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1
r
financial
lirontrie
Bank Sr Quotation Section
Railway Earnings Section
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JULY 12 1924
VOL. 119.
Xixe Timm=le
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The Financial Situation.
The whole business world has reason to feel gratified over the outcome of the Democratic National
Convention. In the turmoil through which this
convention passed during the last two weeks
hardly any one had dared to hope for the selection
as the nominee for President of a man of the calibre
of John W. Davis. It can be said without reservation that Mr. Davis is qualified in every way to fill
the Presidential office should the choice of the electorate fall upon him. But there is another consideration to be borne in mind, of equal if not of greater
moment. By the selection of Mr. Davis the Democratic Party has escaped the danger which appeared
impending on more than one occasion during the
bitter strife of the opposing factions, namely the
disruption of the party. It is not for the best interests of the people that the system which has endured
so long in this country of having two political parties.
of dominant size should be replaced by a multiplicity
of parties such as is common on the Continent of
Europe, where they have clericals and socialists andi
radicals and left centres and right centres and middle centres, and numerous other small political factions, and where government can only be carried on
through coalitions and constant dickering and bargaining. It is not to be imagined that the animosities aroused by the wrangles and dissensions at the
convention will immediately disappear, or will leave
no trace of their presence, but at least the party as a
whole continues intact as a living organism and retains the great mass of its former adherents, since
Mr. Davis commands the support of all the different elements of the party. There is in that circumstance occasion for the greatest rejoicing.
It is to be hoped that with this menace no longer
present, trade and business will once more speedily
Electric Railway Sectick,
State and City Sectity,D:
NO. 3081.
resume their normal functions. New evidence is
constantly coming to hand going to show that it is
not a mere slackening or slowing down of business
that the country has been experiencing during the
last four months, but a positive slump closely akin
to that through which the country passed the latter
part of 1920 and the greater part of 1921. In
an article on a subsequent page we furnish an
analysis of the earnings of the railroads of the
United States for the month of May, and this shows
a loss as compared with the same month last year of
no less than $70,476,133, or at the rate of 840 million dollars a year, and net earnings (before taxes)
of only $96,048,087 in the month this year against
$126,496,150 in May last year. Another telltale of
the same kind is furnished by the records of the unfilled orders of the United States Steel Corporation.
The figures for June 30 were made public on Thursday and showed a further decrease during June of
365,584 tons, bringing the total down to 3,262,505
tons, as against 6,386,261 tons on June 30 last year
and 10,978,817 tons on June 30 1920, or lower than
in any month in over thirteen years, or since May 31
1911. On the other hand, the stock market, which
generally discounts the future, has for some weeks
been manifesting growing strength. Doubtless that
is to be taken as the harbinger of better things to
come—now that the political conventions are out of
the way.
The monthly crop report, issued by the Department of Agriculture at Washington on Wednesday
of this week, is quite satisfactory and shows in certain directions considerable improvement over the
promise a month earlier. Wheat is improved and
a larger crop is indicated than was then thought
probable. The area planted to corn is 2.4% greater
than last year or the year before, and while,the
growth has been very backward and the condition is
considerably under that of last year's crop at this
date and of the crop two years ago, there is much
time for recovery, and it is not at all unlikely that
the yield will be very much larger than is now indicated. The other crops promise a substantial yield.
Winter wheat condition on July 1 is reported at
77.9% of normal, which contrasts with 74.0% on
June 1 this year and 76.8%, the condition of the
winter wheat crop on July 1 1923. Much of the
winter wheat crop has already been harvested and
the movement from some sections is quite heavy.
Based on the July 1 condition, the Department of
Agriculture estimates the yield this year at 543,500,000 bushels. This is on an area of 36,898,000
acres. Last year the area was 39,522,000 acres and
118
THE CHRONICLE
[vol.. 119.
the yield 572,340,000 bushels, and two years ago, last year's crop. This compares with 35,894,000
with 47,611,000 acres the yield was 586,878,000 bush- bushels, the average for the preceding five years,
els, a decrease in area this year as compared with 1918 and 1922. •
1923, of 6.7% and in yield 5.1%, according to this
The chief event of the week in European political
year's July 1 estimate. Compared with 1922, the
estimates now made for this year show a loss in affairs was the conference in Paris between Prime
area of 22.6%, but in yield of only 7.5%. As to Minister MacDonald of Great Britain and Premier
spring wheat, the condition July 1 is given as 81.9% Herriot of France on July 8 and 9. It was held for
of normal. This contrasts with 82.3% a month ear- the purpose of clearing up misunderstandings that
lier and 82.4% on July 1 1923. In spite of the slight had arisen in both France and England, particularly
reduction in condition during the past month a the former, over the invitation sent out by the Britsomewhat larger yield of spring wheat is now indi- ish Government to the Allied Conference in London
cated than was estimated a month ago. A crop of on July 16 that had been agreed upon by the Prime
197,000,000 bushels is expected—on June 1 the pro- Ministers of Great Britain and France at the now
duction was placed at 184,000,000 bushels, but last somewhat famous Chequers Court conference. Acyear the yield of spring wheat was 235,000,000 bush- cording to Paris cable dispatches early in the week,
els. The area for last year's crop was 18,503,000 considerable feeling had arisen in French political
acres—this year it is 16,920,000 acres. The total circles over the invitation. There appeared to be
yield of wheat this year, both winter and spring, is good ground for the assumption that much of it had
now estimated at 740,000,000 bushels. This con- its origin with former President Millerand, former
trasts with a total yield last year of 785,741,000 Premier Poincare and their associates and followers.
bushels, and is much less than in any preceding It was even claimed that if Premier Herriot could
year since 1917. Likewise the area planted to wheat not put himself in a better light with his political
this year is less than in any preceding year since opponents and the people he might be compelled to
give up soon. So serious was said to have been his
1917.
The sensational feature of the report was consid- plight that Prime Minister MacDonald decided to
ered that on corn. A condition of only 72.0% of nor- hurry to Paris to help him out.
The British Prime Minister arrived in the French
mal was indicated for July 1 this year, which was
the lowest July 1 condition ever reported, and con. capital on July 8 at 4 o'clock in the afternoon. He
trasts with 84.9% on July 1 1923 and a ten-year was met at the railway station by Premier Herriot
average of 85.0%. The yield is now estimated at and members of his Cabinet. The party went direct
2,515,000,000 bushels. This estimate is far below to the British Embassy and then to the Quai d'Orsay,
the yield of preceding years. Last year there was where the first conference was held. That session
harvested 3,046,000,000 bushels and for a number lasted three hours. They came together again at
or years the product has exceeded that amount. On 9.30 that evening and did not break up until 1.30
• Jnly 1 1923, with the area planted to corn nearly as o'clock the next morning. The final session on Wedlarge as was planted this year, and with a condition nesday ended a little after 3 o'clock in the afterof 84.9% on that date, practically 13 points higher noon. Immediately following the final adjournment
than is now indicated for this year's crop, the yield the British Prime Minister explained that "a joint
of the 1923 crop was placed at only 2,877,000,000 note from France and Great Britain to the Allies,
bushels—the harvest of that year was 170,000,000 which would be given out later for publication,
bushels in excess of the July 1 estimate. For Iowa, would show that a beginning had been made toward
the leading State, the July 1 condition is 72%, and the dissipation of the clouds of misunderstanding
the yield this year is estimated at only 347,283,000 bet ween France and Great Britain. It would show,
bushels. For Illinois the condition is only 66%,and he added, that a basis had been established for
the estimated yield 248,276,000 bushels. Other im- working at the Inter-Allied Conference in London
portant corn growing States are Nebraska, 74%,and July 16, which, he said, must at all hazards be held
yield 189,117,000 bushels; Missouri 62%, yield 142,- on the date originally fixed." He was quoted di480,000 bushels; Indiana 61%, and only 123,545,000 rectly as saying that "it will take time, patience and
bushels, and Ohio 67% and 111,820,000 bushels. For generosity on the part of both sides," said Mr. Mac• Minnesota a condition of 72% is shown and the Doinald,"but given those conditions we shall be the
yield placed at 133,194,000 bushels. With weather best of friends in the world." M. Herriot remarked:
conditions improved, as they will be, and more fa- "This has been the best day for the entente cordiale
vorable as they should be during the next two since the armistice." Mr. MacDonald was also remonths, a marked recovery for the growing crop ported to have declared that "we are not enemies
may reasonably be expected, with a considerable in- trying to appear as friends. We are friends trying
crease in the prospective yield.
to clear away differences. We have succeeded in
The other grain crops show good progress. For making a substantial beginning, but we must take up
oats the yield is now placed at 1,356,000,000 bushels; one thing at a time. The solution to one question
barley 170,000,000 bushels, and rye 64,800,000 bush- will open the way to two more solutions. We are
els. A marked improvement as to oats is indicated not magicians and we are obliged to deal with public
for the past month. White potatoes now indicate a opinion and with our Parliaments."
yield for this year of 373,000,000 bushels. The conIt seems that Premier Herriot was scheduled to
dition for July 1 is 86.3% and the area planted this preside on Tuesday evening at "a banquet of the
year 3,753,000 acres, a decrease compared with last French University Group for the League of Nation's,
year of 1.7%. For tobacco the production this year but was obliged to excuse himself in order to keep
is estimated at 1,294,000,000 lbs.; rice, 35,800,000 his appointment with the British Prime Minister."
bushels and flaxseed 25,900,000 bushels. The Agri- It was stated that before leaving he said: "When
cultural Department estimates the wheat remaining two men, both sincere democrats, are convinced they
on farms July 1 at 30,696,000 bushels, or 3.9% of are doing their duty, not only towards their con n-
JULY 12 1924.]
THE CHRONICLE
tries, but also in regard to the peace of the whole
world; when those two men have done what we have
done; when they have joined hands—it would be most
surprising if they did not end by succeeding in their
tasks. We are making the only effort which can
give to our unhappy Europe and the whole world
peace in the future. As head of the Government I
renounce none of the ideals for which I have fought
and which I reaffirm here, and if, still as chief of
the Government, with my British colleague, who is
passing through the same ordeal as I, I remain firm
in my resolution to keep my engagement with you
at Geneva."
119
promises made. The memorandum enclosed with the
invitation to the conference has been treated by the
Belgian Government as of documentary interest only
and not as binding on any of the countries which will
be represented at the conference—not even Great
Britain."
Apparently the tension said to have existed in
French political circles was relieved somewhat, even
on the evening of July 4. The Paris correspondent
of the New York "Times" cabled that "after 24 hours
of cross-Channel conversations the French Government received to-night from London a message saying the English suggestion in the invitation to the
The misunderstandings which seemed to make the London conference that the Allies set up a body inParis conference necessary, as already stated, were dependent of the Reparations Commissio
n to decide
over the British invitation to the Allied Conference German defaults represented only the English view,
in London on July 16. Cabling regarding the situa- and in no wise bound France." The "Times" repretion on July 4, the London correspondent of the Asso- sentative declared that "this message strengthens
ciated press declared that "the program for the Al- M. Herriot's position, for it supports his contention
lied Conference, as Mr. MacDonald has explained it that he had yielded none of France's rights at the
to the countries which have been invited to send interview, but does not allay French suspicion of the
delegates, has caused great surprise in Paris gen- British tactics, which they regard as unfair
in seterally and some consternation in Government cir- ting forth the British idea of the conference without
cles." He said also that "M. Herriot, who returned mentioning French opposition." Continuing to outfrom Chequers reassured as to the British attitude line the situation in accordance with his information
on questions in which French interests were para- the "Times" correspondent said: "From a high
mount, is described by friends as having been taken source I learn to-night that the basis of difference is
off his feet by the British Premier's version of the just this: France asks from England a guarantee
agenda for the conference." Continuing he said that that in case of German default the British will help
"the official opinion of the program outlined by the the French to force Germany to carry out the
Dawes
British Prime Minister is that it amounts to noth- plan. Mr. MacDonald is not entirely
opposed to
ing less than throwing the entire reparations ques- granting such assurance, but is unwilling
to allow
tion into the League of Nations through the World the Reparations Commission, controlled
by the
Court."
French, to decide when England should intervene.
In a special cable dispatch to his paper on July 4 The new complication is due largely to
the absence
the London correspondent of the New York,"Times" from the Reparations Commission
of the United
explained the British view of the invitation in part States. England seeks to take from
France the
as follows: "Along with the formal invitations is- power France has through the Reparatio
ns Commissued by Prime Minister Ramsay MacDonald to the sion of declaring Germany in default in execution
of
Allied Governments to attend the conference, Mr. the Dawes plan, which declaration of
default is held
MacDonald, as Secretary of State for Foreign Af- to entitle each allied nation to act
independently. It
fairs of this country, communicated to the British was through such a declaration
of default, taken in
representatives in Paris, Brussels, Rome, Tokio and opposition to England, that
M. Poincare occupied
Washington an outline of his ideas as to how the the Ruhr. It would be
through a similar declaration
conference could best be conducted in view of the by the Reparations Commissio
n that future penalgeneral agreement with the Dawes report, which had ties would be taken."
been signified by all the countries concerned. A
It was claimed in a special wireless dispatch from
version of this memorandum, which was intended for Rome to the New York "Times" on July 5 that "pubthe guidance of the British diplomatists whose chief lication of the text of Premier MacDonald's
invitaMr. MacDonald is as Foreign Secretary, was pub- tion to the London conference on the 16th
shattered
lished in a Paris paper and was made the basis of an many hopes for its success which were
entertained
attack on M. Herriot, who it was alleged, had agreed in Italy. The program of the conference
, which is
with Mr. MacDonald upon a program which in ad- limited to applicatio
n of the Dawes report, is critivance abandoned the rights guaranteed to France by cized as
being too restricted, while the hostility with
the Treaty of Versailles. It is pointed out here that which it
has been received in France is held to have
Mr. MacDonald's views as to the procedure which created
an atmosphere in which it is difficult for the
can most usefully be followed at the London confer- conference
to reach any definite results." Accordence represent his personal opinion. There is no ing to the dispatch
also, "Italian official circles are
suggestion of laying down a hard and fast program." also
disappointed at the explicit exclusion from the
The New York "Times" representative in Brussels agenda of any discussion of
inter-Allied debts, as
sent word, also on July 4, that "the excitement in the Mussolini's reparation
s policy is based on the prinParis press has produced but little echo in Belgian ciple that the problems debts
and reparations canof
Ministerial circles." He added that "the Belgian not be separately discusSed
and solved. It is beGovernment regards the memorandum as a simple lieved, however, that the
London conference will be
suggestion on the part of Great Britain which might merely the first
of a series of conferences and that
possibly facilitate the work of the conference. It is it will at last have the advantage
of clarifying the
not an agreement with all the points contained in the situation
through a clear statement of points on
memorandum in question, and reserves the right to which the Allies differ."
make counter-proposals, but there is no question or
120
THE CHRONICLE
On July 6 at Troyes, "where his boyhood was
spent, Premier Herriot made his first public speech
on political matters since his acceptance of office."
"The first duty of the Government," he said, "was
to assure the credit of France." He declared that
"the second duty which lay before the Government of
the majority which the country had elected was to
organize and make sure the peace for which the
whole country was yearning." Continuing to outline the situation, he said in part; "Let us look
sanely at facts as they are at present. The report of
the experts furnished a program for execution of her
obligations by Germany that was accepted by the
previous Government which could not do otherwise,
as it represented the best chance there was of getting paid. This plan settles a certain number of difficulties by providing control organizations to set up
and get working. On certain points in regard' to
payments in cash and kind it is necessary to establish our rights. This task the plan leaves to the
Governments and an accord among the Governments
is all the more urgent because of the precarious character of the conventions between the Ruhr industrialists and the Allied Commission at Duesseldorf."
Premier Herriot further asserted that "it was of no
advantage to France to misrepresent as being lacking in good faith and good will the British Prime
Minister, who in the midst of immense difficulties of
his own was seeking in an entente between France
and his own country as one of the essential guarantees of peace. Many difficulties had to be met, but
in spite of these and in spite of the opposition being made to any settlement, he was convinced his
policy was the right one—to seek, before all, what
would draw the two countries nearer and so together,
what they could agree about and to avoid everything
which might divide them."
In an address in the House of Commons on Monday Prime Minister MacDonald gave the British
version of the situation between Great Britain and
France and his reasons for deciding hurriedly to go
to Paris the next day to confer with Premier Herriot. In part he said: "I will say why I am not
going to allow, if I can help it, any mischief maker
•on either side of the Channel to destroy the prospects of a settlement between France and ourselves.
That is a thing which is too horrible to contemplate
and I propose to accept the suggestion made by the
French Prime Minister this morning to go to Paris
to-morrow morning. I shall travel back on Wednesday night in order to be present at the meeting of this
House on Thursday and make a further report."
Continuing he said: "The position is this:'If we
are going to have a settlement with France we must
not only understand, but we must feel both French
susceptibilities and French interests, and it is absolutely essential that the suspician that has existed
for such a long time between the two countries
should be dispelled, and the only way to dispel it, I
think, is by perfect candor." Referring to the situation between Great Britain and France when he assumed office, and as 'a result of the most recent
changes in the French Government, Prime Minister
MacDonald said: "We found the relations between
France and ourselves a little weather-beaten and my
task since I came in has been to try and restore it.
Where did we stand with them? Last week conversations took place between the French Prime Minister and myself. They were not for the purpose of
[VoL. 119.
coming to agreements. They were not for the purpose of making any settlement between France and
Great Britain preliminary to the more general settlement that we hoped might have been effected at
the inter-Allied conference on the 16th inst. What
was done at the conference? It was clearly understood as the result of that conference what we had
to agree about; that was, we had to agree upon the
problems that beset us in attempting to bring the experts' report into active operation. That was the
first point we agreed upon. The second point which
naturally followed was that we agreed that whatever
form the agreement took it was possible to draft it
in a variety of ways, some of them probably more
suitable to one ally than to the other, but we agreed
that in the end it was possible, after consideration of
various possibilities, to come to an agreement upon
the form which the agreement should take. The
third agreement we came to was that a conference
should be held on July 16 for the purpose of settling
all those things and that this preliminary exploration should form the scope of the agenda of the conference. That was all we agreed upon. We found
in surveying problems that we were in general agreement as to how they ought to be settled and so complete was the understanding in that respect that it
became purely a matter of departmental operation
in summoning the conference for July 16." Going
into still greater detail, the British Prime Minister
explained that "a routine document was issued in
Belgium, Italy and Japan, informing them that the
conference that was proposed should be held on July
16 and that it should be held in London. That document did not merely say there was an inter-Allied
conference going to be held on July 16; it indicated
what the business of the conference would be; it indicated the character of the problem that the representatives at the conference would have to discuss
and would have to settle. Who is to blame the Foreign Office for that? There is a suggestion—I
should like to know it on Thursday—that what
should have been done was merely to send a bald,
uninformative document saying 'Come to London on
July 16 to take part in a conference, and when you
get here you will understand what the business is to
be' Of course not."
Germany did not appear any more disturbed over
the whole affair than Belgium. On July 7 the Berlin
correspondent of the Associated Press cabled that
"German official quarters to-day showed little inclination to discuss the political tangle which has
arisen in London and Paris over the Chequers conversations between Premiers MacDonald and Herriot." He added that "one Foreign Office official,
in the course of an informal discussion of the reports from London and Paris, declared that the German Government expected of the London Conference
an authentic interpretation of the Dawes report,
especially with respect to some of its most essential
features about which there have been divergent
opinions, not only in Allied circles, but also within
Germany." The correspondent also said that "this
official reiterated Germany's position as reflected
in the official acceptance of the Dawes report by the
Government of Chancellor Marx and Foreign Minister Stresemann, and asserted that no supplementary official communique, amplifying the
German position, had been dispatched to London."
JULY 12 1924.]
THE CHRONICLE
121
. Commenting upon the announcement in Paris that
Prime Minister MacDonald was coming, the representative at that centre of the New York "HeraldTribune" said that "Paris was considerably surprised to-day at the announcement that Prime Minister MacDonald would arrive at 4 o'clock to-morrow afternoon.. M. Herriot's position, however, still
remains extremely difficult." He also claimed that
"unless they are successful in this, however, it is beginning to be apparent that the London conference
of July 16 may possibly provide a repetition of the
Cannes conference of 1922, which was broken up
when the French Premier was called back to Paris
to explain to Parliament. Public opinion here has
been rendered nervous under the ceaseless anti-Government campaign the opposition press has been
carrying on during the last several days and is beginning to reflect the fears of opposition politicians
that M. Herriot actually did pledge himself at
Chequers to relinquish French rights without a compensatory pledge from Britain for common action
by the two nations in taking sanctions in case of a
default by Germany under the Dawes program."
trip and what had been accoMplished, he said that
he went•"to correct an unfortunate situation Which.
had threatened to destroy the work which had been.
done to bring an inter-Allied conference on the'
Dawes report in London next Wednesday." Continuing, he explained that "the British Government
had taken the view that the experts' report should be
put into operation without delay, and added many
details would have to be settled in conference preparatory to carrying out the program." The Associated Press correspondent in London cabled that,
"answering a supplementary question, Mr. MacDonald declared that the thing which had to be settled
now was 'Are we or are we not going to put the
Dawes report into operation with full agreement
among ourselves and with the concurrence of Germany to do her part?'"
From Paris came word yesterday morning that
"the Opposition to-night [Thursday] gave up its
effort to defeat Premier Herriot this week and the
Premier will get a large vote of confidence enabling
him to go to the London conference. But instead of
adjourning on the eve of July 14, the national fete
day, as customary, Parliament will remain in sesIn emphasizing the concessions that Prime Min- sion to judge M. Herriot on what he does at the conister MacDonald had made in order to save Premier ference to put the Dawes plan into effect. The conHerriot and the French situation, the Paris corre- cessions made by Premier MacDonald yesterday are
spondent of the New York "Times" said in a dispatch responsible for the Right's suspending the fight."
on July 9 that "Prime Minister MacDonald, in the On the other hand, the correspondent of the New
largest spirit of concession to-day, went far toward York "Herald-Tribune" said that,"speaking for four
surrendering his position that the Dawes plan goes hours in the Senate to-day, former Premier Poinbeyond the Treaty of Versailles and therefore neces- care warned Premier Herriot that if the Radical
sitates practically a new treaty with Germany, and Socialist Government tends to consent to any dimijoined Premier Herriot in issuing a statement say- nution of France's claims on Germany, or relinquishing that the powers of the Reparations Commission ment of French security he, as the 'guardian of the
remain unaffected by operation of the Dawes plan Treaty of Versailles,' would turn the upper House
and specifying that power to declare Germany in oE Parliament against the Ministry." According to
default remains with the Commission." He also a cablegram from Berlin yesterday morning also,
said that "it was agreed by the two Premiers to make "bitter disappointment sums up the feeling here
every effort to have the United States name an offi- over the results of the Paris meeting of Prime Mincial member of the Reparations Commissjon to act later MacDonald of Great Britain and Premier Herin all consideration of the Dawes plan, and it was riot of France. Fear is expressed that the forthalso announced that the all-important supervisory coming London conference will lead to nothing defiagent of reparations payments would be an Amen- nite toward a settlement of the reparations problem.
can. It is believed the Premiers hope to persuade It is not believed that the United States will consent
Owen D. Young, who helped to draft the experts' to having its representative on the Reparations Cornplan, to fill this position during the first critical mission anything more than a mere observer, and
year." The Paris representative of the New York the idea that the Commission will be the final ar"Herald-Tribune" suggested that "the proposed biter on the manner of carrying out the Dawes report
American member of the Reparations Commission is particularly disagreeable to the Germans, who
would not, however, necessarily have to be desig- regard the Commission as the mere tool of the Quai
nated by the Washington Government, according to d'Orsay." The New York "Herald-Tribune" correthe plan evolved by Premiers MacDonald and Her- spondent in Berlin cabled Thursday evening that
riot after 24 hours of almost ceaseless conference. "Germany cannot and will not accept dictation from
He could be appointed on behalf of the stockholders the London conference on the Dawes plan, Foreign
in the revenue-bearing organisms created by the Minister Stresemann told a meeting of iron and steel
Dawes plan and the subscribers to the loan to Ger- manufacturers at Elberfield to-night. Germany, the
many for which the experts' program provides." He Foreign Minister declared, must be given concessions
also asserted that "this arrangement involves con- by the Allies to make adoption and execution of the
cessions by both France and Britain which, in view Dawes report possible. Dr. Stresemann emphasized
of close observers, would have been impossible a few the necessity for restoration of Germany's territorial
months ago. It was dictated by the conviction of the unity and re-establishment of her economic and
two Premiers that American participation, not only financial sovereignty in the occupied territories..
in the forthcoming London conference, but also in These he defined as the minimum that Germany exactual application of the Dawes program, is vital to pects from the Allies as the price of acceptance by
the success of that project."
this country of the Dawes plan."
The British Prime Minister returned to London
The opinion has been expressed in cable dispatches
from Paris Wednesday night. Speaking in the from several European capitals that Secretary of'
House of Commons the next day with respect to his State Hughes will be able to render valuable assist-
122
THE CHRONICLE
ance while he is in Europe, in putting the Dawes
plan into effect. In a dispatch on July 9 the Berlin
correspondent of the New York "Herald-Tribune"
declared that he was informed "by the highest authority" that "Secretary Hughes intends to visit
Berlin to discuss with German officials the terms of
execution of the Dawes report. Secretary Hughes
13 expected here Aug. 3, and will probably remain in
the German capital two days." He added that ."report of his contemplated visit is looked upon here as
the most important event in some months. The
Reichstag will be in session considering the Dawes
bills while the Secretary is here. It is believed his
presence will accelerate passage. In anticipation of
this visit, Government leaders have taken pains to
make certain points clear, inasmuch as Secretary
Hughes enjoys a substantial prestige here and his
good-will is sought on all sides. One of these points
has to do with the latest political difficulties raised
in France with regard to the negotiations between
Premiers Herriot and MacDonald on the program of
the London conference."
In a cablegram dated July 10 the Berlin correspondent of "The Sun" said that, "dismayed by the
outcome of the MacDonald-Herriot conference, Germany once more turns her hopes from Paris to
Washington. Wilhelmstrasse is now far more interested in Secretary Hughes's promised visit to Berlin
than in the Allies' London meeting, about German
participation, in which the Franco-British pronunciamento remains strangely silent." Continuing he
said: "In official quarters 'The Sun' correspondent
gathers that the Marx Cabinet has become pessimistic about deliberationa in. London and is highly
optimistic about the American Secretary's European
tour. Governmental opinion here views with open
alarm the decisive role assigned the Reparations
Commission by the French and British leaders in
their interpretation of the manner in which the
Dawes plan is to be carried through. In German
eyes the plan is regarded as going far beyond the
limits of the Versailles Treaty. This view, it is believed here, is shared by the Coolidge Administration. Consequently, the Germans feel fairly sure
that Washington will register dissatisfaction with
the Franco-British attitude as defined yesterday at
Paris, and that the result may be the failure of the
London conference to achieve the beneficent ends desired by its organizers. If this occurs the importance of Hughes's trip is greatly increased, since it
will then be up to the Secretary to find the modus
operandi vainly sought. by the Allies."
• Apparently the United States will not become a
member of the League of Nations at an early date.
This was made perfectly clear in a communication
from our Government recently received by the
League in Geneva. According to an Associated Press
correspondent at that centre, "the United States
Government has officially informed the League of
Nations that it cannot adhere to the draft of the
treaty of mutual assistance which the fourth assembly of the League voted should be circulated among
1-111 the Governments, with the request for expressions of their views." He also said that, "holding
that the fundamental principle of the treaty is to
provide guarantees of mutual assistance and to establish the competency of the Council of the League
with respect to any decisions contemplated, the
United States Government says that in view of its
[VoL. 119.
Constitution and the fact that America is not a member of the League, the United States would find it
impossible to give its adherence."
In comparison with May of this year the British
Board of Trade statement for June discloses large
decrease in imports and in the excess of imports.
The shrinkage in the former item was £33,586,599
and in the latter £22,274,522. The statement, on the
other hand, showed only relatively unimportant
changes compared with June of last year. Only in
the case of total exports was there a decrease in
excess of £1,000,000. The following statement gives
the comparative returns for June 1924 and 1923:
Imports
Exports, British products
Re-exports, foreign goods
June 1924. June 1923.
£88,500,000 £89,307,683
£62,020,000 £62,883,559
10,020,000
10,954,932
Total exports
Excess imports
£72,040,000 £73,838,491
£16,460,000 £15,469,192
No change has been made in official discount
rates at leading European centres from 10% in Berlin;
in Norway and Denmark; 6% in Paris;
51/
2% in Belgium and Sweden;
in Holland and
Madrid, and 4% in London and Switzerland. 'In
London open market discount rates stiffened and
moved up to 31/
4@31/2% for short bills, against 27
/8@
314% last week and 35
/A311-16% for three months'
bills, compared with 3 5-16@3%% a week ago.
Money on call at the British centre was likewise
firm, advancing to 23
/
4%, but closing at 21/
4%, in
comparison with 11/
2% a week earn—. In Paris and
Switzerland open market rates continue to be quoted
4%, unchanged, respectively.
/
4% and 31/
at 43
A further small gain in gold, amounting to £3,779,
was announced by the Bank of England in its statement for the week ending July 9, thus making the
gold holdings £128,269,317, as compared with £127,622,694 last year and £127,900,698 in 1922. Note circi lation was reduced £531,000; hence reserve expanded £534,000. A still more striking gain was
shown in the proportion ot reserve to liabilities,
which advanced from 13.31% last week, to 17.17%.
1
2% in 1923 and 17%% a year
This compares with 17/
earlier. Sharp decreases occurred in deposits, public deposits being reduced £1,814,000 and "other"
deposits £29,260,000. The bank's loans to the Gover iment decreased £6,165,000, while loans on other
securities fell no less than £25,40,000; all of which,
of course, reflects recovery from the recent strain of
meeting July 1 settlements. Reserve now is £20,7t3,000, against £20,963,059 last year and £22,101,993 in 1922. Note circulation is £127,269,000. This
compares with £126,409,635 in 1923 and £124,248,705
a year earlier. The loan total is £79,950,000, as
against £69,792,107 and £73,663,109 one and twO
years ago, respectively. Clearings through the London banks for the week amounted to £776,272,000.
This compares with £907,587,000 last week and £705,980,000 a year ago. No change was niade in the
minimum discount rate from 4%. We append here'with comparisons of the principal items of the Bank
oi England returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1920.
1921.
1923.
1922.
July 14.
Jt4y 9.
July 11.
July 13.
July 12.
Circulation
127,269,000
Public deposits
9.928,000
Other deposits
110,876,000
Governrn't securities 48,048 000
Other securities
79,950,000
Reserve notes & coin 20,753,000
Coin and bullion...128,269,3t7
proportion of reserve
17.17%
to liabilities
4%
Bank rate
126,409,635 124,248,705
11,597,431 12,612,045
107,981.759 112,375,059
46,838,731 47,103,552
69,702,107 73,663,109
20,963,059 22,101,993
127,622,694 127,900,698
127,995,565
19,664,910
134,064,309
76,003,078
77,612,637
18,868,096
128,373,661
124,237,640
17,871,411
119,622,526
59,438,583
78,622,562
17,091,857
122,879,497
174%
12.20%
6%
12.44%
7%
174%
4%
3%
JULY 12 1921.]
THE CHRONICLE
The •Bank of France in its statement this week
shows a further expansion of 109,331,000 francs in
note circulation, which, following the increase of
450,986,000 francs registered in that item last week,
brings the total outstanding up to 40,224,979,000
francs. The high record for note circulation is 40,265,994,000 francs—touched on March 7 of this year.
Last year at this time the amount of notes in circulation was 37,400,059,525 francs, comparing with 36,501,518,135 francs the year before. In 1914, just
prior to the outbreak of war, the amount was only
6,683,184,785 francs. The gold item continues to
show small gains, the increase this week being 65,950 francs. The Bank's gold holdings therefore now
aggregate 5,543,283,675 francs, comparing with
5,537,784,379 francs at this time last year and with
5,529,572,064 francs the year previous; of these
amounts, 1,864,320,900 francs were held abroad in
1924, 1,864,344,927 francs in 1923 and 1,948,367,056
francs in 1922. During the week increases were
registered in the various other items as follows:
Silver, 67,000 francs; bills discounted, 137,348,000
francs; advances, 170,450,000 francs, and Treasury
deposits, 442,000 francs. On the other hand, general
deposits were reduced 5,435,000 francs. Comparisons of the various items in this week's return with
the statement of last week and corresponding dates
in both 1923 and 1922 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Stains as of—
for Week.
July 10 1924. July 12 1923. July 13 1922.
Francs.
Gold Holdings—
Francs.
Francs.
Francs.
Inc.
65,950 3,678,962,775 3,673,439,452 3,581,205.008
In France
No change 1,864,320,900 1,864,344,927 1,948,367,056
Abroad
Inc.
65,950 5,543,283,675 5,537,784,379
Total
Inc.
Silver
67,000
299,870,000
293,517,729
Bills discounted—Inc. 137,348,000 4,864,021,000 2,311,797,440
Inc. 170,450,000 2,772,985,000 2,175,135,314
Advances
Note circulation-Ana. 109,331,000 40.224,979,000 37,400,059,525
442.000
Treasury deposits-Inc.
15,235,000
25,747,169
General deposits_ _Dec. 5,435,000 2,200,242,000 2,049,592,599
5,529,572,064
285,138,402
2,103,289,344
2,231,615,514
36.501,518,135
47,237,935
2,197,409,648
The statement of the Imperial Bank of Germany,
issued as of June 30, was conspicuous chiefly by
reason of a huge expansion in note circulation. This
amounted to 205,962,820,000,000,000,000 marks, and
carried the total now outstanding to past the sextillion mark), or another new high record of 1,126,310,573,761,000,000,000 marks, as compared with 17,291,061,000,000 marks a year ago and 169,211,000,000 marks in 1922. Other large increases included
16,286,443,000,000,000,000 marks in bills of exchange
and checks, 13,720,249,000,000,000,000 marks in Rentenmark bills and checks, 6,746,650,000,000,000,000
marks in advances, 1,107,250,000,000,000,000 marks
in Rentenmark discounts and advances and 76,524,872,000,000,000,000 marks in other assets. Deposits
were heavily reduced, viz., 297,772,031,000,000,000,000 marks, holdings of Rentenmark notes fell 196,102,893,000,000,000,000 marks, Treasury and loan
association notes decreased 54,000,000,000,000,000,000 marks and liabilities resulting from discounted
bills payable in Berlin decreased 10,000,000,000,000,
000,000 marks. I etlisr liaMlitizz an increase of
9,923,775,000,000,000,000 marks is shown. Rentenmark loans remain unchanged. The bank's gold
holdings continue stationary at 462,187,000 marks.
The silver coin reserve increased 65,299,000 marks.
Important changes were shown in the Federal
Reserve Bank statements issued on Thursday afternoon, reflecting the return of funds into normal
channels. These consisted mainly of heavy additions to gold reserves as well as a material contrac-
123
tion in rediscounting operations. For the System
as a whole, gold holdings increased nearly $23,000,000, following a loss of $35,000,000 last week. Rediscounts of all classes of paper fell $58,300,000, although there was a gain in open market purchases
of $5,700,000. Total bills discounted now are $310,713,000, as compared with $846,369,000 at this time
a year ago. Earning assets fell $37,500,000, while
deposits expanded slightly, namely $4,400,000. In
the New York bank similar changes occurred. Gold
reserves increased $45,900,000. Rediscounting of
Government secured paper decreased $39,200,000 and
"other" bills $254,000. Bill buying in the open market increased $2,000,000. The total of bills discounted is now $33,804,000, as compared with $219,643,000 last year. Total earning assets of coursc
also sharply decreased—$30,500,000. Deposits expanded $23,200,000. Substantial reductions oc
curred in the amount of Federal Reserve notes ill
actual circulation; for the banks as a group the decrease was n9,000,000 and at New York $6,100,000.
Member bank reserve acounts gained $20,700,000
nationally and $28,700,000 locally. Notwithstanding the increases in deposits, accessions to gold reserves brought about an advance in reserve ratios.
The local institution reported a gain of 2.9%, to
83.9%, and the twelve reporting banks 1.0%, to
82.5%.
Last Saturday's statement of New York Clearing
House banks and trust companies indicated th0
usual "recovery" following July 1 disbursements,
and reported an increase in surplus reserve of more
than $35,000,000. This was accompanied by contraction in loans of $74,539,000 and a decline in demand deposits aggregating $73,451,000, to $4,281,543,000, which total is exclusive of $21,203,000 in
Government deposits. In time deposits there was a
falling off of $19,453,000, to $487,692,000. Other
lesser changes included a decrease in cash in own
vaults of members of the Federal Reserve Bank of
$2,827,000, to $44,078,000, which, however, is not
counted as reserve. Reserves of State banks and
trust companies in own vaults increased $145,000,
but the reserve of these institutions kept in other
depositories declined $262,000. Member banks increased their reserves with the Reserve bank $25 724,000, and this together with the falling off in deposits was instrumental in bringing about the gain
in surplus reserves of $35,725,230, to $49,141,350
from $13,416,120 a week ago. The figures here given
for surplus reserves are based on reserves of 13% for
member banks of the Federal Reserve System but
not including cash in own vaults to the amount of
$44,078,000 held by these member banks on Saturday
last.
The upturn in call money toward the end of last
week has not been maintained. While day-to-day
accommodations were arranged at the outset this
week at 21/
2%,the prevailing quotation on Wednesday and Thursday was 2%. Yesterday call loans
were reported to have been made in the so-called
"outside" market at 134%. Time money was essentially unchanged. It can only be reiterated that apparently there has been no important change in the
money market at this centre or in conditions in the
country at large that would affect it here or in other
important financial centres of the United States.
The Government withdrew $5,293,000 from local de-
124
TEM' OrtizoNicLE
fiSsitOrieS, but otherwisa was not a factor in the lOdal
rriOneY market, So far as became generally kno*n. Offering§ *of new securities continue of considerable Volume. With the exception of certain South American
issues, bonds dealt in on the New York stock Exchange were firm to strong, with good-sized transactions each successive day. A .tive discussion of a
large international loan to Gzrmany is likely to
come up•at the Allied Conference schednled to begin
in London next Wednesday, July 16.
''Poi,. 119.
an advance of about 33'c. So far as fundamentals are
concerned, there is nothing new in the underlying
situation. Little if any speculative activity is discernible. Bankers are still holding aloof to await
the results of the controversy between France and
England over the enforcement of the Dawes Reparations Plan,although as a matter of fact actual market
levels were not affected to any appreciable extent
by the many contradictory and unsettling reports
emanating from both Paris and London and the
last few days values mounted to the highest point
As to money rates in detail, call loans moved touched in several weeks.
Talk of an advance in the Bank of England rate
within narrow limits, the range for the week being
2@23/2%, which compares with 2@3% a week ago. is still heard. When this failed to materialize,
Monday the high was 23/2%, the low 2%, with re- London sent buying orders for fairly substantial
newals at 23/2%. On Tuesday all loans were made amounts which, as usual, acted as a stimulus to
at 23/2%, which was the only rate quoted. For the values locally. A development of the week that
rest of the week, that is, Wednesday, Thursday and attracted some attention was the reported engageFriday, call funds ruled at a flat quotation of 2%. ment of a shipment of $6,000,000 gold from ArgenIn the outside market some loans are said to have tina to New York for British account and there
been negotiated as low as 1%%. For fixed date were some who believed that this had something
maturities the undertone continues easy and quota- to do with the general firmness in quotations.
tions have not been changed from 23/2@2Y4% for Hopes for a speedy settlement of the reparations
sixty days, 2%@3% for ninety days, 3% for four muddle are waning and market experts give evimonths, 3@33% for five months and 3h% for six dence of a growing belief that little progress need
months. Funds were in large supply. At times it be looked for now until after the new Allied conwas claimed that nearly all of the big banks were in ference. Some of the more pessimistic intimate
the market as lenders. There were, however, few that months may elapse before the disputed terms
takers, so that the market was dull with no important of the Dawes plan are sufficiently modified to be
acceptable to France. Offerings of commercial
trades made in any maturity.
Commercial paper was moderately active. Local bills are as light as ever.
and out-of-town institutions were in the market,
Referring to the day-to-day rates, sterling exchange
though country banks continue the principal buyers. on Saturday last was easy and demand declined to
Four to six months'names of choice character remain 4 32Yi@4 32%, cable transfers to 4 33@4 333/g, and
at 332@34%, with the bulk of the business passing sixty days to 4 303'@4 30%; freer offerings and
at the inside figure. Names less well known still a light inquiry were mainly responsible for the
require 4%. New England mill paper and the recession. On Monday values were slightly higher
shorter choice namcs are usually dealt in at 31A%•
on quiet trading and an advance took place
Banks' and bankers' acceptances continue at the to 4 32 15-16@4 33 9-16 for demand, 4 33 3 16©
levels current last week. A fairly large turnover 4 33 13-16 for cable transfers and 4 30 11-16@
was reported, although the market was not really 4 31 5-16 for sixty days. Increased firmness dean active one. Most of the business was for account veloped on Tuesday and the result was another
of interior banks. At times offerings were in excess fractional gain in the price of demand bills, which
of the supply. For call loans against bankers' ac- moved up to 4 333'@4 33 9-16; cable transfers
ceptances the posted rate of the American Acceptance were 4 3398@4 33 13-16 and sixty days 4 30%@
Council is down again to 13%, against 2% last 4 31 5-16; trading, however, was still inactive.
week. The Acceptance Council makes the discount Wednesday's market was quiet but firm and there
rate on prime bankers' acceptances eligible for pur- were additional gains to 4 33%@4 33 15-16 for
chase by the Federal Reserve banks DA% bid and demand, 4 33%@4 34 3-16 for cable transfers and
2% asked for bills running 30, 60 and 90 days; 4 3114@4 3111-16 for sixty days. An advance
1
asked for bills running 120 days; to the highest point on the current upswing was
23.70 bid and 2/%
2%% bid and 2/% asked for bills running 150 days, recorded on Thursday and demand ranged beand 2%% bid and 23/2% asked for bills running 180 tween 4 33%@4 3434, cable transfers at 4 3434@
3 and sixty days at 4 313/
4 34%
days. Open market quotations were as follows:
2@4 32; this was in
DELIVERY.
SPOT
some
measure
due
to
renewed
talk
of an increase in
90 Days.
60 Days.
30 Days.
2%432
the Bank of England rate and later on to buying in
2(02
3,6
Prime eligible bills
23402
FOR DELIVERY WITHIN THIRTY HAYS.
London. On Friday the undertone ruled strong and
Eligible member banks
234 bid
Eligible non-member banks
234 bid the day's range of quotations was advanced to 4 35@
4 36 7-16 for demand, 4 3534@4 36 11-16 for cable
There have been no changes this week in any of transfers and 4 323'@4 33 15-16 for sixty days.
Closing rates were 4 33 15-16 for sixty days,
the rates of the Federal Reserve banks.
' 4 36 7-16 for demand and 4 36 11-16 for cable transSterling exchange continues to reflect uncer- fers. Commercial sight bills finished at 4 36 5-16,
tainties surrounding the European political situation sixty days at 4 32 8, ninety days at 4 32 7-16,
and the market has experienced another week of documents for payment (sixty days) at 4 343' and
listless, narrow trading operations, albeit prices seven-day grain bills at 4 35 13-16. Cotton and grain
were firmly held, and closed strong. During prac- for payment closed at 4 36 5-16.
So far as could be learned, no gold was received
tically the entire week the trend was fractionally up,
and quotations in the day-to-day dealings made small this week. Washington advices intimate that pergains, which eventually brought demand to 4 36 7-16, mission has been requested by the Argentine Finance
JULY 12 1924.]
THE CHRONICLE
125
Minister to withdraw gold to the amount of $6,In the former neutral exchanges, trading was slow
000,000 for shipment to New York to meet a pay- and limited in scope. Speculative trading figured
ment falling due in London by reason of a revolving less prominently in the dealings. Buying of guilders
credit granted some time ago by British bankers.
and Swiss francs for German account was responsible for substantial advances in the price levels of these
currencies,
but aside from this activity the market
Trading in Continental exchange was extremely
was
at
a
practical
standstill. The Scandinavian exdull, with possibly the exception of francs, in which
changes
were
steady
with the exception of Norwegian
brief periods of nervous activity were noted, accomkroner,
which
closed
at a small net decline. Spanish
panied by the usual irregular price fluctuations.
pesetas
were
firm
and
higher, despite disturbing news
The market, generally speaking, failed to respond to
developments in the Franco-British dispute over concerning the progress of the Moroccan campaign.
Bankers' sight on Amsterdam closed at 37.75,
German affairs, save in the form of increased reluctance on the part of dealers to enter into exchange against 37.61; cable transfers at 37.79, against 37.65;
commitments. An undercurrent of optimism was commercial sight bills at 37.70, against 37.55, and
observable, notwithstanding threat of serious dis- commercial sixty days at 37.64, against 37.19 a week
agreement for a while between Premiers MacDonald ago. Swiss francs finished at 18.21 for bankers'
and Herriot; hence the tendency of prices was to sight bills and 18.23 for cable transfers, which commove toward higher levels and it was not long before pares with 17.82 and 17.83 last week. Copenhagen
short covering operations commenced and French checks closed at 16.00 and cable transfers at 16.04,
francs advanced from 5.00 to 5.153/2. Later on, against 15.77 and 15.81. Checks on Sweden finished
weakness set in again and the quotation dropped back at 26.563' and cable transfers at 26.603', against
to 5.03, although the closing figure was 5.103'). A 26.503 and 26.543' last week, while checks on Norfeature which received some attention and was re- way closed at 13.38 and cable transfers at 13.42,
garded by some as in a measure responsible for the against 13.37 and 13.41 a week ago. Spanish pesetas
improvement in values, was the inauguration of a closed the week at 13.23 for checks and 13.27 for cable
buying demand of fairly liberal volume to cover remittances. Last week the close was 13.143/i and
tourists' requirements. For the next few weeks it is 13.16%.
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
expected that buying from this source will assume FOREIGNBANKS
TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 5 1924, TO JULY 11 1924, INCLUSIVE.
still larger proportions and this may serve to offset
the influence of discouraging political news. BelNoon Buying Rate for Cable Transfers in New York.
Monetary
Value in United States Money.
gian currency as usual moved in sympathy with Country and
Unit.
July 5. July 7. July 8. July 9. July 10. July 11.
French francs. German and Austrian exchange conEUROPE$
$
$
$
$
2
tinue unaffected by passing developments. Very Austria,
krone
000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
0444
.0451
.0453
.0450
.0451
.0451
business
is doing in either marks or kronen, and Bulgaria, lev
little
.007233 .007190 .007205 .007170 .007277 .007250
Czechoslovakia, krone .029269 .029260 .029328 .029342 .029344 .029411
Denmark, krone
the quotations, which are virtually stationary, are England,
1586
.1582
.1587
.1593
.1593
.1601
pound sterling
4.3307
little better than nominal. Lire were a trifle easier, Finland,
4.3333
4.3355
4.3382
4.3462
4.3532
markka
025053 .025034 .025041 .025031 .025046 .025037
franc
0503
.0512
.0513
ruling around 4.25, as a result of renewed political France,
.0509
.0510
.0508
Germany, relchsmark
a
a
a
a
a
a
Greece, drachma
.017069 .017109 .017152 .017171 .017134 .017157
tension in Italy. Greek exchange and the currencies Holland.
guilder
3771
.3772
.3773
.3773
.3776
.3773
Hungary. krone
.000012 .000012 .000012 000012 000012 .000012
of the minor Central European countries were a trifle Italy,
bra
.0426
.0426
.0426
.0426
.0426
.0427
Norway, krone
1338
.1336
.1333
.1329
.1330
.1336
unsteady but not materially changed. Reports from Poland,
Zloty
1927
.1930
.1927
.1929
.1927
.1926
Portugal. escudo
0280
.0281
.2079
.0278
.0278
.0277
Germany were regarded as reassuring since it is Rumania,leu
.004054 .004071 .004128 .004116 .004141 .004252
Spain. peseta
.1318
.1321
.1329
.1327
.1323
.1326
claimed that although the Government's policy of Sweden,
krona
.2653
.2654
.2656
.2656
.2657
.2660
Switzerland, franc- .1784
.1785
.1786
.1790
.1805
.1814
credit restriction is keeping industrial and commercial Yugoslavia, dinar.--- .011894 .011884 .011866 .011788 .011727 .011759
ASIAactivities down to a minimum, prices are declining Cb1naChefoo, tael
7238
.7250
.7248
.7225
.7208
.7250
steadily, so that an increased export movement Hankow tael
7287
.7275
.7266
.7253
.7244
.7277
Shanghai tael
7109
.7111
.7091
.7116
.7145
.7117
Tientsin
tael
is expected to occur shortly. It is claimed that Hongkong
.7342
.7388
.7338
.7300
.7317
.7342
dollar.5182
.5186
.5190
.5215
.5196
.5205
Mexican dollar._
.5085
Germany intends to do her part in carrying out the Tientsin
.5088
.5135
.5110
.5126
.5083
or Pelya
dollar
5108
.5117
.5167
.5175
.5142
terms of the Dawes reparations plan.
.5117
Yuan dollar
5125
.5150
.5217
.5217
.5192
.5133
rupee
3061
.3059
.3063
.3084
.3073
.3070
The London check rate on Paris finished at 85.55, India,
Japan, yen
4170
.4174
.4165
.4163
.4171
.4159
(S.S.) do
.6019
.5013
.5034
.5019
.5019
.5038
which compares with 83.85 a week ago. In New Singapore
NORTH AMER.Canada. dollar
990433 .991183 .992427 .991987 .991934 .991292
York sight bills on the French centre closed at 5.103/2 Cuba,peso
.999938 .999922 .999583 .999500 .999438 .999438
Mexico, peso
.483500 .483063 .483125 .484125 .485917 .485313
(unchanged); cable transfers at 5.113, against Newfoundland,
dol
.987578 .9878752 .990125 .989250 .989563 .988375
SOUTH AMER.5.11%; commercial sight bills at 5.093/
2 (unchanged), Argentina, peso (gold) .7377 .7375 .7365 .7371 .7376 .7394
Brazil, mIlreis
1077
.1071
.1045
.1039
.1012
2.0979
and commercial sixty days at 5.04/
1 2, against 5.04% Chile. Peso (paper)... 1006
.1008
.1017
.1008
.1014
.1008
Uruguay. peso
7710
.7750
.7732
.7707
.7719
_7735
last week. Closing rates on Antwerp francs were
a The quotations for German reichsmarks have been as follows: July 5,
.000000000000239: July 7, .000000000000238; July 8, .000000000000240: July,9
4.533 for checks and 4.54% for cable remittances, .000000000000238:
July 10. .000000000000238; July 11, .000000000000239
which compares with 4.49 and 4.50 the previous
With regard to South American exchange, the
week. Reichsmarks finished at 0.000000000024,
trend was sharply lower. Brazilian milreis were
against 0.0000000000233/ a week earlier. Austrian
heavy and declined some 85 points on rumors of
kronen remain at 0.00143,, unchanged. Lire closed
political insurrection in Sao Paulo. Argentine exat 4.273' for bankers' sight bills and 4.283/
2 for cable change was easy and finished
at 32.47 for checks and
transfers, as against 4.28% and 4.293' last week.
at 32.57 for cable transfers, against 32.62 and 32.67.
Exchange on Czechoslovakia finished at 2.95,
Brazilian exchange closed at 9.90 for checks and
against 2.943; on Bucharest at 0.43, against 9.95
for cable transfers, comparing with 10.75 and
0.403'; on Poland at 193, against 193', and on Fin10.88 last week. Chilian exchange was a shade
land at 2.503
4,against 2.51.• Greek drachmae closed firmer,
ending at 10.30, against 10.04 a week ago,
at 1.713
4for checks and 1.72% for cable transfers, as while
Peru was 4 10, against 4 12 a week earlier.
contrasted with 1.693% and 1.713 the week before.
Far Eastern rates were as follows: Hong Kong,
52%@525
/
8, against 52@523; Shanghai, 72@723/2,
126
THE CHRONICLE
[VOL. 119.
of Mr. McAdoo and Governor Smith in refusing to
yield until long after it had been made clear that
neither could hope for a two-thirds majority did no
credit to their political sagacity or their regard for
party welfare, and it is upon their shoulders that the
responsibility
for the prolonged deadlock must in
The New York Clearing House banks in their
large
measure
rest. Under such circumstances the
with
interior
banking
institutions
have
operations
gained $5,042,346 net in cash as a result of the cur- selection of Mr. Davis, while less a deliberate judgrency movements for the week ended July 10. ment upon his fitness than an expression of relief
Their receipts from the interior have aggregated that a candidate against whom nothing could be said
$6,003,046, while the shipments have reached $960,- and upon whom all could unite had at last been
found, was nevertheless an act for which the rank
700, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING and file of the Democratic Party may well be grateINSTITUTIONS.
ful. Mr. Davis is a man of high character, marked
ability and wide experience in public life, and if
Into
Gain or Loss
I
Out of
Week Ending July 10.
Banks.
Banks.
to Banks.
I
anyone can heal the breaches which have appeared
Banks'interior movement
66,003,046
$960,700 Galn 85,042,3.6
in the party and put the campaign on a plane of
As the Sub-Treasury was taken over by the Fed- genuine national interest, he should be able to do so.
eral Reserve Bank on Dec. 6 1920, it is no longer
Whether or not he will be able to do this is, of
possible to show the effect of Government opera- course, another matter. The nomination of a Presitions on the Clearing House institutions. The Fed- dential candidate on the 103d ballot, followed immeeral Reserve Bank of New York was creditor at the diately by a vote making the nomination unanimous,
Clearing House each day as follows:
was a procedure which naturally evoked cheers from
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK the floor and the galleries, but none of the animosiAT CLEARING HOUSE.
ties or divisions which had distracted the convention were automatically dissipated thereby. Mr.
Saturday, Monday, Tuesday, Wednesd'y. Thursday, Friday,
Aggregate
July 7.
July 10.
July 11.
for Week.
July 5.
July 8.
July 9.
Davis will have to face in the campaign the same
$
80.000,000 77,000,000 56.000,000 65,000,000 70,000,000 66,000,000 Cr.414,000,000 issues that confronted the party representatives
Note.—The foregoing heavy credits reflect the huge mass of checks which come who nominated him. He will have to declare himto the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances, self in regard to the Klan, and whichever horn of
however, reflect only a part of the Reserve Bank's operations with the Clearing House
institutions, as only the items payable in New York City are represented in the that dilemma he may take will not save him from
dally balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do the danger of being impaled on the other. He will
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
have to declare himself in regard to prohibition, and
no public man has as yet succeeded in saying any-'
The following table indicates the amount of bul- thing on that issue that was satisfactory to both the
lion in the principal European banks:
"wets" and the "drys." The support of Mr. McAdoo,
after Mr. McAdoo's performance at New York, will
July 10 1924.
July 12 1923.
Banks of
be as dubious, if it is offered, as the friendship of the
Gold.
Silver. I
Total,
Gold.
Silver,
Total.
Greeks bearing gifts, but the support of the labor
E
£
England __ 128,269,317
1128,269,317 127,622,694
127,622,694
France a..147,157,370 11,960,000 159,117,370 147,937,578 11,720,000159,657,578 elements which championed Mr. McAdoo's candidacy
Germany _ 23,109,350 1,171,650; 24,281,000 41,595,200 3,475,400 45,070,600
Aus.-Hun_ 62,000,000
Is
62,000,000 62,000,000
62,000,000 will have to be won if the important labor vote is not
Spain ____ 101,366,000 26,457,000 127,23,000101,031,00 28,736,000127,787.000
35,417,000 3,416.000 38,833,000 35,514,000 3,023,000 38,537,000 to be split. The convention, in other words, shifted
Italy
Nethlands 44,300,000
836,000 45,136,000 48,483,000
878,000 49,361,000
Nat.-Belg_ 10,819,000 2,681,000 13,500,000 10,577,000 2,494,000 13,251,000 to the backs of its candidates the burden of settling
Switeland 20,223,000 3,967,000 24,190,000 20,979,000 4,081,000 25,060,000
Sweden..
13,740,000
13,740,000 15,169,000
15,169,000 controversies which it could not itself dispose of,
Denmark _ 11,642,000
898,000 12,510,000 12,678,000
194,000 12,872 000
8,182,000 8,115,000
Norway -- 8,182,000
8,115,000 and while it is earnestly to be hoped that Mr. Davis
Total week 546,225,037 51,386,650 597,611,687571,881,472 52,801,400624,482,872 may
be able to carry the load with a distinction of
Pres.. week 546,517,620 50,810.740597,328,360 570,859,621 52,539,400623,399,021
which
he is personally worthy and that the party
a Gold holdings of the Bank of France this year are exclusive of £74,573,977
held abroad. b No recent figures.
may take on vigor under his leadership, it is clear
that he will have an up-hill road to travel.
The High Task of Democracy—The New York
We are not of those who are disposed to ridicule
and Cleveland Conventions.
the unprecedented proceedings at Madison Square
The nomination of Mr. J. W. Davis of West Vir- Garden, or to predict a Democratic defeat in advance
ginia as the Democratic candidate for the Presi- merely because the party convention was long in
dency gave to the last moments of the convention at making up its mind. We prefer, rather, as we beNew York an air of dignity and responsibility which lieve the American people prefer, to look beyond the
for days had been conspicuously lacking. Never has whirlpools on the surface to the deeper currents that
an American party been at once so sharply and so flow beneath. The dissensions which developed at
variously divided, never have leading aspirants for the New York convention, and which Mr. Davis and
favor done more to keep a convention from getting the party leaders will have to exert themselves
together and accomplishing the work for which it strenuously to heal, might be viewed with less conwas called. The convention was almost evenly split cern by the country were it not for the effect which
on the question of the Klan, it was divided on the the lack of Democratic discipline and solidarity may
question of prohibition, it chafed harshly under the conceivably have upon another element of political
restrictions of the unit rule, it seemed several times opposition whieh has taken form in the meantime.
to be at the point of throwing overboard the two- While the Democratic convention was sweating at
thirds rule, though nevertheless repeatedly voting its task in New York, Senator La Follette announced
down resolutions to that effect, and it watched with his candidacy for the Presidency on a third party
increasing bitterness the fight between candidates ticket, and was unanimously nominated by a convenneither of whomi had, after the first few days, any tion of his followers at Cleveland. Mr. La Follette
reasonable chance of being nominated. The action has been for years the pre-eminent idol of those ele-
3 @42 (un2@71%; Yokohama, 41%
against 713/
changed); Manila, 4932@49% (unchanged); Singapore, 503/
2@50% (unchanged); Bombay, 30%@313
(unchanged), and Calcutta, 313/s@31% (unchanged).
S.
JULY 12 MI.]
THE CHRONICLE
127
moats in the country who, calling themselves liberals cratic
Party, accordingly, a greater responsibility
or radicals or progressives by turn, as the terms than
that of merely harmonizing its differences and
suited them, yet agreeing in nothing save in their presenting
a united front to the Republicans. There
repudiation of both the Republican and the Demo- is
indeed an issue of democracy before the country,
cratic parties, have worked to perfect an organiza- but
of a democracy which •involves a return to the
tion in which their own ideas might be embodied. simpli
city of the Constitution and the preservation
The Cleveland convention did,indeed,expel the Com- of State
, local and private rights, not the democracy
munists and condemn the "rule of the proletariat," of a
nationalization of industry and resources which
but it welcomed to its ranks a variety of dissenting would
indefinitely expand administrative machinery
groups some of whose opinions are only a little less
and officialdom and make the Federal Government
radical than those of the Communists, and what is
all in all. If the Democrats shall show themselves
left of the Socialist Party has endorsed the La Fol- unabl
e to unite under the leaders whom they have
lette candidacy. Mr. La Follette himself is a masselected, they will run the risk of aiding a third
terful politician, but he has been hitherto only a
party movement which would assuredly spell disasmember of the Senate, able to cast one vote for or
ter if it succeeded, and they may throw the election
against such matters of public policy as presented
a both President and Vice-President into Congress.
themselves. Now, after years of hesitation, he is
If, on the other hand, notwithstanding their opposibefore the country as a full-fledged candidate for the
tion to the Republicans, they shall succeed by unity
Presidency on a platform which he himself has
and largeness of view in putting the Campaign on a
framed. What are the grounds upon which he inhigh level of principle, they will contribute to the
vites the support of so much of the nation as has fordiscomfiture of a dissenting movement which holds
saken the Republican or Democratic standards or
no promise of good, and will themselves deserve well
can be lured away from them, and clamors for salvaof the country, even though the prize of the Presition on other lines?
dency eludes their grasp.
The Cleveland platform is a document skillfully
contrived to catch the votes of the dissatisfied and
the unthinking. Vague generalities such as "less
Wealth—Material.and. Spiritual.
autocracy and more democracy in government
Since we have come into the habit of estimating
"—
which all believe in—"the highest level of avera
ge the true value of wealth, there is a manifest disposihappiness and well-being"—which every
body desires tion to exalt spiritual possessions
., such as virtue,
—"unqualified enforcement of the
Constitutional contentment, sacrifice, and service, at the expen
se
guarantees of freedom of speech, press
and assem- of mere money or property,. That is to say wealt
h
is
blage"—which no party has ever oppos
ed—and "re- nothing, service is all. Ambition is not to be menmoval of legal discriminations against wome
n by tioned in the presence of contentment. Sacrifice is
measures not prejudicial to legislation for
the pro- relinquishment of the possession of material things
.
tection of women and for the advancement of social
There is danger here to a true appreciation of life.
welfare"—which may mean anything or
nothing as Man is a nomad; yet is rooted to the soil.
Ownercircumstances dictate—appear along with
demands ship involves accumulation; and accumulati
on, toil.
for the enactment of a postal salaries law such
as Altruism, at best, is a nebulous doctrine, for
hbw
Mr. Coolidge vetoed, for the independence
of the shall man help the "other ;fellow" effectually
unless
Philippines and the extension of the civil
service, he has something to give to him'? It may be
service
and an expression of "deep sympathy" with
"the and it may be money. But he who has nothing save
aspirations of the Irish people for freedom and
inde- precepts to offer a hungry man cannot keep
him
pendence." These, however, are only the
frosting from starving. We do not overestimate
the material
on the cake. The core of the platform is its
demand life when we say it is fundamental and neces
sary;
for public ownership or control of water
power and nor do we underestimate•the spiritual
life when we
"all natural resources," including coal, iron
and say it is not in opposition to effort and accumulation.
other ores, and oil and timber lands; "promotion
of Wealth and property are, broadly, alike in kind;
public works in times of business depression,"
for though differing, through ownership, in amoun
t.
which, of course, the taxpayer must some time
pay; Contentment does not come through relinquishment
retention of surtaxes on "swollen incomes,"
restora- of the ambition to become rich, but through
rightly
tion of the excess profits tax, "rapidly
progressive estimating the value of work in its relati
on to chartaxes on large estates and inheritances,"
financial acter and a competence. Content is not
slothful;
aid to the farmers, the creation of a
Government character is not negative; sacrifice is
subjective, not
Marketing Corporation, and the public
ownership of objective; and service involves the
doing of good
railways. The list is capped by a
demand, strange with all the means at hand.
indeed for a candidate with Mr. La
Follette's record,
To undertake to assert, by citing examples,
that
for "common international action to effect
the eco- the contentment arising from the posses
sion, say, of
nomic recovery of Europe from the effect
s of the a few useful, though common enoug
h, scientific inWorld War," and "an active foreign
policy to bring struments in the hands of a
simpl
e-min
ded man in a
revisi
about a
on of the Versailles Treaty in
accord- primitive community, is greater than
that of wealth
ance with the terms of the armistice."
in the hands of a dissatisfied and unhap
py rich man
It is for this program of nationalization
at home proves nothing. And it distorts the
picture. Neiand inter-meddling abroad that Mr. La
Follette and ther example is complete. He
who expects to get
his party invite the support of "all Ameri
cans with- happiness out of mere external
wealth must needs
out regard to partisan affiliation." There
can be fail, for he has that within him
which passes all
little doubt that the adherents of this third
party wealth. Nor are the trifles we hug
to our souls to
movement will count upon the divisions withi
n the be sneered at—for every man,
besides his "hobby,"
Democratic Party to win dissatisfied Democ
ratic has some possession, small in
itself, upon which he
voters to their side. There rests upon the
Demo- sets great store. Every balanced
life has riches in
128
THE CHRONICLE
both the material and spiritual fields. And an appreciation of this was never more necessary than in
this time of complexity and change. Unless the machine is to take us entirely out of the field of work,
there is nothing for it but the day's labor—be this
mental or physical, be it for self or others, be it for
accumulation or merely the passing need. And then,
above this, in principle and practice, grows and
spreads the huge instrumentality of industry, commerce, exchange, by which we live.
It is impossible to conceive of civilization without
personality and toil. Culture we often define as
taste and skill with knowledge, something apart
from the everyday life of trade. Perhaps we think
of it as scholarship. The man of culture is set apart
from business, the companion of books and the associate of artists. And in the multiplication and division of labor, such as we know it now, there will be
a cultured class. But the importance of spending
the growing leisure of the "laboring class" in the
cultivation of the spiritual side of man is a burning
question. The old saying that "an idle mind is the
devil's workshop" is only half the truth. Character
cannot be developed, and by character we mean
honor, honesty, good-will, motive for self-expression
and love for the near and dear ones, unless there is
devotion to a personal ideal and to the general welfare. Since we cannot eliminate work and business
each man must look upon them as means to an end.
If a man be of the cultured class in some way he
must touch the so-called underworld of trade and
toil; and if, on the contrary, he belongs to the class
we call workingmen, in some way he must touch the
heights of culture. And each must be helpful, not
only in his own class but in the other.
We are not suggesting here on the part of the cultured, what so often now obtains, that the "scholar"
devote himself to propounding theories of uplift.
Nor are we suggesting that those who elect to follow
the professions should couple with their activities
some sort of dabbling in business. .That the "shoemaker should stick to his last" does not prohibit him
becoming learned in some cultural lore. The thought
is that not mere contentment is the goal of life, but
the full development of all the powers of the man—
that he may have contentment in effort and work
and not alone in rest and pleasure. If this press the
man in one direction toward "culture" and in the
other toward material accumulation no life can
wholly fail, no matter whether wealth come or not.
If we hold up in our educational systems the prize
possession as knowledge, and in our practical life
the prize as wealth, property, even as evidences of
mere competency, we will not develop the two sides
of the man. Let the preponderance of effort by the
individual be in one direction or in the other, tolerance and good-will lie in an appreciation, by contact,
of the other side. In a word, let the scholar work,
and the worker study. Let the business man, bent
on the development of a helpful industry, help himself by the cultivation of faculties, powers, spiritual
in kind; and let the theorist or student of the professional class, especially, if we may say so, in economics, ethics and civics, come down to the practical
every-day realities of business, trade and every-day
work that he may learn and appreciate. We eliminate the evil power of wealth, if such there be, when
we make it incidental to the development of character, when we exalt work, be it of mind or body, as
the chief object of life.
[VoL. 119.
A man grows with his business, but he wastes time
counting his gains who has nothing but gold. Car
negie thought it a disgrace to die rich and gave away
must of his fortune. (He was not without a degree
of self-secured culture.) And hundreds of the very
rich in their own selected benefactions are doing the
same thing. Rich and poor, of course, are only relative and often meaningless terms. And it is true
also that a man really owns nothing but his soul.
But the evils of class distinctions, and the enmities
of divisions based on wealth, must disappear slowly
through the more nearly "common level" attained
by all men in the higher development of the real or
spiritual self. For be it said the "business man"
can become so immersed in the goal of wealth as to
fail in culture; and the "workingman" may fail if
he measures all toil by the wage he gets.
Writers often argue that every man should have a
hobby. It may be so—there is no harm in a hobby
that has real good to self and others in it. But just
as rest and relaxation may be carried to the extent
of fostering frivolous pleasures, so the hobby may
overmaster the man. It must be admitted life may
be made too serious, may become even lugubrious.
Wit is relished by the wisest men. And we need n.)t
be in a hurry ever to be on our way. We cannot stop.
Many of our discussions are really idle, many of our
fads are foolish, many of our tribulations of our own
making. We may cherish our peculiar loves without forgetting the broad path or foregoing the final
goal. Perhaps we will always continue the debate
over pleasure in pursuit vs. possession. But the man
who is many-sided is the man who is many-minded.
How much talk of capital vs. labor falls by the wayside when we make character and not wealth the
goal of life! How much envy and enmity disappears in lives that rise above the material plane!
How much is the man a conqueror who conquers self! And how little time the man has for
discontent who is busy with hand and heart. Helping others by helping one's self can never become
obsolete. And if the poor man, with his simple interest outside work and wage, is superior to the rich
man entangled or submerged in his many enterprises,
then the poor man should commiserate and not bate.
And if the rich man really feels the drawing of the
halter of great wealth he can quickly and easily put
it off. Men, however, are not made by poverty or
riches, nor are they sufficiently dignified or developed by hobbies, but by a consciousness that character alone counts in the long run!
The Trying Out of American Democracy.
Two distinguished leaders of thought, Principal
Jacks of Oxford and Professor Hocking of Harvard,
have each written a challenging article on the general situation, especially of democracy; one in the
"Hibbard Journal," the other in the "Yale Review."
Principal Jacks reminds the men Who are bui.
dened and critical of present conditions that they
must not think of themselves as standing apart.
They are themselves a product of the social system;
attacking that creates a habit of mind which lowers
the social vitality when the need of nerve is greatest.
It makes people sour, despondent and quarrelsome.
It is not helpful discontent. Public speakers follow
the line of least resistance. The vocabulary of blame
is ampler than that of praise, and it was said long
ago, "a swaggering oath sharply twanged off gives
manhood more approbation than proof itself woul 1
JULY 12 1924.]
THE CHRONICLE
129
have earned it." This is especially true at a time to the psychology of the situation for his concluwhen men seem to rate the spoken word higher than sions.
He rejects the statement that mankind, especially
the actual deed. At such a time the evil of the world
is sure to be magnified out of all proportion. The democratic mankind, detest the more competent beevils are certainly great; but they are parts of a cause their presence offends their sense of equality.
larger whole often obscured. The habit of singling He proceeds to show that instinctively men honor
out groups, whether of "idle rich" or miserable poor, superior ability, and, by many illustrations, that
and denouncing great wealth or exploiting wide- where confidence and personal respect are won they
spread poverty, may be responded to as moving ora- actually prefer the authority even of the strict disciplinarian; an officer they respect may lead men
tory, but it is misleading and pernicious.
Professor Jack's contention is that despite its lim- anywhere. Furthermore, the impulse of the people
itations, and even its vices, our social system de- is to choose leaders in the hope that they will correct
serves a good word for the part it has played in the for us the mistakes and the habits we find too hard
creation of all the agencies of civilization. Society for us to correct ourselves. The psychological prinhas at least made itself worth reforming. The whole ciple is that just so far as a would-be leader is at the
body of the positive sciences, which are its fruits, level of the crowd and morally is not above the popustands to-day with ever increasing value available lar drift, so far the people will resent his leadership
for the ameliorating of human life and witness to its and resist his discipline. The man who can compeat possibilities of betterment. The social re- mand himself can command others. The people will
former may be regarded as its best representative, not only elect him, they will turn him into a legend.
especially if this includes "his whole equipment and His enemies and critics are not among the people;
apparatus, the material he works in, the method he they are "the pseudo-aristocracy among his coluses, the knowledge he applies, the accumulativ3 leagues and advisers," of whom there are ever many,
skill that he has ready for his service, the ideals that who are sufficiently well known. The people deguide him, the social stabilities that assure results, mand leaders of their kind so far as to understand
and the public good and general intelligence that them and be understood by them; but that does not
accept them for what they are worth." The world mean of their competence, still less of no better morcontains much besides bad men and bad smells. als than theirs.
We need to judge, therefore, not by the leaders of
Good temper and general thankfulness are worth far
more than anybody's program for reforming the the State, but by the authorities nearer home, the
world. Many a man who is now cursing the world, bosses, magistrates, aldermen, and especially the
if he took cognizance of the real facts, would be representatives. Despite machine-made nominations
praising God that there is any social system at all. and the patent evils of our politics, the minor offiSo far as he is concerned for its betterment he is him- cials in the mass are not wholly discreditable. They
self evidence of the possibility of its attainment. do in fact, lead, even if not always wisely or well.
Otherwise programs of reform would not be worth They differ from the crowd chiefly in that they are
willing to make a business of politics. They may
the paper they are written on.
Before turning to Professor Hocking, to recognize not be the best citizens, they may not deserve perthe world-wide scope of the political and social prob- sonal loyalty or have high ideals, but generally they
lems with which we are so closely identified it is do have "the actualizing virtues"; they clear up difwell to note that following the lead of China and Tur- ficulties and keep public business going. It goes
key and in sympathy with India, Persia, in a late hard with them if they do not gain wisdom and commessage from Teheran,feels called on to declare that mon sense, and on the whole they may be credited
"a republic,is the form of government that harmon- with an effort to make the State as good as is posizes best with the Mussulman religion, and the Per- sible out of existing materials.
The public is dangerously gullible. It is captured
sian people know that it will be set up to lead Perhere
and there by the "dirt farmer" and arrayed
paths
of
safety
and
Argentina
sia into
progress."
to-day
against
quoting
the
declaration
"Wall Street" or "the corporation lawyer";
of
Echeverria,
is
also
the chief of her early leaders, that "the only Ameri- but this is generally only reaction against old abuses
can tradition we can accept is the democratic tra- and yields to better knowledge of their own leaders.
dition that had its origin in our revolution." It is "Evil associations" are apt to "corrupt" far beyond
"good manners"; and the public does not readily forthat tradition that is now everywhere on trial.
Professor Hocking's main thesis is, that while get, and often turns against a leader because of the
critics of democracy make too much of passing company he keeps. The fact is that the people's unsymptoms, and popular government, despite its derstanding of men always far outruns their private
many ills, is sure to find its own ways of curing experience. The simple gift of easy contact, readithem, there is one malady for which if it exists there ness to be at home with other men, is the common
is no cure. If democracy proves incapable of beget- bond of human society, and the greatest men, certing and choosing good leaders, it may quit the stage. tainly for human nature's daily need, are those for
After passing in review the various critics and whom iio gulf is too great for their explorative symthe despotic rulers from Montesquieu to Faguet, and pathies. The people may miss choosing them, but
Bonaparte to Mussolini and Lenin, he upholds Mon- their inclinations run toward them. The lesser leadtesquieu's opinion that "the people are admirably ers tend to absorb their qualities and adopt their
qualified for choosing those whom they are to trust ways in fact or in imitation. There is a political as
well as a social fashion, and it extends to integrity
with part of their authority."
Ignoring the electoral returns of the last Con- no less frequently than to corruption; and many a
gress, when far less than one-half the qualified citi- subordinate changes his ways for the better, even
zens voted at all, Professor Hocking believes that the gladly, when the mode changes.
The problem is to make the party leaders realize
surface expression of our political experience decides
main
question.
the
He
what
turns
the people demand. The real size of the man
nothing on
therefore
130
THE CHRONICLE
may be made more important in the public view than
his training in the chicanery of politics. We are
learning to detect and fear the marks of partisanship. We are having forced upon us the fact, as in
the recent political conventions, that the man who
distorts the truth and is unfair to his opponents in
14is public utterance proves his incompetence no less
than his untruthfulness,
. The cure for present ills lies at last in the will and
temper of the people. Arouse a sense of responsibility through creating intelligent public interest, and a
better leadership will be produced. When men get
-kipie. to think, as the country is sure to do now, the
danger from a general temper of disgusted cynicism
and of class antagonism is diminished. The newspapers and now the radio do much to help in this
direction.
The great opportunity is for all in any position of
influence, in the home and the family no less than
in society and in the State, to set the example, and
[VOL. 119.
the people will follow. The great choices of history
have been the subsequent choices. When the people
have begun to perceive and to understand then the
quest for competent and trustworthy leaders falls
within their reach. Professor Hocking's last word
is: "Until the social sources of self-respect and
reverence are dried up no man is justified in despair
of the democratic temper and so of the democratic
experiment."
We can follow without apology the influence of
American democracy among oppressed peoples in
other lands and with our own interpretation join
without concern in their triumphant, if sometimes
defiant, songs of praise.
We knelt before Kings and we bent before Lords.
For theirs were the crowns, and theirs were the swords.
But the times of the bending and bowing are past,
For the day of the people is dawning at last.
Great day of the Lord! The prophets and seers
Have sung of Thy coming through thousands of years.
On the wings of war's whirlwind God's judgments fly fast,
And the day of the people is coming at last.
Railroad Gross and Net Earnings for May
Returns of railroad earnings are getting poorer
with each succeeding month, reflecting in this the
steady contraction in trade. The steam carriers
have been falling behind in their income, as compared with a year ago, ever since the beginning ot
March and the compilations we present to-day, covering the month of May, show that the decline has
been proceeding at a progressive rate and has now
reached proportions which afford occasion for some
anNiety unless relief shall be experienced in the near
future. For the month of March our tabulations
(which embrace all the steam railroads in the United
States whose operating • revenues run in excess of
$1,000,000 a year) showed a loss of $30,628,340 in
gross, or 5.73%, and in net of $2,914,076, or 2.47%.
Such a moderate shrinkage did not seem startling in
view of the palpable slowing down of business. But
in April the loss as compared with a year ago reached
$48,242,116, or 9.24%, in the gross and $21,294,242,
or 17.32% in the net earnings. Now comes our statement for the month of May and reveals a loss of no
less than $70,476,133, or 12.89%, in the gross and of
$30,448,063, or 24.07%, in the net. The gross in
May this year was only $476,458,749, as against
$546,934,881 in May last year, and the net only $96,048,087, against 126,496,150, as will be seen from
the following:
Month of May (193 Roads)—
Miles of road
Gross earnings
Operating expenses
Net earnings
Ratio of expenses to earnings
(+)
1925.
1023.
Inc.
or Dec.(—)
,
235,894
234,452
+1,442 0.62
8476,458,749 $546,934,882 —370,476,133 12.89
380,410,662 420,438,732 —40,028,070 9.52
$96,048,087 $126,496,150 —$30,448,063 24.07
79.84%
76.87%
Such figures as the foregoing afford striking testimony to the contraction in trade and business,
which is palpably responsible for the declining revenues of the carriers. The losses of the roads reflect
this industrial contraction, and they also afford a
new idea of its magnitude and importance. The disposition generally is to characterize the shrinkage in
the country's industries as merely a slackening or
slowing down of business, but the figures we have
cited prove plainly that what the country is now
passing through is nothing less than a prodigious
slump, and a slump, too,-that stands second only to
the sudden and complete collapse which occurred the
latter part of 1920 after the termination of the post-
war period of inflation, when all of a sudden the bottom seemed to drop out of the industrial structure.
We know of no other analogy to the way in which
in nearly all directions business has been dwindling
away in recent periods. Disappointment with the
action and proceedings of Congress may, or may not
be, responsible for the undermining of confidence
which underlies this slump in trade—it undeniably
had much to do with it—but of the fact itself there
can be no question, or of the part it is playing in
affairs. It is the expectation of course, and clearly
the hope, that with the Presidential nominations now
concluded and the possibility of further mischief by
Congress held in abeyance for at least the coming
five months, until the beginning of the regular session of Congress next December, which will be a
short session offering a correspondingly minimum
possibility of legislative disturbance, signs of revival
of trade will ere long once more become manifest and
quickly develop into a resumption of normal activities even if not anything indicative of an actual
boom. This apparently is the view taken by the
stock market which always discounts future events
and which for some weeks past has been displaying
steadily growing strength with persistently rising
prices.
In considering the losses in earnings now disclosed during the month of May,it must of course be
clearly borne in mind that comparison is with a
very favorable period in 1923 and with totals of exceptional size then. In May last year the roads were
in enjoyment of an unexampled volume of traffic.
According to the Bureau of Railway Economics at
Washington the freight traffic in May 1923, as noted
by us in our review of that month, was the heaviest,
measured by net-ton miles, of any in the history of
the roads, it having reached 39 billion net-ton miles.
This, it was then stated, was not only an increase of
more than 42% over May 1922, but was an increase
of more than 3% over May 1917 (the period of the
war) which had marked the previous record for that
month. Our compilations of earnings for May 1923
reflected this tremendous expansion in trade and in
traffic, there having been an addition to the gross
(as compared with the preceding year) of no less
than $97,510,054, or 21.77%, and an addition to the
JULY 12 1924.]
net in the sum of $32,573,715, or only a trifle less
than 35%. But admitting the existence of exceptional prosperity a year ago with which we are now
comparing, it is equally plain that in 1924 the roads
are once more at the other extreme, and have had to
sacrifice practically all they then gained. Of the
$97,510,054 increase in gross in May 1923, $70,476,133 has been, we have seen, lost the present year,
and of the $32,573,715 improvement in net no less
than $30,448,063 has been lost.
The roads may therefore be said to be back where
they were two years ago, in 1922, before the great
accessions to traffic and revenues which came in
1923 and served so powerfully to improve their
credit and standing. It is pertinent, however, to say
that two years ago the railroads had already succeeded in recruiting their net earnings in a measurable degree after a long series of years of adverse
results, while yet gross revenues had not begun to
improve greatly. The course of gross and net earnings in these earlier years is always worth tracing
and on this occasion study reveals that through control of their expense accounts, which was destroyed
during the period of Government operation, the carries had vastly improved their position over 1920,
when they were still suffering so seriously from the
demoralization produced by Government control of
their affairs. In brief, they have of late been doing
successively better for several years and the 1923
gains which now have been almost entirely lost in
1924 was simply the topmost of a series of improvements that had been in progress for some time. Thus
in May 1922, when business revival had already begun, but when the carriers suffered a very notable
reduction of their coal tonnage by reason of the
strike at the unionized coal mines then prevailing
throughout the country (coal loadings then having
fallen off 47.4% as compared with May of the year
before) there was only a very small improvement in
the gross earnings—only $4,069,751, or less than 1%
—but there was at the same time a contraction in
expenses of $23,995,177, and this brought about an
augmentation in the net in amount of $28,064,928, or
roughly 43%. There was improvement also in the
net in the year preceding (1921), though gross at
that time was declining owing to the collapse in
trade. The decrease in the gross then was $13,214,331, but it was accompanied by a reduction in expenses of $58,054,141 (the situation of the roads
having been so desperate as to compel the most rigid
retrenchment and economy), thus leaving a gain of
$44,839,810 in the net earnings. The loss in the
gross at that time was only 2.89%, which of course
failed to reflect either the great falling off in traffic
or the extent and magnitude of the depression in
trade under which the country was then laboring,
the reason being that railroad rates, both passenger
and freight, had been advanced and the added revenue from the higher rates served to that extent to
offset the loss in earnings resulting from the shrinkage in the volume of traffic. Contrariwise, the saving in expenses was effected in face of higher wage
scales, the Railroad Labor Board having the previous summer awarded a 20% increase to the employees, at the same time that the Inter-State Commerce Commission granted the carriers authority to
put into effect higher rate schedules for passengers
and freight. Had business and traffic remained
normal, the higher rate schedules would, according
to the computations made at the time, have added
131
THE CHRONICLE
$125,000,000 a month to the gross revenues, and the
higher wage schedules would have added $50,000,000
a month to the payroll of the carriers, as has been
frequently pointed out in these monthly reviews.
On the other hand, in any attempt to appraise correctly the big reduction in expenses effected in 1922
and 1921, the fact should not be overlooked that, as a
result of the antecedent prodigious increases in the
expenses, net earnings in 1920 had been reduced to
very low levels. In May 1920 our compilation of
earnings was a very unfavorable one by reason of the
great augmentation in operating expenses disclosed,
and as a matter of fact these high operating costs
had been a feature of the returns for many previous
years, too. Railroad operating conditions in May
1920 had been such as to render out of the question
any other than an unfavorable result. The so-called
"outlaw" strike, which had served so seriously to interfere with railroad operations the previous month,
continued with greatly aggravated consequences in
May. In these circumstances, railroad operations
not only were difficult, but costly, and accordingly
it was no surprise to find that although gross earnings increased $38,629,073 over the amount for May
of the previous year, the augmentation in expenses
reached no less than $61,001,464, leaving a loss in
net of $22,372,391.
As a matter of fact, however, as already stated,
the 1920 decrease in net was merely one of a series
of losses in net that had been continuing through
successive years. As indicating how expenses had
been mounting up,it is only necessary to note that in
May 1919, though gross earnings increased as compared with 1918 in amount of $35,132,305, the augmentation in expenses reached $69,091,093, leaving a
diminution in the net amount of $33,958,788. Similarly for May 1918 our compilations registered $31,773,655 increase in gross, but $14,459,024 decrease in
net, owing to an increase of $46,232,679 in expenses.
For the three years combined, therefore, the loss in
net for this single month was $70,790,203, in face of
an increase in gross earnings of $105,535,033. Expenses in the three years for this month increased
$176,325,236. Even prior to 1918 rising expenses
were a feature of the returns, though not, of course,
to anywhere near the extent which subsequently developed. In the following we show the May comparisons for each year back to 1906. We give the
results just as registered by our own tables each
year, though in 1908 and prior years a portion of the
railroad mileage of the country was unrepresented
in the totals, owing to the refusal at that time of
some of the roads to furnish monthly figures for
publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Increase or
Year
Preceding. Decrease.
Year
Given.
Year
lIncrease or
Preceding. Decrease.
May.
1906
115,304,506105,787,062 +9,517,444 34,414,213 30,946,848 +3,467,365
1907 - _ 44,267,760 121,074,984 +23,192,776 43,765,836 37,319,290 +6,446,546
1908 -.- 33,680,555 172,218,497-38,537,942 38.076,927 50,922.678-12,845,751
1909 _ 96,826,686 170,600,041 +26,226,645 64,690,920 49,789,800 +14,901,120
1910
30,033,384 198,049,990 +31,983,394 70,084,170 64,857,343 +5,226,827
1911
226,442.818 231,066,896 —4,624,078 69,173,574 70,868,645 —1,695.071
1912 _ 232,229,364 226,184,666 +6,044,698 66.035,597 68,488,263 —2,452.666
1913 --- 263,496,033 232,879,970 +30,616,063 73,672,313 66,499,916 +7,172,397
1914 _ 239,427,102 265,435,022 —26,007,920 57,628,765 73,385,635-15,756,870
1915
244,692,738243.367,953 +1,324,785
1916
08,029,0961244,580,685 +63,448,411 105,598,255 71,791,320 +33,806,935
1917
353,825,032:308,132,969 +45,692,063 109,307,435 105,782,717 +3,524,718
1918 - 374,237,0971342,463,442 +31.773,655 91,995.194106,454,218-14,459,024
1919 -.- 413,190,4681378,058,163 +35.132,305 58,293,249 92,252.037-33.958,788
1920 _ 387,330,487i348,701,414 +38,629,073 28,684,058 51,056,449-22,372.391
1921
444.028,885457,243,216 —13,214.331 64,882,813, 20,043,003 +44,839,810
1922 _ 447,299,150443,229,399 +4,069,751 92,931,565 64,866,637 +28,064,928
1923 -_ 545,503,8981447.993.844 +97,510,054 126,173,540 93,599,825 +32,573,715
1924 ___476.458,749546,934,882-70.476,133 96.048,087126,496,150-30,448,063
Note —Includes for May 96 roads in 1906, 92 in 1907; In 1908 the returns were
based on 153.310 miles of road; in 1909, 220,514; in 1910, 229.345; in 1911, 236,230;
In 1912,235,410;In 1913.239.445;in 1914,246.070;in 1915,247.747;in 1916,248.006;
In 1917, 248,312; in 1918, 230,355; in 1919, 233,931; in 1920, 213.206; in 1921.
235,333; In 1922, 234,931; In 1923, 235,186; in 1924. 235,894.
132
THE CHRONICLE
[Void. 119.
It follows as a matter of course from what has
Decrease.
Pittsburgh & Lake Erie-- 1,724,326 Wheeling & Lake Erie_ _ _ Decrease.
288,328
already been said that with the roads as a whole Reading Company
1,714,349 Cinc New Orl & Tex Pac
285,072
Michigan Central
1,627.576 Chicago Great Western..
277,035
having suffered the loss of such a large part of their Chicago Burl & Quincy-- 1.597,346
Denver & Rio Gr WesL 261,807
Boston & Maine
1.507.198 Lehigh Valley
251,311
Pacific (8)---- 1,483,559 Chesapeake & Ohio
very striking gains of a year ago the separate roads Southern
250,825
N Y N H & Hartford
1,478,123 Hocking Valley
250,304
Mllw & St Paul- 1.314,234 Monongahela
and systems have a similar story to tell. And the Chicago
231.615
Southern
1,252,595 Chicago St P Minn & Om
219,902
CO
Louis
0
&
St
story is the same from all parts of the country. Union Pacific (4)
1,248.505 Duluth Missabe & Nor
213,323
1,169.624 Minn & St Louis
208,939
Great Northern
1,126.940 NY Connecting
Heavy losses are the rule, both in the gross and in Norfolk
197,139
& Western
1,076.886 Chicago Ind & Louisv _ _ _
193,143
Chicago 11 I & Pac (2)
906,988 West Jersey & Sea Shore_
184,386
the net, while gains are the exception and are not Louisville
& Nashville- -866,174 Carolina Clinch & Ohio
180,467
Joliet & Eastern.-861,519 Detroit & Tol Shore Line
176,061
numerous, either in gross or net, and in this last Elgin
Northern Pacific
805,357 Duluth & Iron Range...
159,187
Louis-San Fran (3)--745,603 El Paso & Southwest... _
157,423
instance the improvement follows in most instances St
N Y Chicago & St Louis739.898 Maine Central
153,569
& Hudson__ -712,073 Kansas City Southern__ 148,926
mainly as a consequence of reductions in expenses. Delaware
Virginian
704,938 Nash Chatt & St Louis
147,852
Buffalo Roch & Pittsb- 685.787 Union RR (Penna.)
145.522
The great East-and-West trunk lines have sustained Pere Mau•auette
659.245 New Orleans & Nor East
145,463
Western Maryland
597,799 Lehigh & New England
135,022
the heaviest falling off, even as they enjoyed the Minn St Paul & S S M_ - 592,333
Montour
132,987
Wabash
540,021 Seaboard Air Line
127.213
largest gains a year ago. The Pennsylvania Rail- Central of New Jersey-- 429,579
0 D & C Grand Trk Jct..
115,424
Del Lack & Western385.736 Monongahela Connect...
108,110
road system,for instance, including all roads owned Chicago & East Illinois.- 384,664
Bangor & Aroostook__ -101.070
St Louis Southwest (2)..
352,497
Grand Trunk Western
and controlled,reportsfor the present year a decrease Bessemer
307,647
Total (representing 87
& Lake Erie__ 302,983
compilaroads in our
in gross of no less than $13,310,431. In the net the Chicago & Alton
295.503
tions)
$69,769.670
Note -All the figures in the above are on the basis fof the returns filed
with
the
Inter-State
decrease is $2,612,329. In May last year the Penn- returns
Commerce Commission. Where, however, these
do not show the total for any system, we have combined the separate
so as to make the results conform as nearly as possible to those given
sylvania reported $14,796,663 gain in gross and returns
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
$2,542,581 gain in net. The New York Central this Pennsylvania
Company, the Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana). the Pennsylvania RR.reporting 813.175,179
year falls $8,245,828 behind in gross and $3,241,187 the
decrease. For the entire Pennsylvania System, including all roads owned
controlled, the result is a decrease in gross of $13,310,431.1kr ssii.411
in net. This is for the New York Central itself. In- andb The
.
Si
New York Central proper shows $8,245,828 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central. the
cluding the various auxiliary and controlled roads, "Big
Four," &c., the whole going to form the New York Central System,
the loss is raised to $13,036,282 in gross and $6,762,- the result is a loss of $13,036,282.
PRINCIPAL CHANGES IN NET EARNINGS FOR MAY.
511 in net. This, however, follows $16,147,161 gain
Increase. *".""
Decrease.
Great Northern
'
$430,540 Illinois Central
406,844
in gross and $8,223,326 gain in net in May 1923. The Yazoo & Mississippi.Vall_
404.188 NYNH& Hartford-- 399,123
Missouri Pacific
357,235 Norfolk & Western
365,956
Baltimore & Ohio shows the present year $5,249,822 New Orl Texas & Mex (3)- 270,403 Southern
364,686
Delaware Lack &
Bessemer & Lake Erie-- 346,214
decrease in gross and $1,064,634 decrease in net, fol- Lehigh Valley Western 246,253
171,742 St LulsSan Fran (3)...- 345,289
Mobile & Ohio
117,512 Union RR (Penn)
343,289
lowing $6,748,091 increase in gross and $1,869,100
Pero Marquette
314,188
Total(representing 9 roads
Texas & Pacific
297,497
in
our
compilations)--81,997,873 Western Pacific
increase in net in May 1923.
239.826
Decrease. Los Angeles & Salt Lake
235,514
New York Central
But the losses this year are not confined to the Pennsylvania
1$3,241,187 Chicago Milwaukee & St P 218,594
02,770,805 New York Connecting- 193,428
Top & Santa Fe (3)- 2,067,129 Wheeling & Lake Erie__ -Eastern trunk lines, but are found practically every- Atch
188,243
Reading Co
2,017,897 Hocking Valley
183,014
Michigan Central
1,374,082 Duluth Miss & Northern.. 171,232
where, with only occasional exceptions, and involve, Pittsburgh
& Lake Erie.- 1,217.096 Cin N 0 & Texas Pacific- 148,082
(3)
1.076.087 Monongahela
143.569
as a rule, the sacrifice of the gains of the previous Erie
Baltimore & Ohio
1,064,634 Chicago & Alton
141.565
Pacific (8)
930,582 St Louis Southwestern (2) 140,234
year. Thus the Chicago & North Western reports Southern
Chicago & Northwestern.. 916,740 Detroit & Toledo Sh Line138.012
Louisville & Nashville.--- 806,919 C D & C Grd Trunk Jet
129.669
$1,878,395 decrease in gross and $916,740 decrease 0
00 & St Louis
768.714 Chicago Great Western-129,605
NY Chicago & St Louis
749.841 Duluth & Iron Range-128,060
in net; the Milwaukee & St. Paul $1,314,234 decrease Chicago
RI & Pacific (2)- 643,597 Nashville Chatt & St L..127,223
Elgin Joliet & Eastern- 618,013 Chicago Ind & Louisville_
119,172
in gross and $218,594 decrease in net; the Atchison Delaware & Hudson
613,051 St Louis Merch Bdge Term 117,800
St Paul & 88 M... 581,546 El Paso & Southwestern_ 108.589
Topeka & Santa Fe $1,782,674 decrease in gross and Minn
Union Pacific (4)
549,345 Indiana Harbor Belt
106,247
Virginian
517.389 Bangor dc Aroostook
102,180
$2,067,129 decrease in net; the Rock Island $906,- Boston & Maine
473,992 Denver & Rio Grande W. 101,922
Wabash
444.887
988 decrease in gross and $643,597 in net. The Mis- Grand Trunk Western.._ 438,462
Total (representing 72 roads
Minn & St Louis
438,043
in our compilations)-830,814,904
souri Pacific is one of the exceptions and is able to a This is the
result for the Pennsylvania RR. (including the former
Company, the Pittsburgh Cincinnati Chicago dc St. Louis and
report $3,057 increase in gross and $357,235 increase Pennsylvania
the Grand Rapids & Indiana), the Pennsylvania RR. reporting 82,770,805
For the entire Pennsylvania system, including all roads owned
in net, while on the other hand the St. Louis South- decrease.
and controlled, the result is a decrease of ;2,812,329.
b These figures merely cover the operations of the New York Central
western reports $352,497 loss in gross and $140,234 itself.
Including the various auxiliary and controlled roads, like the MehlgaruCentral.
the "Big Four," &c., the result is a decrease 036.762,511.
loss in net. The Northern Pacific has managed to
When
the
roads are arranged in groups or geoconvert a decrease of $805,357 in gross into a gain
graphical
divisions
we find, what would be expected
of $38,598 in net and the Great Northern, with
from
the
general
nature
of the losses, that every
$1,126,940 decrease in gross, is able to report $430,group
without
exception
shows
a decrease in gross
540 gain in net. But these are exceptions to the rule.
also
and
a
decrease
though
in
net,
the falling off
the
The Union Pacific suffered a loss of $1,169,624 in
heavier
is
in
eastern
the
of
part
the
country
than in
gross and of $549,345 in the net and the Southern
Pacific of $1,483,559 in the gross and of $930,582 hi the western. Our summary by groups is as follows:
SUMMARY BY GROUPS.
the net. In the South the Atlantic Coast Line and
Gross Earnings---the Florida East Coast and a few smaller roads find
Seaton or Group1924.
1923.
Ine.(1-)orDec.(-)
May
it possible to submit somewhat better totals than a Group 1 (9 roads), New England
20,899,630 24,586.285 -3.686.655 15.00
year ago, but the leading Southern systems have suf- Group 2 (33 roads), East Middle
152,691,610 186,987,859 -34.276,249 18.33
Group 3(27 roads), Middle West
42,734,130 51,331,402 -8,597,272 18.75
fered heavy losses, the same as most of the roads in Groups 4 & 5 (34 roads), Southern
___ 70,389,811 75,328,366 -4,938,555 6.56
Groups 6 & 7 (29 roads), Northwest__ 03,544,955 106,777,167 -13,232,212 12.39
other parts of the country. The Louisville & Nash- Groups 8 & 9 (49 roads), Southwest __
70,855,999 74,023,900 -3,367,901 4.55
ville drops behind $866,174 in gross and $806,919 in Group 10(12 made),Pacific Coast__ __ 25,542,814 27,919,903
-2,377,289 8.51
net and the Southern Railway $1,252,595 in gross Total(193 roads)
478,458,749 548,934,882 -70,476,133 12.89
Nei Earnings
and $364,686 in net. In the following we show all
-Mileage1924.
Ine.(+)or Dee.(-)
1923.
1924.
1923.
$
changes for the separate roads for amounts in ex- Group 1
7,367 7,473 3,893,962 5,255,329 -1,381.367 25.90
cess of $100,000, whether increases or decreases, and Group 2
34,682 34,489 33,309,712 44,533,337 -11,223,625 25.21
15,990 15,884 9,619,184 18,323,564 -6,704,380 41.07
Group 3
in both gross and net:
Groups 4 & 5
38,952 38,803 16,727,125 18,768,848 -2,041,723 10.88
PRINCIPAL CHANGES IN GROSS EARNINGS FOR MAY.
nerease.
Decrease.
New On Tex & Mex (3)
$406,579 Pennsylvania
413,175,179
FloridaEast Coast
224.220 New York Central
88,245,828
Yazoo & Mississippi Val_
135.326 Baltimore & Ohio
•
5,249,822
San Antonio & Aran Pass
124,803 Illinois Central
1,992,922
Total (representing C
Chicago & Nor Western. 1.878,395
roads in our compilaErie (3)
1.799.830
tions)
8890,928 Atch Top & Santa Fe (3) 1,782,674
Groups 0 & 7
GrouPs 8 & 9
Group 10
86,960 65,971 14,841,641 19,204,857 -4,363,216 22.72
54,993 54,939 11,644,337 14,789,624 -3,145,287 21.27
16,950 16,893 6,012,126 7,620,591 -1,608,465 21.11
Total
235,894 234,452 96,048,087 126,496,150 -30,448,063 24.07
NOTE.-Group I. Includes all of the New England States.
Croat,II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey. Delaware and Maryland. and
the extreme northern portion of West Virginia.
JULY 121924.]
133
THE CHRONICLE
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
Peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota. Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana. Wyomlne
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory. Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana. and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon. Idaho, California, Nevada. Utah
and Arizona, and the western part of New Mexico
Jan.Ito
Flour.
Wheat.
May 31.
Bbls.
Bush.
Chicago1924
4,813,000 6,610.000
1923
5,659.000 8,791,000
Milwaukee1924
684,000
619,000
1923
362,000
1,314,000
St. Louis1924
2.127.000 8,967,000
1923
1,906,000 12,467,000
Toledo1924
2,942,000
1923
1,973,000
Detroit1924
622,000
1923
675,000
Peoria1924
976,000
384.000
829,000
553,000
1923
Duluth1924
6,929,000
15,874,000
1923
Minneapolis
1924
27,399,000
45,245,000
1923
Kansas City13,726,000
1924
5,000 21,952,000
1923
Omaha and Indianapolis6,545,000
1924
1923
8,338,000
City
Siaur
614,000
1924
1923
St. Joseph2,562,000
1924
2,205,000
1923
Barley.
Bush.
Oats.
Bush.
Corn.
Bush.
Rye.
Bush.
876,000
43,450,000 26,216,000 3,822.000
51,243,000 28,800,000 3,788,000 2.991,000
590,000
8,261,000 5,116,000 3.345,000
7,575.000 8,291,000 3,288.000 1,487.000
330.000
319,000
94,000
502,000
1,619.000
1,005,000
31,000
6,000
277,000
403,000
1,005,000 1.190.000
944,000 1,756,000
4,000
1,000
19,547,000 15,106,000
13,736,000 15.171,000
2.347,000
1,594,000
Western roads, considered as a whole, were fa8,000
8.685,000 4.781.000
518,000
202,000
149,000
8,325,000 6,110,000
vored by a somewhat larger grain traffic, though on
6,529,000 1,397,000
421.000 4,328.000
the other hand their livestock tonnage was not up to
305,000
151,000
730,000 9.400.000
that of 1923. Southern roads had somewhat of an
8,250,000 8,310.000 4,659.000 2.049,000
advantage in a heavier cotton movement, albeit the
3,593,000 7,939,000 5,236,000 5.863,000
latter is always light at this period, it being the tail
12,256,000 3,475,000
6,000
3,000
8,330,000 5,227,000
8,000
end of the crop season. The Western grain move22,682,000 10,265,000
ment was heavier by reason of larger receipts of corn,
18,873,000 11,083,000
oats and barley. The wheat movement did not equal
4,118,000 1,726,000
24,000
19.000
that of a year ago and the rye receipts were also a
4.702,000
486,000 trifle smaller than in 1923. For the five cereals
2,583,000
800,000
combined the receipts for the five weeks ended May Total all8 600,000 77,919,000 139,922.000 79.687,000 13,160,000 8,242,000
1924
31 1924 were 55,922,000 bushels, against 50,061,000 1923
8.761.000 119,387,000 117,371,000 86,333.000 13,524,000 20.851,000
bushels in the corresponding five weeks of the preAs to the Western live stock movement, the receding year. The details of the Western grain move- ceipts at Chicago comprised only 21,102 carloads in
ment in our usual form are shown in the table we May 1924, against 23,691 cars in May 1923. The
now present:
receipts at Kansas City were 9,669 carloads, against
WESTERN GRAIN RECEIPTS.
10,548, and the receipts at Omaha, 10,465 cars,
Five Weeks
Wheat.
Flour.
ended
Corn.
Oats.
Barley.
Rye.
against
10,045.
Bush.
Bbls.
May 31.
Bush.
Bush.
Bush.
Bush.
Chicago.
1,023,000
1,397,000
As
1924
to
the Southern cotton movement, the ship5,805,000 5.250,000
664,000
110,000
950,900
1.375,000
1923
3.203,000 5.260.000
499,000
115,000
in May 1924 were 40,534 bales,
ments
overland
ilwaukeep.
202.000
53,000
1924
513,000
666,000
684,000
50,000
bales
against
in May 1924; 139,348 bales in
65,395
1923
66,000
212,000
335,000 1,302,000
596.000
99,000
St. Louisbales
1922;
in May 1921; 184,436 bales
224,354
May
461,000
1924
1.973,000
3,605,000 3.826,000
44,000
10,000
441,000
1923
2,447.000
1,961,000 2,834.000
34,000
265,000
in
1919 and 285,394 bales in
bales
1920;
in
211,617
Toledo1924
1.246,000
442,000
370,000
239,000 May 1918,
receipts
at the Southern outwhile
the
823,000
1923
244,000
237,000
158,000
Detroitports
130,291 bales in
bales,
reached
against
209,540
78.000
1924
54.000
162,000
141,000
1923
128,000
276,000
May
bales in May
1923,
but
469,102
comparing
with
Peoria96,000
195.000
1924
1,137,000
926,000
39,000
5,000 1922. The complete details of the port receipts are
67,000
183,000
1923
34,000
1,066,000
786,000
7,000
Duluthshown in the following:
1.848,000
1924
514.000
2,999,000
1923
Minneapolis
4,639,000
1924
5,895,000
1923
City
Kansas
2.746,000
1924
3,614,000
1923
Omaha and Indianapolis1.770,000
1924
1,290,000
1923
Sioux City1924
163,000
1923
St. Joseph1921
814.000
516.000
1923
Total all1924
1923
3,000
293,000
28.000
161,000 1,738,000
231,000 1,392,000
510,000
330,000
929,000
808,000
870,000
658,000
1,814,000
1.342,000
522,000
724,000
6,000
273,000
461,000
RECEIPTS OF corrox AT SOUTHERN PORTS IN MAY AND FROM
JAN. 1 TO MAY 31 1924. 1923 AND 1922.
May.
2,672,000 2,280,000
2.715,000 1.842.000
527,000
298,000
984,000
531.000
114,000
148,000
Since January 1.
Ports.
3,000
1,881,000 16,823,000 18,587,000 15,654.000 2,450,000 2,428,000
1 640,000 10,379,000 11.881,000 14,252,000 2,052,000 2,497,000
Galveston
Texas City, die
New Orleans
Mobile
Pensacola. &e
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1924.
1923.
37,902
19,593
89,617
12,193
288
27.161
1922.
1924.
1923.
39,490 154,165
14,457 47,480
37,422 109,768
4,160 16.557
____
1.537
14.722
108 88
100
:7
764
573,566
244,058
499,926
33,107
4.777
137,902
5,871 12.782 32.198
5,575
897 9,456
11,340 6,253 27,477
43,533
23.239
91.623
450,483 766.036
190,814 209.093
455,850 449.546
17,268
64,738
8,075
3,278
151.891 294.401
10.897
2,947
88.822
62.262
31,914
19,296
71.720 113,517
1922.
209,540 130,291 489.102 1,651.731 1.425.807 2,037.039
Indications of Business Activity j
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, July 11 1924.
Wholesale trade is still quiet, but retail trade rises, 111141
it is noticeable that the feeling in different parts of the
country is more cheerful, especially in the grain belt. The
big advance in corn and wheat in recent weeks is reacting
favorably on trade In that quarter. It is confined thus far
for the most part to retail business. But it is plain that the
buying power of the West and Northwest has increased, and
Ir. is hoped that the tide has turned, a hope which seems not
unreasonable under the circumstances. Corn has recently
advanced some 20 to 25 cents per bushel, of which 3 to 9
cents occurred this week and the advance in other grain has
also been substantial if not so marked. Another feature of
the situation is that the export demand shows a tendency
to shift to American wheat for export by way of the Gulf of
Mexico and not to confine itself to Manitoba wheat, as it
did for so many months. The Government report, it is a
matter of regret, shows a decrease in grain crops in this
country. The latest, it is true, reveals an increase over the
.iiine estimate on wheat of about 47,000,000 bushels, but the
total of both spring and winter of 740,000,000 bushels would
be some 45.000,000 bushels smaller than last year. In fact.
17 would be the smallest crop for years past, the recent
high point having been 867,600,000 bushels in 1922. The
spring wheat yield froan present appearances is
some 16.000,000 bushels smaller than last year, and
83,000.000 smaller than in 1922. The winter wheat
crop now looks like some 30,000,000 bushels less
than that of last year, and the total of 543,000,000
is some 67,000,000 bushels below that of 1920. The
spring wheat yield, however, may yet turn out better than is
expected. There is also hope for a larger corn crop than
that indicated in the latest report. For already the weather
conditions are said to be better after a prolonged period of
NN et. cold weather. As the estimate of 2,515,000.000 bushels
now stands, however, it is some 540,000,000 bushels less than
that of last year, nearly 400,000,000 less than in 1922 and not
far from 700,000,000 less than in 1920. Reasonably good
weather from now on undoubtedly will have the effect of
134
THE CHRONICLE
[VOL. 119.
increasing the 1924 outturn. And the crop of oats is some the country's business has seen its worst, that improvement
57,000,000 bushels larger than a year ago. In fact, it is the later in the year may not unreasonably be expected, and
largest for years past. It exceeds that of 1921 by some 278,- that it will be reflected, as usual, in the market for stocks
000,000 bushels. It is noticeable that the food index prices and bonds, which is apt to act as the herald of better times.
during the past week have not changed.
There was at one time this week an approach to a MinisSpeculative trading at Chicago has increased greatly, and terial crisis in England and France, but to all appearances
so successful have Chicago operators been in grain that some It has been, at least for the moment, averted, and it is
of them are now turning to cotton, which has advanced hoped permanently. London to-day was more cheerful
nearly or quite one cent per pound during the past week. when it became plain that the Bank of England discount
This rise was traceable to cold, wet weather in the Atlantic rate was not to be raised, despite a rumor to the contrary.
States of the belt and dry conditions in the Southweset, as England, too, seems to be somewhat optimistic in regard to
well as a very acute situation in July cotton. July has been the outlook for reparations settlement along the line laid
as high as 500 points or $25 a bale over October at times, down in the Dawes plan. This is a much threshed question
and this recalls the day four years ago when July ran up to and it need only be said here that that plan offers the only
1,000 points or $50 a bale over October under the stimulus solution of a vexed question, and it is desirable that at the
of a very similar situation. Southwestern interests then earliest possible moment it should be frankly adopted and
were very interested, it was understood in July. At the as honestly and promptly carried out, to the best interest
present time South Carolina cotton and Southern tobacco of all concerned, and of civilized nations the world over.
interests are said to have foreseen a situation in the July Some London dispatches declare that Europe is nearer to a
delivery suggestive of that which existed in 1920. July peaceful solution of her problems than she has been at any
has recently not gone above 30 cents, however, whereas time since the war and the possibility of making big steps
four years ago it reached 43.75c., a price which nobody is toward further disarmament is apparently increasing.
looking for now. One of the sensations of the week was
It is still a noticeable phenomenon of the times that
the revolt at Sao Paulo, Brazil, which though at first money is cheap, if not so cheap as recently, but
trade is
seemed to be comparatively unimportant, has so far as ap- still quiet throughout the wide ramifications of American
pearances go, assumed of late a more formidable aspect. industry. Money is expected to remain cheap for some
The effect has been to disorganize the Brazilian coffee trade time to come, or at any rate until perhaps the acceptance
and prices have declined some
to 1c. per pound on and the inception of the Dawesj plan awakens trade at home
futures here after a recent advance of 150 to 200 points. and abroad. One good feature of cheap money is that it
Whether the trouble in Brazil is wholly political or in some has enabled many concerns successfully to market bond and
degree economic remains to be seen. It seems clear enough, stook issues, thereby relieving the banks. In the fiscal year
however, if a real revolution is to break out that exports of just closed it is pointed out that the Federal Government
coffee to the United States and Europe will be seriously was enabled to reduce its interest bearing debt $1,000,000,hampered with the effect conceivably of a considerable ad- 000. As trade now stands, it is believed that stocks of
vance in prices. Sugar was quiet until the middle of the merchandise have accumulated in the hands of manufacturers
week, when trade suddenly increased, only to die down while supplies held by retailers and jobbers have been
quite as suddenly, and the net result of the fluctuations considerably depleted, especially those of retailers, who have
during the week is a trifling decline. The indicated con- been buying on a very cautious scale for many months past.
sumption in the last six months in the United States is 2,685,- At the same time production has fallen more and more, to
000 tons, an increase of some 91,300 tons, or 31/
2%, as com- fit what may be called the mould of trade as it shrunk.
pared with the same period last year, with the price of A case in point is not only iron and steel and textiles but
granulated sugar about 2 cents per pound cheaper than a automobiles. It is a feature of the business situation that
year ago, while coffee by the way is some 5 cents per pound the shipments of automobiles have been noticeably larger in
higher than then.
recent months than the output. The general situation in
Meanwhile drouth on the Pacific Coast has had a detri- American business is healthy and there is an inclination to
mental effect on its crops. The iron and steel trade is still look for better times after a pro-longed lull. A population
dull,'though the unfilled orders in steel for June show a of 110,000,000 or 112,000,000 people is not going to remain
much smaller decrease, namely 365,600 tons, than in May, quiescent indefinitely. That may be taken as a foregone
when the falling off was something over 580,000 tons. Still, conclusion. Production will ultimately intrease. It has
at best the situation in the steel industry is far from favor its curves, its reactions and its rallies precisely the same as
able. Within the last three months there has been a ver- prices. And this will be exemplified anew sooner or later.
tical fall in the output of both steel and iron. Whether the Meanwhile there is a certain amount of unemployment as a
turn in the lane is near or distant is a mere matter of con- natural result of business depression. Sooner or later,
jecture. What is certain is that this industry has had its however, there will be a larger demand for labor and then
times of depression before and has, as everbody knows, re- an interesting situation may arise.
covered with remarkable elasticity when the time was ripe for
In this contest it is of interest to recall that immigration
recovery. As the case stands, production is down to a very was restricted anew by the Immigration
Act approved
low stage. Stocks in consumers' hands are not believed to May 26 1924. It went into effect on July 1. It will be
be excessive, to say the least, and may easily turn out tl be remembered that the older law of 1921 called for a restriconly moderate if not in some cases actually small. Even- tion on the annual immigration from foreign countries to
tually the cutting down of the output will work its own 3% of the number of persons from such countries shown by
cure as trade revives. The minor metals for the time being the Census of 1910 to have been residents in the United
are quiet and none too steady in price. According to some States in that year. That cut down the immigration from
reports, wool has been in better demand at some advance at a total in 1914 of 1,218,480 to 357,803. Under the new
Boston, though there seems to be little indication of im- Act which went into effect on July 1 1924, the annual
provement at New York. In June building was on a smaller quotas will be cut down to 172,867, which restricts the imscale than in May, but was larger than in June last year. migration to 2% of the foreign population in 1890, as disThe record for the half year shows a notable increase over tinguished from that of 1910, does not apply to Canada or
that of the same period in 1923. Car loadings and railroad South America. Nevertheless, it will mean a very marked
earnings in June, on the other hand, plainly show a decrease falling off in the future supply of immigrants and sooner or
as compared with June 1923. The output of lumber for the later this fact will tell not only on the supply of skilled
first six months of this year is slightly larger than for a like workers but also perhaps especially on the supply of unperiod last year. But on the other hand, buying and ship- skilled workers, with results in the matter of wages and
ments show a falling off of something like 7%. The output production in the United States yet to be disclosed. It
of automobiles in June was smaller than in the same month may have the effect of 'stimulating labor-saving invention.
last year, the total of cars and trucks, it is stated, being But that is purely conjectural. What is clear enough is
265,000, as against 312,813 in May and 378,105 in June last that the immigration restriction is tantamount to a high
year. Increased stocks of petroleum and a large output, tariff on labor and, like a high tariff on products, will prove
both making a high record, have caused lower prices for to be pernicious legislation in the long run.
crude oil in the Mid-Continental and Pennsylvania fields.
Wages in some directions are falling. There has been
The stock market shows some natural reaction after the some reduction in recent weeks in textile lines, though only
recent advance. And the demand for bonds has quieted in isolated cases. But a Birmingham, Ala., dispatch of
down somewhat after a period of noteworthy activity. But July 10 said that three thousand employees of the Woodmerchants believe that this is simply a momentary lull, that ward Iron Co. were notified of a 10% reduction in wages,
JULY 12 1924.]
THE CHRONICLE
effective at once. The low price of pig iron was given as
the reason. And at Atlantic City, N. J., on July 10, the
American Flint Glass Workers' Union convention unanimously empowered their conferees to accept if necessary a
reduction of wages from union employers in order to meet the
reported disastrous competition and provided that the workmen be compensated for the loss out of the fund of the national organization. Such a provision sets a precedent.
At Fall River, Mass., there is talk to the effect that owing
to.recent cotton crop estimate of 12,144,000 bales and continued dulness of trade big curtailment is not unlikely to
continue until Sept 1 unless, of course, something unforeseen
should happen. New Bedford, Mass., had rumors that
some mills might close for the summer. Other New Bedford
wires doubted whether this would actually be done. At
Holyoke, Mass., on July 8 the Farr Alpaca Co. mill reopened. The mills employ about 3,600 persons and are on
a schedule of four days a week. At Ludlow, Mass., the
Ludlow Manufacturing Co.'s jute plant reopened in all departments, having been closed since June 27. About 2,600
persons are employed. At Lowell, Mass., the Appleton
cotton mills, which closed June 25, reopened last Monday
on a three-day-a-week schedule. At Springfield, Mass.,
work has been resumed at a number of cotton mills after a
shutdown of two weeks or more. It is estimated that about
12,000 workers have returned to work in the Connecticut
River Valley.111Pawtucket, RV.;wired tr:l_mt1=REM
n
Island mills are on a part time basis—
. gilkmillsnu".i7tw to
three days weekly. Machine shops are mostly closed.
The Sayles finishing plant, with 3,500 workers, is running
most departments. At Manchester, N. H., the Amoskeag
Manufacturing Co. is operating again on a schedule of three
days a week, part of the plant running the first half of the
week and the rest the other three days. It is possible that
the mill will be closed for some time during the summer
season. At South Manchester, Conn., the Cheney Bros.
silk mills resumed operations last Monday despite slowness
of trade.
In North Carolina the curtailment situation showed little
change last week. Some mills have resumed full time, but
this has been offset by increased curtailment in other plants.
There is 25% curtailment for the State.
Chester, S. C., wired that the Manetta mills at Lando have
begun a 54-hour week in all departments. At Chester,
S. C., the Baldwin mills have resumed work after a week's
vacation. At Anderson, S. C., the Equinox mills have
resumed full time. At Columbis, S. C., district numerous
cotton mills planned to resume operations this week. At
Lockhart, S. C., the Monarch mills have closed for a two
weeks' holiday.
At Augusta, Ga., the Globe Cotton Mills and the Riverside
Waste Mills were the only active textile plants there last
week. The John P. King Manufacturing Co. shut down
until July 14. This is the largest mill in Augusta operating
during normal times 64,608 spindles and 213 cards. Augusta
reports that some mills there might close for 4 to 8 weeks.
This is given for what it is worth. Columbus, Ga., district
mills are working at 60% and have been for four to six weeks.
A prolonged cloak workers strike has, it would seem, been
averted. By a vote of 63 to 24 the Merchants' Ladies'
Garment Association on the 7th inst. accepted the compromise report of Governor Smith's special commission,
which recently investigated the dispute involving nearly
50,000 workers in the cloak and suit industry. Later 10,000
operatives in the New York clothing market were expected
to resume work. This brings the number of strikers who
have actually returned to the shops to more than 20,000, or
approximately half the total workers in this market.
Factory employment decreased over 2% in New York from
May to June, according to the Industrial Commissioner
Bernard L. Shientag of the State Department of Labor.
Seasonal gains began in the men's clothing industry and the
food industries, but heavy reductions in the metals and
smaller losses distributed throughout almost all the manufacturing industries caused employment to recede still further
after a drop of 7% between March and May. An Omaha,
Neb., dry goods house says there is a big demand for overalls, jumpers, shirts and underwear from the rural districts
for the 50,000 or more wheat and oats harvesters who will
begin work in Nebraska within another ten days. The
boot and shoe output is below the 1923 level. During the
first five months of 1924 the production amounted to
135,130,818 pairs, which was 24,543,527 pairs less than the
output the corresponding period of 1923, but • 3,030,374
pairs more than that of 1922. The 1924 decreased pro-
135
duction as compared with that of the previous year applied.
It has been warm and humid here all the week until to-day.
The temperature has not been above 83 degrees, but the
humidity has been high and has caused much discomfort.
The Cenrtal West has been cool for some days. Chicago
was 72 degrees. At Duluth it was as low as 54. In other
parts it was warmer with Cincinnati, Omaha and Indianapolis, and Cleveland, 78. Later Chicago's temperature rose
to 80. Kansas City to 82, Cleveland to 84, Cincinnati to
90. There have been heavy rains in the South Atlantic
States and a light rainfall in this section with a violent
thunderstorm on Tuesday.
Guaranty Trust Company's Survey Sees Industrial
Decline Assuming General Readjustment.
The continued decline of industrial .production has now
assumed the proportions of'a fairly general readjustment.
although in some lines curtailment.Is to be expected at this
time of the year, states the current issue of the "Guaranty
Survey," published on June 30 by the Guaranty Trust Co.
of New York. The "Survey" continues in part:
Average commodity prices for the last few weeks have been more nearly
stable, but interest rates have receded, and wage reductions and unemployment have become more pronounced, although unemployment as a whole Is
probably not much greater than is usual at this season. Industry in general
is proceeding at levels materially lower than those of a year ago, but retail
trade, while declining, appears to be somewhat larger than that of the corresponding period last year.
Conditions in the money market have commanded particular attention
during the last month and its probable future course is a matter of outstanding interest in the current business situation. Interest rates, in fact, are
lower and money is more plentiful than at any time since the pre-war period;
Reasons for Low Interest Rates.
Various factors have operated in producing this situation, the most important being the continued flow of gold imports and the increase in banking reserves. The spring and summer reaction, and in some lines positive
depression which have characterized general business and reduced the demand for'
loanable funds, have also influenced money rates. There has, JO
fact, been no such expansion of bank loans in the first half of this year as
was witnessed in the corresponding period last year.
Another important element in the situation is the fact that easy money
and a good security market have made it possible for many concerns suocessfully to float bond and stock issues, thus relieving their banks. During
the fiscal year just dosing the Federal Government has also been able to
reduce its interest-bearing debt nearly $1,000,000,000.
A general impression seems to prevail that rates will continue low until
the seasonal demands of the fall and the final disposition of the political
campaign give business a new impetus and expand the use of loanable funds.
The foreign situation may also affect this market materially. Further progress towards the acceptance and operation of the Dawes plan is expected to
stimulate business activities and investment opportunities abroad which
will attract American funds, especially with moneys commanding higher
rates there than here. Money and banking conditions on the whole provide
a fundamental safeguard for general business and constitute one of the
strongest influences toward stabilizatim
Accumulated Stocks of Goods.
Accumulations of disproportionate stocks of goods are probably more general than is supposed. While distributers as a whole have followed a conservative buying policy, this has entailed in many cases the carrying of
unduly large inventories by manufacturers. In April, for example, an
index of stocks of 45 commodities compiled by the Department of Commerce
stood at 136 (1919=100), as compared with 117 in April of last year. That
production has been curtailed to conform more closely to current rates of
consumption is, however, one of the most wholesome factors in the present
situation.
The sharp decline in the production of iron and steel extended into June,
but recent reports indicate that it has been retarded, and that buying, especially of pig iron, has shown some improvement.
It will be noted that during the last few months shipments of automobiles have been relatively much higher than production. Since the first of
June further curtailment has been made in production schedules. Despite
tha marked decline in the last two months, however, the output in the first
half of 1924 will nearly, if not entirely, equal that of the corresponding
period last year. This condition is not exceptional. An actually high level
of production, when comparison is made with any but peak periods, is
characteristic of most other industries.
The building industry continues very active. The distribution of actIvi0
is increasingly irregular, the highest scale of operations still prevailing in
the large cities.
Regarding the new Revenue Act, the "Survey" says:
The New Revenue Act.
The enactment of the new revenue measure, the result of various compromises, was the outstanding legislative achievement of the recent session of
Congress. Confronted bp the imperative need for tax revision, the President
reluctantly accepted the bill, frankly admitting its defects, but expressing
the hope that Congress in its next session may eliminate the objectionable
features and pass a tax measure "less political and more truly economic."
The most that can be said for the new law is that it brings immediate reduction of taxes, relief which could have been greater, however, except for
the granting of a bonus to the ex-service men. The public
demand for tax
reduction has been insistent, as was evidenced especially by the popular response to Secretary Mellon's plan for effecting both a reduction in
the aggregate of taxes and a more intelligent and equitable distribution. This
demand has abundant justification.
Heavy Tax Burden. •
The American people paid Federal, State and local taxes in
1922 totaling
$7,433,081,000, a sum equivalent to. about one-eighth of the estimated total
national income, representing an average of $68 37 per capita, and an increase of 127% in five years. Federal taxes now represent about 40% of
the total, as compared with 30% just before the war.
Since out of the total
population of 110 millions only approximately 7 millions pay Federal income taxes, the average share for each taxpayer is heavy.
It is estimated
that the various taxes combined represent, in round figures,
$200 a year tel
each worker, or $300 a year for each family.
136
THE CHRONICLE
The spread of taxes in the increased cost of living to every consumer adds
a heavy burden to all, frequently disproportionately heavy for those who pay
no direct taxes. Indeed, the soundest appeal by the Administration for the
passage of a scientific tax measure was to protect those who pay no direct
tax but bear the greater share of high living costs and feel most keenly the
restraint placed upon industry and enterprise by unscientific and inequitable
taxation.
The new law provides for a reduction of 25% in the taxes on 1923 personal incomes. This uniform reduction for taxable incomes of every size
does not affect any relative disparities in the rates.
But it is not enough merely to reduce taxes regardless of the manner in
which the remaining obligation is shared. What the Administration and
the country desired was genuine economy in the expenditure of the people's
money by the Government, with taxes correspondingly lowered, but, at the
same time, so co-ordinated as to represent the least possible handicap in the
Promotion of the common welfare. The compromise law represents no real
economy in public expenditures.
[VOL. 119.
Of the industrial cities Springfield, Ohio, had the largest gain, amounting
to 34.98%, and Albany, N. Y., with 14.59%•
For the fiscal year ending June 30 1924 receipts at the 50 selected cities
showed a gain of 5.81% over the previous fiscal year, which in turn was
12.16% over the year of 1922.
The 50 industrial cities reported an average gain for the fiscal year of
8.16%. as compared with 10.61% for the preceding year.
Tabulated figures for the 50 selected and 50 industrial
cities for June 1924 follow:
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF JUNE, 1924.
A/
1924
over
1923.
34.98
5.87
14.59
8.41
*4.01
6.10
*9.46
12.27
8.73
4.09
*8.69
4.55
8.11
*1.89
*6.72
*2.34
*2.87
1.27
*8.00
&:i
22
19
0vv
1922.
June 1924.
June 1923. Increase.
Office*4.52
$115,117 19
585,282 73 529,834 46
Springfield, Ohio
1.46
101,106 94
95,498 49 5,60845
Oklahoma, Okla
Politica! Influences.
4.31
106,538 00
92,973 83 13,564 17
Albany, N.Y
The clearly established fact that the present high surtaxes have crossed Scranton, Pa
19.63
66
83,207 45
76,751 79 6,455
the line of diminishing return was utterly ignored by Congress, and the
11.37
79,345 70
83,180 95 *3,835 25
Harrisburg,Pa
measure was shaped, in opposition to the wishes of the President and the
13.80
77,983 31
73,502 49 4,480 82
San Antonio, Texas
Secretary of the Treasury for an equitable law, in an effort to accomplish
8.07
71,513 52
78,986 00 *7,472 48
Spokane, Wash
the political end of imposing the maximum of taxes upon the minimum of
17.83
101,037 92
89,994 62 11,043 30
Oakland, Calif
voters. That this will not be its real effect will eventually appear.
15.76
92.088 40
84,693 52 7,39488
Birmingham,Ala
Unsatisfactory as is the new law in many of its features, there is advan*.35
73,399 24
70,516 73 2,882 51
Topeka, Kans
tage in the fact that it does make definite, for a time at least, what taxes
22.78
70,46751
77,172 55 *6,705 04
Peoria, Ill
are to be borne. Perhaps those administrative features which prove harm5.47
60.417 63
57,788 17 2,62946
Norfolk, Va
ful will be eliminated, but it is scarcely probable that the rates themselves
*17.77
55,267 57
51,122 40 4,145 17
Tampa, Fla
will be revived until their effectiveness in producing revenue has been ac
18.38
66,392 41
67.668 57 *1,276 16
Fort Wayne,Ind
tually tested.
3.04
58.324 44
62,527 08 *4,202 64
Lincoln, Neb
*1.80
59,461 82
60,887 11 '142529
Duluth, Minn
9.23
56,669
77
'1,67625
58,346 02
Little Rock, Ark
Loading of Railroad Revenue Freight Still Small.
6.90
59,962 62
754 29
59,208 33
Sioux City, Iowa
Loading of revenue freight for the week which ended on Bridgeport. Conn
8.30
58.873 56
64.381 68 *5,508 12
51
62,643
7,94631
58,69720
June 28 totaled 908,355 cars, an increase of 4,655 over the Portland, Maine
.(1.14
3 4
47,729 06
266 66 1416
47,462 40
St. Joseph, Mo
46,046 62
63,228 19 *170 i3/ .2/:// 7ug
week before, according to reports filed on July 9 by the Springfield, Ill
49,363 27
45,577 34 3
Trenton,N.J
carriers with the Car Service Division of the American Wilmington, Del
62
45
85
8:2
45
4
8
11
8:
46
7 2,171 81 4.71 12.21
35
50
044
Wig
Railway Association. Compared with the corresponding Madison,
1
3.19
5S 18
9
48,353 23
2 :1:6
222
51,178 53 '2
1:,3
South Bend, Ind
50,096 33
51,482 53 • 86 0 *2. 9 2 .2
week last year, this was a decrease of 113,116 cars but an Charlotte, No. Car
40,022 86
37,241 86
Savannah, Oa
3.1g
4.1; 1i2
36,784 71
13 *7
0
al•
38,634 20 4,
increase of 45,510 cars over the corresponding week in 1922, Cedar Rapids, Iowa
:
)*11.N 18.94
6
7(
35,690 21
40,459 00 4.4111 6
Charleston, W. Va
when, because of the coal miners' strike, freight traffic was Chattanooga, Tenn
54,978 27
54,788 61
36,557 09
*478 66 *1.29 Itili
37,035 75
Schenectady, N. y
greatly reduced. Further details are as follows:
07
30,183 57
33,212 26 *3,028 69 *9.12
Lynn, Mass
32,017 79
30,897 29 1,1
1 2t,
so *g:g 1 4
7g
Loadings of grain and grain products, coal, ore and miscellaneous freight Shreveport, La
27,011
80
Caro
27,963
89
So.
•
for the week of June 28 showed increases over the week before, while live Columbia,
24,605 57
Dak
25,851 12
No.
Fargo,
stock, coke, forest products and merchandise, including less than carload Sioux Falls, So. Dak
25,134 10
27,445 07
12.00
7 "C51
.841
29,585 81
,
21
lot, freight showed decreases.
I! 4
618 'I
28,927 69 :1:1
Waterbury, Conn
26,264 63
25,484 93
Grain and grain products loading for the week of June 28 totaled 38,408 Pueblo, Colo
12
22,136
2..8S
16
13
1,F51
H
N.
03
20,482
Manchester,
cars, an increase of 1,875 over the week before and an increase of 1.291
5.21
.42
24,601 56
24,498 51
103 05
Lexington, Ky
cars over the same week last year. Compared with the same week in 1922. Phoenix, Ariz
22,853 16
24,308 77 '1,45561 *5.99 28.15
17,137 58
It was a decrease of 3,153 cars. In the Western districts alone 25,031 cars Butte, Mont
20,354 60 *3,217 02 *15.81 30.34
1.30 18.49
19,817 75
256 74
19,561 01
were loaded with grain and grain products, an increase of 159 cars over the Jackson, Miss
1.65 35.91
19,919 00
323 06
19,595 94
Boise, Idaho
corresponding week in 1923.
18,023 75
1.20067 7.13 *12.87
16,823 08
Burlington, Vt
Live stock loading totaled 27,846, a decrease of 3,945 cars under the Cumberland,Md
11,989 13
'59570 *4.73 11.91
12.584 83
12,840 81
'20126 *1.64 22.77
13,04207
preceding week and a decrease of 2.352 cars under the same week last year. Reno, Nev
1.34
10,78004
'37296 *3.34
11,153 00
Compared with the same week in 1922, it was also a decrease of 486 cars. Albuquerque, N.Mex
*1,099 90 *11.83 *3.42
Wyo8,18872
9,28862
Cheyenne.
Live stock loading in the Western districts for the week totaled 21,070 cars,
1,842 cars under the corresponding week last year.
1.50 7.96
82,432.633 48 $2,396,592 80 836,040 68
Total
Coal loading amounted to 144,759 cars, an increase of 3,952 cars over
•
• Decrease.
the preceding week, but a decrease of 40,565 cars under last year. ComMarch 1924 over March 1923, 5.90%; April 1924 over April 1923, 12.48%1 May
pared with the same period two years ago, when the miners' strike was in 1924 over May 1923, 6.15%•
progress, it was an increase of 50,490 cars.
OFFICES
Loading of merchandise and less than carload lot freight totaled 240,040 STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED
FOR THE MONTH OF JUNE 1924.
cars, 635 cars under the week before and 5,068 cars below the same week
Per Cl. Per Ct. Per Ct.
last year. This also was 6,585 cars below two years ago.
212
92
2 119
23
92
23 119
924
OW
OW
Miscellaneous freight loading amounted to 323,596 cars. While this was
Mt
June
1924.
June
1
1923.
Increase.
Officean increase of 2.218 cars over the week before. it was a decrease of 25,295
$
$
$
cars under last year. Compared with the same week in 1922. it was an
New York, N.Y___ 4,818,132 68 4,919,976 35 *101,843 67 *2.07 6.35 5.52
Increase of 8,676 cars.
3,843,501 32 3,961,793 09 *118,291 77 *2.99 5.90 13.41
Chicago, Ill
Forest products loading totaled 67,540 cars. 346 cars less than the week Philadelphia,Pa-_.. 1,236,901 95 1.313,83548 *76.933 53 *5.86 2.52 10.32
1,086,414 50 1.121,88801 *35,473 51 *3.16 6.59 13.04
before and 11.757 cars under last year, but 5,822 cars above the same week Boston, Maas
.20 7.54 12.68
868,751 54
867,016 83
1,73471
St. Louis, Mo
in 1922.
658,778 44
689,109 53 *30,331 09 *4.40 9.90 18.95
Kansas City, Mo
.52 8.92 19.68
Ore loading amounted to 59,198 cars. Compared with the week before, Cleveland, Ohio
3,19025
614,931 07
611,740 82
591,682 96 *20,985 10 *3.55 9.20 14.10
this was an increase of 1.893 cars, but a decrease of 21.593 cars under last San Francisco, Cal- 570,697 86
7.31 1185..3088
2.04
61
59
11,236
98
562,663
551,426
Y_
N.
Brooklyn.
year. It also was 5,857 cars under two years ago.
605,661 80
Detroit, Mich
622,823 94 *17,162 14 *2.76 20.89
85
Coke loading totaled 6,968 cars, a decrease of 357 cars under the pre- Los Angeles, Calif.. 585,626 61
538,096 07 47,530 54 8.83 19.37 1138..04
8.93
ceding week and 7,777 cars under the corresponding week in 1923. Com- Pittsburgh, Pa
502.104 33 '10,09650 *2.01
492,007 83
491,811 56 '22,15659 *4.50 10.22 20.76
pared with the corresponding week in 1922. it was a decrease of 3,397 cars. Minneapolis, Minn. 469,654 97
11,795 17 2.60 6.39 10.96
454,20441
Cincinnati,Ohio
465,999 58
Compared by districts, increases over the week before in the total loading Baltimore, Md
*9,398 76 *2.32 5.08 13.09
405,308 42
395,909 66
2.68
of all commodities were reported in all except the Southern and Northwest- Washington, D. C- 337,19436
39,457 05 13.25 *1.21
297,737 31
71 *3.85 11.04 19.03
*12,226
93
317,621
Y
N.
305,395 22
ern districts, which showed decreases. The Pocahontas and Southwestern Buffalo,
343,188 55 22,372 87 6.52 8.49 17.21
districts were the only ones, however, to report increases over the cor- Milwaukee, Wis.-.. 365,561 42
10,88692 3.63 13.26 6.58
300,054 85
St. Paul, Minn__- 310,941 77
responding week last year, while all reported increases over the correspond- Indianapolis, Ind_ 318,066 40
10,171 34 3.30 8.97 19.46
307,895 06
1.19 8.90 12.40
2,92594
246,586 74
ing week two years ago except the Pocahontas. Southern and Northwestern Atlanta, Ga
249,512 68
.66 24.29 11.01
1,83524
279,960 99
281,796 23
Denver, Colo
districts.
*.71 16.66
227,049 69 '10,22845 *4.50
216,821 24
Loading of revenue freight this year compared with the two previous Omaha, NebJ
4.27 7.80 27.67
10,172 11
238,279 49
248,451 60
Newark, N.
18.93
2,34955
3.03
1.00
years follows:
01
234,610
236,959 58
Dallas, Texas
*4,048 17 *1.83 12.33 7.79
221,190 44
Wash
217,142 27
1923.
1922.
1924.
DSeitestt
*2.80
58
18.98
*5,696
8.80
10
203,078
52
197,381
Ines,IowaMoines.
