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Railway Sc Industrial Section
Bankers' Convention Section
Bank St Quotation Section
Railway Earnings Section
SATURDAY, JULY 19 1924
VOL. 119.
Xixe Tlicronicit
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The Financial Situation.
Indications point to improving trade, though the
signs are not yet very pronounced or very general.
The textile trades are certainly getting into better
shape. The statement hardly seems to comport with
the Census figures of cotton consumption issued the
present week and showing 389,860 bales (of lint and
linters) consumed in June the present year, against
590,970 bales in June last year. There is nothing
suggestive of activity in such figures as these. And
yet the drastic nature of the decline lies obviously
at the bottom of the improvement. Curtailment has
been carried to such extremes that the markets are
now absolutely bare of goods. Neither wholesalers,
retailers or jobbers are carrying stocks of goods of
any consequence. But the ever-present needs of a
population of 110,000,000 are sure to make themselves felt sooner or later, and this is the stage apparently which has now been reached.
Where of course there has been overproduction
and stocks are heavy or burdensome, as in the case
of petroleum and its products, the situation is different. In such instances accumulated stocks must
first be worked off, and that can only be done by
restricting the output for a time. But in most industries restriction has been under way for at least
four or five months, that is since the early part of
March. Accordingly, consumption has overtaken
production and is fast eating up accumulated supplies, and there is no way of replenishing these supplies except by resuming the normal processes of
production. There is reason to think that something
like this has been going on in the copper trade, as
well as in the textile trades, while in the case of the
iron and steel industry curtailment has been on such
a prodigious scale that it would seem recovery there
•cannot be much longer delayed.
Electric Railway Sectivs
State and City Sectiu
NO. 3082.
Of course there are still some uncertain factors in
the situation which may serve to upset all calculations. Foremost among these is the prospect of the
Dawes plan for the rehabilitation not alone of Germany but, it may truthfully be said, for the rehabilitation of the whole of Europe, for the nations of
Europe, it would seem, will have to stand or fall together in that regard. And as far as the United
States is concerned, our export trade will be more or
less dependent upon the outcome. The problem is
now being discussed in the Inter-Allied Conference,
which has been in progress in London the present
week, and candor compels the statement that some
of the developments have been such as to furnish
real occasion for misgivings as to whether the
Dawes scheme is not to meet the same fate as all
antecedent efforts of the same kind because of the
recalcitrant attitude of France. As against this,
however, there is a favoring factor of large importance. We have reference to the circumstance that
there has been a tremendous rise during the last five
or six weeks in the prices of agricultural products.
Wheat has risen 30 cents or more a bushel, corn 40
cents and hogs are ruling at the best figures since
last October. The result has been to add greatly to
the purchasing power of the agricultural classes.
One estimate is that it has added 1,000 million dollars to the wealth of the farmers. This cannot fail
to contribute powerfully to the revival of trade, even
if the deliberations of the Inter-Allied Conference
should end in another fiasco.
The foreign trade of the United States for the fiscal year ending with June shows a considerable increase as to exports of merchandise for the past
twelve months in comparison with both preceding
fiscal years, while merchandise imports are reduced
in value as compared with the preceding year, but
run almost 1,000 million dollars above those of two
years ago. The June statement, however, shows
merchandise exports of only $307,000,000, as against
$334,949,901 for May and Comparing with $319,956,953 in June 1923. The value of merchandise imports was $277,000,000; for the preceding month the
imports were $302,999,517, and for June 1923, $320,2.13,799. Both imports and exports in June were
smaller than for the preceding month; also, they
were reduced as compared with the corresponding
month a year ago—in fact, June exports were
smaller in value than for any month in nearly two
years, excepting only the months of February and
July 1923, and the same is true of imports, the exceptions in the latter case being October 1.922 and
August 1923. During the past twelve months imports have been smaller in value than for the corre- •
234
THE CHRONICLE
[VoL. 119.
sponding month of the preceding year in nine months
were reported as being quite pessimistic from the
out of twelve, but exports have shown increases each start.
Premier Mussolini of Italy was the only head
month excepting only March of this year, when there
of an important Allied Power who did not attend
was a reduction of but 0.5%, and last month, when
the Conference. The Paris and London dispatches
the loss was 4.1%.
on Thursday and yesterday emphasized the point
The increase in the value of merchandise exports
that the first big question to be decided at the Confor the past fiscal year has amounted to 9.0%, but
ference is an international loan to Germany. Owen
a considerable part of this is due to the larger exD. Young was quoted in a Paris and Berlin paper as
ports during that period of raw cotton and
the outlining conditions on which America would parhigher price at which that commodity has sold. This
ticipate in the loan in a large way. The Paris cablesituation has existed throughout nearly the entire
grams last evening relative to the Conference were
year—at least since September last, and continued
not encouraging. There were rather distinct indicaduring June. The export value of cotton for
the tions of a break between France and Great Britain
month just closed has not been officially announ
ced, on the most important features of the Dawes plan.
but cotton exports in June this year were 230,979
bales and in June 1923 214,851 bales. The value
of
Premier Herriot of France received a vote of concotton exports last month will exceed $34,600
,000, fidence in the Senate on the evening on July 11. The
whereas for June 1923 it was $31,091,860.
Total vote was 246 to 18 and was given to enable him to go
merchandise exports during June this year are
$12,- to the London Conference with the support of the
956,000 less than in June 1923; omitting raw,
there Upper House. According to the Paris correspondis a decrease for June this year of $15,332,000.
ent of the New York "Times," before receiving the
For the twelve months ending with June, merchanvote "Premier Herriot agreed to accept the Nationaldise exports were $4,311,625,797, as compared with
ist theme that the five, ten and fifteen-year delays
$3,956,733,373, and $3,771,156,489 for the two prefor the evacuation of the Rhine bridgeheads had not
ceding fiscal years, 1923-22 and 1922-21, respectively.
yet, almost five years after the Treaty of Versailles
During the same period merchandise imports were
went into effect, begun to run." The correspondent
as follows: 1924-23, $3,557,147,532; 1923-22, $3,780,
- explained that "M. Millerand, when he was Premier
958,965, and 1922-21, $2,608,079,008. The excess of
three years ago, first enunciated the doctrine that•
exports over imports for the latest fiscal year is
until Germany began to currently fulfill her treaty
$754,478,265, and compares with $175,774,408 for the obligat
ions, the periods fixed for the Rhineland
preceding fiscal year and $1,163,077,481 for the fisevacuation had not begun. Premier Poincare made
cal year of 1922-21. As noted above, the movement
this point one of the foundations of his foreign polof cotton abroad was very heavy during the past
icy." Continuing, he suggested that "Premier Heryear and prices were somewhat higher during
the riot's acceptance of this position is especially signilatest year. With June last estimated, the
value of ficant now, because the Germans demand that in recotton exports for the fiscal year just ended
was turn for accepting the Dawes plan, they shall obtain
$904,200,000—for the preceding fiscal year cotton
definite assurances as to the Rhineland occupation,
exports amounted to $658,982,855, an increas
e for and it is their view that in next January, when the
the year just closed of $245,218,000.
treaty shall have been in effect for five years, that
Gold imports for June were valued at $25,181
,111 Cologne should be evacuated. While Premier Macand exports only $268,015, the former the
smallest Donald of Great Britain has made no statement on
of any month since June 1923, and the latter
the this point, other leaders in the British Labor Tarty
smallest of any month for a number of
years, pos- have said that the British should withdraw." Attensibly many years. For the twelve months
of the tion was drawn to the fact that "M. Poincare, who
fiscal year, gold imports were $417,025,638,
which issued such a long warning to Premier Herriot last
contrasts with $284,089,550 in the preceding
fiscal night, voted for him to-night with the understanding
year and exports $10,206,941, compared with
$49,- that he would be held in strict accounting for his
021,975 for the fiscal year 1923-22. There is no
rec- work in London."
ord for a year of exports less than $13,500,000 back
Prior to receiving the vote of confidence in the
to 1870. Silver imports and exports show
little Senate, Premier Herriot made a speech in which he
change except a steady increase in the export
s; im- outlined some of the difficulties with which he was
ports last month were $4,870,389 and exports $8,648,
- confronted in going to the London Conference and
499. For the twelve months of the fiscal year
im- made a plea for co-operation and a minimum of party
ports were valued at $79,939,985, which contras
ts politics. In his account of the speech the New York
with $64,947,025 for the preceding fiscal year,
and "Times" correspondent said that, "confronting the
exports $98,785,586, against 55,906,956 for the
pre- Senate frankly with the knowledge that a majority
ceding fiscal year.
of its members really were against him, Premier
Herriot said he regretted that the debate prelimThe Inter-Allied Conference began its session
s in inary to the London Conference had gone so far. He
the British Foreign Office,in London on Wednesday, protest
ed against being tied with chains, but said
July 16. Prime Minister MacDonald presided,
that he would try to bear some of them. Admitting
made
the address of welcome and was elected perman
ent the serious divergence between the British and
chairman. Ambassador Kellogg replied for
the French views, he said that the good-will of Premier
United States. Great prominence was given to
the MacDonald, which he was trying to match, was the
part that it was expected the United States
would best factor in the situation. He asked the Senate to,
take in the proceedings. At the first session three forget the
bitter dispute which arose over the
committees were appointed that were expected to Chequers
meeting, and to pay attention only to the.
do most of the important work of the Conference. A most recent
statement of the two Premiers. Prespirit of optimism as to the outcome was said to mier Herrio
t urged the necessity of putting the exhave prevailed in London, but both Paris and Berlin perts' plan
into force at once and said that General
JULY 19 1924.]
THE CHRONICLE
Dawes and his colleagues had recommended co-operation between the Allies and Germany, and that
he and Premier MacDonald were going to try to permit the minimum of politics to enter into their negotiations. His statement that he would protect the
Commission on Reparations brought a number of
interruptions from those who had observed that Premier MacDonald, in his speech last night in the
House of Commons,showed that he had not accepted
the French view." That the Premier's chief political
opponents did not intend to give him whole-hearted
support was shown by the fact that "M. Poincare
dryly remarked that while what M. Herriot said was
interesting the agreement he would bring back from
London would be more important. The former Premier asked the Senate to permit Premier Herriot to
go to London and to reserve its judgment for fruits
in his labors. In fact, before the end of the debate
M. Poincare was defending Premier Herriot."
235
former Premier Herbert Asquith, leader of the Liberal Party, who began by saying that no party in this
country wished to hamper the Labor Prime Minister
in his negotiations in the 'Council Chamber of the
World.' Former Premier Stanley Baldwin, speaking for the Conservatives, conveyed assurances that
if Premier MacDonald succeeded in effecting a settlement there would be no envy of his success. Austen Chamberlain at the close of the debate said that
every party in the House should seek to secure wherever possible association with the United States in
such ways and under such conditions as might be
possible to the American people." The New York
"Herald-Tribune" correspondent, in giving an outline of Prime Minister MacDonald's reply, quoted
him as asserting that "I shall do my level best to
carry out the aims I am out to secure. These are:
first, to secure a complete unity between France and
ourselves, not to be gained at this Conference, but to
be begun at this Conference, and secondly, that
The Inter-Allied Conference was looked forward France, we ourselves and the rest of
our Allies shall
to in London with considerable optimism, according give security to the investors in the
£40,000,000 loan
to a dispatch July 13 from the representative at to Germany." The correspondent also
declared that,
that centre of the New York "Herald-Tribune." He "as a result of this debate, Premier
MacDonald will
said that "the MacDonald Government takes an go into Wednesday's Conference
assured of the
optimistic view of the prospects of an agreement on united backing of all the British
parties, but;
the basis of the experts' report." He admitted that whereas to-day Herbert Asquith's
speech was
"there nevertheless remains a feeling of deep con- friendly and bantering, Stanley Baldwin
was uncern, largely because the political position of the usually recriminatory fo'r that mild-man
nered and
Herriot Government is none too secure, and the easy-going leader." Continuing
to outline his posiFrench Premier consequently must consider the tion and that of the British
Government, "the BritPoincare opposition in connection with every step he ish Premier emphatically
asserted that there would
takes at the London gathering." Still he maintained be no program of sanctions
, but only a general decthat "the chances of reaching a settlement with Ger- laration of united interest
in case of default. He
many are considered excellent, but if the negotia- agreed with Asquith that
so far as the question of
tions this week should break down Allied diplomacy security for France was concerne
d there could only
would suffer a severe blow." Much importance was be a general pooling of interests
and a bilateral pact
attached to the attitude of the United States repre- in which Germany would be
an equal partner."
sentatives and the part that they would take in the Commenting upon the matter
of security he sugproceedings. With respect to these questions the gested that "as the French
military authority recorrespondent observed that "from an American marked, the problem of French
security is the probpoint of view one of the most interesting features of lem of European peace." The
correspondent noted
the gathering lies in the fact that an American rep- that "the Prime Minister, admittin
g that France reresentative will not only sit in on the discussions but garded the Treaty of
Versailles as 'something akin
take a more important part in them than have'Amer- to the Ark of the Covenant
,' said significantly:
ican observers' at previous international gatherings." 'While we must give France
every security under the
It was assumed that the attitude of the leaders of Treaty of Versailles, we must
be exceedingly carepolitical groups opposed to Prime Minister Mac- ful that France doesn't extend
the legal provisiaris
Donald, as disclosed in the debate in the House of of the treaty.'"
Commons that was to take place last Monday, would
show the support or lack of opposition on which he
The representatives of the various Allied Governcould count as he went into the Inter-Allied Confer- ments at the Conferen
ce began to arrive in London
ence two days later. It was known that the "whole on Monday. Most
of them reached there on Tuesquestion of the Dawes report, the Inter-Allied Con- day. Premier
Mussolini of Italy did not come, but
ference and the Prime Minister's visit to Paris would was represent
ed by a large delegation. It became
be discussed." It was understood that former Prime known definitel
y on the latter day that while AmMinisters Asquith and Baldwin would speak for bassador
Kellogg will be the only accredited repretheir respective parties, and also that "other speak- sentative of
the United States, "throughout the deers were expected to include Mr. Lloyd George."
liberations Colonel James A. Logan Jr., who has
The debate, which had been postponed from the followed the complexi
ties of the reparations problem
previous Thursday at the request of Prime Minister from the beginnin will sit beside
g,
the Ambassador
MacDonald, took place last Monday with rather as his official
adviser. Four other Americans, two
more favorable results than might have been ex- from the Embassy and two of Colonel
Logan's aspected. In his account of the proceedings the New sistants, will be included in the Conferen
ce SecretaYork "Times" correspondent said that "in the House riat."
London also learned that "the only other
of Commons to-day there was what is called a full American who
is likely to participate is Owen D.
dress debate upon the Inter-Allied Conference." Con- Young, who was member of
the Dawes Committee
a
tinuing he added: "Chief among features of this on the German
budget and currency problem and
debate was the question of what part America would was the General' chief aid
in drawing up the exs
play in the matter. The discussion was opened by perts' proposals
." The Associated Press correspond.
236
• THE CHRONICLE
ent added that "it is expected that Mr. Young will
be asked to take a most important administrative
post under the experts' scheme—that of General
Agent of Reparations, who will receive all reparations payments from Germany through the new bank
of issue and transfer them to the Allies according
to the Transfer Committee's recommendations."
The Paris "Matin" announced on Tuesday that
"Owen D. Young has accepted an offer of the position of Agent General of Reparations under the
Dawes plan." The New York "Times" representative cabled that "as such he will head the transfer
commission which will receive all reparations payments made by Germany and deposit them to the
account of the Allies." He even added that "in this
capacity he may be invited to sit in the Reparations
Commission as the American member to act as arbitrator and safeguard the interests of investors in the
proposed £40,000,000 loan to Germany, if the proposals of Premiers MacDonald and Herriot are
adopted by the London Conference." According to
an Associated Press dispatch from London the next
afternoon, "Owen D. Young, member of the Dawes
Committee of Experts, declared on that day that
neither the position of Agent General of Reparations
nor any other post under the Dawes plan had been
offered to him. Therefore, he said, the question of
his acceptance does not arblie." The correspondent
admitted that "it is generally assumed in British and
American circles that if the London Conference is
successful and the Dawes plan is put into effect Mr.
Young will be asked to take one of the most important pods, probably that of Chairman of the Transfer Committee, otherwise known as Agent General
of Reparations." He said "the appointment would
be made by the Reparations Commission, but officials consider it absurd to assert that sach an appointment has been made before the London Conference has started its deliberations."
The Conference began its sessions in the
British Foreign Office Wednesday morning, July 16.
The Associated Press correspondent at that centre
cabled that "the Conference is recognized by the
press as the most important gathering of Allied
statesmen and diplomatists since the signing of the
Versailles Treaty." He added that "since this treaty,
there have been fourteen conferences, each aiming at
a settlement of European problems, and hope is expressed earnestly that the fifteenth will finally bring
order out of chaos." Continuing he said that "it is
believed the labors of the Conference will end satisfactorily in about a fortnight. The hope is based
mainly on two circumstances, that the concrete
issue before the Conference is the Dawes scheme and
that the United States will participate in the deliberations."
In outlining the proceedings at the first session
the correspondent stated that "Premier MacDonald,
in opening the Conference, made especial reference
to the presence of the two Americans, who, although
not full delegates, indicated by their presence, he
said, the good-will of the United States and its cooperation in the effort to give effectiveness to the
Dawes plan." He said that "Ambassador Kellogg,
in reply, declared the Americans were present in the
same spirit of co-operation .and helpfulness as the
Allied delegates, the American Government and people believing that, to make the Dawes plan effective
[VOL. 119.
would be the first notable step toward European
stabilization." Much prominence was given by
American correspondents in their cable dispatches
the day before to the big part that undoubtedly the
Americans would play throughout the Conference.
In his account of the first session on Wednesday, the
Associated Press representative also said that "the
British Prime Minister, in his address, characterized
the Dawes report as an instrument for breaking new
ground in the reparations problem because it provided means for the reconstruction of Germany and,
at the same time, means for the Allies to obtain compensation for the war damages. He urged the Conference to devote itself wholly to the task of making
the Dawes plan effective, and recommended that the
delegates follow the business-like methods of the men
who had compiled the experts' report." Continuing
the correspondent said: "During the opening session, which lasted two hours, responses were made
to the British Premier's address of welcome by Premier Herriot of France,Premier Theunis of Belgium,
Minister of Finance De Stefani Of Italy and Baron
Hayashi of Japan, in addition to Ambassador Kellogg. The American representatives sat at the horseshoe table to the left of the British delegation. After
Premier MacDonald had been chosen Chairman of
the Conference and committees appointed to work
out the agenda, the Conference adjourned until tomorrow."
Apparently after adjournment further prominence
was given to the attitude of the American representatives. The Associated Press correspondent cabled
that "after the conclusion of the session, a member
of the French delegation reiterated the satisfaction
M. Herriot had already expressed concerning the
tenor and spirit of the remarks of the American
spokesman. Discussing Mr. Kellogg's speech, this
member of the French delegation said there could be
no minimizing of the fact that, as the Conference
opened, the English and French points of view were
widely divergent on such fundamental questions as
the extent to which Germany would participate in
the Conference; the powers of the Reparations Commission, and the manner in which the sanctions
would be applied in the event Germany defaulted her
obligations under the Dawes scheme. Tremendous
as these issues were in the opinion of this French
spokesman, their solution, he said, would be easier
now that both England and France were assured of
the full co-operation of the American Ambassador to
Great Britain. He thought the most hopeful aspect of
the first session was the genuine enthusiasm with
which both the French and British Prime Ministers
had received Ambassador Kellogg's speech." At the
first session "three committees were appointed by
the Conference—the first to investigate the best
method of guaranteeing security for the proposed
loan to Germany and finding penalties in case of
German default; the second to investigate the best
method of establishing the fiscal and economic unity
of Germany, and the third to inquire into distribution and utilization of payments in kind from Germany." The New York "Herald-Tribune" correspondent said that "easily the most important of
these committees is the first, and if the Conference
should fail it will be because of inability to reach an
agreement as to whether the Reparations Commission or, as suggested by the British,some other body,
shall have the power to declare Germany in default."
JULY 19 1924.]
THE CHRONICLE
Much has been said in cable messages from the
leading European capitals, and in this country, as to
the importance of putting the Dawes plan into effect. On July 16 the London correspondent of the
Associated Press cabled that "the Reparations Commission to-day laid down what should, in its opinion,
constitute 'the putting into operation of the Dawes
plan.' These conditions, five • in number, were
adopted unanimously at a long day and night session. They are: 1. Voting by the Reichstag in a
form approved by the Reparations Commission of
laws necessary to the working of the plan and promulgation of these laws. 2. Installation with a view
to their normal working of all the executive and controlling bodies provided in the plan. 3. Definitive
Constitution in conformity with the provisions of
the respective laws of the German bank and of the
German Railway Co. 4. Deposit with the trustee of
certificates representing railway bonds and such
similar certificates for industrial debentures as may
result from the report of the organization committee. 5. Conclusion of contracts assuring the subscription of a loan of 800,000,000 gold marks as soon
as the plan has been brought into operation, and all
the conditions contained in the experts' report have
been fulfilled."
No surprise was caused when "French representatives at the Inter-Allied Conference announced today [Thursday] their determination to insist that
subscription by bankers of the loan to Germany be
made a condition precedent to putting the Dawes
reparations plan formally into effect." The Associated Press correspondent said that "they declared
the economic unity of Germany could not be restored until the proposed loan was underwritten."
He added that "the statement was made before the
French officials entered a meeting of the committee
formed by the Conference to deal with the authority
of the Reparations Commission in respect to the action to be taken in the event of possible default of
Germany in the execution of the Dawes scheme."
Continuing his account of this development in the
conference situation the correspondent said: "The
French spokesman said his delegation regarded the
flotation of the £40,000,000 loan to Germany as the
only basis on which the Dawes plan could be
launched. His colleagues, he said, would not necessarily insist that the funds actually be subscribed,
but they regarded it as fundamental that the bankers should have taken up the shares before France
could recognize that the Dawes plan had begun to
Operate. When asked whether he thought British
and American bankers, upon whom main dependence
to underwrite the loan is being placed, would agree
to France's proposal, he said he thought there would
be no difficulty in convincing the financiers of the
reasonableness of the French position. France's
viewpoint, he insisted, is absolutely justified by the
decision reached by the Reparations Commission at
its last meeting in Paris, when it was decided that
assurances that the loan would. be subscrbed must
be among the conditions determining the actual
starting of the Dawes plan."
In an interview in the Paris "Matin" on Thursday, Owen D. Young "laid down what he considers
to be the three governing conditions for participation of American capital in the loans necessary to
put the Dawes plan in operation. They are: First,
accord with Germany. The American people will
237
not lend if force is the only guarantee and will require that Germany accept the contract. Second,
certainty that Germany will not be troubled by unforeseen or unjustified exterior intervention; in
other words, there must be a guarantee of tranquillity. Third, assurance that the German revenues designed to repay the loans will not be diverted from
that purpose and seized by a foreign Power." The
Berlin "Zeitung am Itittag" printed an interview
with -a Dawes expert," who was believed to be Mr.
Young, in which he was quoted as outlining the
American position in part as follows: "The United
States Government wishes the promptest possible
carrying out of the Dawes report in the form set
forth with quite sufficient clearness by the experts.
The United States Government cannot accept anything not expressing the authentic spirit of the
Dawes report and cannot accept any positive adherence to the Versailles Treaty or its organs in the
carrying out of the Dawes report. The'experts adhere to their standpoint that their report needs no
interpretation. Everything necessary to carrying
it out is already written in the report. We have not
said that German economic unity must,be restored
when Germany has carried out the Dawes report.
What we did say positively was that Germany's economic unity was to be restored as soon as Germany
took steps toward carrying out the plan and we
called the restoration of German economic unity a
pre-requisite of our plan. Every word in the report
can be interpreted in only one way. According to
our viewpoint, Germany will have taken the steps
toward carrying out the report when she has balanced her budget, enacted the necessary Reichstag
laws and issued the necessary railway and industrial
bonds. We explicitly stated in the report that during the first two years Germany would suffer economically and financially several great 'Dawes
crises,' and it is not until after these that the bonds
are to be negotiated. One thing is quite clear: the
Dawes plan does not begin to live and function until
the first loan has been raised, and this loan can be
raised only if German economic unity is assured."
While a plenary session of the Conference was not
held on either Thursday or Friday, it was claimed
in the London cable dispatches that substantial
progress was made by the committees in their work.
The New York "Herald-Tribune" correspondent said
that, "despite reports of friction, it can be stated
authoritatively on behalf of both the French and the
British that the negotiations thus far have been
marked by complete harmony." Statements appearing in an Associated Press cable message from Paris
last evening did not tend to substantiate the latter
assertion. It was claimed in that dispatch that
"France will not yield her opposition to the British
proposal by which the Agent General of Reparations
Payment and trustee for the foreign bondholders of
the loan to Germany would be vested with large preliminary powers in determining whether there is default by Germany in fulfilling her obligations under
the Dawes plan." The position of the French and
British was further outlined in part as follows:
"The French declare the British proposal would invest the Agent General and Trustee with too great
powers in determining when the sanctions should be
applied. The British observers say their proposal
would preclude independent action on the part of
France. The French proposal in this respect, the
British insist, is too vague. 'While outspoken in his
THE CHRONICLE
on to the British proposal, the French
an did not indicate a middle ground might
e found upon which to base a complete accord."
n discussing the Conference situation, the London
correspondent of the New York "Evening Post" said
last evening that "American influence, which seems
destined to be a leading factor in the Inter-Allied
Conference, further made itself manifest when it
became known that the United States Government
had approved the proposal that an American citizen
be selected to act on the Reparations Commission if
it were agreed that that body should decide whether
Germany defaults, and also the proposal that an
American be chosen Agent General for Reparations
Payments. This participation of Americans, coupled with the attitude of the American representatives on the different committees to which the detailed work of the Conference has been assigned,
may in the long run be responsible for the smoothing
out of many differences that existed when the Conference met. The best Europe had hoped for was
that one American might act as both, with possibly
an alternate to act when the activities of the two jobs
clashed."
[VOL. 119.
tions with regard to the adoption of the plan." It
was pointed out that "the Chancellor in his statement said that Germany's attitude toward the Dawes
settlement was one of frank and honorable understanding and that she was working for the restoration of Germany as well as all Europe." The following day the representative in Berlin of the New
York "Herald-Tribune" cabled that "America alone
can save the London Conference and bring about a
settlement under the Dawes plan, is the opinion expressed in official circles to-day to the New York
'Herald-Tribune' correspondent. As the prospects
for the London Conference are seen here, there is
scant hope that the meeting will lead to anything
constructive." He added that "the only hope is that
America will insist on an absolute fulfillment of the
spirit and letter of the Dawes report, both of which
Germany believes have been seriously violated in the
compromise program reached by Premiers Herriot
and MacDonald in Paris." Still another day later
the correspondent of "The Sun" asserted that "gloom
enshrouds Wilhelmstrasse as the Allied Governments go into action to-day in Downing Street. Germany has abandoned hope of any positive results
beneficial to her cause growing out of the London
It has been easy to see from reading Berlin cable Conference." He explained that
"her political pessidispatches that the present Ministry in Germany has mism is based, first, on Prime Minister
MacDonald's
been encountering special difficulties in dealing with failure to invite the particip
ation of the German
its political opponents. Cabling on July 14 the Ber- Government and,secondly, on
the cautiously circumlin correspondent of "The Sun" declared that "Ger- scribed character of America'
s collaboration. This
many's political horizon is overcast with clouds of second consideration, indeed,
assumes primary imdomestic dissension daily threatening to burst into a portance when it is linked
with reports from London
storm of an unusually turbulent Cabinet crisis. stressing the unwillingness
of international bankers
Pilot Marx is finding it ever harder to keep the ship to commit themselves to
the loan provisions of the
of State, tossed by violent winds of Nationalist and Dawes report." Continuing
to outline the situation
Socialist controversy, on a straight course pointed as he saw it, the
correspondent said: "The Berlin
by the compass of international reconciliation." press expresses the
conviction that neither English
Continuing, he said that, "to his other troubles, nor American capital
can be expected to advance
moreover, has now been added mutiny in the crew, Germany millions
envisaged by the experts until
led by his first mate, Foreign Minister Stresemann. France has promised
to take her hands off the Reich
Stresemann and the People's Party, of which he is and keep them off.
This Premier Herriot, in the
chief, threaten sabotage on the Dawes report unless German view, shows
marked reluctance to do, and
the Chancellor bows to the demands of Admiral von nobody here believes
that his attitude will be altered
Tirpitz's gang as regards both foreign and home materially through the
present Allied deliberations.
policies." Outlining the situation in greater detail, The Germans hold
that until the French Government
the correspondent said: "The foreign policy urged fixes a definite time
for the evacuation of the Ruhr
by the Nationalists is simple enough. They want a and the restoration of
the Rhenish railroads to the
date for the evacuation of the Ruhr and the three Reich the Dawes plan
cannot be carried out, regardbridgehead cities occupied five years ago as a meas- less of what Berlin may
do, for the simple reason
ure of sanction definitely fixed before the Reichstag that the necessary foreign
loans will not be forthvotes on the Dawes plan and demand further that coming. The Marx Cabinet
would like to go to Lonall German political prisoners be released forthwith. don and lay this thesis before the
Conference, but it
Internally the Nationalist aims are more compli- has not been invited as yet and
fears that it will
cated. They demand participation in the Govern- never be." In a special
cable dispatch Wednesday
ment on the basis of an anti-Socialist bourgeois evening from Berlin to
the New York "Times"it was
coalition, the eviction of Socialists from the admin- stated that "if Germany gets
nothing out of the Lonistration of Prussia, the permanent scrapping of the don Conference the German
Nationalists will deeight-hour working day and a high protective tariff mand the resignation of
Chancellor Marx, according
for German agriculture."
to well-founded rumors circulating here to-day. He
Statements appearing in cable dispatches from will be succeeded as Chancell
or, rumor has it, by
the German capital relative to the attitude of the Herr Wallraff of the
Nationalist Party, now PresiGerman Government toward the London Conference, dent of the Reichstag."
According to the dispatch
and as to what it was believed would result from also, "it is further said
that the Foreign Minister,
that gathering, for Europe in general and Germany Dr. Stresemann, will
not fall with Marx, but will be
in particular, have been rather contradictory. In a retained in the new Governm
ent to be formed. This
cablegram on July 14 it was asserted that "the Ger- sounds plausible in view of the
fact that Stresemann
man Government plans to follow up Chancellor and the Right wing of the German
People's Party, to
Marx's statement of Saturday with definite action on which he belongs, have often shown a
distinct leanthe Dawes bills which would disarm the widespread ing toward the Nationalists."
suspicion abroad concerning Germany's real inten-
win
JULY 19 1924.]
THE CHRONIC LE
In a cablegram Thursday evening the Berlin c9rrespondent of the New York "Evening Post" gave the
following version of Germany's attitude toward the
most vital domestic and foreign questions then pending: "The German Government has decided upon
the tactical maneuvers which it thinks will establish
its sincerity toward the Dawes report and at the same
time avoid putting a noose around its neck in case
the London Conference results in Berlin receiving a
mutilated version of the original document or an interpretation of it which does not harmonize with its
own. A Government committee finished work on
the Gold Note Bank Law some days ago and it is
now before the Reparations Commission, and conceivably the Railroad and Industrial Obligations
laws will go before the Reparations Commission
soon. If the Commission approves the bills it is possible Germany will be forced to call the Reichstag together to vote on them before the London negotiations are ended or before she has had a chance to
confer with the Allies. If Germany refuses to vote
the bills before the whole situation is clear she will
be accused of sabotage. If she votes them she will
be tied. The Government therefore has concluded to
send in the bills and force them through with a rider,
declaring that they do not go into force unless the
concessions to Germany contained in the expert
s'
report are granted. Just exactly what this rider
will mean is not entirely clear and it may mean more
than Chancellor Marx's interpretations."
239
New York "Times" correspondent suggested that,
"for any one following the movements of the Little
Entente this statement can easily be understood by
reading what is said between the lines. It was anticipated that the meeting would express complete
agreement on all issues raised because issues on
which there was vital disagreement, especially that
of Bessarabia, were not even touched upon." He
added that "to-day's bulletin virtually admits that
the chief mission of the Little Entente,namely defense
against Hungary, having been fulfilled nothing remained but an exchange of mutual assurances of
friendship and high esteem, and that the Little Entente's principal activity in the future will be joint
participation at the London Conference on reparations and at the next League meeting. It is understood that in these instances Poland also will align
herself with the somewhat passive combination of
the Little Entente. In some quarters the negative
outcome of the conference was anticipated. The general view prevailing, however, was that more definite results would be reached even at the risk of an
open rupture of the alliance."
Official discount rates at leading European centres continue to be quoted at 10% in Berlin;
in
Norway and Denmark; 6% in Paris; 51 2 in Bel/%
gium and Sweden; 5% in Holland and Madrid and
4% in London and Switzerland. The open market
discount rate in London remains at close to the levels of a week ago, namely 314@3%0 for short bills,
/
/
0
Word came from Berlin on July 15 that "the bill agains
t 3 @3/%, and 3 9-16@35s% for three
/ 12
1
4
/
for the establishment of the new Gold Note Bank
months, against 3/
58 11-16%. Call money ad(§3
has been completed and submitted to the Repara vanced
to 278%,but closed unchanged at 2/%.
/
14
tions Commission." The dispatch also stated that
"the newspapers report the essential points of the
The Bank of England continues to add to its gold
bill have been approved by Sir Robert Kindersley, holdin
a
gs, and this week reported an increase of
member of the organization committee of the bank of £1,794,
while reserve expanded £1,069,000, as a result
issue under the Dawes plan." The plan for the new
ot further curtailment in note circulation of £1,067,institution was further outlined as follows: "The
000. In the proportion of reserve to liabilities, an
new bank will be conducted on lines similar to
those advance to 18.30% has occurred from 17.17%
last
governing the Reichsbank. The directorate
will be week, 13.31% the week prior to that and 17%%
a
composed exclusively of Germans, but the activit
ies year ago. Public deposits increased £1,811,000, but
will be supervised by a general council of fourte
en. "other" deposits were again reduced, £3,428,000.
Seven members of the council will be Germans
and Loans on Government securities decreased £2,870,the remainder will be appointed by the
United 000, but loans on other securities expanded £230,000.
States, Great Britain, Italy, France, Belgiu
m, The bank's stock of gold stands at £128,271,111, as
Switzerland and Holland as creditors of the
new against £127,637,077 in 1923 and £127,402,158 a year
bank. President Schacht of the Reichsbank
has been earlier. Reserve amounts to £21,818,000, which comdesignated as President of the general council. The
pares with £21,600,727 last year and £21,595,293 in
new bank will be completely independent of
the Ger- 1922. Loans stand at £70,180,000, against £71,582
,man Government and will issue a so-call
ed Reichs- 498 and £76,215,636 one and two years
ago, respecmarknoten at the face value of ten marks
and up- tively, while note circulation is £126,202,000
, in comwards."
parison with £125,786,350 in the corresponding week
of 1923 and £124,256,265 a year earlier. Despite
• The second conference of the Little
Entente proved continued reports of a probable
rise in the official
to be of short duration. It was held in
Prague and discount rate of the Bank of England, no
change was
"adjourned to-day [July 121, barely 24
hours after made from the prevailing figure
of 4%. Clearings
it was convened." Following the
adjournment, "a through the London banks for
the week were £737,communique was issued stating that
the three For- 337,000, as against £776,272,000
a week ago and £707,eign Ministers, Ninchitch of Jugoslavia,
Duca of 730,000 last year. We append herewith
comparisons
Rumania and Benes of Czechoslovakia,
discussed all of the principal items of the Bank
of England reitems on the schedule, namely reparations
and inter- turns over a series of years:
Allied indebtedness, and laid down a joint
RANK OF ENGLAND'S COMPARATIVE STATEM
course of
ENT.
action. The necessity for further co-ope
1924.
1923.
1922.
1921.
1920.
ration and
July 16.
July 18.
July 19.
July 20.
July 21.
closer permanent relations was emphas
Circulation
ized. The Public deposits
126,202,000 125,786,350 124,256,265 127,717,740 124,098,8
25
11.739,000 11.094,361 22,174,832 16,936,444 16,559,41
conference touched lightly upon various
8
Other deposits
points to be Governrn't securities107,448,000 111.639,476 104,466,978 149,286,333 119,593,941
45,187,000 47,528,731 46,739,853 82,718,078
raised at the next meeting of the League
56,588,361
Other securities_ _ _ _ 70,180,000 71,582.498
of Nations, Reserve notes& coin
76,215.636 82,275,311 80,081,396
21,818,000 21,600.727 21.595.29
expressing its satisfaction over the comple
Coin and bullion_.128,271,111 127,637,077 127,402,1 3 19,099,719 17,355.258
te agree- Proportion of reserve
58 128,367,459 123,004,073
ment prevailing in regard to all these
to
18.30%
17,4%
17%
issues." The Bank liabilities
11.49%
12.74%
rate
4%
4%
3%
Syl%
7%
240
THE CHRONICLE
The weekly statement of the Bank of France shows
a contraction of 69,117,000 francs in note circulation.
This follows an expansion of 109,331,000 francs in
that item last week and an increase of 450,986,000
francs recorded the preceding week. The total of
notes in circulation, therefore, now stands at 40,155,862,000 francs, 'contrasting with 37,233,696,920
francs at the corresponding date last year and with
36,369,763,590 francsin 1922. Just prior to the outbreak of the war in 1914 the amount was only 6,683,184,785 francs. During the week a further small
increase of 80,675 francs occurred in the gold item.
The Bank's gold holdings are thus brought up to
5,543,364,350 francs, comparing with 5,537,843,894
francs at this time last year and with 5,529,780,064
francs the year previous. Of the foregoing 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. Silver showed an increase of 118,000
francs for the week. On the other hand, decreases
in the various other items were registered as follows:
Bills discounted, 148,707,000 francs; advances,
63,093,000 francs; Treasury deposits, 953,000 francs;
general deposits, 18,490,000 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.
Status as o
Changes
July 17 1924. July 19 1923. July 20 1922.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings-Inc.
80,675 3,679,043,450 3,673,498,967 3,581,413,008
In France
1,864,320,900 1,864.344,927 1,948,367,056
No change
Abroad
80,675 5,543,364,350
Inc.
Total
299,988,000
Inc.
118,000
Silver
148,707,000 4,715,314,000
dIscounted
Dec.
Dec. 63,093,000 2,709,892,000
Advances
Note cIrculatton Deo. 69,117,000 40,155,882,000
953,000
14,282,000
Treasury deposits-Dec.
General deposits_ _Dec. 18,490,000 2,181,752,000
5,537,843,894
293,864,635
2,451,919,942
2,138,545,778
37,233,696,920
43,432,554
2,074,112,264
5,529,780,064
285,238,743
2,081,931,835
2,218,926,788
36,369,763,590
42,853,644
2,379,916,499
The Imperial Bank of Germany in its statement
as of July 7 showed slightly less spectacular changes
than was the case a week ago. There was a further
expansion in note circulation amounting to 8,209,867,000,000,000,000 marks, while deposits increased
37,360,972,000,000,000,000 marks. Holdings of Rentenbank notes increased 24,418,379,000,000,000,000
marks, other assets, 64,846,426,000,000,000,000
marks, and other liabilities 327;295,000,000,000,000
marks. There were declines in holdings of Treasury
and loan association notes of 39,000,000,000,000,000,000 marks, bills of exchange and checks, 21,822,554,000,000,000,000 marks, Rentenmark bills and checks
5,085,658,000,000,000,000 marks, advances 7,131,900,000,000,000,000 marks, and investments 147,129,000,000,000,000 marks. Rentenmark discounts and advances were reduced 10,069,660,000,000,000,000
marks. Liabilities resulting from discounted bills
payable in Berlin fell 9,100,000,000,000,000,000
marks. Rentenbank loans remain unchanged. Gold
holdings of the German institution indicate an increase of 4,176,000 marks, to 466,363,000 marks, of
which 34,497,000 marks is deposited abroad. Silver
coin reserve has expanded 929,389,000 marks. Outstanding note circulation has reached the gigantic
total of 1,134,520,440,761,000,000,000 marks, which
compares with 20,241,782,000,000 marks last year
and 172,737,000,000 marks in 1922.
The weekly statement of the Federal Reserve
banks, issued at the close of business on Thursday,
showed further additions to the gold holdings and
further contraction in rediscounting. In the case
[voL. 119.
of the System, gold reserves increased $17,000,000.
Rediscounts of Government secured paper increased
$2,600,000, but "other bills" fell $8,000,000, while
bill buying in the open market was reduced $21,000,000. Total bills discounted declined $5,400,000, to
$305,243,000, which compares with $805,829,000 a
year ago. Deposits gained $65,000,000. On the other
hand, there was a contraction in earning assets of
$10,400,000, while the amount of Federal Reserve
notes in actual circulation decreased $42,300,000.
At New York a still larger addition to gold holdings
was shown, viz. $33,600,000. Rediscounting of Government secured paper increased $8,300,000. "Other
bills," however, showed a decline of $1,400,000, and
open market purchases fell off $14,300,000. Total
bills discounted are now only $40,691,000, in comparison with $185,821,000 last sear. Earning asSets
were reduced $5,400,000, while here also deposits expanded materially—more than $42,400,000. A contraction of $6,000,000 occurred in the amount of Federal Reserve notes in circulation. Member banks'
reserve accounts registered important gains both locally and nationally, $41,500,000 and $49,300,000, respectively. As the unusually heavy accessions to
deposits largely counterbalanced gain in gold reserves, reserve ratios remained without essential
change. For the combined statement the ratio advanced .1%, to 82.6%, and at New York .3%, to
84.2%.
Last Saturday's statement of New York Clearing
House banks and trust companies was featured by a
large loss in surplus reserves, due mainly to heavy
expansion in deposits and a coincident reduction in
reserves of member banks with the Reserve bank.
There was an increase in loans of $17,248,000. Net
demand deposits rose no less than $70,160,000, to
$4,351,703,000. This total is exclusive of $14,972,000
in Government deposits, a decline in the latter item
of $6,231,000 for the week. Time deposits showed a
gain of $13,699,000, to $501,391,000. Cash in own
vaults of members of the Federal Reserve Bank increased $4,609,000, to $48,687,000, but this is not
counted as reserve. The reserve of State banks and
trust companies in own vaults increased $231,000,
and that kept in other depositories $701,000. As already noted, member banks suffered a reduction of
their reserves in the Reserve Bank in amount of $11,844,000, a factor which combined with the heavy
additions to deposits operated to reduce surplus reserve in the sum of $20,498,140, to $28,643,210. The
above figures for surplus are on the basis of reserves
of 13% for member banks of the Federal Reserve
System, but do not include cash in own vaults
amounting to $48,687,000 held by these member
banks on Saturday last.
For still another week the financial district of this
city has had a 2% call money market. There was no
change, either,in time money rates from 23 to 31 2%.
/
4
It has become quite unnecessary to recount from
week to week the principal causes of the continued
cheap money at this and other important financial
centres in the United States. They became well
known some time since. The attitude of the United
States Treasury toward the money market was
clearly shown by the suspension, effective July 15,
of the sale of its savings certificates. The reason,
of course, was that money can be obtained at lower
rates. On the other hand, although there was said
JULY 19 1924.]
THE CHRONICLE
to have been some expectation of a further reduction
in the rediscount rate of the New York Federal Reserve Bank, no change was made by the Governors
at their meeting last Wednesday. The Federal Reserve Bank of Dallas reduced its rate from 41 2 to
/
4%. Some foreign financing is under way in this
market. More is likely to follow. Prominent New
York banking institutions are said to have agreed to
purchase 20,000,000 5% Argentine Government
Treasury bills to refund a loan for a like amount
recently advanced by American investors. The
French representatives at the Inter-Allied Conference in London are demanding that first of all arrangements be made for the £40,000,000 gold loan
provided for in the Dawes rehabilitation plan. Prime
Minister MacDonald was quoted as pointing out before the Conference began, that this was one of the
big questions before the Conference that would have
to be taken up at an early stage in the proceedings.
If the arrangements are made it will mean that the
United States will be called upon to take a large
portion. Bankers are quite willing to agree with
President Simmons of the New York Stock Exchange that there is little probability in the near
future of there being a lack of capital for American
enterprise because of the large sums of money invested in foreign securities.
Referring to specific rates for money, loans on call
this week remained stationary with 2% the only
rate named on each business day;that is, on Monday,
Tuesday, Wednesday, Thursday and Friday, this
having been the high, the low and the renewal rate
during the entire period. A week ago the range was
2@21
/%. In the outside market loans were negotiated as low as 13/2%. For time money the market
has been as dull as ever, and no large individual loans
have been recorded in any maturity. Fixed-date
funds continue in ample supply, with bidders few
and far between. The former differential between
regular mixed collateral and all-industrials is no
longer observed.
Mercantile paper rates have not been changed from
3%@3%% for four to six months' names of choice
character, with 4% asked for names not so well
known. New England mill paper, and the shorter
choice names, are passing at 33/2%. As was the case
last week, exceptionally choice names are said to have
been dealt in as low as 33-.%. A fair inquiry has
been noted, chiefly from out-of-town institutions,
but offerings have been light.
Banks' and bankers' acceptances have been quiet,
but this has been due mainly to lack of offerings.
Both country and country banks have been in the
market as buyers and the inquiry throughout has
been in excess of the supply. The undertone has
been steady with quotations unchanged. For call
loans against bankers' acceptances the posted rate
of the American Acceptance Council remains at
13/2%. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for
purchase by the Federal Reserve banks 23/% bid
and 2% asked for bills running 30 and 60 days,
2h% bid and 23'% asked for bills running 90 and
120 days,2/% bid and 23 3% asked for bills running
/
150 and 23 % bid and 23/2% asked for bills running
4
180 days. Open market quotations follow:
Prime eligible bills
SPOT DELIVERY.
90 Days.
•1462
60 Days.
21402
30 Days.
25402
FOR DELIVERY WITHIN THIRTY DAYd.
Eligible member banks----------------------------------------------234 bid
Eligible non-member banks
254 bid
241
The Federal Reserve Bank of Dallas this week (July
15) reduced its rediscount rate from 43' to 4% on
all classes of paper of all maturities effective immediately. Further reference to the change is made
in another item in this issue. The following is the
schedule of rates now in effect for the various classes
of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE HANKS IN EFFECT
JULY 18 1924
Paper Maturing—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Within 90 Days.
After 90 After 6
Days, bur
but
Within 6 Within 9
Months. Months.
Com'rcial &cur. by
Agrieul. U. S. Bankers
viLiresek Govt.
AmyPayer. Obliga- lances.
n.e.s.
lions.
FEDERAL RESERVE
BANK.
Arleta.
and
Trade
and
Accrp- Livestock Livestock
lances. Paper. Paper.
314
314
314
334
334
314
4
4
4
4
4
4
4
4
44
4%
414
4
4
4
4
4
4
314
334
314
4
4
4
4
4
414
4
4
4
314
314
334
4
4
4
4
4
4;4
4
4
4
314
334
314
4
4
4
4
4
414
4
4
4
314
3)4
314
4
4
4
4
4
4%
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, &c.
Strength and increased activity featured dealings
in sterling, so much so that the week under review
witnessed higher price levels and a larger volume of
transactions than has been recorded in quite some
time. The result was to further advance quotations
about 2 cents in the pound, and this carried demand
bills up to 4
a new high on the current upswing.
In the early part of the week brisk buying developed
which subsequently proved to be partly because of
the movement of funds to London, initiated in the
persistent belief that the Bank of England will
shortly raise its discount rate, and partly the result of
buying to meet tourists' requirements. Later on
fears concerning the outcome of the inter-Allied conference now going on in London caused a setback and
rates receded to 4 353 . Toward the close of the
%
week prices rallied somewhat and the quotation for
demand moved back to 4 373. A general feeling of uneasiness, however, was manifest, and several
of the larger houses who had been active on the buying side either withdrew completely from the market
or turned sellers. Profit-taking sales were also in
evidence, which aided in depressing values. A feature of the week was the notable absence of offerings
of commercial bills of the type that usually make their
appearance at about this time of the year.
Opinion as to the degree of success likely to crown
the efforts of the Allied Premiers in this latest international conference on the troublous reparations
question is much divided. An undercurrent of optimism still obtains, but no attempt is made to minimize the many serious obstacles still to be overcome
by the conferees before agreement satisfactory to all
can be reached. Bankers here were inclined to look
for continued firmness in sterling values, basing their
belief on the fact that British bankers are steadily
withdrawing their deposits from New York because
of the prevailing ease in money here. It is reported
that British interests have been simultaneously buying spot sterling in round amounts and selling sterling
futures at a discount for any month up to October,
and that the differential in London for balances as
compared with the money market in New York has
made possible a substantial profit on all such transactions, notwithstanding the fact that the futures
were sold at a discount. Locally, call money is being
242
THE CHRONICLE
[VOL. 119.
quoted at 2%, while recently money in London has tries were steady, though not materially higher.
gone as high as 332%. Should the Bank of England Speculative interests appear for the time being to be
actually raise its discount rate, this would lead to an confining their attention to sterling and francs, while
even greater disparity, but there are some who point the remainder of the market is in neglect. Even in
out that the improvement which has taken place in the currencies named, dealings were more or less
sterling values of late may do away with the necessity sporadic in character and active only by fits and
starts, with most of the inquiry incidental to the
for any advance in the Bank's discount rate.
Regarding quotations in greater 'detail, sterling meeting of tourist requirements. One of the reasons
exchange on Saturday last was firm and higher; advanced for the improvement in lire quotations was
demand bills were advanced to 4 36 15-16@4 37%, the gradual subsidence of the excitement over the
cable transfers to 4 37 3-16@4 37%, and sixty days Matteotti case. Dealers who are purposely holding
to 4 34 7-16@4 34%; a fairly active inquiry, aloof from the market are watching very closely the
chiefly of foreign origin, was recorded. On Monday march of events in London, and the general feeling
increased strength developed on brisk buying, and seems to be that while acceptance of the Dawes
there was a further advance to 4 37 13-16@4 383/2 plan by all the interested parties would mean widefor demand, 4 38 1-16@4 383% for cable transfers spread improvement in financial and economic condiand 4 35 5-16@4 36 for sixty days. What was re- tions, its rejection would undoubtedly be most
garded as the usual "natural reaction" made its unfortunate.
The London check rate on Paris closed at 85.90,
appearance on Tuesday and demand declined to
4 353%@4 37, cable transfers to 4 36@4 373., and against 85.55 a week ago. In New York, sight bills
sixty days to 4 333@4 341 ; profit-taking sales fig- on the French centre finished at 5.10, against 5.103/;
A
2
ured in the dealings. On Wednesday, after opening cable transfers at 5.11, against 5.113/; commercial
2
weakness, the market steadied and gains were made sight at 5.09, against 5.093/2, and sixty days at 5.04,
2
which brought the day's range to 4 35%@4 3732 for against 5.043/ last week. Antwerp francs closed at
demand, 4 363/s@4 37 11-16 for cable transfers and 4.57 for checks and 4.58 for cable transfers, as
4 33%@4 35 for sixty days; trading was less active compared with 4.5332 and 5.541 the previous week.
A
than on the day preceding. Irregular movements Closing rates on Berlin marks were 0.000000000024
featured Thursday's trading, and rates first touched (unchanged), while Austrian kronen continue to be
8
a new high, then receded slightly; the day's range quoted at 0.00143/, without change. Lire finished
%
was 4 35 15-16@,4 373 for demand, 4 36 3-16@ at 4.293/2 for bankers' sight bills and 4.303/2 for cable
4 37% for cable transfers and 4 33 7-16@4 34% for remittances, against 4.273/2 and 4 283/2 last week.
.
sixty days. On Friday the undertone was easier and Exchange on Czechoslovakia closed at 2.963/8, against
demand bills ranged between 4 36 9-16@4 37 3-16, 2.95; on Bucharest at 0.453/2, against 0.43; on
cable transfers to 4 36 13-16@4 37 7-16 and sixty Poland (zloty) at 193 (unchanged), and Finmarks
.
days to 4 34 1-16@4 34 11-16. Closing quotations at 2.513/, against 2.503% the preceding week.
2
were 4 34% for sixty days, 4 371% for demand and Greek exchange finished at 1.673/2 for checks and
%
4 373 for cable transfers. Commercial sight bills 1.68 for cable transfers, against 1.713 and 1.723..
4
finished at 4 37, sixty days at 4 33 9-16, ninety clays a week earlier.
at 4 333/2, documents for payment (sixty days) at
As to the neutral exchanges, formerly so-called,
4 34 13-16, and seven-day grain bills at 4 363/
2
.
trading was intermittently active, with the bulk of Cotton and grain for payment closed at 4 37.
The gold movement continues of relatively small the trading in Swiss francs and Amsterdam guilders.
proportions, arrivals being restricted to one consign- Both of these currencies were dealt in to a considerable
ment valued at £943,757, on the Majestic from extent, chiefly by reason of the shifting of balances
from New York and the possibility that a reparations
England.
settlement will be arrived at shortly. The Swiss
In the Continental exchanges also a greater degree franc moved up to as high as 18.45 for awhile, a
of activity was shown and some of the major Euro- gain of 24 points. The Scandinavian exchanges
pean currencies registered good gains in price levels. remained steady, as also did Spanish pesetas.
This is especially applicable to franc exchange,
Bankers' sight on Amsterdam finished at 37.89.
which covered a wide range of fluctuations and against 37.75; cable transfers at 37.93, against 37.79;
changed hands in large amounts. French francs commercial sight bills at 37.84, against 37.70, and
opened at 5.133/2, shot up to 5.2734, then sagged off commercial sixty days at 37.68, against 37.64 last
to 5.06, with the close at 5.10. A steady inquiry week. Final quotations on Swiss francs were 18.19
throughout incidental to tourists'requirements acted for bankers' sight bills and 18.21 for cable transfers.
as a stabilizing influence, although as against this, This compares with 18.21 and 18.23 the week before.
prices were swayed by the alternately "good" and Copenhagen checks closed at 16.01 and cable transfers
"bad" reports of the proceedings of the Inter-Allied at 16.05, against 16.00 and 16.04. Checks on
Conference on reparations. Fears over the outcome Sweden finished at 26.56 and cable transfers at 26.60,
at one time drove franc quotations down about 15 against 26.563/2 and 26.603/2, respectively, while
pounts. Nevertheless, francs may be said to have checks on Norway finished at 13.37 for checks and
given a good account of themselves, and the close 13.41 for cable transfers, against 13.38 and 13.40
was steady. Antwerp francs moved in sympathy. last week. Spanish pesetas finished at 13.243/ for
2
Reichsmarks were not affected by the prevailing checks and 13.263/2 for cable transfers, against 13.23
unsettlement in Europe's political affairs and the and 13.27 the week before.
same is true of Austrian kronen; both of these
As to South American quotations, the market was
currencies ruled unchanged. Italian lire shared in dull and weak, with Argentine currency a shade
the general strength and moved up to 4.343, though firmer, but Brazilian milreis were heavy as a result
on narrow, featureless trading. Greek currency and of the political chaos prevailing in Sao Paulo, dethe exchanges of the minor Central European coun- clining to 9.50 for checks at one time. Argentine
JULY 19 19241
THE CHRONICLE
243
checks finished at 32 7-16 and cable remittances DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK:
,
AT CLEARING HOUSE.
at 32 9-16, against 32.47 and 32.57 a week ago,
while for Brazil the close was 9.89 for checks and Saturday, Monday, Tuesday, Wednestry. Thursday, Friday. Aggregate
Ju 12. July 14. July 15. July 18. July 17. July 18
I for Week.
9.94 for cable transfers, as compared with 9.90
$
t
$
$
$
li
$
I
68.000.000 80,000.000 54,000,000 61.000,000 77.000.000 75.000,000 Cr.415,000.000
and 9.95 last week. Chilean exchange was easier
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
and finished at 10%, against 10.30, while Peru to the New York Reserve
1
Bank from all parts of the country in the operation of
System's
closed at 4 12, comparing with 4 10 the week pre- the Federal Reserve a part of par collection scheme. These large credit balances,
however,reflect only
the Reserve Bank's operations with the Clearing House
Institutions, as only the Items payable in New York City are represented in the
ceding..
•
daily balances. The large volume of checks on Institutions located outside of
New York are not accounted
such checks do
Far Eastern rates were as follows: Hong Kong, not pass through thh Clearingfor In arriving at these balances, asFederal
House but are deposited with the
Reserve..
Bank for collection for the account of the local Clearing House banks.
53®533, against 52%@52%; Shanghai, 721 2
/
@
%
/
723 ,against 72@721 2 Yokohama,41%@42,against
;
The following table indicates the amount of bull
%
413 @42; Manila, 4932@49% (unchanged); Singa- lion
in the principal European banks:
pore,5032@50%,against 503/@•50%;Bombay,30%
2
July 18 1924.
@31%, against 30%@313, and Calcutta, 311 s@ Banks of
July 19 1923.
/
Gold. 1 Silver. I Total.
Gold. 1 Silver. I Total.
31%, against 313'@313s.
/
--- ----'
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 12 1924, TO JULY 18 1924, INCLUSIVE.
I
Neon Buying Bate for Cable Transfers in New
York.
Value in United States Money.
July 12. July 14. July 15. July 16. July
17. July 18.
EUROPEII
$
$
i
$
$
Austria, krone
.000014 ,000014 .000014 .000014 ,000014
.000014
Belgium, franc
.0456
.0481
.0456
.0457
.0454
Bulgaria, lew
.007282 .007209 .007245 .007220 .007229 .0455
.007223
Czechoslovakia, krone .029480 .029529 .029508
.029528 .029583 .029579
Denmark, krone
.1810
.1812
.1610
.1614
.1621
.1606
England, pound ster3733
ling
3851
4.3697
4.3738
4.3883
Finland, markka
.025047 .025086 .025075 .025106 4.3700
,025083 .025091
France,franc
0517
.0523
.0517
.0517
.0511
.0508
Germany, rcichsmark
a
a
a
a
a
a
Greece, drachma
.017168 .017089 .017045 .017048
.017042 .018904
Holland, guilder
.3777
.3781
.3782
.3783
.3788
Hungary. krone
.000012 .000012 .000012 .000012 .3787
.000012 .000012
Italy, llra
0431
.0433
.0431
.0431
.0431
.0430
Norway, krone
1343
.1346
.1347
.1346
.1344
.1341
Poland, Zloty
.1924
.1925
.1922
.1922
.1922
.1922
Portugal, escudo
.0274
.0278
.0277
.0278
.0283
Rumania,leu
004409 .004467 .004589 .004616 .0275
.004532 .004496
Spain, peseta
.1332
.1336
.1330
.1330
.1330
.1326
Sweden.krona
.2661
.2682
.2662
.2659
.2660
.2860
Switzerland, franc
.1824
.1847
.1826
.1823
.1820
Yugoslavia, dinar
.011806 .011873 .011845 .011815 .1819
.011819 .011848
ASIAChinaChefoo. tael
7325
.7283
.7258
.7288
.6292
.7267
Hankow tool
7347
.7314
.7295
.7314
.7317
.7263
Shanghal tael
7175
.7186
.7190
.7184
.7186
.7159
Tientsin tool
.7408
.7358
.7325
.7354
.7358
.7342
Hongkong dollar... .5237
.5240
.5239
.5202
.5226
.2528
Mexican dollar
.5138
.5161
.5165
.5144
.5156
.5144'
Tientsin or Pelyang
dollar
.5200
.5183
.5175
.5133
.5158
.5133
Yuan dollar
5208
.5267
.5267
.5242
.5258
.5246
India, rupee
3103
.3110
.3116
.3117
.3134
.3133
Japan, yen
.4157
.4156
.4149
.4133
4120
.4104
Singapore (5.13.) do
.5058
.5056
.5047
.5047
.5059
.5066
NORTH AMER.
Canada, dollar
.992250 .993042 .993073 .993021
.991377
Cuba. Peso
.999500 .999531 .999563 .999375 .999500 .992002
Mexico, peso
485938 .485625 .485208 .485781 .485781 .999375
Newfoundland, do
.990000 .991250 .991000 .991094 .989188 .488406
.989563
SOUTH AMER.
Argentina, peso (gold) .7414
.7423
.7420
.7410
.7391
.7376
Brazil, mikes
.0942
.0914
.0921
.0939
.0969
.0973
Chile, peso (paper)
.1021
.1021
.1018
.1015
.1004
.1004
Uruguay, peso
.7711
.7735
.7714
.7899
.7671
.7807
•German relchsmarks have been as follows:
July 12, .000000000000238
July 14..000000000000239; July 15, .000000000
July 17, .000000000000240; July 18, .000000000000240; July 16, .000000000000240;
000239.
Country and MotZddrV1
_
The New York Clearing House banks in their
operations with interior banking institutions
have
gained $4,229,533 net in cash as a result of the
currency movements for the week ended
July 17.
Their receipts from the interior have
aggregated
$4,923,033, while the shipments have
reached $693,500, as per the following table:
CURRENCY
RECEIPTS AND SHIPMENTS
BY NEW YORK BANKING
INSTITUTIONS.
Week ending July 17.
Banks'interior movement
Into
Banks.
1
44.923.033
Out of
Banks.
I
Gain or
Loss
1 to Banks.
9603,5001 Gain 4,229.533
As the Sub-Treasury was taken over by the
Federal Reserve Bank on Dee. 6 1920. it is no
longer
1.0 show the effect of
ctovernment operati‘ins on the Clearing House institutions. The
Federal Reserve Hank of New York was creditor
at the
clearing House each day as follows:
£
£
£
E
E
I
E
England 128,271,111
128,271,111 127,637,077
1127,637,077
France a_ _ 147,160,597 11,960.000 159,120,597 146,939
659 11,720,000158,659,950
Germany _ 23,318,150 1,174,900 24,493,050 41,595,200
3,475,400 45,070,600
Aus.-Hun_ b2,000,000
b
b2,000,000b2,000,000
b2,000,000
Spain ___ _ 101,373,000 26,315,000127,688,000101,031,000
4.tly
35,420,000 3,416,0001 38,838,000 35,515,000 26,574,000127,608,000
3,028,000 38,543,000
N th'Iands 44,300,000
835,000 45,135,000
870,000 49,353,000
Nat. Belg_ 10,819,000 2,676,00 13,495,000 48,483,000
switzerl'd_ 20,223,000 3,967,000 24,190,000 10,757,000 2,509,000 13,268,000
20,986,000 4,094,000 25,080,006
Sweden
13,850,000
13,850,000 15,168,000
15,168,000
Denmark _ 11,842,000
975,000 12,617,000 12,674,000
178,000j 12,852,000
Norway
8,182,000
8,182,000 8,115,00
8.115,000
Total week 546,558,858 51,318,900897,877,788 570,901,236
Prey. week 548,225,037 51,386,650597,611,687 571,881,472 52,448,400623,349,636
52,601,400624.482.872
a Gold holdings of the Bank of France this year are exclusive
of £74,573,977
held abroad. b No recent figures.
The Cloud Over Italy-Mussoliniand Fascist
Policy.
Premier Mussolini is absent from the London conference on the Dawes reparations plan because, as
the "Giornale d'Italia" ironically remarks, he knows
that "when the cat's away the mice will play." It is
no petty disturbance of small politics that keeps the
Italian Premier from attending the most important
international conference that has been held since
1919. For nearly two months Italy has been in violent political turmoil, and although the Mussolini
regime is still in power its foundations have been
rudely shaken, and the prestige of the Government
•
has been greatly dimmed both at home and abroad.
It is only a little leas than two months ago that
Signor Mussolini, addressing the 372 Deputies of'
the Government majority in the new Italian Chamber, used language such as has been rarely heard in
Europe since the high prerogative days of James I
and Oliver Cromwell. "Italy is just beginning her
very last Parliamentary experiment," he declared.
"If it succeeds, all right; if it fails, Parliament will
be suppressed, or its place taken by other vehicles of
government." It was the harsh language of a dictator, who, virtually unknown outside of Italy three years before and with no important influence at that
time even there, had by force and violence effected a
revolution and made himself the undisputed head of
the State. Writers who have seen in his autocratic
rule only the success of a strong man raised to power
at a moment of political flux have dwelt upon the
so-called reforms that have been inaugurated, and
there can be no doubt that in certain respects Italy
has been better governed than it had been immediately before Mussolini and his Fascist following
seized control. What was accomplished in that direction, however, was at the heavy cost of a virtual
suspension of the Constitution, a widespread suppression of civil rights, a censorship of the press,
and a policy of terrorism where active opponents
were to be dealt with. The ultimatum delivered to
Parliament on May 27, accordingly, was not an isolated assertion of dictatorial power, notwithstanding-,
its startling import, but rather a logical culmination of a policy which for nearly two years had
held
244
THE CHRONICLE
in suspense many of the civil and political rights of
the Italian people, while boasting of the achievement
as a national good.
To anyone who imagines that autocratic government can ever be a permanent remedy for the mistakes or ineptitudes of democracy, or that violent
reaction is not sure to come no matter how firmly
seated the dictator may appear to be, the events that
have lately been taking place in Italy, and the situation which obtains there at the present moment, afford food for reflection. Following a repetition on
June 6 of the warning given on May 27, the country
was startled on June 12 by a report that Signor Matteotti, a prominent Socialist Deputy who had violently attacked the Government at the opening of the
session and was scheduled to speak again, had mysteriously disappeared. Before long it was known
that he had been kidnaped by the Fascisti and murdered. Accumulating evidence of complicity in the
crime on the part of officials close to Mussolini, together with ugly (though apparently baseless) hints
at Mussolini's own knowledge of the affair, shook
Italy from the mountains to the Mediterranean,
while the unprecedented action of the British Labor
Party in formally protesting againstthe outrage, and
.of the French Chamber of Deputies in voting its sympathy for the Italian Parliament, threatened to give
to the incident a serious international character just
as the plans for the London conference were being
discussed.
Mussolini at first seemed disposed to bow to the
storm, and for a few days there were persistent rumors that the Government would fall. The killing
of Matteotti was denounced.by the Premier, a number of prominent Fascists were arrested, the resignation of an Under-Secretary of State was tendered
and accepted, and it was intimated that the Fascist
forces, which had assembled 4t Rome, ostensibly to
welcome the ruler of•Abyssinia, but in reality, it was
widely believed, for quite other purposes, were to be
transformed into a regular State police under strict
Government control. By June 24, however, Mussolini had resumed his former manner. In a defiant
speech to the Senate he denied that the Fascist movement could be held responsible for the Matteotti affair, and declared that while the Government would
exert itself to punish the guilty parties, politically
it would "stand pat." The Senate, dominated by
Fascist influence, voted confidence in the Government, but a general strike of workers throughout the
country, and the refusal of the Opposition Deputies
to participate further in the work of Parliament because of their dissatisfaction with certain unimportant changes made in the Cabinet, were impressive
demonstrations of the temper of the public. Now,
with popular demonstrations of hostility prevented
only by an overwhelming display of military force,
Mussolini is "sitting on the lid" and the London conference must go on without him.
Such a glaring crime as the kidnaping and murder
of Matteotti would have been sufficient to cause any
Government to tremble, but the fundamental reasons for the universal outburst of hatred and revenge
in Italy lie deeper than this provocative incident.
They have been admirably stated by Professor Ferrero, the distinguished Italian historian, in an address delivered before the Matteotti outrage occurred
and lately published in part by the New York
"World." All personal Governments,' declares Professor Ferrero,"are weak, and their weakness is the
[Vol,. 119.
greater in proportion as their legitimacy is the more
doubtful and open to challenge." Mussolini, with all
his apparent success, "has no clear and legitimate
credentials"; "he secured power by force and by the
ferocious persecution of his adversaries"; "rightly
or wrongly, he is violently opposed and hated by
great multitudes who are inaccessible to the flatteries and blandishments of leaders," and he has "no
firm and solid support either in a prosperous State
or in a strong bureaucracy or in legality, no firm support either in parties or doctrines or alliances." For
this reason he has been compelled to rely upon the
extremists among his followers, whose wishes he
must fulfill if he himself is not to be displaced, with
the result that instead of achieving a great revolution such as his enthusiastic admirers have affected
to see, he has reinstated in Italy the old monarchical
conditions that existed generally in Europe before
the war, and which it was one of the missions of the
war to destroy. "With the collapse of the old monarchical system in 1918," Professor Ferrero points
out, "Europe to-day no longer has any choice between a regime of force and true democratic govern-,
ment, the government of the people itself thrGugh
universal suffrage and the organization of parties."
Only as the people see in their leaders the trusted
agents of their own delegated authority, at the same
time that the leaders themselves recognize the authority of the people as the only sanction for their own
acts, can the reign of force,"force with all its horrors
and all its weaknesses," be warded off.
The hard experience through which Italy is passing, and the dangerous state of public opinion which
convulses the country, have their lessons for other
Governments and peoples even though elsewhere the
iron hand of autocracy is not so heavily laid on. The
prodigious growth in recent years of political and
administrative machinery in all countries, including
our own, the steady encroachment of government .
upon the sphere of private life, and the increasing
interference of government with business of every
form have not only immensely swelled the number of
Government officials, but have also distinctly
strengthened among certain classes of officials and
boards the apparent feeling that they, and not the
people, are the State, and that the demands of administrative or executive authority must be complied with whether the people suffer or not. Even
the courts have shown a marked tendency to yield to
the demands of executive officials who possessed no
power to make laws and very little to interpret
them, and the responsibility of legislators to their
constituents and the country has been affected by
the same pressure. It is against this trend to centralization of autocratic authority in the hands of a
few persons that democracy has ever to contend, and
the experience of Italy under Mussolini, costly as it
has been for the political welfare of the Italian people, is one which may well be pondered everywhere.
James H. Beck on the Constitution of the
United States.
The importance of the subject to-day has led the
Solicitor-General to bring out a new volume with
the above title, published by Doran, which supersedes the much smaller book on the same subject of
a year or more ago. Other treatises on the Constitution have recently been written, but this one, because of the standing of its author and its method
and contents, has exceptional interest. Its twenty-
JULY 19 1924.]
THE CHRONICLE
four chapters may be gathered in three parts; those
which deal with the conditions in which the Constitution was created; those which discuss its bas*
principles_ and immediate history, and those which
treat of the situation to-day.
We must limit ourselves to the first group, and
the interesting details of the birth of the Constitution, simply saying that the interest increases as the
book proceeds, and becomes of absorbing importance
hi the closing chapters.
Naturally, the opening question is: What is the
Constitution between friends? Shall the living be
held in perpetual subjection to the opinions and beliefs of the dead? This was immediately discussed
in the assembled Congress; and it was recognized
that a decent respect for the experience and settled
convictions of the past was an obvious duty, and
that, while subjugation to the opinions and beliefs
of the dead is a form of intellectual slavery, the living are under a very sacred compact to transmit the
heritage of the past to the unborn.
The American Constitution establishes as a great
ideal a system of fundamental principles tested and
sanctioned by long experience; and creates a form
o'government that, resting on these principles, shall
promote public security and the common weal.
The men assembled for the task were almost all
English bred, and of an exceptionally high order,
both of character and intelligence. They were to
have been 72 in number but, when they gathered in
Independence .Hall in Philadelphia May 25 1787,
only 55 constituted the largest attendance, and but
39 remained to finish the work. The term Constitution
chosen to characterize their new creation was
originally employed in England to set forth the
true boundary between conflicting jurisdictions, and
was first applied to a scheme of civil government in
1607, in one of the Virginia charters. It was ready
to their hand to be used as the charter of a newly
created State, holding it in perpetual subjection to a
higher law, testifying to the eternal verities of liberty and justice. Its formulation in 1787, its historic evolution and its fundamental philosophy are
the elements of Mr. Beck's tale. It followed upon
the Declaration of Independence, made July 4 1776,
a nd the adoption of the Articles of Confederation in
March 1781, and the end of the war and the treaty
with England in November 1782. The spirit of disaffection was widely prevalent in the Federated
States and extravagant demands were made for political change.
The names of some of the men who assembled for
the new and critical task are well known. It is not
so well known, however, how young in years most of
these men were, and how exceptionally competent
they were for the work both in intelligence and in
character. They were merchants, financiers, farmers, doctors, educators, soldiers; at least 31 were
lawyers, and many had been executive officers of the
Commonwealths. Of the original 55 members 39
had been members of the earlier Congress and 8 had
helped to frame State Constitutions; 24 were college
graduates, 3 were professors of law in universities,
and one was President of Columbia University. A
few enjoyed world-wide fame; Franklin was universally honored as scientist, philosopher and diplomat,
and Washington, as one of the noblest leaders of men.
The average age was little above 40; Madison, sometimes called the Father of the Constitution, was 36;
Randolph, who presented the Virginia plan and
244
opened the discussion, was1only 34; Pinckney,. who
submitted the first concrete draft of the Constitu.
tion, was only 29; and Alexander Hamilton was only
30. Dayton of New Jersey was the youngest, and
was 27.
They were "gentlemen of substance and honor."
They differed at times heatedly,. but could debate
through the four months of a hot summer without
losing their temper unduly; and, with a fine selfeffacement, they exhibited "the spirit of representative government at its best in avoiding the cowardice
of time-servers and the low cunning of demagogues."
They were no mere theorists; they met to provide
remedies for evils which they fully understood, And
to organize a Government that would stand. Their
principle as delegates and representatives was "not
to act with their constituents, but for them."
A century and a half of unexampled history has
approved their work. A new form of government
was established without a drop of blood or a tear
from any eye, after two years of deliberative waiting
attended with distrust and some disorder. The temper of the times was rampant; anarchy threatened;
credit was gone; business was paralyzed, and lawlessness was defiant. In the face of an alarming
spirit of assertive disunity the task of uniting thirteen jealous and discordant States, demoralized by
an exhausting war, seemed impossible. The Constitution they achieved is the oldest comprehensive
Western form of government now existing in the
world. Dr. Francis Lieber estimated that in the
first 16 years of the 19th century 350 Constitutions
were made; and in the States of the Union 103 new
Constitutions wete promulgated in the first century
of our national history. Excepting the first, 10
aniendments, which were virtually a- part of the
original charter, only nine others have been adopted
in more than 130 years. Mr. Beck may well add:
"What other form of government has better stood
the test of time?"
Turning to the closing chapter, "The Revolt
Against Authority," the author recognizes the worldwide nature of the dangers that confront us, by
adopting the category of the plagues which now
afflict humanity to which the late Pope Benedict
several years ago called attention in an address to
the College of Cardinals. The first was the unprecedented challenge to authority. The second, an
equally unprecedented hatred between man and
man. The third was the abnormal aversion to work.
The fourth, the excessive thirst for pleasure as the
great aim of life. The fifth, a gross materialism
which denies the reality of the spiritual in human
life.
.
Mr. Beck passes these in separate review, explaining and emphasizing their significance for America.
The present weariness and lassitude of the human
spirit as the result of the disillusion and disappointment, which as the aftermath of the war may have
been exaggerated, could not have been the cause of
the evils, for they were all in existence before. In
truth, the war itself may have been one of the symptoms. There were undoubtedly many contributing
causes to the turbid tide of world-wide revolution
against authority. In this age of individualistic
democracy the average man repudiates obligation to
obey any law which he regards as an excess of authority, and is readily arrayed against any law
which affects his selfish interests. To-day we emphasize our rights, and say little of our duties.
246
T-FDI CHRONICLE
Values are accepted which are false. The salvation
of society, which has been the work of the minority,
is shifted to institutions and excessive organization
which submerges the individual. Mass morality
takes the place of personal morality, and the perfection of "the machine" sinks the personal virtues in
the consent of the group.
Our author appreciates that the recognition of
the evil is the assurance of the remedy, for man has
never yet found himself in a blind alley of negation.
He tells the story of the Constitution and its makers
that ke may show the strength that lies in the example of the men and in the principles embodied in their
work. Both are to be reverenced and understood.
The men had the vision that awakens life and strove
mightily to secure the happiness of a people who
"keep the law."
Democracy is an institution which is tempered by
wise and worthy leadership, and in the case of
America by Constitutional limitations upon the
Tower of the masses. Its basic principle with us is
representative government, and that must depend
upon the ability of the American people to produce
adequate leadership, which the late distinguished
French political philosopher, H. Faguet, declared of
universal application.
Mr. Beck rejoices that the inextinguishable spark
of the Divine which is in the human soul has not
been extinguished. Men have never risen to greater
heights of self-sacrifice or shown greater fidelity
even unto death than in our time. The noble vision
of the men who wrote the Constitution remains an
ideal, and with this conviction he has written their
story. The real problem is the adaptation of democracy to the changed conditions of society. The
bearing of the Constitution upon this cannot be
more convincingly stated than in Washington's
Farewell Address:
"Toward the preservation of your Government
and the permanence of your present happy state, it
• is requisite, not only that you steadily discountenance irregular opposition to its acknowledged authority, but that you also resist with care the spirit
of innovation upon its principles, however specious
the pretexts. One method of assault may be to
effect, in the forms of the Constitution, alterations
which will impair the energy of the system, and thus
,to undermine what cannot be overthrown." . . .
"It is of infinite moment that you should properly
• estimate the immense value of your national Union
to your collective and individual happiness."
The attack which Washington feared has again
and again been made. The danger, on the authority
of the Solicitor-General, was never in our history so
:grave as it is to-day. Unless it is faced by the awakening of the American people to the necessity of defending their most priceless heritage there is manifest danger that within the lives of those now living
the form will survive the substance of the faith. The
basic principles will be forgotten and the priceless
heritage lost.
Memorials and Schools—With Restrictions.
A cynic, contemplating the crumbling stones in an
ancient churchyard, remarked: "Why, even George
Washington will be forgotten. It may•take fifty
thousand years, but it will come to pass!" The unnumbered dead and the unnamed dust are not cheerful things to linger over in a world of rush and resolve. Oblivion may be the final goal of all endeavor,
[VoL.1.1.9.
but the "now is eternal" and the present will ever
live. And to this "present" we may bend every
energy without too much thought upon the transition of all things earthly. Because the "history of
mankind" is but a moment of time in the geology of
the ages does not warrant us in a careless forgetfulness of the great and good who yet live in our ideals
and institutions. Therefore, no criticism can attach
to memorials to those who have occupied lofty places
in the public esteem or who have set in motion great
influences that live after them. Nevertheless, a people may be wise and even discreet in the physical
monuments in the shape of schools and foundations
they erect in memory of great men, that they do not
perpetuate principles that in the end will serve to
limit the freedom of thought rather than widen it.
We have read recently that a school is to be erected
in Valdosta, Ga., "as a monument to Woodrow Wilson." It is to be a $2,500,000 institution to be conducted upon peculiar lines, and in itself is a most
commendable testimonial to the veneration in which
Mr. Wilson, so recently dead, is held by his friends
and former associates. Yet the mere fact, though
devoid of any grounds for criticism, may serve, we
think without offense, for some reflections upon the
common methods observed in this class of benevolences. The published prospectus of the school contains the following: "Thern subjects which will be
taught will be those in which Mr. Wilson was most
terested: Government, history, economics, international relations and cognate subjects as a backbone, with such other subjects as are necessary to
make a well-rounded education, but always with the
subjects broadly classed as the 'humanities' taking
the forefront." And further we read that: "Faculty members will be chosen, after their scholarly
alifications have been considered, for their knowledge of and agreement with the principles of Woodrow
Wilson and their ability to impart this knowledge to
the students under their direction. For the most
part they are to be selected from among personal
friends of Mr. Wilson. Many of the trustees were
close associates of the late President."
We repeat that the tribute is a worthy one and
reflects only credit on the men whose names appear
among the founders. But may we not ask, and the
question would remain were the purpose to perpetuate the principles of Henry Cabot Lodge or of any
other noted controversialist of to-day, can an educational institution properly function when founded
in such a cause and handicapped by such limitations? And could not the memorial serve without
the limitations? Must not division of opinion immediately creep into the instruction? And must not
the "principles" stand, if at all, in .the judgment of
the future, on their merits? We have as a guide in
answering the question what is known as a "Community Trust," or a sort of super-trust to the ordinary commercial and financial trust companies of
to-day. It has been found by experience that specific
bequests for public benefits, wherein rigid limitations have been placed upon the use of funds, have
sometimes found themselves unpble to operate.
Either the' need and opportunity has passed or the
continued use is barred by conditions. For this reason trustees have been given liberty to change the
use or its operation to fit the circumstances that
may arise. In this way, it is believed, a perpetuity
of good may better be accomplished. If we apply
this to education we are at once confronted with the
JULY 19 1924.]
THE CHRONICLE
truth that this means of uplift is not now well defined and must change with our changing civilization. And for this reason we deem it not inapt to
question all bequests of this character that attempt
in advance to outline the progress of thought and
the course of instruction.
Coming at a time when it is proposed to create a
Governmental Department of Education and Public
Welfare, the question rises to one of grave civic importance. A school exerts an influence far beyond
its doors. Not only is it supposed to mould the mind
of youth at the impressionable stage, but its impress
upon the community immediately around it widens
b3 diffusion to the entire country—according, of
course, to its importance. it is perhaps true that we
have not now any "system" of public education.
This is one of.the arguments advanced in behalf of
a Department of Education. But can we ever have
a system until we know the constituents of education? And can any rigid system ever develop in a
country devoted to the freedom of thought? The
very Department must always remain in doubt while
we have liberty in the espousals of the principles of
representative republican government. We are
quick to suppress the public teaching of Socialism
and Communism. And what shall we say of the promulgation of political principles that may be divisional even inside of party lines?
As long as schools and universities are independent of Governmental influence and are free from the
bias of any given set of political principles their influences will meet in the forum of public opinion,
there to reach a final solution. It may be admitted
that this is not a bar to a foundation to perpetuate
any given set of principles, but we submit that the
functioning of such a university from the educational standpoint will be fraught with difficulties.
Education in the proper sense is not an advocate but
a judge. It is independent of the divisional principles that concern the form and province of government under our Constitutional provisions. The public welfare is of more importance than perpetuation
of the memory of any citizen. Instruction in civics
must hold up the record of all the honored and heroic
dead for what it is worth to the world at and in the
era which follows. Fame is inconstant and erratic.
The great of "Plutarch's Lives" are praised or
damned in to-day. We are not yet in accord as to the
principles advocated by Hamilton and Jefferson,
though a short period has elapsed, comparatively,
since they lived and wrought. And it would be a
strange commentary upon the breadth and independence of political thought were a school founded today to perpetuate exclusively the teachings of either.
Recurring to the matter of memorials—it is a
great advance *hat institutions now take the place
of monuments, although these persist yet in marked
degree. But there is still room for forethought in
erecting these institutions that they subserve a broad
and continuing service. To dot the land with mem...•rial agencies, erected out of huge sums of money
gathered from the generosity of the people, agencies
not in keeping with educational liberty and so circumscribed by specific bequests as to soon fail of the
original intent, is not in keeping with the "simple
life" and cannot attest the high level of the general
advance. The public welfare is not a creature of one
mind nor a product of one set of principles, however
worthy these may be. It would be narrow and cynical to object to any form of testimonial that is
247
erected merely in memory of great men or great virtues. Yet even here good taste, simplicity of living
and the leveling processes of time, require that devotion be tempered by modesty. And when, in any
case, purpose is declared,let it be of the most catholic
character,that the work may broadcast itself to every
section of the country, every class of the people. After all, the influence of the greatest life lives not in
the marble or bronze, not in the "foundation" for research or scholarship, but in the better living of the
masses, energized and given perpetuity in the ideas
and ideals of the generations that follow. -Dust
thou art, to dust Teturneth" was not spoken of the
spirit that spreads like light in the souls of men.
.The Conquering of Mount Everest.
Will the scientific knowledge to be gained by
climbing to the summit of the highest peak in the
Himalayan Mountains ever pay for the loss of the
two brave explorers who lately suffered death on its
heights? Sir Francis Younghusband, a former
President of the Royal Geographical Society, writes
eloquently of the benefits to arise from conquering
this high mountain, as follows: "Compelled by her
to exercise the highest in him and give only of his
best, he (man) will have found himself responding
gladly to her call. Higher courage, more splendid
daring, firmer will and sharper wit he will have had
to display, and as his spirit heightens in him, he will
feel the glow of that joy which high achievement
always gives. And he will love her for it" . . .
"This is the reward which Everest can confer. By
making him be his best, she will have made man
know the joy which being his best brings, and its
thrill will hearten him in every other high endeavor.
What he did on Mount Everest he will strive to do in
every other sphere, and as man has just reported
when, after fighting blizzards and smothering snow
and numbing cold, he was thrown back only a thousand feet from the summit and kalf a mile away,
the struggle is 'worth it—worth it every time.'"
The appeal is fascinating. Then we read of an
aviator who has just crossed the continent in a
dawn-to-dusk flight. Again we are thrilled. He
would be callous who is not proud of the accomplishment. But in this age there is danger that such records of achievement will be allowed to overshadow
the humbler and less spectacular efforts by man for
the benefit of his kind. Father Damien went to
Molokai to live among the lepers that he might help
them and died there a martyr to his courage and
sacrifice. Thousands are giving up joy and content
in scientific service to promote the health of mankind. And the comparison suggests the truth that
until man perfects the talents that he has he is not
fulfilling his mission. The use of science in "preparedness" for war is everywhere recognized as a
perversion of man's powers. The "turmoil" of today is largely due to man's eagerness to dominate,
and to. attain in a single generation all that is visioned of what we term "progress." Economics
teaches us that development must be inharmonious
that is not even and temperate. Ethics declares that
restrictions put upon the freedom of commerce
thwart the mutual benefit to be derived from all
trade. Civics proclaims that the art of governing
well is in conflict with the art of governing too much.
The wind in the treetops is not more inconstant
than man's acclaim of the victor. The cry "the King
248
THE CHRONICLE
[VOL. 119.
is dead—long live the King," is heard, in spirit, knew how with effort, mental and physical, fulfilleven in republics. Our heroes do not always do us ing the law? In the great conservation of nature
honor—to-day a movie star, to-morrow a baseball there seems here an unanswerable argument for implayer. Prowess without purpose is waste. Achieve- mortality. For, though these lives live on in the
ment without benefit commensurate to the risk and generations that follow, the cultivation of the soul
in keeping with need is hollow. The plowman who by each according to talents and opportunity must
"homeward plods his weary way" at nightfall may have somewhere rest and reward, or man is but a
not thrill the world as does the Senator pleading for leaf in the winds of chance.
"farm relief," but he may be more worthy of worWell, you say, how futile to bring these thoughts
ship. Our politics is being corrupted by the re- into a discussion of practical affairs! There is one
vamped cry of "monopoly"—when all men working good reason. Even if this life be all—on a "lone
in free effort will as inevitably destroy unwarranted shore" where "loud moans the sea," still it is answer"control" as the sun will lift the seed out of the soil. able not to the highest, but to the best. We cannot
A man may ride on the wave of "progressivism" into all be rich, or great, or heroic', but we can be earnest,
high office, but the wave will recede, leaving his sincere, industrious, consecrated to the right as we
house upon the sands. No one would take a single see the right. To be dissatisfied because others are
star from the sky of good example, but these "patines more successful than ourselves breeds in us instabilof bright gold" are far away, and the day comes ity of action and a corrosive feeling of hate. Demawhen man must work.
gogy is always pointing to contrasts in the levels of
The Mount Everest of spiritual achievement is life to arouse enmity and protest. Down here in our
not hard to climb, no life need be lost on the way, and every-day affairs and relations springs up that hidthe benefits to be attained will make some life eous thing we call the "Overthrow."
And so it is necessary in our politics, economics
nobler and some heart happier—for though we may
"look up to the hills" for inspiration, we live in the and civics to attain a new viewpoint. Inequality in
valleys, where our friends and neighbors toil and possession does not hinder but helps the equality of
reap in the common way. This may be a preachment pursuit. Manhood is not measured by wealth or
—but let it be just that. We are undertaking to wage. The citizen in a representative Government
derive a wholesome general lesson from an item of it. sovereign and the high office-holder is servant.
world news. The driving force of life has become Let those who aspire to mount the heights rememalmost unbearable. Unless we can find satisfaction, ber that office confers no honor save as it is adminin simple tasks and their just returns, unless we can istered in the interests of the common people; that
find our heroes in the lower walks and follow them responsibility demands humility; that leadership in
in humility and constancy, we shall never dissipate civics and politics is not warrant for the gratificathe confusion that surrounds us. It is of no use to tion of egotism. • Let those who would be rich recontrast wealth and idleness with poverty and work member that the only wealth is personal power transwhile envy and covetousness take us up into the lated into human helpfulness
--and that property,
mountain and show us the promised land. More and however vast, has no soul and no life until man puts
more, men become their own heroes who perceive himself into it. While we race for the high prizes
the higher law that limits achievement to frugal and that can come to the few only, the many must fail,
faithful living.
and failing feel the gnawing of disappointment. A
The prizes of life glisten and glow, and it is a drab people cannot be happy without contentment. Each
thing to be an unknown. But how many millions giving his best to his task as it unfolds before him,
there are in unremembered graves who, in life, were looking upward always but not beating out his life
workers for some good, though small; who were kind against impassable circumstances, what can prevent
and considerate of others, making a constant, in- harmony and satisfaction? If we cannot put a wise
conspicuous sacrifice of self; who did the best they philosophy into conduct of what avail is effort?
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. ing $1,000,000,000. This may be actual or it may he potenFriday Night, July 18 1924.
While wholesale trade shows little change as yet there is
a more hopeful feeling. It is believed that after the summer
lull has passed there will be something of a revival of business in this country. All eyes are directed on the West with
its increasing signs of prosperity. At any rate the fear of
short crops has led to a very sharp advance in grain prices.
The buying power of that section of the country, which at
one time was at a very low stage and reacted unfavorably
on American trade in general, has latterly increased. Retail
trade, especially in the West, makes the best showing. The
West, it is not too much to say, is more hopeful than it has
been for several years past. The law of supply and demand
is coming to the aid of the farmers. They have no need of
quack nostrums in the way of so-called remedial legislation.
In characteristic fashion the big Western grain markets are
active and rising, thrilled by the great advance from the low
prices of some months back of 30 cents a bushel on wheat in
this country and 42 cents in Canada and 40 cents on corn.
It is declared that the agricultural wealth of the Western
grain belt has within 30 days increased something approach
tial. No. 2 red wheat here has latterly been up to $1 472
/
1
c.i.f., or 32 cents higher than a year ago. Prices in Chicago
and Winnipeg have been rising at the rate of 5 to 6 cents a
day. The trading in wheat futures at Chicago has risen to
over 69,000,000 bushels in a single day, which is treble the
total six weeks ago. In a month and a half July corn has
advanced 35 cents a bushel. In 10 days December corn has
risen 23c., while the crop shows a possible decrease of 500,000,000 bushels, to 2,515,000,000 bushels, it may add, according to Chicago estimates, about $500,000,000 to the farmers'
actual or potential wealth. Flour has risen sharply, i. e.
$1 20 in 10 days. Hogs are up to the highest prices current
since last October. Small wonder that the West is jubilant.
The question is whether it will not overdo the matter in
uproarious speculation. The trading in grain futures is the
largest since May 1923. In a single day the transactions in
all the grain pits at the Chicago Board of Trade. i. .e last
Wednesday, amounted to more than 110,000,000 bushels. So
excited has been the speculation indeed that quotations on
the tape have run from 5 to 7 minutes, or even longer, behind the actual transactions, somewhat in emulation of ex-
JULY 191924.]
THE CHRONICLE
cited days on the New York Stock Exchange, when quotations have now and then on very active days in the past,
been 10 or 15 minutes behind the trading. To-day there was
a healthy reaction at Chicago of some 3 to 4 cents in the
wheat and corn markets, owing partly to rains in the West
and Canadian Northwest.
Much of the excitement of late has been due to an estimate that the Canadian wheat crop was 32% smaller than
that of last year and the world's crop 10% less than then.
In company with this flurry in grain there has been more
active trading in cotton futures at a rise for the week of 130
to 178 points. This was traceable to hot weather in Texas
and Oklahoma coincident with prolonged rains in the Atlantic section of the cotton belt. The weather is now better
in the eastern cotton region and it is denied that there has
been any serious damage to the Texas crop. It is believed
that the crop there can stand a week or 10 days more of hot
dry weather, for cotton is notoriously a sun plant. Meanwhile the tendency is to increase the estimates of the crop
to about 12,500,000 bales, as against 10,100,000 last year.
There is no doubt, however, that stocks of cotton in. this
country are down to a low stage and badly need replenishing.
Coffee has been active, excited and rapidly rising, owing to
the fears of shutting off of supplies of Brazilian coffee from
this country by the revolt in Brazil. There has been an advance during the past week in coffee futures of 75 to 125
points. There is no great fear of a prolonged revolt and
prices for distant deliveries have lagged behind July. Of
course there is always a chance that the Government of
Brazil may hear much the same remark that was addressed
to Louis XVI: "This is not a revolt; it is a revolution."
The drift of crude and refined petroleum prices and gasoline
has been distinctly downward. Textile trades show some
signs at least of returning life after a prolonged period of
depression. Fall River's transactions in print cloths have
been the largest for many weeks past. The wool market at
Boston has been more active at some advance in prices.
Here, although quotations are steady enough, there seems
to be little business. Some of the silk mills are resuming
full time and now and then, by the way, something similar
Is noticed in the cotton manufacturing field, although most
cotton mills are still running on part time. Commodity
prices in general have advanced, according to one computation, for the first time in 20 weeks. That is to say there has
been an excess of advances over declines, though it is largely
confined to food prices. It is pointed out, however, that the
very marked reduction in the output of goods is beginning to
have some effect, as might naturally be expected. There Is
at least a possibility that the pendulum has swung to the
opposite extreme; that from over-production it has swung
to something like underproduction. At any rate, it seems
clear enough that supplies of merchandise have been allowed to fall to a low level in the hope of still cheaper prices.
Certainly in accordance with the law of supply and demand
the country's industries are in better shape than they were a
while back. Meanwhile building looms up as one of the most
active of all the industries, though it is not uniformly so.
Prices of lumber and brick have declined, an evidence of a
somewhat less urgent demand in parts of the country. The
Iron and steel trade shows no great change. If anything, pig
Iron has been somewhat firmer. But steel has further dc•
dined in some departments. Soft coal is lower. The stock
market has been somewhat irregular at times, but to-da3
the commercial community was gratified to see a very general advance. Even among the most conservative there is a
growing Impression that the tide is not very far from the
turning point, if it has not yet been reached. Wall Street,
too, is not oblivious of the increase in buying power of the
West within the last few months, nor of the prospective
Improvement in the political conditions of Europe, though
in some quarters this seems to have been underestimated.
Indeed pessimism has to all appearances been carried rather
too far in this country. Conservatism is always commendable, but it may be carried at times beyond reasonable limits
and defeat its own object. The dulness of trade in this
country for some little time past has perhaps rightly been
ascribed very largely to a state of mind. Confidence was
lacking. As confidence returns there will naturally be a
revival of business.
Meanwhile further steps are being taken towards putting
the Dawes plan into effect with the United States taking a
more active part than it has in the past. It is regrettable to
notice, however, that France refuses to let America decide
the question, which after all may not arise, of whether Ger-
249
inany is in default or not on its payments when the time
comes to make them. It has been proposed to name an
American to act as Agent General and decide this knotty
question. The French are quoted as declaring that the
British proposal to this effect would invest the Agent General with too great powers in determining when sanctions,
or, in other words, coercive measures, must be applied. But
the discussion is under way and we may hope that the
ancient phrase will be verified "in the multitude of counsdlors there is wisdom." As regards the impending contest
for the Presidency of the United States, which as usual
largely occupies the minds of the world of business every
four years the average business man seems to be putting it
to himself in some such fashion as this in thinking of the
candidate of the two great parties. "Whichever wins there
will be a safe man in the White House." Meanwhile, thougn
proverbially "betting is no argument," it certainly has a
touch of human interest and the betting, whatever may be
the actual outcome next November, is 21 to 1 on the can,4
didate of the Republican Party, Calvin Coolidge. This is
partly because the opposing party seems to be hopelessly
divided on questions of creed, prohibition and foreign relathins.
Meanwhile general trade gets potential help from cheap
money which in turn makes a quicker market for bends and
conservative stocks which has recently been a noteworthy
feature. Thereby industry gets funds; it can go ahead with
needed improvements, with an extension of markets. Easy
money helps railroads, the messengers of business, improves
highways, builds bridges, extends power and light facilities, promotes human activities in mills, factories and
mines, on farms, on a vast terrain of trade. Cheap money,
ixt other words, is a kind of Power house; it sends currents
of new life and strength far and wide. This force is in operation now. Its effects on actual daily business while not
yet very clear, will sooner or later become very marked.
It does no harm to restate fundamental principles from
time to time. Sir Ernest Bean, the British economist, points
out that to American initiative and enterprise and the freedom of the individual to rise by his own efforts are due the
vast developments in American industry and the high standards of living of this country. He adds that the notion that
wealth is made at the expense of others has its roots in the
fundamental error that wealth is a fixed quantity; that
there is only a limited amount of it. So far, he adds, from
wealth being acquired at the expense of others, the truth is
that wealth can only be made on the condition that the bulk
of it is distributed to others as the process goes along. It
only exists on condition that it confers benefits on others as
well as on its owners. The idea that wealth is made at the
expense of others is essentially a political notion and its
wide acceptance may be attributed to the way we have of
giving to politics an exaggerated importance. It might be
added that captains of industry is no idle term. Great industrialists are leaders of vast armies of industry who profit
and must profit, as 'a matter of course, from their leadership. It is a fact beyond controversy that labor takes a very
large percentage of the returns from any big industry. The
annual reports of any railroad company, mill, factory or
mine makes that plain. Labor should keep this in mind
and remember that it is in no fanciful sense in partnership
with capital.
At Fall River the six weeks' strike of operatives at the
Flint mills has been amicably adjusted and operations were
resumed Monday. At Lowell, Mass., following a shutdown
varying from 10 days to two weeks, the Massachusetts cotton mills. Appleton, Tremont and Suffolk mills and the
Merrimack Manufacturing Co. have resumed work, the former on a curtailed basis, namely three days a week for the
Massachusetts and Appleton. The Tremont and Suffolk and
the Merrimack are operating four days weekly. At Clinton,
Mass.. the Lancaster mills closed down on July 16 the
greater part of their looms for two weeks' vacation, at the
end of which time they will resume for a week's run with
presmt intentions of running only one week unless condi•
tions improve noticeably. At Lawrence, Mass., following a
complete shutdown for two weeks, the Everett mills resumed
operations on Monday on practically the same basis as before. At Holyke. Mass., on July 15 the Lyman mills, cotton
goods manufacturers, employing 1,100 hands, resumed operations after a 10 days' shutdown. For the present the
mills will operate on a schedule of three days a week. At
Webster. Mass., the Stevens linen mills have started on a
34-hour-a-week basis. The plant had been closed for three
250
THE CHRONICLE
weeks on account of poor business. At Manchester, N. H.,
a shutdown for one week began last Monday of the entire
Coolidge mill and all but the lower weaving room in Mill No.
11. It is understood that the company will close mills individually at different times rather than close all the mills
simultaneously for a given length of time. At Biddeford,
Me., the Pepperill mills have resumed full time after a long
period of half time. At Rockville, Conn., the Hockanum
Mills Co., after being closed 11 days, resumed operations in
Its three mils on Monday. At Norwich, Conn., the Thames
Textile Co. will employ night and day working forces temporarily while stocking up with its new products. The
weavers and other employees are now being hired for immediate production to meet orders already in hand. At Augusta, Ga.. all of the 13 mills there are closed down with
the exception of four, which are running from two to three
days per week. Curtailment in that section is still at its
highest level. The situation has shown no improvement
during the last three or four weeks. At Durham, N. C.,
operations were resumed by all plants of the Durham Hosiery Mills, Inc., last Monday following a suspension of
work for over two weeks, affecting mills in Durham, High
Point, Goldsboro, Carrboro and Mebane, N. C. At Highland
Park, N. C., a chain of mills has resumed work. At Martinsburg, W. Va., on July 16 six plants of the Interwoven Mills,
Inc., resumed operations under a reduced wage scale. The
average cut was 10%. The plants, located at Martinsburg,
Berkeley Springs and Harpers Ferry, W. Va., Hagerstown,
Md., and Chambersburg and Carlisle, Pa., were shut down
on June 29 last because of dulness of trade.
At Youngstown, Ohio, on July 11 wages of sheet and tin
workers were cut 10c. a hundred pounds for the next two
months under the bi-monthly settlement reached on July 11.
The current rate is $370 a hundred pounds. Last year at
this time it was the same. The garment strike will practically end to-day, it was believed; 75% of the 50,000 workers, it is estimated, will return. The union shop is to be
maintained. Washington wired today that employment in
manufacturing industries in the United States in June had
decreased 3.8%, while payroll totals decreased 6.7%, the
Bureau of Labor Statistics of the Labor Department announces. Per capita earnings in the 52 industries surveyed covering 2,524,657 employees, decreased 3%.
Wholesale prices throughout the United States showed a
general decrease in June, the Department of Labor states.
The figures are based On a survey of 404 commodities and
the decreases apply particularly to building materials, farm
products and metals, with smaller decreases shown in other
commodities, except cloth and clothing. Increases in wholesale prices of butter, eggs and flour were offset by decreases in fresh meats and sugar, resulting in a slight general decrease in the entire group. The index number for all
commodities for June was 144.6, against 146.9 for the preceding month. Chicago wired that fall catalogues of Sears,
Roebuck & Co. and Montgomery Ward & Co. will show a
downward tendency in line with lower prices of manufacturers. Articles showing principal reductions include automobile tires and Iran and steel goods. None of the reductions
are large. They do not represent any narrowing in the margin of profit, but merely passing on of lower commodity
prices to the consumer. Sears, Roebuck's new catalogue will
have 1,076 pages, weigh three pounds and list over 35,000
articles. Freight traffic for the first five months of the
current year was 8% below that for the same period of last
year, according to compilations made by the Bureau of Railway Economics.
With flames sweeping over thousands of acres of forest
lands in western Montana and northern Idaho and high
winds fanning them beyond all established control, forest
service crews feared the worst forest fire situation in years.
On July 16 eastern Washington, northern Idaho and California were continuing their battle against forest fires, but
rains in western Washington and Oregon had nearly ended
the fire menace there. Fires in northern Idaho and northeastern Washington last night had burned over several thousand acres of timberland and had destroyed the surface
workings of four mines, a number of ranch houses and
much property of lumber companies, including several hundred feet of timber. Latterly rains have occurred and have
checked the fires.
In the main the weather here this week has been clear and
cool or not too warm. On Thursday evening, following a
brief thunderstorm, it became cooler. To-day it has been
clear, cool and almost autumnal. It was 70 to 80 yesterday,
[VOL. 119.
but the temperature fell over night. To
-day it was 61 at
8 a. m., after being down to 54 on Thursday. It has been
cooler of late at the West. Cleveland and Chicago were
down to 58, Cincinnati to 54, Milwaukee and Minneapolis
to 52, Pittsburgh to 54 and Portland, Me., to 56.
Further Recession in Wholesale Prices in June.
A further recession in the general level of wholesale prices
is shown for June by information gathered in representative
markets by the United States Department cf Labor through
the Bureau of Labor Statistics. The Bureau's weighted
index number, which includes 404 commodities or price
series, sank to 144.6 for June, compared with 146.9 for May
and 153.5 for June 1923. The Bureau's advices under date
of July 15 also state:
Decreases in building materials, farm products, and metals were chiefly
responsible for the drop in the general price level, although all other groups
except cloths and clothing likewise showed a decrease. Among building
materials there were substantial reductions in lumber,structural steel, plate
glass, and certain paint materials. In farm products there were decreases
in live stock and poultry. cotton and cotton seed, hay, hides, tobacco, and
wool. Other important commodities showing price decreases were pig iron.
steel billets, steel plates, copper, lead, tin coke, crude petroleum, leather
rubber, and wood pulp. In the food group increases in butter, eggs and
flour were offset by decreases in fresh meats and sugar, resulting in a slight
net decrease in the group level.
Of the 404 commodities or price series for which comparable date for May
and June were collected, decreases were shown in 137 instances and increase
in 103 instances. In 174 instances no change in price as reported.
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
COMMODITIES.
(To show more minutely the fluctuations in the course of wholesale prices, all index
numbers are here published to the fourth significant figure.)
(1913 equals 100.)
-----1924---AMA
GroupJune.
May.
1923.
Farm products
134.0
136.4
137.6
Foods
135.6
136.6
142.0
Cloths and clothing
187.2
186.8
197.7
Fuel and lighting
171.7
177.3
186.1
Metals and metal products
Building materials
IMi
4:2
Clismicals and drugs
126.6
127.3
131.4
House furnishing foods
172.5
186.9
Miscellaneous
171:1
112:
4
122.5
All commodities
144.6
146.9
153.5
Comparing prices in June with those of a year ago, as measured by
changes in the index number, it is seen that the general level has declined
almost 6%. In all groups prices averaged lower than in Juno 1923,ranging
from 234% in the case of farm products to 1034% in the case of metals and
metal products and 11% in the case of building materials.
117
111:1
Increase in Retail Food Prices from May 15 to June 15.
The United States Department of Labor, through the Bureau of Labor Statistics had the following to say July 11 regarding the changes in the retail cost of food in 24 of the 51
cities included in the Bureau's report:
During the month from May 15 1924 to June 15 1924 all of the 24 cities
showed increases as follows: Columbus, Denver, Fall River, St. Paul, Salt
Lake City, San Francisco and Seattle, 2%; Baltimore, Boston, Bridgeport,
Kansas City, Los Angeles, Louisville, Manchester, Milwaukee, Philadelphia,
Richmond, Rochester and Scranton, 1%, and Butte, New Haven, Portland,
Me. Portland, Ore., and St. Louis, less than 5-10 of 1%.
For the year period June 15 1923 to June 15 1924 18 of the 24 cities
showed decreases as follows
Manchester, Richmond and Scranton, 4%;
; Baltimore, Denver, Fall River, New Haven, Philadelphia
Bridgeport,
and Portland, Me., 2%; Boston, Butte, Los Angeles, Portland, Ore., and
Rochester, 1%, and Kansas City, Louisville and St. Paul, less than 5-10 of
1%. The following six cities showed increases; Columbus, 3% • Seattle,
2%; Milwaukee and San Francisco, 1%, and St. Louis and Salt Lake City,
less than 6-10 of 1%.
As compared with the average cast in the year 1913, the retail cost of
food on June 15 1924 was 49% higher in Baltimore and Richmond; 46%
in Milwaukee and Philadelphia; 44% in Boston, St. Louis and Scranton;
42% in New Haven; 41% in Fall River and San Francisco; 40% in Manchester; 39% in Kansas City; 38% in Los Angeles and Seattle; 34% in
Louisville; 32% in Denver; 30% in Portland, Ore., and 25% in Salt bake
City. Prices were not obtained from Bridgeport, Butte, Columbus, Portland, Me., Rochester and St. Paul in 1913, hence no comparison for the
11.year period can be given for these cities.
Further Decline in Wages and Employment in Pennsylvania and New Jersey.
Further curtailment in the operations of manufacturing
establishments in Pennsylvania and New Jersey is Indicated
by a continued recession in both employment and wages at
reporting plants, says a statement made public July 15 by
the Federal Reserve Bank of Philadelphia. Continuing it
says:
In Pennsylvania employment declined 4.2% from May to June and per
capita earnings fell off 5.1%, indicating a probable curtailment of 9% in
operations. Reports from New Jersey establishments, however, indicate an
employment decline of only 2.8% and a loss in per capita earnings of 0.4%.
Although most of the industries experienced a reduction in working
forces, the most noticeable losses occurred in metal manufacturing and textile products plants. Iron blast furnaces, forging and rolling mills all reported significant reductions in both employment and wages. Shipyards and
automobile factories in Pennsylvania also reported • considerable losses in
both these items. Among the textile products plants woolen and worsted
mills and carpet and rug mills showed the most striking losses, although
practically all the industries in this group, as in the metal group, reported
fewer employees in June than in May.
Building material industries also reported losses in both States, as did
most of the chemical and miscellaneous industries. Very few increases in
employment were reported, the most striking being a gain of 25% at
juLy 19 1924.]
THE CHRONICLE
251
reporting lumber mills in Pennsylvania. The principal changes in employment and wages of reporting industries in the two States is shown in the
accompanying tables:
sion, in which there is little manufacturing, showed an increase of 3.5%
in employment and of 2% in payroll totals.
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
of Labor and Industry. Commonwealth of Pennsylvania.
Number of Increase(+)or Decrease(-)
Plants
June 1924 over May, 1924.
Group and Industry
ReportmTotal
Average
tng. Ployment. Wages.
Wages.
All industries(39)
6t0
-4.2
-9.1
manufactures:
Metal
245
--5.3
-11.4
-6.4
Automobiles, bodies and parts
17
--8.9
-13.1
-4.6
Car construetion and repair
12
+6.4
+5.9
Electrical machinery and apparatus
24
-10.8
-9.0
+2.0
Engines, machines and machine tools
20
-4.8
-9.3
Foundries and machine shops
55
--5.7
-2.2
--3.6
Heating appliances and apparatus
13
-0.9
-2.8
-2.0
Iron and steel blast furnaces
10
-2.7
-3.8
Iron and steel forgings
12
-6.4
-17.0
-11.3
Steel works and rolling mills
--7.4
42
-18.4
-11.9
Structural iron works
8
-0.6
-0.6
Miscellaneous iron and steel products
28
-14.4
Shipbuilding
4
-7.7
-9.7
-2.1
Textile products:
167
-4.9
Carpets and rugs
10
-18.0
Clothing
25
-5.8
-3.0
+3.0
Hats, felt and other
3
-3.8
+1.1
+5.1
Cotton goods
-39
13
.
.
-1.0
Silk goods
46
-0.2
-4.5
-4.2
Woolen and worsteds
21
-11.0
-12.1
Knit goods and hosiery
42
-10.6
-6.5
1)yeing and finishing textiles
7
-17.1
-13.4
Foods and tobacco:
66
-0.6
+0.3
Bakeries
19
+0.5
-2.5
Confectionery and ice cream
19
+3.7
-2.9
+0.7
Slaughtering and mat packing
11
-1.6
+0.6
-2.2
Cigars and tobacco
17
-3.2
+1.0
+4.4
isitilding materials:
51
-2.6
Brick, tile and terra cotta products
13
-2.1
-5.5
-3.5
Cement
13
-1.0
-0.7
Glass
22
-4.7
-13.8
-9.6
Pottery
3
0
-10.8
-10.8
Chemicals and allied products:
26
-3.3
-5.4
-2.2
Chemicals and drugs
16
-4.2
+0.2
Paints and varnishes
5
-3.8
-7.1
Petroleum refining
5
-3.0
-5.4
Miscellaneous industries:
105
-0.9
-3.4
-2.6
Lumber and planing mill products
+25.8
+10.1
-12.5
7
Furniture
17
-12.4
-16.4
Leather tanning
21
4.6
-6.5
Leather producta
3
-4.4
+1.3
Bootsand shoes
23
-7.6
-8.7
-1.3
Paper and pulp products
...12
0.4
-1.6
-1.1
Printing and publishing
19
0.4
-1.4
-1.0
Rubber tires and goods
3
+13.2
+12.9
-0.4
Comparison of Employment in. May 1924 and April 1924.
Comparing May and April reports from identical establishments, increases.
in employment are shown for May in 10 of the 52 industries, and increases
in payroll totals in 9 industries.
The industries showing the largest gains were seasonal ones, such as ice.
cream, which gained 7.8% in employment and 6% in payroll totals; Sugar
refining, which gained 7.2 in employment and 9% in payroll totals, and
brick, which gained 3.6% in employment and 6.7% in payroll totals. Other
industries gaining in both items were cigars, sawmills and baking, while
cement, slaughtering and meat packing, petroleum, structural iron work,
book and job printing, electric car repairing and rubber boots and shoes
gained either in employment or in earnings. The increases made by the
industries last specified were for the most part less than 1%.
The fertilizer industry dropped over one-third of its employees, payroll.
totals being reduced in proportion, while the women's•clothing industry decreased 11% in emplyoinent and 18% in payroll totals. Other industries
showing large losses in employment were: Shipbuilding and agricultural
implements, each about 10%; automobiles, 9.6% • iron and steel and pimps,
each 8.8%; carriages and wagons, 7.9%; stamped ware, 6.4%, and confectionery, carpets and leather, each about 5%. Other industries showing
large decreases in payroll totals were: Stamped ware, automobiles anti
pianos, each about 11%; iron and steel, 10.3% • carpets, 9.8%; millinery
and lace goods, 7.9%; agricultural implements,'
7.4%; cotton goods, 6.7%;
hosiery and leather, each over 6%, and carriages, furniture, shirts, boots
and shoes, electrical machinery, and glass, each over 5%.
The stone, clay and glass group of industries was the only one of the
12
groups which did not show a decrease in employment in May, and the' increase in this group was 0.2% only. The vehicles, stamped ware, chemicals, iron and steel, miscellaneous industries, leather and textiles groups
showed decreases in employment ranging from 6.4% to 3.7%.
The tobacco and food groups showed increased payroll totals of 1.9 and
1%, respectively, while the other 10 groups showed decreases ranging from
11.6% in stamped ware to 0.1% in the stone, clay and glass group.
For convenient reference the latest figures available relating to al/ employees, excluding executives and officials, on Class I railroads, drawn frees
the Inter-State Commerce Commission reports, are given at the foot of the
first and second tables.
EMPLOYMENT AND WAGES IN NEW JERSEY.
Compiled by the Federal Reserve Bank of Philadelphia.
Number of Increase(+)or Deerrass(-)
Plants
June 1924 over May, 1924.
Group and IndustryReportTotal
EmAverage
Ova.
ployment. Wages.
Wages.
• All industries(38)
. 339
2.8
3.3
-0.4
manufactures:
Metal
92
-2.8
-4.6
--1.8
Automobiles, bodies and parts
5
+8:
+4.4
-4.0
Electrical machinery and apparatus
18
-3.6
4.9
-1.4
Engines, machines and machine tools
15
-2.2
-0.2
+0.6
Foundries and machine shops
15
-.4.8
-15.5
-11.2
Heating appliances and apparatus
3
-0.9
-1.3
Steel works and rolling mills
4
-5.8
-3.8
Structural iron works
3
-0.1
+1.7
+1.9
Miscellaneous iron and steel products
18
-8.4
-7.8
+0.6
Shipbuilding
4
-0.7
+1.7
Non-ferrous metals
7
3.4
-5.3
-2.0
rextile produets:
83
-3.0
+0.6
Carpets and rugs- - 3
--6.2
+13.0
+20.5
....
Clothing ____
11
-5.6
-6.0
-0.4
Hate,felt and other
4
-10.9
+4..:
+23 3
:
(Xatton goods
10
+1.3
Silk goods
23
-5.8
-8.0
-2.3
Woolens and worsteds
11
-4.7
+1.8
+6.8
Knit goods and hosiery_
4
+3.9
-5.6
-9.1
Dyeing and finishing textiles
10
+0.6
-6.6
+7.1
Miscellaneous textile products
7
-5.6
-9.0
-3.7
Foods and tobacco:
13
-7.9
-7.9
+0.0
Canneries
.7
-12.4
-9.6
+3.3
Cigars and.tobacco
6
+2.5
2.6
-5.1
Building materials:
26
-1.9
-4.8
Brick, tile anl terra cotta products
9
-10.0
+0.6
-10.4
0111SS
4
-2.9
Pottery
13
-2.3
-3.3
-1.0
.'hemicals and allied products:
43
-0.4
+0.4
+0.9
Chemicals and drugs
24
-3.2
-0.9
Explosives _
9
-1.7
-0.9
Paints and varnishes
7
--1.4
+0.1
-1.5
Petroleum refining_
3
--2.6
+0.9
+1.7
Miscellaneous industries:
82
-3.7
--3.8
-0.0
Furniture .
-4.5
5
+2.1
Musical instruments
5
-1.7
-1.0
Leather tanning.
-10.5
11
-10.5
0.0
Leather products
4
-3.5
+0.5
+4.2
Bootsand shoes
5
-6.0
-12.2
-6.6
Paper and pulp products
-0.5
10
-3.4
-2.9
Printing and publishing
4
+10.4
+0.11
+9.6
Rubber tires and goods
13
-4.2
-1.0
+3.4
Novelties and Jewelry.
-5.8
11
-6.9
-1.1
Ail other industries
14
-3.7
--6.9
-3.2
Continued Decline in Employment and Pay-Rolls in
Selected Industries in the United States in May.
Employment in manufacturing indhstries in the United
States decreased 4.2% in May, while payroll totals decreased
5.1%, and per capita earnings decreased 1%, according to
preliminary and unweighted figures presented on June 1S
by the United States Department of Labor, through the Bureau of Labor Statistics, based on reports from 8,569 establishments in 52 industries covering 2,604,259 employees,
whose total earnings during one week in May were $68.078,862. The same establishments in April reported 2,717,344
employees. and total payrolls of $71,760,134. The Bureau
further says:
The greatest decreases in employment and in payroll totals in May.. were
shown in the Mist North Central geographical division. These decreases
were 5.7% and 7.5%, respectively. The Middle Atlantic division followed
with a decrease of 4.3% in employment and of 4.4% in payroll totals; the
South Atlantic division with decreases of 3.7% and 4.2%, and the New
England division with decreases of 3.3% and 4.3% in the two items. The
decreases in the Pacific division were negligible, while the Mountain divi-
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHM EN'S'
DURING ONE WEEK EACH IN APRIL AND MAY 1924.
Es- No.on Pay Roll.
tabIlsh- April May
ments. 1924. 1924.
Industry.
Food and kindred
products
Slaughtering & meat
packing
Confectionery
Ice cream
Flour
Baking
Sugar refining,cane_
Textiles az their prod'ts
Cotton goods
Hosiery Jr knit goods
Silk goods
Woolen dr worsted
goods
Carnets
Dyeing and finishing
textiles
Clothing, men's__ _.
Shirts and collars_„
Clothing, women's._
millinery&lacegoods
Iron and stecl and their
products
Iron and steel
Structural ironwork.
Foundry & machineshop products___.
Hardware
Machine tools
Steam fittings and
steam and hotwater heat. app•us
Stoves
Lumber&its products..
Lumber,sawmills_ _
.
Lumber,millwork
Furniture
Leather & Re products.
Leather
Boots and shoes__
Paper and printing....
Paper and pulp
Paper boxes
Printing, book & Job
Printing, newspaper
Chemicals&alliedprod.
Chemicals
Fertilizers
Petroleum refining
Stone, clay and glass
products
Cement
Brick, tile and terra
cotta
Pottery
Glass
Metal Products, Mho
than iron & steel..
Stamped and enameled ware
Tobacco products
Chewing and smoking tobacco
Cigars and cigarette,
Vehicles for land trans
portation
Automobiles
Carriages & wagons_
Car building and repairingElectric railroad
Steam railroad.
hitscell. industries_ _
Agricut implement?
Electrical machinery.
apparatus & sum).
Pianos and organs_.
Rubber boots& shoes
Automobile tires_ _ _.
Shipbuilding. steel..
Total
1,007170.387 168,906
Amount Of Pa Pell.
%
of
awe.
April
1924.
$
-0.9 4,233.67
76 73,192 71,821 -1.9 1,777,799
185 18,995 18,010 -5.2 352,689
105 6.193 6,673 +7.8
193,751
307 14,677 14,167 -3.. 378,760
321 47,033 47,195 +0.3 1,218,138
13 10,297 11,040 +7.2 312,537
1,623534,773 .14,789 -3.7 0,401,975
320 82,957 76,128 -3.7 2,967,672
258 78,381 75,246 -4.1 1,383,741
199 51,897 50,512 -2.7 1,084,132
May
1924.
8
4,277,84
%
of
Chime.
+1.0
1,800, 1: +1.3
337,8
-4.2
205,
+6.0
368,753 -2.6
1,224,874 +0.6
340,533 +9.0
9,781,57
-6.0
2,750,201 -6.7
1,296,511 -6.3
1,037,46
-4.3
175 66,883 65,139 -2.6 1,475,131 1,434,478
27 21,959 20,853 -5 1
580,067 523,412
-72.8
-9.8
89
218
90
159
88
-4.5
-3.7
-5.6
-18.3
-7.9
28,284
51,181
24,043
15,655
13,533
27,375 -3.2 652.09' 622,76
49,596 -3.1 1,199:651 1,155,821
23,11: -4.3 369,7
349,163
13,921 -11.1
403,588 329,688
13,011 -3.9 306,1 I
282,068
1,461 588,668 53,698
217 78,636.
,53.980
149 19,178 19,321
• 042173,739 166,51.
52 36,051 34,883
187 25,307 24,314
126 38,971 38,063
88 16,786 16,641
1,089212,558+ 10,688
448121,685122,451
255 34,082 33,562
386 56,791 54,675
336 115 078 109,907
127 25,105 23,869
409 89,973 86,038
759 142,743 141,869
179 49,306 48,964
153 16,672 16,046
244 37,722 37, I
183 36,043 38,9
247 74,751 70,046
88 19,896 19,077
106 11,282 7,402
53 43,573 43,567
-5.9 7,412,74316.201.630 -7.0
-8.8 8,456,05 7,584,188 -10.3
+0.7 538,7
,
-0.3
-4. 5,085.504 4.851,7'1
-3.3 890,316 866.408
-3.9 743,777 713,471
-2.3
-0.9
-0.9
+0.6
-1.5
-3.7
-4.5
-4.9
-4.4
-0.6
-0.7
-3.8
+0.5
-0.2
-6.3
-4.1
-34.4
(a) I
1,188,561
509,741
4,708,998
2.672,525
824,492
1,311,981
2,548,952
629,86
1,919,08
4,438,332
1,312,693
351,599
1,268,9
1,505,054
1,255,799
521,080
202,403
1,432,316
-1.6
-2.7
-4.1
1,158,912 -2.5
489,771 -3.9
4,637,191 -1.5
2,585,754 +0.5
812,31' -1.5
1.239,12
-5.6
2,412,397 -5.4
590,61
-6.2
1,821,780 -5.14
4,386,568 -1.2
1,293,716 -1.4
339.218 -3.5
1,257,703 -0.9
1,495,931 -0.6
2,096,808 -2.7
499,805, --4.1
140,718' -30.5
1,456,285 +1.7
610102,238102.419
71 22,153 22,581
+0.2 2,728,097 2,725,011 -0.1
+1.
650,92. 648,5881 -0.4
358 33,821 35,046
50 12,659 12,311
131 33.605 32,481
+3.6
-2.7
-3.3
867,81
350,458
868,901
916,957 +5.7
344,147 -1.8
815,319 -5.1
45 13,246 12,3
--6.4
319,804
282,
4 13,246 12,396
208 39,976 41,120
-6.4
-3.6
319,
704,650
282,6
-11.6
717,909 +1.9
3 10,287 9,918
173 31,149 31,202
-3.6
+0.2
153,18
551,46.
148,214 -32
569,69
+3.3
-11.6
788 492,550460,879 -6. 16,606,01714,301.266 +8.3
227326,158 5,236 -9..10,686,587 9,486,1
-1E2
42 2,9292,697 -7.9
71,691
67,677 -5.6.
188 17,303 17,3.
+0.3
331 146,160145,502
396 228,916 17,542
109 24,771 22,308
-0.4 4,330,71. 4,242,521
-5.0 6,517.091 6. 8.02
20
-9.9 669,03
619,52
136 106,129 101,183
33 7,829 7,139
9 16,021 15,610
72 48,295 48,043
371 25.8711 23,259
r
9
1
i 8.5692717344
507,026
404,
-OA
-2.0
-4.0
-7.4
-4.7 3,006,04 2.851,915 -5.1
-8.8 226,512 202,413 -10.6
-2.6 364,40
366,939 +0.7
-0.5 1,487,2'1 1,480,130 -0.5
763.803 737,094 -3.5
-10.1
-4.271,760,13468,078,862
-5.1
252
Recapitulation 61).deoilraPhic Divisions•
1,0901374.930362,570 -3.3,58.866,04358,488.958
New England b
2,143787,495753,699 -4.321,788,46520,827,683
Middle Atlantic c
-5.727,077.93325,037,377
East North Central d_ 2,336913,463861,39
73 130.156 126,195 -3.0 3,175,197 3,093,331
West North Central e_
931 223,334215,152 -3.7 4,090,797 3,920,667
South Atlanticf
377 92,716 89,776 -3.2 1,723,014 1,882.030
East South Central g_ _
300 64,904 64,447 -0.7 1,391,905 1,366,802
West South Central h_
129 20,931 21,65
+3.5 591,345 603.359
Mountain
529109,4l5109,364 (k)
3,081,435. 3,058,655
Pacific J
Railroads, Class I.
1,737,029
4223,859,559
Feb. 15 1924
1.743,983
1234.345.120
+0.4
Mar. 15 1924
-4.3
-4.4
-7.5
-2.6
-4.2
-2.4
-1.8
+2.0
-0.1
+4.7
a Minus less than one-tenth 01 1%. b Connecticut, Maine, Massachusetts, New
Hampshire. Rhode Island, Vermont. c New Jersey, New York, Pennsylvania.
d Illinois, Indiana, Michigan, Ohio, Wisconsin. e Iowa, Kansas, Minnesota,
Missouri, Nebraska, North Dakota,South Dakota. fDelaware, District of Columbia, Florida, Georgia. Maryland, North Carolina, South Carolina, Virginia, West
g Alabama, Kentucky, Mississippi, Tennessee. h Arkansas, Louisiana.
Oklahoma, Texas. I Arizonc, Colorado, Idaho, Montana, New Mexico, Nevada,
Utah, Wyoming. J California, Oregon, Washington. k Decrease of less than onetenth of 1%. 1 Amount of pay-roll for one month.
Comparison of Employment in May 1924 and May 1923.
Reports are available from 5,909 establishments in 51 industries for a
comparison of employment and payroll totals between May 1924 and May
1923. These reports, from identical establishments in the two years, show
in 1924 a decrease of 9.3% in employment, a decrease of 11.5% in payroll
totals and a decrease of 2.3% in per capita earnings. The total number of
employees covered in May 1924 was 1,976,812 and their earnings in one
week amounted to $52,128,354, while the number of employees in May
1923 was 2,180,396 and their earnings in one week amounted to $58,878,154.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN MAY 1923 AND MAY 1924.
Industry.
[Vol,. 119.
THE CHRONICLE
Estate-No. on Payroll
Amount of Payroll.
%
%V
of
lishof
ments. May
May change.
May
May
change.
1923.
1923. 1924.
1924.
Food and kindred
products
627135,95i31,766 -3.1 53,443,65 $3,411,263 -0.9
Slaughtering & meat
Packing
69 73,
89,992 -5.0 1,830,38 1,752,739 -4.2
Confectionery
165,783
159,063 -4.1
69 8,692 7,908 -9.1
Ice cream
17 1,571 1,513 -3.6
46.76
44,095 -5.7
Flour
244 11,333 11,255 -0.7
283,479
295,931 +4.4
Baking
799,617
218 30,031 31,133 +3.7
845,477 +5.7
Sugar, refining, cane
317,623
10 10,74 10.035 -6.6
313,958 -1.2
Textiles & their prod'ts 1,243476,311 408,856 -14.210,186,936 7,902,080 -22.4
Cotton goods
235 162.90 133,888 -17.8 3,091,80 2,124,86. -31.3
Hosiery & knit goods
187 61,841 55,825 -9.7 1.100,157
953,343 -13.3
Silk goods
188 51,362 46,385 -9.7 1,103.293
960,823 -129
Woolen & worsted
goods
36 55,9 I 49,036 -12.4 1,409,645 1,101,387 -21.9
Carpets
22 21,11 19,597 -7.2
592,794
499,331 -15.8
Dyeing & finishing
textiles
61 26,231 23,699 -9.6
639,503
536,171 -16.2
Clothing, men's__ _ _
158 49,901 39,405 -21.0 1,347,275 946,548 -29.7
Shirts & collars
80 24,216 20,523 -15.3 376,588
307,867 -18.2
Clothing, women's_
127 13,411 12,10: -9.7
329,403
291,622 -11.5
Millinery&lacegoods
49 9,38
8,390 -10.6
196,470
180,123 -8.3
Iron & steel & their
products
1,016462,72 415,320 -10.213.955,38312,272,482 -12.1
Iron & steel
164 231,736 221,436 -4.4 7,112,906 6,617,205 -7.0
Structural ironwork_
128 -14,543 13,806 -5.1
407,083 388,611 -4.5
Foundry & machineshop products_ _ _ _
438149,27 118,413 -20.7 4,539,119 3,492,537 -23.1
25 14,066 13,991 -0.5 348,238
Hardware
354,254 +1.7
82 12,741 10,951 -14.0
Machine tools
352,593
321.882 -8.7
Steam fittings &
Steam & hot-water
heating apparatus
97 23,77; 21,782 -8.4
726,575
663,409 -8.7
Stoves
82 16,589 14,941 -9.9 468,869 434,584 -7.3
Lumber & its products..' 627 123,877 120,92
-2.4 2,737,634 2,746,189 +0.3
Lumber,sawmills_ _ _
225 62,30 62,171 -0.2 1,277,241 1,323,794 +3.6
Lumber, millwork
168 24,726 24.384 -1.4 609,271
628,147 +3.1
Furniture
234 36,849 34,369 -6.7 851,122
794,248 -6.7
Leather & its products_
272 109,681 95,588 -12.8 2,569,467 2,103,715 -18.1
Leather
115 25,9 i 22,326 .14.0 661,938
552,222 -16.6
Boots & shoes
157 83,731 73,262 -12.5 1,907,529 1,551,493 -18.7
Paper & printing
624 110,386 111,367 +0.9 3,369,490 3,470,245 +3.0
Paper & pulp
133 39,233 38,678 -1.4 1.032,294 1,022,320 -1.0
Paper boxes
139 14,015 13,844 -1.2 289,943
287,388 -0.9
Printing, book & Job
184 22,74 23,997 +5.5
767.156
825,046 +7.5
Printing, newspaper
168 34,39 34,848 +1.3 1,280,097 1,335,493 +4.3
Chemicals & allied
products
174 53,321 45,807 -14.1 1,475,693 1,324,065 -10.3
Chemicals
62 14,731 13.683 -7.1
381,995
367,360 -3.8
78 6,458 5,915 -8.4
Fertilizers
131,317
117,718 -10.4
Petroleum refining
34 32,132 26,209 -18.4
962,381
838,987 -12.8
;tone, clay & 81=1
431 68,385 67,214 -1.7 1,773.913 1,801,376 +1.5
products
47 11,26 11,158 -0.9 313,587
Cement
315,225 +0.5
Brick, tile & terra
255 21.294 22.066 +3.6
,
cotta
557,109
574,839 +3.2
4
9,249 9,884 +6.9
Pottery
241,511
278.203 +15.2
8 26,57: 24,106 -9.3 861,706
Glass
633,109 -4.3
detal products, other
than iron & steel
31 10,539 . 9,360 -11.1
240,847
224.444 -8.8
Stamped & enameled
31 10,539 9,361 -11.1
240,847
224,444 -6.8
ware
181 32,410 30,736 -5.2 563,688
fobacco products
553,090 -1.9
Chewing & smoking
-6.7
tobacco & snuff _ _ _
26 4,484 3,250 '
52,33!52,326
-z
511,349
Cigars & cigarettes
155 28,926 27,486 -5.1
500,764 -1.2
rehicies for land transportation
383392,727 357,26? -9.012,694,05311.084,739 -12.7
Automobiles
16 262,675 246.673 -6.1 8,854.654 7,861,423 -11.2
Carriages & wagons_
58,228
2,514 1,991 -20.:
3
48,189 -17.2
Car building & repairing,steam railroad
18 127,53: 108,606 -14.8 3.781,171 3,175,127
16.0
3
41scell. industries
3 204,087 182,605 -10.5 5,867,395 5,234,668 -10.8
606,499 505,048 -16.7
AgrIci implements_
64j 22,478 17,669 -21.9
Electrical machinery.
apparatus .fc suppl
1181 96,101 93,151 -3.1 2,687,171 2,638,212 -1.8
201,366
Pianos & organs_ _ _ _
184,278 -8.5
26j 7,106 6,49: -8.6
433,834
Rubber hoots& shoes
335,766 -22.8
7 17,30 14,021 -19.0
Automobile tires_ _ _ _
601 46,49 39,637 -14.8 1,472,298 1,220,185 -17.1
466,227
25 14,602 11,629 -20.4
351,153 -24.7
Shipbuilding steel_ _ _
Comparing data from identical establishments by geographic divisions:
The New England division shows a decrease of 14.6% in number of employees in May 1924, as compared with May 1923 and a decrease of 20.3%
in total payrolls; the West South Central division shows decreases of 11.3%
and of 12.3% in the two items, and the Middle Atlantic division shows decreases of 10.3% and 11.5% in the two items. The six other divisions also
show considerable decrease in the 12-month period both in employment and
employees' earnings, with the exception of the Mountain division, which
shows an increase in employees' total earnings.
There were increases in employment in May 1924, as compared with May
1923 in only 5 of the 51 industries, while there were increases in the earn
logs of employees in 10 industries. For the fourth month in succession the
pottery industry showed the greatest gains both in employment and employees' earnings in the 12-month period, the increases in May 1924 being
6.9% and 15.2%, respectively. Book and job printing ranked second in
increased employment and earnings, the percentages being 5.5 and 7.5,
respectively, while the baking, brick and newspaper printing industries
showed smaller gains in both employment and earnings. The two lumber
industries and the flour industry reported increased payroll totals, although
each of the three industries shiwed a slightly smaller number of employees.
The decreases in employment in the year were over 10% in 17 industries,
five of the decreases being over 20%, namely 21.4% in the agricultural implement industry, 21% in the men's clothing industry, 20.8% in the carriage industry, 20.7% in foundries and machine shops, and 20.4% in the
shipbuilding industry. The cotton goods industry shows a loss of 17.8%
ia number of employees, the woolen goods industry a loss of 12.4% and the
iron and steel industry a loss of 4.4% in the 12-month period.
The decrease in employees' earnings in the year were over 10% in 21
industries, the greatest being 31.3% in cotton goods, 29.7% in men' ,
.
,
clothing, 24.7% in shipbuilding, 23.1% in foundries and machine shops.
22.6% in rubber boots and shoes, and 21.9% in woolen goods. The iron and
steel industry reported a decrease of 7% in payroll totals.
The paper and printing group of industries showed an increase of 0.9%
in number of employees in May 1924, as compared with May 1923, and an
increase of 3% in payroll totals. The stone, clay and glass group showed
an increase of 1.5% and the lumber group an increase of 0.3% in payroll
totals, but employment in these groups decreased 1.7% and 2.4%, respectively. The nine other groups all showed decreased employment and payroll
totals. The largest decreases were as follows: In the textile group, 14.2%
in employment and 22.4% in earnings; in the chemicals group, 14.1% in
employment and 10.3% in earnings; in the leather group, 12.8% in employment and 18.1% in earnings; in the iron and steel group, 10.2% in employment and 12.1% in earnings.
Per Capita Earnings.
Per capita earnings increased in May 1924, as compared with April 1924,
in 20 of the 52 industries here considered, but only 6 of the 20 increases
were over 2.5%. These 6 were: 7.4% in shipbuilding, 6% in the fertilizer
industry, and approximately 3% each in the rubber boot and shoe, slaughtering and meat packing, cigar and agricultural implements industries.
The greatest decreases in per capita earnings were 8.1% in the seasonal
women's clothing industry, 5.6% in stamped ware, and 5% in the carpet
industry. Cotton goods showed a decrease of 3.1% and iron and steel a
decrease of 1.6%.
Comparing per capita earnings in May 1924 and May 1923, increases are
shown in 1924 in 29 of the 51 industries for which data are available, the
pottery industry leading with 7.8%, followed by chewing and smoking tobacco and snuff with 7.2%.
The greatest decreases in per capita earnings in the yearly comparison
were: 16.4% in the cotton goods industry, 11% in the men's clothing industry, and 10.8% in the woolen and worsted goods industry.
COMPARISON OF PER CAPITA EARNINGS, MAY 1924 WITH APRIL 1924
AND MAY 1923.
% of Change
May 1924
compared with
% of Change
May 1924
compared with
Industry.
Industry.
April May
1924. 1923.
April May
1924. 1923.
Shipbuilding, steel
Fertilizers
Rubber boots and shoes_ _
Slaughtering & meat pack_
Cigars and cigarettes
Agricultural implements_
Carriages and wagon13_
Brick, tile and terra cotta_
Petroleum refining
Sugar refining, cane
Confectionery
Pottery
Flour
Hardware
Chewing and smoking tobacco and snuff
Baking
Paper boxes
Automobile tires
Chemicals
Lumber, millwork
Lumber, sawmills
Machine tools
Steam fittings & steam &
hot-water heat. apparat.
Woolen & worsted goods-Foundry and machine shop
products
Printing. newspaper
+7.4
+6.0
+3.3
+3.2
+3.2
+2.8
+2.5
+1.9
+1 6
+1.0
+1.0
+0.9
+0.6
-2.1
-4.5
+0.8
+3.1
-I-5.9
+4.6
-0.4
+6.9
+5.9
+5.5
+7.8
+5.1
+2.3
+0.3
+0.2
+0.2
+a
+a
+a
-0.1
-0.2
+7.2
+2.0
+0.3
-2.8
+3.5
+4.5
+3.9
+6.2
+1.7
-0.2 -0.3
-0.2 -10.8
-0.4 -3.0
-0.4 +3.0
Electrical machinery, apparatus and supplies- -Clothing, men's
Car building and repairing,
electric railway
Boots and shoes
Paper and pull)
Structural ironwork
Dyeing & finishing textiles
Shirts and collars
Leather
.
Printing, book and jobIron and steel
Car building and repairing,
steam railway
Ice cream
Silk
Glass
Furniture
Automobiles
Pianos
Cement
Hosiery and knit goods..._
Cotton goods
Stoves
Millinery and lace goods_ _
Carpets
Stamped & enameled ware
Women's clothing
-0.5 +1.3
-0.6 -11.0
-0.8
+0.5
-1.0 +0.6
-1.3 -7.2
-3.5
-1.4 -3.1
-4.4 +1.9
-1.6 -2.6
-1.4
-2.2
-1.7 -3.6
+5.5
-1.9 +0
-2.0 -Si;
-2.0 +0.1
-2.2 +1.5
-4.0
-16.4
+2.9
-4.2 +2.5
-5.0 -9,3
-5.6 +4.9
-1.9
a Increase of less than one-tenth of 1.7.
Time and Capacity Operation.
There was a further reduction in general plant operation in May as shown
by reports in percentage terms from 5,975 establishments. These establishments were operating an average of 90% of full time as compared with an
average of 92% in April and an average of 94% in March. The same establishments were operating an average of 77% of full capacity, as compared
Total
5,90 180396 97681, -9.3 58.878.154 52,128.330 -11.5 with an average of 80% in April and an
average of 82% in March. Three
per cent of the 5,975 establishments were idle, 62% were operating on a
RECAPITULATION BY GEOGRAPHIC DIVISIONS.
full-time schedule and 36% on a part-time schedule, while 36% had a full
5Iew England
743302,65 258,365 -14.6 $7,477,750 $5,957,473 -20.3
.
Vliddle Atlantic
1.666 705,85 833,125 -10.319,757.142 17,494,713 -11 5 normal number of employees and 61% were operating with a reduced force.
Stone, clay rind glass products alone of the 12 groups of industries gained
East North Central_ _ _ 1,604738,72 683,519 -7.522.314.81319,945.643 -10.6
-8.5 2,262,514 2,159.816 -4.5 both in percentage of full-time and of full-capacity operation in May, as
Nest North Central_
87,84
495 98,05
louth Atlantic
633157,07 147,192 -6.3 2,832,512 2,569,377 -9.3 compared with April.
Tobacco products also gained in percentage of full?.ast South Central_.._
209 58,835 54,923 -6.6 1,113.720 1,020.133 -8.4
Vest South Central_ _ _
722,980 -12.3 time operation, and paper and printing showed no change, but all other
162 38.59 32,465 -11.3 824,188
dountain
439.265 +6.1 groups fell off in both items. The iron and steel group shows a loss of 4%
82 15,74 15,157 -3.7 413.876
'acme
315 68,87 64,218 -6.8 1,881,839 1.818,930 -3.3 in percentage of full-time operation and of 7% in percentage of full-capacity
lailroads, Class I
operation, while the textile group shows losses of 2% and of 4%, respecMarch 15 1923
4248,582,321
1,800.263
-- - _
-3.1,434,345,120
March 15 1924
- 577 tively, in the two items. Stamped ware shows a decrease of 9% in percent1.743.983
2age of full-time operation and of 14% in percentage of full•capacity operaNLeas than one-tenth of 1%.
tion.
x Amount of payroll for one month.
JULY 19 1924.]
THE CHRONICLE
253
FULL AND PART TIME AND FULL AND PART CAPACITY OPERATION
IN MANUFACTURING ESTABLISHMENTS IN MAY 1924.
CO 1Z 00
.-•,3C.J.40000,11.4,1010
a Industries for which no wage changes were reported are omitted from this table.
b One establishment decreased the rates of 52 of its 58 employees 8%. c Two establishments decreased the rates of their 993 employees 10%. d Also two establishEstablishm'ts % of Estab Avge. % of Estab. Avge. ments decreased the rates of 60 of their 68 employees 10%. e Less than ii of 1%.
Reporting
Operating
% of
Operating
% of f Also one establishment decreased the rates of 200 of its 586 employees 10%. g Four
establishments decreased the rates of 4,844 of their 4,939 employees 10%. h One
FullFullletdustry.
Time
mime. establishment decreased the rates of 533 of its 757 employees 15%: t One establishment decreased the rates of 242 of its 285 employees 10%. J Also four establishTotal
%
Full Part Oper. Full Part Oper.
ments decreased the rates of 1,562 of their 5,568 employees 1.5%. 8 Also four
No. Idle. Time. Time
in
CaCain
Estab. sadly. parity. Estab. establishments decreased the rates of 460 of their 893 employees 11%. 1 Seventeen
Oper'g
Opera establishments decreased the rates of 4,444 of their 4,891 employees 9.4%. m Also
one establishment decreased the rates of 900 of its 1,077 employees 8%• a One
Food & ki;Idred products663
1
51
48
82
29
70
71 establishment decreased the rates of its 286 employees 9%. o Also one establishslaught ring and meat
ment decreased the rates of 25 of its 28 employees 20%. p Also one establishment
pacltllt,g
35
57
43
93
34
66
80 decreased the rates of 100 of its 165 employees 42%. q Six establishments decreased
Confectionery
124
1
42
57
86
16
83
63 the rates of 440 of their 534 employees 7.7%. r One establishment decreased the
Ice crea m
65 ____
85
15
96
49
51
80 rates of 95 of its 180 employees 20%.
Flour _ •
253
2
20
78
65
64
23
75
Index of Employnient in Manufacturing Industries.
Baking •
178 ____
85
15
96
35
65
80
Index numbers for each of the 52 industries studied by the Bureau of'
Sugar r fining, cane_ _ _
8
13
75
13
97
50
38
92
d their products 1,122
Textiles an
2
54
44
87
29
69
76 Labor Statistics for May 1924 appear in the following table in comparison
Cotton (oods
250
2
48
50
82
37
60
78 with April 1924 and with May 1923, together with a general index for the.
Hosiery and knit goods_
172
1
48
51
85
24
74
73 combined 12 groups of
industries.
Silk gothis
160
1
69
30
94
22
77
74
Woolen sc worsted goods
163
2
58
39
90
40
58
81 INDEX OF EMPLOYMENT IN
MANUFACTURING INDUSTRIES, MAY
.
Carnets
17 ____
65
35
91
18
82
66
AS COMPARED WITH APRIL 1924 AND MAY
Dyeing and finishing
1923.
textiles
[Monthly average, 1923-100]
75 ____
31
69
82
9
91
63
Clothin men's
127
3
54
43
36
23
74
74
1923.
-1924--IndustryShirts a id collars
43
5
53
42
87
33
63
May April. May.
79
Clothin
women's_ _ -61
3
66
31
91
48
49
1923.
85
-1924-IndustryMilliner Y and lace goods
54
4
61
35
87
19
May. April. May.
78
71
Iron & etael & their prod_ 1,059
2
62
36
91
22
76
102
69 General index
95
91
Iron an L steel
124
11
35
53
78
--15
73
65 Food
and kindred products
Structural ironwork_ _ _
114 ____
73
27
95
24
96
76
93
73
92
Slaughtering and meat packing
Foundry• and machine96
92
90
Confectionery
shop toducts
478
1
61
37
91
21
87
78
81
69
77
Ice cream
Hardwa re
37 _
76
24
96
27
73
100
80
96
104
Flour
145
Machin 1 tools
1
78
21
95
15
94
84
54
92
89
Baking
Steam 1Stings and steam
97
100
100
Sugar refining, cane
and ho ,water heating
117
109
101
aPpar itus
95 ____
74
26
95
37
63
103
81 Textiles and their products
91
87
Cotton goods
66
Stoves _
33
67
84
106
26
74
76
86
83
Hosiery and knit goods
788
Lumber a id its products_
3
66
31
94
50
47
103
99
87
95
Silk goods
334
Lumber, sawmills
4
70
27
95
66
30
102
94
95
93
165
Woolen and worsted goods
Lumber, millwork
1
80
19
96
54
45
102
91
87
88
289
Carpets
Furnitu m
2
54
44
91
100
30
68
96
79
91
211
Dyeing and finishing textiles
Leather a al its products_
3
55
42
86
105
20
77
88
65
85
Clothing, men's
77
Leather.
6
77
17
96
17
99
77
87
64
84
134
Shirts and collars
Boots a id shoes
1
43
57
80
102
22
92
77
66
88
499
Clothing, women's
Paper and printing
1
78
21
96
100
57
100
42
88
89
127
Millinery and lace goods
Paper a ad pulp
3
69
28
103
94
91
66
31
91
88
87 ____
Paper OXCEI
52
48
102
90
94
33
67
89
78 Iron and steel and their products
Iron and steel
164 ____
Printing, book and Job_
83
101
17
96
106
40
96
60
84
Structural ironwork
Printing, newspapers
121 --- 99
95
1
100
91
88
92
12
98
Foundry and machine-..hop products
155
Chemicals & allied prod_
12
63
103
25
90
86
34
83
54
72
Hardware
Chemic Is
51
6
76
101
18
96
98
35
95
59
77
Machine tools
Fertilizery
69
23
38
110
39
91
79
9
88
68
53
Steam fittings and steam and hot-water heating appraatus__ _103
Petrole m refining_ _ _ _
35 __
94
6
101
99
99
83
17
94
Stoves
Stone, cla y dr glass prod_
480
9
66
103
25
93
90
89
46
45
86 Lumber
Cement
and its products
86
14
101
98
98
74
97
26
95
Brick, t le & terra cotta
Lumber,sawmills
280
8
68
24
101
92
97 • 97
48
44
87
Lumber, millwork
Pottery
42 '____
60
40
101
95
104
103
50
50
92
Glass _
Furniture
108
19
55
26
100
90
97
93
26
55
76 Leather and
Metal pro Wets other than
its products
100
92
88
Iron an steel
Leather
29 ____
45
55
er
100
14
90
86
64
86
Stampc i dc enam. ware_
Boots
29 . _
_
45
55
85
100
14
92
88
86
64 Paper and shoes
Tobacco Toducts
and printing
115
4
54
42
88
100
101
23
100
72
73
Chewin ; and smoking
Paper and pulp
103
97
96
.tobac to
Paper boxes
26
4
42
54
87
15
97
81
99
95
72
89
Cigars nd cigarettes
Printing, book and job
4
57
38
88
26
98
101
101
70
73
land transp'n_
a
623
Vehicles
Printing,
69
30
93
52
100
105
105
47
82 Chemicals newspaper
160 _ _ __
Automo sites
and allied products
39
61
84
102
14
101
92
86
61
Chemicals
Carriagea and wagons
30
3
63
33
89
23
102
97
93
73
64
Fertilizers
Car bid ;. & repairing
89
129
85
Petroleum refining
142 __ __
Elect lc railroad
90
10
99
75
107
25
94
94
94
291
clay, and glass products
Steam railroad
a
76
23
96
66
104
34
102
102
89 Stone,
231
Cement
Miseellan ous industries_ _
1
65
35
92
23
98
101
103
76
70
Brick, tile, and terra cotta
59 -- _ Audenitoral implements
59
41
91
19
106
102
106
81
63
Pottery
Electrical machinery,
99
112
109
Glass
80
appar atus & supplies_
1
71
28
94
25
106
74
99
96
74
18 ___ Pianos nd organs
72
28
92
56
107
44
100
94
35 Metal products, other than iron and steel
Stamped and enameled ware
6 ____
Rubber boots and shoes
33
67
76
107
17
100
94
83
72
53 ____
Tobacco products
Automo bile tires
53
47
91
21
100
92
92
79
73
Chewing and smoking tobacco and snuff
15
Shipbuilding,steel
7
93 _ _ __
100
102
7
87
104
101
49
Cigars and cigarettes
100
91
91
•
Total
5,975
3
62
36
90
36
ni ' 77 Vehicles for land transportation
101
95
90
Automobiles
a Less than one-half 01 1%.
104
107
97
Carriages and wagons
112
93
88
Wage Changes.
Car building and repairing, electric-railroad
89
89
Wage-rate increases were reported by 77 establishments in 16 industries
Car building and repairing,steam-railroad
99
87
86
during the month ending May 15 and wage
-rate decreases by 48 establish• Miscellaneous industries
105
94
88
Agricultural implements
tents in 16 industries. The increases averaged 7.1% and applied
111
89
81
to 4,464
Electrical machinery, apparatus and supplies
100
101
96
.niployeea, or one-third of the total employees in the 77 establishments
Pianos and organs
re98
97
89
porting them. The decreases averaged 9.2% and affected 15,236
Rubber boots and shoes
employees
108
75
77
Automobile tires
in the 48 establishments concerned.
116
95
95
Shipbuilding, steel
The increases in rates were most numerous in the banking, mill
104
91
82
work and
newspaper printing industries, while more than one-third of
The following table shows the general index of employment in manufacthe decreases
were reported by sawmill establishments.
turing industries from June 1914 to May 1924, based on figures published
by the Bureau of Labor Statistics:
WAGE ADJUSTMENTS OCCURRING BETWEEN APRIL
15 & MAY 16 1024.
- --GENERAL INDEX OF EMPLOYMENT IN MANUFACTURING INDUSEstablishmls dna.of Increase
EMP ctiees Alluded
TRIES JUNE 1914 TO MAY 1924.
(Monthly average, 1923=100.)
% of Employees
a Industry.
Total No.
Month.
No. report1914 1915 1916 1917 1918 1919 1920 1921. 1922. 1923. 1924.
Total lnestab- In all
report- tag in- Range. Average No. lishm'ts estab .
lay, creases
92 105 117 115 110
report'g ishmla January
77
87
98
95
93 108 117 115 104
83
crease,. report's February
88 100
97
March
_94 110 117 116 104
84
84 102
96
April
Per Ct. Per Ct.
-- -94 109 115 115 104
84
83 102
95
lee cream
105
2 10-20
10.5
95 110 115 114 107
82
66
1 May
85 85 102
91
Flour
307 (b)
June
99
96 110 115 113 109
85
87 102 __ -Baking
321
19 4-12.8
July
7.0
96
95 111 114 115 111
546
58
1
85
87 100 -- _ Cotton goods
320 (c)
August
93
96 110 113 115 110
86
88 100 __ -Hosiery and knit goods.258
September
dl
7
95
7.0
99 111 111 114 112
50
20 (e)
87
91 100 __ _Silk goods
199
11
5
5.0
95 101 113 113 112 107
228
1 October
74
89
93
99 __ -Carnets
27 (g)
November
94 104 115 116 113 110
99 __ -94
89
Dyeing & finishing textiles89 (h)
December
93 106 115 117 114 113
90
97
97 __ -Clothing, men's
218 (1)
Iron and steel
217
.11
25
25.0
47
20 (e)
Structural ironwork
149
5 10-15
12.6
43
17 (e)
Foundry and machine-shop
Good Building Record in June
products
642
-F. W. Dodge Cor86
5-10
5.9
593
55 (c)
Machine tools
187
3
5
5.0
poration's Review of Construction Activity.
105
55 (c)
Steam fittings & steam &
hot-water heating apparIn view of the declining tendency in construction activity
126
atus
5
3-20
9.9
141
39 (e)
Lumber, sawmills
448 (1)
and in general business, June building operations held up at
Lumber, tnillwork
255 m15 4.5-10
8.0
886
3 a remarkably high rate, according
59
I.eather
127 (a)
to F. W. Dodge CorporaPaper and pulp
179
1
1
1.0
145
tion. Contracts awarded in June in the 36 Eastern States
53 (e)
Printing, book and Job__ ...
244
1
2.7
2.7
25
16 (e)
Printing, newspapers
8 3-10.5
183
5.9 1,126
24
3 (including about seven-eighths of the United States total of
Chemicals
1
88
10
10.0
89
6 (e)
Fertilizers
106
construction volume) amounted to $387,521,100. The deol
10
10.0
29
50 (e)
Brick, tile, and terra cotta_
358
2 5-16.5
15.1
58
22 (e)
cline from May was a little less than 8%, and there was an
taus
131
51
5
5.0
35
60 (e)
cigars and cigarettes
173 (q)
increase of nearly 5% over June of last year. It will be
t utomobiles
227
2
9-10
9.7
222
24 (e)
carriages and wagons
42
2 5-16.7
recalled that a downward reaction of some magnitude was in
6.9
9
45 (e)
‘ulianubili• tire.,
72 (r)
progress at this time last year. Construction started in
"254
THE CHRONICLE
'these 36 States during the first half of this year has amounted
to $2,323,816,900, a record figure, being a 10% increase over
the first half of last year. However, the increase has not
been general throughout the country. For instance, New
York City has registered an increase of 83%, while the
territory outside of New York City has shown a general
'decline of 1%. The New York and Southeastern Districts
have shown substantial increases; New England's increase
has been moderate; the Middle Atlantic States have just
equaled last year's record; and the Pittsburgh, Central
Western and Northwestern distects have shown substantal
declines. All the important classes of construction except
industrial plants have participated in the increase in construction volume. Industrial construction has declined considerably. Recapitulating the six months' record, the important groups were represented as follows: Resident al
buildings, $1,108,376,900, or 48% of the total; public works
and utilities, $340,565,000, or 15%; commercial buildings,
3312,609,600, or 13%; educational buildings, $192,656,200,
or a little over 8%; and industrial buildings, $175,701,500,
a little under 8%. Since the peak was passed a number of
deferred projects have come into the market, which has held
the volume of new contracts up to high levels. The amount
of deferred•wotk is now considerably less than it has been for
some time. It seems scarcely probable that there is enough
of it to bring about any considerable revival bef re the end
of the year, such as occurred in the latter months of 1923,
says the Dodge report, which proceeds as follows:
New York State and Northern New Jersey.
June building contracts in New York State and Northern New Jersey
amounted to $91,519,500. This was a decrease of 17% from the previous
month and an increase of 8% over June of last year. Last month's total
Included: $48.063,100, or 53%, for residential buildings; $12,521,000, or
14%, for commercial buildings; 88.640.500, or 9%, for public works and
utilities; $7,851,500, or 9%. for educational buildings, and $3.758,700. or
4%,for industrial buildings.
Total construction started in this district during the first half of this
year has amounted to $754,129,100, an increase of 56% over the first
half of last year, a remarkable record.
• Contemplated new work reported in June amounted to $83,482,200. It
is unusual for contemplated work to be reported in less volume than contracts awarded. Contemplated new work reported during the first half
of this year has amounted to $992,311,100, compared with $754,129,100 for
work actually started. The excess of contemplated work over contracts
awarded is unusually small. indicating that most of the deferred projects
have already come into the open market.
New England.
Contracts awarded in New England in June amounted to $34,138,300. a
'decrease of 13% from the previous month and an inrocase of 12% over
the previous June. Included in last month's record were: $15,027.600, or
44%, for residential buildings; $5.468.800, or 16%, for commercial buildings; $4,254,900, or 12%. for educational buildings: $3,283,400, or 10%.
tor public works and utilities; and $3,249,500, or 9%,for industrial buildings.
New England's construction record for the first half of this year has
shown a total of building contracts amounting to $177,804,600, an increase
of 5% over the first half of 1923.
Contemplated new work reported in June amounted to $38,477,700.
bringing the total of contemplated work reported in the first half of the
Year up to $245,823,500. The margin of the above figure over total contracts awarded is less than normal.
Middle Atlantic States.
Contracts awarded during June in the Middle Atlantic States (Eastern
Pennsylvania, Southern New Jersey, Maryland, Delaware. District of
'Columbia and Virginia) amounted to 840,247.900. The decrease from the
previous month was 10%; the increase over June of last year, 69%. Last
month's record included: $16,778.000, or 42%, for residential buildings;
410,521,200, or 26%, for public works and utilities; $4,486,900, or 11%.
Tor commercial buildings; $3.302,300. or 8%, for educational buildings,
and $1,795,400. or 4%, for industrial buildings.
Construction started in this district during the first half of this year has
amounted to $228,398,800, practically the same as the figure for the first
half of last year.
Contemplated new work reported in June amounted to $59,654,600, a
decrease of 13% from the amount reported in May.
[Vot. 119.
Contemplated now work reported in June amounted to $44,831,900. a
lower figure than that for contracts awarded. The record of contemplated
work reported during the first six months is low in comparison with work
actually started, indicating only a small amount of work deferred.
The Central West.
Contracts awarded during June in the Central West (Illinois. Indiana.
Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma and Nebraska)
amounted to $102.395,500. This was the only district which showed an
increase over May, the increase being 7%. However, there was a decline
of 15% from June 1923. Included in last months'record were:$35,246,800.
or 34%. for residential buildings: $22,436,200, or 22%, for commercial
buildings; $19,564,300, or 19%, for public works and utilities; $9,680,200.
or 9%, for educational buildings, and $7,359,000, or 7%, for industrial
buildings.
Total building contracts in this district in the first half of the year have
amounted to $535,867,400, a 7% decrease from the first half of 1923.
Contemplated new work reported in June amounted to $137,796,600, a
decrease of 11% from the amount reported in May. There was 40% less
work reported in the pre-contract stage in the first six months of this year
than in the corresponding period of 1923.
The Northwest.
June building contracts in Minnesota, the Dakotas and Northern Michigan amounted to $11,048,700. This was a 5% drop from May and a 33%
drop from June of last year. The following were the more important items
in the June record;$4,918,300, or 45%,for residential buildings; $2,559,700.
or 23%. for public works and utilities; $1,140,500, or 10%, for educational
buildings, and $820,500, or 7%, for industrial buildings.
Construction started in this district during the first half of 1924 has
amounted to $49,814;200. a decrease of 35% from the corresponding period
of last year.
Contemplated new work reported in June amounted to $10,247,100, less
than the amount of work started. The small volume of contemplated new
work reported since the first of the year indicates a very small volume of
construction in abeyance.
New York City Building Construction on a
Lower Basis.
June building contracts in the five boroughs of New York
City amounted to $50,443,900, according to F. W. Dodge
Corporation. The decrease from May was 10%, and the
increase over June of last year was less than 1%. During
the first half of this year construction started in New York
City has reached a total of more than half a billion dollars,
$514,789,500 being the exact figure. This, is is averred, is
more than one-sixth of the total construction volume of the
entire country for the period, and represents an increase of
83% over the first half of the last year.
Although all classes of construction participated in the
June decline, residential buildings continue as a very large
per cent of the'total, 60% in June, or $30,099,200. Commercial structures in June amounted to $8,996,700, or 18%;
educational buildings, $3,565,000, or 7%; social and recreational projects, $2,831,000, or 6%,and industrial buildings,
$1,206,000, or 2%. While commitments to date indicate
a healthy rate of construction activity for months to come,
says the Dodge report, nevertheless the comparatively low
figures recorded in May and June indicate a considerably
lowered rate of contract-letting during the remainder of the
year. In view of the large construction volume of the past
nine months, a substantial revival in the fall; such as occurred
ast year, seems considerably less probable in 1924.
Building Permits Still Increasing, S. W. Straus & Co.
Find.
According to the National Monthly Building Survey,
prepared by S. W. Straus & Co., prospective building operations throughout the entire country continue to increase
in volume as the season advances, notwithstanding an unmistakable slowing down in many sections. During the first
six months of this year 328 cities and towns reported plans
filed and building permits issued amounting to $1,966,082,Southeastern States.
235, a gain of 8% over the corresponding period of 1923.
Construction started during June in the Southeastern States (the Caro- Official records in the same cities and towns revealed June
linas. Georgia, Florida, Tennessee. Alabama, Mississippi, Arkansas and
building plans and permits amounting to $299,682,315, a
Louisiana) amounted to $56,373,700. The decrease from May was 7%
but there was a 19% increase over June of last year. Included in last gain of 10% over June last year. The survey continues as
month's record were: $24,763,300. or 44%, for residential buildings; follows:
and utilities;
$6,955,500, or 12%,
48.758.800, or 16%. for public works
for commercial buildings, $5,942.000. or 11%, for industrial buildings,
and $5.800,900, or 10%. for educational buildings.
Total contracts awarded in these States during the first half of this year
have amounted to $299,240,400, an increase of 14% over the first half
of 1923.
Contemplated new work reported in June amounted to $59,893,100, a
decrease of 39% from the amount reported in May.
Pittsburgh District.
June building contracts in Western Pennsylvania, West Virginia, Ohio
and Kentucky amounted to $51.797,500. The decrease from the previous
month was 9%; the increase over June of last year, 8%. Included in last
month's record were: $18,456,500, or 36%, for public works and utilities;
416,645,500, or 32%, tor residential buildings; $4,221.100, or 8%, for
commercial buildings; $3,323,000, or 6%, for hospitals and institutions,
and $2,776,200, or 5%. for educational buildings.
Total construction started in these States during the first half of this
year has amounted to $278,562,400, a decline of 12% from the first half
<A' this year has amounted to $278,562,400, a decline of 12% from the
first half of 1923.
Inasmuch as these records constitute the only official figures in existence
giving a dependable indication of future building tendencies, they may be
accepted as proof that prospective building operations in the United States
as a whole have attained unprecedented volume.
Analysis of the reports indicates a tendency toward less active conditions
in a largo number of places and that the saturation point in building seems
to have been reached in many sections. Nevertheless, the onward sweep
of the building movement in the large cities has more than overbalanced the
recessions alluded to.
Twenty-fire Principal Building Cities.
The twenty-five cities which led in plans filed and permits issued during
the half year ended June 30,showed a gain of 11% over 1923.
In June these same cities gained 19% over the same month last Year and
18% over June 1922.
It is of interest to note that these 25 cities reported prospective building
operations amounting to 67% of the total amount reported by 328 cities
and towns for the first six months of the year.
st Among the cities showing large gains for the half year period were: New
York, $133.451,325. Detroit, $22,193,000, Rochester. $8,981,192, Boston.
JULY 19 1924.]
THE CHRONICLE
$4,984,687, Newark, $3.839.941, Cleveland. $3,569,440, Milwaukee,
$3.060,383, Buffalo, $3,187.000. Seattle. $3,153,505, and San Francisco.
32.127,477.
Miro+
il6
The cities showing the greatest gains in June as compared with June
1923, were: Chicago. 316,604,700, New York. *13,008,001. Detroit,
*4,459.793, Philadelphia, $2.738,005, Cleveland, $1,932,075. Milwaukee,
$977,778, Buffalo. $839.000, Newark, N. J.,8792,193. Louisville,$373,197.
and Denver, $318,150.
Regional Reports.
The Eastern and Southern cities reported a gain over the first half of last
year and the Central West and Pacific Coast cities reported slight losses.
The Eastern, Central and Southern cities reported gains over June 1923.
but the Pacific Coast reported a loss also from June 1923. In 93 Eastern
cities the gain was 20% for the half year and 17% over June last year. In
107 Central cities tho loss from the first half of last year was 3% and the
gain over June 1923, was 23%. In 76 Pacific Western cities, the loss from
the first half of last year was 4% and the loss from Juno last yearw as 28%.
In 52 Southern cities, the gain over the first six months last year was 4%
and the gain over June 1923, was 14%•
New York City Conditions.
Greater New York showed a very substantial gain for the half year, with
an increase of $133.451,325. or about 31%,as
compared with an Increase of
1140,877,150, about 8%. reported for the first six months for 328 cities.
At the same time, despite this strong showing for New York during the
first half of the year, Chicago reported a greater increase over June last
year than did New York. The gain in New York over June 1923, was
$13,008,001, or 22%%, while Chicago was $16,604,700, or 93%. New
York's gain over June 1922, was 42%. All of the boroughs of New York
showed substantial gains for the six months, and Queens was the only one
of the five boroughs which showed a loss from June 1923.
Labor and Materials.
The general tendency of the price of building labor is upward although
the month of June brought forth some scattered instances of reduced wages
to skilled craftsmen in the smaller cities. June saw further recessions in
material prices. As in May, the declines were confined almost wholly to
lumber and structural steel. Douglas fir prices were stabilized at levels
established in May, but southern pine continued to drop until the last
few days of June. Starting materials witnessed a slight softening in New
York City. In other cities they remained practically unchanged.
SUMMARY OF FIRST HALF AND JUNE 1924 REPORT BY REGIONS.
No. CitiesFirst Half 1924 First Half 1923 June 1924.
June 1923.
93 East
$993,877,780
$830,011,758 $140,992,769 $119,995,768
107 Central
564,448,688
583,212,908
100,329,252
81,321,629
76 West
248,015,159
259,935,867
34,277,136
47,937,310
52 South
159,710,608
152,041,552
24,083,158
21,182,995
328
Total
31,966,082,235 $1,825,205,085 3299,682,315 $270,437,702
TWENTY-FIVE CITIES, SHOWING LARGEST VOLUME
OF PERMITS
FOR FIRST HALF 1924 AND JUNE PERMITS WITH
COMPARISONS.
First half 1924 First half 1923 June 1924. June 1923. June 1922.
$
New York *__ _ 561,161,014 427.709,689 70.391,004
57,383,003 49,413,589
Chicago
159.964,370 188,391,962 34,288,250 17,683.550 26,578,850
Detroit
87,195,800
65.002,800 14,191,617 9.731.824 8,274,184
Los Angeles
78,828,738
93,889,205 10,292,5 2 15,075,466 10,652,265
Philadelphia
72,568,485
75,179,095 11,108,880 8,370.875 13,190,220
Cleveland
32,241.090
28.671.650 5,952,975 4,020,900 8,808.825
Boston •
27.669,543
22,684,856 3,795,161
4,042,264
4,432,566
San Francisco_ _ 26,157,669
24,030,192 3,899,374 4,213,346 3,336,701
BaLimore
28,150,650
23,642,585
1,339,500 2,713,110 2,658,480
Milwaukee
20,866,307
17,804,924 3,428,132 2,150,354 2,345,198
Wnshington,D.0 19,748,926
30,195,546 4,077,880 3,954,670 5,799,947
Rochester
18,667,717
9,686,525 1,715,285 1,588,234
1,292,294
Newark
18.406,108
14,566,167 2,623,876
1,831,683 2,200,580
St. Louis
17,925,064
20,425.867 2,592,272 2,905.865
2.436,755
Pittsburgh
17,748,132
18.088.595 3,146.638 3,650,015 4.210,193
Seattle
16,892,350
13,739,443 2,09^,350 5,230,445 2,892,030
Portland. Ore
15.032,855
13,257,240 2,344,290 2.186,470 2,230,855
Dallas
14,718,258
12,089.377
1,882,666
1,648,155 1,533.046
Buffalo
14.455,000
11,268,000 2,936,000
2,097,000 2,265,000
Oakland
14,392.135
13,736,197 2,527,008 2,751,751
3,381,045
Cincinnati
13,577,885
15,301,415 2,030,195 2,452,355
2,187,225
Providence
13.157,500
16,305,900 2,685,200 2,592,200
1,679,900
Denver
12,911,100
11,534,450 2,389,850 2.071,700
1,815,700
Indianapolis... _
12,864,407
14,597.498
1,755,234
1,925,252 2,289,941
Louisville
12,450,707
10,953,994
1,236,791
863,594
1.577,950
1,324,752,260 1,192,733,172 194,714,970 183,414.111 165,311,319
•Indicates figures for plans filed instead of permits issued.
255
TOTAL VALUE OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1924 corrected to July 12 1924-)
MERCHANDISE.
June.
1924.
Twelve Mos. Harting June.
1923.
1824.
1923.
Increase (+)
Decrease (-)
5
$
$
$
$
277,000,000 320,233,799 3.557,147.532 3,780,958,965 -223,811.433
307.000,000 319,958,953 4,311,625,797 3,956,733,373 +354,892,424
Imports
Exports
Excess of imp_
Excess of exp. 30,000,000
276,846
754,478.265 175,774.408
IMPORTS AND EXPORTS OF MERCHANDISE. BY MONTHS.
1923-24.
ImportsJuly
August...
September_
October
November_
December.
January
February_
March
April
May
June
1922-23.
1921-22.
3
$
287,433,769 251,771,881
275,437,993 281,376,403
253.645,380 298.493.403
308.290.809 276,103,979
291,333,346 291,804,825
288,304,766 293,788,573
295,506.212 329,253.864
332,323,121 303,406,933
320.502,653 397,928,382
324,369,986 364,252,544
302,999,517 372,544,578
277.000,000 320,233,799
1913-14.
1920-21.
$
$
178,159,154 537,118,971
194,788,751 513,111.488
179.292,165 363.290.301
188,007.629 333,195,758
210,948.036 321,209,055
237,495,505 268.057,443
217,185,398 208,798,989
215,743,282 214,529.880
256,177,796 251,969,241
217,023,142 254,579,325
252,817,254 204.911.186
260,460,898 185,689,909
$
139,051,770
137,651,553
171.084.843
132.949.302
148,236,536
184,025,571
154.742.923
148,044,776
182,555,304
173,762,114
164,281.515
157,529,450
12 mos.end.
June_. 3,557,147,532 3,780,958.965 2,608,079,008 3,654,459,346 1,893,925,657
Exports
July
AugUat
SeptemberOctober...
November.
I Mcember _
JanuaryFebruary_ March
AprIL
May
June
302,186,027
310,965,891
381,433,570
399,199,014
401,483,872
426,665,519
39.5,271,187
365,764,772
339,755,230
346,950,814
334,949,901
307,000,000
•
301,157,335 325,181,138 651,136,478 160,990,778
301,774,517 366.887,538 578,182,691 187,909.020
313,196,557 324.863,123 604,686,259 218,240.001
370,718,595 343,330,815 751,211.370 271,861,464
379,999,622 294,092,219 676,528,311 245,539,042
344,327,560 296.198.373 720,286,774 233.195.628
335,416,506 278,848,469 654,271,423 204,066,603
305.957,419 250,619,841 486,454,090 173,920,145
341,376,664 329,979.817 386,680,346 187,499,234
325,492,175 318.469,578 340,464,106 162,552,570
316,359,470 307,568,828 329.709,579 161,732,619
319,956,953 835,116,750 330,898,606 157,072,044
12m08.end.
June_ .._
.4.311,625,797 3,956.733.373 3.771.158.489 6,516.510.033 2.364,579.148
GOLD AND SILVER.
June.
1924.
Gold
Imports
Exports
12 Months Ending June.
1923.
1924.
1923.
Increase (+)
Decrease (-)
$
25.181,117 19,433,539 417,025,638 284,089,550 +132.936,088
268.015
548.484 10,206,941 49,021.975 -38.815.034
Excess of imports_ 24,913,102 18,885,055 406.8l8.6971235,067,575
SiberImPorts
4,870,389 6.065,947 79.939,9851 64.947,025 +14.992.980
Exports
8,848.499 3,581,081 98,785,5861 55.906,956 +42,878,630
Excess of imports
2,484.868
9,040.069
Excess of exports_ 3.778.110
18.845.601
IMPORTS AND EXPORTS OF GOLD AND SILVER. BY MONTHS.
Golf.
1923-24.
Imports
July
August
September
October
November _ _
December
January
February
March
April
May
June
1922-23.
Silver.
1921-22.
1923-24.
$
$
$
$
27,929,447 42,986,727 64,247,479 10.068,463
32,856,097 19,092,208 84.901,554 6,465,949
27,803,961 24,464,235 68,085,253 8,517.971
29.795,18520,866,166 47,106,839 6.929,311
39,757,436 18,308,087 51,298,626 5,269,173
32,641,226 26.439,677 31,665.827 8,172,301
45,135,760 32,820,163 26,571.371 5,979.758
35.111,269 8,382,736 28,738,920 7,900,409
34,322.375 15,951,357 33,488.256 6,220,934
45,418,115 9,188.470 12,243,555 3,907,745
41,073,650 46,156,195 8,993,957 5,639,582
25,181,117 19,433,539 12,976,636 4.870.389
1922-23.
1921-22.
$
$
6.957.298 4,513.279
4,943,762 7,852,849
6,370,279 4.488.359
3,940,349 7,509,838
5.855.405 5,912,079
7.847,570 5,515.904
5.824,637 6.495,758
3,792,387 4,785,957
4,626.376 6,953,105
4,261,869 4,799.873
4.461,146 5.511.553
6,065,947 6,345.744
12 mos. end!
June
The Country's Foreign Trade in June-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on July 14 issued the statement of the foreign trade of the United States for June and the
twelve
months ending with June. The value of merchandise exported in June this year was $307,000.000, as compared with
$319,956,953 in June last year. The imports of merchandise
were $277,000,000 in June 1924, as against $320,233,799
in
June last year. This left a trade balance in favor
of the
United States on the merchandise movement of
$30,000,000
for the month in 1924, as compared with an
unfavorable
balance for the corresponding month in 1923 of
$276,846.
Imports for the twelve months of 1923-24 have
been $3,557,147,532, as against $3,780,958.965 for the twelve
months of
1922-23. The merchandise exports for the twelve
months
have been $4,311,625,797, against $3,956,733,373,
giving a
favorable trade balance of $754,478,265, against $175,774,408
.
Gold imports totaled $25,181.117 in June this year, against
$19,433,539 in the corresponding month last year, and for
the twelve months they are $417,025,638, as against
$284,089,550. Silver imports for the twelve months have
been
$79,939,985, as against $64,947,025 in 1922-23, and silver exports $98,785,586, against $55.906,956. Some comments
on
the figures will be found in an earlier part of
this issue in
our Editorial Department. Following is the
complete official report:
417025638 284089550 468318273 79,939.985 54,947.02 70.684,298
'
Exports
JULY
522,826
643,714 3,734,929 6,233,163 6,268,953 5,112,842
August
2,200,961
956,853
671,652 7,032,221 3,861,180 3,743,133
. 862,697 1,398,607 2,448,741 8,123,460 3,735,178 4,946.751
September
October
. 1.307,060 17,591,595 7,576,472 7,522,845 3,268,731 4,782,199
November
746.794 3,431.065
607,437 8,775.474 6.599,171 4,803,832
December.._ _. 711,529 2,709,591 2,161.582 9,521,083 6,913,200 7,145.047
January
280,723 8,472,198
862,983 8,208,644 6,921,002 3,977,118
February
505.135 1,399.089 1,731,794 8,876,713 2,191,059 7,091.681
March
817,374 10,392.100
963,413 8,355,278 4,731.705 4,302.182
April
1.390.537
655,235 1,578,867 7,801,689 4,336,338 5,108,732
May
593.290
824.444 3,406,658 9,686,517 3,499,358 5,676.751
June
268,015
548,484 1,600,754 8.648.499 3,531.081 6.004,421
12 mos. end! 3
June
- 10,206,941 49,021,975 27.345,282 98.785,586 55,906.956 62.694,671
Crude Oil and Gasoline Prices Show Many Changes,
All Reductions.
The week just passed brought numerous reductions in the
price of both crude oil and gasoline, almost country-wide in
their application.
The Sinclair Crude Oil Purchasing Co. on July 12 cut
mid-continent crude oil 39 degrees and above, 25 cents a
barrel to $2 a barrel. This reclassifies the oil into four
grades, making all oil 36 degrees and above $2 a barrel.
The reduction of 25 cents a barrel applied only to top grade
mid-continent. For bulk of oil, that under 39 gravity price
was left unchanged. A second reduction in price was announced July 15 by the Sinclair Crude Oil Purchasing Co.
when it reduced mid-continent crude oil of 36 degrees gravity
and above 25 cents a barrel, making all oil 35 degrees gravity
and above $1 75 a barrel.
256
THE CHT;ON"el.E
[VOL. 119.
A reduction of one cent a gallon in gasoline prices in
The Texas Co. announced a price revision of mid-continent
crude oil on July 16, resulting in a reduction of 25 cents a Pennsylvania and Delaware was announced July 14 by the
Atlantic Refining Co. The cut brings the price at filling
barrel in top grade. Other prices were unchanged.
The Texas Co.'s new price schedule follows: Below 30 degrees, $I 25 a statiOns to 22c. a gallon, while tank wagon price is 19c.
barrel; 30 to 32.9 degrees, $1 45; 33 to 35.9 degrees. $1 75;36 and above $2. This is the first price change made since Feb. 9, when the
Under the old schedule 39 and above was $2 25.
price was increasel one cent to 23c. a gallon. The Gulf
On July 17 the Texas Co. announced a reduction of 25 Refining, Texas and Transcontinental Oil companies met
cents a barrel on North and Central Texas crude oil of 36 the cut.
degrees gravity and above, bringing the price to $2.
The retail price of gasoline dropped to 16c. at suburban
The Prairie Oil & Gas Co. announced on July 17 that it filling station near Albany, N. Y., on July 13, but generally
would hereafter pay $1 75 per barrel for top-gravity mid- the price remained at 18c.
-a
continent crude-now classified as 33 gravity and above
Independent gasoline sold at 12c. a gallon in the price
reduction of 50 cents per barrel for the highest grades of war in Rochester, N. Y.
crude. The company also stated that it had made a change
The Standard Oil of New York reduced the price of
in its prorating order which became effective on July 1. gasoline one cent to 19c. tank wagon basis on July 15.
The new price schedule follows: Below 30 degrees gravity, New service station price is 21 Mc. per gallon in New Eng$1 25 a barrel; 30 to and including 32.9 gravity, $1 45; and land and 22c. per gallon in New York.
33 degrees and above, $1 75.
Gulf Refining Co., Beacon Oil, Sinclair Consolidated
The change in prorating, according to the official an- and Texas Co. have followed the reduction.
nouncement, was made in order to relieve producers from loss
Reports from Louisville state that the Standard Oil Co.
by drainage. The new arrangement provides for more of Kentucky reduced gasline 20. a gallon in Savannah, Ga.,
liberal purchases from producers, the company to pay half July 16. New price to dealers is 18c. a gallon and at service
the purchase price now and the other half any time within a stations 20c., including road tax of 3c. and inspection
year; the producer to pay for 50% of the oil run into storage tax of Mc.
at the rate of 3 cents per barrel per month.
Standard Oil Co. of Louisiana, followed by other disThe Gulf Oil Co. has reduced price of top grade of mid- tributers, has reduced gasoline in Shreveport one cent a
continent crude 50 cents, and lower grades 25 cents, to meet gallon to 15 Mc. from tank wagons and 193/20. at filling
Sinclair prices; and of Mexia, Powell and Currie crude, 15 stations.
A dispatch from Tulsa says that the Sun Co. reduced tank
cents per barrel.
The Ohio Oil Co. reduced price of Lima, Indiana, Illinois, wagon and service station quotations in Tulsa 3c., making
Princeton, Plymouth, Waterloo and Wooster crude oil 10 new prices 13c. tank wagon and 18e. service station. The
cents a barrel on July 17, and on July 18 the company re- refined market is showing additional weakness in view of
duced prices of Elk Basin, Grass Creek, light, Big Muddy further crude reductions, which are anticipated daily.
The Standard Oil Co. of Indiana on July 17 announced
Rock Creek, Mule Creek, Lance Creek crude oil 25 cents a
a reduction of one cent a gallon in the price of gasoline
barrel, and Sunburst Montana crude 7 cents a barrel.
The Humble Oil & Refining Co. has cut Mexia and Powell for its entire territory, effective July 18. The company
25 cents a barrel to $1 50, and Currie crude 50 cents to said the action was made possible by a reduction in the
$1 50. Gulf Oil has not followed the Humble cut in coastal price of crude oil recently made by the companies furnishing crude petroleum. The Sinclair Consolidated Oil
crude.
The Texas Co., on July 18, again out the price of mid- Co. reduced gasoline one cent in its entire territory, making
continent crude 25c. per barrel, making the top grade-33 Chicago tank wagon price 17c. Filling station price remains
and above-$1 75 per barrel. This price conforms with the 19c. at Chicago.
The gasoline price war in Rochester which brought gasoschedule of the Prairie Oil & Gas Co. and Sinclair Crude
line down to 12c. a gallon ended July 18 in an agreement
Oil Purchasing Co.
A press dispatch from Denver on July 18 said that the to charge 17c. for the independent brand and 21c. for
Midwest Refining Co. will probably reduce the price of Standard Oil Co.'s product.
The Standard Oil Co. of New Jersey has reduced export
Salt Creek crude oil 25c. a barrel on July 21, making the new
price $1 35 a barrel. This reduction will mean that Sinclair price of naphtha one cent a gallon at the port of New York.
Crude Oil Purchasing Co. will pay $1 75 a barrel for governIncrease Noted in Crude Oil Production.
ment royalty oil instead of $2 a barrel as heretofore.
The American Petroleum Institute estimates that the
Reports from Toronto on July 17 stated that Canadian
crude oil had been reduced 10c. a barrel, making the price of daily average gross crude oil production in the United States
petrolia crude $2 48 a barrel and Oil Springs crude $2 55 a for the week ended July 12 was 1,992,850, as compared with
barrel.
