Annan_ _ _ _ 50
Preferred
50
'West NM Daley Inc pfd-50
75
83
65
46
2154
53
154
10934
75
25
11134
106
80
68
88
793-4
5234
83
104
5834
.)..
99
16%
153
6
28
70
75
83
83
6254 65
91
91
88
88
4534 48
114 114
21
2134
5134 53
26
26
.14 .15
154 134
43,4 43,4
10954 11034
57
57
7354 75
25
25
26
26
110 11134
10534 106
79
80
6634 6754
68
68
88
8834
7934
79
4634 4854
90
90
90
90
5254 5234
2454 24%
2254 22%
82
83
104 104
11
11
5834 5834
3934 40
7234 7254
99
99
2
2
1654 17
15234157
554 634
28
28
5054 5034
Bonds
Charleston C RyG&E5s,'99
82
82
Consolidated Gas 5s_ _1939
98
9854
Consol G EL ex P 450235 91
91
91
Series E 554s
1952
9734 9734
Series A 65
1949 10134 10194 10134
Series C 75
1931
106 106
Consol Coal ref 4gs_ _1934 8954 8954 8934
Elkhorn Coal Corp 66_1925
9554 9554
90
Fair & Clarks Trac 58-1938 90
90
8854 8834
•Ga South & Florida 5s.1945
Lake Roland El 5s_ _ _ _1942
9654 9834
Macon Dub & Say 58.1947
55
55
93
Md Electric Ry 1st 58_1931 93
93
United E L & P 4)48_ _1929
94
9454
-United Ry & E 4s_ _1949 7054 7034 71
Income 4s
1949 51
5034 51
Funding 58
1938 7254 7254 7334
9654 9634
1927
65
1949
6s
9954 9954
Va Mid Sth series 5,9 1926
9854 9854
Min ah Malt A, Annan F.1041
70
R044
70
123
20
150
5
10
300
34
559
391
40
263
100
250
22
10
305
354
40
216
110
75
300
110
135
100
125
10
10
33
20
50
130
5
65
8
40
10
47
900
570
139
715
6
11
Range for Year 1923.
Low.
4754 Nov
82
Jan
50
Dec
91
Dec
88
Dec
40
Jan
11134 Oct
1554 Nov
43
Nov
2554 Oct
.12
Aug
.75 Sept
254 July
10834 June
55
Nov
48
Jan
2434 Oct
2534 Aug
10654 July
103
July
7854 Dec
6634 Dec
25
Jan
80
Jan
7834 Dec
3834 Jan
80
Aug
85
Feb
50
July
2434 Dec
2134 Oct
82 Sept
104
Dec
10 May
50
Aug
35
Jan
72
July
9854 Sept
154 Jan
1554 Aug
147
Jan
5
Dec
2634 June
5034 Dec
High.
68
90
67
98
90
4834
127
25
85
2654
.50
254
454
11034
64
843,4
25%
2754
118
108
98
6734
70
100
14434
4754
95
9034
5734
2634
26%
90
121
1954
7354
39%
77
108%
2
2034
164
17
3134
52
Mar
Apr
Mar
Feb
June
Dec
Mar
Feb
Apr
Jan
Jan
Mar
Dec
Mar
Feb
Dec
Dec
Jan
Mar
Mar
Jan
Dec
Dec
Mar
Apr
Dec
Jan
Oct
Jan
Feb
July
Jan
Apr
Mar
Mar
Dec
Jan
Mar
Jan
Jan
Jan
Oct
Feb
Nov
$3,000 82
Dec 8234 Aug
7,000 98 Sept 101
Jan
14.000 8734 Feb 9234 Jan
3,000 9654 Nov 100
Jan
20,000 1003,4 Apr 10334 Jan
1,000 10554 Oct 10854 Feb
2,000 8854 July 92
Feb
5,000 9434 Nov 9934 Jan
4,000 8954 Dec 9334 June
1,000 8734 Aug 9054 Jan
2,000 9654 June 98
Jan
3,000 4934 Apr 57
Dec
2,000 9254 May 9634 Mar
3,000 94
Aug 9594 mar
33,000 7054 Dec 7434 Jan
16,000 50
Dec 55
Jan
3,500 7234 Oct 7754 Jan
4,000 96
Aug 98
Jan
5,000 99
Sept 10254 Jan
500 98
Mar 9934 Feb
4 000 70
Tlan
7I TA
Tran
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Dec. 29 to Jan. 4, both inclusive, compiled ftom official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
National Dank of Comm'ce
Title Guaranty Trust
1154
United Railways, pref____
Best Clymer Co
Brown Shoe, common
Preferred
9154
Certain-teed Prod, 1st pref
Chicago Ry Equip. com_
Emerson Electric, pref.._
Ely de Walker D G. com-- ... _..
Hydraulic Press Brick, corn 54
Preferred
62
Indiaboma Refining Co__ _ ......
International Shoe,corn_ __. _ _.
__
1155i
Preferred
___
Laclede Gas Light, pref _ - _. ..
125
Laclede Steel Co
100%
Mo Portland Cement
90
National Canny, corn
1st preferred
26 preferred
Southwestern Bell Tel. pref 10334
Wagner Electric, common_ 3454
81
Preferred
Bonds
Alton Granite de St L Tr 58
United Railways 48
4s C D
Wagner Electric Mfg 75.
Citizens Ind Tel s
144 144
57
57
1134 1154
2154 22
50
50
91
9134
75
75
35
35
95
95
23g 24
534 534
62
62
1g 134
7854 7954
11554 116
71
71
125 125
10034 101
92
90
107 107
100 100
103 10354
35
34
81
81
20
4
100
100
200
34
10
30
20
121
40
as
336
170
81
23
5
61
140
8
2
251
196
20
$1,000
81
61
11.000
6234 65
6194 6454 7.000
98949814 5.000
-. .-.., .. -....
Range since Jan. 1.
Low.
High.
Stocks-
Sale
ofPrices.
Week.
Par. Price. Low. Hip . Shares
Alliance Insurance
10
American Elec Pow Co_ _50
Preferred
100
American Gas of N J..100
American Ship
•
American Stores
•
Brill(J G)Co
100
Congoleum Co Inc
•
Consol Traction of N J.100
East Shore0de E8% pf_25
Eisenlohr (Otto)
100
Electric Storage Batry_100
Erie Lighting Co
•
General Asphalt, pref_ _100
General Refractories
•
Insurance Co of N A_ _ _ AO
Keystone Telephone pfd_ 50
Lake Superior Corp_ _ _100
Lehigh Navigation
50
Lit Brothers
10
Pennsylvania Salt Mfg_ _ 50
Pennsylvania RR
50
Philadelphia Co(Pitts)
Preferred (cumul6%)_50
Phila Electric of Pa
25
Preferred
25
Phila Insulated Wire
•
Phila Rapid Transit_ _ _ _ 50
Philadelphia Traction_ _ _ 50
Reading Company
50
Scott Paper Co pref._ _ _100
Tono-Belmont Devel__ _1
Tonopah Mining
1
Union Traction
50
United Cos of N J
100
United Gas Impt
50
Preferred
50
Warwick Iron & Steel__ AO
Westmoreland Coal
SO
York Rys pref
50
2554
8054
83%
1254
3154
86
49
6134
50
334
65
86
32
313.4
44
3734
63
4154
62%
5534
6334
3454
3154
243,4
80
835(
1154
3034
8554
47
30
25
58%
6054
2354
7134
5234
4954
263,4
23,4
6434
25
86
413,4
3154
2534
8254
8554
1254
3154
86
49
30
25
61%
6054
24
7134
5294
50
2634
354
68
2534
87
4254
42
42
3134 32
31
3154
44
44
3734 38
5934 83
7734 7734
95
95
34
54
134 154
4054 4134
188 188
5854 64
5534 56
8
854
8354 6354
34
3474
12
1,968
174
72
300
7,417
85
750
300
5
208
110
117
100
10
1,238
200
4,150
1,205
505
97
4,165
Low.
2754
15
63
7134
11
20
49
4454
30
23
58
5254
2354
62
4294
4234
25
254
64
20
79
41
5 41
5,788 2754
761 2934
10 42
1,231 30
837 58
20 7034
50 94
1,850
54
875
1,648 35
10 188
8,177 4754
282 2543,4
19
6
85 65
40 34
134
Jan
Feb
Feb
Aug
Dec
June
Jan
Dec
Dec
Sept
Dec
July
July
Oct
Feb
Jan
Aug
Oct
Aug
Feb
June
Nov
High.
32
30
83
8534
2054
32
91
40
49
26
86
6654
27
8194
5934
50
3434
10%
75
2634
9334
47%
May
Apr
Dec
Dec
Feb
Oct
Mar
May
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Apr
Mar
Feb
Jan
Dec
Apr
Jan
Jan 4556
May 3334
May 3334
Aug 5054
Jan 3754
Nov 67
June 80
Aug 99
Ihs
Dec
Oct
254
June 4134
Dec 200
May 5934
May 5634
Oct
9
Dec 8654
May 3634
Feb
Jan
Jan
Jan
Dec
Jan
Feb
May
Jan
Jan
Dec
Jan
Dec
Feb
Feb
Mar
Jan
Bonds
Allegheny Vali gen 4s_1942
Feb
Jan 90
8854 8854 $5,000 85
Amer Gas de Elec 5s..2007
86
86
1,000 82
July 9554 Apr
Small 5e
Apr
2007
87
800 84
8734
July 87
Bell Tel 1st 56
1948
Jan
91354 98% 1,000 9634 June 99
Connect Ry 1st 48_ _1951
8434 8434 5,000 8454 Dec 8454 Dec
Consol Trac of N J 58_1932
60 60
Dec 8234 Jan
17,000 60
Elec de Peoples tr etfs 4s'45 6354 6234 8334 2,000 60 July 7134 Jan
Jamestown Fr & Clear42'59
8334 8334 8,000 8334 Dec 833( Dec
Keystone Tel 1st 5s_ _ _1935
75
76
3,000 70
Apr 80
Jan
Lake Superior Corp Ss 1924
1454 143,4 8,000 10
Oct 31
Feb
Lehigh Val gen cons 4s 2003 7734 7654 7754 13,000 7634 Aug 80
Jan
General cons 434s.2003
8651 8634 1,000 8474 Apr 90
Jan
Pennsylvania COOS 4gs '60
9434 94% 2,000 9434 Dec 98
Jan
Phila Co cons & stpd bs'51
Nov 9354 Mar
8834 8834 1,000 88
Phila Elec 1st Ss
1966 983,4 9754 9834 31,900 96
Apr 103
Jan
554s
99
9954 4,200 98
1947
Nov 103
Feb
1953 9874 9834 99
52,000 9534 Nov 9954 Oct
534s
6s
10354 104
1941 104
21,000 10254 May 10634 Jan
Phila&Reading impts 46'47
8654 8654 5,000 8554 Oct 8634 Dec
Portland Rye 5s
1930
8034 8054 14,000
Reading general 4s_ _ _1997
8694 8754 12,000 8354 Apr 8834 July
8354 85
11,000 83
Jersey Central coil 48 '51 85
Nov 8334 May
Traction 68
10,000 10034 Jan 105
105 105
1933
Dec
3ayre Elec Se
1947
8434 8434 3,000 8434 Dec 8454 Dec
thanish-Amer Iron 68_1927 10154 10154 10134 3,000 9934 May 10034 Dec
92
92
1,000 88
United Rya Invest 5s_1926
Jan 9834 Mar
Wwlahneh rn M
lann
9994 9944 5.000 9814 June 10054 Jan
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Dec. 29 to Jan. 4, both inclusive,
compiled from official sales. lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Pub Serv, pref__.100
American Shipbuilding _100
.
Armour & Co(Del),pf _100
Armour & Co, pref _ _ _ _100
15
Armour Leather
100
Preferred
Balaban & Katt25
Common v t c
Bassick Alemite Corp- ---•
Beaver Board
•
lst pref ctfs
Booth Fisheries, new----•
•
Borg & Beck
Bridgeport Mach Co.- - -•
•
Case(JD
lst preferred
100
Central III Pub Serv pref.
•
Chic City & Con RyPanic share common- •
•
Preferred
Chicago El Ry common 100
100
Preferred
Chic Motor Coach com_ _5
Preferred
Chic Nipple Mfg cl "A"_50
Class "B"
Chicago Rys part ctf Ser 2_
Chicago Titie & Trust_ _100
Corn Chem Co of Texas_ •
Commonwealth Edison 100
Consumers Co, prof __ _100
Continental Motors_ ....10
Crane Co, pref
Cudahy Packing, com_100
Daniel Boone Wool M..25
Decker (Alt) dr Cohn,the
100
Preferred
100
Deere & Co. pref
Diamond Match
100
Eddy Paper Corp (The)_ _•
Fair Corp (The) pref. __100
•
Gill Mfg Co
•
Godchaux Sugar,com
Gossard (II W) pref._ _100
,
Groat Lakes D & D _ _ _ _100
Hammermill Paper corn_ _5
Preferred
Hart,Schaff&Marx,com 100
•
Hayes Wheel Co
Hibbard,8pen, Bart&Co25
Hupp Motor
10
Rights
•
Hurley Machine Co
Hydros Corp. com
•
Inn
Range for Year 1923.
Low.
High.
8574
63
92
7954
7
7734
87
83
9234
8134
7
78
75
60
370
2,735
369
185
8334
59
8434
71
7
75
Aug 97
June 74
June 108
June 96
Nov 10
Dec 8754
Feb
Jan
Feb
Jan
Jan
May
5054
3554
1
13
6
2734
10
st
234
8454
51%
36
134
14
6
28
10
si
254
89
2.855
1,335
300
205
20
1,155
100
250
124
204
5034
2754
1
10
434
2234
10
54
1
8454
Nov
Feb
Dec
Oct
May
May
Sept
Oct
Dec
Dec
5634
42
43,4
25
854
3674
1634
83,4
1134
86
Oct
Oct
Jan
May
Jan
Oct
May
Mar
Feb
Oct
g
34
354 33,4
54
54
g
Si
Si Si
180
178 185
89
88
89
3954 3934 40
2054 2054 24
200
7.910
300
600
430
480
1,310
275
7
0
50
' 125
85
290
4,900
75
35
11,700
g
334
1
%
118
85
40
2034
14
250
15
11634
5834
54
10654
40
1954
Nov
Nov
Jan
Nov
May
May
Dec
Dec
Dec
Mar
Nov
Nov
Aug
Oct
Oct
June
May
134
10
'1
854
212
99
4454
2554
354
315
1554
131
70
12
115
63
9254
81
7
5134
35%
14
28
10
8554
315U 315%
15
15
12834 130
8254 83
73,4
6% 794
11034 11034
60
61
3334 3234 3434
90
70
34
103
1754
2754
8134
2954
10154
4254
173.4
234
51
1834
Feb
Nov
Jan
Mar
Oct
Oct
Nov
Dec
Mar
Dec
Nov
Jan
Feb
Jan
Feb
soi Jan
6254 Jan
86
90 ' 320 70
Jan 92
61
70
190 4854 June 7434
118 120
267 10954 July 121
3334 34
1,585 2234 Apr 40
10234 103
Jan 106
115 100
179-4 1834
185 1834 June 2854
390
5
4
Dec 2654
534
250 2454 Feb 3554
27
2754
80 75 June 9454
80
8134
2954 2934
100 25 Sept31
10134 10134
100 101
Sept102
118 118
30 98
Jan 120
4034 4254
200 32
July 433.4
60 84
6554 6554
Feb 66
1534 1774 11,830 1534 Dec 2554
134 274 11,000
134 Dcc
234
479 4134 July 5554
51
52
1,445 1554 Sept3234
183,4 19
40
a,
711
an
A....
OA AL
May
Jan
Jan
July
Jan
Apr
Apr
Apr
Feb
Mar
Mar
Nov
Apr
Jan
Mat
Dec
Nov
Apt
Tan
Sales
Friday
Last Week's Range for
Week.
ofPrizes.
Sale
Par. Price. Low. High. Shares.
Stocks-
Indep Pneumatic Tool___•
25
Inland Steel
International Lamp Corp25
25
Kellogg Switchboard_
Kuppenheimer & Co (3)
100
Inc, prof
Libby,MeNtill& Libby_10
10
Lindsay Light
Lyon & Healy,Inc, pref__
McCord Bad Mfg Co_ _ __•1
McQuay-Norris Mfg Co_..•
Mid West Utilities, com100
100
Preferred
Prior lien preferred
•
Nat Dairy Prod w I
National Leather
10
Philipsborn's, Inc, trust ctf
Preferred
10
Pick (Albert) AL Co
Pub Ber of Nor III corn_ _.*
Pub Ser of Nor III com _100
Preferred
100
Quaker Oats Co
100
100
Preferred
Real Silk Hoe Mills
_10
Reo Motor
10
Sears-Roebuck, corn.
100
Standard Gas& Electric_50
50
Preferred
Ste-War Speed, com_100
100
Swift & Co
15
Swift International
Thompson (J R),com_ _25
10
Union Carb & Carb
United Iron Works v t c-50
United Lt &Rys,com_ _100
100
lst preferred
United Paper Bd, com_100
20
US Gypsum
100
IT 8 Steel, corn
Vesta Battery Corp, corn _•
*
Wahl Co
Wanner Mall Castings Co.•
20
Ward, M & Co, w I
•
Class "A"
Western Knitting Mills_ •
•
Wolff Mfg Corn
25
Wrigley Jr, corn
Yellow Cab Mfg,Cl"B" 10
Yellow Taxi Co
80
36
8
80
8034
3534 36
8
7
4314 4334
91
91
4% 614
3% 4
95
95
3434 35
35
20
1934 19
44
4334 4434
85
8434 84
96
9334 96
33
33
333.4
3%
234 334
134 2
2
4134
4134 40
2034 2034 2134
100
9934 100
9934 100
100
9914
94
94
270 280
9934 100
100
3134 2934 3254
1734 1734 1934
88
86
2934 3134
31
48
47
48
9414
9434 90
10134 10234
102
1934 1934 2034
4814 5034
5915 5534 595.4
3% 434
434
140 140
80
7934 80
2134 1014 2134
8934 9134
90
' 9934 993.4
2634 2634 2634
3954 3734 40
24% 2434
2634
2614 24
10834 10734 109
%
%
614 814
7%
3834 3834 39%
9234 9634
93
68
6034 83
Bonds
Chicago City Ry 5s_ _ _1927
Chicago C & C Rya 58_1927
Chicago Rys 58 Ber A_1927
1927
4s, Series B
Northwestern Elev 58_1941
Peoples0I.& C ref g 58'27
gissrift A. V n lilt fa t gr fat 14344
634
4
74
74
5134
5834
43
7134
8734
OR
Range for Year 1923.
Oct
July
Dec
July
8314
5034
32
47
Oct
June
Apr
Sept
87 Sept
414 Dec
234 May
9434 Oct
26 June
1014 May
3634 May
8134 July
9334 Dec
3334 Dec
134 Dec
Dec
1
Dec
40
1734 Aug
Nov
98
Dec
97
8934 Oct
Mar
210
85 June
28% Dec
1134 Jan
6714 July
1714 Jan
4634 June
6434 July
9834 June
16 June
4334 June
5134 July
3% Dec
Jan
71
6934 July
July
14
July
51
8634 Oct
1634 Aug
373.4 Dec
1834 May
1834 May
Jan
93
14 Dec
4% Sept
Dec
38
8714 Nov
5734 Dec
95
8%
414
10134
39
26
53
8614
104
34
814
214
983.4
3634
10334
10334
99
285
100
3234
20
93
3234
5134
12434
10934
2114
543.4
6734
1314
164
94
1934
104
9634
3714
5834
2734
2634
110
1034
3534
41
114
190%
Jan
Apr
Nov
Mar
Apr
Apr
Feb
Jan
Jan
Dec
Feb
Nov
Jan
Mar
Apr
Apr
Apr
Apr
Jan
Dec
May
Feb
Mar
Apr
Apr
Jan
Jan
Oct
Jan
Feb
may
Apr
Dec
Oct
Nov
Sept
Jan
Dec
Nov
Dec
Mat
Max
Nov
Oct
Sept
Dec
Jan
Dec
Dec
Dec
Dec
Aor
8334
6534
70
56
9814
9214
071/
80
32
634
3934
30
1,350
950
65
100
6,465
610
45
340
475
1,052
195
305
980
6,435
1,060
585
1,425
75
75
30
47
168
2,990
815
190
2,995
505
25,050
1,915
5,840
375
25,125
475
40
230
1,720
895
25
30
1,535
25
14,847
1,015
2.350
2,240
2,975
5,645
11,335
High.
Low.
85,000
74
5234 10,600
20,000
59
4334 3,000
7134 2.000
8734 1,000
3.000
OR
73
47
53
41
7114
8734
9214
Mal
Max
Mal
Ma(
De(
Mai
is,
• No par value.
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Dec. 29 to Jan. 4, both inclusive, compiled from official sales lists:
•
•
Stocks-
....
'
Last
' Week's /fatale for
Week.
ofPrices.
Sale
Par. Price. Low. High Sh res.
Am Vitrified Prod, com_50 1034
Am Wind Glass Mach_ _100 90
6
Arkansas Nat GU, COM-10
Bank of Pittsburgh_ _100
314
CarnegO Lead & Zinc__ _ _5
Consolidated Ice, pref._ _50
Fidelity Title & Trust_ _100
Indep Brewing, pref_ _50
Jones-Laughlin Steel, pf100 108%
25 27%
Lone Star Gas
50 5314
Mfrs Light & Heat
734
Nat Fireproofing, com_50
50
Preferred
1 lag
Ohio Fuel 011
25 33
Ohio Fuel Supply
Oklahoma Natural Gas_ _25
Pittsburgh Brew, pref__ 50
Pittsburgh Coal, pref_ _100
Pittsburgh Plate Glass.100 20934
Salt Creek Consol OIL._10
934
Stand San mfg. coin_ _ _ _25 9934
10 10
Tidal Osage Oil
25 29
Union Natural Gas
so
Union Storage Co
Weat'house Air Brake__ _50 85
Bonds
Cent Dist Teleg 1st 5s 1943
1 1
T.7.1.1.nbernts Pint,, , nit.
160
10
1034
155
90
9334
6,473
4% 8
103
13234 13214
314 2,655
3
25
18
18
5
330 330
778
6
4
55
10734 10834
2634 2734 6.485
245
5214 533.4
714 734
210
370
21
20
465
lag 1534
810
3271 3314
2234 2314 1,070
315
4% 5
10
99
99
196
208 210
914 93.4 15,565
186
9834 993.4
895
10
8
260
2834 29
25
35
35
406
8334 85
9754 9734 83,000
IM
1 nn
A Ann
Range for Year 1923.
Low.
611
78
434
13034
1
18
325
4
10614
23
51
6
1434
11
30
1834
4%
97
165
514
73
7%
2334
32
67
High,
July
July
Nov
Jan
Nov
Oct
Apr
Dec
Mar
May
May
July
July
Sept
July
Mar
Aug
Jan
Jan
Nov
Mar
Oct
Feb
Jan
Apr
Dec
10
Dec
97
10
Jan
138
Dec
434 Oct
Jan
38
330 June
July
10
110
July
27
July
Feb
60
814 Feb
Dec
21
1834 Feb
3634 Mar
3634 Mar
Mar
8
100
Mar
21934 Dec
1734 Sept
9931 Nov
1334 Feb
Sept
29
35
Dec
8634 Dec
97% Dec 100
GOLZ
rt.
Inn.,
Jar
•...
New York Curb Market.
-Official transactions in the
New York Curb Market from Dec. 29 1923 to Jan. 4 1924,
inclusive:
Range for Year 1923.
Low.
Indus. & Miscellaneous.
•
1
100
Allied Packers, new
11
Amalgamated Leather.....'
100 11
11
100
52
52
Preferred
100 4334
.100
97
100 95
97
Atner Cotton Fabric pf
200 31
4534 46
Amer Gas de Elec. com- - -• 48
50
1,300 40
4334 46
Preferred
10 1334 1314 1434 3,100 1134
American-Hawallan
117 119
40 109
Am Light & Trac, com.100
2
2
2
100
Amer Road Machinery 100
4
4
3%
300
American Thread, pref.&
900 1934
26
25
Archer-Daniels Mid Co_• 26
79
79
50 73
Armour & Co (III) pref-100
•
1%
200
134
114
Atlantic Fruit Co
9%
Blyn Shoes Inc. corn.._ -10 1034 10
1034 1,100
210 110
Borden Co, common...-100 12134 12134 12434
10
1034
300 10
Bridgeport Machine CO....'
734
10 1034 1034 11
1,800
Brooklyn City RR
108 108
200 10514
Campbell Soup, pref _ _ _100
1116
Ills 134 10,000
Ilis
Candy Pkoducts Cori)
2
2
2
200 75c
.
Car Ltg de Pow,corn. _ _25
114 134 2,600 50c
Cent Teresa Sugar, com_10
83c 63c
5,000 62c
Charcoal Iron of Am corn 10
30
3134 2,300 10
Centrifugal Cast Iron Pipe* 31
39
40
300 2834
Checker Cab Mfg Class A •
600 3634
Chi Nipple Mfg.new,C1 A50 3934 3934 4014
20% 20%
100 17
50
New Class Et
_
Childs Co new
134 1%
• No Par value.
Nov
Oct
Dec
Nov
June
June
001
July
Dec
Feb
Nov
July
Sept
Dec
Mar
Oct
Jan
July
Dec
Mar
July
Dec
Jan
Oct
Sept
Sept
High.
linn....g.t5rZbat.tntSgZ.
xxxx x xxxxx x xx xxx x
ezmutx>otogxz.4.4>zu,,KtxK>>>
g.511;r.gaag4MeragAntIlliq
Prtaay
sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low, High Shares,
Week ending Jan. 4.
Stocks-
77
THE CHRONICLE
JAN.5 1924.]
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low, High Shares.
Range for Year 1923.
High.
Low.
Feb
Oct 195
2.610 128
Cities Service. oom-___100 14334 141 144
Max'
Preferred
100 68
3,600 6434 June 70
6754 68
634 Mar
534 Oct
Preferred B
10
6% 634
100
Stock scrip
77
77
29.000 72 June 102 June
77
Aug
Sept 78
Cash scrip
72
72
72
85,000 70
Bankers' shares-•
2.600 1254 Oct 1934 Feb
1454 15
Cleveland Autom,corn...*
100 1954 Oct 3434 Apr
2134 2134
Colorado Power, corn.100 21
30 16 June 2531 Mat
20
21
Dec 3114 Dec*
Corn Prod Ref new w I-25 3114 3034 32
30.400 31
Nov 3874 Juno
•
Cuba Company
400 30
36
3834
Dee
Jan 97
82
Del Lack & West Coal_50 9334 x9334 97
275
Dubilier Condenser & Rade 1034 1054 1134 3,700
434 Jan 1334 AM'
Dunhill Internat
• 2634 2634 2834 5,300 2754 Dec 32% Dec
Jan
Durant Motors. Inc._-* 3414 3034 3534 16,200 2054 Nov 84
714 Oct 2534 Jaw
Durant Motors of Ind__10
734 1014 1,800
1514 Dec 203,1 Mar
East'n Steel Cast, com___* 1514 1534 1534
100
Dec
6
Dec
Eastern Steel Co,co m_ -100
6
6
200
6
Mar
July 99
Elec Bond & Share.Pf--100
9614 9734
800 96
Dec
Jan 68
Light & Tr com__*
Federal
88
10 48
68
,
631 Jar
Nov
Film Inspection Machine_*
5
6
300
634
134 Mar
3 70c
Garland StenmshiP
65e 70c
500 65c Dec
Apr
Gillette Safety Razor.. * 276
390 238 June 292
276 279
Oct 1234 Dee
Gleasonite Products Co_10 1234 12
12% 1,700 10
Jan 8014 Nov
Glen Alden Coal
• 7734 7614 7834 2,500 56
Godchaux Sugars pref _ _100
45
20
45
Oct 3334 Dee
• 35% 32
Gold Dust Corp WI
3554 7,800 18
834 Oct 1614 May
834
Goodyear Tire & R.com100
4,700
834 9
74
Great West Sugar com_ _25
July 91
94
Mar
9434
30
0
234 Feb
•
Sept
154 13,1 2,000
Heyden Chemical
1
100 2154 2134 2134
Hudson Cos, pref
100 1234 Aug 24% Dec
Dec
July 13
8
Hud & Math, corn__ --100 1234 12
200
1234
Dec
Hupp Motor Car.new, w I. 1734 1634 1734 1,300 153( Dec 17
674 Jan
Oct
Intercontinental Rubb.100
3
334 33.4 1,100
Internat Concrete Indus_10 1234 1234 1234 2,800
914 Dec 12% Dec
Kresge Dept Stores, corn.. 42
42
900 8334 Sept 47% Des
44
Apr
5
2% 214
14 Jan
Lake Tory Boat 1st pref-10
100
414 mar
1 June
4
31
Leader Production
3
600
354
3014 Dec
30
Lehigh Power Securities__' 33
600 175(J
3374
,
Jan
Lehigh Val coal Bales.-50 81
7614 81
400 7534 Aug 90
834 Apr
Dec
4
Libby.McNeill &Libby-1P
200
6
5
2,400
61
Ligg & Myersnew corn w I 2: 6034 60
Jars
7% Dec 22
5%
554 754
Lupton(FM)Pub cl A_ _•
600
Oct
Aug 38
100 16
31
31
McCrory St's war (stk Put')
Dec 15% Nov
143.4 143.4
500 14
lfercurb' k(Ylenna)Am si
1
,
41 Sept 12% Jan
7% 9
Mesabi Iron Co
" ' 734
8,900
• •18
18
Midvale Co
3.200 11% June 21% Apr
19
Deo
38
Motor Products Corp,new.
900 1914 Oct 45
4034
Oct 4734 Dec'
Preferred
" 48
4714 48
200 41
Dec
33
Nat Dairy Products Corp.* 33
3334 3.100 33% Dec 34
8% Feb
10
I% Nov
33-4
National Leather
234 314 2,200
6% Apr
4
2% Oct
4
New Mex & Aria Land_ .1
100
Jan
250 107% Nov 112
NY Teiep 634% Pref-100 11034 110 110%
Dec'
Dec 28
28
25 28
Niles-Bement-Pond com100
28
Park &Mord, Inc
• 2734 27
2834 4,700 25 Sept 84% Oct
2234 2634 1,600 2234 Dec 30% Nov
Peerless Truck & Motor.50 26
414 Mar
2% Jun
43.4
Radio Corp of Amer.eon.*
434 434 23,300
Cu Nov
434 8,700
4
411.
Preferred
2k, Jan
July 53% Dec
45
44
1.400 39
Reading Coal
10
173.4 1734 1,500 1314 Feb 2054 Mar
Reo Motor Car
Jan.
2
5
85e 95c
Repetti, Inc
600 750 Sent
600 4634 Oct 54% Mar
Rosenb'm Grain Corp pf 50
4814 50
Jan
1
1
Saguenay Pulp & Power-5
300 50c June
1
• 23
Aug 2714 Mar
900 18
Shelton Looms, corn
2034 23
Dec
20 113% Sept 128
Binger Manufacturing-100
12634 127
50 102% July 1 214 July
103 10311
Sou Calif Edison corn....100
Oct 600 MU
So
12e 18c 54.000
Southern Coal & Iron----8 15c
614 Dec 2454 Jay
834 1134 11,700
• 1134
Motor Car
Stutz
Feb
100
130 98 June 109
101 10234
Swift & Co
914 Feb
3% Dec
100
334 3%
Technical Products Corp.5
Mar
July 19
300 12
1734
Tenn Eleo Power. corn.....' 1714 16
614 Dec 13% Apr
634 634
Timken-Det Axle com__10
100
636 Mar
2% June
2.000
4
334 4
Tob Prod Exports Corp--•
60 WAY
825 43
43
4454
Todd Shipyards Corp.._ _• 44
Oct 65% Mar
500 52
55
553.4
Union Carbide & Carbon.•
5334 6034 1,750 24 May 62% Dec
• 58
Unit Bakeries Corp, cam.
Apr
100 83 May 93
8914 8954
100
Preferred
Dec
8
4% Jan
73.4 7% 4,200
Profit Stutr, new-1 x734
United
Mar
8
414 Dec
491 554 8,300
Unit Retail Stored CandY.•
Dec 20% Dec
1934 1834 1934 1,600 18
U S Cities Corp,Class A--39% 2,300 20 June 40% Dec
38
U Et Distrib Corp wm_-_50 39
234 July
100 700 Nov
t30c 80e
US Light & Heat.com__10
Dec 12054 Feb
400 42
42
42
Universal Leaf Tob corn 100
800 1134 Sept 2014 Apr
1754 18
Univ Pipe & Rad common•
AM'
Oct 72
60
100
623-4 1.800 55
Preferred
8% Dec 221( Apr
400
•
814 9
Waring Hat Mfg
214 Jan
3,400 50o Dec
52e 60c
5
Wayne Coal
314 Nov 11% Jan
10
700
10
Willys Corp,lst pref__ _100
1,100
3 June 101.6 Jan
8% 10
1st pref ctfs of dep
Dec
393.4 3,300 343( Dec 40
Yel Taxi Corp. NY,new_• 3934 34
Rights.
Pan-Amer Pet& Trans.-Reading Coal w I
134
Former Standard Oil
Subsidiaries
.
Anglo-American Oil__ 31 1634
Born' Scrymser Co. _100
50 , 7734
Buckeye Pipe Line
100 238
Chesebrough Mfg
25
Continental Oil
25
Crescent Pipe Line
Cumberland Pipe Line_100 11131
100 103
Eureka Pipe Line
Galena-Signal Oil. com .100 67
Humble Oil & Refining-25 3834
Illinois Pipe Line
100 139
Imperial Oil (Can) coup.28 11234
Indiana Pipe Line
50 89
Magnolia Petroleum....100 15934
National Transit_ _ __12.50 2334
100 9374
New York Transit
Northern Pipe Line_ ---100 95
25 79
Ohio Oil
Penn Meg Fuel
25 40
100 26234
Prairie 011 & Gas
Prairie Pipe Line
100 107
100 189
Solar Refining
South Penn 011
100 160
Southern Pipe Line. 100 99
So West Pa Pipe Lines.100 84
Standard Oil (Indiana)._25 6514
Standard Oil (Kansas)- -25 46
Standard 011 (KY)
25 10734
Standard Oil(Neb)_ __ _100 210
Standard 011 of N Y
25 463,1
Stand Oil (Ohio) com-_100 311
vacuum Oil
25 56%
Washington Ott
10 25
Other 011 Stocks
Allied 011
10
Arkansas Nat Gas com_ _10
Atlantic Lobos011 co m_•
Boston-Wyoming 011_.„1
British Amer Oil
25
Carib Syndicate
Creole Syndicate
5
Darby Petroleum
• No par value.
634
1
3534
534
23.4
13.4 2
1934 2034
6,800
4,600
1634 1634 MOO
20
150 150
7734
960
71
10
238 238
4234 4411 1,200
200
17
1674
109 11134
90
290
102 103
8
4
6514 6814
40% 9.000
38
67
136 142
11154 11734 5,500
51
92
85
2,59
152 163
1,800
2114 24
94
21
78
48
96
94
7034 7934 13,400
2,600
45
40
13,300
240 269
2,885
10454 110
160
170 190
1,280
157 176
300
8934 100
65
81
84
6514 6754 83.300
4234 47% 17,500
107 109% 3,300
885
198 235
33,400
4514 48
335
305 320,
5634 58% 19.700
60
25
25
100
6c
(ic
4% 6% 5,500
800
334 5
900
1
1
3534 36% 2.100
534 53.4 3,000
234 234 15,400
100
500 50c
990 Dec
14% Jute
3% Dec
24% Des
1314 Sept 1954
Jan 150
108
6914 Nov 94%
Jan 237
207
323.4 Aug 60
Dec 26
15
Jan 117
86
Nov 117
87
55
July 7954
28 Sept4134
Nov 171
115
July 123
92
Nov 163
78
123 Sept168
19% Nov 29
Dec 138
70
Dec 110
90
4831 July 8534
1034 Aug4514
152 Sept 275
91
Sept 118%
Sept21234
161
100
July 196
Nov 116
87
6634 Nov96
493( Aug 6934
3634 Sept$7
Jan 11134
80
Jan 285
186
353.4 May 4954
July 820
270
58%
Jul
40
Oct28
19
5c
4%
2%
650
28%
11,4
1%
50o
Jan
No
May
Sept
Nov
Scot
Sept
Dec
Jan
mar
Jan
Mar
Feb
Feb
Nov
APT
Mar
mar
Feb
Feb
mar
Jan
Feb
Apr
Feb
Feb
Dec
Feb
Feb
Feb
Feb
Feb
Aug
Mar
Feb
Dec
Feb
Jan
Dec
Dec
Jan
17c
10
734
1%
37
7%
Feb
Mar
Jan
Feb
Mar
Apr
134
Ja12
78
THE CHRONICLE
Friday
Sales
Other Oil Stocks.
Last Week's Range for
(Concluded)
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Derby 011 & Refin. com_ •
Preferred
•
Engineers Petroleum Col
Ertel 011
5
Federal 011
5
General Petroleum com.25
Gilliland 011 v t c
Glenrock Oil
10
Gulf Oil Corp of Pa
25
Gulf States 011 &
Hudson Oil
1
International Petroleum..'
Keystone Ranger Devel_ _1
Kirby Petroleum
•
Lego Petroleum Corp
Lance Creek Royalties__ _1
Latin-Amer Oil
1
Livingston 011 Corp
1
Livingston Petroleum
*
Lyons Petroleum
1
Marland 011 of Mexico_ _1
Mexican Panuco OIL_ AO
Mexico 011 Corporation .10
Mountain & Gulf 011
Mountain Producers _AO
Mutual 011 vot trust certifs
New Bradford 011.
5
New York 011
25
Noble(Chas F)0 dc(Scowl
Northwest Oil
1
Omar Oil & Gas
10
Peer Oil Corporation
Pennok 011
10
Red Bank 011 new
25
Royal Can 011 Syndicate_•
Ryan Consol Pet Corp...*
Salt Creek Cons Oil
10
Salt Creek Producers-10
Sapulpa Refining
5
5
Savoy 011
Seaboard Oil& Gas
5
Tidal-Osage Oil non-voting
Turman OIL new
10
Western States Oil dc Gas..1
Wilcox Oil & Gas
1
"Y" Oil & Gas
1
7%
33
(3c
31c
lc
50c
37
111
35c
31c
59
5891
11 1
5
1%
50
Sc
20% 20%
20
11.4
4
334
lc
80c
77c
140
140
770
450
4%
431
70c
50c
30c
29c
111$
194
18
17%
1245
1234
431
5%
951,
9c
40
770
73c
151
1341 1251
6
4%
451
2%
954
955
22% 21%
750
1%
72c
680
7%
856
,
16c
M
6%
80
8
1,300
341
% 4,100
7c 67,000
lc
900
580
5,000
39
900
14
400
350
8,000
62% 16,600
3
11,600
60 17,000
2131 37,900
Sc 37,000
131
1,000
451 23.500
lc
1,000
80c
3,000
14c
1,000
90c
400
45c
3,000
44 8,700
850
1,800
30c
9,000
19,4 1,500
1891 8,700
1351 134,900
6
6,300
10
400
10c 28,000
7c
4,000
80c
3,900
1V.
900
1331 4,100
6
100
5,900
3
400
300
954
22% 4.200
94c
3,300
300
1%
75c
7,800
9
600
100
851
16c
1,000
64 16,600
1,000
Sc
Range for Year 1923.
Low.
5
Oct
22
Nov
30 June
lc
Jan
100 Nov
30% Oct
1
Dec
230 Dec
4314 Sept
2
Dec
3c Nov
1314 June
lc Nov
134 Apr
311 Dec
lc
Oct
53c Nov
6c Apr
50o Aug
43c Nov
154 Aug
40,3 Dec
280 Nov
1
Sent
111$ Dec
851 Sept
331 Nov
5 June
8c Aug
lc Sept
450 Apr
750 Sept
9% Jan
134 Oct
2% Aug
254 Nov
034 Nov
15% June
715c
Dec
Nov
1
Oct
650
6c Dec
6
Nov
10c Aug
4
Sept
60 Nov
High.
184
4954
250
2c
1
3851
254
29,4
6851
951
188
24%
400
4
Aim
Mar
Jan
Jan
Jan
Apr
Dec
Jan
Mar
Dec
Jan
Feb
Feb
jn
[VOL. 118.
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range for Year 1923.
Low.
High.
Bonds
-
Allied Pack 88, Set D.1939 70
66
74 $11,000 51
Aug 8434 Jan
Cony deb 6s
1939 6351 6251 64
17.000 5134 July 76% Jan
Aluminum Cool Am 751933 106
may, 106
12,000 10551 July 106% Aug
7s
1925 101% 101% 101% 3,000 101% Sept 104
Jan
Amer Cotton Oil 6s...1924
100 100
Feb 100
11.000 8.5
Nov
Amer G & E deb 68_2014 94% 9454 95
87,000 9154 July 9734 Jan
Amer Light & Trac 65 192Z,
Without warrants
100 101
17,000 100% Nov 10134 Feb
tmer Rolling MIII 65.1938
9845 99
3.000 97
July 100% Jan
Amer Tel Az Tel 68____1924 100
100 100
Jan
23.000 100
American Thread 65_ _1928 101% 10154 10154 5,000 10134 Dec 10131 Mar
may 10341
Anaconda Cop Min 65.1929 10131 10131 10134 10,000
10034 July 103% Feb
451 Dec
Anglo-Amer 011754s-1925
10131 Ica% 23,000 101% Sept 10394 Jan
2c Nov
Assoc Simmons HardwDec
790
55
45
1933 90% 90% 9134 26,000 90% Dec 98M June
200 Mar Atl Gulf & W SS L 5s 1959 46
42
48
Mar
99,000 40% Oct 62
231 Mar Beaver Board Cos 83..1923
70
70% 6.000 65%
June
5
144 NovFeb
Beth Steel equip 7s...1935 10354 10254 10354 27,000 10154 Feb 8254
Sept 10314 Dec
Canadian Nat Rye. 78.1935
10611 107% 15,000 106% Dec 1104 Jan
88
1925
99% 9994 9,000 97
July 9914 Feb
Mar
$39,4 M r Charcoal Iron of Am 881931
2
8891 8891
Mar
Nov 97
1% Mar Chic & N W Ry 51w 1_2037 924 9241 9351 6.000 85
Dec 93% Nov
204 Feb Chic RI & Par 5555..1926 9731 97% 97% 33,000 93
1,000 96
July 98% June
1551 Mar Cities Service 7s, Ser C1966
89
89
23.000 87
Nov 9654 Apr
Dec
6
75, Series D
1966 874 8751 88
82,000 87
July 9354 Jan
21% Feb Columbia Graph 85...1925
Jan
30c
Certificates of deposit _ _
19
1851 23
July 35
53,000 10
Jan
Jan Cons GEL &P Bait 6s'49
220
10144 101% 6.000 10054 Apr 10391 Jan
19,4 Mw
5515
1952 97
97
97
6,000 96% Dec 100
Jan
Mar Consol Textile 8s
13
1941
8954 92
17,000 88
Dec 106
Feb
141.1 Apr Cuban Telephone 7%81941
105 105
5,000 105
Jan 107
Jan
8% June Cudahy Packing deb 550- 8551 8534 86
7
17.000 84% Dec 80
Dec
Mar
Deere & Co 7sis
1931 10031 100 10031 16.000 9854 Jan 10354 Feb
6% Mar
Detroit City Gas 6s._1947 9954 99% 9994 15.000 99
Sept 101% Jan
Mar Detroit Edison 138
14
1942 103
10251 10355 18.000 100 June 104
Jan
253.4 Feb
DunlopT&Rof Am7s.1942 924 914 9251 20.000 92
Oct 9754 Ayr
an
474
3% Mar Federal Sugar 65.-1933 984 97% 984
41,000 96% June 9834 May
Fisher Body Is
1925 10031 10051 10051 6,000 96% Mar 1003.6 June
4
A or
6s
1926 9991 994 99% 5.000 97
Feb
JUIY 100
1254 Mar
68
1927 9891 9851 98% 15,000 96
May 99% Feb
6s
5054 Dec
1928 9831 9751 984 55,000 9491 Mar 9844 Feb
Feb Gall (Robert) Co 7s__1935 96
9551 96
9,000 94
July 9934 Jan
,
1034 Jan Galena-Signal Oil 73_1930
31000
e
10351 10354 1,000 102
Nov 10594 Mar
20c Mar General Asphalt 8s_ _ _1930 104
104 104
Jan
1,000 99 June 105
Gen Petroleum 65_ _ _1928 9534 94% 959 20,000 9334 Oct 98
Stocks
Apr
Mining
%
Grand Trunk Ry 6316.1936 1053.4 10551 10551
Jan
22,000 103% Apr 107
Gulf 011of Pa 5s
1937 94
94
Alaska-Brit Col Metals_ _ _1
9451 54,000 9354 Mar 9754 Jan
42c 42c
1,000 10c Dec
234 Ma. Hood Rubber 7s
1936 10054 10051 101
Alvarado Min & Mill_ __20
Jan
June 102
8.000 100
151
11.4
200 750 Dec
654 Mar Internet Matcb 650..1943 9231 9255 93
American Exploration__
33,000 9254 Dec 94% Nov
650
650 65c
Feb
100 50c
1% Nov Kan City Term Ry 554s'26
10051 1014 9,000 99% Oct 10151 Dec
Antdo-A mer Corp of S Air_
28
28
Mar 29% Nov
200 22
Kennecott Copper 78.1930 104
103 104
Arizona Globe Copper._ .1 120
94,000 101% July 105% Jan
yet, Laclede Gas Lt 53.4o._1953
10c 13c 56.000
(30 Aug 850
90
Belcher Divide
10c
90
1,000 81)
Dec 90% Dec
lc
Sc
1,000
lc July
Sc Mar Libby.McNeill&Libby7s'31
Belcher Extension
98% 98% 9.000 97
100
July 10294 Jan
Sc
lc 11.000
Jan
lo Aug
Sc
Liggett Winchester 75_1942
10.5 105
Black Hawk Consol
1
Dec
10,000 10154 Mar 105
lc
3c
50 Nov 18c June Manitoba Power 7e...1941 96
4.000
93
Black Oak Mines Co
96
11,000 93
Dec 10234 Feb
34c
34c 350 15,000 320 Dec 350 Dec
Maracaibo 011 7e
1925 265
262 285
Boston-Montana Corp--10 150
Dec
6,000 105
Mar 280
130 15c
4,000
Feb 350
Oct
9c
Morris & Co 7%e
1930 9834 9751 9855 17.000 97
Butte & Western
1 480
Aug 10614 Jan
250 50c 21,000 100
Oct $3
Apr Motor Products 65_ __ _1943
9651 9651 5,000 90% Oct 9651 Dec
Caledonia Mining
1
50
Sc
1,000
Sc Aug 10c Feb
National Leather 811_1925 99
97
Calumet & Jerome CoPP- 1
99
Jan
23.000 9151 Dec 102
9c
90
1,000
Sc Nov 220 Feb
New (Sri Pub Serv 55_ _1952 8131 8154 82
CanarIo Copper
19.000 8151 July 89% Mar
10
231
2% 2914 3,300
134 Oct
2% Jan
Nor States Pow 654s w 1'33 9894 9751 9851 94,000 9794 Dec 00% Nov
Candelaria Sliver
1
2c
3c 20,000
Oct 380
Jan Ohio Power 58
20
1952 8431 84% 8555 8,000 83
Central Amer Mines,Ino_l
Jan
Dec 92
1%
1
151
Oct
800
1
254 Dec Park & Tilt, Inc,6s _ _1936 8554 85% 8551 6,000 85
Dec
Como! Copper Mines...Dec 86
2%
194 251 13,100
Nov
1
4% Mar Penn Pow & Lt 5s B_ _1952 88
8754 88
Cons Nevada-Utah Corp__
12.000 8534 Oct oci% Jan
80
8c
6,000
50 Aug 15c
Jan Pulls Elec 550
1953 9834 984 9831 15,000 97% Nov aoi Oct
Copper Canyon
1
100 20c
2,000 250 Dec 660 Mar
555s
._i947
984 98% 18,000 97% Dec 102% Jan
Cortez Silver
1 59c
550 590 35,200 40c Sept
IA Mar Phillips Petrol
754s._ _1931
Cresson Con Gold M & N.1
3%
344 331
600
2 . Apr
3% Oct
Without warrant
100 100
Crown Reserve
2,000 9554 Aug 10354 Jan
1 790
700 75c
AP
1,800 320 Feb 720
Public Serv Corp 75_1941 101
100% 10134 23,000 99% Sept 1044( Feb
Diamond B1 Butte (reorg).
5c
40
Sc 11,000
10 Nov
9c Nov Pub Serv Elec Pow 68-1948 9534 95% 96
Divide Extension
21,000 94% Oct 9834 Jan
1
40
4c
4c June 13c
Jan Pure 011 Co 654s
1,000
1933 9254 924 9355 69,000 91
Dolores Esperanza Corp.2 55c
Dec 92 4 Dec
3
500 55e
1,800 500 Dec
234 Jan
Reading Coal 454*, w I ____ 87
86
Ely Consolidated
8754 103,000 84% Nov 8814 July
1
lc
lc
1.000
9c July
10 July
55, when issued
9034 9056 9155 67,000 87
First National Copper..
July 9491 Nov
35c
350 35c
1,000 260 June 80c Mar Shawsheen Mills 7e--1931 ,103
102 103
Fortuna Cons Mining
15,000 10194 Oct 105% Apr
80
70
8e 13,000
Jan Sloss Sheffield S & I 6s 1939 9731 97
Sc Sept 740
Goldfield Deep Mines__ _5c
974 6.000 98
Feb 98% Feb
Sc
80
8c
Jan Solvay & Cle 8s
1.000
Apr 24c
13c
1927
10451 10451 8.000 103% Sept loasi Mar
Goldfield Development-70
8c
40
3,000
Jan 34o
Jan South Calif Edison 55.1944 8951 -8951 8951 2.000 87
Goldfield Florence
Jan
Mar 93
1
420 420
1,000 29c
Jan 76c Feb Stand 01101 NY 655s-1933
1054 10651 14,003 104% Apr 10734 Jan
Gold Zone Divide
60
6c
60 15.000
lo Aug
lbo Feb
7% serial gold deb_ _1925 10134 10151 102
Green Monster mtning..50e
28.000 10154 Oct 10044 Feb
4c
4c
40
6.000
10c Mar
3c Dec
7% serial gold deb..1926 10434 10451 105
Hard Shell Mining
1
20.000 103
Apr 106
July
Sc
2c
4c 60,000
Jan
lo Sept
130
7% serial gold deb..1927 10555 10551 10551 13.000 103
Harmill Divide
10c
Apr 10754 Jan
3c
30 17.400
Jan
2c
10c Mar
7% serial gold deb_ _1928 10555 10554 1054 3,000 104
Hawthorne Mines Inc
Bent 1071.4 Jan
790
73c 79c 37,000 45c Nov 790
Dec
7% serial gold deb_ _1929 10531 10555 10651 10,000 104
Hecia Mining
Apr 1•384 Feb
25c
9
1,100
931
951 Apr
51 July
%
7% serial gold deb__1930 10536 10551 1064 9,000 105
Hilltop-Nevada mining...Apr 10951 Jan
Sc
2c
3c
Oct 1 13-16Feb
8.000
2c
7% serial gold deb_ _1931
107 10754 11.000 10551 Dec 110
Hollinger Cons Gold Min_5 12
Feb
11% 12
Feb Sun Co 713
500 1034 Oct 14
1931
101 102
Homeetake Ext Min Co_..1 75c
5,000 100 June 103
Mar
700 77c
9,100 500 Nov
OCT
Pio
Swift & Co 56_ _Oct 15 1932 9154 91
9154 24.000 89% Mar 94
Howe Sound Co
1
Feb
231 29
%
400
214 Oct
4% Mar Tidal-Osage 011
10151 103
Independence Lead Min-1 150
13,000 100
Aug 104 May
14o 160 10,000 150 Dec 480 Mar Union 0116s, 76._ _1931 103
Series B_1925
9951 9951
Indian Mines Corp. Ltd__ 63c
1.000 99
Nov 100% Apr
62c 65c
7.600 154c Dec 75c Dec
Serial 6s
1926
99% 100
Iron Blossom Cons Mln....1
3.000 99
Oct 100
Dee
32c 32c
1,000 23c July 38c
Jan
United 011 Prod to 88..1931 77
75
Jerome Verde Developm't 1
794 9.000 60
Dec 1004 Mar
1%
131 2
1,900 950 Apr
944 Feb
United Rye of Hay 734s'30 10
106 107
Jim Butler Tonopah
12,000 10334 Apr 107
5
1
Jan
30
30
1,000
Jan
lc June
60
Vacuum Oil 75
1936 10694 106 106% 25.000 105% June 10741
Kerr Lake
5
11
Jan
% 2
400
131 Dec
334 Jan Valvoline Oil (3s
1937
10251 1024
1.000 102
La Rose Mines
July 10354 Mar
5
170 170
1,000 12c Dec 40c Felt Virginia Ry H Ser A._1962 9234 92
9251 46.000 92
Lone Star Consolldated_l
Dec 93
Dec
70 11,000
6c
20 June 100
Jan
WebeterMIlleti1.4%notee'33 10074 100% 101
Marsh Mining
72,000 99% Nov 101
1
Dec
14c 140
5,000
Jan
6c
160 MaY
Mason Valley Mines
5
1%
1% 1%
700
131 June
234 Mar
Mohican Copper
1 480
440 480 26,000
Oct 930 Apr
So
Foreign Government
National Tin Corp ----50c 13c
120 13c 34.000 100 June 32c
Jan
and Municipalities
New Cornelia
1791
15% 1731
900 14% Oct 24% May
New Dominion Copper..
.5
2% 2%
254 3,600
2% Jan
434 may
Argentine Nation 65..1924 9951 99% 99% $18.000 9934 Sept 100
New Jersey Zinc
100 145% 144 14555
Dec
50 135
Nov 150% May Mexico 45
1945 31
%
30% 321 58,000 294 Nov
New York Porcupine Min.
445$ May
350 350
3,000 80o
14,,, Dec
Jan
as
11% 1134 20,000 1144 Aug 191.4 May
Niplasba Mines.
6
5% 6% 1.800
414 July
614 Dee
Os 10 year Serie. A
5534 5654 25,000 4914 Nov 63% May
Ohio Cornier
1 75c
72c 780 21,200 870
Jan
pH Mar
Ctfs of deposit
5451
Plymouth Lead Mines...
15,000 51
Nov 58
Scot
310
30c 330 11,000 25c Dec 270 Dec Netherlands(Kingd)6e B'72 95% 54% 55
9551 9654 33.000 9054 Nov 1021.4 Aug
Ray Hercules. Inc
5 220
12c 22c 47.000 130 Dec
251 Mar Peru (Republic) 8s...1932
97% 97% 3,000 90
Red Hills Florence
Sept 10094 Apr
2c 12,000
lc
10 May
8o Mar Russian Govt 6545-1919 10
991 11 159,000
Rex Consolidated Mining.1
83.4 Oct 1651 Feb
lc
2c
3.000
lc July
8c Feb
Certificates
104 10
11
St Croix Mines Corp
171,000
831 Oct 1644 Feb
154
1% 74,600 450 Nov
1
1% Dec
534*
1921
954 10% 22,000
Sandstorm Kendall
16
Feb
Nov
lc
1,000
it
lc May
Jan
5c
Certlftcates
951 10% 42,000
Silver Dale Mining
May
18
834 Nov
60
6c 13,000
40
go
Oct Switzerland Govt 634e 1929 98
30 Nov
9794 98
Silver Horn M & D
6,000 97
Jan
Nov 104
8c
8c 40,000
7c
Oct
Oct 160
40
Ext 5% g notes......1926 9754 97% 97% 27,000 9644 Nov
9794 Dec
Silver King Divide (Reorg)
20
6,000
30
lc Aug 250 Apr
Simon Sllver-Lead
1
20
20
5,000
Apr
lo Dec 50o
South Amer Gold & Pint.!
291 291
434 Mar
200
244 July
Spearhead
• No par value. k Correction. m Dollars per 1.000 Ire flat. 1 Lleted on the
30
30 28,000
20
310 June
20 Dec
Standard Silver-Lead....! 16c
10c 16c 23.000 10c Dec 280 Feb Stock Exchange this week. where additional transactions will be found. o New
Stewart Mining
1
Sc
1,000
SC
Jan stock. s Option sale. is When Issued. s Ex
Oct
So
le
-dividend. y Ex-tights. • Ex-gtoct
Success Mining
1
480 480
1,000 32c July 68c
Jan
dividend. n Ex-stock dividend of 40%.
Teck-Hughes
1
131
151 111$ 27,500 810 Jan
154 May
Tonopah Divide
1
2,000 36c Dec 89e Mar
390 40c
Tonopah Extension
1
134
3,000
154 Dec
Mar
1%
4
Trinity
61c 610
134 Jan
100 50c
Oct
Tuolumne Copper
1
40
4.000
40
30 Dec 67c Feb
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
United Eastern Mining...I
19,4 10,400 85c Dec
154 900
211$ Feb
United Verde Extension50o 2744 26% 28
1.100 25% Nov 88% Apr
Unity Gold Mines
a
19,4 3,800 88o Dec
11.4 95c
554 Mar
Int.
Int.
Utah Apex
5
100
295 251
Maturity.
251 Dec
231
614 Apr
Rate.
Btd. Asked.
Maturity.
Rate.
Bid. Asked.
Walker Mining
3%
3
Dec
254 351 12,200
33.4 Dec
Wendell Copper Mining
111.
Ists 151 10.300 280 June
111$ Dec June 151924... 591% 100111$ 100111$ Dec. 151927...
10051
West End Consolidated-5
50c 600 10,000 550 Dec
144 Jan Sept. 151924... 6li% 100111i 10019,4 Mar. 15 1924._ 151% 1 0111$ 10011$
, 1
*
Watt End Extension Min_
40 15.000
30
Sc
lo May
Jan Mar. 151925... 494% 10054 10054
(lo
Mar. 151927... 491% 10054 10034
Western Utah Copper_ _ _1 30c
30c 34c 12,000 150 July 550 Feb
Mar. 151926... 494% 1001t$ 100111$ Mar, 15 1924
- 434% 100
10054
White Caps Min Co_ .10c
4,000
Sc
Sc
7
Jen 120 Mar Dec. 151925... 454% 99% 100
20
June 15, 1924._ 4%
100
10133s$
Wilbert Mining
40
1
1,000
40
40
2c Nov 100
Oct Sept.15 1926,.. 454% 99114
99111$ Dec. 15 1924.-- 491% 100
100h$
Yukon Alaska Trust ctf
15
15
200 19% Mar 25
May June 151925,.. 494% 100
10036
Yukon Gold Co
800 51c Nov
5 75o 650 750
211. At
55c
3831
79
Inuestnunt an gailroati
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Jan 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
, Year.
Previous
Yesr.
216,312 188,800 2,477.681 2.010,653
Akron Canton & Y_ November
302.917 289.604 3,196,139 2,760.129
Ala & Vicksburg..__ November
Amer Ry Express.... September 13745004 13019823 1/9225088 111862592
3d wk Dec 125,894
93.097 5,417,454 4.903,719
Ann Ardor
Atch Topeka de S lee November 18297511 18757744 186692851 172414489
Gulf Colo & S Fe.. November 2,674.301 2,542,300 23,256,680 21,701,157
Panhandle & S Fe November 1,017.707 861,570 8,012,537 7,317,386
401,503 383,516 4.237.633 3.625.378
Atlanta firm & Atl_ November
268.972 268.499 2,710.693 2,364.352
Atlanta & West Pt_ November
November
Atlantic City
274,416 261,311 4.588,788 4.361,727
Atlantic Ooast Line_INovember 7.104.447 6,162.691 73,129.287 63.746.153
Baltimore & Ohio_-November 20057155 19845040 238519181 179894064
B &0 Chic Term_!November
307.269 301.310 3.437.438 2,846.886
Bangor & Aroostook November
629.446 619,064 6,215,767 6,929.294
Bellefonte Central__ November
6.197
9,773
113.293
98.469
Belt Ry of Chicago.. November
591,452 612.709 6,641.903 5,590.547
Bessemer & L Erie__ November 1,805,373 1.662.570 19.436.600 13,395.146
Bingham & Garfield November
37,643
27.368
419,533
208.696
Boston & Maine-- November 6,895,876 7,057.448 79,572,047 73.006.493
Bklyn ED Terminal November
113,0631 140,674 1,379,2971 1,450.450
Buff Roch & Pitts- 3d wk Dec 349,555 504,469 20,989,92316,091.116
Buffalo & Susqueh. November
223,7841 222,082 2,545.626! 1,435,202
Canadian Nat Rys- 3d wk Dec 5,455,793 4.677,709 248547528 227580007
Atl & St Lawrence November
194.0761 281.393 2.722,746 2.538.469
213.524 245.884 3,063.573 2.083.311
Ch Det Can G T_ November
flat G H & Milw_ November
523.736 529,223 6,305.5111 4,957.147
Canadian Pacific-- 3d wk Dec 4,305.000 3,570,000 184988000 176786000
749,559 665,930 8,508.7731 6,959,605
Caro Clinch & Ohio.. November
Central of Georgia.... November 2,176.469 2.165.549 24,149.588 21.078.853
November 4,789.343 4,797,187 53,045,594144,902.859
Central RR of N
701,382 666.304 7,326.069t 6.205.504
Cent,New England_ November
Central Vermont.- November 679.927 860,933 8.022.870 6.867.845
309,923 265,776 3.579,775 2,953,837
Charles n & W Caro November
Ches & Ohio Lines__ Novemoer 8,388.874 6.891,070 93.781.777 75.999.770
Chicago & Alton.- November 2.780,022 2.575.120 31.025,027 4,711.937
Chic Burl & Quincy_ November 14268971 15616190 157991456 149855219
Chicago & East Ill__ November 2,290.129 2,271.849 26.162.489 22.208.348
Chic Great Western November 2,109.851 2,150.586 23,807.620 22,076,038
Chic Ind & Louisv__ November 1.417.022 1.414.719 16.498.420 14,526.700
Chic MOw & St Paul November 13681662 14549839 156329775 142983970
Chic & North West_ November 12745460 12853797 147991981 134109512
124.311 180,937 1,291.899 1,928.579
Chic Peoria & St L.. November
Chic River & Ind___ November 646.216 819.741 6,885,613 6,208,548
Chic R I St Pacific- November 10644711 10356585 114284352 109198522
Chic R I & Gulf.. _ November
550.763 516.936 5,265.473 5.330.541
Chic St Paul M & 0 November 2,332,552 2,278.352 26,036.758 25.425.179
Cinc Ind & Western November
377,272 418,633 4,283,561 3,957.191
November 1.184.209 1,131,997 11,619,243 11.951.036
Colo & Southern_
Ft W & Den City.. November
944.571 955.070 8.718.339 8.803,826
Trin & Bazros Val November 741,901 215,658 3,233,073 2.567.808
Wichita Valley-. November
184,463 169,868 1,370,294 1,225.588
Delaware & Hudson November 3.797.312 3,856,931 43.299.873 34,289.235
Del Lack & Western November 7,842,329 6.866.9,19 80,925.37368,112,454
Deny & Rio Grande November 3,357.716 3.101,986 31,860.071 30.320,175
Denver & Salt Lake November 289,989 228.532 '2,503,673 1,407,510
181,739 164.747 1,800.861 1.745.472
Detroit de Mackinac November
811,729 775.081 9,634.045 8.242.863
Detroit Tol & trout_ November
326,745 333,020 3,887.331 3.262,852
Det Sc Tol Sh Line.- November
Dul & Iron Range__ November
514,406 354.869 7,657,700 6,671.911
Dul Missabe & Nor- November 1,900.640 1,126,291 22,126,486 14.813.541
96.404
84.333 5,631.798 4,215,280
Dul So Shore & Atl. 3d wk Dec
Dul Winn & Pacific., November
204,005 168,823 2,192,012 1.811.530
East S tL Connect__ November
196,212 195,878 2.209,985 1.893.854
Elgin Joliet tz East.. November 2,064.414 2,182,032 25,600.524 19,322.228
El Paso & South W.. November 1,090,035 962,383 11.602.044 10,219.646
November 9.506.700 9,714,735 109528509 85.303.149
Erie Railroad
Chicago & Erie November 1.381,405 1.169.303 13,318.851 10,434.642
NJ&NY RR__ _ November
122.660 123,693 1,456.432 1.372,935
Evans Ind & Ter H.. November
153.085 172,745 1,611,0161.135.823
Florida East Coast.. November 1,281.831 1.005.217 14,410.815 12,152.657
112,638 119.826 1,352,040 1.279.179
Fonda Johns &(Hov November
Ft Smith & Western November
152,124 178.640 1,451,548 1.527.346
Galveston Wharf.- November
168.606 167.060 1.377.719 1.462.445
Georgia RR
November
531.942 499,189 5,692,228 4.725,349
28.200 1.735.142 1,323.348
Georgia & Florida.... 3d wk Dec
34.800
Grand Trunk West.. November 1.504.457 1,393,324 18.280,360 14.898.780
Great North System 3d wk Dec 1,856,965 1,777,518 117791315 100856749
Green Bay & West.. November
111,072 106,600 1,206.027 1,242,845
Gulf Mobile & Nor. November
495.500 454.795 5.472.086 4.310.902
Gulf & Ship Island_ November
280.887 233.043 3,046.611 2,698,026
Hocking Valley.... November 1,398,404 1,383.658 16,509,201 12,558.393
*Illinois Central Svs November 15263711 16568113 172319475 158277146
Illinois CentralCo November 13233363 14421551 153115281 140444576
Yazoo & Miss Val November 2.030.348 2,146,562 19,204,194 17,832,570
Internet Gt North
November 1.618,870 1,359.020 14,300,468 13,375.887
Intern Ry Co of Me November
202.702 206,950 2.388.956 2.329.524
K CiMex & Orient... November
164,578 126.436 1,665,702 1,235.784
X 0 M &0 of Texas November
157.902 178.554 1,609,403 1.404.659
Kansas City South.. November 1,593.859 1.631,233 18,203.603 16,473.406
Texark & FtSmith November
267.034 197.505 2,643.145 1.934.159
Total
Ilr tger 1,860.89 1,828.828 20,846.748 18,407,565
e e
ir
Kansas OkIa & Gulf
221.3.50 283.898 2,291,856 2,646,373
Lake Superior & Ish November
45.279 1,269,570 1,065.616
115,519
Lake Terminal Ry.. November
82.445 1,066.532
98.244
961.931
Lehigh & Hudson R November
279,283 227,110 2.845,979 2,201,571
Lehigh & New Engl_ November
464.276 812,100 5,423,964 4,049.604
Lehigh Valley
November 6,723,185 5,602,080 69,621,297 56,924.124
Los Ang & Salt Lake November 2,347,898 1,954,600 22,607.818 18.101.935
November
La & Arkansas
330,524 282,697 3,470.062 2.989.881
La By & Navig n Co November
341.892 38.0058 3,596.154 3.269,840
Louis Ry&N of T November
898,724
136.958
Louisv & Nashville.. November 11432481 10012472 125132836 110769621
Louisv Hand & St L November p276.205 256.742 3,195,791 2.980,217
November 1,745.215 1,783.048 19,567,815 18,750,207
Maine Central
Midland Valley...-. November
369,003 426.587 4,132,870 4,272.069
3d wk Dec
Mineral Range
8.627
7,140
448,706
300.151
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan 1 to Latest Data.