Four weeks of January
3.373,965
2.785,119
3.362.136
.66 14.88 16.27
1,40830
212.441 21
213,849 51
3,361.599
Four weeks of February
3.617.432
3.027,886 New Orleans,
.39 4.60 2.01
735 26
189,266 15
Ore.8La
190,001 41
4,581,176
*7,969 94 *4.00 3.90 22.87
Five weeks of March
199,137 41
4,607.706
4,088,132 Rochester, N.Y
191,167 47
*.89 17.12
181,334 53 16,503 27 9.10
83 80
197,7
Four weeks of April
3,764,266
3.499.210
2,863,416
6.33 3.79 15.91
11,264 21
87
177,868
lo
08
139,133
eK
u
ll
i
b
v
olum
Five weeks of May
4,876,893
3,841,683 ICA'uis
4,474.751
153.084 91 '3,25076 *2.12 6.99 19.49
149,834 15
edo,
vid
hm
l
Toledo,
oe
o
m
Four weeks of June
4,047.603
3.625,472
3,414,031
3,496 12 2.54 2.94 11.76
137,512 65
141,008 77
d a
Ohioceoen ,V
4.09 16.75
.21
277 29
131,220 39
R.I.... 111,497 68
1,30048 1.01 15.18 3.53
129,283 66
Total
24.005,502
20,020,267 Memphis, Tenn._ 1 0.584 14
23,186,707
4,686 19 3.54 6.25 12.43
137,243 61
132,557 42
Hartford, Conn
126,489 05
5,933 44 4.92 9.08 4.99
120,555 61
Nashville, Tenn
2.53 11:14
136,505 44
112,901 29 23,604 15 20.91
.
Ohio
hh
0
vi0n
Dayton.
F0rt
64
'9.06637
Texas.
86,631
95,698
01
*g•47 36.61
Decrease in Postal Receipts at Fifty Industrial and syeacuse, N.Y
*9,22665 *7.98 6.17
106,351 80
115.57846
8,27940 7.87 3.48 3.88
113,349 16
105,069 76
Houstoh, Texas
Selected Cities in June.
2,54027 2.38 10.58 5.58
109.04069
106.500 42
New Haven, Conn_
7.43 18.03
*548 44 ..51
107,886 73
Five Sundays in June out the usual increase in postal GrandRapids,Mich. 107,338 29
*17.12 10.79 18.81
'17,57500
99
85,104
102,679
J
99
Jersey City, N.
*8,086 71 *7.82 5.43 35.85
receipts at 50 industrial cities to 1.50% and brought a Akron, Ohio
95,31083
103,417 54
*3,452 52 *3.51 14.31 14.03
94,768 05
98,220 57
Salt LakeClty,Utah
decrease of 1.17% for the selected cities, according to figures Springfield, Mass
3,04037 3.60 3.24 14.64
84,401 63
87,'42 00
.88 22.32
.97
802 32
82.26484
Mass
16
83.1'67
Worcester,
received on July 8 by Postmaster General New. The
*3,764 18 *5.97 7.22 13.46
Jacksonville, Fla
63,078 09
19,313 91
statement of the latter says:
23,523,748 30 23,802,032 07 *278,283 77 *1.17 7.07 12.24
Total
Decreases were reported by 23 of the selected cities and 25 of the industrial
cities.
• Decrease.
Marco 1924 over March 1923, 1.46% decrease. April 1924 over April 1923,
Of the selected cities Dayton, Ohio, reported a gain of 20.91% and
$0.44% increase. May 1924 ovrr May 1923, 4.07% Increase.
Washington, D. C.. of 13.25% •
s%db
JULY 12 1924.]
THE CHRONICLE
May Pulp and Paper Production Statistics.
Production of paper by identical mills reporting to the
American Paper & Pulp Association and co-operating organiof 1% in May from the
zations showed a decrease of only
April production, according to the monthly statistical summary of the paper and pulp industry, which says:
The tonnage summary is prepared by the American Paper & Pulp Association with the co-operation of the Binders Board Manufacturers' Association, News Print Service Bureau, Tissue Paper Manufacturers' Association,
Wrapping Paper Manufacturers' Service Bureau and Writing Paper Manufacturers' Association. The figures for May are as follows:
Stocks on Hand
Number of Production. Shipments. End of Month.
Net Tons.
Net Tons.
Mills.
Net Tons.
Grade34,479
131,289
65
134,219
Newsprint
34,899
83.923
55
86,291
Book
31,246
99,760
98,481
Paperboard
100
61,638
44,291
Wrapping
82
45,607
7,536
8,898
25
9,984
Bag
39,357
25.237
82
25,522
Fine
9.437
9,598
42
10,749
Tissue
5,196
2,962
8
4.414
Hanging
3,016
17,154
20
17,871
Felts
16,174
21,466
61
22,570
Other Grades
Total-All Grades
243.088
444,488
455,708
The statistical table below gives the number of mills reporting to the
American Paper and Pulp Association and the United States Pulp Producers'
Association, and the data as to production of the various grades of pulp in
May:
Stocks on Hand
Shipments. End of Month.
Number of Production.
Net Tons.
Net Tons.
Mills.
Net Tons.
Grade163,267
2,145
103
120,512
Ground Wood Pull)
16,565
3,665
38,462
40
Sulphite, News Grade
3,444
2,690
19,726
20
Sulphite, Bleached
451
5
4,249
989
Sulphite, Easy Bleaching_ _ _ _
1,435
418
4,860
Sulphite, Mitseheritch
5,144
2,695
11
9,418
Sulphate Pulp
2,689
4,375
12
15,901
Soda Pulp
4
90
2
96
Other than Wood Pulp
Total-All Grades_
213,224
16.529
193,537
Employment in Illinois Factories Dropping Rapidly.
Employment in the factories of Illinois is dropping rapidly,
according to the report of the General Advisory Board,
Illinois Department of Labor, issued July 9, by R. D.
Cahn, Chief Statistician. During the past three months,
the manufacturers of Illinois have laid off more than 7%
of their workers, and these declines combined with the earlier
cuts have reduced employment to a point 11.5% below the
level of June last year. This indicates that manufacturing
industries of Illinois are getting along with about 80,000
fewer employees than they had last year at this time. The
report proceeds as follows:
The number of unemployed people in this State at this time is large.
Other factors raise the number out of work far beyond the 80,000 who
have been laid off by the factories. Closing mines have released large
numbers, the building industry is not quite up to last year's level, and
farmers are not hiring as many people as one year ago. In addition.
there is the large number who have migrated here and the considerable
number of those who have arrived at working ago during the year.
The drop in June which amounted to 3.4% brought unemployment
to a new peak. With much uneveness mons the various industries,
employment in the factories of Illinois in total was in June about
the same point as two years ago in mid-summer. In June 1923, there
were more people at work than at any time in four years.
During the month of June there were reductions in employment in
each of the 13 principal cities of Illinois for which the reports of employers
are separately tabulated. In Moline, where the change for the month was
sharpest, nearly 25% of the factory workers lost their jobs, in addition
to the 13% who were laid off in May. In Joliet, about 14% of the manufacturers' employees were laid off. The decline for the month in Chicago
was only 2.3%, much of the loss being offset by the seasonal rally in the
men's clothing factories. The break was 7.5% in Springfield, between
3 and 5% in Aurora, East St. Louis and Peoria, 2.5% in Rock Island.
and less than 2% in Bloomington. Danville and Quincy.
The general character of the decline is shown also in the industrial
analysis. Out of 55 industries included in the survey of the month,declines
in the number of workers occurred in 42, and in ore there was no change.
In only 12 industries were more workers employed in June than in May.
and in each of them a strong seasonal factor exists.
Probably the most important drops for the month were those in the
metal, machinery and conveyance group. Eleven of the twelve groups
made sizeable cuts in their working forces, resultin3 in a group reduction
of 6.2%. The 383 reporting employers had 10,000 fewer employees in
June than in May. Agricultural Implements led the de.line with a cut of
20.1% in the train of cuts in the two preceding months totaling 11%. Production regularly goes down at this time of year, but the recent drops are
much larger than usual. Employment fell by nearly 12% during the month
in the iron and steel class, in which production had held up well earlier in
the year. The number of workers of the automobile and accessoi ies concerns suffered a further reaction, and some of the factories have c loscd down
completely. In railroad car building, which had been hit by several drastic
cuts earlier in the year, and in which there was a recovery of 3.4% in May,
there was a renewed decline of 6%. Tools and cutlery and machinery
employers reduced their operations further. The exception to the g.neral
trend were the typewriter factories, which added 3.4% more wcrk rs in
June.
During the past few months employment has been dropping steady in
the furniture and musical instrument factories. This was continued during
Juno,furniture forces being reduced by 3.5% and those in the musical in xruMents concerns by 5.9%. At the planing mills, where May witnessed a
drop of6% in the number of wcrkers, there was no indicaticn of a tendency
to replace those laid off. Employment held steady during June.
There was seasonal activity at the shoe factories, wh'cla in the midst of
the fall season added 3.2% more workers. There was also a slight gain in the
miscellaneous leather class. But elsewhere in the leather group the trend
was downward. At the tanneries the reduction affected 7% of the total
number of employees.
137
The drop of 6.6% in the chemical, oils and paints group of industries in
May was followed in June by a cut of 7%. The decline affected each of the
four industries. In the miscellaneous chemicals class the reduction was
11.3% and in drugs 9%. At the oil refineries there was a cut of 4%, while
the paint firms laid off 3%.
Business is generally active for printers in the middle of the year, and
this year was no exception. While employment was declining substantially in the manufacturing industries generally, job printers reported no
change in the number of workers. There was also relative firmness among
the newspapers and periodicals. The other two classes of the paper group,
however, the makers of paper containers and the miscellaneous class show
sharp downward changes.
The outstanding change in the apparel Industry was the increase in the
number of workers in the men's clothing factories. The fall season was at
its height, and employment expanded by 25.7%, women and men sharing
the expansion about equally. The payroll increase was even larger, expanding 43.9% during the month, with steadier work. Employment increased also at the overall factories. Elsewhere in the apparel group the
trend was downward. Employees in women's clothing factories dropped
off 24.1%. and at concerns manufacturing women's underwear and furnishings, 18.5%. The other decreases in the group were less substantial.
Some of the food industries were seasonally active. The canneries were
adding workers and so were the dairy products firms. Beverage makers
had fewer employed in June than in May. The meat packers reported a
slight increase in operations, and were employing 1.3% more people than
one month ago.
Part-time operations are reported on an increasing scale. Whereas 24%
of the workers reported upon were working part time in May, during June
approximately 35% were working part time. 22 plants were reported as
completely closed down. Industries in which the major part of the workers
were employed only part time included the following classes: Iron and steel;
cooking, heating and ventilating apparatus; machinery; agricultural 1112plements: miscellaneous leather goods; cotton goods; knit goods, and men's
work clothing.
On account of the increases in employment in the apparel industries in
which women have a large representation, there was a slight increase in
total employment of female workers during the month, while the employment of males decreased 4.5% during June.
The largest and the smallest firms appear to show the greatest resistance
against employment decline, while the middle sized employers suffered
most. Employers having less than 100 workers reduced employment from
May to June by 2.1%. Those having beeween 101 and 250 reduced employment by 6%. The largest employers, those having over 1,000 employees, cut employment 2.5% in June.
The 1,195 reporting manufacturers paid out $6,710,082 in wages during
the week of June 15, which was a reduction of 4.8% from the amount the
Identical firms paid out during the week of May 15. Average weekly earnings for all manufacturing employees amounted to $24 40 in June, a drop of
93 cents in a year.
Employment aLso was on the downgrade in the industries other than
manufacturing, included in the survey. Mail order houses laid off 3.8%
and telephone companies 2.2%. Coal mining continues in the process of
readjustment. Although earnings of miners showed the effect of better
work, number of mine workers was in June 9.2% below the May number.
Employment in all branches of the building industry moved upward and
new authorizations were of substantial amount in several cities. Chicago
building permits totaled $34,288,250, an increase of nearly 100% over last
year. Permits were larger than a year ago also in Bloomington, Blue Island,
Canton, Cicero, Decatur, East St. Louis, Moline, Peoria, Springfield and
Urbana. In eleven other cities, June permits dropped below the amount
for June 1923.
Free employment service reports were the most unfavorable of any time
since 1922. Free employment offices in thirteen of the principal cities of the
State were ab'e to place only 10.236 people during June. about half of the
number placed in June of last year. In June 1922 the offices were able to
place 17,024 and in June 1921, 8,480. Last month for the State as a whole
there were 172 job seekers for each 100 jobs open, comparing with 154 in
May. 100 in June 1923, 103 in June 1922, 240 in June 1921. and 84 in June
1920. The worst situation during June 1924 appeared at Cicero with nearly
296 registrants per 100 jobs and at Danville where tin ratio was 252 per 100.
In Chicago there were slightly more than two persons seeking each position
reported to the free employment offices.
Rotation of workers on existing Jobs was urged upon employers in 1921.
In order to spread employment over the largest number. That practice was
not so extensively followed than as it has been in recent months. In part
this change has been due to a difference in the situation and in part from the
learning of a lesson. When industry was on the decline in 1921, there was
small incentive to rotate workers on the Job,for there were at that time substantial numbers of ex-service men who had never been taken back into
industry. A reservoir of unemployed men nullifies any incentive to such
a practice, but during the expansion of 1922 and 1923, these men and others
were gradually absorbed by industry, with the result that in 1923, some
employers were frantically seeking workers, but without success. These
employers are not now releasing their workers, but instead are keeping all
of their skilled help at reduced numbers of hours. Numerous employers
reported to the Illinois Department of labor that they were operating at less
than the usual number of hours per week. The cumulation of this movement is .seen in the fact that while employment fell by 3.4%, earnings
dropped 4.8% during the month of June.
Recent revisions in the scale of industrial activity have led many people
to ask,lathe depression of 1920-21 to be re-enacted? Are we in for a decline
as severe as that which followed the post-war expansion?
It may be said at once that it is very improbable that anything approaching the last severe industrial depression is before us. Though business has
contracted sharply in recent months, and though there may be further
reduction in the number of employed people,the antecedent conditions were
not those that could produce a business recession of great severity. Then
there had been general extravagance and abrupt advances in the price level.
Prices have varied but little in the past two years. The 1920 crisis marked
the culmination of a credit strain, during which Federal Reserve credit
had been expanded to the ultimate limit. Credit was easy throughout
1923 and has been thus far in 1924.
The business expansion of 1922-23 was one of caution. The crisis of 1920
had had at least the beneficial effect of warning of the consequences of over.
extension. Industry began a moderate downward movement as early as
the middle of last year. It has only been in recent months that the changes
from month to month have been large. Since the expansion was not intemperate,recover will be the easier and the quicker.
But although the downward course of industry probably will not go the
limit of 1920-21. there is reason for believing that there will be further declines in production before there Ls a sustained upward movement. Commodity stocks as reported by the United States Bureau of Census are now
nearly 35% above the level of last year, and the stocks of manufactured
commodities are about 50% over last year, and two-thirds higher than in
138
THE C1TRONICLE
1919. It is to be expected that there must be a substantial reduction of
the stocks of goods before our large industrial machine is again turned on
full force. With the reduced rate of consumption on account of low employment. and as revealed in recent commercial reports, it appears that
arge expansion of business is some months off.
[Vol,. 119.
automobiles affected conditions here somewhat but the plants making metal
instruments and appliances also went down, and in some cases were quite
low. In the textile and footwear industries the level of employment went
down with individual firms showing conflicting tendencies.
There was little change in the situation in the Binghamton section, which
is relatively good, compared with the up-State cities.
Factory Employment in New York State Shows Further
Drop of 2%.
Heavy Export Sales of Automobiles Continue—
Supplementing the statement relative to employment and
Although Total Value of Automotive
wages of factory workers in New York State, made public
Products Shows Decline, Truck
on June 3 by Industrial Commissioner Bernard L. Shientag,
and Passenger Cars Regisof the State Department of Labor (and referred to by us
ter Advance.
last week, page 17), a further statement by the CommisIncreases in the number of passenger cars and motor trucks
sioner on July 7 said:
exported and in the number of American cars assembled
Factory employment fell off over 2% in New York from May to June.
Seasonal gains set in in the men's clothing and the food industries, but abroad were the salient features of the automotive export
heavy reductions in the metals and smaller losses distributed throughout situation during May, although the total value of automoalmost all the manufacturing industries caused employment to recede still tive products exported was almost
$2,000,000 below the
farther after a drop of 7% between March and May.
Out of 55 manufacturing divisions in the State 12 divisions showed an figure for April, says the Automotive Division of the Departincrease in employment. All but 3 of these were seasonal and these 3 were ment of Commerce. May values amounted to $20,966,227,
partial gains following heavy reductions in the two preceding months.
as compared with $22,829,150 in April, 21,226,273 in
The elements in the situation are significantly illustrated by the contrast
between New York City and up-State. Almost all the up-State districts March, $19,566,226 in February, and $18,465,202 in Janushowed very heavy reductions, with the sharpest drop coming in the auto- ary. The extent of automotive shipments from the United
mobile plants and in the related industries among the metals and even ex- States so far this year is
measured by the fact that during
tending to the textile plants making automobile materials. At the same
time, however, practically all the other industries felt a slight slowing the first five months their aggregate value has reached
down. The situation is further emphasized by the fact that the only up- $103,053,078, or about 57.7% of the total value for the entire
State city where employment did not go lower was Rochester. That, like year 1923.
New York City, has a large part of the men's clothing industry and almost
Passenger cars were exported from the United States and
no automobile manufacture. In New York City the drop was about half
as much as in the rest of the State. In Rochester only there was a slight Canada during May to the number of 18,665, compared
gain.
with 18,123 in April; and trucks to the number of 3,800,
Other significant tendencies were the slight falling off in the manufacture of building materials, a severe reduction in wood products, especially compared with 3,170 in April. In both cases the increases
furniture and pianos, where changes are ordinarily not great, and a continu- were the result of a sudden spurt in the exports from Canada.
ation of the recession in paper manufacturing. The chemical industries are American-car
assemblies in foreign,countries also expanded
feeling the effects of the slowing down. Carpet mills are less active, and
the usually stable publishing industry has been showing evidences of a de- materially, reaching 12,850 in May as compared with 11,307
cline.
n April. Production was 16% lower than in April.
An encouraging upward tendency was noticeable in the manufacture of
Production in the United States and Canada during May
railroad equipment, which has been gaining slowly after very severe cuts.
Over 1,000 workers were re-employed in these plants in June. Leather covered 321,397 cars and trucks, a decrease of 16% from the
also turned upward.
382,033 produced in April. On the basis of these figures the
The employment loss in New York City was not quite 2%. The recovery
of exports to production during May was 7%;if foreign
in men's clothing and seasonal gains in the food industries were encourag- ratio
ing. The metal industries fell off in New York City, but not so sharply assemblies are counted as exports, the ratio rises to 10.98%.
as up-State.
Exports of passenger cars from the United States alone
The gain in men's clothing went over 10% from May to June, but this
receded
somewhat from the April figures, but the large inagainst
be
set
recent heavy reductions. All the other clothing indusmust
tries went decidedly down, with a large falling off for the whole group. crease in exports from Canada brought the total figure
The women's industries were particularly dull. Dress and waist, cloak and above that of the preceding
month. In trucks and busses,
suit and millinery shops and the modistes' establishments let a large proportion of their employees go. Women's underwear went lower, as did men's shipments from Canada during May were in excess of those
underwear and summer headwear.
in April. Australia continued to be the leading national
All the related apparel industries were cutting down working forces. The market
of the United States in passenger cars, and Sweden
shoe factories were most affected, but silk mills, knitting and all similar
retained the first position in truck demand, even after its
lines showed the same falling off.
There were heavy reductions in the metals in New York City, including unprecedented increase in April.
brass goods, sheet metal work and jewelry, but irregular gains in ship building and in electrical apparatus prevented a greater net loss for the group.
Seasonal gains in beverage making and the biscuit factories sent employment in the food industries to a higher level. The cigar and cigarette factories took on more employees.
Two or three changes in the metal industries of the Buffalo district were
upward. All the rest were down. The automobile industry went off, as in
other sections of the State, and carried employment in the steel mills, in
metal stamping, and in castings way down. This means that thousands of
workers were let go at a time when practically no plants were taking on
additional workers. The other manufacturing industries, especially shoes,
showed the same downward tendency, but fewer workers were affected.
The seasonal increase in food products began to show in bread and biscuit
making, but meat packing went down a little.
Syracuse, like Buffalo, showed a drop in almost every metal working
plant in the district. Some of the reductions were small, but several plants
dropped about a hundred employees or more. Again, as in Buffalo, the
automobile situation accounted for the drop not only in the automobils
plants, but in the steel mills, in castings and in other metal goods. A few
decreases, as in the typewriter plants, were not due to the automobile situation. The situation in Syracuse, as in other cities, is aggravated by the
fact that similar decreases have been taking place for several months.
The chemicals and oils group of industries in this district showed a distinct falling off for the first time in the present industrial recession. Practically all the other manufactures went the same way, with a quite severe
drop in shoes. The upward movement was Unfilled to a seasonal gain in
foodstuffs and good employment conditions in the stone and clay products
group in this area.
The decline in employment went further in the two main industries of
the Utica district in June. Nearly 1,000 workers were let out in the textile
mills, working time was reduced and cuts in wage rates were put into
effect. As in other industries and other localities no mills were taking on
increased help. Another severe reduction was reported in the metals this
month, as in May, with all branches of the industry feeling its effect.
Recovery in June after heavy cuts in May in the clothing and footwear industries were the only two increases.
The Capitol district showed about the same tendency as the whole
State
--a reduction of 2%. More of the metals felt the effect-of the sharp declines which have been in evidence for the past three months. One mill
which had been partly closed shut down entirely and more of the workers
were let go in many plants making heavy metail goods. The car shops reported another drop. The other important industry in this district is
shirts and collars. Here the downward tendency continued without interruption. But a beginning of the busy season in men's clothing afforded
some encouragement for the sewing trades. Working time went down in
some of the knitting mills.
The opening of the season in the men's clothing industry helped the employment situation materially in the Rochester district in June. Working
forces were built up after recent reductions and increased working time
caused payrolls to rise. The metal industries showed the general tendency
toward small losses in employment throughout the list. The situation in
New Automobile Models and Prices.
The New York Stearns Co. has announced a new and
lighter six-cylinder Stearns-Knight model. They say this
new product is the lowest priced six-cylinder Knight motor
car ever offered. The new and powerful six has been
developed after sixteen years experience in building Knight
type motors with both four and six cylinders. Six new
models are now ready for delivery. They consist of a four
passenger militaire, five passenger touring, sport coupe,
coupe brougham, five passenger sedan and five passenger
brougham.
The Pierce-Arrow Motor Car Co. will formally introduce
its new line of moderately priced 6-cylinder passenger cars
on Aug. 1. Other than that the car will be compatible in
quality, it is stated, with the larger Pierce-Arrow, it
will introduce a further refinement of the 6-cylinder prim-'
ciple. It is expected that selling prices of the new six will
range between $2,500 and $3,500 for the various open and
closed models.
The Buick Motor Co. has made price advances of about
$100 per car on its line of big six passenger cars and has
announced prices on the new smaller six which replaces
the four-cylinder line. The prices of the new "Standard
Six" models are:
Five-passenger sedan, $1,475; two-passenger roadster. 31,150; two-
passenger roadster, with enclosure. $1,190; five-passenger touring, $1.175;
five-passenger touring with enclosure. $1,250; two-passenger coupe, 81.375;
five-passenger sedan. $1,665, and four-passenger coupe. $1,565.
The prices on the models in the "Master Six" line are:
Tsvo-passenger roadster, 31.365; two-passenger roadster with enclosure.
$1,400;five-passenger touring,$1,395;five-passenger touring with enclosure,
$1.475; five-passenger sedan, $2,225; four-passenger coupe, $2,125; sevenpassenger touring. $1,625; seven-passenger touring with enclosure, $1,700;
seven-passenger sedan, $2,425; seven-passenger limousine. $2,525; fivepassenger brougham, $2,350; threopassenge roadster. $1.750: three-passenger country club. $2,075;five-passenger sport touring, $1,800, and fivepassenger town car. $2,925.
On July 5 it was reported that Ford Motor Co. dealers
had been notified that an increase in tractor prices will
shortly be made. While the new price and date of change
JULY 12 1924.]
139
TEE CHRONICLE
has not been announced,it is expected that price will advance domestic crude oil, or 83% of their daily operating capacity,
$75 about July 1, to $495 from $420. Several Detroit a decrease of 2% compared with the refinery operations of
dealers have placed orders in anticipation of this increase. the previous month.
The Columbia Motors Co. on July 9 announced an in- RUNS TO STILLS AND OUTPUT OF REFINERIES IN THE U.S. MAY 1924.
crease in price of $80 on the phaeton, touring and coupe
Crude Oils.
Total
Unfinished Oils.
models.
Oils Run
Natural
Oils
Slight Decrease Noted in Crude Oil Production.
The American Petroleum Institute, in its weekly report
dated July 9 1924, estimates that the daily average gross
crude oil production in the United States for the week ended
July 5 was 1,968,550 barrels, as compared with 1,975,850
barrels for the preceding week, a decrease of 7,300 barrels.
A year ago during the corresponding week the production
was 2,199,150 barrels, or 230,600 barrels per day greater
than the current output. The daily current average production east of the Rocky Mountains was 1,349,050 barrels,
as compared with 1,349,150 barrels the previous week, a
decrease of 100 barrels. California production was 619,500
barrels, as compared with 626,700 barrels; Santa Fe Springs
s reported at 58,000 barrels, against 59,000 barrels; Long
Beach 159,300 barrels, against 163,000 barrels; Huntington
Beach 44,500 barrels, against 45,000 barrels; Torrance
58,000 barrels, no change; and Dominiquez 11,000 barrels,
no change. The following are estimates of daily average
gross production for the week ended July 5, June 28, June 21
1924 and July 7 1923:
DAILY AVERAGE PRODUCTION.
In BarrelsJuly 5 '24. June 28'24. June21 '24. July 7 '23.
Oklahoma
476,950
472.750
471,950
495,700
Kansas
76,500
76,200
76,100
84.800
North Texas
78.850
78050
80,800
74,050
Central Texas
169.350
171,450
165,500
173,450
North Louisiana
51,100
6,700
55,750
65,100
Arkansas
149,950
152,800
155.100
141,300
Gulf Coast
115,660
106,550
109,450
98.150
Eastern
107,500
107,000
106.500
112,000
Wyoming and Montana
120,200
127,650
127,550
122.700
California
619,500
626,700
626,750
835,000
Total
1,968.550
1,975,850
1,978.550
2,199,150
High Record Gasoline Production and Gasoline Stocks.
Petroleum refineries in the United States established another new high record gasoline production mark in May
when the total output of this commodity amounted to 780,194,019 gallons, states the Department of the Interior,
through the Bureau of Mines. This figure surpasses by more
than 25,000,000 gallons the high record production mark
made in April, which had in turn passed by 11,000,000 gallons the previous high record set in March.
The largest supply of gasoline yet recorded in the history
of the country was on hand at refineries June 1, according
to the Bureau of Mines figures, which show total stocks
amounting to 1,647,359,835 gallons. The figures represent
an increase of 39,573,431 gallons over the supplies on hand
May 1, at which time a new high mark had been recorded
The daily increase in gasoline production in May 1924, over
the corresponding month in 1923 was 9,789,978 gallons, or
23.5%. Compared with the output for April 1924, there
was a slight increase in the daily production, amounting to
8,441 gallons.
Exports of gasoline in May amounted to 96,879,769 gallons, a decrease of 20,061,479 gallons. Imports showed a
total of 14,265,697 gallons for May, an increase of 6,638,398
gallons.
Kerosene showed a decrease in production from the previous month of 3,193,528 gallons, the total production of this
product during May amounting to 199,992,393 gallons.
Stocks of kerosene decreased 18,372,875 gallons during May
but increased 15,034,731 gallons over the stocks on band at
the end of the corresponding period of a year ago. Total
stocks on June 1 were 287,707,015 gallons. Total exports
during the month amounted to 79,421,026 gallons, a decrease of 9,492,875 gallons during the month.
The output of gas and fuel oils in May was 1,155,935,780
gallons, an increase during the month of 39,172,117 gallons.
Stocks decreased 25,026,802 gallons, total stocks on hand
June 1 being 1,530,112,132 gallons. Exports and imports
both increased during the month, exports by 13,508,496
gallons and imports by 20,803,847 gallons.
The production of lubricants amounted to 104,438,537
gallons, an increase during the month of May of 7,471,972
gallons, while stocks decreased 8,864,713 gallons. Stocks
on hand June 1 were 243,732,406 gallons.
During the month of May 258 operating refineries reported
to the Bureau of Mines. These refineries had an aggregate
daily crude oil capacity of 2,217,292 barrels, running to stills
a daily average of 1,851,017 barrels of both foreign and
to Stills.
(Barrels)
Domestic.
Gas
Gasoline
Domestic
(Na). Foreign
Foreign.
East Coast
9,405,406 2,355,347
Pennsylvania
1.935,213
Indiana at IllInola_ 4,914,838
Oklahoma & Kans. 6,523,061
Texas
8.696,752 1,178,325
Texas Gulf coast. 6,182,726 1,178,325
Louisiana& Arkan. 3,481,440
755,547
La.& Ark.Gulf C_ 2,500,177
755,547
Colo.& Wyoming_ 2,379,512
California
13,099,939
530,275
50,600
86,249
217,967
70,083
272,104
177,106
44,965
44,965
22,223
22,223
458,294
195,591
Run to
Stills.
313,347 12,781,481
22,620 2,008,433
81,874 5,082,961
184.267 6,925.295
172,436 10.162,561
161,074 7.839,194
32,541 4.291.751
3,277,947
80,841 2,918,647
186,730 13,482,260
U. B. total
50,436,161 4,289,219 1,337,194 a244,294 1,074,656 57,381,524
Daily avg. May 24 1,626.973
138.362
43,135
34,666 1,851,017
7,880
Daily avg. May.23 1.435.167
112.339
46.611
15.857
12.251 1.622.225
Output and Losses.
Gasoline
(Gallons)
Kerosene Gas and Fuel Lubricants
(Gallons) Oils(Gallons). (Gallons).
East Coast
156,287,268
Pennsylvania
31,269,548
Indiana & Illinois 101,234,513
Oklahoma & Kansas 125,973,648
Texas
135,740,987
Texas Gulf Coasts
99,595,676
Louisiana & Arkan's 45,830,930
La. Gulf Coast•
38,958,894
Colo. dr Wyoming.- 60,511,201
California
123,345,924
43,799,337
12,005,114
22,870,356
25.931,746
41,580,498
33,767,076
21,372,656
18,555,503
8,406,362
24,026,326
252,201,935
16,275,579
59,206,112
112,504,052
196,216,462
148.070,812
80,652,218
50,515,403
47,294,505
391,584,917
War
(Pounds).
32,132,894 20,896,562
16,276,287 7,443,201
9,108,621 4,306.382
9,118,395 5,003,090
25,861,448 4,298,076
24,411,321 4,192,358
3,524,818 3,180,711
3,197,260 3,180,711
1,320,621 2,289,974
7,095,453
U. S. total
780,194,019 199,992,393 1,155,935,780 104,438,537 47,417,996
Daily avg. May '24 25,167,549 6,451,368
37,288,251 3,368,985 1.529,613
nathr ava Mx,,'92 90 277 R71
R 109 470
21 1RR R:10 2 211R 702 1 929 106
Coke
(Tons).
East Coast
Pennsylvania
Indiana and Illinois
Oklahoma and Kansas
Texas
Texas Gulf Coast.
Louisiana and Arkansas_ _
Louisiana Gulf Coast*
Colorado and Wyoming
California
16,221
1,716
17,837
5,780
13,283
12,239
7,106
7,106
5,798
Other Fin. Net Unfin.
Asphalt Products Products
Losses
(Tons). (Gallons). (Gallons). (Barrels).
94,179 6,723,674
506 1,781,380
12,445 7,538,878
1,737,545
25,734 1,812,660
25,734 1,694,532
29,937 4,785,776 12,418.307
29,937 4,599,800 11,525,848
2,729
33,189
38,132 5,526,954
413,153
119,528
129,913
315,082
358,705
308,641
62,952
30.862
58,028
161,430
United States total
67,741 203,662 29,940,056
1,618,791
a
Daily average May 1924_ - -6,570
2,185
965.808
52,219
.
.. ...„.
,....,.. ._
* Gulf Coast figures are included with totals shown for States named above
a Net excess of unfinished oils run to stills over production balancing out the latter
and reducing the total oils run to stills by that amount.
STOCKS AT REFINERIES IN THE UNITED STATES MAY 31 1924.
Oils to be Run
to Stills
(Barrels).
Crude Oils.
Unfinished Oils.
Domestic. Foreign. Domestic. Foreign.
East Coast
Pennsylvania
Indiana and Illinois
Oklahoma and Kansas__ _ _
Texas
Texas Gulf Coast*
Louisiana and Arkansas
Louisiana Gulf Coast'.._.
Colorado and Wyoming__ _
California
Total Oils
to be Run
to Stills.
7,574,994 3,009,622 6,160,179
1,206,216
849,411
1,486,055
2,366,164
5,276,595
1,784,022
6,652,766
906,983 4,978,461
5,275,920
906,983 4,531,241
5,763,163 1,451,943 1,987,381
5,505,256 1,451,943 1,834,687
1,303,773
1,815,281
5,773,802
12,260,512
84,368 16,829,163
2,055,627
3,852,219
7,060,617
443,523 12,981,733
443,523 11,157,667
220,434 9,422,921
220,434 9,012,320
3,119,054
18,034,314
United States total
35,037,364 5,368,548 32,201,411
U. S. total May 31 1923_ _ 24.790.998 5.719.890 25.552 104
748,325 73,355.648
554 247 50_028_339
Products.
Gasoline
(Gallons).
East Coast
Pennsylvania
Indiana and Illinois
Oklahoma and Kansas_ _ _
Texas
Texas Gulf Coast*
Louisiana and Arkansas_ _
Louisiana Gulf Coast._ _ _
Colorado and Wyoming_
California
372,343,257
46,275,772
225,021,715
231,786,387
169,645,759
146,919,371
150.213,797
144,665,769
180,028,965
272,044,183
United States total.
1,647,359,835
U.S. total May 31 1923 _ _ 1,328,533,247
Kerosene
(Gallons).
Gas and Fuel
(Gallons).
Lubricants
(Gallons).
168,254,106
25,417,095
52,791,569
127,869,529
261,820,477
229.844,320
74,136.216
62.552,580
29.952,576
789,870,564
90,495,754
32,633,740
24.806,596
15,825,147
54;141,482
52,997,991
7.759,098
7,160,262
4.477.877
13.592,712
287,707,015 1,530,112,132
272.672.284 1,246.662.180
243.732,406
226.288.516
83,044,483
13.338,388
24,469,130
19,281.372
49,619,051
44,300,505
58,061,040
54,958,623
3.465,890
38.427,661
Products (Concluded).
Wax
(Pounds).
East Coast
Pennsylvania
Indiana and Illinois
Oklahoma and Kansas...
Texas
Texas Gulf Coast.
Louisiana and Arkansas..
Louisiana Gulf Coast....
Colorado and Wyoming_ _
California
45,696,430
18,022,497
15,749,236
2,979,018
8,832,210
8,670,958
19,220,559
19,220,559
2,448,349
Coke
(Tons).
12,275
125
9,309
11,512
6,043
6,043
4,483
4,483
5,386
Asphalt
(Tons).
68.415
2,028
7,936
105
18,535
18,535
18,894
18,894
6,056
19,613
Other Finished
Froducts(Gal.)
7.121,808
4,006.057
27,025,213
4,352,592
69,325
2,479,265
2,453.051
158,435
1,040,550
United States total _ U.S.total May 31 1923..
112,948,299
49,133
141,582
46,253,245
178,870.450
24,843
192,308
35.563.635
*Gulf Coast figures are included with totals shown for States named above.
Crude Oil Prices Further Reduced-Gasoline Prices
Also Decline.
During the week just closed a number of price changes in
both crude and gasoline markets took place, among the foremost of which was that announced by the Joseph Seep
Purchasing Agency in Pennsylvania. The prices of the
leading grades of Pennsylvania crude oils were out 50 cents
140
THE CHRONICLE
[VOL. 119.
by the principal purchasing agents on July 7. Other cline in the gasoline market in north Texas followed's,
grades were down from 10 to 25 cents. The new prices are: decline in the price of gasoline in Oklahoma. For the past
Pennsylvania grade in New York transit lines and Bradford grade in few days new navy gasoline
has been offered in tank car
national transit lines, $3 25 (reduction of 50 cents on each grade).
Pennsylvania grade in National Transit, Southwestern Pennsylvania, lots as low as 8 Vic. Last week new navy was quoted in
Eureka Pipe and Buckeye Pipe lines, $3. (Reduction of 25 cents on each Group 3 District (Oklahoma) on the same basis as that
grade).
prevailing in north Texas.
CabeII grade in Eureka lines, $1 60, and Somerset medium Cumberland
The Standard Oil Co. of Louisiana has announced a relines, $1 70. (Reduction of 10 cents on each grade).
Somerset light in Cumberland lines, $1 85. (Reduction of 15 cents.)
duction of lc. a barrel in gasoline, making the tank wagon
Corning, at $1 90, and Ragland, at $1, were unchanged.
price 163c., and the filling station price 2034c. Other
According to a dispatch from Findlay, Ohio, the Ohio Oil Co. on the
same day reduced the price of Lima,Indiana, Illinois, Princeton. Plymouth companies met the:reduction.
and Waterloo crudes 10 cents a barrel. The new prices are: Lima, $2 18:
On July 5 some grades of kerosene were advanced Uc.
Indiana. $1 98: Illinois, $1 97; Princeton, $1 97: Plymouth, $1 35; Watergallon
by northwestern Pennsylvania refineries.
a
loo, $1 45.
On July 8 the Humble Oil & Refining has announced a cut
June Steel Production Shows Further Sharp Decline.
of 25 cents a barrel on all grades of crude oil.
A further sharp reduction in the production of steel ocThe company has been maintaining a posted price schedule similar to that
of Prairie Oil& Gas. On May 10, when Magnolia Petroleum Co.announced curred during June, according
to the statement released
a reduction for crude purchased on gravity scale in Oklahoma, Kansas and
Texasfrom 5 to 25c., except grades below 28 gravity, which were unchanged, July 8 by the American Iron & Steel Institute. The InstiHumble Oil immediately followed the lead of Magnolia and reduced posted tute places the production of steel ingots in June 1924 by
prices in line with Magnolia Petroleum Co. The new posted prices of companies which in 1923
made 94.84% of the output in that
Humble Oil & Refining Co. compare with the old schedules as follows:
year at only 1,950,352 tons, consisting of 1,637,660 tons
New
Old
New
Old
Gulf CoastPrices. Prices.
RangerPrices. Prices. open-hearth, 310,070 tons Bessemer and 2,622 tons all
Grade A
$1 75 $200 Below 30 gravity
51 00 Si 25
Grade B
1 45 1 75 30 to 32.9 gravity
1 20
1 45 other grades. On this basis the calculated production for
North Central Texas33 to 35.9 gravity
1 75
1 50
Currie
$2 00 $2 25 36 to 38.9 gravity
1 75 2 00 all companies during June is 2,056,466 tons-the smallest
Powell
1 75 2 00 39 and above
2 00 2 25 monthly output recorded since
January 1922. Since March
Mexla
175 200
The new prices established by Humble for Mid-Continent crude are said of this year, when the output aggregated 4,187,942 tons
to be 25 cents per barrel less than those being paid by Prairie Oil & Gas -the highest on record-there has been a steady falling off
Co.,but are not as low as those being paid by Magnolia for the same gravity
in production; thus April's output was 3,333,535 tons,
oil. Magnolia posted prices, it is stated, provide for a minirrum price of
90 cents per barrel for crude below 28 gravity and sliding scale upward for May's 2,628,261 tons and June's, as already stated, only
higher gravity crude up to 36 gravity and above, the top bracket in Mag- 2,056,466 tons. The reduction from the high record of
nolia's price schedule, for which $1 50 per barrel is now being paid. HumMarch is therefore in excess of two million tons (2,131,476
ble Oil's new price for Mexia crude is 25 cents per barrel higher than Magnolia's price, wl ereas Humble is now paying 25 cents less than Magnolia tons, to be exact). The approximate daily production of
for Currie crude. Humble's new price for Powell crude is the same.as all companies was 161,075 tons in March, 128,213 tons in
has been paid by Magnolia.
April, 97,343 tons in May and only 82,259 tons in June.
Canadian crude oil was reduced 10c. per barrel on July 8. In the following we show details of production back to
The price is now $2 58 per barrel.
January 1923:
The Standard Oil Co. of Louisiana has reduced crude
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1923 TO
DECEMBER 1923.
oil in north Louisiana and south Arkansas 25c. a barrel,
Reported for 1923 by cos, which made 94.84% of the steel ingot production in 1923.
excepting Smackover and Cotton Valley. Smackover crude
was cut 15c. a barrel and Cotton Valley 10c. Cotton Valley
Calculated
AppreniMonthly
Monthly No. of mate daily
crude is now quoted at 90c. a barrel and Smackover oil Months, Open- Bessemer. Alt production
production working production
hearth.
Other. companies
below 24 gravity at 70c.
days.
411
all
reporting, companies.
companies,
The Texas Co. has met the reduction of 25c. a barrel
gross tons.
in crude oil on Gulf Coast by Humble Oil and that of 15c.
1923.
2,906,892 728,270 9,467 3,644,629 3,841,095
27
142,283
to 25c. by Standard Oil of Louisiana in northern Louisiana Jan
2,613,564 669.903 10,797 3,294,264 3,471,843
Feb
144,660
24
and southern Arkansas. Texas has also reduced Mexia, March_ 3,046,309 799,52' 12,841 3,858,675 4,066,680 27
150,618
2,974,579 772,485 13,933 3,760,997 3,963,736
April
25
158,549
Currie and Powell 25c. a barrel to $1 75 to $2 and $1 75, May
_ _ _ 3,136.558 847,418 16,719 4,000,695 4,216.355
156,161
27
_
_
2,821,239 737,845 15,483 3,574,567 3,767,256
June
144,894
26
respectively.
149,532
The Gulf Oil Corporation has met all the cuts in crude 6 month 17,499,141 4,555,446 79,240 22,133,827 23,326,965 156
prices announced by the Humble Oil Co. and the Standard July
2,658,449 680,884 11,596 3,350,829 3,531,458
25
141,258
August _ _ 2,796,370 701,059 9,326 3,506,755 3,695,788
27
136,881
Oil of Louisiana. No change is made in Mid-Continent Sept
- _ 2,562,771 613,709 8,602 3,185,082 3,356,776
134,271
25
2,735,513
Oct
649,452
9,163
132,485
27
3,394,128
3,577,091
prices.
2,348,361 616,335 9,309 2.974.005 3,134,321
Nov
120,551
26
2,135,898 570,004 10,912 2,716,814 2,863,266
114,531
Press advices on July 11 stated that it appears that Dec
25
Prairie Oil and major companies have made further reduction
Total_ _ 32,736,503 8.386,889 138,048 41,261,440 43,485,665 Ell
139,825
in amount of oil they are taking in Mid-Continent, refusing
1924.
Jan
2,766,534 667,032 12,577 3,446,143 3,633,839
27
134,579
to take oil from small producers. Oil is being offered at Feb
2,902,641 695,905 14,085 3,612,631 3,809,185
152,367
25
March_ _ _ 3,249,783 706.801 15,280 3,971,844 4,187,942
26
161,075
75c. to $1 under Prairie's posted prices. It is estimated as April
__
2,575,788 573,381 12,356 3,161,525 3,333,535
26
128,213
much as 30,000 barrels daily can be bought in Texas at May
2,060,896 425,099 6,648 2,492,643 2.628,261
97,343
27
_
June
1,637,660 310,070 2,622 1,950,352 2,056,466
25,
82,259
lower prices.
15_105 50212 57R SRR R2 A421 112 055 155 10 RAO 055 tr.a 1 195 ORA
The June issue of "The Lamp," the Standard Oil Co. of
New Jersey's magazine, publishes an interesting article on
"How Crude Oil Prices Are Made," a small portion of which Quiet Prevails in Iron and Steel Trade-Pig Iron
Price Lowest in Two Years.
we quote herewith:
One of the fundamental but little understood truths of the oil business
Shutdowns
of
both steel-producing and steel-consuming
Is that prices-both of the raw material and finished products-are estabplants
in
the
past
week and the absence of buying have
or
horseshoes,
wool
or
for
in
prices
fact any other
lished exactly as are
left the trade without indications of any new tendency. It
staple or manufactured products.
There is no directors' room anywhere in which a group of men can was expected that with this mid-year closing of mills some
decide when crude oil shall be marked up or down. Nor is there any
accumulate, but in the absence of reports
marketing company anywhere which can advance or lower prices to the business would
consumer solely because its managers think they should receive more or of additional capacity starting up there is no reason as yet
take less for their products. Prim; are the inevitable result of costs. to look for a larger output in July than that of June, says
Back of all prices of finished products is the cost of the crude oil. When
. that advances there must sooner or later be a corresponding advance in the weekly review, issued by the "Iron Age" of July 10.
prices. When it declines the saving is reflected at the most remote road
Steel ingot production last month was 2,056,466 tons,
side pump. What individuals or companies would like to get for their
or nearly 22% less than that of May. Putting total capacity
petroleum products has nothing to do with price making. There is a
vast amount of finished products consumed and they will be bought from at 54,000,000 tons a year, the June output was at a yearly
the suppliers who make the best quotation.
rate of about 25,600,000 tons, or 47.5% of capacity, while
A so-called "price war" is being waged at Schenectady, as the month closed the percentage was somewhat under 45,
N.Y., where the retail price of gasoline was recently reduced continues the "Age," adding:
In the first half of 1924 the country produced 19,649,028 tons of steel
to 190. a gallon by some independent dealers. Other
ingots, or 14% more than the average for the other ten half-year periods
dealers have now cut lc. more to 18c. per gallon.
since the war and 425,000 tons more than in all the year 1921.
In spite of the low rate of current steel works operations, there is little
On July 9 the Standard Oil Co. of Kentucky reduced
of unemployment. Considerable now and repair work is under
the tank wagon price of gasoline in Louisville le. a gallon complaint
way in the Pittsburgh and Youngstown districts, and there is a pro-rating
to 19c.
of working time.
In the Connellsville district a large independent coke operator has reduced
A report from Tulsa, Okla., on July 9 stated that conwages 33 1-3% to the 1917 scale. Plants at which the men refused to
siderable new navy gasoline is being offered by north Texas accept
the new rate were closed down. Tbe H. C. Frick Coke Co. has
refiners in bulk lots for 83'c. per gallon. Last week new closed some of its properties, but the report that when these resume it will
navy gasoline held firm at about 9@)93ic. per gallon. De- be at the 1917 scale is unconfirmed.
a barrel
JULY 12 1924.]
THE CHRONICLE
141
Japan has reappeared as a buyer of American sheets and tin plate. With bituminous market
showed no signs of activity, with the
the Steel Corporation 5,000 tons of light sheets have been closed. and
Bethlehem has sold 2,000 to 3.000 tons. The Steel Corporation has possible exception of the Pittsburgh district, where there
booked 40,000 boxes of tin plate for shipment to Japan and there are addi- was more tonnage placed on contract and less indifference
tional inquiries from that country.
shown by buyers, declares the "Coal Trade Journal" in its
The Imperial Government Railways, Japan, opened bids this week for
10,000 tons of 60-1b. and 75-1b. rails which it is expected will be rolled in market review this week, adding:
Generally, however, there has been only scattered interest in bituminous
this country.
Under the present restricted operations, steel-making costs are rising, a buying. Yet, according to the Geological Survey report, the total tonnage
for
the week ended June 28 amounted to 7,327.000, the second highest
troublesome factor being the increasing percentage of rejections as conrecord made during the last three months. Anthracite production was
sumers grow more exacting.
On the other hand, under the low rate of mill operations, with its lack stcdy, falling just below the 1,900,000-ton mark; the total output for the
of flexibility as to sizes, buyers are less able to get the prompt deliveries week ended June 28 being 1,885,000 tons, an increase of 62,000 tons over
the preceding week. The production of beehive coke for the same period
they seem to expect.
Prices are little changed, apart from the more common quoting of 2c.. shows a decline, totaling only 126,000 net tons, a decrease of 5,000 tons.
The number of surplus coal cars available on June 22 was 167,315, accordPittsburgh, on plates. Some of the smaller plate mills are curtailing
ing to the Car Service Division of the American Railway Association, which
operating schedules.
Instances increase of the deferring of building and in the Central West is a decrease of 1,818 cars.
some of the fabricating shops are in need of orders.
The weekly review of the "Coal Age" of New York reFollowing the recent slight improvement in the railroad equipment field,
the week has brought orders for 30 locomotives, 674 freight cars (140 for ports that although visible foundation for hopefulness is
foreign railroads) and 1,100 steel underframes, also inquiries for repairs lacking—in fact conditions seem to
be growing even more
for 1,000 cars.
discouraging for the time being—the bituminous coal marThe inquiry of the Norfolk & Western for 50,000 tons of rails, delivery
to begin in October. is a reminder that in June of last year, or three months kets maintain a dogged confidence that the end of the proahead of the usual time, large rail orders were coming in for 1924. There longed period of depression
is in sight or at the very worst is
is no indication now of early buying for next year.
within hailing distance. As the coal business of late has
Including 25.000 tons for the Philadelphia-Camden bridge approaches,
new projects appearing in the structural steel field call for 42,500 tons. fairly closely reflected general industrial conditions, the preFollowing heavy bookings a week ago, awards of the past week barely dicted revival by leaders in
the textile industry and the
exceed 12,000 tons, of which public service power plants account for onereported halt in the downward tendency in steel production
half and railroads for one-sixth.
Pig iron activity has subsided. In the Chicago district buying has been are hailed as favorable omens. The president of one of the
accompanied by new price concessions, but the market is now firmer; and large coal roads, sailing
for Europe last week, expressed his
this is true in the East, where furnaces are slow to quote for the last quarter
of the year, as hope is entertained that prices will then be higher. Southern confidence that a turn for the better in business conditions
iron has settled to a basis of $18, Birmingham. In the Pittsburgh district would soon take place. All of which would indicate that the
the market is extremely dull and prices are untested.
positive psychology that is the necessary prelude to a buying
Pig iron is now $19 29, the lowest point in more than two years, the "Iron
Age" composite price having fallen from $19 38 last week. It was $26 04 movement is being inculcated, continues the "Age," giving
one year ago.
further instances as follows:
Finished steel remains at 2.589c. per lb., the "Iron Age" composite price
The latest financial report of the Erie RR. Indicates the far-reaching
showing no change from last week. One year ago the figure was 2.789c.
effect of tbe curtailment of coal movement on the earnings of the coalcarrying
roads. That the roads are not doing as much to help themselves
The composite price table follows:
as they might is indicated by the reiteration of Secretary Hoover's advice
Composite Price, July 8 1924, Finished Steel, 2.589c. per Pound.
to one of the companies to buy coal before autumn.
Based on prices of steel bars, beams, tank
July 1 1924, 2.589c.
"Coal Age Index" of spot prices of bituminous coal continues to move,if
plates, plain wire, open-hearth rails,
June 10 1924, 2.610c.
black pipe and black sheets, constitutJuly 10 1923, 2.789c. at all, within a narrow range, the figure for July 7 receding to 164, the
ing 88% of the United States output-- 10-year pre-war average. 1.689c. corresponding price for which is $I 99. The Index
figure on June 30 was
Composite Price, July 8 1924. Pig Iron. $19 29 per Gross Ton.
166. which represents a price of $2 01 per net ton, a level which held for
Based on average of basic and foundryf
July 1 1924. $19 38 three weeks.
irons, the basic being Valley quotation,
June 10 1924, 20 54
There has been a notable increase in activity at Hampton Roads, dumpthe foundry an average of Chicago
July 10 1923, 26 04
Philadelphia and Birmingham
10-year pre-war average, 15 72 ings of coal for all accounts during the week ended July 5 totaling 401.935
A mild improvement in the steel market is continuing, but net tons, representing a gain of 114,065 tons over the last week in June. when
287,870 net tons was handled.
has yet to reach a point having any appreciable influence
Quiet has settled over the anthracite market, demand being quite slow.
upon the total tonnage. The industry reflects various mani- As a result the supply is plentiful for practically all requirements, especially
as interruptions to production by local labor troubles are less in evidence.
festations of reviving interest which give promise of being Stove
continues to lead in demand,the movement of egg and chestnut, such
converted into business, if maintained, and the atmosphere as it is, being largely dependent
upon the amount of stove available. The
smaller
sizes, including pea and the steam, are inactive and accumulating
is decidedly more cheerful than a few weeks ago. Some
steadily. The leading companies have added 10c. per ton to their July
steel interests declare the general movement in the market prices for egg,
stove and chestnut, but the independents, having found it
better than any time in sixty days, declares the "Iron Trade difficult to obtain even the old company
circular, have announced no
Review" in its weekly market review, issued July
which advances.
10,
is further quoted as follows:
Recent establishment of the 2.15c. Pittsburgh price on plates, shapes
and bars by leading producers has had the effect of steadying steel prices,
temporarily at least. Operations are holding substantially on an even
keel, with some mills still to resume after holiday suspension. No great
significance is attached to the strike of a number of coke workers in the
Connedsville region against the reduction in wages by independent operators.
On an average daily basis the steel ingot production in June fell 15.5%
further as compared with May, bringing the total loss from the high point
in March to 40.89%. June put the country back to an annual production
rate of 25,582,000 tons, which, compared with an indicated rate of 49.590,000 tons in March. This was the lowest point since September 1922.
Some important automobile interests have adopted, and others have
under advisement, a revision of production policies, whereby in the future
they will gauge their outputs more closely by market demand as indicated
by a careful advance analysis. The plan of establishing arbitrary production schedules from year to year, which is freely followed in the industry, Is
to be discarded.
Very heavy tonnage is represented in pending negotiations for oil pipe
lines. The Standard Oil Co. of New Jersey is taking bids on 85 and 90
miles. The Pan American Petroleum & Transport Co. wants 27,000
tons. The International Petroleum Co. Is seeking 40,000 tons, and another
project for Colombia, just placed with the Andean National Corporation,
New York, calls for about 500 miles. involving several hundred thousand
tons.
The Standard Oil Co. of New Jersey has distributed 200.000 boxes of
tin plate for its export trade.
Railroads continue to defer now buying and track improvements while
their earnings slip. The Norfolk & Western has put out a new inquiry
for 50,000 tons of rails.
Pig iron is resisting further price declines and new business ft of somewhat
smaller volume after the recent active buying movement.
The scrap market has undergone apparent strengthening in all districts
with numerous advances of 50 cents to $1 a ton.
"Iron Trade Review's" composite of prices on 14 iron and steel products
this week is 839 91. This compares with $40 13 a week ago and $4539 a
year ago.
Coal Markets Continue Unchanged—Prices of Same
Grades of Anthracite Advance.
The first week in July, with its protracted holiday,
brought no change to the bituminous and anthracite markets
excepting an increase of ten cents on certain sizes of anthracite—company broken and grate, egg and nut. Some of the
smaller independents have cut prices on anthracite. The
Coal Production Recovers—Anthracite
Output Is Steady.
The United States Geological Survey on July 5 1924
reported an increase of 125,000 tons of bituminous coal
and of 62,000 tons of anthracite during the week ended
June 28, compared with the output one week earlier.
Bituminous
'The total output of soft coal during the week ended June 28 is now
estimated at 7,327,000 net tons, an increase of 125,000 tons. This is the
second highest record made during the past three months.
Despite the recent improvement, the rate of production remains well
below that at the corresponding date of all recent years except 1922. The
fact that the depression at the coal mines has caused production to drop
to a lower level than in 1921 should not, however, be taken as indicating
that a similar depression in other industries has reduced the consumption
of coal to the extremely low point reached in 1921. There is ample evidence
that consumption has declined during the first half of the year, but to
what extent can not be accurately stated. It seems to be obvious, however, that production declined at a more rapid rate than did consumption
and that there has been an appreciable draught on the 62,000,000 tons of
soft coal held by consumers on Jan. 1 1924.
Estimated United States Production of Bituminous Coal(In Net Tons) Including
Coal Coked.
1924
1923
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.c
June 14
7,152,000 211,643,000 10,573,000 249,931,000
Daily average
1,192,000
1,502,000
1.762.000
1,773,000
June 21a
7,202,000 218,845,000 10,422,000 260,353,000
Daily average
1,200,000
1.490,000
1,737,000
1,771,000
June 28a
7,327,000 226,172,000 10,458,000 270,811,000
Daily average
1,221,000
1,479,000
1.743,000
1.770,000
a Revised since last report. b Subject to revision. c Minus one day's
production in January to.qualize number of days in the two.years.
Production of soft coal during the first 153 working days of the calendar
year 1924 was 226,172,000 net tons. In the six preceding years it was
as follows:
Years of Activity-I Years of Depression281,390,000 net tons 1919
1918
217.145,000 net tons
1920
262,084.000 net tons 1921
199,061.000 net tons
270,811,000 net tons 1922
1923
192,899,000 net tons
ANTHRACITE.
The production of anthracite remains steady at a weekly rate just under
1,900,000 tons. The total output in the week ended June 28 was 1.885.000
net tons, an increase over the record of the preceding week of 62,000 tons.
In comparison with the corresponding week of earlier years, the present
THE CHRONICLE
142
rate of anthracite production is 11% less than that of 1923, when the
hard coal mines were working at top speed to overcome the shortage created
by the strike of 1922, but it compares favorably with the rate in other
normal years.
The cumulative production during 1924 to date stands at 45,592,000
tons, a decrease of 11% when compared with the total a year ago.
Estimated United States Production of Anthracite (In Net Tons).
1924-1923
Cal. Year
Cal. Year
Week
Week.
Week.
to Date.
to Date.
Ended1,823,000
41,884,000
2,053,000
47,245,000
June 14
1,823,000 43,707,000
2,042,000 49,287,000
June 21
2,105,000 51.392.000
1.885.000 45,592,000
June 28
BEEHIVE COKE.
Curtailment of the production of beehive coke was resumed in the last
week of June, and the total output declined to 126,000 net tons. Compared
with the revised figure for the week before, this was a decrease of 5,000
tons. A loss of 8,000 tons in Pennsylvania and Ohio was partially made
up by increases in the Southern States.
According to the Connellsville "Courier," production in the Connellsville
region totaled 61,810 tons. against 74,300 tons in the preceding week.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
June 28 June 21 June 30
1923
1924
to Date.c
1924.13
1923.
to Date.
1924.a
Pennsylvania & Ohio-- 85,000 93,000 323,000 4,793,000 8,044,000
7,000
588,000
West Virginia
6,000
22,000
320,000
597.000
Ala., Ky., Tenn. & Ga- 18,000
16,000
20,000
517,000
Virginia
6,000
6,000
16,000
210,000
418,000
Colorado & New Mexico 5,000
5,000
10,000
137,000
212,000
Washington & Utah _ .. _ _ 5,000
5,000
8,000
106,000
143,000
United States total__ _126,000 131.000 399,000 6,083,000 10,002,000
Daily average
22,000
67,000
39,000
64,000
21,000
a Subject to revision. la Revised from last report. c Less production
in New Year's week to equalize the number of days covered for the two years.
Unfilled Orders of Steel Corporation Further Reduced
to Lowest Level of Thirteen Years.
The United States Steel Corporation on Thursday,
July 10 1924, issued its regular monthly statement showing
unfilled orders on the books of the subsidiary corporations
as of June 30 1924 to the amount of 3,262,505 tons. This
is a decrease of 365,584 tons from the unfilled orders on
hand May 31 1924, and following the heavy decreases in
unfilled orders registered each month since February 1924,
when the total was 4,912,901 tons, served to bring the
unfilled tonnage to the lowest point touched in over thirteen
years, or since May 31 1911 (according to the "Chronicle's"
records). Last year at the same date the total of unfilled
orders was 6,386,261 tons, comparing with 5,635,531 tons
June 30 1922, 5,117,868 tons June 30 1921 and no less than
10,978,817 tons June 30 1920. In the following we show
the figures at the close of previous months back to the beginning of 1920. Figures for earlier dates may be found
in the issue of the "Chronicle"for April 14 1923, page 1617:
January
February
March
April
May
June
July
August
September
October
November
December
1924.
4,798,429
4,912,901
4,782,807
4,208,447
3,628,089
3,262,505
1923.
6,910,776
7,283,989
7,403,332
7,288,509
6,981,851
6,386,261
5,910,763
5,414,663
5,035,750
4,672,825
4,368,584
4,445,339
1922.
4,241,678
4,141,069
4,494,148
5,096,917
5,254,228
5,635,531
5,776,161
5,950,105
6,691,607
6,902,287
6,840,242
6,745,703
1921.
7,573,164
6,933,867
6,284,765
5,845,224
5,482,487
5,117,868
4,830,324
4,531,926
4,560,670
4,286,829
4,250,542
4,268,414
[VoL. 119.
agreement only one organization will deal collectively with
labor, the New York Clothing Manufacturers' Exchange.
The Associated Clothing Manufacturers will continue to
function along the same lines as heretofore. This organization has never dealt with labor and has confined itself only
to the technical aspects of the industry. It decided to organize a labor department several days ago shortly after it was
announced that a group of large manufacturers were forming
an employers' organization to deal with labor.
It is thought likely that the new agreement will serve as a
basis for negotiations with independent firms. The new
agreement was regarded by both sides, it is said, as being a
long step in the direction of stability. Sidney Hillman,
President of the Amalgamated, said: "The most important
point in the situation is that a group of responsible manufacturers have shown a desire to proceed along the paths of a
sound agreement and to give up the guerrilla warfare that
has existed since the twenty-seven weeks' lockout of 1920.
This is the first collective agreement signed by the union
with a manufacturers' organization since 1920. Guerrilla
warfare in the industry is now a thing of the past." , Under
the agreement a system of unemployment insurance is set up
similar to that existing in Chicago, where the Amalgamated
and the manufacturers set up an unemployment insurance
fund a year and a half ago. The agreement grants other
union demands, including the following: Full recognition
of the union by members of the exchange and their contractors; maintenance of present wage scales and the establishment of minimum wage scales dependent upon and commensurate with production, with the understanding that the
minimum scale shall not increase present production costs;
arbitration machinery for the peaceful method of adjusting
disputes. A joint statement was issued after the signing of
the new agreement which read as follows:
The agreement which has just been.signed by the representatives of the
union and the Clothing Manufacturers' Exchange is the first step for introducing into the New York men's and boys' clothing market the kind of
stability which characterizes labor relations in the other clothing centers
in the country. Both the union and the manufacturers have come to the
realization that the time has passed when the New York clothing market
can be subject to frequent interruptions in work and to the instability
which has marked its history in the last few years. In place of leaving the
Industry where friction is inevitably developed, there is now to be introduced an orderly process of calm adjustment of differences in which the
needs of both parties are recognized.
Another stop in the direction of greater stability is provided in the terms
of the agreement which will set minimum scales of wages in the shops of
members of the Clothiers' Exchange. The agreement provides here that a
joint committee representing the union and association will, within 30 days,
meet to establish such minixrum scales of wages, depending upon production.
1920.
in such a manner as not to increase the present costs of production in
9,285,441 and market.
9,502,081 this
Recognizing the severity of the problem of unemployment in New York
9.892,075
and the absolute necessity of taking steps to meet the problem at this
10,359,747 City
time, if there is to be lasting peace and stabilization of the industry here,
10,940,466
agreement concedes the demand of the union for the establishment of a
10,978,817 the
system of unemployment insurance.
11,118,468
The installation of unemployment insurance for 40,000 workers in the
10,805,038
York clothing market is of profound importance and constitutes an
10,374,804 New
epoCh-making event in the history of industrial relations in this city.
9,836,852
This community has cause for congratulations that the manufacturers
9,021,481
who are members of the Clothing Manufacturers' Exchange and the union
8,148,122
were able to bring to a successful issue so speedily the strike of last Week.
It is of profound importance to the community that the result takes form of
measures which, both parties are hopeful, will in a short while
Grants constructive
make the uncertainties and instability of the industry a thing of the past.
Agreement in New York Clothing Market
Workers' Unemployment Insurance and Other
The text of the agreement as signed on June 30 by the
Demands-Text of Agreement.
Amalgamated Clothing Workers of America and the New
The strike of workers in the men's and children's clothing York Clothing Manufacturers' Exchange in full follows:
manufacturing trades of New York, which according to the
This agreement is entered into between New York Clothing Manufacturunion's claim, affected some 50,000 employes at the outset, ing Exchange, on behalf of itself and each of its members, and the AmalClothing Workers of America, the Joint Board of the Childrens'
was ended last week when members of the New York Cloth- gamated
Clothing Workers, A. C. W. A.. and the New York Joint Board of the
ing Manufacturers' Exchange, an organization formed by a A. C. W. A., and is effective from June 30 1924, to June 30 1925.
Because of the desire of both parties to this agreement to have the workers
number of the employers recently, signed an agreement with
to work as soon as possible, it is deemed advisable not to enter into
the Amalgamated Clothing Workers of America, granting return
the details of the agreement at this time, leaving that to be worked out in
many of the demands made by the labor organization. This future conference between the representatives of the association and the
agreement was signed on June 30. The following day several Amalgamated, and to set forth at this time the main terms of the agreement
thousand of the strikers were reported to have returned to only.
1. It Is agreed that the principles of the union shop shall prevail in all of
their jobs, and by July 7, the practically normal conditions the shops of the members of the association as well as the contracting shops
for the members of the association.
working
had been restored in the shops. A large part of the clothing
2. It is agreed that the present wages shall remain in force
the undertrade was not affected immediately by the new agreement, standing that ijoint committee representing the associationwith
and the union
appointed
within
30 days to establish scales of minimum wages dependent
as many firms refused to join the new clothing manufacturers' be
upon and commensurate with production. It is understood that the introorganization. However, officials of the Associated Clothing duction
of the minimum scale of wages shall not increase present costs of
Manufacturers, Inc., another employers' organization con- production.
3. An unemployment insurance fund is to be established, beginning with
ferred on July 2 with Sidney Hillman, President of the union,
1 1924. An amount equal to 3% of the weekly payroll shall be paid
concerning a collective agreement between the two organiza- Dec.this
fund each week. One-half of this amount shall be borne by the
into
tions. After a conference of the union officials, it was decided manufacturers and contractors, the other half by the employes.
4. It is agreed that the detailed agreement to be worked out shall provide
that it would be unwise to have two collective agreements
rol
machinery.
in the industry, one with the New York Clothing Manufac- arbitration
Witness, our hands and seals.
MI'
II JIM
turers' Exchange and the other with the Associated Clothing
N. Y. Clothing Mfg. Exchange.-Jullus H. Levy, President, and Charles
Manufacturers, Inc. This was followed by conferences Donets. Secretary.
Amalgamated Clothing Workers of America.-Sidney Hillman,.Presibetween representatives of the two manufacturers' associa- dent;Joseph Gold,
manager Children's Joint Board A. C. W.A., and David
tions after which an agreement was reached. Under this Wolf, manager, New York Joint Board, A. O. W.A.
r
JULY 12 1924.1
Tfi N. CHRONICLE
Strike in the Women's Wear Manufacturing Trades of
New York—Report of Governor Smith's Accepted.
Labor relations and conditions in the women's wear manufacturing trades of New York which have been marked in
recent years by frequent controversies and a degree of instability greater, perhaps, than many other industries, are
now passing through a period of readjustment attended by a
strike which went into effect on July 8 notwithstanding the
removal of all the causes which the union had claimed would
justify a strike. About 50,000 workers walked out on July 8,
it was estimated, while the 50,000 workers in the men's
clothing manufacturing trades, who had recently gone on
strike here were resuming work. All fundamental differences
in the women's wear trades, it is said, have been settled, by
acceptance of all concerned of the recommendations made by
a special arbitration commission recently appointed by
Governor Smith, and the strike now in progress, is, therefore, merely a formality in the union's procedure preliminary
to the signing of a new contract.
Of the 50,000 who are claimed to have gone on strike on
July 8, the union leaders announced that 35,000 soon would
be back on their jobs, while the other 15,000, being workers
employed by independent manufacturers and jobbers not
affiliated with the recognized employers' associations or
employing non-union labor, would continue the strike until
the independents adopted the same standards as the rest.
The commission, in a letter to Governor Smith, said it believed the settlement would go far toward constituting a
permanent solution of the ills of the industry. "It gives us
pleasure to report to you that the threatened strike in this
important industry has been averted and that there is every
prospect that the industry will be put upon a more satisfactory basis than has been the case for years," the letter said.
In summarizing the developments which led up to the recent
controversy and its settlement in the women's wear trades,
the New York "Times" on July 8 said:
The union served notice on the employers' associations on March 26, asking for a new agreement to take the place of the one expiring June 1. The
union asked for a forty-hour week,instead of forty-four hours; the establishment of a guaranteed system of employment, establishment of a joint
unemployment insurance fund, the limitation of the numbers of contractors
to whom jobbers might give their work during the season, the union label on
all garments and a minimum of fourteen machines for each shop.
Governor Takes a Hand.
Little progress was made at the conferences which followed. When it appeared that a strike was inevitable Governor Smith summoned all factors in
the industry to his office, and they agreed to have him name a commission
of five to investigate and make recommendations.
The commission, of which George Gordon Battle was Chairman, held
eleven long sessions, and went into every department of the industry in
considerable detail. Its report was conveyed last week to the employers and
the union.
The commission declined to grant the union a shorter work week. It
suggested that the demand concerning the limitation of the number of subcontractors and the guaranteed period of employment be a matter for further
Inquiry, and that a report on a permanent solution of the industry's problems be presented by Jan. 1 1925. The commission approved the union's
demand that the shops be limited to at least fourteen machine operators;
also the request for unemployment insurance. Under certain conditions,
the commission said, the union might have the right to examine the employers' books. Instead of granting the union's request for the union label
on all garments, the commission suggested the placing of a sanitary label
indicating that the garment was made under sanitary conditions. The
report also suggested the establishment of an impartial board to settle disputes.
Acceptance of the commission's proposals came at the eleventh hour, the
union having announced that a strike of all the cloak and suit workers would
undoubtedly result if the jobbers failed to ratify the report, which previously
had been accepted by the union, the Cloak. Suit and Skirt Manufacturers'
Protective Association, manufacturers with "Inside" shops, and also the
American Cloak and Suit Manufacturers' Association, the association of
submanufacturers.
The jobbers at first refused to accept the report. They maintained the
right to buy merchandise in non-union shops, on the ground that so long as
they do not employ labor they have a right to buy garments made from
goods bought and owned by any other manufacturers. A slight modification
was made by the commission, which permitted the jobbers to buy merchandise outside of the metropolitan district, though the garments might be
made in non-union shops.
A contract, probably for one year, will now be drawn up. The union and
the three associatiOns of employers will designate an impartial Chairman for
the adjustment of disputes, and the employers will confine their purchase of
garments to union shops within the metropolitan district, which extends
from Vineland, N. J., to Stamford, Conn.
The cloak and suit industry welcomed, on July 9, an
announcement to the effect that the Cloak, Suit and Skirt
Manufacturers' Association had decided to re-establish its
labor department, which is to be known as the Industrial
Division. This association consists of large manufacturers
who maintain inside shops and employ labor directly as
contrasted with the jobbers, organized as the Merchants'
Ladies' Garment Association, whose members do not employ
labor, but who have garments made up by sub-manufacturers.
Henry H.Finder, spokesman for the Cloak, Suit and Skirt
Manufacturers, in announcing the formation of an industrial
143
division and the resumption of collective bargaining, predicted a new era of prosperity for the association and the
trade. His statement said:
As a result of the action of the membership of the Cloak, Suit and Skirt
Manufacturers' Protective Association in creating an industrial division
comprising manufacturers who produce merchandise under their own roofs
and sell to the retail trade direct, there will be a resumption of collective
bargaining in the women's apparel field.
The Protective Association recognizes the fact that the commission appointed by Governor Smith is seeking to raise the standards of the entire
industry to those levels maintained by the members of the organization.
The agreement between the industrial division and the union will probably
provide a basis for capital-labor relationship in the garment industry.1011
Resumption of Operations at Bigelow-Hartford Carpet
Co.
The plant of the Bigelow-Hartford Carpet Co. at Thompsonville, Conn. has resumed operations in practically all
departments at about two-thirds capacity. The company
normally employs about 4,000. The tapestry department
had been practically closed since May 24 and the other
department since June 18. A skeleton force had been at
work during the period.
Curtailment in Sanford Mills of Maine.
The Sanford Mills of Sanford, Me.; manufacturing automobile upholstery, general upholstery and plush robes,
until further notice will run three days a week, it was announced July 8, in departments affecting 1,500 of their
2,000 employees. The mills have been running, it is stated;
full time and overtime for more than two years.
Resumption - oflOperations in Textile Mills in Massachusetts.
About 12,000 employed in mills in the Springfield, Mass.
district of the Connecticut Valley resumed work on July 7
after shutdowns of two weeks or more. In Holyoke the William Skinner & Sons Silk Mills, American Thread Co. and
American Writing Paper divisions reopened. The American
Bosch Magneto Co. also reopened. The Belding Silk Mills
in Northampton, long closed by a strike, reopened, but it is
said few returned to work.
Resumption of Operations in International Paper
Co. Plants.
Several plants of the International Paper Co., which had
been shut down for about a week, resumed operations this
week. In explaining the recent shutdown, A. R. Graustein,
President of the company, said that because of heavy imports of paper the company had been forced to curtail operations to immediate needs. This having been done, confidence
was expressed that no further curtailment would be necessary. Mr. Graustein said he did not know how long it would
be before the company could resume full operations, but he
pointed out that hewsprint consumption was increasing
steadily.
Lackawanna Plant of Bethlehem Steel Co. Shut Down
Temporarily.
Business laxity caused a temporary shut-down of the Lackawanna plant of the Bethlehem Steel Co. on July 1. About
4,000 workers, including 300 of the office force, are affected,
it is stated. Operations in the blast and open hearth furnace departments will be resumed on July 14. Notice also
was issued that all salaried office employees and all salaried
plant employees below the rank of superintendent must take
six days off a month without pay. This order, it is said,
affects about 400.
Wages Reduced by Woodward Iron Co., Birmingham,
Ala.
Three thousand employees of the Woodward Iron Co. at
Birmingham, Ala., were notified of a 10% reduction in wages,
effective on July 10, according to announcement by company officials. Low price of pig iron was given as the reason.
Amoskeag Mfg. Co. Curtailment.
The Amoskeag Mfg. Co. of Manchester, N. H., one of
the largest textile producers in the world, will shut down
the entire Coolidge Mill and all of No. 11 mill except the
lower weaving room for one week beginning next Monday.
It is expected that the Amoskeag will close different mills
from time to time rather than make a general shut down.
144
THE CHRONICLE
[VoL. 119.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 9 1924, made pablic by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows a reduction
of $58,300,000 in holdings of discounted bills, partly offset
by increases of $15,000,000 in Government securities and
of $5,700,000 in acceptances purchased in open market, with
the result that total earning assets show a net decrease of
$37,600,000 for the week. Federal Reserve note circulation
declined by $19,300,000, while cash reserves increased by
$25,700,000 and total deposits by $4,400,000.
Smaller holdings of discounted bills are shown for all
Reserve banks except Dallas, which reports an increase of
32,000,000, and Chicago, Minneapolis and Kansas City,
-which report increases aggregating $700,000. The New York
Reserve Bank reports a decrease of $39,500,000, Cleveland
of $4,600,000, Richmond of $4,500,000, and San Francisco
of $4,100,000. Paper secured by U. S. Government obligations declined by $47,700,000 to $94,600,000. Of the latter
amount, $80,600,000 was secured by Liberty and other
U. S. bonds, $13,000,000 by Treasury notes, and $1,000,000
by certificates of indebtedness. After noting these facts
the 'Federal Reserve Board proceeds as follows:
Increases of $4,700,000 and $2,000,000, respectively, in holdings of
acceptances purchased in the open market are reported by the Boston and
New York banks. The remaining banks show relatively small changes in
this item. Holdings of Treasury notes increased by $9,300,000, and of
certificates of indebtedness by $6,000,000, while holdings of U. S. bonds
declined by $300,000, making a net increase of $15,000,000 in total holdings
of Government securities. All Federal Reserve banks participated in this
increase except Philadelphia and Richmond, which show no change in their
holdings during the week. The New York Reserve Bank reports an
Increase of $7,000,000 in its holdings of Government securities
Federal Reserve note circulation declined by $19,300,000, all Reserve
anks reporting a smaller volume of note circulation except Cleveland and
Minneapolis, which show increases of $4,400,000 and $600,000,respectively.
The Philadelphia Reserve Bank reports the largest reduction, of $6,700,000;
New York reports a reduction of $6,200,000. Boston of $2,700,000 and
Chicago of $2300,000. Gold reserves increased by $22,700,000 during
the week, reserves other than gold by $3,000,000, and non-reserve cash
by $5,700,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages, namely pages 178 and 179. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
July 9 1924 follows:
11i
Member banks in New York City report an increase of
$46,000,000 in loans on corporate securities as against decreases of $3,000,000 in loans on U. S. Government securities
and of $42,000,000 in "all other" loans and discounts.' Investments of these banks in United States bonds and Treasury notes show increases of $11,000,000 and $6,000,000,
respectively, while their holdings of certificates of indebtedness and corporate stocks and bonds show an aggregate
decline of $3,000,000. Further comment regarding the
changes shown by these member banks is as follows:
Of the total increase of $157,000,000 in net demand deposits, $.18,000,000
was reported for the Chicago district, $27,000,000 each for the Boston and
New York districts, 518.000.000 for the Philadelphia district, $15.000.000
for the Kansas City district and $13,000,000 for the Cleveland district.
Time deposits of all reporting members were $4,000,000 larger than a week
ago, aggregate increases of $28,000,000 reported by the Boston, Philadelphia, Cleveland, Richmond, Atlanta and Minneapolis districts being
nearly offset by decreases in other districts. Government deposits remained practically unchanged.
Reserve balances of all reporting banks declined by 524,000.000, the
larger decline of $42,000,000 shown by tho New York City banks being
offset in part by increases in other cities. Cash in vaults shows an increase
of $13,000,000, of which $8,000,000 was reported by the New York City
banks.
Borrowings of all reporting institutions from the Federal Reserve banks
increased from $106,000,000 to $133,000,000 and like borrowings of the
Now York City banks increased from $8,000,000 to $38,000,000.
On a subsequent page—that is,. on Rage I79—we givethe
figures inlfull containediL:xlhis latest weekly return of the
member7 banks of
—System.Thrnre nTcM'Ing—fs
furnished a summary of the changes in the principal items as
compared with a week ago and with last year:
--the Reserve
Increase (4-) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
+$8.000,000 +$199.000,000
Secured by U. S. Government obligations_ —2,000,000
—41.000,000
Secured by stocks and bonds
+63,000,000 +233,000,000
All other
—53,000,000
+7,000,000
Investments, total
+80,000.000 +233,000,006
U. S. bonds
+36.000,000 +147.000,000
U. S. Treasury notes
+27,000.000 —288,000,000
U. S. certificates of indebtedness •
+3,000,000
—2,000,000
Other bonds, stocks and securities
+19.000.000 +371,000,000
+80,000.000
Reserve balances with Fed. Reserve banks
—24,000,000
+7,000.000
Cash in vault
+13,000,000
Net demand deposits
+157,000,000 +741,000,000
+406.000,000
+4.000.000
Time deposits
—98,000,000
Government deposits
Total accommodation at Fed. Reserve banks _ +27,000.000 —511.000,000
Belgium to Fund Debt to Holland.
Increase (-I-) or Decrease (—)
According to information received by the Foreign DepartDuring
ment of Moody's Investors Service, the Kingdom of Be!Year.
Week.
+$25,700,000 +$68,200,000 gum is taking steps regarding the funding of its obligations
Total reserves
+22,700,000
Gold reserves
+43,000,000 to the Kingdom of the Netherlands. Under date of July 10
—37,600.000 —312,900,000 Moody's says:
Total earning assets
total
discounted,
—58,300,000
—535,600,000
Bills
The total debt owed the latter country, as a result of cost incurred in
Secured by U.S. Government obligations —47,700,000 —325,300,000
connection with the maintenance of Belgian troops interned in Holland
—10,600,000 —210,300,000
Other bills discounted
60.000,000 guilders, of which about 47,000,000
+5,700,000 —127,800.000 during the war, aggregates
Bills bought in open market
13,000,000 unpaid interest. The latter sum is to
+15,000,000 +349,300,000 represents principal and
U. S. Government securities, total
the
current year, while the principal amount is
paid
in
the
course
of
—300,000
—4,800,000 be
Bonds
being funded into 15-year 5% bonds, bearing interest at the rate of 5%
+9,300.000 +261,500,000
Treasury notes_
per annum, payable half-yearly. The new bonds are to be secured on
+6,000,000
+92,600,000
Certificates of indebtedness
turned over to Holland, which
—19,300.000 —410,100,000 Belgian Government obligations, to be
Federal Reserve notes in circulation
bonds into the market unless Belgium
+4,400,000 +129,200,000 agrees, however, not to bring these
Total deposits
agreement.
to
live
up
to
her
falls
+20,700,000 +127,800,000
Members' reserve deposits
—13.100.000
+3,400,000
Government deposits
—3,200,000
—2,000,000
Other deposits
The Week With the Member Banks of the Federal
Reserve System.
Increases of $88,000,000 in loans and investments, of
$157,000,000 in net demand deposits and of $27,000,000 in
accommodation at the Federal Reserve banks, are shown in
the Federal Reserve Board's weekly consolidated statement
of condition on July 2 of 748 member banks in leading cities.
It should be noted that the figures for these member banks
are always a week behind those for the Reserve banks
themselves.
,000,000, an
Total loans and discounts increased by
increase of $63,000,000 in loans on corporate securities being
nearly offset by decreases of $2,000,000 in loans on U. S.
Government securities and of $53,000,000 in "all other,"
largely commercial, loans and discounts. Holdings of
United States bonds increased by $36,000,000, holdings of
Treasury notes by $27,000,000 and holdings of corporate
securities by $19,000,000, while holdings of certificates of
Indebtedness decreased by $2,000,000.
Japanese Supplementary Budget.
We have been favored by T. P. Wikawa, acting Japanese
Financial Commissioner to the United States, with a copy
of a cablegram from the Japanese Minister of Finance,
Takayuki Hamaguchi, outlining the speech of the latter
delivered at the extraordinary session of the Diet on July 2,
at which the supplementary budget for the fiscal year was
presented. It provides for expenditures, exclusive of the
army and navy, totaling 265,400,000 yen. Estimated revenues amount to 294,900,000 yen. The largest single item
of expenditure in the budget is 122,300,000 yen for the restoration of Government buildings and relief to devastated
cities, which is part of 705,900,000 yen to be spent over
ton fiscal years. Supplementary expenditures which have
no direct connection with restoration works are estimated
at 102,900,000 yen. The Financial Minister stated that
the present Cabinet has decided for the current fiscal year
not to resort to loan flotation; the Government, it is added,
will curtail the administration expenditures both central
and local, and the whole nation is expected to practice
industry and thrift. Announcement is made of the inten-
JULY 12 1924.]
145
TUE CHRONICLE
tion to issue savings certificates in small denominations.
The following is the outline of the speech:
1. The supplementary budget for the thirteenth fiscal year of Taisho
framed by the former Cabinet has been for the most part adopted by the
present Cabinet. It reads as follows:
(A) Capital restoration expenditures—
(a) Increase for the current fiscal year, being
part of the capital restoration budget passed
the 47th Session of the Diet, totaling 468,400,000 yen (which is to be spread over six
yen 17,400,000
fiscal years)
(b) Additional expenditures, in accordance with
the amendment by the 47th Bess on, for the
subsidy and loan to city planning of Tokio
20,200,000
and Yokohama
(c) Capital Restoration Bureau, Department of
Interior (an independent board with the Lame
name was abolished as a result of amendment
2.600,000
by the 47th Session)
The report is now made public with the consent of the Brazilian Government, and has received the endorsement of the President of Brazil and the
Minister of Finance. The anticipation that the recommendations of the
report would be put into effect has materially strengthened the price ot
Brazilian securities in London this week.
The recommendations of the Mission are as follows:
1. Government Finances.
The Government budget should be balanced. An estimates branch of the
Treasury Department should be established for budget purposes and representatives of the Treasury Department should be placed in all departments
disbursing funds for continuous examination of estimates. The exclusion
from estimates of all expenditures for capital projects. The presentation of
estimates to Congress as late as possible in the preceding year. The presentation of a budget to provide specific revenue to defray the cost of budget
estimates. The provision in the budget of a margin to meet the contingencies and if possible an additional fund for debt redemption. Surpluses obtained at the end of the year should go automatically to debt redemption.
A committee should be established to examine all proposals for capital expenditures. Any proposal for capital expenditure should be presented in a
separate bill, which should also lay down the method proposed for financing
$40,200,600 the
Total
undertaking. A committee should be appointed to examine all expendi(B) Restoration of Government buildings and relief to the
tures along the lines of the Geddes Committee in England. Agriculture
devastated municipalities, being part of 705,900,0 0 yen
should not be exempted from income tax assessment and assessments should
122.300,000 be on the basis of actual profits. The
to be spread over 10 fiscal years
question of death duties or inherit(C) Other supplementary expenditures satich have no direct
ance taxes should be taken up. No exemption from taxation should be given
connection with the restoration works, such as increase in
as part of concessions to industrial enterprises. There should be a reducsinking fund and pensions. &c.
tion of import duties on machinery and coal, also in the number of civil
(a Ordinary
$73,200,000
servants with an increase in pay. The net cost of the Government's indus29.600,000
(b) Extraordinary
trial undertakings should be clearly shown in estimates, and rates charged
should be raised to an economic level. The Government should consider
102,900,000 the desirability of changing
Total
the present financial year.
Yen_265,400,000
Grand total
2. Whereupon the increase of revenue is as follows:
(A) Income following the supplementary expendiyen_ 7,400,000
tures
(B) Taxes (formerly expected considerable decrease
owing to the earthquake, but these 6 months'
,50,40u,000
actual result Justifies this increase)
157,100,000
(C) Loans
50.500,000
(D) Surplus from the preceding fiscal year
yen_265,400,000
Grand total
3. Loan policy—
The necessary amount of new loan for the 13th fiscal year of Taisho
is as follows:
(A) In the general account capital restoration and
other restoration purposes
yen_249,900,000
(B) In the special account
45,000.000
Total
yen-294,900,000
Taking into consideration the present economic conditions of th,; country.
be
amount
will
met
by
following
measures:
this
I. Out of the proceeds of the loan floated last February in
New York and London
yen_105,000,000
2. Subscription by the money in the deposit account
154,900.000
bonds
to
the
public
through post offices
3. Offering
35,000,000
2.
Government Debts.
An internal loan should be raised concurrently with any external loan and
indiscriminate attempts to borrow should be avoided. The Government
should announce either its assent or disapproval to loans raised by States
and municipalities. Loans advanced by the Federal Government to individual States should always bear interest.
3. Banking and Currency.
The Government's shares of stock in the Bank of Brazil (representing 52%
of stock outstanding) should be sold to banks operating in Brazil, the
board of directors of the bank to be elected by the stockholders in general
meeting. The substitution of the gold bank notes of the Bank of Brazil for
Government Treasury notes now outstanding should be begun at once, and
Government promissory notes should not form any part of the backing of
the note issue. For the present, further issues of notes should be based on
gold dollars or sterling only. The Bank of Brazil should have custody of all
public funds. The Banco Ilypothecario, if created, should only make advances to small agriculturists.
4.
Development of the Country.
An attempt should be made to develop exports faster than imports. Foreign capital should be encouraged in every reasonable way. Brazilians
should also participate in foreign capital investments in Brazil. All Government concessions should be examined by a committee on capital expenditure. Arrangements should be made for the joint negotiation of concessions
yen-294,900,000 by the Federal Government and State Governments. There should be, as far
Total
as possible, a vigorous development of transport facilities and the establishThus the present Cabinet has decided for the current fiscal year not to ment of a railway
tribunal to fix rates and to direct the railway policy of
resort to loan flotation in the market. In the coming fiscal years also the Federal and State
Governments. The Federal and State Governments
It will avoid, as far as possible, to resort to loans except in emergency cases, should abandon the policy
of constructing and operating railways and should
especially to float such in the market.
dispose of the present Federal Railways and the Lloyd Brasileiro Steamship
curtail the administration expenditures both Line. The
4. The Government
Federal Government should avoid the policy of assisting indusin central and local, and expects the whole nation to practice industry and tries by subventions and should
not give its guarantee to loans raised by
thrift, which will enable the accumulation of capital and will contribute States for construction projects. The
Government should postpone thein laying the foundation of our future economic development. The Gov- present contemplated scheme for development
of steel industries by theernment considers this a key to solve various economic problems confront- Government in Brazil. The
Government should not pay contractors by the
ing the nation relative to commodity prices, industrial situation and inter- issue of bonds.
national trade balance.
5. With the aim of accumulating the enormous amount of money to be
distributed in the progress of restoration works and reinvesting it to resOffering of Bonds of Industrial Mortgage Bank of
toration works and local industrial development, the Government will,
Finland.
under systematized organization, take an adequate method for the encouragement of thrift and savings. For this purpose savings certificates
A
syndicate
composed
of Lee, Higginson & Co., the
in small denominations will be issued.
Report of British Financial Mission to Brazil.
Dillon, ltead & Co. announced on July 3 the receipt or a
cabled summary of the report issued in London last week of
the British Mission, which recently returned from Brazil
after a four months' study of the Government's finances anti
the agricultural and industrial situation of the country.
The report recommends the adoption of a budget system, and
the appointment of a committee to examine all expenditures
along the lines of the Geddes•Committee in England. A reduction in the number of civil employees is also recommended, as is also the abandonment of Federal and State
construction and operation of railways, and the Government
Is urged to dispose of the present Federal Railways and the
Lloyd Brasileiro Steamship line. It is recommended that an
internal loan be raised concurrently with any external loan.
The sale of the Government's shares of stock in the Bank of
Brazil is also proposed by the committee, which further
says that the substitution of the gold notes of the Bank of
Brazil for Government Treasury Notes now outstanding
should be begun at once. The Mission, consisting of Sir
ChtErles Addis, Governor of the Bank of England, Edwin
Montagu, Hartley Withers, former editor of the "Economist," and Lord Lovat, a cotton expert, went to Brazil in
December of last year by arrangement between the Brazilian Government and its bankers in London. Dillon, Read
& Co. in their announcement said:
Guaranty Co. of New York, Brown Brothers & Co., the
New York Trust Co. and the Continental & Commercial
Trust & Savings Bank of Chicago offered on July 9 an issue
of 812,000,000 first mortgage collateral 7% sinking fund
gold bonds of the Industrial Mortgage Bank of Finland at
95 and accrued interest, yielding about 7j4%. The bonds
will bear date July 1 1924 and will become due July 1 1944.
Provision is made for a sinking fund, payable semi-annually,
first payment Jan. 1 1925, sufficient to retire entire issue
at or before maturity. The bonds will be callable on any
interest date on 30 days' notice, as a whole after ten years
at 101 and interest, and in part for the sinking fund at 101
and interest during the first ten years, at 100 and interest
during the next five years and at 100 and interest during the
last five years prior to maturity. They will be secured by
closed first mortgages (subject to a few small mortgages
already existing and not exceeding in the aggregate 5% of
appraised values) on manufacturing plants, timber lands
and hydro-electric power installations at not exceeding 50%.
of appraised values. The bonds are, it is stated, unconditionally guaranteed as to principal, interest and sinking fund,
by the Republic of Finland. They will be in coupon form
in denomination of $1,000 and $500. Principal, interest
(Jan. 1 and July 1) and sinking fund will be payable at the
offices of Lee, Higginson & Co. in New York, Boston and
Chicago in United States gold coin of present standard.
A letter dated Helsingfors, Finland, July 7, addressed by
Leon v.iPfaler, Chairman of the Industrial Mortgage Bank,
146
THE CHRONICLE
[VOL. 119.
to the syndicate is summarized in part by the latter as
Josephthal & Co. Wins Suit Brought by Ex-Partner.
follows:
William N. Cohen, as referee in the suit brought by
Industrial Mortgage Bank of Finland.
Henry J. Schnitzer for $500,000 damages against the New
The Industrial Mortgage Bank of Finland, incorporated under the laws
of the Republic of Finland, has been organized by the Northern Union York Stock Exchange firm of Josephthal & Co., in which
Bank, Ltd., and the National Joint Stock Bank,the two largest commercial concern he was a partner until expelled
in February 1922,
banks in Finland. and the Bank of Ilelsingfors, which together have fully
paid up capital stock and reserves aggregating more than $16,000.000 and filed a report in the Supreme Court on July 10. In this
total deposits of more than $70.000.000, and in addition it has the advantage regard the "New York Commercial," in its issue of July 10,
of co-operation and advice from the Bank of Finland, the national bank of said in part:
issue and the fourth largest existing bank of issue in Europe.
Business.
a The business of the Industrial Mortgage Bank is restricted by Finnish
laws and the Bank's constitution to the making of mortgage loans to industrial companies at not exceeding 50% of conservatively appraised values
on manufacturing plants, timber lands and hydro-electric power plants in
the Republic of Finland. The purpose of this issue is to provide funds for
such loans. This is to be the only present funded debt of the Bank. The
Bank will further limit its business by covenanting in these bonds that it
will make loans only to companies of strong credit and on closed first
mortgages only, except in a few cases where small mortgages already exist
(not exceeding 5% of the aggregate appraised values of all properties mortgaged to the Bank). The export business of companies to which loans will
be available amounted in 1923 to more than $97,000,000.
Security.
The closed first mortgages to be pledged as security for these bonds
(subject to a few small mortgages already existing and not exceeding 5%
of the aggregate appraised values of all properties covered by the mortgages
to be pledged as security for this issue) will be deposited in trust with the
Government Bank Inspection Department, the department of the Finnish
Government designated and required by law to act in such fiduciary
capacity. The mortgages to be pledged are to be payable in dollars only.
In addition to the equity represented by the capital, reserve and surplus of
the Industrial Mortgage Bank and the value of the pledged first mortgage
security, the bonds will be unconditionally guaranteed by endorsement as
to principal, interest and sinking fund by the Republic of Finland.
Sinking Fund.
Cash sinking fund, payable semi-annually in United States gold coin of
present standard, first payment Jan. 1 1925. to retire $600,000 bonds a
year through purchase or call, is sufficient to retire this entire issue at
or before maturity.
Revenues.
Revenues of the Republic of Finland, exclusive of loan proceeds, exceeded
all Government expenditures except for capital purposes in 1922 by $10,635.000 and in 1923 by $9.115,494. The total excess of expenditures,
Including capital expenditures,for the two years, amounted to only $3,193,135, which was considerably more than covered by loan proceeds during
the period. In both 1922 and 1923 net operating revenues received by the
Government from State-owned assets alone were more than sufficient to
cover the entire service, including both interest and amortization, of the
Government's debt.
These bonds are offered when,as and if issued and received
and subject to approval of counsel. It is expected that
interim receipts will be ready for delivery_ about July 17.
Statistics relating to money of Finland are expressied, unless
otherwise stated, in terms of United States dollars at the
approximate present rate of exchange,1 finmark=2% cents.
James S. Lamont, Former President of G. F. Redmond
& Co., Inc., Pleads Guilty to Conspiracy.
The former head of the bankrupt brokerage house of
G. F. Redmond & Co., Inc., James S. Lamont, retracted
his former plea of "not guilty" to the charge of conspiracy
and entered the plea of "guilty" before Judge Lowell in
the United States District Court at Boston on July 8. His
case was continued for sentence. Lamont and G. F. Redmond, together with the eight other defendants against
whom the Federal Grand Jury returned indictments on
May 23 after a long investigation into the business of the
firm, had been brought before the Court on that day
(July 8)for trial. CharlesPipenbrinck,Warren N Withington
(of Withington& C,o.,brokers,who had a part in the Redmond
transactions, it is.said), John R. Diggins and Arthur Diggins
also retracted their original pleas of "not guilty" and pleaded
nobo contendre on the charge of conspiracy. Pipenbrinck
and Withington were fined $1,000 each, and the two Diggins
brothers were held for sentence. George F. Redmond,
the Treasurer and owner of the failed firm, and R. F.
Sheridan pleaded "not guilty" and were then placed on trial.
Sheridan, however, after the jury had been selected and
one witness heard, retracted his plea also and pleaded
nobo contendre. Sentence in his case was likewise deferred.
On the following day (July 9) Lamont testified for the
Government at the trial of Redmond. Lamont on July 2
was set free from the East Cambridge Jail, where he had
been incarcerated for two months and one week for contempt
of court. Judge Morton released him on the recommendation of the Redmond receivers, one of whom, Bartholomew
A. Brickley, stated to the Court (according to the Boston
"Herald" of July 2) that "in view of certain disclosures,
the receivers agree that their petition be abrogated, and that
he stand purged of contempt." Our last reference to the
affairs of the Redmond company was in the "Chronicle" of
June 28, pages 3154 and 3155.
The report holds Schnitzer's expulsion from the firm was justifiable
and
finds him guilty of larceny, fraud, fake entries, false representations
and
speculations contrary to the terms of the partnership.
"The plaintiff was guilty oflarceny of $12,500from his partner,"finds
the
referee, "and his conduct constituted a breach of fiduciary obligation—and
justified the defendant. Josephthal, in terminating the contract
of copartnership."
The report further finds:"The plaintiff was guilty offraud and deception
upon the defendants, his partners, deprived his firm of and misappropriated
to his own use large sums of money, for which he must account, and
was
guilty of fraud and deception upon his partners and diverted
from the firm
and misappropriated to the use of his wife and daughter and himself
property upon which the firm had a first lien."
The suit attracted wide attention because Josephthal & Co. were coin
pelled to furnish $1,000,000 bond as a condition of a denial
by the court
of Schnitzer's motion for a receivership.
Schnitzer became a partner Dec. 4 1919. He was ousted Feb. 11 1922.
The referee in his report states he found upon the testimony that Schnitzer
shared a $25,000 check signed by Josephthal to buy 15,000 shares of Hercules
Paper Corp., when he forced Charles C. Walsey, payee, to take $12,500,
and that he got 20,000 shares for nothing.
Another charge the referee said he found true was that Schnitzer induced
Josephthal to sign a check for $35,000 as a bonus to Max Holz, in charge of
the foreign department, and that after the "bearer" check was cashed
through his private bank Schnitzer forced Holz to divide with him. He
later returned $15,000 of this sum.
Another charge substantiated, the report finds, is that Schnitzer maintained fictitious trading accounts in the names of his wife and daughter in
foreign securities and exchange, and that by juggling he made considerable
profits for them at the expense of the brokerage house. The referee finds
that the loss in spurious transactions in Hercules Paper Corporation stock.
borne by the brokerage house on fictitious accounts,totaled several hundred
thousands of dollars.
The referee's report has not yet been acted on. He recommends that
the Court assess the costs on Schnitzer, that he be allowed no damages for
his expulsion and that "the defendants, as liquidators of the dissolved firm
of Josephthal & Co., are entitled to state and file their account as such liquidators in accordance with the foregoing findings by Sept. 15 next."
Louis M. Josephthal, head of the firm of Josephthal &
Co., basing his action on Mr. Cohen's report, obtained a
civil order for Mr. Schnitzer's arrest. He was taken into
custody on Wednesday night, July 9, as he was about to
sail for Europe, but was released when a surety company
furnished $15,000 bail. The charge preferred against him
was alleged larceny of $12,500. Reference was made to the
suit brought by Mr. Schnitzer against Josephthal & Co. in
the "Chronicle" of Nov. 25 1922, page 2324, and of Dec. 9
1922, page 2525.
D. H. Hume Resigns as Director of Savings in Federal
Reserve District of Dallas to Become Associated
with Investment Securities Co.of Texas.
Dinsmore W. Hume, Federal Director of Savings, in
charge of market development and sale of Government securities in the Eleventh Federal Reserve District for the past
five years, tendered his resignation to the Treasury Department to take effect July 1, according to announcement made
at the Federal Reserve Bank of Dallas. Mr. Hume will
become one of the directing officers of the Investment
Securities Co. of Texas, headquarters Dallas. At the Federal
Reserve Bank, it was pointed out, the Eleventh District,
under Mr. Hume's direction, has out-stripped the New
York, Philadelphia and Boston Reserve Districts, all of the
Southern districts and holds fourth rank in the United
States in the per capita absorption of Treasury savings securities alone, totaling between $150,000,000 and $200,000,000.
Treasury Saved $1,000,000 in Buying Back Government
Securities Last Year,
Associated Press dispatches from Washington, July 10,
said:ffiO clal figures on the operation of the sinking fund made public to-day
by the Treasury show that the Government saved more than $1,000,000 in
buying hack its own securities in the year ended June 30. In carrying out
provisions of the sinking fund law, the Treasury bought back $295.987,350
In Liberty bonds and Treasury notes, for which it paid $294,727,019.
The entire reduction in the public debt, the Treasury said, was approximately $1,100,000,000 in the last twelve months. In addition to the
operation of the sinking fund, the Treasury applied tho year's surplus of
$505,000,000. the proceeds of sales of railroad securities held by the Government and the repayments on foreign loans to reducing the national debt.
Secretary of the Treasury Mellon Sails for Europe.
Secretary of the Treasury Andrew W. Mellon, who sailed
for Europe on the White Star liner Olympic on July 5, was
quoted in the "Wall Street Journal" of that date as saying:
JULY 12 1924.]
THE CHRONICLE
147
General Hertzog, leader of the victorious parties in the
elections, on June 24 accepted the Premiership of South
Africa, succeeding General Smuts. Premier Smuts had
resigned the previous day, June 23, General Hertzog has
taken the portfolio of native affairs with the Premiership in
the new Nationalist Cabinet. Colonel Frederic H. P.
Cresswell, Labor leader, has been appointed Minister of
Defense and Labor, and Thomas Boydell, Labor member of
Parliament, has been selected for the portfolio of Posts and
United States Saving Certificate Sale Is Suspended— Telegraphs.
Premier Smuts, in a message on June 18, thanking his
United States Can Borrow Money in Open Market
Campaign Committee after the returns showed his defeat in
Cheaper Than Rate on These Securities.
The New York "Evening Post" printed the following from Pretoria West, said:
"Be of good cheer. From the wider viewpoints which
Washington yesterday:
savings
the national policy our failure may yet prove a blessing
shape
Treasury
of
sales
all
The Treasury to-day ordered suspended
disguise. My faith in the future remains as strong as
in
certificates and stamps effective July 15.
Acting Secretary Winston said the present money market did not warrant ever, although the immediate outlook before the country is
the Treasury paying 4%% interest on the savings securities, when funds
gloomy enough. In that faith we hold on unflinchingly."
may be obtained at much lower interest.
Further sale of the certificates, it was announced, will be held in abeyance General Smuts, it was announced on June 19, had accepted
until conditions have changed. Call money was quoted at 2% in the New the offer of Colonel G. M. Claassen, member of the Assembly
York market yesterday and it was recalled at the Treasury that the last
for his seat.
issue of Treasury certificates of indebtedness was floated at a rate of 25.1%• for Standerton, Transvaal, to contest
The savings, certificates bear 43.6%, compounded semi-annually over a
London advices of the New York "Tribune," in indicating
period of five years.
to say:
outstanding. the significance of the election, had the following
are all right in this country. Conditions are
r Fundamentally, conditions
there is nothing to worry about. There is an abun-
absolutely sound and
year when
dance of capital looking for investment. This is the time of
production is at its lowest.
Never in
I think business will show a decided improvement in the fall.
now to the
my memory have indications pointed as strongly as they do
election of a Republican President.
two months,
I am going to Europe with my family for a vacation of about
and I will devote myself strictly to pleasure.
More than $400,000,000 in Treasury certificates are now
The first sales—In the form of war saving stamps—were made in 1918, but
those have been retired and each subsequent year has seen a new issue.
Almost $100,000.000 of the issue of 1924 have been sold.
on
Sale of the certificates was suspended in eighteen States on Feb. 3
Obaccount of the financial condition in some of the Northwest sections.
take
to
continuing
jection then was raised to the Federal Government
were
money out of areas where banks were failing and conditions generally
regarded as poor.
of
part
The savings certificates have, in the past, formed an important
treasury fiscal operations. Late in the war, the idea of promoting a nationtheir
wide saving was worked out and the war savings certificates made
appearance. Through the sale of 25-cent stamps, the Treasury, in 1918,
obtained more than $1,000,000,000, and this materially aided in financing
the war. Later, the savings certificates succeeded the savings stamps and
they became an adjunct to the Treasury refunding operations, but their
usefulness has steadily decreased as open money market rates have fallen.
General Hertzog, the Dutch nationalist leader, who, with the support of
the Laborites, headed by Colonel Cresswell, succeeds Premier Smuts, gave
assurance in his pre-election campaign that the secession issue would not be
raised during the meeting of the newly elected Parliament.
Nevertheless, the outcome of the voting came as an unmistakable blow
by
at the principle of imperial unity. This feature of the election is stressed
the fact that General Smuts was unable to retain his own seat in the western
to
certain
is
seat
new
division of Pretoria, the capital of the Transvaal. A
be found for the soldier-statesman, who in other parts of the British Empire.
is ranked as one of the greatest of the imperial figures of his time.
evidence
His rejection by his own constitutuents, however, is striking
It hardly
that there is a new drift of opinion in the South African Union.
imperial
for
campaign
the
in
efforts
would be an exaggeration to say that his
smashing
development and European settlement are the direct cause of the
blow his party met at the polls.
Charges by Opponents.
interest in
The opponents of the General charged him with too great
The Nationthese larger issues and declared he had neglected local affairs.
combination exploited this criticism to good advantage.
Twelve Members Named to Board of Tax Appeals. alist-Laborite
the British
The fate of Smuts and his "South African party," representing
as the Dutch
In announcing on July 2 the appointment of twelve mem- and more moderate Dutch elements, was sealed as soon office.
from
him
Laborites joined in a pact to oust
bers of the Board of Tax Appeals, which is provided for Nationalists andthe
the
late Government to retain office rested entirely on
The hope of
under the Revenue Act of 1924, and is to consist of 28 chance that the agreement reached between General Hertzog and Colonel
booths.
polling
members, a White House statement said that "the further Cresswell would not be observed by their followers at theprofit,
as in the
that the Smuts candidates therefore would be able to
appointments will await the completion of the preliminary and
the elections,
of
results
The
by the split vote of their opponents.
past,
work." The appointments are subject to confirmation by however,soon shattered these calculations.
of perIn the record poll after the campaign was fought with a bitterness
the Senate. In our issue of June 7, page 2777, we noted that
African history, the
South
in
unequaled
rowdyism
sonal
and
recrimination
in order'to enable the immediate functioning of the Board followers of Hertzog and Cresswell voted solidly together to down Smuts.
Rand
it was found necessary to overcome, by special legislation, a The landslide against the late Administration by the miners on the
to Smuts, due to his suppresprovision in the existing statutes which "provides that no was animated by an intense personal hostility
gains
of labor uprisings, and wiped out any chance that the Premier's
money shall be paid from the Treasury as salary to any sion
in the country districts might alter the total result of the voting.
chapter
person appointed during the recess of the Senate . • •
With the Hertzog-Cresswell administration now in power, a new
of South Africa. The Labor Party, headed by Colonel
until such appointee has been confirmed by the Senate," opens in the history
Party
Cresswell, holds the balance of power between the South African
and accordingly, on June 3, a resolution was adopted by and the Nationalists. Momentarily, the most interesting question is
to
desire
in
common
both the Senate and House whereby salaries may be paid
whether the combination which came into being with a
together
Smuts as almost the sole bond of union will be able to hold
advance of Senate confirmation. The appointments an- oust
now that this object has been achieved.
nounced on July 2 are:
Parties Are at Odds.
between the
From the public: Adolphus E. Graupner. San Francisco; J. S. Y. lying.
Fundamentally there seems to be the smallest sympathy
New York; A. E. James, New York; J. M. Sternhagen, Chicago; S. L.
country is represented primarily by back
in
the
which
Party,
Nationalist
Lansworkers, with
Trussell, Minneapolis; J. J. Marquette, Washington, D. C.; W. C.
veldt Boers, and the Labor Party, representing the town
while the
don, Salina, Kan.
miners as the backbone. The Dutch Nationalists are conservative,
D.;
N.
Grafton,
D.
Internal
Hamel,
C.
of
Revenue:
elements which
From the Bureau
Laborites are radical, and the economic interests of the two
Nashville,
H.
Littleton,
B.
N.
,
C.:
Jr.,
Winston-Salem
Korner
G.
J.
now hold power clash in many points.
it is now cerTenn.; C. P. Smith, Boston; C. M. Trammell, Lakeland, Fla.
Both, however, chiefly are concerned in local interests, and
prominent
The White House statement said:
tain that South Africa, under the new regime, will not play the
did under Smuts. The wave
The present appointments constitute the nucleus about which the Board part on the imperial or world stage that it
of office may be expected
of 28 members will be built, for there remains much to be done before the of nationalist sentiment that swept Smuts out
in office, and this fact
entire Board can function most efficiently. It will be necessary to provide to rise still higher with the Nationalist government
General Hertzog from the Dutch,
quarters, adopt rules of practice and perfect the general organization of seems bound to attract more support for
African Party.
the Board. The further appointments will await the completion of the pre- thereby further weakening the position of the South
likey to
But the Laborites, though they are theoretically republican. are
liminary work.
question, on
restrain the Nationalists from forcing a pace on the secession
more
is
problems
industrial
the ground that solution of South Africa's
by the
Any action looking toward a declaration of independence
Premier Smuts' Defeat in the General Election in urgent.Nationalists
Afriwould be a signal for revolt by the British South
Dutch
by compeSouth Africa Seen as a Blow at Imperial
cans, headed by Natal. This is the view of the situation taken
Unity—General Hertzog New Premier.
General elections held in the Union of South Africa on
June 17 witnessed the defeat of the administration of Premier
Jan Christian Smuts, one of Britain's leading colonial
statesmen of contemporary times. The election was called
by Premier Smuts because he did not command a sufficient majority in the Assembly to meet the combined
attacks of Nationalists and Laborites. The NationalistLabor coalition secured a majority in the general election.
The Government which succeeds that of General Smuts
is headed by General James Barry Hertzog, a Dutch
Nationalist leader, and constitutes, it is said, the first
avowedly Republican regime that has come into existence
in the British Empire. The results of the election were
interpreted as a blow at imperial unity in many quarters.
tent observers in England.
Death of Calvin Coolidge Jr., Son of the President,
Brings Universal Expressions of Sorrow.
Universal sorrow was evidenced this week over the death
of the younger son of President Coolidge, Calvin Coolidge
Jr.. The boy's death (he was sixteen years of age) occurred
at 10:30 p. m. July 7 and resulted from blood posioning
brought about by an injury to the great toe on his right foot,
which at first caused no apprehension, being seemingly
nothing more than a blister. The injury came while he was
playing tennis with his brother John on the White House
grounds a week before, on June 30. The boy's condition
became serious on July 4, when the first intimation of his
illness became public, and when it was made known that
mMI\
148
THE CHRONTCLE
[VOL. 119.
several specialists had been called in consultation. His
THE WHITE HOUSE.
acute suffering at first led to the belief that he had been
Washington, D. C., July 7.
stricken with appendicitis, but Dr. John B. Deaver, the Hon. Thomas J. Walsh, Chairman Democratic National Convention,
Madison
Square Garden, New York.
Philadelphia surgeon who was called in, decided otherwise,
The gracious act of the Democratic National
Lonvention
in
tendering
and instead evidence of blood poisoning was found. When to Mrs. Coolidge and myself its sympathy in the illness
of our son is proit was seen that an operation was inevitable, the boy was foundly appreciated. I wish you would express to the convention our
deepest gratitude.
taken to the Walter Reed Army General Hospital in WashCALVIN COOLIDGE.
ington, and late on the 5th inst., after the operation, it was
Later in the day when news came of the death of the boy
announced that his condition was still critical, but that he the convention
adjourned at 11:54 D. m., Chairman Walsh
was resting well. The operation, which consisted of the proposing this as
follows:
opening of the lower left leg to permit the draining of the
It is with profound sorrow that am now to announce that I have Just
poison, developed, it is said, an infection of the bone in that been informed of the death to-nightIof
Calvin Coolidge, Jr.
The message
given to me says that he died at 10:30 o'clock to-night.
leg. While it was stated that there appeared to be a change convention
I suggest that this
do now adjourn as a mark of the sympathy of the delegates
for
for the better at 1 a. m. on the 7th, the boy later suffered sev- the President of the United States
in his hour of sorrow.
eral sinking spells and his death came that night, despite
With the opening of the session on the 8th inst., Rabbi
the fact that blood transfusions and oxygen were resorted to Stephen Wise
offered the following resolution on behalf of
in an effort to save his life. Both President and Mrs. Cool- Franklin D.
Roosevelt, Chairman of the New York deleidge were at his bedside when he died. Notwithstanding gation:
the well-ordered life of the lad, his system proved unequal to
This convention of the Democratic Party gathers this morning
under the
the great strain. Funeral services were held in the East shadow of the grief that has come to the home of the Chief
Magistrate of our
nation.
Together with all our fellow Americans, we bow our heads in symRoom of the White House at 4 p. m. July 9, and at 9 p. m.
pathy and
by the side of our President as he and his family pass
that day the funeral train left Washington for Northampton, through thereverence
valley of the shadow of death.
We pray that divine comfort and healing may be vouchsafed to the sorrowMass., the home town of the President, where funeral services were held at the Edwards Congregational Church. ing parents. May the father and mother of the lovable youth who has been
called from life
life find solace and strength in the thought of the loving
Later in the day the burial took place in the village cemetery sympathy of allto
the American people.
In token thereof this convention silently bows its head with loyal and
at Plymouth, Vt., where the Coolidge plot is located, the
trip being made by train to Ludlow, Vt., and from that point affectionate regard for the President and mother of Calvin Coolidge, Jr.
The resolution was adopted by a rising vote and a copy
to Plymouth by automobile.
Those in the funeral party besides the immediate family, sent to the President.
Messages of sympathy came, not only from all parts of
the President's father, Col. John Coolidge, &c., included
Secretary of State Hughes, Secretary of War Weeks, Post- this country, but also from abroad; one from King George
master-General New, C. Bassom Slemp, the President's of England read:
The Queen and I have heard with the most sincere regret ofthe grievous
secretary, Attorney-General Stone, Secretary of the Navy
loss which has befallen you and Mrs. Coolidge in the death of your dear
Wilbur, Secretary of Agriculture Wallace and Secretary of son, and we assure
you both of our heartfelt sympathy in this time of your
Labor Davis, Speaker Gillette, William M.Butler, Chairman deep sorrow.
President Doumergue of France also sent a message of
of the Republican National Committee; Frank W. Stearns
and Mrs. Stearns; Edward T. Clark, the President's personal condolence to President Coolidge as follows:
I condole with you over your cruel loss. With all my heart I assure you
secretary, and Mrs. Clark. Prayers and benediction and
the sounding of "taps"—the latter by Arthur Whitcomb, and Mrs. Coolidge of my deepest sympathy.
the Marine Band bugler, who had sounded "taps" at the
funerals of the Unknown Soldier and of two Presidents—
Military Directorate in Spain Demilitarized.
Presidents Harding and Wilson—marked the burial. A
A demilitarization of the military directorate, theigoverntouching feature at the grave was the action of the bereaved
ing body of Spain, and a modification of the dictatorial powmother in placing among the flowers on the casket the testaers of General Primo Rivera, President of the directorate,
ment of her son, on the cover of which his name appeared in occurred
on July 4 by royal decree. The members of the
gold lettering. Following the interment the President and directorat
e were apportioned new portfolios wherein each is
Mrs. Coolidge returned to Washington, arriving there at responsibl
e to the crown. They took the oath before King
7 a. m. yesterday morning, July 11. They were accompanAlfonso. Under the decree General Rivera becomes Minister
ied oy the President's father.
Cults and Justice, but remains head of the Cabinet.
Calvin Coolidge, Jr., was born on April 13 1908 at North- of
ampton, and went through the grade schools of that
city
and then entered the high schoo , completing the first years Democratic National Convention—J. W. Davis and
after his father had gone to Washington as Vice-President
C. W. Bryan Nominated for President and
in
1921. Both he and his brother, John, who is seventeen
Vice-President.
,
entered Mercersburg Academy, at Mercersburg, Pa.,
The longest drawn out contest for the nomination for
the
following year, John being graduated last month, while President at any national conventio
n was brought to a close
Calvin had another year before him. John is to enter on Wednesday of this week, July 9,
when at the Democratic
Amherst. the President's alma mater, this fall, and Calvin National Convention at Madison Square
Garden, New York
was to have followed him. The following dispatch from City, John W. Davis of West Virginia,
formerly American
Philadelphia, July 9, appeared in the New York "Evening Ambassador to Great Britain, was nominated. The
ticket
Post":
was completed in the early morning of July 10, when Gov.
All the medical aid in the world could not have saved Calvin
Coolidge Jr., Charles W. Bryan of Nebraska, brother of William Jennings
Dr. John A. Kolmer, one of the Philadelphia specialists called into
consulta- Bryan, was nominated for the post of Vice-President.
tion on the case, said upon his return from Washington.
The
nomination of Mr. Davis for the Presidency came on the
"It was simply beyond the power of medicine to win the
fight." said
Dr. Kolmer, who is professor of bacteriology and pathology in the
Graduate 103rd ballot in the voting for the Presidential candidate,
School of the University of Pennsylvania. "The youth early was
given which began on Monday, June 30, after the adoption of
the best attention possible. It was not a case taken in hand too
the
late. He
was infected with one of the most virulent organisms known. It
platform had been effected early Sunday morning,
depended party
largely on the ability of his constitution to overcome it. He did
not have June 29. The convention opened on Tuesday, June 24, and
the kind of constitution to combat it."
in all twenty-three sessions were held. From the start of
The boy, it is said, was always frail. His height was
the balloting until Monday of this week, William G. McAdoo
5 feet 11, an inch or so over his father; his weight not more
of California had held the lead among the nume-ous Presidenthan 115 pounds. He had grown quickly and his vitality
tial candidates, although he was at no time able to corral
was accordingly sapped.
the necessary two-thirds vote, or even a bare majority, and
Twice during the sessions of the Democratic National
a deadlock developed between him and Alfred E. Smith,
Convention this week the delegates paused to convey to
Governor of New York, who up to the 86th ballot held second
the President their expressions of sympathy. On the 7th
pla,ce among the Presidential candidates. The first tangible
inst. the following message was sent to the President:
move to break the deadlock came on Sunday last, July 6,
To President Coolidge:
when a resolution and pledge to release all delegates from
Whereas, The Democratic National Convention assembled in the
City of pledges or instructio
ns affecting Presidential candidates,
New York, this the 7th day of July 1924, through its delegates, pauses
in
Its deliberations to offer to our President and Mrs. Coolidge our sympathy was agreed to at a conference of representatives
of all the
in this hour of anxiety at the bedside of their dear son, Calvin Jr., who candidates
, the one exception to the agreement being Mr.
lies critically ill in Washington.
Be it Resolved, That the Secretary of this convention be hereby directed McAdoo, who tendered a counter-proposal designed to abroto send to the President and to Mrs. Coolidge a message of sympathy, gate the two-thirds and unit rules. When
a vote was taken
hoping for a speedy recovery to health of their son.
by the delegates on the 7th inst. on the resolution agreed to
The President sent this reply:
by all but Mr. McAdoo, it was adopted. The move for the
JuLir 121924.]
THE CHRONICLE
conference of representatives of the candidates came on
Saturday, July 5, at which time the convention adopted a
resolution to this end "for the purpose of reaching an understanding so as to hasten the conclusion of this conference."
The conference was begun Saturday night in the quarters of
Chairman Cordell Hull in the Waldorf-Astoria, and was
concluded at 12:45 a. m. Monday morning, July 7. The
following was the resolution and pledge agreed to by the
representatives of all the candidates for President except
McAdoo:
Resolution.
Resolved. That the time has arrived when, in the opinion of this Democratic Convention, all delegates should be and are hereby released from any
pledges or instructions of any kind whatsoever, touching upon any candidacy for the nomination for President.
Pledge.
The undersigned do hereby release all and every delegate from any pledge,
instruction or obligation of any nature whatsoever,in so far as his candidacy
for the Democratic nomination for the Presidency is concerned, as completely as if his name had been withdrawn from the convention.
This statement has been submitted to each candidate whose name has
been placed in nomination and has been accepted by those whose names
are subscribed hereto, either in person or by duly authorized representative.
GOVERNOR ALFRED E. SMITH CHARLES W. BRYAN
SENATOR 0. W. UNDERWOOD GOVERNOR F.H.BROWN
SENATOR J. T. ROBINSON
GOVERNOR G. S. SILZER
EX-SENATOR W.SAULSBURY
SENATOR CARTER GLASS
DAVID F. HOUSTON
JOHN W.DAVIS
GOVERNOR JONATHAN DAVIS SENATORS.M.RALSTON
GOVERNOR A. E. RITCHIE
SENATOR W. M. FERRIS
JAMES M. COX
In presenting his proposal to Chairman Walsh and Hull,
Mr. McAdoo said:
Hon. Thomas J. Walsh, Permanent Chairman. Democratic National Convention; Hon. Cordell Hull, Chairman Democratic National Committee,
New York City:
Gentlemen:—The agreement just submitted to me, signed by the various
candidates before the convention, for releasing their delegates from any
"Pledge. instruction or obligation of any nature whatsoever, in so far as
their candidacy for the Democratic nomination for President is concerned,"
does not, in my opinion, offer a solution of the unfortunate deadlock in
the convention. We must, therefore, adopt a practical plan which will
end the deadlock, no matter what effect it may have any any individual
candidacy.
I therefore propose that,in addition to releasing all delegates as proposed
in the agreement submitted, the unit rule in this convention be abrogated;
that the majority rule be substituted for the two-thirds rule in nominating
a candidate for President and Vice-President: that each of the delegates
present from each State shall be entitled to pass his pro rata of the vote
of all the delegates from such States as may have delegates absent from the
convention: that, after the next ballot and after each succeeding ballot of
the candidates formally placed before this convention, the one receiving
the lowest number of votes shall be dropped from the roll of candidate,.
until a nomination is made.
I submit herewith a form of the proposed agreement, which I am willing
to Join all the other candidates in signing. Respectfully yours,
W. G. McADOO.
We, the undersigned, agree that the unit rule in this convention shall
be abrogated and that only a majority vote shall be required to nominate
candidates for President and Vice-President.
The undersigned further agree that after the next ballot, and after each
succeeding ballot among the candidates formally placed before this convention, the one receiving the lowest number of votes shall be dropped
until a nomination is made.
The undersigned do further agree that each of the delegates present from
each State shall be entitled to cast his pro rata vote of the delegates from
such States as are absent from the convention.
The undersigned do hereby release each and every delegate from any
pledge, instruction or obligation of any nature whatsoever in so far as
their candidacy for the Democratic nomination for President is concerned
as completely as if their names had been withdrawn from this convention.
This statement has been submitted to each candidate whose name has
been placed in nomination, and has been accepted by those whose names
are subscribed hereto, either in person or by duly authorized representative.
The motion which brought about the conference was made
in the convention on the 5th inst. by Thomas Taggart
Of Indiana. Says the New York "Times":
It followed a morning and afternoon of further futile balloting. Several
ballots had been taken without any indication that the convention was likely
to reach a decision when Mr. Taggart proposed to the representatives of
nearly all the leading candidates his plan of bringing them together during
the week-end with the object of producing a settlement.
A striking willingness to agree to what Mr. Taggart proposed was shown
on the part of candidates and their managers. Mr. McAdoo and Governor
Smith both endorsed the suggestion. When Mr.Taggart was recognized by
Chairman Walsh yesterday afternoon he submitted the motion that when
the convention adjourned "the Chairman of the Democratic National Committee and the Chairman of this convention be requested to call a conference
of the representatives of the candidates whose names are now being balloted
for, who have been formally presented,for the purpose of reaching an understanding so as to hasten the conclusion of this convention."
The tired delegates rose to the proposal. The applause came as an outburst and there were cries of "good, good." When Chairman Walsh put
the question there was not a dissenting vote and more applause came when
the Chairman declared that the motion had been carried. The whole attitude of the delegates indicates that they were glad to adopt anything that
would give them a chance to finish their business and adjourn sine die.
Regarding the adoption of the conferees' report on July 7
we quote the following from the New York "Times" of the
8th inst.:
Chairman Walsh asked unanimous consent to submit the report by Chairman Hull of the National Committee and himself on the action taken in
response to the resolution of the convention on Saturday directing them to
seek ways and means of breaking the deadlock.
The joint report of the week-end conferences included the agreement of
all candidates,except William G. McAdoo, to release their delegates, with
149
the reply from Mr. McAdoo agreeing to release his delegates and abrogate
the unit rule only on the condition that the majority rule for nominations
should be substituted for the two-thirds rule.
Gavin McNab of California, political manager for Mr. McAdoo in the
Far West, rose to a point of information.
"As I understand the reading of the resolution prepared by the candidates
other than the highest on this roll, and by some who are not candidates and
not delegates," said Mr. McNab,"it is merely proposed not to abolish the
unit rule, but to abolish, as far as this convention can do it, any instructions
as to the delegates. Am I not right when I say that the Chair has already
ruled earlier in this convention that such instructions as were not covered
by the unit rule were a matter for the conscience of the individual delegate?
And if I am right, then this convention has been balloting for seventy-five
ballots under that ruling of the Chairman, which was accepted. Why.
therefore, do we need anything more than that upon which we have been
acting all this time? Has that not been the ruling of the Chair?"
"The Chair has ruled that directions to vote for a certain candidate are
separate and apart from the unit rule," said Senator Walsh.
A delegate from Texas got a laugh out of the delegates when he asked:
"Is it true that Mr. Houston has released his delegates from voting for
him?"
Former Secretary Houston was one of the signers of the agreement to
release delegates, although he had not, up to this time, received more than
one vote on any ballot.
Tries to Send Report to Committee.
J. Bruce Kremer of Montana, McAdoo floor leader, went to the platform
to present a motion.
"I move," said Mr. Kremer,"that the rules be suspended so as to provide
that the proposal of the various candidates as reported by the Conference
Committee be referred to the Committee on Rules, and that such committee
be directed to meet forthwith and to report its recommendations to the
convention."
There were cries of "No, no," from many parts of the hall. The Rules
Committee is controlled by the McAdoo faction of the party, and the Smith
leaders charged that the Kremer resolution was simply an attempt to "put
something over" in favor of Mr. McAdoo.
Newton D. Baker of Ohio was recognized.
"If the present motion prevails and the Rules Committee reports back
an amendment of the rules," he asked, "would the report of the Rules
Committee then be possible to be adopted by a majority vote as against
the two-thirds votes?"
"The Chair so understands the rules of the House of Representatives,"
replied Chairman Walsh. who ruled that the pending motion to send the
report of the conference to the Rules Committee would required a two-thirds
vote, as opposed to a majority vote to adopt recommendations of the Rules
Committee.
George E. Brennan of Illinois, leader of the Smith forces, then was recognized for a point of inquiry. He wanted to make sure that it required a
two-thirds vote to pass the Kremer resolution. He was informed that it did.
William J. Bryan, who had been active on the floor, made his way to the
platform, and leaning over the railing and fanning himself with a big palm
leaf fan, seemed to want to attract the attention of Chairman Walsh. But
after a time he subsided and continued to fan himself.
Chairman Walsh called for a viva voce vote on the Kremer resolution.
There were a few scattering "ayes" and a loud chorus of "nays."
"The noes appear to have it," declared the Chairman.
Mr. Kremer demanded a roll-call. Chairman Walsk asked if the request
was seconded and half a dozen delegates rose. Mr. Walsh ruled that the
number was not sufficient, and the Kremer motion was declared lost.
The Seventy-Eighth Ballot.
Then, without waiting for any further debate, Chairman Walsh directed
that a ballot be taken. Alabama started off on the 78th ballot with the
usual chorus of shouts in which most of the thousand delegates joined—
"Twenty-four votes for Underwood."
There were few changes of importance until Virginia was reached, the
forces lining up about the same as on the 77th ballot. Virginia, which
had stood solid for Senator Carter Glass up to this time, gave McAdoo
10 and Glass 14 of her 24 votes. There was cheering by the McAdoo
States, but it was not very enthusiastic, as McAdoo had sustained small
losses in other States.
P. A. McCarren of the Nevada delegation challenged the announcement
that the State cast her six votes for McAdoo and asked for a poll. After
some dispute concerning Mr. McCarren's credentials, the poll was taken.
It gave McAdoo 3 and Governor Smith 13.4, with 13.4 absent. The 78th
ballot gave McAdoo 511,a loss of 3,and Governor Smith 3633.4. a small gain.
Governor Gilchrist of Florida was recognized and offered the following
resolution:
Resolved by the Democratic National Convention. That a resolution
referred to it in the Report of the Committee on Conference, relating to
candidates for Democratic nomination, be and the same is hereby adopted.
"Read the resolution, what is it?" shouted several delegates.
The only copy of the resolution had been taken away by the official
stenographer, and Chairman Walsh said the balloting would proceed and
the Gilchrist motion would be considered later.
The Seventy-Ninth Ballot.
The 79th ballot was started. There was little or no change and delegates and galleries lost much of their interest, but when the Panama
Canal Zone was reached, something of a thrill was provided.
The Canal Zone vote had been cast for McAdoo under the unit rule.
but this time a protest was raised and a poll requested. It showed that
the delegation stood three for McAdoo and three for Smith.
The three Smith delegates sent a communication to the Chairman asking
that it be read to the convention and that the Chair rule that their vote
be recorded for Smith. These delegates protested that the former ruling
that the Chairman of a delegation could vote the Canal Zone delegation
gelidly under the unit rule was no longer applicable, and that they were
not bound to vote for McAdoo.
"The convention which sent us here," the statement read, "did not instruct us to vote as a unit. Our only instruction is as follows:
"'Resolved by this convention. That the delegates and alternates who
are selected by this convention be and are instructed to vote for the Hon.
William G. McAdoo for President so long as there is a reasonable chance
for his nomination.'
"There were individual instructions to the delegates and not to the delegation. We were not instructed to vote for McAdoo as long as his name
was before the convention, but only as long as there was a reasonable chance
of his election.
"We contend that it was not the intention of our convention to bind any
delegate any longer than the delegate himself believed that there was a reasonable chance for the nomination of Mr. McAdoo.
"We contend that the unit rule should not be enforced except where it
is impossible to interpret instructions otherwise.
150
THE CHRONICLE
"We contend that our instructions do not imply the enforcement of the
unit rule, and that this was not the intention of the Panama Canal Zone
Convention.
"By the adverse ruling we have been voted contrary to our convictions
for a great many more ballots than have ever heretofore been required in a
Democratic convention to select a candidate for President.
"Therefore, we appeal to you to make a decision which will permit each
delegate from the Canal Zone to vote as his convictions dictate, using that
judgment which he believes his constituents intended he should have the
liberty to use."
Decision Splits Canal Zone.
Elbert M.Robinson, McAdoo member of the Canal Zone delegation, was
allowed five minutes to present his side of the case. He held that the
Democrats of the Canal Zone were for W.G. McAdoo and had so instructed
delegates and alternates.
"Were these men to cast their vote for any other candidate that is before
the convention," said Mr. Robinson, "then I say to you they would be
traitors to the people who have sent them here."
He asked that the appeal offlic three Smith delegates be denied, and there
were many shouts of "no."
Chairman Walsh reversed his former ruling and had the three votes recorded for Governor Smith.
"It will be remembered, members of the convention," said Chairman
Walsh,"that when this question first arose the Chair ruled that the vote of
the delegation from the Canal Zone must be recorded as reported, 3 and 3.
The attention of the Chair was then called to a decision by Chairman
Robinson, made at San Francisco, upon an examination of which it appeared
that it was a ruling directly in point. The Chair, accordingly,reversed his
decision and directed that the vote be cast as reported by the Chairman.
"The decision was arrived at hastily. Since that time careful study has
been given to it, and the Chair has become entirly convinced that his original decision was right, and he would prefer to be regarded as unstable in
his rulings than to be troubled with the consciousness of having done wrong.
"The Chair, accordingly, directs the votes of the Canal delegation to be
regarded as shown by the poll—three for McAdoo and three for Smith."
"The Chair, accordingly, directs the votes of the Canal delegation
to be regarded as shown by the poll—three for McAdoo and three for
Smith." . . .
After the result of the 82d ballot had been announced, Governor Albert
W.Gilchrist of Florida appeared on the rostrum with the resolution adopted
by the general conference created to find a way to break the deadlock,
and moved a suspension of rules to permit him to submit a resolution
for the action of the convention.
Gavin McNab, Democratic National Committeeman from California.
made the point of order that adoption of the resolution was unnecessary.
"The Chairman of this convention," said Mr. McNab, "ruled on an
appeal from the Canal Zone delegation that what this resolution provides
was the law of the convention and that, as the convention accepted that
ruling. it is now the law of this convention. And I am making this point
of order solely in the interest of time and to relieve ourselves from roll-calls,
because the law as set forth in that resolution is already established and
we are operating under it."
"The point of order is overruled," said Chairman Walsh. "It is a
question for the convention itself to determine."
Before putting the question Senator Walsh ordered a five-minute informal
recess, to permit delegations to confer.
The resolution was then put. The viva voce vote was pronounced
unconvincing by the Chairman, who directed that the roll be called.
[VoL. 119.
Rules Motion in Order.
Chairman Walsh failed to agree with this.
"If we can adjourn from time to time," he said, "without transgressing
our rules, we can equally adjourn from place to place without transgressing
our rules."
Mr. Walsh cited the ruling of General Caleb Cushing, Chairman of the
convention that met and split at Charleston in 1860, and also the precedent
set by the Congress of the United States in adjourning to other places.
Thereupon Mr. Fitzgerald moved to lay the motion on the table, while
other delegates shouted various suggestions, indistinguishable and apparently irrelevant, from the floor.
The motion to table was beaten by a large majority by a viva voce vote.
and Mr. Fitzgerald called for a poll, but Chairman Walsh ruled that it was
too late.
As stated above. Mr. McAdoo had been in the lead up
to and including the 85th ballot on the 7th inst.; on the 86th
ballot the vote registered for him was 353M as compared with
360for Gov.Smith, Mr. Davis at that time receiving but 653'
votes; Mr. McAdoo, who had earlier in the balloting
received more than 500 votes, again went above the 400
mark in the 95th, 96th, 97th and 98th ballots, but on the
99th went down to 353M, and on the 100th ballot in the
night session on July 8, or rather the early morning of
July 9, received but 190 as compared with 3513 for Gov.
Smith and 2033/i for Mr. Davis. In the final ballot, 103d,
on July 9, Mr. Davis received 839 votes as compared with
12 for McAdoo, 1234 for Smith, 1023/i for Underwood, &c.
The total votes cast were 1,090, while 727 were necessary to
a choice. Upon the conclusion of the roll call the nomination of Mr. Davis was made unanimous. The vote on the
100th ballot came, as already stated, early in the morning
of the 9th after Mr. McAdoo had consented to "leave my
friends and supporters free to take such action as in their
judgment may best serve the interests of the party." A
letter to this effect, which he addressed to Chairman Walsh,
follows:
The Madison Square Hotel, July 9 1924.
Honorable Thomas J. Walsh, Chairman Democratic National Convention,
Madison Square Garden, New York City.
Dear Senator Walsh: I am profoundly grateful to the splendid men and
women who have with such extraordinary loyalty supported me in this unprecedented struggle for a great cause.
The convention has been in session two weeks and appears to be unable
to make a nomination under the two-thirds rule. This is an unfortunate
situation, imperiling party success.
I feel that if I should withdraw my name from the convention I should
betray the trust confided in me by the people in many States, which have
sent delegates here to support me.
And yet I am unwilling to contribute to the continuation of a hopeless
deadlock. Therefore I have determined to leave my friends and supporters
free to take such action as in their judgment may best serve the interests
Conference Resolution Carried.
of the party.
The roll call showed 985 votes for and 105 against the resolution. CaliI have made this fight for the principles and ideals of progressive Democfornia, Mr. McAdoo's home State, cast her solid vote of twenty-six for racy and righteousness and for the defeat of the reactionary and wet elethe resolution.
ments in the party, which threaten to dominate it. For these principles
Georgia and South Carolina alone, of the McAdoo States, cast their and ideals I shall continue to fight. I hope that this convention will never
solid vote against the resolution.
yield to reaction and privilege and that the Democratic Party will always
Under the two-thirds rule only 727 votes would have been necessary hold aloft the torch which was carried to such noble heights by Woodrow
for its adoption. The announcement of the vote was greeted with great Wilson.
applause from both the floor and the galleries.
Cordially yours,
In response to a parliamentary inquiry, Chairman Walsh gave his
W. G. McADOO.
interpretation of what the action of the convention on the conference
In making known the decision of Mr. McAdoo to release
resolution meant.
"It does not, in the opinion of the Chair, abrogate the unit rule, which his delegates, the Associated Press accounts stated that he
continues to prevail wherever ordered," he said. "It merely expresses
had decided to throw his strength in the convention to
the sense of the convention that instructions or pledges heretofore given
to or made by delegates are not, and ought no longer to be, binding, the E. T. Meredith of Iowa, former Secretary of Agriculture
idea being that when instructions and pledges were given it was anticipated in President Wilson's Cabinet. Whether there was any
that a nomination would be made in a reasonable length of time and after
basis for this statement is not certain. Mr. Meredith, who
a reasonable number of ballots, and it is expressed thus to be the ,ense
of the convention that no delegate will be subject to legitimate criticism on the 86th to 96th ballots had 26 votes, went as
by his constituents if he should now depart from the letter of his in- high as 130 votes, on the 101st ballot but fell back
structions."