1,968,550 barrels for the preceding week, an increase of
The Humble Oil & Refining Co.'s new posted prices an- 24,300 barrels. This was, however, 245,900 barrels per day
less than the output during the corresponding week of 1923.
nounced, late on July 18, follow:
Powell, $1 50; Mexia, $1 50; Currie, 51 50; Gulf Coast grade "A," $1 50: The current daily average production east of the Rocky
Gulf Coast grade "B," $1 30; Ranger, below 30 gravity, $1 00; Ranger, 30 Mountains was 1,372,650 barrels, as compared with 1,349,to 32.9 gravity, 51 20: Ranger, 33 to 35.9 gravity, $1 40; Ranger, 36 to
38.9 gravity, $1 60; Ranger, 39 gravity and above, 51 75: Wichita and 050 barrels the preceding week, an increase of 23,600 barrels.
Archer County crude, 33 gravity and above, $1 50.
California production was 620,200 barrels, as compared with
Texas Co. followed Pra'rie in mid-continent cut and 619,500 barrels; Santa Fe Springs is reported at 58,500
reduced Mexia, Powell and Gulf Coast crudes 25c. and barrels, against 58,000 barrels; Long Beach 157,000 barrels,
Currie 50c., following Humble Oil.
against 169,300 barrels; Huntington Beach 44,500 barrels,
Gasoline prices in New York and New England declined no change; Torrance 58,000 barrels, no change, and Dominearly in the week, the retail price in Albany, N. Y. dropping guez 11,500 barrels, against 11,000 barrels. The following
4c. to 18e. a gallon on July 12, due to a out by independent are estimates of daily average gross production for the
distributers. The new price is in keeping with that which weeks ended July 12, July 5, June 28 1924 and July 14 1923:
has obtained in nearby cities for a week.
DAILY AVERAGE PRODUCTION.
July 1224. July 5 '24. June 28'24. July 14'23.
In Barrels
Gasoline prices dropped lc. to 17c. a gallon retail in SchenOklahoma
478,300
476,950
472,750
503,850
•
ectady.
Kansas
77,700
76,500
84,650
76,200
On July 12 the Standard Oil Co. of New Jersey reduced North Texas
79.050
75,550
78,850
78,050
175,250
throughout its territory, making the Central Texas
168,650
169,350
171,450
gasoline lc. a gallon
62,500
North Louisiana
55.950
54,100
56,700
tank-wagon price in New Jersey 183c. Kerosene has been Arkansas
122,500
148,650
152,800
149.950
reduced le. a gallon in New Jersey, West Virginia, Mary- Gulf Coast
102,150
126,500
106,550
115,650
113,000
107,000
108,000
107,500
land, District of Columbia and North Carolina, and Mc. in Eastern
131,300
Wyoming and Montana_
127.650
129,850
120,200
South Carolina.
868,000
California
626,700
620,200
619,500
Diesel engine oil has been cut 15c. a barrel to $2 10.
1,975.850 2,238,750
Total
1.992,850
1,968,550
The Gulf Refining Co. and the Texas Co.(N. Y."Times"
July 13, Sec. 2, p. 7) met these reductions of lc. a gallon in
Changes in Automobile Prices and Models.
gasoline and M to lc. in kerosene by Standard Oil Co. of
The Peerless Motor Car Co. has announced price increases
New Jersey.
The Standard Oil Co. of Kentucky has reduced gasoline on three body styles and the addition of three new models
in Louisville 3c. a gallon, making price to dealers 16c. and to the six-cylinder line. The three body styles whose prices
-passenger roadster $2,335, an increase
are advanced are the 2
at service stations 18c., including road tax of 3c.
JULY 19 1924.1
THE CHRONICLE
of $150; the 5-passenger touring $2,285, an increase of $100,
and the 5-passenger sedan $2,995, an increase of 8120.
The new prices are effective Monday, July 21. There is no
change in the prices of Peerless eeight-cylinder cars. The
three new body styles just announced are the 7-passenger
touring car $2,485; the 5-passenger coupe $2,950, and the
-passenger touring car and
7-passenger sedan $3,295. The 7
-passenger sedan are on 133-inch wheel base. All the other
7
Peerless six-body styles are on 126-in, wheel base. Substantial increases in manufacturing costs due to the many
improvements and refinements which have been incorporated in the Peerless six, since it was introduced to the
public several months ago, made necessary the adjustment
in prices, according to D. A. Burke, President and general
manager. Hydraulic four-wheel brakes and balloon tires
have been added as standard equipment.
257
revival of market activity in the near future. Developments this week point to such raw material markets as pig
iron, scrap, and coke as being near or at the termination
of the long price declines and the return to more stabilized
business. Some fair buying is appeasing in these materials.
In finished steel, buyers are moving more cautiously and
while they are releasing some tonnage, the situation still
shows an absence of the confidence which is essential to
liberal activity. The change in week-to-week bookings of
the mills continues slight, adds the "Review" giving further
details which are appended.
Operations show a shade of betterment. Two blast furnaces have
gone in blast in the Mahoning and Shenango valleys but this is partly
offset by the cessation of another furnace at Chicago. A Cleveland steel
works has added two open hearth furnaces to its active list which is largely
due to the company's release of suspended automobile steel orders. Steel
making operations at Pittsburgh are put at 40 to 50%. Sheet and tin
mill wages are 3% lower for July and August as a result of the bi-monthly
examination of manufacturers' sales sheets. The strike of tin mill workers
against the 20% wage reduction by an independent mill at McKeesport
Steel and Iron Operations Remain Practically the is of a local character.
Finished steel prices are shifting with the tendency gradually lower.
Same But Orders for Steel Increase.
Makers of wire products, beginning this week, are quoting a $1 per ton
In its regular weekly iron and steel market review the reduction and on cold-finished bars a $2 reduction. Plates remain a
"Iron Age" of July 17 observes that a slight gain in orders weak spot. After the slump of a week ago, building steel contracts show
some recovery. The Philadelphia territory has come to the
has taken place though operations are little changed and largest week in its history in structural steel negotiations. front with the
These aggreprices of some products tend downward. A summary of gating 55,000 tons. Oil country demands are keeping in good volume.
Buoyancy in the iron and steel scrap market has become more pronounced.
the "Age" report follows:
Advances of 50 cents to $1 a ton are reported in practically all selling
The encouraging feature of the steel market is a moderate increase in
orders taken by the mills. Production is on no larger scale than before the territories. The pig iron market appears either definitely turning or to
have reached a bottom point after practically an unbroken decline for 12
shutdowns—at Chicago and in northern Ohio it is slightly less—and where
months. Chicago furnaces have advanced prices $1 above the recent
prices have changed they have declined.
are holding more firmly and are inclined
The larger amount of new business is due to needs accumulated while. minimum. On all sides producers
rolling mills were idle at the beginning of the month, and does not signify to try out some advances.
Indian pig iron is assuming greater importance as a competitor along
increased consumption. In some sections, in fact, consumption is less.
The metal-working industries in the Cleveland district, for example, are the Atlantic Coast. Sales of this iron are running about 10,000 tons
Philadelphia and New England territory.
now operating at about 35% of capacity, as compared with 50% late monthly, largely in New York,
The composite this week on 14 representative iron and steel products
in June.
In no measurable degree has the situation in respect to railroad,structural is $39 89. This compares with $39 91 last week and $40 13 the preceding
or automobile demand shown a turn, except for a number of releases week.
received by automobile parts makers on long-standing orders and the
preparations of several car builders to begin production on new models.
No Change of Note in the Coal Markets.
New buying is better in sheets and bars than in most other products.
The "Coal Trade Journal," which has removed from 20
But the sheet market is weaker, and bars are commonly sold at 2.20c.,
Chicago, with some sales there at 2.15c.
Vesey Street to its new offices at 4 West 40th Street, in its
In line with the lower price of sheets, business in sheet bars has been
weekly market review issued July 16, says:
done at $38 in the Central West, though the last contract price was $40.
What little change the second week in July brought to the bituminous
Cold-finished steel bars and shafting have declined $2 a ton, and the
markets of the country has been for the better. No great amount of tangible
2.75c. price on hot-rolled flats has practically disappeared.
A reduction of $5 a ton is announced on woven-wire fence, but at the evidence of increased activity was noted, but it was rumored that a number of
same time the cash discount has been shortened. Barbed wire and staples Important contracts already have been placed by industrials in the East
Atlantic States. It is certain that for several weeks past the keenest interest
have been reduced to a $3.60 basis.
been displayed by large industrials and public utilities, which would
Over against these lower tendencies, there has been an advance in scrap has
for the past month, with larger buying of heavy melting steel this week at indicate that their opinion is that a general stiffening of prices is imminent.
Youngstown. Since the scrap market at times has led in pointing to7a This feeling is becoming more general throughout the country and it can
only mean that a replenishment of stocks is not far off. When this moveturn, this development has been called favorable.
occurs it will be accompanied by a rise in prices; that is certain.
Midsummer building construction is fairly active, but with no new trend, ment
There are indications that many of the industrial plants that have been
awards of the past week requiring upward of 30,000 tons of steel, while
working only part time will shortly resume operations on a full time schedule
Inquiries on new work total about 22,000 tons, including 8,300 tons for
which will relieve to some extent the overbalanced stocks of buckwheat,
a power station in Philadelphia. In the holiday week the awards were
but the anthracite market generally is dull and anthracite operators are
12,000 tons and in the previous week 31,000 tons.
Structural steel bookings in June were 12% above those of May,a third finding it difficult to find a place for the production of prepared sizes. Anticipation of fall business will,it is hoped,relieve this situation before the month
over those of June of last year and for the first half of this year 1.050,000
is closed. There was no anthracite mined on the Fourth and few mines
tons, or only 65,000 tons under the record made in the first half of 1923.
The pig iron market is showing greater firmness in some districts, notably resumed operations on the following day. In fact, it is rumored that some
at Ironton, Ohio, where 50c. higher is asked, but Bessemer iron has declined of the independents will go on part time for a few weeks.
Tidewater business at Hampton .Roads continued to recover during the
50a. at Pittsburgh. In the immediate Chicago
district, $19.50 to $20,
furnace, is still held, but Chicago iron is being sold in the St. Louis district first week of July, when 363.257 tons of bituminous coal were dumped.
Betterment of foreign demand was the primary cause of this improvement,
at $18, furnace.
A domestic maker of ferromanganese is offering to sell at $105. seaboard, and showed an increase of 18,871 tons or 24% in exports. Now England
dumpings decreased slightly to 172.806 tons.
or $2.50 below the price made for some time by both foreign and domestic
Movement of bituminous across the lakes increased somewhat in the week
producers.
Exchange report
Recent shading of prices of Lake Superior ores is attributed at Cleveland ended July 6 despite the holidays. The Ore and Coal
to small mining companies and not to leading producers. A pending 756.072 net tons were dumped; 713.012 tons were cargo coal and 43,060
tons vessel fuel. This is an increase of 46,703 tons over the preceding week.
Inquiry for 200,000 tons from a furnace company may test the strength of
The July 17th Weekly Review issued by the "Coal Age,"
the market.
The recent order of the Imperial Government Railways of Japan for of New York makes the following observations on the con10,000 tons of 60 and 75-lb. rails is understood to have gone to a European
mill at $34.56 per ton, c.i.f. Japan, much below the American bid, though dition of the coal markets:
Clutching at any straw within reach, the coal industry rejoices that the
nearly all previous contracts came to this country. Japanese inquiry for
light gauge black sheets is active, following heavy purchasing here at long-drawn-out convention of the Democrats has finally come to an and end
considerable concessions, but domestic mills are not now willing to duplicate heaves a sigh of relief that the choice of a candidate fell to one not likely to
indulge in rampages for regulation if his campaign for election should prove
the low prices.
Inquiry for line pipe for South American and other foreign oil fields successful. Whether this is the herald of the early approach of the long
is active. The Standard Oil Co. has bought 85 miles of 6.
-in, pipe for the hoped-for upturn in business or not it marks the passing of what in some
quarters has been regarded as one of the obstacles in the path of business
Dutch East Indies, and there is pending business for Venezuela.
In domestic orders an interesting Item is the Pan-American Petroleum resumption. What the others may be. other than the usual hesitant attitude
Co.'s purchase of 140 miles of 10-in, pipe for a line from Bakersfield, Calif. while waiting to see which way the political wind will blow, doesn't seem to
be clear. At any rate, caution continues to dominate the coal business in the
to its refinery.
European dulness has become rather pronounced and British pig Iron leading markets of the country, consumers showing a reluctance to buy
prices aro weak. Ruhr plants are operating at barely a 30% rate. Galvan- except for immediate needs or when distress coal may be picked up at a
ized sheets alone are strong and an inquiry for a large tonnage has appeared sacrifice.
Since twenty-six operations in the Kanawha field last week posted a scale
from South America.
of wages cutting tonnage rates to the same level as the 1917 rate and placing
The "Iron Age" composite price table follows:
day wages somewhat above the basis of that scale six companies have resumed
Composite Price July 15 1924, Finished Steel, 2.589c. Per Lb.
production. One of the most encouraging developments of recent weeks is
steel bars, beams, tank
Based on prices of
July 8 1924, 2.589c. the announcement that six textile plants are about to reopen—three in
plates, plain wire, open-hearth rails,
June 17 1924, 2.603c. Massachusetts and a like number in Connecticut.
black pipe and black sheets constituting
July 17 1923. 2.789c
"Coal Age" index of spot prices of bituminous coal sticks uncomfortably
10-year pre-war average. 1.689c.
88% of the U.S. output
close to the unprofitable low level of recent weeks, the figure for July 14
Composite Price Jute 15 1924, Pig Iron, $19729 Per Gross Ton.
having receded to 162, the corresponding price for which is $1 96. This is a
i3177 d on average of basic and foundryj'
-"
July 8 1924, $19.29 decline of 2 points from the index figure of the preceding week, 164, which
Irons, the basic being Valley quotation,
June 17 1924, 20.13
represented a price of $1 99 per net ton.
the foundry an average of Chicago,
July 17 1923. 25.93
10
Philadelphia and Birmingham
The holiday week end played havoc with traffic at Hampton Roads,
-year pre-war average, 15.72
dumpings of coal
week ended July 10 totaling
Underlying conditions in iron and steel appear to be 236,520 net tons, afor all accounts during the tons from the previous week,
slump of more than 165,000
approaching the final stages in the recent process of read- when 401,935 net tons was dumped. Coal dumped at Lake Erie ports during
justment, declares the "Iron Trade Review" of Cleveland the week ended July 12, according to the Ore & Coal Exchange, was as follows: Cargo, 731.438 net tons; fuel, 48,062 tons. The totals for the precedon July 17. This is making for a better outlook for some ing week were 712,277 net tons of cargo coal and 40,966 tons of fuel coal.
258
THE CHRONICLE
[VOL. 119.
The customary summer quiet characterizes practically all branches of
the anthracite trade. Demand, as usual, Is best for stove coal, being sufficient to take care of the output. Egg and chestnut also are moving well,
though dependent in a degree on the call for the more popular stove. Pea,
however, is causing some difficulty, many of the larger companies stocking
it. Steam sizes are in weak demand. Independents' prices hold fairly firm
on stove, but occasional concessions are made to move the less active sizes.
A number of the smaller independent operations, it is reported, have not
resumed production since the holiday because of the falling off in demand.
operations of American refineries. Thesefigures,incidentally were compiled
for the benefit only of contributing producers although they had been made
known from month to month in approximate totals showing the trend of
surplus stocks and the amount of production and deliveries.
In fact, much the same method Was pursued in their compilation as a
decade ago when the Copper Producers' Association was in existence, but
this organization yielded to pressure of some of Its members who then were
of the opinion that the world at large and consumers in particular were
securing too strong an insight in their business in return for which they
were willing to furnish nothing of value to the producing interests.
Holiday Lessens Bituminous Coal and Anthracite
Production.
Independence Day and an extra holiday at many mines
on July 5 brought about heavy reductions in production,
according to the weekly report of the United States Geological Survey.
The observance of the Independence Day holiday at the soft coal mines
was practically universal, and many of them were not operated on July 5.
Unfair Say Producers.
"It is not fair to the producers that the consumers, our customers,should
be in possession of such full knowledge of our business," declared one of
the former in discussing the situation to-day with the "Evening Post,"
"and for this reason there is strong likelihood that further monthly statistics
of the refineries will not be compiled.
"It is simply a repetition of conditions existing up to the commencement
of the war in 1914 which furnished the excuse for disbanding. If the
manufacturers would meet us half way with an idea of their own position
on stocks of copper and their requirements it would be another story,
but to do this they are not inclined."
Wall Street had heard it was to the refusal of Calumet & Hecla Copper
Corp. to further furnish figures to the common contribution each month
that these statistics no longer may be compiled. Through friends in
Boston the "Evening Post" made inquiry as to the truth of this statement
of R. L. Agaasiz, President of the company and prominent in the copper
industry, to which came back this reply: "Mr. Agassiz has nothing to
say on the matter except that the American Bureau of Metal Statistics
(compiler of the monthly figures) is not supposed to make public its findings.
as its figures are confidential."
The total output dropped to 5,755,000 net tons, a decrease of 1,616,000
tons. or 22%. Excepting only 1922, when the union mines were closed
by the strike, this is the lowest record of production in Fourth of July week
during the eight years for which weekly statistics are available. The average daily production for the five working days declined to 1,151,000 tons
and continues to run along parallel to and below the lines for 1921.
Estimated U. S. Production of Bituminous Coal (Net Tons), Incl, Coal Coked.
1923
1924
Calendar Year
Calendar Year
to Date.'
to Date.
Week.
1Week.
10,422,000 260.353.000
June 21
7,202,000 218,845,000
Substantially Correct.
1,771,000
1.490.000
1,737.000
Daily average
1,200,000
10,458,000 270,811.000
June 2&a
7,371,000 226,216,000
From another producer, prominent in the industry, it was learned that
1,770,000
Daily average
1,480,000
1,743,000
1,228,000
8,742,000 279.553,000 the references to the possibility of ceasing to get monthly figures as heretoJuly 5_b
5,755,000 231,971,000
1,770,000 fore were "substantially correct."
1,748,000
Dally average
1.469,000
1,151,000
The meagre figures bearing on mine production of copper in the United
a Revised since last report. b Subject to revision. c Minus one day's States thus far have indicated little effort to curtail production, although
production to equalize number of days in the two years.
some of the larger mines have cut down below their capacity possibilities.
Production of soft coal during the first 158 working days of the calendar The current price of the metal
marks the mean level for many months
year 1924 was 231,971,000 tons. In the six preceding years it was as follows: and has been chiefly attributed to the offerings by one or two custom
Depression.
Years of
Years of Activity.
smelters which bring in vast quantities of crude copper from abroad and
224,720,000 net tons
1919
1918
291,509,000 net tons
205,361,000 net tons put it on the market at whatever it will bring. At the moment a let-up
1921
272,606,000 net tons
1920
tons has developed and the price has stiffened fractionally from the low, but
196,706,000 net
1922
1923
279,553,000 net tons
demand has failed to materially improve, according to statements of
ANTHRACITE.
producers.
mining of anthracite ceased on the Fourth
As was to be anticipated, the
C. M. W.
of July, and reports of cars loaded by the railroads indicate that many mines
The day after the publication of the above, the "Post"
did not resume work on the following day. As a result the production of
anthracite fell off sharply to 1,296,000 net tons, a decrease of 622,000 tons, (on July 16) printed the following regarding the belated
or more than 32%. This was the smallest output on record for such week, copper figures:
except that in 1922, when the mines were closed by the general strike of
The delayed copper figures indicating a 3,000,000-pound decrease in
that year.
Cumulative production during 1924 to date stands at 46,921,000 tons, a surplus stocks last month were somewhat of a surprise, not only to Wall
Street, but among producers, some of whom a week ago had anticipated
decrease of 11% as compared with 1923.
another gain in this item. There also had been a feeling that possibly
Estimated United States Production of Anthracite (in Net Tons).
further figures of the monthly movement of copper might cease, at least
1923
1924
Cal. Year until such time as improvement for the producers had occurred.
Cal. Year
to Date.
Week.
Week EndedWeek.
to Date.
Figures as follows were published by the New York
June 21
1,823,000 43,707,000
2,042,000 49,287,000
June 28
1,918,000 45,625.000
2,105,000 51.392,000 "Times" July 17:
July 5
1 296,000 46.921,000
1,580,000 52.749,000
Surplus stocks of copper were reduced again during June, according to
BEEHIVE COKE.
figures published yesterday. The stocks of refined metal carried
The observance of July 4 as a holiday was reflected by a sharp decline unofficial
by North and South American refiners on June 30, according to the figures
in the production of beehive coke, whicn fell to 95.000 net tons in the week
were 222,000,000 pounds, or 3.000,000 pounds less than reported at the
ended July 5. That this decrease of 35.000 tons was not due entirely to
end of May. On Jan. 1 1924 surplus stocks were placed at more than
the shutdown on the holiday Is shown by the fact that the average daily
300,000,000 pounds. On July 1 1923 the surplus was down to 197,500,000
output for the five working days was 2,000 tons less than the average in
pounds.
the week before. The principal decrease occurred in Pennsylvania and
The production of refined copper in June was estimated at 205,000,000
Ohio, with less important losses in West Virginia, Washington and Utah.
pounds, while shipments were 208,000,000 pounds, this being the sixth
In the Connellsville region, according to the Connelisville "Courier,"
consecutive month of the current year in which shipments were more than
the output declined to 54,240 tons.
205,000,000 pounds. May shipments were 222,000,000 pounds and proEstimated Production of'Beehive Coke (Net Tans)'.
duction 226,000,000 pounds, against shipments of 234.000,000 pounds anti
Week Ended
1923
1923
production of 216,000,000 pounds in April. For the first six months 01
July 5 June 28
to
July 7
to
1924 shipments were estimated at 1,390,000,000 pounds, or a monthly
Date.c
1924.a 1924.6
1923.
Date.
average of 233,000,000 pounds, the total for the six months' period being
Pennsylvania and Ohio_ _63,000 85.000 306,000 4,855,000 8,350,000
5,000
6,000
611,000 the largest of any similar period in the history of the industry. Shipments
West Virginia
23,000
325,000
18.000
19.000
530,000
616,000 in the first half of 1923 averaged 195.000,000 pounds monthly. Production
Ala., Ky., Tenn. and Ga_13,000
6,000
6,000
432.000 for the
15,000
Virginia
216,000
first six months of this year totaled 1,302,000,000 pounds, thus ac5.000
8,000
142,000
220,000
Colorado & New Mexico._ 5,000
ug
5,000
149,000 counting for a reduction of 88,000.000 pounds in surplus stocks since
Washington and Utah__ _ 3,000
5,000
109,000
Jan.
United States total_ _ _95,000 125.000 376.000 6.177,000 10,378.000
Despite this reductien in surplus stocks copper metal continues to be
19 000
21.000
75,000
38,000
64.000
Daily average
quoted at only a shade above the low levels for the current year to date.
b Revised from last report. c Less one day's The price was 12% to 12)4.; cents a pound yesterday, and while buying was
a Subject to revision.
production in New Year's week to equalize the number of days covered reperted to be more actic o than in the recent past, no appreciable gain in
for the two years.
the quotation has been
Due to the largo inquiries coming into
Cumulative production of beehive coke during 1924 to July 5 stood at the market In the past recerded. producers report a firmer tone, and if
few days,
6,177.000 net tons. Figures for similar periods in earlier years are as follows: present conditions continue for any length of time, a better price is expected
1922
11.044,000 net tons
3,296,000 net tons soon. Export prices yesterday were a shade weaker, but improved foreign
1920
1923
3.624,000 net tons
10.378,000 net tons
1921
conditions are expected to cause a general revival In the demand for copper
from Germany and other foreign countries.
Possibility That Compilation of Copper Production
Figures May Be Discontinued-Producers Call
Plan Unfair-This Week's Figures of Surplus
Copper.
item under the above head on July 15 the New
In an
York "Evening Post" intimated that compilation of monthly
figures of copper production may be discontinued. As a
matter of fact, the statements which have been coming out
in the recent past were not supposed to be given publicity;
they were intended only for the information of members of
the American Bureau of Metal Statistics (by which the
compilations are made), but through some unauthorized
source have been divulged. The following is what the
"Post" had to say in the matter on the 15th:
'Co-operative effort among copper producing companies has struck a
snag which may permanently be effective, it became known to-day when
inquiries were made concerning the delayed statistics covering the June
Large Falling off in Loading of Railroad Revenue
Tonnage on Account of Holiday.
Loading of revenue freight for the week which ended on
July 5 totaled 759,942 cars, according to reports filed on
July 17 by the carriers with the Car Service Division of the
American Railway Association. Due to the observance of
the Fourth of July, this was a decrease of 148,413 cars under
the preceding week, although the average daily loading for
the week which ended on July 5 was virtually the same as
that for the preceding week. Compared with the corresponding week last year, the total for the week of July 5
was a decrease of 90,140 cars but was an increase of 52,917
cars over the corresponding week in 1922, when freight traffic
was greatly reduced because of the coal miners' strike.
The statement proceeds as follows:
31GLY
19 1924.]
THE CHRONICLE •
Owing to the holiday, reductions compared with the week before were
reported in the loading of all commodities.
Grain and grain products loading totaled 34.778 cars.a decrease of 3,630
under the week before but an increase of 3,705 cars over the same week
last year. Compared with the IMMO week in 1922, it was a decrease of
198 cars. In the Western districts alone, 23,205 cars were loaded with
grain and grain products, an increase of 2,235 cars over the corresponding
week in 1923.
Live stock loading totaled 24.841 cars, a decrease of 3,005 cars under the
preceding week but an increase of 164 cars over the same week last year.
Compared with the same week in 1922, it also was an increase of 3,137
cars. Live stock loading in the Western districts for the week totaled
18,461 cars. 1,020 cars above the corresponding week last year.
Coal loading amounted to 111,458 cars, a decrease of 33.301 cars under
the preceding week and a decrease of 43,828 cars under last year. Compared with the same period two years ago, when the miners' strike was in
progress, it was an increase of 40,598 cars.
Loading of merchandise and less than carload lot freight totaled 207.208
cars. 32,832 cars under the week before and 2,383 cars below the same
week last year. This also was 1,992 cars below two years ago.
Miscellaneous freight loading amounted to 275,154 cars. This was
a decrease of 48,442 cars under the week before and a decrease of 12,734
cars under last year, but 14,691 cars above the same week in 1922.
Forest products loading totaled 50,964 cars, 16,576 cars less than the
week before and 3.220 cars under last year, but 6,786 cars above the
same week in 1922.
Ore loading amounted to 48.482 cars. Compared with the week before
this was a decrease of 10,356 cars and a decrease of 24,767 cars under
last year. It also was 7.269 cars under two years ago.
Coke loading totaled 6,697 cars, a decrease of 271 cars under the preceding week and 7,074 ears under the corresponding week in 1923. Compared with the corresponding week in 1922, it was a decrease of 2,836 cars.
Compared by districts, decreases under the week before in the total
loading of all commodities were reported in all districts due to the holiday.
The Southwestern District was the only one to report an increase over
the corresponding week last year, but all reported increases over the
corresponding week two years ago except the Northwestern District.
Loading of revenue freight this year compared with the two previous
years follows:
1924.
1923.
1922.
4 weeks of January
3,362,136
3,373,965
2,785,119
4 weeks of February
3,617,432
3.361,599
3,027,886
5 weeks of March
4,607,706
4,581.176
4,088,132
4 weeks of April
3,499,210
3,764,266
2,863,416
5 weeks of May
4,474.751
4,876,893
3,841,683
4 weeks of June
3,625,472
4,047,603
3,414,031
Week ended July 5
759,942
850,082
707,025
259
Flint Glass Workers' Union Authorized to Accept
Wage Cut if Necessary at Convention.
The American Flint Glass Workers Union held its annual
convention this week in Atlantic City. One of the features
of the sessions was action taken on July 10, when by a resolution unanimously adopted, delegates 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.
Strike Averted in Paper Box Trade of New York-New
Agreement Adopted.
After an all-day conference with the Division of Mediation
and Arbitration of the New York State Department of
Labor, the' strike of 2,500 paper box workers scheduled for
July 10 was averted through the signing of an agreement
on July 9 with the union that will operate until Sept. 30
1926. The agreement provides for a co-ordinating committee with equal representation of employers and employees
for negotiating all matters in dispute, and, upon their
inability to agree to select an arbiter;existing hours and wages
continue, it was decided.
Firestone Apsley Rubber Plant Curtails.
Boston dispatches July 11 stated that notices had been
posted at the Firestone Apsley rubber plant at Hudson,
announcing a shutdown of three weeks beginning with the
closing of the mill room on July 16. Not all operations in the
same department, it is stated, will close at the same time.
Potters to Seek Increased Wages.
Propositions embodying a moderate increase in wages in
the general ware pottery trade were adopted at the closing
session of the annual convention of the National BrotherDecrease in Postal Savings Deposits in June.
A decrease of $417,000 in postal savings deposits during hood of Operative Potters at Atlantic City on July 13. The
June is indicated in the following statement made public delegates framed resolutions for consideration at the biennial
conference with the manufacturers late in September. The
the current week by the Postmaster-General.
present agreement, it is stated, expires Oct. 31. Marked
• ATEMENT OF POSTAL SAVINGS BUSINESS FOR
4T
THE MONTH
JUNE 1924, AS COMPARED WITH THE MONTH OF MAY 1924. OF by rerfect harmony, the convention sidetracked radical
demands sent up by the locals. The men are not making a
Balance on deposit May 31
$133,072,147
Decrease during June
417.000 demand for a flat increase, accounts say, dealing separately
liaiance on deposit June 30
$132,655,147 with the various departments in their resolutions.
Total
23.946.649
24,855,584
20,727,292
Dtpositors' Inc. 1+)
Depositors'
Balance.
-Dec.
Balance.
led1 Office
Post °flirt$
New York, N. Y _ _41,741,17() -469,761 Duluth, Minn
181.198
Brooklyn, N. Y._ _11,556,444 -181,994 Fairbanks, Alaska. .178,121
Boston, Mass
7,202,000 4
-49,846 Birmingham. Ala__
177,147
Chicago, III
6,087.227 -72,125 Bingham Canyon,
Seattle, Wash
3,024,133 -9,806
Utah
174,154
Philadelphia, Pa_ _ 2,541,278 -12,105 Baltimore, Md._ _ _
172,776
Pittsburgh, Pa.... _ 2,231,286 -38,314 Wilmington, Del._
170,503
Detroit, Mich
1,702,149 -25,581 New Orleans, La.. 169,357
Kansas City, Mo._ 1,546,627
-393 Billings, Mont__ _ _
166.087
Tacoma, Wash,.
1,501,508
-817 Camden,N 3
164,116
Portland, Ore
1,341,19: -6.270 Jamaica, N. Y__ _. 101,841
Newark, N. 3
1.315.211
-4.015 Sheridan, Wyo_._. 160,210
St. Paul, Minn
1,084,325 +40,867 Hurley. Wis
159,794
Uniontown,Pa_ _
1,043,140 -17,894 Gary, Ind
156.699
St. Louis, Mo
977,382 -8,063 Memphis, Tenn_ _. 154,199
Los Angeles, Calif_
769,995 -8,973 Paterson, N. J.... 152.986
Butte, Mont
748,703 +16,611 Sioux Falls, S. D.. 152,713
San Francisco,Cal. 698,284 -4,407 Bayonne, N. J._ _. 152,338
Milwaukee, Wis.- _ 661,590
-143 Dallas, Tex
151,113
Jersey City, N. J _ (443,830 -13,953 :Thyme, Mont
150,030
Great Falls, Mont. 5(5,706 +12,244 Akron,0
147,575
Cincinnati, Ohio._
M6,112
+2,098 Phoenix, Ariz
143,980
Denver, Colo
506,574
+7,188 Elizabeth, N.3-- _
142,602
Providence, R. L. 494,369 -5,258 Des Moines, Iowa_
142,121
Buffalo, N.Y
480,090 -5,303 Miami, Fla
138,826
Columbus, Mo.__
435,864 -10,173 Masontown, Pa_. _
133,139
Cleveland, Ohio... 424,143 -1.908 Brownsville, Pa... 131,200
Minneapolis, Minn. 423,042
+5,081 Anchorage, Alaska_ •130.210
Ironwood. Mich_ .
415,733 +13,075 Salt LakeCit y,Utah 129,391
Passaic. N.J
385.641
-8.064 Missoula, Mont... 128,594
McKees Rocks, Po. 371,380 -8,643 Boise, Idaho
125,918
Aberdeen, Wash._ _
354.763
+7,159 Centralia, Wash... 125,281
McKeesport.Pa.. 342,378
-707 Everett. Wash._ _ _
121,182
Bridgeport,Conn _
342,248 -8,316 Christopher, Ill_._
121,120
Sioux City, Iowa._
141,264 +27,392 Tampa,Fla
119,378
Washington, DC'. 341,175 -2,738 Export, Pa
118,881
Leadville, Colo_ _ _ _
300,065
+4,334 Dayton,
0
116,779
Toledo,Ohio
389,660 -5.347 San Antonio,Tex__
116,607
Lowell, Mass
385,091
-9,268 Manchester, N. H. 116,565
Pocatello,Idaho_
280,400
+6,449 Breckenridge, Tex_
115,149
Roslyn, Wash
277,060 -5,546 Monongahela,Pa__
114,383
Roundup, Mont _
273.826 -2,364 Rochester, N.Y._ _
114,108
265,368
Astoria, Ore
+7.464 Indianapolis. Ind._
113,264
New Haven, Conn. 252.454
-187 Raymond, Waah.. 111,955
Hartford, Conn_._
250,086 -2,989 Oklahoma City,
Pawtucket, R. I._. 249,613 -2,651
Okla
111,786
244.790
Kansas City, Kan_
+8.358 Norwich,Conn.._ _
110,581
238,740
-184 New Kensington,
Omaha, Web
-7,230
Mt.Pleasant, Pa_. 234,801
Pa
109,868
232,673 -5,188 Greensburg, Pa... 108,925
Erie. Pa
+1,236 Windber, Pa
215,878
Pueblo, Colo
108,479
+3.859 San 1)lego, Calif_._
212,325
Pensacola, Fl t_ _
107,854
+714 EastPittsburgh,Pa_
Staten Island,N.Y. 210.414
106,565
199,455
+3,647 Fairmont, W.Va.. 104,732
Jacksonville. Fla_
+170 Youngstown, 0.. _
Oakland, Calif. .
199,007
103,351
+3,014 Willimantic, Conn_
Atlantic City, N.J. 195,054
102.729
Louisville, Hy_ _
193,030
-440 Springfield. Mo... 102,227
+919 Ansonia, Cone.... 101,557
Flushing, N.
__
191,250
Altoona, Pa
190,602 -6,177 Chester, Pa
101,525
Long Island City,
Maynard, Mass... 100,583
N.Y
187,716 -3.049 Conneaut.0
100,409
+3.081 Hammond, Ind_._
seningleun. Wash_
184,420
100,213
Norwood, Mass... 184,026
+2.490
Red i,o(ige,Mont__
+2.794
/83,315
• May balances.
Inc.(+)
Dec.(-)
3
+3,954
-2,825
-850
-2,207
-2,896
+2,351
-59
+7,772
-1,676
-348
+23,414
+14,488
-787
+6,605
-6,264
+24,633
-3,379
-325
+8,146
+549
+733
+214
+32,285
-4,468
-6.545
-5,980
-13,992
-577
+7,702
+4,422
+1,690
-1,138
+4,310
-1,919
-1,705
-3,132
-1,252
-3,044
+832
+3,236
+1.630
-2,827
-2,809
+918
+90
-2,569
-1,407
5,809
+890
-4.505
-7,960
-600
-1,453
+1134
+4 82
-2,694
-4,669
+797
+1,642
Devoe & Reynolds Co., Inc., Taken Over by Employees.
Sixteen employees of the Devoe & Raynolds Co., Inc.,
manufacturers of paints, varnishes, brushes, artists' materials, &c., have taken over the ownership and management
of the business, which now is in its 170th year. Announcement to this effect was made on July 13 by the company.
The employees are all young men, the accounts say, none
being past 40 years of age. They have bought the controlling interest held by the former owners, mostly older
men. The transfer of the stock was made on July 1, it is
stated, following a five years' experiment which convinced
the old owners that the company would be more prosperous
with new blood than with its old-fashioned, ultra-conservative business methods of the past. From 1919 to July 1 1924,
the old owners gradually put the responsibilities of management into the hands of the younger men of the organization.
The younger men were so successful that they were then
permitted to buy out the controlling interest. E. S. Phillips,
new President of the company, who is 31 years old, made the
following statement:
There is nothing radical in the change. It is in no way a donation to
the employees, nor is it a manifestation of socialism in any form. The
change indicates only that the old owners have realized that there has
been, in the past few years, a revolution in American business methods.
Our company is 170 Years old.
Due to the new policy of advertising and the modern
methods of advertising adopted by the younger generation,
a statement by the company said, its sales have doubled in
the past five years, at an annual increase of about 25%.
It is said that last year the company earned $895,676 78
net and had a surplus of $1,166,479 12.
United States District Court Rules Union's By-Law
Requiring Outside Contractor to Pay Highest Prevailing Wage Rate is Unfair Discrimination.
An opinion given by Federal Judge E.S. Thomas and made
public at the Clerk of Court's office at New Haven,Conn.,on
July 14, rules that the union by-law which requires an outside contractor to pay the highest prevailing wage constitutes
260
THE CHRONICLE
unfair discrimination. He refuses to dismiss the injunction
brought by J. I. Hass, Inc., of New Jersey against the local
union of the Brotherhood of Painters, Decorators and Paper
Hangers of America, and others. Hass contracted to build
structures for the Conde Nast Company at Greenwich in
December 1923, and.offered to pay the wages prevalent in
Greenwich, which were $9 for eight hours and a five-and-ahalf-day week. Walking delegates of the union are said to
have insisted on the New Jersey scale of $10 for eight hours
and the five-day week,and threatened to expelfrom the union
any local help who went to work for Hass at the Greenwich
rate. The concern procured an injunction which the Court
declines to dismiss.
with international representatives of the United Mine Workers. Twenty-six companies, operating 45 mines, posted the
new scale on July 7, Mr. Kennedy announced. Six of the
companies resumed operations at once, he added.
Brockton Shoe Trade Seeks 10% Wage Cut.
The Brockton Shoe Manufacturers' Association has
requested the local unions of the Boot and Shoe Workers'
Union to accept a flat 10% reduction in wages. The
manufacturers claim that this will enable them to meet
outside competition.
Wages of Sheet and Tin Workers in Youngstown
Reduced.
Wages of sheet and tin workers were out 10 cents a hundred
pounds for the next two months under the bi-monthly settlement reached at Youngstown, 0., on July 11. The current
rate is $3 70 a hundred pounds. Last year at this time it
was the same.
Strike of Tin Workers Against Wage Reduction.
One thousand employees of the McKeesport Tin Plate Co.,
at Port Vue, Pa., on July 11, did not appear for work. The
men comprise the entire force of the Hot Mill Department.
Other departments can work only as long as the stock of
ready material lasts, a company official said. It is fiupposed
that the walkout resulted from a 20% wage reduction and a
half-time working schedule put into effect four weeks ago.
The company official stated that the changes were due to
the collapse of the tin market, the stock rooms of the company being filled with tin. He added that no overtures to
the men would be made but if they returned of their own
accord the mills would be kept running as long as possible.
Coronado Coal Company Denied Claim to Damages
Against Labor Union by Circuit Couct of Appeals.
The famous Coronado Coal case, which has been the
subject of litigation for the past ten years, was brought to a
close at St. Louis recently with a decision of the Eighth
Circuit Court of Appeals denying the claim of the Coronado
Coal Co. to recover damages from the United Mine Workers
of America for alleged destruction of property by strikers in
the Arkansas •field in 1914. The decision affirms the ruling
of Federal Judge John C. Pollock, and follows the dictum
of the United States Supreme Court. The opinion was
written by Judge William S. Kenyon and concurred in by
Judges Walter H. H. Sanborn and Robert E. Lewis. The
case had been remanded by the Supreme Court in 1922 for a
new trial after a lower court had given judgment to the
Coronado company for $200,000 damages, which would be
trebled under the Sherman Anti-Trust Act.
Chief Justice Taft held, in an opinion, that labor organizations, although unincorporated, may be prosecuted under
the Sherman Act and may be held liable for damages as the
result of strikes. He ruled, however, that in this case there
was no evidence that officials of the organization had approved or ratified the acts complained of. The Chief Justice
also held that the mere interference with the mining of coal
or a manufacturing process did not constitute interference
with inter-State commerce.
Open Shop Established in Kanawha Coal Field of West
Virginia.
the Kanawha coal field of West Virginia will
Mines in
resume operations under a modification of the 1917 wage
scale, and in which the union will receive no recognition, D.
C. Kennedy, Secretary of the Kanawha Operators' Association, announced at Charleston on July 7. The new scale
calls for 1917 tonnage rates and slightly higher pay in day
rates. The mines had operated under a union agreement
up to March 31 last. Since that date the operators have
been negotiating with union representatives, but all efforts
to reach an agreement failed, the union forces holding out
for the Jacksonville scale and the operators contending that
they could not compete in the market on that basis. Since
the 1922 strike, it is stated in the newspapers, only a part of
the Kanawha mines operated on a union basis, and while the
Kanawha Operators' Association had no part in the negotiations with the union, Mr. Kennedy represented some of the
union mines. The operators, Mr. Kennedy said, would
grant "local autonomy" to their miners, but would not deal
[VOL. 119.
Wages Reduced by Interwoven Mills—Operations
Resumed.
Six plants of the Interwoven Mills, Inc., resumed operations on July 16 under a reduced wage scale. The average
cut was 10%. The plants,located at Martinsburg, Berkeley
Springs and Harpers Ferry, W. Va.; Hagerstown, Md., and
Chambersburg and Carlisle, Pa., were shut down on June
29 because of a slack market.
Rao Motor Car Company Resuming With 4,000 Men
Monday.
Nearly 4,000 employees of the Reo Motor Car Co., laid
off two weeks ago, have been ordered to return to work
Monday, placing the force again at 5,000, it was announced
yesterday.
United States District Court Enjoins 51 Unions from
Interfering with Western Union Co.
Judge James H. Wilkerson on July 16 at Chicago issued
in the Federal Court a temporary injunction restraining
the International Brotherhood of Electrical Workers, Local
No. 134, headed by Michael J. Boyle, and about 50 other
unions from interfering with the inter-State commerce
conducted by the Western Union Telegraph Co. The other
unions involved included bricklayers, masons, plumbers and
other building tradesmen who struck on the construction
of the Illinois Merchants Trust Bldg. when the telegraph
company employed non-union labor for the installation
of call boxes and ticker wires. The company charged
that its business had been damaged to the extent of $4,000
a month, inasmuch as the Postal Telegraph Co., protected
by a previous injunction against the electrical workers'
union, was able to install wires.and boxes in loop buildings,
thus depriving the plaintiff of much business. The written
decision handed down by Judge Wilkerson declared:
right to quit work
Broadly speaking, any American citizen has the
furthering a criminal
whenever he chooses, unless In quitting work he is
to work with an underconspiracy. The crime in this case is in going
work in furstanding which Is part of the conspiracy and later quitting
therance of that conspiracy.
In deciding that the electrical workers' strike was an
interference with inter-State commerce, Judge Wilkerson
quoted the decision of Chief Justice Taft in the Coronado
Coal Co.'s case against the United Mine Workers. The
defense claimed that the right to quit work when he chooses
belongs inalienably to every American citizen and that it
would be an act of oppression for the Federal Government
to interfere with the right of choosing employment. "The
facts stated in the bill and supporting affidavits, in my
opinion, show an interference with inter-State commerce,"
said the Judge. "The plaintiff here is a public utility.
A large part of its business is the transmission of messages.
It is required to serve the public without discrimination."
The injunction specifically forbids interference with Western
Union business either by strike or intimidation and will
make possible resumption of the corporation's installation
work. Attorney William L. Bourland, acting for the
telegraph company, drew up the decree of injunction at
Judge Wilkerson's request. Attorneys for the union were
Hope Thompson and Timothy J. Fell, who denied that
their clients' action could be construed as an interference
with inter-State commerce.
New Labor Agreement Signed in the Women's Wear
Trades of New York.
An agreement based on the recommendations of the special
commission appointed recently by Governor Smith to arbitrate the differences between employers and employes was
signed on July 16 in the women's wear manufacturing trades
of New York. The agreement is characterized as one of the
most important ever entered into by a union and employers'
organizations in the women's wear industry. By the sign-
Jinx 191924.1
lug of the agreement differences which have existed between
various factions in the industry have been adjusted and complete unionization of the industry is declared to be recognized
as a necessity by both sides. Provision is made in the new
agreement that all future disputes shall be arbitrated by a
trial board.
The general strike which went into effect throughout the
industry last week has practically been terminated now at
least in so far as the union shops which signed the new agreement are concerned, and the majority of shops have resumed
operations. The new agreement is between the International
Ladies' Garment Workers' Union and the Joint Board of the
Cloak, Skirt, Dress and Reefer Makers' Union of the International Ladies' Garment Workers' Union; the American
Cloak and Suit Manufacturers' Association, sub-manufacturers; Merchants' Ladies' Garment Association, jobbers,
and the Cloak, Suit and Skirt Manufacturers' Protective
Association, inside manufacturers. The agreement provides
that the cloak and suit makers "agree that all of its members
who produce all or part of their garments on their own premises will maintain union shops" and will deal only with the
manufacturers who conduct union shops. Some of the
salient features of the agreement were brought out in the
New York "Times" which said:
"No member of the association," says the agreement, "shall employ or
continue employing a manufacturer whose name is not included in the
latest corrected list of 'union shops' furnished by the union." A clause
prevents an association member from giving work or an order to a manufacturer before ascertaining whether he is in contractual relations with the
union. Under another provision the association can impose a fine for a
first offense on the part of a member dealing with a manufacturer not under
contract with the union and expel him for a second offense. Other provisions authorize the association to investigate the books of members to
determine whether they are dealing with manufacturers not under contract
with the union, and for a prohibition on purchases by a member from a
manufacturer whose workers are on strike or against whom the union has
called a strike.
"There shall be no strike or lockout in the shop of any manufacturer dealing with the members of the association during the period of the agreement," says the agreement,"nor shall there be any individual shop lockout,
stoppage or strike pending the determination ofany complaint or grievance."
Other provisions follow:
"The association shall cooperate with the union in establishing and maintaining an unemployment insurance fund for the benefit of the members of
the union. The fund shall be made up by contributions from the manufacturers and the union or individual members of the union; the contribution of the employers to the unemployment insurance fund shall be
equal to 2% of the weekly payroll and that of the workers to 1% of their
weekly wages. The fund shall be administreed jointly under proper rules
and provisions to be agreed upon by the parties,
"An appropriate label shall be adopted by the Joint Beard of Sanitary
Control to designate that the garments carrying the same have been manufactured under proper sanitary surroundings. The Joint Board of Sanitary
Control shall furnish such labels at cost to manufacturers conducting union
shops. Each member of the association obligates himself to handle or deal
in no garments that do not bear this label. Any dispute as to the form
or manner of use of such label shall be determined by the Impartial Chairman.
"Pending the time that the sanitary label is prescribed in Jurisdictions
outside of the New York market, this commission will lay down the rules
under which the jobber may deal in garments purchased in such outside
jurisdictions, provided such garments can be shown as having been manufactured or produced in shops having contractual relations with the union."
An Impartial Chairman.
In case the employers and union fail to agree on any disputes that come
up, it is provided that "the question or dispute shall be referred to a trial
board, consisting of one member from each organization party hereto and a
permanent umpire to be known as the 'impartial Chairman' in the industry. Such impartial Chairman shall be selected by the parties hereto in
conjunction with the Cloak, Suit and Skirt Manufacturers' Protective Association and the American Cloak and Suit Manufacturers Association within
two weeks from the date of the execution of this agreement. Should the
said parties fail to agree upon a choice of such impartial Chairman within
the said period of two weeks, the Advisory Commission appointed by the
Governor of the State of New York and consisting of Messrs. George Gordon Battle, Herbert Lehman, Arthur D. Wolf, Lindsay Rogers and Bernard
Shientag, shall, upon the request of either party hereto, appoint such impartial Chairman." . . .
"In order to secure a more equitable distribution of the work and to afford
to all workers in the industry an equal opportunity of labor, the Advisory
Commission appointed by the Governor, as above mentioned, shall immediately designate a group of experts working under the direction of the said
commission, who shall make a thorough study of the industry and of all
the problems confronting the various interests involved," the agreement
provides. "Such experts shall submit their report to the commission on or
before Jan. 1 1925. and the commission shall thereupon take up the said
report and make definite recommendations on these and other problems
involved."
The union obligates itself to enter into no contract benefiting manufacturers not members of the association, and both sides of the industry
"recognize the necessity of unionizing the entire industry in the metropolitan
district." One year from July 16 is named as the date of termination of the
agreement.
"It means for the industry," said Morris Hillquit, counsel for the International Ladies' Garment Workers' Union, "that the present disputes
between the various factions have been, temporarily at least, adjusted.
The favorable result is due largely to the advisory commission appointed by
Governor Smith, who have given their time and interest to the problems in
the spirit of broad sympathy and with a profound understanding of the
problems laid before thorn."
"The Merchants' Ladles' Garment Association (jobbers) are pleased with
the final outcome of this controversy," said Samuel Blumberg, its counsel.
"While it was necessary that some concessions be made, undoubtedly the
agreement will result in bringing about a speedier and more practical stabilization of the conditions in the industry."
261
THE CHRONICLE
Wool Growers Hit by Fewer Clothing Sales.
The present low price of raw wool cannot continue in the
face of reduced wool supplies, unless a radical change takes
place in the consumption of woolen clothing by the American
public, declares the United States Department of Agriculture in a statement made public July 17. The statement
further says:
American wool growers are receiving 20 cents a pound less for their wool
now than a year ago, despite low world stocks, decreased imports during
the past ten months and a decrease in the number of sheep in the principal
wool-producing countries of the world.
Curtailed buying of woolen goods and clothing because of high prices,
backward seasons, high rents, changes in style of women's wear,two-pants
suits and increased use of silk and cotton goods has been advanced by the
trade as the reason why the prices of raw wool are under those of a year ago.
despite the American import tariff on wool.
The price of raw wool in Boston is approximately 18 cents a pound lower
than the London price plus import duty, resulting in decreased imports
and the re-exporting of large quantities of foreign wools imported into the'
United States and held in bond. Total imports of wool into the United
States during the ten months ended April 30 1924 were 200,000.000 pounds
as compared with 438.000,000 pounds imported during the corresponding
ten months of the previous year.
branches of the textile and clothing trade regard clothing prices as
too high, but each feels that economies can best be effected by the others.
Retailers feel that any reductions must take place in the manufacturers'
selling price. The clothing manufacturer contends that the present wage
scale makes it impossible to effect economies in production costs. Some
of the clothing manufacturers and wholesale dealers feel that more efficient
organization in the retail trade would bring about lower clothing prices.
The value of the raw wool that enters into a suit of clothes is a comparatively small factor in the price of clothing. Theeverage all-wool suit
takes about five pounds of wool, so that the difference between a low-priced
and a high-priced suit is not so much the quantity of wool used as it is the
manufacture of the cloth, quality of linings and findings and the labor
used in making tho cloth and the suit.
Last year a considerable quantity of wool was used in women's sweaters, ,
and knit wear. This year there has been a change in style from wool to
silk. Artificial silk, of which more than 35.000,000 pounds was produced
in the United States last year as compared with about 1,500,000 pounds
in 1913. is given as another factor responsible for decreased consumptionn
of wool. Estimated consumption of raw silk last year was approximately
49,000,000 pounds as compared with 28,000,000 in 1913.
The fact that 70% of all automobiles are said to be sold on time payments is regarded by many interests in the trade as evidence that their
owners must economize in other directions in order to meet monthly payments. Yet, it is pointed out, the average automobile owners appears
to be as well dressed as those who do not own cars.
High rents or the forced purchase of houses at high prices on the installment plan are other factors cited that may affect clothing purchases. Purchases of phonographs, radio sets and numerous personal and household
articles, including vacuum cleaners, washing machines and the like, all
mean for the man of fixed income either reduced savings or a readjustment
In expenditures for other articles.
Census Report on Cotton Consumed and on Hand in
June, also Active Spindles, and Exports and Imports
-Sharp Falling Off in Consumption.
Under date of July 14 1924 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active cotton spindles and imports and exports of cotton for the month
of June 19'24 and 1923 and the eleven months ending with
June. Cotton consumed amounted to 350,277 bales of lint
and 39,583 bales of linters in June 1924, compared with
542,026 bales of lint and 48,944 of linters in June 1923 and
413,649 of lint and 42,481 of linters in May 1924; the Bureau announced. It will be seen that the decrease from
June 1923 in the total of lint and linters combined was
201,110 bales, or 34.0%. The statistics of cotton in this report are given in running bales, counting round as half bales,
except foreign bales, which are in equivalent 500-lb. bales.
DEPARTMENT OF COMMERCE.
Bureau of the Census.
Preliminary Report.
Washington, D. C., 10 am., July 14 1924.
Cotton consumed, cotton on hand, active cotton spindles, and imports and
exports of cotton for the month of June 1923 and 1924, with statistics of cotton
consumed, imported and exported for the eleven months ending June 30.
(The statistics of cotton in this report are given in running bales, counting round
as half bales, except foreign cotton, which is in equivalent 500-pound bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters Not Intended.,
Cotton
Spindles
Active
In Public During
Eleven
In
June.
.1foruhs Consuming Storageand
Ending Ealcibitsh- at Corn- (Number)
meals,
presses. •
June 30.
Cotton Consumed
Dttlit&Q (Bales)Locality.
Year
June.
----
united states
Cotton on Hand
June 30 (Bales).
1924 *350,277 .5,341,440 .950,625 *882,204 29,216,486
1923 .512,026 6,203,438 1,347,468 1,227.18434,855.520
749,269 15,582,725
Cotton-growing States_ 1924 247,473 3,619,957
490,867
935,636 16,021,970
707.850
1923 351,181 3,939,486
401,120
77,884 12,097,292
New England States- _ _ 1924 84,360 1,445,604
181,848 17,085,516
560,361
1923 163,031 1,919,298
55,051 1,536,469
All other states
275,879
58,638
1924 18,439
1092 9.7514
244 654
79.257
109.700 1.743.034
•Includes 13,894 Egyptian, 7,061 other foreign, 2,979 American-Egyptian and
206 Sea-Island consumed, 58,956 Egyptian, 33,803 other foreign, 11,028 AmericanEgyptian and 2,616 Sea-island in consuming estimate, and 14,697 EgYinift1), 19,821
other foreign. 6,545 American-Egyptian and 1,949 Sea-Island in ptadlo storage.
Eleven months eonsumption, 211,065 Egyptian, 97,165 other foreign, 31,778
American-Egyptian and 4,600 Sea-Island.
Lintel's not included above were 39,583 bales coastimed during June in 1924 and
48,944 bales in 1923: 110,778 bales on hand in consuming establishments on June 30
1924. and 144,726 bales in 1923: and 69,742 bales in public storage and at corareams in 1924, and 42,224 bales in 1923. Linters consumed during eleven months
''ding June 30 amounted to 491.036 bales in 1924 and 600,176 bales In 1923.
262
TH113 CHRONICLE
[VOL. 119.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
particularly, the brief contended, to pay high prices to a tenant farmer who
was a non-member when the owner of the land was a member of the cooperative.
Parley Fails in Purpose.
• Country of Production.
11 Months Ending June 30.
June.•
Affidavits were submitted in support of all of these charges, according to
1924.
1923.
1923.
1924.
the commission's report, but to no purpose andithe conference ended without result. The affidavits now are to be used in the forthcoming action
Egypt
7,566
325,406
6,580
162,026
against the Imperial before the Federal Trade Commission as the basis
20,594
Peru
470
430
19,434
China
2.505
3,479
49,537
42,891
for charges of discrimination and unfair,competition.
Mexico
45,666
249
26,872
Before leaving London. however, the representatives of the co-operative
British India
2,568
21,017
3,086
32,889
association met the leaders of the grout consumers'co-operatives in England.
All other
14
1,378
61
1,578
which have r membership of several millions and distribute many millions
Total
- 13,367
13.641
463,598
285,690
of dollars wo
of commodities, such as groceries, clothing and the like.
annually.
Erporters of Domestic Cotton and Linters-Running Bales
The American mission's report sets forth that a proposal was made to the
(Sec Note for Linters).
British retail co-operatives to have 60,000,000 pounds of American tobacco
Country to Width Er ported.
June.
11 Months Ended June 30. supplied by the American farmers' organizations for manufacture in England, then to be sold by the British co-operatives under their own brand in
1924.
1923.
1923.
1924.
competition with the brands of cigarettes and tobaccos controlled by the
Imperial.
United Kingdom
1,643,619
41,203
1,275.225
33.477
This proposal was submitted tentatively and is still the subject of negotiaFrance
623,344
25.573
33.620
701,571
Italy
481,011
24,768
27,248
tions. The farmers' representatives agreed to allow two cents on each
527,985
Germany
57,214
852,140
49,777
1,237,969
pound of tobacco for an extensive advertising campaign to popularize the
Other Europe
611.353
75.081
15,980
729,487
new co-operative brands.
Japan
610,006
2,193
41,205
543,889
All Other
Negotiations also are in progress with a large British independent manu239,479
13,544
175,947
4,947
facturer to handle the manufacture of tobacco supplied by the co-operatives.
Total
5,560,467
_230,979 I 214,851
4,692.558
When preliminary parleys are completed, it is expected that a committee of
Note.
-Figures include 13 381 bales of linters exported during June in 1924 and the English co-operatives will come to this country to complete the deal.
1,902 bales in 1923 and 107,238 bales for the 11 months ended June 30 in 1924 and
The report of the mission deals also with negotiations which were had in
37.777 bales in 1923. The distribution for June 1924 follows: United Kingdom,
Austria and Czechoslovakia, where tobacco is a government
1,701; Netherlands, 136; France, 1,013; Germany, 9,704; Belgium, 26; Italy, 592: Prance. Italy.
monopoly. They were uniformly successful in establishing friendly relations
Canada, 201; Mexico, 8.
between the co-operatives and these governments, the report declared, and
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters, an increasing volume of business with these countries is anticipated.
grown in 1922, as compiled from information secured through the domestic and
foreign staff of the Department of Commreee is 18,261,000 bales of 478 pounds lint,
while the consumption of cotton (exclusive of linters in the United States) for the
Year ending July 31 1923 was approximately 20,950,000 bales of 478 pounds lint. Polish Tobacco Contract
-President Standard ComThe total number of spinning cotton spindles, both active and idle, is about 157,mercial Co. Says American Growers of Leaf
000.000.
Imports of Foreign Cotton (500
-Lb. Bales).
Will Benefit.
Tobacco Men Plan War on British Concern-300,000
In its issue of June 30 the "Wall Street Journal" pubSouthern Growers Resent Attack on Marketing
lished the following:
Associations by Imperial Company of London.
"I have closed a contract through Italian banking interests whereby
with
The following is from the New York "Herald-Tribune" 60% them we shall have the exclusive privilege of supplying for 20 years
of the leaf tobacco required by the Polish tobacco monopoly, backed
of July 13:
by the Polish Government," said Ery Kehaya, President of the Standard
Open warfare between 300.000 Southern tobacco farmers, members of
co-operative marketing associations, on the one side, and the Imperial
Tobacco Co. of Great Britain. on the other, is believed to be imminent,
idwas said yesterday, following the failure of a recent peace move by the
farmers.
The mission which went to England recently to have the dominant
British company call off its boycott of the co-operatives and drop its antagonism has just reported the failure of negotiations and plans are said
to be in preparation now for a counter-offensive in behalf of the Ameriean
growers.
Duplex Attack Planned.
A double-barreled attack is in prospect. The farmers plan first to demand an investigation by the Federal Trade Commission of the alleged
unfair methods of the British company and propose then to conclude negotiations with the consumers' co-operative societies of England. so as to
carry the war into the other camp and compete with the Imperial in its
own markets.
Charges of boycotting, intimidation of farmers and other unfair methods
have been made against the Imperial almost since the beginning of the cooperative movement among the tobacco growers of Virginia, the Carolinas,
Katucky,Tennessee and Indiana almost tivo years ago. The co-operatives
were formed to aid the grower in getting a larger return for his crop and to
do away with excessive profits of middlemen and commission agents.
But, although American tobacco and cigarette manufacturers bought
extensively from tile co-operative associations, the Imperial, which depends
on the American crop for almost all of its tobacco leaf, is said to have consistently refused to deal with them.
Conference Held in London.
The situation became so serious during the last year that the co-operative
decided to send representatives to meet with the Imperial's
associations
executive board in London and to seek some way of establishing a friendly
business relation. Among the American representatives were Judge Robert
W.Bingham of Louisville; Oliver .1. Sands, banker,of Richmond,and Aaron
Sapiro, general counsel to the co-operatives.
These met in London withiL W.Gunn, A. F. Faulkner, Sir Gilbert Wills
and other members of the Imperial's executive board and there, according
to their report, proposed that the Imperial drop its fight on the co-operatives
and purchase from them in the same proportion in which it purchases
from non-members.
The farmers' representatives presented a lengthy brief which, in addition
to including letters from President Coolidge, Secretary Hoover and other
high officials telling of their interest in the movement, presented affidavits
and reports of the coercive acts against the co-operative farmers with which
the British concern is charged. One of these alleged that the agents of
the Imperial were fostering the widespread extension of tobacco growing in
Georgia so as to break down the grip of the co-operatives on the market,
although supplies of raw leaf were more than enough to meet all requirements.
Farm Loan Report Offered.
The brief offered a letter from G. R. Hefiey, Secretary of the Farm Loan
Board, to Senator Carter Glass. quoting a report to his department as
follows:
"The development of the tobacco industry in southern Georgia has during
the past two years assumed considerable proportions. It is estimated that
between 30,000 and 40,000 acres will be planted in tobacco this coming year.
The Imperial Tobacco Co. is fostering this production in co-operation with
local banks and supply houses.
'Mils company maintains a considerable number of demonstrators, who
sign up the farmers, under contract, to plant a certain acreage in tobacco,
the demonstrator to advise the farmer in the culture, handling and marketing and to furnish detail plans for the construction of necessary barns.
'Attension is particularly called to the fact that the demonstrators
referred to are in every possible way working along lines intended to prejudice farmers _against affiliating with the Tobacco Growers Co-Operative
Associations.:
It also was alleged in this brief that buyers for the Imperial would go to
tobacco auction floors and pay abnormally high prices for the crops of nonmember farmers, although more than enough tobacco could have been supplied by the co-operative associations at a lower price. The buyers sought
Commercial Tobacco Co.. returning from abroad.
"American growers of leaf tobacco will profit through establishment of
a new market for American tobacco. Poland's population of about 30,000.000 will require 60,000,000 to 70,000,000 pounds of leaf tobacco each
year. Eventually 30% of these quantities should be American leaf tobacco. as I believe our farmers can compete successfully in providing this
supply. The Banca Comerciale italiana enabled Poland to borrow
$20.000,000 on 20
-year bonds, guaranteed by the Italian Gvoernment and
quickly subscribed for by Italian citizens. Under this 20-year contract,
some 35,000,000 to 45,000,000 pounds of tobacco will be supplied through
us each year, of which 10,000,000 to 20,000,000 pounds will come from
America. The total contract will involve from 700,000,000 to 900,000,000
pounds.
"Poland is making rapid strides and will become governmentally. industrially and economically a most prosperous country."
Loans to Raleigh Members of Cotton and Tobacco
Co-operative Associations.
Raleigh advices published in the "Wall Street Journal"
of June 13 said:
Loans to the farmers of North Carolina, members of the cotton and tobacco co-operative associations, will soon pass $1,000,000 through the
newly formed agency of the North Carolina Agricultural Credit Corporation. More than $600,000 has been loaned to the farmers of eastern North
Carolina, thus enabling the members of the associations to pay cash for
their fertilizer and labor.
Virginia farmers are also taking advantage of the opportunity to secure
money and pay cash for their supplies, according to W.E. Gadner of Danville. Vice-President of the Virginia Agricultural Credit Corporation. The
Virginia corporation has only been organized about a month, but already
E.,1=bta ..z
lt
has loaned thousands of dollars to farmers in that State.
New England Tobacco-Connecticut and Massachusetts Report Gains in Crop.
A 6% increase over last year in Massachusetts tobacco
and a 5% gain in Connecticut are indicated by reports from
growers to the New England Crop Reporting Service, made
public on July 14 at Wakefield, Mass. In Massachusetts,
Havana shows considerable gain while broadleaf drops off
and the shade total is in doubt. Connecticut shows a slight
gain in Havana, a big gain in broadleaf and considerable
drop in shade.
Transactions in Grain Futures During June on Chicago
Board of Trade and Other Contract Markets.
Revised figures showing the daily volume of trading in
grain futures on the Board of Trade of the city of Chicago
during the month of June 1924, together with monthly totals
for all of the "contract markets" except the Baltimore Chamber of Commerce, as reported by the Grain Futures Administration of the United States Department of Agriculture,
were made public on July 10 by J. W. T. Duvel, Grain Exchange Supervisor at Chicago. The figures listed represent
the sales, or only one side of the transaction, there being an
equal number of purchases. They are as follows:
THE CHRONICLE
JULY 19 1924.1
EXPRESSED IN THOUSAND BUSHELS, i.e. (000) OMITTED.
Dale June, 19241
2
3
4
5
6
7
Wheat. Corn.
27,988
21,850
21,052
18,396
19,302
9,529
s
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
8,524
8,057
9,980
7,784
4,667
7,950
9,236
39,181
45,130
30,069
34,600
22,641
13,107
20,065
15,895
10,046
11,932
5,636
44,552
32,630
48,807
51,471
30,716
21,696
15,875
12,720
32,950
19,012
12,974
10,331
29,901
26,729
22,674
40,070
37,123
17,525
18,366
23,774
28,269
31,851
27,050
12,269
31,779 25,292
Oats.
Rye.
SUN DAY
677
1,528
733
1,481
322
3,483
804
5,327
490
1952,
2,027
329
SUN DAY
1,622 1,304
5,523 1,875
4,705 3,350
1,927 2,224
1,468 2,332
1,181
1.161
SUN DAY
2,580 2,982
2,060 1,896
5,506 3,540
4,204 1,918
1,755 1,030
750
2,185
SUN DAY
1,777
1,977
2,478 1,034
6,712 1,050
9,005 3,361
4,656 7,330
2,917 2.045
SUN DAY
5,947 3,241
Barley. Flax.
Total.
--------38,697
--------32,121
--------34,817
--------32,311
--------26,411
--------19,835
--------25,269
--------66,644
--------69,080
--------44,266
_ _ 50,232
_.
--------30,619
--------65,989
--------49,300
--------90,803
76,605
___.
--------46,475
--------34,962
--------52,021
-------- - 54,015
--------58,705
--------84,287
--------76,159
--------34,756
____
66,259
Total Chicago Board of
734,527 394,376 84,166 47,575
_ ._- 1,260,644
Trade
26,229 10,315
------------37,404
860
Chicago Open Board
Minneapolis Chamber
41,211
____ 3,844 13,417
59,033
352
209
of Commerce
Kansas City Board of
____ 45,458
____
28,709 16,555
194__
Trade
814
23,784
--------14,020
Duluth Board of Trade *9,144
St. Louis Merchants
-----------------12,095
8,883 3.232
Exchange
Milwaukee Chamber of
1,372 1.842
3,974
371
389
-- _Commerce
San Francisco Chamber
579
579
of Commerce
Los Angeles Grain Ex96
change
Total all markets.- 850,055 426.320 89.435 75.407
*Durum wheat.
884
966 1443.067
During the month of June the volume of trading on the Board of Trade
of the city of Chicago exceeded the volume for the month of May to the
extent of 130% in wheat; 48% in corn; 124% in oats; 221% in rye, and
97% in all grain futures. The increase for June over May for all futures
on the Chicago Open Board was 66%; Minneapolis Chamber of Commerce,
125%; Kansas City Board of Trade, 87%; Duluth Board of Trade, 94%;
St. Louis Merchants Exchange, 105%; Milwaukee Chamber of Commerce,
79%; San Francisco Chamber of Commerce, 101%; Los Angeles Grain
Exchange, 1100%. For all markets combined the increase was 98%.
263
Reported
Since May 1 1923.
J. W. T. Duvel, Grain Exchange Supervisor at Chicago
of the United States Department of Agriculture, made the
following announcement under date of July 16:
Volume of Wheat Trading July 16 1924 Largest
-is the
The volume of wheat trading yesterday-69.138.000 bushels
largest reported since May 1 1923, when it was 70,375.000 bushels. Yesterday's wheat trading has been exceeded only twenty times since Jan. 1
1921. The largest single day's trading in wheat druing this entire period
of more than three anu one-half years was 90,134.000 bushels on March 9
1922.
Increase of Over a Billion Dollars in Value of Grain
Crops.
Associated Press dispatches from Chicago yesterday
(July 18) said:
Upwards of a billion dollars has been added to the speculative values of
the 1924 grain crops of America and the Canadian Northwest in recent
weeks as a result of the 30 cents a bushel increase in wheat prices in the
United States and the 42 cents a bushel jump in Canada which have pushed
crop prices to new records for this year.
July wheat, which sold at $1 0334 on June 9, touched $1 303. yesterday.
gaining Ili cents for the day, while Winnipeg was up to $1 40%,an advance
of 434 cents. All cereal futures except September corn were quoted here
yesterday at new high prices far the crop.
Speculative trading on the Board of Trade on Wednesday reported its
highest since May 1 1923, with an aggregate of more than 110.000,000
bushels of all grains, of which 69,000,000 bushels were wheat for future
delivery. Six weeks ago trading was around 20,000,000 bushels a da:i
July corn has advanced from 78 cents to $1 13 in about six weeks and cash
No. 2 yellow corn brought $1 1631 here yesterday, the highest in several
years. Oats sold at 61 cents and are up 10 cents of late, and rye brought
87 cents, a gain of 20 cents a bushel in the same time.
December corn, representing the new crop which will be harvested this
fall, sold at 71 I cents on June 9 and was 94% cents at the tinish yesterday.
which on the prospective crop of 2.515,000,000 bushels for the country.
was considered by grain men theoretically to have added over 5500.000,000
to the farmers' bank accounts.
With the advance in wheat, prices of wheat flour have taken an ascent.
Prices were lifted 20 cents a barrel yesterday to $8 for best known brands of
Minneapolis patents, making a gain of 51 20 per barrel since June 9, and
rye flour is up 75 cults at $1 for the same periad.
The poor prospect for the corn crop, with the promise of a ield of
.515.000,000 bushels on July 1, the smallest with two exceptions in twenty
9
years, is considered responsible for the high prices prevailing for the grain.
Hogs have also shared in the upward movement and touched $8 10 yesterday, the highe.st price since last October and nearly $1 increase lately.
All of the speculative grain markets are regarded by grain men as somewhat strained, and extremely rapid price changes are expected.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 16, made public by the Federal
Reserve Board and which deals with the results for the
twelve Federal Reserve banks combined, shows a further
reduction of $10,500,000 in • aggregate holdings of earning
assets. Holdings of discounted bills declined by $5,500,000
and of acceptances purchased in open market by $21,100,000,
while Government security holdings increased by $16,100,000
Federal Reserve note circulation declined by $42,300,000,
while cash reserves increased by $21,100,000 and deposit
liabilities by $65,100,000.
An increase of $6,900,000 in holdings of discounted bills
is reported by the Federal Reserve Bank of New York and
nominal increases by the Federal Reserve banks of Philadelphia, Minneapolis and Dallas. The eight remaining
banks report a total reduction of $15,400,000, the San
Francisco Bank showing the largest decline, of $7,200,000,
Chicago a decline of $2,800,000, and Richmond a decline
of $2,300,000. Paper secured by U. S. Government obligations increased by $2,600,000 to $97,200,000. Of this
amount,$81,400,000 was secured by Liberty and other U.S.
bonds, $14,900,000 by Treasury notes and $1,000,000 by
certificates of indebtedness. After noting these facts the
Federal Reserve Board proceeds as follows:
found on subsequent pages, namely, pages 300 and 301. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
July 16 1924 follows:
Increase (-I-) Or Decrease (-)
During
Year.
Week.
+821,100,000 +$83.000.000
Total reserves
+60.800.000
+17.100,000
Gold reserves
-10.500,000 -276,400,000
Total earning assets
-5,500,000 -500,600,000
Bills discounted, total
Secured by U. S. Govt. obligations_ _ _ _ +2,600.000 -311.100,000
-8,100.000 -189.500.000
Other bills discounted
-21,100,000 -145,700.000
Bills bought in open market
+16,100,600 +368.600.000
U. S. Government securities, total
-4.300,000
-100.000
Bonds
+14,800.000 +277.900,000
Treasury notes
+95.000,000
+1,400,000
Certificates of indebtedness
-42,300,000 -404,300,000
Federal Reserve notes in circulation
+65.100,000 +201,500,000
Total deposits
+48,400,000 +201.600,000
Members' reserve deposits
+100.000
+15,300.000
Government deposits
-200.000
+1.400.1100
Other deposits
The Week with the Member Banks of the Federal
Reserve System.
Increases of $48,000,000 in loans and discounts and of
$27,000,000 in net demand deposits, as against reductions
of $49,000,000 each in investments and accommodation at
the Federal Reserve banks, are shown in the Federal Reserve
Smaller holdings of acceptances purchased in open market are shown by Board's weekly consolidated statement of condition on
all Federal Reserve banks except Philadelphia, which reports an increase July 9 of 748 member banks in leading cities. It should
of $100,000. The New York and Boston Reserve banks report declines
of $14,300,000 and $4,600,000, respectively, in this Item. All Reserve be noted that the figures for these member banks are always
banks participated in the increase of 216,100,000 in holdings of Government a week behind those for the Reserve banks themselves.
securities except Richmond. which shows no change for the week. Of the
Loans secured by stocks and bonds show a decline of
total increase in Government security holdings,$14,800,000 was in Treasury
notes and $1,400,000 in certificates of indebtedness. Holdings of U. S. $8,000,000, while "All other," largely commercial, loans and
bonds declined by $100.000.
discounts show an increase of $56,000,000. All classes of
With the exception of the Kansas City Bank, which shows an increase of
investments show reductions for the week, United States
$200,000, all Federal Reserve banks report a smaller volume of Federal
Reserve notes in circulation, the principal decreases being as follows: bonds by $4,000,000, United States Treasury notes $30,Chicago $7,800,000, Cleveland $7,600,000, San Francisco $6,500,000, 000,000, United States certificates of indebtedness by
New York $6,000,000. Philadelphia $4,700,000 and Boston $4,566,660.
securities by $10,000,000.
Gold reserves increased by $17,100,000 during the week. Reserves other $5,000,000, and corporate
Member banks in New York City report a decrease of
than gold by $4,000,000 and non-reserve cash by $2,700,000.
The statement in full, in comparison with the preceding $38,000,000 in loans on corporate stocks and bonds as
week and with the oorresponding date last year, will be against increases of $1,000,000 in loans on United States
264
TIIE 011RONTCLE
Government securities and of $40,006,000 in "All other"
loans and discounts. Their holdings of United States
securities declined by $17,000,000, while their holdings of
corporate securities increased by $2,000,000. Further comment regarding the changes shown by these member banks
is as follows:
Net demand deposits increased by $27,000,000, the increase of $20,000.000 reported for banks in the New York district, of $13,000.000 for banks
In the Cleveland district, and of $10,000,000 and 59,000,000, respectively,
for banks in the St. Louis and Philadelphia districts, being partly offset by
a decrease of $30,000,000 in the Chicago district. Time deposits increased
by $19,000,000, of which $11,000,000 is shown for banks in the San Francisco district. Government deposits declined by $12,000,000. The New
York City banks report an increase of $5,000,000 in time deposits as
against a reduction of $4,000,000 in Government deposits.
Reserve balances of all reporting banks increased by $17,000,000, the
larger increase of $30,000,000 reported for the New York City banks was
offset in part by decreases in some of the other cities. Cash in vault increased by $7,000,000, a decrease of $2,000,000 under this head being shown
for the New York City members.
Borrowingeof all reporting institutions from the Federal Reserve banks
were reducedifrom $133,000,000 to $84,000,000, and like borrowings of the
New York City banks were reduced from $38,000,000 to $7,000,000.
On a subsequent page—that is, on page 301—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
+$48,000.000 +$345,000,000
Secured by U. S. Government obligations_ —2,000.000
—27,000,000
Secured by stocks and bonds
—6,000.000 +288,000,000
All other
+84,000,000
+56,000,000
Investments, total
—49,000,000 +213.000.000
U. S. bonds
—4,000,000 +141,000,000
U. S. Treasury notes
—30,000,000 —309.000,000
U. S. certificates of indebtedness
—5.000,000
+9,000,000
Other bonds, stocks andfsecurities
'-10,000,000 +372,000,000
Reserve balances:withIFIR ABanks
+17,000.000 +114,000,000
Cash in vault
+7,000,000
—8,000,000
Net demand deposits
+27,000,000 +741,000,000
Time deposits
+19,000,000 +470,000,000
Government deposits
—12,000.000
—63,000,000
Total accommodation at Fed'Illies've banks_ —49,000,000 —481.000,000
Canada Likely to Displace United 7 States as a Gold
Producer, According to Louis D. Huntoon.
Canada, by 1926, will displace the United States as second
among the gold producing countries of the world, in the
opinion of Louis D. Huntoon, New York mining engineer,
and a former professor of mining and metallurgy in Yale
University. Canada is now third, Africa ranking first.
Mr. Huntoon, after a prolonged study of the Dominion's
gold districts, reports his conclusions in the official journal
of the American Institute of Mining and Metallurgical
Engineers. Canada's output, he says, is increasing rapidly,
while in the United States since 1915 there has been a rapid
decline. For the last eleven years the United States has
produced 18.7% of the world's production, the last year's
total, now estimated at $51,000,000, being about 50% of
that for 1915. "During those eleven years," says Professor
Huntoon, "the Dominion of Canada has produced 4.5% of
the total production of the world; in 1922 the production increased to 8.1%. This rapid increase in the gold production
of Canada, and rapid development of new gold deposits which
as yet have not been equipped with mills of sufficient capacity
to handle the ore developed, will have an important bearing
on the world's production. Professor Huntoon proceeds as
follows:
In view of the producing mines,,areas being developed, areas being explored. and favorable areas to be explored, it is my opinion that within
the next five years the production of the Dominion will exceed the present
production of the United States.
These new gold mines promise permanency. They are lode or vein
deposits; they have been developed to a depth of 2,500 feet; the gold content
has not decreased with depth: and there is every indication that they will
continue to great depth. The permanency of the deposits with depth is
based, not only on the present depth and values, but also on petrographic
analyses of oresfrom many of the producing mines and non-producing areas.
Saying that an analysis of the world's production of gold
shows a steady annual decrease since 1915, Mr. Huntoon
asserts that John Maynard Keynes, the English economist,
is in error in holding that a quarter of a century has passed
since the discovery of an important gold deposit. Within
the last ten years, he points out, two very important gold
producing areas have been developed in Ontario, in the
Porcupine area the annual production of the Hollinger Mine
for the last four years surpassing that of the Homestake
Mine of South Dakota. The largest annual producer of
gold in the United States is the Homestake, which in 1922
produced $6,285,317 in comparison with the Hollinger,
which produced $12,274,115. The annual production of
[VOL. 119.
the Homestake for several years past will average slightly
in excess of $6,000,000.
Africa for many years has held first place in gold production. Since 1912 its annual production has been slightly
over $200,000,000, equivalent to 49.7% of the world's production. Its annual production since 1912 has remained fairly
constant. Last year's production is estimated at approximately $209,000,000. In a forecast for 1924 Mr. Huntoon
estimates that the production of the United States will
remain stationary at $51,000,000, while that of Canada will
rise to $30,000,000. Canada's production last year was
$25,294,076. "The production of Canada," continues Mr.
Huntoon, "would last year have surpassed that of 1923 if
there had been sufficient hydro-electric power to have
operated the mills at full capacity. During 1923 new mills
have been erected and old mills have greatly increased their
capacity. The indications are that in 1926 the Canadian
production will surpass that of the United States and give
Canada second place among the countries of the world
producing gold." Ontario surpassed California in 1922 and
• the production for 1924, Mr. Huntoon thinks, will probably
be more than double that of California. His forecast gives
the Hollinger $14 000,000 in 1924 and the Homestake
$6,500,000.
The Hollinger during 67 years has to its credit a total
production of $182,999,140, equivalent to an annual average
production of $3,898,598. The Hollinger made its first
shipment in 1911, since which it has produced a total of
$70,085,094, equivalent to an average annual production
of $5,391,161. "The annual production of Ontario,"
according to Mr. Huntoon "surpasses that of any individual
State in the United States. The present annual production
of the Hollinger Mine is practically double that of the
largest mine in the United States. The future possibilities
of the pre-Cambrian shield of Canada are beyond comprehension; this area is of tremendous extent, and the larger part
of it is unexplored and inaccessible other than by canoe and
portage." Among the provinces, British Columbia ranks
first in gold production, the Canadian Yukon second and
Ontario third. Very little gold has been produced in
Quebec. Manitoba's maximum production was $39,814 in
1918. No production has been reported from Saskatchewan.
Little of the pre-Cambrian formation is indicated in Alberta.-Professor Huntoon adds:
Few appreciate the importance of the recent gold discoveries in Ontario,
the present output from the Province and the exploration and development
work which are in progress in both Ontario and Quebec in search of and
opening up new deposits. These recently discovered gold fields of Ontario
can be reached by Pullman car within less than 24 hours' ride from Toronto
or Montreal.
The deposits occur in the geological formation known as the pre-Cambrian.
This formation forms a shield around Hudson Bay extending from the coast
of Greenland and covering the whole or parts of Quebec, Ontario, Manitoba, Saskatchewan and Wisconsin, and the Northwest Territories. It
extends south in Minnesota. in which the Lake Superior iron ore deposits
occur.
With favorable geological conditions, valuable gold and mineral deposits
are likely to be developed in any of the provinces containing pre-Cambrian
formation. The future possibilities of Canada with this tremendous area
of pre-Cambrian formation are most favorable.
The official journal of the American Institute of Mining
and Metallurgical Engineers shares Mr. Huntoon's criticism
of Keynes's statement that "a quarter of a century has passed
since the discovery of an important gold deposit," saying:
This is typical of the harmful ignorance of professor economists in respect
to natural resources in general and mining in particular. It is not so long
ago that Professor Irving Fisher, when holding up the gold bogey,said that
there were unlimited deposits of low-grade gold ore only waiting another
new process similar to cyaniding to flood the world with gold.
In Dr. Keynes's case the error is perhaps the more flagrant because of the
marvelous development of the Porcupine gold area in Ontario. one of the
provinces of the British Empire, of which he certainly should have knowledge, and beings British subject,should feel a just pride.
Features of Hungarian Government Financing--New
Bond Issue, Central Bank, Etc.
A circular enlarging upon the information heretofore given
regarding the issue of Kingdom of Hungary bonds recently
put out has been issued by Speyer & Co. and the Equitable
Trust Co. of New York, who jointly headed the syndicate
which offered the $7,500,000 portion of the loan placed in
this country and referred to in these columns July 5, page
26. The circular also deals with the financial and economic
reconstruction of Hungary, the newly established Central
Bank, etc., and we give it, in full herewith:
$7,500,000 STATE LOAN OF THE KINGDOM OF HUNGARY 1924
7% SINKING FUND GOLD BONDS, DUE FEB. 1 1944.
The Kingdom of Hungary, as constituted under the terms of the Treaty
of Trianon signed June 4 1920, occupies an area of about 36,000 square
miles and its present population is estimated at more than 8,000,000. In
area it is approximately three times as large as Belgium or Holland. and
JULY 19 1924.]
THE CHRONICLE
nearly 10% larger than. Austria. The population is greater than that of
any of these countries.
Hungary is self-supporting as to food supply and is rich in natural resources. The greater part of the population is engaged in agriculture. The
chief crops are wheat, rye, barley, oats, corn and sugar beet. In 1923 the
exports of Hungary included about 95.000 metric tons of wheat and rye,
about 50,000 tons of oats, 185,000 tons of wheat and rye flour, over 45,000
tons of sugar, and considerable quantities of live stock, poultry and meat.
The country is nearly self-sufficient in the supply of coal. The industries
include flour milling, distilling, vegetable canning and the manufacture of
meat products, sugar, textiles, agricultural implements, machinery and
electrical appliances.
The total foreign trade (as officially reported, in gold crowns—value
20.26 cents) amounted in 1923 to about $218,000,000, the value of imports
being about $117,000,000 and that of exports about $101,000,000. During
the last four years, there has been a very marked increase in exports (from
about 840,000.000 in 1920 to more than $100.000,000 in 1923). while tinports have remained more or less stable. For the first quarter of 1924.
the adverse trade balance (about $5.500,000) was less than one-half of the
amount for the corresponding period in 1923.
The country is served by 5,327 miles of railway, of which 1,877 are owned
by the State.
Budapest, the capital and principal city, is one of the most important
points for traffic on the Danube; it is the center of rail and inland water
transportation and the leading flour milling city in Europe. The present
population is estimated at about 1.200.000.
Plan for Financial and Ec9nomic Reconstruction.
The wastage and disorganization caused by the war and post-war developments and the disruption of normal trade relations as a result of
changed boundaries within the former Austro-Hungarian Empire. seriously
disturbed the economic life of the country and its finances. The budget
became unbalanced; the currency was inflated and the value of the paper
crown depreciated. Following upon the successful solution of the Austrian
problem, which had presented far greater difficulties. the League of Nations
undertook to plan for the financial and economic reconstruction of Hungary.
The plan is incorporated in two protocols signed at Geneva March 14
1924, approved by the Council of the League of Nations and ratified by the
Hungarian Government and may be summarized as follows:
I. The stoppage of inflation with a view to the stabilization of the Hungarian crown, this being assisted by
II. An independent bank of issue enjoying the monopoly of note issue;
HI. The balance of the budget by June 39 1926, so that thereafter current expenses will be met by taxation without recourse to either inflation or
loans;
IV. A reconstruction loan secured by specific Hungarian revenues, to
cover the deficit till June 1926, so that inflation may be stopped without
waiting till the budget is balanced (which could probably never be achieved
while inflation was still in progress):
V. A control through a Commissioner-General appointed by, and solely
responsible to, the Council of the League, for the purpose of insuring the
due execution of the whole programme.
Hon. Jeremiah Smith Jr. of Boston was appointed Commissioner-General
and assumed his duties in May 1924.
265
struction period the payments duefare Stolbeisubstantially less than the
average; the amounts for 1927 and 1928 are 5,000.000 gold crowns or about
$1.000,000 per year.
At any time during the currency of the loan, a Commieeioner-General
is to be in office if budget equilibrium is in danger, and while he is in office
no reparation payments can be made except with his assent, i. e., except '
when he judges that they are possible without preventing the execution of
his primary work, the establishment of budget equilibrium and maintenance of the security of the loan.
General: Sir Arthur Salter's statement to the British Institute of International Affairs(May 22 1924) includes the following:
"The loan will not be guaranteed by a number of external Governments
as the Austrian one was. The Financial Committee consider that that was
not required.
III it
"For Austria Government guarantees were necessary because by September 1922, Austria's financial position (combined with her dependence
upon imported food and raw materials) was such as to present a real risk
of social disorder developing to a point at which it would destroy the value
of any securities she could offer. Moreover, the efficacy of League control
was untried and unknown; and the recuperative power of a country when
given the support of currencyr efor rt was equally a matter of conjecture.
"The position of Hungary; a -day is very different. Her budget is by no
means in so desperate l ; dil on. Her natural resources (particularly her
self-sufficiency in food) afford a more solid basis; her agricultural population does not present the Es'isI eared for the industri ii pooulation of Austria.
"Above all, perhaps, we have the p-oved results of the Austrian experience: the astonishing increase both in the value of the assigned revenues
and the gene-al economic and financial recovery that have resulted from
stabilization and control."
Revenues Pledged.
For the fiscal year ended June 30 1923, the receipts from the re enues
which are pledged for the loan (including export duties amounting to about
11.200.000. most of which were subsequently abolished) were abou'; 68,900,030 gold crowns or about $13,903,033. The Financial Committee of
the League of Nations in its calculations in reference to the loan took as a
conservative estimate for the yield for the next year a figure of approximately $10,030,030.
The receipts for the first four months of 1924 were at the rate of about
83,000,000 gold crowns (about $16.208,000) per annum or about two and
one-half times the annual requirements for interest and sinking fund payments on the loan amounting to about 16,280.609. The annual requirements for the service of the loan are less than one dollar per capita.
Control of Revenues.
The revenues pledged will be paid, as collected, into a special account in
the Central Bank, controlled by the Commissioner-General and, when no
Commissioner-General is functioning, by the trustees for the bondholders
appointed by the Council of the League of Nations. Out of these funds
there will be transferred to the trustees, in accordance with the terms of the
loan, on the first of each month, one-twelfth of the annual requirements for
interest and sinking fund.
Reserve Fund.
A reserve fund in cash sufficient to cover one-half of the annual interest
and sinking fund requirements of the loan is to be kept on deposit with the
trustees to meet any deficiency in the service of the loan. Any amount
drawn from this fund is to be forthwith made good by the Hungarian Government.
Functions of the Cimmissioner-Gencral.
The execution of the plan is under the supervision of a CommissionerGeneral appointed by the Council of the League and responsible to it.
In order to insure financial rehabilitation, the plan provides for semi-annual
reconstruction budgets embodying in detail a program of budget reform
for the three years 1924-26. The Government is obliged to furnish the Commissioner-General throughout the period of his control, any information
he may require as to all items of revenue and expenditure and as to the
entire administrative system connected with the State finances. If the
progress of reform should fall behind the program prescribed for the semiannual periods or contemplated monthly estimates, he may object to any
item of expense or require the Government to increase existing taxation or
impose new taxes. In order to enforce his demands, he is authorized to
withhold payment from the proceeds of the loan or from the revenues
pledged, which funds, as stated above, are subject to his control.
Control by the Commissioner-General will continue until the council
determines that financial stability is assured, but such control may be
reestablished by the council at any time while any part of the loan is outstanding, if the balance of the budget or the security for the loan is endangered.
Foreign Relations.
Great Britain, France, Italy, and the neighboring States of Rumania.
Yugoslavia, and Czechoslovakia, in a protocol signed March 14 1924,
joined with Hungary in solemn declaration to respect the political and
economic independence, territorial integrity and sovereignty of Hungary,
and the guarantees established for the protection of the bondholders. These
nations also obligated themselves, if any differences should arise, to appeal
to the Council of the League of Nations in accordance with the regulations
of the Covenant of the League and to abide by the decisions of the council.
The following statement by Hon. Jeremiah Smith Jr., CommissionerGeneral, wa.s cabled from Budapest:
"The news that a part of the Reconstruction Loan is being placed in the
United States was received here with great satisfaction. Naturally, I was
very much pleased that there was American participation in this piece of
constructive work, which is one of the steps necessary to the re-establishment of normal economic conditions in Central Europe.
The Reconstruction Plan was prepared by some of the ablest financiers
of Europe, acting in collaboration with the Hungarian Government. The
League was fortunate enough to secure the collaboration of such men as
A. Janssen, Director of the National Bank of Belgium; J. Parmentier.
French Representative on the Dawes Committee; Sir Otto E. Niemeyer
Controller of British Finance; G. Bianchini, President of the Italian Bankers Association; C. E. ter Minden, of Hope & Co., Amsterdam; Sir Henry
Strako.sch, Financial Advisor to the South African Government, and others
of similar standing. It would have boon impossible to secure the services
of these men by the payment of any amount of monev, but they wittingly
gave their services to the cause of European reconstruction.
"After examination of Hungarian finances, they signed a report ending as
follows: 'We believe that this financial scheme affords Hungary the requirW
basis for her economic development and that her resources will enable her
to become a permanently self-supporting State.' The eminent financiers
who made that declaration and the thoroughness with which they investigated the problem make it almost superfluous for me to express approval of
their opinions. I can say, however, that two months'experience in Hungary
leads me to share their conclusions as to the success of the Reconstruction
Plan."
Independent Bank of Issue.
In conformity with the plan, inflation of the currency through issue of
unsecured bank notes for Government account was stopped and the Government gave up the right to issue notes. The new Central Bank was
opened in June 1924 with a capital of 30.000,003 Hungarian gold crowns.
The bank has the sole right to issue notes. It is independent of State control and the Government may not borrow from it. The statutes of the bank
provide against any risk of inflation.
The Loan.
The bonds offered in New York and £7,902,700 sterling bonds offered
simultaneously in London by Messrs. Baring Brothers & Co.. Ltd., N. M.
Rothschild & Sons and J. Henry Schroder & Co., are part of an International
loan issued also in Czechoslovakia, Holland, Italy, Sweden, Switzerland.
Hungary and other countries, in various currencies, for amounts sufficient
to yield to the Government in the aggregate an effective sum not exceeding
the equivalent of 250,000,000 Hungarian gold crowns, or about $59,650,000.
Purpose: The proceeds of the loan will be placed under the control of the
Commissioner-General and will be used to cover the excess of expenditures
over revenues during the period of reconstruction, except for the amount
required to redeem the Budapest Harbour Co. bonds referred to below.
Security: The loan is the direct obligation of the Government of Hungary
and is secured by a general bond of the Government under which the Chairman of the Financial Committee of the League of Nations is appointed
trustee for the bondholders, to be succeeded later by three trustees to be
appointed by the Council of the League.
The loan will be specifically secured by,a first charge on the gross revenues
from the customs, the sugar tax, and the tobacco monopoly, and the net
revenue from the salt monopoly. The loan will be additionally secured, if
required by the Commissioner-General (or by the trustees for the bondholders, when no Commissioner-General is functioning), by a first charge
on any other revenues and assets of the Government. except the revenues
of the State railways. The security for this loan will extend to any loan
which the Government may issue to redeem on or after Feb. 1 1934 the;
then outstanding balance of any issue forming part of this loan, but no other
lien on the above revenues and assets may be created ranking in priority
to or part passu with the lien of this loan.
The outstanding bonds issued in 1923 by the Budapest Harbour Co.. to
a nominal total of 15,000.000 French francs, which are secured by a first
charge on the customs and sugar duties to be received in the new Port of
Budapest, will be redeemed from the proceeds of the loan.
Subordination of Relief Bonds and Reparation Charges: With reference
to the lien of this loan, Sir Arthur Salter, director of the Department of
Finance and Economics of the League of Nations, states:
"All the revenues (both those immediately assigned and those which may
be assigned if necessary) will be clear of all prior liens both in respect of
reparation and relief bonds, so that the reconstruction loan has a clear
prior charge on all the revenues of Hungary (except those of the railways),"
The relief bonds amounted to about $2,500,000, the United States holding by far the larger part. By agreement with the United States, the payment of the debt to it for relief amounting 'with accrued interest to about
$1,940,000 is spread over 62 years, and the interest rate is fixed at 3% for
the first ten years and 35i% thereafter.
The arrangement with reference to reparation payments. may be summarized as follows: The total demands covering reparation and also resti- Nicaragua Pays Off Last of Local Debt—Takes Up
tution, costs of armies of occupation, armistice obligations, etc., are limited
Last of Treasury Bills Given to Brown Bros. & Co.
tor a period of twenty years to an annual average of 10 million gold crowns
and Seligman & Co. in the Year 1920.
(about $2,000,000). During the actual reconstruction period, there are
The following is from the "Wall Street Journal" July 14:
to be no reparation payments with the exception of certain limited coal
deliveries which were already being made and for which provision was
Government of Nicaragua has finished paying off its debt to Brown Bros.
already included in the budget. In the year; immediately after the recon- & Col and Seligman & Co..and as a result, the Pacific Railroad of Nicaragua
266
THE CHRONICLE
of which these houses held control as collateral, has again become the
bag
SO
exclusive property of the republic.
This marks termination of a contract signed In 1920 whereby Niacaragua
undertook to pay back $1,750,000 to Brown Brothers & Co. and Seligman
& Co.. who held 51% of the stock of the railroad against advances previo.sly made by them for the purpose of reforming Nicaragua's currency.
On the signing of the contract Nicaragua paid $300,000 in cash and gave
treasury bills for the remaining $1,450,000, the last of which were taken
up on July 5 last.
On reversion ofcontrol of the Pacific Railroad of Nicaragua, the following
new board of directors has been organized: Toribio Tijerino, President;
Virgilio Lacayo, Vice-President; Earl Bailie, Secretary and Treasurer:
Lisandro Medina. Manuel Zavala, Timoteo Seydel Vara, Damaso Rivas,
Jeremiah Jenks and Joseph K. Choate.
Nicaragua now has onlyrone foreign loan outstanding, the so-called
Ethelburga loan of London. This was placed In 1909 for an initial amount
of £1,250,000, which by sinking fund operation has since been reduced to
Ii1 raft
about £900,000. equivalent to about $4.000.000.
[VOL. 119.
Hello Lobo, Brazilian Consul-General, at his office at 17
State Street. Both said the Federals made gains. J. Muniz,
Deputy Consul-General here, said:
A strict censorship has been established by the Government, so news is
being fabricated and the cables from Buenos Aires misrepresent the situation. We have had calls every few minutes all day from people who are
alarmed at the misinformation which is being published and which is not
substantiated by the facts. One report, for instance, placed the rebel
forces at 34,000 and the Government troops at 24,000. As a matter of fact,
there are but 40,000 soldiers in the entire Brazilian army.
The revolt is confined entirely to Sao Paulo and the rebels do not number
more than 2,000 in all. The Federal troops have been loath to bombard
the city with artillery because of the danger to innocent persons and the
property damage which would ensue from the effect of the fire. We look
to see conditions improve rapidly. There is no general disorder in the country. There has been no considerable death list as a result of the fighting,
and persons having relatives in Brazil need not feel alarmed.
Among the explanations of the uprising given is one to the
effect that it represents an effort by certain political elements in Sao Paulo State to secede from the Brazilian Federation, declaring its independence and inviting other States
to Join it in establishing a new Government, with the City
The Government of Argentine has completed plans for refunding its of Sao Paulo as the capital. Dr. Carlos Ocampos, who was
recent loan of $20,000.000 advanced by American investors through
inaugurated Governor of Sao Paulo State two months ago,
Blair & Co., Inc., and the Chase Securities Corp.,it was learned yesterday.
The bankers have agreed to purchase 520,000.000 of Treasury bills, bearing Is reported to be politically opposed to President Bernardes.
5% coupons and running for six months. The issue to be refunded con- Official statements from the Brazilian Federal Government,.
sists of $20,000.000 of six months 5i4s, maturing next Aug. 25. The
represent the Sao Paulo State Government as taknew notes will be dated next Aug. 25, will come due on Feb. 25 1925. and however,
it was assumed that they would be placed on the market next month.
ing steps to suppress the insurrection. According to a mesThe Argentine Government set forth Its financing arrangements through sage received by the Brazilian Embassy, the Governors of
a formal decree, the total involved being $30,000,00. of which one-third
States have pledged the support of their
consists of 5.5.1s, which have already been placed in the American market. all the Brazilian
The decree stated in effect as follows:
armed forces against the revolutionaries.
"The operation proposed by Blair & Co. and Chase Securities Corp.
The revolution broke out in Sao Paulo on July 4, when
of New York is hereby accepted, those bankers undertaking to make
the revolutionists took possession of the city. The coup
advances to the Government as follows:
"Ten million dollars against delivery of Treasury bills at par, bearing d'etat is reported to have reached its climax on July 5 and
interest at 53-1% a year, payable at the end of each half-year. and a com- was completed by noon. The revolutionists gained control
';
mission of one-half of 1, . Bills shall be dated June 16 1924 and canceled
of all the Federal buildings after considerable fighting. The
June 16 1925.
"Twenty million dollars against delivery of Treasury bills at par, bearing Federal Government at Rio de Janeiro immediately dis-eighths of 1%
interest of 5% a year, for a term of six months, with three
patched war vessels to Santos, which is the port for Sao
commission. Bills dated Aug. 25 1924 and canceled Feb. 25 1925, shall
be issued in denominations of $5,000 and $1,000, and shall be repaid at Paulo, together with troops to suppress the movement.
maturity, with corresponding Interest, by the Argentine National GovernPublic opinion throughout Brazil has been aroused by the
ment at the offices of Chase National Bank or Blair & ('o., New York, at
Sao Paulo military movement, according to cable advice&
the option of the holders.
"The Argentine Arnbas.sador at Washington is hereby authorized to received by Dillon, Read & Co. from Samaio Vidal, Minister
sign the requisite agreement. Expenses shall be for account of the bankers.
or Finance of the United States of Brazil. It appears that
the Government being liable only for commission and interest as stipulated."
trouble of
Argentina in the last year has remodeled Its external debt, following a the same military elements which incited the
policy that Secretary of the Treasury Mellon has applied in this country. July 1920 are responsible for the present situation in Sao
This has consisted of raising money through the offering of short-term
advices state that there has been no repercusissues at lower coupon rates tb replace In part higher interest-hearing Paulo. The
sion of the movement in other parts of the country and the
securities of long maturity.
situation will soon be normal again. The cable received by
Luncheon to General Vasquez of Dominican Republic the bankers read as follows:
in
Revolutionary movement trouble in Sao Paulo has no repercussion
by Dominican-American Chamber of Commerce.
moveother parts of the country. Some bad military element as in military
General Horacio Vasquez, President-elect of the Domini- ment in July 5 1920 aroused treacherous revolt in Federal soldiers' headcan Republic, and his party, consisting of Senores Alfreda quarters in Sao Paulo. As these soldiers were well equipped and also renremains in a critical
Ricort, J. C. Ariza and Frederic° Alvarez, were the guests dered useless police of State Government, Sao Paulo already concentrated
situation for the moment. Federal Government has
of honor on June 27 at a luncheon given by the Dominican- numerous and powerful forces in Sao Paulo, attacking rebel's position.
American Chamber of Commerce. General Vasquez and Complete control has been delayed only to avoid heavy material loss in city.
navy forces and all
his party came to New York from Washington, where the Federal Government has complete support of army and is indignant against
States in Federation. Public opinion of whole country
new Dominican President met President Coolidge. They the attack on Sao Paulo. The situation will be normal soon.
left New York on June 28 for San Domingo. Those present
The situation did not appear to improve as the week drew
at the luncheon included:
to a close. It was announced yesterday that two steamships
L.I. Sharp, President of the Chamber,and Ernest Bull of the Bull Insular
regular calls at the
Line; J. H. Craig of the Clyde Steamship Co.; Joseph Cullman, Jr., of the of the Munson Lines had canceled their
Tropical Tobacco Co.: Joseph I'. Grace, F. E. Wheeler and H. R. A. Port of Santos, partly because of the Sao Paulo rebellion.
Grieser. of W. R. Grace & Co.: H. T..S. Green, President of the InternaThe Southern Cross, which sails to-day for South American
tional Banking Corporation; Thomas Howell and H. W. Wilmot, of the
go direct from
West India Sugar Finance Corporation; Hugh and James Kelly and James C. ports, will skip its stop at the coffee port and
Scraff, of Ingenio l'orvenir; W. W. Lancaster, of Shearman & Sterling: Rio de Janeiro to Buenos Aires. Its schedule called for a
F. McManus, of Messrs. Lawrence Turnure & Co.; C. G.
Guy Lippitt,
visit to Santos on Aug. 2. The Pan-American northbound,
Thavenot and F. W. Miller, ofthe Columbus Steamship Co.;L. A.Moricca,
- which was scheduled to load a cargo of coffee at Santos on
of the Texas Co.: T. B. O'Connell, of the Royal Bank of Canada;S. Mallet
Prevost, President of Pan-American Society of United States; E. W. July 21, has been ordered to avoid the port and go from
Pulliam, receiver of Customs of the Dominican Republic: Frederick Schell,
to Rio. With respect to this phase of
of Wm. Schall & Co.: Judge 0. Schoenrich, Judge Veeder, C. II. Wamzer, MonteVideordirect
C. Gregg. of the Gregg Co., Ltd.. the situation, the NewaYork "Evening Post" yesterday
of the West India Oil Co.: and William
and R. F. Crary, of the International Banking Corporation: Chas. liosmer said:
.
Argentina's Loan will be Refunded—Government Completes Plan to Replace $20,000,000 at Lower
Interest.
The following is from the New York "Times" of July 16:
American consul. Man Domingo City.
Conditions are Judged to be somewhat dangerous at the Brazilian port.
according to the import division of' the American Trading Co., with offices
at 25 Broad Street.
On a shipment of general merchandise transshipped from Rio to Santos
the company's agents at that port were unable to obtain Insurance while the
cargo rested in the Government customs warehouses. After cabled communications insurance was arranged here at a premium about fifteen times
the normal rate.
Gradually the revolution in Sao Paulo is choking the flow of commerce
through Santos. according to American shipping and import firms with
important interests in the Brazilian State. However, a shortage of freight
This
cars already was causing a congestion before the revolution began.
has affected inbound shipments at Santos more than exports.
Coffee shipments this season will be delayed, according to one firm.
Rebellion in Sao Paulo, Brazil.
A Federal military uprising in the State of Sao Paulo,
Brazil, has been causing more or less uneasiness in the past
two weeks. Casualties numbering several thousand have
been reported unofficially as a result of conflict between
the insurrectionary forces and the Federal troops, but a censorship of all reports coining out of the conntry has made
difficult an accurate summary of the situation. The outbreak started early in July in Sao Paulo and appears to
although the total tonnage will not he lessened.
have been confined to that State. The Federal Government
At the Munson Line offices it was said ordinary commercial communicahas issued communiques from day to day indicating that tion with Santos has been interrupted for seven days.
little ground had been lost and that an end to the rebellion
The Brazilian Government, it became known on July 17,
soon might be expected. Two official cablegrams received has canceled the authorization granted igo The Associated
on July 14 in this city from Felix Pacheco. Brazilian Minis- Press and The United Press Association of America to carry
ter of Foreign Affairs at Rio de Janeiro, were given out by on their hiisineps in the Brazilian Republic. They are accused
•
JULY 19 1924.]
THE CHRONICLE
of disseminating false information regarding the Sao Paulo
revolt and the national political situation. Dispatches from
Buenos Aires to Rio .de Janeiro on July 16 said the press
associations had been stopped from sending or receiving
messages and it was assumed they were adjudged to be
giving out news unfavorable to the Government.
Further Extension Sought of Agreement Arranged for
Protection of Holders of Russian Bonds in Default.
The protective committee formed several years ago to
look after the interests of holders of Imperial Russian Government five-year 532% bonds of the loan of 1916, long in
default, issued a notice July 14 to holders of these bonds
and certificates of deposit of the bonds, announcing that it is
essential that the protective agreement for the loan be extended for another period of eighteen months from July 26
1924. The committee consists of Charles E. Mitchell,
President of the National City Bank of New York, Chairman; Thomas Cochran, of J. P. Morgan & Co.; Harold
Stanley, President of the Guaranty Company, of New York;
Lloyd W. Smith of Harris, Forbes & Co.; Charles S. Sargent
Jr., of Kidder, Peabody & Co.; Frederic W. Allen of Lee,
Higginson & Co., and Albert H. Wiggin, ex-officio, ViceChairman of Foreign Securities Committee of Investment
Bankers Association of America. William H. Hoffman of
55 Wall Street is Secretary of the committee. In its formal
notice the protective committee says:
This committee filed with the Department of State in Washington on
June 28 1922 the claim of holders of the above certificates of deposit issued
under the protective agreement dated Jan. 28 1920, to be held by it until
the proper opportunity occurs for the Government of the United States to
lend its assistance, or for other action on the part of the committee.
It is believed that the rights of holders of these certificates can be safeguarded to the best advantage through the Department of State and this
committee. In order that this committee may have full authority to continue to act and to take such steps as may be necessary for the protection of
the interests of certificate holders, it is essential that the protective agreement for the above loan be extended for another period of eighteen months
from July 26 1924.
Our Government. as a condition to formally recognizing a Government in
Russia, will in all probability insist that provision be made by the Russian
Government for the payment of these claims. This policy was confirmed
in substance by the President in his message to Congress Dec. 6 1923, and
by the Department of State in Secretary Itughes's announcement of Dec. 18
1923.
The Soviet Government now in power in Russia has been recognized de
jure by Great Britain, Italy, Norway and several other European countries.
At the present time there is sitting in London a joint Angio-Soviet conference which is discussing, among other things, the settlement of debts from
the Russian Government to nationals of Great Britain. The reports of
this conference are being carefully followed and possibly it indicates a change
on the part of the Soviet Government in its previously announced policy
of repudiation.
The formal consent to the extension of the protective agreement has been
mailed to all depositors, who have been requested to sign and return it without delay to the Secretary of the committee.
In view of the fact that the committee can act only on behalf of those who
deposit, it has been decided to extend the opportunity to those who have not
deposited to make such deposit now under the terms of the original agreement as extended to July 26 1924. Holders who do not file their claims.
either through the committee or directly in their own behalf, with the Department of State, may be Prejudiced by their failure to do so, and to file
proofs of claims individually will subject the holders to unnecessary expense.
and inconvenience.
Deposits may be made by sending bonds at once to one of the depositories, either the National City Bank of New York, 55 Wall Street, New York
City, or the Old Colony Trust Co., 17 Court Street, Boston, Mass. Coupon No. 6, dated Dec. 1 1919. and all subsequent coupons should be attached to the bonds.
As the committee has heretofore announced, the members are serving
without compensation and the total expenses of the committee to date are
nominal. All inquiries to the committee should be addressed to the Secretary.
267
standing problems may be settled despite the failure to agree over debts,
compensation and credits.
It is also reported that a good measure of understanding has been reached
on the subject of the revision of the old treaties between Great Britain and
Russia.
The protracted character of the negotiations and the uncompromising
attitude of the British creditors and the City generally are ascribed here
to the influence of the great London banks, because it is said that they are
reluctant to hand over to the Soviet Government the deposits made in
England under the Imperial regime, amounting to between $50,000,e00
and $60,000,000, of which since the revolution they have enjoyed the use
without paying interest. Althoegh the Bolshevik' assert that British
recognition and legal test cases establish the right of the Soviet Government
to this money, of which the influential Baring group alone hold £2,000. .
000
the London bankers, it is charged, are determined to retain it as long as
possible and have, therefore, sabotaged the conference from the outset.
A reference to the conference was made in these columns
May 24, page 2510. One of the various accounts which
have since appeared regarding it is the following from London
June 28, copyright by the New York "Tribune," Inc.:
There is a belief in well-informed quarters here that negotiations between
the committee of Russian bondholders and the Russian Soviet delegates
have reached a deadlock.
Although officials maintain silence on the progress of the discussions.
it is said that on Friday the committee representing the two groups of
English holders of the Russian bonds flatly refused to agree to the Russian
offer to redeem at face value the bonds purchased before the Russian
revolution and since returned by the holders, but to pay only a certain
percentage for the bonds purchased since 1917.
Inasmuch as the Anglo-Russian conference has been delayed nearly
a month to permit the bondholders to come to terms with the Russians.
the prospect appears small for a successful outcome of the meeting.
Likewise from a copyright cablegram to the New York
"Times" from London July 2 we take the following:
While hard things are being said here of Communism, harder things are
being written of the Communists themselves. The London "Times," after
reviewing the fruitless efforts of the Soviet delegation to obtain a loan in
London, observes editorially:
"It is quite incomprehensible that any one in this country should dream
of giving the Bolshevists financial assistance in the dilemma into which
their own destructive policy has brought them. The banks have declared
their attitude, and they cannot depart from it without disturbing that
basis of credit on which all their great business rests. They cannot lend
money to people who repudiate debts.
"The Governments, in their turn, have to take account of this very
important fact. There would be unbending opposition to any attempt to
allocate any portion of the money provided by the British taxpayer for the
Purpose of providing credits to bolster up the Soviet system in Russia.
"While the conference in London has been dragging on, the Communist
reaction has been checking the first faint signs of natural evolution toward
normal conditions in Russia, where cruel arrests and expulsions are once
more the order of the day. What purpose then, can this exhausted and
discredited conference now possibly serve? It has become completely
unintelligible."
The following outline of the Soviet viewpoint respecting
a loan, was contained in an Inter-Ocean Press Cablegram
from Moscow July 6, published in the New York "Journal of
Commerce":
The inconsistency of persecuting private capital within Russia and at the
same time trying to get foreign capital to co-operate in the huge task of
reconstructing the country economically, presents an unusual contrast.
This contradiction is the chief argument of the British press, which is hostile
to the Anglo-Russian conference in London and which is opposed to any
loan being made to the Soviet Government under the present circumstances.
With the object of gaining the Russian viewpoint the Inter-Ocean Press
sought an interview with the economist Rosenblatt, whose articles in the
"Economicheskaia Zhisn" have created for him a merited reputation. The
opinions of ICrassin might also be of interest, but, owing to his reconciliation
with the extreme Left in the last congress of the party and his election to
the Central Committee, it was thought that he could hardly speak with
the same freedom that Rosenblatt enjoys.
Industry Ninety-Five Per Cent Nationalized.
"The secret of the new anti-Soviet crusade of the foreign counter-revolutionary press." declared Rosenblatt, "lies in the falsification of terminology,
Our fight is legitimate and is directed against parisitic capital, not productive
capital. You know that 96% of Russian industry is nationalized. At
first the State found that it had no other conunercial apparatus than the
'co-operatives,' small in number and incapable of dominating commerce.
There was no intermediary between the State producer and the consumer.
With the introduction of the 'new economic policy,' private capital came to
Russia's Overtures for Loan—Conferences in London fill
this gap. It was a parasitic element but it knew how to take excellent
advantage of the situation. In 1923 Russian private capital realized a
Relative to Pre-War Debts.
A cablegram to the New York "News Bureau" from profit of 400 million gold rubles by exercising this intermediary
"Which proves," the interviewer interrupted him,"that it worked better
"Central News," London, July 16, said:
than the'co-operatives,. since a good many of these come out with a deficit."
Leonid Krassin stated to the Moscow correspondent of the "Daily
"For the moment, yes, you are right. But our mission is to place the
Express" that Soviet Russia will not surrender its monopoly of foreign co-operatives in a position to perform their commercial function with the
trade. He declared that perSons who are endeavoring to obtain informa- same efficiency. Economically, this gain of private capital is a loss for
tion for former owners of private property will be sentenced for economic the State. Politically a parasite class was being created, the'nepp-men,' or
espionage.
newly rich, whose prosperous condition was incomprehensible to the proKrassin further asserts that the Russians only agreed to discuss the re- letariat. We prefer, until we perfect our commercial apparatus,to lose in diadjustment of debts on the preliminary condition that a loan be granted rect commerce rather than that this new class should enrich itself at our
by Great Britain.
expense.
The "Express" correspondent says that representatives of the British
Question of Currency.
Government made it clear that it would not guarantee a loan, although
"But there is still another very essential point. To give private comIt was not in sympathy with efforts to raise a loan privately.
merce a free hand was equivalent to abandoning the ruble, stabilized with
With regard to the conferences which have been held in such great efforts, to its fate. If the merchants raised their prices the first
an increase
London between a committee representing English holders result would be inflation in wages with consequently an unbalanced
budget and more
and monetary depreciation. We had to prevent
of Russian bonds and Russian Soviet delegates, a copyright this. Our latest interventionist policy responds to this purpose. Only
the other day the State Bank intervened in Rostoff and forced a reduction
cablegram from Moscow July 9 to the New York "Times"
of prices.
had the following to say:
"With foreign capital it is altogether different. Russia needs productive
The hope of a satisfactory issue of the Anglo-Russian negotiations in capital and we are
interested in seeing this capital do good work in Russia.
London recently expressed in statements by Rakovsky and Litvonoff has In this, too,
they have tried to exploit the falsification of terminology
now given place to a feeling of marked pessismism. in a well-Informed against us. The
first capital that came to Russia after the revolution was
Foreign Office quarter it is declared that the majority of the Soviet dele- speculation capital.
As long as we were without a commercial apparatus
gation is likely to be back in Moscow before the end of the month,although we might need it.
It is not so now. Our economic policy is necessarily
some members will remain to discuss affairs in Central Asia, where out- protective: our aim is the reconstruction of Russia.
THE CHRONTCLE
"If the capitalists thought Soviet Russia was going to offer them a market
in which to place,in times of crisis, all the merchandise that other countries
rejected they were mistaken."
This evident allusion to Rosenthal was a shot at the German consortium
of Otis Wolff.
"What we'need from abroad is credit for production and reconstruction.
We already produce industrially from 60 to 70% as much as before the war.
We need capital for exploitation which will permit us to extend the industrialization of the country and money to build railroads and organized industry
on a basis that will enable the unlimited exploitation of the riches which
Russia contains. Such capital will have every guarantee. As long as no
world revolution arises we need the capitalist world."
An earlier. Inter-Ocean Press cablegram (from Moscow,
June 26) published in the same paper, stated in part:
Russia needs money and needs it urgently. From high official circles
expressions were gathered by Inter-Ocean Press and may be sumenhrized
In the following statement:
"If the London conference gives us the loan which we desire, so much the
better. If not, Russia is strong enough to raise herself by her own resources.
It will take us longer,from ten to twenty years perhaps, but we will eventually trIumph.,!,:.
The importance of obtaining credit or moral support in London as well as
negotiating credits in other more desirable markets is frankly recognized:
all the great projects in preparation are at a standstill for lack of money.
The big question is how a pro-loan policy can be conciliated with the
newly triumphant internal radicalism. How can the bankers of London
and other sources of foreign capital be induced to invest money in Russia
while Russian private capital and commerce, which became flourishing in
consequence of the introduction of Lenine's now economic policy, have the
ast few months been the object of such severe persecution.
Bankers Want Guarantees.
Zinovieff, whose influence in Russian politics during recent months would
be difficult to exaggerate, tried to give a satisfactory answer to this in an
interview to-day:
"The London bankers want us to guarantee them the eternal inviolability
of the capital they invest in Russia. But,after the Russian revolution, does
not such a demand sound ridiculous. Under the Czar they, of course, gave
money to Russia with all sorts of guarantees, and what good did it do them?
"There is no country that offers foreign capital such great safety for
Investment as Russia. Over all the other countries still hangs the menace
of a revolution. We have had ours already and the Soviet Government is
the most stable in the world."
To the outside observer it would seem that Zinovieff's arguments, which
have met with such great success among the Russian radicals, will not
likely meet with the same success in London. There seems to be only one
means by which Russia could obtain the loan so necessary to continue the
'process of Russia's reconstruction and that is by returning to the state of
affairs created by Lenine in 1921.
• En a speech at the annual convention of the Communist
Party in Moscow May 25, M. Zinovieff, Chairman of the
Executive Committee of the Third International, made an
exhaustive review of Russia's internal position and the
existing international situation. The Associated Press
.
.aceount of what he had to say, published in the New York
"Journal of Commerce," follows:
[VOL. 119.
the Armenian question, the solution of which has baffled the world for generations, has been solved by Soviet Russia. The same is true of Georgia
and Ukraine."
Speaking of Russia's relations with Germany,Zinovieff asserted that German capitalists were making their habitual mistake in postponing settlement
of the recent Berlin raid episode. Germany must realize that Russia was
not going to yield on this question and Germany would be the only one to
suffer by a cessation of commercial relations. as Germany needed Russia
and its trade more than Russia needed Germany.
The same advices stated:
M. Zinovieff in his address before the Communist convention said that
the laboring masses in Germany and France had recently registered a
million votes for communism, and the aim was to secure in New York and
London a similar firm footing to that which had been obtained in Berlin
and Paris.
Soviet Preparing Claims of Russian Citizens Who
Suffered Through Foreign Intervention.
Moscow advices June 20, published in the New York
"Evening Post" stated:
The Council of the People's Commissars has established a special governmental commission attached to the Foreign Office to examine and audit
the claims of Russian citizens who suffered individually through property
damage or otherwise by reason of foreign intervention between 1918 and
1921.
The Government in February approved the formation of a public committee to collect all such claims, and the newly formed commission will
examine these claims with a view to presenting bills for damages to the
foreign Governments. The total runs into billions of dollars.
Regarding the British claims against the Soviet, a cablegram from London July 8 to the New York "News Bureau"
from the "Central News" said:
At a meeting of representatives of British companies that were operating
In Russia previous to revolution in that country offer that has been made by
Soviet to pay £10,000,000 in cash was considered inadequate. Total British
claims amount to £180,000,000, including nationalized properties. It
was suggested that owners accept in full settlement £115,000,000, payable
£20.000,000 now and the balance to be met in installments during 10 years.
State-Run Industry In Trouble In Russia—
"Denationglization" Officially Advised, on the
Ground of Inadequate Working Capital.
A copyright cablegram from Berlin was published as
follows in the Now York "Evening Post" of June 30:
There is no relaxation in the Russian money crisis. The State Bank
has reported to the Supreme Council of Industry that it is impossible to
devise any method of helping manufacturers to provide working Capital.
At the same time, it refuses to resume currency inflation. Finance Commissary Sokolnikoff reports that in July and September the budget of
State finances balanced, but he adds that if a now collapse is to be avoided,
large-scale industry must be denationalized.
Thus far, although numerous concerns have been released from public
operation, these are all of small dimensions. At present only 7.2% of all
Ho made many significant references to the Soviet policy respecting Russian industrial concerns are run by the State, but these employ 82.4%
Anglo-Russian negotiations, private trading, the new economic policy, of all industrial workmen in Russia. Enterprises run by private firms
payment of international loans, the granting of concessions to foreigners amount to 89.8% of the total of Russian industries, but employ only 13.2%
and the numerical strength of the Communist Party.
of the workmen. The remaining 3% of Russian concerns, employing
Might Pay Part of Debt.
four-tenths of 1% of the Russian workers are run by the co-operatives.
The condition of the Russian textile and iron industries is reported to be
M. Zinovieff indicated that under certain conditions Russia was willing
to pay part of her international obligations, provided she was given a loan slightly improved.
of half a billion gold rubles at 6%•
"Among the loans recently obtained by foreign countries, Japan's was Soviet Policy Kills Business—Hundreds of Private
the most favorable," he said. "She received half a billion gold rubles
Traders, Discouraged, Are Now Liquidating.
from the United States at 7%. Russia would agree to a similar loan if
Under date of June 17 the New York "Evening Post"
the interest were lower. The Soviet Republic possesses greater commercial
and political stability than Japan because Japan has suffered from recent printed the following from Moscow:
earthquakes. It must be borne in mind that while we refuse to pay the
Reports from many provincial centres say hundreds of private traders,
old Czarist debts we shall observe fully our obligations regarding our own
wholesale and retail business houses, are suspending operations owing to
debts."
co-operative
Discussing Soviet Russia's policy on concessions. Zinovieff saicirthat the Government's determination to support only State and
the concession field should be greatly narrowed and that the granting of enterprises.
At Vitebsk some forty firms have closed and at Vladimir twenty-five
rights in the Baku and Grosny oil fields could not now ho entertained.
cent of the entire number of
"The most advantageous concessions for us," he went on, "are those traders have ceased business. Fifteen per
firms at Karoslav are liquidating, while at Irkutsk
out of which both parties derive equal advantages such, for instance, as Independent commercial
private trading has ceased altogether. Similar reports have been received
the Sinclair concession. But this kind of concession demands great capital,
from Tiflis and other Caucasian centres.
and foreign concessionaires do not readily respond with large capital.
We are obliged, therefore, to give concessions to companies in which private
capital and the Soviet State jointly participate.
Merchant Marine for Russia Sought—Trotzky Demands
"On these lines we have already granted 55 concessions, including
It as Aid to Red Navy and Essential to
6.509.000 acres of forest for development by Russian, Dutch, Norwegian,
Trade Monopoly.
German and British mixed companies."
Exploitation by Foreigners.
Associated Press advices as follows from Moscow, July 10,
While Zinovieff urged that the Soviet should sharply limit the number appeared in the New York "Times":
of concessions to foreigners and show the world an example of Russia's
Minister of War Leon Trotsky, Commissar Leonid Krassin and other
own ability to develop and exploit its own natural resources, he surprised Soviet officials at a great public gathering to-night urged Russia to create
his hearers by telling them that the State already had under consideration her own mercantile marine in order to take care of the country's growing
nearly 1.000 projects which were to be exploited by foreign firms.
exports, avoid dependence on foreign-owned vessels, strengthen the Red
Turning to private trading and the now economic policy, M.Zinovieff ad- navy in time of war and secure lower freight charges.
mitted that in the matter of Russia's trade investment private capital conThe meeting was held in Moscow's big Conservatory of Music, under the
• trolled 64%, while the State and co-operative organizations controlled only Chairmanship of Krassin. Trotzky received a tumultuous reception, the
36%.
applause lasting several minutes. Ho declared that Russia is a real naval
"It is our aim to reverse these figures," he added. "I am sure it can be power, 39,000 of the 53,000 kilometers of her frontiers consisting of coast
accomplished, but it would be a mistake to go to extremities.
line.
"My desire is to see Russia build up her own ocean tonnage," he said, "Is
Will Not Abolish Private Trading.
"It is not true that we intend to abolish free private trading and the prompted by the existence of a monopoly in foreign trade which this nation
new economic policy. Our real object Is to limit the activities of private holds. This is faced by another monopoly in the form of foreign maritime
capital by giving Government support to State and co-operative organiza- transport. The time may come when Russia will be threatened with a
tions. We must watch with greater vigilance the bourgeois elements, coalition of the owners of foreign vessels against Russia's monopoly of
which possess a greater vitality and which are growing in towns, as well as foriegn trade.
"As this monopoly is one of the bulwarks of the Soviet State, I am sure
In villages. We have thrown the bourgeoisie from the fifth story, but it
the Government will not depart from Its avowed policy of controlling the
has risen to its feet."
Zinovieff dwelt lengthily on the achievements of Soviet Russia in its country's overseas trade.
Trotzky stressed the importance of a mercantile marine in connection
'internal affairs, and especially on what he termed the solution of the problem
of nationalities. Foreign minorities, he said, had been given the fullest with Russia's naval forces in time of war. The Red navy, he concluded,
• rights in accordance with their legitimate ambitions for national conscious- possessed splendid human fighting material unequaled in any other country
ness and development, adding: "We are proud to say that such matters as In the world.
JULY 19 1924.]
THE CHRONICLE
M. Smyrnoff, Commissar of Posts and Telegraphs, who is also a member
of the Special Commission to investigate the question of a Russian mercantile marine, admitted that Russia's present maritime tonnage represented only 8.5% of her actual needs.
Issuance of Savings Certificates by Japanese
Government—Other Financial Measures.
As was noted in our issue of last week (p. 144) the issuance
of savings certificates in small denominations is planned by
the Japanese Government. Further information regarding
this and other financial measures has come to us in the
following translation of a cablegram received from the
Ministry of Finance by T. Wikawa, Acting Financial
Commissioner in this city:
(1) The supplementary budget for the current fiscal year passed the
House of Representatives on July 9 without amendment.
(2) The Restoration Savings Certificates Bill which was introduced to
the House on July 5, passed it on July 12. The outline of the said bill
is as follows:
(a) The Government shall let the Ilypothec Bank of Japan issue Restoration Savings Certificates in denominations of 10 yen and 5 yen to the total
Amount of 200,000,000 yen within five years.
(b) The proceeds therefrom shall be deposited in the Deposit Section
of the Finance Department to be financed by the latter for the purpose
of restoration of the devastated area and promotion of local industrial
development.
(3) The bill relative to the import duties on luxuries which was introduced on July 8, passed the House on July 11 with amendments. The
hill provides for a duty of 100% on more than 120 articles listed as luxuries
with a view of correcting a luxurious tendency of the nation, as one of
the measures toward turning the balance of trade in her favor.
(4) The bill relative to transferring the Bank of Chosen from the supervision of the Governor-General of Chosen to that of the Department of
Finance of the Japanese Government was introduced to the House on
July 9 and passed it on July 11 with amendment.
Offering of Federal Intermediate Credit Bank Debentures by Goldman, Sachs & Co. and Others.
An issue of the $1,250,000 Federal Intermediate Credit
Bank debentures, maturing July 15 1921, offered on a 3.50%
basis by Goldman, Sachs & Co., Salomon Bros. & Hutzler,
A. G. Becker & Co., Lehman Bros. and F. S. Moseley &
Co. has been sold. They are dated July 15 1924, and were
offered the same day.
Offering of Ohio-Pennsylvania Joint Stock Land Bank
Bonds.
An offering of $1,000,000 5% farm loan bonds of the OhioPennsylvania Joint Stock Land Bank of Cleveland, Ohio,
was announced July-7 by The Union Trust Co., The United
Security Co., The Herrick Co. and Otis & Co. of Cleveland.
The offering was made at 101% and accrued interest to
yield 4.80% to July 1 1924, and 5% thereafter. The bonds
are dated July 1 1924, will mature July 1 1954 and are redeemable at the o-tion of the bank at par and accrued
interest on July 1 1934 and on any interest date thereafter.
Coupon bonds in denominations of $500, $1,000, $5,000
and $10,000, and fully registered bonds in denomniations
of $1,000, $5,000 and $10,000 are all interchangeable except
$500 coupon bonds. Principal and semi-annual interest
(Jan. 1 and July 1) are payable at the Union Trust Co.,
Cleveland and the First National Bank, New York. An
offering of $1,000,000 Ohio-Pennsylvania Joint Stock Land
Bank bonds, dated March 1, was referred to in our issue of
April 12, page 1732.
Offering of Bonds of Central Illinois Joint Stock Land
Bank.
Donoghue,Krunsick &Co.,Inc.,of Chicago offered on July
16 5% bonds of the Central Illinois Joint Stock Land Bank
of
Greenville, Ill., to the amount of $500,000. The
bonds
bear date Jan. 1 1924, become due Jan. 1 1954, and
are
optional Jan. 11934. They were offered at 101% to
yield
4.80% to 1934 and 5% to maturity. They are coupon bonds
fully registered and interchangeable, and are in
denominations of $500, $1,000, $5,000 and $10,000. Principal
and
semi-annual interest are payable at the Central
Illinois Joint
Stock Land Bank. The bank loans on farm land in Illinois
and Indiana, four-fifths of the loan having been made in the
south central portion of Illinois. The average loan, it is
stated, is $4,056 55; the amount loaned per acre is $33 01.
The bonds are issued under the Federal Farm Loan Act
and are exempt from Federal, State and local taxation.
$1,000,000 Bonds of Pennsylvania Joint Stock Land
Bank Sold.
Martin & Co. of Philadelphia and Brooke, Stokes & Co.
of
Philadelphia, Baltimore and Washington, announced
on
they had sold $1,000,000 5% farm loan bonds
July 10 that
269
of the Pennsylvania Joint Stock Land Bank, at 102 and
accrued interest, to yield 4.75% to 1934, the earliest mdeemable date, and 5% thereafter to maturity. The bonds are
dated June 1 1924, and will mature June 1 1954. They will
be redeemable at the option of the bank at par and accrued
interest on June 1 1934, or on any interest date thereafter.
Coupon bonds are in denominations of $100, $500, $1,000 and
$10,000 and registered bonds in denominations of $1,000 and
$10,000. Interest (June 1 and Dec. 1) is payable at the
offices of the bank; arrangements have also been made for
the payment of coupons at the office of Fidelity Trust Co.,
Philadelphia. The following loan statistics of the bank as
of May 31 1924 (including loans then in force but taken over
in June) are made public:
Amount of loans
Average amount loaned per acre
Ratio of loans to valuation
Loans in default
$2,282,400
42.20
31.9%
None
Pennsylvania-Maryland Joint Stock Land Bank Sold
to Pennsylvania Joint Stock Land Bank.
A Harrisburg dispatch July 3 in the Philadelphia "Record"
stated:
Sale of the assets of the Pennsylvania-Maryland Joint Stock Land Bank,
with headquarters in Harrisburg, to the Pennsylvania Joint Stock Land
Bank, of Philadelphia, was announced to-day by Fred Rasmussen, President
of the local institution. The assets consist principally of approximately
$1,500,000 in mortgages, largely covering farms in central Pennsylvania.
Offering of Bonds of First-Trust Joint Stock Land
Bank of Chicago.
At 100 and interest, the bond department of the FirstTrust and Savings Bank of Chicago offered on July 10 an
issue of $1,500,000 4%% farm loan bonds of the First-Trust
Joint Stock Land Bank of Chicago. These bonds, coupon
and fully registerable and interchangeable, in denominations
of $1,000 and $10,000, bear date Oct. 1 192$, will become due
Oct. 1 1953 and will be redeemable at par and Interest on
Oct. 1 1933 or any interest date thereafter. Principal and
semi-annual interest, Apr. 1 and Oct. 1, are 'payable at the
First-Trust and Savings Bank, Chicago or the First National
Bank, New York City. The announcement says:
These bonds are direct obligations of the First-Trust Joint Stock Land
Bank of Chicago and are secured by approved first mortgages upon improved farms in the corn belt district of the States of Illinois and Iowa,
not exceeding 50% of the appraised values of the farm lands and 20% of
the appraised insured improvements thereon. The bonds are also protected
by the paid-in capital stock of the bank of $1,450,000, which carries double
liability. The First-Trust Joint Stock Land Bank is affiliated with the
First Trust & Savings Bank and the First National Bank of Chicago.
An offering of $500,000 bonds (due May 1 1953) of the
First-Trust Joint Stock Land Bank was noted in these columns June 21, page 3033, and the following week, June 28,
page 3154, we reported an offering of $1,000,000 bonds of
the First-Trust Joint Stock Land Bank, also maturing May
1 1953.
Offering of Bonds of Columbus Joint Stock Land Bank.
The bond department of the Ohio National Bank of Columbus, Ohio, announced on July 3 an offering of 5% farm
loan bonds of the Columbus Joint Stock Land Bank of Columbus, Ohio, at 1011 and accrued interest, to yield 4.80%
,6
to 1934 and 5% thereafter. The bonds, issued under the
Federal Farm Loan Act, are dated July 1 1924, will become
due July 1 1954, and will be redeemable at par and accrued
interest on Feb. 1 1934 or on any interest date thereafter.
They are coupon and fully registered bonds, interchangeable,
in denominations of $10,000, $5,000, $1,000 and $500. Principal and semi-annual interest (Feb. 1 and Aug. 1) are payable at the Guardian Savings & Trust Co., Cleveland, or the
Columbus Joint Stock Land Bank. An offering of bonds of
the Columbus Joint Stock Land Bank, dated June 1 1924,
was referred to in these columns July 5, page 28.
Offering' of $500,000 Bonds of Dallas Joint Stock
Land Bank.
An issue of $500,000 5% farm loan bonds of the Dallas
Joint Stock Land Bank was offered on July 2 by the Illinois
Merchants Trust Co. of Chicago at 101% and interest, to
yield 4.80%. The bonds are dated Oct. 1 1923, become due
Oct. 1 1963, and are redeemable at 100 and accrued interest
on Oct. 1 1933 or any interest date thereafter. They are
coupon and fully registered bonds, interchangeable, in denominations of $1,000 and $10,000. Principal and semi-annual interest (Apr. 1 and Oct. 1) are payable at the bank
of issue, or coupon may be presented for payment at the
offices of Lee, Higginson & Co., in Boston, New York or
Chicago.
270
THE CHRONICLE
Offering of Bonds of First Joint Stock Land Bank of
New Orleans.
An offering of $1,000,000 5% bonds of the First Joint
Stock Land Bank of New Orleans was announced on July 2
by the Canal-Commercial Trust & Savings Bank, the Whitney-Central Trust & Savings Banks, the Interstate Trust &
Banking Co., the Marine Bank & Trust Co., Mortgage & Securities Co., Gulf Finance & Securities Co., Moore, Hyams
& Co., Watson, Williams & Co., and Sutherlin, Barry & Co.
The bonds were offered at a price to yield about 4.85% to the
redeemable date 1933 and 5% thereafter to redemption or
maturity. The bonds, issued under the Federal Farm Loan
Act, are dated June 1 1923, become due June 1 1943, and
will be redeemable at par and interest on any interest date
on or after June 1 1933. Principal and interest (June 1 and
Dec. 1) are payable at the First Joint Stock Land Bank,
New Orleans, or through the bank's fiscal agency, in New
York City. The bonds are in coupon form, fully registerable
and interchangeable, and are in denominations of $1,000.
This bond issue, it is stated, is the only funded obligation of
the First Joint Stock Land Bank of New Orleans. This
bank operates in the States of Louisiana and Mississippi,
and restricts its loans to selected sections of the territory in
which it operates. The average amount loaned per acre, it
is said, is $20 26, which is but 34.52% of the appraised value
of the property. The present issue is the same as that
offered in June of last year by Harris, Forbes & Co., William IL Compton Co. and Halsey, Stuart & Co., Inc., and
referred to in our issue of June 23 1923, page 2835.
Acres of real estate security
Total loans closed
Appraised value of land
Appraised value of improvements
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value of security
Percentage of loans in Texas
Percentage of loans in Oklahoma
[VOL. 119.
742,315
37.613.000
$16,714,600
1,314,900
318,029,500
$24.29
10.25
42.22%
94%
6%
A recent offering of $1,200,000 of bonds of the San Antonio
Joint Stock Land Bank was referred to by us May 24, page
2517; June 21, page 3033, and June 28, page 3154.
Offering of Potomac Joint Stock Land Bank Bonds.
Brooke, Stokes & Co., of Philadelphia, Washington and
Baltimore, announced on July 15 the offering of a $500,000
issue of 5% farm loan bonds of the Potomac Joint Stock
Land Bank of Washington, D. C. The bonds are dated
June 1 1924, will mature June 1 1954, and are not redeemable before June 1 1934. They were offered at 101M and
accrued interest, to yield 4.80% to June 1 1934 and 5%
thereafter. The bonds are in denominations of $1,000 and
$500. Coupons are payable at the Riggs National Bank,
Washington. The Potomac Joint Stock Land Bank operates in the States of Virginia and Maryland. Two previous
offerings the current year of bonds of the bank were noted in
these columns Jan. 12, page 146, and March 29, page 1477.
It is stated that bonds outstanding, including this issue, total
$2,000,000, averaging $26 34 an acre.
Offering of Bonds of Kansas City Joint Stock Land
W. E. Barkley of Lincoln Joint Stock Land Bank
Bank.
Becomes President of Fremont Joint Stock
Kidder, Peabody dr Co. offered on July 16 an issue of
Land Bank.
$3,000,000 5% farm loan bonds of the Kansas City Joint
The following is from the Lincoln, Neb., "State Journal" Stock Land Bank of Kansas City, Mo., at 1013/ and interest,
2
of July 11:
to yield 4.80% to 1934 and 5% thereafter. The bonds,
W. E. Barkley, President of the Lincoln Joint Stock Land Bank, has issued under the Federal Farm Loan Act, are dated May 1
been made Vice-President and General Manager of the Fremont Joint
become due May 1 1964, and are redeemable at
Stock Land Bank. This means that the two institutions will be operated 1924, will
in harmony and that much.of the work of the Fremont bank will be carried the option of the bank at par and accrued interest on May 1
on after this week in Lincoln. The object of the change is to cut down 1934, or on any interest date thereafter. They are coupon
overhead expenses by transferring two officials from Fremont to Lincoln
and installing them in the Lincoln bank, nearly all of the other office bonds of $1,000 each, fully registerable. Principal and
expenses of the Fremont bank can be eliminated.
semi-annual interest (May 1 and Nov. 1) are payable at
The change was decided upon Thursday afternoon, at a meeting of the Kansas City Joint Stock Land
Bank, Kansas City,
the Fremont stockholders. President Dan V. Stephens, who had returned from the New York convention that morning, explained that Mo., or coupons may be collected at the office of Chase
the pressure of other activities had made it impossible to continue to National Bank, New York City, or First National Bank,
give' the bank the attention it deserved. He said that he persuaded
Chicago. The bonds are exeMpt from all Federal, State,
Mr. Barkley to take over the management under conditions that would
conserve the interests of the stockholders and give the bank more in- municipal and local taxation except estate and inheritance
fluential place in the land bank system. The institution is in excellent taxes. The Kansas City Joint Stock Land Bank was organcondition, he said, and several offers have been received from well-known
Jan. 8 1918 to make loans on improved farms in Kansas
bank organizations. He had preferred to turn it over to Mr. Barkley ized
to insure against its removal from the State. The change was ratified and Missouri. The bank started with a capital of $250,000.
by the stockholders. E. C. Wiggenhorn, head of the Farmers & Mer- Its capital is at present $2,129,335 and its surplus and
chants Bank of Ashland, was made President, E. C. Barkes of the Fremont
Land Bank was made Treasurer, and W. S. Balduff, also of Fremont, undivided profits $377,044 99. It is one of a group of banks
was made Cashier. These men will be brought to Lincoln and will do of which the Guy Huston Co. is fiscal agent. This group
their work in the branch office to be established here, in the rooms of comprises the Chicago, Des Moines, Southern Minnesota,
the Lincoln Joint Stock Land Bank. The headquarters will remain in
Kansas City and Dallas banks, with assets of $150,000,000.
Fremont.
The Fremont bank is one of the younger members of the Federal Farm The following balance sheet is furnished of the Kansas City
Loan System. It was organized five years ago. The capital is now Joint Stock Land Bank as of July 5 1924 (after giving
3617.300, and its resources are 39,688,000.
effect to the sale of the present block of bonds).
Assets—
loans (secured by first mortgage on 1,011,000
Offering of San Antonio Joint Stock Land Bank Bonds. Mortgage farm lands having an appriased value exceeding
acres of
$75,000,000)
$00,658,800 00
Hayden, Stone & Co. offered on July 17 an issue of $1,- Accrued interest on mortgage loans
687,385 .50
000,000 San Antonio Joint Stock Land Bank (Texas and 15.5. Government bands
1,272,879 68
Accounts
263.207 75
Loan bonds,at 101 and accrued interest Furniture receivable
Oklahoma)5% Farm
and fixtures
28.914 57
9,100 00
to yield 4%% to 1933 and 5% thereafter. The bonds are Farm loan bonds owned
Banking house
590,000 00
116,516 99
the direct obligations of the San Antonio Joint Stock Land Other assets
from banks)
Cash (due
877,507 39
Bank of San Antonio, Texas, chartered on Sept. 15 1919.
$34,504,311 88
The bank confines its operations almost exclusively to the
Liabilities—
$2,129,335 00
Black and Grand Prairie sections of Texas and Oklahoma. Capital stock paid In profits
Reserves and undivided
377,044 99
The bonds are tax exempt and are legal investments for all Amortization payments on principal
819,180 15
Due borrowers
146,737 97
fiduciary and trust funds under the jurisdiction of the Accrued interest on farm loan bonds
258,349 99
Coupons due not presented
33,255 00
Federal Government, and are acceptable at par as security Farm loan bonds outstanding
30,702,000 00
38,408 78
for Postal Savings funds. They are issued under the Other liabilities
Federal Farm Loan Act and are dated Nov. 1 1923; become
$34.504,311 88
The offering circular says:
due Nov. 1 1953 and are redeemable at 100 and accrued
On the basis df actual
of land
interest on Nov. 1 1933, or any intemst date thereafter. been issued, the average salesprice peron which the above mortgages have
sale
acre has been about $80, whereas,
than 38%
the average
They are coupon bonds and fully registered bonds, inter- of the actualamount loaned per acre has been $30 25, or lessfor loaning
sale price. The Governmental appraised value
changeable, in denominations of $10,000 and $1,000. Prin- purposes averages $74 28 per acre.
The following regarding the loan statistics July 5 1924
cipal and semi-annual interest (May 1 and Nov. 1), are
payable at the National Park Bank, New York City, or at is likewise taken from the offering circular:
3,875
the San Antonio Joint Stock Land Bank, San Antonio, Tex. Number of loans
Number of acres
1,011.000
380,900,000 00
The bank has a paid-in capital stock of $467,000 paying Actual sales value of farms
Appraisal for loaning purposes
75,100,000 00
dividends of 8% per annum and carrying double liability. Total amount of mortgage loans now held
30,658,800 00
Actual sales value
20,877 50
June 30 1924 were contained Average appraised per farm farm
The following loan statistics as of
19.380 00
value per
7,896 00
Average loan
in a letter to Hayden, Stone & Co. from William P. Lupe, Percentage ofper farm appraised value
40.7%
loans to
38.0%
Percentage of loans to sales value
President of the bank, under date of July 16:
JULY 19 1924.]
THE CHRONICLE
271
of common stock, par value $1. and one share of Class A preferred stock,
Offering of Bonds of Dayton Agricultural Joint Stock par value $25. The articles of incorporation provide that the Grain Marketing Co. can handle grain of non-members- who will, of course, not share
Land Bank.
in the patronage dividend.
Bonds to the amount of $400,000 of the Dayton-AgriculIn conference between various farm groups during the past two weeks it
taking
Land Bank of Charleston, W. Va., were has been pointed out that in the organizing of this company andtrementural Joing Stock
over the facilities of thew grain marketing companies there will be
offered on July 16 at 1013' and accrued interest, to yield dous economies effected through the doing away with duplicating machin4.80% to 1934 and 5% thereafter, by the bond department of ery.
Farmers now have an opportunity to take over such marketing machinery
the Fifth-Third National Bank of Cincinnati, Brooke,
as fast as the volume of business prvoides sufficient income. The newly
Stokes & Co. and Hambleton & Co. These bonds are the organized Grain Marketing Company with its board of directors constitutes
direct obligations of the Dayton-Agricultural Joint Stock an official body to act for the farmers in negotiating with the grain marketLand Bank of Charleston, W. Va., a consolidated bank of ing companies for the taking over of their properties.
Regarding the financing of the new company, Associated
what was formerly the First Joint Stock Land Bank of DayBank of Charles- Press dispatches from Chicago July 15 said:
ton and the Agricultural Joint Stock Land
merger 1,000,000 shares of common
Under the financial plan for
ton, W.Va., and are collectively secured by either first mort- stock of $1 par value, 1.000,000 the of "A" preferred of $25 par value
shares
Virginia or U. S. Gov- and 500,000 shares of "B" preferred of $50 par value will be issued. The
gages on farm lands in Ohio and West
ernment bonds or certificates of indebtedness. Issued un- "A" preferred will be sold only to farmers, who will be given an opportunity
to buy an equal number of shares of common stock, the ecmmon stock
der the Federal Farm Loan Act, the bonds bear 5%,are dated not to be disposed of in any other manner.
optional after
July 1 1924, become due July 1 1954, and are
The "13" preferred stock is to be redeemed as rapidly as the "A" prewill be the
that
July 1 1934. They are in denominations of $1,000 and $500, ferred is sold, so stockeventually farmers to farmers, only stockholders in
producers and grain
is to be sold only
be fully registered. Principal the company, as
are in coupon form and may
growers.
payable
The two classes of preferred stock to be issued each will hear 8% diviand semi-annual interest (July and January 1) are
features, but the "B"
to assets and
at the Fifth-Third National Bank, Cincinnati, Ohio, or the dends andiswill be identical asto the public. other of it. according to the
Part
not to be offered
preferred
of Charleston, plan, is to be used in paying for the elevators and intangible assets of the
Dayton-Agricultural Joint Stock Land Bank
W. Va. J. B. Madison of Charleston, W. Va., Secretary- selling companies and the balance is to remain in the treasury to be used
Treasurer of the bank, is the active officer and manager of as working capital.
The same adv:ees said:
the Dayton-Agricultural Joint Stock Land Bank.
Besides large elevator space in Chicago, the merged concern will also
c3ntrol space in Kansas City, Omaha. Minneapolis, Winona. Minn..
the East, including Toledo, Fairport.
Formation of Grain Marketing Company Through Fort Worth. Tex., and points inand some export points, including GalOhio, Erie. Pa., Buffalo, N. Y.,
Merger of Fiye Grain Concerns.
veston. Texas City, Tex., Norfolk and Depot Harbor, Georgian Bay.
Among results anticipated by those involved, according to the announceIn furtherance of the plans announced a month ago,
ment to-day. are: Absolute ownership by farmers of their own marketing
whereby it was proposed that several large grain concerns agency, control of ample credit for any transactions the company may
the
and 5,000 co-operative elevators would come under producer undertake, participation in economies resulting from the taking over ofand
principle of co-operation
control, it was stated on the 15th inst. that a charter had concerns, adoption in a practical way of the both in Investment dividends
participation in the earnings of the company,
been granted for the organization of the Grain Marketing and patronage dividends.
Co., to be formed under the Illinois Co-operative Marketing
"Always in the past the trouble has been the farmer didn't know much
he didn't have any experience in this
Act, in conformity with the Capper-Volstead Act. The about marketing his product because of the John C.Shaffer Grain Co..said
line," John J. Stream, Vice-President
will take over the operation of the following big in discussing the project. "The same was true about the elevator men.
company
They did not have the experience to be good farmers. This plan avoids
grain houses:
projects have been
Armour Grain Co.of Chicago; Rosenbaum Grain Corporation of Chicago; the rock on which so many other co-operative marketing
for producers, or their representatives,
Rosenbaum Brothers of Chicago; J. C. Shaffer Grain Co. of Chicago; wrecked. A way has been provided
to gain the knowledge they need, because at the start they will have the
Davis, Noland & Merrill Grain Co. of Kansas City.
help of experienced men who know about trading in grain and about runThe Bartlett-Frazier Co. of Chicago may, according to the ning elevators, and tremendous blunders will be averted."
Chicago "Post" of July 15, enter the arrangement later, but
Approval of the proposals by the American Farm Bureau
owing to legal technicalities does not appear in the original Federation was formally announced by the latter on July 11
papers.
as follows, according to the Chicago "Journal of Commerce":
Whereas, This committee has been in session several days making a furThe plans had preyiously been referred to in these columns
looking
the
of certain
June 28, page 3154. According to a statement made on ther study ofover proposalinterests in grain merchandising interests
the creation of a national co-operative
of these
to the taking
July 16 by John W. Coverdale, Secretary of the American grain sales agency:
Now it be Resolved. That we favor the principle and undertaking involved
Farm Bureau Federation, the first job of the newly organized
ed and operated coto the end
co-operative grain marketing company will be to deal with In the said proposal,organiaztion that a farmer-own that all legal and
be set up. provided
operative marketing
the proposed plan of taking over the facilities of the Armour business details can be satisfactorily worked out and agreed upon, it being
Grain Marketing Co., Rosenbaum Grain Co., Rosenbaum understood that we continue our deliberations, and our conferences with
interests of the country.
Brothers, J. C. Shaffer & Co., and Davis-Noland-Merrill representatives of the various producing
The following is from the New York "Times" of July 16:
Grain Co. of Kansas City. The Farm Bureau statement
by llama in connecGrain trade authorities here did
lists the following men as having been invited, elected and tion with the announcement that not caret° be quoted over by national
the deal for the taking
having accepted places on the temporary board of directors farm organizations of the grain marketing business of the five large corporations had been concluded at Chicago. Much doubt. however, was expressed
of the grain marketing company:
it was recalled
co. E. Bradfute, Ohio, President of the American Farm Bureau Federa- for the success of the big co-operative marketing plan. when in question
by the corporations
tion; W.J. Brown, Minnesota, President of the American Wheat Growers, that the operation of the country elevators
that some of the large
Inc.; Harry L. Keefe, Nebraska, President of the U. S. Grain .Growers. for the last four or five years had been at a loss, and
Inc.; Fred A. Mudge, Peru. Ill.. President of the Illinois Farmers Elevator terminal elevators had "failed to pay."
Bernard M. Baruch, whose suggestion a year ago that the farmers'
Association; J. M. Dyer. Spencer, Iowa. President of the Iowa Farmers
Armour Grain Corporation
Elevator Association; Millard Meyers, Illinois farmers elevator; J. F. Reed. organizations should buy out the business of the
planned that the facilities
Minesota, Vice-President of the American Farm Bureau Federation; Oscar and through its facilities accomplish what it is now
for Europe. About a
Ashworth, Matoon, Ill., Illinois grain farmer; Gray Silver, West Virginia of five such corporations shall do, recently sailed
month ago, when the proposal for the deal was announced, he pointed out
and Illinois grain farmer; J. W.Coverdale, Iowa grain farmer.
that he had nothing to do with drawing it up and that there were certain
The statement of the Farm Bureau also said:
details lacking which caused him to wonder what the farmer would "get out
The new board of directors will meet Friday. They will work out by- of it."
Yesterday It was pointed out that the concerns mentioned had found the
laws, contracts, &c., and the board of directors' permanent management
grain marketing business unprofitable and for that reason, as well as for
will be anounced.
favor of
Headquarters of the new company will be at 208 South LaSalle Street, the sake of experiment, had shown themselves willing to retire in
Chicago. upon completion of the final arrangements, the company will the farmers. Curiosity was evinced over the nature of the financing to be
real money
begin business with a $4,000,000 Paid-in working capital. This capital done as an immediate result of the deal, and as to whether "any
will he supplied through the grain marketing companies that arc taken over was going to pass" In connection with the transfer of the properties.
It was also feared that the issuance of stock to the amount of $28,000,000
by the new co-operative.
it in the event
The articles of incorporation were filed in accordance with the Ilinois might prove a costly lesson to the farmers who subscribed for
Co-operative Marketing Act of 1923, which was sponsored by the Farm the co-operative plan failed to succeed.
It was conceded by several well-posted factors in the trade that an adBureau, and which is in harmony with the National Co-operative Act—the
in the marketCapper-Volstead Act, which was the farmers' greatest legislative victory vantage might accrue through the elimination of competition
ing business, under the merging of forces announced. It was further stated
of 1922.
organizations are immune from
The articles of incorporation show a $26,000,000 capital stock, divided as that under the Capper-Voistead Act farmers'
the provisions of the Sherman Anti-Trust law and that whatever the result
follows;
of the deal they need not expect Federal interference with the business.
One million shares of common stock at $1 a share.
One million Class A preferred stock at $25 a share.
Five hundred thousand shares of Class B preferred stock at $50 a share.
New York Supreme Court Upholds Constitutionality
It is understood that the Class B stock will be sold for immediate financing
of Moneyed Capital Tax Law—Text of Decision.
Purposes. It is also understood the earnings of the new company over
and above operating and interest expense, plus the income of Class A stock
A decision upholding the constitutionality of the New
will be used in retiring Class B stock.
Tax Law of 1923, but restricting
The preferred stock in the co-operative will bear a dividend of 8%• York State Moneyed Capital
,
Patronage dividends will be given to members of the association. The its application, was handed down on July 15 by Justic
company will operate according to rules and customs of various exchanges.
York Supreme Court. Further below
Proskauer of the New
Members of the association, according to the Co-operative Marketing
the decision. The law is designed 1
Act, must be bona fide producers and will be required to purchase one share we give the full text of
272
THE CHRONICLE
tax moneyed capital coming into competition with the
business of national banks; of the dozen cases before the
Court to test its validity the assessments were declared void
in all but one case—that of Dallas B. Pratt, of Maitland,
Coppell & Co., as to which the Court said:
[VoL. 119.
By other provisions the rate is fixed at 1% and the income of such competing moneyed capital relieved from income tax. The proponents of this
legislation also secured the passage by Congress of an amendment to
Section 5219 limiting "moneyed capital" as follows: ". . . coining
Into competition with the business of national banks, . . . provided
that bonds, notes or other evidences of indebtedness in the hands of individual citizens not employed or engaged in the banking or investment
Pratt owns moneyed capital in competition with national banks. His business and representing merely
personal investments not made in compefirm enjoys the use of deposits aggregating nearly $5,500,000. The capital tition with such business, shall
not be deemed moneyed capital within the
is largely put out in loans identical in character with those appropriate meaning of this section."
to a national bank. Between his firm and the national banks there is
The object of the legislation was to permit the State effectively to tax
actual rivalry. He cannot escape taxation merely because it is not pos- national bank shares at 1%.
sible with mathematical precision to ascertain what portion of the moneyed
The relators In this and eleven other proceedings challenge the constitucapital is applicable to competitive and what to non-competitive business. tionality of the statute and its
construction by the taxing authorities.
The balance sheet of his firm must be analyzed to ascertain as exactly
Conceding that it meets the requirements of Section 5219, they urge that
as may be the amount of competitive capital.
the statute is too vague to be enforced without invalid delegation of legislaThe total assets of the firm were $6,726.419; its total liabilities were tive power to the tax
commissioners; is based on unreasonable classification,
$6,214,796. From each of these amounts must be deducted the amount and is, therefore, violative of Article
24 of the State Constitution, Article 1,
of the deposits
-415,496,550. From the assets must further be deducted Section 6, of the State Constitution and the
Fourteenth Amendment of the
the amount of tax-exempt securities. $503,000, and under the stipulation Federal Constitution.
(that the amount of indebtedness applicable to each item in the balance
Referring to Article 24 of the State Cnstatution, requiring in tax statute
,
sheet is 92.39% of such item) there must further be deducted from the specification of rate, property
and purpose, Earl, J., wrote in Matter of
liabilities side that percentage of $503,000, or $464,721.
McPherson (104 N. Y., 306, 319): "But we do not think that the policy
There should also be deducted from the assets the value of the Stock embodied in the section had any
reference to special taxes which may be
Exchange seat, $93,000. A Stock Exchange seat is not capital com- collected in a variety of ways
under general laws, such as auction duties,
petitive with the business of a national bank. It does not represent the excise duties, taxes
on business or particular trades, avocations or special
investment of reserve funds. It confers a right to earn commissions for classes of property.
It has been held in several States where constitutional
transacting business forbidden to national banks. It is wholly unrelated provision required
that property taxes should be equal and uniform that
to the business of a bank. Deducting this $93,000 from the assets requires such provisions had
reference only to general, annual recurring taxes upon
a corresponding deduction of 92.39% of that amount from the liabilities. property generally, and not to
special taxes upon privileges or special or
The resultant computation leaves assets of $633,869 and liabilities of limited kinds of property. . .
. It was said by Finch. J., in People vs.
$167.602. The amount of competitive capital of the firm thus taxable Fire Association of
Philadelphia (92 N. Y.. 311) that the tax covered by the
is $466,267. Relater's share of this is 32% and the assessment will be constitutional provision is one general in its provisions
and co -extensive with
reduced and confirmed against the relator for this amount, $149,205. the State. It is thus
seen that there are cases where the language of this
There is no showing by the relator that any of the accounts receivable or section of the constitution
must be restricted by construction, and we think
loans are mere incidents to brokerage transactions, and I have therefore this is one of them."
made no deductions for this reason.
To hold this amendment to the general tax law viloative of Article 24
The assessments in the other cases before me must all be voided.
would be contrary to this unquestioned authority and lay a precedent for
The Court in its ruling respecting Peabody, Houghteling invalidating many tax statutes in force and unquestioned for years.
Violation of the due process clause is first predicated on the difficulty
& Co., one of the latter cases, said:
of defining moneyed capital coming Into competition with national banks
Peabody, Houghteling & Co. are engaged in the business of buying and and the consequent claim that application of the phrase cannot validly be
selling complete issues of corporate bonds secured by real estate mortgage. left to taxing authorities. The course to be followed
by tax commissioners
This is not any part of the business of a national bank.
will be hereafter discussed. On the constitutional point it suffices to
No national bank could, or would, engage in their fundamental activities. say that the statute is capable of application by tax commissioners subject
As an incident to their business, they make advances to customers on to judicial review. The claim that a tax statute improperly delegates legissecurities purchased for their account. These brokers not only do not lative power is frequently made, rarely, if ever,
upheld. Our court of last
compete with national banks but actually supply them with a very sub- resort has recognized fully that,in the
administration of the complex affairs
stantial portion of their business. The advances made by brokers are of a great financial and industrial State,
effectuation in detail of legislative
not such loans as banks would make to customers,nor are they made direct- intent must necessarily be committed to executive
agencies.
ly as loans. They constitute the device by which the broker increases
In Village of Saratoga Springs vs. Saratoga G., &c., Co.(191 N. Y., 123.
his own earnings of commissions.
138) Cullen, Ch. J., writes: ". . . while powers inherently and excluThe cases passed upon by the Court along with those of sively legislative cannot be delegated, there is a large field in which the
Legislature, to quote
Mr. Pratt and Peabody, Houghteling & Co., Inc., were to others powers Chief Justice Marshall's words,'may certainly delegate
which the Legislature may rightfully exercise Itself.'"
Temple T. Berdan, Arthur F. Broderick, H. Eugene Exton,
The power here delegated is solely ministerial. In the facts in each case
Jay F. Carlisle, J. Philip Benkard, the Bankers' Commercial the Commissioners are to determine whether property is moneyed capital
This
Security Co., Inc., the Equitable Pledge Society, Inc., and whether it does compete with the business of national banks. other
duty may differ In degree, but it does not differ
many
James Talcott, Inc., the Bankers Loan & Investment Co. functions intrusted to taxing authorities. The in kind from
definitions requisite are
difficult. But difficulty of definition does not transmute the ministerial
and Charles W.Bonner.
function of the Tax Commissioners into a legislative one. Tax legislation
Referring to the decision in the "moneyed capital" tax equally difficult of application may be found
in the franchise and corporacases, ex-Senator Martin Saxe, of counsel in the Bonner test tion tax provisions of the Tax Law (Secs. 181.182 and 184)and in numerous
provisions of the Income and Excess Profit Tax laws.
case, according to the "Wall Street Journal" stated:
It is also urged that the "business of national banks" is fixed by Federal
The practical effect of the opinion is to limit the operation of the moneyed statute
subject to amendment or repeal by Congress and that the Tax Comcapital tax to the private bankers;that is, to the dozen or so oflarge banking missioners are
therefore compelled possibly to re-legislate annually in achouses in New York City, and perhaps a hundred small bankers who deal cordance
with the action of Congress. Description of this duty as legismostly with the foreign population.
lative is fallacious. To find what constitutes the business of national
Last year the Tax Department assessed every kind of business that the banks
from year to year is to draw a conclusion of fact based partly on a
assessor could think of in any way lending money. The twelve test cases Federal statute
as evidence. A declared legislative intent is to be applied
cover practically all such varieties of business. It was to be expected that to possibly
shifting conditions, one of which may be the change of a Federal
pawnbrokers, factors, building and loan companies, lenders on chattel statute. That this
does not constitute improper delegation of power is
mortgages, would be held not subject to the tax, as no one would think of demonstrated in
the opinion of Finch, J., in People vs. Fire Assn. of Philathese businesses as really competing with the banks.
delphia (92 N. Y., 311. 317): "But it is argued that this act offends . . .
The doubtful cases were those of stock brokers,floor traders,and bond and by leaving the
amount of the tax or fine to the legislative discretion of
investment houses, all of which are held to be outside the scope of the new another State. . . .
That is certain which can be rendered certain,
law.
and the Act fixes the tax by reference to an extrinsic fact which determines
Investments ofIndividuals, in corporate bonds and notes,are likewise held
its amount in MGM of a fixed and established rate. Because that extrinsic
not competitive with the banking business and so are exempt from the tax. fact is the
legislation of another State it does not follow that the legislative
Likewise the occasional investor in short time notes is held not to compete discretion ofsuch
other State isin any manner substituted for our own. . . .
with the banks.
But if when our statute was passed there had been in existence a law of
In the Pratt case, which was an assessment against a partner in the bank- Pennsylvania imposing
upon New York companies a license fee of 3%,
ing house of Maitland, Coppell & Co., the law was held to apply nad the
and because of that fact our Legislature had enacted that all Pennsylvania
assessment in general sustained, with a deduction for tax-exempt securities companies should
pay a license fee of 3%,would that law have been a deleand for the value of a Stock Exchange seat held to be non-taxable.
gation of legislative authority to the State of Pennsylvania? Most clearly
In view of these cases the law seems to have been limited to private bank- not, although the fact of the foreign
law lay at the foundation of our legisers (and perhaps some note brokers) and if this opinion is sustained, the lative judgment
and discretion. And if within a month the foregin law
city will not receive much revenue from this new tax.
changed the impost to 4%,and our own Legislature, again ascertaining the
The New York "Times" of the 17th inst. said:
fact, and because of it should change our tax to 4%,would that be PennsylLawyers representing private banking firms said yesterday they had not vania legislation and not our own? And what would be certainly constiyet decided whether to appeal the decision handed down yesterday by Su- tutional if done seriatum by several and separate acts does it become unpreme Court Justice Proskauer, upholding the State law of 1923 by which constitutional when the same precise and identical result, founded upon
moneyed capital in competition with national banks shall be taxed 1%.
exactly the same legislative discretion, is accomplished by one? If so, a
The national banka found themselves in much the same position as the grave constitutional question is made to turn upon the bare form instead
private bankers, executives declaring that as the law was aimed at them,the of the substance of legislative action. It seems to Us that the whole diffideclaration of its validity left them open to similar taxation measures, al- culty arises from a failure to regard the foreign law, relatively to our own
though they occupied the background in the twelve test cases considered.
legislation, as simply and purely an extrinsic and contingent fact. Such
other. may Justly influence and even occasion
The following is the text of the decision as published in the fact, like any at all changing its nature, destroying its discretionlegislative
action without
or abridgNew York "Law Journal" of July 16:
ing its duties or its Judgment. Most laws are made to meet future facts."
For similar legislation cf. 1 Cooley on Taxation (4th ed., Sec. 79, n. 85).
In 1922 the Court of Appeals held invalid the then existing statute
purporting to tax stock of national banks because it violated the prohibition 8 Fletcher (Cyc. Corps, Sec. 5759), People ex rel. Standard Oil Co. vs. Law
of Section 5219 of the Revised Statutes against taxation of national bank (237 N• Y.. 142, 146) People ex rel. Barcalo Mfg.Co. vs. Knapp (227 N.Y.,
shares at a greater rate than that imposed on other moneyed capital (People construing Laws 1917, 64, 71. Chap. 726, Sec. 209), Field vs. Clark (143
ex rel. lianover National Bank vs. Goldfogle, 234 N. Y., 345). The Legis- U. El., 649, 692). and Tariff Act of Sept. 21 1922 (42 Stat., 941. 946).
lature thereupon enacted Section 897 of the Laws of 1923, providing that
Unreasonable classification is claimed, based on the contention that
"moneyed capital coming into competition with the business of.national moneyed capital not in competition with national banks cannot validly be
banks, . . . except bonds, notes or other evidences of indebtedness in favored as against competing moneyed capital. Analysis of cited authorithe hands of individual citizens not employed or engaged In the banking or ties on this subject is futile. The principles are simple; their application
investment business and representing merely personal investments not..nade difficult. It is unquestioned and unquestionable that the Legislature may
in competition with such business,shall be assessed at its actual value against impose a license tax upon occupations. There would be basis in fact for
the owners or holders thereof . . ."
such a tax on business in competition with national banks. Here the Legis.
JULY 19 1924.]
THE CHRONICLE
lature has used this very factual difference as one of the criteria of classification in the imposition of a property tax. The test is reasonableness.
Judge Vann, in People ex rel. Farrington vs. Mensching (187 N. Y., 8,
18) writes:
"While the Legislature has wide latitude in classification, its power in
that regard is not without limitation, for the classification must have some
basis, reasonable or unreasonable, other than mere accident, whim or caprice. There must be some support of taste, policy, difference of situation
or the like, 601110 reason for it, even if it is a poor one. While the State
can tax some occupations and omit others, can it tax only such members
of a caning as have blue eyes or black hair? We have said that it could
tax horses and leave sheep untaxed, but it does not follow that it could ti
white horses and omit all others, or tax the sale of certificates printed cn
white paper and not those on yellow or brown. While one class may be
made of horses and another of sheep, or even a class made of race horses,
owing to the use made of them, without a shock to common sense, a classification limited to white horses would nz so arbitrary as to amountto tyranny
because there would be no semblance of reason for it."
The competitive use of moneyed capital is not a whimsical nor irrational
criterion of classification. Accurate description of property fairly requires
statement of its use. Few property taxes have been imposed on this basis.
So far as briefs and research indicate, however,they have all been sustained.
In McHenry vs. Alford (168 U. S., 651,666) the court sustained the validity
of a law providing for higher taxation of the lands of the Northern Pacific
RR. (a Federal corporation) than that of other lands in the State. This
was a property tax because under Railroad Co. vs. Poniston (85 U. S.,
5, 35) a State could not tax the operation of a Federal corporation. Mr.
Justice Peckham writes: "While we agree that property of the same kind
and under the same condition and used for the same purpose cannot be
divided into different classes for purposes of taxation and taxed by a different rule simply because it belongs to different owners, yet, where the
situation and the possible use and the present condition of the ownership
of lands are wholly different, such as they are in this case, from ordinary
ownership, a classification is not arbitrary nor unreasonable which places
such lands outside the class of lands owned in the ordinary way by individuals."
Similarly, no distinction in taxation could be made between moneyed
capital of identical kind used in the same way by different owners. But a
distinction can be made based upon actual difference in use of moneyed
capital described in statute for effectuation of a proper legislative purpose.
In Knisely vs. Cotterer (106 Pa. St., 614, 630) Mitchell, J., considering
a tax discriminating between wholesale and retail dealers. writes: "Even
regarding it as a tax based upon property directly, it could be sustained as a
classification according to the use and purposes for which the property is
held."
In Citizens Telephone Co. vs. Fuller (229 U. S., 322, 326) certain cooperative telephone lines were exempted from taxation while ordinary
telephone linos were taxed. The attack on the statue was on the ground
that "the business is not taxed. . . . It is the property used in the
business, and it is all of like kind and used for like purposes, and each
dollar's worth should be treated alike."
Mr. Justice McKenna writes: "This being the insistence of appellant,
that is, that the tax is on property simply, appellant makes the property,
dollar for dollar, the only basis of comparison between the taxed companies
and the exempt companies."
After reviewing the authorities relating to the State's right to discriminate
under the police power he continues (at pp. 329 and 331): ". . . in
taxation there is a broader power of classification than in some other exercises of legislation. . . . Granting the power of classification we must
grant government the right to select the differences upon which the classification shall be based, and they need not be great or conspicuous. The
State is not bound by any rigid equality. . . . The use of the untaxed
property, as pointed out by the District Court, is 'predominantly private.
while the use of the taxed property is correspondingly public, the exempt
property Lensed for the personal convenience of the owners, while the taxed
property represents commercial investment for profit making purposes.'
"
While in the cited cases the difference in use may be more marked than
in the case at bar, none the loss the Supreme Court here clearly recognizes
the propriety of including the use of property as a reasonable differentiating
element.
As stated in 1 Cooley on Taxation (4th ed., p. 717): "Difference in
the use of property as well as inherent differences in the kind of property
may be the basis of classification."
The statute relating to convict
-made goods condemned in People ex rel.
Phillips vs. Raynes (136 App. Div.. 417. aff'd 198 N. Y.. 539). cited by
relators, turned not upon the use of property, but upon the accident of
its origin.
A legislative purpose to relieve from taxation the investment of individuals representing the savings of thrift and industry, while subjecting
to taxation similar capital employed in a definite business enterprise
competing with the business of a national bank, cannot be condemneu
as arbitrary.
The failure of the statute to appropriate for the refunds of income tax
contemplated by Sec. 27 is claimed to be a violation of Sec. 21, Article 3,
of the State constitution. Assuming, without deciding, the validity of
this contention, such omission would at most invalidate the provision for
refund. It is clearly severable from the essential provisions of the statute.
Relators claim that the statute does not apply to the year 1923. It
provided a penalty for failure to file a statement by June 1. It became
a law on June 1. The requirement that reports be filed on June 1 was
for the assistance of the Tax Commissioners. It was not essential to
the preservation of due process of law. The delay in enactment of the
law might constitute a defense to an action for the penalty. It cannot
postpone operation of the whole Act in the face of the enacting clause,
which provided that it should take effect immediately. The statute is
part of the general tax law. It provided that assessment rolls were to
be made up as of Aug. 1. The third Tuesday of August was made the
grievance day. Abundant opportunity was thus afforded to the relators
to assert their rights after the statute became effective. That the taxable
status was fixed as of a time antedating the date on which the law became
effective does not indicate intent to postpone the operation of the law.
As Mr. Justice Field said in Locke vs. New Orleans (4 Wallace, 172. 173):
"In the first place the Act was not subject to the imputation of being
retrospective. It did not operate upon the past, or deprive the party of
any vested rights. It simply authorized the imposition of a tax according
to a previous assessment" (People vs. Spring Valley Hydraulic Co., 92
N. Y., 383:2 Cooley on Taxation, 4th ed., p. 1157)•
The statute must be construed with its purpose and its judicial history
In mind. Its adoption of the words of the Federal statute, the discussion
attendant upon its enactment and that of the Federal amendment in 1923.
and the fair intendment of its language indicate an unquestioned purpose
to impose no broader tax than that required by the Federal statute to
validate the taxation of national bank shares.
The construction of the Federal statute, therefore, is a potent guide
In the construction of the State statute.
In Mercantile Bank vs. New York (121 U. S., 138, 155), Mr. Justice
Matthews writes: "The main purpose, therefore, of Congress in fixing
273
limits to State taxation on investments in the shares of national banks was
to render it impossible for the State, in levying such a tax, to create and
foster an unequal and unfriendly competition, by favoring institutions or
individuals carrying on a similar business and operations and investments
of a like character. The language of the Act of Congress is to be read
in the light of this policy."
Though the statute then did not contain the 1923 amendment limiting
the words "moneyed capital" to that engaged in competition with the
business of national banks, Mr. Justice Matthews (at page 156) continues:
"The business of banking, as defined by law and custom, consists in the
issue of notes payable on demand, intended to circulate as money where
the banks are banks of issue; in receiving deposits payable on demand; in
discounting commercial paper; making loans of money on collateral security;
buying and selling bills of exchange; negotiating loans, and dealing in
negotiable securities issued by the Government, State and national, and
municipal and other corporations. These are the operations in which the
capital invested in national banks is employed, and It is the nature of
that employment which constitutes it in the eye of this statute 'moneyed
capital.' Corporations and individuals carrying on these operations do
come into competition with the business of national banks, and capital
In the hands of individuals thus employed is what is intended to be described by the Act of Congress."
Interpreting this language in First Nat. Bank vs. Chapman (173 U. S..
205, 214). Mr. Justice Peckham writes: "The result seems to be that
the term 'moneyed capital' as used in the Federal statute does not include
capital which does not come into competition with the business of national
banks, and that exemptions from taxation, however large, . . . for
reasons of public policy and not as an unfriendly discriinniation against
investments in national bank shares, cannot be regarded as forbidden
by the Federal statute."
In 1921 the Supreme Court in Merchants National Bank vs. Richmond
(256 U. S.. 635. 639) held invalid an ordinance of the city of Richmond
purporting to tax national bank shares because it failed to tax competing
moneyed capital. The State courts made no finding of fact as to whether
a large amount of definite classes of moneyed capital did or did not compete
with the business of national banks and attempted to limit the Federal
statute to the prevention of State discrimination in favor of State banking
associations against national banking associations. air. Justice Pitney
wrote: "By repeated decisions of this Court, dealing with the restriction
here imposed, it has become established that while the words 'moneyed
capital in the hands of individual citizens' do not include shares of stock
corporations that do not enter into competition with the national banks,
they do include something besides shares in banking corporations and
others that enter into direct competition with those banks. They include
not only moneys invested in private banking, properly so called, but investments of individuals in securities that represent money at interest and other
evidences of indebtedness such as normally enter into the business of
banking."
This language must be read in connection with prior decisions and subsequent Congressional action. The case holds merely that on the facts there
presented there was untaxed capital engaged in competition with national
banks. It does not question the established rules that the determination
of what constitutes capital engaged in competition with a national bank is
a question of fact and that the capital to be taxed is that which substantially
and actually competes with the business of a national bank.
It is argued by one of the relators that the language of this opinion imposes
on respondents the duty to assess every bond, note or other evidence of
indebtedness; that the failure so to do, pursuant to a fixed purpose, constituted an arbitrary discrimination in the imposition of the levy, and that
therefore this levy (as distinguished from the statute itself) must be held
void. The commissioners somewhat inconsistently urge that they were
justified in deliberately omitting the assessment of such property in the
hands of ordinar individuals and investors, but may assess it in the hands
of individuals engaged in any business approximating, however remotely.
a banking business. Both contentions are unwarranted.
The debate in 1923, when the phrase qualifying "moneyed capital" was
added to the Federal statute, is illuminating. Congressman Wingo, after
the conference between Senate and House committees, stated: "However,
we all agree that in view of the uncertainty and the differences of opinion
that have been created by this Richmond decision, it is wise to restate the
We take the position that it is easy to override the contention
law. • .
of the Richmond case by restating the old rule, with such additional language
will show that it is the intention of Congress in the new statute to follow
as
the rule laid down in the old line of decisions" (Congressional Record. V.64,
p. 4802, 4803. 67th Congress, Part V, Feb. 27 1023)•
Senator Kellogg then stated:
"My object in introducing the original bill, which said that the rate should
not be higher than that on all moneyed capital engaged in banging, was to
get away from the provisions of State laws that made the basis of taxing
national banks the individual credits in the hands of the citizen. The
House has attempted to get by that by providing that these investments
in the hands of individuals shall not be deemed moneyed capital engaged
in banking. I think myself it is rather a cumbersome provision, but we
cannot get anything else, and I think it is better to accept it than to get no
law at all." (Congressional Record, V. 64. p. 4959, March 1 1023)•
Reading the amendment in the light of this discussion It serns clear that
Congress intended to continue and emphasize the rule that the restrictive
provisions of the Federal statute did not apply to moneyed capital, in the
hands of individuals, which in no substantial sense actually competes with
the business of national banks.
This question of fact must be determined by actualities. It is not the
business of a national bank, either by statute or in fact, to invest or deal
in corporate bonds. They invest surplus funds in corporate bonds as a
mere incident to the banking business, exactly as they may rent offices
in a banking building to others. An individual who Invests in corporate
securities no more competes with "the business" of a national bank than
does the landlord of an adjoining office building. The occasional investor
In short time notes possesses property fairly described in the proviso exempting bonds, notes or other evidences of indebtedness in the hands ofindividual
citizens not engaged in the banking or investment business and representing
merely personal investments not made in competition with such business.
That proviso expresses the original implication of the statute as declared
in the Mercantile Bank case, to permit the States fullfreedom to exempt any
property from taxation so long as the exemption does not result in real
unfair and unfriendly competition with national banks. Thus persons
engaged in the business of buying and selling negotiable paper of the kind
which national banks are permitted to deal in possess property subject to
this tax. Other cases will no doubt disclose other forms of competing business. The test must be whether the business does in fact compete, not
whether it is capable of an indirect and highly unsubstantial duplication
of an isolated or non-characteristic activity. Abstractly many widely
different businesses may be regarded as potentially competitive. If the
price of wheat rises too high, substitutes therefor will be used: Yet the
dealer in some less desirable grain is not in reality a competitor with the
dealer in wheat. Every person who invests his savings at interest is in
some remote sense lending money, which as a mere possibility might other-
274
THE CHRONICLE
wise be loaned by a national bank. The very depositor in the national
bank itself is lending money to the bank, often at interest, but such persons
do not actually compete for business with a national bank.
"Competition means rivalry" (First National Bank vs. Anderson, 192
N. W., Ia., 6, 15). The ruling of the Wisconsin State Tax Commission,
interpreting a similar statute of that State and the 1923 Federal amendment, convincingly emphasizes the necessity of this practical point of view.
They write:
"The purpose of both enactments was to restore the method of assessing
bank stock which had prevailed for a period of fifty years prior to the decision in the Richmond case and exclude private loans and investments from
moneyed capital with which banks must be compared. . . Other in.
dividuals and organizations engaged in the securities, investment and loaning business under the laws of this State are sharply differentiated from organizations engaged in banking. None of them are organized as banks or
allowed to do a banking business. In so far as they compete with banks at
all the competition is incidental and limited and it is believed that none of
them can encroach on the main functions of banks or use moneyed capital
in competition with them within the meaning of the Federal Statute. • • •
Building and loan associations, securities and investment companies,
automobile finance organizations, bond brokers and dealers, pawnbrokers
and chattel mortgage loan concerns are not required to be assessed as banks."
Applying these tests to the cases to be determined. relator Pratt owns
moneyed capital in competition with national banks. His firm enjoys the
use of deposits aggregating nearly five and a half minion dollars. The capital is largely put out in loans identical in character with those appropriate
to a national bank. Between his firm and the national tanks there is actual
rivalry. He cannot escape taxation merely because it is not possible with
mathematical precision to ascertain what portion of the moneyed capital
is applicable to competitive and what to non-competitive business. The
balance sheet of his firm must be analyzed to ascertain as exactly as may be
the amount of competitive capital. Respondents make out a prima facie
case for taxation when they show the actual competition and the amount
of moneyed capital at the disposal of that competitive business. Certain
items are clearly to be eliminated. If there be any ground for eliminating
other items, it was primarily and peculiarly within the knowledge of relator
and evidence to that effect should have been adduced by him. Certain of
the assets are corporate stocks. While a national bank cannot buy and own
corporate stock, it does not follow that a competitor, not subject to this
prohibition, may not use this form of capital in competition with a national
bank. It would defeat the purpose of the statute to permit a competitor
to invest his reserves in corporate stocks, actually using them (or the loans
made against them) to compete directly with a national bank, and by this
indirection evade the mandate of Congress. The total assets of the firm
were $6,726,419 72; its total liabilities were $6,214.796 70. From each
of these amounts must be deducted the amount of the deposits—$5,496.550 22. From the assets must further be deducted the amount of taxexempt securities, $503.000, and under the stipulation (that the amount of
Indebtedness applicable to each item in the balance sheet is 92.39% of such
item) there must further be deducted from the liabilities side that percentage
of $503,000. or $464,721 70. There should also be deducted from the assets
the value of the Stock Exchange seat, $93,000. A Stock Exchange seat is
not capital competitive with the business of a national bank. It does not
represent the investment of reserve funds. It confers a right to earn commissions for transacting business forbidden to national banks. It is wholly
unrelated to the business of a bank. Deducting this $93,000 from the
assets requires a corresponding deduction of 92.39% of that amount from
the liabilities. The resultant computation leaves assets of $633,869 50
and liabilities of $167,602 08. The amount of competitive capital of the
firm thus taxable is $466,267 42. Relator's share of this is 32% and the
assessment will be reduced and confirmed against the relator for this amount,
$149,205 57. While this is slightly more than the amount stated on page 4
of the city's brief, attention of counsel is called to the fact that there is a
mathematical error in the city's computation of32% of8482,244 72. There
is no showing by the relator that any of the accounts receivable or loans are
mere incidents to brokerage transactions, and I have therefore made no
deductions for this reason.