Current
Year.
Previous
Year.
Minneap & St Louis 3d wk Dec 323,851 318,106 16.303.994 15,247,252
Minn St P & S S M.. November 2.518,647 2,787,992 26.958.235 25,650.863
Wisconsin Central November 1,623.105 1,791,924 18.950.019 17.251.351
Total system..___ November 4.141.752 4,579.916 45.908.254 42.902.214
Mississippi Central.. November
156.3811 138,370 1,654,075 1.369.623
Missouri-Kan-Texas No vembr 3 .120.93531,151,3973 2.085.5343 0.369.854
M K Tex Ry of T November 1,988.991 1.991,155 19.112,135 19,522,405
Total system__ November 5.109.926 5,142.552 51.197,669 49.892.259
624.577
Mo & No Arkansas...November
146,382 132,796 1.399.552
Missouri Pacific_ _ _ _ November 102938148,884.393 105032565 91,194.536
Mobile & Ohio
3d wk Dec 347.621 372.319 19,595.144 17.392.914
Colum & Greenv..'November
147,543 149,625 1.435,916 1,420.009
Monongahela Conn_ iNovember
185,302 167,910 2.499,240 1,512.598
997.342
Montour
!November
• . .•
, .
Nashv Chatt & St L November 2,093,472 2,066,580 22,867.659 20.352,961
320,336
Nevada-Calif-Ore ,2d wk Dec
368.945
6,800
7.588
Nevada Northern....INovember
531.499
938,280
102.2651 61.516
Newburgh & So Sh_ November
183,6751 179.919 1.949.802 1,766,984
New Orl Gt North.... November
227,812 212.027 2.625.595 2.323,731
N 0 Tex & Mexico_INovember
267,940 343.915 2,685.108 2,634.531
Beau Sour L & W November
342,934 190.059 2,321,601 1,867,376
St L Browns & M November
588.620 356.098 5,649.952 4,690,775
New York Central_ November 32243752 36659729 388479266 328907650
Ind Harbor Belt.. November
917.1351 905.535 10,728.079 9.377.808
Michigan Central November 7.280.168 7.999.148 87,391.307 75.609.332
C C C St Louis November 7,575,064 7,596.012 87,875.296 76.791.593
&
Cincinnati North_ November
385.570! 393.000 4.812.446 3.159.666
Pius & Lake Erie November 3,147,805 3,577,555 41.612.310 25,835,793
N Y Chic & St Louis November 4,629,995 4,564,328 53.084.222 46.133,759
November
N Y Connecting
238.152 250.480 3,059.584 2.709.717
N TN H & Hartf'd_ November 11038299,10941894 123209582 112429072
N Y Ontario & West November 1,095,511 1,035.893 12,908.411 11.336.472
N Y Sum & Western November
346.681 372.697 4.399.981 3.737.505
Norfolk Southern November
873.729 785.463 8,547.222 7.678.470
Norfolk & Western.. November 8.303,413 6.716.216 87,420.535 83.353.990
Northern Pacific.-- November 10002383 9,433.995 94.133.549 87,733,885
Northwestern Pac November
569,176 604.015 7,485,818 7,421.541
Pennsylvania Syst November 5988060563190909 71658.3712 635401583
Penn RR & Co..- November 56113732 59410370 666627846 588907546
Ball Ches & All.... November
119,921 109.767 1.473.272 1.464.395
November 2.533,2882.377.497 31,507,708 28,573,099
Long Island
Mary Del & Va.... November
22.647
974.829 1.084.514
87,818
Monongahela _ _
November
438.018 415,826 5.303.662 3.315,948
Tol Peoria & West November
140,682 185,047 1.693.003 1,562,044
W Jersey & Bomb November
852,330 988,365 13,300,344 13.047,297
Peoria & Pekin Un_ November
165.644 178.756 1,640.531 1.679.380
Pere Marquette
November 4,004.846 3.420,59 42.464,002 35.007,603
Perkiomen
November
117,300 104.769 1,055.186 1.179.551
November 7.937.125 8,521.78 97.154,901 73,076.125
Philo & Reading
November
Pitts & Shawmut
945.947
72.189 110,469 1.172.110
Pitts Shaw & North November
106.265 145.634 1.283.261 1,122.560
*Pitts & West Va...... November
353.004 253,557 3.539.819 2.553.136
November
Port Reading
169,658 189.547 2,447.194 1.651.811
November 5,384,030 4,877.862 66,523,809 59,291,040
Pullman Co
Quincy Om & K C November
105,419 151,908 1.156.548 1.127.335
Rich Fred & Potom_ November
920.979 858.039 11.041,007 9.908.382
November
Rutland
537.301 512,9201 6,226.508 5.302.893
St Louis San Fran 3d wir Dec 1.632,324 1.674.497186,828.985 80.267.082
St L-San F of Tex November
168,104 144.718 1,563.570 1,551,063
Ft Worth & Rio G November
148,883 139,083 1.404,627 1,263,427
St Louis Southwest_ November 1,953,098 1,850,983 19,211.519 16,565,184
St L S W of Texas November
903,331 727.229 7.980,941 6,882,975
Total system.- 3d wk Dec 503,610 554,809 28,656.198 25,262,367
St Louis Transfer November
72,597
883.108
68.420
803.163
San Ant & AranPass November
645.386 514,408 5,896.105 5,307,190
San Ant Uvalde & G November
94,247
73.384 1,129,921
962.670
Seaboard Air Line__ November 4.520.049 4,223,461 47.340.661 41.161.595
Southern Pac Co_ November 17941 363 16617029 187859784 167895320
Southern Pac Syst_ November 26174945 24099332 264525234 239082508
Atlantic SS Lines.. November 1.264.090 1.149.671 12.783,804 10,908.189
Arizona Eastern.. November
337.606 285,416 3,406.8222,878.000
Gal Harris & S A.. November 2,416.529 1,989.897 21.861.917 20,117,305
HOUS & Tex Cent.. November 1,478,535 1.451.496 13,389,630 13,687,440
Hous E & W Tex_ November
319.593 287,654 2,912,690 2,882,201
Louisiana West'n November
442,641 413,942 4.263.894 3,861.511
Texas & New Orl. November
842,422 790,135 8,273,529 7.961,837
Southern Ry System 3d wk Dec 3,780,456 3.516,896 193429 156 160288367
Southern Ry Co... November 12730044 12176615 138035159 116265554
Ala Groat South_ November
926.226 850,618 9.980.739 7,656.593
C,New On & T P.. November 1.891.912 1.701.653 21.188.275 15.067,630
Georgia Sou & Fla November
468.023 384,280 4.844.385 4,114.956
New On & No E_ November
556,296 561,872 6,333.670 4.923,325
North Alabama_ November
150.805 145,091 1,600.855 1.286,398
Spokane Internat'l. November
97.182 138.269 1,0142,688 1,118,763
Spok Port & Seattle November
977,072 680,589 7.804,918 6.666.178
Staten Island R T. November
2,11.281 184.475 2.355.465 2.228.610
Tennessee Central.... November
247.748 228.410 2.845.230 2.273,816
Term RR Assnot'StL November
435,044 388.558 4,714,904 4,112.083
St L Mer Bilge T.. November
413.746 443.630 4.497.372 3.688.366
Texas & Pacific- 2d wk Dec 679.041 760,709 30,736.870 29.668.588
Ulster & Delaware... November
117,098 121.917 1.658,495 1.536.152
Union Pacific
November 11108217 10634353 108730878 98.335.449
Total system
November 20349341 18650234 194948598 175738991
Oregon Short Line November 3,932,628 3.618.88 35.789,814 33,456,479
Ore-Wash RR&N.November 2,960,601 2,442,39427.820.089 25.845,127
St Jos & Grand Isl November
328.305 306.217 3,045.444 2,900,458
Union RR (Penn)._ November 1.005,763 981,665 11,769,455 10.339.652
Utah
November
158.284 182.478 1,50.5.493 1.587.113
Vicks Shrev & Pac_ November
400,698 345.663 4.083,536 3,344,315
*Virginian RR
November
923.640 1.452.988 19.150.031 17,519,971
Wabash RR
November 5,685,343 5,085,572 61,081,370 52,827,450
Western Maryland_ 3d wk Dec 401,585 430.849 22,549.799 18.113.593
Western Pacific...._ November 1,239,327 1,173.519 13.120.226 11.472,537
Western Ry of Ala__ November
296.688 291.481 2,790.745 2.487.852
Wheel & Lake Erie_ November 1,677,344 1.108,303 17.865,372 12,113,078
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
1 Previous
Year.
Increase or
Decrease.
%
$
Mileage. Cur.Yr. Prev.Yr.
$
$
.
$
I
$
$
2d week Oct (13 roads).-- 19.218,468 18,650,173
568.295 3.04 January .....235.678 235.827 500.816.521 395.000.157 70,803.472 21.00
ad week Oct (14 roads)---- 22.532,470 21,968.811
563,559 2.57 February....-235.399 235,528 444,891,872 400.146.341 44.745.531 11.18
4th week Oct (12 roads)....... 33.151.847 28.920,884 +4.230.963 14.69 March
235.424 235.470533,553.199473,747.009 59.806.190 12.63
1st week Nov 6 roads).- 22.798,500 22,391.225
+407.275 1.82 A rll
234.970 235.839 521.387.412 415,808.970 +106578442 25.39
2d week Nov 16 roads).- 23,329,297 22,225.106 +1,104,191 4.97
ay
235.186 235.472 545.503.898 447.993.844 97.510.054 21.77
3d week Nov 14 roads).-- 21.461,611 20,276.234 +1,185.377 5.84 June
236.739 238.683540.054.166 473,150.664 +66,903,501 14.14
4th week Nov (13 roads)........ 26,391.027 25,500,402
+890.625 3.49 July
534.634.552 442.955.873 +91.678.679 2670
235.477.
1st week Dec
roads)........ 20.736.442 20,333.045
+403.397 1.98 August
235.357 235.696 563.292.105 473,110,138 +90.181.967 19.00
2d week Dec 15 roads)....... 14.634.894 14.505.340
+129,554 0.89 September.. _235,611 236.525 544.270,233 499.720.575 +44.549,658 8.91
3d week Dec 14 roads)_..._ 19.222.485 17.601,912 +1.620,573 9.21 October __..235,608 236.015 586.328.886 549 080.662 +37.248.224 6.78
Note.
-Grand Rapids & Indiana and Pitts. Oln. Chic & St. Louis included in Pennsylvania HR, Lake Brie & Western Included in New York Centre
Toledo lit. Louis & Western Included In New York Chicago & St. Louis.
80
THE CHRONICLE
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 14 roads and
shows 9.21% increase over the same week last year.
[VOL. 118.
-Gross from Railway- - ef . rom Railway-1923 f
-V
Na after Tares
1923.
1922.
1922.
1923.
1922.
$
$
$
Colorado & Southern
November _ 1,184,209 1,131,997
279,124
44,396
210,852 -15,009
From Jan 1_11,619.243 11,951,036 1,333,913 2,156.590
601,794 1,423,868
Ft Worth & Denver City
November _ 944,571
955,070
386,230
175,108
410,896
226,218
Third Week of December.
1923.
1922.
Increase. Decrease.
From Jan 1_ 8.718.339 8,803,826 2,583,018 2,743.185 2,164.212 2,256.272
Trinity & Brazos Valley
$
$
$
$
November _ 741,901
Previously reported (8 roads)__ 14,667,307 13.042,942 1,624,365
215,658
59,254
236,053
243,740
66,459
From Jan 1_ 3,233,073 2,567,808
Ann Arbor
125,894
368,683
93,097
914.267
32.797
446,354
834,966
Georgia & Florida
34,800
28,200
Wichita Valley
6,600
Great Northern
1,856,965 1,777,518
79,447
November _ 184,463
169,868
101,536
54,000
94,097
65,788
-San Francisco
St Louis
1,632,324 1,674,497
42,173
From Jan E 1,370,294 1,225.588
569,500
305,374
380,363
495,589
St Louis Southwestern
503,610
554,809
51,199 Denver & Rio Grande
Western Maryland
401,585
430.849
29.264
November _ 3,357,716 3,101,986
893,198
142,106
262,287
766,146
From Jan 1_31,860,071 30,320.175 4.166,948 6,696,429 2,395,838 4,967,633
Total (14 roads)
19,222,485 17,601,912 1,743,2091 122,636
Denver & Salt Lake
Net increase (9.21%)
1.929 A72
November _ 289,989
228,532
38,473
33,544
42,537
29,473
From Jan 1_ 2,503,673 1,407.510
114,946 -51,463
15,801 -150,508
Detroit & Mackinac
Net Earnings Monthly to Latest Dates.
-The table
November _
181,739
164,747
36.841
25,416
27,320
17.630
following shows the gross and net earnings for STEAM
From Jan 1_ 1,800,861 1,745,472
147,893
183,167
55,756
72,539
Detroit Toledo & Ironton
railroads reported this week:
November _ 811,729
775,081
264,489
24,476
246,164
11,581
From Jan 1 _ 9,634,045 8,242,863 3,508,620 1,163,383 3,344,100 1,023,515
-(gross from Railway- -Na from Railway -Na after Taxes
Detroit & Toledo Shore Line
1923.
1922.
1923.
1922.
1923.
1922.
November _ 326,745
333.020
145,235
149.126
116,935
122,126
$
From Jan 1_ 3.887,331 3.262,852 1,892,707 1,641,591 1,661,407 1,448,531
Ann Arbor
November _ 552,084
465,380
142,877
115,293
122,668
92,824 Duluth & Iron Range
November _ 514,406
354,869
106,059 -20,338
From Jan 1_ 5,116,903 4,620,178
917,228
54,056 -35,359
909,033
670.422
683,421
From Jan 1_ 7,657,700 6,671,911 2,616,060 20,350,565 2,025,391 10,883,045
Atch Topeka & Santa Fe
November _18,297,511 18,757,744 6,556,256 6,939,230 3.717,291 4,639,268 Duluth INA Issabe & Northern
November _ 1,900,640 1,126,291 1,126,059
From Jan 1 186692,851 172414,489 52,619,316 45,114,822 36,109,692 30,004,671
479,837
929,134
982,415
From Jan 1_22,126,486 14,813,541 13.562.566 7,804,217 11,135,685 7,004,348
Gulf Colorado & Santa Fe
Duluth South Shore & AtlNovember _ 2,674,301 2,542,300 1,095,754
958,801 1,001,115
880,003
106,588
74,483
November _ 490,452
416,752
78,588
From Jan 1_23.256,680 21,701,157 .5,028,677 4,757,904 4,119,797 3,926,074
41,478
From Jan E 5,439,393 4,086,420 1,068,727
462,756
754,599
111,454
Panhandle Santa Fe
November _ 1,017,707
861,570
369,898
186,706
347,859
127.801 East St Louis Connecting
November _ 196,212
195,878
95,471
99,112
From Jan 1_ 8,012,537 7,317,386 1,573,115
76,780
91,041
720.890 1,304,153
435,198
From Jan 1_ 2.209,985 1,893,854 1,221,523
994,945 1,065,538
882,012
Atlanta Birm & Atlantic
Elgin Joliet & Eastern
November _ 401,503
383,516
31,718
401
19,141 -13,293
November _ 2,064,414 2,182,032
594,554
749,792
517.516
661,458
FromJan 1- 4.237.633 3,625,378
44,226 -212,055 -98,315 -366,946
From Jan 1_25,600,524 19,322,228 8,589.832 7,135,865 7,568,063 6,171.037
Atlanta & West Point
268,499
November _ 268,972
71.155
84,009
55,317
65,261 Erie Railroad
From Jan1 _ 2,710,893 2,364,352
639,585
448.492
475,145
311,890
November 9,506,700 9,714,735 1,756.670 1,097,739 1,489,987
715,141
Atlantic City
From Jan 1_109528508 85,303,149 18,439,430 3.367,014 14,738,181
106,253
274,416
261,311 -42,652 -85,758 --62.643 --107,324
November _
Chicago & Erie
From Jan 1_ 4.588,788 4,367,727
776.048
594,120
555,593
373,145
November _ 1,381.405 1,169,303
577,131
325,181
557,115
290,154
Atlantic Coast Line
From Jan 1_13,318,851 10,434,642 4,325,799 2,275,947 3,785,107 1,722,509
November _ 7,104,447 6,162,891 1,931,711 1.446,107 1.230,829
939,413
New Jersey dr New York RR
From Jan 1_73,129,287 63,746,153 18,516,694 16,724,151 13,831,777 13,174,442
November _
123.693
14.350
122,660
15,320
11.020
12,920
From Jan 1_ 1,456,432 1,372.935
229,101
Baltimore & Ohio
124,857
191,803
92,833
Baltimore & Ohio Chicago Terminal
Evansville Ind dr Terre Haute
November _ 307,269
301,310
42.188
44,707
1.715
-6.690
50,162
172,745
56,058
November - 153,085
48,278
52,476
From Jan 1_ 3,437,438 2,848,886
418,264
253,255 -29,102 -286,338
428,233
From Jan I_ 1,611,016 1,135,823
47.694
386,864
2,184
Bangor dr Aroostook
Florida East Coast
November _ 629,446
619,064
250,230
115,132
163,492
190,519
223,695
November - 1,281,831 1,005,217
99,791
142,079
217,107
From Jan 1_ 6,215,767 6,929,294 1,483,138 1,924,416
985,386 1,416,061
From Jan 1_14.410.815 12.152.657 4.735.678 3,587,470 3,583.378 3,838,783
Bellefonte Central
P,197
November _
9,773
-2,552
1,391
1,271 Fonda Johnstown & Gloversville
-2,672
119,826
112,638
39,953
November _
53,268
34,178
47,491
98,469
From Jan I_ 113,293
2,893
19,399
18.079
1,573
518,312
From Jan 1. 1,352,040 1,279,179
524,163
436,202
460,638
Belt Ry of Chicago
Georgia Railroad
612,709
November - 591,452
191,401
195,887
229,684
149,736
November . 531,942
499,189
120,517
100,930
114,245
93,751
From Jan 1_ 6,641.903 5,590,547 2,446,943 1,910,631 2,005,655 1,526,624
From Jan 1_ 5.692,228 4,725,349 1,223,677
772,327 1,151,353
889,498
Bingham & Garfield
November _
37,643
27,368
24,615 -17,021
-21,662 Georgia & Florida
13,943
November _
161,183
126,065
42,855
28,525
36,395
22,291
From Jan 1_ 419,533
208,696
120,877 -135.080
31,857 -184,435
From Jan 1_ 1,632,925 1,237,648
388,149
219,139
318,046
149,565
Boston & Maine
November _ 6,895,876 7,057,448
912,529 Grand Trunk Western
965,909 1,173,709
708,460
November _ 1,504,457 1,393,324
262,580
337,087
198,903
259,738
From Jan 1_79,572,047 73,006,493 10,219,310 11,841,786 7,541,372 9,461,2,56
From Jan 1_18,280.360 14,898,780 5,188,170 3,238,221 4,523,799 2,468,253
Brooklyn E I) Terminal
Great Northern System
November _ 113,063
140,674
35,520
68,191
61,979
29.118
November _12,218,122 10,503,818 5,567,458 3,296,137 4,643,104 2,601,208
From Jan 1_ 1,379,297 1,450,450
560,029
600,353
471.813
529,967
From Jan 1_111662095 94,919,372 30,928,265 22,038,964 22,597,016 14,507,565
Green Bay & Western
Chicago Detroit G T JctNovember _
111,072
106,600
23.778
6,683
17,334
-1,317
November - 213,524
245,884
78.527
131,455
144,770
70,330
From Jan 1. 1,206.027 1,242,845
193,773
272,193
109,953
183,882
From Jan 1_ 3.063,573 2,083,573 1,617,403
987,432 1,517,106
871,266
Gulf Mobile & Northern
Detroit G U & Milw454,795
85,880
November _ 495,500
123,195
58,250
86,253
November - 523,736
529,223
86,957
170,865
166,910
84,295
From Jan 1_ 5,472,086 4,310,902 1,406.716 1,161,768 1,082,436
893,856
From Jan 1_ 6,305,511 4,957,147 1,483,411 1,230,617 1,442,550 1,172,662
Gulf & Ship Island
Carolina Clinehrield & Ohio
November _ 280.887
233.043
59,762
59,718
41,275
35,389
November - 749,559
665,930
186,233
227,606
136.038
167,606
From Jan 1_ 3,046,611 2,698,028
748.141
751,185
494,105
539,940
From Jan I _ 8,508,773 6,959,605 2,354,326 2,419,992 1,802,410 1,914,213
Hocking Valley
Central RR of New Jersey
132,908
November _ 1,398,404 1,383,658
149,751
32,109
64,507
November _ 4,789,343 4,797.187
816,529
216,811
596,116
385,358
From Jan 1_16,509,201 12,558,373 3.513,095 2,883,208 2,518,458 1.909,112
From Jan 1_53,045,594 44.902,859 8.744.841 6,977,265 5.392,916 3.898,441
Illinois Central System
Central New England
November _15,263,711 16,568,113 3.169,712 3,128,982 2.221,558 2,119,605
November
701,382
666,304
216,481
261,723
199,757
239,545
From Jan 1_172319475 158277146 33,414,663 34,460,688 23,359,195 22,908,512
From Jan 1_ 7,326,069 6,205,504 1,830.970 1,495,097 1,582,806 1,248,175
Yazoo & Miss Valley
Charleston & West Carolina
November _ 2,030,348 2,146,562
635,345
550,491
November _ 309,923
265,776
513,566
438,219
54,409
67,261
19,352
56,220
From Jan 1_19,204,194 17,832,570 2.985,919 2.447,781 1,748,388 1,148,457
From Jan 1_ 3,579,775 2,953,837
880,344
685,219
704,789
563,256
Chesapeake & Ohio Lines
Internal:I & Great Northern
November _ 8,388,874 6.801,070 1,283,302 1,003,679
November _ 1.618,870 1,359,020
415,632
752,917
735,365
140,013
365,734
107,244
From Jan 1_93,781,777 75,999,770 21,259,605 15,600,960 17,215,902 12,648,211
FromJan 1_14,300,468 13,375,887 2,850,854 2,247,029 2,475,048 1,873,516
Chicago Burlington & Quincy
International Ry in Maine
November _14.268,971 15,616,190 3,982.254 4,023,571 3,352,597 3,190,522
206,950
'November _ 202,702
29,610
18,637
32,110
8,637
From Jan 1 157991,456149855,219 33,323,825 34,000,322 24,609,181 23,934,710
From Jan 1_ 2,388,956 2.329,524
88,002
243,218 -41,998
73,218
Chicago dz Eastern Illinois
Kansas City Mex & Orient
November _ 2,290,129 2,271,849
383,598
298,151
126,436
November - 164,578
11,841
231.102
187,965
-4,144
11,841 -12,488
From jan 1_26,162,489 22.208,348 3,703,025 3,045,443 2,290,975 2,001,102
From Jan E 1,665.702 1.235,784
22,794 -90.262 -26,010 -170,974
Chicago Great Western
Kan City Mex & On of Tex
November _ 2,109,651 2,150,588
450,864
178,554
242,576
November - 157,902
377,678
24,917
167,958
35,028
28,322
24,853
From Jan 1_23,807,620 22,076,038 3,771.531 2.451,946 2,927,411 1,568,847
From Jan 1_ 1,609,403 1,404,659
50,657 -104.819
12,796 -172,397
Chicago Indianapolis & Lou
Kansas City Southern
November _ 1,417,022 1,414,719
410,359
369.308 . 319,452
November _ 1,593,859 1,631,233
296,564
302,483
252,565
359,710
58,318
From Jan 1_18,203.603 16,473,406 4,297,061 3,874,607 3,178,422 2,788,952
From Jan 1_16,498,420 14,526,700 4,579,845 3,491.690 3,630,607 2,787,887
Texarkana & Ft Smith
Chicago NIIlw & St Paul
November -13,681,663 14,549,839 3,483,847 3,012,695 2,848,798 2,227,027
197,595
November _ 267,034
78,472
125,726
89,386
107,218
From Jan E 2,643,145 1.934,159 1,255,796
From Jan 1 156329,776 142983,970 31,264,752 25,167.861 23,240,961 16,302,206
690,021
807,856 1,109,311
Chicago & North Western
Kansas Oklahoma dc Gulf
November _12,745,460 12,853,797 2.520,402 2.156,563 1,766,604 1,402,502
November _ 221,350
283,898
43,880
33,959
75.278
84,968
From Jan 1147991,981 134109,512 24,991.696 25,135,583 16,596,638 16,856,651
From Jan 1_ 2,291,856 2,646,373
384,917
657,211
275,507
765,11.5
Peoria & St Louis
Lehigh dz Hudson River
Chicago
180,937
124,311
3,809
November _
5,673
227,110
November. 279,283
3.721
-5,227
46,087
62.607
.55,770
43,770
31,842 -87.181 -34.874 -166,080
From Jan 1_ 2,345,979 2,201,571
From Jan 1_ 1,291,899 1,923,579
748,983
896,805
413,578
268,177
Los Angeles & Salt Lake
Chicago River & Indiana
619,741
227,675
November _ 646,216
237,210
November _ 2,347,898 1.954,600
190,669
194,019
646,428
535,921
513,709
426,506
From Jan 1 22,607,818 18,1. 1,935 5,338,550 3,096,168 4,049,187 1,879,088
From Jan 1_ 6,885,613 6,208,548 2,604,692 2,266,478 2,203,973 1,652,385
Louisiana Ry & Navigation
Chicago Rock Isi & Pacific
November _ 341,892
November _10.644,711 10,356,585 2,470,773 2.267.077 2
.013,244 1,741,652
380,058
72,836
61,301
87,465
46,786
From Jan 1 3,596,154 3.269,840
565,025
From Jan 1 114284,352 109198,522 21,968,127 21,755.224 18.912,381 15,864,454
386,414
586,501
376,125
Louisville Henderson & St L
Chicago R I & Gulf
516,936
191,238
84,281
November _ • 276,205
November _ 550,763
238.977
256.742
28,679
69,482
76,313
60,170 -18,754
954,188
980.850
From Jan 1 3.195,791 2,980,217
876,520
819,116
844,819
793,263
From Jan 1_ 5,265,473 5.330.541
937,728
628,396
Maine Central
Chicago St P Minn & Omaha
546,381
290,317
421,158
November 1,745,215 1.783,048
292,343
144,044
November 2,332,552 2,278,352
334,535
160.297
235,054
From Jan 1_19,587,815 18,750,207 3,055,044 3,279,398 1,967,276 2,184,619
.773,662 3,329,318
From Jan 1_26,036,738 25,425,179 4,218,837 4,811,095 2
Western
Minneapolis & St Louis
Cincinnati Ind &
45,991
418.633
39,357
21,314
November 1,314,155 1,371,644
185,954
106,397
86,169
7,224
27,656
November _ 377,272
705,999
527,178
486,020
From Jan 1-15,170,241 14,284,078 2,014,102 2,339,080 1,291,483 1,581,372
347,561
From Jan 1_ 4,283,561 3,957.191
•
JAN.5 1924.]
-Grossfrom Railway- -Na from Railway- -Net after Taxes
1922.
1922.
1922.
1923.
1923.
1923.
Minn St Paul & Sault Ste Marie
896,771 1,022,485
597,828
November _ 4,141,752 4,579,916 1,242,039
From Jan 1-45,908,254 42,902,214 10,786,717 9,605,110 7,991,891 6,781,212
Mo Kan dr Tex Ry of Tex
329,374
378,477
426,404
416,490
November _ 1,988,991 1,991,156
From Jan 1 19,112,134 19,522,405 3,627,959 4,195,253 3,081,152 3,579,417
Missouri Kansas & Texas
622,081
756.127
811,937 1,001,334
November 3,120,935 3,151.397
From Jan 1_32,085,534 30,369,854 7,647,627 9,808,635 5,811,814 7,721,214
Missouri & Nor Arkansas
35,753
46,007
132,796
146,382
38,807
49,327
November _
143,417
624,577
214,560
244,132
154,078
From Jan 1 1,399,552
Missouri Pacific
November _10,293,814 8,884.393 1,945,983 1,314,883 1,571,489 1,000,716
Fero Jan 1105,032.885 91,914,536 15,122,715 14,207,010 11,007.859 10,209,327
Mobile & Ohio
435,325
346,319
283,718
207,896
November - 1,682,563 1,798,382
From Jan 1_18,574,507 16,292,463 3,963,977 3,676,240 3,049,272 2,989,392
Columbus & Greensville149,625
147,543
28,387
38,226
28.387
34,179
November
155,064
321,879
148,504
269,213
From Jan 1 1,435,916 1,420,009
Montour
187,718
29,884
73,726
22,344
61,409
November _
150,935
722,844
165,792
586,482
121,760
From Jan 1_ 2,269,342
997.342
Nevada Northern
54,176
21,724
61,516
61,408
29.263
November
102.265
525,011
531,499
237,930
448,526
166,250
From Jan 1
938,280
New Orleans Texas & Mexico
27,090
59,617
162,328
343,915
141,767
November _
267,940
939,193
460,312
731,619
785,229
From Jan 1_ 2,685,108 2,634.531
Beaumont Sour Lake & W
59,620
169,494
159,856
54,541
190,059
November
342,934
973,347
525,544
916,831
476,305
From Jan 1 2,321,601 1,867,376
St Louis Brownsv & Mex252,826
356,098
82.243
223.848
68,575
568.620
November _
From Jan 1 5,649,952 4,690,775 2,248,300 1.553.204 2,033,126 1,397,717
New York Central
Indiana Harbor Belt
905,535
262,098
212.873
235,918
184,611
917,135
November _
From Jan 110,728,079 9.377,808 3,195,766 3,173,632 2.833,251 2,751,624
Michigan Central
927,100 2,711,447
634,894 2.192,008
November _ 7.280,168 7,999,148
From Jan 1_87,391,307 75,609,332 26,058,719 21,798.850 20,890,250 17,265,642
Cleve Clot Chic & St Louis
November _ 7,575,064 7,596,012 1,641,567 1,612,375 1,200,969 1,227,618
From Jan 1_87,875,296 76,791,593 21,814,948 18,305,211 16,985,033 14,068,697
Cincinnati Northern
393,000
105,310
153,089
89,056
134,310
November - 385,570
725,228 1,219,011
555,687
From Jan 1_ 4,812.446 3,159,666 1.449,251
N Y Chicago & St Louis
411,383
719.012
238,048
November _ 4,629,995 4,564,328
438,600
From Jan 1 53,084,222 46,133.75912.066,831 11,541,991 10,141,749 8,902.393
N Y Connecting
71,167
170,251
127,828
238,152
250,480
31.833
November _
From Jan 1 3.059,584 2,709,717 2,132,341 1,792.951 1,724.450 1,359,885
N Y N H & Hartford
November _11,038,299 10,941,894 2,081,707 1,747,873 1,682,386 1,325,967
From Jan 1 123209,582 112429,072 23,478,205 21,568,816 18.847,627 17.277,099
N Y Susquehanna & Western
372,697
603 -22,502 -25,233 -43,569
346,681
November _
70,412
7,253 -199,618
352,837
From Jan 1 4,399,981 3,737,505
Northwestern Pacific
104,647
47,723
8,312
604,015
589,176
56,970
November _
From Jan 1 7,485.818 7,421,541 2,081,600 2,202,995 1,562.174 1.678,187
Pennsylvania RR & Co
November _56,113,732 59.410,370 10,352,783 9,411,266 7,688,279 7.026,645
From Jan 1666627,846 588907.546 118955,076 103394.912 88,016,262 76,069,733
Baltimore Ches & Atl1,152 -11,181
109,767
1,152 -11,183
119,921
November _
13,283 -94,537 -34,527
From Jan 1 1,473,272 1;464,395 -46,591
Maryland Del dr Virginia
87,818 -12,524 -27.613 -10,724 -27,615
22,647
November _
974.829 1,084,514 -92,895 -80,424 -111,352 -100,800
From Jan 1
Monongahela
415,826
84,818
131.446
438,018
November _
69,468
118.946
From Jan 1 5,303,662 3,315,948 1,667,701 1.171,678 1,552,785 1.079,014
Toledo Peoria & Western
185,047 -22,150
5,977 -33.188
140,882
November _
-5,050
From Jan 1 1,693,003 1,562.044 -131,954 -17,744 -254,217 -139,251
West Jersey & Seashore
-8,170
852,330
988.365
83,263
November
-6,229
83,203
From Jan 113,300.344 13,047,297 2.159,653 2,374,681 1,297,388 1,473,576
Peoria & Pekin Union
61,436
51,122
165,644
178,756
46,436
November
31,122
367,541
426,506
232,541
From Jan 1_ 1.640,531 1,679,380
255,006
Pere Marquette
758,862
November _ 4,004,846 3,420,598 1,132.398
946,352
595,156
From Jan 142.464,002 35,007,603 10,300,671 8,894,015 8,621.696 7.263,605
Perkiomen104,769
55,739
November _
117,300
55,248
51,105
50,436
417,750
569,307
From Jan 1_ 1,055,186 1,179,551
358,633
513,537
Pittsburgh Shawmut & Northern
November
106,265
145,634
-6,799
3,718
--9,184
1,424
From Jan 1 1,283,261 1,122,560 -164.744 -166,613 --192,560 --192,688
Pittsburgh & West Virginia
November _
353,004
253,557
96.770
55,681
53,116
15.176
755,796
From Jan 1 3,539,819 2,553,136
549,524
312,642
228,551
Port Reading
November
169,658
189,547
60,949
91,385
45,002
84.429
From Jan 1_ 2,447,194 1,651,811 1,113,093
701,235
923,041
547.873
Omaha es Kansas City-Quincy
105,419
November
151,908
20,147
15,411
16,143
11,487
From Jan 1 1,156,548 1,127.335 -74,865
15,404 -122,145 -27,825
St Louis-San Francisco
Ft Worth & Rio Grande
148,883
139,083
November _
30,876
10,118
27,170
6,591
73,314 -113,271
From Jan 1 1,404,627 1,263.427
30,570 -154,023
St Louis-San Fran of Tex
168,104
144,718
57,918
November
23,003
55,875
21.124
264,595
228,961
240,650
From Jan 1 1,563,570 1,551.603
207,368
of Tex
St Louis Southwestern
727,229
903,331
170,119 -81,585
136,846 -105,601
November _
From Jan 1 7.980,941 6,882,975 -275,045 -844,908 -583,659 -1,109,953
St Louis Transfer
68.420
72,597
15,300
26,087
12,912
November
25,198
683,108
247,616
143,593
240,912
From Jan 1. 803,163
136.573
San Antonio & Aransas Pass
514,408
194,850
645,388
92,869
176,914
November
72,161
924,756
532,467
From Jan 1 5,896,105 5,307.190
750,689
371,938
San Antonio Uvalde &0
73,384
21,516
-4,440
94,247
November
17,822
--8.647
962.670
243,563
184,541
From Jan 1 1.129,921
205,897
149,543
Seaboard Air Line
894,770
November 4,520.049 4,223,461 1.071,549
891,819
720,428
From Jan 147,340.661 41,161,595 10,587,435 8,479.278 8,651,002 6,570,093
Spokane International
138,269
28.353
63,021
November _
97,182
22,899
56,057
271,473
369,429
207,538
From Jan 1 1,082,688 1,118,763
307,454
Spokane Portland & Seattle
680,589
405,196
271,581
330,173
November - 977,072
231,520
From Jan 1 7.804,918 6,666.178 2.714.088 2,391,431 1.888,153 1.557,545
81
THE CHRONICLE
-Gross from Railway
--Net from Railway- -Net after Taxes
1922,
1923.
1922.
1923.
1922.
1923.
$
$
3
Southern Pacific
Atlantic Steamship Lines
November _ 1.264,090 1,149,671 -52,057
128.359
139,828 -64,432
From Jan 1_12,783,804 10,908,189 1,901.500 1.690,124 1,770,213 1,555,619
Galveston Flarrisb & S A
November _ 2.416,529 1,989,897
123,860
500,959
434,987
222,859
From Jan 1 21,861,917 20,117.305 3,400,103 3,141,244 2,675,133 2,501,636
Houston dc Texas Central
November _ 1,478,535 1,451,496
207,653
552,030
434,826
276,228
From Jan 113.389.630 13,687,440 2,828.465 3,131,215 2,241,031 2,612,847
Houston E dr W Texas
November _
319.593
51.159
287,654
49,918
31,991
64.164
From Jan 1 2,912,690 2,882,201
436.580
413,696
296,041
515,950
Louisiana WeSternNovember _ 442.641
413,942
155,237
118,271
121.131
143.796
From Jan 1 4,263,894 3,861,511 1,179,509
718.600
843,066
996.291
Morgan's Louisiana & Tex
November _
958,487
934,477
84,207
255,078
139,433
206,879
From Jan 1 _ 8,262,928 7,511.244
954,357
72,565
426,692
593.890
Texas dr New Orleans
November _
842,422
790,135 -70,561
28,329
80,447 -102.284
From Jan 1 8,273,529 7,961,837
483.735
432,130
81.566
779,082
Southern Railway
November _12,730,045 12,176,616 3.356.885 3,407,281 2,784,950 2.871,652
From Jan 1138035.160 116265,555 34.344.742 27,847,105 27.869,896 22.509.114
Alabama Great Southern
November _
926,227
212,148
850,618
153,451
240.200
273,689
From Jan 1 9.980,739 7,657.593 2,886,219 1,650,587 2,303,794 1,204.670
One New On de Tex Poe
November _ 1,891,913 1,701.654
526,507
379,424
464,864
429,923
From Jan 121,188.276 15,067,631 5,995,601 2,889,293 5,048,058 2,146,985
Fla
Georgia Southern dr
468,023
84,280
130.313
November _
111.427
35,834
56,545
From Jan 1 4,844,385 4,114,956 1,066,453
447,650
651,604
849.149
New Orleans Northeastern
556,296
561.873
101,262
November _
77,001
53,324
108.382
From Jan 1 6.333.670 4.923.326 1,456,267
356,888
906,932 -49.088
Northern Alabama
50,675
November _
150,805
145,091
63.271
59.287
44.666
645.128
472,953
From Jan 1_ 1.600.855 1,286,398
428,672
573,926
Tennessee Central
53,682
November _
247.748
228,410
28,555
43.624
23,402
803,323
From Jan 1 2,845,230 2,273,816
380,254
532,746
330,685
Term RR Assn of St Louis
125,911
435,044
388,558
November _
160,675
83.282
93,015
From Jan 1 4,714,904 4,112,083 1,474,915 1.285,402
776,122
655,220
St Louis &fetch Bridge Term
88,194
413,745
443,630
20,904
November _
54.133 -25.289
From Jan 1_ 4,497,372 3,688.366 1.408,603 1,131,307 1,068,568
882,246
Texas & Pacific
November 3,250,698 3,069,582 1,137,287
520,481
971,036
439,371
From Jan 1 29,487,270 28,113,744 6,493,648 5,001,825 5,244,110 3,842.542
Union Pacific
November _11,108,217 10,634,353 4,483,167 3,873,020 3,894,781 3,285,325
From Jan 1_108730878 98,335.449 35,776,189 30,987,563 29,492,907 24,591,100
Oregon Short Line
,348,098 1,080,489 1,098,754
November _ 3,932,628 3,618,886 1,432,518
From Jan 135.789,814 33,456,479 9,535,718 • ,908,594 6,553,133 5,928.872
RR dr Nay
Oregon-Wash
259.254
769.298
November _ 2,960,601 2,442,394
591,011
77,995
From Jan 127,820,089 25,845,127 3,895.387 1,658,658 1,991,628 -334.645
St Joseph & Grand Island
88.860
43.412
328,305
306,217
74,365
27,221
November _
351,574
475.133
327,504
166,458
From Jan 1 3,045,444 2,900.458
Utah
48,444
40,893
November _
158,264
182.478
41,144
35,390
324,944
430,248
249,774
361,316
From Jan 1 1,505,493 1,587,113
Virginian RR
923,640 1,452.988 -158,903
280,428 -207,301
November _
129.219
From Jan 119,150,001 17,519,971 6.715,434 6,254,931 5,599,085 4.870,246
Western Maryland
484,591
324,034
394,591
November - 1.755,210 1,912,747
264,034
From Jan 1_21,344,418 16,769,873 4,870,966 3,553,724 3,955.966 3,003,724
Western PacificNovember1,239,327 1,173,519
340,560
309,708
262,292
239,866
From Jan 113,120,226 11,472,537 3,255,971 2,435,164 2,384,106 1,541,576
Western By of Alabama
291,481
November
296,688
99.259
85.301
65,213
79,885
761,661
638,813
From Jan 1 2,790,745 2,487,852
492.843
606,894
wheeling & Lake Erie
November _ 1,677,344 1,108,303
423,326
35,161
318,480 --57,639
From Jan 1 17,865,372 12,113,076 4,177,506 1,783,493 2,936,853
635,971
Electric Railway and Other Public Utility Net
Earnings.- The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Amer Electric Power Co_Nov 1,695,750 1,692,084
140,540
152,962
11 mos ending Nov 30_ -19,020.471 17,482,916 1.437,697
879,510
xBarcelona Tr, Lt & P_ _Nov 4,669,114 4,478,246 2,978,290 2,796,796
11 mos ending Nov 30-46,099,472 42.193,291 26,522.981 25,689.625
Binghamton L,H &P Co Nov
113,165
100,857
42,461
26,375
12 mos ending Nov 30_ _ 1,173.971 1,007,614
363,322
240,102
ellranilian Tr,L & P Co_Nov 21,438,000 17,735,000 12,712,000 11.240,000
11 mos ending Nov 30_225,401,000 179876.000 135390,000 113103,000
General Gas & Elec Co_ _Nov 1,355,609 1,246,641
360,201
324,314
12 mos ending Nov 30_ -15,643.769
4,137.542
Metropolitan Edison Co_Nov
682.250
667,391
205,070
201,464
12 mos ending Nov 3D... 7,724,936 6,664,476 2,413,058 2,161.352
New Jersey Pow & Lt Co Nov
93,524
71,757
19.567
27,076
12 mos ending Nov 30-965.396
672.911
192,782
261,848
Northw Ohio Ry & Pow_Nov
46,643
45,008
2,922
10,727
12 mos ending Nov 30_ _
582,109
476,342
91,442
73.544
Pennsylvania Edison _ _ _Nov
274,654
263,764
98,917
80,596
12 mos ending Nov 30_ - 3,115.897 2.611,769
846,415
979,048
Reading Transit & Lt_ _ _Nov
242,566
238,725
20,077 --12,458
• 12 mos endMg Nov 30__ 3,105,209 2,937.789
362,629
300,216
Rutland By,Lt & Pow.. Nov
.188
46,116
7,628
10.722
12 mos ending Nov 30__
541,781
560,677
124,874
130,068
Sandusky Gas & Elec_ _ _Nov
75,310
74,131
39,707
19,439
12 mos ending Nov 3O
867,578
763,677
186.872
196,586
Sayre Electric Co
Nov
20,122
18,023
3,980
5,626
12 mos ending Nov 30_ _
207,905
185,046
28,430
49,486
Vermont Hydro-Elec._ _Nov
66,388
22,322
53,726
21,071
12 mos ending Nov 30__
739.186
571,926
269,946
229.011
z Given in pesetas. z Given in mike's.
Gross
Earnings.
Arkansas Light &
Nov '23
123.198
Power
'22
98,899
12 mos ending Nov 30 '23 1,471,989
'22 1,278,391
Net after
Taxes.
49,846
36,182
618.896
502,714
Fixed
Charges.
26,911
20,429
280.080
224.793
Balance,
Suritus.
22,935
15,753
338,816
277.921
82
THE CHRONICLE
Gross
Net after
Fixed
Earnings.
Taxes.
Chayes.
$
Citizens Traction Nov '23
84.075
41.579
10.981
Co & Subsid
'22
77.107
35.385
9,824
12 mos end Nov 30 '23
960,451
423,120
121,128
'22
804.078
331.855
118.037
Consumers Power Nov '23 1,608.469
778,792
184,809
Co
'22 1.311.743
626,587
202.418
11 mos end Nov 30 '23 15,251.872 7,021,326 2,052,719
'22 12,792.086 6,086,207 2,240.421
Havana Elec Ry, Nov '23 1,185,907 *671,413
92,700
Light & Power
'22 1,092,363 *596,287
93,301
11 mos ending Nov 30 '23 12,245.649 *6.648.470 1,025,082
'22 11,780.736 *6,144.902
994.191
Honolulu Rapid
Nov '23
82,710
*32453
z18,577
Transit
'22
80,361
'30,102
r9,013
11 mos end Nov 30 '23
893,657 *340,355 z193,797
'22
884.805 *315.423 z102,275
Penn Central Lt
Nov '23
301,309
129,179
70,728
& Power Co
'22
247,201
102.759
53.656
12 mos end Nov 30 '23 3,010.465 1,241,653
658,224
'22 2,222.865
890,656
526,378
Pine Bluff Co
Nov '23
76.676
29.836
9,400
'22
75.486
28.643
9,434
12 mos ending Nov 30 '23
867,786
351,022
109,098
'22
830.063
322.417
114,224
Tennessee Elec
Nov '23
802.277
374.973
158,275
Power Co
'22
732.066
285.819
143,252
11 mos end Nov 30 '23 8,297,704 3.783.758
'22 7,232.067 3,309,367
Third Avenue Ry Nov '23 .
219,974
225.245
System
'22 1,180.435 '243.132. 221,090
5'nos ending Nov 30 '23 6,032.740 *1.179,058 1.119,312
'22 6,054,601 *1,266.133 1,123.196
Winnipeg Bloc Ry Nov '23
465.990
125,263
61.843
Co
'22
489,663
135,907
55.487
12 mos ending Nov 30 '23 5,467.360 1,440,607
748,043
'22 5,484,668 1.399,984
700,663
*After allowing for other income. x Includes taxes.
Balance,
Surplus.
30,598
25,561
301.992
213.818
593.983
424,169
4,968.607
3,845,786
578,713
502,986
5,623.388
5,150.711
13,876
21,089
146,558
213,148
58,451
43.103
583.429
364.278
20.436
19,209
241,924
208.193
216.698
142,567
def5,271
22,042
59,746
142.937
63,420
80,420
692,564
699,321
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
been published during the preceding month will be given
have
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. 29. The next will appear in that of Jan. 26.
Continental Motors Corporation.
(Annual Report-Fiscal Year Ending Oct. 31 1923.)
Pres. R. W. Judson, Jan. 2, wrote in substance:
-The income account for the fiscal year ended Oct. 31 shows:
Results.
Profits from operations
$3,886.196
-Interest charges. $497,547; depreciation, $1,208.195- 1,705.742
Deduct
Net profit before Federal taxes
$2,180.453
0..n alstantial and healthy progress has been made during the fiscal year
.
ending Oct. 31 1923. The full measure of this progress is not reflected in
the statement of earnings.
Production.
-The decision of your directors
-made approximately two
-to organize our manufacturing facilities for larger quantity proyears ago
duction of low-priced passenger car motors was ambitious and progressive.
and a major part of the corporation's earnings were, of necessity, absorbed
in extensive tooling and preparation expense incidental thereto. This
program of expansion, now definitely completed, has been amply justified
by the increasing demand of the buying public for low-priced transportation.
During the year 237.000 motors were manufactured and sold-more than
twice the output in any previous year.
A conservative estimate of a production materially in excess of 300,000
motors of all types for the current fiscal year is expected, using only 75%
of the present plant equipment capacity. The current and subsequent
earnings of the corporation should, therefore, be substantially increased
through the effective utilization of these extensive manufacturing facilities.
Our product now embraces the entire range in sizes and capacities of four
and six cylinder motor types, including motors of new and Improved design
for the speed wagon and motor bus.
.Distribution.
-107 parts stations now handle the distribution of genuine
parts for Red Seal Continental motors. The sales of parts increased 43%
over the previous fiscal year.
Depreesation.-A deduction from earnings of $1,208.195 for depreciation
' of plants and equipment at Detroit and Muskegon appears large, but is in
line with the conservative policy of the corporation to maintain our facilities
at high efficiency for low cost production.
Property Investment.
-Net plant investment was increased $1,540.701.
principally at Muskegon, to provide the latest modern equipment for more
economical volume production.
Inventory.
-The addition of $671,076 to inventory is in balance with our
extended production facilities.
Notes and Accounts Payable.
-Notes and accounts payable aggregate
$1,359,759 more than last year, due principally to the retirement of preferred stock and the increase in liquid assets.
Federal Taxes.
-Full provision has been made for Federal taxes for this
and previous years. The Federal Government has audited the books of
corporation for the high tax years, adjusted the income tax returns andthe
all
differences with the Government have bee.satisfactorily concluded.
Retirement of Preferred Stock.
-On Jan. 15 1923 the entire outstanding
$2.015,500 preferred stock was retired.
Notes Reduced.
-$750.000 of Serial Gold Notes was paid at maturity.
April 11923.
Interest charges on preferred stock have thus been eliminated, and on
Serial Gold Notes substantially reduced.
Surplus.
-The surplus. now $7.617.248, is the largest in the corporation's
hLstory.
Oullook.-Present indications justify the expectation that our customers'
requirements during the current year will tax our enlarged productive
capacity. With this increased volume of business favorably reflected in
our earnings, early dividend action should thus be made possible.
INCOME ACCOUNT FOR YEARS ENDED OCTOBER 31.
1922-23.
1921-22.
1920-21.
1919-20.
Profits for year
$3.886,196 $2,955,691
$801.875 $5.747,035
Interest
497,547
506,092
631.3591 1,049,531
Depreciation
1,208.195
888,655
542,050J
$2,180,453 $1.560,944 def$371,534 $4,697.504
Net earnings
Previous surplus
$6,106,926 $4.779,066 $6.345.309 $3,827,698
Pref. stk. pur. for can'n_
Cr.2,964
Cr.3.751 Dr.11,340
Provision for addl Fed'i
266.000
taxes (prior years)Property adjustment
Cr.11,988
$8,033,367 $6.342,974 $5.977,526 $8.513,862
Total surplus
Loss in inventory value_
$904.292
$243.000
$91,000
Federal tax reserve
$1,130,000
138.587
Perm.on pref. stock ret'd
34.533
145.048
Preferred dividends(7%)
148,096
162.328
Common dividends
(1%)146,073(6%)876.225
Profit and loss,surplus $7,617,248 $6,106,926 11.779.066 $6,345,309
For,. 118.
BALANCE SHEET OCTOBER 31.
1923.
1922.
1923.
1922.1
Assets
Liabilities$
5 9
Property account 216,472,482 14,931,781 Common stock. e17,308,450 14,608,450
Patents, goodwill,
Preferred stock_
d2,015,500
trade name, Acc.. 5,908,317 5,908,316 Notes payable_ __ _ 4,300,348 1,695,711
Investments
159,788
169,926 Reserve for continCash
1,541,299 1,258,915
gencies
117,597
Notes receivable__ 131,338
34,993
693,793
Accts. roceivable_b1,669,192 1,214,118 Accounts payable_ 390,686 1,938,670.
Accr.pay-rolls,exc.
568,520'
Marketable secure.
15,863
.'ederal tax reserve 529,622
Inventories
c8,471,730 7,800,654 7% serial gold notes
Prepaid Int.,taxes,
and obligations_ 3,790,865 4,521,735.
107,250
64,625 Surplus
7,617,248 6,106,926
Disc, on gold notes
37,126
70,163
Unabsorbed prep'n
cost
234,225
Total
34,748,609 31,453,512
Total
34,748,609 31,453.512
a After deducting $5,122,284 for
b After deducting reserve for bad and depreciation and accruing renewals.
doubtful balances. $162,826. c
ued at cost or market, whichever is lower. d Preferred stock called for Valpayment Jan. 15 1923 at 107 and dividend at Security
e On Oct. 25 1922 stockholders changed authorized Trust Co., Detroit.
Common stock from
1.500.000 shares (par $10) to 3.000,000 shares of no par value, the exchange
of the outstanding shares to no par value shares on a share for share
basis
was made as of Dec. 11922;issued. 1.760.845
f Includes $750.000
notes due April 1 1924, and $3,000,000 due shares. 1925,
April 1
and purchase
money obligations. $40.865.
Note.
-Contingent liabilities in respect of customers'
acceptances discounted, $55.128.-V. 117, p. 2438. 1668.notes and trade
Manati Sugar Co.
(Annual Report-Fiscal Year Ended Oct. 311923.)
Pres. Regiiao Truffin, N. Y., Dec. 28, wrote in substance:
Operations.
-Grinding operations started on Nov. 29 1922 and finished
on May 26 1923. There were very few days during which the throe
tandems in the factory were working at full capacity. beacuse the cane delivered
by colonos to the mill was insufficient to feed all three tandems. The
grinding capacity of the mill was sufficient to have produced 700,000 to800.000 bags, had the cane been available.
The disposal of the crop was made gradually from month to month, and
there were no sugars unsold or undelivered on Oct. 31 1923.
Production.
-The Island of Cuba suffered greatly from drought during
the crop, more particularly in Oriente Province, so that the crop of 1922-23
was only 3.600,000 tons, a falling off of about 10%. compared with the
previous year, and this company in common with others suffered therefrom.
The management has for the last few years been planting cane in the southern section of the company's lands where droughts, such as from time to
time occur in the northern sections, are less frequent. The practical advantage of this can be seen from the actual increase in this year's production.
notwithstanding the severe drought, whereas plantations to the east of'
Manati have shown a considerable decrease in their output. Owing to the
drought this company did not produce the 600,000 bags expected, the production having been 534,628 bags. This, however, is the largest output so
far made by this company and compares with 450.391 bags last year, an
increase of 84,237 bars
-nearly 20 o•
Op rating Profits.
,
-Company produced this year 534,628 bags
with an operating profit of
$2,692,707
After adding interest earned and other income amounting
- 407.073
making a total of
63,099,780
And deducting interest on $8,000,000 First Mtge. 7s,current
accounts, dzc., and provision for taxes and depreciation
amounting to
1.478.263
There remains a net•profit of
Preferred stock paid
$1,621,516
245,000
Balance carried to surplus account
$1,376.516
From surplus net deductions were made amounting to $461,429, due
mainly to a readjustment of the working capital assets and the writing off
of uncollectible colones accounts.
Average Price.
-The average price obtained for the crop was 4.41c. per
lb., f. o. b. Considering the wide fluctuations that ranged from 3 Xc. in
Jan. to 6%c. in May. the average price obtained by the company reflects
the conservative and orderly manner of the disposal of its sugars, and should
be satisfactory.
Cash Position.
-Company went through the entire season without making
any bank loans and at all times carried substantial cash balances.
Costs.
-The cost of manufacturing and delivering the sugars aboard
steamers, including all general expenses in New York and Havana, but
exclusive of the cost of cane, was .842c. per lb., as against the previous two
years: 1922. 1.195c., and 1921. 1.997c. As the output increases, of course
the cost of production per pound decreases. The cost of cane to the company depends on the price at which its sugar is sold, cane being paid for at
the average price obtained by the company for its sugar.
Sucrose Content.
-While generally throughout Cuba the sucrose in cane
was much lower this year than in the year previous, the sucrose in cane at
Manati was only slightly lower. being 13.828% as against 13.956% in 1922.
Thefinal average yield was 12% as compared with 12.394% the year before.
Cane Supply.
-The management has during the year planted 328 cabs.
(10,933 acres) in cane which should become available for the crop 1923-24
and is already making preparations for planting 250 cabs (8,333 acres)
additional to meet the company's cane requirements for the crop of 1924-25
and the crop of 1925-26.
Tariff.
-There has not been any change in the United States tariff, and
the American consumer still continues to pay a higher price on all the sugar
he consumes for the privilege of having part of his sugar produced in the
Western States (domestic beets) and in the island possessions of Hawaii.
Porto Rico and the Philippines.
Tunas RR.
-The Ferrocarril de Tunas, all the stock of which is owned,
requires for its completion only the turning of the narrow gauge trunk line
from the Batey to the Wharf
-a distance of about 11 miles
-Into a
gauge line. Upon completion of certain formalities Manati is to bestandard
declared
a national port and company will then have available a public standard.
gauge railroad fonts own transportation requirements and for those ofothers.
Lands.
-During the year 57cabs. (1.900 acres) of land heretofore leased.
were acquired by the company, making the total area of land owned,
leased
and controlled now as follows (In acres): Owned, 208,900: leased, 36,100;
controlled, 37.700: total, 282.700 acres.
Railroads.
-The railroads now consist of 234 kilometers (145 miles) of
36
-inch gauge and 30 kilometers (19 miles) of standard gauge. In addition
to the 234 kilometers of narrow gauge and 30 kilometers of standard gauge
railroad line, the Ferrocarril de Tunas (all of whose shares aro owned) has
completed 66 kilometers (41 miles) of standard gauge railroad through the
lands of the company, which in conjunction with existing narrow gauge
railroad lines between the port and the mill. connect Manati Bay with
Victoria do las Tunas on the Cuba RR. This railroad hauls cane to the
mill and transports merchandise from the Port of Manati to the inland
portions of this section of the Island of Cuba.
Rolling Stock.
-During the year some of the narrow gauge cars were converted from one type into another, and the Ferrocarril do Tunas added 2
locomotives and 50 cane cars of standard gauge to its equipment. •
Property and Plant Account.
Property and plant accbunt Oct. 31 1922
$18,338,355
Extensions and improvements completed during the year and
under construction, unexpended appropriations for extensions
and improvements, and advances against contracts for construction materials not yet delivered
433,069
Additions to working capital assets
37.117
Total
$18,808,541
Less
-Charged in readjustment of working capital assets: To
surplus account, $116,995: to reserve for depreciation: for
account of previous fiscal year, $75,758; for years 1922-23,
$14.972: total
207,725
Total Oct. 31 1923
-Reserve for depreciation
Deduct
Net book value of property and plant
$18,600.815
3.389,763
$15.211.052
JAN.5 1924.]
THE CHRONICLE
Dividends.
-Regular quarterly dividends of 134% have been paid on the
Preferred Stock since Jan. 1 1915.
On the Common Stock a dividend of 20% was paid in Common Stock
Nov.8 1916. From Dec. 1 1916 to June 1 1921 quarterly cash dividends
of 234% were paid. An extra cash dividend of'1% (Red Cross) was paid on
July 23 1917; and an extra dividend of 736% (235% cash and 5% Common
Stock) was paid Sept. 8 1919. On June 11921. owing to the low price of
sugar, dividends were discontinued, but were resumed by the declaration
on Nov. 2 1923 of a cash dividend of 5% payable to stockholders in four
quarterly payments of 114% each on Dec. 1 1923. March 1, June 2 and
Sept. 1 1924 (see V. 117. p. 2001).
Capitalization.
-There has been no change during the fiscal year in the
capitalization of the company.
Owing to the strong cash position of the company and the comparatively
low price of the bonds, the directors during the year deemed it advisable
to purchase in the market $380,000 of the bonds of the company, which
are held uncanceled in the treasury and will be available for tender to the
trustees for sinking fund purposes.
Sugar Situation.
-The year 1923 started with very small stocks, and the
same situation will exist with the opening of 1924. The market opened in
early January with a brisk demand for refioed sugars, and large sales were
made by planters during the first two months of the crop at prices around
334c. About the middle of February the outlook for the total crop indicated
that there would be a large decrease in the crop as compared with the
previous year, and this caused producers to be less eager about selling,
with the result of sharp advances until 634c. was reached in May.
From that high price there were irregular downward fluctuations, the
lowest price reached being 4c. in the middle of August. from which the
market rose to r.625c. in December, when practically all old crop sugars
had been sold.
It is, of course, impossible to forecast the course of the market, but indications are that prices for the coming crop will be satisfactory to producers,
as present estimates are that though the world's production for the coming
year will be larger than that of the past year, it will not exceed the world's
requirements at a reasonable level of price.
STATISTICS FOR YEARS ENDING OCTOBER 31.
1922-23.
1920-21.
1921-22.
1919-20.
Output of raw sugar
(tons 2,240 lbs.)___58,008
64.177
77.365
53,196
Receipts per pound_ __
4.500c.
2.714c.
4.474c.
9.403c.
Cost of produc. (per lb.)
2.270c.
2.270c.
4.001c.
6.232c.
Operating profits
$629,546
$2,692.707
$648,432 $3,778,060
INCOME ACCOUNT FOR THE YEARS ENDED OCTOBER 31.
•
1921-22.1920-21.
1922-23.
1 1 20.
Production (bags)
534,628
400,400
450,391
374,700
Sales-Centrifugal sugar
$7,642.023 $3,604,915 $5,493.860 $10.871.611
f. o. b. basis
82,393
Molasses
40.000
120.220
Miscellaneous income_ -28,167
242,331 • 314,010
212,626
83
COMPARATIVE INCOME ACCOUNT YEARS ENDED JULY 31.
1922-23.
1a20-21.
1921-22.
1919-20.
Sugar purchased_ _(bags)
212.736
169.030'
175,261
270.719
Sugar sales
53,553.225 12.473.035 $1,693,774 $6,667,032
Molasses sales
28,077
41,502'
3.524
23.881
Int. & discount rec
58.518
Miscellaneous
58,170
64.247
66.686
112,964
Total receipts
$3,704,067 52,942.640 $1,810.262 $6.766.704
DeductProduc.. mfg.& sell. exp. $2,520,907 $1.999.313 52,304.829 53.239.489
Interest
19.76974.168
18,791
83.723
Loss on Liberty bonds
608
10,715
U.S.& Cuban taxes....
1,300.00053.586
110,019
Depreciation
147,656
204,878
171.923
180,037
Capital expenditures_
126,551
14,582
46.696
Disct. & prem. on bonds
12,500
Balance. surplus
$780,988
$611,398 def$742,762 $1.933,239
Previous surplus
$3.039,040 52.415.462 53,263,224 $2,350.832
Further Cuban taxes_
15.847
Adjustments
Dr.235,222 Cr.117.180
Preferred dividends...,..
670.000
35,000
70.000
70.000
Common dividends (old)
335,000
17.500
35.000
35,000
do
do (new) (4%) 180,000
Stock dividend (200%)- 3.000.000
Profit & loss surplus... $352,305 $3,039,040 $2,415,462 $3,263,224
BALANCE SHEET JULY 31.
Assets1922.
1923.
1922.
Liabilities1923.
Property & plant a $6,112,351 $4,999.740 Preferred stock
$1,000.000
Work animals,&c_ 102,915
111,480 Common stock- -_$4,500.000
500.000
Planted & growing
It M.7% sinking
cane
66,401
53,739 fund bonds
815,000 1.000,000
Pasture fields_ __
35,316
34.031 Cuban Censos_ _ _ _
41,536
41,536
Advs. (less res've) 301,549
504.119 Unsecured debt on
Investments
17.000
25.000
land purchased_ 450,000
Inventories
411,922
366,325 13111s & accts. pay_ 491,463
264,667
Sugar on hand__
1,290,901
650,400 Wages accrued__.
1,062
1.077
Molasses on hand_
7,703 Int., tax., rent,&c.
7,543
10,757
Accts.receivable
73,990
743,362 Reserve for taxes_ 198,293
254,766
Cash
123,474
207,916 Res've for deprec_x1.396,114 1.710.910
Sinking fund
50,000
Res've for renting. 200,000
Deferred charges__ 113.505
115,707 Surplus
352,305 3.039,040
U. S. securities_ _ _ 227.220
Total
$8,956,548 17,319,523
Total
$8.958,546 57.819,523
Total income
$7,752,583 $3.847,246 $5.847,870 $11.204,457
Oper. exp.,f. o. b. basis_ $5.059,876 $3.217,700 $5,199.439 $7,426,397
a Property and plant (incl. abnormal cost of $379,652) as at July 311922.
$4,999,740; additions during year, $1,112,011. x Incl. reserve of $379,652
to cover abnormal cost of capital expenditures; see (a) preceding.
-V. 117.
p. 1785.
Profit from operations $2.692,707
Interest(net)
Account prey,fiscal yrs31.874
$529,546
$648,432 $3,778.060
42,871
United Paperboard Co.
(Semi-annual Report for Six Months Ending Nov. 24 1923.)
Total income
$2,724,581
$629,546
DeductionsInt., other inc. & charges
(net)
$279,468+ $479,732
Inc.,domes.& for'n taxes
10,807
100.000
Disc. & exp. on bonds__
31.723+
18,521
Adjust. of Colonos'acc'ts
286.247
Adjust, of mat'ls & supp.
38,929
14,236
Account of previous years
21,828
Prop'n capitalstock Cuba
Sugar Fin. & Export
Corp. not recoverable_
39,000
Equity in sugar sold, not
recoverable
10.339
Readj. of working capital
assets
116.995
Customs duties uncollec_
1,301
Acc'ts receiv. uncollect'le
491
Depreciation reserves__ _
450,000
660,000
Other reserves
50,000
Preferred diva.,cash_ _ -245,000
245.000
Common diva., cash_
$648.432 53,820.932
RESULTS FOR SIX MONTHS ENDING.
Nov. 24 '23. Nov. 25'22. Nov. 26'21. Nov.27'20.
(incl.oth.inc) $487,517
Gross earns.
$227,719
def.5906 $1.116,794
Taxes and insurance_ ___
66,719
58.298.
39,351
29.707
Administration expenses
63,227
67,219
51.747
65,503
Net earnings
5357,571
$121,149 loss$96,116 $1,006,749
Interest charges$3.764'
Preferred dividends....
See note
1(13023.661
Common dividends
(2)183.638
I
$105.894
566.800
50.284
6,623
8,173
Balance, surplus
630.000
625.000
245,000
.750.000
586,000
245.000
1,000.000
Surplus for year
915,087 der 660,577 dot!
.764.369
1.414.959
BALANCE SHEET OCTOBER 31.
1923.
1922.
1923.
1922.
Assets$
Liabilities$
$
Property & plant_18,489,025 18,226,235 7% Pref. stock- __ 3.500,000 3.500,000
Adv. agst. contr'ts 111,790
112,120 Common stock_ _ _10,000,000 10.000,000
Capital stock FerFirst mtge. bonds_ 8,000,000 8,000,000
recant!de Tunas 200,000
200,000 Purchase money
Adv.to F.de Tun- 2,570,896 1,991,904
mtges.on Cuban
Adv. agst. contr'ts
743,414
24,408
81,360 lands
900,317
Notes receivable_ _ 250,000
Notes payable.
350,707
Materials & sum). 880,581 1,081,921 Drafts outstanding
87,852
244,387
Adv. to Colones... 2,731,441 3,571,909 Ace'ts payable and
Accounts recely'le_ 111,087
153,333 accrued charges_ 195,579
319,395
Cuba Sugar F.& E.
Accrued interest on
Corp. cap. stock
50.000
mortgage bonds.