Prior to the decision to hold a conference of representatives of the various candidates several other proposals
had been voted down on July 5. On that day former Senator
Hitchcock of Nebraska had offered a resolution requesting
the consent of two-thirds of the convention that on the 75th
ballot, and for five ballots thereafter, the rules be suspended and the candidate receiving the lowest vote should
notify his supporters to withdraw his name until there were
only five candidates in the field. The resolution was defeated by 496 ayes to 5893' noes. Under the two-thirds
rule 724 votes would have been required to carry it. Another proposal, by A. H. Ferguson of Oklahoma, called for
the adjournment of the convention in the event that no
candidate was named on the 75th ballot, Mr. Ferguson's
resolution fixing the date and place for reconvening as
July 21 at Kansas City. His resolution was lost by a vote
of 1,007.3 in opposition to 82.7 in favor of its adoption.
Regarding a substitute proposal, we quote from the New
York "Times" as follows:
Ex-Governor Gilchrist of Florida moved to substitute for Kansas City the
name of Punta Gorda, Fla., where he lives.
Former Representative John J. Fitzgerald, advisory parliamentarian of
the convention, set forth reasons for holding that the motion was not in
order. He pointed out that it was not a motion to adjourn to a given time
but to change the place of meeting, and hence out of the regular order of
business.
again on the 102d and 103d ballots, the vote
for him in the latter ballot being 14. In behalf
of Gov. Smith, Franklin D. Roosevelt announced on the
8th inst. that the Governor had offered to wihdraw as a
candidate upon the withdrawal of Mr. McAdoo's name.
Mr. Roosevelt's statement made before the convention
follows:
Mr. Chairman and fellow-delegates: You have been far too good to me,
much better than I deserve, but all the same I want to say to you that this
is. I hope, the last time that I shall address a Democratic convention until
1928. Tonight lam here to make a very brief and very simple statement on
behalf of Governor Smith. The candidate for whom I speak now leads the
poll in this convention. We have advocated his nomination as the representative of great Democratic principles, but the future of the Democratic
Party rises far above the success of any candidate.
After nearly one hundred ballots it is quite apparent to him and to me
that the forces in this convention behind Governor Smith, the leader in
the race, and those behind Mr. McAdoo, a close second, cannot be amalgamated. For the sake of the party, therefore, Governor Smith authorizes
me to say that iminediately upon the withdrawal by Mr. McAdoo of his
name, Governor Smith will withdraw his name also from the consideration
of the convention.
And as one of the representatives of Governor Smith I would add only
this: That until such withdrawal has been made by Mr. McAdoo, I can
say that Governor Smith's supporters will continue to vote for Governor
Smith.
While Gov.Smith and Mr.McAdoo had been in conference
on the 8th inst., nothing was divulged regarding the nature
of their conference. A feature of the afternoon session
July 4 of the convention was the suggestion to giveithe
JULY 12 1924.1
THE CHRONICLE
Presidential candidates an opportunity to address the convention. Two proposals were made, both being defeated.
The account of the vote thereon, as given by the New York
"Times," follows:
151
Iowa, at the request of her delegation, was passed over. So were Maryland and Florida. After the roll-call had been completed there was ado-mand in each instance where a State had been passed that its delegation be
polled.
When the Florida delegation was polled Mr. Bryan, whose name was
The first resolution was offered by Brig.-Gen. Charles H. Cole, a member first called, voted against the resolution. So did all the other Florida deleof the Massachusetts delegation. This provided for a suspension of the gates with the exception of Governor Gilchrist and two other delegates,
rules to permit the clearing of the galleries at the night session, with an in- from the Third and Fourth Congressional districts.
vitation to all candidates to appear either personally or through their repreAlabama's 24 votes were cast for the Cole resolution. The Chairman of
sentatives, before the convention in executive session. The vote on this the Iowa delegation announced that it stood 13-13 on the resolution. John
proposal stood 551 affirmative to 538 in the negative, with some delegates T. Sullivan of Waterloo, a delegate from the Third Congressional District
refraining from voting. Owing to the requirement for a two-thirds major- and a Smith man,challenged the announcement and asked that the delega- ity, however,the motion failed.
tion be polled. After this had been completed Chairman Walsh announced The second resolution was offered by Franklin D. Roosevelt, campaign that the result showed 17 in favor of the resolution and 9 against. With
manager for Governor Smith, who received a tremendous ovation when he the unit rule in effect this would have meant that all the votes from Iowa
appeared on the rostrum. This provided for the convention inviting Gov- would have been recorded in favor of the resolution.
ernor Smith to appear before it, but contained no provision for an executive
"I waive the unit rule," said Mr. Sullivan. "I want to be fair with the
session.
people who oppose me."
This, too. went down to defeat before the requirement for a two-thirds
Chairman Walsh ruled that the waiver could not be accepted: that the
majority, although the majority of those favoring the proposal was larger entire vote must be recorded for the resolution. E. T. Meredith,one of the
than on the Cole resolution. The vote stood 604 for the Roosevelt Democratic leaders of Iowa, who was Secretary of Agriculture under Presresolution and 483 against.
dent Wilson, arose and insisted that there had been a miscount. The tally
The Cole Resolution.
clerks worked some more over the figures. Then announcement was made
General Cole offered his resolution immediately after the result of the that the vote was 133 for and 12% against, and that the whole 26 votes
66th ballot had been announced by Chairman Walsh. The resolution reads: would consequently be recorded in favor of the Cole resolution. A moment
Resolved. That at the conclusion of the ballot following 5 o'clock, if no later Chairman Walsh announced that an additional error in the total had
nomination has been made, this convention adjourn, to reconvene in execu- been discovered, which revresed the figures and placed the Iowa delegation
tive session at 8 o'clock, and no one be admitted to that session except dele- as a unit against the resolution.
gates, alternates, officials of the convention, representatives of the press
Chairman Walsh announced that out of a total of 1,089 votes cast, only
and members of the Democratic National Committee:
That a committee be appointed by the Chair to invite each candidate 551 had voted for the resolution, while under the two-thirds rule 726 were
whose name is before the convention to address the convention, either per- required.
sonally or by representative, and that the public be admitted to the convenMr. Roosevelt's Motion.
tion as heretofore only at the conclusion of such addresses.
Amid tremendous cheering Chairman Walsh announced at this poinl.
Chairman Bars Bryan Amendment.
that he would recognize Franklin D. Roosevelt. Governor Smith's camChairman Walsh put the question as soon as the resolution had been read. paign manager was
already at the rostrum, where he stood,leaning heavily
The responses of both the friends and foes of the move came in a thunder of on two
crutches, by the reading desk.
yeas and nays. Chairman Walsh said he was unable to decide, and ordered
The band played and the big spotlights were turned on as the cheers and
a roll call of the States, granting, however,an informal recess of five minutes applause showed
no sign of subsiding. Mr. Roosevelt held up his hand to
to permit the delegates to confer before casting their votes.
stay the plaudits. When quiet was restored, he said:
At this point William J. Bryan detached himself from the Florida dele"Mr. Chairman, this is the first time since 1868 that a Democratic congation and strode up the centre aisle, demanding recognition from Chair- vention has met in New
York State. It meets at a time when a Democratic
man Walsh.
Governor, elected by an unprecedented plurality, is administering the Gov"For what purpose does the gentleman rise?" asked Senator Walsh.
ernment of this State with universal approbation.
Mr. Bryan said he desired to know whether amendments were permissible.
"I therefore move. Mr. Chairman, that the rules be suspended in order
"The question before the house," said Chairman Walsh, "is whether to present the following
motion:
the rules shall be suspended. Amendments are not in order."
"'That the consent of this convention be given to the Governor of the
Amid cries of "regular order" from all parts of the hall, where weary State of New
York to address the convention for not to exceed one-half
delegates were anxious that the balloting on candidates should proceed, hour at the opening of
the next session.'"
Mr. Bryan again attempted to get a hearing from the Chairman.
Cheers and applause mingled with cries of"No,""No," when Mr. Roose"I find," Mr. Bryan exclaimed, "that a small portion of the resolution velt
completed. The cries of "No," coming from the McAdoo delegations,
is objectionable and that the rest of it is desired. I ask unanimous consent
were strong and sustained, and after a while the galleries beagn to hoot and
to offer an amendment,striking out the part with regard to inviting candihiss at those who would prevent the Governor from getting a hearing.
dates to address the session, and leaving just the proposal for an executive
Chairman Walsh had experienced some difficulty in putting the question.
session."
His gavel was working busily, but the convention would not be quiet.
There were cries of "no" from all directions. Chairman Walsh told When the
question finally was put one delegate shouted:
the Commoner there seemed to be objection to his proposal.
"Give us a roll-call: you gave one to Bryan."
James B. Trehy of Norfolk, a district delegate from Virginia, then
This demand was ignored by Chairman Walsh. He put the question.
took the floor.
"The ayes have it," cried some one from the floor of the Garden, after
"I am looking for information," he said. "If we adopt the resolution
response.
the
offered, will it leave us open to unlimited debate, or will it hold us here,
"The Chair is unable to decide and the roll will be called," directedleaving in executive session an opportunity for the respective delegations Chairman
Walsh.
to be heard in advocacy of the respective candidates whose names have
Vote on Roosevelt Motion.
been before us?"
Alabama and Arizona both passed on the roll-call. Arkansas was
"The gentleman is not entitled to debate this, but is entitled to ask for cheered loudly
by Smith delegates when she cast her 18 votes in favor
information," said Chairman Walsh,
of the Roosevelt resolution. California asked to be passed and Chairman •
Mr. Trehy then moved that the convention go into executive session. Walsh
ordered a five minutes informal recess to give the delegations time
He was told that nothing was in order except the motion already pending. to confer.
"I ask then," Mr. Trehy resumed, "whether the adoption of this resolu
When the convention was again called to order a delegate from California
tion will mean that we will be held here indefinitely, listening to floods
if the Roosevelt resolution provided for the clearing of the galleries
of oratory such as we have been treated to in the last ten days. I hope asked
so that candidates would speak before delegates only. Chairman Walsh
the convention will vote against it."
that no such provision was included.
sad
Chairman Walsh repeated that the motion was not open to debate.
The crowd in the galleries tried to cry down the California delegate, as
Then he recognized J. Bruce ICremer of Montana, Vice-Chairman of
another delegate from Kansas who arose to offer an amendem.nt.
the Democratic National Committee, who sat with the Montana delegation. well as
"The gentleman from Massachusetts, when he arose, asked unanimous Chairman Walsh told the latter that amendments were not in order.
Arizona split here vote 3-3 when roll-call was resumed. California.
consent," Mr. Kremer said. "The delegates upon the floor were not advised
McAdoo's home State. cast her entire 26 votes against inviting his rival.
that unanimous consent had been given."
Governor
Smith, to address the convention. Most of the States divided
"Unanimous consent was not asked and was not necessary," said Chairtheir votes along McAdoo and Smith lines. Illinois gave 46 votes hi
man Walsh. "A motion to suspend the rules is always in order."
and 12 votes against the motion of Mr. Roosevelt. There was
A delegate from Utah jumped to his feet and moved that the motion be favor
applause at this. When California and Georgia, another McAdoo State,
tabled. The motion was seconded by a number of delegates.
voted
had
against giving Governor Smith the freedom of the convention
Former Representative John J. Fitzgerald of Brooklyn who has been
there had been hisses and much booing.
advising the convention on parliamentary questions and who occupies a seat
The vote of Iowa, against the motion, was challenged, and the State
on the rostrum, raised the point of order that a motion to table could not
passed on the roll-call. There was a demand that the Kentucky delegaprevail against a motion to suspend the rules.
tion
be polled, and Kentucky was also passed. So were Louisiana, Missouri
Chairman Walsh sustained the point of order, and directed the Secretary
to call the roll, after first informing the convention thatto carry the motion and Ohio.
Alabama, when called again, cast her 24 votes for Mr. Roosevelt's
a two-thirds vote would be required.
noes,
At this point Mr. Bryan, who had been most alert and active while the motion. Iowa, following the poll, which showed 10 ayes and 16
was
recorded against the motion to invite Governor Smith. Kentucky,
Cole resolution had been before the convention, asked recognition.
Governor
"I rise for the purpose of an inquiry," said the Commoner. "If this when polled, showed 21 against and only 2 for permitting the
said they
motion is carried, and we go into executive session, will it then be possible to come, but the opposition, through Congressman Barkley,
for us to act upon any question in executive session that we could actupon would not insist upon the unit rule and the State was recorded according
vote for
before we went—so that if after getting Into executive session we should to the showing of the poll. Louisiana had made up her mind to
inviting Governor Smith.
want to strike out the invitation to candidates, that could be done."
While Kentucky was being polled, H. R. Prewitt, one of the delegates.
Chairman Walsh said that undoubtedly the convention could do that.
conventoin was
Mr. Fitzgerald, however, interposed an opinion that it did not leave the said he voted for hearing Governor Smith because the
different from any other convention the party had ever held.
convention that freedom of action.
"If
he
comes
as a condi
comes as Governor, I am for inviting him; if he
"The Chair will advise the gentleman from Florida, however," said Senawho voted
tor Walsh, "that the resolution directs the appointment of a committee to date. I do not favor asking him to come," said another delegate
notify the candidates to come here. The convention may at any time in the negative.
The poll of Missouri showed 9% votes for and 24% against inviting
rescind its action, but the invitations will already have been extended and
the Governor. Under the circumstances its vote under the unit rule was
undoubtedly they will be here."
placed
in the negative column. North Carolina cast 10 votes for and 14
How the States Voted.
Cries of "Vote it down," were heard from all parts of the Garden. The against extending the invitation.
Ohio. when recalled, showed 36 affirmative, 4 negative votes and 7 deleroll call of States was begun at this point.
Alabama, with 24 votes which have been cast for Underwood so far. gates not voting on the proposal.
Indiana changed her vote and cast 20 for and 10 against the Roosevelt
asked to be passed on the roll-call. Arizona split her vote. Arkansas cast
her 18 votes against the resolution. California, with 2G votes in a delegation motion, which Chairman Walsh declared lost because the majoritylfor
pledged to McAdoo, asked that the State be passed for the time being, but ot fell short of the required two-thirds vote.
The withdrawal of Gov. Cox and Senator Ralston as
before the roll-call could proeeed the California Chairman announced that
25 votes were cast against and one for the proposal.
Presidential
candidates on July 4 is referred to elsewhere
The next few States divided on the proposal, much as they had been divided between McAdoo and other candidates for the nomination, with the in this issue, as is also the withdrawal of Senator Ralston
on July 8.
McAdoo men voting no.
152
THE CHRONICLE
A demand for the withdrawal of the "favorite son" candidates on the ground that they had had opportunity to develop whatever strength they might have and were merely
creating a deadlock was made after midnight July 3—that
is, at 12:40 o'clock a. m. on the 4th—by Judge David Ladd
Rockwell, campaign manager for William G. McAdoo,
said the New York "Times," which added:
Judge Rockwell made the demand In a statement. He declared that
McAdoo and Governor Smith were the only real contenders and that for
sixty ballots the "dark horses" had prevented decision on the issue between
them. The statement follows:
"The newspaper suggestion which has been made, that the names of Mr.
McAdoo, the overwhelming leader in the convention voting, and Governor
Smith, receiving the next highest figure, be withdrawn so that some of the
candidates receiving a far smaller vote might be able to be nominated, is
absurd as well as unjust. Whoever heard of a candidate withdrawing who
Is receiving practically one-half of the convention's vote?
"The withdrawing comas at the other end. If there be any withdrawals
they should of right be from among the list of favorite sons, the attitude
of whose friends is preventing the convention from effecting the nomination
of any candidate.
Lays Deadlock to "Favorite Sons."
"No clique or cabal should be allowed to thwart the will of this convention. The Democratic Party can ill afford to copy the tactics used by the
Republicans in Chicago in 1920.
"The favorite sons have been constantly before the convention, and every
;opportunity has been given them to develop their strength. If any candidates are to withdraw, it should be they.
"The overwhelming force of this convention is supporting either Mr.
McAdoo or Governor Smith. It ill becomes candidates with but a handful
of votes to keep the convention deadlocked. The real and only contest is
between Mr. McAdoo nad Governor Smith. For sixty ballots favorite
sons have deadlocked this convention and have not allowed the real strength
of Mr. McAdoo or Governor Smith to be shown.
"It is an outrageous travesty."
The New York "Times" on July 5 also quoted Judge
Rockwell as follows:
Judge Rockwell charged Gov. Smith's managers with unfairness in
attempting to pass a resolution to call all the candidates before the convention and then trying to have the convention invite Gov. Smith to address it after the first motion was defeated.
"It is unprecedented In the history of conventions during roll calls that
any of the candidates shall be allowed to address the voting body," Judge
Rockwell said.
"This convention is the longest in duration of time in the annals of any
party. To ask the suspension of the rules in favor of any or all the candidates being voted upon was unfair to the wearied delegates.
"The failure to extend the invitations merely indicated the anxiety of
the convention to conclude its business and had no further significance.
It was a case of all or none.
"It must be remembered that it was not the Governor of New York for
whom a hearing was requested by the second resolution offered, but a leading candidate for the Presidential nomination. The convention as an entirety would have welcomed an address from the Governor could it have
dissociated him from his candidacy.
"Certainly the vote of rejection carried tio offense, either to the Governor
of New York or to Alfred E. Smith the man. It was solely the defeat of
what many delegates regarded as a very skillful parliamentary manoeuvre."
In a speech to nearly one hundred women delegates earlier in the day
at the Hotel Vanderbilt, Mr. McAdoo reiterated his determination to stay
in the fight to the very last.
"I have no selfish interest in this fight," Mr. McAdoo said. "I will stay
in it if it takes my last drop of fighting blood because I am fighting for a
great came. Every sinister influence in America is aligned against us and
the future of the Democratic Party is at stake.
"There are also sinister Republican influences at work in this convention.
Their hope is that, if they cannot dictate the nominee, they can force the
nomination of a man who will make the election of Coolidge certain."
[VOL. 119.
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I mention him as the first on the list. I travel north from Florida to
North Carolina. I mention one of the best Democrats in the United
States, Josephus Daniels. He made a magnificent Secretary of the Navy.
He Is sound on every question, and he would grow every day in the campaign
as people knew him better. That is my second man.
My third is another Southern man, Joseph Robinson of Arkansas. He
is the leader of the minority in the Senate, a splendid leader and measures
up to every requirement of the Presidency.
Here are three men from the South. This is probably the last convention of my party in which I shall be a delegate, and I want my friends to
pay back to-day the debt of gratitude that I owe to the South. I lived In
the North when I was thrice nominated for the Presidency. The South
helped to nominate me in three campaigns. The South helped as far as
they could in the giving of electoral votes. More than that, the South has
helped this nation secure every economic reform that has been secured in
sixty years.
I mentioned three Southern men,and now I want to mention some Northern men. My first Northern man is Samuel L. Ralston of Indiana. He Is a
Democrat. He is a progressive Democrat. He has a noble record of work
done for his State and for his nation through the Democratic
party.
MI,' next man from the North is E. T. Meredith of Iowa. He was in the
President's Cabinet and an honor to the President. He has been long
identified with agriculture, and he knows the farmers' needs. The farmers
constitute the largest group of our population, some 29% and they are the
ones who are in most distress to-day. Their condition presents its piteous
appeal to the nation, and the Democratic Party will try to answer that appeal.
If you will pardon me, my next Northern man has the misfortune to be
my brother.
But you need not take my word for it; as to his worth and availability.
take the 50.000 maJortly they gave him in Nebraska, which is better testi
mony than my word. Take his record. Has he protected the people
from the extortion of the gasoline monopoly and from the extortion of those
who control the coal supply of Nebraska?
Take the verdict rendered in his favor at the last primary-82% of the
votes cast at the primary, the Democratic primary. and 78% of the votes
cast at the primary of the independent party in that State.
And then I go to the Northwest and I mention the name of a man from
Montana, Senator Thomas J. Walsh.
He is your presiding officer. As a lawyer he has no superior, as a statesman he has few equals, and as an investigator he Is above them all. Under
his leadership more gigantic corruption has been disclosed than by any pre
viotts investigation. He raised the lid and let the American people see how
the Republican machine works when well oiled.
And out of that investigation is going to come one pricelssa benefit to
our nation. We have for a generation been trying to show the Republicans
that these men who contribute large sums do not contribute for patriotic
purposes, but that they are buying Government favors at public auction.
that by large campaign contributions they purchase legislative privilege.; and
administrative immunity; and as a result of this investigation we are going
to purify American politics and make them decent again. And Thomas
J. Walsh deserves more credit than any other one for the facts that make
this possible. . . .
I have mentioned men who. I think, would fit into our platform, and
now I mention one who has made it possible for us to have a progressive
platform and nominate a progressive candidate.
If he had not made the fight, we would not have a progressive convention
to-day, and we could not nominate a progressive candidate. But because
of his courageous leadership, we have a progressive convention In which
no one but a progressive candidate can be nominated.
The men who is entitled to credit for making a victory this year possible, whether you like him or not, whether you nominate him or not.
but the man who has made possible the nomination and election of a
progressive, is Williams Gibbs McAdoo of California. . . .
If any oil has ever touched William G. McAdoo. the intense, persistent,
virulent opposition of Wall Street washes all the oil away.
No man who allows Wall Street to influence his action has any right
to criticize McAdoo, who cannot be controlled by Wall Street. . . .
I am glad we met in New York. I want the Democratic Party to appeal
to the millionaires of New York and tell them that lass than half the people
who die in the United States leave enough money to make it worth while
to administer on their estates. Of thirty millions of voters, less than
one in four has income enough to pay a tax on.
In a speech before the convention on July 2 William
Jennings Bryan furnished a list of six candidates whom he
favored (one of whom was his brother, who has been nomiAfter the nomination of Mr. Davis, in the afte-noon (1' the
nated for Vice-President), saying in part:
9111, ex-Secretary of the Navy Daniels moved that the conI greatly appreciate the privilege you have accorded me, and I hope
when I am through you will feel that I have improved the time for the bene- vention adjourn until 8:30 o'clock p. m., "that every delegate
fit of the Democratic Party. I have only one desire, and that is that we may solemnly consider what distinguished and popular and
shall win this next election, and I only desire that because I see no other great American
may go on the ticket with the candidate for
hope for the nation except in the victory of the Democratic Party.
We have met here as representatives of the party in the entire nation, and the Presidency of the United States, Mr. John W. Davis."
no one Who is accustomed to national conventions will fail to appreciate the As to this motion, the "Times" said:
wisdom of bringing together representatives of the party in all the States
and Territories. All of us are liable to be influenced by environment.
Men's opinion of what is to be is half wish and half environment.
No one can listen to the earnest plea made in behalf of different candidates
Without realizing how much acquaintance with life and record has to do
With the formation of opinion. As I have listened to the pleadings of the
friends of the various candidates, I have felt that possibly if we could have
a campaign long enough for every voter to get as well acquainted with the
proposed candidate as those who advocate him, it would be easier to make a
selection and conic to an agreement.
I do not claim any advantage over any one else. I am one in 1,098 delegates, and one in twelqe of the Democrats of Florida, and I ask no one to
accept my opinion on my authority. I only ask that they consider the
reasons that have led me to the conclusion that I have reached and give
to those reasons such weight as each one may think that they deserve.
I think that is the spirit in which we all should meet, and with this introduction I want to submit a word in regard to a number of candidates, not
In criticism, for I shall not mention any candidate whom I would have to
criticize. I only want to speak of some whom I would be glad to commend,
and when I have done that I want to speak of something more important
than candidates. I want to get the lesser things out of the way before I
take up the things of supreme importance.
In the first place. I want to say to you that the Democratic Party has
candidates in abundance. We could call the roll of States and find In every
State a Democrat worthy to be President of the United States. I have
not time to call the roll, but if It becomes necessary I will furnish a list, and
there will be more than one in many of the States, who, in my judgment
would with credit, fill the White House.
We have a man in Florida. He is the President of our State University.
His name is Dr. A. A. Murphree. He is a Democratic scholar.
The convention was in no mood to listen to suggestions for an adjournment. There was some anger in the first shout of protest that went up
from a thousand throats. Then arose a steady persistent cry for Senator
Walsh.
"Walsh. Walsh. We want Walshi" hundreds of delegates were crying
in a union of voices that swept the Garden like a tornado.
"Walsh by acclamation." one delegate with a convention voice shouted
above the din.
Walsh Insists on Adjournment.
Gov. Sweet of Colorado was in the aisle gesticulating and clamoring for
recognition. So was Michael Igoe of the Illinois delegation. Chairman
Walsh, with a look of misgiving on his face, recognized the latter.
"For what purpose does the gentleman from Illinois rise?" he asked.
"I rise for the purpose of placing in nomination the Hon. Thomas J.
Walsh of Montana," was the blunt reply of Mr. Igoe.
"The gentleman is out of order. The gentleman is out of order," cried
the Chairman emphatically.
By this time heads of many delegations were on their feet demanding a
hearing, but Mr. Walsh appeared to have been stricken deaf for the time
being. He advanced to the reading desk with gavel poised, and turned a
grave face on the convention.
"Ladies and gentlemen of the convention, bear with me for a moment,"
he said quietly. "I am sure it is the pan of wisdom not to act on the impulse of the moment in this profoundly important question that is now
before you.
"Deeply sensible of the honor done me by the acclamation attending this
motion to adjourn. I beg to assure you that 1 have given careful consideration to the matter, and I am sure that we ought now to adjourn to re-convene this evening."
Shouts went up from all parts of the floor giving voice to protests. The
convention seemed bent on nominating Its Permanent Chairman for Vice-
JULY 12 1924.]
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1
431
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25134
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344 443.1 .261
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5534 443.1 26134
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442.6 2614
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444.8 27334
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444.6 278
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574 471.6 29934
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59
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126
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Wednesday, July 2
1274 4154 32254
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128
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Sweet, 1st, 12; 2d, 12.
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102d. 1.
W.J. Bryan, 8th, 1; 9th, 1.
Berry, 11th, 1; 99th, 1; 100th, 1;
101st, 1; 102d, 134.
Stigerwalt, 12th, 1.
Krebs, 13th, 1.
Copeland, 18th,
17th, 34; 19th,
1; 94th, 17; 95th
3i•.2.
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103d. 1.
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McAdoo
SUMMARY OF ALL BALLOTS CAST AT THE DEMOCRATIC NATIONAL CONVENTION FOR PRESIDENT.
From the New York "Times" of July 10.
7
6
6
6
6
6
6
6
6
6
6
6
6
6
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1-:
1
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6
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12
12
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6
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6
8
6
6
6
6
6
6
6
6
6
25
24
25
5
25
25
24
24
4
4
4
4
231
331
29.1
6
6
7
3
3
3
2
2
2
2
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
4
4
4
4
4
4
4
4
4
4
4
3
4
4
4
4
24
24
24
21
11
1..
t
li
11
1
1
23.1
1
4
4
3
3
2
3
3
2
3
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6
6
6
6
6
6
6
6
24
24
24
24
22
22
22
2
2
3
3
1634
23
23
24
23
21
21
21
21
21
1634
1654
1656
1834
1634
1634
164
21
21
21
23
24
25
24
2
2
3
4
4
4
4
6
6
6
7
6
6
6
2
2
2
2
4
4
4
1
2
2
431
2
2
2
3
3
44
434
4
5
694
934
7
7
6
6
6
6
6
6
6
6
6
6
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21
21
20
20
20
20
20
6
6
4
7
4
4
134
3
5
4
5
4
5
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24
24
86
87
92
93
21
17
68
73
78
76
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7254
71
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1634
1654
164
1634
1694
2354
23
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2834
294
2934
2854
2754
25
2754
25
2334
98
9934
15934
18734
1964
1964
37
6635
6654
3034
2834
2634
27
37
34
39
39
36
38
35
59
67
23
2234
2234
1634
1634
1634
1636
1636
2034
2154
1954
1834
1734
1734
2334
2034
20
20
20
19
37
31
32
22
25
25
46
20
20
20
22
4
20
1
1
.
9
9
15
8
8
8
9
9
7
6
5
5
2
48
55
54
57
56
58
56
574
54
5
1
1
1
6
20
20
24
24
25
20
20
2
6
6
6
6
6
6
4
6
6
6
6
1
1
3
20
22M1
21
1
20
Scattering.
Dever, 20th, %.
Jackson, 39th, 1.
Hitchcock, 20th, 1.
Cummings, 41st, I: 91st to 93d.
Mrs. Miller, 21st, %;87th, 1.
834: 94th, 1; 101st, 9.
Pomerene, 24th, 1.
spellacy.
1; 42d. 1.
Daniels, 28th, 1; 29th, 1; 69th, 234 Edwards,41st
44th, 1.
80th, 1; 81st, 1; 82d, 1; 88th. 23 Battle, 52d,
20.
89th, 1954; 90th, 19; 100th, 24 Roosevelt, 54th,
1; 75th, 1; 77th to
101st, 1: 102d, 2.
89th, 1 each; 94th, 2; 95th, 2;
Martin, 29th, 1.
96th, 1.
Gaston, 33d, 34.
58th, 20.
Gerard, 35th, 1; 36th, 1; 78th, 1; Behrman,
Wheeler, 64th, 251; 83d, 1.
79th, 1; 100th, 10; 101st. 16; D.I. Walsh,
65th,2.
102d. 7; 103d, 7.
Rogers, 68th, 1.
Doheny, 36th, 1.
Al. A. Coolidge, 68th. 34.
1.
1
go.
2:
23
8'
836
8
9
16
14
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1
1
3
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a
3
2
1
5
354
5
414
4
434
4
2
4
4
8
4
5234
98
123
....
Kevin, 74th, 1.
Barnett, 81st, 1.
Coyne, 84th, 1.
Maloney, 86th, 1.
Meredith, 86th to 95th, 26 each:
99th. 37; 100th, 754; 101st, 13eS
102d, 66 1-3; 1036, 14.
Houston, 926, 2; 100th, 9; 101st. 9.
Callahan, 92d, 1.
Stewart, 94th, 1.
Marshall, 97th, 2: 98th, 3; 99th. 2..
Murphree, 101st, 4.
Allen, 102d, 1.
•
154-
THE CHRONICLE
President and thoroughly peeved at his suggestion that it should take
further thought upon the proposal.
While the convention was having it out in this fashion. Chairman Walsh
let his gavel drop heavily on the sounding board. His lips moved, and
those nearest the rostrum could hear him declare the session adjourned
until 8 o'clock in the evening. The delegates on the floor only saw him
lay down his gavel and quit. There was nothing for them to do but
quit also.
Thus ended the twenty-second and most momentous session of the National Convention.
[VOL. 119.
vention that he desired his name withdrawn as a candidate
for Presidential nomination, definitely instructed Thomas
Taggart of Indiana on July 9 to withdraw his name, his
action of that date starting the break in the deadlock which
resulted in the nomination of Mr. Davis for President.
A statement issued at Indianapolis on the 9th inst. by
Senator Ralston said:
It would be hard to select from our party a man who could more ably
The nomination of Charles W. Bryan for Vice-President
present its cause than John W. Davis. He is in the prime of life, he is a
came on the first ballet taken at the night session July 9. high-grade gentleman,
and one of the really great lawyers of our country.
The nomination occurred at the second half of the night I shall be glad to give him my sincere and constant support throughout the
session, which had begun at 9:15 p. m., the first part of the campaign.
The Senator then sent the following telegram of consession having been devoted to nominating speeches. A
recess for an hour was taken at midnight following the con- gratulation to Mr. Davis:
Mrs. Ralston joins me in the warmest of congratulations to you and Mrs.
clusion of the speech of Mr. Davis, to which we refer in
Davis on your nomination for President. I shall do all I can for your elecanother item. The nomination of Mr.Bryan occurred at 2:15 tion.
a. m. July 10, the convention adjourning fifteen minutes
A statement made public on July 4 regarding the earlier
later, viz., 2:30 a. m. From the New York "Times" we withdrawal of Senator Ralston said:
take the following:
On July 1 I sent Senator Taggart the following telegram:
The nomination of Governor Bryan for second place was the direct result
of a conference held by leaders with John W. Davis, the Presidential nominee, at the Manhattan Club, between 12 and 1 o'clock this morning when the
convention was in recess, pending some decision on a candidate. More
than a dozen men had been put in nomination, besides Mrs. Spring of South
Carolina.
The meeting was held in Governor Smith's rooms. Every one deferred to
the nominee's own preference, but he said that he had no choice in the
matter and was there merely to hear the suggestions.
Besides Mr. Davis and Governor Smith. there were present Joseph F.
Guffey of Pennsylvania; George E. Brennan of Illinois; Mayor Hague of
Jersey City; Josephus Daniels, Frank L. Polk, the manager of the Davis
pre-convention campaign; Isidore Dockweiler of California; J. Brice Kremer
of Montana; Gavin McNab of California; ex-Governor Stuart of Montana,
and Thomas Taggart of Indiana.
Governor Smith was asked whom he favored and he replied that he
thought the selection should be Governor Silzer of New Jersey. He said he
was willing to accede to the judgment of the other leaders. Some one suggested Governor Ritchie of Maryland, and another suggestion was Newton
D. Baker of Ohio. It was recalled, however, that Mr. Baker had already
refused the nomination.
Senator Walsh was brought into a side conference and was pressed to take
the nomination. He said that his refusal was final and he left the conference
early.
Josephus Daniels then proposed Governor Bryan. This was agreeable to
the McAdooites while the Smith element made no objection. It was argued
that his selection would tend to bring together all the warring factions of the
party and that he would be the ideal candidate to run with Mr. Davis.
The advice of Mr. Davis was asked regarding the Bryan choice and he
declared that the selection in his opinion was an excellent one.
It became known at the conference that William J. Bryan had asked a
uelegate from Maryland to put his brother in nomination for the VicePresidency. This delegate, however, did not desire to do anything which
was not acceptable to the leaders and he declined to do so when the nominations were made by roll-call of States.
The conference had taken up the full hour of the recess and immediately
broke up when Mr.Bryan's name had been agreed upon. The party left the
club and Mr. Davis returned to the home of Mr. Polk, where he spent the
night.
The convention started on the roll call of States for second position on the
ticket.
Several States passed and others scattered their votes among twenty-four
candidates with Governor Bryan leading with 332 votes, George L. Berry
getting 279%, Mayor Hylan of New York 109, and Mrs. LeRoy Spring of
South Carolina 42.
There ensued about a half hour's jockeying, it becoming rapidly evident
that the convention would nominate on a single ballot as State after State
switched its vote to Governor Bryan. New York was one of the first to
re-cast its vote, putting the entire ninety ballots to the credit of the Nebraska
Governor. Then came a rush to shift their votes to Bryan and the end was
reached quickly. The totals on the ballot for the principal candidates were
announced as follows:
Gov. C. W.Bryan
739 'Colonel Alvin Owsley
16
Major George Berry
212% I Gov.George S. Mixer
10
42 I Mayor John F. Hylan
Bennett Clark
6
Mrs. Leroy Springs
18 I Gov. Jonathan M. Davis_ ___
4
"I reaffirm my statement, often repeated, that I do not now and never
have had any relationship with the Ku Klux Klan, but in view of the persistent charges that I have some connection with it and in view of the feeling
resulting from the controversy over that organization, which feeling threatens injury to our party, I wish to make whatever contribution I can toward
a peaceful solution of the conditions now confronting the convention and I
therefore desire my name withdrawn from further consideration by the convention."
Yesterday, when I had 94 votes, I sent the following telegram to Mr.
Taggart:
"I feel my name should be withdrawn. Desire you to do so.
(Signed) "SAMUEL M. RALSTON."
At the same time press dispatches from Indianapolis
stated:
Senator Ralston issued an additional statement regarding the telegram
he sent to Mr. Taggart on July 1, asserting "the telegram to Senator Taggart contains all the statement that it is necessary for me to make in regard
to the withdrawal of my name from further consideration by the convention." He declared he was "not so strong a partisan as to believe my
party never makes mistakes nor deserves criticism," and added he believed
the platform adopted by the New York convention was a sound declaration
of Democratic principles.
"There are those who believe, or have pretended to believe, that I have
had some connection with the Ku Klux Klan favorable to it," Mr. Ralston
said. "While this is absolutely untrue, I recognize that the feeling for and
against the Klan organization is so intense that I am not willing to have
any steps taken in my behalf that might militate against a harmonious
solution of the conditions confronting the convention.
"This is why I sent the telegram in question authorizing the withdrawal
of my name front further consideration by the convention.
"While I have not been indifferent to, but have prized highly the connection of my name with the Presidency of my country, I have never, by word
or act indicated that I desired to seek the nomination for President beyond
a single statement to the effect that I had no objection to the Indiana
delegation carrying out its program after it had decided to present my
name to the convention."
One of those who sought to persuade Senator Ralston
to continue as a candidate was B. F. Yoakum, who, in a
message to the Senator on July 8 said:
The Democratic National Convention is becoming a joke throughout the
country. Your nomination would restore its respect and confidence not
only among the delegates but the country at large.
The Senator said he was not replying to messages received
since he requested the withdrawal of his name from consideration by the convention on July 4. When asked regarding the reports that he might be chosen as the candidate
for the Vice-Presidency, Mr. Ralston said: "I am giving
that matter no consideration whatever."
Withdrawal of Name of Former Governor Cox as
Presidential Candidate.
With reference to the early vote cast for Mayor Hylan,
it appears that when Illinois was reached on the roll call
Former Governor Cox of Ohio, who withdrew as a PresiGeorge Brennan announced that out of compliment to Mayor dential candidate on the Democratic national ticket on the
Hylan, Illinois would give him 29 votes. The remaining 4th inst., sent the following telegram on that date to James
29 went to Governor Bryan. Indiana also complimented E. Campbell, Chairman of the Ohio delegation:
the greater city by giving Police Commissioner Enright of Hon. James E. Campbell, Ohio delegation:
Whenever in your judgment the withdrawal of my name from the conNew York five votes. New Jersey also complimented
of the convention will promote harmony and bring the existing
Mayor Hylan by giving him her 28 votes after withdrawing sideration
deadlock to an end, I trust you will, without delay, take such action as
Gov. Silzer. New York gave Mayor Hylan 40 votes, the you then deem advisable. I have no personal ambition that rises above
others being divided as follows: Bryan, 10; Berry, 5; my devotion to Democracy and this message to you is prompted by a desire
to serve the cause that has honored me. Many persons, remembering
Greenway, 2; former Ambassador Gerard, 32, and Huston that
I am the titular leader of the party until a nomination is made, have
Thompson, 1.
asked that counsel and advice be given in the midst of seeming complicaThe details of the ballots cast for the Presidential candi- tion. This is not necessary because the good sense and patriotism of the
delegates can be depended upon. Nor would I think
visiting proscripdates are given in another item. Reference to the list of tions against the names of honored and honorable menofwhose
States have
candidates was made in our issue of June 28, page 3157, in proposed them as worthy of a nation's trust. It is an impertinence for any
or
which issue also various speeches made at the opening of the one to conceive he has the right duty to do such a thing under the guise
leadership or sincere purpose. The choice of the convention becomes
convention were alluded to. Last week, page 36, we gave of
my choice and my time and strength will be given to his support the moment
the text of the platform and details of the controversy over he is nominated.
JAMES M. COX.
two issues brought before the convention, viz., the Ku Klux
Following the receipt of the above, a caucus of the Ohio
Klan and the League of Nations.
delegates was called by Mr. Campbell, at which it was
voted to accept the withdrawal. This only had the effect,
Senator Ralston's Withdrawal as Candidate for
however, of eliminating one dark horse for another, for
Nomination as President.
Senator Samuel M. Ralston of Indiana, who indicated following the withdrawal of Cox, the whole vote of Ohio
on several occasions during the Democratic National Con- was for a time cast for Newton D. Baker.
JULY 12 1924.]
THE CHRONICLE
Former Governor Cox was the Presidential nominee
the Democratic Party at the last election.
of
Hearst Quits Democrats and Turns to Third Party—
Assails Davis as "the Morgan Lawyer" and
Declares Party Has Committed Suicide.
The following is from the "New York Herald-New York
•
Tribune" of June 10:
Assailing John W. Davis. Democratic nominee for President, as the
representative of privilege, plutocracy and sinister money power. William
Randolph Hearst in to-day's New York "American" abandons the Democratic Party and urges the "progressive votes of both the old parties"
be given to the new third party. In editorials on both the front and
back pages, the "American" denounced the Democratic Party for nominating Davis, referring to him as the "Morgan lawyer."
Under the heading "Democrats Propose to Move the White House to
Wall Street," one of the editorials states in part:
"The proud old Democratic Party proposes to substitute the House of
Morgan for the White House. After spending more than two weeks in
deliberation, the Democrats decided to commit political suicide. . . •
The Democratic Party, instead of being secretly controlled by the bosses.
is now openly controlled by the bosses, just exactly like the Republican
party. . . . The common people, both Republicans and Democrats,
are thus plainly directed to the ranks of the new third party, organizing
with such spontaneous support from all sections of the country. . . .
"The arrogance of the Democratic bosses is now manifested when,
in the face of a nation-wide demand to drive privilege, plutocracy and
corruption out of Washington, they nominate the legal adviser of a banking
house that represents chiefly privilege, plutocracy and is the most sinister
money power in the country,"
155
sires in this country can stand; to this banner all liberals can rally, and in
this cause all Democrats can—aye, more, all Democrats will unite.
As a more or less interested bystander I cannot be ignorant of the fact
that this convention has had its debates and its differences, and in the truly
Democratic fashion has fought out its conflicts of opinion, and all these
things, disturbing as they may have seemed at the moment, were but the
thunderstorm that has cleared the clouds away and left shining on us the
sun of coming victory and success.
It may be, and I think when I am duly advised of your mandate it will
be, my duty to speak further on these and kindred themes. I shall, therefore, add no more at this moment than to express my appreciation of the
great honor you have done me, and my confident belief that I shall lead in
this campaign a united and militant and a victorious party.
The Associated Press accounts on July 11 said:
Eager to attack post-convention details, the Democratic National Committee found itself unable yesterday to bring fagged wits to serious business,
and decided to put off the formalities of organizing for the campaign until
overworked executives and party leaders caught up on sleep. . . .
John W.Davis.already committed to a campaign "direct to the country,"
returned to his home at Locust Valley, Long Island, with definite plans only
for rest. Governor Charles W. Bryan of Nebraska prepared to return to
Lincoln, planning to stop off at Chicago for a conference with Middle West,
ern leaders.
William J. Bryan, who had opposed Mr. Davis's nomination, met the
nominee in a corridor of the hotel immediately after Mr. Davis's meeting
with newspaper men this morning. Mr. Bryan held out his hand, smiled
and said: "I am at your command."
Following the suggestion of Mr. Davis, the new National Committee, at
a perfunctory first session to-day, approved a motion to postpone organization and the selection of a nwe chairman until after the Davis notification
ceremonies at Clarksburg, W. Va., probably in about three weeks.
Frank L. Polk of New York, Under Secretary of State in the Wilson Administration, who had been generally discussed in connection with the chairmanship of the committee, declared that he would not accept the place.
nor would he be the manager of Mr. Davis's campaign.
Mr. Davis intends to carry his fight direct to the country in a series of addresses, a number of which wiil be delivered in the West.
This part of his campaign plans was disclosed at his first formal conference with newspaper correspondents since his nomination by the Democratic
National Convention. Other details remain to be worked out in conference
with party eladers.
Mr. Davis declined to discuss campaign issues at this time, explaining
that such a discussion in advance of his formal notification of his nomination would be premature. The time and place of this notification are
still to be determined. He also objected to discussing politics on the day of
the funeral of President Coolidge's son.
Replying to inquiries, Mr. Davis said he would sever his connection with
the law business. He is a member of the same firm that Grover Cleveland
was when he was nominated for the third time.
John W. Davis, Democratic Presidential Candidate, on
Principles of Democratic Party—Governor Smith
Indicates His Support of Nominee.
In addition to his speech at the night session July 9 of
the Democratic National Convention in this city, John W.
Davis, whose nomination as President on the Democratic
ticket is dealt with in another item in this issue, issued a
statement that night in which he declared that "there can
be no compromise with reaction. Liberal principles must
and will prevail. This, he added, "is the mandate of the,
Pointing out that nearly half the fifty-three years of his
hour, and I shall obey it." In his speech expressing his
appreciation of the honor conferred on him, Mr. Davis life had been speint by Mr. Davis in the public service, the
recited as follows: "the great principles of the Democratic New York "Commercial" of July 10 said in part:
Mr. Davis, by an odd coincidence, is a member of the same law firm—
Party; honesty in Government; all public office is a public
Stetson,
Russel & Davis—from which Grover Cleveland was
special
and
men
all
privilege to none; elected toJennings,
trust; equal rights to
the Presidency for his second term. His association there, and
fair and equal taxation; an open-door of opportunity to the the fact that he is personally of counsel to the Standard Oil Co. and J. P.
criticism in connection
humblest citizen in all the land; loyalty at home, courage Morgan & Co., has been the subject of considerablehe
defined his position
with his candidacy. Upon
subject, however,
and honor and helpfulness abroad." The following is early in the present year inthis
newspaper correWashington
a letter to a
spondent, who suggested that his chances to be elected President would be
Mr. Davis's statement of the 9th inst.:
The history of national conventions may be searched in vain for one
which has excelled this in freedom or frankness of discussion or whose
actions have been more clearly the result of the unfettered wishes of the
assembled delegates. The resolution and endurance they have exhibited
Is but proof of their sense of the solemn responsibility to the country under
which they acted and of the supreme vitality of Democracy.
I cannot but feel deeply sensible of the honor done me by the convention and am even more conscious of the weighty obligations that have
fallen to me by its deliberate and unanimous choice.
Not least of these is the duty to put before the country as clearly as
my powers permit the Democratic creed and the Democratic policy as
the convention has declared them.
That this creed and this policy will receive the militant support of all
those who call themselves by the Democratic name I do not doubt for
an instant. I shall hope to rally to their aid that great body of liberal,
progressive and independent thought which believes that "progress is
motion, government is action," which detests privilege in whatever form
and which does not wish the American people or their Government to
stand still or retreat in the midst of a changing world.
There can be no compromise with reaction. Liberal principles must
and will prevail. This is the mandate of the hour and I shall obey it.
His speech at the convention follows:
Mr. Chairman. Ladies and Gentlemen of the Convention:—
The most solemn announcement which can be made to any American
is the information that he has been elected President of the United States,
and second only to that message in weight and dignity is the information
that he has been chosen by one of the great parties of the United States
to lead their forces in the national campaign.
You will not be surprised, therefore, if I say to you that at this moment,
as grateful as I am at this great honor you have conferred upon me. I
think even more of the burdens of duty you have given me to bear and
to perform. But I take grace of heart. I realize whatever may be said
about the wisdom of your selection, no one in the country can contend
that you acted in haste and without deliberation.
And I take comfort again when I look at the banners that are erected
throughout this hall, and reflect that the signs of all these States and
Territories are not the emblem of a phantom army, but that they represent
millions of Democrats all over this broad land ready to do as they have been
for 100 years—to do battle for the cause of liberty and freedom. We are
a national party, and in every State and Territory whose banner rests upon
this floor we do battle and we win our party victory: and if we are a national
party it must be, as I think, because we profess a truly national creed.
The great principles of the Democratic Party: Honesty in Government:
all public office is a public trust; equal rights to all men and special privilege to none; fair and equal taxation; an open door of opportunity to the
humblest citizen in all the land: loyalty at home, courage and honor and
helpfulness abroad.
These principles are as dear to the American of the East as the American
of the West, as highly revered by the American of the North as they are
by the American of the South, and in the name of this truly national creed,
this truly and national party, it is ready again to do battle with all those
who challenge this creed or any part of it. On this platform all progres-
greatly enhanced by his withdrawal from the law firm.
In this correspondence he said in part: "Any lawyer who surrenders
his independence or shades this duty by trimming his professional course
to fit the gusts of public opinion,in my juugment,not only dishonors himself
but degrades the profession of which he should be proud to belong.
"You must not think me either indifferent or unappreciative if I tell
you in candor that I would not pay this price for any honor in the gift
of man. . . . Fortunately, as I think, the decision as to my own
availability or unavailability is one that I am not called upon to make
and do not seek to influence, so even in spite of the alluring pictures that
you paint. I must stand by my philosophy."
Attorney for "Mother" Jones.
But Mr. Davis has ont confined his legal practice to the service of corporations. Back in 1897, when he was a member of the law firm of Davis
& Davis, at Clarksburg, where he was equally conspicuous in the courts
of Justice of the Peace and the County and Supreme Court as counsel for
labor unions and more humble clients, he was counsel for "Mother" Jones,
the widely known labor agitator, and Eugene V. Debs, who was charged
with inciting a strike riot.
As Ambassador to Great Britain, Davis was first mentioned as a Presidential possibility by the London "Times" in an ecUterial describing him
as "of such stuff as Presidents should be made of." Still later, a renowned
Republican, James M. Beck, who succeeded him as Solicitor-General,
spoke of his Presidential qualities, when he said:
"If the Democratic Party should, by any chance, prevail at the next
election—as I sincerely hope it will not—it could in MY opinion. give
to the country no worthier man than John W. Davis. If he is nominated
I shall not have the pleasure of voting for him; for, however admirable
his qualifications are—to which it has been a pleasure to me, as a Republican, to give testimony—yet in my judgment thesupreme need of the
moment is to return the Republican Party to power.
John William Davis, former Ambassador to the Court of St. James's
and one of three members of the commission appointed to treat with
Germany on the exchange and treatment of war prisoners, has had a long
and notable public and private career.
Born April 13 1873.
He was born in Clarksburg, W. Va., April 13 1873. the son of John J.
Davis, an eminent lawyer who served in the West Virginia Legislature
and was twice a member of Congress.
Under the tutorship of his mother, who was a brilliant and highly trained
mind, young Davis had his primary education. Later he attended public
school, subsequently entering Washington & Lee University from which
he was graduated in 1892 with the degree of Bachelor of Arts. He spent
a year tutoring and then returned to his Alma Mater where he received
his law degree in 1895. His marked ability found recognition the following
year in his election to the law faculty of the university, which position
he filled for a year, returning to Clarksburg in 1897 to engage in the general
practice of law with his father.
In the convention in 1898 in his home county of Harrison. he declined
the Democratic nomination for House of Delegates three times, but was
finally prevailed upon to make the race and was elected by a large majority.
At the opening of' the Legislature, he was made Chairman of the Judiciary
156
THE CHRONICLE
Committee, and by virtue of this distinction, became floor leader of the
majority party. His outstanding ability in that memorable session dictated
his future political career.
He became county chairman of Harrison County in 1900, member of the
State executive committee in 1908, and delegate to the Democratic National
Convention in 1904 and 1908.
In 1910 the Democracy of northern West Virginia nominated Davis as
its candidate for Congress. He declined, but over his protest the convention
named him without dissenting vote. He was elected by a plurality of
more than 3,000. In 1912 he was easily re-elected.
During his two terms as a member of Congress, Davis was looked upon
as one of the ablest members of the House. As a member of the Judiciary
Committee, he was active in the presentation and passage of many important measures. He was one of the managers in-the impeachment of
Judge Robert W. Archbald by the Senate, and the prominent part he took
In this trial won him new honors as a lawyer and convincing orator.
His Congressional record led to his appointment by President Wilson, as
Solicitor-General of the United States, a position which he held from 1913
until Dec. 1918. During his incumbency he represented the Government
in some of the most important litigation in its history.
In the summer of 1918 while the World War was at its height President
Wilson selected Air. Davis as one of the three members of the Commission
to treat with Germany on the exchange and treatment of war prisoners.
He was still in Europe on this mission when the post of Ambassador to the
Court of St. James was tendered him by the President. Passing successfully through this difficult diplomatic period, during which he participated
In the deliberations of the Peace Congress at Versailles, Ambassador Davis
won distinction that placed him in the front rank of American diplomatists.
Returning to America in 1921 he associated himself with one of the great
law firms of the country—Stetson, Jennings & Russell (now Stetson, Jennings, Russell & Davis), at No. 15 Broad Street, New York City.
[VOL. 119.
masses of the people always takes time and when it comes in any other
way it is not genuine.
Now for a long and a hard siege and a tireless campaign. You have made
a wonderful nomination. If the United States of America were a great
business institution that needed at its head a man of brains and of capacity,
and it belonged to me, I would be willing to give it into the custody of
John W. Davis.
If I had anything of worldly goods to leave anybody and I were about
to depart,I would not ask for a better executor of my last will and testament.
Allay in the minds of our Republican opponents any talk of dissatisfaction or discontent. So far as the State of New York is concerned, take
this pledge from me in this public place: I am the leader of the democracy
of this State and the very minute, the very instant that this convention
is already finished, I shall take off my coat and vest, and so will everybody
that follows me in the party in this State, and do what we can to improve
conditions in the United States of America by the election of the ticket
that is going to come from this convention.
Letter of Senator Walsh Declining Nomination as
Candidate for Vice-President--Other VicePresidential Candidates.
Senator Thomas J. Walsh of Montana, Chairman of the
Democratic National Convention, who might have had the
nomination for Vice-President by acclamation, but who
declined it, indicated his reason therefor in the following
letter to the Convention on the 9th inst.:
To the Democratic National Convention assembled in the City of New York:
I am profoundly appreciative of the generous regard exhibited toward
me by the convention over whose deliberations I have had the honor to
preside for the last two weeks, and find it hard to decline to yield to the
desire manifested by so many of the delegates that I accept the nomination
as its candidate for Vice-President.
Hon. John 'W. Davis. 6 East 68th Street, New York:
Reflection has confirmed me in the view that it would be wise neither
Sincere congratulations. Best wishes for success and my promise of
from a party nor a personal point of view to transfer me from the floor to
hearty support.
the chair of the presiding officer of the Senate. Scarcely less important for
ALFRED E. SMITH.
the welfare of the country
the election of a Democratic President is
William G. McAdoo sent the following congratulatory the control of the Congressthan
and particularly of the Senate by our Party.
My term is expiring and my re-election to the Senate is reasonably certain
message to Mr. Davis:
in view of the services I have been able to render. Some equally competent
Honorable John W. Davis, New York City:
Democrat can easily be found for the exalted office to which you would
Please accept congratulations on your nomination.
elevate me, whose selection would involve no such sacrifice for the party as
WILLIAM GIBBS McADOO.
be entailed by my nomination.
Mr. McAdoo, who sails for Europe with his family to-day would
Deeply grateful for the esteem manifested in the acclamation that
(July 12), announced on the 10th that he had no comment to attended the adjournment of the last session, I am reluctantly forced to
advise you that I cannot accept the nomination yet to be made by the
make at present regarding the Democratic ticket chosen.
convention.
Mr. Davis canceled the speech he was to have delivered
With the highest respect, I am your servant.
July 9 1924.
before the Bar Association in Philadelphia on July 10 and
THOMAS J. WALSH.
Gov. Alfred E. Smith in extending congratulations to
Mr. Davis promised him his "hearty support" in the coming
campaign. Gov. Smith's telegram follows:
has also, it is said, canceled his reservations on the steamer
Elsewhere we refer to the nomination of C. W. Bryan as
Berengaria, having decided not to attend the meeting of the Vice-President.
American Bar Association in London.
The following is the list of candidates who were placed in
nomination:
John C. Greenway. by Arizona.
Governor Smith's Remarks to Convention Regarding
Alvin C. Owsley, by Texas.
His Candidacy for President—Did Nothing Toward
George L. Berry, by Tennessee.
Governor George S. Miser, by New Jersey.
Securing Nomination.
Mrs. Leroy Springs, by South Carolina.
Just before the recess in the night session (July 9) of the
Governor Jonathan M.Davis of Kansas, by Nevada.
Bennett Clark of Missouri, by Ohio.
Democratic National Convention, at which the nomination
William E. Gaston, by Massachusetts.
for Vice-President were presented, and a speech was made
Mayor John F. Hylan, by Massachusetts.
by the Presidential nominee, John W. Davis, an address
Edwin T. Meredith of Iowa, by Maine.
Governor Flynn of Rhode Island, by Rhode Island.
was made by Gov. Alfred E.Smith of New York,in which he
James W. Gerard of New York, by South Dakota.
referred to the progress of New York State, and took occaLike Senator Walsh, Mr. Meredith, who had also been
sion to speak of the placing of his name before the convenamong those whose names were before the convention for
tion, saying:
I want to make just a passing reference to ray own situation as far as the President, indicated that he would not accept the Vicenomination for the Preridency is concerned. If I were to tell anybody in Presidency, stating that the use of his name for Vice-Presithis hall that I was disappointed, it would not be true: I am not. I have dent was
unauthorized. His name was accordingly withgotten as far in the public life of this country and of this State as I ever
expected to get, and even further. I have nothing in my heart but real drawn.
gratitude, and entertain no harsh or Ill-feeling.
Except for a short visit to my neighbor State of New Jersey, I have not
been outside of the State of New York since I left the famous resort of my
friend, Tom Taggart, over a year ago. I did not like to leave him, but that
was so far from Broadway that I had to come away.
I did nothing toward securing the nomniation. There was nothing I
could have done about it, because I had to be consistent with the theory
of Government of this State which I myself laid down in the Constitutional
Convention of 1915. In the course of the debate on the term of the Governorship I insisted on a longer term for the Governor, and one of the reasons
I gave was that every man who was elected Governor of this State had
standing before him, in such a way that it was difficult for him to evade,
the awful temptation to make himself a candidate for the nomination in
his party's national convention. To put it in the language I used to the
Constitutional Convention, every Governor elected starts, as it were, on
the roof of the Capitol looking down to see if he can discern the top of the
dome in Washington.
I had my choice between looking for the dome and giveing 100% of
service to the people of this State. I chose the latter course, and that is
the reason why the Republican Party in this State is prostrate to-day
and leaderless. If anybody knows the name of the leader, I have been
trying to consult with him for a long while, and I would like to ask his
name.
Let me say Just this: I have a heart that is just breaking out with
gratitude for the men and the women and even the children, and I would
not leave them out because they are a part of me,that have been interested
In me during the progress of as well as at the very beginning of this National
Convention. I shall never forget them. I could not be happy to-night
if I thought I could forget them. And my simple assurance from this
platform is all I think they need to feel that I shall always think of them
in grateful appreciation.
The convention ran for more than a week. There was a great deal of
talk about the danger to the party, a great deal of talk about the danger
that was being done to the Democratic Party because of the length of time
that it took us to select a candidate. Do not pay any attention to that.
Anything that is truly democratic and anything that COMPS up from the
Resolutions of Democratic National Convention on
Death of Late President Woodrow Wilson.
Among the resolutions adopted at this week's sessions of
the Democratic National Convention were messages of sympathy for President Coolidge, the death of whose young son
is referred to in another item in this issue. The convention,
also, by a rising vote, gave expression to the sense of loss
suffered in the death of the late President Woodrow Wilson,
the resolution, addressed to Mrs. Wilson, voicing the sympathy of the delegate. The resolution follows:
The resolution reads as follows:
Resolved, That the Permanent Chairman be and he hereby is, authorized
and directed to send in the name of the convention the following telegram.
to wit:
"Convention Hall, New York City, Wednesday, July 9 1924, Mrs.
Woodrow Wilson, Washington, D. C.:
"On this occasion, the first convention of the National Democracy since
your bereavement in the departure of your noble husband, our great leader.
we extend to you our most sincere expression of sympathy and love in the
sorrow which has fallen upon you and the whole nation. You won the
hearts of the American people afresh while, with tender hands and sacrificial
love you ministered to our stricken leader ere the final summons came.
"During the trying days of the war, your unfaltering devotion to the
cause of humanity, your splendid leadership in all the women's patriotic
work, in your constant aid and encouragement to the great President when
war burdens pressed heavily upon him will be a sacred memory to countless
millions in our nation. The Democratic National Convention of men and
women delegates send you this token of the high esteem and appreication
of your unselfish devotion and service. We stand with uncovered heads to
pay tribute to you and to the memory of the foremost statesman of our
day. May God bless you is our prayer."
JULY 12 1924.]
PHE .CTIRONTCLE
Robert M. La Follette Candidate for President of
United States on Progressive and Socialist
Tickets—Candidate of Farmer Labor
Party.
Senator Robert M. La Follette of Wisconsin was endorsed
as a candidate for President of the United States on a third
party ticket at the conference for Progressive Political
Action in convention at Cleveland on July 5. The endorsement, it is said, was by acclamation and carried with it
an authorization to the National Committee of the conference, acting with the La Follette for President Committee,
to name the candidate for Vice-President. Adviees from
Cleveland to the New York "Times" July 5 .said:
157
On July 7 the national convention of the Socialist Party
of America, in session at Cleveland, adopted a report offered
by a majority of a committee of fifteen recommending that
the convention concur in the action of the Conference for
Progressive Political Action in indorsing the La Follette
candidacy on his platform. The vote was 106 to 17. The
action came after a six-hour debate in which 32 of the 157
delegates in the convention took part. The Associated Pres,dispatches from Cleveland that day said:
By adopting the majority report the convention concurred not only in La
Follette's candidacy, but also in last week's conference decision
to postpone
Vice-Pr
a
esidential nomination until after the Democratic convention. It
also pledged itself to co-operate with the conference in the national election,
and in such State and local elections as may be indorsed by the smaller unit..
of the Socialist Party.
The convention began and ended without dissension or division. From
The convention asked increased representation on the national committeee
the beginning the convention was the convention of Robert M. La Follette of the conference, agreed to send
full representation to the new party organof Wisconsin. The sine die adjournment was voted at 6:40 p. m.
ization convention next January, and instructed its delegates to work
for
the formation of a complete new party, based upon a platform containing
The same dispatch stated:
A great demonstration followed the presentation of Senator La Follette's as a minimum the La Follette planks adopted by the conference on July 5.
One of the strong influences in favor of the majority report was telename, which was placed before the convention in the form of a resolution
a
gram sent by Eugene V. Deb,four times Socialist candidate
from the Committee on Organization.
far President
There was no nominating speech, but there were four seconding speeches, from a sanitarium in Elmhurst, Ill.
"I think it wise," said Debs, "for our party to make
and a score of delegates were clamoring for recognition when Chairman
no nominations unJohnston, to make adjournment to-night certain, brought the speech- der the circumstances, but at the same time to hold the Socialist Party intact,
adhere
rigidly
to
its principles and keep the Red Flag flying. The
making to an end and put the question on the adoption of the endorsing
Socialist Party is the party of the working class, and
resolution.
faces the future with
•
Every delegate was on his or her feet and everybody was shouting like absolute confidence and without fear."
mad. There was no camouflage, no artificiality about it. It was a real
On June 18 Senator La Follette had been eliminated as
demonstration.
a possible Presidential candidate of the National FarmerThere was some opposition to the proposition vesting authority in the
National Committee and the La Follette for President Committee to name Labor Progressive Convention in session at St. Paul. It
the Senator's running mate. It was feeble, however, and was backed by was stated that William
Mahoney, a leader in the Farmernot more than a dozen of the more than 1.200 delegates who shouted
Labor Party of Minnesota, had announced this, saying he
"aye" for the resolution.
The resolution of the Organization Committee states that the platform had again been assured the Wisconsin Senator did not wish
adopted was submitted by Senator La Follette himself. Textually it is his name
even to be considered by the gathering. The
not the Wisconsin platform which was rejected by the Republican National
Convention, but the things advocated or denounced are the same in the main. previous day (June 17) it was stated that the Communist
faction had captured control of the Farmer-Labor ProVice-Presidential Tangle Avoided.
There was a reason for endorsing by resolution. Had the original gressive Convention. On June 20 Duncan McDonald of Illiprogram, which called for a nomination speech, been followed,
a snarl nois was ten's+ ively nominated by acclamation as the party's
over the Vice-Presidential problem might have resulted. By providing
candidate for President, and William Bouck of Washington,
for the selection of a Vice-President by committee and
embodying the
recommendation in the La Follette resolution
who is a Puget Sound rancher, was chosen as the Vicethis avenue of possible
trouble was closed.
Presidential candidate of the Farmer-Labor Party. With
The platform on which Senator La Follette goes to
the country is regarded the present general industrial
situation as his subject, and
by Progressives as a model so far as brevity is
concerned. It is less than
1.000 words in length and contains fourteen specific pledges,
ranging from emphasizing the failure of the two major political parties
the restoration of the excess profits tax to the public
ownership of railroads to co-ordinate their forces in Congress to bring about legisand the repeal of the Esch-Cummins law.
lation of benefit to the people as a whole, Mr. McDonald
The platform declares that the power of the Federal Government
must be
used to crush and not to foster monopoly; promises public ownership
of the made his initial speech of the campaign at Chicago on July 2.
water power resources of the nation: the public control of
all natural res- The press advices state:
sources, including oil, coal, iron and timber: the retention
of taxes on swollen
Mr. McDonald said that the principal driving point of
the FarmerIncomes; "rapidly progressive tams" on large incomes and inheritances;
the Labor Party will be its demand for public
ownership of mining properties
reconstruction of the Federal Reserve and Federal Farm
Loan systems; the and the railroads. Both are overcapitali
zed, he said. "necessitating high
passage of drastic legislation for the relief of agriculture;
international action returns and low wages." The speaker dwelt
at length on the mining
to effect the economic recovery of the world from the effects of
the World situation, with which he is especially intimate, declaring
War; election of Federal judges and the curtailment of the
that mines over
power of the the entire country are being closed down.
courts in the matter of injunctions, &c., and the prompt
ratification of the
At Chicago on July 10 definite announcement was made
Child Labor Amendment to the Constitution.
Foreign Policies Denounced.
So far as the foreign affairs of the country are concerned, the
policies of
recent Administrations are denounced as mercenary and
degraded and in the
"Interests of financial imperialists, oil monopolists and
international
bankers."
The influence of these interests has been such,it is alleged,
as to have degraded the State Department into "a trading outpost for
those interests
engaged in the exploitations of weaker nations."
The platform declares for a revision of the Versailles Treaty
in accordance
with the terms of the armistice.
Donald A. Richberg, general counsel for the Railway Brotherhood
s,
Chairman of the Platform Committee, read the document
and moved
its adoption.
There was no debate and not a dissenting voice. Everybody
knew it was
Senator La Follette's platform, and that was all they cared to know.
It
was adopted with a whoop.
Other Resolutions Adopted.
With the candidate endorsed and the platform out of the
way, the convention used up its final hour in disposing of various resolutions.
First it passed one urging the prompt enactment
in the next session of
Congress of the postal salary bill vetoed by President
Coolidge in the last
session.
Next it went on record in favor of the immediate
and complete independence of the Philippine Islands, and for
the eliactment of laws which
will make possible the betterment of the
conditir of the people of the
Virgin Islands.
The convention revived the Irish question when
it ad?pted a resolution
• expressing the deep sympathy of the conference with
the aspirations of the
Irish people for freedom and independence.
There was another resolution, which proposed
that the United States
should take such steps as necessary to relieve suffering
in Germany. and
finally, one which denounced tho employment of
the army and navy for
"the exploitation of weaker nations," naming the republics
of Haiti, Santo
Domingo and Nicaragua.
The Senator's acceptance of the candidacy was contained
in a statement prepared by him and read at the July 4 session
of the conference by the Senator's son, Robert M. La Follette Jr. In this statement the Senator said: "I am a candidate upon the basis of my public record as a member of
the House of Representatives, as Governor of Wisconsin,
and as a member of the United States Senate. I shall stand
upon that record exactly as it is written, and shall give my
support only to such progressive principles and policies as
are in harmony with it."
by the Executive Committee of the Farmer-Labor Party that
Senator La Follette will not receive the support of that
party. At the same time the Executive Committee consented to the withdrawal of Duncan McDonald of Illinois
and William Bouck of Washington State, its candidates for
President and Vice-President, respectively, and endorsed the
candidacy of William Z. Foster and Benjamin Gitlow of New
York, who have been entered as the candidates of the Workers' Party of America. Foster and Gitlow were nqminated for
President and Vice-President at a meeting in Chicago on
the 10th inst. of the national conference of the Workers'
Party, attended by delegates from cities throughout the
country. The conference was followed by a mass meeting.
of members of the Workers' Party, where the decision of the
conference was announced. Foster headed the unsuccessful'
steel strike in 1919.
The text of the La Follette platform follows:
For 148 years the American people have been seeking to establish
tr
Government for the service of all and to prevent the establishment of a
Government for the mastery of the few. Free men of every generation,
must combat renewed efforts of organized force and greed to
destroy
liberty, Every generation must wage a new war for freedom
against'
new forces that seek through new devices to enslave
mankind.
Under our representative democracy the people protect their liberties
through their public agents.
The test of public officials and public policies alike must be:
Will
they serve or will they exploit, the common need?
The reactionary continues to put his faith in mastery for the solution
of all problems. He seeks to have what he calls the "strong
men and
best minds" rule and impose their decision upon the masses
of their weaker
brethren.
The progressive, on the contrary, contends for less autocracy and more
democracy in Government, and for less power of privilege and greater
obligation of service.
Under the principle of ruthless individualism and competition, that
g vernment is deemed beat which offers to the few the
greatest chance
o-individual gain.
-Under the progressive principle of co-operation, that government is
daneedniwedellb-esbetinwhich offers to the many the highest level of average happiness
It is our faith that we all go up or down together—that class gains are
temporary delusions and that eternal laws of compensation make every
man his brother's keeper.
158
THE CHRONICLE
In that faith we present our program of public service.
(1) The use of power of the Federal Government to crush private monopoly, not to foster it.
(2) Unqualified enforcement of the constitutional guarantees of freedom
of speech, press and assemblage.
(3) Public ownership of the nation's water power and creation of a public
superpower system. Strict public control and permanent conservation
of all national resources. including coal, iron and other ores, oil and timber
lands, in the interest of the people. Promotion of public works in times
of business depression.
tax on
(4) Retention of surtaxes on swollen incomes: restoration of the
excess profits, on stock dividends, profits undistributed to evade taxes,
rapidly progressive taxes on large estates and inheritances and repeal of
excessive tariff duties, especially on trust-controlled necessities of life, and
of nuisance taxes on consumption, to relieve the people of the present
unjust burden of taxation and compel those who profited by the war to
pay their share of the war's costs and to provide the funds for adjusted
compensation solemnly pledged to the veterans of the World War.
(5) Reconstruction of the Federal Reserve and Federal Farm Loan systoms to provide for direct public control of the nation's money and credit.
to make it available on fair terms to all, and national and State legislatures
to permit and promote co-operative banking.
(6) Adequate laws to guarantee to farmers and industrial workers the
right to organize and bargain collectively, through representatives of their
own choosing, for the maintenance or improvement of their standards
of life.
(7) Creation of Government marketing corporation to provide a direct
route between farm producer and city consumer, and to assure farmers
fair prices for their products and protect consumers from the profiteers
meat
in foodstuffs and other necessaries of life. Legislation to conduct the
packing industry,
State
(8) Protection and aid of co-operative enterprises by national and
legislation,
(9) Common international action to effect the economic recovery of the
world from the effects of the World War.
of railroads,
(10) Repeal of the Cummins-Esch law. Public ownership
with democratic operation, with definite safeguards against bureaucratic
control.
(11) Abolition of the tyranny and usurpation of the courts, including
social
the practice of nullifying legislation in conflict with the political,
labor disor economic theories of the judges. Abolition of injunctions in
ElecJury.
trial
without
by
contempt
putes and of the power to punish for
limited terms,
tion of all Federal Judges without party designation for
and subsequent
(12) Prompt ratification of the child labor amendment
Removal of
enactment of a Federal law to protect children in industry.
to legislaprejudicial
not
legal discriminations against women by measures
for the advancement of
tion necessary for the protection of women and
social welfare.
sea.
(13) A deep waterway from the Great Lakes to the
policy under recent
(14) We denounce the mercenary system of foreign
oil monopolists
imperialists,
financial
of
administrations in the Interests
Departand international bankers, which has at times degraded our State
meat from its high service as a strong and kindly intermediary of defenseconcession
and
less Governments to a trading outpost for those interests
the
seekers engaged in the exploitation of weaker nations, as contrary to
and prowill of the American people, destructive of domestic development
vocative of war. We favor an active foreign policy to bring about a revision
of the Versailles Treaty in accordance with the terms of the armistice, and
to outlaw wars, abolish
to promote firm treaty agreements with all nations
conscription, drastically reduce land, air and naval armaments, and guarantee public referendums on peace and war.
In supporting this program we are applying to the needs of to-day the
fundamental principles of American democracy, opposing equally the distatorship of plutocracy and the dictatorship of the proletariat.
We appeal to all Americans, without regard to partisan affiliation, and
and
we raise the standards of our faith so that all of like purpose may rally
march in this campaign under the banners of progressive union.
The nation may grow rich in the vision of greed. The nation will grow
great in the vision of service,
In the most momentous crisis which has confronted the nation in our time
you have called upon me to accept the leadership in a national political
campaign to wrest the American Government from the predatory interests
which now control it and to restore it to the people,
I realize this summons comes to me in no sense as a mere personal tribute.
issue with which
The American people are thoroughly awake to the real
of the two dominant parties to
they must deal, and recognize the failure
the campaign are
meet them. They know that the principles involved in
greater than any individual or any political party. It is only in so far as
meets those issues that
my public record squares with those principles and
movement.
1 can be of any substantial service in the Progressive
party and of every canI conceive it to be the first duty of every political
people the terms
dictate to state plainly and specifically to the American
Republican and Democratic
upon which their suffrage is invited. The
deal honestly
must
Progressives
parties have failed In this obligation. The
and openly with the people.
of the
After long experience in public life and painstaking consideration
that the time has come for
present state of public affairs I am convinced
organizeold
the
party
of
two
a militant political movement, independent
of the common people.
tions and responsive to the needs and sentiments
political campaign at this time
I should be unwilling to participate in any
or
which would imperil the steady advance of the Progressive movement
elected as Republicans
diminish the number of true Progressives, nominally
the
the
House,
In
Senate,
public
and Democrats, who are now serving the
already won must not
and in many of the State Governments. The ground
gains and press forward,
be abandoned. We must consolidate our present
without compromise or surrender,
lies in the failure
The necessity for an independent Progressive movement
Influences which have
of the two old parties to purge themselves of the
the American people,
caused their administrations repeatedly to betray
parties is progressive,
The rank and file of the membership of both old
But through a vicious and undemocratic convention system, and under
at Washington,
thrive
to
permitted
the evil influences which have been
the domination and control of
both party organizations have fallen under
to selfish
corrupt wealth, devoting the powers of government exclusively
special interests.
show
old
will
parties
two
the
An analysis of the platforms adopted by
of either
that the real issues have been ignored and that the candidate
party, if elected, will go into office with no specific pledges whatsoever
binding him to the people, while he will be under the most immediate
predatory interests
necessity and obligation of serving the party bosses and
rely for election,
to whom he owes his nomination and upon whom he must
The Republican convention at Cleveland scornfully rejected the only
a candidate
progressive platform offered for adoption and nominated
system of Government in the
who is the frank defender of the present
interests of organized wealth,
D
[VOL. 119.
The Democratic convention was forced, out of consideration of political
expediency, and through the efforts of sincere Progressives within the
party, to take less openly reactionary ground, but the platform adopted
at New York does not meet the demands of the progressive millions of the
nation. The fact that the Resolutions Committee at the convention,
controlled by proven reactionaries and trusted agents of organized wealth,
accepted the platform declarations on domestic issues without a disdenting vote on any plank, is sufficient testimony to the character of
the Democratic platform as an evasive and dishonest document.
But even if both Republican and Democratic conventions had adopted
thoroughgoing progressive platforms, the American people have learned
that neither party can be trusted to keep its promises. Both parties
within the last quarter of a century have regarded their platforms, as
they regard them to-day, not as a contract with the people and a program
of action, but as devices to catch votes and to gain political office, with
all its opportunities for personal aggrandizement and private profit for
those who are willing to betray a public trust.
To break the combined power of the private monopoly system over the
political and economic life of the American people is the one paramount
issue of the 1924 campaign.
If the Progressives will but unite with a single purpose to meet this
issue fearlessly and squarely they amy rely with entire confidence upon
the support of the plain people, who are the victims of the present system
and who have the right and the power, through the ballot, to control their
own Government.
The people have already given proof by the election of Progressives to
the Congress and to State offices that they recognize the real issue that
confronts them and understand its magnitude.
They know that their Government at Washington is now, and has been
for a quarter of a century, in the hands of small but powerful groups,
acting together and controlling it in their own interests.
Each group dictates production and prices in its own field—in iron,
coal, oil, steel, lumber, sugar, meats, clothing—in short, in mining, menufacturing, transportation and all important business enterprises. Through
grain exchanges, elevator combinations and packing monopolies the
markets are manipulated and prices fixed on all products of the farm.
Within the last twenty-four sears it has thus come about that these
powerful groups, through the control of markets and prices, have doubled
and trebled the cost of sustaining human life—of housing, warming, clothing and feeding the American people.
The American people are honest, intelligent, patriotic, industrious and
of
frugal. And yet, in a land of untold wealth, dedicated to the principles
desequal opportunity for all, special privileges to none, life has become a
perste struggle for the average man and woman. The millions who work
on the farms, in the mines, in transportation, in the factories and shops
and stores, with all their industry and saving, find themselves poorer at
the end of the year than at the beginning.
The mighty power which has enabled a few to amass enormous wealth
at the expense of the many now so completely controls the Federal Govern.
ment that timid and reactionary men in public life who cling to the old
parties dare not brook its opposition.
The underlying reason, indeed, why both parties have failed to take the
people's side in the present crisis is that neither party can openly attack
the real evils which are undermining representative government without
convicting themselves of treachery to the voters during their most recent
tenures of office.
The private monopoly system has grown up only through long continued
violation of the law of the land, and could not have attained its present
proportions had either the Democratic or Republican Party faithfully and
honestly enforced the law.
John Sherman. the clearest visioned Republican statesman of his time,
saw the danger of political liberty and economic freedom in this country
a generation ago and sought to fortify the Government to meet and destroy it.
Of the private monopoly system which had its beginnings in the latter
part of the last century, he said:
"It is a kingly prerogative, inconsistent with our form of government.
If anything is wrong, this is wrong. If we will not endure a king as a
political power, we should not endure a king over the production,transportation and sale of any of the necessities of life. If we would not submit to
an emperor, we should not submit to an autocrat of trade with power to
prevent competition, and to fix the price of any commodity. The remedy
should be swift and sure."
The Sherman Anti-Trust Act of 1890, enacted by a Republican Congress,
placed in the hands of the Executive department of this Government the
most effective weapon that the ingenuity of man could devise against the
power of monopoly while it was yet in its infancy.
But between 1898 and 1908 monopoly was permitted to breed unchecked,
to crush out individual enterprise through illegal combination, and to control basic industries until by Jan. 1 1908 the capitalization of the trusts
had been increased from $3,784,000,000 In 1908 to more than $31,672,000,000.
In the election of 1908 the American people were given to understand
that the incoming Republican Administration would revise the prohibitive
tariff duties, from which the monopolies derived much of their power.
but theiniquitous Payne-Aldrich tariff bill, with its increases In the taxes
upon the American consumer, was written in 1909 in admitted violation of
the solemn pledges of the Republican Party.
The people of the United States voted in 1912 that the power of monopoly
must be destroyed. and President Wilson, then the candidate of the Democratic Party, gave his pledge that the will of the people should be faithfully
executed. The dominant issue upon which the Democratic Party sought
the suffrage of the people was forcibly expressed by Mr. Wilson in 1912,
when he said:
"The trusts are our masters now. We have come to be one of the worst
ruled, one of the most completely controlled and dominated Governments in
the civilized world—no longer a Government by conviction and vote of the
majority, but a Government by the opinion and duress of small groups of
dominant men. The Government of the United States in recent years has
to been administered by the common people of the United States. The
Government of the United States at present is a foster child of the special
interests. It Is allowed to have a will of its own. Our Government has
been for the past few years under the contro, of the heads of great allied
corporations with special interests."
These statements from the Democratic candidate were accepted as true
by the American people in the campaign of 1912 coupled with the platform
pledge of the Democratic Party in that year. That specific pledge roads
as follows:
"A private monopoly is indefensible and intolerable. We. therefore.
favor the vigorous enforcement of the criminal as well as the civil law
against trust officials, and demand the enactment of such additiona
legislation as may be necessary to make it Impossible for a private monopoly
to exist in the United States."
From 1912 until the present time no honest or continuous effort has been
made by a single Administration, either Republican or Democratic, to
JULY 12 1924.]
THE CHRONICLE
protect the American people from the exactions of private monopoly by
enforcement of the criminal sections of the anti-trust laws. These sections.
should and must be enforced if the power of corrupt business is to be broken.
"While the Democratic Party went into office pledged to destroy monopoly
by civil and criminal prosecutions, it withdrew or compromised even the
pending civil prosecutions against the trusts during the war, and left the
American people at the mercy of the greatest profiteers in all history. In
the last years of the Democratic administration, under the notorious regime
of Attorney-General Palmer. monopoly was recognized as beyond the
reach of the law, while labor unions, farmers' organizations and individual
citizens daring to assert their constitutional rights against this tyrannical
powoo were singled out for attack and destruction.
In 1920 the people expressed their resentment at their betrayal at the
hands of the Democratic Party by defeating it with the greatest popular
majority ever cast against a political party in the history of this country.
But since March 4 1921 the American people have learned that monopoly
has become as bold and ruthless in time of peace as in time of war. The
oil monopoly, after having been permitted under a Democratic administration to extract from the people enormous and unconscionable profits,
reached out for the remaining naval oil reserves of the Government. It
had already succeeded in obtaining from a Republican Congress and a
Democratic President control over large tracts of oil and mineral lands
outside the naval oil reserves, under the guise of a leasing bill. It now
resorted to the outright corruption of a member of the President's Cabinet
to attain its ends. It obtained the services of former members of the
Cabinet of thO preceding Democratic administration to aid it in extending
its dominion over the natural resources of the earth.
The American people will not be convinced of the sincerity or of the ca• pacity of the Democratic Party to govern by its mere condemnation of
Republican corruption. Corruption is the inevitable result of the present
system of monopoly control over Government.
The American people now understand that so long as they permit their
Government to remain in the hands of the monopoly power they will be helpless to control their destinites either in peace or in war.
Peace,liberty and economic freedom are the great principles to which the
American people are devoted. Progressives must champion these principles until they are firmly re-established in the life of this country.
The organized banldng interests, which own the railroads, control
credit and dominate the industrial life of the nation, will further oppress
labor, rob the consumer and, by extortionate railroad rates and dictation
of the terms of credit,reduce agriculture to the level of the European peasantry, if longer permitted to control this Government.
The ill-gotten surplus capital acquired by exploiting the resources and
the people of our country begets the imperialism which hunts down and exploits the natural resources and the people of foreign countries, erects
huge armaments for the protection of its investments, breeds international
strife in the markets of the world, and inevitably leads to war.
France, Germany, Great Britain and her self-governing dominions appear to have recognized the principle that the first step toward world peace
is the control of government of each nation by the people, and the dedication of government to the service of the masses. Had England,France and
Germany been under Liberal Governments in 1914, there would have been
no world war.
The surest reliance against war is democracy. The American People
must likewise control their own government and restrain their own war
makers before we can hope for world stability and comity with the governments which have recently been swept into power by the peace-loving peoples of other nations.
It is idle to hope to control the expenditures for our military establishment or to reply upon the making of treaties for disarmament, or to take
any.action for the preservation of peace and good will among nations, under
an American President and Congress elected and controlled by an organized
monopoly power which knows no law but might and greed and enjoys its
greatest profits in time of war.
It is equally futile to propose makeshift remedies for the temporary relief
of the terrible distress.which now exists among American farmers. These
deplorable conditions are the direct result of policy of the two old parties
which plunged prosperous agriculture into a ruinous panic. In all sections
of our country the farmer has felt the disastrous effects of the extortionate
railroad rates imposed by a Republican Congress and a Democratic President in the Esch-Cummins law, the deflation policy of the Federal Reserve
Board which the responsible leaders of both parties instituted and have
since defended, and the consistent policy of administration of both Parties
in leaving monopoly a free hand to set the price on everything the farmer
buys and everything he consumes, including farm machinery and imPlemeets, fertilizer and household necessities.
The hypocracy of the old parties was never more forcibly illustrated than
by a comparison of their platform declarations with the actual records
of their representatives in the session of Congress just closed. Professing
deep concern for the farmer, reactionary Republicans and Democrats failed
to produce a single constructive measure for the relief of agriculture,rejected
the only bills which were introduced for this purpose, and by their combined
votes against the votes of the Progressives forced Congress to adjourn for
the party conventions, defeating a resolution providing that Congress
should return after a month's recess to give immediate consideration to
farm relief legislation.
The present condition of agriculture is the natural result of Democratic
and Republican policies which have denied the farmer the equality to which
he is entitled.
The Progressives have demanded repeal of the Esch-Cummins Transportation Act, reduction of freight rates to substantially
their pre-war levels.
the reformation of the Federal Reserve Board, and the
removal of artifiical
burdens which have been placed upon the farmer by administrations serving
monopoly to the ruin of agriculture.
The farmer does not ask that he be given special
advantages. He realizes
that so long as the Government permits monopoly to
crush out his cooperatives by cuttthroat competition, control the prices of
his products at will,
and curtail his credit, there can be no sound, permanent prosperity for
agriculture. He understands that he must make common cause with the
wage earner, who is likewise at the mercy of
monopoly, and he must make
common cause with the consuming public which pays monopoly its extortionate profits. But this is the road to prosperity for all the people, unattainable by panaceas which leave monopoly entrenched in its present
tyrannical power over credit, industry and the Government itself.
I have long held the opinion that In the co-operative principle, as applied
to both marketing and credit, lies the best hope for dealing effectively with
monopoly. But unless the entrenched powers which now control the
economic life of this nation are restrained by the vigorous action of Congress and the Executive, the attempts of the people to free themselves
through co-operation will fail. In their uneven struggle against monopoly,
the people must insist that the Government be their ally rather than, as at
' present, the active agent of the enemy.
In order permanently to relieve the farmer and to prevent the recurrence
of agricultural distress, as well as to benefit the consumer through eliminating the unjust toll of middlemen and speculators in food products,
it is the
159
duty of the Government to aid the farmer in the organization and development of a national co-operative marketing system, under the control of the
farmers themselves, free from interference by the Government or its agencies. The Government must recognize that agriculture is entitled to be
placed upon an equal footing with other industries of the nation.
The progressive movement is the only political medium in our country
to-day which can provide government in the interests of all classes of the
people. We are unalterably opposed to any class government, whether it
be the existing dictatorship of plutocracy or the dictatorship of the proletariat. Both are essentially undemocratic and un-American. Both are
destructive of private initiative and individual liberty.
With the changing phases of a thirty-year contest, I have been more and
more impressed with the deep underlying singleness of the issue.
The supreme issue is not railroad control. It is not the tariff, banking
or taxation.
These and other questions are but manifestations of one great struggle.
The supreme issue, involving all others, is the encroachment of the
powerful few upon the rights of the many. This great power has come
between the people and their Government.
We must, with statesmanship and constructive legislation, meet these
problems, or we shall pass them on, with all the possibilities of violent
conflict and chaos, to our children.
Democracy cannot live side by side in any country with the present
system of control of government by private monopoly. We must choose.
on the one hand, between representative government, with its guarantee of
peace, liberty and economic freedom and prosperity for all the people, and
on the other, war tyranny and the impoverishment of the many for the
enrichment of the favored few.
Upon this issue I am ready to enlist with you to wage increasing warfare
until the American people have been restored to the full enjoyment of
their political and economic rights.
I am under no illusions as to the magnitude of the task we have marked
out for ourselves. This campaign will call for sacrifice, courage and
unsparing activity from every man and woman egnaged on the people's
side. But so long as the Progressives keep faith with the people and
remain steadfastly true to the principles which are at stake, we can face
the vast financial resources and the specious arguments of our opponents
with full confidence of success.
We start this campaign with the tremendous advantage of an old American tradition, deeply fixed in the hearts of the people, dervied from the
Declaration of Independence, that the great masses of men and women
are entitled to an equal chance, and that they possess the right to demand
equality at the hands of the Government under which they live.
Every great political advance in America has come from the efforts
of the common people of this country. It was upon them, and not upon
the privileged classes of socierty. that Jefferson, Jackson and Lincoln relied.
We shall be falsely accusea of advocating radical and destructive policies
even while we alone are fighting for the old principles upon which this
Government achieves its greatness. Happily, we can point to great
progressive Commonwealths like Wisconsin, where prosperity has been
enjoyed by business, agriculture and labor alike, when honest taxation
and efficient Government has been substituted for graft and corruption.
while the reactionaries of both Republican and Democratic parties must
share responsbility for the disastrous economic policies and shameful
corruption which have marked the last five years of administration of the
Federal Government,
Popular Government cannot long endure in this country without an
aggresively progressive party.
I stand for an honest rellagnment in American politics. Confident
that the people in November will take such action as will insure the creation of a new party in which all Progressives may unite.
I would not, however, accept nomination or an election to the Presidency if doing so meant for progressive Senators and Representatives and
progressive State Governments the defeat which would inevitably result
from the placing of complete third party tickets in the field at the present
time.
Permanent political parties have been born in this country, after and
not before national campaigns, and they have come from the people, not
from the proclamations of individual leauers.
The organization of a National Party among 110,000,000 people scattered over 48 States is a task of much magnitude as to requirements of
labor and the expenditures of large amounts of money. We are confronted with the practical difficulty that there is not sufficient time before
the election in November for the efficient organization of such a party.
If the hour is at hand for the birth of a new political party, the American
people next November will register their will and their united purpose by
vote of such magnitude that a new political party will be inevitable. If
the people in this campaign repudiate the Presidential candidates of the
Republican and Democratic parties—as in the providence of God I trust
and believe they will—we shall then witness the birth of a new party and
the beginning of a new era in the life of the AineriCall people.
I shall submit my name as an independent Progressive candidate for
President, together with the names of duly qualified candidates for electors,
for filing on the ballots in every State in the Union. My appeal will be
spread to every class of the people and to every section of the country.
I am a candidate upon the basis of my public record as a member of the
House of Representatives, as Governor of Wisconsin and as a member of
the United States Senate. I shall stand upon that record exactly as it is
Written, and shall give my support only to such progressive principles and
policies as are in harmony with it.
As a declaration of the program I intend to carry into effect if elected to
the Presidency by the votes of the people, I have adopted, in substance.
the platform submitted in a recent primary and endorsed by an overwhelming majority of the peple of Wisconsin.
In the course of the campaign I shall give frank expression to my views
on every political issue of recognized importance. The people have a right
to know the position of every candidate upon questions which are of vital
moment to them. I have never avoided or evaded issues. I shall not
do so now.
But I have sought at this time to define and to st apart from all other
questions what I regard as the dominant issues of this hour, upon the settlement of which depends the future freedom, prosperity and happiness of
the American people.
In a keynote speech William H. Johnston, Chairman of
the convention, declared that the people of the United States
"demand freedom from the exactions and oppressions of those
monarchs of commerce and finance who to-day dictate the
prices at which the producers on the farms and in the cities
must sell their labor and the products of their toil, who dictate also the prices which the consumers must pay for all
the necessaries, comforts and luxuries of life." He added:
160
THE CHRONICLE
[VOL. 119.
This is a power far greater than King George III. or any other monarch time to crush his influence. The two-thirds rule, born out of that political
emergency, turned the trick. It sidetracked Calhoun permanently and
of modern times ever dared assert.
"There is no economic freedom, no equality of economic opportunity in started Van Buren on the high road to the presidency by the vice-presidengroup
tial route.
its
people.
great
of
any
common
for
the United States to-day
The two-thirds rule, although framed for a particular purpose, con"Where is economic freedom for the farmers, for the employees of industry, for the independent manufacturer, for the small merchant, for the in- tinued in force after the immediate occasion for its adoption had passed. It
has never been repealed. It acted as boomerang, however, against its first
dependent banker?"
He said the rahroad employees had learned this lesson, "and are here to- beneficiary. After serving one term in the presidency as Jackson's successor.
and
knowledge.
after having been defeated for reelection in 1840 by Harrison, Van
this
of
result
day" as a
"In their controversies with the railroads," he continued,"they were, as a Buren was again a candidate in 1844. A large majority of the delegates
result of organization. fairly evenly matched until the railroad corporations met at Baltimore pledged to his selection. But Van Buren's views on the
brought into play the forces of alleged Governmental authority, swinging annexation of Texas were not acceptable to the slave States, which combined
first the club of a Government board dominated by the money power and and secured a reaffirmation of the two-thirds rule and thus kept Van Buren
then the bludgeon of the shameless Daugherty, backed by hordes of deputy from getting the nomination. The prize went to James K. Polk, who was
marshals and the threat of troops. The farmers also are here to-day be- election tho following November.
It has often been said that Champ Clark was the first and only candidate
cause they have learned this lesson, and they have seen the mighty machinery of the Federal Reserve System used to deflate their credit and plunge to receive a majority of votes in a Democratic national convention and
bankruptcy.
fail to win the nomination. This is not correct, for Van Buren shared
then
and
poverty
into
them
"It is clear, therefore, that the people of the United States must regain the same fate, and in the latter's case there was a measure of poetic justice
control of their Government in order that they may move forward toward in being destroyed by the same weapon of expediency that he and his friends
that economic freedom that was intended by the Declaration of Indepen- had so cunningly devised for the destruction of a political foe.
dence when it proclaimed man's inalienable right to 'life, liberty and the
Regarding the views of William Jennings Bryan in oppopursuit of happiness.'"
It was for this reason, Mr. Johnston said, that the National Conference sition to the two-thirds rule, we quote the following from
for Progressive Political Action was called together "during the dark days Pittsburgh June 19, published in the New York "Evening
of 1922. when the forces of reaction" were firmly entrenched at WashingPost":
ton.
William Jennings Bryan. leader of the Florida delegation to the Democratic National Convention, in a statement to-day said he would favor
History of the Two-Thirds Rule in Democratic
abolition of the two-thirds rule in the convention provided the present State
National Conventions.
unit rule also was abolished. Mr. Bryan, who was en route to New York,
here to deliver a lecture.
One of the striking features of this year's Democratic stoppedBryan
refused to discuss candidates,saying his
Mr.
was pledged
National Convention was the fact that the delegates over to support William G. McAdoo for the Presidentialdelegation
nomination. He said
and over refused to abrogate the rule which requires that a he expected to be a member of the resolutions committee.
"I have for many years favored the abolition of the two-thirds rule in the
candidate must receive two-thirds of all the votes cast in convention
provided that the unit rule is abolished at the same time," Mr.
order to be nominated. The Atlanta "Constitution" of Bryan said. "At present the two-thirds rule is the only protection against
June 11 published the following relative to the history of the unit rule.
the unit rule, forty-six delegates out of ninety in New York can
the two-thirds rule, by J. L. Sherrard, of Anderson, S. C., use"Under
as they will the other forty-four. The same is true of any State that has
a well known attorney of that State. Mr. Sherrard traces the unit rule. In the four big States, New York, Pennsylvania, Illinois and
the history of this rule from the time it was put into effect, Ohio, a bare majority of the delegates can control a minority, amounting
to something like 125 delegates. A similar
could control the
in the convention of 1832, the author being Andrew Jackson, smaller States; thus a little more than a thirdcombination
of the delegates might be able
date:
present
spite
in
a
protest."
of
nominate
majority
to
to the
By J. L. Sherrard.
The rule requiring a two-thirdsvote for the nomination of candidates for
Democratic Nominees of Other Years and Ballot on
President and for Vice-President, the unbroken policy of the Democratic
Which They Were Named.
Party for nearly a hundred years, was first put into practice by the Democratic National Convention at Baltimore, in 1832. Its author was Andrew
The following is from the New York "Herald-Tribune"
Jackson, and its immediate purpose was to keep Vice-President John C.
Calhoun from getting the nomination again as Jackson's running mate.
of June 29:
Democratic Presidential candidates of the.past and the ballots on which
It overthrew Calhoun and set up Martin Van Buren as Old Hickory's
the
course
changed
of
materially
It
heir.
political
and
right-hand man
they were nominated follow:
political history. Eighty years later, at Baltimore, it shattered the hopes of 1832—Andrew Jackson, of Tennessee, nominated by acclamation at
Baltimore.
Champ Clark and raised up a new leader in the person of Woodrow Wilson.
And the course of political history was again affected in perhaps a larger 1835—Martin Van Buren, of New York. nominated on first ballot at
way.
far-reaching
and more
Baltimore.
The two-thirds rule was the first parent of what has since come to be 1840—Martin Van Buren, nominated by acclamation at Baltimore.
known as the "steam roller," an expedient that a militant majority has 1844—James K.Polk.of Tennessee, nominated on ninth ballot at Baltimore.
often called into play when strong-arm methods seemed necessary to carry 1848—Lewis Cass, of Michigan, nominated on fourth ballot at Baltimore.
1852—Franklin Pierce, of New Hampshire, nominated on ninth ballot
its point.
at Baltimore.
The breach between Calhoun and Jackson. who had at first been close
friends and political allies, grew out of, their widely conflicting views on 1836—James Buchanan, of Pennsylvania, nominated on seventeenth ballot
at Cincinnati.
the issue of States' rights. The trouble began with the tariff laws of 1824
and 1828, which had introduced a system of protection for home man- 1860—Stephen A. Douglas,of Illinois, led on fifty-seventh ballot at Charlesufactures. The South was strictly an agricultural section, relying upon
ton. Convention then adjourned to Baltimore, where Douglas
was named on second ballot.
its unskilled and slave labor to extract a living from the soil. It had no
manufacturing enterprises, and It stoutly objected to a tariff system which 1864—George B. McClellan, of New Jersey, nominated on first ballot at
gave special privileges, as it claimed, to Northern manufacturers at its
Chicago.
1868—Horatio Seymour, of New York. nominated on twenty-second ballot
expense.
loose
of
view
the
to
over
gone
constructionist
gradually
at
New York.
Jackson had
the Federal Constitution, and his opinion had become elastic enough to 1872-1Iorace Greeley, of New York, nominated on first ballot at Baltimore.
accept the doctrine of protection and of internal improvements. The 1876—Samuel J. Tilden, of New York, nominated on second ballot at
St. Louis.
Calhoun wing of the party clung to the theory of government laid down in
the Kentucky and Virginia resolutions of 1798. affirming the right of any 1880—Winfield S. Hancock. of Pennsylvania, nominated by acclamation
the
that
Congress
of
State
Act
should
any
void
and
after
null
second ballot at Cincinnati.
State to declare
judge to be unconstitutional. Following the passage of a new tariff Act in 1884—Grover Cleveland, of New York, nominated on second ballot at
Chicago.
1832, which convinced the extreme Southern Democrats that protection
had become the settled policy of the Government, the resentment felt by 1888—Grover Cleveland, of New York, renominated by acclamation at
in
and
heat
the
culminated
fever
atto
up
flared
St. Louis.
the Calhoun followers
1892—Grover Cleveland,of New York. nominated on first ballot at Chicago.
tempt at nullification by South Carolina in 1832.
1808—William J. Bryan, of Nebraska, nominated after fifth ballot at.
Both Uncompromising.
Chicago.
before
the
sometime
nullification
Jackson
with
broken
had
Calhoun
1900—William J. Bryan, nominated by acclamation at Kansas City.
But
Incident. Both men were high-minded and of an uncompromising disposi- 1904—Alton B. Parker, of New York. nominated after first ballot at
St. Louis.
tion. Early in 1831, the South Carolina statesman launched an attack
upon the President, causing a breaking up of the Cabinet, several of whose 1908—William J. Bryan, of Nebraska, nominated on first ballot at Denver.
had
been
Calhoun,
of
raised
supporters
members,
ardent
1912—Woodrow Wilson, of New Jersey, nominated on forty-sixth ballot
most influential
State under Jackson,
at Baltimore.
to power by his influence. Van Buren, Secretary If
was held responsible by Calhoun for stirring up the bad feeling between 1916--Woodrow Wilson, of New Jersey, renominated by acclamation at
but
voluntarily,
he
lost
resigned
St. Louis.
the President and himself. Van Buren
none of the high favor he held with his chief. He remained the head ad- 1920—James M. Cox, of Ohio, nominated on the forty-fourth ballot at
known
as
President,
the
the
of
friends
loyal
of
group
unofficial
San Francisco.
viser of an
"Kitchen Cabinet."
to be Minister
In January 1831, Van Buren was named by the President
Senate after he had
Democratic Convention Coats.
to England. His nomination was rejected by the
arranged that there
entered upon his post of duty at London. It had been
on account of the Democratic
Vice-President,
the
expenditures
the
Calhoun,
That
that
so
Senate
the
in
vote
tie
a
be
should
against confirmation.
might have the opportunity to cast the deciding vote
convention have gone far beyond the amount anticipated
of
feeling
the
the
JackThis act of vengeance and of humiliation intensified
was helpful to the am- was indicated on the 8th inst. when it was stated that
son men against Calhoun, while the reaction from it
political heir to the the officials of the National Committee had estimated
bitious plans of Van Buren, who aspired to become the
tremendous Jackson power and influence.
that the cost to date was $800,000, with a probable final
Effect of Rule.
the country as the
The year 1832 is notable in the political annals of
in national convenfirst time that presidential nominations were made
government from the old
tions. It was a step forward in representative
lower Southern States,
caucus and legislative methods of nomination. The
very considerable porloyal to Calhoun and his principles, constituted a
the problem of the
and
convention,
tion of the delegates to the Baltimore
running and at the same
Jackson men was how to keep Calhoun out of the
cost of $1,000,000. The following is from the "New York
Herald-Tribune" of the 9th inst.:
The National Committee received $205.000 from the local committee,
the price of bringing the convention to New York. The Board of Estimate
appropriated $200,000 for the use of the Mayor's Committee for the entertainment of visiting delegates and their friends. The city also set aside
a reserve fund of $54,000 which was transferred from the balance of the
JULY 12 1924.]
THE CHRONICI.F.
fund for the recent celebration of New York's silver jubilee. Fifty-four
sub-committees of the local city committee have spent about $2,000 each for
entertainment. This is apart from the committee's general fund for that
purpose. It was estimated that about $70,000 had been expended by
private individuals in their homes for the entertainment of delegates and
visitors to the convention.
$500 a Day for Band.
The contract for putting the Garden in shape for the convention amounted
to $37,500. The band of forty pieces has cost $500 a day. The band
contract expired Monday at 4 p. m., and the money was not in sight at that
time to continue this important attraction, which has done so much to
cheer the weary delegates during the long sessions. An effort was made by
the local committee to obtain the Police Department Band for the remainder
of the'proceedings, but previous engagements prevented the band from
filling the gap. Some one, name unknown, finally pledged the necessary
wampum to keep the Seventh Regiment Band on the job.
The payroll for ushers, attendants, ticket takers and others at the Garden
amounts to several thousand dollars daily. Part of this expense is met by
the National Committee, but the larger part is taken care of by the local
committee.
Another item of expense is the cost of retaining the eight large spotlights
in the upper tiers which have been used to illuminate the scene for the
purpose of taking motion pictures. The lights were to have been discontinued as soon as the picture of the nomination spectacle was made. Under
normal circumstances this might have come at least within a week, but
fourteen days have passed without a nomination. It costs $200 a day to
retain the big lights.
Macy Club Cost $50,000.
Macy's Convention Club, on the site of the old Madison Square Theatre.
has relieved the committees of a substantial expense, as it was said a similar
rest room for the delegates would have been provided if the Macy company had not undertaken the venture. The management of the club
estimated yesterday that it probably would have cost the company $50,000
tor rental and other expenses connected with the club. It has not only
proved to be a live advertising project, but a most welcome innovation for
the delegates.
Down in the basement of the Garden is another club which has earned
the gratitude of every working newspaper man in the convention. The
Convention Newspaper Club. maintained by the New York "World" and
the Baltimore "Sun," has served about 2,000 guests daily with sandwiches,
hotdogs, ice cream, coffee, near beer and other refreshments. The club
maintains its lunch counter from noon to 2:30 p. m. at the day sessions
and from 10 to 11:30 o'clock at night. It is estimated that the cost of the
two newspapers acting as hosts in this venture has been about $1,000 a
day.
Nearly 2,500 sandwiches and frankfurters, with an equal number of bottles
of beer, soda, ,cc., have been furnished without charge
to the newspaPer
men visiting the club daily. An average of 800 cups of hot coffee and 400
dishes of ice cream have been served daily. The club hosts
said yesterday
that they intended to keep the lunch counter going until the convention
finished its deliberations if it took all summer.
Cost Close to $1,000,000.
There are innumerable expenses connected with the convention which
fall upon the national and local committees which cannot
begin to be designated without a detailed reference to an intricate bookkeeping system. A
complete record of receipts and expenditures is not available and
maY
never be. Hundreds of dollars are placed here and there to meet small
emergencies and to make the lives of the delegates bearable in
little ways
as they toll and toil through the seemingly endless proceedings. Based on
the figures available, however, it would not appear unreasonable to estimate the cost of the 1924 convention at close to *1.000.000. even if the big
show should end to-day.
No accurate estimate can be made of the cost to the delegates themselves
for food and lodging and individual recreation and entertainment, but the
hotels, stores, restaurants, theatres, &c.. are several hundred thousand
dollars to the good. Perhaps another $1,000.000 would not be far out of
the way for this item. Father Knickerbocker should worry.
The maintenance of the headquarters of the score of Presidential candidates at the hotels is still another bounteous crib upon which Manhattan is
feeding. There are five "Presidential headquarters"
on the ground floor
of the Waldorf-Astoria, those of Smith, Underwood, Davis,
Cox and Glass.
They are all in sumptuous quarters, and even at regular
hotel rates the bill
In each instance amounts to several hundred
dollars a day. Governor
Ritchie of Maryland, Governor Slime of New Jersey,
and Major George
Berry of Tennessee, a Vice-Presidential aspirant,
maintain less expensive
headquarters on the upper floors of the Waldorf. The headquarters of other
candidates are scattered In a dozen different hotels. The
hotel managements say that regular rates—no advance—is being charged for these parking spaces, but even on that basis it is a considerable item.
The expenditure of the newspapers, news services, &c., for rooms in the
Waldorf and other hotels, in some instances occupying a commodious suite,
amount to many thousands of dollars, perhaps another quarter or half
million. The expense accounts of the staff reporters, still in course of
preparation, are expected, when finally presented, to add another million
to the general convention cost.
161
Motion to Quash Doheny Oil Indictments Filed.
A motion to quash the indictments recently returned by
the Grand Jury in Washington against Edward L. Doheny
and his son, Edward L. Doheny, Jr:, in connection
with
the oil leases, was filed in Criminal Court No. 2 at Washington on July 7 by Frank J. Hogan, counsel to the Dohenys.
This constitutes the first move against the indictments by
any of the defendants, among whom were included Ex-Secretary of the Interior Albert B. Fall, and Harry F. Sinclair,
the oil operator. The Dohenys were named in two indictments, one alleging conspiracy to defraud the Government
and the other charging the offering of a bribe of 8100,000 to
Fall. The motion of Mr. Hogan sets forth that it was the
clear intent of Congress in passing the Act of Feb. 8 1924 to
take the oil investigation out of the hands of the Department
of Justice and confide it to the special'counsel to be appointed
by the President, with the "advice and consent of the Senate." This was desirable, Mr. Hogan stated, because the
Senate knew that former Attorney-General Daugherty and
Albert B. Fall were friends. Mr. Hogan further said:
The debate in the Senate made it perfectly plain that it was the intent of
Congress to take these cases wholly out of the hands of the Department of
Justice. The fact that because of the friendship which had existed between
Attorney-General Daugherty and Secretary Fall the Senate thought it
unwise, even improper, to have any one connected with the Department of
Justice associated with these cases was strongly emphasized. Yet the
District Attorney, Peyton Gordon, Oliver E. Pagan, known as the indictment expert of the department, and probably ethers were present before
the Grand Jury.
The law provides, and properly, that no person not connected with a
cause may appear before the Grand Jury.
This is proper, because otherwise those pressing a weak cause might seek
to overawe a Grand Jury by a vast array of counsel, or even intimidate it by
the presence of troops. Therefore, the presence of even one person not
legally entitled to appear before the Grand Jury vitiates the entire proceeding and nullifies any indictment it may render.
In these cases the sole purpose of providing special counsel to be appointed
by the President and confirmed by the Senate was to exclude by law the
Attorney-General and all of his assistants.
Yet from time to time Peyton Gordon. District Attorney, attempted to
exercise "charge and control" over Grand Jury proceedings, in direct violation of the law, and, furthermore. even Senator Pomerene and Mr. Roberts
appeared there under the guise of an appointment by the Attorney-General
designating them as "special assistants to the Attorney-General," not in
their lawful capacity as special counsel for the Government. Under the
law, the terms of which are specific and unmistakable, representatives of
the Department of Justice had no more right in the Grand Jury room than
any other outsider.
As I set forth in my motion, their presence there was prejudicial to a fair
consideration of the case.
A copy of the motion to quash the indictments was served on District
Attorney Gordon as soon as filed in the Supreme Court. It is hardly likely
that the motion will be acted upon before the fall term of the court.
Harry F. Sinclair filed a plea in abatement in the District
of Columbia Supreme Court on July 8 attacking the validity
of the indictment charging him with consipracy with Albert
B. Fall, to defraud the United States in connection with
naval oil reserve leases. He argued that the indictment was
vitiated by the presence of representatives of the Department of Justice in the Grand Jury.
Permission Granted to United States Senate to Appeal
Mal Daugherty Case.
Permission was granted to the United States Senate on
July 8 at Cincinnati to appeal to the Supreme Court the
decision of Federal Judge A. M. J. Cochran, who held that
the Senate had no power to compel a witness to testify before
it in the aid of legislation. The decision was given in the
case of Mal S. Daugherty, the banker of Washington Court
House, Ohio, and brother of the former Attorney-General,
who refused to answer a subpoena issued by the Senate comThe following is from the New York "Evening Post" of
mittee to appear before it with the records of his bank. In
last night (July 11):
its assignment of errors, the Senate sets forth the following
Rumors were current to-day that the convention
delegates were not the
only ones in this city who had found themselves
with greatly depleted bank- thirteen points pa which, it is alleged, Judge Cochran erronrolls, but that the Mayor's Committee which
handled the matter of entar- eously ruled in his opinion of June 11:
tabling the
visiting Democratic lumintries had very materially over-reached
Itself in the spending of money.
Grover A. Whalen, Vice-Chairman of the
Mayor's Committee on Reception to Distinguished Guests,denied the rumor
that the contmittee had spent
more than was allotted to it by the Board
of Estimate and the Board of
Aldermen. The amount allotted to the committee
was $230,000 and Mr.
Whalen expressed the conviction that the
expenditures of the committee
would not be beyond this figure.
"Of course I cannot at this time tell exactly what
was spent," said the
Vice-Chairman. "I do not anticipate, however, and
know of no reason
why the appropriations will not prove ample to meet all
the obligations we
Incurred. Naturally the length of the convention
was something we did
not figure on when we planned the entertainments and comforts of those
who were our guests, so to speak. But the spending of
the *230.000 was
very carefully supervised, as usual, and in no case was there, any wild
spending of money.
*t"As soon as we can get the accounts in shape, and we are now working
on them, the books will he carefully audited by the Audit Co. of New
York and then we will make public the data to show exactly how every
penny was spent. We will also make an accounting to the proper city
officials, as is always done. In the meantime any rumors to
the effect that
we have gone beyond our depth are,to my mind, mere figments someone's
of
imagination."
1. In allowing the application of the petitioner, Mal S. Daugherty, for a
writ of habeas corpus.
2. In discharging Mr. Daugherty from the custody of John J. McGmin
and from the custody of the Court.
3. In refusing to sustain the motion to discharge the writ.
4. In refusing to remand the petitioner to the custody of John J. McGrain, as Deputy Sergeant-at-Arms of the Senate.
5. In holding that the action of the Senate Committee in attempting to
compel the petitioner to testify before it is absolutely void.
6. In holding that the Senate's action is invalid and absolutely void in
that in ordering and conducting the investigation it is exercising a judicial
function not conferred upon it expressly or by fair implication by the Constitution.
7. In holding that the Senate by its resolution usurped judicial power and
encroached on the prerogatives of the House of Representatives.
8. In holding that the investigation is a personal investigation of Harry
M. Daugherty.
9. In holding that the Senate resolutions conferred no authority to make
any investigations.
10. In holding that the Senate is without power to compel attendance and
testimony of witnesses in aid of its legislative function.
11. In failing to distinguish between the judicial power to punish, as
punishment, and the power which necessarily inheses in Congress, Or in
162
THE CHRONICLE
either House thereof, to punish only to the extent necessary in order to
prevent obstruction to its functioning.
12. In holding in this case that the action of the Senate is subject to
judicial review.
13. In holding that the expression by the Senate, that it had in contemplation other possible action in addition to legislative action,invalidated the
entire proceedings and made it absolutely void.
National Conference on Outdoor Life—Aims Explained
by President Coolidge and Assistant Secretary
of Navy Roosevelt.
In opening in Washington May 22 the National Conference
on Outdoor Life, President Coolidge pointed out that "those
who are engaged in our industries need an opportunity for
outdoor life and recreation no less than they need an opportunity for employment." "No more truly democratic force,"
he said, "can be set off against the tendency to class and
caste than the democracy of individual parts and prowess in
sports," and he expressed the hope that "out of this conference there may come a better appreciation of the necessary
development of our life along these directions." The hope
was also expressed by the Prsident that the conference "can
co-ordinate our national resources and opportunities" with a
view to stimulating "every possible interest in out-of-door
health-giving recreation." In April President Coolidge announced the appointment of a committee of five charged
with the promulgation of "a national policy which should
not merely co-ordinate under Federal guidance all activities
in behalf of outdoor recreation but also formulate a program to serve as a guide for future action." President
Coolidge stated that the lead in the furtherance of such
a movement must and should be taken by our national
At present, he said at that time,
Government.
outdoor recreation is fostered by State, municipal and private agencies and Federal Bureaus. "In order to handle
this matter properly," he said, "to adjust the widely separated viewpoints and interlock the interests concerned efficiently, there should be a definite and clearly prescribed
national policy." The committee named by the President
consisted of Secretaries Weeks of the War Department, Work
of the Interior Department, Wallace of the Agriculture Department and Hoover of the Commerce Department, and
Assistant Secretary Roosevelt of the Navy Department. It
is stated that the proposal for such a committee was put forward originally by Mr. Roosevelt. In addressing the conference on May 22, President Coolidge said:
This conference has been called to encourage Americans to make more of
their opportunities and appropriate more of the advantages of America.
For a long time one of the ideals of perfection has been that of a sound
mind in a sound body. When most of our original educational institutions
were founded they at first served a race of pioneers. They were attended by
those whose very existence depended on an active outdoor life in the open
country. The most universal custom among all the people was bodily exercise. Those days Icing ago passed away for most of the people of this
country.
There is still and must ever be a tremendous amount of manual labor, but
to a large extent this has become specialized and too often would be designated correctly as drudgery. The opportunity for education of the mind,
hcwever, has greatly increased until it has become well-nigh universal.
School and college athletics have become necessary. With the development
of our industrial and commercial life there are more and more who are engaged in purely clerical activities. All of this makes it more necessary than
ever that we should stimulate every possible interest in out-of-door health.
giving recreations.
I am hopeful that the conference can co-ordinate our national resources and
opportunities in a way better to serve this purpose. It is by no means intended that there should be any suggestion of Federal domination of such
activities. Necessarily they are largely local and individual, and to be
helpful they must always be spontaneous. But this conference can be of
great aid by making something of an inventory of our national resources
and opportunities and determining how these may best be put to this most
desirable use, and, further, by exchanging ideas, create new interests and
open to view new fields.
Nearly every city is making large appropriations for laying out spacious
parks and playgrounds. These are providing recreation fields for the playing of outdoor games by both old and young. Golf courses and tennis courts
abound. Too much emphasis cannot be placed on the effort to get the children out of the alleys and off the streets into spacious open places where
there is good sunlight and plenty of fresh air. Such an opportunity has both
a physical and mental effect. It restores the natural balance of life and
nourishes the moral fibre of youth.
Another activity which is being encouraged is that of gardening. This is
necessarily somewhat limited, but the opportunity for engaging in it has
never been anywhere near exhausted. It makes its appeal alike to youth and
age. It is extremely practical on the one hand, and lends itself to the
artistic on the other. A form of recreation not so accessible to all as many
games, but one which has in it a peculiar hold on that which is elemental
in human nature, is hunting and fishing. These are true outdoor sports in
the highest sense, and must be pursued in a way that develops the energy,
perseverance, skill and courage of the individual. They call for personal
direction, and cannot be taken up vicariously. There is a great wealth of
life and experience in this field which is never exhausted, but is always
fresh and new. It is accompanied by traits of character which make a universal appeal. It cannot be that our country is making a great outlay for
playgrounds in our schools, for athletic fields in our colleges, for ball fields
in our cities, for recreation parks in our metropolitan districts, for State and
national forest reservations, unless they all represent an opportunity for a
real betterment of the life of the people. These are typically American in
all their different aspects. They minister directly to the common welfare
of our inhabitants.
[VOL. 119.
We have at hand these great resources and opportunities. They cannot be
utilized to their fullest extent without careful organization and methodical
purposes. Those who are engaged in our industries need an opportunity for
outdoor life and recreation no less than they need opportunity for employment. Side by side with the industrial plant should be the gymnasium and
the athletic field. Along with the learning of a trade by which a livelihood
is to be earned should go the learning of how to participate in the activities
of recreation.
No more truly democratic force can be set off against the tendency to class
and caste than the democracy of individual parts and prowess in sports. Out
of this conference I trust there may come a better appreciation of the necessary development of our life along these directions. They should be made
to contribute to health, to broader appreciation of nature and her works, to
a truer insight into the whole affair of existence. Through them we may
teach our children true sportsmanship, right living, the love of being square,
the sincere purpose to make our lives genuinely useful and helpful to our
fellows. All of these may be implanted through a wise use of recreational
opportunities.
I want to see all Americans have a reasonable amount of leisure. Then I
want to see them educated to use such leisure for their own enjoyment and
betterment, and the strengthening of the quality of their citizenship. We
can go a long way in that direction by getting them out of doors and really
interested in nature. We can make still further progress by engaging them
in games and sports. Our country is a land of cultured men and women.
It is a land of agriculture, of industries, of schools and of places of religious
worship. It is a land of varied climes and scenery, of mountain and plain,
of lake and river. It is the American heritage. We must make it a land of
vision, a land of work, of sincere striving for the good, but we must add to
all these in order to round the full statute of the people, an ample effort to
make it a land of wholesome enjoyment and perennial gladness.
The April 14 statement of President Coolidge announcing
the appointment of the committee of five said:
Particularly within the last decade, the outdoor recreation spirit among
our people has increased rapidly. During this period there have been put
forward projects—Federal, municipal, State and private—to expand and
conserve throughout the country our recreational opportunities. It is almost idle to emphasize their value to the country. The physical vigor,
moral strength and clear simplicity of mind of the American people can be
immeasurably furthered by the properly developed opportunities for life in
the open afforded by our forests, mountains and waterways. Life in the
open is a great character builder. From such life much of the American
spirit of freedom springs. Furthering the opportunities of all for such life
ranks in the general class with education.
Our aim in this country must be to try to put the chance for out-of-door
pleasure, with all that it means, within the grasp of the rank and file of
our people, the poor man as well as the rich man. Country recreation for
as many of our people as possible should be our objective.
Though all are concerned in this matter, the lead must be and should be
taken by the national Government. Our national Government already is
concerned in many phases of it, but in an incoherent manner. In the
administration of national parks, national forests, wild-life reserves, and
unreserved domain, the Government holds almost unlimited opportunities
for this form of public service. The function of the Federal Government in
the construction of highways, in the study of the propagation and protection of game animals, birds and fish, has a very decided bearing upon the
recreational facilities open to our people.
At present outdoor recreation is fostered by State, municipal and private
agencies and Federal Bureaus—the National Park Service, the Forest Service, the Biological Survey, the Bureaus of Fisheries, Plants, Public Roads
and others. There are State parks in many of the States, State roads, State
conservation commissions and other like agencies. There are also many
civilian organizations that impinge on this question; for example, the various sportsmen's associations, containing hundreds of thousands of members and, spread through every State, the campfire associations, the Boy
and Girl scouts, the conservation groups, and thousands of others. In order
to handle this matter properly, to adjust the widely separated viewpoints and
interlock the interests concerned efficiently, there should be a definite and
clearly prescribed national policy. The whole matter, being nation-wide in
its scope, demands such handling. The object to be secured should therefore be to promulgate a national policy which should not merely co-ordinate
under Federal guidance all activities in behalf of outdoor recreation, but
also formulate a program to serve as a guide for future action.
I am asking, therefore, Secretary Weeks, Secretary Work, Secretary Wallace, Secretary Hoover and Assistant Secretary Theodore Roosevelt to form
a committee and to suggest to me how they think such a national policy can
best be formulated and put into action.
Circuit Court Grants Injunction Against
Unauthorized Use of Term "Realtor."
An injunction against the unauthorized use of the word
"realtor" has been granted by the Circuit Court of the City
of Norfolk, Va., the decree, we learn, being based on an
opinion stated by the Court that the use of the term "realtor"
by a real estate dealer not a member of a real estate board
belonging to the National Association of Real Estate Boards
"is of such a character as to mislead and deceive the public,
and so deprive them of the protection afforded by actual
membership in such a board." The decree was issued on
complaint of the National Association of Real Estate Boards
and its member board, the Norfolk Real Estate & Stock
Exchange, Inc., against C. E. Townsend, defendant. It
bears date June 16 1924. Regarding the case, the National
Association of Real Estate Boards, in a statement under
date of June 28 said:
Virginia
The complaint cites that the term "realtor" is a coined word, originated
by a Minneapolis real estate dealer and given to the National Association
of Real Estate Boards, and that it means that the person, firm or corporation after whose name the term appears is a member of a constituent
board of the national association. It cites further that the term means
that the 'constituent local board and the National Association of Real
Estate Boards vouch for and guarantee that the person,firm or corporation
licensed by the national association to use the title "realtor" has been
passed upon by the proper committees, and is held out to the public as
having the ethical stadnard, character, reputation, knowledge and responsibility as well as the other qualities and characteristics which are
required of members of real estate boards affiliated with the national
association.
JULY 12 1924.]
THE CHRONICLE
It further cites the fact that the defendant, C.E. Townsend of Norfolk.
is not, and never has been, a member of the Norfolk Real Estate & Stock
Exchange, Inc., or of any other constituent member board of the national
association.
Use by such non-member of the national association, the citation holds,
is a fraud, not only on those real estate dealers who are in good standing
as members of a body affiliated with the national association, but is also
a fraud against investors in real estate, who are deprived of the protection
given them by local affiliated boards in the discipline of their members.
Notice of an application for an injunction was served upon the defendant
on May 2 1924,following a series of letters from F. B. Brunyate, Executive
Secretary of the Norfolk board, and from the national association calling
attention to the fact that the use of the trade name on the defendant's
window was a violation of the association's exclusive right in its use.
Motionfor injunction was made May 12, after promises of the defendant
to remove the unauthorized sign had not been kept.
The decree of injunction is furnished in full as follows by
the association:
Virginia: In the Circuit Court of the City of Norfolk on the 16th day of
June 1924.
Norfolk Real Estate and Stock Exchange, Inc., a corporation, and The
National Association of Real Estate Boards, a corporation, complainants,
vs. C. E. Townsend, defendant.
This cause came on this day to be heard upon the notice of the above
complainants to the defendant, the verified bill of complaint, the affidavit
of F. B. Brtmyate, the exhibits filed, and was argued by counsel.
And the Court being of opinion that the use of the word, "realtor," by
the defendant is of such a character as to mislead and deceive the public and
to cause them to think that the place of business of such a person is that of a
member of a constituent member of the National Association of Real Estate
Boards and so deprive them of the protection afforded by actual membership in such a board and consequent liability to discipline for improper
conduct.
It is therefore adjudged, ordered and decreed, that the said C.E.Townsend, his clerks, agents, servants and employees, and each and every one of
them, are hereby restrained and enjoined from the further use of the term
and designation "realtor" or word of like appearance upon his office door,
office windows, bill-boards, sign boards, stationery, calling cards, or newspaper advertising, or on any other material or in any other place, or in any
way in which it may or might be used by or in connection with the real
estate business, or in any other manner.
And nothing further appearing to be done in the above entitled cause the
same is ordered stricken from the docket.
Recalls Illinois License Decision,
The Norfolk decision in upholding the National Association's exclusive
right to the use of the term "realtor" is expected to strengthen greatly the
whole national movement for the enforcement of professional standards of
conduct and competency within the real estate business.
The injunction decree is based on grounds essentially the same as those
upon which a recent decision was made by the Illinois State Department of
Education and Registration. This department, which administers the
Illinois real estate broker license law, had before it a firm which, though
not a member of a real estate board belonging to the National Association,
had persistently advertised itself as "realtors." The Illinois department
ruling held that such persistent misuse was a substantial misrepresentation
to the public, constituting dishonest conduct, and denied the firm a license.
163
by the Chesapeake & Ohio Ry. Co., according to an announcement from the general offices at Richmond, Va.
The increase was retroactive to May 1. This action was in
line, it is stated, with an increase given to engineers and firemen recently.
Gulf Mobile & Northern RR. and Seaboard Air Line
Grant Wage Increase.
The Gulf Mobile & Northern RR. and the Seaboard Air
Line are said to have granted wage increases recently ranging
from 2 cents an hour to $11 a month, to maintenance of way
employees, effective April 1 and May 1, respectively.
Settlement of Wage Dispute on Buffalo Rochester &
Pittsburgh RR.
The Railroad Labor Board recently received notice that
Buffalo Rochester & Pittsburgh Ry. and its engineers and
firemen had reached a settlement on their wage dispute.
The controversy arose when the road .withdrew from the
pact of the eastern group of carriers to settle with their enginemen along the lines of the New York Central settlement.
The men called for a strike vote and the board assumed
jurisdiction. The engineers and firemen, it is stated, received a 5% increase in wages on their pledge to confer
regarding changes in rules and working conditions. These
conferences are now under way with the outlook for quite
substantial revision of the present rules in order to compensate the road for the additional payroll burden, it is said.
Wage Increase on Boston & Maine RR.
Newspaper accounts say that representatives of 5,000 or
more trainmen and conductors of Boston & Maine have
signed new agreements with the management with a 5%
wage increase offered by company to go into effect immediately. Some changes in working rules were also agreed to.
Locomotive Engineers' Brotherhood Elects New Chief.
L. G. Griffing of New York was elected Grand Chief
Engineer of the Brotherhood of Locomotive Engineers at
Cleveland on June 24. Only one ballot was taken. Griffing
was formerly a Vice-President of the Brotherhood. F. A.
Burgess, Franklin, Pa., and Ash Kennedy, Toronto, CanDivisional Organization Formed by Some Southern ada, were re-elected assistant grand chiefs. Griffing will
Railway Employees to Work for Success of
have charge of the brotherhood's labor activities, working
New Bonus Plan.
in cooperation with Warren S. Stone, former grand chief,
According to newspaper dispatches, certain of the em- who has been made President of all brotherhood organizaployees of the Southern Railway have formed a divisional tions.
organization to work for the success of a bonus plan which
has been adopted by that system, it became known on July 8. Willis G. Nash's Address at New York State Bankers
Convention in Montreal—Amount of American
Under the bonus plan as adopted by the managers and the
Investments in Canada.
train service employees of the Southern Railway in FebruIn addressing, as President of the New York State Bankary of this year, the employees were to receive a stated increase in wages in 1925 provided the ratio of certain expenses ers Association, the annual meeting of the latter in Monto the gross revenues was less in 1924 than in 1923. Reports treal on June 23, Willis G. Nash, Vice-President of the
for the first four months of 1924 as compiled by the company Irving Bank-Columbia Trust Co. of New York, took for his
show that on account of the decline in business the ratio of topic the "Two Neighboring Nations," and said in part:
There are no two nations on earth, which, though without any common
expenses applicable under the plan was 21.79% of the total
political bond, are joined by so many ties as our two commonwealths. Ties
operating revenues. As the test ratio adopted by the man- of blood, of language,
of conunon interests, of ideals, of affection. If you
agers and the employees at their conference in February was will look at the political and diplomatic map of the world to-day, I think
you
will
very
soon
that
our two countries are a quite exceptional pair of
see
21.42%, the employees are approximately one-third of 1%
brothers in the family of nations. Compare the record of the last hundred
above the figure that would give them an increase in wages.
years along our 4,000-mile boundary line with that of various contiguous
man effort to bring down the ratio, the employees on the South American countries, between whom there exists also an identity of
language,
of civilization and of racial history. Wars and bickerings withdivision known as the Alabama Great Southern have organnumber have marked their checkered relationships. . . .
ized, it is stated, a co-operative association to make the bonus outAbout
two and a half billions of American dollars are now invested in
plan effective. The purpose of the plan, according to its Canadian enterprises. Of this amount about $1,200,000,000 is in bonds and
organizers, is to promote safety, efficiency and economy. the balance in stock holdings, mortgages, farms, industrial enterprises and
private loans. Americans in the last few years have opened upward of 700
The membership of the new organizetion will consist of all branch
factories in the Dominion. When I look around at conditions in
operating officials, train dispatchers, engineers, conductors, other lands abroad, I am glad indeed to see so much practical interest on
firemen, hostlers and hostler helpers, trainmen and yard em- the part of our business men in the development of this country. Our
Canadian investments in future bid fair to be on an even larger scale,
ployees. Besides electing regular officers the association will and have already gone substantially beyond those of Great Britain. It is
have an advisory board. "The duty of the advisory board," interesting to note that in regard to her foreign trade, Canada is a creditor
Great Britain, debtor to the United States and a creditor to the rest of
according to the employees who drew up the plan, "shall be to
he world. The amazing size of this trade deserves particular emphasis.
to receive and consider any suggestion from any employee Last year Canada's exports equaled one-fourth the value of those of the
which is intended to promote safety, efficiency, economy and United States, a truly marvelous total, considering that Canada's entire
population is only equal to that of Pennsylvania. To give the same picture
to make recommendations thereon. On any suggestion not differently,
Canadian exports last year amounted to $113 per capita, against
recommended the board shall make a complete explanation $3701 in the United States. For her imports, the corresponding figures
were
$100
per capita, as compared with $33 50 on the other side of the
to the employee making the suggestion as to the reason for
border. The bigger the figures become in future years, the better pleased
not recommending it."
will we Americans be.
Chesapeake & Ohio Ry. Increases Wages to Conductors, Switchmen and Brakemen.
A wage increase, ranging from 30 to 36 cents a day to conductors, switchmen and brakemen, was granted on June 2
Right here, ladies and gentlemen, is what I consider one of the practical
aspects of American foreign policy, and one which differs sharply from the
attitude of several countries in the old world. We like to see our neighbors
prosper. Instead of conspiring to pull them down and hamper their extpantalon, we seek opportunities to broaden the international movement of merchandise and investments. I am not claiming, of course, that there are no .
prominent American business men that would disagree ,with this liberal
164
THE CHRONICLE
live-and-let-live policy. Unfortunately there are. But the truth—the economic truth cannot but make itself known eventually. I believe, for example, that the difficulties of the farming population in North America in
the last two or three years will drive home to the minds of the least imaginative the fact that one nation has a very real interest in having other nations achieve a steadily rising standard of living. We have everything to
gain if our neighbors are rich instead of poor—everything to gain and nothing to fear. The world is still big enough for us all. As time goes on there
must certainly occur a considerable shifting and change in the character of
the goods that go into foreign trade, as the various countries pass from one
phase to another in their economic evolution. These changes must inevitably
cause some hardship here and there to individual firms who are slow to see
and adapt themselves to the forces which operate. But the net result is
beneficial to the welfare of a progressive population.
Canada is evolving rapidly. Last year she sold to the United States $416,000,000 worth of goods—more than we bought from either Great Britain or
Cuba, which stood second and third in rank among the countries selling to
us. Canada now stands first! And as her industrial development goes on
apace she will more easily keep this pre-eminence. Electric power is now
exported. Engineers assert that Canada possesses a greater fresh water area
than all the rest of the world put together. You may not know that the
first high tension transmission of electricity in the whole British Empire
was accomplished in 1895 between a station on the Batiscan River, Quebec,
and the town of Three Rivers, not far from here. This small but early beginning was prophetic of the swift development that followed. To-day over
3,000,000 operating horse-power is developed and there are over 21,000
miles of transmission and distribution systems scattered from Nova Scotia
all the way to the Yukon. But even this magnificent growth is only a
herald of bigger things to come. We Americans are not worried by the
probability that our coal exports northward will fall off sharply in future
years, because, by way of compensation, there will be instead a larger demand for electrical equipment. There must be changes wherever there is
progress. Approximately 20% of all American foreign investments are in
Canada, and I, for one, ladies and gentlemen, am glad that we this time at
least, put our money on the right horse.
At a bankers' convention it is particularly appropriate for us to exchange
a few thoughts about the part played by us in fomenting the pleasant and
profitable business relationships between these two countries. Between the
Canadian and American banking systems there exist some very close similarl•
ties and some extraordinary unlikenesses. The interesting thing is that both
systems work, and work well. We haven't had an easy time of it, however,
during the last few months, and in neither country did the banks come
through unscathed. What impresses every American is the simplicity and
uniformity of the Canadian banking aystem. Only a baker's dozen of chartered institutions but with nearly 5,000 branches! In the many discussions of this subject which I have listened to from time to time, I have heard
some very unfair and untrue criticisms directed against the Canadian systems. One of these is that it doesn't build up the country. Well, the facts
mentioned a few moments ago, seem to me to be the best disproof of any
such assertion. Another objection made is that the system savors of monopoly. I don't believe this to be true. I think the business borrower gets
just as fair treatment here as elsewhere. But there has been no lack of criticism even against our own Federal Reserve System, even though, as it
seems to me, it is the best ever yet devised, so that you simply can't please
everybody all the time. We keep on patching and tinkering with our State
banking laws from year to year and the changes even in the Federal Reserve
Act have been many.
Here in Canada the Bank Act comes up before Parliament once every ten
years. The present Act, passed last July, has some interesting points of
comparison with the statute of the previous decade. I looked up the law
particularly to see what happened to Section 88. Under the old law an
interested bank could exercise a lien on all the available assets of any business that became insolvent, whether the goods that represented part of its
assets had been paid for or not. I often used to wonder who the silvertongued orator was who persuaded the Canadian Parliament ever to hand out
protection of that extent to the banker-creditor. Down in New York wo
never got away with anything as good as that! A year or so ago a delegation of British exporters lifted up their voices In plaintive lament and
asked that the law be changed. You know whenever the British want something it's simply immoral not to let them have it. Well, the law was
amended so that now in Canada, whenever a person intends to give a bank
security under Section 88, he must fill out in writing a statement of this
intention and file it with the Assistant Receiver-General of the Province
where he has his principal place of business. This amendment ought to give
satisfaction to the business concerns. When I survey the great lack of
uniformity in the laws of our own various States in regard to trust receipts,
I must confess I feel rather envious of the simplicity in certain legal matters which obtains here.
But let us turn to the broader aspects of banking in this continent. Ten
years ago in Ottawa this association held its annual convention. How infinitesimally small do the problems now seem which were discussed at that
time! Causes with which we in this continent had nothing to do brought
about in Europe a terrific conflict and Canada and later the United States
were drawn into the vortex. The profound disturbances of that war where
our two countries fought side by side in a common cause, are still with us
and more seriously upsetting to our national welfare to-day than when the
armistice was signed, nearly six years ago. Never in history have bankers
been confronted by such perplexingly large, complicated and serious problems as at the present time. At the hub and centre of them all, as you will
readily agree, is the question of German reparations. A very great financier
has just been nominated in Cleveland as the Republican candidate for VicePresident. To read the Dawes report and see the masterly way in which he
and his committee worked out a plan that was fair and feasible and constructive, and outlined the machinery for getting this solution on a practical
basis, is to convince oneself firmly that here is the one hope of international
reconstruction. Our daily fortunes will largely depend upon the outcome of
this plan. It will indirectly affect every bank and every business in this
hemisphere. I have seen no serious adverse criticism of any feature of the
Dawes plan either here or abroad. The recent political shake-up in France
is perhaps an optimistic sign that the opinions of business men rather than
of the professional diplomatis are to be heeded there in future. . .
Our American motto is live-and-let-live. We l)elieve in generosity and
we ourselves like to be generous. We want all nations to have a chance to
work up to permanent prosperity. We want peace. Europe is a house of
many mansions. If they be divided among themselves they cannot stand.
We imposed victory in 1918. tI is now time for us to impose peace. We
bankers should give the most earnest study to the plans of financial rehabilitation which quite soon perhaps will be in a•form to be considered by American investors. Let us see to it that all agreements are fair and remember
that the biggest question involved is whether European reconstruction is to
be for the purposes of peace or of war. In advocating further steps of disarmament let us confide in that Great Spirit which has shaped our destiny
here, and so this democracy of the new world will fulfill the duty which it
owes to its fellowmen.
[VOL. 119.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A New York Stock membership, that of George E. Clarkson, was reported posted for transfer this week to William
S. Boland for a consideration stated to be $78,000. The last
previous sale was at $76,000.
The New York Coffee & Sugar Exchange membership
of Eugene Levering Jr. was reported sold this week to D. S.
Kennedy, consideration $6,850, an unchanged figure from
the last previous sale.