The assessments in the other cases before me must all be avoided.
In the Talcott case the relator is a textile factor. It makes no loans. It
advances against merchandise and participates in the handling, storage,
selling and collection of payment for the merchandise in return for a commission. It operates under time contracts, requiring a continuous account
current. It has no recourse to the owner of the merchandise until resort
has been first had to the merchandise itself (Newburger-Morris Co. vs.
Talcott, 219 N. Y., 505, 511, Gihon vs. Stanton, 9 N. Y., 476, 481)• Its
business has not the slightest similarity to that of a national bank.
The Equitable Pledge Society. Inc., is a pawnbroker. It has no recourse
at all against the person to whom it makes advances. It must look solely
to the pledged property for reimbursement (Stephens vs. Simpson, 94 App.
Div., 298, Bernstein vs. Weinstein, 104 App. Div., 615). Just as a bank is
prohibited from doing a pavrnbroking business (Nat. Bank vs. Graham,
100 U.S.,699,704),so a pawnbroker cannot do a banking business(City of
Chicago vs. Hulbert, 8 N. E., Ill., 812.• 814). The method by which its
business is conducted, the nature of its patronage, the statutory restrictions
and privileges governing its transactions so differentiate it from a national
bank that a finding of actual rivalry would seem grotesque.
Bankers Commercial Securities Co., Inc., purchases from dealers, who
buy from manufacturers, conditional sale contracts, leases and chattel
mortgages on automatic piano players, calling for weekly or monthly installments over an average period of thirty months,the payments average about
$12.50 a month on each transaction. This is not the acquisition of evidences
of indebtedness which "normally enter into the business of banking"(Merchants Nat. Bank vs. Richmond,256 U. S., 665)•
The Bankers Loan & Investment Co. is a building and loan association.
Its object is to "encourage industry,frugality, home owning and the saving
of money by its members,the accumulation of savings and the loaning thereof to its members," as authorized by the New York statute. It conducts
the conventional business of a building and loan association. It approximates closely to a savings bank, of which Mr. Justice Matthews in Mercantile Bank vs. New York (121 U. S., 138, 161) says: "No one can suppose
for a moment that savings banks come into any possible Competition with
national banks of the United States. They are what their name indicates—
banks of deposit for the accumulation of small savings belonging to the
industrious and thrifty. To promote their growth and progesss is the obvious interest and manifest policy of the State."
The national bank certainly needs no protection against the activities of
an association intended to aid small investors by thrift to accumulate from
their savings sufficient money to build a home (First National Bank vs.
Dawson Co., 213 Pac., 1097).
Peabody, Houghteling & Co. are engaged in the business of buying and
selling complete issues of corporate bonds secured by real estate mortgage.
This is not any part of the business of a national bank. In Morse on Banks
and Banking (5th Ed., Vol. 1, Sec. 59, and note 4) it is stated: "In this
country the general rule is that any bank may loan on the security ofstocks
or bonds of other corporations, but cannot buy and sell them .. . It is
no part of the banking business to engage in traffic in merchandise or financial securities."
For,. 119.
And in Section 71-c it is stated: "A bank cannot traffic in merchandise,
stocks or securities."
And at Section 77: "It has been held not to be incidental to the banking
business nor an implied power pertaining to a bank to buy or sell stocks or
bonds."
A bank which lends money at interest on the security of bonds is not the
rival of a dealer who purchases bonds merely for the purpose of reselling
them to investors.
The other relators are all stock brokers.
Exton is a floor trader who buys and sells on his own account solely. He
makes no loans and competes with a national bank no more than if he
bought or sold tangible merchandise instead of corporate stocks.
Berdan and Carlisle are members of firms which deal in odd lots, that is,
stock in smaller amounts than 100 shares. Benkard, Bonner and Broderick
areengaged in theconventional business of general stockbrokers, The actual
business of these relators is to buy and sell securities on commission. No
national bank can or would engage in their fundamental activity. As an
Incident to their business they made advances to their customers on the
securities purchased for their account. The mode of transacting this
business is thoroughly established and general. The stock broker, trading
for his customer, to facilitate the trade advances a certain percentage of the
purchase price, the customer putting up a so-called margin to protect the
broker. The broker in turn repledges these securities to a national bank
or similar institution for an amount smaller than that which the broker
advances to the customer, thus giving the national bank an additional
margin of security. These brokers not only do not compete with national
banks, but actually supply them with a very substantial portion of their
business. The advances made by the brokers are not such loans as the
banks would make to their customers, nor are they made directly as loans.
They constitute the device by which the broker increases his own earning
of commissions.
The capital ofthese relators, therefore, does not compete with the business
of a national bank.
Ordered accordingly.
Brokers' Loans Show Increase—Gain $25,000,000 to
$1,325,000,000 as Result of Broader Stock Market
Participation.
From the "Wall Street Journal" of July 14:
For the first time since early part of this year brokers' loans show a
gain. The total now is approximately $1,325,000,000, an increase of
$25,000.000 over the May 19 total of $1,300,000,000.
This expansion in loans is a reflection of the improved stock market.
together with a broader public participation.
In January brokers' loans amounted to $1,400,000,000. In February
they were $1,380,000,000; March 6, 81,375,000,000; March 21, $1,350.000,000; April 16, $1,320,000,000, and May 19, $1,300,000,000.
The record high point for such borrowings was $2,000,000,000, on
Feb. 14 1923.
New York Clearing House loans, &c., last week showed a gain of over
$17.000,000, to $5,058,186,000. The high point for New York Clearing
House loans was 85,486,134.000, in October 1920. Net demand deposits
last week touched a new high record of $4,351,000,000.
Considering the large volume of credit available at present, bankers
would welcome further expansion in so-called "Street loans."
Name of "Daily Financial America" To Be Changed
to "Wall Street News" Beginning July 21.
Melvin J. Woodworth, who several months ago assumed
control of the New York News Bureau Association, publishers
of "Daily Financial America," made the following announcement on July 17 regarding the proposed change in the name
of that news sheet:
On Monday July 21 the name of "Daily Financial America" will be
changed to the "Wall Street News."
My reason for this change is to select a name better descriptive of the
character of this newspaper, as it is devoted almost entirely to the presentation of facts and timely comment about banking, investment and business
developments centred in the Wall Street community.
The "Wall Street News" will endeavor to furnish its readers with unbiased news of financial and business affairs.
The New York News Bureau Association, publisher of the "Wall Street
News," by reason of its extensive wire facilities, correspondents throughout
the country and ticker services in nine cities, furnishes news first-hand and
up to the minute. The Central News, Ltd.,its London affiliation, supplies
all important news from the Eastern Hemisphere, gathered by correspondents all over the world. The New York News Bureau, with its subsidiaries,
is the world's largest gatherer and distributor of financial and commercial
news.
Since acquiring control of the New York News Bureau, with the affiliated
Central News of America and Central News of London, I have reorganized
the corporation. Expert financial writers have been added to the various
departments in New York, as well as in out-of-town offices, and to-day I
have the most thoroughly trained and efficient staff of financial news
gatherers in the Metropolitan district.
Clear, precise, authentic, news free from propaganda and uninfluenced
either by personal or business relations, is the motto of this organization.
MELVIN J. WOODWORTH, President.
Resolution Is Adopted on Death of Ernest Groesbeck.
The Governing Committee of the New York Stock Exchange recently adopted the following resolution on the
death of Ernest Groesbeck:
Ernest Groesbeck became a member of the New York Stock Exchange in
1873, and in fifty-one years of active business he established among his
fellow members the highest reputation for character, business integrity and
ability. For eighteen consecutive years he served upon the Governing
Committee of the Exchange, and rendered services during that
period of inestimable value. Prominent among these were his work upon
the building committee of 1901,and the leading part be took in meeting the
great crisis of 1914. Be it therefore resolved that the Governing Committee
of the New York Stock Exchange hereby record their heartfelt sorrow at the
loss through Mr. Groesbeck, of one of their oldest and most respected
members and do hereby express their feelings of profound gratitude for Invaluable services to the Exchange during the many eventful years of his
association with us.
JULY 19 19241
THE CHRONICLE
275
Louis C. DeCoppet Appointed Member of Governing Indictments Returned Against Former Partners in
Committee of New York Stock Exchange.
Defunct Brokerage Firm of Channer & Sawyer,
Cincinnati.
Louis C. DeCoppet, of Jacquelin & DeCoppet, has been
appointed a member of the Governing Committee of the
Eleven indictments for alleged embezzlement of stockg
New York Stock Exchange to fill the vacancy caused by the and securities purchased by them for customers, and two.
resignation of Frank W. Thomas, of A. 0. Slaughter & Co. indictments for alleged obtaining of money from customersby false pretenses on the plea that it was due for marginsConsolidated Stock Exchange Suspends H. W. on stock purchases, were returned by the Hamilton County
(Ohio) Grand Jury on July 3 against Herbert I. Channerf
Eisfelder.
George A. Sawyer and Fred G. McLaughlin, former mem-•
Henry W.Eisfelder of 25 Broad Street, this city, a member
bers of the bankrupt firm of Channer & Sawyer, Cincinnati,
of the New York Consolidated Stock Exchange, was susaccording to the Cincinnati "Enquirer" of July 4. Channer
pended on July 16 for refusing to permit the immediate
examination of his books by the Bureau of Auditing & Ac- & Sawyer failed in November of last year.
counting of the Exchange, according to President Thomas
Federal Farm Loan Board Reduces Rate from 534 to 5%.
B. Maloney.
The Federal Farm Loan Board announced on July 16 that
F. Eugene Nortz and G. B. Kulenlampff Suspended it had reduced from 53/i to 5% the rate of interest charged
on direct loans to all co-operative marketing associations.
for One Year from New York Coffee and Sugar
The Board members are said to have declared the reduction
Exchange.
Dating from July 15, F. Eugene Nortz and G. B. Kulen- should aid materially in the financing of this year's crop
lampff, of the firm of Nortz & Co.,98 Front Street, this city, movement. The Federal Intermediate Credit Banks, which
have been suspended from the New York Coffee and Sugar made the loans to the co-operative marketing associations
Exchange for one year, for violation of Sections 103 and 104 last year, loaned more than $58,000,000, and this was distributed among approximately 200,000 farmers.
of the by-laws of the organization.
Edward M. Fuller and William F. McGee to Testify for
State.
Judge Charles Nott in the Court of General Sessions on
Thursday of this week (July 17) deferred the execution of
sentence on Edward M. Fuller and William F. McGee
(former partners in the bankrupt brokerage firm of E. M.
Fuller & Co.), self-confessed "bucketeers," and released
them in $10,000 bail each. In June 1923 Judge Nott sentenced the defendants to serve from fifteen months to four
years in Sing Sing after they had confessed to the charge of
"bucketing" their customers' orders. Before, however,
Fuller and McGee pleaded guilty they were held in contempt
(and are still being held) of the Federal Court by Judge Goddard for failing to return to the Federal trustee in bankruptcy
important documents belonging to the estate of the failed
brokerage firm. The sentence imposed by Judge Nott was
not to begin until they were purged of contempt by Judge
Goddard. The release of the defendants on bail was made at
the recommendation of District Attorney Banton, who informed Judge Nott that he did so on the request of United
States District Attorney Hayward, who had explained that
he needed Fuller and McGee as Government witnesses in the
forthcoming trials of William J. Fallon, the lawyer; Charles
A. Stoneham, head of the Giants baseball club, and Arnold
Rothstein, the gambler, on indictments which grew out of
the Fuller bankruptcy investigation.
According to the New York "Evening Post" of yesterday
(July 18), Judge Goddard for the time being declined to
purge Fuller and McGee of the contempt charge and they
were taken back to Governor's Island, where they have been
detained for the past fourteen months. We last referred to
the Fuller and McGee case in the "Chronicle" of Aug. 18
1923, page 734.
Federal Reserve Bank of Dallas Reduces Rediscount
Rate from 4M% to 4%.
The Federal Reserve Board announced on July 15 that the
Federal Reserve Bank of Dallas had reduced its rediscount
rate from 43/2% to 4% on all classes of paper of all maturities,
effective immediately.
United States Government Advises League of Nations
That It Cannot Give Adherence to League Treaty.
In indicating that the United States Government cannot
adhere to the League of Nations's proposed draft of the treaty
of mutual assistance which the Fourth Assembly of the
League voted should be circulated among all the Governments, a communication addressed to the League says:
Without attempting an analysis of the provisions of the treaty, it is quite
apparent that its fundamental principle is to provide guarantees of mutual
assistance and to establish the competency of the Council of the League
of Nations with respect to the decisions contemplated and, in view of
the constitutional organization of this Government and of the fact that the
United States is not a member of the League of Nations, this Government
would find it impossible to give its adherence.
These advices to the League were contained in a note dispatched June 16 and delivered to the League by Hugh S.
Gibson, American Minister at Geneva, and made public
at Washington July 10. It was in reply to a communication
addressed to the Department last January. The United
States Government recites in its answer that:
It appears from the preamble of the treaty that it has been formulated
with the desire of establishing the general lines of a scheme of mutual assistance with a view to facilitate the application of Articles X and XVI of
the Covenant of the League of Nations, and of a reduction or limitation of
national armaments in accordance with Article VIII of the Covenant.
"It would not serve a useful purpose to consider the question of conditional or partial adherence on the part of the
Government of the United States," says the note, "when the
conditions imposed would of necessity be of such a character
as to deprive adherence of any substantial effect." The following is the text of the communication:
New York State Supreme Court Enjoins Four
The Secretary of State of the United States of America has the honor to
Brokerage Firms.
acknowledge tbe receipt of a communication of
Secretary General
Attorney-General Carl Sherman on July 14 obtained from of the League of Nations, submitting by directionthe the Council of the
of
the Supreme Court of this State injunctions under the Martin League of Nations, the draft treaty of mutual assistance, proposed by the
Third
Act restraining four stock brokerage firms of this city from of the Committee to the Fourth Assembly, and requesting the expression
views of the Government of the United States.
further buying or selling of shares. Those enjoined are:
In reply it may be said that the Government of the United States is most
desirous that appropriate agreements should be reached to limit armament
Charles H. Greenhaus, stock broker, of 68 William Street;
George Gibson, doing business as the American Security and thus to reduce the heavy burdens of expenditure caused by unnecessary
and competitive outlays in providing facilities and munitions of war. The
Transfer Co., at 140 Cedar Street; Allen S. Schang, David desire and purpose of this Government were fully manifested when the
B. Goldsmith, Lewis Hughes and Nat Goldman, doing great military and naval Powers were invited by the President of the United
States to meet in conference in Washington in 1921 for the purpose of conbusiness as Allen S. Schang & Co., at 18 West Forty-first sidering the limitation of armaments.
Street, and the Radio Securities & Finance Corporation
While that conference resulted in the conclusion of an important naval
treaty between the
and Campbell Mason, its general manager, of 42 Broadway. Italy and Japan, United States of America, the British Empire, France.
for the limitation of capital fighting ships, it was found
to be impossible to obtain an agreement for the limitation of the tonnage of
auxiliary naval
or to make any progress in the direction of limitation
Frank M. Tomline, Private Investment Broker, in of land forces. craft,Government of the United States, having reduced its
The
Bankruptcy.
own armament, continues to cherish the hope that the desired result in the
case of other
and
notes
and sympamay be
An involuntary petition in bankruptcy was filed in the thetic InterestPowersendeavorachievedend. itIn thiswith keen draft treaty
to that
spirit the
every
Federal District Court on July 17 against Frank Tomlins, submitted has been carefully considered.
It appears from the preamble of the treaty that it has been formulated
a private investment broker of 68 Wall Street and 100
with the
"of establishing the general lines
Broadway, this city, by Myron S. Hall & Co., 100 Broad- assistancedesire a view to facilitate the application of a scheme of mutual
of Articles X and XVI
with
way. It is alleged in the petition that he failed to pay his of the Covenant of the League of Nations, and of a reduction or limitation
of national armaments in accordance with Article VIII of the Covenant" to
share of partnership capital and operating losses sustained
the lowest point consistent with national safety and enforcement by common
while he was a member of the firm.
action of international obligations.
276
THE CHRONICLE
The following provisions of the draft may be especially noted:
Article II.—The high contracting parties,jointly and severally, undertake
tofurnish assistance,in accordance with the provisions of the present treaty.
to any one of their number should the latter be the object of a war of
aggression, provided that it has conformed to the provisions of the treaty
regarding the reduction or limitation of armaments.
Article III. In the event of one of the high contracting parties being of
opinion that the armaments of any other high contracting party are in
excess of the limits fixed for the latter high contracting party under the
provisions of the present treaty, or in the event of it having cause to apprehend an outbreak of hostilities, either on account of the aggressive policy or
preparations of any State, party or not to the present treaty, it may inform
the Secretary-General of the League of Nations that it is threatened with
ion, and the Secretary-General shall forthwith stunmon the Council.
Council,if it is of opinion that there is reasonable ground for thinking
that a menace of aggression has arisen, may take all necessary measures to
remove such menace and in particular, if the Council thinks right, those
indicated in subparagraphs (A).(B),(C),(D) and (E) of the second paragraph of Article V of the present treaty.
The high contracting parties which have been denounced and those which
have stated themselves to be the object of a threat of aggression shall be
considered as especially interested and shall therefore be invited to send
representatives to the Council in conformity with Articles IV,XV and XVII
of the Covenant. The vote of their representatives shall, however, not be
reckoned when calculating unanimity.
Article IV.—In the event of one or more of the high contracting parties
becoming engaged in hostilities the Council of the League of Nations shall
decide within four days of notification being addressed to the SecretaryGeneral, which of the high contracting parties are the objects of aggression
and whether they are entitled to claim tne assistance provided under
the treaty.
The high contracting parties undertake that they will accept such a
decision by the Council of the League of Nations.
The high contracting parties engaged in hostilities shall be regarded
as especially interested and shall, therefore, be invited to send representaAlves to the Council (within the terms of Article IV., XIII. and XVII. of
the Covenant), the vote of their representative not being reckoned when
calculating unanimity; the same shall apply to States signatory to any
partial agreements involved on behalf of either of the two belligerents,
unless the remaining members of the Council shall decide otherwise.
To Furnish Mutual Assistance.
Article V.—The high contracting parties undertake to furnish one
another mutually with assistance in the case referred to in Article II. of
the treaty in the form determined by the Council of the League of Nations
as the most effective, and to take all appropriate measures without delay
in the order of urgency demanded by the circumstances.
In particular the Council may:
(A) Decide to apply immediately to the aggressor State the economic
the members of
sanctions contemplated by Article XVI. of the Covenant,however, bound
the League not signatory to the present treaty not being,
State attacked is entitled to
by this decision, except in the case where the
avail itself of the articles of the Covenant;
(B) Invoke by name the high contracting parties whose assistance it
continent other than
requires. No high contracting party situated in aprinciple, be required
that in which operations will take place shall, in
operation;
to co-operate in military, naval or air
shall
(C) Determine the forces which each State furnishing assistance
place at its disposal:
securing priority for the com(D) Prescribe all necessary measures for
munications and transport connected with the operations:
(E) Prepare a plan for financial co-operation among the hign contracting
parties with a view to providing for the State attacked and for the States
furnishing assistance the funds which they require for the operations;
(F) Appoint the Higher Command and establish the object and nature
of his duty.
The representatives of States recognized as aggressors under the provisions of Article IV of the treaty shall not take part in the deliberations
who
-of the Council specified in this article. Tile high contracting parties Subare required by the Council to furnish assistance in accordance with
Paragrapn (B)shall, on the other hand, be considered as especially interested
and,as such,shall be invited to send representatives,unless they are already
represented, to the deliberations specified in Sub-Paragraphs (C), (D).
()and (F).
Without attempting an analysis of the provisions of the treaty, it is quite
apparent that its fundamental principle is to provide guarantees of mutual
assistance and to establish the competency of the Council of the League of
Nations with respect to the decisions contemplates, and, in view of the
constitutional organization of this Government and of the fact that the
-United States is not a member of the League of Nations, this Government
would find it impossible to give its adherence.
The Government of the United States has not failed to note that under
Article XVII of the draft treaty "any State may, with the consent of the
Council of the League, notify its conditional or partial adherence to the
provisions of this treaty, provided always that such State has reduced or is
prepared to reduce Its armament in conformity with the provisions of this
treaty," but it would not serve a useful purpose to consider the question of a
conditional or partial adherence on the part of the Government of the
United States when the conditions imposed would of necessity be of such a
character as to deprive adherents of any substantial effect.
agggs
From Geneva, July 10, we quote the following Associated
Press cablegram:
While the United States Government has officially informed the League of
Nations that it cannot adhere to the draft ofthe Treaty of Mutual Assistance
which the Fourth Assembly of the League voted should be circulated among
all the Governments with the request for expressions of their views, the
American communication has stimulated interest in an endeavor to find
some suitable agreement for a reduction in armaments.
Interest in such an effort already had been increased by the presentation
of the so-called Draft Treaty of Disarmament and Security, drawn up by
Americans, which now is officially before the members of the League.
Officials of the League said to-day that they considered the American
reply a friendly document.
Discussion of Limitation of Armaments by Council of
League of Nations—Disarmament Treaty and
Treaty of Mutual Assistance.
Official discussion of control and reduction of armaments
suddenly took on an Ameriean angle at Geneva, June 17,
when the Council of the League of Nations, in private session, according to Associated Press advices, voted to distribute to all the Governments represented in the Council a
report on limitation of armaments being prepared by two
American experts, Professor J. T. Shotwell of Columbia and
General Tasker H. Bliss of the American Peace Mission at
the Paris conference. The further accounts as given in the
New York "Times" said:
League, notified the CounSir Eric Drummond, Secretarn-General of the
and probably exceedingly
cil that this report, which he considered a serious
soon reach President hems
useful study of the armaments problem, would
He proposed its immediate circulation
of the League of Nations Council.
as an official document,and his recommendation was unanimously approved.
[VOL 119.
Plan League Control in Germany.
The Council in public session took steps which are considered to have as
their ultimate goal the taking over of the control of the military situation in
Germany from the Inter-Allied Mission.
Following the announcement of Premier Herriot of France that he was determined to utilize the League of Nations in assuring the peace of Europe,
the greatest importance was given the public statement made by Henri de
Jouvenal, representing France on the Council, when he approved on behalf
of his nation a British proposal for an immediate inquiry into the responsibility of the Council for the military control of the Central European States,
as outlined in the various treaties.
M.de Jouvenel made it clear that although the Council was officially discussing its military responsibilities toward Bulgaria, Austria and Hungary
its action paved the way for similar treatment of Germany.
France, said M. de Jouvenel, deemed the Council's investigation exceedingly opportune, for it was obvious the powers must look forward to the
time when the interallied control would pass to the League.
Jurists Named to Study Plan.
On his motion two resolutions were adopted. One of these called for the
appointment of a committee of jurists to interpret Paragraph 5, Article 4,
of the League Covenant, which declares that any member of the League
not represented in the Council shall be invited to send a representative to
sit as a member of any Council meeting during the consideration of matters
especially affecting its interests.
Several of the States. Including Rumania and Czechoslovakia, have
already requested the right to be represented when the Council discusses
the military control of the former enemy powers, viewing this question of
far-reaching importance as involving the future peace of Europe. The
Council wishes to move slowly and cautiously, and have expert advice
concerning the rights of members under the Covenant.
The second resolution asks the Permanent League Advisory Commission
on Armaments to draw up a technical plan for control which the Council
could adopt when the proper time arrives. Article 213 of the Treaty of
Versailles, which is duplicated in articles in the other peace treaties, declares
Germany undertakes to submit to any investigation which the Council of
the League of Nations, acting if need be by majority vote, may consider
necessary.
Lord Parmoor of Great Britain said his nation deemed the questions
involved to be of immediate urgency. He pointed out that the interallied
control set up under the treaty was still operative, but matters had advanced
so far that Great Britain believed the time had come to examine the situation
which would arise when such control was finally abandoned. Great
Britain. he added, felt full confidence in the ability of the Council successfully to assume its responsibility to carry out investigations. He remarked
that he understood that the other allies favored the investigationssuggested.
The impression exists in Geneva that the questions pending between the
Allies and Germany will be settled rapidly, such solution being taken to
mean without doubt Germany's early entrance into the League. Before
leaving Geneva for Berlin, Dr. Heinrich Brauns,the German Labor Minister
who came here for the International Labor Bureau meeting, informally
discussed the situation with Secretary Drununond.
Mandate and Other Subjects Up.
The question of approving Great Britain's mandate for Mesopotamia
was postponed by the Council until the September session. Great Britain
drafted her mandatory obligations in the bi-lateral treaty which King
Feisel's Parliament recently approved after a bitter struggle, but the
Council desires time to study its contents.
The Council asked the Permanent Court of International Justice to give
a decision on the Albanian-Yugoslav frontier dispute,referred to the League
by the Council of Ambassadors as a matter possibly endangering peace.
The following regarding the several treaties is taken from
the "Times" of June 18:
TEN AMERICANS DREW TREATY.
Professor Shotwell Acted on European Invitation—Explains Provisions.
The Draft Treaty of Disarmament and Security, now being considered
by the League, was worked out by an American group, consisting of General
Tasker H. Bliss, American representative on the Supreme War Council;
General James G. Harbord, former Chief of Staff of the American Army:
F. P. Keppel, former Assistant Secretary of War; David Hunt Miller, legal
adviser to the United States Government at the Paris Peace Conference;
Dr. Isaiah Bowman,executive head of the technical experts of the American
delegation at the Paris Peace Conference; Dr. James T. Shotwell, professor
of history at Columbia University, a member of the American delegation
at the Paris Peace Conference and a commissioner of the Labor Section
of the Treaty; Professor John Bates Clark, former Director of the Division
of Economics and History of the Carnegie Endowment for International
Peace; Professor Henry S. Pritchett, President of the Carnegie Foundation;
Dr. Joseph Chamberlain, professor on international law at Columbia
University; and Dr. Stephan P. Duggan, director of the Institute for
International Education of the Carnegie Foundation.
Dr. Shotwell, in discussing the treaty last night, said:
"While I was in Europe last autumn, I talked with the representatives of
numerous Governments and with other political personages almost equally
Important. Among those were President Masaryk of Czechoslovakia.
M. Hymans of Belgium, various personages in Germany, M. Harriet, now
Prime Minister of France; representatives of the Mussolini Government of
Italy, as well as Lord Haldane, Lord Thomson and members of the Labor
Government of Great Britain.
European Leaders Asked Our Aid.
"All of these gentlemen were desirous that some contribution of American
thought might be made to this world problem of disarmament,and were particularly anxious tor this because it appeared, and, indeed, was well recognized in Europe, that the draft treaty prepared by the Temporary Mixed
Commission of the League of Nations, known as the Draft Treaty of Mutual
Assistance, was not likely to be accepted by the various Governments interested.
"Accordingly, the gentlemen urged me to proceed to obtain some American contribution to this problem, which might at least he suggestive of its
solution, and also asked me to keep them informed of any progress in the
matter on this side of the water.
"Of course, it was entirely understood that in these discussions I had no
right to represent any other opinion than my own and that of those American
friends with whom I was associated and with whom the problems had been
discussed informally previously.
"Upon returning to America early in 1224. an American group was constituted for the study of the matter. in order to see if we could draw up a
draft treaty which would primarily embody the American point of view.
This group was entirely non-partisan and unofficial.
"This committee held numerous meetings and the result of these meetings
was the draft treaty sent to Europe. The documents sent to Europe consist of the treaty itself and a commentary. Copies were sent to the League
JULY
THE CHRONICLE
19 1924.]
---•
277
.....
of Nations in response to a cablegram from Sir Eric Drummond, SecretaryGeneral of the League, which was received here last Tuesday."
Features of the Treaty.
When asked what he considered the most important provision of the proposed treaty, Dr. Shotwell said.
"It is the first attempt of which I am cognizant to prepare a treaty that
could actually give us an outlawry of war and one which, at the same time.
safeguards the United States, and, in fact, every national sovereignty. in
that it does not involve our acting at the behest of any other Power in securing an enforcement.
"It is so conceived as to be open to any nation, whether it be a member of
the League of Nations or not, and is perfectly appliacble to those outside
the League as well as those inside. Those in the League use the machinery
of the League a little further than those outside, that is all.
"Another point is that the interpretation and construction and application
of the treaty is turned over mainly to the World Court. Enforcement is
divided into two parts, economic and military. In the case of military and
naval action every State is left free to consult its own interest. Under the
economic sanction, the State that is an aggressor simply lose; its rights
under international law and in the comity of nations, so that it is rendered
uncertain as to the fate of its business interests in any other State, and this
uncertainty constitutes in a world of credit built upon the certainty of fulfilment of business engagements, the greatest blow to its credit, and, consequently, to its currency, leading inevitably to its ruin in a way now very
familiar to Europe.
"In other words, the merchants of an aggressive State would not know
whether their bills would be paid, whether their ships would be permitted
to land, or whether their commeciral contracts would be enforceable.
"Previous to this draft treaty there had never been a satisfactory definition of 'aggression,' but we have defined it by making that State which
refuses the summons of the Court an aggressor with the result that any
consequent enforcement of the treaty constitutes police action against an
aggressor admittedly in the wrong.
"Another very important thing is that, realizing that we have not yet an
adequate technical knowledge of the varying needs of defense nor of the
scope of the newer inventions in warfare, especially in the field of chemical
warfare, great emphasis has been placed upon referring these matters to
recurring international conferences upon disarmament, supplied with the
necessary machinery for international investigation.
"It is of the utmost importance that such a conference should not be a
single incident in the readjustment of post-war armament, but that it should
periodically reassemble, reporting to itself, and thus avoid all those serious
recriminations as between powers that participate in single conferences and
have no further settled means of redressing disputes that have arisen under
their first agreements."
TEXT OF THE TREATY.
The text of the treaty is as follows:
Draft Treaty of Disarmament and Security.
The high contracting parties, being desirous of promoting peace and of
lessening the danger of war by reduction and limitation of armaments.
agree to this treaty.
Chapter IV.-Decrees of the Permanent Court.
Article 10. The H. C. P. agree to accept the judgment of the Permanent
conCourt of International Justice as to the fulfillment or violation ofthe
tracts of this treaty.
within the compulAny question arising under this treaty is ipso facto
sory jurisdiction of the Court.
the
.
Article 11. If a dispute arising under this treaty shall be submitted to
decideTas
Permanent Court of International Justice, it is for the Court to
complied with _
to its jurisdiction and also whether or not its decree has been
-DISARMAMENT.
PART II.
Chapter I.
-Reduction and Limitation of Armament.
Article 12. The H.C. P.recognizing that excessive armaments constituter
a menace of war mutually agree:
(I) To limit or reduce their armaments to the basis necessary for the
maintenance of peace and national security.
(U) To study the ways and means for future reduction of armaments
either as between all signatories or as between any two of them.
-Demilitarized Zones.
Chapter II.
Article 13. In order to facilitate the security and progressive disarmament contemplated by the present treaty, any H. C. P. may agree with one
or more neighboring countries for the establishment of demilitarized zones.
-Permanent Advisory Conference.
Chapter III.
Article 14. The H. C. P. will call a permanent advisory conference upon
disarmament which shall meet not less than once every three years.
This conference shall, in addition to its functions as described in Article 7.
publish periodical reports concerning the actual conditions of the armaments of the signatory States.
The conference shall advise the H. C. P. concerning measures to be
taken to insure the carrying out of the principles of the present treaty
and it may prepare supplementary treaties for the establishment of demilitarized zones and for the further promotion of disarmament and peace.
Article 15. The Advisory Conference upon Disarmament shall appoint a
Permanent Technical Committee,
Article 16. The Permanent Advisory Conference or its Permanent Technical Committee shall give advice on technical questions to the Permanent
Court of International Justice at the request of said Court.
Article 17. The expenses of the Permanent Advisory Conference and of
its agencies shall be borne by the signatory Powers in the proportions of
their respective budgets for defense.
-INTERNATIONAL INFORMATION.
PART M.
-Commission of inquiry.
Chapter I.
Article 18. By the'terms of Article 8 of the Covenant of the League of
Nations:
"The members of the League undertake to interchange full and frank
information as to the scale of their armaments, their military, naval and
adaptable
air programs and the condition of such of their industries as are
to warlike purposes."
the
In order to facilitate the carrying out of the said engagement by
mainpowers party thereto, the signatories hereto agree that there shall be
tained under the direction of the Council of the League of Nations a comPART I.
-GENERAL MEASURES.
mission charged with the duty of making the necessary official examinations
and reports.
Chapter I.-Outlawry of Aggressive War.
Article 19. The said commission shall proceed under such regulations as•
Article 1. The high contracting parties solemnly declare that aggressive the Council of the League shall from time to time approve.
war is an international crime. They severally undertake not to be guilty
Article 20. Subject to such regulations the members of the commission
of its commission.
shall be entitled, when they deem it desirable, to proceed to any point
State engaging in war for other than purposes of defense within the territory of any signatory or to send sub-commissions or to
Article 2. A
commits the international crime described in Article 1.
authorize one or more of their members so to proceed on behalf of the
Article 3. The Permanent Court of International Justice shall have juris- commission.
diction, on the complaint of any signatory, to make a judgment to the
Article 21. The signatories hereto will give all necessary facilities to the
effect that the international crime described in Article I has or has not in said commission in the performance of its duties.
given case been committed.
any
Article 22. All reports made to the Council of the League by the saidcommission shall be communicated to the signatory Powers.
Chapter II.
-Acts of Aggression.
-Opinions of the Council.
Chapter II.
Article 4. The high contracting parties solemnly declare that acts of
Article 23. The Council of the League, taking into account the reports
aggression, even when not resulting in war, and preparations for such acts
and opinions of the said comntission, shall at any time when requested:by
of aggression, are hereafter to be deemed forbidden by international law.
armaments of
Article 5. In the absence of a state of war, measures of force by land, by any signatory hereto, consider summarily whether (a) the
its provisions,
sea or in the air taken by one State against another and not taken for any signatory to this treaty are in excess of those fixed under
of such a nature
purposes of defense or for the protection of human life shall be deemed to or (b) the military or other preparations of any State are
as to cause apprehension of aggression or an eventual outbreak of hostilities.
be acts of aggression.
Article 24. If the Council shall upon such request be of the opinion thatAny signatory which claims that another signatory has violated any of
of aggression has
the terms of this treaty shall submit its case to the Permanent Court of there is reasonable ground for thinking that a menace mentioned may
arisen, the parties to the defensive agreements hereinafter
International Justice.
they have agreed
A signatory refusing to accept the jurisdiction of the Court in any such put into immediate execution the plan of assistance which
As NA
upon.
case shall be deemed an aggressor within the terms of this treaty.
.Article 25. If the Council shall, upon such request, not be of opinion that
Failure to accept the jurisdiction of the Court within four days after
effect shall be
submission of a claim of violation of this treaty shall be deemed a refusal a menace of aggression has arisen, a public report to the
made and in such case no signatory shall be under any obligation to put
to accept the jurisdiction.
but any signaArticle 6. The Court shall also have jurisdiction on the complaint of any into execution any plan of assistance to which it is a party,
aggression, notsignatory to make a judgment to the effect that there has or has not in tory, believing itself to be threatened with a menace of
League has not been of
any given case been committed a violation of international law within the withstanding the fact that the Council of the
such opinion, may forthwith notify the Council to that effect, and such
terms of Article 4.
other
Article 7. The Permanent Advisory Conference hereinafter mentioned signatory shall thereupon have full liberty of action in military or
armashall from time to time consider the further codifying of the principles of preparations for defense, subject, however, to the limitations as to
this treaty
International law relating to acts ofaggression and preparations for such acts. ment which are imposed by any treaty then in force other than
In this regard, the conference shall take Into account the additional and treaties dependent thereon.
security to the signatories and the progressive disarmament which are by
-TREATIES OF MUTUAL ASSISTANCE.
PART IV.
this treaty contemplated.
Article 26. The H. C. P. may conclude, either as betseen two of them
The recommendations of the conference shall be submitted to the high
to the present
contracting parties for their adoption, and shall also be transmitted to the or as between a larger number, agreements complementary
treaty, exclusively for the purpose of their mutual defense and intended
Permanent Court of International Justice,
solely to facilitate the carrying out of the measures prescribed in this
Chapter III.
-Sanctions.
treaty, determining in advance the assistance which they would give to each
aggression.
Article 8. In the event of any H.C.P. having been adjudged an aggressor other in the event of any act of
Such agreements may, if the H. C. P. interested so desire, be negotiated
pursuant to this treaty, all commercial, trade, financial and property
auspices of the League of Nations.
Interests of the aggressor and of its nationals shall cease to be entitled. and concluded under the
Article 27. Complementary agreements, as defined in the preceding
either in the territories of the other signatories or on the high sms, to any
registered, be examined by the Council vdth a
privileges, protection, rights or immunities accorded by either international article, shall, before being
view to deciding whether they are in accordance with the principles of this
law, national law or treaty.
covenant.
Any H.C. P. may in such case take such other steps toward the severance treaty and of the
In particular, the Council shall consider if the cases of aggression conof trade, financial, commercial and personal intercourse with the aggressor
agreements are of a nature to give rise to an obligation
and its nationals as it may deem proper and the H. C. P. may also consult templated in these
to give assistance on the part of the other H. C. P.
together in this regard.
The Council may, if necessary, suggest changes in the:texts of the agreeThe period during which any such economic sanction may be continued
ments submitted to it.
shall be fixed at any time by the Court at the request of any signatory.
When recognized, the agreements shall be registered in conformity with
In the matter of measures of force to be taken, each signatory shall
Article 18 of the Covenant. They shall be regarded as complementary to
consult its own interests and obligations.
shall in no way limit the general obligations of the
Article 9. If any II. C. P. shall be adjudged an aggressor by the Perman- the present treaty, and
sanctions contemplated against an aggressor under the
ent Court of International Justice, such power shall be liable for all costs Fl. C. P. nor the
terms of this treaty.
to all other 14. C. P. resulting from its aggression.
278
THE CHRONICLE
They will be open to any other H. C.P. with the consent of the signatory
States.
Article 28. In all cases of aggression, for which provision is made in the
agreement constituting a defensive group, the H. C. P. which are members
of such group may undertake to put into operation automatically the
plan of assistance agreed upon between them; and in all other cases of
aggression, or menace or danger of aggression, directly aimed at them,
they will consult each other before taking action, and will inform the Council
of the measures which they are contemplating.
PART V.—PARTIES TO THE TREATY.
Chapter I.—Accession.
Article 29. Any State, member or not of the League of Nations, may
adhere to this treaty by depositing an act of adhesion with the Secretary
General of the League, who shall at once inform the other signatories thereof.
Chapter IL—Withdrawal.
Article 30. Any party to this treaty may withdraw therefrom by deposit1 ng an act of withdrawal with the Secretary General of the League of Nations. Such withdrawal shall take effect one year after the deposit thereof
and only as to the party withdrawing.
Chapter 111.—Ratification.
Article 31. The present treaty shall be ratified and the instruments of
ratification shall be deposited as soon as possible with the Secretary-General
of the League of Nations.
It shall come into force:
In Europe when it shall have been ratified by five European States, including France, Great Britain and Italy.
In Asia when it shall have been ratified by two Asiatic States, one of
which shall be Japan.
In North America when ratified by the United States of America.
In Central America and the West Indies when ratified by one State in
the West Indies and two in Central America.
In South America when ratified by four States in South America, one of
which shall be either Argentina. Brazil or Chile.
In Africa and Oceania when ratified by two States in Africa and Oceania.
With regard to the H. C. P. which may subsequently ratify the treaty,
It will come into force at the date of the deposit of the instrument of ratiG•
cation.
S. Gibson Tells League Commission United States
Will Welcome Any Practical Convention for
Control of Arms.
The Associated Press, in a cablegram from Geneva, July 7,
said:
H.
[VoL. 119.
Permanent Court of International Justice Advocated
in Report Presented to Convention of
American Bar Association.
A report in which the belief was expressed that a permanent court of international justice would "give precision by
judicial decision to conflicts arising from different conceptions of international rights," was presented by the International Law Committee of the American Bar Association at
the session of the Association, in Philadelphia, on the 9th
inst. The report was submitted by James Brown Scott,
Washington, the committee chairman. The report said:
Your committee believes that not the least benefit which a permanent
court of international justice would confer upon the nations is to give
precision by judicial decision to conflicts arising from different conceptions
of international rights and of international duties, thus tending to secure
a uniform, universal annlication of them.
League Sets Budget as Limit for Arms—Nations to Be
Warned Not to Exceed Expenditures Already
•
Set for Fiscal Year.
From the New York "Evening Post" of June 14, we take
the following Associated Press advices from Geneva the
same date:
After several countries, including Japan, had made reservations, the
Council of the League of Nations to-day adopted a resolution instructing
the Secretary-General to forward to all members of the League the assembly
resolution that during the period necessary for the elaboration and adoption
of a general scheme for reduction of armaments all the countries should not
exceed the annual military expenditures provided for in their budgets for
the present fiscal year.
The Council requested all the countries to report what action they purposed taking with regard to this recommendation.
Viscount Ishii, representative of Japan, said he would be happy to
transmit the recommendation to his Government, but he felt called upon to
point out that the present Japanese budget was abnormal. It had been
framed to embody the great reductions necessitated by the earthquake.
"All our expenditures were cut down to a minimum," he said,"and Japan
cannot bind herself to any agreement not to increase her present outlay."
The American Government is prepared to give appropriate consideration
to any proposal, and would welcome any draft convention, for control of William G. McAdoo to Support Davis-Bryan Ticket.
the traffic in arms and munitions which it could submit to Congress with
Just before his departure for Europe on the 12th int., on
good prospect of ratification. This declaration was made by Hugh S.
Gibson, American Minister to Switzerland, to-day at the opening session the Homeric William G. McAdoo, one of the defeated candidates for the nomination of president on the Democratic
of the League of Nations Commission on Disarmament.
Mr. Gibson explained that he intended to continue the work begun by his ticket, indicated his
intention of giving the Davis-Bryan
predecessor, Joseph C. Grew, at Paris on the same subject, and said he
would be glad to clarify further the position of the Washington Government. ticket his "cordial support" and of taking part in the camHe remarked that Washington's action would necessarily depend upon the paign upon his return in September.
The day before he
character of the convention it might eventually be asked to ratify.
sailed, Mr. McAdoo had a conference with Mr. Davis; at
"I would like to express my sincere appreciation of the friendly spirit
which has been shown at the meetings of the commission," added the that time, in response to a query from newspaper men as to
Minister, "and its evident willingness to understand our problem."
whether he would support the ticket Mr. McAdoo was
The main purpose of the present meeting is to consider in detail the draft
quoted as saying:
treaty for international control of such traffic elaborated by the subI'll deal with that question in a statement that I shall Issue before I sail
commission at Paris. A second draft convention to be discussed concerns
the private manufacture of arms and munitions; it is based on a project for Europe tomorrow if I can find time to prepare it.
Later in the day Mr. McAdoo committed himself further
submitted by Colonel Carnegie of Canada.
Other questions include an examination of the progress of the
work of the during his attendance at the Follies at the New Amsterdam
Special C0111M1°4011 appointed to investigate the probable effects of chemiTheatre, when Will Rogers, the comedian, brought his
cal discoveries in war time and the possibility of recommending
the conpresence to the attention of the audience. The incident was
clusion of regional accords between countries as a means
of attaining a
reduction in armaments.
referred to as follows in the New York "Journal of ComLord Cecil presided and playfully welcomed the American Minister "in so
merce:"
far as he can be considered one of our colleagues."
Mr. and Mrs. McAdoo were in the audience and when the comedian,
with his usual raillery, pointed Mr. McAdoo out, there was an outburst of
League Would Stop Secret Arms Making—Commission applause and the Californian was finally brought to his feet and made the
following statement:
in Plan of National Control Also Seeks End of
"I am leaving for Europe with my family tomorrow for a little diversion.
"Corrupt Trade."
but now that the convention is over we must all get together and make sure
that we elect a Democrat."
An Associated Press cablegram as follows from
July 12, appeared in the New York "Times":
Geneva,
'The League of Nations Commission on the Reduction of Armaments.
before adjourning to-day, formulated the principles of an eventual International Convention for National Control of the Private Manufacture of
Arms and Wax Materials in General.
1111The Commission decided that National Control should seek, firstly,
complete suppression of clandestine manufacture, thus supplementing the
provisions of the proposed convention for the regulation of international
traffic; and secondly, that it should do away with all irregular practices and
au attempts at corruption in transactions connected with the acquisition
of war material by Governments.
The Commission, however, expressed the view that National Control
should not interfere.with the rights of Government to purchase necessary
war materials either from private manufacturers or national armr factories.
The statement given out by Mr. McAdoo, on the 12th
inst., follows:
Mr. Davis and I have been friends for the past twelve years. and I had
the pleasure of discussing the political situation with him yesterday. The
great body of progressive Democrats that supported me so strongly in
the
convention has been anxious to know my attitude toward Mr. Davis's
candidacy, and my visit was for the purpose of learning from Mr.
Davis
direct his views on the important issues before the country. I am
satisfied
that he is in full accord with the progressive program outlined in the Democratic platform.
Mr. Davis's professional connection and association with great
banking
houses and corporate interests, although concededly ethical in every
way,
have raised doubts in the minds of many as to his progressivism
and as to
his complete sympathy with the great reform the Democratic Party
must
execute if it is to serve the genuine interests of the people.
These doubts
are not justified because a lawyer's views on economic, political and social
League Costs $5,000,000 a Year—Sir Herbert Ames, questions are no more to be judged
by his professional associations than is a
physician to be judged by the character of his patients.
Financial Director, Considers the Restoration of
Mr. Davis should be judged by his own opinions, not those of his clients.
Austria Its Best Accomplishment.
and by the impression of sincerity and ability he creates in the public
In referring to the arrival in New York on June 21 of Sir discussion of the issues. Mr. Davis's high character, integrity and service
should satisfy any apprehensions of this sort. I am confident that as
Herbert Ames, Financial Director of the League of Nations, President he
would
the party's progressive mandate.
and who left almost immediately for his home in Montreal, If I did not believe faithfully executerender aid, because I have always
this I could not
believed that the interests of the people should never be subordinated to
the New York "Herald-Tribune" of June 22 said:
a merely slavish partisanship.
Sir Herbert said that the cost of running the League for the last year
has
There is a deep-seated determination on the part of the progressive forces
been between 94.000,000 and 95.000,000.
within the Democratic Party, and those outside of it desiring to co-operate,
"This is not very great," he said. "considering that so many
countries to force prompt
and decisive action on the part of the next Administration
contribute to the fund. Germany does not contribute toward the
support for solution of the
pressing problems of agriculture, transportation, tariff,
of the League except when some special work is done for her."
taxation and foreign relations which have been so horribly manhandled by
Proud of Austria's Rehabilitation.
the Republican Administration. The influence and power of these proThe greatest accomplishment of the League, In Sir Herbert's opinion, gressive forces must
not be dissipated by division between various
was the financial restoration of Austria. Hungary and Greece would be movements; they must rather be consolidated and used like an political
irresistible
given similar aid in the near future, he said.
battering ram on that party which offers the best instrumentality for
JULY 19 1924.]
THE CHRONICLE
279
Mr. Meredith would also have met them, but he declined. After examining the list of eligibles, which was reduced by these declinations, Mr. Davis
expressed himself as favorable to Bryan. His decision would have been
the same if Governor Bryan had not been a relative of mine.
I conferred with Mr. Davis yesterday afternoon and found him delightfully frank in his discussion of political questions, and I believe his interpretation of our splendid Democratic platform will go far toward overit
coming the presumptions raised by his professional connections and make
Mr. McAdoo's easy for men like myself to support him. His speeches can do more than
On the 11th inst. David Ladd Rockwell,
people of his progressiveness.
campaign manager, made public a letter he had sent to Mr. any other kind of literature to convince thecompromise with reaction—is
His first statement—that there can be no
letter was as follows:
Davis. The
construed as very important.
New
I can probably speak more understandingly in regard to Governor Bryan
Hon. John W. Davis, care of Frank L. Polk, 6 East Sixty-eighth Street,
York City.
than any one else can, because he has been my most intimate co-laborer
My dear Mr.Davis—Please accept my warmest congratulations upon your in politics for twenty-eight years. He is nearly seven years younger than I
nomination. Your record as a citizen, lawyer and public official is so splen- am—he is 57 and I am 64. He was 29 when I made my first campaign in
you
did that our party is assured a leadership of the highest order, and when
1896, and was at that time a commercial traveller, representing a wholesale
are elected President one so admirably equipped is bound to make a record house in Omaha. My correspondence became so heavy following the camAmericans may well be proud of.
that all
paign of 1896 I was compelled to put my work in the hands of a secretary.
I want to take this occasion to assure you of my enthusiastic support and I asked him to take charge of my correspondence. From that time until he
to wish you the success that I know will be yours.
was elected Governor two years ago he was my secretary, my political manWith my high regards. I am, believe me,
ager, the publisher of my paper when it was organized, and the superintenCordially yours,
dent of my business affairs.
DAVID LADD ROCKWELL.
Charley has acquaintance with public men second to none. He has supradiogram thanking Mr. McAdoo for his endorsement ported the four amendments to the Constitution and all reform legislation
A
with which I have been connected. He advocated woman suffrage long
was sent as follows to the former by Mr. Davis on the 12th:
before I did, my advocacy not having started until it became a national
Let me thank you for the more than generous statement which you gave issue.
out on sailing. I am greatly cheered by the assurance that 1 shall have the
Besides assisting me in all national matters, he gradually took leadership
benefit of your aid and counsel in the coming campaign. That it will re- In municipal affairs in Lincoln, having been elected Mayor of that city in
advancement of Democratic reforms and Democratic ideals I spite of a large Republican majority. He is responsible for the establishsult in the
confidently believe. Mrs. Davis joins me in wishing you and Mrs. McAdoo ment of the municipal coal yard, which saved the prople 3150,000 in one
a pleasant voyage and a safe return.
winter.
It was his record in municipal affairs that did more than anything else to
Governor,and his record as Governor was a large
secure the nomination
Move to Drop Democratic Two-thirds and Unit Rules. factor in securing himfor nomination for Vice-President.
the
He is running on his own record—that record will strengthen the ticket
Associated Press advices from Chicago July 17 said:
and by his fight on the
Concerted action by members of the Democratic National Committee as it becomes known. He has reduced expenses,
the people of the State for
from a numb r of Western and Southern States in an endeavor to make gasoline monopoly is reducing the expenses, to
per month. He has also.
dollars
both the unit rule and two-thirds majority inoperative in future national that product several hundred thousand
all over Nebraska,
conventions has advanced to the stage of formal interchange of views on by orns the coal men and the consumers together
a saving of more than a million dollars a year in coal.
of the committee revealed.
effected
the subject, a member
He compelled a 33 1-3% reduction in the price of gravel,an act that saved
A committee member from one Western State had prepared a formal
ten miles.
declaration on the subject for submission to the proposed meeting of the $7,000 alone in one short piece of road of about
political
He has developed into a very able executive and a very efficient
National Committee at Clarksburg, W. Va., early in August.
the committee would declare both rules contrary manager, being especially experienced in the work of organization.
Under this resolution
to Democratic principles and recommend to the various State bodies that
all plans for the convention of 1928 and thereafter be calculated on the
Follette
W. J. Bryan Says Democratic Party and La
basis of majority rule on the nominations and with every delegate free,
Party Are Strong Enough to Defeat
so far as binding party rules are concerned, to vote his own preference.
More than a fourth of the committee members have given assent to the
Republican Party.
proposition since the National Convention adjourned a week ago, a leader
According to William Jennings Bryan, the character and
In the move said to-day. Additional members have been sounded on the
question and have promised to assist in bringing the proposed resolution amount of strength which Robert M. LaFollette gains for
before the full committee.
cause and the character of the speeches
Thomas B. Love, National Committeeman from Texas: W. W.Howes the Progressive
of South Dakota and Clyde Herring of Iowa are understood to have taken made by John W. Davis, Democratic nominee for Presithe lead in the move with a primary view of making a recurrence of the dent, will be the determining factors in the coming camsituation which developed in the recent convention unlikely if notimpaign. In reporting Mr. Bryan to this effect, Associated
possible.
service to the people. Clearly there is no promise in the Republican Party.
inClearly there is promise in the Democratic Party if this progressive
fluence is wisely and vigorously used within that political organization.
more likely to be realized at this
The hope of genuine reform and progress is
time through the Democratic Party than through any of its opponents.
-Bryan ticket my cordial support and
I shall, therefore, give the Davis
shall take part in the campaign on my return in September.
The history of the two-thirds rule was the subject of Press dispatches from St. Louis July 13 also gave the following account of his observations with his arrival in that
an item in our issue of a week ago, p. 160.
city on the 12th:
"The Democratic Party and the La Follette Party," said Mr. Bryan,
Jennings Bryan Indicates Support of John "are, together, amply strong to defeat the Republican Party. The question
William
now is whether Mr. La Follette will draw enough strength from the DemoW. Davis—Opposition Previously Expressed
crats to help the Republicans, or enough from the Republicans to help the
Not Personal.
Democrats, or enough from both parties to be elected himself. That is
William Jennings Bryan, whose brother, Governor Charles the problem of the campaign.
the question. He
will
W. Bryan of Nebraska, is the running mate of John W. Is "The speeches that Mr. Davis makeswhichdetermine
is progressive without quesrunning on the Democratic platform,
made a tion and beyond any former Democratic platform. I believe he will stand
Davis, the Democratic nominee for President,
statement in Washington on July 11 in which he expressed squarely on the platform and defend the advanced ground taken on ecoquestions.
the belief that Mr. Davis's "interpretation of our splendid nomiche does this he will hold the progressives in the Democratic Party
"If
Democratic platform will go far toward overcoming the and ought to gain progressive Republicans. All depends on Mr. Davis's
presumptions raised by his professional connections and speeches. I have confidence that they will be clearly and unequivocally
make it easy for men like myself to support him." Mr. progressive." the Democratic standard bearer's professional connection.
Discussing
Bryan concedes that he had opposed the nomination of Mr. Bryan asserted that "If he can convince progressives he has not been
people
he says, "that the ob- corrupted by his associations—that is, if his sympathies are with thebecome
Mr. Davis, "always explaining,"
is professional relations may even
spite of his
jection was not personal." The following is what he had in advantage toassociations—h the strength of his personal convictions."
him by proving
an
to say on the 11th inst.:
Mr. Bryan declared he would tour the country in the interest of Mr.
as
As soon as the nomination was announced I told newspaper men that I Davis and Charles W. Bryan of Nebraska, the Commoner's brother,
would support the ticket. When my brother was nominated Vice-Presi- Vice-President. Ills exact plans. he added, were not yet formed.
Mr. Bryan's trip here is to pay a visit to his wife, who has been ill and
dent, I added, I still intend to support the ticket.
I opposed the nomination of Mr. Davis. always explaining that the ob- Is staying at the home of Mrs. J. D. Dana, a friend.
jection was not personal; that I entertained the highest opinion of him as a
man and regarded him as a man of exceptional ability. I never questioned
Bryan,
his own personal attitude on public questions. My only objection was that Enunciation of Platform by Governor C. W.
his professional connections as attorney for big corporations raised a preVice-Presidential Candidate on Democratic Ticket.
sumption with the masses that would be difficult to overcome. When he
The views on national issues of Governor Charles W.Bryan
was nominated I at once announced my intention to support him, adding
that I preferred to make my fight with the Democratic Party and to correct of Nebraska, Vice-Presidential candidate on the Democratic
within the party any mistakes the party might make,instead of attempting
ticket, prepared in the nature of a "personal platform" with
to correct them by securing defeat of my party and the triumph of another
his renomination r s Goverror last April were given publicity
party.
This is the position I took in 1904, when Judge Parker was nominated. in Washington on July 13; a day or two previous (July 11)
Twenty years ago, when the party nominated a candidate to whom I was
the Governor, with his arrival at Atlantic City from New
opposed, I went to the New York delegation and told them that Nebraska
would support any candidate for Vice-President whom Judge Parkhr pre- York, declared that he believed in "applying business
of a
[erred. I was not willing to embarrass him by aiding in the selection
principles to Federal, municipal and State Government,
running mate who was objectionable to him. I did the same this year.
nominated I told the West Virginia delegation and in preventing the larger, richer and more powerful
As soon as Mr. Davis was
whom Mr. Davis preferred, and I
members of society from imposing on the weaker." He was
that I would support the candidate
would have done so even if it had been necessary to oppose my brother then also quoted as saying:
of
Charley. But, much to my surprise, Mr. Davis favored the nomination
The outlook for the Democratic Party in the coming Presidential election
Governor Bryan, not because he was my brother but because he filled the
Mr. Davis, who desired, first, a man from the is extremely good. We have adopted the most progressive platform ever
requirements set forth by
of any party, and it is one which represents
West; second, a man who was progressive, and, third, a man who was dry. written by a national convention
not a comparatively small number of favored
It just so happened that Governor Bryan is the chief executive of a State the great masses of the people,
economical, efficient and fair Government. It Is
he is ones. We believe in
near the center of the agricultural section. He is a progressive, and
only when the Government falls the people that they become dissatisfied
dry. Senator Walsh would have met these conditions, but he declined.
280
THE CHRONICLE
[VOL. 119.
and there is formed such radical bodies as the
I. W. W. We have not should have the
power to declare war unless the United States was threatfailed, for example, the people of Nebraska. They
stand by their Govern- ened with an invasion
by a foreign foe."
ment there. They have confidence in it, because
they know that they do
not have to resort to any other means to obtain relief
from any oppressing
Favored Bonus.
situation.
Governor Bryan favored the enactment
There is good ground for this confidence. We have
of a soldier bonus as a "recogreduced taxes 13%• nition of the sacrifice and patriotism"
As Governor I have reduced the number of employe
of the veterans of the war. N. Pend
es on the payroll of
In State matters Governor Bryan
advocated amendment of the Nebraska
the State from 610 to 272, without any loss of governm
ental efficiency, and tax law so that intangible propert
y would pay the same rate as tangible
this within six months after I took office.
property. He urged enactment of a
We have reduced the cost of road building 25%,
general law amending the charters
eliminating collusion in of all cities and towns in Nebrask
a so as to give them authority to establish
the bidding, and by threatening competition forced
the gravel trust to municipal coal yards, gasoline and
make a 33% cut in prices overnight.
oil stations and ice, electric light and
water plants. The State Governm
We have reduced the price of coal of all kinds
ent, he said, should be authorized to
from 3 to 5 dollars a ton buy coal, gasoline and oil and to
sell them at wholesale prices to the municiby similar methods. I offered and did furnish
coal to municipalities and palities.
homes at wholesale. I have been selling it,
personally, to 158 towns and
Water Power Development.
cities in Nebraska, buying it in carload lots from
the mines, and this forced
Water power sites, the Governor
the coal combination to reduce its prices.
recommended, should be developed by
district government units under State
Likewise we established gasfilling stations
control.
operated by the State. We got
The Democratic nominee declared
our pumps going three weeks ago and they had
that an industrial court should not
only been going three days be tolerated in
Nebraska, but that there should
when the gasoline trust reduced their price
be a law establishing a
from 23 cents to 17 cents a non-compuls
ory arbitration and mediation board
gallon. This was done in the capital, and I
to investigate disputes
have notified the oil combine between capital
and labor before a lockout or strike is
that unless the price of gasoline is reduced
to 15 cents by the time of my right to
resorted to. Labor's
collective bargaining should be recogniz
return within the next ten days I will order
ed, he said.
it put on sale by the State in
A co-operative marketing law and a State
all sections.
rural credit plan were Governor
Bryan's recommendations in regard
The people saved $10,000,000 last year by
to agriculture.
our coal stand and will save
$600,000 a month in gasoline.
Mr. Bryan's term as Governor will expire
Jan. 1 and he will
I mention these things not because of any pride
of achievement but to serve until that date. He was renomi
show how a Government,Federal or otherwis
nated six days ago
e, should operate economically, but will withdr
aw as a candidate for renomination.
efficiently and with the thought of the people's
welfare continually foremost.
I am not in favor of Federal, State or municip
al ownership of anything
except natural resources, such as water; but when
business combinations, Senator Wheeler Bolts
Democratic National Ticket—
particularly utilities and those supplying vitally
necessary products, defy
Asked to Run as Vice-President on La Follet
all authority and endeavor to mulct the public,
then I think that the
te
Government should sternly repress them, using
whatever means may be
Ticket.
most efficient.
It was reported last night that Senator Burton
K. Wheeler
of Montana, who early this week bolted the
Democratic
national ticket, has been asked to becom
e an independent
candidate for Vice-President on the third party
ticket with
Senator Robert M. La Follette. Senator Wheele
r, who was
That report is very unfair to Mr. McAdoo. I do
prosecutor of former U. S. Attorney-Gen
not believe it. I did
eral Harry M.
not see him after the convention, but he called me on
the telephone and con- Daugherty, as a membe
r of the Senate investigating comgratulated me and,as I understood it, will heartily support
the nominees.
mittee, in his announcement on July 16 said:
Mr. McAdoo's statement of a week ago indicating his supI have not quit the Democratic
port of the Democratic ticket is referred to in another item campaigning Montana for SenatorParty. I will spend most of the summer
Walsh and the Democra
in this issue.. As to the summarization of Gov. Bryan' but I will not support the Democratic national ticket. tic State ticket,
s
previously announced declarations, we quote the follow
The New York "Herald Tribune" in a Washin
ing
gton disfrom the Baltimore "Sun" of July 14:
patch July 16 quoted him to the following
effect:
Briefly, Governor Bryan's personal views
I cannot consistently support John W.Davis, but I can
favor the repeal of the high
Regarding a report that Mr. McAdoo was considering the
formation of still another party, having become embittered
by his failure to secure the Democratic Presidential nomina
tion, Governor Bryan said:
consistently supprotective tariff and the Esch-Cummins railroad
law, reversal of the defla- port Senator La Follette and I shall do so.
tion policy of the Federal Reserve Board, enactme
When the Democratic Party goes to Wall
nt of agricultural legislaStreet for its Presidential cantion along the lines of the McNary-Haugen bill,
defeated in the last session didate I cannot go with it. The Democratic Party sold out to New York
of Congress. Government operation of the coal
and oil industries, re-enact- when it held its convention there. It nominated Mr. Davis for Presiden
t
ment of the excess profit tax, and affiliation ,with
because its leaders considered that by so doing
reservations, in a league
a big campaign fund could
or association of nations.
be raised.
Governor Bryan maintained the legislation he
In my Judgment the Democratic national
advocated was "In the interticket does not deserve the
est of the farmers, the wage earners and the
masses of the people," and that support of a single progressive Democrat. As to Senator La Follette
, there
consequently it was "in the interest of the
is not a doubt in my mind that he will sweep the
country as a whole and will reNorthwest on Election Day,
store prosperity, confidence and happine
and it will make no difference in the result how
ss to the nation."
many progressive or liberal
speeches John W. Davis may make in the campaig
Arraigns Republicans.
n. He never will be able
to win in the West.
He declared that the legislation which
has been enacted by the national
Republican Administration in the last
From the New York "Sun" of last night (July 18)
three years and its administration of
we take
public affairs "has changed the prosperi
ty of the farmers to adversity and the following:
mortgages and has caused unrest and
distress not only to the farmers but
La Follette emissaries waited on the Montan
all those businesses and financial intert
a Senator this morning
s of the agricultural section of the coincident with
the meeting here [Washingtonl of
entire United States."
of the Conference for Progressive Political Action the National Committee
"I deplore and denounce the system
and assured him that not
of the Republican campaign com- only would he
make
mittees which levy contributions for
the campaign fund from the great was badly wanted an acceptable running mate for La Follette but that he
special interests and monopolies of
to lend his energies and abilities to the
the country." he said,"and then permit
campaign.
Wheeler's objection to making the race
them to divide up in the form of tariff
with La Follette is that he is soon
duties, permits, immunities, leases to be tried for an
and graft in such an appalling and
alleged violation of the statutes prohibiting
shocking manner that it has startled and offees by
the acceptance
Government officers for work done before
humiliated the nation.
the Government departments in Washington. He feels
Reversal of Deflation Policy.
that this trial, which is expected to be
acrimonious in the extreme, may prove
"I favor the immediate reversal of the
an embarrassment to La Follette,
deflation policy of the Federal but La Follette
does not think so. This has been the chief
Reserve Bank which was endorsed by the
reason for
Republican party and which has Wheeler's previous
cut the price of the farmers' product in two,
refusals to run. He was assured to-day that this
conput mortgages on his land stituted no bar at
all so far as the La Follette backers are concdrn
and destroyed the prosperity of the unorganized
ed.
forces of the nation.
"The high protective tariff bill, which has
Decision Expected To-Morrow.
increased the cost of living
It was pointed out to the Senator that he does not need
63,500.000,000 a year and destroyed the foreign
to retire from his
markets of the farmers position to make the race,
without giving any benefits in return to the
that he already has endorsed La Follette and,
masses of the people, should therefore, he has
nothing whatever to lose by becoming a candida
be repealed.
te. He
was assured also that the Nationa
"The excess profit tax and the higher surtax
l Committee of the Conference for Proschedule of the income taxes gressive Political
Action would heartily and enthusiastically
that were repealed by this Republican Adminis
endorse his
tration, which has caused the selection as a nominee
.
transferring of the taxes from the rich to the poor,
should be re-enacted so
Definite word from Wheeler is not expecte
that wealth would pay its share of the cost of the
d before to-morrow, according
Government.
to the La Follette leaders, as they want to give
the national committee time
Railroad Legislation.
at its sessions to-day to consider all phases
of the situation before making
"The Esch-Cummins law should be repealed
and the railroad freight rates an actual endorsement.
should be reduced so that the farmers of the
country
Senator Walsh, whom Senator Wheeler
break with those whose money is invested in railroad would get an even
indicates will
stocks and bonds in have his
support on the State Democratic ticket,
place of farm land.
in ex"The McNary-Haugen bill, or some other
pressing regret on the 17th inst. at the boltin
marketing measure that has
g of the latter,
for its purpose the placing of farm products on a
profitable basis, should be said:
enacted into law or the profits of the organized
business interests of the
I regret it. But Senator Wheeler is a man of
country should be reduced until the purchasing power of
earnest purpose and
the farmer's output strong convictions and I am
sure he has taken the course which he
will pay the cost of operation and leave him a profit
felt
on his toil.
called upon to be his duty as a
public-spirited citizen. Of course, I do
not agree with him.
Prohibition Enforcement.
"Prohibition is the firmly established and recogniz
ed policy of the.nation
and a conscientious law enforcement policy must
be pursued, municipal, Mayor Hylan Await
ing Developments before Endorsing
State and national.
"The coal industry and the oil industr
John W. Davis.
y of the nation are natural monopolies in two of the very important necessities
of life and business. They
Mayor John F. Hylan of New York, who is now in
have outgrown the laws of the nation
San
and overawed the Government and
Francisco, the guest of William Randolph Hearst
bribed national officials. These great industri
es should be taken over by
, stated
the Government and operated in the interest of all
concerned until means on the 15th inst. that he preferred to wait and
see just
could be found to regulate and prevent further impositi
ons on the public.
what the attitude of John W.Davis, the Democratic
"The United States should favor any league
nominee
or association of nations
that would restore and perpetuate peace,
but all entangling alliances that for President, will be toward "big business and the special
would permit foreign nations to draft America
n boys or control American interests" before he gives his endorsement to the
candidate.
dollars should be opposed with all our power.
The people and not Congress A dispatch to
the New York "Times" from
Sacramento
JULY 19 1924.]
THE CHRONICLE
on the 15th gave the following account of the Mayor's
declaration:
"I am a Democrat, but I am a progressive Democrat," said Hylan.
'Before I endorse the candidate of the Democratic Party I want to hear
what he has to say. In other words, I want to be sure that he will represent a Government of the people and by the people, and not the special
Interests."
"What do you think of Davis's record?" he was asked.
"Well, he has been a corporation attorney and no doubt represented
the big interests at that time, but there has been some indication that lie
might represent the people equally well if chosen. Therefore I'm going
to wait."
Mayor Hylan declined to discuss a third party movement in so far as it
may concern him personally.
"If it is demonstrated to the people that both the old parties are leagued
with such interests as will not truly represent them, there is no doubt
that third party will be in demand and such a movement would gain
great momentum," he said.
Mr. Hearst was equally reticent concerning reports of a third party
movement. He said he had not been keeping in touch with the political
situation while on the trip from New York.
281
continuation
This righteous undertaking would be impossible under a
reactionary leadership
of the present Administration, because the same
and corwhich is responsible for the shameful conditions of official graft
would still be
ruption dominated the recent Republican Convention and
further, because
in control of another Republican Administration, and,
inclination,
the present Administration has done nothing, and shown no
ground for
to remedy the conditions complained of, therefore there is no
belief that it would do any different if continued in power.
views and
I have known John W. Davis intimately for many years. His
accurately
his character are as broad as the continent, and no person more
best
typifies all the sound, liberal and progressive ideas and doctrines
social
calculated to promote every phase of our business, economic and
affairs than Mr. Davis.
practical
Governor Charles W. Bryan is a thoroughly aggressive and
Governor of a Western State, who has given his peopoe an exceptionally
progressive administration. No more capable or deservedly popular
candidate for Vice-President could have been selected.
intellectual
The ticket of Davis and Bryan will strongly appeal to the
the exhonesty of every lover of good government and every detester of
Republican
tremely low standards of public service which as been set by the
Administration of the past three and a half years.
Socialist National Convention Adopts Resolution
W. R. Hearst Critical of All Three Tickets.
Condemning Ku-Klux Klan.
Chicago
A special dispatch to the New York "Times" from
A resolution condemning the Ku-Klux Klan was adopted
July 12 said:
Socialist National Convention.
William Randolph Hearst may take a middle of the road course with his in Cleveland on July 8 at the
newspapers in the coming campaign, according to his own intimations to- The resolution reads:
day, when with Mayor Hylan of New York he passed through Chicago on
-Klux Klan and every other effort to
We emphatically condemn the Ku
the way to Mr. Hearst's California ranch for a vacation.
on racial or religious lines and to effect political purwill line up divide toe workers
It has been predicted in various quarters that Mr. Hearst
poses by secret or terroristic methods.
behind Senator LaFollette when the campaign gets under way, and Mayor
A substitute was offered along the same lines,but omitting
Hylan has been mentioned as a possible running mate for the Wisconsin
Senator.
specific mention of the Klan, the explanation being that the
But Mr. Hearst is not enthusiastic about Mr. LaFollette as a candidate
party was concerned only with economic and not religious
for President.
of these two
Coolidge and Mr. Davis, both very fine gentlemen, are a little issues. A bitter fight ensued over the merits
"Mr.
too conservative for us," said the publisher.
resolutions before the one naming the Klan was adopted;
"And Mr. LaFollette?" he was aksed.
was rejected by a vote of 19 to 53,the adoption
"Well," replied Mr. Hearst, with one of his best smiles. "Mr. LaFollette the substitute
resolution was effected by a vote of 56 to 15.
of the above
is a little too radical."
Speaking of his newspapers and their activities in the campaign, Mr.
Hearst remarked that "we probably will print the news as it happens and
our own policies, and let it go at that."
Country Needs Crusader and
La Follette Supporters Declare Passion Ruled
Democratic Convention.
An attack on the Democratic National Convention as "an
unsuccessful attempt to amalgamate sectional and religious
prejudices among delegates who were neither willing nor
equipped to discuss seriously a single economic issue," was
made on July 12 on behalf of the Committee of Fortyeight, which is supporting the La Follette candidacy,
according to the New York "Tithes," from which we also
take the following:
The statement was signed by Molinda Alexander, secretary of the organization. In part the statement read:
mrhe Democrats were so preoccupied with extraneous issues that, even if
their party truly represented the 'democracy,' their orators love to talk
about, they were in no mood to consider domestic economic issues with
sanity and wisdom. Passion wracked their deliberations, and passions
wrecked their party.
"Hooting, hissing galleries representing the Tammany-riden Northeast
heightened the bitterness between the Smith and McAdoo forces on the
floor. Western and Southern delegates opposed to Smith were subjected
to an opposition so boorish that the various resolutions expressing the convention's gratitude for New York's 'hospitality' could not but sound forced
and insincere. Persons holding guest tickets were subjected to discrimination if they did not declare themselves for Smith. Day after day and far
Into the night the fever of religious and sectional prejudice raged, and
suddenly the legal representative of J. P. Morgan emerged as the doctor to
heal the exhausted patient."
After deriding the nomination of Governor Bryan and the promises of
support made to John W.Davis by Viriliam J. Bryan, the statement closed:
"Progressive Democrats and Republicans have no one and no policy for
which they can vote conscientiously within their own parties. Elevating
loyalty to the principle of progress above mere fealty to party, personalities
and platforms, they will turn to the La Follette candidacy and its pledge
of economic salvation."
Samuel Untermyer Says
John W.Davis Is Equipped to Act in That Capacity.
In a statement in defense of John W. Davis, Democratic
nominee for President. of the United States, Samuel Untermyer on July 13 declared that "every branch of our Government is fairly reeking with the taint of special privilege" and
that Mr. Davis "has the character, vigor, industry and
equipment necessary to clean up these Augean stables. . .
We need a crusader and one who thoroughly knows his job.
Mr. Davis has spent many years in the Department of
Justice. He knows it from top to bottom. If we were to
search the country over' from end to end we could find
nowhere a man so well equipped." The statement follows:
The opposition to Mr. Davis is based upon confusion and misrepresentation in the public mind that should be promptly set at rest concerning the
scope and functions of a lawyer and his duties and responsibilities to his
clients and to the public.
Starting with this grave misconception, it is argued that because a lawyer
has, among his many other clients, been professionally representing big in
Wrests, as expressed in the great trusts, combinations, banks, bankers, public service corporations and other like interests of overshadowing national
importance, he Is thereby in some way disqualified or handicapped by his
environment or habit of thought, or the trend of his views,from effectively
and wholeheartedly representing and safeguarding in public life the interests of the nation in the country's contacts and conflicts with those interests.
This criticism of Mr. Davis's candidacy is insisted upon regardless of the
admittedly high character of the man, his unblemished public and professional life and of his personal views and his party's emphatic platform on
this and the other social and economic issues before the people.
I protest against the implications that are involved in that attitude toward
a great and honorable profession that has given to this country the overwhelming majority of its Presidents, statesmen, governors, legislators and
administrators, and from whose ranks our entire judiciary is recruited.
They are not only false, but grotesquely so.
Such men as Justice Brandeis, until he graced the bench with his presence (to say nothing of my humble self) have consistently, in and out of
court, in public addresses and magazine and newspaper articles, in and out
Cordell Hull Predicts "Clean, Efficient and Liberal of season, for more than a generation, been giving their time and services
without pay toward exposing the rails and assailing the abuses of high
Government" in Event of Election of Democratic
finance and the big business, trusts, combinations, and the iniquities of the
Ticket,
Stock Exchange and have secured a vast amount of important corrective
Representative Cordell Hull, Chairman of the Democratic Federal and State legislation.
And yet, during all these years they have represented large corporate and
National Committee, issued a statement on July 12 in which
financial interests in a professional capacity. There is nothing incongruous
he referred to John W. Davis, the Democratic Presidential or inconsistent in that position. The fact that the public views and activinominee, as "preeminently the man to lead the fight this ties of the lawyer are disagreeable to the client is not of the slightest importhe lawyer who is animated with a desire for public service.
year against the wholesale corruption and public immorality tance toof big affairs aro neither more nor less selfish than men of small
Men
existing at Washington during the Harding-Coolidge Ad- affairs, but the former have as a rule wider vision and theirs is usually'
ministrations, and to speedily effect a thorough house-clean- a more enlightened selfishness. They buy their legal and other advice
market best adapted to their needs. If there is a case to be tried,
ing in our Governmental affairs." Mr. Hull alluded to the in theopinion or advice is needed that is of importance to the life, liberty,
or an
York convention as "unbossed" and stated that it had reputation or money interests of any one of them, he selects the best talent
New
end, regardless
nominated "an outstanding ticket." "In character, initia- Obtainable and. scours the country to thatHe cares nothingof religion,
about the
social,
or personal considerations.
tive, courage and constructive statesmanship, John W. private political economic or other views of the man he selects. He will
or public
not a superior in this generation," said Mr. Hull, unhesitatingly pass over a friend and employ a man he dislikes if that
Davis has
who predicted "a clean, efficient and liberal Government" man best serves his purpose. the lawyer does not sell his services or opinions
So,too, on the other hand,
for the people of the United States in the event of the election on any subject other than that for which he was employed. Save under
ticket. Mr. Hull also said:
special circumstances he may properly, and at times does, act against a
of the Davis-Bryan
case—
case and for him
It would be idle and futile to consider any other questions or principles man at one time in oneno way connectedat another time in another the
and where he has not been
without first establishing the Government upon the bedrock of sound where the two are in
recipient of confidences in the one that may give him undue advantages
public morals and official honesty.
282
THE CHRONICLE
[VOL. 119.
In the other. An illustration applicable to our present Ambassador to
Great Britain is in point. He was counsel for the Government in the International Advertising Convention in London—
Standard Oil dissolution case and he defended the United States Steel
Message from President Coolidge—Opening
Corp. in the suit against it by the Government. There is nothing unusual
Speech by Prince of Wales.
about this experience.
A speech by the Prince of Wales and a message from
If these things were not true, I- would not have been able to earn a
• living in Wall Street all these years.
President Coolidge featured the opening session in London
There are men from whom these leaders of big business will gladly
buy and pay well for the advice or other legal service, men whom they on July 14 of the International Advertising Convention, atwill barely reCognize in the street, so hostile and abhorrent to them are tended by 4,500 delegates from 22 countries. According
to
the views and economic questions affecting the financial interests.
the Associated Press 1,800 of the delegates crossed the water
When the lawyer enters public life, if he is a man of character with the
ordinary professional standards, the Government becomes his sole client from the United States. The next largest delegation was
against the whole world. The loyalty of his clients in private life, that from Scotland, Ireland and Wales,
with their representation
lies at the fotmdation of all success in his profession, is thereafter transferred to his new client—his Government. All the learning and experience of almost half a thousand. Last year at Atlantic City there
that he has accumulated is thenceforth unreservedly at the service of the were 3,000 men and women present at the convention. On
new client. And so the men who have dealt with big affairs in private July 15 Houston, Tex.,
was unanimously chosen for the 1925
practice are the best equipped to represent their Government in dealing
with those same affairs. Any other conclusion involves the imputation convention. Regarding the speech of the Prince of Wales,
that those who have risen to prominence in our profession through loyalty which opened the convention. the Associated Press cableto their clients in private life will betray the confidence of the Government grams said:
in public life. They are far more likely to lean backward,and they generally
The Prince of Wales had a hard time starting his address
do. unless they keep a watchful eye on themselves.
so loud and
It is they who best know the weak spots in the armor of those against insistent were the cheers which greeted him. Eventually he discarded his
prepared paper to tell the delegates he had always believed in
whom they are arrayed. One of the many troubles with the puny,impotent
advertising
Government conflicts with the criminal conspiracies in restraint of trade and he had done much of it himself. Then he said:
"I think it is the very name of the convention which suggests international
and other crimes of big business has been the absence of that knowledge.
I am,of course,always assuming the incorruptible character of the lawyer interests in the subject. When I see so many people in this hall from every
who has become the public official in high office. On this score there is, for- part of the earth, I am convinced this aim has been realized. You came
tunately. unanimity of opinion concerning Mr. Davis. As Solicitor General together from all over to give and receive information and advice from each
he has again and again succesifully championed the cause of the people other regarding commercialism, which is the greatest problem we have to
against these interests. He has defended them with equal success, as was face to-day.
"I look forward to a new life, new understanding and new commercialis
his right and duty in the private practice of his profession. And he is now
m
between the United States, the Dominions and other countries to arise from
called upon, if elected, to again take the people's side.
this convention. I think this is the only way we can obtain that peace which
.
The same argument holds true as to other activities of his profession. In
dealing with the bankers he will represent the side of the Government. He is so much needed."
will know far better how to protect those interests than if he had never
In addition, we quote the following attributed to the
. represented bankers or big business.
Prince in a copyright cablegram to the New York "Times":
It may be said that in the past the bankers have put over some raw
Little as I know of the science and the art of advertising, I appreciate
deals" on the Government. If that charge be true it has been made possible, with rare exceptions,rather by the ignorance of confiding public officials that it will mean the elimination of strikes, the reduction of unemployment
who have accepted at par value the representations of these suave,resource- and the reduction of prices. If you succeed you will go far toward solving
ful gentlemen than by corruption or undue influence. The Government the great economic and social problems of to-day.
needs and is entitled to have in charge of its affairs the same high quality of
The message of President Coolidge, read by Lou Holland,
expert championship to meet these interests on their own ground. That is
the kind of service it rarely secures. Here is the opportunity to secure it. President of the Associated Advertising Clubs of the World,
Why throw that opportunity away because of senseless, provincial preju- said:
dice based upon the want of understanding of the province of a lawyer?
I notice that the emblem of the convention bears the single
•
word "truth."
Thoughtful, well-informed men who are familiar with the secret springs Just as this word symbolizes the only
real basis of friendly relationship be. that move governmental action must at least realize that the ever-increasing tween buyer and seller, so, in
a larger sense, it is totally essential in the
power of big business and of its counterpart, the great financial interests, in wider relationship of nations- I
am sure that this gathering of business men
our Government has become the most malign and perilous influence in our will lead to a clearer knowledge
which will do away with any misunderpublic life.
standing arising from failure to show the truth.
Its continuance is a standing menace to the very existence of our instituJ. H. Thomas, British Colonial Secretary, who acts as
tions and must at all costs be exterminateu. No novice or amateur can perform that surgical operation. The man must be thoroughly familiar with general social ambassador for the Governmen
t, welcomed
• the inner workings of that gigantic system. The method by which our
the delegates on behalf of the Labor Government, saying
Government has been controlled by these interests has become
one of the that, next
to the Prince of Wales, the Labor Government
occult sciences. It has made little difference to them which party happened
to be in power.
got the most unsought advertising in Great Britain. He
The superficial, half-baked information of our well-meaning public men praised internation
al advertising as a means of international
who have been "pecking" at this huge problem has been truly pitiful.
Their equipment is like using a pin to stab an elephant. If there were less co-operation, saying: "When the peoples of the world,
stupid, honest Denbys and more men who understood their business in high when all nationalities and all classes understand each
other,
office there would be less Palls and Dohenys.
so much nearer will we be to a time when misunderstanding,
I would like to see a man who could put over a job of this
kind, or a like friction, jealousies and war will come
to an end."
• job in high finance under the watchful eye of John W.
Davis. Imagine
Frank B. Kellogg, American Ambassador to Great Britain,
what questions he, with his wide experience and keen intelligence,
would
ask when his Secretary of the Navy placed before him for
his signature a also addressed the gathering; he referred to his gracious
paper transferring our oil reserves from the Navy to the Interior Departwelcome at the bands of the English people and suggested
ment. He has the character, vigor, industry and equipment
necessary to
clean up these Augean stables. Every branch of our Government is fairly that an interchange of convention meetings between
the two
reeking with the taint of special privilege. This is especially true of
the countries was the best way to bring about an international
. Department of Justice, which has been a veritable football ofcrooked politics
and sunk far below the lowest depths in our history, as I had temerity to accord, since it brought the people into greater understandsay publicly in a speech in Washington almost two years ago.
ing of each other.
We need a crusader and one who thoroughly knows his job. Mr. Davis
At the session on July 15 three members of the old Conhas spent many years of his life in the Department of Justice. He knows
it servative Government. Stanley
Baldwin, Sir Robert Horne
from top to bottom. If we were to search the country over from end
to
and Sir Philip Lloyd-Graeme, submitted advice on the direct
-end we could find nowhere a man so well equipped.
I am hoping that we shall soon hear the end of this senseless chatter about effect advertising would have in establishing
a new ecojudging a lawyer by his clients. You might as well argue that the lawyer nomic
life and sound prosperity among the nations of
who defends a murderer is in sympathy with murder,or that one who
would Europe.
The following is taken from the Associated Press
• defend a robber, sneak-thief or other criminal is in sympathy with crime; or
that a physician who treats a criminal or insane person is tainted by his accounts:
environment.
The delegates stood up and cheered former Premier Baldwin
when he
Nothing is further from my intention than to imply that the men whom arose to speak. During
his address, which was a sound business man's talk
Mr. Davis has been representing are law violators, but it would not be
to without frills, he told of the knowledge of advertising he had picked
up
his discredit if they were. The placing of their liberty in his keeping
would as head of the Board of Trade, as Chancellor of the Exchequer and as
Prime
be a high tribute to his character and ability. Every man is entitled to
his Minister.
day in court. It is in the interest of the State that every person
Mr. Baldwin referred to the need of advertising in the
charged
business world at
with violation of law should be ably defended.
the present day. He said he had twice been "slain
by tariffs," one of
The defense, by the advocate, of life, liberty, the rights of property and which was the McKinley tariff; but that at
both times he had been able to
the vindication of reputation is the high prerogative of the men
of our recuperate with the aid of advertising.
profession. In common with other members of the bar, Mr. Davis. in his
What the world needed to-day, he declared, was good,
honest advertising
varied professional career, has doubtless prosecuted and defended
men between nations, so that the public, merchants, politicians and Governments
charged with crime, has championed the cause of organized labor and
the would know each other for their honest worth. He saw the possibilities of
cause of organized capital against labor, as was his right and duty.
The world peace through the League of Nations and suggested there might be a
wider the range of his experience in these various affairs of life the
better league of honest advertising to do the same thing with the peace of the
he is qualified for the exalted post to which he aspires. This idle
chatter commercial world.
to the contrary is pure demagoguery and an insult to a noble profession.
The former Premier said his term of office as Chancellor of the Exchequer
Real or simulated fear is expressed that questions involving our
foreign had convinced him that advertising was a necessary thing to business. Now
relations may arise, especially with Great Britain, in which Mr.
Davis's that he had graduated to be a business director, he was working on this prinformer client, J. P. Morgan & Co., may be concerned because of
their inti- siple. He knew what advertising had done in the United States, and he was
mate relations with the Government of Great Britain, and that
in such a out to follow that example and to see what it would do in England.
contingency Mr. Davis, as President, may find himself called upon to
Sir Philip Lloyd-Graeme then described his ideas on the chances
act
for the
as judge in his former client's cause. On that theory no man of
affairs development of advertising in Europe. He was followed by J. D. Mooney,
would be eligible to the Presidency, for who knows how soon one
of his President of the General Motors Export Co., who spoke on the need for new
. friends or clients (if he had been a lawyer) or patients (if he
had been a leaders in the industrial world, who could assume political power and work
physician) or customers (if he had been a merchant) may be concerned
in for the honest betterment of peoples. He saw advertising as a means of
important business with the Government. "Piffle" is a polite
epithet to developing such leaders, and believed that the economic life of the nations
apply to such "arguments."
would be benefited by advertising as time went by.
JULY 19 1924.]
THE CHRONICLE
Several of the other speeches are given elsewhere in this
issue. Lou Holland was the choice of the board of Club
Presidents on July 15 for re-election as President of the
Associated Advertising Clubs of the World for the next year,
and his present second in command, Jesse H. Neal also was
nominated for re-election as Secretary-Treasurer. These
nominations were made without opposition and were confirmed at the convention on the 17th inst.
283
American banks in their advertising'are doing much to combat economic
fallacies and to instruct the public in the field of sound finance, and there
can be no doubt:of the usefulness and effectiveness of this propaganda for
higher economic and financial standards.
Mr. Sisson also said in part:
This positive reflex action of good advertising upon the advertiser himself which has taken place in banking is also very evident in many other
Industries and activities. An excellent example of this reaction occurred
not long ago in one of the great railroad systems of the country, where the
traffic manager protested to the President of the road that it was impossible
the
for his department to live up to the promises made to the public in
road's advertisements and that,in consequence, the advertisements would
emphatically that the advertishave to be changed. The President replied
ing would not be altered but that the traffic department would have to
readjust its ideas of service and live up to the standards implied in the ad-
C. F. Berry on Trust Department Advertising.
"The first principle of advertising is education," said
Clinton F. Berry, Advertising Manager, Union Trust Co., vertisements.
realize
It is not too much to say that advertisers have generally come to
Detroit, Mich., addressing the Financial Advertisers' Assoobligations which are carried by their statements to the public in regard
the international convention of the Associated theservices or products, and this constitutes a continuing stimulus to the
ciation at
to
Advertising Clubs of the World in London on July 16. "You maintenance of quality in both. It is recognized that, usually at considadvertising and
persuade more effectively after you have informed," erable cost, a very valuable good-will has been acquired by statements of
can
in published
from
for business under- that any falling awaywouldthe standards claimed
said Mr. Berry. "When your prospect
soon inevitably endanger or destroy this gooda product's qualities
stands the service you have to offer and its application to will.
preparFor this reason good advertisers exercise the greatest care in the
his affairs as you understand it, he is already persuaded.
sort is
tion of the text of their advertisements. Probably no copy of any
To inform is a vital part of all advertising endeavor. It is more painstakingly edited or more keenly scrutinized from every angle by
peculiarly vital in the advertising of the trust department." the responsible officers in a business concern. Thought is usually given to
every word or phrase to estimate its accuracy and its probable effect upon
In part he also said:
experts
reader. The writing of advertisements is admittedly a task for
of the trust the
well.
Thrift accumulates capital; and much of the advertising
department should be devoted to the stimulation of thrift. There are many
ways in which such stimulation may be applied; perhaps the most effective
way lies through the savings department which practically every bank and
trust company maintains. These savings departments stimulate thrift
through the payment of interest upon deposits. But this is far from
enough.
Thrift is a matter of habit; and habits are inspired and cultivated. The
moderate rate of interest paid upon savings deposits may inspire a few
people to thrift: but reflection must convince you that only a few are so
Inspired. A much more inspiring incentive is the use of the capital after
it is saved. Hold up before a man or woman a vision of home ownership;
of business proprietorship; of financial freedom; of rest and comfort in
old age; or even of vacation, travel or the use of an automobile, and you
make thrift more attractive than an offer of 3% or 4% could ever do.
The trust department can afford to spend time, thought and money in
advertising insurance trusts. They have already proved that they will be
very popular with people as soon as they are understood. It is the task of
the financial advertiser to make the people understand them. Educate and
reap; here, as always, the reward follows the manager of publicity whose
torch is burning brightly.
There are many other varieties of fiduciary service; for trust departments,
In the United States at least, are coming to render every service connected
with money, or capital in any form. Each has its special advantage; and
it is the task of the financial advertiser to represent that avantadge in the
most attractive way. A few words upon methods and media may be of
assistance.
Trust department advertising should have all the general qualities incident to publicity, together with certain other qualities peculiar to its task.
It should be instructive and constructive, and, of course, it should never be
commonplace or dull. It can employ every medium known to the profession; but some with better effect than others. Two qualities which I have
yet to mention should always characterize its campaign.
The first of these N dignity. The men who manage trust departments
should command respect; and buffoonery, slang and impudence do not induce respect. These qualities have their place in advertising; but not in
the publicity of the trust department.
The final quality is regard for the general welfare. No one is more dependent upon it than we; no one should give it more generous treatment.
We can say a cordial word for some feature of our community's development at frequent intervals. We should not miss an opportunity to say it.
We should be builders—generous enough to help others to build, without
hope of immediate reward for ourselves.
We should do our part in every public undertaking; and publicity has
it place in all of them. Our growth is bound up with the growth of capital ; and we should lose no chance to promote its accumulation or its productive use. We are the friends of every constructive effort. Let us manifest our friendship. Ours is a worthy task; more helpful, more honorable
than most others. Let us manifest an honest pride in what we do. Let
our light shine.
Francis H. Sisson's Address on "Advertising As a
Creator of Public Standards in Business."
"Advertising as a Creator of Public Standards in Business" was the theme of an address by Francis H. Sisson,
Vice-President of the Guaranty Trust Co. of New York, at
the annual convention of the Associated Advertising Clubs
of the World in London, on Monday, July 14. Dilating upon
the handicap of precedent, Mr. Sisson said:
Advertising has long been hampered in its use by precedent, tradition,
conventions, and prejudices, which, under analysis and experience, find
little to warrant their existence. Gradually the falsity of their claims is
being proved. We in the United States, were told for many years that it
was undignified for a bank or•fiduciary institution to advertise, and this
edict, born of superstition, was accepted without question until finally it
was intelligently challenged and it was discovered under analysis that there
was no sufficient reason for its support. The inevitable conclusion is that,
whatever is of genuine use to human beings, whether it be goods or services,
can, with truth and dignity, be advertised and sold, and that it is Just as
proper to merchandise forms of service as to sell commodities. The next
step will be that the use of advertising in merchandising ideas is quite as
proper as its use in the sale of goods and services.
Bankers in America have discovered that they too may serve the public
effectively through instructive pictures and text urging thrift, suggesting
the care of valuables, advising as to the protection of estates, the interests
of widows and children, teaching sound ideas of economics and finance and
warning against speculative investment, It Is certain that the development
of a new relation to the public through advertising of this character has led
In the banking business to higher ideals and to far broader conception of its
opportunity for useful service to the community. Thus to-day, the great
as
who must command resources of intelligent imagination and have,
a knowledge of the psychology of their public.
many
To-day, it is the support supplied by advertising which permits press
journals to maintain their notably high standards of text, paper,
liberally
work, and illustrations as compared with thbse journals not so
magazines and
aided. Advertising creates a beneficent circle of better
circulation
newspapers through more advertising, thus attracting larger
and in turn more revenue from advertisements.
advertising pages of our
It may be said that it is literally true that the
fairly
publications would afford the material from which to construct aof our
standards
complete record of the social, material and educational
moreeffective
for
time, and there is also little doubtthattheconstantstriving
of service
advertising is to a considerable extent reflected in rising standards
of standards of thought and
in many activities, as well as in improvement
living among consumers. . . .
National Economic Education Imperative.
book, preach a
Emerson once observed that "if a man can write a better
neighbor, though he
better sermon or make a better mouse-trap than his
path to his door."
build his house in the woods,the world will make a beaten
preacher. or the
That would unquestionably be true if the author, or the
world to discover
mouse-trap maker could live and wait long enough for the
would profit the
the virtue of his product. But both he and the world
that is somewhat
sooner if advertising brought them together. And
many businesses
analogous to the situation which exists to-day regarding
and the purchasing public throughout the civilized world.
which the genThere are thousands of products of unquestioned merit of
of such prducts
eral public knows little or nothing because the manufacturers
barter. apparare content to practice principles of more or less primitive
public to an
ently unconscious of the fact that, by educating the general
profit themappreciation ofthe worth of their products, they would not only
selves but would perform a distinctly valuable economic service.
High Quality of Intelligence Behind Advertising.
much of the
Evidence of the high quality of intelligence which is behind
work in
advertising of the present day is disclosed when examples of good
are used, their
this field here exhibited are studied. When illustrations
ability
beauty and appositeness are unmistakable. Artists of recognized
Every
produce these pictures and the best paper and printing are used.
improveyear sees an improvement in the quality of advertising and such
competition
ment takes place in any form of activity only when interest and illustrations
The
are striving keenly and incessantly for higher excellence.
of many, are
in automobile advertisements, to take only one example, convenience
the
notably delightful to the eye, while they skilfully emphasize
its owner to atof the car, its luxury, or the facility with which it carries
is found in the
tractive landscapes or to scenes of pleasure. Similar charm lines. Their
pictures given in the advertising of railways or steamship
experiences follow.
stimulus to travel is often irresistible and broadening
being raised
Living standards in thousands of households are undoubtedly products.
food
daily by the pictures of appetizing fruits, cereals, or other
instruments, radio
and by illustrations of house furniture, rugs, musical
beautiful dwellapparatus, or clever labor-saving devices. Illustrations of
taste in architecture.
ings in real estate advertisements stimulate a better
landscapes. PicTree protection is fostered by the tree doctor's attractive
and care in
tures of accidents used by insurance companies teach prudence public to
the
automobiling or in fire prevention. In fact, the education of
better ideals
higher standards of comfort, cleanliness and sanitation and to
or travel.
of social conduct, to broader conceptions of living through reading
reason
through the theatre or other forms of art, is constantly going on by
of the practically universal distribution of alluring and artistic advertising•
In America the great public utilities, such as the telephone companies,
the gas, electric light and power industries, all find it to their advantage to
comfort.
advertise actively. Largely as a result of this advertising these
of the
promoting conveniences are more universally utilized in the homes
direction
United States than by those of any other country. In whatever
useful
we turn we find that advertising is daily stimulating every form of
activity, broadening the use of better means of living, promoting the care
could
of health, the protection of life and the spread of education. If we
certain
Imagine a state of things in which advertising was suppressed it is
check
that under such a condition there would be an immediate and startling
to progress. . . .
The Call to Duty.
opporThere lie before advertising and advertising men not only the upon
tunity for service and profit, but the clear call to duty. There rests
to
business and industrial leaders of the world the distinct responsibility
state and explain the facts and principles upon which national and interspoken
national business progress must be built,through the printed and the "man
word,so clearly that he who runs may read, and that the oft-quoted
In the street" may understand. A large and constantly increasing reading
inform
public seeks eagerly to know, and it is the mission of the publicist to
fulfill
and advise them through all the mediums at his command. To
that mission we must call to arms the vision of the builder, the courage of
the explorer, the keenness of the trader and the wisdom of the student.
their
They must all be conscripted to this great service and contribute
284
TETE CHRONICLE
part to the common cause; their traits are all the proper attributes of the
efficient advertising man of to-day.
The day has long passed, if indeed it ever existed, when advertising.
while still not an exact science any more than law or medicine, under proper
conditions, can be considered a mere experiment or a speculation. It has
long since become a demonstrated economic factor as a business builder
and stabilizer as well as a clearly proved educational force. That it may
not always, in all hands, operate with 100% efficiency is no more a proof
of its failure than an unsuccessful operation on the human body by a horse
doctor would be a proof of the failure of surgery. Its call is for skilled men,
•broad men, men who have thoroughly mastered the tools with which they
-must wark, whose sense of public psychology is sure and true and whose
vision of opportunity is as broad as the world. . . .
•England's greatest economist. Adam Smith, began his famous treatise
-on "The Wealth of Nations" with the statement that the prosperity of a
nation is measured by the happiness of its people. In facilitating distribution, in stimulating production, in spreading information, in creating
higher standards of business and life, advertising is adding to the happiness
and prosperity of the people it serves. . . .
paved before action by information and understandIf the way could
ing, how much fewer would be our sins of economic and politicarcornmission
and omission. Ifs now and progressive idea seeking acceptance, or an old
.and sound idea seeking support, could be presented to the consuming public
.with the same strength of appeal that a new commodity commands, how
much greater chance of prevailing it might enjoy. Even as advertising
-reached and stirred our WAS to sacrifice during the World War, so it may
mow guide our minds to accurate judgment and rational acts, for the appeal
•of advertising can be made both to the feelings and the reason, and response
and conviction measure the strength of its appeal.
The nations of the world and the people thereof must be taught that they
-cannot be content "to live and let live", they must live and help live if they
themselves are to enjoy the fulness of life. In our modern world there can
be no such thing as isolation. No nation can live unto itself. The body
economic consists of many members. Except there be health and co-operation among them all there cannot be complete harmony in that body, nor
can it function normally.
Upon us. whoso businws and profession it is to speed the winged word on
its mission of sera-ice, lies some of the responsibility to make that word a
messenger of peace on earth and good will among mon. nay, rather before
us rises the opportunity to serve our day by bringing to world consciousness
the realization of our interlocked interests, of the brighter prospect for world
progress which awaits world understanding and co-operation, of impressing
indelibly upon the minds and hearts of men the world over the material as
well as the spiritual value of a happiness based upon the basic principles of
all the great religions of earth, the love of good, the love of man, truths
which know no geographical, racial or political lines, the common heritage,
the common ideals of all right-minded men.
a
Investment Advertising and Customer Ownership Discussed by Frank Le Roy Blanchard of
H. L. Doherty & Co.
Two addresses were delivered by Frank Le Roy Blanchard,
Director of the Public Relations Department of Henry L.
Doherty & Co. of New York at the annual convention in
London this week of the Associated Advertising Clubs of the
World. One of these, delivered before the Financial Adver
Users' Association, dealt with "Investment Advertising."
while that before the Public Utilities Advertising Association. concerned "Customer Ownership in the United States."
Frffin the first named we quote in part as follows:
[Vor.. 119.
No reputable banker or broker will deliberately misrepresent or mislead
investors. If he is to continue in business, he knows that the most desirable assets he can have is the good-will of the public. Confidence is slow
in developing—especially when it relates to persons or institutions to whom
people entrust their savings. When a man has once been deceived by the
salesman or advertisements of a financial house, he will never again trust
the institution or individuals who represent it.
It is estimated that 85% of the population of the United States have an
average income of $2,000, or less, and yet such is the frugality of our
people that they are saving in small amounts hundreds of millions of dollars
annually. For instance, during the year from June 30 1922 to June 30
1923 there were deposited in our savings banks alone $1,041,583,000. The
total amount of money on deposit in these banks June 30 1923 was $18,373,062,000.
A considerable portion of these deposits should be available for investment
in stocks, bonds or mortgages. It is surprising to learn that thousands of
depositors are content to have their money earn 31 to 4% in savings banks
,S
when it would earn 5 and 6% if invested in sound securities. The reason
for this is, of course, that they either think their money is absolutely safe
when in the bank, and, if needed, is readily available; and that when in.
vested in stccks and bonds it is not safe, or their knowledge of the relative
salues of securities is so limited they will not trust their own judgment in
selecting any of them for investment. Sense of these depositors have, in
days gone by, been persuaded by glib-tongucd salesmen to put money into
worthless stocks. The amount lost individually may, to a banker, seem
small indeed, but to the average wage-earner it is large, because it represents the accumulation of months of toil and self-denial. Fear of again
sustaining a loss causes him to disregard all opportunities for investments.
U:ilitics Now Seeking Small Investor.
It is the small investor the public utility companies are now seeking as
buyers of their securities. From the figures I have just quoted you can see
that there is enough money on deposit in savings banks alone to do all the
refinancing and make all of the extensions of lines and enlargements of
plants that growing businesses annually require, namely $1,000,000,000.
What we public utility advertisers must do is to prepare copy of such a
character that it will convince the persons to whom this money belongs
that it will be to their advantage to become stockholders in our enterprises.
In his address bearing on "Customer Ownership in the
United States," Mr. Blanchard said in part:
Let us consider some of the specific advantages of customer ownership
from the viewpoint of both the company and the customer.
Advantages of Customer Ownership.
1. It furnishes the company a market for obtaining at a minimum cost a
portion of the capital required for improvements and extensions made neces-say by increased demands for service.
2. It strengthens the credit positien of the company. The more customers owning stock, the better informed the public will become concerning its
finances and standing.
3. It stabilizes the market value of shares. It is better to have 10,000
customer-owners than 100 other owners for the reason that while a majority
of the 100 stockholders might combine overnight to manipulate the market
for their individual advantage, it would be an impossibility for a majority
of the 19,000 to do so.
4. It affords customers an opportunity to acquire, for cash or on the installment plan, shares in small amounts in established and prosperous enterprises, and thus encourages thrift, develops a community spirit, and makes
for better citizenship by creating a higher regard for the interests of others.
5. It is a source of strength for the company. The snore customer owners
there are in a community the more impregnable becomes its position as a
business institution.
6. It creates good-will and thus contributes largely to the establishment
of highly desirable public relations. If the service they receive is satisfactory and the rate they pay is reasonable, customer-owners are constant boosters of the company and its interests. They are its staunch defenders when
its management or service is unjustly criticized. They often make suggestions for the improvement of the service and furnish leads for adding new
names to the company's list of customers, or for the sales of additional
securities to persons who are already shareholders.
7. Customer-owners are so many radiating centres of good-will for the
company. They are like the leaven which the woman hid in three measures
of meal till the whole was leavened. If there is need for raising the service
rate in a city where customer-owners are numerous, the public will not
oppose the company's application to the public utility commission, because
it knows from facts in its possession that the company is warranted in
taking the step.
8. Another advantage of customer ownership is the influence it has in
bringing about the defeat of movements designed to popularize the municipal
ownership of public utilities. In a city where a fairly good distribution of
the company's securities has been effected, it is almost impossible for agitators to create a popular sentiment in favor of municipal ownership. Customers who have a number of shares hidden away in safe places do not favor
the proposition. They have no confidence in the ability of municipal authorities to run successfully a business that requires technical knowledge
and experience of a lug's order. They are confident that under the administration of public office holders the expenses of operation would be so
greatly increased by the employment of two men to do one man's work, that
in the end rates would have to be increased or the city would have to face
an annual deficit.
Progress of Customer Owenrship.
Perhaps you would now like to know a few facts regarding the progress
of customer ownership in Canada and the United States. One hundred and
eighty-five electric light and power companies, supply
10,887,019 customers, have 652,910 shareholders under the customer ownership plan. The
number of shares thus owned amounts to 5,047,407. The average
cost of
selling was $4 60 per share. The total I:stipulation in
the territory served is
51,414,693.
In 1923 $750,000,000 were expended for utility construction and extensions. Of this amount, $250,000,000, or 38 1-3%, were raised through customer ownership activities.
The American Can Association reports that in the last eight months of
1923, 187 gas companies and a few combined gas and electric companies
sold 1,251,640 shares to 227,170 investors.
In eight years, H. M. Byllesby St Co. of Chicago, one of the leading public
utility operating organizations of the United States, sold $43,000,000 of
preferred stock for construction purposes to 81,000 purchasers, 43% of
which was derived from customer ownership sales.
Moral Responsibility of Rankers.
It has always seemed to me that bankers and others who sell securities
do not always realize the burden of moral responsibility that their position
in the community places upon' their shoulders. While they are, in a sense,
like merchants who deal in the commodities that are necessary for the
maintenance of life, or that contribute to our comfort or happiness, they
have, in addition, a very important function to perform. Just as the clergy
guide us in spiritual matters so the financiers should give counsel regarding
the investing and safeguarding of the money people have saved, through
hard work and self-denial, as an insurance against poverty in old age, or
as a provision for the future needs of those depending upon them for support.
Now, while we, as bankers or investment brokers, are not their guardians,
and therefore are not responsible for any losses people may sustain through
errors of judgment in the selection of securities, it is our duty, as men
who realize our obligations to the public we serve, to furnish them authentic information from which they can determine what shares they should
buy.
We cannot wrap a cloak of exclusiveness about us and cry to them "caveat
emptor!" and retain our self-respect. We know that most men and women
have had only a common school education and possess little knowledge about
investments, but they are eager to learn anything that will be of financial
benefit to them. If you can tell them where to put their money to obtain
a better rate of interest than the savings banks pay and where their capital
will be safe, you will render them a most helpful service and win their confidence.
Public Should Be Told How to Invest .Voney.
How can the education of the public in financial matters best be accomplished? Is it not through the presentation of the principles that underlie
all business, and especially those relating to the investment and safeguarding of money—telling people about the different kinds of securities so that
they can distinguish between them; what precautions to take in selecting
those best adapted to their purpose, where to secure reliable information
about the companies and the stocks or bonds they offer, and where they
can
be purchased?
When we realize that the American public is swindled out of a
billion
dollars annually by fake mining, oil, automobile and other companies
that
promise fabulous returns on a small investment, we get some idea
of the
task that lies before us. In our advertising we must talk to the
public in
common, every-day language, avoiding all technical terms and words
that
only highly-educated people can understand. Brevity, clearness of
expression and a strict regard for the truth are qualities that should
characterize
our copy. It is better to understate than to overstate the attractive
features
of the securities we offer. Whenever we see the advertisemnts of a
Increase of Securities Sales.
.
In which large dividends are promised, and the statement is made company
To show how rapidly sales to customer owners have progressed, I call
that the
price for shares will be arbitrarily raised on a certain date, we
immediately your attention to the records made during the four years ending in 1923.
brand the offering either as wildly speculative or as downright
In 1920 there were approximately $35,000,000 of public utility securities
fraudulent.
JULY 19 1924.]
28,
THE CHRONICLE
$80,000,000; in 1922, $175,000,placed in the hands of customers; in 1921,
000, and in 1923, $250,000,000.
on? What kind of an
How is a customer ownership campaign carried
have been found most
organization is required? What forms of advertising
ask, if given
productive? These questions, I am sure, you would like to
the methods of Henry L. Doherty
the opportunity. As 1 know more about
than about those employed by
Co., of which I one Advertising Manager,
will briefly outline the plans
other public utility owners and managers, I
customers.
we follow in selling our securities to our
applied to customers of a local public utility who have purchased its stocks
or bonds.
Foreign Holdings of United States Steel Corporation
Common Stock Slightly Larger—Holdings of
Preferred Show Small Falling Off.
The figures of foreign holdings of the common and preferred shares of the United States Steel Corp. as of June 30
A Typical Customer Ownership campaign.
1924 show that the common shares held abroad have incampaign,
Preliminaryto the description of a typical customer ownership
the holdings of preferred have underback as 1896 conceived the creased slightly, while
I should like to say that Mr. Doherty as far
of
and subsequently employed it to a limited ex- gone a further trifling reduction. The foreign holdings
idea of customer ownership
Ohio. From Sept. 1 common now amount to 203,059 shares, comparing with
tent in Denver, Colo.; Madison, Wis., and Columbus,
and its subDec. 31
1923 to July 1 of this year securities of the Cities Service Co.
about 201,636 shares March 31 1924, 203,109 shares
sidiaries, having a par value of $5,000,000, were sold, thus adding
list of stockholders, now the fourth 1923 and 261,768 shares Dec. 31 1922. The holdings
12,000 customers to the organization's
total
largest in the world. Estimates indicate that our sales in 1925 will
abroad of preferred are practically unchanged from the
$10,000,000 and add 20,000 more customer-owners to our lengthening list.
as
number previous quarter, the total now being 112,191 shares,
The personnel of a customer ownership department varies in
shares
according to the size and character of the public service organization to against 112,521 shares March 31 1924, 113,155
which it belongs. Our Customer Ownership Department is composed of a Dec. 31 1923 and 121,308 shares Dec. 31 1922. When
general manager, a sales manager, a campaign manager, a special advance
later. contrasted with the period before the war, the shrinkage in
man who gathers information for the advertising department, and who,
places the advertising locally and secures timely publicity; and three field these foreign holdings is very striking indeed. Thus themanagers, who, in addition to other duties, instruct and help employees in foreign holdings of common which on March 31 1914 aggreselling, and report facts on local conditions to their superior, who turns them
when gated no less than 1,285,636 shares, now amount to only
over to the advertising department. This is a small executive staff
than 203,059 shares, as already. stated, while the preferred holdyou consider that Henry L. Doherty & Co. manager and finance more
assets
120 properties—subsidiaries of Cities Service Co—which have total
ings abroad have dwindled away from 312,311 shares on
of $491,000,000.
March 31 1914 to the present total of 112,191 shares.
Methods Employed.
Below we furnish a detailed statement of the foreign holdThe methods employed by our company in its customer ownership camdates since Dec.31 1914 to the latest period:
paigns can best be understood from a description of one of them. For in- ings at various
stance, in November 1923 plans were perfected for an intensive ten-day cam- FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION.
paign in Denver, Colo., to sell the preferred stock of the Public Service Co.
June 30 Dec. 31 Dec. 31 Dec. 31Dec. 31 Dec. 31 Dec.91
Common
1919. 1914.
1920.
1921.
1922.
1923.
1924.
Stock—
of Colorado, an important subsidiary of the Cities Service Co.
2
89
73
116
135
190
134
During the week preceding the opening of the campaign several meetings Africa
340
payroll, were held, Algeria
8
--;
--7e
--§
of employees, of whom there are 1,500 on the company's
90
45
Argentina
3
80
86
96
104
107
lasting from 30 to 40 minutes each, for the purpose out outlining the work Australia
116
properly Austria
690
2,888
3.049
4,438
2.472
1,636
1,881
to be done and for supplying them with necessary information for
9,509
2.689
2,264
2,279
2,214
2,318
2,344
presenting to the company's customers the advantages of the preferred stock Belgium
46
84
97
124
190
191
296
Bermuda
18
80
as an investment. The employees were also given copies of advertising book- Brazil
79
144
143
142
142
17
home study and distribution among prospects, and a little British India
____
---lets and folders for
------------2
containing sales instructions and answers to questions that might be Bulgaria
book
,
24.948 30.885 31- 311 35,e86 54,259
24,724 23.422
Canada
asked.
382
36
34
58
75
226
223
Central Amer_
8
118
145
174
187
209
205
In speaking of the growth of public utilities, Mr. Blan- Chile
13
73
119
179
76
172
143
China
7
1
1
1
Colombia
said:
chard
-----id ---16
16
26
26
Denmark
2
2
2
2
In the United States and Canada the growth of the gas, electric light and Ecuador
--a
60
60
60
railway industries during the past decade has been Egypt
power, water and street
100,639 101.118 160,876 167.752 159,613 166,517 710,621
England
one of the wonders of the industrial age in which we live. When we con- France
10.878 11.20:1 10,499 13.210 13,939 28.607 64,537
2,664
959
1.015
sider that for five of these years the world was disrupted by a devastating Germany
1.395
1.281
291
281
100
____
war and millions of men were withdrawn from peaceful pursuits to fight Gibraltar
--,- __-----5
5
5
5
with which the business Greece
the common enemy, we are astonished at the speed
352,546
Holland
49,794 51,054 48.827 50.741 73.861 124.558
interests of the several countries most seriously affected adjusted theniselves India
--59
50
70
106
127
98
2,991
160
256
356
.353
399
Ireland
to changed conditions and trade advanced to new levels.
243
146
281
269
274
273
317
321
According to reports issued by the American Gas Association, there are in Italy
6
55
55
56
62
66
66
America to-day nearly 1,000 companies engaged in the gas industry. The Japan
--8
16
28
41
15
15
were 198,000,000,000 cubic feet and in 1923 they were Java
total sales in 1914
1
1
21
1
1
Luxembourg
"iii"i6 '
-,
40
40
40
40
40
Malta
370,000,000,000 cubic feet, an increase of nearly 100%.
300165
125
320
338
310
312
The customers of gas companies in 1921 aggregated 9,291,000 and the Mexico
7023
65
65
60
60
Norway
60
population served was 47,700,000. The gross income of the manufactured Peru
.:-..---_
8
14
20
33
14
and in Polan
_iieo.
---gas companies in 1921 was $379,263,044; in 1922, $406,000,000,
3
3
Portugal
1923, $429,200,000.
----5
8
8
8
8
Rumania
---- ----10.
8
14
8
6
Russia
Expansion of the Electrical Industry.
1125 4,208'
797
2,197
2,199
2.189
Scotland
8
8
8
8
8
The expansion of the electric light and power industry has been even Serbia
-&i • Ciiii;
302
330
340
232
526
more remarkable. In the period 1910 to 1920 the amount of electric energy Spain
1
70
14
31
165
178
167
increased 350%. The earnings of the companies in 1923 were about Sweden
sold
,
1,470
1.649
1.860
.180
1,980
2,473
Switzerland__. 2.500
18___
$1,300,000,000. The Cities Service Co., one of the largest public service Turkey •
200
200
197
197
197
organizations in the world, in 1923 sold over 990,000,000 kilowatt hours of Uruguay
5o _ii .
__
__i5
____
---_
____
____
Venezuela
electricity, an increase of 500% in nine years.
Wales
The street and interurban electric railways also show substantial although West Indies
1,872.
3,228
3.502 3.590
3,942 3.367
4,406
not as large proportionate growth. The inroads made upon their passenger
Total
203,059 203.109 261.768 280,026 292,835 368,895 119,306traffic by automobiles and bus competition have in many cases cut down
revenues. However, in the large centres the difficulty of securing parking
Preferred Stock—
58'
70
67
47
47
89
116
space for automobiles is compelling business men to leave their machines at Africa
76
the street cars once more.
home and to patronize
11
18 • --i8
15
15
15
Argentina
Airia
15
484.
104
123
123
113
Australia
113
90
Capitalization of Public Utilities.
2,086
2,483
2,566
4,770
--Austria
28
404
120
120
120
-120
120
120
It is only when we have examined statements showing the capitalization Azores
-iiii
314
117
287
287
292
332
of Belgium
of public utility companies in America that we get a comprehensive idea
21
343
285
430
430
430
Bermuda
433
31
84
20
23
their commercial importance. According to figures submitted by experts,
----------------81
---29
---British India._
36
i
43
the cash investment in existing companies is as follows:
34,672
81 27.794 27,652 29.136 32, , 36
$5,800,000,000 Canada28,0 185
146,
•
Electric light and power
9
24
21
127
140
Central Amer_
12
25
23
23
5,000,000,000 Chile
46
Street and interurban railways
41
19
42
105
119
119
92
100
104
4,000,000,000 China
Gas, natural and manufactured
55
4
16
5
5
Colombia
5
2,000,000,000
Telephone and telegraph
--iii
78
58
58
58
70
Denmark
70
140
35
Egypt
$16,800,000,000 England
Total
- 3
45,972 46;51. 54:2131 54:82 31,30637,703 174,906
18,649 23,663 36,749
France
15,204 15.644 15.675 17,036
3,232
3,796
4,142
, This vast aggregation of capital has not been obtained solely from the Germany
4,152
4.131
1.101
977
38
65
37
s
5
5
5
millionaire class, which, in the minds of many Europeans, includes fully half Greece
9.555 13.935 23.094 29,000
10.596 10,742 9,180
the population of the United States, but from banks, trust companies and Holland
302
305
326
325
290
285
4,119
other financial institutions; train business and social associations, trade Ireland
318
505
995
1,049
939
939
1,673%
2.087
1.811
1.867
1,791
unions and other organizations having surplus funds to invest; from indi- Italy
1.958
1,830
81
I
1
1
1
Japan
1
vidual men and women of wealth; and, in a large part, from the frugal
23
23
23
23
23
Luxembourg
231
earners of America.
wage
-iiii
50
50
50
50
Malta
50
so
,
236
7
25
Although money is money, no matter where it comes from, the organizers Mexico
25
96
116
56
7
and managers of public utility enterprises have recently discovered that it Morocco
27
28
2
12
12
12
12
Norway
makes all the difference in the world whether it is obtained from a few rich Poland
men or from a large number of small investors, and especially from those to
---4 ---; ---6
6
o
6
---120
whom their service is sold. As the result of their experience they are prac- PPecTrutugal
43
15
15
tically of one opinion, namely that the most helpful and, therefore, the most
171 13,74r
78
937
1.468
1.448
1,368
SRcoumtlitamd
desirable shareholders are their own customers.
,
296.
Serbia
432:
1,14:8 1.166 f.iK) 1.176 1,137
1.065
Spain
985
New Capital Always Needed.
1,370
283
79
74
84
Sweden
84
2,617
2,672
2,174
2.167
2,128
2,772
The companies are in constant need of new capital for increasing the pro- Switzerland_._ 2,777
100
100
100
115
115
115
105
ductive capacity of their plants and for lengthening their service lines. Turkey
1,065s
33
39
What group of people are in a better position to know the needs and oppor- Wales
6741
560
1.145
-58 -8ii
956
West Indies_....
911
tunities of public utilities than the men and women customers who are in
Total
112,191 113.155 121,808 128.818 111.486 188.566 309,462
close contact with their business? The term customer ownership is solely
15 -- Fi
--ii, --i-
286
THE CIIRO/sTICLE
COMMON.
PREFERRED.
DateShares. Per Cent.
DateShares. Per Cent.
Mar. 31 1914
1.285,636 25.29 Mar. 31 1914
8.67
312.311
June 30 1914
1,274,247
June 30 1914
312,832
8.68
Dec._ 31 1914
1.193,064 23.47 Dec. 31 1914
309,457
8.59
Mar. 31 1915
1,130,209 22.23 Mar. 31 1915
308,005 8.55
June 30 1915
957.587 18.84 June 30 1915
303,070 8.41
Sept. 30 1915
826,833 16.27 Sept. 30 1915
297.691
8.26
Dec. 31 1915
696,631 13.70 Dec. 31 1915
274,588 7.02
Mar. 31 1916
634,469 12.48 Mar. 31 1916
262,091
7.27
Sept. 30 1916
537,809 10.58 Sept. 30 1916
171,096
4.75
Dec. 31 1916
502,632 9.89 Dec. 31 1916
4.34
156,412
Mar. 31 1917
494.338 9.72 Mar. 31 1917
151,757 4.21
June 30 1917
481,342 9.45 June 30 1917
142,226 3.94
Sept. 30 1917
477,109 9.39 Sept. 30 1917
140,039 3.59
Dec. 31 1917
484.190 9.52 Dec. 31 1917
140,077 3.88
Mar. 31 1918
485,706 9.56 Mar. 31 1918
140,198 3.90
June 30 1918
491,464 9.66 June 30 1918
149,032 4.13
Sept. 30 1918
495,009 9.73 Sept. 30 1918
147,845 4.10
Dec. 31 1918
491,580 9.68 Dec. 31 1918
148,225 4.11
Mar. 31 1919
493,552 9.71 Mar. 31 1919
149,832 4.16
June 30 1919
465,434 9.15 June 30 1919
146.478 4.07
Sept. 30 1919
394,543 7.76 Sept. 30 1919
143,840 3.99
Dec. 31 1919
368,895
7.26 Dec. 31 1919
138.566 3.84
Mar. 31 1920
348,036 6.84 Mar. 31 1920
127,562 3.54
June 30 1920
342.567 6.74 June 30 1920
124.346 3.46
Sept. 30 1920
323,438 6.36 Sept. 30 1920
118.212 3.28
Dec. 31 1920
292.835 5.76 Dec. 31 1920
111.436 3.09
Mar. 31 1921
289,444 5.69 Mar. 31 1921
106.781
2.96
June 30 1921
288,749 5.68 June 30 1921
105,118 2.91
Sept. 30 1921
285,070 5.60 Sept. 30 1921
103,447 2.87
Dec. 31 1921
280,026 5.50 Dec. 31 1921
128.818 3.58
Mar. 31 1922
280,132 5.51 Mar. 31' 1922
128.127 3.55
June 30 1922
275,096 5.41 June 30 1922
123,844 3.43
Sept. 30 1922
270,794 5.32 Sept. 30 1922
123,710 3.43
Dec. 30 1922
261,768 5.15 Dec. 30 1922
121,308 3.36
Mar. 29 1923
239.310 4.70 Mar. 29 1923
3.32
119,738
June 30 1923
207,041
4.07 June 30 1923
3.27
117.631
Sept. 30 1923
210.799 4.14 Sept. 30 1923
118,435 3.29
Dec. 31 192:3
203,109 3.99 Dec. 31 1023
113.155 3.14
Mar. 31 1924
201,636 3.96 Mar. 31 1924
112,521
3.12
June 30 1924
203,059 3.99 June 30 1924
112,191
3.11
rVoL. 119.
I
Justice Hoehling,acting without a precedent, decided that the proceedings
were legal enough to support an adverse ruling, upon which the defendant,
objecting to being ordered to stand trial, might go to a higher court.
The Court reviewed the KJlbourn case of 1881, the Chapman case of 1897
and the Henry case of 1914, all of which concerned evidence identical with
Sinclair's case, in which the United States Supreme Court considered the
questions of jurisdiction, but did not give guidance to lower Federal courts
In the present issue.
Justice Hoehling then followed the general rule in such cases and decided
that the authority of Congress to compel Mr. Sinclair to answer should be
upheld, excluding, of course, self
-Incrimination.
The United States Supreme Court will have to pass on the validity of the
indictment before Mr. Sinclair can be put on trial. In his opinion Justice
Hoehling paved the way for a special appeal to the Court of Appeals of the
District of Columbia,and from there the case will go to the highest tribunal
on appeal.
Following the action of the Supreme Court of the District
of Columbia, Sinclair and his counsel, Martin W. Littleton,
appeared before United States Commissioner Hitchcock,
and gave bail in $5,000 to guarantee his appearance for trial.
It was stated on July 15 that Harry F. Sinclair would ask
the District of Columbia Court of Appeals for a special appeal from the decision sustaining his indictment. The order
of Justice Hoehling sustaining the right of Congress to require answers to six of the questions is what is known as an
interlocutory order and may not be appealed from as a matter of right. George H. Hoover of counsel for Sinclair expressed confidence in a favorable action by the Court of Appeals on the motion for a special appeal. He declared JusIn the following table is shown the number of shares of
tice Hoehling did not attempt to decide the fundamental
the Steel Corporation distributed as between brokers and
question of the right of Congress to compel citizens to answer
investors on June 30 1924 and June 30 1923:
inquiries, but invited a decision of the higher Courts.
CommonJune 30 1924
Ratio. June 30 1923.Ratio.
Brokers, domestic and foreign_ _1.039,725
Investors,domestic and foreign_4,043,300
Preferred
Brokers, domestic and foreign__ 175,887
Investors, domestic and foreign_3,426,924
20.45
79.55
1.186,420
3.896.605
23.34
76.66
4.88
95.12
195,141
3.407,670
5.42
94.58
The following is of interest as it shows the holdings of
brokers and investors in New York State:
CommonBrokers
Investors
Preferred
Brokers
Investors
June 30 1924. Ratio.
896,409
17.63
1,296,804
25.51
148,856
1,507.697
4.13
41.84
June 30 1923. Ratio.
1.038,571
20.43
1,283,939
25.26
166,842
1,498,687
4.63
41.60
Albert B. Fall Pleads Not Guilty to Oil Indictments.
Albert B. Fall, former Secretary of the Interior, pleaded
not guilty, waived preliminary hearing and refused to make
any comment, when he was arraigned at El Paso, Tex., on
July 15 before United States Commissioner A. J. Schmid
on charges growing out of indictments returned by a special
Grand Jury in the District of Columbia. The indictments
specifically charge Fall with entering into contracts with
private oil companies for the draining of Federal oil reserves
and also the acceptance of the sum of $100,000 from E. L.
Doheny Jr. and E. L. Doheny Sr. The indictment is in
three counts, the first and third relating to the alleged
$100,000 payment. In the first count it is alleged the conspiracy with the Dobenys was furthered by an overt act,
the writing of a letter to Doheny, and in the last count the
specific payment of the $100,000 is charged. The second
count charges conspiracy with Harry F. Sinclair in regard
to the Wyoming or Teapot Dome leases and entering into
contracts without bids. Fall previously had notified the
Commissioner that he was ill.
Sinclair Must Answer Six of Ten Questions Put by Senate Oil Committee, District of Columbia
Supreme Court Rules.
In the District of Columbia Supreme Court on July 14,
Justice Adolph A. Hoehling handed down a ruling to the
effect that Harry F. Sinclair is legally bound to reply to six
of the questions which he refused to answer when put to him
by the Senate Committee on Public Lands and Surveys in
its investigation of the oil leases. Justice Hoehling overruled
Mr. Sinclair's demurrer and motions to quash the indictment
brought against him under Section 102 of the Revised Statutes. Mr. Sinclair has 20 days to appeal to the District
Court of Appeals, and then the case will go to the United Jerome Michael Appointed by Attorney-General
Stone
States Supreme Court, as both sides want a definite preceto Handle Quartermaster War Frauds.
dent established. According to Justice Hoehling, Sinclair
Jerome Michael of New York has been appointed by
was legally bound to an,:wer these questions:
Attorney-General Stone as special assistant to the AttorneyWhether there was an agreement between Mr.Sinclair and Secretary Fall,
concerning which John C. Shafer, Chicago publisher, was alleged to have General to take charge of the "Quartermaster war frauds"
declared that he was to have received some of the area in the Sinclair lease cases in the War Transactions Section, Department of Justfrom the Mammoth Oil Co.:
ice, succeeding C. Prank Reavis, who recently resigned.
Whether Mr.Sinclair testified correctly on a previous occasion
that he had
never given or loaned anything to Mr. Fall:
The question pertaining to the testimony of F. G. Bonn's, Denver publisher, relative to Teapot Dome leases;
Whether Mr.Sinclair met Mr.Fall in November and December,1923,and
if so, where and when:
Whether, as the prosecution declared, the Pioneer Oil Co., due to a contract, stopped competing for the Teapot Dome lease;
Whether Mr. Sinclair would be willing to let the committee see the books
of the Hyvas Corporation, a Sinclair subsidiary.
Termination of Mail Workers' Strike in Canada.
The strike of mail clerks and carriers which for a short time
seriously impaired the postal service in some cities of Eastern
Canada was brought to a close on June 29, when the postal
service employes in Toronto, who had been out for 11 days,
returned to work. This action followed a meeting of the
With regard to the ruling of Justice Hoehling, the New workers at which it was unanimously voted to end the walkYork "Times" said:
out. According to an agreement signed with the postal
One of the counts of the indictment thrown out by Justice Hoehling was authorities, the workers were taken back
unconditionally.
a "blanket" or general count which charged Sinclair with refusing to
answer any and all of the ten questions. This count, the Court found, James Murdock, Minister of Labor, however, promised
did not charge a violation of any existing law.
that their wage grievances would be investigated by a comOf the other three set aside, one related to a question asked Mr. Sinclair mittee of the House of Commons.
concerning 75.000 shares of stock of the Sinclair Consolidated Oil Co. which
Conditions under which postal workers in Toronto and
were rumored to have been contributed to the Republican National Committee.
Windsor returned to work were the subject of a reference in
Another related to a question about the alleged transfer of 3100,000 from
the House of Commons shortly after the opening on June 30.
the National Park Bank of New York to the National Metropolitan Bank
Arthur Meighen, opposition leader, drew the attention of the
here.
The other concerned a question asked Mr. Sinclair about the testimony of Government to press reports of the settlement and asked
G.D.Wahlberg,his private secretary,in connection with the supposed loan
agreement had been made. In reply, Charles Stewart,
of Sinclair stock to Will H. Hays, Chairman of the Republican National what
Acting Postmaster-General, read a memorandum, which
Committee.
Section 102 provides punishment for the offense of refusing to answer stated that the employees resumed duty unconditionally as
questions propounded by any committee of the House or Senate which
Investigates a subject with the view to enacting laws. The Senate adjudged postal workers, would get no pay for the time they were on
Sinclair in contempt under this section and certified the case to the Grand strike, but would have an opportunity when the revision for
Jury.
the civil service had been completed, to present their grievMr. Sinclair's attack on the indictment was based not so much on the
right of a witness to refuse to incriminate himself as on the alleged illegality ances, if any, to the Government. Mr. Stewart's statement
reads:
of the whole proceeding.
JULY 19 1924.]
TILE CHRONICLE
at Toronto and Windsor
On Sunday afternoon, the striking employees
the terms
were permitted to return, each individually on signing under
as follows:
offered by the Government. The statement signed was
postal helper on the post
"I agree to resume duty unconditionally as a
office staff."
ts will be made to adjust the
As soon as the service is normal, arrangemen
staff to the number of positions available.
the time they were out on
No payment will be made to the employees for
strike.
desired to state that no
So that there shall be no misunderstanding, it is
as reported in some of
special offer was made in regard to a sub-committee,
Government, and which
the newspapers. The only offer made by the
contained in a letter from
referred to employees actually on duty, was that
dated June 18 1924, to
the Hon. Mr. Stewart, Acting Postmaster-General,
of Postal Employees,
Mr. Archer, Secretary of the Canadian Federation
reading as follows:
its report upon the
"When the Civil Service Commission has submitted
to the representatives
salaries of the entire service, opportunity will be given
departments of the
of the employees in the Postal Department, or in other
the salary revision proGovernment, who have objections, to file against
difference as fully
posed by the Government, and to discuss such matters of
and, it is hoped,
as may be necessary to ensure a thorough understanding,
a final and satisfactory agreement on the points in dispute."
but
Mr. Stewart's statement did not touch on the point, is
the Canadian papers say the intention, it is understood,
not to pay overtime for handling accumulated mail.
Victor
After the second day of the strike, Postmaster
,
issued an ultimatum to the strikers in Montreal
Gaudet
in which the service was most
which was one of the cities
of
seriously affected by the walkout, announcing that none
would be reinstated in their positions. Mr.
the strikers
Gaudet, in his statement, said:
we have finished with the
So far as the Montreal post office is concerned,
t and we are busy
strikers. We regard them as having left their employmen
speedily accomplished
training now men to take their places. This will be
will be back to normal,
and by the beginning of next week all the services
strikers appeared at the
Including the street delivery service. A number of
on duty and asked to be
main post office to-night when the night shifts went
All others who have
reinstated in their positions, but all were refused.
manner.
left their employment will be dealt with in the same
they have done their
I wish to compliment the police on the splendid way
P. have helped
duty. Both the men of the city police and the R. C. M.
their task of restoring order in the
greatly to aid the postal authorities in
service.
been disposed
All the mail posted in the city for delivery in the city has
All the mail
of to-night and there has been no congestion in this branch.
branch offices for delivery to
has been sorted and sent to the respective
regards
citizens at the general delivery wickets. There was some delay as
of a serious
the mail destined to points outside tho city, but this was not
nature.
t in
All railway mail clerks were working to-night. This is the departmen
letter
which the least trouble has occurred, while the worst has been the
total of 420.
carriers' branch, where nearly 400 men went on strike out of a
All these men, however, are being replaced, and we hope to resume delivery
may obtain their
by letter-carriers on Monday. In the meantime citizens
mail at their respective branch offices.
287
that if the
Toronto mailing, I issued instructions to the Toronto postmaster
merning, he was to
men did not return by ten o'clock, standard time, this
done and I had a
proceed to put on men to take their places. That was
in the neighborreport at about four o'clock that indicated we had almost
office at Toronto.
hood of four hundred employees at work in the post
Situation Summarized.
and in some
So far up to the moment we have not, except in Montreal negotiations
The
of the other centres, had to resort to putting men on.
and the
went on throughout the day in Toronto between the executive
was that they
post office employees there, but at five o'clock the result
were not able to persuade the men to return to work.
believe—in
One of the officers—the representative from Hamilton, I
try to
disagreement resigned, and intimated that he would undertake to
no further
prevent the men from going out in the City of Hamilton. I have
Toronto, that
word on theeltuation, except that at the moment the men in
to a considIs, the regular employees, are out. They are out in London
Brantford.
erable degree; they are also out in Windsor, in Belleville, in
we have word
and part of them in Montreal. As to the Western situation,
most of
from a number of centres, namely, Calgary, Edmonton,Saskatoon.
a strike
the large centres, and there is no indication at the moment of
occurring. I am given to understand that there was not complete unanimity
word from
of feeling about the matter in these centres. We have no further
reached
Vancouver or Victoria. They took no action. Of course, word
Toronto. At
them much earlier in the day than it reached the City of
was going on to-day
Montreal the mails are being moved, and everything
this
except at one postal station in the city, where a little trouble developed
morning. In the Maritime Provinces, with the single exception of Moncton.
no intiwas
the offices were operating with full staffs. At any rate, there
What
mation to the department that they intended to go out on strike.
of the order coming at five o'clock to-night
the result will be of the issuance
in the
I am unable to say, but I wish to re-state what I said the other day
House when gpeaking on behalf of the Government:
sympathiesare
"While I am a strong sympathizer with labor, while my
us, it is
with the workingman, as I think, perhaps, is the case with most of
carry on
the Government of Canada that is concerned here, and it must
men the
the business of the country. I said to the representatives of the
point
other night: 'Gentlemen, my sympathy has been with you up to the
that I will exercise all the
where you declare a strike, after that bear in mind
Ingenuity and energy that I possess to carry on the business of Canada.'
nearly four
That is my feeling in the matter. At the moment we have
is said that.
hundred new employees at work in the Toronto post office. It
At the same time
while the light holds out to burn, the sinner may return.
be postponed
I simply have to say to the men that a settlement cannot
on, the mails
indefinitely. The postal service of Canada must be carried
legitimate
must bemoved;and,so far as I am able, I am going to take every make no
that. I
means to secure the number of employees necessary to do
who has to work in that
threats. As I say, my sympathy is with the man
be considered,
kind of way for a living. But there is a higher interest to
that interest is atand that is the interest of the country at large. When
measure ceases.
tacked in that kind of manner my sympathy in very large
to do, so far
Speaking on behalf of the Government, that is what I propose
as is possible, in order to keep the mails moving."
Notice of the intention of the postal workers to strike was
conveyed to the Government on June 18 in a letter addressed
to the Prime Minister by J. E. Archer, Secretary of the
Canadian Federation of Postal Employees. The letter was
handed in previous to the negotiations with members of the
general walkout of railway mail clerks in Government. It read:
The rumored
Ottawa, Ont.. June 18 1924.
Toronto and Quebec city failed to materialize on June 20 Right Hon. W. L. Mackenzie-King,
were
and all mail trains leaving those cities that morning
Prime Minister, Ottawa, Ont.
Dear Sin—Acting on the wishes of the membership of the organizations
manned, according to a statement issued by the Post Office
Acting Post- concerned, as expressed in a Dominion-wide ballot, a general strike in the
Department on that day. Charles Stewart,
postal service has been called to commence at 5 o'clock this afternoon.
master General, said that all mail trains throughout the
It is regretted that the late hour at which this decision was arrived at
entraining for Ottawa. in response
the
Dominion were now manned and that there was practically no last night, andthe necessity for haste in impossible to convey this informafrom
Government, made it
to a
that part of the system. An official communication tion callyou sooner.
strike.in
to
issued from the Department declared that the strike was
The necessity for the action is deplored by all our officers and members.
received. who trust that immediate favorable consideration by the Government
"petering out," according to telegraphic advices
postal
may yet enable us to assist in averting the move called for by the
On June 19 Charles Stewart, Acting Postmaster-General of employees.
explaining the negotiations
Sincerely yours,
Canada, issued a statement
(Signed) J. E. ARCHER,
which the Government had carried on with the union and
Canadian?Federation of Postal Employees.
Secretary,
offered to prevent the strike. Mr.
what terms had been
To this letter Hon. Charles Stewart, Acting PostmasterStewart said:
the General,
replied to Mr. Archer as follows:
the situation yesterday with the representatives of
We discussed
the results
postal employees, and the newspapers last night intimated what
say that
of the discussion were. Before saying anything about that, may I
for a
before the executive left Toronto there was an order issued apparently
strike yesterday at five o'clock, which would be effective throughout
in Toronto, camo here
Canada. The executive, however, after discussions
to discuss the situation with us yesterday.
in the neighborhood of five
We appeared to be reaching an agreement
to
o'clock, but whether the executives were late in forwarding their message
postal
Toronto or not, at all events the Toronto employees went out, all the
their
workers in the offices and their assistants, all the mail carriers and
in
assistants, and the chauffeurs. Of course, when that happened it broke
press,
upon our negotiations. The Government, as was intimated in the
that
offered full consideration of the claims of the post office employees;
Service
after the claims of the civil service were all adjusted by the Civil
the comCommission we might sit around a table and discuss thoroughly
plaints of the post office employees, as well as the complaints of any other
in the
civil servant. In addition to that, we offered that the rates prevailing
is in
lower grades, against which there was considerable complaint, that
time as an
salaries of $1,200 and under, should be continued until such
offer of the Government and
adjustment was made. That in brief was the
be accepted by the officials.
up to five o'clock we had hoped that it would
they ordered their
For further consideration of the offer of the Government
r hours. That order was not obeyed
men to delay the strike for twenty-fou
ly, some of the men
in Toronto, nor was it obeyed in Montreal. Subsequent
they did not return. That was the
came back to work, but in Toronto
when the officers of the association
situation up to ten o'clock last night,
well know,the busy hour
left here to go to Toronto. As honorable gentlemen
in that city,swhich is, perhaps,the biggest
of the day is about five o'clock
mails come in about that time and
centre that is seriously affected. The
distribution as well as to get the mails
there is heavy sorting to be done for
delayed last night. At ten o'clock last
out on the trains. That was all
longer, and as there did not appear
night I felt that we could not delay any
in time to begin work upon the
to be any hope of getting an adjustment
Ottawa, June 18 1924.
Mr. J. E. Archer:
of even
Dear Sin—This acknowledges receipt of a copy of your letter
him
date addressed to the Right Honorable the Prime Minister advising
that:
ns concerned.
"Acting on the wishes of the membership of the organizatio
postal service
as expressed in a Dominion-wide ballot, a general strike in the
has been called to commence at 5 o'clock this afternoon."
authorized
After discussion of this matter with the Government, I am
, and it is
to state that we regret the decision arrived at by your committee
prior to this
a matter of additional regret that your committee have not
with the
date officially indicated to the Government your dissatisfaction
Civil Service
recent salary revision for postal workers as authorized by the
Commission and the Government.
of the
Since the receipt of your letter of even date, a sub-committee
some length
Cabinet has had the opportunity of discussing these matters at
that furwith your conunittee. and have heard the views of your committee
employees by
ther consideration should be given to the claims of the postal
the Government.
yesterIn connection with this matter the Prime Minister in Parliament
day stated as follows:
n has submitted its
"We are prepared. when the Civil Service Commissio
that report
report upon the salaries of the entire Civil Service, to consider
before us, and to
carefully in the light of all the material which we have
supmake to Parliament,if we think it advisable so to do.reconunendations
the Civil Service Complementing those which are contained in the report of
to make any 7e00mmission. But we do not feel that we are in a position
to the postal
mendations to Parliament at the present time with respect
Post Office Department will
employees;and I hope that the employees of the
is in the
see that the position which the Government is taking is one which
of the
interests of the entire Civil Service of the country, and in the interests
taxpayers as well."
288
THE CHWINICLE
[Vol,. 119.
Offer by Minister.
their fair share to the revenues of the carriers of this
group, considering
W We also in discussion of this date learned of the dissatisfaction of the the values of the traffic, the average hauls, the
relative services performed,
postal employees due to the fact that in certain cases the present salary and the ratio of revenue produced by grain and
grain products to total
plus 1924 bonus was higher than certain rates proposed by the Civil Service carload revenue compared with former years.
Commission for the same class of employees, and I am authorized to state
3. There has been an increase in the average loading of grain
and its
that in the case of employees whose revised rates, as determined by the Civil products in recent years, as well as in the average loading
of all carload
Service Commission, are less than the former rate plus 1924-25 bonus, such traffic, although not to the same extent in the case of all
carload traffic.
bonus shall be continued until salary revision for the entire service has been
Improvement in Condition.
consumated.
4. There has been slow but progressive improvement in
I am further authorized to say that in carrying out the plan and action
the economic
proposed by the Prime Minister in the above-quoted paragraph that the condition of agriculture in the Western group since 1921, though the improvement in grain-raising areas is less than with
Government policy is that when the Civil Service Commission has subrespect to other classes of
mitted its report upon the salaries for the entire Civil Service, that oppor- agriculture.
5. Present adjustment of rates on grain and its products from
tunity will be given to the representatives of the employees in the postal
the "eledepartment or in other departments of the Government who have objections ment of value"standpoint,compared with the other heavy loading commodities moving in volume, is not unfavorable to
to file against salary revision proposed by the commission to fully present
grain and grain products.
6. Despite a peak year in 1923 from the standpoint
their views to a sub-committee of the Government and to discuss such
of traffic handled, it
matters of differences as fully as may be necessary to ensure a thorough does not appear that the carriers made a fair return after giving due conunderstanding, and, it is hoped, a final and satisfactory agreement on the sideration to the contentions as to abnormal expenditures for maintenance
of equipment and to the aggregate valuation.
points in dispute.
NI
7. No assurances on the record that there will be such
I trust that your committee will at once take the necessary action to
further increases in
tonnage or such reductions in operating expenses
see that continuous operation of the postal service is maintained.
in the immediate future
as to enable the carriers to earn an excess over a
fair return. Any further
reduction in revenue would Increase the shortage in
the fair return of
Inter-State Commerce Commission Refuses Petition carriers in the Western group.
for Reduction in Western Grain Rates.
Carriers Need Funds.
8.
Contending that the financial status of the carriers does groupLarge additions to capital must continually be made by carriers in this
for needed additions and betterments, which cannot be done
if the
not justify lower rates, the Inter-State Commerce Com- credit of carriers is seriously affected by undue
impairment of their net
mission on July 17 refused to order a reduction in railroad revenues from operation.
rates on grain, grain products and hay sought by ten States in 9. Benefit that would accrue to the average farmer in case of a reduction
rates is small compared with the aggregate disastrous effect on
certain of
in the Mississippi-Missouri Valley cereal growing region. the carriers'revenues and on their credit, and there is serious doubt whether
At the same time the Commission decided that the reports farmers would not in many instances lose from impaired railroad service
more than they could
independently conducted into the level of rates on these farmers would get thepossibly gain from a reduction in rates, even if the
entire benefit of any reduction made.
same products in all sections of the United States had demonA reduction in grain rates would have a bad effect on agriculture in
strated no need for any changes, and proceedings before it the Southern group, Conunissioner Aitchison said. Except for a small
territory in the Mountain-Pacific group, reduction in rates was not
asked.
bearing upon both issues were dismissed. The Associated
"It is not enough," the majority report said, "that present conditions
may be ideal; It must appear that something better is attainable."
Press accounts of the Commission's conclusions stated:
The Commission held the financial status of the carriers did not justify
Suggests Competition.
the step, while in general it held that the financial condition of the Western
The majority report suggests that competition at the country markets
grain farmers was showing a slow improvement,relieving them of the neces- will help
to improve conditions. Variation of prices at the terminal markets
sity for the reduction.
it was shown, frequently is as much as 16 cents a bushel, whereas the
The States which led in the presentation of the complaint denied to-day
average freight rate paid from the farm is considerably under that figure.
—Kansas, Nebraska, North and South Dakota, Iowa, Illinois. Oklahoma,
Better prices are obtained by farmers who sell to elevators owned by assoMissouri, Minnesota and Louisiana—obtained in January 1922 the first
ciations of farmers, the investigators found.
railroad rate reduction granted after the war for the grain products conThe report cited the Great Western, the M.& St. L., the St. Paul road,
cerned.
the Missouri Pacific, the Rock Island and the Northern Pacific as roads that
Later, in 1922, a general reduction of 10% in all rates was granted by
would be unduly injured by a decrease in the rates on grain, grain products
the Commission, and early in 1923 the same Western States promptly
and hay. The proposed reductions would cost the St. Paul road $2,492,408
moved before the Commission to obtain a secondary reduction on their
annually, the Rock Island $1,513,204 and the Northern Pacific $1,225,000.
own products. After the first hearing the Commission ordered a retrial
And none of these roads earned 4% in 1923.
of the issues and instituted its own investigation into grain rates in all
Commissioner McChord, while favoring a reduction in the rates on
sections of the country.
Clyde M. Reed, Chairman of the Kansas Public Utilities Commis.sion, grain, grain products and hay to help agriculture, opposed Commissioner
Campbell's suggestion that rates on other commodities be increased to
for the States and farm organizations, contended that the depressed price
make up the losses to carriers. He said that after the reductions are
of grain products required a new lower level of freight rates for all the commodities concerned. He held also that the financial condition of Western made the roads could ask an investigation and then be granted relief if
railroads would justify the cuts demanded because the valuation of the shown to be needed.
The Minority Report.
property used by them in rendering transportation service was less than
In his minority report Commissioner Eastman said:
the Commission had hitherto calculated, and,further, because the expendi"Such a reduction would be of no great material help to the farmers.
tures of railroads of the West on maintenance during 1923 were unduly
for the harmful effect of the present freight rates has been much exaggerated;
swollen.
but It would no doubt be of some assistance, and at all events It would clear
From the "Herald-Tribune" dispatch from Washington the air for
consideration of issues which have greater pertinence."
July 17 we quote the following:
Commissioner Lewis took issue with the entire majority report. He
Commissioner Aitchison wrote the majority report, while Commissioner said all the usual standards employed in determining just and reasonable
Potter submitted a separate concurring report that met with the approval rates, transportation conditions, cost of service,
value of service, earnings,
of Commissioner Cox.
comparison with other rates and what the traffic will bear show that grain
rates are too high, and should be reduced. He insisted that agricultural
Five Members Dissent.
Commissioners McChord, McNanamy, Eastman, Lewis and Campbell rates can be pulled down and other rates pushed up to compensate the
dissented. The dissenting members took the position that agricultural carriers.
freight rates should be reduced, but did not agree as to how it should be
done. Commissioner Campbell, for instance, would make up the losses Inter-State Commerce Commission Orders Inquiry into.
to the roads on agricultural products by increasing rates on other products.
Eastern Freight Rates.
The Commission's decision in the grain rate case is expected to intensify
Ar investigation of the inter-State class freight rates apthe drive in Congress for the repeal of section 15a, the so-called guaranty
plicable within the territory east of the Mississippi and North
section.
Commissioner Aitchison's report was on the investigation ordered by of the Ohio
was ordered by the Inter-State Commerce Comthe Commission in October and November 1923, when the Administration
was busy on ways to help the farmer. The Kansas Public Utilties Com- mission on July 18. George B McGinty, Secretary of themission at about the same time had made application for reduction in Commission, in a statement explanatory of the order said:
grain and grain product rates. The proposed reduction would have
At the request of carriers operating within official territory and of many
amounted to from 10 to 14% and would have cut the revenues of Western Interested shippers, the Commission on its own motion has instituted
an incarriers between $17,000,000 and $20,000,000.
vestigation of the inter-State class rates applicable within that territory.
While other groups were mentioned in the Commission's report, the The scope of the investigation has been made somewhat broader than
conwhole investigation centred around conditions in the Western group. templated by the requests received for the reasons indicated below.
Virtually every farmers' organization, all farm commodity associations
This investigation has been instituted because in many instances the class
and the railroad commissions in the States of the agricultural West pre- rates within that part of official territory which is known as
trunk line
sented testimony and arguments before the Commission.
territory, between the latter territory and what are known as central and
The Commission's investigation of agricultural rates attracted more New England territories, and between central territory and
New England
attention in the last eight months than any other subject that has been territory, are higher for shorter than for longer distances
over the same line
before it. Extended hearings were held in various places throughout or route,and applications for authority to continue these departures
from the
the country. Agriculture made its supreme drive to get freight rate relief fourth section of the Inter-State Commerce Act have been
denied by the
in this particular action. Only a few days ago, when there was talk of Commission: because the relationship to first class of
the rates on the lower
reopening the case for further hearings, a vigorous protest was filed.
classes varies greatly in many of the different class
-rate scales which are now
The Commission's action Is its first of importance since Congress adopted in effect, and because of other similar reasons. While
the class-rate scales
the resolution saying that agriculture is the basic industry and telling within central and New England territories have
been fixed by the Commisthe Inter-State Commerce Commission to revise freight rates to relieve sion and are not subject to the same criticism the
order of investigation has
the farmer, but not in such a way as to injure the carriers. Commissioner been made broad enough to cover these class
rates, so that it may be possiAitchison in his report remarked that agriculture is the basic industry. ble to make such adjustments in them
as may prove desirable in order that
He held agriculture was not entitled to the reductions asked, that the they may be properly linked to whatever
class rates are prescribed, as the
farmer would benefit little from them and they might prove disastrous result of the investigation, in other parts official
of
territory.
to the railroads.
The order covers "Inter-State class rates and the charges resulting thereThe Commission's findings were summarized so far as the Western from." This should not, however, be
construed as including classification
group is concerned, as follows:
ratings or rules, exceptions to the classification, or minimum carload weights.
1 Rates on grain, grain products and hay, generally speaking, are
inter-State rates have not been included within the scope of the.
While
now on a somewhat lower basis compared with pre-war freight rates than investigation, the Commission
appreciates the desirability of harmony
are the carload rates on other traffic.
between the Inter-State and the intra-State rates, and will seek the advice
2. Earnings per car, per car-mile and per ton-mile on grain and grain and help of the State commissions in carrying on the investigation.
products, compared with other classes of traffic and with all carload traffic,
The dates and points at which hearings will be held will later be ando not show that grain and its products are now contributing more than nounced. In the meantime the carriers should complete their plans for
JULY 19 1924.]
THE CHRONICLE
the readjustment of the rates in issue and give full publicity to those
plans
at as early a date as possible, in order that shippers may be fully
advised
in advance of the hearings as to the carriers' proposals.
The following is the Commission's order:
It appearing that in many instances inter-State class rates between points
in trunk line territory, between points in said territory and points Central
in
and New England territories, and between points in Central territory and
points in New England territory are higher for shorter than for longer
distances over the same line or route; that the relationship to first class
of
the rates on the lower classes varies greatly in many of the different class
rate scales or adjustments now in effect in official classification territory.
particularly in trunk line territory, and that undue prejudice
and preference
may exist among persons and localities affected thereby;
It further appearing that all applications filed by carriers
to continue
the aforesaid Inter-State class rates which are higher for shorter
than for
longer distances over the same line or route, all-rail, or
partly by rail
and partly by water, have been denied by fourth
section order No. 8914,
fourth section departures in E. T. L. territory, 89 I.
C. C., 470.
It further appearing that a general revision
of said inter-State class
rates to bring them into conformity with Section
4 of the Inter-State
Commerce Act is necessary, that representatives
of interested shippers
and carriers serving said territories have joined
in a request for an investigation of said rates by this Commission;
It further appearing that there is a more or
less close relationship between said rates and the remaining class rates
between points in official
classification territory, making it difficult to
deal effectively with a portion of said rates without having under
consideration the remainder;
and,
It further appearing that such an investiga
tion would be in the public
interest;
It is ordered, That a proceeding of investiga
tion and inquiry be, and
it is hereby, instituted by this Commission
into and concerning the class
rates applicable on inter-State commerce
all rail, and or partly by rail
and partly by water, between points in official
cliassification territory.
including the charges resulting therefrom,
with a view to determining
whether said rate and charges are unreason
able, or are unduly prejudicial
to or unduly preferential of particular localities
, persons, or descriptions
of traffic, or are otherwise unlawful, and to
making such findings and
order or orders as may be proper in the premises.
The order names 538 inter-State rail and water
carriers,
embracing all the principal lines of New Englan
d, the East
and the Central section of the country, including the
New
York Central, Baltimore & Ohio, Pennsylvania,
Grand
Trunk, Santa Fe, Canadian Pacific, Central
of New Jersey,
Illinois Central, Norfolk & Western and New
Haven lines.
289
Labor Board's decree enforceable, the court's opinion stated.
"This is an instance where the machinery which the Congress
set up did not work through to final decision, and resulted
in no punishment except that of public opinion directed
against the company," the opinion read, referring to the
announcement by the Labor Board that the company had
refused to obey its rulings, which were favorable to the
employes.
Nominations for Officers and Direetors of Investment
Bankers Association of America.
John W. Prentiss, President of the Investment Bankers
Association of America, on his return from his summer
home "Blighty" at Gloucester, Mass., where a meeting of
the Board of Governors of the association has just been concluded, announced on July 17 the official nominations for
officers and directors of the association for 1925. The nomination of Thomas N. Dysart of the William R. Compton
Co. of St. Louis as the new President to succeed Colonel
Prentiss has already been announced. The new officers
and directors will be inducted into office at the annual convention of the association to be held in September at Cleveland. Two New York bankers have been added to the
Board of Governors of the association, according to the
announcement of Colonel Prentiss. They are George
Whitney, member of the banking house of J. P. Morgan
&
Co. and Pierpont V. Davis, VicePresident of the National
City Co. The other nominations follow:
Vice-Presidents: Barrett Wendell Jr., of Lee, Higginson &
Co., Chicago,
Frederick W. Remick, of Kidder. Peabody &
Co., Roston, formerly a
member of the board. J. A. Fraser, of the Dominion Securitie
s Corporation,
Toronto. Ray Morris, of Brown Brothers & Co., New York, and Eugene
E.
Thompson, of Crane, Parris & Co., Washington.
Secretary. Frederick R. Fenton of Fenton, Davis & Boyle, Chicago.
Treasurer, John G. Brogden, of Souther, Brogden & Co., Baltimore
.
Board of Governors for 1925: Sigmund Stern. of Stern Brothers & Co..
Kansas City, who succeeds Mr. Morris. Pliny Jewell. of Coffin & Burr,
Inc., Boston, who succeeds Mr. Remick.
Board of Governors for 1927: George Whitney, of J. P. Morgan &
Co..
New York. Henry R. Hayes, of Stone & Webster, Inc.. New York, H.
C.
Olcott, of the Continental & Commercial Trust & Savings Bank, Chicago,
Plerpont V. Davis, of the National City Co., New York, Max 0. Whitine.
of Harris, Forbes & Co., Boston, Hugh W. Grove, of the First Wisconsin
Co., Milwaukee. Edgar Friedlander, of Cincinnati, Walter S. Brewster
.
of Russell, Brewster & Co., Chicago.
Telegraphers on Six Railroads Get
Wages Increase.
Increases aggregating $8,422 monthl
y, effective immediately, were granted on July 15 to 1,921
telegraph service
employes of six railroads by the United States
Railroad Labor
Board, according to dispatches from
Chicago to the daily
papers. The roads affected included the
Buffalo Rochester Annual Convention of Nation
al Association of Mutual
& Pittsburgh, 3 cents an hour; Delaware &
Hudson, 1 cent
Savings Banks—Warren S. Stone Urges Committee
an hour, and the New York Ontario & Wester
n RR.,4 cents.
of Railroad Workers and Savings Bankers to
Pass on Railroad Securities.
Brotherhoods Suit Against Pennsylvania
At the recent annual convention of the National AssociaRailroad for
Back Pay Dismissed—Decision that Railroa
tion of Mutual Savings Banks, held at the Hotel
d Labor
CommoBoard's Decree Are Not Enforceable Is
dore, this city, Warren S. Stone, Grand Chief of the BrothUpheld.
One of the most important decisions with respect
to a rail- erhood of Locomotive Engineers, advocated, according to
road labor question that has been handed
down in many the New York "Commercial," the formation of a committee
months was given by the United States
Circuit Court of composed of railroad workers and savings bankers for the
Appeals on July 14 at Philadelphia, when
the court dismissed purpose of passing upon railroad securities and through the
equity suits brought by System Federat
ion 90 of the Feder- combination of practical railroad experience to that of bankated Shoperafts and the Brotherhood
of Railway Clerks ing, placing the stamp of approval upon those securities of
against the Pennsylvania RR. for
enforcement of wage railroads which are known to be operated efficiently.
increase and working condition decision
s of the United Through such a plan, he declared, the railroads will have no
States Railroad Labor Board, the suits
being dismissed on difficulty in raising the large sums of capital which they
the ground that the Federal courts have
no jurisdiction in require. Mr. Stone was quoted in the "Commercial" as saysuch matters. Judge Victor B. Woolley
wrote the Circuit lag:
Court opinion, which also exonera
The railroad brotherhoods have frequently been accused
tes the Pennsylvania
of favoring
Government ownership. They
RR. and its officers, including President
Rea, of the charge tion. But to many that has have no ilusions of any elysium in that direcseemed the only possible weapon against a
of criminal conspiracy. An appeal to
the Supreme Court of financial control which could envision the real problems of labor only as
the United States is contemplated, it
is said, by the System many figures on a balance sheet. The brotherhood have no quarrel with
private ownership, if such
Federation No. 90, said to represent 60,000
administered with
shoperaft em- trusteeship of the rights of ownership can beand the investor. a genuine
the public, labor
ployes, and the Brotherhood of Railwa
y Clerks.
Labor Investments Large.
The suit of the Shop Crafts Federation
was for a claim of
There is a further reason why labor and the
$15,000,000 back pay which, it asserte
savings bank investor should
d,,was due under a fall into step on the railroad problem, because labor to-day is investing its
decision of the Railroad Labor Board.
savings on a very large scale. Througho
The
ut the United States there have
to be based on the difference between the amount was said sprung up in the past three years more than 30 labor banks, with an equal
scale fixed in the number in process of organization. The
national agreement made by the
resources of these institutions have
Railroad Administration' grown in that time until they approach $100,000,000. The Brotherhood of
during the war and the scale paid by the
Locomotive Engineers owns and operates 10
of these banks.
railroads were returned to private ownersh company after the
From the New York "Herald-Tribune" it is learned
ip. The Appellate
that
Court's action confirmed that of Judge
abandonment by the Treasury Department of its policy
Dickins
of
missed the suits ;ri the Federal District Court on, who dis- selling to the public 41 2% savings certific
/
ates and the subseveral months
ago on the ground that the courts had no
stitution therefor of the sale of 4% savings
certific
jurisdiction to
enforce decisions of the Railroad Labor Board.
the savings banks was urged by John M. Wadham ates to
s, PresiContending that they were not seeking
enforcement of the dent of the association. The present method, he said, comes
Railroad Labor Board's decision, the
organizations asserted Into competition with the banks. The following is taken
they were.basing their action on a charge that
the company from the paper just quoted:
Mr. 1Vadhams said
and its officers were in a conspiracy to deprive
them of their $7,000,000,000 deposits,that mutual savings banks controlled more than
500,000 savings banks accounts, amountin
"civil and statutory rights" as defined in the
g to morethan $500,000,000, having been opened
Act. The practical effect of the decision Transportation said, could exert a tremendous influence in the last year. Savings banks, he
by adopting a uniform policy,
favorable to the they
sinceconstituted one of the principal sources of capital
employes' organizations, however, would be to
supply in the coundeclare the try.
290
THE CHRONICLE
"Half of the sum," said Mr. Wadhams," goes largely to finance building
see that
and construction. The other half goes into securities, and we can
this development is along the most desirable lines."
At the annual dinner of the association on June 6
Dwight W. Morrow, of J. P. Morgan & Co., was the chief
speaker. According to the "Herald-Tribune," he referred to
the troubled political and economic conditions of Europe,
their
and told the bankers it was their work and that of
would eventually put war and its effects furclients that
ther and further into the background and bring about a rehabilitation, and said:
(Vol,. 119.
billion dollars in property, it is said, is already entrusted to
banks performing trust functions within the area embraced
by the coming conference, and this amount is increasing at
the rate of about $100,000,000 annually. Approximately ten
topical discussions and two demonstrations will constitute
the program, which will be novel in that there will be no set
speeches. The conference will be held under the auspices of
the Trust Company Division of the American Bankers Association.
Banking Law Journal Digest.
The Banking Law Journal Co., 71 Murray St., New York
City, has brought out a new revised third edition (1924) of
the "Banking Law Journal Digest." This new edition
contains the digests of some 7,000 court decisions affecting
banking and negotiable paper that have been published in
the "Banking Law Journal" from the time of its foundation
in 1889 down to 1924. The digests are grouped under 150
James M. Wilcox, President of the Philadelphia Saving
main headings alphabetically arranged. The book is bound
was elected President of the Association;
Fund Society,
East New York Sav- in flexible fabricoid and contains 550 pages.
Edward A. Richards, President of the
ings Bank of Brooklyn, was elected Vice-President of the
Association; Milton W. Harrison, trustee of the Bowery Baltimore Convention of American Institute of
Banking.
Savings Bank, was elected Executive Vice-President. and
,
Approximately 250 memoers of the America -4 Institute of
H. P. Gifford, Treasurer of the Five Cent Savings Bank of
Banking loft this city last Monday, July 14, via an all PullSalem, Mass., was elected Treasurer of the association.
man special train from Pennsylvania Station at 7:10 Eastern
Annual Meeting of Group IV of Savings Bank Associa- standard time, over the Pennsylvania RR., to attend the
annual convention of the institute held in Baltimore July
tion of State of New York.
Sav- 15, 16, 17 and 18. Besides New York Chapter delegates,
At the annual meeting on June 20 of Group IV of the
there were delegations from Albany and other up-State
ings Bank Association of the State of New York, comprising
and Westchester cities, also from Boston, Providence and New Haven; and
42 savings banks in Manhattan, Bronx
stops were made enroute to pick up members of the institute
counties, Frederick C. Mills, President of the Union Square
Chairman and George B. located in Newark, Passaic, Elizabeth and Philadelphia.
Savings Bank, was re-elected
The convention closed yesterday and to-day, Saturday,
Dunning, Vice-President of the Irving Savings Bank, was
delegates are invited to Washington to be the
the group. The meeting was held at July 19th., the
re-elected Secretary of
guests of Washington Chapter of the institute. Many of the
the Hotel Astor, this city.
members will return from Washington on the 1 a. m. train
Sunday morning, July 20th, over the Pennsylvania RR., a
American Institute to Hold Exposition of Inventions. number of special oars being operated for their use. It is
Manufacturers in every American industry will be inter- also the intention of New York Chapter to invite all delegates
ested in the Exposition of Inventions to be held Dec.8 to 13, who are returning by way of New York to stop over and be
Inclusive, 1924, in the Engineering Societies Building, New entertained on Monday, July 21st, the plan being to have
York City. The American Institute of the City of New York the delegates assemble at the chapter rooms and be taken by
Is handling this display through its Inventors' Section, with sightseeing buses around the city and to Coney Island in the
behind it an experience of 96 years in fostering and portray- evening.
ing American industrial life. The announcement made by
the Exposition Committee says:
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
A feature of the exposition will be exhibits from the leading American
The Colonial Bank of New York will open a branch at the
machines, utilities and processindustries showing developments of various
fields the ingenuity of the inventor and the part he has southeast corner of Dyckman Street and Sherman Avenue.
ing methods. In all
played in the progress of America will be emphasized.
The property which the bank has purchased there consists
In this display of American inventions the American Institute will be
of in- of a two-story building; that part in which the branch will
continuing with a new emphasis almost a century's encouragement
ventors and introduction of their works to the public. Among inventions have its quarters will be remodeled. The banking office
now used throughout the world that were first displayed to the public at will include the space now occupied by two stores facing
earlier all-American fairs of the Institute are the Morse telegraph, the Hoe
Street and three others on Sherman Avenue adlightning printing press, the McCormick reaper, the Howe sewing machine, Dyckman
the Bell telephone, the Colt revolver, the Francis metallic lifeboat, and joining. The branch will be opened in approximately two
many others.
months.
also established the first permanent exhibit—an
without
It is the savings of the common people, their sacrifices of doing
something that their children may have a better start in life than they had,
the millions of depositors
that is to save the situation. It is the savings of
just as it was
of the mutual savings banks that are replacing wasted capital
that
the savings of the peasants of France after the Franco-Prussian war
has
helped to finance the railroad development of the American West. It
and
been the same after all great wars, this simple, prosaic creed of saving,
this trust that is the duty of the
it is the honest and judicious handling of
officers of the mutual savings banks.
The American Institute
idea later adopted in various industries—where "machines, models, specimens and drawings" were displayed to the public. Great annual fairs of
the Institute, begun in 1828 and held at such widely known places in their
times as Niblo's Garden, Castle Garden, Crystal Palace, Palace Garden, the
Academy of Music and Madison Square Garden, in New York City, portrayed year after year the advancements in agriculture, commerce, manufactures, science and the arts until, with the expansion of the country's business in the last quarter century, the idea developed into the more famous
world fairs and national and international industrial expositions under various auspices and managements.
Arrangements for the display of working models or actual devices at the
Exposition of Inventions can be arranged through a committee of the American Institute at 47 West 84th Street, New York City. All proposed displays are subject to approval by the Institute, it being the desire to show
only those things of sound worth.
Morton Wollman of the New York Stock Exchange firm
of W. J. Wollman & Co., died on July 11 at his home in this
city. Mr. Wollman was a member of a pioneer family of
Kansas and for many years was identified with the banking
and brokerage house which he helped organize in New York.
Prior to coming to New York he was successful in the mercantile business in Kansas City.
The Central National Bank of New Rochelle, N. Y., for
which a charter was issued by the Comptroller of the Currency on June 4, began business on July 1. It has a capital of
$100,000 and the stock (par $100) was disposed of at $125
Second Regional Conference of Trust Companies to Be a .share, thereby establishing a surplus account of $25,000.
Held in October at Salt Lake City.
The officers of the bank are: George F. Mueller, President;
Announcement was made this week by the American Robert R. Rennie, Vice-President and J. 0. Blinn, Jr.,
Bankers Association that the Second Regional Trust Com- Cashier.
pany Conference of trust companies and banks performing
The Bronxville Trust Co. is the name of a new trust comtrust services in the eleven Pacific Coast and Rocky Mounbe held at Salt Lake City on Oct. 7 and 8. pany which is being formed in Bronxville, Westchester
thin States, would
undiThe regional conference, affording a connecting link between County, with a capital of $100,000 and a surplus and
include Charles
the national association and the State units in Washington, vided profits of $100,000. The incorporators
& AppenIdaho, Montana, Wyoming, Oregon, Colorado, Utah, Nevada, 8. Andrews Jr., Paul Appenzellar of Swartwout
Insurance Co.:
California, Arizona and New Mexico, was inaugurated last zellar; Ellis W. Gladwin, of the Home Life
William Lloyd
year at San Francisco, and the results obtained were con- Rolland J. Hamilton, counselor-at-law;
Taft; Arthur W.
sidered so profitable that it has been decided to hold an Kitchel, of Cadwalader, Wickersham &
Investing Co., of
annual regional meeting in this listrict as a means of inter- Lawrence, President of the Lawrence
More than one-half Bronxville; Dudley B. Lawrence, Vice-President of the
change in advanced fiduciary thought.
JULY 19 1924.]
THE CHRONICLE
Lawrence Park Realty Co., of Bronxville ; Frederick Roy
Martin, journalist; Ferris J. Meigs, President of the Santa
Clara Lumber Co.; T. Channing Moore, Assemblyman, the
International Time Recording Co.; Eugene H. Rosenquest,
President of the Bronx Gas & Electric Co.; George N.
Schmeidel, contractor, of Tuckahoe; J. Crawford Stevens,
President of the Westchester Title & Trust Co., of White
Plains; Gardner W. Taylor, Vice-President of the R. T.
Jones Lumber Co.; Stevenson E. Ward, President of the
National Bank of Commerce. The trust company is expected
to start operations about October. The price at which the
stock is being disposed of is $200 per share of $100.
291
identified with the financial affairs of Toledo. In May last
he resigned as a Vice-President of the enlarged Toledo Trust
Co. shortly after that institution had absorbed the Northern
National Bank, in which he had held a Vice-Presidency. The
semi-annual report of the Ohio Savings Bank & Trust Co.
presented at the monthly meeting showed deposits of $32,769,721, an increase of about $4,000,000, it is said, for the
fiscal year. A new branch of the institution, its ninth, will
be opened, it is understood, in Collingwood Avenue, south of
Delaware Avenue, about Sept. 15 next.
The banks in some of the outlying districts of Chicago
have announced a change in their banking hours, which
The First National Bank of Bellmore, L. I., which doted among other things it is contended will
Mean better working hours for employees.
its doors on May 8 last, upon discovery that approximately
Help to facilitate their work.
$50,000 of its funds had been embezzled by its Cashier,
Render better service to patrons.
Charles M. Vanderoef, will reopen for business next week,
Will give patrons an opportunity to transact business every third evening.
according to an announcement made on Thursday (July 17)
The new hours in the case of banks on West 26th Street
by John J. Bedell, the bank's President. Mr. Bedell said and West 22d Street from Western Avenue west to the city
that a Federal examiner would remain with the institution limits, effective June 26, are as follows:
and act as Cashier until such time as a new man is chosen Monday and Thursday
9 a. m. to 8 p. in.
9 a. in. to 4 p. in.
to fill the vacaney. Vanderoef, who confessed his guilt, Tuesday, Wednesday and Friday
Saturday
9 a. m. to 1 p. in.
is now serving a sentence of seven and a half years in the
Banks observing these hours are Adams State Bank,
Federal Penitentiary at Atlanta. Reference to the affairs
of this bank was made in these columns in the "Chronicle" Lawndale National Bank, Lawndale State Bank and 26th
Street State Bank. The Cicero and Berwyn banks make the
of May 10 and May 17 1924.
following announcement:
Saturday afternoon being a legal
and
J. Harry Boardman, Cashier and a director of the Old since labor everywhere, organized andhalf holiday in the State of Illinois half
unorganized, observes Saturday as a
Lowell National Bank, Lowell, Mass., was arrested on July working day, the following banks in Cicero and Berwyn, following a similar
14 for the alleged misappropriation of upwards of $70,600 of movement in Chicago, and being mindful of the health and welfare of their
employees, shall be open for business beginning July 15 1924 Saturday 9
the institution's funds, following the completion of an ex- a. in. to 1 p. in. (not open afternoons and evenings) and in order to extend
amination of the bank's books by Federal examiners in the the same convenient hours to the public as in the past, shall remain open
regular course of their duties. The accused—who according for business two evenings each week: Tuesdays and Fridays, 9 a. m. to
8.30 p. ; other days, 9 a. in. to 4 p.
to a special dispatch from Lowell on July 14 to the Boston
BAKER STATE BANK, Cicero.
"Herald," was arrested and arraigned before United States
CICERO STATE BANK, Cicero.
CICERO TRUST & SAVINGS BANK, Cicero.
Commissioner R. B. Walsh in his own (the Cashier's) home
FIRST NATIONAL BANK, Cicero.
in order to obtain absolute secrecy and thus prevent a "run"
FIRST NATIONAL BANK, Berwyn.
PINKERT STATE BANK, Cicero.
on the institution—pleaded "not guilty," waived examina12th STREET STATE BANK, Berwyn.
tion, and was held, pending the action of the Federal Grand
22d STREET STATE BANK, Berwyn.
Jury in September. His bond was fixed at $25,000, which
WESTERN STATE BANK, Cicero.
was furnished by his wife. The dispatch also stated that the
Henry F. Tykall, Cashier of the Western State Bank of
Federal officials were investigating a series of alleged Cicero, in making known the changed hours says:
forgeries in connection with the case.
We feel that this movement is of particular interest to the readers of your
magazine and is a change that is being contemplated in other outlying
districts. It has met with much favor by the many thousands of customers
of these fourteen banks, whose resources amount to over $35,000,000. In
addition to the reasons given in the attached circular, there are many other
reasons from the banker's standpoint why
Still further the dispatch stated that in order to be pre- afternoon and evening and it is expected banks should not be open Saturday
that other banks will follow this
pared for any eventualities the officers of the bank had movement when they realize its many advantages.
The investigators said that they discovered that certain notes of
a very
well-known depositor were forged to the admitted total of $70,600. And it
was stated on authority believed to be reliable that the alleged shortage in
the accounts may total $150,000, and possibly exceed that sum.
called upon the Federal Reserve Bank of Boston for $1,500,It may be observed that the evening and Saturday after.000 in cash, which was received before the arrest of Mr. noon banking hours while new to this particular section,
Boardman was made public, but that this precaution was have already been in force in the case of some banks in New
unnecessary. The bank's President, John L. Robertson, on York and other cities.
the afternoon of July 14 issued the following statement
with
Frank E. Loomis was elected Cashier of the Illinois Merregard to the institution's condition:
This bank is protected by a bond, and, besides, we have a
surplus of a chants Trust Co. of Chicago on July 3 to fill the vacancy due
quarter of a million dollars. It doesn't affect the bank in the
least and to the death of Joseph I. Cooper last May. Mr. Loomis bethere is no occasion for any worry as to its solvency. Our
assets are intact gan as a messenger with the Merchants Loan & Trust Co. in
and in good shape. We are perfectly safe and solid.
Walter W. Cleworth, for many years Assistant Cashier of July 1890 and had served as Chief Clerk, Auditor and Assistthe bank, has been appointed Cashier to succeed Mr.
ant Cashier, which position he held at the time of the conBoardman.
solidation of the Merchants Loan with the Illinois Trust &
Savings Bank resulting in the creation of the Illinois MerThe stockholders of the West Philadelphia Bank
chants Trust Co. The consolidation of the Corn Exchange
approved
on July 10 the sale of its assets to the newly-created
Bank National Bank with the Illinois Merchants Trust Co. will
& Trust Co. of West Philadelphia, which
represents the shortly be consummated, this marking the final step in the
entry of the institution to the ranks of the trust
companies. uniting of three of Chicago's oldest financial institutions.
'The company assumed its new charter on July 12;
it has a The combined organization will be known as the Illinois
capital of $250,000 and a surplus of $135,000. J.
Milton Lutz Merchants Trust Co. The Illinois Merchants Bank Building,
is President; Harry J. Rittenhouse, Vice
-President; E. Ray- the third largest structure in the world, is nearing complemond Scott, Vice-President and Treasurer, and C.
E. Mayo, tion and the main banking room on the second floor, extendAssistant Treasurer and Secretary. The stock is
in shares ing from Clark to LaSalle Street, was opened to the public
•of $50 each.
last week.
C. Harry Johnson has been elected a director of
Official announcement of the permanent closing of the
the Tenth
National Bank of Philadelphia.' He succeeds the
late John Republic National Bank of St. Louis by order of its board of
K. Petty.
directors was made on July 14. On the same day the currency and assets of the institution were transferred to the
A special meeting of the s- tockholders of the
Old Town American Trust Co. of St. Louis, with which company arNational Bank of Baltimore will be held on Aug. 12
for the rangements have been made to handle the affairs of the
purpose of approving an increase in the capital
stock of the bank while in process of liquidation. Full payment of all
bank from $500.000 to $800,000.
deposits has been guaranteed by the member banks of the
St. Louis Clearing House Association, but the loss to the
At the regular monthly meet-ing of the Ohio
Savings Bank & stockholders may reach $750,000, it is said. According to the
Trust Co. of Toledo on July 9 Ammi F. Mitchell
was elected St. Louis "Globe-Democrat" of July 15, since shortly after
a Vice-President of the institution and assumed
his new the bank was organized in 1921 by William Sacks (who acduties on the following day. Mr. Mitchell has
long been quired considerable capital in the oil business) it has been
292
THE CHRONICLE
in various difficulties which it weathered until the gradual
shrinkage of its deposits placed it in a position where its
earnings were insufficient to justfy its continuance in business. The bank's capital was $1,000,000. In its last statement. Issued at the close of business March 31 1924, deposits
were shown as $1,813,694 and total resources as $4,090,972.
As a last resort to save the institution an attempt was made
in June to convert the institution into a trust company with
capital of $600,000 and surplus of $400,000, but the charter
was not granted. This proposed reorganization of the bank
was referred to in the "Chronicle" of June 21, page 3046.
J. A. Lewis, the President of the defunct Republic National
Bank, was repeated in the "Globe-Democrat" as saying that
he had made no definite plans for the future but hoped to get
away for a month's rest, as he has been under a heavy strain
since he took charge of the institution in March 1922.
The respective stockholders of the Kaspar State Bank of
Chicago and the American State Bank of that city met on
July 15 and ratified a proposed consolidation of the institutions, according to the Chicago "Journal of Commerce"
of July 16. The resulting bank will be known as the Kasper
American State Bank and will have a combined capital
and surplus of $2,000,000 and total resources of approximately $20,000,000. At a meeting of the directors which
followed the approval of the merger, Otto Kasper was elected
President of the new bank; Charles Krupka and John A.
Cervenka, Vice-Presidents.
-4---
We learn from the Farmers National Bank of Oklahoma
City, Okla., that the deposits in the banks of that city have
2
increased something like 41-( million dollars between the
calls of March 31 and June 30. The bank also says:
Oklahoma is now harvesting and marketing the largest and best wheat
crop in its history-50,000,000 bushels. A large yield and fine quality.
Bankers are looking for an upward trend in business. Cotton and other
crops are also better than usual, although the weather for the past two
weeks has remained cool, which is not the best for cotton, but good for the
grain harvesters.
The bank recently opened its new building, architecturally
beautiful and modern in conveniences.
The New Orleans Clearing House Association announces
that at the meeting of the association on July 9, J. H. Peterson, Examiner of the association, was elected Manager and
Examiner to succeed the late Charles A. Morgan. Mr. Peterson is a native- of Alabama. His first employment was with
the First National Bank of Opelika, where he remained for
ten years, after which he became Chief Clerk of the Third
.National Bank of Atlanta. In 1914 he was elected Assistant
Examiner of the New Orleans Clearing House Association.
In 1920 Mr. Peterson was elected Examiner to succeed J. R.
Stevens, who had resigned to accept the Vice-Presidency of
the Canal-Commercial Trust & Savings Bank,
The Royal Bank of Canada is continuing to place before
the prospective immigrant the future that Canada holds out
to those who have the ability and energy to carve out a home
for themselves in a new land. The bank's present effort
follows Its former one, being the publication and distribution of an ,elaborate brochure entitled "Canada of the Future"; as to the previous booklet, "Canada the Land of Opportunity," the President of the bank, in referring to its
issue in his address at the annual meeting last January
stated that over 100,000 copies had already been distributed.
The present book, which has been written by Graham F.
Towers, Superintendent of the Foreign Trade Department of
the bank, contains 72 pages replete with information of a
nature that will be of use to intending settlers or those firms
which contemplate opening branch factories or places of
business in the Dominion. The table of contents includes
such subjects as:
The Wheat Situation; Immigration; Foreign Trade; Manufacturing;
New Industries; The Forest Industries; Water Power; the Government of
Canada; Dominion Finances; Taxation; Banking; Currency and Exchange;
The Railways of Canada; Ports and Shipping; Labor; Incorporation of
Companies; The Provinces of Canada; The Tariff of Canada; and British
Empire Preferential Tariffs.
The last two pages of the book contain an alphabetical
index covering the various things touched on in the text.
Copies of the booklet may be obtained, on application, at the
head office or any of the 670 branches of the Royal Bank of
Canada.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been active and strong during the
present week, though price movements have at times been
decidedly irregular. 'The feature of the trading has been
[VOL. 119.
the strength shown by the railroad issues, nearly all of which
have made new high records for the year. During the short
session on Saturday trading was moderately active, with
prices gradually working to higher levels under the leadership of the railroad stocks and the public utility group.