3,000
50,000
50,000
Sugar on hand _
5,700 Approp'n for comSugar shipped penpletion of extending liquidation.
42.920 sions & Improv's 683,317
33,582
867,808
Equity in sugars
Reserve for taxes_ 100,000
sold and retained
17,480 Depreelationres've 3,339,763 2,830,000
Molasses unliq'd__
350
28,000 Colones'steels res.
300.000
Cash
1,656,609 1,603,252 Surplus
1,429,752
514,665
Depos.for bond int
23,205
37,222
1st M. bonds pur_ 372,800
Special deposits_ _
3,483
19.308
Deferred charges__ 687,430
649,614
Total
28,179,479 27,877,279
-V. 117, p. 2001.
Total
28,179,479 27,877,279
New Niquero Sugar Co.
(Annual Report-Fiscal Year Ending July 31 1923.)
President James H. Post, New York, Dec. 15, wrote
in brief:
-The total production of raw sugar in 1923 was 212.736 bags,
Output.
320 lbs. Spanish (34.038 tons of 2.000 lbs. average), and 1.299.442 gallons
molasses. The tons of cane ground were 273,004 as compared with
of
341.936 in the 1921-22 crop, and the final yield of sugar, calculated to
96
-degree test, was 12.55% of cane ground as against 12.77% in the
1921-22 crop.
--The accounts show a net profit of 5891.006 after setting up
Results.
reserves for all possible shrinkages or losses.
-During the past year the capital expenditures and factory
Additions.
improvements,railroad and rolling stock completed amounted to 51.112.612.
-During the year company's holdings of lands were materially
Lands.
increased by the purchase of important adjoining tracts of lands comprising about 16,000 acres, making a total of approximately 67,000 acres
of land now owned by the company. Company also controls about 8,500
acres by virtue of cane contracts.
Dividends.
-Paid on Pref. stock Dec. 1 1922, 334 %. On old Common
stock Dec. 1 1922, 334%. Declared 200% stock dividend Dec. 27 1922.
Paid on new Common stock May 1 1923, 2%; July 31 1923, 2%.
Outlook -With faverable weather conditions the supply of cane should
allow a production of about 215,000 bags of sugar during the coming crop
for which the factory is equipped and prepared for efficient and economical
handling, and the management looks forward to most favorable results.
-The capital stock of the company was increased and
Change in Capital.
all of the Pref. stock was surrendered and cancelled in exchange for Common
stock, so that there now remains authorized, issued and outstanding only
one class of stock, to wit. $4,500,000 of Common stock.
$357,571
$121.149 der$96,116 xy$795,686
x No deduction has been made for Plant depreciation and income taxes.
y Net profit before deducting unmatured dividends, viz., 434% on the
Pref. stock. 364.476, 2% on the Common stock, $183,640.
-The last dividends paid were: On Common stock, 2% Jan. 10
Note.
1921; on Preferred stock,6% July 2 1923.
BALANCE SHEET NOV. 24 1923 AND NOV. 25 1922.
1923.1922.
1923.
1922.
Assets$
Liabilities$
3
$
e equIpm't _10,542,094 10,359.426 Preferred stock _..a1,326,300 1.327.871
Plant r
Sundry securities67.218 Common stock._a10,055,000 10.055,000
67,218
451,271
Cash
237,994 Accounts payable_ 148,371
203,438,
Accts., &e.. rec_ _ _ 801,644
751,480 Contr'cts for imps.
Md.°. & supplies_ 1,027,223
847.860 & replacements_ 282,983
180,857
Deferred charges_ _
9,432
103,320 Reserve for accr'd
Suspended assets_
4,796
8.869
taxes, &c
157.417
130,633
Surplus
960,391
456.583
Total
12,903,678 12,381,166
Total
12,903,678 12,381,166
a Treasury stock represents 1,737 shares Pref. stock, $173,700, and.
19,450 shares Common stock, 51,945,000.-V. 117, p. 1137.
International Agricultural Corporation.
(14th Annual Report-Year Ended June 30 1923.)
President John J. Watson Jr. reports in substance:
Unfavorable Conditions.
-During the fiscal year ended June 30 1923
unfavorable conditions continued in the fertilizer industry. Progress was
made in the collection of accounts, but the large amount still remaining
past due and uncollected made it necessary to use :great caution in the
extension of credit, thereby restricting the volume of credit business and
increasing the desire to do the largest possible percentage of business on
cash terms. Competition was so keen for cash business that early in the
selling season prices were made on such a low basis that no profit could
be realized.
Results.
-Operations for the year show an operating profit of 5292,764,
and after all interest charges, amortization, depletion, &c., a net loss of"
51.368,820.
Reserves -Additional reserves which it is believed are ample have been
set up against notes and accounts receivable and against inventories. A
full reserve has been set up against the amount due from our associated
German company, and special reserves have been provided for plants.
investments and property values.
Readjustment of Debt and Capitalization.
With the large debt of the corporation and the probable losses to be
met because of the inability of the planters to pay their past due accounts.
it became apparent to the directors in the early part of the year, that steps
must be taken to effect a readjustment of debt and capitalization.
After careful consideration with the corporation's bank creditors, its
large bondholders and many of its stockholders, a plan was approved by'
the stockholders Oct. 3 (see details in V. 117, p. 1241)
To make the plan effective an underwriting was arranged with the banks
and bankers interested in the corporation to subscribe for 100,000 shares
of the new Prior Preference stock at $90 per share, carrying with each
share subscribed for 234 shares of new no par value Common stock. No
underwriters or bankers' commission was paid, and the old Preferred and
Common stockholders were offered the privilege of subscribing for the new
stock at the same price at which the stock was underwritten.
The underwriters of the new Prior Preference stock were called on tomake payment on Dec. 1 and on that date,including subscriptions received
from stockholders who exercised their right to subscribe, there was received
59,000.000 in cash, which was used immediately to retire a corresponding
amount of bank debt.
The stock of the corporation previously outstanding having been $13,055.5007% Preferred stock and $7,260,600 Common stock, was reclassified
and is now represented by 450,000 shares of no par value Common stock.
which in accordance with the plan is now outstanding with the exception
of 17.068 shares remaining in the treasury of the corporation. Such stock
together with the $10,000,000 of 7% Cumulative Prior Preference stock
(par $100) constitute the present outstanding capitalization.
The certificates of the old Preferred stock and the certificates of the
old Common stock have ceased to exist as stock of the corporation and,
THE CHRONICLE
84
constitute only certificates entitling the holder to receive under the reclassification of stock, upon surrender of certificates. 134 shares of the new
no par value Common stock for each share of old Preferred stock, and 1-6th
of 1 share of the new no par value Common stock for each share of the
old Common stock.
Holders of certificates of old Preferred stock and old Common stock
may now surrender same to the Bankers Trust Co., 16 Wall St., New York
City, and receive the new shares to which they are entitled under the
reclassification of capital.
Pursuant to the plan the maturity of the deposited 1st Mtge. bonds
maturing May 1 1932. has been extended to May 11942, and the sinking
fund payments for the next 5 years have also been postponed.
-It is believed that the corporation has been put in a
Results of Plan.
strong financial position,and that it can now take advantage of the recovery
In the industry which present conditions seem to indicate is at hand.
-The decided financial improvement in the cotton growing
Outlook.
section of the country and the favorable price received by the planters
for their cotton this fall give indication that the coming season will show a
darge increase in the acreage of cotton planted, and an increase in demand
Or fertilizer.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1922-23.
1921-22.
1920-21.
1919-20.
Cross profit on oper'ns__ $1,650,092 $2,654,726 $1,798,511 $5,735,652
2,704,590
Operating, &c., exp- _ _ _ 1,357,328
1,255.906
2.312,906
Net earnings
Div.jointly owned Corp's
$292,764 $1,398,820 loss$514,395 $3,031,062
217.650
Gross income
Bond interest
$292,764 $1,398,820 loss$514,395 $3,248,712
491.569
429.322
449.445
470,950
Balance, surplus
def$136,558
Amortien of bond disc't,
organization exp., &c_
92,841
Profit on bds. purchased Cr.85.572
Res. for contingencies_
920,774
Luterest
Deprec. & depletion_ __ _
304,219
inventory adjustment_
Preferred dividends_
$949,375 def$985,345 $2,757.143
92.841
Cr.79,511
186,612
Cr.109,563
207,256
Cr.79,602
500,000
1.015,154
309,255
1,170,575
h)489,581 (5)652.775
Balance
def$1.368,820 def$388,363df$2
.722,550et$1.476,715
SURPLUS AND DEFICIT ACCOUNT.
Loss for year 1923 (as above)
$1,368,820
Surplus at June 30 1922
962,320
Deficit at June 30 1923, before adjustment •
$406,500
Reserve against amount due from associated German company_ 1.037,888
Special reserves for receivables period prior to 1922. inventories,
plants, investments & property values
8.767,574
Deficit after adjustment
$10,211,962
The balance sheet as of June 30 1923, after giving effect
to the plan for readjustment of debt and capitalization and
after providing for additional reserves, was given in V. 117,
p. 1241.
CONSOLIDATED BALANCE SHEET JUNE 30, INCLUDING AFFILIATED (I. E.. 100% OWNED) COMPANIES.
1923.
1922.
1922.
1923.
i
Assets$
Liabilities
Real est..plant&c.23,885,808 23,971,582 Preferred stock___13,055,500•13,055,500
Investments
678,856
680,156 Common stock_.- 7,260,600 7,260,600
1,748,791 1,717,252 First mtge. bonds_ 8,228,300 8,638,900
Cash
Accts., notes dm.
Accounts payable_ 280,656
556,813
rec.(less res've). 6,391,928 10,406,384 Loans& notespay.12,112,500 11,887,500
1,867,243 3,049,400 Interest on bonds
Inventories
and loans acDue from jointly
owned corpor'ns 1,189,993 2,515,649
crued, &c
361,270
348,277
Due from Germ.Co 1,037,888 1,037,888 Res. agt. amt. due
Deferred charges_ _ 209,448 1,255,486 fr .Assoc.Germ .Co 1,037,888
599
476 Special reserves
,Cash in sink.fund_
5,461,810 2,743,265
50,000
50,000 Surplus
IL B. Liberty bds_
962,320
,Overburden from
unmlned phosphate property_ 528,009
768,901
10,211,962
Deficit
Total
47,798,524 45,453,175
Total
47,798,524 45,453,175
-There are also contingent !abilities consisting of endorsements
Note.
on notes of jointly owned corporations, $25,000, not included above.
-V. 117, p. 1894.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
an the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
-S. C. C. Suspends Certain Rate Schedules on Chicago Burlington &
I.
-These schedules canceled present rates on soft
Quincy Until May 1 1924.
_coal in some sections and revised rates on hard and soft coal in other sections. Almost all changes resulted in increases over present rates. "Wall
Street Journal" Jan. 2, p. 2.
New Chairman for Inter-State Commerce Commission.
-H. C. Hall,
Springs, Cob., has been elected Chairman for 1924 in accordance
Colrad
with policy adopted in 1911 that the term of office of Chairman shall be
filled from year in the order of seniority of service. "Wall Street Journal"
.
Dec. 28, p. 11.
New Jersey Commuters Travel to New York City as Slowly as in 1900.N. J. State Chamber of Commerce completes study of commuting conditions. Finds that in only three cases has the running time between New
Jersey cities and New York City been reduced and that in no case is the
fastest train making better time than it made in 1900. "New York Evening
Post" Dec. 31, P. 2.
-The following is authorized by the Car
Car Surplus and Shortage.
Service Division of the American Railway Association:
Surplus freight cars in good repair and immediately available for service
totaled 216,936 on Dec. 14, an increase of 19,808 since Dec. 7, due to the
seasonal decline in the demand for transportation facilities.
Of the total number, 81.853 were surplus box cars in good repair, an
Increase within a week of 11.307. while there also was an increase within
the same period of 7.489 in the number of surplus coal cars, which brought
the total for that class of equipment to 111,734 cars.
Surplus stock cars totaled 10,244, or 327 more than were reported on
Dec. 7. There were also 8,283 surplus refrigerator cars, an increase of 10
within a week.
Car shortage has entirely die.appeared.
Matters Covered in "Chronicle" Dec. 29:
(a) Nominations by President Coolidge to U. S. RR. Labor Board. P.
2837. (6) I. C. C.'s order authorizing extension of Virginian Ry.-former
order reversed, p. 2847. (c) Train service men to continue efforts for wage
increase, p. 2848. (d) Railroad Brotherhood's suit seeking recognition
-No authorfrom Pennsylvania RR. dismissed by the U. S. District Court
ity to enforce Labor Board's orders, says Judge Dickinson-Decision
(e) Call for national conference on transportation.
2849.
appealed.
Locomotive Engineers Co-Operative Trust
p 2849. f) Brotherhood of Lo
.
CO. begins business in New York. p. 2850.
:
-Subsidiary Company Bonds.
Atlantic Coast Line RR.
The $275,000 of First Mtge. 4% bonds of the Sanford & St. Petersburg
maturing Jan. 1 1924, will be
RR. now outstanding and trustee, the Pennsylvania Co.paid upon presenfor Insurances on
tation at the office of the
Lives & Granting Annuities, 517 Chestnut St., Philadelphia. Pa.
[Vol,. 118.
The interest coupon due Jan. 1 1924 from said bonds will be paid upon
presentation at the United States Trust Co. of New York, 45 Wall St.t,
New York City.
-V. 117. p. 2211.
Chicago Milwaukee & St. Paul Ry.-Bonds.The I.
-S. C. Commission on Dec. 27 authotized the company to issue,
pledge and repledge,from time to time, until otherwise ordered,$10,000,000
Gen. Mtge. 5.7 bonds as collateral security for certain notes which may
0
be issued.
-V.117, p.2651, 2541.
Chicago Rock Island & Pacific Ry.-Appropriations,&c.
In a letter to the Preferred stockholders. Chairman Charles Hayden says
in substance:
"During 1923 the company appropriated more than $17,000.000 for
additions and betterments to its roadway and structures and for new
equipment. Of this sum nearly 57,000,000 has been expended for permanent additions and improvements on the fixed property, and approximately $10,000.000 has been spent for equipment, consisting of 80 locomotives, 500 steel underframe box cars, 500 coal cars, 50 all-steel suburban
coaches, that have been delivered, and 1,000 additional freight cars, which
are due for delivery in the immediate future.
"The wage decisions authorized by the U. S. Railroad Labor Board.
coupled with some increases which, after negotiations with certain classes.
were granted by the company in order to meet similar increases granted by
other railroads in our territory, have increased the payrolls of the company
approximately 51.730.000 per annum. It is also confronted with further
demands for increases in pay, the amount of which at this time cannot be
estimated.
"Transportation conditions have been normal for a considerable period,
and we have handled the heavy fall business without congestion at any point,
and with reasonable continued improvement expenditures, will be able to
take care of the normal increase in business which we can anticipate.
"This company is in full accord with the terms of the present Transportation Act, and if the Congress now in session refrains from material changes
in this Act, the results will be favorable, not only to the company, but to
the territory which it serves. We believe it is greatly to your interest, as
well as to the interest of the country as a whole, that you, as stockholders,
should insistently demand of your representatives in Congress that the
Transportation Act should be allowed to remain undisturbed until it has
had a fair trial."
-V.117, p. 2889.
Cleveland Cincinnati Chicago & St. Louis Ry.-Bonds.
The I.
-S. C. Commission on Dec. 29 authorized the company to issue
520.000.000 Ref. & Impt. Mtge. 536s, Series "D," said bonds to be sold
,
at not less than 94.81 and interest, and the proceeds used for the purposes
stated below.
The applicant proposes to issue the bonds under the provisions orefunding and improvement mortgage for the following purposes:
To retire and refund a like amount of Ref. & Impt.6s, Series A,
due July 1 1929
$5.000.000
To retire and refund a like amount of Ref. & Impt.68, Series B.
due July 1 1935
6.511,000
To refund a like amount of 20
-year
% debs. of 1911, due
Jan. 1 1931
3,784,000
To refund Cincinnati Indianapolis St. Louis & Chicago By.
Gen. First Mtge. 4s, due Aug. 1 1936
217,000
To reimburse applicant for expenditures for certain additions
and betterments
1,277,400
To reimburse applicant for 80% of expenditures for certain other
additions and betterments
3,210,600
Total
520.000,000
The bonds to be refunded are either held in the applicant's treasury or
are pledged as collateral for loans, which loans will be paid from the proceeds of the proposed issue of bonds, and the collateral released.
No definite arrangements for the sale of the bonds have been made.
Negotiations have been had with J. P. Morgan & Co., and it is expected
that the bonds will be sold at such a price that the annual cost to the
applicant will be nor more than 5.9%. .At that rate the selling price would
be not less than 94.81.-V. 117. p. 2889, 2323.
Colorado Wyoming & Eastern Ry.-Sale.-Under a decree of foreclosure ordered by the Federal Court at Cheyenne.
Wyo, in proceedings instituted by the Equitable Trust Co.. New York.
and Lyman Rhoades, trustee, all the property of the company will be sold
at public auction at Laramie, Wyo., on Feb.4. No bids less than $100,000
eac.h on the lines in Colorado and Wyoming will be considered. Marion A.
Kline, special master, will conduct the sale. Compare reorganization plan
in V. 116. p. 1048.
-Fare Increased.
Community Traction Co.
Street car fares in Toledo. Ohio, will be seven cents straight, with one
cent for tranfer. beginning Jan. 10. This does not affect cash fares, or
the transfer charge, nut tokens will be sold at the rate of five for 35 cents,
instead of six for 40 cents, as at present.
-V. 117, p. 2432.
Delaware Lackawanna & Western RR.
-New Director.
Jackson E. Reynolds. President of the First National Bank of New York,
has been elected a director, succeeding Frank Rysavy.-V. 117. p. 1461.
Delaware Susquehanna & Schuylkill RR. -Segregat'n.
-V. 117, p. 2108.
See Lehigh Valley RR. above.
-Notes Called.
Delta Light & Traction Co.
All of the outstanding 8% Serial Gold notes dated Aug. 1 1921, maturing
on and after Feb. 11924 have been called for redemption Feb. 1 at 102 and
int. at the National City Bank of Chicago, Chicago,111.-V. 116, p. 2768.
'
Denver & Rio Grande Western RR.
-Pays Interest, &c.
The principal points of interest in the Denver situation during the
past week may be summarized as follows:
The Missouri Pacific and Western Pacific roads have extended to Jan. 31
toe period for putting the reorganization plan into effect.
United States District Judge Byrnes at Denver on Jan. 2 signed an order
permitting Receiver Thomas H. Beacon to borrow $1,500,000 to be used
chiefly in paying 51.129,000 interest on underlying bonds of $81,000,000,
the interest having fallen due Jan. 1.
It is understood that the offer was made by a group of junior bondholders,
whose holdings of $31,000,000 and $10,000,000 in secondary mortgages.
would be imperilled in the event of a foreclosure on default of the interest
on the senior bonds. The action of Judge Byrnes in allowing the acceptance
of the loan will enable the road to pay other interest falling due between
now and June 1, it is said.
Coupons calling for payment of interest due Jan. 1 on Denver & Rio
Grande Consol. 4s and Ois of 1936 and Rio Grande Western 1st 48 of 1939
are being Paid.
The State of Colorado has petitioned the I.
-S. C. Commission for a
hearing and re-argument of the reorganization case. Tne petition states
the issuance of securities as authorized by the Commission will result in
the capitalization of the properties greatly in excess of their value, and the
assumption of obligation and liability by the carrier of other securities is
Incompatible with the public interest.
-V. 117, p. 2889, 2768.
Frankford Tacony & Holmesburg St. Ry.-No Int.-
The Philadelphia Stock Exchange has been advised that the company
made no provision for the payment of the coupon due Jan. 1 1924 on its
-Year 5% bonds. due 1940.-V. 11.4, p. 1407.
1st Mtge. 30
Indiana Service Corp.
-Bonds Authorized.
The Indiana P.S. Commission has authorized the company to issue $672.000 of 5% bonds at not less than 80 and dive., the proceeds to be used to
reimburse the treasury for additions and improvements. See also V. 117,
p. 2432.
Indianapolis Traction & Terminal Co.
-Tenders.
The Guarantee Trust & Safe Deposit
rustee, Philadelphia, Pa.,
will until Jan. 11 receive bids for the sale Co.,it of 1st Mtge. Sinking Fund
to
-Year 5% Gold bonds, due 1933, to an amount sufficient to exhaust
30
$61,834, at a price not exceeding 102% and int.-V. 108, p. 1390.
International Ry. Co. of Buffalo, N. Y.
-Wage Fund.
The current Issue ot'"rulley Talks," dated Jan.1 1924.says: The company
enters the new year with 99% of its employees as stockholders in the company. During 1923 the men won a wage increase of 2Jic. per hour for 1924.
$200,000 represents the amount of the 1924 wage increase, which has been
assigned by the men to their own elected trustees for the purchase of In-
JAN.5 1924.]
THE CHRONICLE
85
ternational Ry. securities. $1,000,000 par value of International By.
These certificates will be issued for approximately 60% of the net cash
capital stock has already been purchased for $100,000; also $175,000 par cost of new equipment of the most modern type. The net cash cost of
value 5% gold bonds at about 50c. on the dollar, which leaves but $25,000 the equipment will be approximately 3375.000, of which the company
of these bonds yet to be secured to make up the $200,000 par value I. R.C. will make an initial payment of about 40%.or 3150,000.-V. 117. p. 86.
5% bonds required to produce the desired return of 5% per annum on the
Massachusetts Northeastern Street Ry.-To Abandon
whole $200,000 of wage investment.
-V.117, p. 2542.
-Stock Authorized.
Interstate Public Service Co.
The Indiana P. S. Commission has authorized the company to issue
$335,000 of Common stock at 75, in lieu of $280.000 of Prior Lien stock
issued at 90, which.was authorized last October. See V. 117, p. 1784, 1884.
Kansas City Terminal Ry.-Permanent Bonds.
Lee, Iligginson & Co. announces that permanent 3
-year 5;4% Secured
Gold notes, due Nov. 15 1926, are now ready for delivery in exchange for
outstanding interim certificates. See offering in V. 117, p. 1663, 1992
Kentucky & Indiana Terminal RR.
-Bonds.
-
Street Line.
The company,it is stated, will abandon the line from Nashua to Pelham,
N. H., about 14 rafts, on Jan. 10.-V. 117. p. 2890.
Memphis (Tenn.) Street Ry.-Trustee, &c.
The Guaranty Trust Co. of New York has been appointed trustee and
paying agent under the Equipment Trust of 1923. securing an authorized
issue of 3344,000 certificates maturing annually from Dec. 1 1924 to Dec. 1
1933.-V. 117, p. 553.
Milwaukee Electric Ry. & Lt. Co.
-Balance Sheet.
-
Nov.30'23. Dec. 31 '22.
Nov. 30'23. Dec.31 '22.
The I.
-S. C. Commission on Dec. 27 authorized the company to issue
Asses.
Mabflities-$217,000 1st Mtge. 43-4% bonds; said bonds to be sold at not less than Property
& pla nt _68,709,972 68,712,953 Preferred stock_ 11,539,500 8,504,800
80 and interest, and the proceeds used for corporate purpose.
Common stoc.k11,250,000 11,250,000
The Commission also authorized the Baltimore & Ohio RR.,the Southern Cap.exps.cur.yr_ 4,927,552
Pay'ts on subscr's
By., and the Chicago Indianapolis & Louisville Ry. to assume obligation Cash on deposit
with trustees
1,290,185
to Pref.stock
307,904
andliability, as guarantors, in respect of the bonds.
Funded debt_ _ _ _46,942,900 41.569,000
Under date of Jan. 3 1911 the Terminal company executed its first Treasury secur__ 124,912
mortgage to the Standard Trust Co. of New York (now Guaranty Trust Sundry invest'ts. 1,066.410 1.063,431 Inter-Co.acc'ts_ _ 118,257 1,839,112
920,930 Notes & bills Pay- 305,789
900,000
Co.). which authorized the issue of 12,000,000 50-Year bonds, of which Inter. Co.Recta__ 4,719,765
600,750
646,987
438,695 Acc'ts payable_ _ _ 725,042
£1,351,000 have been issued and are outstanding. The mortgage provides Cash
21,046
19,629 Sundry liab
484.451
488,900
that the Terminal company may at its option execute a supplemental Notes & bills rec_
indenture authorizing the issue of bonds payable as to both principal and Accle receivable_ 1,599,973 1,558,027 Int., diva., &c.
549,874
accrued
893,876
interest in the money of any designated Government. In accordance with Metal & supplies
3,396,446 2,882,787 Taxes accrued_ __ 1,518,929
(at cost)
275,388
this provision, and because of tne fact that it is not considered expedient
14,626
584,021
12,571 Open accounts_ _ _ 1,142,762
at this time to issue bonds payable in sterling money, the Terminal com- Prepaid accounts
pany has executed, under date of Nov. 16 1923, a supplemental agreement Open accounts__ _ 1,840,131 1,350,295 Deprec'n reserve113,380,331 110,575,535
1 1,416,705
with the trustee whereby bonds may be issued which shall be payable Bond & note disc_ 3,529,824 2,919,495 Other reserves_ _J
2.729,307 2,260,772
Surplus
as to principal and interest in gold coin of the United States upon basis S.F.& specIdr.res. 479,736
of par of exchange with sterling money.
Total
91,031,144 81,168,998 Total
91,031,144 S1,168,998
The Terminal company has therefore entered into a contract with the
Lima Locomotive Works for the purchase of five switching locomotives -V.117,p.2433, 2212.
at $43,400 each, or $217,000, the equivalent of approximately 144.590
Minneapolis & St. Louis Ry.-Interest Payments.
sterling. It proposes to issue and sell $217,000 of its 1st Mtge. 4;4%
The Federal Court at Minneapolis has ordered the receiver to pay coupons
bonds,and to use the proceeds thereof for the purchase of tile locomotives.
While arrangements for the sale of the proposed bonds have not been com- due Jan. 1 on the Des Moines & Fort Dodge 1st Mtge. bonds.
The Federal Court also instructed the receiver to pay the Dec. 1 interest
pleted, the Terminal company states that it has reason to believe that
on the $950,000 outstanding Merriam Junction 7s,the Dec. 1 interest on the
they can be disposed of at not less than 80% of par.
-V.110, p. 1089.
$7,650,000 Iowa Central 1st Mtge. 5s and the Nov. 1 interest on the
Current interest on equipment trusts is being
Lehigh Valley RR.
-Segregation Progressing-Coal Com- $5.282,000 1st Consol. 5s. the 31,382,000 Government loan, interest on
taken care of. Excluding
pany to Issue $15,000,000 Bonds-Rights to Stockholders.
- only three issues of the company, which are outstanding to a total of
324,485,956, is not
President E. E. Loomis in a letter to all stockholders dated -v.117, p. 2770. being paid. 'Petal funded debt amounts to 342.822,050.
Jan. 1 says in substance:
Progress is being made in the segregation of the two coal companies owned
by the company as required by the decision of the U. S. Supreme Court
and in compliance with the final decree. Ever since the organization of
the Lehigh Valley Coal Co. in 1871 the Railroad company has owned the
entire Capital stock, which at this time amounts to $9,465.000; since
1905 the Railroad company also has been the owner of the entire Capital
stock of Coxe Brothers & Co. Inc., having a par value of 32,910,150, and
of the entire Capital stock of' Delaware dusquehanna & Schuylkill RR.,
the
having a par value of $1,500,000.
Under the plan for selling the two coal companies, approved by the
U. S. District Court, the security for the present outstanding bonds of the
Lehigh Valley RR. will remain unaffected and the stock of the Railroad
company will carry certain rights enabling you to acquire a direct interest
-in the stock of the Lehigh Valley Coal Co., which will be explained to you
In detail in a later circular.
The plan and finia decree will work out as follows:
Railroad Company to Sell Stock of Coal Company.
-Lehigh Valley RR.
will, subject to the lien of Its General Consol. Mtge. sell for 31,212.160,
all of its right, title and interest or ownership in the stock of Lehigh Valley
'
Coal Co. to trustee "A" to be appointed by the Court. This ownership,
in view of the present and cominuing pledge of the stock, is the full right
to get back the actual certificates of stock of Lehigh Valley Coal Co. when
the General Consol. Mtge. matures or is terminated, the right to vote said
stock and the right to receive currently all cash dividends declared thereon
by the Coal company.
To Issue Certificates of Interest.
-Trustee "A" will issue certificates for
1,212,160 shares of interest in the stock of Lehigh Valley Coal Co. carrying
voting rights and dividends, thus making certificates on the basis of one
share of interest for each share of Lehigh Valley RR.stock, both Common
and Preferred.
Rights to Subscribe.
-Shareholders of Lehigh Valley RR. will be given
the right by trustee "A" to subscribe to shares of interest at the rate of $1
per share. Shares of interest not subscribed for on or before April 15 1924
will be sold by trustee "A" to Lehigh Valley Coal Co. at the same rate.
This date may hereafter be postponed,depending upon when trustee "A"
is appointed.
Cannot Hold Both Stocks.
-Shareholders of the Railroad company who
buy shares of interest in the Coal company will be obliged to dispose either
of their Railroad company stock or their shares of interest in the Coal
company stock on or before Dec. 31 1927. Until an owner of shares of
interest files an affidavit that he is not the owner of any Lehigh Valley RR.
stock, he shall not be entitled to receive any Coal company dividends.
Dividends declared by the Coal company but withheld on any shares with
respect to which an affidavit has not been filed, will be accumulated without
interest and paid to the lawful holder upon filing of such affidavit.
Voting Power.-Until aolders of 857 of certificates of interest shall have
filed affidavits of non-ownership of Railroad company stock the voting
power of the stock of tile Coal company shall be exclusively vestFd in
trustee "A." Trustee "A" may be one or two parties; if two are appointed
for this trusteeship, one may serve permanently during the existence of the
trust, and the other until there has been an 85% separation ff interest
as stated above.
Core Bros. & Co.. Inc., Stock to Remain Pledged.-The stock of Coxe Bros.
& Co.. Inc.. will remain in pledge under the Collateral Trust agreement of
Nev. 1 1905, until the maturity of that agreement on Feb. 1 1926, except
• eat the voting power in the meantime will be assigned to trustee "B."
At the maturity of the Coll. Trust agreement, the stock will be sold by the
Railroad company and the proceeds will be placed in its treasury.
Delaware Susquehanna c*, Schuylkill RR. Stock. The stock of this road
will remain in pledge under the Coll. Trust agreement also, until the
maturity of the agreement on Feb. 1 1926 the voting power in the meantime
to be assigned to trustee "C." Application has been made to the I.
-S. C.
Commission for approval of the existing lease of the property and the
continued ownership by the Lehigh Valley RR.ofthe stock of that company.
Coal Company to Create New Mortgage.
-Lehigh Valley Coal Co. will
create a new $40,000,C100 50-year Mtge., the bonds under which will carry
5% interest and will be protected by adequate sinking fund arrangements.
This mortgage until Jan. 1 1933 will be a 1st Mtge. on the greater part of
the Coal company's properties and a second mortgage on the remaining
part, and thereafter will Jae a first mortgage on all of its properties.
-Of the $40.000,000 of bonds, it is the intention
Disposition of Bonds.
to sell $15,000,000 at once and pay the proceeds to the Lehigh Valley RR.
in satisfaction of all indebtedness of the Coal company to the Railroad
company in the past. The remaining 825,000,000 of bonds will be reserved
to retire the only outstanding bonds of the Coal company when due Jan. 1
1933 to the extent not provided for by the Sinking Fund protecting that
issue. It is estimated that bonds to be paid off otherwise than by means of
the present Sinking Fund on Jan. 1 1933 will amount to not more than
$6,500,000. This will leave approximately $18,500,000 of the new mortgage bonds of the Coal company available for improvements or other
capital expenditures by the Coal company as occasion may demand.
-V.117, p. 2323, 2212.
Louisville Ry.-Certificates Offered.
-Henning, Chambers
& Co. Almstedt Bros., and Fidelity'& Columbia Trust Co.,
Louisville, Ky., are offering at 100 and int. $230,000 Car
Trust 6% Gold certificates, Series "B."
Dated Jan. 1 1924; due semi-annually to Jan. 1 1934. Fidelity &
Columbia Trust Co., Louisville, Ky.,trustee. Denom.$1,000. Company
unconditionally guarantees payment of principal and dividend warrants
by endorsement on each certificate.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Offer to
Minority Wisconsin Central Common Stockholders.
The company has offered to take up at 43q.on Mar.1,Wisconsin Central
Common stock, issuing in exchange 5;4% notes secured by Wisconsin Central stock.
E. W. Decker, a director of Wisconsin Central, says: "This is a compromise offer that the "Soo Line" will take in at 43;4 all the Common stock
of the Wisconsin Central held by the public, for Collateral Trust Sinking
Fund 514% nodes, which will be a direct obligation of the "Soo Line."
They will be secured by stock of the Wisconsin Central taken In exchange.
At the end of five years, on Mar. 1 1929, the "Soo Line" contracts to create
a sinking fund and buy in these notes and all will be retired in 20 years."
The minority shareholders' committee of the Wisconsin Central, headed
by W.J. Wellman, has for two or three years been negotiating for a settle-V. 117, p. 2433. 2323.
ment.
Missouri Kansas & Texas Ry.-Tinte for Deposits Ex.
J. & W.Seligman & Co. and Hallgarten & Co.,reorganization managers,
In a notice to the holders of the securities which were included in the plan
dated Nov. 11921,say:
More than 97% of each class of the securities has been deposited under
the plan. Holders of any of the securities not heretofore deposited may
become parties to the plan by depositing their securities on or before Feb. 1
1924 with Irving Bank-Columbia Trust Co. 60 Broadway, New York.
Securities deposited must be in negotiable form and bear all appurtenant
coupons called for by the plan.
After Feb. 1 1924 deposits of securities will be received only in the discretion of the reorganization managers,and depositors after said date will
be required to pay in cash to the depositary at the time of deposit an amount
equal to ;4 of 1% of the principal amount of securities deposited.
-V.117.
p. 2433, 894.
National Rys. of Mexico.
-Readjustment of Debt.
The International Committee ofBankers on Mexico announces:that,followhag the announcement of Dec. 8, declaring the plan operative, substantial
additional deposits of bonds have been received. In order that additional
time may be given in which bonds may be deposited with the committee,
the date for deposit has been extended to and including Jan. 15, within which
period bond.s may be deposited with the American depositaries and without
change in conditions. On any bonds deposited thereafter, the committee
-V. 117, p. 2653, 1664.
will impose a charge.
New Orleans Texas & Mexico Ry.-Stock Application.
10% Stock Dividend Possible.
The company has applied to the I.
-S. C. Commission for authority to
issue 31.500,000 additional capital stock, which it proposes to distribute
among the stockholders as a 10% stock dividend. It is reported that it is
the intention of the board to declare dividends of 7% on the entire stock
that will be outstanding after the stock dividend distribution.
-V. 117. P.
440.
-Stock Authorized.
New York Central RR.
The I.
-S. C. Commission on Dec. 31 authorized the company to issue
not exceeding $31,510,620 capital stock to be sold at not less than par and
the proceeds used to reimburse the treasury, in part, for expenditures made
in connection with the procurement of equipment. Compare also V. 117,
P. 2653, 2770, 2890.
New York New Haven & Hartford RR.
-Bonds.
The I.
-S. C. Commission on Dec. 27 autaorized the company to sell
$26,000 of Worcester Sz Connecticut Eastern By. 1st Mtge. 434% bonds.
The company proposes to offer to sell the 326,900 bonds held by it to
the trustee of the sinking fund at not less than 70 and interest.
-V. 117.
p.2890, 2770.
New York Railways.
-Sale of Power House.
The old power house of the company, at 96th St. and East River, N. Y.
City, has been sold at public auction in foreclosure proceedings. Theplant
was purchased by the New York Edison Co. at the upset price of 1800,000.
-V. 117, p. 2542, 1993.
New York Rapid Tr. Corp.
-Suit Stays in Federal Court.
Federal Judge Julius M. Mayer, in a memorandum filed in the Federal
District Court Jan. 3, granted a motion of the corporation to be allowed to
Intervene in a suit brought by Lindley M.Garrison, receiver for New York
Municipal Ry. and the New York Consolidated RR. against the City of..
New York, the Transit Commission and its members. The memorandum
also holds that the lack of diversity of citizenship between the New York
Rapid Transit Corp. and the defendants does not alter the status of the case
and that it remains in the Federal Diestrict Court in accordance with the
provisions of the decree which dismissed Receiver Garrison.
The suit was brought at the direction of the Court to enforce specific
provisions of a contract between the New York Municipal Ry.and the city
of New York for damages of $30,000.000 caused by delay in the performance
of the contract.
-V. 117, p. 2543, 2323.
Norfolk & Western Ry.-New Comptroller.
-
W.H.Wilson has been appointed comptroller with office in Roanoke. Va..
effective Jan. 1 1924. succeeding Joseph W. Coxe.-V. 117, p. 1886.
Northern Central Ry.-To Increase Stock, &c.
-
The stockholders will vote Feb. 28 on the question of an increase of the
company's capital stock and of an increase of the company's indebtedness.
[VOL. 118.
THE CHRONICLE
86
The purpose of the proposed authorization for an increase in the stock or
indebtedness is to reimburse the Pennsylvania RR. for improvements and
additions since the lease of the Northern Central Ry. in 1910. The amount
of such proposed increase in funded debt or capital stock has not yet been
-V. 117, P. 208.
decided.
Northern Pacific Ry.-$16,000,000 Spent for New Equip.
rr New freight cars and locomotives placed in service in 1923 by the company. have cost it nearly $16.000.000, according to company officials.
All this now equipment is now in service. The bulk of it consists of freight
other
and refrigerator cars for which $12.500.000 was expended. The stock
33.500.000 was spent for 49 new locomotives. 4.000 box cars, 250
cars, 500 gondola and convertible cars, 7o passenger refrigerator cars and
1.000 freight refrigerator cars. The new locomotives include 2,) of the
famous Northern Pacific "Pacific Type" for passenger service and 25
-V. 117, p. 2890. 2543.
Mikado and 4 Mallet engines for freight service.
-Railroad Brotherhood's Suit Seeking
Pennsylvania RR.
Recognition from Pennsylvania RR. Dismissed by the U. S.
-No Authority to Enforce Labor Board's Orders,
District Court
Says Judge Dickinson-Decision Appealed.
See under "Current Events" "Chronicle" Dec. 29, p. 2847 and V. 117
p. 2772.
West Penn Co.
-Acquisition.
President A. M. Lynn announces the purchase of the plant and business
of the Clarksburg Gas & Electric Co.. supplying electric light and power
to Clarksburg. W. Va., and vicinity. The 'West Penn Co. is building two
transmission lines into Clarksburg, which will be completed within a comparatively short time, connecting this newly acquired property to the great
generating stations of the West Penn System at Windsor and Rivesville,
W. Va., and Connellsville and Springdale, Pa., making this property a part
of the super-power system controlled by the American Water Works dr
Electric Co., which embraces the West Penn System extending from near
the southern boundary of New York through western Pennsylvania, northern West Virginia and with the allied The Potomac Edison Co. across
-V. 117, p. 2434.
Maryland to the outskirts of Baltimore.
West Virginia Midland RR.
-To Sell Road.
Mrs. Rose McGraw DeBerriz, administratrix of the estate of the late
Col. John T. McGraw, has been empowered by Judge II. Roy Waugh in
the Circuit Court in Braxton County, W. Va., to sell the road and all lands
and bonds connected therewith. John M. Hoover, Webster Springs,
special
W. Va., and George A. Hechmer,
See under "Current Events" "Chronicle" Dec. 29, p. 2849.-V. 117. commissioners to make the sale. Grafton, W. Va., were appointed
The road is a narrow-gauge line running
p. 2890, 2324.
from Holly Junction to Webster Springs, W. Va., passing through coal and
timber lands.
-V. 93, p. 1192.
-Merger Approved, &c.
Reading Co.
the
President Agnew T. Dice has issued a formal circular giving notice that the
-Bonds Listed.
Wilmington & Chester Traction Co.
Philadelphia & Reading Ry. and 12 subsidiary companies merged with the
Coll.
The Phila. Stock Exchange has authorized
Reading Co.on Dec. 31 1923. when they ceased to do business, and that 1 Trust 6% Gold bonds, re-extended 10 years the listing of $2,305,000
from April 1 1923 to April 1
Jan.
Reading Co. assumed the operation of the merged properties as of
1923.-V. 116. p. 1533.
1924.
The directors of the Reading Co. are unchanged and the executive comWisconsin Central Ry.-Agreement with "Soo Line."
Wilmittee consists of Agnew T. Dice, Edward T. Stotesbury and DanielpracSee Minneapolis St. Paul & Sault Ste. Marie Ry.above.
-V.116, p. 2132
lard. Officers of the Philadelphia & Reading Ry. have been given
tically identical positions in Reading Co.
Common Pleas Court No. 1 at Philadelphia on Dec. 31 entered a decree
approving the surrender by tho Reading Co. of corporate powers of the old
INDUSTRIAL AND MISCELLANEOUS.
This is
holding company which are inappropriate for railroad purposes.Supreme
The following brief items touch the most important develthe final step in the segregation plan, as directed under the U. S.
-V. 117, p. 2891.
Court decree.
opments in the industrial world during the past week, to-
Scranton Ry.-Extended Bonds Listed.
The Phila. Stock Exchange has authorized the listing of $150,000 1st
Mtge.6% Gold bonds,extended 15 years from Jan. 1 1923 to Jan. 1 1938.
-V.117. p. 1463.
Southern Ry.-To Extend Birmingham Shops.
-V•
See Dwight P. Robinson & Co., Inc.. under "Industrials" below.
117. p. 2654, 2214.
Tennessee Coal, Iron & Railroad.-Tenders.N.
5 The Central Union Trust Co., trustee. 80 Broadway, goldY. City, will.
bonds, dated
Mtge.
until Jan. 14. receive bids for the sale to it of Gen.
1901, to an amount sufficient to exhaust $120,944, at a price not exceeding
-V. 116. p. 1424.
105 and interest.
Toledo Fostoria & Findlay Electric Ry.-Wage Incr.-
VA new wage scale just concluded between the employees and the company
provides an increase of 6 cents an hour for all men on passenger cars and of
hour
8 cents an hour for those on freight cars. The new wage is 47 cents an an
for the first year in service, 49 cents for the second yeal' and 52 cents
-V. 107. p. 403.
hour thereafter.
-Comparative Balance Sheet, &c.Union Pacific RR.
Aug. 311923. Dec. 311922.
Assets3775,311.246 3760,724.520
Investment in road and equipment
10.584
10.949
Impts. on leased railway property
8.197
5.473.922
Deposits in lieu of mortgaged property sold3.193.160
3,061,693
Miscellaneous physical property
33.633,993
47,058,818
Investments in affiliated companies
171,597,673
166.219,683
Investments in other companies
28,315,095
28,315.145
U. S. Government securities
236,811
185,276
Sinking funds
5,781.870
4,901,164
Cash
11,500,000
1.800,000
deposits
Demand loans and
2.648.478
58.226
Special deposits and loans & bills receivable_
5,999.567
4,278.631
Traffic and car service balances
1.755.142
1,490,910
Agents' and conductors' balances
5,065.299
4,718,555
Miscellaneous accounts receivable
23.781,185
23.995.449
and supplies
Material
1,954.867
2.425.281
Interest. dividends, &c., receivable
254.755
335,081
Other current assets
4.633.920
4.684,474
Deferred assets
4,448.320
4.448,320
Government guaranty settlement
3,175,744
3,948,830
Other unadjusted debits
MI
31.082.721.651 31.068,719,160
Total
Aug. 31 1923. Dec. 31 1922
Liabilities$222,293,100 $222.293,100
Common stock
99,543.000
99.543,500
Preferred stock
387,980.875
393,598.960
Funded debt
77,979
92.166
grants
Construction
2.220.935
1.906,130
Traffic and car service balances
17,123,7.
15,383.230
Audited accounts and wages payable
7,670,855
10.441.169
Miscellaneous accounts payable
5,298,563
1,757.022
Interest matured unpaid
5,892.346
331,365
unpaid
Dividends matured
2.5,000
9.000
Funded debt matured unpaid
1,647.054
10,642.381
Unmatured dividends, interest, rents, &c
97.638
4,103.760
Other current liabilities
2.469.915
2,640.934
Deferred liabilities
7,001.966
10,673,430
Tax liability
1,117.638
1.272.363
Insurance reserves
41,972,709
44.760,257
Depreciation reserve
4.448.320
4.448,320
settlement
Government guaranty
10.728,580
10,494.713
Other unadjusted credits
29.260,114
29,339.670
Appropriated for additions & betterments
34,740.469
34,740,469
Reserved for depreciation of securities
414.671
482,167
Funded debt retired
245.209
188,971
Sinking fund reserves
31.671.613
Other surplus
154,776,818
183,528.572
Profit and loss
$1,082,721,651 $1.068,719,160
Total
Chairman of the finance committee
Charles A.Peabody has been elected Short
Line, the Oregon-Washington
the Oregon
of the Union Pacific RR.,the Los Angeles & Salt Lake RR.
-V.117,p.2891.
RR.& Navigation Co.and
Gas & Electric Corp.
gether with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly gives
under this heading appears to-day on a preceding page under "Indication
of Business Activity."'
Coal Production, Prices, &c.
The United States Geological Survey's report on coal production, together
with the detailed statements by the "Coal Trade Journal" and the "Coal
Age," regarding market conditions, heretofore appearing in this column,
will be found to-day on a preceding page under the heading "Indications
af Rusiness Activity."
Manu "Outlaw" Strikes.
-More than 30 "outlaw" strikes have occurred
since anthracite agreement on Sept. 19 1923. They involve anywhere
from 100 to 7,000 men and cause a loss "sufficient to keep a good-sized city
warm for an entire year." Most of the reasons are trivial in character.
according to the Committee of Anthracite Operators, which cites a few of
them as follows: (a) Refusal of a foreman to discuss the provisions of the
new contract in the absence of an official copy of the agreement. (b) A
dispute over filling a vacancy. (c) Refusal of a foreman to allow an improperly loaded car to be hoisted. (d) Refusal of one minor to pays fine
for alleged disobedience of a union rule. (e) Discharge of an employee for
fighting with another miner. (f) Because all local unions had not received
copies of the new rate sheets. (g) Because men on the 2 p. m. shift were
notified not to enter the mines until that time. New York "Times"
Jan. 1. p. 44.
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the United States,
by the American Petroleum Institute and formerly appearing
complied
under the above heading, will be found to-day on a preceding page.
Prices, Wages and Other Trade Matters.
-On Jan 3 Federal quoted 8.70c. per lb., a decrease
Refined Sugar Prices.
of 10 points, while Arbuckle reduced price 20 points to 8.70c. per lb.
-The American Smelting & Refining Co.on Dec.29
Lead Price Advanced.
increased lead price from 7.40c. to 7.50c. per lb. and on Jan. 2 from 7.50c.
to 7.75c. per lb. "Engineering & Mining .Journal-Press" Jan. 5, p. 35.
-New York "Evening Post" under new
Price of Newspaper Advanced.
management of Cyrus H. K. Curtis will sell at 5c. per copy, formerly 3c.
to 24 pages or more with amplified news service. New
Will be enlarged
York "Times" Dec. 31, p. 24.
-Hupp Motor Car Co. will announce a new
New Automobile Model.
-door model club sedan to sell for $1.425 at the opening of the N. Y.
3
-"Daily Financial America" Jan. 4. p. 2.
Automobile Show.
Copper Output for 1923 Increased 55%.-U. S. Geological Survey figures
that smelter production of copper during 1923, including an estimate of
132,000,000 pounds for December. amounted to 1,477.000.000 pounds, an
increase of approximately 55% over 1922. The total output of refined
copper from domestic sources was placed at 2.248.000,000 pounds, a gain
of 743,000,000. New York "Times" Jan. 3, p. 25.
Firestone-Apsley Rubber Co. Gras Schedule to Four Days per Week.
Hudson (Mass.) plant will not operate Fridays and Saturdays. "Daily
Financial America" Jan. 5.
Matters Covered in "Chronicle" Dec. 29:
(a) New capital flotations in Nov. and the 11 mos. since Jan. 1 p. 2819.
(b) Cost of living now highest since 1921, according to National Industrial
Conference Board-Rent and food rise-Employment increases, p. 2825.
(c) Copper Export Association-reports of proposed segregation, p. 2827.
(d) Wage of printers in Canada maintains advance-declines in majority
of industries since 1920, p. 2829. (e) Proposed Boxboard Association to
succeed Paper Industries Exchange of Chicago and Now York. p. 2830.
(f) Two-year agreement granting 50-cent daily wage increase to be signed
in New York building trades, p. 2831. (g) Master Builders' Association
of St. Louis asks co-operation of banks and trust companies in opposing
wage increases, p. 2831. (h) Payment of Hu-Kuang Rys. bond interest.
bonds called, p. 2835. (i) Creditors of M.S. Wolfe & Co.(brokers) receive
initial payment of 75% of their claims, p. 2837. (j) Brokerage firm of
Richards Hutchinson & Co., N. Y.. suspended by curb exchange, p. 2837.
(k) Horton Securities Corp. N. Y.. in bankruptcy, p. 2838. (I) Wheat
-Oppo'
subsidy through tax on wheat exports proposed by Oregon farmers
sition by Merchants' Exchange of Portland. p. 2844. (m) Organization of
co-operative wheat marketing association in Kansas approved, p. 2845.
(n) New issue of stock of The Finance Co. of America, p. 2849. (o) Issuance of new stock of Commercial Credit Co. of Baltimore, p. 2849.
Co.,
-Acquisition.
La Porte, Ind.
United
Advance-Rumely
of
"Announcement is made that, following his recent election as Chairman
The company has purchased the entire business and good-will of the
CleveMachinery Co. of Mansfield. 0., for, It is said, approxiof the United Gas & Electric Corp., George T. Bishop of
the board
the corporation and will Aultman & Taylor and will continue to sell and distribute the latter comland. 0., has acquired a large stock interest in
mately $3,000.000,
hereafter direct the policy of the corporation.
pany's farm machinery products. It is stated that the Advance-Rurnely
been interested in nubile utilities in various parts of the Co. has paid cash and no financing other than bank loans will be required.
Mr. Bishop has
the board of direcChairman
country for many years and at present is Power Co.of
and President of the -V. 116. p. 2259.
tors of the Niagara Lockport & Ontario
-V. 117, p. 2900.
-Interests to Acquire Stock of
Washington Baltimore & Annapolis Electric RR.
Aetna Life Insurance Co.
- Standard Fire Insurance Co.United Light & Power Co. (of Md.).-Plan Approved.
Morgan B. Brainard sa_ys:
"The Aetna Life Insurance Co.'s
Presicent
through the Automobile Insurance Co., have made a proposal
In
Standard Fire
for the purchase of the shares of the stock of the company have Insurance
approved
the formation of Co. at $135 a share. The directors of the latter
Tho stockholders on Dec. 29
the proposal and recommended its acceptance by the stockolders. stock
Power Co. as outlined in V. 117, D. 2771, 2655.
United Light &
added that in all probability, the Standard's capital
Mr. Brainard
-To
would be increased from $500,000 to 3,-000.000, with a corresponding
United Railways Co. of St. Louis. down Reorganize.
a decision denying increase in surplus. Mr. Brainard further states: It is expected that
handed
Federal Judge Farris at St. Louis has
refusing the applica- dividends on Standard Stock will be discontinued for a considerable time.
receivership of the company and
the extension of the
receiver's certificates. This means a reorganiza- This will serve to strengthen the company's assets and generally to improve
Co. in
tion to issue $1.000,000
its financial condition. It will parallel the Automobile Insurance
and a new plan of financing.
of the company at once the 4% Gen. First Mtge. gold bonds. due 1934. fire lines, and will continue to write tornado, wind storm, sprinkler leakage
tion
Interest payable Jan. 200 2214.
and other related insurance lines."
p.
-V. 117.
deposited
is not being paid.
"Stock certificates of the Standard Fire Insurance Co.,should beIlartford,
Bank,
Virginian Ry.-I.-S. C. Commission's Order Authorizing or or before Jan. 15. with the Hartford-Aetna National 117. p. 442.
-V.
and payment therefor will be made by check."
Conn.,
Order Reversed.
and V. 117. p. 2655.
See United Light & Rys. below
United Light & Rys.-Plan Approved:approved the plan fer
Extension-Former
hi
JAN.5 1924.]
THE CHRONICLE
87
ing the sum in cash required by order of the Court,and that,in consequncee
under the order of the Court, the Nicaragua Fruit Co.'s bid stood rejceted,
and the bid of the readjustment committee stood accepted. The committee
has made the first payment required by the order of the Court, and will
proceed to complete the purchase and carry out the plan of readjustment.
Irving Bank-Columbia Trust Co. Is depositary under the plan.
A Wilmington dispatch Jan. 3 states that Joseph J. Lunen°, President of
the Nicaragua Fruit Co.. who bid $13,000.000 for the property but failed
to exercise his option Dec. 29. the time set, has asked in the Federal District
-Capital Increase.
Amalgamated Motors Corp.
Court that the case be reopened so he can exercise the option, stating he
The company recently filed a certificate of an increase in its capital stock had the $500,000 that was to have been paid on Dec. 29. He was directed
from 1,000 shares Prof. stock (par $100) and 250,000 shares of Common to notify the others in interest after which a date will be set for a hearing.
shares of Pref. stock (par $100) and 500.000 The option, as stated above, has reverted to the readjustment committee.
(of no par value), to 2,000
.-V. 117. p. 2656. 2435.
shares of Common stock (of no par value)
-V. 117, p. 2893, 2545.
-Unfilled Orders, etc.
Allis-Chalmers Mfg. Co.
Unfilled orders on Dec. 1 were 912.043000 as compared with $12.200,000
on Nov. 1 and $12,575,000 on Oct. 1. 'With the $600,000 order from the
Public Service Co. of Northern Illinois it is expected that a gain in orders
will be shown at the start of the new year. Employees of the company
numbered 6,569 on Dec. 1 as compared with 6,742 on Nov. 1. See also
V. 117, p. 2892.
Amalgamated Oil Co.
-Sale Approved.
The stockholders have approved the sale to the Associated Oil Co. on
the basis of 4 4-5 shares of Associated stock, par $25, for one share of
Amalgamated, par $100. See also V. 117, p. 2892.
-Sub. Cos.
Atlantic, Gulf & West Indies SS. Lines.
The Alm'Petroleum Corp. of England has arranged financing necessary
to supply its capital requirements. The company intends to issue 1300,000
504, debenture stock, carrying certain stock options. The stockholders will
11 each
he asked to increase
(The) Alms & Doepke Co.
-Balance Sheet June 30 1923.- to 1.500,000 shares. the authorized capital from 1,000,000 shares of650,000
Atlantic, Gulf & West Indies originally owned
Liabilities
Assetsshares, but disposed of 400,000 shares and now owns 250,000.
x$1,258,923 Preferred stock
$2,400.0.10
Real est. & bldgs
The new debenture stock will be repayable at 135% at the option of the
y127.111 Common stock
1,200,000 company, on 6 months' notice, or on demand of the registered holders at.
Fiats.& equip.& autos__
105.153 Notes payable
200,000 or at any time after, the expiration of 5 years from date of issue. The
Cash
22,482 Accounts payable
462,170 1300,000 debenture stock will be sold at par, less 10% commission, with an
Notes receivable
z990,759 Accrued taxes
Accounts receivable
47,431 option to subscribe at par for 300)00 shares up to 6 months from the date of
Inventory mdse. on hand 2,048,387 Fed, tax. reserve
21,700 issue of the debentures, with a further option of 420.000 shares, at par
13,893 Res.for insur. on impot•ts
Other assets
12,663 exercisable at any time within one year after the debentures are paid off.
Deferred charges
55,089 Surplus
277,832
the
Total
$4.621.797
Total
$4.621,797
x Real estate and buildings $1,453,814 less allowance for depreciation
$194,892. y After deducting $136,655 as allowance for depreciation.
z After deducting $15,000 allowance for possible losses.
-V. 117. p. 2892.
American Cotton Oil Co.
-Additional Plants Sold.
J. W. Conway of Atlanta, in conjunction with New Orleans investors,
recently purchased the properties of the company and its affiliated concerns
in Gretna, just across the Mississippi River from New Orleans. The
amount involved in the purchase is said to be about $500,000. The plants
involved in the transaction include those of the American Cotton Oil Co.,
the N. IC. Fairbanks Co. and the Union Fertilizer Works, which front 2,500
feet on the Mississippi River, with extensive wharfage facilities. They have
been closed since last March.
-V. 117. p. 2656, 2544.
American & Foreign Power Co., Inc.
-Incorporated.
This company was incorporated in Maine Dec. 19 last. to do a general
contracting business, do all things incident to manufacture, storage, distribution, ez., of electricity, gas, power of any kind, heat, refrigeration,
-Compare V. 117. P. 2773.
transportation. &c.
American Light & Traction Co.
-Stock Dividend.
The directors have declared a cash dividend of 134% on the Preferred
stock, a cash dividend of 1% on the Common stock and a dividend at the
rate of one share of Common stock on every 100 shares of Common stock
outstanding, all payable Feb. 1 to holders of record Jan. 11. Quarterly
cash dividends of 1% and stock dividends of 1% have been paid on the
Common stock since Feb. 1921.-V. 117, p. 1995.
American Piano Co.
-Offers Preferred Stock.
The company is offering its stockholders the right to subscribe to 14.544
shares of 70(, Preferred stock (par $100) at 96, on a basis of one share for
each 6.1103 shares of Preferred and Common now held. The proceeds
will be used to pay for the Mason & Hamlin Co.. recently acquired. See
V. 117. P. 1893.
AmericanRailway Express Co.
-New Vice-President.
Charles W. Roble has been appointed Vice-President in charge of operation in the Eastern department of the company, with headquarters in
New York City,succeeding R. E. M.Cowie, who was recently made President. Mr. Roble was formerly General Manager of the company at Bos-V. 117, p. 2656.
ton, in charge of the New England department.
-Sub. Co. Officers.
American Sugar Refining Co.
President Earl D. Babst announces the following changes in the officers
of the constituent companies of the American Sugar Refining Co.:
Robert M.Parker has been elected President of the Sugar Export Corp.,
at the same time retiring as Vice-President of the American Sugar Refining
co. and as President of the Brooklyn Cooperage Co. Mr. Parker has been
Vice-President of the Sugar Export Corp.since its formation.
W. Edward Foster has been elected Vice-President of the Sugar Export
Corp.
Thomas A. Sullivan, heretofore Vice-President, succeeds Mr. Parker as
President of the Brooklyn Cooperage Co., and Edwin T. Gibson has been
elected Vice-President, and Lynde Belden and H. Clarence Smith have
been elected Secretary and Assistant Treasurer, respectively, of the Brooklyn Cooperago Co.
Fred Mason, Vice-President of the American Sugar Refining Co., takes
on the office of President of the Franklin Sugar 'Refining Co- of Philadelphia. by reason of the retirement of George H. Frazier. This brings
the entire sales of the company at all points more directly under the supervision of Mr. Mason of the general office in New York.
-V.116. p. 2770.
American Writing Paper Co.
-Interest Defaulted.
The interest due Jan. 1 on the 20 Year Sinking Fund 6% bonds due 1939
was not paid on that date.
-V. 117, p. 2893, 2435.
-Sale.
-Amesbury 8c Salisbury Gas Co.
See Haverhill Gas Light Co. below.
-V. 117. p. 2325.
Anaconda Copper Mining Co.
-Acquisition.
-Tenders.
Receivership for Ward Line.-Pres. Mooney has issued
following statement:
The appointment of a receiver for the Ward Line IN. Y. & Cuba Mail
-see below] is in no way inimical to the Interests of the Atlantic
88. Co.
bondholders or stockholders. In consenting to this appointment, the
executive committee of the Ward Line feels that this marks the beginning
of a constructive policy with respect to its affairs. The receivership will in
no way curtail or interfere with the business of that company.
In the year 1922 the Ward Line operations resulted in a deficit of5985,630.
In the 10 months ending Oct. 31 the deficit amounted to $1,076,528.
These deficits are in a considerable measure due to the large depreciation
charges which the company has to meet annually, but they do not take
Into account the very large annual sinking fund requirements under the
mortgage of the Ward Line. In addition to these deficits, the company is
laboring under a very considerable floating indebtedness. And further, the
company is in most urgent need of very substantial sums for reconditioning
of two major units of its present fleet.
The outlook for the general steamship business in the West Indies is not
at all brilliant. Nevertheless, the Ward Line has hitherto always been
able to work itself out of distressing situations, and I am hopeful in this case
that by the co-operation of all parties interested, namely the bondholders,
floating debt holders and stockholders, a plan of reorganization may be
-V. 116, p. 2392.
worked out in the near future.
-Financing Plan Fails.
Atlas Steel Corp.
The stockholders have subscribed to but a portion of the new Participating Pref. stock. Owing to the inadequate response the directors have rejected all subscriptions. Conferences over the future of the company are
being held. it is said. See also V. 117, p. 2437.
Baltimore Pearl Hominy Co.
-To Pay Bonds.
The trustees in bankruptcy. Wm. 0. Pierson and Carl R. McKenrick,
have paid to Union Trust Co. of Maryland, trustee, an amount of money
sufficient to pay all of the outstanding 6% bonds, together with interest
thereon to and including Dec. 31 1923. The holders of the bonds are
requested to present the same to Union Trust Co. of Maryland. trustee.
Baltimore, on or after Jan. 2 1924,for payment. All Interest on the bonds
will cease as of Dec. 31 1923.-V. 113, p. 1057.
Bethlehem Steel Corp.
-Turns War Plants to Steel
Products-Disposes of Mesabi Stock.
The company, which, prior to the outbreak of the European war, was the
largest ordnance making plant in the United States, and which, during the
war, devoted its entire effort to production of guns, munitions and war
materials, has now practically completed the change of its property to the
manufacture of commercial steel and steel products. It has converted its
entire war material plant except the ordnance making capacity, which is
held for emergency use. At the present time less than 2% of its total
property and plant Investment Is devoted to ordannce. The amount of
cash investment now devoted to ordnance is actually less than it was before
the war started in Europe in 1914.
The actual conversion of the company's ordnance manufacturing facilities from war to peace conditions is well illustrated by a comparison of the
October 1918 production of three typical ordnance shops with the production of the same shops in 1923:
-Now No.3 Structural Fabricating Shop-- Pounds.
No.5 Machine Shop
601,000
Oct. 1918 produced 535 limbers and caissons
Oct. 1923 produced and shipped fabricated structural material 3,010,000
No. 1 Projectile Forge
4,250,000
Oct. 1918 forged shrapnel shells weighing
292.000
Oct. 1923 produced 1,640 steel truck wheels weighing
-Now Central Tool Shop
No. 1 Projectile Machine Shop
Oct. 1918 machined shells. 71,000 pieces
2 125.000
Oct. 1923 manufactured commercial and manufacturing tools.
229,159
48,453 pieces
'The corporation has sold its holdings in Mesabi Iron Co. stock to inside
Interests. Amount of stock owned by Bethlehem cannot be learned, but
it was substantial. It is emphasized that reason for sale was simply that
the stock was taken over among Midvale Steel & Ordnance's assets early
this year when that concern was absorbed, and its retention was not considered necessary with Bethlehem's present lineup. Sale was not a reflection on the value of Mesabi stock. Mesabi Iron has 786,267 shares of stock
-V.117. p.2893,1890,672.
and no funded debt. ("Wall Street Journal.")
Anaconda Copper interests. it Is reported, have acquired a substantial
block of Walker Mining Co. stock, a copper property located in Plumes
County, Calif., and controlled by the Anaconda Copper Mining Co.,
through 51% stock ownership.
Birmingham Water Works Co.-Pref. Stock Offered.
The Guaranty Trust Co. trustee, N. Y. City, will until Mar. 3 receive
The company
div.
bids for the sale to it of 10-Year Secured Series "A" 6% Gold bonds dne Prof. ((a. & d.) is offering at par ($1..,0, and1926,$500,000 7% Cumul. 1st
stock. Red. after Mar. 1
upon 30 days notice. at
Jan. 11929. to an amount sufficient to exhaust $750,000, but at prices at 105 and div. Divs. payable Q.
-M. Transfer agent,
which the rate of return, based on the yield from Mar.3 1924 to Jan. 11929, & Savings Co., Birmingham, Ala. Registrar, First Birmingham Trust
National Bank of
-V. 117, p. 1995.
would be not less than 6% per annum.
Birmingham, Birmingham, Ala.
Capitalization Upon Completion of Present Finantmg.
Anderson (Ind.) Foundry & Machine Co.
-Sale Ordered.
51.700.000
A petition by Winfield T. Durbin, receiver, for the sale of the property Cumularive 1st Preferred Stock
1,829,700
to a new corporation was recently granted by W. A. Kittinger, Judge of Common Stock
5,025000
the Madison Circuit Court, and the receiver was instructed to receive sealed Underlying Bonds (closed mortgages)
Company
.-A subsidiary of American Water Works & Electric Co.. Inc.
bids for not less than the invoice of the assets, $616,000. The company is
a subsidiary of the R. L. Dollings Co. of Indiana. It is reported that Supplies without competition water for domestic, commercial and industrial
- uses to Birmingham and adjacent territory, serving a population in excess
the Anderson Oil Engine Co. Is being organized to take over the plant.
of 300.000.
V. 117, p. 1465.
Purpose.
-Proceeds will be used to pay for capital betterments already
Androscoggin Mills, Lewiston, Me.
-Smaller Dividend. made Or to be installed in the immediate future.
Earnings.
-Present net earnings available for dividends after payment
The directors have declared a semi-annual dividend of 3%. payable
of operating expenses, maintenance, taxes, depreciation reserve, bond
Jan. 2 to holders of record Dec. 24. Six months ago 5% was paid. Prior interest
and all other charges, amount to 24 times the annual dividenn
year and a half, the rate was 3% sensi-annually.-V.117.p.1995.
to that,for a
requirements on all outstanding Preferred Stock, including this issue.
V. 117. p. 2325. 1780.
-Purchase Approved.
Associated Oil Co.
Oil Co. above and V. 117. p. 2893, 2774.
See Amalgamated
-Proposed Merger.
Atlantic City(N. J.) Electric Co.
Application for approval of the merger of the Atlantic City Electric Co.,
Cape May County Electric Co., Cape May Light & Power Co., Hammonton Electric (Jo. and West Jersey Electric Co. has been made to the New
Jersey P. U. Commission. The new name of the merged corporations will
be the Atlantic City Electric Co.
The directors for the first year will be R. E. Breed, Marion. Ind.; George
N. TIcki, Elizabeth, N. J.; Frank B. Ball, Plainfield, N. J.: F. W. Drager,
Elizabeth. N. J.,• Frank Hunter, Brooklyn, N. Y.: J. F. McMillan, Elizabeth, N. J.: H. L. Finley. Brooklyn, N. Y.; M. B. Feldmann, Englewood,
N. J., and 111. H. Howell, Atlantic City. N. J.
Mr. Breed will be President and Mr.Ticid and Mr.E.B. Maurer of Elizabeth, Vice-Prosidents, and Mr. Ball Sec. & Treas.-V. 114, p. 2363.