The National City Bank of New York has achieved the
distinction of being the first bank in the country to enter
the billion-dollar class, its statement of condition issued
under date of June 30 in response to the call of the Comptroller of the Currency revealing total resources of $1,027,055,890, an increase of approximately $87,000,000 during the
last three months. It is pointed out that America's billiondollar institutions now include the National City Bank, the
United States Steel Corporation, the first American enterprise of any kind to attain this size; the American Telephone
& Telegraph Co., the Standard Oil Co. of New Jersey, and
the Pennsylvania and the New York Central Railroad systems. The New York "Herald-Tribune" of July 7 said:
During 1919 and 1920 the bank, which has for some years ranged as the
largest American banking institution, had resources exceeding $1,000,000,000, but its position was "inflated" by borrowings at the Federal Reserve
Bank, ranging from $54,000,000 to $140,000,000. Its latest statement, giving aggregate resources as $1,027,055,890, shows not a cent owing to the
central institution.
Regarding the showing made by the bank on June 30,
Charles E. Mitchell, President of the bank, said:
There is little to be said about the report. It represents the passing of
a milestone, but it does not necessarily mean that the bank's assets will stay
constantly above the billion-dollar mark, for a bank's resources advance and
decline just as figures of car loadings or of steel tonnage rise and fall from
month to month.
The most significant thing about the report is the picture it draws of the
general banking condition; it tends to show that to-day this country's
banks are in better shape than ever before to carry on the financial work
that they, as banks, are expected to do.
The employees of J. P. Morgan & Co. on Wednesday afternoon presented Charles H. Pond with a gold watch in honor
of his fiftieth year of service with the firm. It is learned
from "Daily Financial America" that Mr. Morgan took part
in the ceremony and about 250 or 300 employees gathered on
the main floor of the banking house for the •occasion.
- of the Discount Corporation
The statement of condition
of New York, as of June 30 1924, has Just been received.
Total assets are given as $77,246,528, made up of the following items: Acceptances discounted, $47,614,144; United
States Treasury certificates, Treasury notes and Liberty
bonds, $27,752,345; cash and due from banks, $1,703,917,
and sundry debits, $176,123. On the debit side of the statement, acceptances rediscounted and sold with endorsement
are shown as $41,390,618; loans payable and due to banks
and customers, $21,048,163; combined capital, surplus and
undivided profits as $7,664,926, and United States Government securities--repurchase agreements, at $7,000,000. The
officials of the corporation are: John McHugh, Chairman
of the Board; Ernest C. Wagner, President; Jerome Thralls,
Vice-President; Dudley H. Mills, Secretary; M. Greacen
Briggs, Treasurer, and Charles W. Belmer and Robert M.
Coon, Assistant Treasurers.
A new bank has been forme- d in this city under the name
of the Longacre Bank. It has been organized with a capital
of $200,000 (in shares of $100) and surplus of $80,000. The
stock, we are advised, is all subscribed and paid in. The
institution will locate at 43d Street and Eighth Avenue. The
incorporators, who also constitute the present board of directors, are Sol Berliner, Cord Bohling, Louis F. Darmstadt,
August Eggert, Herman H. Kahrs, John L. Schoenfeld,
George Stadtlander, T. Elliott Tolson, Herbert Yates' and
Frederick K. Telpel. The officers are Frederick K. Teipel,
President; Herman H. Kahrs Sr. and Sol Berliner, VicePresidents; George A. Kelly, Cashier, and Edward J. Grady,
Assistant Cashier. The bank is scheduled to begin business
about Aug. 1.
The proposed agreement for the merger of the Hudson
Trust Co. of this city into the Empire Trust Co. was ratified
at a special meeting of the stockholders of the Empire Trust
Co. on July 7. The merger became effective after the close
of business July 9, under the name of the Empire Trust Co.
Reference to the merger was made in these columns June 14,
page 2915; June 21, page 3045, and July 5, page 44.
JULY 121924.]
THE CHRONICLE
The Harriman National Bank of New York declared on
July 3 a regular semi-annual dividend of 5% and an extra
dividend of 5%, both dividends payable July 5 to stockholders of record at the close of business July 3. Philip G. Gossler, President and Chairman of the Columbia Gas & Electri
c
Co. and of many corporations in the public service and utility fields, was elected a director. The Harriman Nationa
l
Bank has no branches and shows deposits of $36,700,000.
as
against $31,000,000 on Jan. 1 1924, a direct result of the continued growth of the Terminal Zone in the Fifth Avenue
neighborhood as a commercial section. With few
exceptions every downtown banking institution is now
represented in the Terminal Zone by one or more branch
offices.
165
of civic and fraternal organizations having no hall of their
own. The First National Bank of Braddock was founded in
1882. From a small beginning the resources of the institution have grown to $3,900,851, including $341,489 surplus
and profits. The Braddock Trust Co. was organized in 1901
with capital stock of $125,000 and a paid-in surplus of like
amount. In 1923 a stock dividend of $125,000 was declare
d
and the resources of the company, as shown in the last
statement, amount to $2,347,101. George C. Watt
is President of both institutions. In addition to President
Watt,
officer
the
s of the First National Bank are: James A. Russell, Chairman of the board of directors; F. G. Bishoff
.
Vice-President; E. C. Striebich, Cashier, and B. P. Byrgerson. Assistant Cashier.
The Bloomfield National Bank of Bloomfield,
N. J., announces the election and appointment of
George A. Young, for several years Assistant Treasur
the following offier
cers: Lewis K. Dodd, President; Harry L.
Osborne, Vice- of the Colonial Trust Co. of Pittsburgh, has been elected
President; Ralph 0. Wilson, Cashier, and Harry
J. Schnei- Treasurer of the company, succeediug the late Thomas C.
der, Assistant Cashier.
Stephens. Mr. Young has been with the Colonia
l Trust Co.
since its organization in 1902. He had previously been
On July 1 the death occurred of Frederi
with
ck S. Giger, one the Freehold Bank. which
became a subsidiary of the Coloof the best known bank men in Philadelphia,
and who, had nial at the time the latter
was organized. Mr. Young is
he lived until July 22, would have
served the First National succeeded as Assista
nt Treasurer by Arthur H. Wilharrn,
Bank of Philadelphia continuously for 60 years.
Mr. Giger who has been Second Assista
nt Treasurer. Mr. Wilharm's
died in the bank, following a fall in
the street. Mr. Giger, former post will be filled
by Paul F. Tessmer.
who was 76 years old, was assistant to the
Vice-President of
the bank and, it is stated, was one of the three
oldest bankThe First National Bank of Cheyenne, Wyo.,
one of the
ers in the United States
-in point of service. Because of the important banks
of that city, was closed on Wednesday of
impaired condition of his health Mr. Giger had
some six this week, July 9. A notice posted en the door
of the instimonths ago been relieved of active duty at the
bank, and tution stated that the bank was in the hands
of national
had been permitted to come and go as he
pleased. He en- bank examiners, having been turned over by
the action of
tered the employ of the First National in 1864,
serving for the board of directors. The closed bank had
a capital of
many years as Paying Teller. His apointment
as assistant $200,000 with surplus and undivided profits of
$219,365
to the Vice-President occurred recently. On
the 59th anni- and deposits of nearly $5,000,000. In its last
statement
versary of his service in the bank last year
he was the re- (issued at the close of business June 30) liabilit
ies and recipient of a floral tribute presented by his fellow
-employees sources were each given as $6,986,209. George E.
Abbott
in token of his long service. Speaking
of the death of Mr. is President of the First National Bank
and Francis E. WarGiger, Kenton Warne, Vice-President of the
bank, said: "In ren, United States Senator from Wyomin
g, is Vice-Presilosing Mr. Giger we have lost one of
our most trusted em- dent. In a statement following
the bank's closing, Mr.
ployees. He was well known and loved
by hundreds and Abbott (according to a press dispatch
from Cheyenne which
perhaps thousands of Philadelphians who
have had rela- appeared in the New York "Times
" of July 10), declared
tions with him in his business and social
life."
that unprecedented depreciation in the values of cattle
and
agricultural lands, excessive taxation, and attemp
Eugene F. Carpenter, former Cashier of the
ts to aid
Darby Bank, the smaller
banks of the State were responsible for the
Darby, Pa., was arrested recently for the alleged
embezzle- failure.
ment of between $8,000 and $10,000 of the bank's
funds. He
waived examination and was released in $5,000
bail. The
The Citizens' National Bank of Cheyenne also closed
following statement was issued by the officer
its
s of the Darby doors on July 9. This institution
was capitalised at $100,Bank through its President, Adam J. Gottsch
all:
000 and had deposits of approximately $1,500,000.
Referring to the arrest of our former Cashier,
In its
Eugene F. Carpenter, by
the State Banking Department, we beg to
confirm the announcement already last statement, as of June 30, it showed liabilities and lemade by the Banking Department at Harrisbu
sources
of $2,235,057 each. Charles W. Hirsig, a
rg,
of a careful examination of our assets jm.t completethat upon the conclusion
widely
d, all shortages have been known Wyoming cattleman
entirely covered by the surety bond and other
and land-owner, is President.
each recoveries and that our
investments are intact.
As soon as the bank discovered certain
irregularities and unauthorized investments made by the former cashier of
the bank we secured satisfactory
collateral to indemnify the bank against
any loss. We have since realized
upon these securities. All lor.ses have been
fered no loss that has not been fully met. covered and the bank has sufWe
friends and depositors of the earnest and constantwish to assure our ziany
attention of our officers
and directors to the best interests of the
bank and to beg your continued
and cordial co-operation.
Four more Wyoming banks
-closed their doors on July 10.
These are the Carpenter State Bank, with resources
of approximately $65,000; the Hillsdale State Bank, with
resources of about $65,000; the Cowley State Bank, resourc
es
of about $50,000 and the Bank of Upton, resources of approximately $100,000. All are State institutions. Carpenter
and Hillsdale are small towns near Cheyenne. Cowley is
The formal opening of the First Nationa
l Bank of Brad- in northwestern Wyoming and Upton is in northern Wyodock, Pa., and its allied institution, the
Braddock Trust Co., ming.
took place on July 1. The ceremonies
consisted of a public
reception by the officers of the banks
The Grover State Bank
of Grover, 40 miles from Cheyand a banquet given
at the Elks' Club in the evening,
when the officers were enne, in northern Colorado, failed to open on July 10, achosts to about 140 bankers from Pittsbu
rgh and other Alle- cording to Grant McFerson, State Banking Commissioner
gheny County points. The new buildin
g, which stands on for Colorado. The bank had a capital of $10,000. with $1,000
the corner of Braddock Avenue and
Library Street, with a surplus.
frontage of 52 feet on the avenue
and a depth of 120 feet,
Organization of the new F- idelity Bank & Trust Co of
is built of Indiana limestone on a granite
base and is Italian Memphi
s was completed on July 2 and the institution will
renaissance in design. In height the
structure is equal to a shortly
begin businesi in temporary quarters at 73 Madison
five-story building, and the ceiling of
the main banking Avenue
. Before Oct. 1 next the bank expects to move to its
room is 48 feet from the floor. The
interior of the building
permanent home in the Union & Planters Bank
is finished in Italian marble with
Building,
ornamental metal grill
which it has purchased. The Fidelity Bank & Trust
work. The banking quarters of both the
Co.
institutions are on will open
its doors with a paid-up capital of $1,000,000 and
the main floor, with private offices for the
executives and a surplus of
conveniences for the patrons. Reached
$250,000. Only two other Memphis banks, it is
through the main said,
have a larger capital. The officers will be John
banking room or by a separate entrance on
D.
Library Street is McDowe
ll, President; J. T. Russell and John M. Dean, Vicethe real estate department, with private
consultation rooms. Preside
nts, and D. D. Robinson, Cashier. Mr. Robinson
The clerical departments of both banks
is
occupy the mezzaa former State Bank Examiner of Tennessee. Referen
nine floors, of which there are four. In
ce
the basement are
was made to the new institution in the "Chronicle"
housed the safe deposit, securities and
of May
storage vaults and
24, page 2539.
the employees' club rooms. A special feature
of the building
Is a community room. This room, which
will comfortably
The Salisbury Bank & Trust Co., Salisbury, N. C., was
seat several hundred persons, is for the free
use, it is said, recently absorbed by the Wachovia
Bank & Trust Co. of
166
THE CHRONICLE
[VOL. 119.
books is $69,000,000. The statement also contains for the
Winston-Salem. The latter is the largest bank in the State
time the rport of the Stockholders Auxiliary Corporafirst
and
surplus
capital,
of North Carolina, with a cambined
tion, published in conjunction with that of the Bank of Italy.
undivided profits of $3,403,544 and deposits in excess of
$31,000,000.
The Comptroller of the Cu- rrency announced on July 7
the First National Bank of South Bend, Wash., has
that
Co.
Trust
&
The board of directors of the Hibernia Bank
its name and place of locality to "The First Nachanged
of New Orleans at their regular monthly meeting on July 1, tional Bank of Ilwaco," Wash.
in recognition of the life and service of their brother director, the late C. P. Ellis, unanimously adopted appropriate
The death of A. Wellington Francis, K.C., President of
resolutions. Mr. Ellis for many years was an active direcStandard Bank of Canada (head office Toronto), octhe
and
esident
tor of the bank, as well as an Honorary Vice-Pr
on July 4.
curred
member of its Executive Committee. The vacancy occasioned
P.
C.
son,
his
of
election
the
by his death has been filled by
- President of the failed Home
Herbert J. Daly, the former
Ellis Jr., now the active head of C. P. Ellis & Co. W. P. Bank of Canada, died at his home in Toronto on June 9 after
Simpson, President of C. T. Patterson Co., Ltd., and for the an illness of about two weeks' duration. Death was due to
past several years a member of the board, and of the Execu- hardening of the arteries. Mr. Daly who was but 41 years of
tive Committee of the Hibernia Bank & Trust Co., was age, was born in Peterboro, Ont., and began his business
unanimously elected an Honorary Vice-President to succeed career as a traveler for a Montreal wholesale grocery house
Mr. Ellis, and Bernard McCloskey, senior member of the at the age of 17. While still a very young man he entered
firm of McCloskey & Benedict, attorneys for the bank, and the employ of the National Cash Register Co. as an office
for more than a quarter of a century a member of the board, manager, and in 1917, when he severed his connection with
was appointed a member of the Executive Committee to suc- the company, held the position of general manager of the
ceed Mr. Ellis.
company for Canada. Mr. Daly became President of the
Home Bank of Canada in 1920 and headed the institution
Los
The formal opening of the S- eaboard National Bank of
up to the time of its failure. Following the bank's collapse
Angeles (reference to the organization of which appeared
Aug.17 1923, criminal proceedings were instituted against
on
and
10
May
In these columns in the "Chronicle" of April 12,
and nine other officers and directors of the Home Bank
him
June 21) was held from July 1 to July 8, inclusive. The new
by the Attorney-General of Ontario. One of the last exSpring
South
612-614
at
located
bank is exceptionally well
pressed wishes of Mr. Daly was that he might live to clear
Street-in the heart of th?. financial district. On the first
himself from the allegations brought against him. Mr.
day thousands of persons visited the banking rooms and six
Daly's business connections, which were numerous and
A
accounts.
tellers were kept busy opening hundreds of
varied, included the following: President of the Daly Co.,
special feature of the eight-day opening was the presentaOttawa; President of the James A. Ogilvy Co., Ltd.,
Ltd.,
person
every
and
tion of a charter member certificate to each
President of the Arnprior Cabinet Co.; Director
Montreal;
opening an account. Large numbers of Los Angeles busiCo.; Vice-President of the Western CanMurray-Kay
the
of
ness houses marked the occasion by sending flowers, among
Co.; President of the Porcelain Products
Paper
&
Pulp
ada
ship
the floral pieces being one designed to represent the
Co.; Vice-President K. & S. Tire & Rubber Co.; President of
which is the trade-mark of the new bank. The Seaboard
United Brass & Lead Co., and President of the Manufacthe
surand
National Bank begins with a capital of $1,000,000
Holding & Investment Corporation.
turers'
plus of $100,000, fully paid in, and is headed by George L.
Associated
the
of
enterprise.
the
organizer
'chief
Browning,
To commemorate its 25th anniversary, the American Colowith Mr. Browning, the President, are the following offiBank of Porto Rico has issued an ilustrated booklet. It
nial
cers: 0. C. Williams and Clinton E. Miller, Vice-Presitherein that "the United States Porto Rican occunoted
Is
W.
-President; G.
dents; A. H. Blackmore, Assistant Vice
the founding of the American Colonial Bank in
and
pation
Jorres, Cashier, and Raymond P. Borden, Assistant Cashier.
occurred at practically the same time." The
1899
June
bookin
a
career
1903
banking
as
his
Mr. Browning began
continues:
booklet
keeper in the First National Bank of Mill Creek, I. T.; from
The inception of the American Colonial Bank actually dates from Decem1904 to 1908 he was Cashier of the National Bank of Com- ber 1898, when Mr. Edwin L. Arnold was sent to Porto Rico by a coterie of
merce, Holdenville, Okla.; in 1909 Cashier of the Farmers New York bankers to investigate and report upon opportunities and prosof the Island from a purely financial angle.
State Bank of Mannsville, Okla; from 1910 to 1917, Presi- pects
From the very first, public-spirited merchants of Porto Rico proved their
dent of the Southwest Reserve Bank of Oklahoma City, faith in the Island's prosperity by liberally subscribing to American ColoSchall
Okla., which institution he sold in 1917, and the following nial bank stock, the remaining stock being placed by Messrs. Muller, Island
,Sz Co. of New York, who were equally sanguine as to the future of both
Liberty
the
and
of
President
(1918)
became
organized
year
and bank. A charter was obtained under the laws of West Virginia, paid
National Bank of Oklahoma City. In December 1922 he dis- in capital amounting to $400,000, the officials and directorate including
George I.
posed of his holdings in the last-named institution in order William Schall Jr., President; William Korber, Vice-President;
Finlay, Vice-President, and Edwin L. Arnold, Cashier. In addition to these
began
to enter a still larger banking field and subsequently
officials, the directors comprised E. H. Lundt, T. G. I. Wayrnouth, P. Santhe organization of the Seaboard National Bank in Los An- tisteban, John G. Moore, Percy Chubb, Edmund Pavenstedt and 0. B.
geles. Upon the severing of Mr. Browning's connection with Russell.
Ever since its inception, it is stated, "the American Colothe Liberty National Bank the board of directors adopted a
nial
Bank of Porto Rico has played a prominent part in the
aptheir
his
at
their
regret
leaving;
expressing
resolution
of Porto Rican resources. It has witnessed
the
development
preciation of the splendid work he had performed for
the Island's annual imports and exports from
the
of
growth
ability
for
his
admiration
their
exceptional
and
Institution
over
$200,000,000, and has been a recognized
to
for$7,000,000
C.
0.
Williams was also
as a banker. Vice-President
and indusmerly connected with the Liberty National Bank of Okla- factor in furthering all agricultural, commercial
Juan, and
is
San
at
main
office
bank's
The
trial
interests."
homa City.
it has branches at Mayaguez, Arecibo, Caguas and Ponce.
and undivided profits of more It has a paid up capital of $1,000,000 and surplus of $200,000.
With total capital, surplus
than $36,000,000, the combined statement of the Bank of The officers are Herman L. Cochran, Vice-President, San
Italy and its affiliated institution, the Stockholders Auxil- Juan; Angel Gonzalez, Vice-President, San Juan; Charles
iary Corporation, covering the first half of 1924, has just E. Lawton, Cashier; William Schall, President, New York
been published. The report of the Bank of Italy shows that City, and Frank M. Welty, Vice-President, New York City.
It has gained more than $25,000,000 during the six months
just concluded, total resources being in excess of $326,000,ENGLISH FINANCIAL MARKETS-PER CABLE.
000. Deposits stand at $296,000,000, as compared with $276,The
daily closing quotations for securities, &c., at London,
depositthe
number of
000,000 the first of the year, while
the past week:
ors has grown to 528,363, an increase of more than 43,000 as reported by cable, have been as follows
July 5. July 7. July 8. July 9. July 10. July 11.
London,
institurecord
for
dividend
the
during th sam period. The
Mon. Tues. Wed. Thurs. Frt.
Sat.
Week Ended July 11349-16
349-18 344
341i
34H
d 343
tion shows that it has steadily advanced, starting with 5%, Silver, per os
94s.11d.
4d. 958. 2d. 058. 2d. 958.
95s.
4d.
line
per
ounce
958.
Gold,
business,
for
had
opened
bank
the
paid eight months after
5631
56)1
568k
56%
58%
Consols, 25i per cents......
101
101
10131
Increasing to 13%%, the present return on the combined British, 5 per cents
10131 101
97
973i
9754.
9731
9711"
shares. The price of the stock has moved forward from British, 4 per cents.......
53.20 52.95 52.85 52.75 52.90
Rentes (in Paris), tr.
$100 to nearly two and on-half times its original value. In French
67.50
67.35
67.55
67.65
67.90
Franch War Loan(InParls),fr.
figuring its current statement, the bond account shows an
The price of silver in New York on the same day has been.
value
$73,000,000,
is
actual
The
appreciation of $4,000,000.
Silver in N.Y.• per oz.(eta.):
07
6634
6634
6034
6634
6631
Foreign
but the figure at which its securities are carried on the
JULY 12 1924.]
THE CHRONICLE
167
THE WEEK ON THE NEW YORK STOCK EXCHANGE. were the feature of the stock market on Friday, American
Under the leadership of the railroad list the week on the Locomotive leading the upward movement and reaching new
New York Stock Exchange has been one of growing buoyancy. high ground at 79%. American Can was also in active demand at advancing prices and closed the day with a net adRailroad issues, industrial stocks, public utilities and specialvance of 234 points at 116. American Water Works & Electies have all participated in the general upward movement, tric common again
moved forward, regaining most of the
which on several days carried numerous active issues to new loss of Thursday, and Montana Power recorded 2 point
a
high levels. Speculative activity centred chiefly around rise to 6934. The final tone was strong.
railroad stocks, and public utilities, which were in strong
demand at advancing prices. On Saturday price movements
THE CURB MARKET.
were generally firm, the market showing little or no change
There was no definite trend to Curb Market prices this
from Friday's close. Railroad issues were the noteworthy week, frequent periods of
profit taking being responsible for
feature in the trading, particularly Great Northern, and an irregular movement. The
undertone, however, remained
Northern Pacific, each of which reached new high marks, firm. No special feature
attached to any particular section
with nearly two points advance, and Southern Railway, of the market, though
public utilities were more active than
which went forward to a new high level at 653
4. Chicago last week. Amer. Gas & Elec., corn., improved from 69 to
& North Western was also in strong demand and recorded a 7434 and ends the week at
74. Amer. Light & Trac. coin.
substantial advance. United States Rubber 1st preferred was specially active and sold
up from 12434 to 13134, the
and American Water Works & Electric common advanced close to-day being at
13134. Commonwealth Power Corp.
substantially. The market was again firm on Monday, corn. rose from 93 to 100,
sagged to 95 and finished to-day
railroad issues continuing to be the feature of the trading, at 98. Lehigh Power Securities
sold up from 7534 to 82
and numerous individual issues recorded substantial gains. and at 81 finally. Borden
Company gained about three
Specialties were particularly strong, General Electric scoring points to 1243
% and reacted finally to 1223/
8. Dubilier
a new high at 241%. The market continued buoyant on Condenser & Radio moved up
from 40 to 423/2. Durant
Tuesday, railroad and public utffity issues again being the Motors was conspicuous for a rise
of some four points to 1834,
feature of the day's activities. Baltimore & Ohio common with a final reaction to 1634.
Omnibus Corporation corn.
crossed 60, and Seaboard Air Line and Louisville & Nashville dropped from 185 to 173/2. The
pref. A stock advanced
%
reached new high marks. United States Steel common from 8834 to 93 and ends the week at 913/
2. United Bakeries
went above 101. Motor shares were unusually strong and rose from 65 to 723/2 with the final figure
to-day 7134. Ward
American Water Works & Electric reached new high ground Corp. corn. A moved up from 89 to 94
and closed to-day
at 10434. Price movements were somewhat irregular in at 9334. Class B sold up from 1834 to
233/2 and closed
the forenoon on Wednesday, but the market recovered in to-day at 2334.* Oil stocks were very quiet
and were little
the last hour and closed strong. Public utility shares were affected by the reduction in certain grades
of Pennsylvania
in the foreground, American Water Works & Electric common crude oil. Buckeye Pipe Line lost point
a
to 62. Ohio Oil
recording a net advance of nearly 8 points. The market fell from 6134 to 6034 and finished to-day
at 603/2. Prairie
opened buoyant on Thursday, but following a brief period of Oil & Gas was off from
2113/2 to 20434 but recovered to 208.
irregularity, reacted downward. The recessions included Standard Oil (Ind.) advanced from 5634 to
5734, reacted
many stocks that were prominnent in the upward move- to 55%
3 and ends the week at 55%.
7
New England Fuel Oil
ments during the preceding days. American Water Works sold up from 36 to 44
and reacted to 383/2. Red Bank Oil
& Electric common declined nearly 10 points to 102. United was conspicuous for an
advance from 27 to 3234, the close
States Steel common declined below 100. Industrial shares to-day being at
313/2•
Course of Bank Clearings
Bank clearings the present week will show a satisfactory
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, July 12), aggregate bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly, returns wiil register an increase of 6.0%
over
the corresponding week last year. The total stands
at
$8,124,532,047, against $7,664,530,423 for the same week
in
1923. At this centre there is a gain of 14.1%. Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ending July 12.
Per
Cent.
1924.
1923.
3
Twelve cities, 5 days
Other cities,5 days
$3.760,000,000
511,845,778
412,000,000
308,000,000
•122,000,000
a
144,100,000
113.015,000
121,433,852
114,694,337
82,296,249
95,488,660
37,888,687
$3,295,312,514
525,902,931
404,000,000
305,000,000
120,742,957
a
140.700,000
127,200,000
143,945,952
111,104,348
96.119,522
.80,000,000
48,211,780
-r 2.4
-11.2
-15.6
+3.2
-14.4
+19.4
-21.4
$5,819,762,563
960,680,810
35.398,240,004
988,868,682
+7.8
-2.8
Total all cities, 5 days
All cities, 1 day
$6,770,443,373
1,354,088,674
$6,387,108,686
1,277,421,737
+6.0
+6.0
58,124,532,047
37.664.530.423
4-6.0
New York
Chicago
Philadelphia
Boston
Kansas City
SL. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
+14.1
-2.7
+2.0
- - -+1.0
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
results for the week previous-the week ended July 5. FOr
that week there is an increase of 4.2%, the 1924 aggregate
of the clearings being $8,413,561,314, and the 1923 aggregate
$8,071,974,352. Outside of New York City, however, there
is a decrease of 1.1%, the bank exchanges at this city having
recorded a gain of 8.3%. We group the cities now according
to the Federal Reserve districts in which they are located
and from this it appears that in the New York Reserve District (including this city) there is an improvement of 8.3%,
in the Chicago Reserve District of 7.1% and in the Dallas
Reserve District of 38.5%. In the Boston Reserve District
there is a falling off of 6.3%, in the Philadelphia Reserve
District of 1.3% and in the Cleveland Reserve District of
6.5%. In the Richmond Reserve District the totals record
a diminution of 7.2%, in the Atlanta Reserve District of
0.5% and in the St. Louis Reserve District of 4.7%. In
the Minneapolis Reserve District there is a decrease of
3.7%, in the Kansas City Reserve District of 9.7%, and in
the San Francisco Reserve District of 5.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ending July 5 1924.
1924.
1923.
Federal Reserve Districts.
8
8
(1st) Boston
11 cities 419,854,826 448,205,667
(2nd) New York
10 " 5,058,102,973 4,672,175,362
(3rd) Philadelphia
513,292,055 520,210,289
10 "
(4th) Cleveland
337,414,212 360,738,698
8 (5th) Richmond
167,103,334 180,030,956
6 "
(6th) Atlanta
150,50,632 151,421,281
11 "
(7th) Chicago
930,234,551 868,949,639
20 "
(8th) St. Louis
7 59,611,402 62,565,283
(9th) Minneapolis
7 109,363,709 113,531,671
(10th) Kansas City. .12 "
200,399,185 231,997,750
(11th) Dallas
5 62,273,372
44,972,733
(12th) San Francisco__ _16 "
406,263,063 427,175,003
8,413,561,314 8,071,974,35
Grand total
123 cities
Outside New York City
,441,999,561 3,480,094,973
Canada
20 Miff. 341_162387
1232767.811
Inc.or
Dec.
1922.
1921.
%
$
$
6.3 330,468,178 273,088,276
+8.3 4,137,272,023 3,137,529,396
-1.3 412,065,440 360,192,250
-6.5 290,150,253 250,019,943
-7.2 136,935,448 135,562,359
-0.5 131,057,469 110,059;754
+7.1 694,270,543 558,366,533
-4.7
50,664,248
39,781,149
-3.7 107,761,330
97,135,7.11
9.7 208,763,648 203,045,994
+38.5
47,677,711
35,992,179
-5.1 341,054,638 280,746,326
+4.2 6,888,141,129 5,481,519,373
-1.1 2,817,442,597 2,399,547,077
-1-6 1
116 321 507
217 709_159
[vol.. 119.
THE CHRONICLE
168
The volume of transactions in share properties on the New
We also furnish to-day a summary by Federal Reserve
York Stock Exchange each month since Jan. 1 in 1921 to
New
that
For
June.
of
month
the
for
clearings
districts of the
month there is an increase of 1.1%, the 1924 aggregate of 1924 is indicated in the following:
the clearings being $35,302,334,731 and the 1923 aggregate
1921.
1922.
1923.
1924.
$34,931,655,881. Outside of New York City, however,
No. Shares, No. Shares. No. Shares. No. Sharer.
there is a decrease of 5.6%, the bank exchanges at this
26,857,386 19,914,827 16,472,377 16,144,876
centre recording a gain of 6.9%. In the New York Reserve Month of January
February
20,721,562 22,979,487 16,175,095 10,169,671
March
18,310,911 25,964,666 22,820,173 16,321,131
District (including this city) there is an improvement of
6.6% and in the Dallas Reserve District of 9.1%. These
Total first quarter
65,889,859 68,858,980 55,467,645 42,635,678
two districts are the only ones showing a gain. In the Month of April
18,111,828 20,091,986 30.634,353 15,529,709
May
13.513,967 23,155,730 28,921,124 17,236.995
Boston Reserve District there is a loss of 8.1%, in the PhilaJune
17,003,140 19,754,197 24,080,787 18,264,671
ReCleveland
the
in
and
2.8%
of
Reserve
District
delphia
48,628,935 63,001.913 83,636,264 51,031,375
Total second quarter
serve District of 12.5%. In the Richmond Reserve District
months
six
114.518.794
131.860.173 139.103.909 193.667.053
Total
there is a loss of 3.8%, in the Atlanta Reserve District of
4.9% and in the Chicago Reserve District of 2.8%. In the
The following compilation covers the clearings by months
St. Louis Reserve District the totals are smaller by 9.0%, since Jan. 1 in 1924 and 1923:
in the Minneapolis Reserve District by 14.4%, and in the
MONTHLY CLEARINGS.
Kansas City Reserve District by 13.3%. The San Francisco
Reserve District suffers a loss of 2.9%.
Clearings, Total AU.
Clearings Outside New York.
Month
June
1924.
Federal Reserve Diets.
1st Boston_ _ _13 cities
2nd New York_13 "
3rd Philadelphla,14 "
4th Cleveland 15 "
5th Richmond 10 "
6th Atlanta __-17 "
7th Chicago...29 "
8th St. Louis_ 9 "
9th Minneapolls13 "
10th KansasCity15 "
Ilth Dallas ____12 "
12th San Fran_ _27 "
$
1,788,969,314
20,368,135,965
2,338,964,168
1,511,240,581
785,816,681
716,743,492
3,764,998,539
275,919,768
475,237,182
981,529,703
387,269,326
1,907,510,012
Juue
1921.
June
1922.
Inc.or
Dec.
June
1923.
1924.
a
$
%
-8.1 1,657,716,695 1,334,961,752
+6.6 20,395,109,326 17,099,586,747
-2.8 2,121,649,839 1,881,615,756
-12.5 1,381,679,526 1,349,089,309
608,812,770
684,906,583
-3.8
542,403,097
624,034,944
-4.9
-2.8 3,465,938,661 2,900,916,227
=3,510,633
-9.0
251,679,083
-14.4
502,601,016
491,525,455
-13.3 1,101,325,165 1,069,666,744
+9.1
324,710,076
228,837,379
-2.9 1,617,202,097 1,341,699,202
$
1,946,570,956
19,098,287,485
2,407,122,658
1,727,803,427
817,107,5%
753,828,388
3,871,462,756
303,325,398
556,382,107
1,131,786,311
355,068,327
1,963,910,472
Total
187 cities 35,302,334,731 34,931,655,881 +1.1 34,117,477,449 29,0133,700,632
16,343,786,677 16,256,178,231 -5.6 14,006,580,699 12,234,321,630
Outside N. Y. City
1.257.52E391
Canada
1.365.059.812 -7.9
1.480.631.700
1.322.480.401
We append another table showing the c earings by Federal
Reserve districts for the six months back to 1921:
Six Months.
1923.
1924.
Inc.or
Dec.
Federal Reserve Dists.
1st Boston_ _ _13 cities 11,672,1364,376 11,320,127,978
2nd New York. 13 " 121,880,211,215 114,586,099,814
3rd Philadelphial4 " 13,742,974,139 13,722,450,064
9,464,489,466 9,883,393,373
4th Cleveland 15 "
4,858,263,707 4,725,331,254
8th Richmond 10 .1
.1
5,067,327,895 4,908,846,799
6th Atlanta _ _ _17
22,682,820,318 22,851,428,183
7th Chicago_ _ _29
1,825,814,711 1,898,912,624
8th St. Louis__ 9
2,850,146,662 3,158,822,142
9th Minneapolls13
5,908,196,647 6,841,111,557
10th Kansa8City15
2,586,701,373 2,337,776,178
11th Dallas ____12
12,093,792,610 11,405,634,807
12th San Fran .27
1922.
1921.
+3.1 8,933,114,010
+6.4 111,032,942,789
+0.1 11,532,447,746
-4.2 7,655,558,624
+2.8 3,748,985,159
+3.0 3,745,761,283
-0.7 18,720,669,439
-3.9 1,488,637,038
-9.8 2,672,674,025
-13.6 6,239,127,218
+10.7 2,009,551,559
+6.0 9,216,252,232
70389,125,389
99,509,824,530
10,923,069,367
8,628,973,932
3,831,151,192
3,616,857,860
17,650,922,246
1,404,626,616
2,900,037,362
8,622,010,570
1,552,279,900
8,145,229,918
Total
187 cities 214,623,603,109 207,639,934,773 +3.4 186,996,121,722 172,674,108,881
95,158,122,717 95,412,010,992 -0.3 77,555,277,994 74,657,962,359
Outside N. Y. City
7,786,907,442
-Canada
7,764,492,413 +0.3
8,700,313,318
7,880,491,061
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for June and the six months of 1924 and 1923 are given below:
Month rf June.
Description.
1924.
Stock-Number of shares_ _ _ _
Railroad & miscell. bonds_ _ _
U. S. Govt. bonds
State.foreign, Ac.. bonds_ _ _
1923.
1923.
1924.
17,003,140 19,754,197 114,518.794
229,405,000 131,022,000 1.076,443,000
105,039,000 68,330,950 515,098,000
49.967,000 49,292,000 201,498,000
131,880,89.5
886,181,400
429,935,125
262.342,900
384,411,000 248,644,950 1,793.039,000 1,578,459,425
Total bonds
1923.
1924.
%
%
1st gr. 106212098.7631103195297,300 +2.9 47,752,633,283 46,884,679,262 +1.9
1 332 398 +7.6 16,089,619,856 15,821,259,447 +1.7
April_ 36,415,480 971 33 83"'
'
4 +2.8 15.972,083,900 16,469,894,052 -3.0
May.. 36,693,688,044135,881,649.l9
June_ _ 35.302,334,731134,931,655,881 +1.115,343,785,677 16,258,178,231 -5.6
2d qr. 108411504,3461 104444637,473 +3.8 47,405,489,433 48,547,331,730 -2.4
3 mos. 214623603.109 207639934.773 -1-3.4 95.158_122.717 95.412.010.992 -0.3
The course of bank clearings at leading cities of the
country for the month of June and since Jan. 1 in each of
the last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to June 30
June-1924. 1923. 1922. 1921. 1924. 1923. 1922.
(000.000
$
$
8
$
omitted.)
$
8
$
19,959 18,675 20,111 16.849 119,485 112,228 109,441
New York
2,617 2.655 2,481 2,106 15,543 16,070 13,578
Chicago
Boston
1,570 1,725 1,459 1,202 10,339 10,013 7,812
2,143 2,201 1,954 1,769 12,520 12,536 10,595
Philadelphia
a
a
a
a
a
a
a
St. Louis
576 4,029 4,156 3,099
552
737
650
Pittsburgh
4,089 3,978 3,440
531
593
670
658
San Francisco
1,438
233 1,663 1,777
254
295
259
Cincinnati
1,832
307 2,495 2,420
336
435
401
Baltimore
3,267
3,494
3,037
578
*564
490
593
Kansas City
2,798 2,134
2,691
381
500
401
432
Cleveland
1,106
1,360
1,441
161
187
201
192
New Orleans
1,514
1,701
273 1,642
272
310
279
Minneapolis
647
814
795
113
100
139
128
Louisville
2,477
3,305
3,658
410
524
604
.596
Detroit
753
933
949
119
130
162
153
Milwaukee
434
353 3,713 3,353 2,435
594
560
Los Angeles
274
317
306
43
50
52
47
Providence
950
1,122
954
159
172
184
156
Omaha
942
1,168
1,131
151
168
199
180
Buffalo
730
882
806
144
137
155
123
St. Paul
406
520
491
64
64
92
80
Indianapolis
685
721
584
115
126
130
126
Denver
1,040
157 1,328 1.267
188
201
211
Richmond
432
553
496
55
67
76
65
Memphis
801
946
124 1,034
141
164
173
Seattle
286239
328
34
42
49
52
Hartford
368 . 298
377
49
52
(14
66
Salt Lake City_ _ __
1921.
$
98,016
13,088
7,061
10,244
a
3,685
3,268
1,427
1,962
3,817
2,557
1,090
1,595
609
2,226
721
2,062
261
978
914
835
366
589
1,028
366
733
226
323
32,366 31.847 31,572 27,058 195,904 179,151 172,374 160,045
2,936 3,085 2,545 2.519 18,720 28,509 14,622 15,703
Total
Other cities
Six Months.
1923.
1
Jan-. 37,519,792,018136.411,435,888 +3.0 16,830,663,546 16,633,078,289 +1.2
Feb.._ 32,883,744,565130,514,376,577 +7.8 14,763 634,719 13,730,398,134 +7.6
March 35,808,582,18036,269,484,835 -1.3 16,158,335,018 16,501.204.839 -2.1
35,302 34.932 34,117 29,577 214,624 207,640 186,996 175,748
Total all
Outside N. Y.C _15,344 16,256 14,007 12,728 95,158 95,412 77,555 77,732
a No longer report clearings
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
years and for the week ending July 5 for four years:
CLEARINGS FOR JUNE,SINCE JANUARY 1, AND FOR WEEK ENDING JULY 5.
1924.
1923.
3
$
First Federal Rese rve District- Boston3,173,407
3.377,528
Me.-Bangor
14,086,566
12,021,892
Portland
1,570,000,000 1,725,000,000
Ma88.-BoatOn
8,751,410
7,852,135
Fall River
4,565,473
3,706,718
Holyoke
6,155,150
5,194,426
Lowell
a
Lynn
a
6,802,565
4,924,070
New Bedford
22,172,080
23,289,445
Springfield
15,954,000
15,921,000
Worcester
48,885,124
52,223,082
Conn.-Hartford
30,419.881
34,155,018
New Haven
8,840.500
9,613,000
Waterbury
51,764,800
46,691,000
R. 1.-Providence...
Total(13 cities)
1,788,969,314 1,946,570,956
Week Ended July 5.
Since Jan. 1.
Month of June.
Clearings at-
Inc. or
Dec.
1924.
I
1923.
tne.or
Dec.
1924.
1923.
3
$
$
%
18,959,545
81,014,825
10,013,000,000
60,635,841
25,345,074
34,710,279
a
39,000,066
133,317,817
95,264,619
286,287,913
167,804,009
48,230,400
316.557,700
+5.8
-8.7
+3.3
-11.3
-8.2
-13.4
a
-11.7
+3.0
-3.7
+14.8
+7.7
+12.9
-3.3
889,447
3,783,353
382,000,000
1.847,646
a
1,273,307
a
983,724
d5,672,013
4,259,000
14,656,875
8,493,461
-8.1 11.672,864,376 11,320,127,978
+3.1
419.854.826
%
$
+6.4
20,064.906
-14.7
73,958,455
-9.0 10,339,000,000
-10.3
53,778,509
-18.8
23,262,455
-15.6
30,062,837
a
a
-27.6
34,432,448
+5.0
137,255,403
-0.2
91,783,375
+6.8
328,125,182
+12.3
180,661 At06
+8.7
54,469,000
-9.8
306,010,200
10,652,000
Inc. or
I Dee'
%
1922.
1921.
$
3
866,601
821,863 +8.2
842,886
3.720,268 +1.7
2,400,006
3,847,911
395,000,000 -3.3 284,000,000 235,595,024
1,241,995
2,248,408 -17.9
2,050,235
a
...
a
aa
1,027,873
1,387,866 -8.3
1,027,924
a
a
,
a
a
1,152,283
1,415,843 -30.5.1,317,897
3,741,182
5,955,184 -4.8 '5,035,420
2,986,933
4,172,000 +2.1
3,754,555
9,656,799
12,958,380 +13.1
10,500,248
5,175,304
7,067,387
8,139,855 +4.3
12,386.000 -14.0
*11,000.000
9,268,000
-6.3
330,468,178
273,088479
448,205,667
Second Federal Re serve District -New York 3,976.663
6,271.644
7,219,179
134,930,609 +7.9
6,526,056 +10.6
24,110,092 +0.2
145,624,600
24,162,207
N. Y.-Albany
1,082,774
1,353,238
28.706.361 -9.2
1.341,700
1,535,097 -12.6
5,097,600 -16.8
26,053,100
4,243,000
Binghamton
34,040,998
36,399,274
-2.1
+9.4
1,156,242.909
42,990,155
d47,023,898
-9.5
1,131,436,866
198,686,481
179,772,093
Buffalo
891.715
975,316
18,985.362 +10.4
872,064 +11.8
3,618,488 -1.7
20,951,893
3,558,748
Elmira
1,011,607
1,096,238
30,122,495 +0.5
1,048,463 +26.7
0,328,652
30,273,432
5,887.145 -13.1
5,114,356
Jamestown
+6.4 4,971,561,753 4,591,879,379 +8.34,070,608,532 3,081,672,296
19,958,549,054 18,675,477,650 +8.9 119,465,480,392 112,227.923.781
New York
+5.0
25,262,351
+1.4
3,999,848
26,518,334
4,054,382
Niagara Falls
8,487,141
11,849,394
282,099.597 +5.9
18,993.475! 15,918,096 +6.8
298.690.983
52,028,762 +2.8
53,502,423
Rochester
4,147,208
5,540,340
7,673,269 -11.6
119,963,455 +7.6
6,787,422
20,495,153 +19.9
129,080,698
24,574,474
Syracuse
2,683,564
2,730,974
+28.8
3,243,593
77,481,459
+2.5
c4,176,407
-0.0
79,425,747
13.659.396
13.655,433
i.tonn.-Stamford_ -- 431,674
427,147
489,210 +42.1
12,990,088 +19.01
695,171
3,062,248 +27.0
15,461,963
3,887,548
N. 3.-Montclair_ _ _ 443,956,213 +8.8'
482,913,306
86,854,034 +1.4
88,100,186
Newark
27,435,134
+3.11
-6.6
5,310,588
28,299,901
4,962.061
Oranges
4,137,272,023 3,137.529,396
20,368,135,965 19,098,287,485 +6.6 121.880,211,215 114,586,099,814 +6.4' 5,058,102,973 4,672,175,382, +8.3
Total(13 cities) _
JULY 12 1924.]
THE CHRONICLE
169
CLEARINGS-(Continued.)
Month of June.
Since Jan. I.
Week Ending July 5.
Clearings at1924.
1923.
Juror
Dec.
1924.
1923.
Inc.or
Dec.
$
$
%
Third Federal Res crve District -Philadelph la6,169,075
36,671.926 -3.9
35,224,064
6,964,269 -11.4
Pa.-Altoona
14,993,999
109,974,954 -6.2
103,141,349
19,669,088 -23.8
Bethlehem
32,837,491 +1.1
5,457,404
6,083.822 -10.3
Chester
33,208,787
17,647,848
108,169,588 +2.1
20,477,503 -13.9
110.380,457
Harrisburg
11,745,822
89,647,780 -10.1
Lancaster
13,195,385-11.0
80,572.542
2,508,697
14,566,594 +0.8
2,640,088 -5.0
Lebanon
14,686,204
Norristown
3,672,288
24,708,133
5,191,532 -29.3
23,067,972
Philadelphia
2,143.000,000 2,201,390,000 -2.6 12,519,546,000 12,535.706,000 -0.1
Reading
13,998,745
88.423,410 +2.7
15,504,204 -9.7
90,774,675
151,914,445 -3.5
Scranton
25,540,014 -4.2
24,468,597
146,597.323
Wilkes-Barre
85.334,034 +14.8
17.078,059
14,667,625 +16.4
97,949,965
York
40,381,562 +9.2
8,618,970
7,039,426 +22.4
44,094,477
48,365,605
285,163,010 +7.2
N.J.-Camden
48,331,587 +0.1
305,763,798
Trenton
118,971,137 +16.0
21,239,281
20,428,115 +4.0
137,966,52
Del.-Wilmington
a
a
a
a
a
a
Total(14 cities) _ _ _ _ 2,338,984,188 2,407,122,658
-2.8 13,742,974,139 13,722,450.064
1924.
1923.
1,513,029
3.519.064
1,621,302
'Inc.or
Dec.
1922.
1921
1,439,450 +5.1
4,901.5'8 -28.3
1,518,813 +6.7
1,030,296
3,066,556
1,015,647
876,606
3,312,499
884,970
2,591,739
2,978,332 -13.0
2,358,951
1,941,694
479,000,000
3,958,149
7,494,428
d4,737,992
1,732,778
486,000,000 -1.4
4,130,535 -4.2
8,856.211 -15.4
3,985,785 +18.9
1,798.724 -3.7
389,000.000
3,016.578
4,399,981
3,146,297
1,497,805
337.985,157
2,520,516
5,219,025
2,551,4SS
2,039,554
7,125,574
a
4,595,871 +55.0
3,535,329
2,860,741
a
+0.1
513:292,055
520.210,289
-1.3
412.065.440
360.192,250
d8,773,000
3,194,076
d80,274,678
96,446,946
14,271,700
a
6.905.000 +27.1
5.472,030 -41.6
69,459,553 --13.2
106,935,179 --9.8
14,830,300 --3.8
a
a
5,898,000
3,589,585
53.985,533
91,598,077
12,983,600
a
6,093,000
3,524,723
45,173,273
77,581,420
12,769.700
a
7a
,996,53
36,103,40
4.028,876,732
51,516,137
105,577,514
172,460,000 +10.7
132,152,406 -7.9
1,777,295,612 -6.5
2,797,510,906 -3.8
410,871,900 -13.3
a
21a,477,913 -3.6
a
a
9,337,432 +6.2
47,901,138 -1.3
a
a
a •
a
107,846,037 +6.6
19,837,829 -2.9
a
a
8,826.896 -9.4
40.275,082 -10.3
4,156,216,908 -3.1
83,8411,946 -19.3
117,542,368 -10.2
148,911,190
150,888,623
-2.6
116,800,000
100,000,000
1,511,240,581 1,727,803,427 --12.5
9,464,489,458
9,883,393,373
337,414,212
360,738,898
-6.5
290,150,253
250,019,943
Fifth Federal Rese rye District- Richmond8,557,590
W. Va.-Huntington9,277,981 -7.8
Va.-Newport News.
a
a
a
29,156,507,
Norfolk
31,457,500 -7.3
Richmond
210,882,487
200,994,000 +4.9
N.C.-Asheville
a
9,756,228
Raleigh
10,907,359 -10.6
a
Wilmington
a
a
-Charleston__
10,622,055
S.C.
11,114,354 -4.4
Columbia
7,020,268
11,782,214 -40.4
Md.-Baltimore
401,424,529
435,199,388 -7.8
Frederick
1,603,964
1,707,325 -6.1
Hagerstown
3,089,963
3,459,353 -10.7
103,703,090
D. C.-Washington
101,208,122 +2.5
50,789,426
a
199,775,9141
1,327,610,843
a
62,079,753
a
63,754,021
49,749.003
2,495,116,217
10,575,583
18,844,034
579,968,911
53,780,565 -5.6
a
192,747,134
a
+3.6
1,266,558,567 +4.8
a
a
58,140,610 +8.8
a
a
65,299,861 -2.3
77,705,647 -36.0
2,420,271,601 +3.1
10,701,984 -1.2
20,277,749 -7.1
559.847,556 +3.6
Fourth Federal Re serve District -Cleve!tinsOhio-Akron
30,677,000
33,484.000 -8.3
Canton
18,750,199
23,356,881 -19.7
Cincinnati
259,001,843
295,314,789 -12.3
Cleveland
431,756,405
500,041,613 -13.7
Columbus
57,114,900
67.165,100 -15.0
a
Dayton
a
a
2,987,718
Hamilton
3,104,118 -3.8
a
a
Lima
a
1,682,500
Lorain
1,717,722 -2.0
7,286,719
8,443,069 -13.7
Mansfield
a
Springfield
a
a
a
Toledo
a
a
Youngstown
17,639,794
18,312,506 -3.7
3,259,763
Pa.- Beaver County_
3,649,901 -10.7
a
a
Erie
a
1,328,112
Franklin
1,512,853 -12.2
8,368,696
7,441,101 -14.4
Greensburg
850,027,314
Pittsburgh
737,433,651 -11.9
Ky.-Lexington
6,203,086
8,091,324 -23.3
17,156,530
18,754,799 -8.5
W. Va.-Wheeling.- Total(15 cities).-
Total(10 cities).-
785,816,881
190,894,000
121,741,636
1,662,517,433
2,691,186.330
355.992,000
a
20,697,187
a
9,916.110
47.280,102
a
114a
,935,868
19,258,464
1,544,494
7,003,905
32,443,825
d2,878,283
2,519,406 +14.2
2,630,067
2,837,836
86,181,590
100,427,525 -14.2
68,901,861
74,897,685
16,834,614
135,562,359
d5,539,361
-1.5
+4.2
3.348,815
16,401,633
+0.0
-0.9 d39,106,000
-11.8
-6.1'
1,304,970
a
a
+23.1
11,714,758
+12.5
21,408.180
+0.6'
-6.6
1,747.590
-19.9
-8.1
+20.5
1,704,000
-11.6
+7.7
377,670
+6.0
47.972,857
5,413,487
3,809,793
15,687.057
41,737,653
+2.3
--7.2
+4.6
-0.3
4.880,653
2,851,828
15,280,910
34,591,281
4,073,284
2,602,820
12349,126
30,505,010
1,683,167 --22.5
a
a
12,042,030 --2.7
1,358,922
a
8,304,291
*1,300,000
a
.
7,707,042
18.334.172 +16.8
2,058,042 --15.1
18,552,411
1,632,309
15,140.233
1,417,739
1,202,216 +41.8
946,052
700,000
382,746
49,270,908
-1.3
-2.6
290,719
42,368,093
275,046
33,989,454
+3.0
150,628,632
151,421,281
-0.5
131,057,469
110,059,754
i-13.8
5,713,344 +9.1
8,234,346
--3.6
20,711,772 +6.6
22,078,667
--1.2 3,657,816,007 8,304,845.994 +10.7
--22.2
53.315,590 +9.9
58,620,881
--8.0
171,384,776 +2.6
175,795,035
--18.8
45,429,368 +2.8
46,592,878
-5.4
56,867,238 +13.7
64,686,210
--6.0
59,778,959 +4.2
62,287,074
--7.3
95,291,511 +7.8
102,533,281
--14.0
519,888,000 -5.5
491,173,000
--14.7
63,511,312 -2.0
62,222,433
--28.3
157,879,379 -8.9
143,754,097
--12.7
82,719,259 +3.0
84,582,172
--5.6
933,375,078 +1.6
948,614,341
--3.2
19,100.427 -4.0
18,329,687
--6.8
66,147,990 -4.5
63.139,889
--11.4
279,588.044 -0.7
277,664,480
--16.3
286,767,328 -0.1
286,480,819
--21.7
16,562,871 -23.7
12,634,218
--11.8
14,850,630 -9.7
13,406,425
--1.7
165,001,153 +1.2
166,955,533
.--0.7
38,699,961 -2.3
37,801,678
---0.7
30,075,035 +4.9
31,542,147
--8.8
40,938,174 -7.0
38.075,853
- 1.4 15,542,813,752 16.070,012,904 - 3.3
a
a
a
a
+9.3
32,874.905 +3.9
34,148,948
-9.4
115,265,988 +2.9
118,656,352
58,346,385 +15.3
67,292,897
-- 5.1
66,504,810 +0.6
68,887,220
216.738
604,896
142,193.578
208,933 +3.7
792,318 -23.7
122,998,023 +15.6
196,735
876,979
93,322,337
150,000
554,685
68,548,449
5,057,327,895
4,908,846,799
-4.9
-9.0
126,144,671
4,096,683
a
a
794,800,849
11,703,981
65,278,875
495,756,397
282,049,424
8,612,558
37,370,733
1,825,814,711
+2.8
6,704,186
6,152,415
+9.0
5,342,780
4,725,235
6.082,165
3,189,153
2,655.000 +129.1
2,842,501 +12.2
2,522.000
3,010,481
1,500.000
1,882,221
21,036,000
1,958,178
6,304,237
24,663,000 -14.5
3,010,600 -35.0
7,117,811 -11.4
18.335,000
2,399,628
14,837,000
1,300,000
34,596,680
38,345,430
2,629,162
-9.8
30,642,884
25,645,624
2,136,609 +23.1
2,387,962
2,260,505
10,703,460
11,320,857
-5.5
11,876,324
7.883,554
5,872,851
1,593,640
8.090,534
1,738,283
-3.6
-8.3
5,549,909
1,447,000
5,308,239
1,297.047
1,352,900
674,024,790
a
1,328,357
4,516,980
3,016,023
2,260,637
1.447,943 -6.6
625,627,028 +7.7
a
a
1,177,037 +12.9
4,555,717 -0.9
3,556,269 -15.2
2,513,353 -10.1
1,161,349
505.445,125
a
1,386,655
4,012,312
2,176,770
2,178,312
1.004,325
413,282,369
a
1,271,835
3,124.729
1,877,358
2,133,358
-0.7
930,234,551
838,949,639
+7.1
694,270,543
558,366,533
109,766,058 +14.9
4,108,481 -0.3
a
a
a
a
814,298,409 -2.4
13,431,618 -12.9
71,191,113 -8.3
553,073,790 -10.4
284,163,790 -0.7
9,347,452 -7.9
39,531.913 -5.5
4.979,966
5.727,339 -13.1
4,466,842
4,866,721
--2.8 22,682,820,318 22.851.428,183
Eighth Federal Re serve District -St. Louis19,473,461
Ind.-Evansville - _ 21,427,925 --9.1
685,405
New Albany
735.522 --6.8
a
Missouri-St. Louis._
a
a
a
Springfield
a
a
128,428,708
Kentucky-Louisville
138,837,701 --7.5
1,634,984
Owensboro
1,759,422 --7.1
10,903,849
13,188,709 --17.2
Paducah
65,164,109
Tenn.-Memphis
76,133,589 --14.4
42,115,837
Ark -Little Rock...
43,840,687 --3.9
Illinois-Jacksonville
1,401,076
1,414,994 --1.0
8,112,759
Quincy
6,008,849 +1.7
1,705,684
7,265,574
38,431,006
18.001,256
166,556.397
78,242,361
498,076,076
1,381,291,220
52,779,262
22,479,671
37,555,855
a
344,795.966
85,179,834
681,993,632
51,440,446
43,598,979
43,255,803
26,199,889
26,418,923
9,039,841
1,359,942,644
303,325,398
2,138,582 -10.3
8,542,463 -10.3
44,851,000 +1.5
136,935,448
163,968,947
81,509,439
498,107,297
1,368,495,829
46,565,073
21,099,265
34,500,370
a
424.507,385
95,831,521
685,776,888
48,039,605
43,622,314
39,737,633
31,558,759
23,358,253
9,736,232
1,440,915,085
275,919,788
1,919,368
d7,664,228
d45,510,000
+6.5
-4.0
-8.5
+2.2
-17.5
-5.7
-7.1
-5.6
a
+13.7
+13.0
+12.0
-9.0
+0.3
-30.2
+12.1
-29.6
+3.6
-4.8
Total(9 cities)
3,;19,484
a
-7.2
Sixth Federal Rese rye District- Atlanta24,074,552
Tenn.-Chattanooga 25.079,139
Knoxville
12,271,541
13,415,878
76,923,299
Nashville
75,249,970
Ga.-Atlanta
197.741,413
239,741.950
8,486,002
Augusta
6,879,754
2,897,452
Columbus
3,118,985
5,822,158
Macon
5,955,957
a
Savannah
a
Fla.-Jacluionville
59,696,081
52,497,487
15,603,280
13,802,968
• Tampa
96,209.222
Ala.-Birmingham. _
85,874,411
7,244,240
Mobile
7,958.716
Montgomery
5,716,840
5,699,789
Miss.-Hattlesburg
5,229,164
7,494,62
Jackson
4,805,000
4,288,000
Meridian
3,110,799
4,421,13
Vicksburg
1,314,383
1,268,286
La.-New Orleans...
191,798,068
201,081,33
Total(29 cities)._ - 3,764,998,539 3,871,482,756
a
a
1,158,34:;
21.552,000
4,725,331,254
753,828,388
a
a
1,213,703
a
a
4,081,75"
180,030.956
4,858,263,707
Seventh Federal R eserve Distric t-ChicagoMich.-Adrian
1.050,225
924,176
Ann Arbor
3,867,880
4,013.598
Detroit
596,354,264
803,639,290
Flint
8,271,000
10,633,254
Grand Rapids
29,099,927
30,965,525
Jackson
6,961,076
8,347,701
Lansing
9,367,155
.
Ind.-Ft. Wayne_ _ 9,925,895
10,558,003
Gary
16,189,085
17,451,440
Indianapolis
79,513,000
92,430,000
South Bend
10,470,000
12,279,700
Terre Haute
20,476,864
28,582,598
Wis.-Madison
10.974,002
12,573,004
Milwaukee
153.038,662
162,168,131
Oshkosh
3,105,391
3,207,645
Iowa-Cedar Rapids,
10,595,334
11,349,530
Davenport
47,202,934
41,839.824
Des Moines
45,357,5.19
54,183,947
Iowa City
2,051,210
2,820,632
Mason City
2,141,975
2,424,152
Sioux City
25,675,901
26,114,833
Waterloo
6,365,176
8,409,965
Illinois-Aurora
5,143,602
5,178,488
Bloomington
5,934,480
6,388,725
Chicago
2,616,571,263 2,654,947,083
Danville
a
a
Decatur
6,212.819
5,684,583
Peoria
17,826,210
19,680,197
Rockford
10,364,244
10,815,142
Springfield
10,276,548
10,833,413
a
22.949.835
-3.8
716,743,492
a
a
1,730,525 +9.4
a
a
a
a
4,517,488 +25.0
167.103.334
817,107,596
Total(17 cities).,
-4.2
a
d1,894,007
a
a
d5,648,617
1,898,912,824
-3.9
a
a
a
a
a
29,433,097
431,034
28,685,996
434,148
+2.6
-0.7
23,953,880
397,277
19,516,769
316,115
14,067,077
8,830,614
376,838
1,492,778
17,272,547 -18.6
8,801,812 +0.3
315,418 +19.5
1.328.023 +12.4
13,332,233
6.837,307
335,928
1 ,340,781
10,108,450
3,576,631
286,010
1,110,453
59,811,402
62,565,283
50,664,248
39,781,149
-4.7
[vol.. 119.
THE CHRONICLE
170
CLEARINGS-(Concluded.)
monsh of June.
Clearings at
1923.
1924.
$
Ninth Federal Res erve District Minneapolis
35,848,968
36,475,081
Minn.- Duluth
278,800,611
310,191,288
Minneapolis
2,249,603
1,732,000
Rochester
154,944,700
122,795,867
St. Paul
9,055,310
6,243,284
No. Dak.-Fargo__
4,931,000
5.010,000
Grand Forks
871,426
1,103,509
Minot
4,806,283
5,583,896
S. D.-Aberdeen__ _ _
12,223,903
3,961,309
Sioux Falls
1,763,812
2,182,888
Mont.-Billings
3,581,553
2,472,851
Great Falls
12,502,515
10,592,695
Helena
718,937
Lewistown
Total(13 cities)._ _ _
475,237,182
Since Jan. 1.
Inc. or
Dec.
387,269,326
Inc.or
Dec.
1922.
1921.
+4.7
-8.3
-12.3
-8.6
-16.8
+15.0
-23.2
-5.3
-65.3
-2.7
-37.0
-20.5
d7,873,535
68,410,447
7,295,014
66,744,908
+7.9
+2.5
5,537,408
60,650,107
5,636,589
55,965,800
27,457,950
1,421,274
32,998,522 -16.8
1,814,242 -21.7
35,133.351
1,822,882
29,166,445
1,872,372
1,069,177
1,251,880 -14.6
1,258,513
1,216,188
555,382,107 -14.4
2,850,148,662
3,158,822,102
-9.8
355,068,327
--3.5
+0.1
+33.3
--10.1
--I.2
--25.2
+7.4
--31.6
+10.6
418,828
458,072
-8.2
519.539
620,398
2,732,498
2,971,033
-8.0
2,839,550
2,657,440
109,383,709
113,531,671
-3.7
107,761,330
97,135,211
d378,744
11,820,109 --7.4
10,949,012
14,091,058 --9.4
543,405
12,764,752
4,821,754
113,718,746 --9.0
103,534,442
34,157,779
954,221,385 1,121,951,826 --I4.9
131,128,485 --3.1
127,018,665
a
a
a
a
a
a
86,032,415 --I0.5
d3,663,957
76,963,767
252,721,036 --28.5
d7,880,012
180,594,400
38,479,000 --1.6
37,847,000
3,037,063,745 3,494,377,570 --13.1 d101,743,000
d8,408,310
178,633,120 Not incl. In tot al
a
a
9,310,268 --19.9
7,460,718
a
a
a
a
566,449,968 --4.4 d22,223,074
541,790,917
226,629,112 --19.8
a
182,192,576
31,476,954 --13.5
843,531
27,237,231
720,599,444 --18.9
16,781,858
584,234,738
22,325,566 +8.9
e953,781
24,323,299
395,010
515,501
4,670,478
37,265,219
-4.1
+5.4
+3.2
-8.3
383,251
538,471
4,238,116
35,694,370
539,459
556,800
3,532,951
32,304,183
3,632,250
7,278,475
+0.9
+8.3
3,196,842
9,846,090
2,707,024
10,608,161
119,489,005 -14.8
6,375,294 +0.5
115,081,202
116,221,014
a
a
20,006,815 +11.1
a
a
1,246,159 --32.3
20,208,335 -17.0
915,209 +4.2
a
17,825,742
a
1,074,530
20,040,716
844,518
a
19,773,747
a
894,349
15,041,780
866,546
208,763,648
203,045,994
5,908,196,647
--0.4
--5.I
41,682,922
37,522,523
977,080,828
128,435,010
267,386,972
191,860,712
668,779,099
13,015,378
15,122,232
66,920,404
57,505,128
123,390,187
+9.1
2,586,701,373
Twelfth Federal R eserve DIstric t-San Franc isco3,500,000 +1.9
19,573,000
3,565,000
Wash.-Bellingham_ _
172,805,187
163,961,388 +5.4 1,033,599,585
Seattle
48,240,000 -6.4
Spokane
45,155,000
274,933,000
a
a
a
a
Tacoma
5,223,019 -10.7
4,862,549
Yakima
30,867,710
4,772,495 -5.2
4,528,172
26,028,127
Idaho-Boise
1,983,928
1,711,252 +14.8
10,475,095
Ore -Eugene
150,719,785 -1.0
149,150,945
Portland
928,558,282
5,304,000 +2.3
5,428,000
Utah-Ogden
33,803,000
64,163,201 +2.3
. 65,655,757
377,012,012
Salt Lake City
2,597,766
3,113,018 -16.6
Nev.-Reno
14,901,358
7,431,012 +12.8
8,385,000
Ariz -Phoenix
53,364,149
3,870,751
4,347,717 ^11.0
Calif.-Bakersfield__ _
23,911,623
16,109,272
16,030,162 +0.5
Berkeley
105,719,149
12,581,012
Fresno
18,032,928 -21.5,
86,386,835
Long Beach
28,041,047
36,747,439 -23.7
202,683,839
Los Angeles
560,288,000
593,781,000 -5.8 3,713,426,000
Modesto
2,698,010
3,049,608 -11.5
17,270,563
Oakland
65,279,487
67,891,555 -3.8
412,321,878
Pasadena
22,230,223
21,791,759 +2.0
155,580,665
Riverside
3,337,533
3,030,632 +10.1
20,974,124
Sacramento
30,562,061
28,436,317 +7.5
199,095,186
16,603,260
San Diego
17,141,181 -3.1
105,834,016
San Francisco
657,600,000
689.800.000 -1.8 4,088,900,000
8,566,087
San Jose
9,613,934 -10.9
54,678,492
Santa Barbara
4,647,780
4,858,890 -4.3
31,064,678
1,806,187
Santa Rosa
2,288,984 ^21.1
11,784,087
Stockton
9,394,000
10,929,200 -14.0
81,046,107
Total(27 cities)-
1923.
160,390,100
1,791,368,386
11,401,749
881,800,698
50.811,386
26,805,300
6,691,128
31,256,589
81,321,275
12,424,077
21,313,206
78,621,017
4,817,233
981,529,703 1,131,786,311 -13.3
_
1924.
167,918,039
1,642,413,084
9,993,772
805,912,734
42,096,625
30,830,694
5,141,084
29,607,115
28,210,240
12,091,478
13,428,367
62,503,430
Eleventh Federal Reserve DIstr ct-Dallas6,145,564
6 371,161
Texas-Austin
5,894,352
Beaumont
5,897,562
111,585,174
148,763,351
Dallas
20,810,488
18,704,494
El Paso
41.375.103
40,860,107
Fort Worth
29,881,753
22,337,461
Galveston
97,208,319
104,394,000
Houston
3,024,902
2,070,563
Port Arthur
2,085,351
2,306,513
Texarkana
8,407,175
8,353,833
Waco
9,100,672
9,062,654
Wichita Falls
19,363,877
18,373,224
La.-Shreveport
Total(12 cities) _
1923.
- 1.7
-10.1
-23.0
-20.8
-31.1
-1.6
-21.0
-13.9
-67.6
+23.8
-30.6
-15.3
Tenth Federal Res orye District -Kansas Cit yNeb.-Fremont
1,882,050 +8.7
2,007,400
2,192,505 --4.4
Hastings
2,096,468
18,543,911 --8.9
Lincoln
17,272,504
183,671,334 --15.3
155,641,913
Omaha
20,959.345 --26.9
15,321,034
Kan.-Kansas City
a
a
a
Lawrence
Pittsburgh
a
a
a
Topeka
13,019,281
14,900,791 --12.8
37,983,425 --22.8
Wichita
29,309,149
Mo.-Joplin
5,763,000 --8.1
5,410,000
577,534,586 --15.1
Kansas City
490,398,236
St. Joseph
27,218,780 Not Incl.in tot al
a
a
a
Okla.-Lawton
1,419,518 --35.2
McAlester
920,085
a
a
a
Muskogee
89,992,489 --8.1
84,543,975
Oklahoma City_ _ _
38,605,472 --18.9
31,326,911
Tulsa
4,978,951 --10.5
4,458,307
Colo.-Colo. Springs_
129,599,277 --3.0
125,704,740
Denver
3,759,657 i-9.0
Pueblo
4,099,700
Total(15 cities) _
1924.
Week Ending July 5.
Inc.or
Dec.
- 1,907,510,012 1,963,910,472
6,841,111,557 -13.6
200,399,185
-30.1
+6.0
+27.0
-5.6
+0.6
-1.5
+7.5
-18.9
+12.6
+12.6
+7.1
-3.2
d11,538,871
4,388,601
a
2,337,776,178 +10.7
62,273,372
26,218,554
7,386,000
a
768,957
46,357,386
35,390,699
769,437,887
133,917,980
265,800,112
194,825,430
621,960,490
16,051,956
13,432,521
59,444,446
53,706,871
127,450,420
18,598,000
946,165,662
276,124,000
a
32.340,782
24,079,307
9,623,569
885,187,662
31,471,000
367,709,436
16,649,590
44,410,962
28,588,440
104,266,345
102,812,678
208,758,475
3,353,021,000
17,828,336
391,814,935
133,714,877
18,784,128
171,648,067
96,245,056
3,978,161,000
60,572,407
29,322,380
14,221,913
85,534,800
+5.2
+9.2
-0.4
a
-4.6
+8.1
+8.8
+7.3
+7.4
+2.5
-10.5
+20.2
-10.0
+1.4
-16 0
-2.9
+10.7
-3.1
+5.2
+16.4
+11.7
+18.0
+10.0
+2.8
-9.7
+5.9
-17.1
-6.8
-2.9 12,093,792,610 11,405,634,807
+6.0
221,997,750
--9.7
1.009,465
1,310,304 -23.0
1,337,349
1,000,000
40,906,809
23,338,000 +75.3
28,658,000
17,226,665
10,729,330
4,861,350
a
+7.5
-9.7
a
10,015,182
5,203,852
a
9,532,494
5,433.02
a
4,733,749
-6.4
4,463,328
2,800,000
44,972,733 +38.5
47,677,711
35,992,179
34,048,231 -23.0
10,029,000 -26.4
a
a
1,224,602 -37.2
27,944,738
9,413,000
a
1,233,111
24,113,393
9,881,044
a
1,080,220
31,177,782
31,787,348
-1:9
28,285,059
22,876,410
15,329,401
a
a
14,060,543
a
a
+9:6
12,672,830
a
a
10,525,450
a
a
3,254,923
5,038,687
93,791,000
3,101,818
3,493,611
70,103,000
-8.2
+1.4
11,805,074
3840,732
9,109,242
2,861,968
7,366,949 +18.7
4,816,112 -6.1
152,000,000 +1.5
2,876,825 -4.3
1,103,232 +22.4
6,077,320
3,338,888
128,800,000
2,537,828
933,868
5,380,526
2,728,194
108,700,000
1,630,087
755,865
4,429,628
3,116,082
6,288,734
120,545,000
15,075,574
5,324,234
d8,747,368
4,521,954
154,300,000
2,752,997
1,350,426
c2,362,000
405,263,063
a
a
3,049,883
8,474,005 -25.8
132,590,000 -9.1
16,418,077
5,252,196
2,079,000 +13.6
427,175,003
--5.I
2,089,800
4,405,500
341,054,838
280,746,328
Grand total(187 cities) 35,302,334,731 34,931,655,881
+1.1 214,623,603,109 207,639,934,773
+3.4 8,413,561,314 8,071,974,352
+4.2 6,888,141,129 5,481,519,373
15,343,785,677 18,256.178.231
-5.6 95,158,122,717 95,412,010,992
-0.3 3,441,999,561 3,480,094,973
-1.1 2,817,442,597 2,399,847,077
Outside New York
CANADIAN CLEARINGS FOR JUNE, SINCE J ANUARY 1, AND FOR WEEK ENDING JULY 3.
Month of June.
Clearings at1924.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
Sew Westm1nster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
394,298,102
371,087,843
202,333,440
60,712,329
23,445,553
22,579,349
11,456,560
20,788,788
26,433,928
10,774,393
8,097,722
12,927,355
16,951,560
12,400,916
2,015,437
1,913,219
6,297,569
4,272.034
3,748,804
3,363,145
2,630,431
1,362,477
3,203,453
4,341,546
3,972,664
13,730,587
1,230,036
3,192,087
2,960,064
1923.
8
460,202,944
409,550,970
181,673,179
61,430,688
33,070,814
26,888,537
13,616,546
25,277,120
20,264.306
11,142,083
8,649,360
14,921,704
17,548,994
13,665,155
2,310,741
2,045,396
6,168,685
4,849,504
4,441,297
3,615,981
2,624,096
1,256,482
3,296,027
3,636,727
4,711,150
19,576,585
1,410,541
4,312,466
.. 3,101,734
Week Ended July 3.
Since Jan. 1.
Inc.or
Dec.
%
-14.3
-9.4
+11.4
-1.2
-14.0
-18.0
-15.9
-17.8
+30.4
-3.3
-6.4
-13.4
-3.4
-9.3
-12.8
-8.5
+2.1
-8.1
-15.6
-7.0
+0:2
+8.4
-2.8
+19.4
-15.7
-29.9
-12.8
-26.0
-4.6
1924.
8
2,502,943,471
2,442,037,832
1,090,571,244
382,875,699
162,387,548
134,684,887
68,607,530
123,869,389
168,138,248
65,680,889
49,161,160
69,493,255
106,708,740
77,172,004
12,133,683
12,861,739
88,477,468
26,102,373
22,384,385
20,345,790
14,956,728
7,993,252
19,210,942
21,347,399
24,114,192
78,150,889
8,236,804
19,702,834
15,957,312
1923.
Inc.or
Dec.
%
$
2,513,835,632 -0.4
2,480,470,555 -1.5
1,043,246.121 +4.5
352,053,730 +8.7
174,195,953 -6.8
137,849,752 -2.3
74,408,552 -7.8
140,568,755 -12.0
114,774,591 +46.5
67,308,053 -2.4
48,828,654 +0.7
75,624,266 -8.1
105,257,028 +1.4
79,157,037 -2.5
13,055,872 -7.1
13,021.878 -12
35,955,772 +7.0
26,574,333 -1.8
-9.0
24,587,33
19,279,740 +5.5
13,895,648 +7.6
7,526,231 +6.2
18,618,826 +3.2
21,139,858 +1.0
25,722,658 -6.3
86,480,247 -9.8
8,529,227 -3.4
26,767,871 -26.4
15,762,244 +1.2
1924.
$
107,757,959
111,847,351
51,104,020
15,338,438
5,990,283
8,472,352
2,801,119
4,964,078
5,890,809
1,983,211
1,917,394
2,784,888
4,309,267
3,054,137
559,615
444,485
1,426,430
1,088,334
554,500
639,802
732,280
365,469
823,227
948,801
723,928
3,014,523
350,637
776,195
899,237
1923.
$
113,595,044
95,327,939
35,626,388
18,934,838
7,608,498
8,678,162
3,229,891
6,680,970
4,126,213
2,720,629
2,087,393
3,375,979
5,478,252
3,236,621
809,826
861,645
1,383,925
1,413,926
1,170,995
941,269
685,992
423,548
803,946
883,584
983,056
2,879,956
337,419
770,541
901,568
Inc.or
Dec.
1922.
1921.
$
%
$
-5.1
97,880,368 117,828,320
+17.3 103,098,189 100,036,594
+43.4
39,048,511
38,530 305
-9.4
14,126,143
14,971
'
791
-21.3
7,910,831
8,488,333
'
+28.9
*8,000,000
6651,68
-19.5
3,959,679
3,858634
-25.7
8,356,737
6,098,057
8,455,048
5,244,506
+425
-27.1
3,014,008
2,905,728
-8.1
2,513,168
2,485,214
-17.5
3,472,255
3,453,771
-21.3
4,188,307
4,650,761
-55
3,768,857
4,181,822
-8.2
654,695
750,700
-48.4
535,039
667,989
+3.1
1,222,312
1,881,947
1,453,011
-23.0
1,572,439
-52.6
1,228,814
1,391,588
-32.0
781,663
836,519
589,848
+6.7
842,489
398,741
-13.7
525,244
+2.4
888,809
1,068,099
+7.4
934,237
1,058,440
-26.4
1,147,581
1,042,038
3,952,177
+4.7
3,311,119
408,671
+3.9
1,218,994
+0.7
1,308,705
1,057,646
-0.3
1,057,405
+6.1 318,993,597 337,709,353
341,362.547 321,757,811
Tntal MO ritleal_ 1.257.521.391 1.365,059,512 -7.9 7,785,907,442 7,784,492,413 +0.3
Estimated. f No clearings; all
a No longer report clearings. b Do not respond to requests for figures. c Week ending July 2. d Week ending July 3. •
banks closed.
JULY 12 1924.]
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 25 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 18th inst.
amounted to £126,406,390. as compared with £126,383,985 on the previous
Wednesday. A fair proportion of the moderate amount of gold on offer
this week has been taken for India. The discount rate of the Imperial
Bank of India was reduced on the 19th inst. from 7% to 6%.
We append figures relating to Indian trade (private account)for May 1924
(In Lacs of Rupees.) Exports.
Imports. Net Exports. Net Imports.
Merchandise
2060
nos
845
Gold
295
2
293
Silver
34
208
242
Total net exports-344
SILVER.
Prices have been disposed to sag, owing caiefly to the reluctance of buyers
rather than pressure to sell. There has, in fact, been a slight decline each
day since the 18th inst., the fall amounting to 11-16d. The news of the
considerable increase in the Shanghai stock, particulars of wnich are given
below, caused some profit taking on the part of local bull operators and this
accentuated the easiness which was apparent. Indian bazaar rates are
well below parity and business in that quarter is not active lust now,
although the monsoon appears to be pursuing a favorable course. America
has been usually a seller. Continental inquiry is still fitful.
The "Times" Vienna correspondent states that "the Austrian new
whining, of the nominal value of 10,000 kroner and a silver value of 8,000
kroner, or, roughly, 634d., which is being issued to the public over the
counters of the Austrian National Bank since Monday last, is, according
to the "Neue Prete Presse," being stored away, or passed on at a premium
of as much as 75%, with the same avidity as that with which the silver
kroner was hoarded by the masses during the war." The above news
reveals that the putting of new coins composed of precious metal into circulation is a delicate operation after a period of currency reconstruction.
Any novel coinage evokes a special demand in normal conditions; how much
more so when paper and other almost valueless material for currency is
being superseded by metal possessing intrinsic worth. As the time chosen
for such new emissions as the above is when tne authorities are desirous of
creating confidence in a new currency system, obviously the Issue of the
coins must continue until a reasonable quantity remsins in circulation at
their nominal value. Hence it is not unreasonable to deduce that those
Continental countries which have embarked upon a policy of minting silver
coins must continue to do so even though many are at first hoarded, or lose
the advantage of the preliminary step they have taken.
The "Wall Street Journal" under date of the 4th inst.stated that when the
German Government inaugurated its recent coinage policy, to mint 600.000,000 marks in silver coins, Reichsbank silver stocks were sufficient to
meet the needs of the first emission of 300,000,000, but that the metal for
the second 300,000,000 will have to be purchased in the open market.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
May31. June 7. June 15.
Notes in circulation
17455
17443
17451
Silver coin and bullion in India
7671
7658
7666
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
Y7-5:3
Securities (British Government)
1400
1400
1399
Bills of exchange
400
400
400
No silver coinage was reported during the week ending June 15.
The stock in Shanghai on the 21st Inst. consisted of about 38,100,000
ounces in sycee, 41,500,000 dollars and 2,080 silver bars, as compared with
about 36,200,000 ounces in sycee, 39,500,000 dollars and 1,980 silver bars
on the 16th inst.
Bar Silver, per Or. Standard.
Bar Gold,
Quotationsper Or. Fine.
Cash.2 Mos.
June 19
341d.
3413-16d.
955.58.
20
34 13-16d.
3434d.
95s.
21
344d.
34 11-16d.
23
34d.
34ld.
95s. 3d.
24
347-15<1.
34 7-16d.
95s. 5d.
25
34 5-16d.
34 5-16d.
95s. 6d.
Average
34.635d.
34.604d.
95s. 3.8d.
The silver quotations to-day for cash and two months delivery are,
respectively, 11-16d. and 9-16d. below those fixed a week ago.
Preliminary Debt Statement of U. S. June 30 1924.
The preliminary statement of the public debt of the
United States June 30 1924, as made up on the basis of
the daily Treasury statements, is as follows:
BondsConsols of 1930
Loan of 1925
Panama's of 1918-1938
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
8599,724,050 00
118,489,900 00
48,954,180 00
25,947,400 00
49,800,000 00
28,894,500 00
11,893,760 00
$1,951,524,750 00
3,104,587,150 00
2.997,199,950 00
8,324,495,550 00
Matured Debt on Which Interest Has CeasedOld debt matured at various dates prior to
$1,282,140 26
April 1 1917
Spanish War Loan of 1908-1918
267,060 00
Certificates of indebtedness
2,859,000 00
Treasury notes
12,113,900 00
% Victory Notes of 1922-1923
146,850 00
% Victory Notes of 1922-1923Called for redemption Dec. 15 1922
4,829,800 00
Matured May 20 1923
8,779,450 00Debt Bearing No Inures:United States notes
8346,681,01600
Leas gold reserve
152,979,025 63
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency
•
Total gross debt
8883,703,79000
30,278.200 28
$193,701,990 37
43,541,539 00
2,049,217 54- 239,292,74691
821,250,812,989 49
a Net cash receipts. b Net redemption value of certificates outstanding.
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for June 1924
and 1923 and the twelve Months of the fiscal years 1923-24
and 1922-23.
ReceiptsJune 1924. June 1923. 12 Mos.1924..12 Mos.1923*
Ordinary$
$
Customs
43,275,796 50,022,514 545,637,504 561,928,867
Internal revenue:
Income and profits tax__ 339,929,510 367,186,245 1,842,144,418 1,678,607,428
Miscell. internal revenue 72.642,334 97,325,833 953,012,818 945,865,332
Miscellaneous receipts:
Proceeds Govt.-owned
securitiesForeign obligationsPrincipal
5,000
61,089,867
31,656,908
Interest
68,804,606 69,135,000 160,684,808 201,332,248
Railroad securities
47,341,377
671,040
94,373,538
99,297,348
All others
342,474
21,036
9,602,405
46,361,372
Trust fund receipts (reappropriated for invest't) 1,860,703 2,737,791
30,643,799
28,882,880
Proceeds of sale of surplus
Property
2,776,065 17,077,324
46,774,600
91,706,388
Panama Canal tolls, &c__ _ 2,104,941
1.990.186
27,063,204
17,271,855
Receiptsfrom miscellaneous
sources credited direct to
appropriations
2,467,370 5,879,846
29,809,735
85,911,408
Other miscellaneous
20,030,315 18,934,639 211,408,208 240,333,649
Total ordinary
601,580,491 630,981,454 4,012,0'44,702 4,007.135,481
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
313,525,872 279.900,120 505,366,986 309,857,480
ExpendituresOrdinary(Checks & warrants paid, &c.)
General expenditures
152,848,916 165,422,400 1,833,047,174 1,950,040,935
Interest on public debt
x84,497,748 x94,067,921 x940,602,913x1,055,923,690
Refunds of receipts:
Customs
1,751,413
1,502,265
20,568,638
28,736,712
Internal revenue
18,118,477 8,904,476 127,220,151 125,279,043
Postal deficiency
32,526,915
12,638,850
Panama Canal
481,871
4,316,961
464,878
8,387,100
Operations in special accts.:
Railroads
117,487 13,808,230
22,771,168 100,818,087
war Finance Corporation_ z1,220,948 z6,806,034 z52,539,947 z109,438.238
shipping Board
2,933,866
z716,302
57,023,838
85,491,359
Allen property funds
7,582,407 z1,052,191
z1,365,554
z1,150,576
sugar Equalization Board_
2,482,476
Loans to railroads
3,071,000
12,971,000
13,526,587
Investment of trust funds:
Govt. life insurance fund
1,840,696
2,737,791
26,672,162
30,410,379
Civil Service retirement fd_
44,178
8,091,417
8,028,336
Dist.of Columbia Teachers'
retirement fund
20,007
190,518
233,420
Total ordinary
269,018,118 281,404,434 3,048,677,965 3.294.627.529
Public debt retirements
chargeable against ordinary
receipts:
Sinking fund
295,987,350
Purchases from foreign repayments
38,509,150
Received from foreign governments under debt settlements
19,020,250 68,752,950 110,878,450
Received for estate taxes
7,600
8,897.050
914,300
Purchases from franchise tax
receipts (F. R. banks)_ 3,634,550
Forfeitures, gifts, &c
93,200
10,650
9,650
Total
14,377,807,400 00
763,948,300 00
Total bonds
$16,025,459,490 00
NotesTreasury notesSeries B-1924, maturing Sept. 15 1924
8377,681,100 00
Series A-1925, maturing Mar. 15 1925
597,325,900 00
Scrim B-1925, maturing Dee. 15 1925
299,859,900 00
Belies 0-1925, maturing June 15 1925
406,031,000
00
Series A-1926, maturing Mar. 15 1926
615,707,900 00
Series B-1926, maturing Sept. 15 1926
414,922,300 00
Series A-1927, maturing Dec. 15 1927
355,779,900 00
Series B-1927. maturing Mar. 15 1927
668,201,400 00-3,735,309,400 00
Treaswy CertificatesTaxSeries TD-1924, maturing Dec. 15 1924
$214,149,000 00
Series TD2-1924,maturing Deo, 15 NH_
193,065,500 00
Series TM-1925, maturing Mar. 15 1925
400,299,000 00- 807,513,500 00
Treasury (War) Swings Securitieswar Savings Certificates:
Series 1920 a
$20,588,604 61
Series 1921 a
12,006,548 64
Treasury Savings Certificates:
Series 1921, Issue of Dec. 15 1921 5
1,821,876 60
Series 1922, Issue Of Dec. 15 19215
99,857,040 75
Series 1922, Issue of Sept. 30:19225
15,906,758 50
Series 1923, Issue of Sept.30 1922 5
141,064,306 90
Series 1923, Issue of Dec. 1 1923 5
25.777,75240
Series 1924, Issue of Dec. 1 1923 b
91,811,328 58
Thrift and Treasury Savings Stamps, Unclassified sales, &c
4,125,410 36- 412.959,652 32
Total interest-bearing debt
520,881.242,042 32
Treasury bonds of 1947-1952
171
THE CHRONICLE
19,038,500 69,676,900
457,999,750
284,018,800
32,140.000
88.752.850
6,568,550
10,815,300
554,891
402,850,491
Total expenditures chargeable against ordinary
receipts
288,054,617 351,081,333 3,506,677,715 3,697,478,020
* Receipts and expenditures for June reaching the Treasury in July are included.
x The figures for the month include 81,305,768 96 and for the fiscal year 1924 to
date $25,020,344 59 accrued discount on war savings certificates of the series of
1918 and 1919, and the croresponding periods last year the figures include $5,084,721.02 and $97,078,362.34, respectively, for the series of 1918.
z Excess of credits deduct.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
June 30 1924 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury for June 30 1924.
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilitiess
$
$459,971,390 04 Gold certifs. outstand'g _1,218,350,659 00
3 325,330,651 37 Gold fund, F. R. Board
(Act of Dec. 23'13. as
amended June 21'17).2,260,891,035 12
Gold reserve
152,979,025 83
Gold in general fund_ _ .._ 153,081,321 66
Total
Total
3 785,302,041 41
3 785,302,041 41
Note.-Reserved against $346,881,015 of U.S. notes and 81,422.628 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars in the Treasury.
SILVER DOLLARS.
AssetsLiabilities,
$
Silver dollars
427,694 121 00 Silver certifs. outstand's 408,365,410 00
Treas. notes of 1890 out.
1,422,626 00
Silver dollars in gen.fund 17,906,085 00
Total
427.694,12100
Total
427,894,121 00
[VOL. 119.
THE CHRONICLE
172
GENERAL FUND.
The world's shipment of wheat and corn, as furnished by
LiabilitiesAssets$
Broomhall to the New York Produce Exchange, for the week
153,081,321 66 Treasurer's checks outGold (see above)
standing
1,425,136 62 ending Friday, July 4 1924, and since July 1 1924 and
Silver dollars (see above) 17,906,085 00
4,260,547 00 Depos. of Govt. officers:
United States notes
1.139,91500
Post Office Dept
13,092,914 26 1923, are shown in the following:
Federal Reserve notes
193.898 00
BoardofTrusteesPcstal
Fed. Res. bank notes_ _ _
18,291,051 50
Savin,gaSystem(5%)
National bank notes_ _ _ _
Wheat.
Corn.
ree've lawful money)
8,073,899 78
6,621,105 90
Subsidiary silver coin_
2.700,42438
Other deposits
Minor coin
1,257,815 92
1924.
1924.
1923.
1923.
I
30,643,853
bullion
87
Comptroller
of
Silver
Currency, agent for
Un class Hie d-collecWeek
Since
Since
Since
Since
Week
8,970,512 21
creditors of insolvclops, &c
July 4.
July 1.
July 1.
July 4.
JAI 1.
JAI 1.
Depositsin Federal Land
ent banks
5,006,994 26
banks
1,000,000 00
Postmasters, clerks of
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Deposits in Federal Recourts, disbursing
North Amer_ 6,690,000,
142,000
24,00
5,105,000
24,000
46,024,890 08
serve banks
38,173,679 28 Russ.& Dan. 304,00(1 6,600,00J
officers, &c
304,0001
208,000 1,020,000 1,020,00
298,000
Deposits for:
Deposits in special deArgentina_ _ _ 4,951,000 4,951,000, 3,228,000 7,260,000 7,260,000 6,716,000
of
account
positaries
Redemption of Fed.
Australia _ _ 1,352,0001 1,352,000
248,000
Reserve notes (5%
sales of certificates of
India
1,160,0001 1,160.0001 1,720,000
162,064,000 00
Indebtedness
141,046,727 99 Other countr.
fund.gold)
95.000
95,000
Deposits In foreign deRedemption of nat'll
positaries:
bank notes (5%
Total
14,457,000! 14,457,000! 10.509,000! 8,399,000 8,399,000 7,156.000
130,607 22
lawful
57
To credit Treas. U.5_
fund,
motley) 30,579,982
To credit of other
Retirement of addl
The visible supply of grain, comprising the stocks in
Government officers_ _
260,333 26
circulating notes,
Deposits in nat'i banks:
8,74500 granary at principal points of accumulation at lake and
Act May 30 1908_ _
8,966,019 28 Uncollected Items, exTo credit Treas. U.5_
12,138,431 35 seaboard ports Saturday July 5, was as follows:
To credit of other
changes, &c
19,996,356 79
Govt. officers
GRAIN STOCKS.
Deposits in Philippine
249,351,533 15
Wheal.
Corn.
Oats.
Rye.
Barley.
Treasury:
United Statesbush,
bush,
bush.
bush,
bush.
235,411,481 52 New York
1,043,299 64 Net balance
To credit Treas. U.5_
427,000
47,000
289,000
567,000
13,000
Boston
1,000
1,000
8,000
484,763,014 67
Total
484,763,014 67 Philadelphia
Total
113,000
48,000
57,000
126,000
Note.-The amount to the credit of disbursing officers and agencies to-day was Baltimore
44,000
130,000
74,000
77,000
3,000
8785.322,152 09. Book credits for which obligations of foreign governments are Newport News
120,000
held by the United States amount to S33,236,629 05.
New Orleans
197,000
95,000
129,000
36,000
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the Galveston
387,000
48,000
retirement of outstanding national bank and Federal Reserve bank notes are paid Buffalo
3,462,090 2,447,000 1.329,000 1,718,000
16,000
Into the Treasury as miscellaneous receipts, and these obligations are made under
167,000
" afloat
25,000
203,000
347,000
the Acta mentioned a part of the public debt. The amount of such obligations to-day Toledo
588,000
12,000
85,000
299,000
1,000
was $43,541,539.
Detroit
45,000
15,000
10,000
100,000
$406,290 in Federal Reserve notes and $18,099,987 in national bank notes are In Chicago
9,713,000 2,437,000
736,000 2,043,000
67,000
the Treasury In process of redemption and are charges against the deposits for the Milwaukee
112,000
86,000
145,000
720,000
64,000
respective 5% redemption funds.
Duluth
1,858,000
362,000
246,000 5,741,000
61,000
Minneapolis
7,861,000
36,000
354,000 5,586,000
93,000
Sioux City
149,000
90.000
2,000
1,000
83,000
St. Louts
916,000
185,000
27,000
5,000
104,000
Kansas City
5,615,000
135,000
183,000
33,000
16,000
St.Joseph, Mo
469,000
120,000
5,000
1,000
29,000
Peoria
5,000
6,000
Breadstuffs figures brought from page 219.-The Indianapolis
130,000
104,000
149,000
1,860,000
248,000
84,000
5,000
174,000
statements below are prepared by us from figures collected by Omaha
On Lakes
44.000
46,000
the New York Produce Exchange. The receipts at Western On Canal and River
405,000
350,000
114,000
74,000
gommerdal in;1174iscella=ausTLC=
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Flour. I
Receipts atChicago
Minneapolis.
Duluth
Milwaukee
Toledo
Detroit
Indianapolis..
St. Louis-....
Peoria
Kansas City_
Omaha
St. Joseph..
Sioux City
Wheat. I
I
Corn.
Oats.
I Barley.
Rye.
bbls.196165.lbush.60 11,5.'bush. 56 lbs.bush. 32 lbsibush.48lbs.bush.561bs.
409,000
468,000
119,000
274,000
58,000
1136,000
80,000
150,000
21,000
160,000
210,0001
31,000
30,000! 615,000
87,000
30,000
23,000
73,000
2,000
88,000
16,000
44,000
24,000
9,000
5,000
12,000
6,000
93,000
177,000
379,000
178,000
80,000
505,000
209,000
76,000
262,000
3,000
137,000
68,000
19,000
33,000
1,000
1,000
204,000
210,000
23,000
82,000
205,000
82,000
28,000
137,000
16,000
5,000
80,000
38,000
Total wk. '24
Same wk. '23
Same wk. '22
310,000
312,000
322,000
1,463,000
3,691,000
4,178,000
2,145,000
4,350,000
6,196,000
1.503,000
3.205,000
3,443,000
860,900
303,000
182,000
260,0001
448,0001
488,000f
Since Aug.11923-24_ _ _ 19,919,000215,674,000276,176,000219,331,00038,957,000 29,893,000
3922-23.._ _ _ 22,227,000 398,649,000281,962,000 214,939,000 37,176,00049,320,000
1921-22.__ 20,109,000 139,965,000376,160.000 205,193,000 0,422,00023,793,000
1
Total July 5 1924 _ _34,519,000 7,142,000 4,741,000 17,399,000
392,000
Total June 28 1924_ __34,716,000 8.279,000 5,264,000 17,228,000
457,000
Total July 7 1923_._25,550.000 3,167,000 7.885,000 15,434,000 1,291,000
Note.-Bonded grain not included above: Oats, New York, 128,000 bushels;
Boston, 20,000; Baltimore,4,000; Buffalo, 596,000; Buffalo afloat, 373,000; Duluth,
40,000; On Lakes, 388,000; total, 1,555,000 bushels,against 133,000 bushels in 1923.
Barley, New York, 177,000 bushels; Duluth, 18,000; On Canal, 51,000; On Lakes,
114,000; total, 360,000 bushels,against 361,000 bushels in 1923. 1Vheat, New York,
1,398,000 bushels; Boston, 120,000; Philadelphia, 616,000: Baltimore, 11,000;
Buffalo, 2,124.000; Buffalo afloat, 423.000; Duluth, 35,000; Toledo, 82,000; On
Canal, 678,000; total, 5,487,000 bushels, againbt 1,436,000 bushels in 1923.
CanadianMontreal
2,173,000
61,000 1,142,000
12,000
38,000
Ft. William & Pt. Arthur_16,966,000
7,492,000 1,717.000
570,000
1,676,000
Other Canadian
2,605,000
125,000
405,000
Total July 5 1924._ _20,815,000
61,000 11,239,000
Total June 28 1924_ _ _21.608,000
63,000 10,187,000
Total July 7 1923__ _15,132,000
344,000 4,520.000
Summary34.519.000 7,142,000 4.741,000
American
20.815,000
Canadian
61.000 11,239,000
Flour. 1
lYheat. I
Corn.
1
Oats.
Barley.
1
I Bushels.
Bushels. Bushels.
39,000,
136,000 182,000 301.000
13,000,
19,000
2,000
12,000
2,00
1,000
34,000
4,000
9,000
1,000
127,000
29,000
455,000
229,000
1
103,000
322,00
Total wk. '24 275,000, 3,701,0001
411,000 759,000
since Jan. 1'24 13,308,000 115,087,000 13,166,000 22,559,000 6,478,000 9,803,000
172,000
355,000f 3,343,000
803,000 499,000 1,135,000
Week 1923_ _ _
SinceJan. 1'23 12,675,000125.591.000 32,633,000 22,636,000 6,206,00020,493,000
• Receipts do not include groin passing through New Orleans for foreign ports
on through bi Is of lading.
1
The exports from the several seaboard ports for the week
ending Saturday, July 5 1924, are shown in the annexed
statement:
azporisirom-
WISOUI.
LAMM.
Bushels. Bushels.
New York
531.786
Philadelphia -- - - 137,000
Baltimore
282.000
Norfolk
104,000
Newport News
New Orleans_ _ _ _ 216,000 106,000
Montreal
3,754,000
Total week 1924. 5,024.788
Same week 1923. 4,615,300
'tugs,.
vuop.
v4c.
ourmy.
Barrels. Bushels. Bushels, Bushels. Bushels.
61,353
39,880
31,661 24,950
20,000
15,000
9,000
6,000
2,000
26.000
20,000
2,000
240,000
239,000 133,000
106,000 111,880
277,135 188.407
323,353
870,892
276,661 157,950
806.605294,643
..,....
Week
July 5
1924.
Since
Jai:, 1
1924.
„..-.
Week
July 5
1924.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Bushels.
Barrels. Barrels.
35,145
35.145 2,259,065
30,585
30.585 2,762.721
3,000
23.050
23,050
23.100
23,100
Total 1924
Total 1023
111,880
188.407
111,880 5,024,786
188.407 4.615.300
Since
July 1
1924.
Week
July 5
1924.
Sin,e
July 1
1924.
Bushels. Bushels. Bushels.
2,259,065
2,762,721
3,000
52,000
52,000
54,000
54,000
5,024,786
4.615,300
106,000
277.135
Merchandise Movement at New York.
Month.
Imports.
1923-24. I 1922-23.
Exports.
1923-24.
1922-23.
$
1
$
$
July
130,629,533 117.118.0761122.7l4.293 115,488,190
August
129,706.345 123,124.81 125,059,77
. .
September 119,630.728 110,716.286 127,067,562 108,291,707
October__ 149,561,943461,418,64 133.087,943 108,234.884
November.136.793,9651 135.057,828 133,197,081 112,652,801
December_ 137,719,2551133.407,596 125,679,538112i,502.054
January _ 130,402,243152.885.893 146.793,8891115.926,602
February 155,554,139.146,915,003 139.028,1081t15,654,813
March_
149,384,1871194,179,676 l33.687.7711136.1714.813
April
162,514,222 169,417.394 145,002,7071l29.989,307
135,620,732,180,462,7831143,792.987 127.527,281
May
Customs Recetpu
at New York.
1923-24.
1922-23.
24,680,863
25,936.476
26,350.449
30.468,923
27,253,543
23,605,874
24,779,787
28,444,581
27.625,869
26,752.166
23,179.124
$
21.433.606
24,206,606
33.110,469
22.085,528
24,148,678
21,594,980
26.583,0213
26,451,928
33,140,206
28.837,309
29,333,844
Total_ ... 1537496291! 162470-100111476011714 1393789046289,077,655200,926,179
Movement of gold and silver for the eleven months:
real.
The destination of these exports for the week and since
July 1 1924 is as below:
Exports for Week
and Since
July 1 to-
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Rye.
I Bushels.
Barrels. I Bushels.
125,000k
New York_ __
611,000,
mom 117,000,
Philadelphia15,000,
Baltimore_ _ _
2,000
2,000!
Newport New
Norfolk
104,000,
42,000
23,0001
New Orleans*
42.0001
Galveston_ _
46,000, 2,802,000'
Montreal __ 17,0001
Boston
17,399,000
392,000
1,854.000 1,013,000
Total July 5 1924_ _ _55,334,000 7,203,000 15,980,000 19,253.000 1,405.000
Total June 27 1924._ 56.324.000 8,342,000 15,451,000 18,846,000 1.572,000
Total July 7 1923_ _ _40,691,000 3.511,000 12,405,000 16,136,000 5,291.000
Total receipts of flour and grain at the seaboard ports for FOREIGN
the week ended Saturday, July 5 1924, follow:
Receipts at- I
1,854,000 1,013,000
1,618,000 1,115,000
702,000 4,000,000
106,000
277.135
Gold Movement at New York.
Month.
Imports.
1923-24. I 1922-23.
July
August,
September
October
November
December_
January - _
February
March..,,
April
May
24,412,
20,481,
24,352,11
24,119,994
35,348.491
29,055,99
36,558,071
28,514,80
27,968.134
37,018,743
35,003,505
41,477,046
17,242.484
27,359,677
19,191,637
15.554,118
23,874,168
12,834,516
3,041,008
10,697,175
6,854,519
42,291,398
Total__ _ 327,834,193220.417,746
Exports.
1923-24.
1922-23.
47.865
11,00
737,477
19,109
453.016
40.117
599,935
24,718
253,912
550.796
66,000
35,609
750 7,715,837
315,000
20,378
201.1300 9,621.840
21,282
740.500
7,527
Silver-New York.
Imports.
Exports.
1923-24.
1923-24.
8
$
6,859.636 2.888,600
1,444.6122.725.649
8,423.611 3.649,683
3,941,273
2,717.52
641,559 4,104,280
8,476,730
2,503,95
2,027,123 5,339,340
4,316,466 5,711,992
3,195,759 5.527.936
1,162,613 13.333,218
2,079,560 7,657,794
3,421,055 18,068,193 29,462,313 58.354,401
TREASURY MONEY HOLDINGS.-The following
compilation made up from the daily Government statements
shows the money holdings of the Treasury at the beginning
of business on the first of April, May, Juno and July,
1924:
.TuLy 12 1924.]
Holdings in
U. S. Treasury.
THE CHRONICLE
April 1 1924. May 1 1924. June! 1924. July 1 1924.
$
$
$
5
By Messrs. Wise, Hobbs &
Shares. Stocks.
$ per sh.
35 National Shawmut Bank
185%
28 Merrimack Mfg. Co., common.105%
8 York Mfg. Co
103%
5 Flint Mills
120
22 Naumkeag Steam Cotton Co.._177%
1 Dennison Mfg. Co., 1st pref... 134
3 Hood Rubber Co., pref
98
173
Arnold Boston:
Shares. Stocks.
Spec sit.
25 American Glue Co., com_ _ _33K-34%
306,060,348
10 Emerson Shoe St., corn. el. "A" 8
48,549.939
100 Pollock Pen Co
13(
4,260,547
10 Blackstone Valley Gas & Elec.
18,291,051
Co., common, par $50
734
1,139,915
3 American Glue Co., pref
105
193,898
5 Lowell Elec. Light Corn
2001.6
8,073,900
11,670,937
By Messrs. R. L. Day & Co., Boston:
Total cash In Treasury. 415,900,972 424,156,957 413,848,271 398,240,535 Shares. Stocks.
$ per sh. Shares. stouts.
$ per all.
Merchants
3
Nat. Bank..._294 ex-div._ 255 Mass. Accident Co., par $25- 30
Less gold reserve fund
152,979,026 152,979,026 152,979,020 152,979,026
23 National Union Bank
19936 14-100 State Theatre, pref. scrip-- 70eCash balance in Treasury. 262.921,946 271.177,931 260,869,245 245,261,509 25 Collateral Loan Co
10934 30 Springfield Gas Lt.Co.. par $25. 4834
9 Charkstown Gas & Elec Co. Par
Dep.In spec'l depositories:
$50
Acct. ells. of indebt
291,352,000 249,911,000 108,738,000 162,064,000
162
Bonds.
Percent.
Dep. In Fed'i Res. banks. 122,374,200
46,024,890 78 Greenfield Electric Light & Pow.
58,510,902
$50 Minneapolis, Minn., 454s,
67,796,910
Co.,common
Dep. in national banks:
July 1 1925
160-16034
96
To credit Treas. U. S._
9,103,357
$5,000 Montana Southern fly. 88,
7,864.611
8.966,019 8 Springfield Gas Lt. Co.. Par
8,230,419
$25
To credit disb. officers.
22,762,237
Jan. 3 1923
4754 ex-dill.
22,113.215
20,469,205
$510
19,996.35
7
Cash In Philippine Islands
924,762
1,233.902
1,094,598
1,043,300
By Messrs. Barnes & Lofland, Philadelphia:
Deposits in foreign depts.
475,172
496.010
406,940
459,042
Dep.in Fed'I Land banks_
1,000,000
1,000,000 Shares. Stocks.
2,000.000
$ per sh. Shares. Stocks.
5 West Jersey Title & Guarantee
20 Lehigh Coal & Nay. Co
7754
Net cash in Treasury
Co., Camden, N. J
400
Rights$ per eight.
and In banks
709,913,674 612,307,571 469,657,419 484,763,015 100 Superior 011
7
15 North Philadelphia Trust Co..
Deduct current liabilities_ 265,393,077 280,582,169 272,819,904 249,351,533 220 Wissahickon Passenger RR
15
(4 350
1201(
25 Manayunk National Bank
611
BondsPer cent.
Available cash balance. 444.520.597 331.725.402 196.837.515 235_411.482 20 Manayunk Trust Co., par 825_ 90
$29,000 matured coupons of 1st
12
•Includes July 1 $30,643,853 87 silver bullion and $2,700,424 38 minor colas, 147 Glen Willow Ice Mfg.Co
Mtge. bonds, Wilmington Sugar
3 Belmont Trust Co„ par $50
8134
Co. of Delaware
ite., not Included in statement "Stock of Money"
$100 lot
122 West Jersey & Seashore RR_ _ _ 35
$5,000 Suffolk Anthracite Collieries
100 Tonopah Mining Co.of Nevada 136
lst s. f. 7s, 1938
9734
15 International Educational Pub$5,000 Eastern Shore Gas & Elec.
BANK NOTES-CHANGES IN TOTALS OF, AND IN
lishing Co., common
$4 lot
Co. consol. mtge. 75, Ser. "A."
Philadelphia National Bank_ ._ _385
DEPOSITED BONDS, &c.-We give below tables which 36
1955
09%
12
National Bank
42254 $5,000 Bradford (Pa.) Electric Co.
show all the monthly changes in national bank notes and in 10 Penn
Fidelity Trust Co
500
1st & coll. 613, Ser."A," 1929_ _ - 9934
6 West Philadelphia Title & Trust
bonds and legal tenders on deposit therefor:
$5,000 United Fuel Gas Co. 1st-6s,
Co., par $50
209
1936, Ser."A," 1936
9734
10 Phila. Co.of Guaranteeing Mort$5,000 Hale & Kilburn Corp. 1st
gages
Amt. Bds. on Deposit to
190
69, 1939
National Bank Circulation
8334
Secure Circulation for5 Penna. Co.for Ins. on Lives,&c_ _600
$6000 Dominican Republic custom
Afloat on26 Hare & Chase, Inc., pref., with
administration 536s, 1942
9054
National
13
shares
Fed. Res.
common
$2,600 lot $5.000 Mountain States Power Co.
Legal
10 Clifton Oil& Gas Co., pref
Bank Notes. Ban* Notes.
52
1st & ref. to, 1938,Ser."A"
Bonds.
Tenders.
Total.
95
4 United New Jersey RR.& Canal_199
$1,400 Martinsburg Limestone Co.
2 Buffalo & Susquehanna RR,Pre$
181 55, 1947
$8101
1
ferred voting trust ctfs
June 30 1924._ 750,858,930
50
$5,000 Southwest Power Co. lin
744,953,710 33,058,069 778,011,779
May 311924.. 750.113,430
545,900 745,029,518 32,460.609 777,490,127 875 Hunts Theatres, Inc.,common_ 9
834s, 1944, Ser. "A"
9734
April 30 1924.. 750,676,680
545.900 745,795,653 31.611.339 777,406.992 4 Downington Woolen Mills. pref.$4 lot
Mar.31 1924.. 749,974,180
545,900 745,171,676 31,162,366 776,334,04'2 50 Downington Woolen Mills, com.$6 lot
748,875,180
Feb. 29 1924545,900 743,454.758 30,964,444 774,419,202
Jan. 31 1924.. 747,256,230
545.900 742,670,537 30.126,232 772.796,769
Dec. 31 1923.. 746,577.780
545.900 740,521,752 31,045.227 771,566.979
National Banks.-The following information regarding
Nov.30 1923._ 746,778.030
545.900 743.984.275 29,450.769 773,435,044
Oct. 311923.. 746.562.330
545,900 743.806,385 28,799,884 772,606,269 national banks is from the office of the Comptroller of the
Sept.29 1923._ 746.780,830
545,900 742.184.915 28,137.092 770,322,007
Aug. 311923.. 745,585,080 4,543,700 740,323.568 28,621,244 768,944,812 Currency, Treasury Department:
July 311023.. 744.848,940 4,793,700 740,986.663 28,823,714 769,810,377
APPLICATIONS TO ORGANIZE RECEIVED.
June 30 1923._ 744,654,990 4,993,700 719,103,625 28,336.094 747,439,719
Capital.
May 311923.. 744.034,190 5,593,700 742,178.351 27,829.641 770,007.992 June 30
-The Farmers & Merchants National Bank of Carlsbad,
April 30 1923... 742.823.590 6,148,700 740.099.541 27,868,731
767.968,272
N.Mex
625,000
Mar. 311923.. 742.879,540 6,368,700 739.984.523 27.197,981 767.182,504
Correspondent, S. D.Stennis, Jr., Carlsbad, N. Mex.
Feb. 28 1923.. 741,077,590 6,878,700 738,423,517 28.620,187
767,043,704 July, 2-The First National Bank of East Northport, N.Y
25,000
Jan. 31 1923.. 739.329.840 7,868,700 734,541,173 29,209.789 763,750,962
Correspondent,
Henry
S. Mott, Northport, N. Y.
Dee. 30 1922.. 738,257.440 7,968,700 735,281,275 26,846,812 762.128,087
APPLICATIONS TO ORGANIZE APPROVED.
Nov. 30 1922.. 739,018.690 31,468,700 736,065,365 25,433,762 761,499,127
50.000
Oct. 811922.737.660.690 48,468,700 734,520.475 20,158,712 760,679,187 June 30-The First National Bank of Ketchikan, Alaska
Correspondent, J. E. Rivard, Ketchikan, Alaska.
$10.596,170 1 ederal Reserve Bank notes outstanding June 30. secured
June 30-The National Bans of Port Byron. N.Y
25,000
by lawful
money, against 822,083.000 June 30 1923.
Correspondent, Arthur E. Blauvelt, Port Byron, N. Y.
July 2-First National Bank in Alvin, Texas
25,000
Correspondent. John P. Beck, Alvin, Texas.
The following shows the amount of each class of United
Citizens National Bank & Trust Co. of Newark,
States bonds and certificates on deposit to secure Federal July 3-The
N. J
200.000
Correspondent, Courtland Palmer.26 Broadway, N Y.
Reserve bank notes and national bank notes on June 30:
Jul) 5-First National Bank of Cairo, N.Y
25,000
Correspondent. ..ra T Tolley, Cairo, N. Y.
July 5-The First National Bank of Austin. Pa
U. S. Bonds Held June 30 to Secure50,000
Correspondent, H. B. King, Austin, Pa. Succeeds
Bonds on Devarit
On Deposit to.On Deposit to
Bank of Austin, Austin. Pa.
1924.
June 30
Secure Federal
Secure
Total
CHARTERS ISSUED.
Reserve Bank National Bank
Held.
July 1-12,556-The East Texas National Bank of Palestine,
Notes.
Notes.
Texas
150,000
Conversion of Guaranty State Bank of Palestine. Tex.
$
2s, U. S. Consols of 1930
President, J. E. Angley; Cashier, D. S. Worainack.
589,123,400 589,123,400
4s, U. S. Loan of 1925
87,423,450
87,423,450 July 1-12.557-Portland National Beim, Portland, Ore
200,000
25, U.S. Panama of 1936
Succeeds Broadway Bank of Portland, Ore, President,
48.583.720
48,583,720
2s, U. S. Panama of 1938
W. B. Haines: Cashier, J. A. Davis.
25,728,360
25,728,360
July 1-12,558-The First National Ban. of Parco, Wyo
25.000
Totals
President, P. J. Quealy; Cashier, Otto Frederick.
750.858,930 750,858.930
CHANGE OF TITLE AND LOCATION.
The following shows the amount of national bank notes July 3-12,269-First National Bank in South Bend, Wash., to "The
First National Bank of Ilwaco," Wash.
afloat and the amount of legal tender deposits June 1 and
July 1, and their increase or decrease during the month
CONSOLIDATIONS.
July 1-3,350-The Miami County National Bank of Paola,
of June:
Kan
100,000
National Bank Notes-Total Afloatand 3,391-The People's National Bank of Paola. Kan
50,000
Amount afloat June 1 1924
$777,490,127
Consolidated July 1 1924 under Act of Nov.7 1918, and
Net increase during June
521,652
under charter and corporate title of"The Miami County
National Bank of Paola,' No. 3350, vritn capital of
Amount of bank notes afloat July 1 1924
$778,011,779
$150,000.
Legal Tender NotesJuly 1-2,257-The Second National Bank of Red Bank, N.J
300.000
Amount on deposit to redeem national bank notes June 1 1924
532,460,609
and 12,520-The National Bank & Trust Co. of Red Bank,
Net amount of bank notes issued in Juno
597,460
N. J
300.000
Consolidated July 1 1924 under Act of Nov.7 1918 under
Amount on deposit to redeem national bank notes July 1 1924
$33,058,069
the charter of the Second National Bank of Red Bank.
No.2,257, an4 under the corporate title of"The Second
National Bank & Trust Co. of Red Bank," with capital
of $500,000.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were
VOLUNTARY LIQUIDATIONS.
sold at auction
in New York, Boston and Philadelphia on Wednesday of June 30-7,902-The First National Ban. of Hagerstown, Ind... 50.000
Effective
June 30 1924. Lig. Agent, Leslie B. Davis,
this week:
Hageretown, Ind. Succeeded by the Union Trust Co.
of Hagerstown, Ind,
By Messrs. Adrian H. Muller & Sons, New York:
June 30-8,390-The First National Bank of Guttenberg, N..7... 100,000
Shares. Stocks.
$ per sh. Shares. Stocks.
5 per sli•
Effective June 30 1924. Lig. Agent, Joseph G. Shan55 The Journal Co. 1st prof
3180 lot 900 U.S. Steamship Co., par $10._ _101
non, care of Mercantile Trust Co., Jersey City, 7. J.
40 Perfection Tire & Rubber Co.,)
100 Victoria 011 Co., par $10
To be succeeded by a State bank.
I lot
no par
June 30-8,856-The Citizens National Bank of Lineville, Ala_ - /389 24 Saguenay Pulp & Power6% pref.,:
60.000
300 Allied Oil Corp., par $10
par $5
I lot
421
Effective June 30 1924. Liquidating Committee, T. R.
4,000 U. S. Steamship Co., par 310-1
80 Saguenay Pulp & Power, corn., 1
Bell, J. M.Barfield and W.II, Reddoch, Lineville, Ala.
600 Allieg 011 Corp„ par $10
par $5
$I lot
1 lot
Absorbed by Farmers & Merchants Bank of Lines-Me.
200 Victoria 011 Co.. par $10
20 Hotel Investment Co., par 550.512 lot
Ala.
1 Perfection Tire & Rub. Co.. no Par)
10 Wh:te Plains Publishing Co..
July 1-6.761-The People's National Bank of Salisbury, Md__ 100,000
5015. S. Steimship Co., par $10Inc., pref., no par
$7
$675 lot
Effective July 1 1924. Liquidating Committee. Wm,
103 McNamara Min.& Mill., par $11 lot 1 The Journal Co., pref
Downing, S. King White and C. M.Paynter, Salisbury,
$9 lot
10 Allied 011 Corp., par 310
152 National Drug Stores Corp.,
Md. Aosorbed by the Eastern Shore Trust Co.ofCam100 Sequoyah Oil& Ref., par $1...... I
preferred
bridge, Md.
$150 lot
150 Gladys Belle 011 Co., common,1
488 National Drug Stores Corp..
July 1-9,413-Haddon Heights National Bank. Haddon
Par SI
common
Heights, N. J
$53 lot
50.000
7 Pe:feetion Tiro & Rub.. no par...)
Effective July 1 1924, Lig. Agent, Wm. M. Nash,
290 McNamara Min.& Mill.. Par 811338 h Bonds.
Fer cent.
Haddon Heights, N. J. It is understood that the
100 Seguoyah Oil & Ref.. Par 8l....I t $1.000 Hotel Investment Co. 2d 6s,
liquidating bank is to be succeeded by a trust company.
100 Gladys Belle Oil, Prof., par $1.1
Jan. 2 1933
$200101 July 5-2,316-The Rochester National Bank, Rochester, Niin n
50.000
400 U. S. Steamship Co.. par $10... I
82.500 Columbia Univesrlty Club
Effective June 211924. Lig. Agent, Henry M.Nowell,
40 Allied Oil Corp., par $10
5s. Oct. 1 1942
31,500 lot
Rochester, Minn. Absorbed by the First National
100 Okmelgee Producing &
I
3.5,000 Albany Journal Bldg. Corp.
Bank of Rochester. Minn., No. 579. Liability for cirMing, par 35
2d mtge., Jan. 11968
culation will not be assumed under Sec.5223,U.S.R.S.
8510 lot
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes..
Net national bank notes._
Net Fed'I Reserve notes-.
Net Fail Res, bank notes
Net subsidiary silver
Minor coin,&c
334,263,656
50,953,273
1,249,160
15,945,595
548,213
198,399
8,048,076
4,694,600
341,802,120
48.986,575
1,452,315
17.730,783
695,206
215,724
8,179.502
5,094,732
328,866,382
51,373,334
1,695,196
18,522;655
767,293
119,051
8,025.059
4,479,401
174
THE CHRONICLE
July
5-9,650-The First National Bank of Aiken,So. Caro_ __ _
50,000
Effective June 17 1924. Lig. Agents, G. A. Durban
and F. W. Schroeder, Aiken, So. Car. Succeeded by
the Gaston Bank & Trust Co. of Aiken.
July 5-11,940-The Citizens' National Bank of Boswell. Okla.
25,000
Effective June 28 1924. Liq. Agent. W. W. Moran,
Boswell, Okla. Absorbed by the First National Bank of
Boswell, Okla., No 7651.
July] 5-12,178-The Security National Bank of East St. Louis.
Ill
300,000
Effective close of business April 24 1924. Lig. Agent.
G. A. Miller, East St. Louis, Ill. Absorbed by the
Union Trust Co. of East St. Louis, Ill.
DIVIDENDS.
Dividends are grouped in two separate tables. -n 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 vet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Connecticut & Passumpsic Rivers, pref
Cuba RR., preferred
Preferred
Massawippi Valley
Nashville Chattanooga & St. Louis
Per
When
Cent. Payable.
3
3
3
3
314
Aug. 1
Aug. 1
Feb2'25
Aug. 1
Aug. 1
Books Closed.
Days Inclusive.
Holders of rec. July 1
Holders of rec. July 15a
Holders of rec Jan 15'25a
Holders of rec. July 1
Holders of rec. July 19
Public Utilities.
Amer. District Teleg. of N. J. (quar.)_
13 July 29 Holders of rec. July 15a
Central Power & Light, Pref. (quarj_
114 Aug. 1 Holders of rec. July 15
Chicago Rapid Transit prior pt.(m'thly) 565c. Aug. 1 *Holders of rec. July 15
Cincinnati & Ham. Tract., corn. (qu.)_
1
July 1 June 21 to June 30
Preferred (quar.)
114 July 1 June 21 to June 30
Columbia Gas & Electric (quar.)
65c. Aug. 15 Holders of rec. July 31
.Commonwealth Gas & Elec., pref. (qu.)_ 81.50 July 15 Holders of rec. July la
Dallas Power & Light, pref. (quar.)._._
114 Aug. 1 Holders of rec. July 21
Dominion Telegraph (guar.)
114 July 15 July 1 to July 7
Edison Elec. Ilium, of Brockton (quar.)_
214 Aug. 1 Holders of rec. July 14
Electric Bond & Share. pref.(quarj___.
134 Aug. 1 Holders of rec. July 15
Electric Utilities, preferred (guar.)
13 July 15 Holders of reo. July 7
El Paso Electric Co., preferred A
$3.50 July 15 Holders of rec. July 80
$3
Preferred Series B
July 15 Holders of rec. July 80
Fort Worth Power & Light, pref.(guar.) 114 Aug. 1 Holders of rec. July 15
Georgia Ry.& Power. 1st pref.(guar.).- 2
Ally 20 Holders of rec. June 30
Illinois Northern Utilities, pref. (quar.)_ *114 Aug. 1 *Holders of rec. July 15
3Kinloch-Bloomington Telep., corn. (qu.) 2
July 15 Holders of rec. July 10
Preferred
334 July 15 Holders of rec. July 10
Lowell Electric Light (quar.)
2H Aug. 1 Holders of rec. July 140
Mineral Point Pub.Service, pref.(guar.) 134 Sept. 15 Holders of rec. Aug. 31
Montreal Tramways (guar.)
2j6 Aug. 1 Holders of rec. July 18
40c. July 25 Holders of rec. July 10a
Municipal Service, common (guar.)..._
Preferred (quar.)
1% Aug. 1 Holders of rec. July 15a
Northwestern Electric Co.. corn. (guar.) 30c. July 1 June 15 to June 30
Seven per cent preferred (guar.)
134 July 1 June 15 to June 30
Six per cent preferred (guar.)
1% July 1 June 15 to June 30
Texas Power & Light, pref.(quar.)
•114 Aug. 1 *Holders of rec. July 16
Banks.
Continental
Corn Exchange (guar.)
Harriman National
Extra
Pacific (guar.)
Extra
4
5
5
5
*2
*2
Aug.
Aug.
July
July
Aug.
Aug.
1 Holders of rec. July
1 Holders of rec. July
5 Holders of rec. July
5 Holders of rec. July
1 *Holders of rec. July
1 *Holders of rec. July
280
31
3
3
25
25
Miscellaneous.
Aeolian,Weber Piano& Planola,pt.(qu.) 134 July 25 Holders of rec. July 15
Amer.Sugar Refining, preferred (guar.). *134 Oct. 2 *Holders of rec. Sept. 2
Ameakeag Mfg., common (guar.)
75c
Aug. 2 Holders of rec. July 9a
Preferred
$2.25 Aug. 2 Holders of rec. July 9a
Arizona Commercial Mining
*50c. July 31 *Holders of rec. July 19
Atlantic Safe Deposit
3
July 15 Holders of rec. July 9a
Belding-Corticelli, Ltd., common
2
Aug. 1 Holders of rec. July 15
Preference (guar.)
134 Sept.15 Holders of rec. Sept. 1
Burns Bros.,common A (guar.)
'*2.50 Aug. 15 *Holders of rec. Aug. 1
Common B (guar.)
*50c. Aug. 15 *Holders of rec. Aug. 1
California Packing Corp.(guar.)
411 .50 Sept.15 *Holders of rec. Aug. 30
Canadian Converters (guar.)
134 Aug. 15 Holders of rec. July 31
Cartier, Inc., pref.(guar.)
154 July 31 Holders of rec. July 15
Cerro de Pasco Copper Corp.(guar.)__. 91
Aug. 1 Holders of rec. July 17
Clifton Manufacturing
4
July 1 Holders of rec. June 300
Cluett, Peabody & Co., common (guar.) $1.25 Aug. 1 Holders of rec. July 21
Columbian Carbon (guar.)
411
Aug. 1 *Holders of rec. July 21
Connecticut Mills, let pref.(guar.)
134 Aug. 1 Holders of rec. July 8a
Cuba Company, preferred
314 Aug. 1 Holders of rec. July 15a
(guar.)._
Decker (Alfred) & Cohn, pref.
•114 Sept. 1 *Holders of rec. Aug. 20
3% July 15 Holders of rec. July 3
Ely-Walker Dry Goods, 1st pref
3
July 15 Holders of rec. July 3
Second preferred
July 11 Holders of rec. June 30
Equitable Eastern Banking Corp.(qu.)- 2
500.
Exchange Buffet Corp.(guar.)
Holders of rec. July 19
134 Aug. 1 Holders of rec. July 20
Fair (The), preferred (quar.)
2
July 15 Holders of ree. June 30
General Discount Corp.(guar.)
413
Sept. 1 *Holders of rec. Aug. 1
Gillette Safety Razor (guar.)
4.e5
Dec. 1 *Holders of rec. Nov. 1
Stock dividend
4,114 Aug. 1 *Holders of rec. July 19
- Gimbel Brothers, preferred (guar.)
•13.4 Aug. 1 *Holders of rec. July 21
Goesard (H. W.) Co., pref.(guar.)
• Grand (F. & W.) 6-10-25-Cent Stores,
*131
, Aug. 1 *Holders of rec. July 22
Preferred
(guar.)
Inc.,
Hupp Motor Car Corp..common (guar.) 25e. Aug. 1 Holders of rec. July 15
Internat. Combustion Engineering (q11.) 50c. July 31 Holders of rec. July 17
International Nickel, preferred (guar.).- 1% Aug. 1 Holders of rec. July 17
;i Aug. 1 Holders of rec. July 15
International Shoe, pref. (monthly).Aug. 1 *Holders of rec. July 19
Kress(S. H.)& Co.,common (quarj- *1
*5
Sept.1 *Holders of rec. Aug. 1
McIntyre-Porcupine Mines(guar.)
83.50 Aug. I Holders of rec. July 21
Nash Motors,common (guar.)
$1.50 Aug. 1 Holders of rec. July 21
Common (extra)
Preferred (quar.)
134 Aug. 1 Holders of rec. July 21
July 1 Holders of rec. June 21
National Grocer, preferred
3
N.Y.& Honduras Rosario Min.(m1h1Y) 235 July 23 Holders of rec. July 120
Olympia Theatres, Inc., common (au.). 25c. July 15 Holders of rec. July 11
Preferred (guar.)
154 July 15 Holders of rec. July 11
July I
Pittsburgh Generator,common(guar.)- 1
July I
Preferred (quar.)
2
July I
Pittsburgh Steel, common (guar.)
I
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 15a
Aug. 1 Holders of rec. July 21a
Postum Cereal, common (quar.)
31
Preferred (guar.)
Aug. 1 Holders of rec. July 21a
2
Producers & Refiners Corp., pref.(qu.). 4.13734c Aug. 4 *Holders of rec. July 18
Rockland & Rockport Lime, corn.(gu.). 1% Aug. 1 Holders of rec. July 15
3% Aug. 1 Holders of rec. July 15
First preferred
Aug. 1 Holders of rec. July 15
Second preferred
3
Russell Motor Car, preferred (auar.)__ _
134 Aug. 1 Holders of rec. July 18
Aug. 1 Holders of rec. July 28
1
, St. Louis Cotton Compress (guar.)
Savannah Sugar, common (guar.)
$1.50 Aug. 1 *Holders of rec. July 15
*114 Aug. 1 *Holders of rec. July 15
Preferred (quar.)
Scott Paper, preferred (guar.)
'114 Aug. 1 *Holders of rec. July 24
Shell Tranap.& Tradins(Amer.shares). 411 075 July 23 *Holders of rec. July 16
Shell Union MCorp.,6% pref A (au.)- 13i Aug. 15 Holders of rec. July 24
, Spalding(A. G.)& Bros.,common
July 15 Hloders of rec. July 9
2
preferred (quar.)
(gu.)First
134 Sept. 2 Holders of rec. Aug. 16
Sept. 2 Holders of rec. Aug. 16
2
Second preferred (quar.)
Standard Oil (Ohio). pref.(guar.)
134 Sept. 1 Holders of rec. July 25
Stover Mfg.& Engine, preferred (guar.). 4,11.4 Aug. 1 *Holders of rec. July 21 Aug. 1 Holders of rec. July 15
Sugar Estates of Oriente, pref.(guar.).- *2
DI Aug. 15 Holders of rec. Aug. 1
Tobacco Products Corp.. class A (au.)
Name of Company.
[VoL. 119.
Per
When.
Cent. Payable.
Books Closed.
Days Inclusive.
• Miscellaneous (Concluded).
Union 011 of California (guar.)
411.80 July 28 *Holders of rec. July 10
United 011 Co.(guar.)
3
July 15 July 8 to July 15
Western Grocer of Iowa, preferred
355 July 1 Holders of rec. June 21a
Woolworth (F. W.) Co., common (qu.). 4.750. Sept. 1 *Holders of rec. Aug.
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.
Railroads (Steam).
Alabama Great Southern. preferred.___
Atch. Topeka & Santa Fe, corn.(quar.).
Preferred
Baltimore & Ohio, common
Preferred
Canada Southern
Central RR.of New Jersey (guar.)
Extra
Chicago & North Western, common
Preferred
Ono.New On.& Tex.Pat., pref.(quar.)
Cincinnati Northern
Cleve. CM.Chic. & St.Louls, corn.(qu.)
Preferred
Delaware Ac Hudson Co.(guar.)
Delaware Lackawanna &Western (quar.)
Detroit River Tunnel
Georgia RR.& Banking (quar.)
Great Northern
Gulf Mobile & Northern, pref. (quar.)...
Illinois Central,common (guar.)
Preferred
Internat. Rya. of Cent. Am.. pref. WO.
Kansas City Southern, pref. (quar.)
Little Schuylkill Nay. RR.& Coal
Louisville & Nashville
Mahouing Coal RR.,common
Michigan Central
New York Central RR.(quar.)
Norfolk & Western, common (quar.)_.
Adjustment preferred (guar.)
Northern Central
Northern Pacific (quar.)
Pennsylvania RR. (guar.)
Pere Marquette, prior pref. (quar.)-...
Five per tent pref. (guar.)
Pittsb. Ctn. Chic. dr St. Louis (quar.)..
Pittsburgh & Lake Erie
Pittsburgh & West Virginia, pref.(guar.)
Preferred (guar.)
Preferred (quay.)
Reading Company, common (quar.)First preferred (quar.)
Southern Railway, common (quar.)....
Preferred (guar.)
Per
When
Celli. Payable.
314
114
2%
1%
1
1%
2
2
2
334
1%
3
1%
1%
254
Aug. 16
Sept. 2
Aug. 1
Sent. 2
Sept. 2
Aug. 1
Aug. 15
July 15
July 15
July 15
Sept. 2
Aug. 1
July 19
July 19
Sept.20
July 21
3
July 15
234 July 15
234 Aug. 1
134 Aug. 15
154 Sept. 1
Sept. 1
1% Aug. 15
1
1119 15
31 July 15
3
Aug. 11
810 Aug. I
10
July 29
134 Aug. 1
134 Sept.19
1
Aug. 19
$2
July 15
134 Aug. 1
750. Aug. 30
1% Aug. 1
134 Aug. 1
2
July 19
$2.50 Aug. 1
154 Aug. 30
154 Nov.29
154
Mil
81
Aug. 14
50c. Sep. 11
134 Aug. 1
114 July 15
Books Closed.
Days Inclusive.
Holders of reo. July 12
Holders of rec. July 250
Holders of rec. June 270
Holders of rec. July 19a
Holders of rec. July 19a
Holders of rec. June 27a
Holders of rec. Aug. 6a
Holders of rec. July 9a
Holders of rec. June 19a
Holders of rec. June I9a
Holders of rec. Aug. 10a
Holders of rec. June 27a
Holders of rec. June 27a
Holders of rec. June 27a
Holders of rec. Aug. 28a
Holders of rec. July 5
Holders of rec. July 80
July 2 to July 14
Holders of rec. June 250
Holders of rec. Aug. la
Holders of rec. Aug. la
Holders of rec. Aug. la
Holders of rec. July 31a
Holders of rec. June 30a
June 21 to July 15
Holders of rec. July 150
Holders of rec. July 15a
Holders of rec. June 270
Holders of rec. June 270
Holders of reo. Aug. 300
Holders of rec. July 310
Holders of rec. June 30a
Holders of rec. June 30a
Holders of rec. Aug. la
Holders of rec. July I50
Holders of rec. July 15a
Holders of rec. July 100
Holders of rec. July 130
Holders of rec. Aug. la
Holders of rec. Nov. la
Holders of rec. Feb.2'25a
Holders of rec. July 210
Holders of rec. Aug. 250
Holders of rec. July 100
Holders of rec. June 25a
Public Utilities.
All-America Cables(guar.)
1% July 14 Holders of rec. June 30a
American Gas,common (guar.)
I/1H July 15 Holders of reo. June 30a
Amer. Gas & Elec., pref. (guar.)
75c. Aug. I Holders of rec. July 10
American Light & Traction, cons.(guar.)
Aug. I July 12 to July 27
Common (payable in common stock)
/1
Aug. I July 12 to July 27
Preferred (guar.)
13.‘ Aug. 1 July 12 to July 27
Amer. Telephone & Telegraph (quar.)_
2% July 15 Holders of rec. June 200
Quarterly
2)4 Oct. 15 Holders of rec. Sept.20a
Quarterly
2% Jn15'25 Holders of roe. Dec. 206
Quarterly
2% Ap15'25 Holders of rec.Mar.17'25a
Am.Wat. Wks.& El.7% 1st pt.(qu.)._
Aug. 15 Holders of rec. Aug. 1
Six per cent panic. pref. (guar.)
1% Aug. 15 Holders of rec. Aug. 1
Bell Telephone of Canada (guar.)
2
July 15 Holders of reo. June 230
Telep.
Bell
of Pennsylvania.pref.(quar.) 134 July 15 June 21 to June 25
Boston Consolidated Gas, preferred..._
314 Aug. 1 Holders of rec. July 15
Brooklyn-Manhattan Transit, pf.
.A (qu) 81.50 July 15 Holders of rec. July, la
California-Oregon Power, pref.(guar.)._
154 July 30 Holders of rec. July 15
Carolina Power & Light. common (qu.). 13i Aug. 1 Holders of rec. July 16
Cedar Rapids Mfg.& Power (quar.)....
14 Aug. 15 Holders of rec. July 31
Central Illinois Public Service, pf.(qu.). $1.50 July 15 Holders of rec. June 303
Central Power, preferred (guar.)
134 July 15 Holders of rec. June 300
Chesapeake & Potom. Tel. of Ball. City
Preferred (guar.)
134 fuly 15 Holders of rec. June 30
Cleveland Elec. Ilium., corn. (guar.)._ 2% July 15 Holders of rec. July la
Clue. Newp.& Coy. L.& Tr.,corn (qu.) 1)4 July 15 July 1 to July 15
Preferred (quar.)
1)4 July 15 July 1 to July 15
City Gas of Norfolk, pref. (quar.)
Oct. I Holders of rec. Sept. 15
Commonwealth-Edison Co.(quar.)
•2
Aug. 1 *Holders of rec. July 15
Commonwealth Power Corp..°o m.(qu.)
Aug. 1 Holders of rec. July 16
Preferred (guar.)
134 Aug. 1 Holders of rec. Jul)
, 16
Continental Gas& El,Corp.,corn. Mu.) 750. Oct. I
Common (payable in common stock)-- /75c. Oct. 1
Participating preferred (quay.)
114 Oct. 1
Participating preferred (extra)
Si Oct. 1
Punic. pref.(payable in corn,stock).. 1St Oct. 1
Preferred (quay.)
134 Oct. 1
Prior preferred (guar.)
154 Oct. 1
Detroit Edison (guar.)
July 15 Holders of rec. June 20a
Dominion Power & Transm.,pref.(guar.) 1St July 15 June 23 to June 30
East Bay Water, Class A,pref.(guar.)._
1% July 15 Holders of rec. June 30
134 July 15 Holders of rec. June 30
Class 13 preferred (guar.)
Eastern Massachusetts St. Ry. let pref. 3
Aug. 15 Holders of rec. July 31
Preferred B
3
Aug. 1 Holders of rec. July 16
4.3
Sinking fund stock
Aug. 15 *Holders of rec. July 31
Edison Electric Illuminating (quar.)...-.. 3
Aug. I Holders of rec. July 15
Georgia Railway & Electric, pref.(quar.) 1% July 20 Holders of rec. July 100
Internat. Telep. a: Teleg. (quar.)
134 July 15 Holders of rec. June 270
Kaministiqula Power (guar.)
Aug. 15 Holders of rec. July 31
Kansas Electric Power, common (qu.)._ 1% July 31 Holders of rec. July 20
Kentucky Securities, prof. (guar.)
134 July 15 Holders of rec. June 230
Louisville 0.& Elect., of Ky. pref.(qu.) 134 July 15 Holders of rec. July la
Manchester Tmc., Lt. & Pow.(guar.).- 2
July 15 Holders of rec. July la
July 15 Holders of rec. June 30a
Manufacturers Lt.& Heat.Pitts.(qu.) _ '2
Massachusetts Gas Cos., corn. (quar.).. 134 Aug. 1 Holders of rec. July 15
Massachusetts Ltg. Co,..6% pref. (qu.) 134 July 15 Holders of rec. June 25
Eight per cent preferred (guar.)
2
July 15 Holders of rec.
•1yi July 15 *Holders of rec. June 25
Michigan Gas & Elec.. pref.(quar.)._
June 30
'134 July 15 *Holders of rec. June 30
Prior lien stock (guar.)