Davison Chemical was especially prominent in the first
hour, being carried forward several points to 593 . Price
4
movements were again upward on Monday, although considerable irregularity developed during the day. United
States cast Iron Pipe & Foundry was conspicuous by its
advance above par. Nickel Plate also crosse I par for the
first time. The movement in railroad issues included both
high and low price stocks, New York Central leading the
former, and Erie common and preferred being the feature
of the low priced issues. Chesapeake & Ohio again made
a new high record and New Jersey Central scored an advance of 7 points. In the industrial group Davison Chemical was again the favorite, advancing to 613, but later
4
dropping back to 593 . Fisher Body was also prominent
in the day's transactions, moving briskly forward five
points to 185. Trading was active on Tuesday, but price
movements continued more or less irregular. Brisk upswings were apparent in some of the individual issues, and
a number of new high records were established, though these
were offset later in the session by sharp recessions in the oil
issues. Railroad shares were the strongest of the day,
Baltimore & Ohio selling at a new high for the year, closely
followed by Atchison and Norfolk & Western. In the industrial group United States Cast Iron Pipe & Foundry
again went into new high ground at 1023' and American
Can recorded a two-point advance to 118 just before the.
close. Railroad shares were again in the foregound on
Wednesday.
The special interest in the railroad issues was due in a
measure to persistent talk of consolidations of one kind
another. The local traction stocks were also prominent in
the rise. Interborough Rapid Transit advanced more than
6 points to 38% and recorded a new high for that stock.
F. W. Woolworth declined 35/i to 107 and General Electric
receded 1% points to 240%. The market reacted sharply
downward in the early part of the session on Thursday, following the publication of the earnings statement of the Republic Iron & Steel Co., which indicated in a measure what
might be expected from other large steel companies. The reaction carried many leading issues a point or more below the
previous close; but the final hour witnessed a swift recovery
with most stocks near the high prices of the day. Railroad
issues, especially the low-priced stocks, were in strong demand and industrial shares improved, though price movements in the latter were irregular. The forward movement
was resumed as the market opened on Friday. Railroad issues were the feature but the buoyancy extended to nearly
every group, new highs being scored by numerous active
issues. The refusal of the Inter-State Commerce Commission
to grant reductions in railroad rates on grain had a stimulating effect on railroad securities, Great Northern preferred
reaching the year's highest level at 65%, Northern Pacific
crossing 653.-i, Rock Island advancing to 353, and St. Paul
preferred moving up more than a point to 273-f. Industrial
issues were also in demand, American Car & Foundry recording a net gain of 33' points to 171. The final tone war
buoyant.
THE CURB MARKET.
Curb Market trading displayed considerable irregularity
this week. There was a broad market for the industrial
issues and an upward movement in prices for them, quite
a number of new high records being made. Oil stocks,
on the other hand, were weak, with heavy losses in several
issues, though the close showed a good recovery. Radioand public utility stocks were strong. Amer. Gas & Elec.
corn. sold up from 743' to 79 and closed to-day at 783/s.
Amer. Light & Traction corn. was conspicuous for an
advance from 1313 to 1403/2, but reacted to 134, closing
to-day at 1343. Commonwealth Power corn. dropped
from 98 to 943-i. Lehigh Power Sec. weakened from
823-i to 7932. Borden Co. corn. sold up from 1223' to
130 and ends the week at 1293/8. Dubilier Condenser &
2
Radio rose from 423/ to 50. Durant Motors moved up.
4
from 163 to 233, reacting finally to 22. Glen Alden
Coal improved from 973/i to .993-. Hazeltine Corp. advanced from 22 to 243. Hudson Cos. pref. rose from
373/i to 4034 and Hudson & Manhattan from 21 to 233/s,
the latter closing to-day at 233. Nat. Tea sold up from
22134 to 245, reacted to 230 and closed to-day at 232.
JULY 19 1924.1
THE CHRONTCLE
293
United Bakers corn. advanced from 718% to 81, the close
FOREIGN EXCHANGE.
to-day being at 791%. In oil shares Prairie Oil & Gas
The markat for sterling ruled quiet but steady and apdropped from 2088% to 194%, recovered to 204 and closed
to-day at 201. Buckeye Pipe Line declined from 62 to preciably higher. In the Continental exchanges also the
59, and sold finally at 60. Ohio Oil sold down from 608% trend was upward and francs showed good gains. The rest
to 581%, closing to-day at 59. Prairie Pipe Line from 103, of the list was in neglect and practically unchanged.
To-day's (Friday's) actual rates for sterling exchange were 4 34
eased off to 1013' and recovered finally to 104. South
1-16(4
434 11-16 for sixty days, 4 36 9-16@4
Penn Oil lost over five points to 118 and sold finally at 4 37 7-16 for cables. Commercial on 373-16 for checks and 4 36 13-16@
banks, sight, 4 36 7-16(44 37 1-16;
123. Standard Oil (Indiana) declined from 568% to 541% sixty days, 4 33©4 3334; ninety days, 4 32 15-16@4 3d 9-16. and documents
8
and recovered to 55%. Standard Oil (Ky.) after loss of 43(1 for payment (sixty days), 4 343j@4 3434; cotton for payment,
7-16(44 374, and grain for payment 436 7-1604
37%•
two points to 1068%, sold un to 111. Standard Oil (Neb.)
To-day's (Friday's) actual rates for Paris bankers' francs
were 5.00E?
5.06 for long and 5.05En.5.11 for short. Germany bankers' marks
was off from 232 to 224 and closed to-day at 228. Standard
are not
yet quoted for
3
Oil of N. Y. receded from 39% to 38 and finished to-day 37.63037.68 forlong and short bills. Amsterdam bankers' guilders were
long and 37.7911837.84 for short.
at 38%. Standard Oil (Ohio), after early advance from
Exchanges at Paris on London were 85.90; week's range. 84.55
high and
284 to 2S63, broke to 276; the final transaction to-day 85.90 low.
The range for foreign exchange for the week follows:
being at 281. Vacuum Oil fell from 628% to 60
and
Sterling. Actual60 Days.
Checks.
Cables.
ends the week at 614.
High for the week.
4 36
4 3834
4 384
The New York Cotton Exchange membership of Frank Low for the week
4 3334
4 3551
4 36
Paris Bankers' Francs
G. Brown was renorted sold this week to Sidney J. White
High for the week
5.2134
5.2734
5.284
of New Orleans for a consideration of $30,500. The last Low for the week
500
5.06
5.07
previous transaction was at $29,00.
Germany Bankers' Marks
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 2 1924:
GOLD.
The Bank of England gold reserve against its note Issue on the 25th tilt.
amounted to £126437570. es compared with £126.4011.300 no the previous
Wednesday. There has been practically no den ancl on
,
Indian account
for the substantial sunnlies of gold available this week. The Southern
Rhodesian gold output for May 1924 was 53.816 ounces, as
compared with
54.865 ounces for April 1924 and 54.737 ounces for May 1923.
In the "Review of Economic Statistics" issued by the Harvard Economic
Service of Cambridge. Mass.. U. 8. A.. Mr. Joseph
Ritchin estimates
that the yield of the Transvaal in 1924 will be £40.000.000
to £41.000,000.
and that it will fall to /29,000.000 by 1930. mainly in the
later years. He
estimates that the output of the rest of the world will be
£36.000.000. or
£37.000.000 for 1024, rising to £45.000.000 in 1930.
HO that his forecast
113 that the world total will be about £77.000,000 in
1924 and each of the
succeeding three years. and that it will then decline
to, say. £74,000,000
in 1930. The actual figures are expected to vary from
these estimates
by anything up to 5%, and the total production for the
five years 19211925 is estimated at £360,000.000.
SILVER.
The market continues quiet and therefore easily swayed by
the amount
of buying or selling on balance. Any tendency, however, to
advance very
far is checked by a disposition on the part of speculators to sell
with some
freedom. On the other hand. China has not been such a source of
weakness
during the last day or so. as it had been during the previous fortnight.
neither is America at the moment a free seller. The Indian Bazaars
have
done very little in this market, and do not appear at all active.
On the
27th ult., for the first time since June 16 1922. the cash price was fixed at
a discount compared with the two months' quotation.
INDIAN CURRENCY RETURNS.
/n Lacs of Rupees-June 7.
June 15.
RAMP 22.
Notes in circulation
17443
17455
17126
Silver coin and bullion in India
7658
7671
7742
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
Gold coin and bullion out of India
_
Securities (Indian Government)
5753
5755
5753
Securities (British Government)
1400
1399
1399
Bills of exchange
400
400
No silver coinage was reported during the week ending June
22.
The stock in Shanghai on the 28th ult, consisted of about
39,500.001)
ounces in sycee. 41.000.000 dollars, and 1,930 silver bars, as
compared
with about 38.100.000 ounces in sycee, 41,500,000 dollars. and
2.080 silver
bars on the 21st ult.
Statistics for the month of June are appended:
-liar Siker her Oz. Std.Bar Gold
QuotationsCash.
2 Mos.
per Oz. Fine.
Highest price
3534d.
3434d.
95s. 104
Lowest price
344(1.
343id.
95s.
Average price
34.757d.
34.6194.
95s.6.1d.
Juno 26
34 5-164.
345-164.
95s. 4d.
June 27
34 kid.
347-164.955. 2d.
June 28
34(d.
34 5-164.
June 30
3434d.
34!.(d.
95a. 54.
July 1
3434d.
345-164.
95s,64.
July 2
3444.
347-1(1,1.
(mg. 4d.
Average
34.302d,
34.343d.
95s. 4.2cr
The silver quotations to-day for cash and two :months'
delivery are
respectively 1-16(1. and lid. above those fixed a week
ago.
2232
High for the week
0.000000000024 0.000000000024
Low for the week
0.000000000024 0.000000000024
Amsterdam Bankers' Guilders
High for the week
37.71
37.89
37.93
Low for the week
37.62
37.73
37.77
Domestic Exchange.
-Chicago, par. St. Louis, 15(425c. per 51,000
discount. Boston, par. San Francisco, par. Montreal. $75.0
per $1,000
discount. Cincinnati, par.
•
_ -
()notations for U. S. Treas. Ctfs. of Indebtedness, &c.
til4M.411.
sent
1034
aaa. 111 MS_
Mar 151026..
floc it
goof 18 1026
1510)1
1, 4.
4
I .11,4.
534. inm. Inn%
,
40
10112
lwits
411
414
10234 inew
4,4cc
10124 uil 54
4l47. 1011h. 102tta
14 a+ loll, 10151
atIOUP,
BM.
DM. 151927._
434% 10331s
Mar. 15 1027... 434% 1031,4
nee 151924 .. 414.7. 1004
mar, is lona ._ 40L
Inns
Dec. 15 1924..__ 234% 100118
Islie.
WWI.
103he
101
101 1e
,
100'14
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a substantial
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 19), aggregate bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly returns will register an increase of 14.9% over
the corresponding week last year. The total stands at
$8,263,304,138, against $7,191,150,696 for the same week in
1923. At this centre there is a gain of 26.3%. Our comparative summary for the week is as follows:
Clearings -Returns by Telegraph.
Week Ending July 19.
Per
Cent.
1924.
1923.
New York
Chicago
Philadelphia
Boston
TCAP9V1 City
St. Loin
San F1'.1"1`19-4
TAP Sm.dei
,
Pithtly, gli
Detroit
Clorellori
Baltimore
New Orleans
53,779.000.000
539.251.969
427.000,000
332,000,000
121,358,733
a
159,500.000
118.824,000
130,578,444
135.875,040
94.811,833
84,122,577
49.269,104
82,991,304,798
504.799.809
404.000,000
305,000.000
114,681,468
a
135,400.000
124.081,000
133.222.747
117.152,199
97.527,213
81,229,829
42,795.882
-2.0
+16.0
-2.8
+3.6
+15.1
Twlev k ^Pls. 5 days
,
Other cities, 5 days
55.959,542.700
923,494.085
55.051,194,945
941.430,635
+18.0
-1.9
Total all cities, 5 days
All cities, 1 day
56.585.0SPI.785
1.377.217,353
55,992.625,580
1,198,525,116
+14.9
+14.9
8.263.304,138
$7,191,150,696
+14.9
Total all cities fu* week
+26.3
+6.8
+5.7
+8.9
+5.8
•
+11.2
swill not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
In the elaborate detailed statement, however, which we
The daily closing quotations for securities, &c., at London,
present further below, we are able to give final and complete
reported by cable, have been as follows the past week:
as
results for the week previous-the week ended July 12. For
London.
Sat.,
Mon., Tues., Wed., Thurs.. Fri..
that week there is an increase of 7.5%, the 1924 aggregate
July 12. July 14. July 16. July 16. July 17.
Week ending Jul 18.
July 18.
d 3434
Silver, per oz
3434
3434
3434
of the clearings being $8,220,746,204 and the 1923 aggregate
349-16 34 7-16
948. 11d. 948. 3d. 94s. 4d. 94s. 7,1. 94s. 4,1, 94s. 6d.
Gold, per fine ounce
$7.646,790,943. Clearings outside of New York City, how..
Consols, 234 per cents ...
56%
57
57
5734
5734
British, 5 per cents
ever, have fallen off and show a decrease of 1.5%. In this
10134
10134 '10134
10134
10I34
British, 436 per cents
-_
97
97
97
97
city the bank exchanges record a gain of 15.7%. We group
97
HoltFrench Bellies on Parls)...fr.
63.50 .53.20
53.25
53.15
the cities now according to the Federal Reserve districts in
day
French war Loan (in
---67.90
67.90
67.90
67.90
The price of silver in New York on the same days has been: which they are located and from this it appears that in the
Boston Reserve District there is an improvement of 2.6%,
(eta.):
Silver in N.Y.,per os.
Foreign
5734 5734 0734 6734 674 67
in the New YorldiReserve District (including this city) of
.. .
15.0%, and in the Philadelphia Reserve District of 0.02%.
In the Cleveland Reserve District there is a falling off of
13.3%, in the St. Louis Reserve District of 0.3% and in the
Minneapolis Reserve District of 9.5%. In the Richmond
Reserve District the totals are larger by 11.9%, in the Atlanta Reserve District by 11.2% and in the Dallas Reserve
District by 16.9%. In the Kansas City Reserve District
there is a loss of 7.6% and in the San Francisco Reserve District of 3.4%. The Chicago Reserve District has a trifling
gain, namely, 0.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ending July 12 1924.
1924.
1923.
Int.or
Dec.
1922.
1921.
S
•S6
$
Federal Reserve Districts.
2.6 371,898,291 330,809,051
11 cities 427,388,730 416,383,651
(1st) Boston
10 " 4,706,440,030 4,01,257,642 +15.0 4,417,008,309 3,538,179,570
(2nd) New York
522,145,612 522,053,979 +0.02 477,438,168 437,508,376
10 "
(3rd) Philadelphia
348,298,530 401,747,378 -13.3 360,231,740 320,812,829
8 "
(4th) Cleveland
209,195,133 186,951,553 +11.9 145,974,179 141,016,204
6 "
(5th) Richmond
169,532,602 152,416,714 +11.2 137,509,035 128,698,713
10 "
(6th) Atlanta
884,879,573 883,308,606 +0.2 764,837,586 60,03,770
20 "
(7th) Chicago
67,896,648 68,133,545 -0.3 56,984,076 51,426,257
7 "
(80h) St. Lottis
114,915,924 126,992,879 -9.5 117,275,350 113,293,091
7 "
(9th) Minneapolis
237,824,504 257,394,362 -7.6 242,060,950 251,015,795
(10th) Kansas City_ _12 "
59,081,428 60,530,417 +16.9 47,891,519 44,455,504
5 "
(11th) Dallas
(12th)San Francisco
16 " 473,147,501 489,620,217 -3.4 395,827,712 331,018,590
122 cities 8,220,746,204 7,646,790,943 +7.5 7,534,956,915 6,382,797,750
Grand total
3,583,370,486 3,638,517,296 -1.5 3,188,2E2,627 2,902,623,104
Outside New York My
99 eltissa SAS ttS 915 3.11.951.68? -1-4.0 MARI MS 303.565.952
rem AAA
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ending June 28.
Clearings at
1924.
1923.
$
First Federal Reserve Dist rict-Boston
937,694
917,993
Maine-Bangor _
4,163,056
3,234,931
Portland
Mass -Boston._ 374,000,000 365.000,000
2,392,499
2,055,668
Fall River_ _ _ _
a
a
Holyoke
1,425,832
1,086,069
Lowell
a
a
Lynn
1,645,018
1,356,912
New Bedford_ _
5,424,916
6,790,943
Springfield _ _
3,807,000
3.609.000
Worcester
11,424,627
12,910,292
Conn.-Hartford
7,342,209
7,621,422
New Haven_
12,820,800
13,805,500
R.I.-Providence
Total(II cities)
427,388,730
416,383,651
Inc. or
Dec.
1922.
1921.
+13.0
+3.8
+7.7
767,347
*3,500,000
324,000,000
2,519,382
a
1,281,746
a
1,637,239
5,288,283
3,897,465
9,949.509
7,111,120
11.946,200
819,472
2,500,000
288,642,624
1,471,032
a
1,187,376
a
1,743,854
4,023,003
4,118,274
9,838,165
5,602,451
10,862,800
+2.6
371.898,291
330,809,051
-2.1
-22.3
+2.5
-14.1
a
-23.8
a
-17.5
+25.2
Second Feder al Reserve D Istrict-New York
5.857,574 +6.2
3,602,986
4,781,569
6,222,681
-Albany
N. Y.
1,249,624 -1.4
996,040
1,164,683
1,232,300
Binghamton__ _
37,317,241
51,409,320 -26.6
43,136,432
d37,735,796
Buffalo
770,013 +18.0
584,493
908,960
Elmira
1,072,422
1,437,824 -13.6
1,279,782
c1,242,954
Jamestown__ _
New York__ _ _ 4,637,375,718 4,008,273,847 +15.7 4,348,874,088 3,480,174,646
8,403,132
11,482,465 +4.2
10,333,188
11,966,677
Rochester
3,802,511
5,814,343
6,529,323 -6.2
6,126,561
Syracuse
2.385,362
2,835,340
3,753,902 -18.4
c3,062,325
-Stamford
Conn.
425,230
434.391
493,950 +14.6
566,058
N. J.-Montelalr
Total(10 citles) 4,706,440,030 4,091,257,642 +15.0 4,417,038,309 3,538,179,570
Third Federal Reserve Dis trIct-Phila delphla
1,611,079 -11.8
1,421.396
Pa.
-Altoona__ _
5,005,685 -28.2
3,592,273
Bethlehem.
1,443,534
1.550,400 -6.9
Chester
3,030,428 -3.8
2,916,000
Lancaster
493.000,000 490,000,000 +0.6
Philadelphia _ _
3,946,596 -2.3
3,8.56,597
Reading
6,241,960 -4.5
5,958,451
Scranton
4,017,225 -19.8
d3,220,342
Wilkes-Barre _
1,749,799 -1.0
1,732,342
York
4,900,807 +2.1
5,004,677
-Trenton _ _
N.J.
a
a
a
n
1,242,860
3.076,945
1,049,951
2.572,344
453,000,000
3,043,121
5,146,056
2,856,032
1,404,712
4,046,147
a
1,105,174
2,475,128
989,348
2,458,860
415,000,000
2,655,457
4,697,904
2,779,709
1,367,408
3,981,390
a
522,053,979 +0.02
477,438,168
437,508,376
Total(10 cities)
522,145,612
Fourth Federal Reserve Dist rict-Clevei and
9,001,000 --21.5
9,082,000
d6,168,000
-Akron _ _ _
Ohio
5,616,605 --5.6
4.520,024
5,300,807
Canton
59,878,616
71,366,790 --5.8
67,249,405
Cincinnati_ - 95,902,537
103,067,958 117,518,037 --12.3
Cleveland
18,129,800 --28.6
15,507,400
d12,939,000
Columbus
a
a
a
a
Dayton
a
a
a
a
Lima
1,552,144
2,094,425 --29.4
d1,443,620
Mansfield
a
a
a
a
Springfield_ __ _
a
a
a
a
Toledo
4,789,019
5,637,967 --I8.9
d4,573,604
Youngstown__ _
a
a
a
a
-Erie
Pa.
Pittsburgh_ _ _ _ 147,556,136 172,432,745 --14.4 *169,000,000
6,261,000
3,477,463
56.030,190
88,294,131
15,947,900
a
a
1,237,933
a
a
4,482,212
a
145,082,000
401,747,378 -13.3
360,231,740
320,812,829
Fifth Federal Reserve Dist rict-RIchm ond2,138,562 +4.5
2,234,942
W.Va.-Hunt'g'n
7,811,006 -15.6
Va.-Norfolk__- d6,593,670
48,869,000 +27.8
62,459,000
_
_
Richmond
2,395,786 -14.9
2.039,850
-Charleston
S.C.
Md.-Baltimore. 114,706,660 103,268,575 +11.1
22,468,624 -5.8
D.C.-Washing'n d21,161,000
1,546,427
9,156,638
41,937,4.27
2,419,680
72,195,050
18,718,957
1,556,348
7,090,331
38,383,584
2,528.838
74,114,253
17,342,850
186,951,553 +11.9
145.974,179
141,016,204
Total(8 cities)-
Total(6 cities).
348,298,530
209,195,122
Sixth Federal Reserve Dist rict-Atlant a-6,188,918 -15.6
d5,223,653
Tenn.-Chatt'ga_
Knoxville
18.016,212 +2.9
18,544,178
Nashville
47,507,157 +23.2
58,506,285
Ga.-Atlanta.._ _
Augusta
1,588,772 +16.1
Macon
1,844,778
a
a
a
Savannah
10,357,919 +32.2
13,694,783
19,918,274 +25.1
Ala.- Birming'm
24,917,834
1,915,758 -8.1
Mobile
1,761,224
1,289,700 +14.2
1,472,634
-Jackson_ _
Miss.
376,655 +11.0
418,233
Vicksburg
45,257,349
La.-NewOrleans d43,I49,000
5,430,875
5,195,884
16,191,239
39,555,808
14,132,659
38,694,045
1,427,110
a
9,952,000
20,774,507
1,955,386
658,383
316,569
41,257,158
*1,925,000
a
8,807,036
17,047,355
1,522,023
587,161
269,127
39,018,423
152,416,714 +11.2
137,509,035
126,698,718
Total(10 cities)
[VOL. 119.
TFry, CHRONICLE
294
169,532,602
.
Week Ending July 12.
Clearings al
1924.
1923.
Inc. or
Dec.
1922.
1921.
Seventh Feder al Reserve D istrict-Chi Cage207.138
238,294 +3.8
247,325
-Adrian _
Mich.
661,599
823,705 -0.6
818,954
Ann Arbor_ __ _
140,721,550 131,916,664 +6.7 111,016,000
Detroit
6,545,247
7,539,534
7,059,533
Grand Rapids_
1,878,000
2,502,000 +122.1
5,556,127
Lansing
2,087,888
3,594,477 -26.0
2,659,931
-Ft. Wayne
Ind.
21,440,000
28,332,000 -10.2
25,435,000
Indianapolis_
2,576,800
2,843,232 --1.3
2,806,800
South Bend_
6,952,552 --15.6
5,867,870
Terre Haute_ _ _
33,670,414
41,101,931 ---3.8
39,548,015
Wis.-Milwaukee
2,329,921
2,431,510 +9.8
2,670,913
Iowa--Ced. Rap_
9,025,132
11,554,337 -5.6
10,909,858
Des Moines_ _
6,034,853
6,379,164 +4.0
6,631,232
Sioux City__ _
1,630,658 -2.9 - 1,490,312
1,584,044
Waterloo
1,214,29i3
1,503,196 +4.1
1,564,731
619,606,063 622,859,303 -0.5 1554,678,618
Chicago
a
a
a
Danville
1,310,019
1
1,397,082 4-8.9
1,521,610
Decatur
4.266,270
4,493,583 +1.7
4,568,975
Peoria
2,044,958
2,539,840 +1.8
2,584,562
Rockford
2,360,121
2,675,544 -5.9
2,516,480
Springfield _ _
29,731,643
2,101,194
8,345.669
5,744,228
1,442,055
1,316,593
504,444,150
a
1,254,506
3,471.417
1,898,073
2,571,679
883,308,606 +0.2
•
Eighth Federa 1 Reserve Dis rict-St.Lo uls6,221,412 -11.1
5,532,021
-Evansville.
Ind.
a
a
a
Mo.-St. Louis_ _
32,223,222 -0.1
32.181,310
434,335 +8.6
471,549
Owensboro_ _
16,367,847 +1.9
16,674,310
-Memphis
Tenn.
11,111.219 +1.7
11,299,719
Ark.-LittleRock
345,043 -6.7
322,037
-Jacksonville
III.
1,430,467 -1.0
1,415,702
Quincy
764,837,586
696,563,770
5,291,597
a
26,964,905
388,275
14,843,703
7,859,786
346,958
1,288,852
4,898,095
a
24,105,392
335,343
12,143,988
8,379,861
348,884
1,214,694
68,133,545 --0.3
67,896,648
Total(7 cities)Ninth Federal R eserve Distri ct-Minnea polls8,291,902 ---27.5
-Duluth _ _
Minn.
d6,014,665
75,431.551
72,577,464
Minneapolis_ _ _
36,168,153 --17.0
30,030,350
St. Paul
1,986,756 ---17.8
1,633,995
No. Dak.-Fargo
1.319,706 --0.9
1,307,353
-Aberdeen.
S.D.
588,951
581,727
-Billings _
Mont.
3,205,860 --13.6
Helena
2.770,370
56,984,076
51,426,257
6,222,367
67,272,630
36,176,136
2,198,809
1,411,421
596,389
3,397,598
7,224,225
66,049,025
33,142,966
1,941,475
1,322,067
662,925
2,950,408
Total(7cities)- 114,915,924 126,992,879 -9.5 117,275,350
Tenth Federal Reserve DI. trIct-- Kans as Cit Y
408,024
436,083 +9.9
Neb.-Fremont._
d479,256
545,062
486.213 +16.7
567,659
Hastings
4,752,851
4,677,427 -5.4
Lincoln
4,423,580
40,726,676
44,234,229 -10.7
39,483,749
Omaha
3,757,860
3,343,868 +5.6
d3,531,904
-Topeka
Kan.
11,116,309
9,840,004 -18.0
d8,067,203
Wichita
Mo.-Kan. City_ 131,435,217 140,577,919 -6.5 133,624,240
7,887,000 -28.1
St. Joseph _
d5,668,I82
a
a
a
-Muskogee
Okla.
1
24,831,188
23,940,054 -17.6
Oklahoma City d19,732,018
a
a
a
a
Tulsa
1,176,862
1,410,384 -28.7
1,005,354
-Col. Spgs.
Colo.
20,460,557
19,566,130 +13.8
22,268,429
Denver
851,323
995,051 +16.8
e1,161,953
Pueblo
113,293,091
Total(20 cities)
884,879,573
200,000
526,781
105,152,605
6,000,000
1,685,000
1,077,177
17,451,000
1,250,000
540,095
631,229
3,288,877
36,776,920
3,586,872
12.580,672
150,556,595
a
24.675,595
a
1,060,222
16,444,839
873,879
242,050,950
251,015,795
1,073,377
23,176,395
12,660,999
6,532,859
a
4,447,889
1,226,754
20,046,396
11,604,991
7,074,359
a
3,603,004
47,891,519
59,081,428
Total(5 cities)_
50,530,417 +16.9
Twelfth Feder al Reserve D Istrict-San Franc' SCO
33,558,510
45,627,934 .40,671,982 +12.2
Wash.-Seattle..
11,107,000
Spokane
13,605,000
11,562,000 +17.7
a
a
a
a
Tacoma
1,454,407
1,221,771
Yakima
1,225,625 -0.3
34,239,792
Ore -Portland..
41,574,080 -10.1
37.380.991
13,389,264
14,848,072
14,482,570 +2.5
Utah-SaltLakeC.
a
a
a
Nev.- Reno_ _ _ _
a
a
a
a
a
-Phoenix_
Aria.
4,092,000
3,042,265
4,836,081 -37.1
Calif. Fresno..
5,411,703
8.943,423 -18.6
7,276.020
Long Beach_ _
Los Angeles_ _ 137,655,000 152,770,000 -9.9 106,001,000
15,763,349
18,351,392 -9.3
16,645,028
Oakland
4,334,835
5,975,789 -8.8
5,449,404
Pasadena
7,428,092
Sacramento_ _ _
9,433,544 -19.0
7,640,947
*4,000,000
4,939,647 +10.0
5,434,161
San Diego_
San Francisco_ 170,400,000 167,200,000 +1.9 148,300,000
2,479,407
2,681,494 +15.1
San Jose
3,087,335
1,169,363
1,418,990 -2.7
1,380,573
Santa Barbara_
3.008,900
3,553,600 -31.0
Stockton
c2,453,000
30,538,130
10,270,429
a
1,140,530
27,754,457
11,673,937
a
a
3,568,913
3,831,147
84,906,000
10,835,750
3,484,482
5,963,185
3,278,820
126,700,000
1,734,668
947.842
4,890,300
395,827,712
331,018,590
Total(12 cities) 237,824,504 257,394,362 -7.6
Eleventh Fede rid Reserve District-ID alias1,237,779
Texas-Austin___
1.322,990 -6.4
26,066,635 +40.6
36,661,040
Dallas
10,789,257 -6.6
d10,075,566
Fort Worth_
6,900,467 -5.5
6,519,617
Galveston
a
a
Houston
a
4,587.426
5,451,068 -15.8
La.
-Shreveport _
Total(16 cities) 473,147,501 489,620,217
Grand total (122
8 220,746,204 7,646,790,943
cities)
Outside New York 3,583,370,486 3,638.517.296
-3.4
44,455,504
750
+7. 7,534,956,915 6.382,797.
-1.5 3,188,282,827 2,902,623,104
Week Ending July 10.
Clearings at
1924.
1923.
Int. Or
Dec.
$
Canada%
$
105,230.337 114,807,940 -8.3
Montreal
99,286,345 +7.0
106,196,434
Toronto
38,476,340 +45.5
55,968,009
Winnipeg
15,510,722 +1.6
15,863,210
Vancouver
7,214,831 -6.5
Ottawa
6,748,402
6,769,276 -5.6
6.391,261
Quebec
4,070,517 -15.1
3,454,769
Halifax
7,751,067 -20.3
6,176,825
Hamilton
5,602,505
4,600,104 +21.8
Calgary
2,837,126 +6.4
3,019.309
St. John
2,558,118
Victoria
2,276,793 +12.4
3,283,688 +4.4
3,427,490
London
4,476,578 -1.7
4,401,882
Edmonton
3,357,915 +10.3
3.703,261
Regina
Brandon
687,617 -5.8
647,846
512,183
Lethbridge
812,477 -37.0
Saskatoon
1,545,137 +6.8
1,650,654
1,217,176
Moose Jaw
1,195.445 +1.8
Brantford
1.395,870
1,273.202 +9.6
Fort William. _ _ _
839,116 +11.2
933,104
New Westminster
705,021
620.933 +13.5
Medicine Hat...
209,453 +56.9
327,671
Peterborough....
885.251 +8.1
956,779
Sherbrooke
994,934 -11.3
882,367
Kitchener
1,209,192 +2.9
1,244,319
Windsor
4.564.409 -22.3
3,598,884
Prince Albert__ _ _
316,073 -0.8
313,404
Moncton
952,798
1.109,070 -14.1
Kingston
770,146 +43.6
1,106,041
IWAICIansult0901
3,1A1OKOQK
11
.1. ems an,
ALA A
1922.
1921.
$
$
98,112,344 109,207,191
84,496,898
89,519,537
39,160,780
37,769,446
13,693,051
13,918.327
6,633,855
7,328,327
5,616,482
5,983,490
3,473,273
3,678,172
5,884.580
6,480,119
5,331,196
4,562,330
3,628,101
3,263,311
2.498.449
1,997,334
2.800.157
3,001,228
4,204,015
3,839,781
3,623,030
3,238,259
701,315
600.995
566,428
475.844
1,839,829
1,640,160
1,357,040
1,131,677
1,198,030
1,187,511
840.218
786,025
602,968
472,923
383,138
252,727
858,627
780,194
1,006,744
898,000
1.103,383
994,158
4.032,519
4,251,210
371,338
1,006,506
1,700,226
818,149
746,092
908081 085
3891 565.052
e No longer report clearings. b Do not respond to requests for figures. c Week
ending July 9. d Week ending July 10. e Week ending July t. • Estimated.
JULY 19 1924.]
THE CHRONICLE
Public Debt of United States
-Completed Return
Showing Net Debt as of April 30 1924.
The statement of the public debt and Treasury cash
holdings of the United States, as officially issued April 30
1924, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1923.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
April 30 1924. April 30 1923.
Balance end month by daily statement,.ke
Add or Deduct
-Excess or deficiency of receipts over 331,725,402
393,122,955
or under disbursements on belated items
-2,177,908 +67,096,890
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
329,547,494
460,219,845
3,636,263
74,168,876
81,470,663
59,510,002
168,473,849
Total
1,949,221
67,611,240
71,060,915
27,852,473
218,785,804
Balance,deficit(-)or surplus(+)
+161,073,645 +241,434,641
INTEREST-BEARING DEBT OUTSTANDING.
Interest April 30 1924. April 30 1923.
Title of Loan
Payable.
$
$
28, Consols of 1930
Q.
-J. 599,724,050
599,724,050
48. Loan of 1925
Q.
-F. 118,489,900
118,489,900
28 of 1916-1936
Q.
48,954,180
-F.
48,954,180
2s of 1918-1938
25,947.400
25,947,400
-F.
Q.
3s of 1961
Q.
49,800,000
-M.
49,800,000
35, Conversion bonds of 1946-1947
28,894,500
Q.
-J.
28,894,500
Certificates of indebtedness
.1 -J. 749,576,500 1,073,374,000
3;4s, First Liberty Loan, 1932-1947
J -.1 1,409,999,000 1,409,999,050
48, First Liberty Loan, converted
-D.7,426,100
J.
10,289,250
4iis, First Liberty Loan, converted
.L-D. 530,610,500
528,022,300
Cis, First Liberty Loan,second converted_
3,492,150
J.
3,492,150
-D.
48,Second Liberty Loan. 1927-1942
M.
30,043,650
-N.
44,597,350
4iis, Second Liberty Loan, converted
3,074,716,100 3,223,383,550
4301, Third Liberty Loan of 1928
-S. 3,125,834,050 3,439,433,500
M.
43ie, Fourth Liberty Loan of 1933-1938
A -O. 6,324,572,850 6,329.451,850
Cis,Treasury bonds of 1947-1952
763,948,300
763,954,300
4,4s, Victory Liberty Loan of 1922-1923
J.
-D.
768,494,100
48, War Savings and Thrift Stamps
Matured 403,683,968
326,754.689
854a, Postal Savings bonds
.I.
-J.
11,893,760
11,860,200
5s to SNis, Treasury notes
.1 -D,4,046,398,000 3,522,470,600
------ - - -- Aggregate of interest-bearing debt
21,354,004,958 22,327,386,919
Bearing no Interest
238,485,718
246,937,100
Matured, Interest ceased
22,552,480
c71,580.570
Total debt
a21,615,043,156 22,645,904,589
Deduct Treasury surplus or add Treasury deficit
+161,073,645 +241,434,041
Netdebt
821,453,969,511 22,404,470,548
a The total gross debt April 30 1924 on the basis of daily Treasury statements was
821,614,442,829 25, and the net amount of public debt redemption
and receipts
in transit, &c., was $600,327 01.
b No deduction is made on account of obligations of foreign Governments or
other investments.
c Includes $67,331,600 Victory 3 % and 4% called notes.
)(
gominertiat anctAltscentixeonsBms
Breadstuffs figures brought from page 352.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week endling last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbIS.1961bs.bush.60 lbs.btah.56 lbs
.bush. 32 lbs. bush.48Ibs.bush.561b5.
Chicago
232,000
362,000
660,000
859,000
45,000 165,000
Minneapolis
‘3,000
329,000
96,000
Duluth
733,000
13,000
72,000
66,000 488,000
Milwaukee.. _
57,000
30,000
166,000
265,000
94,000
43,000
Toledo
197,000
45,000
93,0
22,000
Detroit
17,000
9,000
Indianapolis_
1,850,000
242,000
307,000
98,000
96,000
St. Louis_ _ _
.
113,000
523,000
699,000
454,000
16,000
29,000
Peoria
50,000
29,000
207,000
188,000
5,0IXI
Kansas City_
2,561.000
434,000
30,000
Omaha
343,000
194,000
174,000
St. Joseph.
185,000
272,000
72,000
Sioux City_
34,000
199,000
86,000
4,000
8,000
Total wk. '24
452,000 6,937,000 3,560,000 2,705,0001 328,000 851,000
Same wk. '23 310,000 4,485,000 2,630,000
339,000
Same wk. '22 340,000 5,827,000 5,329,000 3,083,0001 324,000
3,114 000 483,000 153,000
.
Since Aug.11923-24_ _ 20,371,000222,611,000 279,736,000222,036
,00039,285,00030,744,000
1922-23_ __ 22,537,000403,134,000284,592,000
.
218,022,00037,500,00049,659,000
1921-22_
20,449,000145,792,000381,489,000 208,307.
30,905,00023,946,000
1__
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 12 1924, follow:
Receipts at-
Flour.
Barrels.
New York_ _ _
235,000
Philadelphia__
45,000
Baltimore__ _ _
20,000
N'port News_
3.000
Norfolk
1,000
New Orleans•
86,000
Galveston_
50,000
Montreal _ _ _ _
24,000
Boston
Wheat.
Bushels,
777,000
49,000
133,000
104,000
36,000
243,000
3,329,000
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels. Bushels.
211,000
877,000
161,000
190,000
3,000
83,000
1.000
13,000
83.000
16,000
86,000
11,000
5,000
Oats.
80,330 306,046
9Rft 915 950 559
•
Flour.
Exports for Week
and Since
Week
Since
July 1 toJuly 12 July 1
1924.
1924.
Rye.
644,586
Rana. Fens.
441,474 296,935
5f1A non 1 140 275 578550
Wheat.
Week
July 12
1924.
Total 1924
Total 1923
306,046
239,632
Corn.
Since
July 1
1924.
Barrels. Barrels.
Bushels.
United Kingdom- 87,173
122,318 1,812,979
Continent
100,115
130,700 3,195,645
So.&Cent.Amer.. 29,300
52,350
7,200
West Indies
27,603
50,703
3,200
Brit.No.Am.Cols_
655
655
Other Countries
61,200
61,200
Week
July 12
1924.
Bushels, Bushels.
4,072,044
5,958,366
330
10,200
32,000
80,000
417,926 5,019,024 10,072,610
428,039 4.431,148 9,048,448
80,300
266,216
Since
JULY 1
1924.
-Bushels.
52,330
134,000
186,330
543.351
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, July 11, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
Cora,
1924.
Week
July 11.
1923.
Since
July 1.
Since
July 1.
1924.
Week
Juty 11.
1923.
Slaw
July 1.
Since
J11111 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 6,736,000 13,426,000 11,951,000
32,000
434,000
56,000
Russ.& Dan. 224,000
528,000
208,000 395,000 1,415,000
324,000
Argentina... 2,500,000 • 7,451,000 4,843,000 5.140,000 12,400,000 9,592,000
Australia ___ 1,216,000 2,568,000 1,088,000
India
888,000 2,048,000 4,216,000
Other counts.
95,000
153.000
Total
11,564.000 26,021,000 22,305,000 5.567,000 13,966.
000 10,503,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday July 12, 1924 was as follows:
United States-
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN
Wheat,
bush,
398,000
1,000
111,000
28,000
STOCKS.
Corn,
Oats,
bush.
bush.
55,000
335,000
1,000
41,000
63,000
126,000
81,000
120,000
90,000
63,000
Rye,
bush.
553,000
Barley.
bush.
1,1100
127,000
93,000
2,000
2,000
194,000
36,000
622,000
54,000
3,528,000 1,878,000 1,053.000 1,709,000
96,000
37,000
365,000
538,000
73,000
303,000
2,000
45,000
15,000
100.000
10,000
9,414,000 1,804,000
472,000 2,277,000
106,000
27,000
126,000
637,000
2,070,000
274,000
195,000 4,723,000
7.529,000
59,000
334,000 5,342,000
149,000
82,000
73,000
3,000
785,000
156,000
101,000
22,000
5,719,000
152,000
29,000
126,000
455,000
112,000
22,000
8,000
6,000
6,000
125,000
158,000
91,000
1,905,000
177,000
137,000
61.000
394,000
225,000
103,000
38,000
131,000
103,000
141,000
41.000
1,000
58.000
61,000
111,000
84,000
3,000
3,000
19,000
1,000
3,000
26.000
Total July 12 1924_ _ _ _34,343,000 5,529,000 3,780,000 16,476,000
416,000
Total July 5 1924_ _ _34,519,000 7.142,000 4,741,000 17,399,000
392,000
Total July 14 1923._ _23,840.000 2.799,000 6,708,000 13.526,000 1.023.000
Note.
-Bonded grain not included above: Oats, New York, 134,000 bushels:
Boston,4,000: Baltimore,3,000; Buffalo,1.355,000;Buffalo.afloat,445,000;Duluth;
45,000; total, 1,986,000 bushels, against 65,000 bushels in 1923. Barley, New York,
207,000 bushels: Buffalo, 23,000: Duluth. 18,000; total, 248,000 bushels, against
351.000 bushels in 1923. Wheat, New York, 1,534,000 bushels; Boston. 120,000,
Philadelphia,504,000; Baltimore,7,000; Buffalo, 1,943,000; Duluth,41,000; Toledo.
82,000;on Canal,73,000; total,4,504,000 bushels,against 1,195,000 bushelsin 1923.
Canadian
Montreal
14,000
33,000 1.169,000
3,076,000
133.000
Ft. William & Pt. Arthur_19,471,000
7,774,000 1,920,000
738,000
Other Canadian
3,007,000
123,000
334,000
1,628,000
Total July 12 1924....24,175,000
Total July 5 1924_ _ _ _20,815,000
Total .11113 14 1923_ _ _ _14,000,000
,
33,000 11,950,000 2,057,000 1,205,000
61,000 11,239,000 1,854,000 1,013,000
284,000 3,992,000
794,000 3,826,000
Summary
-
American
Canadian
34,343,000 5,529,000 3,780,000 16,476,000
416,000
33,000 11,950,000 2,057,000 1,205,000
24,175,000
Total July 12 1924_ _58,518,000 5,562,000 15,730,000 18,533,000 1,621,000
Total July 5 1924_ _ 55,334,000 7,203,000 15,980,000 19,253.000 1,405,000
Total July 14 1923....37,840.000 3,083,000 10,700,000 14,320,000 4,849,000
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
•
480,000
31,000
The exports from the several seaboard ports for the week
ending Saturday, July 12 1924, are shown in the annexed
statement:
Flour.
The destination of these exports for the week and since
July 1 1923 is as below:
July
493.000
Corn.
Total week 1924_ 5,047,824
RAMP ,
WPPk 1022 4 421 1 AR
July
255,000
Wheat.
Bushels. Bushels. Barrels Bushels. Bushels. Bushels. Bushels.
New York
879,824
330 189,046 155,586 372,474 120,935
Boston
81,000
4,000
Philadelphia
176,000
7,000
40,000
Baltimore
40,000
5,000
Norfolk
104,000
1,000
Newport News_
3,000
New Orleans_
80,000 17,000
2,000
Galveston
22,000
Montreal
3 848,000
58,000 368,000
69,000 174,000
10,000
Total wk. '24
464,000 4,671,000
329,000 1,564,000
Since Jan.1'2413,772,000119,758,000 13,495,000 24,123,000 416,000 700,000
6.894,00010.S03,000
Week 1923_ _ _
400,000 3.502.000. 143,000
559.000 287,000
Mace Jan.1'2313,075,000 129,093.000 32,776,000 23.195.000 5403 non on 427,000
eon ann
* Receipts do not include grain passing through New Orleans
for foreign ports
on through bills of lading.
Exportsfrom-
295
July
July
July
July
July
APPLICATIONS TO ORGANIZE RECEIVED.
8
-The First National Bank of Fulton, Miss
Correspondent, Paul Spearman, Fulton. Miss.
8
-Farmers & Merchants National Bank of Crookston.
Minn
Correspondent, S. Ai. Sivertson, Crookston, Minn.
10
-The Wilshire National Bank of Los Angeles, Calif
Correspondent, R. L. Heustis, 114 S. Norton Ave.,
Los Angeles, Calif.
10
-The National Bank of Niles Center, 111
Correspondent, Geo. E. Brannan, 139 No. Clark
St., Chicago, Ill.
10
-The Grand and Sixth NationaI Bank of Milwaukee,WLs.
Correspondent, Carl F. Geilfuss, 1526 First Wisconsln National Bank Bldg., Wilwaukee, Wis,
10
-The Mechanics National Bank of Milwaukee, Wis_
Correspondent, Carl F. Geilfuss, 1526 First Wisconsin, First National Bank Bldg., Milwaukee, Wis.
I2
-The First National Bank of Plymouth, 111
Correspondent, C. D. Reynolds, Plymouth, Ill.
Capital.
$25,000
100.000
200,000
50,000
(
200,000
25.000
July
July
July
July
[VOL. 119.
THE CHRONICLE
296
APPLICATION TO CONVERT RECEIVED.
8—The First National Bank of Clifford, No. Dale
Conversion of the Clifford State Bank, Clifford, N.D.
CHARTERS ISSUED.
8-12559—The First National Bank of Somers Point, NJ.
President, Charles P. Robinson; Cashier, Earl R.
Ryne.
9-12560—Labor Co-Operative National Bank of Paterson, N. J
President, Louis V. Hinchliffe; Cashier, Tracy V.
Scudder.
9-12561—The First National Bank of Evart, Mich
President, D. C. Morrill; Cashier, Ludwig Bohls.
Capital
$25,000
$50,000
35,000
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold-at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Bonds.
The follovring German bonds,all marks:
1,000 Munich 4s
81,000 Berlin 4s
34,000 Aligemeine Elecktricitats Geselischaft 415s
39,000 Frankfort 4s
12,000 German Govt.33
30,000 German Govt. 55
1,000 Leipzig 5s
$810
8,000 Essen 4s
lot
6,000 Bremen 4.15s
14,000 Dresden 45
30,000 Hamburg 4s
7,000 Greater Berlin 45
5,000 Leipzig 415s
57,000 Hamburg 4.14e
1,000 Badlsche Aniline 44s
30,000 Freid Krupp Aktiengesellschaft 45
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
5 First National Bank
310
1954 Webster & Atlas Nat, Bank_1954
17915
25 Farr Alpaca Co
11935
3 Pepperell Manufacturing Co
3 Lowell Bleachery
119
25 Dwight Manufacturing Co
51
5 American Mfg. Co. pref
7634
6 Naumkeag Steam Cotton Co_ __.i8534
4 Everett Mills
1224
10 Otis Co
80
1 Ludlow Mfg. Associates
145
25 Massachusetts Cotton Mills_
141 M
2 Nashua dr Lowell RR
122
100 Adams Innersole Co., com_ _ _.100
10 New England Power Co., pref_ 94
5 George E.Keith Co.,pref. _904 & div.
5 Beacon Falls Rubber Shoe Co.,
73
Pref. trust certif
Shares. Stocks.
$ per sh.
5 Draper Corporation
153
95 Quincy Market Cold Storage a
Warehouse Co., corn
133
Bonds.
Per cent.
J. R. Ayers demand third mtge.
dated Everett, Mass., Dec. 9
1920, 814,000, balance due $9,10000 property,559 Broadway, $1,500
Everett, same being subject toi
prior mortgages of $6,500
)
$20 Eastern Mass. St. Ry. ref. 5s,)
Jan. 1948,Series B
54 Eastern Mass.St.Ry.adj.scripl
$50 Eastern Mass.St. Ry.adj.opt)8304
warrant scrip ctf. for trust att.) lot
4 of one share
2 shs. Mass. Elec. Cos., pref. etf. I
dep. representing corn. stock....)
By Messrs. Wise, Hobbs Sc Arnold, Boston:
Shares. Stocks.
$ per sh.
2 Merrimack Mfg. Co., corn
110
5 Hamilton Manufacturing Co__
4534
20 Arlington Mills
106-10634
12 Naumkeag Steam Cotton Co.
..189
5 Flint Mills
124
10 Sharp Mfg. Co.,corn
45
5 Pepperell Mfg. Co
11814
5 Ipswich Mills. pref
4
834
16 Pepperell Mfg. Co
119
9 Hamilton Woolen Co
86
1 Nashawena Mills
11234
20 Newtonville & Watertown St•Ry. 15
38 88-100 Central Vermont Ry.Co_ 134
1 Ludlow Manufacturing Aasociates145
10 Emerson Shoe Stores,com.,CI.A. 15
Shares. Stocks.
$ Per sh.
5 American Glue Co.,corn
3434
5 Blackstone Valley Gas & Elec.
Co.,corn.. par $50
7334
15 Emerson Shoe Co., 181 pref.... 18
25 Lynn Gas & Elec. Co., par $25
9434
8 Fall River Elec. Light Co.,par $25 3334
10 Springfield Gas Lt. Co.. par $25- 474
15 American Glue Co.,pref___105 ex-div.
1,500 Mesabi Iron Co
214
51 Massachusetts Ltg. Cos., com_ 25
Bonds.
Per Cent.
31.000 Hall Switch & Signal deb.
(reg.) 6s, 1932
605
No. Rights.
$ per right.
1 Holyoke Water Power Co
1874
By Mesa's. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
4 Broad St. National Bank
185
181
3 Broad St. National Bank
14 Drovers & Merchants Nat. Bk 15$
386
2 Philadelphia National Bank
2 Bank of North Amer.& Trust Co_2884
2494
13 Franklin Trust Co
13 Penn. Co. for Ins. on Lives, &c_60015
915
6 Girard Trust Co
56 Peoples Bk. & Tr. Co., par $50_ 85
2 Peoples Bk.& Tr. Co., par $50__ 85
300
2 Moorestown National Bank
3 Fire Ass'n of Phila., Par $50..._405
4 Germantown Pass. Ry. Co
744
49 North Pennsylvania RR. Co
80
9 Southern Transportation Co__
30
Shares. Stocks.
S per sh.
8 Philadelphia Bourse, common__ 14
30 West Chester St. Ry. Co
18
5 Mine Hill & Schuylkill Haven RR. 50
10 Second & Third Sts. Pass. Ry_1704
10 Second & Third SW. Pass. Ry _ _170
10 Juniata Co., pref. (with 5 shs.
common)
$360
1 Buffalo & Susquehanna RR.,
common, v. t. c
100
20 Scranton Life Insurance Co
1034
125 Commercial Casualty Ins., Co.,
Newark, N. -1
4034
3 Victory Insurance Co., par $50_ _100
2 Autocar Co.(Ardmore), common. 60
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
415
Oswego & Syracuse
Passaic & Delaware
24
Syracuse Binghamton & New York (au) 3
Virginian Hy., preferred
*3
Aug. 20 Holders of rec. Aug. 7a
Aug. 1 Holders of rec. July 24a
Aug. 1 Holders of rec. July 24a
Aug. 1 *Holders of rec. July 21
Public Utilities.
Brazilian Trac., Light & Power (guar.)-Connecticut Ry.& Ltg., corn. & pf.(qu.)
Consolidated Utilities, pref. (guar.).
Consumers Power.6% pref. (guar.)_ preferred (guar.)
Idaho Power. pref. (guar.)
Keystone Telephone, pref. (guar.)
Pacific Power & Light, pref. (guar.)...
Portland Gas & Coke, pref. (guar.)
Portsmouth Power,pref. (guar.)
Texas Power & Light, pref. (guar.)
United Rye. dr Elec. of Bait., corn. (au.)
Sept. 1 Holders of rec. July 31
Aug. 15 *Holders of rec. July 31
Aug. 1 Holders of rec. July 20
Oct. 1 *Holders of rec. Sept. 15
Oct. 1 *Holders of rec. Sept. 15
Aug. 1 Holders of rec. July 17
Sept. 2 Holders of rec. Aug. 15
Aug. 1 Holders of rec. July 18
Aug. 1 Holders of rec. July 18
Aug. 1 Holders of rec. July 16
Aug. 1 Holders of rec. July 16
Aug. 15 Holders of rec. July 24
1
*135
134
*134
*14
13.4
$1
14
14
$1,76
154
50e.
Banks.
Bowery (guar.)
Extra
Municipal (guar.)
Twenty-third Ward
Extra
200.000
CONSOLIDATION.
July 12-3106—The First National Bank ofHuntington,W.Va., $1,000,000
and-4607—The Huntington National Bank. Hunt700.000
ington. W. Va
Consolidated July 12 1924 under the Act of Nov. 7
1918. under the charter of the First National Bank
of Huntington and under the corporate title of"The
First Huntington National Bank" (No. 3106).
with capital stock of $2,000,000.
Shares. Stocks.
$ per sh.
100 Southern 011 & Transp. Corp..)
100 Porcupine-Crown Mines, Ltd-)$13
15 Advance Life & Trust Co
i lot
300 U. S. Food Products
86 lot
6,950 Montana
-Idaho Copper Co.,
Par $1
315 lot
1 United Public Utilities Co.(Del.),
preferred
$12 lot
3 United Public Utilities Co.(Del.).
common
$8 lot
Sundry notes aggregating $34,262 20;list at augtioneer's office,
$500 lot
Name of Company.
Trust Companies.
Farmers' Loan & Trust (guar.)
Kings County (Brooklyn) (guar.)
Books Closed.
Days Inclusive.
Per
When
Cent. Payable.
3
7
2
5
5
Aug. 1
Aug. 1
July 10
Aug. 1
Aug. 1
July
July
July
July
July
27
27
1
26
26
to
to
to
to
to
July
July
July
July
July
31
31
9
31
31
6
Aug. 1 Holders of rec. July 19
1234 Aug. 1 July 27 to July 31
Fire Insurance.
Home
9
On dem Holders of rec. June 30
Miscellaneous.
American Book
131 July 19 July 16 to July 20
American Brick, corn. (quar.)
15c. Aug. 1 July 23 to July 31
Preferred (guar.)
50e. Aug. 1 July 23 to July 31
American Radiator, common (guar.)_
$1
Sept.30 Holders of rec. Sept.15a
Preferred (guar.)
14 Aug. 15 Holders of rec. Aug. la
•14 Aug. 15 *Holders of rec. Jul) 31
American Soda Fountain (guar.)
,
American Vitrified Products (quar.)_
50e. Oct. 15 Holders of rec. Oct. 50
Bang Service Station, pref. (guar.)
Aug. 1 Holders of rec. July 15a
2
Barnard Mfg.(guar.)
115 Aug. 1 Holders of rec. July 17
Blgelow-flartf.Carpet,corn.& pf.(qu.)_ 51.50 Aug. 1 :Holders of rec. July 18
.
Blaw-Knox Co., common (quar.)
2
Aug. 1 July 22 to July 31
Preferred (quar.)
114 Aug. 1 July 22 to July 31
*3
Aug. 1 *Holders of rec. July 16
Bourne Mills (quar.)
Brill (J. G.) Co., preferred,
(quar.)
134 Aug. 1 July 25 to July 31
Budd (E. G.) Mfg.. Prof. (quar.)
14 Aug. 1 Holders of rec. July 10
Burroughs Adding Machine, coin
75c. Sept. 30 Holders of rec. Sept. 15
Preferred (guar.)
134 Sept.30 Holders of rec. sent. 15
California Packing Corp.(4uar.)
*81.50 Sept.15 Holdr __f rec. Aug. 30
Canada Cement, Ltd., pref. (quar.)
14 Aug. 16 Holders of rec. July 31
Canada Dry Ginger Ale, Class A (quar.). *750. Aug. 15 Holders of rec. Aug. 1
Century Ribbon Mills, Inc.. pref.(qu.). 114 Sept. 2 Holders of rec. Aug. 15a
2
Charlton Mills (guar.)
Aug. 1 July 15 to July 31
Chic. Wilm.& Frank. Coal. Tref.(qu.). _
134 Aug. 1 Holders of rec. July 15
115 Aug. 1 Holders of rec. July 250
Clinchfield Coal. pref. (guar.)
Commercial Solvents Corp., Cl. A (qu.).. 31
Aug. 1 Holders of rec. July 25
•
1
Davis Mills (guar.)
Sept.20 *Holders of rec. Sept. 6
'
1
Dominion Bridge (quar.)
Aug. 15 Holders of rec. July 31
Equitable Eastern Banking (quar.)
2
July 11 July 1 to July 11
1)5 Aug. 1 Holders of rec. July 24
Esmond Mills, common (quar.)
134 Aug. 1 Holders of rec. July 24
Preferred (quar.)
Famous Players-Canad. Corp., pt. (qu.) *2
Aug. 30 *Holders of rec. July 31
2
Federal Match, pref. (guar.)
Aug. 1 Holders of rec. July 19
Federal Sugar Refining, common (guar.) 14 Aug. 1 Holders of rec. July 210
Preferred (guar.)
14 Aug. 1 Holders of rec. July 21a
Great Lakes Dredge & Dock (guar.)._ _ _
2
Aug. 15 Holders of ree. Aug. 8
Hamilton-Brown Shoe (monthly)
1
Aug. 1 July 25 to July 31
*1
Hollinger Cense!. Gold Mines
Aug. 11 Holders of me. July 24
Aug. 1 Holders of rec. July 21
Holt Manufacturing, 1st pref. (guar.)._
Original preferred
34 Aug. 1 Holders of rec. July 21
Ingersoll-Rand Co. common (quar.)_ _ _ *2
Sept. 1 *Holders of rec. Aug. 15
Intertype Corporation,common (quar.). 25c. Aug. 15 Holders of rec. Aug. 1
25c. Aug. 15 Holders of rec. Aug. 1
Extra
*32
Aug. 15 *Holders of rec. Aug. 1
Iron Products, preferred (guar.)
Kellogg Switchboard & Supply (guar.)_ _
2
July 31 Udders of rec. July 23
Kinney (G. R.) Co. preferred (guar.)._ *2
Sept. 2 *Holders of rec. Aug. 21
• M
1
Lincoln Manufacturing (guar.)
Aug. 1 *Holders of rec. July 15
Loew's Boston Theatres Co.,corn.(qu.). 1
Aug. 15 Holders of rec. Aug. 20
2
Aug. 1 Holders of rec. July 15
Luther Manufacturing (guar.)
Martin-Parry Corp. (guar.)
$1
Sept. 2 Holders of rec. Aug. 150
Mercantile Stores Co., Inc
$4
Aug. 15 Holders of rec. Aug. 1
*50c. Aug. 1 *Holders of rec. July .21
Melville Shoe, common (guar.)
*2 Aug. 1 *Holders of roe. July 21
Preferred (guar.)
*14 Aug. 1 *Holders of rec. July 21
Merchants Manufacturing (quar.)
Missouri-Portland Cement Co.(quar.)
14 Aug. 1 Holders of rec. July 20
National Supply,common (quar.)
75e. Aug 15 Holders of rec. Aug. 5
2
New Niquero Sugar(guar.)
July 31 Holders of rec. July 21
New York Canners. Inc., 2d preferred.. 4
Aug. 1 Holders of rec. July 21
Pathe Exchange, Inc., common, class
Aug. 18 Holders of rec. July 28
A & B (pay, in el. A com. stock)._ _ _ 010
Pick (Albert) & Cd.. common (guar.)_ _ _ 40e. Aug. 1 July 26 to July 31
115 July 31 Holders of rec. July 220
Plant(Thomas G.) Co.. 1st pref.(qu.). _
Pullman Company (war.)
2
Aug. 15 Holders of rec. July 31
Pyrene Manufacturing, common (guar.) 25e. Aug. 1 July 19 to July 31
115 Oct. 1 Folders of rec. Sent. 15
Republic Iron & Steel. nref. (guar.)_ _ _
2
Aug. 1 Holders of rec. July 20
Revillon, Inc., pref. (quar.)
Bt. Lawrence Flour Mills,common (qu.) 1)5 Aug. 1 Holders of rec. July 21
134 Aug. 1 Holders of rec. July 21
Preferred (qur.)
*
3
Aug. 12 *Holders of rec. Aug. 4
ficotten-Dillon Co. (guar.)
1
Mills (guar.)
Shove
Aug. 1 Holders of rec. July 19
2
Sinclair Consolidated 011, pref.(guar.) _ _ *
Aug. 15 *Holders of rec. Aug. 1
114 Aug. 1 Holders of rec. July 15
Stevens Manufacturing (guar.)
Standard Motor Construction (guar.) _ _ _ 250. Aug. 30 Holders of rec. Aug. 1
Trenton Potteries, cum. & non-cum.
July 25 Holders of rec. July 170
2
pref. (quar.)
81e. JEly 28 Holders of rec. July 10a
Union Oil Associates (quar.)
*50. July 31 *Holders of rec. July 18
United Eastern Mining (guar.)
Wampanoag Mills(quar.)
.
14 Aug. 1 *Holders of rec. July 15
Washburn Crosby Co..7% oref.(guar.). 14 Aug. 1 Holders of rec. July 24
134
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Alabama Great Southern. preferred._-__
Atch. Topeka & Santa Fe, corn.(quar.)
Preferred
Baltimore & Ohio. common (quar.)....Preferred (guar.)
Canada Southern
Central RR.of New Jersey (quar.)
Clue. New Orl.& Tex. Pac., pref (quar )
Cincinnati Northern
Cleve. Cm.Chic. & St.Louls, corn.(qu)
Preferred
Connecticut & Passumpsie Rivers, pref._
Cuba RR., preferred
Preferred
Delaware & Hudson Co.(guar )
Delaware Lackawanna & Western(guar)
Great Northern
Gulf Mobile & Northern, pref. (quar.)__
Illinois Central, common (qitar.)
Preferred
Internat. Rys. of Cent. Am., pref.(qu.)
Louisville & Nashville
liyIshooing Coal RR.. common
Massawippl Valley
Michigan Central
Nashville Chattanooga & St. Louis
New York Central Eli. (guar.)
Norfolk & Western, common Mani
Adjustment preferred (quar.)
Northern Pacific (guar.)
Pennsylvania RR. (guar.)
Pere Marquette, prior pref. (guar.).—
Five per cent pref. (guar.)
Pittab. Cin. Chic. & St. Louis (guar.)
Pittsburgh & Lake Erie
Pittsburgh & West Virginia. pref.(guar.)
Preferred (guar.)
Preferred (guar.)
Aug. 16
Sept. 2
Aug. I
Sept. 2
Sept. 2
Aug. 1
Aug. 15
134 Sept. 2
Ans. I
114 July 19
134 July 19
Aug. 1
3
3
Aug. 1
3
Feb2'25
2)4 Sept.20
July 21
3
215 Aug. 1
114 Aug. 15
1)5 Sept. 1
Sept. 1
3
14 Aug. 15
Aug. 11
3
$10 Aug. 1
Aug. 1
3
July 29
If)
314 Aug. 1
115 Aug. 1
Sept. 19
Aug. 19
1
11
5 Aug 1
750. Aug. 30
14 Aug. 1
134 Aug. 1
July 19
2
$2.50 Aug. 1
134 Aug. 30
1)4 Nov.29
(w)
1)4
33.'
115
24
115
1
1)4
Books Closed.
Days Inclusive.
Holders of roe. July 12
Holders of rec. July sso
Holders of rec. June '27a
Holders of rec. July 19a
Holders of rec. July 19a
Holders of rec. June 27a
Holders of rec. Aug. 6a
Holders of rec. Aug. 160
Holders of rec. June 27a
Holders of ree. June 270
Holders of rec. June 27a
Holders of rec. July 1
Holders of rec. July 150
Holders of roe Jan 15'25a
Holders of rec. Aug. 280
Holders of rec. July 5
Holders of re,. June MI
Holders of rec. Aug. la
Holders of rec. Aug. la
Holders of rec. Aug. la
Holders of rec. July 31a
Holders of roe. July Ilia
Holders of rec. July 15a
Holders of rec. July 1
Holders of rec. June 27a
Holders of rec. July 190
Holders of rec. June 27a
Holders of rec. Aug. 300
Holders of rec. July 310
Holders of rec. June 300
Holders of rec. Aug. la
Holders of rec. July 150
Holders of rec. July 150
Holders of rec. July 100
Holders of rec. July 15a
Holders of rec. Aug. la
Holders of rec. Nov. la
Holders of rec. Feb.2'250
JULY 19 1924.]
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days laclustre.
297
Per
Books Closed.
When
Name of Company.
Imes Inclusive.
Cent. Payable.
Railroads (Steam) (Concluded).
Miscellaneous (Continued).
Reading Company. common (guar.)- -- 51
Aug. 14 Holders of rec. July 2I0 Babcock & Wilcox Co.
(guar.)
First preferred (quar.)
134 Oct. 1 Holders of rec. Sept.20a
50c. Sep. 11
Quarterly
Southern Railway, common (guar.) - - 1M Aug. 1 Holders of rec. Aug. 250
154 Jan1'25 Holders of rec. Dec. 200
Holders of rec. July 100
Quarterly
134 Aprl'25 Holders of rec.Mar.20'250
Barnhart Bros. dr Spindler
Public Utilities.
First and second preferred (guar.)---Amer. District Teleg. of N. J. (guar.).- IM July 29 Holders
134 Aug. 1 Holders of rec. July 25a
of rec. July 150 Beacon 011. preferred (guar.)
Amer. Gas & Elec., pref. (guar.)
$ISTA Aug. 15 Holders of rec. Aug. la
75c. Aug. I Holders of rec. July 10
Belding-Corticelli, Ltd., common
American Light & Traction, corn.(guar.) 1
2
Aug. 1 Holders of rec. July 15
Aug. 1 July 12 to July 27
Preference (guar.)
Common (payable in common stock)__ 11
151 Sept. 15 Holders of rec. Sept. 1
Aug. 1 July 12 to July 27
Borden Company.common
Preferred (guar.)
4
Aug. 15 Holders of rec. Aug. la
134 Aug. 1 July 12 to July 27
Preferred (guar.)
Amer. Telephone & Telegraph (quar.)_ _
134 Sept.15 Holders of rec. Aug. 30
0
234 Oct. 15 Holders of rec. Sept. 200
Preferred (guar.)
Quarterly
134 Dee. 15 Holders of rec. Dec. Is
2M Jn15'25 Holders of rec. Dec. 20a Brown Shoe, preferred
(guar.)
Quarterly
134 Aug. 1 Holders of rec. July 190
234 Ap15'25 Holders of rec.Mar.17'2Aa Bunte Brothers, preferred
(guar.)
Wat. Wks.& El. 7% 1st p1.(qu.)_. 134 Aug. 15
154 Aug. 1 July 26 to July 31
Holders of rec. Aug. 1
Burns Bros.,common A (quar.)
Six per cent panic. Pref. ((uar.)
$2.50 Aug. 15 Holders of rec. Aug. la
1M Aug. 15 Holders of rec. Aug. 1
Common B (guar.)
Boston Consolidated Gas, preferred__ _ _
50c. Aug. 15 Holders of rec. Aug. la
3M Aug. 1 Holders of rec. July 15
Prior Prof. (gust.)
California-Oregon Power, prof.(guar.)._
134 Aug. I Holders of rec. July 180
134 July 30 Holders of rec. July 15
California Packing Corp.(guar.)
Carolina Power & Light. common (qu.)_
*31 .50 Sept.15 *Holders of rec. Aug. 30
1 M Aug. 1 Holders of re;.. July le
Canadian Car & Fdry., pref.(gar.).
Cedar Rapids Mfg.& Power (quar.)_
134 Oct. 10 Holders of rec. SePt.26
41 Aug. 15 Holders of rec. July 31
Preferred (acct. accum. diva)
Central Power & Light, pref. (quar.)_ _ _
5134 Oct. 10 Holders of rec. Sept.26
134
Canadian Converters (guar-)
Chicago Rapid Transit prior pt.(m'thly) *650. Aug. 1 Holders of rec. July 15
134 Aug. 15 Holders of rec. July 310
Aug. 1 *Holders of rec. July 15
Canadian Explosive,Common (guar.)
City Gas of Norfolk, pref. (guar.)
July 3 Holders of rec. June 30a
2
Oct. 1 Holders of rec. Sept. 15
Cartier, Inc.,
Columbia Gas & Electric (guar.)
1)4 July 3 Holders of rec. July 15
850. Aug. 15 Holders of rec. July 310 Casey-Hedges pref. (guar.)
Co.. common (guar.) _ _ _ _
Commonwealth-Edison Cu.(guar.)
234 Aug. 1 Holders of rec. Aug. la
2
Aug. 1 Holders of ree. July 15a Cerro de Pasco Copper
Commonwealth Power Corp..00 m.(qu.) $1
Corp.(ctuar.)
$1
Aug.
Holders of rec. July 176
Aug. 1 Holders of rec. July 18
Chicago Pneumatic Tool (guar.)
Preferred (quar.)
14 July 2 Holders of rec. July 156
141
Chicago Yellow Cab (monthly)
Contipenuti oas& El.Corp.,corn. mu.) 755. Aug. 1 Holders of rec. July 16
33
Aug. 1 Holders of rec. July 216
Monthly
Common (payable in common stock) 1750. Oct. 1 Holders of rec. Sept. 130
33Ir Sept.
Holders of rec. Aug. 206
Oct. 1 Holders of rec. Sept. 130 Cities Service Co
Participating preferred (guar.)
134 Oct. I Holders of roe. Sept. 130
Common (monthly, pay. In cash scrip) 034 Aug.
Participating preferred (extra)
Holders of rec. July 15
34 Oct. 1 Holders of rec. Sept. 130
Common (pay.in coin,stock scrip)_ _ _ 0154 Aug.
paeue. prof. (payable in cons. stock)_.
Holders of rec. July 15
144 Oct. 1 Holders of rec. Sept.13a
Preferred & preferred B (monthly)...
Preferred (guar.)
44 Aug.
Holders of rec. July 15
134 Oct. 1 Holders of rec. Sept. 133 City lee & Fuel (Cleveland
Prior preferred (liar.)
) (guar.)_... 2
Sept. 1 Holders of rec. Aug. 200
134 Oct. 1 Holders of rec. Sept. 130
Quarterly..,
Dallas Power & Light, pref. (quar.)_._ _
2
Dec.
Holders of rec. Nov.20a
154 Aug. 1 Holders of rec. July 21
Cleveland-Cliffs Iron (quar.)
Eastern Massachusetts St. Ry. 1st prig_ 3
75c. July 2 Holders of rec. July 15a
Aug. 15 Holders of rec. July 31
Cluett, Peabody & Co., common (guar) 51.25 Aug.
Preferred B
Holders of rec. July 2I6
3
Aug 1 Holders of rec. July 16
Columbian Carbon (guar.)
Sinking fund stock
51
Aug.
July 22 to July 31
*3
Aug. 15 *Holders of rec. July 31
Commercial Chemical, Class B (guar.)
Edison Electric Illuminating (quar.). 3
3741c. July 2 Holders of rec. June 306
Aug.
Congoieum Co., common (guar)
Edison Elec. Ilium. of Brockton (guar.). 234 Aug. 1 Holders of rec. July 15
The. July 3 Holders of rec. JU1Y 150
1 Holders of rec. July 14
Preferred (guar.)
Electric Bonn OL Share. mkt.(guar.)_
154 Sept. 1 Holders of rec. Aug. 15a
1st, Aug. 1
Connecticut Mills, 1st pref.(guar.)
Fort Worth Power & Light, pref.(quay.) 134 Aug. 1 Holsters of rec. July 15
14( Aug.
Holders of rec. July Sa
Holden of rec. July 15
Consolidated Royalty 011 (guar.)
Georgia Railway & Electric, pref.(guar.)
3e.
July 2 July 16 to July 20
July 20 Holders of rec. July 106 Consolidation
134
Coal (guar.)
Georgia Ry.& Power. let wet.(quar.)_
144 July 3 Holders of rec. July 15a
2
July 20 Holders of rec. June 30
Continental Can,common (guar.)
Illinois Northern Utilities, pref. (quar.)_
$1
Aug. 1
Holders of rec. Aug. 5a
133 Aug. 1 Holders of rec. July 15s Continental
Motors Corp.(guar.)
Kamin1stiquia Power (guar.)
20e. July 3 Holders of rec. July 196
2
Aug.
Continental Paper dr Bag Mills,com.(qu) 134 July 2 Holders of rec. July 12
Kansas Electric Power, common (au).... 14 July 15 Holders of rec. July 31
31 Holders of rec. July 20
Prior preference (guar-)
Lowell Electric Light (guar.)
134 July 2 Holders of rec. July 12
2M Aug. 1 Holders of rec. July 14a
Preferred (guar.)
Massachusetts Gas Cos., cons. (quar.)..
134 July 2 Holders of rec. July 12
1M Aug. 1 Holders of rec. July 15
Corn Products Refining, corn. (quar.)- 50c. July 1 Holders of rec. July 30
Milwaukee Elec. Ry.& Lt., pref.(au.)
14 July 31 Holders of rec. July
210 Craddock-Terry Co.. common (guar.).Mineral Point Pub. Service, pref.(gust.) 141
Sept.30 Sept. 16 to SeUt.30
Common(guar.)
Montreal Lt., Ht.& Pr. Consul.(guar,). 134 Sept. 15 Holders of rec. Aug. 31
3
Dec. 31 Dec. 16 to Dec. 31
Aug. 15 Holders of rec. July 31
First and second preferred
Montreal Light. Heat & Power (guar.). 2
Dec. 31 Dec. 15 to Dec. 31
Aug. 15 Holders of rec. July'31
Class C preferred
Montreal Tramways(guar.)
334 Dec. 31 Dec. 15 to Dee. $1
234 Aug. 1 Holders ot rec. July 18
Crucible Steel.common (quilt.)
Mountain States Power, pref.(guar.)_
1
July 31 Holders of rec. July MS
1,4 July 21 Holders of rec. June 300 Cuba
Company,
Municipal Service, common (guar.)... _ 400.
344 Aug. 1 Holders of rec. July 154
July 25 Holders of rec. July 103 Decker (Alfred) preferred
Preferred (guar-)
& Cohn, pref. (gust.).., •14„i Sept. 1 *Holders of rec. Aug. 20
134
Nevada-California Electric, pref.(guar.) 134 Aug. 1 Holders of rec. July 153 Diamond Match (guar.)
2
Sept.15 Holders of rec. Aug. 300
Aug. 1 Holders of rec. June 300 Doehler Die Casting
Newport News & Hampton Ry., G.& E.
(guar.)
50c. Aug. 1 Holders of rec. July 15a
Dome Mines, Ltd. (guar.)
Common ((mar.)
50c. July 21 Holders of rec. June 28a
134 Aug. 1 Holders of rec. July 15a Dominion
Northern States Power,common
Stores, common
50e. Oct. 1 Holders of rec. Sept.15
(guar.) 2
Aug. I Holders of rec. June 30
Preferred (guar.)
Dubiller Condenser & Radio, pref.(au.)- $2
Sept.30 Holders of rec. Sept.250
134 July 21 Holders of rec. June 30
Oklahoma Natural Gas (guar.)
Preferred (guar.)
$2
Sept.30 Holders of rec. Sept.25a
50c. July 19 Holders of rec. June 260
Philadelphia Company,corn. (guar.).
Preferred (guar.)
$2
Dee. 31 Holders of rec. Dec. 26a
El
July 31 Holders of rec. July la du Pont (E.
Philadelphia Rapid Transit (guar.)
I.) de Nemours & Co
750. July 31 Holders of rec. July 15a
Public Serv. Elec. Pow., pref..(quar,)._
Debenture stock (guar.)
14 July 25 Holders of rec. July 10a
III Aug. 1 Holders of rec. July 15a
Public Service Investment. corn. (guar.)
Pont(El.)de Nem.Powd.,com.(qu ) 14 Aug. 1 Holders of rec. July 19
1,4 Aug. 1 Holders of rec. July 150 du
Preferred (guar.)
Preferred (guar.)
14 Aug. 1 Holders of rec. JU1Y 19
134 Aug. 1 Holders of rec. July 156
Pub. Berv. of N. III..com.
(par $100)
3)4 July 31 Holders of rec. June 30
(qu.) 144 Aug. 1 Holders of rec. July 150 Eastern Theatres (Toronto), preference_
Common (no par value)(guar.)
Elgin National Watch (guar.)
*2
Aug. 1 *Holders of rec. July 15
$1.75 Aug. 1 Holders of rec. July 15a Eureka
Preferred (guar.)
Pine Line (guar.)
2
Aug. 1 Holders of rec. JulY 15
14 Aug. 1 Holders of rec. July 150 Exchange
Railway & Light Securities, corn.& pref_
Buffet Corp.(guar.)
50e. July 3 Holders of rec. July 196
3
Aug. I Holders of rec. July 15
Fair (The), preferred (guar.)
Sierra Pacific Electric Co., pref. (an.)
14( Aug. 1 Holders of rec. July 20
134 Aug. 1 Holders of rec. July 126
6
Fajardo Sugar (guar.)
South Plttsburs h Water,common
$2.50 Aug. 1 Holders of rec. July 196
1
July 19 Holders of rec. July 1
Extra
Five per cent preferred
$1.25 Aug. 1 Holders of rec. July 19
234 Aug. 19 Holders of rec. Aug. 5
a
Standard Ga.& Electric, cont.(quar.)
154
Aug. 1 Holders of
75c. July 25 Holders of rec. June 30a Famous Players-Lasky Corp.. Pref.(011.) 2
Fifth Avenue Bus Secur. Corp.(gust.).,., 16e. July 21 Holders of rec. July 120
7% prior i referred (guar.)
134
rec. July
Firestone Tire & Rubber,'corn- (guar.)
Tennessee Elec. Power, 2d pref.(NO. 1)_ $1.50 July 26 Holders of rec. June 30
July 21 Holders of rec. July 10
-- 51
Aug. 1 Holders of rec. July 12
Texas Elecirie Ry.,corn.(quar.)
Fisher Body Corp., common quarj_ _ 52.50 Aug. 1 Holders of rec. July 210
1
Sept. 1 Holders of rec. Aug. 15
Flelshmann Co., common (guar.)
Second preferred (guar.)
750., Oct. 1 Holders of rec. Sept 150
1M Aug. 1 Holders of rec. July 15
Common (guar.)
Texas Poe or & Light, pref. toner.)
715c. Jan1'25 Holders ofTee. Dec. 154
134
General Cigar, common (guar.)
United Gas Imprss meal., Prof.(c uar.) 8734e Aug. 1 *Holders of rec. July 16
72
Aug. 1 Holders of rec. July 23a
Sept.15 Holders of rec. Aug. 303
United Light & Pow..corn. A & B (gto
Preferred (guar.)
14‘. Sept. 2 Holders of rec. Aug. 230
4
0c. Aug. 1 Holders of rec. July 15a
West Penn Company,7% Pref. (gust.).,
Debenture preferred ((mar.)
14( Oct. 1 Holders of rec. Sept. 24a
144 Aug. 15 Holders of rec. Aug. 1
West Penn Power Co.,7% prof.
General Development (guar.)
25e. Aug. 20 Holders of rec. Aug. Ila
(guar.). 144 Aug. 1 Holders of rec. July 15
West Penn Railways, Prof.
General Fireproofing, pref. (guar.)
14( Oct. 1 Holders of rec. Sept. 20
(guar.)
1I3 Sept. 15 Holders of rec. Sept. 1
Wisconsin River Power, pref.(guar)
Preferred (guar.)
14( Jan2'25 Holders of rec. Dec. 20
$1.75 Aug. 20 Holders of rec. July 31
York Railways, preferred (guar.)
General Motors,7% deb.stock (guar.)._
134 Aug. 1 Holders of rec. July 76
62)4c July 30 Holders of rec. July 190
Six pit cent deb. stock (guar.)
134 Aug. 1 Holders of rec. July 76
Six per cent preferred (guar.)
Banks.
134 Aug. 1 Holden of rec. July 7a
Continental
Gillette Safety Razor (guar.)
$3
Sept. 1 Holders of rec. Aug. 1
4
Aug. 1 Holders of rec. July 28a
Corn Exchange (guar.)
Stock
e5
Dec. 1 Holders of rec. Nov. 1
5
Aug. 1 Holders of rec. July 3Ia Gimbel dividend
Pacific (guar.)
Brothers, preferred (guar.)
134 Aug. 1 Holders of rec. July 196
2
Aug. 1 July 26 to July 31
Extra
Globe Automatic Sprinkler, Cl. A (qu.)_ 6234c Aug. 1 Holders of rec. July 21
2
Aug. 1 July 26 to July 31
Go.surd (cs. W.)Co., pref.(guar.)
*1Ii Aug. 1 *Holders of rec. July 21
Common (monthly)
Miscellaneous.
25e. Aug. 1 Holders of rec. July 19a
Common (monthly)
25c. Sept. 1 Holders of rec. Aug. 20a
Abitibi Pow. di Paper, common
Grand (F. & W.) 5 -25
-10 -Cent Stores,
(guar)-Aeolian, Weber Plano& Planets, pf.(qu.) $1 July 21 Holders of rec. July RI
Inc., Preferred (guar.)
51 34 Aug. 1 *Holders of rec. July 22
144' July 25 Holders of rec. July 15
Alliance Realty (guar.)
Gray & Davis. preferred (guar.)
2
2
Aug. 1 Holders of rec. JU1Y 15
July 19 Holders of rec. July lla Gill States Steel,
Allied Chemical & Dye Corp.,corn
first preferred (guar.) 154 Oct. 1 Holders of rec. Sept.154
Aug. 1 Holders of rec. July 153
.(gu.). $1
First preferred (guar)
Allis-Chalmers Mfg., common (guar.).154 Jan2'25 Holders of rec. Dec. 150
51
Aug. 15 Holders of rec. July 243
Amalgamated Sugar, let pref.
Second preferred (guar.)
I
Oct. 1 Holders of rec. Sept. 15a
2
(guar.)._
Auk. 1 Holders of rec. July 176
First Prof. (acct. accum.
Second preferred (guar.)
1)4 Jan2'25 Holders of rec. Dee. 15a
Aug. 1 Holders of rec. July 17a Halle Bros.,
American Bank Note,corn. dividends)_ _ 53
1st & 2d pref.
134 July 31 July 25 to July 31
(guar.)
American Beet Sugar, corn. (guar.)._ $1.25 Aug. 15 Holders of rec. Aug. la Harbison- Walker Refract., (guar.)
pref.(ult.)154 July 19 Holders of rec. July 90
1
July 31 Holders of rec. July I2a Harris Profilers.
Common (quar.)
1
'134 Aug. 1 *Holders of rec. July 11
Oct. 31 Holders of rec. Oct. Ila Hart,Schaffner preferred (guar.)
Common (gust.)
& Marx,Inc., corn,(qu.) 134 Aug. 30 Holders of rec. Aug. 200
1 J an31'25 Holders of rec.Jan.10'25a
American Can, common
(guar.)
1M Aug. 15 Holders of rec. July 31a Hibbard, Spencer, Bartlett Co.(mthly.) 350. July 25 Holders of rec. July 18
American Cigar, common
Monthly
35e. Aug. 29 Holders of rec. Aug. 22
(guar.)
14 Aug. 1 Holders of rec. July 150
American Coal(guar.)
Monthly
35e. Sept.26 Holders of rec. Sept. 19
$1
Aug. 1 July 12 to Aug. 1
American Glue. preferred (guar.)
Extra
15e. Sept.26 Holders of rec. Sept.19
2
Aug. 1 Holders of rec. July 12
American Ice, common (guar.)
Hillman Coal & Coke,5% pref.(guar). 141 July 25 July
141 July 25 Holders of rec. July 8a
15 to July 25
Preferred (guar.)
i-even per cent preferred
134 July 25 July 15 to July 25
14 July 25 Holders of rec. July 83
(guar-)
Amer. La France Fire Eng.. corn.
Holly Sugar, preferred (gar.)
134 Aug. 1 Holders of rec. July 15
080-- 25c. Aug. 15 Holders of rec. Aug. la
Amer. Laundry Machinery, corn.
Preferred (account accum. dividends). 5134 Aug. 1 Holders of
(an.).. 50c. Sept. 1 Aug. 23 to Sept. 1
rec. July 15
Amer. Shipbuilding, common nanarj
Ilomestake Mining (monthly)
2
50c. July 25 Holders of rec. July 190
Aug. 1 Holders of rec. July
Common ((mar.)
154 Hood Rubber Co., preferred (quar.)-14( Aug. 1 July 20 to Aug. 1
2
Nov. 1 Holders of rec. Oct. 15
Common (guar.)
Household Products, Inc. (guar.)
2
75e. Sept. 2 Holders of rec. Aug. 153
Feb2'25 Holders of rec. Jan. 15'25 Hupp
Common (guar.)
Motor
2
M'yl'25 Holders of roe. Apr. 15'25 Independen Car Corp.,common (guar.) 25e. Aug. 1 Holders of rec. July 15a
Common (guar.)
t Oil & Gas(guar.)
2
25e. Sept.30 Holders of rec. Sent 12a
Aug l'25 Holders of roc. July 15'25
Preferred (guar.)
Quarterly
25e. Dec. 31 Holders of rec. Dec. 126
14 Aug. 1 Holders of rec. July
15
Amer. Smelt. & Refg., corn. (guar.)_
15( Aug. 1 Holders of rec. July 116 Indiana Pipe Line (guar.)
$2
Aug.
Preferred (guar.)
Internat. Combustion Engineering (qu) 50c. July 15 Holders of rec. July 18
14 Sept. 1 Holders of rec.
Aug. So International Nickel, preferred (gust.).,., 144 Aug. 31 Holders of rec. July 173
Amer. Sugar Refining, preferred (guar.). 14 Oct.
1 Holders of rec. July 17a
2 Holders of rec. Sept. 2
Amoakeag Mfg., common (guar.)
International Shoe, pref. (monthly)...
750. Aug. 2 Holders of
34 Aug. I Holders of rec. July 15a
Preferred
$2.25 Aug. 2 Holders of rec. July 90 Kaufmann Dept. Stores, corn. (gnat.).. $1
Aug. 1 Holders of rec. July 21
rec. July 9a Kelsey Wheel, preferred
Archer-Daniels
-Mid.Co.. pref.(quarj_ _
14 Aug. 1 Holders of
1 4( Aug. 1 Holders of rec. July 216
(guar.)
Arizona Commercial Mining
50c. July 31 Holders of rec. July 210 Kress (B. H.)& Co.,common (guar.)
Aug. 1 Holders of rec. July 19a
- 1
rec. July 19a Lehigh Coal & Navigation
Art Metal Construction (guar.)
250. july 31
(guar.)
Si
Aug. 30 Holders of rec. July 316
Associated Dry Goods, common (guar.). 14 Aug. 1 Holders of rec. July 116 Loose-Wiles Biscuit
Holders of rec. July 126
Second pref. (account accum.
First preferred (guar.)
534 Aug. I Holders of rec. July 18a
134 Sept 2 Holders of rec. Aug.
90 Lord & Taylor,2d pref.(guar.) diva).- 2
Second preferred (guar.)
134 Sept. 2 Holders of
Aug. 1 Holders of rec. July 10a
rec. Aug. 9a Maer (rt. H.)& Co.. Preferred
Associated Oil (guar.)
37 4c July 25
1)4 Aug. 1 Holders of rec. July 12a
(guar.)
Atlantic Refining, preferred (guar-) -- 134 Aug. 1 Holders of rec. June 30a Manati Sugar. common (guar.)
$1.25 Sept. 1 Holders of rec. Aug. 154
Holders of rec. July I5a May
Atlas Powder, preferred ((mar.)
Department Stores,common Mu.)., $1.25 Sept. 1 Holders of
144 Aug. 1 Holders of
rec. Aug. ‘
rec. July 193
Austin, Nichols & Co.. prof.(quar.)-Preferred (guar.)
154 Oct. 1 Holders of reo. Sept.16 ,
154 Aug. 1
160
Balaban & Katz Corp.,coin.(monthly)_ 25e. Aug. 1 Holders of rec. July 153 McCrory Stores Corp., pref. (gust.)... 154 Aug.
1 Holders of roe. July 214
Holders of rec. July 19a
Common (monthly)
Preferred (guar.)
25e. Sept. 1 Holders of
14( Nov. 1 Holders of rec. Oct. 20a
Common (monthly)
25e. Oct. 1 Holders of rec. Aug. 20a McIntyre-Porcupine Mines(guar.)
5
Sept. 1 Holders of rec. Aug. 1
Preferred (guar-)
14( Oct. 1 Holders of rec. Sept.20a Mexican Petroleum, common (guar.),- 3
July 21 Holders of rec. June 30
nee. Sept.20
Preferred (guar.)
2
July 21 Holders of rec. June 30
Name of Company.
THE CHRONICLE
298
Name Of Company.
When
Per
Cent. Payable.
Books Closed.
Days Dututted.
[VOL. 119.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
The following shows the condition of the New York City
50c. Aug. 15 Holders of rec. Aug. la
Miami Copper (guar.)
June 21
Holders
Monarch Knitting, preferred (quar.)--- 13( Aug. 1 *Holders of rec. July 15
Clearing House members for the week ending July 12. The
of rec.
•75c. Aug. 1
Moon Motor Car (guar.)
Aug. 8 *Holders of rec. July 19
figures for the separate banks are the averages of the daily
Motor Products Corp., pref. (quar.)--- *2
Aug. 1 Holders of rec. July 150
2
Mullins Body Corp.. prof. (qtiar.)
83.50 Aug. 1 Holders of rec. July 210 results. In the case of the grand totals, we also show the
(guar.)
Nash Motors,common
21.50 Aug. 1 Holders of rec. July 21a
Common (extra)
of condition at the end of the week.
13( Aug. 1 Holders of rec. July 210 actual figures
Preferred (quar.)
75c. Oct. 15 Holders of rec. Sept.300
National Biscuit, common (guar.)
Aug. 160
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
1% Aug. 30 Holders of rec.
Preferred (quar.)
Aug. 15 Holders of rec. July 310
1
-Ma is, three ciphers (00O] omitted.)
(Mated in thousands of dollars
preferred
National Brick,
Holders of rec. July 15a
134 Aug. 1
es
Ltd..
National Dept. Stores. pref.(quar.)__
Sept.100
Nat. Enamel. & /Mpg., pref. (guar.)._ 134 SePt.30 Holders of rec. Dec. 110
New
134 Dec. 31 Holders of rec.
Preferred (quar.)
Reserve
apita1.1Profits. Loans,
154 Aug. 1 Holders of rec. July 19
National Tea, preferred (guar.)
Time Batik
Net
Discount.. Cash with
Week Ending
Aug. 1 Holders of rec. July 9a
$I
Air Brake,corn.(guar.)
New York
De- CircaLegal Demand
in
July 12 1924 vat% mar..31 Invest1 Holders of rec. Sept. 90
Oct.
91
Class A (quar.)
State, Mar.20 meets, Vault. Deposi- Deposits. Posits.
210
New York Canners. 1st pref. (guar.)._ 334 Aug. 1 Holdcrs of rec. July 120
"on
etc.
tories.
(000 omitted.) Tr.00e.,mar.20
Min.(m'thlY) 234 July 23 Holders of rec. July
N.Y.& Honduras Rosario
15c. July 21 July 1 to July 17
Nipissing Mines(guar.)
0 Members of Fe d. Res. Bank, Average Average Average Average Average AvVe.
12340 Aug. i Holders of rec. July 19
Circuit, corn.(monthly)
Orpheum
$
$
1234e Sept. 1 Holders of rec. Aug. 200 Bank of N Y & 4,000 12,381
Common (monthly)
50,611 0,184
70,714
743 6,780
Trust Co_ _
134 July 20 Holders of rec. June 200 Bk of Manhat'n 10,000, 13,943 147,521 2,753 18,872
Overman Cushion Tire, corn.(quar.)
la
121,014 22,114
July 20 Holders of rec. June 300
134
"X" preferred (quar.)
550
7,31
152,40
16,589 161,447
& Met Bk
134 Aug. 1 Holders of rec. July 150 Mothof America 10,000 5,376 80,842 3,442 20,223
Pacific Mills (quar.)
86,549 4,056
1,6
6.500,
11,536
July 21 Holders of rec. June 130 Bank
SI
Pacific Oil
65,186 1,141
30c. July 31 Holders of rec. July 150 Nat City Bank_ 40,000 52,027 591,879 4,843 137,008 *818,820 3,309 348
Packard Motor Car, common (quar.)
111,992
4,506,
July 21 Holders of rec. June 300 Chem Nat Bank z1,000 16,876 119,995 1,275 15,021
Pan-Amer.Pet.&'Transp.com.A&B(qu.) 81
80 296
93
4,475
5,234
z288
851
Nat Butch & Dr
Aug. 15 Holders of rec. Aug. 5
2
(guar.)
Penman's, Ltd., common
96,094 9,308 4,956
933 12,444
5.000 7,880 110,148
Amer Exch Na
134 Aug. 1 Holders of rec. July 21
Preferred (guar.)
Com- 25.0001 39,30 321,088 1,301 38,3313 287,003 12,425
Nat Bk of
July 25 Holders of rec. July 10
20
Pennok Oil,stock dividend
904
26,901 2,687
1,0001 1,725 28,118
10c. Aug. 1 Holders of rec. July 15a Pacific Bank-. 10,5001 9,183 157,095 4,601 3,935
Penn Traffic
17,060 120,309 32,036 6,015
Aug. 1 Holders of rec. July 150 Chat& Phen Nat 5,0001 22,422 123,701
82
Philadelphia Insulated Wire
300
53 14,488 100,453
134 Aug. 1 Holders of rec. July 200 Hanover Nat B 10,000 13,082 188,464 7.137 22,965 166,549 28,136
ones Corp., pref. (guar.)
Phillips-J
July 25 Holders of rec. July 100 Corn Exchange_
1
Pittsburgh Coal, common (guar.)
6,847 7,718
Park.._ 10,000 23,756 188,992 1,110 18,223
138,199
34 July 25 Holders of rec. July 10a National
Preferred (quar.)
50
x400 27,530
21,807 8,411
1% Sept. 1 Holders of rec. Aug. 15a East River Nat_ x2,100 60,124 326,875 1,043 3,236 241,456 19,094 7,459
Pittsburgh Steel. Preferred (guar.)
398 3'1.145
First National _ _ 10,000
*134 July 19 *Holders of rec. July 1
Plymouth Cordage (guar.)
11,477 279,771 3.610 3 a43 270,277 21,146
Aug. 1 Holders of rec. July 210 IrvIngBk-ColTr 17,300
$1
Postum Cereal, common (guar.)
375
5,977
986
155
7,136
953
Aug. 1 Holders of rec. July 210 Continental Bk. 1,000
2
Preferred (guar.)
18,415 1,094
July 31 Holders of rec. June 300 Chase National.. 20,000f 24,071 378,559 4,625 48,818 366,779
2
Prairie Oil & Gas(guar.)
23,550
773 3,289
500 2,735 22,725
July 31 Holders of rec. June 300 Fifth Ave Bank
2
Prairie Pipe Line (guar.)
9,386 2,566
378 1,299
600 1,005 11,579
Commonwealth.
Aug. 15 July 18 to Aug. 15
5
128 397
Procter & Gamble. corn. (guar.)
14,985
462 2,346
Garfield Nat_ -- 1,000 1,670 15,356
Aug. 15 July 18 to Aug. 15
14
248
Common(payable in common stock)
18,877 1,451
209 2,255
18,852
4 Holders of rec. July 180 Fifth National_ 1,200 1,168
62
Producers & Refiners Corp., prof.(au.)- 8734c Aug.
827 12,039
90,373 3,450
Nat.._ 4.000 7,462 92,608
81.25 Aug. 15 Holders of rec. July 310 Seaboard
Punta Alegre Sugar (guar.)
15,434 1,389 408
286 2,319
1,500 1,350 17,875
Aug. 30 Holders of rec. Aug. la Coal & Iron Nat 20,000 24,912 318,315
134
Quaker Oats, preferred (quar.)
973 35,902 *279,337 37,342
July 100 Bankers Trust.
250. Aug. 1 Holders of rec.
Reynolds Spring, common (guar.)
740 6,429
47,183 5,225
U S Mtge & Tr.. 3,000 4,543 52,952
Rockland & Rockport Lime, corn,(qu.)- 134 Aug. 1 Holders of rec. July 15
Guaranty Trust 25,000 18,709 388,706 1,583 43,280 *397,231 44,982
334 Aug. 1 Holders of rec. July 15
First preferred
19,401 1,711
418 2,554
Fidel-InterTru.st 2,000 2,042 21,730
Aug. 1 Holders of rec. July 15
3
Second preferred
140,596 19,329
855 19,133
N Y Trust Co_ _ 10,000 18,407 164,892
134 Aug. 1 Holders of rec. July 18
Russell Motor Car, preferred (quar.)36.721 2,367
589 4,870'
Metropolitan Tr 2,000 4,085 41,177
Sept.21
50c. Sept.20 Sept. 10 to
St. Joseph Lead Co.(guar.)
377 14,237 *102,630 23,791
Farm Loan & Tr 5,000 16,785 135,844
Aug. 1 Holders of rec. July 28
1
St. Louis Cotton Compress (quar.)
July 15a Equitable Trust 23,000 10,659 252,736 1,568 31,059 *291,441 17,593
Salt Creek Producers Association (quar.) 200. Aug. 1 Holders of rec. July 150
300. Aug. 1 Holders of rec.
Extra
447,419 848.458 51,142 567,596 c4,209,939 429,73932,042
114 Aug. 15 Holders of rec. Aug. la Total of averages1291,900
Savage Arms Corp., 2d pref.(quar.)
$1.50 Aug. 1 Holders of rec. July 15
Savannah Sugar, common (quar.)
actual colndition July 124,853,62.48,887591,882 c4,241,809 437,182 32,138
Totals,
194 Aug. 1 Holders of rec. July 15
Preferred (quar.)
July 514,838,067 44,078603,726 c4,172,824 423,254 32,193
Sept. 1 Holders of rec. Aug. I5a Totals, actual to
Schulte Retail Stores, common (quar.) ni2
442,818 32,265
68,905578,002
Dec. 1 Holders of rec. Nov. 150 Totals, actual condition June 284.910.815 Res ve Bank. c4,247,177
ni2
Common (guar.)
Fed'I
State Banks Not Me mbers
134 Aug. 1 Holders of rec. July 24J
Scott Paper, preferred (guar.)
2931
19,754 1,827i 2,153
20,539
Greenwich Bank 1,000 2,367
1 Holders of rec. July 15
Sears, Roebuck & Co., coin.(quar.)..... 81.50 Aug.
5,227
2,574 2,0001 -902
340
547
250
160 Bowery Bank...
Shell Transp. & Trading (Amer.shares)_ 81.075 July 23 Holders of rec. July 240 State Bank_ _ __ 3.500 4,661
93,521 3,8311 2,048
31,79: 58.513 ---134 Aug. 15 Holders of rec. July 15a
Shell Unlon 011 Corp.,6% pref A (qu.)
134 Aug. 1 Holders of rec. July
Simmons Co., pre/.(guar.)
54,911 60,8081
July 21 Holders of rec. July 100 Total of averages 4.750 7,931 118,502 5,9981 4,748
Smith (Howard) Paper Mills, corn.(qu.) 1
July 21 Holders of rec. July 100
2
Preferred (guar.)
55,302 80,725
Totals, actual to nditIon July 12 118,386 6,011 .5,047
Spalding(A. G.) ds Bros., let pref. (qu.). 134 Sept. 2 Holders of rec. Aug. 16a Totals, actual co ndition July
54,502 60,995
119,009 5,606 4,441
2
Sept. 2 Holders of rec. Aug. 16
Second preferred (guar.)
118,614 5,829 4,681
54,526 80,901
Totals, adual c ndltIon une 2
50. Aug. 15 Holders of rec. Aug. 7
common
Spring(C.G.)& Bumper.
Not Members of Fed 'I Ras'y e Bank.
Trust Companies
194 Sept. 1 Holders of rec. July 25
Standard Oil (Ohio), pref.(quar.)
38,171 2,596
58,659 1,4011 4,336
July 20 Holders of rec. June 300 Title Guar & Tr 10,000 14,37
Stearns(F. R.) Co.,common (quar.)_ _ 50e.
864
16,444
956 1,893
27,023
Lawyers Tit &T 6,000 5,701
134 Aug. 1 Holders of rec. July 5
Steel Co. of Canada, corn. & pref.(qu.)
ill Aug. 1 Holders of rec. July I00
Sterling Products(guar.)
54,615 3,480
Total of averages 16,000 20,079 85,882 2,3571 8,029
2
Sept. 1 Holders of rec. Aug. 150
Stern Brothers, preferred (guar.)
Stover Mfg.& Engine, preferred (quar.)_ •134 Aug. 1 Holders of roe. July 21
54,592 3,484
Totals. actual c ndltion July 12 88,175 2,249 8,148
Aug. 1 Holders of rec. July 15
Sugar Estates V Oriente. pref.(guar.)._ •2
54,217 3,443 ---85,882 2,423 6,053
750. Aug. 1 Holders of rec. July 15a Totals, actual condition July
Superior Steel, common (guar.)
53,291 3,428'
86,048 2,055 8,075
900. Aug. 15 Holders of rec. July 156 Totals, actual condition une 2
Swift Internacional
230
Thompson (John R.) Co.,corn.(mthly.) 250. Aug. 1 Holders of rec. July 25a Gr'd aggr., aver.312,850475,430 5,052,040 59,497 578,373 4,319,465494,00532,042
25e. Sept. I Holders of rec. Aug.
Common(monthly)
+301 -90
of rec. Aug. la Comparison wi h prey. week.. _ -45,714 +5,4271 +635 -19,548
Tobacco Products Corp., class A (qu.).. _ 134 Aug. 15 Holders
Underwood Computing Mach.,pref.(qu.) 134 Oct. 1 Holders of rec. Sept.240 Gr'd aggr.,sal cond'n July 125,058,186 56,947603,0771 4,351,703501.391 32,136
Underwood Typewriter,common (guar.) 750. Oct. 1 Holders of rec. Sept. 60 Comparison wit ii prey. week _ _ +17,248 +4,84(01,1431 +70.160 +13699 -57
134 Oct. 1 Holders of rec. Sept. 60
Preferred (guar.)
$1.80 July 28 Holders of rec. July 10a
Union Oil of California (quar.)
cond'n July 55,040.938 52,107014,220' 4,281,543 487,692 32,193
Gr'd aggr..
United Drug, corn. & 2d Pref. (quar.).. 134 Sept. 2 Holders of rec. Aug. 15
June 28 5,115,477 54,789588,768 4,354,994 507,14532,265
8734c Aug. 1 Holders of rec. July 15a Gr'd aggr., acel cond'n June 21 ,993,510 53,508019,233 4,287,057497,93832,313
1st pref. (guar.)
act'l cond'n
134 Ott. 1 Holders of rec. Sept. 150 Gr'd aggr., act! cond'n June 144.972,461 54,185597,570 4,253,481 493,69032,420
United Dyewood, prof.(Qum
Sept. 150 Gr'd aggr.,
lig Oct. 1 Holders of roe.
Preferred (guar.)
74.820,799 56,177583,059 4,131,074479.04732,341
134 an2'25 Holders of rec. Dec. 150 Gr'd aggr.. act'l cond'n June 314.781.939 50,555,562,028 3,974,531493,747 32,542
Preferred (quar.)
May
234 Oct. 1 Holders of rec. Sept. 60 Gr'd aggr., act't cond'n
United Fruit (guar.)
234 an.2'26 Holders of rec. Dec. 6a
Quarterly
-U. S. deposits deducted from net demand deposits in the general total
Note.
50e. Aug. 1 Holders of rec. July 30
United Verde Extension Mining
20 above were as follows: Average total July 12, $18,288,000; actual totals July 12,
(rlua.)U
S. Cast Iron Pipe & Fdy., pl. (qu.)_ 134 Sept.15 Holders of rec. Sept. la 814,972,000; July 5, 521,203,000; June 28, $21,203,000; June 21, $21,204,000;
134 Dec. 15 Holders of rec. Dec.
Preferred (guar.)
June 14, 517,681,000. BUN payable, rediscounts. acceptances and other liabilities,
2
Sept.la Holders of rec. Sept. 5
U.S.Realty & Impt.,common(guar.)
3354,038,000: June 28,
194 Aug. 1 Holders of rec. May 29a average for week July 12, 8329,189,000: July 5, Actual totals July 14, 5331,003,000:
Preferred (guar.)
8322,687,000;
June 21, 3325,428,000; June 14. 5327,044,000.
194 Nov. 1 Holders of rec. Sept. 5
Preferred (quar.)
150 July 5, $398,857,000: June 28, $350,784,000; June 21, $332,608,000; June 14,
July 31 Holders of rec. July
2
U. S. Rubber. 1st pref. (guar.)
000.
$343,511,000.
194 Sept. 10 Sept. 2 to Sept.10
Vapor Cat Heating. inc., pref.(guar.)
'Includes deposits In foreign branches not included In total footings as follous:
194 Dec. 10 Dec. 2 to Dee. 10
Preferred (quar.)
National City Bank,S118,033.000; Bankers Trust Co.,811,640,000; Guaranty Trust
Ventura Consolidated 011 Fields(quar.)- 50e. Aug. 1 Holders of rec. July 15
Co., $79,948,000; Farmers' Loan & Trust Co., $93,000; Equitable Trust Co.,
Vulcan Detinning, preferred (guar.) --- 134 July 20 Holders of rec. July 90 $59,942,000. Balances carried in banks in foreign countries as reserve for such
July 20 Holders of roe. July 90
hl
Preferred (scot. accumulated clivs.)
Bank. $15,769,000; Bankers Trust Co., 81,316,000:
134 July 20 Holders of rec. July 9a deposits were: National City
Preferred A ('vise.)
Guaranty Trust Co., 811,860,000; Farmers' Loan & Trust Co., $93,000: Equitable
Warner(Chas.) Co.of Del.
Trust Co., 59,884,000. c Deposits in foreign branches not included. x As of
June
First and second preferred (guar.)_ - I% July 24 Holders of rec. June 300 May 22. z As of Aprll 25.
300
$1.50 July 31 Holders of rec.
Westinghouse Air Brake (quar.)
300
Westinghouse Elec. & Mfg., corn.(au).. 81 July 31 Holders of rec. June 300
The reserve position of the different groups of institutions
500. July 20 Holders of rec. June
Eagle Oil & Refg.(guar.)
White
July 31 Holders of rec. July 250 on the basis of both the averages for the week and the actual
White Rock Mineral Sprg..2d pref.(qu.) 134
20c. Aug. 15 Holders of rec. Aug. 1
Woodley Petroleum (extra)
condition at the end of the week is shown in the following
Woolworth (F. W.) Co., common (au.)_ Mc. Sept. 1 Holders of rec. Aug. 90
two tables:
Wrigley (Wllliam) Jr.& Co.
25e. Aug. 1 Holders of rec. July 19a
Monthly
RESERVE POSITION OF CLEARING HOUSE BANKS
Sept. 2 Holders of rec. Aug. 20a STATEMENT OF
25c.
Monthly
AND TRUST COMPANIES.
250. Oct. 1 Holders of roe. Sept.200
Monthly
250. Nov. 1 Holders of rec. Oct. 20a
Monthly
Averages.
Yellow Cab Manufacturing
41sse. Aug. 1 Holders of rec. July 210
Class B (monthly)
411w. Sept. 1 Holders of rec. Aug. 20a
Reserve
Cash
Class B (monthly)
Surplus
Rese▪rve
Total
In
Reserve
Reserve.
Required
In Vault. Depositories Reserve.
•From unofficial sources. t'The New York Stock Exchange has ruled that stock
date and not until further notice. I The
will not be quoted ex-dividend on this
$
$
$
not be quoted ex- Members Federal
$
NOW York Curb Market Association has ruled that stock will
567,596,000 567,598,000 580,184,240 7,411,780
Reserve banks_
dividend on this date and not until further notice.
882,020
5,998,000 4,748,000 10,746,000 9,883,980
State banks*
stock
193,750
a Transfer books not closed for this dividend. d Correction. e Payable In
companles*__. 2.357,000 6,029,0001 8,388,0001 8,192,250
On account of accumulated Trust
1 Payable in common stock. g Payable in scrip. h in Canadian funds.
July 12....... 8,355,000 578,373,000 588,728,000578,260,470 8,487,530
dividends. vs Payable in Preferred stock. n Payable
Total
7,920.000 577.738.0001585,658.0001580,765,310 4,892,890
Total July 5- o Payable In Class A common stock.
Total June 28.... 7,753,000 598,889,000 608,442,000 578,591.390 27,850,1310
p Less Scents for Ontario corporation tax.
Total June 21_ _ _ 8,028.000 598.110,000 608,130,000 572,759,030 33,378.970
w Payable Feb. 28 1925.
• Not members of Federal Reserve Bank.
1924,all payable in equal quarterly installments on April 1,
I Annual dividends for
This is the reserve required on the net demand deposits in the ease of State banks
On the comdeclared as
July 1 and Oct. 1 1924 and Jan. 1 1925 have beenparticipatingfollows: the regular and trust companies, but in the case of members of the Federal Reserve Bank
preferred
deposits, which was as follows:
stock 83 cash and $3 in common stock; on Use
mon
on the preferred includes also amount in reserve required on net time
21,312,953,030
6% and extra dividends of 1% in cash and 1% in common stock;
July 12. 312,892,170:July5,$12,874,380; June 28,513,194,420:June
stock regular 6%; on the prior preferred stock regular 7%.
JULY 19 1924]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
1
in Vault. DepotUories
Members Federal
Reserve banks__
tate banks*
Trust companies*.-Total July 12_ --Total July 5-Total June 2S
TotalJune 21_
6,011,000
2,249,000
Total
RUMS.
Reserve
Required.
Surplus
Reserve.
28,643,210
49,141,350
13,416.120
52,973,420
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand depositsin 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 12,513,115,460;July 5,512,697,620; June 28,513,234,540; June 21,513,011.720
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Difference from
July 12.
Previous Week.
Loans and investments
$885,163,400 Inc. 52,991,200
Gold
4,205,200 Dec.
60,900
Currency and bank notes
22,876,500 Inc. 1,266,300
Deposits with Federal Reserve Bank of New York_ _ 80,868,200 Dec. 8,642,700
Total deposits
941,846,200 Dec. 696,600
Deposits, eliminating amounts due from reserve depositories and from other banks and trust companies in N.Y.City, exchange and U.S.deposits_ 889,447,100 Inc. 6,752,500
Reserve on deposits
149,542,700 Dec. 3,371,700
Percentage of reserve. 21.9%.
RESERVE.
-State Banks
-Trust Companies
Cash in vault
$33,052,300 16.49%
$74,897,600 15.56%
Deposits in banks and trust cos.._ 12,270,100 6.12%
29,322,700 6.09%
Total
$45,322,400 22.61%
$104,220,300 21.65%
* Includes deposits with the Federal Reserve Dank of New York, which for the
State banks and trust companies combined on July 12 was $80,868,200.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedMar. 15
Mar. 22
Mar. 29
April 5
April 12
April 19
April 26
May 8
May 10
May 17
May 24
May 81
June 7
June 14
June 21
June 28
July 5
July 12
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.
$
$
$
591,882,000 591,882,000 564,550,630 27,331,370
5.047,000 11,058,000 9,954,360 1,103,640
6,148,000 8,397,000 8,188,800
208,200
8,260,000 603,077,000 611,337,000 582,693,790
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
Demand
Deposits.
*Total Cash
in Vaults.
Reserve it
Depositari t.
3
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
5,617,000,300
5,634,135,400
5,655,543.500
5,757,644,700
5,862,466,200
5,919,665,500
5,980,525,800
5 on7 fin3 4nn
$
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
5,221,705,600
h mg ei2 inn
3
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
79.946,300
RR R75 Inn
$
624,625,7 0
704,938,9 0
621,464.1 0
631.029,100
627,002,100
633,238,700
641.584,400
645,935,500
640,730.500
646,164.700
644,891,0 0
649,648.100
672,867,200
724,239400
725,168,100
719,713,500
714,776,100
,zsrt 00.• J00
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Stated in thousands of dollars-thot is, three ciphers 1000
omitted.)
1
Net
CLEARING
Capital. Profits.
NON-MEMBERS.
Nat. bks. May 1
Week Ending Stato bks. Mar.20
July 12 1924. Tr. cos. June 30
Loans,
Discounts,
Irrestmeets,
&c.
Members of
Fedi Res've Bank
Grace Nat Bank__
Average Average Average Average Average
$
8,594
21
525
2,396
3,989
1,000
1,637
Total
State Banks
Not Members of
Fed'i Reeve Bank
Bank of Wash.Its.
Colonial Bank
1,000
1,637
8.59
200
1,000
401
2,275
7,248
24,500
Total
Trust Company
Not Members of
Fed'i Res've Bank
Mech.Tr., Bayonne
1,200
2,676
31,74
Cash
in
Vault.
Reserve
Net
Nei
with Demand Time
Legal Deposits. Deposits
Depositories,
21
525
2.396
3.989
763
2,7761
334
1,749
5.8531
22,347
1,894
2,719
28,2001
4.613
3,539
2,083
500
448
8.847
33
83
2 767
.
1
446
8,847
91
339i
83
2,767
5,926
Grand aggregate__
2,700
Comparison with prey, week:
4,761
49,18
+946
3,899!
+2571
2,691 533,363
+97
+534
14,528
+875
Gr'd aggr., July 5
Geri agar., June 28
Gr'd agar., June 21
Gr'd aggr.. June 14
4,744
4,744
4,746
4.746
4,761
48,447
48.685
48,774
3,6421
3,668
3,602'
3.847
2,594
2,272
2,618
2.591
July 16
1924.
July 9
1924.
Changes from
previous week.
July 2
1924.
S
$
$
Capital
57,400,000
Unchanged 57,400,000 57,400,000
Surplus and profits
80,722,000 Inc.
224,000 80.498,000 81,467,000
Loans, disc'ts & investments. 884,647,000 Dec. 670,000 885,317,000 865,149,000
Individual deposits,incl. U.S 637,909,000 Inc. 24,654,000 613,255,000 619,949,000
Due to banks
150,414,000 Dec. 4,279,000 155,143,000 142,960,000
Time deposits
160,293,000 Dec. 1,176,000 161,469,000 150,201,000
United States deposits
19,131,000 Dec. 1,437,000 20,568,000 20,778,000
Exchangesfor Clearing House 31,099,000 Dec. 734,000 31,833,000 34,743,000
Duefrom other banks
88,347,000 Inc. 10,660,000 77,687.000 83.927.000
Reserve in Fed. Res. Bank
79,226,000 Inc. 1,584,000 77,642.000 75,374,000
Cash in bank and F.R.Bank_ 8,990,000 Inc.
182,000 8,808,000 8,945,000
Reserve excess in bank and
Federal Reserve Bank_ _ _ _
5,318,000 Inc.
790,000 4,528.000 3,467,000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending July 12 with comparative figures
.
,
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash m vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week ending July 12 1924.
Two Ciphers (00)
omitted.
Membersof
Trust
F.R.System Companies
Capital
Surplus and profits
Loans,disc'ts & invest'ts_ _
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits (not incl.)
Res've with legal deposit's_
Reserve with F.R.Bank_
Cash in vault*
Total reserve and cash held
Reserve required
Excess res.& cash in vault_
$41,666,0
120,765,0
738,336,0
30,672,0
120,856,0
151,224,0
552,964,0
67,015,0
771,203,0
$5,000,0
16,228.0
44,589,0
723,0
17,0
904,0
26,868,0
1,217,0
28,989,0
3,630.0
60,638,0
9,680,0
70,318,0
59,360,0
10,958,0
1,199,0
4,829,0
4,114,0
715,0
1924.
Total.
$46,666,0
136,993,0
782,925,0
31,395,0
120,873,0
152,128,0
579,832,0
68,232,0
800,192,0
11,274,0
3,630,0
60.638,0
10,879,0
75,147.0
63,474,0
11,673,0
July 5
1924.
June 28
1924.
546,666,0
135,509,0
776,962,0
38,266,0
125,498,0
149,460.0
584,761,0
68,110,0
802,331,0
14,037,0
4,651.0
58,567,0
10,533,0
73,751,0
63,468,0
10,383,0
$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
57,708,0
10.868,0
73,915,0
63.058.0
10,857.0
•Cash in vault not counted as reserve for Federal Reserve members.
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 16 1924 in
comparison with the previous week and the corresponding
date last year:
July 16 1924. July 9 1924. July 18 1923.
Res eesGold with Federal Reserve agent
620,153,000 595,201,000 636,906,000
redemp.fund with U. S. TreasuryGold
7,270,000
5,209,000
6.541,000
Gold held exclusively agst.F.R.notes_ 625,362,000
Gold settlement fund with F.R. Board.- 149,792.000
Gold and gold certificates held by bank._ 208,264.000
601,742.000
151.897,000
196.081,000
Total gold reserves
Reserves other than gold
983,418,000
29,431,000
949,720.000 1,901,894,000
25,765,000
29,134,000
Totalreserves
1,012.849,000
Non-reserve cash
16,415,000
Bills discounted
Secured by U. S. Govt. obligations.-- 25,417.000
Other bills discounted
15,274,000
978,854.000 1,027,659,000
10,085,000
17,600,000
17,096,000
16,708,000
149,662,000
36.159,000
40,691,000
11.990,000
33,804,000
26,332,000
185,821,000
46,456,000
1,202,000
115,425,000
33,363,000
Total bills discounted
Rills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
1,202,000
112,571,000
34,245,000
1,149,000
7,922.000
1,889.000
Total U.S. Government !securities-- 142,990,000
Totalearning assets
Uncollected items
Bank premiums
All other resources
202.671,000
162,252,000
15,552.000
8,898.000
Totalresources
644,176,000
189,670,000
168,048,000
148,018.000
10.960,000
208,154,000
138.421,000
15.551,000
8,107.000
143,237,000
150,257,000
12,715,000
1,135,008
1,419,337,000 1.366.747,000 1,445,088,088
IAabititiesFed. Res. notes in actual circulation.... 334,962,000
Deposits
-Member bank, reserve ace't-- 849,652.000
Government
5,233,000
Other deposits
13,501,000
340,993,000
808,159.000
3.976.000
13,833,000
513,330,000
697,984,000
7.780,000
14,458,003
Totaldeposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
825,968,000
108.545,000
29,978,000
59,929,000
1,334,000
720,222,000
118,869,000
29,265,000
59,800.000
3,602,000
868,386.000
124,598,000
29,983,000
59,929,000
1.479.000
1,419,337,000 1,366,747,000 1,445,089,000
Totalliabilitles
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined ---Contingent liability on bills purchased
for foreign correspondents
84.2%
83.9%
83.3%
11,128.000
11,101.000
11,886,00
5,926
soli;
299
Total
2,700:
2,700
2,200
2,200
232,8291 13,853
832,787 13,914
533,161 13,842
533,541 13,805
a United States deposits deducted, $113.000.
Bills payable, rediscounts, acceptances and other liabilities,
$240.000.
Excess reserve, $225,430 increase.
CURRENT
NOTICES.
The Empire Trust Co. has been appointed trustee for an issue of
$1,000,000 1556 Broadway Corp. let Mtge. Leasehold 7% Sinking Fund
Gold bonds dated March 11824; due March 1 1939.
Hartshorne, Fales & Co. have prepared an analytical circular on the
International Paper Co. with special reference to the possibilities of the
development or its extensive water power rights.
Prudden & Co. announce the admission of Edward H. Dahly to membership in their firm as resident partner in charge of their New York office.
[Vol.. 119.
THE CHRONICLE
300
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 17, and showing the condition
for the system
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the resultsweek last year.
comparison with the figures for the seven preceding weeks and with those of the corresponding
as a whole in
Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 263, being the first item in our department of "Current Events and Discussions."
BUSINESS JULY 16 1924.
COMBINED RESOURCES AND LIABILITIES OF THE 'FEDERAL RESERVE BANKS AT THE CLOSE OF
July 16 1924.
July 9 1924. July 2 1924. June 25 1924. June 18 1924. June 11 1924. June 4 1924. Mao 28 1924.1July 18 1923.
$
I$
$
RESOURCES.
2,111,173.000 2,099,835,000 2,126,686.000 2,118,093,000 2,118,962,000 2,091,061,000 2,089,133,000 2,103.863.000 2,052,131,000
Gold with Federal Reserve agents
46,465,0001 52,001,000
48,439,000
37,532.000
38.491,000
42,249.000
33,134,000
37,433.000
37,657,000
with U. S. Trees_
Gold redemption fund
2,150,328,000 2,104,132,000
2,128.593.000
Gold held exclusively agst. F. R. notes 2,148,830,000 2,137,268,000 2,159.820,000 2,158,584,000 2,161.211,000 601,172,000 2,137.572,000 594.007,000 653,784,000
593,872.000
574,339.000 595.604,000 577,616,000 579.518.000 574.150,000
Gold settlement fund with F. R. Board_
424.690.000 393,648,000 373,478.000 341,804,000
437,381,000 410,530,000 383,219.000 419,468,000 422.280,000
Gold and gold certificates held by banks_
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Total earning assets
5% redemp. fund agst. F.R. bank notes
Uncollected items
Bank Premises
All other resources
Total resources
LIABILITIES.
F. R. notes in actual circulation
F. R. bank notes in circulation—net
Deposits—
Member banks—reserve account
Government
Other deposits
142.338.000
226.663,000
118.117,000 114,439,000
232.014.000 236,941,000
131.268,000
244.724.000
135,323,000
266.097,000
164,566.000
265,034.000
408,359,000
397,470,000
310,713,000
58,509,000
389.001,000
52,811.000
350,131,000
45,034.000
351,380,000
57,322,000
375.992.000
44,381,000
401,420,000
55,632.000
429,600.000
86.760.000
805,829,000
183,121,000
20,862,000 21,113,000
330,051.000 320.802,000
93,573,000
99.587,000
22,542,000
308,552.000
98,700.000
21,969.000
300,216.000
103,717,000
22,190,000
334,024,000
66,691.000
20.098,000
296,666,000
81,126,000
17,409,000
245,722,000
70.151,000
25,016,000
66,999,000
5,940,000
466,514,000
1,250.000
Total U.S. Govt,.securities
94.607,000
216.106,000
20.152,000
344,857,000
100.965,000
An other earning assets
97,235,000
208,008.000
305,243.000
31,428,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Tressur7 notes
Certificates of indebtedness
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
3,160,550,000 3,143,402.000 3,120,655,000 3.155,570,000 3,157,641,000 3,154,455,000 3,125,092,000 3.117,813.000 3,099,720,080
83,702,000
96.481,000
99,827,000
105,864.000 101,904,000 98,963,000 115,833,000 114.503.000 105.047.000
3,271,403,000 3.272,144,000 3,259.502,000 3,224,919,000 3,214,274,000 3,183,422,000
3,266,414,000 3.245,306,000 3.219,618.000
81,261,000
48,238,000
55,944.000
49,611,000
56.641,000
54,008,000
48,809,000
57,312,000
54,574,000
450,500,000
1.250,000
435,488.000
1.250.000
429,794.000
1.301,000
425,902,
1.301,
•
422,905,000
1,301.000
397,890,000
1.301,000
333,282,000
551,000
97,955,000
10,000
810,435,000
820,972.000
858,550,000
826,260,000
835,905,000
844,579,000
856,243,000
604,433,000
57,907.000
26.412.000
617,800,000
57,787.000
25,158.000
556,594,000 685,234,000
57,374.000
57,772,000
25,151,000
24,748.000
573,450,000
57,274.000
27,773.000
573,797,000
57.174,000
26.779,000
850,193,000 1,086,915,000
193,000
28,000
531,954,000 674.936,090
53,203,000
57.139.000
13,031,000
25,207,000
655,099,000
57,932.000
27,023,000
5,092,961,000
4,874.275,000 4.809,604,000 4,827.722,000 4,790.781,000 4,932.449,000 4,518,522,000 4.788,523,000 4,725.033,000
2,216,994,000
1,812,712,000 1,855,005,000 1.874,270,000 1,843,922.000 1.851,842.000 1,870,518,000 1,884,039,000 1,891,147,000
1.296,000
317,000
2,085,203.000 2,036.852,000 2,016,128.000 2,035.342,000 2,103,815.000 2,031.905.000 1,988,047,000 1,936.074,000 1,883.644,000
34,432,000
35,172,000
40.384.000
31,886,000
9,648,000
52,110.000
32,203.000
19.151,000
34,514,000
24,445,000
19.802,000
21.221,000
20.982.000
21.007,000
22,013,000
26,161.000
22,907.000
24,288,000
2,144,005,000 2.078,910,000 2,074.492,000 2,108.459,000 2.135.476,000 2,086,879,000 2,041,134,000 1,997.440,000 1,941,521,000
573,337,000 531,328,000 535,024.000 490.757,000 597.744,000 513,620.000, ,000 488,715,000 586,567,000
111,405.000 111,400,000 111,407,000 111,420,000 111,472,000 111.442,000. 111,456.000 111,493,000 109,714,000
220.915,000 220,915,000 220,915,000 220.915.000 220,915,000 220,915,000; 220,915,000 220,915,000 218,369,000
17,500,000
15.148.000
14,780,000
15,006.000
15,308,000
15,000,000
11,614,000
12,046,000
11,901,000
4,874,275,000 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 5,092,961,000
Total liabilities
Ratio of gold reserves to deposit and
74.5%
80.1%
79.7%1
79.6%
79.8%
79.2%
78.0%
79.9%
79.9%
F. R. note liabilities combined
Ratio of total reserves to deposit and
82.4%
76.5%
82.2%
82.7%
82.8%
82.1%
81.5%
82.5%
82.6%
F. R. note liabilities combined
1
Contingent liability on bills purchased
35.845,000
39,628,000
40,118,000
39,857,000
38,909,000
38,897,000
38,743.000
38,587,000
38,358,000
correspondents
for foreign
$
$
1
8
Distribution by Maturities
62,631,800
66.995.000
24,494,000
35,901,000
25,698,000
27,667,000
18,300.000
15,677,000
33.118,000
1-15 days bills bought in open markot_
139,731,000 142,880,000 200,418,000 175,793,000 175.118,000 194.504.000 208,935,000 234.773.000 529,156,000
1-15 days bills discounted
2,023,000
31,312.000
31,311,000
1,100.000
1-15 days U. S. certif. of indebtedness
51.000
1-15 days municipal warrants
8,349,000
29,127,800
12,138,000
10,495.000
8,969,000
9,659,000
9.725,000
8,749,000
10,405,000
16-30 days bills bought in open market_ _
59,201,000
42,400.000
41,214,000
43,215,000
35.038,000
37.750,000
34,814,001)
34,534,000
34,589,000
16-30 days bills discounted
27,000
21,116.000
944,000
944,000
16-30 days U. S. certif. of indebtedness
51,000
51.000
51,000
16-30 days municipal warrants
8,638,000
33,614,000
5,125,000
6,790,000
15,554,000
11.907.000
10,487,000
8,149,000
10,210,000
31-60 days bills bought in open market_
66,669.000
90,400,000
66,268.000
54,109,000 57,778,000
55,717,000
50.114.000
49,766.000
51,289,000
31-60 days bills discounted
2,400,000
31-60 days U. S. certif. of Indebtedness
51.000
31-60 days municipal warrants
2,274,000
1,774,000
54,868,000
1,940,000
4,074,000
4,790.000
3,070,000
2,331.000
2,834,000
61-90 days bills bought In open market_ _
42,688,000
85,548,000
37,679,000
38,315,000
38,390,000
36,710,000
38,166,000
43,178,000
43.752,000
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness
municipal warrants
61-90 days
672.000
504,000
2,871,000
884.000
1,694.000
1,623,000
1.892.000
2,522,000
1,942,000
Over 90 days bills bought In open market
44,687,000
43.070,000
41,524,000
43,817.000
47,693,000
45,193,00(1
45,480.000
38,034,000
38,203,000
Over 90 days hills discounted
49,035.000
1,490.000
48,871,000
34,435,000
98,700,000 102,817,000
93.573,000
100,985,000
99,587.000
Over 90 days certif. of Indebtedness
10,000
Over 90 days municipal warrants
Federal Reserve Notes—
Outstanding
Held by banks
In actual circulation
2,318,510,000 2,340,752,000 2,340,363,000 2,339,991.000 2,356,224.000 2,363,668,000 2,374.943,000 2,376,708.000 2,701,909,000
505,798.000 485,383,000 466,093,000, 496,069.000 504,382.000 493.148.000 490,904.000 485,561,000 484,915,008
1,812,712 000 1,855,005,000,1.874,270.000 1,843,922,000 1,851.842,000 1.870.518.000 1,884.039.000 1,891.147,000 2,216,994,000
3,337.600.000 3.565,041,000
Amount chargeable to Fed Res. Agent 3,246,931,000 3,256,108.000 3,263,921,000 3,281,912.000 3,305,455,000 3,318,338.000 3.335.043,000 960,892.000 863,132,000
928,421,000 915.358,0001 923,551,000 941,921.000 949,231,000 954.670.000 960,100,000
In hands of Federal Reserve Agent
2.318,510,000 2.340,752.000'2,340,383,000 2,339,991,000 2,356,224,000 2.363,666.000 2,374.943,000 2,376,708.000 2.701,909,000
Issued to Federal Reserve Banks
How Secured—
334,679,000 333,604,000, 334,604,000 334.604.000 334,604,000 335,864,000 335,804,000 335.864.000 320,429,000
1
By gold and gold certificates
207.337,000 240,917,000: 213,677.0001 221.898.000 237,282,000 272,605.000 285,810,000 272,845,000 649,778,000
By eligible paper
113,600,000 120,299.0001 110.410,050 108,817.000 115,986,000 110.243,000 113,983,000 113,172,000 Ii3,612,000
Gold redemption fund
. .0
1,662,804,000 1,645,932,000,1.681,672,000 1.674.672,000 1.668.372,000 1,644.954.000 1 639 3 6,000I1,654.827,900 1,608,090,000
With Federal Reserve Board
—
2,318,510 000 2,340,752,00&2,340,363,000 2.339,991.000 2.356,224.000 2,363.666.000 2,374,943,000 2,376,708,000 2,701,909,000
Total
331,289,000 361,690,000 405,588.000 383,434,000 397.098.000 404.656.000 437,634.000' 495,460.000 948,598,000
Eligible paper delivered to F. R. Agent_
• Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 16 1924
Two ciphers (00) omitted.
'
Cleveland. Richmond Atlanta.I Chicago. St. Louts. Minneap. Kan. City
Boston. New York.
Federal Reserve Bank of—
3
$
I
$
I
RESOURCES.$
126,722,0 264,659,0 61,589,0 57,372,0 56,500,0
Gold with Federal Reserve Agents 211,683,0 620,153,0 192,492,0 216,651,0; 41,390,0 1,906,01 4,037,0 1,440,0 1,238,0 2,145,0
5,209,0 7,479,01 2,908,01 2.777,0
Gold red'n fund with U.S. Treas. 5,680,0
—
Gold held excl. agst.F.R.notes 217,363,0 625,362,0 199,971,0 219,559,01 44,167,0 128.628.0288.696,0 63,029,0 58,610,0 58,645,0
34,455,0 79,288,01 33,556,0 12,151,0 112,776,0 30,424,0 5,765,0 29,190,0
Gold settle't fund with F R.B'rd 55,487,0 149,792,0
Gold & gold Ws.held by banks... 19,650,0 208,264,0 30,356,0 18,588,0 9,685,0 8,383,01 75,585.0 8,281,0 9,689.0 3,941,0
Tullius. San Aran.
Total.
25,858,0 236,104,0 2,111,173,0
37,657,0
1,495,0 1,343,0
27.355,0237.447,0 2,148,830,0
3,618,0 27,837,0 574,339,0
10.651,0 84,328,0 437,381,0
983,118.0 264,782,0 317,435.0, 87,408,0 149,162,0 457,057,0 101,714,0 74,064,0 91,778,0 41,622,0 299,612,0 3,160,550,0
1
29,431,0 3,248,01 6,062,01 4,125,0 11,989,0; 14,279,0, 10,684.0 1,890,0 3,718,0 6,418,0 3,542,0 105,864,0
3,266,414,0
302,978,0 1,012,849.0 268,030,0323,497,0 91.533.0161,151,0471,336,0 112,398,0 75,954.0 95,494,0 48,040,0 303,154,0
Total reserves
57,312,0
784 0 2,774,0 3,921,0, 8,792,0 4,332,0 1,416,0 2,643,0 2,420,0 4,339,0
16,415.0 1,423,0
4,053,0
Non-reserve cash
I 4"
Bills discounted:
97,235,0
692,0 1,075.0 1,726,0 4,114,0
25,417.0 17,475,0, 11,763,0 12,415,0 2,778.0, 10.043,01 3,887.0
Sec. by U.S. Govt. obligations 5,850,0
15,274,0 8,616,01 8.856,0 33,254,0 26.854,01 30,897,0 15,277,0 13,778,0 15,219,0 17,033,0 18,294,0 208,008,0
4,654,0
Other bills discounted
40,691,0 28,091,0, 20,619,0 45,673.0 29,632,0; 40,940,0, 19.164,0 14,468,0 16,294,0 18,759,0, 22,408,0 305,243,0
10,504,0
Total bills discounted
37,428,0
224,0
846,0 1,558,0 7,344,01 3,158,0
259.0 1,293.0i 2,642,0i
11,990,0 1,750,01 2,780,0
3,584,0
Bills bought in open market
U. S. Government securities:
20,752 0
12,0
675,0 1,780,0
34,01 4.426,0!
7.427,0
549,01 2.915,01 1,191,0
1,202,0
541.0
Bonds
331,0 47,296,0 8,527,0 13,849,0 21,815,0 16,328,0 34,654,9 344,857,0
25,823,0 115,425,0 24,578,0 33,201,0 3,030,0
Treasury notes
63,0 13,648,0 1,792,0 3,875,0 5,919.0 4,730,0 13,066,0 100,965,0
904,0
33,363.0 4,547,0 10,825,01
Certificates of Indebtedness. 8,233,0
Total gold reserves
Reserves other than gold
292.500.0
10,478,0
Total U. S. Govt. securities— 34,597,0
149,990,0 29,674,0 46.941,0' 5,125.0
428,0 65.370,0 10,319,0 25,151,0 28,409,0 22,838,0 47.732.0
466.574,0
301
THE CHRONICLE
JULY 19 1924.1
RESOURCES (Concluded)
Two elphers (00) omitted.
$
'1
$
1,250,0
All other earning assets
$
$
$
$
$
$
3
$
8
202,671,0 58,765,0 70,340.0 51,057,0 31,353,0 108,952,0 29,707,0 40,465,0 46,261,0 48.941,0 73,298,0
162,952,0 58,955,0 62,493,0 53,762,0 26,813,0 81,391,0 32,908,0 13,374,0 37,584,0 22,764,0 42,479,0
15,552,0 1,110.0 9,129,0 2.528,0 2,728,0 8,264,0 2,116,0 2,806,0 4,595,0 1,912,0 2,880,0
337,0
140,0 5,516,0 1,379,0 3,824.0 4,180,0
228,0 1,913,0
8,898,0
248,0
277,0
48,685,0
59.621,0
4,312,0
83,0
Total earning assets
Uncollected Items
Bank premises
All other resources
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. ICan. Clty Dallas. San Fran.
Boston. New York. Phila.
$
1,250,0
810,495,0
655,099,0
57,932,0
27.023,0
419,735,0 1,419,337,0 388.531,0 470,520,0 201,882,0 227,879,0 679,072,0 181,601,1 139,531,0 187,956,0 127,901,0 430,330,0 4,874,275,0
Total resources
LIABILITIES.
1,812.712,0
F. R. notes in actual circulation_ 197,858,0 334,962,0 179,853,0 209,490,0 70,759.0 136,211,0 245,373,0 60,130,0 67,487,0 64,202.0 40,239,0 205,848,0
Deposits:
55,040,0 302,408,0 70.741,0 44,552,0 74,098,0 48,034,0 150,318,0 2,085,203,0
Member bank-reserve acct 139,808,0 849,652,0 123,072,0 166,088.0 61.394,0
34,514,0
1,248,0
5,233,0 3,342,0 1,496,0 1,324,0 1,816,0 9,890,0 2,170,0 1,481,0 1,971,0 1,592.0 2.951,0
Government
24,288,0
143,0 1,903,0
213,0 5,177,0
422,0
363,0
383,0
169,0
136,0
13,501,0
401,0 1,472,0
Other deposits
141,192,0 868,386,0 126,815,0 169,053,0 62,887,0 56,999,0 314,205,0 73,333,0 46,396,0 76,450.0 49,839,0 158,446,0 2,144,005,0
Total deposits
58,127,0 124,598,0 51,289,0 54,747,0 49,819,0 19,708,0 72,630,0 32,209,0 13,488,0 32,799,0 24,400,0 11,523.0 573,337,0
Deferred availability items
7,972,0
29,983,0 10,229,0 12,655,0 5,844,0 4,578,0 15,155,0 5,064,0 3,378.0 4,392,0 4,134,0 8,021,0 111,405,0
Capital paid in
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
Surplus
11,901,0
493,0 1,298,0
617,0 1,712,0 1,191,0
196,0
1,479,0
418,0
881.0
901,0 1,433,0 1,282,0
All other liabilities
419,735,0 1,419,337,0 388,531,0 470,520,0 201.882,0 227,879,0 679,072,0 181,601,0 139,531.0 187,955,0 127.901,0 430,330,0 4,874,275,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com82.8
53.3
83.2
83.4
84.2
81.0
66.7
67.9
87.4
68.5
89.4
84.2
85.5
bined. per cent
Contingent liability on bills pur38,358,1
1.383.0
1.767.0 1.459.0 2.919.0
ohnvpd tor rorplrn corrasnond•ts
11.128.0 3.725.0 1.493.0 2.189.0 1.690.0 5.723.0 1.882.0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS JULY 16 1924.
Federal Reserve Agent at-
Boston. New York Phila.
(In Thousands of Dollars)
Resources83,400
Federal Reserve notes on harm
217,570
Federal Reserve notes outstanding
Collateral security for Federa. Reserve notes outstanding
35,300
Gold and gold certificates
13,383
Gold redemption fund
163,000
Gold Fund-Federal Reserve Board
5,887
Eligible paper!Amount required
8,201
(Excess amount held
Cleve. Rkhm'd Atlantal Chicago. St. L. Minn. 1K.City. Dallas. San Fr.
Total.
$
$
$
3
$
3
$
5
241,120 47,000 54,870 38,725 74,110 215,820 26,100 21.666 33,753 21,857 70,000 928,421
636,240 215,639 235.494 79,984 149,032, 270,200 71,248 70.577 70.703 48.815 253,008 2,318,510
1
10.631
____ 334,679
9,935 13,052
2.400
238,531 16,000 8,780
6,014 3,604 1.320 3.140 2,727 16,489 113,690
30.622 14.103 12,871 2,095 7,322;
351,000 162,389 195,000 39,295 117,000. 258,645 48,000 43,000 53,350 12.500 219,6151,662,804
5,541 9,659 13,205, 14,203 22,957 16,9041 207,337
18.087 23,147 18,843 38,594 22,310
31,154 1,547 4.534 7.141 8.5871 37,710 9,717 1.7311 3,461 3.208 6,957 123,952
520,741 1,544,754 479,825 530.395 205.834 320,761 1 793,930178,313164,551 178,820122,695582,97315.689,393
Total
Liabilities
1
1
amount of Federal Reserve notes received from
Net
300,970 877,380262.639290,364 118,709223,1421 486,020 97,318 92,243104,4561 70,672323,0083,246,931
Comptroller of the Currency
211,683 620,153 192,492 216,651 41.390126,722 264,659 61.589 57,372 56,500 25,858236,1042,111.173
Collateral received fromf Gold
43,251 19,376 14,932 17,664 26,165 23.8611 331,289
14,088
47,241 24,694 23,381 45,735 30,897
Federal Reserve Bank(Eligible paper
526,741 1,544,754 479,825 530,395 205,834 380,761 793,930178,313164,551 178,620 122.695 582,973 5.689.393
Total
217,570
19,712
636,240 215,639 235,494 79,984 149,032
301,278 35,788, 26.004 9,225 12,821
70.703 48.815 253,008 2,318.510
7
270,20 - 71,248-0,5770
24,827 10,818 3,090 6,501. 8,576 47,1801 505,798
197,858
Federal Reserve notes outstanding
Federal Reserve notes held by banks
334,962 179,853 209,439 70,759 138,211
245,373 60,430 67,487 64,202 40,239 205.848 1,812.712
Federal Reserve notes In aotual circulation
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 "Chroniele" 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 263.
I. Data for all reporting member banks in each Federal Reserve District at close of business July 9 1924. Three ciphers (000) omitted.
Federal Reserve MOTU:.
Boston
New York
Ph Us. 'Cleveland Riehm'd
Total.
7,072
122,260
338,293
51
748
66
$
$
$
$
1
5,7561
3,1401
9,8361 213.999
79,0851 61,409, 199,008 4,106,479
316.408 197,637, 805,009 7,877,141
659.553 1,142,946
10,675
46,629
47,923 159,680
2.317
3,144
26,823
44,152
6,314
8.098
216,086 320,541
467,625
29,446
24,721
1,022
4,208
2,349
52,649
410,464 1,814,355 450,232. 226,411
8.338
14,788' 23,6141 14,809
8.325 130,442
23,091
20,476
721. 11,049
3,689
590
3,725 115,5381 15,0871 24,694
1,282
15,164'
1,380
1,680
40,999 300,635
91,9931 24,207
401,249, 262,186 1,013,853 12,197,619
271,846
11.9741 19,034. 26,756
38,655, 12.315 105,613 1,236,514
69,177
1,197
15,296
2,312!
33,103
630,835
9,316
17,6091
3,493' 12.579
126.443
1,7631
55,7681 13,174 162,609 2,522,637
969,671 1,725,190
76,224 107,565
15,542
32,736
719,307 936,103
139,596 676,759
13,771
14,813
582,020
35,459
13,712
332,100
172,072
4,917
480,304 2,470,795 610,2811 306.396
36,349 216,668' 45,834, 22,193
11,351' 58.610
7.569:
6,800
268,448 1,595,744 383,2521 199,754
189,041 839,931. 197,826
85,770
5,579
14,274,
5,911
2,487,
1
1,853
2,212
242
165
6,329
4,575
1,526
2,796
529,3891 320,715 1,369.809 17,055,091
99,690 1,538,366
50,2771 24,922
298,584
23,928
9,634
13,1461
411,9091 213,843 731,344 12,021,354
87,502 625,153 4,437.143
134,959
116,982
8,141
3,231
1,255,
108
55
78
76
10,265
94,844
245,697 1,841,750
609,394 2,536,795
9,995
279,058
370,500
18.848
415.062
709,036
Total loans and discounts_ _ _ _
U. S. pre-war bonds
U. S. Liberty bonds
U. S. Treasury bonds
U. S. Treasury notes
U. S. Certificates of Indebtedness_
Other bonds, stocks and securities_
865,352 4.473.389
13,718
52,085
86,867 578,406
21,844
5.996
15,358 321,164
16,539
55,823
193,250 990,746
Total loans & disc'ts dc investmls 1,197,084 6,493,437
Reserve balance with F. R. Bank_
94,199 728.986
Cash in vault
20,336
85,220
Net demand deposits
842,089 5,107,461
Time deposits
312,258 976,276
Government deposits
23,039
19,584
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U. El. Govt. obllga'ns
7,853
425
All other
666
7,907
43
Atlanta I Chicago I St. Louis! Mnpls. 'Kan. Cltyl Dallas ISan Fran.'
104
34;
38
25
$ -$
I $ ! $
2,800
7,771, 35,395
8,2771
10,958
67,330! 611,947 142,915
335,363 1.167,013' 309,040 182,653
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts__
4,427
2,804
2,042
3,087
4,144
12,126
72
I
668
2.877
737
3,087
3,525
7,823
28,293
55,383
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers (000) omitted.
July 9.
July 2.
City of Chicago.
July 9.
July 2.
All F. R. Sant Cities F. R.[trench Cities.1Other Selected Cities
July 9.
July 2.
July 9.
1
Total.
July 2. 1 July 9. 1 July 2. July 9 '24. July 2 '24. July11'23.
Number of reporting banks
773
67
748
67
748
255
48
255
297
198
297i
48
196
Loans and discounts. gross:
$
$
$
$
$ 1 241.413
$ 1 $
Secured by II. S. Govt. obligations
87,518 86,266 27.823
213,999 215,936
152,977
153,149 31,825
29,1971 29,212
33,575
25,074
Secured by stocks and bonds
1,644,943 1,683,381 454,843 446,144 2,960,116 2,963,772 623,313 621,425 523,050, 527.68 4,108,479 4,112.8811 3,818,321
All other loans and discounts.. 2,234,865 2,194,368 687,98 684,995 4,928,703 4,864,6701,598,197 1,597,260 1,350,2411,359,459 7,877,141 7,821,389 7,793,131
Total loans and discounts
3067,3283,964,015 ,170,65011,156.213 8,041,798 7,981,5912,253,3352.252,260 1,902,4881,916,35 12,197,61912,150,20611,852,865
40,135 40,025
271,403, 277,472
92,221
U. S. pre-war bonds
92,7
75,659
4.1361
4,136
75,663 103,483 103,519 271,846
514,076 523,302 64.2801 87,773 776,307 790,161 284,881 276,265 175,526 173,600 1,236,514 1.240,026, 1.083,519
U. S. Liberty bonds
14,026
95,860
15,777
70,055
U. S. Treasury bonds
35,218
36.125
69,177
3,747
17,308
16,651
17,030
16,900
4,006
298,882 304,466 80,596 101,516
492,627 110,734. 111,824 55,297 56,548 630,835 660.9991 939,529
U. B. Treasury notes
464,804
1
54,867
116,912
55,765
98.243
131,048
126,463
101,847
8.934
8,901
19,286 20.300
U. B. Certificates of Indebtedness.
6.390
Other bonds. stocks and securities_ 753,798 752,333 172,633
1.428,809 1.140,148 625,122 624,387 468,7013 468,187 2,522,637 2,532,722 2,151,059
Total loans & dIsc'ts & invest'ts. 5,644,010 5,655,683
1,516,388 10,937,881 10,934,7203,386,1253,377,5992,731.0852,744,140 17,055,091 17.058,4,916,497,216
676,429 646,352
Reserve balance with F. R. Bank
162,928 1,120,223 1,098.5051 248,901 250,503 171,182 173,863 1,538,366 1,520,8711 1,423,879
69,069 71,117 30,977 29,080
307,070
Cash in vault
232,001
149,675
298,5
150,6581 64,117 61,677 84,792. 79,666
890,907 .855.4151.083,421 1,113,000 8,419,137 8.386,856,1,952,2611.943.2771,649.9561,664,19712,021,354 11,994,330 11,280,811
Net demand deposits
667,139 681,934 390,682 391,605 2,160,231 2.155,4431.333.0891,320,985 943,823 941,949 4,437,113 4,418,377i 3,967,571
Time deposits
19,686
23,614
Government deposits
7,09
11,932
10,307
116,982
129,415i 179,515
78,031
87,847 27,019 31,261
8,082
Bills payable and rediscounts with
F. It. Bank:
4,009
35,534
Secured by U.S. Govt. obligatIOns
10,572
11,916
11,63
28.293
43,892,
70,478! 309,8,34
14,951
3501
310
5,805
2,666
2,129
All other
15,727
28,818
28,567
55,383
62,586' 255,047
21,9531 10,838
1,5401
12,C,613
1,439
Ratio of bills payable & rediscounts
with F. It. Bank to total loans
0.11
0.7
0.11
3.4
and Investments. Per cent
1.5
0.5
0.81
0.2
0.6
1.5
0.8
0.1
0.5
1
• Included Victory notes.
302
Alanhers' Mazette,
STOCKS.
Week ending July 18.
Wall Street, Friday Night, June 18 1924.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 292.
following are sales made at the Stock Exchange this
The
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending July 18.
•
[VOL. 119.
THE CHRONICLE
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest.
Highest.
Railroads.
Par. Shares
per share. $ per share. $ per share.$ per share.
Jan
Ann Arbor, pref__ __100 300 30% July 14 30% July 14 25
Mar 34
Apr
Buff Roth & Pitts, p1100 200 74 July 16 74 July 16 70% May 88
July
Central RR of N J_ _100 700228 July 14 233 July 14 199
Mar 233
July
Jan 40
C St PM dr Omaha100 500 38% July 15 40 July 18 29
100 400 73 July 14 75 July 1 68% Apr 75% Jan
Preferred
CCC&StL
100 500123% July 15130% J_Iy 18 100
Apr 13035 July
Colo & So, 1st pref_ 100 1,20 58% July 15 59% July 15 50
Jan 59% June
Duluth SS dr Atl_
100 200 2% July 16 2% July 16 2% Jan 4% Jan
Preferred
100 200 5 July 18 5 July 18 3% Apr 5% June
Illinois Central, pref_100 700109% July 15111% July 18 104
Mar 11131 July
Iowa Central
100 100 2 July 18 2 July 18 1% Jan 2% Feb
Math Elev gtd
100 220 68 July 17 69% July 17 42
Jan 69% July
Jan
MStP&SSM
100
100 40 July 14 41% July 14 29% Apr 46
July
Morris & Essex
8 78 Jul 14 78 Jul 14 74% Mar 78
50
Nashv Chet & St L_100 300120% July 18 122 July 17 120% July 122% Feb
Feb
Pacific Coast
100 30 25 July 14 25% July 15 16
Jan 40
1st preferred
J1113
,
100 400 54 July 12 55 July 12 43
Jan 55
2(1 preferred
100 50 25% July 12 32 July 14 20% Jan 40% Feb
9,780 21% July 14 22 July 15 15% Mar 23% June
Reading rights
Rens dr Saratoga__ _ _100 • 30 112% July 16 112% July 16 112% July 114% May
1
Industrial & Miscel.
Am Cotton 011 ctfs
100 12% July 15 12% July 15 10% Feb 12% July
% July 15
% June 1 June
American Ice rights
3.1 July 12
9,550
Amer
-La France Fire En
Mar
7% cum preferred_100
10 98 July 18 98 July 18 95
Feb 98
Jan
Jan 43
American Republics- _ _*
100 36 July 14 36 July 14 25
Jan 104% July
Am Rolling M111, pf_100 200 104 July 1 104% July 15 98
Apr 144% Jan
American Snuff
100 100142% July 17142% July 17 134
3
4 July 152 15-18may 4 1-16 July
Amer Telep dr Teleg ea_ 6.874
Am Who's Corp. pf 100 300 90% July 15 94 July 15 90% My 99% Feb
Am Writing Paper ctfs_ _
600 4% July 14 4% July 14 2% Jan 4% July
g July 17 31 Mar g Jan
Assets Realization_ _ __10
100
g July 17
Ass Dry Gds,1st pref 100 400 87 July 12 ssg July 18 83% May 88% Jan
July
Jan 97
2d preferred
100 900 95 July 15 97 July 16 89
AU Fruit CoITCo ctf old 4,100 1% July 12 2 July 12 1% July 2% Feb
Apr 54% Feb
Atlas Powder, new --* 400 48% July 16 49% July 18 47
Atlas Tack
1,800 5% July 17 7% July 18 5 June 11% Feb
Jan 4% Feb
Auto Sales
50 100 3% July 12 3% July 12 3
Mar
July 54
100 33 July 1 33 July 14 33
Brit Emp Steel, 1st pf100
8 July 14 8
July 15% Jan
100 8 July 1
2d preferred
100
Feb
July14 84 June 92
Brown Shoe,Inc., pf_100 100 90 July 14 90
Burns Bros, pref_ _ _100 200 98 July 1 98% July 15 95% Mar 99% May
Calumet dr Recta
25 800 14% July 17 16 July 18 13% May 19% Jan
_* 400 27% July 12 28% July 18 25% Ap 33% Jan
Century Rib
• 200 25 July 16 25 July 16 24% June 36% Jan
Certain-Teed
Cluett, Peab & Co Df 100 200 102 July 17 103 July 16 100% Jan 105% Jan
July
35 July 15 35 July 15 30% May 35
Cora Invest Trust
• 2
Apr
Preferred
100 300 96 July 14 96% July 17 93 May 98
1,200 10 July 12 11% July 14 7% May 12% Feb
Conley Tin Foil
Continental Insurance 25 200 93 July 17 94 July 17 89% Apr 97% Jan
Corn Prod & Ref pref 100 300 119% July 16120% July 18 115% Apr 120% June
July
100 300 30 July 18 31 July 18 21
Crex Carpet
Feb 31
Duquesne Lt 1st pf _100 600 10534 July 17 106% July 18 102
Mar 106% Jan
Eastman Kodak pref_100 100108% July 16108% July 16 108% July 108% July
E I Du Pont6% pf_ _100 500 55% July 12 88% July 14 85
Apr 59% July
Jan
Emerson-Brant pref _100 1
9% July 18 9% July 18 7% Apr 15
Fairbanks-Morse tern cf* 1,900 25% July 17 26% July 14 25% May 28% June
500 81% July 15 82% July 15 79 June 84 June
Fed Lt dr Trac tern ctfe_s
Fid Then F Ins N Y 25
Jan
30 122 July 16 122 July 16 118
Mar 127
200 12 July 15 12 July 15 12
Fifth Ave Bus ctfs
July
July 12
Jan
Fisk Rubber 1st pref _100 400 38% July 16 40 July 14 38% July 65
Jan
200 4 Jul 14 4 July 14 4 May 7
Gardner Motor
• 2,300 104 July 16 114 July 16 93
Gen Baking Co
July
Jan 114
Gen Motors Pr (7) new_ _ 1,900 96 July 14 96% July 17 95% July 96% July
Jan
100 36 July 12 36 July 12 31 June 55
Gen Refractories
Gimbel Bros pref_1
500 101% July 18 101% July 18 99
Jan 02% July
Great Western Sugar_25 9,500 90 July 17 91% July 17 86 June 96% Feb
Preferred
100 200107% July 16 10731 July 16 105
Apr 08% Jan
Feb
100 8934 July 15 89 %July 15 88
Hanna 1st pref CI A_100
Apr 95
55240 July 14242 July 18 159
Ingersoll Rand
100
Jan 4534 July
100 103 July 18 103 July 18 101% Jan 03% Feb
Inland Steel w I pref...*
400 4 July 15 5 July 16 3 June 9% Jan
Int Agricultural new...
100 38 July 17 38 July 17 38
Prior preferred_ _ _ _100
July 40 May
100116% July 14110% July 14 115% May 17% Apr
Internat Shoe Pref --100
800 2934 July 16 31% July 16 2734 June 32% Mar
Intertype Corp
July 16.01.01
Invincible 011 rights_ _ _ _ 1,600.01
July 01
July
K C Pr dr Lt 1st pref_• 100 9534 July 15 95% July 15 92
Feb 9634 June
Kelly-Spring T 6% D1100 500 41 July 12 44% July 18 40 Jun 78% Jan
* 800 6334 July 14 6434 July 18 52% May 6734 July
Kinney Co
100
100 9.5% July 16 9534 July 16 88
Mar 97% Jan
Preferred
Kresge Dept Stores__ _* 14,800 53% July 17 57% July 12 47% June 62% June
100 300 95 July 14 95 July 14 94
July97% June
Preferred
Mar
Loose-Wiles 2d pref.A00 100 95% July 15 95% July 15 95% July 100
100115 July 12115 July 12 114% May 117
Feb
Lorillard prof
100
Ma 105
McCrory Stores prof.100 100105 July 17105 July 17 100
July
Feb
Mackay Cos pref_ _ _ _100 5001 6634 July 17 67 July 15 64% Ap 69
Jan
Mallinson(HR)&CopflOO
1001 78% July 15 78% July 15 78% July 92
100
Manati Sugar
7001 47 July 12 50 July 17 45
July 69% Mar
Mar
1001 80 July 14 80 July 14 78% July 87
Preferred
100
Met Edison pref
• 3001 9234 July 15 93 July 16 90% Apr 94 June
Midland Steel Prod pf100 3001 81 Jul 12 81 July 12 71% June 81
July
Nash Motors Co pref 100 400100% July 14100% July 14 98% May 100% Jan
Feb
Nat Dept Stores p1.._100 300 94 July 16 96 July 12 92% Jun 96
Jan 10634 July
Nat Supply pre
100110634 July 18106% July 18 100
100
July 89
Feb
NY Canners 1st pf _ _100
1001 87 July 17 87 July 17 87
N N II RV,G & E_100
1001 4534 July 15 4534 July 15 4534 July 48% Feb
Jan
Preferred
1
100 823i July 16 52% July 16 76 May 85
May 14% Jan
N Y Shipbuilding
* 300 1334 July 15 1434 July 15 11
Ma 94
N Y Steam, 1st pref * 100 94 July 16 94 July 16 88
July
July 47 May
Niagara Falls Power 100 1001 4434 July 14 4434 July 14 44
July
Niag Falls Pr, pf, new_25 1,300 27% July 12 28 July 17 27 Jun 28
Jan
25 200 32% July 16 32% July 17 31% Ay 33
Ohio Fuel Supply
100151 July 14 51 July 14 48 Jun 7434 Mar
Otis Steel. pref
100
Owens Bottle, pref_ _100 20010731 July 1510151 July 15 107% July 111% Mar
% July 1% July
Parish & Bingham stpd _• 4001 1 July 14 1% July 15
1,7001 28 July 12 29% July 18 24% Jun 30% July
Park & Tilford
300 25% July 15 26% July 14 1934 Ma 30% Jan
Penn Coal & Coke_ _
July
Philadelphia Co, pref_50 6001 45 July 16 4534 Jul. 14 42% Jan 46
July
Phillips Jones, pref._100 300190 July 14 90 July 14 78 May 90
Phoenix Hosiery
5 200 1934 July 12 19% July 12 19 June 32% Jan
Pierce-Arrow,prior pf_ _• 3001 70 July 14 71 July 14 59% June 72% Jan
Jan 101
Jan
Pittsburgh Steel, pref 100 2001 97 July 12 97 July 12 95
Pitts 13th, pre etre...AO
13% July 12 14% July 12 11% Feb 14% July
Prod &Ref Corp,pref _50
45 July 181 45 July 18 42 Jun 47% Jan
PSCorp of 1V,I2f,8% 100 800104 July 12104% July 14 99% Ap 105 June
7% preferred
100
100 97% July 18 0734 July 18 96% Ma 100 May
July
Rights
13,800 12% July 12 i1634 jy 17 2% May 1634 July
14 113
Jan 117% July
Ry Steel Spring. pre_ 100 300116% July 17
Ma 95 June
Roses,Insurance Co__2
600 94 July 12 04 July 12 86
6% June
Royal Dutch rights
8,492 6% July 16 634 July 12 534 Jun
Feb
Schulte Ret Stores, pf1
500110 July 14 110 July 14 105 May III
My
Simmons Co, pref _100 100 97 July 14 07 July14 94% Jan 97
Apr 87% Feb
Sloss-Sheff & I, pf_100
100 82% July 14 8234 July 14 80
So Porto Rico Sug,81.1
100,100 July 14 100 July 14 97 Jun 110% Apr
Stand Gas&E Ices_ _• 9,6001 353( JulY 17 3734 July 14 31% May 37% July
Sales
for
Week.
Range for Week.
Lowest.
Range since Jan. 1.
Highest.
Lowest.
Highest.
Indus. & Miceli. Par. Shares $ per share. $ Per share. $ per share.$ per share.
Standard Milling, pf_100
100 71% July 17 7134 July 17 70
July 85
Mar
Stand Plate Glass ctfs__* 1,100 29 July 12 30 July 14 28% July 3534 June
Telautograph Corp etre.* 900 7 Jul y15 734 July 17 6% Jun
754 July
The Fair. pref
100104 July 15104 July 15 i102% Jan 104
100
July
Underw'd Typew,pL 100
100 118 July 14 18 July 14 117
July 118% Jan
United Clg Stores, 01.100 200117% July 15 119 July 14 113
Jan 119 July
New
25 3,800 49 July 17 50 July 14 42% June 50
July
Univ P & Red,tern, ces* 800 15 July 17 17 July 14 15
July 21 June
Prof temp ctfs__100 200 51 July 17 51 July 17 51
July 60% June
U S Distrib Corp
* 1,200 24 July 18 2434 July 15 21% Apr 25% June
Preferred
100 98 July 18 98 July 18 98
100
July 105 June
Va-Caro Chem, B
100
% July 16
*
% July 16
% June 7
Jan
Vulcan DetinnIng,01.100 100 64 July 14 64 July 14 64
July 69 June
West El, 7% guru pf_100 400115% July 17 117 July 12 111% Apr 117
July
West E dr M,1st pf__ _50 100 79 July 15 79 July 15 72
Jan 8034 June
* 3,200 80 July 18 92% July 15 4734 Jan 98
West Penn Co
July
Preferred, 7%.._ _ _100 400 92% July 18 9334 July 12 8734 Ap 94
July
Wilson Co, pref
100 200 23 July 14 23 July 14 15 Jun 7234 Jan
69% July 18 68
July 77
Worthington, pref A.100 700 68 July
Apr
•No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
No Shares.
Tfyiel
Sales at
New York Stock
Exchange.
State,
Municipal db
Foreign Bets.
$4,054,000
8,799,000
9,737,000
13,532,000
11,658,000
8,982,000
$1,111,000
1,730,000
1,689,000
1,834,000
1,825,000
2,191,000
IS 121121 19%
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad
dbc.
Bonds.
423,500
935,714
1,000,215
1,003,276
1,089,478
1,412,000
Week ending July 18.
!RR .020 000
tin 0011 000
Week ending Ju y 18.
United
States
Bonds.
3539,000
1,208,000
2,962,000
1,887,000
2,145,000
1,311,000
*0 470 (1011.
Jan. 1 to July 18.
1924.
-No. shares__ _
Stocks
Bonds.
Government bonds__ _
State & foreign bonds_
RR. Sr miscell. bonds_
1923.
5,864,183
2,558,374
127,207,650
134,880,890
$9,872,000 $11,748,000
10,380,000
5,577,000
56,762.000 21,027,000
$552,575,000
227,599,000
1,191,910,000
$461,065,800
270,416,00(1
918,943,000
1923.
1924.
377,014,000 $38,352,000 $1,972,084,000 31,650,424,00a
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
61catinunv.
Philadelphia
Week ending
July 18 1924.
Shares. Bond Sales, Shares. Bond Sales. Shares. Bond Sates.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
'
Total
*5,622
*14,315
*14,273
*16,475
*22,840
23,677
$15,650
35,250
21,650
17,900
16,300
35,000
6,278
14,452
19,399
14,387
9,278
4,263
$50,200
28,200
19,350
38,600
30,300
21,800
1,343
1,701
3,327
1,681
5,056
1,239
$5,000
22,000
20,401)
35,900
22,500
28,900
97,202
$141,750
68,057
$188,450
14.348
$134,700
Prey, week revised
59.8781 5196.450
43 120 Sim son
7.249 8137.100
*In addition, sales of rights were: Saturday, 3,429; Monday, 6,359; Tuesday,
14,362; Wednesday, 3,209; Thursday, 12,025.
Daily Recorh of U. S. Bond Prices. July 12 July 14 July 15 July 16 July 17 July 18
First Liberty Loan
(High 1011132 101183 1011831 1011831 1011831 101"n
334% bonds of 1932-47.. Low- 1011132 101183 101un 10118n 10118s3 101nss
(First 334s)
[Close 101nn 1011411 10111n 1011832 10112n 101,,
s2
Total sales in $1,000 units.59
154
35
43
237
453
Converted 4% bonds of (High
Total sales 10 31,000 units--Converted 434% bonds (High
of 1932-47 (First 434s)( Low
(Close
Total sales 1931,000 units.__
Second Converted 434%(High
bonds 01 1932-47 (First(Low_
Second 434s)
(Close
Total salesin 31,000 units_ _ _
Second Liberty Loan
(High
4% bonds of 1927-42_ (Low_
.
(Second 4s)
(Close
Total sales in 31,000 units.-Converted 434% bonds (High
01 1927-42 (Second (Low_
4%s)
(Close
Total sales 10 81,000 units..
Third Liberty Loan
(High
434% bonds of 1928
I Low(Third 434s)
(Close
Total sales in $1,000 units....
Fourth Liberty Loan
(High
434% bonds of 1933-38_ _I Low_
(Fourth 4%s)
tome
Total sales in $1.000 units._ _
Treasury
(High
43(5. 1947-52
(Low..
(Close
Tntat Anloe h,51 nnn m,tr.
____
1018832
1011822
101n32
3
.....
____
__-- _ ----____
____
---.3
10124
1011123
10118st
55
102 33
,
102123
102 32
,
154
162 22
,
102.50
102823
201
104nn
1041832
1041122
2
____
102.00
1011822
102.00
26
101188
1011832
1011822
____
102832
102132
102822
139
101",,
101",,
101183s
- __
____
__102823 1028n 1028,2
102.00 1018031 102.00
102.00 1018832 1021st
108
49
140
-- -----------.--------------
--____
-___
____
1011832
1011832
1011822
81
102 n
,
102833
102 32
,
245
102 32
,
102 32
,
102.
122
771
1042122
104"ss
104213,
24
--.____
____
____
10111831
10118ts
10118n
448
102 32
,
102831
10283:
337
102 32
,
102 12
,
102122
1,660
1048823
1042,
32
104183s
---____
_______
1011822
1011832
101183,
497
102 32
,
102823
102821
128
102 21
,
102122
102831
606
1048132
1042233
10482s2
1
91
CR
---------____
1011822
1011833
1011431
543
1021131
102833
102 32
,
298
102 32
,
1011112
102 32
,
699
1048332
1041831
10481n
41,1
1011122
1011132
1011112
10
1011811
101un
10114ss
210
1028ss
1028ss
102 22
,
289
1028st
1028,2
102812
304
10488n
10488,2
1048811
CI
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3
13
1
26
1st 33-4'
1st 434s
2d 4s
2c1 43is
10022 to 1011833 103 3d 434s
102121 to 10283s
1018831 to 102.00 94 4th 43-4ss
101",,to 1024n
100nts to 100"32 2 U. S. Treas. 4348_1041822 to 10414ss
10111n to11011422
Quotations for U.S. Treas. Ctfs. of Indebtedness,&c.
-See page 293.
Foreign Exchange.
-See page 293.
The Curb Market.
-The review of the Curb Market is
given this week on page 292.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS(No. Shares).
Week ending July 18.
indatMiL
Mining. Domestic. For'n Goat.
Oil.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
41,805
89,910
78,780
86,055
49,915
33,570
380,035
$190,000
386,000
507,100
569,700
474,000
586,000
$22,000
26,000
63,000
5,000
2,000
25,000.
266,424 1,354,920 $2,712,800
$143,000.
37,550
40,240
61,925
37,819
45,200
43,690
188,000
333,300
304,300
203,020
203,500
122.800
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
303
PER SHARE
Range Since Jan. 1 1924.
-share lot*
On basis of 100
PER MARS
Range for Preview
Year 1923.
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Friday,
Tuesday, Wednesday. Thursday,
Lowest
MOM
Highest
Lowest
July 18.
July 15.
July 17.
July 16.
-- - --Railroads.
Par $ Per share $ Per share $ per share $ per share
per share $ per share $ Per share $ Per share Shares.
$ Per share $ per share
8
4
10418 10418 1033 1043 104% 10412 1048 10514 10433 1043 10434 10512 22,400 Atch Topeka & Santa Fe--100 9718 Jan 2 10512Ju1y 18 94 Oct 0518 Mar
4
853 Dec 90 Mar
2
53
Do pref
100 864 Jan 2 9212June 25
3.000
9078 91
91
91
8 9012 90% 908 91
9078 91
905 907
8
14 Aug
3 Feb
14
138 Feb 23
234 Jan 11
2% 212
238 238 7,600 Atlanta Birm & Atlantic-100
2
2
2 18 212
23
s 212
21s 212
100 112 Jan 23 12714July 18 1094 July '27 Feb
124 12414 12312 12312 12312 124
12314 12358 124 12714 29,300 Atlantic Coast Line RR
12312 124
4018 Jan 60 4 Dec
3
100 5218 Apr 22 6178July 16
6178 z6014 603 63,700 Baltimore & Ohio
5934 6018 6018 6138 61
595 60
8
4
617
8 61
7
5534 May 60 3 Mar
Do pref
7
59
5912 5938 5912 5914 59% x5912 5912 1,600
100 5614 Apr 16 59 8June 30
5834 59
*583 59
4
9 Oct 1412 Dee
14
223s 2312 2314 2414 2414 25
2414 2614 2612 2912 2814 2912 91,700 Bklyn Math Tr v t o__No par 1312 Jan 4 2912 July 17
Pref vol tr ctis
3412 Oct 4978 Dec
No par 484 Jan 3 7018June 26
694 6938 2,900
6912 70
70
693 693
4
4 69 4 693
,
4 6912 70
*69
24 Jan
1 Jan 3
412May 9
78 Nov
900 Brunswick Term & Ry___100
*212 312 *212 312
25
8 312 *314 4
312 312 *212 3%
148 14812 1473 148% 148 148
100 14234Mar 10 1507g Jan 9 1894 Sept 160 Apr
14814 14838 5,800 Canadian Pacific
14918 14914 148 149
4
57 June 76 3 Jan
3
3
100 67 4 Feb 26 8612July 14
8 8438 8612 86
85 853
8612 8512 8614 85
853 *8434 85 30,300 Chesapeake & Ohio
8
96 June 10478 Feb
Do pref
100 9913 Jan 3 10712July 14
900
1064 1063 10718 10712 *1063 107
4
4
107 10714 *107 10714 *107 10714
43
3 433
314 Apr 15
518 Jan 10
bris Dec
2 May
433 433
100
414 438
438 438
4% 4%
2 43* 3,600 Chicago & Alton
81gMay 20 1278 Feb 29
338 Jan 124 Dec
*1034 107
Do pref
100
8 103 1114 1114 1134 1118 1112 1112 1218 1118 1178 8,500
4
3
19 Aug 384 Feb
2934 2934 30
3018 295 2958 2958 2958 2912 293 .'2912 291 10,600 Chic & East III RR
100 21 May 5 30 4July 11
8
4
4
14
Do pref
*4614 49 *52
5234 4712 4758 4733 4753 *4612 4712 *4612 4712 3,400
100 37 May 5 5112 Jan 8 464 Aug 62 Mar
514 512
57
678July 18
4 Apr 30
234 Oct
7 Feb
512
100
512
*512
54
3
58
7
6
6 7 11,400 Chicago Great Western
2
57
8 68
,
67s Oct17 Feb
100 1012June 4 1818 July 18
1518 1518 1518 1534 1512 1533 1512 153
Do prat
4 1512 16% 1634 1818 11,200
114 Oct 26 3 Mar
3
14% 1412 14
1412 1414 143
4 1414 1533 1514 1512 1512 165 26,800 Chicago Milw & St Paul_-100 1134June 7 1818 Jan 10
2412 2514 2438 26% 2534 2612 2638 2712 58,600
2412 2434 2414 251
2033 Dec 454 Mar
100 2114May 27 3014 Apr 12
Do prof
8July 18
4718 Dec 88 Mar
6,400 Chicago & North Western. 100 4914 Jan 3 607
*5814 5812 5778 5838 573* 58
5712 57% 5712 5834 60 60
3
100 100 Jan 5 10712June 16
9718 Dec 1181 Mar
Do pref
10612 10612 *105 10714 106 106
300
106 106 *105 10612 *106 10612
194 Oct378 Mar
7
3014 3012 3012 31
308 3173 3114 313
4 3138 3414 3412 3638 122,300 Chicago Rock Isi & Pacific_100 2112 Feb 15 3633July 18
72 Aug 95 Feb
100 7634 Feb 26 8934July 18
85 85
853 8614 86
4
7% preferred
8612 86
8612 8612 87% 8834 8934 3,600
6073 Aug 83 Mar
100 6538 Jan 2 79 July 18
74
4,800 6% preferred
7318 7312 7318 74
7478 74% 74% 7434 7534 76
79
*3514 36
8June 16
17 Oct 454 Feb
100 20 Jan 2 367
3514 3412 3518 3514 3512 *35
*34
36
3512 3634 2,000 Colorado & Southern
9314 July 12412 Feb
11634 117
100 10412 Mar 5 12018July 16
116 116
117 120
11914 12018 119% 1195 11914 11934 5,900 Delaware & Hudson
8
7
124 12612 126 12778 12612 12712 126 126% 126 12612 11,900 Delaware Lack & Western- 50 11034 Feb 15 127 8Ju1y 15 10978 Oct 13013 Feb
*12312 124
101g May 2234 Dec
100 2034 Jan 3 311411117 18
297 3034 3033 3118 30% 31,
294 30
8 3018 30% 3034 3114 57,900 Erie
8July 15
15 Jan 311 Dec
100 284 Feb 19 387
4
373 3833 3812 387
8
3714 373
8 3812 38% 3814 38% 3838 387 14,6001 Do 1st preferred
1034 May 2738 Dee
100 251g Jan 3 3734July 15
Do 2d preferred
35 36
3434 35
3618 373
3712 5,600
4 3738 3734 3612 36% 37
5033 Oct 80 Mar
100 5334Mar 3 6512July 18
3
4 6314 6378 63 63% 63% 6334 6438 6512 18,500 Great Northern pref
6314 6334 63 8 633
25 July 36 Mar
Iron Ore Properties_ _No par 26 May 23 3112 Feb 4
*2758 2778 .2711 2734 273 2773 2734 2818 28
4
2814 2818 2912 5,600
912 Aug 20 Mar
1914 2014 20 4 2078 1934 2012 20
2014 20
19
19
,
2034 18,700 Gulf Mob dr Nor tr ate_ _100 1134 Apr 30 2078Ju1y 15
4478 Jan 62 4 Feb
Do pref
100 50 Jan 3 7038July 14
3
5,900
69 6912 *6812 69
69
69% 6938 6938 708 69
70
7012
9933 Dec 1174 Feb
100 10014 Mar 4 110 July 18
10833 109
1,400 Illinois Central
108 108 108 108
10914 1093 10914 1093 1097 110
8
8
4
913 June 2278 Mar
100 1234 Jan 2 3914July 17
31
3034 3233 33 384 36
29% 2934 30
3914 3634 38 69,100 Interboro Rap Trail
1533 July 2473 Mar
1934 2014 20
100 1734 Mar 26 2314Ju1y 18
*1934 20
2018 20
2112 2134 231 18,300 Kansas City Southern
2014 20
4838 July 57 4 Mar
100 5114 Mar 31 55 July 18
3
8
53
53
Do Prof
2,300
533 533
5212 5212 527 53
4
4 5334 5412 5412 55
54 June 714 Feb
66 53912 Apr 10 724 Jan 25
49
4978 48% 49% 4914 497g 58,000 Lehigh Valley
4818 4812 48 4914 4914 50
97
4July 8
9914 296
5
843 Oct 155 Feb
4
99
100 87 8 Jan 16 993
99 99
9678 2,500 Louisville & Nashville
9612 96
9614 9612 *96
2712 Dec 4512 AP
4134 4334 45 4614 4512 4814 4778 4938 4834 513
8 503 5178 14,900 Manh Elevated, mod guar-100 3012 Jan 2 5173July 18
4
634Mar 15 1312 Jan 4
713 Oct 22 Mar
100
1114 *812 10
1114 10
11
*9
934
912
912 *9
912 1.000 Market Street Ry
23 Oct 6812 Mar
100 22 Feb 20 4018 Jan 5
*26
31
Do prof
100
*26
31
*23 24 •25 31
*26
31
26
26
100 4312Mar 17 714 Jan 4
5612 Oct 87 Mar
5212 *49
534 5314 *51
Do prior prof
300
53 53
5112 50
50
*49
5212
143 Oct 5614 Mar
3
24 *18
23
100 14 Mar 18 30 Jan 4
Do 2d pref
*18
23
23
*18
23 *15
100
24 *18
24
78 Aug
94 Feb
4 Jan 28
100
14 Jan 3
*134 2
*134 2
•112 2
2
2
218 214 *2
214 1,400 Minneap & St L (neto)
934 Oct 17 Feb
1433 1418 1433 1414 1434 14% 153
14
148 14
8 1514 1573 45,700 mo-Kan-Texas RR----NO Dar intemay 20 154 July 18
2478 Oct 4512 Feb
8
100 2934 Feb 18 4538July 18
41
418 417 4218 4134 4218 4178 4212 4212 443
Do pref
4438 453 27,100
8
84 Oct 1938 Feb
934 Jan 3 1812July 18
8
100
1678 1718 17
164 1634 167 17
1714
1714 18
1818 1812 18,500 Missouri Pacific corn
2214 Oct 49 Feb
465 4714 47
8
Do prat
100 29 Jan 3 4912June 12
4614 47
48
4714 477
47
49
4838 4938 25,300
434 Feb
113
118July 16
214 Feb 6
14 Nov
It
1
11
*1
*1
100
118 11
*1
112 *1
200 Nat Rye of Melt 20 pref
112
8212 Aug 105 Mar
99
99
100 934 Feb 15 1211251ay 20
4
99
9912 100
99
99
9633 90 9934 9912 9912 1,300 New On Tex & Me:
904 May 107 4 Dec
1
994 Feb 15 10712July 18
105 10488 10518 105 10533 10514 10614 10538 1063 1063 10712 56,100 New York Central
10418
100
8
2
6712 Aug 80 Dee
13
9812 10014 100 101
9812 981
100 7213 Feb 18 101 July 15
9912 100
99
9912 99
9934 8,800 NY C & StL new co
86 Nov9512 July
8712 8784 8733 881
83 May 21 8832July 17
Do pref
8733 873
88
8814 883
8838 2,900
88'8
8 8812
938 July 2212 Jan
2433 2414 253
8 2514 253
24
100 1418 Jan 2 2738July 18
2518 267
2638 274 2634 2738 111,400 N Y N H & Hartford
3
211
213g 21
2014 2014 20
21
217
2118 2178 2112 2134 10,800 NY Ontario & Western 100 16 May 24 2212June 26 '1414 June 213 Feb
9 Sept 1833 Feb
19
1914 1914 197
Apr 22 21 July 18
19
19
100 1212
1914 207
7,100 Norfolk Southern
8 20
2014 2014 21
121 12114 121 12178 12112 12338 12218 12314 12112 12312 1223 12414 36,600 Norfolk & Western.