-Readjust. Committee's Bid Accepted.
Atlantic Fruit Co.
Boston Consolidated Gas Co.
-Gas Rate Cut-Output.
--
The company will reduce the price of gas to consumers 5 cents per 1,000
cu. ft., effective Feb. 11924. The present charge is $1 25 per 1.000 Cu. ft.
This reduction means an annual saN lug to the consumesr of approximately
$425,000.
Gas Output in Cubic Fee During 1922 and 1923.
Month of1923.
1922.
Month of1923.
1922.
January - _ _884,461,000 804,617,000 July
615.312,000 579,477,000
February _ _804,436.000 683.405.000 August _ _ _ _627,170,000 602.660,000
March
846,049.000 715,103.000 September _697.942.000 706,851.000
April
742,258,000 667,476,000 October_ _ _ _789,779,000 804.895.000
May
741,064.000 659,901.000 November -772,036,000 796.558,000
June
655.823,000 612,264.000 December_ _822.062.000 866,173,000
-V. 117, p 2545.
Butterick Company, New York.
-New Secretary.
secretary, succeeding .1. Brew's.
-
T. S. Alersereau has been elected
The readjustment committee has announced that the Nicaragua 'Fruit
AZlo. has failed to make good its bid for the assets of the company by deposit.. I). 117, p. 1131.
88
THE CHRONICLE
Calumet & Arizona Mining Co.
-Production.
-Month ofDec. 1923. Nov. 1923.
Copper production (lbs.) 3,876,000
3,688.000
117, p. 2545, 2326.
Oct. 1923. Sept. 1923.
3,226,000
3,386,000
Central Maine Power Co.
-Buys Power Plant.
-
The property of the Lincoln County Power Co., which was placed in the
hands of a receiver 18 months ago, has been sold by order of the Maine
Supreme Court at public auction. The only bid was made by the Central
Maine Power Co.for $200.000.-V. 117. p. 2774.
Central New York Gas & Electric Co.
-Tenders.
-
The Philadelphia Trust Co.. trustee, Broad and Chestnut Sts., Phila.,
Pa., will until Jan.31 receive bids for the sale to it of 1st Mtge.5% Sinking
Fund Gold bonds, dated Mar. 15 1911. to an amount sufficient to exhaust
$10,201, at a price not exceeding 105 and int.-V. 117, p. 210.
Chemical Foundation, Inc.
-Govt. Suit Dismissed.
-
Judge Morris in the U. S. District Court at Wilmington. Del.,in an opinion handed down Jan. 2, dismissed the suit of the U. S. Government against
the Chemical Foundation. Inc., and other defendants for the recovery of
former German-owned patents.
According to Washington dispatches, steps will be taken as expeditiously
as possible to appeal the decision of the Federal District Court. The Government, it was added, has "every confidence of winning the case ultimate-V. 117. p. 1466, 443.
ly."
Cincinnati Abattoir Co.
-Sale Ordered.
-
Upon the application of Charles Strebel. receiver, Common Pleas Judge
John A. Caldwell recently made an order for the receiver to advertise all
the assets of the company for sale, bids to be received upon them as a whole
and piece-meal.
-V.115, p. 1214.
Citizens Gas Co. (of Indianapolis).
-Dividend Outlook.
-A letter to the stockholders says:
The directors, in view of the condition of the company's business for the
year just closing, have had under earnest consideration their obligation to
the stockholders to resume the payment of dividends at the earliest possible
date on the $2.000.000 of Common stock for which $2,418,000 was paid to
the company by its stockholders.
It is the purpose of the directors to resume the payment of dividends
quite early in the year 1924, should no untoward circumstances arise in
the meantime.
During the year 1921 and the first eight months of the year 1922 the
company suffered serious financial losses through the unfavorable business
conditions prevailing, and as a result not only did it lose the $418,000 of
surplus which had been paid into the company by the stockholders, but
it was required to practice many economies, including the neglect of an
adequate upkeep of the company's plant.
With the improvement in business conditions which came on in the latter
part of 1922. and with the higher gas rate, which has been in effect during
the same period, the condition of the company has materially improved.
and by the end of the present year we believe that the amount of surplus
paid into the company by the stockholders will have been re-established
and thereby the stockholders' position restored to the place where it should
be.
-V.117, p. 2894. 2657.
Clear Lake (Wash.) Lumber Co.
-Bonds Offered.
Pierce, Fair & Co., Drumheller, Ehrlichman & Co. and
National City Bank of Seattle and Lacey Securities Corp.,
Chicago, are offering at 99 and int. to yield over 7.10%,
$800,000 1st Mtge. 10
-Year 7% Sinking Fund gold bonds.
A circular shows:
Dated Jan.11924. Doe Jan. 11934. Interest payable J. & J.in Seattle,
Tacoma, Portland or San Francisco without deduction for normal Federal
income tax not exceeding 2%. Denoms. $500 and $1,000 c*. Red. (or
for the sinking fund), all or part, by lot, upon any interest date upon 30
days' prior notice at 102. Bank of California, N.A., trustee. Authorized. $1,850,000.
-Organized in 1902. In 1913 merged with the Mt. Baker
Company.
Timber Co. and Skagit Logging Co. and purchased the entire stock of the
Puget Sound & Cascade fly., thereby acquiring the Puget Sound & Cascade
RR. and a large amount of standing timber adjacent to its operations.
Owns at Clear Lake, Wash., large, modern, electrically-driven lumber and
shingle manufacturing plants, with attendant planing mill, dry kilns. lumber and shingle sheds, offices, stores. &c. The sawmill has an annual
double 8
-hour shift capacity of 80,000.000 feet and the shingle mill an
annual single 8
-hour shift capacity of 200,000.000 shingles. Through its
CIVMS sales organization company markets its entire output direct to consumers and distributors in the U. S. Timber holdings consist of 2.971
acres of land owned in fee, upon which there are some 180.000,000
standing timber. approximately 75% of which is fir and cedar, and feet of
17,000
acres of land with approximately 875.000,000 feet of comparable timber
controlled under five advantageous contracts, provision for the funding of
which contracts has been made under this mortgage.
Sinking Fund.
-Mortgage provides a sinking fund of $2 50 for each
1.000 feet of fee timber logged: $1 for each 1.000 feet of contract timber
logged, and 75c. for each 1,000 feet of timber from any other source logged
or milled by the company. Such funds are to be used for the purchase
and retirement of bonds at or under the call price and if not available
then for call of bonds by lot.
Income.
-Consolidated net income of the company and the Puget Sound
& Cascade fly. available for the payment of principal and interest on these
bonds (or timber contracts), plant renewals and extensions and income
taxes has averaged for the past 43i years better than $6 per 1,000 feet of
timber cut. Present operations are on a basis of an annual production
of 100.000,000 feet.
Purpose.
-Proceeds will be used to provide additional working capital.
Capitalization.
-Common stock outstanding. $623,200; 7% Cum. Pref.
outstanding, 5500,000; 1st mortgage bonds, $800,000.
Columbia Graphophone Factories Corp. of Md.The
[VOL. 118.
Glore, Ward & Co., New York, have sold at $25 and div.,
$1,000,000 7% Cum. Pref. (a. & d.) Stock (see adv. pages).
At the same time $1.000,000 Class "B" Prof. and 48,000 shares no par
value Common Stock are being issued and sold at $26 and accrued dividend
per share ($1.040,000), and $22 50 per share flat ($1,080,000), respectively
(see V. 117, p. 2894).
Subscribers to the above Pref. stock were offered the privilege of buying
1 share of Common stock at $22 50 flat per share for each 3 shares of Pref.
which they were allotted.
Capitalization and Surplus
-Cash Paid and Outstanding (Incl. Present Issue).
Preferred Stock, 7% Cumulative, with full voting power
$4,000,000'
Preferred Stock Class "B"8% Cumul., with full voting power_ _4 0 .01°'
4,0 0, 0.
.000
Common Stock, no par value (annual div. $1.50 a share)
Surplus and profits, after 20% Common Stock div. Dec. 21 1923_$3' 0 ,869%
4 0,664shs
8 00
Listing.
-till three stock issues are listed on the Baltimore Stock Exchange, and application will be made in due course to list the stocks now
offered.
A. E. Duncan, Chairman of the Board, in a letter to the
bankers, says:
Company.
-Usually known as "Commercial Banking." is the purchasing
of open commercial accounts, notes, acceptances, drafts, installments and
motor lien obligations, all of which are secured by a substantial margin or
by lien, the average payment being in about 90 days, so that the
of the company are liquid and subject to but little depreciation. assets
Company owns all of the Common shares of Commercial
New York and Montreal; Commercial Acceptance Trust, Credit Corp.,
Chicago: and
Commercial Credit Co., Inc., New Orleans. Combined resources ofthe four
companies on Nov. 30 1923, after pending financing, are over $66,000,000.
and their combined purchases for the 11 months ended Nov. 30 1923
were
5160,671,984.
Calendar Years
11 Mos. to'
Earns. &Oper.1920.
1921.
1 922.
Nov. 30'23.
Gross receivables purch_$87.291,823 $79,347,241$111,826.475$160,671,984
Average cash employed_ 17,588,032 16,886.287 28,120,842 59,111,574
Net earns.(after Federal
taxes, &c.), applicable
to dividends
683,809
654,001
1,581.116
2,256,967
Divs.on 7% Pref.stock_
70.000
86,376
133,186
192,500
xDivs.on 8% Pref."B"_
70,000
93,516
152,212
220,000
Divs.on Common stock_
120,000
163,726
280,000
345.000.
Balance for surplus__ _ $423,809
$310,383 51.01.5718 $1,499,467
x Dividend rate increased from 7% to 8% July 1 1921.
Preferred stock have averaged more than ten times the amount required
for the period.
Dividends.
-Company has regularly paid full dividends on outstanding
Pref. and Class"B"Pref.stocks. Common stock was put on a6% dividend
basis July 1 1913, which from time to time has been steadily increased to
16% on April 11923; and from Jan. 1 1924 it is intended to pay $1 50 per
share on the new stock. In addition thereto, several substantial common
stock dividends have been paid to common stockholders, the last being
20% Dec. 211923. Compare also V. 117, p. 2894, 2775.
Commercial Solvents Corp.
-Status.
-
The corporation is reported to have perfected a system of preventing
serious contamination of bacteria used in making its basic product, butyl
alcohol. The new system will insure the company against interruption
which curtailed production severely in 1923. The management believes
it has seen the end of these difficulties. The Terre Haute plant is now
running full and the new plant at Peoria, Ill. which will more than double
capacity, is running about 30%. It is expected to be operating at
early this year. bringing the total production to a monthly rate ofcapacity
between
2.000,000 and 2,500,000 pounds. The corporation, it is stated, has its
entire output sold a year ahead.
-V. 117, p. 2775.
Computing-Tabulating-Recording Co.
-May Change
Name.
The company has under consideration a proposition to change its name to
International Business Machine Co. or some similar name, which will better designate the nature of the company's products.
-V. 117, p. 2327.
Congoleum Co., Inc.
-New Common on $3 Annual Basis.
The directors have declared a quarterly dividend of 75 cents per share on
the outstanding Common stock, no par value, payable Jan. 30 to holders
of record Jan. 15. This is at the rate of $12 per annum on the old Common
stock outstanding before payment of the 300% stock dividend. The old
stock was on an $8 per annum basis.
-V.117, p. 2894.
(.John T.) Connor Co., Boston.
-Gross Sales.
-
Gross sales for the calendar year 1923 totaled $14.483.999. as against
$11,622.035 for 1922, an increase of $2,861,964 or 24.6%. It is stated
that at Dec. 31 1923 the company had 426 stores and has signed leases for
between 35 and 40 more locations. It is planned to have an aggregate of'
500 stores opened by the end of 1924.-V. 117. p. 2217.
Consolidated Gas Co. of New York.
-Analysis.
-
W. C. Langley & Co., have prepared an analysis of the Company as
affecting its Common Stock. The analysis covers the capitalization,
earnings and property of the Comeany. The bankers state that they
feel very strongly that the Com-non Stock of the Company is one of the
most attractive Common Stock investments in the market to-day. With
the continued growth of the electrical business in and about New York, they
feel that a purchaser of this stock would have every reason to expect an
increase in dividend in the reasonably near future, and constant enhancement in market value.
-V. 117. p. 2894, 2657.
Consolidated Steel & Iron Corp. of Ind.
-Denied
Right to Sell Stock.
-
The State Securities Bureau of the State Banking Department
Mercantile Trust & Deposit Co., Bolt., Md., purchased on Dec. 31 vania has refused the promoters of the company permission to of Pennsylsell stock of
at the lowest price available $197,000 1st dtge. 6% Serial bonds dated the company in Pennsylvania. It is understood that
legal steps against
Nov. 1 1919. This action was in accordance with a notice sent to bend- the Bureau will be taken.
-V. 116, v. 520.
holders early in December to the effect that the trustee had funds available
with which to purchase a limited amount of the bonds, and asking for
Continental Can Co.
-Had Good Year in 1923.tenders. The purchase of this block leaves $1,031,000 outstanding, out
of an original issue of $1,750,000, the balance having been retired either in Pres. Thomas G. Cranwell says: "The company had an excellent year
1923, both in volume and in earnings, and we are looking forward confithrough yearly maturities or by the operation of the sinking fund.
-V.117, dently to 1924 to be in every sense as good if not a better
year than 1923.
p. 2327.
• Stocks of canned goods throughout the country are moderate with every
indication that before the new packing season begins next June practically
Columbia Graphophone Mfg. Co.
-Schedules Filed.
entire production of 1923 will have been consumed. This means preparaSchedules in bankruptcy were filed in the U. S. District Court at New
York Dec. 28 by the company, which went into bankruptcy on Oct. 15 last. tion for a large pack during the canning season."
-V. 117. p. 2217.
Liabilities are listed as $23,910,405, and assets as $18.667,931.
Copper Export Association.
-Companies Withdraw.
The principal assets are: Accounts, $5,932,600; merchandise in factories
The Kennecott interests, American Smelting SZ Refining Co. and the
per inventory. $4,593,406: cash. $2,753,260; real estate, $1,545,527: ma-Dodge Corp. have withdrawn from the Copper Expert Association.
chinery and fixtures, $1,546,701; investments in subsidiary companies. Phelps
to take effect Feb. 1. The Association, however, will continue to do busi$1,225,000; good-will, patents and trademarks. $1,000,000.
ness as previously. Included in the Kennecott group is the Kennecott
The principal creditors listed are Bankers Trust Co.. $1,332,066; Guar
$1,332,066; Chase National Bank. $1,332.066; National Copper Corp.. the Braden Copper Co., the Nevada Consolidated Copper
anty Trust
Shaarmut Bank of Boston. $888.044: Equitable Trust Co.. $888,044; Co. and the Utah Copper Co., as well as the Motherlode Coalition Mines
Co..
-V. 117. p. 2898.
Chatham & Phenix National Bank, $888,044; Fidelity Trust Co. of Phila- Co.
delphia. $888,044: National Bank of Commerce. $888.044; New York
Copper Range Co.
-Resignation.
Trust Co.. $888,044: First National Bank of Chicago, $444,022; Fourth
F. W. Denton has resigned as Vice-President and Consulting Engineer.
Street National Bank of Philadelphia, $444,022; Citizens' National Bank of
Baltimore, $266,413; Fidelity Union Trust Co. of Newark. $266,413; W. H. Schacht. who for many years has been General Manager in charge
Gotham National Bank, $266,413; Coal dz Iron National Bank, $222.011: of operations, will continue in this capacity.
-V. 117. p. 1466.
Franklin National Bank of Philadelphia, $177,608; Harriman National
Corn Products Refining Co.
-To Reduce the Authorized
Bank. $133,206: First National Bank of Bridgeport, $133,206; Guaranty
Trust Co.,as trustee, under trust agreement executed Aug. 1 1920,covering Pref. Stock-To Increase Common Stock-25% Stock Dividend.
-year 8% gold bonds, principal and interest
issuance of $6.000.000 of 5
The stockholders will vote March 25 (1) on reducing the authorized Prof.
amounting to $6,797,202; William C. Dickerman, E.0. Mayo and Jay S.
Meyer. as committee constituted under agreement executed Sept. 30 1921. stock from $30,000,000 to $25.000,000, thus formally completing the retirement of 50,000 shares which were purchased by the company and cancelled
$1.533,320 claims based on adjustment of amounts due merchandise and
supply creditors: Columbia Graphophone Factories Corporation. $299,512: In 1921, and (2) on increasing the authorized Common stock from $50.000.000 to $75,000,000 and changing the par value of the shares from $100
taxes, $104.017.
A plan ofreorganization(V.117. p. 1780) was recently declared operative. each to $25 each.
Should these changes be approved by the stockholders, 5 shares of the
V. 117. p. 2327.
See
new stock, par $25, will be issued in exchange for each share of the present
The
the new
-Stock Sold.
-Robert Garrett & Common stock, par $100. which balance ofbe made Common stock will be
IF Commercial Credit Co.
held in the treasury,from
sales may
Sons, Baltimore; Spencer Trask & Co. and Marshall Field, here and abroad, thereby enlarging their interest into the employees, both
the company and en-
eT:AN. 5.19.24.]
THE CHRONICLE
abling them to share more largely in the development and extension of
its business.
Estimating the earnings for the month of December, the profits for the
year, it is stated, will not differ materially from last year. See also V. 117.
p. 2894.
-Segregation.
Coxe Brothers & Co., Inc.
-Initial Dividend.
Eastern Steamship Lines, Inc.
An initial dividend of 87% cents per share has been declared on the outstanding 85,254 shares of no par Pref. stock, payable Jan. 15 to holders of.
record Jan. 7. The no par stock was distributed Oct. 15 last to Common
stockholders as a 100% stock dividend (see V. 117.9. 1467; V. 116, p. 1766)•
-V. 117, p. 1997.
See Lehigh Valley RR. above.
-V. 117, p. 2115.
-Annual Report.
Cuban Dominican Sugar Co.
1,
89
-Bonds Called.
Elkhorn Piney Coal Mining Co.
Certain 1st Mtge. Coll. 7%% Sinking Fund Gold bonds dated Dec. 15
1921, aggregating 5112.000, have been called for redemption Feb. 1 at 103
and int. at the Union Trust Co., 814 Euclid Ave., Cleveland, 0.-V. 115,
p. 2910.
Production.
-The annual report for the year ended Sept. 30 1923 shows
the production from the last five crops is as follows:
1922-23. 1921-22. 1920-21. 1919-20. 1918-19.
-Regular Dividend.
Fajardo Sugar Co.
San DomingoConsuelo
175,419 185,395 187,781 178.776 2,.3,056
The directors have declared the regular quarterly dividend of 2%%,
San Isidro
91,778 75.763
75,989 payable Feb. 1 to holders of record Jan. 15. On Nov. 1 last an extra
95,723
86,455
Barahona
127,000 101,031
dividend of 2%% was paid in addition to a quarterly dividend of 2%%.
Cuba
-V. 117. p. 1990.
Santa Ana
88,668 107,428
59,527
59,389
96.130
-Finance Committee.
Battik,
104,831 132,892 101,499
Famous Players-Lasky Corp.
96,117
96,328
William H. English, Vice-President of the Empire Trust Co., has been
Totals
587,696 602,509 439.262 430,005 491.503 elected a member of the finance committee. succeeding Theodore F. Whit
Income Account Year Ended Sept. 30 1923.
marsh.
-V. 117. p. 2895.
Receipts
-Raw sugar produced, $8.662,993: molasses produced,
-Transfer China
Federal Telegraph Co. (of Calif.).
$86,922;interest received.$44,015; psofits on stores,cattle,&c.,
$95,058; total
$8,888,988 Radio Rights.
Expenses of producing, manufacturing, selling, &c
5,808,238
The company, according to a recent San Francisco dispatch, has transDepreciation, $972,115; interest on 1st mtge. 8s of Santa Ana
ferred all of its rights and titles in the $13,000,000 contract for construction
Sugar Co., $262,511; interest on bills payable, Stc- $436.218;
radio
total
1,670,845 and operation of Radio stations in China to the Federal Telegraph Co. of
Corp. of America and the Federal Telegraph Co.
Delaware. The
-V. 115, p.
Net profit
$1,409,905 of Calif. are the only stockholders of the Delaware company.
1435; V. 117, p. 898.
-V. 116, p. 620, 726.
Cudahy Packing Co.
-Ask Court Writs to Get
(Marshall) Field & Co. Chicago.
-Sub. Cornpany.-
Books.
The Davis Dry Goods Co. has been incorporated in Illinois. The issuPetitions for writs of mandamus were filed in the IL S. District Court at
Chicago Dec. 27 over the signature of Attorney-General Harry M. Daugh- ance of the charter is a result of the recent purchase of Rothschild's by Marerty, seeking an order compelling the Cudahy Packing Co., Wilson & Co. shall Field & Co. to be operated as a subsidiary. Incorporators are John
and Swift & Co. to give the Government access to their books and records. McKinley, Kersey Coats Reed and Thomas A. Hunter. See V. 117, p. 2895.
The packing companies must answer the petitions on or before Jan. 11.
-Bonds Offered.
42 Broadway Building, N. Y. City.
The petitions allege that on Nov.23 1923 the packing companies refused
to the Secretary of Agriculture access to their books. The petitions fur- Halsey, Stuart & Co., Inc., E. H. Rollins & Sons, Tucker,
ther allege that under the Packers and Stockyards Act the packing companies
are compelled by law to give access to their books whenever it is demanded Anthony & Co., Kissel, Kinnicutt & Co. and Spencer Trask
by the Secretary of Agirculture.-V. 117, p. 2886, 2894.
& Co. are offering at 100 and int. $4,000,000 1st (Closed)
Daniels Motor Co.
-Sale.
Samuel T. Freeman & Co.. Auctioneers, Philadelphia, will sell at receiver's sale at Reading. Pa., on Jan. 14 and 15. the real estate, factory, power
plant, &c., as well as patterns, patents. special jigs, dies and tools, &c.
There will also be sold in piecemeal lots only stock and fixtures, &c. The
plant will not be offered as an entirety.
-V. 117, p. 1997.
Davison Chemical Co.
-Offers Silica Gel Stock.
-
The company will offer its stockholders the right to subscribe to 109,000
shares of stock of the Silica Gel Corp. on the ratio of one share of Silica Gel
stock for every two of Davison stock held, at $25 a share. All the stock
has been underwritten by a syndicate composed of a number of directors
of the Davison company. The stock to be offered is a portion of that which
was under option to a syndicate of bankers who will not take up this option.
The proceeds of the sale of the stock will be $2,725,000, of which $1.850,000
will be used to retire Davison Chemical 8% debentures. The remaining
$1,000,000 will be used as working capital to enable the Silica Gel Corp. to
finance the construction of its new plants.
The Silica Gel Corp. has an authorized capital of 600,000 shares, of which
400,000 are outstanding, and 200,000 shares under option to a syndicate
of bankers. Davison Chemical owns 49% of the outstanding stock.
By the sale of 109,400 shares of Silica Gel Corp. stock to the stockholders of Davison Chemical Co.,the Silica Gel Corp. will receive funds enabling
it to pay off the $1,200,000 which it owes Davison. It will also have a balance of $300,000 for working capital. This will be further increased by
$750,000 to be paid by the English company which has acquired Silica Ge
rights abroad.
The Davison Chemical will deposit with the trustee funds with which to
redeem its debentures, and holders propably will be notified to present them
for payment on and after Feb. 1.-V. 117, p. 2546. 2217.
Dodge Bros.(Automobile Mfrs.), Detroit.
-Production.
It is reported that the 1923 production and sales approximated 180,000
units. This compares with sales of 143.000 passenger cars and 22,000
trucks, a total of 165,000 units for 1922, 93,000 in 1921 and 145,000 in 1920.
The company, it is stated, turned out its millionth Dodge car on Dec. 13
last.
-V. 117, p. 1132.
-
Dominion Stores, Ltd.
-Listing, &c.
-
The Boston Stock Exchange has authorized for the list 5,939 shares
Pref. "A" stock (par $100) and 25,000 shares Common stock (of no par
value). The authorized capital stock is as follows: Preferred "A" (par
$100) 10,000 shares; Preferred "B' (par $100) 25.000 shares; Common (no
par value) 25.000 shares. Issued: Preferred "A" 5,939 shares; Preferred
'B"25,000 shares; Common 25,000 shares.
Dominion Stores, Ltd., Incorp. in Canada Oct. 3 1919. was organized to
produce, manufacture and deal in goods and merchandise of all kinds and to
operate a chain of stores. Company began operations late in the fall of
1919, and its activities, which consist almost wholly in the sale and distribution of groceries, centre largely about the territory tributary to Toronto
and Montreal.
No. of Store Sales cfe, Net Earnings for the Calendar Years.
1920.
1921.
1922.
Number of stores
63
122
191
Sales
$2,401.662 $3,461,153 $5,059.508
Net earnings
28.584
61,716
100,092
As of Dec. 1 1923 had 279 stores in operation,and plans include an increase
in the number by 100 during 1924. Sales for the 11 months ending Dec. 1
1923, amounted to $6,635,073 gross.
Balance Sheet December 311922.
Liabilities
Assets
5110,459 Bills & sects payable
Cash
$256,776
Accounts receivable
6,551 Sundry creditors
6.182
ivierchandise inventory_ _ _ _ 560;103 Accrued expenses
1,275
Investment (mtge.)
3,670 DIA.payable
16,460
31,598 Preferred Stock, Class 'A"_ 270,225
Deferred charges
Stores, fists., mach.. equip_ 142,683 Preferred Stock, Class "B"_ 250.000
31,166 Common (25.000 no par)
Motor cars, trucks, &a
210,135
242,309 Surplus account
117.484
Good-will
Mtge. 6% Sinking Fund gold loan (see advertising pages).
Dated Jan. 1 1924: due Jan. 1 1939. Denom. $1,000c'. Interest
payable J. & J. at office of Halsey, Stuart & Co., Inc., New York and
Chicago, or at Central Union Trust Co., New York, without deduction for
normal Federal income tax not in excess of 2%. Red. all or part on 69
days' notice (except for sinking fund) at 105 and int. to and incl. Jan. 1 1929;
thereafter decreasing % each year to maturity.
Data from Letter of Pres. Harry Raymond, New York, Jan. 2.
Property.
-The 42 Broadway Building is located In one of the most estab7
llshed business sections in downtown Manhattan, being in the midst of the
financial and shipping district. The building is of fireproof construction,
fronting 116 ft. 33 in. on Broadway. 115 ft.7 in.on New St.and extending
entirely through the block and having entrances on both streets. The
building, consisting of 20 stories with basement and sub-basement, has a
total rentable area of 283,000 sq. ft. The building is so constructed as to
allow for the lease of sections of floors in large blocks which have the advantage of windows on several sides.
Security.
-Secured by a first closed mortgage on the land and building
owned in fee, situated at No. 42 Broadway. The property has recently
been appraised by Charles F. Noyes Co. and Joseph P. Day, Inc., at
$6,000,000 and $6,025,000,respectively; the average of the values found for
the land is $3,250,000 and for the building $2.762,500. The mortgage will
provide that while any portion of the 1st Mtge. 6s is outstanding fire
Insurance will be carried to the full insurable value and in addition insurance
in reasonable amount against various other losses and damage will be carried.
SinkinglFund.-The mortgage will provide for the retirement quarterly of
certificates at the rate of $100,000 principal amount in each year through
a sinking fund which will operate by the purchase of certificates up to and
including the sinking fund call price prevailing at the time of purchase or
by call by lot for redemption. Redeemable for the sinking fund on 30 days'
published notice at 102% and int. to and incl. Jan. 1 1929, thereafter at
101% and int. to and incl. Jan. 1 1934. thereafter at 101 and int, to and
incl. Jan. 1 1937, thereafter at 100% to and incl. Jan. 1 1938, and thereafter to maturity at 100 and interest.
Earningsfrom 42 Broadway Building for the 12
-Month Periods ending Nov.30
1923.
1922.
1921.
Gross revenues
$925,506 $924,431 $902,465
Oper.exp., maintenance,gsurance and taxes_ - 334.340 340,226 312,656
Netincome avail,for int., depr.& Fed. taxes 5591.166 $584,206 $589,809
Annual int. requirement on $4,000,000 6s
$240,000
Legal for Trust Funds.
-On the basis of the appraisals above referred to,
the certificates of this loan,in the opinion of counsel, will be legal for investment of trust funds under the laws of the State of New York.
Management.
-The building is owned and managed by the Melpomene
Realty Corporation.
Franklin (Pa.) Manufacturing Co.-Raeivership.John L. Nesbit was appointed receiver Dec. 11 last on the petition of
Charles Miller, former President of the company and its principal stockholder, who alleged mismanagement by a board of trustees.
-V.117, 13• 558.
General American Tank Car Corp.
-Contract.
The corporation has closed a contract with the Southern Pacific Co. for
over 52.000.000 worth of freight car equipment. This, together with other
orders recently received from railroad companies, will keep the corporation's
plant busy for some time, it is said.
--V.•117, p. 2328.
General Baking Co.
-Tenders.
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until Jan. 14
receive bids for the sale to it of 1st Mtge.6% Gold bonds, due June 1 1936,
to an amount sufficient to exhaust 5271.000 at a price not exceeding 105
and int.-V. 117, p. 2895.
General Electric Co.
-Equipment Order, &c.
-
The company has received a 5500.000 order for equipment of 50 new all- •
steel interurban cars for the Pacific Electric By. CO. in Pasadena, Calif.
To conform with its established plan throughout the United States, the
company has created a southwestern district to handle its apparatus business In Texas, Oklahoma, southern New Mexico and southeastern Arizona.
The Southwest General Electric Co., as such, will continue to act as disTotal (each side)
$1,128,538
$1,128,538 tributing jobber in the southwestern district. C. W. Hobson has been
Total
Preferred "A" stock is entitled to cumulative dividends at the rate of appointed southwestern manager in general charge of General Electric
,
-V.117.P• 1998
8% per year, and the Preferred "B" stock at the rate of 7% per year, and business in that territory, and L. T. Blaisdell, dist. mgr.
both classes are entitled to preference in the distribution of assets and are
General Motors Corp.
-Sub. Co. Output, etc.
retirable as a whole or in part on any div. date at $115 and dividends. DiviThe A C Spark Plug Co., 75% of whose stock is owned by the General
dends on the Preferred shares have been paid regularly since incorporation
and dividends of 50 cents per share were paid on the Common stock on Motors Corp., is making over 105,000 plugs daily and plans for 1924 call
11923. Common stock only has voting power, except in for a large increase. The factory in England is producing 3,000 plugs daily
April 1 and Oct.
case of default in the payment of 4 successive dividends on the Preferred and the one in France over 2,000 daily. The company plans to double its
European output next year.
stocks.
-V. 116, p. 941, 301.
A C speedometers have been manufactured since the first of 1922 and the
production is now over 3,000 daily. This instrument is used on the fol-Receiver Asked.
Dorris Motor Car Co.
lowing cars: Buick, Oakland. Chevrolet. Oldsmobile, Maxwell, Gray.
The stockholders of the company filed suit Jan. 3 at St. Louis to enjoin
the company from proceeding with the liquidation of the company. They Haynes, Chrysler, Chalmers and G. M. C. Trucks. The company is
planning a production next year of 10,000 speedometers daily. Orders
-V. 117, p. 2547.
also asked for a receiver.
from other well-known motor companies are on books for next year. The
-Receivership.
- company is producing about 3,000 feet of high-grade tiling daily from what
Duesenberg Automobile & Motors Co.
The company was placed in the hands of William T. Rasmussen as re- was formerly waste material.
The Remy Electric Co.. Anderson, Ind., manufacturers of automotive
ceiver by Judge Mahlon E. Bash of the Probate Court at Indianapolis, on
starting, lighting and ignition equipment, has purchased an additional
-V. 116, p. 1899.
petition of the Acme Works, Inc., a creditor.
plant from the Arvac Manufacturing Co. of the same city, which formerly
built universal joints and other automotive parts. The main plant of the
Eagle Lock Co., Terryville, Conn.-ExtralDiv.Remy company comprises more than 455,000 square feet of floor space.
ow The company on Jan. 1 paid an extra dividend of 234% in addition to Their new acquisition has buildings with 85,000 feet of floor space and 10
a regular quarterly dividend of 235% on the outstanding $2.000,000 cap- acres of ground adjoining, which will permit of future additions as, needed.
ital stock. These dividends make a total of $350,000 distributedtduring
-V. 117, p. 2895.
the!year....The company's surplus is 51,624,557,-V. 117,5P•1673.1111
90
THE CHRONICLE
Gilliland Oil Co.
-Off List.
The 8% Cumulative Convertible Preferred stock has been stricken from
the list of the New York Stock Exchange.
-V. 117, P. 93.
Glidden Co., Cleveland.
-Forms New Company.
-
A recent Cleveland dispatch sta,cti that the officers and directors of the
company had incorporated the National Barium Co. with a capitalization
of $75,000 to develop barium properties in the South. Adrian D. Joyce,
Pres. of the company, heads the new company.
-V.117. P. 2776.
Great Atlantic & Pacific Tea Co.
-Resignation.
-
See Jones Bros. Tea Co.. Inc., below.
-V. 116, p. 2395.
Great Northern Iron Ore Properties.
-Dividend.
-
The trustees are notifying holders of certificates of beneficial interest
that the distribution of $2 per share which was paid Dec. 27 1923 is from
the following funds in the hands of the trustees, received by them from
proprietary companies, the stocks of which are held by the trustees: 75%
from proceeds from the sale of capital assets (ore depletion and land sales):
25% from earnings or profits accumulated by the proprietary companies
since Feb. 28 1913.
The trustees are advised that the 75% Is not taxable as income to the
certificate holders under the provisions of the income tax Acts and regulations and that the 25% is taxable. See also V. 117. p. 2439.
Gulf Oil Corp.
-Bonds Sold.
-Union Trust Co., Pittsburgh; Guaranty Trust Co., of N. Y.; Bankers Trust Co.,
National City Co., New York, and Mellon National Bank,
Pittsburgh, have sold at prices ranging from 99% and int.
to 10034 and int. to yield from 5%% to 5.60%, according
to maturity, $16,600,000 532% Serial Debenture Gold bonds
(see advertising pages).
Dated Jan. 11924: due 54.000,000 each Jan. 1, 1925 to 1928 incl. Denom. $1,0000. Interest payable J. & J. at Union Trust Co., Pittsburgh,
trustee, without deduction for normal Federal income tax up to 2%. Red.
as a whole only on any interest date upon 4 weeks' notice at 102 and int.
Penna. 4
-mills tax refunded.
Data from Letter of Pres. W. L. Mellon, Pittsburgh, Dec. 29.
Business.
-Business conducted by the company (together with subsidiaries, all or practically all of whose stock it owns) includes the producing,
refining, transporting, distributing and marketing of petroleum and its
products. It is one of the largest oil producers in the United States.
Company's production from its own wells in the United States exceeds
100,000 barrels per day. A large portion of this production is thoroughly
settled. The average daily production in the United States during each
of the past five years has not been less than 50,000 barrels per day. This
has been possible because of the great diversity of the company's sources
of production, and the fact that the company owns a large amount of undeveloped acreage throughout its territory. In addition, company has a
substantial production in Mexico with adequate pipe line and terminal facilities.
Company obtains its production in the United States from Kansas, Oklahoma, Texas. Arkansas and Louisiana, and is now operating over 4,000
wells in this territory. Practically all of the company's fields are served
by its own pipe line system, which extends from all of the important fields
In Kansas. Oklahoma, Texas and Louisiana to its principal refinery, located
at Port Arthur, Texas, on the Gulf of Mexico, and also connects with its
refinery at Fort Worth.Texas. Total pipeline mileage in the United States,
exclusive of field gathering lines, exceeds 2,300 miles, and through these
pipe lines the company has a capacity for delivery to its Port Arthur and
Fort Worth refineries of at least 80.000 barrels per day.
The Port Arthur refinery is one of the largest in the world. In the year
1922 it refined over 35.000.000 bbls. of crude.
Company'sfleet of 19 ocean-going steamers,7 ocean-going barges,5 oceangoing tugs, together with miscellaneous fleet of harbor barges. &c.. is used
to transport the refined oil to the company's own distributing stations on
the Gulf of Mexico and the Atlantic seaboard, including the stations at
Galveston. New Orleans, Mobile, Tampa, Jacksonville, Savannah, Philadelphia. New York Harbor, Providence and Beverly (Boston, Mass.).
From these points the oil is marketed through some 969 sales stations of
the company.
-Net earnings before interest, but after taxes, depletion, deEarnings.
preciation. &c.. have not been less than $12.000.000 in any one year during
the past 5% years to Sept. 30 1923. and the average of such net earnings
for this period has been in excess of $17.900,000 per annum.
Net earnings before interest (but after deductions as above, including
writing down oil inventories to cost or market, whichever was lower) for
the first nine months of 1923 were in excess of $12,600.000.
The maximum annual interest requirements on the $35,000,000 5% Debenture Gold bonds due 1937 and the present issue of bonds, aggregate
$2,630.000. Company, upon completion of this financing, will have practically no other debt excepting current accounts payable.
During the past 5; years approximately $84,000,000 surplus earnings.
,
1
after dividends, have been retained in the business.
Consol. Balance Sheet (Incl. Subs.) Sept. 30 1923 (After Present Financing)
Assets$
Liabilities$
Plant and equipment_ _ _252.833,422 Capital stock
108,720.400
Cash
15,676.213 15-yr. 5% debentures_ _ _ 35,000,000
U. S. obligations
500,400 534% serial debentures
16,000.000
Notes & loans receivable_
589.413 Lease purchase obliga'ns_
250.000
Accounts receivable_ _ _ _ 9,500,014 Accounts payable
9,224,669
Inventories (oil)
39.184.079 Accrued liabilities
2.019.768
Materials and supplies- - 13,584,470 Depl. & deprec. reserves_108,639,360
Employees'loans secured
Res.for Fed. taxes, &c
3,189,867
by stock
9,865,024 Deferred credits__
442,405
Miscellaneous Investmls
387.840 Minor.Int,in subsidiaries
12.891
Deferred charges
4,711.814 Surplus
63,333,329
Total
346.832,690
Total
346,832,690
Purpose.
-Proceeds will be used to reimburse the company in part for
capital expenditures made during 1923 and to pay off all of the company's
-V.117,p. 1241.
bank loans.
Hartford City Gas Light Co.
-To Issue Stock.
-
The stockholders will vote Jan. 15 on authorizing the directors to issue
$500.000 additional Common stock at oar ($25) in proportion to their holdings, to wit: one share of new stock for each five shares of capital stock
outstanding, both Preferred and Common. The company has an authorized
capital of $5,000,000, of which $1.750,000 Common and $750,000 Preferred
-V.116, p.417.
(par $25)Is outstanding.
Haverhill (Mass.) Gas Light Co.
-To Issue Stock.
-
The Mass. Dept. of Public Utilities has authorized the company to issue
5.616 shares of capital stock (par $50) at $70 a share. The proceeds will
be used for the acquisition of the Amesbury & Salisbury Gas Co. and for
betterments and extensions.
-V. 117, p. 2328.
Haynes Automobile Co.
-Financing.
A Detroit dispatch states that the campaign to raise $3,000.000 through
a bond issue for the payment of creditros and to insure operation of the
company has been successfully completed.
-V. 117, p. 2439.
[VOL. 118.
producing company,and the Houstan Coal Co.,a selling corporation, make
a comprehensive unit in the coal industry from production to consumer.
The Houston interests started with a small initial investment in 1887.
and now, through the Collieries and Thacker companies, control leaseholds on over 11,000 acres and own in fee over 3,000 acres of high-grade
smokeless coal lands. The estimated deposit of smokeless coal in the
Collleries property alone is 150,000,000 tons. The mines and equipment
are tnoroughly modern in every respect, the developments costing in
excess of $4,000,000.
The Houston Coal Co. is the selling corporation for all of the various
Houston producihg companies and has a large total of running accounts
receivaole from coal consumers.
Purpose.
-Tofund all floating debt of the three companies and to provide
a large cash working fund.
Security.
-Secured by the pledge of $1,000,000 Serial 6% notes of the
Houston Coal Co. and $1,000,000 Serial 6% notes of the Thacker Coal &
Coke Co., and by a total of $500,000 in notes of other allied produdng
companies. Allowing f_r the serial features of the Houston Coal and
Thacker notes, the total collateral pledged is to be 125% of the total notes
outstanding during the life of the issue.
Assets -After giving effect to this financing, the consolidated balance
sheet of the three companies shows current assats over $3,000,000, the only
debt this issue, and a net worth of over $10,000.000, or over five times the
amount of this issue.
Earnings.
-Earnings averaged over the lest 33. years (omitting war
years), have been more than sufficient to pay the annual interest charges
on this issue and retire the $200,000 maturity each year, while in addition
to these earnings the cash assets will increase each year as advances made
to other affiliated companies are paid.
Listing.-ApplIcation will be made to list these notes on the Cincinnati
Stock Exchange.
-V. 117, p. 2896.
Hudson Motor Car Co.
-Earnings.
Consolidated Income Account Years ended Nov. 30.
1923.
1922.
$14,472,351 $12,631,176
380,675
317,666
Total income
$14,853,026 $12,948,842
Expenses, depreciation, &c
5,706.002
4.693.965
Provision for Federal taxes
1.143,400
1,012,200
Gross profit
Other income
Net income
Dividends paid
$8,003.624 57,242,677
1,761,489
3,601.255
Balance,surplus
Profit and loss surplus Nov. 30
-V.117, p. 2116.
54,402.369 55,481,188
5,289,475
9,459,970
Hugro Manufacturing Co., Warsaw, Ind.
-Receiver.
-
D. J. Dalton of Warsaw, Ind., has been named temporary receiver for
this company,a subsidiary of the R. L. Dollings Co. The Hugro company
recently was adjudged bankrupt in Federal Court. Mr. Dalton will replace
Bert McBride, of Indianapolis.
Humble Oil & Refining Co.
-State Loses Suit.
-
An Associated Press report Dec. 13 stated: The Standard 011 Co. of
N. J. is not doing business in Texas because it owns the majority stock of
the Humble Oil & Refining Co.. Judge Calhoun of the Travis County
(Tex.) District Court held in the State's anti-trust suit against the Humble
company. In deciding against the State. the Court said ho was guided
by decisions of the U. S. Supreme Court.
The Court held "that the mere fact that a foreign company has acquired
the stock of a Texas company does not constitute doing business in Texas
by a foreign company."
-V. 117. p. 1241.
Hupp Motor Car Co.
-To Retire Pref. Stock-Earnings.
All of the outstanding Preferred stock has been called for redemption
April 1 at 102 and divs, at the Guaranty Trust Co. of N. Y. and the First
Trust & Savings Bank, Chicago,
transfer agents. The Preferred stock
shall cease to be entitled to dividends from April 1 1924, and shall cease to
carry any rights of a stockholder to the holders thereof, except to receive
the proceeds due from such redemption.
Results for the Nine Months ended Sept. 30 1923.
Net profits
51.940,011
Dividends on Preferred and Common stocks
963,604
Premium on Preferred stock retired
22.112.
Balance, surplus
-V. 117, p. 2658, 2116.
5954.295
Hydraulic Steel Co.
-60% of Notes Deposited.
-
The protective committee for the 8% 10-year Sinking Fund Gold Notes
that total $1,714,500, or more than 60% of the outstanding notes. have
been deposited to Jan. 3.
Notes may be deposited under the agreement up to the close of business
Jan. 19, after which date deposit may be made only upon such terms as
may be prescribed by the protective committee. All notes must be accomed. by the coupons maturing on and after Nov. 11923.-V. 117. p. 2440.
3fg
Imperial Tobacco Co. of Canada, Ltd.
-Dividends.
-
The company on Dec. 31 last paid a final dividend of 1% for the year
ended Sept. 30 1923, and an interim dividend of 2% for the current year
on the Ordinary shares. Interim dividends of 1 i4% each were paid on
the Ordinary stock la June and Sept. last.
-V. 117, p. 2540.
Indian Refining Co.
-New President.
James H. Graham, a director, has been elected President, succeeding
T.L. Pomeroy.
-V. 117, p. 2210.
International Shoe Co.
-Annual Report.
Years ended Nov. 301923.
1922.
x Net sales of Shoes & other manufactured mdse_ _5100.922.738 $07,366.404
y Cost of shoes & merchandise sold
100,498.151 87,315,254
Operating profit
59.424.587 510,051,150
z Miscellaneou.s earnings
2,766,151
2,145,581
Gross earnings
$12,190,738 $12,196,731
Interest charges on notes payable
486,750
456,910
Provision for income taxes
1,502,864
1,405,347
Preferred dividends(8%)
1.421.753
1,414.945
Common dividends
($2 75)2,523.539(52)1825,788
Surplus for year
$6,353,351 $6,996,224
x After deducting returns and allowances for prepayments. y After
charging operating expenses, depreciation ($689,940 in 1923 and $618,332
in 1922). and maintenance of physical properties: selling, administrative.
and warehouse expenses, and credit losses. z Discounts on purchases,
interest and dividends received, rentals charged to factories, and other
receipts.
The following is given to explain the Common stock equity
Houston Collieries Co.
-Notes Offered.
-The bankers at Nov. 30 1923:
Surplus for year ended Nov. 30 1923
56,353,350
named below are offering at prices ranging from 9634 and Common stock issued and sold to em
loyees for cash, less preint. to 10034 and int., to yield from 53 % to
mium on Preferred stock purchased and placed in treasury-4
%, accord97,064
ing to maturity,$2,000,000 Coll. Trust 6% Serial gold notes. Equity of Common stockholders at Nov.30 1922 against which
918,006 shares without nominal or par
outstanding
value wore
42,010,539
Dated Dec. 15 1923. Due $200.000 annually Dec. 15 1924-1933. Int.
payable J. .St D. 15 without deduction for normal Federal income taxes, Equity ofCommon stockholders(920,000 shares) at Nov.30'23_548,460,953
exceed 2% per annum,at First National Bank of Cincinnati, trustee. -V.117, p. 2777, 2548.
not to
Denom. $1,000. Red. on any int, date upon 30 days' notice at a premium
of ;4% for each year and portion of year by which the maturity date is
International Agricultural Corp.
-Readjustment Plan
anticipated.
-The plan of readjustment of
-First National Bank, W. E. Hutton dc Co., Operative-Status and Outlook.
Bankers Making Offering.
Brighton Bank & Trust Co., Edgar Friedlander, W.E. Fox & Co., Herrick debt and capitalization as approved by stockholders Oct. 3
Co., E. U. Irwin & Co., Irwin-Ballmann Co., Liberty National Bank, Otis 1923 went into effect Dec. 1 (see "Annual Reports"above).
& Co., Geo. C. Riley Co., Seasongood & Mayer and Westheimer & Co,
Commenting on the report John J. Watson jr. Pres. said:
all of Cincinnati.
-Is the largest of the Houston interests and is one of the
Company.
The annual report shows clearly the necessity of the recent reorganization
Important producers of Pocahontas smokeless coal in the United States. and the greatly improved condition in which the company's finances have
This company, together with the Thacker Coal & Coke Co., another large been put.
JAN. 5 1924.]
91
THE CHRONICLE
8
la The net results of the year's operation show a loss of $1.36- ,820, of which
outstanding
$1.350,096 is represented by interest charges on bank dabt and deficit after
bends. Reserves of $9,805,462- have been set up, leaving a
adjuitments of $10.211,962.
The reconstructed statement which gives effect to the reorganization and
very greatly
reclassification of stock shows that the corporation has beenreduced from
been
strengthened financially. Its current liabilities nave The current assets.
812,792,590 to $3,754,426. a reduction of $9,038,165. show $11,245,955,
after reserves of over $4,500,000 have been deducted,
or a ratio of appro:dmately 3 for 1, the cash on hand alone being equal to
over 50 cents for eacn dollar of bank liabilities.
The reorganization will save this corporation annual interest charges and
year. While the recash payments on sinking fund of over $1,000,000 per and bankers in interorganization has been drastic and severe, the directors
by extending the maturity
est have done a thorough Job of housecleaning
of the bonds ten years to 1942, postponing annual sinking fund payments
for the next five years, and by converting $9,000,000 bank debt into stock,
which has greatly reduced the fixed annual interest charges.
The decided financial improvement in the cotton-growing section of the
country and the favorable price received by the planters for their cotton
this fall give indication that the coming season will show a large increase
in the acreage of cotton planted, and an increase in demand for fertilizer.
-V.117. p. 1894. 1783.
According to agreements entered into with the above four companies.
stipulated proportion of
the Lincoln company acquired at organization a the same agreement the
their premium reserves and receives also under of said companies. As a
of the current premium income
same percentage
a mature insurance company.
result the Lincoln company began business asmentioned contracts with the
-The consummation of the above
Assets.
the Lincoln company with aggregate
other reinsurance companies provides
invested in sound,
assets amounting to $2,280,058, all of which amount is
marketable securities or is in cash in banks.
contracts with the four other com-Through the terms of its
Earnings.
of a mature insurpanies, the Lincoln company has at the start the statusrespect to earnings
position with
ance company: It is in the same relative in whose business it participates.
available for dividends as the companies
will exceed 25% on the
The income from investments for the current year whatever underwriting
company's capital stock, to which will be added
profit may be earned.
-Rights.
International Silver Co.
-Receivership.
(R. H.) Long Motors Co.
Dec. 27 appointed Guy Murchie,former U. S.
Judge Lowell at Boston on
R. H. Long Motors Co.
marshal, receiver for the R. H. Long Co. and the
supersede the appointment of
This appointment, it is understood, will State court as receiver for the
was named by the
William W. Caswell, who
R. H. Long Motors Co.
State court receiver for
Some time ago William W.Caswell was appointedwas appointed Federal
Murchie
the R. H. Long Motors Co., and Guy two companies were closely interreceiver for the B. H. Long Co. As the
single receivership
woven in the production and selling of automobiles, the
-V. 117, p. 2549.
for the two companies was thought best.
The company has offered stockholders the privilege to purchase Common
stock, now held in its treasury, equal to one-tenth of the total number of
shares of both Preferred and Common held on Jan. 15 next, or any lesser
number of shares, at $50 a share. The offer remains open until Feb. 11924.
-Acquire Interest in Toledo Dept. Store
(R. H.) Macy & Co.
The purchase price of the stock is payable either in full on or before Feb. 1
in the La Salle
The company announces that it has acquired an interest
1924 or in installments as follows: 25% on or before Feb. 1, 25% May 1.
says:
& Koch Co. of Toledo. An official statement directors in the La Salle
25% Aug. 1 and 25% Nov. 1.
"The officers of R. H. Macy & Co. will become
Macy's. There
President George H. Wilcox says that it was desired to raise approxiand Alfred Koch will become a airector of La Salle & Koch
of the
mately $300.000 needed for new buildings, machinery and equipment. & Koch Co..
will be no change in the officers, personnel or policies
-V. 117, p. 2440. 1021.
every sense, the building
CO. The La Salle & Koch Co. store is modern in
in every respect for a
being but six or seven years old, and is adequate
-To Retire Notes.
Invincible Oil Corp.
Funds have been deposited with the trustee for the payment of $480.000 large increase in volume. direction of an expansion that we have for sore*
is a step In the
"This
of Collateral Trust 67. notes maturing at this time. This maturity is
and is in line with modern American tendencies.
the last of an original issue of $4,900.000 in notes issued in June 1919. years had in contemplation the executives of R. H. Macy & Co.. much to
of
the
administrative
The collateral behind the notes consisted of stock of various subsidiary There is, infromopinion
co-operation, both in purchasing and in by closer relabe gained
-V. 117. p. 2440.
companies of the Invincible Oil Corp.
be accomplished
functions. Economy of distribution can of Macy and La Salle & Koch.
between organizations of the typo
tions
-To Terminate Agreement.
Iron Products Corp.
The committee in charge of the plan with respect to the business and -V. 117, p. 2659.
-Bonds Called.
properties of Iron Products Corp., Central Foundry Co. Central Iron &
Mahoning Valley Water Co.
1914 have been
Coal Co., Central Radiator Co.,'Essex Foundry. Chattanooga Iron & Coal
Thirteen (813.000) 1st Mtge. gold bonds dated March 1
trustee,
Co., Molby Boiler Co. and Central Foundry Co. of N. J., having carried
redemption March 1 at the Dollar Savings & Trust Co., p.2773.
out the plan and in all respects fulfilled the agreement annexed thereto, called for
Bank.Cleveland,0.-V.116,
Youngstown,0.,or the First National
desires to terminate the agreement and to dissolve.
The right to transfer the certificates of deposit issued by Central Union
-Stock Sale.
Marland Oil Co.
Trust Co., Now York. as depositary, under the plan and still outstanding,
of a large block or all
The company has completed arrangements to dispose syndicate,accordwill terminate with the close of business Jan. 10.-V. 117, p.2858, 2328.
company's unissued capital stock to a local banking
of the
Advices credit Pros. E. W.Mariamd
ing to reports in the financial district.
Jones Bros. Tea Co., Inc.
following statement:"At a meeting Friday(Dec.28)
J. Spencer Weed has resigned as Vice-President and director of the Great as having authorized the
the President was authorized to dispose of any
Atlantic & Pacific Tea Co. to take an active part in the management of of the board of the company
stock of the company to a prominent New
Jones Bros. Tea Co., Inc. He will also be elected to the Jones Bros. board or all of the unissued treasury
banking house."
York
-V. 117. P. 2
of directors.
896.
information, the stock has been taken over
According to Wall Street
is acting as agents
by one of the largest international banking houses, which
-To Retire Preferred Dividends.
Laconia Car Co.
-V. 117. p. 2778. 2659.
company.
The stockholders will vote Jan. 25 on increasing the authorized Common for an independent oil
stock from 10,000 shares to 55.000 shares of no par value and on authorizing
-Gross Business, &c.
Martin-Parry Corp.
the issuance of 10,000 shares of toe new Common stock in lieu of accumuthat the gross
president E. M. Small in a letter to the stockholders says
lated dividends on the Preferred stock. See also V. 117. p. 2777.
compared with
business in round numbers for 1923 has been $6,000,000 as
and that profits have increased in relative proportion
-25% Stock Dividend, &c. $4.327.684 in 1922, having earned for the year in excess of double the presLaclede Steel Co., St. Louis.
The stockholders will vote Feb. 25 on increasing the authorized capital to the gross increase, rate.
dividend
stock from 82.200.000 (all outstanding) to $2,750,000. par $100. If the ent increasedfurther says: "The increase in the number of bodies produced
Mr. Small
increase is authorized, it is proposed to declare a 25% stock dividend
than the dollar-and-cent
in 1923 as compared to 1922 is substantially greater made two price reduc25.-V. 116, p. 82.
to be payable to stockholders of record Feb.
increase would show, owing to the fact that we have 15%, on Mar. 1. and
-tions during the year-the first one of approximately
-Organized.
placed in
Lago Petroleum Co.
one, of 5%, beings branch reduction, which has been months.
It was reported this week that as a result of their success in ebtaining the second
one branch to another auring the past few
acres of land in the Lake Maracaibo section of Venezuela, M. S. effect slowly from have been able to make without affecting our margin
2,290,000
Cosden, Payne Whitney and their associates have organized the Lago These reductions we increased production and improved method of manthe
Petroleum Co.(Del.) to drill for oil in that district. The new company, of of profit, ewing to the
same time we feel that we have greatly improved
which H. N. Greta, a director of Cosden & Co.. is President, has a capital ufacture, and at the
-V. 117. p. 2897.
quality of our product."
stock of 2.500,000 shares of no par value.
-Permanent Bonds Ready.
an Edison Co.
(
Lee&Cady WholesaleGrocers),Detroit.-StockDiv., etc.
Metropolit
that the permaHalsey, Stuart & Co., as syndicate managers, announce now available
are
nent 1st & Ref. Mtge.6% gold bonds, due Feb. 1 1952,
offering in V.
exchange for the outstanding temporary certificates (see
in
117, p. 1670).-V. 117, p. 2778.
-Progress of Segregation.
Lehigh Valley Coal Co.
Michigan
of the
The Boston Stock Exchange has ruled that the capital stocks
stricken
Wolverine Mining Co. and of the Michigan Copper Mining Co. be of these
1924, all of the assets and liabilities
from the list on and after Jan. 2
steps
companies having been transferred to the Mohawk Mining Co. and has
Co.
taken for the dissolution of those companies. The Mohawk Mining
the two companies
taken steps for the exchange of its own shares for those of
according to the announcement in V. 117. p. 214.-V. 117. la 1135.
-Wills Corp. Readjustment.
Landover Holding Corp.
See Willys Corporation below.
The stockholders on Dec. 26 increased the authorized capital stock from
$1,250,000 to $2.500,000 and voted to reduce the par value of the stock
from $100 to $10 a share.
The directors have authorized the payment of the usual cash dividend of
$10 a share, payable Jan. 2 1924 to holders of record Dec. 26 1923. They
also authorized the distribution of an 80% stock dividend, payable Jan. 10
to holders of record Dec. 31. The Security Trust Co. of Detroit is registrar and transfer agent for the corporation.
-V. 117, p. 2117.
See Lehigh Valley RR. above.
-Organized in Delaware.
Lehigh & Wilkes-Barre Corp'.
This company, which has acquired the Reynolds Syndicate holdings of
the Lehigh St Wilkes-Barre Coal Co. stock, amounting to 149.788 shares.
has been incorporated in Delaware with an authorized issue of $7.500,000
preferred stock, par $50, and 1,500,000 shares of common stock of no par
value.
Incorporators are M.S. Burns. J. E. Reynolds and C. A. Fay, New York.
The corporation last week announced the sale through bankers of $10.000.000 5%% serial collateral trust bonds. See offering in V. 117, p. 2896.
-Available Funds.
Liberty Motor Co.
-Off List.
Copper Mining Co.
-Resignation.
Middle States Oil Corp.
-V.117, p. 2896.
William I. Rosenfeld has resigned as a director.
-Subsidiary Co.
Middle West Gas & Electric Co.
See Northwest Arkansas Utilities Co. below.
-Bonds Called.
Coke & Gas Co.
Milwaukee
Fund
One hundred sixty-seven ($167.000) 1st Mtge. 7%% Coll. Sinking 1 at
Feb.
Gold bonds dated Feb. 1 1921 have been called for redemption Ohio.
Euclid Ave., Cleveland,
103 and int. at the Union Trust Co., 814
V. 115, p. 2912.
-Tenders.
Montana Power Co.
will until
A Detroit dispatch says: Hearings on the claims of creditors of the comThe Guaranty Trust Co., trustee, 140 Broadway, N. Y. City,
pany have been completed and the affairs turned over to the Security Trust Jan. 14 receive bids for the sale to it of 1st & Ref. Mtge.5% Sinking Fund
Co.. receiver. The final settlement is now contingent on the Government's Gold bonds, Series "A," due July 11943. to an amount sufficient to exhuast
-V. 117, p. 1895.
claim, the amount of which has not yet been determined, and one or two $298,860, at a price not exceeding 105 and interest.
minor matters. There are three classes of creditors: Preferred. $198.193:
-Features of an Interconnection
general. $257,795: and signatory, $525.448. If all creditors were treated
Montaup Electric Co.
alike their claims could ho met with 17 cents on the dollar, the receiver indicated. The physical assets were sold Sept. 6 to the Columbia Motor Co. Contract.
-V.117. p. 1134.
The essential points of the inter-connection agreement recently filed with
for $625,000, of which 8300,000 went to pay a mortgage.
the Massachusetts Department of Public Utilities by the Montaup Electric
-New President.
Lima Locomotive Works, Inc.
Co.. Blackstone Valley Gas & Electric Co., Edison Electric Illuminating
Coffin has been elected President to succeed Le Grand Paris, who Co. and Brockton, Mass. and Fall River (Mass.) Electric Light Co., n
3. S.
plant and
has resigned to devote his entire attention to the American Arch Co., Inc., connection with the propc:sed development of a tidewater steam
along more
of which he is also President. He will, however, remain on the executive appropriate transmission tie lines for the inter supply of energy the existing
-V. 116, p. 1903.
Lima company.
would be attainable by the enlargement of
economical lines than
committee of the
in the "Electrical World"
toe last three companies was
- /dams ofp. 1263, 1265.-V. 117, p. 1355.given
-Stock Offered.
1022.
Lincoln Fire Insurance Co. of N. Y.
Dec. 22.
Paine, Webber & Co. are offering at $70 per share 20,000
shares of capital stock (par $20). A circular shows:
-December Sales.
Montgomery Ward & Co., Chicago.
Increase.
increased 1923-12 Mos.-1922.
-1922.
-Dee.
1923
Captlanzation.-Authorized and issued, 20,000 shares ($20 par value 515,062,713 811,629,292 83,433.42118134,644,436 392,474,182 142.170254
shares fully paid and no liability attaches to stockholders. -V. 117, p. 2550, 2117.
each), $400,000;
-Chartered Dec.8 1923 under the insurance laws of New York
Company.
-No Extra Dividend.
Moon Motor Car Co.
with full powers to conduct a general fire insurance business. Its principal
The regular quarterly dividend of 75 cents per share has been declared
purpose, however, is ts operate as a fire reinsurance company. It has
Feb. 1 to holders of record
taken by contract a straight participation in the business of the Roasia on the Common stock, no par value, payable25 cents per share were paid
Insurance Co. of America. the Fire Reassurance Co. of New York. the Jan. 15. On Aug. 1 and Nov. 1 last extras of cents.
-V.117, p.2550.
American Piro Insurance Co. of New York and the Union Reserve Insur- in addition to the regular quarterly dividend of75
ance Co.of New York,constituting the largest group of American companies
-Annual Report.
Nashua Manufacturing Co.
writing fire reinsurance exclusively.
1920-21.
1921-22.
1922-23.
Years ended Oct. 31The Rossia group of reinsurance companies, up to the time the Lincoln
$17,261,221 88,205.290 812.670,706
had a premium income in excess of $15,000.000 Sales
company was organized,
1.691,868 loss1113.361 loss316,512
annually and assets aggregating about 817.000,000. with surplus to treaty x Net profits
344.686
342,930
378,930
holders aggregating 86,000,000. The growth of the business has been ac- Preferred dividends
187.500
complished with a paid-in capital and surplus aggregating 32.600.000, Common dividends
whith represents the total investment on the part of stockholders. The
$1,312.938df$1,456,291 def$848.698
x ttts
etuifar for year
alone of the companies in 1923 amounted to over $700,..
investment earnings
-V.117. p.2001
all charges,depreciation,taxes,sinking fund,&c.
000.
92
TH 114 CHRONICLE
National Leather Co.
-New President,
W. R. Fisher has been elected President succeeding Geo. H. Swift, who
has been elected Chairman of the Board. Similar changes were made in
the officers of the three following subsidiaries: A.C. Lawrence Leather Co.,
National Calfskin Co. and Winchester Tanner Co.
-V. 116. p. 1421.
National Plate Glass Co.
-Two New Plants.
-
It was recently announced that a glass manufacturing plant to cost $10,000,000 will be erected in Ottawa, Ill., and another to cost 35,000.000 will
be built at Blairsville, Pa. It is expected that actual operations will begin
at the Blairsville plant about Aug. 1 and that It will give employment to
about 500 men.
-V. 116. p. 1421.
Newburyport (Mass.) Gas & Electric Co.
-Dividends.
-
The directors have declared a quarterly dividend of $1 per share and a
dividend of $1 per share from the special reserve fund, both payable Jan.15
to holders of record Jan. 3.-V. 117, p. 1355.
New Cornelia Copper Co.
-Output.
-
Month ofDec. 1923. Nov. 1922.
Copper production (lbs.) 3.221,044
3,059,377
-V. 117. p. 2550, 2118.
Oct. 1923. Sept. 1923.
3,271,655
3.436.861
New England Tel. 8c Tel. Co.
-Purchases Buildings.
-
To accommodate the increasing business of the Metropolitan Division.
the Brewer building at 245 State St., Boston, Mass., a ten-story structure.
and a smaller building adjoining it, have been purchased by the company.
The Brewer Building will be used to house the commercial plant and traffic
departments of the Boston division. For several years the telephone company has leased three floors of the building and will occupy the remaining
space immediately. No alteration will be necessary.
-V. 117, p. 1785.
(Geo. B.) Newton Coal Co.
-Annual Report.
-
Years end. Oct. 31Tonnage sold
Net earnings
Depreciation
Int. on bonded debt_ _
Federal taxes
1922-23.
1.110.064
$549,528
118,190
12.100
56,800
1921-22.
818.967
2104,909
113,002
• 12.100
1920-21.
932,966
$292,800
122,970
12.100
18.731
$362,438 def.$20,193
3138.998
$300,237
The company has applied to the California RR.Commission for authority
to purchase and operate the plants and properties of Amador
Light & Power Co. of Sutter Creek, Amador County. Calif., and.Electric
utility water system operated by Carleton Robert Downs under a public
the
titious names of Sutter & Amador Water Co. and lone Water Co. fic-V.
117. p. 2780.
Packard Motor Car Co.
-Earnings for Quarter.
-
The company reports for the 3 months ended Nov. 30 1923 net profits
of $1361.439. This compares with $2.553,164 for the corresponding
period of 1922.-V. 117, pp. 2551, 2105.
New York Edison Co.
-Purchases Plant.
-
See New York Rys. above.
-V. 117, p. 2002.
N. Y. & Cuba Mail Steamship Co.
-Receivership.
-
Judge Learned Hand in the U. S. District Court at New York on Dec. 31
appointed Colonel F. G. Caffey receiver for the company, known as the
Ward Line. The company operates between New York and Havana, the
Bahamas and Central and South American ports.
The outstanding capital stock of the company is $10.000.000. par $50.
of which $9,947.100 is owned by the Atlantic Gulf & West Indies SS. Lines.
The indebtedness is estimated at more than $7,000,000. This is made
up of $5.403.000 5% 1st mtge. bonds, due Jan. 1 193-, and secured by a
closed mortgage upon some of the company's properties, with other indebtedness amounting to 22,000,000.
The Jan. 1 1924 coupons on the bonds were not paid at the Farmers
Loan & rust Co., as there were no funds available for that purpose. There
is a period of 6 months before non-payment of interest brings these bonds
legally into default. (See also Atlantic Gulf & West Indies SS. Line
above.)
-V. 99, P. 541.
New York Telephone Co.
-Growth in 1923 Sets Record.
A statement issued Jan.2 says:
All records for telephone construction in Greater New York and elsewhere in the territory served by the company were broken in 1923. which
witnessed a gross expenditure of $79,000,000 for new land, buildings, plant
and associated apparatus, resulting in a growth in the company's system
unprecedented in any previous year. In New York City there are now
more than 1.175.000 telephones, served by 129 central offices, as compared
with 1,071.850 telephones, served by 114 central offices, a year ago.
According to a summary of the year's activities, the 1923 investment was
316.000.000 larger than that of 1922 and the resulting accomplishments in
facilities added are proportionately greater than the year before.