Middle Wen Utilities. pref. (guar.)......_
134 July 15 Holders of rec. June 30
Milwaukee Elec. Ry.& Lt., pref.(qu.)... 134 July 31 Holders of rec. July 210
Missouri Gas& Elec. Serv., prior l'n (qu) 134 July 15 Holders of reo. June 30a
Montreal Et., Ht.& Pr. Consol.(guar.).
Aug. 15 Holders of rec. July 31
Montreal Light, Heat & Power (quar.). 2
Aug. 15 Holders of rec. July 31
Montreal Telegraph (guar.)
2
July 15 Holders of rec. June 30
Mountain States Power, pref.(guar.)_ _
11.1 July 21 Holders of rec. June 30a
Nevada-California Electric. prof.(guar.) *13. Aug. 1 *Holders of rec. June 30
Newburyport Gas& Electric (quar.)..._ _ $1.50 July 15 Holders of rec. June 30
Extra
50c. July 15 Holders of rec. June 30
Newport News & Hampton RY.. G• & E.
Common (guar.)
114 Aug. 1 Holders of rec. July 15a
New York Telephone, preferred (guar.). 134 July 15 Holders of rec. June 20a
Niagara Falls Power, preferred
43%c. July 16 Holders of rec. June 30a
Northern Indiana Gas & El., pr. A.(qu.) 4'134 July 14 *Holders of rec. June 30
Northern States Power,common (quar.) 2
Aug. 1 Holders of rec. June 30
Preferred (quar.)
154 July 21 Holders of rec. June 30
Oklahoma Natural Gas (quar.)
50c. July 19 Holders of rec. June 28a
Pacific Gas & Electric, cora. (quar.).... 2
July 16 Holders of rec. June 30a
Pacific Telco. & Teleg., pref. (guar.)- 134 July 15 Holders of rec. June 30a
JULY 12 1924.]
T1TE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
115
When
Per
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Miscellaneous (Continued).
Peoples Gas Light & Coke (guar.)
154 July 17 Holders of rec. July 3a Congoleum Co., common (guar.)
750. July 30 Holders of rec. July 15a
Philadelphia Company,corn.(quar.). 31
July 31 Holders of rec. July la
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15a
Philadelphia Rapid Transit (guar.)
The. July 31 Holders of rec. July 150 Consolidated Car Heating (guar.)
135 July 15 Holders of rec. June 30
Philadelphia 'Sc Western Ity., prof.(qu.)- 6214c July 15 Holders of rec. June 30e
Extra
2
July 15 Holders of rec. June 30
Public Secy. Elec. Pow., pref. (quar.)
114 Aug. 1 Holders of rec. July 150 Consolidated Mining & Smelting
3
July 15 Holders of rec. June 30
Public Service Investment, com. (guar.) 1;4 Aug. I Holders of rec. July 150 Consolidated Royalty Oil (guar.)
3c.
July 20 July 16 to July 20
Preferred (guar.)
114 Aug. 1 Holders of rec. July 15a Consolidation Coal (guar.)
135 July 31 Holders of rec. July 15a
Pub.Serv.of N.III.,com.(par 8100)(gm) .114 Aug. 1 *Holders of rec. July 15
Continental Can,common(guar.)
SI
Aug. 15 Holders of rec. Aug. 56
Common (no par value)(guar.)
*31.75 Aug. 1 *Holders of rec. July 15
Continental Motors Corp.(guar.)
*200. July 30 *Holders of rec. July 19
Preferred (guar.)
*114 Aug. 1 *Holders of rec. July 15
ContinentalPaper dr Bag Mills,com.(qu) 135 July 21 Holders of rec. July 12
Puget Sound Power & Light,corn.(qu.)
I
July 15 Holders of rec. June 200
Prior preference (guar.)
1% July 21 Holders of rec. July 12
Prior preference (guar.)
134 July 15 Holders of rec. June 20a
Preferred (guar.)
134 July 21 Holders of rec. July 12
Preference (guar.)
1;4 July 15 Holders of rec. June 200 Corn Products Refining, com. (guar.)
50c. July 19 Holders of rec. July 30
'Quebec Power, pref.(guar.)
11,
4 July 15 Holders of rec. June 30
Preferred
(guar.)
134
July 15 Holders of rec. July 30
Railway & Light Securities, corn.& pref. 3
Aug. 1 Holders of rec. July 15
Craddock-Terry Co.. common (guar.)- 3
Sept.30 Sent.15 to Sept.30
Reading Traction
750. July 1 June 15 to June 30
Common (guar.)
3
Dec. 31 Dec. 18 to Dec. 31
Sierra Pacific Electric Co., pref. (qu.)
134 Aug. 1 Holders of rec. July 12a
First and second preferred
3
Dec. 31 Dec. 16 to Dec. 31
South Pittsburgh Water,common
114 July 19 Holders of rec. JulY I
Class C preferred
335
Dec.
31 Dec. 15 to Dec. 31
Seven per cent preferred (guar.)
114 July 15 Holders of rec. July 1
Crucible Steel,common (guar.)
1
July 31 Holders of rec. July 160
Five per cent preferred
214 Aug. 19 Holders of rec. Aug. 5
Packing,
Cudahy
common
(guar.)
1
July 15 July 4 to July 15
Southern California Edison, pref.(guar.) 2
July 15 Holders of rec. June 200 Davis Coal & Coke
$3
July 15 Holders of rec. June 305
Southern Canada Power, pref. (guar.)._ 1% July 15 Holders of rec. June
300 Delaware Lack. & Western Coal (guar.) $1.25 July 15 Holders of rec. July la
Southern N. E. Telephone (guar.)
2
July 15 Holders of rec. June 300 Diamond Match (guar.)
2
Sept.15 Holders of rec. Aug. 300
Southern Wisconsin Elec. Co.,cons.(qu.) 2
July 15 Holders of rec. June 300 Dictograph Products Corp., pref.(qu.)_ 2
July 15 Holders of rec. June 300
Preferred (guar.)
114 July 15 Holders of rec. June 30a Doehler 1/10 Casting (guar.)
50c. Aug. 1 Holders of rec. JI119 150
Standard Gas & Electric, com.(quar.)
75c. July 25 Holders of rec. June 30a Dome Mines, Ltd. (guar.)
50c. July 21 Holders of rec. June 26a
7% prior preferred (guar.)
1% July 25 Holders of rec. June 30
Dominion Stores. common
50e. Oct. I Holders of rec. SePt.15
Tennessee Elec. Power, 2d pref.(No. 1)_ $1.50 Aug. 1 Holders of
Dominion Textile preferred (guar.).rec. July 12
134 July 15 Holders of rec. June 30
Texas Electric Ry.,corn.(guar.)
1
Sept. 1 Holders of rec. Aug. 15
Dubilier Condenser & Radio, pref.(qu.) $2
Sept.30 Holders of rec. Sept.256
Second preferred (guar.)
134 Aug. 1 Holders of rec. July 15
Preferred ((Mar.)
$2
Sept.30 Holders of rec. Sept.250
Union Natural Gas(quar.)
50c. July 15 Holders of rec. June 300
Preferred (guar.)
$2
Dec. 31 Holders of roe. Dec. 26a
United Gas & Electric, preferred
235 July 15 Holders
ree. June 300 du Pont (E.I.) de Nemours & CoUnited Gas Improvement,coin.(guar.)_ 8710. July 15 Holders of
of
ree.
Debenture
June
30a
(guar.)
stock
1%
25 Holders of rec. July 106
Preferred (guar.)
8714c Sept.15 Holders of rec. Aug. 30a the Pont(E.I.) de Nem.Powd.,com.(qu.) 134 July
Aug. 1 Holders of rec. July 19
United Light & Pow.,corn. A & B (qu.) 40c. Aug. 1 Holders of rec.
Preferred (qua?.)
July 15a
134 Aug. I Holders of rec. July 19
Washington Water Power,Spokane(qu.) 2
July 15 Holders of rec. June 250 Eagle-Picher Lead, pref. (guar.)
1% July 15 Holders of rec. July 6a
West Penn Company,7% pref. (guar.)_ 134 Aug. 15 Holders of rec. Aug.
Eastern Steamship, second pro!. (guar.) 8735c July 15 Holders of rec. July
I
8a
West Penn Power Co.,7% pref.(quar.). 134 Aug. 1 Holders of rec. July
Eastern Theatres (Toronto), preference- 3% July 31 Holders of rec. June
15
30
West Penn Railways, pref. (guar.)
134 Sept.15 Holders of rec. Sept. 1
Elgin National Watch (guar.)
*2
Aug. 1 *Holders of rec. July 15
Western Power Corp., pref. (guar.)_
1)4 July 15 Holders of rec. June 300 Eureka Pipe Line (guar.)
2
Aug.
1
Holders of roc. July 15
Western Union Telegraph (guar.)
134 July 15 Holders of rec. June 250 Fajardo Sugar (guar.)
$2.50 Aug. 1 Holders of rec. July 19a
Wisconsin River Power, pref.(guar.)_
$1.75 Aug. 20 Holders of rec. July 31
Extra
$1.25 Aug. 1 Holders of rec. July 19a
York Railways, common (guar.)
50c. July 15 Holders of rec. July 50 Famous Players-Lasky Corp., pref.(qu.) 2
Aug. 1 Holders of rec. July 150
Preferred (guar.)
6214c Julyd30 Holders of rec. Julydlea Fifth Avenue Bus Secur. Corp.(quar.)
160. July 21 Holders of rec. July 120
Finance Co.of America, com.(quar.).-- 234 July 15 Holders of rec. July 2
Banks.
per
Seven
cent pref. (guar.)
134 July 15 Holders of rec. July 2
Commonwealth
5
July 15 June 25 to June 30
Eight per cent cony. pref. (quar.)_._ 2
July 15 Holders of rec. July 2
Firestone Tire & Rubber, coin.(guar.)- $1
July 21 Holders of rec. July 10
Miscellaneous.
Six per cent preferred (guar.)
135 July 15 Holders of rec. July 1
Abitibi Pow.& Paper, common (guar.)
$1 July 21 Holders of rec. July 10
Fisher Body Corp.. common (guar.).
32.50 Aug. 1 Holders of rec. Julyd 210
Air Reduction Co.(guar.)
July 15 Holders of rec. June 300 Fleishmann Co., common (guar.)
750. Oct. 1 Holders of rec. Sept 150
Alliance Realty (guar.)
2
July 19 Holders of rec. July ha
Common (guar.)
76c. Jan1'25 Holders of rec. Dec. 150
Allied Chemical & Dye Corp.,cons.(qu.). Si
Aug. 1 Holders of rec. July 15a General Cigar, common (guar.)
2
Aug. 1 Holders of rec. July 23a
Allis-Chalmers Mfg., common (quar.)
$I
Aug. 15 Holders of rec. July 24
Preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 230
Preferred (guar.)
1)4 July 15 Holders of rec. June 240
Debenture
preferred
(guar.)
1%
Oct.
1 Holders of rec. Sept. 240
Amalgamated Sugar, 1st prof. (guar.)Aug. I Holders of rec. July 17a General Development (guar.)
25c. Aug. 20 Holders of rec. Aug. lla
,
First pref. (acct. accum. dividends).- /i3
Aug. 1 Holders of rec. July 17a General Electric (guar.)
2
July
15
Holders of rec. June 40
Amer.Art Works,corn.& pref.(quar.)_ _
1;4 July 15 Holders of rec. June 300
Special stock (guar.)
15e. July 15 Holders of rec. June 40
American Bank Note,cons.(guar.)
51.25 Aug. 15 Holders of rec. Aug. la General Fireproofing, pref. (guar-)
1% Oct. 1 Holders of rec. Sept. 20
American Beet sugar, com. (quar.).__ 1
July 31 Holders of rec. July 120
Preferred (guar.)
1.14 Jan2'25 Holders of rec. Dec. 20
Common(guar.)
1
Oct. 31 Holders of rec. Oct. lla General Motors.7% deb.stock (quar.)
134 Aug. 1 Holders of rec. July 7a
Common (guar.)
1J an31'25 Holders of rec.Jan.10'25a
Six per cent deb.stock (qua:.)
1% Aug. 1 Holders of rec. July 70
American Can. common (guar.)
15( Aug. 15 Holders of rec. July 3Ia
Six per cent preferred (guar.)
114 Aug. 1 Holders of rec. July 70
American Cigar, common (guar.)
134 Aug. 1 Holders of rec. July 15a General Refractories (guar.)
*50c. July 15 *Holders of rec. July 7
American Coal(guar.)
$1
Aug. 1 July 12 to Aug. 1
Globe Automatic Sprinkler, Cl. A (qu.). 823.4c Aug. 1 Holders of rec. July
American Glue, preferred (guar.)
21
2
Aug. 1 Holders of rec. July 12
Gossard (H. W.) Co.(monthly)
25c. Aug. 1 Holders of rec. July 190
Amer. Greenhouse Mfg., pref. (guar.)._ 2
July 15 Holders of rec. June 30a
Monthly
25c. Sept. 1 Holders of rec. Aug. 200
American Ice, common (quar.)
134 July 25 Holders of rec. July 8a Gray & Davis. preferred
"2
(guar.)
Aug. 1 *Holders of rec. July 16
Preferred (guar.)
114 July 25 Holders of rec. July 8a Gulf States Steel, first preferred
(guar.) 154 Oct. 1 Holders of rec. Sept.154
Amer.La France Fire Eng.,com.(qu.)_ 25c. Aug. 15 Holden
First preferred (guar.)
134 Jan2'25 Holders of rec. Dee. 150
Amer. Laundry Machinery, com.(qu.)_ 50c. Sept. 1 Aug. of rec. Aug. la
Second
23
to
Sept.
(qua?.)
1
preferred
135 Oct. 1 Holders of rec. Sept.15a
Preferred (guar.)
1;4 July 15 July 6 to July 15
Second preferred (quar.)
134 Jan2'25 Holders of rec. Dec. 150
American Rolling Mill, common (quar.)_ 50c. July 15 Holders
of rec. June 300 Hell (C. M.) Lamp
50c. July 17 Holders of rec. July 12a
Common (payable in common stock)_ _ f5x July 15 Holders of
Bros., 1st & 2d pref. (guar.)
114 July 31 July 25 to July 31
American Seeding Machine,corn.(guar.) 50c. July 15 Holders of rec. June 300 Halle
rec. June 300 Harbison-Walker Refract., Prof.(gu.).- 114 July 19 Holders of rec. July 90
Preferred (guar.)
1)4 July 15 Holders of rec. June 30a Harris Brothers. Preferred (guar.)
*114 Aug. I
Amer.Shipbuilding,common (guar.)_ 2
Aug. 1 Holders of rec. July 15a Hart,Schaffner & Marx,Inc.,com.(qu.) '134 Aug. 30 *Holders of rec. July 11
of rec. Aug- 20
Common (quar.)
2
Nov. I Holders of rec. Oct. 15
Hibbard. Spencer, Bartlett Co.(mthly.) 350. July 25 *Holders
Holders of rec. July 18
Common (Oust.)
2
Feb2'25 Holders of rec. Jan. 15'25
Monthly
350.
Aug.
29
Holders
Common (guar.)
of rec. Aug. 22
2
M'Y1'2 Holders of rec. Apr. 1525
Monthly
350. Sept.26 Holders of rec. Sept.19
Common (guar.)
2
Atia25 Holders of rec. July 15'25
Extra
15c. Sept.26 Holders of rec. Sept.19
Preferred (quar.)
151 Aug. 1 Holders of rec. July 15
Hificrest Collieries, common Omani-134 July 15 Holders of rec. June 300
Amer. Smelt. de Refg., com.(quar.)
114 Aug. 1 Holders of rec. July Ila
Preferred (quar.)
114 July 15 Holders of rec. June 300
Preferred (guar.)
114 Sept. 1 Holders of rec. Aug. 8a Hillman Coal & Coke,5% pref.(guar.)_
134 July .25 July 15 to July 25
Amer.Steel Foundries, corn.(quar.)._
750. July 15 Holders of rec. July la
Seven per cent preferred (guar.)
1% July 25 July 15 to July 25
Amer.Type Founders.corn.dr prof (q u.) 114 July
15 Holders of rec. July 10a Hollinger Canso'.Gold Mines(mthly.)-- 1
July 14 Holders of rec. June 26
American Vitrified Products, com. (qtr.) *50o. July
15 *Holders of rec. July 5
Holly Sugar, preferred (quar.)
134 Aug. 1 Holders of rec. July 15
American Woolen Co..corn.& pref.(qu.)
134 July 15 June 15 to June 26
preferred (account accum. dividends)_ 51% Aug. 1 Holders
Archer-Daniels-Mid. Co.. pref.(guar.).- alq
of rec. July 15
Aug.
Homeetake
1
*Holders
of
Mining (monthly)
rec. July 21
50c. July 25 Holders of rec. July 190
Art Metal Construction (guar.)
250. July 31 Holders of rec. July ha Hood Rubber Co., preferred ((mar.).
*134 Aug. 1 *Holders of re. July 19
Asbestos Corp. of Canada, pref.(guar.)
114 July 15 Holders of rec. July la Household Products, Inc. (guar.)
75c. Sept. 2 Holders of rec. Aug- 15s
Associated Dry Goods, common (quer.). 114 Aug. 1
Holders of rec. July 120 Hurley Machine, common (qua?.)
Si July 15 Holders of rec. July 100
First preferred (quar.)
114 Sept 2 Holders of rec. Aug. 9a Illinois Brick (quar.)
154 July 15 July 4 to July 15
Second preferred (quar.)
114 Sept. 2 Holders of rec. Aug. 9a Independent Oil& Gas(quar.)
25c.
Sept.30 Holders of rec. Sept 126
Associated Industrials, first pref.(guar.) 2
July 15 Holders of rec. July 14a
Quarterly
25c. Dec. 31 Holders of rec. Dec. 120
Associated Oil (guar.)
3714c July 25 Holders of rec. June 306
Indiana
Pipe
Line
(qua?,)
32
Aug. 15 Holders of rec. July 18
Atlantic Refining, preferred (guar.).
114 Aug. 1 Holders of rec. July 15a International Harvester, com.
(guar.)- 51.25 July 15 Holders of rec. June 250
Atlas Powder, preferred (guar.)
114 Aug. 1 Holders of rec. July 19a International Paper, preferred (guar.)
__
Austin, Nichols & Co., prof.(Quer.)
134 July 15 Holders of rec. July 7
I
Aug. 1 Holders of rec. July I50 Kaufmann Dept. Stores, corn. (quar.).. $1
Aug. 1 Holders of rec. July 21
Babcocs & Wilcox Co.(guar.)
114 Oct. 1 Holders of rec. Sept.20a Kelsey Wheel, preferred (guar.)
134 Aug. 1 Holders of rec. July 21a
Quarterly
114 Jan1'25 Holders of rec. Dec. 200 Lehigh Coal & Navigation (Oscar.)
"SI
Aug. 30 *Holders of rec. July 31
Quarterly
114 Aprl'25 Holders of reo.Mar.20'25a Loose-Wiles BiscuitBalaban & Katz Corp.,com.(monthly)- *25e. Aug.
1 *Holders of rec. July 19
Second pref.(account accum. dive.)
53% Aug. 1 Holders of rec. July 18a
Common (monthly)
*25c. Sept. 1 *Holders of rec. Aug. 20
Lord & Taylor, 2d pref.(quar.)
2
Aug. 1 Holders of rec. July 100
Common (monthly)
*25c. Oct. 1 *Holders of rec. Sept.20
MacAndrews & Forbes, corn. (quar.)_
Preferred (guar.)
214 July 15 Holders of rec. June 30a
114
Oct.
1
Holders
Preferred
of
rec.
(guar.)
Sept.
20
114 July 15 Holders of rec. June 300
Barnhart Bros. & SpindlerMacFadden Publications, Inc.(guar.)._ 5
July 15 Holders of rec. June 30
First and second preferred (guar.)
- 134 Aug. 1 Holders of rec. July 250
Extra
Barrington Oil (guar.)
5
July 15 Holders rec. June 30
•3 • July 15 *Holders of rec.
Macy (R.H.)& Co., preferred (guar.).- 114 Aug. 1 Holders of
July 1
Bayhis agars,first preferred
of rec. July 12a
(guar.)
- 114 July 15 Holders of rec. June 300 Magee Furnace, first prof.(quar.)
13.4 July 15 Holders of rec. July 140
Convertible second preferred
(guar.).- 114 July 15 Holders of rec. June 30a
Eight per cent preferred (guar.)
Eight per cent second Prof. (quar.)_....
2
JulY
Holders
of
rec. July 140
15
2
July 15 Holders of rec. June 30a Manna Sugar, common
Beacon Oil. preferred (quar.)
31.25 Sept. 1 Holders of rec. Aug. 15a
(guar.)
$18731 Aug. 15 Holders of rec. Aug. 1
Maple Leaf Milling, pref. (guar.)
Beech-Nut Packing, Prof. B
13.4 July 18 Holders of rec. July 3
114
July
15
Holders
of rec. July la May Department Stores.common (qu.) $1.25 Sept. 1 Holders Of MC. Aug.
Borden Company,common
156
4
Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
Preferred (guar.)
134 Oct. I Holders of rec. Sept.150
114 Sept. 15 Holders of rec. dAug.30a McCrory Stores Corp.. pref.
Preferred (guar.)
1% Aug. 1 Holders of rec. July 210
(guar.).134
Dec.
1 Holders of rec. Dec. to
Preferred (guar.)
Brown Shoe, preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 200
134 Aug. I Holders of rec. July 19a Mexican Petroleum,
Bunte Brothers, Preferred ((Mar.)
common (qua:.)... 3
July 21 Holders of rec. June 30
*134 Aug. 1 *Holders of rec. July 25
Preferred (quar.)
Burns Bros., prior prof.(guar.)
2
July 21 Holders of rec. June 30
114 Aug. I Holders of rec. July 180 Miami Copper
(guar.)
Bush Terminal Co., common
50c. Aug. 15 Holders of rec. Aug. la
2,14 July 15 Holders of rec. July 5a Michigan Limestone
&
Preferred
3
July 15 Holders of rec. July 5a Midwest Oil, common Chem.,prof.(qu.) 134 July 15 Holders of rec. June 300
Canada Cement(guar.)
& Prof• (guar.)
July 15 Holders of rec. June 30a
8
51.14 July 16 Holders of rec. June
30a Minnesota Sugar, common
Canadian Car Ss Fdry., prof.(guar.) _ _
4
July 15 Holders of rec. July la
114 Oct. 10 Holders of rec. Sept.26
Monarch Knitting, preferred (qua:.)
1% Aug.. 1 Holders of rec. June 21
Preferred (acct. accum. diva.)
5114 Oct. 10 Holders of rec. Sept.26
Moon Motor Car (guar.)
Canadian Explosive,common (guar.)... 2
*75c. Aug. 1 *Holders of rec. July 15
July 31 Holders of rec.
Motor Products Corp., pref. (guar.)._ _ *2
Preferred (guar.)
Aug. 8 *Holders of rec. July 19
114 July 1 Holders of rec. June 300 Mullins
Body Corp., pref. (guar.)
Casey-Hedges Co., common (quar.)._
2
Aug. 1 Holders of rec. July 15a
214 Aug. 1 Holders of rec. Juno 300 National
Biscuit, common (guar.)
The. July 15 Holders of rec. June 300
Chicago Pneumatic Tool (guar.)
114 July 2 Holders of rec. Aug. la
Common (guar.)
750. Oct. 15 Holders of rec. Sept.300
Chicago Yellow Cab (monthly)
33ls Aug. 1 Holders of rec. July 15a
Preferred (guar.)
July 210
134 Aug. 30 Holders of rec. Aug. 18a
331. Sept. I Holders
Monthly
of rec. Aug. 20a National Brick, Ltd., preferred
Cities Service CoAug. 15 Holders of rec. July 310
1
National Dept. Stores, pref. (guar.)---- 111 Aug. 1 Holders of rec. July 15a
Common (monthly, pay. In cash scrip) 034 Aug. I Holders
Nat. Enamel. & Slog., pref. (guar.).- - 134 Sept.30 Holders of rec. Sept.100
Common(pay.in corn,stock scrip) _ ply( Aug. 1 Holders of rec. July 15
of
rec.
Preferred (guar.)
July 15
Proferred & preferred B (monthly) _
134 Dec. 31 Holders of rec. Dec. lla
Yi Aug. I Holders of rec. July 15
National
City Ice & Fuel (Cleveland) (qua?.)
preferred
July 16 Holders of rec. July 1
1
2
Sept. I Holders of rec. Aug. 20a National Fireproofing.
Fuel
(guar.)
$1.50 July 15 Holders of rec. June 30
Quarterly
2
Dec. 1 Holders of roe. Nov 20a National PaperGas
& Type. pref.(guar.)
2
Cleveland-Cliffs Iron (quar.)
July 15 Holders of rec. June 30a
750. July 2 Holders of rec. July 15a National
, Collins Company(guar.)
Tea. preferred (guar.) .
1;4 Aug. 1 Holders of rec. Julyd19
2
July 15 June 26 to July 15
New York Air Brake, com.(guar)
Si
Commercial Chemical, Class B (quar.)
Aug. 1 Holders of rec. July 9a
371Ic July 21 Holders of roe. June 300
Class A (quar.)
Oct. 1 Holders of rec. Sept. 9a
$1
Name of Company.
THE CHRONICLE
176
Name of Company.
For
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 119.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending July 5. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
New York Canners, 1st pref. (quar.)___ 334 Aug. 1 Holdcrs of rec. July 210
234 July 15 Holders of rec. July 50
New York Dock, preferred
50e. July 15 Holders of rec. May 31a
New York Mortgage, common (guar.)
134 July 15 Holders of rec. May 310
Preferred (guar.)
50c. July 16 Holders of rec. June 20
New York Transit (guar.)
60c. July 15 Holders of rec. July la
New York Transportation (guar.)
150. July 21 July 1 to July 17
Nipissing Mines(quar.)
July 15 Holders of rec. June 300
21
Ohio Brass, common (guar.)
July 15 Holders of rec. June 300
$1
Common (extra)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
134 July 15 Holders of rec. June 300
Preferred (quar.)
234 July 15 Holders of rec. June 300
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
Ohio Fuel Supply (guar.)
1234c Aug. 1 Holders of rec. July 19a
Orpheum Circuit, corn.(monthly)
1234e Sept. 1 Holders of rec. Aug. 200
Common (monthly)
New
.
July 15 Holders of rec. June 300
$1
Otis Elevator, common (guar.)
Capital Profits. Loans,
Reserve
134 July 15 Holders of rec. June 300
Preferred (quar.)
Ending
Time Rank
Week
Cash
with
Net
Dtscount,
200
June
July
20
rec.
Cushion
Tire,
Holders
of
corn.(guar.)-Overman
134
in
De- arcsLegal Demand
July 5 1924 Nat'l, Mar..31 Investpreferred (guar.)
134 July 20 Holders of rec. June 300
State, Mar. 20 merits, Vault. Depost- Deposits. Posits. laPacific Mills (guar.)
134 Aug. 1 Holders of rec. July 15a
Tr.Cos..Mar.20
dtc.
omitted.)
tortes.
(000
Hon.
June
134
51
July 21 Holders of roc.
Pacific Oil
30c. July 31 Holders of rec. July 150
Packard Motor Car, common (quar.)
July 21 Holders of rec. June 30a Members of Fed. Res. Bank. Average Averag Average Average Average dregs.
Pan-Amer.Pet.&Transp.com.A&B(qu.) Si
Bank of N Y &
$
2
Aug. 15 Holders of rec. Aug. 5
Penman's, Ltd., common (guar.)
70,927
51,56
Trust Co____ 4,000 12,361
737 7,141
8,938
134 Aug. 1 Holders of rec. July 21
Preferred (guar.)
149,534
10,000
13,943
122,66 22,107
of
Manhat'n
2,634 16,812
Bk
July
10
Holders
of
rec.
July 25
20
Pennok Oil,stock dividend
1S3.541 7,493 Eio
Pennsylvania Salt Mfg.(guar.)
$1.25 July 15 Holders of rec. June 30a Mech & Met Bk 10,000 16,589 162,525 3,235 20,287
81,195 1,438 11,343
86,825 3,787
100. Aug. 1 Holders of rec. July 150 Bank of America 8,500 5,376
Penn Traffic
Philadelphia Insulated Wire
Aug. 1 Holders of rec. July 150 Nat City Bank. 40,000 52,027 597,494 4,355 66,736 4.623,911 65,010 2,147
52
107,925 3,518
349
Phillips-Jones Corp., Pref. (guar.)
13a Aug. 1 Holders of rec. July 20a Chem Nat Bank 4,500 16,876 119,210 1,165 14,678
5,297
87
608
4,538
Nat Butch & Dr z1,000 z288
78 297
July 15 Holders of rec. July 5
Pierce, Butler & Pierce Mtg., corn.(qu.) 1
97,575 9,428 4,942
786 13,866
1
July 25 Holders of rec. July 100 Amer Exch Nat 5,000 7,880 109,870
Pittsburgh Coal, common (guar.)
299,783 11,870
Preferred (guar.)
% July 25 Holders of rec. July 100 Nat Bk of Com_ 25,000 39,308 331,468 1,320 39,107
27,160 2,664
Pacific Bank-. 1,000 1.725 28,236
809 4,025
*1% July 19 *Holders of rec. July 1
Plymouth Cordage (guar.)
119,309 32,026 13:437
rE
2
July 31 Holders of rec. June 300 Chat& Phen Nat 10,500 9,183 156,157 4,208 17,574
Prairie Oil & Gas(guar.)
109,257
5,000
22.422
123.773
13,779
Hanover
Nat
Bk
547
300
30a
June
2
rec.
July
31
Holders
of
Prairie Pipe Line (guar.)
162,455 28,898
Corn Exchange_ 10,000 13,082 187,724 6,162 22,827
5
Aug. 15 July 16 to Aug. 15
Procter & Gamble, corn. (guar.)
140,362 6,783 7,753
797 18,597
National Park__ 10,000 23,756 171,068
Aug. 15 July 16 to Aug. 15
Common (payable in common stock)_ _ f4
21,483 6,419
x400
27,648
941 3,085
so
2
July 15 Holders of rec. June 250 East River Nat_ x2,100
Preferred (guar.)
416 31,194 235,163 20,420 7,459
51.25 Aug. 15 Holders of rec. July 310 First National._ 10,000 60,124 328,986
Punta Alegre Sugar (guar.)
21,640
273,129
17,500
11,477
283,468
36,327
IrvingBk-ColTr
3,306
la
July
July
15
Holders
of
rec.
3
(guar.)
Quaker Oats, com.
6,098
375
986
7,065
15
1,186
1% Aug. 30 Holders of rec. Aug. la Continental Bk _ 1,000
Preferred (guar.)
351,767 17,960 1;oei
July 15 Holders of rec. July 50 Chase National_ 20,000 24,071 368,333 4,038 46,600
3
Realty Associates. 1st prof
22,197
500
2,735
•
22,899
73
2,902
Fifth
Ave
Bank
100
July
230. Aug. 1 Holders of rec.
Reynolds Spring, common (quar.)
9,354 2,186
600 1,005
11,668
353 1,298
Commonwealth
July 15 Holders of rec. June 30
2
Rickenbacker Motor(guar.)
128 395
14,983
15,422
386 2,407
Garfield Nat.__ 1,000 1,670
6.7
July 17 *Holders of rec. July 16
Royal Typewriter, pref. (annual)
1,464
16,978
2,297
245
1,200
1,168
18,928
168
Fifth
National_
50c. Sept.20 Sept. 10 to Sept.21
St. Joseph Lead Co. (guar.)
89,723 2,975
62
91,317
786 11,939
Salt Creek Producers Association (guar.) 20c. Aug. 1 Holders of rec. July 15a Seaboard Nat__ 4,000 7,462
1,348
14,688
415
1.350
17,471
2,050
Nat
1,500
318
Coal
&
Iron
15a
Aug.
1
July
Holders of rec.
30c.
Extra
921 36,800 *284,756 37,903
134 Aug. 15 Holders of rec. Aug. la Bankers Trust_ 20,000 24,912 323,232
Savage Arms Corp., 26 pref. (guar)
47,527 5,253
3,000 4,543
53,657
679 6,127
Sept. 1 Holders of rec. Aug. 150 US Mtge & Tr
m2
elchudo Retail Stores,common (guar.)
Dec. 1 Holders of rec. Nov. 160 Guaranty Trust 25,000 18,709 402,192 1,324 43,682 .409,014 44,184
m2
Common (quar.)
19,067 1,738
393 2,517
134 July 15 Holders of rec. July 2a Fidel-InterTruk 2,000 2,042 21,379
Scott & Williams,Inc., corn.(quar.)_-- _
141,302 19,329
513 19,339
NY Trust Co. 10,000 18,407 167,338
*51.50 Aug. 1 *Holders of rec. July 15
Sears, Roebuck & Co.,corn.(quar.)
38,339 2,320
42,328
590 5,265
Metropolitan Tr; 2.000 4,085
2)4 July 15 July 1 to July 15
Securities Company
412 13,652 .99,168 23,580 - - - 5,000
16,785
132,708
Tr1
Farm
Loan
&
July
15a
Holders
of
rec.
164
Aug.
1
Simmons Co., pref.(guar.)
July 21 Holders of rec. July 100 Equitable Trust1 23,000 10,659 262,939 1,4441 31,028 "296,9551 17,324
Smith (Howard) Paper Mills, corn.(qu.) 1
July 21 Holders of rec. July 10a
2
Preferred (quar.)
Total of averages 291,900447,419 4,893,454 46,150 567,075c4,230,128,429,14632,132
Span.Riv.
.Pulp & Paper Mills,com.(qu) 134 July 15 Holders of rec. JI1110 30
1% July 15 Holders of rec. June 30
Preferred (guar.)
Totals, actual co ndition July 5 4.836,067 44.078603,726c4,172,824423,254132,193
50. Aug. 15 Holders of rec. Aug. 7
Spring(C.G.)& Bumper.common.
ndition June 284,910.815 46,905578,002c4,247,I77 442,81832,265
Stearns(F. R.) Co.,common(91=3-- 50c. July 20 Holders of rec. June 30a Totals, actual co
Totals, actual condition June 214,788,767 45,636608,579c4,179,121 483,72432,313
134 Aug. 1 Holders of rec. July 5
Steel Co. of Canada, corn.& pref. (qu.)
Not Members of Fed'll Res've Bank.
State
Banks
*Holders
of
1
rec. July 100
*$1 Aug.
Sterling Products(guar.)
20,204
25
19,673 1,647 2,028
Sept. 1 Holders of rec. Aug. 15a Greenwich Bank 1,000 2,367
2
Stern Brothers, preferred (guar.)
293
530
2,546 1,969
5,219
250
902
Bowery Bank__
$2.50 July 16 July 2 to July 15
Stetson(John B.) Co.,common
2.132
31,978
4,661
3,681
_
3,500
94,207
58.897
State
Bank_
_
July
15
4
July 15 July 2 to
Preferred
$1
July 15 July 1 to July 14
Sullivan Machinery (guar.)
54,7281 61,120
75c. Aug. 1 Holders of rec. July 15a Total of averages 4,750 7,931 119,099 5,621 4,690
Superior Steel, common (guar.)
90c. Aug. 15 Holders of rec. July 15a
Swift Internacional
54,502 60,99
Thompson (John R.) Co.,corn.(mthly.) 25c. Aug. 1 Holders of rec. July 230 Totals, actual co ndition July 5 119,009 5,606 4,441
54,526 60,901
250. Sept. 1 Holders of rec. Aug. 250 Totals, actual co ndition June 28 118,614 5,829 4,681
Common (monthly)
54,791 60,837
134 July 15 Holders of rec. July la Totals, actual colir:Litton June 21 118,802 5,767 4,753
Tobacco Products Corp.. corn (guar.)
Members
Trust
lea
Not
of
Fed
'I
Res's
,
e
Bank
Compan
(qu.)
Forgings
75e.
July
15
Holders
of
rec.
July
2
Steel
Williams
Transue &
37,510 2.61
Title Guar & Tr 10,000 14,378 58,489 1,416 4,244
1
July 15 Holders of rec. June 30
'Puckett Tobacco,common
16,645
824
27,312
883 1,729
Lawyers Tit &T 6,000 5,701
134 July 15 Holders of rec. June 30
Preferred (guar.)
240
Underwood Computing Mach.,pref.(qu.) 134 Oct. 1 Holders of rec. Sept.
54,155 3,438
Uoderwood Typewriter,common (Oiler.) 75c. Oct. 1 Holders of rec. Sept. 60 Total of averages 16,000 20,079 85,801 2,299 5,973
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. So
54,2171 3,443
Union Bag & Paper (guar.)
134 July 15 Holders of rec. July 5a Totals, actual co ndition July 51 85,862 2,423 6,053
53,291 3,426
Totals, actual co ndition June 28
86,048 2,055 6,075
United Drug, com & 2d pref. (guar.)._ .
114 Sept. 2 *Holders of rec. Aug • 15
Totals,
June
21
53,145,
3,375, ---actual
co
ndition
85,941
2,105
5,901
150
July
8735c Aug. 1 Holders of rec.
1st pref. (guar.)
155 Oct. 1 Holders of rec. Sept.15a
United Dyewood, Pref. (quar.
134 Oct. 1 Holders of rec. Sept. 150 Gr'd aggr., aver.312,650475,430 5,098,354 54,070577,738 4,339,011493,704132,132
Preferred (guar.)
155 Jan2'25 Holders of rec.. Dec. 15a Comparison wit h prey. week_ _ +48,372 -710,-20,951 +19,0141-10,441 -.93
Preferred (guar.)
23.4 Oct. 1 Holders of roe. Sept. 6a
United Fruit (quar.)
cond'n July .55,040,938 52,107614.220 4,281,543487,692 32,193
Quarterly
234 Jan.2'25 Holders of rec. Dec. 6a Gr'd aggr.,
United Verde Extension Mining (quar.)- 50c. Aug. 1 Holders of rec. July 30 Comparison wit h prey. week. _ -74,539-2,682+25462 --73,4511-19,453 --72
(guar.)
of
rec.
June
30
Can,
corn.
730.
July
15
Holders
States
United
Gr'd agar., oral cond'n June 28 5,115,477 .54,789588,754 4,354,994507,145 32,265
155 July 15 Holders of rec. June 30
Preferred (guar.)
•
cal cond'n June 21 4,993,510 53,508619,233 4,287.057497,938 32,313
134 Sept.15 Holders of rec. Sept. 2a Gr'd aggr., ace/
U. S. Cast Iron Pipe & Fdy.. Pt. (qu.)
eond'n June 14 4,972,461 54.185597,570 4,253,481 493,690 32,420
155 Dee. 15 Holders of rec. Dee. la Gr'd aggr.,
Preferred (guar.)
134 July 15 Holders of rec. June 300 Gr'd aggr.,act't cond'n June 74,820.799 56,177 583,959 4,131,074 479,047 32,341
C.S. Industrial Alcohol(guar.)
Gr'd
aggr.,
aa'l
May 314.781.939 50,555562,028 3.974,531 493,747 32,542
cond'n
(guar.)
July
15
July
2
to
July
15
preferred
Radiator,
134
U. S.
Gr'd aggr., ad9 cond'n May 244.754,459 53.866527.255 3,961,514 490,524 32,488
2
Sept.15 Holders of rec. Sept. 5
U.S.Realty & Impt..common (guar.)
134 Aug. 1 Holders of rec. May 290
Preferred (quar.)
Note.-U. S. deposits deducted from net demand deposits in the general total
134 Nov. 1 Holders of rec. Sept. 5
Preferred (guar.)
above were as ollows: Average total July 5, 521,204,000; actual totals July 5
July 31 Holders of rec. July 15a
2
U. S. Rubber. 151 pref. (quar.)
821,203,000; June 28, $21,203,000; June 21, 821,204,000; June 14, 517,681,000
(guar.)
87%0
July
15
Holders
of
rec.
July
7
Min.,
pref.
Ref.
&
U. S. Smelt.
June 7, $17,681,000. Bills payable, rediscounts, acceptances and other liabilities
Vapor Cat Heating. Inc.. prof.(quar.)-- 155 Sept 10 Sept. 2 to Sept. 10
average for week July 5,$354,038,000; June 28,5331,003,000; June 21,5325,426,000
154 Dec. 10 Dec. 2 to Dec. 10
Preferred (guar.)
June 14, $327,044,000: June 7. 5335,925,000. Actual totals July 5. $398,657,000
Aug.
1
15
(guar.).
50c.
Holders
of
rec.
July
Ventura Consolidated Oil Fields
June 28, $350,764,000; June 21, 5332,608,000; June 14, $343,511,000; June 7
July 15 July 1 to July 6
Victor Talking Machine, corn. (quar.).. 2
$322,272,000.
I% July 15 July 1 to July 6
Preferred (guar.)
•Includes deposits in foreign branches not included In total footings as follows:
134 July 20 Holders of rec. July 90 National City Bank,5118,445,000; Bankers Trust Co.,$12,474,000; Guaranty Trust
Vulcan Detinning, preferred (quar.)
July 20 Holders of rec. July 90 Co., $80,633,000; Farmers' Loan & Trust Co., $103.000; Equitable Trust Co..
Preferred (acct. accumulated diva.)-- hl
20
155
July
July
90
Holders
of
rec.
Preferred A (nuar.)
556,780,000. Balances carried in banks in foreign countries as reareve for such
Warner(Chas.) Co.of Del.,corn.(guar.) 50c. July 15 Holders of rec. June 300 deposits were: National City Bank, $16,813,000; Bankers Trust Co., 51,429,000;
134 July 24 Holders of rec. June 30a Guaranty Trust Co., $6,816.000; Farmers' Loan & Trust Co., $103,000; Equitable
First and second Preferred (quar.)-Holders
of rec. June 300 Trust Co.,
51.50 July 31
Westinghouse Air Brake (guar.)
$11,007,000. c Deposits in foreign branches not included. x As of
Westinghouse Elec. & Mfg., corn. (qu.). 21 July 31 Holders of rec. June 30a May 22. z As of April 25.
Si July 15 Holders of rec. June 300
Preferred (quar.)
500. July 20 Holders of rec. June 30a
White Eagle Oil & Refg.(quar.)
The reserve position of the different groups of institutions
White Rock Mineral Sorg.,2d pref.(qu.) 155 July 31 Holders of rec. July 250
on the basis of both the averages for the week and the actual
30c. July 15 Holders of rec. July 1
Woodley Petroleum (guar.)
20e, Aug. 15 Holders of rec. Aug. 1
condition at the end of the week is shown in the following
Extra
Wrigley (William) Jr. & Co.-25e. Aug. 1 Holders of rec. July 19a two tables:
Monthly
25e. Sept. 2 Holders of rec. Aug. 200 STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Monthly
25c. Oct. 1 Holders of rec. Sept.200
Monthly
AND TRUST COMPANIES.
250. Nov. 1 Holders of rec. Oct. 200
Monthly
Yellow Cab Manufacturing41,m Aug. I Holders of rec. July 210
Class B (monthly)
Averages.
412:c Sept. 1 Holders of rec. Aug. 200
Class B (monthly)
Cash
a
Reserve
Surplus
Reserve
•From unofficial sources. t The New York Stock Exchange has ruled that stock
Reserce
in
I
Total
Reserve.
will not be quoted ex-dividend on this date and not until further notice. I The
Required
In Vault, Depositories Reserve.
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date und not until further notice.
Members Federal
S
$
Res:-.rve banks
567,075,000 587,075,000 582,791,020 4.283,980
a Transfer books not closed for this dividend. d Correction. e Payable in stock
459,960
State banks.
5,621,000 4.690,000 10,311,000 9,851,040
On
I;
account
of
scrip.
accumulated
148,750
Trust companies._ __
2.299,000 5,973,000 8,272,000 8,123,250
I Payable in common stock. o Payable In
dividends. in Payable in preferred stock. n Payable in Canadian funds.
4,892,690
583,858.000'580,765.310
Total
July
5.
_
_
_
577,738,000
7,920,000
y Less 5 cents for Ontario corporation tax.
Total June 28,...... 7.753,000 598,689,000 606,442.000 578,591.390 27,850,610
Total June 21.._8,026.000 598,110,000 6011,136,000 572,759,030 33.376,970
w Payable Feb. 28 1925.
Total June 14_ _ _
8,385,000 596,912,000 605.297,000 562,201.930 43,095,070
y The new stock Issued as a stock dividend will also receive the July 18 cash dry.
• Not members of Federal Reserve Bank.
Annual dividends for 1924,all payable In equal quarterly installments on April 1.
a This is the reserve required on the net demand deposits in the case of State banks
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: On the comof the Federal Reserve Bank
mon stock $3 cash and $310 common stock: on the participating preferred the regular and trust companies, but in the case of members
time deposits, which was as follows:
6% and extra dividends of 1% in cash and 1% in common stock; on the preferred Includes also amount in reserve required on net21,512,954,030; June 14,6312.575,520
June
5,812.874,380;
28,313,194,420;
July
June
regular
7%
stock
preferred
prior
stock regular 6%; on the
Actual Figures.
Reserve
Cash
Reserve
in
in Vault. Depositories
Members Federal
Reserve banks_
State banks.
Trust companies*._Total
Total
Total
Total
July 5____ 1
June 28-...
June 21-June 14---
177
THE CHRONICLE
JULY 12 1924.]
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
5,606,000
2,423,000
603,726,000 603,726,000 555,164,740 48,561,260
236,640
4,441.000 10,047,000 9,810,360
6,053,000 8,476,000 8,132,550
343,450
8,029,000 614,220,000 622,249,000 573,107,650
7,884,000 588,758.000 596,642,000 583,225,880
7,872,000 619,233,000 627.105,000 574,131,580
8,190,000 597,570,000 605,760,000 569,624,110
49,141,350
13,416.120
52,973.420
36,135,890
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows
July 5,$12,697,620;June 28,$13,234,540;June 21.813,011,720:June 14,$12,907,050
July 9
1924.
Changes from
previous week.
June 25
1924.
July 2
1924.
Capital
57,400,000 Unchanged
57,400,000 57.400,000
Surplus and profits
80,498,000 Dec. 969,000 81,467,000 81,460,000
Loans, disets & investments_ 885,317,000 Inc. 20,168,000 865,149,000 856.519,000
Individual deposits,incl. U.S. 613,255,000 Dec. 6,694,000 619,949.000 613.732,000
Due to banks
155,143,000 Inc. 12,183,000 142,960,000 136,200,000
Timedeposits
161,469,000 Inc. 11,268,000 150,201,000 144,552.000
United States deposits
20,568.000 Dec. 210,000 20,778,000 20.739,000
Exchanges for Clearing House 31,833,000 Dec. 2,910,000 34,743,000 25,589,000
Duefrom other banks
77,687,000 Dec. 6,240,000 83,927,000 77,877,000
Reserve in Fed. Res. Bank_ _ 77,642.000 Inc. 2,268,000 75,374,000 75,476,000
Cash in bank and F.11. Bank_ 8,808,000 Dec.
137,000 8,945,000 9,136,000
Reserve excess in bank and
Federal Reserve Bank_
4,528.000 Inc. 1,061,000 3,467,000 4,287,000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.-The Philadelphia Clearing House
paniei in New York City not in the Clearing House as follows: return for the week ending July 5, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Difference front to be kept with the Federal Reserve Bank. "Cash m vaults"
July 5.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investments
'$882,171,800 Inc.$12,488,300
Gold
167,900 bers of the Federal Reserve System the reserve required is
4,266.100 Inc.
Currency and bank notes
21,610.200 Inc.
597.900 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York
89,510,900 Inc. 10,946,800 depositaries" and "Cash in vaults."
Total deposits
942,542,800 Inc. 23,431,600
Deposits, eliminating amounts due from reserve depositories and from other bans and trust comWeek ending July 5 1924.
panies in N.Y.City,exchange and U.S.deposits_ 882,694,600 Inc. 17,382,700
Two Ciphers (00)
Reserve on deposits
152.914,400 Inc. 6.779,400
Members
Trust
1924.
omitted.
of
reserve,
22.3%.
Percentage of
FR System Companies Total.
RESERVE.
State Banks
- -Trust Companies$41,666.0 $5,000.0 $46,666,0
Capital
Cash in vault
n31,700.700 15.99%
$73.686,500 15.28% Surplus
120,437,0 16,072,0 136,509,0
and profits
Deposits in banks and trust cos__ 13,334,400 6.72%
34.192,800 7.10% Loans,disc'ts
& invetn'ts_ 732,032,0 44,930,0 776,962,0
1,150,0 38,266.0
for Clear.House 37,116,0
Total
845,035,100 22.71%
$107,879,300 22.38% Exchangesbanks
18,0 125,498,0
125,480,0
Due from
148,535,0
925,0 149,460,0
deposits
Bank
•Includes deposits with the Federal Reserve Bank of New York, which for the
555,694,0 29,067,0 584,761,0
Individual deposits
State banks and trust companies combined on July 5 was $89,510,900.
1.204,0 68,110,0
66,906.0
Time deposits
771,135,0 31,196.0 802,331,0
Total deposits
14,037,0
U.S. deposits (not incl.)-4,651,0
4,651,0
Res've with legal d eposIt's_
Banks and Trust Companies in New York City.-The Reserve
58.567,0
with F.R.Bank.. 58,567,0
averages of the New York City Clearing House banks and Cash in vault.
9,273,0
1,260,0 10,533,0
5,911,0 73,751,0
Total reserve and cash held 67.840,0
trust companies combined with those for the State banks and Reserve
59,085,0
4,383,0 63,468,0
required
trust companies in Greater New York City outside of the Excess res.
1,528,0 10,383,0
8,755.0
& cash in vault_
Clearing House are as follows:
June 28
1924.
June 21
1924.
$44,875,0
126,161,0
769,895,0
36,410,0
121,179,0
145.859,0
578,577,0
64,907.0
789,343,0
14.015,0
5,344,0
57,703.0
10,868,0
73,915,0
63,058,0
10.857,0
$44,875,0
126.161,0
764,075,0
33,985,0
127,004,0
143,694,0
582,700.0
63.249,0
789,643,0
14,020,0
7,446,0
59,342.0
10,721,0
77,509,0
63,015,0
14,494.0
• Cash in vault not counted as reserve for Federal Reserve members.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedMar. 8
Mar. 15
Mar. 22
Mar. 29
April 5
April 12
April 19
April 28
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
July 5
Loans and
Investments.
Demand
Deposits.
$
5,432.225,300
5,462,366.300
5,534,279,900
5,557,132,400
5.554,501,000
5,517,615.300
5,530,017,700
5,546,167,200
5,587,975,500
5,586,219,800
5,599,245.700
5.617.090,300
5,634,135,400
5,655,543,500
5.757.644,700
5,862,466.200
5,919,665,500
5.980.525.800
$
4,651.853,700
4,682,815,500
4,816.722,400
4,705,886,400
4,694.758.200
4,632,385.000
4.674,348,500
4,712,840,800
4,783,492,000
4,764,209,200
4,774,058,800
4,799.826.200
4,818,701,900
4,927,070,500
5,059,294,800
5,140.479,500
5,185,308,900
5221 7ns arm
•Total Cash
in Vaults.
$
80,120,600
80,148,100
79,268.200
80,050.500
78,352,100
81,490.600
79,455.600
80,214,600
78.995.200
81.434,100
80.209,800
79,503.100
78,685,500
81,984,300
82,224,800
78,107,400
78,890,500
70 0101 500
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 9 1924 in
comparison with the previous week and the corresponding
$
614,521,1oo date last year:
624,625.700
Reserve 41
Deporttart
704,938,900
621,464,1oo
631,029,100
627,002,100
633,238,700
641,584,400
645,935,500
640,730,500
646,164.700
644.891,000
649,648,1oo
672,867,2oo
724,239,11)0
725.168,100
719,713,1 0
714 ',A 100
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Mated in thousands of dollars-that is, three ciphers [0001 omitted.)
1
Net
CLEARING
Capital. Profits.
NON-MEMBERS.
Nat. bka. May 1
Week Ending State bks. Mar.20
July 5 1924.
Tr. cos. June 30
Loans,
DUcounts,
Investments,
&c.
Members of
Frill Res've Bank
Grace Nat Bank_ _ ..
Average Average Average Average Average
$
$
$
$
8,446
22
489
2,771
3,346
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits. Deposits
Vault. Deporttortes.
I
1,008
8
s
1,637
Total
State Banks
Not Members of
Fed'I Res've Bank
Bank of Wash. Hts_
Colonial Bank
1,000
1.637
8.446
22
489
2,771
3,346
200
1,000
401
2,275
7,295
23,800
708
2,638
353
1,621
5,895
21,549
1,885
2,688
Total
Trust Company
Not Members of
Fed'I Res've Bank
Mech. Tr., Bayonne
1,200
2.676
31,095
3,346
1,974
27,444
4,573
Total
8
500
448
8,702
274
131
2,614
5,934
500
446
8,702
274
131
2,614
5,934
Grand aggregate-_ . 2,700
Comparison with prey, week
4,781
48,243
-204
3,642
-26
2,594 232,829
+322
+42
13,853
-61
Gr'd aggr., June 28,
Gr'd aggr., June 211
Gr'd aggr., June 14
Gr'd agar., June 7
4,744
4,744
4.746
4,746
48,447
48,685
48,774
48.764
3,668
3,692
3,847
3.704
2,272
2,618
2,591
2,393
13,914
13,842
13,805
13,894
2,700
2,700
2,200
2.200
232,787
233,161
a33,541
a33,401
'. a United States deposits deducted, $120,000.
Bills payable, rediscounts, acceptances and other liabilities, $33,000.
Excess reserve. $305,060 Increase.
July 9 1924. July 2 1924. July 11 1923.
ReSOWT411$.
$
$
Gold with Federal Reserve agent
595,201,000 635,223,000 637.067,000
8,169,000
6,541.000
2,789,000
Gold redemp.fund with U. S. TreasuryGold held exclusively agst. F.R.notes_ 601,742.000 638,012,000
Gold settlement fund with F.R. Board
151,897,000
92,294,000
196,081,000 173,445,000
Gold and gold certificates held by bank
Total gold reserves
Reserves other than gold
645,236,00e
183,596,000
166,649,000
949,720,000
29,134,000
903,751,000 1,000,481,000
24,609,000
27,148,000
Total reserves
978,854.000
17,660,000
Non-reserve cash
Bills discounted17,096,000
Secured by U.S. Govt. obligations_
16.708,000
Other bills discounted
930,899,000 1,025,090,000
11,049,000
16,837,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
56,388,000
16,962,000
161,777,000
57,866,000
33,804,000
28,332,000
73.330,000
24,309.000
219,643,000
42,345,000
1,202,000
112,571.000
34,245,000
1,202,000
108,614,000
31,185,000
1,149,000
7,168,000
1,655,000
Total U.S. Government securities.- 148,018,000
Total earning assets
Uncollected items
Bank premiums
All other resources
208,154,000
138,421.000
15.551,000
8,107,000
141,001,000
9,972,000
238,040,000
151,561,000
15,551,000
7,530,000
271.960,000
143.746.000
12,424,000
1,326.0011
1,366,747,000 1,351,018.000 1.464,595,000
Totalresources
LiabilWes340,993,000
Fed. Its. notes in actual ci rculation__
Deposits-Member bank, reserve acc't_ _ 808,159,000
3,976,000
Government
13,833.000
Other deposits
347,169,000
779,418,000
6,104,000
17,232,000
526,422,000
719,493,090
4,167,000
14,026,000
825,968,000
108,545,000
29,978,000
59,929,000
1,334,000
802,754,000
119,980,000
29,978,000
59,929,000
1,208,000
737,686,000
108,136,000
29,265,090
59,800,000
3,286,000
Total deposits
Deferred availability Hama
Capital paid In
Surplus .
All other liabilities
Totalliabillties
1,366,747,000 1,361,018,000 1,464,595,000
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined-Contingent liability on bills purchased
for foreign correspondents
83.9%
81.0%
81.1%
11,101,000
11,258,000
11,632,000
CURRENT NOTICES.
-Harry W. Alexander, until recently Chairman of the Finance Committee of Ascher Theatres Corporation, Chicago, a part of the MetroGoldwyn syndicate, has been elected Vice-President of Beatty & Co..
Insurance adjusters and brokers, New York.
-Robert J. Anderson has resigned as Metallurgical Engineer of the U.
S. Bureau of Mines to engage in a general consulting engineering practice.
specializing in the metallurgy of aluminum.
-Bankers Trust Co. of this city has been appointed transfer agent for
the Preferred and Non-Par Value stock of Burroughs Adding Machine Co.
178
[Void. 119.
THE CHRONTCLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 10, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those fo the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 144, being thefirst item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE RANKS AT THE CLOSE OF BUSINESS JULY 9 1924.
July 9 1924. 1 July 2 1924. June 25 1924.1J:die 18 1924. June 11 1924. June 41924. May 28 1924. May 21 1924 July 111923.
RESOURCES.
$
S
$
I
$
$
$
Gold with Federal Reserve agents
2,099,835,00012,126,686,00012318,093,000 2,118,962,000 2,091,061,000 2,089,133.000 2,103,863,000 2,113,340,000 2,047,787,000
Gold redemption fund with U. S. Trees37,433,0001 33.134,0001 38.491,0001 42,249.000
37,532,000
48.439,000
53,483,000
46,465,000
36.216,000
Gold held exclusively agst. F. R. notes 2,137.268,000 2,159,820.000'2,156,584,000 2,161,211,000 2,128,593,000 2,137,572,000 2,150.328.000
2,149,556,000 2,101,270,000
Gold settlement fund with F. It. Board_
595,604,000 577,616,0001 579,518.0001 574,150,000 601,172,000 593,872,000 594,007,000
658,617,000
Gold and gold certificates held by banks. 410,530,0001 383,219,000 419,468,000 422,280,000 424,690,000 393,648,000 373,478,000 595,676,000 340,492,000
392,934,000
,
Total gold reserves
3,143,402,000 3,120,655.00013,155.570.000 3,157,641.000 3,154,455.000 3.125,092,000 3,117.813,000 3,138,166,000 3,100,379,000
Reserves other than gold
101,904,000i 98,963,0001 115,833,0001 114,503,000 105,047,000
99,827,000
96,461,000 101,819,000
76,769,000
Total reserves
3,245,308,000 3,219,618,00013,271,403,000 3,272,144,000 3,259,502,000 3,224,919,000 3,214,274,000 3,239,985,000 3,177;148,000
Non-reserve cash
54,574.0001 48,809,000
56,641,000
55,944,000
54,006,000
49,611,000
46.238,000
81,168,000
51,135,000
Bills discounted:
Secured by U. S. Govt. obligations94.607,000, 142,338,000 118,117.000 114,439,000 131,268.000 135,323,000 184,566,000 149,669,000 419,930,000
Other bills discounted
216,106.0001 226,663,000 232,014,000 236,941,000 244,724,000 266,097.000 265,034,000 264,946,000 426,439,000
Total bills discounted
310,713,000' 369,001.000 350,131,000 351,380,000 375,992,000 401.420,000 429,600,000 414,615,000 846,369,000
Bills bought in open market
58,509,000
57,322,000
52,811,000
44,381,900
45,034,000
55.632,000
86.760,000
55.692,000 186,284,000
U. S. Government securities:
Bonds
20,862,0001, 21,113,000
22,542,000
21.969,000
22,190,000
20,098,000
17,409,000
19,522,000 • 25,616,000
Treasury notes
330.051,000 320,802,000 308,5.52,000 300,216,000 334,024,000 298,666,000 245,722,000 241,688,000
68,595,000
Certificates of indebtedness
99,587,000, 93,573,000
66,691.000
98,700,000 103,717,000
81,126,000
70,151,000
63,431,000 . 7,0,27,000
Total U. S. Govt. securities
450.500.0001 435.488,000 429,794,000 425,902,000 422,905,000 397,890.000 333,282,000 324,641,000 101,238.000
All other earning assets
1,250.000,
1,301,000
1.250,000
1,301,000
1.301,000
1,301,000
25.000
551,000
551,000
Total earning assets
820.972,0001 858,550,000 826,260,000 835,905.000 844,579,000 856,243,000 850,193,000 795,499,000 1.133,916,000
5% redemp. fund agst. F.R. bank notes
28,000
193,000
28,000
Uncollected items
604,433.000 617,800,000 556,594,000 685.234.000 573,450,000 573,797,000 531.954,000 598,587,000 655,976,000
Bank premises
57.374,000
57,787,000
57,274,000
57,772,000
57,174.000
52.657,000
57,139,000
58,679,000
All other resources
57,907.000'26.412.0001 25,158,000
25,151,000
27,773,000
24,746,000
26.779.000
12,857,000
25,207,000
24,588.000
Total resources
LIABILITIES
F.It. notes in actual circulation
F. R. bank notes in circulation-net
4,809,604,0004.827,722,000 4,790.781,000 4,932,449,000 4,818,522,000 4,788,523,000 4,725,033,000 4,766,481,000 5,113,915,000
Member banks-reserve account
Government
Other deposits
2,036,852,000 2,018.128,000 2,035,342,000 2,103,815,000 2,031,905,000 1,988,047,000 1,936,074,000 1,941,285,000 1,909,006,000
19,151,0001 32,203,000
35,172,000
52,110,0001
9,648,000
31,866,000
40,384,000
19,053,000
15,778,000
22,907,0001 26,161,000
21,221,000
19,802,000
20,982,000
24,933,000
24,998,000
21.007,0001 22,013.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
1,855,005,000 1,874,270,000 1.843.922.0001,851.842,000 1,870,518,000 1.884,039,000 1,891,147.000 1,886,429,000 2,265,149,000
1,471,000
322,000
317,000
2,078,910,000 2,074,492,000 2,108,459,000 2,135,478,000 2,086,879,000 2,041,134,000 1,997,440.000 1,985,334,000 1,949,722,000
531,328.000i535.024.
513,620,000 516,199,000 488,715,000 547,313,060 552,512,000
0,757.000
111,400,0001 111,407,000 111,420,0001 111,472,000 111,442.000 111,456,000 111,493,000 111,378,000 109,621,000
220,915,0001 220,915,000 220,915,0001 220,915,000 220,915.000 220,915,000 220.915,000 220,915,000 218,369,000
12,046,000
11,614,000
15,148,000
15,308,0001 15.000,000
14,780,000
15,006,000
17,071,000
14,790,000
Total liabilities
4,809,604.000 4.827.722,000 4.790,781,000 4.932,449,000 4,818,522,000 4,788,523.000 4,725,033,000 4,766,481,000 5,113,915,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
79.2%
79.9%
78.0%
79.7%
79.8%
80.1%
79.6%
81.1%
73.6%
Ratio of total reserves to deposit and
F. R. note liabilities combined
81.5%
82.5%
82.4%
82.1%
82.8%
82.2%
82.7%
83.7%
75.4%
Contingent liability on bills purchased
for foreign correspondents
38,587.000
38,743,000
38,909,000
39,628,000
38,897.000
40,118,000
39,857,000
39,910,000
33,618,000
Distribution by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness
1-15 days municipal warrants
16-30 days bills bought in open market__
18-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness
31-60 days municipal warrants
61-90 days bills bought in open market61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ _
Over 90 days municipal warrants
Federal Reserve NotesOutstanding
Held by banks
33,118.000
27,657,000
142,880,000 200,418,000
18,390,000
175,793,000
10,405,000
34,589,000
9,725,000
34,814,000
8.969,000
35,038,000
25.698,000
175,118,000
1,100,000
51,000
9,659,000
37,750,000
10,210,000
51,289,000
10,467,000
50,114,000
51,000
11,907.000
56,717,000
2,834,000
43,752,000
3.070.000
38,166,000
1,942,000
38.203,000
99,587,000
1,892,000
45,489,000
93,573,000
24,494,000
194,504,000
31,312,000
35,901,000
208,935,000
31,311,000
86,995,000
234,773,000
29,892.000
213,700,000
10,495,000
43,215,000
944.000
51,000
8,790.000
68,268,000
8,349,000
42,400,000
21,118,000
11,331.000
48,365,000
14,055,000
15,554.000
54,109,000
12,138,000
41,214,000
944,000
51,000
5,125,000
57,778,000
8,638,000
66,669,000
11,481,000
71,417,000
4,074,000
38,390,000
4,790.000
36,710.000
1,940,000
37,879,000
1,774,000
38,315,000
51,000
2.274,000
42,688,000
51,000
2,720,000
41,651,000
1,694,000
45,193,000
98,700,000
1,623,000
47.693,000
102,617,000
684,000
43,817,000
34,435,000
672,000
44,687,000
48,871,000
504,000
43,070,000
49,035,000
268,000
41,482,000
49,376,000
69,756,000
573,106,000
2,040,000
15,000
32,907,000
58,745,000
44,257,900
88,778,090
34,043,000
80,870,000
1,711,000
5,321,000
44,870,000
3,276,000
10,000
2,340,752,000 2.340.363.00&2.339.991,000 2,358,224,000 2,363,686,000 2,374,943,000 2,376.708,000 2,396,475,000 2,693,746,000
485.363.000 466,093,0001 496,089,000 504,382,000 493,148,000 490,904,000 485,561,000 510,046,000 428,597,000
In actual circulation
1,855,005,000 1,874,270,00011,843,922,000 1,851,842,000 1,870,518,000 1,884,039,000 1,891,147,000 1,886,429,000 2,265,149,000
Amount chargeable to Fed Res. Agent 3,256.108,000 3,283,924,000'3,281,912,000 3.305,455,000 3,318,336,000 3,335,043,000 3,337,600.000 3,354,727,000 3,546,438,000
In hands of Federal Reserve Agent
915,356.000 923.561,0001 941,921,000 949,231,000 954,670,000 960,100,000 960,892,000 958,252,000 252,692,000
Issued to Federal Reserve Banks..... 2,340,752,000 2,340,363,000'2,339,991,000 2,356,224,000 2,363,666,000 2,374,943,000 2,376,708,000 2,396,475,000 2,693,746,000
howSecuredBy gold and gold certificates
333,604,000 334,804,0001 334,604,000 334.604,000 335,884,000 335,864.000 335,864.000 335,864,000 320,429,000
By eligible paper
240,917,000 213,677.0001 221,898,000 237,262,000 272,605,000 285,810,000 272,845,000 283,135,000 645,959,000
Gold redemption fund
120,299.000 110,410,0001 108,817,000 115,988,000 110.243,000 113,903,000 113,172.000 118,743,000 111,569,000
With Federal Reserve Board
1,645,932,000 1.681,672,000,1,674,672,000 1,668,372,000 1,644,954,000 1.639.306,000 1,654.827,000 1,858,733,000 1,615,789,000
Total
2,340.752,000 2,340,363,000 2,339,991,000 2,356,224.000 2,363,666.000 2,374,943,000 2,376,708,000
2,396,475,000 2,693,746,000
Eligible paper delivered to F. R. Agent_
361,690,000 405.588.000 383.434.000 397.098.000 404,656,000 437,634,000 495,460.000
448,984,000 996,047,000
• Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS JULY 9 1924.
Two ciphers (00) omitted.
I
Boston. New York. Phila. Cleveland. Richmond,A Banta. Chicago. St. Louis.;Minneap.I Kan. City Dallas.
Federal
Reserve
Bank
ofFran.
Total.
_ _
_
RESOURCES.
$
2
I$
$
8
1
$
2
$
21
$
8
1
$
$
Gold with Federal Reserve Agents 209,960,0 595,201,0 192,798,0 214.517,0 37,848,0 127,700,0 279,711,0 60,372,0 57,756,0 56,942,0 28,226,0 238,804,02,099,835,0
Gold red'n fund with U.S. Treas. 3,194,0
6,541,0 5,316,01 2,590,0 2,394,0, 1,633,0 5,207,0 3,173,0, 1,201,0 2,192.0 1,841,01 2,351,0
37,433,0
1
1
Gold held excl. agst.F.R.notes 313,154,0 601,742,0 198,114,0217,107,O 40,242,0 129,333.0 284.918,0 63.545,0 58,957,0 59,134,0 29,887,0 241,155,0 2,137,288,0
Gold settle't fund with F R.B'rd 58,432,0 151,897,0 37,130,0
34,476,01 89,770,01 36,003,01 14,919.0 99.743.0 35,726,0 10,483,0 29.778,0 6,413,01 24,280,01 505,604,0
Gold it gold ctis. held by banks__ 10,687,0 196,081,0
19,039,0 0,360,0 8,169,0 59.212,0 7,889,0 9,609,0 4,099,0
8,706,01 34.20301 410,530,0
Total gold reserves
291,333,0 949,720,0 269,720,0 325.916,0' 88,595,0152.421.0 443,873,0 107,160.0 79,029,0 93,011,0 44,986,0299,638,0 3,143,402,0
Reserves other than gold
10,053,0
29,134.0 3.570.0 8.075.01 3,877,01 11,316,0 11,887,0 11,106,0 1,402,0 3,873,0 6,478,01 3.353,01__101.904,0
Total reserves
301,386,0 978.854,0 273,290,0 331,991,0 90,472,0'163.737,0 455,540,0 118,266,0 80,431,0 98,884,0 51,464,01302,991,0 3,245,306,0
Non-reserve cash
3,411,0
17,660,0 1,698,01 2,530,0 2,818,0 4,159,0 7,316.0 4,230,0 1,277,0 2,932,0 2,664,0 3,881,0
54,574,0
Bills discounted:
Sec. by U. S. Govt. obligations 6,323,0
17,096,0 16,746,0 11,791,0 13,809,0 2,757,0 10,620.0 3,532,0
• 771.0 1,817,0 1,713,0 7,632,0
94,607,0
Other bills discounted
16,708.0 8,277,01 8,851,0 34,143,0 27,097,0 33,140,0 15,783,0 13,671,0 15,927.0 15,057,0 21,944,0 216,106,0
5,508,0
Total bills discounted
11,831,0
33,804,0 25,023.01 20,642,0 47,952,0 29,854,0 43,760,0 19,315,0 14,442,0 17,744,0 16,770,0 29,576,0 310,713,0
Bills bought In open market
26,332,0 1,625,01 3,077,0
8,164,0
449,0 1,416,0 3,052,0
232,0 1,069,0 1,720,0 8,015,0 3,358,0
58,509,0
U. S. Government securities:
Bonds
1,202.0
549,01 2,915.0 1,191,0
541,0
157,0 4,426,0
7,422,0
669,0 1,780,0
10,0
20,862,0
Treasury notes
25,288,0 112,571,0 23,961,0 29,922,0 3,029,0
52,0 45,272,0 8,843,0 13,412,0 21,110,0 15,820,0 32,771,0 330,051,0
Certificates of indebtedness- 8,296,0
34,245,0 4,421,0 9,359,0
8,0 13,522.0 1,477,0 3,676,0 5,884,0 4,858,0 12,940,0
905,0
99,587,0
Total U. S. Govt. securities... 34,125,0 148,018,0 28,931.0 42,196,0. 5,125,0
215,01 83.220,0 8,320,0 24,510,0 27,863,0 22,458,0 45,721,0 450,500,0
Ism
JULY 12 1924.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston. New York.
$
All other earning assets
Total earning assets
Uncollected items
Bank premises
All other resources
$
54,120,0
54,250,0
4,312,0
79,0
Phila.
$
1,250,0
179
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay. Kan. City Dallas. San Fran.
$
$
$
$
3
$
$
$
5
208,154,0 56,829,0 65,915,0 53,526,0 31,485,0 110,032,0 27,867,0 40,021,0 47,127,0 47,241,0 78,655,0
138,421,0 55,861,0 54,225,0 60,974,0 24,578,0 71,594,0 32,848,0 13,438,0 36,217,0 22,381,0 39,646,0
15,551,0 1,110,0 9,129,0 2,528,0 2,728,0 8,264.0 2,115,0 2,800,0 4,595.0 1,912,0 2,863,0
8,107,0
307,0
226,0
215,0 1,925,0
388,0
141,0 5,500,0 1,423,0 3,930,0 4,171,0
Total.
8
1,250,0
820,972,0
604,433,0
57,907,0
26,412,0
Total resources
417,558,0 1,366,747,0 389,093,0 464,016,0 210,533.0 228,612,0 653.134,0 185,467,0 143,467,0 189,178,0 129,592,0 432,207,0 4,809,604,0
LIABILITIES.
F. IL notes in actual circulation_ 202,329,0 340,993,0 184,576,0 217,086,0 72,228,0 136,939,0 253,178,0 61,156,0 69,129,0
64,027,0 41,025,0 212,339,0 1,855,005,0
Deposits:
Member bank-reserve acct.__ 137,734,0 808,159,0 122,318,0 160,586,0 62,292,0 58,033,0 289,875,0 74,381,0 47,328,0 77,807,0 49,685,0 148,654,0 2,036,852,0
Government
668,0
3,976,0 1,782,0 1,913,0
993,0 1,559,0
787,0 1,830,0 1,161,0 1,222,0 1,199,0 2,061,0
19,151,0
Other deposits
143,0
117,0
98,0 1,023,0
13,833,0
326,0 1,470,0
565,0
341,0
304,0
224,0 4,463,0
22,907.0
Total deposits
1q38 545,0 825.968.0 124,426,0 163,969,0 63.402,0 59,690,0 291,685,0 76,776,0 48,830.0 79,333,0 51,108.0 155,178,0 2,078.910,0
Deferred availability items
52,106,0 108,545,0 49,539,0 45,695,0 56,460,0 17,005,0 61,372,0 31,876,0 13,338,0 31,239,0 24,035,0 40,117,0 531,328,0
Capital paid in
7,972,0
29,978,0 10,210,0 12,655,0 5,849,0 4,578,0 15,153,0 5,064,0 3,387,0 4,395,0 4,138,0 8,021,0 111,400,0
Surplus
16,390,0
59,929,0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 7.577,0 15,301,0 220,915,0
AU other liabilities
218,0
1.334,0
922,0 1,450,0 1,320,0
415,0
919,0
523,0 1,299,0
688,0 1,709,0 1,251,0
12,046,0
Total liabilities
417,558,0 1,366,747,0 389,093,0 464,016,0 210,553,0 228,612,0 653,134,0 185,467,0 143,467,0 189,178,0 129,592,0 432.207.04,809.604.0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
83.3
88.4
83.9
66.7
83.6
88.4
87.0
85.7
68.2
67.6
82.5
55.9
82.4
Contingent liability on bills our.
chased for foreign corresnond•ta
11 inn 0 3.761.0 4.535.0 2.210.0 1,706,0 5,777,0 1,900.0 1,396,0 1,783,0
38,587,0
1.473.0 2.946.0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS JULY 9 1921.
Federal Reserve Agent at-
Boston. New York Ph Ca.
Resources(In Thousands of Dollars)
5
Federal Reserve notes on kana
83,400
Federal Reserve notes outstanding
220,846
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
16,660
Gold Fund-Federal Reserve Board
158,000
Eligible paper(Amount required
10,886
)Excess amount held
9,109
Cleve. Ilitchni'd Atlanta Chicago.
Si. L. Minn. K.Cttg.
San Fr.
Total.
$
$
5
$
244,120 46.600 56,870 38,725 74,400
638,286 213,345 235,359 81,442 149,719
204,420 26,100 20,711 33.153 21,857 65.000 915,356
283,496 71,532 71,918 69,948 49,257 255,608 2,340.752
238.531 13,000 8,780
2,400
30,670 12.409 12.737 3,553 8,300
326,000 167,389 193,000 34,295 117,000
43,085 20,547 20,842 43,594 22,019
16,183 3,072 2,863 4,354 9,237
9.985 13,052
12,556
333,604
6,067 3,887 1,204 3,582 3.170 18,060 120,299
273,644 46,500 43,500 53,360 12.500 220,744 1,645,932
3,785 11,160 14,160 13,004 21,031 16,804 240,917
42,684 8,374
903 6,227 3.801 13,966 120,773
Total
534,201 1,536,875 476,362 530,451 205,963 383,075
LiabIlitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
304,248 882,408 259,945 292,229 120,167 224,119
Collateral received tromfuoid
209,960 595,201 192,798 214,517 37,848 127,700
Federal Reserve BankiEligible paper
19,995
59.268 23,619, 23,705 47.948 31,256
814,096 177,538 165,448 179,272 124,172 590,182 5,717,633
Total
Federal Reserve notes outstanding
Federal Reserve notes held bY banks
Federal Reserve notes in aotual circulation
487,916 99,732 92,627 103,099 71,114 320,608 3,256,108
279,711 60,372 57,756 56,942 28.226 238,804 2,099.835
46,469 19,534 15,063 19,231 24,832 30.774 381,690
534,201 1,536,875 476.362 530,451 205.963383,075
814,096 177,538 185,446 179.272 124,172 590,182 5,717,633
220,846
18,517
638,286 213,345 235,359 81,442 149,719
297,293 28,769, 18,273 9,214, 12,780
283,496 71,532 71,916 69,946 49,257 255,608 2,340,752
30,318 10,376 2,787 5,919, 8,232, 43,2691 485,747
202,329
340,993 184,576 217.086 72,228 136,939
253,178 61,156 69,129 64,027, 41,025 212,339 1,855,005
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources,
the liabilities of the 748 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 "Chronfrle" of Dec. 29 1917, page 2639. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 144.
I. Data for all reporting member banks in each Federal Reserve District at close of business July 2 1924. Three
ciphers (000) omitted.
•
•
Boston New York' Phila. Cleveland' Meanest 1 Atlanta I Chicago I St. Louis Mnpls. Kan. City Dallas
Total.
ISan Fran.
Number of reporting banks
43
108
5576
104'
78
34
25
72
51
66
748
Loans and discounts, gross:
5
$
$ 3611
5
1
S
i
i
1
$
6
$
$
5
5
Secured by U.S. Gov't obligations
7,656,I 32,677
13,130
93,147
11,435
7,521
20,4651
7,905
2,876
6,132
3,063
9,929
215.936
Secured by stocks and bonds__ _ _ 234,721 1,889,429 274,702 411,1391 120.340
68,0711 601,663 141,028
38,336
79.105
59,639 194,708 4,112,881
All other loans and discounts
1 606,8152,498,233 362,599 710,7581 337,791 340.334 1,169,461 303,756 183,078 316,622
196,911 797.031 7,821,389
Total loans and discounts_ _ _ _ 854.8664,478,809 648.736
1.142,3621 485,652 416,061 1.803,801 452,689 224,290 401,859 259,6131,001,668 12350,206
U. S. pre-war bonds
13,520
51,539
10,675
14,7441
23,623
29,432
46,462
14.809
8,373
11,929
19,024
27,273
271,403
U. S. Liberty bonds
86,979 589,857
49,774 150,4491
7,9681 132,980
24,396
22,222
19,583
37,642
12,185 105,993 1.240,026
U. S. Treasury bonds
5,998
23,162
630
2,312
2,111,
11,308
1,022
.
590
2,515
1,224
14,995
70,055
U. S. Treasury notes
15,703 328,897
28,627
3,8431
4,381
42,6431
136,489
15,233
25,574
17,481
10,548
33,800
660,999
U. S. Certificates of Indebtedness_
18,151
56,721
6,830
2,3641
2,330
8,3171
15,394
1,897
1,680
1,949
13,843
3,572
131,048
Other bonds, stocks and securities_ 201,601 987,467 216,273
41,0361 363,538
52,408
320,4191
92.124
24,096
57,471
13,428 162,861 2,532.722
Total loans & disets & investmls 1,194,618 6,514,252
963.227 1.712,7631 579,621 488,644 2,487,133 603,162 304,186 530,826 319,594 1,360,433 17,056,459
Reserve balance with F. It. Bank _
96,811 702,518
74.294 108,025
37.252
32.333
230,078
43.834
18,509
54,446
22,394 100,377 1,520,871
Cash in vault
19,667
87,935
16,555
13,670
11.239
29,685
55,104
8,149
5,764
12,448
21,850
9,635
292,001
Net demand deposits
847,449 5.387,468 710,830 923,545 327,957 284,860 1,626,046 353,441
194,240 417,203 212,359 728,932 11,994,330
Time deposits
311,960 972,340 137,088 677,505 171,592 191,249 839,995 196,596
85,343
132,531
614,365
4,418,377
87,813
Government deposits
20,581
27,546
15,761
6,076
5,493
18,996
16,545
2,860
2,843
1,520
3,798
129,415
9,416
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U. S. Govt. obliga'ns
974
44,728
4,457
5,254
5,072
1,889
1,245
662
375
4.925
688
229
70,478
All other
Federal Reserve District.
5
I
2. Data of reporting member banks in Federal Reserve Bank and branch cities and
all other reporting banks.
Three ciphers
(0oo)
New York City.
City of Chicago:
omitted.
July 2.
June 25.
July 2. June 25.
Number of reporting banks
67
67
481
48
Loans and discounts, gross:
6
5
5
Secured by U.S. Govt. obligations
86,286
89,004
25,074
Secured by stocks and bonds__ _ _ 1,683,381 1,637,805 446,144! 26,232
All other loans and discounts__ 2,194,3682,236,264 684,9951 446,589
680,125
Total loans and discounts
3,964,0153,962.873 1,156,2131,152,946
U. S. pre-war bonds
40,025
39,776
4,136'
4,188
U. S. Liberty bonds
523,302 510,875
67,773
61,426
U4S. Treasury bonds
15,777
17,841
4,008
4,268
U. S. Treasury notes
304,466 298,331 101,516
78,982
U. S. Certificates of Indebtedness55,765
58,090
6,664
6,082
Other bonds, stocks and securities- 752,333 753,024 176,080
173,036
$
1
All F. R. Bank Cates.F. R. Branch Cities Other Seleaed Cities.
July 2.
June 25.
July 2. June 25.
July 2.
Total.
I June 25. July 2'24.iJune 25'24 July 3 '23.
$ 25d
251
3 196
297
196
297
748'
748
773
$
5
$
5
5
5
154,169
153,149
33,575
29,752
33,S85
29,212
215,936
2,963,772 2,904,144 621,425 623,972 527,684 522,318 4,112,881 4,050,434 3,879,577
4,864,670 4.917.013 1,597,260 1,593,411 1,359,459 1,363,440 7,821,389, 7,873,864 7,814,660
s
7,981,591 7.975,3262,252,2602,251,268 1,916,3551,915,510 12,150.206 12,142,104 11,951,453
92.221
91,966
75,663
75,507 103,519 103,447
271,4031 270,920
280,359
764,281 276,265 266,840 173,600, 173,018 1,240,028 1,203,939 1,058,329
790,161
36,125
36,990
16,900
17,034 17,078
16,989
70,0551
71,057
95,256
492,627
467,229 111,824 109,960
$6,54e 57,109 660,999, 834,298 949,174
101,847
103,253
20,300
8,901
9,895
19,512
131,048 132,660
127,682
1,440,148 1,426,716 624,387 625,297 468,187 481,769 2,532,7221 2.513,782
2,162,371
Total loans & disels & invest'ts. 5,655,683 5,640,8101,516,388'
10,934,720 10,885,781 3,377.5993,365.1732,744,1402,737,826 17,056,45416,968,760
16,624,604
Reserve balance with F. It. Bank__ 648,352 688,566 162,9281 1,480,908
172,994 1,096.505 1,137.720 250,503 244,987 173,863 181,954 1,520,871 1,544,661
Cash in vault
1,441,086
71,117
63,535
29,080,
150,658
27.845
138,084 61,677
59,512
79,668
81,040
292,001
Net demand deposits
278,636
285,248
4 855,4154,852.870 1,113,000 1,078,852 8,386,858 8,299,313 1,943,2771,917,3951,664,1971,620,432
'rime deposits
661,934 679,954 391,606 390,945 2,155,443 2,152,385 1,320,9851,321,827 941,949 940,114 11,994,33011,837,140 11,252,915
4,418,377
4,414,306 4,011,974
Government deposits
23,614
23,614
8,082
87,847
8,082
87,810
31,261
10,307
31,307
10,306
129,415
129,423
227,106
Bills Payable and rediscounts with
F. It. Bank:
Secured by U.S. Govt. obligations
35,534
6,225
340
43,892
200
10,963
14,951
11,635
16,237
12,808
70,478
All other
364,222
40,008
2,129
1,822
1,439
21,953
2,043
19.880
12,066
28.567
14,428
32,030
Ratio of bills payable & rmiisoounts
62,586
66,138
279,950
with F. It. Bank to total loan
and investments. per cent
0.7
0.1
0.1
0.8
0.2
0.3
1.5
0.8
0.9
1.6
0.8
3.9
0.6
•Includes Victory Dotes.
180
THE CHRONICLE
Vaulters'
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
antic
Wall Street, Friday Night, July 11, 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 167.
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 July 11.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Week ending July 11.
Stocks,
No Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad
die.
Bonds.
State,
Municipal dt
Foreign Bde.
United
States
Bonds.
211,101
627,799
881,414
914,161
932,200
802,200
1,301,000
7,101,000
9,245,000
8,800,000
0,208,000
8,244,000
649,000
1,709,000
1,914,000
1,981,000
1.787,000
2,072,000
422,000
2,463,000
2,536,000
2,248,000
3,307,000
2,432,000
4 21152 51.7S
ong ono non
eln 1 In nnn
Ai Q AnO AM
Highest.
Railroads.
Par. Shares $ per share. $ per share.
per share. per share.
Arm Arbor preferred_ 100 400 30 July 11 3134 July 11 25 'Mar 34
Jan
C St P Minn & Om_100 1,201 3534 July 5 38 July 8 29
Jan 38
July
CCC&StL
100 1,400117 July 5 130 July 7 00
Apr 130
July
Jan 59% June
Cob & Sou 1st pref._100 400 59 July
59 July 8 50
Mar 110
Minois Central pref_ _100 1,300108 July 710934 July 11 04
Jan
30 64 July 11 64 July 11 64
Jan 67 June
RR Sec Series A...100
100 400 3834 July
M St P&SSM
40 July 10 2934 Apr 46
Jan
M St P &SSM pref_100
100 62 July 10 62 July 10 50 June 67% Jan
Nash Chan & St L._100
100121 July 8 121 July 8 21
July 12234 Feb
100 200 21 July 11 2434 July 11 16
Pacific Coast
Jan 40
Feb
1st preferred
100
100 51 July 9 51 July 9 43
Jan 53% Feb
Pitts Ft W & Chi__ _ _100
1 128 July 5 128 July 5 28
July 140 June
Reading rights
8,700 21 July 9 2234 July 7 15% Mar 23% June
Industrial & Miscel.
All America Cables_ _100
1213 98 July 7 99% July 9 96% May 102
June
Amer Cotton Oil
__
100 1234 July 9 1234 July 9 10% Feb 1234 July
American Ice rights
34 June I
6,100
% July 11 I July 5
June
American Metal pref-100
100112 July 10 112 July 10 107% Apr 113% Feb
Apr 144% Jan
American Snuff
100 500 14034 July 7 143 July 9 134
Apr 99% July
American Snuff pref_100
100 9934 July 10 9954 July:10 95
Amer Teleg & Cable 100 100 3834 July 9 3834 July 9 38% June 4334 Jan
Amer Telep & Teleg as-68,123 334 July 5 41‘, July 7 2",,July 4122 Feb
Am Writing Paper pr Mrs 1,100 334 July 11 434 July 11 234 Jan 434 July
Asso Dry Gds 1st DI-100 700 85 July
8534 July 8 83% May 88% Jan
Atl Fruit Col T Co ctf deP 3,900 134 July
134 July 9 1% July 234 Feb
Atlas Tack
• 100 6 July 10 6 July 10 5 Jun 11% Feb
Auto Sales pref
50
100 13 July 10 13 July 10 11% Ja 15% Feb
Brit Empire St'l 2d pf 100 200 834 July 8 851 July 5 834 MAY 15% Jan
Brown Shoe, Inc, pf.100
Feb
200 8834 July 8 8934 July 9 84 Jun 92
Calumet& Hecla
25 200 1434 July 9 1434 July 8 1334 May 1934 Jan
Jan
Case(JI)ThrMachpf100
500 46 July 9 46 July 9 4134 May 277
Certain-Teed
•
100 25 July 0 25 July 9 2434 Jun 3614 Jan
Corn Invest Trust
35 July 11 3034 May 35
• 200 34 July
July
93 May 98
100
Apr
Preferred
200 96 July 11 97 July
% July
Cons Distributors
34 Jan
• 400
H July
II; Jan
Corn Prod Refin pref 100
200120 July 11 120 July 1 11534 Apr 12034 June
June
Cont Can. Inc. pref _100
200109 July 711034 July 1 10434 Ja 114
92 July
Feb
Cosden & Co pref_ _.100
8634 Jun 95
100 92 July
21
Feb 30
Apr
29 July
Crex Carpet
100 324 2814 July
Jan
100
100 6234 July 1 6234 July 1 6134 May 76
Deere& Co pref
102
Mar 10634 Jan
Duquesne Mast pf_ _100
200105% July 810634 July
85
Apr 89% July
E I Du Pont6% pi_ _100
3013 89 July 11 8934 July
7% Apr 15
Jan
Emerson-Brant pref_100
734 July
iou 734 July
2534 Ma 2834 June
Fairblu.-Morse tem ctis" 1,000 2634 July 11 2734 July
Fed Lt .§L Trac tem etfs_. 200 7934 July 10 80 July 1 79 June 84 June
74 June 75 June
Preferred
100
100 7434 July
7434 July
118
Mar 127
Jan
Fid Phen Fire Ins Y 25
25 121 July 9 121 July
Jan
Fisk Rubber 1st pref_100 300 3834 July 10 40 July 1 3834 Jul 65
Fe 96
Mar
Gen Am Tk Car7% pf 100
200 94 July 11 9434 July 1 92
93
Jan 110
General Baking Co..-• 500102 July 11 107 July
Feb
Gen Motors pref (7) new
400 954 July 10 9534 July 1 9534 Jul 9534 July
99
Jan 102% July
Gimbel Bros pref. _100
20010234 July 910234 July
86 June 9634 Feb
Great Western Sugar_25 500 88 July 10 8834 July
98 Jun 10034 Apr
Gulf States St'l let pf 100
100 100 July 8 100 July
159
Jan 245% July
Ingersoll Rand
100
53 245 July 724534 July
Inland Steel WI pref_ _ _• 200 103 July
10134 Jan 10334 Feb
103 July
Int Agricultural new.
3 June 93-4 Jan
200 334 July 5 334 July 1
Internal Salt
100 200 70 July 11 70 July 1 70
July 70
July
Intertype Corp
• 200 29 July 5 30 July 1 2734 June 323-4 Mar
Jones & L Steel pref_100
109
Jan 111% July
20011134 July 8 11134 July
K C Pow & Lt lst pref..*
92
200 9534 July 7 96 July
Feb 0634 June
Kelly-Spr Tire6% pf 100
100 41 July 10 41 July 1 40 June
Si Jan
Kinney Co
5231 Ma 67% July
• 2,100 63 July 9 67 July
Kresge Dept Stores_ __ _* 16,900 5634 July
5954 July
4754 June 6234 June
Preferred
94
July 9734 June
100
100 95 July 8 95 July
Lorillard pref
11434 May 117
200
200115 July 11 116% July
Feb
Macy pref
10 100 116 July 7116 July
11134 May 16
July
Mackay Cos pref. _1
100 6634 July 11 6634 July 1 6434 Apr 69
Feb
MalEson(HR)S.Copf100
81
May 92
Jan
100 82 July 7 82 July
Manati Sugar
100 1,000 45 July 8 4834 July
45
July 69% Mar
May Dept Stores pf.
_ _100
100 118 July 10 118 July 1 115
Jan 11834 June
Met Edison pref
• 200 9234 July 10 9234 July 1 9034 Apr 94 June
Midland Steel Prod pf 100 900 87 July 7 8034 July I 7134 Jun 8034 July
Nat Bk of Commerce 100
60325 July 9326 July
299
Jan 326
July
Nat Cloak di Suit pf..100
200 9434 July 9 95 July 1 9134 Mar 97
Jan
Nat Dept Stores pf__100 500 9334 July 7 96 July 1 9234 Jun 96
Feb
NY Steam pref
• 100 94 July 9 94 July
88
Mar 94 . July
July 47 May
Niagara Falls Power_100 200 44 July 11 4434 July 1 44
27 June 2734 May
Niagara Falls pf new__25 2,200 2734 July 9 2714 July
May 30
Onyx Hosiery
Jan
• 700 19 July 7 1934 July
18
96
Jan 10934 June
Otis Elevator pref.__100
100 109 July 7109 July
48 June 7434 Mar
Otis Steel pref
100 500 50 July 9 52 July
May 9354 mar
Pacific Tel& Tel pf _100 200 8934 July 11 9034 July 1 88
July 1
Parish & Bingham stpd_
120
% July 11 1 July 1
July
24% June 3034 July
Park & Tilford
• 5,700 28 July 11 3034 July
1934 Mar 3034 Jan
Penn Coal & Coke__ _50 500 25 July 10 2534 July 1
Philadelphia Co pref._50 400 4434 July 8 46 July 1 424 Jan 46
July
Phoenix Hosiery pf__100
100 8534 July 11 8534 July 1 8334 May 94
Feb
97 July
95
Jan 101
100 97 July
Jan
Pittsburgh Steel pref_100
Pitts UtiUties pref ctfs_10 2,900 1334 July 7 1334 July 1 1134 Feb 1334 July
PS Corp of NJ pf8%100 40010334 July 1 10334 Jul)
,1 9934 Apr 105 June
9634 Mar 100
7% preferred
100 98 July 7 98 July
May
100
July
Eights
6,800 1134 July 7 13 July
234 May 13
Pub Serv Elec Pr pref 100 200 9834 July 19100 July 1 9434 May 100
July
Jan 11734 July
Ay Steel Spring pref_10
20011534 July 91117 July 1 113
Reis (Robt) & Co
1034 June 1634 Jan
*
400 1034 July 8 1134 Juld
Mar 95 June
Roasts Insurance Co_ _2
200 94 July iol 94 July 1 86
Royal Dutch rights
554 June 634 June
634 July 1
9,375 634 July
Schulte Ret'l St's pt_lOs
30011e34 July 11j11034 July 105 May 111 Feb
Shell Trans & Trading
100 3554 July 81 3554 July
Jan 4135 Feb
33
9434
Jan 97
Simmons Co pref_._10
200 97 July sI 97 July
July
80
AM 8734 Feb
Sloss-Sheri StI & I 91_10
July 01 83 July
98
July 100
Spalding Bros 1st pf_10
Apr
100 98 July 9 98 July
Stand Gas & Elec Ws._•14,600 3434 July 51 3654 July 1 3134 May 3634 July
70
July 85
Standard llllngpL_10s
Mar
25 70 July 91 70 July
28g
July 3534 June
Stand Plate Glass ctfs_ • 2,500 2834 July iii 30 July
Feb 115
Studebaker pref
Jan
10
20011334 July 8 114 July 1 110
634 June 7
7 Juld
July
200 7 July
TelautograPh Corp ct s_*
117
Underwood Typew pf 100
July 11834 Jan
100 117 July 7115 July
113
7 July
Jan 117
July
New
50 July 1 4234 June 50
2510,60Ô 4734 July
July
35
May 43
Ca Dyewood Corp_ _100
Jan
100 35 July 7 35 July
16
July 2134 Jan
16 July
United Paperboard_ _10
100 16 July
15H May 21
Univripe&Rad tem ars*
June
500 17 July
18 July
5274 July 6034 June
Prof temp ctfs.....10I
200 5234 July 9 53 July
2134 Apr 2534 June
U S Distributing Corp_• 1,800 24 July 11 2534 July
9934 July
Preferred
9934 July 105 June
10
100 9934 July
5134 June 60
US Tobacco
5234 July
Feb
• 140 5234 July
16
May 333'4 Jan
Preferred
10
100 2134 July 11 2134 July 1
6934 $Mar, 80
Van Raalte 1st pref_ _100
Jan
100 65 July 7 65 July
% June 7
Ya-Carolina Chem B...•
% July
200
14 July
Jan
May 53
Virginia Coal & Coke lii
100 3634 July
3e34 July
36
Jan
West Elec 7% cum pf 10
400 115 July
11634 July 1 11134 Apr 116% July
• 2,000 7434 July
West Penn Co
98 JUIY:1 4734 Jan 98
July
94 July 1 8734 AM, 94
10
Preferred 7%
400 93 July
July
15 June 7234 Jan
101 2,20 1834 July 9 2934 July
Wilson Co pre(
* No par value.
[VOL. 119.
Sales at
New York Stock
Exchange.
Week ending Jug 11.
1924.
1923.
Stocks-No. shares__ _
4,368,875
2,309,629
Bonds.
Government bonds... $13,408,000 $18,057,000
State & foreign bonds_
10,112,000
6,076,000
RR.& miscell. bonds.. 43.898,000 20,709,000
Jan. 1(0 Julg 11
1924.
1923.
121,343,467
132,322,516
$542,703,000
217,219,000
1,135,148,000
$449,317,000
264,839,000
897.916,000
Total bonds
$67,418,000 $44,842,000 51,895,070,000 $1,612,072,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
July 11 1024.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia
Balt more.
Shares. Bond Sales. Shores. Bond Sates. Shores. Bond Sate,.
*3,931
*10,617
•13,469
*10,463
*9,761
9,153
$17,000
36.600
46,750
20,500
41,950
17,000
2,231
9,789
8,294
8,955
7,397
4.349
57,394
$179,800
41,015
32,700 Exchange Closed.
1,775
11,000
13,600
745
45.600
26,200
1,188
32,000
36,000
51,800
1,448
16,700
2,087
23,000
25,000
2185,300
7.243
2128,300
22.2mr week readapt]
$13 326 I:15R 7an
RA 09a VI lx', Anil
in 751 110S 9nil
•In addition, sales of rights were: Sat.,6,952; Mon.,23,919''Tues., 14 748; Wed.,
13,262; Thurs., 8,863.
Daily Record of U. S. Bond Prices. July 5
July 7 July 8
July 9 July 10 July 11
(High 1011722 1011.22 1012122 1011522 1011522 101"22
First Liberty Loan
; 10117,2 101172, 1011711 1011.22
3ti% bonds of 1932-47_ _ I Low. 101172, 10115;
(First3Hs)
(Close 1011721 101,131 1019n 1011,s2 101"st 101"II
114
68
851
Total sales in $1,000 writs_ _ 194
497
204
---Converted 4% bonds of (High
- --- 10210,2
- - ---- ---1932-47 (First 4s)____I Low- --- -- - 102on
- -- ----- -Total sales in $1,000 units _ __
Converted 431% bonds (High
of 1932-47 (First 4%s)I Low_
(ChM
Total sales in $1,000 units_ _ _
Second Converted 434%(High
bonds of 1932-47 (First( LowSecond 434s)
Total sales in $1,000 units_ __
Second Liberty Loan
(High
4% bonds of 1927-42_ __ _ I Low(Second 4.)
(Close
Total sales in 51,000 units_ _.
Converted 434% bonds (High
of 192742 (Second (1,0w.
434s)
(Close
Total sales in $1,000 units_ __
(High
Third Liberty Loan
4if% bonds of 1928___ A Low_
(Close
(Third 434s)
Total sales in $1,000 units.....
(High
Fourth Liberty Loan
454% bonds of 1933-38_ _ I Low_
(Close
(Fourth 434,)
Total sales in $1,000 units_ _.
(High
Treasury
454s. 1947-52
(Low.
____. . .. .....s.(Close
____
___ _
10272, 10272, 1021.,
1021., 1021,2 10272,
102,22 10472, 102721
33
40
37
____
__
_ ___
__ __
.... _
____
____
---- - -------1011722
10117,2
1011%
22
1021..
1021.,
10211.
115
10272,
10272,
1021..
174
10477,2
10411n
104"n
.1
____
____
-- -____
__
101922
101172,
1013.32
171
102".,
1021.1
10211n
533
1021.,
1021,,
102?.,
1,265
105.00
104".,
104"..
Inc
._
1021%
102"..
1021382
3
1011922
10111,2
10111w
601
102".,
1021.,
1021n
431
1021.1
1027,2
1021.,
1,064
10471,2
10411.1
10411.1
1021., 1021.. 10211.
10272, 102,.. 1010a:
102% 10242 101:121
63
101
74
10172,
1011n
-- --101128,
101"..
1011224
1011.22
10117a
1011,12
268
102".,
1021.,
1021.,
316
10210.1
1021.1
1021.1
998
104102,
10411.2
104"..
Inn
---- 1017,1
--- - 1017.1
---- 101'w
1
1011622 101172,
10111,1 101112,
101"22 101"22
1,141
653
1021s, 1021s.
1021.1 102.00
1021., 1021..
509
430
1021., 1021.1
1021.. 10111.1
1021.2 1021..
957
670
104"s2 104"22
10411.. 10411..
10411.. 104"..
AO
1,
1A0
Note.-The above table includes only sales of coupon
bouds. Transactions in registered bonds were:
,
112 1st 330
10 1st 43is
704 2d 434s
102.00 to 1027,2
101172, to 101172 58 3d 43(21
10111.1 to 1021a.
102.00 to 1021.1 106 4th 434,
Treasury
4718
10411.1
U.S.
to 104"..
1
101",,
..
to
1011
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
-See page 193.
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4 32%
433 15-16 for sixty days, 4 3504 367-16 for cheques and 4 35%
438 11-16 for cables. Commercial on banks sight 4 34%04 36 51
sixt5 daYs 4 31 7-1604 32 7-16. ninety days 4 3104 32 7-16 and documents
for payment (sixty days) 4 323404 34 1-16: cotton for payment 4 34%0
4 365-16 and grain for payment 4 34%04 365-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.020
5.0434 for long and 6.0706.0634 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
for short.
37.59037.63 for long and 37.65037.69francs;
week's range, 84.90 francs
Exchanges at Paris on London, 85.55
high and 87.65 francs low.
The range for foreign exchange for the week follows:
Sixty Daus.
Cheques.
Cables.
Sterling, Actual4 36 7-16
433 15-16
4 36 11-16
High
4 3034
4 3234
4 33
Low for the week
Paris Bankers' Francs5.09
5.1634
High for the week
5.1534
4.94
5.00
5.01
Low for the week
Germany Bankers Marks0.000000000024 0.000000000024
High for the week,
0.000000000024 0.000000000024
Low for the week
Amsterdam Bankers' Guilders-37.65
37.79
37.75
High for the week
37.56
37.71
•
37.67
Low for the week
Domestic Exchange.-ChIcago, par. St. Louis, 15025c. per $1,000
discount. Boston, par. San Francisco, par. Montreal. $9 82 per
s1,000 discount. Cincinnati, par.
The Curb Market.-The review of the Curb Market is
given this week on page 167.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS(No. Shares).
Week ending July 11.
Alining. Domestic. Forts OM
Oil.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
28,515
48,505
62,345
71,155
59,590
60,656
330,766
$219,000
404,000
482,000
478,000
433,000
441,000
$42,000
64,000
28,000
48,000
15.000
2.000
323.312 1,075,960 52.457,000
5199,000
28,190
63,080
41,800
50,340
71,552
68,350
57,400
256.900
234,000
166,410
151,350
209,000
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
OCCUPYING FOUR PAGES.
181
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 5.
Monday,
July 7.
Tuesday,
July 8.
Wednesday, Thursday,
July 9.
July 10.
Sales
for
the
Wed.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I 1924.
On basis of 100-share lots
Friday,
July 11.
Lowest
Highest
$ per share $ per share 8 per share $ per share $ per share $ per share Shares.
Railroads.
Par
per
share
3
per Mare
10314 103% 103% 104
10414 10414 10418 104% 104% 10412 10338 10414 8,400 Atch Topeka & Santa Fe 100 9718 Jan
2 10458July 9
9034 9078 9078 90/
1
4 90% 91
90% 91
9078 91
Do pref
9034 9034 1,300
gips Jan 2 9212June 25
100
214
.2
218 218
2% 2111 *2
218
2
218
2
2
900 Atlanta Birm & Atlantic...100
154 Feb 23
2/
1
4 Jan 11
19112 1=12 12312 12412 12312 12534 12414 12514 12314 125
12314 12314 7,800 Atlantic Coast Line RR100 112 Jan 23 126 May 14
5834 5878 5812 60
5934 6014 59% 60% 59% 6014 59
5934 52,400 Baltimore & Ohio
100
52
/
1
4
6012
Apr
Jan 9
22
*5834 5912 *5834 5913 59
59
5918 5918 59
591s 59
59
Do pref
1,100
1
4June 30
2234 2234 22
2234 2158 2258 2114 2214 2134 22% 2218 2238 17,000 Bklyn Manh Tr v t o__No 100 5814 Apr 16 59/
par 1312 Jan 4 2234June 30
69 89
6734 6914 69 6918 8914 6914 *68
69
89% 4,000
69
Pref vol tr ctts
No par 4834 Jan 3 7018June 28
•234 312 *212 3
.2% 3
*234 314 ..213 312 *2%
Brunswick Term & Ry__-.100
1 Jan 3
412May 9
14812 14914 14878 14938 149 149/
312 8.900 Canadian
1
4 14834 14914 14878 14912 14812 149
Pacific)
100 14234 Mar 10 15078 Jan 9
8234 8234 8314 83/
1
4 8312 84
83 83/
1
4 82% 83/
1
4 82% 8512 28,800 Chesapeake & Ohlo
1
4 Feb 28 8512July 11
100 67/
106 106 .105 10618 *105 106% 106 10618 10814
10812
10612
Do pref
10614
700
100 9912 Jan 3 10612July 11
4
4
418 4%
438 4%
414 438
414 414
4 414 5,600 Chicago & Alton
100
518.Jan 10
314 Apr 15
*10
11
1034 1218 1134 12% 1114 1158 •11
1134 1034 1138 8,700
Do pref
818May 20 1278 Feb 29
100
•26
28
27
27 *27
28 *27
28
27
30
29% 3034 6,400 Chic & East Ill RR
100 21 May 5 30343u1y 11
43 43
44
44 *43 45
44
44
43/
1
4 4614 4512 4812 3,700
Do pref
100 37 May 5 5118 Jan 8
5% 5/
534 534
1
4
1
4
5% 5/
5% 534
512 512 2,300 Chicago Great Western__ _100
534 534
4 Apr 30
61sJune 16
*1538 1534 1512 15/
1
4 1534 1534 15% 1534 1514 1534 1514 1538 3,800
Do pref
100 1012June 4 163.,June 27
14
1414 13% 1412 1412 1614 1412 45t8 14% 1434 1414 1412
Chicago
Alllw
14,000
&
St
Paul__
111
/
4June
-100
7
1818
Jan 10
23/
1
4 24/
1
4 24
24% 24% 2534 2412 25% 2413 25
2418 2434, 23,500
Do pref
100 2114May 27 3014 Apr 12
5714 58/
1
4 5812 59
58% 6018 5812 5914 5712 5812 57
58
13,800 Chicago & North Western_100 49/
1
4 Jan 3 60g July 8
•105 10512 10512 10512 *10512 10712 10512 10713 10712
1071 *1058 10712
Do pref
200
100 100 Jan 8 10712June 16
2913 2934 2934 30
2978 30% 3014 3114 3018 311s 30
303
, 33,500 Chicago Rock Rd & Pacific_100 211s Feb 15 3112June 13
4'8213 8412 84
84
8413 8434 84/
1
4 8512 8513 8534 *8512 86
7%
preferred
1,600
7634 Feb 28 86 June 26
100
*7134 73
7234 7234 7212 7278 73 73/
1
4 7314 74
7312 7338 1,600 6% preferred
100 8558 Jan 2 74 July 10
*3513 3612 *35% 381s 3512 3584 35% 353
8 351: 351
34
34
1,500 Colorado & Southern
100
20
Jan 2 3678June 16
11612
I2
*11512 117% 11612 11612 11838 116/
116
1
4 •11512 1173 11534 11534
700 Delaware & Hudson
100 10412Mar 5 120 May 28
•121 123 *121 12312 •121 123 1211
/
4 12212 122 1221 12134 124
2,400 Delaware Lack & Western_ 50 11034 Feb 15 12678June 1
28
28% 28
2834 2878 2914 2878 29% 2812 2918 28% 2934 29,000 Erie
100 2034 Jan 3 2934July 11
3833 3858 3634 37,4 36/
1
4 3714 3614 3714 3612 3714 10,900
Do 1s1 preferred
100 2858 Feb 19 3714July 8
3212 3212 3234 33
*32
3312 33% 34
3412 3,200
3312 34
34
Do 2d preferred
2518 Jan 3 3412July 11
100
811
/
4 6314 6313 8414 64
6414 6358 6434 63 64/
1
4 6258
Great Northern pref
100 5334 Mar 3 64/
1
4July 10
2713 2712 27% 2758 27% 27% 2712 27% 2712 2734 *2712 6312 23,200
Iron Ore Properties_ No par 26 May 23 31% Feb 4
2734 2,200
1812 1812 •1813 1878 18% 1914 1812 1834 18
1834
Gulf
183
/
3
Mob
19
&
Nor
4,700
tr
111
/
4
Apr
We30
_100
1933June
28
*68 89
68
6812 6834 6914 8914 6912 69
Do pref
69,4 6812 69
2,100
100 50 Jan 3 70 June 19
10612 1061
/
4 10678 107 108
/
4 1081
10734 107/
1
4 10712 10778 108 108
2,500 Illinois Central
100 10014 Mar 4 108 July 8
2838 2914 2813 2878 2812 29,4 2818 2912 2838 29
2812 2018 12,000 Interboro Rap Tran
100 12114 Jan 2 2934Ju1y 3
2014 2014 2018 2014 20
20% 1912 20% 20
203s 20
2014 6,800 Kansas City Southern....100 1734Mar 26 2134 Feb 4
*5212 5312 *53
54
5278 53
52% 52/
1
4 5258 52% 52% 5213
Do pref
900
5114 Mar 31 54 June 26
100
47% 4734 4758 48
4712 48
4714 48
4658 4712 4673 4838 26,900 Lehigh Valley
1
4 Apr 10 722s Jan 25
ao b39/
96
97
97
98
9834 9934 99 9914 99
8,500 Louisville & Nashville
9911 99
99
100 87411 Jan16 9934July 8
41
41
41
4112 4118 4112 41
4134 41
4234 41% 4112 4,000 Manh Elevated, In011 guar.I00 gifts Jan 2 424July 10
934 *9
*9% 934 •7
934
934 1134 1114 12% 11
3,900 Market Street Sty
634Mar 15 1311 Jan 4
11
100
*26 30 •26
30 •26
30
30
30
31
31
*26
200
30
Do pref
100 22 Feb 20 4018 Jan 5
*48
49 .4812 49
4834 49
49% 5312 5312 56
52% 52% 4,600
Do prior pref
4312Mtir
100
17 7111 Jan 4
•15
25 •15
25 *15
25
2434 2458 25 •15
24
Do 26 pref
25
800
100 14 Mar 18 30 Jan 4
*134 218
2
2
1
4 •1114 2
134 1/
*184 2
Minneap de St L (new)--100
2
•134
300
3
4 Jan 28
Jan
134
14
1418 1334 1433 14
1412 1438 1434 1418 1438 1378 1418 21,800 Mo-Kan-Texas RR----No Par 1034May 20 15 June 28
4058 41% 4112 4214 42
4212 4178 4234 4118 42% 4012 4178 18,800
Do Pre:
1
4 Feb 18 425 July 9
100 29/
1634 17
17
1738 1714 17% 16% 1712 1634 1718 1634 1634 10,200 Missouri Pacific corn
93g Jan 3 1778June 16
100
47
47% 4718 47% 4712 4814 4738 4814 4013 48
4614 4714 13,500
Do pref
100 29 Jan 3 4912June 12
11
•1
112 •118 113 *1
•1
11
•118 112
Nat Rye of Meg 26 prat
1,3
114June 28
214 Feb 6
100
*99 10034 9934 10012 *9813 99
9812 9813 99% 991
9912 100
1,200 New Or( Tex & Meg
100 9311 Feb 15 12112May 20
10414 10412 10418 105
1047g 106
105% 108
10438 10558 104 10434 38.800 New York Central
/
4 Feb 15 10714June 28
100 991
*94
95
9614 973s
9914 9814 9918 11,100 N TC&StLnew co
9812 98
1
4 Feb 18 9914July 10
100 72/
87
Si •87 8713 87% 8712 97%
8714 8738 8714 871
8712 8713 1,100
Do pref
100 83 May 21 8778June 26
2414 24% 24
2434 2412 2518 2414 25
243
24
2334 24% 37,000 NY N H & Hartford
Jan 2 2538June 27
1418
100
*20
20% 2014 20% 2038 20/
1
4 2014 20% 20
20
20
2014 4,500 N Y Ontario & Western 100 16 May 24 2212-Tune 26
*18
1914 1812 1912 1014 1938 1938 19% 19
19
19% 1938 1,700 Norfolk Southern
100 12% Apr 22 1912Ju11 7
119/
1
4 12018 12038 12138 12118 12284 121 122
12034 1213 12038 12114 26,000 Norfolk & Western.
1021
/
4 Jan 3 13212 Apr 8
*73 87 .78 87 *74
87 *73
78 .73
77 •74
Do pref
78
100 7234 Feb 28 80/
1
4June 10
63
6414 6338 6418 6313 64/
1
4 63% 847
611
/
4 63 42,700 Ncrthern Pacific
4778
100
Mar 3 84/
1
4July 9
4434 4458 4434 4478 45
44/
1
4 45
4434 45
4478 45
8,000 Pennsylvania
50 4214 Jan 3 4634 Jan 28
•13
15 •13
15 *1312 1412 •1313 1412 •13
15 •1313 15
Peoria & Eastern
100
934 Mar 13 15 June 25
*51
52
5112 5218 5238 5234 52
52
5212 5314 9,000 Pere Marquette
5234 52
100 4012 Mar 31 5314J une 28
•7312 7514 •73% 75 *74
76
7518 7518 *74
7512 *74
Do prior pre
76
100
100
711sApr
23 7518 Feb 28
*66 67 *6613 67
6678 6678 67 67
*67
671
6812
67
Do pref
700
100 60 Jan 4 6812July 11
*4712 49
4712 4734 48
4878 4812 4934 4834 487
4812 4954 11,600 Pittsburgh & West Va---100 38 Jan 4 492gJune 28
*9712 9812 *9712 98
*9712 98 *97
9711 97
97 *9712 98
Do pref
200
100 8514 Jan 5 98 June 5
*5513 58
5512 5578 5578 57
5834 58
56% 571
56
22,600 ReacUng
57
50 5173May 20 79 Jan 12
*3412 3414 3412 3412 35
35
3414 35
3434 343 *3412 35
1,700
Do 181 preferred
50 3414June 24 5612 Jan 14
*3334 34
3334 34 *3312 34
3378 33% *3334 341 *3334 34
Do 26 preferred
300
50 63318 Jan 16 58 Jan 14
*35
38 *35
38 •35
38
3558 37
*35
377 *35
38
200 Rutland RR pref
100 32 Jan 3 4018 Feb 5
2312 2312 2312 24s 2418 2412 2414 2538 2412 25% 24
2412 19,000 St Louis-San Fran
100 1918 Apr30 2538July 9
48
48
48
4834 49
49
4914 513
49% 511 *50
5034 8,400
Do pref A
100 425* Jan 3 5134Ju1y 9
4018 40% 4058 4138 4114 4314 4314 443
4314 443
4334 4478 54,800 St Louis Sornisweetern
100 33 Jan 2 4434 July 9
6738 6714 7038 7018 711
6534 6534 66
70% 71
70% 71
Do pref
25,300
100 577s Jan 3 7112 July 9
1034 11
11
1212 1214 1258 1218 13
12% 131
1258 13 38,000 Seaboard Air Line
100
614 Jan 2 1318July 10
2434 25
2412 2818 2734 2834 28
29% 2818 291
2734 2913 34,600
Do prat
100 1414 Jan 2 297* July 9
921. 92% 92% 93
93% 9313 93
9334 9212 93% 9214 9278 19,500 Southern Pacific Co
100 851s Mar 26 9418June 20
843.4 8514 65 65% 65,4 6612 6534 67
x133
8530 6358 6438 51.200 Southern Railway
100 3812 Jan 2 67 July 9
*73
7434 7334 74
73
7378 74
7414 74
741
74
Do Prat
7414 4,600
100 8634 Jan 3 7414June 12
32 3214 32
3213 32
3234 32
323s 3034 32% 30%
7,800 Texas & Pacific
-100 19 Jan 3 3314 July 1
1134 12
12
1234 1214 1258 1238 12% *1238 12% 1112 31%
1214 4,300 Third Avenue
834May 20 1234July 7
100
*4612 4912 •413
4812 *4834 49 •4613 48
45
48 *45
Twin City Rapid Transit -100 48 June 28 66 Jan 12
48
13514 13638 13614 13714 137 13778 13718 137/
1
4 13714 1371 13614 13714 8.000 Union Pacific
12658
Mar 3 13778July 8
100
75
75
75
75
75
75
741z 7514 7514 751
75
Do pre!
/00 70 Mar 20 753 July 11
75% 1,800
12
12
*1113 12
1178 1214 1218 18/
1
4 17% 19% 16
United
173
4
75
Railways
41,500
Inveet.....100
Apr 23 1911July 10
3912 3913 3912 3912 40
4114 42/
1
4 5034 4958 5418 49
55300
Do pre:
52
100 2818 Apr 21 541
/
4July 10
56
56
5514 5534 55% 5512 56
59
13812 6414 69
60
10.100 Virginia Railway & Power_100 36 Feb 29 69 July 11
1312 1338 13% 1418 14% 1438 1334 1414 14
14
Wabash
14
14
6.600
100 1034 Jan 4 1738Mar 20
4238 4212 4212 4334 4312 4418 4318 43114 42/
1
4 4312 42% 4312 20.900
Do Pre! A
100 34 Jan 3 4734Mar 19
2712 2712 •2712 30 .2712 30 •2712 30 .2712 30 •28
Do pref B
400
30
100 28
212j
88 J
ua
un
e 3 3
12%
138 Apr 4
913 91/4
913 012
934 9/
1
4
9% 9%
958 934 •958 934 1,300 Western Maryland
100
Jan 9
1713 1734 1734 1734 1734 17/
1
4 1734 18
18
1814 1778 177g 2.800
Do 2d preferred
100 1514May 15 2014 Jan 10
23
23
2234 2312 23 23% 2234 2314 2258 23% 2278 2278 4,200 Western Pacific
100 1434 Jan 2 2434June 23
73
7314 *7234 7312 7314 7314 *71
7312 73
73
71
71
Do pref
700
100 58 Jan 7 737k July 2
*914 91
*938 912
912 10
9/
1
4 10
953 934
9% 978 5.700 Wheeling & Lake Erie RY-100
712 Jan 2 10 Apr 7
•1813 1914 1912 191
1934 2038 20
2012 20
20
1912 20
Do pref
3,900
14/
1
4 Jan 2 20/
100
1
4 Feb 5
_
Wisconsin Central
100 34 Jan 16 3712 Jan 29
60
4434 63.8
*8113 82 *81% 83
83 83
82
8213 83
8414 83
83
*713 914 *858 912 *812 612 *812 9
812 812
814 814
.3314 3414 *32
3418 *32
3418 *32
34% *32
34 .32
34
*7814 7914 78% 7818 781z 7834 7813 79
7813 7813 7813 7812
674 074 •61: 678
834 718
7
7
6% 714
6%
634
*.18 .20 •.18 .20 •.18 .19
14
la
*1
/
4 .19 *.18 .20
•114
13s
114 1,4 •11
/
4 1%
11
/
4 1,8 •114 135
114 114
7478 7414 7512 7414 753
74
7414 743
3 7312 7418 7314 74
11512 11518 11514 11514 *11514 11638 11838 11838 •116 117 118
118
•5038 5058 5034 511
/
4 5134 538k 52
53% 5212 5314 5211 53
*9414 98 *94% 96
9538 953 .95 98
*94
96 *95
96
1138 1114 1178 1158 117
10
914 101
312 Ills 10
1078
3114 343
33
2814 31
3378 32
34
30/
1
4 3214 3078 3118
12112
121% *118 125 •118 125 *118
*118 125 *118 125
125
56
*54
56 *54
55 .54
*54 ___ *54
56
*54
56
4114 41
*41
41'i 41
*4014 41
41
4058 4114 *3912 4012
30
31
30
*30
311 •30
30
301 •20
30
29
29
8134 8134 *8112 82
813
*81
82 *81
8112 8112 82
82
•105 108 *10414 108 *10414 105 *10414 105
10414 10414 *1041
/
4 105
11418 1148a 11438 11538 11518 11612 114 1161 11314 11513 11314 115
11434 1147s 114 114 *114 115
•11414 115
114 1141
/
4 114/
1
4 115
166 166
16412 165
16612 1661 113813 18878 186 1136
984 165
•123 1243 *123 1251 *123 125
12312 1231 *122% 128 •123 128
*2134 221 *22
22
2212 221
22'4 22
2212 22/
1
4 *22
2212
1834 191
195* 20
23
1812 1834 19
22/
1
4 2312 21
2314
41
*4
•4
*4
41
414
4
4
418 41s •4
414
•10712 108
10614 1071 108 11112 10934 11014
107 107's 10712 108
6514 9578 6678 661
/
4 081
/
4 09
9912 101
10134 107
10334 10834
•981
/
4 97
9838 9638 9714 9812 100 101
105 10812 10312 10512
*812 9
9
91
914 912
912 9,
9% 9% *9
9%
5817 5878 .57 58
.55 56
56
59
*501z 57
5614 5614
•Bid and asked prices. x Ex-dividend. b Ex-rights.
Industrial & Miscellaneous
800 Adams Express
100
200 Advance Rumely
100
Do pref
100
1,200 Air Reduction. Inc„--No Par
3,800 Alas Rubber. Inc
50
200 Alaska Gold Mines
10
800 Alaska Juneau Gold Min
10
20,900 Allied Chemical & Dye_No par
Do pref
600
100
17,700 Allis-Chalmers Mfg
100
Do pref
100
100
Amer
13,200
Agricultural Chem_100
Do pref
9,000
100
100 American Bank Note
50
Do prof
5
900 American Beet Sugar
100
Amer
Bosch Magneto_No Pa
600
300 Am Brake Shoe & F._ _No pa
Do prof
100
100
92,500 American Can
100
Do prat
800
100
American
1.300
Car & Foundry- 100
Do pref
100
100
600 American Chain, Cl A
2
8,600 American Chicle
No pa
200 Amer Druggists Syndicate_.10
American
2.500
Express
100
14.700 Am & Foreign Pow 25% paid..
Full paid
8,500
1,000 American Hide & Leather.100
Do prof
2.900
100
73/
1
4 Jan 2
6 June 9
2814June 14
6714 Jan 2
41sMay 14
j
Jan g
78 Jan 30
65 Mar 18
110 Apr 8
4158May 20
90 Apr29
7/
1
4 Apr 7
18/
1
4 Apr 7
98 Jan 8
52 May 8
36 Mar 21
2214 Apr 1
76 Apr 14
10414July 10
957 Apr 21
109 Jan 8
l5313 Apr 14
11834 Apr 9
21114 Mar 21
1434 Apr 22
3:2June 6
88 Apr 15
9212 Mar 8
9113 Apr 4
714 Apr 28
5012 Jan 3
8414July 10
12% Jan 2
4118 Jan 4
8112 Jan 29
1011 Jan 11
Feb 2
112Mar 4
7558July 2
118 July 11
53%July 8
9684 Jan 17
17 Jan 2
4938 Jan 9
12212June 20
55 Mar 13
4912 Feb 8
3878 Jan 12
8334June 18
110 Mar 28
1228 Feb 1
11578June 11
176 Jan 26
124 July 1
238s Apr 12
2312July 10
814 Jan 30
11112July 10
107 July 10
10812July 10
135, Feb 13
65 Feb 11
PER SHARE
Range for Preston.
Year 1923
Lowest
Highest
$ per share $ Per than
94 Oct 06/
1
4 Mar
85% Dec 9058 Mar
114 Aug
314 Feb
10978 July 27 Feb
4018 Jan 6034 Dee
555 May 60/
1
4 Mar
9/
1
4 Oct 1412 Dec
3411 Oct 49/
1
4 Dec
Nov
1393
78
4 Sept
57 June
96 June
2 May
338 Jan
19 Aug
4812 Aug
234 Oct
678 Oct
1114 Oct
205* Dec
4718 Dec
971
/
4 Dec
1918 Oct
72 Aug
8078 Aug
17 Oct
9314 July
10978 Oct
1018 May
15 Jan
1084 May
505* Oct
25 July
91 Aug
44/
1
4 Jan
995 Dec
912June
15% July
4858 July
54 June
8484 Oct
27% Dec
712 Oct
23 Oct
5612 Oct
1438 Oct
/
1
4 Aug
934 Oct
2478 Oct
814 Oct
2214 Oct
1/
1
4 Nov
8212 Aug
9012 May
6712 Aug
86 Nov
934 July
1414 June
9 Sept
100 July
72 Bent
4934 Oct
4078 Nov
8 Oct
86 Jan
674 Oct
5712 Oct
33/
1
4 Jan
85 Dec
8812 June
44 June
45 June
2212 Oct
1634 Oct
3212 Jan
2,512 Aug
54% June
434 Aug
814 Aug
8414 Aug
2484 Jan
83 July
14 Aug
812 Dec
5814 Jan
1241: Aug
70/
1
4 Dec
7/
1
4 Oct
26 Oct
3034 Aug
7 Mar
2314 Jan
16% Jan
8 Sept
14 Sept
12 Setp
53 May
8 Oct
10 Oct
23 Aug
jrr
258 A
160
76/
1
4 Jan
10478 Feb
438 Dee
1238 Dec
3834 Feb
6214 Mar
7 Feb
17 Feb
268* Mar
4513 mar
88 Mar
118% Mar
3778 Mar
95 Feb
85 Mar
451 Feb
12413 Feb
13013 Feb
2234 Dec
311
/
4 Dee
2758 Dec
80 Mai
36 Mar
20 Mar
6234 Feb
11712 Feb
2278 Mar
2478 Mar
575 Mar
7134 Feb
165 Feb
4512 Apr
22 Mar
8812 Mat
87 Mar
5614 Mar
918 Feb
17 Feb
4511 Feb
19% Feb
49 Feb
434 Feb
105 Mar
10714 Dec
8012 Dec
95% July
22/
1
4 Jan
21% Feb
1
4 Feb
18/
1175s Feb
7812 Aug
811,Mar
4778 Apr
17 Mar
4714 June
7634 Mar
7011 Jan
505* May
93 Jan
8118 Feb
5612 Feb
563.4 Jan
39 Dec
27 Mar
50 Mar
3638 Feb
83/
1
4 Mar
71s Feb
15/
1
4 Dec
9514 Feb
3918 Dec
70/
1
4 Mar
291
:Mar
1914 Feb
7711 June
14478 Feb
2613 Jan
211
/
4 Ma!
62
36
2% M
Oc
al
12 Dec
3812 Dec
2334 Dec
15 Feb
2834 Mar
2014 Mar
8338 Mar
1012 Feb
19 Feb
3872 Dee
67 Sept82 Mar
6/
1
4 Oct1912 Mar
24 Nov 5438 Jan
56 July 72/
1
4 Mar
414 Oc
1411 it
m
Aug
34 Oct178 Oct
59/
1
4 Aug 80 Jan
10514 Aug 112 Mar
1
4June 5114 Feb
37/
89 Nov 97% Jan
1018 July 36/
1
4 Feb
2814 Oct 68/
1
4 Feb
77 Jan 100 Nov
50's June 5514 Aug
25 Aug 491k Feb
22% Oct 60 Mar
691
/
4 Sept 83/
1
4 Feb
102 July 110 Jan
73% Jan 107% Dec
106 Sept 115 Feb
14814 July 189 Mar
117 Sept 12578 Jan
2038 June 25% Mar
534 Jan 17% Nov
4% Sept
7% Feb
87 Nov 1431s Mar
96 Dec 97 Dec
_
els Aug -fit; Mar
2934 Aug 7454 Mar
New York Stock Record-Continued-Page 2
182
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
July 5.
Monday,
July 7.
Tuesday, • Wednesday, Thursday,
July 10.
July 8.
July 9.
Friday,
July 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares. Indue. & Miscall.(Con.) Par
1,500 American Ice
100
Do pref
100
100
7,700 Amer International Corn 100
10
300 AmerMan La France F E
100
6,000 American Linseed
Do prof
100
2,300
42,500 American Lomat, new.No Par
Do prof
100
100
No par
200 American Metals
25
1,200 American Radiator
800 American Safety Razor- 25
400 Amer Ship & Comtn__ No par
12,400 Amer Smelting & Refining _100
100
1,0001 Do pref
2,000 Am Steel Foundries.. .33 1-3
Do pref
100
200
3,700 American Sugar Refining--100
Do prof
100
900
5,999 Amer Sumatra Tobacco__ _100
Do pref
100
700
100
33,600 Amer Telep & Teleg
100
7,600 American Tobacco
Do pre,
100
500
Do common Class B 100
7,100
19,900 Am Wat Wks & El v t c....100
Do 1st prof(7%) v t 0-100
400
Do panic pf(6%) v t 0.100
7,000
100
8,300 American Woolen
Do pref
100
100
8,000 Amer Writing Paper prof -100
100 Amer Zinc. Lead & Smelt-25
25
Do pref
100
7,900 Anaconda Copper Mining_ 50
300 Armour & Co (Del) prat__ _100
400 Arnold Comit'le& Co v tcNopar
100
2,300 Associated Dry Goods
25
1,800 Associated Oil. new
8,000 Atl Gulf d: W I SS LIne___100
Do prof
100
6,000
100
18.600 Atlantic Refining
Do pref
100
200
2,600 Austin, Nichols & Co__No par
pre
Do
100
300 Auto Knitter Hosiery__No par
51,000 Baldwin Locomotive Wks-100
Do prof
100
1,150
22,100 Barnedall Corp. Class A.__ 25
Do Class B
25
400 Bayuk Cigars, Ino_-__No Par
20
2,300 Beech Nut Packing
100
29,600 Bethlehem Steel Corp
Do cum cons'8% pref-100
100
Preferred new....
100
1,600
No par
700 Booth Fisheries
100
300 British Empire Steel
100
4,400 Brooklyn Edison, Inc
33,600 Bklyn Union Gas new__No par
100
200 Brown Shoe Inc
100
2,000 Burns Brothers
Do new Class B corn-1,900
a
1,600 Butte Copper & Zino
100
800 Butterick Co
10
1,300 Butte & Superior Mining
200 Caddo Cent 011 & Ref _No par
California Packing..._No par
14,5001 California Petroleum, new. 25
100
100' Do pref
10
3,5001 Callahan Zinc-Lead
100 Calumet Arizona Mining
10
No par
7001 Case (J I) Plow
900 Case Threshing Mach_No par
100
5,300 Central Leather
100
11,4001 Do pref
9,800; Cerro de Pasco Copper_No par
12,000i Chandler Motor Car__ _No par
100, Chicago Pneumatic Tool-100
6,700 Chicago Yellow Cab___No par
26
8,6001 Chile Copper
a
1,200 Chino Copper
600: Cluett, Peabody & Co-- --100
5,900' Coca Cola Co vIa
No Par
100
44,100 Colorado Fuel & Iron
1,300; Columbian Carbon v to No par
50,100: Col Gas & Elec. new...No par
6,400! Commercial Solvents A No par
No par
4,8001 B
No par
44,600 Congoleum Co
4,900 Consolidated Cigar_ __ _No par
Do pref
100
1,100
95,200 Consolidated Gas(N Y) 100
8,700 Consolidated Textile__ No pa
100
32,200 Continental Can, Inc
2,600 Continental Motors_ No pa
Corn Products Refining__ _100
New when issued
3313 34l -554 34
25
-5514 -3112 -3-3-,665
337 341 -5i--3;f3-8 33,4
No pa
62,100 Cosden & Co
2618 27
2838 2918 28,2 29% 2818 28% 2778 2878 2658 28
Crucible
Steel
5512
of
America-100
5434
10,500
5418
5414
554
54%
5512
5412
55
5434 5434 5412
Do prat
100
89
*87
89
*87
*87
89
89
*87
*87
89
01
•87
No pa
1312 13% 1318 13% 2,700 Cuba Cane Sugar
•1414 1412 14
1414 1334 1334 1358 14
10
Do prof
59%
6112
8,400
6112
59% 61
60%
61% 62
61
61
6034 61
1
29% 2914 2978 3,900 Cuban-American Sugar
3018 29
3018 30
30
30
3014 3014 30
Do prof
10
*9614 98
*9614 98
*9614 98
*95
9814 *9514 98 '9514 98
300 Cuban Dominion Sugar No Pa
434 434 *412 458
4% 4%
458 434 *412 5
*434 5
Do pref
10
44
44 '40
*40
44
*40
44
44
44
*35
*35
No pa
3,000 Cuyamel Fruit
57
5734 575s 58% 5712 5712 5734 57% 57
*57
5714 57
15,100 Daniel Boone Woolen Mills 2.3
16
18% 1512 1712 1512 18% 15
1712 17% 1758 1878 18
48
4958 4918 52% 5214 5434 534 5614 100,100 Davison Chemical v t o_No par
4834 48
4812 49
De Beers Cons MInesNo par
120,8 2112 *2013 21% *2018 2112 *2018 21% *2018 213 *204 2134
'
100
2,900 Detroit Edison
10434 104% 10412 105
*104 10414 1o414 10114 10414 10412 10412 105
Dome Mines, Ltd...m_No par
16
1618
1,300
1614
16
16
16%
16% 1614
*1534 1612 1534 16
104 1018 1018
*04 1012 *04 1014 1018 101s *10
2001 Douglas Pectin
1018 *10
10718 10712 10712 10712 10718 10734 1,600 Eastman Kodak Co...No par
*10738 108 *107 10734 108 108
1312 1312 *13
1314 1,600 Eaton Axle & SprIng___No par
1378 14
1258 14
*1212 123* *1212 125
126 12734 12612 12784 12,700 E I du Pont de Nem & Co_100
1264 12814 126 128
1261s 12612 126 127
5834 57 58714 El4 3,600 Elec Storage Battery__No par
*56
5612 5618 5618 5634 5634 57
n_ Coal Corp
50
700 Elk Horn
*1112 1134 1112 1112 *1112 1134 *1112 1134 115 115* 1134
Co_10500
*1
2
*1
2
2
*1
2
*1
*1
2
•114 2
Endicott-Jobnson
Corp
50
6214
6114
6114
600
"611
6112
613
4
*61
6112 *6114 6214 6114 6114
100
o&
100 Exp
*10614 109 *107 109 *107 10812 *10718 10812 *10718 10812 10812 1081
Exchange Buffet Corp.No par
*1812 1912 *1812 1912 *1812 1912 *1812 1912 *1812 191
*1812 20
Players-Lasky_No
par
Famous
783
794
814
8014 7838 7958 26,600
81%
7812 7912 7914 8034 80%
relintn
o
g%2
9714
978* '96
500 Feloralpm
9714 9714 9714 9714 97
973
973* 9733 *96
Smelt
-g.,
101
*9
'8
1012
1012
*9
1012
1012 *9
*9
1012 *9
Do prof
100
45
4514 44
2,200
44
46
46
478
47
4714 43
*46
48
No par
1218 1238 1218 123s 1214 128s 1214 12% 1218 123* 1178 121 17,900 Fifth Avenue Bus
Body Corp
Fisher
No par
185
'18012
400
18012
18012
185
180 180 "181 190 '181
*180 190
200 Fisher Body Ohio wet----100
*99
9912 9914 9914 *9914 9912 99% 99,2 *9914 99,2 "9914 9913
No par
*612 7
*64 7
614 658
614 614 *614 612 1:Lig ritglubbnerco
614 6%
No par
9
5634 5612 5734 5638 583
553 5634 5534 5612 56
56
56
No par
900 Foundation Co
7012 7112 70
70
'7012 71
7012 7012 *7014 71
*7014 71
93* 912 13,000 Freeport Texas Co.. _No par
95* 93*
878 934
812 878
812 834
*812 873
3812 4038 2,100 Gen Amer Tank Car_ No par
40
*38
*3712 39
40
40 .38
40 .39
*39
100
4058 4112 4012 4112 4012 4212 11,600 General Asphalt
415 42
4112 4112 4112 423
100
Do pref
78
78
200
7812
'77
80
'77
*77
80
$ per share $ per share $ per share $ per share $ per share $ per share
89
89% 8912 895* 8958 89
90
9012 290
*88
8914 90
*7814 8112 *78% 8112 *7814 8112
*7912 8112 80% 80% *7914 82
2211 2178 22
2214 2234 22
2234 2314 2214 23
2258 23
1038 10%
*1014 1012 *1014 1034 *1014 1034 *1014 1034 *1014 101
16% 1634 1634 1678 1878 1834 1934
1814 1614 *16
*1638 17
3434 3434 35
3414 3414 *3414 35
*34
36
39,2
3812 38
7434 7518 7514 7612 7612 7734 7634 79%
*74% 74% 7434 75
*119 11934 *119 11934 *11912 12012 11934 11934 *11912 120 *11912 12012
*41
42
42
42
42 . 4214 4214 *41
*42
43
*41
42
*106 108 *105 10612 10612 10734 107 10712 10512 10512 *106 107
634 634 *612 63
*6% 634 *6% 7
618 614
634 834
*1134 12
12
12
*12
1218 1218 12
1234 *1214 1212 12
65
65%
6518 6512 65% 6612 6618 6678 663s 67
65
65
10212 10212
100% 100% 10034 100% 10112 10112 10118 10112 10134 102
35% 3618
*3512 3618 *3534 364 3512 3534 3534 357
358 357
103 103 *10212 10312 10318 1035*
*102 103 *102 103 •102 103
4414 4414 44% 44% 4412 44% 4412 4412 4234 44
4338 4312
*87
87% *8714 8734 87% 8734 8712 8712 87
87,4 8734 87%
814
8
712 912
*878 912
6% 8
9
9,2
27% 31
41
*31
38
*3134 42
*3134 40
*31
*31
38
12212 12234 1227 12334 1235* 12358 123 12312 123 1235* 12234 12318
1447 145
145 145
14434 1453s 145 14578 1404 14534 144 144
105 105
10512 10512 *10412 105
*10412 106
1053* 10538 10412 10512
142 142% 14112 14212 1424 14212 138 14234 13814 13934
*14112 142
08
1,8
0212 19
9812 96 10414 104 11112 102 11512 *
9512 9612 97
97
99
*9512 100
*96 100
9812 9812 97
99
94
9534
95
99
94
95
94
*9212 9334 93
9434 92
7118 72
73
724 7318 7212 7318 7212 728 72
*7212 73
100% 1007s *100. 102
*9934 102 *100 102
*99 100 *100 103
3i4 312
312 312
414 4% *312 4
4
412
3% 534
*712 812 *712 8
73
*7
312 *714 81.