100 10212 Jan 3 13212 Apr 8 100 July 1174 Feb
8
72 Sept 7812 Aug
77 *73
77 *73
Do pre
*73
78 *73
100 7234 Feb 26 8013June 10
100
78
*73
78
75
75
8 6278 631
3
6288 6312 03 635
100 4773Mar 3 6512July 18 49 4 Oct 8112 Mar
6212 633
8 6218 63
6314 6533 3,360 Northern Pacific
4478 45
4078 Nov 4773 Apr
8
45 45'4 4518 4538 4518 454 4514 46
447 45
50 424 Jan 3 4634 Jan 28
16,590 Pennsylvania
15
*13
15 *13
9 4Mar 13 1612JulY 18
3
*13
15
100
8 Oct17 Mar
13
1312 1334 16
15
16's 4,400 Peoria & Eastern
36 Jan 47 JUDO
14
5312 537
5212 53%
100 4012Mar 31 55 July 18
12,200 Pere Marquette
*5214 53
5338 54 I 534 54
54
55
674 Oct 764 mar
751_ *7412 75t2 *73
Do prior pref
100 7112Apr 23 7518 Feb 26
75
100
74
74
*74
75
*73
76 *73
Do prof
5712 Oct 7012 Jan
100 60 Jan 4 694 July15
8
6812 6812 6812 6914 x683 6878 *68
1,800
6834 6812 69
*68
681
3373 Jan 505 May
8
100 38 Jan 4 5012July 14
4934 50% 4934 5012 49% 50% 4934 50121 4918 501* 4934 5038 23,500 Pittsburgh & West Va
98 98 *96
Do pref
100 8514 Jan 5 98 June 5 85 Dec 93 Jan
98 *97 98
300
98 1 *96
*97
9734 98
98
6812 June 811g Feb
8May 20 79 Jan 12
50 517
581
5738 5814 5734 583 29,000 Reading
56% 567
3 5634 57% 5714 57% 57
44 June 5812 Feb
Do lst preferred
35
35
35
35
30 3414June 24 5612 Jan 14
3,300
35
3434 3434
35
35
35
2 35
4
*333 34
4
Do 2d preferred
45 June 563 Jan
34
50 b3313 Jan 16 56 Jan 14
34
600
34
*3334 34
34
,
34
333 33 4 34
4
2212 Oct 39 Dec
37 *34
100 32 Jan 3 4018 Feb 5
37
200 Rutland RR pref
36
36
*35 38 *35
3712 371
*35
39
100 194 Apr 30 26 July 17
1634 Oct 27 Mar
24 2414 2412 25% 24% 2514 25
25% 2458 26
26
261 34,400 St Louis-San Fran
3218 Jan 50 Mar
Do prof A
100 4238 Jan 3 5378July 18
5314 5233 5312 52% 53
8,400
52
5314 534 537
50 4 503
3
4 51
2512 Aug 364 Feb
100 33 Jan 2 4558July 15
44
45
45
4258 438 433 443 19,300 St Louis Southwestern
4412 447
8
8 4478 45% 44
3
100 574 Jan 3 7112Ju1y 9 5438 June 6378 Mar
7018 7118 6912 7012 6914 6978 6812 691
Do pref
7012 707
s
6934 703
4 6,800
434 Aug
712 Feb
1312 1234 1312 1278 1314 13
100
614 Jan 2 1434July 18
13
13
13
131
1312 143 33,100 Seaboard Air Line
4
4
814 Aug 153 Dee
Do pref
100 1414 Jan 2 3014July 18
29
28
2812 2812 2914 28
28
2838 28
29
2834 3014 21,000
8414 Aug 9514 Feb
100 8512Mar 26 9484 July 18
8
9314 927 93% 92% 9314 9234 943 9314 9414 9414 9434 53,200 Southern Pacific Co
93
8
243 Jan 3918 Dec
4
100 3813 Jan 2 67 July 9
6312 6412 6338 6412 6334 64
8 63% 64
6314 643
643 6514 27,000 Southern Railway
8
63 July 704 Mar
Do pref
100 6634 Jan 3 75's July 14
7412 7412 74% 75% 7434 75
75
75
7412 75
7518 7518 6,900
14 Aug 2912 Mar
_100 19 Jan 3 3414July 18
3138 3114 3218 317s 3214 32
3238 317 327s 3213 3414 21,400 Texas dr Pacific
*31
8
812 Dec 1914 Feb
-100
83
4May 20 1812July 17
13
1314 1318 1412 144 1614 1618 1812 1638 173 15,900 Third Avenue
1212 13
4
4
581 Jan 7712 June
48 *4612 48
200 Twin City Rapid Transit. _100 4638July 17 66 Jan 12
*4612 4712 4638 463
*4512 4712 *4612 4812 48
8
100 12638Mar 3 138 July 16 12412 Aug 14478 Feb
13612 138
8
1353 137
1363 136% 1363 137
4
4
13612 137
13678 13712 9,500 Union Pacific
7014 Dec 7612 Jan
747
Do pref
100 70 Mar 20 7538July 11
1,500
75
75
*7412 751g *744 75
7473
7438 75
75% 75%
778 Oct 2178 Ma
738 Apr 23 1912July 10
21,600 Milted Railways Invest -..100
1712 1878 17% 1818 1638 1718 1612 17
1814 1918
1612 19
26 Oct 62 Mar
Do pref
100 2612 Apr 21 5458July 14
8 5012 5378 4934 5238 49
5012 4834 5014 28,500
5112, 533
4 5234 545
3034 Aug 3612 Oct
6414 *6212 66
8 02
5,800 Virginia Railway & Power_100 36 Feb 29 7234July 12
647 723 68 6934 66 693
6314 6371,
8
4
7 Mar 12 Dec
3
1418 14% 1434 1412 1518 1518 151
100 10 4 Jan 4 1738Mar 20
•14
1518 153 12,400 Wabash
1418 14
4
2314 Jan 3612 Dec
Do prat A
100 34 Jan 3 4734 Mar 19
43
45% 4412 453
43 4314 4318 43% 44
2 45
43
4538 42,200
1612 Jan 234 Dee
323 Apr 4
4
Do pref B
200
100 2212 Jan 3
*30
30
303
*2712 3034 *28 303 *28
30
30
303
4 30
4
8 Sept 15 Feb
%
Menne 3 12July 18
100
1014 103
938 9%
934 978
1078 1218 28,500 Western Maryland
93 10
4
8
912 93
14 Sept 2634 Mar
Do 2d preferred
1814 18
100 1514May 15 214July 18
8
1812 18
187
8 183 2038 20
1712 174 •17
215 17,000
8
12 Setp 2014 Mar
100 1434 Jan 2 2438June 23
2112 231
2218 2134 22
2212 2212 2134 2212 22
2218 233 10,900 Western Pacific
3
8
53 May 633 Mar
Do pref
700
100 58 Jan 7 737 July 2
71
*71
7078 707
72
72
70
7114 7114 *69
7014
8 71
6 Oct 1012 Feb
712 Jan 2 1314July 18
1134 121
113
978 10
10
1114 11
93
4 93
1233 1314 55,700 Wheeling & Lake Erie Ry_100
10 Oct 19 Feb
Do pref
1912 191
100 1414 Jan 2 2412July 18
23
24
19% 201
2012 22% 2214 23
2334 2412 19,300
23 Aug 387 Dec
8
Wisconsin Central
100 34 Jan 16 374 Jan 29
•- - - 36 •- _ _ 36 *- - -- 36 *-- - - 36
36 •- -- 36
Saturday,
July 12.
Monday,
July 14.
83 83
85
8514 8534 871
8314 841
843g 86
8712 8912 7,800
•9
91
912 1114 1078 1114 1014 103
1018 1112 4,300
4 1014 101
3,000
34
3518 36
37
37
36
37
39
38
39
35
39
7812 781
79
791
8078 783 803
8
4
2 793 79% 79
7912 7912 4,200
612 6%
6
678
618 61
63
8
64 014
614 8 11,100
•14
14
*18
I
18
14
•18
18
•13 .19
100
'
3 18
14
*113 114 •118 114 •118 114
14 118
112
11
300
*118
114
7414 77
7718 7812 r7534 7634 754 757
7434 7638 76
8
767 28,100
8
•117 119
11818 11818 *11814 11812 11814 11814 118 118
500
118 118
5212 521
53 53
5212 53
527* 5312 5212 5318 53
5514 12,000
*94% 9538 *944 9538 *9438 9434 *9438 95
500
95
9514 95
95 2
,
1034 1118 11
2,100
• 1078 l0e 1014 11
11
1012 1034 *1012 11
3112 3l'z 3114 32'8 33 344 3314 333
*3134 3212 3,700
4 3012 33
124 12612 *130 150 *130 150 *130 150
•120 125 •122 125
600
56
*54
56 •5414
56 *54
•54
_ _ *5412 _ _ _ _ •54t, _ _ _ _
4138 41
41
41
40
41
40
40
40
40
*3712 3912 1.100
2734 29 *2712 30
2978 30
1,100
*2912 30
285 285
8
8 28
28
811
8112 8112 8012 81
700
8034 803
*814 82 *81
4 8012 8012
310438 106 *10434 110 *10412 108 *105 108
*103 107 *10412 107 '
116 11712 11524 11738 11538 11818 1 1614 11734 11512 1173 11614 1173 144,000
8
8
115 115
115 115
11514 11512 11518 11512
900
115 115
115 115
167 167
16814 16814 170 170
2,200
•16714 170
16734 168
168 171
200
•124 130
12412 12412 *123 12514 *123 12514 *123 125
125 125
8 22
2238 *22
2214 *22
100
*223 224 2238 228
3
2212 *22
2212
2134 2154 ni
2,100
4
223 23
4
223 2234 2078 22
22
*2112 22
414
414 414
44 414
414 414 *4
45
8 518 *4
518 4,100
11212 114
112 11312 11112 11212 112 1123
110 11238 11178 115
4 9,100
102 10414 10214 10612 105 10614 10,800
10412 10533 104 1057 104 105
8
104 10412 103 103
10338 105
1043 10512 105 105
4
105 10512 4,200
100
912 •
9
94 •9
91
*9
912
*9
98
4
914 914 *9
567 5678 5718 5712 855 555
8
8
8 5512 5512 *5612 5712 *554 573
8 2,400
•Bid and asked prices. x Ex-dividend. b Ex-rights.
Industrial & Miscellaneous
Adams Express
100
Advance Rumeiy
100
Do pref
100
Air Reduction. Ine----NO par
Ajax Rubber, Inc
50
Alaska Gold Mines
Alaska Juneau Gold Min_ 10
Allied Chemical & Dye_No par
Do pref
100
Allis-Chalmers Mfg
100
100
Do pref
Amer Agricultural Chem 100
Do pref
100
American Bank Note
50
50
Do pref
100
American Beet Sugar
Amer Bosch Magneto__No par
Brake Shoe & F.
-_No par
Do prof
Am
100
American Can
100
FotmdrY.100
100
Do Prof
American Car &
100
Do pref
American Chain, cl A
25
American Chicle
No par
Amer Druggists Syndicate_10
American Express
100
Am &Foreign Pow 25% paid_.
Full paid
American Hide & Leather 100
Do prat
100
734 Jan 2
6 June 9
2814June 14
6714 Jan 2
412May 14
18 Jan 3
78 Jan 30
65 Mar 18
110 Apr 8
4138May 20
90 Apr29
718 Apr 7
183 Apr 7
4
98 Jan 8
52 May 6
36 Mar 21
2214 Apr 1
76 Apr 14
10414July 10
954 Apr 2
109 Jan
15312 Apr 14
1184 Apr 9
2133Mar 21
IA Apr 22
312June 6
88 Apr 15
9212 Mar 8
9112 Apr
714 Apr 28
5012 Jan 3
8912July 18
1213 Jan 2
4118 Jan 4
8112 Jan 29
1012 Jan 11
' 14 Feb 2
113Mar 4
7812July 14
11814Ju1y 16
5514 July 18
9634 Jan 17
17 Jan 2
4938 Jan 9
12612July 16
55 Mar 13
4912 Feb 6
387 Jan 12
8
8334June 18
110 Mar 26
122118 Feb 1
11578June 11
176 Jan 26
125 July 18
2338 Apr 12
23'!July 10
614 Jan 30
115 July 14
107 July 10
10612 July 10
1332 Feb 13
63 Feb 11
67 Sept 82 Mar
64 Oct 1912 Mar
24 Nov 5438 Jan
56 July 7238 Mar
414 Oct 147s Mar
18 Aug
38 Mar
178 Oct
34 Oct
5914 Aug 80 Jan
10514 Aug 112 Mar
3784 June 5114 Feb
89 Nov 9713 Jan
104 July 3678 Feb
2814 Oct 6878 Feb
77 Jan 100 Nov
5012 June 5514 Aug
25 Aug 4912 Feb
2234 Oct60 Mar
6918 Sept8314 Feb
102 July 110 Jan
7312 Jan 10733 Dec
106 Sept115 Feb
14814 July 189 Mar
117 Sept12572 Jan
2033 Jun
233 Mar
2
• 534 Jan 173 NOT
3
418 Sept
753 Feb
87 Nov 14312 Mar
96 Dec 97 Dec
613 Aug -1114 Ili;
329 4 Aug 74 4 Mar
3
3
New York Stock Record-Continued-Page 2
304
For sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICE-PEI2 SHARE, NOT PER CENT.
Saturdav.
July 12
Monday,
July 14.
Tuesday,
July 15.
Wedrsesday. Thursday,
July 16.
July 17.
Friday,
July 18.
Sales
for
the
Week.
-Shares.
8,100
200
18,400
800
2,000
1,600
31,900
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Singe Jan, 1 1924
Ors Oasts of 100-252re loft
Lowest
Highest
PER sHARE
Range for Prestos.
Year 1923.
Lowest
Highest
Indus. & Miscall.(Con.) Par $ Per share I per share $ per share $ NT agars
American Ice
100 88 Jan 14 96 Feb 7
78
Oct 11112 Apr
Do pref
775 Oct 89 Feb
100 794 Mar 28 83 Feb 6
Amer International Corn 100 17% Mar 19 254 Jan 31
16 Sent 334 Mar
American La France F E
10 10 May 19 1214 Jan 9
104 July 13 Mar
American Linseed
4May 7 223 Jan 14
100 133
13 Oct 38 Mar
Do pref
100 30 Apr 15 45 Jan 14
2812 Oct 59 Feb
American tricorn, oew.No par 7018 Apr 15 8012July 15
643 July 7614 Dec
Do prat
100 11614 Apr 16 120 Mar 12 11412 Sept 122 Feb
2,100 American Metals
No par 383
4June 3 4575 Feb 14
4014 June 557 Mar
1,000 American Radiator
25 9414 Apr in 10834 July 1
76
Jan 97 Dec
500 American Safety Razor
25
712 Mar 6
54 Apr 22
47 June
8
94 Feb
10,600 Amer Ship & Comm__.No par 103
8May 21 153 Feb 11
103 July 2133 Jan
15,800 Amer Smelting & Refining _100 574 Jan 14 67S July 18
5114 Oct 6912 Mar
Do prof
1,300
100 96 Jan 2 10212July 11
93 June 1023 Mar
*
5,903 Am Steel Foundrtes„..33 1-3 334 Apr 21 40 Feb 7
315 July 407 Mar
Do pref
500
977 Aug 10514 Feb
100 1014 Apr 25 10412 Mar 17
4,900 American Sugar Refinin8-100 38% Apr 23 6194 Feb 7
48
Oct 85 Feb
7
Do pref
600
100 79 June 7 99 k Feb 14
92 Deo 1083 Jan
4
63
2.100 Amer Sumatra Tobacco._ _100
8July 11 284 Jan 9
16 July 36% Feb
500
Do prer
100 2712July 11 69 Jan 16
3212 July 65% Feb
19,800 Amer Telep & Teleg
100 12118June 28 13074 Mar 13 1194 June 12834 Dec
2,200 American Tobacco
8
100 1365 Mar 25 157 Jan 2R 14014 July 16134 Feb
Do pref.
100 101 Apr 11 10512July 7 mils Nov 10578 Mar
Do common Class B.-100 1354 Mar 25 153 Jan 28 140 May 15934 Feb
3,300
40 Feb 18 11512July 10
8,500 Am Wat Wks & El v t
2712 Jan 4434 Apr
900
Do 1st pref(7%) v t 0.100 8912 Mar 21 99 July 8
8514 July 93 Jan
Do partic pf(6%)v t c.100 66 Feb 19 99 July 10
2,400
4812 Jan 6712 Dec
18,100 American Woolen
100 62 Apr 23 787 Jan 11
65 Oct 1093* Mar
Do prat
100 96% Apr 30 1023* Jan 19
300
9652 Oct 11134 Jan
112 Apr 16
7 July 14
8,600 Amer Writing Paper pref-100
14 Dec 34 Mar
7 Mar 29 1932 Feb 14
2,000 Amer Zinc, Lead & Smelt___25
64 Oct 1914 Feb
Do pref
2,300
25 24 June 5 347 Jan 14
243 Dec 584 Feb
12,600 Anaconda Copper Mining_ 50 2812May 20 91 Feb 15
323 Oct 534 Mar
*
300 Armour & Co (Del) pref._ _100 8314June 18 934 Jan 24
883 Oct 944 Dee
4
8 Jane 4 15 Jan 9
100 Arnold Const'le&Cov t No par
104 Nov 183 Oct
Associated Dry Goods.
100 79 Jan 15 1004 Mar 11
5,800
6214 Jan 89 Mar
25 27l2 July 16 3458 Feb 5
2,600 Associated Oil, new
24% Oct 2912 Dec
8July 14
11,600 Atl Gulf & W I SS Line_ _100 10% Mar 28 215
914 July 34 Mar
100 1212 Jan 4 273
Do pref
8July 3
5,100
63 July 27 Mar
4
100 784July 16 1404 Jan 31
53,700 Atlantic Refining
9934 Sept 1534 Jan
Do prof
100 109141000 23 118 Feb 7 115 May 120
000
Jan
.No par 184 Mar 28 80 Jan 9
17 July 354 Jan
2,600 Austin. Nichols & Co.
.
Jtt 2
*82
84
82 82300
Do pref_
100 79 Apr IT 88814s Jan 24
7834 June 8912 Jan
8%
84
"81
85
8312 83h *8112 85
•
80
liseJune 20
Auto Knitter Iloalery._No par
Jan
Dec 2814 Apr
"212 3
"21
*212 3
3
"212 3
"23
8 2% "212 3
4
1154 1163 11418 1153 11434 11614 40,280 Baldwin Locomotive Wks-100 10434May 20 131 Feb 7 11012 Aug 14414 Mar
8
11558 117
1164 1173 116 117
8
100 11012June 10 116 Feb 1 111
Do pref
Apr 11634 Jan
•11512 117 *11512 117 '11512 117 *11512 117 *11512 117 *11512 117
97 Aug 35 Mar
8June 30
1912 1834 1912 1914 2058 12,200 Barnsdall Corp, Class A,..... 25 14 Feb 16 215
195 203
8
8 1912 193
4 19
194 20
Do Class 11
25 10 Jan 7 1614June 30
*1212 15
6
Oct 22
Jan
*1212 14
"1212 14
*1212 15 "1212 14
•1212 15
42
*40
4112
200 Ilayuk Cigars, Inc____No par 3912May 16 59 Jan 5; 50 Juno 6214 Apr
4212 4112 4112 "40
4212 "41
'41
4212 "41
4
514 51
20 443 Apr 15 584 Jan 311 484 Dec 8414 Mar
5214 51
51
1,600 Beech Nut Packing
5234 52
53
*51
523 5234 53
4
4112 43
100 4112July 17 62% Feb 5
413 43
4
81,500 Bethlehem Steel Corp
413 June 70 Mar
4
8 4538 4838 4314 46
4614 463
4 4814 467
10312 10312 .1033 108
100 . Do cum cony 8% pref-100 1014 Apr 12 11014 Feb 15 10014 June 11114 Mar
4
51033 107 *10334 108
4
•10314 108 "10312 108 '
Preferred new
911490
90
100 8912June 30 97 Feb II; 97 July 974 Mar
*8912 91
1,200
9114 9112 913
4 91
91
"9012 91
71 Jan 61
8
33 Oct
35
8June 11
7% Jan
44 414 .4
414
4 4No
200 Booth Fisheries
Dar
414 '4
414
*418 412 *4
5 Feb 91
24 Apr 3
27 *_ _ _
8
3 Dec
9% Mar
300 British Empire :Steel
8 212 *114 23
278
100
8 213 1513
278 27
8 "13
11312 114 8*1.61 114
2
11312 114
2,100 Brooklyn Edison, Inc
100 10714June 2 116 Feb 6 10414 May 1214 Jan
113 11312 11312 114
114 114
__
__
8
4
69
7014 7,300 Bklyn Union Gas new __No par 565 Apr 21 7078July 10
4 6934 7014 6914 6912 683 69
703 705
8
8 7014 703
413 Oct 657 Apr
8
49
45
45 "44
100 39 May 27 534 Jan 9
100 Brown Shoe Inc.
*44
4912 *44
4912 *45
49
45
'44
8
4
900 Burns Brothers
4
100 974 Feb 26 11212June 27 100 Sept 1443 Mar
4
10814 10812 *10712 10812 10818 1084 1073 10812 1083 1083 "1073 110
2112 Sept 43
2412 2412 •24
25
25
Jan
Do new Class B corn- 19% Feb 26 27 June 27
25 "24
300
"24
244 2414
25 "24
6,2 Feb 14
414 414 ' 418 414
44 Oct 1134 Feb
3 8June 25
5
434 44
2,600 Butte Copper & Zinc
5
43
4 5
414 414 .414 434
8
18 :
518
19
1314 June 22 A34
173 18
8
1712 17121 *18
19
18
500 Butterick Co
100 17 Apr 28 233 Jan 23
'18
19
8 144 183
143 143
8
8 1414 143
*
127 Oct 377 Mar
8
8 163 165
144 1412 143 15
4
8
8
10 14 May 29 203 Feb 15
8 6,600 Butte & Superior Mining
414 Jan 19
134
4 2
14 Mar 21
'13
4 2
14 Nov
91s Feb •
13
4 I% '13
13
4,
1,300 Caddo Cent Olt & Ref _No par
2
2
"13
4 2
833 8312 "82
8
83141 823 8318 1,500 California Packing.. _No par 80 Apr 30 8714 Feb 1' 77 Aug 87 Feb
84
8312 8412 84 84
4
84
207 2112 1912 207
8
4 1958 2012 204 2138 28,300 California Petroleum, new. 25 1912July 16 2914 Feb 5
174 Sept 293 M
2118 22
215 22
8
*
9212 9412
*9312 95
93 8 *94
7
98
Do pref
95 95
9012 Sept 1104 Ma?
700
100 9212July 16 107 Jan 31
'94
97
2123lay 10
234 3
57 Jan 9
8
10
23
4 24
34 Oct 125 Feu
34
23
4 3
*
3
z
4 312 10.500 Callahan Zinc-Lead
44
44
44
44
44
4578 4512 4133
494 Jan 24
•4312 48 "434 45
42
Oct 66 Met
10 414 Mar 31
8 2,300 Calumet Arizona Mining
•7
3 1
43 Feb
4 Mar 26
1
1
1
14 July 18
1
517
8
1
No par
1
1
14 Oct
1
134 3,000 Case (J I) Plow
17 Dec 42 mar
2014 21
2014 1912 1912 2014 2014 204 2012 20
•19
2134 1,700 Case Threshing Mach-No Par 14 Mar 19 2712 Jan 26
9% Mar 25 1778 Feb 13
1414 1414 1414 3,000 Central Leather
100
93 Nov 4011 mar
8
•1314 1312 13
1312 134 1312 1318 1318 13
4814 47
281g Nov 7934 Mar
8 46
463
4 464 4814 6,900; Do pref
100 2914 Mar 5 49 July 8
•
46 4612 47
473
4 4613 467
4534 34412 4818 4613 4738 41,200 Cerro de Pasco Copper_No par 404 Mar 31
4512 4672 45
484 Feb 15
4634 47
4612 47
3612 Oct 5012 Mar
4734 408 46,
4
43
7
4714 4734 47
Oct 76 Mar
3
2 4558 4638 443 45 8 454 45 41 7,300, Chandler Motor Car __No par 4215 Apr 14 6612 Jan 2
•
8512 86 "8512 8614 z85
86 '8512 87
*853 863 "8512 8812
4
8
7512 June 903 M
500 Chicago Pneumatic Tool-100 797854ay 15 86 May 27
4
49
*47
48
4914 4912 47
*47
48
*4912 51
48
48 , 2,200! Chicago Yellow Cab...No par 39 May 12 5112July 10
5
8 203, 285
8 283 287 "29
25 25 8 Mar 29 28% July 17 -2415 June - 3 Rai
283 283
2
2 283 2812 2812 283
g
8
8
30 8
294! 35,500 Chile Copper
173 177
4
8 173 18
4
5 15 Mar 28 204 Feb 16
*177 18
g
173 1818 "183 19 1 2,100 Chino Copper
4
•177 18
8
143 Aug 317 Mat
4
3
593 62
4
4July 15 7512 Jan 30
6034 603
4 603 62
4
5161
*6512 6712 6212 65
63
1,900 Cluett, Peabody & Co-- 100 593
60 July 7614 Mar
No par 61 Apr 21 774 Jan 2
7112 7312 7112 7212 7114 723
8 713 1734 11,000 Coca Cola Co v t e
8
73
7314 7318 737
6514 Ocl 8333 June
4434 4612 45
8
23 47
4814 463 48
463
8 457 4612 40,100 Colorado Fuel & Iron
8
100 2478 Feb 15 4918July 2
4712 483
20
Oct 353
8May
4414 444 '444 45
*44
45 j 4412 4412
45
.
*44
46 '44
300, Columbian Carbon v t e No par 444 July 15 555 Jan 18
41
Ocl 6112 Dec
8 405 4141 4118 4112 31,400' Col Gas & Elec. new-__No par 33 Mar 21 4258July 14
8 415 4212 4114 417
8
8
415 4212 424 425
8
304 June 373 Apr
673
* 64
8July 16
644 63
6378 8,200 Commercial Solvents A No par 4312 Jan 11 673
8213 644 644 66
623 6
8 412 63
25 Apr 46 Feb
60
B
No par 33 Jan 15 60 July 16
577 574 5818 5)
8
6.400
58
.5812 5912 56
5812 59
.56
15 Apr 40 Dec
5
No par 323
8May 19 663 Feb 18 0444 Dec 1843 Nov
2
4
47
4818 463 477 3423 4
4
4 512 43 8 4412 4318 444 4212 4412 21,300 Congoleum Co
*
No par 11% Mar 25 224 Jan 14
51(13
4
145 Dec 393 Jan
4
700 Consolidated Cigar
17
17
*1714 173 •164 1712 "1634 17 ' 4 17 , 163 17
72 "68
72
"68
Do pref
100 504 Apr 24 84 Jan 15
*67
60 Dec 83 Feb
73
•68
•68
73
73
"68
72
7033 693 7012 70
4
8
563 July 895 Feb
8
4
707 40,980 Consolidated Gas(N Y) 100 807 Jan 2 71'2 July 14
8
8
70 4 7118 7033 7112 697 7114 70
3
37
2 414
4
24 Apr 22
8 Jan 6
414
8 Oct 1412 Feb
4
314
314
312 314
44 52.300 Consolidated Textile_No par
3 4 37
,
8
7 *5414 544 32,700 Continental Can. Inc
54
8
427 May 574 Dee
100 434 Apr 19 60 Jan 8
8 547 5512 5412 5514 54
s
4 5413 557
8
543 543
68s 612
612 Ps 2612 612 3,000 Continental Motors.--No Par
6 Apr 22
8 Jan 16
5 Oct 1214 Jan
612 8 2
,
612 64
64 612
Corn Products Refining__100 152% Jan 4 1875 Jan 28 11432 July 1604 Der
,
4 333 343
8
New when issued
25 3112 Jan 15 3778 Jan 28
4 344 347 38,300
8
- 344 334 334 334 333
4
31 /3
-54E8 - 3 -53 - 225- Sept 6214 Mar
2514 27
No par 234.Iune 7 404 Feb 5
8 2512 28
4
264 2714 43,100 Cosden & Co
2634 2718 26h 2714 253 263
514 523
574 Sept 8412 Mar
4 5134 5234 18,600 Crucible Steel of America-100 48 May 13 71% Feb 7
553
4 5414 5512 z5218 533
.543 5514 55
4
853 Aug 944 Mar
4
100 86 May 22 92 Feb 11
*8712 8812
Do pref
200
88
*8712 883 *873 883 *8712 8812 88 88
88
4
4
4
4
No par 113 Apr 22 18 Feb 6
812 Aug 20 Feb
1314 1314 1318 133
* 1314 1314 1312 1312 134 1314 1314 1312 1,200 Cuba Cane Sugar
717 Feb II
8
3312 Aug 6512 Dec
8
100 53% Apr 21
8 593 61
60
6112 6014 617
603 10,400
8
Do pref
4 61
617
8 61
614 613
2
23 Aug 37% Feb
293 293
8
8 293 2978 3,800 Cuban-American Sugar-- 10 2S12June 9 387 Feb 11
*294 30
4
2
30 30
2 293 30
2934 293
92 July 106
100 96 Jan 4 994 Feb 28
*9614 98 '0614 98 "9614 98
Do Pref
100
Apr
"9614 98
8
977 977 *9614 98
8
418June 16
84 Feb 5
3 July 1214 Mar
*412 5
.5412 5
100 Cuban Dominion Sugar No par
*412 43
4 .412 434
43
4 43
4 .412 5
43 "40
30 Aug 5813 Mar
44 .42
100 42 Apr 11 52 Feb 5
*40
Do prof
44
44
"40
44
*40
"40
44
4June 24 744 Jan 3
NO par 523
8 5514 58
5412 July 724 Dec
12,400 Cuyamel Fruit
573
4 563 563
8
8 5312 5614 5318 553
.563 5712 *57
8
153 17
4
16
155 17
8
1678 11,900 Daniel Boone Woolen Mills 25 15 July 11 3214 Mar 6
163
8 1614 173
4 174 18
16
8
573 6114 131,300 Davison Chemical vi e.No par 41 Apr 14
4
3
8 58
593
4 593 617
57
61,
2 5812 6012 565 59
28 j
2 ' 8
84 D i 81 1na
.1
1814 Jan 21 8 ::Mft* 14 -; 833; ICA.ec -28 4 -k, -8r
8
4
4
100 De Beers Cons Mines_No Par
I;
3
*203 2114 *20 4 2112 15204 2134 203 203 •2014 2114 *2014 2114
4
100 10114 Jan 30 10814 Jan 10 10014 June 111 Mar
8
3
1043 10512 10512 10512 105 2 1064 10614 1067 1084 10614 106 10812 3,900 Detroit Edison
4
303 May 4418 Jan
154 16
157 16
8
16
16
1,200 Dome Mines. Ltd ----No Par 15 Apr 28 2014 Jan 7
16
1614 1614 1614 1614 16
8June 9 118 Jan 11
93
11
"1012 11
Sot 1414 June
'1012 11
•1012 11
100 Douglas Pectin
•1018 1014 10 4 1014 *1012 11
,
89% Jan 115 4 Apr
.No par 10412 Apr 21 1124 Jan 8
1
8 1,500 Eastman Kodak Co..
4
*
8
1077 107% 1074 1077 1073 1073 10714 10712 10712 10712 107% 1077
8
Axle 22 Spring__ _No par 11 June 19 2414 Jan 8
20
Oct 27 July
12
12
124 1212
700 Eaton
133
4 1218 13
8
1312 1312 •133 133 "13
4
1244 12578 12,000 El du Pont de Nem & Co-100 112 May 20 1417 Feb 1 10614 Jan 14812 Apr
8
12612 12712 12814 1287 12612 12712 126 12612 12314 128
52 July 671s Mar
584 5612 57
573
8
600 Eleo Storage Battery--No par 5012May 15 64 Feb 7
*56
57
57
*5714 .5712 5714 5714 57
50 1112Junete0 134 Apr 3
124 Dec 203 Jan
*1112 12
4
"1112 12
Elk Horn Coal Corp
*1112 12
"1112 12
•1112 12
*114 12
74 Feb
•14
112
%June 23
5 Dec
8
31e Jan 9
300 Emerson-Brantingham Co-100
*118 2
*3
4
1
2
2
•1
111 02 *118
sMay 0 674 Jan 16
58% Oct 9414 Jan
50 557
613
4
600 Endicott-Johnson Corp
61
6112 6134 6134 "60
61
*61
613
4 61% 613
4 61
Oct 118
100 10512June 26 115 Jan 17 110
Jan
4
Do prat
200
4
4
*1074 10812 '107 10812 10734 10812 •1073 10812 10812 10812 1083 1083
19% Dec 31
Exchange Buffet Corp_No par 1812May 21 22% Jan 12
Jan
•1812 1912 '18h 1912 •1812 1912 "1812 1912 "1812 1912 •1812 1912
52 Oct 93 Jan
8 7812 8012 8018 8114 15,700 Famous Players-Lasky.No par 61 Jan 29 8112July 8
794 794 793 80 2 794 8014 784 793
4
7
82 Oct 094 Feb
100 87 s Jan 28 974June 4
7
957 •95
8
957
8
Do pref (8%)
964 *95
*95
500
95
9733 9712 395
9714
*97
5% An 1 13 Feb 20
5 June 13 Noy
-g.100
1012
1012 1013 1012 "8
100 Federal Mining & Smelt
1012 "8
1012 • "8
*8
1012 "8
100 414 Jan 2 4914June 28
344 June 6012 Feb
48
477 4814 1,900
8
46
Do pref
4412 4412 4434 45
*445 46
8
*4412 46
74 Sept 103 Jan
No par
94 Jan 23 133 Jan 26,
1134 1172 10,800 Fifth Avenue Bus
5
8
117 12
8
12
1214
12
113 12
4
113 12
4
12
No par 163 Jan 23 2234 Mar 21 140 July 2124 Jan
1817 1817
650 Fisher Body Corp
8
180 18012 18214 185 •182 190 •181 190 *181 190
94 July 1023 June
s
8
200 Fisher Body Ohio pref ...100 98 Jan 9 10214 Mar 13
*9912 10014 •9912 10014 "9912 10014 997 994 *9912 10014
9912 9912
*op 97
8
5 4 Oct 1613 Feb
7
No par
512June 6 10% Jan 16
63
4 73
8 5.100 Fisk Rubber
612 612
63
4 83
4 *63
6% 63
4
4 7
No par 444 Jan 22 6014 July 18
37% Feb 474 Mar
584 594 6014 18,800 Fleischman Co
5812 58
573 5912 5812 5932 5818 5914 58
4
No par 61312 Jan 11 75 4 Mar 11
5811 Oct 784 July
3
707 "70
8
7014
300 Foundation Co
"70
.6912 71
7014 70
70
70
71
1570
94 July 22
8 Apr 21 13% Jan 7
83
4 91s
87
Jan
8 912 5,400 Freeport Texas CO--NO par
98 9 8
3
94 914
5
94 93
•93
s 9
%
384 Oct 717 Feb
41
'38
8
*39
41
4,000 Gen Amer Tank Car---No par 354MaY 28 464 Jan 2
41.78 4212 3012 42
4012 413
407 413
8
4
4
23 Aug 64 Mar
2
100 313 Apr 11 463 Feb 5
4
414 4214 4212 43
24,000 General Asphalt
43
423 4412 42
8
4414 4314 45
42
60 Sent 83 Mar
.1041 714 Apr 5 81 Feb R
*7312 77 '7312 77
200 Do pre!
77
7712 *7312 77
79
7812 *77
•77
Per share $ per share $ per share $ Per share $ per share $ per share
894 8912 *884 8912 8912 9412 9212 9412 9214 0234 91
9214
82
82
82 82
82
'80
82 "79
82
78
8112 '79
8
23
237
8 2314 2418
2212 2212 2312 227 2312 2314 24
22
4
'1012 107
8 107 107 '104 107
8
8
8
'1014 1012 1012 104 103 11
8 187 187 '184 19
184 194 1834 193
1814 1814
*1834 19
8
334 3912 39
39
4012 3912 397 "38
39
8
3912 394 3912
8014 79
8012 7812 795
8 7712 79
79
793 8014 79
4
7912
*11912 120 5111913 120 *11912 120 .11912 120 *11912 120 *11912 120
42
42
41
4112 4034 403
4 413 413
4
4 417 43
"414 43
8
10512 1063 106 1073 108 108
4
8
105 105
1053 1053
'105 107
4
4
3
61
8 612 .63
8 83 '6 2 63
4
,
'614 612 *6 8 612
4
63
4 63
4
4
4 1212 1278 123 127
8
8 123 137
*113 1212 1212 123 *1214 123
4
4
8
•_ _ _ _ 6312 65 6514 65 6514 6412 65
6434 67
67h 673
4
102 10214 102 10218 10214 10214 10214 10212 10214 10212
'102 103
3914 37 4 37
374 3612 374 384 3812 353 3614 363 3634
4
3
,
1033 1033 '10312 101 .10312 104
4
4
1033 104
*103 104 '10312 104
4
44
4412 4312 433
4
44
42
43
44
42
4 423 433
4212
8 88
83
8714 8714 87
8
87h '8712 88
883 883 '8712 883
s
74 8
3
84 814
734 77
*712 8
63
4 714
45 '30
45 '30
45 I *30
2818 2818 2812 31 '30
45
2
8
123 1234 123 12318 123 12312 1233 12312 12312 1233 123 12314
14278 14318 1433 144
4
144h 1444 14212 1433 '143 144
4
'143 144
*104 10512 *104 10512 •104 10512 "104 10512 "104 10512 "10412 10512
14112 14134 *14112 142
14158 142
13912 1413 '140 142
•1404 141
4
10612 111
106 1063 1033 108
4
8
4
4
95 105
1083 1063 10512 107
*984 97
97
98
9812 99 '97
983
8 9811 9812 98
98
9212 9212 93
957
961t 9614 947 95
8
*91
03
9212 93
7134 7234 7012 72
2
6812 7113 8914 7012
7118 71% 717 73
1007 1007 101 101 *101 10112
8
8
"101 10112 *101 10112 101 101
55
514 7
6
67
8 67
2
614 7
514 53
6
8
63
8
7 2 734
3
7h
712
78 9
3
74 7 8 *738 83
3
83
8 88
7
'25
264 *2534 26
26
26
"25
2512 25h 283
8 277 2812
8
4 30
8
297 31
304 3012 303 303
305
2 297 30
3112 3112
8712 '87
8712 "87
"86
8712 873 8734 8712 8712 '87
8
8712
'83 10
4
'83 10
4
'83
4 97
8 "83
4 934 '83
4 07
8
831 83
4
94
9112 933
9512 9.513 9512 957
8 9412 953 *93
9318 94
4
273
277 277
; 28
2814 • 2 28
2712 27 4 2712 273
3
4 2712 274
8 20 4 2114 2014 2114 1934 2114 2012 213
194 19 4 1912 215
3
,
8
26
2612 25
2512 247 257
*2414 25
257
8 2414 2518 25
2
8
8814 8612 8812 8212 877
8412 813 8412
2 7812 827
2 79
87
4
"11312 1144 '112 113
112
110 112
114 114
1117
112 112
"1934 2112
2214 22
22 227
8 213 213
22
2212 23
4
4 22
937
4
•Bid and asked prices: no sales on this day. e Ex 300% in stock. !Ex-rights. z Ex-dividend.
New York Stock Record-Continued-Page 3
305
For sales during the week of stocks usually inactive. see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday. I Monday,
July 12.
July 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
-share Zara
On haltill of 100
PER SHARE
Rangefor Prieto's
Year 1923.
TuPsdny. 1 Wednesday, Thursday
Fridam,
July 15.
July 16.
July 17.
July 18.
Lowest
Lowest
Highest
Higheli
$ per share $ per share $ per share $ per share $ Per share
per share Shares Indus.& Mlscell.(Con.) Par $ Per share
Per share
per share $ per Oafs
91
91
.91
91
91
93
9112 9112 91% 913
8 9112 9112
500 General Cigar,Inc
100 8214 Apr 30 973 Jan 10 . 804 June 974 Dee
4
•10314 105 .10314 105 *10314 105 '10314 105 .10314 105
101 104
300
Debenture preferred_ ._100 100 Apr 3 107 Jan 11 10414 Nov 110 Apt
.
243 21414 242 21514 24114 244
240% 24212 23814 2413 2393 24412 31,800 General Electric
4
8
100 193h Jan 3 24514July 10 167 Sept 20214 Dec
/
1
4
•116 1112 11% 11 2 .11% 12
8
113 1112 1112 111: 1118 1112 2.109
s
,
Special
10 1012 Apr 29 1112Ju3y 11
1014 Oct 12 Jan
4 14% 143
143* 14% 1412 143
4 1412 1412 1418 143
8 1418 1414 46,400 General Motors Corp_ No par
123
4May 20 1614 Feb 1
12 June 1712 Apr
/
1
4
“
15% 87
8512 8512 8512 86
8514 8614 86% 86% 86% 87
1,100
Do pref
100 80 June 4 8634Ju1y 17
79 July 89 Apr
8 , 8512 8512 8512 853 86 8 8614 86 2 8534 86% 367 867
52
4
,
8
Do Deb stock (6%)_ l00 8014June 5 887
8 1,500
,
8July 17
781 July 90 AN
4
963 9512._ 100 92 Juno 10 10018 Mar 17
200
Do Deb stock (7%)
931 Oct 105 Apr
4
4012 403
8 40%
41 403
4212 4414 53,000 General Petroleum
4414 July18
42
18 397 - 4 39% 40% 40
25 381
sJune 9
.49
50
*49
51
501g 5018 5018 50 s 50% 5012 .50
5012
300 Gtmbel Bros
No par 471sJune 6 53hJune 27
,
3912 June Sill Apr
.7
8s 9
0
9
.83
4 9
'8
100 Glidden Co
.8
No par
9
9
.
814 9
8 June 6 14 Feb 4
1
6 Sent 12 2 Feb
.3712 38 .37
38
38
38% 37% 383
No par 2812 Apr 10 383
4 37% 3814 37% 37% 6,900 Gold Dust Corp
4July 16 _
.14
1414 14
14
13% 137
8 13% 13% .1312 13% 1312 1312
500 Goldwyn Pictures.new No par
818 Feb 15 15 2 Mar 25
7
8 Nov 221s Kin;
.18% 19
9812 19
•1S12 19
•18314 19
19
.... _No par 17 June 19 26 4 Jan 10
20 2 3,000 Goodrich Co (B F)
183 19
s
,
3
17 8 Oct 4118 mar
1
'
374
75
743 743
74
4
74 .73% 75
74
741, 75
Do prof
600
4 74
100 7014May 1 80 Jan 17
67 2 Oct 9212 Mar
3
4612 4612 47
47
4712 43
47
4728 48
47
48
8,600 Goodyear T & Rub ply t c_100 39 Jan 4 56 July 18
56
35
Oct 824 API
*94
95
*94
9412 94 94
95
*94
100 8814 Jan 2 94 June 18
Prior preferred
94
.91
04
400
94
88 Oct 99 Feb
138 14
14
14
13% 14
5,800 Granby Cons M.Sm & Pow100 1212 Apr 14 17 Feb 15
14
1334 1378 13% 1512 15% 16
12 Oct 33 Mar
4
8 5
4
*4141
.37
8 412 *4
100 Gray & Davis. Inc_ __No par
5
5
'7
33 8 412 *37
3 June 3
918 Jan 11
8 4 Dec 154 mar
4
•11
12 .11
12
113 113 *11
12
4
1134 1212 127 13
1,100 Greene Cananea Copper_ - -100 10 May 18 16114 Feb 18
4
13 Dec 34% Mat
/
1
4
'
612 7
53
.63
8 7
*614 6% • 6% 6 4
800 Guantanamo Sugar__ _No par
5 4July 18 104 Feb 6
3
6
6
614
,
5 Sept 1412 Feb
71 • 7118 71
7212 708 7112 69
6814 6912 10,800 Gulf States Steel tr MAL-100 62 May 20 894 Feb 7
703
4 873 69
4
66 June 104% Mar
37
37
37
39
373 387
4
8 37
38
37% 377 3814 12,200 Hartman Corporation_No par 34 May 14 4434 Feb 4
37
79 Nov 947 Feb
/
1
4
8
333 338 3418 36
4
35 353
3414 3414 9,500 Hayes Wheel
4 3414 35
100 3214May 20 5278 Feb 4
3512 36
31 July 44 Apr
.4214 43
43
43
43 43
•42
300 Ilomestake Mining
43
100 35 July I 5612 Jan 3
4314 4314 *425* 4314
54 Dec 797 Jan
2
3312 3312 331 3312 3312 33 2 333 3312 3312 3312 3314 335
.
3,300 Household Prod.Inc._.No par 313 Apr 19 3412 Jan 2
8
,
28 July 39 Mal
52
/
1
4
6912 693
4 6912 7014 6812 703 6714 6812 66% 69
6912 7012 6,400 Houston Oil of Texas
8
100 61 Apr 22 824 Feb 6
404 Aug 78 Feb
2434 2434 2428 247
24% 2412 24% 243 2514 9.700 Hudson Motor Car__ _No par 2012May 13 2914 Mar 10
* 2112 2428 2412
8
20 June 323 Mar
4
1318 1312 1328 137 71314 1312 1314 1314 12% 13 8 1258 123
8
8 6.200 Hupp Motor Car Corp
10 114May 13 18 Jan 2
,
154 Dec 3012 Apr
512
2
4
4 Jan 2
,
2
12
12
300 Hydraulic Steel
12
Ia Oct
No par
"2
14
113 Jan 10
14
*12
*12
3
4
6 Jan
12
.7
712
73
s 73
8
728 738
900 Independent Oil& Gas1No par
7
7
6hJuly 3
612 612
94 Jan 18
612 67
3 2 Sept 1114 May
1
2
4
*13
84
*3
8
3
4
3
4
Is
14
%
*13
5
',July 15
500 Indlahoma Refining
2 2 Jan 17
7
12
12
1
Oct 19 Mar
'
18
1812 .1712 1812 1812 1928 193 20 8 2014 2014
8
19
19
,
3,500 Indian Motocycle.--NO Par 1518Juue 6 254 Feb 4
18 Dec 19 4 Dee
1
.612 62
8
612 612 .63
8 612 .63
8 612
63
8 63
718June 18
10
2
3% Apr 12
700 Indian Refining
8
68 63
3 Dec
12
8 Apr
12
:34
34
33
3228 34% 33
3412 337 34
No par 3112May 16 3814 Jan 30
33% 33 8 *34
1,200 Inland Steel
,
311 July 465s Ape
8
225 2228 223 227*1 225* 227* 22 4 227
*
4
3
8 223 24
2418 245* 5,900 Inspiration Cons Copper_ 20 22% Feb 28 271 Jan 24
8
4
234 Oct 4314 Mar
3
8
1
118 .
5
8
3
8
%
238 Feb 6
"8 1
100
400 Internat AgrIcul Corp
3
4
4
12 Apr 15
114
4 Oct 11 Feb
*3
4 1,
*4
6
*4
6 1
512 6
678 6%
.4
41 Oct 39 8 Feb
5
6
318May 29 1012 Jan 8
1,800
Do pref
100
7
7
.9412 96 .94
97
9512 963
4 963 96% 9612 9612 .95
4
9612
4June 21
83 Apr II 973
700 Int Business Machines_No pa
46
47
4512 4612 4514 461
4517 5,200 International Cement__No par 403 Apr 24 47 July 12
4514 4514 45
4518 45
4
31 June 44 Mar
25
2512 2612 2714 265* 275* 253 267 22514 26
4
253 2612 54,200 Inter Combos Engine. No par 22 Mar 31 271* July 15
8
8
19 June TM AD
52
,
4
877 883
4 883 9212 9012 93
9114 90
90
8912 9214 15,700 international Harvester-100 78 Jan 3 93 July 15
90
881 Oct 984 Feb
4
*108 108 4 •108 10812 108 108
3
10812 *106 10812•_ _ _- 10812
1001 Do pref
100 106 Feb 28 109 May 8 108 Oct 11614Ja!
2 87
*
8
814 812
834 918
9
978 1
938 1014
634 Jan 2 1012May 3
912 1014' 15,100 hot Mercantile Marine_. 100
47, Aug 111 Fe.
/
4
343 3518 35% 3712 3614 373* 3634 38
4
3612 383
* 3712 39141 77,0001 Do Pre
100 2612 Mar 28 3914 July 18
1812 Aug 47 Jan
* 17
173
16% 173
2 17
173
8 165* 1712 1638 17% 17
17141 46,100; International Nickel (The) 2
1112May 9 174July 9
10 2 Oct 1614 Feb
3
.8612 88 .
8 .8612 87
8612 873
885 861 .86
,
*
873
89 I 87
300
Do prel
6934 Jan 83 June
100 7512May 29 89 July 9
7
.50% 533
* 55
4 53 8 565
59
5628 5834 5514 561'3' 55
5612' 77,300 International Paper
2778 Oct58 8 Mar
100 344 Apr 15 59 July 15
1
72
725 73
72
*
73 73
7312 7312 738 74 1 .733 7414: 2,000
4
Do stamped preferred_100 6212 Mar 25 74 July 17
60 Oct 754 Jan
3 7712 7712 7712 7634 7712 763 7634' 761 77 I 1,900 Internat Telep &
7612 7612 77
8
4
78s July 3
Teleg-100 66 Feb 1
64 Oct 7112 Apr
12
1218 1212 11% 121g
12
1118 1112 1012 1114 11
1012July 17 167 Jan 2
1114 5,400 Invincible Oil Corp_ _No pa
8
74 Nov
1914 Mee
44
.41
43 43
43
4312 '41
4312 *41
4312 .41
4312
3912 Apr 2 521 Jan 10
400 Iron Products Corp____No pa
4
4
3212 Aug 581 Mar
20
20
20
20
20
20
*18
19
*18
19 I 19
19 1
8
500 Jewel Tea. Inc
100 163 Apr 15 2314 Jan 2
15 Oct 24 Mar
12
94 '88
88
03
.
*88
90
89
89
•89
92
*88
92
100
Do Prat
100 78 Mar 31 9318June 30
82 June 8812 Deo
2412 2412 27
2212
2614 27
2518 263* 247 25
8
2514 254 9,700 Jones Bros Tea. Inc
100 1812 Apr I 2712 Jan 3
20 8 Dec 63 2 Mar
1
3
2678 27
26% 26% .
262 27
8
2578 26 2 *2612 267 .2612 27 1
7
8
4May 20 273
400 Jordan Motor Car
_
8July 8
No Par 211
243 2434 *23
4
25
2312 2312 .234 25
*2312 25
25
25 I 1,200 Kayser (J) Co. v t c.
--No par 20h Apr 14 381 Jan 18
8
7
28 July -41i Feb
.85
88 .85
88
*84
87
*84
87
86
86
853 853
s
2
200
No par 82 May 5 10212 Feb 11
96 July 104 Mar
4
1214 1214 123 123
4 127 13
8
1314 1314 12% 133
2 13% 143
4 7.400 Kelly-Springfield Tire
93
4June 20 35 Jan 10
25
2012 Oct 6218 Mar
.34
38
3614 3614 .36
38
36
36 .35
3912 36
39121
400
8% preferred
100 33 June 21 88 Jan 10
78 Nov 108 Jai
82 .
75
82
.78
82 82
•83
84
*83
84
83 83 I
200 Kelsey Wheel. Inc
100 76 May 7 101 Jan 10
75 Oct 11714 Mar
403* 39% 4018 397 4018 40
4014 40 2 40
,
8
41
41
417 37,1(1(1 Kennecott Copper
8'
No par 3418 Jan 21 417
8July 18
291 Oct 45 Mar
2
I% 1%
1% 13
8
15*
15* *112
134
lh
11
8 *112 13
41 3,500 Keystone Tire & Rubber-- 10
lhAlay 14
43 Jan 9
s
lh Oct 1118 Mar
415 415 .395 41554.
.
415 425
380 410 .400 41514 .400 415 I
100 Kresge(9 9) Co
100 28712 Jan 17 434 July 2 177 Mar 300 Dee
.
06
98 .96
.95
98
98 .96
98 .96
98
97
97
100 Laclede Gas L (St Louls)-100 79 Jan 2 97 July 18
75 July 89 2 June
1
9
9 18
9
.9
912
9
*0
912
. 9
9
914 1014! 2,300 Lee Rubber & Tire____No par
8 May 13 1718 Jan 11
111 Oct311 Mar
2
8
Liggett& Myers Tobacco--100 20614 Feb 18 245 Feb 9 1904 May 240 Dee
7
•111O- fif •11. - 121 *118 121 •116 11812 *116 11812 119 119 - I
Do prel
100
100 1147
8July 7 121 June 28 11114 Apr 1184 Jan
8
5712 578 5812 5814 585*1 581s 597 1 597 6012' 9,800
5614 56% 56
New
25 50 Mar 26 6012July 18
5714 568 5734 5752 58 8 571 5914 591s 60 1 27,700
55% 5614 56
3
8
13 new
25 4878 Mar 28 60 July 18
4
63% 6312 613 6214 6214 63
613 623
4
4, 603 613
4
4 62
64141 7,400 Lima Loa Wks tern MI-No par 56 June 9 883 Feb 9
4
584 June -us; Mar
4
167 167
5
8'
4
8 163 167s 163 167
8 163 16121 1614 1638. 1614 1614 1 2,400 Loew's Incorporated_No par 1518June 25 18 Jan 10
14 June 2114 Feb
.614 61
518 61
61s 614
6
62 62
,
,
6
*6
(('4
1512 Apr 22
1,100 Loft Incorporated
No par
83 Jan 11
4
/
4
Sep 111 Jan
6212 621
61
6312 6312 6278 63
617
60
61
61
61 I 1,500 Loose-Wlies Biscuit
100 50 Mar 6 65' July 8
364 July 8614 Dec
371
377g 3678 378
37
363 37
8
3 3712, .9,800 Lorillard new
363 37
8
37
37
25 3418May 15 4014 July 2
*1812 19
.19
20
19
19
18
187
174 171
1914 19141 1,400 Ludlum Steel
Vapor 1714July 17 23 4 Mat 17
3
11412 1141 1135* 1137 114 114 *11312 119 *11319 114 1
.11314 115
400 Mackay Companies
100 107 Jan 2 117 Jan 30 103 May 121 Feb
89% 91,
904 92 8 90'a 915* 907 9158 33,100 Mack Trucks, Inc
1
2 9118 92'4 901g 911
8
No par 75 4 Apr 14 9218July 16
1
5818 Jan 9312 Apr
•100 100% 101 10111 10112 1011 *101 102 *100 102 •101 102 1
Do Ist Preferred
500
100 9512 Jan 16 10112July 14
87 July 991 Mar
4
9212 •92
93
92
9212 931
9378 94
*90
94
94
94141
Do 2d preferred
900
100 87 Apr 22 9414July 18
72 June 02 Mar
63
51
61
61
611
.60
61
61
*60
63
61
61 I
600 Macy(R H)& Co.lne_No par 59 May 15 6812 Jan 2
57 July 7112 Jan
277 281
.27% 28
2734 281
277 28
271 2918 2914 291. 11,300 Magma Copper
No par 264June 14 364 Mar 14
271 Oct 3814 Ma,'
4
22
231
.2112 23 .
2218 221 *22
2212 *2214 2212 2218 22181
200 MallInson(H R)& Co_No par 18 Mar 28 31h Jan 18
Jan
21 June 40
481 1 46
473 49% 48
4
493
4818 475* 45
47
4512 46h1 5,900 Manhattan Elm,SupplyNo par 3314 Mar 21 498 July 15
Oct 66 Mar
35
35
35
347 353
4 3412 341: 335 3418 3414 3414 5335 34
5
Manhattan Shirt
1,400
25 3312May 16 44 Jan 10
Oct 477 Jan
40
283 28% 274 283
4 27
4
271: 263 27
4
2612 27
2714 277
g 4,200 Maracaibo 011 Expl___No p
No par 25 8 Apr 21 3712 Jan 28
1
8
16 Sept 283 Dec
3018 30 4 295* 3014 29% 2934 2918 293
,
4 29
303
3012 307 33.400 Marland Oil
8
29 May 12 42 Feb 5
1712 Oct 59% Apr
*11
12
10
10
.912 12
1114 1114 11
11
.1012 121
.
400 Marlin-Rockwell
No pa
8 Jan 8 17h Mar 11
3 Nov 18 Feb
14
3412 34
*34
*34
35
3412 35
3412 .3314 34
33
334 1,200 Martin-Parry Corp---No par 3114June 3 37 Jan 17
/
1
4
26 July 37 4 APr
1
*42
43
*4112 42
4118 39h 40121 40
41
4114 41
40
2,200 Mathleson ALltaU Works-- 50 293
8May 13 467
8June 20
1
3114 Oct 63 4 Mar
493
50% 513
493 495 12,900 Maxwell Motor Class 41_100 38 Apr 14
4 5112 5218 5011 5118 494 507
s 48
36 Oct 6314 Mar
55 4 Jan 9
3
•1212 1312 123 13
4
*1212 1318 •1214 2112 117 12
8
12% 121
2.000 Maxwell Motor Class B.No par 1018 Apr 30 18 Jan 9
Apr
104 Oct 21
9012 9012 9012 90
.90
91
*8812 90
883 8814 8912 90
4
1,700 May Departinen38toree_--100 8212 Apr 21 95 Jan 25
8
671 Jan 93 Dee
.15% 16
157 16 .1512 1618 153 155
153 157
8
8 1512 15h
1.100 McIntyre Porcupine Mines.._
15 May 23 1814 Jan 7
15 Sept 2012 May
20% 20% 197 203
4
194 19h
s 193 20
1912 2012 2012 2013 8,000 Mexican Seaboard 011__No par 1418 Jan 3 244 Feb 6
5h Aug 23 4 May
3
•193 20
4
1012 19% 191 198
19
1912 1912 197
8 1978 20
Voting trust certificates5.700
127 Jan 3 23 Feb 6
8
6 Aug 234 May
.2012 203
4 203 203
4 2034 21
202 20% 21
2112 214 2228 3,100 Miami Copper
8
5 20 May 19 24 Jan 28
2012 Oct 3012 Feb
2
218
1% 2
1% 2
1% 1%
lh
114
114 lh 34,400 Middle States MCorp__
10
13
8June 27
312 Nov
6 2 Jan 2
7
1214 Jan
29
*28
26
29
.
*28
29 •
24
27
25
25
.24
26
200 Midvale Steel & Ordnance_ 50 25 July 17 3414 Feb 7
2112 June 333s Apr
6912 703g 6914 70
68
6014 (1314 68 4 673 6814 6714 673
4
,
5,100 Montana Power
100 6114June 17 71 July 11
5412 June 75 Mar
30
3012 293 303
4
4 2912 30 2 29
29% 283 295* 2912 30% 37,400 Mont Ward & Co Ill Corp_ 10 213
8
,
4May 20 31 July 2
1814 May 261 Nov
4
8
21% 213g 213 2112 2203 21
8
20
2012 197 2014 201s 203
*
4,100 MoonMotor,
No par 18 May 20 27 Feb 7
173 Jan 293 Mar
4
12
2
77
7
67
2 7
7
67
.67
8 7
634 7h
718 73 10,700 Mother Lode coalition.No par
6 May 19
914 Feb 15
74 June 14 Feb '
13
•11
1218 .11
13
1314 •11
14
.11
14 .11
14
200 Mullins Body Corp----No par
2
9 Mar 22 147 Jan 9
104 Aug 29 8 Mar
7
2918 2978 291 29% .2912 2912 294 30
30
*29
30
304 3,200 Mutudngwear,Ina
No par 2918July 14 394 Jan 16
3112 Oct 3612 Nov
10912 111
•I0812 109
*
1115 1115* .11012 11112 1103 11112 11112 112
8
1,000 Nash Motors Co
'Jo par 9612 Apr 29 11434 Feb 9
8
(51 Jan 11412 Jan
.614 7 4 *612 714 .612 714 *614 712 *614 7
,
7
7
100 National Acme
50
578May 1 1018 Jan 28
7 Nov
184 Feb
6014 5912 601s .5914 60
59% 59% 59
595 591
8
8 60
60
3,700. National Biscuit
25 aotiAfar 28 6112July 8
38
Jan 527 Nov
8
•12412 128 *124 123
.12412 - -- •124
124 124
124 124
300
100 12012 Jan 8 125 June 26 11812 July 125 Feb
*53
57 .53
56
57
.53
5514 57
*53
5712 *53
531
National Cloak & Sult
loak
100 44 June 5 64 Feb 1
1
40 June 67 4 Feb
4
. 351s 35% 35 353
,
35% 36 2 353 361
4 347 364 3517 36
16,300' NatDairy Prod tem ctfs.No par 301 Apr 11 37 Feb 15
8
38
38
38
39
3814 38
.38
38
37% 37% 38
39
1,800 Nat Department Stores No par 3 34June 2
4
47s J sso 78
12 ia y 8 43 FJebn :a 9
7
3414 June 4212 Apr
225 22% .
22
23
*2112 2212 .
2212 2312 2112 2212 22
22
1,000 Nat Enain'g & Stamping_100
Oct 73 Mar
35
145 14714 .143 143% 142 144 .145 146
145 147
.144 145
4,200 National Lead
100 12312 Apr 21 155% Jan 28 108 July 145 Dec
11312 11312 *113 114 .113 114 •11314 114
4
113 113 .1123 114
us pre!
200
115
27 1074 June 114
100 11112May
Jan
57
5718 5514 57
.5712 5712 5714 577
5512 56
56
5
National Supply
0412 Oct 6812 Dee
2.500
50 5514 July 16 7212 Feb 4
13
13
13
13
13
13
13
1314 13
13% •13% 131
8,100 Nevada Congo'Copper.... 5 117 Jan 2 1418 Feb 21
8
94 Oct 183 Mar
8
4312 42
8
4238 41% 41% 42% 44
422 42% 427 4312 43
s
6,103 NY Air Brake temp ads No par 3618 Apr 22 45 June 16
26h Jan 4278 Nov
5012 5012 504 5014 5014 5014 5012 5012 50% 51
51% 51% 1.700
Class A
No par 4714 Jan 7 5IhJuly 18
454 Aug 5112 Feb
8
3212 3312 327 3312 3114 32
34
3112 3112 32
*33
33% 2,800 New York Dock
1514 June 27 Apr
100 19 Jan 9 3718May 23
51% .45
52 .46
.50
5212 .4712 52 .46
5212 .46
Do aryl
52
373 Aug 5112 Mar
4
100 4112 Feb 27 5514May 14
26% 27
267 27
*
267 27
,
26% 27
26% 267
2 26% 267 11,300 North American Co
1712 May 2414 Apr
10 22 Jan 2 2714J tine 28
50 8 50
5018 50
,
5012 497 5018 50
5012 49% 501
50
prof
5,000 NovaDc 6ootia
a 1
4212 July 4812 Feb
5014 July 18
141a
ao
Steel & Coal_ _100 4812 A pr 22
37R jp-Q 5
136 Dec 29 Mar
8
/
1
4
*7l
77g .73
-•ii2 - it;
•73
8
8
Nunnally Co (The)-__ _No par
98 Feb 5
'
717 8%
7 Apr 11
7 2 Oct 1012 Feb
7
118 118 *1
112
•1
114 178
112 .1
17
4 18 *1,, 2
17
114
100 Ohio Body & Blower___No par
43. Jan 14
118July 3
lh Dec 1012 Jan
.17
g 2
2
.1% 2
*lh
8 2
•17
300 Okla Prod & Ref of Amer__ 5
214 Jan 22
14 Jan 2
/ Nov
1
4
318 Feb
5
5
*514 618 *514 6% *514 618 .54 84
100 Ontario Silver Mining
"514 618
434 Mar 24
100
8 Jan 7
3 July
94 Dee
1914 19
1914 •19
1914 1914 •19
1914 19
1914 51834 187
8 1,100 Orpheum Circuit. Inc
18 Feb 18 2014 Jan 3
1
1814 June 21h Apr
6614 67
68
4
66 .66
•671/ 6712 663 6718 .
4
68
67
6712 1,000 Otia Elevator-k
8June 4 1144 July 153 Feb
50 63%June 24 731
*734 818 *73
•ys, 8
74 73
4
75
73
4 8
4 73*
73
8 1,000 Otis Steel
/
4
No par
7
14May 28 111 Jan 26
7 June 141 mat
4
441
4428 4514 *44
451
45
4614 4534 4612 45
41
443 11.600 Owens Bottle
4
25 3914May 29 47 Jan 10
361 Jan 5214 Ayr
1
•3
8
42
*3
8
.3
8
%
•7
8
42
'h
17
83
8
12
Pacific Development
3 Jan 2
8
is Nov 214 Mar
, 94% 943
943, 95
041. 957
. 0414 941
941 05
.
4 9414 941, 5,100 Pacific Gas& Electric
100 904 Jan 4 95 2 jtIt 21
1714 .'
/f t 18
a
73 July 94re Dee
•Bid mid asked prices; no sales 1710 day
2Ex-dividend. k Par value changed from 8100 to $50 and prices on that basis beginning June 3. a Ex-rights.
New York Stock Record-Concluded-Page 4
306
For gales during the week of stocks usually Inactive, see fourth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Sodurday,
July 12.
Monday,
July 14.
Tuesday,
July 15.
Wednesday. Thursday,
July 16.
July 17.
Friday,
July 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100
-share lost
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
per share 8 per share $ per share $ per Mar.
per share $ ver share $ Per share $ per share Shares. Indus.& Miscall.(Con.) Par
$ Per share $ per share
4
7 July 127 Mar
7 Apr 7 1074 Jan 9
978 1018 1,100 Pacific Mall Steamahip____ 5
10
10
.9
.9
*914 10
10
*914 10
*8
45 Apr 22 5814 Feb 5
3114 Sept 5214 Dec
/ 47
1
4
/ 37,000 Pacific 011
1
4
3
4 4512 4614 45
4
/ 4 4 .45
1 63
4
4718 4714 463 47 8 4618 463
97s Oct 1513 Mar
9 8May 1 127 Jan 7
7
4
10
111/4 1112 1118 1114 11
1114 4,000 Packard Motor Car
8
3115 117
8
111 12
/
4
113 12
4
9012 June 99 Feb
Preferred
100 8912 Apr 24 992 July 10
900
/ 98 4
1
4
9914 *983 9914 98
4
7
8
99
/ 9914 9914 987 99
1
4
.9818 99
53 Sept 9313 Feb
414 Feb 14 6114 Jan 2
49
4934 483 495
8
8 5014 5113 8,500 Pan-Amer Pets & Trans_._ 50 4
8
51
/ 513
1
4
4 5113 5112 493 51
Do Class B
30 4114 Feb 14 5913 Jan 2
36,700
501 Oct 86 Fob
8
4
50
5014 4938 5018 4734 4912 475 48
467 4 / 483 5012
8 8
1
4
614 Apr
114 Oct
15
8May 19
4 Jan 23
/
1
4
300 Panhandle Prod & ReLNo par
.134 3
*2
3
*214 3
.214
3
4 3
17
8 214 *13
9 May 1513 Mar
Parish & Bingham
No par 1318 Jan 2 16 Mar 12
6 Apr
178May 29
113 Oct
414 Jan 17
11 218 30,000 Penn-Seaboard St'l v t cNo par
/
4
214
2
2
218 214
214
2
218 214
214
12
86 Apr 98 Dee
900 People's0 L & C(Chic)_ _ -100 9274 Apr 29 9912July 10
98
9812
4
8 9813 9812 9812 937 .9712 9812 *973 98
8
*9812 987
41 July 501 Ma
4
,
/ 513 17,000 Philadelphia Co (P1ttsb)- 50 4278May 1 5312July 14
1
4
4
8
8 51
511 50
/
4
4 513 517
8 5214 5312 5118 523
5218 527
8June 26
8
8
8 4718 483
4 463 4714 46
4678 4712 465 473
464 4634 4714 26,500 Plana & Read C & I wi_No par 3412 Mar 28 503
/
1
Apr
8,111
55 Aug - - 2,500 Phillips-Jones Corp_ _ No par 44 May 14 88 July 14 - - 81
*78
88
82 813
4 73
84 .30
82
82
55 . 75
3
1112 July 24% Dec
12
1214 4,500 Phillip Morris & Co Ltd___ _10 11 July 10 23 Jan 31
8 12
/
4
1233 1218 1238
12
/ 12
1
4
111 111 1112 123
/
4
2
No par 3172July 17 421k Apr 5
197 Sept 697 Apr
4
4
8
333
4 3212 327
8 313 338
7
s 3312 33 8 33
4 3318 333 46,100 Phillips Petroleum_
343
34
614May 13 1212 Jan 17
814 July 15
/ Jan
1
4
97 10
8
91s 1018
4
10
105
8 104 105
/
1
8
03 1014 7.300 Pierce-Arrow Mot Car_No par
1018 1014
Do pref
100 1812May 15 30% Jan 17
1313 July 35% Jan
2712 2712 3,400
251 27
/
4
27
293
4 283 291 28
4
/
4
2918 29
29
112 Apr 3
6 Feb
413 Jan 22
113 July
11 13
/
4
4 1,300 Pierce 011 Corporation__ _ _ 25
1%
13
4
8
13
4 13
13
4 13
4
12
4 13
4 *13
4 17
Oct45 Jan
18
Do pref
100 20 Mar 4 36 Jan 81
28
2814 1,800
2812 2812 278 2818 2712 2734 2712 2712 2714 28
56 July 17 63 4 Mar 12
7
58 Jan 67 2 Mat
100
3
1,200 Pittsburgh Coal of Pa
56
56
57
56
56
5713 57
57
56
5712 *57
*57
96
Oct 100
AIR
Do pref
100 98 Jan 14 100 Apr 4
100
99
*08
9912 *98
.97
99 .98
9913 .98
9912 98 98
97 Jan 22 1412July 10
10 July 1113 Rent
15,400 Pittsburgh Utilities prof_.100
13
/ 14
1
4
13
/ 14
1
4
1334 1414 14
14
13
/ 14
1
4
/ 14
1
4
13
47 July 134 Feb
3,000 Post= Cereal Co I no__No par 4812 Apr 22 5813 Jan 8
/ 53
1
4
/ 52
1
4
527
8 5218 5212 52
5213 5212 5234 5234 5212 52
100 110 Feb 7 115 July 16 10812June 11414 Jan
Do 8% preferred
300
.114 115
115 115 .11312
*114 115 *114 115 *114 115
4212 Oot, 8113 Jan
100 4512June 7 02 Jan 26
4,800 Pressed Steel Car
/
4
51
51
511 53
5012 5013 49
8
/ 51
1
4
50
/ 5112 513 54
1
4
100 8012June 5 90 Feb 6
Oct 993 Jan
Do prof
80
84
*817 84
8
84 .82
84
83
*82
*82
*82
84 .82
17 Nov 581s Mar
5,200 Producers & Refiners Corp_ 50 22% Apr 22 43% Jan 22
251
/
4
/
4
8
4 247 2518 241 2112 2312 2412 25
4
2614 2614 255 253
4112 Dec 5112 Apr
.553 5512 45,000 PubServCorp ofNJ new No par 39 Mar 25 56 July 17
8
8 8518 56
8
/
1
8
4 5412 553
4 543 544 543 543
54
/ 543
1
4
/
1
4
100 113 Apr 10 128 Jan 28 11013 July 134 Mar
2,600 Pullman Company
12414 12414 12412 125
12414 125
4
4
3
124 4 1243 12312 1233 124 124
3
411 July 8914 Apr
/
4
50 4714June 6 67 3Mar 14
/ 4934 6.200 PuntaAlegreSugar
1
4
8
491 49
/
4
5014 503
4 4913 5014 405 50
/ 49
1
4
49
/ 80
1
4
Feb
25 20 June 6 267 Feb 6
4
1814 Sept 32
4
8
8 2014 2012 20 2014 20
2013 2014 203 12,400 Pure 011(The)
20
/ 20514 203 205
1
4
8212 Aug 100 Mar
100 92 Jan 10 9812 Mar 13
600
Do 8% preferred
95
93
*93
95
93
95 '93
95
093
95
*93
*93
108 Jan 3 122 July 1
9912 Oct 123 Mat
/
1
120 120 .119 12112 1204 12012 119 11914 .118 11812 11812 12012 1,300 Railway Steel Spring No 100
par 30 Jan 17 3312 Feb 15
291 July 345 Feb
/
4
Rang Mines. Ltd
32
33
*32
33 .3113 32 .
33
.32
33 .3214 33 .32
9 Mar 27 1214 Feb 18
97 Sept 17 Max
2
'4
1112 11,200 Ray Consolidated Copper_ 10
8 103 1114 11
8
4
8 105 107
8
103 107
4
8 105 107
8
107 11
24 June 4812 Mar
300 Remington Typewriter_ _ __100 3214 Jan 4 495 Feb 5
41
41
*39
39
*38
41
39
41
41
41
*3912 41
/
1
4
89 Dec 104 Feb
1st preferred
100 9014July 11 94 Feb 5
93 .9012 9312 *9012 93
*0014 93 .901 9312 .9014 93 .9012
/
4
Jan 99 Nov
80
100 9012May 13 102 Feb 1
2d preferred
200
*95
98
98
/
4
97
9512 951 .9514 98 .95
97
97
*95
4,
Oct 317 Feb
714June 11 157 Jan 28
No par
2
8
1278 133 57,200 ReplOgie Steel
8
1212 121s 13
12
/ 12
1
4
1114 1112 1112 1134 11
4
4013 June 867 Mar
100 42 June 7 81% Feb 11
10.800 Republic Iron as Steel
454 46
/
1
441 46
/
4
/ 46
1
4
/ 473
1
4
8 463 47
8
/ 47
1
4
473
8 47
47
2
847 Oct 987 Max
4
100 82 June 18 95 Mar 6
5001 Do pref
87
87
88
88
*86
88 .86
4
863
4 863 87 .86
.86
9 2May 13 22% Jan 7
7
14 June 29 2 APe
7
No par
12
1214 123
8 1,5001 Reynolds Spring
13
12
1312 12
12 .12
4
1214 123 .12
2
47 Jan 75 Dec
8
/
4
8 7118 7112 718 711 7,0001Reynolds(RJ)Top Class B 25 617 Mar 31 747 Jan 2
/
4
8
711 7113 7112 707 7112 711 713
/
4
71
11514 Mar 26 121 June 17 114 July 118 Feb
100
4001 Do 7% preferred
8
/
1
4
12018 12018 .1197 12012 .119 1201
120 120
•
120 12014 120 120
4613Jtuie 19 69 Feb 8
4012 Aug 55% Feb
/
1
4
/
1
484 2,100 Royal Dutch Co(NY shares)
48
47
/ 48
1
4
48
48
/ 4912 4912 4812 49
1
4
4
493 49
10 22 Jan 7 2812July 17
17 June 2312 Dee
8,500 Stioseph Lead
2812 *2812 29
/ 281, 28
1
4
27
/ 28
1
4
4 27
8 2718 273
*2714 273
114 Mar 6
37 Jan 24
2
114 Oct5 Feb
100 Santa Cecelia Sugar_ _No pa
13
4
11 15
/
4
8 •112 13
4 .113
.13
*112 2
8 11
/
4
•111 2
1813 Jan 3513 Dee
8,900 Savage Arms Corporation-100 325* Jan 2 61 July 18
584 61
/
1
57
57
/
1
58
/ 5818 5812 583
1
4
8 573 584 564 5718
4
/
1
98 Apr 16 1267
/
1
4
88 May 11674 Dee
4July 8
12.400 Schulte Retail Storee_No pa
4
1223 12414 12214 12234 123 12312 .123 12312 12318 12514 12312 12512 8,300 Sears, Roebuck & Co
4May 15 97% Feb 1
4
100 787
657 June 927 Feb
2
8
953
4 943 95
9434 955,
9612 95
4
3
/ 95 s 963 295
1
4
/ 95
1
4
95
100 11213 Mar 26 115 June 26 10612 June 115 Nov
Do prat
200
11411 115 .114 115
•113 116 .11313 116 *11312 117 *114 117
/
1
4
12May 2
1*
6 Jan 11
/
1
4
No pa
4
/ Oct12 Mar
1
4
7
8
7
8
7
400 Seneca Copper
,
s
7s
484
*3
4
7
8
*3
4
7
8
7
8
4 Apr 11
6 Jan 10
/
1
4
5 Oct 1078 Mar
900 Shattuck Arizona Copper__ 1
512
54
4 6
5
5
5
.4
/ 5
1
4
*5
5
571
: 5
154July 17 2014 Feb 6
/
1
No pa
1914 May
123 Jan
8
1614
154 1618 16
/
1
161 18,500 Shell Union 011
8 1618 163
8
8 16
164 1612 163 163
2
8912 Nov 95 May
8May 6
100 91% Jan 4 963
Preferred
300
95
.9414 9434 9438 9455
.94
94
94
95
*94
95
*94
107 Jan 4 1478 Mar 24
8
612 July
16 Feb
1
11,100 Simms Petroleum
12
12
1214 13
8 1134 12
12
/ 1212 1214 1212 1134 123
1
4
22 Apr 14 253* Feb 5
/
1
4
2234 Dec 34 Mar
No pa
900 Simmons Co
2312 24
23
/ 23
1
4
/
1
4
24
/
4
/
1
/ 244 241 2418 24
1
4
/
1
2312 234 23
15 July 16 2714 Jan 2
/
1
4
16 Sept39 Mar
164 1514 1618 16
/
1
163* 118,300 Sinclair Cons OU Corp_No pa
165
8 15
17
/ 16
1
4
1788 1778 16
100 77 May 8 90 Jan 21
8014 Aug9918 Feb
Preferred
2,200
82
84
82
84
85
88
83
8712 79
81
88
.84
1718July 17 29 Feb 4
9
/ Jan 35 Mar
1
4
2
4,500 Skelly Oil Co
181
18
1718 18
*184 19
/
1
/ 18
1
4
1814 17
1713 17
18
39% July 83 Dee
5712 5712 1.600 Sloss-Sheffield Steel & Iron 100 52 May 20 875 Feb 7
5714 58
59
587 587
8
3 5813 59
4 59
.5814 583
4
3814 Aug70 Dee
South Porto RIC° Sugar-_. 100 6412.fune 9 957 Mar 8
70 .66
70 .66
*67
70
70
70 .66
71 .68
*66
7 8June 20 18 Jan 12
3
114June 2714 Feb
/
1
a
No 1p00
1,200 Spicer Mfg Co
934 9
/
1
4
912 10
9
/ 91
1
4
/
4
93
4 91
/
4
10
93
4 9
3
*9
78 July 18 90 Jan 2
88 Oct 9772 Feb
pref
Do
200
78
78
79
78
79
79 .75
79 .75
&PA Dec 9012 an
100 3912May 20 6212 Feb 7
Miffing
300 Standard Mi
48
48
50
4
50 .46
50
47
47 .383 48
50
.40
471a July 12312 Jan
8,200 Standard 011 of California_ 25 5513 Apr 21 8812 Jan 26
561 1 56
5634 .5612 57
8 56
563 57
4
/ 5 / 567
1
4
61
4
57
57
307 July 4414 Mar
3412 34
3418 333 3414 34
/ 34
1
4
4
3414 17,900 Standard 011 of New Jersey 23 33 May 14 42% Jan 26
/
4
344 3414 341 34
/
1
4
4
Do pref non-voting-___100 1153 Mar 1 119 May 2 1147 Aug 118% July
11814 11814 11814 11814 11814 11814 1,300
118 11814 118 118
118 118
54 3 Aa 14
2 Apr
8
June
48
32
51 Je 675 Mar
No Par 65: m py 23 8 7 Jan 2
300 Sterling Products
60
5
01, 6018 *58
.58
60
60 .58
60 .58
*5914 60
74 July 124% Apr
7
-Warn Sp Corp_No par 4812July 1 100 2 Jan 12
53 4 5712 4812 5212 5218 5412 92,200 Stewart
3
563 59
4
4
64
/ 593 64
1
4
64
5912 July 9414 Mar
Jan 11
/
4
6018 6218 591 60
6112 6,800 Stromberg Carburetor_No par
60
/ 6518 6214 63
1
4
63
66
.6412
7
93 4 Oat 1264 Mar
/
1
Studebaker Corp (The)---100 8013 Apr 30 10814 Jan 8
*
30
/
1
4May 20 387 July 9 ____
New w I
4
-364 W1- .55,700
38
36
/ 3712 3614 371 3618 37
1
4
/
4
383
8 37
7 Jan
7 Mar 29 121, Jan 2
AD;
No par
16,400 Submarine Boat
97 1018
8
10
9
/
1
4
1014 10
97 1018
s
10
101 1
94 10
/
1
2 Sept
774Ju1y 10
87 Feb
4
27 Jan 2
2
No 1oo
to par
o par
/ 50,400 Superior 011
1
4
71 7
/
4
7
714
7
733
718 738
2318 Oct 34 Mar
263
8June 6 34 Jan 9
/
1
4
Superior Steel
2878 .24
67s 28''
7 . 7's 287 .24
758
8
287
8
287
8
7
28 8 .24
*24
3 Jan 2
1 June
4
Oct
2 Mar 15
10
2,300 Sweets Co of America
218
21
/
4
2
2
.2
2
214 .2
2
*2
2
2
8 June 1274 Feb
63 Mar 31
4
9 4 Jan 5
3
7
7
*71 712 3,300 Tenn Copp & C
/
4
7
7
7
7 18
7
7
67
8 718
343 Nov 527 Mar
8
8
4
41
N
/
4
8 3818 3338 38
3812 384 391 14,900 Texas Company (The).... 25 373 une 7 453 Jan 30
3812 387
/
1
4
383 39
39
39
/
4
53 July 65
/
1
4
Jan
/
4
10 571 Apr 21 711 July 18
8 68 4 691
8
4
8
, 6712 6812 *673 6812 6814 7114 10,900 Texas Gulf Sulphur
8
69 8 6944 68 4 691
514 NOV 244 Feb
/
1
814June 7 1514 Feb 1
1,400 Texas Pacific Coal AL °H.-. 10
8
/ 9
1
4
81 812
/
4
4
/
1
4
83
8
/ 8
1
4
4
3
8 4 83 . 8 83
4
83
4 83
94 July 144 Mar
100 11814July 15 161 Feb 7
300 Tidewater 011
11814 11914 .115 123 *11814 121 .118 123
120 122 .118 123
•
2may 19 41 Jan 7
331 Jan 45 Mar
/
4
4
4 4,400 Timken Roller BearIng_No Par 30
3414 333 333
/ 1153
1
4
8 34
8 3414 3412 34
351g 3518 3518 353
70 Feb 5
/
1
4
46% Aug 787 Dee
4
8
/
4
613 6214 10,900 Tobacco Products Corp.--100 53 April
8
/
4
8
607 611 6118 6112 6012 6112 603 601 6012 61
7612 July 927 Dee
2
4
100 831 Mar 25 91% Feb 11
Do Class A
00
/ 90
1
4
/ 9012 91
1
4
911 5,400
/
4
91
4 9012 91
5
9014 9014 90 8 903
2June 30 1045 Feb 11512 Oct
4
Preferred
100 113 Feb 19 1197
33 Apr 15
114 Oct 141* Jan
6 Jan 21
/
1
4
--14 --ifs -,t 34,200 Transcontinental 011- _ _No par
4121
4
4
/
1
4
4
/ 4
1
4
4
8
44 43
/
1
35 2 Aug 42 Dec
7
4June 9 43 Jan 9
4 3712 3734 3712 371 *37
/
4
/ 3712 1,100 Underwood Typewriter__ 23 367
1
4
/ 3734 3734 373
1
4
37
38
38
Feb 9
50
Oct 7715 Mar
400 Union Bag & Paper Corp-100 4812May 23 6472
5112
51
5112 .49
.50
503 51 .49
4
50
4912 50
49%
% Jan
14 Jan
/ Apr 9
1
4
18 Feb 1
par
No 1co
14
.18
14
/
1
4
*18
44 .
14
.
18
14
.15
.18• 14 - -----Union 011
81 Feb 99 Mar
/
1
4
94 Jan 7 110 July 11
500 Union Tank Car
108 108
104 106 .103 107
106 106 .106 108
10212 104
.
Jan
100 10814 Feb 18 11318July 14 106 Sept 112
Do pref
100
*112 113 •11318 115 *113 115 .113 115
29 July 39% Mar
No par 21181 tine 19 37 Feb 11
/ 1,000 United Alloy Steel
1
4
/
4
*1214 T
/ 1g8 1E4 2214 2214 221 1 2214 2218 221 .2218 33
1
4
14
74% Oct 85 Feb
/
1
4
100 71 May 29 88 Feb 4
Du ut p
900' United Driutreferred
80
80
801
/ 8012 .79
1
4
8012 8012 .8012 8112 80
81
81
4614 Feb 49 July
50 4612May 3 49 July 1
8
,
8
*475 484 .475 483 .47 8 483 .475 481/4
8
/
1
/ 4914 .4812 49
1
4
*48
100 182 Jan 4 20514July 10 15212 Jan 18712 Dee
199 1991 19912 1991 20312 2041 1,400 United Fruit
/
4
/
4
4
.201 2043 201 20312 .200 204
20 July CMS DSO
9812 10034 9818 1001
8
98
/ 997 68,2001 US Cast Iron Pipe & Fdy_100 64 Feb 27 10212July 15
1
4
4
8 993 1021
4
973 1017
8
963
96
84 June 87 Nov
100 (1172 Jan 15 9472 Apr 29
Do pref
400
94
9434 .9212 94
*9212 94
94
9312 9312 9312 94
.90
18
13
/ Oct 25
1
4
Jars
/ 181 .1734 1812 1812 1812 1834 2014 2,600 US Hoff'n Mach Corp_No par 1638 Mar 28 2014July
1
4
/ 18
1
4
/ •17
1
4
4 18
183
/
1
•184
7
40 June 73 Mar
/
1
4
/ 703 7212 72
1
4
/
4
4
721 17,600 U S Industrial Alcohol__ -100 61I8May 20 83 2 Jan 81
/
4
/ 711 72
1
4
/ 7434 7214 73
1
4
7134 7212 72
7
9514 June 101 Mar
100 98 Jan 3 103 4 Feb 7
prat
Do
100
102 102 *101 103 *101 103 .101 103 .101 103
*101 103
4
88111 July 106 Mar
/ -100 90 June 9 1077 Feb 13
4--95
95
95
8 1,500 U S Realty & I tuprov1
953 953
8
3
951 9514 95 4 95
/
4
.9413 9512 95
100 June 9 109 Feb 13
,
9712 Aug 1083 Mar
Preferred
900
102 102
102 102
102 10218 102 1112
*102 103 .102 103
7
30
/ Oct 6472 Max
1
4
100 2212Nlay 22 42 2 Jan 12
8
2711 263 271
271 4 23
/ 7,200 United States Rubber
1
4
/
4
/ 371 2712 27
1
4
/ 27
1
4
.273 2812 27
4
Jan
4
76% Oct 105
100 6612May 28 047 Jan 10
741 7834 5,700' Do lot preferred
/
4
z7614 7612 7534 7612 7412 751
78
/ 80
1
4
79 4 80
3
183 Oct 4372 Mar
8
50 1812Mar 26 • 2712July 18
2312 227 27
8
23
265 2712 7,200, U 8 Smelting, Ref & Min
8
23
4 23
3
4 22 4 223
3
22 4 223
/
1
4
50 3712/ Mar 22 45 July 18
38 Dec 4818 Jan
2,0001 Do pref
413 417
4 4214 447
4412 45
4112 42
41
41
4
404
1
* / 403
8
8512 July 1093 Mar
9914 10014 75,800 United States Steel Corp_100 9414June 6 WS Feb 7
/ 9912 10018 9918 100
1
4
10012 10112 100 100
1004 101
/
1
2July 11 11812 Aug 12312 Jan
100 11872 Feb 1 1227
1,600
Do Pret
8
8
1221 12214 122 1223 12114 122 .12114 1217 12(12 122 • 12218 1221 1 2,700: Utah Copper
/
4
Oct
10 84 Jan 18 7314July 18
7012 7012 71
711 7318
/
4
.70
s 70
/ 707
1
4
704
/
1
/ 70
1
4
/ 70
1
4
70
100 16% Jan 4 3112-lune 4
14Oot 2472 Mar
76's Feb
5512
8
291 291 293
/
4
/
4
4 9,200 Utah Securities
8
/ 3012 293 397 29
1
4
/
1
2912 304 2912 3012 29
No par
24% July 44% Mar
C
:00 Vanadlu_mCorp
2
2112 21% 2112 211 .21
2112 2,100 viroiia carouna chem_100 1914June 9 3312 Feb 11
22
7
2214
8 2212 22 8 23
215
%June 10 103* Jan 11
6 June 27 Feb
/
1
4
11
118
•118
1 14
112
112 .118
112 .1
.1
1
1
212June 9 34% Jan 2
17 June 69 Mai
100
Do pre:
t00
:
41_ .4
412
8 .4
118 *414 47
4
4
/
1
4
/ .4
1
4
4
.4
No par
484July 12 1514 Jan 10
12 Oct 23 Mar
41 43
/
4
4
/ 473 1,700 Ylvaudou(Y)
1
4
474 47
4
4
53
4
47
8 4
/ .43
1
4
4
434 5
14% June 20 Ma,
No par 14 Apr 29 1718Ju1y 14
1,600 Waldorf System
1612 16
16
1638 1612 16
4
8
.164 1612 163 1714 163 163
/
1
/
1
4
1912 Mat 15
1214 Jan 16 Dec
/
1
4
16
1612 1,300 Weber & Ileilbroner___No par 144 Jan 31
8
4
155 153 .153 16
1534 1618 1512 1512 1512 151
83 Dec 105 Mar
/
1
50 354 Jan 19 43 June 27
500 Wells Fargo Express
4113 4112 .4118 42
4114 415
8
4114 4114
*411 42
/
4
42
.40
Western Union Telegraph_100 105 May 1 113 Jan 30 10112 July 11912 Feb
10912 10912 10914 10912 •10918 11012 1,300
110 111
•110 11012 11012 111
76 July 120 Feb
/
1
8
9312 937 •92
1,000 Westinghouse Air Brake50 34 Jan 2 964 Jan 28
94
94
944 9214 9314 94
/
1
8
94
/ 947 .92
1
4
5213 June 67% Feb
6214 6212 62 6212 6218 6212 10,200 Westinghouse Elea & Mfg_ 30 5518May 15 65 Jan 22
621
8
6212 617 6212 62
62
/
1
4
Oct 30 Mar
20
8
White Eagie 011
No par 234May 12 29 8 Feb 6
/
1
8
/ 233 2358 *2318 2384 1,000
1
4
2312 23
8
8 233 231
334 2318 2312 233
/
1
45 June 807 Mar
2
8
50 5012 Apr II 598 Feb 11
55
5518 8,100 White Motor
551 5614 5514 56
/
4
57
4 56
/
1
5514 554 5512 563
2 Dec 14 Feb
5
78May ill
5 Jan 11
2,900 Wickwire Spencer Steel
188
11
/
4
112
113
11
.111
/ 112
4
114
114 114
/
4
11 11
/
4
4
5 June 111 Dee
67
8May 17 1414 Jan 16
8
8
S
814 11,400 Willye-Overland (The).- 25
8
8 14
814
8
8 18
814 , 8
81s
42% Jan 83 Dec
100 6112May 16 88 Jan 15
Do pref
4 6712 6113 2,900
/ 681
1
4
8
2 6714 6712 6714 673
8 675 6812 67
6812 687
/
1
4
19 June 42 Mar
4183lay 16 28 Jan 9
No par
1,600 Wilson & Co Inc
812 812 *813 9
8
/ 9
1
4
91 1
/
1
9
91 94
/
4
9
9
Woolworth Co(F W)
100 280 Jan 4 345 Mar 24 199% Jan 290 Deo
._
, _t
25 7212 Apr 10 12012June 30 _10 ; _oe_
8
/
4
-1 10714 11214 1071 1093 10812 11184
/
4
311113. 11234 111- 11- 14 11112 112
4
- 13 Feb
40
313 Jan 9
4
100 2314June
NehIngt
2 700
235 2518 27,400 WOCt w vil on & m
8
2612 2512 26
/
1
4
267 26 .2614 26 .26
8
/
1
4
2613 26
814 Jan 1313 Nov
/
1
4
8May 18 13 Jan 3
95
/
4
12
1212 2,400 Wright Acronatuical___No par
*11
113
s 111 12
11
11
.107 II
8
•10 3 11
7
372 Dec 4012 Dee
Wrigley(Wm Jr)
No par 35 Apr 22 40 Jan 12
4
8
4 383 3834 x385 391? 3,909
8
/
1
8
3838 383 .3812 384 385 383 .3812 383
4
-. _ -/
1
4
4J
52
52
5314 531 i 3.10) Yellow Cab NIN tern ctfs _ _10, 443 une 10 85 Mar 27 52
5312 52
55
52
5434 5434 54
Jan
62 Oct 80
volitizttown qheet & T _No sari 62 May 5 7014 Jan 7
.
65114 654 .6412 651* 6512 6512 *641 (17
/
4
67 .641 67
.64
*Bid and asked price; no sales on this day r Ex-dividend.
307 :
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
-except for income and defaulted bonds.
Jan. 1 1909 the Exchange mahod of quoting bonds was changed and prices are now "and interest"
BONDS.
N.Y.STOCK EXCHANGE
Week ending July 18.
4
1
.1
Price
Friday
July 18.
Range
Since
Jan. 1
Week's
Range or
Last Sale
BONDS.
N.Y.STOCK EXCHANGE
Week ending July 18.
t.s3
Pries
Friday
July 18.
t
Rain.
Glace
Jan. 1
Week's
Rano or
Lass Sale
Hisr
Low
High
Ask Low
Bid
High
High No. Low
All Low
Bid
U. S. Government.
3
64 4
57
6112
.
11995 Q J 811 Sale 611,
inn Arbor lat g is
First Liberty Loan
81
70
24
hi S
a 48_ _ _e1933
7212
8014
in 101142 Sale 101,1:2101tht 981 9821a 10114: All dr Birm 30-yr
334% of 1932-1947
83% 90
44
90
Div Ct.__ A955 MN -jolt 90- 8938
9854:1021532 Atl Knoxv &
in 1012131
102"3, J'y'24
COnv 4% of 1932-1947
994 9912
9912 Mar'24
:n10211n Atl Knoxy & Nor Ist g 58_ _1946 J D
in 1021n Sale 101142 1024: 465 987
Cony 43% of 1932-1947
915 94
4
94 June'24
AU & Chart A List A 4 s__1944 J J
2 98144102
2d cony 411% of 19324947 in 1011°3:1021n 101u:110111n
5
98 100 4
3
8 100 4 12
5
18t 30-year 58 Series B..._1944 ii 100 4 -- 1003
Second Liberty Loan
8812 9214
72
Line 1st con 4s_h1952 M
Sale 9114
9112
4
913
MN 101144 Sale 10111:2101114z 10 98141102":: All Coast
4% of 1927-1942
5
17 10658 108 8
1930 MN 10734 Sale 10712 108
10-year secured 78
MN 1011132 Sale 1011122 101.1, 1834 984:10155n
12
Cony 432% of 1927-1942
854 9312
9312 18
1984 S D 91% Sale 91%
General unified 4.14s
Third Liberty Loan
81% 88%
45
8
863
8
01952 30 S 884 Sale 855
L & N coil gold 441
M S 1024: Sale 1025
:: 1021n 1451 9954s102"31
4)4% 01 1928
7314 8014
14
79
79
4
783
1948 S i 78
All & Dany 1st g 4s
Fourth Liberty Loan
85
7
88 8
66 July'24
1048 J J 87
88
2d 4s
A0 102432 Sale 10151n 10272: 4241 984:10211n
434% of 1933-1938
8015
68
74 July'24
76
1949 A0 74
:10514: Ati & Yad 1s1 g guar 48
AO 104542 Sale 104113210424n 647 9951
1947-1912
Treasury 434s
9612 9612
W lit gu g 51
1941 S i 9734 9814 9612 June'24
10312 1034 A A:
41930 Q J
10312 Mar'24
21 consol registered
8
102% 1025
1023 Mar'24
dI930 Q J
23 consol coupon
4
9814 993
5
99 4 212
1925 J J 99% Sale 9918
Bait & Ohio prior 3 tys
3
Panama Canal 10-30-yr 28.11936 Q r 93 4 _ _ 100 Aug'23
9914
96
9914 51
99%
k1921 Q
Registered
1981 QM
9412 Apr'23
8112 87 4
Panama Canal 3s gold
5
137
A0 87 Sale 863
11948
4
873
4
1st 54)
-year gold 45
Rats and City Securities.
8514
.80
2
987 1097
3
85 June'24
BeJtiltereci
11948 Q J
8
NY City-4 SSG Corp stock _1980 lit S 1001, 1011 1007 June'24 -122% 9012
904 287
113-year con v 4148 --------1933 MS 90 Sale 8914
9
I
9 % 10212
10218
1964 ▪ S 1024 Sale 1024
434s Corporate stock
88
83
sernaa & gen 58 Series A_1995 S D 8512 Sale 854
8512 98
oo54 102
A 0 102 1023 102 June'24 - 1966
8
434,Corporate stock
44
133 1004 1033
1929 S i 103 Sale 102% 103
-year 68
10
10714 12 1044 10714
1971 J 0 10634 1071 107
4549 Corporate stock
954 9912
N 9912 99% 9912
9912 21
P Jet & 41 Div 181 g 3S48-1925
4
8 1023 10612
10638
85
79
4)48 Corporatestoek _July 1967 J J 10612 107 106%
8418
P LE& W Va Sys ref 4a-_1941 MN 844 84% 8314
1024 106%
1965. 1 10612
10612 June'24
4ifa Corporate stock
1
9612 100
60
8
Southw Div lit gold 3411-1925 S i 9912 Sale 99% 100
8
1963M S 1063, 1063, 1067 July'24 -___ 103 1087
4348 Corporate stock
4814 70
118
89
4
8
Tol & Cin Div 1st ref 48 A-1959 S i 883 Sale 6814
945 99
1
99
99 sale 99
1069 MN
4% Corporatestock
60
58
4
4
8
945 983 Battle Cr & Stur let gu 38_1989 S D 553 62 58 Mar'24 _ _
1958 MN 987
4
983 June'24 _ _ _ _
,
9012 9312
4% Corporatestock
J J 9134 _ _ _ _ 93 July'24 _ _
1936
9618 97
Beech Creek let gu g 43
1957 M N 106
97 June'24 _ _ _ _
% Corporate stock
SG
36
J
Feb'23 _ _
SIT
1916
Registered
94% 9814
MN
June'24 9814
4% Corporate stock reg 1956
101 104
.▪ 1
104 hlay'12
1938
2d guar gold 18
108 July'24 - -- 1034 10518
77% 7714
434% Corporate shwk _ _ 1957 M N 106
_ aj951 AO 7512
7714 May'24 _
let g 348_
10512 June'24 -- 102% 10512 Beech Cr Ext
434% Corporate stock _ _1957 M N 108
s
807 8314
1944• D 84
8434 8314 June'24
8514 108 Big Sandy 1,1 42
3
89 8 July'24 334% Corporate Gook _ -1954 MN
6912
61
891. 48
B & N Y Air Line 1st 4s....1911 P A 6914 Sale 88
1961 M S
1024 June'23
2
2481. 901s
New York State-444
_ 9018 July'24 _ _
10212 10212 Bruns & W let go gold 48..l038 ii 89% _
July'24 JJ
10212
Canal Improvement 45-1981
100 111112
10112 July'24 10112
Buffalo R & P gen gold 18_1937 IQ
11214 July'23 -Highway Improv't 434s 1963 M S _ _
1311
87
8812 29
1957 MN 88 Sale 88
Causal 44Ss
10412 Apr'23 -- - _
Highway Improv't 448- 1965
3
95 4 10112
3
1934 AO 99 4 10014 994
99%
6
Burl C R & Nor 1st 58
1991 J J 643
714 Oct'23
Virginia 2-39
Forolgn Government.
9732 10132
8
8 101
4
4
4 81 1003 11)25 Canada Sou cons gu A Is. __It/82 A 0 1005 102 1005
1023
. 11127 F A 1024 Sale 10214
Argentine(Govt) 7s
11412 42 111 11412
84 Canadian North deb 51 78_ _1940 J 15 11414 Sale 114
78
4
_1846 M it 82
8212
83 82
Argentine Treasury 68 .6
5
11438 89 110 4 1141,
Sale 113%
1946 1 .1 11438
25
s
We 945
-years 1 deb 6t4e
9314 573
5
Temporary it f g 88Ser A...1917 M S 9314 Sale 92 8
23
99
3
78 4 8 4
81
0
4
851 9312 Canadian Pac Ry deb 48 stock.. 5 5 8 4 Sale 8014
9314 187
.. _1.143 1 D 923 Sale 913
4
4
Austrian (Govt)8 t is
9114
90
4
913 Feb'24 ____
93
Shaw 1st gold 45_ __ _1932 M 5 91
97 10812 Carb &
Belgium 21S-yr ext f 7418g-1945 J I) 10512 Sale 10412 105% 107
8
707 78
2
773
7712
1949 5 5 7712 78
5
1
S6 4 1007 Caro Cent 1st con it 48
1007 118
Jan 1925 J
10034 Sale 10034
-year 6% notes
5
5
928 994
9812 44
97 10511 Can:Clinch &0 1st 3-yr 5s.._193/ 1 D 9812 Sale 9814
1941 F A 1053, Sale 10412
3
105 8 81
-year. 1814
20
96 12445
.1952 J 0 10178 Sale 10112 102 .._4_8
4
10914 10
1945 M N 10914 1093 109
Bergen (Norway)sf89
75%
151
1
1981 J_ __El 8234 3412 8278 June'24
1
1945 hi N 11012 Sale 110
11012 23 13 Irk: Carl & Ad tat gu g 45
Berne (City of) a f 85
7512 75
85
93 Cent Branch U P 1st g 44.-1948 1 11 75
91% 302
8
15094 66
Bolivia (Republic of) 88. -1947 M N 905 Sale 9012
6414 28
4
543 64
1
gis 48-.1961 3 . 64
4
4
71% 88 Ceot New Eng let 1930
8512 39
(City of) 15-yr 88_1934 30 N 843 Sale 843
Bordeaux
98
98
1930 M 5 934 ____ 96 May'24 --__
9912 Central 0810 4 1-is
91
9538 1029
1991 J 1) 9414 Sale 91
99 WI%
Brasil. U El external 88
-___
3
vi
583
774 88 Central of Ga 181 goid 58_ p1945 T A 100 4 ___ 10112 July'24 12
-.1952 J D 83 Sale 78
84
79 (Central Ry)
4
051 10014
4
993
94 101
Consol gold1s ______.._ 1945 _ LI 9912 $ee 9912
9812 80
secur) (flat) 1952 A 0 9714 Sale 9714
734a(Coffee
02
%
112 3
June 1929 3 15 12 4 51:1e 12 j 1034 10 lOn 10314
10-yearsecur 614
1
994 10134
10114 25
Canada(Dominion of) g 60_1926 A 0 101 10112 101
9912 102
Chan Div our money g 48-1951,19
9
8
1013
1931 A 0 1014 Sale 10118
Si
4
8
975 July'24
4
4
Mae & Nor Div let g 58-1946 J .1 97% 100
1929 F A 10338 Sale 103
4
1033 129 1002 1034
-year 534s
10
1947 5 5 9318
1952 MN 10312 Sale 1025
4 ' Mid Ga & Atl DIY tts
99 1031
10312 319
8
Si
4
113
094 1 3
1848 J 5 9814 - 3- 44 Pu1331 -- -_ -_ -_ -911- 985
Mobile Division 144
10514 62 102 107%
sits I 89-1941 F A 10114 Sale 10412
Chile (Republic)
91% 96
7
9578 14
95 Sale 9512
5 04 Cent RR & B of Ga coil g 63-1937
: 10313 19 1024 1_
External 1-year s t 149. -1928 A 0 10314 Sale 1031
3
July'24 ____ 103 4 107
4
10878 108 1083
114 Central of NJ gen gold 58.-1987
94 11.
1942 111 N 98 Sale 9712
9814 98
20-yr est 78
8
3
5
105 8 ____ 105 4 July'24 ____ 102% 1057
*1987
18 102 107
Registered-- .....
1948 M N 10513 Sale 10514
1057
-year at
25
89
85
88% 32
8
1949
88% Sale 885
4 47 Cent Par Iseref gu g 4a
39
48
36
46 Sale 45
Chinese (Hukuang Ry) 6s-1951 J
947
91
7
947
4
942
k1929 J 13 9414 95%
2 107 110
Mtge guar gold 3345
10912
(City) a t 128.___1945 A 0 10912 110 10912
Christiania
4
8
817 883
7
85
1954 A 0 8412 87
844
g
9434 9812
98
Through St L 1st gu 4s
Colombia (Republic) 8 As..1927 A 0 9712 98 98
8
__ 1153, Feb'24 -- _ _ 11614 1155
874 943 Charleston & Savannah 76_1938 5 1 11612
4
9312 56
-year s f 6148_1944 J J 93 Sale 925
clopenhagen 25
97 10018
2 lows 58
,93
987
1929
100
4
9311 9012 Ches & Ohio fund & Impt 5819 29 mrd1
1944 M s 95
18
98
9514
98
1904
Cuba Ss of
W.102
I' 10l7 SaleSale 100
01:: igs14 77
89
924
A 915 -- -- 91%
12
let consol gold 58
92
4
Exter debt 68 1914 Ser A-1948
! 13
gm
Registered
7914 8612
1949 F A 84
85
External loan 4448
:8
13 4
87
El; :
71
891
9
1 93 M S
1992 SI N -8i3ia tiiile 8812
General gold 4 tis
..,.1953J J
97311
9113
9714 665
%
97 Sale 95
6349
85 May'24
5
97 .4
94
68
97
Registered
Czechoslovak (ltepub of) 88-1951 A 0 9812 Sale 9812
2
8814 95 4
4
953 231
955a Sale 95
-year convertible 434s.1930
29
.194R F A 10912 Sale 109
10912 14 1084 10912
,
Municlp 81 "A"
Danish Cou
tg74
19 1084 114914
-year cony secured 58_1946 A 45 98% Sale 9714
109
1946 F A 109 Sale 10814
30
Series B f its
4
983 __-- 98
1040
:
Craig Valley 1st g Ls
1946 4 0 11012 Sale 111114
AJ
11078 22 1074 1117
Denmark external 9
,4
888.
69% 824
778
7
7
931s 98
a
Potts Creek Branch 1st 48_1946 J 5 797 --__ 8218 June'24
1942 J .2 9814 Sale 9814
0812 144
-year Os_
20
8
8214 ____ 805 June'24
1989 J J
R & A Div let con g 48
Dominican Reit Can A dm f 5s'114 F A 10112 102 102 July'24 .._ _ _ 100 10112
1989 5 5 8012 _-- 8855 June'24
3
85 4 9112
2d eonsol gold 444
45
91
4
Custom Atiministt 148._1942 M S 903 Sale 9012
96
95
7
92 8 95
Wr...rm Springs V let g 5s_ _1941 M 8 9812 9812 95 June'24 ___
9512 115
9512 Sale 95
Dutch East ladles ext us_ _1947 J J
62
56
38....1999 A 0
5
60%
3
1982 M S 9512 Sale 9434
92% 14
9512 92
6 Chic & Alton RR ref gctfs608 Sale 60
0-year 119
5
_
--------23 July'23 _. _
168
1953 M S 90 Sale 8912
New York Trust Co
90
8512 10
114sExternal
Stamped April 1923 inte-est.. -- -M S
5
8 4 90
894 3
41
Deponit receipts
6
824 103
2
Stamped Oct 1923 interew __ ... , 5512 ____ 5112 July' 4
10214 244
4
French Repub 25-yr ex:85..1946 M S 102 Sale 1013
3
4
303 40 4
3812 230
1
195u . --J 3812 Sale 3718
100
Railway first lien 34s
On
loan 7X5...1941 J D 99 Sale 984
9
94 348
10-yr external
78% 83
1z
8312 18
8512 914 Chic Burl & Q-111 Div 3548.1949 3 J 8312 Sale 5312
1945 M
4 64
873
874 Sale 87
Finland (Rep) ext Os
8
99. 10414
Illinois Division 4s
10418 247
8
Brit & lrel(UK of) 648.1937 F A 104 Sale 1037
tit
1)992
8612 9 2
98
8_
?
r 3
9113
,
1g
911. 51., _ _ 1_4
4
99
, M 1,5 148 2
Extension 48_1927 j ' 91114 Sale 9
11014
Nebraska
8
1929 F A 1095 Sale 1093, 10954 108 1064
10-year cony 5345
Registered
35
7812 89%
89
8812
1952 MN 8812 89
Greater Prague 748
-Si&
97
90
4
8
1958 M N8 895 893 8912
8a.
General 4s
. 11112 A 0ihle)
90 Sale 90
2
8812 9
914 21
haiti (Remo
1971 F A 10018 Sale 10018
5
a
962 100 3
8
1005 181
8718 8754
8
1st & ref 58
8712
8712 ---- 8713
Hungary (Kingd °Bei 7Tia w1'44 F
49
10
5512
53
9812 101
10012 42
ChM City & Conn Rye 58.._1927 A 0
Italy (Kingd oil Stir A 049_1926 F A 10012 Sale 10014
7
1 1044 105 5
8
1017
9712
9712
9712
6
8
925 975 Chicago de East Ill ist fis_ l934 A 0
8
JapantseGovt--4 loan 445.1925 F A
913 973 c as E Ill RR(new co) gen 58_1951 M N
4
9734 21
974 Sale 9712
4
Second series 4448 E _. 1925 J J
4
14
)7 1 3
1(
111 :
7 4
98334 110
2
219
80
8
797 Sale 787
1931 J 1
Chic & Erie 1st gold 5s. _ _1982 M N ;1334 rare 1 Z4
4s ...
Sterling loan
1
7132
886 t334I Chicago Great' West 1st 4a 1919 M
92 1124
55% Sale 54%
1954 F A 91% Sale 91
Tempornrysfg634
5 22 __S Insit 1tV4
8512 84
4
81
7
857 Chic Ind & Loulav-Ref 88-1947J . 10914 __ 110 July 614 ..22
8412 Sale 843
194
Oriental Development 08 1953 M
3
11
96 9 99 4
J J 991.1 100
9812 July'24 ____
724 88 1
Refunding gold 5s
8555 43
-year 66 1934 at N 84% Sale 84%
Lyons (City of) I5
8
815 86
62
8512 ..
72ii 86 I
4
Refunding 48 Series C__ _ _1947 J J 843 8612 8212 May'2 ____
4
844 Sale 84%
Marseilles(City of) 15-yr 68 1934 M
7
274 30 1
5
85
1968 M N 8412 85% 8412
General 5s A
4 48_ .._ _1943 MN --------29 Mar'24
Mexican Irrigation
4:4
44 May'24 -___
6112
General 89 B
1945 Q S
Meidco-5a of 1899 .9
.
8
2979 12
8:2 4
4 12 11
.
9
4
18
18
30
Ind & Louisville 1st git0 9 6 1 ! 93
75 4 74
99314 9 4
4
1 18
J
. 79
1954 J D
Gold debt 4s of 19424
3
88
5
90 8 31. 8614 93 I Chic Ind Ar Son 541-year 49_1956 J. .., 86'l
8912 Sale 8912
1952 1 1/
Montevideo 78
8712 9112
112,
. May'24 ____
3
95 4 80' git
8
8 8
Chic L S A East 1st 4 Sys_ _ _1989 J 1) 905 _ _ _ - :)
2
7
1940
Netherlands(is (fiat prices).., 111 8 9512 Sale 9534
4
494 603
8 61
557
8
8
1 C M & Puget Sd 1st RU 4s._1949 5 5 557 Sale 5412
A 0 1113 Sale 11012 111% 38 1
Norway external I 88
7014 74
1% 99
7
0
4
8
717 sale 70s
9712 185
921 99 ch 1%l eeg: t ered g 48 Stir',GOD 5 J
C 2,5 ayAr S tP gen
isr.
eit_
1952 A 0 9712 Sale 9614
30-yr exti
5514 64
98
58
62
9112 9834. General gold 3tla fler B _ _4'1989 i J
1943 F A 98 Bale 9612
20-yr esti 844
411 9514 100 1
100
3
4
1
0
8 1 241
General 4tis Series C......e1989 3 5 8012 Sale E14
Panama (Rep)548 tr recus_1953 J D 9912 Sale 99
1
4
93
531 53
98
17
92
99
Gen & ref Series A 4 tis_ _a2014 A 0
Porto Alegre(City of) 88._ .1961 J D 90 Sale 93
% 621s
84
64
66
158
51
8914 367
5
84
l
D C:1 4 Lal e 5 14
4' Gen ref cony Ser B 5s...4;1293 ;A 01134 Sale 5 3
11215:441 26 10418 1083
2
1014
Queensland (State) ext s 1 78 1941 A 0 102s4 Sale 108
30
.
1011
9912 1:2
Convertible 4349
25
1947 F A 10218 Sale
-year 85
684 86%
802
Sale
Rio Grande do Sul 8s
1946 A 0
-ye e gs.111411 A .`
1
875 993
dest ntu .
w ebeEx tr: 5
4
48
4.1.+6-19 6 .1 1
12
1441 1
Rio de Janenn 25
9
0
% 641'8
49
96
9612 100i,
1947 A 0 9212 Sale 90
Mc& Me Ms Div Se__._ 926
21-yr e cti 88
12
994
6 1041 102
99% 9812
4
99
El Salvador (Rep) 111e
1948 J .1 10112 Sale 10112 1013
1 8 m
, _ AA
1888-1925 F N
Sao Paulo (City) s t 88
4
7
9r595:442 1009812 48 J9n9934:
9 68
1952. .
7 1
; 4 - -72
4
.
-1 4 N: Sale
, 111
2
,
le
4
1 5
/ 9
59
96 7519
11
21
; 84 1982 2
448
9897'4 1 0
7 General gold 3(4,
San Paulo(State) ext I 8
1936
8855 7115
4
8914 Sale 8914
7V
_ 73
8855 Jan'24 ____
90%
Registered
Seine (France) ext 741
p1987 Q F
1942
Sale
0314 88
85 Sale 8314
General 42
1957
Serbs, Croata dr Slovenes 88 1962 M ly
7
80
M N
8634
84
1
76
1114
4
84 4 July'24 __!_ " 4
85 2
,
Stamped 48
1936 ,,,, N 8412 Sale 8412
Sokssons(City)(Is
10412 11
4 32 101% 111514
1033
M1
8 5
9 ' N
19 7 8 0 103 105 103
1939 J D 10312 Sale 103
Sweden 20
-year 88
Sinnengl 64 s n"ed 1879-1929
un
kli a( clIa
Swint Conteder'n 20-yr f 85 1940 J s 11314 Sale 11212
100989374 1:02:8 11 4114 jul 34 - --9 96 5 Il il
443 ls
g17,3
0
0
Sinking fund Si
1879-1929
Switzerland Govt ext 112s _1948 A 0 96 Sale 9112
96
jaa.24 - - -a
61
13
5912 635
8
M s 60% Sale 80%
Registered
Tokyo City 543 loan of 1912
9965 104
0 "
712 10 '2
2
01
100
058
00
4 28 1112 107
1043
4
,
neng fu nd
ElInkirastered deb 58 1879-1923 ti 1 101 Sale 10
1939 AA 00
Uruguay (Republic) ext 88_1946 F A 104 Bale 103
9814 100
1
1115
4 23 109% 11234
n
19337- 1oo 10012
1945 A 0 110 112 111
Zurich (City of) t 88
4
10712 23 1044 10155
4
107 108 1063
10
-year secured 78 g
1930
Railroad.
11034 29 10612 11212
100
100
4
964 100
1
15
1936 M 8 1103 Sale 10934
-year secured 01 g _. .
48
Ala Gt Sou let eons A 54..._1943 J I)
m p4 0 1%
4
4
2
e'/
_
1
99 %
784 83
834 37
7
i1r4 lig Chic RI & P-Railway gen.
41:1988 J 3 83 Sale 8214
Ala Mid let guar gold
- - 1928 A o 18012 1_0_2_ .. 8178 Juns11 _______
J , 7812 91
5,
7879 79%
79% June'24 ____
1948
Alb & Siam cony 3448
07
73% 83
82% 29
80
84
1998 A 0 8 8 --- - 84 June'24
Roll...Te gold 48
ar
1934 I. ..,,! 8212 Sale 80%
Alleg & West 1st g 44: gu
3
4
9514 Jiay 2
101% 5vly:2 .7::
: 99 101%
.
8 I
St T
ilte N 0
83 110%
8
55 4 914 Chleues hre0 gold 58_ _ _ _1951 5 " 1017 .
.Alleg Val gen guar g 4s... 1942 m s 9112 -___ 9112 July'24
J D
4
9012 -1.55
-Gen R 48 1995 A 0 9014 Sale 893
AVM Top & Fe
J Ii -77i2 __-_ 77 Feb'24 ____ -77- 77
83
8312 12
794 833
11995 Nov 3214 85
...
4
Gold 3315
Adjustment gold 45
84
9755
18?
94
97 July'24 ____
MIS Nov 834 Sale 834
Joint 1st ret 58 Series A
Z N3
1941
4
1963 J s
is
Stamped
8
-8
954 984
___ _ _ _ _
1955 J D 837 ---- 837 8372-- - - - - 9512 June'24 ____
Do Series B
Cony gold 48 long
84
3
8113 85
1965 J D 84 Sale 84
Memphis Div 1st g 4s-1 9 1.rt
Cony 4s 1906 ,
6
19 30
8
82 June'24
2
114
6
86
1
934
4
1980 J D 825 85
89 8 881::
9 7 11)0
813 83 C St I. & P 1s1 cons g 58._ _1912 J 0 1F 1_ 5 _ 1E18 June'24 __._
5
Cony 45 lmue 01 19111
.
975 977 9755
8
97%
5
9512 9814 Chic St PM &0 COM 1St- -.1930 i D 1
49 101% 141514
Emt Ohio Div 1st g 48.. _ _ 1928 M
8512
4
7
80
Mar'24
1
4
1
/
84
14 89
89
Con.88 redhead to 3501_1930 J D
Rooky Mtn Div 1st 4s _.1906 J J 8412 ____ 843
88% 77
- -iii
4
5
9 134 Sale- r5142
934 96
834 88%
Debenture 59
Trans-Con Short List 45_1958 .1 J 885a Sale 83
931.
2
82
9015_934 _Chls_T_II& So East let 5i_1960 1 D 80 Sale 797
8
303 _ 68
8
Cal-Arls 1st & ref4Hs"A"1962 MS 9314 94is 93
939 61 S
. 7741
5.5
i7
:::: .2 :Ls
;
.
7N
2i
2
491 8:: N74,
89ss... .91.8
r..i.-;1.17.
4178 :4_1:2 lg.l.„
5_
1
7
9 78
:
1 a,
19p
II' 24.11:.
v,'„
,,
Tt
6i un 9,
9512 154.
:71= 2
9947
2 133
11 Pare 1!
231.,
-i864.8
11,gi4 4m 141Z 111
4
/
--
--
41No price Friday;latest bid and asked, 255-=1, a Due Jan. aDue April. eDue May. oDue June. hDue July. kDue Aug. oDue Oct. pDue Nov. aloe Dec. /Option sale.
'
308
BONDS
N. Y.STOCK EXCHANGE
Week ending July 18.
New York Bond Record-Continued-Page 2
Price
Friday
July 18.
Week's
Range or
Last Sale
g4
09
,
Range
Since
Jas, 1.
BONDS.
N Y.STOCK EXCHANGE
Week ending July 18.
ft
Prize
Friday
July 18.
Week's
Range or
Last Sate
Range
Since
Jas. 1.
High Illinois Central (Concluded)
Low
High
High No, Low
Rid
Ask Low
Purchased lima 334,
1952.2 J 814 ____ 81 July'24
893 9
2 912
75% 81
Collateral trust gold 4s_1953 M N 85 Sale 84%
97 101
797 8615
8
38
85
11718
Registered
114%
1953 M N 8018 ____ 8012 May'24
78
801a
Refunding 55
10411 105
4
993 10414
4
10414 20
10414 Sale 103
15
-year secured 532e
7112 7714
193 I N 10218 Sale 10134 10212 9,5 10012 10212
9 5M J
54
1014 104%
I5-year secured 648 if_ -1036 J J 110% 11212 11034
11112 10 10812 11214
97 4
3
Cairo Bridge gold 48
94
85
861
.
1950.3 D 8614 88
8618 June'24
Litchfield Div let gold 38.1951 J J 70% 73
6972 7014
70 Apr'24
Loulav Div & Term g 34s 1953 J
8812 V41;
74 4 80
3
2
79 Sale 79
79
821/4 897 Omaha Div 1st gold 35_1951 F A 7134 72% 71 June'24
68 4 71
5
St Louis Div & Term g 39.1951 J J 6912 7212 704 July'24
704 79
87
Gold 332e
86
1951 J J 82
751 -824
8
8214 82 July'24
981 99
/
1
4
Springfield Div 1st g 348.1951 J J
75% 82
82 June'24
Western Lines 1st g 49_1951 F A 85
83
/ 88
1
4
10
86
86
88
Registered
-Wu 84
1951 F A
85
85
85 May'24
9214 96 Ind B & W 1st pref
/
1
4
A 0 905 _
8
96 Mar'16
98 10212 Ind Ili & Iowa lot g 45
4s49
1 950
19
1 -i3 4 84
8
845 95 848
8
4
843
4
/
1
10012 1034 Ind Union Ry 5e A
9912
19653 J 99
99
/
1
4
96
4
991 9912
10i4 197 Int & Great Nor adjust 6s 1952 J J 5312 Sale 5212
/
1
/
1
4
339
404 68
/
1
54
3
let mortgage 65 certificates1952
8612 88 4
90 8 99
3
9814 Sale 9712
9814 208
8112 Iowa Central let gold 58
77
1938
D 6218 Sale 62
57
70
6212 13
7815 8312
Refunding gold 4s
1951 M S 161 17
154 26
1614
/
4
1612 15
ggl2 8612
86 James Frank & Clear lst4s.19593 D 8514 87
86
8314 87
95 4
,
5554
103 8 10678
5
9778 100% Xa A & 0 R 1st gu g 59_--1933
I 9512 -__
773 iff"
4
84s 84% Kan & 81 let gu g 45
3
1990A 0 8014 845 81 July'24
8
95
95
2d 20
-year 53
1927.2 .1 10018 Sale 10014 10034 iS
95 100%
91
K C Ft S & NI cons g 6s
91
1928 M N 10318 ____ 10312
10018 lows
10314
904 9 4 K C Ft S & M Ry ref g 48_1936 A 0 8112 Sale 8014
43
7312 82
8112 146
K C & M 11 & B lst gu 5s._1929 A 0 975 Sale 971
4
8
941 973
/
4
7
e
973
4
Kansas City Sou let gold 3(1_1950 A 0 7112 Sale Mg
67
71%
7112 52
Ref & impt 55
Apr 1950 J .) 89 Sale 893
86
91
4
9014 24
/
1
4
9011 963 Kansas City Term 1st 4e___1910) J 854 Sale 845
4
8114 8512
8
8514 51
Kentucky Central gold 45..1987 J J 8358 864 84
102% 108
82
8515
854 21
9512 100 Keok & Des Moines 1st 5s..1923 A 0
6012 744
7412 July'24
80
834 Knoxv & Ohio 1st g fls
4
1921.2 J 101
8 1001 101
__ 101
101
92 4 9712
3
7
/
4
93
8011 891 Lake Erie dr West 1st g 55 1937 J .1
/ 9912
1
4
987 99
98 e
98%
3
8118 84
2d gold 55
87
96
1941 J .1 93% 947 9512 July'24 -817 83% Lake Shore gold The
8
75
/ 8014
1
4
1997) D
793 ____ 788
4
4
804 56
75
783
4
Registered
804 844
1997.3 D 7812 82
783 June'24
4
101 103
Debenture gold 48
1928 M S 98
908 951
/
4
984 973
4
9814 549
921 95
/
4
/
1
4
957
-year gold 42
1931 M N
25
953 Sale 9512
41
4
9218 9434
/
4
J 9414
/
4
RegIstered
943 June'24
911 911
1931 M N
4
Dsy& Mich 1st cons 449.-1931
917 9534 913 Jan'24 -4
4
83% 91
92% 96
Leh Val N Y lst gu g 445-1940 J J 9512 ____ 9514
91
1943 MN 91 Sale 89%
24
Del & Hudson lat &ref 4s
95
/ 36
1
4
1935 A 0 97 Sale 97
911 9412
92% 9712
/
4
Registered
1940.2 J 9153 __ 9412
97% 82
-year cony 5s
944
3
30
4
9712 1013 Lehigh Val (Pa) cons g 48-2003 MN 8114 Sale 811
10184 14
76% 8112
4
1937 MN 1013 Sale 10114
-year 5325
15
8114 13
/
4
General cons 4328
1930.3 13 109 8 110 1094 1093
4
2003 M N 9053 Sale 9014
/
1
5
853 91
4 58 1064 110
10
-year secured 75
903
5
92 Leh V Term Ry 1st gu g 55-1941 A 0 1017 ____ 102 July'24
92
100 103
/
1
4
13 RR & Bdge 1st gu 45 g_ -1936 F A 934 -- 92 June'24
/
1
67
/ 7814
1
4
Registered
4
99
/ 9912
1
4
1941 A 0
77% 42
Den & R Or-let cons g 46-1936 .1 J 7718 Sale 763
9912 Jan'24
7212 8214 Leh Val RR 10-yr coll 61..01928 M 5
1936 J J 82
8312 8112 July'24
Como! gold 434s
&de- 10384 ion 23 101 104
7912 91% Leh & NY let guar gold 45 1945 M 5 8412 ____ 83 May'24 -89 4 71
1
3
Improvement gold 58.......1928 J D 8912 Sale 8912
82 4 83
3418 4512 Lea & Emit 1st 50-yr 5s gu-1965 A 0 10312 Sale 1034
1955 F A 4412 Sale 43
99 10312
refunding 59
4514 326
lit &
10312 10
49
Little Miami 45
1962 M N 8112 ____ 8112 July'24 --Oct'20
8112 8112
do Registered
341 44 Long Dock consol g 65
4
4
1935 A 0 1067 ___ 107 May'24 -- 106 2 107
4312 Sale 413
3
4312 59
Farmers LesTr nets Aug '55.
4
344 44 4 Long laid let con gold 59.../11931 Q J 9914 ____ 9914 June'24 3
43 8 13
5
435 Sale 43
8
Bankers Tr ctts of dep......
97 100
12
33
let consol gold 48
4212
43 40
40
15
81931 Q J 993 Sale 994
do Stamped
93
18 99
/
1
4
4
993
4
2
37
43%
40
General gold 45
41
1938
Am EX Nat Bk Feb *22 ctfs_
84% 884
D
3
88
8818
6
41
341a
3812 June'24
Gold 4s
do Aug 1922 Ws
1932 J D 8712 ____ 89 July'24
83
89
3712 4714
Unified gold 48
40
12
Clos M dc Ft D lot gu 48__1935 J J 40 Sale 38
1949 M El 8212 Sale 8212
79
8212
5
8212
9314 Sept'12
Debenture gold 55
D 9334 ____ 935 July'24 ____
88 4
3
1934
Dee Plaines Val lit gu 4345-.1947 M
914 93
/
1
/
1
4
8
-70
-year p m deb 5a
70
80
Cot & Mack-let lien g 48..1995 .31) 70
20
1937 M N 8712 88
10 -at/ /1
84 883
2
87 4
8
1
87
/
1
4
1995.3 D 60
68
Guar refusdIng gold 4E1_1949 M S 8214 8212 8214
60
68
(iold 48
83
79
68 May'24
8212 16
1961 81 N 9214 9314 923
8712 93 4
,
Nor Sh B 1st con g gu 50.01932 Q J 9714 99 99 June'24
8
Det Riv Tun 432s
94
/ 99
1
4
9314
9
gg1 10012 Louisiana & Ark let g 5s_ 1927 M 11 987 Sale 985
/
4
3
Dul Missabe & Nor gen 551941 J J 100 4 - 1004 June'24
9512 987
2
4
8
9878
4
;
98 1004 Lou &Jeff Bdge Co gu g 4s_.1945 M El 84
Oil & Iron Range 181 55.....1937 A 0 100 1007 100
79
/ 85
1
4
100
1
85 85
85
6
1937 A 0
927 July'23
Registered
Louisville & Nashville 5s
1937 M N 103 ____ 1044 10412
2
1 1007 10453
S4'
76
/
1
Dul Sou Shore & Atl g 55_1937 J J 834 Sale 83
89
Unified gold 45
/
1
4
94
14
1940.2 J 937 sale 92
84 4 13
3
4
94
72
7
8912 894
Registered
1940.2 .3 8718 ____ 8912 May'24
1948 A 0 8812 ____ • 885 June'24
8418 8918
Minn Nor Div let g 45
8
96% 100
Collateral trust gold 68_1931 MM 99 103 100 May'24 -97
1938 M
93
9612
9612 July'24
E Tenn reorg lien g 58
10-year secured 7s
1930 M N 10712 Sale 10712 108
20 1064 1084
19303
9834 100
997 Sale 99%
E Va & Ga Div g 5s
3
lst refunding 5345
99%
2003 A 0 106
____ 10612 10612
2 104 4 10712
1956 M N 997 100
Cons let gold 58
997 July'24
974 105
59 B (when issued)
8
/
1
4
5
211
97 10012
1043 Sale 10312 105
4
Elgin Joliet & East let g 59_ A941 M N 101
____ 10018 10018
N 0& M let gold 6s
9712 10012
2
10412 ____ 1034 June'24 -- 10312 106
8
4
Erie 1st consol gold 78 ext_1930 M S 1073 Sale 107
26 gold (3s
19303 .1 10284 ____ 102 June'24 _- 102 10318
10778 54 104% 1077
1996 J J
604 7114
tel cons g is prior
Paducah & Mem Div 48_1946 F A 8812 9012 90
714 Sale 685
1
8
90
5 854 90 4
7114 467
1996 .1 J 64
Registered
61
64
St Louis Div 26 gold 3s...1980 M S 64 Sale 62
/ ___ 64 June'24
1
4
60
64
64
35
5318 61%
Let consul gen lien g 45._1996 11 J 61 Sale 5914
94
95 4
1
L&N&M&MIstg43291945 M S 944 ____ 95 June'24
613 774
8
J
1996
53
56
Registered
L dr N South joint M 43.._1952 J .1 8414 Sale 8318
56 June'24
79
8414
8414 10
Penn coil trust gold 46_1951 F A -641s Sale 037
8 0412 12 8812 9412
Registered
77
77
81952 Q J 7612 ____ 77
Jan'24 -54 4 63% Louise Cln & Lox gold 445-1931 MN 9712 ____ 9712 June'24
,
-year cony 48 Ser A..1953 A 0 6353 Sale 6112
50
96
9714
6353 362
544 63%
...1953 A 0 63 Sale 61
do Series B
6353 210
5934 725 Mahon Coal RR 1st 58
8
Gen cony 488,91, ).._1953 A 0 725 Sale 6918
8
983 993
4
1934.3 J 10018
725 963
8
4
9834 Feb'24 --894 101
Manila RR(Southern Linea) 1939 M N 57% 68
Eels A Jersey IFI
4
101
- 1955 J J. 1003 Sale 100
.
55
60
14
66%
57
13
fgrle dc Pitts gu g ..„. . 1944)3 .1 83 __-- 8312 July'24
82
8312 Manitoba Colonization 58.--1934 J D 98
/
1
4
964 99
98 July'24 -- 99
19403 J 83 4 ____ 83 Jan'24
84 Man GB&NW lst 3325._ _1941
83
3
Series C
J
80 s 82 2
5
3
8214 July'24
1942 A 0
Mex Internat'l 1st cons g 411-1977 M
88 Apr'22
E•1598 T H let sell d 6.
37 Mar'13
1930 A 0
Michigan Central 58
7912 Apr'23
1591 Co Branch let g Is
98 1 --8
- 0;
0
1931 M 8 loafs
1003 July'24 ---4
1324 I J
Registered
Vargo & Sou fis
88
98
1931 Q M 987 __ 88 Apr'24 -9914 Oct'23
8
98
4s
98
___ 98 June'24 _
868 90
4
bla Cent & Pen 1st ext. g 5a 1930 3 J 973
90
90
1
19403 J
1943 I J 967 9712 963
9334 9914
8
77
/ 85
1
4
Registered
4Consol gold 5s
4
78 Mar'24
4
963
4
9412
J L & S 1st gold 3329
9414 9414
Florida E Coast 1st 414$.. _ _1959 I D 92
7714 934
_
1951 51 S 76% -- -- 7718 Apr'24
949-1 j
3 87% 9412
1952 M N 66 Sale 6512
let gold 3325
70
65
783 81
4
Fonda J & Olov 4128
81
6
66
1952 M N 81 Sale 8012
6
20-year debenture 4s
For(StUDColRtg43.4s 1941 3 J 8518 864 8418 June'24
9214 9714
9714 31
823 844
s
/
1
4
1929 A 0 9714 ---- 96
8712 8812
4
Ft W & Den C let g 54e___1961 J D 10453 ____ 10512 1055s
8984 8812 July'24
1940 A 0 89
5 1003 106.s Mid of N J lst est 5s
8418 93 Myr L & West Imp g 58...1929 F A 100 10014 100 June'24
Ft Worth & Rio Gr 1st g 4s__1928 J J 9212 9312 9212 July'24
99 100
/
1
4
Ashland Div 1st g 68
1054 107
1909712
1925 M S 100
____ 100 Dec'23
From Elk & Mo V 1st 69_ _ 1933 A 0 10818
Mich Div let gold 68
lour Rini
:
9512 9912
July'24
1924 J .1 9218 9334 10012 May'24
H &S A 51 & P 1st 59.___1931 Al N 99
1931 J
9613 91) Mlicv dr Nor 1st ext 44s
9814 9912 988 July'24
4
me as
s
1934 .1 D 918 ____ 91 June'24
8
ed eaten Is guar
/
1
4
4
871, la%
92 July'24 Cons extended 4328
894 933
8612 87
Clair Hotta & Bend let 56.-1933 A 0 93 Sale 9312
98
34
983 983 983
2
11
87
N W 1st gu 4819 M D 87 Sale 87
9912 Mil Spar
4
_ 1947
89
8
34
O
Genesee River 1st s I 69._ _.1907 J
835 87
$
9 4 18
83
9112 11
8612 May'24
9212 90
82
8612
84
/ 9112 Mllw&SLlstgu3J4s.....1941JJ
1
4
Oa & Ala fly let con Is __o1945 J J 90
1927
D 10012 101 10012 June'24.- 100 102
8
9712 Jtily'24
g 5s_ _ _ _1929 J J 97 4 99
934 981 Minn & St Louis 1st 75
8
Gs Car & No lat
60
64 July'24
55
8
6118 58%
1st consol gold 55
1946 A 0 6314 64
60
()a Midland let 3s
6812
603 64
4
18
19
100 July'24
/ 234
1
4
N
S 18% 19
13
18
_ 1949
9811 1004
GlieV0&Niit gu g 5s__ _1924
N 100
1st & refunding gold 431934
184
4
168 1814
Ref dr est 50-yr 55 Ser A _.1962 Q F 15
4
4
4
98
98 4
3
1942.3 D 993 --- 983 Feb'24
134 20
Cion & Oswegatch Is
8814
95
8812 26
.1 884 89
/
1
95 Sale 9458
90% 95 34StP&SSMcong 4sintgu'38
864 90
7
Ur II dr led 1st go g 4 Lis_ _1941 J
8
99
15
98 10014 985
/
1
4
let cons 5.5
11412 33 110% 11412
97 103%
/
1
4
Grand Trunk 01 Can deb 71_1949 A 0 11418 Sale 114
10
-year colt trust 63.45....1931 M 5 10312 Sale 10215, 10384 31 101 103
1939
.1
10553 Sale 105
15
193655
/
1
4
1064 39 10211 10618
-years 16s
101
10112 Apr'07
1 100 1021e
100 10112 101
65 A
1947.3 D 8612
Grays Point Ter 511
101% May'24
j
8618
19
46
41
3
9115 10132
1st Chicago Term f 45___19 M N 86
134 106 110
Great Nor gen 7e Series A_.1936 J .1 109 4 Sale 10953 110
915 9312 9918 July'24
4
SF3M&A let g 4sint gu-1926
83
9112 9212 9112
923
8 66
964 9914
/
1
923
2
tat . ref 4 tis Series A-1981 J
,
4
91 July'24
_ 90 June'23
J 994
Mississippi Central lot 5a___1949
88
91
1961 J J
Registered
10112 gife 10034
- 4
1952)
10112 131 -418; 1017 M K& Okla lst guar 56-1942 M N
632s Series B
8114
8384 45
13
75
70 July'24
Lis 13
4
Mo Kan Or Tes-Ist gold 48-1990
593 70
4
Green Day & W deb etfs "A"____ Feb 66
8658 Sale 854
868 219
4
Feb
Mo-K-T RR-Pr 158 Ser A.1962J J
10
3
10 Sale 10
78% 87
7
11
Debentures Ws "1.1"
705
8 13
J 705 Sale 70
8
1962
65
_
72
40-year 49 Series B
N 83% ---_ 8412 Oct'23 _
Greenbrier ity let go g 45.._1940
4 64
.1 10134 Sale 10012 1018
94% 1011
1932
90
19
-year 65 Series C
90 Sale 8612
/
4
18
Gulf & S I lit re( & t g Sa__61952 J
62
596
515 82
4
Coin adjust 56 Ser A Jan.1967 A 0 61% Sale 61
7312 8312
8253 8312 83 July'24
Harlem R & Pt Ches lat 48_ _1954 MN
8
Missouri Pacific (reorg Co)
90
90 Sale 885
19
8353 90
Hocking Val 1st cons g 432s-1999 J
8314 82
7514 8514
/
1
A...1965 F A 834 Sale 82%
83 May'24 _ _
./ 8012 90
83
84
1st & refunding 5.5 Ser
1999
Registered
10018 50
___ 99 June'24
941 10018
/
4
let & refunding 5.5 Ser C 1926 F A 100 Sale 99%
97 10014
1937 J .1 100
H & T C 1st g 58 Int gu
145
98
875 100
8
lot & refunding 6e Ser D_.1949 F A 98 Sale 974
9014 97
9612 Sale 95
97
28
Houston Belt & Term let 38.1937 J .1
3 June'24
636
61
91
4
99
611s
605 Sale 593
8
1975 M
General 413
9514 9953
1933 M N
998
Roue E & WI'totgls
9318 June'23 _ _
Missouri Pacific
8
1933 M N 993 100
1st guar 58 red _ .
80 4 8412
3
1938 MN 8412 .--- 8412 July'24
95
1
S41 95
905 9312 95
8
347,extended at 4%
Housatonle fly cons g 55------.2,37 M N
923 9334
4
93 July'24
/
1
4
87
80 4. 873 Mob & 131r prior lien g S&L...1945 J .1
87 Sale 8618
255
3
4
Hud & Manhat 58 Series A 1957 F A
4
68
76
7612
7618
77
Mortgage gold 41
/
1945 J .1 76
6812 307
1957 A 0 6814 Sale 6753
5814 6812
Adjust income 5s
10214 10312
10312 10312
9012
1
9012 Sale 9012
88
92 Mobile & Ohio new gold 6s 1927 J D 10318
Illinois Central let gold 4s 1951 J .1
1 1005 102%
1025
4
4
102% ____ 10253
let extended gold 6s___ _61927 Q
8714 9012 8318 Scpt'23
1951 J J
Registered
4
74
841
/
4
8412
9412
- 851s
General gold 4s
1938 M
78
8212
1
8212 Sale 8212
83
1951 J J
let gold 332s
2
965
8
92
97
Oct'20
Montgomery Div lst g 58.1947 F A 965 9714 9612
80
8
8714__ 80
8212
1951 J J
Registered
9514 99%
8
99% 16
995 __ 995
8
8412 8112 June'24
St Louis Div 5s
Extended 1st gold 349_1951 A 0 8212 77% 8112
84
38
76
8
193 M S
84%
Mob & Ohio coll tr g 4s...._1927 j D 84 Sale 8214
Registered
1961 A 0 8212 ___ 8012 June'24
8012 June'24
82
8
70
61 June'24
1991 MS 845 __
8312
-- 510/1 & Mal Istgllg4s
1951 M S 60 -O0 11
-let gold 38 sterling
110
1 loal4 nos
110
853
110
1937J
13
1952 M P 8532 Sale 8512
83 894 Mont C 1st gu 6a
Collateral trust gold 48
1959 • 0
13614 May'06
93 8 Sept'19
3
Registered
1937 J J 108 Registered
991 air
1
1001
9012 Sale 9014
/
4
1937.3 I 1004 102 10014
9012 55
19 SM N
let guar gold 55
844 9012
let refunding 4a
On Sta'n lit gu 4325 A_1963 J J
19633.3
65B
1963
I
Lit series C 6.328
Chic dr West Ind gen g 68...0.932 Q M
1952.3 J
-year 45
Consol 50
1935 M
15-year I 7325
Oboe Okla & Gulf cons Ss.. 1952 M N
,
C Find & Ft As 1st go 4e 9...1923 M N
_A937.3 I
OlD H & I) 2d gold 4
11936Q F
C St L & C 1st g 45
k1936 Q F
Registered
1942 M N
Cln Leb & Nor gu 4s g
19283 J
CID 8& CI cons lat g 513
Clear!& Nifth 1st gu g 59.__1943 J I
Cleve Cin Ch & St L gen 481993.3 D
1931 J J
20
-year deb 432e
1993 I 13
General 5s Series ri
leapt 65 Series A1929.3 ./
Ref &
1941J J
65 C
1939.3 J
Cairo DIV let gold 45
Cin W & M Div 1st g 45_1991 J J
St L Div 1st con tr g g 411-1990 MN
Spr & Col Div 1st g 48__1940 MS
W W Val Div 1st g 48-1940 J
OCC&Igenconsges
19341 J
Clev Lor & W con 1st g Se_ _1933 A 0
1935 M N
Cc & Mar 1st gu g 4328
Clsve & Mahon Vail g 53_1938 I J
CI & P gen gu 4328 Ser A._ -1942 J J
1942 A 0
4erieeii
Int reduced to 345-.1942 A 0
3
1948 14 N
Series C 332s
1950 F A
Series D 348
Cleve Shor Line let gu 448_1961 A 0
Cleve Union Term 548-1972 A 0
54(w1)
1973 A 0
Coal River fly let gu 4s„..A945
D
011orado & South let g 4s_..1929 F A
Refunding & eaten 4325_1935 MN
1945 A 0
OA& II V Ist est g 4s
1955 F A
& Tol lat ext 4s
C iba RR let 50-year 5s 9_1952 J J
D
1936
1st ref 732e
Bid
Ask Low
High No.
29
92 Sale 913
8
92
1003 Sale 10014 101
68
4
13
1163 11712 1163
4
4 117
1043 1054 1048 July'24
4
4
7614 Sale 753
4
763
8 68
1043 Sale 1034 10438 13
8
973 9814 973 July'24
4
4
88 Mar'17
-91
9412 9412 June'24
9114 93 8914 June'24
89
/ __ 87 Dee'23
1
4
87% 40 87 Apr'24
993
3
99 July'24
9612 -___ 93 Mar'23
834 Sale 834
/
1
8312 19
8
955 9612 96
8
9612
3
1033
8
_ 10212 10212
1033 Sale 103
8
10312 251
106 1068 1064 1063
4
4
4
1
9512 95 4 883
8
4
883
4
7
883 89 80
4
8012
8218 83 813 July'24
8
87
/ 9112 8612 Mar'24
1
4
8614 873 86 June'24
4
10718 ____ 1067 June'24
8
100
5
____ 10018
10018
844 Apr'24
947
97
983 95 Apr'24 -4
9618 ____ 91 Mar'24
943 Apr'24
4
8118 -___ 7614 Feb'12
_
80 3 -_ 7018 Dee'12
3 _
80% 84 67
Jan'21 9634 10
963 Sale 9653
4
2 105 4 18
10512 10612 1053
3
2
997 107
4
998 Sale 993
825 83 8312 June'24 _ _ _
8
971 Sale 964
/
4
9712 108
8812 Sale 8814
89
48
84 Sale 84
84
5
7
8418 90 83 June'24 _
8312 Sale 8314
84
12
10112
10112 Sale 101
8
1132?I
1
*No price Friday; latest bid and asked this week. a Due Jan. 6 Due Feb. e Due June, 8 Due July. n Due Sept. o Due Oct. 3 Option sale.
309
New York Bond Record-Continued-Page 3
Price
Friday
July 18.
BONDS.
N. Y STOCK EXCHANGE
Week ending July 18.
Week's
Range or
Last Sale.
4•
Range
Since
Jan, 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending July 18.
t
Prim
Friday
July 18.
Week's
Range or
Last Rale.
BMW
SNP
AM,1.
No. Lots liffh
High
Ask Low
High No. Low
Bid
67 80
77
84
7
11)
7
High7 2 16
8
763 7912 Peoria & East let eons 48...-1940 A 01484
4
1
/
8112 79 July'24
2000 JD 79
hi & E 1st gu 3 6
3512
21
3514 85
Apr. 35 Sale 3312
45
1990
income
4
1
/
99 10114
Nulty Chatt & St L 1st 5&1928 AO 10114 10234 10114 July'24
914 99
4
1
/
974 464
99 Pere Marquette 1st Ser A 58 1958 J .1 9714 Sale 96
99
1937 FA 9914 ____ 99 Apr'24
/3 ist gu g fe
N Fla &
8
8
761 817
7
81
4
1
/
3
1956 3 J 80 4 8114 80
let Series B 45
8.-1957 ii
30 Sept'23
1
/
Nat Ry of Max pr lien 44
3
2 894 99 4
1943 M N 9114 100
92
92
37 Phila. Bait & W lot g 48
153 July'24
July coupon on
37
7
43 8
3812 July'24
Philippine Ry lei 30-yr 8 f 441937 J J 3712 39
26 Nov'23
do off
6
8
935 951
9
96
PCC&StLgu 43i8A
1940 AC 95 Sale 95
1977 AC
4
/
271 July'23
General 45(Oct on)
9 9334 98
96
1942 A0 95 Sale 95
Series B 43.4e guar
18
18
_ 18 May'24
April coupon on
9412
88
1942 MN 9312 ____ 9412 May'24 ---Series C 4355 guar
24 Dec'23
off
do
8914
83
894 18
1945 M N 8914 Sale 83
Series D Is guar
18_1926 J J
/
3814 June'23
Nat RR Max prior lien 44
4
1
/ 90
86
F A 8:
4114 Series E 3146 guar gold_ 1949 7 D 8 4 94 89 June'24
25
10
25
25
July coupon on
8712 8344
9712 Mar'24
_
1953
Series F guar 4.3 gold
34
off
Oct'23
do
4
1
/ 89
88
932
1957 71 N 8914 - 4 8812 June'24 _
Series G 4s guar
28 Apr'23
_ _
lit consul 45(Oct on)_ -_19.51 A 0
4
/
90% 9111
4
/
1
/
Series 1 cons guar 44
6_1963 F A 91% ____ 911 July'24
36
36
Jan'24
April coupon on
8
905 93
M N 9318 ____ 93 June'24
43
/
41
1964
Series J
22
10
1814 'Apr'24
off
do
4
1
/
95 100
40
4 100
General 55 Series A
1970 J D 100 Sale 993
_
4
/
661 May'23
1954 M N 70
Naugatuck RR lst 48
3 100 100
100
61928 A 0 100 10012 100
Pitts & I. Erie 2d g 58
90 90
1945 J J 90 - - 90 July'24
911
New England cons 55
83 Pitts McK ea Y let gu 85.._ _1932 J .1 10318 ____ 105 Dec'23
78
1945 1 J 80 ---- 784 July'24
Consol 45
100- a
1934• J 984 ____ 100 May'24
2d guaranteed Os
4
803 81%
4
J Juno RR guar lat 41_ _1986 F A 811 -___ 813 June'24
1
/7
4
/
1
valz 100 4
1940 A 0 10018 ____ 9914 June'24 --el% 8714 Pitts Mt & I.E lat g 5s
15
6A'52 I J 87
4
/
.
87
NO&NElstret&imp41
874 87
_ 97 98114
9834 Feb'24
1943 J J
1st consol gold 58
7614 8214
5
8012
New Orleans Term let 48_ .. _1953 1 1 81
811 8012
4
/
4
/
19138 1011 29 99 1011
4
1
/
11 100 11,258 Pitts Y & Ash let eons 541_1927 M N loo
8 102
N 0Texas & Mexico let 6s 1925 J D 1017 Sale 1017
8
4114
40
8
1957 141 N 405 ____ 40 June'24
854 9314 Providence Socur deb 4a
1935 A 0 9212 Sale 924
9314 184
Non-cum Income 56
712 Dec'23 -4
1
/
13 75
1956
4
1
/ 9412 Providence Term let.46
92
94 July'24
N & C Bdge gen gu 4 Ms__ _1945 J J 913 94
8
40 "874 95
95
1997 .1 J 9478 ____ 9412
9512 Reading Co gen gold 45
95
9512 Apr'24
NYB&MB1stcong55._1935 A 0
974 92
___ 92 May'24 -943
Certificates of deposit
6 108 -931 10312 108
4
1
/
N Y Cent RR cony deb 68 1935 MN 107 Sale 1067
834 88
4
3 8614 853
4
Jersey Central con g 46._ _1951 AO 85 4864
6
4
1
/ 86
80
4
1
/
112
1998 F A 86 Sale 34
86
4
1
/
Consol 46 Series A
4
1
/ 92
93
881.933*
8
923
Ii 79 4
5
Ser A
0
4
1
1997
8
3
0
Gen & ref 4/
854 89
4
1
/
5
4
/
Ref & lmpt 41 "A"2013 A 0 8912 Sale 8914
4 24
893
N
3
95 8 99 Renas& Saratoga 20-yr Si.-.1941
4
1
/
2013 A 0 99 8 Sale 99
9912 470
3
& !mot 5s
95I 997s
4
1
/
____ 99 June'24 _ _ _ _
1927 AO
Rich .4 Dan 55
NY Central & Hudson River
8
1948 St N 715 8012 72 Mar'23 -79 Rich & Meck 1st g 55
74
66
1997 1 I 78
79
1
/
Mortgage 330
3 784
4
1
/ 78
;
5
T
1 -66'
1
/
1004
8
5
'3 100 8 Bale 1005
1952
7214 7734 Rich Ter 55
1
•
1997 J J
4
1
/
72
8
727
Regletered
84
904
1
4
1
/ 903 9018
89
4
4
/
901
4
/
3
891 9414 RIO Grande June let gu 56._1939 J
1934 M N
9414 127
Debenture gold 48
9418 Sale 93
% 514
314 May'24
34 7
92 Rio Grande Sou let gold 44-.1940 J J
87
49
1942 J J
92
-year debenture 4a
80
9112 -___ 9112
314 ____ 7 Dec'23
Guaranteed
1940 3 J
8
707 77
6
77
Lake Shure coil gold 330.1998 F A • 77 Sale 75
7314 84
4
1
/
3
83 4 30
4
1
/ 74 Rio Grande West let gold 46 1939 ii 83 Sale 8312
3 69
1998 F A
74
74
Registered-_•
7312 75
Go
711
4
/
1
/
714 54
8
3
1949 *0 70 4 Sale 705
Mtge & coil trust 48 A
7714
73
7
41._
1
/ _1998 F A
4
1
/ 773 77
Cent coll gold 3
Mich
77
774
7412 82
8114 Sale 8014
8
137 R I Ark & Louis ist 4 As-- 1934 M
814 38
7214
1998 F A
4
1
/
73 June'24 _
Registered
7418 80
7312
1
6e
7312
8
1949 11 705 75
734
-Canada let gu g 45
894 93 Rut
38
93
VI Y Chic & St L 1st g 4a._ _1937 A 0 92 Sale 91
to..4 834
1
/
3
3
8
4
/
1941 J J 83 4 8412 83 8 June'24
8
8818 895 Rutland 1st eon g 41
1937 A 0
8
895 June'24
Registered
7112 77
4
1947 II 743 7512 75 June'24
9518 St Jos es Grand 151 g 45
88
41
1931 M N 93
93
4
933 924
Debenture 45
1
4
1
/
91% 96
9412
9412
1996 J J 9412 95
133 1094 103 St Lawr & Atilt 1st g 55
1931 M N 10212 Sale 10214
103
2d 138 A 13 C
98 Mar'24
1096 A0 9734
21 gold os
4
/
861 91
4
/
9014 Sale 8912
N Y Connect lat gu 415 A..1953 F A
9014 35
2
312
____ 9312
9
9312
89 - 1931 ii 93
4
1
/ 89 St Lea Cairo guar g 46.
88
1047 M N 84 -___ 881 May'24
4
/
4
1
/
N Y & Erie let est g 48
146 100
8
4
4
1
/ 52
99
0312 96 St L 1r M & S gen eon g 58_1931 A0 993 Sale 983
96 May'24
3d ext gold 41/48
4
923 205, 8112 93
J J 92 Sale 9218
4
1
/
& ret gold 415
Unified
11.21
97
96
97 May'24
Mg" ith
ext gold 58
:
85
75
618
85
.
1933 MN 85 Sale 8212
Rly & G Die 1st g 43
931, 9312
19281 D 9414
9312 June'24
5th ext gold 48
8
' 9812 9912
6
9912
4418 89 St L hi Bridge Ter gu g 58-1930 * 0 987 894 98%
1948 M N 89 Sale 89
3
89
N Y & Green I. gu g 58
4
1
/
71
8814 3 0,
2 5
703 2 6
0
7634 76 St LA San Fran (reorg 00)481950 J J
4
1
/
6
1
/
2000 M N 764 ____ 763 June'24
4
N Y & Harlem g 34
1012 8612
75
6
791
1950 II 8 1 Sale 88
Prior lien Ser B 58
1923 F A
4
993 June'23
N Y Lack & Western 5a
4
/
4
1
/ 53' se1 10212
10218 Sale 10112 102
lien Ser C 65
1928
Prlor
-1521i2 981
9812 Mar'24
181 & ref 68
92
8712 95
94
4
1942 13 933 Sale 93
96
1
/
54s
974
2
1g7 4 %1 964 ____ 984
lat & ref 41.48
73 141
961
1.
72
285
7814
78
4
Cum adjust Ser A (18_--/11955 A0 773 Sale 7718
103 June'23
N Y L E & W Ist 78 ext_193() hi S
722
4
1
/ 691s
58
Oct. 69 Sale 67
97$ 98
81960
Income Series A Gs
Dock & Imp 58
19431 J
4
9812 ____ 973 Apr'24
eire 1055a
'4
82
8
4
1
/ ____ 1043 July818
984 9914 St Louis & San Fran gen 66_1931 J J 104
1932 F A
9914 June'24
N Y & Jersey lat 5e
9812 100
974 100
July'24uly23
7
1931 J J
General gold 58
N y & Long Br gen g 46_ _1941 MS 884 ____ 91 July'2
9%
98212
88%18
St LA SF Racons g 43_1996Ii 90
N Y N H & Hartford
9712 9712
39% 4912
Southw Div let g 58
1947 * 0 9614 --__ 9712 Mar'24 - 31
0 4912
6.-1954 A
4
4812 July'24
Non-cony deben /
3
8 14 .
1 114
11 034 112_12 18012 July;28 _ . al* 1111
07 8
4
1
/ 58 St L Pee & N W 1st gll 511.- -1948 I
44
Non-cony deben 45
13
58
1947 M 13 .58 Sale 58
9118 9118
1931 MS
46 St Louis Sou 181 all g 45
88
1947 M S 50
4a
/
Non-cony deben 31
43 Apr'24
58
4
/
811
76
ace 57 St L SW let g 4s bond M(6_19E39 MN 8112 Sale 81
4
/
Non-cony deben 48
14
5912 541
56
56
4
1
/
694 74
2
8
4
%
/
72
811 3
7412 7258
J 73
2d g 4e income bond ctfa.p1989
4
12 543
43
Non-cony deben 45
22
8
95 15 I
18 6 .11 N 57 Sale 54
'
57
4
1
/
4
1
/ 85
77
1
/
844 57
1932 J D 84 Sale 84
Consol gold 45
893 517
4
5
4a
/
Cony debenture 31
32
19561 J 4812 51
50
51
85
78
841, 27
& unifying 55_1952 J, J 8314 Sale 8318
7712
1st terminal
59
1948 1 J
3
Cony debenture 6e
771 358
76 Sale 73 4
81
73
4
1
/ 73
80
8
0_1941 FA 805 Sale 7914
1
/
36
4914 St Paul & K 0Sh L Ist 44
80
491
4% debentures
1957 M N 48 Sale 451.
4
1
/
95
90
95 Mar'24 - -:4
87
4
1
/ 87 St Paul E Or Trunk 4 Sill_ _1947• J 1083
70
262
75 European Loan
102.5 A 0 86 Sale 8614
87
4
1
/
/
911 944
9412 10
&
9414 9512 9412
1925 A 0 8512 Sale 85
951 301 69 86 St Paul Minn 85 Man 48_ _1933 11 107 109 107 Mar'24 -- 1054 108
Franca
1st. cotter)! g
193:3 J
Cons Ry non-cony 48.....1930 F A
-1
/
954 98
es reduced to gold 41.48._.1933 J J 97% ____ 98 June'24
s
%ki St
521ii
Non-cone 48
- 2 81-- July1954 J J
51
8818 9412
9413 27
Mont ext let gold 46
1937 J D 9412 Sale 9314
52
48
52 June'24
51
Non-cony deben 4a____1955 .1 J
52
8211 824
7718
8212 Apr'24
Pacific ext guar 45
1040 .1 .1
424 51
1956 J J
51
Non-cony deben 45
5212 51 July'24
71% 79
7838. 51
4
.
9934 100 S A & A Pass let gu g 48_ _ _1943 13 773 Sale
1
100
100
N Y & Northern 1st g 56._1927 A 0 99
4
1
/
99% 99
4
1
/
99 June'24'---1942 Si S 100
60
8
667 Santa Fe Free & Pben 513
4
NY 0& W ref let g O..-gl992 M 8 6614 Elide 653
6612 34
8042 87%
AO 85 8 Sale 85
5
4
1
/
1
85531
Termi let 41
4
1
/
1950
8
583 62 San Fran
3
4
613
4
General 444
1955 J 17 613 Sale 6012
10712 108
8518 85% Bay Fla & West 65
10712 Apr'24'
1934 *0
8518 May'24
N Y Prov & Boston 49
1942 A 0 85
July'24'--3- 10018 10112
_
--2
1934 AG 10012
5,,
83
81
8114 June'24
N Y & Pu 1st cons gu g 48
1998 A 0 803
4-..
4
1
/ 90
84
4
1
08 4 1 4 -4
4
4
1
/
8912 97 Scioto VAN E let gu g 48-1989 MN 883 92 1803 J u1 2
4
N Y & It 13 Ist, gold 58
1927 M S 9912 10012 973 May'24
_70
61
70 July'24'---4
1950 AG 683
524 64 Seaboard Air Line g Is
64
54
N Y Sum]& W lat ref 58-.1937 J 1 611 68 62
4
/
5812 71
8
Gold 4a stamped
19.50 A0 697 Sale
5318
43
5318 July'24
1037 F A 53
Id gold 41
4s
/
,
43 5 6414
66
0108
6412 4
3
01949 FA 6414 Sale 80 4
Adjustment Es
4014 5512
5512 46
_1940 F A 554 Sale 5318
General gold 55
55341 179
4
1
/ 56
47
Refunding 4a
1959 * 0 5512 Sale 554
864 8818
_ 88 June'24
Terminal let gold 3e
1943 MN 9038
1
/
814 352
4
1
/ 85
67
3
4
4
1
/ 53
39
let & cons (is Series A_ _ _.1945 hi S 813 Sale 80 4
53
4
163
NY W'clies ea B let Sort 4345248 J J 53 Sale- 503
973810034
1926 ▪ J 10018
8112 69 Seaboard & Roan 1st 5s
69
4
36
4
Norfolk Sou 1st & ref A 5a._1961 F A 673 Sale 673
Jun10(e223381---8_
Sher Sh & So 1st Su g 5a_ _ _1943 J O 102
811
9314 June'24
9314
Norfolk & Sou let gold 58
1941 MN 9312
4 - -3
10I3 1112 8
1032831
1936 P A 104
107 June'24
3
105 8 107 S & N Ala eons gu g 58
Norf & West gen gold 6s1931 MN 10714
4
8
99 10512
1
04121 3
8
0
_ 18312 188 2 7
Can eons guar 50-yr 55.-1963 AG
106 107
8
1934 F A 1073 --:: 1067 May'24
Improvement & extg
6
1
/
814 8612
col)111949
106 10712 So Pao Col 4s(Cent Pac
10714 July'24
New River 1st gold
1932 A 0 10214 _
924 9714
t
87 I t1
9714: 304
4
-year cony 48
20
01929 hi 8 9811 Sa1e 963
86
9034 68
3
90 4
5
1996 A 0 90 8 Sale 9012
N & W Ity lat cone g 4a
4
972 100
4
1
/
7
6 12 .9
1934 ID _9: 13 1i 9718 100 I 29
-year cony 58
20
8614 87
87 June'24
1996 A 0
Registered
1 101 10142
101141
1014
1927 MN
4
90
27
864 90 So Pao of Cal-Gu g 56
DWI let lien & gen g 48_1944 J J 90 Sale 893
4
/
9112 1011
ir 7 -0118 Apo'24'
:
1937 J J
82 Dec'23
So Pao Coast let gu 45 g
1938 M S
4
1
/
10-25 year cony 4 8
4
1
/
90
85
8
1955 J J 903 Sale
1
/
So Pao RR let ref 48
4
1233 193 ioi61
1929 M 8 I254 Sale 12114
10-year cony 64
1
/
954 10114
35
9
78
95 2 116
1011141 3 09
9i
74 8
9 14
90
8
905 90
4
/
761 90 Southern-lat cone g 58_ _1994 J J 10114 Sale 8873
12
Pocah C & C joint 46_1941 J D 90
6918 7512
4
Develop & gen 45 Bet A__ -1956 A0 743 Sale
4
8614
84.12 88
2
4
1
/
58.--_1945 A 0 8614 Sale 853
North Ohio let guar g
9815 103
go% 8612
4
/
19.56 A0 10134 Sale 011
136 (w 1)
8612 186
Is 253
Nor Pacific prior lien 4n____1997 Q I 86 Sale 8514
4
1
/
4
/
8
84
61.4.
1956 A0 1067 Sale 10838 1071 99 1014 107
84
7834 8412
3
1997 Q 1
Registered
4
1
/
5
93 8 98
4
1
/
98 July'24 J J 9812
45-58
Men Div 1st g 41
/
4
/
611
1996
1
/
614 64
4
1
/ 624
6114 6134
56
1
/
a2047
General lien gold 814
79114 8
26
41a
e
8
1951 J J 8418 81;1-- 83 8
St Louis DIY let g 46
5914
5914
5914
57
2
02047 Q F
Registered
4
1
/
97 10112
101 July'24
4
/
N 1011
43
/
1929
4
4
793 864 So Car et Ga 1st ext 51
8614 28
Ref es !mat 4/ Ger A----2047 J J 853 Sale 8512
4
15
87
83
_- 87 June'24
10612 248 10134 10612 Spokane Internat let g 58.--1955 J J 87
2047 1 1 10612 Sale 10518
68 aer B
Oct'23
91
951,
96
41
3
1936 J J 89
20471 .1 95 4 96
4
1
/ 98 Sunbury & Lew 45
90
5a0
95 May'18
8
Superior Short L let 55 R.-51930 MS 953 _
1
/
954 173
4
1
/
95 Sale 9518
8
4
1
/ 917
89
55 D
2047 1 1
3
92¼ 95
9412
89 Feb'23
Term Assn of St L lit g 418-1939 * 0 9412 Bale 9412
4
/
St Paul-Duluth Div g 48_1906 1 17
4
971 1004
lateens gold 58
4
991 9914
9914 Mar'24
1944 P A 9918 100 100 July'24
St Paul & Duluth 1st 55_1931 Q F 991
4
743 85
4
1
/
82
8414 26
Gen refund if g 48
8414 Jan'23
1953 II
let eonsol gold 45
1988 1 D 9118
9412 95
__
9412 June'24
8
_ 1095 July'24
10912 109 Tex & N 0con gold 58
4
1
/
1943 J J
Nor Pao Term Co let g 6s_.1933 J J 1094
994 16
984
99
92
994 10912 Texas & Pao 1st gold S.
10912 Apr'24
0 102
2000 ID
No of Cal guar g 5s
1938 A
:5
100 June'24
24
983 4 9a
79742 SaS79:8e
2d gold Income Si
42000 Mar 871 13 8.18 58 Aug'23
4
1
/
97 100
North Wisconsin let 138
1930 J J 103
4
1
/
95
9712 72 -i11La Div 13 L ist g 56
72
73
4
/
10
1931 13
69
Og & L Cham 1st gu 48 g _ _1948 J J 711 Sale 7112
8 10
99%2'
907
8
997
97
4
1
/
8912 893 Tol & Ohio Cent 1st gu Si.,.
4
.1935 J .1 99
1943 M S 8912 -__ 8912 Apr'24
Ohio Conn Ry 45
4
1
/ 99
94
10
99
9812 July'24
Western Div let g 58
4
1
/
974 984
1935 AO 99 Sale 99
19361 D 98
Ohio River RR let g 56
014 9514
954 June'24 _
9814
J O 954
9814
5
General gold 5s
5
3
95 4 9814
0 97 8
General gold 55
1935
1937 A
2212 304
3
8 101
14
8 21
10271 .1 101 Sale 1007
9914 101 Toledo Peoria & West 4&...191711 223 Ii 23 4 July'24 -- Ore & Cal 1st guar g 5s
9612 9911
9912
8
1
/
MN 89 Tol St L & W pr Ilen g 34
5_1925 I J 9914 9914 9914
Ore IIR & Nav coo g U.__ _1946 J D 8818 90 8712 July'24
83%
76
8312 14
8
8 105
823
1043
-year gold 45
2 101 10614
4246 I J 10518 10512
1
/
50
Ore Short Line-1st cons g 1
1950 *0 83 Sale
_
14 98 4
95
7
4
1946 J J 10518 10512 10412 105% 65 1014 106 Tol W V &0 gu 41 A
4
/
- 963 June'24
4
1
/
4
1
/
5
193,1 J J 963
Guar cone 55
12
8
951 95
9518 Feb'24 __
9714 26
4
Series B 41
J J 97
4
/
19291 D 963 9714 9612
8
refund 45
9714
924
Guar
19:13
4
1
/ 176
83
8612 Mar'23 -Series C 48
4
1
/ 1942 MS 88
3
79 8 835
Oregon-Wash let & ref 48_ _ .1961 J J 8318 Sale 83
8
1
4
4
793
2
84%
4 87
4
4 8212 793
7512 8012 Tor Ham & Buff 1st g 48._ _21946 3D 843 - -12 843
Pacific Coast Co let g 58_ _ _ _1946 J D 80
ge
8
26
93 97
89 June'24
Ulster & Del let cons ass. _1928 ID 96 Sale 955
89
78
.
Pao RR of Mo 1st ext g 48-1938 F A 8914
4
1
/ 65
132
8
1st refunding g 48
1938 J J 9818 09 98 May'24
4
1952 A0 6312 843 65 June'24
981
89
2d extended gold 58
8858 94
4
/
911 May'24
95
5
3
93 4 127
6
Union Pacific 1st g is
Paducah & nia tat a t 434a 1955 J J 93
1947 J J 93 8 Sale 931
914 98
9938 103 9538 9935
4
1
/ 26
1958 F A 7814 Sale 784
78
-year cony 48
20
8
797
65
Perla-Lyons-hied RR 6a
1927 J J 99 Sale 9824
4
/
811 88
8714 77
Sale 8435
8
1942 M 8 94 Bale 93
94
11
1st &refunding 44
020013 MS
89
964
Faulista Ry 75
52 100 107
92 June'24
58
4
/
3
4
1st & ref temp 5.
92008 MS 10811% 10 3 1041 107
8912 9512
Pennsylvania RR-cona g 45 1943 MN 9012
36 102 11.15
4
1
/
105
9212 14
18
1948 M N 9238 61-- 9214
10
93
-year perm secured 68_1928 J J 10414 Sale 104
87
Consol gold 48
_
9114
3
88 4 90
90 July'24
NJ RR & Can gen 4a_ _1944 MS 90
5
8714 9212
May 11048 MN 9114 Sale 914
45 stamped
3
4
1
/ 63
99
4
1
/
98% 100 4
4
1
/
3
100 4 10
1960 F A 99 Salo 98
1926 J J 10018 __-_ 10034
90 100 Utah & Nor gold Si
4e
/
Consol 41
4
1
/ 30
93
4
1
/
4
19651 13 93 Sale 923
9014 9812
tat extended 45
1933 J J 92 ____ 104 Dec'23 _ _
General 41.45
85
4
1
/
Jan 24 4
1
/ 109
102
1968 J D 102 Sal 102
4 110 Vandalla cone g 48 Ser A_ .__1955 FA 8514 -- 85
933
General 55
87
86
87 Mar'24 -10934 180 1013 109 4
1030 A 0 10912 Sale 10914
Consol 48 Series 13
1957 MN 8514
3
4
-year secured 7e
19
4
1
/
36 June'23
1
/
1104 68 1075 1107 Vera Cruz & P 1st go 41
1936 F A 110 Sale 11014
8
48._ _1934 J J
/
a
-year secured 834e
15
-_-_-_-_ 16 28 Apr'24
251s 265.
July coupon on
-Pennsylvania Co
8412 Dec'23
994 9912
Verdi V I& W Ist g 5s
1926 94 13 9812 ---- 9914 June'24
8
1
/
Guar 34 coil trust reg A_1937 MS 85
97 10078
6 100
8412 Dec'23
4
1
/
4
1
/
1
1928 M S 10014 ____ 1003
Virginia Mid Series E 55_
84
84
4
/
Guar 315 con trust Rer B.1941 A A 83
_ 9912 June'24
811 May'24
98
4
/
9912
General 56
1938 M N 9913
8
4
/
Guar 31 truat ctfa 0_ _ - _1942 J D 8214 85
97
8
965
8114 May'24
4
/ 97
96
-ET, 82 Va & Southw'n let gu 55_2003 J J 841 853 8412 July'24 ---4 9214 97
trust ette D..._1944 J 0 8118
4
1
/
Guar 3 5
8
7614 884
1958 AO
905 9414 let eons 50-year 55
-25
Guar 15 -year gold 45_1931 A 0 9418 9412 94 July 24 _ _
9638 115
3
9214 97 4
_ 863
N 96 Sale 96
4
4
1952 M N 8614
863
5
4
1
/ 8718 virrrinlan 1st RA Berke. A_ _1962
83
'
Guar 45 Ser 11
Aug. oDue Oct. pDue Dec. s Option oak.
•No price Friday:lateet bid and asked. a Due Jan. c Dile March. d Due April. eDue May. gDue June. hDue July. kDue
g
994
-ar
310
BONDS.
II. Y.STOCK EXCHANGE
Week ending July 18.
New York Bond Record-Continued-Page 4
tti
a
Price
Friday
July 18.
Week's
Range or
Last Sale,
if
Rangs
Since
Jan. 1.
BONDS,
N. Y.STOCK EXCHANGE
Week ending July 18.
00
k
Price
Friday
July 18.
Week's
Range or
Last Sate.
11
Range
Since
Jan. 1.
Bid
Ask Low
High
High
High No Low
High No. Low
Did
Ask Low
Wabash let gold 58
1939 MN 10014 Sale 99%
9612 10012 Det United let cons g 4345_ _1932• J 903 Sale 9014
8458 93
10014 57
4
9114 64
8718 90 Distill Sec Corp cony lets 58 1927 A 0 3834 42 8 40 July'24
2d gold 5e
1939 FA
40
Ws
93% 25
2 9234
7
let lien 50-yr if term 48--1954
' 7314 703 7334 June'24
3
75
68
Trust certificates of deposit__ _ 38
4
54 8
7
41 July'24
- 383 41
4
1941 3' 9814 9912 99 July'24
Del & Ch ext let g 5e
99
Dominion Iron & Steel 5s_ _ _ 1932 ▪ J 6612 Sale 6614
97
6414 794
99
4
8
67
Dee Moines Div let g 42--1939 J J 81
7418 79 4 Donner Steel 7s
3
81
90
92
79 June'24
8312
5
J 1 8312 Sale 8312
Om Div let g 3345
1941 AO 7114 73 4 73 July'24
91
673 7312 du Pont(E I) Powder 4348_1936 J D gg
91
4
3
Feb'24 ---91
Tol tt Ch Div g 45
1941 MS 82
77 4 82 duPont de Nemours& Co 734s'31 M N 10812 Sale 0814
1
_ 82 June'24
.
4
1083
4 54 1087 1087
Warren 1st ref gu g 335e__. _2000 FA
41juquesne Lt let & coil 65_ _ _ 1949 J .1 10578 Sale 0514
7418 May'23
102 10314 10812
106
Wash Cent let gold 45
1948 Q
8512 79 May'24
-Ws W - East Cuba Sug 15-yr e I g 7348'37 M S 106 10614 053
4
10612 96 10312 111
WO&Wlstcygu4s
1924 FA
9918 993 Ed El III Bkn let con g 48_1939 J J 9014 903o 9014
8
8912 9014
9938 Jan'24
2
9014
Wash Term let gu 334s
1945 FA 8218
0011 89 Ed Elm lii 181 cons g 58.._ -1995 J .1 10014 101
9812 10114
813 July'24
8
_
0014 July'24
-year guar 45
let 40
1945 FA 8814
2
98 4
73 4 884 Elk Horn Coal cony (Is
98
3
8814 July'24
4
1925 J D 0814 983 9814
9814
2
W Min W & N W 1st gu 5e1930 FA 9112 _
93% Empire Gas & Furl_ _1937MN 9278 Sale 923
937
8 12
90
9134
1,3
2
887 9
4 312
226
93
8
West Maryland let g 4s__ _1952 AO 03 8 Sale 613
643
3
9768 100 8 &net Gas Light 53
58
4
MS 97
9324 983
3
4
63 4 268
9814 983 July'24 - 4
Wait N Y & Pa lst g 58_ _ _1937
' 100 10112 100
3
97
Federal Light & Trac Se..._1 932 MS 97 Sale 9512
93
1 43
3
100
97
19
Gen cote 4e
9812 10712
1943 AO 78% 90
7s
7612 7914
3
7834
1953 M S 102 103
78 8
7
023
4
1023 --4
Western Pac let Sec A 58_ _ _1946 MS 88% Sale 881.
4
7912 90 Fisk Rubber 1st 5 1 88
89
981s 1047
1941 M S 10034 Sale 10014
89
37
101
B 68
1946 MS 9912 Sale 99
:
7724 80
9 3 100
8 2 84
2
99 8 10 7:,Ft Smith Lt & Tr let R 5e.,1936 M S
3
83
78 July'24 - _ West Shore let 48 guar
2361 33 83 Sale 8212
Framerlc Ind & Dev 20-Yr 7345'4 I J 923 Sale 92 4
19
84 2 94
1
19 2
42
83
4
4
9312
3
Registered
2361 J J 81%
7714 8212 Francisco Sugar 73411
M N 1013 1023 10114
14
7
82
82
8
1017
8
7 10118 107 e
4
98 100 2 Gas& El of Berg Co cons g 58 1949
Wheeling & LE let g 5s._ 1926 AO 10018 10012 10012 10012,
94 94
2
D 95 4 ---- 94 June'24 - -3
Wheeling Div 1st gold 58.1928 S i 99 100 100
98 100 General Baking let 25-yr 65_1936
2
D 104 10412 10338
100
10412 15 101 10412
Exten & impt gold 58_ _1930 FA
94 Gen Electric deb g 3348- --1942 FA 8218
94
9314 _ _ _ _ 94 Mar'24
80
82
_ 82 July'24 - 193
Refunding 434e Series A _ _1966 M S 6512 Sale 6414
5312 6512
6512 56
Debenture 55
• S 10238 10312 10284
10312 25 100 108
RR let consol 45
1949 MS 6914 Sale 6914
70 Gen ftefr let 5 1 g (ts Ser A._1957 F A 100 1003 100
1
60
9814 1007
2
1942
6914
100
I
8
Wilk & East let gu g 56
1942 ID 63 Sale 6018
63 Goodrich Co 6348
49
49
63
933 10elz
8
967
8 51
J I 9612 Sale 9018
Wlli&S F let gold 5s
1938 3D 10014 10214 10014
99 101
Goodyear Tire & Rub let f 8e '41 MN 1163 Sale 116
5
e
101
4 40 1141s 118
4
1163
Winston-Salem S B let 4s_ _ _1960 ▪ J
823
2
F A 10418 Sale 10334
'81
10-year e f deb 588
8238 May'24
10414 96 100 10412
WI.Cent 50-yr let gen 4t.__1949
-I 813 84
763 8414 Granby Cons MS& Peon 68 A 238
8
92
4
91
8118
1'8
1,922
8212 24
N 91
91 July'24 - Sup & Dul div & term 1st 49'36 MN 84 Sale 84
MN 91
99
92
Smped
ta
84 13 77 85
90 Apr'24
INDUSTRIALS
Cony debenture 8s
89
94
12
N 9218 Sale 913
2
9218
8
Adams Express coil tr g 4e.. _1948
78
85 4 Gray & Davis 75
3
11
81
____ 80/s
78
98
81
75
80
78 July'24 -.Ajax Rubber 83
1936
842
4 18
743 95 Great Falls Power isle 5s-19 0 F N 10138 10212 10212 10212
4
84 Sale 8312
98 10212
192 M A
3
4
5
52
8 74 Hackensack Water 45
Alaska Gold NI deb 68 A_ _ 1925
512 8 8 5 4 July'24
1952 3 J 9238
7
12
3
_ _ 8212 July'24 - 7914 82
Cony deb (is series B
1926
512 7 8 578 June'24 _
512 7 Havana El Ry L& Peen 5s A 1954 MS 8512 Sale 8512
3
12
813 8612
4
8512 38
Am Agile Chem let 58
98 Havana Elee cense' g 5s_ _ _ _1952
94
1928 A
963 9712 9612
8
92
94
14
8
9612
9418 95
9418
944
1
let ref et 73411g
1941
8738 Sale 8714
82 101 Hershey Choc 1st I g 58.. _1942 MN 10318 Sale 10238 10318 26 101 1034
87
88
American Chain 65
1933 A
9112 964 Holland-Amer Line fis Wan _1947 MN 74
8412
9434 Sale 9434
72
95
45
75
7414
7414
1
Am Cot 011 debenture 58._ _1931 MN 107Z 89 883
9014 Hudson Co Gas let g 5s_ _ -1949 M N
82
4
88
9414 973
4
8912 17
1
4
963
4
963
Am Dock & Impt gu 68
1938J J
4
10734 July'24
_ 10612 1073 Humble 011 & Refining 5355_1932 J J 99 Sale 987
96% 99%
8
9914 146
878 9212 Illinois Bell Telephone 58_ 19563_
8
Amer Republics Se
1937 A 0 9212 Sale 9
9312 973
4
D 973 Sale 97
53
21a
8
94
973 202
4
Am Elm & R Ist 30-yr 58 ger A1947 A 0 9418 Sale 9312
92
9414 Ilitho St
alt. 95
Illinois Steel deb 434s
1940 A 0 943 Sale 037
9418 127
2
9412. 74
8
6s B
4
1947 A 0 10514 Sale 105
82
82%
1936 M N
10512 22 1013 106 Ind Nat G & 0 5s
827 May'24
8
Amer Sugar Refining 6s
9658 1023 Indiana Steel let 5s
4
1937 .1 J 10018 Sale 9978 100 8 167
1952 M N 101 10114 101
10112 13 pat 1031,
3
Am Telep & Teieg coil tr 4s..1929 J J 97 Sale 9612
9212 9712 Ingersoll-Rand let 5a
p1935 J
9712 455
9812 100 100
100
5 100 100
93 Interboro Metrop coil 430-1956 A 0 11
Convertible 4e
1012 11
1936 M S 9118
87
9134
93
9
14
1078 June'24 -.20
-year cony 4345
5884 694
1933 M S 100 8 10313 10312 July'24
3
8
_ 1006 109 Tnterboro Rap Tran let 58....1966 J
6812 Sale 6718
6914 795
682 7214
4
30
-year coil tr 58
9718 10114
1948 J D 10118 Sale 1007
Stamped
8
6814 Sale 6612
10114 356
7214 800
5418 7214
974 10212
20
-year s f5348
1943 M N 10211 Sale 102
1932 A 0 713 Bale 673
10
10238 242
-year 68
4
724 762
4
8318 9112
7
-year convertible 6e
1925 F A
116
1932 M
7's
11612 34 11214 123
795
9114 Sale 8912
9112
8418 92 Int Agile Corp let 20-yr 53-.1932 MN 51 Sale 51
Am Wat Wks & Mee 55__1934 A 0 9112 Sale 91
461 704
4
9134 95
1
51
57 Inter Mercan Marines!643_1941 A 0 8614 Sale 8414
Am Writ Paper a f 7-68
36
1939 J J 5412 Sale 51
57
67
794 8612
864 199
Anaconda Copper (is
9418 98 2 International Paper 5s
7
1953 F A 9614 Sale 96
1947 3J 8612 Sale 8512
9632 282
83
as
865 235
8
8318 as
1938F A 977 Sale 97
9412 10114
71
19473 .1
1st & ref 58 B
98
172
84 Mar'24 -Armour & Co let real est 43451939 J D 853 Sale 8514
4
83% 87% Jurgens Works(is(flat price)
.1947J 80 Sale 7914
7312 8012
8614 103
80
50
84% 9212 Kansas City Pow & Lt 5e
Armour & Co of Del 53411-19 3 I J 92 Sale 9078
1952 36 S 935 Sale 9314
9212 1889
89
94
4
933 114
8
Associated 011 temp 68
1935 M S 1003 Sale 10014
8
968 100 4 Kansas Gas & Electric 65.-1952 M
4
3
93
9814
1005e 138
977 Sale 9714
8
98
7
5
atlantic Fruit cony deb 7eA_1934 J D
29
9724 105
40 Kayser & Co 7s
35 Mar'24
12
1942 F A 102 1023 1017
_
15
4
8 103
Trust certificates of deposit___
_ 21
2212 40 Kelly-Springfield Tire 8s._1931 rd N
29
27
29
18
8614 10 4
4
93
23
92 "9234 92
3912 Keystone Telep Co let 58-1935 J .1
do
stamped
21
23
734 80
3512 32
36
6
-80 June'24
ge7 99 Kings Co El & P g 58
8
Atlantic Refg deb 55
19375 J 98 Sale 973
0
1937 A 0 10112 103 101 June'24'---983 101
8
4
9812 40
Baldw Loco Works let 58_1940 MN 10118 10112 101
Purchase money 68
101
8
1997
6 mos 102
11438
11414
11414
5 1107 1144
Barnadall Corp e f cony 8% A1931 1 .1 98% 99
9514 100 s Kings County El let g 4e
3
1949 F A 74
9812
9812
6914 76
75
7414 July'24 - Bell Telephone of Pa 5e_....1948J J 997 Sale 993* 10012 128
974 101
F A 7212 75
Stamped guar
7014 75
5
74
74
Beth Steel let ext s f 5s
1926 I J 10038 Sale 10018
99 10012 Kings County Lighting 58_1 44 J J 8518 Sale 8414
4899
195
1003
7714 10112
8
3
851g 31
lot & ref 513 guar A
1942 M N 9412 Me 9412
9.514 23
93 s 967
5
8
19 6
93
5
4
630
J 101 10112 101
95 102
2
101
20-yrpm&impef5e.__19363 J 8812 Sale 8838
9134 Kinney Co 734e
J 0 10412 106 1047
88
89
78
4 10112 105
8 105
1948 FA 96 Sale 96
as A
96 100 Lackawanna Steel 59 A
93
1950 M
9618 793
88
9014 30
9014 Sale
8778 92 Lae Glut I.of St L ref & ext 5s 1934 A 0 9718 Sale 90
1953 F A 88 Sale 88
534s
88 4 51
3
911 974
2
9718
9718
7
Booth Fisheries deb e f as__ _1926 A 0 74
7212 833
4
76
74
Coll & ref 5548 ser C ___ _1953 F A 94 Sale 933
923 9552
s
74
1
9414 79
4
BradenCopMcolltref6t..1931 F A 105 10514 105
91
94
5 1 3
105
4
18 10012 10512 Lehigh C & Nay e f 4345 A _19333 .1 1 9414 - - -- 94 July'24 -.Brier Hill Steel 1st 530
1942 A 0 9718 Sale 967
9714 63
8
9714
93
high 10012 101 10012 101
91 101
Valley Coal 58
Le
3
B'way & 7th Av let c g 58_1943 J D 70 4 72
7112 July'24
874 87
3
8012 7112
12
45
8912
_ 8712 Apr'24 - Brooklyn City RR 58
1941 J J 9012 91
9012
91
87
32% 43
91 Lex Av & P 1st gu g 5e_ -1993 M S 401.2 43
2
39
-Bklyn Edison Inc gen 58 A1949 J J 10012 101 101
9712 10212 Liggett & Myers Tobac 75_1944 A 0 11718 118 11714 July'24
3
101
11
11814 13 114 4 11814
1930 J J 105 Sale 105
General 65 Series B
54
51 rA A
1
95 s 99
7
19344 F 2 98 Sale 9738
10512 16 10212 106
98
66
General 7s Series C
/
1930 1 J 10712 108 1071/. 108
11412 11818
ri l 1163 117 118 July'24 -__
4 NM 109 Lo l ard Co (P) 78
8
General 75 Series D
1940 J D 110 Sale 1093
99
55
95
8
110
25 107 110
28
97 Sale 953
98
4
Bklyn Man It Tr See(tem)6111968 3 J 803 Sale 80
4
884 92
723 81
4
Louisville Gas & Electric 58-1952 M N 9112 Sale 9112
81
291
48
92
BklYn Qu Co & Sub con gtd 58'41 MN 66
63 4 6918 Magma Cop 10-yr cony g 76_1932 J D 11112 Bale 110
677 67
3
s
67
1
11112 30 10814 11712
let Se
19413 J 76
80
9738 10112
80
80
Manati Sugar 7348
1942 A 0 9812 Sale 9814
Jan'24 - 987
8 32
Brooklyn Rapid Trans g 5e--1945 A 0 964 ---- 101 June'24
7814 101
(NY)cons g 48_1990 A 0 617 Sale 6012
56
70
Manhat 111'
5l7 177
8
Trust certificates
7334 Nov'23 _
2d 48
47
53
517
8 91
5138 Bale gra
let refund conv gold 4s-_2002 J J 824 ---- 82 4 June'24
4
8
647 823 Manila Electric 78
3
9412 100
2
9914 24
99 Sale 98'
3-yr 7% secured notes--1921 J .1
_--- 102 Apr'24
53
9712 105 Manila Elm Fly & Lt s f 5s._29042 Q ND 83
f13
86
1910 PM .7
e43 A1 S
8412 8414 June'24 _
Certificates of deposit_ _ ____
gall 110 Market St fly 7s Ser A
---- 110 June'24
99 100 4
3
9918 Sale 99
9912
Clio of deposit stamped___
922 1107 Marland Oils f Se with waenta'31 A 0 118 127 118 June'24 51 1163 146
4
11078
8
1107
8
2
s
Bklyn Un El let g 4-5e
1950
8012 8518
-8412 845 8414
Without warrant attached_ _ A 0 10412 113438 10438 1043
8412
5
2 100 10514
4
Stamped guar 4-5e
1950 F A
85
81
1931 F A 115 125 120 June'24
730 Series B
4 Sale 8414
117 138
7
843
4
Bklyn Un Gae let cons g 58_1945 MN 992 10014 9912
8
9638 100
do without warrants
100 22
98 4 104 2
1
1
102 10212 1021
10238
78
1932 M N 13434 Sale 132
4
1343
4 41 114 1343 Merchants & Mfrs Eget] 7e..11842 ID
100 May'23
let lien & ref Se Series A_1947 MN 10638 Sale 10614
4
02
5
106 4 22 10312 1063 Metr Ed 1st & ref g 6e Ser B-1952 FA 1013* 1014 1011:: 102
3
1929 M N 132 137 12914
7s
13412
4 114 135 Mar Power Se
1953 ID 99 Sale 98%
9912 14'
19323 D 9118 93
902 9112 Mexican Petroleum s 1 8s
4
Buff & Sung Iron t 5s
9112 July'24
1936 MN 105 Sale 103
10512 22 lOhla
1952 A 0 84
Such Terminal 1st 4s
863 8512 July'24
s
865 Midvale Steel &0cony 81501936 MS 883 Sale 8812
2
81
8534 9012
63
8
89
1955 J J 8534 8712 8613
Consol Is
Certificates of deposit__ ._1936
1
2
8612
3 83 4 881
89 8 9514
5
93 Feb'24
Building Se guar tax ex 1960 A 0 97 Sale963
9714 Mllw Elec fly & Lt cons g 58 1926 FA 100 filaW 100
91
8
9714 34
loo 32 96 100
1937 Al N 9734 Bale 973
Cal0& E Corp 54
Refunding & eaten 4343._1931 33 9474 Sale 9312
9012 95
4
4
9714 9914
9812 14
947
2
Cal Petroleum 634.(iv 1) _1933 A 0 973
95
987
9512
4
General 58 A
92
1951 J D 937 Sale 931s
8
9412 10
2
Camaguey Sus let erg 78_1942 A 0 94 4 Sal
9412 973
4
let 58 B
8018 88
97344
1961 ID 86 Sale 86
93
3
86 14 24
9813 8191
el...nada SS Linea 1st coil sf75'42 M N 9412 Sale 9412
36 S 973* Sale 97
91
951s
Ist & ref g 68 sec c
943
8 17
954 100
973
4 27
vanada Gen Mee Co Se_ _1942 F A 10512 ____ 10512 10618 22 102% 10618 Milwaukee Gas Lt 1st 45__ _1927 MN 97 Sale 973
8
943 97 4
4
3
8
9712
9934 100 100
Cent Dist Tel let 39-yr 53..1943
973 10012 Montana Power hat Is A..-19435' 9734 Sale 9712
4
100
95
98
5
53
98
1931 F A 8912 90 9018 June'24
Cent Foundry let a I 6s_
J 92
8912 93 Montreal Tram let & ref 55_1941
9214 9214
865 937
8
8
923
2 13
9912 189
20-year IC 5e...1925 A 0 9912 Sale 99l
Cent Leather
9212 997 Morris & Co lets t 4348-- --1939 5' 7912 Sale 7712
s
76
8214
7912 47
194 MN 108 Sale 108
Central Steel 88
A0 744 _
10814 12 1073* 10812 Mortgage Bond 48
7412 7412
7412 June'24
Cerro de Paseo Cop 8s
138 July'24 19313 J
127 1445s
9438 9312
1966 A0 93
932
5a
94
92
94
3
Cb0L&Cokeistgug5ei937J J 9778
9312 9814 Mu Fuel Gm let cog 58_
9814
9814
2
1947 MN 954 __- 9614
92
9814
2
9614
Chicago Rye let 5n
7712 77
1927 F A 77
81
774 187
Nfut Un gtd betide ext 57
74
0.-1941 MN 9434 ___- 95 4 June'24
937 95 4
2
3
3
Chile Copper 68 Ser A
J J 59 Sale 57
1932 A 0 102 Sale 10134 1024 44
99 10214 Nassau Elee guar gold 4e_ _1951
30
59
63 4 59 4
2
3
Cinein Gas & Elee let & ref 5s'16 A 0 9914 Sale 9914
1005
8
1931 ID 843 Sale 8434
5
4
955 1004 National Acme 7
s
/
1
8512
8212 94
53111 Her B due Jan i..l9Sl A 0 100 Sale 100
10052 48
Nat Enam & Stamps 1st 58_ 19 1 • D 0714 ---- 9712 July'24
96 101
929
9612 9912
Colo F & I Co gen f fle
9314 Sale 923
4
1943 F A
9314 17
88
9314 Nat Starch 20-year deb be_ _19305' 9514
9512 May'24
9512 97
Col Indus let & coil 5s gu_1934 F A 8012 Sale 8012
National Tube let 58
1952 MN 10034 10112 101
81
75
82
8
9911 102
101%
3
Columbia (3 & E lat 56
7
1927 J J 100 1004 99 s
10014 29
1948 J D 9634 _
9614 1004 Newark Con Gas 541
931 97
4
9 14 July'24
6
8
nfamped
1927 J J 100 Sale 997
10018 89
9614 10018 New England Tel & Tel 5e 1952 J o 10034 sate 10014
9714 101
1007
2 43
6
1712 7 Apr'24
Col & 9th Av let gu g 5a__1993 M $
NY Air Brake 1st cony 68..1928 MN 103 104 103
7
7
103
6 1011e 103
FA 78
Columbus Gas let gold 56_1932 J J
963
4
963
934 663 NY Dock 50-yr let g 43__ _ _1951
4
2
78
783 78
4
4
783
4
783
4
75
76
76
lommerelal Cable let g 45_2397 Q
70
76
1
7614 N Y Edison let & ref 13348 A _1941 A0 11214 Sale 112
11212 100 10978 11212
2
47.mmonwP291) Power 6s_ _ _1947 M N 9312 Sale 93
94
87
64
9814 1011s
9412 N Y Gas El Lt & Pow g 5a...1948 J o 1007 10112 10024
10118 13
Comp Azu Sara 734e
19373 J 101 Sale 10012 101
Purchase money g 48
1949 FA 8512 86
13 100 1033
824 8611
85%
4
853
4 19
3
Computing-Tab-flee a I 65_ 1941
8112 Apr'24
L.0 4
3
J 100 4 102 10012
98 10114 N Y Muni° Ry 1st f M A 1066 J 3 100 101
6
804 8122
conn RyAl.let & ref g 434a 19513 J 8712 - -- - 7714 Sept'23
98 100
N Y Q El L & P 1st g 5s_ -1930 FA 100 Sale 100
100
2
'3 3984 Sale 38
8712
8140111Ped guar 434s
1951 1 J 8712 89
NY Rya let R E & ref 4s_ 1942
3
82
875s
393
33% 4012
4 29
Cons Coal of Nid let & ref 55 19503 D 884 Sale 8714
Certificates of deposit
3912 Sale 3734
8814 57
32
4012
3912 144
86
9012
Con(3 Co of Ch lot git g 58.1936 J 1 977 9814 981 1 9814
8
112 411
4
3
412 242
9312 984
a1942 A0 4112 Sale
30-year ad) Inc tis
Consumers Power
438 Sale
1952 M N 90 Sale 90
Certificates of deposit......