During 1923 230.600 new telephones were connected in the greater city,
from which there came a net gain of approximately 104,000 telephones in
service. Fifteen new central offices were completed and placed in service
throughout the five boroughs.
Additions of new wire to the city system during the year, most of which is
in cables beneath the streets, totaled virtually 1,000,000 miles, or more than
twice the amount placed in 1921.
. New central office equipment, embracing additions to existing offices as
well as the 15 new central offices, was installed in the greater city to the
extent of providing for about 142,000 subscribers' lines, or sufficient to
serve the telephone requirements of a city of more than 1.000,000 people.
Fifteen new building projects were begun during the year and 15 others
completed. Among those commenced is the new 31.000,000 3
-story central
office building at Second Avenue and East 13th Street, whose floors will
have an area of nearly one acre each.
The extent of New York's increasing use of the telephone may be seen in
the fact that a year ago an average of 5,330,000 calls were originated each
day, while an average of 5,875,000 calls are made daily in the greater city
at the present time.
Notable in the year's telephone accomplishments was placing in operation
seven new machine switching central offices. These were Washington
Heights and Butterfield in Manhattan: Jerome and Fairbanks in the Bronx;
and Applegate. Nevins and Windsor in Brooklyn.
Installation of the new central office equipment required the services of
a specially trained force numbering more than 5.000, which was constantly
at work in this particular branch throughout the year. Installation of the
1,000,000 miles of wire was handled by a force of cable placers and splicers
whose numbers averaged more than 1,800 weekly.
In the company's statement,IVice-Pres. McCulloh said:
The accomplishments of 1923 in New York City are a part of our general
program of expanding our system to meet the requirements for new telephone
service which we expect will result in there being 2.000,000 telephones in
service in the city by 1930. Such a continually increasing demand for a
service has never been known before. It began in 1919, when business got
on its feet after the war, and has grown in volume during the four succeeding years. We do not yet see a lessening in this demand.
The combined efforts of our 35,000 telephone workers in the city, plus
huge sums of money and all the equipment that it was possible to obtain,
have not been sufficient to meet the public's requirements entirely, and there
are some sections of the city where it is still difficult to provide new service
quickly.
If we can repeat the performance of 1923 in 1924, we feel that we can keep
pace with the demand and that our facilities will again be sufficient to provide new service when and where it is wanted. This is our objective.
The past year alone saw new telephone construction equal to the combined
results of several years before the war. Throughout the territory in which
the company operates, which includes New York State. northern New Jersey
and a small portion of Connecticut. 411,000 new telephones were connected.
Central office equipment was added to serve 205,000 telephone lines and
nineteen new central offices were completed and placed in service. 1,310,000 miles of new wire were installed and to carry on the enlarged program
the company's working forces were increased from 49,000 to over 55,000
-V. 117. p. 1563. 789.
men and women.
Northern Indiana Power Co.
-Bonds, Bcc., Authorized.
The Indiana P. S. Commission has authorized the company to issue
3390,000 of bonds at 90 and int. and $191,000 additional Common stock.
The proceeds will be used to reimburse the treasury for betterments and
Improvements already made or to be made.
-V. 117, P. 2779.
Owens Bottle Co., Toledo.
-Obituary.
-
Michael J. Owens, Vice-President of the company and of the
Owens Sheet Glass Co., died at Toledo. Ohio, Dec. 27.-V. 117, p. Libby2002.
Pacific Gas & Electric Co.
-Acquisitions.
-
1919-20.
1,136,533
$477,074
115.507
12,100
49.179
Net income
-V.117. p. 1563.
[VOL. 118.
stock; Springdale Light & Power Co. has outstanding $99,000 of 1st
Mtge. bonds Issued In 1917. and 350.000 of common stock; Rogers
k Water Co. has outstanding $100.000 of 1st Mtge. bonds issued in Light
1906.
$20,000 of Pref,stock, and $100,000 of Common stock.
All three companies are subsidiaries
Electric
whichi owns all of the capital stock ofof Middle West Gas & Middle Co.,
each company.
West
Gas & Electric Co. will own all the stock of the NorthwestThe
Arkansas Utilities
Co.
The Plan approved by the Commission provides
the transfer of all of
the properties of the three companies mentioned forNorthwest Arkansas
Utilities Co. The latter company in payment willto
issue its common stock
to the stockholders of the three companies respectively, in a total amount of
$350,000, share for share, and will exceange its 1st Lien & Ref. Mtge.
bonds in an amount of $30,000, in exchange for the preferred stock of the
respective companies outstanding in the same amount.
A 1st Lien & Ref. Mtge. of Northwest Arkansas Utilities Co. has been
authorized and approved by the Commission. This
gage under which bonds may be issued in series from will be an open morttime,
Interest at a rate to be fixed by the company at the time to issue bearing
of each
time of
series. Series "A" bonds will be authorized in the amount of $500,000 and
will bear interest at 7%. The bonds of this settee will be issued shortly and
will mature in 20 years. Of this series $336,000 in bonds will oe reserved
for refunding of the outstanding 1st Mtge. bonds of the constituent companies mentioned above. Holders of a substantial amount of such outstanding bonds have signified their intention of exchanging such bonds for
the 1st Lien & Ref. bonds about to be issued. The purpose of the
dation and of the new bond issue is to permit a necessary increase consoliand expansion of the facilities and service of tne present organizations.
Paige-Detroit Motor Car Co.
-New Plant.
-
The new Jewett plant on West Warren Ave., Detroit, Mich., has been
completed and turned over to the company.
The new plant, it Is stated, will have a capacity of 500 cars dally.
-V.
117, p. 2780,2551.
Pan American Petroleum & Transport Co.
-Sells
British Holdings.
The company has disposed of its entire holdings in the British Mexican
Petroleum Co. for between $3.000,000 and $4.000,000. The withdrawal
of Pan-American Petroleum from the British Mexican Petroleum enterprise follows the loss by Pan-American Petroleum of the contract to supply
bunker oil for the Cunard Steamship Co., at British ports, which contract
has been taken by the Shell company.
The Pan-American Petroleum owned half of the 3,000.000 shares, par
El, of the British Mexican Petroleum Co., having subscribed to the stock
at the reorganization of the company in 1919. On the basis of normal
rates of exchange Pan-American's Investment in the company was between
37.000,000 and. 37,500,000, so that its loss is between $3,500,000 and
$4,000,000. ("Wall St. Journal.")
-V.117, p. 2780, 2551.
Pierce Oil Corporation.
-Resignation.
-
Arthur Sachs. of Goldman. Sachs & Co., has resigned as a director.
V. 117, p. 2539.
•
Portsmouth (N. H.) Power Co.-Pref. Stock Offered.Tuckez, Anthony & Co. and Roy T. H. Barnes & Co.,
Hartford, Conn. are offering at 96% and div. to yield
about 73 L%, $56
0,000 7% Cumul. Pref. (a. & d.) stock,
par $100.
Callable at the option of the company at 110 and dividends. Dividends
payable Q.
-F.
Purpose.
-Proceeds of 2400,000 bonds, together with 3500,000 Common
stock to be issued at par, will be applied to pay off floating debt incurred
for additions and bettermems to the company's property. Compare also
V. 117, p. 2898.
Public Service Corp. of Long Island.
-Tenders.
-
The Empire Trust Co., trustee, will until Jan. 15 receive bids for the sale
to it of 1st Mtge. 5% 30
-Year Sinking Fund gold coupon bonds. dated
Jan. 11913. to an amount sufficient to exhaust 535.015, at a price not exceeding 105 and int.-V. 117. p. 1897.
R. & V. Motor Co.
-Plan Delayed.
A recent notice to the stockholders of R. & V. Motor Co., Root & Van
Dervoort Engineering Co. and Root & Van Dervoort Corp. by Pres. H. A.
Holder says:
In regard to the reorganization of our various companies, acted upon
favorably by the stockholders Aug. 16 1923. I regret to advise you that it
has as yet been impossible to put this reorganization through, as the arrangements to take care of the special loan of $300,000 have not been completed. Since the stockholders' meeting, our business has been materially
better than previously and our inventory is getting made up very fast into
finished cars and liquidation is progressing in an orderly manner.
It is expected that it may be possible to put through this reorganization
within another 90 days (from about Nov. 30), and if you have not yet deposited your stock with the People's Savings Bank & Trust Co., Moline.
we wish that you would do so promptly.
-V.117, p. 1245.
Republic Investment Co., Milwaukee.
-Bonds Offered.
Hackett, Hoff & Thiermann, Inc., Milwaukee, Wis., are offering at
100 and int. 5700.000 6i % let Mtge. Gold bonds.
Dated July 11923. Due serially July 1 1925 to 1933. Denom. 31.000.
$500 and $100. Int. payable J. & 3. at Hackett, Hoff & Thiermann, Inc.,
Milwaukee, Wis., trustee, without deduction for normal Federal income
tax up to 2%. Callable on any interest date at 102 and interest.
The bonds are a first mortgage on the following properties: (a) Newbrid
Apartments, northeast corner Twelfth and Wells Sts.
-owned in
fee; b) Curtis Apartment Hotel, on Well St. near Eleventh-owned in fee:
(c) 186-8 Third St. (50x150), between Grand Ave. and Wells St.-leasehold;(d) Modjeska Theatre & Commercial Bldg., northeast corner Seventh
Ave. and Mitchell St.-fea and leasehoia.
The above properties are conservatively valued at more than $1,173,000.
Net annual earnings of the combined properties after deducting all
operating expenses, taxes, &c., are 3116,553. or more than 2)i times the
maximum annual interest requirements.
Reynolds Spring Co.
-New Director.
-
Leonard C.Smyth, Assistant to the President, has been elected a director,
succeeding Clarence A. Earl.
-V. 117, p. 2781.
(Dwight P.) Robinson & Co., Inc.
-
The company has been authorized to design and construct extensive
additions to the shops of the Southern Railway Co. at Birmingham,
Ala.
The work includes locomotive repair shops, boiler and smith
'
shop, car
repair sheds, mill shop, power plant and other buildings.
-V. 116, p. 421.
Rockland & Rockport Lime Corp.
-Status.
-
Northwest Arkansas Utilities Co.
-Consolidation.
President George B. Wood says: "During recent years
The Arkansas Railroad Commission has just approved a consolidation of have been reinvested in betterments to the plant and the surplus earnings
several utilities in Nortowest Arkansas into a new company, known as the with modern equipment and facilities, is well fortified to company to-day
hold its own in the
Northwest Arkansas Utilities Co. The utilities to be consolidated are future field of industrial competition. It is proper
at this
that the
F yetteville Gas & Electric Co.. Springdale Light & Power Co. and Rogers stockholders give due credit to the firm of Kidder.Peabody & time who durCo.,
Water Co. Thew companies supply electricity, power and water ing the past 23 years of the corporation's existence
dot
have stood steadfastly
Fayetteville. Springdale and Rogers. Ark., and their en- behind the interests of all concerned, and in time of
to the cities of
need
virons. Fayetteville Gas & Electric Co. has outstanding 3137.000 1st provided the means for carrying the corporation through have repeatedly
periods of
Mtge. bonds, dated 1913, $10,000 of Pref. steel; and $200,000 of CIonpnon çIl dIffIcultIes," See also V.
p. i899.
&
JAN.5 1924.]
THE CHRONICLE
Royal River Mfg. & Power Co., Boston.
-Bonds Offered.
F. W. Graham Sz Co., Boston, are offering at 100 and int. $150,000
77 let Mtge. Sinking Fund bonds.
&
Dated Dec. 15 1923. Due Dec. 15 1938. Denom. $500 and $1,000e5
.
Callable all or part on any int. date after three years at 105 and int. Int.
payable J. & D.at First National Bank,Boston,trustee, without deduction
of normal Federal income tax up to 2%. Massachsuetts 6% income tax
refunded.
CapitalizationOutstanding.
Authorized.
1st Mtge. 7% bonds
$150,000
$150,000
Common stock (no par value)
2,000 shs.
2,000 shs.
Company.
-First established 66 years ago. Has been in continuous
operation in the manufacture of seamless cotton bags, extensively used
in the grain and seed business. Property located on Royal River, Yarmouth, Me.
-For the past ten years earnings from the operation of the
Earnings.
business have averaged more than three times the interest requirements
on the issue of bonds.
San Antonio Water Supply Co.
-Tenders.
-
The Mississippi Valley Trust Co.. trustee. St. Louis, Mo., up to and
including Jan. 15 will receive written offers for the sale to it, at prices of
not to exceed 105 and interest, outstanding First & Ref. Mtge.Sinking Fund
Gold bonds, dated Aug. 1 1908. to an amount sufficient to invest approximately $21,591.-V. 117, p. 216.
Saranac River Power Corp.
-Bonds Offered.
-Mohawk
Valley Investment Corp.& Citizens Trust
tica, N. Y.,
are offering at 100 and int., $300,000 1st
Co.,dtge. 7% Gold
bonds. A circular shows:
Dated July 1 1923. Due July 1 1938. Int. payable J. & J. at Citizens
Trust Co., Utica, N. Y. without deduction for any Federal income tax
not in excess of 2%. Rea. as a whole only after July 1 1933. at 105 and
int. Denom. $1,000 and $500, e*. issuance.
-Authorized by the New
York P. S. Commission.
Company.
-Owns and operates a thoroughly modern hydro-electric
power plant, having a rated capacity of 3.600 Ii. p. located on the Saranac
River, about 5 miles from Plattsburg, N. Y. At this point where the
river drops 30 ft. company has constructed a concrete dam built on a solid
rock foundation and has installed the very latest vertical water wheel
development manufactured by the 8. Morgan Smith Co. of York. Pa.
The company has entered into a 15 year contract for the sale of its entire
output to the Saranac Pulp & Paper Co., which operates a pulp and paoer
mill advantageously situated on the shore of Lake Champlain at Platte
burg N.Y.
apitatizationAuthorized. Outstanding.
let Mtge. 15
-year 7% bonds (this issue)
$300,000
$300,000
7% Cumulative Preferred
200.000
200,000
Common stock (no par)
1,000 sh.
1,000 sh.
Earnings.
-The sale of the company's power to the Saranac Pulp &
Paper Co. at a yearly rental of $75,000, assures tne company net earnings
of 3)i times the maximum interest charges on its bonds,and is most valuable
since it provides a market at all times for 100% of the electrical energy
produced.
Sinking Fund.
-Sinking fund provision begins to operate Jan. 1925, at
the rate of 1% of tho total issue for the first 2 years, 2% for the
and 3% for the next 9 years, thus automatically retiring aboutnext 3 years
40% of the
bonds before maturity. Bonds are
to redemption in
ing fund purposes only at 110 less Yi subjectfor each year or part for sinkof 1%
fraction thereof
elapsed after Dec. 311925.
93
Sugar Estates of Oriente, Inc.
-First Annual Report.
The first annual report, for the year ended Sept. 30 1923, shows:
Production.
-During the last five crops the production of the mills in
bags has been as follows:
1922-23 1921-22 1920-21 1919-20 1918-19
Alto Cedro
234.939 244,575 164,000 214,767 212,384
Cupey
196,011 154.703 146,668 112,608 150,317
Palma
242,072 211,642 264,663 245,338 257,846
Totals
673,022 610,920 575.331 572.713 620,547
Through the operation of the sinking fund, there was retired during the
past year $150,000 principal amount First Mtge. 7% Sinking Fund Gold
bonds.
A dividend of 5 1-3% on the 8% Cumul. Pref. stock was paid May 1
1923, representing the accumulations since the corporation was organized.
Dividends at the rate of 2% quarterly have been paid regularly since then.
Since the close of the fiscal year a dividend of $1 per share has been paid
on the Common stock.
Income Account, Year Ended Sept. 30 1923.
Receipts: Raw sugar produced. $9,694.823; molasses produced,
$82,376: interest received, $210,586; profit on stores, cattle,
&c., $67.190; total
$10,054,975
Expenses of producing, manufacturing, selling, &c
6.457.257
Depreciation.$529,469;discount on 1st M.7% S. F. Gold bonds.
due 1942, $20.000; int. on 1st M.7% S. F. Gold bonds due
1942, 3413.229; int. on bills payable, current accounts, &c..
$171,543; additional reserve for doubtful colones' advances,
$460.009; provision for income taxes, $250,433; total
1,844,684
Net profit for the year
Less-Preferred dividends (9 1-3%)
$1,753,034
260,609
Balance, surplus
- 115, p. 2391; V. 116, p. 1907, 2648.
V.
31.492,424
Sullivan Machinery Corp.
-10% Stock Dividend.
-
The 10% stock dividend declared two weeks ago was payable Dec. 29
to holders of record Dec. 28.-V. 117. p. 2782.
Superior & Boston Copper Co.
-Annual Report.
-
Years ended Sept. 30Total receipts, &c
General development
General expenses
General equipment and furniture_ __ _
General mining patents
Mining claims
Call No. 10, account treasury stock_
Balance, surplus
- 117. p. 1472.
V.
1922-23.
$307,868
310,816
21,501
1,635
100
def$26,184
1921-22.
$225,876
185.116
18,498
273
2.301
1920-21.
$244,022
244,831
21.961
2,563
1.884
6,250
2,599
$19,689 def$36,065
Temtor Corn & Fruit Products Co.
-Stockholders Bring
Suit to Recover $1,000,000.
-
Edward T. Bedford, Pres. of the Corn Products Refining Co., has been
named as a defendant with members of the banking firm of Kissel, Kinnicutt
& Co. in a suit filed in the Supreme Court by 198 stockholders of the
Temtor company, which was organized in 1919 to take over the corn products plant at Granite City, Ill. They seek to recover the money paid for
the stock on the ground of false representations as te the value of the
property.
The complaint asks for nearly $1.000,000. paid by the Temtor stockholdSchulte Retail Stores Corp.
-To Increase Preferred.
ers for their shares, and accuses St. Louis bankers and brokers, including
The stockholders will vote Jan. 12 on increasing the authorized
Preferred officers of the Mercantile Trust Co.. of participating in the alleged conspirstock from $5,000,000 to $15.000,000.-V. 117,
acy. The stockholders also assert that the engineering finn of George W •
P. 2899, 2661.
Goethals made one report on the enterprise which would have "thwarted"
Sheridan-Wyoming Coal Co., Inc.
the alleged conspiracy and was then induced to make a "supplemental
-1923 Output,
According to an official announcement the 1923 output of this company, report' for "public consumption" which was used in floating the stock
to
a subsidiary of U. S. Distributing Corp., was the best year in point
of the enterprise.
of
duction since the war years. This company's coal fields located proThe complaint. filed by Austin, McLanahan. Merritt & Ingrahamnear
Sheridan, Wyo.,serves the markets in Wyoming,Iowa. Nebraska. Montana, names each of the 198 stockholders who sue and the amount of stock they
Washington, North and South Dakota with railroad connections on the bought. In some cases only a few shares are involved and the sum sued
Chicago Burlington & Quincy RR. The company has a long-time contract for is as low as 3...00, but in others the claim is for 94,500.
with this road for fuel which affords an all-year round order.
E. T. Bedford, President of Corn Products Refining Co.,
The company owns approximately 14.000 acres of coal of
acres, both land and coal, are owned in fee simple, and which 11.250 issued the following statement:
approximately
2,750 acres held under advantageous leases.
If by any possibility I was in any way connected with this million-dollar
The five principal seams of coal underlying this property is said to
contain suit for the sale of the Granite City
against the
650,000,000 tons of merchantable coal. There are four additional seams on Products Refining Co., and certainlyplant, it must be personally. Corn
not against me
As a
the property that are not included in this calculation. The
company's coal matter of fact, it has no justification whatever, at least so far as either
resources are sufficient for more than 100 years of continuous
operation. myself or my company is concerned.
Seven electrically equipped modern coal mines give a producing
Our dissolution suit obliged us to dispose of this plant on Jan. 1 1921.
capacity
of 20,000 tons ot coal daily.
The Temtor Corn & Fruit Products Co. was organized, I believe, the latter
The company also owns 875
part of 1919. It purchased this plant from us for
office buildings, with auxiliary well-built cottages besides hotel, store and the agreement that we were to retain possession until $4.500,000 cash, with
equipment of all kinds for the operation of
Oct. 11920,for which
the property.
-V. 116, p. 2398.
we were to pay a rental of $1.245,000. So important and valuable was this
plant to us that we would not have sold it any price unless we retained its
Silica-Gel Corp.
-Stock Offered.
use and at the expiration of the lease we offered to renew it on the same
See Davison Chemical CO. above.
terms for a further period.
-Y. 117, p. 1136.
Before the sale was consummated it was necessary to submit the terms
Simms Petroleum Co.
and price to the Department of Justice and to be approved by the U. S.
-Earnings, &c.
-Earnings for the 11 months ended Nov. 30 1923 were approximately District Court. All this was done.
$1,517,360 before charges totaling 81,155,000 for depreciation, depletion
I have never had anything, nor did our company,to do, directly or indiand current lease abandonment. The company, is stated, now
rectly, with the organization
it
has 231 Never was I either directly or of the Temtor Corn & Fruit Products Co.
producing wells, against 174 at Dec. 31 1922.-V. 117. p.2661.
indirectly interested in the sale of its shares.
to which I have already testified in a previous suit. At the time of thepurchase this plant could not have
(Thomas G.) Sloan Co.
-Bonds Offered.
-Worthington, earnings at that time justified thebeen reproduced for $4,500.000, and its
price paid.
-V. 116, p. 948.
Bellows
&
leveland, are offering at par and interest
$450,000 1st
Co.,dtge. Leasehold 6
Gold bonds.
Dated Jan. 1 1924; due serially Jan. 1 1925 to 1937. Interest
payable
.1. & J. at State Banking & Trust Co., Cleveland, Ohio, trustee. Denom.
$1,000, $500 and
Callable in inverse order on any interest date
after Jan. 1 1926, upon 30 days' notice, at 102 and interest. Company
$100e*'
agrees to pay the Federal normal income tax deductible at the source
up to 2%.
Security.
-Secured by a (closed) first mortgage on a 99
-year leasehold
interest in a parcel of land having a frontage of'76 ft. on the northerly
side of Prospect Ave., a depth a 203 ft. and equal frotnage on Alpha
Court in the rear, aim on the six-story and basement,
building thereon, known as the Sloan Bldg., Cleveland. foreproof office
This leasehold
estate has been appraised at $824,847.
Income.
-For the year ending Dec. 31 1923. the company reports:
Gress income. $114,935; operating expenses. 348.705: net income, 966,230.
This net Income, immediately applicable to the requiremets of the bonds,
Is over 21i times the maximum interest charges.
Southern California Edison Co.
-To Pay Bonds.
-
The $1,000,000 7% bonds due Jan. 15 will be paid off at maturity at
Office of Bankers Trust Co.. N. Y. City.
-V. 117, p. 2781, 1898.
Spring Valley Water Co.
-Dividend Increased.
-
The company on Dec. 31 last paid to stockholders of record Dec. 21 a
dividend of 1A % on the outstanding $28.000.000 Capital stock, par $100.
Of this distribution, 3i of 1% was paid out of surplus earned prior to July 1
1919. Dividends at the rate of 5% per annum (1 Si% quarterly) were
paid on the stock from March 1919 to Sept. 1923, incl.-V. 117. p. 2444.
Standard Milling Co.
-Registrar.
--
The Metropolitan Trust CO. has been appointed registrar for
6% 3
-year gold notes duo Jan. 1 1927. These notes were placed31.500.000
privately.
-V. 117, p. 2899.
Standard Sanitary Mfg. Co.
-New Plants.
-
The company has awarded contracts for a new plant to cost approximately
$3,000,000. to be erected at Baltimore, Md. In addition. the company
plans to builds unit at Louisville. Ky., to cost about $1,500,000.-V.
117.
p. 2444.
Standard Steel Car Co.
-New Officers.
-
J. M. Ilanson has been made Chairman of the Board and Col: Frank
Drake succeeds Mr. Ilanson as Presldent.-V. 116, p. 948.
Tonopah Belmont Development Co.
-Results for Quar.
President Clyde A. Helier. Dec. 27. says: "The completion of silver
purchases at $1 per ounce under the Pittman Act in June necessitated the
selling of silver bunion at the regular current quotations, which have been
between 63 and 64 cents per ounce. With shyer at this price it requires
a higher grade ore to make a profit at the Belmont mine.
The cost of producing silver at Tonopah increased from 33 cents per
ounce in 1913 to 60 cents in 1923. The high cost of labor, materials and
supplies increased the total working cost (including metallurgical losses)
to about $15 per ton, which is higher than the average run of mine ore based
on sliver at 64 cents. It therefore became imperative to sort the ore
produced to a higher grade, thereby reducing the tonnage to from 75 to
100 tons per day.
"With no assured custom ore in sight it became uneconomical to operatethe Belmont Mill (which has a daily capacity of 500 tons), upon such a
small tonnage, and the mill was closed down on Aug. 1.
"Satisfactory rates flaying bten obtained, the management decided to
ship ore to the mill of the Tonopah Mining Co. at Millers, 'Mitch is more.
readily adaptable to handle a small tonnage. Meantime, the services
of II. P. Henderson, a geologist and mining engineer thoroughly familiar
with the Tonopah district, were obtained to make
underground conditions at the Belmont mine. It a careful study of the
is believed that more
recent exposure and classification of the rocks warrant this examination
with the view of determining the advisability of further development at
depth and in unexplored blocks of ground.
"The management inaugurated a sweeping
the changed conditions, involving a reduction reduction in expenses to meet
in salaries from the
down. The position of General Manager made vacant Nov. President
the
resignation of F. Bradshaw will not be filled. On Dec. 18 a 1 by vein
new
was struck on the 1,000-ft. level of the Belmont Mine in hitherto unprospeeted ground. The vein where struck is five feet in width
and assays $20.
"At the Belmont Surf Inlet Mine the same
ditions have prevailed since the war, and profits changed economic conhave been consequently
lower.
"The option upon the Eagle Shawmut property in California
been
given up. and the property will revert to the owners on Jan. has1924.
16
Had economic conditions remained the same as when the option was
taken, the property could have Peen operated at a profit instead of a loss.
"Productive mining has been discontinued at
property in Colorado, and work confined to driving the Belmont Wagner
The last 294 ft. have been driven on the Alta veinthe Blackhawk tunnel.
without encountering
commercial values, although the objective underneath the profitable
shoots in the upper workings has not yet been reached. This work orewill
be continued until the downward extension of these ore-shoots has been
proved or disproved."
THE CHRONICLE
94
[VoL. 118.
general investment business at 100 Broadway. New York,and 3 N.Calvert
St., Baltimore. Besides George A. Colston and Daniel A. Heald, the firm
Is composed of Thomas S. Trail, formerly of Strother, Broagden & Co.
Baltimore, and Herman R.Lange,formerly sales manager of the New York
$623,121 bond department of West & Co. S. Richard Davidge will retain his office
earnings for the quarter ended Sept. 30 1923, of the Belmont and will be associated with the new firm in New York and Fielding Simmons.
The net
Surf Inlet Mines, Ltd., of which this company owns 80%. were $13,246.
formerly partner of Colston & Co., will be associated with the Baltimore
Compare also V. 117, p. 2899.
office.
-Extra Dividend of 25%
United Profit Sharing Corp.
-John Moody, president of Moody's Investors Service, will address a
Payable in Preferred Stock.
meeting at the Town Hall on Monday, January 14, on the subject of "The
In addition to the regular quarterly cash dividend of 15%, an extra divi- Investment Outlook for 1924." In his discussion Mr. Moody will express
dend of 25% has been declared on the $500,000 Common stock, par $1, paybusiness conditions and will
able in Preferred stock. Both dividends are payable April 1 to holders of his views on the trend of general investment and
indicate the developments which he anticipates during the present year.
record March 4. Like amounts were paid Jan. 2 1924.-V. 117. p. 2334.
The meeting will be attended largely by investors and business men of
-Capital Readjust. Greater Now York and vicinity.
United States Distributing Corp.
The stockholders on Jan. 2 changed the present authorized capital stock
The firm of Phelps, Fenn & Co. has been organized as of January 1
from 100,000 shares of Common, par $50 each, and 10,000 shares of managers stock, par $5 each. to 27,500 shares of Cony. 7% Cumul. Pref. 1924. to conduct an investment business dealing in both municipal and
par $100 each, and 220.000 shares of Common stock without nominal corporation bonds, with offices at 66 Broadway, New York.
stock,
or par value. The Preferred stock and a portion of the Common stock
The general partners are A. W.Phelps, W.H.M.Fenn and 0.5. Brewer,
(without par value) is to be exchanged for the 100,000 shares of Common
York.
stock (par $50). and the 10.000 shares of managers' stock (par $5), which all of whom were formerly associated with Estabrook & Co., New
of Basil Harris of Rye, N. Y.. is a special partner.
are now issued and outstanding, upon the following basis: For each share
Common stock (par $50) and (or) managers' stock (par $5) now issued
and outstanding, there shall be issued one share of Common stock without
George A.Elliot and Joseph Wolfe,formerly with Cassel, Nunes & Co.,
nominal or par value and one-fourth of a share of Preferred stock of the will conduct a general bond business specializing in all foreign bonds, under
of $100 per share, or a fractional warrant for the same. For the name of Elliot & Wolfe, with offices at No.50 Broad Street,transactions
pax value
further details see V. 117. p.2782.
will be cleared through J. D. Frankel & Co., members of the New York
Stock Exchange.
-Tenders.
United States Rubber Co.
The Central Union Trust Co. of N. Y.. trustee, will until Jan. 29 receive
Hugo Cassel and Ernest R. Tlefenthal have formed a co-partnership
bids for the sale to it et 1st & Ref. Mtge. gold bonds, due 1947. Series "A." under the firm name of H.Cassel & Co.. with offices at 61 Broadway. New
not to consume more than
at not exceeding 105 and int., the total offer
a general brokerage business in stocks and bonds. Harry
$670,014, and the "B" bonds at not exceeding 110 and int., the total offer York, to conduct
Moore, formerly with Boissevain & Co., has become associated with them,
not to consume more than 5250.000.-V. 117. P. 1787.
- -Mortimer W.Loewi,formerly of the firm of Sartorius, Smith & Loevri,
-Bonds, etc., Authorized.
Wabash Valley Electric Co.
where a general commission busiThe Indiana P. S. Commission has authorized the company to issue will be located at 111 Broadway, N. Y.,
through Louch$59,600 of 6% bonds and $28,500 of 7% Pref. stock at 90. The proceeds ness in stocks, bonds and commodities will be transacted
made or to be helm, Minton & Co.
are to be used to reimburse the treasury for improvements
made.
-V. 117, p. 98.
has expired
--Sartorius, Smith & Loewi announce that the co-partnership
at
-Bonds Called.
Welsbach Co. (Philadelphia).
by limitation and that the firm of Sartorius & Smith has been formed
dated 20 Broad St., New York.
Certain 30-Year Sinking Fund 5%.Coll. Trust Mtge. Gold bonds
Exchange,
aggregating $142,100, have been called for redemption March
June 1 1900,
-Green, Ellis & Anderson, members of the New York Stock
1 at par and interest at the Provident Trust Co., successor trustee, N. W.
to mem-V. 117, p. 563.
announce that Thomas Arthur Nosworthy Jr. has been admitted
corner Chestnut & 4th SL.s., Philadelphia, Pa.
bership in their firm.
-Acquisition.
that
Western States Gas & Electric Co.
-The New York Stock Exchange firm of Bull & Eldredge announce
The Central Natural Gas Co. has been authorized by the California RR. John E. Kassebaum and Stillman MacKay have been admitted to general
sell to the Western States Gas & Electric Co. for $85,000
Commission to
its plant, property and distributing system for the service of gas in the partnership.
Boissecity of Stockton. Calif., embracing 430 consumers. The Western States
Mr. Harry Monroe, for many years in the employ of Messrs.
Co. guarantees to provide an adequate gas service so that the transfer will vain & Co.. Members of the New York,Stock Exchange, has become asso-V. 117. p. 2783.
be in the public interest.
Jan. 1
ciated with the Now York Stock Exchange firm of Cassel & Co..as of
the
-Old Colony
-Bonds Sold.
(R. H.) White Co. Boston.
-Announcement has been made that Gerard Werner, Manager of
Trust Co. and National City Co., Boston, have sold at 983' Bond Department of Spencer B. Koch & Co.. has been admitted as a genera
and int. $2,000,000 1st (closed) Real Estate Mtge. Sinking partner.
H. Ayres.
-R. F. DeVoe & Company, Inc., announce that Clifford
Fund 53.s, due Jan. 1 1944. A circular shows:
has been elected secretary
Purpose.-Proceods will be used to pay, in part, for property long occu- formerly sales manager of Clark, Williams & Co..
in charge of sales and William Rockel has been elected assistant secretary.
pied and recently acquired by the company.
-Direct obligation of company. Secured by a first mortgage
Security.
Co-partner-Albert T. Salisbury and Clarence .1. Hobby have formed a
on land and buildings which have a conservative market value of at least
Salisbury & Company, to deal in investment
52.500,000.
a ship, under the firm name of
-Is one of the oldest concerns in Massachusetts conducting
Company.
general department store business. Business was started by R. H. White securities.
appointed Registrar
in 1862 and has been very successful.
-Irving Bank-Columbia Trust Company has been
-Bonds must be called by lot for payment at 102 through of the First Preferred, Second Preferred and Common Stock of the East
Sinking Fund.
of an annual cumulative sinking fund, beginning Jan. 1 1925.
operation
Penn Electric Company.
which will retire the whole issue by maturity.
general partnership
-Average net earnings applicable to interest and sinking fund
Earnings.
-Jasper Adams Campbell, Jr., has been admitted to
months were over 3kf times the requirements
New York Stock
for the past 6 years and 10
in the firm of Danforth & Marshall, members of the
-V. 117, p. 1566.
of this issue.
Exchange.
by mutual con-Plan of Readjustment.
-The firm of McAllister & Huttlinger has been dissolved
Willys Corporation.
McAllister
The protective committee for the first preferred stockholders (Howard sent and the business will be continued under the name of A. T.
Bayne. Chairman), in a notice Dec. 29 to holders of First Preferred Stock & Co., at 1420 Chestnut St., Philadelphia.
issued under the First Preferred
and holders of Certificates of Deposit
Ralph T.
-Brown Brothers & Co. announce that Charles F. Speare and
Stockholders' Protective Agreement, dated Feb. 3 1921 stated that the
apcommittee has adopted a plan of readjustment. The plan has been Dis- Crane have been authorized to sign for them "per procuration"in New York•
Court for the Northern
proved by the District Court and the District
corporate name
Little, Vardaman & Bitting, Inc., announce that their
trict of Ohoi-Western Division. and a copy has been lodged with Irving
Bank-Columbia Trust Co., 60 Broadway, N. Y., the depositary.
has been.changed to Little & Moore,Inc.
firm of
Participation in the Plan Can Be Secured Only as Follows
-T. Tower Bates has entered the New York Stock Exchange
Holders of First Preferred stock of Willys Corp who have not heretofore Pearl bc Company as a general partner.
has
deposited their stock certificates under the protective agreement must
-.Louchheim, Minton & Co. announce that Albert S. Wasserman
deposit such stock certificates, duly endorsed In blank and stamped for
been admitted to general partnership In the firm.
transfer with the depositary, on or before Feb. 1 1924.
Holders of certificates of deposit issued under said protective agreement
Lazard Freres announce that Raymond D.McGrath has been admitted
for First Preferred stock of Willys Corp. heretofore deposited, must deposit
such certificates of deposit, duly endorsed in blank and stamped for transfer to partnership in the firm.
and for cancellation, with the depositary, on or before Feb. 1 1924.
-Kauffman-Smith-Emert & Co., of St. Louis, announce that their cor
The depositary, with whom all deposits must be made on or before Feb. 1 porate name has been changed to Kauffman, Smith & Co.
Irving Bank-Columbia Trust Co., 60 Broadway, New Yon(
1924. is
-Geo. R.Leslie, formerly of Salisbury, Leslie & Company is now located
On such deposits depositors will receive against each share of stock (or
certificate of deposit therefor) deposited a certificate for one share of at 7 Wall Street.
Class A stock of Landover Holding Corp.
Boissevain & Co. announce that Edgar W. Newkirk and C. C. A.
Landover Holding Corp. has received from the committee, subject to certain contingent liabilities, 150.000 shares of common stock of Willys-Over- Bienfait have been admitted as general partners to the firm.
corporation all shares of
land Co. There will also be transferred to this
appointed
Corp.
-The Equitable Trust Company, of New York, has been
First Preferred stock participating in the plan. Landover Holding shares
will thus hold for the benefit of participants under the plan 150,000 Pre- Registrar of the Common Stock of the Curtis Publishing Company.
joined
of Common stock of Willys-Overland Co., and will also hold the First
Richard F. Lamarche, formerly with Hayden, Stone & Co., has
ferred stock deposited under the plan and will, therefore, receive any disthe sales organization of Hitt, Farwell & Co.
tribution which may be made by the receivers on account of such stock
De[There are 150,000 shares (par $100) First Preferred stock of Willys Corp.
Edgar K. Sheppard, formerly manager of the Insurance Stock the
in
-V. 117, p. 449.
outstanding.]
partment of Gilbert Ellett & Co., has been admitted to partnership
Due from smelter
Due from others
Cash in banks
Available Resources, Nov. 30 1923.
564.050 U. S. Treasury notes
138,058 Liberty bonds
274,982
5100.000
60,031
-Production.
firm.
Willys-Overland Co., Toledo, 0.
a co-partnerPresident John N. Willys recently announced that, according to con-H. Voorhees Borden and Alfred M.Sampter have formed
on file with practically all of the Willys-Overland branches, ship under the firm name of Borden & Sampter, to transact an investment
tracts already
have to
distributors and dealers throughout the world, production will
with offices at 61 Broadway, New York.
exceed 300,000 cars to take care of the apparent demand. The increase in bond business,
last
that Saver
the Willys-Overland dealer organization, compared with this period than
--Danforth & Marshall, 5 Nassau St., New York, announce
year,is more than 100%. During 1923 production amounted to more
been admitted to general partnership In their firm.
doubling last year's output. In order to meet the demand Adams,Jr., has
200.000 cars,
is now assoproduction will be stepped up to more than 30,000 cars a month in the early
Morton Goodman, formerly with Paine, Webber & Co.,
-V. 117. p. 2900.
months of the year.
ciated with Frazier & Co., in their New York sales department.
H.
-Off List.
- M. Byllesby & Co., have opened an office in the Stock Exchange
Wolverine Copper Mining Co.
-V.1.17, p. 1137.
Building, Philadelphia, under the management of E. M.Newlin.
See Michigan Copper Mining Co. above.
West & Co., New York and Philadelphia, announce that J. West
-Sales.
Co.
(F. W.) Woolworth &preceding Christmas were $15.112,681, a Rulon Cooper has,been admitted to general partnership in their firm.
7 business days
Sales in the
with $13,717,380
-Samuel C. Huey and Walter A. Schaufler have been admitted to
daily average of better than $2,000,000. This contrasts 10
Of the
a gain of $1,395,301, or
partnership in the firm of Wheeler & Co.,Philadelphia.
in the same period of 1922,$802,567.-V. 117, p. 2554. 17%.
increase, old stores furnished
-carman G. Campbell has been admitted to full partnership in the firm
of Fitch. Crossman & Co.. Philadelphia.
CURRENT NOTICES.
-W.H. Newbold's Son & Co., Philadelphia, announce that Fitz Eugene
Newbold has been admitted as a general partner in their firm.
Heald & Co., of New York, and Colston & Co..
-The firms of Davidge.
Robert C. Lippincott has become associated with Thos. A. Biddle &
recently dissolved by mutual consent, have
of Baltimore, which have been
a Co.. Philadelphia, In their bond department.
under the name of Colston, Heald & Trail and will transact
onsolidated
JAN.5 1921.]
95
THE CHRONICLE
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
L PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
ACTIVITY...
j
editorial matter in a department headed "INDICATIONS OF
BUSINESS
1
Friday Night, Jan. 4 1923.
COFFEE on the spot was in fair demand and steady.
%
No. 7 Rio, 105 to 10%c.; No. 4 Santos, 15 to 16c.; fair to
good Cucuta, 17 to 1736c.; Medellin, 21 to 213 c. Futures
,
4
have latterly advanced with Brazilian markets up. On the
2d inst. Santos advanced 425 to 500 reis in the term prices,
with exchange up 5-32d. on London. The dollar rate was
down 190 reis. Buying was not large, but with the cables
strong shorts deemed it prudent to cover. Moreover, stocks
at Brazilian ports fell off during the holidays from the effects
of smaller receipts and also from clearances. Some new
buying at times appeared here. The stock at Santos on
Jan. 1 was 531,000 bags, against 651,000 on Dec. 29 and 2,802,000 a year ago. The stock in Rio on Jan. 1 was 318,000
bags, against 381,000 on Dec. 29 and 1,429,000 on Jan. 1
1923. These things were not wholly ignored. And it was
noticeable that whatever might be said against the market,
it seemed to have an undertone of strength. World's visible
supplies of Brazilian coffee are down. In fact they are the
lowest in 26 years. What wonder then that the undertone
shows a certain steadiness, with receipts restricted? Neu;11MT-of Havre, makes the world's visible supply or coffee
on Jan. 1 4,410,000 bags, against 4,813,000 bags on Dec. 1,
showing a decrease for the month of Dec. of 403,000 bags.
Total world's deliveries for six months to the United States,
5,399,000 bags; to Europe,5,021,000 bags; to Southern ports,
555,000 bags; making a total of 10,975,000 bags, against
9,191,000 bags last year. The world's visible supply on
Jan. 1 is declared to be the smallest since 1898. Some take
the ground that there has been practically no change in the
situation. Opinions are divided, some contending that.the
price is too high, with ample supplies. Coffee on bulges was
being sold.for Brazilian account. To-day futures advanced,
especially on later months, but a reaction came later. If
prices should advance much on the March delivery, some
think that valorization sales would follow. Europe, however, was a persistent buyer of distant months. Some of
this was supposed to be for Brazil. Vinal prices show a rise
for the week of 24 to 53 points, the latter on May.
Closing prices were as follows:
ittoanofficia da
ri
r
o_
9.55(59.571September_ _ _9.16@9.18
Iruly
9.3809.401December
SUGAR.—Raw Cuban for January has latterly been weak
at Sc. old. On Thursday London was 134d. to 3d. lower
and weak. There are now 102 centrals grinding against
78 at this date last year. January shipment of Cubas were
offered later at Lewes at below the Sc. c.8cf. basis, the nominal price. Receipts at Cuban ports for the week were
18,529 tons, against 7,349 last week,29,000 in the same week
last year and 16,771 two years ago; exports were 3,714 tons,
against none last week, 21,948 in the same week last year
and 4,793 two years ago; stocks were 22,162 tons, against
7,348 last week,36,871 in the same week last year and 11,978
two years ago. Centrals grinding numbered 75 against 47
last week, 57 in the same week last year and 27 two years
ago. Havana cabled: "Weather dry." Receipts at United
States Atlantic p'orts for the week were 17,288 tons, against
13,504 last week, 14,999 in the same week last year and 22,398 two years ago; meltings for the week 14,000, against
33,000 last week, 31,431 in the same week last year and 6,000 two years ago; total stock 27,434 tons, against 24,146
last week, 12,404 last year and 31,529 two years ago. Some
take \the ground that the position of sugar is fundamentally
sound. They look for higher prices for 1924. Stocks are
at a low stage. Buying is expected shortly for replenishment
of supplies. The technical position of the futures market
appears to some much improved by the recent decline. One
refinery announced a reduction of twenty points in the wholesale price of refined sugar on Jan. 2, the new price being
8.70c. The first consignment of the new Cuban sugar crop,
21,000 bags, arrived here on Jan. 2 from the Cardenas district on the steamer Santa Isabel. Some believe that as
the new crop becomes available the market will have to
absorb much hedge selling, and as the next few months are
normally rather slow in the sugar trade this pressure may
cause some decline in prices. March sugar has been bought,
it is said, by a trade firm with European connections. Wall
Street interests have been covering to a certain extent, something which tended to keep futures comparatively steady.
But Cuban interests are supposed to have been selling
January. At one time there were rumors of sales of Cuba
for early shipment at 5 1-16c. c.8cf. Centrals, which have
just begun grinding, include Marcareno, Gomez Mena,
Ciego de Avila, Perserverancia, Lugareno, Jesus Mari,
San Antonio (Matanzas), San Jose, Resulta, Santa Rita,
Santa Gertrudes, Trinidad and Portugalete (Havana),
making 102 in operation. To-day futures showed little
change, but raw for near delivery was evidently weaker.
8
4
It was quoted at 43 to 431c. There were rumored sales
4
at 43 c. They do not appear to have been fully confirmed,
however. Buyers were holding off, whether refiners or
operators. The United Kingdom was quiet, but steady.
Cuban was offered for January shipment at 25s. 9d. c.i.f.
Refined was quiet here at 8.70 to 8.80c., with nominal quotations 8.90c. Out-of-town refineries are said to be in some
cases shading 8.70c. There are 113 centrals grinding in
Cuba against 81 a year ago. Final prices for futures are
unchanged for March and 3 points higher fon May for the
week.
Spot (unofficiab4U@5c1March
4.9004.91 May
January
4.5304.541July
4.6104.621
4.6904.70
LARD on the spot was quiet but steady; prime Western,
13.15c.; refined to Continent, 4c.; South America, 14.25c.;
Brazilian, 15.25c. Covering by December shorts at the last
moment put up prices; also prospects of a renewal of foreign
demand this month. Exports, moreover, were large last
.
week, hogs advanced at one time and warehoue stocks of
lard were small. Lard stocks at Chicago increased during
December only 1,322,000 pounds. On Jan. 2 the deliveries
of ribs in Chicago were 200,000 pounds, and this fact had a
rather depressing effect. Packers, moreover, was said to
have sold May lard very heavily. The year 1923 was generally prosperous, according to the "Armour Review." With
the very beginning of the year the improvement in packing
house business was manifest, and for the first quarter trade
was continuously and encouragingly active. Volume of
meat products absorbed in domestic trade has been exceedingly large and probably established a record in quantity.
Heavy receipts of live animals at all of the packing centres
had the effect of detracting a little from the stimulus that the
trade had seemed to feel during the first quarter, and consequently there was an appreciable slowing up of activity,
though not to the extent where profits disappeared entirely.
Margins became narrower, yet in the aggregate were margins
of profit, and have continued so throughout the year. This
year has been one of continued liquidation on the part of the
farmer. During the previous year the' price farmers obtained for hogs was relatively high, and as a result farmers
all over the country increased their swine droves immensely.
In the meantime, the price of corn advanced considerably
and made feeding operations more expensive. Rural banks,
keeping a watchful eye on their credits, began to hint at
liquidation, and as a result about 10,000,000 more hogs
reached all markets in 1923 than in 1922. A large portion
of hogs was breeding stock, which does not augur well for
the volume of production next year. It might even bring
about a situation where it would be difficult for the packers
to obtain adequate quantities of raw material in port. The
same thing is true, though not to such a great degree, with
cattle, especially cattle from the range States. Foreign trade
showed considerable improvement during the year, and an
increased quantity of meat and fats was absorbed by England
and the Continent. Naturally the political upheavals in
various countries of Europe have a retarding effect upon the
foreign market and have curtailed the volume of foreign
purchases. To-day futures were practically unchanged.
For the week there is a rise of 5 points on January, March
is unchanged and May is off 3 points.
THE CHRONICLE
96
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
12.10
12.10
Holt- 12.15
12.15
January delivery_ __cts_12.10
12.07
12.07
day 12.15
12.15
12.15
March delivery
12.12
12.12
12.20
12.20
12.20
May delivery
-Linseed in general has been quiet, although it is
OILS.
understood that some of the large consumers are not indisposed to buy ahead to some extent. Some paint and linoleum interests are inquiring for large quantities but are not
disposed to pay asking prices. Prices do not show much
change from those of a week ago. Spot carloads, 91 to 92c.;
tanks, 86c.; less than carloads, 95c.; less than 5 bbls., 98c.;
boiled, tanks, 87c.; carloads, 94c.; 5 bbl. lots, 97c.; less than
5 bbl. lots, $1 00. Cocoanut oil, Ceylon, bbls., 93c.
Corn, crude, tanks, mills, 10 to 103jc.; refined, 100 bbl.
lots, 123c. Olive, $1 12. Cod, domestic, 66 to 68c.;
Newfoundland,69 to 72c. Lard, prime,15%;extra strained,
13%c. Spirits of turpentine, 923' to 93c. Rosin, $5 55
to $7 50. Cottonseed oil sales to-day, 9,900, including
switches. P. Crude S. E., 9.373' to 9.50c. Closing prices
were as follows:
Spot
Jan
Feb
11.00611.501March_
11.03611.20 April
11.04611.20 May
_11.236: 11.2.51June
11.4011.45 July
6
11.5518311.56 Aug
11.60611.72
11.76611.78
11.83611.92
PETROLEUM in better demand and firmer. On Monday
the Joseph Seep Purchasing Agency of Pittsburgh, advanced
all grades of Penn. grades 15c. per barrel. On the 2nd inst.,
the Ohio Oil Co. advanced Central-Western crude prices
10c. per barrel. Kerosene continues in good demand and
firm. Gasoline demand has looked up and prices are tending
higher, as a result of higher crude prices. Bunker oil has
also improved as a consequence of the strength of crude oil.
At one time there were rumors that tank wagon prices in
New York and New Jersey would be advanced, but this was
denied by leading refiners. On Thursday the Sinclair Consolidated Oil Corporation advanced the tank wagon price of
gasoline throughout Ohio lc. a gallon. Canadian crude oil
was marked up 10c. a barrel to $2.03. New York prices:
Gasoline cases, cargo lots, 24.40c.; U. S. Navy specifications, 10.50c.; naptha, cargo lots, 12c.; 63-66 deg., 14e.;
66-68 deg., 15.50c.; kerosene, in cargo lots, cases, 17.15c.;
petroleum, refined, tank wagon to store, 15c.; motor gasoline, garages (steel barrels), 153.c. The Ohio Oil Co.
advanced Lima, Indiana, Illinois, Princeton, Plymouth,
Waterloo and Wooster crude, 10c. a barrel, effective Jan. 2.
-Mid-Continent
Oklahoma,Kansas and Texas
$1.25
40 and over
$ .50
Under 28 Magnolia
1.00
28-30.9
33-39.9 deg
0.75
Below 33 deg
.90
31-32.9
33-35.9
1.15 Caddo
1.15
39 and above
35-37.9 deg
1.40
1.25
38 and over
Below 30 Humble
.90
1.05
30-32 deg
1.00
32-34.9 deg
.so
1.15
33-35.9
Below 32 deg
1.30
36-38.9
1.40
39 and Above
$1.42
$3.00 Ragland
Pennsylvania
$0.85 Illinois
1.05
Corning
1.40 Corsicana, light _ 1.25 Crichton
0.80
Cabell
1.63 Plymouth
1.45 Lima
1.25
Somerset, light-- 1.55 Indiana
1.43 Mesta
.95 Princeton
Wyoming
1.42 Calif.,35 & above_ 0.76
1.25
2.03 Gulf Coastal
Smackover,26 deg. 0.90 Canadian
Bull-Bayou 32-34.9 .75
RUBBER has been quiet and weaker. Some of the selling
early in the week was believed to be for income tax purposes and partly because of the approach of January deliveries. London on Monday was lower. Inventory taking
has practically eliminated any big buying interest. First
latex crepe, spot, January, 26%c.; February-March, 27%c.;
April-June, 273/sc.; smoked ribbed sheets, spot, January,
26/sc.; February-March, 27c.; April-June, 27%c.
5
HIDES have been rather firmer on heavy weight dry
hides of the better sort. There was a report that some
5,000 Antioquias sold at 18c. It is given for what it is
worth. It was not confirmed. Heavy Bogotas were held
at 193/20. Reports received from the River Plate section
stated that frigorifico hides sales were made of 2,000 La
Blancas at $43, or 15%c. c.&f.; 4,000 La Platas at MK
4
or 15c.;4,000 Smithfield steers at $423 and 4,000 Camapana
B.A. hides at 9e. Country hides were said to be in rather
better demand and steady. According to the Tanners'
Council, total imports of hides and skins during November
amounted to 26,869,160 lbs. valued at $5,542,818. This
represents the lowest amount imported since January 1922.
Cattle hides and horse, colt and ass skins registered an
increase as compared with October; skips, calfskins, goat
and kidskins, buffalo hides, as well as all classes of sheepskins except pickled freshers, showed a decline. At Chicago
big packer hides opened the year firm; but branded and Colorado steers sold at 12%c. and 11%e., respectively. Some
asked %c. higher. A few thousand December branded
cows sold at 83c., or 3(c. higher. The skin markets were
firm with sales of first salted Chicago City calfskins 173/2c.
Big packer calf sold recently at 18340. City collectors have
been looking for 18c. on the next sales of first salted cities.
All weight hides were in moderate demand at country points
at 8c. to 83/20. selected, delivered, depending on the section
[VOL. 118.
andrthe percentage of grubs. Southwestern hides weights
25 to 50 lbs. were active at 8c. flat f.o.b. at Texas points
with no grub tick or sidebrand guarantees. Kipskins from
the same section were also active at 9c. flat with further lots
held at 95.e. f.o.b. shipping points. According to the
"Armour Review," the market for certain by-products of
the packing houses such as hides and fertilizers has not
improved as rapidly as has the meat business itself during
the year 1923.
OCEAN FREIGHTS were quiet, steay and unchanged.
Charters included lumber from North Pacific to Orient. lump sum.
328.500 Jan.; lumber from North Pacific to Japan, $15 March; grain from
New York to Norway,21c. Jan.; petroleum from California to United Kingdon, 37s. Dec.; grain from Vancouver to Europe, 38s. Jan. loading: grain
from Vancouver to Genor or Marseilles, 38s. 6d. April loading; coal from
Swansea to North Atlantic States, 7s. 6d. free discharge Jan. 7 calcelling
-Feb.; from U. S. Gulf
petroleum from Black Sea to Hamburg. 24s. Jan.
to France, 258. one port, 26s. two ports, Feb.: ore from Poti to Philadelphia or Baltimore, $3 80 Jan. 10 cancelling; grain from North Pacific to
United Kingdom, 34s. 6d.: Continent. 34s.: Mediterranean, 37s., with op-April 25 loading; grain from North Pacific to Shangtions prepaid Mar. 25
hai, $7 Jan. 25-Feb.10 cancelling; coal from Hampton Roads to Rio de
Janeiro, $3 10, full Welsh terms, spot loading: coal from Atlantic range
Including Charleston. to Santos, 33 45. full Welsh terms, Jan. loading:
light crude from Port Lobos to north of Hatteras, 29c. Jan.: gas oil from
U. S. Gulf to River Weser, $6 Jan.; clean products from North Atlantic to
North Spain, 21s.. option of Gulf loading at 26s., option of South Spain,
2s. 6d. extra, option up to four ports of discharge, is. extra each port, Jan.
loading; lubricating oil from Batourn to United Kingdom-Continent at
24s. Jan. loading.
TOBACCO has been in only moderate demand as usual
during the holidays, but prices have been reported generally
steady and the year 1924 is expected to see an improvement
in business. Lynchburg, Va., wired Dec. 30th: That the
act of the General Assembly of Virginia approved March
26 1923 which seeks to regulate the sale of tobacco in Virginia
is unconstitutional, is the opinion of Judge F. W. Whitaker
of the Municipal Court here who handed down yesterday a
decision in the case in which the Lynchburg Tobacco Warehouse Corporation was charged with selling tobacco under
assumed names. The charges were preferred by representatives of the Tobacco Growers' Co-operative Association
here.
COAL has been moderately active. There is much talk
of the possibility of a strike in the bituminous fields on
April Mt. The weather, too, has been colder. Independent
prices have been lower, to the companies level. Independent
egg and pea prices are in some cases even lower than those of
the companies.
COPPER early in the week was lower. Business has been
quiet, as is usual at this time of the year, when consumers
are taking inventory. Scrap copper prices declined Xic.
%
in sympathy with refined. For electrolytic 127 to 13c.
was asked. Exports during November were 60,000,00G
lbs., while exports were 64,500,000 lbs. of refined, but
unmanufactured forms of copper. The Government states
that the surplus of refined copper increased during 1923.
some 40,000,000 lbs. This is in sharp contrast with the
figures prepared by producers showing a decrease in 1923.
up to Nov. 1 of no less than 50,000,000 lbs. Under the
circumstances, the Government figures rather shook the
price. It is called none too steady at around 13o. London,
however,has latterly advanced. Prices on the local exchange
here have of late fallen 2% points.
TIN declined early in the week on lower exchange. Later
prices advanced on the fact that the stock increase had been
discounted. Some had feared that the increase might be
greater than the predictions, but as it turned out the figures
were just about as expected and proved to be burnt powder.
Spot 47%c.
LEAD was advanced $7 by the American Smelting &
Refining Co. Business is only moderately active, however.
Spot New York, 7.75(4)8.25c.; East St. Louis, 7.873/@80.
2
According to the Interior Department at Washington the
,
total mine production of all kinds of lead in 1923 was 534,000
short tons, against 475,849 in 1922. The refining output
from domestic ores totaled about 550,000 short tons, as
compared with 468,746 in the preceding year.
ZINC has been firmer. Business has improved slightly
but as a rule is still quiet. Close observers, however, predict
a better demand from domestic and British consumers in
the near future. Spot New York was quoted at 6.65(0.700.;
East St. Louis, 6.273/i to 6.323c. According to the Department of the Interior, the production of zinc in 1923 was
one-third larger than in 1922. The recoverable zinc content
of ores, -which amounted to 472,184 tons% in 1922, reached
623,000 tons last year. The output of primary metallic
zinc from domestic ores in 1923 was 485,000 tons, against
354,277 in 1922.
STEEL trade sentiment is hopeful. Some call it confident. Building and automobile companies are still the
best buyers. Railroad companies are also in the market.
The year 1924 is expected to see big record in building.
Even though the supply of structures in the United States
is better than it was, it is still lamentable deficient. Prices
are called generally steady. At Youngstown sales of merchant steel bars and plates are reported to be increasing with
prices firm. Tin plate mills there are all working at 100%.
At Pittsburgh tin plate mills are booked for the first quarter
of 1924. Tin plate there is quoted at $5.50 per base box of
100 pounds, Pittsburgh, and the market is said to be firm at
that price. Bars were quoted at 2.40c., Pittsburgh. Small
billets, $42,50 per ton, Pittsburgh, or 1.90c4a pound. The
JAN.5 1924.]
97
THE CHRONICLE
year 1923 started at $36.50 a ton or 1.63c a pound. Black
sheets averaged 3.80c. Pittsburgh. The year 1923 began
at13.35c.* Sales of fabricated steel in December are estimated at 155,000 tons at declines in some cases of $5 to $10
with New York loft buildings paying only $85 to $87 per ton
erected. This is the talk here. Plain material for structural
work, it is said, was obtained recently at 2.25c., Pittsburgh,
a drop of $3 to $5 a ton, something not altogether unusual
towards the close of the year on outdoor building. Cast iron
pipe makers are said to have lowered prices $1 to $2 per ton
for winter shipment. But in general steel is considered
steady with the 1924 outlook cheerful.
COTTON
Friday Night, Jan. 4 1924.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
135,224 bales, against 199,767 bales last week and 214,353
bales the previous week, making the total receipts since the
1st of August 1923, 4,814,106 bales, against 4,057,259 bales
for the same period of 1922-23, showing an increase since
Aug. 1 1923 of 756,847 bales.
Receipts at-
Sat.
Mon.
Tttes
Wed.
Thurs.
Fri.
Total.
19,244 8,094 55,185
PIG IRON has been in some speculative demand of late. , Galveston
6,553 6,849 14,445
1.595 1.595
New York is said to have taken 10,000 tons and Ohio 50,000 Texas City
402 33,845
98.99
Houston
and malleable pig iron. New Orleans_ _ _ _ 3,963 19,581
tons of basic, Bessemer foundry
504 7,152 5,681 26,082
880
4,233 7,632
824 1,669
104
30
125
10
576
expectation of a coal strike on Mobile
Is this buying founded on the
2,071
171
1,900
19
April 1? Some think so. That would, it is assumed, Pensacola
19
Jacksonville
366 2,872
561
prices are described Savannah
473
809
663
put up prices. Meanwhile, however,
286 1,903
253
305
396
663
On such large Charleston
as more or less unsettled and debatable.
109 1.632
135
327
434
326
301
Wilmington
661 2.447 6,458
790
1,333
1,227
tonnages as those just mentioned were quotations fully Norfolk
538
538
New York
opinion as to that. Boston
maintained? There will be a division of
848
235
70
181
362
507
201
306
`The Buffalo quotation of $21 50 is believed to have been Baltimore
shaded on business with the New York Central. Yet the Totals this week_ 18674 36 032 18 048 19 GAR 9R 2R1 en occi 13d224
nominal Buffalo price is $22. The December output of
The following table shows the week's total receipts, the
pig iron was 2,920,928 tons, or 94,225 tons a day, against
with
2,894,295 tons in November, or 96,476 tons a day. De- total since Aug. 1 1923 and stocks to-night, compared
cember saw a cessation in a declining production which had last year.
been noticeable for some months. That is an outstanding
Stock.
1922-23.
1923-24.
fact. And in 192 a new high record of 40,260,000 tons
Receipts to
This Since Aug This Since Aug
Jan. 4.
was reached, or 800,000 above the previous high of 1916.
1923.
1924.
Week. 1 1923. Week. 1 1922.
The estimated total output of ingots and castings was
55.185 2,277,373 41,827 1,872,687 311,002 371,291
approximately 44,800,000 tons, against the "high" of Galveston
22,367
2,579
1,595
66,120
19,962 1.846
45,067,000 tons in 1917. One active blast furnace was Texas City
33.845 816,273 4,794 531,611
Houston
added in December to the number, now being 132. At Port Arthur, Scc
26,082 794,306 26,036 840,482 247,968 235,609
Pittsburgh No. 2 foundry pig iron was quoted at $22 50 New Orleans
Gulfport
9,093
valley. The year 1923 opened at $27 50. Connellsville Mobile
14.346
35,570 1,711
1,669
66,679
9,281 2,211
2,071
7,644
furnace coke for spot delivery remained at $4 05 ovens; Pensacola
7,579
2.898
8,923
19
1,663
Jacksonville
25. On light orders prices were Savannah
the year 1923 opened at
70.455
69.608
2,872 260,690 4,837 266.051
286
181
606
300
25.373
quoted at $23 for eastern Pennsylvania and $22 at Buffalo. Brunswick
65,111
41,787
1,903 143,267 2,555
61,631
In the Chicago district it is stated prices have advanced 50c. Charleston
Georgetown
37,201
33,454
779
1,632 101,748
71.567
per ton to a minimum of $23 50. Prices, it is contended, Wilmington
are gradually hardening in the United States in the fear of NorfolkNews, &c_ 6,458 318,390 3.937 199,877 91,876 108.392
N'port
74,339
42
5,664
4.257 178,262
538
a coal strike on April 1. Sales of low-phosphorus iron in New York
7,349
12,454 2.940
5,777
848
17,839
the Philadelphia territory last week, it is said, were 1,200 Boston
2.588
15,998
3,063
507
11.283
Baltimore
5,912
All was copper-bearing iron, quoted at $28 furnace.
575
861
3,619
tons.
3.235
Philadelphia
135,224 4,814.106 000,000 0.000.000 1.006,420 1.017.572
Totals
WOOL has been in fair demand and steady. Stocks are
small here and dealers are hopeful that during January there
In order that comparison may be made with other years,
may be some increase in business. Some express the belief we give below the totals at leading ports for six seasons:
that prices must sooner or later advance. A large percentage
1919.
of the wool stocks in this country are territory wool, mostly, Receipts at- 1924.
1920.
1923.
1922.
1921.
it is said, held by Western pools for higher prices. Latterly Galveston_ __ _ 55,185 41,827 37,674 61,792 77,176 50,619
have been quiet as usual at the holidays. Houston. &c_ 33,845
the foreign markets
2.367
4.74
28,210
726
10,863
As regards New York, it is stated that stocks are small in New Orleans_ 26,082 26,936 18,446 33,525 46,755 27,944
911
3,858
9,636
1,711
2,913
1,669
Mobile
and importers. Holders of wool Savannah
the hands both of dealers
23.469
32,276
9,586
7,550
4.837
2.872
2,000
50
4,000
500
have an idea that stocks are down to a low stage and will Brunswick ---------300
4,207
1,293
4,138
858
2,555
1.903
no distant date especially if Charleston_
have to be replenished at
2,122
4,714
431
762
779
1,632
Wllmington
12,270
5,889
9,512
5,058
3,937
consumption increases. Imports from South America have Norfolk
6,458
46
41
527
Australian prices are said N'port N.,&c.
been much smaller than usual.
2,582
2.830
7.602
7,614
2.035
5.578
to be strong following last week's sales. New Zealand All others
markets are also firm, reflecting the recent very favorable Total this wk_ 135,224 94,390 76,581 127,152 224,546 131,534
results of the sale at Dunedin, Cape wools are well sustained, since Aug.I 4.814.106 4.057.259 3.516.438 3.559 RfiSt A n9R Rce7 9 010 901
it is stated, owing to a steady British and Continental
The exports for the week ending this evening reach a total
demand. The Washington Wool Growers'Association will
which 96,882 were to Great Britain,
meet at Yakima, Wash., on Jan. 31. Eastern nominal of 220,608 bales, of and 100,550 to other destinations.
prices include: Domestic Ohio and Pennsylvania fleeces: 23,176 to France for the week and since Aug. 1 1923:
Di elaine, unwashed, 55, fine unwashed, 48 to 49c.; 54 blood Below are the exports
3
combing, 55c.; % blood combing, 54 to 55c. Michigan and
From Aug. 1 1923 to Jan.4 1921
Week ending Jan. 4 1924.
New York fleeces; Delaine, unwashed, 53 to 54c.; fine, unExported to
Exported to
3
Exports
washed, 47 to 48c.; 34 blood, unwashed, 53 to 54c.• % blood,
Great
Great
fromunwashed, 54c.; 3( blood, unwashed, 51 to 52c. Wisconsin,
Total.
Britain. France.' Other. Total. Britain. France. Other.
3
blood 53c.; % blood,
Missouri and average New England
39,080 13,3421 37,549 89,971 438,001 228,991 782.0701,449,062
Galveston
52 to 53c.• X blood, 49 to 50c. Scoured basis: Texas, fine, Houston _ _ _ 8,266 2,706 22,471 33,443 315,080 140,967 358,017 814,064
'
12 months $1 25 to $1 30; fine, 8 months, $1 10 to $1 15. New Orlean 37,022 6,682 19,375 63.079 123,601 29,632 126,390 279,623
4,643
1,450
3,193
'
California Northern, $1 26 to $1 28; middle county, $1 10 Mobile
150
15
Jacksonville
8,974
400
to $1 15; full defective, 90 to 95c.; Southern, $1 to $1 05.