*714 8
73
27
*25
27
*26
2634 265* 26% *26
*26
*25
27
27
3012
3018 305* 293* • 3034 297 3018 3018 3012 30
29% 30
8712 *8614 8712 *8612 8712 *8614 8712
85% 85% 8512 8512 *86
*6
914 9
10
7
10
10
10
914 914 *9
*914 10
*914 1014 10
97
97
9678 97
97
97% 9634 9714
9678 97
2818 28
28
2812 28
*2812 29,4 *21334 29
*2812 2918 28
1914 1912 1944 19%
2013 20% 2018 2034 1918 203s 1912 20
2412 2538 2412 25
2612 26% 26
2512 27
2678 2658 27
87
8812
9014 9114 8734 90
8914 90% 8912 91340 92
114 114 *11312 114
*113 11312 11312 11312 *11312 114 *1135* 114
*2112 2212 *213* 2212 2112 215* 2134 2134 *2114 2124
*82
83
*82
83
83
*82
83 *82
•82 83
*8112 83
24 212
.212 278
*24 27
*278 318
*212 21
28 27
115 11512 11434 11534 11512 11612 11538 11634 1144 11614 11438 117
116 116 *11512 116
116 116 *11512 118
*115 116 *115 116
20
2015 1934 20
2014 21
20% 2034 2014 2118 204 21
•15
1512 *14
16
*14
16
16
*15
1514 *15
*15
16
41
41
40
40
41
40
*41
45
*40
45
*41
45
5314 *50
5212
52
5414 5312 5312 53
*50
52
*5012 53
4612
465* 46
46
4634 46
4612 47
47
46
46% 46
10318 1034 *103 109 *103 107 *103 109 *103 109 *103 109
9012 9012 9012 9014 9012 9012 9012 9014 91
90% 903s *90
412
412 *4
44 414 *4
4% 414
414 414
458
4
314 3% *312 8
*3
6
*314 4
3
3
*3
6
112 112
112 11238 11238 11212 112 1134 11234 11312 11338 114
7012 6934 7078 6912 7012
6712 6712 67 674 674 6834 68
434 *4112 4312
*4112 4312 *4112 43% *4112 4312 *4112 434 43
109 11034 10934 10934
•108 112 *10714 111 *10814 11112 109 109
2512 2512
2512
25%
25
2512
25
25
251
*24
26
2514
412 44 *412 44
44 4%
438 438
434 434
412
58
18
18
18
18
4118
19
18
18
*18
19
18
18
147s 147
*15
1514 148 15
15
15
1514 15
15
15
•134 18 *154 2
*158 2
*134 2
2
2
1'2 178
844 84
84
8412 *84
*8312 8412 8334 84
8412 8412 *84
2112 2218 2112 2134
224 223
2212 2234 2278 2312 2212 23
9512 9512
*954 97
*95
97
*9512 97
*9512 98 '9512 97
314 314
314 314
33* 312
312 3%
3% 4
33s 312
*44
4312 431 *437 45
45
*44
*42
45
45
4814 *44
4,78
*7, 1
•12
78 1
78
*12 1
1
1
1912
*1912 201
2014 2014 2014 2014 19
*1914 21
*1912 21
13
1334 133
1334 14
1414 1312 141
*1212 13
1318 1338
46
475* 4614 468 4618 4612
4434 4514 4612 4834 4734 49
47
47
474 4658 4738 465* 4634
471
46% 47
4634 47
4614 473
46% 4678 4614 47
465* 47%
4714 48% 4718 487
86
86
*8512 8614 *8512 8614 .8512 861 *8512 861 *8512 86
4912 50
51% 49
50
50
50
50
5012 51
5012 51
2814 28% 2814 2812 2818 28% 2814 2838 2838 2812 2838 2812
18
18
18 '1712 1818
1712 18
*18
18
18
18's 18
6712
65
65
65
65
651 *6512 6712 *65
65
66
*65
7318 7318 73% 7314 7338 73
734
*73
7334 73
73
73
48
49
4634 4838 4612 48
487
46
484 4812 48
46%
4412 4412
46
4412 4434 45
45
4512 4512 45
47
*42
41%
39% 39% 39% 39% 39% 4014 3934 40% 4014 41% 41
62
6114 59% 6338 6112 6212 62
5612 5612 56% 59% 59
5512
53
5414 5512 55
55
56
53
4934 52
*4814 49
2
4614 4314 4614 467* 4512 4634
4412 4612 46% 4378 461 48
*1512 1612 15% 1618 15% 1718 17
17% 1634 1734 1612 1612
72
72
72
69
69
*67
6934 72
68
68
69
*65
6918 70% 69% 7118
6818 6812 63% 6812 68% 69% 6834 691
318 31
318 314
3% 314
34 314
3,4 314
314 314
53
5378 53
5434
5212 5312 53,4 5434 53% 54% 5334 541
612 612
612 61
638 612
612 658
*638 612 *614 612
* Bid and asked prices: no sales on this day. c Ex 300% in stock. .1 Ex-rights. z Ex-dividend.
PER SHARE
Range Sines Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Prestos.
Year 1923.
Lowest
Highest
Per share $ PET share
$ Per share $ per share
78 Oct 11112 Apr
86 Jan 14 OR Feb 7
7734 Oct 89 Feb
7912Mar 28 83 Feb 5
1738 Mar 19 2512 Jan 31
16 Sept 3312 Mar
1018 July 13 Mar
10 May 19 1214 Jan 9
Oct 38 Mar
1334May 7 2238 Jan 14
13
30 Apr 15 43 Jan 14
2812 Oct 59 Feb
64% July 764 Dec
7018 Apr 15 797 July 11
11614 Apr 16 120 Mar 12 11412 Sept 122 Feb
3834June 3 45% Feb 14
4014 June 55% Mar
9414 Apr 16 10834July 1
Jan 97 Des
76
94 Feb
4% June
712Mar
5% Apr 22
1038May 21 15% Feb 11
1032 July 2138 Jan
574 Jan 14 67 July 10
514 Oct 6912 Mar
98 Jan 2 10212 July 11
93 June 102% Mar
334 Apr 21 40 Feb 7
31% July 4078 Mar
1014 Apr 25 1044 Mar 17
97% Aug 10514 Feb
3858 Apr 23 6134 Feb 7
48
Oct 85 Feb
79 June 7 9978 Feb 14
92 Dec 10834 Jan
638July 11 2812 Jan 9
18 July 36% Feb
2712July 11 69 Jan 18
324 July 6524 Feb
12118June 26 1307 Mar 13 11918 June 12834 Dec
1368s Mar 25 157 Jan 28 14014 July 161% Feb
101 Apr 11 10513July 7 10018 Nov 105% Mar
13514 Mar 25 153 Jan 28 140 May 15934 Feb
40 Feb 18 11512July 10
2712 Jan 44% Apr
8912Mar 21 99 July 8
8514 July 93 Jan
66 Feb 19 99 July 10
4812 Jan 574 1)00
62 Apr 23 7878 Jan 11
Oct 109% Mar
85
9658 Oct 11134 Jan
9634 Apr 30 102% Jan 19
Ds Dec 34 Mar
534July 11
112 Apr 16
7 Mar 29 `.19% Feb 14
64 Oct 1914 Feb
24 June 5 34% Jan 14
2434 Deo 5814 Feb
2812May 20 41 Feb 15
3238 Oct 534 Mar
83143une 18 9318 Jan 24
8834 Oct 9414 Dee
8 June 4 15 Jan 9
1012 Nov 1834 Oct
79 Jan 15 10012 Mar 11
6214 Jan 89 Mar
2758June 6 34% Feb 5
2478 Oct 2912 Dee
1034 Mar 26 2078 July 5
914 July 34 Mar
1212 Jan 4 2738July 3
634 July 27 Mar
8314June 24 14018 Jan 31
99% Sept 15312 Jan
1094June 23 118 Feb 7 115 May 120 Jan
1812 Mar 28 80 Jan 9
17 July 3512 Jan
79 Apr 17 8814 Jan 2
7834 June 8911 Jan
658 Dec 2814 Apr
Penne 20
84 Jan
10434May 20 131 Feb
11012 Aug 14414 Mar
110I2June 10 116 Feb
111 Apr 11634 Jan
14 Feb 16 2158June 3
9% Aug 35 Mar
Jan
10 Jan 7 16I4June 3
Oct 22
6
3912May 16 69 Jan
50 June 6214 Apr
44% Apr 15 5812 Jan 3
484 Dec 84% Mar
45 June 24 6218 Feb
4134 June 70 Mar
1014 Apr 12 11014 Feb 1
10014 June 1114 Mar
8912June 30 97 Feb 1
87 July 9712 Mar
358June 11
74 Jan
3% Oct
74 Jan
212 Apr 3
9% Mar
5 Feb
3 Dec
10714June 2 116 Feb
10414 May 12112 Jan
5658 Apr 21 70%July 1
39 May 27 5312 Jan
"if4 Oct 65% Apr
974 Feb 26 11212June 2
100 Sept 144% Mar
19% Feb 26 27 June 2
2112 Sept 43 Jan
358June 25
414 Oct 1134 Feb
612 Feb 1
17 Apr 28 23% Jan 2
1314 June 22 Aug
14 May 29 20% Feb 1
1278 Oct 37% Mar
912 Feb
112Mar 21
414 Jan 1
114 Nov
80 Apr 30 874 Feb
77 Aug 87 Feb
2138June 13 2914 Feb 5
174 Sept 295* May
94 Apr 22 107 Jan 31
9012 Sept 1101* May
212May 10
3% Oct 1258 Feb
5% Jan 9
4134Mar 31 494 Jan 24
42 Oct 88 Mar
434 Feb
4 Oct
12Mar 28
14 Jan 11
14 Mar 19 274 Jan 26
17 Dec 42 Mar
958 Nov 404 Mar
978 Mar 25 17% Feb 13
284 Nov 7934 Mar
2914Mar
49 July 8
4034Mar 31 484 Feb 16
364 Oct 6012 Mar
4218 Apr 14 6612 Jan 2
43 Oct 76 Mar
7978May 15 86 May 27
754 June 9034 Mar
39 May 12 5118July 10
2558 Mar 29 2834June 28
2418 June 30g Mar
15 Mar 28 204 Feb 16
1434 Aug 31% Max
62 May 28 754 Jan 30
60 July 7614 Mar
81 Apr 21 774 Jan 2
6514 Oct 83% June
24% Feb 15 49l July 2
Oct 35% May
20
4412June 2 55% Jan 18
Oct 5118 Dee
41
33 Mar 21 417s July 10
3014 June 374 Ain
26 Apr 46 Feb
4312 Jan 11 6338July 9
15 Apr 40 Dec
33 Jan 15 56 Feb 13
3238May 19 6634 Feb 18 c4412 Dec 18438 Nov
14% Dec 3938 Jan
1138Mar 25 2218 Jan 14
83 Feb
60 De
5912 Apr 24 84 Jan 15
5634 July 69% Feb
6078 Jan 2 7118July 11
6 Oct 1412 Feb
8 Jan 5
238 Apr 22
42% May 57% Dee
4312 Apr 14 60 Jan 8
5 Oct 1214 Jan
6 Apr 22
8 Jan 16
152% Jan 4 18758 Jan 28 114% July 16012 Dec
3112 Jan 15 37% Jan 28
2284 Sept 62'4 Mar
234J008 7 4014 Feb 5
5712 Sept 8412 Mar
48 May 13 713.1 Feb 7
85% Aug 9412 Mar
86 May 22 92 Feb 11
1134 Apr 22 18 Feb 6
84 Aug 20 Feb
3312 Aug 664 Dec
53% Apr 21 7178 Feb 11
23 Aug 37% Feb
2812June 9 38% Feb 11
92 July 106 Apr
96 Jan 4 9912 Feb 28
418June 16
812 Feb 5
3 July 1214 Mar
42 Apr 11 52 Feb 5
30 Aug 5812 Mar
5234June 24 7412 Jan 3
544 July 7212 Deo
15 July 11 3214 Mar 6
41 Apr 14 694 Jan 8
205* May -1114 Dec
1814 Jan 21 2218 Mar 14
1834 Deo 28 Mar
10114 Jan 30 10814 Jan 10 10014 June 111 Max
15 Apr 28 2014 Jan 7
30% May 44% Jan
Set 1414 June
93sJune 9 1134 Jan 11
11
1044 Apr 21 1124 Jan 8
89% Jan 11534 Apr
11 June 19 2418 Jan 8
Oct 27 July
20
112 May 20 141% Feb 1 10814 Jan 1484 Apr
5012M a y 15 64 Feb 7
52 July 6718 Mar
1214 Dec 204 Jan
11I2June 20 134 Apr 3
74 Feb
58 Dec
%June 23
34 Jan 9
5878 Oct 9414 Jan
5578May 0 6712 Jan 16
118
Jan
Oct
110
17:
10512June 26 116 Jan
Jan
1978 Dec 31
1812May 21 22% Jan 12
52 Oct 93 Jan
61 Jan 29 git2july 8
8778 Jan 28 9712June 4; 82 Oct 99% Feb
June 13 Nov
54 An* 1 13 Feb 20;
344 June 6012 Feb
414 Jan 2 4914June 28
74 Sept 10% Jan
912 Jan 23 13% Jan 261
163 Jan 23 22312Mar 211 140 July 21214 Jan
98 Jan 9 10218 Mar 131 94 July 10238 June
Vs Oct 1612 Feb
54..fune 6 1034 Jan 16'
37% Feb 4714 Mar
4414 Jan 22 5834July 111
5812 Oct 78% July
6612 Jan 11 7538 Mar 11
Jan
94 July 22
8 Apr 21 13% Jan 7
3812 Oct 7178 Feb
3512May 28 464 Jan 2
31% April 46% Feb 5, 23 Aug 54 Mar
83 Mar
7112 Apr 5 81 Feb 81 60 Sett
New York Stock Record-Continued-Page 3
For sat., during the week of stocks usually inactive, see third
page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER
CENT.
Saturday,
July 5.
Monday,
July 7.
Tuesday,
July 8.
Wednesday. Thursday,
July 9.
July 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On basis of 100-share 100
183
PER SH ARC
Range for Previous
Year 1923.
Friday,
July 11.
Lowest
Highest
Highest
Lowest
Per share S per share $ Per share 3 per share
per share 5 per share Shares. Indus. & Miseell.(Con.) Par
89
89
8914 8912 90
per share $ per share
$ Per share
9114 9112 92
8912
91
89
91
General
3,900
Cigar,
Inc
100 282
'
•10112 106 *10314 105 •10314 105 *10314 105
2714r A
shparr3
e0 9734 Jan 10
8018 June 9712 Dec
•10314 105 *10314 105
Debenture preferred_ _ _ _100 100 Apr 3 107 Jan
235 23534 23538 24112 2411
11 10414 Nov 110 Apr
/
4 24458 24012 245
241 2451 1 24112 243/
1
4 56,200 General Electric
100 19312 Jan 3 24514July 10 16758 Sept 20214 Dec
*1114 1138 *1114 1138 1138 1138 114 111
/
4 111
/
4
113
8
1138
Special
1112 1,600
10 1012 Apr 29 1112July 11
1378 1418 14
1414 1418 1438 1414 1458 141
Jan
1014 Oct 12
/
4 1458 1412 1434 65,000 General Motors Corp_.No par
1234May 20 1614 Feb 1
*83
8334 84
84
8414 8414 *85
1234 June 174 Apr
8514 85
85
8518 851s
Do pref
600
100 80 June 4 8518July 11
83
83
84
84
8412 8478 85
84
July
Apr
79
89
85
Do Deb stork (6%)- 100 8014June 5 8518July
8518 85
8518 3,900
*94
95
*94
95
95
95_ *9514 98
7834 July 90 AM
9518 954 *94
95
200
Do Deb stock (7%)._ _100 92 June 10 10018 Mar 10
4078 4078 4078 4118 404 4138 4012 41
17
9334 Oct 105 Apr
401
/
4 4118 4058 40/
1
4 16.700 General Petroleum
25 38/
*51
1
4June 9 4314 Apr 26
5112 *51
5112 5114 5114 5013 5114 50
_
*51
50
5114
700 Gimbel Bros
No
par
*814 9
*814 914 *81.1
4718June
6
53
/
1
4June 27
394 June 5112 Apr
4.818
9
*814 9
878 9
300 Glidden Co
No par
36
8 June 6 14 Feb 4
36
36
3734 3678 3814 37
Sept
6
/
1
4 Feb
12
3812
373
4
3838 371.2 3712 19,100 Gold Dust Corp
No par 2812 Apr 10 381s July 9
*14
15
*14
1412 *14
15
*14
1458 14
1412 14
14
300 Goldwyn Pictures, new_No par
*19
20
2018 2013 1914 1914 20
1578Mar 25
8
June
Nov
2218
20
19
19
*1812
19
1,000
Goodrich
Co (B F)__ No par
*72
17
84JF
75
un
eb
e 16
*72
9 2654 Jan 10
75
7434 7434 *73
17/
1
4 Oct 4118 Mar
75
*73
74
7412
74
400
Do prof
*46
100 7014May 1 80 Jan 17
47
*46
47
464 461 4 *4614 47
6734 Oct 9212 Mar
4618
47
46
/
1
4
465
1,200
Goodyear
8
T
&
Rub
pf
v
t
*91
0.100 39 Jan 4 49 Jan 8
93
923. 9234 9318 94
35
Oct 6212 Apr
*94
95
*94
95
94
94
Prior preferred
900
*14
100 8814 Jan 2 94 June 18
1412 14
1418 14
14
88
Oct 99 Feb
14
14
14
14
14
14
600 Granby Cons M,Sm & Pow100 1212 Apr 14 174 Feb 15
5
5
*312 5
334 334
12 Oct 33 Mar
4
4
4
3/
1
4 4
1,500 Gray & Davis, Inc____No par
3 June 3
94 Jan 11
6/
1
4 Dec 1558 Mar
.11
12
*11
12
114 1118 *11
12
12 t *11
12
100 Greene Cananea Copper_ l00 10
•612. 7
638.Ntla
h ny
e 16
*612 714 *612 71 1 *612 714 *11
6 1634 Feb 18
13/
1
4 Dec 344 Mar
638 612
634 634
800 Guantanamo Sugar__ _No par
7012 7012 7018 7014 7012 7134
1018
Feb
5 Sept 1412 Feb
701
/
4 7134 7012 7112 70
7012 7,600 Gulf States Steel tr cif,.._100 62 May 20 8914 Feb 6
3714 3712 3714 3712 37/
7
66
1
4 3758 37
June 104/
1
4 Mar
3712
39
/
1
4 37141 37
3714 2,900 Hartman Corporation...No par 34 May 14 4434 Feb 4
*3434 35
3414 35
3438 3412 3414 3458 34
7934 Nov 94/
1
4 Feb
341.11 3334 34
2,800 Hayes Wheel
.39
42
100 3214May 20 52/
*40
1
4 Feb 4
42
41
41
31 July 44 Apr
42
42
*39
4412.
1138
42
Homestake
Mining
200
*3234 33/
100 35 July 1 5612 Jan 3
1
4 3338 3334 3334 3314 3312 3334
54 Dec 7978 Jar
*3312 33/
1
41 3312 3312 1,400 Household Prod,Inc_ _ No par 311
*7112 7212 72
/
4 Apr 19 3412 Jan 2
72
7012 72
2858 July 39/
1
4 Mat
6934
6812 70 I 69
691
/
4 4,800 Houston Oil of Texas
24
100 61 Apr 22 8212 Feb 5
241s 244 2434 2414 2412 2412 7118
403
4 Aug 78 Feb
2412
24
/
1
4
241
/
41 2412 2434 5,400 Hudson Motor Car_ _ __No par 2012May 13 2934 Mar 10
12/
1
4 12/
1
4 1218 1213 1212 1258 121
20 June 3234 Mar
/
4 1278 1234 13 I 1278 134 4,900 Hupp Motor Car Corp.__
4.18
34
.12
111
10
12
4N
j
la
a
n
y
,
1
3
34
18 Jan 2
*12
54
1518 Dec 3012 Apr
*12
34
12
*12
100 Hydraulic Steel
34
12
No par
*758 7/
1
4 *758 7/
112 Jan 10
612 Jan
12 Oct
1
4 *75ii
712 7/
1
4 *733 7121
*58
7
718
500 Independent Oil& Gas_No par
631July 3
78
78
9/
1
4 Jan 18
78
3/
1
4 Sept 1114 May
*4
*58
34
*1
/
4
Indlahoma Refining
78
/
1
4
100
*
/
1
4
*1612 1712 *16
5
34 Feb 5
278 Jan 17
17
1
*17
1712
Oct
Mar
19
171s
17
*17
18
1712
*65, 678 *612
I
1734
600 Indian Motocycle____No par 1518June 6 2514 Feb 4
6/
1
4
18 Dec 19/
634 634
1
4 Dec
658 65;
6/
1
4 6581
900 Indian Refining
612 612
10
*34
35
718June Is
35
35
312 Dec
812
*3412 35
Apr
35
35
3412
3412
r34
Inland
Steel
345
8
600
13
NO par 33
14N
2A
2318 2318 2334 2334 2278 2318 2278
fapyr 16
2 3814 Jan 30
3118 July
4658 Apr
23
2234 2278 1 2234 2318 2,600 Inspiration Cons Copper__ 20 2214 Feb 28 2738 Jan
*34 1
24
2314 Oct 4334 Mar
*34 1
*34 1
*3
892
4
1
1
1
*12
1
Internat
Agricul
Corp
3
100
apyr 2
*51, 534 *5
1,
5
23s Feb 6
*5
6 *
Feb
4 Oct 11
6
6
*5
6
*5
6
Do pref
9612 97
100
1018 Jan 8
95/
44 Oct 39/
1
4 9634
1
4 Feb
4 9612 9518 9512 9412 9538 *9538 96
2,600 lot Business Nlachines_No par 83 April 9734June 21
4312 4312 4312 4312 953
4338 4312 4312 4312 4312 43121 4312 45/
1
4
International
6,000
Cement_ _No par 2
1
4m
2334 2374 2334 24
Apr 24
4
,
0/
1 45/
1
4July 11
31 June 44 1\3i;;
24
2514 254 2534 2514 2558 2.178 26
44,700, Inter Combos Engine__No Dar
*8714 8834 8712 8814 8812 8834 *8712
2738 Jan 12
191
/
4 June 274 Ape
8812 8812 89 1 8734 8734 1.40011nternational Harvester__ _100
78 Jan 3 89 June 26
6634 Oct 9812 Feb
•108 10834 *108 10834 *108 10
*108 109 *108 10834111108 10834
83
4
pref
Do
100 108 Feb 26 109 May 8 106
834 878
814 814 *812 814
Oct 11614 Jan
812 812
812 812
84 814
500 Int Mercantile Marine_
100
1012Nlay 3
3534 3612 3534 36
4/
1
4 Aug 1158 Feb
3512 3612 3512 3614 35
3618 3414 341
/
4 14,500
Do pref
\a
100
an
yr 28
1578 16
9
2 3838May 5
1812 Aug 47
164 1634 1634 1714
Jan
1712 1678 17/
17
167
1
4
8
165
International
8
73,900
Nickel (The) 25 211131611
*8314 8412 *84
1712July 9
1011
/
4 Oct 1614 Feb
841
/
4 8412 841
89
•3612 88
/
4 85
*8612 8712
Do pref
600
4878 4958 4934 51
100 7512May 29 89 July 9
6934 Jan 83 June
5018 5138 49
507
4918
8
497
8
4914
International
5034
21,000
Paper
100 3412 Apr 15 511
*72
/
4July 8
73
2778 Oct 58/
x7112 7112 7178 7178 7112 7112 *7112 72
1
4 Mar
*71
72
Do stamped preferred_100 6212 Mar 25 73/
300
1
4June 12
*7712 78
60
Oct 754 Jan
77/
1
4 78
7712
76
77
7618 7738 7614 76/
1
4 5,700 Internal Telep & Teleg _..100 66 Feb 1 78/
1258 1258 124 1258 1212 78
1
4 July 3
Oct 7112 Apr
64
1212 1214 1212 12
1214
12
Invincible
1218
011 Corp _ _ _ _No par 1134Nlay 12 1678 Jan 2
3,400
718 Nov 1914 Mar
.42
45
*42
44
*4314 44
4334 4334 44
44
*4312 44
200 Iron Products Corp _ _ _ _No par 3912 Apr 2 5234 Jan 10
*19
20
3212 Aug 5814 Mar
1934 1934 *1912 20
*1712 19
•1712 1912 *1712 1912
100 Jewel Tea. Inc
*90
100 16/
1
4 Apr 15 2314 Jan 2
94
153
*90
8 Oct 24 Mar
94
*90
*88
93
93
*91
*90
04
94
Do pref.
112058 2074 *2034 21
100 78 Mar 31 0318June 30
62 June 8812 Dec
21
2118 2112 2112 2112 2112 22
2212 1,100 Jones Bros Tea. Inc
*2578 27
100 1812 Apr 1 2712 Jan 3
2578 27
2033 Dec 6333 Mar
27
27
/
1
4
*26
27
*267
8
27
Jordan
700
Motor Car
No pa
26/
1
4 26/
2134May 20 2758July 8
1
4 25
25
*2418 2612 2418 2458 25 25
*23
25
900 Kayser (J) Co, v t c. .No par 2034 Apr 14 38/
1185
88
1
4 Jan 18
8712 8712 *85
28 July 457 Feb
•86
88
88
*83
8712 87
87
Do 1st pre!
200
No par 82 May 5 10212 Feb 11
134 1358 1314 1358 1312 1378
96 July 104 Max
13
/
1
4
1414
1312
13
1214
127, 6,400 Kelly-Springfield Tire
34
25
3,
e
41un
2
2
0
1
3
n
93
e
35
34
Jan
10
34
204 Oct 6214 Mar
34 .35
37
35
3512 •35
3912 *34
3% preferred
36
400
*80
100
85
83 Jan 10
*78
78 Nov 108 Jan
85
*80
85
80
•78
80
82
1178
Kelsey
82
Wheel,
100
Inc
3912 40
100 76 May 7 101 Jan 10
39/
Oct 11714 Mar
1
75
4 4038 4012 4034 4014 4058 40
4058 40
401
/
4 14,900 Kennecott Copper
No par 3418 Jan 21 41 June 30
134
134
184
J7
173
173
2932 Oct 45 Mar
*134
11
/
4 *134
178
/
4
134 11
600 Keystone Tire & Rubber__ 10
•400 418
4/
1
4 Jan 9
430 430
15
1
Oct 1118 Mar
43014 43014 *415 430 *415 430 *415 430
200 Kresge (S E3) Co
*94
100 287
1N12NjaY
96
n 17
14 434 July 2 177 Mar 300 Dee
.94
96
96
96
1192
97
96
96
*04
96
300 Laclede Gas L (St Louts)_ -100 79 Jan 2 9614 Apr 24
75 July 89/
1
4 June
9
9
912 912 *9
912
912 912
938 9381
9
9t
600 Lee Rubber & Tire_ _ __No par
8 May 13 1718 Jan
111
/
4 Oct 311
/
4 Mar
Liggett& Myers Tobacco._100 20614 Feb 18 245 Feb 11
*11i 121
114-1
/
4 1-1478 *117 121 .
9
May
1903
4
240
118 121 *118 121
Dec
119 119
Do pref
123
100 114/
•56
1
4 July 7 121 June 26 1111
5678 5614 5614 56
/
4 Apr 11818 Jan
5612 56/
1
4 561
/
4
56
55
/
1
4
.56
56
New
2,700
25 50 Mar 26 5718July 2
56
56
55/
1
4 56
5578 5633 56
5614 5512 5614 56
56
B new
5.600
2' 4878:Mar 28 5634J une 30
*6014 6114 6034 6034 *6034 6118 6018 61
6012 61
6012 63
3,300 Lima Lee Wks tern cti_No pa
1558 16
56 June 9 68/
16
1
4 Feb 9
1634 1612 16/
58'4 June 74
1
4 1634 1678 1678 1678 16/
- 7.8 Mar
1
4 1634 7,500 Loew's Incorporated___No pa
1514June 25 18 Jan 10
*6
612
618 618 *618 812
14 June 2114 Feb
618 614
.618
612
6
64
Loft
Incorporated
600
*59
54 Apr 22
No
Pa
6212 *60
834 Jan 11
6312 62/
1
4 6514 621. 6212 61
6 Sept 1134 Jan
62
61
18
63
Loose-Wiles
4,600
Biscuit
39
100
39/
1
4 38/
1
4 3912 3858 3938 3834 3938 3512 3878
65' July8
3614 July 6614 Dec
3512 3614 32,200 Lorillard new
64018NM
25 3
•1812 20
Ify 16
5 4014 July 2
*1812 20
*19
20 .19
20
*1812 19
*19
20
Ludlum Steel
No pa
*112 115 •11212 115 *113 115
18 May 13 2334 Mat 17
113 113 *1133g 115 *113 115
Mackay
Companies
100
100 107 Jan 2 117 Jan 30 103 May 121 Feb
8814 8812 8878 8978 8952 9038 8918 903
8 881
/
4 8912 88/
1
4 903. 27,100 Mack Trucks, Inc
No pa
*9812 100
75/
1
4 Apr 14 90/
*99 10012 100 100
1
4 Jan 7
5818 Jan 9312 Apr
*9912 1004 10012 10012 10058 10073
Do 1st preferred
500
*90
92
100 954 Jan 16 10078July 11
*90
92
*90
92
*90
87 July 994 Mar
92
9014
0014
.90
92
Do 2d preferred
100
*6212 64
100
87
63
Apr
22
92
63
*624 64
June 27
72 June 92 Mar
*62
64
*6112 6334 6312 631*
II)
(II
Macy
ik
200
Co.
Ine_No
28
pa
28
50
28
May
15
28
6812 Jan 2
27/
1
4 28
28
57 July 7112 Jan
28
2734 28
2734
1,400 Magma Copper
*22
No pa
2312 22
2614June 14 3814 Mar 14
22
2078 2112 2112 2112 2118 2134 2112 28
Oct 38/
2714
1
4 Mar
2112 1,100 Mallinson (li R)& Co_No pa
*4312 44
*4314 4334 4318 44/
18 Mar 28 3134 Jan 18
1
4 4414 4478 44
Jan
21 June 40
44
44
4834 (3,705 Manhattan Elec Su pplyNo pa
*3414 3514 35
334 Mar 21 4834 July 11
35
*3414 3514 *3414 3434 *3418 3434
Oct
Mar
66
35
*3414 3434
200 Manhattan Shirt
2814 2812 2812 29
25 3312Nlay 16 44 Jan 10
28
2814 2734 28
Oct 47/
40
1
4 Jan
2714 27/
1
4. 27
274 2,700 Maracaibo 011 Expl_ _ _No pa
3112 3134 3112 32/
25/
1
4 Apr 21
1
4 3118 3134 3012 3134 2973 30/
3712 Jan 28
1
4 Dec
16 Sept 28/
1
4' 30
3014 21,000 Ni arland Oil
*11
No pa
1178 10
29 May 12 42 Feb 5
10 .10
1712 Oct 59/
12
1
4 Apr
*10
12
*10
12
1110
12
100 Marlin-Rockwell
No pa
8 Jan 8 1734 Mar 11
314 Nov 16 Feb
*33
3314 3314 3314 3314 35
344 35
3412 3412 *34
3412 1,600 Nlartin-Parry Corp_ __ _No pa
4178 4212 4134 4134 4284 4414 4314 44
3114Ju
ne
3
37/
1
4 Jan 17
1
4 Apr
20 July 37/
43
43
42
43
4,500 Mat Meson Alkali Works.-- SO 2958Nlay 13 4674June 20
*5012 51
*51
514 5134 53
3114 Oct 6334 Mar
5058 52/
1
4 5014 5134 5014 51
10,300 Maxwell Motor Class A__ _100 38 Apr 14 55/
13/
1
4 1338 •13
1314
1314 1312 1278 13
1
4 Jan 0
Oct 634 Mar
36
1278 1278
1212
1212
Mrucwell
4,600
Motor
Class
91
B.No
104 Apr 30 16 Jan 9
01
Pa
90
90
90
91
1014 Oct 21
9012 91
Apr
90
9034 8912 90
2,800 May Department Stores__ -100 8212 Apr 21 95 Jan 25
*1578 16
*1512 16
*1558 16
67/
1
4 Jan 93 Dec
1578 16
*1512 16
16
16
700 McIntyre Porcupine Mines_
1958 2014 20
15 May 23 1814 Jan 7
2012 2018 20/
15 Sept 2012 May
1
4 20
2014
193
4
20
1953
Mexican
20
Seaboard
11,300
Oil
_ _No par
20
20
20
1418 Jan 3 244 Feb 6
20
5/
1
4 Aug 2354 May
19/
1
4 204 2014 2014 *1914 1934 1014 1914
Voting trust certificates_ _
900
*2014 2012 2012 2012 20/
1278 Jan 3 23 Feb 6
6 Aug 2314 May
1
4 2038 *2038 2012 2038 201
/
4 2038 2058
700 Nliaml Copper
11
/
4 2
5 20 May 19 24 Jan 28
178 2
2012 Oct 3012 Feb
178 2
178 2
2
218
2
218
Middle
18,900
States Oil Corp_ *25
28 .25
312 Nov 1214 Jan
10
158June 27
28
8/
1
4 Jan 2
2534 2534 *25
28
*25
28
*25
28
100 Midvale Steel & Ordnance- 50 2534July 8 344 Feb 7
66
66
6534 6534 6534 66 .6512 66
214 June 33/
1
4 Apr
66
6814 6712 71
26,300 Montana Power
3012 30/
1
4 30
100 6114June 17 71 July 11
3012 29/
June 75 Mar
5412
1
4 3058 29/
1
4 3018 29
295
8
297
8
/
1
4 35.500 Mont Ward & Co III Corp_ 10 2
2114 2114 21
2118 21
la 20 31 July 2
11
8341,
Nf
1814 Slay 2614 Nov
2112 2114 2158 2118 2114 2114 30
2114
Moon
'Motors
3.700
634 7
par
No
*61
/
4 7
2712 Feb 7
6/
1
4 878
1784 Jan 291
7
/
4 Mar
7
6/
1
4 6/
1
4
6/
1
4 678 1,900 Mother Lode Coalition_No par
*11
1412 1111
13
*II
914 Feb 15
1218 *11
74 June 14 Feb
13
*II
*11
13
13
NI ullins Hedy Corp__..No par 1 50261'112
*3012 33
30
30
01243 MT;22 14/
9
1
4 Jan 9
3019 3018 30
1018 Aug 29/
3014 *304 3014 2914 394 1,600 Munsingwear, lilt
1
4
Mar
•105 107 *106 107
No par 295g July 3 3914 Jan 16
107 10934 10814 10924 10934 10934 109 109
3112 Oct 3612 Nov
1.600 Nash Motors CO
5612 7
No par 0612 Apr 29 11434 Feb 9
6/
1
4 7
*614 712 *914 714
754 Jan 11412 Jan
*624
7
614 614 2,600 National Acme
57
5538 5638 5714 6112 5934 60
*56
578May 1 1014 Jan 28
50
7 Nov
1818 Feb
/
1
4 581
4 60
5812 60
9,100 National Biscuit
•123 }25 *123 125 •123 125 *123 125 *123/
25
Jan1at' 28 6112July 8
38
Jan 5272 Nov
125
125 125
0
Do
ref
*53
60
*53
GO
100
125 Juno 26 11812 July 125 Feb
57
57 .56
5812 *55
5812
.
55
National
5812
100
Cloak
&
3212 3212 3212 3234 32
-100 44 June 5 64 Feb 1
3212 3214 34
40 June 6714 Feb
34
3512 3514 3614 14,700 Nat Dairy Prod temSuit__
Mrs_ No par 304 Apr 11 37 Feb 15
- *3812 30
3812 3812 *38
39
3814 3814 38
38
1138
39
Nat
600
Department
Stores
*22
24
Ns
201
/
4 2214 2112 22
par
37 June 9 43 Jan 9
224 2214 2178 2218 22
3434 June 4212 Apr
2214 2,209 Nat Enam'g de Stamping 100 1834May 20 44/
*14112 14314 141 14114 14212 143
1
4
Jan
17
142 145
35
Oct
73 Mar
144 146
144 14412 6,700 National Lead
*112 114 *11112 114 *11112 114 11 11112 114 *11112 114
100 12312 Apr 21 15538 Jan 28 108 July 148 Dec
110 pref
*11112 114
*58
5812 58
58
5712 58
100 11112May 27 115 Feb 28 10712 June 114
574 58
5738 57/
Jan
1
4 574 5712 1,100 National Supply
•13
1
4 *13
1312 *13
13/
1338 13
50 56 June 6 7212 Feb 4
13
5412 Oct 684 Dec
13
13
13
13
1,200 Nevada Consul Copper.... 5 112s Jan 2 1418 Feb 21
4312 4312 4312 4312 4334 4414 74314 43/
018 Oct 18/
1
4 42/
1
4
Mar
1
4 43
42
/
1
4
427
8
Air
2,600
NY
Brake temp ctfa No par 3618 Apr 22 45 June 16
*5014 5058 501s 5018 *5014 50/
1
4 5018 5012 5012 5012 5012
26/
1
4 Jan 42/
1
4 Nov
5012
Class A
SOO
34
Vo par 4714 Jan 7 5078June 14
*31
34
*3214 34
34
33
3318 33
4514 Aug 5112 Feb
3514 3378 3514 5,300 New York
Dock
*4512 52
100 10 Jan 9 3718Nlay 23
*4512 52
*46
5178 *4512 5112 *45
1514
June
27
5012 5178
51
Apr
500
Do pref
27
100 4118 Feb 27 5514May 14
2718 27
/
4 27
271s 27
271
274 2678 274 2634 27
37/
1
4 Aug 5112 Mar
14,800 Nort h A merican CO
4858 40
10 22 Jan 2 2714June 28
4914 4914 49
491
/
4 4918 491s 494 50
1712 Nlay 2414 Apr
4934 5014 4,900
Do pref
50 43/
1
4 Jaa 2 50'4 July 11
4212 July 4812 Feb
Nova Scotia Steel & Coal_ _100
.ATuap
p
iynrr 2
S
i:
7„82
2 JA
132 1412 Jan 18
*7
8
712 712 -7/
•714 734
13/
1
4 Dec 2978 Mar
1
4 - -7/
•1
1
4
500 Nunnally Co (The)__ _ _No par
938 Feb 5
112 *1
14 *1
14 *1
77s Oct 1018 Feb
114 •1
114 •1
114
Ohio Body & Blower__ _No par
2
2
2
434 Jan 14
2
2
2
178
178 •17, 2
11
/
4 Dec 1018 Jan
*112 2
Prod
2,500
Okla
&
Ref
of
•51,
Amer__
*55,
24 Jan 22
5
*514 512
512 512 *514 61
/
1
4 Nov
/
4
61s
34 Feb
613
100 Ontario Sliver Alining
•19
1914 1914 194 1914 1914 *1914 1938 1914 1914 *54 613
100
434 Mar 24
8 Jan 7
3 July
914 Dec
1914 194
1,400 Orpheurn Circuit, Inc
•66
67
1
67
18 Feb 18 2014 Jan 3
6712 66/
66/
1
4 67
1
4 6718 *65
1614 June 211
6718'
/
4 Apr
6712
6718
1,400
Otis
el.
ator..1.
*8
814 *8
50 6358June 24 7358June 4 11412 July 153 Feb
814
8
8
814
8
8
8
8
8
1,000 Otis Steel
*42
4234 *42
714May 23 111
No Par
4258 42/
/
4 Jan 26
1
4 4312 45
1
4 43/
4412 45/
7 June 1434 Mar
1
4 44
4434 14,900 Owens Bottle
8,32
12
.33
3914May
•3
8
29
I2
25
47 Jan 10
*32
.38
1
3658 Jan 5234 Apr
12
*38
12
Pacific Development
93
93
38 Jan 2
9234 93
93
114 Jan 11
9314 92/
1
4 93
93
/
1
4 Nov
05
214 Mar
94
941 4 5,000 Pacific Gas& Flo. • •
100 9018 Jan 4 9578 Jan 28
• Bid and asked prices: no sales this day. x Ex-dividend.
73 July 94/
1
4 Dee
k Par value changed from $100
.,nd prices on that basis beginning June 3. a Ex-rights,
New York Stock Record-Concluded-Page 4
184
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Monday,
Saturday,
July 5. IJuly 7.
Tuesday,
July 8.
Wednesday. Thursday,
July 10.
July 9.
FridaY,
July 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share bag
Lomat
Highest
PER SHARE
Range for Previous
Year 1928.
LOWS&
Highest
pa share I per share $ per ehare $ Per Oar:
per share $ per share $ per share $ per share 8,1007' share Shares. Indus.& Miceli.(Con.) Par
per share
7 July 1234 Mar
7 Apr 7 1034 Jan 9
e61
✓E0
100 Pacific Mall Steatnaldp---- 5
•812 912
95,
10
8% 84 •13
9
*812 10
8114 Sept 5214 Dec
Apr 22 5814 Feb 5
45
Oil
Pacific
4814 48% 47% 4812 4678 4712 17,300
4884 4938 4812 49
49 49
978May 1 1278 Jan 7
10
97s Oct 1512 Mar
5,000 Packard Motor Car
1112 1112 1112 1112 1112 115g 1112 114 1112 1158 1112 12
ems June 99 Feb
100 8913 Apr 24 9912July 10
Preferred
9912 9912 9912 1.500
98 963 9612 9714 97
98
96 *94
*90
Sept 934 Feb
51% 5158 5114 5134 6,300 Pan-Amer Petr dv Trans__ _ 50 4414 Feb 14 6114 Jan 2 53
52 524 5214 5212 5134 5258 5158 52
bprs Oct 88 Feb
50 4114 Feb 14 594 Jan 2
B
Class
Do
14,000
4958
4958
5014
49%
5014
5014
507
*5012
50
50%
8
5014 5034
84 Apr
Oct
114
23
Jan
44
par
19
_No
sMay
Ref
de
15
Prod
Panhandle
3
3
*2
3
*2
*2
3
*2
*24 3
024 3
9 May 1512 Mar
No par 1318 Jan 2 18 Mar 12
Parish de Bingham
161 •16 • 1612_
•16
112 Oct
8 Apr
17
Jan
414
29
15sMay
par
°No
t
v
St'l
Penn-Seaboard
20.000
214
4
11
2
2
1;
2
-218
218
--218
21
214 *2
2
9234 Apr 29 9912July 10 88 Apr 9812 Dee
*9534 964 9614 9614 *9612 98 *9812 9712 97 9912 9812 994 5.700 People's G L & C(Chic)-100
41 July 5014 Mal
5238 50,600 Philadelphia Co (Pittsb)-- 50 4278May 1 52114July 10
4838 4958 4934 51% 5034 52% 51
484 48% 4814 483
5058June 26
46 46% 45% 4613 45% 4712 54,900 Phila & Read C & I w 1-No par 344 Mar 28
47 485
4812 49
4834 491
100 Phillips-Jones Corp_ _..No par 44 May 14 60 Feb 5 55 Aug 16- IP;
45
45 53
.
45
*45
52 *45 ___ _ *45
•49
1112 July 241s Dee
11 July 10 2354 Jan 81
-10
Ltd..Co
&
Morris
Phillip
12,300
12
11
5;
3
1
1334
13
8
11
5
-1413
16
8
*145
•14% 153
Apr 5
1934 Sept 693s Apr
33% 3412 33% 34% 26,700 Phillips Petroleum_ No par 3234June 7 4212
3514 3614 348 3512 3412 35
35% 351
614 July 1514 Jan
618May 13 1218 Jan 17
9% 101s 5,700 Pierce-Arrow Mot Car_No par
10
1038 10
10% 10% 10
10% 10% 10% 103
1312 July 35% Jan
,Jan 17
100 1818May 15 305
Do pre:
5,000
2878 28% 29
28
30
29
2814 2838 2838 30
*264 29
412
112 July
8 Feb
22
Jan
14
3
Apr
25
134 134 1,700 Pierce Oil Corporation
1% 1%
1% 1%
134 2
2
134 1%
2
16 Oct 45 Jan
100 20 Mar 4 36 Jan 21
Do pref
28 2814 28
284 2818 2812 2.000
2912 2914 2914 2934 288 29
58 Jan 8778 Mar
100 57 Apr 22 83% Mar 12
5712 5712 1,500 Pittsburgh Coal of Pa
*5712 58
•58 5812 58 5812 58 5812 59 59
96 Oct 100 Apr
100 98 Jan 14 100 Apr 4
Do pref
100
*9812 991 *9812 9912 119812 9912 9912 9912 •97% 9912 *9712 9912
10 July 1112 Sept
978 Jan 22 1412July 10
22,900 Pittsburgh Utilities pref _ _ _100
1318 13% 1312 13 13% 13% 1414 1312 1412 1334 14
*13
47 July 134 Feb
8
Jan
584
22
Apr
484
par
Inc__No
Co
Cereal
Postum
4,300
53
5338 533 *5212 53
53 5414 5314 53% 53 5334 *5234
June 11414 Jan
10812
10
11433July
7
Feb
110
100
Do 8% preferred
600
11438 114% •114 115
*111 113 *Ill 113 113 113 113% 114
4212 Oct 8112 Jan
100 4512Juns 7 62 Jan 28
1,500 Pressed Steel Car
49% 50
50
49
•501 51
5034 5034 5014 51
51
51
Oct 99% Jan
80
5
6
Feb
8012June
90
100
pref
Do
100
84
81
84
*81% 84 .
83 83 .81
*82 84 *83 84
17 Nov 584 Mar
Apr 22 431s Jan 22
2514 25% 7,800 Producers& Refiners Corp_ 50 2214 Mar
2618 2714 264 2652 2534 28
264 27
27 27
4112 Dec 5112 Apr
10
July
551s
25
39
par
No
new
PubServCorpofNJ
47,590
5434
5438
5238 527
5234 534 5312 5438 544 54% 5414 554
100 11313 Apr 10 128 Jan 28 11012 July 134 Mar
12212 12312 124 12412 124% 12412 3,100 Pullman Company
•12312 124 123% 1238 124 124
417s July 8914 Apr
6758 Mar 24
sugar
50 4714June
51
5138 51
5034 51
5014 6034 4914 5012 4834 4934 6,500 Punta Alegre
51
1814 Sept 32 Feb
25 20 June 6 26% Feb 8
011
Pure
(The)
2054 207
2053 2054 20% 2052 2032 2034 20% 20% 2012 2012 5,500
8212
Aug 100 Mar
13
Mar
9812
10
Jan
92
Do 8% Preferred
95
95 *93
100
*93 95 *93 95 *93 95 *93 95 *93
9912 Oct 123 Mar
122 July 1
3
Jan
106
100
Spring
Steel
Railway
2,100
11934
12112
11834 119%
*11712 119 11712 118% 118 11812 1164 118
341s Feb
July
2914
15
Feb
334
17
Jan
par
30
No
Ltd
Mines
Rang
33 *32
33
•32 33 *32 33 *3212 33 *32 33 *32
9% Sept 1714 Mar
9 Mar 27 1214 Feb 18
4,100 Ray Consolidated Copper_ 10
1034 11
*1034 11
1078 11
11
11
1078 11
1038 11
24 June 4812 Mar
49%
4
5
Jan
Feb
3214
Typewriter__100
Remington
200
41% 41% .40 42
*40 42 *3812 42 •40 4112 *40 42
100 9014July 11 9434 Feb 5 89 Dec 104 Feb
1st preferred
100
93
904 9014
90 93 *90 93 *90
*90 93 *90 93 .
80 Jan 99 Nov
100 9012Ma7 13 102 Feb 1
2d preferred
97 *94
97
97 *94
97 *94 97 *94
*94 97 *94
8 Oct 31% Feb
74.inne 11 1558 Jan 28
par
NO
Steel
1112 11
1152 9,000 Replogle
1112 1012 1012 11
11
1112 12
12
12
4018 June 8634 Mar
11
Feb
81%
100 42 June 7
*4612 4714 464 4612 474 484 464 47% 4612 4634 464 4718 5,200 Republic Iron & Steel
6 8434 Oct 9672 Mar
16
June
Mar
95
82
100
pref
Do
100
86114 *88
8634
*84 86 • 86 86 *8512 87 *86 8634 •86
14 June 297s Apr
978May 13 2234 Jan 7
No Par
1312 1312 1312 :1258 1312 1218 1218 1,600 Reynolds Spring
1134 1214 13
*1112 12
47 Jan 75 Dee
747s Jan 2
7134 7114 7114 16.800 Reynolds(R J) Tots Class B 25 611sMar 31
7112 72% 71
, 7118 72
•7012 70% 7014 717
100 11514 Mar 26 121 June 17 114 July 118 Feb
Do 7'7' preferred
100
12014 12014 •11958 12012 •11934 12012 *120 12014 •120 12014 •120 12014
401s Aug 551s Feb
19 591s Feb 8
49% 4934 4934 49% 2,300 Royal Dutch Co(NY shares)- 4618June
4912 4934 •4912 50
49% 4918 4934 50
17 June 231s Dee
10 22 Jan 7 2712 Feb 21
Lead
Joseph
St
2,100
27
2612
271
26%
27
27
5 Feb
*2512 264 2614 2614 2614 26%
114 Oct
Jan 24
Vs
6
par
Mar
114
-No
Sugar
Cecelia
Santa
700
*134 2
1% 134 *1114 2
•154 2
*184 2
*134 2
1812 Jan 3512 Dee
28
6034June
2
Jan
3252
7,600 Savage Arms Corporation. 100
58 59% 5634 58% 5712 577
5934 58 59
*5712 5812 57
88 May 11634 Dee
Apr 16 126%July 8
91334
par
_No
Stores.
Retail
Schulte
15,400
1263
125%
12212
126%
12518 125% 12414 125% 12534 12634 12512 126%
65% June 921s Feb
100 7834May 15 974 Feb 1
6,500 Sears. Roebuck & Co
9514 951
94% 9514 94% 9514 9434 95% 95 9512 95% 965
100 11212Mar 26 115 June 26 10612 June 115 Nov
Do prat
116
*11212 116 •1124 116 •11212 116 *113 11872 •113 118 *113
474 Oct 1212 Mar
11
Jan
614
2
127:lay
par
No
Copper
Seneca
ea14
1,009
*34
72
%
%
78
78
*34
%
5 Oct 1078 Mar
4 April
6% Jan 10
400 Shattuck Arizona Copper-- 10
434 434
434 43
61
5
5
5
5
1238 Jan 194 May
*514 534 es
par 1618July 10 2018 Feb 6
No
011
Union
Shell
15,100
1658
162
1618
1612
167
17
1614
174
1718 1678 17
•17
100 9112 Jan 4 98118May 6 8912 Nov 95 May
Preferred
941 *94
95
95 *94 95 *94
*94 95 *94 95 *94
84 July 16 Feb
10 103s Jan 4 14% Mar 24
1212 123 --5;600 Simms Petroleum
1318 1338 1212 1318 1212 123
131
1314 1314 13
2234 Dec 343s Mar
par 22 Apr 14 25% Feb 5
No
Co
Simmons
1,500
24
2334 24
2312
24 24
24
24
2334 2334 2312 241
16
Sept 3932 Mar
2
Jan
274
11
1714July
1714 177 46,600 Sinclair Cons 011 Corp-NO Par
18
1812 1712 1818 1712 18
1814 1812 1814 181
8014 Aug 994 Feb
100 77 May 8 90 Jan 21
Preferred
1,000
, 8712 871 *87
871
87 871 •83 871 *87 878
87
87
Jan 35 Mar
918
4
Feb
29
7
1734June
25
Skelly
Co
011
4.800
1818 1858 1814 181
19
1938 1858 19
*1914 1912 1912 191
3914 July 83 Dee
600 Sloss-Sheffield Steel & Iron 100 52 May 20 8734 Feb 7
5914 591
5934 801 *60 6012 *5914 60
*57 5934 *57 60
3814 Aug 70 Dee
8
8Mar
957
9
6412June
Sugar--_100
Rico
Porto
South
72
72
85
•67
72 .
72 *67
72 *87
73 *67
*69
1114 June 2714 Feb
No par
738June 20 18 Jan 12
309 Spicer Mfg Co
9
93
9
95
*9
*9
014 958
10
954 *9
*9
88 Oct 9772 Feb
100 80 Apr 12 90 Jan 2
Do pref
79
79 *75
79
79 *75
7858 *75
80
Dec 9012 Jan
6212
6014
Feb
20
7
3912May
100
Milling
Standard
50
*41
50
•3834 40 *3834 50 *3834 50 *3834 50 *40
474 July 1231s Jan
8,600 Standard Oil of California_ 25 554 Apr 21 6812 Jan 28
5734 5858 5718 5778 56% 57
5814 5838 5714 5812 5778 581
July
4414 Mar
30%
26
25 33 May 14 4214 Jan
3412 34% 34 34% 3418 34% 3412 34% 3418 3452 3414 341 11,400 Standard 011 of New Jersey
Do pref non-voting._ _ -100 11534 Mar 1 119 May 2 11414 Aug 11814 July
1,800
11778 118 117% 11778 1174 118
•117 118 11778 11778 11778 118
8718
June
Mar
61
2
Jan
23
Apr
5512
8378
par
No
2.400 Sterling Products
61
61
6012 801 260 60
584 60
.5812 60
74 July 12412 Apr
12
6518 634 6434 24,200 Stewart-Warn Sp Corp-NO par 54 May 20 10071 Jan 11
64
84% 661
6514 6512 6412 135% 65% 67
July
Mar
9414
5912
par
14
Jan
5412May
8478
Carburetor_No
"Bromberg
6412 64% *6412 664 1.700
644 6412 8512 653 65 653
*65 66
Studebaker Corp (The)---100 8011 Apr 30 10814 Jan 8 9314 Oct 1264 Mar
9
_July
20
par
3012May
8
387
No
1
w
New
-"ail; life
368* 3614 38
-587-8 3614 -16
7 Jan "ii Apr
7 Mar 29 1218 Jan 2
No par
912 91
5,300 Submarine Boat
918
9
8% 9%
938
918
9
9
9l94 914
614 Feb
2 Sept
23s Jan 2
734July 10
No par
71s 712 01,200 Superior"011
612 7
878 714
678 71
734
678 7%
7
Oct 34 Mar
2312
6
9
sJune
Jan
263
347s
100
Steel
Superior
2878 .2
28% *24
*24
287 .24 _
7 ___
214
29% *24
•24
4 Oct
1 June
8 Jan 2
2 Mar 15
10
300 Sweets Coot America
2
218
2
2
2
24 21*
2% *2
*2
8 June 1214 Feb
834 Mar 31
934 Jan 5
No par
714 714 3,000 Tenn Copp & C
714 7% *714 712
74 714
714 7%
718 718
343e Nov 527s Mar
15,200 Texas Company (The)____ 25 3734June 7 453s Jan 30
3918 3913 3914 3934 3918 39% 38% 3914 3834 3918 385* 39
July 85 Jan
10
7034July
5314
21
Apr
5714
10
Sulphur
Gulf
Texas
69
89%
89
0
653
8
5
70
85
16,70
4
681
7034
6534
684
*654 8534
512 Nov 2414 Feb
814June 7 1514 Feb 1
600 Texas Pacific Coal de 011-- 10
2114 834
*8% 9
912
878 9
812 812
912 *9
*9
100 119 June 7 151 Feb 7 94 July 144 Mar
300 Tidewater 011
12312 12312 12258 122% •120 124 *120 123 121 121
•121 124
3318 Jan 45 Mar
3518 2.300 Timken Roller Bearing_No par 31l2May 19 41 Jan 7
34% 34% 35
35
35
3412 344 3412 3434 3478 351
4834 Aug 7834 Dee
6012 6214 8038 6114 28,700 Tobacco Products Corp---100 53 Apr 11 7014 Feb 5
5934 601
6014 62
59% 6014 5914 60
7812 July 9278 Dee
8314 Mar 25 9174 Feb 11
100
Do
A
Class
6,800
9034
9014
90
901
90
90
903
4
9018
90
9018
90 9038
100 113 Feb 19 1197sJune 30 10414 Feb 11512 Oct
Preferred
114 Oct 1411 Jan
814 Jan 21
334 Apr 15
43g 45
8 18.900 Transcontinental OIL __No par
--4% 47 --413 47
-4-54% 5
300 Underwood Typewriter.-- 25 3634June 9 43 Jan 9 357, Aug 42 Dec
38 .3712 38
38
*3712 38
38 *3712 38
•3758 3814 38
50 Oct 7712 Mar
100 Union Bag & Paper Corp 100 4612May 23 641a Feb 9
*491± 51
49
*4612 50
50 50 *4612 5012 *4634 49 *48
14 Jan
18 Jan
le Apr 9
Feb 1
No par
14
els
14
14
*4
*18
*18
•12
14
14 ...... Union Oil
14
*18
81 Feb 9934 Mar
July 11
110
Jan
94
100
7
Car
Tank
Union
1,600
103
10178
101
10714
110
10714
105
100
*97 100 *99 100
112
Sept
Jan
106
8
July
113
18
Feb
10614
100
pref
Do
100
•111 113 *111 113 113 113 •112 115 *1124 115 *112 115
29 July 3912 Mar
No par 2118June 19 37 Feb 11
600 United Alloy Steel
*2218 2212 224 224 2218 2218 •224 2212 *2218 2214 2218 2214
Oct 8534 Feb
4
Feb
7414
88
29
May
71
100
Drug
United
1,000
8013
8012
81
8014 8114 80
8112 8112 82 82
80 80
4614 Feb 49 July
50 4612May 3 49 July 1
Do 1st preferred
300
49 *49 4914 49 49 *4814 4914 *4812 494
49
*4812 49
100 182 Jan 4 20514 July 10 1524 Jan 18712 Dee
1,900 United Fruit
200 20514 *200 205
1974 19714 198 201
•195 198 •194 196
7
20 July 6912 Dee
4July
985
27
Feb
84
Fdy-100
&
Pipe
Iron
Cast
S
U
967
9412 9614 27,300
9814 9512 9712 95%
9614 9612 96 9834 97
64 June 87 Nov
100 81% Jan 15 94% Apr 29
Do pref
200
9312 *9112 9312
93 93 *91
94
*90
9314 9314 *93 95
1334 Oct 25 Jan
5
204Mar
28
Mar
par
181e
Corp.No
Mach
Hoff'n
US
300
1834
1814
1814 *18
1834 18% 18%
1854 *18
4118
1834 *18
40 June 7314 Mar
8338 Jan 31
8 Industrial Alcohol.--100 6118May 2
7313 7114 7212 35,500 U Do
6912 694 69 6912 6912 7258 7138 73% 71
10314 Feb 7 9514 June 101 Mar
98 Jan
100
pref
100
•101
103
103
102
•101
102
103
•101 103 *101 103 *101
100 90 June 9 1074 Feb 13 8818 July 108 Mar
95 95
9414 95% 2,200 US Realty & Improv't
95 95
944 95
95
95 *94
*94
109 Feb 13 974 Aug 108% Mar
100 June
Preferred
200
1017 10178
102 102 •102 103 *102 103
•10114 103 •10114 103
42% Jan 12
30% Oct 647s Mar
100 2212May 2
Rubber
States
United
28
29
2838
2712 2734 8.900
2818 284 2858 2878 28% 29% 2814
9434 Jan 10
7634 Oct 105 Jan
66121May
2
100
preferred
1st
Do
8014 798 8014 3,600
7912 7912 7934 7914 7978 80
79
79% 80
1838 Oct 433s Mar
& Min- 50 1812 Mar 28 23% Feb 15
Ref
Smelting.
US
2218
1,100
2218
2234
224
22
2212
22
112
*2112 2214 *2112 224 *2
4438 Mar 8
37%
2
Mar
38%
Dec 481s Jan
50
pref
Do
250
40 404 4018 4012
40 .
•40 42 •3918 42 *3918 4118 40
109 Feb 7
8512 July 1093s Mar
States Steel Corp 100 9414June
100 10012 9934 10012 10038 10114 100 1014 9934 10112 99% 10014 102,800 United
122%July 11 11618 Aug 1231s Jan
118% Feb
100
pref
Do
12218
2,100
12214
12214
1223* 1225*
122 12218 122% 12214 1224
122 122
in 84 Jan 18 72 July 1
554 Oct 764 Mar
1,600 Utah Copper
70'4 701. 704 7012 7012 7012 7052 70% 7078 708 703, 707
3112June 4
14 Oct 241s Feb
100 161s Jan
Utah Securities
*2812 28% 2834 2912 284 2912 2858 29% 29% 313* 2934 3078 28,400
11
Feb
2414 July 44% Mar
par, 1012June 9 3312
No
Corp
Vanadium
22
•
800
2212
•22
2212
2212 2212 2212 2234 2212 2212 *18
22
*20
814 June 27 Feb
%June 10 1038 Jan 11
1%
1% 132 2,400 Virginia-Carolina Chem....100
112 112 .138 112
112 1%
1% 1%
17 June 89 Mar
212June 9 3434 Jan 2
100
Do pref
4
5,000
4%
4
4
518
4
43
6%
412
5% 614
5% 6
12 Oct 23 Mar
July 1 1512 Jan 10
par
5
No
(V)
Vivaudou
1.700
54
5
512
5
1413 June 20 May
*512 5% *512 534 *512 534 *512 534
No par 14 Apr 29 1818 Jan 26
800 Waldorf System
16
*1538 154 1514 1512 *1514 1512 *1514 1512 1512 1512 16
1912Mar 15
1214 Jan 1634 Dee
3.800 Weber & Hellbroner_ __No par 1454 Jan 31 43 June 27 33 Dec
1634 15% 16
1612 1634 16
1634 17
17
105 Mar
15% 15% 16
19
Jan
3514
SO
Express
Fargo
Wells
900
42% *41
4214
4238 4214 4214 41
July 11912 Feb
1011s
80
*41
4212 4238 4212 *41
Jan
113
1
May
105
109 10914 10912 11012 1,300 Western Union Telegraph_100
78 July 120 Feb
Jan 28
10812 109 •108 110 *108 110 *10878 110
96%
2
Jan
84
_50
Brake
Air
Westinghouse
1,300
9314
9514 *94
95
93 93 •
93 *90 93
524 June 671s Feb
*90 93 *9(1
Westinghouse Elea & Mfg 50 554May 15 65 Jan 22
20 Oct 303e Mar
6138 6138 81% 6214 62 6238 624 6212 62 6238 8134 6238 13,400
No par 2318May 12 29% Feb 6
2338 2334 2318 2312 1.700 White Eagle 011
11
45 June 807s Mar
Feb
e
593
244 2412 *2414 24% 2412 2458 24 2414 .
11
Apr
5012
50
Motor
White
5414 5514 2,400
55
5512 55 5512 54
2 Dec 14 Feb
55
11
Jan
55 55 *5412 55
5
19
78May
114
114
14 112 5,100 Wickwire Spencer Steel- 5
114 138
114 133
5 June 1114 Dee
114 1%
114 112
878MaY 17 1414 Jan 18
77
818 838
818 12,700 Willye-Overland (The)---- 25 6112May
814 812
424
Jan 83 Deo
888 812
15
Jan
838 84
88
8% 812
16
100
Do pref
8,000
70
66% 68
19 June 4214 Mar
6858 68% 6814 69% 69 6934 68% 694 6758
41sMay 16 28 Jan 9
No par
73, 10
8,600 Wilson dc Co Inc
714
7
678 914
818 9
918 1038
10%
10
100 280 Jan 4 345 Mar 24 1994 Jan 290 Dee
Woolworth Co(F W)
25 7212 Apr 10 12012June 30
New wi
i"5-ise45 Worthington
s Oct 40's Feb
11414 11484 iiiia 11512 115 117'4 111 1143,
P Jz M
100 2314June 9 3184 Jan 9 "fill
700
2718 *MI 27 •261, 27
27
2614 27
814 Jan 1314 NOT
26
25
27
*25
958May 15 1312 Jan 8
par
1034 1034 1,400 Wright Aeronatulcal_No
3734 Dec 4014 Dee
10% 1072 1034 1034 1034 1034 1054 107
•1078 11
par 35 Apr 22 40 Jan 12
No
(Wm
Wrigley
Jr)
2,100
3838
3812
3812
3858
3812
3812
3858 38% 3812 3812 3838 3812
27
11.900 Yellow Cab Mfg tern ctfs__ _10 4434.1uno 10 85% Mar
54
55
5714 5512 5714 5414 555
564 56
55 5534 56
Youngstown Sheet & T _ No par 62 May 5 7014 Jan 7 62 Oct 80 Jan
87 *64 87 •64 87 '64 67 *64 65
67 .64
.64
Bid and asked price; no aalee on this day z Ex-dividend.
185
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now and interest"-except for income and defaulted bonds.
BONDS.
N.Y.STOCK EXCHANGE
Week ending July 11.
Price
Friday
July 1).
Week's
Range or
Last Sale
IN
44
Range
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending July 11.
t
Price
Friday
July 11.
Week's
Range or
Last Sale
4
g
cra
Rang.
Since
Jan. 1
Low
HUI
High
Bid
Act Low
High No, Low
Ask Low
High
Rid
U. S. Government.
57
6434
1nn Arbor let g 48
6438
11995 QJ 59
6438 6438
Filet Liberty Loan81
70
51933 MS
8014
J D 1011332 Sale 101102210131
8012 11
/
42 1928 983032 1012332 All & Birm 30-yr let g 4s
3j% of 1932-1947
83
5
5
8912
MN
Knoxv
&
All
CM
Div
48_
'n1021
1
_
_
_1955
98
%
1
4 July'24
.1 D 1010032 __- 10210221021032
-89
- 113-4 88/
Cony 4% of 1932-1947
9914 9912
9912 Mar'24
.1 D 1013132 Sale 1013022 102032 327 9873111020u All Knoxv & Nor let g Sc. _.1946 J O 10018
Cony 41
/
4% of 1932-1947
911
/
4 94
94 June'24
Atl & Chad AL 1st A 4 Hs_ _1944.1' 9434
1 98,h2102
2d cony 4/
1
4% of 1932-1947 J D 1003032 102 10130321013032
96 10012
1st 3(1-year Sc Series B__ _ _1944 J J 10038 _ _ 10012 July'24
Second Liberty Loan8612 924
M N 101732 Sale 101722 1021332
9112 41
7 980311021332 Atl Coast Llne 1st con 45._51952 MS 914 Sale 914
4% of 19274942
1
4 10855
10-year secured 78
1930 MN 10712 Sale 10714
MN 1011132 Sale 101022 1011022 2855 980221015032
10778 24 106/
Cony 4l% of 19274942
864 9212
General unified 434e
1964 3D 9113 9313 91
9134 23
Third Liberty Loan811
/
4 86
57
MS
roll
gold
4s
LA
N
81952
8512
86
Sale
2334
990251021,tt
86
M
S
102332
Sale
102
1021332
of
1928
6/
1
4%
734 804
3
All & Deny lot g 48
7934 79/
1948 3' 79
1
4
8014
Fourth Liberty Loan65
68/
1
4
5
2d 48
1948 33 67
66
68
1
421023032
66
A 0 102322 Sale 101211221021032 5728 98/
4)4% of 1933-1938
68
8018
1949 AO 73/
1
4 7438 74 July'24
105 436 9903210510n All & Yad 1st g guar 48
0
.3 1042222 Sale 1041022
Treasury 4303 1947-1952
9612 96,
2
1941 .1.1 97/
10312 10312 A & N W lst gu g 53
1
4 9814 9612 June'24
d1930 t.)
10312 Mar'24
25 consol registered
102/
1
4 1023s
d1930 Q
102/
1
4 Mar'24
28 Conseil coupon
9614 99/
1
4
9912 235
Bait & Ohio prior 3345
1925 J J 9913 Sale 0932
1925 Q F
104 May'23
is registered
98
96
Registered
98 June'24 ---111925 Q
1925 Q F
103 July'23
dl coupon
81/
1
4 8735
1st 50-year gold 48
111948 A0 8634 Sale 86/
1
4
8714 144
100 Aug'23
Panama Canal 10-30-yr 2s_k1936 Q F
851.4
80
Registered
111948 Q
85 June'24
1961 QM
9413 Apr'23
Panama Canal 35 gold
8214 9012
1933 MS 894 Sale 894
8978 125
10-year cony 4He
State and City Securities.
33
88
Refund & gen 55 Series A-1995 J O 85 Sale 8478
9878 100/
8512 109
1
4
1
413 Corp stock_1960 M S 10078 10118 10078 June'24
N Y City-4/
1
4
10212 79 10018 103/
1929 J J 10213 Sale 102
10-year 68
1964 M
9958 10212
1021
/
4
_ 10212 June'24
4/
1
45 Corporate stock
9514 9913
1
4
9912 66
P Jct & M Div 1st g 3345-1925 MN 9938 9912 99/
9934 102
1966 A 0 10218 10212 102 June'24
__
4/
1
413 Corporate stock
85
79
1
4 Sale 83/
8334 171
PLE&N Va Sys ref 48_1941 MN 83/
1
4
1
4
_ _ 10413 105/
1971 J 13 1061
1
4 May'24
/
4 10718 105/
&Hs Corporate stock
9612 99/
1
4
9912 114
9912 Sale 9032
Southw Div 1st gold 334e-1925
4 10234 10612
106/
1
4 Sale 1061
/
4 10638
4345 Corporatestock-July 1967.1
664 70
102/
1
4 1061
/
4
6812 34
Tol& CM Div 1st ref 45 A_1959• J 6814 Sale 68
1965 J 13 10638 10612 June'24
4341 Corporate stock
58
60
58 Mar'24 -- -/
4 62
1963 M
3 103 10678 Battle Cr dr Stun lst gu 313._1989 J O 561
1
4 10678
106/
1
4 106/
6345 Corporate stock
1
4 106/
9012 9312
93 July'24 ---1936 3, 9138
9458 98/
1
4 Beech Creek 1st gu g 48
1959 M N 9858
9878 10
_ 9878
4% Corporatestock
86 Feb'24
Registered
1936 J J
1
4 9834
1958 M N 98/
94/
9834 June'24
1
4
a% Corporate stock
104 May'24 - 2d guar gold 55
1936 J J
1957 M N
96/
1
4
9618 97
97 June'24
4% Corporatestock
77/
1
4 May'24 - - -- -77I•4 7714
9138 9814 Beech Cr Eat let g 3He__ _81951 A0 7512 _
9814 June'24 _ _ _ _
6% Corporate stock reg._1956 M N
801
/
4 83/
1
4
1944 3D 83/
1957 M N
2 10318 10618 Big Sandy let 412
1
4 8434 834 June'24 -- -106
Sale 106
634% Corporatestock
69
61
1
4 Sale 68
6878 34
434% Corporate stock---1957 M N 106 10614 10512 June'24 _ _ 10278 10512 B & N Y Air Line 1st 48.-1055 P A 68/
8812
85
90
'.1
/
1
4
/
1
4
9018
2
90
/
1
4
/
1
4
92
48
89
1st
gu
gold
_
_
-1938
106
Bruns
&
W
_
_
stock-1934
MN
July'24
Corporate
8938
334%
3 100 10112
/
4 10112
1961
Buffalo R & P gen gold 5e.. _1937 MS 10113 102 1011
__
10212 June'23
New York State-48
87
90
88
65
818 Sale 8712
Consol 4345
1957 MN
10212 July'24 _ _ _ _
Canal Improvement 4a_ _ -1961
9534 10112
51
100
1934 AO 99114 Sale 9934
Burl C R & Nor 1st 66
11214 July'23 _ _ _ _
Highway Improv't 434s 1963
/
46_1965
_
10412 Apr'23
Highway IMprov't 41
/
4
AO
97
/
1
4 1011
26
100
10014
3
4
10012
Canada
Sou
cons
gu
A
56.-1962
10114
1991
Oct'23
J
ii
644
____ 714
lifirenta 2-3e
/
4
1
4 11414 57 111 1141
Canadian North deb 8 f 78 1940 3D 114 Sale 113/
Foreign Government.
11418 48 11034 11418
1927 F A 102/
1946 J J 114 Sale 11334
1
4 10234
25-years f deb 63413
1
4 Sale 102/
1
4 10234 66 100/
Argentine(Govt)75
784 8234
1
4
1945 M
1
4 Sale 80/
8034 106
78
84 Canadian Pac Sty deb 48 stock_ _ • j 80/
7
8212 Sale 8214
8212
Argentine Treasury 56
1
4 Carb & Shaw 1st gold O.__ -1932 MS 8934 --- 911
90
9134
/
4 Feb'24
8934 94/
953
7 M 13 93 Bale 9234
816
94
Temporary 01 g 658er A_ _ 184
7078 78
85/
1
4 9312 Caro Cent 1st con g 48
1949'.1 7714 7813 7713 June'24
J D 9178 Sale 917
9212 131
Austrian(Govt)78W 1
9258 9934
9812 30
97 10612 Caro Clinch &01st 3-yr 5s_ _1938 J D 9814 9812 9814
96
Belgium 23-yr ext s 7345 6-1945 J D 10578 Sale 10512 106
96 10473
9554 1007s
10212 45
Jan 1925 -1 J 10034 Sale 1001
1952 3D 10134 Sale 10134
Os
1
4 171
/
4 100/
5-year 8% notes
81
527s
1
4 Cart & Ad lst gu g 401
1
4 8412 8278 June'24
1941 F A 105 Sale 10412 105
1981 J O 82/
97 105/
43
20-year s f 8a
67
7514
7512 7514 July'24
1945
5 108 19913 Cent Branch U P 1st g 46.-1948 in 75
N 109 Sale 109
109
Bergen (Norway)s f 8s
504
66
30
3,
63
/
1
4
643
64
/
1
4
1945
8
11114
6312
108
New
Eng
let
gu
4s_
_1961
188
Cent
N
110
of)
s
Sale
10914
1103
4
(City
35
Berne
96
96
96 May'24
93 Central Ohio 434s 1930
1930 MS 9334
85
9214 188
Bolivia (Republic of) 8a----1947 M N 9113 Sale 9034
/
4
99 1011
10112 July'24
7113 86 Central of Ga let gold 58._01945 FA 10038
8534 67
Bordeaux (City of) 15-Yr 611-1934 M N 8512 Sale 85
954 10014
5
9934
1941 • D 9612 Sale 951
9278 9913
1945 MN 9914 -9934 9912
Consol gold 58
9912 543
Brasil. US external 88
10318 39 100 10314
771
/
4 88
1952 .1 D 83 Sale 8212
June 1929 in 103 Sale 103
10-year secur 6s
322
7e (Central Ay)
7818 82
94 101
Chatt Div pur money g 413-1951 J D 8312 8334 82 June'24
40
98
7345(Coffee Security)-- -.1952 A 0 9734 Sale 9614
9534 9751
3
97/
1
4
9958 10126
97/
1
4
97/
1
4 100
Mac & Nor Div 1st g be_ _1946 .1
/
4 Sale 101
1011
/
4 69
Canada(Dominion of) 61313._1926 A 0 1011
9912 102
94 July'23
1931 A 0 101 Sale 101
1947• J 9318
MIS Ga & All Div 58
10158 68
56
1
96
9834
1929 F A 10314 Sale 10212
1
4 10312
98/
1
4
1846 J J 9814 993 9834
Mobile Division 55
10312 82 100/
10-year 6345
9522
6
9178 96
9914 102/
1952 M N 10238 Sale 102/
1
4 Cent RR dc B of Ga coil g 36_1937 MN 9514 9534 9512
1
4 1027 364
61
7 10834 107
'
3 10678 108 10634 10634
1
4 Central of NJ gen gold 55,-1987
10558 43 102 107/
Chile (Republic) ext s f 88_ _1941 F A 105 Sale 105
10258 10578
10538 ____ 10534 July'24
111987 Q
Registered
External 5-year a I 813-- _1926 A 0 10314 Sale 10314
10312 16 10238 104
89
236
85
1942 M N 9814 Sale 9714
89
94 100 Cent Par let ref gu g 48
1
4 Sale 88
1949 FA 88/
9812 79
7e
9412
91
•
D
1946
192
107
9412
M
Sale
9414
33412
111929
N
9412
Mtge
guar
gold
51
8a
10534
106
22
-year
Bale
105
25
8172 8634
3914 47
;
8514
1; 8412 July'24
Through St L 1st gu 48_ _ _1934 A0 8412 6
Chinese (Hukuang Sty) 56-1951 .5 D 4612 Sale 4534
46/
1
4 56
'
3 11618
1154 11533
1
4 Feb'24
Christianla (City) s f 85_ -1945 A 0 10912 110 1091
- 115/
/
4 10912
6 107 110 Charleriton & Savannah 7s_ _1936
15
97 100
94/
1
4 9813 Chas & Ohio fund & impt 55_1929
99/
1
4 100
100
Colombia (Republic) 6348-1927 A 0 98 Sale 98 • 9812 49
4
1
4 102
99/
8714 9434
/
4 Sale 10112 102
let consol gold 56
1939 MN 1011
J 93 Sale 9212
Copenhagen 25-year 51 5Hs_1944
9334 54
98
1944 M
98
98 Apr'24
93/
1
4 9612
95 Sale 9434
Registered
1939 MN
96
4
Cuba 6e
48
194
049 F A 9034 9112 90
844 8978
9214
89
89
General gold 4345
1992 MS 8884 Sale 8812
Exter debt 55 1914 Ser A_ _1
83/
1
4 85
May'24
7914 8512
F A 8512 Sale 8414
Registered
1992 M
12
6
External loan 4345
2
82%
8814 9558
1953 .1 .7 9718 Sale 9612
9118 97/
1
4
6Li Sale 94/
95/
1
4 267
1
4
20-year convertible 434e_ _1930 FA -,
97/
1
4 1154
53411
884 9718
94
97/
1
4
9734 223
30-year cony secured 5s_ _ _1946 AO 97/
1
4 Sale 97
Czechoslovak (Repub of) 89-1951 A 0 9612 Sale 9612
97
160
6
946
8 F A 109 Sale 1081
10
9234 9634
963
Craig Valley 1st g 55
194().13 9634 Sale 96
/
4 109
7 10612 109
Danish Con Municip 8s"A"-1
78
80
F A 10812 Sale 10812 109
1
4 ____ 8218 June'24
Potts Creek Branch let 45_1946 J J
79/
47 10613 10914
Berle. B
704 8218
'
3 8214 ____ 80/
1
4 June'24
R & A Div let con g 4s_ _-1989
10
2874 10
2
105
2 10714 11175
108
Denmark external s I 86-1945 A 0 11034 111 110
1942 J J 9812 Sale 98
75
88/
1
4
931
/
4 98/
95 June'24
2d consol gold 48
1
4
8014
1989 J
20-year 611
95
95
100 10212
Warm Springs V lstg6s.194l MS 9512 9812 60 June'24
/
4
Dominican Rep Con Adm sf 55'58 F A 10112 10214 1011
56
62
1942 NI El 91 Sale 90/
62
53
8514 9112 Chic & Alton RR ref g 3s_ _ _1949 A0 _6_0_ 1_8 !3_1_ _ 60
1
4
9114 20
5345
90
47
2 J J 9518 Bale 95
9278 96
23 July'23
New York Trust Co ctte
957 204
Dutch East Indies ext 6e- Th18
92/
1
4 96
581
/
4 ____ 57 June'23 ---- -Li- -bit",
Stamped Aprll 1923 interest_
M
9514 Sale 9434
9538 89
40-year 61
59
20
534 59
1953
58
__ _ 5734
83
/
1
4 9038
Stamped Oct 1923 interest_ _ _ _
recta
M S 92 Sale 8912
90
91
5345 trust
304 4034
92/
1
4 103
38
225
Railway first lien 3Hs_ _ --1950
371
/
4 Sale 3558
10258 251
French Repub 25-yr ext 85.-1945 M S 102 Sale 102
.• 1 83
8312 21
753g 8312
34 84
83
90 100 Chic Burl & Q-111 Div 33-45.1949
99/
1
4 300
20-yr external loan The_ _1941 J D 99 Sale 99
9138
1
4 13
86
9114 Sale 9034
91/
9918 10414
Illinois Division 48
1949
Gt Brit & Irel(UK of) 530-1937 F A 10418 Sale 103/
1
4 1041 187
9613 991e
1929 F A 109/
Nebraska Extension 45.- -1927 MN 9813 99
9812
9812
3
1
4 Sale 1087
10-year cony 5345
109/
1
4 13 10612 11014
MN
1952 M N 8912 Sale 88/
7613
963
4
_
_
_
96
Mar'24
-1
Registered
89
/
1
4
1927
Greater Prague 7348
891
34
1
4
67
901,
1952 AA 91 Sale 91
85
8813 92
90
General 48
Haiti (Republic) Os
1958 MS 90 Sale 8812
92
26
967, 10014
10014 203
8734 8734
1st & ref 55
Hungary (Kingd of) of 7348w 144 F A 8734 Sale 8734
1971 FA 10014 Sale 9938
873
2
AO
49
5513
6345-1925
June'24
F
Ser
A
9813
101
A
(Kingd
of)
53
541
/
4 54
1001
Chic City & Conn Rye .55_ _ _1927
3
Italy
100 1001 10014
2 10414 10578
10
928
5
Japanese Govt-f loan 4345-1
9258 97/
1
4 ___ 10578
105/
1
4
1
4 Chicago Sr East Ill 1st 65
1934 A0 105/
A 9713 97/
1
4 9712
97/
1
4
7
MN
228
7018
7813
0
8
/
1
4
7112
.0
7
7978
1
9483
1
14
8
s
Sale
s0_
i9a883l:334_
8
7
III
RR
(nett
co)
gen
58_1951
913
4
E
973
4
Second series 4345
C
&
9712 97/
1
4 97/
1
4
97/
1
4
6
33
911
/
4 9813
1931
7558 811
Sterling loan 48
/
4 Chic & Erie lst gold 5s_ _ _1982 MN
78/
1
4 Sale 7812
797
93
71
5712
50
1954 F A 917 Sale 9178
84/
1
4 9218 Chicago Great West 1st 4a _ _1959 MS 5412 Sale 54,2
Temporary a f g 634
92/
1
4 808
10538
110
9
J
J
68_1053
1
5
0
1
:
0
5
0
Development
___
110
Ind
&
81
M
10914
Louisv-Ref 633_1947
85/
1
4 Chic
Oriental
8512 Sale 8434
8512 60
9535 9954
/
1
4_ _1934 NI N 85/
9812 July'24
721
/
4 86
Refunding gold 58
Lyons (City of) 15-year(
1947.1, 994 1-00
1
4 Sale 8434
8578 107
/
4 85
811
7218 86
8534 110
Refunding 4s Series C___ _1947 J J 8424 86,2 8212 May'24
Marseilles (City of) 15-yr 66.1934 M N 8512 Sale 8434
8
8112 8578
2714 30
85/
1
4
General .55 A
Mexican Irrigation 434s- _1943 M N
8413 8578 85
1966 M
29 Mar'24
19
9512 10014
1945 Q
43
9912 Sale 9922
General f/
1
4B
611
/
4
Mexico-5s 01 1899
c1966 .7
44 May'24
71
9934
26
30
1954.1 D
Ind & Louisville let go 48.1956• J
Gold debt 4s 01 1904
28 June'24 _
8212 864
8514 93 Chic Ind dr Sou 50-year 4s_ _1956• .1
1952 ID 92 Sale 91
Montevideo 71
9212 34
9112
8712
May'24
J
D
9112
__
89
/
1
4
9512
Netherlands Be (flat prices) 1972 MS 9312 Sale 9458
Chic
L
S
dr
East
1st
43-48.1969
9512 112
4934 6034
55/
1
4 16
Norway external 113s
1940 AO 110 111 11014
54 -553- 55
11112 21 10934 11278, CM & Puget Sd 1st gu 4s .,1949 J
22
1
4 74
3
70/
8
7421
114
2
'
74
Is
911/ 98/
1
41 Ch MA St P gen g 48 Ser A_e1989 J
1951, AO 97 Sale 97
0
73
218 Sale 8
9712 28
6134 654
68(Interim certificates) _ _ .1943 FA 9678 Sale 9634
921
/
4 99
General gold 3 He Ser B...e1989 J 1
9714 235
8213
J
78
9514 100
Panama (Rep) 5He tr reel/1_1953 in 9912 Sale 99
General 434s Series C
100
30
e1989
96
54
4934 5812
Porto Alegre (City of) 8e_ _ _196 JO 95
99
92
Gen & re( Series A 4349_82014 A0 3338 Sale 53
98
98
98
1
6218
80
577
54
Queensland (State) ext e t 78 194 AO 10814 Sale 10714
5658 Sale 5612
Gen ref cony Ser B 5s_ _ _82014 P A
10814 20 10418 10812
6
80
03
14
2 4
14
10
9
25-year (is
5412 66
1947 FA 1017g Sale 10134
99/
1
4 10212
Convertible 430
102
41
1932 J 13 5812 Sale 5812
3D
Rio Grande do Sul 8s
6818
86
/
1
4
1946 A0 9512 Sale 9512
92
99
48
1925
9813 79
541
Rio de Janeiro 25-yr f 85_ _1946 A0 96 Sale 94
4913 6058
85
53
5212 53
1
4
25-year debenture 48
8758 99/
1934 .1
9912 124
8s
100
13
96 100
9934
1947 A0 94 Sale 93
87
97/
1
4
Chic & Alo Riv Div 5s_ _ _ _1926.13 9934 100
9714 200
El Salvador (Rep) temp 822._1948 ii 102 Sale 10113
981
1
961
/
4 98%
9812 987 9812
102
30 100 102 Chic & N'west Ext 45_ _1686-1926 FA
San Paulo (City) a I 8s
1952 MS 9914 Sale 9834
96
98/
1
4
9513 10212
Registered
101
104
1886-1926 P A
MN
San Paulo (State) ext 5 I 88_ _1936 J J 9812 Sale 981
6938 74
9814
103
General gold 334,
/
4 101
1987
232
9878368
ext
78
88786: 8 6 97:648983'1 1/484 s June'2480:
Seine (France)
1942 .7 3 8934 Sale 8914
June'24J
juua
n
in
Y9'
8e 2
21'4
428 -,- .-1
68/
1
4 7034
_--0--79
90/
1
4
Registered
p1987 Q F
90
100
Serbs. Croats & Slovenes 88_1962 MN 8438 Sale 8438
5
84a
80
861
/
4
6314 86
i:11,4 Sale 8434
General 4s
86
1987• N
375
1936 1/
Boissone(City)65
1
4 N 8412 85
7955 8412
8
94
9114
3
76
1
4 88
8512
Stamped 45
8412
851
/
4
1987 M N 83/
4
• N 10312 Sale 10213 jun
1939 ID 103 Sale 103
Sweden 20-year 68
.
1
10
5
23
4211 _67
/
4 10514
95 10312
General 58 stamped
10378 20 1011
•
1987
j 11212 Sale 11213 113
Swiss Confeder'n 20-yr f 85 1940
104 June'24
1
4 118
99 1044
1
4
Sinking fund 68
1879-1929 A0 103/
38 111/
Switzerland Govt ext 513s _ _1946 AO 96 Sale 96
9638 99,
94/
1
4 97/
2
Sinking fund 58
1
4
1879-1929 A0 10038 1-619612 581
1912
S 61 Sale 6034
Tokyo City Ls
Jan'2 _ ___
96
___ 96
5912 63/
1
4
96
Registered
6114 19
1879-1929 AO 98
974 102
Uruguay (Republic) ext 813_1946 FA 105 Sale 10434
10112
4
102 107
Sinking fund deb 5s
1933 MN 100 10012 100
10512
7
1945 AO 110 11012 110
Zurich (City of) s f 88
____ 9812 June'24
9814 9912
1
4 112/
1
4
Registered
1933 MN 100
11014
6 109/
Railroad.
10714 30 10414 10834
10-year secured 78 g
1930 in 10714 Sale 10714
ienybe
l0
:222
:
1 ____ ____2_:..4
2 June'240
jjF1
-___ 10512 11212
Ala at Sou let cons A (Ss__ -1943 JO 100
79;4
9534 100
100 July'24 15-year secured 64e g_ _ _ _1936•S 11014 Sale 10
Ala Mid 1st guar gold 5e_ _ -.1928 MN 10012 102
83
87
98/
1
4 101 Chic RI & P-Railway gen 481988'3 8212 Sale 8212
7814 83
99/
1
4 June'24
1946 A0 8114
.1
Mb & &len cony 3345
83
79
7675 7978
811
/
4 June'24
---- - _ _ Registered
81
344
84
&Beg & West let g 48 gu___ _1998 A0 8312 56
80
84 June'24 734 83
Reit*)(ling gold 4s
1934 A0 8114 Sale
1942 M
9112
MIN( Val gen guar g 4s
9113
9112
71734
2.
103.
/
1
4. 10
88/
1
4 911
/
4 Chic St L & NO gold 5e__ _1951 • D 10
99 1014
0775
1:42
4
A0
45_1995
-Gen
g
3D
Fe
90
9358 May'2
Atoll Top & S
13-1;1-e- 8934
86
012
Registered
9012 195
k1995 Nov 831g 84
Adjustment gold 45
7912 8334
83
77
77
Gold 334s
8318
1951 ▪ D
4
k1995 Nov 83/
1
4 Sale 834
Stamped
10
79/
1
4 8334
9758
97
8354 69
94
Joint 1st ref 53 Series A _ _ _1963 J O 97 Sale 97
JD
1955
in
Cony gold 4s 1909
8334 Sale 8334
8218 85
Do Series B
9514 964
8334
2
1963
1953 JD 81
8418 85 June'24
Cony 4e 1905
85
1
8112 85
ii IS 85
8055 85
Memphis Div 1st g 48__.1951
1960 in 82/
1
4 84
Cony 46 Issue of 1910
82 June'24
10012 June'24 __ _ _
8134 83 C St L & P 1st cons g 35_
99/
1
4 10011
0 99/
1
4 _
1932
East Ohio Div let g U.__ _1928 MS 977
9814
1
4
_4 104
104121 16 1011
9814 80
/
4 105/
9512 9814 Chic St P M & 0 cons 6s_ _ _1930 ▪ D 10418 1-043
Rocky Mtn Div let O.._ _1965 J3 84
8434 83/
1
4
SA
8312
9034 ____ 894 Mar'24 _ _ _ _
Cons Os reduced to 334s 1930
80
8914 89/
1
4
2
3
J
48_1958
Trans-Con Short L let
8734 Sale 87
88
1
4 9518 July'24 ___ _
93/
1
4 90
951
/
4 95/
8318 88
21
MS
Debenture
1930
fer
9312 93% 9334
Cal-Aris let * rat 4 tee 4"1062 M
8038 33
904 9334 ChIeTfi & So East lat 531_ .10an J O 8018 Sale 80
93/
1
4 10
77/
1
4 82
•No price Friday;latest bid and asked. 85-S. a Due Jan. dDue April. eDue May. CODue June. hDue July. kDue Aug. oDue Oct. pDue Nov. g Due Dec. sOption sale.
ioa-
isli
New York Bond Record-Continued-Page 2
BONDS
191. Y.STOCK EXCHANGE
Week ending July 11.
Pricn
Friday
July 11.
Week's
Range or
Last Sale
/tangs
Since
Jan, 1.
BONDS.
N Y.STOCK EXCHANGE
Week ending July 11.
53
Price
Friday
July 11,
Week's
Range or
Last Sate
Range
Sines
Jan. 1.
BO
Ask Low
High No. Low
High
Central (Concluded)
BM
High No Low
Ask Low
High
01518 Un Sta'n 1st gu 4348 A_1963 J J 9114 9112 9118
9158
Purchased lines 3358
3
89% 9212
1962.8 .1 81 Sale 81
2
754 81
81
1963J J 10012 Sale 100
ba B
97 10012
Collateral trust gold 48_1953 M N 844 Sale 8334
10012 90
794 8618
8434 74
1963
J 117 Sale 11678
let Series C 6 358
117
11 11458 1174
Registered
1953 M N 8018
78
80/g
8012 Mar22
Cute & West Ind gen g 62._01932 Q M 10434 10518 10434 10434
1 10434 105
Refunding 58
9934 103
9
1955 MN 103
0234 102%
_
Consol 50-year 48
7578 Sale 7558
15-year secured 5348
7638 53
7171 7714
1934
J 10218 Sale 0112 10218 58 1004 1024
15
-year a f 7343
10312 10438 10312 10312
2 1014 10334
15-year secured 6358 g-- _1936 J J 110% 11112 1112
1 10812 11214
11112
'Oboe Okla dr Gulf cons 58_ _1952 M N _9734 9811 9734
9734
94
Cairo Bridge gold 45
9734 21
1950 J D 8614 83 8618 June'24
85
864
1923 MN
01P1nd & Ft W 1st gu 48 g
_ 88 Mar'17
Litchfield Div 1st gold 35_1951 J J 70% 73
6978 7014
70 Apr'24
•010 H & D 2d gold 430.-1037 J
907 -94-13 9413 June'24
8818 9412
Loulsv Div & Term g 340 1953 J J 78
7474 80
6
79
79
80
k1936 Q F 9018 93
'0 1 St L & C 1st g 4s
8914 June'24 -82% 897s
Omaha Div let gold 35_ _ _1951 F A 7134 7212 71 June'24
8874 71
Registered
k1936 Q F 89
_ 87 Dec'23 -7019 74
St Louis Div & Term g 38-1951 J J 6914 7212 7012
7012
'CM Leb & Nor gu 43 g
1942 M N 875 90
87
87 Apr'24
-a
Gold 336s
7518 824
1951 J .1 82
82 July'24
824
1928.8 J 99
Gin S& CI cons lst g 58
9978 99
9% 997s
Springfield Div lst g 3358_1951 J J 82
99
1
75% 82
82
June'24
Mart & Mab let gu g 58.-1943 J .1 9612
93 Mar'24 - _
Western.Lines let g 4s
834 85
1951 F A 854 ---- 85 May'24
Cleve Cin CO & St L gen 413_1993 J D 834 Sale 8278
834 40
78% 84
85
Registered
1951 F A
85
85 May'24
20-year deb 435e
96
924 9634 Ind B & W lat pre 48
9612 9578
9612
5
1940 A 0 90% _ _ 96 Mar'16
General 55 Series B
ISE L
j 10212
98 10238 Ind III & Iowa 1st g 48
0238 10238
1
835 845g
1950
8334 Apr'24
J 83% 95
Ref & impt 6s Series A
1929 J J 10338 Sale 0318
10358 61 10013 103% Ind Union fly 58 A
96
19653 J 98%
99/
1
4
_ _ 9912 - 9912
1941.8 J 106 107
68 C
06
106
3 101% 10714 lot & Great Nor adjust 85_ _1952 J
4015 56
54% 384
53 Sale 53
Cairo Div 1st gold 48
1939.8 J 884 90
8618 8858
8858
let mortgage 68certJ19ste81952 J
9038 99
154
8853
2
9734 Sale 9712
97%
CInW&MDlvistg4s_199l S J 8012 Sale 8012
8112 Iowa Central 1st gold 58- - _ 1938_
77
D 6178 Sale 614
8034
4
57
44
70
62
St L Div 18t coll tr g g 45_1990 MN 81
7812 834
83
8138
8138
9
1
Refunding gold 48
1518 26
1951 M S 1614 18
1618
164
Elpr & Col Div lst g 4s___ _1940 M S 8734 9112 8612 Mar'24 _
8512 86,2
W W Val Div lst g 4s___ _1940
.1 8612 87341 86 June'24
86 James Frank & Clear 181 45_1959 J D 8478 8678 8634 June'24
86
8314 87
OCC&1genconsg6s
1934
J 10718 ____'10678 June'24
1034 10678
C'ey Lor & W con 1st g 53-1933 A 0 9958 10018 10014 July'24
9778 100% Ka A & GR let gu g 55----1938 Si 9512 ____
CI ic Mar lyt gu g 4358
1935 NI N 9478
843s 8434 Kan & M Ist gu g 48
8434 Apr'24
-ffis 81
1990 A0 8014 84% 10
80
118 July'24
,0
J 9612 ____ 95 Apr'24
(-lave & Mahon Vail g 58_1938
95
95
2d 20-year IA
95 1001s
1927 J J 10018 _
P gen gu 435s Ser A
J 9618 ____ 91 Mar'24
1942
10013 10312
K C Ft El & M cons g 6s_ _ -1928 MN 10318
10312 July'24
1942 A 0 96
948
4
94S
Series B
____ 9434 Apr'24
K C Ft S & M Ry ref g 48_ _1938 A0 80% 8078 8012
73Id 82
8078 16
lot reduced to 3358
1942 A 0 814 ____ 7614 Feb'12
944 97%
KC& M R &B lat gu 5s 1929 AO 97
9734 97 June'24
Series C 33513
1948 M N 8234 ____ 7018 Dee'12
67
71%
Kansas City Sou 1st gold 35_1950 A0 7078 Sale
1996F
A
Series D 3355
8234 83 67
88
Jan'21
91
Ref & impt 55
Apr 1950 J J 9014 Sale 8934
902$ 40
Cleve Shot Line 1st gu 440_1961 A 0 9658 __-- 9612
2
814 854
9012 9612 Kansas City Term 1st 48_ _1960 J J 85 Sale
9612
1972 A 0 10538 Sale 10538
Cleve Colon Term 535e
82
10578 18 10238 108 Kentucky Central gold 48,_I987 J
8412
8
7
861
'
21
8312 _ _ _ 87
4
47
41 1: 43
1973 A 0 99% Sale
54 fw 1)
6012 7412
100
74
9512 100 Keok & Des Moines let 55_ _1923 A0 724 _ _ _ _ 7412 July'24 0151 River Ry let gu 4s
1945 J D 8258 8412 8312 June'24
80
8312 Knoxv & Ohio let g 68
_
____ 101
/01
1925 ii 101
13 10014 101
Colorado & South 1st 849..-1929 F A 96% Sale 9638
9634 154
9234 9634
Refunding & exten 4358_1935 MN 8914 Sale 8878
8012 8914 Laokde
93% 9912
8914 70
Jr
54West 1st g 55-- 1937 -1 J 987 99
9878 July'24 -Oaf& II V Ist ext g 4s
1948 A 0 8334
8312 May'24
87
96
8118 83
cold
199
47
1J D
J 9338 95
9512 July'24'---7518 go
Col & Toilet ext 4s
1955 F A 844 90
8378 July'24
81% 83% Lake Shore gold 3315
78
792$ 7938 July'24 ---/Juba RR let 50-year 55 6-1952
8312
4
75
8312
783
4
8134 8412
Registered
74% 78
7834 June'24
let ref 7348
1936 J D11 10
94% 9658
97%
84
10112
80
34
2 10
112 101
8 101 103
gold 48
97% Sale 9712
Ng; gaDebntur
977 114
9214
i
25-year gold 4s
1931 M N 9512 Sale 9518
9512 17
Day & Mich lat cons
-_1931 J 1 D414 _---- 9434 June'24
9212 9434
914 9134
934 ---- 9134 Jan'24
8351 9012
Del & Hudson 1st &ref
4358__
45-_1943 M N 90 Sale 8914
92% 96
9012 80
Val
RegistrdLh
N Y 1st glI g 4343 124 1‘
95
4
.1.5 95 Sale 95
30-year cony 55
1935 A 0 97 Sale 97
9112 9312
9738' 13
9258 9712
Registered
1940 J J 9138 ____ 9312 Apr'24 -15-year 5358
10118 22
9712 1013s Lehigh Val (Pa) cons g 48-2003 M N 8114 Sale 81
1937 M N 10118 Sale 0058
76% 8112
8112 29
1930 D 10014 Sale 0914
10-year seemed 78
10912 23 1084 110
8534 91
General cons 4358
91
16
9078 9018
2003 MN 90
1936 F A 9314
0 RR & Bdge 1st au 48 g
7758 June'24
92
92 Leh V Term fly let gu g 58.J941 A 0 101%
2 10014 103
102
102
9912 9912
Den & 11 Gr-lst CODS g 48-1938 J J 77 itae 7612
6714 7814
7714 116
A
mO
s 972$ ___ 9912 Jan'24
Consul gold 4355
7213 8214 Leh
1936
J 8112 8214 8112
8214, 8
Val RR 10-yr coil fie_n1199281
Registered4
10378 Sale 10384
1037e
4 101 104
Improvement gold ,5a,.,.,...1928.8 D 8812 8934 8934
89341 15
7912 9138 Leh & NY 1st guar gold 4s 1945 M S 8414 ____ 83 May'24 -8214 83
1955 F A 4312 Sale 43
344 4512 Lea & East let 50-yr Ss go..1965A 0 10318 __
81 102
let & refunding 58
99 1034
0318
10318 19
---49
Oct'20
do Registered
8112 8112
Little Miami 45
8112 ____ 8112 July'24 -44
Farmers L&Tr rcta Aug '55_ ---- 4112 43
4212
43
3414
6
Long Dock consul g as
N 10678 ____ 07 May'24 -- 10655 107
MO
19
193
65
2A
Bankerg Tr cat; of dep
42
15
8414 4434 Long held hat con gold 55_21
42 Sale 41
974 100
193
311 Q J 9914 ____ 9914 June'24 - do Stamped
42
42
33
4212
---42
1
934 9312
hat consol gold 4s
9312 ____ 9312 June'24 -Am Ex Nat Bk Feb '22 etts_
4334 June'24 ____
37
4334
General gold 48
8434 88Is
19383
1938 D
8818
July'24
-_ __
do Aug 1922 ctts
3418 41
3812 June'24 Gold 45
83
89
79 m D
s 8714 ___ 89 July'24 -1
199
93
342
Des M & Ft D let gu 4s_._1935 i J 3712 3914 3713
3978. 12
3958 474
8214
Unified gold 48
79
8212 ____ 8214
8212 11
Dee Plaines Val 1st gu 4355__1947 M S 8812- 934 Sept'12
91% 9358
Debenture gold 55
1934 m D
N 932$ ___ 932$ July'24 -Det & Mack-1st lien g 441_1995 J D 70 -fi- 67 June'24
-a- W- 20-year p m deb 58
84
88%
884 Sale 872$
8878 15
Gold 49
1995 i D 60
68 May'24 ____ 60 68
68
79
83
Guar refunding gold 48,-1949 M S 82% 8212 8214
8212 11
Ott Riv Tun 434e
1961 IN N 924 9314 9238
9258
2
874 93
Nor SOB let con g gu 5s.a1932 Q .1 9714 99
944 99
99 June'24 -Dul Missahe & Nor gen 5s_ _1941 1 J 10012
10012 June'24
99% 1004 Louisiana & Ark 1st g 58-1927 M S 9818 ____ 9712 June'24
954 9818
1st
5___
_1937
A
0
100
199
7
2
13ange
Dui & Iron R
100
10014
3
98 1004 Lou & Jeff 13dge Co gu g 4s 1945 M 5
794 85
1
86
85
A 0 _
Registered
9278 July'23 ____
_ Louisville & Nashville 5e-1937 M N 103
____ 1017e June'24 -- 10078 1034
19
937
37 J 1 838*838*i
Dul Sou Shore & ALI g 58_ _1
-ti - 8314
838e
2
76
8312
89
Unified gold 4s
94.4
1940 J .1 9312 Sale 9338
9385 33
894 8913
Registered
1940 .7 .1 8718 ___ 8912 May'24 ---C Minn Nor Div tat g 49.---1948 A 0 8814 -___ 882$ June'24 --__
8412 8918
9678 100
Collateral trust gold 55_1931 MM
100 May'24
lien
g
5s
reorg
Tenn
1938
M
C
5 9612
9612 July'24 97
93
10-year secured 7s
1930 M N 1074 10712 1074
1074 23 10614 1084
1930 5 J 9978 Sale 997
ET Va &Ga Div 858
997
2
9834 100
1st refunding 5358
18 10434 10712
0
3 106 1067 10634 107
21903030
1956 M N 997 Sale 99%
Cons let gold 58
974 103%
10012
7
9778 10012
103% 34
5s B (when Issued)
0 1032$ Sale 103
2003
A
MN
East
1st
g
50_1941
Men Joliet &
100 10078 9978
1004 20
9712 10012
10812 104
N 0& M 1st gold 68
10412
June'24
-.1
____
10312
19303
Erie 1st consol gold 78 ext.J930 M 5 10634 10712 10634
102
10311
107
28 104% 10712
2d gold 65
10214 ____ 102 June'24
1930
1996 1 J 6834 Sale 6614
let cons it 4s prior
694 106
854 9034
6134 6912
Paducah & Mom Div 4s1946 .F
1 A
j 90
90
90
3
1996.8 J 6438 ---_ 64 June'24 ____
Registered
61
64
60
624
St Louis Div 24 gold 38-1980 M 8 61 Sale 61
6214
11
let consol gen lien g 45 1996 1 J 5918 Sale 5812
5912 205
5313 607e
94
9534
L&N&M&Mlstg43551945 M S 9418 ____ 95 June'24 -Registered
1996.8 J _-- 56 June'24 -___
53
56
79
2
8312
L & N South joint M 48_6
834 8314 834
834
1
9
5
2
Q
J
Penn colt trust gold 48.1951 F A 6'5i, 144 9378
94
16
8812 9412
77
77
Jan'24
7612 ____ 77
Registered
50-year cony 48 Ser A 1953 A 0 61 Sale 5918
96
61
178
54-4 6112 Louisv an & Lox gold 4349_1931 MN 9712 ____ 9712 June'24
974
do Series B
1953 A 0 61 Sale 5912
61
140
5412 6114
Gen cony 48 Series D
1953 A 0 6938 Sale 672$
9834 9934
6912 415
5934 71
Mahon Coal RR let bs
J 19018 ____ 9834 Feb'24
1934
Erie & Jersey let a f es
1955
1 10012 Sale 100
10012 15
8912 101
Manila RR(Southern Lines) 1939 MN 57
55
60
10
57% 56
57
Cele & Pitts gu g 3358 B_--.1940 J J 834 ___ 8312 July'24 --__
M4 99
8312 Manitoba Colonization Ss.__1934J D 98
82
99
98 July'24
Series C
1940
J 8334 ____ 83
Jan'24 _ _ _
83
84 Man GB & NW let 3Ma- _-194I
14
7
8058 825s
J 81% ---. 824
82
1942 A 0
Evans & T H let gen it 5s
____ 88 Apr'22 ____
Mex Internat'l 1st cons g 4s-1977 M S --------37 Mar'24
Sul Co Branch 1st g 58_ -1930 A 0 --_-_-_ ____ 7912 Apr'23 ____ 7.7. ::....-- Michigan Central 55
98 1-10
19 M 5 10018 ____ 10034 July'24
.
4
1924 1 J Fargo & Sou 68
9914
Apr'24
88
98
Registered
1931 Q M 9875 ____ 88
Fla Cent & Pen let ext 858.1930 1 J 9634 97
98 June'24
Oct'23____
68
8634 90
98
90 May'24
4519403 J 90
1943 J J 9634 Sale 9634
1
Cowlgold 5s
9634
3
9338 99 4
Registered
78 Mar'24
774 85
1940
J 86
Florida E Coast 1st 4355---1959 1 D 94
774 9312
____ 92
9314 23
8738 9314
J L & S Ist gold 3355
1951 M 5 76% ____ 7718 Apr'24
1952 MN 66 Sale 66
Fonda J & Glov 4348
66
2
13
65
70
8012
7834 8 '2
1st gold 335s
N 8012 -___ 8038
Fort St IS D Co 1st g 4355.-1941 J J 8518 8612 8418 June'24 ___
924 97
65
8238 844
20-year debenture 4s
12
9634
97
9634 97
PI W Sr Den C let it 53511-1961 J 0 10512 Sale 10514
1054 11 10034 10512 Mid of NJ 1st ext 59
874 8812
1
1940 A 0 8812 8934 8812
8812
Ft Worth dc Rio Gr 1518 4s..1928 J J 9212 Sale 9212
9212
_
994 100
2
8418 93 Milw L S & West imp g 5s 1929 F A 100 10014 100 June'24
Frem Elk & Mo V 1st 68____1933 A 0 107 ---- 107 June'24 ---- 10514 107
Ashland Div let gas
1925 M S 9812 ____ 100 Dee'23
OH & SAM & P Ist 5s__ _1931 MN
_ - 9912 July'24 ____
_ i17/61.
9512 9912
Mich Div let gold 65
1924 J 1 --------10012 May'24
2 Ica;
1931.8 J 99499
- 9834 July'24 ____
9912
ld exten 58 guar
964 99
8838 9238
Mile & Nor let ext 4358_ _ _ _1934 .1 D 9218 ____ 91 June'24
Galt Howe & Bend let 58-1933 A 0 9058 9312 92
8712 9214
9312 24
3
8918 9312
Cons extended 435s
1934.8 D 9114 9214 92
9214
Genesee River 1st s f 60.---1957 J 1 98
9812 98
98
12
89
4
9912 MU Spar 8: N W let gu 48_1947 M S 8612 874 8612
87
8358 87
___ 8934
Da & Ala fly let con 5e_ _ _01945 J J 90
90
2
8413 90 Milli & 5 L let gu 3358_ _ _1941 J .1 80
____ 8612 May'24
82 8612
1029.8 J 9714 99 974
Oa Car & No let gu g 59.
974
4
9318 9818 Minn & St Louis let 78
1927 J D 1004 102 10012 June'24
100 102
1946 A 0 63
65
64
Gla Midland lst 3s
64
20
5918 6118 58%
6034 64
1934 M N
let consol gold 513
55
58%
6812
Gila V G & N let gu g bs___ _1924 MN 100
____ 00 July'24 _ _ _
refunding s
olso
d 4res____1119993,4820
gs
17 Sale 17
18
9
112 1Z184
134 2313
MQ IF: 14 Sale 13%
1942
Don & Oswegatch 55
D 9934
_
9834 Feb'24 ___
9
R12e1ftrte3lut
14
6
134 20
Or R & I ex let gu g 4358.-1941
J 9312 -478 94
94
7
9038 94
M St P & SS M eon g 4s int gu'38 J J 8812 Sale 88%
894 33
8818 90
Grand Trunk of Can deb 78_1940 A 0 114 Sale 1312 11412 38 1104 11412
9912 Sale 9912
let cons 5s
994 22
9734 103
15-year a 1(3s
1936 M 5 105% Sale 0512 1054 46 102 10534
10-year coil trust 635s_ _1931 MS 10212 Sale 0212 1027
11 1014 10334
Grays Point Ter 58
1947.8 0 86%
0112 Apr'24 --------- ---.1 100 10112 101
1946
68 A
101
5 100 1024
Great Nor gen 78 Series A_ _1936 J 1 1094 Sale 109
110
294 106 110
1941 MN 9134 9312 01513 May'24
let Chtcago Terms f 45
914 101%
1st & ref 4)4s Series A_1961 1 J 9112 Sale 9112
92
27
852$ 92
M 13 BM & A 1st g 45int gu-1926
9634 9914
Registered
1961 1 J --------90 June'23 ____
83
missisalpD1 Central let 58-__1949
90
88
2
91
534s Series 13
1012$ 82
1952.8 J 101 Sale 1004
_14_1_2
9618 10178 M K & Okla 1st guar 5e__1942 MN _iii_ s_0:1;..._ ii.._
Green Bay & W deb ctts "A"____ Feb 65
75
70
70
I
5934 70
Mo Kan & Tex-1st gold 48_1990
D
86 -ial -E5-1;
Feb 10
II
Debentures etfs "B"
1018 July'24 --__
7
11 510-X-T RR-Pr 15s Set A..1962J J 8614 Sale 8534
865
7834 87
99
Greenbrier Ry 1st gu g 4s_ _ _1940 MN 83% ____ 8412 Oct'23 ____
1962
J 70 Sale 70
40-year 48 Series B
71
65
72
11
Gulf & S I 1st ref & t g58--b1952 J .11 9014 Sale 90 ' 9014
4 -81904
__- ---1932
J 101 Sale 101
10-year 68 Series C
94% 1014
37
10154
Harlem R.& Pt Ches let 45__1954 MN 8212 8312 83
8312 10
Ser
A
Jan.1967
A
0
734 8312
adjust
5e
61%
Sale
Cum
61
5134 62
659
62
Hocking Val lat cons g 4358_1999 J 1 8858 Sale 8858
89
11
8378 89 Missouri Pacific (rcorg (3o)
Registered
1999.8 .1 8012 90
83 May'23 ____
83
84
lst & refunding bs Ser A..1965 F A 83 Sale 83
7518 8514
26
84
H & T C 1st g58 int gu
_ 99 June'24 ____
1937 J 1
9414 100
97 10014
1st Sr refunding 5a Ser C-1926 F A 997 Sale 9978
100
63
Houaten Belt & Term 1st 58_1937 1 J 100-95
96- 9612
9612
3
9014 9612
98 Sale 9712
9512 142
87% 100
let & refunding 13s Scr 13_1949 F A
HousE&WT1stg5a
1933 MN 9938
992$ June'24 _
1975 M S 6014 Sale 60)4
General 4s
51
954 9938
614
6114 415
let guar 55 red
9318 June'23
__
1933 M N 99% 100
Missouri Pacific-Housatonic fly cons g 5s----1937 MN 9212 Sale 9212
9212 - -II -iii
8034 8412
1938 M N 84
____ 8412
8412
1
.
4 -9-3-12
3d 7s extended at 4%
Bud & Manhat 5s Series A_1957 F A 864 Sale 8614
8714 162
8034 8734 Mob & Bit prior lien g 58_ _ _1945 J 1 942$ ____ 9334 Apr'24
9234 9384
Adjust income bs
1957 A 0 10712 Sale 6712
68
92
584' 68
Mortgage gold 43
1945 J .1 7618 77
68
7612 July'24 ____
7612
Illinois Central 1st gold 4s_ _1951 1 J 9012_ _ 9058 June'24 -2
8892 M obile & Ohio new gold fis_ _1927 J 0 103 10312 103
103
2 10214 10312
Registered
1951 3 J 874 -9-04 8318 Sept'23
1st extended gold 6__h1927 Q J 1022$ ____ 10114 May'24
10034 1014
let gold 335t3
1951 J J 82
8612 83
83
i -ii -EU- General gold 48
1938 AI S
1.
.
2
74
844
Registered
Oct'20 -__
1961 J J 7714 _ _ 80
80
Montgomery Div let g 59_1947 F A
824
92
12
2 Sae gr4 July'24
:
97
Extended let gold 3355-1951 A 0 8212 9438 8112 June'24 ___
771 8112
St Louis Div 55
1927 J D 994 ___- 9912
9912
4
954
9912
Registered
1951 A 0 824 -__ 8012 June'24 --------- --- Mob &Ohio colt Ira As._ _1938 M S ____ ____ 8318 July'24
76
8438
let gold 38 sterling
61
June'24
1951 M 8 5912 72
6061 - Mob & Mal let gu g 48
1991 M S 842$ ____ 8012 June'24
82
834
Collateral trust gold 451952 M 8 8512 ____ 8512
8512
6
83
8914 Mont0 let gu 865
1937
.1 111 11212 110¼ July'24
10814 11038
9338 Sept 19
Registered
1952 A 0 8612 Reglstered
13814 May'06 ___ _
1937J J 108
let refundlnie 48
1955M N 9014 Sale 90
9014 130
844 9012
1937.1 1 10013 .---- 0014 June'24 __ -let guar gold 58
Mt 1,4 4
7
I'0
1 LI :::: E8 July'24
01
*No price Friday; latest bid and asked this week. a Due Jan. 6 Due Feb. s Due June. 6 Due July. a Due Sept. o Due Oct. 3 Option sale.
New York Bond Record-Continued-Page 3
BONDS.
N. Y. STOCK EXCHANGE
Week ending July 11.
h
Price
I
Week's
Friday
Range or
July 11.
Last Sale.
0!- ,,1
Range
Since
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending July ii.
Price
Flday
July 11.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
Ask Low
High
FI1Oh No, Low
Bid
Hi°
Ask Low
High No., Love
M & E lat gu 330
2000J D 78's
763 7912 Peoria & East 1st eons 4s1940 A 0 7712 781, 77
7 8113 79 July'24
80
78
Mushy Chatt & St I. 1st 58._1928 A 0 10114 Sale 10114
Si 67
:
9978 1011.
Income 48
10114
13
j
Aprj 3318 34
3512
21
33/
9
1
4
333
8
N Fla & S lat gu g 5e
1937F A
9918
99
99
99 Pere Marquette 1st Ser A 5s 199
Apr'24
9
5
9
6
9112
Salo
97
99
1811
963
4
971
:
Nat Ry of Mm pr lien 434s._1957 J J
let Series 1348
30 Sept'23 - - -1956 .1 J
80% Sale 8058
191 7618 811
/
4
81
July coupon on
154
2 -1534 ii - Philo, Bait & W 1st g 48
1534
8913 99/
901:
1
4
1
_ _ 9112
9112
do off
Philippine ay 1st 30-yr s f 45 NV
26 Ney'23 N
.1
37
3812
43%
24
381z
Sale
3914
General 4e (Oct on)
1977 AO
2718 July'23
PCC&StLgu 450A
1940
A
0
93% 954
941
/
4 May'24
April coupon on
Series B 430 guar
18 May'24
18
18
1942 A 0
93% 95%
95 July'2
off
do
24 Dee'23 -------Series C 430 guar
1942 MN
9412
88
9313 - - 941: May'2
Vat RR Mex prior lien 450_1926 J J
_ 384 June'23
Series D 4s guar
19-15 111 N
87
894 _ _ 8812 Apr'24
88%
July coupon on
-g
4114 Apr'24 _ _36 111
-4Series E 350 guar gold
1949
F
A
895
90
8612
89
June'24
8
do
off
34 Apr'24
Series F guar 45 gold
8712 8834
8914 _ _ 8712 Mar'24
let cunsol 48 (Oct on)____1951 A 0
__ 28
Series G 4s guar
Apr'23
10_
8914 _ _ _ _ 8812 June'24
884 89
April coupon on
36
Jan'24
Series 1 cons guar 430_1
_ _36
1E
3 j1 AID
91%
90% 91%
9158 July'24
off
do
_ 1814 Apr'24
10
Series J 4549
22
0318
1964 M N
9058 93
03 June'24
Naugatuck RR let 48
1054 M N
70
6678 May'23
General Us Series A
951
1970
D
J
/
4 100
9912
991
/
4
25
997
8
New England cons 30
1945 J J 90
923-4 90 July'24
90 Pitts & L Erie 25 g .30
90
a192, A 0 99 100 100 June'24
100 100
Canso! 4s
1945 J J 80 -___ 7834
.
!
83 Pitts McK & Y let go 6s____1932 J J 10278
784 ...I
105
Dee'23
N J June RR guar let 48_ _ _1986 F A
8112
8134 June'24
81
2d guaranteed Os_ __..____1934 J ./
100 May'24
100- 100
NO&NEIstref&imp450A'52 J J
87 -873-4 8612
8118 8714 Pitts Sh & LE 1st g 56
14
87
1940 A 0 Hois
981., 10014
9914 June'24
New Orleans Term let 4s_ _ _1953 J .1 8012 8134 8012
8012
let causal gold 58
7614 8214
2
98%
Feb'24
97
9S44
N 0Texas & Mexico 1st 6s 1925 J D 10178 Sale 10178
102
25 1003 10255 Pitts Y & Ash 1st cons 5s__ _ IV it
10114 Sale 10114
99 1011
7
/
4
10114
Non-corn income 50
1935 A 0 9212 Sale 9212
9234 231
9312 Providence Secur deb 4s___ _1957 M N
851a
4018
40 June'24
40
4114
N & C Bdge gen gu 450
1946 J 1 9178 94
94
94
2 92% 9412 Providence Term let 45
1956 61 S 7534 rr
7134 Dec'23
N Y B & NI B lat con g 5s1935 A 0 98
9512 Apr'24 ____
95
Reading Co gen gold 49
95
/
1
4
1997
J
9404
J
945
8
95
- 9414
9434 23
87'4
N Y Cent RR cony deb 6s_ _1935 MN 107 Sale 10634
10712 269 10312 107%
Certificates of deposit
943s
92 May'24
8714 92
Comm'4s Series A
1998 F A
85 Sale 8412
89,
9,511142
2 7
16
2
100
8
8
90
55.8
18
2 808
Jersey Central coil g 4s__ _1951 AG 853486
8314 88
8534
26
88
Ref & impt 450 "A"_ _ _2013 A 0 89
7
89% 89
&
ref
89
Gen
4343
Ser
A
J
1997
3
9234 Sale 9238
881s 9312
9314 32
Ref & inapt Us
2013 A 0 9914 Sale 99
9934 Rams& Saratoga 20-yr 6s__ _ 1
,
92
47
1 MN 10912
N Y Central& Hudson RiverRich & Dan 55
A0 9978
9978 June'24 -.
9818 99%
Mortgage 330
1997J .1 7834 Sale 78
74
7834 Rich & Meek let g 55
78% 66
1948 M N
7112 -8013 72 Mar'24
Registered
1997 J J
771
/
4 8114 767
72% 7718 Rich Ter as
7734 26
1952
.1
1885
8
1803
8
10034
i -oi- 100%
Debenture gold 48
1934 M N
894 94 Rio Grande June 1st gu 5u.1930 j
94
66
0334 Sale 931
001
;
1
D
J
J
8
.
5
1e 8634
6012
6
901
84
:
30-year debenture 4e
1942 J 1 91 Sale 9012
9178 19
87
917 Rio Grande Sou 1st gold 4.8 1945)
314 514 7
y:223
4
paec
314 M
34 514
Lake Shore coil gold 330_1998 F A
74% 753 758
16
707 7612
753
Guaranteed
1940 J J
314
Registered .,
1998 F A
6978 7212 Rio Grande Went 1st gold 48.1939 J J
7412 75
7112 Apr'24
73l 84
8314 IA 8338
84
23
Mich Cent coil gold 350 _ _ 1998 F A
7612 77
77 June'24
73
77
Mtge & coil trust 4s A___.J949 A 0 7012 7118 71%
71% 21
71%
60
Registered
1998 F A
7418 80
7378 June'24
7214 737 RI Ark & Louis lat 450
1934 M S 8012 Sale 801
/
4
82
37
7412 82
Si Y Chic & St L 1st g 49-1937 A 0 91
9112 91
11
8918 91
91
Rut-Canada let gu g 40
1949 J J
7018 7438 7178 June'24 --71%
68
Registered
1937 A 0 89
884 89% Rutland 1st con g 450
8958 June'24
1941 J J 84
8412 8338 June'24 _
801g 837g
Debenture 48
1931 M N
92
9358 94
94
5
88
9518 St Jos & Grand 1st g 45
7434 76
1947 J J
75 June'24 _ --7112 77
2d 63 A B C
1931 M N 10214 Sale 1017
10212 46 10018 10234 St Lawr & AdIr 1st g 55
1996
9114 Apr'24
94¼
911
/
4 961
/
4
N 1r Connect 1st gu 4,148 A _ _1953 F A 90 Sale 90
20
90
864 91
2d gold 65
A 0
1 9734
1996 J
- 98 Mar'24 _ - - _
N Y & Erie 1st ext g 48
1947M N 84%
8812 89 St LA Cairo guar g 4s
8812 May'24
11431 .1 J 9258 -03 - 9258 June'24 - - - - 139- 93'2
3d ext gold 450
1933 M 9
96 May'24
9312 96 StLIrM & S gen eon g 58_ _1931 A 0 99 Sale 98%
99% 56
96 100
dth ext gold 5s
1930 A 0 66r,
97 May'24
96
97
Unified & ref gold 48
1929 J .1 9234 Sale 92
831
. 93
5th tea gold 4s
1928 1 D
9414
, 9312 9312
9312 June'24
Ely & G Div let g 49
1933 MN 83 Sale 8214
8
93
2; 7
1611
5
72
8412
N Y dt Green L gu g 58
1946 M N 86 -89
87 June'24
8412 87 OIL 81 Bridge Ter gu g 5s_ _ _1930 A 0 9812 Sale 9812
9812
3
99
991
/
4
N Y & Harlem g 330
2000M N
7634
7634 June'24
764 7634 St LA San Fran (reorg co) 4111930 J J
70% Sale 70
70% 315
65% 71%
N Y Lack & Western 5s___ _1923 F A
9934 June'23
_
Prior lien Ser 13 58
J J 8514 Sale
42
80,2 8612
1st & ref 5a
1973 M N
9812 June'24
-9812 -9-12
Prior lien Sec C 6s
10113
Sale
1017
J
1
8
10
9
J
86
1
'
1
2
8
6
2
8
9
147
1086
2, 9858 10212
let & ref 410
1973 M N 9614
96 Mar'24
96
971
/
4
53-55
J J 94 Sale 93
80' 8718 95
94
N Y L E & W 1st 78 ext_ _ _1930 NI S
103 June'23
Cum adjt
us Ser A 6s___ _A195
h 1.
78
194
,
1411 72
60
5
2 A 0 7718 Sale 7634
7814
Dock & Imp 59
_1943 J J -68E4
9734 Apr'24
-5ii4 -61
Income
Series
A
65
Oct. 6714 Sale 66%
68
352
58% 68
N Y & Jersey lst 58
1932 F A 9914 Sale 99%
9914
6
9618 991 t St Louis A San Fran gen 05_ _1931 j
,
4
042
.1 10
J j
10418 July'24
99% 10,518
N Y& Long Br gen g 45_ _ _ _1911 NI S 88
91 July'23
General gold Us
9958
1931
99%
97,2 100
3
N Y N H & HartfordSt L & S F RR cons g 49_ _1996 J J 9018
8212 July'23 - - - Non-cony deben 330......1954 A 0 4914 50
4812 July'24
3912 4912
Southw
Div
let
A
g
0
58_
9712
Mt
Mar'24
1947
-9-712
Non-cony deben 45
1947 NI S 56
60
53 Apr'24
4412 53 St L Peo & N W 1st gu 5a_ 1
1948
,
0
,
042 JD
uee
ly:223
31 .1 .1 101 16278 1
4
88 101
Non-cony deben 330
1947 M 5 4812 53
43 Apr'24
38
46 St Louis Sou let to' g 4s
84
90
81
m
1
:8
N
S
9
Non-cony deben 4e
1955 J ./
544
_
5312
1
54
441
/
4 59 St L El W 1st g 4s bond etfs 1989
Sale 801,
8114 36
it-S- -11%
Non-cony deben 4e
1956 M N
5434 -55
5412
5434 14
4312 5434
2d g 4eI000tne bond ale-91989 .1 .1 73
7414 74 June'24 _ 6914 7418
Cony debenture 350
1956 J J
49
50
48
3
48
3934 5178
Consol gold 45
84%
Sale
.1
1932
I)
8418
85%
77%
Cony debenture fis
1948 1 J
73% Sale 7314
7414 224
59
let terminal & unifying 5s_1952 .1 .1 83 Sale 8234
7558
85
78
8
83
4% debentures
834 304
8
1957 M N
4512 47
47
4715 43
36
471
/
4 St Paul & K C Sh L let 4;0_1941 FA
7912 Sale 79
7912 29
81
73
71; European Loan
1925 A 0 8618 Sale 85%
8634 175
703 87 St Paul E Gr Trunk 43-0_1947 J J
87
- 95 Mar'24
90
95
Francs
192' A 0 85 Sale 8412
8514 140
69
86 St Paul Minn & Man 4s1933 .1 .1
9412 Sale 9412
9412 15
0134 9312
Cone Ry non-cony 4s
1930 F A _
lat eonsol g 6s
•
J
107
19
109
197
Mar'24
108
_
105
Non-cony 45
1954 J .1 51
5212 Li-11-461k 51
6s reduced to gold 43-4s....1933
971
___ 98 June'24
1940 J
9512 98
Non-cony deben 4a1955 J J _
52 June'24
48
52
Mont ext tat gold 45
1937 ID 921,
4-9312 9312
1
9312
8812 9312
Non-cony deben 45
1956 .1 J
51
51 July'24
4212 51
Pacific
ext
guar
•
4s
J
83%
_
8212 Apr'24
8212 8212
N Y A Northern let g 5s
1927 A 0 9934
998 June'24
9934 997 S A & A Pass 1st gu g 4s
7
78 Sale 77
1943
J
7812 48
7138 79
N YO&W ref lstg 48._ 01992 M S 60 -6613 6534
66% 36
60
66% Santa Fe Pros & Then 58__ _ 1914
0
2 MS 994 ____ 997g June'24
99% 99%
General 4s
1955 J D 61 Sale 61
17
61
58% 6258 San Fran Terml 1st 45
AO 8538 Sale 85
234
4 _1.03
A,
8
r5
8012 8734
N Y Prey Se Boston 49
1912 A 0 85
8518 May'24
85485i Stw Fla & West 68
AO 10713 -- 10712
10712 108
N Y & Pn 181 cons go g 443_1998 A 0 8234 _ _ _ _ 8114 June'24
81
83 ' 58
1934 AO 10112 Sale 101
10112
3 10018 10112
N Y & It B let gold 58
1927M S 98
_ _ _ _ 97% May'24
8912 9734 Scioto V & N E let gu g 4s 1980 MN 88% 93
8834
883
4
81% 90
N Y Buell As W 1st ref 5s_ _1937 1 J
3
2
6134
6134
521
/
4 6214 Seaboard Air Line g 4s
1950 AO 6878
70 July'24
70
61
2t1 gold 450
1937 F A
---- 5318
1
5318
43
Gold 4s stamped
531g
AO 70 Sale 6934
5812 71
70
28
General gold 58
1940 F A 5218 5318 5214
5
53
4014 53
Adjustment 55
019
941 F A 61 Sale 5834
61
358
61
43
/
1
4
Terminal let gold .5e
1943 NI N 9614 9712 88 June'24
8614 881
/
4 I Refunding 48
1959 A0 5514 Sale 53
298
47% 56
NY W'cliee&B 1st Ser I 43-5s.'46 J J
51 Sale 5034
5112 158
3912 52
1st & consSeries
(
/
1
4
A_
1945 M S 81 Sale 8004
66
8134 4
208
8
6734 85
Norfolk Sou let & ref A 5s 1961 F A 69 Sale 6812
18
69
6112 69 Seaboard & Roan 1st 55_
10018
.31
1926
100
June'24
-_
- -9734 100
1941
PA
N
5s
Sou
gold
let
Norfolk &
9312
9314 June'24
89
& So let gu g 5e___ _19
Sh
Sher
9314
J
,
o
3612
3
4
6
3
June'23
__ -Nor/ & West gen gold 6s_
1931 M N 10714
107 June'24
105/
1
4 107 9 az N Ala coos go e 58
FA 10218 _
102 June'24 ____ 10134 102
Improvement & extg
1934 F A 107%
106% May'24
106 107
Gen eons guar 50-Yr 5e
1963 A0 10358 _ _ _ _ 10512
10512
3
99 10512
New River let gold
1932 A 0 10714
10714
10714
3 106 10712 So Pac Col 4s(Cent Pac col)k
85
Sale
g
192
19
4
9
.
9
8512 149
84
8118 8534
N.4 W Ry ist cons g 48._ _1996 A 0 9014 Sale 901
/
4
9034 62
20-year cony 4s
9034
86
81 5 9634 Sale 9612
97
311
9218 97
Registered
1996 A 0
87 June'24
8614 87
20-year tiv 55
192
,
37
4 • D 9912 Sale 9912
100
25
9714 1008
DWI 1st lien .4 gen a 40_1944 J J 88
90
8814
5
8814
864 8934 So Pac of CIU-Gu g 5s
MN 10114 103 101
Feb'24
101 10112
10-25 year cony 4559_ _.1938 M S
82 Dee'23
So Pac Coast 1st gu 45 g
93/
1
4 10118 Apr'24 __-1937 J J 90
911
/
4 1011g
10-year cony 30
1929 M S Hi- Sale 120
1221, 157 10
70
84
,S0ouPac RR let ref 48
9014 Sale 8914
1953 .1 J
9058 137
85
9058
Pocah C & C joint 4s_1941 J 0 89128634 8914
8
8912
893 Southern-lst co
cons g 5s__ 199 I J J 10012 Sale 100
101
9518
10018
100%
North Ohio let guar g Us
_1915 A 0 88553834
8534
4
8534
8412 8638
Develop & gen 4s Ser A ......11956
694 7512
58 AO 7438 Sale 7414
7434 204
Nor Pacific prior lien 4s_ _ _ _1997 Q J
Sale 8412
195
86
8012 86
6ss (w I)
AO 10112 Sale 1011
9
/
4 102
154
964 103
Registered
1097 Q 1
8412
841,
1
7834 8412
8301956 AO 10678 Sale 10612
107
58 10114 107/
1
4
General lien gold 3s
a2047 0 F 6114 Sale 614
614 31
Mem Div let g 450-5a_19116 J
5634 621
/
4
9812
__ 9878 July'24 10
933 987
Registered
a2047 Q F 5314 5614 57 May'24
57
St
57
Louis
Div let g 48
1951 J .1 8378 -84%
837
g
g
13
837
84
79.54
Ref & Mud 4411 aer A__ -2047 .1 .1
8514
8512 82
79% 86 So Car & Ga 1st ext 5148_ _1929
101%
101
1011
/
4 12
977g 10113
68 ser II
2047.0 J 10
85
54
2 Sale 10514
128 10134 106 Spokane Internat lst g 5s_1955 PA N 87
106
____ 87 June'24 _-__
J .1
83
87
550
2047.0 J 9512 96
4
9554
95%
9018 9534 Sunbury & Lew 4s
91
89
Oct'23
1030.0
.1
58 D
2047 J 1 0558 Sale 951
/
4
9534 70
8954 9378 Superior Short L let Us g
95 May'18
e1930 NI El 95%
St Paul-Duluth Div 4 4s_ _1996 J D
89 Feb'24
_
Term
AMU of St L 1st g 430_1939 A 0 9412
_
July'24
-His -6.c.
St Paul & Duluth let 55..1931 Q F -66is
9914 Mar'24
994 9-9-14
rerun0e I
Gen1st consgold
f,
s
4'2 J uy2
0 - - 10
90
/
4 1--1
1944 F A 1001
974 10014
let consul gold 4e
1068 .1 D 8118
_
84% Jan'24
8318 8312
45
834
2
7834 85
1953 .1 J 82
Nor Pete Term Co 1st g 6s.- -1933
109%
1
-1
0
100%
3
J
3
109%
10912 10934 Tex & N 0 con gold 58
99
9412
June'24
96
No of Cal guar g 5s
9412 95
1943
J
J
1938 A 0 10258
10918 Apr'24 ---9912 10012 Texas & Pac 1st gold 58
9812 49
20(101 D 98% Sale 0758
North Wisconsin lot Oe
92
99
1930 J J 102% _ _ _ 100 June'24 ---9738
100
2d gold Income 5s
58 Aug'23 -1Mar 7214 85
Og & L Chem 151 gu 48 g
1948 J J
71
7112 -72
71
69
73
La Div B L 1st g f/
96
1 -91
95% 96
1
4
96
Ohio Conn Ry 48
96'4
1943 M S 8912
8912 Apr'24
8912
89%
Tol
&
Ohio
9912
--_Cent
1st
99%
July'24
gu 5s 4
---Ohio River ER 1st g 58
5
1 .1
_1
1290
9:
3100
97
99/
1
4
193.1 .1 11 9812 Sale 9812
981,
Western Div let g 55
_-__
074 9812
1935 A 0 99
General gold 5s
1937 A 0 9712
9814 June'24
955 9814
General gold 5a
_
9
953
June'24
8
8
5
:4
2
'
Ore & Cal let guar g 55
9
94
11
1 9'
1927 .1 1 10034 101- 10012
5
8
14
10078
6
Toledo
0914
100%
Peoria & West 4o. .1917
22% 1414 2334
23/
1
4
Ore RR & Nov con g 4s
1
1
2212 3014
_1946 1 D 8712 893 8712
8712
0914
8558 89 Tol St L & W pr lien g 330_ 10
0938 14
Ore Short Line-Ist cons g 55_'46 .1 J 10412 Sale4 104
A(
.1
) 9914
95
25
0J
9612 9918
10412 34 1 1 low,
Set
.
1!
.