5
3
302
112 5
903* 71
87
925
8
corn Prod Refg a I g 5a. _1931 MN 993
64
8
56
- - 903 July'24 ___ 100 103
N Y State Rya let cone 434e 1962 MN 6312 Sale 6312
4
58
65
MN 88
let 25
101
10118
101
-year f 5e
2
85
885 874
5
96
1934 M
8714
984 101
845
Crown Cork & Seal 65
72
974
1943 F A 72 Sale 72
927
4
5
71
9212 99
85
N Y Steam ist 25-yr 68 Ser A 1962 MN 9714 98
973
4
Cuba Cane Sugar cony 78_1930 J J
9412 Sale 9418
s
943
4 28
933 971/
8
9712 56
914 95 N Y Telep let & gen e 430_1939 MN 973 Sale 9718
Cony deben stamped 81 1930 J
9834 Sale 98 4
3
30
-year deben sIde._ _Feb 1949 FA 10714 Sale 10714
9918 76
1073
4 50 105 10814
98
997
4('ebel) Am Sugar let roll 88_1931 M S 10738 10814 1073
8 108
10612 59 1034 106 8
5 107 10812
20-year refunding gold 68.1941 A 0 10614 Sale 106
3
rumb T & T Ist & gen 58_ _ _1937 J J 964 967 963
8
10114
4
9714
6
2
9414 9714 Niagara Falls Power let 5s_ _1932 .1 J 101 Sale 10114
99 102
Den Oaa & E L Ist&ref
AO 105 Sale 104
907
g 58'51 MN 90 Sale 90
Ref & (ten 6s
10512 16 104 1054
8 29
644 9118
(1)0) 7,
69
697 67
8
11
103
10
( .rY Corp
1942 M S 68
Nlag Lock & 0 Pow let 58_419 4 MN 102 10212 103
3
2
67
_1 5
6
9912 1037
82
8
...troll Edison let con tr 58_1933 J J 10114 Sale 10018
10114 16
3
1952 MS 9612 Sale 95 4
9612 184
993 10114 No Amer Edison 5e
s
914 9052
Is( ref 5s Serfes A
9934 67
8
k1940 M S 9878 Sale 9812
111
95 100
Secured Big 0331s Ser B
96 10114
1948 MS 1007 Sale 10012 101
1P1 & ref fis Series B
4
10614 37 104 10614
10614 Sale 1053
ki940 M
941, 991,
10538
113*"
• No Price Friday: latest bid an I sakcd. a Due Jon. 6 Due Feb. c Due June. 6 Due July. k Due Aug. o Due Oct. p Due Nov. r Due Doe. a Option sale.
JULY 19 1924.1
THE CHRONICLE
New York Bond Record-Concluded-Page 5
Quotations of Sundry Securities
311
All bond prices are "and interest" except where marked "f."
.
Standard 011 Stocks Par Bid. Ask,
Railroad Equipments Per CY Scuts
Range
Pries
Week's
BONDS.
5.30 5.00
151*1 Atlantic Coast Line Os
Anglo-American 011 new.. £1 *15
Since
Friday
Range or
N.Y.STOCK EXCHANGE
5.10 4.95
Equipment630
100 2 8 84
3
Atlantic Refining
Jan. 1
Week Ending July 18.
July 18
Last Sale
5.30 5.05
Preferred
100 111 112 Baltimore & Ohio Os
5.00 4.80
Equipment 430 & 55100 215 220
High Borne Scryrtuter Co
Ask Lots
High No. Low
Bea
Pipe Line Co--50 *60 6012 Buff Roch & Pitts equip es. 5.30 5.00
Buckeye
9
901.,
8818 93
Nor Ohio Trao & Light68-1947 ▪ S 9012 Sale 9012
Chesebrough Mfg new__ 25 *49
49141 Canadian Pacific 434s & Os. 500 4.90
114
8914 94
Nor States Pow 25-yr be A-1941 AO 9334 Sale 9 /
94
4
1
3
5.35 5.05
Preferred
100 112 114 Central RR of NJ 00
lot & ref 25-yr 611 Ber B-11341 AO 10314 Sale 1023
4 10313 30 101 104
5.30 5.05
25 *38
42 Chesapeake & Ohio 65.___
4
90 107 109
1
/ Continental 011 new
4
1
/
Northwest'n Bell T let 75 A-1941 B A 10878 Sale 1087s
109
5.23 5.00
Equipment6345
9512 Crescent Pipe Line Co.- 50 *1112 13
92
2
W T let fd g 43is gtd.1934 J J 9512 Sale 9512
North
9513
5.05 4.75
5e
Cumberland Pipe Line_ 100 131 132
Equipment
Ohio Public Service 7345-1946 AO 109 Sale 109
26 10378 109
109
5.33 5.05
96 Chicago Burl & Quincy
100 95
1947 FA 106 1063 106
7s
10613 32 10014 10613 Eureka Pipe Line Co_
4
Galena Signal Oil com ---100 56
FA 98% Sale 98
57 Chicago & Eastern III 5145. 5.90 5.10
1943
Ontario Power N F let 58
94% 99
9812 19
100 114 118 Chicago & North West 6s__ .5.45 5.15
Preferred old
1945 MN 9612 9718 97
Ontario Transmission 5a
94
97%
8
9718
5.20 5.00
100 10312 108
Preferred new
Equipment614
1941 FA 9518 Sale 95%
Otis Steel 88
941: 10112
9612 12
Humble Oil& Ref new... 25 *3512 3612 Chic R. I & Pac 434e & 58.... 5.20 5.00
1st 25-yr f g 734sSer B-1947 FA 88 Sale 8734
87
95
88% 10
5.55 5.30
100 132 135
Illinois Pipe Line
Equipment Be
4
903 94
Pacific G & El egn & ref 58_1942 J J 93 4 Sale 9317
119
94
3
25 *9912 100 Colorado & Southern Ss-. 5.50 5.20
Pec Pow&Lt let&ref 20-yr bs '30 FA 98 Sale 9718
9814 Imperial 011
92
9814 49
Os-. 5.35 5.05
Pacific Tel & Tel 15158
.•1 9318 9314 98%
1397
99% Indiana Pipe Line Co_ _ 50 *8912 91 Delaware & Hudson
96
6
98%
5.41 5.10
4
55
1952 MN 93 Sale
3
907 9334 International Petroleum-0) *1712 173 Erie 434 & 5a
91
5.45 5.20
100 122 124
Equipment65
Pan-AmerP & T 1st 10-yr 75 1930 P A 10314 Sale 10314
9938 10312 Magnolia Petroleum
10312 12
5.40 5.15
National Transit Co_-12.50 *2112 22 Great Northern 68
6348(wl)
1935 MN
98
93
9614 Mar'24
100 64
66
Equipment Is........... 5.10 4.90
New York Transit Co
Park-Lox Cot(s) 634e
1953ii 577 Sale 96
23 94 100
98
4
5.50 8.20
84 Honking Valley 85
Northern Pipe Line Co...100 82
Pat & Passaic G & El cons bit 1949 MS 961
5
_ _ _ 96 May'24
937 96
5.10 4.90
25 *581. 60
Peep Gas & C let cons g 6s._1943 AO 106 2Equipment Ls
108 107 June'24
10414 1077 Ohio 011 new
8
5.00 4.80
25 *28
3312 Illinois Central 439s & 53Penn Max Fuel Co
MS 9034 Sale 9334
Refunding gold 50
1947
9334
8714 93%
5.30 5.00
Philadelphia C Os A
1944 FA 1027 Sale 10212 • 103
54
3
Equipment 63
997 1033 Prairie Oil& Gas new_ _100 201 202
3
4
5.15 4.95
___I00 103 10312
Equipment 75 & 03.40...
Prairie pipe Line new.
5%11
1938 MS 93 Sale 933
75
90
94
4
1
/
94
9
5.65 5.30
100 175 185 Kanawha & Michigan 6*..
PIMA & Reading C& I ref58_1973 J J 100 Sale 9914
60
4
1
/
100
93 10014 Solar Refining
5.25 6.05
96
-100 95
Southern Pipe Line Co.
Pierce-Arrow as
Equipment4345
1943 M
7918 59
70
7818 Sale 78
82
100 124 127 Rams City Southern 530. 5.35 5.05
8
847 102
Pierce 011 f 88
3D 9934 Sale 97
South Penn Oil
1931
9934 54
5.30 5.00
SouthwestPa Pipe Linee..100 8412 86 Louisville & Nashville
Pillsbury Fl Mills Se (rata).. _1943 AO 96
2
98
98
98
94% 98
5.15 4.95
Pleasant Val Coal lot g f 55 1928 J J 96
Equipment054.
_
93
9613 July'24
963 Standard 011 (California) 25 *56)2 117
97
4
5.201 4.80
25 *5514 55% Michigan Central 55 & Ss_
Maw:Usual
Standard
Pocall Con Collieries 1st s 581957 J
9012 94
9312 94
93 June'24
25 *3)1
40 Minn StP&SBM *is& Si 5.30 5.00
Standard 011(Kan)
Portland Gen Elea lot 5e._1035 3.1 98
3 95 99
8
9812 97%
977
Equipment 6348 & 75___ 5.3(1 5.10
Standard 011(Kentucky) 25 *1101. 111
Portland Ry 1st dr ref 58._ 1031) MN 97% 98
5
4
1
/
90
9312
9013
86
Portland Ry Lt& P 1st ref 531942 B A 9
Standard 011(Nebraska)100 227 232 Missouri Kansas & Texas Os 5.70 5.25
25
88
80% 90
4
1
/
014 90 8514
4
/
Ss B
1947 MN 94 Sale 94
89% 9554 Standard 01101 New Jer_ 25 *341 3414 Missouri Pacific 68 & 630._ 5.70 5.40
9414 21
100 118 11814 Mobile & Ohio 4345 & 50..... 5.15 5.00
Preferred
18t & refund 734e Ser A...1946 MN 10412 105 104% 10512 14 103 10512
4
`3813 383 New York Central 430 & 60 5.00 4.50
Porto Rican Am Tob 8s___ _1931 MN 105 106 105
1 104% 10518 Standard 011 0!New York 25 ,
105
5.30 4.95
100 -,7 282
Equipment68
Standard 011(Ohio)
1933 J
Pressed Steel Car 5s
9112 Sale 897
9112 21
s
88% 95
5.10 4.95
100 * 1.8 I:37
(
30
512 2 )
Equipment 75
1237
Preferred
Prod & Refs I 88(with war'n[8)'31 3D 112% 114 11314
1 109% 116%
11314
4.95 4.75
100
Norfolk & Western 4345
Without warrants attached.._ 'ID 11014 Sale 10934 11014 20 106% 11014 Swan & Finch
5.15 4.95
100 103 107 NorthernPacific 75
Tank Car Co
NJ gen 58 1959 AO 98 Sale 9734
Pub Serv Corp of
Union
9812 68
77 100
5.10 4.95
100 113 115 Pacific Fruit Express 75
Preferred
Punta Alegre Sugar 7s
1937 J J 107 Sale 1064 10714 143 106 122
1
/
4
25 *6113 613 Pennsylvania RR eq be & tie 5.30 4.90
,
Vacuum 011 new
1937 MN 9312 94
Remington Arms 65
9378 14
4
1
/
93
92
9512
5.37 5.10
10
Pitts & Lake Erie 634s
RePub I & S 10-30-yr 58 1-1940 AO 9513 Sale 9512
4
963 Washington Oil
9612 15
93
5.60 5.25
Other 011 Stooks
Equipment65
5345
1953 J J 9012 Sale 9012
9138 38
87% 9158
5.00 4.75
(I) 43
Reading Co 434e & 58
1952 J D 797 Sale 7812
Romans ac Myers a (l's
:
NI Atlantic Lobos 011
75%
3
3
313
8
797
.
12 St Louis & San Francisco 55- 5.40 5 10
50 46
Preferred
Roth & Pitts Coal& Iron 55.1948 MN 90 __
91
Jan'24
91
91
1
25 *57
57% Seaboard Air Line 4345 & ifs 5.90 5.40
R tilers-Brown Iron Co 75- _1942 NI N 7512 Sale 75%
Gulf Oil new
79% 12
90
74
84
2 Southern Pacific Co 4348_ 5.00 4.80
4
*23
_1937 MN 83
St Joe Ry Lt Ht & Pr
Mexican Eagle 011
8434 83
83
4
763 84
5.10 4.95
6 •97, 10
Equipment 75
Mutual 011
St L Rock Mt& P58stmpd_1956 J .1 73
75
76
75
80
75
5.15 4.95
100 90 102 Southern Ry 4348 & Is
1924 A 0 5412 57
National Fuel Gal
St Louis Transit 52
55 July'24
5212 58
5.45 5.20
Equipment Bs
1937
St Paul City Cable ta
4
Salt Creek Produce,,_, 10 *2314 2312
943 96
9414 July'24
01% 95
5.60 5.30
6 .113 14 Toledo & Ohio Central Ss_
3
' 10078 Sale 100
St Paul Union Depot 56_1972
4
/
1011 44
9512 10118 Sapulpa RsOslott
5061 4.90
78
S 10412 1047 10412 1044
1942
Sake Co 76
3 102 105
8
1
/
Union Pacific
3
Public Utilities
' 9812 Sale 9812
Tobacco ......
San Antonio Pub Ser (Is__ .1952
9914 41 9384 100
76%
79 American Cigar COMM= 100 75
Sharon Steel Hoop let 86 ser A '41 MS 102 Sale 10178 102
(I) *78
6 100 102% Amer Ga.& Eleo new-87
100 84
47
50 *46
Preferred
1942 A 0 1021. Sale 1021 . 103
Sbeffleld Farms 6393.
.
6 10011 10312
Preferred
145
M&N 95
9114 Sale 90%
9138 19
Deb es 2014
Sierra & San Fran Power 5s..1949 P A
8378 913
8
96 Amer Machine & FdrY-100 *223 ,155
41 23 4
3
MS 9
Light & Trao com-100 134% 135 British-Amer Tobac ortl- El
,
Sinclair Cons 01116-year 79-1937
366
92
Amer
014 Sale 8812
87% 97
4
4
£1 *223 233
Preferred
1938 in 84 Sale 8312
100 92 9212
6B
85% 177
4
/ (w1)
61
Bearer
83% 9014
61
8
10018 229
Amer Power & Lt com 100 287 288 Helme (Geo W) Co, new 25 *58
tcnclair Crude 0115348
1925 AO 997 Sale 9934
97 100%
100 111 113
1926 B A
100 90 92
Preferred
4
993 Sale 9934 10012 163
Preferred
7
05 8 10012
1612
16
1942 A0 8412 Sale 84
M&S 94
Sinclair Pipe Line 55
4
843 120
Deb 08 2016
81% 88
95 Imperial Tob of0B & Irei'd .
3
10213
South Porto Rico Sugar 78 1941 J o 10218 1023 10214
4 100% 10412 Amer Public Util oom--100 65
Int Cigar Machinery.. 100 55 65
93 Sale 9712
100 76
9812 17
7% prior pref
South Bell Tel & Tel lets f 561941 .1
Johnson Tin Foil & Met-100 75
9912,
94
95 4 Sale 95%
100 62 65 MacAndrews & Forbee-100 143 14,5
339
3
96
Erwest Bell Tel 1st & ref 58__1954 BA
4% oartio pref
93% 96
100 98 101
Blackstone Val0StEcom 50 72
75
4
Southern Colo Power 6s____1947 3' 913 Sale 9118
6
4
913
92
Preferred
87
32
100 30
Carolina Pow & Lt oom-100 142 145 Mengel Co
105 May'24
Stand Gas & El cony of 68_ _1928 Jo
100 105
Service Co com
series- ___1933 MS 99 Sale 99
100 137 13713 Porto Rican-Amer Tob-100 50 58
100
Cony deb g 6328
Cities
67
9412 100
32
1930 MN 99
Preferred
100 73% 737 Universal Leaf Tob oom_100 30
9914 98
98
Standard Milling let Si
5
8
9534 98%
85
J 10512 Sale 10478
100 7ti7
106
30 103 106
CitiosServioeBankers'Shares 13% 14
Steel & Tube gene I 7s Ser C 1951
Preferred
100 115 121
97
8
9618
97
Sugar Estates (Orient!) 75..1942 .MS 96
9612 9712 Colorado Power corn.._ -100 33 35 Young (J 8) Co
Preferred
1
100 86
98 97 4
Oil
Syracuse Lighting 181 58 -1951 3D 97
3
74
93
--100 103 106'
92
973
Preferred__ -4
J 10478 _ _ _ 1047 7iIay'24
Com'w'th Pow Corp com (I) *051 061:. Rubber Stocks(Clecelogg) 3rfeta)
8
Light & Pow Co coil ire 156'54
4
/
841 105
4
1
/
_
101
100 78
101 July'24 Preferred
Fenn Coal Iron & RI'. gen 56 1951 J
130 Firestone Tire & Rub corn 10 *65 66
9914 10212
- 100 9512 97
10114
Consumers Power prof. _100 90
93
Tennessee Cop let cony 63_1925 MN 1013 1017* 10114
9712 103
6% preferred
D 973 Sale 9712
1947
4
100 8512, 8619818 so
Tennessee Elec Power 6s_
93% 93% Elea Bond & Share pref-100 x101 102
% preferred
7
min, 106
1960 J J 5912 Sale 56%
(I) *151 17 General Tire & Rub corn 50 160 1175
Third Ave 1st ref 411
4912 5912 Elea Ry Securities
54
100 11(4 100
459
Adjustment Income 5s-61960 AO 54 Sale 49
Lehigh Power Bectulties-(2) *701 8013
3913 54
Preferred
9512 94 July'24
Mississippi Riv Pow corn 100 30
1937 J J 94
Third Ave Ry let e 58
31
8
927 96
Goodyear Tire & R com_100 1113 12
1931 B A 10314 Sale 03
10338 20 102 104%
Preferred.
100 841 8612 Goody'r T&R of Can PI-10 471
72
Tide Water 011 6145
0
73
1941 MS 108% 10813 10812 109
Toledo Edison 78
First mire 5s. 1951...J&J 98
26 100 109
97 India Tire & Rub com_100 70
80
1925 B A 10014 Sale 100
100 70
F g deb 75 1935__M&N 1021
10014 20
Toledo 'Frac, Lt & Pr Os
9812 10012
- -Preferred
g
(5) *133 135 Mason Tire & Rub com.(f)
922 Nov'23
I% 114
Trenton G & El let g 55-.1949 ▪ S 957
Nat Power & Lt corn
90 87 Deo'23
82 17
100 15
Preferred
Undereed of London 4345-1933 J
(2) *891 9113
jecj 06
.
68
3 7813 881 8914 Oct'23
'
1948
Income Os
100 6.5
Income 7s 1972
97 Miller Rubber
96% Bale 9614
9714 65 '55' "i61- Northern Ohio Electric-(i) *111 13
1942 MN
Union Bag & Paper 68
100 95
4 Preferred
Preferred
10
Union Elea Lt & Pr let g 58_1932 MS 9913 Sale 9912 100
100
9
100 321 34 Mohawk Rubber
9713 100
50 55
98 Sale 97%
N
98
6e
1933
41
North Stated Pow corn.100 9912
90% 98
Preferred
75 May'24
*334 414
Union Elev (Chicago) 156-1945 AC
_
Preferred
100 93N
_ Selberling Tire & Rubber(I) 50 60
75
70
4
/
9818
2- 981
1931 33 981
Union 0115.
100
9514 9812 Nor Texas Elec Co oom-100 GI
04
Preferred
4 102
15
es
c1942 BA 1013 100 10134
11
Preferred
100 70
73 Sw1nehart Tire & It com_100
9913 102
3
104 8 15 103 10518 Pacific Gas & El 1st pref 100 9012 9134
Union Tank Car equip 75-1930 AA 104 Sale 104
100
Preferred
115
23 111% 115
1941 .113 115 Sale 14%
United Drug cony 88
Power Securities com___(I) *13
14
4
/
9734 42
United Fuel Gas 1st f Os_ -.1936
3
' 961 Sale 9612
Second preferred
(I) *38
Sugar Stocks
92% 9812
42
9713 Sale 9714
98
13
United Rye Inv 58 Pitts issue 1926 MN
116
50 •10
Coll trust ets 1949._ _J&D 88 92 Caracas Sugar
91
98%
6712 67
671
76
United Rye St List g 4s_ __ _1934 ii 67
8 61% 70%
Incomes June 1949_ _F&A f74
77 Cent Aguirre Sugar cam 20 *74 .
9012 Sale 9012
901
99
4
United SS Co int rats 6s
N
1937
100 296
86
9012 Puget Sound Pow & Lt...100 5912 61 Fajardo Sugar
101
United Stores 6s
12
1942 AO 101 Sale 01
100 78
9814 101%
6% preferred
83 Federal Sugar Ref rein--100 55 60
:
US Hoffman Mach 8s
100 90 100
3
7% preferred
' 1061 107% 07 July'24
1932
100 d100 13313
103 108
Preferred
4
1
/
997 June'24
8
US Realty & I cony deb g 581024 3.1
Gen mtge 7345 1941 _111&N 105
99% 100
Godchaux Sugar. inc.- -(I) *312 512
8284 Sale 8212
83
U El Rubber let & ref 58ser A 1947• J
24
132
100 21
Ill & Light-100 37
79% 877 Republic
5
Preferred
38
103
10
25
44
-year 734e
22
Preferred
1930 B A 102 102% 0212
100 841 66 Holly Sugar Corp COM- a) .
99% 10612
4
/
8 10173 56
017
US Smelt Ref & M cony 65_1926 FA 10112
79
100
South Calif Edison com-100 100 101
99% 101%
Preferred
7
4
1043 114 102 105
U Steel Corp(coupon .....d1963 MN 113412 Sale 03 8
8% preferreo__
10o 100 120
100 114 118 JUDOOO Central Elogsr
_ 04 June'24
if 1040-yr 5siregistered 41963 MN
89
Standard Gas & Elea
4
1015 105
National Sugar RefMing 100 87
5
86 5 20
8
Utah Light & Traction 5e....1944 AC 857 Sale 8518
90
cutn prior pref....- _100 92
100 Z85
941- New ?Cullom Sugar
80
87%
4
/
921 Sale 9214
9255 24
Utah Power & Lt let Is._ _1944 FA
4
2
8% cum pref_____ ____,60 *4912 50? Santa Cociiitt Sue Corp p1100
4
5
87 4 935
9712
4
/
971 -- - 9712
3
Utica Elea L & Pow let sf5.1950 ri
Tennessee Elea Power...
9738 98
(2) *391 40 Savannah Sugar cOm --At) *760 63
:
971 9714
9712 15
97 Utica Gas & Elea ref bs
1957
84
Ion x81
Second preferred
94112 953
Preferred
(2) *65 653
4
4
63
126
Va-Caro Chem 1st 78
1947 Jo 6214 Sale 6112
100 3014 3114 Sugar Eats(ea Oriente p1100 390 9312
5318 8512 Western Power Corp
4
313 Sale 31
3214 61
12-yr 7193 with warrants_1937
26
Preferred
28
100 80
8113 West India Sue Fin com-100 22
734
- 31
3214
Without warrants attached_
.1 30
3
26
Shen Tenn Securities
100 22
76
27
Preferred
91 8
V.Iron Coal & Coke 1st g .5s 1949 MS 9012 ---3 9012 July'24
Am Cot Oil Os i924.M&52 10018
88
92
IndustrIal&Miscsil
923 9312 93
9412 13
4
Pow 1st & ref 55
1934
V.Ry
9412 Anaconda Cop Min83'29 J&J 10314 10353 American Hardware_ __100 68% 0913
88
9412 19
Vertientes Sugar 78
1942 Jo 94 Salo 94
894 97% A neto-Amer0117%8'25 A&O 102% 1023 Amer Typefounders corn 100 99 101
4
102
1941 SD 102 Sale 101
Warner Sugar 75
_
23 101 1034 Federal Sug Ref 68'33M&N 9812 99
100
Preferred
9212 Sale 9214
984 11
1
/
FIrst& ref 78Ser A
1939
120 122
100 1009814 Hocking Valley 55 1926 M&S 100 4 1011 Babcock & Wilcox
91
4
/
5
1 J 10014 10112 10014 July'24
Wattli Wat Power s f 58_
12
(I) *10
Interboro R T 8o 1922_24/kg
,
99% 101%
bitss (E W) Co new
go%
:
991 9914
99
Wretches Lie e 58stmixi gtd 1950
3 96% 99% K (I Term Ry58
50 *53
Preferred
9412 19
West Penn Power Series A 551946 MS 9438 Sale
J,14.11 1031
6;48 July 1931
4
1
/ 9513
89
Borden Company oom_100 124 126
:
10384 10412 1034 1031:
Scrim C....1958
1st 40
4 101 10434
-yearns
51251
100 103 105
1928 10214 1023
Preferred
4
107 10714 107
107
51940 B A
2 10414 107 4 Lehigh Pow Sec Si'27..F&A 100% 10113 Celluloid Company
1st series 1)7.
100 50 60
.3
92% Sale 92
4
1
/
5
92 4 47
1983 M
61E
100 103 107
sesk 93
Sioes-bliteff EMI 65 '29_F&A 10112 10212
Preferred
98% 512
1944 AO 98% Sale 98
Western Electric deb 5s
39
9613 997 U 9 Rubber 754. 1930..F&A 102 103 Childs Coat9mM COM Dcw(f) *37
8
100
.1 100
100
6
Western Union coil tr cur 58_1938
Joint Stk Land Bk Bands
100 111 114
9614 100
Preferred
9312 - 1 93
93 4
9312
Fund & real estam g 445_1950 MN
8
8
S.5
903 94
Chic it Stk Land Bk 55_1951 101 1013 Berculee Powder.....--10C
90
4
A 111% Sale 110%
11134 26
1936
-year 6148 5
15
55 1952 opt 1932
100 101 103
Preferred
101 101%
4
/ 10812 59 108% 11214
N 10812 Sale 1081
Westinghouse E & M 7s_ _1931
Si 1963 opt 1933
10634 10914
100 70
751s
10112 10214 International Salt
3
6918 21
' 69% Sale 68
Wickwire Shen Steel let 75_ -1935
541
7978
10214 10312 International Silver ore! 100 103 105
SIft 1951 opt 1931
98 Sale 97
4
1
/
98
1933 MS
40
Willys-Overiand f Os
81
4'e 1952 opt 1932
3
97 4 93%
99% 10012 Lehigh Valley Coal Sales 50 79
89
Wilson & Co 1st 25-yr 8f 68 1941 A0 88% Sale 88
73
80
43's 1952 opt 1932
8
971. Phelps Dodge Corp
983
95
100 99 105
1
/
53
1928 J D 50 Sale 484
37
-oar cony of Os
l0
44
9234
4 s 1963 opt 1933
9934 10053 Royal Baking Pow com 100 130 135
58
4
/
561
6312 13
1931 P A .55
7345
Pac Coast of Portland, Ore
Preferred
104) 99 101
4713 100
4
4
/
1941 AO 1015 Sale 1011 102
15 100 4 102%
Winchester Arms 7328
3
58 1954 op 1934
4
J&J 101 11017 Singer Manufacturing._100 1411 148
1943 3' 9558 Sale 9538
5% 107
9
vountr'n Sheet & T 68(w
94% 97
•Per share. I No par value. b Basis. d Purchaser also pays accrued div deed
*No price Friday,latest bid and asked. aDue Jan 41Due April. cDue Mar. eDue c New stock. !Flat price. k Last sale. n Nominal. x Ex-dividend
,
3 ha-rights
May pDue June. hDee July. kDue Aug. oDue Oct. pDue Dec s Option sale.
I Ex-stock dividend. s Sale price. r Canadian quotation.
L
BOSTON STOCK EXCHANGE-Stock Record
312
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
July 12.
-
Monday.
July 14.
Tuesdng,
July 15.
Wednesday, Thursday,
July 16.
July 17.
Friday,
July 18.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Stnce Jan. 11924
PER SHARK
Range for Prestos.
Year 1923.
Lowest
FlIghest
Lowest
Fltoltest
Share*.
Railroads
154 154
153 514
.
8153 154
153 151
15312 154
77 Boston & Albany
15312 15312
1457 Mar 27 151 May 26 143 Apr 151 June
s
100
7312 74
74
74
74
74
7312 74
734 733
4 7312 733
4
222 Boston Elevated
100 7312June 24 80 Jan 8
75 June 84
Jan
•90
-- *90 -92 .9012 92
*8914
*90
92
62 Do pref
8914 90
100 89 June 18 96148lay 10
,
914'Aug 100 Mar
113 11312 113 113 '113-- -•11212
'112 _ _
37 Do 1st prof
100 110 June 18 11614 Jan 24 11118 Aug 125 June
98
98
.98 _ _ _ _
98
984 9318 -9812 *973 -- -- 98
4
76 Do 2d prof
iiiii
100 9512June 10 100 Feb 27
95 Nov 106 Mar
1312 1312 137 137
13
13
13
13
8
2 14
1484 1412 16
2,409 Melton & Maine
100
84 Jan 2 16 July 18
7 4 Dec 2012 Mar
8
*13
•13 _ _
•13
•14
Do pref
100 12 Jots 10 15 Feb 4
7 Dec 27 Feb
.12 16
16
1512 16
16
16
1612 17
16
1.1;
1,363 Do Series A let pref
100 13 June 12 19 Jan 10
1213 Oct 324 Mar
22
22 22
22
22 22
*22
24
24
80 Do Series B Sat pref
100 1713 Jau 2 2112Mar l
1513 Dec 48 Feb
*20 _ _
20
*1912
- •
1912 - - - .20
Do Series C 1s1 pret_100 16 Feb 27 23 Apr 5
154 Dec 42 Mar
2818 2913 •2713 29
•28 _ _ _ _ •
•2812 2812 2812 -23
_. Do Series 11 let pret
-12
100 23 Jan 3 34 Apr 5
20 Dee 59 Feb
1504 15012 8 150
*150
'
•151
_ _ _ _ .151
10 Boston & Providence
100 143 Jau 4 15012July 14 135 July 16013 Jan
25
•_
25 •_ _
263
4
25
East Isfass Street Ry Co-_100 18 M 4y 12 27 July 30
18 Feb 35 Mar
•_ _
67
67
67 •_ __ 67 *__ _ 67
Do 1st prof
1001 5812 Jan 8 64 June 27
58 Doc 72
Jan
5612 5612 *5612 57
.
5612 57
5612
55
30 Do pref B
100 43 May 25 587
83u1y 23
4
508 Dee 65 Mar
34
*31
3312 333 *31
3312 3212 33
4
3212 3212
120 Do adjustment
100 23 May 21 3912 Feb 14
Dec 46 Mar
31
_ East Mass St fly (tr ctfs) 100 318 Apr 23 3913 Feb 11
4
31 Nov 45 Mar
•
26
30
27
29
30
30
27 Maine Central
30
30
100 25 June 19 3712 Apr 9
2213 Dee 43. Jan
243
8 2418 2512 2512 257
24
s 2514 267
8 264 273
s 2614 2112 16,911 NY Nil & Hartford
1001 14 Jan 3 2712July 18
9 4 July 22'2 Jaa
8
70
70
•70
*72
___- .72
r Northern New Ilampsiotre_100 62 Jan IA 70 Jaly 10 62 Dee
Fer
•
96
99
96
93
99
99 .98 ____
11:Norwich & Worcester pret.1001 80 Jau 2 99 J ily 15
- _ -.__ _ _ - 75 Dec 100
Jao
86
87
87 87
88 88
38
83 .98- .86
155.01d Colony
87
.
100 7213 Jan 4 8312Jaly 18
881
87
6412 Oct SI
Feb
37 3737 3712
120IRutland pref
100 34 Mar 3 414 Jan 14
12
214 Aug 334 Dec
;io- -§ii-2. 81-1- .82
84
149; Vermont & Massachusetta_100 70 Jan 22 85 Mar 13
-8S - - 2
2
85
h
35
70 Nov 98
Jal
Miscellaneous
I
I
*15
8 17
8 4118
8 17
8 *153 17
8 •14 178 •13
2 Ps _ _ _ ____ ____ __ Amer Pneumatic Service
25
2 2,10 18
114 Apr LI
1 Sept
34 Jar)
1313 1313 *13
.13
14
1312 1312 1312 13
13
50 Do pre(
13 ,
50 12 Ian 3 15 June 5
13
12 Deo 20 Jai,
1224 12314 123 12314 123 1234 12314 13312 123 1234 123 12314 3,6171Amer Telephone & Teleg_100 121 June 21 WON Mar 12 119 June 128'2 Dec
71
72
718 76
4
696 Amoskeag Mfg
76 '
No par 65 Apr .14 83 Jan 14
758
4 75
7512 75
753
4 75
75
6713 Oot 112
Jal
44_
•x___ 74
734 •z _
733
I Do pref
4
No par 7134N.lav 7 7712 Jan 19
Oct 83
72
Jan
'
▪14
17 '414
17'
14
17 •z14
17 *.z1:1
17 , ,
16 Feb 15 16 Feb 15
144 Nov
164 Ma
,
443
712 +13
712 "6
712 .6
713 .
6 Juno 10
6
712' - -6- -- - 1 ___ if:6 1ilarrac
t
i
- ar
i
aogu°' Inoisio pl0
ns
1014 Jan 8
8 Dec 2012 Pen
*10612
'
:10313.. _ _ •z10312_ _ __ .z10312 ___ ____ _ ___' ______'Boston Cons Gas Co pref _ _100 104 Jan 13 103 July 1 104
*10612
Oct 10812 Feb
•
.07 .10 •
.07 .10 •.07 .10 •.07 .10 1 .07 .15 ____
.
_
Max
_ ___ BtYrus_No par .07 Mar 29 .20 JUU 10 .05 Dec .30
Jan
2412 25
2413 2518 25
95 .25
in 23 June 25 2818 Mar 5
Connor Voim
2513 2412 - - -, _ 1,605_
PT;
25
2514 25
19 July 27 Mar
*25
26
•2512 2814 .
2512 9614 *2512 2614 *254 9314 __ __ _ _
I Dominion Stores. Ltd
24127.1.4y 22 304 Fel, 14
2513 Dec 264 Dee
*85
90 .85
90
"85
*35
90 .35 90!
90
Preferred A
100 84 Jan 15 85 Jail 5
•213 312 *212 3
212 212 *212 312 .24 312
11 East Boston Land
10
214 Mar 5
3 Feb 25
- 4
*4
5
*4
5
413 412
*412 5
115 Eastern Manufacturing__ 5
412 I oly 16
412
5
112 •i8s --- I
813 Feb 8
1418 Mar
5 Dee
*47
50
50
50
50
48
50
---------40 Eastern SS Lin,Inc
48 .48
*43
25 38 Jan 3 554 Mar 8, 31 Nov 12712 Mar
es
$43513 37 *23512 37
37 1 358 3614 _ _
.36
4
37
71 1 Preferred
37
No par 35 Jan 25 40 Feb 7
35
Oct 40
Oe.
*86
83
*86
-------27, 1st preferred
88
91
88
_ _ .38
83 •88
- -:
100 8512 Jan 8 93 Mar 8
85 Aug
38
Or,
1803 181
4
182 183 21793 180
17912 181 180 181 ' 182
8214 1,183 Edison Electric Ilium
4
100 16312 Jan 2 183 Illy 14 1.1523 Nov 172
8
Jan
.
3
4
.278 4
24 Jan 17
3 4 . _ _ __
"27
. ____ _ _ 1 Elder Corporation
No par
8 4 1 •27
•2 s 4
7
4 8May 14
8
1072 Jan
14 Dec
.28
30
30 .28
31
31 i 32 - -- ,
30
2914 •2812 31)
45 Galveeton-Hou.ston Elec_100 13 Juts II 32 July 18
32
5 July 294 Feb
' ___ _ _ _ Gardner Motor
No par
5 Jan 2
013 Jan a
514 Dee
1512 Ma,
1313 1324 lg.' - - - 1314 I31- - ii- - -1
;434 -14
11
*131-4 14
290 Greenfield Tap & Die
4
4
25 128 Mar 31
13 4
l57 Jan 7
Feb
8
148 Nov 24
4
+46
47
47
47
47 4714 47 47
130 Hood Rubber
No par 48 Mar 25 52 Jan 8
50 Dec 6312 Mar
46
46
.46
*4514 46
47
"45
*4' 46
458
20 Internal Cement Corp_No par 41 Apr 23 46 July 12
_
4
•__
32 July 44 Mar
18.15 .30 •.15 .30 •.15 .30 •
.10 .50 •
.10 .50 ____ ____ ______ International Producta.No par .10 Feb 18
112Mav 26 .10 Dee
3 Ms.,
•114
2)0 prof
_
100 25 Feb 14
•114 -- - -I *113
_ ___
2 June 20 .60 Dec
8 Ma,
Kidder, Peabody Acceptance
Corp Class A pre(
100 80 Jan 3 8334 Mar 22
*8
. 1
314 8312 *8314 8312 *8314 8312 *3314 8312 *8314 8312 -80 May 8312 Feb
413 44
•48
8 5
48
8 44 044 5
.44 5
5 1
134 Libby, McNeill & Libby
5
4 June 12
10
612 Jan 4
812 A us
44 Dec
711 •
70
70 ; __ _ _ _
_
70 * _
Lincoln Fire Insurance
70
20 70 Jan 9 70 Jan 9
984
934 •10
"10
10
101
------------112.'
. 10
10
10
Loew's Theatres
25
9 Mar 21
1012 Jan 9
Tie
hi
Api
•7012 7113 •7013 _ __ £6912 6912 7012 71
46 Massachusetts Gas Cos_100 69123uly 7 81 Feb20
71
71
704 7012
734 Dec 8712 Jan
64
63 4 638
8
63
4 63
6312 633
633
4 6372 6378
248
638 64
4
Do pref
100 62 June 26 70 Ian 81
Jan
62 Dec 73
*158 159 *158 15912 15912 15912 159 15912 15312 15812 ____ _ _ _ _
:1
er
dea t I
tan ntyLei21118 150 Apr 22 162 July 3 147 June 179
' 1, 211 Neygennhter Lieot
Jan
12
12
12
1218 12
1214 12
1214 *12
12
612 Jan 2 174 Feb 21
3 Dec 144 Feb
1828 4 29
8
29
31
294 29
294 304 3014 398
4 301, - - 83 4 1.6611MIssissippl River Power.__100 19 Feb 13 31 July 15
6
18 Nov 2314 Jan
*85
86
*8412 86
*85
8612 .8413 3612
8612 *85
Do stamped pref
100 80 Jan 4 35 July 8
Jan
Feb
84
80
*214 212 *214 212 *
214 213 .214 212 .214 212
151 Natlorial Leather
10
238 - 283
2 Apr 24
44 Jan 28
11./G, Dec
8 4 Feb
8
44 414 *38
4
4
4
4 1
4 412
4
44
I 2,342 Now England 011 Corp tr ctfa_
2 Jan 2
Oet
44 Sept
53 Apr 8
4
2
•I6
__
_ _ •16,
_I
._ . _1 Preferred (tr ctts)
100, 17 Jan 10 3114 Ma! 20
Oct
16
124 Dec
10612 107
105 106 •1610612 10714 10612 107
107
1,230 New England Telephone 1001 10312 Apr 24 1154 Jaa 31 110 Dec 122
107 1672
- -1
Jan
•19
1934 *19
197 *19
8
193 .19
41
1934 *19
'Orpheum Circuit. Inc
1911
1 1 14 Jan 16 204 Jan 2
July 21I
t6
168
4
8178 82
81
z83
85
85
8212 84
83
84
605 Pacific Mills
72143000 30 37 Feb 14
8313 84
34 Dec 190
Jan
•154 154 8115
1512 151s *154
*1512
15 Reece Button Hole
1(11 148 Jan 5 1514 Apr 2 3143 De
4
18 Mar
4
•28
8 3
*Vs 3
*283 3
.28
8 3 I .24 3
simsmuneta
fleece Folding Machine...- 10
218May 14
3 Jan 2,
2 Jan
314 Mar
.15 .50 •.15 .50; •.15 .50
.15 .50 •
•.15 .50 *
5 .15 Apr 14 .40 Feb 15' .10 Dec
2 Feb
10114 10112 10114 10112 101 10112 10114 1013 1014 1013 1014 I0114
4
854 Swift & Co
100 100 Juno 11 10512Mar 61 9313 Jun 1094 Jan
- 4
*38
3212 *3712 3812 *3712 3812 3812 3312'.37
34 Torrington
.
3812
25 3512June 3 424 Jan 111 3984 De
50 Mat
8
b
__
Union Twist Drill
5
7 Feb 2 10 Feb 181
6 Dec 11 Mar
3614 3618 3614 36
36
3612 35 8 3612 3612 3684 364 37
8
4,410 United Shoe Mach Corp__ 25 34 Jan 3 333*JulY 11 3212 Nov 5584 Mar
•25 4 2614 26
26
3
2684 2534 26
263
4 2612 2
1)0 prof
25 211s Feb 29 27 Jan 7i 244 Jun
612 2612 2612
159
2814 Jan
8
22 ,4 22 8 2214 2213 22134 22
3
2114 2183 2118 214 207 2114 2,725 Ventura Consol 011 Fields_ 5 207
2July 18 27 Jan 29; 194 Aug 30 Jan
8
1614 1612 1612 17
1632 167
g 16
3,290 Waldorf Sys,Inc. new MN° par
163
4 16
1614 16
137 Apr 30 1714 Jan 9
2
16
1
15 Dec s221/ Mar
*712 9
"7
9
.7
9
*7
9
15 IValth Watch Ci B com_No par
613 Jan 11 1012 Feb 1
13 Mar
5 Feb
*15
1512 15
1513
15 .15
1512 15
Preferred trust ctfs
15
100 14 June 10 2312 Feb 13
175
1412 1412
15 Dec 2913 Mar
18
18
18
18
.1718 18 .1718 18
1718 1712 1618 1312
184 Walworth Manufacturing_ 20 1512June 20 2114 Feb 11
1114 Jan
18 Dee
344 344 33 8 344 3334 3414 3312 34
7
34
3414 3372 34
1,160 Warren Bros
50 294 Jan 3 388 Mar 12
4
2513 Jan 344 Mar
"38
39
37
3613 38
37
*364 38
163 Do 1st pref
*3612 38
50 343 Apr 25 41 Jan 25
4
3013 Dec 3912 Mat
•38
40
40
*38
*38
40
*38
40
*38
Do 2d prof
40
.50 38 Mar 5 42 Jan 13
33 July 42 Mar
Wickwire Spencer Steel
5
2 May 9
51,4 Jan 14
3 Dee 1212 Feb
Mining
.
.
1.20 .50 *.29 .50 •
".20
.20
_____ AdventureConsolidated
25 .20 Apr 8 .20 Apr 8 .10 Nov
•
.20
Feb
I
•.05 .15 •.05 .15 ..05 .15 8.05 .15 •.05 .15 •.1 ... _,
Algol/v.1i Mining
25 .10 Jan 15 .20 Mar 20 .10 July .50 Mar
:1_1
!).:
•114 112 •114 112 *114 112' •114 112
10 Arcadian Consolidated-- 25 .75 June 16
1, 114
4
214 Jan 8 .70 July
44 Mar
8ss 88
83
2 83
8
2
84 888 *812 Ests
81
4 914 *83
a
8 Jan 2
4 914 2,190 Arizona Commercial
7 Dec 1413 Mbr
(18 Jan 7
4
*16
17
"16
17 •16
'16
17
*16
17
Bingham Mines
17
*16
17
10 14 June 13 18 8 Jan 15
1413 Oct 19 Fea
7
3
1434 143
4 143 1458 144 148
4 1413 148
8 144 15
154 1614 4,045 Calumet & Heels
81slay 15 1978 Jan 7
25 138
17
Oct 49 June
1
•1
1
1
14
I.
1
1
1
1
615 Carson Hill Gold
1
1
1 Mar 31
1
14 Dec
3 Feb 1
94 Fob
22
2212 22
4
203 214 217 22
4
22
22
1,760 Copper Range Co
238
/4 243 25
8
25 18121000 6 267 Feb 15
s
224 Oct 468 Mar
4
Davis
-Daly Copper
34 Jan 3
10
44 Jan 23
214 June
5 Feb
4
4
4
4
314 34
314 34 .3 2 4
35 - 4
4
,
1,200 East Butte Copper Mining_ 10
4 8 Nov
8
54 Jan 24
314July 15
114 Mar
•
.45 .75 •.45 .75 •.55 .75 •
.55 .75 •
.55 .65
25 Franklin
25 .411 May 24
.50 .50
1 Jan 8 .30 May
2 2 Mar
8
*.75 I
I
•.75 1
*.75
•
.75
1
".75
I
440 Hancock Consolidated
1
112
25 .75 June 20
2 Jan 28
1
Oct
4 Mar
.22 4 2312 23
4
3
2314 •228 2312 2314 2314 .223 2312 2314 234
4
215 Hardy Coal Co
1 21123une 24 2812 Jan 7
248 Mar 334 June
4
•.70 1
".70 1
•.70 .90 •.70
•
.70 .90 •.70
Helvetia
25 .30 May 10
1 June 26 .10 Sept
1
114 Feb
109 1098 109 11012 111 116
10812 109
10812 10812 108 109
8
977 Island Creek Coal
I 944 Apr 2 116 July 18
9312 Nov 11512 Apr
*9512 96
93
*954 96
9612 9612 93
"9512 96
2
Do pre(
*954 96
1 90 June 4 9612July 10
9014 Nov 10013 Mar
17 17
13
12 4 13
8
3 1312 15
1312 134 133
1,205 Isle Royal Copper
15
25 12 June 7 20 Jan 3
16
16
Oct 334 Mar
+14 18
4 •11. 13
124 •11., 13
18
4 "112 184 •112
4
Kerr Lake
14 Mar 5
4 *113
5
24 Feb 13
14 Dec
34 Jan
'
.60 .75 •
.60 .75'
.60 .75 •.60 .75 •.65 .75 •
Keweenaw Copper
25 50 Jan 7
.65 .75
1 Feb 10 .60 Sept
24 Mar
*112
112 •114 113 *114
134 •
184 "114
Lake Copper Co
18
4 *114
112 2
25 .90 Apr 3
18 Jan 28
4
1
Oct
514 Mar
•.75 1
•
.75
'
1
11.75 1
•
.75
1
•.75 1
La Salle Copper
•
.85
1
25 .70 Juno 13
114 Feb 8 .50 Dec
34 Mar
*114
112 *114
112 *114
183 *14
Mason Valley Mine
112 •114
1,
132July 7
3 *114
5
2 Mar 7
13
4
118 Nov
24 Mar
•.70 .80 •
.70 .80 '.70 .80 .
1..70 .80 •.70
1.70 .80 '
Mass Consolidated
80
25 .60 Jan 8
1 Jan 5 .50 Dec
414 Mar
18
3
114
4
4 *112 13
114 •112 13
131. Mayflower-Old Colony-- 25 .80 Apr 9
184
134
17
4
13
4
2 Jan 11
113 Oct
7 Feb
25
2612 26
2613 2612 26
27
231b 28
26
27
631 Mohawk
2912
25 231231mne 13 3512 Feb 15
Oct 71 Mar
27
1734 1734 17 8 18
7
1814
1813 18
18
1312 18
1,315 New Cornelia Copper
18
19
1612 Jan 2 194 Jan 7
1414 Oct 2412 Mar
14
114
118
114
IN
112
114 112
1,
8
114
1
.114 2,970 New Dominion Copper
.75 June 19
23, Apr 7,
414 Apr
24 Aug
•35
.35
•35
37
•35
35
37
35
37 I •35
12 New Myer Company
37
100 35 June 16 40 Mar 11
Apr
35 Apr 40
65
*6212 - - . *6212 65
.64
*64
65 ! *64
*6212 65
65
I Do pref
65
100 60 June 10 75 Mar II
72 Nov 84 Mar
•257
6
2
6
53
4 53 *x57
74 NipissIng Mines
4
8 6
5
5 4 Jan 10 OnieFeb 1
8
67
8 57
11
584 53
4
684 Feb
4 4 July
8
312 312 *33
•34 3
2 3
82
34 34 *34 352
505 North Butte
3
33
4
84
15
2 Jan 16
1•4 Nov
412Jnne 21
12 4 Mar
8
.75 •.50 .75 •.50 .75 ..50 .75 •
.50 .75 •.50
OjibwaY Mining
1
25 .40 June 10 .90 Jan 3 .50 Nov
258 Mar
1712 163 163 *163 17
*17
17
*163 17
4
4
4
133* 1812 23
1,990 Old Dominion Co
4
25 15 Jan 30 23 July 18
1313 Oct 3213 Mar
*313 4
•34 4
*312
4
*312
*312 4
I Park City Mining & Smelt- 5
44 Nov
214 Aug
312 Jan 3
515 Feb 1
*11
12
4
*1084 12
1114 1112 *1114 1112 •1114 ..1 1114 1114
375 Pd Crk Pocahontas Co_No par 10NJuiy 11 13 June 24
1214 Dec 1614 Mar
*16
17
16
1612 18 I 19
•16
*1512 17
17
16
580 Quincy
25 14 June 10 234 Feb 15
2012
18 0o1 50 Mar
.27
2712 2814 2812 2812 2812 28
28
28
313
4 33
Oct. 534 Mar
3384 3,017181 Mary's Mineral Land-- 25 23 June 16 35 Feb 20
27
'.45 .75
.50 .60
113 Mar
.50 .50 •.45 .65 +.45 .65
.65 .70 1,200 Shannon
10 .30 Apr 2 .75 June 27 .30 Dec
•.15 .75 •
8.15 .75 •.15 .75
.15 .75 •.15 .75 #.15 .75 '
South Lake
1 Aug
.10 June
25
112 *1
•I
Superior
112 *1
113 *1
14 *1
112 *I
112
1 Dec
314 Mar
25 .00 Jan 15
14 Jan 18
4.55 .75
31 Feb
.60 .60, .73 .75
.50 .75
.60 .60 •
.50 .50
560 Superior & Boston Copper- 10 .40 Apr 23
1 Jan 11 .35 Dec
Trinity Copper Corp
Oct
14 Feb
5 .30 Feb 18 .85 Jan 28 .20
Tuolumne Copper
IN Aug
10 .10 Jan 24 .60 Feb 7 .30 Dec
*2
2
2
22
2
21
930 Utah-Apex Mining
24 Oct
•28 1
3
6 Apr
12
a
314Mar
178June 26
Utah Consolidated
3 Mar
41
1 .01 Jan 3 .01 Jan 3 .01 Dec
.30 .545
14 Feb
570 Utah Metal & Tunnel
Y7
1 .14 June 18 .45 Jan 4 .25 Dec
•.60 .90
.60 .60 •.60 .90
.75 .95
.75 .75 $.75 .90 •
350 Victoria
25 Feb
s
25 .15 Apr 24 .75 Jan 3 .60 Aug
•.16 .25 •.16 .25 •.16 .25 ..16 .25 *.16 • .25
18 Mar
4
.25 .30
400 Winona
25 .13 Feb 6 .35 Mar 10 .10 Dec
*____
.25
_
.25
.25 •_ _
1 Mar
Wyandot
25 .20 Mar 4 .20 Mar 4 .10 Dec
•Bid and asked prices: no sales on this day. z Ex-rights. b Ex-div, and rights. z Ex-dkridend. Ex-stock dividend. a Assessment paid. e Price on new basis.
fora
712 712
1512
THE CHRONICLE
High.
93%
42
9234
70%
Jan
Jan
Jan
Jan
9634
60%
9734
8334
July
July
July
July
150 60
300 98%
5,000 9734
5,000 9134
8,000 99%
1,000 94%
6,000 91
10,30
92
10,000 97
11,000 94%
4,000 106
13.000 9534
Jan
Feb
June
July
May
Jan
Jan
Jan
Jan
May
Jan
Jan
75
99
98%
9134
102
9734
95%
97
10034
101
124%
99•4
June
Mar
July
July
Feb
July
July
July
July
July
Mar
July
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange July 12 to July 18, both inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Wholesale, pref_ _100
Arundel Sand de Gravel_100
Atlan Coast L(Conn)_100
50
Salt Electric, met
*
Benesch (I), corn
25
Preferred
Cent Teresa Bug,corn_ -10
50
Century Trust
Ches & Pot Tel of Balt.100
•
Commercial Credit
25
Preferred
25
Preferred B
Consol G,E L & Pow-100
100
634% preferred
100
7% preferred
100
8% preferred
Consolidation Coal_ _-.100
100
Preferred
100
Continental Trust
5
Cosden & CO, pref
East Roll Mill,8% pf _ _100
Fidelity &Deposit
50
Finance Serv, Class A_ _10
Rights
Preferred
10
Finance gr Guar, pref....25
Manufacturers Finance_25
First preferred
25
Second preferred
25
Maryland Casualty Co_25
Merch & Min Tr Co_ _ _100
Matron Cos Ins, N Y._.25
Monon Val Trac, pref .25
Mtge & Accep Corp
•
First preferred
50
Mt V-Woodb Mills v t r.100
Preferred v t r
100
New Ameteem Cas Co_100
Northern Central
50
Penne Wat & Power_ _100
.
Rights
Public Sent Bldg. Pref.- Silica Gel Corp. v t corn_•
United Ry & Electric_ _50
US Fidelity & Guar_ _ _ _50
Wash Bal & Annap, pref _50
West Md Diary,Inc, pf _50
BondsBalt & Harrisb 1st 58..1936
Bait Electric Is
1947
Bait Spar P & C 4345_1953
Balt Trac 1st 5s
1929
Bernheimer Leader 75_1943
Carolina Central 45_ _1949
Central Ry cons 55_ _ _1932
Consol Gas gen 434s.1954
Cons G,E L & P 4%5_1953
Series A 65
1949
Series D 6345
1951
Series E 5348
1952
Elkhorn Coal Corp 65.1925
Fair & Clarks Tree 55.1938
Lexington (1(y) St 55_1949
Macon Dub & Say 58_1947
Mary'd Eleo Ry 1st 55.1931
Monon Valley Trac 55.1942
N N &H G & 1( 1st 58_1944
Scab & Roanoke Is. _ _1926
Penn Water & Pow 55_1940
United E L & P 4345_ _1929
United Ry & Elec 48.1949
Income 48
1949
Funding 58
1936
65
1927
135
1949
Wash Balt & Annan 58 1941
wino ,i, WMann Fat
1005
93
93
93
62
6134 62
12434 124 12434
43
43
39
39
27
27
.90 .90
99
99
111
111 11134
2334 23
2334
2434 2434 2434
2434 2454 2434
11754 117 118
10134 102
108 108
121
121 121
70
70
72
103 103
17934 17934
8734 87
90
98
9834
86
86
1734 1734
.02
.02 .02
8
8
834
18
18
1834
5134 5134
24
2434
2234 2234
8
034 81
102
102 102
6734 6734
22
2234
11
11
46
46
834
734 834
50
47
50
3834 3834
7534 76
11534 11534 11734
.21
.21 .40
10134 10134
24
24
2634
19
1834 19
14934 150
2134 2134 2134
5134 5134 52
96
96
99
8934
9734
10134
7734
9734
8934
9554
10434
108
10034
9834
94
8734
6934
9.534
83
79
100
9934
9734
7134
51
72
9734
9634
6834
Range since Jan. 1.
Low.
20 93
July
184 46
Jan
100 115
Jan
87 3934 Jan
10 36
Jan
100 26
Jan
75
.90 July
10 99
Mar
94 10934 Jan
675 2234 June
773 2334 June
185 2434 May
2.56 1108
Mar
167 10034 June
34 110434 Mar
132 11534 Jan
139 6934 Apr
20 103
June
36 17934 July
59 87 June
29 88
Jan
91 77 June
282 1734 Apr
849
.02 July
884
734 June
29 18
Jan
5 50
Feb
22 2334 Mar
173 22
Jan
31 75 June
17 102
June
15 64 June
34 17
May
20 11
July
20 46
July
46
754 July
255 45 June
177 3834 June
57 72
Apr
312 9834 Jan
.21 July
8,58
5 100
Feb
1,785 1834 July
310 1534 May
195 145
Apr
55 15
May
46 4934 May
102
90
0554
10434
10034
6334
9534
80
100
9934
7134
6834
96
99
90
9734
102
7734
9734
90
9534
10434
10834
10034
9834
95
8734
6934
9534
8434
80
100
9934
9734
7154
5134
7234
0734
97
69
81.000
2,000
7.000
1,000
5,100
1,000
1,000
11,000
2,000
3,500
6,000
2,00
24,000
2,000
2.000
10,000
7,000
3,500
2,000
1,000
2,900
1,000
9.000
4.000
1,100
2,000
10,000
4,000
96
9734
86
97
10034
7234
97
8
834
91
10154
107
9734
9534
90
8634
55
93
76
7534
100
9734
94
6834
49
6234
9534
9534
68
inn IL I nnIZ
90
I nnn
nn sz
High.
100
62
12434
43
39
2734
134
10134
112
3134
2534
2634
11934
10234
110
121
8131
104
183
90
106
90
Jan
June
July
July
Mar
Apr
Jan
Jan
Feb
Feb
Jan
Mar
June
July
Apr
July
Jan
May
May
July
Mar
June
mg Feb
.07 July
9
Mar
2334 Mal
63
Jan
25
Feb
23
Mar
83
Jar
10634 Apt
6734 July
2
334 July
11
July
46
July
Jar
11
6034 Jar
40
Jar
76
July
11734 July
.40 July
10134 July
3034 Yet
1934 July
15534 Jar
28
Jar
52
July
July 96
July
Jan 99
June
Mar 90
July
Feb 98
July
Apr 102
July
Feb 7734 July
Jan 9834 July
Jan 9034 Mar
Jan 9534 July
Jan 105 June
May 10834 June
Jan 102
June
Jan 99
May
Jan 91
July
Jan 8734 July
Jan 6934 July
Jan 9534 July
Jan 8434 July
Jan 80
July
July 100
July
Feb 9954 June
Jan 9734 July
Mar 7234 Jar
Apr 5234 Jar
Jan 75
Jar
May 9734 July
Apr9934 Jar
Mar 714 Jar
r- •.,....• ._
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange July 12 to July 18, both
inclusive, compiled from official sales lists:
Friday
Sales
Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Last
Stocks-
Alliance Insurance
10 3314 3334
Amer Elec Pow Co,0(.100 03
9134
American Gas of N J._100 10034 100
American Milling
10
10
American Stores
3134 29%
Brill(J G)Co
94
100
Cambria Iron
50 3934 3934
•
Congoleum Co Inc
47%
East Shore G & E 8% p _25
25
Eisenlohr (Otto)
40%
100
Electric Storage Batt'y-100
56%
Erie Lighting Co
2934
Giant Portland Cem, pt.50
30
Insurance Coot N A _ __ _10 55
54
Keystone Telephone, ptao
29
Lake Superior Corp_ -- _100
234
232
65
3334
173
93
175
103
15
10
15,017
32
15
94
29
39%
10
47%
25
50
4034
70
174
573(
265
29%
30
8
565
57
15
29
2%
780
Range since Jan. 1.
Low.
32
77%
7734
8
2634
8534
3834
31
24
33
50%
2334
23
4834
26
234
High.
Jan 35
Mar 96
Apr 109
Feb 10
Apr 32
Jan 123
Apr 41
Feb 48
Mar 25
May 61%
May 63%
Jan 30
Feb 3334
Jan 5734
Apr 30
June
434
Feb
June
June
Feb
Mar
Jan
Mar
July
Jan
Jan
Feb
June
May
July
Jan
Jan
5934
843-4
36
3234
61
16
3834
7754
57
8634 15,429
50
1,075
3434
50
525
2354
60
73
8434
147
4534 3,628
5234
30
160
4536
3634 7,027
3534
496
515
3534
995
33
6134
780
685
1734
30
5854
34
110
34 6,150
3834
385
7854 8,223
57
160
100
1854
36
222
63
78
•
High.
Low.
6431
3934
3434
22
57
8034
4234
43
42
29
33
2974
3034
5834
9
5134
3354
7-16
3734
5854
5534
103.4
3434
6034
Jan
Apr
July
June
Jan
June
Jan
Apr
Jan
May
June
Mar
June
May
Jan
May
May
Apr
June
Jan
Jan
Jan
July
June
Bonds
Amer Gas & Elec 5s2007 88
8734 9034 $10,900 84
Mar
ConsolTrac N J 1st Is 1932 74
74
75
6,090 6136 Jan
Elec or peoples tr ells 413'45
6,300 62 May
6334 64
Keystone Tel 1st Ss_ _ _1935
8534 8534 2,000 75
Jan
Lehigh C&N fund 48_1948
8934 8934 2,000 8934 July
Midland Valley 58_ _ -1943
8534 8534 1,000 8534 July
Pa & NY Canal 5s__1939
100 10034 13,000 8734 May
Phila Co cons & stpd It'll 9234 9234 9234 5,000 8834 Jan
Pinta Elec tr Mrs 45_1950
8234 8234 3,000 8234 July
1st Is
1966 10034 100 10134 53,300 97
Feb
Registered 55
1968
99
99
100 9634 Jan
1st 48 8 f
1966
82
82
3,000 8034 Jan
5348
1947
10334 10344 17:000 9934 Jan
1953 103% 10334 10334 16,700 9854'
Jari
5348
68
10534 10634 16,000 10334 Jan
1941
Phila & Read impt 48_1947
8954 8934 4,000 8634 Jan
Reading Traction 68..1933
108 108
5,000 10034 Apr
Traylor Eng & Mfg 88_193fl
.,
9734 9734 1,000 9734 July
8634 July
Jan
72
3634 June
2534 May
Jan
60
Feb
89
4634 Jan
5234 July
4534 July
3734 June
June
37
3634 June
Ja
39 '
Jan
64
2034 May
783.4 Jan
3454 Jan
11-16 Feb
43
Jan
8034 June
58 June
1854 JulY
42
Mar
6634 Feb
9134
76
66
8534
8934
8534
10034
93
8234
10134
99
83
10334
10334
10634
8934
108
9734
June
June
ML
Jul3
Jul)
July
July
June
July
July
July
Yet
Juni
JU13
July
July
July
July
...
''
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange July 12 to July 18, both inclusive, compiled from official sales lists:
Stocks:-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Am Wind Glass'Mach_ _100 8734
Preferred
100
Am Wind Glass Co pf_ _100
Arkansas Nat Gas corn_ _10
434
Carnegie Lead & Zinc__ _ _5
Consolidated Ice corn. 5Q
3
Preferred
50 22
Federated Metals
• 34
Fidelity Title & Trust. _100
50
Indep Brewing pref
Lone Star Gas
25 2734
hlfrs Light & Heat
50 5154
Nat Fireproofing corn- - _50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
25 3234
Oklahoma Natural Gas_25 2334
Pittsburgh Brew pref._ 50
Pittsburgh Coal pref _ _ _100 ____,
Pittsb & Mt Shasta Cop_ _1
'
Pittsburgh Plate Glam_100
Salt Creek Con 011
10
8
Stand Plate Glass com_ _.•
Preferred
100 90
Prior preferred
100 10034
Stand San NIB;corn__ -.100
Union Natural Gas
25 2834
West'house Air Brake__ _50
W•house El & Mfg corn_ _50 6234
West Penn Ry-s pref.
.100
8634 8774
9434
94
110 110
434 5
254 254
3
3
22
20
3434
34
365 365
53.4 534
2734 2734
5134
51
734 834
2334 24
1134 13
3234 33
23
24
554 554
98
98
Sc
5c .
235 235
8
8
2934 30
89
90
10034 101
96
9634
2734 2834
9434
94
62
6234
85
8534
Range since Jan. 1.
Low.
High.
July
May
Mar
June
May
Apr
Feb
June
Feb
July
Jan
Apr
June
Jan
June
Feb
May
Jan
Mar
Mar
Jan
June
Jan
July
Apr
June
June
Feb
May
Apr
001, llinv
50 8634
30 9234
50 107
434
570
100
134
134
200
554 1774
680 34
20 350
40
534
535 2614
935 51
1,131
7
570 2034
377 1154
625 31
400 2254
100
434
100 9434
1,000
Sc
48 209
200
754
275 25
100 89
295 9934
84 9054
390 20
112 84
145 5534
20 8334
WAVVV4agEgVeg.tg.gggtga.ggqqlqaCer
33,000
60,000
2,000
5,000
Low.
79
4
834
3434
2354
5934
83
4434
5234
4434
3534
3534
35
32
6034
16
57
34
7-16
3834
76
5631
1854
36
82
;•'Z
1936
Amer Tel & Tel 48_
96% 96%
At!Gulf&WISSL 581959 .59
5834 5934
Chic June & U BY 58_1940 9734 9734 9734
1949
Copper Range 55
79% 8334
East Mass St RR
1948
Series B 58
68 68
1948
Series C 88
99
99
Fla Pub Sent ser A 634s'49
98% 98%
Great Cons El Co 78_ _1944 9134 913.4 9134
1936 10134 10134 10134
Hood Rubber 75
Mass Gas 4348
1929
9734 9734
4345
1931
9534 95%
,
Miss Rh Power 55_ _ _1951 9634 96
9634
1932 100
New Eng Tel Is
100 1003.4
1944 9534 95
Swift & Co Is
9534
Warren Bros 7%s_ _ _1937 11234 11234 11334
Western Tel & Tel 55_1932 9834 9834 9934
Range since Jan. 1.
84
XN.
Bonds
-
Lehigh Navigation
50
Lehigh Valley
50
Leh Val Coal Ms of int.
Lit Brothers
10
Penn Cent Light dr Pow_ _•
Pennsylvania Salt Mfg_ _50
Pennsylvania RR
50
Philadelphia Co (Pitts)_50
Preferred (cumUl 6%)50
Phila Electric of Pa
25
Receipts full paid
Preferred
25
Phila Rapid Transit____50
Philadelphia TractIon_--50
Phila dr Western
50
Reading Company
50
2d preferred
so
Tono-Belmont Devel_ _1
Union 'Traction
50
United Gas Impt
50
Preferred
50
United Rys Investment 100
West Jersey & Sea Shore_ 50
Westmoreland Coal
50
N
WOON.OWW.m.0
OWN
t4.N
ON
00'01001.1:p000'.0..40WW.P.04.00000'0'NWOOP
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange July 12 to July 18, both inclusive:
Range since Jan. 1.
p
Outside Stock Exchanges
Friday
Lass Week's Range Saws
Sate
of Prices.
for
Price. Low. High. Week.
313
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
4
JULY 19 1924.]
Bondsmm...1...roh lltrem.A.
1010
Sr.
en
et
nnn
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange July 12 to July 18, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Pub Serv,Pref. 100
85)4 88
American Shipbuilcling.100
59
60
Armour & Co (Del), pf..100 87% 87
88
Armour & Co. prey. _ _ _100 75
7434 76
Armour Leather
15
334 3%
Balaban & Katz v t c..26 48
48
48%
Bassick-Alemite Corp
•
30
3034
Borg AL Beck
• 233‘ 233( 2331
13unte Bros
10
9;4 934
Case (J I)
•
1
134
134
Central III Pub Serv, pfd.* 85
85
85
Chic City & Con Ry
234 2)4
Chic Motor Coach corn _5
124% 124)4
Preferred
100
90% 90%
Chic Nip Mfg Co
3534 3534
Class "B"
14
so
14
Com Chem of Tenn -B"...• 11% 1034 1234
Commonwealth Edison 100 12735 126% 1293(
Continental Motors
•
6%
634 654
Crane Co,common
32% 32)4
25
Preferred
100 ill
11034 111
Cudahy Packing,com_100 59% 5914 5934
Daniel Boone Wool Mills 25 16% 1534 18
Deere & Co. prof
6234 63
100 63
Diamond Match
115 11534
100
Fair Corp (The), pref.
105 105%
.100
Gill Mfg Co
9
10
•
Great Lakes D & D. _ _100
85
85
Hupp Motor
10 12% 12% 13%
Hurley Machine Co
• 5234 5234 53
Illinois Brick
83
100 83
8331
Illinois Nor Utli, pref_ _100
85
85%
Independent Pnewn Tool• 73
7234 74
Internat'l Lamp Corp__ _28
134 1%
134
Kellogg Switchboard_ _ _25
39
39
Kentucky Hydro El Co 100 8734 8634 8734
Libby, McNeill & Libby 10
434 4%
4%
Lyon dx Healy. Inc, pf_100
9634 97
McCord Rad Mfg Co"A"• 3634 35% 3634
McQuay-Norrts Mfg
12
•
12
*No par value.
575
80
475
720
150
105
710
435
85
310
690
25
2,681
100
1,800
15
1,400
1,010
780
10
45
45
9,445
100
55
65
500
320
3,345
1,010
190
25
190
125
120
41
1,415
45
1,365
25
Range since Jan. 1.
--- -High.
Low.
85
58
83
69
2
38
27%
20
9
34
85
2%
117
83
34
14
103.4
126%
6
30
107%
55
1434
61
115
100%
5
79%
10%
48
78
84
62
1
37
85%
4
96
30
11
May 90
Feb 63
May 93%
Apr 84
May
734
Apr 5134
May 38%
June 31
Jan
11
314
Jan
Jan 89
July
4
June 195
June 95
May 4834
July 2234
July 14%
May 136
834
Apr
Mar 40
Mar 11234
Apr 60
38
J11137
May 75
July 120%
Apr 105%
June 18
Apr 8934
June 17%
Apr 5334
May 86
Jan 86%
June 8034
Mar
9
Apr 47
June 8734
June
634
July 100
Apr 3714
June 2034
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
June
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
Jan
June
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
THE CHRONICLE
314
Friday
Sales
Lou Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
•
Mid West Util, corn
100
Preferred
Prior lien preferred -100
Murray (J W) Mfg Co_10
Nat'l Carbon, pf(new)_100
10
National Leather
•
National Tea Co
No West UM pr lien, pf.100
Omnibus, pf"A" w L.-100
Vot tr ctfs w i a
•
Peoples Gas Lt & Coke_100
PhiliPsborns, Inc, tr ctf __I
10
Pick (Albert) & Co
Pines Winterfont"A-__ _ _5
Pub Serv of N III, com_•
,
Pub Sem of N Ill, com_100
Preferred
100
Rights
Quaker Oats Co, pref_ _100
Real Silk Hosiery Mills_ _10
Boo Motor
10
Sears Roebuck, com_ _100
Standard Gas& Elec Co_ -•
Preferred
SS
Stewar-Warn Speed,com_•
100
Swift & Co
15
Swift International
Thompson, J R,com_25
Union Carbide & Carboni°
United Light & Power
Common "A" w i a_ _ __•
Preferred "A" w I a....'
Preferred "B" w I a__ •
United Pap Board.com-100
U8Gypsum
20
Preferred
100
Vesta Battery Corp,corn.'
Wahl Co
•
Wanner Malleable Oast_ _•
Ward, Montg & Co. Pf-11110
Common
10
Class "A"
•
Western Knit Mills,Inc...'
•
Wolff Mfg Core
Wrigley, Jr, corn
*I
Ycilob Cab Mfg Co"B"_10
Yellow Cab, Inc (Chlo)_•
BondsOhicago City Ry 5s_ __1927
Chic City&ConRys 5s_1927
Chic Rye 4s, Set "B"_1927
Commonw Edison 58_1943
5734
8931
96
9134
1731
g
1834
2834
10034
10034
92
fi
2834
1634
36
50
54
10134
1934
47
5831
34
78
16
8834
2134
30
11334
ff
5
39
53
48
38
5,155 J1, On 1 at o f a Ast 10del
Range Once Jan. 1.
Low.
Jan
4.525 43
57
59
88
550 8331 Mar
8934
9434 96
Jan
514 94
100 16 June
1634 1634
25 115 June
12234 12234
850
234 234
234 June
225 225
20 187 June
9234 93
30 9234 July
July
400 88
9034 9134
1631 1731 1,100 1631 July
10 0351 May
9834 9834
14
14 2,030
36 June
280 1734 Apr
1834 1834
35,065 1934 Apr
2731 30
100 10134
266 99 June
496 97 May
10034 102
91
93
209 9034 June
31 July
.14'
31 11,967
65 9934 May
10134 10134
5,120 2834 July
2834 40
273 15 June
1634 1631
95
95
20 80 May
36
3734 1,876 3034 Jan
1,220 4634 May
4934 50
5034 6434 56.995 5034 July
2,117 10034 May
101 102
4,065 19
1031 21
Jan
46
4751 2,170 4211' Apr
3,300 55
Apr
5834 60
High.
59
91
9934
20
125
434
225
93
92
1834
99
21-6
2134
30
103
103
9934
fi
10131
40
1931
9534
3734
50
101
10534
2334
5034
6334
July
June
Jan
Feb
Jan
Jan
July
July
July
July
July
Jan
Jan
July
Apr
Apr
Jan
July
Jan
July
Jan
Feb
July
July
Jan
Mar
Jan
Jan
Feb
3231 3334 1,750 2834 May 34 June
Mar
764 7834
185 7534 Apr 80
Mar
45
46
30 4334 Apr 46
40 16
16
16
July 2131 Jan
Jan
387 78
88
8934
Apr 99
Apr
212 10234 Jan 107
106 10631
200 1534 June 28
Jan
17
18
Jan
2134 3534 12,760 2134 July 42
35 20 June 2531 Feb
2234 23
Feb
100 11031 Jan 115
113 113
2831 3031 5,690 2131 May 3034 July
968 104 May 11334 JulY
112 11334
Jan
1
%
ff 1,600
H. Jan
5
5
1,160
831 Jan
434 Apr
Jan
3534 3831 7,990 3531 July 40
Jan
5136 5434 9,235 4434 May 96
4731 4934 4,200 39 May 6431 Jan
7634
53
38
9014
OcIA
7634 35,000
5,000
53
38
6,000
9934 3,000
051.4 A non
74
4934
38
95
04*.(
Jan 79
May 5531
July 45
Jan 10734
MA., 07 X
,
Jan
Jan
Jan
May
Feb
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange July 12 to July 18, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Pox. Price Law. High. Shares.
First National Bank
Nat Bank of Commerce__
138
Brown Shoe
Preferred
Certain-teed Prod, corn.....
Ely & Walker Dry G.corn_
Hamilton-Brown Shoe_ _ 42%
International Shoe
77%
Preferred
Mo Portland Cement
99
Nat Candy, corn
Rice-Stix Dry Gooch], 20 pf
Scruggs-V-B DO,1st pref_
20 preferred
Southwest Bell Tel, pref
105%
Wagner Electric, corn
Wagner Elec Corp, pref.
Johnson-Stephenson Shoe- 83
Bonds
Alton Granite & St L Tr 58
East St L& Sub Co 5s....
Missouri Edison Electric 58
Laclede Gas 534s
81
198 198
137 138
43% 43%
90
90%
25
25
20% 21
42% 42%
77
78%
117 117
99 100
85
85
101 102
84
84
8834 90
105 105%
25
25
82
82
63
63
64
80%
99%
9334
.
Range since Jan. 1.
Low.
High.
79
25
20
60
10
170
50
388
250
371
50
91
5
83
156
10
30
80
198
136
40
85
25
20%
4234
73
115
94
80
101
81
8834
103
20
77
35
July
June
June
June
July
July
July
May
May
Apr
May
July
Apr
July
Mar
May
May
Jan
201
147
50%
92%
37%
24
47
7934
118
11034
92
102
85
93
10631
34%
84%
63
Feb
June
Feb
Apr
Jan
Jan
Mar
Jan
Feb
Mar
Jan
July
July
Jan
June
Jan
Feb
July
64
$2,000
81
32,000
9931 1,000
94
7,000
61
77%
98
92
Jan
Feb
Feb
May
64
8134
99%
94
July
Mar
July
July
New York Curb Market.
-Official transactions in the
New York Curb Market from July 12 to July 18, inclusive:
[Vox,. 119.
Friday
Sales
Last Week's Range for
Sale
of Pikes.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Cities Service. corn.-100
Preferred
100
Preferred B
10
Stock scrip
Cash scrip
Bankers' shares
•
Colorado Power. corn--I00
Com'wealth Pow Cory •
Continental Tobacco....'
Cuba Company
•
Den & R G West, pref, w
•
Doehler Die Casting
Dubiller Condenser dr Had.
Dunhill international....'
Du Pont Motors, Inc
•
Durant Motors, Inc
•
East Penn Elec Co com •
Iflee Bond & Share,pref 100
Ford Motor of Canada_100
Foundation Co, preferred.•
General Motors new w 1_ __
Gillette Safety Razor....'
Ginter Co, corn
•
•
Glen Alden Coal
Goodyear Tire & R,com100
Grand 5-10-25c. Stores._.'
Hazeltine Corp
•
Heyden Chemical
•
Hudson Cos, pref
25
Hudson & Manh.corn..100
Preferred
100
Ide (Geo P)& Co, pref_100
Keystone Solether
10
Lehigh Power securities..'
Lehigh Val Coal Sales__ _50
Leh Vail Coal, ctfs new w
McCrory Stores, corn_ _ _•
Warrant stock purchase_
Class B
•
•
Mesabi Iron Co
Middle West UHL com •
•
Midvale Co
Miss River Pow, com__100
Nat Distillers Prod v t c_ _ _
National Tea
New (after 150% elk dly)
New Mex dc Aria Land- _1
N Y Telep 6.14% pref-100
N Y TranSportation_ _ _ _10
Nor States Power, pref_100
Omnibus Corp v t o, w
Series A pref, w 1.-100
Peerless Truck Jr Motor.50
Pharr Electric, corn
25
Radio Corp of Amer,corn.•
Preferred
5
New A common w 1_ _•
New preferred wi__ _ _50
Reo Motor Car
10
Rosenbln Grain Corpait 50
Rove Radio Corp tr Mrs.•
Sierra Pee Elec Co,corn 100
Silica Gel Corp,corn v t c.•
Singer Manufacturing_100
Sou Calif Edison corn_ _100
Southern Coal & Iron_-5
Standard Motor Constr-10
Swift & Co
100
Swift International
15
Tenn Elec Pow, corn ____•
Second preferred
•
Thompson(RE)Radio vto•
Timken-Detroit Axle_ _ _10
Todd Shipyards Corp_ _ •
Union Carbide & Carbon.*
Unit Bakeries Corp, corn.*
Preferred
100
United G & E corn new..
_10
United Gas Impt, corn-50
United Lt & Pow, corn A-•
United Profit Sharing.
...1
Unit Retail Stores Candy.*
United Shoe Mach,com_25
U Lt dr Ht Corp, cora_ _10
Preferred
10
Wahl Company common.'
Wanner Mall Cast Class A•
Ward Corp corn Claw A..'
•
Common Class B
7% preferred
100
Ware Radio Corp, w I. _•
Western Pr Corp, com-100
Preferred
100
Yellow Taxi Corp. N Y..*
Friday
Sales
Rights
Last Week's Range for
Range since Jan. 1.
Sale
of Prices.
1Veek.
--Borden Co
Par Price. Low. High. Shares.
StocksLow.
High.
Former Standard 011
Subsidiaries
Indus. & Miscellaneous.
1
1
100
1
Jan Anglo-American Oil__ £1
10
Acme Coal Mining
July
3
34
200 22% Feb 3554 June Borne, Scrymser & Co.100
33
Adirondack Pr & L corn 100
96
10 96
96
50
7% preferred
100
July 96% July Buckeye Pipe Line
3%
600
3
134 Mar
Allied Packers common_ •
5% Jan Chesebrough Mfg,new._25
Preferred
26% 32
600 14% June 32
100
Prior preferred
100 32
July
98
97
500 95
Amer Cotton Fab, prig _100 97
Mar Cumberland Pipe Line_100
Jan 98
73
100 73 June 76 May Eureka Pipe Line
100
Amer Cyanamid pref_ _100
73
•
3,480 4334 Jan 79
Amer Gas & Elec, coin_.• 78% 74% 79
July Galena-Signal 011, corn-100
400 41% Apr 46% July
New preferred
100
44% 46%
Preferred
so
500
Old Preferred
Amer-Hawaiian SS
12
100
8
Apr 14
10 12
10
Jan
Amer Lt & Tree. com__I00 134% 131% 140% 8,640 118% Jan 140% July Humble Oil& Refining_ _25
92
90 91
100
Preferred
100 92
Mar 93% Apr Illinois Pipe Line
92
30 202
Amer Pow & Light corn 100
285 288
Jan 288
July Imperial 011(Can) coup_25
100 30
American Stores._ _
30%
50
30
Feb 31
Feb Indiana Pipe Line
1,000 120% June 123
122% 123
July Magnolia Petroleum..-100
Am Tel & Tel new w 1_100
4% 2,200
4
American Thread, pref_ .5
4% Jan National Transit- _12.50
3% Feb
130 96 June 103
100
Amer Type Fdrs, com_100 102
101 102
Feb New York Transit
560 66% May 93 June Northern Pipe Line.. 100
79
Appalachian Pow. com-100 77% 75
70 90 June 92% June
9234
Arkansas Lt & Pow pf_100
91
200
25
3% July
Armour Leather com_ __15
3% 334
334 July Penn Mex Fuel
1% June
100
Atlantic Fruit & Bug. w1-'
251 Feb Prairie 011 & Gas
1% 1% 16,400
Prairie Pipe Line
100
Austrian Central Land
400 5434 July 5534 July Solar Refining
100
Credit Bank, w I
55% 5411 55%
1,745 117% Mar 130
100
Borden Co. common_ _100 129% 122% 130
July South Penn Oil
100
534 July 12% Mar Southern Pipe Line-- -100
Bridgeport Machine,corn-•
5ff 531
600 20% Jan 2331 MAY So West Pa Pipe Lines_100
Brit
-Am Tob ord bear_ __El 23% 23% 23%
200 21% Feb 23% May Standard 011 (Indiana)._25
Ordinary registered_ ..51
23
23%
.25
Brooklyn City RR
13% 14% 4,380 1034 Jan 14% July Standard 011 (Kansas).
10 14
420 45
July 49
Burroughs add Mach,new•
49
25
46
July Standard 011(Ky)
9834
100 98
July 9834 July Standard 011 (Neb)----100
New preferred
100
98
280 107% Jan 111
Campbell Soup, pref_ _100 110
25
109% 110
June Standard 011 of N Y
200 49e July
50c
Candy Products Corp_
500
2% Feb Stand 011 (Ohio) com-100
Preferred
Car Ltg & Power. corn_ _25 50e
65e 1,700 50c July
231 Jan
100
50c
32% 1,400 25% Apr 33% June Swan & Finch
100
Centrifugal Cast Iron Pipe' 32
30
800 10
July 10% July Vacuum 011
Chatterton & Son com_ _10 10% 10
25
1034
Preferred
400 10)f July 10% July
1034 10% 10%
Other 011 Stock,
400 15
Checker Cab Mfg,elm A • 1934 15
July 40
Jan
1934
Chic Nipple Mfg, Cl A_50 35% 35,1 35% 1,100 33% May 40% Jan Allen 011
1
Childs Co, new stock..,..'
500 32 May 37% July Arkansas Natural Gas_10
37% 37%
Cleveland Auto. cam_ _*
17;4 18
200 1634 June 23% Jan Atlantic Lobos Oil corn_ •
Barrington 011 class A_ -10
.
•No par value,
Range since Jan. 1.
Low.
High.
13634 13634 138
380 132 June
7331 73
733,4
600 6634 Jan
674 6%
200
634 Jan
81
81
82 310,000 77
Jan
70
70
6,000 70 May
1351 1334 1336
900 1331 May
33% 33%
20 2231 Feb
9434 9434 98
Feb
1,280 56
2331 2334 2334
200 2054 May
33% 34
1,000 3234 May
23
23
July
500 23
18
18
18
500 18 May
50
42% 50
30,200 1034 Jan
2731 26
2831 4,000 23 May
3%
3
3% 1,780
1
Mar
22
1734 2334 30,200 12 May
3931 3854 3931
245 36 June
10134 10034 10234
400 97
Jan
450 455
50 410 June
86% 87
50 863-4 July
563.4 5631 5834 8,600 52 May
285
28134 286
1,870 257 May
2831 28
30
4,800 28
July
soo
9934 9734 9934
g Jan
10% 10
11
3,700
834 Jan
75
7534
500 35
Feb
2434 22
243-4 9.000 13
Feb
1%
134 2% 7.100
1 June
4031 3734 4031 22,100 1731 Feb
2331 21
2334 18,000
9% Mar
59% 80
200 4734 Mar
82
82
10 82
July
134
1
1% 3,900 758 June
7934 7934 8234 2,400 33
Jan
803-4 7934 8031
700 72 May
3634 3414 3634 76,800 2654 Apr
86
86
100 69
Apr
5014 49
5034
Apr
900 27
89
88% 90
Jan
800 68
2% 2% 1.500
2
Mar
58
58
10 50 May
19% 19%
300 18
Jan
28% 30%
200 19
Feb
100
73I July
7% 7%
155
74
7
98
74
18
36
100
2631
40%
2831
2251
50
28%
331
38,1
4034
10254
482
9434
58%
286
30%
99%
11%
81
24%
234
4034
23%
60
82
134
82%
8954
36%
8734
58
90
8%
58
25;1
30%
0%
232
July
245
Apr
10
112% July
41 June
Feb
96
July
19
93
JULY
2634 Jan
37 . June
4% Jan
4% Jan
21% Mar
42
Ally
18% Jan
50
Jan
9% July
July
10
Jan
35
Jan
148
10434 Apr
17c Jan
4% July
Feb
105
Jan
22
40
July
July
67
12% May
7-31 Jan
63% Feb
6334 Feb
July
81
97% July
41% June
80% June
34% July
734 Feb
534 Jan
37 June
1% Jan
1% Jan
38 June
Jan
23
- 96
July
24% July
8951 July
23% July
33% July
80% July
39% Jan
36%
1734
92
16%
4
V15
20%
41%
1631
48
9%
24
10031
7c
431
102.
40
12%
49
58
79%
3431
33%
5
36%
52c
96
23%
89
23%
31
21%
222 245
634 7
110% 11234
36% 36%
93
93
16% 1734
90% 92
16)4 1631
35
35
3% 4%
4
4•14
20% 20%
4134 42
16% 16%
473.1 48
9% 9%
18
18%
23
27
146% 14734
9934 100%
40
7c
3,4 4%
101 102
21
21
38
40
65% 66
1134 13
5% 534
48% 49
58
58
7134 81
95
97%
33
34%
77% 77%
33
33%
5% 5%
5%
5
36
3654
52c
600
90c
99c
3534 35%
22% 22%
90
96
2234 24%
87
89%
17ff 23%
31
32%
80% 80%
21% 22%
930
1,600
600
700
30
2,400
1,200
100
100
15,900
6,700
100
200
300
300
13,100
300
3,900
60
185
35,000
1.700
130
200
1.500
425
4,500
100
75
100
10,000
900
1.500
100
210
500
00
1,5
400
400
200
100
300
1,400
22.900
700
39,100
405
10
1,600
151
May
354 Jan
109
Mar
3334 Jan
93
July
1634 July
8654 July
1634 July
35
July
834 Apr
3isrsJulY
19
Apr
40
July
155.4 June
47 May
934 July
1831 July
1734 July
125
Jan
08 Juhe
4c May
234 Jan
100 June
1854 Mar
1731 Jan
4914 Jan
1134 May
4 June
4251 May
Apr
56
Feb
43
Jan
85
183-6 Jan
7354 June
32 June
531 July
Mar
4
3434 Apr
50e May
90c May
3534 July
1931 June
5234 Jan
143.4 Apr
7951 Jan
1354 June
26
Mar
80 June
17
Apr
Feb
May
July
Feb
Jan
Jan
June
July
Jan
Feb
June
Mar
July
July
Jan
Jan
June
July
Apr
Feb
July
July
July
June
Jan
June
July
Jan
Ally
July
July
Ally
July
July
Feb
June
July
June
June
Jan
July
Mar
July
July
Week ending July 18.
1%
1531
60
132
50
3834
132
99%
z90
122%
59
201
104
55%
39
111
228
38%
281
117
35
61%
270
134
5,400
1
14% 15%
900 14%
218 221
30 155
180 59
62
59
49
200 47%
4034
112 112
10 112
160 110%
130 132
20 04
94% 95
55
58%
90 53
70 10034
103 165
10 114
114 114
35% 36% 1.400 3534
20 129
132 132%
9834 9934 1,050 98%
2110 88
z90
03
245 122
122 124
200 20%
21,1 22
50 54%
63% 67
30 80
81
84
583( 6031 1,700 58
480 28%
28% 30
19434 20834 5.780 194%
815 100
101% 104
80 175
175 176
180 117
118 123%
110 9034
94% 96
40 80
84
85%
543( 58% 35.400 54%
400 3834
39
39%
8.500 101
108% 111
260 199
223 232
38
39% 7,400 37%
130 276
276 286%
30 117
117 119
100 34
34
35
60% 62% 3,900 5634
24c 27e
4% 4ff
3
3
7%
5
2,000
200
300
400
10c
4%
3
4
June
2
May
June
Jan
July
May
July
Jan
July
June
June
June
June
July
Apr
Feb
July
June
June
June
June
July
July
Feb
July
June
Feb
Feb
July
July
May
Jan
May
June
July
July
Jan
18
285
85%
52%
115
144
105
69%
105
114
43%
161
119
100
162
27%
97
107%
79%
43
269
111
230
171
100
89
68%
50%
120
256;4
48
335
120
81
69%
Feb
Mar
Jan
Mar
June
Feb
Jan
Jan
Ally
June
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Feb
Apr
May
Mar
June
35c
7
4%
8)4
Jan
Jan
Jan
Jan
JULY 19 1924.]
Range since Jan. 1.
Low.
Boston-Wyoming Oil_ -1
81c 81c
1,600 75c
Carib Syndicate
3
3% 4,100
3
5%
5%
Creole Syndicate
634 15,700
5
231
1
Darby Petroleum
1
1
100 50c
3
3
Derby 011 dr Ref eom _ _.•
500
2%
3c
Sc 21.000
5e
Engineers Petroleum Co-1
30
30
30
Ertle Oil
4c
3,000
5
2c
25 5714 .57
Gulf Oil Corp of Pa
5734 1,700 5634
50c 50c
Gulf States 011 dr Ref_ _5
100 50e
3c
Hudson 011
1
3c
1,000
20
International Petroleum_.' 1735 1714 1734 8,700 16%
Kirby Petroleum
•
1% 144
100
134
4%
4% 4% 33,100
Lego Petroleum Corp....'
2%
Latin-Amer 011
Sc
40
Sc - 7,000
30
Livingston 011 Corp
15c 22c 13,000 10c
1
Livingston Petroleum....'
231
2
2% 8,600 60c
Margay 011 Corp
8.5e 85e
100 85c
Marland 011 of Mex
2% 2%
1
200
2
Mexican Eagle 011
2% 3
5
500
234
Mexican Panuco Oil_ - _10
55c 62c
300 55c
Mexico 011 Corp
100 lie
4,000
10 100
7c
Mountain Producers_
17% 17% 18
3,200 16
10
Mutual Oil vot trust W8_5 10
9% 10
27,000
934
Nat Fuel Gas
100% 10034
•
30 85
New Bradford Oil
5
5
2,500
5
4%
New York 011
9
25
200
934
934
835
Noble(ChasF)0 &0corn.1
7e
7c
1,000
70
Ohio Ranger
3c
3e
3,000
1
2c
>kiahoma Natural Gas_ _25
22
23%
70 22
Omar Oil& Gas
600 60c
1,000 55e
10 60e
Peer 011 Corporation
135
1
400
•
1
Pennsylvania Beaver 011-1
350 39c 10,000 210
Pennok 011
10 1234 1234 1334 2.200 12%
Pierce Petroleum w
7
7
7
8.900
7
Red Bank Oil
25 3134 2934 3231 11,800
534
Royal Can 011 Syndicate *
5%
5
535 8,500
2%
431 5
Ryan Consol Petrol
2,800
5
•
331
Salt Creek Producers-10 2334 2334 2434 3,700 1931
Sapulpa Refining
134 1% 1,200 820
5
Sweater Oil
18c 19c
8,000 15e
Union Oil of Calif
138 138
20 116
100
Wilcox Oil & Gas
451 531 2.900
4%
1
4%
g% 10% 2.800
Woodley Petroleum Co_
7
'Y*' Oil & Gas
Sc
Sc
2.000
1
Sc
Mining Stocks
Arizona Globe C0pper-1
Black Oak Mines Co
Butte & Western
Calumet & Jerome Cop_ _1
Canarlo Copped
10
Consol Copper Mines- --1
Continental Mines Ltd.AS
Cortes Silver
1
Cresson Con Gold M dz M
Crown Reserve
1
Diamond Bit Butte Reorg_
Divide Extension
Eureka Croesus
1
Goldfield Deep Mines.--50
Goldfield DevelopmentGoldfleld Florence
1
Gold Zone Divide
Hard Shell Mining
1
Harmill Divide
10c
Hawthorne Mines. Inc....
Heels Mining
25c
liWtop Nevada Min
1
Hollinger Cons Gold Mine 5
Independence Lead Mm. 1
Jerome Verde Devel
1
Jib Consol Mining
Kay Copper Co
1
Kerr Lake
5
Knox Divide
Lone Star Consol
1
Manhattan Cons Min
Marsh Sibling
1
Mason Valley Mines
5
McKinley-Dwell
-Say RR I
Mohican Copper
Nevada Hills
New Cornelia
New Jersey Zinc
100
NY Porcupine
NipissIng Mines
5
Ohio Copper
1
Parmac Porcupine Min _ _1
Plymouth Lead MInee_l
Premier Gold
Red Hills Florence
Red Warrior
Rocky Mt Smelt& Ret___ I
Preferred
1
Ruby Rand Mines
Silver Dale Mining
Silver Horn NI &
South Amer Gold & Plat.1
Southwest Metals
Spearhead
1
Teck Ilughes...........1
Tonopah Belmont Devel-1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
1
United Eastern Mining _1
Crafted Verde Extension 50c
U S Continental Mines....
Unity Gold Mines
5
Wenden Copper Mining_
West End Extension Min__
Western Utah Copper_
I
Wettlaufer-Lorrain 8 M._1
Bonds
Allied Pack cony deb 68'39
8s, series B
1939
Aluminum Co of Am 78233
7s
1925
Amer & E deb 6s---2014
American Ice 75
Amer Rolling Mill 65_1938
Amer Sumatra Tob 7348'25
American Thread 6s_ _1928
Anaconaa Cop Min 6s 1929
Anglo-Amer Oil 7358-1925
Anglia Sugar 734s....1939
Agape Simmons Hardw1933
635s
Atl Gulf& WISS L 5s1959
Beaver Board Co 8s_ _1933
Beaver Prod 7%a
1942
Belgo-CanadianPaper6V43
Beth Steel equip 78_ _1935
Canadian Nat Ry. 75_1935
58
1925
C M & St P franc 45_ _1925
Childs Co 08w 1
1929
Cities Sere 7s, Ser C..1966
75 Series D
1966
7s Series E
1966
315
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Other 011 Stocks
Week.
(Concluded)
Par Price. Low. High. Shares.
4c
860
3%
2
31.
331
170
So
15o
30e
14e
850
780
Sc
1%
lie
36c
18%
250
111,.
45e
640
1%
131
1814
10
3%
7c
24c
25u
114
23%
130
800
135
High.
1% Jan
May
634 Jan
July
Jan
6% July
134 July
Jan
June
Jan
8
Mar 13c June
July 19c May
Jan
May 65
231 Jan
June
June
70 Jan
June 22% Feb
Apr
2% Jan
5 May
Jan
111B Feb
July
Apr 750 Mar
Mar
233 July
154 Apr
Jan
435 Jan
June
July
451 Feb
134 Apr
July
May 300 Jan
Feb 1934 May
July 1334 Jan
Jan 102
July
Feb
6% Jan
June 14
Feb
Jan 16c Feb
Jan
6c Apr
Feb
Apr 25
Feb 80c Jan
July
Jan
6
May 62c Feb
July 1635 June
July
July
7
Jan 3231 July
Apr
631 May
Jan
531 Mar
Feb 26% May
Jan
2% Mar
Apr 250 May
Jan 138
July
May
834 Feb
Apr 13 May
June 14e Feb
4c
6c 11,000
40 Apr 12c
Jan
840 88c 11,600 37e
Jan 86e July
12c 12e
1.000 10e Mar 550 Jan
120 12e
2,000
7c Feb 2.50 May
3
3% 10,100
331 June
1% May
231 2.
800
134 Jan
3311 June
235
1
500
1
July
334 Feb
14e 15c
7.200 1033 June 700 Mar
334 411
5,900
3
61, July
434 Jan
500 52e
1,200 450 July 750 Jan
12c 17c 169,000
40 Jan 17c July
40
5c 17,000
2e Jan
lie Feb
Sc
6c 35.200
4c June 15c
Jan
40
6c 78.000
30 Mar
8o Jan
3e
3e
8,000
30 May 100 Jan
12c 15e
4,000 11c Mar 420 Jan
4c
Sc
6,000
2c June 12c Jan
le
2e
3,000
it Feb
Sc Jan
13c 21c 338,000
20 Jan 21c
25e 31c 31,000 150 May 820 July
Jan
8% 9
300
934 Mar
834 Jan
20
2c
1,000
it Feb
70 Mar
1335 1431 2,900 1135 Mar 1414 July
12e 15c 61,000
60 Apr I80 Feb
76c 85e
1,000 76e July
2
Jan
710 90c 232,900 150 Mar 95c July
131 135 16,900
1
Apr
131 June
135 134
300
134 Mar
21
' Jan
lc
lc
7,000
it May
lc May
40
Sc 13,500
lc May
7c Jan
2c
2c
1,000
2e July
5c June
Sc
Sc
1,000
5e May 13c Jan
I% 135 1,300
134 June
134 Jan
lie 11c
4,000
6c
Jan 16c Mar
12e 15c
5,000 10c May 480 Jan
32e 370
7,100
Sc
Jan 37c July
18
18%
500 1534 Jan 18% July
144 144
20 134% May 15114 Jan
22e 25c
1,100 10e June 350 Jan
634 3,100
6
534 Jan
634 May
98c
1114 19,300 65c Mar 1114 June
35e 45c
7,000 16c June 67c
61c 64c 11,300 300 Jan 64c Mar
July
1% 1%
1.300
131 Apr
234 Jan
3c
30
6,000
lc
Jan
Sc
Jan
31c 31c
2,000 21c Jan 480 Feb
PH 131 5,200
I
Apr
134 July
1% 134 1,100
Apr
131 June
1
37e 37c
2,000 25c June 4I0 July
lc
lc
1,000
lc July
6c Jan
lc
lc
3,000
lc Feb8c Jan
3% 3% 2,700
4
234 June
500 50c
100 50c May 95e Feb
Jan
74,000
2c
Jan 100 June
Pis 134 1,400
11.8 May
134 Jan
50c 52c
1,100 40e Apr 75e Feb
23e 240
3,000 17c Slay 40c Feb
23.4 211.
700
135 Jan
Pis May
PH 1% 3.500
134 Jan
134 Jult
47c 470
1,000
"IS Feb
Jan
390 June
22% 23%
900 21
29
Jan
100 140 24,000 100 May 20c
Jan
80c
1
5 0 60e July
0
234 Feb
110 134 3,700
1
Apr
134 Jan
60 33,000
30
Sc
20 May
20c 230 19,000 17e May 40c Jan
Jan
220 220
3,000 12c
Jan 27e May
61% 63
75% 76
107 10734
103 103
95% 95%
104% 10634
100 10035
78
85%
103% 103% 103%
10354 103% 103%
10235 102% 102%
03% 06%
515,000
26,000
14,000
8,000
97,000
25,000
7.000
5,000
3.000
19,000
45,000
23,000
48
57
10531
101%
94
10431
98%
78
10133
101
101%
9414
May
May
Mar
Jan
Feb
June
Apr
Mar
Jan
Feb
Mar
June
7034 Jan
84
Jan
10735 July
10335 June
96% June
107 June
10035 July
99
Feb
10334 June
103% July
10214 June
98% Mar
78% 7831
5831 59%
75
77
9931 9934
93% 9434
103% 103%
10934 110%
100% 100%
71
71
10331 103%
93% 94%
93% 94%
102% 102%
16,000
56,000
10,000
1,000
16,000
36,000
33,000
3,000
10,000
10,000
32,000
55,000
4.000
71%
42
70
97%
92
102%
106%
9934
644
102
8934
89
101
June
Jan
Jan
June
Feb
Feb
Jan
Jan
May
June
Jan
Jan
Apr
93%
61
7931
99%
94%
103%
110%
10031
71
103%
95%
9535
102%
. 63
76
10734
103
9535
105%
100%
7831
5835
77
103%
110%
71
103%
93%
102%
Feb
July
Jan
July
July
Mar
July
July
July
July
Mar
Mar
July
Bonds (Concluded)
Christiana Securities Co
serial gold 535s_ ___1925
Serial gold 535s._ _1926
Serial gold 535s_...1927
Serial gold 534s. _1928
Serial gold 5Hs._ _ _1929
Cons G E L & P Bait 6s'49
1952
5%5
635s, series D
1951
Consol Textile 8s
1941
Cont Pap ec Baq M 6346'44
Cuban TeleP 7%s....1941
Cudahy Pk deb 534s..1937
1931
Deere & Co 735s
Detroit Clay Gas 6s.1947
Detroit Edison 6s_ _ _ _1932
DunlopT dr R of Am 7s_ 1942
Duquesne Light 5350-1949
Federal Sugar 68
Fisher Body 65
1925
1926
6s
1927
6s
1928
65
Oak (Robert) Co 75_1937
Galena-Signal 011 75-1930
General Petroleum 65-1928
Grand Trunk Ry 6358-1936
Gt Cons El Pow (Japan)
1944
lst s f is .4er A
1937
Gulf Oil of Pa 58
Serial deb 530
1928
1936
Hood Rubber 75
Internet Match 5348._1943
Italian Power 634s_ _ _1928
Ran City Term Ry 534*'26
Kennecott Copper 78_15430
Lehigh Power Seeur 6s 1927
Lehigh Val Har Term 55'54
LibbyMeNe1lIdrLibby7s'31
Manitoba Power 78_ _1941
Missouri Pacific 58 w I 1927
Morris & Co 7548
1930
Motor Products Corp 6s'43
National Leather 8s_ _1925
New On Pub Serv 55_ _1952
Nor States Pow 635s_ _1933
614% gold notee w 1.1933
1952
Ohio Power 54
Park de Tilford 6s
1936
Penn Pow dr Light tui B.'52
Phila Electric 5358_1953
1941
88
Public Service Corp 78 1941
1933
Pure Oil Co 6355
Shawsheen Mills 78-1931
Sloss-Sheffield S dr I 613.'29
1934
Solvay di Cie Os
South Calif Edison 58.1944
Standard Gas & El 634s'54
Stand Oil of NY 6358_1933
7% serial gold deb_ _1925
7% serial gold deb_ _1926
7% serial gold deb__1927
7% serial gold deb_1928
7% serial gold deb__1929
7% serial gold deb_ _1930
7% serial gold deli. 1931
Sun Co Os
1929
78
1931
Swift & Co 5s--Oct 15 1932
Tidai-Osage Oil 75_...1931
Union El L& PotI115346'54
United 011 Produc 88_1931
Un Rys of Hay 7348_1936
Vacuum 011 75
1936
Virginian Ry 53 ser A.1962
WebsterA1111.5634%notes'33
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
10434
101
108
77
9134
36%
102%
103
107%
9234
99%
10131
102
97
10534
99%
10734
93
98
96
9834
101
100
98
9934
9735
97
87%
10134
9735
9554
925-4
10335
10533
107%
9551
10034
93
97%
10734
10135
10535
107
10031
102)4
93
9751
4835
108
107
96
Range since /an. 1.
Low.
High.
101%
100%
101%
101
100%
101%
93
106%
6835
go
106
8135
9935
9931
10231
90
993(
9734
100
9931
98%
97%
9434
10434
9434
10534
July
July
July
July
July
Jan
Jan
May
June
May
July
May
May
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
May
Jan
Jan
Jan
1015‘ JULY
10134 July
10135 July
July
101
100% July
105% June
10131 June
10831 July
97
Jan
Feb
95
Feb
107
8834 Jan
10231 July
103% June
107% July
Feb
94
July
103
100% Jan
10135 July
101% July
July
102
101% July
100
Apr
10534 July
9935 June
10731 June
92
93
6,000 92
98
9831 78,000 94
10134 10131 6.000 9954
101% 10135 3,000 99
94% 96 137.000 9235
98% 98% 9,000 973:
',
10235 10234 7,000 100%
106% 106% 17,000 103
10035 101
60.000 96
10035 101% 7,000 95%
9931 100
34,000 94
9731 98% 29,000 9535
99% 99% 67,000 : 99%
9831 410,000 92
97
29,000 9151
915.4 92
97
9734 12,000 9235
87% 88
70.000 81%
10054 10134 45.001) 98
9734 9731 64,000 9635
4,000 34%
8954 90
9534 9535 14,000 84
92% 92% 59.000 8735
10334 103% 14,000 98%
106 107
7,000 10435
107% 107% 64,000 101
34.000 92%
95
96
26,000 102
103% 104
102 ha 1.4
3,000 97
100% 100% 25,000 99
9334 5.000 89%
93
9734 98 193,000 9734
10731 10835 37,000 105%
10134 10131 7,000 101%
10331 103% 2.000 10235
10554 10535 20,000 10131
106 106% 3,000 105
10631 10631 5,000 10534
106% 106% 5,000 105
107 10731 11,000 106
100% 100% 1,000 96
102 102% 5,000 100
9234 9331 52,000 8934
10435 104% 11,000 101%
97% 9831 62.000 9454
48% 9,000 40
48
106% 108
4,000 10531
107 107% 38,000 106
9551 9634 49,000 92
103 103% 10,000 10054
July
Jan
Mar
May
Jan
Feb
Jan
Jan
Jan
Jan
Jun
Jan
Jun
Jun
July
Apr
Jan
Jan
May
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
July
Jan
Mar
May
July
Jan
Jan
Feb
Mar
Feb
May
May
Jan
Apr
June
Jan
Jan
Jan
Jan
93 July
9831 June
101% July
10235 May
96
July
99 June
102% July
106% Jab'
101
July
10134 July.
Feb
101
9834 Jan
99% July
100% Feb
July
92
101
Mar
9534 Jan
10435 June
98
May
90
July
9634 May
94 June
10334 Jab'
July
107
10734 July
96% Max
10434 Mar
102% July
10031 June
9335 June
98
July
1093( June
102% June
Jan
105
106
Jan
10635 Feb
107% June
108 June
109
Feb
100% May
102% Apr
9331 Jan
104% Apr
98% July
79% Feb
July
103
108 June
9635 June
10334 July
10131 101%
10131 101%
101% 10131
101 101
100% 100%
104% 104%
101 10131
107% 108
72
82
91% 9134
106 106
86
8634
100% 102%
10231 103
10535 10734
92% 9231
10235 102%
9934 100
100% 101%
101% 101%
101% 102
101 101%
9631 97%
10.531 105%
99
9934
107 107%
3,000
4,000
3,000
4,000
3.000
2,000
8.000
16,000
40,000
22,000
2.000
42,000
61.000
41.000
50.000
31,000
47,000
35,000
15,000
1.000
3,000
20,I I I
36.000
45,000
52,000
21,000
Foreign Government
and Municipalities
Czechoslovak Rep 8s_ _ 1952 9635 9634 9634 17.000 0635 June 9634 June
French Victory 5s
1931
36
36
40,000 80
Jan 36
July
Netherlands(KIngd)13sW72 9531 9534 9531 2,000 8931 Apr 96% Jan
Peru (Republic of) 88_1932 99
99
9935 9,000 9734 Jan 9931 Apr
Russian Govt 635s__ _ 1919
13
13
Jan 20% Feb
9
3,000
6358 certlficates_ _1919
1434 1434 2,000 10
Jan 2034 Feb
5348
1921
13
13
2,000
Feb
931 Jan 19
5348 certificates_ _1921
13
15
9.000
935 Jan 18% Mar
Switzerland Govt 5148 1929 10134 10035 10135 24,0013 9731 AP 10134 July
Ext 5% notes
1926 100% 10034 10035 35,000 9735 Jan 100% July
• No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. to When
issued. x Ex-dIvIdend. 5 Ex-rights. z Ex-stock dividend.
New York City Banks and Trust Companies.
AU prizes doUarr, per share.
Bid Ask
Ask Trust Co.'s Bid Ad
222 226 Harriman.... 880
New York
_
313 318 Manhattan •- 163 167 American-.
165
Mech & Met. 368 373 Bank of N Y
Bowery •525
& Trust Co 530 550
_
Mutual•- _- 400
Broadway Can 155 170 Nat American 135 jib Bankers Trust 379 382
Bronx Boro*. 200
National City 379 384 Central Union 580 590
Bronx Nat
150
290 300
New Neth •__ 140 155 Empire
Bryant Park • 160
Equitable Tr_ 224 227
300
Pacific'
Butch & Drov 135 145 Park
435 440 Farm L & Tr- 700 715
Cent Mercan 160 170 Penn Exch... 108 118 Fidelity Inter 208
Chase
360 365 Port Morris_ 178
Fulton
305 325
Chat & Phen_ 267 272 Public
370 380 Guaranty Tr_ 262 265
Chelsea Exch• 150 160 Seaboard -405 415 Irving BankChemical _
560 565 lleventh Ave. 88
_
Columbia Tr 225 230
Coal & Iron.. 218 225 Standard
260 275 Law Tit & Tr 200 210
Colonial•_ __ _ 400
364 --- Metropolitan- 343 353
State'
Commerce _ _ 328 555 Trade'
Mutual (West
143
Comm'l Nat.. 100
Trademen's* 200 -__
cheater) _ _ _ 122 128
Com'nwealth• 250 Fro 230 Ward *- - 285
N Y Trust...388 393
Continental.. 180 190 United States* 185 195 Title Gu & Tr 400 410
Corn Exch.. 448 452 Wash'n lit.'. 200 _ U S Mtg & Tr 295 303
Coamoplans. 115 125 Yorkville•
100 151/41 United States 1500 1515
East River._ 200
Westches Tr_ 240
Fifth Avenue* 1350
Brooklyn
Brooklyn
Fifth
240 250 Coney Island' 170
Brooklyn 'tr. 525 550
First
1850 1910 First
Kings County 1050
405
Garfield
295 305 Mechanics'
143 Fie Manufacturer 285
Gotham
100 125 Montauk•
People's
180
415
Greenwich• 375 400 Nassau
270 290
Hanover
850
275 290
People's
• Banks marked with(1111 are Stara banks. (z) Ex dividend. (0 New stock.
Banks-N.Y.
America•_.-Amer Exch
Amer Union*
New York City Realty and Surety Companies.
Alliance R'Ity
Amer Surety_
Bond & M G.
CRY Investing
Preferred.Lawyers Mtso
,
AU 17 1XII5(Wars per share
Bid Ask
Bid Ask
814
Ill) I 118 Mtge Bond.. 112 117 Realty Assoc
102 I 106 Nat Surety.. 152 155 ' (Lillyn)co
145
305 315 N Y Title &
65
' bat pref..
100 _ ._
20 pref _
Mortgage -- 210 215
69
97 105 U S Casualty- 220
Westchester
163 106 U S Title Guar 165 170
Title & Tr_ 235
Asa
155
90
74
316
Inxtestnxent an gaiiroati intelligence.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Dale.
Previous
Year.
Current
Year.
Latest Gross Earnings.
ROADS.
Previous
Year.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.]
Previous
Year.
$$
$
$
$
$
212.516 253.832 1,143,816 1,087,581 Midland Valley-- May
Akron Canton & Y_ May
381.497 381,084 1,924.508 1,874.585
291.223 280.133 1,453,390 1,401,855 Mineral Range
252,461
Alabama & Vicksb_ May
1st wk July
282.081
6.250
6.892
12983947 13253958 38,388,289 38,585.722 Minneap & St Louis 1st wk July 246,511 298.698 7,228,884 8,458,614
Amer By Express__ March
98.523 113.012 2.791,080 2,816.933 Minn St P & 5 S M- May
1st wk!July
Ann Arbor
1,979,533 2,283,380 9,347,302 10,935,307
Wisconsin Central May
Atch Topeka & S Fe May
14885849 16760865 72,836,138 80,290.083
1.548.709 1,837,195 7,879,981 8.402,056
Total System._ May
Gulf Colo & S Fe.. May
1,928,821 1,874.598 9.954,139 9.107,328
3,528,242 4.120,575 17,227,283 19,337,363
679,857 639.740 3,688.538 3,082,442 Mississippi Central_ May
768,396
Panhandle & S Fe May
153,683 168,606
783,389
-Kan-Texas May
Atlanta Birm & Atl_ May
391,968 371,076 1,990.815 1,952,598 Missouri
2,711.171 2,830,184 13,115,508 14,055,649
Atlanta & West Pt.. May
M K Tex By of T May
231.812 237.188 1,218.877 1,208,646
1.521,128 1,501,337 7,745,941 7,804,729
May
Total system---- May
Atlantic City
1,384,879 1,413,829
341,318,
4,232,296 4,331,521 20,881,448 21,880,377
Atlantic Coast Line May
7,221,208 7,144.544 38,815.583 37.158.217 Mo & Nor Arkansas May
587,993
127.944 109,342
833,813
Baltimore & Ohio May
18380021 23809843 93,557,897 107281844 Missouri Pacific.._.. May
9,701,131 9,698.074 47,808,341 44,503,181
13 &0Chic Term_ May
294,518 328,286 1,486,423 1,543,553 Mobile & Ohio
lst wk July 284,503 327,124 10,253.70310,689,228
Bangor & Aroostook May
501.7511 602.821 3,324,087 3,014,764 Monongahela Conn_ May
989,184 1,112,508
149.847 257,957
Bellefonte Central May
7,0921
917,088
9.471
May
57.8134 Montour
44,075
125.311 258,298
579,842
Belt By of Chicago_ May
540,380 622,383 2.821,301 3,018,988 Nashv Chatt & St L May
1.948,458 2,094,310 10.021.102 10,249,423
-Ore
Bessemer & L Erie_ May
1st wk July
1,857,395 1,980,378 5,052,088 8,579,982 Nevada-Calif
142,887
145.199
4,958
7.772
Bingham & Garfield May
343,107
38,901
41,350
182,031 Nevada Northern May
190,888
431,558
85.099
88,982
Boston & Maine
889,502
6,374,4837,881,681 32,264,720 35,182.183 Newburgh & So Sh_ May
May
181,284 195,973
850,489
Bklyn ED Terminal May
118,103 111,213
839,057 New On Gt North May
800,524
281.070 242,711 1.247,805 1.164,073
Buff Roch & Pitts 2d wk July 274,499 478,765 9,071,389 13,849,973 NO Tex & Mexico_ May
311,869 199.993 1,388,380 1,279,894
Beam Sour L & W May
Buffalo & Susq
130,6871 217,243
921,504
271,772 189,581 1.229,972
May
870,858 1.191.523
St L Browns & M May
Canadian Nat Bys_ 2d wk July 4,593,485 4,836,335 123883871 125282910
680.312 487,800 3.388.137 2.178,814
AM & St Lawrence May
151,205 243,594 1.130,084 1,531.489 New York Central May
*30-24231 38370059 *152975585 178045286
Ind Harbor Belt.. May
Oh Det Can 0 T May
232,210 347,634 1.338,897 1,435,881
882,803 973,135 4,548,492 4,848,491
Michigan Central. May
Oet ti it & Mllw_ May
804.225 824,450 2,803,034 2,856,722
8,951.252 8,578,828 37.378.415 40,189,380
000& St Louis_ May
6,875,717 8,124,222.35,950,025 39,893,002
Canadian Pacific..... 28 wk July 3,280,000 3,449,000 88,508,000 84,811,000
Cincinnati North_ May
Caro Clinch & Ohio_ May
68i,249 863,718 3,514,382 3,907.279
337,719 437,234 2.007,382 2,253,835
Pitts & Lake Erie May
Central of Georgia May
2.107,879 2,107,956 11,198,043 11,105,017
2,401,128 4,215.452 14,242,408 18,528,039
Central RR of N J_ May
4,857,189 5,088,748 22,257,246 23,438,884 NY Chic & St Louis May
4.441.903 5.181,801 22,963,405 24,158,982
May
Cent New England_ May
884,770 898.241 3.339.3130 2,921,897 N Y Connecting
225.288 422.427 1.175,391 1.478,805
NY N H & Hartrd May
Central Vermont_ _ _ May
763,750 837,761 3.557,209„
105.58778 12036901 51,898,070 54.033,893
310.237 328,242 1.689,098 1,708,012 N Y Ontario & West May
Charles de W Caro May
1,079,780 1,143,233 4,849.848 5,144,772
8,678.7908,929,61542.472.87639,614,834 NY Susq & Western May
Chas dr Ohio Lines.. May
418.958 441,909 1,927,105 2,114,242
Chicaho & Alton
2,485,781 2,781.284 12,354,870 13,842,292 Norfolk Southern- May
787.958 785,797 4,098.150 3,881,474
May
Chic Burl & Quincy May
12106746 13704092 83,942,673 71,225,395 Norfolk & Western.. May
6,868.7487.945.634 38.538.913 37.057,898
1,845,1332.229,797 11.010,732 12,019.391 Northern Pacific_ _ _ May
8,875,628 7,880,983 35.476,03438.344.840
Chicago & East III May
584.419 655.229 2,818.113 2.855,713
Chic Ind & Louisv
1,420,490 1,813,633 7,118,785 7.570,129 Northwestern Pac_ - May
May
Chic Mllw & St Paul May
12553262 13887498 62,708,480 89,588,068 Pennsylvania Syst- May
58701238 70011887 283515244 311088394
Penn RR & Co.- May
11908713 13787108 59,105,894 83,841,582
Chic & North West_ May
52290448 85485827 2134284591 291742522
Balt Ches & Atl May
519,843
Chic Peoria & St L_ May
93.269 100.853
118.422 139,397
518,080
477,185
578,248
Long Island
May
Chic River & Ind_ _ _ May
548.271 828.508 2,989,957 3,129.088
3.013.343 2,948,222 12,900,305 12,402,039
Monongahela_
9,188,870 10156771 47.578.313 49.397.471
May
Chic RI& Pacific May
331,910 583,525 2,018,223 2.300,887
Tol Peoria & West May
757,188
482,574 421,481 2.429,509 2,091.008
172,502 150.830
Chic R I & Gulf May
794,530
Chic St Paul M & 0 May
2,005,6682.225.570 11,138,034 11.507.835
935,992 1,120,378 4.408,707 5.001.755
W Jersey & &ash May
Cinc Ind & Western May
348,284 383,828 1.771,280 1,957,844 Peoria & Pekin Un_ May
745.269
138,348 147,209
772,943
Colo & Southern...... May
988,593 1,094,219 5.114,295 5,102.348 Pere Marquette_.. May
3.341,85 14,00,898 17,184,251 18,389,409
Ft W & Den City_ May
781,097 752,212 3,941.588 3.545,724 Perkiomen
433,414
103,058
May
478,227
97,108
Trin & Brazos Val May
128,967 111,370
611,718
883,114
81,218
837.845 Pitts & Shawmut__ _ May
427,151
89,480
Wichita Valley__. May
130.542 110.092
113,081 114.751
521.012 Pitts Shaw & North May
881.245
548,780
759,020
Columbus & Greens May
127,081 128,451
344,433 349,217 1,573,734 1.508,711
817.059 Pittsb & West Va.... May
833,049
Delaware & Hudson May
3,704,3594,416,432 18,438,878 18,507,433 Fort Reading
May
819,882 1.310,033
182,210 223,074
Del Lack & Western May
7,447,6657,833.401 35,789,393 35,194.155 Pullman Co
May
5,831.200 5,984.48028,868,019 28,001,913
Deny & Rio Grande May
562,587
2,384.735 2,646.542 11,928,888 12,574,114 Quincy Om & K C May
438,343
75.399 100.134
Denver & Salt Lake May
270,339 183,491 1,088,085
May
8,094,273 9,808,822 39,151,743 48,4139,183
775,502 Reading Co
Detroit & Mackinac May
182,213 181,848
1,070,339 1,140,030 5.240.245 5,372,322
725,859 Rich Fred & Potom_ May
758,193
Detroit Terminal_ _ _ May
208,588 200,138 1,034,881
May
553,981 590.779 2.708.811 2.750,5132
878,301 Rutland
Detroit Tol & Iront_ May
988.858 917,327 5.243,291 4,158.877 St Louis
-San Fran 2d wk July 1.892,872 1,773,340 44,788.542 48,853,994
Dot & Tol Sh Line May
802,029
873.399
St L
-San F of Tex May
228,597 404,65E 1.514.279 1,837.583
138,758 123.472
Dul & Iron Range May
537,903
809,024
Ft Worth & Rio G May
885,081 1,044,268 1.704.113 1,816.275
138.718 117,215
Dul Missabe & Nor. May
2,241.2422.454,565 3,143.807 3.188.983 St Louis Southwest_ May
1.338,287 1,834,754 7,459,287 8.977,975
Dul So Shore & Atl_ 1st wk July 102.245 117,230 3,022.517 2.907,474
St L SW of Tex May
581,016 817,028 3,048,743 3,098.539
Dul Winn & Pacific_ May
Total system.... _ _ 1st wk May 427,108 489,415 12,8138,155 14,871.322
155.281 195,821 1,043,789 1,134,812
East St L Connect_ May
357,891
349,248
67,182
173,711 191.559
83,428
1,001,3313 St Louis Transfer May
9135,899
Elgin Joliet & East_ May
1,747,685 2,809.184 10,149,095 11.894.283 San Ant&Aran Pass. May
577,412 452,809 2,805.359 2,006,801
El Paso & Sou West May
881,343
488,903
928,130 1.085f553 5,133,910 5.267,470 San Ant Uvalde & G May
188,052 182,083
Brie Railroad
May
8,888,048 10358210 43.338,88050.188.380 Seaboard Air Line May
4.325,337 4,452.550 23.889.108 22,839,175
Chicago & Erie May
21500 287 23180155 107948157 108411 533
1,201,078 1,332,870 5,988.449 5,723,775 Southern Pac Syst May
Southern Pac Co_ May
NJ&NYRR
148780.55 18573282 74,811,910 75,825,405
May
134,755 130,827
838,503
839,577
Evansv Ind & T H_ May
978,883 1,152,079 4,909,791 5,892,383
Atlantic SS Lines May
123,522 110,041
884,238
730,179
Florida East Coast_ May
Arizona Eastern.. May
289,414 335,300 1,414,183 1,544,807
1.831.215 1,408,995 9,850,887 8.265.570
Fonda Johns & Glov May
Galt- Harris & S A May
2,115.234 1.824,955 10,294,953 9,078,891
110,242 125,889
885,788
582.482
Ft Smith & Western May
Hous & Tex Cent May
141,002 118,389
1,177.499 1,090,738 5,804,408 5,388,857
853.891
877.915
Galveston Wharf
Hou.s E & W Tex_ May
249.806 238.52e 1,274,584 1.177,203
May
80,103 107,505
483,487
581.458
Georgia Railroad
May
Louisiana West'n. May
495,346 541,599 2,480,558 2,508,978
319,859 375,177 1,728,224 1,932,413
38,300
838,944 702,321 3,338,143 3.713.489
Georgia & Florida 1st wk July
Morg La de Texas May
38.000
887,378 104 889.238
Grand Trunk West_ May
Texas & New Or!.. May
7.52,930 742,821 3,741,373 3.814,540
1,517.687 1.825.314 7.946.199 8,132,281
Great North System 1st wk July 1,939,293 2,237,425 47,598,281 54,796,397 Southern By System 1st wk July 3.208.1073.674,828 94,727,002 102199498
Green Bay & West_ Mari
Southern Ity Co_ - May
113,402 115.457
11696948 12948543 58,609,27561,863,002
532.808
819,100
Gulf Mobile & Nor_ Maya
Ala Great South- May
495,202 505.338 2,521,898 2.487,810
831,324 928,385 4.111,053 4,498.526
Gulf & Ship Island_ May
301,63: 339,128 1.603,398 1,372,311
Cin NO & Tex P_ May
1,878,9962,164.068 9,255.842 9.891,542
Hocking Valley_
Georgia Sou & Fla May
1.509,519 1,759,823 6,602,808 8,843,935
May I
407,797 452,07. 2.042,390 2,180.884
Illinois Central Sysi May
13982035 15839631 72,522,091 80,075.921
New On & No E. May
453,489 598.952 2,378,039 2.950,210
Illinois Central Cc May
12257297 1425021983.853.36! 71,790,944
North Alabama.... May
883,985
128,858 157,913
703,527
Yazoo & Miss Va.1 May
1.724.738 1.589,412 8,888.730 8,284,977 Spokane Internarl. May
478,817
88,12'3
97,438
498,829
Internat Oft North_ May
1.243.807 1.175,038 6,508,582 5,708.949 Spok Port & Seattle May
878,801 1392.082 3,339,498 3.181,204
Intern By Co of Me May
139,258 175,594 1.388,994 1,434,480 Staten Island R T.... May
218.534 215,505 1,044,290
957,912
K0 Mex & Orient May
189.881 185.455
244.087 284,088 1.144,137 1,299,795
880,318 Tennessee Central May
761,905
K C M & Or of Tex_ May
188,078 148.880
431,282 451,780 2,091,398 2,080,052
648.490 TermRRAssnofStL May
824,598
Kansas City South_ May
1,505.7/5 1.854.861 7.555.709 8,128,822
St L Mar 11dge T_ May
334,444 403,245 1,984,124 2.124,957
Texark & Ft Sm.. May
238,200 227,333 1,208.585 1,073,709 Texas & Pacific...... 3d wk June 526.049 540.907 14,583,752 14.270.086
Total system
1.743,934 1,881.994 8.784.288 9,200,531 Ulster & Delaware.... May
142,583 150.604
514,184
May
823,918
Kansas Okla & Gul May
May
147.079 199,748
7.951,915 8,839.080 40.329,381 42.080,818
870,537 1,158,083 Union Pacific
Lake Superior & Isl May
198,359 280,952
Total system.. _ _ _ May
14878857 18087037 76,327,04876,877,079
607,246
527,79e
Lake Terminal Ry May
Oregon Short Line May
2,558,333 2,823,023 13,904,422 14,489,805
97,042 110,704
455,903
420,841
Lehigh & Hud River May
Ore-Wash RR &N May
288,549 278.477 1.314,348 1,184.859
2,300,5272,292,127 11,748,845 11.048,163
Lehigh & New Eng_ May
St Jos & Grand Isl May
458148 503,170 2.030,402 2,442,697
247.452 721,841 1,330,249 1,334,989
Lehigh Valley
8.430.809 8,882,120 1.078.838 29,227,740 Union RR (Penn)._ May
May
1,018.377 1,181,899 4,492,380 4,748,195
Los Ang & Salt Lake May
May
2.087,883 2,132.825 0,348.800 9,280,291 Utah
93,289 108,880
597,576
597,673
Louisiana & Arkan_ May
382,8:16 348,68.3 1.631,391 1,697,136 Vicks Shreve & l'ac_ May
343,086 352,000 1.741,392 1,788,893
La Ry & Nay Co
May
313.235 343.236 1,525,388 1,868,390 Virginian Rit
1,457,459 2.182,397 7.840,522 9,280,884
May
La Ry & Nay of T May
107.872
89.355
May
525.388
5,181.058 5,721,077 26.709,481 28.225,385
180.745 Wabash RR
Louisv & Nashville.. May
10802273 118 8
6 447 55,654.884 55,402,728 Western Maryland.. 1st wk July 301,149 391,982 9,903,222 12.129,898
Louisv Hand & St L May
259.435 310.770 1,457,987 1,428.397 Western Pacific_ - May
1,057,385 1,118.516 4,881.263 4.618,963
Maine Central
1,641.158 1.794.727 8,654,864 8,524,550 Western Ry of Ala May
May
249,318 228,883 1,309,812 1.204,449
Wheel & Lake Erie_ May
1.540.824 1,828,952 7,809,729 8,758,958
AGGREGATE OF GROSS EARNINGS
-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year. ,
Increase or
Decrease.
%
Monthly Summaries.
Mileage. Cur. Yr.
$
$
$
1st week May (16 roads)....-- 5510.8.1310 17,888.880 -1.031.270 5.77 August
235.357
2d week May (15 roads).- --- 18.858.225 18.604.905 -1,948,879 10.46 September_ -235.61 I
34 week May (14 roadal____ 16.013.993 17,978.885 -1.972,872 10.92 October ----235.808
4th week May (16 reads)____ 24.518,181 28,543.913 -2.027,732 7.84 November -253.689
tat week June (18 roads)........ 17,204.375 18,731,974 -1,527,1300 8.16 December-235.379
2d week June (18 roads)- -.... 17,225,913 18,728,480 -1,502,587 8.02 Jmuary - - -238.698
38 week June (18 roads).- - - - 17. .
.
283 403 18,595 8211 -1,312,418 7.05 February -.235.508
4tn week June (14 roads)--- 21,787.983 23,763.187 -1.975,184 8.31 March .....235.715
1st week July (15 roads)____ 18.255311 17.937.840 -1,882.729 9.38 April
935,9133
9,1 week July ( 4 maxim)
41.840.656 10.337.440
-496.784 4.86 May
235.894
.Vote.
-Grand Rapids & Indiana and Pitts. CM.Chic. & St. Louis included in Pennsylvania RR.
Toledo St. Louis & Western Included in New York Chicago dr St. Louis. *Estimated.
Current
Year.
1 Previous
Year.
Increase.or
• Decrease.
%
Prev. Yr.
8
$
.
$
235,698 563.292.105 473.110,138 t90.181.987 19.00
238.525 544.270.233 499.720.575 44.549.858 8.91
238,018 586.328.886549.080,662 37,248,224 6.78
253.593 530.106.708 522,458,208 +7,648.500 1.48
235.555 493.099.550 512,312.354 -19.212.804 3.75
235,886 467,887,013 501.497.837 -33.810.824 8.70
235,876 477.809.944 445,870.232 +31,939.712 7.18
238,520 504.016,114 534.644.454 -30,828,340 5.73
235,865 474,094,758 522,338,874 -48,242,118 9.24
234.452 478.458.749 546.934.882 -70.478.133 12.89
Lake Erie k Western included in New York Central'
JULY
19 1924.]
317
THE CHRONICLE
Latest'Gross Earnings by Weeks.—In the table which
followv.,we sum up separately the earnings for the second
week of July. The table covers 4 roads and shows 4.86%
decrease from the same week last year.
Latest Gross Earnings.
Name of Road.
or Company.
Jan. 1 to Latest Date.
Previous
Current Previous Current
Year.
Year.
Year.
Year.
Month.
,
.
.
S
$
.3'
$
273,282 299,194 1,493,318
New Bed G & Ed Lt_ May
552,745 620396 *7,355,487 *6,632,552
Increase. Decrease. New Eng Power Syst_ May
1923.
1924.
Week of July.
Second
83,610 73,323 *1,055,288 *803336
New Jersey Pow & Lt May
Newp News & Ramp
$
3
3
$
Ry,Gas & Elec Co_ May
151.731 167,158 *2,044,027 *2,128345
204,266
478.765
274,499
& Pittsburgh..
Buffalo Rochester
274,291 280,936 1,329,813 1,396.888
42,850 New York Dock Co.... May
4,593,485 4.636.335
Canadian National
736.260 769.912 2,129.130 2,166.641
169,000 New York Railways_ March
3,280,000 3,449,000
Canadian Pacific
288,878 . 283,870
100.561 100.558
Eighth Avenue...-. March
80,668
1,773,340
1,692.672
St. Louis-San Francisco
122,818
118,178
March
39.527 43,199
Ninth Avenue
159.093 • 160,030
56,387 63,071
496,784 NY & Queens (Ree)_ March
9,840.656 10,337,440
roads)
Total(4
380,643
387.897
4na 754 N Y & Harlem
133,605 136,694
March
eiaarrwassa 14 fifiq,1
107,382
102.543
33,960 38,209
N Y & Long Is!(Roe) March
following we also complete our summary for the Niagara Lockport & May
In the
457,842 443,826 2,481.719 2,261.737
Ont Pow Co & Subs
first week of July.
6403,1666095.160 v77664279 *65967352
Nor Amer Co & Subs_ May
53,506 47,105 *660301
North Coast Pow Co_ April
844,528 866,802 *9,810,967 *10131 06i
Increase. Decrease. North Ohio Eiec Corp May
1923.
1924.
First Week of July.
220.216 237.928 *2,852.030 *3,005,16(
North Texas Elec Co.. May
42,983 63,781 *569.594 *539.94l
Nor'west Ohio Ry &P May
3
S
$
$
50.504
49.677
16,224 19,730
March
637,316 Ocean Electric
Previously reported (4 roads)-- 9,598.168 10,235,484
265,028 246.861 *3.245,713 *3.032.13:,
14,489 dPa eine Pow & Light_ May
113,012
98,523
Ann Arbor
46,719 *624.838 *589,621
Electric..... May
49,149
14.986 Paducah
117.230
102,245
Duluth South Shore & Atlantic_
Penn Central Light&
300
38,000
38.300
Georgia & Florida
289,092 257,150 *3,540.709 *2,852.02:
Power Co & Subs May
298,132
1,939,293 2,237,425
Great Northern
246,051 238.416 *3,171.881 *2,884,791
642 Pennsylvania Edison.. May
6,892
6,250
Mineral Range
3148.866 3014,194 18,652,613 18,102,471
52,185 Phila Co and affil corp May
298.696
246,511
Minneapolis & St. Louis
38,891
27,171
27,171 38.892
Philadelphia 011 00.... January
42,621
327.124
284,603
Mobile & Ohio
346.721
357,979
80.433 76,885
2,816 Philadelphia & West_ May
7,772
4,956
Nevada-California-Oregon
3939,464 4039.011 18,946,674 18.740,031
Phila. Rapid Transit May
62,309
489,415
427,106
St. Louis Southwestern
68.729 - 61.725 *885305 *867,201
May
466,721 Pine Bluff Co
3,208,107 3,674.828
Southern
,
300.048 279,868 *3326.210 *3376.56
90,813 dPortland Gas & Coke May
391.962
301,149
Western Maryland
895.144 907,721 *10979893 *10416161
Portland Elec & Pow.. May
1004,629 987,199'12590454 '11217113
300 1,683,029 Puget Sound Pr & Lt_ May
16,255,111 17,937,840
Total (15 roads)
264,581 272,815 *3.098.326 *3.037,731
I aR2 729 Reading Transit & Lt May
IsInt risersase (9.38%)
810,232 807,361 5.414,591 4377,711
Republic Ry & Lt Co_ June
188.8S:
189,692
65,951 66,748
UTILITY CO'S. Richm Lt & RR(Rec) March
ELECTRIC RAILWAY AND PUBLIC
41.585 44,500 *540,202 *675,83:
Rutland By,Lt & Pr.. May
72,407 80.196 *842,868 *842,701
Sandusky Gas & Elec May
Latest Gross Earnings.
Jan. 1 to Latest Date
151.315 129,320 *1,906381 *1398,93:
Savannah Elec & Pow May
16,601 15,984 *214,667 *194,621
Sayre Electric Co_ __ _ May
Name of Road.
Previous
231,341
265,886
Current Previous Current
92,326 81.873
Second Avenue (Roe) March
or Company.
,
2,84
Year.
2.754
2.844
Year.
Year.
Year.
Month.
2,754
17th St Incl Plane Co January
92,787 83.998 *1,051,893 *955.721
Sierra Pacific Elec Co May
1909.017 1677,339 821559 135 y1784200
South Cal Edison Co.. May
543,850 528,606 *7.123.133 *6,506,228 Sou Canada Pow Co. May
83,841 77,219 1102,565 1•824,68:
Adirondack Pow & Lt June
650,261
715.140
699,600 631,022 *8,567,707 *6377,542 Sou Ind Gas & Elec March
233.215 219,781
Alabama Power Co- _ May
April
247.873 192,970 *2,851399 *2.424.431
1629,677 1769,868 6.986.680 7,225.393 Southern Utilities Co_ June
Amer Elec Power Co.. May
subsid
*33200603 *30795894 gSouthwest'n Pr & Lt May
845.294'11697799 *1053869:
2729,346 2528,925
947,001
Am Pr & Lt Co
6152,818 6060,498 30338.359 29.942,764 Staten Isl Edis Corp_ May
224,023 186,437 *2,626.305 *2,390,28'
American Tel & Tel-- May
,
243.207 194.67
63.309 70.279
3142,275 2992.763 *38040167 *31187.670 Steinway_Rys(Ree)._ March
' rnAm Wat With & Elec May
,
*3,177,894 Tampa Electric Co May
June
272.722 277.720 *3308.724
177.897 171,229 *2,206,089 *135732
Appalachian Pow Co115.278 110,418 *1,617,485 *1392.598 Tennessee Elm Pr Co May
778,691 736,177 *9.312.216 *8,535,19
cArkansas Lt & Power May
84,658 78,252 *1314,171 *927,182 Texas Electric Ry
212,795 *3,040,480 *2,736.67.
Pow & Light May
217,026
May
Asheville
267,729 236,825 *3.472.546 *2,788,156 °Texas Power & Light May
498,089 404,309 *6,043,233 *5.192,09
Associated Gas & Elec May
4,290,409
1297.506 1269,952 y13376994 y1312664,
Atl Gulf& W 155 L..- February 2162,692
Third Avenue Ry Co_ May
Elec April
102.357 106.569 *1.235,300 *1,198,846 United Electric Rys April
670,977 663.548 2,790,020 2,754,78
Aug-Aiken Ry &
118,920 114,462 *1359,608 *1,528,887 United Gas & El Corp May
Bangor Ry & Electric May
1172,544 1111,420'14434470'1299636
4598.973 4102,048 23.914.562 22,047,150 United Lt&Itys&subs September 985.875 986.394 9.070.040 8,408.99
kBarcelona Tr. L & P May
64.433 48,652 *660.107 *612,336 United Rys & Electric May
Baton Rouge Electric May
1416,037 1463,850 6,863,297 6,84933
80.379 Utah Power & Light.. May
55.790 60,379
58.790
Beaver Valley Trac__ January
694.693 644.637 *8.971,893 *7,704.62
8
100,030 89,032 *1,252.741 *1,098,578 gUtah Securities Corp May
Binghamton I.. H & P May
831,555 781.279'10529857 *9.381.96
380,371 377,873 *4,556359 *4,220,080 Vermont Hydro.Riee_ may
Blackstone Val G & E April
53,658 62,666 *733.694 *668,67
3047,706 2998,297 3,047,705 2,998,297 Virginia By & Pow Co May
Boston "L" Railway. January
850,198 4,410.593 4,330.10
858,611
2334.169 2082,039 11,143.001 10,135.205 Wash Water Pow Co. May
Brazilian Tr, Lt & P_
428,382 419,732 2,151.304 2,048,54
21.233 Western Union
7.481
6.869
19.866
Bkiyn Heights (Rec)_ March
9225,549 9408.546 45,039,013 45.726,68
May
May
3594,557 3411,217 y35498974 y33589020 West Penn Co
System
B-M-T
2132,8691994,231 *25483817 *21634217
May
615,542
215,465 222,865
633,759 Winnipeg Electric Ry April
Bkn Q Co & Sub(Rec) March
441.379 467,474 *5.359,155 *5,550.977
226,255 224,202
649,893 • 633,886 nYadkin Riv Pow Co May
Con I & Bklyn (Rae). March
134,291 161.19 *1,860,138 *1.502.46
16,616 York Utilities Co.._ .. _ June
6,156
6,417
16.133
119.58
104.240
Coney Island & Grave March
13.300 16.502
March
481.905 454,293 1.373,002 1,278,877
Nassau Electric
91,287 98.528
288.318
267.640
March
South Brooklyn
a The Brooklyn City RR.Is no longer part of the Brooklyn Rapid Transit
1071.466 1086,875 y11199 301 y11139 608
Brooklyn City RR— May
RR -Co. having, with the
2457,906 2177.074 6.993,460 6,077.638 System, the receiver of the Brooklyn Heights
tiN Y Rap Tran Corp. March
payment of the rental; therefore
66,867 56,633 *714.743 *665,870 approval of the Court. declined to continuehas been operated by its owners.
CapeBretonElCo,Ltd May
aline Oct. 18 1919 the Brooklyn City RR.
191,168 176.139 *2,428354 *2.111,241
Carolina Pow & Light May
RR. companies were formerly
325.952 307.630 1.021.895
967.262 to The Eighth Avenue and Ninth Avenue these leases were terminated
Central Illinois Lt Co March
46,691 45.216 *690316 *562,242 leased to the New York Railways Co.. but
Cent s1Iss Vail El Co_ May
July 11 1919,since which date these roads have been operated separately.
345.268 282,158 *3,804310 *3,078.929 on
Central Power & Lt.._ May
d Subsidiary of American Power & Light Co.
1855,491 1589,994 *16970500 *16158219 c Includes Pine Bluff Co.Water & Power Co. g Subsidiary companies.
Cities Service Co.__ May
Includes York
79,669 75,963 *1,001,613 *895,994 e Given in pesetas.Haven
Citizens Tr Co & Subs May
Includes West Penn Co. is Includes Palmetto Power
m
219,680 k
49,766 54,441
206.106
Cleve Palnesv & East April
Power & Light Co. p Includes
113.413 99,296 *1,309337 *1.072.645 & Light Co. o Subsidiary of Southwestern
Colorado Power Co- - May
Gas & Fuel Co.. the Federal
first time the earnings of the
2656.981 1849.678 11,636,301 7,933.063 for the Fuel Co.. the Springfield GasColumbus Dayton Gas Co. s Earnp Columbia Gas & El. April
Co. and the
176.827 184,667 *2384344 *2.125,300 Gas & 10 months ending April 30. v On June 15 1923 the New York ConColumbus Elec & Pow May
ings for
2503.8602308.546 *31626002 *27376 100 solidated was reorganized under the name of the New York Rapid Transit
Com'w1th Pow Corp.. May
1477.673 1304,271 *18947812 *15364 067 Corporation. t Earnings for 8 months ending May 31.
Consumers Power Co May
Earnings for
284,808 288.173 *3,841,708 *3,652,427
Cumberland Co P & L'May
2866.736 2634,834 12313,635 11,091,236 12 months. y Earnings for 11 months.
Detroit Edison Co_ _ _ April
1700.6811648.275 7.142,273 6,735,774
Duquesne Lt Co Subs April
811,694 895.120 4,229.834 4,670,373
Eastern Mass St Ry— May
257.198 234,139 *3,087,967 *2,596,011
May
Electric Railway and Other Public Utility Net
East Penn Elec Co_
46.886 43.628 *588,614 *523,085
East Sh G&E Co&Sub May
319.324 356.987 *4,207,614 *4.290.820 Earnings.—The following table gives the returns of
East St Louis & Sub 1May
115.645 120.669 *1,426,968 *1,382,934
Alton Companies May
gross and net
178,950 168,273 *2.140344 *1,894,491 ELECTRIC railway and other public utility
East Texas Elec Co_iMay
127.191 133.686 *1.569.701 *1.486.367 earnings with charges and surplus reported this week:
Edis Elec III of BrocklAnril
194,878 203,409 *2,405,670 *2,350,456
El Paso Electric Co_ _1May
—GrossEarnings— —NetEarnings—
Elec Lt & Pow Co ofl
Previous
Current
Previous
Current
31,923 33,573 *460,380 *414,084
Abington & Rockrd'May
Year.
Year.
Year.
Year.
Companies.
Equit Gas Co & Pitts
$
$
$
$
1626.723 1738.127 1.626.723 1,736.127
& W Va Gas Co_ _IJanuary
94,666
103,117
282,158
84,380 89.665 *1.028,043 *1.023.102 Central Pow & Light...._May 345.268
Fall River Gas Works,May
950,837
1.315.915
438,43 429,594 2,434.619 2.368,267
12 mos end May 31...... 3.804,910 3,078,929
Federal Lt & Trac Col May
371,871
251.465 226.608 *3,108.460 *2.777.832 General Gas & Elec Co_May 1,505,904 1,266,616
451.188
oFt Worth Pow & Lt_ May
334.493 284,127 *3.457,776 *3,300.404
4,400,709
Galv-Houston El Co.. May
12 mos end May 31-- -16,545,697
1505.90 1265,515 •16545597
Gen 0& E & Sub Cos May
161.ol 1 i 13.804 1.671.21,0 1.394.185 Philadelphia Co.and affiliated 3,148.865 3.014,194 1.000.988 1,021.435
Georgia Lt, Pr & Rya October
May
Corp
1284.548 1323,747 6.692.860 6.893,177
Georgia Ry & Power_ May
18.652.613 18.102,479 6,622,697 7,986.698
5 mos end May 31
636.828 562.483 3.176,849 2.988.113
Great West Pow Syrt May
20,700
42.315
192.970
Southern Utilities Co___June 247.873
1184,08 1101,006 6,849,805 5,515,268
Havana El Ry,El& P May
366,280
488,001
2.851,599 2,424,437
12 mos end June 30
46,874 *671.866 *563,716
48.12
Haverhill Gas Light May
313,355
88.689
79,09
Honolulu Rapid 'I'ran April
323.754
Balance,
Fixed
Net after
Gross
40.647 37.203 *525,456 *544,664
Houghton Co Electric May
Sures.
Charges.
Taxes.
Earnings.
Companies.
1005.03 983.989 5,027.896 4.796,820
Hudson & Manhattan May
May
91,90 112,943 *1,320.188 *1,278.105
Hunting'n Dev & Gas
41.157
125,990
167,147
April
643,850
215,174 185.166 *2.609.447 *2,504,736 Adirondack Pow
June'24
Idaho Power Co
61.293
94.555
155,848
528.606
96.378 91,739 *1.166,976 * 969.642
& Light
'23
Indiana Power Co.__ March
943,702
5203,316 5092,593 15,051,448 14.422.228
12 mos end June 30 '24 7.123,133 2,217.942 1,274.240
Interboro Rap Trans.. March
750.181
3634,969 3392,700 10,272,062 9,658,451
'23 6.506,228 1,836,813 1.085,632
Subway Division._ March
76,566
1668.346 1699,893 4.779.386 4,763.777 Appalachian
64,361
Elevated Division_ March
272.722 *140,926
June '24
74,738
714,727 669.866 *9,188,961 *8357,989
63,227
Kens City Pow & Lt_ June
277.720 *127,965
'23
Power Co
455,348 455.987 *5.572,680 «5,333,141
713,212 1,067,128
dKan Gas & Elec Co- May
*1.780.340
12 mos ended June 30 '24 3.508.724
32,810 33.138 *422397 *401.785
816,556
649.071
Keokuk Electric Co May
'23 3,177.894 *1.465.627
Ja ouary
164.937 144.111
144.111
154.937
lieysume Telep
386.319
947,947
May'24 3.142,275 1,334,266
Water
Electric.._ May
*252,564 American&
18.747 20.239 *
239,541
Key West
434,643
830.323
'23 2.992,763 1.264.966
Works Elec
247,862 235,528
892.888
983.716
Lake Shore Electric April
12 mos end May 31 '24 38,040.267 16.444.852 10.836,205 5.608,847
31,233 27.542
76,402
89.222
Long Island Electric_ March
'23 31,187,670 13,232.756 8.936.187 4.296,669
113.921 138.366 *1337,615 *1,575.807
Lowell El & Lt Corp- May
24.033
100.030
May'24
23.492 25.017
68,006 Binghamton Lt
67.438
Manhat Bdge 3c Line March
28.296
89.032
'23
Heat & Power
33.897 33.522
92.227
(Roe) March
94.570
Manh & Queens
264,854
165.293
1,252.741 *430.147
12 mos end May 31 '24
289,037 274,381 *3.649,485 *3.578.803
Manila Electric Corp May
190.439
125,077
'23 1.098,578 *315316
June
791.971 789.343 4,911,725 4,810,308
Market Street Ry
805,531
1,889,647 1,084,116
May
647,646 627,861 *7.863,447 *7.428.041 Interboro Rapid
May '24 5.103,523
eMetropolitan Edison
240.659
1835.508 1806.802 *22601947 *20980914
'23 4,938,115 1,801.853 1,561.194
Milw Rice ltv & Light May
Transit System
98.016 91,733 *1,240340 *1,202.729
Mississippi }cow & bt.. May
11 mos ended May 31 '24 53.400.368 16,155.222 11,912,090 4,243,132
282,076 273,922 *3.091337 *2,959,442
248,707
338.733
90,026
714.727
Miss River Power Co_ May
June'24
421.834 422,481 *4.903.036 4.551.417 Kansas City Pr & Lt
313.749
Munic Ser Co & Subs_ April
237.796
659.858
75.953
'23
306,398 297,287 *3,894,302 *3,679,563
dNebraska Power Co.. May
12 mos ended June 30 '24_ 9,188,961 4,476,610 1,045,583 3,431.027
402,345 361,213 *4,290,481 *3.882,959
Nevada-Calif Electric May
936,824 3.089.692
'23 8,557,989 4,026.516
318
THE CHRONICLE
[VOL. 11.9.
-Gross Earnings-- -Net Earnings
1923
Previous
Current
cio,mt
Previous
Total.
Held ey or
Companies.
Year.
Year.
ea
Year.
Issued.
for Co.
Outstanding.
1922.
LtahtiUtes-Market St By
June'24
791,971 *167,870
91,631
$
76,239
$
$
$
789.343 *182,198
'23
112,317,468
61,383
120,815 Common stock
372,039 151,945,428 152,317,468
Preferred stock
6 mos end June 30 '24 4,911,725 *1,110,082
703,117
60,000,000 1,136,819 58,863,181
406,965
60,000,000
'23 4,810.308 *1.148,656
779,650 Separate stock-Washington
369,006
Branch (see contra)
1,650,000 1,650,000
Metropolitan
May'24
1,650,000
647,548
254,243
Equipment obligations
60.250,672
Edison Co
18.400 60,232,272
44,709,807
'23
627,851
224,333
363,523,230 65,894,405 297,628,825 356,375,230
12 mos end May 31 '24 7,863,447 *2.904,243 1.438.358 1,465,885 Mortgage bonds
Collateral trust bonds
101,697,500 7,721,210 93,970,290 101,697.500
'23 7,428,041 *2,405,686 1.263.350 1,142,336 Miscellaneous
obligations
79,232,581
79,763,405
79,232,585
New Jersey Pow
May'24
83,610
27,217
Dayton & Michigan RR. Co.
& Light
'23
73,323
19,674
Common stock
2,401,950
2,396,950
2,401,950
5,000
12 mos end May 31 '24 1,055,288 *272,186
141,319 D.&M.RR.Co.Pref.stock
130.867
1,211,2511
1,211,250
1,211,250
'23
803,536 *256,483
148.407 D.& M.RR.Co. 1st M.bonds 2,728,000
108,081
2,728,000
2,728,000
Northwest Ohio
May'24
Home Ave. By. Co. cap.stock
42,983
608
100,000
100,000
100,000
Ry & Power
'23
Loans and bills payable
53,781
16,153
4,300,000
12 mos end May 31 '24
569,594
*73,270
2,124 Traffic and car service balances payable
71,146
0,128,738
4,909,379
'23
539,945
*90,526
68,549
21,977 Audited accounts and wages payable
13,934,845
18,108,893
Pennsylvania
Miscellaneous accounts payable
May'24
246,051
90,631
4,144,100
4,441,396
Interest matured unpaid
Edison Co
'23
236,416
75,343
3,647,445
3,650,932
12 mos end May 31 '24 3,171.881 *1.031,861
.574,462 Dividends matured unpaid
457,399
91,116
56,121
Funded debt matured unpaid
'23 2.884.798 *971.131
577,338
393.793
7,800
39,800
Unmatured dividends declared
Reading Transit
May'24
264,581
2,487,917
1,177,264
22,971
Unmatured interest accrued
& L104
'23
3,934,430
3,823,040
272,815
24.329
Unmatured rents accrued
12 mos end May 31 '24 3,098,326 *271,106
27,625
33,281
185,875 Other current liabilities
85,231
'23 3.037.739 *317,023
1,340,492
61,667
235,034 Liability for provident funds
81.989
1,691,268
Republic Railway June '24
2,891,193
810,232
268,541
23,511 Other deferred liabilities
245,030
995,6811
& Light Co
1,641,282
'23
807,361
266,961
59,237 United States Railroad Administration
207,724
6 mos ended June 30 '24 5,414.891 1,949,591 1,507,490
81,608,980
442.101 Tax liabilitY
2.592,273
301,079
'23 4,877,716 1.608.574 1,155,513
453,061 Insurance reserve
1,566,087
1,456,613
Rutland By Light May'24
Operating reserves
41,585
8,104
3,056,553
5,017,146
Light & Power
'23
Accrued depreciation-equipment
44,500
11,714
45,465,368
42,656,930
12 mos end May 31 '24
540,202 *168.245
73,276 Other unadjusted credits
94,969
2,962,369
3,994,861
'23
575,832 *149,579
53,501 Sinking fund reserves
96,078
193,844
180,613
Additions0property through income and surplus_ _._
Sandusky Gas&
May'24
72,407
.20,033
26,307,731
20,736,233
Profit and loss, balance
Electric
'23
80,196
21,266
32,223,524
20,015,285
12 mos end May 31 '24
842,868 *237,502
165,183
72,319
Total
'23
842,709 *209,529
136,849
72,680
900,191,933 1,024,978.660
Sayre Electric Co
May'24
16,601
4,691
These amounts held by or for company's account are not included in
'23
total
15.984
4,055
assets in 1923.
12 mos end May 31 '24
214,667
*63,066
39,188
23,878
The following securities bear the endorsement of the B. & 0. RR. Co.
194,620
'23
*41,422
19,213
22,209
jointly
with other companies. viz.: Kentucky & Indiana Terminal RR. Co. 1st
Southern California May'24 1,909,017
Mtge.
998.511
409,290
589.221 sterling bonds.$6,499,781: Richmond-Washin
gton CO. 1st Mtge.bonds,$10,000,000:
Edison Co
'23 1,677.339
923,703
672,448
251,255
12 mos ended May 31 '24 21,559,135 11,045.933 4.198.422 6.847,511 Washington Terminal Co. 1st Mtge. bonds, $12,000,000. The company, through
subsidiary, the Toledo & Cincinnati RR. Co., guarantees 82,728,000 Congo!.
1st
'23 17,842,097 10.423,614 3.353,681 7.069,933 Mtge. bonds of the Dayton
& Michigan RR. Co.
-V. 118, p. 3195.
Vermont HydroMay'24
53,658
24,438
Electric Corp
'23
52,556
18.048
Pittsburgh & Lake Erie Railroad.
12 mos end May 31 '24
733,694 *252,072
98,739
153,333
668.576 *315,973
'23
170.774
(45th Annual Report
145,199
-Year Ended Dec. 31 1923.)
West Penn Co
May'24 2,132,869
858.120
362.443
495,677
The text of the report for the year 1923, signed by the
'23 1,994,231
800,241
460,496
339,745
12 mos end May 31 '24 25,483,817 10.431,677 5,698,847 4,732,830 late President Alfred H. Smith, says in substance:
'23 21,634,217 8,701,687 5,116.600 3.585,087
Year of Maximum Transportation Service.
-During
year tho
York Utilities
June '24
*-427
13,300
z4,093
-4,520 carried the largest volume of traffic in its history. the moved company
It
50.712.828
Company
'23
16,502 *-2,037
z4.110
-6,156 tons of revenue freight, an increase over 1922 of 18.328.251 tons and over
6 mos ended June 30 '24
104,240
*11.194
z24.884 -13,690 the previous record year. 1918. of 4,819,148 tons. Thera was great activity
119,584
'23
*15,346
-9,310 In the Iron and steel industry causing a heavy movement
z24,6.56
of ore, coal and
*After allowing for other income.
coke as well as of['niched products. Lake cargo coal also moved in record
volume. Total passengers carried, 6,019.694, increased
z Includes taxes.
but fell short of the previous record in 1920 by 11%. 9I4% over 1922,
Revenues. Tonnage it Passengers.-Tho total operating revenues were
$44,666.690. an increase of $15,095.707.
Freight revenue was $40,259,528, an increase of $14,640.622. There
FINANCIAL REPORTS
were 50.712,828 tons of revenue freight moved, an increase of
18,328,251.
Of this increase, coal contributed 10,063.471 tons, coke 2.897,787 tons and
Iron ore 1.532.819 tons.
Baltimore & Ohio Railroad.
Passenger revenue was $3.305,399, an increase of
number of passengers carried was 6.019,694, an increase $489,752. The
of 525,172.
(97th Annual Report
-Year Ended Dec. 31 1923.)
Operating Expenses.
-The increase In expense for maintenance of way
structures wan due to
The text of the report, signed by President Daniel Willard, and and tie renewals, and an extensive program of roadway maintenance,
rail
track laying and surfacing, largely Incident to
together with comparative income account and balance sheet, the heavy volume of business.
In the maintenance of equipment group repairs to locomotives increased
will be found en subsequent pages under "Reports and
$6.34,463, due to more Intensive use incident to handling the larger volume
Documents."
of business and to the program for putting motive power into the most
efficient condition. In expense of repairs offreight cars there was a decrease
TRAFFIC STATISTICS l'E.4RS ENDED DECEMBER
31.
of $866.463 due to untesit illy heavy expenditures in 1922.
1923.
1922.
The retirement of a large number of coke ears during the year is reflected
1921..
192C.
Miles operated
x5,206
5,212
5,235
5.155 in the increase of $912,925 in "freight-train cars-retirements.'' Additional
Operations
equipment put into service accounts for the increase of 3310.755 in "freight
Tonsft.car.(rev.only) 107,254,773
78,565,692
71.573,662
101,924,520 train cars-deprt:ciation."
Tons ft. carr. 1 mile_20.616,284,974 14,053,798,968 14.209,154,989
Railway Tax Accruals.
-The increase in railway tax accruals was $1,20,932,667,000
Av.rate per ton p.m.
10.12 cts.
1.060 eta.
1.103 ets.
0.873 eta. 657.435, reflecting provision for larger income tax payments incident to
Passengers carried
18,199,242
17,992,565
21,204,736
25,354,343 the increase in net income.
Pass. carried 1 mile
942,329,707
Equipment t* Joint Facility Rents.
810,848.329
-Not credit to equipment rents in895,254,315 1.060.218,486
Av.rate p. pass. p.m.
3.283 etc.
3.305 cts.
3.287 eta.
2.941 etc. creased 32.536,559. In interchange of freight cars there was an increase
Av. train load (tons)
In the net credit balance of $2.507,982 duo to increased car ownership,
(revenue only)- - - 793
762
712
873 efficiency in car handling by shippers and larger payments by the company
Earn.p. pass. tr. mile
$1,8402
$1,7673
$1.9171
52.0864 In 1922 for the holding offoreign cars on the line at the time of the coalstrike.
Earn, per freight train
Net debit to joint facility rents increased $82,490. Separate tables.
mile(revenue only)
$8.0279
$8.0757
57.8562
$7.6229 setting forth the details of equipment and joint facility rents will be found
Gross earns. per mile,
In another part of this report.
incl.outside oper _
$49,087
$38,534
Recapture Provisions of later-State Commerce Act -Under Section 15a of
544,992
$38,027
the Inter-State Commerce Act, If a carrier receives,for any year, net railway
x Excludes 95.71 miles of passenger trackage rights between Philadelphia and operating income in excess of 6% of the value of its railway property,
to
New York.
be determined by the I.
-S. C.Commission,one-halfofsuch excess is required
Figures for 1921 resulted to incl. operation; of the Morgantown & Kingwood 1214. to be placed In a reserve fund (until such fund becomes equal to 5% or
such
value) and the remaining half to be paid to the Commission, subject to a
GENER.4E BALANCE SHEET DECEMBER 31.
proviso that the value of the railway property and the net railway operating
Income of a group of carriers which the CominIssion finds to be under
Assets1923.
1922.
common control and management and operated as a single system shall
Investments in:
3
Road
253,095,887 248,725,360 be computed for the system as a whole. Whether, or to what extent, this
Equipment
189,764,832 164.670,409 company's income for 1923 may be affected by these provisions cannot
Subsidiary co.s operated as constit parts if the ees. _ 298,830,925 296.499,601 now be stated. The Commission has not as yet made its findings under
Misc. phys. proper, held for transportation purposes_
4.932,757
4,956,441 the
Guaranty
a ion.
esegety Period Settlement.
-During the year the I.
Improvements to leased railway property
-S. C. Commission
65,239
81,245
Perpetual leaseholds--capitalized (per contra)
6,441,200
6,441,200 determined the amount due to the company by the U. S. Government for
the so-called guaranty period. March 1 to Aug.311920. under the provisions.
Investment In sub. & MM.cos, separately operated
of Section 200 of the Transportation Act 1920, to be
Pledged. Unpledged.
Total.
$3.000,000 had been paid on account prior to 1923. $4,275,409, of which
Stocks
leaving a balance of
$5,352,024 54,399,054
9,751,077
11,051,879 $1.275,409, which was received
during the year in full settlement.
Bonds
33,600,000
5,701 33.605,701
37.147.501
Property Investment Account.-Increases in the property investment•
Miscellaneous
3,425,490
3,425,490
6,991,039 account for the year were as follows:
Road, 81.158,724: equipment, $2.Investment In other miscellaneous physical property_ _
4,685,261
4.482.100 726.955: total, $3.885,679.
Investment in sinking funds
2,844
180,613
Changes in Funded Debt.
-The funded debt has been reduced $658.122,
Deposits in lieu of mortgaged property sold
52,950
51,704 leaving the amount on Dee. 31 1923
$10.219,739.
Onpledged. 7'otal,
Investments in other companies: Pledged.
Automatic Train Control.-Tho L-S. C. Commission on Juno 22 1922
Stocks
5188,838 22,125,026
821,936,188
22,215,332 made an order requiring the installation of automatic train control upon
a
940,891
Bonds
940.891
607,791 division of each of 49 railroads. among which was this company. The
661,743
Miscellaneous
661,743
1,233,872 order required that a division for such installation must no selected by
Cash
13,722,276
13,737,200 Jan. 1 1923 and that the installation must be completed by
Jan. 1 1925.
Special deposits
5,047,264
4,470,627 The Train Control Committee of Signal Engineers, Which had been studying.
Loans and bills receivable
4,791,916
118,637 the matter for many years on behalf of this company and other lines of the
Traffic and car service balance receivable
4,474,703
6,086,551 New York Central System, recommended that the division between PittsNet balances receivable from agents and conductors. _ _
5,321,535
6,995,474 burgh and Youngstown should be selected and prepared specifications and
Miscellaneous accounts receivable
11,565.192
11,214,055 invitations for bids for the installation. These Invitations wore sent out
Materials and supplies
23,365;626
18,426,277 on Nov. 28 1923, but the time for receiving and opening bids did not
Interest and dividends receivable
9.227
18,293 expire until after the close of the year.
Rents receivable
20,921
Consolidation of Railways.-Tho Transportation Act 1920 provided that.
27,593
Deferred assets
977,004
-S. C. Commission should prepare a plan for consolidation of the
1,675,541 the I.
United States Government Transportation Act of 1920
9,371,575 railways of the Continental United States into a limited number of systems.
United States Railroad Administration
74,809,603 In Sept. 1921 the Commission announced its tentative plan which provided
Unadjusted debits
2,514,442
4,097,994 for the establishment of a maximum of 19 systems. The tentative plan
Securities of carrier's own issue
for System No. 1-New York Central System-includes the company and
Stocks unpledged
x1,513,858
1,513,859 Its controlled lines, thus recognizing the long established relationship of
Bonds unpledged
x21,193,465
15,707,655 these companies to the New York Central System. The hearings before
Stocks pledged, Washington Branch (per contra)- -. x1,650,000
1,650,000 the Commission on the tentative plan so far as the Eastern carriers were.
Bonds pledged
x51,403,550
49,721,550 concerned began on May 16 1923, and the taking of testimony in this
proceeding was concluded by the Commission in Dec. 1923. No decision,
Total
900,191,933 1,024.978,660 has yet been announced by the Commission.
Chanters Southern Ry.-During the year the company advanced to
Chartiers Southern By. (capital stock owned one-third by this company.
one-third by Pittsburgh Cincinnati Chicago & St. Louis By. and one-third
by the Baltimore & Ohio RR) for additions and betterments and other
corporate Purposes.$48.908. The total amountofindebtedness of Chartiers
Southern By. to this company on Dec. 31 1923 was $669,887.
Monongahela Ry.-The company advanced to Monongahela Ry. for its
corporate purposes 8400.000, making total advances to that company on
Dec. 31 1923 $800,000.
Pittsburgh McKeesport t% Youghiogheny Ry.-The company advanced to
the Pittsuurgh McKeesport & Youghiogheny By. for additions and betterments and equipment the sum of $1,175,126, an equal amount for the
same purposes having been advanced by New York Central RR. The total
advances charged by the company against Pittsburgh McKeesport &
Youghiogheny Ry. to Dec. 31 1923 amounted to 813,646.845.
-The Lake Erie & Eastern RR. paid during the
Lake Erie & Eastern RR.
year its entire indebtedness to the company, amounting to 6650.000.
Mationing State Line RR.
-The company advanced during the year to
Mahoning State Line RR. for additions and betterments $36,919. making
the total of advances to Dec. 31 1923 $356,833.
RESULTS FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
Miles operated
224
234
231
227
Tons(revenue)freight_ - 50.712,828 32,384.577 22.657,225 38.500,819
Company's freight
2.930.880
1,260,729
814.881
1.376,270
Revenue tons 1 mile_ -3,257,651,935 1926889 230 1366341 765 2435656891
Company freight 1 mile_ 59,590,990 37,905,493 60,598,714 109,422,307
Bituminous coal
20,271,320 10,207,899 10,318,984 14,101,683
Coke
4,896.468
5,232,917
2,335,130
1,453,959
Ores
6,117,204
5,239,311
3,802,454
2,014,771
Stone,sand, &c
4,824,771
2,339666
3,704,900
4,050,952
Passengers carried
6,019,694
6,782,863
5,494,522
5,580,212
Passengers one mile_ _ _ _131,072,713 113.670,244 115.794,891 141.311,211
Earns. per ton per mile_ _
1.24 cts.
1.205 cts.
1.33 cts.
1.37 as.
Ton load (all)
1,614
1.396
1,597
1,409
Gross earnings per mile.. $190,631
$101,904
$159,160
$127,897
OPERATING RESULTS FOR CALENDAR YEARS.
Earnings
--1923.
1922.
1921.
Freight
$40,259,528 $25,618,907 $18,746,699
Passenger
2,815,647
2,974,303
3,305.399
Mail,express,&c
1,109,719
918,443
837.617
Incidental. &c
395.338
183.320
298,812
Total operating revenue
$44,666,690 329.570,983 $23,226,059
Expenses
Maintenance of way & structures_ __ _ $5,212,893 $3,341,517 $2,826,413
Maintenance of equipment
7,311,236
11,993,699 10,933,565
Traffic expenses
241,597
256,908
262,071
Transportation expenses
9,103,749
9,781,745
12,414,060
General & miscellaneous expenses_ _ _ _
857,441
766.277
795,175
Total expenses
P. C. expenses to earnings
Net railway revenue
Railway tax accruals
ITncollectible railway revenues
$30,677,898 $25.080,013 820.340,436
(87.58)
(68.68)
(84.81)
$13,988.792 84.490.969 82,885.623
$2,753,881 $1,096,446 81,201,858
1,409
1.261
1.658
Railway operating income
Equipment rents, net credit
Joint facility rents, net debit
$11,233,649 $3,392,865 $1,682.355
2,410,986
1,966,635
4,503.194
26.470
162,248
79,758
Net railway operating income
$15.574,595 85,279.742 84,066,870
Other Income
Advil comp.& adj. of standard return
Federal control period
3185,895
Income from lease of road
$73,908
Miscellaneous rent income
32,816
46,359
$34.141
Dividend income
94,025
299,682
121,857
Income from funded securities
235,696
340,639
297,551
Income from unfunded sec.& accts _ _
684.232
384.567
448,957
Miscellaneous income
10,475 deb.99.556 deb.1276262
Total other income
Gross income
Deductions
Rents for leased roads
Interest on funded debt
Interest on unfunded debt
Income transferred to other eos
Other miscellaneous charges
$1,220,022
$16,794,616
$738,561 deb.343,597
$6.018.303 $4.023,274
$854,822
577,966
130.115
2,018,318
43,290
$709,868
$779,759
450,655
519,589
572,706
119,311
80,505 er.135,681
187.128
40.764
'Total deductions
Net income
a Dividends
$3.624.510 $1,686,292
813,170,106 $4,332,011
3,598,560
3,598,560
Surplus for year
$9,571.546
$1.618,312
82.384,961
2,384.961
$733,451
a Dividends declared, 10% each year; in 1921 6.62% charged to income
and 3.38% to profit and loss.
GENERAL BALANCE SHEET DEC. 31.
1923.
1922.
1923.
Assets$
5
Road & equip't 55,386.578 51,500,898 Capital stock... 35,985,600
Inv.in affil. en,.:
Prem. on stock
Stocks
7,773,278
7,772,678
sold
285
Notes
603,158
880,658 Funded debt__ _ 10,219,739
Advances_ _ _ 18,457,789 17,125,005 Accts. & wages_ 2,857,864
Bonds
2,857,751
2,500,000 Loans & bills pay
75,000
Other investmls 3,256,672
1,061,660 Traffic bals. pay
757,991
Deposits in lieu
Int. accrued, .
162,734
of mtg. prop.
Divs. declared.. 1,799,280
sold
5,786
10,931 Taxes accrued.. 2,728,693
Misc. phys. prop
44,247
41,097 Int.& divs.mat'd
60,435
Cash
12 450,659
8,751,777 Miscellaneous.. 5,872,859
Loans & bills rec 1,499,930
Def. credit items
227,638
Traffic bal. rec_
514,196
394,340 Depree. (equip.) 6.619,652
Misc. accounts_ 1,225,551
5,537,594 U.S. Govt. nab.
Accrint.,divs.,&e
293,819
398,097 P.McK.&Y.RR.
0th. curs. assets 5,232,242
3,985,973
Am.dep °cern. 4,909,152
Other advances_
3,532
1,682
Unadj. accts_ 1,236,982
Unadj'd debits_ 1,317,636
3,452,773 °per. reserves..
465,761
Special deposits_
60,615 4,772,910 Add'ns through
Agts. & eondue_
252,181
286,450
Income & sur.
Material & supp 4,346,071
3,770,495
P.& L.E.RR 2,848,838
U.S.Govt.assets
173 16,823,684 Profit and loss.. 38,753,364
-Total
115,581,869 129,068,702
Total
115,581,869
-V. 118, p. 1518.
1922.
35,985,600
285
10,877.862
2,821,826
775,000
1,133,866
229,099
1,799,280
1,384,667
60,605
3,801,357
3,610,983
6,371,060
21,601,958
4,742,891
1,294,938
322,726
2,845,404
29,409.295
129,068,702
Western Power Corporation.
(Annual Report-Year Ended Dec. 31 1923.)
The remarks of President H.P. Wilson, together with the
consolidated income account and balance sheet as of Dec. 31,
will be found under "Reports and Documents" on a subsequent page. The annual report of the Great Western Power
Co. of California is also given under "Reports and Docu-V. 118, P. 2207.
ments."
Great Western Power Co. of California.
(Annual Report-Year Ended Dec. 31 1923.)
The remarks of President M. Fleishha,cker, together with
consolidated income account and balance sheet as of Dec. 31
1923, will be found under "Reports and Documents" on subsequent pages. The report of the Western Power Corp. is
-V.118, p.2709.
also given under "Reports and Documents"
319
THE CHRONICLE
JULY 19 1924.]
Cincinnati New Orleans & Texas Pacific Ry.
(42d Annual Report
-Year Ended Dec. 31 1923.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1922.
Operations1923.
338
338
Miles operated
338
1,306,708
1,115,210
Number of passengers carried
1,322,350
103,944,695
98,732,674
Passengers carried one mile_
134.440,288
2.69 cts.
3.37 eta.
Revenue passengers per mile
3.36 cts.
4,879,977
5,386,299
Tons revenue freight carried
7,877,262
Tons freight carried one mile--1,701.379,120 1,200,946.990 1,039,579,113
1.21 cts.