8,541
_ _ 2- OH
Pensacola
,
____ i0 153 10,153 82,859 7,257 47,704 137.820
_
The Oregon growers will meet at Pendleton, Ore., on Jan. Savannah _ _
50
I '
50
28 and 29. Michigan growers will meet in February. A Brunswick _
26,8191 95,123
4,350 4,350 68,304
Charleston
4,600 32,700; 45,600
8,300
:21
national meeting of growers will be held at Salt Lake City Wilmington
665 36.420I 119,624
0:65 82,639
__ _
n Jan. 22, 23 and 24. In New England of late trade has Norfolk _ _ 672 446 2.060 3,178 83,682 51,716 117,366 252,763
New York_
2,856
2,263
593
been light but whatever business has been done has been at Boston
863
863
Baltimore _
1,247
firm prices. Interest centres on the woolen goods market. Phliadelphia
731
516
5,836 16,085
everybody knows the mild winter has militated more or Los Angele 3;iii
60
"'Rio 4,598 9,649
As
65,979 65,979
3,172 3.172
less against trade in such goods. There can be no evading San Fran'co
44,924 44,924
Small wonder that in the East the state of the Seattle
that fact.
_
Total._. 96,882 23,176100,550220,6081,225,191 465,191 1,649,06)3,339,450
market is one of the paramount factors of the time.
goods
The Boston "Commercial Bulletin" will say on Saturday, Tot.1922-23 33,443 11,663 67,216 112,522 901,630 443,726 1,485,6722,831,003
Tat.1921-22 31.0841 16,624 117,530 165,238 771,025 392,872 1.853,9064,017,803
Jan. 5:
Sales have not been large nor numerous during the past week, but the
market has by no moans been devoid of inquiry, and it is evident that there
is interest being felt in wool, although optimism is tempered with caution
and the disposition is to await the opening of heavyweight goods.
The foreign markets are all very firm, where there is any business being
done, the Australian markets being closed for the holidays. Sales will
resume in Australia the first of next week. Bradford is strong and prices
on top are up a half penny for the week.
Advices from the West indicate the likelihood of a good clip, barring adverse weather between now and slip time. Stocks of old wool are not heavy
In the country and are very firmly held.
Mohair is rather quiet but firm here and abroad.
The rail and water shipments of wool from Boston Jan. 1 1924 to Jan. 3
1.153.000 pounds for
1924. inclusive, were 82,000 pounds, against 1 1924 to Jan. 3 1924. the
insame period last year. The receipts from Jan.
clusive, were 813,700 pounds, against 1,328.400 pounds for the same period
last year.
-It has never been our practice to include In the
NOTE -Exports to Canada.
the
above table exports of cotton to Canada. the reason being that virtually all
returns
destined to the Dominion comes overland and It is Impossible to getdistricts
cotton
customs
concerning the same from week to week, while reports from the
on the Canadian border are always very slow Incoming to hand. In view, however.
for
of the numerous inquiries we are receiving regarding the matter, we will say that the
to
the month of November (no later returns are as yet available) the exports
Dominion the present season have been 24,463 bales, of which 22,208 bales were to
of
Quebec, and 2,255 bales to Maritime Provinces. In the corresponding month
the Preceding season the exports were 25,288 bales.
there were 54,339 bales exported.
For the four months ending Nov. 30 this year
as against 59,702 bale.s tor the corresponding four months last year.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
98
THE CHRONICLE
[VoL. 118.
The talk is that it will increase its acreage this year tenfold-which, however, would not mean a great deal.
On the other hand, there is the scarcity of cotton not only
Total.
in this country, but throughout the world. With the AmeriGalveston
7.994 3.500 7.000 23,693 6,000 48,187 262,815
26.569 1.710 3.075 17.093
New Orleans
910 49,357 198,611 can crop a partial failure for three years in succession it is
'Savannah
2.500
400 2,900
66.708 found that foreign crops on the whole have not been much
Charleston
41,787
Mobile
400
3.515
500
9,931 more successful, and now unofficial estimates are of a re4.415
Norfolk
91,876 duced East Indian crop. India's carryover also seems to
500 2,100 2,000
5,000
Other ports
9.600 220,233 have been small.
China is apparently using more Indian
Total 1924.- 43.078 8,610 12.175 43,286 7,310 114,459 891,961 cotton this year than ordinarily. China and Japan are comTotal 1923.- 30.722 6,273 11.983 44.624 9,712 103.314 914.258
Total 1922._ 27.438 1.038 6.100 12,600 12.771 59,947 1.193.979 peting for East Indian cotton with England, while Japan is
also buying more or less American cotton. Brazil, too, is
*Estimated.
having bad luck with its crop. Recently it was estimated at
Speculation in cotton for future delivery has latterly been as high as 1,000,000 bales. But it
turns out, acording to some
marked by an almost spectacular reversal of the trend of advices, that it suffered severely from prolonged drouth and
prices at least for the moment. The decline was due to liqui- the ravages of the pink worm. Years ago Brazil raised only
dation partly deferred from 1923 for income tax purposes. 250,000 bales and even less. But under the spur of the war
It was very heavy. It told with striking effect on prices. demand and the falling off in American crops cotton culture
advanced in that country to the point where it is said to
On Wednesday they gave way 85 to 100 points. Liverpool on have raised about 750,000 bales. And now it
is estimated
that day acted in a way to disconcert believers in higher at 450,000 to 500,000 bales and it seeing it can export but
prices. It opened better than expected, but later on plunged very little except some special grades and cotton waste.
downward some 100 to 150 American points and ended This, of course, puts all the greater strain on the American
barely steady. There was no support there. Spot demand crep. Europe finds that stocks of foreign growths which for
several
was lacking. And a conspicuous feature there was the state cotton years have been competing sharply with American
in English and other European markets are down to
of British politics, it is considered more or less threatening. a low stage. In the popular phrase, "Europe is up against
In other words, the dominance of the Labor Party seemed to it." What is ahead in the shape of prices no man can forebe feared. Stress was laid on that idea at any rate on this see. There appears to be some danger of over-exportation
side of the water. The rather sinister outlook, as it was from this country. Certainly of late the outgo to Europe and
Asia
considered, gained color from a sudden drop in sterling ex- total has been very large. Last Saturday and Monday the
was over 110,000 bales. On Tuesday and Wednesday
change of 41 cents. Continental currencies also fell, francs it reached close to 90,000 bales. That makes the total for
4
the lowest ever known. With the Labor Party successes the season about half a million bales larger than at the same
to
in England has come talk of the capital levy and even, it time last season. The December exports are computed as
seems, of a remote possibility of an attempt, at all events, of close to 900,000 bales, the largest for many years past. Oba nationalization of industry and even of the banks and viously this cannot go on indefinitely. The United States
other corporations. Not that anybody seriously believes cannot spare the cotton.
that such a radical program will ever be carried out, but the
On Thursday, after a moderate decline, due to scattered
mere mention of such a thing was a sort of shadow on the selling, partly, it was supposed, for income tax purposes,
dial of English civilization, particularly as it is said in some Liverpool suddenly ran up 102 American points and New
commentaries on the situation that England is no longer York followed promptly with a rise of 70 points. This was
safely bulwarked by an effective upper legislative chamber after it increased in the case of New York to 100 points on
in the shape of the House of Lords.
the active months. The later rise was largely due to reports
At the same time the spot demand fell off and on Wed- that North Craolina mills would resume work on full time
nesday there was a drop at the South of 80 to 100 points and next Monday. Shorts and mills were the best buyers. Trade
here of 130 points. It was said that the domestic demand interests were conspicuous in the buying. Spot markets,
had fallen off, whatever might be said of the demand from moreover, were an inspiriting factor. They were reported
Europe. There were rumors that some of the Carolina mills strong with an excellent demand. The technical position in
were reselling a portion of their stocks of raw cotton. Some New York, New Orleans and Liverpool, it was found, was
of the Southern banks, it is said, were doing the same thing. also stronger after very heavy liquidation. Contracts beThese reports were more or less vague and had no positive came scarce. To-day prices declined 30 to 40 points with the
effect. At the same time it did not tend to allay the grow- cables off, rumors of rather larger ginning than had been
ing depression in the market here. Another factor was talk expected, "spots" quiet, goods slow and speculation sluggish
of mill curtailment. This indeed was at times uppermost in with British politics affecting Liverpool and indirectly New
the minds of people. Those who relegated English politics, York, owing to the fear of a Labor Ministry in England,
Liverpool's weakness, some downward reaction in spot cot- when Parliament reassembles. The ginning up to Dec. 3/
ton and other bearish factors to the background were in- was estimated at 9,760,000 bales, or 211,000 for the period
clined t othink that the posssibility of curtailment at the between Dec. 12 and Dec. 31, against 108,500 for a like pemills was something that could not be lightly treated. Some riod last year. This is a tentative estimate. It was a tradof the Alabama mills, it was said, are going on 40 to 45 hours ing. market for the most part, however, awaiting further
a week. Providence, R. I., wired that there was a likelihood events, with consumption likely to be the arbiter of prices ha
of curtailment in the mills of Rhode Island before long. the forepart of 1924. For the week there is a decline of 91 to
There were intimations that there had been overproduction. 105 points. Spot cotton closed at 35.25c., a decline for the
The word "overproduction" caught the popular imagination. week of 140 points.
It did not help matters so far as the pri was concerned.
The following averages of the differences between grades,
,
And from New Bedford came talk to the effect that fine as figured from the Jan. 3 quotations of the ten markets,
goods mills would before long curtail their operations. Mean- designated by the Secretary of Agriculture, are the differences
time Worth Street was quiet. Spinners were understood from middling established for deliveries in the New York
to be complaining of the high price of raw cotton and the market on Jan. 10 1924
1.81 OD *Middling "yellow" tinged
low margin of profit on goods. Not long ago some of them Middling fair
1.83 On
Strict
1.48 on Good mid,light yellow stained.... off
87
were quoted as saying that they were selling goods on the Good good middling
middling
1.28 on *Strict mid,light yellow stalned-1.45 Off
.76 on *Middling yellow stained
30-cent basis for raw cotton, while the cotton itself was up Strict middling
2.13 off
Strict tow mIddllog
1.08 ofr Good middling "gray"
.30 off
around 35 cents. And in addition to all this it is commonly Low middling
2 45 off *Strict middling "gray"
81 Off
accepted as an inescapable fact that sooner or later the mills *Strict good ordlnar7
3.88 off *Middling "gray"
1 44 off
*Good ordinary
5.23 oft *Strict low mid. "yellow" tinged_3.07 off
must curtail. There is no way out of it. The cotton is not Good middling spotted
.55 on *Low middling "yellow" tinged_ _4.37 off
there. The scarcity cuts both ways. It has kept the price Strict middling spotted
.03 off Good middling "yellow" stained_1.43 off
Middling spotted
.85 off *Strict mid.
high, but mills must reduce their production. Meanwhile *Steck low middling spotted--2.01 off *Middling "yellow" stained_ _ _2.00 oft
"yellow" stained
2.65 off
it is noticed that the market does not broaden out as it did *Low middling spotted
3.32 oft *Good middling "blue" stained_1.25 off
.19 on
on recent declines. Now bulls do not come forward as they Strict good mid. "yellow" tinged_ .22 off *strict middling "blue" stained_ _1.76 off
Good middling "yellow" tinged"Woe" stained
2.04
idid at one time in the latter part of 1923. Very sharp de- Strict middling "yellow" tinged .70 off *Middlinggrades are not deliverable. off
•'1 hese
clines have occurred from time to time in the last month or
The official quotation for middling upland cotton in the
two. They are supposed to have dampened bullish ardor. New York market each day for the past week has been:
Recently the market became overbought. It is plain in the
Dec. 29 to Jan. 4Sat. Mon. Tues, Wed, Thurs. Fri.
36.45 36.70 Rol. 35.40 35.65 35.25
retrospect that the long account was larger than most people Middling upland
had suspected.
NEW YORK QUOTATIONS FOR 32 YEARS.
And now there is talk that the next acreage is likely to be
The quotations for middling upland at New York on
very much larger than the last one. Not a few are inclined Jan. 4 for each of the past 32 years have been as follows:
believe that it may be the largest on record. In Texas 1924
35.25c,1916
to
12.40c, 1908
11.40c. 1900
7.75c.
1923
26.45c, 1915
8.05c. 1907
10.75c. 1899
5.88c.
most people think it is certain to be. It was last year when 1922
19.05c. 1914
12.40c. 1906
11.950. 1898
5.94c.
planted area was around 14,077,000 acres, against 11,- 1921 - ____15.50c. 1913
the
13.30c. 1905
7.35c. 1897
7.12c,
1920
39.25c. 1912
9.35c. 1904
13.20c. 1896
874,000 in 1921. Some at the South, it is true, are discour- 1919
8.31c,
31.50c, 1911
14.90c. 1903
9.00c. 1895
5.69c,
after having lost several crops in succession. This is 1918
aged
32.35c. 1910
8.31c. 1894
15.90c. 1902
8.06c,
17.55c. 1909
9.35c. 1901
10.12c. 1893
9.88c.
the case with some of the smaller farmers, but others had 1917
North Carolina's case is rather remarkable.
better luck.
MARKET AND SALES AT NEW YORK.
And Texas is doing better than it did last year, having
The total sales of cotton on the spot each day during the
more, as against 3,222,000 in 1922. There week at New York are indicated in the following statement.
4200000 bales or
i;ino doubt that a great deal of new land will be broken up in For the convenience of the reader we also add columns
Texas and northward. One of the curious things is that which show at a glance how the market for spot and futures
Illinois raised some trifling amount of cotton last season. closed on same days.
On Shipboard. Not Cleared for
GerOther CoastGreat
- Britain. France. many. Cont'nt. wise.
Aug. 10 at
Leaving
Stock.
Movement to Jan. 41924.
MOOOMMU to Jan.5 1923.
Ship- Stoats
menu. Jan.
4.
Week. Season. Week.
Ship- Stocks
Receipts.
meats. Jan.
5.
Week. Season. Weak.
SALES.
Futures
Market
Closed
Spot
Market
Closed
Saturday..__
Monday _ _ _
Tuesday __
Wednesday_
Thursday __
Friday
99
THE CHRONICLE
JAN.5 1924.]
Spot.
Quiet, 20 pts. dee_ _ Barely steady
Quiet, 25 pts. adv_ Steady
HOLIDAY
Quiet, 130 pts. dec.. Easy
Quiet, 25 pts. adv_ _ Steady
Quiet, 25 pts. adv__ Steady
Towns.
Contet. Total.
37,600 37,600
Ala.,BIrming'm
Eufaula
Montgomery.
Selma
Ark., Helena
Little Rock
Pine Bluff
Ga., Albany
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shrevepo
Miss.,Columb
Clarksdale.Greenwood- _
Merldlan
Natchez
Vicksburg_
Yazoo City
Mo., St. Louis_
N.C.,Gensboro
Raleigh
Okla., Altus
Chickasha_Oklahoma
S.C.,Greenvill
Greenwood
Tenn..Memp
Nashville
Texas, Abilene_
Brenham
Austin
Dallas
Houston
Pads
San Antonio_
Fort Worth
138.400 138.400
3.900 3,900
7.300 7.300
187,200 187.200
Total_
-The highest, lowest and closmg prices at
FUTURES.
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day Thured'O, Frida,
Dec.29 Dec. 31. Jan. 1. Jan. 2. Jan. 3. Jan. 4.
Week.
Receipts.
698 10,443
967 25,5681
5,4491
100 1,800
---725 15.719
138 45,3861
903 6,990
137 30,8021
643 12,305 1.339 9,654
3,104 96,5361 4,61 42,661
4,766 63,8781 10,58 35,288
2,193
2,05l
1
788 23,593
1,117 32,5291
3,806 107,5891 3,808 42,816
2,502 153,7021 3,821 51,878
1,318 11,482 1,92 20.192
314 9,309
285 21,1531
375 27,8651
150 7,492
1,000 103,00012,000 35,000
200 9,462
500 77,630
135 74,125 1,897 35,431
1.071
93,732 2,53 4 ,831
8.310
20
130 18,838
7,635
283 29,408 1,6
230 15,480
844 8,775
53 11,189
128 18,902
19,845 354,148 19,551 5,949
1,163 46,352
531 24.772
140
68
200
9,711
5,269 81,382 4,953 31,705
4,574 61,824 4,135 13.989
5.529 39,845 3,386 25.181
4,475 80,103 5,262 33,484
268 10,370
142 10,291
27,003 556.846 30,466122,707
____
____
____
1,308 58,479 1.164 2,183
200 5,764
28 24,938
5411 1.560
38,449
301
2,937 108.582 4,317114,944
52,0452,965,723 80,392323,581
'750 75,177 1,244 3,205
900
400 50,866
500
78,531 1,921 6,997
2.058
32.980
658 9456
100 5,134
8.218
52.272
892 17,766
772 5.988
51,665
31.516
963 17,566
156.676 4,042 59,364
96,679 10,149 53.183
6,166 --_ 3,124
31,860 1,051 27.479
208,570 10,050 84,080
190.753 7,809 72,332
91,860 1,995 14.569
854 17,296
33.547
680 8.108
32,447
797,000 2,400 17.700
400 6,453
22,369
117,672 2,055 63,934
101,832 5,043 59,279
78' 9,075
30,317
29,824 1,363 11,447
723 9,477
21,618
359 21.594
27.480
443,205 22.955 21.610
825 34,828
68.098
355
200
8.448
50,785 1.924 21,732
74,874 1,500 11.342
71,916 2,000 21,396
97,975 4.753 55,790
297 10,218
7,692
762,472 34,273181,175
86
____
242
971 2,215
42,428
81 4,334
18,106
954
500
33,773
768 18,320
1,4371 52,212
38,004!2,333,819 39,419360,171
1681 69,543
503 6,112
52,889 2,279 2,000
2.
1 098 55,804 2,619 8.641.
620
50
404
42
839
3.151
1,268
12
1,148
8.486
6.858
2,475
541
936
200
400
1,035
649
193
425
204
53
23,540
1,408
200
1,079
1,000
1.000
1,622
297
27,952
__
1,306
134
January
34.30-125 34.00-.80 34.25-.67 34.00-/25
34.90-125 34.55-125
Range
34.38-.42 34.65 -34.24 - -34.95 -- 35.20 -Closing
February
Range
34.50 -34.86 -34.48 -- 35.15 -35.40 _
Closing
March
34.60-150 34.37438 34.70-112 34.37-/85
35.32-.85 35.02-.71
Range
34.65-.72 35.08-.10 34.72-.80- 35.36-.40 35.60-62
Closing
April
Range
34.74 -35.19 -34.83 -- Closing
_ 35.43 -35.70 May
34.80-165 34.60-160 34.90-f34 34.60-198
Range
35.50-.98 35.20-.90
34.83-.92 35.30-.33 34.96-100- 35.50-.57 35.80-.81
Closing
June
35.40 35.40
Range
- 34.43 -34.90 -34.58 Closing.,..._ 35.10 -35.40 July
34.25-.90 HOLI- 33.78-158 33.60-156 33.90-134 33.60-107
34.55-107
Range
34.60-62 34.73-.75 DAY 33.83-.86 34.28-.30 33.93-.98--Closing
August
32.70-.88
31.70-.88
-31.73
Range
- 31.25 -31.75 -31.35 Closing ____ 31.65 -31.73 September
- - 29.05-.20---29.05-.20
Range
29.10 -29.58 -29.25 ---- -- -- Total,40 towns150.6575,698.685198,536'1067013 132,7325,690,311 169,0111355894
29.50 -20.59 Closing
October28.20-.75 28.15.83 28.35-.67 28.15-118
22.77 118 28.53-.97
The above total shows that the interior stocks have deRange
28.25-.35 28.67-.68 28.40 -- Closing ____ 28.77-.80 28.86 creased during the week 52,100 bales and are to-night
November
28.20 -28.20 - 288,881 bales less than at the same time last year.
The reRange
27.90 -28.36 -28.15 ---- -- -28.40 -28.49 Closing
ceipts at all towns have been 17,925 bales more than the same
December28.15-.40 28.05-.20 28.00-.19 28.00-.40 week last year.
Range
27.89 -28.05 -27.90 - -Closing
OVERLAND MOVEMENT FOR THE WEEK AND
1350. 1290 434c.
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 4Stock at Liverpool
Stock at London
Stock at Manchester
1924.
bales 655,000
5.000
88,000
1922.
1921.
1923.
878.000 1,005.000 1,034,000
1,000
6,000
4.000
97,000
77,000
67,000
746,000
949,000 1,083.000 1.137.000
7,000
69,000
129,000
16,000
101.000
34,000
2,000
1,000
2,000
120.000
186,000
10.000
108.000
28,000
3.000
2,000
Jan. 4
ShippedVia St. Louis
Via Mounds
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total Groat Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Stock at Trie.te
330.000
206,000
12,000
141,000
35.000
Total gross overland
40.416
Deduct Shipments
Overland to N.Y.. Boston, &c_.... 1.893
599
Between interior towns
13.340
Inland. &c.,from South
128,000
199,000
5,000
105.000
48.000
31,000
-1923-24Since
Week. Aug. 1.
19,551 351.045
6,420 114.920
876
8,941
257
15,790
1,435 102,969
11,877 197,369
30,000
Total to be deducted
Leaving total net overland *
16,000
-1922-23Since
Week. Aug. 1.
22,955 442.076
6,840 176,228
5.549
376
41,729
1,654
85,080
3,757
12,593 205.289
791.034
48.175
955,951
34.977
12,906
327,363
3,557
625
9,736
36,514
13,092
248,399
15,832
375,246
13,918
298.005
24,584
415,788
34,257
657.946
,
4 Including movement by rail to Canada.
359,000 459,000 771,000 515,000
Total Continental stocks
1,105,000 1,408,000 1,854,000 1,652,000
Total European stocks
44.000
68,000
India cotton afloat for Europe__ _ 177,000 119,000
American cottonafloat for Europe 535,000 349,000 359.000 480,532
85,000
54,000
EgyptBrazil,&c.,aflot for Europe 120,000 110,000
300,000 344.000 337,000 196,000
Stock in Alexandria. Egypt
391,000 507.000 746.000 920,030
Stock in Bombay, India
1.006,420 1,017,572 1,253.926 1,420,55
Stock in U. S. ports
Stock In U. S. interior towns___ _1.067.013 1,355,894 1.614,007 1,743.74
800
13.579
24,43
U.S. exports to-day
The foregoing shows the week's net overland movement
this year has been 24,584 bales, against 34,257 bales for the
week last year, and that for the season to date the aggregatt)
net overland exhibits a decrease from a year ago of 242,158
bales.
-1923-24
In Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Receipts at ports to Jan. 4
134.224 4,814,106
24,584
Net overland to Jan.4
415,788
Southern consumption to Jan. 4_a 85,000 1,860,000
1922-23
Since
Week.
Aug. 1.
94,390 4,057,259
657.946
34,257
88,000 1,885,000
4701.433 5,211,266 6,306.512 6.559,26
Total, visible supply
Of the above, totals of American and other descriptions are as follows:
American
Total marketed
243,808 7,089,894 216,647 6,600,205
bales- 412.000 512,000 585,000 643.0 I
Liver °aimed(
42,000
*52,100
54.000
67,000
796,122 *35,978
839,903
81,0 1 Interior stocks in excess
Mane ester stock
296,000 413,000 664,000 450,00 i
Continental stock
Came into sight during week_ _191.708
535,000 349,000 359,000 480.53 I
180,669
American afloat for Europe
Total in sight Jan. 4
7,886,016
1,006,420 1.017,572 1,253,926 1,420.55'
7,440,108
U. S. port stoc_rs
1,067,013 1,355,894 1,614.007 1,743.74
U. S. interior stocks
800
13,579
24,43 , Nor,spinners' takings to Jan. 4,__ 25,353 1.054,301
59.331 1,298.656
exports to-day
U. S.
Total American
East Indian, Brazil, &c.
Liverpool stocx
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
•Decrease. a These figures are consumption; takings not available
3,383,433 3,690,266 4,543.512 4,843.2
243,000
5,000
19,000
63,000
177,000
120,000
300,000
391,000
366.000
4.000
25,000
46.000
119.000
110,000
344,000
507,000
420,000
1,000
23,000
107.000
44.000
85,000
337,000
746,000
391,00
6.00
16,0
65,00
68,00
54.00
196.00
920,00
1,318,000 1.521,000 1.763.000 1.716.
3.383,433 3,690,266 4,543,512 4.843,2
Movement into sight in previous years:
Week-Jan. 7
1922
1921-Jan. 8
-Jan. 9
1920
Bales. I Since Aug. 1179,987 192I-22
-Jan.7
221,253 1920
-21-Jan,8
-20
336,17111919 --Jan. 9
Bales.
6.403.995
6.324,984
6,935,193
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
) middling cotton at Southern and other principal cotton
i markets for each day of the week:
i
4,701,433 5,211.266 6,306,512 6.559.2
Total visible supply
19.93d.
15.06d.
11.04d.
10.17d•
Middling uplands, Liverpool
Closing Quotations for Middling Cotton on
26.75c.
18.65c.
35.25c.
16.75c
Week ending
Middling uplands, New York-19.00d.
24.50d. 22.00d•
Jan. 4.
ScUurday, Monday, Tuesday, Wed'day: Thursd'y. FridaY•
Egypt, good sake, Liverpool..- 24.305.
13.75d.
16.00d
Peruvian, rough good, Liverpool- 23.50d. 17.25d.
10.451.
17.50d. 12.75d.
9.25d• Galveston
Broach fine, Liverpool
35.45
35.55
35. 0
34.85
34.75
0750
18.655. 14.155. 11.45d.
. New Orleans.... 35.50
Tinnevelly, good. LiverPwl
35.50
35.00
35.00
35.00
Mobile
34.38
34.50
34.00
33.75
34.00
Continental imports for past week have been 104,000 bales Savannah
'
34.65
34.90
34.00
34.10
34.35
The above figures for 1923 show a decrease from last wee C Norfolk
34.63
34.88
34.13
34.13
34.50
35.75
HOLI- 35.25
35.00
34.75
of 96,647 bales, a loss of 509,833 from 1922, a decline o, Baltimore
Augusta
34.69
34.88
DAY. 34.00
34.00
34.38
1,605,075 bales from 1921, and a falling off of 1,857,83 I. Memphis
35.25
35.25
34.75
34.75
34.75
Houston
35.40
35.60
34.75
34.60
35.10
bales from 1920.
Little Rock_ -- 35.00
35.25
34.75
34.75
35.00
Dallas
34.10
34.05
34.35
INTERIOR TOWNS the movement
-that is v Fort Worth- 34.65 34.95
AT THE
34.85
34.10
34.00
34.40
the receipts for the week and since Aug. 1, the shipments fo ^
r
NEW ORLEANS CONTRACT MARKET.
-The closing
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
detail below:
100
THE CHRONICLE
Saturday,
Dec. 29.
,January_
March_ ___
May
July
October..._
Tone
Spot
Monday,
Dec. 31.
Tuesday, Wednesday, Thursday,
Jan. 1.
Jan. 3.
Jan. 2.
Friday.
Jan. 4.
35.4535.1034.42-34.49 34.85-34.90 34.55-34.57
35.38-35.40 35.68-35.70
34.62-34.65 35.06-35.12 34.82-34.86
35.15-35.18 35.40-35.47
34.40-34.48 34.88-34.91 34.62-34.66
34.36-34.40 34.53-34.60 HOLIDAY 33.70-33.76 34.10-34.16 33.87-33 90
28.40-28.42 28.43-28.48
27.85-27.91 28.25-28.35 28.05-28.07
rt.-di...n*1
Steady
Steady
Ctongly
Vory
Steady
Steady
Steady
Qtaarly
aVsiv
At.nAy
Qtaadv
WEATHER REPORTS BY TELEGRAPH.
-Reports to
•us by telegraph from the South this evening indicate that the
weather the early part of the week in the cotton belt was mild
but has latterly been cold, particularly in Texas. As a rule
precipitation has been light. The Washington weather
report states that cotton picking continues in California and
that some cotton has been discolored by rain.
Rain. Rainfall.
1 day 0.02 in.
dry
1 day 0.01 in.
1 day 0.01 in.
2 days 0.02 in.
dry
3 days 0.04 in.
1 day 0.04 in.
dry
3 days 1.75 in.
2 days 0.36 in.
4 days 0.46 in.
4 days 1.15 in.
1 day 0.11 in.
1 day 0.06 in.
? days 0.63 in.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans, La
Shreveport
Mobile, Ala
Selma
Savannah. Ga
Charleston. S.C
Charlotte, N.0
Thermometer
high 71 low 41 mean 56
high 74 low 18 mean 46
high 78 low 36 mean 57
high 76 low 32 mean 52
high 78 low 22 mean 50
high __ low 34 mean _ _
high 70 low 28 mean 49
high 78 low 30 mean 54
high __ low 26 mean _ _
high __ low __ mean 65
high 76 low 26 mean 51
high 74 low 44 mean 61
high 77 low 31 mean 52
high 77 low 44 mean 60
high 74 low 44 mean 59
high 71 low 31 mean 51
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Jan.4 1924.
Feet.
13.0
28.6
41.8
20.5
40.3
Jan. 5 1923.
Feet.
3.9
11.7
11.9
5.5
19.0
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do 'not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
W442
444014
114(4170 it Ports.
Stocks at Interior Towns.
Receiptsfrom Plastattos.
1923-241922-231921-22 1923-24. 1922-23. 11921-22. 1923-24 1922-23 1921-22
Oct.
12.._ 273.052 250.881 275,12 811.088 1,067,54 1.301,337413,218420,81 351,131
19__ 287.213 326,02 269,0
946,192 1.186,81 1.312.699422.31 445,28 280,446
26. 277,177297.55-217.5 1,060,002 1.280.881 1.380.23 390,987 391,80 285,138
Nov.
2..- 849.036 3135.0: 238.18 1.086.49 1,355.653 1,436.173 375.529 439.852 294,124
9-- 235;36 294,22 184.60 1.165.368 1.408,301 1.465.821 314.509 346,87 214,253
16-- 307,567251,57:170,42211,179,333 1.401.019 1,520.190 321,43,304.296 224,791
28_ 224.528 217.9 137.22511,244.773 1.484.662 1.542.660 289.968 241.626 159.695
30-- 298.211 215.436 167,931 1,251,78 1,457.156 1.546,811 305.223242.942 172,082
Dee.
7-- 265.5061168,801 116 08611, . 1,445,0051.576.304 239.52- 146.6501145 579
.
.
225 801
14._ 264.1831138,941 113,8151.178,745 1.426,3301,593,187 27.127 120.266130,692
21_ 214,353 136.866 141.588 1,132,917 1.384.1301,608.383 168.525 94,666 156.790
28._ 199.7671113,035122,036 1,119,113 1.391,8721,672,819 185,963120,777 135,312
Jan.
4.- 94.390 94.390 76,581 1,087,01311,355.804h1,614,007 82,124 58,412 67,769
[VOL. 11.8.
1923-24.
January 4.
Receipts at
-
Week.
Bombay
1922-23.
1921-22.
Since
Week. Aug. 1.
Since
Aug. 1.
Since
Week. Aug. 1.
158,000 812.000 129,000
For the Week.
Exports.
821,000 116,000 1,045,000
Since August 1.
Great Conti- Japan&
Great
Britain. neat. China. Total. BrUain.
Japan &
China.
Contineat.
Total
Bombay
-1923-24_ _
19.01. 70.0
89,00
1922-23._
18,000 85.000103.00
1921-22_ _ 1:60- 10,00- 90,000110,00
Other India-24_
1923
9,000 6,000
1922-23._
3,000
3,00
1921-22_
4,000
4,00
32,000 130,000
15,000 97,550
4,000 67.000
Total all
1923
-24__
1922-23__
1921-22__
96.00 430.000 290,00 816,000
56,000 319.050 522,50 897,550
15,000 315.000 805.00 1,135,000
9,000 21:000 70.000104,001
25 000
85.000106.1,1
1:6156 14.000 99,000114.001
64,
41,0
11,00
300,000 290,009 654,000
221,500 522,50 788-000
248,000 805,0001,064.000
162,000
112,550
71.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
29,000 bales. Exports from all India ports record a decrease
of 2,000 bales during the week, and since Aug. 1 show a
decrease of 81,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
Jan. 2.
1923-24.
200.000
4,921,860
Receipts (cantars)This week
Since Aug. 1
1922-23.
210,000
4.554.376
1921-22.
210,000
3,359,210
Since
Since
Since
Week Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)
-
To Liverpool
5.000 135,96.5 6,750 124,619 6,750 88.582
To Manchester, &c
100,895
79,310
65,065
To Continent and India_ 8,006 191.944 3,250 136,536 2:666 98,011
To America
60.278
800 121,490 15,000 100,372
Total exports
13,00C 489,082 10,800461,955 23,750 352.030
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 bs.
This statement shows that the receipts for the week ended Jan. 2 were
200,000 cantars and the foreign shipments 13,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is quiet on account of the holidays.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison:
1922-23.
82s Cop
2 .
Oct. a
.
19 23
26 24
Nov
2 24%
9 26
16 27
23 27%
30 29%
Dec.
7 27%
14 28
21 2714
28 27%
Jan.
4 27
©
1921-22.
834 lbs. Min- Cot's
ts... CO00101 Mid
to Maul.
Up;
,
,
32. Cop
Twig.
d. a. d.
a. Q. d. 8.
24% 16 5 @l7 2 17.04 200
24% 16 7 017 3 17.63 2014
24% 16 5
27 17 0
2712 17 4
28% 17 4
3014 20 2
017 3
017 7
018 0
C418 0
@21 0
lb
lb
17.44 2014
19.02213,4
19.89 2214
20.14 21%
21.37 21
834 lbs. SAM Cots
tags, Comm.
to Aust.
UN's
a. I. d.
s. a. a.
21% 16 0 @Is 4 13.50
21% 10 3 4417 0 14.14
22
22%
2334
22%
22
16 3
16 5
16 6
16 4
16 2
@l7 0
(417 2
017 8
017 1
016 7
14.5e
15.68
14.87
14.80
14.74
0
0
*The above statement shows: (1) That the total receipts
2911 19 4 (5)20 2 19.42120
21% 16 0 018 5 14.30
from the plantations since Aug. 1 1923 are 5,608,505 bales;
30 19 6 (420 4 19.4820
2014 15 7 @l6 4 14.56
29 19 6 620 2 19.68 2034
in 1922 were 4,962,373 bales, and in 1921 were 4,013,207
2014 15 7 (416 4 14.96
28% 19 7 @20 3 20.62 21
22% 16 3 016 7 15.16
bales. (2) That although the receipts at the outports the
past week were 134,224 bales, the actual movement from
2811 197 @202 19932034
22 163 @167 15.06
plantations was 82,124 bales, stocks at interior towns having
SHIPPING NEWS.
decreased 52,100 bales during the week. Last year receipts
-As shown on a previous page, the
from the plantations for the week were 58,412 bales and for exports of cotton from the United States the past week have
reached 220,608 bales. The shipments in detail, as made
1921 they were 67,769 bales.
up from mail and telegraphic returns, are as follows:
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Bales.
The following brief but comprehensive statement indicates NEW YORK-To Havre-Dec. 28-Editor, 446
446
To Rotterdam-Dec. 27-Schodack, 56
56
at a glance the world's supply of cotton for the week and
To Gothenburg-Dec. 28-Kungsholm, 200
200
To Bremen-Dec. 28
-America, 1,300_ --Dec. 29
since Aug. 1 for the last two seasons, from all sources from
-Sierra
Ventana, 200
1.500
which statistics are obtainable; also the takings, or amounts
To Liverpool-Dec. 28
-Scythia. 522; Celtic, 150
672
To Venice-Dec. 28
-Columbia, 100
gone out of sight, for the like period.
100
To Hamburg-Jan. 2
-Mount Carroll, 104
104
To Trieste-Dec. 27
-Martha Washington, 100
100
GALVESTON-To Liverpool
-Dec. 28
-Benefactor. 16,575._
Dec. 31-Median, 3.637; Steadfast, 5,451; Telesfora de
Week.
Season.
Week.
Larrinaga,2,069
Season.
27,722
To Manchester-Dec. 28
-Benefactor, 108......Dec. 31-MeVisible supply Dec. 28
4,604,786
dian. 146: Steadfast, 2,699: Telesfora de Larrinaga, 7,755..... 11,358
5,315,650
Visible supply Aug. 1
2,024,671
3,760,450
To Rotterdam-Dec. 27
-Cody, 1.300
1,300
American in sight to Jan. 4_
191,708 7,886,016 180,669 7,440,108
To Japan-Dec. 28
-Mexico Maru, 5,490_ _Jan. 3-Jadden,
Bombay receipts to Jan. 3
158.000
812,000 129,000
821,000
2.750
Other India shipm'ts to Jan. 3_ _
15,000
162.000
112.550
To China-Jan. 3-Jadden, 75
3,000
Alexandria receipts to Jan. 2.....
40,000
984.400
To Havre
915,800
-Dec.31-Hannington Court,8,998; Effna, 4,344- 13 2 2
42.000
8 150
,34
9.000
Other supply to Jan.
120,000
113,000
To Gliom-Dec. 31-Median, 150
6.000
To Antwerp-Dec. 31-Effna, 1,450
1,4 5
15
3
Total supply
5,018,494 11,989,087 5.676,319 13,162,908
-Dec. 31-Effna. 2,046
To Ghent
2,046
Deduct
-To Genoa-Dec. 31-Cerea, 1,150; Collingsworth, 1,676:
4,701.433 4,701,433 5,211,266 5,211,266
Visible supply Jan'. 4
Idazo. 2,186 ______
5,012
To Bremen-Dec.
ZAK;
_____________
317,061 7,287,654 465,053 7,9.51,602
Total takings to Jan. 4_a
Hugo Stinnes. 9.642-__
11,632
213,061 5,356,254 302,053 5,714,092
Of which American
To Hamburg
-Dec. 31 Schlesviillioll;tein, 650
650
104.000 1,931,400 163,000 2,237,550
To Venice--Dec. 31-Collingsworth, 3,594
Of which other
3,594
To Trieste-Dec. 31-Collingsworth, 3,400
3,400
*Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
-To Liverpool
NEW ORLEANS
-Merchant, 9.239;
-Dec. 29
a This total embraces since Aug. 1 the total estimated consumption by
West Hobomac, 14,701: Novian. 8.947
Southern mills-1,860,000 bales in 1923-24 and 1.885.000 bales in 1922 -23
To Havre
-Dec. 27
-Missouri, 3,333..__Jan. 1 DarPlaka, 32,887
takings not being available: and the aggregate amounts taken by Northern
3,349
6,6 2
and foreign spinners. 5.427.654 bales in 1923-24 and 6,066,642 bales in
To Port Barrows
-Dec. 20-Coppename, 100
3,496,254 bales and 3,829,092 bales American.
1922-23, of which
To Manchester-Dec. 29-Novian, 4,135
4,1 5
S Estimated.
To Genoa-Dec. 28-Fagerness. 2,540
2,540
To Japan-Dec. 29
-Steel Mariner, 2,000
2,000
INDIA COTTON MOVEMENT FROM ALL PORTS.
To China-Dec.29
-Edenton. 1,425
331,:426253545
India cotton at Bombay and the shipments
To Antwerp-Jan. 1-Carplaka, 100: Daniel., 3,554
The receipts of
To Ghent
-Jan. 1-Carplaka, 1,031; Danier, 2,222
from all India ports for the week and for the season from
To Oporto-Jan. 1-Fluor Spar,50
50
To Bremen-Jan. 1-Emergency Aid, 0,353
Aug. 1, as cabled, for three years, have been as follows:
6,353
Cotton Takings.
Week and Season.
1923-24.
1922-23.
.1
JAN. 5
1924.]
THE CHRONICLE
Bake.
-Dec.28
HOUSTON-To Liverpool
-Steadfast,3,163_ _ _Dec.29
Median. 4,903
8,066
To Manchester-Dec.28-Steadfast, 100_ _ _Dec.29
-Median.
200
100
To Copenhagen-Dec.22-Ivar,700
700
To Genoa-Dec.29-Cerea,6,151; Idazo, 2.414
8,585
To Bremen-Dec. 2:1-Schleswig Holstein, 2,313---Dec.31
Cody, 4,821
7,134
To Japan-Dec. 29-Jedden, 3,700
3,700
-Dec. 31-City a Fairbury, 2,706
To Havre
2,706
To Antwerp-Dec. 31-City of Fairbury, 450
450
-Dec. 31-City of Fairbury, 1,081
To Ghent
1.081
TotRotterdam-Dec. 31-Cody, 841
841
CHARLESTON-To Bremen-Dec. 28-Magmeric, 1,939
1,939
-Dec. 28-Magmeric, 2.411
To Hamburg
2,411
GULFPORT-To Manchester-Dec.31-Coahoma County,1,900- 1.900
-To Liverpool-Dec. 31-West Nosska, 1,535-NORFOLK
Jan. 3-Barrymore, 2,400
3.935
-Manchester Port, 88; West Islets,
To Manchester-Jan. 3
1,850
1,938
To Rotterdarn-Jan. 3-Glenridge, 720
720
PENSACOLA-To Manchester-Jan. 3-Coahoma County, 171171
-Dec. 31-San Francisco, 3,075
SAN DIEGO-To Liverpool
3,075
SAN FRANCISCO-To Japan-Dec.29
-President Lincoln, 2,797 2,797
To China-Dec. 29
-President Lincoln, 375
375
SAN PEDRO-To Liverpool
-Dec. 24-Mateldijk, 823
823
To Bremen-Dec. 24-Dinteldijk700
700
SAVANNAH-To Bremen-Dec.28-Eupatoria,7,000_ _Jan.2Magmeric, 1,100
8,100
To Hamburg-Dec. 28-Eupatoria, 50
50
To Barcelona-Dec. 31-Mar Blanco, 1,974
1.974
To Gothenburg-Jan, 2-Magmeric, 29
29
220,608
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High
StandHigh StandDensity. ard.
Denstiy. ard.
Liverpool_ _.250.
300. Stockholm -50o. .65c.
Manchester .250. .300. Trieste_ -- -450. .60c.
Antwerp
.450. .60c.
2214o. .3534o Flume
.50o. .650.
---- Lisbon
22340 .37340 Oporto
lIavre
.750. .900.
Itotterdam-250. .400. Barcelona-400. .550.
Genoa
.350. Japan
450. .600.
350
Chr1sttante...37340. .600. Shanghai __.45o. .600.
High
Bombay__ _ .500.
Vladivostok ____
Gothenburg.50c.
Bremen-__.25c.
Hamburg__ .25c.
Piraeus
60e.
Salonloc....60o.
Standard.
.65e.
___.650.
.40o.
.40c.
.75o.
.750.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the•week's sales, stocks, &c.,at that port:
Dec. 14.
21,000
11,000
2.000
63,000
483,000
277,000
148,000
93,000
431,000
210,000
Sales of the week
.
Of which American
Actual export
Forward
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 21. Dec. 28.
26,000
11,000
14,000
5.000
3,000
3,000
69,000
40,000
522,000 571.000
309.000 341,000
121,000
95,000
78,000
62.000
406,000 362.000
278,000 255,000
Jan. 4.
19,000
11,000
5,000
50.000
655,000
412,000
146.000
111,000
355,000
232,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Syot,
Saturday.
Market, 1
12:15 i
P.M. I
Quiet.
Mid.Uprds
3,000
Tuesday. Wednesday Thursday.
Friday.
Quiet.
Quiet.
20.51
Sales
Monday.
Futures.
Market 1
opened f
Quiet.
20.56
19.62
19.93.
4,000
HOLIDAY HOLIDAY
4.000
5,000
Barely sVy, Barely st'y, Quiet but
2 pts.dee.to 24 to 43pte steady,7 to
4 pts. adv. phi. dec. 16 pts. dec.
Steady.
•
Barely, Firm,
st'y,
Steady,
24 to 54pts. 1 to 17 pta 5 to 14 pts.
decline, advance. luivanre.
Market, I Steady,
1 I pt.adv.to
4
P. M. l 12 Pte. dec.
Prices of futures at Liverpool for each day are given below:
Sat.
Dec. 29
to
Jan. 4.
Mon.
Tues. I
Wed.
I Thurs.
Fri.
123.( 1234 1231 4:00 1234 4:00: 12541 4:001 1231 4:00 1241 1:00
p. m p. m.p.ti p. m.p. m.p. m.p. nip. rap. M.P. nip. m p. m.
d.
d.
d. d. d.
d. d. I d. I d. I d. d. I d.
January ----------20.83
20.81 20.29 19.8720.3020.1320.17
February ---------20.83
20.83 20.3119.8920.32 20.20 20.20
March
20.84 20.33 19.90 20.34 2 r22 20:22
20.83
April
20.70 20.21 19.82 20.25 20.09 20.11
20.60
May
20.60
20.6220.15 19.76 20.19 2 .0820.08
June
20.43 HOLIHOLI- 20.46 19.99 19.63 20.02 19.93 19.92
July
20.1
DAY 20.12 19.65 19.30 19.69 19.60 19.59
DAY
August
19.16 18.84 18.50 18.89 18.78 18.77
19.1
September
l7617.6617.34 17.10 17.51 17.40 17.33
October
16.7
16.82 16.65 16.30 16.67 16.60 16.60
November...
_
16.47 16.19 15.95 16.32 16.25 16.25
December
..... _ _ _ 16.2
16.3216.0415.80 16.1716.1016 12
BREAD STUFFS
Friday Night, Jan. 4 1924.
Flour has been rather quiet and devoid of new or striking
features. Now and then there are signs reported of a better.
inquiry. And supplies are not excessive; far from it. They
are not above the normal level. If wheat prices should become stabilized still more, or if they should take an upward
turn and hold an advance, the opinion is quite general that
business would improve. As it is, however, the old story
continues of a hand-to-mouth daily business, the same old
monotonous routine which has been noticeable with little
interruption for months past. Prices are, as a rule, called
steady, but It is intimated that some of the mills desirous of
increasing their business have named somewhat lower prices.
There has been'a fair inquiry for export, but it was mostly
for Canadian flour and bids in general were somewhat below asking prices. This prevented business on any important scale. Rye flour has been in fair demand for prompt
delivery and fairly steady, with stocks moderate. But here
again bids have been for the most part tonlow. The unsold
stock on Jan. 1 here is stated at 39,200 bbls., including 28,700
spring and 10,500 winter, against a total of 34,900 bbls. on
Dec. 1, including 25,200 spring and 9,700 winter, while on
Jan. 1 1923 the total was 36,700 bbls., including 27,800 spring
and 8,900 winter.
101
Wheat.
-December shorts covered freely and in a few
minutes on Monday advanced that month close to 2c. A cold
wave at the West, striking fields unprotected by snow, had a
noticeable effect. Liverpool advanced. Receipts at primary
points looked small. But farmers' shipments, it is said, are
being stored in country elevators instead of being forwarded
to terminal points. Perhaps too Much stress therefore, is
laid on the smallness of the primary receipts. Such is the
idea of some. Also, leading importing countries are deriving much of their supply from the Southern Hemisphere.
Japan, it is said, recently took some 8,000,000 bushels from
Australia for December-January shipment. Still, December
went out with a flourish and whatever might be said here in
explanation of the smallness of the arrivals at primary markets Chicago took them on their face as showing a decided
falling off. It certainly made December shorts uneasy and
led to a rise in that month in two days of 3Y net, Prices
4c.
advanced later on unsettled European politics and a rise in
Liverpool. On Wednesday Liverpool advanced 1 to 1Y
4d.
But bulges did not seem to hold. The United States visible
supply increased 1;456,000 bushels, against 2,298,000 a year
ago, and the total is now 74,883,000 bushels, against 37,678,000 at this time last year. Surplus supplies are reported
large in exporting countries. There was comment on the
fact that there are 154,377,000 bushels in the United States
and Canada and Canadian stocks in bond of 54,613,000 bushels in excess of last year's. These accumulations look large.
Chicago has 17,000,000 bushels or 176,000 bushels less than
n week ago. Part of the gain in the "visible" was said to
have been due to Eastern millers paying duty on a liberal
quantity of Canadian which transferred the grain to the domestic stock. On Thursday foreign exchange was at first
weak, though it rallied later. Prices eased somewhat. Liverpool was firmer, but this was attributed to Wednesday's
break in sterling of 4c. or more. Light snow fell in parts of
Canada, Minnesota, South Dakota, Nebraska, Iowa, Kansas
and Missouri Argentina is the most formidable agricultural
competitor of Australia and if her wheat output continues to
Increase at the present rate she will also embarrass not only
Canada and Australia but the United States, according to
H. P. Williams, agricultural representative of the Australian Government who has just returned from South American countries. B. W. Snow, of Bartlett, Frazer Co., said:
"Examination of the detailed financial .statement of the
Southwest Wheat Growers' Association covering the operation of the 1922 wheat pool for Kansas and Oklahoma develops some interesting facts. This is the co-operative marketing organization for that territory organized upon the
commodity and pooling basis. For the 19= crop the association handled 3,122,373 bushels of pooled wheat, operations
covering the period from July 1 1922 to June 30 1923. The
net return after deducting all costs and operating expenses
was $2,758,153 26, making 88.3c. a bushel the net price which
members received for their wheat. The sales cover the whole
year and prices pre-rated back to the members Is the average
for the whole period. The average farm price of wheat
In Kansas and Oklahoma for the same period, as reported
monthly by the United States Department of Agriculture,
was 96c. a bushel. Farmers who sold their wheat through
this pool netted nearly 8c. a bushel less than the average received by those who sold throughout the year at their local
stations. The cost of handling this business, including interest payments, insurance, inspection, storage, salaries and
other overhead charges, amounted to $456,671 17, or an operating cost for the pool of 14.6e. a bushel. In addition to this
there was a further deduction of $31,802 90, or a little more
than lc. a bushel for the establishment of a "contingent reserve," thus making a total selling cost to the producer of the
crop of 15.1c. a bushel. The items making up this heavy
charge upon the producer are illuminating. There was paid
for storage and handling at terminals $180,043 12, or 5.7e.
a bushel for the whole volume of the-pool, although necessarily a large part of it was sold promptly upon arrival.
Salaries, travel and office expenses reached a total of $62.49404, or 2c. a bushel. It is such swollen items of cost in
proportion to the volume of trade handled that serve to account for the fact that producers of the pooled wheat in
Kansas and Oklahoma last year received Se. a bushel less for
their wheat than the average local farm price for the year."
Washington wired: "Temporary exemption from duty on
wheat imported into Italy has been extended to June 30 1924
by the Italian Government." Broomhall's of Liverpool cabled: "The market ruled firm, due to smaller world's shipments and the substantial decrease in the quantities of
wheat and flour afloat to Europe. Both Canadian and South
American wheats are firmly held, and in only small supply.
Russian wheat is being pressed less actively, as already over
16.000.000 mishels have been shipped out. Continental importers at the present time are ind'fferent. and are backing
away from t he market. On the other hand, English millers
are more inclined to purchase due to the wet harvest in the
Argentine and firmer Manitoba offerings. The wheat position at the end of the year shows abundant exporters' surpluses. which ate much above Importers' buying power. and
this fact is d'scouraging the demand which is usual at this
time of the year. but as the price level is below production
cost. exporters are not inclined to press their sales. and
bears are eautious In selling the market short. It Is generally expected that the wheat movement in Argentine will
soon be very heavy. It is reported that Australia has at-
102
THE CHRONICLE
ready sold 8,000,000 bushels of wheat to Japan for January
shipment." The "Modern Miller" said: "Winter wheat
fields as a rule had snow protection during the severe
weather. Growth was strong in most sections and the crop
should winter well. The crop now enters the dormant stage
and it will be impossible to tell the extent of the damage
from unfavorable weather conditions. General prospects are
regarded as satisfoctory." To-day prices advanced with
light receipts, higher foreign exchange, covering of shorts,
higher Winnipeg prices and a generally stronger tone. Liv1d.
2
erpool dropped / to 3d., owing to rather large shipments
from Russia and the Danube and those from Argentina and
Australia increased somewhat. But from India they are
only 16,000 bushels this week. The technical position at
Chicago was evidently stronger. For the week there is an
advance of 11 to 2e.
/
2
[Vol.. 118.
now 19,052,000 bushels, against 10,193,000 bushels a year
ago. Prices are about 30c. lower on January rye than at this
time last year and 14c. lower on May. To-day prices advanced in sympathy with the rest of the grain list. Since
last Friday there has been an advance in May of lc.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Dezember delivery in elevator_cts_ 684 6734
May delivery in elevator
7434
Roll- 1534 1534 7434
.
July delivery in elevator
7434 day. 7434 7434 75
7334
The following are closing quotations:
GRAIN.
Wheat, New York:
Oats:
No. 2 red,f.o.b
No. 2 white
55
12434
No. 1 Northern
13834
No. 3 white
54
No. 2 hard winter. to.b___125% Rye. New York:
Corn:
No. 2 c.l.f
81
No. 2 mixed
9234 Barley. New York:
No.2 yellow
93
Malting
75@77
Chicago
62I64
CLOSING PRICES OF WHEAT IN NEW YORK.
DAILY
FLOUR.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts-123
12334 Ho!. 1223 123
1243j Spring patents
No. 2 red
$5 85©$S 35 Bye flour, patents
$4 000$4 BO
Clears,first spring
5 OO@ 5 50 Seminole NO.2feed-- 6 60® 6 80
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Soft winter straights
4 75@ 5 15 Oats goods
2 72% ee2 82%
Sat. Mon. Tues. Wed. Thurs. Fri.
Hard winter straights_ _ 5 35( 6 00 Corn flour
2 10® 2 25
December delivery in elevator_cts_102% 104%
Hdrd winter patents _-- 5 75
6 25 Barley goods
May delivery in elevator
10734 10734 Roll- 101I; 1074 161 Hard winter clears
4 50
550 Nos. 2,3 and 4
3 00
1067
July delivery in elevator
10634 10634 day. 10634 106
Fancy Minn. patents__ 7 254 7 sh
Fancy p an. Nos. 2.3
Septemoer delivery in elevator
105% 10534 106
City mills
7
and 4
20®8
00
Indian corn advanced with small receipts, wet weather
and not a little covering. Also, there were some reports of
an export inquiry. It is true that the visible supply in the
United States increased last week 2,557,000 bushels, against
1,972,000 in the same week last year. This caused some reaction on the 2d inst. Yet the total, in spite of this increase
was still only 8,709,000 bushels, against 16,760,000 a year
ago. And Chicago early in the week reported the offerings
there light, while operators recognized that the big increase
In the visible supply could not be wholly ignored. January
was offered in Chicago at 5c. under May on the 2d inst. On
the other hand, however, cash markets were firm and the
offering of January at this discount had no effect on cash
pricese. They were actually in some cases one-half cent
higher, with arrivals at Chicago on the 2d inst. of 194 cars.
Chicago's stock increased for the week 1,321,000 bushels. It
is now 3,412.000 bushels. At times No. 3 yellow has been
/
1
c.
3%c. under May there and No. 4 at 42 under. On a single
day the corn receipts at primary points were only 1.300,000
bushels, against 2,454,000 on the same day in the previous
week and 1,816,000 on the same day last year. Shipments
on the same day were 771,000 bushels, against 1,038,000 on
the same day in the previous week and 873.000 in 1922. This
is a typical case. Chicago says that messages from the interior show that very little cash corn is moving. It is added
that some corn is being shipped to feeders in parts of Kansas, while in other sections of that State there is corn to sell
Shelling operations in parts of Illinois are active. To-day
prices advanced 1% to 2c., with a good demand. Large in
terests were buying. Offerings were small. Minneapolis
receipts dropped. Shorts covered. For the week there is an
advance of 2%c.
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour. I
Wheal.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs bush.60Ibs.bush.56 lbs.bush.3211)8. ush.481b5.bush.881bs.
Chicago
212,000
309.0'
3,092,000 1,290.00;
191,001
23,000
Minneapolis2,189,00700.00'
728,000 338.00
131,000
Duluth
100,111
193,000
6,001
319,000
182,000
Milwaukee
26,000
57,001
43,000
586.000
395,000 134.001
Toledo
713,000
51,01;
38,000
2,000
Detroit
42,000
110,111
114,000
Indianapolis_
26,000
1„40,00
270,001
St. Louis_ ....
85.000
413,001 1,848,000
22.001
1.000
29,00
Peoria
60,111
40,000
15,000
448,000
191,001
4,000
Kamms City_
267.00$
794.001
726,000
Omaha
267,000
792.001
448,00
St. Joseph.
97.001
252.000
30,001
Sioux City_
44,000
185,000
131,001
Total wk. '23
Same wk. '22
Same wk. '21
9,160,00
363,000 5,285,00
406.000 11,268,001 10,487,00
294,000 2,886,101 6,115,01
4,487.00;
5,164,00
2,559,001
748.0
386,000
835,0 I 1.608,000
240,001
227,000
Since Aug.11923
9.389.000220,243,00 117,117,00 124,430.01 23,986.00017,371,000
1922
11,899.000257,080, I 147,352.001 112,554,00 21,280.0026,034,000
192E
9.901 011112211.140.191 157 159.0 101 340 n 14 22:1 /main 55001111
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Del. 29 1923 follow:
Receipts al-
Flow. I
Wheat.
Oats.
Corn.
Bushels.
Barrels. I Bushels.
152,00
300,0001 1,159,000
466,000
122,000
54,0001
324,001
161,00
37.0001
4,000
360,000
1.0001
63.000
6,000
140,00
2.000
304,000
11,00
30.0001
88,00
446,000
134.00'
26.00c
Barley.
Rye.
Bushels. Bushels. Bushels,
378,001
112,000 106.000
84,001
12,001
3,00
1,000
New York_ _ _
Philadelphia_
Baltimore_ _ _ _
N'port News_
Norfolk
DAILY CLOSING PRICES OF CORN IN NEW YORK.
New Orleans•
31,001
Fri.
Sat. Mon. Tues. Wed. Thurs.
cts 8934 9134 Hol. 89
9234 Galveston_
89
No.2 mixed
Montreal
105.00
32,00
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. 8t.John,N.B
43,00
50,00
Sat. Man. Tues. Wed. Thurs. Fri.
Boston
31.00
2,00
1,000
December delivery in elevator_cts_ 7034 671
%
7434 74
Hon73
May delivery in elevator
7434 76
3,101.01
Total wk. '23 603,00
586,00 . 684.00
199,00
108,000
July delivery in elevator
75% 75% day. 75h 753477A Since Jan.1'2324.367.
276,343,0
39,224,00 42,114,00117,796.00 34,566,000
September delivery in elevator
75% 7634 7734
Week 1922._ _
561.0001 5,203,000 1,265,00
881.000 553.00
Oats have latterly been rather weaker, but changes have Aloes Ian 1'2227 11111 (100R1111 022 00 145 247 191 50.2220 17 117,1 (I 47 250.000
29R non
been very slight. So has the business. There is a lack of
*Receipts do not include grain passing through New Orleans for foreign porta
new features from week to week in oats. The trad:ng is on through bills of lading.
largely of a routine sort. Nothing striking developed. One
The exports from the several seaboard ports for the week
thing is noticeable, to be sure, namely that the visible supply ending Saturday, Dec. 29 1923, are shown in
the annexed
In the United States last week increased 764,000 bushels, statement:
against a decrease in the same week last year of 157,000
bushels. But, after all, the actual visible supply is still only
Exportsfrom- Wheat.
Corn. Flour.
Oafs.
.Rye.
Barley. Peas.
19,939.000 bushels, against 32,389,000 bushels a year ago.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
But neither the relative smallness of supply nor anything New York
906,631
19,900 160,345
30.000
64,794 140,396
443,000
else that may be adduced, such, for instance, as the increased Boston
69.000
30,000 17,000
Philadelphia
9,000
consumption recently, has any effect. There is no specula- Baltimore ____ 452,000 43,000 20,000 60,000
282.000
tive activity. The cash demand is not remarkable, to say Norfolk
360.000
1,000
Newport News_
4,000
the least. To-day prices advanced with other grain, espe- New Orleans _ _
. 72,000 132,000 37,000
1,000
2c.
cially corn. Closing prices were 1 to 1Y higher than last St.John, N.B___ 446,000
88,000
43,000
50,000
Friday.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
eta_ 5434 5434 Hol. 5434 5434 55
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Man. Tues. Wed. Thurs. Frt.
4234
December delivery in elevator_cts.. 43
45% 45% Holt4534 4534
May delivery in elevator
43% 43% day. 4334 43
44
delivery In elevator
July
42% 4234 4234
September delivery in elevator
igq
Total week 1923. 2,961,631 224.900 327.345
Week 1922
6.547.809 1.434.394 310.235
194.000
273 070
73.794 190,396
502 409 921 773
The destination of these exports for the week and
July 1 1923 is as below:
Flour.
Exportsfor Week
Mee
and Since
Week
July 1 toDec. 29 July I
1923.
1923.
since
,
Wheat.
Week
Dec. 29
1923.
Since
July 1
1923.
Corn.
Week
Dee. 29
1923.
Since
July 1
1923.
Rye advanced with wheat and corn for a time. The demand was only fair, however. At times it was hardly that.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom_ 98.930 .3,432.778 1.490.991 53.023,162
62.900
716.926
Latterly prices have been without marked change. At times Continent
140,415 4,359,611 1,335,383 83,635.687 133,000
493,287
they have been a trifle easier. Trade has been slow. Some So. dr Cent. Amer_ 7,000 134.000
325.000
46.000
19.000
470,000
West
7.000
29,000
599.000
100,000 bushels of Canadian barley for export were reported Brit. Indies
No.Am.Cols
60.000
sold on the 2d inst. The visible supply of barley in the Other Countries__ 62,000 462,090 135.257 1,205.155
6,000
•
United States decreased last week 12.000 bushels, as against
327.345 7,858.479 2.961,631 138,196,004 224,900 1.921.213
Total 1923
an increase in the same week last year of 306.000 bushels.
Total 1022
310.235 7.653.920 8547 900 111R 727 973 1 434 ROA AS 075728
This leaves the total at 3,242,000 bushels, or not very differThe world's shipment of wheat and corn, as furnished by
ent from that of a year ago, when It was 3.126.000. As for
rye, the visible supply in this country increased last week Broomhall to the New York Produce Exchange, for the week
473,000 bushels, as against an increase in the same week ending Friday, Dec. 28 1923, and since July 1 1923 and
last year of no less than 874,000 bushels. But the total is 1922, are shown in the following:
THE CHRONICLE
JAN. 51924.]
THE DRY GOODS TRADE
Corn.
Wheat.
1923.
1922.
1923.
103
1922.
Friday Night, Jan. 4 1924.
Textile markets presented another holiday appearance
during the past week, with business for the most part conBushels.
Bushels. I Bushels.
Bushels. I Bushels.
fined to small lots covering actual needs. The fact, howBushels.
170,000 2,789.000 56,694,000
North Amer. 8,934.000 227,076,000260,498,00
ever, that out-of-town buyers are beginning to arrive in the
Russ.& Dan. 1,480,000 25.916,000 3,223,000 1,080,000 11,879,000 3,576,000
478,000 44,053,000 45,796,000 1,676,000 67,266.000 75,216,000 markets to fill requirements long deferred encouraged hopes
Argentina___
648,000 18,976.000 10,716,00
Australia ___
of more activity within the near future. When the trade
16,000 12,392,000 3,492,000
India
1,584,000
82,000, 14,645,000 3,365,000 arrives it is hoped that prices can be outlined on many lines
0th,countr's
of goods, but this will depend upon the attitude of buyers
11,556,0 6330,027,000323,725,000 3,008,000 96,579,000138,851,000
6
Total
when they reach here and make inquiries concerning probThe visible supply of grain, comprising the stocks in gran- able deliveries. With many mills which manufacture the
ary at principal points of accumulation at lake and seaboard best known standard fabrics curtailing production owing to
ports Saturday, Dec. 29, was as follows:
absence of demand or because of the very narrow profit marGRAIN STOCKS.
gins, it does not appear as if buyers will f.nd that competiCorn.
Rye.
Wheat.
Oats.
Barley. tion for orders will result in severe price concessions. In
bush,
bush,
bush,
bush.
bush.
United States100,000 regard to cotton goods, it is claimed that if mills would com85,000
508,000
534.000
715.000
New York
22,000
4,000
Boston
2,000
3,000
mence to curtail production more regularly, especially on
2.000
164.000
52,000
844,000
167,000
Philadelphia
months
95,000
2,000 sheetings and print cloths, prices during the next six
Baltimore
143,000
99,000
932,000
27,000
2,000 would be greatly benefited. At present, mills are struggling
101,000
New Orleans
322,000
277,000
43,000
Galveston
650,000
cotton, but are not making
467,000 to regulate prices in keeping with
Buffalo
338,000 1,395,000 1,283,000
4,807,000
346,000 satisfactory progress. They state that further curtailment
276,000 1,256,000
" afloat
3,131,000
41,000
2,000
342,000
Toledo
85,000
1,804,000
of production is inevitable because of the small cotton crop
304,000
" afloat 1
during the past season, but if goods are to be offered and
27,000
Detroit
37,000
72,000
40,000
351,000 made freely, manufacturers will suffer needlessly. HanChicago
17,353,000 3,412.000 3,336,000 1,502,000
194,000
468,0001.749,000
468,000
366,000
Milwaukee
142,000 dlers of heavy goods are predicting a good demand, as there
Duluth
5,348,000
452,000 1,205,000 5,630,000
961,000 are a number of bright spots in the situation. In addition to
537,000 5,158,000 7,557,000
17,538,000
Minneapolis
19.000
13,000
241.000
667,000
255,000
Sioux City
5,000 the bright building outlook, predictions of large production
475,000
732,000
23,000
1,728,000
St Louis
177.000
538,000 of automobiles during the current year are encouraging
13,164,000
804,000 1,521,000
Kansas City
10,000
4,000
1,089,000
296,000
218,600
St.Joseph, Mo
cotton goods men who handle heavy fabrics. Furthermore,
60.000
56,000
225,000
Peoria
640,000
230,000
280,000
5,000
Indianapolis
there has not been the usual amount of forward buying up
693,000 1,869,000
294,000
111,000
3,741,000
Omaha
to this time. Consequently, it is believed by many that this
Total Dec. 29 1923-...74.833,000 8.799,00019,939.000 19,052,000 3,242,000 delay in placing orders insures by that much more the busi71,377.000 6,242,000 19,175,000 18,579,000 3,254,000
Total Dec. 22 1923
is expected to come forward during the first
37,673,000 16,760,000 32,389,000 10,193,000 3,126,000 ness which
Total Deo. 30 1922
Note.
-Bonded grain not includcd above: Oats, New York, 509,000 bushels; quarter of the new year.
DOMESTIC COTTON GOODS: Largely as a result of
Boston, 180,000; Baltimore,4,000: Buffalo,607.000: Buffalo afloat, 578.000; Duluth,
2,000; total, 1,880,000 bushels, against 3,400.000 bushels in 1922. Barley, New
holidays, markets for domestic cotton gods failed to
York, 277,000 bushels; Duluth, 17,000: total, 294,000 bushels, against 1,884.000 the
bushels In 1922. Wheat, New York, 3,321,000 bushels: Boston. 879,000: Philadel- develop any activity during the past week. Prices, however,
phia, 1,784.000; Baltimore, 1,347,000; Buffalo,9,344,000; Buffalo afloat, 12,012,000:
steady undertone. There has been some presDuluth,428,000: Toledo,60.000: Toledo afloat,3,554,000; On Lakes, 199,000: total, maintained a
sure to sell certa.n styles of ginghams, but according to re32,928,000 bushels, against 34,096,000 bushels in 1922.