8
9
,
2
4
3
82%
jun8
e2254
8
Guar cons Is
50-year gold
9
711
514 ,6
1946 .1 .1 104% Sale 10418
833
:
3
10412 13 1013 10638 Tol
WV &0 gu 450 A
96%
Guar refund 48
1929 J D 97 Sale 9658
79
97
Serie, It 434s
9214 97
9613
Oregon-Wash 1st A ref 48.__1961 J J 83 Sale 83
83% 50
3
79
Series
8358
96:
C 45
82 11,
8812 :::: 8
91
.eabr:23
4
Pacific Coast Co 1st g 5e_._ _1946 J 11 78
96'8 961'
7934 7934 July'24
7512 8012 Tor Ham & Buff let g 4s...81
/
4
8412
1
Pae RR of Moist en g 4s._ _1938 F A 8918 _
9 84% ____ 841
61 0
2J
8113 -9-412
194
946
89 June'24
78
89 Ulster & Del let cons 4; 5s
9512 10
1928 .1 II 9512 Sale 9512
2d extended gold 58
1938 J J
93
97
9818 -99 - 98 May'24
89
9834
1st refunding g 4s
Paduesh A the 1st g 1 4 444 _1955 3 2 9258
_
195') A 0 634 64% 65 June'24
62% 65
9178 May'24
9112 98 Union Pacific let g 48
94
Paris-Lyons-Med RR 68___ .1958 le A
105
1947 J J 93,4 Sale 9214
8858 94
7878 Sic- 7812
79
69
797
65
Sale
20-year cony 4s
9812
9834
99
203
Faulista Ry 7s
1912 M S
95% 99
96 July'24
89
9612
1st Sc refunding 4s
8634 Sale 8618
87
78
Pennsylvania Hit-cone g 43 1943 51 N 9012
8158 88
92 June'24
1st & ref temp 58
10434 10514 10418
10418 18 10(1 10633
g'210
990
Consol gold 4s
1948 M N
92i JM S
j
9112
92
9218 12
8
9
7
918
96312
10-year perm secured 68_1928 J J 10412 Sale 10334
19412 47 102% 10412
45 stamped
May 1 1948 MN
91
9112 91
91
3
8714 9134
N J RIt & Can gen 4s_ _ I044 PA S 90
90 July'24 __
Comm!430
1960 F A
991, Sale 9834
8334 90
9958 47
90 100 Utah A Nor gold 58
100 1-004 100 June'24
1926
General 430
1965.3 D 9338 Sale 9314
98/
1
4 100
93% 132
1st extended 4s
9138
104 Dee'23
9014 9812
General 5s
1968 J D 102% Sale 102
10234 31
Vandalla
933
4
85
110
eons
85
,
Jan'24
4
g
__
4s Ser A__.l
F A
1
933 i
10-year secured 7e
1055
1930 A 0 10912 Sale 10914
85
85
10012 66 1013 1093
Consol 46
87 Mar'24
8514
_
15-year seemed 6!'5e
1957 M N
1936 F A 11014 Sale 11014
85
87
110% 122 10758 110% Vera Cruz & Series B
_
36 June'23
P lst gu 4348_1934 J J
_
eenusylvania CoJuly
30
coupon on
26 Apr'24
_
Guar 330 coil trust reg A1937 M S 85
8412 Dee'23
253 26'*
Verdi V I & W Ist g Ss
-681-2 _ _ _ _ 0914 June'24
_ _ 9913 9912
Guar 3345 coil trust Ser B.1941 A A 8318
84 May'24
84
V• irginia Mid Series E 58
84
::7:.
_ 1003
11!
8 June'24
uunn 4
Guar 330 trust etre C._1942 J D 8214 85 - 81% May'24
19
92
26
6M 8
S 10018 94
97 10074
General 58
99,2
Guar 33is trust etfe D_ _ _ _1944 J D 811
/
4
9912
8114 May'24
98
V• a & Southw'n 1st go 59_2003
-811.
9612
Guar 15-25-year gold 4e1931 A 0 9418 -04-7-8 94
M N
1936 1J
9214 9612
9418
7
let eons 50-year 5s
90% 04141
8612 Sale 8412
Guar 48 Sec B.
8612
__.. 1952 M N 8578 88
4
8614
761
/
4
8812
8614
5
8334 8718 Virginian let Se Series A
N 96 Sale 96
A 0
8M
1962
Me 94
9214 9734
No price Friday: latest bid and asked. a Due Jan. c Due
March. 5 Due April. eDue May. ODue June.
Aug.
oDue
Oct. pDue Dec. s Option sale.
hDue July. /Due
2,
•
187
MI ;
188
BONDS.
N. Y.STOCK EXCHANGE
Week ending July 11.
New York Bond Record-Continued-Page 4
Price
FriJay
July 11.
Week's
Range or
Last Sale.
1.4
,14
Range
Sinus
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE
Week ending July 11.
'ft •
cc
Price
Ftiday
July 11.
Week's
Range or
Last Sale.
Rance
Since
ati .
J.
High
High No. Low
Ask Low
MO
8458 93
Det United let eons g 4%6_1932 J J 9253 Sale 90
35
93
40
54%
Distill Sec Corp cony let g 55 1927 A 0 ____ 4212 40 July'24
5474
38
Trust certificates of deposit_ _ _ _ _ ____ 4212 41 July'24
6414 794
Dominion Iron & Steel 5e___1939 .1 J 67 Sale 6612
8
67
92
81
1942 J
Donner Steel 73
82 July'24
8312 84
91
91
du Pont(E I) Powder 434s-1936 J D
Feb'24
91
duPont de Nemours & Co 714e'31 MN 10812 Sale 10814
10812 75 10678 10878
1949 J .1 10534 Sale 10512
Duquesne Lt let & coll 8a
70 10314 10618
106
East Cuba Bug 15-yr a f g 7548'37 M S 10514 10534 10512 10612 43 10318 111
8918 90%
Ed El Ill Bkn let con g 4s_ _1939 J J 8978 9038 8978
8978 16
9812 1011e
.1 10014 101 10014
Ed Elea III 1st cons g 5s_ _ 10953_
2
10014
98%
96
1925 .1 D 98
Elk Horn Coal cony 63
3
4
2 98
88% 3312
Empire Gas & Fuel 7,13e_ _ 1937 MN 9213 Sale 92
9234 77
9334 9834
1932 Al
Equit Gas Light .5a
4
234
95
July'
4
83
95
9
98
93
Federal Light & Trac 6s_ _ 1942 1W S 9
8314
95
16
1e
2 Sale
9812 10712
1913 MB 10112 10234 102 June'24
7s
4
1047
9818
1941 M S 10014 10012 100
Fisk Rubber let a f 8e
10014 27
7734 80
Ft Smith Lt & Tr 1st g 531_ _ _1936 M S
4
79
78
8438 94
Frameric Ind & Dev 20-yr 7340'42 J J 9313 Sale 92
934 24
1942 MN 10114 Sale 10114
Francisco Sugar 734o
4 1014 10741
10158
94
94
Gas& El of Berg Co ems g 56 1949.3 D 9534 ___ 94 June'24
101 104
General Baking 1st 25-Yr 6a-1936
22
104
102
____
D 104
82
1942 F A 8218 ____ 82 July'24 ___
80
Gen Electric deb g 330
1952 M S 103 Sale 10278
Debenture 55
10378 24 100 10378
9814 10078
Gen Refr let s f g 8s Ser A 1952 F A 100 10038 9934 June'24
1947.7
] 9338 10012
Goodrich Co 814a
9634 Sale 9614
9714 lir
11812 104 11413 118
Goodyear Tire & Rub late/ 85'41 MN 11614 Sale 116
10-year s f deb g 813
e1931 P A 10334 Sale 10314
10412 182 100 0412
92
91
Granby C008 M E3& Peon fle A'28 M N
7
91
91
92
90
1928 M N
Stamped
90 Apr'24 _
941e
1925 M N 92 Sale 91
89
Cony debenture Se
1932 F A
96
78
1
18
3
98
8534 Gray & Davis Ts
78
7
78
80
78
98 10112
7434 95 Great Falls Power 1st1 f 58_1940 M N 10118 10212 10112 10112
5
7918 8212
64 713 Hackensack Water 45
1952 J J 8212 8578 8212 July'24 -54 712 Havana El Ry L& P gen Se A 1954 M S 8512 Sale 8512
81% 8612
9
8612
92, 94%
1
98 Havana Elec consol g 5s.., 1952 F A 9418 95
94
9414
9414
27 101 ,103
Hershey Choc let if g 8s_ _ _1942 MN 10212 Sale 10212 103
82 101
72
8412
914 964 Holland-Amer Line 6s (flaf).1947 MN 74 Sale 74
9414 9712
9014 Hudson Co Gas 1st g 5s. _ _1949 MN 964 ____ 9812
82
22
8
2 1:
714
79
9
96% 9918
9
10613 10734 Humble Oil & Refining 5348.1932.7 .1
Sale 99
9312 9738
1958 J D 97 Sale 964
9714 190
8758 9212 Illinois Bell Telephone 513
9114 95
1940 A 0 9413 Sale 9334
9413 34
9414 Illinois Steel deb 43413
92
827s
82
N
M
1936
531
0
&
-G
Nat
10134 106 Ind
8878 ____ 8278 May'24
10178 52 100 10313
1052 M N 10112 Bale 10118
9658 10234 Indiana Steel 1st 5s
p19353 J 98 100
4 Ingersoll-Rand 1st 5e
96 Nov'23 --9212 96,
104 11
93 Interboro Metrop coll 445-1958 A 0 11
1078 June'24 -14
87
5834 69
89 1 661
8 109 Interboro Rap Tran let 5t,..19883 J 6734 Sale 67
100,
6813
484
Stamped
Sale
9718 101
87
8812
8812 377
644 701s
6914 107
10-year 6s
1932 A 0 8818 Bale 8713
9714 10212
834 904
1932M$ 8
9012 104
6le 8914
78
11214 123
94 Sa2
50
464 7012
2
66 I
58
8418 92 Int Agile Corp let 20-yr 5e_1932 MN
794 8512
8434 54
5312 Inter Mercan Marines f 6a_ _1941 A 0 8414 Sale 841e
38
88
83
1947.5 J 86 Bale 8412
8614 118
944 987a International Paper 55
8318 86
19473 J
1st & ref 5a B
84 Mar'24 -.9413 10114
734 8012
7912 38
834 8778 jurgens Works uka D7454-1947 J 3 7912 Sale 7914
94
89
9378 118
8458 9214 Kansas City Pow & Lt 5e1952 50 S 9312 Sale 9312
9814
93
1952 M S 9778 Sale 9714
98 I 48
4 Kansas Gas & Electric 6s
9634 100,
9734 10512
1942 F A 10178 103 10212 103
4
40 Kayser dr Co 7s
29
8814 10414
93
25
2212 4° Kelly-Springfield Tire 831_1931 M N 9214 9234 9214
734 80
80 June'24 _.-3912 Keystone Telep Co let 55_ _1935 J J
21
1937 A 0 10118 103 101 June'24 ____
9853 101
9678 99 Kings Co El & P g bs
1997 A 0 11334 -___ 11334
6 1104 11334
11334
Purchase money 68
10018 102
894 70
7414 July'24 __ __
75
74
9514 10033 Kings County El let g 43_1949 F A
1949 F A
704 75
9712 101
1
74
Stamped guar 45
74
78
74
774 10118
10113 10
99 10012 Kings County Lighting 55_1954 J .1 10118 Sale 10118
102
1
95
7
19543
10112
101
10113
10013
6345
9358 967e
7 10113 105
19363 D 10478 105 10414 105
9134 Kinney Co 7145
88
93
88
1950 M B 9038 Sale 90
9038 35
Lackawanna Steel 53 A
96 100
9112 97
18
874 92 Lao Gas L of St L ref & ext 5e 1934 A 0 9634 974 964
97
9252 9552
89
94
1953 F A 9378 Sale 9338
Coll & ref 514e ger C
7212 834
94
91
2
94
10013 10512 LehlghC&NaviI4'4eA_1954J J 9414 ____ 94
91 10034
8
19333 J 10034 Sale 10012 10034
9714 Lehigh Valley Coal 58
93
874 874
19333 J 8912_ 8712 Apr'24
4e
6013 7113
324 43
90 Lex Av & P F 1st gu g 643._1993 MS ,...„.. -ii 39 July'24
87
11434 118
9713 10218 Liggett & Myers Tobac le--1944 A 0 118 11814 118 July'24
957e 99
98
1951 F A 98 Sale 9778
58
10211 106
6 11412 11818
1184
1944 A 0 11834 117 118
Lorillard Co (P) 75
10513 109
99
14
95
99
1951 F A 9638 9678 98
50
108 110
8818 92
106
N
92
M
Louisville
4
5s-1952
903
Sale
4
913
Gas
AG Electric
7234 81
7 10814 11712
11138
6334 6918 Magma Cop 10-yr cony g 713_1932 J D 11138 Sale 111
9914 38
9812 98
1942 A 0 98
974 10112
80 Manati Sugar 75413
80
17
70
56
611
Manhat Ry(NY)eons g 48_1990 A 0 60 Sale 60
784 101
53
47
9
507s
2d 4a
2013.3 D 4734 5078 5012
2
99
9412 100
1942 M N 99 Sale 99
7234 Manila Electric 75
80
83
Manila Elec By & Lt ef 55_ _1953 IN 8 83
974 105
8414 June'24
84
9934 56
99 10034
9612 110
larket St By 75 Ser A
1940Q J 9912 9958 9912
11888 140
blarland Oil f
with waenta'31 A 0 118 125 118 June'24
9234 105
2 100 10514
10434
Without warrant attached_ _ A 0 10458 10434 10434
804 8518
117 138
753e Series B
1931 F A 115 129 120 June'24
85
81
10212 10
9834 10434
102 Sale 102
do without warrants
9653 100
100 May'23
114 13458 Merchants & Mfrs Exch 7e1942 J D
3 -054 11414
101
10312 10634 Metz Ed lst & ref g 89 Ber B_1952 F A 101 102 101
7
99
9412 99
1953 J 13 9834 Sale 9834
114 135 Metr Power Cs
10114 10553
0034 9112 Mexican Petroleum if 88...1936 1W N 10318 10438 105 June'24
_
89 _42
8534 11013
8858 Midvale Steel &0cony f 55 1936 M S _89_ 13_a_l!... 8812
81
93 Fele24
8953 9514
Certificates of deposit_ _ _1938 ---83114 8853
5
100
96 100
97 Milw Elec Ry & Lt cons g 59 1928 F A 9978 100 100
91
9338 July'24 ____
9013 95
Refunding & exten 4345_1931 .1 J 9412 95
9714 9914
20
5% 4
90
0
9513
92
General 55 A
1951 J D 94 Sale 9378
95
987,3
8018 88
let 55 B
19613 D 8812 Sale 86
9412 9734
9834 33
let2 99673312
a7
954 100
12 S9
1st dr ref g 65 ser C
1953 M S 9738
91
9518
July 24 _ _
9434 9734
10258 10512 Milwaukee Gas Lt 1st 4s__ _1927 M N
95
98 Sale 974
41
98
98
9734 10012 Montana Power let 55 A_1943
9212 49
8838 9378
8914 93 Montreal Tram let & ref 55-1941 J 1 9213 Sale 9112
7778 53
76
824
9213 9928 Morris & Co 1st s f 414e_ _ _ _1939 J J 7758 Sale 77
___ 9312 June'24
7422 7412
10728 10812 Mortgage Bond 4e
1966 A 0 741
4
94
94
8 94
94
92
1932A 0 935355
4
1
127 144/
9514 12
94
92
9312 9734 Mu Fuel Gas 1st eu g 5a__ _1947 MN 9514 Sale 954
_
93% 9514
Mut tin gtd bonds ext 5%_1941 MN 9438___ 9534 June'24
81
74
8
59
6334 5934
Nassau Elec guar gold 4a__ _1951 J J
99 102
934
84
9
8534
811 Sale8
1931 3 D 85
8212 94
9558 994 National Acme 7345
D 984 ____ 974 July'24 _ _
3618 9911
Nat Enam it Stampg 1st 56_1929
98 101
954__ 102 June'24 _ _
9513 97
88
93 Nat Starch 20-year deb 5a- _1930 J
10058 20
9913 102
1952 1W N 10058 Sale 10012
National Tube let Se
75
82
1948 J D 9613 ____ 9814 July'24 - -9358 97
Newark Con Gas 5s
9814 100
37
101
9714 101
New England Tel & Tel 5a..1952 J D 10014 Sale 10018
9614 100
5 10118 103
103
7 N Y Air Brake let cony 68_1928 M N 10258 104 103
7
9
7838
7834
73
934 954 N Y Dock 50-yr lat g 4s._ _1951 F A 7818 Sale 7818
11214 49 10978 11214
70
7814 N Y Edison lat & ref 854e A.1941 A 0 112 Sale 11114
9814 101%
10012 38
9412 N Y Gas El Lt & Pow g be_ _1948 J D 10014 10034 100
87
8612 13
8218 8612
1949 F A 8518 Sale 8518
Purchase money g
100 10334
8112 Apr'24 -8018 8112
98 10114 NyMunicRylstef,5sA..1988J J 8012
9
9938
98
9934
N Y Q El L & P let g 5.9...._1930 F A 9958 ____ 9914
3338 4012
3834 35
3834 Sale 3734
82
87 N y Rye 1st R E ref 4.8_ _1942 J J
8
563
40%
32
834 4
33
3812 Salo 38
Certificates of deposit
88
9012
3t2
112
3 Sale
234
30-year ad) Inc 5s
a1942 A 0
934 9813
3
113 318
214
3 Sale
__
Certificates of deposit ______
87
9258
54
6312
58
6213
e5
8312
100 103
N Y State By. let eons 4345 1982 51 N 6212
2
0
85
ite
85
1982 M N 874 8858 85
9814 10034
04e
9212 09
71
N Y Steam lat 25-yr 6aSer A 1947 MN
85
912 49
97
9338 9712
4
714
a9 96
:: S9
9112 95 NY Telep let it gen 614;48_1939 M N 97le
30-year deben e itia_ _ _Feb 1949 F A 10712 Sale 10712 10734 35 105 10814
98
9972
10632 75 10318 10653
107 10812
20-year refunding gold 66_1941 A 0 10614 Sale 106
9
102
99 102
1014 10134
0
11040%4
Niagara Falls Power 1st 511_ _1932 J
9414 97
3 104 10513
10438
Sale 10412
Ref it gen 8s
8414 914
a1932 A 0
2
05
10
7
8
5
1
2
10063,3
9912 10378
Niag Lock &O Pow lit 54..1954 M N 102 10212
82
68
9114 9558
1952 M S 9613 Sale
9934 101
No Amer Edison 86
10114 121
96 10114
Secured f g 634613er B_1948 M 13 101 Sale 9934
05 100
104 10614
r Duo Dec. 8 Option sale.
•No price Friday; latest bid and asked. a Due Jan. 11 Due Feb. c Due June. h Due July. 8 Due Aug. o Due Oct. p Due Nov.
Ask Low
RIR
High No
1939 M N 10018 Sale 9978 10038 14
Wabash let gold 58
22
9358 Sale 9312
1939 F A
94
26 gold 58
let lien 50-yr g term 4s.._ _1954 J J 734 7712 7334 June'24
Det & Ch ext 1st g 5s__ _194l J J 9818 991e 99 July'24
79 June'24
Dee Moines Div 1st 13413._1939 J J
1
1941 A 0 6958 7334 73
73
Om Div let g 353e
1941M S 8112
_ 82 June'24
Tol & Ch Div g 4s
744 May'23
Warren let ref gu g 355e_ _ _ _2000 F A
79 May'24
1948 Q M 8318 86
Wash Cent let gold 4s
9938 Jan'24
1924 F A
WO&Wletcygu4s
1945 F A 8218 83 8138 July'24
Wash Term let gu 314e
_
1945 F A 8814 _
8814 July'24
let 40-year guar 45
9112 June'24
9112
w Mln W & N W let gu 58_ _1930 F A
6212 37
West Maryland let g 4s__ _ _1952 A 0 8214 Sale 62
1937 J J 100 10113 100 July'24
West N Y dc Pa lot g 5a
2
79
1943 A 0 7858 79
79
Gen gold 48
8914 79
Western Fee let Ber A 58..A946 M S 8834 Sale 8.334
9934 18
1946 M S 9934 Sale 9912
B 6a
83
33
2361 .1 J 824 83713 8258
WWI Shore 1st 43 guar
0361 J
83 8134
6
82
8218
Registered
Wheeling & L E let g 5a_1926 A 0 9912 10012 9978 June'24
9978 June'24
Wheeling Div let gold 55-1028 .1 J 9814 100
94 Mar'24
96
Exten & Impt gold 53_ _ _ _1930 F A 93
65 6334
21
65
Refunding 4545 Series A_ _1966 M S 64
6944 18
1949 M S 69 Sale 69
RR 1st cense' 4s
5
6034
19423 D 6018 62 60
Wilk & East let gu g 5e
19383 I) 10014
& F let gold 55
-- 10014 June'24
Winston-Salem S B let 4e_ _ _1080 J J 794 -- 824 May'24
8258 12
Wit Cent 50-yr 1st gen 45_ _ _1949 J .1 8212 Sale 8114
'61
83
Sup & Duldiv & term let 45'38 M N 81 Bale 81
INDUSTRIALS
80
81
2
80
Adams Expreas coil tr g 46_1948 M S 80
19
86
D 84 Sale 8214
1936
Max Rubber 85
54 778 534 July'24
_
Alaska Gold al deb 6a A_ _1925 M S
512 758 578 June'24
Cony deb 6e series B
1926 M S
9612 9714 9613
9834 35
Am Agile Chem let 55
884 251
1941 F A 874 Sale 88
let ref f 754e g
9512 28
1933 A 0 9478 Sale 9438
American Chain Ge
2
90
1931 MN 8913 9014 8912
Am Cot 011 debenture 5s
_
July'24
4
1073
-_-_
1074
J
1936
Am Dock & Impt gu 69
9212 31
1937 A 0 9212 Sale 9218
Amer Republica 6a
134
94
Jam Bm & R lat 30-Yr baser A1947 A 0 94 Sale 9358
10578 20
1947 A 0 10512 Sale 105
as B
Amer Sugar Refining 6s.1937.7 J 100 Sale 9934 10012 107
9634 213
Am Telep & Teleg coil tr 46_1929 J J 9653 Sale 9612
3
93
93 92
92
1936
Convertible 4e
1933M S 10038 10313 10313 July'24
20-year cony 434s
10078 158
10078 Sale 10014
19463
SO-year coil Cr Si
10238 378
1943 NI N 10214 Sale 102
20-year a I 540
8
11614
7-year convertible 6e..1925 F A 118 Sale 118
92
57
Am Wat Wks & Elec 5a1934 A 0 9158 Sale 91
5313 46
534 Sale 49
1939 J
Am Writ Paper e f 7-69
964 197
9614 Sale 964
1953 F A
Anaconda Copper 65
98
148
9734 Sale 9714
1038F A
Ts
8512
Sale
99
8
855
8614
D
J
4)40939
Armour & Co let real est
91
91 Sale 9013
187
Armour & Co of Del 514e__ _1943 J J
10038 62
1935 al S 10014 Sale 10018
Amodated 011 temp 15/1
35 Mar'24
_
Atlantic Fruit cony deb 75A_1934 J
5
2714 Sale 2212
274
Trust certificates of deposit
32
26
34
28
3
do
stamped
98
45
1937.7 J 98 Sale 9714
Atlanta) Refg deb 58
10058 10034
6
Baklw Loco Works 1st 5a_ A940 rd N 10034 101
9934 99
9938
5
Barnedall Corp f cony 8% A1931 J J 99
Bell Telephone of Pa be__ 1948 J .1 100 Bale 994 10014 80
10018 13
Beth Bteel let cite f 53_ _ _ _1926 J .1 10018 Bale 100
954 15
1942 M N 9434 Sale 9434
1st & ref 5e guar A
8914 37
20-yr p m & imp f 5e1936 .1 .1 8834 Sale 8812
9634 565
1948 F A 964 Sale 98
Os A
8853 37
1953 F A 8858 Sale 88
5345
74
6
Booth Fisheries deb ef 8e_ 1926 A 0 74 Sale 7212
10513 28
Braden Cop M coil tr a f 86.. _1931 F A 105 Sale 105
9714 98
Beer Hill Steel 1st 514e_ _1942 A 0 97 Sale 9858
9
7113
Irway & 7th Av 1st g 58_1943 J D 714 Sale 7012
90 July'24
_
19413 J 9012 91
Brooklyn City RR 5s
10118
7
Bklyn Edison Inc gen 5s A_ _1949 J J 101 1014 101
10412
19303 J 10412 105 10414
General 68 Series B
7
1930 .1 .1 107 10712 10834 10712
General 7e Series C
110
39
1940.7 D 110 Sale 107
General 7s Series D
8058 727
Bklyn Man R Tr Bee(tem)es 19883 .1 80 Sale 7934
684 69 July'24
Bklyn Qu Co & Sub con gtd 5s'41 MN 67
Jan'24
lit 5e
1941.7 .1 78 -___ 80
Brooklyn Rapid Trans g 5s_ A945 A 0 9334 ---- 101 June'24
---- 7334 Nov'23
Trust certificates
lit refund cony gold 411_2002 J 1 7834 ---- 8234 June'23
102 Apr'24
8-Yr 7% secured notee__1921 J J
-- 110 June'24
Certtfleat4313 of deposit
__-- 105 June'24
Ctfe of deposit stamped._
85 Sale 8418
85
7
1050
Bklyn Un El 1st g 4-5s
85
12
1950 F A 8412 Sale 844
Stamped guar 4-54
99 10014 9913
9913
5
131dyn Un Gas 1st cons g 56_1945 MN
13458 60
1932 M N 133 Sale 128
Ti
106
10634
8
let lien & ref 65 Series A_1047 MN 10512
135
48
19/9 8.1 N 134 Sale 130
Ts
93
9112
9118
July'24
1932.7
55
f
Buff & Suaq Iron s
1952 A 0 8314 8558 8512 July'24 _ _ _
Bush Terminal let 45
85 Sale 85
854
2
1955 J
Coneol 5a
9834 Sale
97
18
Building 53 guar tax ex_ _1960 A 0 9818 Sale 964
9818
9812 12
1937 M N
Cal G & E Corp 5a
9804,43
98
9812 411
Cal Petroleum 84411(w 1)_ _.1933 A 0
Sale 9412
9412
8'
Camaguey Bug let s I g 7s_ _1942 A 0 9412 94
9413
9412
pulada SS Lines 1st coil s f 7e'42 131 N
Sale 0538 10512
8
13anada Gen Elec Co 8s_ _ _ _1942 F A 10512
10012
100
June'24
0012
Cent Dist Tel let 30-yr 55_ _1943 J D
90
9018
June'24
8912
_
A
F
1931
85
e
Cent Foundry 1st f
9914 Sale 994
9953 112
Cent Leather 20-year g 58-1925 A
08
6
108
194 MN 103
Central Steel fla
38
July'24
9714
1
1931 J
Cerro de PO3CO Cop 85
7712 7734 9734
9734 10
Oh L & Coke let gu g 531_1937 J
7714
7758 41
1927 F A 7712 Sale
Chicago Rye let 55
123
1932 A 0 102 Sale 0058 102
Chile Copper 85 Ser A
4
99
9853 994 984
Ofnein Gas & Elec 1st & ref 55'50 A 0 10012
Sale
004
10012
20
15348 Ber 13 due Jan 1____1961 A 0
9278 9238
93
2
Colo F & I Co gen f Ss__ _1943 F A 9218 81
8112
82
80
11
Ool Indus let & coil 5a gu_ _1934 F A 10
Sale 9934
8
100
78
0
0
9
52
19273 J
Columbia & E 1st 58
9934 100
39
1927 1 J
Stamped
1712 7 Apr'24
6
Col & Oth Av let gu g 5s_ _1993 M S 9612
May'24
954
Columbus Gas 1st gold 58_1932 .7 J
7
76
754 -71- 7373
Commerclal Cable 1st g 48_ _2397 Q
93 Sale 9234
9314 100
Commonwealth Power Be__ _1947 M N 101 Sale 101
9
10114
1937 J J 10014 11.1912
Comp Azu Bars 7545
10013 12
10038
Computing-Tab-Rae a f 83_ _1941 .1 J 874 _ _ _ _ 7714 Sept'23 _ _ _
Conn Ity & L let & ref g 4As 1951 J
_- - 87 July'24
1951 1 J 8718
Stamped guar 434e
8814 71
88 Sale 8758
Cons Coal of Md let & ref 5e 1050.7 D 9738 99
984 13
98
Con G Co of Ch 1st gu g 53_ _1936 J
9058 Sale 89
9058 49
N
1952 M
Consumers Power
May'24
100
Corn Prod Refg s f g 53__1931 M N 101:8
100 July'24,_ _ _
8
:
N
M
1934
1
let 25-year e 5s
7834 72 July'24'_
72
1943 F A 9438
Crown Cork & Seal 6s
Sale 9438
60
95
Cuba Cane Sugar cony 7s..19303 .1 99
9933 99
9878
Cony deben stamped 8A-1930
J 1074 S818
4
108
8
073
108
Cuban Am Sugar 1st coil Ss.193I M S 664 Sale 964
20
97
Cumb T & T let & gen 59_ _ _1937 J J 9012 Sale 90
35
9118
Den Gas & E L Istarref a f g 55'51 MN 68
70
1
68
1942 M S 10014 102 68
Deny Corp(1) GI 75
10058 11
9938
Detroit Edison 1st coll Cr 58_1933 J J 994 Sale 98
994
14
k19401M S
let & ref 5e Series A
10534 14
/19401 M $ 10513 Sale 0514
lit&refSsgerleeuB
High
Low
9612 10012
8718 96
75
68
99
07
7418 7934
4 7312
,
67
7734 82
_
784 79
9918 9938
R012 89
7334 8814
9334
90
6458
58
9748 100
7612 7914
7913 90
9258 100
7833 8414
7714 8212
9838 100
9978
98
94
94
5312 65
70
60
62
49
99 10014
824
81
7658 8414
83
77
-
JULY 12 19241
UTE CHRONICLE
New York Bond Record--Concluded --Page 5
7•
BONDS
N V STOCK EXCHANGE
Week Ending July 11.
•lgt
Nor Ohio Trac & Light 6s.._1947 M S
Nor States Pow 25-yr 58 A _ _1941 A 0
1st & ref 25-yr 65 Ser B__1941 A 0
Northwest'n Bell T let 75 A_1941 F A
North W T 1st fd g 4Si5 gtd-1934
Ohio Public Service 7848_1946 A 0
1947F A
75
Ontario Power N F lst 5s _ _ _1943 F A
Ontario Transmission 5s___ _1945 M N
1941 F A
Otte Steel 8s
lst2O-yrs f g 784s Ser B..1947 F A
Pacific0& El ego & ref 55_ _1942 J .1
Pao Pow&Lt lst&ref 20-yr 58 '30 F A
Pacific Tel & Tel let 511
1397.8 .1
55
1952 M N
Pan-Amer P & T let 10-yr 781930 F A
1935 M N
6840(w 1)
Park-Lex (ctfs) 6848
1953.8 .1
Pat & Passaic0& El cons 581049 M S
Peop Cats & C let cons g 6s_ _1943 A 0
Refunding gold 58
1947 M
Philadelphia C 68 A
1944 F A
1938M S
5845
PIMA & Reading C & I ref 58_1973 J J
Pierce-Arrow 88
1943 M S
Pierce Oils 18s
1931.7 D
Pillsbury Fl Mills 65 (rots). _1943 A 0
Pleasant Val Coal let g s f 55 1928.8 J
Pocah Con Collieries let 01581957 J J
Portland Gen Elec let 58_ _ _1935 J J
Portland By 1st & ref 58_ _ _ _1930 MN
Portland Ry Lt& P let ref 561942 F A
1947 M N
65B
let & refund 7348 Ser A_ _1946 MN
Porto Rican Am Tob Ss__ 1931 MN
1933 J .1
Pressed Steel Car 55
Prod & Refs f 8s(with war'ats)'31 .1 D
Without warrants attached___ J D
Pub Seri,Corp of NJ gen 58.1959 A 0
1937.8 J
Punta Alegre Sugar 78
1937 M N
Remington Arms 68
Repub I &13 10-30-yr Sss I_ _1940 A 0
1953,1 J
514s
1952.8 D
Robbins & Myers sf78
Hoch & Pitts Coal & Iron 58_1946 M N
Rogers-Brown Iron Co 75_ _1942 M N
St Jos Ry Lt Ht & Pr be_ _ _ _1937 M N
St L Rock Mt & P58 stmpd _1955 J J
1924 A 0
St Louis Transit 55
1937.8 J
St Paul City Cable 55
St Paul Union Depot 58._ _ _1972 J J
1942M S
Saks Co 7s
San Antonio Pub Ser Os....1952.8 J
Sharon Steel Hoop 1st 8s ser A '41 M S
Sheffield Farms 6845
1942 A 0
Sierra & San Fran Power 58.1949 F A
Sinclair Cons Oil 15-year 75_1937 M S
6852 B (w1)
1938
D
Sinclair Crude Oil 5345
1925 A 0
1926F A
Os
1942 A 0
Sinclair Pipe Line 55
South Porto Rico Sugar 7s_ _1941 J D
South Bell Tel & Tel 15151561941 J J
Wryest Bell Tel 1st & ref 56..1954 F A
Southern Colo Power 68_ _ _1947 J .1
Standoaa&Etconvsf6s..1926J D
Cony deb g 6848series_ _ _ _1933 M S
1930 M N
Standard Milling let 55
Steel & Tube gen sf 7s Ser C 1951.8 J
Sugar Estates (Orient!) 78..1942 M S
Syracuse Lighting 1st g 58_1951 .1 D
Light & Pow Co coil tr s f 5s'54 J J
Tenn Coal Iron & RR gen 5s 1951 J
Tennessee Cop 1st ccenv 6s_ _1925 M N
Tennessee Elec Power Os_ _ _1947 J D
1960 J J
Third Ave 1st ref 4s
Adjustment income 55_ _a1960 A 0
1937 J J
Third Ave By 1st g 58
1931 F A
Tide Water 011 6845
Toledo Edison 75
1941 M S
Toledo Tree. Lt & Pr 68
1925 F A
Trenton G & El 1st g 5e_ _ _ _1949 M S
Undergr'd of London 4345..l933.8 J
Income (is
1948.8 J
Union Bag & Paper 65
1942 M N
Union Elec Lt & Pr let 558.1932 M 5
158
1933 M N
1945 A 0
Union Elev (Chicago) 5s
1931 J .1
Union 011 56
01942 F A
Os
Union Tank Car equip 7s-1930 A A
United Drug cony 8s
1941 J D
United Fuel Gas lets f 68-1936 J J
United Rye Inv 58 Pitts issue 1926 M N
United Rye St L let g 45_.J934 J J
United SS Co int rcts 6s..1937 M N
United Stores Os
1942 A 0
1:1 13 Hoffman Mach 85
1932.8 J
U El Realty dr I cony deb g 581924 J J
U 8 Rubber let & ref baser A 1947 J J
10-year 7845
1930 F A
U Et Smelt Ref & M cony 68_1926 F A
U 8Steel Corp Icoupon _ _ _d1963 MN
1110-60-yr 5eiregisteredd1963 MN
Utah Light & Traction 5s _ _.1944 A 0
Utah Power & Lt 1st 5a
1944 F A
Utica Elec L & Pow 1st el 5e 1950,1
Utica Gas & Elec ref 5a
1957.8 .1
Va-Caro Chem let 78
1947.8 D
12-yr 7348 with warrants_1937 J J
Without warrants attached_ J J
Va Iron Coal & Coke let g Edi 1949 M 5
VaRy Pow let & ref 55
1934.7 J
Verttentes Sugar 78
1942 J D
1941 J D
Warner Sugar 75
1939.7 J
First& ref 7s Ser A
1939 J .1
Wash Wat Power a f 55
Westches Ltg g 5e stmpd gtd 1950.8 D
Weit Penn Power Series A tar 1946 M
1st 40-year fts Series C.__ _1958 J D
01946 F A
let series D ls
1963 M B
5S E
1944 A 0
Western Electric deb 58
Western Union coil tr cur 58.1938 .1 .7
Fund & real estate g 4848_1950 MN
1936 F A
15-year 6840 e
Westinghouse E & M 78_ _ _1931 M N
WickwIre Spen Steel let 78_ _1935 J J
1933 M S
Willys-Overland e1 65
Wilson & Co let 25-yr sf 68-1941 A 0
1928.8 D
10-year cony e f 66
1931 F A
7345
1941 A 0
Winchester Arms 7;45
Young'n Sheet & T 68(w l).1943 J J
Price
Fr idas
July 11
0'eel's
Range or
Last Sale
44
Range
Sines
Jan. 1
HIgh
BPI
Hid No, Loto
Ask Lost
14
8818 93
9012 Sale 9012
92
94
54
8914
9334 Sale 93
9334
8 101 104
10234 103 10234
10314
84 10712 10918
109 Sale 10878
109
92
92
9358 0512 92 Feb'24
16 (0378 109
109 Sale 107
109
19 10014 106
106 Sale 10234
106
9438 99
18
98
9814 98
9814
94
975s
7
9634 Sale 9634
9634
9412 10112
9612 215
9612 Sale 96
87
95
13
8712
88
8818 89
9334 91
9358 Sale 9318
9034 94
9734
92
9714 Sale 9714
9734 21
96
9938
46
99 Sale 9812
99
9058 9334
9338 75
9312 Sale 9234
9958 10314
10314 12
103 Sale 103
98
93
9614 Mar'24
_
94 100
29
98 Sale 9712
98
9378 96
9612
_ 06 May'24
10414 10778
106 fOi 107 June'24
9378 Sale 9312 9378 26 8714 93
9958 10334
10258 Sale 10258 10334 47
94
90
54
94
9378 Sale 9314
9318 10014
9934
9912 100
10018 41
82
70
28
79
7878 Sale 7812
8478 102
11
97
96
98
97
13
9478 98
98
98 Sale 9712
93
1
9634
9612 Sale 9612
9612
_
9012 94
93 June'24
9312
9778 ig3-4 9834 98,4 7 95 99
86
4
9312
9012 Sale 90
9012
803/1 90
6
8534
8584 Sale 8512
8934 9534
9378 05
94
95,
4 15
105 Sale 10458 10518 11 103 10518
10418 1054
105 106 105 July'24
5
8878 95
8958
8912
8938 91
4 10938 11614
114
114 Sale 114
64 1064 110
110
10938 Sale 10938
77 100
9918 176
9814 Sale 96
150 106 122
108
10638 Sale 106
954
12
92
94
9358 9378 9358
96
16
93
9634
96 Sale 9518
9034 14
9058 Sale 9012
875s 9158
80 Sale SO
7512 9112
80 . 1
91
91
Jan'24
90
__ _ _ 91
2
74
90
7412 Sale 7412
75
7614 84
2
83
83
8918
758 80
1
7538
7258 -7-6
7538
5212 58
3
5312 50
55
5514
9112 9,5
7
9414
9414 Sale 9414
9512 10014
25
100 Sale 9934
100
7 102 105
10412 10458 104
10458
63 9354 100
100 Sale 9878
100
6 100 10234
101 102 102
102
7 10012 10312
103 Sale 103
10318
8378,9118
9118 Sale 8914
9118 15
9278 111
92 Sale 9118
8778 97
8578 Salo 8534
8334 9014
8634 32
10018 Sale 9934
10014 75
97 1003s
10018 Sale 9978
10014 52
9578 1003s
8412 Sale 84
8458 93
8185 86
32 10058 10412
10214 Sale 10214
103
9913
98 Sale 9734
94
9834 26
251
9534 Sale 9538
934 90
96
23
9134 Sale 9112
87
92
92
_
105 May'24
100 105
-99 Sale 9812 99 22 944 9918
9554 98
1
98
9814 9858
9858
10458 Sale 10412 105
36 103 106
2
97
9612 97
97
9512 9712
9712
9712
92
9712 July'24
10478
10478 May'24
8418 105
101
101
9914 10212
101
10114 1-91-710114
9712 103
8 10114
69
98 Sale 9758
9358 9878
98
14
5512 Sale 4912
5334 59
5614
4914 Sale 4918
3912 5012
5012 252
11
94
95
94
94
9278 96
10314 13 102 10434
103 Sale 103
27 106 109
10834 Sale 10812
109
10014 Sale 10018
10014 58
9812 10012
9578
9234 Nov'23
87 Dec'23
8178 -90
--7712 8812 8914 Oct'23
____
_
96
97
955s
9612 16
93 -984
974 9973
9934 Sale 0912
9
9978
9734 Sale 9712
9058 98
97,
4 42
75 May'24
70
75
70
9758 -99;
3 9812 June'24
9514 9812
5
10112 10134 10114
10134
9912 102
10458 Sale 104
10458 30 103 10518
11434 Sale 11334
11434 23 1114 11434
9712 Sale 9678
924 9812
97,
4 19
41
98 Sale 9712
987s
98
91
31
6814 Sale 6814
69
6118 705s
9012 9112 8934 June'24
90
86
ygt, 10185
101 Sale 10038
7
101
10612 10778 107 July'24
103 108
9978 June'24 9958 100
8278 116
8234 Sale 8158
7918 8778
10212 54
10212 Sale 101
9918 1064
10138 Sale 10158
10158 12
9934 10112
10434 Sale 10414
10434 130 102 105
104 June'24 - 10134 105
8512 Sale
81
8734
80
9258 Sale 9114
49
93
875s 9314
9758
971
1
9758
98
98
8-9/12 9612
9612
6
9712
9018 9854
62 Sale 62
126
64
5318 8512
3018 Sale 3018
40
33
28
734
31 Sale 31
2
76
3214
27
9012 9138 9012
92
1
0012
88
9212 Sale 9218
40
93
93
88
94 Sale 94
9412 13
8914 973s
10112 Sale 101
102
18 101 10314
924 Sale 9112
91 963s
9314 55
1001
9938 10158
1
10014
- 10014
99 4-9914 99
1
99
9618 9938
9412 Sale 9212
894 9512
9512 58
10412 10434 10338
7 101 10434
10434
107 10712 107
10712 19 10414 10734
921., Sale 9112
130
93
8634 93
9814 Sale 9778
9812 264
9611 9878
9912 100
100
15
9614 100
9318 -9378 9318
1
9018 94
9318
11214 Sale 11018
11214 58 10858 11214
108 Sale 10778
10812 47 10654 10914
6812 Sale 6512
69
38
56
797a
98 Sale 9758
98
48
9734 9812
8818 Sale 82
8934 171
985s
80
5218 Sale 4818
44
9234
5612 77
58 Sale 52
6212 72
4712 100
102 Sale 10114
102
47 10034 10254
9534 Sale 95
9578 85
944 97
No price Friday,latest bid and asked. aDue Jan dDue April. cDue Mar. eDue
May. gDue June. hDue July. Wile Aug. oDue Oct. pDue Dec. S Option sale.
189*
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "1."
Standard 011 Stocks Par Bid. Ask.
Railroad Equipments Per CS, Basis
Anglo-American Oil new_ El' *1434 18
5.30 5.00
Atlantic Coast Line Os
Atlantic Refining
8812
100 88
5.15 5.00
Equipment 6845
Preferred
100 114 11412 Baltimore & Ohio 66
5.30 5.05
Borne Serymser Co
100 220 225
5.00 4.80
Equipment 4855 A 55-Buckeye Pipe Line Co_-50 *62 63 Buff Roeh & Pitts equip 65_ 5.30 5.00
Chesebrough Mfg new... 25 *4914 50 Canadian PacIfic 484e & 8s_ 5.00 4.90
Preferred
100 11312 115 CentralRR of N .1 65
5.35 5.05
Continental 011 new..
42 Chesapeake & Ohio 6s
__ _ 25 •38
5.35 5.10
Crescent Pipe Line Co
50 •1134 13
.5.20 5.00
Equipment6345
Cumberland Pipe Line_ _100 130 133
5.05 4.75
Equipment55
Eureka Pipe Line Co
96 Chicago Burl & Quincy Os._ 5.35 5.05
100 94
Galena Signal 011com_ _ _ 100 54
57 Chicago& Eastern III 5345. 5.40 5.10
Preferred old
100 110 118 Chicago & North West 65_ 5.45 5.15
Preferred new
100 102 105
5.20 5.00
Equipment04I
Humble Oil& Ref new.. 25 *3514 36 Chic RI & Pac 434s & 55
5.20 5.00
Illinois Pipe Line
100 132 134
5.55 5.30
Equipment6s
Imperial 011
25 *100 101
5.50 5.20
Colorado & Southern 6s
Indiana Pipe Line Co
93 Delaware & Hudson fle
50 •92
5.35 5.05
International Petroleum_(I) *1712 1758 Erie 434s & 55
5.40 5.10
Magnolia Petroleum__ 100 126 12912
5.45 5.20
Equipment68
National Transit Co _12.50 *2134 2212 Great Northern 65
5.40 5.15
New York Transit Co_ _100 64
70
5.10 4.95
Equipment Os
84 Hocking Valley 65
Northern Pipe Line Co_ _100 82
5.50 5.20
Ohio 011 new
25 *6012 61
5.10 4.90
Equipment 55
Penn Mex Fuel Co
30 Illinois Central 484s & 55.._ 5.00 4.80
25 *23
Prairie 011 & Gas new
100 2071* 2081., Equipment68
5.35 .5.05
Prairie Pipe Line new,,._100 10212 10314
5.20 5.00
Equipment 75 &
Solar Refining
100 180 187 Kanawha & Michigan 65
5.65 5.30
Southern Pipe Line Co_ _100 951. 9612
5.25 5.05
Equipment434.
South Penn Oil
100 124 126 Kansas City Southern 580- .5.35 5.05
Southwest Pa Pipe Lines_100 84 80 Louisville & Nashville 655.30 5.00
Standard 011 (California) 25 *5678 5712
5.20 5.00
Equipment634s
Standard 011(Indiana)._ 25 *5578 56 Michigan Central 58 & 65_ 5.20 4.80
Standard 011(Kan)
25 3914 40 Minn SIP & S BM 4848 AS. 5.30 5.00
Standard 011(Kentucky) 25 *108 10812
Equipment 834s & 75.,... 5.30 5.10
Standard 011(Nebraska) 100 232 235 Missouri Kansas & Texas 13e 5.70 5.25
Standard 01101 New Jer_ 25 *3418 35 Missouri Pacific 68 & 0345.. 5.70 5.40
Preferred
100 117% 118 Mobile & Ohio 4845 & 5s
5.15 5.00
Standard 011 of New York 25 *3918 3912 New York Central*is& 5e 5.00 4.80
Standard Oil(Ohio)
100 284 288
5.35 5.00
Equipment65
Preferred
100 119 120
5.10 4.95
Equipment 75
40 Norfolk & Western 4845_ _.... 4.95 4.75
Swan & Finch
100 37
Union Tank Car Co.,,.,,100 10312 105 Northern Pacific 75
5.15 4.95
Preferred
100 113 115 Pacific Fruit Express 7s
5.10 4.95
Vacuum Oil new
25 *6238 6234 Pennsylvania RR eq 5s & Os .5.30 4.90
Washington 011
10 *281. 30 Pitts & Lake Erie 6845
5.37 5.10
Other 011 Stocks
5.60 5.25
Equipment66
Atlantic Lobos 011
312 Reading Co 484e & 55
(3) *3
5.00 4.80
12 St Louts & San Francisco 55. 5.40 5.10
Preferred
50 *5
58 Seaboard Air Line .04s & 5e 5.90 5.40
Gulf Oil new
25 *57
Mexican Eagle 011
5 *238 334 Southern Pacific Co 434a
5.00 4.80
Mutual 011
5 •978 10
5.10 4.95
Equipment75
National Fuel Gas
100 100 102 Southern By 4345 & 51
5.15 4.95
Salt Creek Producers,,
10 *2378 24
5.45 5.20
Equipment65
Sapulpa Refining
5 *112 134 Toledo & Ohio Central M.__ 5.60 5.30
5.05 4.90
Union Pacific 78
Public BMWs@
Tobacco Stocks
Amer Gas & Elea new---(t) *7312 7412 American Cigar common 100 76
78
46
Preferred
50 *245
100 84
87
Preferred
96 Amer Machine & Fdry 100 145
M&N 95
Deb 68 2014
12612
Amer Light & Trao com-100 12512
British-Amer Tobaa ord. Ll 2212 2312
93
Preferred
100 92
El *23
2334
Bearer
Amer Power & Lt corn_ _100 281 285 Helms (Geo W)Co. new 25 *5812 60
92
Preferred
100 90
100 111 114
Preferred
95 Imperial Tob of0B & Irel'd *1612 17
Deb 135 2016
M&S 94
Amer Public Util aom_100 64
Int Cigar Machinery-100 55 65
SO Johnson Tin Foil & Met_100 75
7% prior prat
100 78
100 62 65 MacAndrews & Forbes_ _100 143 145
4% Dania pref
75
Blackstone Val G &E corn 50 72
100 98 100
Preferred
Carolina Pow & Lt com_100 138 142 Mengel Co
100 30
32
Cities Service Co corn_ _100 136 13612 Porto Rican-Amer Tob_ _100 50 60
Preferred
100 7314 7334 Universal Leaf Tob com_100 30
32
CitiesServiceBankere'Shares 1312 14
100 83
86
Preferred
Colorado Power com___ _100 33
35 Young (J 5) Co
100 115 120
Preferred
00
100 86
100 103 105
Preferred
Com'w'th Pow Corp corn (3) *9712 98
Rubber Stocks(Cleveland) prim)
Preferred
100 78
80 Firestone Tire & Rub corn 10 *66
6834
Consumers Power pref 100 88
91
100 9512 97
6% preferred
Elee Bond & Share pref _100 102 103
100 86
7% preferred
Elec By Securities
(2) *1612 1712 General Tire & Rub corn 50 165 fgcr
Lehigh Power Securities_(t) *8012 8112
Preferred
100
100
Mississippi Rly Pow corn 100 2812 2912 Goodyear Tire AR com_100 io
1018
Preferred
100 8412 8612 Goody'r TAR of Can p1.100 v7114
First mtge 58. 1951 J&J 96
97 India Tire & Rub corn...100 68
S F g deb 75 1935__M&N 102 103
100 70
Preferred
75
(t) *131 133 Mason Tire & Rub com_(t)
Nat Power & Lt corn
114
1
Preferred
91
(t) *89
100 16
18
Preferred
Income 75 1972
96 Miller Rubber
J&J 95
100 65
Northern Ohio Electric_(t) *10
11
100 94
Preferred
Preferred
100 32
34 Mohawk Rubber
5
100
10
North States Pow com_100 9912
5'0
55
Preferred
Preferred
100 9212
Selberling Tire & Rubber(t) *334 412
Nor Texas Ellie Co oom_100 61
64
100 48
55
Preferred
Preferred
100 70
73 Swinehart Tire & R com_100
12
Pacific Gas & El let peel 100 8934 8978
100
Preferred
Power Securities oom
(3) *13
14
Sugar Stocks
Second preferred
42 Caracas Sugar
14
50 *11
(I) •38
Coll trust 65 1949.._J&D 88 92 Cent Aguirre Sugar corn _ 20 •76
77
Incomes June 1949__F&A /73
100 102 104
76 Fajardo Sugar
Puget Sound Pow & Lt_ _100 59
Federal Sugar Ref com-100 55 60
8% preferred
100 78
100 90 100
83
Preferred
7% preferred
100 10012 10312 Godchaux Sugar. Inc .0) *4
6
Gen mtge 7345 1941_ RI&N 105
100 21
24
Preferred
Republic By & Light-100 36
25 *8412 8712
38 Great Western Sugar
Preferred
100 67
70 Holly Sugar Corp corn--(t) *20
25
South Calif Edison oom_100 97
100 77
99
Preferred
79
8% Preferred
100 114
Juncos Central Sugar,._100 110 120
Standard Gas & Elec
National Sugar Refining _100 87
89
7% cum prior pref....100 91
9312 New Mauer° Sugar.. .100 90
95
8% cum pref
50 *48
50 Banta Cecilia Bug Corp 01 100
3
6
Tennessee Elea Power
(t) *38 3834 Savannah Sugar corn _(t) .60 65
Second preferred
(t) *60 66
Preferred
100 81
85
Western Power Corp....100 32
33 Sugar Estates Oriente pf 100 91
9312
Preferred
100 82
84 West India Sag Fin com-100 12
_
Short Term Securities
Preferred
100 20 -2-5 Am Cot Oil 65 1924__M&S2 10018
IndustrIalithilscell
AnacondaCop Mines'29J&J 10312 104 American Hardware____100 6412 66
Ang/o-Amer 011784s'25 A&O 10238 10258 Amer Typefounders own 100 97
99
Federal Sag Ref 138'33_M&N 9812 09
100 98 100
Preferred
Hocking Valley fre 1926 M&S 10034 10118 Babcock & Wilcox
100 119 122
Interboro R T 8s 1922_M&S
Bliss (E W) Co new,. 0) *10
12
K 0 Term Ry50 *50
Preferred
58
Ole July 1931
J&J 10312
Borden Company oom_100 122 124
512s
1926 10218 10238
Preferred
100 102 104
Lehigh Pow Sec 6e '27..F&A 10058 101
Celluloid Company
100 50
60
51089-Shelf MI Os '29_F&A 101 102
Preferred
100
107
U S Rubber 784e 1930..F&A 10114 10112 Childs Company corn new(:) *37
40
Joint Stk Land Bk Bonds
Preferred
10(3 111 114
ChicJt Stk Land Bk 55_1951 101 10134 Hercules Powder
100 86
89
55 1952 opt 1932
101 10134
Preferred
100 101 103
55 1963 opt 1933
10112 10214 International Salt
100 72
76
5845 1951 opt 1931
10214 10312 International Silver peel 100 103 105
454s 1952 opt 1932
9934 10012 Lehigh Valley Coal Sales 50 70
81
484s 1952 opt 1932
95
9710 Phelps Dodge Corp
100 101 106
4Us 1963 opt 1933
9934 10012 Royal Baking Pow com-100 130 135
Par Coast of Portland, Ore
Preferred
100 09 100
58 1054 op 1034
J&J 10012 10134 Singer Manufacturing_100 144 146
•Per share. t No Par value. b Basis. d Purchaser also pays accrued dividend.
New stock.
Flat price. k Last sale. n Nominal.
Ex-dividend. y Ex-rights.
Ex-stock dividend. s Sale price. v Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Record80
I'4 DS
190
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 5.
Monday.
July 7.
TuesdaY,
Jug/ 8.
Wednesday. Thursday,
July 9.
July 10.
I
Friday,
July 11.
Sales
for
the
Week.
STOCKS
• BOSTON STOCK
EXCHANGE
Range Since Jan. 1 1924
Lowest
Railroad.
arSh es.
153 153
153 153 153 153
270 Boston & Albany
100 14578 Mar 27
152 153 152 153
74
734 74 *7312 ____ 7334 74
74 • 74
239 Boston Elevated
74
100 7312June 24
9012 994 *8914
__ *8714 ____ 8914 8914
92 92
18 Do pref
100 89 June 18
11212
*112 1-13 *112
11212 113
18 Do let pref
100 110 June 18
*113 114
109 Do 2d pref
100 9512June 10
974 9734 9714 9734 *971. 9734 974 9734 9734 9734
84 Jan 2
1312 1314 1314
201 Boston & Maine
100
13/8 133s 1338 1312 1312 1378 13
*13 __ __ *13
__ 13
13
5 Do pref
*13
100 12 Jan 10
*16
17
16 16
16
16
16
16
115 Do Series A lot pref-100 13 June 12
_
22
22
40 Do Series B 1st pre:-100 1712 Jan 2
*22 _ _
194 1912 *22__
20
- - 20
20
12 Do Series C lot pref-100 16 Feb 27
•20
33 Do Series D lot pref_-100 23 Jan 3
*28
30 28 28 *28 2812 2812 2812
*148 __.- *147
__ *150 ____ 150 150
6 Boston & Providence
100 143 Jan 4
100 18 May 12
130 East Mass Street Ry Co
2512 26
10 Do 1st pref
100 5812 Jan 8
*__ 68 ;67- -8.8.- ;67- -di- -67- -6-7 5612 57 *5612 57
*__ 57
57
58
130 Do PrefB
100 48 May 25
393 Do adjustment
36
36
36
35
354
3634 3634 36
100 28 May 21
....__ East Mass St Ry (tr °Us)-100 3134 Apr 23
-27
*2712 32 ;ii- Ili' "ill ii
2910 Maine Central
100 25 June 19
2438 244 2518 244 25
24
2478 -24- 24-14 5,676 N Y NH & Hartford
100 14 Jan 3
-2438 -2434 24
4 Northern New Hampshire-100 62 Jan 14
*6612 6812 6634 6634 *69
73
70 70
---- ---___ 95 59212 9312' 9312 9312 95
96 --------50 Norwich & Worcester pre:.100 80 Jan 2
100 7212 Jan 4
8712 88
86
86
8586
105 Old Colony
.88
88
-r-38.- -88 - *-88 88
Rutland pref
100 34 Mar 3
*3615 38
3712
-----------63*80
Vermont & Massachusette-100 70 Jan 22
-iii2 -i7- 75
75
82
Miscellaneous
.
___ Amer Pneumatic Service 25
*1% 178 *1% 178 *1% 178 *14 178 ____
114 Apr 11
+13
14
50 12 Jan 3
14
14
*13
14 *13
13 -13 - ___ 100 Do pref
14
12214 12212 12114 12334 12314 12368 123 12312 123 12314 12234 12318 2,988 Amer Telephone & Teleg-100 121 June 24
No par 65 Apr 28
305 Amoskeag Mfg
67 6712 *67 6712 56712 6712 6712 6712 6712 70
67 67
No par 7134May 7
124 Do pref
7512 754 *7512
27314 7334 7314 7314 7334 7334
*14
17 I __ _ _ _ ______ Art Metal Construe.Inc„... 10 16 Feb 15
17 . *14
17 .14
17
- - - *14
712' _ _ _ ____ ______ Atlas Tack Corp
June 10
712 *6
712 *6
712 *6
---- *6
iV_O_1
"
100 104 Jan 18
____
10712 108 1'10712 __ __ *10712 --- 107 107 ---------36 Boston Cons Gas Co pref
___ Boston Mex Pet Trus No par .07 Mar 29
•.07 .10 *.07 .10 *.07 .10 •.07 .10 ___
2412 25
10 23 June 25
25
2478 25
2414 -2-5 - ___666 Connor (John T)
25
24
25 I 25
25
26
26
2412May 22
--------276 Dominion Stores, Ltd
*2514 26
26 *2514 2612 2412 26
26
*85 90
Preferred A
100 84 Jan 15
-------- ______
*85 90 *85
90 *85 90
*212 4
10
*212 4
_
*212 4
*212 4
24Mar 5
______ East Boston Land
-*3
5 June 18
*378 5
4
Eastern Manufacturing... 5
*378 5
*378 5
*34 5
SS
inc
25
38
*48
Eastern
Lines,
4912
50
4812
Jan 3
50
4812
*48
50
80
-par 35 Jan 25
No 1w
37 37
-_ -__-:
38 *23512 37 *53512 37
10 Preferred
- - - *36
___
88
8512 Jan 8
1st preferred
______
*86 88 *36
88 *86 ,88 *86
100 1634 Jan 2
- -679 Edison Electric Ilium
18012 iii 18034 181 180 181 18034 181 18012 181 1807e 181
No par
*3
4
*3
4
___ __ _'Elder Corporation
4
*3
*3
212 Jan 17
26
28
*25
26
26
26
42.i135 Galveston-Houston Eleo-100 13 Jan 11
*25
26 *25
par
Gardner
Motor
No
5
Jan 2
4
_7::
..
4
-._
--.-- -- ---- ---- --;,- ---;1314 ii- :25 1234 Mar 31
1312 -ii., Ii51
160 Greenfield Tap & Die
-o
---_ -___j3I 5311 *14
No par 46 Mar 25
4612 47
47 47
47 . 47
80 Hood Rubber
---- ---- *464 47
*43
44
____ ____ ______ Internal Cement Corp_No par 41 Apr 28
*43 44
*4314 4334 _ __ _
*.15 .30 ____ ____ ______ International Products_No par .10 Feb 18
*.15 .30 *.15 .30 *.15 --.51
*112 __ __ ___ ____ ______
*p, ____ *112
100 .25 Feb 14
*112 _ _
Kidder,
oerPref
Peabody Acceptance
100 80 Jan .3
8314
100 Corp Class A pref
*8314 8312 *3314 8312 *834 8312 *8314 8312 8314 __._
4 June 12
10
44 412
412 5
434
153 Libby,McNeill& Libby
412 412
__ ______ Lincoln Fire Insurance.... 20 70 Jan 9
_ 70 *x_ _ _ 70
*x___ 70
9 Mar 21
25
1012 --------150 Loew's Theatres
10
10
10
10
10
10
100 6912July 7
70
375 Massachusetts Gas Cos
4 7014 7034 70
"0934 19-4 6912 70 70 704 70 703
*63 64
63 6457
Do
100 62 June 26
6334 6334 63 64
90
2 merg
63 63
63 63
enP
tarier Linotype.-100 150 Apr 22
160 16034 15934 160 •159 160
159 160
161 161
1214 1212 *12
13
612 Jan 2
1212 1212 --------315 Mexican Investment,Inc- 10
1318
13
2812 29
29 *2834 29
2834 29
2812 2834
898 Mississippi River Power-100 19 Feb 18
2812 2812 29
85 85 *85
100 80 Jan 4
85 85
84 84
65 Do stamped pre:
2 Apr 24
10
214 --2-4
24 212 *214 212 *214 212
24 24
214 214
574 National Leather
44 44 *4
2 Jan 2
4
414
4
44
*3
414 414 3,077 New England 011 Corp tr ct.fs_
---*16 ____ ____
Preferred (tr ctfs)
*16
*16 _
100 17 Jan 10
*16
_
___
.___534 New England Telephone-100 10312 Apr 24
10412 10412 10412 foil; 104 10412 10438 10412 10414 105 105 10511
1912 *19
1934 1914 1914
1918 1914 *1914 1938 *19
1 14 Jan 16
440 Orpheum Circuit, Inc
7214June 30
7612 78
79
80
7412 7512 7412 75
7918 8012 1,173 Pacific Mills
75
75
__2 --12
15
*1518 151
15
1M
1512 1612
10 1434 .lan 6
1512 154 15
---2
81 Reece Button Hole
218May 14
*234 3
5
4'234 3
238 234 ____ ____
*212 3
90 Reece Folding Machine- 10
.15 .15 •.15 .50
.15 Apr 14
*.15 .50
.15 .15 --------110 Simms Magneto
10034 10112 101 10112 10118 114
100 100 June 11
10012 10078 10038 101
649 Swift & Co
3712 3712 *361., 3712 *3612 3712 38 38188 Torrington
25 3512June 3
37
36
7 Feb 2
8
5
8
8 *_ _ _ _
8
__
___ Union Twist Drill
3614 357s 364 36
25 34 Jan 3
3638 36
36
3612 -3614 ---3612 _ -_
4,392 United Shoe Mach Corp
2512 26
2512 26
25 2438 Feb 29
2538 26
*2512 26
2534 2534
982 Do Pre
2234 2234 2214 2234 2212 224 2212 23
-.2
.212 13-4 2238 23
1,485 Ventura Consol 011 Fields_ 5 2214 July 9
153s 1512 1514 1512 1512 1512 1512 1512 1512 1578 1512 1638 2,060 Waldorf Sys,Inc,new sh No par 1378 Apr 30
*7
8
64 Jan 11
*7
8
*7
8
*7
8
282 Walth Watch Cl B com_No par
712 712
100 14 June 10
1512 1534 1512 1512 1512 1512 -- - - -- -*1534 16
85 Preferred trust Ws
18
*1612 17 *17
1718 1718 *1718 18
____
25 Walworth Manufacturing- 20 1512June 20
34
35
35
ao 2918 Jan 3
3412 34
344 33
34
3414683 Warren Bros
3334 ---38 *37
*3534 38 •37
38 *37
50 3434 Apr 25
38
25. Do lot pref
39
39
Do 2d pref
40 .38
40 *38
____ _ _ ______
*38
42 *38
40
50 38 Mar 5
Wickwire Spencer Steel_ 5
2 May 9
Mining
_ *.20 __
25 .20 Apr 8
*.20 _--- •.20
*.20 __ •_. _____ Adventure Consolidated
c
M0ins3
n1
7.05 .15 +.05 .15
25 .10 Jan 15
*.05 .15 *.05 .15 *05 .15 '
200
ng
114 114
Arcadian
lidated__- 25 .75 June 16
114 114
14 14 *115 112 •14 112
114 114
:12
Highest
PRE SHARK
Range for Previa.
Year 1923.
'Lowest
Highest
154 May 26
80 Jan 8
9614May 10
1164 Jan 24
100 Feb 27
1514 Mar 31
15 Feb 4
19 Jan 10
2412Mar 1
23 Apr 5
34 Apr 5
150 July 10
27 July 30
63 June 27
5878July 28
3912 Feo 14
3912 Feb 11
3712 Apr 9
2538June 27
70 July 10
96 July 10
88 June 26
4138 Jan 14
85 Mar 13
143 Apr
75 June
9112 Aug
1114 Aug
95 Nov
734 Dec
7 Dec
124 Oct
1512 Dec
154 Dec
20 Dec
135 July
18 Feb
58 Deo
504 Dec
31 Dec
31 Nov
2212 Dec
934 July
62 Dec
75 Dec
644 Oct
2112 Aug
70 Nov
151 June
84 Jan
100 Mar
125 June
106 Mar
2013 Mar
27 Feb
3212 Mar
48 Feb
42 Mar
59 Feb
16012 Jan
35 Mar
72 Jan
65 Mar
46 Mar
45 Mar
43 Jan
2212 Jan
84 Feb
100 Jan
81 Feb
3878 Dee
93 Jan
2 Jan 18
15 June 5
13078 Mar 12
83 Jan 14
774 Jan 19
16 Feb 15
1014 Jan 8
108 July 1
.20 Jan 10
281a Mar 5
3014 Feb 14
85 Jan 5
3 Feb 25
812 Feb 6
5514 Mar 8
40 Feb 7
93 Mar 8
181 Juno 24
438May 14
28 July 11
64 Jan 8
1578 Jan 71
52 Jan 8
44% Feb13
112May 28
2 June 20
1 Sept
12 Dec
119 June
6711 Oct
72 Oct
1434 Nov
8 Dec
104 Oct
.05 Dec
19 July
2512 Dec
34 Jan
20 Jan
12812 Dec
112 Jan
88 Jan
1812 Mar
204 Feb
10812 Feb
.30 • Jan
27 Mar
2614 Dee
4 Jar.
- 2 -Be;
5 Dec 144 Mar
31 Nov 12712 Mar
35 Oct 40 Oct
85 Aug 88 Oct
152311 Nov 172 Jan
112 Dee 1078 Jan
5 July 2912 Feb
514 Dec 1538 Mar
1434 Nov 24 Feb
50 Dec 6318 Mar
32 July 44 Mar
3 Mar
.10 Dec
8 Mar
.60 Dec
8334 Mar 22 80 May 834 Feb
613 Jan 4 418 Dec 812 Aug
70 Jan 9
1012 Jan 9
814 itli; 11 'Xin:
81 Feb 20
734 Dec 874 Jan
70 Jan 31
82 Dec 73 Jan
162 July 3 147 June 179 Jan
1738 Feb 21
3 Dec 1414 Feb
2934 Tune 23
18 Nov 2814 Jan
85 July 8 80 Jan 84 Feb
438 Jan 28
1% Dec
834 Feb
412 Sept
2 Oct
534 Apr 8
3114 Mar 20
124 Dec 16 Oct
11512 Jan 31 110 Dec 122 Jan
204 Jan 2
1634 July 2112 Ap
87 Feb 14
84 De 190 Jan
1534 Apr 2 z14114 Dec 18 Mar
314 mar
3 Jan 2
2 Jan
2 Feb
.40 Feb 15 .10 De
9812 Jun 10912 Jan
10512 Mar 6
4212 Jan 11
394 Dec 50 Mar
10 Feb 18
6 Dec 11 Mar
3838July 1
3215 Nov 5534 Mar
27 Jan 7
2418 June 2814 Jan
27 Jan 29
194 Aug 30 Jan
1714 Jan 9
15 Dec e2218 Mar
1012 Feb 1
5 Feb 13 Mar
2312 Feb 13
15 Dec 2912 Mar
2114 Feb 11
1114 Jan 18 Dec
3834 Mar 12
2512 Jan 3412 Mar
41 Jan 25
3012 Dec 3912 Mar
42 Jan 18
33 July 42 Mar
54 Jan 14
3 Dec 1211 Feb
.20 Apr 8 .10 Nov
1 Feb
.20 Mar 20 .10 July .60 Mar
214 Jan 8 .70 July
414 Mar
812 812
812 838 *812 818
8,2 8,2
8 Jan 2
934 Jan 7
615 Arizona Commercial
812 812
7 Dec 144 Mar
---17 •16
*16
17
16
10 14 June 13 1878 Jan 15
17
17 *16
16
10 Bingham Mines
•16
144 Oct 19 Feb
------25 13118May 15 1978 Jan 7
1434 1434 1412 1434 144 1434 1438 1438 •1412 1434 1,251 Calumet & Hecht
17 Oct 49 June
---1
1
*1
114 •1
114
178 Dec
1
94 Feb
1
1 Mar 31
2,020 Carson Hill Gold
1
3 Feb 1
214 2112 *21
22
2134 20
25 1812June 6 267/4 Feb 15
134 21112
2218 Oct 4614 Mar
87 Copper Range Co
*2034 2114 *21
Davis-Daly Copper
10
5 Feb
24 Jun
434 Jan 23
34 Jan 3
4l
41 -;;414 - -411
414
512 Jan 24
*414 4i
4 -II;
334June 12
438 Nov 1112 Mar
400 East Butte Copper Mining- 10
25 .40 May 24
218 Mar
1 Jan 8 .30 May
*AO .70 *AO .70 *AO .70 *A5 .70 *.60 .75
*.80 1 :0
Hancock Consolidated
*.75 1
Oct
2.
2834 2312
25 .75 June 26
•.75 1
1
2 Jan 28
1
4 Mar
*.75 1
75 Hardy Coal Co
2112June 24 2812 Jan 7 2434 Ma
3318 June
2318 2318 •223i 234 2312 2312 2312 2312
1 June 26 .10 Sep
ve
dtla
25 .30 May 10
e
ialn
114 Feb
*.70 .99 *.70 .90 *.70 .90 *.70 .90 *.70 .90
109 109
10834 109
10812 109
1 9414 Apr 2 111 June 23 934 Nov 11512 Apr
226 Island Creek Coal
109 1094 109 109
96
9612 96
1 90 June 4 9612July 10
*9512 96
95 95
9014 Nov 10015 Mar
96
138 Do pref
9512 96
1218 1212 1212 1212
13
25 12 June 7 20 Jan 3
16 Oct 3314 Mar
195 Isle Royal Copper
*1212 1312 •1212 134 13
Kerr Lake
a 112Mar 5 218 Feb 13 178 De
•112 134 •112 134 *112 134 '112 134 *112 134
34 Jan
Keweenaw Copper
1 Feb 19 .60 Sep
25 .50 Jan 7
*.65 .75 '.60 .75 •.60 .75 *.65 .75 *.65 .75
214 Mar
112 *114 112
25 .90 Apr 3
112 112 *114 112 *114 112 *114
114 Jan 28
1 Oct
10 Lake Copper Co
514 Mar
Copper
*.75 1
114 Feb 8 .50 Dec
25 .70 June 13
•.75 1
La Salle
•.75 1
*.75 1
314 Mar
•.75 1
a 138July 7 2 Mar 7 118 Nov 238 MST
200 Mason Valley Mine
118 138 *114 112 •114 112 *114 112 •114 112
Consolidated
+.70
.80
*.70 .80
25 .50 Jan 8
1 Jan 5 .50 De
100 Mass
.75 .75
414 Mar
*.65 .75 *.65 .75
112 112
112 112
2 Jan 11
25 .80 Apr 9
112 112
*112 134
290 Mayflower-Old Colony
112 112
7 Feb
112 Oct
25
2512 *25
26
25 2312June 13 3512 Feb 15
26
*25
148 Mohawk
*2512 2612 25
27 Oat 71 Mar
26
18
1612 Jan 2 197s Jan 7
18
305 New Cornelia Copper
2412 Mar
1414 Oo
18
181s 184 184 *1734 1818 1778 18
114 114
.75 June 19
114 114
234 Apr 7
114 114 1,200 New Dominion Copper
44 Apr
114 13s
14 14
24 Au
*35
River
__
_
_
35
June
16
Company
*35
40
New
100
Mar
11
16
*35
40
Apr
Apr
35
35 *35
35
- pref
+6212 65Do
100 60 June 10 75 Mar 11
*6212 65 - *6212 65
72 Nov 84 Mar
*6212 65 *6212 65
5
434 July
534 Jan 10 81111Feb 1
618 *x6
614 Feb
618
64 *56
100 N11)1881129 Mines
*26 ' 618 *56
6
6
312 312
15
2 Jan 16
412June 21
312 34
1% Nov 1234 Mar
312 1,150 North Butte
312 312
334 4
25 .40 June 10 .90 Jan 3 .50 Nov
.60 *.50 .75 *.50 .75
218 Mar
200 0JibwaY Mining
.60 .60
.60
•I7
Dominion
Co
*17
1712
15
1712
25
1712
Jan
30
Old
1312 Oct 3215 Mar
193
4
150
Apr
28
*17
17
17
*17
1712
44 Nov
*312 4
*312 4
312 Jan 3
*314 4
Park City Mining & Smelt- 5
214 Aug
54 Feb I
+34 4
*312 4
11
1034 11
11
12
1214 Dec 164 Mar
130 Pd Crk Pocahontas Co_No par 1034July 11 13 June 24
*11
12
12 *11
*11
*1512 17
17
25 14 June 10 234 Feb 15
18 Oct 50 Mar
17 •16
*16
1634 17
35 Quincy
16
16
2712
25 26 June 16 35 Feb 20
2712 *2714 2712 *27
27 Oct 534 Mar
55 St Mary's Mineral Land
2712 2712 *27
28
2712 2712 *27
112 Mar
10 .30 Apr 2 .75 June 27 .30 Dec
100 Shannon
.55 .55 •.50 .65 •.50 .65 *.50 .65 *45 .65
1 Aug
*.15 .75 •.15 .75
.10 June
25
South Lake
•.15 .75 *.15 .75 •.15 .75
112 *1
14 s1
112
314 Mar
1 Dec
Superior
i1 Jan 18
25 .90 Jan 15
112 si
112 *1
*1
314 Feb
Superior & Boston Copper- 10 .40 Apr 23
1 Jan 11 .65 Dec
•.55 .65 *.55 .6.5 *.55 .65 .7.55 .75 •.55 .75
112 Feb
Trinity Copper Corp
.30 Feb 18 .85 Jan 28 .20 Oct
118 Aug
Tuolumne Copper
10 .10 Jan 24 .50 Feb 7 .30 Dec
- 21s
213 -.7'2- --i1-8
6 Apr
24 Oct
178June 26
314Mar 8
5
400 Utah-APex Mining
14 *215 -2-3;
3 Mar
1 .01 Jan 3 .01 Jan 3 .01 Dee
- -- Utah Consolidated
14 Feb
Tie --*-2-7 --di 300
Utah Metal & Tunnel
1 .14 June 18 .45 Jan 4 .25 De
.30
Tio
.30 Tio
218 Feb
Victoria
25 .15 Apr 24 .75 Jan 3 .60 Aug
*.60 .70 ..60 .75 *.69 .00 *.60 .90 *MO .90
Dec
134 Mar
.10
Mar
10
*.16
.20
.35
Winona
25
.20
.13
Feb
.25
.25
*.16
80
*.16
.25
*.16 .25
I Mar
Wyandot
.25
25 .20 Mar 4 .20 Mar 4 .10 Dec
.25
.25
*___
.25 *
Ex-dividend. Ex-stock dividend. a Assessment paid. e Price on new basis.
*Bid and asked prices no sales on this dau. x Ex-rights. b Ex-div. and rights
THE CHRONICLE
JuLy 12 1924.]
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange July 5 to July 11, both inclusive:
Friday
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High. Week.
Bonds-
Range since Jan. 1.
Low.
59
Atl Gulf& W IBS L 58 1959
60% $67,000 42
Chic June fly & US Y 5540 97)4 9734 97% 7,000 92%
983 98% 1,000 95
1927
Current River 58
99)4 99)4 3.000 99%
Durham Pub Ser ser A 70'49
East Mass St RR ser B5'48 6434 6434 65
3,000 60
89% 89% 1,000 89%
Edison Brooklyn 1st 401939
1936
Hood Rubber 78
10134 10134 7,000 99%
Houston Lt & Pr 5s_ _1953 91% 91% 91% 7.000 88
92% 9234 5,000 87
K C Mem & B income 58.34
1929
Mass Gas 434a
96% 96% 1,000 9434
1931
434s
94% 94)1 10.000 91
Miss River Power 58._1951 97
96
97
5,700 92
New England Tel 5s-1932
99% 100
17,000 97
1934
New River 58
97
97
1,000 87
Swift & Co 55
1944 101
95 101
13.000 9434
Warren Bros 734s.....1937
112% 113
12.000 106
West Tel & Tel 5s.. _ _ _1932 99
99
995-4 15,000 95)1
High.
Jan 60%
Jan 973.4
Jan 9836
June 99 34
Jan 75
July 89%
May 102
Apr 9136
Jan 92%
Jan 97
Jan 95%
Jan 97
Jan 100
Jan 97
May 101
Jai 12434
Jan 99%
July
June
July
June
June
July
Feb
July
July
Apr
May
July
June
July
July
Mar
July
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange July 5 to July 11, both inclusive, compiled from official lists:
Stocks-
Pruray
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
ArundelSand & Grave1.100
Atlan Coast L(Conn)_ _100
50
Bait Electtric pref
Baltimore Tune pref. 100
Cent Tresea Sig, pref._ _10
Century Trust
50
Ches & Po Tel of Balt_100
Commercial Credit
•
25
Preferred
25
Preferred B
Consol Gas,E L & Pow_100
100
63-4% preferred
100
7% preferred
100
8% preferred
Consolidation Coal. -100
Eastern Rolling Mill
•
8% preferred
100
Equitable Trust Co_ _25
Fidelity dc Deposit
50
Finance Co of Am,pref_ _25
Finance & Guar, pref_ 25
Finance Service rights w I._
Houston 011 pref tr etts_100
Hurst (John II)
100
let preferred
100
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Trust preferred
25
Maryland Casualty CO._25
Mercantile Trust Co_ _ _50
Merch & Min Tr Co__ _100
Metropol Cos Ins N Y..25
Monon Valley Trac pref_25
Mt V-Wood M pf v t r_100
New Amsterdam Cas_100
Northern Central
50
Penne, Water & Power.100
Rights w I
Silica Gel Corp. corn
•
United fly & Electric. _50
Wash Bait & Annap, pf _50
West Md Dairy Inc,corn •
Preferred
50
11134
2334
243-4
2434
11734
102
108
.04
95
80
102
11734
.39
22
1836
21
5134
6134 615-4
12436 12434
42
42
5636 563-4
234 236
99
99
11034 11134
23
2334
2434 2434
2434 25
11734 11834
10134 10234
108 108
12036 121
72
72
74
74
98
9834
48
48
86
86
26
26
18
18
.04 .05
9331 95
1834 1834
87
87
5034 5034
24
24
2234 2234
2234 2236
80
8036
268 268
102 102
64
64
22
23
4634 4634
3836 3834
75
75
11734 11734
.38 .40
2136 23
1836 1834
20
21
293-4 2934
5134 52
BondsBalt Electric 55
93)
1947
Balt Traction 58
1929 9736 9734
Bernh-Leader St 7s._.1943
101
Central Ry cons 5s_ _1932
9834
Consol Gas con 434s_ _1954 90
90
C0nsGEL5rpserA 63'49
105
&Klee D 834s
1951
108
Consol Coal ref 5s_ _ _ _1950
88
Elkhorn Coal Corp 65_1925 9836 9834
Fair & Clarks Trac 511_1938
93%
Fairmont Coal fos
9751
1931
Georgia & Ala cons 5s.1945
8934
Go South & Fla 5s_ _ _ _1945
9434
Md Electric fly 1st 55_1931
9536
North Bolt Trac 5s_ _ _1942 9731 9731
Penns Water & Pr 5s_1940
9931
Petersburg CIA 5s_ _ _1926 9971 993-4
United E L & P 4%s_ _1029
97
United fly & Elec 45..1949 7134 71
Incline 4s
1949 5131 5136
Funding 55
1936
7234
68
1927
9736
fis
3949 97
97
Wash Bait dr Ann 59_1943
RA
99
98
101
983-4
90
105
10834
88
9836
94
975-1
8914
9434
9534
9731
9931
9934
97
7134
52
7236
0751
973.4
RA
Range since Jan. 1.
Low.
60 46
Jan
100 115
Jan
1 3931 Jan
35 53
Jan
120
236 May
Mar
25 99
11 10934 Jan
409 2234 June
172 2334 June
310 2434 May
669 z108
Mar
227 10036 June
14 z10434 Mar
43 11534 Jan
5 6934 Apr
15 0634 Jan
30 88
Jan
17 48
Feb
72 77 June
60 2534 May
3 18
Jan
1,085 .05
July
120 8651 May
4 1834 July
20 87
July
1 50
Feb
5 2334 Mar
2 22
Jan
Mar
33 22
97 75 June
21 250
Jan
3 102 June
30 64 June
45 17 May
11 45 June
25 3834 June
47 72
Apr
452 9851 Jan
1,615 .38
Jul
155 1834 July
270 1534 May
134 15 May
50 2934 July
27 4934 May
High.
62 June
12434 July
4234 June
7334 Feb
434 Jan
10136 Jan
112
Feb
3134 Feb
2536 Jan
2634 Mar
11934 June
10231 July
110
Apr
121
July
8136 Jan
95
Mar
106
Mar
48
Apr
90 June
27
Jan
2334 Mar
.07
July
94
July
1834 July
90
Jar
53
Jar
25
Fet
23
Mar
2234 Mar
83
.lar
270 May
10634 Apt
64 JI111(
2334 July
6036 Jar
40
Jar
7534 Jum
11734 Jul)
.40
July
3034 Fet
1936 July
28
Jar
2934 July
52
July
81,000 9734 Jan 99
3,000 97
Feb 98
1,000 10034 Apr 10134
1,000 97
Jan 9831
3,000 8836 Jan 9034
1.500 10136 Jan 105
2,000 107 May 10834
5,000 87
Jan 90
3,000 9536 Jan 99
9,000 90
Jan 94
3,000 95
Jan 9736
1,000 84
Jan 8931
2,000 883.4 Jan 9451
3,000 93
Jan 9534
1,000 9734 Apr 9736
10,000 974 Feb 9934
2,000 983-4 Mar 9934
7,000 94
Jan 97
25,000 683-4 Mar 723.4
5 000 49
Apr 5251
3,500 6234 Jan 75
1,000 9531 May 9734
12,000 9534 Apr 993-4
11 non RR
Mar Sill
Jum
July
Fet
Job
Mai
Juno
Juno
Jun,
May
July
July
July
July
July
Job
Juno
July
July
Jai
Jai
Jai
Jul!
Jai
ro,
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange July 5 to July 17, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10
33
Amer Elec Pow Co pref-50
91
American Gas of N J.-100
103
American Stores
• 2911 2936
Brill (.1 G)Co
100
88
Congoleum Co Inc
•
48%
Consol Traction of N J_100
41
East Shore G & E 8% 0_25
25
Eisenlohr (Otto)
41%
Electric Storage Batt'y_100
58%
Erie Lighting Co
• 29% 29
General Refractories
36
•
Insurance Co of N A..._10 57
56%
Keystone Telephone__ _50
Lake Superior Corp_ _ _100
2%
2%
Lehigh Navigation
50 78% 75%
Lehigh Valley
47%
50
Lit Brothers
10 23% 2336
Minehill & Schuyl Hay_ 50
4934
Penn Cent Light &Pow_.
• 6934 5934
Pennsylvania Beaver 011.
.37
Pennsylvania Salt Mfg_ _50
84
Pennsylvania RR
50
44%
Penn Traffic
2%
2%
234
3331
92
103
30
95
48
41
25
43%
88
29%
36
57%
8
3
7834
48
23%
50
59)5
.37
84
45
2)4
191
Range since Jan. 1.
Low.
High.
45 32
Jan 35
413 77% Mar 96
149 77% Apr 109
1,865 26% Apr 32
280 85% Jan 123
55 31
Feb 48
100 31
Feb 45
10 24
Mar 25
377 33 May 61%
120 50% May 63%
546 23% Jan 30
60 32 June 53%
512 48% Jan 57%
90
634 Jan
8%
810
2% June
4%
3,595 6436 Jan 78%
828 39% Apr 72
1,030 22 June 2534
21 4834 Mar 50
147 57
Jan 60
500 .37
July .37
7 8031 June 89
2,896 42% Jan 46%
175
2% Apr
234
Feb
June
June
Mar
Jan
Ally
June
Jan
Jan
Feb
Juno
Feb
Ally
June
Jan
June
Jan
May
Ally
Jan
July
Feb
Jan
July
Philadelphia Co (Pitts)_ _50
Preferred (cumul6%).50
Phila Electric of Pa
25
Preferred
25
Receipts full paid
Phila & Reading E& I_ *
Phila Insulated Wire
*
phila Rapid Transit_ _ _ _50
Philadelphia Traction.._50
Phila & Western
50
Reading Co 2d preferred_ 50
Tonopah Mining
1
Union Traction
so
United Gas Impt
50
Preferred
50
West Jersey & Sea Shore_ 50
50
York Railways pref
35%
35%
32%
76
52%
45
3531
35%
3534
48)1
45%
31)4
61
18)4
33)1
1%
37%
75%
56%
34%
35
Low,
High.
Apr
Jan
May
Mar
June
May
Jan
June
May
Jan
May
Jan
June
Jan
Jan
July
Feb
52%
45
37%
36%
37
49%
45%
39
64
2034
3431
1%
43
80)4
58
42
36%
July
June
June
June
June
June
Feb
Jan
Jan
May
Jan
Feb
Jan
June
June
Mar
Apr
Mar
9.900 84
3.000 81% Jan
9,500 62 May
2,000 44
Feb
13,000 75
Jan
2,000 88% Jan
2,000 80% Jan
35,700 97
Feb
32,500 9931 Jan
21,500 103% Jan
1,000 100
Apr
6,000 93
Jan
1.000 54
Ma
01%
76
66
60
85,11
93
83
101%
10354
106%
102
98%
73
June
June
Mar
June
July
June
Feb
June
June
July
June
June
June
52%
30
45
13
36% 10,010
38
493
36% 1,607
20
4831
45%
11
32% 2.200
62
49
17)4 1.500
91
33%
1%
900
499
38%
78
7,589
20
56%
35
77
35
15
BondsAmer Gas & Elec 58._2007 90% 87% 9134
Consol'Frac NJ 1st 581932
75% 7531
Elec & Peoples tr etts 48'45
64
64
Inter-State Rys 0011 48 1943
5234
52
Keystone Tel 1st 5s_ _ _1935 8531 8531 85)1
Phila Co cons & stpd 58 '51
92% 92%
Phlia Elec 1st s f 48_1966
82
82
1st 58
1966 100% 99% 101
5348
1947 10334 103 103%
1941 106% 106 106%
Os
Spanish Amer Iron 65_1927
10134 1014
United Rys Invest 53_1926
97%
97
United Rys g tr ct s ols 1949 70
70
70
Range since Jan. 1.
43
42
29
29%
33
44%
41
30%
58%
9
33%
1%
3734
58%
55%
34%
34
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange July 5 to July 11, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Wind Glass Mach_100 88
8734 88
Preferred
100 94
94
9434
An) Wind Glass Co, pf_100 10934 10934 110
Arkansas Nat Gas, com_10
434 5
436
Carnegie Lead & Zinc_ _._5
334
23.4 334
Citizens Traction
50
37
37
Consolidated Ice, pref_ 50
1936 1934
Duquesne Lt, 7% pref _100
10434 105
Federated Metals
•
3434
34
Jones-Laugh Stl, pref_ _100
11134112
Lone star Gas
25 27
27
2734
Mfrs Light & Heat
50 5134 51
52
Nat Fireprootin,g. pref._50
2234 23
Ohio Fuel Supply
25 323-4 3234 3271
Oklahoma Natural Gas_ _ 25 2331 23
2334
Pittsburgh Brew, pref__ _50
634
6
Pitts Malleable Iron_ _50
96
96
Pittsb & Mt Shasta CoP-1
Sc
6c
Pittsburgh 011 & Gas_ _ _5
6
6
Pittsburgh Plate Glass_100 235
235 235
Creek
Salt
Consol Oil_ _ _10
8
831
9
Stand Plate Glass
*
2934 30
Prior preferred •
100 10034 100 10036
Stand San Mfg,corn.. _100
95
96
Tidal Osage Oil
10
11
12
Union Natural Gas
25
2734 2734
West-house Air Brake_ _50
9234 95
W-house El & Mfg,com_ 50
62
62
West Penn Rys, pref. -100
85
85
BondsPittsburgh Brew 6s._ _1949
85
•-
85
•-*
215
50
170
495
1,150
50
20
20
1,000
210
565
360
325
495
1,365
120
100
1,125
50
293
1,515
320
246
160
90
941
160
17
10
83.000
• ........
Range since Jan. 1.
Low.
8734 June
9234 May
107
Mar
454 June
134 May
283-4 Apr
173-9 Feb
102
Mar
34 June
104
Mar
2634 Jan
Apr
51
203-4 Jan
31
Feb
2231 May
434 Jan
Feb
90
Sc Mar
July
6
209
Jan
74 June
25
Jan
993-4 Apr
9031 June
Jan
10
20 June
Feb
84
553-4 May
8334 Apr
High.
9636
9634
112
7
6
3934
1934
10634
35
11434
283-4
5434
2434
3334
2534
734
96
11c
934
265
1034
39
101
110
16
2934
9634
65
8534
May
8234
85
.....,
.__ .....
Feb
Mar
Feb
Apr
Apr
Apr
July
Feb
June
June
Jan
Jan
Feb
Feb
Mar
Feb
July
Jan
Feb
Mar
Jan
Mar
May
Jar
Jam
Jar
Jan
Jar
Fet
Sum
._
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange July 5 to July 11,' both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices. Week.
Par. Price. Low. High. Shares.
Amer Pub Serv, pref--100
Amer Shipbuildlug_ _ _ _100
Armour & Co(Del) Pf- -100
Armour dr Co. pref-100
Armour Leather
15
Balaban & Katz v t c._25
Preferred
100
Bassick-Ale mite Corp_ _ _ _•
Borg & Beek
•
Bunte Bros
10
Central III Pub Ser pfd..•
Chic C & Con fly prof...*
Chic Motor Coach corn _5
Preferred
100
Chic Nipple Mfg Co"A" 50
Class "B"
50
Chic Rya Part ctf Ser 2_
Com Chem of Tenn "B" •
Commonwealth Edison 100
Continental Motors
•
Crane Co, common
25
Preferred
100
Cudahy Packing,co m_ _100
Daniel Boone Wool Mills 25
Decker (Alf) & Cohn,Inc.•
Preferred
100
Deere & Co, Prof
100
Gill Mfg Co
•
Goasard. 11 W, pref
•
Great Lakes D & D....100
Hibbard,Spencer, Bartlett & Co
25
Hupp Motor
10
Hurley Machine Co
•
Illinois Brick
100
Illinois Nor UM,pref_ _100
Independent Pneum Tool•
Internat'l Lamp Corp_ _ _25
Kellogg Switchboard...25
Kentucky Hydro El Co 100
Libby. McNeill & Libby 10
Lyon & Healy,Inc. pf._100
McCord Rod Mfg "A"..*
Mid West Mil, corn
•
Preferred
100
Prior lien pre!
100
Murray (J W) Mfg Co_ _10
Nat'l Carbon,pref(new)100
National Leather
10
National Tea Co
•
Omnibus Corp pfd "A" w I*
Vet tr etfa w 1 a
• No par value.
8631
76
48
85
234
35
14
1283-1
634
16
5%
1331
5236
7634
43-4
36
5834
89
1834
118
1734
92
Range since Jan. 1.
Low.
High.
260 85 May 90
8634 87
60
60
75 58
Feb 63
8534 873.4
482 83 May 9336
75
7634
610 69
Apr 84
234 234
2 May
25
734
45
48
Apr 5136
1,120 38
90
91
447 8534 Apr 100
31
250 277-4 May 383-1
3136
233-4 237-4
475 20 June 31
200
94 934
Jan 11
9
85
85
Jan 89
601 85
234 234
100
4
234 July
126 126
20 117 June 195
91
88
650 83 June 95
3434 35
775 34 May 4834
14
14
10 14
July 2234
3.4
50
34 Apr
1
3-1
1234 1234
290 1134 June 1434
127 12831
411 12634 May 136
(1),4 634
845
Apr
6
831
100 30
323-4 33
Mar 40
110 1103-4
280 10734 Mar 11236
100 55
58
58
APr 80
1431 1831 15,835 1434 .July 38
100 17
2036 2031
Apr 2034
92
91
175 86 May 92
63
10 61 May 75
63
125
5 June 18
5% 7
2434 2534
580 23 May 30
84
84
60 7934 Apr 8936
6534 6531
123.4 1331
5136 5334
8231 8234
8636 •8834
77
74
13-4 13'
39
3934
8531 8734
434 474
96
97
3531 37
5236 59
8834 89
9431 95
1634 1631
118 118
231 236
220 220
1734 1834
92
88
AG
00
Jan
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
July
July
Jan
Jan
Jan
Jan
25 6534 Jan 70
Feb
3,228 1034 June 1734 Jan
5.430 48
Apr 5336 June
15 78 May 86
Jan
46 84
Jan 864 Jan
591 62 June 8034 Jan
300
1
Mar
9
Jan
20 37
APr 47
Feb
73 8531 June 8734 Feb
215
4 June
634 Jan
80 96
July 101)
Feb
Apr 3734 Feb
1,065 30
Jan 59
5,989 43
July
1,035 834 Mar 91 June
75 04
Jan 9934 Jan
150 16 June 20
Feb
28 115 June 125
Jan
645
431 Jan
231 June
10 187 June 220
July
1,180 173-4 July 1831 July
1,100 88
July 92
July
Ti 0531 TAT
GO
T00J
hates
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Tlhilipsborn's,Inc,tr eert..1
10
Pick (Albert) & Co
Pines Winterfront"A--- -5
Pub Serv of N III, nom _1!
Pub Serv of N Ill, com_100
100
Preferred
Rights
100
Quaker Oats Co
Preferred
100
Real Silk Hosiery Mills_ _10
10
Reo Motor
Sears-Roebuck, com__ -100
Standard Gas& Elec Co_ _•
Preferred
50
Stew Warn Speed,nom _•
Swift & Co 100
Swift International
15
Thompson,J R.corn__ 25
Union Carbide & Carbon.10
20
1:1 S Gypsum
100
Preferred
United Iron Works v t c_59
United Light & PowerCommon "A" w I a_ _ _ _5
•
Common "B" WI a
_ _.•
Preferred "A" w 1 a.
Preferred "B" WI a_ _ _.
•
Wahl Co
•
Wanner Malleable Cast_ _•
Ward, Monts& Co, pf-100
Common
10
Class "A"
•
Western Knit Mills,Inc_ _•
•
Wolff Mfg Corp
•
Wrigley, Jr. corn
Yellow Cab Mfg,Cl"B".10
Yellow Cab, Inc (Chic)_ _•
BondsChicago City Rys 55_ _1927
Cbic CIty&Con Rye 551927
Chicago Railways 5&A927
Purchase money 55
Commonw Edison 55_ _1943
Cudahy Pack lst M g 55'46
Metrop W Side El 1st 45'38
Northwestern Elev 55_1941
Peon G I,& C ref g 5s 1927
Pub Serv Co 1st ref g 5s 56
Range since Jan. 1.
Low.
16
34
34
14 1,700
345 1734
1834 1834 1834
2716 27
2734 8,975 1914
51 99
10034 10014 10034
10016 10034 10034
115 97
125 9034
93
9216 93
16 21,624
34
31
34
275 285
140 250
100 9934
10031 10116
37
37
3931 2,855 29
1631
1616 16
775 15
95
95
95
12 80
3631 3431 3631 2,165 3031
1,865 4631
48
50
50
6431 6331 6634 10,135 5336
1,275 10011
my. 102
101
2034 2036 2031 2,520 19
47
48
48
270 4216
5934 5934 6015 8,505 55
930 78
88
90
30 10234
10631 107
2
175
3
334
3231
7834
4631
3514
3031
112
Si
3831
5434
4831
7736
9934
8734
3234 3314 1,625 2831
30 31
38
3934
7816
105 7536
77
40 4316
4531 46
35
3631 1,005 3434
2234 23
150 20
10 11034
1123111231
30% 11,280 2131
29
630 104
11131 11231
14
34 1,115
16
43,4
1,405
5
5
3836 3831 3,230 3536
57
24,970 4434
54
4831 5131 11,360 39
77
533-4
77
4434
9954
8716
70
7834
9334
8934
nK lz
7734 $23,000
5334 3,000
3,000
77
4434 1,000
9931 4,500
8714 1,000
7031 10,000
7836 1,000
9336 2,000
8916 2,000
0514
.7 nnn
74
4931
7431
4216
95
85
61
71
8334
8531
0412
High.
216
2136
2711
103
103
9934
31
295
10131
3931
1934
9531
3631
50
101
10531
2331
5031
6331
99
107
414
Jan
Jan
Junk
Apr
Apr
Jan
July
Feb
Jan
July
Jan
Feb
July
July
Jan
Mar
Jan
Jan
Feb
Jan
Apr
Jan
May 34
May 3974
Apr 80
Apr 46
May 42
June 2534
Jan 115
May 3031
May 11231
1
Jan
Apr
834
Apr 40
May 06
May 643-1
June
July
Mar
Mar
Jan
Feb
Feb
JillY
JulY
Jan
Jan
Jan
Jan
Jan
June
Apr
Apr
June
May
June
July
Atir
May
May
June
May
Jan
May
May
May
Jan
Apr
Apr
Apr
Jan
May
Jar
Jan 79
May 5534 Jar
May 7934 Jan
May 4434 Jul)
Jan 10754 May
June 8734 Jul)
Mar 7134 Jul)
Jan 7934 June
July
Feb 94
Mar 8934 July
MOST
0112 veit
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange !July 5 to July 11, both inclusive, compiled from official sales lists:
Stocks-
braes
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Nat Bank of Commerce__
State National Bank
St Louis Union Trust
Best Clymer Co
Brown Shoe corn
Certain-teed Products corn
Chicago Ry Equip pref_
Ely&WalkerDryGoodscom
1st preferred
Fulton Iron Works COMHydraulic Press Brick com_
Preferred
International Shoe com--_
.Preferred
Laclede Steel Co
Mo Portland Cement
Nat Candy corn
Southwestern Bell Tel pref.
Wagner Electric com
Preferred
Johnson Stephens Shoe_
BondsUnited Rys 45
CD
Indepcndent Breweries 65_
Mo Portland Cement 6165_
.r........,. 'ctn. TA fa 7.
4334
2531
21
104
3516
7834
118
10016
99
10516
______
68
0012
10
3
1
135
75
97
5
50
20
50
90
51
67
17
66
203
35
257
10
5
10
Range since Jan. 1.
Low.
135
160
225
1854
40
25
25
21
101
30
316
6131
73
115
100
94
80
103
20
77
35
136
160
226
2731
42
25
2514
21
104
3534
434
6531
7734
117
10034
9716
8534
10531
24
81
61
136
160
226
30
4316
25
2531
21
104
353,4
414
6531
7831
118
10031
99
86
10534
24
81
61
68
6611
38
104
6834 $14,000 61
6631 2,000 61
38
4.000 38
104
8,000 103
0012
A non
97
001%
July
July
ADC
May
June
July
Feb
July
May
June
May
Jan
May
May
June
Apr
May
Mar
May
May
Jan
High.
147
16634
230
30
5031
3734
26
24
104
3536
6
69
7916
118
125
11014
92
10631
3434
8434
61
Mar 71
Mar 69
May 45
Mar 104
Mau
0011
Feb
Jan
Feb
July
Feb
Jan
May
Jan
JulY
July
Feb
Mar
Jan
July
Feb
Mar
Jan
June
Jan
Feb
Alb'
June
June
Feb
July
Feb
New York Curb Market.-Official transactions in the
New York Curb Market from July 5 to July 11, inclusive:
rrulay
JaZelt
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Week ending July 11.
Range since Jan. 1.
Stocks-
Low,
Indus. & Miscellaneous.
10
Acme Coal ining
Adirondack Pr & L com 100
100
7% preferred
Allied Packers, prior pf _100 2614
Amalgamated Leather •
Amer Cotton Fab. pref-100
Amer Gas & Elm com--• 7435
10
A mer-Hawallan SS
Amer Lt & Trac. com__100 x13115
Am Tel & Tel new w 1.100
American Thread, pref._ _5
Appalachian Pow..com.100
Armour & Co (Ills). pi-100
Atlantic Fruit & Sus, w I_•
134
Austrian Central Land
55
Credit Bank, WI
Borden Co. common___100 12215
Bridgeport Machine,com.•
Brit-Am Tob ord bear_ __II 2334
Ordinary registered __El
10 1334
Brooklyn City RR
Burroughs Add Mach,new
Candy Products Corp_ __2
Car Ltg & Power, com_ _25
100
Celluloid Co, corn
Centrifugal Cast Iron Pipes 32
Charcoal Iron of Amer_ _10
Chic Nipple Mfg, Cl A_.50
Childs Co, new stock__ _.• 3734
Cities Service, com____100 13634
100 7334
Preferred
Preferred B
10
Stock scrip
81
Cash scrip
70
Bankers' shares
•
Cleveland Auto, corn....t
Preferred
100
Colorado Power, corn_ _100
Com'w'th-Edison Co_ _100
Com'wealth Pow Corp_ _.• 98
4,--.e-......... ,..s........
•No par value.
[Val,. 119.
THE CHRONICLE
192
•
oztZ
High.
114 114
3214 3331
9615 9614
2434 28
1034 11%
97
97
7434
69
55
934
1243.4 x13134
12231 12235
4
434
81
77
7534 7535
1% 134
Jan
3
200
134 Jan
300 2231 Feb 3534 June
10 9634 July 9634 July
Jan
700 1431 June 30
934 June 1631 Jan
500
100 95
Mar
Jan 98
5,100 4334 Jan 7434 July
Jan
100
8
Apr 14
2,705 11814 Jan 13531 Mar
700 12031 June 12254 July
200
334 Feb
431 Jan
240 6631 May 93 June
150 72
Mar
Apr 63
4,100
131 June
234 Feb
543.4 55
12134124%
534 53.4
2334
23
2314 2334
13
133-4
4514
45
49c 600
510 60c
50
5135
32
30
750 750
3434 3411
373 3716
135 13634
7234 7331
631 7
81
80
70
70
1334 1334
1854 1831
90
90
3334 3331
129 129
93 100
200 5434 July 55
July
780 11734 Mar 12834 May
100
531 July 1234 Mar
2,040 2034 Jan 2331 May
200 2131 Feb 2334 MaY
3,600 1035 Jan 14
Jan
80 45
July 4531 July
5,000 49e July
Feb
254
400 51c July
234 Jan
20 50
Feb
July 77
1,600 2531 Apr 3331 June
100 70c Mar
Jan
2
100 3334 May 4034 Jan
400 32 May 3714 July
470 132 June 155
Feb
800 66)( Jan 74 May
300
7 July
631 Jan
14,000 77
Feb
Jan 98
8,000 70 May 74
jar
Jar
200 1335 May 16
300 1634 June 2334 Jar
100 82
Apr 90
Jul)
10 2234 Feb 36 Juni
100 12634 June 129
July
4,700 56
Feb 100 July
500 201,4 Ms-o 9A 12 .7A7
995.
94
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Cuba Company
• 3434
Curtiss Aerop & 51 et s int_
Den & R G West, pref, w I. 24
Dictograph Products...10
Doehler Die Casting
• 1836
Dubiller Condenser & Rad• 4236
Dunhill International_ _ •
Du Pont Motors, Inc., •
314
Durant Motors, Inc
• 163-4
East Penn Elec Co nom_ _* 3936
Eke Bond & Share,pref 100 10234
Electric Railway Securs_ *
Firestone Tire & R.corn.10
Ford Motor of Canada_100 44914
Garland Steamship
3
General Motors new w I._
6854
Gillette Safety Razor.....' 282
Ginter Co, corn
• 2931
•
Glen Alden Coal
Goodyear Tire & R,00m100
Grand 5-10-25e. Stores...* 78
Griffith(D W)Class A- •
Havana TOb,eons, CH dep.
Hazeltine Corp
• 22
Heyden Chemical
•
Hudson Cos, pre!
25 38
Hudson & Manh,com_ _100 2134
Intercontinental Rubb_100
2%
Landover Hold'g Corp,A.1
Lehigh Power Securities_ _* 81
Lehigh Val Coal Sales--50
Leh Vall Coal, ctfs new w 1 35
Libby, McNeil& Libby_10
Lucey Mfg, Class A....10
1
McCrory Stores, coin
•
Warrant stock purchase_
Class B
• 87
•
Mesabi Iron Co
Middle West TJtil, corn__ _• 56
*.
Midvale Co
Miss River Pow, com -100
National Leather
10
Nat Power & Light, com-•
National TeaNew (after 150% stk div) 22134
614
New Mex & Ariz Land__ _1
NY Telep 616% pref.-100 11234
N Y Transportation...10 37
Nor States Pow, cora...100
Preferred
100 93
1734
Omnibus Corp v to, w
Series A pref, w 1_ _100 9134
Paige-Det Motor Car _10 14
Peerless Truck & Motor_ 50
Phila Electric, corn
25
Pines Winterfront Co A._5
4
Radio Corp of Amer.corn _•
4,18
Preferred
5
New A common
Reo Motor Car
10
Repettl. Inc
5 600
Repub Ry & Lt,cam_ __100 38
Rosenb'm Grain Corp,pf.50
Rove Radio Corp tr effs
935
Sierra Pac Elec Co,corn 100
Silica Gel Corp, corn v t c.* 2131
Singer Manufacturing_ _100 14634
Southern Coal & Iron__ _5
5c
Standard Motor Constr_10
Stutz Motor Car
Swift & Co
100 10154
15 z1934
Swift International
Tenn Mee Pow, corn -• 6554
Second preferred
Thompson(RE)Radio vtc• 11
Tob Prod Exports Corp--•
Todd Shipyards Corp.. _* 49
Union Carbide & Carbon-8
Unit Bakeries Corp, corn_* 7131
Preferred
100 94
United G & E corn new..
_10 333£
United Gas Impt, corn.-50
United Lt & Pow. corn A.
33
United Profit Sharing_ _ _ _1
Unit Retail Stores Candy.*
United Shoe Mach,com _25
U S Lt& at corp. corn__ io 680
Preferred
10
Wanner Mall Cast Class A•
Ward Corp com Class A.._• 9334
• 2331
Common Class B
7% preferred
I® 8734
Ware Radio Corp, w
_• 1734
Western Pr Corp, com_100 33
Yellow Taxi Corp. N Y__• 22
RightsBorden Co
Former Standard 011
Subsidiaries
Anglo-American Oil...£1
Buckeye Pipe Line
50
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena-Signal Oil. com_100
Humble 011 & Refining_ _25
Illinois Pipe Line
100
Imperial Oil(Can) coup.25
Indiana Pipe Line
50
Magnolia Petroleum_ -100
National Transit_ _ _12.50
New York Transit
100
Northern Pipe Line._..100
Ohio 011
25
Penn Mex Fuel
25
Prairie 011 & Gas
100
Prairie Pipe Line
100
Solar Refining
100
100
South Penn 011
Southern Pipe Line_ -100
Standard Oil (Indiana)__25
Standard Oil (Kansas)__25
Standard Oil(Ky)
25
Standard 011 (Neb)....-100
Standard 011 of N Y
25
Stand Oil (Ohio) corn--100
Preferred
100
Swan & Finch
100
Vacuum Oil
25
Other Oil Stocks
Atlantic Lobos Oil coin_ •
Boston-Wyoming Oil_ _1
Carib Syndicate
Consolidated Royalties_..1
Creole Syndicate
5
Darby Petroleum
Derby 011 & Refg pref__ •
Engineers Petroleum Co_-1
Ertle 011
5
136
14%
130
9911
64%
84
60%
28
208
103
184
9614
5536
108
233
3914
288
3914
6234
34
34%
18
18
26%
24
154 ut
1854 1934
40
4234
2634 2654
3
3%
1434 1834
3934 3935
101 10234
1635 16%
64
67
450 452
61c 61c
56
5834
281 282
28
303,4
97
9734
10
1031
80
78
314 331
60o 600
1934 2234
36
144 38
1%
s
20
231
836
7531
7736
34%
5
2114
234
816
82
81
3534
5
83
1
49
87
831
49%
90
235
56
19
5619
2834 2831
131%
2
127
214
616
Low.
400 32%
100 18
700 24
111
100
700 18
11,900 losi
100 23
1
2,700
13,600 12
150 36
245 97
500 11
20 64
30 410
200 610
12,600 52
1,750 257
18,600 28
600 7611
300
834
900 35
100
1%
100 500
5,400 13
1
12,2
800
17%
8,600
934
2
1,000
6%
100
9,400 33
72
40,4
250
00 26%
4
100
I
100
69
3
101)
66 27
250
700 68
2
10 50
18
300
100 19
231
100
30 8314
215 22111
616 631
110% 112%
3634 38%
100 100
93
93
17% 1834
88% 93
14
14
1734 1716
36
36
27% 2716
334 436
3111$ 411
2014 2034
16
17
60e 60e
38
38
47
47
9% 9%
18
19
18
22
142 148
50
Se
33( 3%
7% 734
101 10116
z1934 z19%
38% 39%
65
67
11
12%
4
4
46
49
60
60%
65
72%
94
97
33% 34
77
77
33
34%
5% 5%
5%
5
36% 3611
580 680
99c 99c
23
23
89
94
18% 2334
• 79
800
63
1,400
10
10
1,700
2,800
100
100
100
1.000
25,600
17,000
1,000
600
1,200
110
200
22,600
1,200
1,10
25
6,000
100
100
3
100
90
625
900
500
150
200
5,000
1,300
1,300
200
690
500
1,400
100
500
100
100
1,800
30,000
2,000
17% 17% 12,200
31% 3316 1,800
22
22%
500
May
July
July
July
High. '
4025%.
Apr
e
28
13436 JJuunly
Mar
2234 July
may 42
Jan
May 27,1 June
334 Jan
Mar
May 36% Jan
June 4036 June
Jan 10231 July
Mar 19 June
July
July 67
Apr
June 482
June 70c Jan
May 58% July
May 28214 Apr
July
July 9
31
9
June
Jan
Jan 11% Jan
Feb 8 s June
334 July
Apr
June 610 June
Feb 22 June
June 3284 Jan
Feb
34 July
Mar 21% July
June
5
Feb
June 8123
JulyF b
Jan
May 8931 Feb
Apr 3631 June
June
Jan
6
July
235 Jan
API' 87% July
Apr 58 June
Jan 90 June
Mar
831 Jan
May 54% June
Jan 25% Mar
Feb 30
July
July
434 Jan
July
Mar 131
July
May 230
151
Apr
334 Jan 10
Jan
Mar 112
109
3334 Jan 41 June
Feb
100 June 104
Feb
July 96
93
July
1734 July 19
8634 July 93 July
Feb
1234 May 18
17 June 2634 Jan
36 June 37 June
263.4 June 2714 July
454 Jan
314 Apr
434 Jan
3915July
Apr 2114 Mar
19
1534 June 187-1 Jan
135 Jan
500 Mar
July
Jan 38
18
Jan
47 May 50
934 July
931 July
19July
y 3
16
731
,4 July
Jan
Jan
Jan 148
125
4o May 170 Jan
435 July
234 Jan
Apr 1554 Jan
7
Feb
100 June 105
Jan
1811 Star 22
4954 Jan 6634 May
July
4934 Jan 67
1134 May 1251 May
514 Feb
3% Feb
AT
)
)
, 63)5 Feb
42%
M
55
63% Feb
Feb 723,4 July
43
July
Jan 97
85
1814 Jan 4134 June
e
34n June
7334 June 80
Feb
5%
711 Jan
32
5414 jjMunar
n
371 J a
50340% Ap
3454
May
34
90c May
131 Jan
Jam
193.4 June 23
July
5214 Jan 94
1454 Apr 2314 July
Jta
uly
y
17
8s .7
713941 June8
26
17
Mar
1
June
2
1,600 14%
1434 15
130 60
63
62
30 110)5
130 130
30 95
96
98
20 53
5614 5616
35% 3634 2,500 35)4
130 129
13034 133
590 99
995,4 10034
9134 92
60 88
60 124
126 128
22
22
100 20)5
64
65
80 54%
80% 84
40 80
60
6116 1.700 58
28
2914
200 2935
204% 213% 3,250 204%
101% 103
820 100
184 184
20 179
125 127
140 117
95
9634
200 9034
55% 5711 31,600 5531
400 3834
3916 40%
107% 109% 4,100 101
180 199
233 236
3914 4014 8,200 3751
2 275
288 288
50 117
118 118
36
11
39% 41
eng 6214 4.800 56%
June
Apr
Jan
Feb
June
June
July
Apr
Feb
May
June
June
June
June
July
June
Feb
June
Jun
Feb
Jun
July
May
Jan
May
Jun
July
Jan
Jan
18
8551
144
105
6931
4316
161
119
162
27%
97
107%
79%
43
269
111
230
171
100
68%
5034
120
25616
48
335
120
81
6935
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan.
May
Jan
Feb
3
75o
314
1
2%
50e
17%
3e
2o
Ma
May
Jun
Jan
Jan
Jan
June
Mar
July
435
1%
6%
1%
6%
134
34%
130
19.3
Jan
Jan
Jan
Feb
July
July
Feb.
June
May•
134
3
810
331
Range str.ce Jan. 1.
334
1)5
534
1%
1 )5
50
20
134
3,200
500
3
1,500
810
1.900
4
600
154
6% 23,900
200
1%
100
10%
2,000
5.3
1,000
20
Apr
3331 July
39% Jan.
um
May
Feb•
Jan
Feb
Jan
Jan
Mar
Aux
Jan
Sales
Friday
Last Week's Range for
Week.
Sale
Of Prices.
Other Oil Stocks
(Concluded)
Par. Price. Low. High. Shares.
574 58
Gulf 011 Corp of Pa
25 58
600 51e
Gulf States 011 & Ref__ _5
3e
30
30
1
Hudson Oil
17%
International Petroleum..' 1741 17
1% 1%
144
Kirby Petroleum
3% 414
444
Lego Petroleum Corp....*
60
4e
1
Latin-Amer 011
12e 14e
Livingston Oil Corp
1 14e
1% 24
24
Livingston Petroleum_--.*
24 24
1
Marland 011 of Mex
610 66c
Mexican Panuee OIL ___10 660
12e 13e
10
Mexico On Corp
114 1%
1
Mountain & Gulf 011
Mountain Producers....10 17% 17% 184
914 10
Mutual 011 vet trust ctts_5 10
102 102
•
Nat Fuel Gas
5
5
5
5
New Bradford Oil
44
36
New England Fuel OIL _ _5
25
94 915
New York 011
70
7e
7e
Noble(Chasr)& & G cern a
2e
1
2e
Ohio Ranger
58o 640
Omar 011 & Gas
10 60e
14 1%
•
Peer 011 Corporation
35e 40e
Pennsylvania Beaver 011_1 400
Pennok Oil
10 13% 134 16
25 3114 27
Red Bank 011
324
54
414 514
Royal Can 011 Syndicate.*
44 414
•
434
Ryan Consol Petrol
10
Salt Creek Cons 011
8
8%
24
244
Salt Creek Producers.._10 24
Savoy 011
2% 2%
5
180
180 190
Sunstar Oil
Superior 011 warrants B. ------ 750 750
14 14
Turman 011
10
5
534
5
Wilcox Oil& Gas
1
Woodley Petroleum Co--- 10
934 lo
60
Sc
6e
"Y" 011 & Gas
1
Mining Stocks
Alvarado Min & Mill_ _20
Arizona Globe Copper_ .1.
Arizona Tip Top M
Black Oak Mines Co
Butte & Western
1
10
Canario Copper
1
Chief Consul Mining
Consol Copper Mines_ -1
1
Cortez Silver
Cresson Con Gold M & M _
1
Crown Reserve
Diamond Blf Butte Reerg.
Divide Extension
Goldfield Consol Mines_10
Goldfield Deep MInea---5e
Golufield Development
1
Goldfield Florence
Gold Zone Divide
Harmill Divide
100
Hawthorne Mines. Inc_ _
Hecia Mining
25e
Hilltop Nevada Min
1
Hollinger Cons Gold Mines
Howe Sound Co
1
Independence Lead Min„1
Jib Consul Mining
Kay Copper Co
1
Kerr Lake
5
Lone Star Consol
1
Mohican Copper
1
Nevada Hills
New Jersey Zinc
100
N Y Porcupine
Nipisetng Mines
5
Oh% Copper
1
Plymouth Lead Mines__ -1
Premier Gold
Ray Hercules Inc
5
Red Warrior
Reorgan Div Ann M
Rocky Mt Smelt de Ref---1
Preferred
1
Ruby Rand Mines
San Toy Mining
1
South Amer Gold & PIMA
Spearhead
1
Took Hughes
1
TemIskaming Mining
Tintic Standard Mining__.
Tonopah Belmont Devel-1
Tonopah Extension
1
Tonopah Midway
Tonopah Mining
1
Tri-Bullion S & D
United Verde Extension 500
U13 Continental Mines__Unity Gold Mines
5
Utah Apex
5
Wenden Copper Mining..
WestEnd Consolidated__5
Wed End Extension Min_ White Knob Copper,prof _
Yukon Alaska Trust ctfs_
BondsAllied Pack cony deb Os'39
8s. series Li
1939
Aluminum Co of Am 78_'33
7s
1925
Amer 0 & E deb Os__ -2014
American Ice 78
Amer Rolling Mill 611-1938
Amer Sumatra Tob 7 lie'25
American Thread 6s__1928
Anaconda Cop Mm 65 1929
Anglo-Amer 011 748.1925
Antilla Sugar 714s_ _ __1939
Assoc Simmons Hardws
1933
AU Gulf & W I SS L 581059
Beaver Board Co 88_1933
Beaver Prod 74s
1942
Beth Steel equip 7s_.1935
Canadian Nat Rya 78_1935
59
1025
Chic R I & Pao 54s....1926
Childs Co 68 w 1
1929
Christiana Securities CoSerial gold 54s._ _ _1925
Serial gold 5Hs. _ _ _1926
Serial gold 5H s_ _ _1927
Serial gold 514 ..1928
Serial gold 54s- -1929
Cities Serv 78, Ber C..1966
7s Series D
1966
Colum Gmphoph 88, 1925
N Y Trust Co partie ctfs
Cons GEL&P Bait Os '49
5148
1952
6148, series D
1951
Gonad Textile 88
1941
Coot Pap dr Bair M 630'44
193
THE CHRONICLE
JULY 12 1924.]
1
850
3
150
35..
120
50
40
13e
280
13%
140
800
14
4e
lie
34e
21c
1
62e
1%
350
111
11iI
34
60
1116
434
52e
21(
1%
Sc
110
79
5834
7434
7814 794
584 61
74
75
99
9914
1034 1034 103%
110% 10934 11034
10034 100%
um% 1014
103 1034
10114
100%
101%
101
100%
944 93
93% 93
12
104% 10434
101%
108
108
724 71
91%
Low.
High.
3,200 3644 May 65
200 50c June
214
4,000
20 June
7c
11,400 164 June 224
100
14 Apr
234
56,800
5
234 Jan
11,000
11.6
30 July
4,000 be Apr 75c
8,100 600 Mar
24
100
2 June
434
700 550 July
134
5,000
7e May 30e
2,600
IH Jan
111
1,500 16
Feb 1934
24,800
94 July 1334
50 85
Jan 102
900
44 Feb
oi
3,000 20
Jan 44
100
814 June 14
3.000
70 Jan 16c
2,000
2c Jan
fic
1,300 55e Feb 80c
2,000
6
July
1
17,000 21e May 620
2,300 124 Jan 164
35, 00
61,
1 Jan 324
12,600
24 Apr
634
400
34 Jan
534
1,100
734 June 104
3,400 1934 Feb 2634
300
114 Jan
34
7,000 15e Apr 25c
2 200 May 750
200
2 Jun
84
2,900
434 May
814
2,900
7
Apr 13
4,000
Sc June 140
Jan
Jan
Jan
Feb
Jan
May
Feb
Mar
July
Jan
Apr
Jan
Mar
May
Jan
July
Jan
July
Feb
Feb
Apr
Jan
Jan
Feb
June
July
May
Mar
Jan
May
Jan
May
July
Jan
Feb
May
Feb
1
1
200
1
May
134 Mar
Sc
Sc 18,000
4c Apr 120 Jan
1914 2034
150 1514' July 2034 JUIY
5,700 37c Jan 85c July
83e 85e
14c 140
1,000 10c Mar 550 Jan
3
31,4 9,600
134 May
334 June
2,100
24 3
24 July
4
Jan
2116 2%
9(l0
14 Jan
3116 June
13e 180 44,000 10e June 70c Mar
31,6 31,
200
3fie July
44 Jan
48e 49e
2,000 48c July 75c
Jan
10e 12e 39,000
4e
Jan 150 May
3e
3e
6,000
2c Jan
5e Feb
50
Sc
8,000
4e Feb
Sc Jan
Sc
50 17,000
3c Mar
8c
Jan
3e
3c
2,000
3c May 190 Jan
13e 15e
2,000 110 Mar 42e
Jan
40
30
3,000
2c June 12e
Jan
10c 13e 52,200
2e
Jan 13e July
200 28c 46,000 15c May 82c Jan
8% 8%
8% Jan
300
9% Mar
2e
2e
3 000
IC Feb
7e Mar
12% 13%
900 114 Mar 1334 July
2
2
100
114 June
3
Jan
12e 15c 76,000
60 Apr I8c Feb
550 980 474,200 150 Mar 95e July
13,1 114 2,200
1
Apr
134 June
114 134
600
114 Mar
24 Jan
az
4e
5.000
le May
7e
Jan
10c 11c 35,000 10e May 48e
Jan
30e 34e
5,000
Sc Jan 34e July
143% 143%
10 1344 May 15134 Jan
21e 21c
1,000 100 June 35c Jan
54 Jan
6
6% 1,600
614 May
96c
111 14,600 65e Mar 1116 June
8.100 30e
59e 620
Jan 62e July
1% 2
11‘ Apr
1,900
24 Jan
100 13c
3,000 10c Mar 38e Feb
330 39c 20,000 21c Jan 48c Feb
lc July 15e Mar
2e
2,000
10
1116 14 4,300
Apr
1
14 July
14 14 1.700
1
Apr
14 June
30c 410
4,000 25e June 41e July
3e
3e
2,000
2c Apr
5e Feb
24 June
34 3% 2,900
4
Feb
4e
2e
90 46,000
Jan 10e June
1116 111
5,300
1116 May
134 Jan
18c 18e
1.000 180 June 31e
Jan
4% 4%
100
44 July
44 July
52c 54e
900 400 Apr 75e Feb
24 2% 6.600
114 Jan
3116 May
30
lc June
3c
1,000
3e Feb
114 1% 2,100
1% Jan
11116 Jan
50
5e
100
3e Feb
Sc May
224 23%
900 21
June 29
Jan
100 110 13,000 100 May 20c
Jan
600
1
600 60e July
24 Feb
2% 214
2
200
Apr
24 Feb
1
14 5,200
Apr
1
154 Jan
3Ic 31e
1.000 30e June 86c
Jan
2e
2e
2.000
2o May
Jan
8e
65e 65c
500 60c Mar 65c Mar
15
100
15c Feb 1514 Jan
15
62
61% 60
75% 714 754
1074 107 1074
103 103%
95% 9534 96
106 1064
994 100
88
87
1034 103% 103%
103% 10334 10334
102% 10214 10234
97
964 98
$4,000
43,000
16,000
3,000
139,000
26,00
13,000
10,000
13,000
32,000
10,000
88,000
12
104%
1014
1084
724
92
48
57
105%
101%
94
104
98%
78
1014
101
1014
944
May
May
Mar
Jan
Feb
Jun
AP
Ma
Jan
Feb
Mar
Jun
704
84
10714
10314
9634
107
100
99
103%
1034
102%
984
Jan
Jan
Ju.t.
June
June
June
Feb
Feb
June
July
June
Mar
26,000 71% Jun
934 Feb
Jan 61
124.000 42
July
Jan 7914 Jan
4,000 70
12,000 97% June 99% July
41,000 102% Feb 103% Mar
20,000 1064 Jan 110% July
2,000 994 Jan 10014 July
5,000 974 Jan 10134 July
11,000 102 June 103% July
1014 1,000
1004 1,000
1014 1,000
101
1,000
100% 1,000
944 59,000
934 45,000
Friday
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High Week,
Range since Jan. 1.
1011
100
101
101
100%
89%
80
July
July
July
July
July
Jan
Jan
1013,4
10014
10114
101
100%
954
954
July
July
July
July
July
Mar
Mar
2,000 12
July 19
Jan
18,000 1014 Jan 1054 June
1,000 93
Jan 1014 June
68,000 1063,4 May 10814 July
28,000 6834 June 97
Jan
16.000 90 May 95
Feb
Bonds (Concluded)-
Cuban Telep 7348....1941
Cudahy Pk deb 534s__1937
Deere & Co 714s
1931
Detroit ctby Gas 63-1947
Detroit Edison 6s.--1932
Dunlop Tek R of Am 78_1942
Duquesne Light 5348_1949
Federal Sugar 6s
1933
Fisher Body 65
1925
6s
1928
Gair (Robert) Co 78..1937
Galena-Signal 011 73_1930
General Petroleum 68.1928
Grand Trunk RY 648-1936
Gulf OH of Pa Sie
1937
Serial deb 514s_ _1925
Hood Rubber 7s
1936
Internat Match 614s_ _1943
Italian Power6
_ _1928
Kan City Term RY 548'26
Kennecott Copper 78_1930
Lehigh Power Secur 6s 1927
Lehigh Val Har Term 53'54
LibbyMeNeillikLibby78'31
Manitoba Power 73_1941
Missouri Pacific 5s w I 1927
Morris & Co 74s
1930
Nat Distillers Prod 73_1930
National Leather 8s 1925
New Orl Pub Sem 516._1952
Nor States Pow 6%8_1933
634% gold notes w 1_1933
Ohio Power 5s
1952
Park & Milford 68
1936
Penn Pow & Light 5s B_'52
Phila Electric 543_ - _1953
1947
6348
65
1941
Phillips Petrol 74s.- _1931
Without warrants
Public Service Corp 78 1941
Pure 011 Co 6%s
1933
Shawsheen Mills 75...1931
Sloss-Sheffield S & I6s_'29
1934
Solvay & Cle (is
South Calif Edison 53_1944
Stand 011 of N Y 6%3_1933
7% serial gold deb _ _1925
7% serial gold deb-1926
7% Saial gold deb_1927
7% serial gold deb_1928
7% serial gold deb__1929
7% serial gold deb__1930
7% serial gold deb__1931
Sun Co 6s
1929
7s
1931
Swift & Co Is. Oct 15 1932
Tidal-Osage 011 73._ _1931
Union El L&P0111448'54
Union 011 65. Sec IL _1925
6s Series B
1926
United Oil Produc 88_1931
tin Rys of Hay 7148-1936
Vacuum 011 78
1936
Valvoline 01168
1937
Virginian Ry 55 ger A_1962
WebsterMills64%notes'33
Foreign Government
and Municipalities
Czechoslovak Rep 8s _1952
IHungary(Kingd Of)7348'44
Netherlands(Kingd)68B12
Peru (Republic of) 83_1932
Russian Govt 643.„1919
5148 certificates__ _1921
Switzerland Govt 5118 1929
Rrt g07_ nntaa
109R
4s_
86
1024
106
9234
10234
993.4
1014
964
1054
99
107
98
10114
95
10634
10034
101
994
973,4
9914
98
8634
974
8734
101
9734
8914
924
106 10634 4,000
86
86
16,000
10034 10014 18,000
32,000
1024 103
10514 106
21,000
9234 923,4 62,000
102 103
62,000
9814 9934 21,000
1014 1014 3,000
101 10134 50,000
96
964 5,000
105 1054 15,000
984 9914 53,000
107 10714 12,000
973-4 98
34,000
101 101
1,000
1014 1014 6,000
944 95 108,000
9834 984 4,000
10214 1024 18.000
1054 1064 37,000
10054 10034 4,000
1004 10034 45,000
983-4 991,4 65,000
97
973.4 18,000
994 9914 28,000
964 98
26,000
86
8614 5,000
974 98
16,000
8634 8734 70,000
10054 10115 86,000
974 974 29,000
89
8914 26,000
95% 9516 5.000
93
92
34,000
103 1034 14,000
103 10314 4,000
10534 10616 7,000
Rasps since Jan. 1.
Feb
107
8834 Jan
10134 Feb
10334 June
106
July
94
Feb
JulY
103
10034 Jan
1014 May
10134 JulY
100
APT
10534 Feb
9914 June
1074 June
9814 June
101
July
1024 may
95
July
99 June
10234 July
1064 July
10014 Jul)
10034 June
101
Fel
984 Jan
9934 June
10034 Pet
8634 Jul)
101
Mal
954 Jai
10434 JIM
98 Mal
8054 Jul]
964 Mal
94 Juni
1034 Jull
1034 July
10614 Jul)
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Mar
May
July
Jan
Jan
Feb
Mar
Feb
May
May
Jan
Apr
Jan
Mar
June
Jan
Jan
Apr
Jan
Jan
103
Ma
1074 Jul]
964 Mx
10414 Ma
10034 Ma
10034 JUn1
9334 Jun
109% Jun
10234 Jun,
105
J81
106
Jai
10634 Fel
10734 Jun,
108 Jun,
Fel
109
10014 Mal
1024 AD
934 Jai
10434 Ap
98 Jun
Jul
101
10134 Ma:
7934 Fel
10754 Mal
108 Jun
103
Fd
9634 Jun
1034 Jul
1014 1014
10734 10714 10751
9434 9434 9434
103% 104
10054 10034
10034 10034 100%
934 9234 934
108% 108 10834
10114 1014
103 1034
1054 105 10514
106 10614
106
10844 10634
10614 10614
10734 10734
1003,4 10014
1014 1014 102
9234 93
93
10314 104
104
9734 9714 9731
10034 100%
1014 1014
49
514
49
10654 10751
107
10614 1073-4
107
102 1024
964
9654 06
1024 1034
4.000
23,000
20,000
3.000
1,000
41,000
18,000
46,000
5,000
12,000
17,000
5,000
4.000
9,000
7.000
1,000
4.000
22,000
40.00
21,000
5,000
1.000
15,000
3,000
108,000
8.000
41,000
9,000
100
101
924
102
97
99
8934
10534
10134
1024
1044
105
1054
105
106
96
100
8945
1014
9434
100
1004
40
1054
106
1014
92
10014
964
874
95
99
13
1334
1004
10011
8,000
5,000
39,000
1,000
2,000
10,00
32,000
AR 000
9634
874
894
9734
9
914
97%
0711
13
9634
8714
944
99
13
1314
9914
Inn
High.
Low.
July
106
8134 May
9934 May
994 Jan
1023.4 Jan
Jan
90
994 Mar
974 Jan
Mar
100
974 Jan
9434 May
104% Jan
944 Jan
10534 Jan
Jan
94
July
101
99 May
9214 Jan
9734 Feb
1004 Jan
Jan
103
96
Jan
954 Jan
94 June
9514 Jan
99% June
92 June
85 June
924 Apr
814 Jan
98
Jan
964 May
8434 Jan
84
Feb
874 Jan
9834 Jan
9834 Jan
10434 Jan
June 964 Jun
July 8734 Jul
Apr 9614 is
Jan 9951 At
Jan 2034 Fe
Jan 1834 Ms
Apr 1004 Jul
Ton 100 11 301
• No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sale. to When
issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
New York City Banks and Trust Companies.
AU prices dollars per share.
Banks-N.Y. Bid Ask i
Bid
Banks
Ask Trust Co.'s Bid ASS
214 220 'Harriman
an:WM& s_
370
New York
Amer Exch.. 307 312 Manhattan
162 165 American_ --Amer Uttlon• 165 ___ Meeh & Met. 373 378 Bank of N Y
525
Bowery •_
Mutual'
400
525 550
& Trust
BroadwayCen 155 170 Nat American 135 iiL Bankers Trust 378 381
Bronx Bore*. 200 ___ National City 373 377 Central Union 578 586
Bronx Nat__ 150 .
New Neth e__ 140 155 Empire
290 300
Bryant Park • 160
_ Pacific•
Equitable Tr- 220 225
300
Butch & Drov 145 155 Park
433 438 Farm L dr Tr- 680 705
Cent Merean. 160 170 Penn Exch. _ 108 118 Fidelity Inter 208
3
305 aiE
360 Port Morris-- 178
Fulton
h:tede Phen_ 255 260 Public
C
Cna
uaranty Tr_ 255 260
370 380
Chelsea Etch* 150 160 seaboard
_ 410 420 Irving BankChemical
560 565 Seventh Ave. 87
Columbia Tr 221 224
Coal & Iron._ 218 225 Standard
260 275 Law Tit & Tr 200 205
Colonial e_
400 --- States_. - 360 370 Metropolitan_ 340 350
Commerce
Mutual (West
325 328 Trade*. --- 143
Comm'l Nat._ 100
122 128
chester)
Tradeenn r n't* 200
Com'nwealth• 250 270 234 Ward'... 285
N Y Trust... 382 386
Continental _ 180 190 United States 185 195
isle Cu & Tr 395 400
Coin Exch._ 448 452 Wash'n Hts• 200
U S Mtg & Tr 295 303
Ccemop'tan*. 115 125 Yorkville •--- 1100 1500
nited Sta 1500 515
East River__ - 200
Westehes Tr. 240
Fifth Avenue* 1300
Brooklyn
Brooklyn
Fifth
Brooklyn Tr_ 525 550
240
Island* 170
Kings County 1050
405
1850 lt8
10
45 Coney
First
Garfield
arfield
290 300 Mechanles' *_ 148 149 Manufacturer 285
People's
415
100 125 Montauk•
2
170
80
OCnthanwrn
ree ich •_. 375 400 Nassau
290
805
Hanover
275 290
People',
•Banks marked with (*) are Stare banks. (z) Ex dividend. (0 New stock.
New York City Realty and Surety Companies.
Alliance Wity
Amer Surety.
Bond & MG.
City Investing
Preferred __
Lawyers Mtge
ilia
110
101
302
100
97
157
Ask
118
103
307
....
105
162
All rims dollars per share.
Bid Ask
I
Mtge Bond.- 112 117 Realty Assoc
(Bklo'n)eoml
Nat Surety__ 152 155
1st
pref....
Title
Sc
NY
2d pret_..1
Mortgage__ 210 215
Westchester
II S Casualty_ 220 __
Title & Tr_
1J El Title Guar 165 170
Bid
Auk
145
85
69
155
90
74
230
-
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Marariii,
Rate.
A.
81d.
Asked.
Makoilk.
1st.
Rase.
814.
Asked.
Sept.15 1924...
Mar.151925...
Mar.15 1926._ _
Dec. 151925...
Sept.15 1926...June 15 1925 _
534%
0
.1%
431%
4,1%
434%
10012
10112
102%
1015,4
1013116
10112
10058
1014
10254
10114
102111
lot%
Dec. 15 1927Mar.15 1927...
Dec. l51924_.
Mar. 15 l925.__
Dec. 15 1924...
144%
434%
%
4%
234%
1031.6
103116
100%
10111.
10011,
103116
1031,1
101
101214
1001a
194
Inviestment and
gailitaati gtxtelltg
. aut.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of July. The table covers 4 roads and shows 6.23% decrease
from the same week last year.
Georgia Southern & Florida Railway.
(30th Annual Report-Year Ended Dec. 31 1923.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1920.
1921.
1923.
1922.
402
Miles operated
402
402
402
806,073
Passengers
carried
460,381
509,857
466,798
1924.
1923.
Increase. Decrease. Passengers carried 1 mile
First Week of July.
41,733,950 36,521,889 31,382,421 49,496,593
Receipts per pass. mile
3.387 eta. 3.387 eta. 3.283 eta. 3.111 cte.
5
5
1,749,464
freight carried_ - _ _ 1.896,003
1,546,009
1,561,721
259,259
219.506 Tons
Buffalo Rochester & Pittsburgh_
478,765
Tons
freight
carried
1
243,685,179 243,367,868 295,145,284
4,407,628 4,713,454
305,826 Rate per ton per mile_m-305,806,723
Canadian National
cts. 1.120 eta.
_
_
1.271
eta.
1.130
eta.
1.195
Pacific
14,000
Canadian
3,397,000 3,411,000
$13,099
810,994
$12,812
$10,866
97,984 Gross earnings per mile..
1,534,281 1,632,265
St Louis-San Francisco
INCOME STATEMENT FOR CALENDAR YEARS.
1921.
Operating Revenues1922.
9,598,168 10,235,484
637,316
Total (4 roads)
1923.
637.316 Freight
Net decrease (6.23%)
53,456.669 52,912,376 $3,093,686
Passenger
1 413,691
Mail,express, &c
0
0,71
119
Latest Gross Earnings by Weeks.-In the tab e which Incidental
'2g1,4c1 ling
114.962
79,041
88,055
follows we also add the earnings for the fourth week of Joint facility
June. The table covers 14 roads and shows 8.31% decrease
from the same week last year.