Revenue per ton per mile
1.05 eta.
1.02 eta.
443
517
Avge. train load (revenue) tons_
537
$2.77
$2.78
Earnings per pass. train mile__ _
$3.19
$50.775
349.683
earnings per mile
Gross
$68,159
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
Operating Revenues1922.
1923.
$17,407,411 $12,599,962 $12,586,859
Freight
3,516,636
3,330,277
4,520,807
Passenger
791.396
623,591
774,106
Mail, express. &c
275,553
247,544
Incidental. &c
347,068
Total operating revenues
Operating Expenses
Maintenance of way, &c
Maintenance of equipment
Traffic expenses
Transportation
Miscellaneous operations
General expenses
Transportation for investment
823,049,393 $16,801,374 817,170,446
$3,134,703
5.185.537
460,592
7.052.468
131,025
558,035
Cr.76
$1,938,245
4,308,898
351,867
6,125,702
108,081
498,457
14
$2,326,988
4,359,478
364,132
7,107,572
127,320
504,123
Cr.377
$16,522,285 813,331,264 $14,789,237
Total operating expenses
3.470.110
2,381,209
6.527,108
Net revenue from operations
$782,302
$643,547
31,033 020
4 436
:
Taxes
8,086
6,653
Hncollectible revenues
729 017 Cr.259,728
42 9
:11
562,243
Hire of equipment
46,859
70,703
Joint facility rents
Operating income
$4,856,703 81,910,018 117942:44
4
Non-Operating Income
221:238704
$1,485
Income from lease of road
$
54,429
Miscellaneous rent income
42
3,785
2241,611845
9,281
Income from leased rail
1,073
Dividend income
1,000
232,485
185,502
73333
1,M
Income from funded securities
69,537
57,975
6686 2
76 188
:
Income from unfunded secut.& accts.
Miscellaneous income
$2,219,314
55.207,903 82,187,879
Gross income
Deductions
31.407,701 $1,381.651 $1,324,206
Rent for leased roads
31.988
32,873
31,867
Miscellaneous rents
153,645
131,720
133,074
Interest on equipment obligations_ _ _
3,422
3,282
3,074
Interest on unfunded debt
1.317
1,632
878
Miscellaneous income charges
122,670
122,670
122.670
Preferred dividends(5%)
388,700 (13)388,700 (12)358.800
Common dividends (13%)
469,332
Add'ns & better'ts charges to income_
3125,199
8222.065
Bal. carried to credit of profit & loss $2,651,961
The profit and loss as at Dec. 31 1923 shows: Credit balance Dec.31 1922,
$11,230,210; Add credit balance of income for year. $2,651,961; net miscellaneous credits, $25,050; total, $13,907,221. Deduct: property retired,
8109.329; discount on securities, $77.991; credit balance Dec. 31 1923.
$13,719,900.
GENERAL BALANCE SHEET DECEMBER 31.
1923.
1922.
1922.
1923.
$
Liabilities-AssetsInvestm't Inroad. 1,401,025 1,298,507 Common stock_ 2,990,000 2,990,000
Investin't in equip.17,281,634 15,214,054 Preferred stock.... 2,453,400 2,453,400
'mins. on leased
Equip. trust °Wig_ 4,565,600 2,239,400
railway ProPerty12,273,336 12,287,328 Traffic & car serv.
461,290
balances payable 329,768
459,859
Misc.PhYs.Prop._ 614,800
Grants in aid of
Inv. In MM. cos.:
Stocks
construction__
392
384,002
384,002
Bonds
298,407
298,407 Audited acc,ts and
Notes
6,012
18,038
wages payable_ . 1,649,300 2,009,198
726,516
Advances
60,930
60,930 Misc.acc'ts pay'le. 423,659
233
Other investments. 175,439
202,074 Int. inat'd unpaid_
229
10,111
9,702
Cash
2,220,200 2,140,349 Divs. mat'd unpaid
10,223
Special deposits...
10,223
13,432
13,843 Unmet. dives. decl_
44,671
72,741
Traffic & car serv.
Unmet. int. accr'd
398,765
balances reedy.. 370,405
398,562
200,555 Unmet.rents aces_
209,550
Balance due from
214,632
Other curs.habil__
53,605
13,801
agents & conduc 175,233
352,463 Deferred liabilities
497,930
1,030,676
Misc, accounts reTaxes
198,826
ceivable
1,011,256 1,228,773 Operating swerves 272,343
Material & suPp_ _ 3,005,623 1,803,558 Accrued depmc'n
Int.& dive. receiv.
53,014
25,397
on equipment.. 3,372,640 3,823,445
467,900
Other curs. assets
Other =adj.credit 812,991
(incl. U. S. sec.) 5,722,152 4,069,767 Add'ns to property
Deferred assets...
3,846.
13,915
through income
Unadjusted debits. 878,537
and surplus_ _ _13,638,725 13,166,456
919,910
Profit & loss, bal_ _13,719,900 11,230,210
45,979,285 40,991,730
Total
45,979,285 40,991.730
Total
-NT. 118. p.
Mfr.
-Securities of company held by it, unpiedged. 810.000.
2947.
The Kansas City Railways Co.
(Report of Reorganization Committee to Bondholders' and
Noteholders' Committees.)
The reorganization committee (Melvin A. Traylor, Chairman), in a circular letter to the holders of certificates of
deposit for and non-deposited, 1st Mtge. 5% bonds, dated
Chicago, July 14, accompanying a statement of the income
account of the receivers for 1923 and a detailed statement of
the assets and liabilities as of May 31 1924, says in substance:
The company is operated by the receivers, Fred W.Fleming and Francis
M. Wilson. under the direction of Federal Judge Klmbrough Stone.
Summary of Income and Expenses Account for the Entire System, Cal. Years.
1921.
1922.
1923.
Number ofrevenue passengers carried 135,097.194 136,076.541 130.843.482
Total railway operating revenue
$10,304,409 $10,404.745 89,980.046
494,002
Auxiliary operating revenue
257.009
210,326
16,598
Miscall. non-oper. income
14.134
11,929
-45,753
Miscell. non-op. income -joint_.
99,274
-company..
162,068
Total income from all sources
810,688,732 $10,775,162 $10,536.400
Total open expenses, incl. taxes_ _ _ _ 8,976,490
9.284,636
9,166.387
Gross income
$1,712,242 $1,490,526 $1,370.013
No deduction is made in the above figures for interest charges.
For the first five months of 1924 total income from all sources and gross
income both showed small decreases as compared with the same period of
1923. These decreases are probably attributable largely to poor business
conditions.
There has been no change in fares: Tickets are selling on a 7
-cent basis,
token fares on a 73. -cent basis, and cash fares at 8 cents per passenger.
Substantial progress has been made in advancing the mortgage foreclosure
proceedings. The issues raised by various parties, questioning the validity
of the First Mortgage bonds and Collateral Trust notes, were tried before
Judge Stone in April and the entier matter is now in the hands of the Court
for determination. A decision favorable to the First Mortgage bondholders
and Collateral Trust noteholders would permit an early foreclosure and
sale. Proceedings for the valuation of the property as a preliminary to reorganisation are pending before the Missouri P. S. Commission, and
Kansas P. U. Commission.
320
THE CHRONICLE
L.
-Melvin A. Traylor, Chairman: H.
Reorganization Committee.
Stuart,
Vice-Chairman; J. K. Newman, J. F. Downing, P. W. Goebel,
Comparative Condensed Balance Sheet.
May 31 '24. Dec. 31'22.
May 31'24. Dec. 31'22.
LiabilitiesAssets$
$
$
$
Capital stock
100,000
100,000
Road & equip.32,010,340 31,121,780 St'kh'ers' equity- 6,303,313 6,303,313
Missouri
6.072.298 5,998,315 1st Mtge.5s
Kansas
15,917,400 15,917,400
425 2d Mtge.65
4,290,400 4,290.400
Sinking fund, cashl 366,825 1
1366,400 2d Mtge. 55
1,000,000 1,000,000
Skg. Id., securitiesf
840
15,000
840 Real estate mtges_
Misc.phys.prop..
.
196.468
171,978 Car trust notes_
11,629
Invest.& advs.._ _
10,000
10,000 Det'd la de dam.
Ctfs. of deposit. __
126,297
U. S. securities... 4,300,000 2,455,000 CU. 6%
Notes payable_ _ _ _ 2,205,400 2,205,400
Cash, &c., special
271,034
280,171 Vouchers, &c., acdeposits
388,345
306,353
364,855
counts payable. 507,845
Bills & acc'ts rec
181,125
Payrolls payable.
Fuel & material &
974,281
748,500 Gen.claims allowed
supplies
10,266
Accrued Int., U.S.
by Court
certificates, &c.
62,273
31,620 Empl.sec. deposits
11,920
574,624
3,989 Acc'ts payable_ _ _ _ 647,811
K.C.Rys.account
Mat'd fund. debt
Receivers K. C.
unpaid
Rys. Co. Prop.
8,752,567 8,751,000
transferred
35,902,608 Mat'd diva. Pay.
30,000
108,049
Prepaid ins., &c__
96,085 Mat'd-int. unpaid
Car trust notes in
on funded debt_ 7,878,595 5,893.535
735,071
suspense"E".
11,629 Accr. int. payable_ 1,318,192
Tickets in hands of
Receivers' K. C.
3,989
agents
73,884
63,715
Rys. acc't
126,769
Conductors' token
K. C. Rys. prop.
35,902,608
advance acc't_
14,802
transferred
11,755
Suspense items__
79,272 Deferred liabilities
584,881
Subway not corn-.
Accrued taxes_ ...._ 704,372
Dieted
68,581
Res. for amort. of
8,481
Other unadj. debs.
9,583
franchise
9,898
Deficit
9,202,137 8,962,465 Res.for Inl.&daM_ 4,051,054 3,395,415
162.455
Other reserves_ _ _ _ 107,951
64,864
Urgedim'd tickets_
82,861
K. C., Mo., surp.
98,589
98,590
Income
Total
54,114,937 86,684,450
Total
54,114,937 86,684,450
-V. 118. p. 550.
Alabama Great Southern RR.
(47th Annual Report-Year Ended Dec. 13 1923.)
.
[VOL. 119.
New Orleans & Northeastern RR.
(40th Annual Report-Year ended Dec. 31 1923.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Operations1923.
1922.
1921.
1920.
Passengers carried
579,857
510,009
583,487 1,028,580
Pass.carried 1 mile
32.876,119 28,383,036 31,422,525 44.450,159
Rev. per pass. per mile
3.21 cts.
3.32 cis.
3.37 cis.
3.00 cis.
Revenue tons carried_
3.496,092 2,500,386 2,710,209
3,611.520
Rev, tons carried 1 m_476,426.413 354.229,391 381.312.907 545,249,253
Rev, per ton per mile.__
1.07 cis.
1.23 cts.
1.02 cts.
1.10 cts.
Earns. per pass. tr. mile_
$2.14
$2.81
81.93
$2.15
Earns, per frt. train mile
$6.45
$6.68
$6.37
$6.13
Gross earnings per mile_
$38,818
$28,632
$34,998
$24,306
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues
1921.
1923.
1922.
Passenger
$1,054,950
$943,358 $1,058.116
Freight
5,121,105 3,914,218 4,677,467
Mail,express, &c
711,794
Total operating revenues
Operating Expenses
Maintenance of way,&c
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Miscellaneous operations
Total operating expenses
Net revenue from operations
Taxes
Uncollectible revenues
Hire of equipment
Joint facility rents
Operating income
Miscellaneous rent income
Incomefrom rail leased
Dividend income
Inc.fr.fund. & unfund. sec. & acc'ts_
Contributions from other companies_
Miscellaneous income
649.046
594,003
$6,887,849 $5.506,622 $6,329,586
$956.602
1,431.919
143,242
2,515,817
187,590
48,971
$849,091 $1,013,151
1,242,809
1,268,433
130,101
150,202
2.533,385 3.153.313
199,105
216,490
42,115
52,876
$5,284,142 $4,996.606 $5,854,466
$1,603.707
$510,017
$475,120
592,890
573,862
433,841
7,845
1,598
9,155
232,090
173,088
267,553
Cr.103,220 Cr.130,770 Cr.115,859
$874,101
$21,450
8,221
856
25,647
574,837
13
$32,260 def$259.591
$15,626
$20,600
9,445
7,990
880
800
12.650
16,661
494.994
614,452
Dr.14
980
TRAFFIC STATISTICS FOR CALENDAR YEARS.
PVOperations1922.
1920.
1923.
1921.
318
318
Average miles operated_
313
313
Gross income
$1,505,127
$565,841
$401,893
Miscellaneous rents
1,031
2,690
2,914
Separately operated properties
63,269
66,157
66,752 '
Passengers carried
805,914
696,283
1,173,303 Interest on unfunded debt
804,477
23,344
24,916
• 29,492
Passengers carried 1 mile 61.712.697 53.131,976 59.291,274 81,387,423 Miscellaneous income charges
2,860
3,200'
3,976
3.47 cts.
3.08 cts. Interest on funded debt
Rate per pass. per mile
3.50 cts.
3.43 cts.
392,325
392,325
392,325
Revenue tons carried
5,696,877 4,156,465 4,227,156 5,702,772 Interest on equipment obligations
7,102
10,208
13.313
1 mile_904.558,398 658,754.077 684.172,644 928,543,723 Dividends(6%)
do
do
x
x
360,000
0.94 cts.
Rate per ton per mile..... 0.89 cts.
0.90 cts.
1.01 cts.
623.02
Balance, carried to profit &
659.92
Av.train load rev. tons_
682.07
547.71
$655,195
866,344 def$106.878
$34,092
$26,778
$37,346
Gross earnings per mile_
$30,449
x Dividend of $360,000 charged to profit and loss.
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
The profit and loss account Dec. 31 1923 shows: Credit balance Dec. 31
1923.
1921.
1922.
Operating Revenues$8,051,920 $6.171,637 $6,910.461 1922. $4,027,015: add credit balance of income for year 1923. 2655,195:
Freight
2,159,451
Passenger
1.845,890 2,035,374 credit resulting from settlement of claim against U. S. Govt., $80,205; net
614,241
543,092 miscellaneous debits, $30,184; credit balance Dec. 31 1923, $4,732,230.
Mail,express,&c
493,948
Incidental, &c
27,607
53,297
13,329
GENERAL BALANCE SHEET DEC. 31.
Total operating revenues
$10,853,219 $8,524,804 $9,542,225
1922.
1923.
1923.
1922.
Operating Expenses
Maintenance of way & structures_ _ _ _ $1,267,688
Maintenance of equipment
2,301,856
Traffic
261.346
Transportation
3.519.753
Miscellaneous operations
76,431
General
289,347
Transportation for investment-Cr
44
Total operating expenses
Net revenue from operations
Taxes
Uncollectible revenues
Hire of equipment
Joint facility rents
$994,417 $1,177,062
1,933.307
1,737,193
272,162
217.624
3,266,259 4,426,152
79,587
65.888
308,048
285,239
2
859
$7,716,378 $6,565,760 $8,196,320
$3,136,841 $1,959,044 $1.345,905
$641,842
$325.691
$490,600
4.909
2,731
3,848
Cr.124,203 Cr.178.335 Cr.161,693
144.750
158,390
159,021
Operating income
$2,469,543 $1,483,909 $1,020,786
Non-Operating Income
-
Miscellaneous rent income
Income from rail leased
Dividend income
Inc.from funded & unfunded securs_
Miscellaneous income
Gross income
$8,552
6,424
134,974
162,891
10.625
$7,024
5,658
137,526
142,611
22,651
$15.604
5.990
127.607
103.109
175,388
$2,793,010 $1,799,379 $1,448,483
Deductions-Rent for leased road
Miscellaneous rents
Separately operated properties
Interest on unfunded debt
Miscellaneous income charges
Interest on funded debt
Interest on equipment obligations_
7% Preferred dividends
7% Ordinary dividends
$19.451
190
209,162
2,267
5,809
" 475,944
49.747
236,625
548,100
$19.450
147
189,740
1,094
1,341
475,944
29,232
236.625
548,100
$174,751
132
222,214
820
4,689
475,944
34,842
1922.
1923.
Ordinary stock... 7,830,000
25.563,182 Preferred stock.-- 3,380,350
Funded debt
9,518,890
65,322 Equip, trust oblig_ 3,257,000
Govt. grants in aid
of construction_
1,548,558
1,500
.
481 Traf. de car service
balances payable
299,807
26,546
Audited accts, and
86,579
wages Payable__ 652,825
50
1,261.084 Misc. accts. pay.- 646,299
117,780 Int. mat'd unpaid.
87,817
Divs. mat'd unp'd
43.256
433,332 Unmat'd dive. dec. 118.312
5,569 Unmat'd int. accr.
72,661
254,349 Unmat'd rents neer.
9,060
399,776 Other cum Habil_
65,787
10,541
18,770 Deterred liabilities
Taxes
355,050
Operating reserves 125,985
1,452,099 Accrued deorec.on
equipment
1,557,649
5,398
0th. unadi. credits 512,753
4,634 Add'ns to prop. thr.
Income&surplus
38,785
390,876
P. & L. balance__ 7,926,176
1922.
7,830,000
3,380,350
9,518,890
528,000
1,500
56,614
385,404
525,207
62,703
57,788
118,312
37,751
9,964
67,743
12,980
188.833
133,525
1,738,995
423,865
38,785
6.790,438
Total
36,236,946 31,907,647
36,236,946 31,907,647
Total
Note.
--Securities of the company..held by it unpledged, $2,249,710.
-V. 118, p. 2302.
Total
23,434,136 25,179,843
Total
23,434,136 25,179,843
x Subject to settlement of claim with U.S. Govt.
-V.117, p. 2770, 1771.
Endicott-Johnson Corporation.
(Semi-Annual Report-Six Months Ended July 1 1924.)
Jan. Ito-
Bal. car. to credit of profit & loss.. $1,245,712
$535,090
$297,706
x Dividends of 61i% on Preferred and Ordinary stock in 1921 charged
to profit and loss.
The profit and loss, Dec. 311922. shows: Credit balance Dec. 31 1922,
$6,790,438; add credit balance of income for the year 1923, $1,245,712;
discount on securities, $89,189; net miscellaneous debits, $20,785; credit
balance Dec. 31 1923. $7.926,176.
BALANCE SHEET DEC. 31.
1923.
Assets
Investment in road
and equipment_29,177,257
MIscell. physical
property
62,816
Inv. In affil. cos.:
Stocks
1,598,558
Bonds
481
Notes
299,807
Advances
80,493
Other investments
50
Cash
888,261
Special deposits__ _ 125,708
Traffic & car service balance rec.- 314,900
Agts. & cond. bats.
10.582
Misc, accts. rec.... 690,766
Math & supplies. 510,427
Int.& divs. recei v..
25,834
Other curr. assets
(including U. S.
Govt. securities) 2,161,516
Deferred assets_ _ _
6,305
Insur. prems. paid
In advance
3,491
0th. unadj. debits 279,692
Assets
Liabilities
Road & equipm1_18,896,187 18,227,826 Common stock- 6,000,000 6,000,000
Misc. phys. prop_
82,909
95,478 Funded debt
8,566,000 8,566,000
Affit.cos.'stocks..
20,800
20,800 Equip,trust oblig_
122,000
101,000
Other investments
1 Govt. grants in aid
1
Cash
672,847
762.368
of construction. 795,687
795,687
U.S. Treas. notes_ 898,312
Loans de bills pay_
447,077
Special deposits_ _ _ 163.072
162,400 Traffic, &c., bals_
173,697
193,013
Traffic, &c., bal__ 204,287
199,734 Misc. acc'ts pay__
176,068
193,586
Loans & bills rec__
638
4,824 Int.dedivs.matured 179,138
535,663
Agents' & conducInt. & rents acced
12,693
13,401
tors'balances.._
3,939
57,528 Acc'ts.&wages pay. 815,787
873,477
Material & suppl's 996,455
709,744 Other curr. Habit's
99,138
124,011
Int.& dIvs.reedy_
11,156
Deferred liabilities
2,649
5,356
Misc.acc'ts receiv. 820,660
746,923 Taxes
156,787
212,751
xOther curr. assets 116,365
115,352 Operating reserves 118,327
96,531
Deferred assets_ _ _
3,471
4,041 Accrued deprec'n. 1,103,681 1,278,155
Unadjusted debits 543,035
406,816 Unadjusted credits 244,949
229,737
Claim,U.S.Govt.
2,748,502 U. S. Govt. unadU. S. Govt. unadjusted credits_
51,263,098
justed debits_ __
917,507 Add'ns to property 135,305
134,284
Profit and loss_ _ __ 4,732,230 4,027,015
Net sales
INCOME ACCOUNT FOR SIX MONTHS.
July 11924. July 11923. July 11922, July 21921.
231.460.500 833,478.170 $27,485,209 326,831,551
29,798.491 23,583,473 23,775,793
Net operating income_ $2,423,603 $3,679,679 $3,901,736 33,055,757
Federal taxes, &c
$437.426
$515,905
$484,747
$480.376
Profit sharing plan
256,932
841,797
1,055,750
618,363
Preferred dividends....
459.663
467.983
487,502
509,241
Common dividends
1,012,650
1,012,196
842,060
843,165
Com. (stock div. 10%)_
a Mfg.costs & other exp. 29,036.897
Balance, surplus
$256,932
$841,798 81,031,677
$604,613
a Includes interest charges (less miscellaneous income).
x The company on Feb. 15 1923 paid a stock dividend of 20% ($3,371,370)
from initial surplus (see balance sheet)
.
BALANCE SHEET JULY 1.
1924.
1923.
1924.
1923.
Assets
Preferred stock__ _13,200,000 13,650,000
Land, buildings,
Common stock-20,253,000 20,253,000
macinery, &c.
(less deprec'n)._13,889,008 14,354,001 Notes payable___ _11,950,000 12,900,000
7.000,000 7.000,000 Acceptances payGood-will
able
Inventories
17,979,383 21,608,415
828,050
Accounts Cc notes
Accounts payable_ 554,809
889,531
receivable
12,757,186 13,014,417 Sundry cred.,
124,926
accrued wages__ 543,982
Sundry debtors._ 237,691
773,218
Marketable secure
385,605 Federal taxes 1922
not due
5,080,466 4.315,955
Cash
351,253
404.312
Investment in and
Dividends payable
745,575
advances to subFederal taxes and
sidiary to
other reserves.. 1,117,357 1,955,333
389,340
Pref.stock acquir'd 131,700
139,200 Initialsurplus.... 2,653,156 52,653,158
Balance received
Appropriated surplus under ceron contract...,.. 978,178
610,598
Deferred charges._
4
240,907
tificate of Incorp. 1,800,000 1,350,000
Current surplus... 6,019,397 5,911,848
Total(each side) 58,442,956 61,794,024
x After deducting 20% stock dividend paid Feb. 15 1923 amounting
to $3,371,370.-V. 118, p. 3203.
JULY 19 1924.]
THE CHRONICLE
Mobile & Ohio RR.
(76th Annual Report-Year Ended Dec. 31 1923.)
TRAFFIC AND TRANSPORATION FOR CALENDAR YEARS.
1920.
1923.
1922.
1921.
1,165
1,128
1,165
1,165
Average miles operated..
Operations
Passengers carried
Pa.ss. carried one mile_ - _
Av.rate per pass. p. m-Revenue tons moved_ -Tons moved 1 mile (000)
Avge. rate p. ton p. m_ _
Avge.rev.tr.-load (tons)
Gress earnings per mile_
1,509,933
2,310,935
1,441,489
1,597,601
58,998,558 53,744,723 55.138,654 79,410,414
3.464 cts. 3.373 cts. 3.386 cts. 3.028 cts.
7,587,637
6,374,296
7,199,292
6.083,674
1,902,116
1,653,772
1,774,969
1.565,272
0.890 cts. 0.923 cts. 0.980 cts. 0.850 cts.
529.75
458.19
514.15
490.92
$16,798
816,221
814,970
$15.274
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1921.
Freight
$16,937,781 815,101.087 $15,345,283
Passenger
2,043,608
1,813.031
1,866,840
Mail, express. &c
832,029
741,138
741,921
Incidental, &c
298,997
222,747
236,135
Total operating revenues
Operating Expenses
Maintenance of way Sr structures_
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment Cr.
Total operating expenses
$20,112,416 817,878,005 $18,190,180
82,812,790 $2,139,157 $2.487,323
4,556.580
3,908,679
4,906,173
553,662
540,060
515,336
7,360,708 6,695,226
7,548,454
10.831
3,874
13,900
565,267
556,434
628.924
275
304
6,990
$15,837,060 $13,834.221 $16,124,530
Net revenue from operations
Taxes
Uncoliectible revenues
Hire of equipment
Joint facility rents
84.275,356 $4.043,784 $2,065,650
8981,331
$761,596
$737,627
2,040
4,529
1,279
321,894
227,162 Cr.140,890
272,593
340,465
291,900
Total other expenses
51,580,347 $1,330.502
$890,676
Operating income
$2.695,009 $2.713,282 $1,174,974
Non-Operating Income
From U. S. Gvt. acct.6 mos. guar_
Dr.$99,820
$705,556
Income from lease of road
$150
Miscellaneous rent income
34,848
55,181
43,589
Income from rail leased
33.680
3,738
Dr.1.395
Dividend income
1,773
1,770
1,720
Income from funded secuirties
17,635
Inc. from unfunded securs. & accts_ _
63,905
42,306
36,532
Miscellaneous income
380
408
667
Total gross income
82,847,382 32.716,865 $1.961,644
Deductions
Rent for leased roads
Cr.811
Cr 38,627
Miscellaneous rents
7.602
7.912
$7,493
Separately operated properties
229.758
274.455
255,584
Interest on unfunded debt
26,959
4,942
35,836
Miscellaneous income charges
4.653
4,392
11,396
Interest on funded debt
1,353,840
1,353.840
1,354.215
Interest on equipment obligations_ _ _
93.162
75,102
84,751
Common dividend
(77)421,176 (4)240,672
13a1. carried to credit of P.& L----
$706,792
$778,290
$201.705
x Dividend of 8240,672 for 1921 charged to profit and loss.
The profit and loss account Dec. 31 1923 shows: Credit balance Dec.
311922. $8.864,622; add credit balance of income for year 1923. 1706.792;
net miscellaneous credits, $25.681; total $9,597,095: deduct property
retired, $104,686: credit balance Dec. 31 1923. 89.492.410.
GENERAL BALANCE SHEET DEC. 31.
1923.
1923.
1922.
AssetsLiabilities$
$
$
Road & equipm•t_48,408,761 46,673,237 Common stock___ 6,016,800
Sinking funds_ __ _
28,171,000
5,931
6,031 Funded debt
Cash dep.In lieu of
Equip, trust oblig_ 2,700,000
mortgaged prop_
250
250 Government grants 219,621
Physical property_ 493,771
442,877 Traffic, &c., bale- 202,538
Inv. in MM. cos:
Accounts & wages.. 2,912,684
Stocks
177,504
197,753 Misc. accts. pay__ 130,671
Bonds
603,000
603,000 Int. matured used. 138,042
Notes
178,172
178,172 Divs. mat'd unpd_ 156,825
Advances
48,720
46,983 I. unded debt mat d
5,700
Other Investments
55,376
377 Interest accrued_ - 299,150
Cash
1,001,385 1,795,282 Other curr. Habits- 186,455
U.S. Tress. notes_ 597,844
Deterred liabilities 145,146
Special deposits_ __ 923,115
866,016 Taxes
258,707
Loans & bills rec__
3,412
3,947 Operating reserves 243,272
Traffic, &c., bals_ 248,235
276,699 Accrued deprectaBalances due from
tion on equipl 3,159,821
agents & conduc.
97,665
98,290 Other unadj. °red.. 1,181,592
Misc.accts. recelv. 561,165
485,368 Additions to propMat'l & supplies__ 1,751,495 1,497,721
erty through InOther assets
38,935
59.854
come & surplus_ 353,131
Deferred assets_.... 145,544
118,651 Profit and loss__ 9,492,410
Unadjusted debits 633,284
888,996
1922.
S
6,016,800
28,171,000
1,488,069
217,238
200,365
2,000,413
145,976
151,828
142,439
5,800
277,730
246,589
110,704
396,520
210,766
4,109,658
1,119,248
343,737
8,864,623
321
1922.
1923.
Total net earnings of M. M.
Co. plus divs,from
sub. cos., after deducting taxes and expenses.... $3,417.522 $6,354,838
2,256,254
I. M. M. Co. bond interest
2,223.719
398.835
Depreciation on steamers directly owned
398,835
Surplus
$794,968 $3,699,750
Dividends received from foreign subsidiary companies have been converted at the market rate of exchange on date received.
Until the political situation in Europe materially improves and the
present serious economic conditions are corrected, it is impossible to expect
a resumption of normal interchange offreight and pas.senger traffic between
the countries of the world and as there has really has been no improvement
abroad, the business of the companies has been both difficult and unsatisfactory.
Immigration Legislation.
-The new immigration bill, to take effect
July 1 1924, will still further reduce the number of immigrants that can
enter this country and there will be a conseauent loss of revenue to the
company, as the steamers have always carried an important share of this
traffic.
The expenses of operating the steamers are not decreasing, owing to
the higher cost of labor and also to continued high cost of fuel.
Outlook.
-It is too early to predict results for 1924. but go far they have
been slightly more satisfactory and we are hopeful that with an improvement in conditions in Europe, there will follow a general revival of business
and trade throughout tile world. Shipping should then be able to gradually
work itself out of its present difficulties and as tne company's fleet has
been maintained in a highly efficient state and our position in the various
trades thoroughly protected, we feel confident that we will be able to
benefit by sucn improvement wnen it takes place.
Bonds.
-The total amount of 1st Mtge. & Coll. Trust 6% bonds outstanding and in the hands of the public Dec. 31 1923 was 836.902,000.
The Debenture bonds of subsidiary companies held by the public amounted
on Dec.311923 to $6,144.465,as compared with $7.025,225 on Dec.31 1922.
Sinking Fund.
-$400,000 was paid in 1923 to the trustees and $465,000
were purchased and canceled, making total purchased and canceled
$3,098,000 of the original $40,000,000, leaving S36,902,000 outstanding.
Insurance Fund.
-This department shows a net profit of $672,183 for
the year 1923.
Diridends.-A balance of 4934% back dividends remained unpaid on
the Preferred stock Feb. 11924.
Reduction of Obligations.
-During the years 1915 to 1923 inclusive the
M. M. Co. and subsidiary
bonded indebtedness and interest charges of
companies have been reduced from S84.146.033 to $44.966.465. or P39.179.568 and the interest charges from $3,867,656 to $2,605,820, or
$1.261,836.
-This line was re-established with the sailing of
Panama-Pacific Line.
the Kroonland from New York Oct. 18 1923 to San Francisco via Havana.
Canal ports and Los Angeles, followed by tile Finland and Manchuria.
These three passenger and freight steamers have maintained the service
regularly since that time, and although the results so far have not been
entirely satisfactory, it is felt that there is an opportunity of developing
a passenger business which will ultimately be profitable, and enable the
company to expand and maintain a creditable position in this trade.
-The new steamer Minnetonka was delivered in April
New Tonnage.
1924 and with her sister ship the Minnewaska, which entered the service
in August 1923, has been placed in the New York-London trade, thus
re-establishing the well known Atlantic Transport Line service, all the
steamers previously performing this service having been destroyed during
the war. These two magnificent steamers carry only first-class passengers
and are equipped with most comfortable andlcommodious aceonunodations.
They are the largest freight carriers in the world; therefore, with the
hoped-for improvement in business, it is expected that this service will
be an important adjunct to your fleet.
With the present very unsatisfactory condition of trade and commerce.
the great over-supply of freight steamers and the serious reduction in
the transatlantic passenger traffic, it is considered most fortunate that
the company at present has no steamers under construction.
COMBINED EARNINGS OF THE COMPANY AND SUBSIDIARIES.
Calendar Years1922.
1920.
1923.
1921.
*Gross voyage earnings1875,238,0181173,873,555 $90,068.418$113,331,819
Miscellaneous earnings _ 1
8.027,610 12.475.634
1 6.552,078
Total earnings
875,238,018 $80,425,634 598,096,0288125,807,453
Oper., general expenses,
taxes and misc. int. _ _ 69,591,220 74.158,389 85.094,108 110.387,584
Net earnings
Fixed charges
85,646,799 $6,267,245 813.001.920 $15,419,868
2,618,726
2,690,646 2,623,262
2,637,690
Profit before deprec_ - $3,028,072 83,576.599 810,378,658 812,782,178
Previous surplus
26,978,449 31.714.136 30,556,973 30.278.542
Total
530,006,521 $35,290.735 $40,935,631 $43,060,720
Deduct
-Depreciation
6,117,981
5,346,376
5.579.800
5,984,661
Miscel. adjustments_
1,467,566
Pref. dividends
5,689.805
3,103.515
2,327.625
cent
do Per
x(43i%)
(11%)
(6%)
Sur. as of bal. sheet.. $24.428,721 526,978,449 $31,714,136 $30,556.973
•In 1920 after providing for British excess profits duty.
x Includes 3% paid Aug. 1 1922. amounting to $1,551,750. and 1.3.5%
Feb. 1 1923 (8775.875).
The foregoing includes the earnings from operations, viz.: American.
Red Star, White Star, Atlantic Transport and Leyland lines, and Dominion
lines in 1920, together with dividends received from partly owned companies.
CONSOL. BALANCE SHEET DEC. 31 (Including Constituent Companies).
[American, Red Star, White Star, Atlantic Transport and Leyland lines.]
1920.
1921.
1922.
1923.
Assets
International Mercantile Marine Co.
*Cost of properties
183,710,362 201.877,769 188,719,060 177.999,602
Investments
7.217.809
7,234,755
7.024,752
7,288,329
(Annual Report---Year Ended Dec 31 1923 )
Secur. dep. for invest, in
new tonnage
3,166,094
The advance figures for the year 1923 were given in ,
the Cash (on hand. &c.)_. _ 3,586,517 7,572,087 9,970,557 17,022,953
issue of June 7, p. 2820 The final report is signed by Accts., &c., receivable_ _ 8,280,658 9.148,281 12,285.219 20,772,172
Agency balances
565,376
829,871
655,373
691.430
Pres. P. A. S. Franklin under date of July 1, who says Marketable stks. & bds_ 21,313.830 29,663.020 47.717.191 55,522,220
Inventories
in substance:
2,366.990
2.138,745
1.575,811
1,808,785
5,919,513
7.298.760
8,517,088
3,606,396
Results.
-The net result of operating the International Mercantile Marine Deferred charges
Co. and its subsidiary companies (American Line. Red Star Line, White
Total
233,219,427 263,669,580 276,929,664 290,248.705
Line, Atlantic Transport Line and Leyland Line) for the year 1923,
Star
after deducting regular depreciation, shows a loss of 81,689,922. as comLiabilities
pared with a loss for the year 1922 of $1,269,784. The details are as follows: Preferred stock _a
51,725,000 51.725,000 51,725.000 51.725,500
1923.
1922.
Common stock_b
49,871,800 49,871,800 49,871,800 49,872,000
Gross result, incl. miscel. earnings and insurance
Capital stock of sub.cos.
29,342
27,645
25.705
26,433
surplus for year
fund
$76.099,824 $81,563.911 lstM.&Coll.Tr.6%bds_e36.902,000 37.466.000 37.313,000 37,806.000
Oper.& gen.exp., miscel. charges,incl.income tax,
Deb. bds. of constituent
also int. on Debs of subsid. companies
69,986,227 74,592.780
cos. held by public. _ _ 6,144,465
7,839,540
8.443.850
7.025,225
Loans on mortgage1.920,000
1,500,000
1.500,000
1,970,000
Net result
*56.113.597 86.971,131 Purch. moneog'ns ___ 4,292,250
Co. bonds
M. M.
Interest on I.
2,223,718
2,256,254 Loans, bills pay., &c__
8,890,494
3.940,871
3,826,132
4,669.770
Depreciation on steamers
5,579,800
5,984,661 Accounts payable
9,587,059 30.001,189 29,146.911 45,323,454
Agency balances
246,267
1.027,038
1.166,772
552,646
Deficit for year
$1,689,922 $1,269.784 Interest accrued
677,037
630,325
616,605
646,718
Reserve for liabilities
8,666,892
7,596,859
8,676,434
10,037,330
comparison with results of previous years the earnings of Miscellaneous
* For proper
reserves.. _ 16.439.328 32,057.153 32,648,553 33,531,848
the British companies have been converted at $4 85 per pound sterling.
Deferred credits
12,676,055 10,812,365 11,296.375 13.890,209
It will be seen that the actual operation of all the steamers and business Insurance fund
2,660,509
2,033,494
1.586,968
of the company and its subsidiaries for the year 1923, resulted in a profit Preferred stock dividend 3,332,692
1,551,750
775,875
__ -----1,551,765
of 83.889.878 after deducting all expenses, taxes and bond interest. How- Surplus
24.426,721 26.978,449 31.714.136 30,556.973
profit must be charged the full depreciation on the
ever, against this
steamers, amounting to $5,579,800. after which the net result shows a loss
Total
233,219,427 263.669.580 275,929,664 290,248,705
of $1.689.922 for the year.
The International Mercantile Marine Co. from the dividends received
*Combined undertakings and their properties at cost to the I. M. M.Co.
from its subsidiary companies out of their earnings for the year 1923 in bonds, stocks and cash. $261.295,413; deduct difference between post-war
and prior thereto and from the operation of the steamers it owns directly. cost of steamships and estimated normal value, which has been charged
shows a profit, as below, amounting to $794.968 for the year 1923. after against miscellaneous reserves. 819,540.976; add net additions in 1923 and
deducting all expenses, bond interest and depreciation on the steamers advances on account of new construction, less steamships sold and gone
directly owned
out of service, $2,160,584; and deduct reserve for depreciation, $60,204,659
Total
55,973,567 54,219,505
Total
55,973,567 54,219,505
Note.-Unpledged securities of the company held by it amount to
82,215.200.-y. 118, p. 2949.
322
THE 0
1TRONICLE
[VoL. 119.
balance Dec. 31 1923, $183,710,362. a After deducting $8,275,000 in
treasury. bAtter deducting $10,128,200 in treasury. c Originally $40.000,000. less retired by sinking fund, $3,098,000: nalance, $36,902,000.
-V.119, p. 80.
GENERAL BALANCE SHEET DEC. 31.
•
1922.
1923.
1922.
Assets
Inv.lord.& equip.19.634,121 19,087,338 Capital stock
7,250,000 7,250,000
Misc. phi's. prop__
5,463
5,463 Gov't grants
8,675
8,675
Inv. in MM. cos.:
Indian Refining Co., Inc.
•
Long term debt.._ 7,202,500 7,010,380
Stocks
38,501
38,501 Oblig.ts) U.S.Gov. 1,587,400 1,720,100
(Annual Report-Year Ended Dec. 31 1923.)
Bonds
370,000
310,000 Loans & bills Day97,902
66,397
Advances
65,939
57,417 Traffic & car serv.
Cash
Pres. J. H. Graham, June 3, wrote in substance:
246,777
239,247
283,043
bals. Payable__ 249,298
63,292
60,440 Audited acc'ts and
-During the past year the directors, after very careful con- Other investments
General.
144,241
965,068
wages payable__ 1,229,730
72,253
sideration, determined to concentrate all of the operations of the company Special deposits__
74,025
Misc. acc ts Pay- Lawrenceville, Ill., and in Decem.ier and January the main office was Traffic & car serv.
57,452
at
bats. receivable_ 192,230
74,633
139,693 Int. mat'd unpaid_
75,210
moved from New York. This change has already resulted in a large
17,519
13,306 Unmat. tut. accr'd
36,995
36,743
saving in operating expenses and greater efficiency in other ways. This Agts.& cond. bals.
Misc.acc'ts receiv. 232,558
20,432
288,310 Other def'd
20,461
removal involved certain changes in management and personnel.
Material & suppl's 503,382
552,529 Tax liability
235,941
232,382
Financial.
-For the past three years company has been handicapped Other curr. assets_
62,000
98,000 Acer. depr.,equip_ 778,799
700,695
in its operations by large bank and current debt due to inadequate weridng Work.fund advs_ _
1,370
1,100 Other unadI. cred_
2,227
45,326
capital. In order to correct this condition the directors in September 1923 Rents & ins. prem.
Add'ns to property
authorized and sold an issue of $500.000 bonds of Indian Pipe Line Corp.
prepaid
23,017
61,603 thro. inc.& sun 133,095
133,095
and in February 1924 an issue of $1.000.090 Car Trust notes of the Central Exp.on Am.Loco.
Prof.& 1055 Cr. bal. 2.627,443 2,533,627
Refining Co. In addition certain assets of the company not necessary
Co.6% notes__ _
503
to the futures operations were sold. The proceeds of this financing and Other naafi). debs_
36,547
of the sales of property were used to discharge bank and other indebtedness,
for plant improvement and extension and to supply additional working
Total
21,600,913 21,103.543 • Total
21.600,913 21,103,543
capital.
-V. 119. p. 196.
Refineries.
-After careful study and consideration of expert reports a
program for improving and adding to the refinery facilities was adopted in
July 1923. The program includes completion of a modern gasoline cracking
plant, central steam and electric generating plant, motorization of all
pumps, extension of lubricating oil plant. installation of dephlegmating
towers, plant for collection of waste gases, &c.
RAILROADS, INCLUDING ELECTRIC ROADS.
Under this program, nine cracking units and plant for collecting waste
gases are now in satisfactory operation. Other plant and equipment are
The following news in brief form touches the high points
in course of construction and a large part of the whole program will be in
operation in time to reflect upon the business of 1924.
in the railroad and electric railway world during the week
Refinery Operation.
-In view of the unsettled condition which has existed just past, together with a summary of the items of greatest
In the oil business for some time, due to over-production of both crude
and refined products, company in January 1924 adopted the policy of interest which were published in full detail in last week's
restricting its manufacture of finished products to the requirements of "Chronicle" either under "Editorial Comment" or "Current
Its own distributing organization. This policy has resulted in relatively
Events and Discussions." •
higher prices and more profitable business.
1 -S. C. Commission Will Investigate Freight Charges in New England and
.
-During the year 1923 83 additional filling stations
Sales Equipment.
Central Sections.
-At request of carriers and of interested shippers rates on
were erected, which places the company in a much stronger position properly
to distribute its own products direct to consumers through its own or- rail and water carriers will be under inquiry. The order names 538 interState rail and water carriers, including all of the principal lines of New
ganization and facilities. It is proposed to extend these facilities during
England, the East and the Central section of the country. including the
1924.
New York Central, Baltimore & Ohio, Pennsylvania, Grand Trunk. Santa
-Company's motor transport was brought to a high Fe. Canadian
Motor Equipment.
Central. Norfolk
state of efficiency and compares most favorably with that of competing & Western andPacific. Central of New Jersey, IllinoisCommission it was
New Haven lines. At the offices of the
outlay for the year 1923 of $325,000.
companies. This involved a cash
stated that at the request of carriers operating within official territory and
Pipe Line.
-Pipe lines of company's subsidiary. Indian Pipe Line Corp., of many interested shippers, the scope of this investigation has been made
were extended to the fields of western Kentucky, giving the refineries direct somewhat broader than originally contemplated by the requests received.
connection through its own facilities with these fields.
New York "Times" July 17, p. 9.
-Completion of pipe lines to western Kentucky and the
Railroad Telegraphers Win Wage Increase.
Crude Supply.
-U. ii. RR. Labor Board
establishment of a through pipe lino rate from Mid-Continent fields to grants 1.921 telegraph employees on Buffalo Rochester & Pittsburgh,
Lawrenceville, effective in 1924, place the company for the first time in Delaware & Hudson. New 'fork Ontario & Western and 3 other roads, pay
its history in an independent position on a competitive basis with other increases totaling $8.422 monthly. "Wall St. Journal" July 16, p. 3.
I.
-S. C. Commission Refuses Rate Reductions on Grain, Grain Products
refiners, and together with the company's purchases from local producers
insures an adequate supply of crude on a competitive basis. This has and Hay.
-Reductions in Western railroad rates on grain, grain products
enabled the company to replace unprofitable contracts which have been a and hay, sought by 10 States of the Mississippi and Missouri Valley cereal
constant source of loss for several years. Company is now receiving growing region under the leadership of the State of Kansas, were definitely
13.000 barrels of crude per day, which can be increased as required.
refused July 17 by the I.
-S. C. Commission. The appeal was supported
by most of the farm organizations. The Commission decided that the
The usual income account Was given in V. 119, p. 80.
results of an independent investigation which it had conducted into tho
level of rates on these same products in all sections of the U. S. had demonCONSOLIDATED BALANCE SHEET (INCL. SUBSID. COS.).
strated no need for any changes, and proceedings before it bearing upon
Mar. 31'24 Dec. 3123
Mar. 31'24 Dec. 31'23 both issues were dismissed. Railroad earnings in the Western region from
the Rocky Mountains to the Great Lakes and South as far as Texas would
Assets-$
$
7% Cum.Pref.stk 2,296,400 2,296,400 have been reduced about $17,500,000 annually had the contention of the
Refineries, equipx11,039,004 14,482,444 Common stock_
ment, &c
7,850,680 producing States been granted. The Commission held that the financial
7,850,680
855,412 Capital stk., Cent.
condition of the carriers did not justify the step, while, in general, it held
388,249
Cash
Refining Co.__
Accts.& notes roc_ 1,651,523 1,400,675
277,550 that the financial situation of the Western grain farmer was showing a slow
277,550
improvement, relieving him of the necessity for the reduction. New York
Nat. Steel Car
Adv. to agents,
"Times" July 18, p. 1.
94,685
Equip. trusts._ _ 1.000,000
133,982
salesmen, Re
Railroads Will Request Extension of Time for Installation of Automatic
3,594,999 2,890,099 Ind. Pipe L. 1st 7s 500,000
Inventories
500,000
-S. C. Commission for
-Many large railroads will ask the I.
Accounts payable. 1,586,635 1,679,089 Train Control.
Adv. to & inv. in
other companies 224,005
206.761 Notes pay., banks. 568,000 3,167,000 an extension of time in which to install their first section of automatic train
Sink. funds (subs.) 330,050
others
4,833 control, according to a prominent railroad official. He stated that the
Notes Pay.,
9,833
progress made to date even by those railroads which have placed their
184,657 Am.int., taxes &
Prepd.ins.,int.,&c 332,848
contracts was so much slower than anticipated that few if any would have
Insurance
Financing expense,
172,684
the work completed before the time limit expired on Jan. 1 1925. New
704,755 Contr. of purchase 225,000
new Cora, stock y704,755
78,012
119,229 Res. for Fed. taxes 930,524
930,524 York "Times' July 18, yo. 20.
Bd. diset. & exp__
-The Car Service Division of the American Railway
Authorized Statistics.
1,833,359 4,132,291 Depreo.reserve_
3,513,134
Deficit
Association reports the following:
Int. pay.(sink.fd.) 10,833
-Surplus freight cars in good repair and immeSurplus Freight Cars.
Deferred items__ _
30,849
Tot.(each side)_20,310,788 25,071,009 Capital surplus_ __z4,851,800 4,851,800 diately available for service totaled 356,389 on Jne 30, a decrease of 3.255
under the number reported on June 22. at which time there were 359,644.
x Refineries, selling stations, tank cars, pipe lines and equipment, $16,- Surplus coal cars in good repair on June 30 totaled 162,343, a decrease of
040,821: less reserve for depreciation, $5,001,817. yin connection with 4,972 under the number reported on June 22, while surplus box cars in
new issue of Common stock. z Being premium paid on Issue of 485,180 good repair totaled 153,550, an increase of 239. Reports showed 17,912
shares of Common stock, including Pref. stock converted.
-V. 119, p. 80. surplus stock cars, an increase of 220 within approximately a week, while
there was also an increase during the same period of 831 in the number of
surplus refrigerator cars, which brought the total for that class of equipment
to 13.112.
Ann Arbor Railroad.
Repair of Locomotires.-Class I railroads on June 15 had 6.911 locomotives
In good repair and in storage in readiness for increased traffic, an increase
(25th Annual Report-Year Ended Dec. 31 1923.)
of 250 over the number reported in storage on June 1. At the samo time
reports showed 11,453 locomotives in need of repair on June 15, or 17.8%
OPERATING STATISTICS FOR CALENDAR YEARS.
of the number on line. an increase of 578 over the number reported on
June 1, at which time there were 10,875. or 16.9%. Of the total number,
1922.
1923.
Calendar Years1921.
1920.
292
292
294 6.333, or 9.8%, were in need of classified repairs, an increase of 234 over
292
Miles operated
383,877
341,520
729,014 the number in need of such repair on June 1. Locomotives in need of
562,664
Passengers carried
Pass. carried 1 mile___.. 14,654,850 15,165.375 18,810,596 24,651,334 running repairs totaled 5,120, or 8%, on June 15. an increase of 344 com. pared with the number in need of such repair on June 1. During the first
. 2.915 cts
3.303 cts. 3.362 cts. 3357 cts
Rate per pass. per mile
$1.24
$1.28
$1.23
$1.83 15 days in June, 24,898 locomotives were repaired and turned out of the
Pass. earns, per tr. mile_
3,003,419
2,453,948
2,522.849
3,046,913 shops, compared with 28.361 during the last half of May.
Tons carried (revenue)._
Matters Covered in "Chronicle" July 12.-(a) RR. gross and net earnings
Tons card 1 raile (rev.)_485,288,582 404,167,574 371,835,054 439,375,268
1.065 cis. 1.149 cis.
1.001 cts.
0.98 cts. for May, p. 130-133. (b) Loading of revenue freight still small, p. 136.
Rate per ton per mile
$7.51
$7.67
$7.62 (c) Divisional organization formed by some Southern Ry. employees to
Fr't earns. per tr. mile
$8.56
$17,196
$19,065
$18,068 work for success of new bonus plan. p. 163. (d) Chesapeake & Ohio Ry.
Gross earnings per mile..
$17,489
759
821
811 increases wages to conductors, switchmen and brakemen, p. 163. (e)
Aver, tons per tr. mile
803
Gulf Mobile & Northern RR. and Seaboard Air Line grant wage increase.
INCOME ACCOUNT FOR CALENDAR YEARS.
p. 163.
Settlement of wage dispute on Buffalo Rochester & Pittsburgh
RR.. p. 163. (g) Wage increase on Boston & Maine RR., p. 163. 00
-Corporate---Combined
Locomotive Engineers' Brotherhood elects new chief, p. 163.
1922.
1921.
1923.
1920.
Calendar Years$4,859,746 34,305.008 $4,273,677 $4,344,190
Freight
Alamance Ry., Burlington, No. Caro.
-Sale.
509,843
484,066
625,830
718,564
Passenger
The entire property will be sold at public auction at the Court House
238,310
258,763
239,709
323,238
Mail, express, &c
door in Graham, No. Caro., on July 21. J. H. Bridgers, receiver, will
-V. 118, p. 201.
Total oper.revenues..- $5,602,575 $5.053.161 $5.139,216 $5,385,992 conduct the sale.
$615,525
$671,732
$756,771
$848.041
Maint. of way & struc
Atchison Topeka & Santa Fe Ry.-Resignation.971.940
1,010,695
1,189,386
equipment_ _ _ 1,217,296
Maint. of
John W. Davis, Democratic nominee for President, has resigned as a
111.591
108,134
99,544
92,876
Traffic expenses
2,225,249
-V. 119, p. 72.
2,269,144
2,644.236 director of the above company.
Transportation expenses 2,304,795
195,261
155,939
167,445
178,730
General expenses
Alton & Southern RR.
-Stock Authorized.
189
251
165
393
Miscellaneous operations
The I.
-S. C. Commission on July 2 authorized the company to Issue not
Cr.363
Cr.101
Transport. for invest
exceeding $2.173,800 Common stock (par $100) for the following purposes:
$1,656,788
$1.542,999 $4,119,391 34.218,810 34,953,662 To discharge an existing debt carried in open account
Total oper. expenses
$933,770
$1.059,575
$920,405
3432.330 To complete the construction of 5 minor projects chargeable
Net operating revenue
17,002
to investment account
261,050
256,725
253,683
250,365
Taxes, &c
500,000
To reimburse itself for expenditures heretofore made
No contracts, underwritings, or other arrangements have been made or
$672,720
$181,965
$663.680
Operating income _-- $805.892
166.344
56,118
117.533
63.957 are proposed to be made in connection with this issue other than a general
Other income
understanding that the Aluminum Co. will accept the entire issue of stock
$839,063
$719,798
$245,922 The company was incorporated in Illinois in Aug. 1913. The entire
Gross income
$928.425
3385.734
$206,701
$350,062 capital stock i.s owned by the Aluminum Co. Company has no funded debt.
Hire of equipment, Re
$444,394
351,421
366.317
358,080
Intemet on funded debt_
358.436
-Notes Extended.
Augusta-Aiken Ry. & Electric Co.
39.192
45,545
44,443
28.448
hat, on unfunded debt
The directors have declared as operative the plan for an extension to
16,537
Miscellaneous
15,183
12,137
19,832
were due Juno 1 last. In view of
Dec. 1 1935 of the 5
-Year notes that
3792,884
$633,746
$813.416
$772.417 the bondholders' acceptance of the plan, interest on tile extended notes
Total deductions
will be at the annual rate of6% instead of 5%,as previously.
$46,179 • 386.053 def$526,494
Not income
$80.008
GENERAL INVESTMENT NEWS.
co
JULY 19 1924.]
THE CHRONICLE
Interest payment in cash on the 5% notes also has been resumed. Disbursements in cash on this Issue were deferred five years ago by funding
the coupons for five years up to and including the Dec. 1 1923 coupon
into interest-bearing notes, all of which came due on June 1 1924. By
-extending the maturity of these notes to 1935 they will fall due on the
-same date as the bonds. See also V. 118. p. 2436.
Boston Elevated Ry.—Bonds Offered.—Paine, Webber &
Co.; Bloclget & Co.; Curtis & Sanger, and White, Weld &
Co., are offering, at 1013j and interest, yielding about
-Year 53% Gold Bonds.
5.35%, $1,581,000 10
Dated Aug.1 1924. Due Aug.1 1934. Denom.$1,000 c*&r*. Interest
payable F. & A.in Boston. Legal investment for savings banks in Mass.
Data from Letter of James F. Jackson, Chairman of the Board.
Company—Owns and operates a system of rapid transit and surface
Aims serving a territory which includes the cities of Boston, Cambridge,
Somerville, Malden. Everett and Medford, and the towns of Brookline,
Arlington, Watertown and Belmont and portions of the cities of Chelsea
and Newton. Total combined population, over 1,200,000.
Earnings Year Ended April 30 1924.
Gross earnings
$34,327,295
Operating expenses, taxes and miscellaneous charges
24,461,137
Rentals of subway, tunnels and leased roads
2,083,988
Annual interest on funded debt
2,357.598
Depreciation
2,168,000
Balance
$3,256,572
Purpose.—Entire proceeds will be applied to reimburse the company for
money used to pay at maturity a like amount of West End Street Ry. 7%
bonds due Aug. 1 1924.—V. 119, p. 72.
Broadway & Seventh Ave. RR.—Protective Committee
Advises Minority Stockholders Not to Accept Securities Offered
in Reorganization of New York Rys.—A circular letter dated
July 14 being sent to the minority stockholders says:
The plan of reorganization of the New York Rys. is about to be issued
which will include an offer of an exchange of securities in the new company
for the minority stock of the Broadway & Seventh Ave. RR.
The legal position of the stockholders of the Broadway & Seventh Ave.
RR. is not changed by the reorganization of the New York Rys. They
are still holders of stock in the Broadway as Seventh Ave. RR., which is an
independent railroad corporation in full ownership of its property and franchises. The omission of the stockholders of the Broadway & Seventh Ave.
RR.to accept the ilecurities of the reorganized corporation of the New York
Rys. offered in exchange for their stock will not change their legal position.
They are therefore confronted with a practical question the decision of
which depends upon the respective values of the stock of the Broadway &
Seventh Ave. RR. and the securities offered in exchange.
In the opinion of the committee the present and prospective value of the
stock of the Broadway & Seventh Ave. RR. is greater than the present
and prospective value of the income bonds and stock of the reorganized
corporation of the New York Rys. which are to be offered in exchange.
In justification of this opinion a copy of the "Objections to the plan of
reorganization" filed by counsel for this committee with the U. S. District
Court for the Southern District of New York will be enclosed. The Court
approved the "plan of reorganization," but inserted in the decree a proviso
that nothing in it required the stockholders of any lessor company to accept
the offer of exchange of securities or deprived them of their right to retain
their stock.
For these reasons this committee does not recommend the acceptance of
the offer of an exchange of securities proposed in the plan of reorganization.
On May 13 1890 the Broadway & Seventh Ave. RR. leased its system
and at the time of the appointment of the receiver of the New York Rys.
March 20 1919 this lease was owned by that company.
On Jan. 14 1924 the United States District Court for the Southern District of New York granted an order directing the receiver not to adopt as an
asset of the estate of the New York Rys. this lease, but directing the receiver
of the Now York Rys. to continue the operation of the Broadway & Seventh
Ave. RR. system, and also providing that upon the termination of the
receivership of the New York Rys. the reorganized corporation of the
New York Rys. at the request of the Broadway & Seventh Ave. RR. or
its receiver unless otherwise ordered by the Court, would continue the
operation of the Broadway & Seventh Ave. RR.system until this operation
was terminated either by the reorganized corporation or by the Broadway
& Seventh Ave. RR.
The basis of the allocation of earnings and expenses as between the receiver
of the New York Rys. and the receiver of the Broadway & Seventh Ave.
RR.is to be determined in an action for an accounting which has been commenced by the receiver of the New York Rys. and is now pending in the
United States District Court.
The committee and its counsel will continue their efforts to protect the
interests of the minority stockholders in the action for the accounting between the receiver of the New York Rys. and the receiver of the Broadway
& Seventh Ave. RR., to which reference has been made above as well as
in other respects. [Signed: C. Robert Adams, Harrison K. Bird, Harry M.
Curtis, Joseph Walker Jr., George E. Warren, with Frank D. Pavey,
Counse1.1—V. 118, p. 2436.
Brooklyn City RR.
-33 1-3% Stock Dividend.—
The New York Transit Commission has authorized the company to issue
$4,000,000 additional capital stock to cover expenditures for rolling stock
made on behalf of the Brooklyn City Development Corp. The Brooklyn
City RR.Co. will dissolve the Brooklyn City Development Corp. and have
transferred to it all the rolling stock of that company. The new shares
will be divided pro rata among the present holders of Brooklyn City RR.
stock in the form of a 33 1-3% stock dividend.
The stockholders on Feb. 6 last approved an increase in the authorized
capital stock from $12,000,000 to 516,000,000. par $10.—V. 118, p. 2302.
323
ment under which employees might become stockholders under some plan
similar to that adopted by other large corporations.
This plan will permit employees purchasing a limited number of shares of
stock on the basis of monthly or weekly payments and at the same time
any dividends declared on this stock will accrue to the account of the
employee stockholders. The arrangement specifically permits the employee
at any time within 12 months (the date of final installment) to cancel his or
her subscription, and the company agrees in this event to return to the
subscriber all payments previously mada by such subscriber plus interest
at the rate of 5%.
I believe that the plan as now offered is such that every employee is justified in becoming a subscriber and a stockholder of the company.
The subscription price for the stock is $65 per share. The employees
have one year in which to pay for the stock and all dividends accrued from
July 1 1924 until final payment for the stock will be credited to the employee's account. In addition, two refunds of $1 each per year will be paid
to employees who retain the stock purchased under this offer for a period
of two years after the final payment. To permit the crediting to the
employee's account of the dividends accrued from July 1 1924 until date
of final payment, interest at the rate of 5% per annum from Aug. 1 1924
will be charged on deferred payments.
Employees may subscribe for not more than ten shares and the company
reserves the right to reduce subscriptions and allot shares so that every
employee may subscribe for and receive at least one share. Employees may
cancel their subscriptions at any time before final payment and will receive
all payments made, together with interest at the rate of 5% per annum on
such payments. Prior to final payment the employees cannot transfer their
rights to the stock offered except to another employee, and then only with
the consent ot the company. After final payment, however, the voting
trust certificates for the stock will be delivered to the subscribing employees
without restriction and dividends will be paid directly to them as stockholders.—V. 119, p. 72.
Buffalo & Lake Erie Traction Co.—Sale.—
The property will be sold at Buffalo Aug. 27 by Master George B. Cretin
by order of Judge U.P. Ro.ssiter.—V. 119, p. 72.
Canadian National Rys.—Director Resigns.—
James Stewart of Winnipeg has resigned from the board.—V.118, p.3195.
Cape Girardeau Northern RR.—Auction Sale.—
The sale of this road on July 2 at the Common Pleas Court House,Cape
Girardeau,Mo.. was ordered adjourned pending further action by the Court,
in view of the fact that no bid was submitted when it was placed on the
auction block.—V. 118, p. 2823.
Carolina Power & Light Co.—New President.—
D. S. Jerman, Pres. of the Commercial National Bank of Raleigh,
N. C., has been elected President of the Carolina Power & Light Co. and
Its subsidiary, the Yadkin River Power Co., to succeed the late Colonel
Charles E. Johnson.—V. 119. P. 196.
Chicago Burlington & Quincy RR.—New Trustee.—
Walter S. McLucas of Kansas City, Mo., has been appointed individual
trustee, to succeed the late Oliver M.Spencer, to serve until a new individual
trustee shall be appointed by the bondholders or as otherwise authorized.
under the General Mortgage dated Mar. 2 I908.—V. 118. p 3195
Chicago Rock Island & Pacific Ry.—To Acquire Keokuk
& Des Moines Ry. Through Exchange of Bonds.—
See Keokuk & Des Moines By. below.—V. 118, p. 3076.
Cleveland & Chagrin Falls Ry.—Protective Committee.—
A committee has been appointed to dispose of or liquidate the property
of the company. In order to properly perform its duties, the committee
should have control of the property through the deposit of the 1st Mtge.
bonds upon the property. The committee has accordingly entered into an
agreement with Guardian Savnigs & Trust Co., Cleveland, Ohio, which
will act as depositary for the bonds.
The committee has not yet determined upon the best plan of operation,
but it has had frequent meetings and will soon be able to announce a plan
whica it believes will work out for the best interest of the holders of the
bonds.
Commiltee.—E. W. Moore, H. P. McIntosh Jr., Carl W. Brand. with
Alonzo M. Snyder, Sec., 914 Williamson Bldg., Cleveland, Ohio.—V.
118, p. 549.
Cleveland & Eastern Traction Co.—Protective Com.—
A committee has been appointed to dispose of or liquidate the property
of the company. In order to properly perform its duties, the committee
requests the deposit of the 1st Mtge. bonds upon the propelty with the
Guardian Savings & Trust Co., Cleveland, Ohio, depositary.
The committee has not yet determined upon the best plan of operation,
but it is having frequent meetings and will soon be able to announce a
plan which it believes will work out for the best interest of the holders of
the bonds.
Commillee.—E. W. Moore, H. P. McIntosh Jr., Carl W. Brand, with
Alonzo M. Snyder, Sec., 914 Williamson Bldg., Cleveland, Ohio.—V.
118, p. 549.
Cleveland & Pittsburgh RR.— Bonds de Stocks.—
The stockholders will vote Aug. 12 on (1) authorizing the issue of $11.775,000 bonds over and above the amount now outstanding, from time to
time when and as the directors shall prescribe: and the execution and delivery
of a mortgage to secure such bonds and such additional bonds as may be
authorized to be issued in the future, the total amount of bonds to be
issued under the said mortgage not to exceed $60,000,000: (2) on authorizing an increase in the capital stock,such increase not to exceed $5,000,000:
(3) on authorizing the acquisition of (a) the property of the Youngstown &
Ravenna RR. and (b) the property of the Pittsburgh Ohio Valley & Cincinnati RR.
Brooklyn-Manhattan Transit Corp.—Sees Bid for
President Andrew Squire in a letter to stockholders
Higher Fares—Would Revise Contract.—
July 8 says:
In all the subway cars of the company were
displayed under date of
July 14, posters which made a more direct appeal than any of their
cessors for a fare in excess of five cents. The poster is the latest predeof the
series appearing at intervals as one of the transit corporation's publicity
mediums, under the title, "Look Ahead." The appeal was signed
by
Gerhard M. Dahl, Chairman. The poster reads:
"In more than M5 cities transit fares range from 6 to 10 cents,
transit service to-day costs more than it did In 1913. Adequatebecause
cannot be maintained without an adequate fare. By authorizing service
a 20%
Increase in fare on the New York & Queens County Ry. the Transit Commission followed the same fundamental principle followed by Mayor
Hylan when his salary was increased 66% on May 23 1923. A public
servant transit company is as worthy of its hire as a public servant in any
public office."
A letter from Mr. Dahl to toe new city Board of 'transportation has
also been published, in which Mr. Dahl suggests his willingness to join
with the city in a complete revision of Contract 4, which governs the
city's relations with the transit corporation. In his letter to John H.
Delaney, Chairman of the Board of Transportation, Mr. Dahl said:
"Reference has been made herein to possibile limitations on the debt
capacity of the city and to provisions of Contract 4 that handicap the
company and serve to restrict consideration of comprehensive transit
plans. Tnis company will be glad to consider from your board or from
the Transit Commission any suggestions looking toward a revision of
Contract 4 and related certificates bearing upon the bases of present or
future operations or expansion.
"While this company will continue to fulfill its duties under that contract and insist upon compliance with obligations undertaken therein
by the city, it is entirely willing to give consideration to a new basis of
relations between the city and the company, whether relating to present
contractual conditions or future routes, or the means whereby new capital
may be available for comprehensive construction."
Company Offers Preferred Stock to Employees.—
As required under the lease of this company's property to the Pennsylvania
RR., dated Oct. 25 1871, the lessee company has made from year to year
additions and improvements to the property and we have paid for same.
also as provided under the lease, by delivering to the lessee company
special stock or bonds at par.
Prior to 1904 payment was made by issuing bonds, and since that date
by delivery of 4% Special Guaranteed Betterment stock. The Gen. Mtge.
bonds were issued to the extent authorized. $10,000,000, of which $1,775,000
have now been retired through the sinking fund, leaving outstanding $8,225,000. In 1904 the stockholders authorized an increase in capital
stock from $11,261,865 to $22,000,000. the increase of $10.738,135 being
known as 4% Special Guaranteed Betterment stock, and in 1911 a further
increase of $18,000,000 of the 4% Betterment stock was authorized, making
a total of $40,000,000 of both kinds. We have issued to the lessee company
on account of additions and improvements to Dec. 31 1917, $17,893,400
of the 4% Betterment stock, and are about to issue $9,928.850 additional
in settlement for additions and improvements for the years 1918-1922,
both inclusive. There will remain an unissued balance of $915,885 of
this class of stock, which is insufficient however to settle the lessee's betterment account for 1923 by some $500,000.
It is the prerogative of the lessee under the lease to prescribe the form
of security to be issued in payment for additions and improvements from
time to time, as may be found most available with respect to economy of
interest and negotiability, and consistent with the legal powers of the lessor
company.
The lessee company has therefore requested that authority be procured
for an increase of the existing 4% Special Guaranteed Betterment stock in
an amount not to exceed $5,000,000: and for the issue of bonds in the
amount of $11,775,000 over and above the amount now outstanding, from
time to time when and as the board of directors shall prescribe, under a
new mortgage to secure an authorized total issue of bonds of $60,000.000.
With respect to the proposed acquisition of railroad properties this seems
desirable to lessor and lessee companies alike, and is consistent with the
general program of amalgamation of small roads.—V. 118, p. 3076.
The company has sent a letter to its 14,000 employees giving them an
opportunity to purchase voting trust certificates for 15,0001 shares of outDetroit United Ry.—Dividend Plan Outlined.—
standing preferred "A" no par value stock. Pres. W. S. Menden in his
The following is taken from the Montreal "Gazette" of July 12:
letter says:
l'resident Elliott G. Stevenson on July 11 outlined the dividend situation
past several months a considerable number of employees'
During the
have expressed a desire to have the B. M.T.companies provide an arrange- of the company in response to a general request from shareholders and in
324
THE CHRONICLE
conformity with a statement he made a few weeks ago to the effect he
would make such an explanation before the meeting of shareholders on
July 21.
Mr. Stevenson explained that in connection with the recent financing
to the extent of $9,000,000 (V. 118, p. 3198). a condition that had been
imposed by the underwriters was to the effect that from the time of the
floating of the issue until its maturity, that is, for five years, there must
be no cash dividend paid on the stock, unless such action were approved
by the Michigan P. U. Commission, and he added that in his opinion
be did not feel that as yet sufficient progress had been made by the company
in effecting economies and in increased earnings to enable the Commission
to approve cash dividends, in view of the sinking fund requirements of
$500,000 which must come out of earnings. With such a situation to
be faced Mr. Stevenson spoke of a proposal that was being put before
the shareholders in the form of a referendum, namely to the effect that
there should be for the years 1925 and 1926 a Preferred stock dividend
equal to 4% on the outstanding capital stock, which would amount to
$600.000 of Preferred each year. On this Preferred stock 4% would be
paid during the first two years and 6% thereafter.
Mr. Stevenson stated that he saw no reason why surplus, after sinking
fund requirements,should not be applied toward dividends on the Preferred
stock. The amount that will come out of earnings for the sinking fund
is $500.000 and thus only another $100.000 would be needed. in view of
which Mr. Stevenson felt the plan would be approved by the Commission.
-V. 110. p. 73.
East St. Louis, Columbia & Waterloo Ry.-Sale.This 21-mile interurban electric railway connecting St. Louis with
Columbia and Waterloo, Ill., has been sold to a St. Louis syndicate headed
by Charles H. Lemp, V.-Pres. of the Liberty Central Trust Co., for a price
put at $335,000 cash and "other valuation considerations." The new
owners are said to have purchased It as an fmvestment.-V. 109, p. 676.
Ensley Southern Ry.-Receivership.On the petition of the Southern Ry., Judge W. M. Walker of the Jefferson Circuit Court. Ala.. on July I appointed A. B. Aldridge receiver of this
-mile line controlled by the Southern. The Southern declares in its bill
33
of complaint that the Ensley Southern owes in excess of $1,000,000 of unsecured claims and a bonded debt of $1,177,000, and that it is unable to further finance itself. The complainant states that operating revenues of the
Ensley Southern are insufficient to meet operating expenses and that it is
not able to secure any money from any source to pay operating or other expenses.
-V. 71, p. 809.
Florida East Coast Ry.-Equipment Trust.
-The I.
-S.
Commission on July 10 authorized the company to assume
obligation and liability in respect of $1,875,000 Equip. Trust certificates,
C.
Series "D." to be issued by the Bankers Trust Co. of New York, under an
agreement to be dated July 1 1924, and to be sold at not less than 98.25
and diva, to J. P. Morgan & Co. in connection with the procurement of
certain equipment. See offering in V. 119, p. 74.
[Vol.. 119.
fiscal year the amount expended in excess of 14% upon the Manhattan
was approximately offset by the amount under 17% expended upon the
Subway Division. But during the current year there have been and will
continue to be expenditures upon both divisions considerably in excess
of the tentative percentages provided for the first year. Such excess
expenditures are largely the result of deferred maintenance in recent years,
the changes in the value of the dollar and the uneconomical methods of
doing the work caused by delays on the part of the city to furnish shops,
yards and other facilities required by the agreements with the city. The
expenditures or maintenance in excess of the amounts therefor. included in
"operating expenses, taxes and rental paid city for the old subway," are
shown hereinabove as "maintenance in excess of contractual provisions.'
No accrual has been made for Federal taxes on income. Complete
exemption is claimed because of the profit-sharing contracts with New York
City.
-V. 119. p. 197.
Indiana Harbor Belt RR.
-Annual Report.
-
Years Ended Dec. 31Miles operated
Railway operating revenues
Railway operating expenses
1923.
1922.
1921.
119.16
120.09
119.64
$11,670,333 $10,299,401 $9,034,538
8,183,262 6,945,470
5.981.052
Net revenuefrom railway operations $3.424,070 $3,353,931 $3.053.485
Railway tax accruals
$368,547
$439.509
$270,871
Uncollectible railway revenues
4,473
439
430
Railway operating income
$3,051,050 $2.913,982 62,782,184
Equipment rents (net debit)
$1,374,392
$976,190 S1,046,867
Joint facility rents (net debit)
192,837
218,801
156,467
Net railway operating income
$1.483,821 $1,718,992 $1,578,851
Non-operating income
Cr.28,804
Cr.38.509 Dr.388.681
Gross income
61,512,625 61.757.500 S1.190.169
Deductions
Rent for leased roads
$66,947
$24,239
$259,153
Miscellaneous rents
34.300
24,073
22,773
Interest on funded debt
430,979
458,369
459,371
Interest on unfunded debt
622
41,642
50,397
Amortiz'n of discount on funded debt_
4,285
1.640
1.694
Miscellaneous income charges
2,451
1,137
25.122
Surplus for the year
-V. 118, p. 2948.
$1,027,288 $1,152,151
$371,661
International-Great Northern RR.
-Loses Suit.
Judge George Calhoun of the 53d District Court at Austin. Texas, July 5
rendered Judgment in favor of the Texas Co. against this road for $381,654.
with 6% interest thereon.
-V. 119, p. 197.
Interstate Rys.-Redeems Preferred Stock.
-
The stocknolders on July 11 amended the certificate of incorporation
enabling the corporation to reduce the amount of Pref. stock from $1,000,000
See West Missouri Power Co. usder "Industrials" below.
-V.118, p.431. to $4,000. The Prof. stock has been redeemed at par.
-V. 118, P. 2824.
Fort Scott & Nevada Light, Heat, Water & Power Co.
Fort Worth & Rio Grande Ry.-Tentative Valuation.
The I.
-S. C. Commission has placed a tentative valuation of $4,564,965
on the company's property as of June 30 1918.-V. 102, p. 885.
-New Stock and Bonds.
Georgia Ry. & Power Co.
The stockholders will vote July 29 on approving the issuance of $2,500,0007% 1st Pref. stock. (See offering in V. 119. p. 74.)
The Georgia P. S. Commission has authorized the company to issue $3.000,000 30
-year bonds (see offering in V. 118, p• 2824), and $1,740,000 1st
Mtge. Ref. bonds.
-V.119, p. 74.
• Hocking Valley Ry.-Equipment Trusts.
The I.
-S. C. Commission on July 8 authorized the company to assume
obligation and liability in respect of $1,740,000 Equip. Trust certificates,
series of 1024. to be issued by the Union Trust Co., Cleveland, 0., under
an agreement to be dated July 1 1924 and to be sold at not less than 98 and
divs. (see offering in V. 119, p. 74).-V. 119. n• 197.
Illinois Power & Light Corp.-Acguisitions.-
• It is announced that the municipal power plant at Columbia, Ill., has
been purchased by the corporation. The city has a population of 1,600
and is 20 miles south of East St. Louis. The municipal plant, it is said.
will be junked. Power will be transmitted to the city over a high-tension
line to be built by the corporation from Belleville,
and will be a part
of the Southern division.
The company also announced the purchase of the electric power plants
at Cerro Gordo,owned by the Cerro Gordo Electric Co.. the one at Argenta
and also the one at Warrensburg. Ill., owned by the Argenta-Warrensburg
Electric Co. All three are within a radius of 20 miles of Decatur and
will be operated with the Decatur division of the Illinois Power & Light
Corp.
-V. 119, p. 197. 74.
Indiana Columbus & Eastern Traction Co.
-Sale.
Default having been made by the company in the payment of principal
and interest of its Gen. & Ref. Mtge. 5% 20
-Year Gold Bonds, maturing
May 1 1926. the Pennsylvania Co. for Insurances on Lives & Granting
Annuities, trustee, will on Aug. 11 sell at public auction at the Cincinnati
Stock Exchange, First National Bank Building, Cincinnati, Ohio. $1,000.-Year Sinking Fund Gold Bonds of the Columbus
000 First Mtge. 5% 20
London & Springfield Ry., dated Oct. 1 1900, due Oct. 1 1920. with the
overdue interest thereon from Oct. I 1920. Issued under and secured by a
mortgage dated Oct. 1 1900. executed by Columbus London St Springfield
Ry. to Continental Trust Co. of New York, trustee.
-V. 118, p. 2948.
Interborough Rapid Transit Co.
-Earnings.
-Net Earnings of the Interborough System Under the Plan.
Month of 11 Mos.end.
May 1924. fay 31 '24.
$5,103,524 $53,400,368
Total revenue
Oper. exp., taxes & rentals paid city for old subway 3.247,594 35,823.105
Maintenance in excess of contractual provisions__
$1.855,930 $17,577,263
1,422,040
Cr.33,7I8
$1,889,648 $16,155,223
Income available for all purposes
672,475
7,394,518
Interest on I. R. T. First Mtge. 5% bonds
150.687
1,657,553
Interest on Manhattan Ry. bonds
187,581
Interest on I. R. T. 7% Secured notes
2,058,839
-Year notes
Interest on I. R. T.6% 10
28.780
232,128
64,820
Interest on Equipment Trusts
5.600
38.993
504,232
Miscellaneous income deductions
Earnings without deducting sinking fund on the
I. R. T. First Mtge. 5s which, under the plan,
does not become operative until July 1 1926. but
which must be deducted from earnings of the
system before arriving at the sum available for
$805,532 $4.243,132
dividends on Manhattan stock
Dividend rental on $60.000,000 Manhattan stock
200,000
2,200,000
at 4% per annum
$605,532 $2,043,132
Reconciliation With Report to Transit Commission.
Net corporate income as reported to Transit Comm. $390,795 $1,475,635
1,422,040
Maintenance in excess of contractual provisions.... Cr.33.718
Balance
rDeferred sinking fund (accrued but not paid)__--
$424.513
181.019
$53.595
1,989,537
$605,532 $2,043,132
Equals above balance
-From the commencement of operations under Contract No. 3
Note.
it has been the practice to include
and the related certificate, respectively,
In all reports of operating expenses 14% of the gross operating revenue
upon the Manhattan Division and 17% on the Subway Division, to cover
maintenance and depreciation. These are the percentages fixed for the
first year of operation in each case. Negotiations have been pending
between the company and the Commission ever since the end of the first
year to determine what, if any, changes in these percentages should be
made for subsequent years. Prior to the commencement of the current
Kansas City Clinton & Springfield Ry.-Valuation.--
The I.
-S. Commerce Commission has placed a tentative valuation of
$2,963,300 on the company's property, as of June 30 1917.-V. 108. p• 1275.
Keokuk & Des Moines Ry.-Reorganization Plan.
-The
committee for the $2,694,000 5% 1st Mtge. bonds due
Oct. 1 1923 has prepared and adopted a plan of reorganization for the company. Under the plan the Chicago Rock
Island & Pacific Ry. will acquire the property and exchange
its 1st & Ref. 4% bonds due 1934, par for par, for Keokuk
& Des Moines Ry. bonds.
Holders of the Keokuk & Des Moines 5% 1st Mtge. bonds due Oct. 1
1923 who have not already deposited their bonds with the depositary and
Who desire to participate in the reorganization, must deposit their bonds with
the depositary on or before Aug. 15 1924. Each holder of a certificate of
deposit issued under the deposit agreement who, within 30 days after July
16, shall fail to give written notice of his dissent from the plan,shall be conclusively and finally deemed for all purposes to have assented to the plan.
Digest of Reorganisation Plan, Dated July 15 1924.
Historical.
-Company was incorp. in Iowa Dec. 31 1873. Under date
of May 14 1878 it executed to the Chicago Rock Island & Pacific RR. a
lease of its property for a term commencing Oct. 1 1878 and continuing
for the remainder of the lessor's term of existence, which lease expired
Dec.31 1923. The lease required the lessor to retire Its then existing bonds
and to make its present mortgage securing the bonds which are the subject
of this plan and which matured Oct. 1 1923, just three months before the
expiration of the lease, and required the lessee to purchase a majority of
the capital stock of the lessor at a nominal price. In accordance with the
provisions of the lease, the Rock Island Co. guaranteed the payment of
the interest coupons upon the bonds, and the same were duly paid; but it
was not required to guarantee the payment of the principal of the
and it did not do so, and the principal was defaulted at maturity. bonds,
A bill to foreclose the mortgage was filed by Farmers' Loan & Trust Co..
trustee, on Oct. 11 1923 in the U. S. District Court for the Southern District
of Iowa, and receivers were appointed in said cause on Dec. I 1923.
The Rock Island Co., while declining to renew the lease, consented to
enter into a temporary operating arrangement with the receivers, whereby
for a term beginning at the expiration of the term of the lease and terminable
by either party on 60 days' notice, the Rock Island Co. was to operate
the Keokuk & Des Moines road under conditions whereby the Rock Island
Co. assumes all the expenses and liabilities arising from operation and
management and pays to the receivers a cash monthly rental, not, however,
sufficient to cover full interest upon the bonds.
A decree offoreclosure and sale was entered in the foreclosure suit June 10
1924 and the mortgaged property is about to be advertised for sale.
With the exception of a very few years at the beginning of its existence.
the Keokuk St lies Moines has always been operated by the Rock Island,
and that connection, existing ever since 1878, has made of this railroad a
part of the Rock Island system which in the committee's judgment it would
be impossible to sever with advantage to the depositors. The Keokuk &
Des Moines has, during the 45 years of the lease, been more or less paralleled
and of late years its passenger traffic has been reduced by the automobile.
Its local business is very limited. According to experts'reports, if operated
independently, it is doubtful whether it could earn operating expenses.
Its 165 miles of railway as a whole are found by the committee to be in an
inferior condition. None of the connecting lines other than the Rock
Island has shown any inclination to lease or purchase the property.
The Rock Island Co., on the other hand, with the property already
operated in connection with its own lines, offers the natural system with
which this property should be permanently united and is the sole party
in interest from whom the bondholders may reasonably hope for aid in reorganization. There is no other mortgage upon the property and, with
the exception of the U. S. Government which asserts certain claims for
'
income taxes, there are no creditors besides the bondholders whose claims
are not payable by the Rock Island Co.
Holders of minority stock, far from offering financial aid towards a reorganization, have sought to assert a claim against part of the funds in
the receivers' hands with priority over the bonds.
The committee has accordingly negotiated an agreement with the Rock
Island Co. upon which the present plan is based, and it is the committee's
judgment that this arrangement is the best that could be made under existing circumstances and offers an advantageous settlement to the depositors,
and that any attempt to prolsng the receivership beyond the time necessary
to carry out this plan would be unwise and detrimental to the bondholders.
Outstanding Bonded Debt.
-The total amount of Keokuk & Des Moines
bonds due Oct. I 1923,found to be outstanding by the foreclosure decree, is
62.694,000. No interest has been paid thereon since Oct. 1 1923. the date
maturity.
of
Foreclosure Decree.
-The decree directs the sale at public auction of all
the mortgaged property other than cash in the hands of the receivers, and
fixes the upset price at $1,100,000. The proceeds of sale, and so much of
the cash in the receiver's hands as shall not have been properly applied by
orders of court to other purposes, are applied by the decree, after payment
of expenses, upon the mortgage debt. The committee estimates that, with
a sale at the upset price, the proceeds of sale and available receivership
cash, would net to the bondholders a sum not in excess of 60% of their
JULY 19 1924.]
THE CHRONICLE
Plan Based on the Committee's Agreement with the Rock Island Company.
It is contemplated that if at the foreclosure sale the property is purchased
by either party to this agreement or their representatives
(1) The property so purchased shall, upon the sale being confirmed, be
vested, subject to the provisions of the foreclosure decree, in the Rock
Island Company or such subsidiary in its system as it shall nominate;
(2) That the Rock Island Company shall deliver or cause to be delivered
to the Farmers' Loan & Trust Co., as depositary, for the depositors, First
& Ref. Gold Bonds of the Rock Island Company dated April 1 1904, due
April 1 1934,in an amount of face value of principal equal to the face value
a principal of the Keokuk bonds represented by certificates of deposit
issued and outstanding under the deposit agreement entitled to the benefits
of this plan, and bearing semi-annual interest coupons at the rate of 4%
per annum;
(3) That the Rock Island Co.shall pay,or cause to be paid, to the depositary, for the depositors, a sum in cash sufficient to pay (a) interest at the
rate of4% per annum on the Keokuk bonds represented by said certificates
of deposit from Oct. 1 1923 to the date of the beginning of the semi-annual
interest period covered by the first coupon upon the Refunding Bonds, and
(b) the compensation, expenses, disbursements and obligations of the committee, its counsel, depositary and secretary.
(4) That the Rock Island Co. shall assume all liability of the purchaser
at the foreclosure sale and complete the payment of the purchase price under
the sale and hold the committee harmless of and from any liability thereunder and the costs and expenses of such foreclosure, including the compensation of the mortgage trustee and its counsel.
(5) That the Keokuk bonds represented by said certificates of deposit
shall be available for use in part payment of said foreclosure purchase price
at such distributive share as they may be entitled to in the proceeds of sale
under the foreclosure decree, and shall be assigned to the Rock Island or its
nominees, to whom also shall be assigned all rights of the committee to
share in any deficiency judgment upon the mortgage debt which may arise
under said decree or in any funds in the hands of the receivers.
-V. 118. p.
3197.
Lafayette Street Ry., Inc.
-Reduction in Capital Asked.
325
Secured notes of Missouri Pacific RR, The Missouri Pacific holds an
option to purchase an additional 26% of the capital stock, subject to
approval by the I.
-S. C. Commission.
Listing.
-Application has been made to list these bonds on the New
York Stock Exchange.
Capitalization July 10 1924Authorized. Outstanding.
1350.000,000f:37,734,00o
let Mtge. bonds,series "A"53s
do
Series "B" 5s
1 y2.447,900
Conditional Sale Purchase notes (incl. int. to
maturity)
2,578,903
5% Non-Cumul. Inc. bonds,series "A" 193510,071,100
Capital stock
15.0110,000 15.000,000
x In addition, $1,014.000 1st Mtge. bonds have been issued and are to
be pledged to secure the Conditional Sale Purchase notes. These notes
become due in semi-annual installments up to 1936. y In addition company
holds in its treasury $981.000 of these bonds, having acquired them through
exchange of Income bonds. z The 1st Mtge. provides that company shall
not issue any additional of the Income bonds.
The above capitalization statement excludes tne old 1st Mtge. bonds
due 1925; the mortgage under wnich such bonds were issued has been
released, and there has been deposited in trust, with Irving Bank-Columbia
Trust Co. an amount sufficient to pay principal and imeiwt to maturity.
-V. 118. p. 2704. 2949. 3078. 3198.
Newport & Richford RR.
-Tentative Valuation.
The I.
-S. Commerce Commission has placed a tentative valuation of
3999.500 on the company's property, as of June 301916.-V.91. p. 1026.
New York Rys.-Minority Stockholders of Broadway &
Seventh Ave. RR. Not to Accept Securities Offered in Reorg. Plan.
See Broadway & Seventh Ave. RR. above.
-V. 119, p. 198.
Niagara St. Catharines & Toronto Ry.-Fares.-
The Canadian National Rys. increased the fare on the local lines in
The company has applied to the Indiana P. S. Commission for authority
to reduce its authorized capital stock from $200,000 to $100,000. At Niagara Falls, Ont.,from 5 to 7 cents on July 1. A special rate for school
children has been put into effect giving them a 4
-cent fare, with 7 tickets
present only $80,000 of the authorized capital has been issued.
-V. 116, for 25 cents.
-V. 114, p. 1064.
13. 516.
Lake Erie & Western RR.
-Tentative Valuation.
-
The I.,S, Commerce Commission has placed a tentative valuation of
$29,384,652 on the company's property, as of June 30 1918.-V.116, p.2993.
Lehigh & New England RR.
-Bonds Authorized.
-
The I.
-S. C. Commission on July 9 authorized the company to issue
$2,000,000 Gen. Mtge. Gold bonds, series "B," to be sold from time to
time to Dec.31 1924 at 100 par and int, and the proceeds used for corporate
purposes. The company has arranged to sell presently $1,250,000 of such
bonds direct to certain private purchasers at 100 and int.-V. 119. p. 197.
Lorain Ashland & Southern RR.
-Abandonment.
--
This company has applied to the I.
-S. C. Commission for authority to
abandon its line from Lorain to Custaloga. 0..66% miles.
-V.105, p. 1522.
Midland Valley RR.
-Listing
The Philadelphia Stock Exchange has authorized the listing of $300,000
additional 1st Mtge. 5% gold bonds, due 1943, being part of $771,000 of
said bonds held in the treasury of the company, subject to listing upon
official notice of issuance, making the total amount of said bonds listed
on July 12 $6,191,000. The proceeds received from the sale of the $300,000
bonds were used to reimburse the treasury of the company for expenditures
made from income for capital purposes.
-V. 118, p. 3078.
Northern Ohio Ry.-Tentative Valuation.
The I.
-S. Commerce Commission has placed a tentative valuation of
$3,600,000 on the company's property, as of June 301918.-V. 111, p. 1567.
Oklahoma City-Ada-Atoka Ry.-Lease of Line.
The I.
-S. C. Commission on July 5 approved the acquisition by the
company of control by lease of a line of railroad of the Missousi-KansasTexas RR. (extending from a connection with the company's line at mile
post 460.58. in or near Coalgate, Coal County, to mile post 474.14, in or
near Atoka, Atoka County, a distance of 13.56 miles, all in Oklahoma; also
-K.
the right to use jointly with the M. -T. the terminal facilities of that
-K.
company at Atoka. By the terms of the proposed lease the M. -T'
leases to the company the line in q uestion, including the right to the joint
use of the terminal facilities at Atoka, for a term of one year from May 1
1924, and thereafter until the expiration of 90 days after either party shall
have given notice to the other in writing of its intention to terminate the
lease. The company agrees to pay an annual rental of $12,000, payable
monthly in installments of $1,000; also to pay all taxes, charges and assessments levied upon the leased line or in respect of the use or operation thereof.
-K.
and expenses of maintenance and operation. The M. -T. guarantees
the company against loss in excess of $10,000 per annum from the operation
of the leased line. See also Oklahoma City Shawnee Interurban Ry.
-V. 118, p. 1392.
below.
Oklahoma City Shawnee Interurban Ry.-Lease.-
Minneapolis & St. Louis RR.
-Receiver's Certificates.
- The I.-S.C.Commission on July 5 1924 approved the lease of the company
The company has applied to the Inter-State Commerce Commission for to the Oklahoma City-Ada-Atoka Ry.
By the terms of the proposed lease the Shawnee Company- leases its entire
authority to issue $200,000 554% receiver's certificates to be dated Aug. 1
of railroad for a term of 10
The Atoka com1924. payable Feb. 1 1925, in renewal of a like amount outstanding.
- line agrees to pay as rental a years from May 11924. revenue, if any.
pany
proportionate part of its
V. 118. p. 2824.
derived from the operation of its entire line of railroad, on a pro-rated mileage basis, after the payment of operating and
expenses.
Missouri Pacific RR.
-Bonds Sold.
-Guaranty Co. of company will bear all expenses of maintenanceother operation ofThe Atoka
and
the leased
New York and Dominick & Dominick have sold $4,422,000 line and all taxes, charges and assessments levied thereon. The lease may
1st & Ref. Mtge. 5% bonds, series "A," due Feb. 1 1965, be terminated by either party on Jan. 1 or July 1 of any year if 30 days'
prior notice in writing is given.
at 83 and int. to yield about 6.14%. These bonds were
Both companies were incorporated under the laws of Oklahoma on Oct. 1
1923 and are controlled by H. R. Hudson through majority capital stock
purchased from private sources and do not represent any ownership.
-V. 118. p. 1393.
new financing in behalf of the company.
-V. 119, p. 75.
New Orleans Public Service Inc.
-Tenders.
--
The Fidelity & Columbia Trust Co., Louisville, Ky., will until July 31
receive bids for the sale to it of Consol. 1st Mtge. 50
-Year 5% Gold bonds
dated Jan. 2 1893 of the New Orleans City SC Lake RR., at a price not
exceeding 110 and interest.
-V. 118, p. 2573.
New Orleans Texas & Mexico Ry.-Bonds Sold.
-W. A.
Harriman & Co., Inc., and Blair & Co., Inc., have sold at
92 and int., to yield about 5.55%, $2,400,000 1st Mtge.
30-Year gold bonds, Series "B."
Olean Bradford & Salamanca Ry.-May Abandon.
The company has applied to the New York P.S.Commission for authority
to discontinue operation of its Little Valley (N. Y.) division. The branch
line runs between Salamanca, N. Y., and Little Valley, N. Y., about
-V. 117, p. 1664.
9 miles.
Pennsylvania-Ohio Power 8c Light Co.
-Power Lines.
It is reported that the transmission systems ef this company and the
Ohio Public Service Co. have been "tied-in" at the Evergreen substation.
south of Warren, 0., following the completion of the Pennsylvania-Ohio
company's power transmission line between its Brier Hill substation at
Youngstown, 0., and the Evergreen station on the Alliance-Warren line
of the Ohio Public Service Co. The distance bridged by this final link is
10 miles and this connection is said to give the Pennsylvania-Ohio power
users direct service, when necessary, not only from the Ohio Public Service
Co. but from the Ohio Power Co., the Northern Ohio Traction & Light CO.
and the Cleveland Illuminating Co.
-V. 119, P• 199. 7 .
6
Pennsylvania RR.
-Wins Labor Suit, &cThe Federal Circuit Court of Appeals at Philadelphia. July 14, dismissed
equity suits brought by System Federation 90 of Shod Craftsmen and the
organization of clerks against the road for the enforcement of wage increase
and working condition decisions of the Railroad Labor Board, on the
grounds that the charge of conspiracy made in the suits had not been
proved against the carrier. The suit of the Shop Crafts Federation was for
a claim of $15,000,000 back pay which,it asserted was due under a decision
of the Railroad Labor Board. The amount was said to be based on the
difference between the scale fixed in the national agreement made by the
Railroad Administration during the war and the scale paid by the company
after tne railroads were returned to private ownership.
The Appellate Court's action confirmed that of Judge Dickinson, who dismissed the suits in the Federal District Court several months ago on the
ground that the courts had no jurisdiction to enforce decisions of the Railroad Labor Board,
Definitive General Equip. Trust 5% Series "B," certificates are now
ready for delivery and will be exchanged for tem_porary certificates at the
Fidelity Trust Co., trustee, 325 Chestnut St., Phila. Pa., or upon presentation at the agency of the tru.stee in the offices of the Pennsylvania RR.
Co., 85 Cedar St., N. Y. City. (See offering in V. 118, p. 1774.)-V. 119.
p. 199.
Dated April 1 1924, due April 1 1954. Int. payable A. & 0. Red. all
or part on any int. date upon 60 days' notice at 100 and int. Denom. c*
$1,000,$500 and $100,and r* $1,000 and authorized multiples. Authorized
issue $50,000,000 at any one time outstanding, and shall not at any time
exceed three times the outstanding capital stock. Issued $8,748.000 series
"A," of which $1,014,000 are to be deposited under an equipment trust
agreement in lieu of pledged 1st Mtge. bonds due 1925. Toe issue of
$13.500,000 series "B" bonds has been authorized to effect exchange of
such bonds for an equal principal amount of 5% Non-Cumul.Income bonds.
due Oct. 1 1935. To the close of ousiness July 10 1924, $33,428,900 of
Income bonds had been so exchanged. Irving Bank-Columbia Trust Co..
trustee.
Data From Letter of President J. S. Pyeatt, Dated July 10.
Company.
-Controls and operates a railway system of about 1,174 miles
including direct operating connections under contract, known as the
"Gulf Coast Lines," extending from New Orleans via Baton Rouge and
Houston to Brownsville, Texas, where direct connection is made with the
National Rys. of Mexico. The road is practically a water level line and is
the shortest rail route from New Orleans to the Mexican border. The
system serves a rich agricultural, mineral and lumber territory in the
States of Louisiana and Texas and handles a well diversflied freight traffic
which furnishes about 76% of grass operating revenue.
Security.
-The let Mtge. bonds are secured in the opinion of counsel
by direct first mortgage or by first lien througa deposit of collateral (1st
Mtge. bonds) on about 981 miles of railroad. The First Mortgage bonds
are also secured by first lien on equipment having a book value of$7.862,916,
subject as to part thereof to 32,578.903 Conditional Sale Purchase notes,
including interest to maturity. The total funded debt outstanding in the
hands of the public is at the rate of about 820,700 per mile of road covered
Pere Marquette Ry.-Merger Negotiations.
by the mortgage. This is exclusive of equipment notes, and of old 1st Mtge.
A meeting between 0. P. Van Sweringen and J. J. Bernet. President of
bonds due 1925 principal and interest of which have been deposited in trust the Nickel Plate, representing the Cleveland interest, and E. N. Brown,
with Irving Bank-Columbia Trust Co.
Chairmatiof the board, and F. H.Alfred, President of the Pere Marquette.
Earnings -For the 7 years 1917 to 1923. inclusive, gross income available was held this week in connection with the proposed consolidation of the
for interest on funded debt of tee company and subsidiaries, averaged $2,- Pere Marquette with the Nickel Plate. No definite announcement was
322,083 per annum, equivalent to over twice the average annual interest made, and it was stated that only the broad general principles of the procharges on funded debt, including interest on outstanding income bonds. posed merger were laid down. Mr. Van Sweringen, it is said,owns 100,000
For the calendar year 1923 grass income available for interest on funded shares of the Common stock of the Pere Marquette.
-V. 118, p. 3078.
debt amounted to $3,406,456. or almost three times total interest charges
-Fare Cut Denied
.Public Service Ry. (N. J.).
on funded debt. The present interest charges on funded dent. including
Income bonds and equipment notes, are at the rate of approximately
Dismissing a petition for a reduction in the trolley fare between Camden
$1,175,000 per annum.
and Maple Shade. N. J., the New Jersey P. U. Commission on July 12
For the 5 months ended May 31 1924 gross operating revenue increased held that the 18
-cent fare now charged is neither unreasonable nor dis36% and gross income available for interest on funded debt increased criminatory. The petition pointed out that between Haddonfield and
6286%. over the corresponding period of 1923. Gross income available Camden, N. J., as well as Haddon Heights and Camden, N. J., both of
for interest on funded debt for the first 5 months of 1924 amounted to which towns are approximately an equal distance from Camden. the fare
almost 4 times interest charges on funded debt for the period.
was 10 cents, while residents of Maple Shade were called to meet the higher
.Equity.-Tne $15,000,000 outstanding capital stock at present quotations rate. The Commission held that there was a greater traffic density in the
represents an equity of about 814,700.000. Dividends at the rate of 6% communities paying the lower fare.
-V. 118, P. 2950.
er annum were commenced in 1920 and were increased in March 1923 to
St. Louis Brownsville & Mexico Ry.-Tentative Value.
% per annum, which s the present
Control.-MissourFPacific RR. purchased as of June 2 1924 25% of the
The I.
-S. C. Commission has placed a tentative valuation of $12,873.300
capital stock at $120 per share and made payment therefor in 15 month 7% on the property of the company, as cf June 30 1919.-V. 106, p. 2011.
326
THE CHRONICLE
St. Louis
-San Francisco Ry.-Definitive Bonds Ready.
Definitive Prior Lien Mtge.53i% gold bonds, Series "D," are noviready
for delivery In exchange for outstanding temporary bonds at the Central
Union Trust Co., 80 Broadway, N. Y. City. (See offering in V. 118.
p. 1666.)-V. 119, p. 199.
[VOL. 119.
Riverdale, Md., until a new highway is completed between these points
Upon completion of the highway the company proposes to substitute buservice. A hearing will be held July 23.-V. 113, p. 732.
Western Maryland Ry.-Bonds Offered.
-Miller & Co.,
Charles D. Robbins & Co.
York, arc
St. Louis Southwestern Ry.-Note Participation Certifi- offering at market, to yield and Buell 8c Co., New$1,250,000
of
-R. F. De Voe & Co., Inc., New York, are 1st Mtge. 4% gold bonds. about 7%,a block not represent
cates Offered.
This offering does
offering at 1013 and int., to yield about 4% to March 1 any new financing in behalf of the company.
1925 (the earliest maturity date) and 53I% to maturity,
Authorized.$50,000,000; outstanding,
1902.
March 1 1930, $700,0006% Secured Gold Note Partie. Ctfs. Duo Oct. 11952. Int. payable A.& 0.$46,565,991. Dated Oct. 1 York.
at Bankers Trust Co., New
Federal
This note represents indebtedness purchased from the Free of 2'% normalsecured Lax.
These bonds are
by a first mortgage on 379 miles of main lines
U. S. RR. Administration.
from Baltimore to the coal fields of Maryland. Pennsylvania and West
The trustee will issue participating certificates to the face amount of the
note held in trust, each of such certificates representing an undivided interest in this note. In the event that part of the note is called for redemption, the trustee will call the required number of certificates by lot. A
proportionate amount of the pledged collateral may at the same time be
released by the trustee and delivered to the company.
Dated July 15 1924. Due March 11930. Authorized and outstanding,
$700,000. Principal and int. (M. & S.) payable in New York. Red.. in
whole or in part, on any int, date on or after March 1 1925 at par and int.
Central Union Trust Co. New York, trustee.
company.
-Operates 1:775.98 miles of road, located mainly in Missouri.
Arkansas and Texas.
Sccuritfl•-Central Union Trust Co.. as trustee, will hold this note
together with pledged collateral amounting to $1,400,000 St. Louis Southwestern Ry. 1st Terminal & Unifying gold 57 bonds, due Jan. 1 1952.
On the basis of present quotations the pledged collateral has a market value
In excess of $1,162:000, or more than 166% of this issue. The collateral,
which is currently selling on the New York Stock Exchange at approximately 84, is therefore pledged at 50.
Earnings.
-Gross income for the year ended Dec. 31 1923 amounted to
$6.020,497, as against total interest charges of $2,522.425, or approximately 2.4 times such charges. After deducting all interest charges the
net income remaining of $3,401.092 was equivalent to $17 09 on the $19.893,650 par value outstanding Pref. stock, and $14 71 on the $16,356,100
Common stock.
-V. 119, p. 195. 76.
San Diego Electric Ry.-Bus Franchise Granted.
-
A 10
-year ranch's° for the operation of buses on the streets of San Diego,
Calif., has been granted the company by the Common Council of that city.
The franchise became effective on July 10. It provides for a tax of 25
on the annual receipts from the operation of buses.
-V. 118, p. 2706.
South Georgia Ry.-Tentative Valuation.
-
The I.
-S. C. Commission has placed a tentative valuation of $657,800
on the company's property as of JULIO 30 1917.-V. 118, p. 2180.
Virginia. Further secured by a lien on 238 miles of additional road, including belts, spurs and sidings, subject to only $2,361.300 of prior liens.
The company's properties are valued at $147,994,734, and this issue..
subject only to the above prior liens and approximately $7,500,000 of equipment obligations, constitutes the underlying obligation of the road with
an equity ratio of about 23( to 1.-V. 119, p. 200.
Weatherford Mineral Wells & N. W. Ry.-Valuation.The I.-S. C. Commission has placed a tentative valuation of $786,040
on the company's property, as of June 30 1916.-V. 109, p. 478.
-Bonds Reduced.
West Jersey & Seashore RR.
The Philadelphia Stock Exchange on July 9 reduced the amount listed
of let Consol. Altge. bonds, due 1936. from $5,560,000 to $5,442,000-V. 118, P. 2037.
$118.000 reported redeemed and cancelled.
-To Convert Preferred Stock.
West Penn Rya. Co.
A special meeting of stockholders of the company will be held on July 25..
The West Penn Co. Is now the holder of 64.917 shares of the 6% Cum.Pref.
stock of West Penn Rys. Co. It has made an offer to West Penn Rys. Co.
to convert the 64,917 shares of 6% Cum. Pref. stock into an equal number
of shares of Common stock of West Penn Rys. Co. and the meeting of
'
the stockholders has been called to take action upon the offer being made
by the West Penn Co -V 118. p 2306
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week,
together with a summary of similar news published in full'
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
Southern Pacific Co.
-Launches New Steamship.
The review of market conditions by the trade journals formerly given
It is announced that the steamship Blenville, built by tho Todd Dry under this heading appears to-day on a preceding page under "Indications
Dock & Construction Co., for service betweenNew York and New Orleans
In the Southern Pacific Co.'s Atlantic Steamship Lines (Morgan Line) fleet. of Business Activity.'
was launched at Tacoma, Wash., on July 16. L. J. Spence, director of
Coal Productioh, Prices, &c.
traffic of the Southern Pacific Lines, said that the ibenville will be delivered • The United States Geological Survey's report on coal production, together
at New York In time to participate In the rapidly increasing water and rail with the detailed statements by the "Coal Trade Journal" and the "Coal
winter tourist traffic to California via the Sunset Route. The Bienville Age," regarding market conditions, heretofore appearing in this column,
has three passenger decks and there are accommodations for 237 first-class will be found to-day on a preceding page under the heading "Indications
and 111 third-class passengers, the latter being carried in rooms for six of Business Activity."
persons on the main deck forward.
-V. 119.p. 199. 76.
Oil Production, Prices, &c.
The statistics regarding gross =de oil production in the United States
Spokane Portland & Seattle Ry.-Equip. Notes Offered. compiled
by the American Petroleum Institute and formerly appearing
--Blyth, Witter & Co. and Perris & Ilardgrove of Seattle under the above heading, will be found to-day on a preceding page.
are offering at prices to yield from
to 5.60%, according
Prices, Wages and Other Trade Matters.
to maturity, $214,500 Equip. Trust 6% Gold notes, stamped
Refined Sugar Fr:ca.-On July 16 Arbuckle Bros. reduced price from
as being subordinate in lien to $429,700 unstamped Prior 6.80c. to 6.65(96.70c. per lb.; American from 6.90c. to 6.80c.; Pennsylvania
from 6.90c. to 6.600)6.65c.; Federal from 6.7006.75c. to 6.60(46.05c;
Lien notes outstanding.
National and Warner from 6.90c. to 6.65c., and McCahan from 6.90c. to
Dated Jan. 15 1920. Due $19,500 annually Jan. 15 1925 to 1935. 6.60c. On July 17 further reductions took place, as follows: American,
Prin. and int.(J. & J.) payable at Guaranty Trust Co., New York, trustee. 6.70c.: Pennsylvania, 6.5500.60c.; Federal, 6.5006.60c.; National, 6.55@ Denom. $1,000 and $500c5 Redeemable as a whole on any int, date 6.60c.; Arbuckle, 6.65c., and McCahan 6.55c. Revere sugar has reduced
.
on 60 days' notice at 103 and interest.
ice 25 imints to 6.65c. per lb. On July 18 Arbuckle reduced prices to
These notes, which constitute a direct obligation of the company, are
issued under an equipment trust agreement between the Director-General
Operations Resumed.
-(a) Operations were resumed by all plants of the
of Railroads, the company and the trustee, dated Jan. 15 1920. The Durham Hosiery Alills, Inc., of Durham, N.C.,reopened after a suspension
original issue was $879.000, covering 300 double-sheath steel-underframe extending over two weeks. (b) Six plants of interwoven Mills, Ina., in
standard box cars of 40-ten capacity. Of the original
one-third of West Virginia, Maryland and Pennsylvania, resumed operations under a
each maturity was stamped subordinate in lien. Sinceissue,
the date of issue. reduced wage scale, cut averaging 10%. Plants shut down Juno 29 last
$234.400 of both stamped and unstamped notes have matured and been because of a slack market. (c) Wickwire-Spencer Steel Corp. announced
paid, leaving a total of stamped and unstamped notes now outstanding July 16 that its weaving mitts in Blue Island, Ill., Mount Wolf Pa.,Clinton.
equivalent to about 73% of the original cast of the equipment.
-V. 117. Mass.. and Worcester. Maas., are to begin immediately an increased prop.:327.
duction and that their skilled help will be returned to full time from short
,
This will
Sunbury (Pa.) Lewisburg & Milton Ry.-Discontinues. time. in Palmer also mean an increase of employment in the wire-producing
plants
and Spencer, Mass. Th3 mills employ about 3,000 hands
A recent court decree terminated the operation of the company. See under normal conditions.
also V. 116, p. 411.
(d) The Lyman Mills, cotton goods manufacturers, employing 1,100
hands, resumed operations July 15 after a ten days' shutdown. The mill
Texas & Pacific Ry.-Notes and Bonds.
will operate three days a week.
The I.
-S. C Commission on July 5 authorized the company to issue a
(e) The Pepperell Mfg. Co., employing
hands, started on full time
note or notes tor $4,000.000, payable to the order of the Director-General, July 14. For several months it has been3,500
operating three days a week.
and to pledge as security therefor $5.500,000 Gen. & Ref. Mtge. bonds.
tVage Reduclion.-Wages in six plants of the Interwoven Mills, Inc..were
Series "A.'-V.119. 14 77.
reduced July 16 an average of 10%. The plants, located at Martnasburg.
Berkeley Springs and Harpers Ferry, W. Va.; Hagerstown, Md., and
UnitedRys. Co. of St. Louis.
-Peoples' Bus Sale Denied. Chambersburg and Carlisle. Pa., were shut down on June 29 because of a
The Chicago Motor Coach Co. has not disposed of the Peoples' Motor slack market. "New York Times" July 17, p. 19.
Bus Co. of St. Louis to the United Railways Co. of St.
Shoe Manufacturers Request Wage Cut.
-The Brockton Shoe Manufacaccording to
John A. Ritchie, of the Chicago Motor Coach Corp. Louie,Ritchie said: turers Assolation has requested the lo al unions of the Boot and Shoo
Mr.
"At no time have we been desirous of disposing of the People's Motor Bus Workers Union to accept a flat 10% reduction in wages. The manufacCo. of St. Louis, but we were finally persuaded to consider disposing of it turers contend that this will enable them to meet outside competition. .
after appeals by theme making an effort to reorganize the United Railways New York "Timm" July 18, p. 16.
Co.. which now 19 in the hands of a receiver.
Flint Glass Workers Demand Wage Increase.
-The American Flint Glass
"J. K. Newman of New York is engaged in the reorganization of the Workers Union entered the conference of owners and workers of about 400
railways and has contended that the successful consummation of that glass manufactleing plants In the United States ,being held at Atlantic
undertaking Is wholly dependent upon his acquiring the blot company and City, and asked an increase of 25% In the present wage scale. "Sun'
that it would be of great benefit to the public of St. Louis to have the street July 17. p. S.
car service reorganized so it can be extended and Improved.
-Hudson and Raritan common
Price in Brick Drops $2 per Thousand.
"Upon this kind of a plea we finally agreed to sell the People's Motor brick now $18 per 1.000 is lower than at any time since November 1923.
Bus Co. to the reorganization committee on condition that the Mayor and Lowest since close g' war was $14 In December 1021. highest $25 in May
the city authorities of St. Louis would verify and approve the sale as and June 1920. New York "Times" July 14, p. 25.
necessary and conducive to the welfare of the community.
Nail Price Reduced.
-Cut nails have been reduced $2 a ton to $2 90
"This was the condition of the matter until last week. when Mr. Newman a keg of 100 Pm. f.o.b. mill 011 carload lots. The less than carload price
informed US that he,,had not been able to raise the money for the time is $3. New York "News Bureau" July 16.
being to complete the deal so far RH we are concerned and asked for an
Mail Order Houses Reduce Prices.-Pall catalogues of Sears Roebuck
extension of time to do so."
-V. 118, p. 3199.
Sr Co. anti Montgomery, Ward & Co. will show price reductions, principally on automobile tires anti iron and steel goods. None of reductions
Utah Power & Light Co.
-Acquisition.
are large. They do not represent any narrowing in profit margin, but.
The company has purchased the power plant and franchise of the Warm merely passing on of lower commodity prices to consumer. "Boston
Springs Power Co., located near Ashton. Idaho, for, It is said, $330.000. News Bureau' July 16, p. IS.
-v. 118. P. 3199.
-Supreme Court Justice
Tax on Moneyed Capital ls Declared Valid.
Proskauer. who heard 12 test cases several months ago to deterndne the
-3 Lines Abandoned,.
Virginia Ry. & Power Co.
validity of the New York State law passed in 1923 to tax moneyed capital
-The Virginia Corporation Commission has authorized the company to in competition with national Imnks so that the banks might also be taxed.
abandon 3 of its lines in Portsmouth, Va. These lines, it is stated, had handed down a decision yesterday holding that in only one of tho cases.
been operated at a loss for some time.
-V. 118, p. 3080.
that of Dallas B. Pratt, a private banker, member of Maitland, Connell
& Co.. is the assessment valid. The Court vacates assessments against
-Earnings.
Washington Water Power Co.
members of the New York Stock Exchange, dealers in odd lots of securities,
Six Months P,nded June 30-1924.
1923.
bond houses, building and loan companies. pawnbroking companies and
1922.
Gross revenue.
$2.598,750 52.602,608 $2.348,682 dealers in installzrent contracts. New York "Times" July 16, p. 10.
Operating expenses
$766,313
$900,863
Garment Trade to Open Shops.
-Agreement finally settled after much
$808.869
'Faxes I including income tax)
322,850
325,166
284,955 bickering over details. to run one year and is along lines recommended
Interest
308,309
311,654
305,422 by Gov. smith's Mediation Committee. About 50 independent manuReplacement reserve
116,675
189,144 facturers have signed similar agreements with union. An unemployment
Profit and loss, prior years
12,994
Gr.ft)33
Dr.7,495 insurance fund is established and provision made that every garment shall
Deduc'ns for add'I re-'for replacement
100,000
100,000 bear a sanitary label. "Sun" July 17, I). 8, and "Times" July 18. p. 16.
Mailers Corered in "Chronicle" July 12.-(a) May pulp and paper proYetearnings
$1,188,283
$849,132
$657,797 duction statistics, p. 137. (b) Employment in Illinois factories dropping
-V. 118, p. 2825.
•
rapidly, p. 137. (c) Factory employment in N. Y. State shows further
drop of2%.P. 138. (d) Heavy export sales ofautomobiles continue, p 138.
Washington Interurban Ry.-Would Abandon Line.
- (e) High record gasoline production and gasoline stocks, p. 139. (1) Uniilled
The company has applied to the Maryland P. S. Commission for per- orders of U.S. Steel Corp.further reduced to lowest level in 13 years, p. 142.
mission to abandon I .57 'Mies. of rail service between Bladensburg and East (g) Agreement in N. Y. clothing market grants workers' unemployment
r
JULY
327
THE CHRONICLE
19 1924.]
Balance Sheet.
Insurance and other demands; text of agreement; p. 142. (h) Strike in
women's wear mfg.trades of N,Y.;report of Gov.Smith is accepted; p. 143.
June 30'24 Dec.31'23
June 30'24 Dec.31'23
(i) Resumption of operations at Bigelow-Hartford Carpet Co., p. 143.
Liabilities$
Assets-$
(j) Curtailment in Sanford Mills of Maine, p. 143. (k) Resumption of Real estate, plants,
Pref.7% cum.stk. 7,169,500 7,471,100
operations in textile mills in Massachusetts, p. 143. (I) Resumption of
&c
2,645,013 2,666,928 Com.stk.(no par)b 4,269,306 4,228,656
operations in International Paper Co. plants, p. 143. (m) Lackawanna Inventories
7,824,373 5,194,112 Notes payable__ 2,950.000 2,950,000
177,246
Plant of Bethlehem Steel Co. shut down temporarily, p. 143. (n) Wages Notes & accounts
Accounts payable. 1,207,835
reduced by Woodward Iron Co., Birmingham, Ala., p. 143. (0) Amoskesg . receivable
317.737
6,153,715 7,755,313 Deposit accoun s_ 280,146
858
Mfg. Co. curtailment. p. 143. (p) Virginia Circuit Court grants injunc- Investments
20,565
19,265 Foreign accep'ces
22,432
12,000
tion against unauthorized use of terms "realtor, p. 162.
1,941,690 2,432,995 Accrued interest__
Cash
265,000
Cash deposited for
Federal taxes(est.) 233,785
130,744
-Report.
dividends
Alliance Realty Co.
130,744 Dividends Payable
Invested in affiliaPur. money mtges. 1,290,500 1.290.500
1924.
1923.
1922.
6 Months Ended June 3081,374
46,426
ted corm:nodes- 302,061
319,920 Employees'savhags
$167,695
$210,452
$138,054
Operating income
563,473 Reserve for losses_ 120.579
25,337
34,076
18.277 Loans & advances_ 666,881
Expenses and taxes
2,032,364 2,268,794
Deferred cbarges
59,000
120,833 Surplus
$119,777
$142,358
$176,376
Net income
19,613,301 19,203,583
Total
Total
19.613,301 10,203.583
-v.118, p. 433.
a After depreciation. b Represented by 96,504 shares of no par value.
Brick Co., Boston,
American
-Common Div. No. 2.
- V. 118, p. 667.
The directors have declared a regular quarterly dividend of 15c. a share
Common stock, par $5, payable Aug. 1 to holders of record July 22.
on the
Arlington (Mass.) Gas Light Co.
-To Issue Stock.
An initial dividend of like amount was paid on the Common on May I last.
The company has applied to the Mass. Dept. of Public Utilities for
-V. 118, p. 3081.
authority to issue 4,000 shares of capital stock (par $100) at $110 a share.
-V.112. p.2645.
the proceeds to be used to pay offfloating indebtedness.
American Telephone & Telegraph Co.
-Semi
-Annual
-A syndicate
• Armour & Co. (Del.).
-Bonds Offered.
Report.-Pres. H. B. Thayer, New York, July 15, says:
The company on May 20 offered additional shares of its capital stock composed of the Chase Securities Corp., Continental &
for subscription at par to its stockholders of record June 10. in the ratio Commercial Savings Bank, Blair & Co., In,., Halsey,
of one share of additional stock for each five shares of stock then held
(see V. 118, p. 2575). This offering, which amounted to $151,157.500, Stuart & Co. and the Illinois Trust & Savings Bank are
was made to 316,000 stockholders. Funds from this issue will provide offering approximately $3,500,000 1st Mtge. 53 2% Guar/
for extensions to the nation-wide telephone system.
The constant growth of the telephone business provides a continuing anteed gold bonds, Series "A," due 1943, at 92 and int.,
opportunity for investment of capital in extending the facilities of the to yield about 6X%.
system. It is the well-established policy of the Bell system to secure
This offering does not represent new financing by the company, as the
Its capital requirements as economically as possible and to keep its financial bonds now being offered are
$60,000,M heretofore issued and
structure on a sound basis. To this end a portion of the new capital is already outstanding Bondspart of the
guaranteed as to principal and interest
obtained from net earnings retained in the business, a portion is borrowed by Armour & Co. of Illinois. are 117.
-V.
P. 188 .
9
by means of bonds and notes, and the remainder is secured through investment by its stockholders in capital stock.
-Bonds
John
Associated Gas & Electric Co.
By earnings, with a margin, and paying a dividend which keeps the
stock attractive to investors, the system's securities receive a high rating Nickerson & Co., Hambleton & Co. and Federal Securities
and it is able to obtain its borrowed capital on the lowest possible terms.
and int., to yield 6.94%,$3,500,000
The net result is that total capital charges are kept as low as practical Corp. are offering at 94
Convertible Series of 1924.
in view of the best interests not only of the company but also the telephone- Secured Gold Bonds 6
using public.
Dated July 1 1924, due July 1 1954. Int. payable J. & J. at New York,
The financial policy of the company includes securing nation-wide dis- without deduction for any normal Federal income tax not in excess of 29.
tribution of its securities. It is estimated that there are now well over Red. all or part on the first day of any month upon 30 days' notice at 105
500,000 persons who own Bell Telephone securities.
on or before June 1 1934; at 104 thereafter and on or before June 1 1939;
Earnings for Sir Months End, June 30.
el
at 103 thereafter and on or before June 1 1944; at 102 thereafter and on or
before June 11949; at 101 thereafter and on or before Dec. 1 1953; at 10014
x1924.
Earnings1923.
1922.
1921.
Dividends
$29,390,660 $25,712,498 $21,751,388 $18,414,407 thereafter to maturity, plus int. in each case. Denom. $1.000, $500 and
Interest
7,101,689 6,396,462
6.480,110
6.402,376 $100 c*. Company agrees to refund personal property tax paid by residents
Telephone oper. revenue 36,800.723 35.867,724 31.363,942 28,559,711 of Penna. and Conn., not exceeding 4 mills, and of Maryland not exceeding
per
Miscellaneous revenues_
235.432
192,694
81,122
52,360 434 mills and of Kentucky not exceeding 5 mills, 6%dollar of taxable value
per annum on income
per annum, and Maas,income tax not exceeding
Total
derived from these bonds. Chase National Bank, New York, trustee.
$73,528,504 $68,189,378 $59,656,562 $53,428,855
Expenses, incl. taxes_ 22.576,746 21,122,296 19.036,610 17.048,730
President J. 1. Mange, July 15.
Data From Letter of
Company.-Incorp. in 1906 in New York and through subsidiaries owns,
Net earnings
S50.951,758 $47.047,082 $40,619,952 $36,380,125
properties which have been in continuous
Deduct interest
8,361,577
6,467,664
8,255,819
9,868.022 controls or operates public utilityand varying periods, the largest company
Deduct dividends
33,670,638 30,349,963 25,285,847 18.938,597 and successful operation for long
been in existence over 70 years, during 64 years of which it or its
having
Balance
$8.919,543 $10,229.454 $7.078.286 $7,573,506 constituent companies have paid dividends. The operating companies
supply over 63,000 consumers, in 260 communities in Now York. Massax Subject to minor changes when final figures for June are available. chusetts, Ohio. Kentucky and Tennessee, serving a total population of
-V. 118, p. 3081.
more than 250,000.
The properties include electric power-stations with a generating capacity
of 24,100 k.w. and 535 miles of high tension transmission lines; gas plants
American ,TheY•mos Bottle Co.
-Acquisition.
-with a daily capacity of 4,195,000 cubic feet and 192 miles of mains. The
A Cincinnati dispatch states that negotiations for the acquisition of
control of the Icy-Hot Bottle Co. by the America* Thermos Bottle Co. properties are divided territorially into four groups as follows:
(a) New York-These properties are mainly those of the New York
have been completed. The identities of the companies are to be maintained
separately, it is said. The terms of the merger are not available but it is State Gas & Electric Corp.and serve electricity and gas to more than 40,000
said that Common stockholders of the Icy
-Hot Bottle Co. are to exchange consumers in 166 communities with a popu ation in excess of 135,000.
The properties include steam and hydro-electric plants with a generating
their shares for stock in the American Thermos Co.
-V. 117. p. 2656.
capacity of 17,000 k.w. connected with 379 miles of high tension transmission lines, and gas plants with a daily capacity of 3,045,000 cu. ft.
-Balance Sheet March 31.
American Thread Co.
In addition the company and interests affiliated with it have a substantial
interest in the Staten Island Edison Corp. which now supplies electricity
Balance Sheet March 31.
without competition on Staten Island.
1923.
1924.
1924.
1923.
(b) Kentucky and Tennessoc-The Kentucky-Tennessee Light & Power
AssetsLiabilities$
$
$
Co. serves over
Property account a12,254,461 12,427,171 Common stock_ _b10.800.000 10,800,000 approximately 14,000 consumers in 26 communities with a population of
72,000. The generating plants have a capacity of 6,050
Inventory
9,966,187 12,174,257 Preferred stock_ _ _ 4,890,475 4,890,475
of which are owned
Accounts & notes
6% 1st M. bonds- 6,000.000 6,000,000 k.w. distributed over 139 miles of transmission lines, 92of 550,000 cu. ft.
by the company; the gas plants have a daily capacity
rec., la% reserve 2,428,252 2,893.376 Accts. payable and
(c) Massachusetts-Electricity is distributed to over 6,800 consumers in
Cash
722,847
501,663 accrued charges. 1,653,055 1,953,445
the southern portion of Cape Cod and on Martha's Vineyard with a populaCash with trustees
8,067 Notes payable_ _
7,659
100,000
200,000 tion estimated at 40.000. The operating company has a 1,050 k.w. plant
Sundry investBond int. seer._ _ _ 120,000
120,000 on Martha's Vineyard.
men a
3,087,890 1,017,264 Contingency res've 1.500.000 1,000,000
-Gas is distributed in the city of Van Wert,0., with a popula(d) Ohio
Advance payUnti'd diva.&coup.
7,650
8.087
and serves
men s
150,726
106,138 Reserves, &ia
c801,562 c790,709 tion of 8,100. The plant has a daily capacity of 600,000 cu. ft.
1.819 customers.
Empl. pension td_
7,286
Issued.
CapitalizationAuthorized.
Balance, surplus_d2,744,272 3,357,955
Secured gold bonds$3,500,000.
1)0
150,0 shs. y67.598 shsPref. stock-no par value, cumulative
Total
28,617,023 29,127,937
Total
28,617,023 29,127,937 Common stock
110,000 shs.z110,000 shs.
a Property account includes: Property as at March 31 1923.
$20,052.681;
x Issuance of additional secured gold bonds restricted in accordance with
exenditures during year, $551,880: less sales, machinery discarded, &c.,
$272.466; leaving as expenditures $279,413; reserve for doprec., $8,077.633. the terms of the indenture. z Stalixi value $3,379,900. y Stated value
b Capital stock authorized, *6,000,000 Pref. (par $5), $12,000.000 $3,300,000.
Capital Securities of Subsidiaries Outstanding
Common stock (par now $10); outstanding, $4,890,475 Pref. and $10.800,$6,897,000
Funded debt
000 Common stock ($9 per Maitre paid up).
$259.152
Reserves March 31 1924. bond redemption fund. $566.454, and insur- Preferred and Common stocks
ance reserves, $235,108.
aConsolidated Earnings from Properties Now Operated.
d This balance, surplus of March 311924, is shown after deducting Pref.
Dec. 31
May 31
dividends of 4f4% for an entire year, $239,227, and $324,000 interim divi1921.
1922.
12 Mos. Ended1924.
1923.
dend on Common stock, paid Jan. 8 1924, of 3%•
Gross earnings
$3.752,915 $3,637,880 $3,229,301 S2,837,041
The usual comparative income account was given in V. 119. p. 200.
1,876,674
Exp., mint.. taxea_ la_ _ c2.356,233
2,006,894
2,355,579
American Water Works & Electric Co., Inc.
-Earns.
-
Years Ended May 311924.
1923.
yElectric output (k.w.h.)
1.123,802.323 953,732,512
Grass earnings from all sources
$38,040,268 $31,187,670
Operating expenses, taxes & maintenance
21,594.415
Interest & amortization subsidiary companies_ _ _ _ 6.982,887 17,954,913
5,790,840
Interest Am- W. W.& Elec. Co
692.991
739,187
Preferred dividends of subsidiaries
2,521,544
1,727,454
Minority intcrests
638,783
678,706
Reserve for depreciation
2,415,751
1.801.360
Net income
43,192,895 32,495,209
x This is equivalent, after payment of 1st Pref. dive., to $12.79 a share
on both the 100,000 shares of Common and 100,000 shares of Partic. Prof.
now outstanding and compared with a balance of $2,495,209 or $10.10 a
share on the same amount of Common and Partici. Pref. for the year ended
May 311923. y Electric output of American Water Works & Electric Co.
subsidiaries, which include \Vest Penn Co. and Potomac Edison Co.
V. 118. p. 3201.
American Wholesale Corp.
-Earnings6 Mos.End
Years Ended
.
Dec. 31
June 3024
1923.
1922.
1921.
Total earnings
$112,355 $2,113,584 $1.068,487
$411,965
14,000
' Federal taxes (estimated).
265,000
134,000
41;000
Preferred dividends
253,767
525,707 (7)550,044 (7)557,363
Federal taxes previous
year (adjusted)
Cr.510
Disc,on prof.stock retired 0.5,329
Cr.17.843
Dr.16,776
Balance
def$150,083 $1,341.235
$384.443 defS203,175
Net earnings
Fixed charges_d
$1.396,682 $1,282,301
611,218
$1,222,407
$960,367
a Excludes income of or from. Staten Island Edison Corp. b Except
Federal income taxes. c includes $1,365 income applicable to minority
stocks not owned. d Including bond interest of subsidiaries, dividends on
Preferred stocks of subsidiaries in the hands of the public, and interest
requiren?ents of $3,500,000 634% Secured Gold bonds (this issue). _
Securdy.-Secured by pledge with the trustee of all Common and Preferred
stocks of subsidiary companies, now owned and all voting stocks thereof
hereafter acquired. No interest in the stock of the Staten Lsland Edison
Corp. is included in the pledged securities.
Valuation.
-The present value(after depreciation) of the properties of tho
operating subsidiaries as valued by Edward J. Cheney, plus net additions
at cost and net current assets, after deducting all underlying liabilities and
equity for minority interests, is over $10,000,000, or approximately $3,000
for each $1,000 bond of this issue.
Conversion.
-These bonds may. at the option of the holder, be converted
on and after April 1 1927 into the non-voting Cumul. Prof. stock of the
company (without par value) having liquidation value of $50 per share
(red. at $60 per share) and entitled to cumulative dividends of $3 50 per
per share per annum, with adjustment for interest and dividends and for
fractional shares on the following bases: Each $1,000 bond will bc entitled
to convert on or before March 1 1932 into '22 shares of Prof. stock until
3500,000 of bonds of this series shall have been converted; thereafter and
to and including March 1 1935 into 21 shares of Prof. stock until an additional $1,000,000 of bonds of this series shall have been converted, and
thereafter until maturity into 20 shares of Pref. stock for all remaining outstanding bonds of this series.
Sinking Fund.-Indenittre will provide for the payment to the trustee as
a sinking fund for bonds semi-annually. commencing July 1 1925, of an
amount equal to I% of the principal amount of the bonds of this series at
the time outstanding, such sinking fund payments to be applied to the
328
THE CHRONICLE
purchase or redemption of the bonds of the series. Bonds purchased or
redeemed for the sinking fund are to be cancelled.
-The proceeds of this financing will be used for retirement of
Purpose.
funded and unfunded debt (incurred largely for acquisitions and betterments) and for other corporate purposes.
-V. 118, P. 2440.
[VOL. 119.
Calumet & Hecla Consol. Copper Co.
-To Build Road.
A dispatch from Houghton. Mich., says that the company has awarded
a contract for the construction of a 9
-mile railroad between the Ahmeek
mine and the Ahmeek stamp mill on Torch Lake to J. A. Roberts Bros. of
Chicago. The cost is estimated at about 51.000,000. The work of grading
-New Securities Ready.Atlantic Fruit Co.
• will be started in about two weeks and completion of the entire project
The Irving Bank-Columbia Trust Co. on July 14, it was announced, is expected late in the summer or fall of 1925. The railroad will serve
Ahmeek and other
is now prepared to deliver the new 8% income debentures and Common a shorter route to Kearsarge lode properties of the company and will provide
the
stock of the newly organized Atlantic Fruit & Sugar Co. in exchange for the grade averaging stamp mill and an easy down grade for loaded cars.
3-10 of 1%.-V. 118, p. 2576.
the securities of the old Atlantic Fruit Co. in accordance with the reorgan-V. 118, 13• 1395.
ization plan.
Canada Dry Ginger Ale, Inc.
-Complaint Dismissed.
The Federal Trade Commission has dismissed its complaint against the
Atlantic Fruit 8c Sugar Co.
-Registrar.
Canada Dry Ginger Ale, Inc., and Canada Dry Sales Corp., both of New
The Guaranty Trust Co. of New York has been appointed registrar of the York City. The Commission's charge was to the effect that respondents
Capital stock of the company, consisting of 152,300 shares of Preferred deceived purchasers of their products into the belief that they were buying
stock, par $100, and 4,554,000 shares of Common stock, par $5.-V• 119, an imported ginger ale.
p. 200.
The directors have declared a regular cmarterly dividend of 75c. per
share on the Class "A" stock, payable Aug. 15 to holders of record Aug. 1.
Atlantic Refining Co.
-To Appeal Case.
See also V. 118, p. 1139.
It is stated that the company will appeal the decision of Judge Morris of
the U. S. District Court in Delaware in the suit brought by stockholders
Central Maine Power Co.
-Fares Increased.
of the Superior Oil Corporation. See V. 119. p. 200.
The Maine P. U. Commission on July 2 rendered a decision permitting
the company to establish a zone fare of 10 cents, with the provision that
Baldwin Locomotive Works.
-Acquires Plant11 tickets may be purchased for $1, half-fare tickets for school children and
The manufacturing plant formerly operated by Tindel-Morris Steel Co, other special rates being based on a 10
-cent fare, on its railway between
at Eddystone. Pa., adjoining the plant of the Baldwin Locomotive Works, Warren and Camden, Me., a distance of 21.57 miles. The present zone
has been purchased by the latter company for a price said to be close to fare is 7 cents with school tickets on the basis of one-half the regular fare
$250,000. The plant consists of machine shops. &c., on a tract of about "Electric Railway Journal."
-V. 118, p. 2308.
103 acres of ground. Its purchase was made as a part of the program of
,
Central Power & Light Co.-Pref. Stock Offered.
the Baldwin Locomotive Works to extend its plant.
-Howe'
-V. 119. p. 200. 78.
Bay Sulphite Co., Ltd.
-Reorganization.
-
Snow & Bertles, Inc., Pynchon & Co., H. L. Nason & Co,•
Moors & Cabot and A. L. Chambers & Co. Inc., are offering
at 92M and div., to yield 7.57%, $1,256,000 7% Cumul.
Pref. (a. & d.) stock, par $100.
Beech-Nut Packing Co.
-Sales-Earnings.
-
Callable on any div. date at 105 and div. or in any part thereof at 110 and
div. upon 30 days' notice. Divs. payable ().-F. Free from normal
Federal income tax. Tax exempt in Mass. Equitable Trust Co. ,New
York, registrar and transfer agent,
Data From Letter of Pres. W. S. McCall, St. Louis July 11.
Compang.-Came into existence in 1916 by the consolidation of a small
group of operating companies, the gross earnings of which were but little
more than $210,000 a year. Since that time gradual acquisitions have
increased earnings of the company to $3,753,515 for the year ending April
30 1924.
Company operates directly or through its subsidiaries, central electric
power stations, as well as doing a gas, water, Street railway or ice business
in about 70 cities and towns, having a total population of approximately
225.000 and serving over 32.000 customers, located in the southwestern
section of the United States, in the States of Texas, Oklahoma, Arkansas
and Mississippi, divided about as follows: 26,795 electric, 2,458 water and
2,978 gas.
The territory served is having a very rapid growth, as evidenced by the
fact that during the 10
-year period covered by the 1920 Census the State
of Texas, where the greater portion of the company's properties are located.
increased in population 19.7%, Arkansas 11.3% and Oklahoma 22.4%.
Earnings Year Ending June 30.
1916.
1918.
1920.
x1924.
1923.
1922.
Gross
210,651 470,575 794,318 2,014,897 3,063,357 3,753.516
Open& maint 126,862 323,248 536.702 1,443,785 2,107,000 2,441,043
Balance__ _
83,788 147,326 257,616 571,113 956,357 1,312,472
It is stated that a company known as the Port Alfred Pulp & Paper Co.
will take over the properties of the Bay Sulphite Co.under a plan ofreorganization now nearing completion.
-V. 118, p. 1015.
w. C. Arkell, Sec., says: "Sales for the first half of 1924, as compared
with the first half of 1923, show an increase of 8.5%."
Earnings Six Months Ended June 30.
1922.
1924.
1923.
Net profits(without prov.for Fed.tax) $1.178.115 $1,215,030
$961,563
Earned surplus Jan. 1 (adjusted)__-- 1,330,203
5,258,159
2,704,183
Total surplus
Dividends
-Cash
Stock
$2.508,318 $3.919,213 $6,219,722
107,774
489,340 . 339,340
4,000,000
Profit and lass surplus June 30---- $2.018,978 $3,579,873 $2.111,948
-V. 118, p. 2183.
Bigelow-Hartford Carpet Co.
-New Presidnet.J. F. Norman of New York has been elected President, to succeed the
late Robert P. Perkins.
-V. 118, p. 2183.
Birdsboro Stone Co., Phila.-To Change Par Value, &c.
The stockholders will vote Sept. 15(a) on changing the authorized capital
stock from 15,000 shares, par $100. to 15,000 shares of no par value; and
(b) on increasing the indebtedness of the company from $460,000 to $1.200,000.-V. 100, p. 1834.
(The) Bradford (210 West 70th St. Corp.), N. Y. City.
-Dillon, Read & Co. are offering at 99
Offered.
and int., to yield over 6%,S1,200,000 1st Mtge. Fee I5-Year
6% Sinking Fund Loan (Closed Mortgage, Participating
Certificates).
-Bonds
x Including earnings from new properties acquired and for year ended
AprIl 30.
CapitalizationAuthorized, Outstanding.
7% Preferred stock (including this issue)
510,000,000 $3,026,500
Dated July 15 1924, due July 15 1939. Int. payable J. & J. at office of
50,000 abs. 20,000 shs.
Empire Trust Co., New York City, trustee. Denom. $1,000. $500 and Common stock (no par)
Divisional bonds
c936,400
2,250,000
$100 c*. Red. as a whole by the company or in part by lot for the sinking 1st Mtge. & Prior Lien 6s, due
1946
5,000,000 b3,058,100
fund on any int. date at 103 and int. to and incl. July 15 1929; thereafter First Lien & Ref. 636s, due 1952
4,587,600
a
to and incl. July 15 1934 at 102 and int., thereafter to and incl. Jan. 15
1939 at 101 and int. and thereafter to maturity at 100 and int. Company
a Restricted by provisions
terms of
will pay the Federal normal income tax, deductible at the source. up to the Indenture securing the of the Trust Indenture. b By the company
the
2%.and will refund Penn. 4 mills tax, Conn. 4 mills tax and Masa, income covenants that no further 1st 1st Lien & Ref. 6s of 1952may be issued,
Mtge. & Prior Lien 68 of 1946
tax up to 6% annually, if application be made within 60 days after payment. unless deposited with the trustee
Legal for the investment of trust funds under the laws of the State of c No further bonds can be issued as security for the 1st Lion & Ref. bonds.
under these mortgages unless the same are
New York.
pledged as additional security for the 1st Lien IgC Ref. bonds while the
properties are owned by company.
Data From Letter of Pres. Aron Lapidus, 210 West 70th Corp.
Valuation-The properties, which the company and its subsidiaries
Location & Property.
-The Bradford is located at 210 West 70th St.. own,
N. Y. City, within approximately 2 blocks of the Broadway subway express cost have been valued on the basis of replacement cost, using as the unit
stop at 72d St., and at one of the most advantageous points for apartment sionsthe average of the past 5 years at $11,932,077. Adding recent extenand improvements the replacement valuation is over $15,000.000.
renting in the West Side residential district. Theatre and shopping
Earnings 12
1924.
1923.
centers are readily accessible. The building. 15 stories high, occupies a Gross income Months Ended April 30$3.016,757 $3,753,515
plot facing 150 feet on 70th St. and contains 380 rooms and 214 bathrooms, Operation, taxes
and
2,441,043
2,104.645
divided into apartments of one, two and three rooms. Apartments in this Interest on present maintenance
funded debt
539,875
464,703
type of building have come into great demand because of the exceptional
independence their conveniences assure to residents, among which are maid
Balance for Fed, taxes, deprec. & dividends
772.597
447.409
service without extra charge and restaurant in the building, from which Divs, on present outstanding
211.855
Preferred stock
meals can b served in the apartments, if desired.
Security -Each certificate of this loan will represent a fractional ownerBalance
$560.742
ship in a closed first mortgage to the Empire Trust Co., New York City, as
Purpose.
-Proceeds will be
trustee, on the land and building owned in fee by the 210 West 70th Corp.. additional working capital used, in part, to acquire prior debt, to furnish
and for other general corporate purposes.
and known as The Bradford. The building will be completed on or about
-Terms of franchises of
Franchise.
Aug. 1 1924. Title to the property is to be insured by the New York factory and relations of these companiesthe various subsidiaries are satiswith the public have been generally
Title & Trust Co.
harmonious.
-The land and completed building are appraised as follows
Valuations.
Management.
-Company is controlled by Morrison & McCall of St.
by independent real estate experts: Pease & Elliman.$1,800.000; Fenimore Louis, Mo., who have been successfully associated together in the operation
C. Goode Co.. $1,820.000.
of public utilities since 1911.-V. 118, p. 2954, 2577.
-Leases have already been signed for one, two or three-year
Earnings.
periods, with annual rentals amounting to $139.300, which represents over
Centrifugal Cast Iron Pipe Co.
-To Dissolve.
one-third of the gross earnings on the present renting schedule. Apartments
The stockholders will vote Aug. 14 on dissolving the company. On
could be rented at an average price of 27% less than is being obtained, and Dec. 20 last the stockholders approved the turning over of all assets.
still show 4et earnings in excess of twice interest charges on the loans
except $25,000 cash or equivalent, to Centrifugal Pipe Corporation of Delaware. Each of the 141.980 outstanding shares of Centrifugal Cast Iron
-$1 Gas Law Unconstitutional. Pipe common is exchangeable for two shares in the new company. The
Bronx Gas & Electric Co.
Federal Judge Winslow on July 17, in an opinion sustained the report of Preferred stock of old company was retired in Dec. 17 1923. Centrifugal
Special Master James A. Graham in the case of this company against the Cast Iron Pipe Co. holds a temporary certificate for the 283,960 shares in
State Attorney-General and the Public Service Commission, holding that the new company necessary to effect the exchange. Its only other present
the $1 gas law was confiscatory and unconstitutional. See also V. 118. P. asset is a small cash balance left of the excepted 325.000, which will he
largely, if not wholly, absorbed in meeting corporate expenses prior to
2184.
dissolution.
-V. 117. p. 2849; V. 118. p. 2046.
-Preferred Stock Retired.
Brown Shoe Co., Inc.
Champion Coated Paper Co.
-Notes.
-In accordance with Preferred stock provisions the company has cancelled
The Fifth-Third National Bank, Cincinnati, has concluded negotiation,
1,375 shares of Preferred stock. representing full requirements for 1924.
for the purchase of $1,600,000 6% serial gold notes. A public offering 1The amount of outstanding Preferred is thus reduced from $4,812,500 to expected shortly. The Champion Coated Paper Co.
recently purchased
54,675.000.-V. 118. p. 2576.
majority stock interest in Champion Fibre Co. and accepted these notes
as part consideration-V. 118, p. 2046.
Brunswick-Balke-Collender Co.
-Earnings.
-
Earnings during the first quarter of 1924, before dividends, were $472.623.
Compare V. 118, p. 2046.
Burdick Tire & Rubber Co.
Frank Lower of Noblesville, Ind.. on July 10 took
of the company as receiver.
-V. 116. p. 414.
charge of the factory
-75
Burroughs Adding Machine Co.
-Cent Com.Div.,&c.
The directors have declared a dividend of 75c. a share on the new no par
value Common stock and an initial quarterly dividend of $1 75 a share
on the Pref. stock, both payable Sept. 30 to holders of record Sept. 15.
Disbursements of 32 a share were made quarterly on the old Common
stock, which was recently exchanged in the ratio of one share (par $100)
for two shares of new no par Common and one-half share of new 7% Pref.
stock. See V. 119. p. 78, 201.
Citizens Gas Co. of Indianapolis.
-Tenders. &c.
The Bankers Trust Co., primary trustee. 10 Wall St., N. Y. City, will
until Aug. 11 receive bids for the sale to it of 1st & Ref. Mtge, Sinking
Fund gold bonds dated July 1 1912 to an amount sufficient to exhaust
$31.265 at a price not exceeding 108 and interest.
See Indianapolis Gas Co. below.
-V. 118, p. 1669.
Cluett, Peabody & Co., Inc.
-Loses Suit.
See Phillip-Jones Corp. below.
-V. 118. p. 788.
Commonwealth Hotel Construction Corp.
-Sale.
The receivers, it is announced, have signed contracts for the sale of the
eastern half of the site at Broadway and 57th St., N. Y. City, which was
to be location of a $15,000.000 hotel,to a syndicate headed by Arthur Greenbaum, which will erect two 15
-story apartment houses representing an
investment of about $9,000,000. The price paid for the site was not
announced.
-V. 118. p. 2309.
-New Officers.
California Petroleum Corp.
C. W. Chandler has been elected Vice-President in charge of sales and
Commercial Solvents Corp.
-Earnings for Six Months
purchases and C. E. Olmsted, Vice-President in charge of transportation
Ending June 30 1924
-Dividend on Account of Accumulations.
and refinery operations.
-V. 118, p. 2708.
JULY 19 1924.]
329
T1TE CHRONICLE
Gross profit, after dedueting production costs, laboratory expenses,
$672,479
factory operating and after deduction for depreciation
34.623
Miscellaneous income
Sinking Fund.
-A sinking fund is provided commencing July 1 1926 which
requires company to purchase in the open market or to call by lot annually
at 105, 3% of the maximum bonds issued, which are to be retired and cancelled.
-Proceeds will be used for the payment of extensions and betPurpose.
terments, a portion of which have already been made.
$707,102
Totalincome
143.302
Administrative, general. selling, shipping, &c., expenses
Discounts on sales, interest on notes, idle property expense, inConsolidated Telephone Co. of Pa.
-Sale.
ventory adjustments,&c71,152
20,584
The Pennsylvania P. S. Commission has opposed the acquisition by the
Special amortization sundry book accounts
61,600 Lehigh Telephone Co. of the Consolidated Telephone Co. and two of the
income taxes
Reserve for 1924 Federal
latter company's supsidiarles, the Honesdale Telephone Co.and the Easton
$410,464 Telephone Co.. as per reorganization plan in V. 117, p. 1239, 1997.Balance,surplus
directors announce the V. 118, p. 2046.
President P. G. Mumford July 16 says: "The
execution of total requirements contracts with certain customers, including
Consumers Power Co., Michigan.
-New Director.
Eastman Kodak Co., E. I. du Pont de Neniours & Co., Egyptian Lacquer
NY. H. Berthold, of Hodenpyl, Hardy & Co.. has been elected a director
Mfg. Co., Maas & Waldstein Co. and Richards & Co.. covering a period
-V. 118, p. 3202.
of years, at prices scaled to the cost to the company of its raw material, to succeed the late J. B. Foote.
which is the principal item of expense in the making of butanol. The
Continental Can Co.
-Earnings Improve-Outlook.directors believe this step to be an important one in stabilizing the comPres. Thos. G. Cranwell says in substance: "Our earnings are running
pany's future and consolidating its interests with those of its customers.
slightly ahead of last year. Conditions with the company are very good.
'The directors have ordered the payment on Aug. 1 of a dividend of Si
a share on the Class'A'stock for the quarter ending March 31 1923 to hold- Our plants are operating at capacity. We expect our earnings for the Year
to be in excess of last year. We are now entering our best season of the
ers of record July 25 1924.
"The business of the company is satisfactory, although it has slowed up year and business ought to be good with us for some time. Unseasonable
to some extent due to general current conditions. New uses for the com- weather affected our business somewhat and we are where we should have
pany's products are constantly being found, which should result in increased been two weeks ago in our plans. But in spite of this our earnings are
running ahead."
-V. 118, p. 2577.
demand in due course."
-V. 118, p. 2309.
-Bonds Offered.
Community Power & Light Co.
Wm. L. Ross & Co., Inc., Chicago; Whitaker & Co., St.
Louis; Bauer, Pond & Vivian, Inc., New York, and Liberty
Central Trust Co., St. Louis, are offering at 99 and int., to
yield about 6
$782,000 1st Mtge. Coll. Sinking Fund
63/2% Gold Bonds, Series "C." Dated Oct. 1 1923, due
Oct. 1 1933 (see description in V. 117, p. 2546).
Continental Gas & Electric Corp.
-Earnings.
(Giving Effect to the Purchase of the Kansas City Power ct Light Co.)
1922.
1923.
Twelve Months Ended Dec. 31$12,467.105 $11,282,205
Gross revenue
6,632,837
6,992,996
Oper. exp., taxes, maintenance and interest
2,056,803
Total int. & div.chg. on subs.& other prior deduc_ 2,219,121
Int. on Continental 1st Lien Coll. Trust 54 and
329,874
Refunding Mtge.6s
438,981
399,000
399,000
Interest on Collateral Trust 7s
480,081
506,931
Dividend on $6,858,300 Prior Preference 7% stock
105,084
Div. on 81,751,400 Participating Pref. 6-8% stock
Capitalization Outstanding Upon Completion of Present Financing.
1st Mtge. Coll. Sink. Fund Gold bonds 73.6s, series"A"(Closed) $500,000
ri "11" Cl
925.000
•
Balance for deprec. & Common stock dividend_ $1.831.843 $1,356,758
2,500,000
do
63s. series "C" (including this issue)
Balance Sheet Dec. 31 1923.
585,000
7% and 7% Serial Short Term notes
x845,000 [After completion of pending financing and acquisition of Preferred and
7% Cumulative Preferred stock
Common stockholdings in Kansas City Power Securities Corp.)
1,450,000
Common stock
Liabilities.
Assets.
$4,241,400
x Includes $237,500 Preferred stock of the Kansas subsidiary.
Stocks and bonds owned_$26,098,091 x Common stock
35,000 Prior Preference stock_ _ _ _ 6,858,300
Notes receivable
Data From Letter of Pres. W. F. Con, St. Louis, July 1.
1,751.400
1,134,309 Pattie. Pref. stock
Accounts receivable
-Through its subsidiaries, serves 55 communities located in
Company.
4,134.800
1,082,962 1st Lien 54
Missouri, Kansas. Arkansas and Texas. the total population of territories Deferred debits
5,276,000
Miscellaneous assets
22.398 Refunding Os
served being in excess of 120,000. Furnishes electric light and power in
5,700,000
1,922,902 Collateral Trust 7s
St. Scott, Kan.: Helena and Paragould, Ark.; Mexia, Tex.; Marlin, Tex.; Cash
250.000
Notes payable
California, Eldon and Versailles. Mo., and 47 other nearby communities.
100.286
Accounts payable
In addition, 38,000 population in two of these communities and Columbia.
35,000
Miscellaneous liabilities
Mo., is furnished gas service and over 62,000 population is furnished ice
1,948.477
$30,295,663 Surplus
Total (each side)
service.
-To partially finance acquisition of a group of electric properties
Purpose.
-V. 119. p. 202.
x Represented by 106,035 shares of no par value.
in Kansas near Ft. Scott and including Humboldt, Yates Center and
Burlington, Kan.; a group of electric properties in Central Missouri, in-Shipments-Outlook.
Continental Motors Corp.
cluding Eldon, Versailles and California, and substantial plant and transmission line extensions in Kansas. Arkansas, Texas and Missouri.
In reviewing the third quarter of the present fiscal year, President R. W
Franchise.
-The franchises in respect of the several properties are satis- Judson anticipates a business much larger than expected a few weeks ago.
factory and in most cases extend beyond maturity of the bonds.
He says in part: "May and June shipments from both our Detroit and
Consolidated Earnings of Company & its Subsidiaries 12 Mos. End. April 30. Muskegon plants were better than our expectations and our July schedules
for Detroit show an increase offrom 10% to 15% over June. Our Muskegon
Gross earnings
$1,536,979 plant is very busy on increased motor truck schedules and the orders we
Operating expenses & taxes, including Federal taxes
988,417 have received for our new bus motor greatly exceed our capacity. We
anticipate considerable activity this fall on the part of the bus manufacturers
Net earnings
$548,562 and our force of over 3.000 employees are so arranging facilities as to be
-V. 117. p. 2546.
-V. 118. p. 2829.
able to take care of the demand."
(R.) Connor Co. of Wis.-Bonds Sold.
-Lacey Securities
Corp., Chicago, have sold at prices ranging from 98 and int.
100.90 and int., to yield from 6% to 6.76%, according to
to
maturity, $750,000 guaranteed First Mortgage 63/2% Serial
and Sinking Fund Gold bonds.
Dated July 1 1924. Due serially semi-annually 1926 to 1936. Legal
investment for Wisconsin and Michigan savings banks. Tax exempt in
Michigan under existing statutes.
Data from Letter of W. D. Connor, President of the Company.
-The R. Connor Co.,founded in 1873, maker of these bands.
Company.
with Connor Lumber & Land Co., guarantor, constitutes one of the largest
operating ownerships of hardwood timberlands in Wisconsin and northern
Michigan. The stock of both companies is all owned by W.D.and R. Connor and immediate families.
Securily.-Bonds will be secured by a first mortgage upon 28,000 acres of
virgin hardwood timberlands in Gogebic County, Mich.,estimated by James
D. Lacey & Co. to carry over 308.000.000 ft. of merchantable timber
and valued by them at $2.310,000. The bonds will also be a direct obligation of the R. Connor Co., whose unencumbered net assets amount to over
$2,250.000. of which $1.040,000 is in timberlands, real estate, buildings,
machinery and equipment, and $530,000 is in cash and liquid assets.
As additional security, the bonds are to be unconditionally guaranteed
by endorsement both as to principal and interest by Connor Lumeer &
Land Co., whose net assets exceed $2,350,000.
Sinking Fund -Company shall pay into the sinking fund in advance of
cutting the RUM of $4 per 1,000 ft. of timber. The proceeds of this sinking
fund are to be paid in cash to the trustee to be held in the sinking fund to
retire the bonds next maturing. The balance is to be used for the purchase
of additional bonds in the open market or for the redemption of outstanding
bonds at the call price of 103 and int. on any int. date upon 60 days' notice.
Earnings -From a paid-in capitalization of$100.000 when the R.Connor
Co. was incorporated in 1887, the net assets of the two companies have
grown to a present conservative value of over $6,000,000, and in addition,
$735,000 has been paid out in cash dividends. This increase has been from
net manufacturing earnings and appreciation in the value of the company's
timberlands.
-To provide funds for the purchase of additional timberlands in
Par pose.
Gogebic County, Mich., adjacent to the company's present holdings, and
for the opening up and operation of the same properties.
Connor Lumber & Land Co.
-Guaranty.
See R. Connor Co. above.
-V. 113, p. 2316.
Cosden & Co. (Del.).
-New President, &c.
Following the meeting of the board of directors on July 17 it was announced that the resignation of Joshua S. Cosden. President of the company.
had been accepted and that Jacob France, Vice-President and General
Counsel of the company, had been elected President. Mr. Cosden, who
has been President of the company since its formation,is now retiring owing
to his desire to give greater attention to his Venezuelan oil interests.
The new executive committee is composed of: Jacob France, President;
Robert K. Cassatt, of Cassatt & Co.; Elmore B. Jeffrey. President of
Equitable Trust Co., Baltimore; F. R. Russell, Vice-President National
Bank of Commerce in New York, and C. I. Stralem, of Hallgarten & Co.
Developments are under consideration which will round out the company's
organization with a view to placing all departments on a par with its large
production and refining capacity.
-V. 118. p. 3202.
-Acquisition.
Crex Carpet Co.
The company has acquired control of the property of the Potter Carpet
Mills, Inc., of Newburgh, N. Y. It is stated that for several seasons past
the Crex Co. has sold the product of the Potter Mills. and has been practically in control, the only thing lacking being the final transfer of ownership.
-V. 117. p. 1560.
Cudahy Packing Co.
-Files Reply in Government Suit.
-V. 119. p. 79.
See Swift & Co. below.
Davol Mills, Fall River.
-Omits Dividend.
The directors have voted to omit the quarterly dividend due at this time.
Distributions of 1%% quarterly were previously made.
The corporation recently purchased the Tecumseh Mills and increased
Its capital from £500,000 to $1.500,000. See V. 118, p. 557, 436.
-Sale.
Defiance (0.) Gas & Electric Co.
-V. 118, p. 2829, 2708.
See Toledo Edison Co. below.
Detroit Edison Co.
-Condensed Income Account.
(Including All Constituent Companies.)
1923.
1924.
Sir Months Ended June 30$17,530,805 $15,907,959
Gross revenue
12,119,319 11.098,409
Expenses
Gross corporate income
Interest charges, &c., deductions
income _
_
55,411.486 54.809.550
2,127.240
2,063,195
S3,348.291
$2,682,310
Net
Conservative Water Co.
-Bonds Offered.
-Banks, Hunt- -V. 118, p. 3083.
ley & Co., Los Angeles, are offering at 933 and hit., to yield
%
-Employees Acquire
Devoe & Raynolds Co., Inc., N. Y.
about 63/2%, $110,000 1st Mtge. 6% Gold bonds. A cir- Control of the Company-Earnings.
cular shows:
Sixteen employees have acquired control of the company from their
Dated July 11923. Due July 11953. Denom. $500 and $1.000. Callable all or part on any int. date at 105 and int. Interest payaole J. & J. at
Hellman Commercial Trust & Savings Bank, Los Angeles, Calif., trustee.
Exempt from California personal property tax. Normal Federal income
tax not to exceed 2% will be paid by the company.
-Authorized by the California Railroad Commission.
Issuance.
CapitalizationAuthorized. Outstang.
cr
Capital stock
$100,000
8100,000
First Mortgage bonds
250.000
110,000
-Year notes
10
.
40000
40,000
-Serves the municipality of Watts and several square miles of
Company.
adjacent territory having a population of approximately 25,000. Company was organized in 1904 and has served its territory continuously and
without competition since that time. The water supply is drawn from
wells fawn; ly located and having a lift of only about 17 feet. Over a
period of many years these wells have shown but slight variation in water
level. Company has in excess of 500 inches of water developed, or a capacity of 4,5(10 gallons per minute. The distributing system is in excellent
condition.
Earnings.
-Earnings have shown a steady and substantial growth and,
with additions and betterments now being installed, they should be materially increased. Net earnings before interest charges for 1921 were $15,896.
for 1922 $20,025, and for 1923 *21.608.
former employers. New officers are: E. S. Phillips,Pr:ftident; E. 13.
Peck, Vice-Pres. and Gen. Mgr.; De Lancey Kountze, Treas.; P. Le B.
Gardner, Vice-Pres, and director of sales; A. C. Stephan, Vice-Pres, and
-Pm. and director of
director of administration; E. S. Blackledge, Vice
plants; E. B. Prindle, G. H. Phillips and S. R. Harrington, all Vice-Presidents, and A. F. Adams. Secretary.
The following new directors have been elected to the board: Messrs.
Kountze, Gardner, Stephan, Prindle, Blackledge and Adams.
1924.
1923.
Earnings for Four Months Ended April 30$457.999 $475.180
Net profits after all charges, except taxes
-V. 118. p. 3202.
-Results for 6 Mos. end. June 30, 1924.
Dome Mines. Ltd.
Number of tons milled, 236,500 (avge. recovery $8 992 per ton)_$2,126.769
Operating and general costs (54 778 per ton)
Estimate Dominion income tax
Net income
Miscellaneous earnings
51.130,004
56,311
$940,454
113,368
Total income
51,053.822
In the above figures, no allowance is made for depreciation or depletion.
-V.119, p. 202
330
THE CHRONICLE
Dodge Bros. (Automobile Mfrs.).
-June Shipments.
-
The company, it is reported. shipped 20,611 cars in June compared with
20,834 in May and with 18,000 for June a year ago.
-V. 118, p. 2955.
[voL. 119.
July schedule calls for 6.014. bringing the total for the year to 80,035.
Tractor shipments for the 11 months were 3.284. and production in July
will probably exceed 200. making a total tractor output for the year about
3.500.-V. 118, p. 2956.
.
East Butte Copper Mining Co.
-Closes Smelter-To
(J. C.) Forkner Fig Gardens, Inc.
-Bonds Offered.
Shut Down Mine.
Alvin H. Frank & Co., os Angeles, are offering at 100 and
Owing to the loss of the Davis
-Daly ore the company has been forced to
int. $400,000 Serial eClosed) Mtge. 7% Gold bonds. A
close its smelter as the production of the Pittsmont mine is not at the present time sufficiently large to enable the company to operate its smelter circular shows:
excepting at a loss. In addition, owing to the low
price of copper, the
Dated June 1 1924. Due serially June 1 1925-1934. Denom. $500
company cannot °watts its mine at a profit and therefore all mining
operations at the PIttsmont mine will be discontinued the latter part of and $1,000. Int. payable J. & D. Callable by lot as a whole or in part
this month, with the exception of a limited amount of development work at 102 and int. on 30 days' notice. IIumboldt Bank. trustee. Free from
with a view to opening up new ore bodies and extending some of those personal property tax in California. Int, payable without deduction for
normal Federal income tax up to 2%.
already known.
These bonds are secured by a mortgage on 1,693 acres of land adjacent
Quick current assets consisting of cash, copper, gold, silver and Liberty
bonds as of March 1 1924, over and above current liabilities, were sub- to the north city limits of the City of Fresno and by sales contracts on this
stantially 51.200,009, it is said, and the management believe.; it is better land deposited with the trustee carrying balances still due in the amount
to conserve its strong treasury position rather than to deplete same by of $481.729. theb uyers having a paid-in equity of $363,236. There are
92 purchasers of this property and 18 families already living on this suburcontinuing operations at a loss.
-V. 118, p. 2709.
ban subdivision. An appraised value of $941,724 has been given the
East St. Louis & Interurban Water Co.
-Bonds Called. property.
To establish self
-liquidation of this; bond issue contracts deposited with
All of the outstanding Granite City, Madison & Venice Water Co.
30
-year gold bonds, dated March 1 1901, and all of the outstanding City the trustee mature as follows: 0166.569 in 1925. 566.982 in 1926. 566,982
1927.
Water Co. of East St. Louis and Granite City 40
-year gold mortgage bonds, in The 564,775 in 1928, $45,673 in 1929 and $170,750 in 1930.
purpose of the issue is to reimburse the company for development
dated Jan. 2 1905, have been called for payment Aug. 26 at par and int.
at the Farmers' Loan & Trust Co.. 22 William St., N. Y. City. See also work and finance term sale contracts.
V. 118, O. 3083.
Eastern Brass & Ingot Co., Waterbury, Conn.
-
Foundation Co., N. Y.
-Signs Big Contracts.
-
Egyptian Coal & Mining Co.
-Receiver Named.
-
General Electric Co., Schenectady, N. Y.
-Orders,
Ewauna Box Co., Klamath Falls, Ore.
-Bonds Offered.
-Lumbermens Trust Co. Bank, Portland, Ore., are offering
at prices ranging from 100 and interest to 101 and interest,
according to maturity,$200,000 First Mtge.7% Gold Bonds.
A circular shows:
•
*This preliminary figure of sales to dealers for June includes Buick.
Cadillac. Chevrolet. Oakland, Oldsmobile passenger and commercial cars
and GISIC Truck sales by the American and Canadian divisions of General
-V. 119, p. 203. 741.
Motors and exports overseas.
During the first six months of the current year the company has signed
contracts for nearly as much construction work as wore received (luring the
entire previous year. Up until June 30 last the company had received
orders for approximately $19,500,000 of construction work as compared
with $22,000,000 of similar business signed last year. The figure for the
first six months of this year does not include the contracts for two new
Eastern New Jersey Power Coe-New Director.
power houses which the company will eventually erect, but on whien final
Chester Dale of W. C. Langley & Co. has been elected a director.- commitments are temporarily delayed due to public utility regulations.
-V. 119. p. 79.
-V. 118, p. 2709.
By a court ruling the $100.000 mortgage held by the Central Trust Co.
of Illinois is valid. The plant sold at auction recently for $58,000 and the
court orders the trnstea to turn over to the bank the proceeds of the plant's
real estate, amounting to 552,500.-V. 115, P• 79.
&c.
C. B. Thomas. referee in bankruptcy, East St. Louis, .11. has been
Orders Received1924.
1923.
1922.
appointed receiver by Judge George W. English of the Federal Court.
$71,219,984 $84.249.710 $62,883,948
East St. Louis, on the petition of the bondholdars as a result of a suit to Three months ended June 30
144,707,887 164.263,755 114,219,248
foreclose a mortgage on the company's property. The mortgage was Six months ended June 30
A large order of automatic substation equipment has just been contracted
entered into Nov. 1 1922 to secure a pond issue by the company amounting
for by the Department of Street Railways of the City of Detroit with the
to $250,000.
General Electric Co. The order calls for a total of ten 2.000 k. w. and four
1,000 k. w. single unit stations, aggregating 24,000k. w. Delivery of the
Electrical Securities Corp.
-Bonds Called.
apparatus will be arranged to fit in with the building requirements of the
One hundred twenty-one Collateral Trust Sinking Fund 5% bonds of the
9th, 10th and llth series, have been called for payment Aug. 1 at 103 and city and will extend to October 1926. The capacity and location of these
new substations has been selected
interest at the Guaranty Trust Co., 140 Broadway, New York City.
- supplying the city railway lines. to fit in with the present feeder system
All the substations will operate from a
V. 118, p. 3203.
24,000-volt 3
-phase 60-cycle supply. The equipment included in this
order comprises standard 2,000 k. w. synchronous converters for 10 of the
Essex Rubber Co., Trenton, N. J.
- stations and standard 1.000 k. w. machines for the other four. The
-Bonds Offered.
Peabody, Houghteling & Co., Inc., New York and Chicago, apparatus includes high reactance type oil-cooled, single phase transformers
with
equipment, outdoor
are offering at prices ranging from 100 and int. to 100.96 oxide 24.000-volt primary. automatic twitching for the incoming linestype
film lightning arresters, oil circuit breakers
and
and int. to yield from 6%to 7%, according to maturity, high speed circuit breakers for the protection of each station. The converters are to be equipped with standard 43-E flesh barriers and the stations
$400,000 1st Mtge. 7% Serial Gold bonds.
will be fully automatic including redwing feeders.
-V. 119, p. 203. 79.
Date July 10 1924. Due annually July 10 1925 to 1934. Int. payable
J. & J. at the office, of Equitable Trust Co.. Now York, trustee, and First
General Motors Corp.
-Sales of General Motors Cars
National Bank, Chicago, without deduction for Federal income tax up
President Alfred P. Sloan Jr. has issued the following statement:
to 2%. Red. in reverse order of maturities at 105 and int. during the
In accordance with the announcement already made that General
first year and at a premium of 34 of 1% less each year following. Denom. Motors would hereafter report
monthly retail sales by its dealers, there
of $1.000 and $500c*.
follows such retail deliveries for the first half of 1922 and 1923 and for
Data from Letter of Pres. C. H. Oakley, Trenton, July 9.
the corresponding period of 1924. It is to be recognized that 1923 was
Company.
-Founded by C. H. Oakley and W. P. Bainbridge in April the largest year the automobile industry has as yet experienced.
1907 in Trenton, N. J., for the manufacture of molded mechanical
Month of
1924.
1922.
1923.
specialties, including principally rubber heels and soles for shoes, plumbing January
33.295
30,464
11.520
supplies, horseshoe pads, automobile mats and various other similar February
61631i
50,008
14,705
404 34
8971 4
rubber products. In 1910 the company was incorporated in New Jersey. March
45,840
-9,615
In 1915 an allied company known as the Vulcan Recovery Co. was organ- April
89,610
48,353
ised for the purpose of reclaiming rubber. Upon the completion of the May
fi4.686
51.983
present financing, all of the capital stock of this company will be owned June
75.952
66.1401
47,058
by the Essex Rubber Co. The main product of the company-rubber
heels
-Is sold to various jobbers, dealers and shoe manufacturers throughout
Total_
203.324
408.985
x379,590
the United States and foreign countries, including many of the largest
and best known firms.
x Retails sales for the first half of this year are 93% of the correspondhag
.Security.
-Secured by a closed first mortgage upon the land, buildings, period of the previous year.
machinery and fixed equipment of the company,located in Trenton, N. J..
The foregoirar figures of sales to the ultimate consumer must not be
and also upon the rubber reclaiming plant of the Vulcan Recovery Co., a confused with the sales by manufacturing divisions of General
Motors to
subsidiary.
their dealers, which are as follows:
Earn:rms.-Consolidated earnings of the company and its subsidiary,
Month of1924.
1923.
1922.
Vulcan Recovery Co., available for int., deprec. and Fed, taxes have been: January
61,398
49,162
16,088
Average for the 6( years ended March 31 1924
$213,312 February
78.668
55.427
20,869
Average for the 3Y‘ years ended March 31 1924
337,045 March
75,484
71,669
34.082
For the three menthe ended March 31 1924
156.600 April
58,600
75,822
40,474
e.-Proceeds will be used for the acquisition of additional buildings May
45,965
75,393
46.736
and flier, equipment. to pay off existing mortgages on the plants and for June
*33.98:1
69,708
48,541
increasing working capital.
Total
354,098
397.181
206,790
General Tire & Rubber Co.
-Results for Half Year.
-
Dated July 11924. Due serially Jan. land July 1 1925 to 1934. Denom.
The company in the first six menthe of its fiscal year did business totaling
$1.000 $500. $100. Interest payable J. & J. in United States gold coin of more than $6,500.000 and showed a net profit after charges of approxior equivalent to the present standard of weight and fineness, at Lumber- mately $1,200,000. This is the largest sale; and earning record ever
Portland, Ore., trustee, without deduction for normal made by the company in a similar period.
mens Trust
The net earnings for the first half of the year are as large as those of the
Co..
Federal income tax up to 2%. Oregon income tax not exceeding 2%
refunded. Callable, all or part. at 102 IS if called on or before one year whole year of 1923.-V. 118, p. 208.
from date of issue, less 3.‘ of 1% for each succeeding year thereafter.
Gordon, lronside 8c Fares, Ltd.
-Is engaged In the general lumbering business. Owns and
Company.
-Bend Issue.
°mates its own logging camps,logging railroad, saw-mill and box factory.
The bondholders are being asked to subscribe to $100.000 7% 5
-year
The major portion of its business is devoted to the manufacture of box Prior Lien bonds. The committee estimates that this amount must be
shooks.
underwritten to provide for unforeseen contingencies. .t hopes, with the
Earnings.
-For the past ten years profits before depreciation and Federal proceeds of the bond issue, to carry on long enough to enable the advantaxes have averaged $122,397, or 8.7 times the maximum interest require- tageous sale of the company's properties to be made.
-V. 106. p. 1464.
ments on this issue of bonds. For the past 6H years such profits have
Great Consolidated Electric Power Co. Ltd. (Daido
-averaged $188,304, or approximately 13 le times the maximum annual
Interest charges and for the first five months of 1924. $238.772.
Denryoku Kabushiki Kaisha).-Bonds '
Sold.- Dillon,
Purpose.-Procoods will be used in part for such capital expenditures as
additions and improvements to plant, approximating $110,000, to reduce Read & Co., and Guaranty Co. of New York, have slid
accounts payable and for additional working capital.
at 913 and interest, to yield 7.8.5% to latest redemption
Fitchburg(Mass.) Gas & Electric Co.
-Stock Authorized. date, $15,000,000 First Mtge. 7% Sinking Fund Gold
Bonds, Series A.
The Maasachusetts Dept. of Public Utilities has authorized the company
to issue 12.343 additional shares of Common stock (par $50) at $65 a
share. The proceeds are to be used for additions and improvements.
-V. 118. p. 2185.
Ford Motor Co. Detroit.-Salcs First Half 1924.-
Sales reports from 34 American branches of the Ford 'Motor Co.show
that more than 1,000.000 Ford cars and trucks were sold at retail during
the first 6 months of 1924.
The actual figure is 1,036,978, which
exceeds the total retail sales for the same period in 1923 by 133,095, an
average gain of 22,182 sales per month. In every instance the monthly
sales in 1924 have shown a suostantial increase over the corresponding
month in 1923. In June they reached 170.747. which was approximately
10.000 ahead of June sales last year. These figures, it is stated, are for
retail sales in the United States alone and do not take into consideration
the sales made by foreign Ford branches and associated companies, the
majority of which assemble carsfrom American-made parts.
The company,it is reported, has acquired a site of 307 acres at Dagenhamon-Thames, whore it is proposed to erect a plant with an initial capacity
of 500 cars a day.
-V. 118, p. 3203.
Ford Motor Co. of Canada, Ltd.
-Shipments.
-
Actual foreign and domestic shipments for the 11 months Aug. 1 1923June 30 1924 of the present fiscal year were 74,201 Cars and trucks. The
Dated Aug. 1 1924. Due Aug. 11944. Interest payable F. & A. Principal and interest payable in Now York at the office of Dillon, Read Sr Co..
fiscal agent,in United States gold coin of the standard of weight and fineness
existing on Aug. 1 1924, or, at the option of the holder, in London. in
sterling, at exchange rate of $4 8665 to the pound sterling, without deduction for any Japanese taxes, when held by other than residents of Japan.
Denom. $1,000 and $500 c.
Non-callable except for sinking fund during
first ten years, thereafter callable as a whole or in part on any interest date
after 30 days' notice at 100 and interest. Industrial Bank of Japan, Ltd..
Tokyo,trustee; Central Union Trust Co. of New York,countersigning agent.
Data front Letter of Pres. Momosuke Fukuzawa, Dated July 1 1924.
Properties and Business.
-Company is one of the two largest producers of
electric power in Japan. The company's properties include 12 generating
plants with a total capacity of 255,300 k. w.. of which 154,800k. w. is hydroelectric (including 42.900 k. w. to be completed in November 1924). and a
complete system of transmission lines, substations. &c., representing a total
cost to May 31 1924. as shown by the company's books, of apprmdmately
570.000.000. The company is primarily a wholesaler of power, selling its
output under long-term contracts to cities,retail light and power distributing
companies, traction companies and to large industrial consumers. The
territor,v served has a population of more than 20.000,000, including the
cities of Tokyo, Yokohama, Osaka, Nagoya. Kyoto and many other calm
JULY 19 1924.]
THE CHRONICLE
and towns. This district has an intensive industrial development and
electric power is of exceptional importance in its daily life and business
because of the high costs of coal and oil, very little mineral oil being found in
Japan, and the supply of native coal being comparatively limited. The
demand for electric power is increasing so rapidly in this district and the
company is in so favored a position to deliver power at low costs that the
volume of its future business should be limited only by its productive and
transmission capacity. The company's properties are modern and compare
favorably as to design and construction with the most approved American
practice. Machinery and equipment are largely of American manufacture.
-These bonds will be the direct obligation of the company and
Security.
will be secured, in the opinion of counsel, by closed first mortgage lien
created under the laws of Japan, on the three largest, newest and most
important of the company's hydro-electric properties with auxiliary steam
reserve plant, substations and transmission lines, representing an aggregate
cost to Feb. 29 1924, as certified by Thebo,Starr & Anderson, Inc.,in excess
of $31.000.000, or more than twice the amount of these bonds. The naortgaged properties have a hydro-electric capacity of 106,700 k. w. or over
two-thirds of the company's total hydro-electric capacity, and can be
operated as a complete and independent unit capable of delivering its entire
output to the Osaka district and to the Tokyo Electric Light Co. for the
Tokyo-Yokohama district.
The Imperial Japanese Government, which under the laws of Japan
grants all concessions for water rights and power licenses, has consented to
the mortgaging of these properties to secure these bonds.
Earnings.
-Net earnings available for interest, depreciation and other
reserves, for the year ended May 31 1924, were $3,389,197. During the
year the company's productive capacity increased from 60.600 k. w. to
212,400 k. w., reflecting a generated output for the year of only 59% of
that sold under contract for the 12 months ending May 31 1925, for the
production of which the company will have an ample capacity. Computing
Income and operating exioense on the basis of actual results for the six
months ended May 31 1924, and output on the basis of existing contracts,
net earnings available for interest, depreciation and other reserves will be:
Year ending May 31 1925
$5,497.415
'Year ending Ma.y 31 1926
6,552,114
On account of reduced operating costs due to a greater percentage of
output, the company estimates that actual earnings will
hydro-electric
exceed the above amounts in each year by more than $800,000. Maximum
annual interest requirements on total funded debt, as shown below, will be:
First Mortgage Bonds (this issue)
$1,050,000
Debenture Bonds
1.083,669
[Conversions of earnings and interest charges from Japanese to United
States currency have been made at the rate of 41% cents per yen, approximately the present rate of exchange.]
--Company's outstanding capitalization after giving effect
Capitalization.
to application of proceeds of these First Mortgage Bonds and to $5,000,000
called for payment by stockholders on Oct. 1 1924 will be:
First Mortgage Bonds (this issue)
115,000,000
Debenture Bonds
17,325,000
Capital Stock
56,481,500
Lisany.-It is expected that application will be made in due course to
list these bonds on the New York Stock Exchange.
-Company covenants to establish a sinking fund,sufficient
Sinking Fund.
to retire the entire issue by semi-annual call by lot at 100 and interest (first
call Feb. 1 1925) at the annual rate of $500.000 for the first five years.
$700,000 for the next five years. and $900,000 thereafter to maturity.
-Proceeds of these bonds and the payment of $5,000,000 on
Purpose.
capital stock referred to above will be used to pay off current bank loans
and other current indebtedness, to retire $6,250,000 debenture bonds maturing on or before June 1 1925 and for other corporate purposes.
Haytian Corp. of America.
-To Pay Interest.
-
Interest on the 8% debentures for the full year to June 30 has been
declared payable to holders of record Oct. 1.-V. 116, p. 2136.
Hermitage Portland Cement Co.
-Bonds Offered.
Caldwell & Co., Nashville, Tenn. are offering, at 92 and
interest, to yield over 7.15%, $560,000 Closed First Mtge.
6% Convertible Gold Bonds.
Dated May 1 1924. Due May 1 1934. Interest payable M. & N. at
Chemical National Bank, New York, or Fourth & First National Bank,
Nashville, Tenn., trustee. Denom. $1,000, $500 and $100 c5 Callable
.
by lot as a whole or in part on any interest date, after the first year,at
• 105 and interest. Interest payable without deduction for normal Federal
income tax jp to 2% per annum.
Data from Letter of John C. Vance President of the Company.
-Operates a plant at Nashville. Tenn., built at a cost of
Company.
$1,046,495 Company is now running at capacity output of 2,000 bbls. a
.
day. Threeof the principal stockholders alone can consume its entire
output, those three concerns having sold more than that amount in 1923.
-Capital stock outstanding consists of $900.000 of CumulaCapital Stock.
tive Preferred Stock and 15,000 shares of common stock of no par value.
-On the basis of the present output,cost of production and sale
Earnings.
prices, the company should show net earnings for the year beginning May 1
1924 of over $300,000, or approximately nine times the annual interest
requirement of the entire issue.
Sinking Fund.
-Indenture provides for a minimum sinking fund of
$40.000 per year. It is stipulated that the company shall deposit in trust
each month a sinking fund of 10 cents per Nal. on all cement manufactured
by it during the previous month. If this does not equal the minimum of
$40.000 a year, or $3.333 per month, the difference must be pald monthly
in cash by the compay.
Such funds are to be used to purchase the bonds
if obtainaoie in the open market at or below 105.
Purpose.
-Proceeds are to be used to retire outstanding short-term obligations incurred in the purchase of machinery, and to provide additional
working capital.
Convertibility.
-Bonds are convertible at par at the option of the holder
Into 8% Cumul. Praf. Stock (par $100) during the first year at 90, second
year at 91, third year at 92, and so on, increasing 1% each year during the
life of the bonds until the tenth year, when bonds at par shall be convertiole
Into 8% Cumulative Preferred Stock at par.
Hotel Richmond Realty Corp.-Pref. Stock Offered.
Wheat, Williams & Co., Inc. are offering at 100 and int.
$1,000,000 7% Sinking Fund Cumulative Prof. (a. & d.)
stock, par $100.
331
Gold Bonds, Series "A" 5%. Dated March 1 1923. Due
March 1 1953. See description in V. 116, p. 1768.
Listing.
-Listed on Boston Stock Exchange.
Data from Letter of President Edwin B.Parker, Houston,Tex.,July 9.
Company.
-Supplies Houston, Tex., and the vicinity with electric power
and light. Population of territory served, estimated to exceed 190,000.
Approximately 90% of the company's gross earnings are derived from the
sale of energy and from business done in the city of Houston, where it
operates under a franchise which, in the opinion of counsel, is unlimited as
to time. In various suburbs and other unincorporated communities where
the company operates, its franchises are, in the opinion of counsel, either
without limitation as to time or extend to 1972. During the last ten
calendar years the business of the company has tripled in size, due to the
rapid and continuous growth of the territory served.
The present generating plant of the company has an installed capacity of
32,500k. w.,including a 10,000k, w.unit placed in operation in 1922. Company has under construction at present its Deepwater station designed for an
ultimate installation of 180,000 k. w. The initial installation will consist
of two 20,000 k. w.turbo-generators with the necessary auxiliary machinery.
The first of these units will, according to the present schedule, be completed
during the present summer.
CapitalizationAuthorized. Outstanding.
First Lien & Ref. Mtge. Series A 5s. 195333,000.000
do Series B 6s, 1953
I
(a)
1 2,000,000
do Series C 53s, 1954
2,000
First Mortgage 5% Sinking Fund Gold Bonds. 1931 (Closed)
b2,403,000
Preferred stock
$2,000,000 c2.000,000
Common stock
2,500,000
2,500,000
a Issuance of further bonds limited by restrictions of mortgage. b In
addition, there are pledged under the First Lien & Ref. Mtge. $2,100,000
of these bonds (authorized, $5,000,000), exclusive of $497,000 bonds that
have been retired and canceled through the sinking fund. c All sold in
territory served under customer and employee ownership plan.
purpose.
-Proceeds will be used to reimburse the company in part for
expenditures in connection with the enlargement and extension of its property, &c.
Earnings Twelve Months Ended May 31 1924.
Gross earnings (incl, other income)
$2,845,623
Net, after operating expenses, maintenance and taxes
$1,112,763
Int. on bonds, &c., interest and deductions for above period
347.548
Annual interest on total bonded debt outstanding with public, including
this issue, requires $500,150.
Supervision.
-Operations are supervised by the Electric Bond & Share
-V. 118, p. 1671.
Co.
Houston Oil Co. (of Texas).
-Earnings.
1924.
3 Months Ended June 30Gross earnings from oil
$1.229,343
Operating & general exp. (incl. tax)..
446,229
1923.
3818302
296.832
1922.
$615,727
237,342
Net earnings before deprec. & depl_
$783,114
$521,270
3378.385
Earnings for 6 Months Ended June 30.