Canadian
ports, many new styles will be seen for fall, which should
Montreal
1.462.000
26,000 1,231,000
214,000
270,000
4,454,000
986,000
Ft. William & Pt. Arthur_31.552.000
881,000 help toward resuscitating the gingham demand. It is gen298,000
2,834,000
" afloat
erally believed that demand for goods will improve before
500.000
3.554.000
8511.1306
Other Canadian
7,354.000
the new year progresses much further. There are still a
Total Dec. 29 1923.___43,202,000
26,000 9,537.000 1,700.000 2,006,000 great many staple goods to be purchased for spring, to say
29,000 9,573,000 1,600.000 2,025,000
Total Dec. 22 1923____36,967.000
329,000 3,259.006 nothing of the goods that would normally be engaged before
460,000 3,747,000
Total Dec. 30 1922__30.995.000
Summary
this time for fall distribution or processing. Knit goods
74,833,000 8,799,000 19.939.000 19.052,000 3.242.000
American
inactive during the week. Many buy43,202,000
26,000 9,537,000 1,700,000 2,006,000 lines have ruled very
Canadian
ers from various sections of the country are expected to arTotal Dec. 29 1923._118,035.000 8,825,000 29,476.000 20,752.000 5,248,000 rive during the next week or so, and selling agents in the
,
Total Dee. 22 1923___110.344.000 6,271,000 28,748.000 20.179.000 5,279.000
Total Dee. 30 1922.....68,668.000 17,220,000 36,136,000 10,522,000 6.385.000 knitted underwear, outerwear and hosiery lines are predictWEATHER BULLETIN FOR THE WEEK ENDING ing a substantial business. Sheetings have displayed a
JAN. 1.
-The general summary of the weather bulletin firmer tons with mills decidedly adverse to meet.ng prices
issued by the Department of Agriculture, indicating the quoted in second hands. Concerning the purchasing power
influence of the weather for the week ending Jan. 1, is as of the masses, as applied to fabrics and wearing apparel,
many merchants are considering the question as to whether
follows:
The weather conditions during the week ending January 1 1924. were the needs of economy in homes are responsible for the recharacterized by a continuation of unseasonable warmth in most sections stricted buying which has been evident for some time past
during the first and middle parts of the week, while the first severe cold wave
of the winter overspread the interior and Central-Northern States during in several directions. Those who think otherwise, however,
the latter part. Minimum temperatures of 30 degrees or more below zero claim that there is no economy observable when so many
were reported from most of the regular telegraphic stations in Wyoming and
Montana. 20 degrees or more below in the Dakotas and 12 degrees below styled fabrics and highly styled garments are being purzero as far south as central Iowa. The cold wave did not reach the more chased and worn. They also draw attention to the sustained
southeastern States, however, as freezing extended southward in that section only to central Alabama. northern Georgia and southwestern North sales in chain stores, etc., as confirmation that economy in
Carolina. The lowest temperature recorded at a telegraphic reporting the true sense is not being practiced by the average constation was 34 degrees below zero at Yellowstone Park, Wyo.. on December
31. The week as a whole was much colder than normal in the North- sumer. Print cloths, 28-inch, 64 x 64's construction, are
western States and unseasonably warm In the Southeast, though the latter quoted at 8%c., and 27-inch, 64 x 60's. at 8c. Gray goods in
part was considerably cooler in the latter section.
Snowfall was widespread throughout the Northern and Western States. the 39-:nch, 68 x72's, are quoted at 12%c., and 39-inch, 80 x
In most cases the falls were rather light, however, though sufficient to 80's, at 15%c.
protect grain crops from the cold weather that prevailed the latter part of
WOOLEN GOODS: Although markets for woolens and
the week. Precipitation was light throughout the South. but there was
•considerable cloudy weather and the soil remained too wet for work in most worsteds have been inactive during the week, many factors
parts of that area. Precipitation was heavy in central-eastern localities entered the new year with the firm conviction that there
and was moderate to rather heavy in the more northwestern States.
will be a decided turn for the better in the not far distant
Growing crops were favorably affected by the mild temperatures and
ample soil moisture In the South, although truck was needing drier weather future. It is also believed by many that the men's wear
In west Gulf districts and more sunshine would have been helpful in east
Gulf States. The continued dry weather was unfavorable on the uplands division will be among the first to show improvement. Acin Florida but was beneficial on the lowlands of the peninsula and it con- cording to present indications, prices for men's wear lines
tinued too warm for some hardier truck crops in that State. There was not
much farm work done in the Southern States during the week because of for fall 1924 will be higher by at least 8%, although some
-generally unfavorable soil conditions.
selling agents claim that much higher prices will have to be
It was too wet and cloudy also for outdoor operations in much of the
Ohio Valley area. The long dry spell was somewhat relieved in Minnesota obtained. Much consideration is being given to the new
by general snow during the week, which was followed by much colder heavy weight openings, which are scheduled to take plaoe as
weather. The severely cold and stormy weather was hard on livestock in
central and northern Rocky Mountain districts and the Northwestern Great soon as inventories are completed, and it is expected that
Plains. but ample warnings given and large numbers were protected with the market will witness a general firming of prices in symlittle or no loss. Mild weather with considerable rainfall in the far south- pathy with the advancing prices of raw material.
west was favorable for agricultural and stock interests, while there was
FOREIGN DRY GOODS: A firm tone prevailed in mar-sufficient snow to cover grain fields in the Western Plateau area. Showers
were beneficial in California but were still Insufficient, and general rains kets for linens despite the fact that the volume of business
are needed in that State, where plowing and seeding are backward.
Frequent precipitation in northern Ohio was unfavorable for corn husk- transacted was not large. The January white sales are exing, but this work was nearly completed in Indiana, although some shocked pected to meet with much success, in which event there will
and down corn has been damaged in the latter State. The frozen ground
permitted resumption of husking in Illinois. Some cotton was discolored no doubt be a good demand in the way of replenishing supby rain in California where picking continued.
plies. The impression prevails that prices on many lines of
-Continued warm weather in the Southeastern States
SMALL GRAINS.
-caused rather too rapid growth in winter cereals but conditions were gen- linens are now cheap enough to encourage action on the part
erally favorable for these crops in other Atlantic mast sections. Grain of every retail linen department throughout the country.
fields were generally protected by snow-cover in the Northern. Northwestern and Western States during the prevalence of cold weather the Low end dress linens are making their appearance, their
'latter part of the week. While conditions continued satisfactory for winter prices being below anything noted a year ago, but many
wheat in practically all sections of the principal producing area, there was
some slight injury to wheat by freezing and local flooding in southern In- cons;der the quality unsatisfactory. With the holidays over
diana, but the crop was reported as uninjured in Kansas as most fields were In the Calcutta jute markets, burlaps have been offered at
covered with snow. Wheat showed some improvement in Oklahoma and slight concessions
owing to the less favorable exchange conmade satisfactory progress in other southwestern sections. Wheat fields
were protected by snow in Montana, and there was a general snow-cover ditions. Consumers have only been in the market in a small
in western Plateau States and the far northwest. Plowing and seeding of way, as they appear to have their requirements well probarley, wheat and oats continued backward in California owing to lack of
moisture and some.reseeding has been necessary, although there was suffl- vided for, at least temporarily. Light weights are quoted
-dent rain during the week to be beneficial.
at 5.65c. and heavies at 8.00 to 8.10c.
Week
Dee. 28.
Since
July 1.
Since
July 1.
Week I
Dec. 28.
Since
July 1.
Since
July 1.
104
TUE CITRONTCLE
ffltatt and Tit glepartintnt
[VOL. 118.
R. W. Pressprich & Co. and Redmond & Co.of New York
at 100.09, a basis of about 4.20%; Youngstown, Ohio,
School District 5s in the amount of $1,202,000, awarded to
Stevenson, Perry, Stacy & Co. of Toledo, at par; $1,372,000
4
bonds of Hudson County, N. J., awarded to A. M.
Lamport & Co. of New York at par; Baton Rouge, La.,
bonds in the amount of $1,060,000, awarded to the Union
Bank & Trust Co. and the Bank of Baton Rouge at 100.009.
The Government of Porto Rico on Dec.6 awarded $975,000.
432% irrigation bonds to Green, Ellis & Anderson and J. A.
Sisto & Co. of New York, at 98.08.
An aggregate of $92,502,746 temporary loans was negotiated during December. Of this total $76,482,000 consisted of
revenue bills and bonds, tax notes, corporate stock notes.
and assessment bonds of New York City. General funds
bonds in the aggregate of $4,250,000 were also issued by
New York City.
Canadian municipal bonds issued during December
amounted to but $2,000,000. A temporary loan of $10,000,000 was negotiated by the Province of Ontario.
Below we furnish a cOmparison of all various forms of
obligations sold in December during the last five years:
MUNICIPAL BOND SALES IN DECEMBER.
Municipal and State bonds disposals during December
aggregated $103,318,192. This is an increase of $7,465,593
over the $95,852,599 sales negotiated in November and of
$37,168,792 over the total of $66,149,400 in December 1922.
As in November the amount was swollen by some State
issues of large size. The State of Illinois negotiated the
most prominent of these. That State on Dec. 22 offered
for sale $15,000,0004% soldiers' bonus bonds and $6,000,000 4% highway bonds, or $21,000,000 together. The
soldiers' bonus bonds were awarded at 100.83, a basis of
about 4.65%, to a syndicate composed of the Harris Trust
& Savings Bank and the National City Co. of Chicago;
First National Bank, Halsey, Stuart & Co., Wm. R. Compton Co. and Hallgarten & Co. of New York; Continental &
Commercial Trust & Savings Bank, First Trust & Savings
Bank, Illinois Merchants' Trust Co., Marshall Field, Glore,
Ward & Co., of Chicago; E. H. Rollini St Sons, W. A.
Harriman & Co., Redmond & Co., Hayden, Stone & Co.
1923.
1922.
1921.
1920.
1919.
and Kissell, Kinnicutt & Co. of New York, and Stevenson,
$
Perm.mun.Fns(U.8.)103,318,192 86,149.400 220,488,881 55,478,831 62,082,923
Perry, Stacy & Co. of Chicago. The highway issue was *Tem.inun.l'ns(U.8.)92,502,746 36,558,900 50,574,400 46,385,000
49,834,448
119,000
None
awarded to Speyer & Co., Chase Securities Corp. and Barr Canad'n Fos(temp.) 10,000,000
500,000
None
Canad'n Ins(perm.):
Bros. & Co. of New York, and the Federal Securities Corp. Placed In Canada_ 1,877,260 26,408,284 4,285,834 17,838,988 8,312,193
Placed in U. EL _None
None
4,000,000
of Chicago, at 94.46, a basis of about 4.50%. Another Gen.f'd bds.(N.Y.C.) 4,250,000 3,500,000 2,700,000 8,525,000 28,500,000
2,000,000 7,500,000
which placed a large block of bonds during December N. Y. C. pension .St
State
sink, fund takings
51,115,500
was New Jersey. On Dec. 18 $8,000,000 4% road and Bonds of U.B.Poss'n.s 975,000 13,286,000 2,123,000
262,000
None
highway bonds were awarded to various banks at prices
Total
212,923,198 146,121,584 333,265,195 136,287,819 152,729,564
•Includes $78,482,000 temporary securities issued by New York City In December
ranging from par to 100.88, at an approximate cost of 4.23% 1923,$29,050,000 in December
1922, $43,400,000 In December 1921,$41,987,000 in
December 1920 and 341.991,000 In December 1919.
to the State.
The number of municipalities emitting bonds and the
important sales of the month included: Milwaukee
Other
County, Wis., 4%% metropolitan sewerage bonds, in the 'number of separate issues made during December 1923 were
amount of $4,200,000, awarded to a syndicate composed of 321 and 454, respectively. This contrasts with 328 and 480
A. B. Leach & Co., Inc., Lee, Higginson & Co., Northern for November 1923 and with 395 and 486 for December 1922.
The following table shows the aggregate of permanent
Trust Co., Curtis & Sanger, A. G. Becker & Co., Keane,
Higbie & Co., Inc.; Taylor, Ewart & Co., Inc.; Paine, issues for December, as well as the twelve months, for a
Webber & Co.; Blodget & Co.; The Herrick Co. and the series of years. The 1923 figures are subject to revision
Detroit Co., Inc., at 100.192, a basis of about 4.73%; five by later advices:
For the
Month of
Month of
For the
issues of Richmond, Va., 432% bonds, aggregating $3,275,Twelve Mos.
December.
December.
Twelve Mos.
1923
$103,318,192 31,023,151,641 1907
.113,718,505
3227,643,206
000, awarded at 97.81, a basis of about 4.63%, to a syndicate 1922
86,149,400 1,100,717,313 1906
21,260,174
201,743,348.
1921
220,466,661
1,208,548,274 1905
8,254,593
183,080,023.
of New York bankers composed of Estabrook & Co., W. A. 1920
55,476,631
883,188,255 19049,935,785
250,754,946
Harriman & Co., Inc., Remick, Hodges & Co., Curtis & 1919
82,082,923
691,518,914 1903
13,491,797
152,848,335.
1918
296,525,458 1902
22,953,088
11.587,812
149,498,889
Sanger, Blodget & Co. and Hannahs, Ballin & Lee; several 1917
32,559,197
451,278,762 1901
15,458,958
131,549,300.
1918
35,779,384
457,140,955 1900
22,180,751
145,733,062
issues of bonds of the city of Boston, comprising $400,000 1915
34,913,362
498,557,993 1899
4,981,225
118,113,005.
1914
29,211,479
474,074,395 1898
7,306,343
4s and $2,645,000 434s, awarded to a syndicate composed 1913
103,084.793
44,635,028
403,246,518 1897
17,855,473
137,084,004
Colony Trust Co., Blodget & Co., Curtis & 1912
of the Old
27,657,909
386,551,828 1898
10,664,287
108,496,080.
1911
38,028,842
398,859,848 1895
8.545,804
114,021,633
Sanger, Edmunds Brothers, Eldredge & Co., White, Weld & 1910
38,621,581
320,036,181 1894_
13,488,374
117,178,225.
1909
31,750,718
339,424,560 1893
17,308.564
77,421,273
Co., E. H. Rollins dt Sons and F. S. Moseley & Co., on a 1908
28,050,299
313,797.549 1892
3,297,249
83,823,515.
bid of 100.23 for all or none—a basis of about 4.19%;
The monthly output in each of the years 1923 and 1922
$4,000,000 43,I% bonds of the city of Philadelphia, $1,000,- is shown in the following table:
000 15-year bonds going at 101.92, a basis of about 4.08%,
1922.
1923.
1923.
1922.
$ 64,113,828 $94,816,091
to the Commissioners of the Sinking Fund, who also bid in January ____$ 96,553,380 5108,587,199 July
February
79,452,912 66,657,689 August
49,881,526
89,375,906
March
89,039,212 116,816,422 September__ 52,451,368
$1,500,000 20-50-year optional bonds, taking $500,000 at April
99,776,856
79,710,077 137,176,703 October__. 83,154,277
71,333,538
93,594,396 108,878,872 November
101.62, a basis of about 4.16% to full maturity and 4.11% May
95,852,599
44,379,484
June
159,049,874 118,969,285 December .. 103,318,192
88,149,400
to optional date; $500,000 at 100.62, a basis of about 4.22%
Total
$1,026,151,841$1,100,717,313
to full maturity and 4.20% to optional date, and $500,000 Average per month
885,512,636 391,728,442
at 101:19, a basis of about 4.19% to full maturity and 4.17%
The total of all municipal loans put out during the calendar
optional date. Another $1,500,000 20
-50-year optional year 1923 was $2,058,782,655, including $1,026,151,641 of
to
bonds went to A. B. Leach & Co. of New York at 100.40, new issues of long term bonds by the States, counties
and
a basis of 4.23% to full maturity and 4.22% to optional date; minor civil divisions of the United States, $625,703,491
$3,000,000 5% bonds of Long Beach, Calif., purchased by temporary municipal loans negotiated, $360 41,523 obliga22
the Bank of Italy of Los Angeles; $2,800,000 4N,% bonds of tions of Canada,its provinces and municipalities, $2,000,000.
Los Angeles City School District, Calif., sold to the Bank of the Government of the Philippine Islandst $4,061,000 of
the Government of Porto Rico and its municipalitiesi $1,of Italy at par; three issues of Knoxville, Tenn.,4% bonds, 875,000 of the Territory of Hawaii, $250,000 of
aggregating $2,750,000, awarded to a syndicate of New Honolulu, and $38,500,000 "general fund bonds ofthe city of
New York
York bankers composed of the First National Bank of City. In the following table we furnish a comparison of all
New York, Redmond & Co., Barr Bros. & Co., E. H. Rollins these forms of securities put out in each of the last five years:
1922.
1923.
1921.
1920.
1919.
& Sons, Hornblower & Weeks, Graham, Parsons & Co.,
Permanent
B. J. Van Ingen & Co. and Keane, Higbie & Co. at 98.31, ('Os (U .8.11,028,151,641 1,100,717.313
1.208,548;274 883,188.255 891.018,914
a basis of about 4.92%; $2,000,000 bonds of the West Park aTemporary
Ens(U.B.) 625.703.891 453,431,823 730,596,914 577,512,948 475,883,359.
District of Chicago awarded to the Harris Trust & Savings •Canad'n l'ns(Perm):
Placed In
%
Bank of Chicago on a bid of 100.016 for $800,000 43 s and
Canada 310,833,523 225,857,917 133,687,857 111,041,543
715,538,528
Placed in
$1,200,000 43's, a basis of about 4.59%; five issues of bonds
U. S._ 49,408,000
73,282,000
75,982,000
53,278,232
93,837,306.
of Memphis, Tenn., aggregating $2,000,000, awarded to the Bonds U.S.
Possessions
National City Co. and Harris, Forbes & Co. of New York on N.Y.C.petuen 9.186.000 47,023,000 27,145,000 18,277,000 11.700.000'
.Ltak'gs
None
None
51,115,300
None
Nonea bid of 100.2808 for $1,500,000 5s and $500,000 4s, a Gen.fd.bds.
of about 4.86%; four issues of 43i% Lansing, Mich., (N.Y.C.) 38,500,000 37,500,000 34,000,000 32,600,000 28,500,006
basis
Gen.fd.bda
4M% bonds, aggregating $1,800,000, awarded to Eastman, (3alt.,Md)
None
None
None
300,000
300,006
Dillon & Co., A. M. Lamport & Co., H. L. Allen & Co., Total...82,058,782,655 1,937.812,053 2,261,075,545 1,474,097,978 2,017,028,101
Includes $488,717,800 temporary securities Issued by New York City in
& Co. and Rutter dr Co. of New York, at
C. W. McNear
1923.
3329.474,281 In 1922, 8635,612,150 in 1921, $4497,417,344 in 1920 and 8375,050,906
99.33, a basis of about 4.55%; $1,202,500 4hs and $200,000 In 1919.
•Includes an estimated allotment of $650,000,000 "Victory Loan" issued
Mal=
4s of Albany, N. Y., awarded to Clark Williams & Co., 1919 and 3200.000,000 DcmInion Loan of $1923
1.
4
JAN.5 1924.]
THE CHRONICLE
105
date for which complete figures are available—the increase amounting to
826.000.000. For a number of years there has been a debt limit for municipalities. Special permission has been sought to exceed this limit and
granted with a
Cincinnati, Ohio.—Bond Issue Validity Attacked.—The In many casesto these special degree of liberality that might well be questioned. Due
exemptions 26 of our 39 cities have to-day
validity of the $2,000,000 Cincinnati Southern RR. bonds outstanding indebtedness in excess of the limit fixed by general law. A
a municipality
now being offered for sale (seepage 107) is being attacked in a too general feeling has prevailed that becausewithout asking, has asked for
before granta special borrowing statute, it must
suit brought in the Cincinnati Common Pleas Court by Wil- ing the request, a larger expression ofneed it, from the people themselves
approval
towns the total amount
lian J. Schultz, a taxpayer, against the trustees of the road. It is found, however, that in many of our smaller required to construct a
which may be borrowed
The complainant also asks that the trustees pay into the single schoolhouse. Theis less than the amount municipalities was albuilding program of our
city sinking fund $3,500,000, with accumulated interest, most entirely stopped during the war and the continued high costs have
In view of the extraordirepresenting funds raised in 1920 by the issuance of bonds caused a postponement ofIneeded construction. consideration of whether
nary existing conditions
invite your earnest
in that amount. The contention is that the money was used, there should be a changed debt limit. In any event I firmly believe that
laws are wrong in principle.
and is to be used for repairs and replacements in violation frequent exemptions from generala great deal of service at public expense.
We in Massachusetts demand
of the contract providing that the lessee make all repairs Luxuries of yesterday seem to be necessities to-day, but there is no justificaought to
debt
and replacements. The Cincinnati "Enquirer" of Dec. 27 tion in placing on posterity a everyburden which webe a partbear ourselves.
of the annual
Annually recurring costs of
nature should
had the following to say regarding the litigation:
budget, and raised by taxation. No debt should be incurred for that kind
Suit opposing the action of the trustees of the Southern Railroad in of improvement for which there is a steady demand. If during the present
financing the new Southern Railroad bridge into Cincinnati was filed by session, in passing on requests for special privileges to borrow outside the
Ell G. Frankenstein, attorney, representing William J. Schultz, patent present debt limit, a policy be followed of requiring that a portion of the
proposed improvement be financed directly from revenue, a service of real
attorney, acting as a taxpayer, in Common Pleas Court yesterday.
The suit asks that the trustees pay $3,500,000 into the city sinking fund, benefit will be rendered to our municipalities.
with accumulated interest, on the allegation that the trustees violated
Inasmuch as our municipalities are spending about $180.000.000 a year
the constitutional inhibition against lending a city's credit in furtherance purely for their local needs, it is clearly seen that the greatest tax burden in
of private enterprise, when they issued that amount of bonds in July. Massachusetts is local. Last year I recommended that the right of referendum in case of loans and special expenditures be generally extended so
1920, for construction of the.brielge.
The suit also asks that the trustees be enjoined from issuing an additional that the citizens themselves might have the power to aid in keeping down
000,000 worth of bonds, which were authorized recently by the State municipal debt and taxes. Citizens cannot vote intelligently unless they
'filature, to complete the bridge and make certain terminal changes,
have some means of knowing what their municipal income is and what they
Schultz claims that under the terms of the lease the Cincinnati, New have to spend. Many communities have already adopted the budget
Orleans and Texas Pacific Railroad, the operating company for the route, system and certain communities have finance committees. But finance
Is required to make all repairs and replacements, and that the trustees may committees do not always establish budgets, and many communities are
furnish funds only for improvements. The bridge, he claims, is a replace- absolutely in the dark as to how their money is being expended and whether
ment and not an improvement.
they are living extravagantly or not. After the refreshing experience of
In the event the company should default on the bonds, the city would the Commonwealth under the budget system, I recommend that all cities
be liable for the indebtedness, unless the trustees pay the money into the and towns be obliged to have a budget so that the people may know the
treasury at once.
purposes for which their money is being spent.
The suit is directed against the trustees, Levi C. Goodale, Washington
The Governor also referred to the policy pursued by the
T. Porter, Harry M. Hoffheimer, General S. B. Stanbery and William J.
Howard.
State in the reduction of its indebtedness. He pointed out
NEWS ITEMS
Kansas (State of).—New Issue of Bonus Bonds Valid.—
The validity of the $3,500,000 soldiers' bonus bonds being
offered on Jan. 19 has been upheld in a decision written by
Justice Mason of the Kansas State Supreme Court. We
quote the Topeka "Capital" of Dec. 28 in part below:
The court found that the proceedings of the bonus board relative to the
issuance of the bonds had been regular and proper. The court upheld the
Kansas statutes authorizing the issuance of the bonds as valid and refused
to mat aside the work of members of the bonus board, holding they had
acted within their authority in deciding to issue the additional bonds.
With regard to issuing additional bonds the court pointed out that the
"legislature has not created a new debt—merely made provision for the
payment of a debt already legally created by the legislature with the approval of a popular vote."
Maryland (State of).—Legislature Convenes.—The Maryland State Legislature convened in regular biennial session
on Jan. 2. Governor Ritchie in his message, delivered on
the opening day, dealt entirely with the financial condition
of the State.. He recommended that the Legislature make
maintenance appropriations totaling $14,498,659 per year
for the next three years, or an increase of $1,697,560 over
this year's appropriations. State bond issues of $7,500,000
were also requested for the next three years, $2,100,000 to
be used for improving and constructing State institutions,
$4,500,000 for improving and extending the State road
system, and $900,000 for bridge construction and railroad
crossing elimination. The $2,100,000 construction loan
requested is, according to the Governor's figures, a reduction
of $9,617,006 from the financing requested by the State institutions.
A reduction in the State tax rate is urged by Governor
Ritchie. The rate proposed for the next three years is
27 2-13 cents, 3 cents less than the present levy, and the
lowest since 1912.
The Baltimore "Sun" of Jan. 3 summarized Governor
Ritchie's recommendations as follows:
WA State tax rate of 27 2-13 cents, 3 cents below the present rate and the
lowest since 1912.
Bond issues of $7,500.000 for roads, bridges and improvements to State
Institutions and new building.
Maintenance appropriations totaling 814,498 659 per year. an increase
of $1,697,560 over this year's appropriations.
That the University of Maryland be allowed $400,000 of the proposed
loan instead of the $3,551,550 requested for buildings and equipment.
I',, That the State Normal Schools be allowed $465,000 for now buildings,
instead of the requested $1,678,000.
h.That $250.000, in addition to proceeds from the sale of the State-owned
lot at North and Maryland avenues, be allowed for building new armories
and repairing Fifth Regiment Armory. For this purpose 8600,000 had
been requested.
lie That $687,000, instead of the 81,369,750 requested, be allowed for increasing the capacity of State hospitals for the insane and the school for
the feeble-minded.
ie. That $73,000, instead of the $579,000 requested, be allowed for buildings
and improvements at the training school for boys.
tie That $45,000, instead of the $219,000 requested, be allowed for land,
buildings and improvements at the Maryland School for the Deaf.
b. That $100,000, instead of $200,000, be allowed for rebuilding the foundry
•
and power-plant improvements at the penitentiary.
P That $100,000, in addition to the $200,000 unexpended from construction
loan of 1920, be allowed for new tuberculosis hospital.
The Governor called attention to the fact that unexpected increases in
the receipts at the office of the Commissioner of Motor Vehicles added
81,371.965 to "dedicated funds" for 1925 over the figures for the same funds
for 1924.
)6
that the net direct State debt on Jan. 1 1924 was $20,792,000, as against $35,128,000 on Jan. 1 1921, or a reduction
in three years of $14,336,000; that the Metropolitan District
debt, for which the State is indirectly liable, has been reduced $5,000,000 in the same period, and that in the same
time the State tax has been cut from $14,000,000 to $12,000,000. A continuance of the pay-as-you-go policy responsible
for this reduction in debt and taxes was urged by Governor
Cox.
A constitutional amendment providing for biennial instead of annual sessions of the General Court was also recommended, the Governor saying that "there are no evils crying
out for legislative solution which could not have waited another year, in view of the tremendous expenditure of effort
and money which are involved in a session of the General
Court."
The following summary of the Governor's recommendations is taken from the Boston "Transcript" of Jan. 2:
A renewal of the recommendation for an amendment to the constitution
to provide for biennial sessions of the General Court.
A continuance of the pay-as-you-go policy by which the net direct State
debt has been reduced from 835.128,000 in 1921 to $20,792,000 in 1923—
a reduction of $14,336,000 in three years—by which the State tax has been
reduced during the same period from $14,000,000 to $12,000,000, and by
which the Metropolitan District debt has been reduced $5,000.000 in three
years.
That all cities and towns be obliged to have a budget, so that the people
may know the purposes for which their money is being spent. That no
borrowing outside the debt limit be permitted except where a portion of
the proposed improvement be financed directly from revenue.
That in rural communities some plan be worked out whereby greater
permanence will be given in a school-teaching force and that more attention
be given in these communities to the obtaining of trained teachers.
That the Department of Agriculture be given the necessary facilities to
expedite an investigation of what further grades and packageswill be best
in commercial use, based on the success obtained by the apple-grading law.
That the Governor be authorized to appoint a special unpaid commission
to study "the nature of the present food supply, the sources from which it
is derived, the method and cost of transportation and distribution, the factors affecting wholesale and retail prices, and the amount of spread between
them, the percentages of the food supply of the Commonwealth which
are produced in Massachusetts and New England, the possibilities and
proper methods of increasing these percentages, and any related matters."
Thaynstitutional previsions be made for the care of the female defective
delinquents and the male defective delinquents under the age of seventeen.
That the Governor, with the approval of the Council. be authorized to
sell or transfer or make such disposition or use of the Norfolk State Hospital as may be determined desirable.
That sufficient resources be made available to the Department of Health
so that it may institute a ten-year tuberculosis program in the earlier school
grades of the public schools of the Commonwealth.'
That the Division of Highways be given authority to determine the horsepower and carrying capacity of motor vehicles with a view to increasing the
revenue derived from automobile fees.
That the Governor be authorized to appoint an unpaid commission to
study the question offire losses and if possible to recommend measures which
may "reduce this annual waste and which may as a consequence bring a
reduction in fire insurance rates."
That the local organization of reciprocal insurance associations, under
proper safeguards, be permitted, and such reciprocal insurance associations
from other States as can comply with the Massachusetts standards be admitted to the Commonwealth.
Further protection from forest fires, of which there were 2.491 during
1923, burning over 49,390 acres, destroying forty-six buildings and causing
a total damage of 8154.612.
That widows of World War soldiers be exempt from the provision requiring proof that death of a husband resulted from disease contracted in the
service in order to become eligible to receive State aid.
That $25.000 be appropriated to welcome and entertain the fifty-ninth
annual encampment of the Grand Army of the Republic, to be held in
Boston next August.
That a commission be created to prepare for the 150th anniversary of the
American Revolution.
That the portraits and relics in the State House be given into the custody
of a commission composed of the Lieutenant-Governor. Chairman of the
Art Commission and a member of the Executive Council.
That District Judges be paid the same salaries as Superior Court Justices
while serving on the Superior bench.
That the 32,000,000 surplus raised by the special poll tax in connection
with the payment of a $100 gratuity to veterans of the World War be used
for a war memorial, or returned to the cities and towns in proportion to the
amounts paid.
Massachusetts.—Legislature Convenes—Governor's Message.—The General Court convened in regular annual session
on Jan. 2. Governor Channing H. Cox in his annual message made a number of important recommendations. In
urging an amendment to the municipal debt limit laws so
JtS to prohibit the borrowing of funds outside the debt limit
unless a portion of the expense of the improvement be met
by direct revenue, the Governor used as argument figures
New York State.—Legislature Convenes-Governor's Anshowing that the municipal indebtedness of the State in- nual Message.—The State Legislature convened in regular
creased from $188,000,000 on Jan. 1 1920 to $214,000,000 on annual session on Jan. 2. On the same day Governor Smith
Jan. 11923. We quote the part of the address dealing with read his annual message to the lawmakers.
this problem:
The feature of the message was the recommendation that
The principle of pay-as-you-go has too long been disregarded in municipal
immediate reduction be made in the taxes levied against
affairs. The debt of our municipalitiee has increased from 8188.000,000 an
ou Jan. 1 1920 to approximately $214,000.000 on Jan. 1 1923—the latest incomes. The Governor urged the enactment of legislation
106
THE CHRONTCLE
which would permit taxpayers to deduct from their 1923
income tax returns 25% of the amount of the tax due under
the present law.
Commenting on the water power problem, in connection
with which the people last fall decisively voted down a proposed constitutional amendment allowing the use of 3% of
the State's forest preserve for the development of water
power, the Governor suggested the creation of a New York
State Power Authority, a public corporation, municipal in
character, to control publicly-owned hydro-electric power
plants, and having power to issue bonds secured entirely
by the revenues of the plants.
The Governor repeated his appeals of a year ago for constitutional amendments providing for the short ballot, fouryear term for elective officials, State budget, and the initiative privilege in constitutional amendments. He also
urged legislation for the direct primary for choosing candidates for State-wide offices.
Enactment of legislation to carry into effect the Home
Rule Amendment adopted by the voters in November, now
being studied by a cnmmission created by an Act of the
1923 Legislature, was also advocated by the Governor.
The Governor referred to the people's approval of the
$50,000,000 hospital bond Act last fall, and summed up the
condition of the State's hospitals and asylums. He warned
the lawmakers that the Act passed by the voters provided
for new buildings only. He also urged the Legislature to
put into effect the $45,000,000 Soldiers' Bonus bond amendment ratified by the voters in November.
In referring to the State's financial condition, the Governor
pointed out that on July 1 1923 the bonded debt of the State
was $264,244,500, that the sinking fund to take care of this
debt on that date amounted to $83,133,715 61, leaving a
net indebtedness of $181,110,784 39, and that surplus fund
on July 1 1924, as estimated by the Comptroller, would
amount to $50,494,165 52.
The New York "Tribune" of Jan.3 carried the following as
a list of "striking points" in the message:
Urged that the State income tax be reduced by 25%, immediately, so
the taxpayer would get the benefit of the reduction on his 1923 tax.
Abolish the New York and New Jersey Bridge and Tunnel Commission.
Broaden the scope of the Port of New York Authority.
Abolish the Public Service Conunission and give power to the Chief
Executive to appoint three commissioners to regulate such utilities as are
not regulated by the individual cities.
Abolish the Transit Commission.
Re-enact existing rent laws for two more years.
Urged vigorous prosecution for violations of the Medical Practice Act.
Favored a forty-eight hour maximum week for women and children
employed in factories.
Called for dredging the Hudson and developing the port of Albany.
Rhode Island.
-Legislature Convenes.
-On Jan. 1 the
General Assembly convened in regular annual session. Upon
the opening of the session Governor William S. Flynn delivered his annual message. One of his chief recommendations was that the General Assembly submit to the voters
the question of whether or not the constitution of 1842,
which is now in force, shall be revised by a convention.
The Providence "Journal" of Jan. 2 listed the principal
recommendations made by the Governor as follows:
Holding of a constitutional convention.
Enactment of a forty-eight hour law for women and minors in industrial
establishments.
Complete abolition of the property qualification.
Redistricting of the State into Senatorial districts to provide more
equitable representation in the upper branch of the Legislature.
Repeal of the law requiring proof of citizenship at each time of registry.
Safeguarding the "inalienable right" of parents to educate their children
in accordance with "their judgment and consceince without unwarranted
interference by the State."
Granting the Governor full power of appointment of State officials,
Including sheriffs of the counties, without Senate action.
More liberal benefits under the workmen's compensation law, and extension of its scope to include employees incapacitated by disease.
Creation of a special investigating force for the use of the Attorney
General's Department.
Law requiring political organizations and candidates to file statements
of amounts received and their source, and disposition of campaign funds.
Legislation to rehabilitate the shellfish industry.
Creation of commission to submit plan for reorganization and consolidation of certain boards and commissions of the State Government.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADA COUNTY SCHOOL DISTRICT NO. 45, Idaho.
-BOND ELEC
TION.-An election will be held on Jan. 9 to vote on the question of
0. P. Wolfe. District Clerk.
AKRON, Erie County, N. Y.
-BOND SALE.
-The $10,000 5% regis-have been awarded at
tered bonds offered on Dec. 31-V. 117, p. 2796
par to the Akron Water & Light Commission of Akron. Date Sept. 1 1923.
Due $2,000 yearly on Sept. 1 from 1925 to 1929, incl.
-BOND
ALBANY SCHOOL DISTRICT, Alameda County, Calif.
-Sealed proposals will be received until 10 a. an. Jan. 14 by
OFFERING.
Geo. E. Gross, County Clerk, and ex-officio Clerk of Board of Supervisors.
4% school bonds. Denom. $1.000.
at his office in Oakland for 563.000 55
Date Dec. 15 1923. Int. J. & D. 15. Duo on Dec. 15 as follows: $3.000,
1924 to 1940, incl., and $4,000. 1941 to 1943, incl. A certified.check, or
cash, for 2% of bid, payable to the Chairman of Board of Supervisors,
required.
Financial Statement.
$2,482.116
Assessed value
54,000
Bonded debt Dec. 1 1923
Population 1920 (est.), 2,262. Contains 254 square miles.
DISTRICT (P. 0. Ashland), Ashland
ASHLAND CITY SCHOOL
-BOND SALE -The 596,000 554% coupon school bonds
County, Ohio.
-have been awarded to Halsey, Stuart
offered on Dec. 28-V. 117, p. 2674
& Co. of Chicago for 596,751-equal to 100.78-a basis of about 5.27% •
Date Dec. 15 1923. Due $6,000 each six months from Feb. 1 1024 to
Aug. 1 1931, incl.
ATHENS TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Athens),
-BOND OFFERING.
-Sealed bids will be received
Athens County, Ohio.
by J. A. Walsh. Clerk Board of Education, at the County Superintendent's
office in Athens until 12 m. (central standard time) Jan. 12 for $2,308 90
6% coupon school bonds. Denoms.$144 31 and $144 30. Prin. and semiann. Int. (F. & A.) payable at the Treasurer's office (being the Security
Savings Bank, Athens). Due each six months as follows: $14431 Feb. 1
1924 to Aug. 1 1928 Inch and $144 30 Feb. 1 1929 to Aug. 1 1931 incl.
issuing $1.000 6% school bldg. bonds.
[VOL. 118,.
AUDUBON, Audubon County, Iowa.
-BOND OFFERING.
-Bids
will be received until Jan. 15 for the purchase of $50,000 memorial hall
bonds. A like amount of bonds was sold on May 1-V. 116. p. 2039.
AVA, Douglas County, Mo.-BOND SALE.
-The Sutherlin Securities
Co. of Kansas City has purchased $35,000 554% water works bonds.
Date Jan. 11924.
BAD AXE SCHOOL DISTRICT (P. 0. Bad Axe), Huron County,
Mich.
-BOND OFFERING.
-Arthur Dundas. Secretary, will receive bids
at the office of the President of the Board in the State Savings Bank, Bad
Axe, until 7 p. m. Jan. 22 for $150,000 454% school bonds. Denom.
$1,000. Date April 1 1923. Interest semi-ann. Due April 1 1948.
Certified check for 2% of the amount of bonds bid for required.
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND OFFERING.
John R. Haut, Chief Clerk, will receive sealed bids in the Court House
until 11 a. m. (Eastern standard time) Feb. 5 for $750.000 4;49' coupon
road and school bonds (part of a total authorized issue of $3.000.000).
Date Feb. 1 1924. Prin. and semi-ann. int. (F. & A.) payable in lawful
money of the United States at the Second National Bank of Towson. Due
on Feb. 1 as follows: $55.000 1937: $95.000 1938; $100.000 1939: $105.000
1940: 5110.000 1941: 5115.000 1942; $120.000 1943, and $50.000 1944.
Legal opinion will be furnished free of charge to the successful bidder, if
requested, by Elmer J. Cook, attorney. Second National Bank Building,
Towson. Each bid must be accompanied by certified check to the order
of the County Commissioners of Baltimore County in a sum equal to 1%
of the face value of bonds bid for. The loan, it is stated is exempt from
State, county and municipal taxation in the State of Maryland, and from
Federal taxation. Baltimore County has no incorporated towns and
has an assessable basis of approximately $149,000.000. The total indebtedness of the county is annex notes outstanding to the amount of $375.000,
all of which are secured, and which mature serially from 1924 to 1928,5181000 of serial sewer certificates, for which the Towson Sewerage Area is primarily liable, and the first bond issue of the public road and school bonds of
Baltimore County,amounting to $750.000. of which $25.000 will be redeemable Feb. 1 1924. The tax rate of Baltimore County for 1924, including
the levy for interest on this issue, and on the first issue of $750 000 of public
road and school bonds, and the levy for the redemption of $25,000 of the
bonds of the first issue of $750.000, is $1 62. Total State and county rate
is Si 92 2-13.
BARBERTON, Summit County, Ohio.
-r-BOND SALE.
-The $779,687 505% water works impt. bonds offered on Dec. 29-V. 117, p. 2796
have been awarded to Benjamin Dansard & Co., of Detroit, at 100.004,
a basis of about 4.99%. Date Jan. 1 1924. Due yearly on Oct. 1 as follows: $31,687 50, 1925; $31,000, 1926 to 1945, incl. and $32,000. 1946
to 1949, incl.
BATTLE CREEK, Calhoun County, Mich.
-BOND SALE.
-The
$40,000 coupon sewer and paving bonds offered on Dec. 13(V. 117. p.2798)
were awarded as 5s to the Old National Bank of Battle Creek for $40,010,40
equal to 100.026. a basis of about 4.999'. Date Dec. 1 1923. Due $2,000
yearly on Dec. 1 from 1924 to 1943 incl.
BAY COUNTY (P. 0. Panama City), Fla.
-BOND OFFERING.
W. H. Marshall, Clerk Beard of County Commissioners, will receive sealed
bids until noon Jan. 7 for the following 5% bonds:
$140,000 road bonds. Date Oct. 1 1923. Due Oct. 11953. Int. A. dr 0.
A certified check for $10,000 required.
50,000 county bonds. Date Jan. 1 1924. Int. J. & J. Due Jan. 1
1954. A certified check for $5,000 required.
50,000 county bonds. Date Jan. 1 1924. Int. J. & J. Due Jan. 1
1954. A certified check for $1,000 required.
Denom. $1.000. Prin. and semi-ann. int. payable at the Mechanics &
Metals National Bank, New York City.
BEAUREGARD PARISH ROAD DISTRICT NO.7(P.O. DeRidder),
La.
-BOND OFFERING.
-D. W. McFatter, Clerk of the Police Jury,ill
:$v
receive sealed bids until 2 p. m. Jan. 26 for 5120,0006% road bonds. Date
Feb. 11924. Due in 20 years. A certified check for 254% of bid, payable
to the Parish Treasurer, required.
BETHLEHEM SCHOOL DISTRICT (P. 0. Bethlehem), Northampton County., Pa.
-BOND OFFERING.
-Sealed bids will be received by
T. J. Witt, Secretary Board of Directors, until 5 p. m. Jan. 21 for $750,000
454% coupon or registered school bonds (authorized at a general election
held on Nov.6 last). Denom. $1,000. Date Jan. 1 1924. Principal and
semiannual interest payable at the office of the District Treasurer or at
such depositary in the city, designated by the purchaser, subject to approval
of the Board. Due yearly on Jan. 1 as follows: $50,000, 1929 and 1934;
$150,000. 1939 and 1944; and 5175,000. 1949 and 1954. Certified check for
2% of the amount of bonds bid for, required.
BEVERLY HILLS SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND SALE.
-The $200.000 n school bonds offered on Dec. 31
o
-V.117, p. 2796
-were purchased by R. II. Moulton & Co. of Los Angeles,
at a premium of $25, equal to 100.01, a basis of about 4.99%. Date Dec. 1
1923. Due $5,000 yrly. on Dec. 1 from 1924 to 1963,incl.
BILOXI, Harrison County, Miss.
-DESCRIPTION.
-The $110,000
school and $90.000 street impt. bonds awarded to Caldwell & Co.. of
Nashville, as stated in V. 117, p. 2913. are described as follows: Date
Jan. 1 1924. Prin. and semi-ann. int. (J.
-J.) payable at the National
City Bank, N. Y. City. Interest rate 55.4%. Due serially on Jan.. 1
from 1925 to 1949. incl.
BINGHAM CANYON, Salt Lake County, Utah.
-BOND SALE.
The State Industrial Commission of Utah has purchased $15,000 555%
water bonds maturing from 1925 to 1935.
BLACKFORD COUNTY (P. 0. Hartford), Ind.
-BOND SALE.
-On
Dec. 27 E. C. Campbell of Hartford purchased the 57,000 5% F. 0. Dick
et al. No. 2 road bonds offered on that date-V. 117. p. 2675
-at par and
accrued interest, plus a premium of 560
-equal to 100.85-a basis of about
4.81%. Due $350 each six months from May 15 1924 to Nov. 15 1933,incl.
BLOOMFIELD, Essex County, N. J.
-BOND SALE.
-The three
issues of coupon or registered 434% bonds offered on Dec. 28-V. 117.
p. 2674
-have been awarded as follows:
$110,000 sewer to the Bloomfield Trust Co. at 100.22, a basis of about
4.48%. Due yearly on Jan. 1 as follows: $2,000, 1925 to 1934,
incl.; and $3,000, 1935 to 1964, incl.
258,000 school to the Bloomfield Trust Co. at 100.13, a basis of about
4.48%. Due yearly on Jan. 1 as follows: $12,000, 1925 to 1938.
incl., and $15.000, 1939 to 1944, incl.
74,000 temporary inapt. to the Bloomfield Nat. Bank at 100.13, a basis
of about 4.47%. Duo Jan. 1 1930.
Denom. $1.000. Date Jan. 11924.
BOARDMAN RURAL SCHOOL DISTRICT (P. 0. Poland R. D.
No. 2), Mahoning County, Ohio.
-BOND OFFERING.
-Sealed bids will
be received by Geo. H. Davidson, Clerk Board of Education, until 12 m.
(central standard time) Jan. 14 for $37,000 534% school improvement
bonds. Denom. $1,000. Date Feb. 1 1924. Prin. and semi-ann. int.
(A. & 0.) payable at the Mahoning National Bank of Youngstown. Due
$1,000 each six months from April 1 1925 to April 1 1943 incl. Certified
check for $500, payable to the Clerk Board of Education. required.
BRENHAM, Washington County, Texas.
-An
-BOND ELECTION.
election will be held on Jan. 25 to vote on the question of issuing $25,000
water works bonds.
BREVARD COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 10 (P. 0. Titusville), Fla.
-Sealed bids will be
-BOND OFFERING.
received by N.T. Froscher, Clerk of Board of County Commissioners, until
2 p. m. Jan. 8 for $120,000 6% coupon road and bridge bonds. Denom.
$1,000. Date Jan, 11924. Int. J. & J. Due $30,000 Jan. 11939, 1944,
1949 and 1954. Legality approved by John 0. Thomson, N. Y. City. A
certified check for 2%, payable to the Chairman of above Commission,
required.
BREWSTER,Stark County, Ohio.
-BOND OFFERING.
-Sealed bids
will be received by D. W. Norris, Village Clerk. until 12 m. Jan. 11 for
$5,000 bonds for the purpose of securing water-works system. Denom.
$1,000. Date Mar. 11924. Prin. and semi-ann. int. M. & S.) payable
at the Village Treasurer's office. Due $500 yearly on Mar. 1 from 1926 to
1935 incl.
BROCKTON, Plymouth County, Mass.
-BOND OFFERING.
Chester it. Barrett, City Treasurer, will receive sealed proposals until
4 p. m. Jan. 10 for320000 434'Z City Hall Square Extension Loan Act of
1922 coupon (with privilege of full registration) bonds. Date Oct. 11923.
Interest A.& 0. DUe $2,000 yearly on Oct. 1 from 1924 to 1933,inclusive.
JAN. 5 1924.]
THE CHRONICLE
Principal and interest payable at the City Treasurer's office in Brockton,
with interest coupons payable at holder's option at the Old Colony Trust
Co. of Boston. These bonds will be engraved under the supervision of and
certified as to their genuineness by the Old Colony Trust Co. of Boston.
and are said to be exempt from taxation. The favorable opinion of Ropes.
Gray, Boyden & Perkins as to the val:dity of this issue will be furnished
without charge to the purchasers. All legal papers incident to this issue
will be filed with the Old Colony Trust Co., where they may be inspected
at any time.
Financial Statement Dec. 31 1923.
$65,426.650 00
Valuation for year 1923, less abatements
4,718.000 00
Total gross debt (present loan not included)
1,654.000 00
Water debt
Sinking fund (water)
616.956 05
Population, estimated, 69.400.
BUCKLAND SCHOOL DISTRICT (P. 0. Wapakoneta R. R. No. 3),
-BOND SALE.
Auglaize County, Ohio.
-The 17.014 86 7)4% coupon
-were awarded on Dec. 26
school bonds offered on Nov.5-V. 117, p. 1909
to the First National Bank of Wapakoneta at par and accrued interest.
Date Oct. 11923. Due each six months from Feb. 1 1924 to Feb. 1 1932,
Inclusive.
-During
BUFFALO, N. Y.
-BONDS AND CERTIFICATES SOLD.
the month of December the city issued the following 4% securities:
$45.030 15 grade crossing bonds. Date Dec. I 1923. Due yearly on
Dec. 1 from 1924 to 1943, inclusive.
28,119 23 monthly local work bonds. Date Dec. 15 1923. Due Dec. 15
1924.
49,627 13 certificates of indebtedness. Date Dec. 1 1923. Due July 1
1924.
The bonds given above were purchased by the City Sinking Fund and the
certificates by the General Fund of the city.
CALLAHAN TOWNSHIP, Renville County, No. Dak.--CERTIFICATES NOT SOLD.
-The $1,500 7% certificates of indebtedness offered
on Dec. 3-V. 117, p. 2348
-were not sold as the bids received were not
satisfactory.
CAMBRIDGE, Middlesex County Mass.-TEMPORARY LOAN.The temporary loan of $500,000 dated Dec. 14 1923 and due May 9 1924.
'
offered on Dec. 12 (V. 117, p. 2675) was awarded on 4.14% discount basis
to S. N. Bond & Co. of Boston.
-On Dec. 28 the
-BOND SALE.
CELINA, Mercer County, Ohio.
-V. 117. p. 2675
$8,000 6% water works bonds offered on that date
-were
-equal to 101.76.
awarded to N. S. Bill & Co. of Cincinnati for 38.141 60
Date Oct. 11923. Due $1,000 yearly from 1924 to 19331, incl.
CELINA VILLAGE SCHOOL DISTRICT (P. 0. Celina), Mercer
-BOND OFFERING.
County, Ohio.
-Blanche E. Raudabaugh, Clerk
Board of Education, will receive sealed bids until 1 p m.Jan.16 for $150.000
5%% coupon school bonds. Denom.$1,000. Date Sept. 15 1923. Interest M.& S. Due $7,000 in all of the odd years and 38.000 in all of the even
years from 1925 to 1944, incl. Cert. check for 5% of the amount of bonds
bid for payable to the Board of Education. required.
CINCINNATI, Ohio.
-BOND OFFERING.
-Sealed proposals will be
received until 12 m. Jan. 28 by Stanley Ferguson, Secretary of the Board
of Trustees of the Cincinnati Southern Railway,for the purchase at not less
.
than par and interest of $400.000
% gold coupon "Series A' bonds for
terminal facilities andpermanent betterments for line of Cincinnati Southern
Ry. These bonds are part of a total issue of $2,000,000, authorization of
which was made possible by an "Act" passed bt the last Legislature. Denom
$1.000. Date Jan. 1 1924. Principal and semi-annual interest (J. & J.).
payable in gold coin of the United States of the existing standard of weight
and fineness at the American Excaange National Bank, N. Y. Due July 1
1965. Certified check on a national bank for 2% of the par value of the
bonds bid for, payable to the Board of Trustees of the Cincinnati Southern
Raibtay, required. Bonds to be delivered to the buyer at the Fifth-Third
National Bank, Cincinnati, on any business day between the 11th and 25th
days of February. All bids must state the number of bonds bid for.
CLAY CENTER, Clay County Nebr.-BOND SALE.
-The Peters
Trust Company of Omaha has purcgased $48,000 sewer bonds at par plus
a Premium of 345, the cost of printing bonds and of advertising.
CLEVELAND HEIGHTS (P. 0. Cleveland), Cuyahoga County,
Ohlo.-BOND OFFERING.
--Chas. C. Frazine, Director of Finance. will
receive sealed bids until 11 a. m.•(eastern standard time) Jan. 5 for $16.000
534% coupon "Cleveland Heights Noble Road Widening Bonds.' Denom.
$1,000. Date Oct. 11923. Due yearly on Oct. 1 as follows: $2,000, 1925:
81.000, 1926; 32,000. 1927 to 1929. incl.; 31.000. 1930: $2,000. 1931;
11,000. 1932: $2.000. 1933 and $1,090. 1934. Cert. check on some bank
other than bidder's for 3% of the amount of bonds bid for payable to the
Director of Finance, required. Purchaser to take up and pay for bonds
within 30 days from time of award. The above is the unsold portion of a
total authorized issue of $28.500, $12.500 of which were sold to Milliken
& York of Cleveland, at 101.88.-V. 117, p. 2239.
CLEVELAND METROPOLITAN PARK DISTRICT (P. 0. Cleve"
land), Cuyahoga County, Ohio.
-BOND SALE.
-The $700,000 5).4%
coupon park district bonds offered on Dec. 31 (V. 117. p. 2566) have been
awarded to the Tillotson & Wolcott Co. of Cleveland for 3715.043, equal to
102.14, a basis of about 4.98%. Date Dec. 15 1923. Due $50,000 each
six months from April 15 1925 to Oct. 15 1931 incl.
Financial Statement.
Assessed valuation 1923 (officially estimated)
32.350,000,0(g)
Total debt (including this issue)
900,000
Population 1920 (officially estimated), 1,000,000.
COAL GROVE, Lawrence County, Ohio.
-BOND OFFERING.
Sealed bids will be received by R. A. Gregory, Village Clerk, until 12 m.
Jan. 14 for $11.130 6% village's portion street bonds. Denom. $1,000 and
one for $2,130. Interest M. & S. Due yearly on Sept. 1 as follows:
52.130. 1925, and $1,000, 1926 to 1934, inclusive. Certified chock for
$100 required.
COLTON INDEPENDENT SCHOOL DISTRICT (P. 0. Colton),
Minnehaha County, So, Dalt.-BOND SALE.
-Paine, Webber & Co..
of Minneapolis, have purchased $50,000 5 % school bonds.
COLUMBUS, Franklin County, Ohio.
-BOND OFFERING.
-Sealed
proposals will be received by Harry H. Turner, City Clerk, until 12 m.
Jan. 30 for tho purchase at not loss than par and interest of the following
5% bonds:
$285.000 grades crossing elimination bonds No. 3. Date April 1 1923,
Int. J. & D. Due yearly on June 1 as follows: $10,000 1925 to
1947 Incl. and 311,000 1948 to 1952 incl.
100,000 street limit. and intersection No. 78 bonds. Date Dec. 1 1923.
Int. M. & N. Due yearly on May 1 as follows: $11.000 1926 to
1933 incl. and 112.000 1934.
19,000 park and playground No. 4 bonds. Date Jan. 1 1924. Int.
M. & N. Duo yearly on Nov. 1 as follows: $3,000 1925 and
$4,000 1926 to 1929 incl.
Denom. $1.000. Prin. and semi-ann. int, payable at the office of the
agency of the city in N. Y. City. Certified check for 1% of the amount
of bonds bid for, payable to the City Treasurer, required'. All bids must
be made in the form of blanks which will be furnished upon application to
the above Clerk. Transcripts of proceedings will be furnished successful
bidders and sufficient time allowed within ten days from the time of the
award for the examination of such transcript by bidders' attorney, and bids
may be made subject to approval of same. Delivery of bonds at City
Clerk's office.
CONNORS SCHOOL DISTRICT NO.50, McLean County, No. Dais.
-BOND SALE.
-The $16,000 6% funding bonds offered on Dec. 14-V.
117. p. 2675
-were purchased by Drake Jones & Co of Minneapolis at par.
Date Dec. 11923. Due Dec. 11943.
CORDOVA, Walker County, Ala.
-BOND SALE.
-The $30.000 5)4%
school bonds offered on Jan. 1-V. 117, p. 2566
-have been awarded to
J. L. Arlitt of Austin at 93.25, subject to the approval of the attorney.
Date Sept. 1 1923. Due Sept. 1 1953, optional every five years in an
amount equal to the surplus in the sinking fund after interest has been paid,
CRESTLINE, Crawford County, Ohio.
-BOND SALE.
-The following issues of 6% So. Thoman St. Impt bonds offered on Dec. 17-V. 117.
-have been awarded to the Farmers & Citizens State Bank of
p. 2458
Crestline at par and accrued interest.
81,800 property owners' portion. Denom. $400 and one for $200. Due
yearly on Dec. I as follows: $400, 1924 to 1927, inclusive, and
3200. 1928.
107
1,000 village's portion. Denom. $500. Due $500 on Dec. 1 1924 and
1025.
Date Dec. 1 1923.
DARBY RURAL SCHOOL DISTRICT (P. 0. Unionville), Union
County,Ohio.
-BOND SALE.
-Spitzer Rorick & Co.of Toledo. have been
awarded the $80.000 6% coupon school building bonds offered on Dec.28V. 117, v. 2566
-at par and accrued interest plus a premium of $25. equal
to 100.03, a basis of about 5.99%. Date Dec. 11923. Due Sept. 1 1925
to 1934, incl. The purchasers submitted the only unconditional bid.
DEADWOOD INDEPENDENT SCHOOL DISTRICT (P. 0. Deadwood), Lawrence County, So. Dak.-BONDS NOT SOLD.
-The $175.000 5% school building bonds offered on Dec. 14 (V. 117, p. 2348) were
not sold as no satisfactory bids were received.
DE FUNIAK SPRINGS, Walton County, Fla.
-The
-BOND SALE.
$15.000 6% paving bonds offered on Dec. 14-V. 117. p. 2566
-have been
disposed of. Date July 11923.
DELAND,Volusia County, Fla.
-E.R. Conrad.
-BOND OFFERING.
Member of the Board of Bond "rustees, will receive sesled bids until3 p.m
Jan. 28 for $200,000 6% coupon bonds. DEITIOM. $1.000. Date Jan. I
1924. Prin. and semi-ann. int. (J.
-J.) payable at the National Bank of
Commerce, N. Y. City, Volusia County-Bank & Trust Co., of Deland. or
at the First Nat. Bank of Deland, at option of holder. Due 320.000 Yearly
on Jan. 1 from 1925 to 1934,incl. A cert. check for 2% of amount bid for.
payable to the City of Deland. required. The validity of the bonds have
been approved by the Judge of the Seventh Judicial Circuit of Florida and
by John C. Thomson, N.Y. City.
DE RIDDER, Beauregard Parish, La.
-J. L. Arlitt
-BOND SALE.
of Austin has purchased $150,000 excess revenue bonds at a premium of
$16, equal to 100.010.
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Bend),
-NOTE SALE.
Ore.
-The Ralph Schneeloch Co., of Portland, recently
purchased $70,000 6% 1 year school notes.
DIMMIT COUNTY ROAD DISTRICT NO.4(P.O. Carrizo Springs),
-BOND OFFERING.
Texas.
-Bids will be received by Wm. It.
County Judge, until 10 a. m. Jan. 14 for 3217.000 5)6% road bonds.
Denom. $1,000. Date Jan. 1 1924. Prin. and interest payable at the
Chase National Bank, N. Y. City. Due 37.000 for first 16 years, and
18.000 for the remaining 14 years. A cert, or cashier's check for 35.000
payable to A. E. Eardley. County Treasurer. required.
DUBUQUE INDEPENDENT SCHOOL DISTRICT (P.O. Dubuque),
Dubuque County, Iowa.
-BOND SALE.
-The $329.000 school bonds
offered on Jan. 2 (V. 117,p. 2797) were purchased at par as 4"s by the
Geo. M. Bechtel & Co. of Davenport. Bonds were awarded on a deferred
payment plan. Date Jan.2 1924. Due on Jan.2 as follows:$14,000. 1929.
and 335.000, 1930 to 1938. inclusive.
EAST AURORA, Erie County, N. Y.
-D. N.
-BOND OFFERING.
Rumsey, Village Clerk, until 8 p. m. Jan. 14, will receive sealed bids for
19.000 motor truck and pumper ponds not to exceed 5%. Denom. 11.000.
Date Jan. 1 1924. Interest J. & J. Due $1.000 yearly on Jan. 1 from
1925 to 1933, incl. Cert. check for 2% of the par value of the bonds.
required.
EAST NORTHPORT FIRE DISTRICT OF THE TOWN OF HUNT
INGTON, Suffolk County, N. Y.
-BOND SALE.
-On Dec. 29. the
313.400 coupon or registered fire district bonds offered on that date
V. 117, p. 2797
-were awarded to the Northport Trust Co. of East Northport as 5s at par. Date Jan. 2 1924. Due yearly on Jan. 1 as fallows:
$1.000. 1925 and 1926; $1,500, 1927 to 1931, incl.: 12.000, 1932 and
31,900, 1933.
ECKELSON SCHOOL DISTRICT NO.45, Barnes County, No. Dak.
-BOND OFFERING.
-Bids will be received by T. 0. Seiverson, District
Clerk, at the County Auditor's office in Valley City until 2 p. m. Jan. 21
for 35.000 6% bldg. bonds. Date Jan. 1 1924. Prin. and semi-ann.
payable at the First National Bank, Minneapolis. Due Jan. I 1944. All
bids must be accompanied by a cert. check for 5%.
EDMORE SPECIAL SCHOOL DISTRICT NO. 6, Ramsey County,
No. Dak.-BOND OFFERING.
-T. E. Goulding, District Clerk (P. (5.
Edmore),will receive bids until 2 p.m.Jan. 15for $10,0006% funding bonds.
Denom. 11.000. Date Jan. 2 1924. Prin. and semi-ann. in (J.
-J.).
payable at the First National Bank. Minneapolis. Due Jan. 2 1934. A
cert, check for 5% of bid, required. The approving opinion of Ambrose
Tighe. of St. Paul. will be furnished the purchaser without charge.
ELEPHANT BUTTE IRRIGATION DISTRICT (P. 0. Las Cruces),
Dona Ana County, New Mexico.
-BOND ELECTION.
-On Jan. 22 an
election will be held to vote on the question of issuing $940.000 bonds.
ELMWOOD PLACE SCHOOL DISTRICT (P. 0. Elmwood Place),
Hamilton County, Ohio.
-BOND SALE.
-The Provident Savings Bank
& Trust Co.of Cincinnati has been awarded the $6,732 706% coupon funding bonds offered on Nov. 21 (V. 117.
2022) at par, plus a premium of
$120. equal to 101.77. a basis of about 5.50%. Date Nov. 211923. Due
p.
each six months as follows: $432 70 Feb. 1 1924 and $420 Aug. 1 1924 to
Aug. 1 1931 incl.
EMPORIA SCHOOL DISTRICT (P. 0. Emporia), Lyon County,
Kans.-BOND SALE.
-The Branch Middlekauff Co. of Wichita. have
purchased. it is reported, 3150.0005% school bonds.
FAIRVIEW SCHOOL DISTRICT NO. 50, Pembina County, No.
Dak.-BOND SALE.
-The $2,800 6% funding bonds offered on Dec. 19V. 117. p. 2567
-were purchased at par. Date Jan. 1 1924. Due Jan. 1
1934.
FARMINGTON, Saint Francois Count", Mo.-BOND SALE.
-The
Mississippi Valley Trust Co., of St. Louis,in obit account with local banks
recently purchased $85,000 sewer system an $15,000 water works bonds.
FLOYDADA, Floyd County, Texas.
-An elec-BOND ELECTION.
tion will be held on Jan. 22 to vote on the question of issuing sewer bonds
amounting to $60,000.
FULTON COUNTY (P. 0. Fulton), Ky.-BOND ELECTION.
-A
proposition to issue $450,000 road bonds will be submitted to a vote of the
people at an election to be held on Feb. 5.
GARDNER, Worcester County, Mass.
-A
-TEMPORARY LOAN.
temporary loan of $50,000 maturing in two months has been awarded to
the First National Bank.of Boston,on a 4.24% discount basis.
GARVIN COUNTY (P. 0. Paula Valley), Okla.
-BOND SALE.
The Taylor-White Co. of Oklahoma City has purchased $250.000 bonds.
GERING, Scotts Bluff County, Nebr.-BOND ELECTION.
-An
election will be held on Jan. 15 to vote on the question of issuing $25.000
funding bonds. Guy Brown, City Clerk.
GIBSLAND, Bienville Parish, La.
-Sealed bids
-BOND OFFERING.
will be received by C. A. Berry, Mayor, until 12 m. Feb. 5 for $50,000 6%
water works coupon or registered bonds. Denom. SLOW. Date Jan. 1
1924. Prin. and.semi-ann. int. (J.
-J.) payable in Gibsland or at the Chase
National Bank, N. Y. City. Due Jan. 1 1925 to 1954. Legality approved
by John C. Thomson, N. Y. City. A cert, check for 11.000. required.
GREENBURGH (Town of), Westchester County, N. Y.
-BOND
OFFERINO.-Norman C. Templeton, Town Clerk, will receive sealed bids
at Tarrytown until 2 p. m. Jan. 14 for $15,000 coupon or registered refunding bonds not to exceed 5%. Denom. $1,000. Date Dec. 11923. Principal and semi-annual interest payable at the Tarrytown National Bank in
gold. Due $1,000 yearly on Dec. 1 from 19'48 to 1942, inclusive. LegahtY
approved by Read. Dougherty & Hoyt, of New York. Cert,fied check for
2% of the amount of bonds bid for, required.
GREENFIELD, Dade County, Mo.-BOND SALE.
-The $43.000
sewer construction and $17.000 water plant extension bonds recently voted
-V. 117. p. 1579
-have been purchased by the Guaranty Trust Co.,
of Kansas City, at par.
HALL COUNTY ROAD DISTRICT NO.3(P.O. Memphis),TexasBONDS VOTED.
-It is reported that $200,000 road bonds were voted at a
recent election. Apparently these are the bonds mentioned in our issue
of Sept. 29. page 1480.
HARRIS COUNTY DRAINAGE DISTRICT, Texas.
-BOND SALE.
The Union National Bank and the Second National Bank, both of Hou.ston.
have jointly purchased, it is reported, $147,000 drainage bonds at par.
108
THE CHRONICLE
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Dauphin
-BOND SALE.
-The $130,000
% coupon school bonds
'County, Pa.
-have been awarded to Harris Forbes
'offered on Dec. 28-V. 117, p. 2798
& Co., of New York, at 102.56, a basis of about 4.50%. Date Nov. 1
1923. Due yearly on Nov. 1 as follows: $20,000, 1928; $4,000, 1929 to
1943, incl., and $5,000. 1944 to 1953, incl.
-The
-BOND SALE.
HENDRICKS COUNTY (P. 0. Danville), Ind.
%
$3.000 4( William A. Opple et al road bonds offered on Dec. 28(V. 117,
-equal to
p. 2798) have been awarded to Thompson & Vennice for $3,025
100.83-a basis of about 4.56%. Date Nov. 15 1923. Due $150 each six
months from May 15 1924 to Nov. 15 1933, inclusive.
HIGHLAND PARK INDEPENDENT SCHOOL DISTRICT (P. 0.
-BONDS VOTED.
-It is
Highland Park), Dallas County, Texas.
reported that at a recent election the voters sanctioned the issuance of
$100,000 school bonds.
HOPKINS COUNTY (P.O. Sulphur Springs), Texas.
-BOND SALE.
-J. T. Bowman & Co. of Austin, recently purchased $160,000 53.5%
road bonds.
HUNTINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Wellington, R. D. No. 5), Lorain County, Ohio.
-BOND OFFERING.Until 2 p. m. to-day (Jan. 5) the Clerk Board of Education, will receive
sealed bids for $8,919 02 6% deficiency bonds. Denom. $500, one for
$419 02. Date Aug. 1 1923. Prin. and semi-ann. hit. (F & A.) payable
at the Lorain County Sayings & Trust Co., Elyria. Due from Feb. 1 1924
to Aug. 1 1931. Inc! Cert. check for 5% of the amount bid for, payable
to the above official, required.
HUTCHINSON SCHOOL DISTRICT NO. 1 (P. 0. Hutchinson),
-The Brown-Crummer Co., of
Reno County, Kans.-BOND SALE.
Wichita, has purchased $225,000 school bonds at 100.74.
INDIANAPOLIS PARK DISTRICT, Ind.
-BOND SALE.
-The
$20,000 coupon "Park District Bonds of 1923, Issue No.7" offered on Dec.
-have been awarded to the Fletcher Savings Bank &
24-V. 117, p. 2676
Trust Co. of Indianapolis, a.t par and accrued interest plus a premium of
-$578 88 equal to 102.89. Date Dec. 24 1923. Due $1,000 yearly on Jan. 1
from 1926 to 1945, incl.
INDIANFIELDS TOWNSHIP SCHOOL DISTRICT NO. 3 (P. 0.
-BOND OFFERING.
Caro), Tiscola County, Mich.
-Bids will be
received until 2 p. m.(Eastern standard time) Dec. 10 by Edith L. Quinn.
Secretary Board of Education, at 422 Pearl St., Caro, for $200,000 school
bonds. Bids are to be for 43is and 5s. Except for ten bonds of the
denom. of $500, the bonds will be issued in denom. of $1,000 and retired
serially in 30 years from March 15 1925 to March 15 1954, and with an
rg Z1.7 etren
.d e
enwithor
15 92ripliig 1; prior payment.ta te lt
to 1
eyTl eti
oximate the
5 0 oi averageIssue
0
March 15 1924. Int, payable semi-ann. (M. & S. 15) prin. and hit.
payable at a bank or trust company agreeable to the purchaser. Assessed
valuation 1923. $2,509,350. Population, approximately 3.500. Total
bonded indebtedness, district, $2,500. Certified check for $4,000, payable
to the District Treasurer, required.
ag
INGLEWOOD SCHOOL DISTRICT, Los Angeles County, Calif.
-The $100,000 5% school bonds offered on Dec. 24-V. 117,
BOND SALE.
-were purchased by the William R. Staats Co., of Los Angeles,
p.2676
at 100.005, a basis of about 4.99%. Date Dec. 1 1923. Due on Dec. 1,
as follows: $2.000. 1924 to 1928, incl.; $3,000. 1929 to 1933, incl.; $4.000.
1934 to 1938, incl.; 55.000, 1939 to 1943, incl.; and $6,000, 1944 to 1948,
incl.
JACKSON, Hinds County, Miss.
-BOND SALE -Sidney Spitzer &
'Co. of Toledo have purchased $66,000 53j% street improvement bonds.
Denom. $1,000. Date Dec. 1 1923. Prin. and semi-ann. int. (J. &
payable at the National Park Bank, N. Y. City. Due Dec. 1 1933.
JACKSON, Jackson County, Ohio.
-BOND OFFERING.
-Until
12 m. Jan. 18. W. P. Turner, City Auditor, will receive sealed bids for
$15,000 5 % light plant machinery bonds. Denom. $500. Date Dec. 1
4923. Interest A. & 0. Due yearly on Oct. 1, as follows: 51.000, 1925
to 1930. incl.: $1,500, 1931; 51.000. 1932 to 1937, incl. and $1,500, 1938.
Cert. check for 5% of the amount of bonds bid for, payable to the City
Treasurer. required.
JACKSON CIVIL TOWNSHIP, Fayette County, Ind.
-BOND
-Irwin L. Beckett, Township Trustee, will receive bids until
•OFFERING.
1 p. m. Jan. 8 for $6.600 5% coupon "refunding indebtedness" bonds.
Denom. $440. Date Dec. 15 1923. Prin. and semi-ann. Int. (J. & D. 15)
payable at the Central State Bank of Connersville. Due $440 yearly on
June 15 from 1924 to 1938 inclusive.
JUANA DIAZ (Municipality of), Porto Rico.
-BOND OFFERING.
Sealed proposals will be received by Felix Luis Padilla, Commissioner of
Public Service, Police & Prisons, until 10 a. m. Jan. 10 for $50,000 coupon
public inapt, bonds bearing interest at a rate not to exceed 6%. Denom.
51.000. Date Dec. 1 1923. Prin. and semi-ann. int, payable in gold
In Washington, D. C., or Porto Rico. at option of 'purchaser. Due on
July 1 as follows: 52,000. 1925 to 1940, incl., and $3,000, 1941 to 1946,
incl. A cert, check or bank draft for 2% of issue, payable to the Commissioner of Finance, required.
KANSAS CITY, Wyandotte County, Kans.-BOND SALE.
-Ames.
Emerich & Co., have purchased $200,000
% water bonds at par plus a
premium of 51,410 equal to 100.705.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
County, Mo.-BOND OFFERING.
-Sealed bids will be received by the
Secretary Board of Education until 11 a. m. Jan. 14 for $1,000,000 school
bonds. A cert. check for 525,000, required. Legality approved by John
C. Thomson, N. Y. City. Bids will be received for 4;4% bonds maturing
in 1943 and 5% bonds maturing in 1941.
KEANSBURG, Monmouth County, N. J.
-BOND OFFERING.
Harold E. Cowley, Borough Clerk, will receive sealed bids until 8 P. m•
Jan. 15 for an issue of 5% coupon or registered water bonds, not to exceed
4150,000, no more to be awarded than will produce a premium of $1,000
.over $150,000. Denom. $1.000. Date Feb. 1 1924. Prin. and semiann. int. (F. & A.) payable at the Keansburg Nat'l Bank. Keansburg.
Due yearly as follows: 53,000, 1926 to 1931,incl., and $4,000, 1932 to 1964,
iinel. Cert. check on an incorporated bank or trust company for 2% of the
bonds bid for required. Delivery of bonds and payment of money will
be made at the Borough Hall on Feb. 1 between the hours of 1 o'clock and
:3 o'clock in the afternoon or delivery of bonds and payment of money will
be made in New York on that date.
KEARNEY Buffalo County, Nebr.-BONDS PURCHASED SUB-Bosworth, Chanute & Co., of Denver, have
•JECT TO BEING VOTED.
purchased $125.000
% water bonds, subject to being voted at an election to be held on Feb. 5.
KERRVILLE, Kerr County, Texas.
-BONDS VOTED.
-The vot-rs,
-authorized the issuance
.at the election held on Dec. 18-V. 117, p. 2459
'of $78,000 6% sewer bonds. E. H. Turner, City Secretary.
KINDRED SCHOOL DISTRICT NO. 2, Cass County, No. Dak.-John Otis, District Clerk (P. 0. Kindred),
'CERTIFICATE OFFERING.
will receive bids until 2 p. m.Jan. 12 for $3.500 7% certificates of indebtedmess. Date Jan. 12 1924. Due Mar. 12 1924. A cert. check for 5%,
required.
,
KINSTON GRADED SCHOOL DISTRICT (P. 0. Kinston), Lenoir
-CORRECTION.
-In our issue of Dec. 15, page 2677,
'County, No. Caro.
we gave a list of the bids received for an issue of $100,000 coupon, registerable as to prin. and int, school bonds offered by this district on Dec. 5,
In which list the bid of the Mercantile Trust Co. of St. Louis appeared.
'The bid, as reported by us, was 101.030 for 53(% bonds, not including
accrued interest. We are now informed by the said company that its
bid did include accrued interest from date of bonds to date of delivery.
LAKE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0., R. D. 2,
-BOND SALE.
Lakeville), Ashland County, Ohio.
-'The otate Industrial Commission of Ohio on Dec. 31, was awarded the $3,109.16 6%
-V.117. p. 2460
-at par.
coupon school funding bonds offered on that date
Date Dec. 11923. Due each six months as follows: $200, Feb. 1 1924 to
Feb. 11931. incl., and 5109 16 Aug. 11931.
-BOND SALE.
LANCASTER, Fairfield County, Ohio.
-The $40,000
5 % general street-improvement bonds offered•on Dec. 24 (V. 117, p.
2799) have been awarded to Breed, Elliott & Harrison of Chacinnati at
101,47-a basis of about 5.19%. Date Nov. 1 1923. Due $4,000 yearly
on Nov. 1 from 1924 to 1933, inclusive.
[Vol.. 118.
LAKEWOOD, Cuyahoga County, Ohio.
-BIDS REJECTED.
-The
$50,000 5% coupon garbage disposal bonds offered on Dec. 24-V. 117, p.
2460
-were not sold. The following bids were rejected'
NamePremium. NamePremium.
Stevenson, Perry, Stacy & Co.,
Seasongood & Mayer. Cinc
$55
Chicago
$385 Breed, Elliott & Harrison, Cinc- 46
Guardian Say. & Tr. Co., Clev_ 170 Detroit Trust Co.. Detroit
37
The Herrick Co., Cleveland____ 66 Sidney, Spitzer & Co., Toledo- 25
C. W.McNear & Co.,Chicago__ 61
LEBANON,Smith County, Kan.
-F. W.Brady,
-BOND OFFERING.
City Clerk, will receive sealed bids until 3 p. m. Jan. 18 for $25,000 5%
citr
. elrale hotid
F s
D eml. llr Date Feb. 1
een
e i it t ,r
aog
e
.191
semi-ann.
Feb. 1 as follows: $2,00(1 r925 to 1929,
)
.
1930 to 1934.
Incl. A certified check for 2% required.
"
LEWISTON,Androscoggin County, Me.
-The $100.-BOND SALE.
000 4 % coupon school bonds offered on Dec. 28-V. 117. p. 2799
-have
been awarded to E. H. Rollins & Sons of Boston at 100.297-a basis of
about 4.44%. Date Jan. 11924. Due yearly on Jan. 1 as follows: $5,000,
1925; $10,000, 1926 to 1934, incl., and 55.000, 1935.
LOS ANGELES CITY HIGH SCHOOL DISTRICT, Los Angeles
County, Calif.
-BOND SALE.
-The $840.000 43i% school bonds offered
on Dec. 10-V. 117, p. 2461-were purchased by the Bank of Italy of Los
Angeles at par. Date Sept. 1 1922. Due on Sept. 1 as follows: $24,000.
1928 to 1942, inclusive.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
-Until
10 a. m. (eastern standard time) Jan. 10. Adelaide E. Schmidt, Clerk
Board of County. Commissioners, will receive sealed bids at the County
Auditor's office for 572.664 20 53.,% ditch inapt. No. 561 bonds.
Denom. $1,000 and one for 8664 20. Date Jan. 15 1924. Prin. and semiann. interest payable at the County Treasurer's office. Due yearly on
Sept. 15,as follows: 517,664 20,1925; $18,000, 1926 and 1927, and $19,000,
1928. Cert.check for $500 on some bank of Toledo,required. Conditional
bids will not be considered.
McFARLAND UNION GRAMMAR SCHOOL DISTRICT, Kern
County, Calif.
-BOND OFFERING.
-F. E. Smith. Clerk Board of
County Supervisors, will receive sealed bids at his office in Bakersfield
until 10 a. m. Jan. 14 for the purchase of $50,000 6% school bonds. Denom. $2,500. Prin, and semi-ann. int. (J.
-D.) payable at the County
Treasurer's office. Due $2,500 yearly on Dec. 17 from 1924 to 1943. incl.
A cert. check for 10% of amount of bid, payable to the Chairman Board
of Supervisors, required.
MADISON COUNTY ROAD DISTRICT NO.21(P.O. Madisonville),
Tex.
-BOND SALE.
-It is reported that the $300.000 road bonds voted
on Oct. 27-V. 117, p. 2135
-have been disposed of.
MAMARONECK SEWER DISTRICT NO. 1 (P. 0. Mamaroneck),
Westchester County, N. Y.
-Sealed proposals will
-BOND OFFERING.
be received by Frederick M.Sherman, Town Clerk, until 8.30 p. m. Jan. 8
at No. 8 Elm Street for the purchase of the following issues of coupon
(with privilege of registration as to both prin. and int.) sewer bonds:
$50,000Denom. $1,000. Date July 1 1923. Due $5,000 yearly
on July 1 from 1968 to 1977, incl.
9,000 5%. Denom. $500. Date July 1 1922. Due $500 yearly on
July 1 from 1924 to 1941. incl.
Prin, and semi-ann. interest (J.
-J.) payable in lawful money of the
United States of America at the office of the United States Mortgage &
Trust Co., of New York. All bidders are required to deposit a certified
check payable to the order of the Town of Mamaroneck, for 2% of the
amount of bonds bid for, drawn upon an incorporated bank or trust company. Trie bonds will be prepared under the supervision of the United
States Mortgage & Trust Co., which will certify as to the genuineness of the
signatures of the officials and the seal impressed thereon.
Bids are desired on forms which will be furnished by said Trust Company
or by the Town Clerk. The successful bidder will be furnished with the
opinion of Hawkins, Delafield and Longfellow, of New York City, that the
bonds are binding and legal obligations of the town, payable in the first
instance from assessments and not from a general town tax, which, it is
stated, may be levied if tnere is a shortage in the primary fund.
IL? ai7itsuke
,go°
MANLIUS TOWNSHIP SCHOOL DISTRICT (P. 0. Fennville),
-The price paid by Bumpus, Hull &
-PRICE.
Allegan County, Mich.
Co. of Detroit on Oct. 31 for the $50,000 5)i% school bonds awarded to
-was 552,455, equal to 104.91, a basis
them on that date
-V. 117. p. 2135
of about 5.00%. Date March 1 1923. Due yearly on March 1 as fellows:
$8,000, 1928, and 52,000, 1929 to 1949 inclusive.
MARION CITY SCHOOL DISTRICT (P. 0. Marion), Marion
-The 575.778 02 6% coupon school bonds
-BOND SALE.
County, Ohio.
-have been awarded to W. L. Slayton
offered on Nov. 7-V. 117, p. 1913
& Co.of Toledo at par plus a premium of$2,210 46,equal to 102.91, a basis
of about 4.27%. -Date Sept. 1 1923. Due each six months as follows:
53.778 02,Feb.1 1924;54,000, Aug.1 1924 to Aug. 1 1925 incl., and 55,000,
Feb. 1 1926 to Aug. 1 1931 incl.
-BOND SALE.
-The 5105.000
MARION COUNTY(P.O.Salem),Ore.
-were purchased
554% road bonds offered on Dec. 29-V. 117, p. 2568
by E. H. Rollins and Pierce. Fair & Co., both of Portland, at 104.082-a
basis of about 4.94%. Date July 15 1920. Due 520,000 July 15 1932
and $85,000 July 15 1933.
The following is a list of the bids received:
104.082
Pierce, Fair & Co
E. H. Rollins & Sons
Lumbermens Trust Co
104.037
Freeman, Smith & Camp
Robertson & Ewing
105.915
Baillargeon, Winslow & Co
Kauffman, Smith & Emert & Co.,Inc
103.670
103.666
Ralph Sclmeeloch & Co
Security Savings& Trust Co
Ladd & Tilton Bank
103.466
Western Bond & Mtg Co
Clark, Kendall & Co
105.270
Blyth, Witter & Co
103.480
20,000 1932
101.930
Ladd & Bush Bank 130,000 1933
100.000
55,000 1933
Ames, Emerich & Co.(Through U.S. Nat'l Bank,Salem)
102.830
101.400
G.E.Miller & Co
101.060
Paine, Webber & Co (for
% bonds)
William Roth (for $1,000 par value)
1CIE 0_
EL00
6 0
Robertson & Ewing (for 5% bonds)
MAVERICK COUNTY (P. 0. Eagle Pass), Texas.-BOND
si
1005
4 ie
TION-At an 'election to be held to-day (Jan. 5) a proposition to1S l
-year road bonds will be submitted to a vote of the
5150,000 5)4% 30
people.
MEMPHIS, Shelby County, Tenn.
-NOTE SALE.
-The 5750,000
-were pur6% coupon revenue notes offered on Jan. 2-V. 117, p. 2799
chased by F. S. Moseley & Co. of Boston on a 4.70% basis, plus a premium
of $5. Date Jan. 11924. Due Sept. 11924.
MEMPHIS CITY SCHOOLS (P. 0. Memphis), Shelby County, .
-BOND AND NOTE OFFERING.
Tenn.
-0, W. Garner, Secretary of
Board of Education, will receive sealed bids until 2:30 p. m. Jan. 10 for the
following:
5600,000 6% revenue notes. Denom. $10,000. Due Oct. 1 1924. Int.
A. & O.
500.000 coupon or registered bonds bearing interest at a rate not to exceed
5%. Denom. $1,000. Due on Jan. 1 as follows: 510,000, 1930
to 1949; 520.000, 1950 to 1961. and 830,000, 1962 and 1965.
Int. J. & J.
Date Jan. 1 1924. Prin. and semi-ann. int. payable at the Union &
Planters Bank & Trust Co., Memphis, or at the Chemical National Bank,
N. Y. City. Legality approved by John C. Thomson, N. Y. City. The
bonds and notes will be certified as to genuineness by the Union & Planters
National Bank & Trust Co. of Memphis. A certified check for $5.000
(for each issue), payable to the Board of Education, required.
-An issue of 51,000,000 6%
-BOND SALE.
.
MICHIGAN (State of).
(registerable as to principal only) gold State Fair bonds has been awarded
to Keane. Higble & Co. of Detroit. Date Nov. 1 1923. Prin. and semiann. interest (M. & N.) payable in gold at the State Treasurer's office in
Lansing. Due yearly on May 1 as follows: $10.000. 1935 to 1942, hid.,
0,000, 1943. Bonds may be called upon any interest date at 110
and 502
JAN.5 1924.1
THE CHRONICLE
It is stated that these bonds, issued by the Board of Managers
of
Micbip.an State Fair and approved by the State Administration Board the
on
Sept. 19-V. 117, p. 1372
-constitute instrumentalities of the State,
sp.cifically secured by a closed first mortgage upon property of
,
the State
located in Detroit and devoted to State Fair purposes.
BOND OFFERING.
-Frank F. Rogers, State Highway Commissioner,
will receive sealed bids at his office in Lansing until 1:30
standard time) Jan. 8 for the purchase of the following p. m. (Central
issues of road
assessment bonds:
$29,000 (approximately) Macomb County District No. 1014.
.
11,000 1approximately) Ottawa County District No. 1040.
36,000 approximately) Kalamazoo County District No. 1092.
12,000 approximately) Santlac County District No. 1087.
12,000 approximately) Saginaw County District No. 1060.
Interest M. & N. 15. Due serially on May 1 1925
and 1926. Bidder
to name rate of interest, not to exceed 6%. Certified check for
2% of
amount of bonds bid for, payable to the State Highway Commissionethe
rs.
required.
MINERVA, Stark County, Ohio.
-BOND OFFERING -Until 12 tn.
Jan. 14. Harvey Glass, Village Clerk, will receive
sealed bids for $6.000
514% coupon water works improvement bonds. Date
Oct. 1 1923. Int.
A. & 0. Due one bond each six months from Oct.
Incl. Certified check for 10% of the amount of 1 1925 to April 1 1933.
bonds bid for, payable
to the Village Treasurer required.
MISHAWAKA SCHOOL CITY (P. 0. Mishawaka)
, St. Joseph
County,Ind.
-BOND SALE.-Tne $193.000
coupon school building
bonds offered on Dec. 28-V. 117. p. 2678 41
-have been awarded to the
Harris Trust Co. of Indianapolis at par and accrued interest,
plus a premium
of $1,068, equal to 100.55, a basis of about
4.68%. Date Jan. 15 1924.
Due yearly on Jan. 1.5 as follows: $10,000
1926 to 1930. incl., $12.000 1931
to 1941, incl., and $11,000 1942.
MITCHELL COUNTY (P. 0. Colorado), Tex.
-Tho proposition to issue $650,000 road bonds,-BONDS DEFEATED.
submitted to a vote of
the people at the election held on Dec. 18(V.
117, is. 2460) failed to carry.
MONROE, Monroe County, Mich.
-BOND SALE.
-The Detroit
Trust Co. of Detroit, it is stated, has been awarded
an Issue of $59,500
534% paving bonds, due in 1 to 4
,
years•
MONTANA (State of).
-BOND OFFERING.
-Sealed
be received by A. E. McFatridge, Clerk of the State Board proposals will
at his office in the Capitol Bldg.in Helena, until 2 p. m.Jan. of Examiners,
10 for $550,000
coupon, registerable as to principal, series "F" State educational
bonds.
bearing interest at a rate not to exceed 514%. Denom.
$1,000. Date
Jan. 1 1924. Prin. and semi-ann. int. payable (J.
-J.) in gold
State Treasurer's office or at option of holder, at the Bank coin at the
of America.
N. Y. City. Duo Jan. 1 1944, redeemable at option of
Examiners on Jan. 1 1934, or on any interest paying date State Board of
thereafter upon
giving 30 days' notice of such intention to make redemption.
check for 2 ' of the amount bid for, payable to the order A certified
0
of the State
Treasurer, required. Delivery of and payment for said
bonds may be
made at the State Treasurer's office or at any financial centre at
purchaser's
option and expense. The approving opinion of a reliable
bond attorney
as to the legality of these bonds will be furnished
without charge. Series
"D" and "E" of these bonds were recently sold,
the sales of which were
reported in V. 117, p. 2460.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFERING.
-F. A. Kilmer. Clerk Board of County
a. m. Jan. 10 will receive sealed bids for $40,000 Commissioners, until 10
bonds. Denom. $1.000. Date Dec. 1 1923. 5)4% water supply system
Prin. and semi-ann. int.
(J. & D.) Payable at the County Treasurer's office.
Due $2,000 yearly on
June 1 1925 to 1944 incl. Cert. check for $5,000
required. The approving opinion of D. W.& A. S. Iddings of Dayton and
Peck, Shaffer & 'Williams will be furnished the purchaser.
BOND OFFERING.
-F.A. Kilmer, Clerk Board of County Commissioners, will receive sealed bids until 10 a. m.Jan.
10 for the purchase of $36.000
514% Ayr-Mount sanitary sewer district bonds. Denom. $1,000.
Date
Dec. 1 1923. Prin. and semdann. int. (J. & D.) payable
Treasurer's office. Due on Dec. 1 as follows: 52.000 in all at the County
of the odd years
and $3,000 in all of the even years from 1925
to 1939, incl.,
1932 when $2,000 becomes due. Cert. check for $5,000 except the year
payable to the
County Treasurer,required. Legality approved by D.
W.& A. F.Iddings
of Dayton and Shafer & Williams of Cincinnati.
NAMPA AND MERIDIAN IRRIGATION DISTRICT,
Idaho.
BOND SALE.
-The $43,450 6% refunding bonds offered on Dec. 18V. 117. p. 2461-were purchased by the Idaho State
Life Insurance Co.
of Boise. Date Jan. 11917, Due Jan. 11927.
NEWBURYPORT, Essex County, Mass.
-BOND SALE.
-On Dec. 27
the Commonwealth-Atlantic National Bank of
Boston was awarded an
Issue of 550.000 44% highway bonds at
101.77, a basis of about 4.13%.
Denom. $1,000. Date Dec. 11923. Interest
J. & D. Due $5,000 1924
o 1933, inclusive.
4%
109
NEW SALEM SCHOOL DISTRICT NO. 7, Morton County, No.
Dak.-CERTIFICATE OFFERING.
-Bids will be received by F. G.
Heinrich, District Clerk, at the County Auditor's office in Mandan until
10 a. m. Jan. 11 for 56.000 7% 4
-months' certificates of indebtedness.
A certified check for 5% of bid required.
NEW YORK CITY.
-TEMPORARY LOANS.
-During the month of
December this city Issued short-term securities aggregating
576,482.000.
and consisting of revenue bills and bonds, tax
notes, corporate stock notes
and assessment bonds, as follows:
Revenue Bills of 1923.
Int.
Date
Int,
Dale
Amount.
Amount. Rate. When Due. Issued. $1,250,000 Rate. When Due, Issued.
Dee.
$2,000,000 44% Feb. 1 1924 Dec. 10 1,700,000 44%*Dec. 28 1924 Dee. 23
1924
31
2,000.000 44% Mar. 3 1924 Dec. 10 2,000,000 44% May 15
44% April 1 1924 Dec. 31
2,000,000 44% Mar. 17 1924 Dec. 10
For Water Supply.
2,000,000 44% April 1 1924 Dec. 10 $750,000
44% May 8 1924 Dec. 5
3,000,000 44% Mar. 3 1924 Dec. 13
125,000 44% Mar. 14 1924 Dec. 14
3,000,000 44% Feb. 15 1924 Dec. 13
500,000 44% May 15 1924 Dec. 14
3,000,000 44% April 15 1924 Dec. 13
150,000
Dec.
3,000,000 44% Mar. 17 1924 Dec. 13 4,500,000 44% April 15 1924 Dec. 19
44% Mar.20 1924
27
1,000,000 44% May 20 1924 Dec. 31
275,000 44%•Dee. 28 1924 Deo. 28
4,000,000 434% ...June 1 1924 Dec. 31
800,000 44.Y May 15 1924 Dec. 31
Special Revenue Bonds of 1923.
500,000 444, May 1 1924 Dec. 31
$500,000 44% April 15 1924 Dec. 20
For Rapid Transit.
693,000 44% May 15 1924 Dec. 20
$50,000 434% May 8 1924 Dec. 5
600,000 413 %*Dre. 31 1924 Dec. 28
300,000 44% May 1 1924 Dec. 10
Corporate Stock Notes.
75,000 44% Mar. 14 1924 Dec. 14
For Various Municipal Purposes.
750,000 44% Mar. 14 1924 Dec. 14
51,000,000 44% May 8 1924 Dec. 5
575,000 44% May 15 1924 Dec. 14
1,150,000 44% May 8 1924 Dec. 5
350,000 44% May 15 1924 Dec. 14
500,000 44% May 1 1924 Dec. 10
200,000 44% May 15 1924 Dec. 17
809,000 44%*Dec. 12 1924 Dec. 12
250,000 44% Apri115 1924 Dec. 19
16,000 44%*Dec. 12 1924 Dec. 12
100,000 44% April 15 1924 Dec. 19
2,000,000 44% May 15 1924 Dec. 14
9,000 444 %ape°. 22 1924 Dec. 22
1,300,000 44% Mar. 14 1924 Dee. 14
10,000 441 Mar.20 1924 Dec. 27
7
250,000 44% Mar. 14 1924 Dec. 14
650,000 444 Mar.20 1924 Dec. 27
2,000.000 44% May 19 1924 Dec. 14
890,000 44% Mar.20 1924 Dec. 27
8,000,000 44% May 19 1924 Dec. 14
For Docks.
250,000 44% May 15 1924 Dec. 14
550,000 444% May 8 1924 Dec. 81,325.000 44% MAY 15 1924 Dec. 14
200,000 44% May 1 1924 Dec. 10
1,000,000 44% April 15 1924 Dec. 14
650,000 434% Mar.20 1924 Dec. 27
1,000,000 44% May 19 1924 Dec. 14
Tax Notes.
100,000 44% May 22 1924 Dec. 14
5180,000 44% May 8 1924 Dec. 8500,000 44% April 15 1924 Dec. 19
Assessment Bonds.
600,000 44% April 15 1924 Dec. 19
$250,000 4%
5,000,000 14% April 1 1924 Dec. 27 1,000,000 4% aJan. 2 1924 Dec. 12
800,000 44%*Dec. 28 1924 Dec. 28 3,000,000 4% aJan. 2 1924 Dec. 20'
aJan. 2 1924 Dec. 28
* Due on or before said date. a Due on or
after said date.
GENERAL FUND BONDS.
-During the month of December this city
also issued $4.250.000 3% general fund bonds. $1,350,000
on Dec. 6. $2.000,000 on Dec. 17 and $900.000 on Dec. 28. All bonds
become due Nov. 1
1930.
NILES CITY SCHOOL DISTRICT (P. 0. Niles), Trumbull County,
Ohio.
-BOND OFFERING.
-Sealed bids will be received by H.T. Calvin.
Clerk of the McKinley High School Bldg.. until 1 p.
m. Jan. 19 for 5368.375
5)4% serial school bonds. Denom. $500 and one for $375. Date
1924. Interest semi-ann. Due each six months as follows: $375, Feb. 1
Aug. 1
1925 and $8,000 Feb. 1 1926 to Aug. 1 1948, incl. Cert.
of the amount bid for on some solvent bank payable to the check for 2%
Board of Education. required.
NOLAN COUNTY ROAD DISTRICT NO. 1 (P.
0. Sweetwater),
Texas.
-CORRECTION.
-The amount of bonds purchased
the Kauffman-Smith-Emert Co.. Inc., of St. Louis. on Dec. 20 was by
$600,000, not
$300,000, as incorrectly reported in last week's issue.
NORTHFIELD SCHOOL DISTRICT NO. 31, Ramsey
CountY,
No. Dak.-CERTIFICATE OFFERING.
-Y. A. Nelson. District Clerk.
will receive bids until 2 p. m. Jan. 5 at the County Auditor's
office in
Devil's Lake for 54.000 certificates of indebtedness. Date Jan.
Int. rate not to exceed 7%. Due Jan. 6 1925. A certified check6 1924.
for 5%
of bid required.
NORTH FORK DRAINAGE DISTRICT NO. 2, Weakly and Obion
Counties, Tenn.
-BOND SALE.
-Caldwell & Co. of Nashville have
purchased $139.000 6% drainage bonds. Denom. $1,000. Date July
1
1923. Prin. and semi-ann, int. payable at the Chemical National Bank.
N. Y. City. Due on July 1 as follows: 57.000. 1929: $6.000, 1930 and
1931: 57,000. 1932: $9,000, 1933 and 1934: $S.000. 1935: $9,000. 1936 and
1937:510.000. 1938 and 1939:512.000, 1940 to 1942 incl., and $13.000. 1943.
NORTH TONAWANDA, Niagara County, N. Y.
-BOND SALE.
The Fidelity Trust Co., of Buffalo. has purchased the following two issues
of bonds
-offered on Dec. 17-V. 117, p. 2679
-at 100.01, a basis of about
NEWCOMERSTOWN SCHOOL DISTRICT
(P.O. Newcomerstown), 550,000 414% sewer coupon
Tuscarawas and Coshocton Counties, Ohio.
bonds. Due $10,000 yearly on July 1 from
-BOND OFFERING.
Until 12 m. (central standard time) Jan. 10
1932 to 1936,incl. Certified check for $5,000, payable to.
Treasurer, will receive sealed bids for 537.000 Benjamin Murphy. Clerkthe City Treasurer, required.
5% coupoa school building
bonds. Denom. $500. Date Jan. 1 1924.
8,500 414% water works improvement bonds. Due yearly on Jan. 1
Prin,
(A.& 0.) payable at the office of the Clerk-Treasurer. and semi-ann. int.
as follows: $2,500, 1926 and 52.000, 1927 to 1929. Ind.
as follows: $1,000 1925 and $1.500 1926 to 1949 inct. Due yearly on Oct. 1
Certified check for $500, required.
Certified check for Date Jan. 11924.
5% of the amount of bonds bid for, payable to
the above official, required.
Purchaser to take up and pay for bonds within
10 days from time of award.
OKLAHOMA COUNTY (P. 0. Oklahoma City), Okla.
-BOND
NEWINGTON CENTER FIRE DISTRICT (P. 0.
SALE.
-A. C. Allyn & Co. of Chicago and GOO. 1. Gilbert & Co. of Okla,
Newington),
Hartford County, Conn.
-BOND SALE.
-R. M. Grant & Co. of New home City have jointly purchased $500,000 kV° bridge bonds at 100.25,
York have purchased the $120,000 4)4% coupon
or registered water works a basis of about 4.98%. Denom. $1,000. Date Dec. 15 1923. Prin,
system bonds offered on Dec. 27-V.
and semi-ann. int. (S.
-D.-15), payable at the Oklahoma State fiscal agency'
117, p. 2678
of about 4.28 °. Date Jan. 1 1924. Due $3,000 -at 103.335-a basis in New York City.
Due $25,000 yearly on Dec. 15from 1929 to 1948,incl.
yearly on Jan. 1 from
1929 to 1968. Inclusive.
OCEOLA SCHOOL DISTRICT (P: 0. Oceola), Crawford County,
NEW JERSEY (State of).
-BONDS SOLD
-Until 12 m. Jan. 15 sealed bids will be re- °Mo.-BOND OFFERING.
The above State during last month sold issues DURING DECEMBER.
road bonds in the aggregate of $8,000,000 and of highway extension anti ceived by C. B. Shroll, Clerk Board of Education, for 53.033.41 6% school
bearing 4;4% interest as bonds. Denom. $158.58 and one for $189.71. Date
follows:
Dec. 1 1923. Prin.
and semi-ann. interest (F. & A.) payable at the Farmers & Citizens Bank
$5,000,000 highway extension Series "D" bonds
awarded to various banks & Savings Co. of Bucyrus. Due each six months as
in the State as follows: $4,655,000 at
follows: $189.71 and
prices ranging from $158.58 Aug. 1 1924 and $158.58 Feb. 1 1925 to Aug.
11931, incl. Cert.
100.002 to 100.88, and $345,000 to those who
par bidder being allotted 1215% of the amount bid par, each check for $100. required.
bid for. The
average rate bid for all the bonds was 100.25.
OTTAWA (P. 0. Dayton), Montgomery County, Ohio.
-BOND'
4.23% to optional date and a basis of about a basis of about SALE.
-Spitzer, Rorick & Co. of Toledo were awarded the $31.650
4.24.% if allowed
554%
to run full term of years. Total subscription
water works refunding bonds offered on Dec.
-at par.
amounted to $7.399,000. Bonds are dated Jan. s for the issue plus a premium of $100. equal to 100.31-a 29-V. 117. p. 2810
basis of about 5.44%. Date
11924,drawing
interest from that date and maturing
Jan. 1 1954, or "at Jan. 11923. Due yearly on Sept. 1 as follows: $4,650, 1925, and $3,000.
option" any time after 15 years from
1926 to 1934, inclusive.
date of
months' notice. Prin, and semi-ann. int. (J. Issue, upon six
& J.), payable
OYSTER BAY (Town) Union Free School District No. 17 (P.
at the Mechanics' National Bank, Trenton.
0.
Hicksville), Nassau County, N. Y.
3,000,000 road bonds. Series "B," notice of the
-BOND SALE.
-On Dec. 26 the.
offering of which was $365.000
given in V. 117, p. 2.569, also went to various
coupon (with privilege of registration) school bonds offered on
banks in the State that date
-V. 117, p. 2679
as follows: $2.570,000 at a price range similar
-were awarded to Curtis & Sanger of New York
to
the first portion of thc above $5,000,000 were sold,that at which as 4345 at 103.03, a basis of about 4.54%. Denom.51,000. Date Jan, 1
and $430,000 1924. Prin. and semi-ann. int.
were allotted to those who bid par, each par
& J.) payable at the Long Island Nabidder receiving tional Bank. Hicksville,
27% of the amount bid for. The average rate bid
N. Y. Due yearly on Jan. 1 as follo.
.vs: $2,000.
for all the 1925 to 1927, Mel:
bonds was 100.125. a basis of about 4.235%.
Subscriptions for to 1945. incl., and 54.000. 1928; 55.000. 1929 to 1933, incl.: $10,000, 9134
this issue totaled $4,151,000. Date Jan, 11924.
$15,000. 1946 to 1959, incl.
Due Jan, 1
1934. Prin. and semi-ann. int. (J. & J.),
Financial Statement.
payable at the Actual valuation
Mercer Trust Co., Trenton.
(estimated)
$10,000,000.
Assessed valuation
All the above bonds will be coupon in form of the denom.
1,652.340
of $1,000. Total bonded debt (this issue)
They may be registered as to prin, and int., or may be
365.000
converted into
Population (estimated). 5,200.
registered bonds "at option" in denom, up to $50,000.
PALO VERDE
NEW MEXICO (State of).
-NO BIDS RECEIVED.
-No bids were Counties, Calif. DRAINAGE DISTRICT, Riverside and Imperiat
received for the following 5% bonds offered an Dec.
-BONDS NOT SOLD.
-The 5100.0006% drainage bonds'
27-V. 117.
$17.000 San Miguel
-Mora Highway bonds maturing July 11926. p. 2461: offered on Dec. 22-V. 117. p. 2800
-were not sold. Due on Jan. 1 as
follows: $11,000, 1933: $12,000, 1934; $15,000,
22.000 Harding, Mora and Colfax Counties bonds maturing
1935: $16 000. 1936;
July 11926. 519,000. 1937:
25,000 Quay and Guadalupe counties bonds maturing
$20,000, 1938: $23,000, 1939: $25,000, 1940: $27,000. 1941.
Juyl 1 1927.
and $32.000, 1942. This is the second time these
Date Jan. 11924.
bonds have been offered
without success, the first being on Nov. 17. See V.
NEW RICHMOND VILLAGE SCHOOL DISTRICT
117, p. 2461.
(P. 0. New
Richmond), Clermont County, Ohio.
PANOLA COUNTY ROAD DISTRICT NO.
-BOND OFFERING.
-Sealed
1 (P. 0. Carthage).
proposals will be received until 12 m. (Central standard
-BOND SALE.
-The $225,000 road bonds recently voted-V.
time) Jan. 19 for Texas.
$4.468 97 coupon school bonds. Denom. $280 and one
-have been purchased by M.W.Elkins & Co.of Little Rock.
for $268 97. 117, p. 2136
Date Dec. 1 1923. Prin, and semi-ann. int. (F. & A.)
payable at the
PARKE COUNTY (P.
office of the Clerk Board of Education. Due each six months
-The
-BOND SALE.
as follows: 510,900 5% Andrew Kibbe 0. Rockville), Ind.
$280. Feb. 1 1924 to Feb. 1 1931 and $26897 Aug. 1 1931.
et al., road bonds offered on Dec. 31-V. 117.
Certified p. 2800
-have been awarded to the Fletcher-American Co. of Indianapolis
check upon some solvent bank for 2% of the
amount of bonds bid for, for $10,991, equal to
payable to the Clerk Board of Education. required.
100.83, a basis of about 4.84%. Date Dec. 4 1923.
Due $545 each six months from May 15 1925 to Nov. 15 1934, inclusive.
.
7
ft
110
THE CHRONICLE
PARKVILLE SCHOOL DISTRICT, Platte County, Mo.-BOND
SALE.
-The Guaranty Trust Co. of Kansas City has purchased $25,000
-year school bonds.
5% 1-20
PARSHALL SCHOOL DISTRICT NO. 3, Mountrail County, No.
-During the month of December the State of North
Dak.-BOND SALE.
Dakota purchased $25.000 4% building bonds at par. Date Dec. 1 1923.
Due Dec. 1 1943. Bonds are not subject to call, but may be redeemed
two years from date of issue.
PINE BLUFF SCHOOL DISTRICT (P. 0. Pine Bluff), Jefferson
-Lorenzo E. Anderson & Co., of St. Louis,
-BOND SALE.
County, Ark.
have purchased,it is reported, $290,000 5% school bonds at par.
-TEMPORARY LOAN.
-A
PITTSFIELD, Berkshire County, Mass.
temporary loan of $100,000 maturing in 6 months, has been awarded,
to Estabrook & Co. of Boston on a 4.12% discount basis.
PLAIN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Bowling
-BOND SALE.
-The $2,404 58 6%
Green), Wood County, Ohio.
-have
coupon school refunding bonds offered on Dec. 26-V. 117. p. 2679
been awarded to the Commercial Bank & Savings Co. of Bowling Green
at par and accrued interest. Date Oct. 1 1923. Due each six months as
follows: $154 58 Feb. 1 1924 and $150 Aug. 1 1924 to Aug. 1 1931, incl.
PLEASANT RUN TOWNSHIP SCHOOL DISTRICT (P. 0. Helton-Perry Wooley,
-BOND OFFERING.
vale), Lawrence County, Ohio.
Township Trustee, will receive sealed bids until 1 p. m. Jan. 8 for $21,500
.Date Jan. 1 1924.
5% coupon school bonds. Denoms. $500 and $1000.
Interest J. & J. Due each six months as follows: $500 July 1 1925 to July 1
1928,incl., and $1,000 Jan. 1 1929 to July 1 1937,incl.
PORTSMOUTHk Norfolk County, Va.-BOND SALE.
-The $619,000
Washington Ward and $362,000 Harrison Ward 5% coupon or registered
-were
Improvement bond issues offered on Dec. 27-V. 117, p. 2680
purchased jointly by Austin. Grant & Co., Inc., C. W.McNear & Co. and
Caldwell & Co.,all of New York,and Breed,Elliot & Harrison of Cincinnati,
and the Trust Co. of Norfolk, at 98.51. a basis of about 5.09%. Date
Jan. 1 1924. Due Jan. 1 1954. The bonds are now being offered to
Investors at a price to yield the investor 4.90%.
RAWLINS, Carbon County, Wyo.-BONDS VOTED.
-At an election
held on Dec. 27, $140,000 6% water bonds were voted. These bonds had
been purchased subject to being voted by James N. Wright & Co. and
Boettcher. Porter & Co., of Denver. Notice of the election and sale was
given in V. 117. p. 2680. Denom. $1.000. Date Jan. 1 1924. Prin. and
semi-ann. int. (J.-J.) payable in New York City. Due Jan. 1 1954. optional Jan. 1 1939.
RIVERSIDE, Riverside County, Calif.
-BOND SALE.
-The AngloLondon-Paris Co. and Stephens & Co., both of San Francisco, have jointly
purchased $100,000 5% city hall bonds at 101.34.
ROCHESTER,N. Y.
-NOTE SALE.
-On Dec. 28 the Traders National
Bank of Rochester was awarded $100,000 local improvement and $250,000
subway construction notes, payable two months from Jan. 4 1924 on a
4.18% interest basis. Other bidders were:
Interest.
Premium.
Robert Winthrop & Co.. N. Y. City, subway
construction-$250.000
4.30%
$3.00
S. N.Bond & Co., New York City
4.45%
-Sealed bids will be received at the office of J. C.
NOTE OFFERING.
Wilson. Comptroller until 2.30 p. m., Jan. 10, for City of Rochester notes
as follows:
$500,000 General Revenue notes
550.000 School Revenue notes
Notes will be made payable 5 months from Jan. 14 at the Central Union
Trust CO.. New York City, will be drawn with interest, and will be deliverable at the said trust company. Jan. 14. Bidder to name interest rate and
denominations desired, and designate to whom (not bearer) notes shall
be made payable. No bids will be accepted at less than par.
ROCHESTER VILLAGE SCHOOL DISTRICT (P. 0. Rochester
-BOND OFFERING.
R. D.). Lorain County, Ohio.
-Until 1 p.in. to-day
gam 5) sealed bids will be received by Cliff Cowie, Clerk Board of Education, for the purchase at not less than par and interest of $2,764 89 6%
coupon deficiency bonds. Auth.: House Bill 6No.599 of the General Code.
Date Aug. 1 1923. Prin and semi-ann. int. (F. & A.), payable at the
Third National' Bank, New London. Due on Feb. 1 and on Aug. 1 from
1924 to 1931, inclusive. Certified check on an Ohio bank other than the
bidder for 5% of the amount of bonds bid for, payable to the above official
required. Bonds to be delivered and paid for within ten days from time
of award. A full and complete transcript will be furnished to the successful
bidder.
ROCKY RIVER, Cuyahoga County, Ohio.
-NO BIDS.
-The five
issues of 5S4% special assessment bonds, aggregating $17,089. offered on
Dec. 26-V. 117, p. 2462
-were not sold as no bids were received.
ROYAL, Antelope County, Neb.-BOND ELECTION.
-An election
will be held on Jan. 8 to vote on a proposition to issue $12,000 electric light
bonds.
ROYAL OAK, Oakland County, Mich.
-BOND SALE.
-An issue
-year water bonds has been awarded to the First Nat'l
of $50,000 4(% 30
Company, of Detroit, at 101.108.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-The
-BOND SALE.
two issues of 5% bonds offered on Dec. 27 (V. 117. p. 2801) were awarded
as follows:
$92.119 08 trunk highway reimbursement bonds maturing on Dec. 1 as
follows: $10,119 08, 1933: $10,000, 1934 to 1941, inclusive, and
$2.000. 1942. To the First National Bank and the Northern
Trust Co., both of Duluth, and the Wells-Dickey Co. of Minneapolis, at a premium of $3,095 47, equal to 103.36-a basis of
about 4.67%.
41.777 68 trunk highway reimbursement bonds maturing on Dec. 1 as
follows: $3.777 68. 1933, and $4,000, 1934 to 1940, inclusive,
and $5.000. 1941 and 1942. To the American Exchange
National Bank of Duluth at a premium of $1,533 50, equal to
103.67-a basis of about 4.63%•
Date Dec. 1 1923. The following bids were received:
Premium on
BidderTotal Issue.$41,777 68 $92,119 08
Minnesota Loan & Trust Co.; Minneap_-_$4,366 00
Seipp. Princell & Co., Chicago
$960 00 $2,127 00
Merchants Trust & Say. Bank. St. Paul_} 3.33660
Drake-Jones Co., Minneapolis
American Exchange Nat. Bank, Duluth- 4.34700 1,533 50 2,813 50
First National Bank of Duluth
Northern Trust Co.of Duluth
1,462 75 3,095 47
Wells-Dickey Co., Minneapolis
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
-A special election will be
-BOND ELECTION.
(P. 0. Proctor), Minn.
held on Jan. 5 to vote on the question of issuing $68,000 4 3.. % schoolconstruction bonds. J. W.Jollymore, District Clerk.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 12
-BOND OFFERING.
-Leonard Slabodnik, Clerk
(P. 0. Ely), Minn.
Board of Education, will receive sealed bids until8 p. m.Jan.8 for $400,000
school bonds. Denom. $1,000. Date June 1 1923. Prin. and
5%
semi-ann. int., payable at the Illinois Merchants Trust Co. of Chicago.
Due on June 1 as follows: $8.000 1928,$7.000 1929. $13.000 1930. $12,000
1931, $15,000 1932 and 1933. $20,000 1934, $28,000 1935, $27,000 1936.
$28,000 1937 and $227,000 1938. Legality approved by Chapman, Cutler
& Parker, Chicago. A certified check for $10,000, payable to the District
Treasurer, required. A like amount of bonds was sold on May 17-V. 116,
p. 2428.
-It is reported
SALEM, Richardson County, Nebr.-BOND SALE.
that an issue of $4,000 community hall bonds has been disposed of.
SALINA SCHOOL DISTRICT (P. 0. Salina), Saline County,
-The Fidelity National Bank & Trust Co. of
Kans.-BOND SALE.
Kansas City has purchased $225,000 4/i% school bldg. addition bonds.
SAN BERNARDINO HIGH SCHOOL DISTRICT (P. 0. San Ber-BOND OFFERING.
-Harry
nardino), San Bernardino County, Calif.
L. Allison, County Clerk, will receive sealed bids until 11 a. m. Jan. 7 for
$300,000 5% school bonds. Denom. $1.000. Date Jan. 1 1924. Prin.
and semi-ann. Int. payable at the County Treasurer's office. Due as
follows: $5,000. 1927 to 1931. incl.; $7,000, 1932 to 1936, incl.: $10,000,
1937 to 1941, incl.: $13,000, 1942 to 1946. incl.: $15,000, 1947 to 1951.
[VOL. 118.
incl.: $16,000, 1952 and $17,000, 1953 and 1954. A cert. check for $1,000
payable to the Board of Supervisors, must accompany all bids.
SCHENECTADY, Schenectady County, N. Y.
-NOTE SALE.
The Citizens Trust Co. of Schenectady, was awarded the temporary loan
of $150,000 on Dec. 5-V. 117, p. 2462
-at 100.001 on a 4.,.0% interest
basis. Date Dec.7 19..3. Due June 10 1924.
SEATTLE, King County, Wash.
-An election
-BOND ELECTION.
will be held on March 18 to vote on the question of issuing $2,000,000
bridge and $750,000 auditorium bonds.
SLATON INDEPENDENT SCHOOL DISTRICT (P.O. Slaton), Lubbock County, Texas.
-BOND OFFERING.
-Until 7.30 p. m. Jan. 22,
T. A. Worley, Secretary Board of Trustees, will receive sealed bids for the
purchase of $125,000 6% school bonds. Denom. $1,000. Date Jan. 1
1924. Prin. and semi-ann. in (J.
-J.) payable in New York. Due 1 to
40 Years.
SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P. 0. Manteca),
San Joaquin County, Cal.
-BOND OFFERING.
-5,L. Steele. Secretary
Board of Directors, will receive sealed bids until 2 p. m. Jan. 15 for $60,000
534% coupon irrigation bonds. Denom. $1.000 and $500. Date Nov. 6
1923. Prin. and semi-ann. in (J.
-J.) payable at the District Treasurer's
office. Due on July 1 as follows: $11.000, 1944 and 1945: $16,500, 1946
and 1947 and $5,000. 1948. A cert. check for 2%.required.
SPEARFISH INDEPENDENT SCHOOL DISTRICT (P. 0. Spearfish), Lawrence County, So. Dak.-BOND SALE.
-The $120,000 school
bonds offered on Dec. 10-V. 117, p. 2462
-were purchased by the DrakeJones Co.. of Minneapolis. at a premium of $1,725, equal to 101.43. Date
July 2 1923. Due July 2 1943. Bonds were offered at a rate not to exceed
534% interest.
•
SPENCER.TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Cumberland), Guernsey County, Ohio.
-BOND OFFERING.
-Until 12 m.
Jan. 15, sealed bids will be received by J. M. Bracken, Clerk Board of
Education for $3,935.87 6% school refunding bonds. Denom. $250 except
Bond No. 1 for $185.87. Date Jan. 15 1924. Interest semi-ann. Due
on Jan. 15 from 1925 to 1932, Incl. Cert. check for 1% of the amount of
bonds bid for payable to the Board of Education required. Purchaser to
take up and pay for bonds within 10 days from time of award.
STACY, Chicago County, Minn.
-BOND SALE.
-The First State
Bank of Stacy has purchased $4,500 electric light bonds.
STONE VIEW SCHOOL DISTRICT NO. 32, Divide County, No.
Dak.-BOND SALE.
-The State of North Dakota purchased $5,500 4%
funding bonds at par during the month of December. Date Dec. 1 1923.
Due Dec. 1 1943. Although bonds are not subject to call, they may be
redeemed two years from date ofissue.
SUMTER COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
(P. 0. Bushnell), Fla.
-BOND SALE.
-The $25.000 6% school bonds
offered on Jan 1-V. 117. p. 2462
-were purchased by Ryan. Bowman &
Co., of Toledo, at a premium of $509 45, equal to 102.03 a basis of about
Date Sept. 11923. Due on Sept. 1 as follows: $5,000, 1933 and
$1.000. 1934 to 1953. incl.
5.82%.
SUMTER COUNTY (P. 0. Bushnell), Fla.
-BOND SALE.
-The
$25,000 69' coupon school bonds offered on Oct. 9 (V. 117, T. 1374) were
purchased by the Citizens Bank of Bushnell at par. Date Sept. 1 1923.
Due on Sept. 1 as follows: $5,000, 1928, 1933 and 1938, and $10,000, 1943.
TATUM TOWNSHIP SCHOOL DISTRICT, Columbus County,
No. Caro.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m.
Jan. 7 by A. W. Baldwin, Clerk Board of County Commissioners (P. 0.
Whiteville), for $50.000 coupon, with privilege of registration as to both
principal and interest, school bonds. Denom. $1,000. Date Jan. 11924.
Bidder to name rate of interest. Due on Jan. 1 as follows: $1,000, 1927 to
1941, inclusive, and $2,000, 1942 to 1951, inclusive. A certified check
upon an incorporated bank or trust company for 2% of amount bid for.
payable to the above official, required.
TIFFIN RURAL SCHOOL DISTRICT (P. 0. Defiance), Defiance
County, Ohlo.-BOND SALE.
-The $12,486 89 6% school bonds offered
-have been awarded to Seasongood & Mayer
on Dec. 29-V. 117. p. 2802
of Cincinnati for $12,551 89, equal to 100.52, a basis of about 5.87%.
Date Dec. 10 1923. Due each six months as follows: $786 89 Feb. 1
and $780 Aug. 1 1924 and $780 Feb. 1 1925 to Aug. 1 1931, incl.
TIPTONVILLE, Lake County, Tenn.
-BOND SALE.
-The Central
State National Bank of Memphis has purchased $17,000 general improvement and $34.000 street improvement 6% bonds at par, plus a premium
of $595, plus cost of printing bonds and attorney's fees.
TORONTO, Jefferson County, Ohio.
-BOND OFFERING.
-Sealed
proposals will be received by C. It. Cadman. 'Village Clerk until 12 m.
Jan. 18 for $17,849 10 69' special assessment street!mot. bonds. Denom.
$500 and one for $349 10. Interest M. & S. Due yearly on Sept. 1 as
follows: $2,500. 1925 to 1930, incl., and $2.849 10, 1931. Cert. check for
1% of the amount of bonds bid for, payable to the Village Treasurer, required. Purchaser to take up and pay for bonds within 10 days from time
of award.
TURTLE LAKE, McLean Colanty, No. Dak.-BOND SALE.
-H. C.
Speer & Sons Co.. of Chicago, have purchased the $8,000 7% coupon
funding bonds offered on Dec. 24 (V. 117, p. 2681) at par plus a premium
of $16, equal to 100.20-a basis of about 6.98%. Date Jan. 15 1924.
Due Jan. 15 1934.
UPPER SANDUSKY SCHOOL DISTRICT (P. 0. Upper Sandusky),
-BOND SALE.
-An issue of $150.000 school
Wyandot County, Ohio.
bonds has been awarded to the State Industrial Commission of Ohio.
TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
VAN BUREN
Dayton, R.F. D. No. 12), Montgomery County,Ohio.
-BOND SALE.
The $28.676 11 8% coupon school bonds offered on Dec. 22-V. 117.
p. 2681-have been awarded to the Provident Savings Bank & Trust Co.
of Cincinnati for $28,988 68. equal to 101.09. Date Dec. 22 1923. Due
each six months from Feb. 1 1924 to Aug. 11931. inclusive.
WASHINGTON, Washington County, Iowa.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. Jan. 12 by S. J. Kellogg, City
Clerk, for the following bonds:
$80.000 water bonds maturing $5,000 yrly. on Nov. 1 from 1927 to 1942;
incl.
60,000 sewer bonds maturing $5,000 yrly. on Nov. 1 from 1925 to 1936.
incl.
Denom. $1.000. Date Jan. 1 1924. Interest rate not to exceed 5%•
-N. Purchaser to furnish printed bonds and legal opinion.
Interest M.
WASHINGTON COUNTY (P. 0. Plymouth), No. Caro.
-BOND
SALE.
-W. K. Terry & Co. of Toledo have purchased the $100,000 5 Si %a
coupon school bonds offered on Dec. 20-V. 117. p. 2681. Date Dec. 1
1923. Due on Dec. 1 as follows: $2.000 1924 to 1923. inclusive; $3,000
1934 to 1943. inclusive, and $5.000 1944 to 1953, inclusive.
WATERTOWN, Jefferson County, N. Y.
-The $20,-BOND SALE.
i% coupon or registered national bank tax refunding bonds offered
000 4S
on Dec. 18-V. 117. P. 2681-were purchased by Sherwood & Merrifield
Inc. of New York City, at 100.19, a basis of about 4.46%. Date Jan. 1
1924% Due $2,000 yearly on Jan. 1 from 1925 to 1934,incl.
WEST ALEXANDRIA, Preble County, Ohlo.-BOND SALE.
-The
$12.000 51.4% Public Hall and Public Office bonds offered on Dec. 29V. 117, p. 2681-have been awarded to Seasongood & Mayer of Cincinnati
at par. plus a $1 premium, equal to 100.008. a basis of about 5.49%. Date
Sept. 11922. Due $500 each six months from March 1 1924 to Sept. 1
1935, inclusive.
-BOND OFFERING.
WHITE COUNTY (P. 0. Monticello), Ind.
Until 10 a. m. Jan. 18, E. B. Steely. County Treasurer will receive sealed
bids for $22.809 6869' Ambrose T. Brown, et al ditch bonds. Date Dec.3
1923. Interest J. & D. Bond No. 1 for $1.149 68 payable Dec. 1 1924,
Nos. 2, 3, 4 each for $1,140 payable Dec. 1 1924 and four bonds of $1,140
each payable on Dec. 1 each year thereafter until all have matured.
WINCHESTER, Middlesex County, Mass.
-TEMPORARY LOAN..L. Day & Co.of Boston have been awarded a temporary loan of$100,000.
maturing in 4 months, on a 4.10% discount basis.
-The
WINCHESTER, Frederick County, Va.-BOND SALE.
$197,000 4 % coupon..registerable as to principal, water and sewer bonds
offered on Dec. 27 (V. 117, p. 2681), were purchased by Baker, Watts &
Co. and Nelson, Cook & Co., both of Baltimore. Date May 11923. Due
on May 1 as follows: $3,000, 1925; $4,000, 1926; $5,000, 1927 and 1928;
JAN.5 1924.]
THE CHRONICLE
$7,000, 1929 to 1936, inclusive; $8,000. 1937 to 1947, inclusive; and $6,000.
1948 to 1953, Inclusive.
YATES COUNTY (P. 0. Penn Yank, N. Y.—BOND OFFERING.—
Sealed bids will be received by Harry 0. Bennett, County Treasurer, until
5 p. m. Jan. 21 for the purchase of the following coupon bonds:
$100,000 county's share road bonds. Date March 1 1924. Interest
M.& S. Due $20,000 on March 1 from 1929 to 1933, inclusive.
30,000 county home bonds. Date Feb. 1 1924. Interest F.& A. Due
$5,000 on Feb. 1 from 1934 to 1939, inclusive.
10,000 soldiers and sailors memorial hospital bonds. Date Feb. 1 1924.
Interest F. & A. Due $2,000 on Feb. 1 from 1925 to 1929. incl.
Denom. 51.000. Principal and semi-annual interest payable at the
County Treasurer's office. Certified check for $1,000 required.
YAVAPAI COUNTY SCHOOL DISTRICT NO. 9, Ariz.—BOND
SALE.—The United Verde Extension Mining Co. of Globe has purchased
$190,000 6% serial bonds.
YONKERS, Westchester County, N. Y.—BOND OFFERING.—
Sealed 'proposals will be received by Robert D.Ferguson, City Comptroller,
until 12 m. Jan. 17 for the following 4%% bonds:
$1.000.000 school bonds. Due yearly on Feb. 1 as follows: $26,000 1926
to 1950, incl.. and 925,000 1951 to 1964. incl.
450.000 local improvement bonds. Due yearly on Feb. 1 as follows:
$12.000 1925 to 1934, incl., and $11,000 1935 to 1964. incl.
316,000 refunding bonds. Due yearly on Feb. 1 as follows: 516.000
1925 to 1940, incl., and $15,000 1941 to 1944. incl.
Denom.51.000. Date Feb. 11924. Prin. and semi-ann. int.(A.& 0.),
payable at the City Treasurer's office in gold coin of the United States of
America of or equal to the present standard of weight and fineness, or at
the option of the holder in New York exchange. Certified check on a
solvent bank or trust company for 2% of the amount of bonds bid for,
payable to the above Comptroller.required. The bonds will be coupon in
form and at option of the holder may be surrendered for a bond registered
as to both principal and interest. The legality of the bonds will be approved
by Hawkins, Delafield & Longfellow of New York, and a duplicate original
of their opinion will be furnished the successful bidder.
CANADA, its Provinces and Municipalities.
AURORA, Ont.—BOND OFFERING.—C. A. Fetch, Town Clerk, will
receive bids until 12 m. Jan. 14 for 5106,000 55
coupon High School
bonds. Denom. to suit purchaser. Date Jan. 1 1924. Prin. and semiann.interest (J. & J.) payable at the Treasurer's office.
BRANTFORD, Ont.—BONDS VOTED.—The council has voted to
Issue 5115,000 and 5559,000 bonds.
DIGBY, N. S.—BONDS AUTHORIZED.—The rate payers passed a bylaw authorizing the expenditure of $15.000 electric light impt. bonds.
NEW LOANS
111
ERIN, Ont.—BOND SALE.—An issue of 540,000 6% 25 instalment
bonds has been awarded to Stewart. McNair, Reid & Co.. at 105.47—a
basis of about 5.45%.
MONTREAL, Que.—BOND OFFERING.—Sealed bids will be received
by the City Treasurer until 12 m. Jan. 8 for the purchase of the following
issues of 5% bonds.
$3,000.000 maturing Sept. 1 1958, issued for the purpose of refunding a
temporary loan.
1,200,000 maturing Sept. 11963, issued for the purpose of rebuilding the
City Hall.
350,000 maturing Sept. 1 1963. Issued for publlc works.
650,000 maturing Sept. 1 1963. Issued for public works.
500,000 maturing Sept. 1 1963. Issued for water works improvements.
4,000,000 maturing Sept. 11943. Issued for local improvement purposes.
All of the loans will bear interest at the rate of 5%, payable on March 1
and Seot. 1. They will be issued in denominations of $1,000 with interest
coupons attached and may be registered as to principal only. Date Sept. 1
1923.
Alternate bids will be received as follows: (1) For bonds payable both
as to principal and interest at the office of the City Treasurer in Montreal
or at the agency of the Bank of Montreal, New York. The amount tendered
to be payable with accrued interest in New York funds against delivery of
the bonds at the agency of the Bank of Montreal in New York. (2) For
bonds payable as to principal and interest at the City Treasurer's office,
City Hall, Montreal. The amount tendered to be payable in Canadian
funds against delivery of the bonds at the City Treasurer's office, Montreal.
Tenders must be for the whole amount and not for any one loan or part
thereof. Each tender must be accompanied by a certified check on the
Montreal office of a Canadian bank 'payable to the City Treasurer for
$97,000. No interest will be allowed on the certified check deposited
except on that of the purchaser of the bonds. The bonds will be delivered
as soon after the Januarys as they can be prepared.Interim bonds will
be issued if necessary. Further information and particulars may be obtained by applying to the City Treasurer, City Hall Annex. Montreal.
The official advertisement of the offering of these bonds appears on a
preceding page of this issue.
NEW WATERFORD, N. S.—BONDS VOTED.—On Dec. 27, an issue
of $20.000 hospital bonds was voted by the,rate payers.
SASKATCHEWAN (Province of).—BOND SALE.—The following
bonds have been reported by the Local Government Board as having been
sold from Dec. 13 to Dec. 20:
School Districts: Moose Jaw,$25,000.6%.15
-year to Bond & Debenture
Corp.; West Slope. 51.200,7%. 10
-year, sold locally; Kenmare,$700.8%.
-year, sold locally; Grunert, 53.300,
8
-year to Regina P. S.
%. 15
Sinking Fund; Raspberry Creek, $2,500. 6.% %, 10
-year. to C. C. Cross
& Co.
WOODSTOCK, Ont.—BOND SALE.—Bird. Harris & Co. have been
awarded an issue of $70,000 5% 20 instalment bonds at 96—a basis of about
5.49%.
FINANCIAL
NEW LOANS
7 Union Free School District No. 1 of the
We Specialize In
Town of Greenburgh, New York.
City of Philadelphia
NOTICE OF SALE.
38
31 28
/
413
41
42
41 2s
/
5s
51
/0
/
51 29
S450,000
School District Bonds, Series A.
$150.000
School District Bonds, Series B.
Biddle & Henry
Nu
South Fifth Street
Philadelphia
Private Wire to New Vert
Call Canal 8437
ARE YOUR SECURITIES SECURE?
Security Bank Note Company
known the world over as Engravers
of securities, safe from counterfeiting
and duplication.
WRITE US, ABOUT YOUR NEEDS
PHILADELPHIA
223-5-1 Chestnut SL
NEW YORK
20 Broad St.
Sealed proposals will be received by the Board
of Education of Union Free School District
No. 1 of the Town of Greenburgh, N. Y.. on
January 16. 1924, at 7 o'clock po. m., at Washington Irving High School, Tarrytown, New
York, for the purchase of the following issues
of bonds:
5450.000 School District Bonds, Series A.
dated April 1st, 1923, maturing 515.000 thereof
on October 1st in each of the years 1925 to 1954.
both inclusive; and
$150000 School District Bonds, Series B,
datedJanuary 1st, 1924, maturing 55.000 thereof
on October 1st in each of the years 1925 to 1954.
both inclusive.
Said bonds will be of the denomination of
51.000 each, will bear interest at the rate of four
High Grade Investment Securities
and one-half per centum (04%) per annum.
payable semi-annually on the first days of April
Commercial Paper
and October in each year. Both principal and
Bankers cjIcceptances
interest of said bonds will be payable in gold
coin of the United States of America of or equal
to the present standard of weight and fineness
at the office of the Tarrytown National Bank.
Hibernia Securities Co., Inc.
Tarrytown, New York. the bonds will be coupon bonds, with the privilege of registration as
Hibernia Bank Building, New Orleans
to principal and interest.
The right is reserved to reject all bids, and any
bid not complying with the terms of this notice
New York
Dallas
Atlanta
will be rejected.
The bonds will not be sold for less than par.
and in addition to the amount bid the successful
bidder must pay accrued interest at the rate
borne by the bonds from the date of the bonds
to the date of payment of the purchase price.
less interest on the deposited check as provided
below.
All bidders are required to deposit a certified
check payable to the order of Treasurer of Union
Free School District No. 1 of the Town of Greenburgh for two per centum of the amount of bonds
bid for, drawn upon an incorporated bank or
trust company. Checks of unsuccessful bidders
will be returned upon the award of the bonds.
Interest will be allowed upon the amount of the
401 Canal-Coml. Bldg
check of a successful bidder at the rate borne by
NEW ORLEANS
the bonds from the date of the award to the date
of delivery, and such check will be retained to
be applied in part payment for the bonds or to
secure the Board against any loss resulting from
the failure of the bidder to comply with the
terms of his bid.
Proposals should be addressed to
CLERK OF THE BOARD OF' EDUCATION.
Town of Greenburgh,
Tarrytown, New York,
and enclosed in a sealed envelope marked on the
outside "Proposal for Bonds."
The successful bidder will be furnished with the
opinion of Messrs. Hawkins, Delafield is Longfellow of New York City that the bonds are
binding and legal obligations of the Board.
CIANILLA. SISAL. JLITI
The Bonds will be prepared under the supervision of the United States Mortgage & Trust
Company, which will certify as to the genuineness of the signatures of the officials and the seal
2sble and .It Strewn'. Brooklyn./11.Y.Clky impressed thereon.
By order of the Board of Education.
Dated December 26, 1923.
MERTON F. BELLOWS.
District Clerk.
Southern Municipal and
Industrial Securities
MOORE,HYAMS,& CO., Inc.,
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THE CHRONTCLE
112
MICHIGAN
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[Vol,. 118.
CLEVELAND
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