Fourthl Week of June.
1924.
Ann Arbor
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Georgia & Florida
Great Northern
Mineral Range
Minneapolis & St. Louis
Mobile & Ohio
Nevada-California-Oregon
St. Louis-San Francisco
St. Louis Southwestern
Southern
122,954
398,077
6,231,961
4,669,000
195,766
37,200
2,668,971
8,490
228,058
420.063
9,522
2.029,018
550.111
4,218,792
Total (14 roads)
Net decrease (8.31%)
I
Total operating revenues
Operating ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr_
Increase. Decrease.
1923.
$
145.512
624.456
6,367,889
4,682,000
227,220
47,128
3,042,981
16,268
298,699
487.232
8,642
2,238,752
637.557
4,938 831
21,787,983 23,763,167
Gross income
DeductionsMiscellaneous rents
Interest on unfunded debt
-arossfrom Railway- -Net from Railway- -Net after Taxes- Miscellaneous income charges
1923.
1924.
1924.
1924.
1923.
1923.
Interest on funded debt
$
$
$
i
$
$
Interest on equipment obligations_
Pullman Co675,123 1,083,874
May
415,930
5,831,200 5,984,480
731,450
Balance of income
From Jan 1.28,868,019 28,001,913 3,178,889 4,505,101 1,906,374 2,443,821 Preferred dividend (234%)
Electric Railway and Other Public Utility Net
Earnings.-The foHowing table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-GrossEarnings--NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
gAmer Pow & Light_ _ _ _May 2,729,346 2,528,925
12 mos ended May 31_ _ _33.200,603 30,795.894
American Tel & Tel Co_May 6,152,818 6,050,498
5 mos ended May 31- - -30.838,359 29,942,764
Brazilian Trac. L & P.. _ _May 2.334,169 2,082,039
5 mos ended May 31_ _ _ _11,143,001 10,135,205
cSoutinvest Pow & Light May 947,001
845.294
12 mos ended May 31-- _11.697,799 10,538,695
Staten Isl Edison Corp May 224,023
186,437
12 mos ended May 31-_ _ 2,626.305 2,390,287
Western Union Tel Co May 9,225,549 9,408,546
5 mos ended May 31_ _ - _45,039.013 45,726,688
g Earnings for subsidiary companies only.
Gross
Net after
Earnings.
Taxes.
Companies.
Havana Elec Ry, May '24
Light & Power
'23
5 mos ended May 31 '24
'23
New England Co May '24
Power System
'23
12 mos end. May 31 '24
'27
Newport News & May '24
Hampton Ry. G & E '23
12 mos ended May 31 '24
'23
Niagara Lockport May '24
'23
& Ontario
5 mos ended May 31 '24
'23
1,184,085
1,101,006
5,849,805
5,515,268
552,745
620,396
7,355,487
6,632,552
151,731
167,158
2,044,027
2,128.345
457,642
443,826
2,481,719
2,261,737
* After allowing for other income.
$959.670
924,178
110,794
2,509,600
10,600
154.373
4
$848,473
896,040
110,796
2,076,122
33,081
137,675
$741,174
791,276
103,838
1,928,031
33.484
146,408
$652,982
$425,005 def$159,559
$
22,558
226,379
135,928
Total operating expenses
13,000
$4.102,187 $3,744,211 $4,669,211
$773,806 def$82,441
31,454 Net revenue from operations
81,217,157
$206,313
$192,712
9,928 Taxes
$235,164
1.611
12,815
374,010 Uncollectible revenues
4,456
162,759
100,308
7,778 Hire of equipment
279,353
99,436
73,432
70.641 Joint facility rents
65,162
67,169
$394,539 def$552,561
Operating income
$633,021
880
209.734
Non-operating Income87,446 U. S. Govt. acct. 6 mos. guaranty.....
$367,703
Dr.5965
720,039 Miscellaneous rent income
7,059
6,296
7,194
1,091
12,509
Miscellaneous non-oper. phys. prop
1,791
880 1,976,064 Dividend income
163
83
148
11,079
1975184 Income from unfund. secur. & acc'ts.
12,459
10,828
5,987
3
Miscellaneous income
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
Companies.
$5,319,344 $4,518,016 $4.586,770
1.189,966
13.632.012
2,499,010
13,002,560
1,476,040
6.959.055
413.502
5.508,459
64.741
824.089
1,039,766
5,057,271
1,040,972
12,708,009
2,643,284
13,427,554
13,332,375
6,416,097
354,893
4,968,965
42,372
802,287
1,030,839
5,690,139
Fixed
Charges.
Balance,
SurfInc.
$150
13,102
2,720
240,000
5,327
$391,683
44,200
$150
16,169
2,625
280,000
7,982
$130
18.949
5,248
280,000
11,897
$118,078 def$475,784
Balance carried to profit and loss_ _ $347,483
$118.078 def$475.784
The profit and loss account Dec. 31 1923 shows: Credit balance Dec. 31
1922, 81,244,294; interest on 1st Consol. Mtge. bonds accrued for 1921 and
1922 from the payment of which this company has been released, $160,000:
add credit balance of income for year 1923, 3347,483; total, $1,751.778:
deduct uncollectible accounts written off, $449,746; net miscellaneous debits,.
$16,681; credit balance Dec. 311923. $1.685,350.
GENERAL BALANCE SHEET DEC. 31.
.
1922.
1923.
1922.
1923.
$
Assetss
$
3
LiabilitiesInvest. in road_ .J0,262,805 10,192,082 Common stock_ _ _ 2,000,000 2,000,000,
684,000
Invest.in equip_ _ 2,387,674 2,621,513 lat Pref.stock_ _ .. 684,000
47.441 2d Fret. stock_ _ _ _ 1,084,000 1,084,000
Misc. phys. prep..
40,421
6,000,000 6,000,000
Inv. In MM. cos.:
Funded debt
135,000
90,000
73,865
73,835 Equip,trust oblig_
Stocks
225,336
475,336
3,750 Notes
23,750
Advances
17.301 Traffic dt car HerOther investments
17,301
251.279
Cash
340,888
275,414
vice bal. payable 130.272
102,263 Audited accounts
Special deposits_ _ _ 101,752
Traffic & car scr& wages payable 937, 48 1,224,446
39,272
48,893
vices bal. receiv. 119,500
131.542 Miscel. acc'ts pay.
Int. mat'd unpd.,
Balances due from
341,538
13,001
incl.int.dueJan.1 220,775
agents & cond
7,023
650
902
Misc. acc'ts rec.. _ 343,516
419,937 Divs. mat'd unpcl_
46,469
54,617
Mat'l & supplies
771,501
535,480 Uiamat. int. acced
14,461
1,041
0th. current assets
5,870 Unmatrents neer_
5,872
50,222
47,463
Deferred assets_ _ _
1,683 Other curr. Habil _
3,726
2,738
3,723
206,473 nerd liabilities_ _ _
Unadlusted debits 181,599
97,433
Sscurs.of company
89,887
Taxes ac2ruel_ _ _.
59,804
held by it-un52,637
Operating re.sems
ple.iged _SI,200,000
Accrued &preen
857,897
on equip.,&o__. 760.591
247,768
Other unadj. creel_ 279,150
Add'ns to property
since J'ne 3007,
41,008
41,008
thr. Inc. & sum_
Profit and loss . _ 1,685,350 1,244,294
*603.636
512.328
91,308
*590,156
496,882
93,274
*3.012,450
457.708 2,554,742
*3,000,657
466,390 2,534,267
203,869
115,442
88,427
197,892
86,438
111,454
2,144,402 1,178.931
965,471
2.155,971
990,025 1.165,946
48,824
20,566
28.258
50,949
20,703
30,246
14,686,195 14,647,614
Total
14,686,195 14,647,614
Total
633,563
253,631
379,932
683,573
256,238
427,335 -V. 118, p. 2948.
*195.561
84,698
110.863
*192,022
74.330
117,692
Cincinnati Indianapolis & Western Railroad.
*1.057.817
412,931
644.886
*901,842
(8th Annual Report-Year Ended Dec. 31 1923.)
371,245
530,597
Pres. Fred Zimmerman, Indianapolis, Ind., May 31, wrote
in substance:
FINANCIAL REPORTS
Southern Railway Company.
(30th Annual Report-Year Ended Dec. 31192:3.)
The remarks of President Fairfax Harrison, together with
a comparative income account, profit and loss account and
comparative balance sheets for two years past, will be found
on subsequent pages of this issue.
OPERATING STATISTICS FOR CALENDAR YEARS.
1922.
1923.
1921.
1920.
Average miles operated_
6.971
6.971
6,971
6,973
x EvipmentLocomotives
1,744
1.755
1.865
1,865
Passenger equipment_ _ _
1.156
1,183
1,171
1,180
Freight equipment
52,181
53,383
51,198
51,322
Road service equipment_
1,894
1,790
1,972
1,965
Marine equipment
20
23
20
22
OperationsPassengers carried
14,837,988 14;653,689 16,220.874 21.914,632
Passengers carr. 1 mile_ _978,088,285 877,546,000 927,854,000 1229054,000
Av.rev, per pass. per m_ 3.451 eta. 3.449 cts. 3.460 cts. 3.020 cts.
Tons carr.(rev.freight)_ 45,573,936 35.498.269 30,121.296 42.928,381
Tons 1 mile(rev.frt.)(000) 8,123,383 6,512,961
5,563.471
8.229,652
Av.rev. per ton per mile 1.298 cts. 1.353 cts.
1.531 Os. 1.219 eta.
Av.rev. train load (tons)
417.59
437.58
386.49
464.33
Rev, per pass, train mile $2.56422
82.36809
82.46246
82.67222
Rev. per fght. train mile $5.67964 5 5.64811
55.91768
85.66127
x Includes narrow-gauge equipment.-V. 118, p. 2951.
Results.-OperatIng revenues for the year increased $265,650, or
6.09%. even though the freight rates for the first half of 1922 were practically 10% higher on all commodities than in 1923. Operating expenses increased $95,317, or 2.53%. Net operating revenue increased $170,333, or
28.92%.
The tax accruals increased $39,435. or 19.84%, due to increase of $13,487
In U. S. income tax and an increase in property taxes of $9,051 on account
of increase in tax rates and assessed valuations, the balance of the increase
$16,896. being due to adjustment in 1923 of under-accruals in 1921 and 1922.
Other operating charges decreased $102,194. or 30.92%, as the result of
putting in service during the year rebuilt freight
car equipment obviating
the necessity to that extent of hiring equipment.
Non-operating income shows an increase of $33,255, which is reflected in
miscellaneous rent and income from funded and unfunded securities and
accounts.
Deductions from gross income shows an increase of $39,747. which is
reflected in amortization of funded debt and interest on funded debt.
Additions and Betterments.-The total net charges to investment in road
and equipment amounted to $413,541.
Funded Debt.-The net increase in funded debt during the year was
$128,000.
As many of the box cars acquired by the company in its original purchase
of the property had deteriorated and wore out o condition, yet of sufficient
value to warrant rebuilding and standardizing, an arrangement was completed March 14 1923 through the Cincinnati Indianapolis & Western Car
Equipment Co. to finance the rebuilding of 250 of these box cars and 75 coal
cars (the rebuilding being accomplished during the year 1923), that company issuing 1.500 shares of Common stock at par ($100). All of this
-Common stock was acquired by this company, having a book value on the
books of this company as fixed by the 1.-S. C. Commission of $126,250.
The Equipment Co. also issued 3,000 shares of 8% Cumul. Prof. stock at
is being retired
$100 per share. The Preferred stock. aggregating $300,000,
throUgh payments by this company in semi-annual installments of $15,000
each June 1 and Dec. 1 and at Dec. 31 1923 $30,000 had been paid, reducing
the amount outstanding to 5270.000. Upon completion of payments thereon this company becomes the absolute owner of the equipment,
JULY
12 19241
THE CHRONICLE
Federal Valuation.-The valuation of the property by the I.-S. C. Commission. begun as of July 1 1918, has progressed to the extent that tentative
reports have been served by the Commission, which are being vigorously
checked and objections taken up with the Conunission. The total cost of
valuation work on the property to date is 828,920, of which the U. S.
Railroad Administration assumed $11.886.
OPERATING STATISTICS FOR CALENDAR YEARS. '
1923.
1922.
1921.
1920.
Revenue tons carried.-- 3.446,343
2.900,752
2,096,948
2,926,002
Revenue ton miles
318,584,257 313,778.826 215,682,801 344,807,508
Average revenue per ton
$1 10
$1 22
$1 15
$1 34
Aver. rev. per ton mile
1.19 cts.
1.13 cts.
1.31 cts.
0.98 cts.
Aver,rev, per mile of rd_
$13,340
$13,042
$12,034
$11,446
Rev, pass. carried
457,343
490,375
586.516
801,190
Rev, pass. carried 1 mile 17,458,141 17,921,632 22.910,517 29.325,398
Aver, rev. per passenger
$1.001
81.116
81.168
80.94
Av.rev, per pass. perm_ 2.623 cts.
3.054 cts.
2.990 cts.
2.569 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
Corporate
Combined.
Revenues1923.
1922.
1921.
1920.
Freight
$3,814,516 83.547.571 82.826,527 13.406,659
Passenger
457,871
547,498
685,076
761,277
Mail, express. &c
356,957
268,624
204,969
344,529
Total
$4,629,344 $4,363.693 83.716.572 $4.512,465
Maint.of way,&c
$566.458
$532,084
$742.807
$868.845
Maint. of equipment- _ _ 1,033,846
960,011
1,136,067
1,532,109
Traffic expenses
139,439
131,075
136.713
120,373
Transportation
1.884,969
1,890,305
1.845,442
2,219.377
General, &c
245,301
261,223
287,107
270,083
Total oper. expenses_ - 13.870.014 83,774,696 84.148,136 35.010,786
Net earnings
$759,331
$588.998 def$431,564 def$498,320
Taxes, &c
238,179
198,744
154,356
211.447
Operating income_ _ -- $521,151
$390,253 def$585,920 def$709,768
Non-oper. income
93,037
62,450
855.909
262.515
Gross income
$614,188
$452,703
$269.990 def$447,252
Hire offr't cars(Dr. bal.)
57,750
131,986
Rent for equip.,&c
35,130
37,678
49,657
16,302
Joint facility rents
178,978
207.054
165,249
117,587
Rent for leased r'd. &c
8,344
3,265
2,831
363
Int. on 1st M. bonds- -183,750
146,271
133,750
133,750
Int. on equip. trusts---47.804
24,667
30,156
36,167
Int. on bills payable__ _ _
1.858
30,604
Misc. income charges_ _ _
2,797
Net income
$97,777 def$128.823 def$111.654 def8751.420
GENERAL BALANCE SHEET DECEMBER 31.
1923.
1922.
1923.
1922.
AssURLiabilitiesInvest'ts in road. _13,302,854 13,104,131 Common stock._ _ 5,350,000 5.350,000
Invest•ts in equip_ 3,431.410 3.133,218 Preferred stock 5%
Gen'i expenditures
83,373
non-cumulative. 5,350.000 5,350,000
Inv.in affil.cos._ _ 126.250
1st M.5% bonds_ 3,675,000 3.675,000
Other Investments
2,000
2,000 Equipment trust.. 855,000
727,000
Cash for mat'd int.
Traffic and car ser6,478
on lat M. bonds
3,968 • vice balances... 280,959
283,421
Dem. 1'ns & dep. _ 200,000
200,000 Loans & bills pay_
10,000
51,750
Cash
148,646
258,298 Audited vouchers
Traffic & car seres payrolls
466,882
599,660
vice balance.. _ _
43,883
31,195 Misc. aeets Pay..
19,993
28,943
Net bal. rec. from
Int. mat'd unpaid.
6,477
3,968
agents & coed's.
41,230
33,849 Unmat'd Int. accr._
37,894
38,490
Misc. acc'tsreceiv. 151,696
136,160 Other eurr.
12,969
10,908
Mat'l & supplies._ 287,601
286,791 Deferred liabilities
1,543
1,488
Int.& dive.reeelv.
1,417
Acc't U. S. Govt.
Other curr. assets_
14,028
7.326
Cash
5,661
Acc't U. S. Gov't
Tax liability
197,354
158,194
cash
5,661 Accr'd depreciation 317,950
290,010
Work, fund adv..
1,175
Other unadj. crcd_ 249.487
223.959
Insurance prepaid.
15,536
2,534 Add'ns to property
Other unad1.debit m 134,609
210,288
through income
Disc.& exp.,fund.
and surplus_ _ _ _ 984,930
947,621
debt
291,296
298,259 Profit and loss
252,912
203,759
18,202,129
Total
17,817,052
Total
18,202,129 17.817.052
-V.119. D. 73.
St. Louis-Southwestern Ry.("Cotton Belt Route")
(33d Annual Report-Year Ended Dec. 311923.)
Chairman Edwin Gould, New York, June 2, wrote in
brief:
Investment in Road and Equipment.-Expenditu
res for additions and
betterments during the year
to $4,765,381. Of this amount
83.086.424 was expended for amounted
equipment. In financing these additions
and betterments expenditures, equipment trust
of $2,700,000, $830,635 was appropriated from notes were issued in amount
income, 81,677 was obtained
from donations and $1,233,068
has been temporarily financed through
the use of current funds, leaving the
method
of
permanent financing open
for future determination.
Capital Stock and Dividends.-There was no change
in the amount of
Common or Preferred capital stock during
the year.
During 1923 the directors declared the regular dividend
of5% on Preferred
stock to be paid from surplus.
Funded Debt.-There was an increase in the funded
debt during the year
brought about by the issue of $2,700,000 55i%
Equip. Trust notes, Series
"H." Company also issued its note in amount
of
$700,000
bearing interest
at 6%. to the Director-General of Railroads in
settlement of all items
arising during Federal control. This note is due March
11930. However.
the company has the option of paying all or any
part thereof on any interest
paying date.
Equipment Trust notes in amount of $398,330 were
paid
the
year, and 1st Consol.
bonds amounting to $385,000 wereduring
purchased
at a cost of $291,673Mtge.
and are now held in the sinking fund. 370,000
1st Term. & Unit. Mtge.
bonds were also purchased for annuity trusts.
Pres. Daniel Upthegrove, St. Louis, May
15, wrote in
substance:
195
Major Items of Maintenance & Betterment Aggregating $3,030,232 in 1923.
585,282 cross ties applied,$671,984:412 sets of switch ties applied.
$52,387: 10,120 bridge ties applied, $18,411: labor applying
above ties. $272,499
Renewing. 13,39 linear feet trestle and constructing 870 linear81.015.282
feet of new, and abandoning 4.368 linear feet trestle in connection therewith, $290,844: replacing 4,578 linear feet trestles
with concrete pipes and boxes, 883.671
Laying 89.04 track miles new 85-lb. rail in main track, releasing 374.515
75-lb. rail, $291.862: applying 255,133 cu. yds. ballast,
$350.510: applying 56.905 tie plates and 26,906 rail anchors.
$22.283: installation of drain tile from Saltillo, Texas, to
Commerce, Texas, a distance of 36.4 miles, $45,319; installation of gravel pit and facilities at Britton, Ark, and construction of 4.29 miles of track in connection therewith. $192,124
902,098
Fuel oil facilities and conversion of locomotives
from coal to oil
burners: Storage and delivery tanks, $327,712;
conversion
of 147 locomotives. $315,009
642,721
Important work on structures and facilities
95,613
Conversion of Coal-Burning Locomotives to Oil.-The conversion
of 119
locomotives to burn fuel oil from the Smackover field was completed
in
August and 28 more locomotives were equipped to burn fuel oil,
making
a total of 147 at the end of December 1923.
The oil-burning territory has been extended to cover all mileage
south
of Pine Bluff for freight and passenger service and
to Jonesboro. Ark..
for through freight service and all passenger service. Substantial
economy
was obtained from the use of oil-burning locomotives during the latter
part
of 1923. and it is expected the full measure of economy will be obtained
during the year 1924. We have under contract a supply of fuel oil for
a period of three years at a very favorable price.
New Equipment.-During 1923 200 steel ballast cars
100,000 lbs.
capacity,500 80.000-lbs. capacity steel underframe box cars,of
500 80,000-lbs.
capacity steel underframe automobile cars and 15 consolidatio
n type oilburning locomotives were received and placed in service, and 1,200
wooden
underframe freight cars, of light capacity, were retired and dismantled.
Settlement of Claims for Use of Property During Federal Control.-During
the period of Federal control this company executed and delivered to the
Director-General of Railroads its note for 31.400.000. secured by
consisting of 34.067.000 1st Term. & Unit. Mtge. bonds. In collateral
addition
the Director-General claimed large sums on account of advances
made
during the period of Federal control. These claims. together with claims
of this company, were discussed and analyzed in conferences
representatives of the Director-General and this company. As between
a result
of these conferences, the Director-General offered to accept a new
note
in the sum of 8700.000, secured by 81.400,000 of the same bonds,
full
settlement of all demands, releasing the old note and all other in
claims
of every sort and kind. This offer was accepted as an advantageous one,
and long and expensive litigation with the Government thereby avoided.
Federal Valuation.-In 1922 an application was made to the I.-S. C.
Commission for permission to inspect the evidence and data
which
the tentative valuations of our properties were based. Uponupon
the denial
of this motion by the Commission, the company brought a mandamus
suit in the Supreme Court of the District of Columbia seeking to compel
the Commission to permit such an examination. This mandamus suit
was dismissed by the District Court in December 1922
upon appeal
to the Court of Appeals of the District of Columbia. theand
order dismissing
the petition for mandamus was affirmed. Upon appeal, however,
the
U. S. Supreme Court, while affirming the action of the lower court upon
the ground that the petition for inspection had been too broad,
held
that
manifest justice required that the carrier, whose property was being valued.
should know the facts upon which the tentative valuation
of the Commission was made and that the Commission should provide means
whereby
the carrier in such a case could examine the data and evidence
the tentative valuation was eased in advance of the hearing. upon which
CHARACTER OF STEEL RAIL IN MAIN TRACK.
Miles85-1b. 75-lb. 70-lb. 60-lb. 56-lb.
Total.
Dec. 31 1923
386.26 697.75
30.67
47.12 370.49 1.544.20
Dec.31 1922
299.36 777.61
30.67
47.12
376.67
1,544.34
Dec. 31 1921
200.95 888.72
30.67
47.12 384.97 1,544.34
Dec. 31 1920
182.46 881.10
30.67
47.10 386.33 1,539.57
Dec. 31 1919
106.70 950.02
30.67
44.15 395.27 1,538.72
Dec. 31 1918
75.41 981.33
30.67
44.15 407.07 1,538.63
BALLAST AND BRIDGES IN MAIN TRACK.
MilesRock.
Gravel. Cinders.
Soil,Tres.,&c. Total.
Dec. 31 1923-*215.56 561.64 123.16 BurntClay.
205.65
l,59.3*
•31 1922_*212.lp 549.10 117.07
205.65*1,559.32
Dec. 31 192E5210.31 . 544.97 108.20
205.65
*1.554.55
Dec. 31 1920.*210.31 544.97 108.20
205.65
*1,554.55
Dec. 31 1919_*222.54 584.58 100.66
212.18
*1,552.40
Dec.31 1918_ *221.98 583.65 102.05
211.58
*155365
434.39
* Includes 14.44 miles in second main track.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Average miles operated_
1,776
1.776
1,776
1,776
OperationsPassengers carried
2,433,811
2,097,603
2,592,292
3.939,032
Passengers carried 1 mile 98.671,589 77.734,942 89.876,499 137,513,447
Rate per pass. per mile
3.44 cts.
3.46 cts.
3.44 cts.
2.93 cts.
Tons freight moved6,365,897
5.353.997 a5.147,912 a6,356.708
do
do 1 mile---- 1697769155 1535404954'1296385810 1815775668
Rate per ton per mile_
1.45 cts.
1.45 cts.
1.61 cts.
1.39 cis.
Earns, per pass,train m_
31.7517
31.5817
$1.5958
$2.149
Earns, per frt. train m
37.3993
$7.3506
37.4770
$7.2756
Gross earnings per mile_
$16.641
314.730
$17,467
$14,146
a Not including company's freight.
CLASSIFICATION OF REVENUE TONNAGE FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Cottonseed & products,
except oil
222,473
172,765
189,433
239.125
Other agric. products._
804,211
771,067
784,479
793,305
Products of animals_._ _
70.156
63,766
49,497
66,450
Bituminous coal
368,033
299,752
232,299
344,969
Clay.gravel,sand & stone 716.749
443.706
994,191
. 535,442
Crude petroleum, &c_
365,844
403,415
331,559
408.592
Other mineral products_
.
58,536
46,600
Products of forests
1,803,183
1.423,045
1.210,017
1,821,727
Refined petroleum, &c
501,381
485.165
409.137
496,668
Other mfd. products- - -- 1,334,129
1.138.714
888,764
1.603.830
Total
6,365,897
5,353,997
5,147,912
6,356,708
Restals.-Railway operating revenues amount
The usual comparative income account was given in
to $29.551,120
pared to $26,159,914 in
1922, an increase of $3,391,206. or 12.96%., comThis V. 118, p. 2174.
substantial amount was the
result
of
a
uniformly
good
business
throughout
the entire year.
CONDENSED BALANCE SHEET (ENTIRE SYSTEM) DEC. 31.
Operating expenses for
amounted to 321,990.212 and in 1922
1923.
amounted to $20,007,426. 1923
1922.
1922.
1923.
an
increase
Assetsof
31.982,787.
or
the abnormal expenses of floods
$
$
Liabilities-While Road &
and strikes in 1922 did not9.91%•
eqUip_.117,690.318 113,541,723 Common stock_ 16,353,100 16,356,100
recur
the money was spent for an
in
1923.
enlarged
Inv.
improvemen
An
Mill.
t
program.
cos_
2,652,002 2,5414,971 Preferred
Net revenue from railway operations
19,893,650 19,893,660
increased to $7,560,908 from Other invesCts. 7,972,372 1,015,247 Bonds (seestock_
86,152.489, or by 22.89%. Railway
"Sty.
tax accruals for 1923 showed an Misc.Inveigle. _
722,494
increase of $12,247 in State and local taxes
88,757 & Inc.- Sec.). 66.907,750 57,403.5E
7)
and
Cash
$356,495
in
Federal taxes.
2,705,216 3,370,667 Acc'ts & wages_ 2,450,011 2,485,075
The latter increase consists principally
$204,008 adjustment of income Special deposits_
678.410
792.452 Traffic, &c.,bal.
and excess profit taxes during 1916 andof
408,327
588,863
1917
heretofore
Agts.&cond.ba
paid
l.
and
charged
224,373
to profit and loss account in 1922 but now
328,809 Int. & dive. due
673,810 1,633,578
charged to this account during Traffic, &c..bal.
501,006
1923 by order of the I.S. C. Commission,
.356,733 Miscell. acc'ts. _
153,491
324,006
for the purpose of making Loans & bilis rec.
11,501
the income account over a period of years reflect
9,985 Int., &c., aeor_ _
266,711
240,711
the
Miscel.
actual
operations
accla_ _
994,717
and payments of each carrier during such period.
765,687 Taxes accrued..
952,315
769,261
With the elimination Int. & dive. rec.
58,879
ef toss item this increase in Federal taxes becomes
905,550 Accrued deprec_ 5,634,501 5,566,204
In income during the current year and to minor $152.487 dur to increase Marl & supplies 3,750.291 3,832,910 U. S. Govt. un0th.
adjustments
curr. assets
.
74,485
Other railway operating income received during the
109,288
adjust. credits
3,511,599
amounted to Work. Id. advs..
27.123
8541.655, compared to $376.309
31,197 Oth.unad1. sects
761,588
430,272
in 1922. brought aboutyear
principally by an Ins.. &c.,funds_
Increase in rent received for use of equipment
86,387
U.
S.
Govt.
dot.
by
of the amount paid other carriers for use of their other carriers in excess U. S. Govt. def.
liabilities _ _
11,164,332
equipment.
assets
Deductions from railway operating income were
5,936,643 Other tlef.flab26,172
22,832
$835,798, compared Oth. def. assets_
12
with $806,193 in the previous year, the increase
12 Add'ns to prop.
amounts paid the Pullman Co. for use of their cars.being due, chieflY, to U. S. Govt. tinthru. income. 14,591,045 15,169,502
adjust,
debits
Net railway operating income increased
5,680,732 Sink fund res've
961,856
670,183
$4,455.657 to $5,630,285 Oth. unadj. deb.
or 26.36%. Adding to this figure $329,414from
755,438
24,930 Misc,fund res...
52,871
of
g income and
deducting $2,558,607 for interest unfunded debtnoa-operatin
Oth. appro.sur_ 1,809,100 1,121,026
and
,miscellaneo
us charges.
leaves net income of $3,401,092 to be contrasted with
Profit and loss._ 6,919,342 2,298,999
the same item in
1922 of $2,256,679, an increase of 81,144.413, or
50.71%. A balance of ' Total
138,818,641 139,649,776
$2,948,609 was transferred to profit and loss.
138,818,641 139,649,770
Total
-V. 119, p. 76.
THE CHRONICLE
196
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
• Hearings on Pullman Surcharge Rates Are Reopened.-Aug. 25 set as
date for further discussion as to cancellation of 50% tax. "New York
Evening Post" July 9, p. 22.
Southern Ry. Bonus Wage Plan.-Under the bonus plan as adopted by the
managers and the train service employees of the Southern Ry. in February
last, the employees were to receive a stated increase in wages in 1925 provided the ratio of certain expenses to the gross revenues was less in 1924
than in 1923. Reports for the first four months of 1924 as compiled by the
company show that on account of the decline in business the ratio of expenses applicable under the plan was 21.79% of the total operating revenues.
As the test ratio adopted by the managers and the employees at their
conference in February was 21.42%, the employees are approximately onethird of 1% above the figure that would give them an increase in wages.
In an effort to bring down the ratio the employees on the division known as
the Alabama Great Southern have organized a co-operative associationto
make the bonus plan effective. "New York Evening Post"July 8,p. 26.
Officials of Canadian Northern Ry. Offer One Day's Pay to Railroad.Officials of the Canadian National Ry. have submitted an offer to the board
of directors to give one day's pay a month to the company. If the offer is
accepted and enforced throughout the system. between 105.000 and 110,000
employees will be affected. It will mean a saving of approximately' 115.500,000 in the operating cost of the national system for the year. "New
York Times" July 8, p. 9.
Proposed Increase in Long Island RR. Rates Suspended -Public Service
Commission has suspended the proposed increase of 20% in the commutation fares of the Long Island RR., which was to have become effective
July 25. A Joint hearing before the Public Service Commission and the
Transit Commission will be held in New York on Tuesday, Aug. 5. "New
York News Association" July 11.
U. S. Railroad Labor Bow.d Subpoenas Officials for Hearings on Dispute
Between Brotherhood and Western Roads -Eighty chairmen and officials
of train service organizations, to appear for the hearing on the dispute
between the Brotherhoods of Locomotive Engineers and Firemen and the
managers of the Western railroads on July 24. "New York News Bureau
Association" July 11.
Authorized Statistics.-The Car Service Division of the American Railway
Association reports the following official information:
Surplus Freight Cars.-Class I railroads on Jure 22 had 359,644 surplus
freight cars in good repair and immediately available for service, a decrease
of 3,317 under the number reported on June 14, at which time there were
362,961. Of the total number,surplus box cars on June 22 totaled 153,311.
a decrease of 146 within a week, while the number of surplus coal cars
totaled 167,315. a decrease of 1.818 within the same period. Surplus
stock cars totaled 17.692. a decrease of 715 under the number reported
on June 14. There also was a decrease of 944 in the number of surplus
refrigerator cars which brought the total on June 22 for that class of equipnaent to 12.281.
Car Shortage.-No car shortage is being reported.
Freight Car Repair.-FreIght cars in need of repair on June 15 totaled
192.471. or 8.5% of the number on line, an increase of 3.252 over the
number reported on June 1, at which time there were 189.219, or 8.3%.
Of the total number, freight cars in need of heavy repair totaled 142,883,
or 6.3%, an increase of 4.347 compared with the number on June I. Reports showed 49,588, or 2.2%. in need of light repair, a decrease since
June 1 of 1,095.
Repair of Locomotives.-Locomotives in need of repair on June 1 totaled
10,875. or 16.9% of tne number on line, a decrease of 991 locomotives
compared with the number in need of repair on May 15, at which time
there were 11,866, or 18.4%.
Of the total number, 6,099. or 9.5%, of the number on line were in
need of classified repairs, a decrease of 267 compared with the number in
need of such repair on May 15. at which time there were 6.366, or 9.9.7.,•
Reports also showed 4,776, or 7.4%. in need of running repairs, a decrease
of 724 compared with the same previous date.
The railroads on June 1 had 6.661 serviceable locomotives in storage,
an increase of 436 compared with the number on May 15.
During the last half of May, 28.361 locomotives were repaired and
turned out of the shops, compared with 29,353 during the first half of May.
Matters Covered in "Chronicle" July 5: (a) Lotter of Howard Elliott
to Magnus Johnson refuting allegations against New York New Haven
& Hartford RR. and Northern Pacific RR., p. 43.
Adrian (Mich.) Street Ry.-Ceases Operation.The company ceased operating on June 28 through an agreement between
Henry L. Doherty & Co. and the City Council of Adrian. Mich. Ths line
has been operated for a number of years for the purpose of providing a
terminal for the Toledo & Western interurban line. It has not made a
profit in recent years. Some months ago the Doherty interests acquired
the power properties in Adrian and have tied there in with the Toledo
Suburban Electric Co., which serves towns along the Toledo & Western
RR. ("Electric Railway Journal.")-V. 112, p. 561.
Ann Arbor RR.-Guaranty.-
The I.-S. C. Commission on June 28 authorized the company to assume
obligation and liability, as guarantor and lessee, in respect of $800.000
Ann Arbor Boat Co. 1st Mtge. Floating Equip. Serial 6% bonds, which
are to be sold at not less than 903.6 and the proceeds used in the procurement of an additional car ferry. See offering under "Industrials' below.
Income Account-Years Ended Dec. 31.
-Corporate-- --Combined
1922.
1923.
1921.
1920.
$5,602,575 $5,053.161 $5,139,216 $5,385,992
Operating revenue
4,119,391
4,953,662
4,218.810
4,542,999
Operating expenses
$1,059,576
253,684
$933,770
261,051
$920,405
256,725
$432,330
250,365
Operating income--- Non-operating income._
$805.892
117.533
$672,719
166,344
$663,680
56,118
$181,965
63,957
Gross income
Interest, rents, &c
$923,425
843,417
$839,063
792,884
$719,798
633,746
$245,922
772,417
Net income
-V. 118, p. 3194.
$80,008
$46.179
Net revenue
Taxes, &c
$86,053 def$526,494
' Black River (N. Y.) 'Traction Co.-Fare Decision.-
The Appellate Division of the New York Supreme Court has handed down
a decision in which it ruled that the Legislature has power to change rates
established as a condition of consent given to franchises and may exercise
that power through the agency of the Public Service Commission. The
decision was handed down in the case of the Village of Brownsville against
the Commission and the Black River Traction Co., protesting an increase
in the fare rate.-V. 115, p. 2378.
Boston & Worcester St. Ry.-Seeks to Operate Buses.-
[vol. 119.
on this stock arelexemptifromithe normal tax and are entirely exempt
from all Federal income taxes when held by an individual whose net income
after all deductions is $10,000 or less. Dividends when received by corporations are entirely exempt fromlall Federal income taxes.
Data from Letter:ofiWm. Darbee, V.-Pres., Raleigh, No. Car., July 8.
Company.-Supplies the entire electric power and light, street railway
power
and gas service in Raleigh, the gas service in Durham, the electric
and light service in Goldsboro, Henderson, Oxford, Sanford. Dunn, Frank'intim,Clinton, Mt. Olive and Jonesboro, and supplies at wholesale electric
power and light service to 16 other communities in North Carolina. Also
owns the entire Common stock (except directors' shares) of the Asheville
Power & Light Co. and the Yadkin River Power Co.
Purpose.-Proceeds will be applied to the cost of additions, extensions
and improvements, and to other corporate purposes.
Earnings-Years Ended Dec. 31.
•
Balance after
Net
Gross
Interest etc. Preferred
Balance.
Income.
Income.
Deductions. Dividends.
$88,981
$56,591
$761.938 $321,443 $145,572
1915
188.482
107,634
471,727
1,053,844
296,116
1917
241.180
127,023
558,099
368,203
1,409.465
1919
286,080
140,657
638,978
1,869.187
426,737
1921
488,481
2,634,493
192,760
1.029,017
681,241
1923
539.788
215.260
2,797,058
1924*
755,048
1.170,881
•Twelve months ended May 311924.
Capitalization Outstanding with the Public after this Financing.
Cumul. Prof. stock (no par) paying $7 per share per annum
47,921 shs.
(including this issue)
47.875 shs.
Common stock (no par) paying $6 per share per annum--$3,480,500
1st Mtge. 5s. due Aug. 1 1938
4.800,000
1st & Ref. Mtge. Gold bonds,6% Series of 1953
Customer Ownership.-Company, through customer ownershpi campaigns, has sold a substantial amount of Pref. stock to customers and
employees. There are now more than 1,600 holders of the Pref. stock
living in North Carolina. These stockholders own over 16,000 shares, or
an average of about ten shares per holder. In addition there are many
local purchasers of stock on the time-payment plan who have not completed payment for their stock.
Supervision.-The operation of the properties of the company and its
subsidiaries is supervised by the Electric Bond & Share Co.-V. 118,
p.12302.
Central Illinois Public Service Co.-Bonds Offered.Halsey, Stuart & Co. Inc., are offering at 97 and int., to
yield about 63%, $6,000,000 1st Mtge. & Ref. 6% Gold
bonds, Series 'C."
Dated Jan. 11924. Due Jan. 11944. Interest payable J. & J. at the
office of Halsey, Stuart & Co., Inc.. in Chicago or New York. without
deduction for the Federal income tax now or hereafter deductible at the
source not in excess of 2%. Denom. $1.000. $500 and $100 a'. Redeemable, all or part. upon 30 days' notice at the following prices and interest: to
Jan. 1 1929 at 1071.f.: on and from Jan. 11029 to Jan. 1 1939 at 105: on and
from Jan. 1 1939 to Jan. 1 1913 at 102 I-1. and on and from Jan. 1 1943 to
maturity at par. Penn. and Conn. 4 mills, the Maryland 414 mills tax.
District of Columbia personal property taxes not exceeding 5 mills per $1
per annum, and Mass. income tax ion interest not exceeding 6% of such
interest per annum refunded.
Issuance.-Authorized by the Illinois Commerce Commission.
Data from Letter of President M. E. Sampsell, Chicago, June 26.
Company.-An Illinois corporation. Now supplies without competition
electrical energy for lighting and power purposes to 224 communities with a
combined population of 450,000 in central and southern Illinois. Other
tbrnts of public utility services are also rendered to a numberef communities.
Most of the communities served are situated in the Illinois corn belt or coal
mining districts of the State. Company through its contracts for the purchase of power and from its own generating stations, has a total available
capacity of 105,000 k. w., including the capacity of its Grand Tower plant.
of 40.000 k. w. initial capacity, the first unit of which is now in operationthe comThrough the development of the mining and drainage business,
thus serving
pany is able to utilize its investment during hours of off-peak,
capacity.
available
excels
its
of
in
aggregate
a total connected load far
Security.-Mortgage securing these bonds covers all property now or
hereafter owned and is now a direct first lien on physical property reprethe
senting recent expenditures of approximately $8.000.000 (including
now nearing
40.000k. w.electric generating station on the Mississippi Riverall
important
substantially
direct
first
on
lien
a
be
will
completion), and
through the
future additions constructed by the company. Moreover,
in the lien of
pledge of bonds with the trustee the mortgage shares equally
company's
the
of
balance
the
on
lien
first
the First & Ref. Mtge. which is a
underlying bonds.
present property. subject only to $4,401,500 divisional
of bonds
cancellation
and
payment
the
for
used
be
will
Purpose.-Proceeds
expendiof other series outstanding, to reimburse the treasury in part for
corporate
purposes.
other
for
and
made
tures
Capitalization Outstanding with Public (After Present Financing).
103,000 shares
Preferred stock, $6 cumulative
x110,410 shares
Common stock
Central Illinois Public Service Co. (consolidated corporation)
$3,850,000
First Mtge. & Ref. 6s. Series A. due May 1 1943
x2,345,000
do 5s. Series B, due Jan. 1 1948
8.000,000
issue)
this
(including
C
Series
do 6s,
Central Illinois Public Service Co. (former company) First &
y8,190.000
Refunding Mortgage 58, 1952
Underlying divisional bonds, various issues maturing from 1927
4,401,500
to 1942, inclusive
x Owned or controlled by the Middle West Utilities Co. _ y Not including
Refund$8,192.000 pledged under the mortgage securing the First Mtge. &
ing Gold Bonds.
Public
Interstate
the
with
severally
and
jointly
has
Note.-Company
Service Co. guaranteed the payment of principal, interest and sinking fund
Gold Bonds, Series
of the $1,250,000 First Mtge.7% 30-Year Sinking Fund
A, due Dec. 1 1951, of the Indiana Hydro-Electric Power Co.
Consolidated Statement of Earnings and Expenses.
Dec. 31 '23 xMay 31 '24
Twelve Months Ended$8,532,128 $8,889,834
Gross revenue (including other income)
taxes
5,832.097
5,709,557
and
maintenance
expenses,
Operating
$2,822,571
Net earnings before depreciation
Annual int. on total funded debt, including present
Issue, requires
$3,057,737
$1,525,275
x Including 12 months earnings of the properties owned at the close of
.
oden
neargiem
map
each
t.-The outstanding Common stock is owned or controlled
by the Middle West Utilities Co.-V. 118. p. 1011.
Chesapeake & Ohio Ry.-Equip. Trusts Authorized.-
The I.-S. C. Commission on July 5 authorized the company to assume
obligation and liability in respect of $18,000,000 Equip. Trust certificates.
Series "V," to be issued by the Guaranty Trust Co. of New York under an
agreement to be dated July 1 1924 and to be sold to J. P. Morgan & Co.
at not less than 98 and diva, in connection with the procurement of certain
equipment. See offering in V. 118. p. 3076.
Chicago Rapid Transit Co.-Dividend No. 2.-been deper share has
A regular monthly dividend (No. 2) of 65 cents
payable Aug. 1 to holders
clared on the 7.8% Prior Pref, stock, series "A,"
The company has applied to the Massachusetts Dept. of Public Utilities of record July 15. An initial dividend of like amount was paid July 1 last.
vehicles
motor
for
the
operate
trans118, p. 2947.
and
own
-V.
for permission to acquire,
portation of passengers between Boston and Worcester. Mass.-V. 118, P.
Connecticut Co.-Equip. Trusts Sold.-Putnam & Co.,
2436.
Hartford, have sold at 100 and int. $450,000 6% Equip.
Carolina Power & Light Co.-Pref. Stock Sold.-W.C. Trust
gold notes, Series "G."
Langley & Co., New York, and Old Colony Trust Co.,
installments.
Dated June 15 1924. Due serially in 10 semi-annual
Boston, have Fold at 993/i and divs. to yield over 7.04%, Int. payable
J. St D. Denom. $1,000 c*. Not callable before maturity.
States
Security
United
tax.
8,000 shares Cumul. Pref. (a. & d.) stock of no par value. Exempt from the State of Connecticut 4-mill
0 Dividends $7 per share per annum. Red. at $110 per share and diva.
1.
Dividends payable Q.-J. Transfer agent. Registrar & Transfer Co.,
Jersey City, N. J. Registrar, Corporation Trust Co., Jersey City. N.
tinder the present Federal income tax law (Revenue Act of 1924) dividends
,
Trust Co., Hartford, Conn., trustee.
notes are issued consists
The equipment for the payment of which these capacity
of 56 passengers
of 50 convertible steel passenger cars with a seating
per car, equipped with 4 50-horse-power motors, air brakes and prepayment
X
THE CHRONICLE
JULY 12 1924.]
197
platforms, and 20 convertible steel passenger cars with a seating capacity
Hudson Cornpanies.-May Be Dissolved.of 32 passengers per car, equipped with 2 25 h.p. motors, air brakes and
This company, the holding corporation which owns a majority of the Preprepayment platforms. The equipment was bought in 1918 for the com- ferred and Common stocks of the Hudson & Manhattan RR., will soon be
repany with funds furnished by the United States Housing Corp. By the dissolved and the assets distributed to the stockholders, accordin
payment of the loan to the U. S. Housing Corp. the interest charges of the ports in the financial district.
,Bank
National
company will be substantially reditced.
Exchange
the
American
Lewis L. Clarke, President of
The company reported surplus earnings after taxes, rentals and interest and a director of the Hudson & Manhattan RR., said:
as follows: 1921, $725,927; 1922, $1,310,415; 1923, 81,025,247.-V. 118.
"All I can say is that the usefulness of the Hudson Companies as a'holdp. 3196, 2947.
ing company has ceased to exist, and it is quite legal and proper thatIthe
Hudson Companies should be dissolved and that the stockholders receive
Cincinnati Northern RR.-Annual Report.the Hudson & Manhattan Preferred and Common stock, which Is now in
1921.
1923.
1922.
Calendar Yearsthe treasury of the Hudson Companies, together with the distribution of.a
244.71 certain amount of cash.
244.47
244.71
Miles operated
$5,174,419 $3,505,287 $3,757,713
Railway operating revenues
"As the situation stands to-day, the Hudson & Manhattan RR. is en2.642,291 titled, in view of its standing in the community, to have its shares listed
3,573,998
2,697,736
Railway operating expenses
on the New York Stock Exchange. This cannot be brought about white
$807,551 $1,115,422 there is concentrated holding, such as is the case through the Hudson Com$1,600,421
Net revenue from railway oper__
$183,851
$274,948 panies. With the dissolution of the Hudson Companies the holdings of
Railway tax accruals
$247,428
Uncollectible railway revenues
26 Hudson & Manhattan would be scattered, and the Stock Exchange would
414
616
naturally give the necessary consideration to the question of listing. The
$840,448 earnings of the Hudson Sr Manhattan RR. and the stability of the manapRailway operating income
$1,352,579
8623,084
Equipment rents, net debit
$161,043
$82,336
$17,158 ment justify the securities in being traded in on a premier market. net
debit
facility
rents,
Joint
353,278
192,191
121,036 V. 118, p. 1910.
Net railway operating income
$838,257
$702,254
$348,557
Illinois Power & Light Corp.-Pref. Stock Offered.
Non-operating income
26,020
Dr.8,223
34,789
SO
Blyth, Witter & Co., New York, are offering at 95 and div.,
$694,030 to yield about 7.37%,$5,000,000 7% Cum.Pref.(a.&d.)stock.
$295
Dividends payable Q.-J. Callable on 60 days' notice as a whole or by
56,882 lot in amounts of 5,000 shares or multiples thereof on any div. date at 105.
61,198 Transfer agents. Central Trust Co. of Illinois and Guaranty Trust Co. of
1,739 N. Y.; registrars, Chicago Trust Co. and Chemical Nat. Bank, N. Y.
11,429 Data from Letter of Pres. Clement Studebaker Jr., Chicago, June 4.
Company.-Owns and operates or controls electric power and light, gas.
Net income
$265,252
$562,488
$748.950
Dividends declared
(6%)180,000
(3)90,000 (5)150,000 heat and city railway properties in a large number of the most populous
and prosperous municipalities in Illinois. Corporation also controls,
Surplus carried to profit and loss_ - $568,950
$175,252
$412,488 through ownership of the entire capital stock, Illinois Traction, Inc.
which owns an extensive and profitable system of trunk line electric rail-V. 17, p. 552.
roads in Illinois-and other utilities of which the most important are
Des Moines & Central Iowa Electric Co. and the Kansas Public Service Co.
Cuba Railroad.-Preferred Dividends.The directors have declared a Preferred dividend of 6%, payable in .The business of the corporation includes service rendered to more than
two installments of 3% each, one on Aug 1 to holders of record July 15, 300 municipalities. The electric power and light properties serve, without
competition, 195,855 customers in a business field of over 700,000 popuand one on Feo 2 1925 to holders of record Jan 15 1925-V 119. p 73.
lation; the gas properties serve, also without competition, 70,741 customers
Denver & Rio Grande Western RR.-Stock Exchange In a business field of over 375,000 population.
Consolidated Earnings Statement for 12 Months Ended March 31.
Ruling on Bonds-Purchasers of Securities Don't Have to
1924.
1923.
Accept Delivery Due to Change in Plan.$28,366,693 $26,129,753
Gross earning§
Because of the modifications in the reorganization plan. purchasers of Operating expenses, maintenance and taxes
18,242,270
19.104,223
"when,
as
and
if
issued"
have
to
accept
basis do not
securities on a
delivery. Intqrest on bonds and other indebtedness
3,523,935
4,429,887
This ruling was handed down July 10 by the Arbitration Committee of the
$4,363,547
New York Stock Exchange in the case of F. J. Lisman & Co., as purchaser,
Balance for bond disct. depree. & dividends
$4.832,582
and L. F. Rothschild & Co., as seller. The case was brought before the
The balance of earnings, after payment of prior charges, available for
committee by F. J. Lisman & Co., who held that the modification of the bond discount, depreciation and Prof. stock dividends, was for the 12
plan which changed the bonds from 5% Gen. Mtge. bonds to 5% Income months ended March 31 1924 approximately 3M' times the dividend rebonds for a period of five years had sufficient effect on the value of the quirements of $21,350.800 7% Cum. Prof. stock outstanding.
bonds to relieve them of making the purchase.
After providing for maintenance and depreciation of 14% of the total
The committee ruled in another case that the purchaser need not accept gross earnings, in accordance with the charter provisions, and for bond
the Preferred stock which he acquired under the plan of June 15 1923. discount, the balance available for Pref. stock dividends was over 2.70
According to a statement issued by F. J. Lisman Rz Co. July 10 this "means times dividend requirements of the present outstanding 7% Cum.Pref. stk.
that all contracts made by various parties under the Denver & Rio Grande
About 70% of the net earnings are derived from electric light and power,
plan of June 15 1923 are canceled and void, because the plan has been gas and miscellaneous sources other than transportation.
amended to a substantial degree on Feb. 29 1924."-V. 119, P. 73.
Valuation.-The properties, based on an appraisal as of Dec. 31 1922,
with allowance for subsequent additions and development, less deductions
Des Moines (Iowa) City Ry.-Fares Increased.and depreciation, are conservatively estimated to have a value, exclusive
Effective June 29,fares were increased from 7 to 8 cents. Since Dec. 27 of working capital and other assets, of $124.106,359 as of March 31 1924.
1923 a 7-cent fare had been charged.-V.118, p. 2703.
Capitalization as of March 31 1924.
$35,580,100
Divisional bonds (closed for issuance to public)
Durham (N. C.) Public Service Co.-Listing, &c.x35.200,000
let st Ref. Mtge. gold bonds
The Boston Stock Exchange has authorized the listing of $1,500,000 Ref. 30-Year 7% Sinking Fund Debenture gold bonds
9,949.800
Mtge.7% Gold Bonds, Series A, dated April 1 1924, due April 1 1949 (see Preferred stock, 7% cumulative
21,350,800
offering in V. 118, p.2185).
Participating Preferred stock, 6% cumulative
Common stock (of no par value)
400:
.
000 shs.
Comparative Statement of Earnings, Years Ended December 31.
x $5,000,000 additional 1st & Ref. Mtge. bonds have been issued since
1922.
1923.
1921.
approxibonds
these
March
31
1924.
Of
the
the
sale
of
proceeds
from
$663,832 $617,479 $588,383
Gross earnings
and for addi463,642 mately $2,000,000 has been spent to retire underlying bonds $3,000,000
452,712
431,039
Operating expenses (excl. replac't reserve)
is
tions sad betterments to the property, and approximately
additions
and
deposited
with
future
the trustee for withdrawal against
$211,120 $186,441 $124,741
Net earnings
48,605
Non-operating income
53,314
21,737 betterments.-V. 119, p. 74.
Gross income
Deductions-Miscell.rents& tax accr_
Interest on funded debt
Interest on unfunded debt
Amortiz.of discount on funded debt..
Miscellaneous income charges
$873,046
$225
101,237
14,322
7,847
464
$374,577
$329
80,456
1,559
5.078
21,902
Net earnings (for int., replacements, &c.)$259.725 $239,755 $146,479
Renlaceinent reserve
$72,376
$72,451
$55,571
118, p. 2185.
Interborough Consolidated Corp.-Final Distribution.
Haden of rece.pts for certificates of deposit for Interborough-Metropolitan 43. % bonds are notified that on July 22 1924 the bondholders'
protective committee will make a final distribution of $3 85 for each $1,000
amount of bonds represented by Series"A"receipts for certificates
Eastern Massachusetts Street Ry.-Wage Agreement.- principal
deposit, and $1 54 for each $1,000 principal amount of bonds represented
The company and its employees have signed an agreement covering the of
"B" receipts.
by
Series
year from May 1 1924 to May 1 1925. The new agreement includes only
The trustee in bankruptcy of Interborough Consolidated Corp., believing
minor changes. The company agrees to increase the differential on snow- the
shares of New York Ry. Co. stock held by the bankrupt to be
150,546
cents
an
hour
and to compute overtime from the differential valueless, has
plow work by e
deposited the stock with the Clerk of the United States Disrate instead of the basic rate. The basic rate of pay, 58 cents an hour, is trict
Court for the Southern District of New York pursuant to an order of
not disturbed; neither is the differential rate for one-man car operators of the Court
dated
April 10 1924, which provides that upon payment of the
5 cents, maldng the one-man car rate still 83 cents. The increased cost required sum for Federal
and State stock transfer taxes any holder of
to the road will be relatively small.-V. 118, p. 2947.
Interborough-Metropolitan Collateral Trust 43i% bonds may receive
certificates
for
shares
of
stock
at the rate of 2 1-3 shares for each $1,000 of
Erie & Pittsburgh RR.-Tenders.-bonds.-V. 117, p. 553,
The American Exchange National Bank, 128 Broadway, N Y City,
Interborough Rapid Transit Co.-Wage Agreement.will until July 24 receive bids for the sale to it of Gen Mtge 33.6% oonds
President Frank Hodley announces that after numerous conferences
dated July 11890,, to an amount sufficient to exhaust $36,220, at a price
with representatives of the Brotherhood of Interborough Employees, an
not exceeding par and interest -V 117. p 1555.
agreement has been reached to continue the existing wage contract for anFederal Light & Traction Co.-Listing.other year commencing July 1 1924.-V. 118, p. 2948.
The New 'York Stock Exchange has authorized the listing of $2,400
6% Cumul. Pref. stock on official notice of issuance as a stock dividend,
International-Great Northern RR.-Tentative Valuation.
making the total amount applied for $3,779,500.-V. 119, p. 74.
The I.-S. C. Commission has placed a tentative valuation of $38.178,650
on the property of the International-Great Northern Ry. as of June 30 1917.
Galesburg & Kewanee Electric Ry.-New Co. Org.- -V.
118, p. 3197.
See Kewanee Public Service Co. below.-V. 119, p. 74.
Interstate Public Service Co.-Bonds Authorized.-
Gardner-Templeton Street Ry.-To Operate Line.The Indiana P.8. Commission has authorized the company to issue $151,This company will operate on Tuesdays and Saturdays on the stretch
bonds, the proceeds to be used to reimburse the treasury for capital
between West Gardner Square and Greenwood's factory in South Gardner, 7006%
expenditures.
-V. 118, p. 3077.
Mass., according to an announcement of Charles Melhado, President and
General Manager. Operations were discontinued on June 14 owing to
Kansas City Southern Ry.-Files Briej.competition from jitney lines.-V.118. p. 1519.
The company has filed with the Supreme court of the District of Columbia a writ of mandamus to compel the I.-S. C. Commission to fulfill certain
Geneva Seneca Falls & Auburn RR.-Abandonment.-- obligations
which, it is charged, the Commission failed to meet bathe
The company has applied to the New York P. S. Commission for permis- finding of a valuation on the properties. In the brief filed with the Court
sion to abandon its route on Pultney Street in Geneva, N. Y.-V. 111, P. the company makes five major complaints, as follows:
1278i
(1) That the Commission has not sought to determine true economic
value, which is primarily reflected in earning power. The petition claims
Georgia Light, Power & Railways.-Tenders.that similar methods of valuation many not be used in the case of bankrupt
The New York Trust Co. 100 Broadway, N. Y. City, will until Aug. 1 and prosperous railroad properties.
receive bids for the sale to It of 1st Lien 5% 30-Year Gold bonds dated
(2) That the Commission has not, as required by the Valuation Act,
Sept. 1 1911, to an amount sufficient to exhaust $75,000, and at a price published a complete analysis of its methods of valuation.
not exceeding 105 and interest to Sept. 1.-V. 118. p. 431.
(3) That the Commission has not stated in its valuation report other
elements of value besides physical property, land and working capital.
Great Northern Ry.-Guaranty, &'c.
(4) That the Commission has not allowed in full for property used, as is
The I.-S. C. Commission on July 1 authorized the company to assume, required by law. For example, it is pointed out in the petition that the
jointly and severally, with the Western Fruit Express Co., obligation ownership of a one-twelfth interest in the Kansas City Terminal Co. worth
and liability, as guarantor, in respect of $4,400,000 of Western Fruit $50.000,000 has not been counted.
Express Co. Equip. Trust of 1924, Series "A," trust certificates to be
(5) That the Commission has not ascertained the original cost to date
issued by the First National Bank, New York under an agreement to be of the property of the company.-V. 119, p. 74.
dated June 15 1924. (See offering in V. 119. p. 95.)-V. 119, p. 74.
Gulf Colorado & Santa Fe Ry.-Tentative Valuation.-
The I.-S. C. Commission has placed a tentative valuation of $49,029,300
on the company's property, as of June 30 1916.-V. 118. p. 1012.
Hocking Valley Ry.-Bonds.The I.-S. C. Commission on June 28 authorized the company to issue
$981.000 Gen. Mtge. 6% gold bonds, series A, and to pledge $933,000
thereof with the Director-General of Railroads, the remainder to be field
oy the company.-V. 119, p. 74.
Kewanee & Galva Ry.-Organized.-
See Kewanee Punlic Service Co. below.
Lehigh & New England RR.-Tentative Valuation.-
The I.-S. C. Commission has placed a tentative valuation of $11,791,083
on the properties of the company, as of June 30 1919.-V. 118, p. 2304.
Lehigh Valley RR.-Seek Extension on Warrants.
The Girard Trust Co. and William Potter, trustees of Lehigh Valley
Coal Co.,it is understood, will file a joint appeal in the U. S. Circuit Court
198
THE CHRONTCLE
for an extension of time for stockholders of Lehigh Valley RR. to exercise
their warrants to subscribe to trustee certificates of Lehigh Valley Coal Co.
The time for subscription expired June 16, when 18,381 rights had not been
exercised. The decision rests with the Court, as under Court's decree all
unsuhscribed rights could be taken up by the Coal company on the payment of $1 a share.—V. 119, p. 74.
' Louisiana & Arkansas Ry.—Tentative Valuation.—
The I.-S. C. Commission has placed a tentative valuation of $7.528,150
on the company's property as of June 30 1917.—V. 116, p. 2884.
Manchester (N. H.) Traction, Light & Power Co.—
According to a decision of the board of arbitration, employees of the Manchester & Derry Street By. and the Manchester & Nashua Street fly. were
awarded an increase of 5 cents an hour. An additional 7 cents an hour was
granted
ancherkacio
to operators ofnraicars.Bot
n,ataowerco iprrg!rties4owned by the
118, p.
Memphis( Tenn.) Street Ry.—Fare Increase Denied.—
Under the terms of an order of the Tennessee RR. & P. U. Commission.
effective July 1 1924. the demand of this company for the right under a
former order of the Commission, issued March 1920, to increase its rate
'for fares to We. or Sc. in instances where a certain number of tickets are
purchased) is voided.
The Commission, ay decree,orders a reduction in the rates of the Memphis
Power & Light Co. charged commercial users of power and combination
users of power and light to an amount approximately $80,000 a year. Of
this amount the Memphis Street By. is benefited to the extent of about
$40,000 a year. The order does not change the present domestic rates.
One effect of the order is to prevent for the present any increase in the
rates of the Memphis Street HY.
Essential features of the order handed down by the Commission follow:
Street car fare in Memphis, Tenn., remains 7c.; the present deficit of
$118.000 is struck off the books of the Memphis Street By.; automatic
raising and lowering of car fare rates with the rise and fall of revenue
aoove and below a certain sum are abolished; the Memphis Power & Light
Co. announces a reduction of from 6 to 10% in power rates to large commercial consumers; the latter company is granted ac allowable return
of 8% as against 7%% under a previous order.
Back taxes due the city from the Memphis Street By. are settled on an
85% basis, bringing $132,000 into the city treasury. The Memphis
Power & Light Co. agrees to pay $50,000 of protested taxes for last year.
—V. 118. p. 2573.
Michigan Electric Ry.—Present Wages to Continue.—
Demands for wage increases by employees of this company have been
adjusted by agreement to continue for two years the same wage scale as
prevailed prior to June 1 1924.—V. 119. p. 75.
'Michigan RR.—Plan for Extension and Conversion of
Bonds Operative.—The holders of First Mtge. 5-Year Gold
Bonds, Series A, 6%, due May 1 1924, are advised that
more than 76% of the bonds having been deposited in acceptance of the plan (as outlined in V. 118, p. 1773), the threetors on June 27 elected to declare the plan operative.
The company will, therefore, make application promptly to the Michigan
P.U.Commission for then ecessary approval of the plan and of the Issuance
of the securities provided therein.
Since the submission of the original plan, the company, acting on the
suggestion of representatives of the bondholders, has agreed to the following
amendments to the plan for the benefit of the holders of all the bonds
ted thereunder:
dela)25%
of the directors are to be elected by or upon the nomination of
:181
the prior preferred and preference stock.
(2) Additional bonds under the existingfirst mortgage (as extended) shall
be issued only upon resolution adopted by 80% of all the directors, this
requirement to be made effective by provision in the agreement extending
the mortgage, but no such additional bonds shall be issued or sold except
.for improvements, betterments, &c., and then only in an amount not to
exceed 75% of the actual cost thereof.
(3) An annual sinking fund of $50,000 shall be provided, which shall be
used for the purchase of bonds of this Issue in the open market at prices not
to exceed 101, or if they cannot be so acquired, then to be redeemed by lot:
and all bonds acquired by the sinking fund shall be kept alive in the sinking
fund and the interest thereon shall accrue to the sinking fund for the acquirement of additional bonds for the sinking fund. First payment under
this provision shall be made on or before May 11925, and annually there•(4) Except the necessary amount of 7% prior preferred stock which may
required for conversion of existing bonds under alternate Option B, as
proposed, no additional securities shall be issued which shall take precedence
over the 6% preference stock to be delivered to existing bondholders in
consideration of the ten-year extension, and no prior preferred
preference
stock shall be issued except as outlined under Options A andorB.
(5) Amended articles of association of the railroad company shall also
provide in substance that so long as any of the prior preferred stock or
preference stock remains outstanding, no bonds, notes
or other evidences
of indebtedness maturing more than one year from the date of their issue
shall at any time be issued, other than obligations issued to refund then
existing funded debt or in connection with the acquisition or construction
of additional property (Including equipment),to the extent of
of actual
expenditures for such additional property, without the consent75%
of the holders
of at least 75% of the outstanding prior preferred stock and preference stock.
In any case, where the company shall desire to issue any such bonds. notes,
or other evidences of indebtedness requiring the consent of the holders of its
prior preferred stock and preference stock, the company shall, at least 30
days prior to the date upon which it proposes to take such action, give
notice of a meeting of the stockholders, and in case the holders of at least
25% of the outstanding prior preferred stock and preference stock shall not
within 30 days after the mailing of such notice, serve upon the company
written notice of objection thereto, such proposed action, if approved at
such meeting by the holders of a majority of outstanding prior preferred
.stock and preference stock, shall be deemed to have been consented to by
the required amount of prior preferred stock and preference stock, and all
holders of prior preferred stock and preference stock shall be deemed to
"have waived all objections thereto.
In order that bondholders who have not yet deposited
their bonds may have the opportunity to participate in the
benefits of the plan, the time during which deposits may be
made has been extended to Aug. 1 1924. Bondholders who
have not deposited their bonds are urged to do so immediately.
The bonds, accompanied by the May 1 1924 interest coupons, should be
sent to National City Bank,55 Wall St., New York,the depositary,together
with instructions as to the option or options the holder desires to accept.
Compare plan in V. 118, p. 1773.
Milwaukee Northern Ry.—Stock Authorized.—
The Wisconsin RR. Commission has authorized the company to issue
$200,000 Preferred stock, the proceeds to be used to finance additions and
extensions.—V. 115, p. 1532.
Newport Electric Corp.—New Control.—
Control of the corporation was transferred to Bedell & Co., investment
bankers, July 7, when that concern paid to Common stockholders $42 a share
for all the stock that has been deposited with the Rhode Island Hospital
Trust Co. under the recent offer. See V. 118, p. 2821, 2949.
New York New Haven & Hartford Railroad.—
The company on July 9 issued the following statement:
"The jurisdiction of Edward G Buckland, Vice-President and General
Counsel, has been extended so that it now includes law, finance, and
corporate relations Mr Buckland hitherto has had charge of law and
finance, but the importance of the company's investments in other rempanics, railroad and trolley, is necessitating added attention to the relations
with these properties Mr Buckland will also perform such executive
duties as may from time to time be designated by the board of directors
or the President, and he will be assisted by a General counsel, who will
relieve him of the detail work of the law department
[VOL. 119.
"The jurisdiction of Arthur P Russell, Vice-President, includes real
estate, taxes, valuation and public relations In co-operation with VicePresident Buckland, Mr Russell has been, since its inception, In immediate charge of the valuation work,and will handle it to the final valuation.
which it is expected will be issued by the I.-S. C. Commission during the
coming year.
"Effective Aug. 1. Benjamin I. Smock, formerly the General Solicitor
of the New Haven company, and for the last six years General Counsel
of the Chase Co. of Waterbury, Conn., will assume the duties of General
Counsel. Mr. Speck's long association with the company and wide
acquaintance in the territory which it serves especially fit him for the
duties of this office.
"Mr. Norman S. Buckingham, now Assistant to Vice-President Buckland, will occupy a similar position as Assistant to the General Counsel."
—V. 119, p. 75.
New York & Queens County Ry.—Dismisses Motion.—
Justice Joseph Aspinall of the Now York Supreme Court has dismissed
the motion made by counsel for General Lincoln C. Andrews, receiver, for
permission to abandon the lines and forefit their franchises. The Court
ruled, however, that this dismissal does not prejudice a later presentation
of the motion if conditions should warrant such a course.
It appeared during the hearing that the receiver desires to keep the motion open so that It may again be presented if the City of New York should
In any way compel a reduction of the 6-cent fare now being collected on
the lines of the company.—V. 119. D. 75.
New York Rys.—Sale—Plan Approved.—
All properties and franchises of the company and its receiver were sold
at public auction July 7 by Special Master Nathaniel A. Elsberg In accordance with decree of the Federal Court, to a committee representing the
reorganization managers. The purchasing committee consisted of Harry
Brenner, Joseph P. Cotton and Harold Stanley and the total bid was
$4,086,035.
The plan of reorganization (V. 118, p. 2438) has been approved by
Federal Judge Mayer, thus clearing away the last obstacle for taking the
property out of the hands of the Court and restoring it to its owners.
Job E. Hedges, who has been the receiver since the company became
bankrupt in March 1919, has handed his resignation to Judge Mayer
with the request that he be relieved of his receivership responsibilities
at midnight July 11. Hugh J. Sheeran, Mr. Hedge's assistant. will
hereafter perform the duties of receiver until all of the details of the receivership are completed.
Reorganization Plan Approved by Transit Commission.—
On the recommendation of General John F. O'Ryan, who conducted the
hearings which have been in progress for several weeks. the Transit Commission July 8 approved the plan of reorganization (see plan in V. 118,
p. 2438). The approval of the plan of reorganization by the Commission
makes possible the discharge of the receiver and the completion of the
remaining details of the reorganization.
There will be a public representation upon the directorate of the new
company. This was recommended by the Transit Commission, although
the Commission did notpossess the power to direct the inclusion of public
directors In the board. the number of public directors of the new company
is a detail yet to be arranged and will depend upon the manner of constituting the whole directorate of the company.
General O'Ryan, in an opinion approved by the Commission, discusses
the importance of keeping the present system together as proposed in the
reorganization plan, and pointing out that the proposed capitalization of
the new company does not exceed the fair value of the property, raters
to the certainty that the company will be able to meet its fixed charges.
The plan of reorganization contemplates the continuance of the present
operated routes under one system, with provision for the new company to
acquire the owned lines of the present New York Railways, the stock of
the subsidiary companies, now held by it and additional stock in such
subsidiary companies. Whether the new company will continue the name
of New York Railways or select a new name is another detail yet to be
arranged.
In his opinion, recommending the approval of the plan,
General O'Ryan said in part:
"The importance to the public of preserving intact, so far as possible.
the present operated routes of the New York Rys. system is a compelling
reason why the reorganizztion should be authorized. The
Commission
Is without power to revise the terms of the plan or to dictate different
terms, and the alternative to approving the proposed reorganization Ls
to let the property of the New York Itys. go to the auction block with
no bidders in sight, who are likely to acquire the property as a single
operating unit. As the latter course would involve the probability that
the present system will be disrupted, it should be avoided, if possible.
"The principal question is whether the proposed amount of capitalization
exceeds the fair value of the property involved. This capitalization.
Including all new bonds, undisturbed underlying bonds. and 275.030 shares
of no par value stock, rated at $5 a share. aggregates $40.163,622. instead
of the capitalization of $91.366,445 of the New 1.ork Itys. and its present
subsidiaries.
"Section 55a of the Public Service Commission Law provides that the
amount of capitalization 'shall not exceed the fair value of the property
Involved, taking into consideration its original cost and construction,
dupllcation cost, present condition, earning power at reasonable rates
and all other relevant matters and any additional sum or sums as shall
be actually paid in cash, provided, however, that the Commission may
make due allowance for discount of bonds.' Manifestly there is no hard
and fast rule and no single definite standard for guidance.
"A number of valuations were put in evidence or are available. These
were valuations of the property of the New York itys. and of the properties
of the subsidiary companies. Question was raised as to the propriety
of taking the value of the property owned by the subsidiary companies,
which is not to be acquired by the new company, rather than the value of
the stock in such companies, which is the property which is to be acquired;
but it is unnecessary to express an opinion upon that at this time. The
actual original cost was not ascertainable for want of data, but estimates
of the original cost were available. Estimates of the cost to reproduce
at present-day prices and also at pre-war prices were introduced.
These varied considerably and in brief were as fellows:
Presented by Petitioners.
Cost to reproduce at present-day prices
$83,718.000
Cost to reproduce at present-day prices, less cast to recondition 81,718,000
Cost to reproduce at present-day prices, less straight line depreciation
65,546,300
Cost to reproduce at pre-war prices
48,552,200
Cost to reproduce at pre-war prices, lass cost to recondition_ _ _ _ 46,552.200
Original cost
44,910,000
Original cost, less cost to recondition
42,910,000
Figures from Commission's Bureau of Valuation Report.
Cost to reproduce at present-day prices
$70.723,800
Cost to reproduce at present-day prices, less depreciation
49,788,800
Cost to reproduce at pre- war prices
48,552,200
Cost to reproduce at pre-war prices. less cost to recondition— 46,552,200
Original cost
32.580.000
"The normal earning power of the system as constituted at present
was estimated at 31,200.000 per annum. It was further estimated that
with certain suggested changes, the net earnings would be increased to
$1,600,000 per annum, and, with an expenditure of $3,000,000 for new
cars, to $2,000,000 per annum. The annual fixed charges would he from
$967.500 to 51.000,000.
"The objections raised by Mr. O'Shea, the stockholders, and on behalf
of the Columbus & Ninth Ave. bondholders cannot be considered, as they
Involve matters within the control of the Court or within the purview
of Section 97 of the Stock Corporation Law, and not within the power of
this Commission."—V. 118. p. 2438, 2705.
Northern Pacific Terminal Co. of Oregon.—Tenders.—
The Farmers Lean & Trust Co.. trustee, 16-22 William St., N. Y. City,
will until July 17 receive bids for the sale to it of 1st Mtge.6% Gold bonds,
due Jan. 1 1933. to an amount sufficient to exhaust $88,467. at a price
not exceeding 110 and interest.—V. 118, p. 552.
Pacific Electric Ry., Los Angeles.—Request to Abandon
Part of Line Denied.—
The California RR.Commission recently denied the company permission
to abandon a portion of its service on the Santa Monica Air Line from Santa
Monica along the ocean front to the terminus of the line at Santa Monica
JULY 12 1924.]
THE CHRONICLE
Canyon. The Commission ruled that the future development of the terntory served by the line would require rail transportation and that for the
present the line should not be removed. The Commission recognized the
loss connected with the operation of the line and agreed to allow the railroad
to put into effect a supplementary proposal for the operation of only a portion of the line. The Commission'to order allows the railway hereafter to
operate hourly service over the route.-V. 117. p. 1664.
Pennsylvania-Ohio Power & Light Co.-Bds. Called.-
All of the outstanding lst & Ref. Mtge. Sinking Fund Gold bonds,
Series "A," dated Nov. 1 1920, have been called for payment Sept. 2 at
110 and int. at the Guaranty Trust Co., 140 Broadway, N. Y. City.
See also V. 119. P• 76.
Pennsylvania RR.-Sale of Stock to Employees.Purchases of the stock of the company by employees through the two
mediums provided for buying the company's securities on installment payments, have now passed the 50.000 share mark. The total number of
shares acquired by employees of the company through the Employees'
Provident & Loan Association is 28.273, while the total acquired through the
Mutual Benefit Association of Pennsylvania RR. employees is 22,402,
making the aggregate through both channels 50,675 shares. The number
of employees who have purchased stock in this manner now totals 10,609,
making the average purchase of each employee approximately 5 shares. In
addition a considerable number of employees are, and for a long time have
been, owners of the company's stock through purchases made in other ways.
-V. 118, p. 3198.
Pittsburgh & West Virginia Ry.-To Ask for Merger.-
The company will shortly file application with the I.-S. C. Commission
for permission to absorb the West Side Belt RR., which it controls, by
consolidation. The application will include the request to issue securities
to take care of the merger.
Pres. F. E. Taplan says: "Daring the past two years several petitions
have been made to the Commission to permit this consolidation and the
issuance of additional securities by Pittsburgh & West Virginia to take care
of the absorption of the West Side Belt RE. and for capital expenditures
out of earnings. These petitions have been turned down and some of them
are now in the courts. It is considered good judgment to discontinue the
old and prior actions in this regard and start all over again by a new endeavor
to consolidate the two railroads, and ask for permission to issue securities.'
-V.118, p.2305.
Portland Electric Power Co.-Pref. Stock Offered.National City Co. is offering at 983' and divs. to yield
7.10%, an additional $1,000,000 7% Cumul. Prior Pref.
stock, Series "A."
Dividends payable Q.-.T. Red. as a whole on any div. date on 60 days'
notice at 105 and divs. The Prior Preference stock has equal voting rights
with all other classes of stock. No stock ranking prior to or on a parity
with the Prior Preference stock may be created without the consent of the
holders of a majority in amount thereof. The Prior Preference stock has
preference as to assets and dividends over any other class of stock. Dividends are exempt from the present Normal Federal income tax. Irving
Bank-Columbia Trust Co., New York, and the United States National
Bank. Portland, transfer agents. Bankers Trust Co., New York, and
Title & Trust Co., Portland, registrars.
Company.-Supplies electric light and power in Portland and nearly
40 other communities in western Oregon. Does the gas business in Salem,
and operates city and interurban railway lines in Portland and adjacent
territory. For the past 15 years the company has generated from water
power over 85% of its total electrical output. Steam power, when necessary
is produced from fuel consisting chiefly of cheap refuse wood available in
that section. The number of electric customers has increased from 38.103
at the end of 1916 to 73,954 on May 31 1924, or over 94% in less than
7Y
inrears.
The combined electric generating capacity of the system aggregates more
than 123,000 h.p. of which 71,500 h.p. is in hydro-electric plants and
51,500 h.p. in reserve steam stations. In addition, a new water power
station now being constructed on the upper Clackamas River is designed
to have an ultimate capacity of 105.000 h.p., of which the first unit of
35.000 h.p. is expected to be in operation on or about Aug. 1 1924. The
hydro-electric plants are within short transmission distances of the Portland
market and about 514 miles of high tension transmission lines interconnect
the steam and water power plants with 19 substations. Company supplies
more than 75% of the electric energy consumed in Portland and operates
exclusively in the other communities served in Oregon. The railway
property includes about 298 miles measured as single track, of which 186
miles comprise the city railway system in Portland and 112 miles are
interurban lines.
Earnings Years Ended May 31 (Including Subsidiary Cos.).
1922.
1923.
1924.
Gross earnings
$9,985,651 $10,572,210 $11,138,357
Oper. exp.. current maint. & taxes_ _ 6,365,696
6,618,528 6,902,997
Interest, &c., deductions
2,175,698
2.141,175
2.127,528
Bal. avail, for divs. & replace't res_ $1,444,257 $1,812,506 $2,107,832
Dividends on $5,292,700 Prior Preference stock require
Purpose.-Proceeds will reimburse the company for construction$370.489
expenditures, including those made in connection with its large new hydro-electric
station, the first unit of which is expected to be in operation on or about
Aug. 1 1924.
Valuation.-On the basis of appraisals by the Oregon P. S. Commission
and subsequent capital expenditures, the value of the company's
present
Public utility property is alone over $61,240,000, and the value of its
property not utilized in the public service is about $8,200,000, making a
total value of more than $69,400,000.
Capitalization Outstanding With Public Upon Completion of Present Financing.
Prior Preference stock_ -- $5,292,700 Unsecured 5-yr.8% notes $1,117,100
1st Pref. 6
6,250,000 Underlying Div. bonds _ _ b15,306,000
1st Prof. 7.2%
a25,900 1st & Ref. Mtge.
__c12,641,500
2d Prof.(paying 6% p.a.) 5.000.000 1st Lien & Ref.ser.A.7;is
58_4,693,000
Common stock
11,250,000
do Series B 6s
d10,695,500
a Does not include stock sold loca ly since May 31 1924. b $1,722,000
additional bonds of one of these issues held alive in a sinking fund. c In
addition $3,657,500 hold alive in the sinking fund and $15.952,000
pledged
under the 1st Lien & Ref. Mtge. d Does not include $230,800 bonds in
the treasury.-V. 118, p. 2573, 2180.
Portsmouth (0.) Public Service Co.-Sale.-
See Virginia Power Co. under "Industrials" below.-V. 118, p.
2825.
Puget Sound Power & Light Co.-Bonds Called.-
All of the outstanding Gen. & Ref. Mtge. 714% Gold bonds, Series
"A,"
dated May 2 1921 and due May 1 1944. have been
called for redemption
Nov.1 at 105 and int. at the Old Colony Trust Co.. 17 Court Street,
Boston,
or at the Bankers Trust Co., 16 Wall St., N. Y. City, or at the Continental
& Commercial National Bank, Chicago, Ill.
Bondholders who so desire may present their bonds at any of the above
banks at any time prior to Nov. 1 1924 and receive for each
bond
$1,087 50 less a discount at the rate of 4% for the period from$1,000
the date of
presentation to Nov. 1 1924.-V. 118. p. 3078.
Randolph & Cumberland RR.-Sale.-
All property of the company will be sold under decree of court at public
auction to highest bidder for cash at court house door, Carthage. N. C..
on Aug. 4. l'roperty to be sold includes line of railroad from Carthage,
N. C., to McConnells, N. C., and lease of line from Carthage, N.0., to
Cameron, N. C., also locomotives, rolling stock, equipment supplies, and
all other property.
199
to North Little Rock. On 1.426 additional miles they are a direct mortgage subject to $42,874,000 underlying bonds. On the total mileage
covered by these bonds constituting the greater part of the System they
are outstanding, including in•lor liens, at the rate of about $36,000 per
mile. The bonds are further secured by deposit of collateral including
$23,703,000(95% of total issue) 57
0 Prof. stock of the Texts & Pacific Ry.
The St. Louis Iron Mountain & Southern Ry. was merged with the
Missouri Pacific RR. in 1917. These bonds are not directly guaranteed
by the Missouri Pacific RR, but provision is made for refunding all mortgage bonds of the Iron Mountain System in the mortgage securing the
1st & Ref. Mtge. bonds of the Missouri Pacific. In the readjustment
of the finances of the Missouri Pacific System in 1917 the Iron Mountain
Unifying & Ref. 47
0 bonds were left undisturbed.
The net revenue from railway operations of the Missouri Pacific System
for the year ended Dec. 31 1923 was unduly affected by unusual charges.
maintenance amounting to $46,788,998, so that the income for the year
applicable to interest on funded debt and other charges exceeded such
charges by only $121.345. For the four months ended April 30 1924
the total railway operating revenues of the company showed an increase
of 53.302.103 over the same period of the previous year, while net income,
after deduction of all charges, including interest on funded debt, showed
an increase for the period of $2,124,565.
Listing.-The above bonds are listed on the New York Stock Exchange
-V. 116, p. 177.
St. Louis-San Francisco Ry.
The New York Stock Exchange has authorized the listing of an additional
$8.500.000 Prior Lien Mtge. 5;.i7
0 Gold Bonds. Series "D." due Jan. 1
1942. making the total of Prior Lien Mtge. bonds applied for as follows:
$93,398,560 Series "A" bonds, 825,000,000 Series "B" bonds, $10,598,000
Series "C" bonds and $15,432,000 Series "D" bends.-V. 118. p. 3079.
San Antonio Public Service Co.-Listing.-
The New York Stock Exchange has authorized the listing of $1,750,000
additional 1st Mtge. & Ref. Gold bonds, 30-Year 6% •Ses "A,' dated
Jan. 1 1922, due Jan. 1 1952.-V. 118. p. 2180.
Seaboard Air Line Ry.-Bonds Authorized.-
The L-S. C. Commission on July 2 authorized the company to have
authenticated and delivered not exceeding $4.750.000 4% Ref. Mtge.
bonds, and to pledge them under the 1st & Consol. Mtge.
The Commission also anthorized the company to issue $712,000 1st &
Consol. bonds, Series A. $265,500 thereof to be pledged with the Secretary
of the Treasury as security in part for loans and $446.500 to be held in the
treasury.-V. 118, p. 3198, 3079.
Southern Pacific Co.-Acquires Interest in Ferry Co.-
The company is reported to have purchased the principal interest in
the Richmond-San Francisco Transportation Co., recently organized to
establish automobile and commutation ferry service between San Francisco
and Richmond, Calif., Where are located a large refinery of the Standard
Oil Co. of California, Pullman car shops and Atchison shops. The Hey
System Transit Co. has agreed to establish necessary electric or bus link
between the ferry slips and Richmond. This line will be the sixth in
San Francisco Bay operated by the Southern Pacific Co.. not including
car ferries.-V. 119, p. 76.
Tennessee Electric Power Co.-Acquisitions.-
The company has announced the purchase of the franchises and properties
of the Cumberland Power Co., Maryville Lighting Co., Madisonville Light
& Power Co., Lenoir City Light & Power Co.and the electric power properties of the Long Manufacturing and Tellico River Lumber companies,all
located in small Tennessee cities. The total consideration, it is reported,
was $600.000. Practically all of these companies are now connected with
the Tennessee Electric Power Co.'s system and purchase power on a wholesale basis.
Application for approval of the purchase has been filed with all cities and
counties served by the company.-V. 118, 13• 3199.
Terminal RR. Association of St. Louis.-Bonds.The I.-S. C. Commission on July 2 authorized the company to sell not
exceeding $2,000.000 Gen. Mtge. 4% gold bonds at not less than 814 and
Interest.-V. 118. p. 2043.
Underground Elec. Rys. of London, Ltd.-Bond Int.-
Interest on the 67 Income bonds for the half year ended June 30 1924
at 3% (free of British income tax) will be paid against presentation and
surrender of Coupon No. 33 on and after Sept. 1 at the London County.
Westminster and Parr's Bank, Ltd., 41 Lothbury. London, E. C.: at
the New York Trust Co., New York, or at the Associate Cassa in Amsterdam.-V. 118. p. 1269.
Union Terminal Co. of Dallas.-Estension of Notes.-
The L-S. C. Commission has authorized the company to extend the
maturity date of $510,000 2-Year 5% unsecured notes from Oct. 10 1924 to
Oct. 10 1925 and to pay interest at the rate of not to exceed 6% from Oct. 10
1924 until paid.-V. 117, p. 327.
Union Traction Co. of Indiana.-Securities Authorized.
The Indiana P. S. Commission has authorized the company to issue
$222.000 7% notes, $400,000 6% notes and $1,000,000 6% bonds. Of
the latter, $700,000 are pledged as collateral for the $622,000 of notes and
the other 8300.000 is to remain in the company's treasury -V.118, p. 3199.
Vandalism RR.-Tentative Valuation.-
The L-S. C. Commission has placed a tentative valuation of $43,798,929
on the company's properties as of June 30 1916.-V. 106. p. 500.
Vicksburg Shreveport & Pacific Ry.-Bonds Offered.Spencer, Trask & Co., New York, and Canal-Commercial
Trust & Savings Bank, New Orleans, recently placed
privately $300,000 Ref. & Impt. Mtge. Gold Bonds, Series
"A," 6%. Dated Nov. 1 1923, due Nov. 1 1973 (see
description in V. 117, p. 1887).
Data from Letter of Lars A. Jones, President of the Company.
Property.-The railway owned extends across the State of Louisiana from
Delta, on the west bank of the Mississippi River, opposite Vicksburg.
Miss., through Monroe and Shreveport, to Lorraine, on the western border
of the State, a distance of 188.46 miles. In connection with the Alabama
& Vicksburg Ry., this road forms the main line of the "Vicksburg Route"
(formerly part of what was known as the "Queen and Crescent Route")
between Meridian, Miss., and Shreveport, La.
Valuation of Property.-The preliminary report of the engineering forces
of the valuation department of the 1.-S.C. Commission shows the reproduction cost new of the properties at June 30 1918, based on 1914 prices, to be
$9,676,751. Adding to this the cost of additions and betterments from
June 30 1918 to June 30 1923 and the value of miscellaneous physical
properties and Investments, &c., and deducting depreciation estimated oy
the Commission, the reproduction cost, less depreciation, is $9,416,926, a
sum of $5,571.926 in excess of the total funded debt, including this issue.
Purpose.-Proceeds from this issue of $300,000 bonds will provide funds
to reimburse the treasury in part for expenditures made prior to Jan. 1
1923 for additions and betterments.
E trning .-In every year since incorporation in 1901 earnings available
for interest have been largely in excess of the annual interest requirements
of the present funded debt, including the interest on this issue, and the
average for the 22 2-3-year period ended Dec. 31 1923 was equal to 1
times such interest requirements.
Capitalization Outstanding (Upon Completion of Present Financing).
Prior Lien 5s, 1940 (mortgage closed)
$1,323,000
Gen. Mtge. 5s, 1941 (mortqage closed)
677,
Ref. & Impt. Mtge. Series'A'68, 1973 (incl. this issue)
1,845,000
5% Non-Cumulative Prof. stock
2.142.800
Common stock
2,856.500
-V.118, P. 3199.
St. Louis Iron Mountain & Southern Ry.-Bonds
Offered.-'Brown Brothers & Co. and Marshall Field, Clore,
Ward & Co. are offering at 923
4 and hit. to yield about
5.69%, $2,400,000 Unifying and Ref. Mtge. 4% Gold
Washington Baltimore & Annapolis Electric RR.
bonds of 1899. Due July 1 1929. Outstanding $30,551,000. Fare Increase Granted.Not redeemable prior to maturity.
An increase of 207
D in all one-way and round-trip tickets has been granted
These bonds are secured by mortgage on over 80% of the heaviest
traffic mileage formerly owned by the Iron Mountain System. They
constitute aftlien on 612 miles of line including the route from Coffeyville
the company by the Maryland P. S. Commk=sion. The decision was handed
down on June 30 and the new rates will be in effect until July 1 1926, unless
modified or abrogated by the Commission. In granting the company's
THE CHRONICLE
200
petition for the increase on straight fares, the Commission denied the request for a 10% increase in commutation fares. The Commission stated
that the increase granted is expected to add approximately 8313,200 to
the annual revenue of the company. During 1923 the company increased
wages ofshopmen and trainmen a total of about $194,000-V. 119,13. 77.
Westchester Street RR. of White Plains, N. Y.
The New York P. S. Commission recently authorized the company to
increase fares on the Tarrytown, Scarsdale and Silver Lake lines from
six to ten cents.-V. 118, p. 1775.
Western Maryland Ry.-Final Settlement.The L-S. C. Commission has certified to the Secretary of the Treasury
the payment of $24,461 to the company in final settlement of that carrier's
account under Section 209 of the Transportation Act, making a total of
$1,424,361 received by the road.-V. 118, p. 2297.
Winnipeg Electric Co.-New Directors and Secretary.A. J. Mitchell of the Canadian National Ry., R. J. Fleming of Toronto.
G.W.Allen, K.C.,and George F. Galt of Winnipeg have been elected directors. This action increases the board from 9 to 12 members. F. Morton
Morse having resigned as a director and Secretary of the company. The
latter office has been fified by the election of Lawrence Palk, formerly resistant Secretary.-V. 118, p. 3081.
[VOL. 119.
American Chicle Co.-Listing, &c.
The New York Stock Erchange has authorized the listing of Preferred
stock (v. t. c.) for not to exceed 83,000,000 (par $100) and Common stock
(v. t. c.) for not to exceed 162,500 shares (no par value).
All of the Preferred stock and 155.963 shares of Common stock represented
by voting trust certificates have been listed on the New York Stock Exchange, and the balance of 6.537 shares of Common stock have been authorized to be listed.
Walter S. Primley, Warren S. Hayden, Louis It. Adams, Harold Benjamin Clark and Silas B. Adams have been made voting trustees under a
certain voting trust agreement dated June 16 1924. This agreement shall
terminate June 16 1929.
The Registrar & Transfer Co. has been appointed agent for trustees
and transfer agent of Voting Trust certificates, Preferred and Common,
of the company.-V. 119, p. 77.
Ann Arbor Boat Co.-Equip. Bonds Sold.-The Union
Trust Co., Cleveland, and the National Bank of the Republic, Chicago, have sold at prices ranging from 100
and int. to 100.88 and int. to yield from 5M% to 6%,
according to maturity, $800,000 1st Mtge. Floating Equip.
Serial 6% bonds.
Date June 1 1924. Due $85,000 annually June 1 each year 1926 to
1933, both incl., and $120,000 June 1 1934. Prin. and semi-ann. int.
(J. & D.) payable at the office of Union Trust Co., Cleveland, trustee.
without deduction for Federal income tax up to 2%: Company will refund
Pennsylvania four-mill tax. Red. at any time on 30 days' notice at 103
and int. in the inverse order of maturity.
INDUSTRIAL AND MISCELLANEOUS.
Guaranty.-Guarantted principal and interest by Ann Arbor RR.
Data from Letter of E. F. Blomeyer, President of the Company.
The following brief items touch the most important
Company.
Michigan corporation, whose stock is owned entirely
developments in the industrial world during the past week, by the Ann-A
Arbor RR. Owns a car ferry which is operated under lease
together with a summary of similar news published in full by Ann Arbor RR. between Frankfort, Mich., the western terminus of
the railroad, across Lake Michigan to Manitowoc and Kewaunee, Wis.,
detail in last week's "Chronicle."
and Menominee and Manistique, Mich. Service is maintained during
entire year.
the
Steel and Iron Production, Prices, &c.
Company has contracted with the Manitowoc Shipbuilding Corp. for
The review of market conditions by the trade journals formerly given an additional car ferry of 30-car capacity,
to be constructed in part from
under this heading appears to-day on a preceding page under "Indications the proceeds of these bonds. These car ferries, together with three owned
of Business Activity."
by the railroad company itself, form an indispensable unit in the operation
of the railroad, and are highly important to the other railroads, with which
Coal Productioh, Prices, &c.
traffic is interchanged at the terminal points.
The United States Geological Survey's report on coal production, together
Security.-Secured by a first closed mortgage on Car Ferry No. 6, which
"Coal
with the detailed statements by the "Coal Trade Journal" and the
was completed and started operations in 1917, and on Car Ferry No. 7.
Age," regarding market conditions, heretofore appearing in this column, when completed. These car ferries are
estimated to have a combined
"Indications
the
heading
preceding
page
under
found
to-day
on
a
will be
value of $1,156,000.
of Business Activity."
Purpose.-To complete the construction of Car Ferry No. 7.
&c.
Oil Production, Prices,
Lease to the Ann Arbor RR.-The Ann Arbor Boat Co. has entered into
The statistics regarding gross crude oil production in the United States a lease with Ann Arbor RR. for a period extending beyond the life of
compiled by the American Petroleum Institute and formerly appearing the bonds, at a rental, payable monthly,for an amount in excess of amounts
required to meet interest and maturing installments of principal.
under the above heading, will be found to-day on a preceding page.
Ann Arbor RR.-For the three months ended March 31 1924, company's
Prices, Wages & Other Trade Matters.
gross operating revenues increased over 30%, compared with the same
Refined Sugar Prices.-American Sugar Co. on July 9 reduced list price period in 1923 and net income after charges showed an increase of 8343,927.
It is estimated that surplus for 1924 will be the largest in the company's
10 points to 6.90c. per pound.
West Virginia Mines Revert to 1917 Wage Scale.-Twenty-six companies history. Company has contracted for new rolling stock to balance the
operating 45 mines in Kanawha field post notices of a return to 1917 wage increased car ferry traffic; which should be reflected in large operating
scale and no recognition of union. Mines have been shut down for months economies.-V. 118, p. 2827.
owing to impossibility of operating them at profit under 1923 wage scale,
Arizona Commercial Mining Co.-Dividend-Outputvirtually at war level. Men appear to be satisfied with 1917 scale so long
The directors have declared a dividend of 50c. a share, payable July 31
as work is in sight. "Wall St. Journal" July 10, p. 6.
Connecticut Valley Mills Resume Work.-William Skinner & Sons Silk to holders of record July 19. Like amounts were paid on Jan. 31 1924
Mills, American Thread, American Writing Paper, American Bosch Mag- and July 31 1923
neto, Belding Silk Mills, Bigelow Hartford Carpet Co., Fisk Rubber and
Copper Production During the First Half of 1924.
Amoskeag Mfg. are among companies noted as resuming work in part June 1924. May 1924.
Apr/11924. Mar. 1924. Feb. 1924. Jan. 1929.
this week.
692.870 lbs. 571,325 lbs. 611.600 lbs. 702,600 lbs. 643,000 lbs. 577,000 lbs.
Iron Workers' Wages Reduced 10%.-Woodward Iron Co. notifies 3,000 -V.
118,
2307,
2952.
p.
10%
reduction,
iron.
employees of
effective July 10, due to low price of pig
"New York News Bureau Ass'n" July 11
Associated Simmons Hardware Cos.-De,ers Dividend.
Tire Price Reduction.-Dunlop Tire & Rubber Corp. reduced its tire
Payment of the usual quarterly dividend of 13(% due July 1 on the
prices to meet cuts recently made by other producers. Dunlop tires are 7% Cumul. Pref. stock has been deferred.
-V. 118, p. 2182.
now selling at 11.5 to 16% less, and tubes have been reduced from 9 to
Atlantic Fruit & Sugar Co.-Production.22.5%. "New York News Bureau Ass'n" July 11.
Central Tanamo has finished grinding in Cuba with a final outturn of
Iron League Seeks Preliminary Injunction Against Iron Workers' Union.
Application for a preliminary Injunction by the Iron League, which seeks 171,491 bags of raw sugar. This compares with Himely's estimate of
to have the Supreme Court brand as illegal the strike for a closed shop in 163,000 bags and with the 1922-1923 crop of 151,046 bags.-V. 118. p. 910.
the steel erection industry, was argued July 8 and taken under advisement
Atlantic Refining Co.-Suit.
by Supreme Court Justice Richard P. Lydon (N. Y.). The ,International
Amociation of Bridge, Structural & Ornamental Iron Workers met the $5,Judge Morris in the U. S. District Court at Wilmington, Del., has
000,000 damage and injunction suit brought against them by the Iron handed down a decision in a suit in equity brought by stockholders of the
League by filing a counter-claim for $10,000,000 against the League yester- Superior Oil Corp. of Del. against that concern and the Atlantic Refining
day and charging it with conspiracy to destroy theironworkers'organization. Co. The latter corporation is directed to return shares of Superior Oil Co.
New York "Times" July 9, p. 10.
stock bought in 1920, to the original corporation, pay damages of about
Garment Strike Still Threatens.-Despite reported settlement. 50,000 $3,500,000, and pay interest at 6% during the interim, and a 10-year
garment workers went out on strike July 8. The strike had already been contract by the Refining company for marketing oil obtained from the
ordered when the Merchants' Ladies' Garment Association, the faction Superior company is directed to be canceled and a 5-year contract restored.
which had been holding out against terms indicated by Governor Smith's, The relief sought was based on alleged wrongful acquisition by the Atlantic
mediation committee, finally agreed to accept same. Strike is reported company of 325,000 shares of no-par capital stock of Superior at one-half
merely a formal one for the 35,000 workers employed by organized manu- its actual value.-V. 119, 13. 77.
facturers but an actual strike for remaining 15,000 employed by independent
'Baldwin Locomotive Works.-Equipment Order.and non-union operators. New York "Evening Post" July 8, p. 6.
It is announced that the Seaboard Air Line Ry. Co. has placed an order
Matters Covered in "Chronicle" July 5: (a) Earnirgs of factory workers
in New York State 10% less than one year ago, p. 17. (b) American with the above company for thirty locomotives.-V. 119, p. 78.
Woolen Co. to close two yarn mills, p. 23. (c) Curtailments in New
Baltimore Terminal Co.-Bonds Offered.-Mercantile
England textile ruffles, p. 23. (d) Curtailment in plant of Boston Rubber
Shoe Co., p. 24. (e) Coke workers strike against wage cut, p. 24. Trust & Deposit Co. and Mackubin, Goodrich & Co., Bal(I) National Live Stock Producers' Association organized in Chicago,
p. 28. (g) Formation at Minot. No. Dak.. of Dairy Loan Association, timore, are offering, at 101 and interest, to yield about
Yazoo & Mississippi Valley RR.-Tentative Valuation.-
The I.-S. C. Commission has placed a tentative valuation of $38,168,717
on the company's property, as of June 30 1915.-V. 116, p. 2008.
p.31.
Alaska Juneau Gold Mining Co.-Earnings.-
Total receipts for June were $107,600 and expenses and taxes $116,100.
leaving a deficit of $8,500.-V. 118, p. 1776.
•
American Car & Foundry Co.-Equipment Orders.-
The company has received an order for 1,000 steel underframes from
the Western Fruit Express Co., and an order for 500 refrigerator cars
from the Union Refrigerator Transit Co.-V.118, p. 3200. 3194.
American Chain Co., Inc.-Reserve Fund of $350,000
Set Aside for Class "A" Dividends.The directors have set aside out of surplus profits $350,000 to provide
for the payment of dividends to become due on the Class "A" stock for the
two quarters ending Mar.31 and June 30 1925. This is in addition to $350,000 previously authorized to be set apart for the payment of dividends on
the same stock for the quarters ending Sept. 30 and Dec. 31, 1924.
The directors have declared a dividend of 50 cents per share on the
Common stock, payable to stockholders of record July 7. A like amount
was paid Mar.
last.-V. 118, p. 1668.
n
American Manganese Mfg. Co.-Sale.The property of the company will be sold at receiver's sale at Philadelphia July 28.-V. 118, p. 2182.
American Thread Co.-Annual Report.Years End. Mar. 31- 1923-24.
1922-23.
1921-22.
1920-21.
Net profits
41.501,544 $2,113,303
$11,521 z$893,905
Employees' pension fund $100,000
$80,000
$75,000
$50,000
Preferred dividend (5%)
244,524
244.524
239.227
244,524
Common dividend
y1,080,000 y1,296,000 y1,080.000 y1.320.000
do Rate per cent__ _
(12%)
(10%)
Reserve for contingency _
500,000 Cr1,000, 0 Cr542,8
100,000
Balance (deficit)
$7,221 .8388,003
$177,761
$17,683
x After providing for bond interest, depreciation and taxes and reducing
the inventories at Mar. 31 1924 to cost or market value, which ever is lower.
y In 1923-24 includes final city. of 7% and interim div. of 3%;in 1922-23
includes final div. of 9% and interim div. of 3%: in 1921-22 includes final
div. of 77 and interim div. of 3%; and in 1920-21 includes 8600,000 for
bonus on Common stock, 50 cents per share.
After deducting $326,471, addedkto bondireductionraccount.-V.
117, p. 205.
$200,000 First Mtge. 63/3% 10-Year Sinking Fund
Real Estate Gold Bonds. A circular shows:
Dated May 31 1924. Due June 1 1934. Denom. $1,000. Interest
payable J. & D. at office of Mercantile Trust & Deposit Co., Baltimore.
trustee. Redeemable as a whole or for sinking fund on any interest date
at 101 the first two years; 102 the second two years; 102)i the next two
years: and 103 thereafter to maturity. Company will pay normal Federal
Income tax up to 2% and refund Maryland State and city taxes not exceeding 45 cents per $100.
Security.-Secured by a first closed mortgage on approximately 67 acres
of land, with deep-water dockage facilities in the industrial section of
Baltimore City on Curtis Bay, together with oil terminals to be erected.
having a capacity of 125,000 bbls. of oil. Contracts have been let for the
necessary construction work, which will cost approximately $150,000,funds
for which have been deposited with the trustee.
Company has leased its property to the Seaboard Terminals Corp. of Bahlmote (the operating company), for a term of 99 years. Under the terms of
the lease the Seaboard Terminals Corp. assumes the sinking fund payments
under the mortgage, all taxes, insurance, maintenance charges, &c., and in
addition the sum of $18,000 per annum.
Guaranty of Sinking Fund.-The mortgage securing the bonds provides
for an annual sinking fund of $20,000 per annum beginning June 1 1925.
The Fidelity & Deposit Co. of Maryland unconditionally guarantees the
payment of the first five sinldng fund installments, amounting in all to
$100.000. so that the debt dependent on the mortgage security alone is less
than 25% of the appraised value of the land and oil terminals.
Bell Telephone Co. of Pa.-Acquisition of Properties.-
The I.-S. C. Commission on June 28 authorized the company to acquire
certain properties of the Petroleum Telephone Co., and the latter company
to acquire certain properties of the Bell Telephone Co. of Pa.
By a contract made March 27 1924, the Bell Co. agrees to sell to the
Petroleum Co.all lines now owned and used by it for connecting the premises
of its customers with its exchanges in Franklin, Titusville and Oil City, and
also one pair of toll wires on the Bell Co.'s toll lead, for a distance of 9
miles, oetween Titusville and Pleasantville. The Bell Co.'s switchboards
at the three points named are not included in the proposed transfer. The
switchboard at Oil City will be maintained for toll service and the Petroleum
Co.'s system will be connected therewith by trunk lines. The other two
switchboards will be withdrawn from service. The price to be paid by the
Petroleum Co. for the properties it proposes to acquire is 8190,000. The
Petroleum Co. proposes to sell to the Bell Co. toll lines extending from
Titusville to Corry and from Franklin to Sandy Lake, having an aggregate
pole mileage of 44 miles, for $32,354.
THE CHRONICLE
JULY 12 1924.]
201
the company's business has been such that the directors do not feel themThe difference between the prices of the properties to be transferred will selves
justified in declaring the semi-annual dividend of 3% on the Preference
Co.
be paid to the Bell Co. by the Petroleum Co. in cash. The Petroleumused
which would ordinarily be payable on July 15.
stock
proposes to issue $400,000 mortgage bonds, of which $166.500 will be
"The expectations of an upward trend in business, indulged in during
to refund outstanding bonds,and the proceeds from the sale of the remaining the
months of the year. have not been realized. Recent adjustments
earlier
properties
the
of
price
purchase
bonds will be applied to the payment of the
of the tariff have adversely affected a number of important industries, and
and for additions and betterments.-V. 118, p. 2183, 911.
our domestic markets are feeling the effect of increased competition from
abroad. While the company's sales for the period ending May 31 were
Bethlehem Steel Corp.-Definitive Bonds Ready.maintained on a parity with 1923. and expenses were reduced. booldngs
The Guaranty Trust Co.. 140 Broadway, N. Y. City, is now prepared for
future shipment have not fulfilled anticipations and the situation is
Sinking
-year
30
Mtge.
Consol.
6%
Fund
to deliver definitive Series "A"
one of uncertainty.
gold bonds, due 1948. in exchange for the outstanding temporary bonds. still
"The
dividend on the Preference stock, which has been paid regularly
2441.
2183,
p.
118,
V.
see
For offering
for the past 18 years, is cumulative, so that when the directors feel that the
company's earnings are again sufficient to warrant the resumption of these
(Daniel) Boone Woolen Mills, Inc.-Merger Off.receive the benefit of any
The directors have rejected the proposal for the purchase of Bond Stores. disbursements, the shareholders at that time willis
arrears which may have accrued. The company still in a strong financial
Inc., according to Chicago dispatches.-V. 118,p. 3201.
position despite the reduction in its surplus resulting from the operations
of recent years, but in view of the present situation the directors feel that
Booth Fisheries Co., Chicago.-Report.
Year Ended 4 Mos. to -Calendar Years- It is in the interests of the shareholders to conserve its cash resources pending an improvement in business conditions."-V. 119. p. 78.
1921.
1922.
Apr.26 '24. Apr.28'23.
Period$339,287 def$54,023df$1.214,852
$942,177
Net profit
Canadian Connecticut Cotton Mills, Ltd.-Report.
827,093
736,356
196,259
659,282
Interest
8 Mos.End. -12 Months Ended197,009
186,711
56,483
171,703
Depreciation,&c
'22.
9
Sept.
'23.
PeriodMay 10 '24. Sept. 8
$695,075 $1,648,106
159.929
sur$111.192 sur$86,545 defS977,090df$2.239,044 Gross profit
Balance
25,081
75,616
66,897
Other income
Balance Sheet.
Apr. 30'24 Apr. 28'23
Apr. 30'24 Apr. 28'23
1770,691 $1,673,187
Gross income
$126,826
LtatrUttiesAssas$
260.563
281,165
112,345
Administration and other expenses.. _ _
Preferred stock_ __ 4,999,800 4,999,800 Taxes
Real estate, mach.,
115.060
48,419
15,164,317 15,257,009 Common stock _x5,000,000 5,000,000 Reserve for depreciation
&c
115,907
3,496,000 3,535,000 Provision for doubtful accounts
184 Funded debt
184
Sinking fund
157.091
612,584 Res. f3r renew. &
1,101,697
Cash
65,823
Res. to reduce invests, to est. mkt.val.
53,551 Dividends
49,684
repairs
Accts. & bills rec.,
240,000
180,000
842,024 Accounts & notes
less reserves._ _ _ 934,647
7,415,845 6,631,752
3,729,875 3,334.648
payable
Inventories
$201,107 11,074,650
def$281,427
Surplus
36,363
27,427 Int., tax,ins., &c.,
Unexpired Maur_
$987,407 $1,262.668 11,000,383
Profit and loss surplus
153,745
107,960 -V. 117, p. 2113.
accrued
U.S. Govt. bonds,
414,138
421,581
838 Surplus
667,485
(J. I.) Case Threshing Machine Co.-New President.Deferred charges.. 569,574
Tot.(each side)_21,536,657 20,742.200
Leon R. Clausen, formerly Vice-President of Deere & Co.. Moline, Ill.,
Represented by 250,000 shares of no par value.-V. 117, p. 1238.
has been elected a director and President of the J. I. Case Threshing Machine Co., succeeding Warren J. Davis, who has been elected to fill the new
British Mexican Petroleum Co.-Interest in Lago Corp.- position of Chairman of the board.-V. 118. p. 1263.
See Lago Petroleum Corp. below.-V. 113. p. 1891.
Burden Iron Co., Troy, N. Y.-Bonds Offered.-Huntington, Jackson & Co., Parker, McElroy & Co., New York,
and Charles A. Stone, Troy, N. Y., are offering at 100 and
div., to yield 8%, $700,000 8% Cumul. Pref. (a. & d.)
stock, participating up to 12%.
Dividends payable Q.-J. Transfer agent. Guaranty Trust Co., New
York; registrar, Empire Trust Co., New York.
Authorized. Outstand'o.
Capitalization-$700,000
8% Cumul,Participating Prof. stock (par 1/100)--- -$1,500.000
2,000,000
2,000,000
Common stock (par $1,000)
Data from Letter of Pres. James A. Burden, July 1 1924.
Preferred Stock.-The Preferred stock is entitled to cumulative preferential dividends at the rate of $8 per share per annum. Whenever in any
year dividends amounting to 8% shall have been declared upon the Preferred
and Common stocks, the Preferred stock will participate with the Common
stock in all additional dividends declared In such year until the Preferred
stock shall have received total dividends in such year aggregating 12%•
Company.-Incorp. in 1881 as successor to business founded in 1822.
Company is one of the largest manufacturers in the United States of highgrade wrought iron bars, staybolts and rivets. These products are principally used by railroads and locomotive works where iron of the highest
quality is required. Company is also one of the largest and oldest manufacturers of horseshoes in the United States.
Purpose of Financing.-The Burden Iron Co.. together with the Oliver
& Snyder Steel Co. of Pittsburgh, the Foundation Co. of New York and
E. Arthur Tutein, Inc., yolg iron and coke merchants, of Boston, have organized a company to be known as the Hudson Valley Coke & Products
Corp., *hose plants are being located on lands acquired from Burden Iron
Co. and immediately adjacent to its works. The Burden Iron Co. is also
conveying to the Hudson Valley Coke & Products Corp. a blast furnace
and certain trackage rights and other facilities, and is being paid therefor
in the 8% Cumul. Pref, stock and Common stock of the new company.
7,, Prof. stock being issued by the Hudson
The balance of the $2,325,000 8,
Valley Coke & Products Corp. has been subscribed for at par in cash by
Burden Iron Co. and its above mentioned associates. A large majority of
the Common stock is also owned by these companies. The Burden Iron
Co. through these transactions becomes much the largest Preferred and
Common shareholder of the Hudson Valley Coke & Products Corp.
The Hudson Valley Coke & Products Corp. will engage in the by-product
coke industry, the principal products of which are coke, fuel gas and byproducts, from which many valuable chemicals are obtained, and will also
own and operate a blast furnace for the manufacture of pig iron, which will
use a large part of the by-product coke produced. By reason of its strategic
location and low cost of production, this plant will occupy a preferential
position in the pig iron and coke markets in New England and in the Albany district.
The Hudson Valley Coke & Products Corp.'s plants will include 44 new
by-product coke ovens, auxiliary gas plants and a modern blast furnace,
with an initial daily capacity of 7.250,000 cu. ft. of gas, 700 tons of coke.
350 tons of pig iron, 13 tons of ammonium sulphate. 2,750 gallons of benzol
products, and 10,000 gallons of coal tar.
The gas companies of Albany, Troy and Schenectady, serving a population of over 350,000 people, have signed long-term contracts with the Hudson Valley Coke & Products Corp. to purchase from it their entire gas requirements. Under these contracts the Hudson Valley Coke & Products
Corp. sells its gas at a price based upon the cost of coal, the gas companies
pay all the costs of connections, delivery being made at the Hudson Valley
Coke & Products Corp.'s plant. This plant is designed to meet economically the constantly growing demand for gas in the communities supplied.
Earnings.-In the 43 years since incorporation, the average net earnings
of Burden Iron Co. after deducting all proper charges, depreciation and
taxes, have amounted
than $200,000 per year, or almost four times
to
more
the dividend requirements on the 1700,000 Pref. stock. In the last two
years the net earnings have amounted to $156,334, and $204,239. respectively. It is anticipated that net earnings directly resulting from its own
operations will in the future substantially exceed the present average, and
including the earnings upon its investment in the Hudson Valley Coke &
Products Corp. should exceed 1400,000 per year, or over seven times the
dividend requirements of the Preferred stock now being issued. Those
earnings are after allowing for all charges, sinking funds, taxes and proper
reservations for depreciation.
Balance Sheet Dec. 31 1923 (After Present Financing).
AssetsLiabilitiesLand. bldgs.. machinery
$700,000
8% Preferred stock
and equipment
2,000,000
$2,090.804 Common stock
Cash
25,000
640.581 Notes payable
Accounts receivable
82,781
208,153 Accounts payable
Inventories
906,849 Reserve for taxes
18,363
47,876 Earned surplus
Marketable stocks & bonds
1,139,003
307.700 Capital surplus
Investments
242,000
5,183
Unexpired insurance
Total
$4.207,149
Total
$4,207,148
Burroughs Adding Machine Co.-Transfer Agent.-
The Bankers' Trust Co. has been appointed transfer agent for the Preferred stock, par $100, and the Common stock of no par value. See also
V. 119, p. 78.
Callahan Zinc-Lead Co.-Cash Position, &c.
Central New York Gas & Electric Co.-Tenders.-
The Philadelphia Trust Co., trustee, Broad and Chestnut streets, Phila.:
Pa., will until Aug. 1 receive bids for the sale to it of 1st Mtge.5% SinkIng
Fund gold bonds, dated March 15 1911, to an amount sufficient to exhaust
$10,723 at a price not exceeding 105 and int.-V. 118, P. 88.
Central Power Co.(Del.).-Acquires Gas Property.It is announced that the entire capital stock of the Grand Island Gas Co.
(Neb.) has been acquired by the above company.-V. 118, p. 2954.
Chicago Motor Coach Corp.-Earnings.
Gross earnings for the month of June were, it is reported, in excess of
$507,000. The first eight days of July showed an increase in gross earnings
over the first eight days of June of more than $55,000. Compare V.
119, p. 78.
Christiana Securities Co.-Bonds Sold.-Laird, Bissell & Moods have sold at prices to yield 432% to 5.40%,
according to maturity, $3,000,000 5-Year 5% Secured
Serial gold bonds. A circular shows:
Dated July 1 1924. Due serially $600,000 each July 1 1925 to 1929 incl.
Interest payable J. & J. at the office of the Bankers Trust Co., New York,
trustee. Denom. $1,000. Callable, all or part, on any int. date on 30
days' notice at 100 plus 1% for each 6 months prior to maturity.
(Jompany.-Formed for the purpose of holding a block of the Common
stock of the E. I. du Pont de Nemours & Co. The directors of the company are Pierre S. du Pont, Irenee du Pont, Lammot du Pont, A. Felix
du Pont, R. R. M. Carpenter and J. J. Raskob. The holdings of this
company represent 31% of the total outstanding stock of the E. I. du Pont
de Nemours & Co.. and inasmuch as the E. I. du,Pont de Nemours & Co.
owns or controls 35% of the Common stock of the General Motors Corp.,
the Christiana Securities Co. is a large factor in the control of these two
great corporations.
SecuritY.-Bonds will be the direct obligation of the company and will
be secured by pledge of $15,000,000 Common stock of the E. I. du Pont
de Nemours & Co. At the current market price this collateral has a value
of $18,000,000. This collateral is to be taken down ratably as the ponds
mature.
Capitalization, After Giving Effect to Present Financing and the Retirement of the 7% Bonds.
15,000,000
7% Preferred stock
15,000,000
Common stock
3,000.000
5-Year 53-i% Secured Serial gold bonds (this issue)
Net Income for the Last Five Fiscal Years.
1919.
1922.
1921.
1923.
1920
$2,052,815
11,550.477
$1,834,236
$1.503,477
$1,459,350
Christiana Securities Co. Balance Sheet as of May 31 1924.
Liabilities.
Assets.
$15,000,000
Cash
$793,811 Common stock
15,000,000
301,256 shares E. I. duP.
79' Preferred stock
de N. & Co. corn. stk_36,448,695 7% Coll. Tr. gold bonds
Other investment secur's_ 3,618,784
(called Sept. 1 1924)_ -- 6,000.000
5.189.369
Notes receivable
326.250 Surplus
Furniture and fixtures_ - _
1,829
141,189.369
Total
Total
$41.189.369
Purpose.-Proceeds will be applied to the retirement of the outstanding
7% bonds called for redemp.ion Sept. 1924.
Cities Service Co.-Tenders.-
The U. S. Mtge. & Trust Co., as trustee, will until July 21 receive bids
for the sale to it of 1st & Coll. Trust 5%rld bonds, dated July 1 1905,
of the Union Gas Co. of Spokane. Wash. controlled by the Spokane Gas
& Fuel Co., a subsidiary of Cities Service o.), to an amount sufficient to
exhaust $19,927 at a price not exceeding 110 and Int.-V. 118. p. 3202.
Citizens Water Supply Co., Newtown, L. I.-Valuation.
The Bayes condemnation commission announced July 9 at its offices in
the Municipal Building an award of$4,755,954 to the company for its mains.
distributing system and other property in the Borough of Queens. Attention was called to the fact that the amount of the award as less than onehalf the sum demanded by the company and not quite double the amount
which was regarded as adequate by Mayor Hylan and other city officials.
The company had asked for a total of 0.674,971.
The following tabulation shows the amount of the Bayes commission
award for specific items with the claims of the water company and the city's
estimate of what should be paid:
Awarded
Conceded
Claimed
by Co.
by Comm.
by City.
$117,100
$117,101
$31,711
Structural property
279.019
384,160
94,228
Collecting system
164,852
322,115
416,871
Machinery and equipment
2,534,319
1,171,865
Transmission and distrib. system_ --- 3,563,673
1.223,400
2,529,337
765,995
Lands and water sources
750.000
200,000
Going concern
1
1,250,000
Franchise
60,000
663,909
Severance damages. Station 9
In addition to the above, the commission allowed the water company
$114,220 for legal expenses. The plant was taken over by the city
April 19 1921.-V. 113, p. 2823.
President John Borg,July 3,said in part: "With approximately $900,000
Cleveland Steel Tube Co.-Sale.in cash and marketable securities on hand and no indebtedness, aside
The sale of the plant of the company to Morris G. Songer and associates.
from current accounts payable amounting to about $15,000, we feel that
for $200,000 has been authorized by the stockholders. The
we can face the problems of the future with confidence."-V.118, p. 1523. Pittsburgh,
plant, which was never operated, was built for the manufacture of butt
Canadian Fairbanks-Morse Co.-Dividend Deferred.- weld pipe by the International Steel Tube Co., which failed. It is stated
In connection witn the deferring of the dividend on the Preference shares. that the new owners will incorporate. as the Union Tube Co. and will place
President McMillan says: "Owing to conditions prevailing in Canada, the plant in operation. ("Iron Age.') See also V. 117, p. 2114.
202
THE CHRONICLE
Clyde Steamship Co.-Loan to Sub. Co.The Shipping Board, according to Washington dispatches, has loaned
more than $5,000000 for the construction of American flag tonnage. Loans
for the construction of vessels to be built include $2,666,000 made to the
Cherokee-Seminole Steamship Corp., a subsidiary of the Clyde Steamship
Co.. to build two combination passenger and cargo ships to cost cot less than
$4,000,000, which are to be built by the Newport News Shipbuilding &
Drydock Co.: $1,000,000 to the Robert E. Lee Shipbuilding Corp., a subsidiary of the Old Dominion Steamship Co., for one combination cargo and
passenger vessel to be built at the Newport News yard, and $1,500,000 to
the Coano Steamship Corp., a subsidiary of the New York it Porto Rico
Steamship Co. for another combination cargo and passenger vessel which
also will be built at the Newport News plant.-V. 112. p. 474.
Coast Tire & Rubber Co.-Organized.A company of the above name has been incorporated in Nevada to take
over the assets of the Coast Tire & Rubber Co. of Calif. now in receivership
The old company failed through the alleged illegal operations of Jesse J.
Eiseman and his associates, who are now under sentence to San Quentin
for violation of toe Corporate Securities Act -V. 117. p. 673
Collins Co., Hartford, Conn.-50% Stock Dividend.The stockholders on July 8 approved the action of the directors who
recently declared a 50% stock dividend on the outstanding $1,000,000
capital stock, par $100. This distribution will be made In the near future
to stockholders of record July 8.
The directors have declared a quarterly dividend of 2% on the present
outstanding $1,000,000 capital stock, payable July 15 to holders of record
June 25.-V. 118, p. 3202.
Columbia Motors Co.-Balance Sheet April 11924.
Assets.
Liabilities:
Cash
Cars shipped on sight
drafts
Accts. rec. less reserve for
bad debts
Inventories
Liberty bonds
Stock of Charlevoix Realty
Corp
Mach 3,, equipment, &c
Deferred assets
Good-will, pats.& tr. mks.
3632,713
$40,914 Notes payable
Accounts payable
84,637
9,982
119,652 U.S. Government tax_ __ _
Accrued labor
9.218
26,398
104,412 Dealers' deposits
476
975,033 Sundry credits
6,600
3,500 Accrued salaries
Accrued interest
2,154
753,837 Capital account
x1.501,343
258,507
17,665
Total (each side)
$2,273,522
1
x Capital account,81,635,743,less non-par value treasury stock,8134,400
-V. 118, p. 3082.
Commonwealth Power Corp.-Annual Report.-The
pamphlet report covering the operations of the company
and its subsidiaries for the year ended Dec. 31 1923 has just
been issued. A comparative income account was given
in V. 118,P.669. The remarks of Fres. Geo. E. Hardy and
the balance sheet as of Dec. 31 1923 will be given another
week.-V. 118, p. 3202.
Consolidated Light & Power Co., Kewanee.-Successor.
See Kewanee Public Service Co. below.-V. 115, p. 1637.
Consolidated Utilities Co.(& Subs.).-Earnings.Calendar YearsGross earnings
Operating expenses
Net earnings
Interest charges
Dividends
Amort. of d't dls. & exp.
1922.
x1923.
$3.054,615 81,580,486
2,054,748
1,080,797
1921.
$898,910
606.822
1920.
8771,277
521,030
$499,689
187,970
87,751
17,170
$292,088
113.100
39,000
$250,247
81,738
19,500
$999,867
440.075
y202.829
62,967
[VOL. 119.
Dome Mines, Ltd.-Gold Production (Value) in
June.
$360,750
-V. 118,
May.
April.
$371,055
$358.811
p. 2830, 2309.
March.
8355,645
February.
8349,299
1924.January.
$326.420
Drummond Investment Co., Ltd.-Bonds Offered.Royal Securities Corp., Ltd., are offering at 98 and int.
to yield about 7.15%, 8650,000 7% Gen. Mtge. Sinking
Fund Gold bonds.
Dated June 1 1924; due May 1 1938. Principal and interest payable
J. & D. at Molsons Bank, Montreal, Toronto, Winnipeg and Vancouver.
Denom. $1,000 and 8500c5. Red.. all or part, on any int. date on 30
days' notice at 105 and int. to June 1 1928; 102 and int. thereafter to
June 1 1932; 101 and int. thereafter to June 1 1936, and thereafter to
maturity at par. Royal Trust Co., trustee.
CapitalizationAuthorized.
Issued.
Common shares
$1,700,000 $1,700,000
7% Gen. Mtge. Sink. Fund bonds. 1938 (this issue)_
650,000
650,000
6 Ji% 1st (Closed) Mtge. Sink. Fund bonds, 1938
2.000,000
2,000,000
Company.-Owns and operates two of the largest apartment buildings
in Canada, known respectively as the "Drummond" apartment building,
completed in 1919, and the "Drurrunond Court" apartment building,
completed in 1924. The properties, which adjoin one another, are located
on Drummond and Stanley Sts., Montreal.
Purpose.-Proceeds will be used to fund outstanding debt in connection
with the construction of the Drummond Court Apt. Bldg. and purchase
of the land on which it is erected.
Securify.-Bonds will be secured by specific hypothec, mortgage and
charge on all lands, buildings and equipment now owned and hereafter
acquired, presently comprising the Drummond and Drummond Court
apartments, and by a floating charge on net revenue derived from these
properties, subject only to outstanding 1st (Closed) Mtge. bonds.
Earnings.-Net revenue from the Drummond Apt. Bldg. only, for the
four years 1920-1923 incl. and available for bond interest, has averaged
87Sinking165.
Fund of $10.000 per annum, commencing May 1 1925, will
have the effect of redeeming approximately $225,000 of this issue by
maturity at par.-V. 116. p. 2135.
(Otto) Eisenlohr.& Bros., Inc.-Changes in Personnel.-
At a meeting of the directors S. T. Gilbert was elected a director and
President of the company. Ben R. Lichty becomes Chairman of the board.
C. H. Eimerbrink and John J. Rogers continue as Vice-Presidents and R. G.
Cunningham as Secretary and Treasurer. Samuel Gates was elected a
director.--V. 118, p. 2709.
Fairbanks Co.(& Subs.).-Balance Sheet.:Apr.30
Dec.31'23.
Assets-Land, bldgs.,plant,
&c
2.809,887 2,818,690
Standing timber,
equipment,&c_ _
49,260
48,504
Cash
543,337
301,920
Notes receivable
34,780
47,704
Acc'ts receivable.. 757,927
854,006
Advs.to employ's_
22,570
7.975
Due on sale of New
Orleans property
215.000
Inventories
1,098,977 1,188,245
Prepaid expenses..
48,624
35,455
let Pt. stk. sk. Id. 165,134
165,135
Contracts & goodWill
898,500
898,500
Deficit
2,650,008 2,630.184
A24. pr.30'24. Dec.3123.
Liebautes$
1st Pref. 8% cumxnit:live stock.... 1,000,000 1,000,000
8% rum.Pfd. stk_ 2,000,000 2.000,000
Com:mut stock _ _ _ 1,500,000 1,500,000
Cap.stk. Fairb'nks
500
CO. Of Cuba_ ___
500
Notes,payable_ _ _ _ 3,637.125 3,810,000
Acc'ts payable_ ___ 257,536
207,739
Cuct'rs'balances__
28,360
39,157
Cuet'rs' drafts....
7,905
37.140
Prov,for taxes and
123,698
ennttneencies_ _ 121,284
Deferred crlits.
28,274
48,152
Depree'r reserve_ _ 498,023
448,931
Total
9.079.006 9,221,318
Tctal
9,079,006 9,221,318
x Tentative figures of March 30 1924 being used in respect of the Fairbanks Co. (Europe), Ltd.-V. 119, p. 79.
Surplus & reserves--- 8293,996
$206,798
$139.988
$149,009
Federated Metals Corp.-Consolidation Completed.s Includes Kansas Electric Power Co., Miami Valley Electric Co.,
President Benjamin Lissberger has announced that all matters pertaining
Union City Electric Co., United Lighting Co., Consolidated Utilities Co.
and Dubuque Electric Co. y Kansas Electric Power Co. Preferred,$70,000; to the formation, consolidation and operation of the corporation have been
fully completed, and the organization will begin its corporate existence as
Con. Util. Co. Pref., 884,775; Dubuque Elec. Co. Pref., $48,054.
of July 1, with an approximate capital of $15.000,000.
Balance Sheet Dec. 31.
The corporation is a consolidation into one nationwide organization corn1923.
1922.
1923.
1922.
prising_the following: The non-ferrous metal business of B.Lissberger & Co.,
Assets$
•
$
$
$
New York; the Eagle Smelting & Refining Works, New York; the Union
Property account_14,230,730 6.942,827 Common stock__ 2,000,000
500,000 Smelting &Refining Co. Newark, N. J.; the Trenton (N. J.) Smelting &
Investments
128,828
4,000 Preferred stock.__ 1,100,000 2,300,000 Refining Co.;the Duquesne Reduction Co.
of Pittsburgh; the Great Western
Current assets...
896,701
530,990 Pref. stk.sub.cos_ 1,800,900
Smelting & Refining Co. Chicago, with its various branches in Cleveland,
Prepaid expenses._
15,836
6.350 Funded debt
8,786,800 3.436,900 Detroit, St. Louis, San Francisco, Los Angeles, Seattle and other pointsUnamort.d't(Met_ 1,156,154
533,395 Notes & acc'ts pay. 482,687
353,689 thereby giving the new corporation manufacturing and warehouse service
Suspense acc't,&e56,339
Int., taxes, Ac.,
from coast to coast. It will be the largest secondary non-ferrous metal
accrued
63,140 business in the world, as the capacity of the combined companies is over
247,473
Reserves
1,820,519 1,324,459 300,000,000 pounds annually.
Suspense accotmt_
56,705
Mr. Lissberger has stated that all deeds, property rights. patents, trade
Totaheach side) 16,484,589 8,017,582 Surplus
39,374 marks, &c. have now been turned over to the new corporation. Export
189,504
-1r. 111. P. 2427.
'
and import
offices have already been established in Europe. The new corpotation will manufacture and handle every character and quality of nonContinental Gas & Electric Corp.-Earnings.ferrous metals, including copper, tin, lead, zinc, babbitt, type-metals,
Twelve Months Ended May 311924.
1923.
aluminum, and, in fact, every character of metal ingots composed of red
Gross revenue
$12,800,104 $11,835,446 metal and white metal compositions.
Operating expenses, taxes, maintenance & interest 7.193,567
6,883,402
Officers are: Benjamin Lissberger, Pres.; Davis Blum,Chicago, Chairman;
Ivan Reitler Maurice Falk, Leon Falk, Henry Lissberger and Samuel
Net revenue
$5.606,538 $4,952,043 Jacobson, Vice-Presidents; Max Lissberger, Treas.; I. A. Simon, Sec.;
-Ir. 118, p. 3083.
L. D. Weigel, Asst. Sec.
addition to the aforementioned, the board of directors will also include
(Wm.) Cramp & Sons Ship & Engine Bldg. Co.- A.InGrant,
Z. Lippe, A. Perry Osborn, Stanhope Doddard and Chas. M.
The company has been awarded a contract for two 28,500 h.p. I. P. Schwab. Office, Woolworth Building, New York City. Compare also
governors
and
other
with
turbines
equipment
Morris
for the Wallenpaupack V. 118. p. 2568, 2956.
hydro-electric development of the Pennsylvania Power & Light Co. These
turbines will operate under a head of 330 ft.-V. 119. p. 78.
Fifth Avenue Bus Securities Corp.-Listing.New York Stock Exchange has authorized the listing of certificates
Cresson Consol. Gold Mining ec Milling Co.-Earnings. ofThe
deposit for voting trust certificates, representing in the aggregate net
Quarter Ended June 301924.
1923.
to exceed 370,000 of shares of Common stock, on official notice of the
Net profits
$266,259 issue thereof for voting trust certificates deposited under the plan and
$169,151
-V. 118, p. 207.
agreement dated June 25 1924 for unification, repcaitalization and reorganization of Fifth Avenue Bus Securities Corp., New York Transportation
Dennison Mfg. Co., Boston.-Stock Authorized.Co. and Chicago Motor Coach Corp. Compare V. 119, p. 79.
The company was authorized by the Massachusetts Commissioner of
Corporations last week to issue 8150,000 2nd Preferred stock, to provide
Gartshore-Thomson Pipe & Foundry Co., Ltd.for substitution of partnership stock as "industrial partners" leave the employ of the company. As employees leave the company their partnership Bonds Offered.-McLeod, Young, Weir & Co., Ltd., Monstock will be exchanged for the new 2nd Preferred stock -V.118, p. 3202.
treal, are offering at 99 and interest, to yield about 6.60%,
Detroit City Gas Co.-Action on Rates Rescinded.The Detroit City Council has voted to rescind its resolution permitting
the company to reduce the quality of its gas from 600 to 530 B. T. U. It
is stated that in the event that the company refuses to increase the quality
and return to lower rates,an injunction will be asked restraining the company
from acting upon the award of the arbitration board until after being voted
on by the people at the September primaries.-V.118, p. 2185.
Doehler Die Casting Co.-Business Improving.President H. H. Doehler states that business of the company has taken a
decided'turn for the better. The company serves approximately 50 different classes of industry. 40% of its output in 1923 went into the automobile trade. April, May and June were uncertain in the automobile industry
and partly in reflection of this condition the company's earnings were
below the average set by the record first quarter when $1 43 was earned
on the Common stock after all charges.
At present an ever-increasing proportion of the company's business is
coming from other essential products such as electrical equipments, radio
and telephone supplies, adding machine and typewriter parts as well as
household utilities. On the basis of orders on the books and inquiries in
the market, not alone from the automobile companies but from practically
every line served by it, July's earnings should be sufficiently large to make
up for much of the ground lost during May and June. For the balanc
of the year, Mr. Doehler states, capacity operations ar probable.
The company's position has been considerably impro ed since Jan. 1.
Nearly 8500,000 bank loans have been liquidated and cos.* on hand stands
at approximately $400,000.-V. 118, p. 3083. 2047.
8200,000 First (Closed) Mtge. 63- % Sinking Fund Bonds.
A circular shows:
Dated July 1 1924. Due July 1 1944. Interest payable J. & J. at
Molsons Bank, Hamilton, Toronto or Montreal. Denom. 81,000 and
$500 c*. Redeemable, all or part, at company's option, on any interest
date on 30 days' notice at 102j4 and interest. Annual sinking fund commencing July 1 1925, sufficient to retire entire issue at maturity. Chartered Trust & Executor Co., trustee.
Company.-Is being incorporated under the Ontario Companies Act to
acquire the properties and business of Gartshore-Thomson Pipe & Foundry
Co., Ltd., will& company has been in continuous operation since 1896 at
Hamilton, Ont., manufacturing cast iron pipe and fittings.
Company is engaged in the manufacture of cast iron pipe and fittings.
Its products are used chiefly for water mains, culverts and gas mains. Its
chief customers are municipalities, contravtors and gas companies.
Earnings after Provision for Deprecidtion and Income Tax, Available for Bond
Interest. for Fiscal Years.
Profits before DepreTotal
Inc. from
Net Oper.
YearInvestm is. Income.
Deprec n.
datum.
Profits.
1917
82,185
$53,017
812,700.
$44,885
$10,317
1918
4,805
45,388
10,317
35,071
39,876
•1919
7,288
22,764
25,804
15,475
10,328
1920
3,090
50,433
40,104
43,194
10,328
1921
1,739
56.363
11.587
44,775
46,514
1922
4,840
52,863
13,174
39,689
44,529
'1923
'65,823
52,636
6,992
59,628
13,187
Ly 12 1924.]
THE CHRONICLE
General Cigar Co., Inc.-Tenders.The company will until Aug. 1 receive bids for the sale to it of Debenture
Preferred stock (at least 1,500 shares) to an amount sufficient to exhaust
$565,027 at a price not exceeding 110 and dividends.-V. 118. p. 2579.
General Electric Co., Schenectady, N. Y.-To Erect
New Building.The company will erect a 5-story concrete office building and warehouse
with a service shop adjoining in Detroit, costing approximately $500,000.
The contract has been awarded the H. C. Christman Co. and the plot.
320 feet on Third Ave. and 140 feet on Antoinette St., is now being cleared
of old buildings. Plans call for the completion of the building In the early
spring and removal of the local office of the company, now in the Dime
Savings Bank Bldg. to the 5th floor of the new structure by March 1.
Double the office space will be afforded in the new building.-V.119. p.70.
203
U. S. Lesh, Attorney-General of Indiana,
filed an injunction suit
against the company in the Superior Court athas
Indianapolis, before Judge
Linn D. Hay, asking that the company be enjoined from enforcing
the
schedule of rates, tolls and charges effective July 1, as above.-V.119. p.80.
Indiana Electric Corp.-Open Super-Power Station.-
Indianapolis and 127 other towns and cities of central Indiana this week
began receiving industrial power from the first
two units of the Wabash
River super-power station of the Indiana Electric
division of the
Central Indiana Power Co. This station, the largestCorp.
in the United States
to be installed directly on the coal fields, now provides
h. p., but
55,000
other units will be added until its maximum station
of 135.000
h. p. is reached. The plant, wvi, ch has been 18 monthscapacity
construction.
under
eventually will cost $12.000,000, it is stated.-V.118. p.
1527.
International Combustion Engineering Corp.
-
The corporation has declared the regular quarterly dividend of 50e.
a
share, payable July 31 to holders of record July 17.
President George E. Learnard stated that unfilled orders on
June 30
pleted negotiations for the purchase of the controlling interest of the Com- last were $1,000.000 in excess of those on Jan.
11924.-V. 118. p.2832.
mon stock of the South Carolina Gas & Electric Co., serving Spartenburg, S. C., and adjacent territory. The negotiations were conducted on
International Paper Co.-Earnings-Reopens Two Mills.
behalf of the General Gas & Electric Corp. The General Gas & Electric
Net earnings for the first six months of 1924, after depreciation and
Corp. now controls, either directly or indirectly, 47 public utility companies. charges, is reported to have exceeded
$1,500,000.
-V. 118, p. 3203. 2709.
The Otis and Hudson River mills, two of the larger units, which have
been closed for a week, were re-opened on July 7. Glens Falls,
EdGeneral Motors Corp.-Remy Takes Over Klaxon.ward, Glen and Wilder newsprint mills, which were closed two Fortago,
weeks
President Alfred P. Sloan Jr. announces the transfer of the manufacture will remain closed
indefinitely.
of Klaxon products to the Remy Electric Division at Anderson. Ind. This
In explanation of the recent shutdown of the latter four mills, President
addition to the Remy line fits in with their present product and affords A. R. Graustein said: "We
opportunity for manufacturing and engineering economies. With this newsprint machines on thehad to do it because there are more than enough
continent to produce all
@FedFRASER