1924.
1923.
1922.
Gross earnings
33.150,015 31.459.267 31.456.521
Miscellaneous income
x125.017
32,611
Total income
Expenses and taxes
$3.275,032 11.459.267 31.489.132
1,191.806
524,935
420,924
Balance
Depreciation
Depletion
Preferred dividends
$2,083.226
171,404
318.775
268,4281
$934,332 $1,068,208
Not
Available.
Surplus
$1.324,619
Profit and loss, surplus
4 663 189
x Includes $120.8M from sales of capital assets.
-V. 118, p. 2957.
Hunter Crucible Steel Co. Cleveland.
-Receiver.-
William B. Woods has been appointed receiver for this company by the
U. S. District Court at Cleveland, acting on an involuntary petition In
bankruptcy filed June 24 by the Arco Co., Cleveland, paint manufacturers.
The petition sets up claims aggregating $2,906. The Hunter Steel Co. was
organized early in 1923 with Arthur H. Hunter, formerly President of the
Atlas Crucible Steel Co. as President. It acquired the plant of the Electric Steel & Forge Co., occupying a 15
-acre plot at 6600 Grant Ave., Cleveland, built in 1916 and 1917. It planned to produce a full line of hot rolled.
electric and crucible high-speed carbon and alloy steels. With certain improvements the annual capacity was to be 6,000 tons of hot rolled bars and
12.000 tons of light locomotive and special forgings.-V. 116. p. 522.
Hydraulic Steel Co.
-May Sales and Earnings.
The receiver's report for May shows net sales of $547.392 and net profit
of 145.009 after expenses, but before interest charges. See also V. 118.
p.2831.
Icy-Hot Bottle Co.
-New Control.
-
See American Thermos Bottle Co.above.
-V.116.P. 1184.
IdahoPower Co.
-Harris, Forbes & Co.
-Bonds Sold.
and Coffin & Burr, Inc. have sold at 9334 and int., to
yield over 5.30%, $3,000,000 1st Mtge. 5% gold bonds.
Dated Jan. 2 1917. Due Jan. 1 1947, but mable at 105
and int, on any int. date.
Data from Letter of Vice-President E. W. Hill, New York, July 15.
Company -Operating without competition, serves with electric power
and Pant the Snake River plains, extending across southern-Idaho and into
eastern Oregon and embracing a population estimated at 150.000. The
territory served includes the cities of Boise, Pocatello and Twin Falls and
practically every other important community in southern Idaho. Company OW118 all the issued capital stock, except directors' shares, of the
Boise Valley Traction Co. and the Nevada Power Co.
CapitalizationAuthorized. Outstand'g.
Common stock
$15,000,000 115.000,000
Preferred stock, 7% cumulative
5.000,000
3,471.400
1st Mtge. 5s, duo Jan. 1 1947 (incl. this issue) __ _ _100,000.000 12,200,000
Purpose.
-Proceeds will be applied to the retirement by call of a like
amount of 1st Lien & Gen. Mtge. bonds. Series A 8%. due 1930. and
Series B 7%. due 1947.
Earnings Twelve Months Ended May 31 1924.
Gross earnings,including other income
$2,723.854
Operating expenses, including taxes and maintenance
1,274.038
Divs. payable Q.4. Callable by lot in part or as a whole after three
years from its date of issue at 105 and dive. Divs, exempt from present
normal Federal income tax. Transfer agent. American Trust Co., Richmond, Va.
Property.
-Corporation will own the 12-story fireproof Hotel Richmond
located at 9th and Grace Sts., Richmond, Va. containing 312 rooms,
-story. 200
and the 10
-room Hotel William Byrd, to be erected on West
Broad St., opposite Union Station Richmond. Va., and in addition,
six stores adjacent to the Hotel William Byrd, all buildings being modern
Net earnings
$1.449.816
in design, imposing in effect and fully equipped.
-Earnings from Hotel Richmond alone are running at the Annual interest on 112,200,000 1st Mtge. bonds (incl. this issue) 610,000
Earnings.
rate of two times dividelnd requirements.
-Beginning July 1 1926 $30,000 stock to be retired
Balance
Sinking Fund.
3839.816
Physical Property.
annually and thereafter until entire issue is retired at market or by call
-The Snake River flows through the territory served
by the company. This river falls nearly 2,500 feet in its approximately
St 105 and dividends.
-This issue of Preferred stock is limited to $1,000,000. 400 miles of winding course between the upper and lower plants of the
Capitalization.
except for $270,000 held in the treasury to be reserved for the retirement company. Advantage has been taken of this fall by the construction of
of non-callable first mortgage on 9th & Grace Sts. property, and no other 5 hydro-electric developments at various points on the river, extending
mortgage lien or funded debt of any kind whatsoever can be created so from southeastern Idaho to eastern Oregon. A sixth hydro-electric development is at Thousand Springs, the waters of which flow into the Snake
long as this Preferred stock is outstanding.
-The Hotels Richmond and William Byrd have been River. Two additional hydro-electric plants are located on the IvIalad
Value of Property.
appraised by independent appraisers at a replacement value of $2,300,000. and Payette Rivers, both rivers being tributary to the Snake River. Present
In addition, the hotels will be fully equipped with furnishings estimated generating capacity, all in hydro-electric stations, is 59,500 kw.. of which
12,000 kw. has only recently been installed.
at a sound depreciated value of over $350,000.
Electrical energy is brought by a comprehensive system of' transmission
-The above-mentioned properties will be leased to an operating
Lease.
company at a net and unconditional annual rental sufficient to pay operating lines, aggregating 1.402 miles in length, to transformer substations, from
expenses, taxes, interest, dividends and sinking fund requirements so which the various markets are served. At present the physical property
is divided into 2 separate groups, one group embracing the American Falls
long as any of this Preferred stock is outstanding.
Purpose.
-To retire certain mortgage debt and to provide funds for the on the Snake River and tee region in and about Pocatello and Blackfoot,
and the other group embracing the remainder of the territory. When
erection of Hotel William Byrd and adjacent
stores.
conditions Justify these groups will be connected as that the entire property
Houston (Tex.) Lighting & Power Co.
-Bonds Offered. will form a single operating system.
The
with the transsystem is now connected
Stuart & Co., Inc., are offering at 913. and inter- missiontransmission the Utah Power & Ligntat Pocatello interconnection
-Halsey,
system of
Co. This
est, yielding 5.60%, $1,000,000 First Lieu & Ref, Mtge. affords the companies valuable facilities for the Interchange of power.
332
THE CHRONICLE
[VOL. 119.
Franchises.
-Company owns municipal franchises entitling it to operate
International Paper Co.
-Bank Loansiterlaced,&c.=
In 39 municipalities in the States of'Idaho and Oregon. Of these, in the
Bank loans have been reduced to around $8,000,000. compared with
pinion of counsel, 3 (including a Boise franchise) are without time limit. $11.760,000
on Dec. 31 1923 (see V. 117. p. 1919).
he franchises under which the company is operating In 7 of these municiThe company plans the installation of two new newsprint machines in
palities expire at various dates prior to Jan. 1 1947. but all the remainder
of its franchises are for terms extending beyond that date. Company also Canada, either at the site of the present Three Rivers mill or at Batiscan
Quebec.
owns county franchises entitling it to operate in unincorporated conununi- or At presentNo program for financing has been settled.
four of the company's newsprint milsin this country are
ties nerved.
closed down for an indefinite period. Overproduction of this commodity
There is a substantial equity in the property over and above the comPanY's by Canadian and United
States mills is the assigned reason for this action.
entire funded debt in the hands of the public.
-V. 119, p. 203.
Supervision.
-Operations of the company are supervised by Electric
Bond & Share Co.
International Telephone & Telegraph Corp.
T
1st Lien & Gen. Mtge. Gold Bonds, Series "A" & "B" Called. sition of Telephone Properties in Spain.
-
All of the outstanding 1st Lien & Gen. Mtge. 8% gold bonds. Series
"A." dated July 1 1920. have been called for payment Aug. 29 at 1044
and int. at the Bankers Trust Co., corporate trustee, 16 Wall St., N. .
City. At any time prior to Aug. 29 1924 the company will purchase any
of these bonds delivered for sale at the Bankers Trust Co. at the price of
1043i and int. to date of delivery.
All of the outstanding 1st Lien & Gen. Mtge. 7% gold bonds. Series "R."
dated July 1 1920. have been called for payment Sept. 1 at 105 and int.
at the Bankers Trust Co., 16 Wall St., N. Y. City. At any time prior to
Sept. 1 1924 the company will purchase any of these bonds delivered for
sale at the Bankers Trust Co. at 105 and int, to date of delivery -V. 117.
p. 899.
Independent Oil & Gas Co.
-Report.Total gross earnings
Operating and general expenses, &c
Taxes, surrendered leases, &c
Interest and discount
-Quarter Ended- 6 Mos.end.
June 3024 Mar. 31'24 June 30'24
$601.840 $1,063,080 $1,664,920
261,054
126,774
134,280
184,171
133,756
317,927
Cr.3,193
Cr.3,865
Dr.672
Net profit before depletion dr deprec_ $294.760
-V. 118. p. 2187.
$794,372 $1,089,132
Indiana Bell Telephone Co.
-Agreement on Rates.
-
The text of the stipulation which was entered into July 11 between the
company and the State officials of Indiana in the Federal Court at Indianas a result of which the increased and modified rates put into effect
July 1 by the telephone company were set aside for the schedule proposed
apolis.
by the company in June 1923, follows:
,
'It is hereby stipulated that until the further order of this Court or
until a new date is fixed by the Indiana P. S. Commission upon due notice
and hearing, the company may put into force and shall charge no greater
rates than the rates covered by their schedules filed prior and during the
proceeding which resulted in the order of Aug. 11 1923. provided that
during said period the initial charge for optional measured service shall
not exceed $5 50 a month in the Indianapolis exchange area.
"And provided further that further proceedings in the cause filed in the
Marion Superior Court and in this cause against said cause in the State
Court shall be suspended until the Commission shall have made its order
upon duo notice and hearing.
'It is further stipulated that the Commission shall at once dismiss its
proceedings initiated against the Indian Bell Telephone Co. as to its
Indianapolis exchange area and institute a proceeding covering all of its
property and exchanges in the State of Indiana."
-V. 119. p. 203, 80.
Indianapolis Gas Co.
-Bonds Authorized,
-
-Acqui-
The Department of Commerce in a news release July 12 threw additional
light upon the negotiations going on between the company and Spanish
banking and telephone interests looking to the acquisition of the Spanish
telephone properties by the International. Without naming the I. T.& T..
which is conducting similar negotiations for telephone properties in France
and Italy. the statement says:
"Representatives of the American telephone industry have succeeded in
arriving at an agreement with several important Spanish banks for the purpose of taking over the present telephone systems in Spain and installing an
up-to-date service, according to advices to the Department of Commerce
from Madrid.
"It is stated that the agreement provides for the formation of a corporation to take over the entire telephone service and the installation of an automatic service similar to that in Havana and the larger Spanish cities. The
capital is to be raised by an issue of obligations financed by Spanish capital.
the technical staff and material to be American. It has more recently been
reported that a controlling interest in the Madrid telephone company has
been acquired by the new corporation through the purchase of stock on the
Bourse, and that negotiations are already under way for obtaining the concession for the Barcelona telephone service.
"For many years the telephone service in Spain. both local and long-distance, has been the subiect of criticism, and it has undoubtedly been a serious impediment to conducting business in a modern manner. Even in Bar
celona, the most progressive city in the country, scores of important commercial and professional firms have refused, it is said, to install telephones,
on account of the poor semice afforded, and those wno do have phones
use them more for taking and leaving messages througn office boys than for
carrying on conversations. Apartment houses seldom have more than one
instrument for the entire building, and a telephone In a private home is the
exception rather than the rule. The present equipment for the most part.
of Swedish manufacture, is antiquateel, and it has been almost impossible
to have any new instruments installed because existing charters provide that
upon reversion of thia lines to the State within the next few years all material
Is to become the preperty of the Government."
-V.118. p. 3084.
Intertype Corp., Brooklyn, N. Y.
-Extra Dividend.
The directors have declared an extra dividend of 25 cents per share and
the regular quarterly dividend of 25 cents on the Common stock, both
payable Aug. 15 to holders of record Aug. 1. An extra dividend of 25 cents
per share was paid on the Common stock on Feb. 15 last.
3 Mos.End.June30, 6 Mos End.June30.
.
Period1924.
1923.
1924.
1923.
Gross profit
$471,916 $503,726 $940,164 $936,003
Head & branch office selling corp_ 170,447
314,702
159,238
338,450
Depreciation
50,948
106,055
52,631
101,634
Reserve for taxes
40,000
50,000
30,000
82.500
The Indiana P. S. Commission has authorized the company to turn
over $67,000 of 5% bonds to the Citizens Gas Co. and then authorized the
Net to surplus
$210,521 $261,856 $417,580 $465,246
Citizens company to sell Lie bonds at not less than 80 and int. The proceeds -V. 118, p. 1919.
will be used to reimburse the treasury of toe Citizens company for capital
improvements it has made to the Indianapolis company's plant, which it
Invincible Oil Co.
-Listing.
has leased.
-V. 103. p. 148.
The New York Stock Exchange has authorized the listing of 13,162 additional shares of the capital stock, making a total of 1.100,000 shares authorIndiahorna Refining Co.
-Plan.
-A plan for acquisition ized to be listed. The additional
of assets of Indiahoma Refining Co., dated July 15 1924, has a share. Rights expired July 16.stock was offered to stockholders at $11
been formulated and approved by the readjustment commitIncome Account for Fire Months Ended May 311924.
tee and by the committees representing holders of over 80% Earnings from operations
$1.521,594
Interest paid, $72.067; development including drilling expenses
in amount of the First Mtge. 12
-Year 8% Convertible Sinklawfully deducted for taxation purposes, $27,189
99.256
ing Fund
Bonds and 7-Year 8% Sinking Fund Convertible
Debenture Notes. A circular issued by the committee says:
Net income before depletion and depreciation
$1,422,338
Previous surplus before depreciation and depletion
2,932.921
Since the company was adjudicated a bankrupt, the trustee in bankruptcy, as well as the representatives of various creditors, have made
Total surplus
efforts looking to a reorganization of the company's business or sale of its l'ortion of surplus
_ - - - - - ___-____________ $4.355,259
applicable to minority __________
56,884
assets, on a basis favorable to creditors, and while
ganization and offers for the purchase of these assetsseveral plans for reorBalance of surplus: Invincible Oil Corporation
have been considered,
$4,298,375
none has seemed acceptable.
-V. 118, p. 3205.
The plan in brief provides for the organization of a new corporation, to
acquire, hold and conserve, pending development of permanent reorganizaJersey Central Power & Light Corp.-Consol. Earnings.
tion plans or of a favorable opportunity to liquidate, the assets of the cornTwelve Months Ended April 30 1924.
' anj il; the licieantimAiprtrrv in so far as possible, the relative rights and
gii ;s
e cr
s erel ng
Gross earnings
*4,877,300
Operating expenses and prior charges of subsidiary companies,
It is proposed as provided in the plan, that the assets of
company
including Interest on divisional bonds in hands of public
3,346,778
shall be purchased from the tru.stee in bankruptcy at the the
lowest Price Annual interest requirements on total funded debt
746,775
approved by the Court.
67.262
The new company, to be called The Indiahoma Corporation, or by such Estimated Federal income taxes
other name as the readjustment committee may approve, will have subNet income after maintenance available for diva. & deprec'n__ $716,484
stantially the following funded debt and capitalization:
Annual preferred stock dividend requirements
227.500
Authorized. Issued.
-V. 119, p. 80.
Ten-Year First Mortgage 7% Gold Bonds
$200,000
$500,000
Ten-Year 8% Mortgage Bonds
1,682,000
Jordan Motor Car Co.
1.682,000
-Sales-Earnings.
Preferred Stock (par $100)
10,000 shs. *8,500 shs.
Sales for the 6 months ended June 30last are reported as being $6,578,672,
Common Stock
700 shs.
400 shs. while profits after all charges. except Federal taxes. totaled $480,671.
The balance sheet on June 30 1924 showed quick assets of $2.220,195 and
* The readjustment committee shall have the right to cause the amount of
liabilities
preferred stock of the new company to be Increased or decreased, depending current No bank of $326.236. Quick assets included $603,704 cash on
loans were reaorted.-V. 118. D. 1528.
upon the amount of the claims of general creditors entitled thereto under hand.
the plan.
Kellogg Co.(of Del.), Battle Creek, Mich.
-Acquisition.
In order to provide the funds necessary to defray taxes, expenses and
The company has purchased the Davenport, Iowa, plant of the American
other costs in connection witn carrying out the plan, the new company is
Hominy Co., known as the Purity Oats Co. plant, of a bankruptcy sale,
to sell for cash at least $200,000 of the First Mtge. 7% Gold Bonds.
An opportunity is offered to all general creditors (i. e., others than for a price said to be $240.250. Present plans of the Kellogg Co. provide
for the opening of the plant at full capacity. The factory has been idle since
bondholders) to subscribe to these bonds.
American Hominy Co. went into receivership last Jan.
-V.118, p. 1672.
The mortgage bonds will be issued in exchange for First Mtge, 12
-Year tho
8% Convertible Sinking Fund Bonds of the company. participating in the
Kentucky-Tennessee Lt. & Pow. Co.
plan, to a principal amount equal to the principal amount of such bonds
-Acquisitions, &c.
The company has just acquired by purchase ten municipally owned utiliand Interest accrued to July 1 1924.
The preferred stock will be issued in exchange for 7
ties properties in northwestern Tennessee as follows: Martin, Greenfield,
Fund Convertible Debenture Notes of the company, -Year 8% Sinking Gleason, Dresden, Obion, Sharon, Dyer, Bradford, Rutherford and Trimand other general
unsecured claims against the company on the basis of one share of preferred ble. These properties will be connected by transmission lines and foci from
stock for each $100 of notes or claims, plus any interest accrued upon such Hopkinsville. Ky., by a 66,000
-volt line. Expenditures for this work will
amount to approximately $750,000.
notes or claims to Feb. 4 1924.
Tho Tennessee P. U. Commission has approved: (1) the issuance by the
The common stock of the new company is to be deposited under a voting
company of $3,060,000 additional bonds for new construction, and (2) the
trust agreement.
The plan is intended to provide the means for maintaining the property acquisition of new properties. In May last the company purchased the
more economically than in tne bankruptcy court. and puts the same in a 'properties of the Smiths Grove Light dr Ice Co.,the transmission line from
position where a favorable opportunity for reorganization or liquidation Bowling Green to Smiths Grove,and the distribution system of Oakland,Ky.
The company proposes to construct this summer over 100 miles of transcan at any time be immediately availed of.
The readjustment committee will not proceed with this plan unless sub- mission line at a cost of about $500.000.
stantially all of the creditors promptly signify their assent thereto, and
(S. S.) Kresge Co.
-Report.
unless time plan can be consummated at once there is serious danger offurther
Six Months Ended June 30loss to all creditors.
1923.
1924.
No assents to the plan will be received after Aug. 15 1924, except upon Sales
$39.355.988 $35,611,154
Net profits
such terms as the committee may determine.
$4,970,187 $4,739,831
Federal tax
Readjustment Cotnmittee.-Iredell W.Iglehart (Hambleton & Co.), chair621,270
592,480
man: V. G. Dunnington (Commerce Trust Co.): Edwin W. Levering Jr. Preferred dividends
70,000
70,000
(Raker. Watts & Co.), Baltimore, Md.. with Leslie E. Mihm, Sec. 607
Surplus
Calvert Dulling, Baltimore.
*4,278,917 $4.077,351
-V.118, p. 3204.
With regard to the
issuing certificates
Inspiration Consolidated Copper Co.
-To Build Plant. chain stores depositedplan for trustee [see United against stocks of various
American Chain Stores,
with a
The company will construct a leaching plant at its properties in Arizona. Inc.. below' C. B. Van Dusen, executive head of the company, said:
It is planned to start preliminary work with the company's own forces "S. S. Kresge Co. Is not interested In any organization seeking to merge
within a short time. No contract for the construction of the actual plant chain stores or pool chain store stocks in any way, shape or form. Nor
has been awarded as yet.
Is Mr. Kresge interested, nor are any of the members of our organization."
Aside from the sulphide ores which will continue to be treated in the ores -V.119, p. 203.
ent mill, It is estimated that the company has approximately 40,000,000
S. H. Kress & Co.
ons of oxidized ore and mixed caroonate and sulphide ores. With the
-No Connection with New Co.new leaching plant it will be possible to treat the oxidized and mixed ores
Pres. C. W. Kress states that the recent offering of stock of United
at a low cost and make the operation profitable.
-V. 118, p. 2038.
American Chain Stores, Inc., Bankers' shares (see below) in which the
JULY
191924.]
THE CHRONICLE
name of S. H.Kress & Co. was mentioned, was made without the knowledge
of the company and without their consent, and that neither the company
nor any of its officers have any connection with the offering -V.119,p.203.
Laconia (N. H.) Car Co.
-Dividend Suit.
Judge Wait has sustained the demurrer of the company in the bill in
equity brought against it in the name of the Preferred shareholders who
sought to have the payment of a dividend of $3 50 to Preferred shareholders
enjoined until after such time as each of the old shareholders had been paid
$70 which they claimed was due them as dividends. Robert Wainwright
and the other members of the firm of H.C. Wainwright & Co. are no longer
party plaintiffs to the action, Judge Wait having allowed a motion to discontinue as against them. Attorney Thomas W.Morris stated to the court
that the firm had been named by mistake as they did not own any of the
stock of the Laconia Car Co., but merely held some for customers. Unless
a motion is made on July 23 next to amend the pending bill, Judge Wait
probably will dismiss it. See also V. 119, P. 80.
-Acquisition.
-Landis Machine Co.
The Victor Tool Co. Waynesboro, Pa., manufacturer of collapsible tops,
automatic die head,floating tool holders and nut facing machines, has been
merged with the Landis Machine Co., manufacturer of threading die heads
and machines.
-V. 116, p. 418.
-New Comptroller.
Lehigh Coal & Navigation Co.
Effective July 11 1924, the following changes in the organizations of the
Lehigh Coal & Navigation Co., Alliance Coal Mining Co., Cranberry
Creek Coal Co.and the Panther Valley Water Co. are made: Edward
Hughes, formerly purchasing agent, is appointed Comptroller, vice E. M.
Reynolds, deceased.; J. R. Bennington, formerly assistant purchasing
-V. 118, p.
agent, is appointed purchasing agent, vice Edward Hughes.
3085.
-Acquisition.
Lehigh Telephone Co.
-V.118, p.2050.
See Consolidated Telephone Co.of Pennsylvania above.
-Bonds Offered.
Limoneira Co., Santa Paula, Calif.
First Securities Co., Los Angeles, is offering at 95.07 and
int. for, the 1940 maturity and 94.90 and int. for the 1941
maturity $172,500 1st Mtge. 6% gold bonds. Authorized
issue, $1,000,000. Issued and outstanding, $800,000. (See
description in V. 118, p. 674.)
-Organized in 1893. Is engaged in the development and
Company.
culture of citrus and walnut groves, operating one of the best known and
most successful lemon enterprises hi California. Total holdings approximate 3.438 acres.
Earnings.
-Net earnings for the past 10 years have averaged $275,694
annually, or more than 4% times the annual interest charges on the total
authorized issue and 53i times the annual interest charges on all the present
outstanding bonds. Compare also V. 118, p. 674.
-Dividend.McIntyre Porcupine Mines Ltd.
A dividend of 25 cents per share has been declared on the capital stock,
par $5. payable Sept. 1 to holders of record Aug. 1.-V. 118, p. 3205.
-No Interest in New Co.
May Department Stores Co.
333
James H. Barr has resigned as President of the company and its subsidiaries. and has been elected Chairman of the board of the National Supply
Co. of Delaware, a newly created position. John M. Wilson has been
elected President of the company and its subsidiaries, while John A. Geismar has been elected Vice-President and General Manager of the National
Supply companies.
-V. 118. P. 2711.
National Foundry Co., Erie, Pa.
-Bonds Offered.
McLaughlin, MacAfee &.Co., Pittsburgh, are offering at
prices to yield from 6)7 to 7%, according to maturity,
0
$450,000 1st Mtge. 63'% Serial gold bonds.
Dated July 1 1924. Due serially July 1 1926 to 1936. Int. payable
J. & J. without deduction of normal Federal income tax up to 2% at the
office of Penn. Co. for Ins. on Lives & Granting Annuities. Philadelphia,
trustee, or Guaranty Trust Co., N. Y. City. Denom. $1,000 and $500 c*.
Red.,an or part, on any int. date on 60 days' notice at 105 and int. Maryland State tax of 434 mills refunded. Free of Penn. State tax.
Data from Letter of President E. W. Sheldon. Erie. Pa., July 10.
Company.
-Established at Erie, Pa., in 1898. Manufactures high quality steel castings. Company specializes in the manufacture of steel gears,
tractor shoes and heavy and light castings of all kinds used principally by
railroad car builders and manufacturers of steam shovels, road 'building
equipment and heavy machinery. The plant, now operating at full capacity
and employing approximately 500 men, is located in the industrial centre
of Erie. Pa., and has connections with 4 railroads, affording excellent
transportation facilities. The plant covers an area of approximately
7 acres, and consists of foundry buildings, cleaning rooms, pattern shop.
iotherstruct es.
ine
enE room andang e
appraisal of the American Appraisal Co. as of Dec. 31
1923 with subsequent additions at cost, the property has a replacement
valuation of $1,503,217. After allowing for depreciation, the valuation
is $1,117,932.
Earnings -Average annual net earnings for the 7 years encle.c1 Dec. 31
1923 applicable to interest charges, but before Federal taxes and depreciation, were nearly 5 times the annual interest requirements on these bonds.
After deducting Federal taxes earnings were equal to more than 4 times
such interest charges. For the first 5 months of 1924 net earnings were
$78,499, or at the annual rate of more than 6 times interest charges.
Purpose-To retire present outstanding bonds, for the payment of bank
loans incurred in making additions and improvements to the plant and to
provide additional working capital.
Balance Sheet May 31 1924 (After Present Financing and Increasing Outstanding Stock to $600,000).
Assets.
Liabilities.
$55,176 Notes payable
Cash
$30,000
Notes & accts. receivable__ 176,690 Accounts payable
106,938
Inventories
378,259 Payroll
21,051
4.890
Adv. pay. on Prop. purch__ 10,200 Interest
Investments
4,159 State & county taxes
2,579
2,599 Miscellaneous
Refund of Federal taxes__
1,487
Other miscellaneous assets__
8,867 Est. Federal taxes & reserve
for contingencies
9,647
1,117,932
Fixed assets
450,000
Deferred, &c., assets
61,360 1st mortgage 6 34s
Capital stock
600.000
Surplus
588,650
Chairman David May,in referring to the recent offering of stock.(United
Total
$1,815,243
Total
$1,815,243
-see below) in which the name of the May
American Chain Stores, Inc.
Department Stores Co. is used, desires to state that the offering was made
-Rates.
New England Telephone & Telegraph Co.
without the knowledge or consent of the company, and that they have no
The full text of the order of the Massachusetts Department of Public
direct nor indirect interest in the company whose shares were offered, nor
Utilities in the New England Telephone rate case follows:
in any of the other companies whose names were mentioned in the offer.
"It is hereby ordered by a majority of the Commission that temporarily,
V. 18, p. 2312.
pending final determination on the tariff filed by the New England Telephone & Telegraph Co., No. 4-T, and until otherwise ordered, that part
Midwest Engine Corp.
-No Sale.
To satisfy mortgage indebtedness of $2,849,000 against the plants of the of the schedule dealing with proposed person-to-person and appointment
company, the assets were offered for sale by the receivers, the Union Trust and messenger toll rates is hereby allowed to go into effect; and, further.
-cent station-to-station
CO. and Charles W.Jewett, at Indianapolis July 14. Only one bid was re- that part of the tariff schedule applying to the 25
ceived. In compliance with the Court order, the property will be offered rate reducing the initial period from 5 minutes to 3 minutes is also allowed
to go into effect, both upon the filing by the company of tariffs so amended.
for sale from day to day until a deal is made,it was said.
-V.118, p. 1401.
VW° can see no reason for allowing 5 minutes for this initial period when
rates in excess of
Miller Box & Lumber Co., Los Angeles.
-Stocks Offered. the initialWe believe that thisthe 25-cent rate are restricted to 3-minute
periods.
better service
latter
-Metzler & Co., Los Angeles, are offering, at 98 and divi- she time in which lines are used and will promotebusy reports. in limiting
It may be
in reducing
point out
dend to yield about 7.14%, $500,000 7% Cumul. Partici- well to minutes inthat the company's schedule provides for a reduction from
the initial period covering its 15 and 20 cent rates on all
pating Pref. Stock. The purchaser of a share of Preferred 5 to 3
calls except those originating and completed in the metropolitan district.
stock is entitled at the same time to purchase one share of If this reduction were to take place, it would apparently result in discrimination against the rest of the State in favor of the metropolitan area.
Common stock at $15 per share.
"It is hereby ordered that the remainder of the schedule be suspended
Preferred stock is preferred as to assets and dividends and equally partici- until Aug. 1 1924."-V. 118, p. 3206.
pating with the Common stock after the Common stock has received
share. Dividends payable semi-annually J. & D.
dividends of $7 per
New Jersey Zinc Co.
-Building Rolling Mill.
Preferred stock redeemable at 115 upon 60 days' notice. A sung fund
The company is building a rolling mill at Palmerton, Pa. for the rolling
•
of 5% of the net earnings of the company shall et set aside for the redempof zinc sheets. It is expected that the company soon will be a large protion of the Preferred stock. Exempt from the present normal Federal
ducer of corrugated and plain zinc sheets in standard sizes and gauges.
income tax. Pacific Southwest Trust & Savings Bank, registrar.
2189.
Data from Letter of Vice-Pres. A. L. Harrison, Los Angeles, May St V. 118, p.
business of dealing in lumber; in the manuCompany.
-Is engaged in the
New York Telephone Co.
-Rate Increase Denied.
facture of boxes and shook, as well as ready-cut houses, garages and general
The New York P. S. Commission
the petition of the company
mill work. It succeed° to the business of the Miller Box Mfg. Co., which for an increase of 10% in its rates in has denied City. Under a court order.
New York
company in Jan. 1918, took over the business of the Miller Hive & Box however, the company is already collecting the increase, and islikely to
Co.. 'which latter company started in business in 1907.
the statutory court hands down a decision sustaining or overruling
Earnings.
-During the five years commencing Jan. 1 1919 and ending until
that the Comas
Dec. 31 1923, after allowing for depreciation and taxes and after deducting the temporary increase the granted by Judge Knox. Now ahead with its
mission has overruled
temporary increase
7% dividends paid on Preferred stock outstanding, the net earnings avail- hearings on the question of a permanent increaseit will go the company.
in rates for
able for the average amount of Common stock outstanding during that
President H. B. Thurber is quoted as saying:
period have averaged more than 25% per annum without taking into con"Encouraging pro as was made during first half of the year in developsideration the increased values of real estate and other assets of the company ing the New York
Telephone Co. system to meet the continuing large
as shown by the appraisal of the Pacific States Appraisal Co. whiclz, if demand
telephones have
considered and added to the above earnings and distributed over the above added tofor new service. Approximately 119.000 1925 the companybeen
will
the system during this period. By early
five-year period, would increase the above average amount available for again be in a position
to take care of applications for new service in all
Common stock to 57% per annum, or over 21% on the combined capital parts of its territory."
employed during this period.
Referring to rate increases Pres. Thurber stated: "On the theory that
Purpose.
-The program of the company's development includes the
even with
all things now cost
war, it
establishment of a Drench system of agencies in various rocalities in Southern increased efficiency more than before thebe raisedfollows that increared
to meet the
telephone rates must
California, which will considerably increase the sales capacity.
prices of labor and material. The company is therefore before the Commissioners and the courts for the purpose of adjustment rates to existing levels.
(C. R.) Miller Mfg. Co.
-May Increase Capital.
The question of increasing the capital stock of the company from $1,750,- Increased rates should be established to enable the company to meet the
demands for service and so that it may earn a fair return on the value of
000 to $3,000,000, is being contemplated.
-V. 114, p. 2248.
ts property uevoted to public use."
See also report for year ended Dec. 31 1923 in V. 118, p. 3074.
Missouri-Illinois Stores Co.
-Stock Offered.
The stockholders of record June 10 were given the right to subscribe
Niagara Falls Power Co.
-Report.
14,250 shares (no par value) Common stock at $11 per share. The entire
issue was underwritten by Mark C. Steinberg & Co. Rights expired Results for Quar. and Six Months end. June 30(Incl. Can. Niagara Power Co.)
June 30.
1924-6 Mos.-1923.
1924-3 Mos.-1923.
Pref. Stock Offered.
-Mark C. Steinberg & Co., St. Louis, Total operating revenue _ -$1,993,485 $1,757,091 $4,000,024 $3.491,655
1,660,354
731,906
1,418,624
Op.exp., amort.& taxes_
855.023
offering at 102 and divs. $100,000 8%
are
Pref. (a. & d.) stock.
Cumul. Cony.
Net earnings
$1,138,463 $1,025,185 $2,339,670 $2,073,031
182,822
184,107
94,019
-J. Red., all or part. on 30 days. notice at 110 and Other income (net)
97,388
Divs. payable Q.
dim Transfer agent and registrar, St. Louis Union Trust Co. Listed
Net income
$1,288,881 $1,119,204 $2,522,492 82.257,138
on the St. Louis Stock Exchange.
1,058,272
1.144,714
529.524
581,396
Capitalization (No Bonds)Authorized.
Outstanding. Interest. &c
$500,000
8% Cumulative Preferred stock
$350,000
Surplus income
$589,680 $1,377,778 $1,198,866
100,000 abs.
$654,456
Common stock (no par value)
61.750 abs.
Company -Owns and operates 53 Piggly-Wiggly grocery stores in St. -V. 118, p. 2582.
Louis and surrounding territory and three stores in Terre Haute, Ind.
-Production, &c.
Nipissing Mines Co., Ltd.
recently acquired the franchise rights for the operation of
Company
The company in June mined ore having an estimated value of $162.441,
Piggly-Wiggly stores in Cuyahoga County, Ohio, which includes the
city of Cleveland, and purchased on most favorable terms the merchandise of which $155,213 represented silver and $7,228 cobalt, and shipped 203.399
and equipment of eight stores operating there. Company now has 11 ounces of silver in bullion valued at $136,923. with silver at 66 cents an
stores in Cleveland and this chain will be expanded together with the ounce. The low-grade mill treated 6.930 tons of ore and the high-grade
mill 118 tons. Compare V. 118, p. 2959, 3206.
company's other units.
-Net sales for the first five months of 1924 were
Sales and Profits.
-Production.
Ohio Copper Co. of Utah.
$1,640,520 and net earnings are at the annual rate of over five times diviThe company in June produced 1,222,131 pounds ofcopper at an operating
-V. 117, p. 2441, 2330.
dend requirements on the Preferred stock.
profit of $85,001. The cost per pound was 5.31c. Compare V. 118. P.
-Usual Dividend, &c.
National Supply Co. (of Del.).
- 3086.
The directors have declared the regular quarterly dividend of 75c. per
Orange County Public Service Co., Inc.
-Control.
share on the Common stock, payable Aug. 15 to holders of record Aug. 8.
See Rockland Light & Power Co. below.
-V. 118, p. 2959.
On June 16 last a 10% stock dividend was paid on the Common stock.
334
THE CHRONICLE
Otis Elevator Co., N. Y.
-Earnings.
6 Mos. end. June 30-- 1924.
1923.
1922.
1921.
Earnings *
$3,222,464 82,098.769 $1,375,522 $2.412,109
Reserve for Fed. taxes_ 375,000
260.000
825,000
140.000
Reserve for pension..._
100,000
50,000
50,000
50,000
Reserve for contingencies 1.000,000
300,000
Preferred dividends_.195,000
195,000
195.000
195,000
[VOL. 119.
1921 he sent out to dealers n'circular suggesting that they refrain from
selling collars infringing on the patent, and pointing out to them their liability under the law, together with manufacturers. He said that in the
past three years large sums of money have been spent in equipping Phillips
Jones' factories to make the new collars.
It is probable that the defendants in the case will appeal.
-V.118, p.2190.
Pittsfield (Mass.) Coal Gas Co.
-To Issue Stock.
-
The Massachusetts Dept. of Public Utilities has authorized the company
Balance
81.552,464 81,293,769
$990,522 $1,342,109
* After deducting all charges for patent expenses, renewals and repairs to issue 1.500 shares of additional capital stock (par $100) at $110 per
for maintenance of plant and equip., and special depreciation.
-V. 118,/ share,the proceeds to be applied to the cancellation of $165,000 promissory
. notes outstanding
1
April 30.-V. 118, p. 1402.
3087.
Pacific Gas & Electric Co.
-Stock Offered.
-
The stockholders on July 15 were offered 50,000 shares of Common stock
at $93. The stock was offered on the installment plan of $13 as an initial
payment and 85 a month. The company will sell down to a single share
in line with customer ownership policy, paying 6% Interest on installments
-V.119, p.206, 83, 71.
up to issuance of the stock.
Pittsburgh Plate Glass Co.--Correction.-
The item appearhig under this heading in last week's"Chronicle," p. 206,
as the context shows, should have appeared under Standard Plate Glass
Co.
-V. 119, p. 206.
Postum Cereal
Inc. (& Subs.).
-Earnings.-
Six fonths Ended June 30Co.,
1924.
1923.
Sales to customers (net) of company and subsidiaries exclusive of inter-company sales
Bilges replaced the electric cars in Astoria, Ore., on June 29, and now
$11.435,496 $11,065,788
Deduct
-Cost of sales and expenses incl, all manuafford the only means of public transportation in that city. A fleet of 25
facturing,selling, admin.& general expenses(less
passenger Mack buses is now In use there, operated by the Astoria Transit
misc. income) but before prov. for income taxes_ 9,512,317
Co. Compare V. 118. p. 675.
9,185,467
Provision for income taxes
242,487
242,965
Packard Motor Car Co.
-Report.
Net profits
$1,680,692 $1,637,356
9 Mos. End.-Years End. Aug. 31-v. 118. P. 1923.
PeriodMay 31 '24.
1922.
1923.
Net profit
84,756,976 87,081,879 $2,115,828
Public Service Co. of Missouri.
-Acquisitions.
Previous surplus
8,676,024 17.004,438 15,923,895
It is reported that the company has acquired the California Electric
Light Co., supplying California, Bunceton, Tipton. Clarksburg. Speed
Total surplus
$13,432,999 124,086,317 $18,039,723 and Bellair. Mo.,for $210,500: the Versailles Light & Power
Co.,supplying
Preferred dividends
1,011.073
1,035,286 Versailles and Stover, Mo.: the Harvey Light, Power & Ice Co. and
1.029,322
the
Common dividends (cash)
2,139,318 2,495,871
Eldon Ice & Fuel Co.. both of Eldon, Mo., for a total of $194,500; the
Rate
(90)
electric light plant at Caldwell. Mo., for 822,500 and a transmission line
do
Stock (100%)
11,885,100
fron Caldwell to Bert's. Ark., for $86.000.-V. 119. p. 206.
Profit and loss surplus
Radio Corp. of America.
$10,282,607 $8,676,024 117,004,438
-Earnings.
Vice-President David Sarnoff said in substance:
Consolidated Balance Sheet.
"Earnings are running substantially in excess of a similar period of
May 31'24. Aug. 31'23.
May 3124. Aug.3123. last
year. Orders are still coming in in heavy volume, and we will not
Assets
Liabilities$
Property acc't_ _ x20,793,803 21,626,916 7% cum. pref.st _12,821,600 14,676,200 be able to catch up with our past orders before the fall on our new line
-V. 119.1). 83.
Rights, privileges,
Common stock___23,770,200 23,770,200 of radio sets."
franchises, &c__
1
1 Acc'ts pay bio and ,
Republic Iron & Steel Co.
-Earnings.Inventories
11,881,451 12,574,401
Payrolls
584,133 3,787,494
-3 Mos. end. June 30- -6 Mos. end. June 30Acc'ts rec. (net)__ 2,335,72,5 2,914,271 Div.due J'ne 15'24 248,703
Period1924.
1923.
1924.
Def. install. notes
1923.
Other misc. Habits.
81.024.825 82.947,248 13,105,6.34 85.182,236
& bills recelvble_ 1,059,047
867,824 (not due)
2,598,682 2,026,854 Net gain
Depreciation & renewals 8223,844
$555.155
Misc, market.secs. 677,904 1,276,553 Reserve tor contin$349,202
8699,827
Exhaustion
58,914
161,460
U. S. securities---10,538,843 11,073,429
98,179
201,139
gencies
2,000,000 2,000,000 Interest on of minerals_
bonds
287.841
540,580
578.644
Cash
293.021
4,347,185 4,295,122 Surplus
10,282,608 8,676,024 Preferred dividend.
-(13(%)437.500 3j)937.500(43)1125000(5 k's)1375000
Deferred charges__ 671,948
(3
308,254
Pacific Power & Light Co.
-Abandons Railway Service.
-
Balance, surplus
$16,726 $1,269.345
Total(cach side) 52,285,907 54,936.772
$685,383 12,365.688
x Land, buildings, machinery, plant and equipment, depreciated values
* Net earnings front operations, after deducting charges for maintenance
at beginning of year, 121,626,9 6: add expenditures for nine months,
1
82,704,416; total. 124,331,33% less depreciation for nine months,$3,537,529: and repair of plants (amounting in 1924 to 8939.351 for 3 months and $2.6013,211 for the 6 months), and provision for Federal taxes, Su%
balance as above, $20,793.803.-V. 119. v. 83.
Unfilled orders on hand June :30 1924 of finished and semi-finished products totaled 60,655 tons, as compared with 116,759 tons as of March 31
-New President.
Paragon Refining Co.
E. W. Edwards of Cincinnati, Ohio, has been elected President, succeed- 1924.-V. 118, p. 2583.
-V. 118, p. 1674.
ing L. R. Crawford of Toledo. Ohio.
Riordon
Co., Ltd.
-Sale.
-
-10% Stock Dividend, &c.
Pathe Exchange, Inc.
Pursuant to a judgment of the Superior Court for the District of MonThe directors have declared a 10% stock dividend on the Class "A" and treal, rendered on July 5 1924, Gordon W. Scott, liquidator, and the Mon"B"Common stock, payable In Class"A"Common stock, Aug. 18 to stock- treal Trust Co., as trustee under the trust deeds securing the 20
-Year
holders of record July 28. Fractional shares will not be issued as a cash Sinking Fund First Mtge. & Ref. Gold Bonds of Riordon Co., Ltd.. and
adjustment in lieu of the Issuance of fractional shares will be made. A the Royal Trust Co., as trustee under the trust deeds securing the 10
-Year
10% stock distribution was also made in Class "A" Common stock on 6% Gen. Mtge.Sinking Fund Gold Bonds of the Riordon Pulp & Paper Co..
Ltd., will offer for sale at public auction on Sept. 8, at the head office of
June 4 on both classes of Common stock.
The directors also declared the regular quarterly dividend of 2% on the Riordon Co., Ltd., No. 355 Beaver Hall Square, Montreal, to the highest
Preferred stock. payable Sept. 1 to holders of record Aug. 12.
-sr. 11.8, p. bidder or bidders, the property, assets, interests in property, effects and
choses in action of the company.
-V. 119, p. 206.
3207.
Pennsylvania Water & Power Co.
-Bonds Offered.
Chase & Co., Boston, Joseph W. Gross & Co., Phila., and
Minsch, Monell & Co., Inc. New York, are offering at 99
and int. to yield over 5.5k, $1,000,000 1st Ref. Mtge.
gold bonds Series "A," 5%%. Dated Oct. 1 1923. Due
Oct. 1 195i. (See description in V. 117, p. 2222.)
River Raisin Paper Co.
-To Omit Dividend.
-
It is stated that the company will omit its regular quarterly dividend of
13S% due July 26.
President G. H. Wood states that, owing to general business depression,
profits have not been sufficient to justify the payment of the quarterly
dividend due in July. In Feb. the company paid off $80,000 of its bonds
and will pay off an additional 180.000 on .Aug. 1. He also stated that business is much better now than It has ben and that the company has orders
sufficient to carry it about five weeks.
CapitalizationIt is expected that the company will be able to resume quarterly dividends
Authorized. Outstanding.
1st Ref. Mtge. gold bonds, Series "A," 5
In October.
-V.116, p. 1541.
(including this issue)
$50.000,000 $3,000,000
1st Mtge.(closed) 5s, due 1940
Rockland Light & Power Co.
12,500.000 x11,878,000
-Capital Increase, ttc.
Capital stock
The company has filed a certificate increasing Its authorized capital stock
13,500,000 710,746,200
from $2,400.000 ($100,000
x Retired by sinking fund.$822.000. y Including $976,900 being offered 000. to consist of $100,000 Preferred and $2,300,000 Common) to $5,400.Preferred, par 4100, and $5,300,000 Common.
to stockholders for subscription (see V. 119. p. 83).
par $50.
.-Owns and operates on the Susquehanna River, at Holtwood
Company
The company has applied to the New York P. S. Commission for auPa., the largest hydro-electric plant in the U. S. east of the Missiaippi thority to acquire the outstanding Capital
stock of the Orange County
River, excepting only those at Niagara Fails. This plant contains 10 main Public Service Co., Inc.,from Edward H. Bradley, of New Haven, Conn.
generating units with a total capacity of 150,000 h.p. and under contract V. 116, p 2523.
with local companies supplies a large portion of the electric current used in
Baltimore, nearly all that used in Lancaster, Pa., and vicinity, and the
Royal Dutch Petroleum Co.
Dividend.
-Final
major part of the power used in York and Coatesville, Pa., and vicinity.
At the general meeting of shareholders held June 27, the dividend for
Total population served by these companies is in excess of 900,000.
1923 was fixed at F1.40
-Mortgage covers all of the company's property now owned per share and F1.25 perper share for the Preference shares and at F1.250
Security.
sub-share for the Ordinary shares.
or hereafter acquired (except securities acquired subsequent to Oct. 1 1923
An interim dividend of F1.100 and FI.10, respectively, has already been
other than securities made the basis of issue of additional bonds). Com- paid on the Ordinary shares. The final dividend, therefore, amounts to
pany's total bonded debt, including this issue, is at the low rate of $99 20 FI.150 per share and F1.15 per sub-share for the Ordinary shares. Besides
per horse power.
this final dividend, an interim dividend of 10% will at the same time be
-Company is in process of organizing a subsidiary company, paid on account of 1924. On the presentation of dividend coupon No.56
Purposes
the Holtwood Pow:Co. (see V. 119,_p. 80), which will immediately con- of the Ordinary shares, payment of both dividends will be made on or after
struct, adjacent to the Pennsylvania Water & Power Co.'s hydro-electric July 23 at the Kas-Vereeniging and De Nederlandsche nanuelmaatuekappu
plant, a steam electric station that is expected to have two units of 15,000 at Amsterdam or (provided the lists are handed in one day previously before
h.p. each in operation by August 1925. The company is also constructing noon) by Messrs. Schill & Capadose at The Hague, and Messrs. Van der
a transmission line to deliver additional power to Lancaster, Pa. The pro- Hoop, Offers & Sons, at Rotterdam.
-V. 118, p. 3208.
ceeds of the above bonds will be used partly in connection with this conSalt Creek Consolidated Oil Co.
struction program and for other corporate purposes.
-Balance Sheet.
Earnings.
-Net earnings during 1923 were more than twice interest
Dec. 31'23. Feb. 28'23.
Dec. 3123. Feb. 2823.
charges on the total bonded debt, including this issue. Since the organiAssetsLiabilities$
$
$
zation of the company net earnings have averaged 2.17 times annual interest Oil lands & leases x17,541,724 16,161,254 Capital stock
12,776,000 12,776,000
charges on bonds outstanding. It is expected that the recent additions Cash
303,185
234,481 Notes payable..
175,000
175,000
to the property and the new contracts signed with the York and Coates- Notes receivable
1,000 Acc'ts payable.._ _ 206,973
7,500
134,354
ville companies will result in substantial increases in both gross and net Acc'ts receivable
242,498 Divs. payable
28,259
' 191,640
earnings.
15.8. Lib. bonds._
44.041
44,041 Contracts
420,519
11,329
Market Eguity.-Dividends on the capital stock have been paid uninter- Field inv. dc equip_ y1.200,711 1,032,552 Deferred payable
21,754
credits_
ruptedly from 1914 to date, the present rate being 8% per annum. In- Deferred assets_
21,800 Surplus
5,764,478 4,209,979
cluding 9,769 shares that have been offered to stockholders for subscription, there are now outstanding 107,462 shares. Indicating at current
Total
19,125,420 17,737,606
Total
19,125,420 17,737,606
market quotations an equity behind these bonds of over 812,573.054.
x 011 lands and leases. $20,584,353; less reserve for depletion, 13,042.629.
-V. 119, 8 83
1
. .
y Field investment and equipment, $3,372,628, less reserve for deprecia-Decision Sustains Rights as Sole tion, $2,171,917.
Phillip-Jones Corp.
President James Owens states in substance: The range of crude oil prices
Manufacturer of New Collar.
last year was very wide. Due to the simultaneous and unprecedented
Federal Judge Learned Hand has awarded a decision in favor of the com- over-production from the California and other important oil fields, prices
pany in their suit brought against Cluett, Peabody & Co. and Earl & Wil- for Salt Creek crude dropped rapidly from a peak of $1 65 in Feb. ,s3 a low
son. alleging infringement of patents on the Van Heusen semi-stiff collar. of 60 cents about Nov. I. at which!mice it remained for the balance of the
The Van Heusen collar was put on the market in 1921 and depends on a year. The Salt Creek field was producing on a prorated bards ranging frond
to 65% for the greater part of the year, being placed on a 100%
peculiar weave for its qualities. It is the invention of John hi. Van Henson,
who testified during the trial that he had collected more than $1,000,000 in basis about Dec. 1, which schedule is now in effect. At the present time
royalties from Phillips-Jones Corp. from sales of the collar.
company's production is running somewhat. over 7,500 bids. per day, which
In his decision Judge Hand abates,"the real Invention is in those qualities at the current price of $1 60 for crude shows it substantial profit for diviwhich all the collars in question have in common, and which earlier collars dends over all costs.
During the first five months of 1924 the company has materially improved
had not, the use of multi-ply interwoven fabric, or webbing in the neckband
,
to make it sun.' He adds that the patent covers any strachless mita its balance sheet. All notes and accounts payable have been liquidated
containing this webbing to make it hold itsform and that it is infringed upon and on May 31 1924 current assets. Including cash, amounted to about.
8300,000. with no indebtedness. Company is now in better condition than
by all the defendants collars involved in the suit.
President I). F. Phillips gave out a statement in which he quoted the at any time since its organization and with normal conditions In tido petromost important parts of Judge Learned Hand's opinion relating to the leum industry we have reason to look forward confidently to continued
Lindamental points in the patent. Mr. Phillips also said that in October progress and increased carnings..-V. 117, p. 2661.
JULY 19 1924.]
THE CHTIONTCLE
Schulte Retail Stores Corp.
-Stock Increased.
The stockholders on July 14 increased tho authorized Common stock
from 300,000 shares to 500,000 shares, no par value.
-V.119, p. 83.
-Acquisition.
Scott-Powell Dairies, Inc.
-The company has acquired the business of the Gloucester Sanitary
Milk Co. Both companies, it is said, have been merged under one management.
-V. 116. p. 2047.
Sheridan Trust & Savings Bank Building, Chicago.
-Bonds Offered.-Sheridan Trust & Savings Bank, PearsonsTaft Co. and Second Ward Securities Co. are offering at
100 and mt. $1,100 000 1st Mtge. Leasehold 63V7, Sinking Fund gold bonds.
335
"America leads the world ihi mass production of motor cars, and, therefore. in economical production. Export markets are widening and increasing all the time. Studebaker export business for the first six months
of this year exceeded that of last year."
-V. 118, p. 2191. 2177.
Sun-Maid Raisin Growers' Association.
-Outlook, &c.
Ralph P. Merritt, Managing Director. has just advised the First Securities Co., which, with the Angio-London-Paris Co.. some months ago underwrote an issue of $2,500,000 1st Mtge. 7% bonds, that the Association is
making strides which compare most favorably witn the best'that has ever
been accomplished before. Sales so far this year have averaged more than
twice as much as in any similar period in previous years. There has been
no break in prices, which continue firm.
According to Mr. Merritt, the market is bare of raisins and the outlook is
good for a smaller carryover at the end of the fiscal year on Aug. 31 than
last year, in spite of the fact that the 1923 crop was 40,000 tons larger than
in 1922. Financially, the association has improved its current position by
no less than $1.000,1110 in the last year.
-V.118. P. 918.
Dated July 1 1924. Due July 1 1939. Int. payable J. & J. without
deduction of normal Federal income tax OP to 2%. Red.. all or part, any
time on 30 days' notice at 103 and hit.Demom. $1.000. $500 and $100.
Superior Coal & Dock Co.
-Lease.
Continental & Conunercial Trust & Saving's Bank, Chicago. trustee.
Henry Ford, it is reported, has acquired a lease for one year, at a rental
-Direct obligation of the Sheridan Trust Safe Deposit Co., all
Security.
of the stock of wnich (except directors' qualifying shares) is owned by the
of $70,000, for the period, on the property of the company at Duluth.
Sheridan Trust & Savings Bank, and will be further secured by a direct Receivers for the company, it is said, recently received an offer of $658,000
-story and basement bank and office building from Ford at outright sale, but this was turned down. v. 113. p. 1162.
first mortgage on the new 8
,
and leasehold at the southeast corner of Broadway and Lawrence Ave.
Swift & Co.
-Packers File Reply in Suit for Papers.
The cost of the building is estimated at 81.700,000 and the value of the
Joint action by Swift & Co., Wilson & Co.. Inc., and the Cudahy Packing
leasehold is appraised at $552.500.
the new and permanent home of the Sheridan Trust Co. in the nature of a demurrer to a mandamus proceeding by the Federal
The building will be
& Savings Bank, which will occupy the first three floors, except that portion Government, seeking to open the packers' books to the Administrators of
of the first floor fronting on Broadway, which will be occupied by stores. the Packers and Stockyards Control Act, was filed in Federal Court at
The ground on which this building is being erected is held under a lease Chicago July 17. The original action by the Government was instituted
expiring in 2018. The rental payments are fixed at only $28,000 a year in behalf of Secretary of Agriculture Wallace, under whose jurisdiction the
Act is administered.
during the entire term without right of revaluation.
In their reply to the Government, whose right to demand books and rec-It is conservatively estimated that the net income after all
Earnings.
deductions, including depreciation, will be in excess of $155,000. as com- ords in accordance with the terms of the law in question was recently upheld
the packers contend the records sought have to do with transactions largely
pared with maximum annual interest charges of $71.500 per year on this
local in character and not, therefore, subject to regulation as inter-State
issue.
-The mortgage securing these bonds will provide for an commerce. The point is also made that no violation of the law by the firms
Sinking Fund.
-V. 119, p. 84.
annual sinking fund sufficient to retiro approximately 35% of the issue is charged in the Government's mandamus action.
prior to maturity and will begin operation July 1 1926.
Toledo (Ohio) Edison Co.
-Acquisitions Approved.
The Ohio P. U. Commission recently granted the company authority
-Consolidated Bal. Sheet May 31.Simmons Co.
to acquire the Defiance Gas & Electric Co., the Swanton Light & Power
1923.
1924.
1024.
1923.
Co. and the Holgate Light & Power Co.
$
Liabilities$
The Commission also authorized the company to issue $1,250,000
Property & plants 16.791,191 19,171,94' Preferred stock__ _ 6,469,100 6,635,900
% Preferred stock and 31,017.200 7% Preferred stock. See also.
Pals,tr.-marks &
Common stock __x18.232.020 17,530,800 V. 118, p. 2837.
1,780,868 2,432,979 Bonds & mtges___ 438,000
good-will
448,000
Inv.inaffil. et's_ _ _ 126,163 1,150,932 Acetspayable____ 455,144 1.043,534
Tooke Bros., Ltd.
-Annual Report.
262,441 Notes payable__
Sundry invest'ts_. 329,822
5,082,800 8,940,000
Years Ending May 31' 1923-24.
1922-23.
1921-22.
1920-21.
7,246,184 10,883,467 Reserves
Inventories
352,576 5,348,783 Net profits
361.910 loss $58,681
$92,116
$93,721
Prepaid Ins., &e__ 170,237
Surplus
2.744,770 2,108,254 Deprec'n on inventory.174,982
Notes Sr acetsree. 1,508,117 6.486,814
Bond interest
24,254
23,637
1,361,527 1,198,583
Cash
Disc, on bonds writ. off_
1,750
1,750
Pref. stock sink. fd 159,418
Reserve for income tax_ _
2,360
4,576
468,111
Deferred charges_ _ 871,976
Total(each side)34,354,509 42.055,271 Deprec.on mach F,&c._
17,539
18,555
Preferred dividends__
x Represented by 911,601 shares of no par value.
68,950
34.475
The income account for the six months ended May 31 1923 was given in
Balance, surplus
V. 119, p. 84.
$14,991 defS268.138
$44,614
$24,774
Previous surplus
109,831
124.821
344,880
320.307
Simmons Hardware Co.. St. Louis.
-New President, &c. Divs,from investment_
Cr.25,830
Louis K. Litocett. a trustee of the Associated Simmons Hardware Co..
Otterson as President of the Simmons Hardware Co.
succeeds John E.
Total surplus
$124,822
$169,435
$345.081
$102,572
Mr. Otterson recently resigned and a few days ago he also resigned as -V. 117. p. 449.
President of the Winchester Repeating Arms Co. J. Clarke Colt, now
Toronto Carpet Mfg, Co., Ltd.
President of the Winchester-Simmons Co. of St. Louis, has been appointed
-Bonds Offered.
-Han.
First V.-Pres. & Oen. Mgr. of the Simmons Hardware Co.. with head- son Bros., Montreal, and R. A. Daly & Co., Toronto, are
-V. 111. p. 80.
quarters at St. Louis.
offering at 98 and int., to yield about 6.20%, the unsold porSinclair Consolidated Oil Corp.
-Omits Common Divi- tion of 31,000,000 1st Mtge.6% 20-Year Sinking Fund Gold
-No Additional Financing Contemplated.
dend
-The directors bonds, Series A. Dated Mar. 11924. Due Mar. 1 1944.
on July 16 decided to omit payment of the quarterly dividend See previous offering ill V. 118, p. 1532.
usually declared at this time on the Common stock. An
Transue & Williams Steel Forging Corp.
-Bat. Sheet
official statement says:
It was the opinion of the directors that for the best interests of stockholders, cash should be conserved during the present period of uncertainty in
the oil industry: accordingly, the dividend of 50 cents a share on Common
stock was omitted.
Net earnings of the corporation for the 6 months ending June 30 were
more than $9,000,000. This amount is about 20% greater than the corporation earned in the first 6 months of last year, and is within *1,000.000
of the net earnings for the entire year 1923.
The corporation passed its peak in borrowing some time ago and bank_
loans are being reduced. No additional financing is contemplated.
The directors declared the regular quarterly dividend of 2% on the Pre.
ferred stock, payable Aug. 15 to holders of record Aug. 1.-V. 118, p.3089
June 30'28 Dec.31 '23
AssetsProperty & plant_51,137,079 $1.154,433
Cash
331,350
38.046
&eels& notes pay. 237,495
130,058
Inventories
455,426
493.097
Securities
1,661,216 1,636,796
Prepaid items_
124,758
Other assets
31,290
Total
$3,822,568 64,008,479
LiabUitte.sJune 30'24 Dec.31. 2.3
xespital stock_ _
$500,000 $550,000
Reserve for contingencies,&e
58,053
Accounts payable_
48,817
249,048
Taxes
83.802
15,757
Capital surplus_ 2,500,000 2,450,000
P.& L.surplus_ _ 710,347
885,611
Total
$3.822,588 84,008,479
value.
-V. 119. p. 207.
Union Oil Co. of California.
-Tenders.
Southern Wood Preserving Co., Atlanta, Ga.Trust Co.
The
until July 29 receive bids
Bonds Offered.-Atlanta (Ga.) Trust Co., is offering at par for theEquitaoleof 1st Lienof N.Y., trustee, willFund bonds, dated Jan.2
sale to it
-Year Sinking
5% 20
and int. $150,000 1st Mtge. & Equip. 7% Gold bonds.
1911, to an amount sufficient to exhaust ft40,448.-V. 119, p. 207.
Dated July 11924; due serially, July 1 1926 to July 11934. Int. payable
United American Chain Stores, Inc.
-Bankers' Shares
.1. & J. Callable on any int. date at 103. Atlanta Trust Co.. trustee.
-Bonner, Brooks & Co. are offering in New York
Offered.
Normal tax paid to 4%.
These bonds are a first lien upon the property of this company in Atlanta, (and British & General Debenture Trust, Ltd., in London),
Ga., and Chattanooga, Tenn. All of the proceeds of the issue will be
bankers' shares representing stocks of 14 chain store comexpended upon the Chattanooga plant.
The company began business in January 1909 with a caultal of $5.000. panies (operating 19,357 stores) at about $16
per share.
assets on Dec. 31 1923 were over *330,000 of which $250.000 is repreIts
Bearer shares, with coupons attached, in denom. of 5. 10, 25. 50 and 100
sented by accumulated earnings. Total liabilities are $15,000, excepting
certificates.
x Represented by 100,000 shares of no par
Coupons payaale Jan. 31
its capital stock, over which this bond IMMO is a prior lien. The business share Empire Trust Co.. New York, trustee, and July 31 in U.S. currency
the
holder.
Of this company is creosoting railway creesties, bridge and all other kinds at sterling, in London. Eng. Dividends freeor at the option of the Federal
from present normal
of timber. Among its customers are the Western Union and Postal Tele- in
Income tax.
companies, Western Electric Co., Georgia Ry. & Power Co., N. C.
graph
Company deposits with the trustee 148 shares of stock of the following 14
& St. L. Ry., Southern Ry., and the A. 8c W. P. Ry., for which they do chain store companies, and 1,000 bankers' shares are issued against them
an annual business of over $1.000,000. The company's products are Great Atlantic & Pacific Tea Co.. Inc.: Childs Co. (Restaurants): The
sold throughout the United States and in foreign countries.
Ginter Co.: F. & W. Grand 5 -25
-10
Both_ principal and intetest are guaranteed by R. II. White. I'res., S. H. Kress & Co.: ICroger Grocery -Cent Stores, Inc.: S. S. Kresge Co.;
& Baking Co.; May Department Stores
It. White Jr. V.-Pres., and W. E. White. Sec.
-Tress., who own all tro.; McCrory Stores Corp.; National Tea Co.; Schulte Retail Stores Corp.;
ss
'
of the company's stock.
United Cigar Stores Co.of America: United Drug Co.; F. W. Woolworth Co.
Listing.
-Application will be made to list these shares on the New York
Standard Commercial Tobacco Co. Inc.-Contract.Exchange.
President Ery Kehaya says in substance: "I have closed a contract Stock
'
Company.
-United American Chain
through Italian banking interests whereby with them we shall have the secure, for the holders of its bankers' Stores. Irc., has been formed to
shares, the advantages
exclusive privilege of supplying for 20 years 60% of the leaf tobacco re- ment trust in the stocks of the 14 companies that own the of an investleading main
(mired by the Polish tobacco monopoly, backed by the Polish Government. stores of the United States and Canada.
American growers of leaf tobacco will profit througa establishment of a
Deposited Stocks.
-The trust
provides that stocks of the
new marketfor American tobacco. Poland's population ofabout 30,000,000 chain store companies shall be agreement with the Empire Trust Co., 14
deposited
as
will require 60.000,000 to 70.000,000 pounds of leaf tooacco each year. trustee. In units, and that each unit shall be identical (all being common
Eventually 30% of these quantities should be American leaf tobacco. as I stocks, except Great Atlantic
Inc., which is 7% Cumul.
believe our farmers can compete successfully In providing this supply. Prof. stock) and shall consist& Pacific Tea Co.,
of 148 shares of $10,000 par value.
The Banca Comerciale Italians enabled Poland to borrow $20,000,000 on
-year bonds, guaranteed by the Italian Government and quickly subUnited Eastern Mining Co.
20
-Dividend Increased.
..cribed for by Italian citizens. Under this 20
-year contract, some 35,000.The directors have declared a quarterly
of five cents a share.
.
400 to 45.000,000 pouncts of tobacco will be supplied through us each payable July 31 to holders of record Julydividend quarterly dividend of
A
year. of which 10,000.000 to 20,000,000 pounds will come from America. ten cents per snare was paid on April 28 last.18.
Compare V. 118, p. 1786.
'rho total contract will involve from 700.000,000 to 900,000.000 pounds."
__Nt. 116, p. 1423.
United Electric Securities Co.
-Bonds Called.
Certain Collateral Trust 5% bonds of the 23d, 28th. 32d and 37th series.
Standard Plate Glass Co.--Acquisition.aggregating $55,000. have been called for payment Aug. 1 at 103 and int.
The item appearing under the name of the Pittsburgh Plate Glass Co. at the American Trust Co.. trustee. 50 State St., Boston, Mass.
-V.
In last week's 'Chronicle," p. 206 as the context shows, should have ap- 118, p. 3209.
-V. 118, p. 2961.
ed under the name of tho Standard Plate Glass Co.
-3Tanufacturers' Sales to Dealers.
Studebaker Corp.
President A. R. Erskine is quoted as saying as follows:
"For the first six months of this year sales by manufacturers to dealers
' a higher percentage compared with last year than sales by dealers to
,how
consumers which were off approximately 30% as a whole. Business was better in some sections of country than in others, but I think a 30% decrease is
a fair estimate. Automobile sales declined this year because of late spring
and general business decline. Production for the past few months has been
below consumption, hence dealers' stocks have been considerably reduced,
although their stocks are still higher than they should be.
United Hotels Co. of America, N. Y.
-Stock Increased.
-
The company has filed a certificate at Dover, Del., increasing its authorized capital from 310.000.000 to *15.000,000.-V. 117. p. 2553.
United States Rubber Co.
-Resignation.
John W. Davis, Democratic nominee for President. has resigned from the
board of the above company.
-V. 119, P. $5•
United States Steel Corp.
-Foreign Holdings.
See under "Indications of Business Activity" on a preceding page.
V. 119. p. 208.
336
THE CHRONICLE
United States Stores Corp.
-Preferred Stock Offered.
Moore, Leonard & Lynch, J. H. Holmes & Co., Glover &
MacGregor, Morgan J. C. Saupp and Gordon & Co., are
offering at 97Y and dividend, to yield 7.18% (carrying
bonus of 30% Class"B" Common stock warrants) $2,000,000
7% Prior Cumulative Convertible Preferred (a. & d.) Stock.
[Vol.,. 119.
Balance Sheet.-Balance sheet for April 30 1924adjusted to give effect
to present financing, shows fixed properties and work in progress of $17.706,598 (after deduction of reserve for retirements), and construction
funds and net working capital of $5,971,567, an aggregate of 323,678.165,
or more than $11,667,165 in excess of the funded debt to remain outstanding.
Net tangible assets are about $200 per share of Preferred stock presently
to be outstanding.
Management.
-Company's operations are under the supervision of the
Brady interests.
-V. 119. p. 85.
Transfer agents: Empire Trust Co.,New York: Standard Trust & Savings
Universal Pipe & Raciator Co.
Bank, Chicago; Peoples Savings & Trust Co. of Pittsburgh. Registrars:
-Time Extended.
American Trust Co., New York: Continental & Trust & Savings Bank,
The company has extended to Aug. 1 the offer to exchange Iron Products
Chicago; First National Bank at Pittsburgh. Free of the normal Federal and Central Foundry stock into Universal.
-V. 118, p. 3210.
Income tax. Redeemable, all or part, on 60 days' notice, or for sinking fund
Valley Mould & Iron Corp.
-Union
-Bond Offering.
payable Q.
at $115 and dividends.
-M.
CapitalizationAuthorized. Outstanding. Trust Co., Cleveland, recently offered, at par and interest,
3
-Year 634% Cony. Gold Notes of different series
and maturities
$500,000 $750,000 First Mortgage 7% Gold Bonds. •
$2,500,000
Dated May 1 1924. Due May 1 1934. Interest payable M. & N. at
7% Prior Cumul. Cony. Pref. Stock (par $100)----10.000,000 x4,000,000
8% Cumul. Cony. Pref. Stock (par $100)
2,628.382 office of Union Trust Co.. Cleveland. without deduction for normal Federal
10.000,000
Common Stock (no par value) Class"A"and "B"_ -y500,000 sh 170,124 sh. income tax up to 2%. Company will refund the Pennsylvania 4 mill tax.
Denom. $1,000 and $500 cs. Redeemable on any interest date at 105 and
x This amount is suoject to increase from time to time through exercise interest up to and including May 1 1927. and thereafter at 10234 and
of conversion privileges given to note holders. y 20,000 shares Class B interest to maturity. Union Trust Co., Cleveland, trustee. The mortCommon stock are reserved against outstanding rights to subscribe to such gage provides for a sinking fund which calls for the deposit of $75.000 with
the trustee on Nov. 1 1924 and a similar sum
stock.
May and
Company.
-a holding company. incorporated in Delaware in 1922. November in each year thereafter to be usedon the first days of of lbonds
for the retirement
Operates through subsidiaries 1.047 grocery and meat stores representing through purchase or redemption, thus assuring the retirement of the entire
issue on or before maturity.
the consolidation of 15 chain store groups. At the date of incorporation
Company.
-Is considered to be the largest manufacturer Of ingot molds
the company acquired three properties totaling 178 stores operating in
northern New Jersey with annual gross sales of approximately $6,000,000. and allied products in the country. Ingot molds are used in casting liquid
Other acquisitions in this territory and the metropolitan district of New steel as made in the several types of metallurgical furnaces, into a solid
York in 1922 increased the gross volume to an annual rate of $8,800.000, form suitable for rolling or forging. It is estimated that the corporation
makes one-half of all the molds used in this country, and over two-thirds
and the stores to 253.
In 1923 the company acquired additional properties in northern New of the molds not made by steel plants themselves. Corporation was orYork, the New England States, Ohio, Indiana and Michigan, bringing the ganized in 1917 to take over the business of the Valley Mould & Iron Co..
total stores to 612, with gross sales at the annual rate of $19,000,000. The which had been in successful operation in this business for over 25 Years•
stores have been arranged into three districts. i. e., New England with 210 Corporation has plants at Sharpsville and Josephine, Pa., where it is an
stores served from a warehouse at Cambridge. Mass., metropolitan district outlet for six independent blast furnaces who can supply it with all the
of New York and New Jersey with 316 stores served from a warehouse at necessary hot metal. Company numbers among its customers most of the
East Orange, N. J., Ohio, Indiana and Michigan with 86 stores served from large steel concerns of this country.
a warehouse at Columbus, Ohio.
Security.
-Secured by a direct first mortgage upon the Sharpsville plant
Early in 1924 the corporation again extended its operations by the and, subject to $358,700 7% purchase money bonds, by a first mortgage
acquisition of Huey & Mathews, Inc.. and S. B. Charters Grocery Co.'s on the Josephine plant also. Bonds of this issue are reserved for retirement
m4.• • and carry stores, both of Pittsburgh. Huey & Mathews, Inc., was of the purchase money bonds all of which will have been retired by Jan. 1
started in 1905, and the first cash and carry store opened by S. B. Charters 1929.
was in 1906. Since these dates the combined growth in new stores, sales
Earnings.
-Company has been a consistent earner since its foundation.
and earnings has been steady and consistent and when acquired by United Over a period of six years and ten months ended Dec. 31 1923, earnings
States Stores Corporation they operated a total of 156 stores which has been have averaged annually as follows:
Increased to 168 stores.
Net applicable to depreciation, interest charges on this issue and
The last acquisition was the P. H. Butler Co., also of Pittsburgh. This
Federal taxes
5917,528
property was established in 1898 by the late P. H. Butler. The company Depreciation
315.227
Interest charges on maximum amount of First Mortgage bonds
now has 267 stores in operation.
which may at any time be outstanding on these properties
Assets.
-The assets of the subsidiaries, including the Pittsburgh units.
105,000
of the United States Stores Corporation include merchandise, two modern Federal taxes
253.942
bakeries, furniture and fixtures of stores and warehouses, three warehouses,
Purpose.
-Retirement of first mortgage bonds due July 1 1924.-V. 112,
motor trucks and other delivery equipment, together with leaseholds of p. 2092.
stores and other warehouses on satisfactory terms.
Ward Baking Corp.
-Earnings.
-The consolidated net assets after giving effect to the acquisition of the
William B. Ward has authorized the following statement: "Net profits
P.II. Butler Co., the financing in connection therewith and the restatement
of the correct values of these assets are in excess of the par value of the after Federal taxes and depreciation have been deducted for the five-week
outstanding 7% Prior Cumulative Convertible Preferred Stock. The period ending July 5 1924 amounted to S503.317. That is a record profit
foregoing assets do not include goodwill, which is carried at a substantial covering the entire history of the company for a five-week period. This
amount, as these groups have been acquired largely because of their reputa- compares with the five-week period ending May 31 1924, which net profit
tion, location and profitable business in the several territories served. conse- was also a record, amounting to $454.813."-V. 118. p. 3090, 2592.
quently this goodwill is as substantial and valuable an asset as any of the
Waring Hat Mfg. Corp., Yonkers N. Y.
-Receiver.tangible assets heretofore referred to.
Federal Judge Winslow on July 14 appointed Adam R. Demory and
The current balance sheet of the United States Stores Corporation, ac- E.
cording to its books, after deducting all outstanding debt, after giving effect a Bright Wilson receivers. The complaint was filed by John A. Hurley.
creditor to the amount o $5,000. Liabilities of the corporation are about
to the acquisition of all the capital stock of the P. 11. Butler Co. and the
financing connection therewith, shows net assets in excess of 150% of the $2,500,000. The amount of the assets is not stated. Of the liabilities,
51.200.000 is said to be due to banks. $800,000 on a mortgage, and the reoutstanding 7% Prior Preferred stock, including this issue.
-V.118, p. 3210.
Sales an Earnings.
-The net sales for 1923 of the units owned by United mainder to merchandise creditors.
States Stores Corporation and the units in Pittsburgh subsequently acquired
West Missouri Power Co.
-Acquisitions.
by it were 531.979,622. For the first three months of 1924 the net sales of
The company recently acquired the Fort Scott & Nevada Light, Heat.
the same units were $8,605,418.
Water & Power Co. of Nevada. Mo., and the Sac River Power & Light
The net earnings for 1923 of the parent company and its subsidiaries Co., which has a hydro-electric
plant on the Sac River near Caplinger
owned in 1923 and the net earnings of the units subsequently acquired in Mills in Cedar County. and
which serves Htunansville. Caplinger and
Pittsburgh, before depreciation, loss on sale of capital assets (acquired with Flemington in Missouri.
-V. 116. p. 2286.
the separate properties but not useful for combined operation) and Federal
taxes. were $587,127. Net earnings before depreciation and Federal taxes
Western United Gas & Electric Co.
-Bonds Offered.for the three months ended March 29 1924 of the parent company and all Blodget, & Co., W.
W. Armstrong & Co., First Wisconsin
the above units considered as an entity, therefore giving effect to the estiCo. and Illinois Merchants Trust Co. are offering $3,000,000
mated expenses of such joint operation, but without taking into account
the economies which must result therefrom, were $211,617.
General Mortgage Gold bonds as follows: $1,854,000 6%
Convertible.
-Prior Preferred stock may be converted at the option of the
holder thereof into Class "A" Common stock on the basis of 1.815 shares of bonds at 100 and int.; $946,000 5% bonds at 88 and int., and
Class "A" Common stock for 1 share of Prior Preferred stock. This con- $200,000 5% bonds carrying
1% unsecured additional couversion privilege expires Sept. 1 1932. unless Prior Preferred stock shall be
called for redemption, in which event the conversion privilege shall expire pons at 100 and int.
Dated Aug. 1 1913. Due Feb. 1 1950. Interest payable F. & A. at
30 days after date of call.
Officers.-Pres., H. S. Kimball: V.
-Pins., H. J. Moffett: V.-Pres., F. W. office of the First Trust & Savings Bank, Chicago, trustee. Denom.
Bacon; V.-Pres., E. H. Wands: Sec. & Treas.. H. Williams Jr.
*1.000. $500 and $100 c*. Red. all or part on any int, date at 10234. Int.
Gross Sales.
-Gross sales from 1.047 stores now comprising system payable without deduction for Federal income taxes not in excess of 2 •
(including P. H. Butler Co.. recently acquired) totaled $16,888.113 for the These bonds are issued with the approval of the Illinois Commerce Comm.
first six months of 1924. This compares with 87,812,397 in the first half
Data from Letter of Pres. Ira C. Copley, Aurora, III., July 2.
of 1923 from a total of 600 stores.
-V. 119. p. 208.
Company.
-Is one of the foremost public service corporations in the counThe gas business
Utica Gas & Electric Co.-Pref. Stock Offered.
-Guar- try. in continuous andof the company and its predecessor companies has
been
successful operation for more than 62
the
anty Co. of New York is offering at 102 and div., to yield electric business for more than 36 years. Company supplies gas years; and
to all
to eight
6.85% $2,000,000 7% Cumul. Prof. (a. & d.)stock, par $100. electricityKendall,of 64 municipalities located in McHenry, Kane, DuPage,
DeKalb.
Will and Cook counties, in Illinois. The population
Dividends cumulative and payable Q.
-F. Red. all or part at any time served
on one month's notice at $105 and divs. Non-voting except in the event 76,300.is well over 250,000. The number of customers served exceeds
of which
of dividends being in arrears for 12 months. Dividends exempt from pres- ending May 31 more than 5,600 were added during the 12 months period
1924.
ent normal Federal income tax. Transfer agents, Empire Trust Co., New
Operating Statement 12 Months Ended May 31.
County Trust Co., Utica. N. Y. Registrars, Central
York. and Oneida
Union Trust Co., New York, and Citizens trust Co., Utica, N. Y.
1923.
1924.
Gross revenue
$3,119,497 $3,586,329
Data from Letter of Pres. Frank M. Tait, Utica, N. Y., July 14.
Oper. exps.,incl. maint. & taxes, but before deprec._ 2,165,035
2,504,203
-Owns and operates without competition electric light and
Company.
power properties serving Utica, Little Falls and numerous other communiNet earnings
8954.462 x$1,082,125
ties. with a total population estimated to exceed 220,000,in the heart of the y Annual hit, on entire mtge. debt on completion of this financing
529,845
Mohawk Valley manufacturing district of central New York State. This
district is well known for its diversified manufactured products, which inBalance available for Federal taxes, depreciation & dividends_ $552.280
clude textiles, cutlery tools, knit goods, typewriters, firearms, filing cabix These earnings do not reflect the full benefit from the new power plant
nets, knitting machines and pressed steel products.
and other improvements resulting from this financing.
Upon completion of the new 30,000 kw. steam plant, the electric propery Does not include interest on 2250,000 unsecured debenture notes maties, which produce over 87% of net earnings, will have an aggregate in- turing $50,000 annually, 1924-28.
•
stalled capacity of 84,300 kw., of which 40% is hydro-electric. Company
Security.
-Secured by a direct mortgage lien on all
also owns undeveloped hydro-electric ..wer sites in contiguous territory after owned, subject only to $4,674.400 1st (closed) property now or hereMtge. 5s, due serially.
with a potential capacity of over 30.111 k.w.
1925-1950. The General Mortgage is also a
The gas properties, which contribute about 12% of net earnings, have a Manufacturing Co.'s plant at Lockport, Ill. lien on the Coal Products
daily capacity of 6,000,000 cu. ft., which is being increased to a daily capaValuation -The appraised value of the company's
city of 9.560,000 cu. ft. by the construction of a new Koppers by-product 1920, made by independent engineers, together with property as of Jan. 1
the cost of additions
coke and gas plant which is expected to be ready for operation Oct. 1 1924.
and improveirents subsequently made, to June 15 1924, is $18,293,987.
Purpose.
-Proceeds of this $2,000,000 Preferred stock and of the General This valuation does not include additions to be made from the proceeds or
Mortgage bonds recently offered (see V. 119. p. 85) will be used in payment bonds now offered.
of $1,500,000 7% notes due Nov. 1 1924, and for expenditures heretofore
Funded
and now being made in connection with the construction of new plants and 1st (closed) Debt Statement (Upon Completion of the Present Financing).
Mtge. 58, due serially Feb. 1 1925-1950
$4,674,400
other improvements.
Gen. Mtge. Gold bonds: 58
1,810,100
Earnings Years Ended Dec. 31.
do
do
58
2.104,000
1921.
1923.
1919.
1924.
do
do
5s with additional 1% coupons
1,323,000
x Gross earns.& oth. Inc_ $2,278,344 $2,977,998 $4,068,862 $4,148,500 77
Serial Gold debentures, due Dec. 11924-1928
250.000
y Net after int., &c
297.571
230,493
808,136
y764,809
urpose.-Proceeds will be used to retire 51,710,000 collateral notes
z 12 months ended April 30 1924. y Net income is arrived at after outstanding
deducting operating expenses, taxes, annual interest requirements on funded extensions and to reimburse the company for 75% of the cost of peen anent
and additions to its property.
debt presently to remain outstanding and $217,101 for retirement reserve in
Sinking Fund.
-On Aug. 1 annually an amount equal to 2% of the total
1924.
Gen. Mtge.
be deposited with the trustee
CapitalizationAuthorized. Outstand'o. used for the bonds outstanding shall to reimburse the company for to be
retirement of bonds,
addiUnderlying and divisional bonds
46,681,060 tions, improvements or extensions or connection with which the company
in
General Mortgage Gold bonds
5,300,000 would be entitled to authentication of bonds under the mortgage.
7%
-Cumul. Pref. stock (incl. this issue)
58,0(r0,000
5,343,300
Control.
-All of the Common stock owned by the Western United Corp..
Common stock, paying 8%
which also controls and operates the Coal Products Manufacturing Co.
z Closed except for refunding $390,000 divisional bonds.
y Issuance of additional bonds limited by the conservative restrictions V. 119. p. 85.
of the mortgage. z $319.000 additional held alive in sinking fund.
For other Investment News, see page 343.
337
THE CHRONICLE
JULY 19 1924.]
Attports ,uantiSLISHEDAS ovEpacumients.
THE BALTIMORE & OHIO RAILROAD COMPANY
SYNOPSIS OF ANNUAL REPORT, CALENDAR YEAR 1923.
The Annual Report for the calendar year 1923, which the
President and Directors of The Baltimore & Ohio Railroad
Company submit to-day to the stockholders of the Company,
marks the ninety-seventh year of the Railroad Company's
existence.
The operated mileage of the Company is 5,207 miles and
including 104 miles of its subsidiary companies, the total
first main track mileage of the System is 5,311 miles. The
total mileage of all tracks is 10,697 miles. In addition the
Company exercises trackage rights for passenger traffic
only from Philadelphia to New York, a distance of 97 miles.
The Company's equipment, valued at $189,764,832, consists of 2,546 steam locomotives, 11 electric locomotives,
100,036 freight train cars, 1,333 passenger train cars, 3,697
work equipment units and 172 marine equipment units.
The recorded investment at December 31 1923 of the
property devoted to and used in transportation service is
$753,130,840, an increase over the previous year of $31,756,585.
The year 1923 was notable for the general revival in business and industrial activity in which the Baltimore & Ohio
Railroad Company shared to a gratifying extent. In gross
and nst revenues and tons of revenue freight carried the year
was the largest in the history of the Company, and clearly
demonstrated the high physical standard of the property, as
this traffic was handled not only in an efficient and expeditious manner, but with an ease that indicated a capacity and
ability to perform a much greater service with substantially
the same facilities. At the same time the Company carried
on an extensive program of improvements to the line and in
the upbuilding of its equipment. There was some congestion at times in the marine terminals at Baltimore caused by
insufficient facilities, which situation will have been overcome upon completion of the large new grain elevator and
new pier now in process of construction and in the readjustment of yard tracks incident thereto, all of which will be
completed during 1924.
The financial results were equally satisfactory. The
net railway ,operating income, that is, the
amount earned in the actual operations of the
railroad property was
$42,133,129
while the return from other investments was
6,032,521
the Transportation Act of 1920, net railway operating income
of the Company and its separately operated subsidiaries is
combined and the rate of return computed on the investment in property used in transportation of the system as a
whole. The combined net railway operating income for
the Baltimore & Ohio System for 1923, including its separately operated subsidiaries, was $43,026,131, equal to a
rate of return of 5.37% on the recorded "Property Investment" aggregating $800,648,023. The decrease in other
corporate income and the increase in deductions from gross
corporate income were relatively small.
•The net income for the year 1923 transferred to surplus
was $22,422,036, an increase over 1922 of $18,046,663, out
of which there was appropriated $5,250,000, to be devoted to
capital expenditures, making $17,500,000 which the Company has appropriated for similar purposes since July 1
1919, and thus completing the Company's obligation with
respect to the provisions of its $35,000,000 loan agreement
of July 1 1919.
The Company declared the regular dividends on the preferred stock at the rate of 4% per annum, as has been the
custom since the year 1900. Dividend declarations on the
Company's common stock were resumed in September 1923
at the rate of 5% per annum, and two quarterly dividends
aggregating 23/2% were declared during the last six months
of the year. In determining the question of resumption of
dividends on the common stock of the Company the Board
concluded, in harmony with what has become the general
practice, to adopt the plan of payment quarterly on both the
preferred and common shares of the Company instead of
semi-annually as heretofore.
The surplus income for the year, plus the appropriations
for capital purposes, together with the net credit arising out
of settlement with the United States Government for Federal
Control and the Guaranty Period and certain other adjustments, brought the total corporate surplus from $40,932,131
in 1922 to $58,725,099 for the year 1923, a gain of $17,792,968, or 43.47%.
During the year there was carried out a more extensive.
program for the betterment and enlargement of the property
and for the purchase of additional equipment for the moreefficient and economical handling of the business of the Com-.
pany. The expenditures incident thereto are reflected in
making a total income of
$48,165,650 the balance sheet which shows there was an increase of
from which was deducted for fixed charges, etc 25,743,614
$31,756,585. In Investment in Property used in Transportaleaving a balance of
$22,422,036 tion Service, as follows, viz.:
and after payment of dividend on the ,preferred
$6.704,907
Additions and Betterments to Road
stock of
25,094,423
2,354,527 Additions and Betterments to Equipment
there remained
$20,067,509
showing an earning of 13.21% on the outstanding common
stock of the Company. These results, together with the
underlying conditions, in the judgment of the directors,
justified the resumption of dividend payments on the common stock which had been suspended in 1919 after nineteen
years of continuous payments averaging about 53i% per
annum. Consequently declarations were made of two quarterly dividends at the rate of 5% per annum, effective for
the second six months of the year.
The physical property, both road and equipment, was well
maintained. The relations between the Company and the
shipping public were increasingly satisfactory, and at no
time has there been a better spirit of co-operation between
the officers and the employees than exists at present. It is
due in large part to the combination of circumstances just
mentioned that the Company was able to make such a creditable showing during the year under consideration.
It is noted from the income account that the net railway
operating income of the Company for the year 1923 was
$42,133,129, an increase over 1922 of $18,398,124, or
77.51%. For the purpose of the "Recapture" pravi3i913 of
Less—Net decrease in other accounts
Net Increase
$31,799,330
42.745
$31,756.585.
During the year there was expended for additions and
betterments to road the gross sum of $10,749,969, and after
deducting the cost of renewals and retirements there was a
net increase in the investment account of $6,704,907.
Of the more important work undertaken during the year
was the construction of a new grain elevator at Locust
Point, Baltimore, Md., to replace elevators "B" and "C"
destroyed by fire caused by lightning on July 2 1922. The
new elevator is of concrete construction throughout, of the
most modern type and reflects the latest development in
elevator construction and practice. The elevator will have
an initial capacity of 3,800,000 bushels and can be expanded
indefinitely by the erection of additional storage units.
The work house and storage bins are set back 500 feet from
the water front, the grain being handled between the elevator and wharves by six continuous belts having a capacity
of 150,000 bushels per hour. Storage tracks for 500 cars
will be provided and the grain will be delivered to the elevators by means of four car dumpers, each with a capacity
of eight cars per hour. There will be a marine tower wita
338
THE CHRONICLE
[voL. 119.
a capacity of 4,000 bushels per hour for unloading grain ceptible of being so applied as to measurably, if not fully,
received by water. A drying and cleaning plant with meet the requirements of the situation. In any event, I
capacity of 40,000 bushels per hour is provided. Every think it ought to be given a fair trial before any attempt is
part of the structure will be equipped with dust-collecting made to materially amend it."
devices, and no efforts have been spared to insure fire preThe real essence of the Transportation Act of 1920 is
vention and safety in operation. Most satisfactory progress contained in that part of the Act known as Section 15a,
has been made in this work and it is expected that the ele- which provides, among other things, a rule for rate-making
vator will be ready for the reception of grain about August for the guidance of the Inter-State Commerce Commission.
1 1924.
While there have been demands from certain quarters for
To meet the increasing demands for wharfage at Locust the repeal of this section of the Act, Congress, wisely it is
Point, Pier 3 is under construction. This is a new pier and believed, has so far refrained from making any changes in
will be 1,000 feet long by 185 feet wide with a two-story the Act as originally passed.
superstructure. Pier 10 is also being extended, and Pier 5
Realizing the necessities for the greatest improvement
is being remodeled and a storage shed erected thereon.
and expansion possible of the country's transportation
To permit the more extended use of heavier power 187 facilities the Association of Railway Executives early in
bridges were reconstructed and reinforced during the year.
1923 perfected arrangements for a more complete co-opera• To enable the Company to discontinue the use of lines tion between the railroads themselves and with the shipping
of other carriers and to facilitate the movement of traffic public, and announcement was made at the same time that
a new double track line is being constructed between Mill- the railroads as a whole had authorized expenditures estivale and Etna, Pa., 2.16 miles in length, and its completion mated at $1,100,000,000 for new equipment and additional
facilities. In that connection the following statement on
is anticipated in the latter part of 1924.
The following equipment was acquired during the year: behalf of the railroads was made:
"The railroads of the country are raising this enormous
115 locomotives, 91 passenger train cars, 11,659 freight
train cars, 19 work equipment units and 6 floating and mis- amount of additional capital largely through borrowed
cellaneous equipment units at a cost of $31,259,059. After money, on the abiding faith in the fairness of the American
allowing for equipment retired and reduction in value due people, and reliance on the continuance of the policy anto transfer of equipment from one class to another account nounced in the Transportation Act of 1920, as a measure
of age, the net increase in the value of equipment owned of reasonable protection to investment in railroad property."
and in service at the end of the year was $25,094,423.
The program then adopted resulted in the actual exThere was an increase in tractive power of locomotives penditure of $1,059,149,000 during the year 1923 for new
acquired over locomotives retired of 2,031,380 pounds and equipment and other improvements. It is extremely
an increase in tonnage capacity of freight care acquired over doubtful if such an enormous expenditure would have been
undertaken at that time had it not been for the assurance,
freight cars retired of 348,628 tons.
As of July 1 1923 the Company disposed of all its interests implied at least, in Section 15a of the Transportation Act.
During the year the railroads handled successfully and
in the Sandy Valley & Elkhorn Railway Company and the
Millers Creek Railroad Company, and as of November 1 efficiently a volume of traffic greatly in excess of that ever
1923 of its interest in the Long Fork Railway Company. previously handled during a similar period and did so with
These properties are all located in Kentucky and separated practically no car shortage and with no congestion. The
some distance from the Baltimore & Ohio Railroad, access more than 10% reduction in freight rates, effective in the
to them being dependent upon the lines of other carriers last half of 1922, was, with further reductions subsequently
over which this Company did not have trackage rights. made,fully effective throughout the year 1923. The return
The original purposes for which the Company acquired these on property earned by the Class I railroads of the country
properties having been accomplished, their further retention as a whole was approximately 5.19%.
was deemed not necessary to the future interests of the
As its participation in the 1923 program of betterments
Company and they were disposed of to advantage. Each the Baltimore & Ohio Company expended for new equipof the companies was separately operated in the interest ment and additions to its property $31,799,330, and operatof the Baltimore & Ohio Company up to the date of sale, ing under the terms and subject to all the restrictions of the
and the results of such operations are included in the income present Act, the Company, as previously stated herein,
account of the Company.
moved in 1923 the largest volume of traffic in its
There were 63,974 employees in the service of the Com- entire history and realized therefrom the greatest gross
pany at December 31 1923, of whom 54,037 were members and net earnings ever earned during a similar period of time.
of the Relief Department.
The surplus remaining after providing for upkeep, fixed
Pension payments to retired employees, while adminis- charges and taxes, was over $22,000,000, a large • sum than
tered through the officers of the Relief Department, are ever realized before from one year's operation, and after
contributed wholly by the Company and constitute a special providing for the dividends declared upon the preferred
roll. The number of pensioners on the roll at the end of and common stocks there remained a balance of approxi1923 was 1,274, a net increase of 41 for the year. Pension mately $16,000,000 available for the payment of capital
payments for 1923 amounted to $435,503, an increase of obligations and for improvements and additions to the
$27,716 over the previous year. Since the inauguration of property.
It is believed that the results of the Company's operations
the Pension feature in October 1884 the Company has expended $5,473,606 account of pensions to superannuated in 1923 fully confirm the President's forecast to the stockemployees.
holders in 1921 quoted above.
At the annual meeting of the Baltimore & Ohio StockOnce more it is suggested that stockholders ought to use
holders in November 1921 the President, after presenting their influence to prevent, if possible, any change in the
the Annual Report of the affairs of the Company for 1920, Transportation Act until it has had a further and more
complete trial. It is not true, as sometimes claimed, that
made the following statement:
"Notwithstanding all that I have said concerning the the Act guarantees to the railroads any fixed rate of return.
difficulties of the present situation, I am personally opti- At most, it simply assures to the roads an opportunity to
mistic concerning the future, and I feel confident that if earn a fair but limited return upon the lawfully ascertained
the Transportation Act of 1920 is left in its present shape value of the property used for transportation purposes, prountil the railroads have had time and opportunity to give vided, however, that they are able to earn such return from
the law a fair trial that we will be able, slowly perhaps, the business to be moved and at the rates fixed in accordance
but certainly able, to work out of our present difficulties, with the rule prescribed by Congress itself. A further trial
and I hope under the terms of the present Transportation of the Act in its present form is urged not only in the inAct to see railroad securities once more restored to the con- terest of the stockholders, but in the larger interest of the
fidence of the investing public. While the Transportation public as well.
Act of 1920 does not afford a perfect or final solution of the
At December 31, 1923, there were 33,573 stockholders of
railroad problem, it is, in my opinion, distinctly in advance the Company of record.
of anything which we have heretofore had in that direction,
The Board takes pleasure in recording its appreciation
and to my mind the Act, even in its present shape, is sus- of the fine spirit of loyal and efficient co-operation mani
JULY 19 1924.]
THE CHRONICLE
339
fested by the officers and employees during the year. Its Company,to all those in its employ and to the public as well.
continuance should insure real and lasting benefits to the
DANIEL WILLARD, President.
INCOME ACCOUNT AND BALANCE SHEET
CORPORATE INCOME ACCOUNT.
Year 1923.
*5.206.87
Year 1922.
5,212.05
Increase(+)ar
Decrease (—).
—5.18
3208,587,996 20
30,752,790 80
2,526,213 34
4,992,622 90
3,535,610 59
5.199.201 43
3159.506,624 69
26,801,741 73
2,593.804 83
4,467,546 23
3.129.144 29
4,344,307 90
+349.081,371 51
+3.951.049 07
—67.591 49
+525.076 67
+406,466 30
+854.893 53
3255.594,435 26
$200.843,169 67
+354.751,265 59
$29,318.700 72
63,881.472 30
3,916.435 76
94.676.661 15
1.653.199 60
5.917,658 45
40.166 55
$23,325,886 80
48,439.422 37
3,560,796 63
82.408,878 33
1.647,881 02
5.658,981 82
20,472 57
+35.992.813 92
+15.442.049 93
+355,639 13
+12,267.782 82
+5.31858
+258.676 63
—19,693 98
Total Railway Operating Expenses
$199,323,961 43
$165,021.374 40
+534.302,587 03
Net Revenue from Railway Operations
Ratio of Operating Expenses to Operating Revenues
356.270.473 83
$35,821,795 27
+$20.448.678 58
77.98%
82.16%
—4.18%
$9.834,128 86
131,286 01
3,139,711 37
1.032.21829
$6.769.093 26
85.821 61
3,957.430 54
1.274.444 65
+53.065.035 60
+45.464 40
—817,719 17
—242,22636
$14.137,344 53
312.086.790 06
+32,050,554 47
$42.133,129 30
323.735.005 21
+318,398.124 09
317,144 80
968,560 11
213.044 90
296,451 94
1,914,723 50
1,628.601 42
902,393 38
67,450 45
24.149 84
$17,895 46
1,068,200 18
121,454 97
423.242 61
1.886.367 50
1,758,486 86
493.864 89
395.818 08
21,801 84
—$750 66
—99,64007
+91.589 93
—126.790 67
+28.35600
—129.88544
+408,528 49
—328.367 83
+2.34800
Average Miles Operated
Railway Operating Revenues:
Freight
Passenger
Mail
Express
Other Transportation Revenue
Miscellaneous Revenue
Total Railway Operating Revenues
Railway Operating Expenses—
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment—Credit
Other Operating Charges—
Railway Tax Accruals
Uncollectible Railway_ Revenues
Equipment Rents—Net Debit
Joint FaciIMO Rents—Net Debit
.
Total Other Operating Charges
,
Net Railway Operating Income as defined in the 14ansportation Act of 1920
Other Corporate Income—
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-operating Physical Property
Separately Operated Properties—Profit
Dividend Income _ _ _ _ ___ __
Income from Funded Securities
Income from Unfunded Securities and Accounts
Income from Sinking and Other Reserve Funds
Miscellaneous Income
Total Other Corporate Income
$6,032,520 34
Gross Corporate Income _______________________________________________________ 348.165.649 64
Deductions from Gross Corporate Income:
Rent for Leased Roads ____________________________________________________________
3394.266 38
Miscellaneous Rents____ _ ____________________________________________
519.196 36
Miscellaneous Tax Accruals _ _ ___ __ ______________________
279,576 96
Separately Operated Properties—Loss
794.285 78
Interest on Funded Debt
23.333.142 78
Interest on Unfunded Debt
304,519 52
Miscellaneous Income Charges
118.625 96
Total Deductions from Gross Corporate Income
$25.743,613 74
Net Corporate Income ________________________________________________________ 322.422,035 90
$6.187.132 39
—$154,612 05
329,922,137 60
+818.243.51204
3283,213 71
432.855 08
271,835 21
1,186.411 02
22.810,615 53
439,448 19
122.385 57
+5111.05267
+86,341 28
+7,741 75
—392.125 24
+52252725
—134.92867
—3.76961
$25,546,764 31
+3196,849 43
34,375,373 29
+318,046,662 61
* E- xcludes the 96.71 miles of passenger trackage rights between Philadelphia and New York.
CORPORATE SURPLUS ACCOUNT.
Profit and Loss Account—
Credit Balance, December 31 1922_________
Net Corporate Income for Year 1923_____________________________________________________________________
Miscellaneous Adjustments—Net Credit________________________________________________________________________________________________________________________________
Total
Appropriations During Year 1923:
Income applied to Sinking and other Reserve Funds
Income transferred to "Additions to Property Through Income and Surplus"
Dividends on Preferred Stock at 49 per annum
Dividends on Common Stock at 51 Per annum (six months)............................................
____ __________ $20,015,285 03
. ,035 90
1,309,248 63
23.731.284 53
343.746,569 56
$119,948 23
5,250.000 00
2.354,527 24
3.798,569 74
11.523.045 21
Credit Balance December 31 1923_
_ _ ___________________________________________________________________ $32.223.524 35
Additions to Property Through Income and __
Surplus—
Credit Balance December 31 1922__________ _
__
oo____ $20.736.232 78
____
Income and Surplus appropriated during the Year 1923___________________________________________
Miscellaneous ____________________________________________
'321:497 92
5.571.497 92
Credit Balance December 31 1923__________________________________________________________________________________ 26,307.730 70
SinIcing Fund Reserves—
Credit Balance December 31 1922____________________________
____________________________________________
3180.612 86
Additions During Year
13.230 98
_________________________________________________________________
Credit Balance December 31 1923_________________________
193,843 84
__________________________________________________________
Total Corporate Surplus, Credit Balance December 31 1923____________________________________________________________ $58,725,098
89
CONDENSED GENERAL BALANCE SHEET.
ASSETS.
Increase (+) or
Decrease (—)•
Year 1923.
Investment in Road and Equipment_____
$442,860,719 28
_
Investment in Constituent Companies_
_
__________________________________________________________________ 303,828,921 09
Investment In Perpetual Leaseholds—(per _________) ________________________________________________________
6.441.200 00
__
Total Property Investment
____ ________________________________________________________
___________ $'753,130,840 37
Other Investments____________________________________________________________________________________
__ 75,250,984 21
Total Investments____ _ ___ _
28,381,824 58
Current Assets—Cash, nlaieriais and
____ __________________________________________________________S8
68,318,661 36
Deferred Assets_ _ _____________________________________
977.004 18
Unadjusted Debits
2.514.442 50
+531.756.58504
—8.532,847 38
+323.223.737 66
+7,223,954 94
—84.033.805 06
—1.583.551 71
$900,191,932 62
—855.169.664 17
LIABILITIES.
Common Stock _________________________________________________________________________________________
54
Preferred Stock ________________________________________________________________________________________ $151.945.428 95
58,863.180
Stock Outstanding _____________________________
Total
*210.808.60949
Funded Debt _ _ _ _ _ _ ______
__
531,069.972 02
Capitalized Leaseholds—(per contra)
6,436.200 00
Total Capital and Leasehold Obligations _____________________________________________________________
Current Liabilities ____________________________________________________________________________________ 3'748.314,781 51
__
Deferred Liabilities __________________________________________________ 34,822,446 86
2.686,954
Unadjusted Credits—Accrued beire ciitifon. leserves, azi____________________________________________________ 55,642.650 59
77
Corporate Surplus____________________________________________________________________________________
__ 58,725,098 89
+314,977,234 98
+514.977,234 98
—6.701.38930
—83.454,500 35
+2.216.022 28
+17.792,96822
3900,191.932 82
—$55.169.664 17
340
THE CHRONICLE
[VOL. 119.
WESTERN POWER CORPORATION
ANNUAL REPORT-YEAR ENDING DECEMBER 31 1923.
expansion, incidental to the steady growth of the territory
served by us, and to the availability of electric energy
through our policy of keeping well ahead in the development
of our vast productive resources for the encouragement of
new industries and home seekers. As before stated, the
characteristics of our territory from the standpoint of
attractiveness, business and residential, have long since
demonstrated an ample market for our product up to the
CONSOLIDATED STATEMENT OF INCOME AND PROFIT & LOSS full limit of our ability to produce it.
FOR THE YEAR ENDED DECEMBER 31 1923 (INTERIn accordance with our fixed policy, all depreciable
COMPANY ITEMS ELIMINATED) AS CERTIFIED
property of the Company was maintained at the highest
BY HASKINS & SELLS.
Operating Revenues
possible state of efficiency, as a part of the operating costs.
Electric
$6,754,410 83
Substantial sums were spent in refinement of the service,
Steam
314,311 02
Water
41,174 78
and we are pleased to report a high degree of satisfaction
Other
14,073 76
with our service throughout the trade. Owing to complete
.
$7,123,970 39 interconnection of our several sources of supply, interruptions
Total
Operating Expenses
in our service of any duration have become rare, and throughProduction
$493,928 52
out the year none of moment whatever, occurred. Through
Transmission
113,482 00
Distribution
installation of refining apparatus as rapidly as it is developed,
- Commercial
364,64606315,252 17
our regulation has reached a high state of efficiency and
General and Miscellaneous
262,194 84
Steam service
205,170 33
dependability.
Water service
31,177 32
Throughout the year our customer ownership plan was
• Taxes
573,180 06
vigorously pursued, and approximately 9,444 shares of
,359,031 30
0
Total
additional preferred stock of the operating Company were
$4,764,939 09 sold. As of December 31st, 1923, 70,239 shares of this
Profit from Operations
. Other Income Credits
stock were outstanding in the hands of 4,556 owners, and
$44,578 53
Interest
6,280 shares had been subscribed for under the partial
43,179 99
Rentals and leases
Great Western Power Company First Mortgage
payment plan. This feature of our business holds promise
5% Bonds, pledged as collateral, released
of large future increase, and we are encouraged to believe
through operations of the California Electric
14,000 00
Generating Company sinking fund
that each succeeding year will produce larger percentages
1,848 77
Unclaimed deposits and checks written off_
of our capital requirements through this method.
974 07
Collections of accounts previously written off
375 00
Through rigid adherence to our policy of taking the resiDividends received on investments
104,956 36 dents of our territory wholly into our confidence, keeping
Total
them fully informed upon every detail of our business, and
$4,869,895 45
Gross Income
devoting ourselves whole heartedly to their service, our
Income Charges
relations with the public may be again referred to with
$16,292 90
Interest on notes and accounts
32.890 49
Rental expenses
satisfaction and pride. As time goes on, we find increasing
502,452 96
Provision for renewals and replacements
evidence of a spirit of friendship and eo-operation on the
Amortization of bond discount and expenses
119,143 53
187,500 00
Provision for Federal income tax, 1923
part of the consuming public in return for fair, frank and
Provision for doubtful accounts
7.706 86
honest dealing with it. We are convinced that as the people
Lass on sinking fund operations
821 18
Taxes on non-operating property
5,617 58
become more familiar with the complexities, difficulties and
Donations
3,291 00
costs of public utility operation, the more readily they recog875,716 50 nize the wisdom of encouraging these fundamentals of their
Total
Net Income Before Deducting Interest on Funded Debt__ _ 43,994,178 95 comfort and welfare by every means at their disposal.
Interest on Funded Debt
$2,567.015 13
Our continued aim will be to make our conditions and our
Loss interest charged to construction
53,070 30
2,513,944 83 necessities clearly understood, and when we have done so,
the public may be depended upon to meet us even more
$1,480,234 12 than half way in our
Net Income
effort to improve and ultimately
6,314.411 71
Surplus January 1 1923
0,660 97 cheapen our service to it.
Profit & Loss Credit-Adjustment Account Western Power Co
Again we take occasion to express our appreciation of
$7,801,306 80
Gross Surelus
the devotion and loyalty of our operating organization,
Profit & Loss Charges
Dividends on preferred capital stock:
without which we would fall short, not only in the perCalifornia Electric Generating Company---- $150,000 00
formance of our duties to the public, but in our aspi ations,
Great Western Power Co. of California
461,468 23
Western Power Corporation
442,292 50
to build up our own concern to a place of pre-eminence in
Adjustment of Federal income and profits taxes
the field of our endeavor. We want our co-workers in the
of prior years and expenses in connection therewith
64,95247
business to feel that our success is their success, and that in
Adjustment of depreciation of prior years
1,207,622 72
full measure they may depend upon our concern for their
Adjustment of earnings of prior years
43,301 27
individual welfare.
2,369,637 19
Total
For your futher information relative to the details of the
Surplus December 31 1923
5,43J .669 61 operating company, we accompany this report with the
annual report of Great Western Power Company of CaliThe Consolidated Balance sheet as of December 31, fornia.
By order of the Board of Directors.
certified by Messrs. Haskins & Sells, is hereunto appended.
H. P. WILSON, President.
The net income, after all charges, was $1,480,234 12,
from which there was paid in dividends the sum of $1,053,WESTERN POWER CORPORATION AND SUBSIDIARY
760 73, as follows:
COMPANIES.
On the preferred stock of Great Western Power Company
CONSOLIDATED BALANCE SHEET-DECEMBER 31 1923.
of California, $461,468 23.
On the preferred stock of California Electric Generating Plant Property and Franchises ASSETS.
$71.044,384 22
Miscellaneous Investments
283,669 56
Company, $150,000.
in
4,611 90
preferred stock of Western Power Corporation, Sinking Funds
On the
Current Assets$442,292 50, leaving a balance not otherwise appropriated, Cash
$451,024 32
758,718 81
and to be passed to surplus, of $426,473 39, equal to $2.907 Special Deposits
Notes Receivable
190,379 99
per share upon the Corporation's outstanding common stock. Interest Receivable
2,517 86
During the year there was set aside in reserve for renewals Accounts Receivable to Great Western Power 988.430 57
Due from subscribers
sum of $502,452 96, equal to $3 425
and replacement, the
Company of California Preferred Capital
Stock
per share on the common stock. As of December 31 1923, Due from subscribers to Western Canal Com- 383,492 43
reserve had reached a total of $3,300,this particular item of
pany Capital Stock
223,817 65
595,256 57
293 89, while the corporate surplus had grown to $5,431,- Material and Supplies
amount of $8,731,963 50, equivalent
669 61, an aggregate
Total Current Assets
20
Deferred Debit Itemsto over $59 per share upon the common stock.
during the year was very Ilinamortized Discount on Securities and ExThe growth of the business
penses
$2,543,101 30.
344,91629
substantial, and in the main, satisfactory. On February Others
20 1923 a reduced rate equivalent to a cut in earnings of
2,888,017 59
Total Deferred Debit Items
approximately $520,000 was put into effect. This amount,
$77,814,321 47
Total
plus an item of $380,000 ("Interest during Construction"
credited to income during the previous year,) an aggregate
Capital StockLIABILITIES.
of $900,000, was practically absorbed through new business Western Power Corporation 70,800 shares
$7.080,000 00
Preferred, 7% Cumulative:
taken on during the year.
3,667,500 00
Common without par value: 146,700 shares
Additional new business continues to appear in ever California Electric Generating Company
2,500,000 00
Preferred, 6% Cumulative: 25,000 shares
increasing ratio, and the prognostications in our previous Great Western Power Company of California
7,024,084 21
Preferred,7% cumulative:70,240 16-19 shares
report were fully realized. The addition to our connected
628,000 00
Subscriptions to Preferred Capital Stock
load during the year of 47,551 horsepower to meet the
$20,899,584 21
Total Capital Stock
requirements of 5,715 new customers was a purely normal
New York, N. Y., July 1 1924.
To the Stockholders:
Herewith is submitted a statement of the affairs of the
Company and its subsidiaries for the fisnal year ending
December 31 1923.
WESTERN POWER CORPORATION AND
SUBSIDIARY COMPANIES.
DULY
THE CHRONICLE
19 1924.1
341
LIABILITIES (Concluded).
Brought forward
Funded Debt
•
Great Western Power Company of California:
First and Refunding llortgaz
Iun
6% Sinking
Bonds, Series "A," due
$6,000,000 00
March 1 1949
Less in Treasury $2,000 00
Less in Sinking
Funds
30,000 00
32.000 00
$20,899,584 21
Outstanding
$5,068,000 00
First and Refunding Mortgage
7% Sinking Fund Gold
Bonds, Series "B," due
Aug. 1 1950
$8,500,000 00
Less:Pledgedwith
trusteesofGeneral Lien 8%
Bonds
$2,500,000 00
In Treasury
857,400 00
In Sinking
Funds
35.50000 3,392,900 00
5.107,100 00
Outstanding
First and Refunding Mortgage
6% Sinking Fund Gold
Bonds. Series "0," due Feb.
1 1952
4,000,000 00
Less in Treasury
2,08000
Lessan Sinking
Fund
15,000 00
17,000 00
Outstanding
3,983.000 00
General Lien, Convertible 8%
Gold Bonds,due Aug.1 1936 2.500,000 00
Less in treasury
54.00000
Outstanding
2,446.800 00
Ten-year Convertible 6% Gold Debentures,
due Nov.1 1925
4,177,600 00
Great Western l'ower Company
First Mortgage 5% Sinking
Fund Gold Bonds,due July 1
1946 (including $595.000 00
pledged with the Trustees of
the California Electric Generating Company Bonds and
not bearing interest)
234.40,000 00
Less:Pledged under Mortgages $2,756,000 00
In treasury _ _
53,000 00 2.809,000 00
Outstanding
Broughtforward
$42,012,700 00 $20,899,584 21
City Electric Company First
Mortgage 5% Sinking Fund
Gold Bonds, due July 1 1937-- 3,859.00000
Less:Pledged under Mortgages 52.561.000 00
LOSS in treasury.. 123.000 00 2,684,000 00
Outstanding
1,175,000 00
California Electric Generating
Company First Mortgage 5%
Sinking Fund Gold Bonds, due
Sept. 1 1948
889,000 00
Less in treasury
9.000 00
Outstanding
880,000 00
Consolidated Electric Company
General Mortgage 5% Sinking
Fund Gold Bonds, due June
1 1955
1.946,400 00
Less:Pledged under Mortgages $350,350 00
53,600 00 403,950 00
In treasury
Outstanding
1,542.450 00
Consumers Light & Power Company General Mortgage 6%
Sinking Fund Gold Bonds.
79,00000
due April 15 1933
Less in treasury
11,00000
Outstanding _
68,000 00
Central Oakland Light & Power
Company First Mortgage 5%
Sinking Fund Gold Bonds, due
' May 1 1939
63,000 00
Less in treasury
14.000 00
Outstanding
49.000 00
Total Funded Debt
$45.727,150 00
Current Liabilities
General Mortgage Bonds Called for Redemp$3,255 00
tion and Premiums Payable
Accounts Payable
667,476 54
Interest Accrued
1.075.963 05
73.437 12
Taxes Accrued
Dividends Declared
284,637 62
Consumers' and Miscellaneous Deposits
60.489 11
Total Current Liabilities
2,165,258 44
Deferred Credit Items
5,304 69
Reserves
$3,300,293 89
Renewals and Replacements
23,138 25
Injuries and Damages
Uncollectible Electric Bills
74,422 38
187.500 00
Federal Income Tax, 1923
3,585,354 52
Total Reserves
5,431,669 61
Surplus
$77,814.321 47
Total
20,331,000 00
GREAT WESTERN POWER COMPANY
OF CALIFORNIA
-1923
ANNUAL REPORT
Office of the President.
San Francisco, California, July 1 1924
To the Stockholders:
Herewith is submitted it report of the operations and
progress of Great Western Power Company of California
for the year ending December 31 1923:
Total gross operating revenues for the year were $7,123,970 39, of which $6,754,410 83 was derived from the sale
of electric energy. The remainder is made up principally
from the sale of steam for heating purposes in San Francisco
and Oakland, and by the sale of water through the system
of the Western Canal Company, and the sale of electrical
apparatus.
Revenues from the sale of electric energy for lighting
purposes totaled $2,361,6E4 38, as compared with $2,179,595 15 in 1922. General power revenues were $3,399,332 31,
an increase of $115,480 83. Revenue from the sale of energy
for cooking and heating amounted to $183,670 02, an increase of $66,493 36. The sale of energy for the operation
of electric railways produced a revenue of $329,013 49, a
substantial increase over the previous year. Sales to other
electric corporations and to municipalities for redistribution
totaled $480,740 63.
The profit from operations was $4,778,452 94.
ADDITIONS TO FIXED CAPITAL
Net additions and betterments to the system during the
year ending December 31 1923 were $2,899,379 27. Of
this amount $250,143 94 was charged to production capital,
$167,305 19 being chargeable to reservoirs, tunnels, dams
and intakes, and principally to the new Butt Valley Dam.
Transmission capital accounted for $616,380 38, of which
$408,110 85 represented substations and equipment. Expenditures at the new Golden Gate Substation and the substations at Las Plumas and Brighton, described herein,
were largely responsible for this item. $1,257,489 75 was
expended in the extension, improvement and enlargement
of. our distribution system. Expenditures for transformers,
poles, towers, fixtures, overhead and underground conductors make up the principal items under this division. The
expenditures on the construction and installation of the third
,
unit at Caribou plant amounted to $564. 056 22 for the
year, the balance of the appropriation for this purpose to
be expended in 1924.
BALANCE SHEET AND FINANCIAL
The plant, property and franchises, including the investment in the former properties of the Universal Electric &
Gas Company, now stand at $83,274,842 58. Total current
assets are $3,604,252 72, of which $1,172,544 56 represents
cash and special deposits, and current liabilities are $2;179,125 93 Total assets are $90,809,417 45.
Preferred capital stock of the par value of $7,024,084 21,
held by 4,556 shareholders, was outstanding, practically all
of which has been sold through the Company's own organization In addition, $628,000 worth of preferred stock has
been subscribed to be paid for in installments.
In October $1,000,000 First and Refunding Series C 6%
bonds were sold, the proceeds being used for reimbursement
of the treasury for expenditures already made, and for additions and betterments to our electric property
During the year $417,000 in bonds were retired through
sinking fund operations.
Total funded debt outstanding was $44,890,150, as compared with $44,362,650 as of December 31 1922.
The renewal and replacement reserve now amounts to
$3,300,293 89, which is quite substantial, as a very large
part of the Company's investment is in dams, tunnels,
reinforced concrete power houses, steel tower transmission
lines and modern equipment, all of which is subject to a very
low rate of depreciation.
Surplus at the end of the year was $5,019,918 34, which,
together with the very substantial reserves, totaling $3,568,138 97, should be a source of great gratification to our
stockholders.
The books and accounts of the Company have been audited
by Haskins & Sells, certified public accountants, and on
the following pages will be found the net income and general
balance sheet as of December 31 1923.
CONSTRUCTION.
The installation of the third unit of 22,223 k.v.a. capacity
at Caribou plant proceeded actively throughout the greater
part of 1923, and the unit was placed in operation April 1
1924, giving the Caribou plant a capacity of 66,669 k.v.a.
342
THE CHRONICLE
[VOL. 119.
This third unit was installed at an expense of approximately it became necessary to increase our facilities and the construc$1,000,000, or about $45 00 per k.v.a. At the time of in- tion of a new combined electric substation and steam plant
stallation of the first two units of this plant, which were has been authorized It will have an ultimate capacity of
placed in operation in 1921, the tunnels, power house and 1,000-boiler horsepower for steam heat production, a transtransmission lines were constructed of sufficient size to take former capacity of 10,000 kilowatts, 4,000-volt, three-phase
care of the requirements of this third unit. It was only current, and a direct current capacity of 2,000 k.w. This
necessary, therefore, to install a third pipe line, generator station will represent an expenditure of approximately $300,and water wheels, transformer bank and necessary switch 000. It is expected that this new substation will be in operation within one year from date.
gear.
Our distribution lines are
The Caribou plant and works in Butt Valley now represent into new territory throughoutbeing steadily pushed forward
the system as the opportunity
an expenditure of approximately $14,800,000, or $220 00 for the development of sufficient business presents itself.
In excess of $1,200,000 was spent for this purpose and for reper k.v.a.
With the water resources of Lake Almanor and Butt Val- inforcing our existing facilities during the year, and it is expected that this rate
ley available, this plant will take its place as the greatest "ained throughout theof development will at least be maincoming year.
producer of hydro-electric energy west of the Mississippi
GENERAL
River. To supply this plant, the waters of Lake Almanor
During 1923 California public utilities were first in the
are diverted into Butt Valley through a lined tunnel, where
United States in hydro-electric
they join Butt Creek and flow down Butt Valley to the reser- put of 4,111,411,000 k.w.h. production, with a total outThe State of
voir at its lower end. A circular reinforced concrete lined second with 3,550,637,000 k.w.h., and the New York was
entire United
pressure tunnel, 10 feet in diameter, approximately 9,500 States, excluding California produced 15,519,555,000 k.w.h.
from water power. Not only did California have the greatfeet in length, conducts the waters to the top of the Feather
River gorge, where they are dropped through a second press- est hydro-electric output, but the use per capita was greatly
in excess of that
ure tunnel and steel pipe lines to the water wheels at the bot- general territory in any other of the principal States. In the
served by us, which is typical of California,
tom of the canyon, a vertical distance of 1,108 feet.
the annual consumption per capita is 990 k.w.h. This will
The Caribou plant is located on the North Fork of the compare with an annual per capita consumption in the State
Feather River, approximately 10 miles below the Big Mea- of New York of 587 k.w.h. and an average in the United
dows Dam,which creates Lake Almanor, with a present stor- States, excluding California, of 348 k.w.h.
Initiative in load
age capacity of 300,000 acre-feet. The discharge from the the development building by the power companies through
of new uses for electric energy and the deCaribou plant joins the North Fork of the Feather River livery of service to practically every prospective consumer
in
and flows to the intake of Las Plumas plant, fifty miles to the territory served by the California utilities, has resulted
in this very large use per capita. Our Company's activities
the south. This stream is, of course, fed by its tributaries
between the two plants, arising at various points in the 2,500 in this regard have placed it in the front rank of California
utilities.
square mile water shed.
The high rate of use per capita in California
While two units were operating at the Caribou plant it sible the operation of the Power Companies' has made possystems at higher
was necessary during the dry season of the year to by-pass load factors, with resulting lower rates to the consumer.
At the end of 1923 our Company was serving a connected
a considerable quantity of water from Lake Almanor around
the Caribou plant by discharging it at Big Meadows Dam, load of 417,519 horse-power and delivering energy to 46,724
in order that the Las Plumas plant, with its considerably consumers. The net gain in connected load during the year
was 47,551 horse-power, or
lower head of 425 feet, might have a sufficient supply of 5,715 new consumers were at the rate of 12.85%, while
added.
water to operate its generators of 87,000 h.p. capacity. By net increase in connected load in 1922This compares with a
of 49,668 horse-power,
the installation of the third unit at Caribou plant, this prac- of which 14,750 was acquired in the purchase of the Unitice will be almost entirely eliminated, and the water which versal Electric ik Gas Company's properties. Increase in
formerly wasted its energy between Big Meadows Dam and number of consumers served in 1922, exclusive of those
the Caribou plant will now be passed through the plant, pro- acquired by purchase of the Universal system, was 5,054.
Our hydro-electric plants in 1923 produced 560,288,960
ducing electric energy for transmission over the 165,000-volt k.w.h. and 14,994,540 k.w.h. were produced
by steam, maksteel tower line to the San Francisco Bay region, 200 miles ing a total of 575,283,500 k.w.h. for the year.
The rapid development of territory served by us has redistant.
Further studies of the proposed Butt Valley reservoir in- sulted in a corresponding increase in electrical requirements
dicated that the storage could be increased to 50,000 acre- for mining, irrigation and reclamation pumping, lumbering,
transportation, commercial, industrial and
feet at moderate additional cost. Favorable soil conditions ties. We have prepared for this growth domestic activiby constructing
and a narrow canyon made possible the construction of a new hydro-electric production properties, transmission and
hydraulic fill earth dam, and work was undertaken in June distribution facilities, which cover a large territory in the
1923 and pursued actively until April 1924, at which time central part of the State and will enable us to take full adsluicing was completed. Completion of this dam not only vantage of the great growth in store for the section of the
State served by our Company.
provides a very large forebay at the head of the tunnel supSincerely yours,
plying the Caribou plant, but will also increase by over 16%
M. FLEISHHACKER,
our storage capacity in Plumas County.
President.
Construction of the outdoor switching structures and auto
STATEMENT OF INCOME FOR THE YEAR ENDING
transformer equipment at Las Plumas and Brighton, for the
DECEMBER 31 1923.
purpose of exchanging energy between the 165,000-volt Operating revenues:
Electric
88,754.410 83
Caribou line and the 110,000-volt Las Plumas line, went
Steam
314,311 02
Water
41,174 78
forward and is to be completed early in 1924.
Other
14,073 76
A 165,000-volt steel tower transmission line, with one cirTotal
87.123,970 39
installed, was built from the Valona substation to the Operating expenses:
cuit
Production
$493,928 52
new Golden Gate substation on San Francisco Bay, thereby
Transmission
113,482 00
Distribution
364.646 06
completing a through line from the Caribou plant to this imCommercial
315,252 17
General and miscellaneous
portant distributing centre. The work covering the conSteam service
2
248,6809905,170 33
Water service
struction of the 165,000-volt bus structure and the auto
31,177 32
Taxes
573,180 06
transformer bank at Golden Gate substation for transformTota
2,345,517 45
ing the energy produced by the third unit at Caribou plant
from operations
to distribution line voltage, proceeded during the latter part Profit income credits:
$4,778,452 94
Other
Interest on notes and accounts
of the year and will be completed early in 1924.
$46,787 71
Ben als and leases
43,179 99
Miscellaneous credits
Late in 1923 a 30,000 k.v.a. synchronous condenser was
20,331 66
ordered for installation at Golden Gate Substation. This is
Total
110,299 38
the largest size synchronous condenser ever manufactured, Gross income
$4,888,752 30
Income charges:
and its installation will require an addition to the present
Interest on notes and accounts
$17,132 90
Rentals and leases
building. This condenser will, together with the two 15,000
281,084 24
Provision for renewals and replacements
502.452 96
k.v.a. condensers now installed at Golden Gate Substation,
Amortization of bond discount and expenses
119,143 53
Provision for Federal income tax-year 1923_
165,000 00
regulate the Caribou line in order that full output of the three
Provision for doubtful accounts
7,706 86
Miscellaneous charges
units may be obtained.
8.89858
Total
At the present time we are operating two electric distribu1,101,419 07
tion substations in Oakland, and three small plants for the Not income Defore deducting interest on funded debt
$3.787,333 23
2,471,418 08
production of steam for heating purposes. In order to take Interest on funded debt
Net Income for the Year
81.315,915 15
care of the rapid growth in the business section of Oakland,
1
.JULY 19 1924.]
I
THE CHRONICLE
GENERAL BALANCE SHEET DECEMBER 31 1923.
ASSETS.
Plant property and franchises
$83.274,842 58
Investments in securities
1,042,304 56
Current Assets:
Cash
$448,006 55
Special deposits:
Bond interest
562,484 75
Preferred stock dividends
121,275 62
Impounded pending litigation
29,418 94
Other deposits
11,35870
Notes receivable
190,379 99
Accounts receivable:
Subscribers to preferred capital
383,492 43
Subscribers to Western Canal Company
stock....capital stock
223,817 65
Western Canal Company water consumers
127,270 54
Western Power Corporation
47,663 09
Consumers
691.744 74
Other accounts
169.415 29
Interest receivable
2,667 86
Materials and supplies
595,256 57
Total current assets
3,604.252 72
Deferred debit items:
Unamortized discount on securities
$2,543,101 30
Prepaid taxes and miscellaneous items
344,916 29
01 stocka deferred debit items
Tot:1
2,888,017 59
LIABILITIES
Capital
PreferredTotal
Suoscriptions to preferred
Common
Total current liabilities
Reserves:
Renewals and replacements
Federal income tax, 1923
Miscellaneous reserves
Total reserves
Surplus
Total
Western Union Telegraph Co.
-Earnings.
-
8 Mos. end. June 30- x1924.
1921.
1922.
1923.
Gross revenue, including
dividends & interest-355,218.618 $56,135,450 350,603,181 552,522,066
Maint., repairs & res.
for depreciation
39,396.487 $8,958,687 $8,422,812 $8.853,393
Other oper. exp., incl.
rent of leased lines &
taxes
38,584,568 39,093.304 35,433,767 38.684.027
Int. on bonded debt
1,156,050
665,925
1,153,425
1,153,425
Net income
56.081.513 $6.930.034 $5,593,177 $44.318,721
x Month of June estimated.
-V. 118. p. 1926, 1518.
Westinghouse Electric & Mfg. Co.
-Acquisition.
-
It was announced on July 17 that the company had purchased the plant
of the afsmsey Concrete Products Corp. and the concrete post business of
the George Cutter Co. of South Bend. Ind.
-V.119, p. 208.
Wickwire-Spencer Steel Corp.
-To Increase Operations.
An official statement says: "The weaving mills of the corporation, consisting of works located at Clinton, Worcester and Mt. Wolf, Pa.,and Blue
Island, Ill., will commence increased operations in anticipation of a large
seasonable demand for woven products. These include screen cloth,
poultry netting, poultry and rabbit fence and similar goods. The operation
of four large weaving plants at capacity automatically speeds up the wire
producing plants at Spencer and Palmer. Skilled workers who have been
working on short time will go on full time immediately. The mills concerned
In this increased operation employ normally about 3.000 men.
"The other lines of manufacture of the corporation are improving. Stock
in the hands of the manufacturing trade and consumers are low. Orders
are increasing, both in numbers and quantity, and indications lead us to
believe that operations will steadily increase and all departments will be
running full by early fall."
-V. 119, p. 208.
Willys-Overland Co.
-June Sales.
-
$7,024,084 21590.5°9.417 45
628,000 00
27,500,000 00
Total Capital Stock
$35,152,084 21
Funded debt:
Great Western Power Company of California
First and Refunding Mortgage, 6%.
Sinking Fund, Gold Bonds, Series "A,"
due March 1 1949
56.000,000 00
Less in treasury
$2,000 00
Less in sinking funds
30,000 00
32,000 00
Outstan
$5,968,0 00
00
First and Rehiging Mortgage,7%,Sinkdi
big Fund, Gold Bonds, Series "B," due
August 1 1950
58,500.000 00
Less:
Pledged with trustees of
general lien 8% bonds-32.500,000 00
In treasury'
857.400 00
In sinking funds
35,500 00
3.392,90000
Outstanding
5,107,10000
First and Refunding Mortgage,6%,Sinking Fund, Gold Bonds, Series "C," due
February 1 1952
34.000,000 00
Less in treasury
$2.000 00
Less in sinking fund__ 15,000 00
17,00000
Outstanding
53,983.000 00
General lien convertible 8% gold bonds,
due August 1 1936
$2,500,000 00
Less in treasury
11,000 00
Outstanding
Ten-year convertible 6% gold debentures, due Novem- 2,489,000 00
ber 1 1925
4.177.600 00
Great Western Power Company:
First mortgage, 5% sinking fund gold
nonds, due July 1 1946 (including
$595,000 00 pledged with the trustees
of the California Electric Generating
Company bonds and not bearing interest)
323,140,000 00
Less: Pledged under mortgages
52.756.000 00
In treasury
53,000 00
2,809,000 00
Outstanding
20,331,000 00
City Electric Company:
First mortgage, 5% sinking fund gold
bonds. due July 1 1937
$3,859,000 00
Less:Pledged under mortgages
32,561,000 00
in treasury
123,000 00
2.684.00000
Outstanding
1,175,000 00
Consolidated Electric CompanY:
General mortgage, 5% sinking fund gold
bonds, duo June 1 1955
51.996.90000
Less: pledged under mortgages
$350,350 00
In treasury
104,10000
454,45000
Outstanding
1,542,450 00
Consumers Light and Power
Company:
General mortgage, 6% sinking fund gold
bonds, due April 16 1933
579,000 00
Less in treasury
11,000 00
Outstanding
68,000 00
Central Oaklard Light & Power Compan‘
:
First mortgage, 5% sinking fund gold
bonds, due May 1 1939
563.000 00
Less in treasury
14.000 00
Outstanding
49.000 00
Total funded debt
$44,890.150 00
Current liabilities:
Salaries and wages payable
Accounts payable
Consumers and construction deposits
Dividends payable
Accrued interest
-due, not paid
Accrued interest
-not due
Accrued taxes
343
Retail sales in June were 21.156 cars, a new high record.
-V.112, p. 208.
Wilson & Co. Inc.
-Files Reply in Govt. Suit.-
See Swift & Co.above.
-V.119. p. 85.
Wisconsin Electric Power Co.
--Definitive Bonds Ready.
Dillon, Read & Co. interim receipts for First Mtge. Gold Bonds, 5%.
Series "A." due Feb. 1 1954, will be exchangeable for definitive bonds at
the Central Union Trust Co. of New York on and after July 21. (For
offering, see V. 118, p. 679.)-V. 118. p. 1926.
Wisconsin Hydro-Electric Co., nc.-Bonds Offered.Minnesota Loan & Trust Co., ilinneapolis, and Morris
F. Fox & Co., Milwaukee, are offering at 963 and int. to
yield 6.28%,$950,000 1st Mtge.6% Gold bonds, Series "A."
Dated June 11924; due June 1 1949. Denom. $100. $500 and $1,000.
Callable upon any int. date at 105 and int. for the first ten years, and
thereafter at 105 less 1-3 of 1% for each year or fraction thereof to maturity.
Int. payable without deduction for normal Federal income tax up to 2%.
Minnesota Loan & Trust Co., Minneapolis. trustee.
Data from Letter of E. J. Schneider, President of the Company.
Company.
-Furnishes electricity to 24 towns and 15 farming communities
In which it owns the distributing systems and wholesales current to 11
other companies serving 13 towns and eight farming communities. This
territory has a population of approximately 30,000, including the towns
of Amery, Shell Lake. Chetek, Spooner, Cumberland, Colfax, Rice Lake,
Cameron, Glenwood City, Barron and Frederic. Company. through a
reciprocal agreement,. sells power to, and purchases power from, the
Wisconsin-Minnesota Light & Power Co.
Company's properties comprise four hydro-electric power developments
having a combined installed capacity of approximately 3.000 h.p., together
with 170 miles of 23.000
-volt transmission lines and 79 miles of a lesser
voltage. 31 miles of the latter being carried on poles of the 23.000-volt
lines. Company also owns a very valuable site on the Namakagon River.
having a capacity for the development of about 1,750 h.p.
-Secured by a first mortgage on all of the company's properties,
Security.
with the exception of $38,000 of encumbrances on the Chetek plant, for
which bonds of this series are being reserved to retire.
Earnings.
-Consolidated net earnings have increased over
1920. Consolidated net earnings available for bond interest200% since
before deduction of depreciation, for the 12 months' period ending May 31 1924
amounted to 3120,839, or over two times annual interest charges on these
bonds.
Sinking Fund.
-An annual sinking fund of 2% of the total amount of
Series 'A" bonds issued will operate either to retire bonds or pay for
extensions and additions to the company's properties, against which no
further bonds may be issued. A maintenance fund of 5% of gross earnings
is also required.
Purpose.
-Proceeds will provide funds for acquisition of the Colfax
properties,for refunding mortgage indebtedness,for extensions and additions
to the company's properties and for other corporate purposes.
Woodward (Ala.) Iron Co.
-Stock Increase-Tenders.
-
The company has filed a certificate increasing its authorized capital
stock from 513,000.000 to $13,405,000.
The Farmers' Loan St Trust Co., trustee, 16-22 William St., N.Y.City,
will until July 28 receive bids for the sale to it of 1st & Consul. Mtge.
5% Sinking Fund Gold bonds.
-V. 118. p.321.
(F. W.) Woolworth Co.
-No Connection with New Co.
-
The company states that the offering of the United Chain Stores, Inc..
bankers shares (see above) was made without their previous knowledg
or consent and that they have no interest, direct or indirect, in the company
whose stock was offered or in any of the other chain store companies whose
names were used in connection with the offering.
-V. 119, p. 208.
Yadkin River Power Co.
-New President.
See Carolina Power & Light Co. under "Railroads" above.
-V. 116.
p. 2662.
CURRENT
NOTICES.
-Beatty & Co., Inc., adjusters and insurance brokers, of 49 Wall St.,
New York, announce that Lester Mull has been appointed Assistant Secretary of the corporation. Mr. Mull is well known in shipping circles through
his previous connections with leading shipping interests. He is the son of
.1. Harry Mull, President of Wm. Cramp & Sons' Ship & Engine Bulding
Co. of Philadelphia. He has been associated with Beatty & Co., Inc., for
some time past.
-The organization of Henry W. Sites & Associates with offices at 166
West Jackson Boulevard, Chicago, is announced. This firm, which is
affiliated with engineering, appraisal and investment banking organizations,
$94,534 24
will act as wholesale distributers of original stock and bond issues.
633,585 96
Mr. John W. McGuire.formerly wholesale sales and syndicate depart60,489 11
ment manager of Merrill, Lynch & Co., is now associated with Henry
251.999 12
n
.
39,034 75
Lindsley & Co., Inc.. 5 Nassau St., New York, as manager of their bond
1,026,617 63
department.
72.865 12
- E. Fitkin & Co. have prepared for distribution a five-colored map
A.
$2,179,125 93 showing the territory served by the Jersey Central Power & Light Corp.,
as well as that by other companies operating in eastern New Jersey.
$3.300,293 89 •
Thomas .1. McGahan, formerly with Berdell Bros., is now associated
165,000 00
with McDowell. Gibb & Henning and will be in charge of their
102,845 08
bond
department.
The Seaboard National Bank has been appointed transfer
3.568.13897
agent of
5,019,918 34 the common and preferred
stock of the Atlantic Fruit & Sugar Co.
Irving Bank-Columbia Trust Co. has been appointed registrar
$90,809,417 45
for
certificates of deposit of Fifth Avenue Bus Securities Corporation.
THE CHRONICLE
344
[VoL. 119.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-METALS
-DRY GOODS
-WOOL
-ETC.
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
sharp decline. Earlier in the week the price was 18s. 3d.
Licensed warehouses here hold 362,232 tons of sugar.
Cuban interests seem to be selling September sugar. Refined has been moving downward. On Wednesday prices
fell 10 to 30 points. One refining company announced
another reduction of 10 points in the wholesale price of
refined sugar, bringing the new quotation down to 6.50c.
a pound. Beet sections in the West reported a large crop.
The Department of Agriculture makes their preliminary
estimate of 838,000 long tons. Last season's final outturn
was 878,000 tons with private early estimates for this
year running up to 900,000 tons. The latest reports from
some parts of the West say good rains are needed to bring
the beet crop up to expectations. It is stated that not
much Continental granulated is being offered from Hamburg and Dutch ports and at price levels considerably
above the parity of the same class of sugar in London. A
beginning, it is added, has been made with shipments of
sugars from London to outports in spite of unfavorable
freight terms and indications point to a continuance of
such shipments in the near future, seeing it is recalled
that the first Java sugars will hardly be available in English
and Scotch outports before the middle of August.
One firm said: "We believe that it is safe to assume that
the cost of producing sugar in Cuba is, on the whole, below
rather than above 30., although at that price the margin of
profit in many cases may prove rather slender. It would be
rash to try to make a similar estimate of the cost of beet
sugar production in Europe, as conditions there have changed
too much since the war. Besides some of the States created
as a result of the war,are apparently drifting back into the
old policy of a disguised bounty, which question was for
many years such a serious bone of contention." The
Federal Co. said: "Cuban sugar production reached 4,043,179 tons on June 30, according to reports from its
representative on the island. The entire output last year
was only 3,601,605 tons. During the last half of June
production totaled 17,374 tons. Altogether 177 centrals
have completed operations. The prevailing weather conditions, rains followed by hot sun, have been very favorable
for the growth of the new cane. The French beet sugar crop
is giving better results than ever before. The growers have
never before collected so much revenue per hectare and a
large increase in sowings is almost certain in a number of
districts. A future crop of 630,000 to 650,000 tons might
easily be reached if the weather remains only normal and
30,000 to 40,000 tons more may be expected if the weather
is favorable. The average estimate of beet sowings is 30%
over last year, but this figure might be easily surpassed.
Consumers are holding fast to a hand-to-mouth buying policy
because the prospects are for lower prices, especially in view
of the expected large crop. Stocks at Cuban shipping
points totaled 786,790 tons on July 5 as compared with
560,858 tons at the corresponding date last year.
Stocks in Cuba for the week ended July 12, including
sugars at plantations, ports and in transit, were 1,297,968
tons, against 863,540 for the same period last year. It
seems there are only two centrals grinding, against four at
this time last year. The total outturn of 179 centrals which
have finished grinding to date is placed at 3,963,020 tons,
against 3,484,533 tons last year. Receipts at Cuban ports
for the week were 32,201 tons, against 46,874 in the previous
week, 23,811 in the same week last year and 62,218 two
years ago; exports, 78,641 tons, against 96,321 in the previous week, 41,702 in the same week last year and 118,758
two years ago; stock, 692,254, against 738,694 in the previous week, 564,386 last year and 716,253 two years ago.
Of the exports, 45,491 went to United States Atlantic ports,
17,958 to New Orleans, 3,643 to Galveston, 7,246 to Savannah and 4,303 to Europe. Havana cabled:: "Heavy rain in
some parts of Cuba, while in other parts rain is wanted."
To-day futures showed little net change, but for the week
are 8 to 11 points lower. Some 500 tons of Cuba sold this
morning at equal to 3 5-I6c., though bids as a rule were not
above 33jc. A cut in refined brought one refiner's price
down to 63/i cents.
Friday Night, July 18 1924..
COFFEE on the spot was not at all freely offered. The
'demand was fair and with futures rapidly rising spot prices
were naturally strong. On the 15th inst. Bourbon 2s. were
here at 22.70e., 3s. at 20.30c.; 4s. at 20.15c. to 20.40; part
Bourbon 3-5s., 193'c.; 4-5s. at 19.10c.; Rio 7s. sold on Mon•day at 143 c. and the same shipper asked on Tuesday
4
153/2c.; Victoria 7-8s. offered at 15)jo. Rio 7s. were sold on
Monday and Tuesday at 14.75 to 14.90c.; but shippers now
ask 15.30 to 15.50e. To-day there was a fair spot demand
here. No. 7 Rio was quoted at 17 to 173/2c.; No. 4 Santos,
4
A
213/ to 213 3.; Medellin, 27c.; hard bean Bogota, 251 to
253 c.; Robustas, 180. on the spot, and 173'c. for early
A
delivery. Futures advanced 80 to 85 joints on the 14th
Inst. owing to the growing seriousness of the revolt in Brazil
and fears of a stoppage or delay in getting supplies from that
source. In any case temporary interruptions to coffee shipments from the Port of Santos are regarded as unavoidable.
The trade has been buying in hedges. A rise of Me. to lc.
occurred in coffee for prompt shipments from Santos over
the week end. The effect of the revolt in Brazil on coffee
prices in consuming countries, as supplies in sight would last
the trade only a month to six weeks,is the paramount factor.
Later came heavy profit-taking and some reaction. But on
Wednesday another advance took place, this time 30 to 40
points with free covering and buying for long account.
The public cable reported Rio that day 1575 reis higher,
exchange on London Xd. higher up at 5 9-32d. and the
dollar rate 280 reis lower at 10$330. Rio cabled via London:
"Santos banks open for exchange only, otherwise until
further notice there is a holiday in Santos until July 21."
A private cable stated that no more shipments would be
allowed from Santos unless notice of intention to ship had
been given before July 9th. Some steamship lines will not
allow their vessels to stop at Santos. Only one Santos house
cabled firm offers on Tuesday and these were withdrawn
later.
Consumption in the United States for the crop year
July 1 1923 to June 30 1924 reached the highest total on
record-10,758,080 bags as compared with 9,660,641 bags
for the preceding 12 months. As to Brazilian supplies, it
is worth while at this time to note that the visible supply
of Brazil coffee is up to 1,022,784 bags, iof which 648,600
bags are afloat as against a total a year ago of 645,119 bags.
Some contend that it is well for dealers to carry at least
normal supplies. Receipts of coffee at Rio for the first
10 days of July amounted to 99,000 bags. At Santos for
the same period they were 144,000 bags, a total of 243,000
bags. The deliveries of Brazil coffee for the first 10 days of
July were 157,087 bags against 157,062 in June and 107,459
bags in July a year ago. Apart from the revolt, it is pointed
out that the present Santos crop is likely to be under 6,000,000
bags. From Santos some advices are as follows: "From
information we have been able to gather in the interior this
year's crop will be a small one, and the farmers are discouraged with the low percentage on the picked coffee, much
lower than expected. This was confirmed to us to-day by
a farmer from Dourados, one of the best producing districts
in the State in special qualities. Also it appears from
that that the demand for selections in Santos outruns the
available supply. The insect plague it is also stated, is
spreading, though it has done no serious harm as yet."
To-day futures advanced, September reaching a new high.
The trade was buying. Europe was selling all months,
but other interests preferred the buying side. At one time
early in the day prices were up 25 to 63 points under the
stimulus of higher quotations in Rio. No firm offers were
reported. One import shipper is said to have named a
nominal price of 17.300. for Rio 7s. August shipment. Far
off months lagged behind July and September. Many believe that the Brazilian revolt will be short-lived. It is
said that one steamer has been named for clearance from
3.33
_ _3.3703.381March
Santos. Several more are expected by some to sail next Spot unoffIdal 35-16c 1September_ -3.33@3
3.21 @noln
July
.341May
3.27@nomIDecember
week. At least that is the talk here. Rio quoted July
to-day 875 reis lower, but September 325 higher. Exchange
LARD on the spot has been advancing with a fair deon London was 3-32d. higher at 5 15-32d. The dollar rate mand. Prime Western, 13.05c.; refined Continent, 13.50o.;
was 220 reis lower at 9$960. For the week futures show an South America, 13.75c.; Brazil, 14.75c. Futures have
been rising with the grain markets. Now and then there
advance here of 75 to 120 points.
15.30 March
1September
13.85 have been reactions for Liverpool has not always responded
Spot unofficial
17c
14.25 May
July
15.65 © nom1December
13.606110m to the American advance. And export demand, moreover,
SUGAR has latterly been quiet and more or less de- has not been up to expectations. Some stress was laid
/
pressed, with sales of Porto Rico on the basis of 385c. at one time on the fact that the cash demand in this country
c. & 1. Some 10,000 bags of Cuba loading sold at 3)4c. was only fair. On the 16th inst. Liverpool dropped Is. to
c. & f. Futures have acted rather tired. The United is. 9d. Oh the 17th inst. there was good buying by comKingdom bought Cuban raw at 17s. 6d. c.i.f., a rather mission houses, however. Shorts covered heavily. Prices
JULY 19 19241
THE CHRONICLE
advanced early about 50 points. Liverpool also moved
upward. The hog market was stronger. Cash trade was
better everywhere throughout the country, although no
large export business was reported. Ribs advanced 20 to
30 points and bellies 27 to 37c. The net rise in lard that
day was 37 to 45 points. To-day prices reacted with grain,
but the ending shows an advance for the week of 55 to 60
points.
345
that because of drought in the State this year hydro-electric
power companies will use 10,000,000 bbls. of fuel oil as compared with 3,000,000 bbls. in 1923, and that gas utilities will
increase their oil consumption over last year by 300,000
bbls. to 4,500,000 bbls. New York prices: Gasoline, cases,
cargo lots, U. S. Navy specifications, 28.15c.; bulk, per gal.,
14c.; export naphtha, cargo lots, 15.25c.; 64-65 deg., 17c.;
66 to 68 deg., 18.50c.; kerosene, cargo lots, cases, 16.90c.;
petroleum, tank wagon to store, 14c.; motor gasoline
(garages, steel bbls.),- 19c.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sot.
Mon.
Tues.
Wed. Thurs,
Fri.
cts_11.77
July delivery
12.00
11.90 12.00
12.45
12.60
$31.97
Pennsylvania
$.3 00[Bradford
$3 25 Illinois
September delivery--12.00
12.17
12.07
12.20
12.60
12.45
140
180 Corsicana,Igt 1 500200 Crichton
Corning
12.12
October delivery
12.30
12.22
12.32
12.70
12.57
1 60 Lima
1 35
(label
2 18 Plymouth
1 85 Indiana
1 98 Merle
1 500175
PORK quiet; mess, $26 to $27 nom.; family, $28; short Somerset, light
Princeton
Wyoming
1 97 Calif..35 & above_ 1 40
clears, $20 to $26. Beef dull; mess, $16 to $17; packet, Smackover,26 deg. 1 95 Canadian
1 75
2 53 Gulf Coastal
1 05 Bull-Bayou32-34.9 1 25
$17 to $18; family, $19 to $20; extra India mess, $31 to $32
Mid-Continent
-nom.; No. 1 canned corned beef, $2 35; No. 2, $4; 6 lbs., Oklahoma.Kansas and Texas
Under 28 Magnolia
39 and over •
$1 75
$D 90
$15; pickled tongues, $55 to $65 nom. Cut meats firm;
28-30.9
1 50
1 00
33-35.9 deg
31-32.9
30-32.9 below
1 20
pickled hams, 10 to 24 lbs., 143 to 1630.; pickled bellies,
1 10
%
4
33-35.9
1 35 Caddo
6 to 12 lbs., 11 to 113/20. Butter, creamery, lower grades
Below 32 deg
1 25
36 and above
1 50
to high scoring, 343/2 to 413 c. Cheese, flats, 20 to 26c.
Below 30 Humble
A
32-34.9
1 40
75
33-35.9
1 35
38 and above
1 60
Eggs, fresh gathered trade to extras, 23 to 32c.
36-38.9
1 50
39 and above
1 75
-Linseed early in the week was in
OILS.
better demand
and steady. Spot carlots, July-Aug., 96c. Late in the
week linseed advanced 4c. a gallon on the strength of flaxseed. Spot, July-Aug., carlots were quoted at $1, tanks
90c.;less than carlots,$1 03;less than 5 bbls.,$1 05. Cocoanut oil, Ceylon, bbls., 93 c. Corn, crude, tanks, mills,
%
103'2c.; edible, 100 lbs. 133c. Olive, $1 20@$1 25. Cod,
domestic, 59@60c.; Newfoundland, 61@62c. Lard, prime,
14c.; strained, NewYork, 123c. Spirits of turpentine,84d
88c. Rosin, $5 55@$7 65. Cottonseed oil sales to-day,
including switches, 24,200. P. Crude S. E., 1,025 nominal.
Prices closed as follows:
Sept
Spot
11.900
11.82011.841D
December _ _ _9.8809.92
12.00012.40 October.- _10.94010.95 January
July
9.8509.96
August __ _11.95012.10 November_10.10010.15 February_ -9.85010.00
PETROLEUM.
-Featuring the week has been the reductions in the price of gasoline. Demand for both domestic
and foreign account is light. Foreign consumers are not inclined to stock up for the present. Kerosene has been dull
and weak. Consumers are purchasing very sparingly.
Bunker oil has been quiet and somewhat easier. Leading
refiners, however, continue to quote $1 75 per barrel in bulk
.
at refinery. Gas oil of late has been in better demand, with
large export buyers more disposed to purchase ahead. At
the Gulf 26-28 was held at 43c. a gallon. The Standard
Oil Co. of New York early in the week reduced the price of
gasoline lc. a gallon to 19c. in steel barrels delivered to
garages. This reduction is effective in New York and New
England. And it is believed that further increases in stocks
on hand may cause further reductions later. Boston on the
15th inst. wired that the principal oil companies reduced the
price of gasoline from 1 to 23/2c. a gallon, making the retail
price from 21 to 21%c. Albany reported that the retail
price had dropped to 12e. a gallon, or a decrease of 10c. per
gallon in less than a week. Gasoline was reduced lc. a
gallon by the Standard Oil Co. of New Jersey throughout its
territory and 3c. by the Standard Oil Co. of Kentucky.
Kerosene was cut lc. a gallon in New Jersey, West Virginia,
Maryland, District of Columbia and North Carolina. The
Sinclair Crude Oil Purchasing Co. dropped the top grade of
Mid-Continent crude oil and posted a price of $2 a barrel
for all oil of 36 gravity and above. This is equal to a reduction of 25 cents a barrel on those grades. Late in the week
the Standard Oil Co. of Louisiana lowered the price of gasoline lc. a gallon throughout its territory. In Schenectady,
N. Y., on July 11, gasoline prices were reduced lc. to 17c.
a gallon retail. At Rochester, N. Y., to-day the gasoline
price war ended with 17c. a gallon for independent brand
and 21e. for standard. Tulsa, Okla., on July 11 wired that
rumors and predictions were general of a new crude price
reduction in the Mid-Cont nt field.
Late in the week the Praiz
& Gas Co. reduced MidContinent crude to 50e. per k,alrel. The Gulf Oil Co.
out the top grade Mid-Continent crude price 50c. and lower
grades 250., to meet the price schedules of the Sinclair and
Prairie companies. The Texas Co. and the Humble Oil
Co. met Prairie's reductions on Mid-Continent crudes and
both companies then reduced Power, Mexia and Currie
grades 25e. a barrel to $1 50. Grade "A" Gulf Coast was
cut 250. a barrel to $1 50 and Grade "B" 15c. to $1 30.
lhe Gulf Oil Co. promptly mat the reductiors ry Humile
and Texas oy• Powell, Mexia and Currie grades. The Ohio
Co. cut Wyoming crude'25c. a barrel, including Elk Basin,
Grass Creek light and other grades. Crude oil in Louisiana
and Arkansas fields will probably be reduced within a day
or two from 10 to 25e. a barrel to bring them in line with
revisions in Mid-Continent and other fields. The Sinclair
Co. followed with a reduction of lc. in its tank wagon price.
The filling station price in Chicago had been 19c., at which
figure it remains. It is expected that 'companies supplying
the east coast will follow with a reduction of lc. within the
next few days, bringing "gas" here to 21c. The Standard
Oil Co. of New Jersey reduced all grades of export naphtha
lc a gallon to-day.
Los Angeles Cal., reported the bringing in by the Shell Co.
of California Of a 4,000-bbl. gusher flowing 32.4 gravity oil,
free from water, from 4,152 feet. This well is in the new
Dominguez field, 10 miles sough of Los Angeles. H. W.
Brundige, State Railroad Commissioner for California, says
RUBBER was largely dominated by the trend of prices
in London. where there has been a good demand with prices
higher. The market there advanced to 12d. on the 16th
inst., which was the highest price reached since May 1,
when the downward movement began. Smoked ribbed
sheets here were quoted at 22%c. for spot and nearby.
The demand on this side of the water was only moderate
A
at best. Late in the week London declined to 113 d. and
prices here followed. Smoked ribbed sheets, spot July,
%
A
213 c.; August, 215c.; September, 213c.; October-December, 22c.; January-March, 223c.; thin clean, 213c.; specky,
First latex crepe, spot, 225 c.; July-August, 22%c.;
%
174c.
September, 223c.; October-December, 23c.; JanuaryMarch, 2334c. In London on July 17 spot July-September
8
was 11% to 11%d.; October-December, 12 to 123/d., and
%
%
January-March, 123 to 125 d., c.i.f. firm; August-September shipments from the East, ii %d.;September-October,
12d.; buyers c.i.f. New York. In Singapore prices were
firm with spot July 11%d.; July-September, 11%d.; OctoA
ber-December, 113 d.
-Country hides were offered more freely and
HIDES.
prices were tending downward. Nominal prices were 73/2
2
to 93/c. Common dry hides met with rather more inquiry.
Bog AA, 18c.; 'Orinoco, 15 Hc. River Plate hides were
steady, and stocks are said to be not very large. Some
4,000 Artiga frigorifico steers sold at 14%o. At Chicago on
July 15th big packer hides were firm with sales of July heavy
native steers reported at 133/2c., a rise of 93/Io. Packers
asked 111/20. for light native cows, 13c. for heavy Texas
and butt branded steers and 12c. for light Texas and Colorado steers; also an advance of Mc. Demand for common dry
hides has increased a little the past few days with prices
%
easier to all appearances. Central Americans sold at 143 c.
Of River Plate frigorifico hides sales were reported of 2,000
La Blanca cows and 2,000 Swift La Plata cows at $31, or
11%c. 0. & f. Chicago has been stronger of late; 5,000
July sold at 12c. for light native steers and 11%e. for light
native cows and 120. now asked. Country bides there were
10 to 11c.; choice buff weights, 9c.• ordinary 8c. All-weights
Iowa, etc., active at 8Mc. selected for lots running 10 to
15% grubs but largely short haired.
OCEAN FREIGHTS have recently shown no great
change, though tonnage was plentiful and the demand
none too good. Rio, it was stated, was for a time the
only active coal market. In sugar there was a moderate
activity in trade to the United Kingdom. The River
Plate lumber trade was still quiet. Time charters were
dull. Later tankers from Gulf to north of Hatteras were
quoted at 23c.; from Tampico to north of Hatteras, 26c.;
transatlantic at 22s. per ton and from west coast of United
Kingdom at 43s. per ton on dirty oil. Two steamships of
the Munson Line have canceled their regular calls at the
port of Santos partly because of the Sao Paulo rebellion,
it was announced to-day at the offices of the company at
67 Wall St. The Southern Cross which sails to-morrow
for South American ports will skip its stop at the coffee
port and go direct from Rio de Janiero to Buenos Aires.
Its schedule called for a visit to Santos on Aug. 2. The
Pan American northbound, which was scheduled to load
a cargo of coffee at Santos on July 21, has been ordered to
avoid the port and go from Montevideo direct to Rio.
CHARTERS included coal from Hampton Roads to Porto Female.
$2 SO; grain from Montreal to Greece. August loading, 3.s. 9d.; from Gulf
to Antwerp-Hamburg range, 14c. one port and 1436c. two ports, option
,
United Kingdom at I5c. one port, 15.10c. two ports August loading; coal
from Hampton Roads to Rio, September.$3 25; three months time charter.
1,195 ton steamer in West Indies trade. $I 65; grain from Gulf to Antwerp.
hamburg. 3s. 6d. August; coal from Hampton Roads to Rio, $3 15 August;
lumber from Gulf to Capetown, two ports, 152s. 8d;. oil from Gulf to
South Africa. one port, 25c.; two ports, 35c.: sugar from Cuba to United
Kingdon, 21s. 6d. two ports; coal from Hampton Roads to River Plate.
$3 25.
COAL has been quiet, plentiful and lower. Consumers'
stocks, it is supposed, will need replenishing shortly. Mines
are operating under 50%. Some are wondering what the
effect of this will be next fall when railroads, mills and
factories will want to stock up. Reserve supplies of dealers
and mines, it is predicted, will have fallen to a low stage.
TOBACCO has been quiet and irregular. Some grades
have weakened; others are rather steadier. It is said that
346
[VOL. 119.
THE CHRONICLE
the 1924 crop of burley tobacco will not be as large as that been sold up to July 1. In Utah and Nevada practically
of 1923, and hardly more than 85 to 90% of the 1922 crop. all of this season's clip has been disposed of. Considerable
That is the view of the directors of the Burley Tobacco activity was noticeable in the Casper section of Wyoming,
Growers' Co-operative Association of Louisville Ky., with other scattering sales at prices ranging from 32 to 36c.
reported at the regular monthly meeting of the 'board. Estimates of the quantity sold in that State range from 65
Counties reporting reductions in acreage of from 5 to 25% to 75% of the entire clip, with some being moved on consignwith a probable average shortage of 10 to 15% in the crop ment. The situation was unchanged in Washington, with
as compared with that of a year ago. Havana seed B is no sales reported during the last two weeks of June. Utah
nominally 22c.; binder, northern, 45 to 55c.; Southern, 25 and Nevada wools were practically cleaned up, but a fair
to 35c.; Havana seed fillers, 12c.; medium wrappers, 75c.; amount was still unsold in Montana, Idaho and Oregon.
dark, 50c.; seconds, 70c.; light, $1 to $1 25.
Approximately 1,000,000 lbs. were sold early in June at the
COPPER was in better demand and firmer. Early in the Condon and Shaniko pools in Oregon, but prices which ranged
week it was reported that little copper was available at from 32 to 38c. were not very satisfactory to growers. The
12%
80., and that most sellers were asking 12 2c. There majority of the Texas wools have been sold and the balance
was a good foreign inquiry. A feature of the foreign demand was selling slowly at 38-40c. per pound for short and 44 to
was the buying by Germany. That country took very little 46c. for long wools. One-half million pounds were held at
eopper in June. On the whole, there is more confidence in Sanderson. Small lots at San Angelo brought as high as
4
the copper trade. The Western Union Telegraph Co. 443 c. per pound."
In London on July 11, 9,124 bales were sold and the series
bought 4,000,000 lbs. on the 16th inst. supposedly at
123%c. delivered. The American Steel & Wire Co. was said of Colonial wool auctions closed on that date. There was a
to be inquiring for 1,000,000 to 2,000,000 lbs. on the 15th big holdover. Prices throughout the sale were much lower
inst. Surplus stocks of refined copper in producers' hands than in the last previous sales. The opening day brought
fell off 3,000,000 lbs. in June, production being 205,000,000, these reductions and the market failed to rally until the
and shipments 208,000,000. During the first six months of close on July 11. Compared with the sales six weeks ago
this year there has been a decline of 88,000,000 lbs. in sur- the prices averaged for the present series: In fine merinos
plus stocks, production being 1,302,000,000 lbs. and ship- par to 5% higher, this being the only instance of advance;
ments 1.390,000,000 lbs. Shipments have averaged 233,- in crossbred grades, 5 to 10% lower; in Capes greasy, 5% to
000,000 lbs. per month since the first of the year, which is a par off; in Puntas 5 to 10% lower. British trade bought
33,500 bales and the Continent 28,000 bales. The holdover
high record.
bales. Details
TIN advanced in sympathy with London. Spot, 463%c. was 33,500 Wales. 1,133 bales: of July 11 follow:
New South
scoured merinos, 30
Straits shipments for the first half of July were 3,280 tons 20 to 431.6c.; greasy merinos, 15 to 4034c.; crossbreds,to 6334c.; crossbred,
10 to 29c. Queensagainst 3,025 in the first half of June and 3,260 in the cor- land. 279 bales:scoured merinos,49 to 61c.; crossbreds,42 to 52c. Victoria.
1.272 bales: scoured merinos, 40 to 62c.: crossbreds, 25 to 47c.; greasy
responding period of May. Later on London declined and merinos, 17 to 39c.; crossbreds, 1034 to 2914c. West Australia. 503 bales.
greasy merinos, 17 to 37c.; crossbreds, 14 to 30c. New Zealand, 1,478
%
• prices here followed. Spot was quoted at 457 c.
bales: greasy merinos, 15 to 3034c.; crossbreds, 1411 to 2414c. Cape
LEAD continues steady at 7c. for New York and 6.70c. Colony. 1,071 bales:scoured merinos,40 to 56c.; greasy merinos. 12 to 31c.:
crossbreds. 9 to 2314c. Punta Arenas, 3.388 bales: greasy crossbreds, 11
for East St. Louis.
to 23c. The next series begins in September, it is stated.
• ZINC has been quiet but firm at 5.85c. East St. Louis
The Boston "Commercial Bulletin" will say Saturday
and 6.20c. to 6.25c. for New York. There was quite a little July 19:
business done for export and sales it was estimated, would
Tne strength of the previous two weeks in raw wool has developed to an
anywhere from
total more than 4,000 tons for the month,the average for even greater extent during the past week and prices areIt seems toward5 to
105' above the low point of three or four weeks ago.
the
July this year. Zinc ore was quoted at $39.
week-end that this initial buying movement has spent itself to a considerable
in all
STEEL has been for the most part quiet, though at lower extent, which would be no more than naturql, since the buying was of the
probability largely in the nature ofinsurance
prices sheets and bars have sold more readily; bars were mills in the coming light-weight season. Allagainst the requirements
told, however, the movement
has been
2.15 to 2.20c. in Chicago. Barbed wire fence dropped to of wool in the past two weeksto twenty much above a normal average in
volume, probably amounting
or twenty-five million pounds.
60; steel hoops to 2.60c. Cold-finished steel bars fell $2.
$3
The foreign markets are better this week, left-over wools in the primary
readily,
and woven wire fence $5. Hot rolled plates have fallen be- markets being soldpound. while Bradford has marked up tops in some ina penny a
low 2.75c. The Cleveland metal district is running at only stancesWest is being rapidly cleared of its wools, the new clip probably havThe
about 35%, a drop of 15% within a few weeks. Blue an- ing been 85% sold, with prices showing a hardening tendency.
nealed sheets declined $1, now being 2.70c. Cut nails have orAs for the goods markets,there is a better tone with little change in prices
the volume of repeat orders.
recently been reduced $2 per ton by the makers to $2 90 per
Mohair is rather quiet and barely steady in price.
100 lbs. on carload lots and $3 on less. The new mill
keg of
prices on sheets are 3.50 to 3.60c. on black and 4.65 to 4.75c.
COTTON.
on galvanized. Plates are now 1.80 to 1.90c., or a delinec
THE MOVEMENT OF THE CROP, as indicated by our
of $2 per ton. Scrap steel is firmer.
PIG IRON has been in better demand of late in Pitts- telegrams from the South to-night, is given below. For the
burgh, though quiet elsewhere. At Chicago the tone is week ending this evening the total receipts have reached
firmer at $19 50 to $20; Ironton, Ohio, prices have ad- 35,877 bales, against 21,177 bales last week and 21,783 bales
vanced 50c. In the East vices are said to be somewhat the previous week, making the total receipts since Aug. 1
steadier, superficially at least. But the business is so 1923 6,669,962 bales, against 5,698,347 bales for the same
small that a genuine test of prices is as yet hardly possible. period of 1922-23, showing an increase s'nce Aug. 1 1923 of
Bessemer pig has recently declined. Cleveland cut prices 971,615 bales.
of Lake ores in some oases, notably, it appears, however, by
Mon. Tues. Wed. Thurs. Fri.
Receipts atSat.
Total.
smaller companies. Inquiries for some 200,000 tons of
645 4,318 1,001 5,106 1.809 13,023
144
ore may shed more light on the que:tion of actual working Galveston
1,159
prices on business of that size. June saw 30 pig iron fur- Houston
Naw Orleans_..-- 1,109
473 1,907
247
169
703 4.608
naces blown out, but the output now seems about stationary. Mobile
120
264
187
618
76
263 1,528
736
'736
Possibly the decrease in output has culminated and the Pensacola
Jacksonville
7
7
next change may be in a rising direction. That remains Savannah
909
954
380
790
685 1,378 5,096
57
-163
121
210
___.
551
to be seen. Ferromanganese has dropped $2 E0 per ton, Charleston
Wilmington
10
selling at $105 at the seaboard. With Pittsburgh steadier, Norfolk
255 2,355.
2,411
540
358
551 6,470
New York150
market is a bit more hopeful. Eastern Pennsyl- Boston
the coke
756
756
vania quotations are $20 50 to $21 on ordinary small lots; Balthnore1.'778 1,778
5
5
Buffalo is $19 to $19 50. Some sales, it is intimated, have PhiladelphIa
recently been made for the fourth quarter at prices asked Tnts.15:14.1a Iconic A nma A man SI 921 A 092 5
non oc COO
at one time for early delivery, but some concerns seem
The following tab e shows the week's total receipts, the
none too eager to sell that far ahead, whatever others may do. total since Aug. 1 1923 and stocks
to-night compared with
WOOL has been quiet but firm. The latest London series last year.
of sales.closed after rather unsatisfactory results. Prices in
fact declined 5 to 10% compared with 6 weeks ago except in
1923-24.
Stock.
1922-23.
Receipts to
the single instance on fine merinos which were unchanged to
July 18.
This Since Aug This Since Aug
5% higher. The holdover was large. Some advance is
Week. 11923. Week. 11922.
1924.
1923.
reported at the West with rather more inquiry it is said. Galveston_ _ ___._ _ 13,023 2,837.930
28,668
38,724
1,654 2,331,550
Delaines, which have been offered at about 51c., are now Texas City
18.606
____
69,798
19
13
Houston
1,159 1,067,574
____ 723,413
held in some cases at 52c. to 53c. grease basis. Some fine Port Arthur, &c
• staple territory 12 months Texas wools sold at $1 25 per New Orleans
4,608 1,350,174 1,953 1,357.890
48,841
50,289
scoured pound. Noils have been more active with fine Gulfport
-Mobile
1.394
1,528
676
85,093
89,457
1
95c.; % stock 82c.; lower grades are firmer than recently. Pensacola
736
12,257
____
9,220
Ohio and Pennsylvania fleeces in Boston were quoted at Jacksonville
2,614
1.678
7
4,259___
9,156
Savannah
19,411
15,664
5,096 447,050 4,02
443,841
0
follows:
Brunswick
28,524
243
___
944
MIA
Helaine unwashed, 52 to 53c.; 14 blood combing, 50 to 51c.; 14 blood
Combing, 47 to 48c.; Yi blood combing, 43 to 44c. Michigan and New
York fleeces, delaine, unwashed, 47 to 48c.: 34 blood unwashed,47 to 48c.:
blood unwashed, 45 to 46c.; 11 blood unwashed, 43 to 44c. Wisconsin.
Missouri and average New England. % blood, 45 to 46c.; 34 blood, 43 to
44c.: 34 blood. 41 to 42c.; scoured, basis Texas fine, 12 months, $1 25 to
$1 27; fine, 8 months, $1 10 to $1. 12.
Washington wired:"Wool marketing in the Western range
States during the latter half of June developed little change
of interest, according to reports received by the United
States Department of Agriculture from its field representatives. About 75% to 80% of the clip is estimated to have
Charleston
Georgetown
Wilmington -- _
Norfolk
N'port News, &c..
New York
Boston
Baltimore
Phi adelphia
Tnt.01,,
551
10
6.470
150
756
1,778
5
.7
d05
134,925
13,832
22,716
134,191 2,399
425,093 2.667
19
17,786 •
81
44,491
012
30.476 1.410
1,318
----
106,373
283.119
2,045
32,922
11,5g3
30,630
9,541
76,398
20,200
4.942
43,288
4,464
907
3.431
65.590
5,386
857
3.956
ono
A ROA 2A7
OAR 057
951 1/14
192,701
2S 077 it CAO GRO
lc
In order that comparison may be made with other years,
we give below the totals at leading Porte for pix seasons:
JULY 19 1924.]
Receipts at-
1924.
THE CHRONICLE
347
tions problem. That is universally believed to be the key
log in the world jam. Pick that out and the world's raft
will move forward out of sluggish waters into active trade.
1,953
Little talk and much constructive statesmanship is what
1
4,020
merchants want the world over. Meantime hope for just
this requisite is growing.
551
305
801
67
10
2,399
2,760
As regards cotton, the world's cheapest clothing, its price
3
6,470
2.567
4,064
2,294
will be largely decided in the near future by the weather.
9
3,432
2,403
412
2,068
1,048
1,232 The weekly Government report said in effect that temperatures had been favorable, but that the eastern belt had been
Tot, this week
35,877
15,202
31,697
98.434
27.207 105,721
having too much rain; that it has been rainy there for three
Ainnw Alia 1
A AAQ 0A9 A AGA R47 a nnn n'72 A alA Cana 700 nnn gnarl AM7
weeks in succession. On the other hand, moisture is needed
The exports for the week ending this evening reach a total in the Western Gulf Section. Conditions were as a rule
of 49,752 bales, of which 15,505 were to Great Britain, favorable in the North Central and Northwestern portions
6,717 to France and 27,530 to other destinations. Below of the belt, but in Texas they were irregular; Oklahoma is
are the exports for the week and since Aug. 1 1923.
two weeks late; Louisiana went backward, being too dry;
Georgia has rank growth, shedding and grassy fields. Since
the report was issued the need of rain in parts of Texas has
Wax ending July 18 1924.
From Aug. 1 1923 to July 18 1924.
Exported to
been further emphasized.
Exported to
• Exports
from
Great
Stocks in consuming establishments on June 30 were only
Great
Britain
Other. I Total. Britain. France. Other.
950,625 bales, compared with 1,157,778 on May 31 and 1,347,Total.
Galveston._
2,285 4,751 542,798 314.678 1,196,7232.054,199 468 last year. Stocks in public storage at the end of June
Houston __1,159 353,733 188,454 519,5231,061.710 were 882,204, compared with 1,126,711 at
the end of May and
Texas City_
1,754
1,754
New Orleans 3,6
8,6251 15,450 300,063 89,271 535,066 924,400 1,227,184 at the end of June last year. Exports for June
Mobile _
_----13,770
1,050
7,172 21,992 were 230,979, compared with 326,357 in May and 214,851 for
Jacksonville
1,519
735
2,254 June last year. The suggestive
Pensacola _ _ ----fact about the supply figures
736
736
10,124
290
1,536
11,950
Savannah _ _ ----13,939 13,939 100,816
18,139 212,653 331,608 is that while domestic consumption fell off in June 63,000
Brunswick
50
50 bales, stocks in warehouses and mills
Charleston _
are 741,000 bales
75,538
300 81,167 157,005
Wilmington
8,30
9,600 77.150 95,050 lower than a year ago. World's consumption of American
Norfolk_
20
1001
300 98,648
4,97
115,758 219,381 cotton is estimated in some cases at about
N'port News
11,250.000 bales.
19
19
New York_
9,16
1,84 13,257 138,696 87,079 289.777 515,552
On Thursday July ran up 105 points, with ,a good demand
Boston ____
16
160
5,757
10,672
16,429 from mills, merchants and speculators and not much
Baltimore
offered.
106
2,965
3,071
Philadelphia
1,358
66
1,499
2,923 It reached 31.45c., which is the highest since the culmination
Los Angel
17,074
700
11,302 29,076 of last year's bull movement on Nov. 30, when July
San Fran'co
touched
77,986
77,986
Seattle
47,134
47,134 36.10c. and December 37.70c. Since then it has been down
San Diego
1,231
1.231 to as low as 28.65 towards the close of March. It rose to
Total _ _
27,530 49,752 1,671,335 717,58613,185,8535,574,774 30.50c. by June 2. Then it fell to 27.75c. by June 10. Since
then it has risen with only occasional setbacks. A while
Total'22-'23 7,68
2,89 28,373 38,958,1,286,536
Total 121-'22 35,321 9,09 51.018 95,43411,745,283 619,66712,645,424 4,551,627 back the premium on July over October got down to 205
759.0943.480,144 5,984,521
points, but latterly it has been much of the time around 500
NOTE.
-Exports o tianada.-It has never been our practice
above table exports of cotton to Canada, the reason being thatto include in the points. Some closely identified with the July trading have
virtually all the
cotton destined to the Dominion comes overland and it is impossible
to
concerning the same from week to week, while reports from the customs get returns been sellers of July against purchases of October. And on
districts on Wednesday
the Canadian border are always very slow in coming to hand. In
the July premium fell to 462 points, rallying the
view,
of the numerous inquiries we are receiving regarding the matter, we will however,
say that for next day, however, to 480. The 200-point restriction on flucthe month of June the exports to the Dominion the present season
have been 4.939 tuations in
bales. In the corresponding month of the preceding season the exports
July was suspended as usual on the 15th inst.
were 11,894
bales.
and will remain so until the 25th inst., when trading in that
For the eleven months ending June 30 1924 there were 146.415 bales
as against 193.438 bales for the corresponding eleven months in 1922-23. exported, month ceases. Contracts in general were scarce and there
In addition to above exports, our telegrams to-night also was a good demand for October and December. The new
give us the following amounts of cotton on shipboard, not crop advanced 80 to 90 points on the 17th inst., the latter on
March. The weather showed signs of clearing in the eastern
cleared, at the ports named.
belt and the forecast was favorable for that section of the
cotton country. But It remained hot and dry west of the
On Shipboard, Nol Cleared for
river. That was the sore point. Also, there was good buyGreat
GerOther Coax Leasing
ing by New Orleans, by Wall Street and also, it is underJuly 18 at
- Britain. France many. Csmt'nt. tctse.
Total.
Stock.
stood, by the West and local shorts. Many of the former
Galveston
2.200
700 1,900 3.000 2.000 9,800
28.924 shorts have covered and gone long. Dry goods showed more
I
New Orleans
1,929
1,055 2,784
368 6,137
44,152 life. Manchester
Savannah
reported a good demand for cloths and
8,000 1.000 9,000
6,664
Charleston
13,832 hardening prices for yarns. Railroad stocks were higher.
Mobile
600
600
794 Money remained cheap. Wheat and
Norfolk
100
corn advanced 2 to
100
32,822
Other ports *__
2,500
500 4.000
7.000
/
48,832 4%c. after a rise on the previous day of 31 2 to 5c. Worth
Street was more cheerful and prices of some goods were %
Total 1924.. 6,729
701
3,455 18,384 3,368 32.637
Total 192.3... 4,477 1,700 5.144 7,874 1.351 20,546 176,020 to %c. higher.
Total1922-- 8,120 4,980 12.910 38.570 2,906 67,486 220,608
459,645
On the other hand, the short interest has been much re* Estimated.
duced. The technical position is weaker. Very few believe
Speculation in cotton for future delivery has been more that any grave
damage has been done to the crop. Weevil
active at rising prices, I. e. 160 to 195 points on Wednesday complaints are
fewer than usual. It is true that the state
and Thursday, owing to hot dry weather in the Southwest of things in the
cotton belt is very much the same as it was
and recent prolonged rains in the Eastern belt, especially a year ago; that
the Atlantic belt. Over half of Texas it has been 100 to 107 and the eastern is to say, the western belt is hot and dry
belt of late, as already intimated, has been
degrees day after day and 100 to 106 over most of Oklahoma. wet. Yet
weevil damage has been for some reason or other
Cotton goods are in better demand. Trade in general is lighter
than usual. What it may be later on is another
expected to increase. The buying power of the West is matter.
Enough that to the present time it has done to all
much greater than early in the year. Wholesale trade is appearances
less timid. The recent big advance in wheat and corn-30 grasshopper no serious harm. Nor does it appear that fleas,
s or other insects have done much damage either
to 40 cents
-and an increase in the agricultural wealth of in the Southwest
or anywhere else. There is no real activthe West, it is estimated, of $1,000,000,000 in the last month ity in
by reason of the great rise in grain prices, are big factors in time. cotton goods. Most of the mills are running on short
There is no big bull speculation going on in cotton.
the business life of the nation. Its commercial, financial There is
and political effects at the West may easily be very great. average some tendency to increase crop estimates. The
of late
They may clip the wings of radicalism. It is a good object running from on three reports has been 12,414,000 bales,
12,273,000 •to 12,540.000 bales. The average
lesson to the farmer in the law of supply and demand. A from the
same sources at the end of June was 11,482,000
fear of deficient supplies at home and abroad and an expec- bales. The
tation of a good domestic and foreign demand have put up 69.4% at condition given in these reports is 71.7%, against
the end
grain prices in a remarkable fashion. It was not done by condition given of June. It will be remembered that the
by the Bureau then was 71.2%, with a crop
McNary-Haugen bills nor by any other paternalistic legisla- estimate
of
attempts in that direction. And this increased pros- usually a 12,144,000 bales. As is well known, there is
tion or
noticeable deterioration during July. That is,
perity in the West is exected to react favorably on the East, the 10
-year average condition for June 25 this year was
on New England, and also on the big manufacturing States 74.8% and for July 25 it
is 71.2, a drop
of the South. Already Worth Street is more cheerful; the should turn out that there has actually of 3.6 points. If it
been an increase in
Inquiry is greater and prices have risen. Fall River reports condition during July
the effect later on might easily be
more inquiry also, although the actual sales thus far are rather marked. Many are now inclined
to go
limited to small lots. What keen observers think of the awaiting the Government report on Monday, a little slow,
July 21, under
future may be inferred from the fact that mill shares at Fall the new arrangement for hi-monthly reports.
Meanwhile
Inquiry is greater and prices have risen. Fall River reports it is of interest to recall that the domestic
consumption in
textile shares rising. Some mills have resumed work here June was 350,277 bales, against 413,649 in May
and
and there on part or full time. Manchester is more active in June last year. Total for 11 months 5,341,440542,046
bales,
and stronger. The demand there is better from India coin- against 6,203,438 for the same period last season. The total
cident with favorable monsoon rains. Europe is grappling of linters for 11 months was 491,036,
against 000,176 in the
In grim earnest with the Dawes plan for settling the repara- same period last season.
Galveston____
Houston, dcc_
New Orleans..
Mobile
Savannah __ -Brunswick
'Charleston _ __
Wilmington...
Norfolk
N'port 11T.* &c.
All others_ _ _ _
13,023
1,159
4,608
1,528
5,096
1923.
1,554
1922.
14.748
1,211
10,278
524
2,443
446
351
217
1,067
1921.
34,860
19,742
12.240
2,424
19,466
1920.
8,913
98
10,762
512
3,510
1919.
29,599
2,819
22,806
2,843
28,317
8,000
1,753
2,026
6.326
[Vox,. 119.
THE CHRONICLE
348
To-day prices declined 60 to 67 points on most months
early in the day with reports of showers in Texas. There
were some rather favorable crop advices from Texas. Denials came that there had been any serious damage done in
that State by dry hot weather. There was a good deal of
selling, partly by spot houses. One of them was supposed
to have sold some 25,000 to 30,000 bales of January and
March, including some December. The South and Wall
Street as well as local Interests sold for a time. Later on
it was found by official reports that Texas was still dry
and hot, with temperatures over half of the State still 100
to 107 degrees, and the forecast promised nothing more than
showers in some parts of that State, which is believed to
need good rains now or very shortly. Prices thereupon rallied sharply. Oklahoma had temperatures of 100 to 106, in
spite of more general rains. There was rather too much rain
also in Georgia if not in Alabama and Mississippi, facts
which offset the rather favorable forecast for the eastern
belt. Meanwhile, too, the stock in New York was down to
19,140 bales. It is believed that it will be reduced sharply
next week. Some 8,000 bales, it was stated, will be shipped
to-day to Liverpool from this port. Believers in higher
prices stress the smallness of the supplies at home and
abroad. Contracts became scarce again in the later trading. Wall Street and the West covered heavily, partly on
stop orders. Spinners' takings and a decrease in the world's
visible supply for the week made a less favorable showing.
But back of this was the relative scarcity of cotton. A rise
in stocks assisted a rally which overcame very much of the
early decline. The drop in the grain markets was ignored as
something no more than natural after the great advance.
Fall River's sales of print cloth for the week were 60,000
pieces, the largest for a month or more. Worth Street was
more active. So was Manchester. July was firm, with a
premium of 500 points over October, and the New York stock
near the vanishing point. The net advance for the week is
178 points on July and 130 to 160 on other months. Spot
cotton wound up at 32.40c., a rise for the week of 175 points.
The following averages of the differences between grades,
as figured from the July 17 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on July 24.
1.95 on
Middling fair
Strict good middling
1 57 on
Good middling
1.24 on
80 on
Strict middling
1 43 off
Strictlow middling
3.25 off
Low middling_
4 73 off
"Strict good ordinary
6 15 off
*Good ordinary
Strict good mid."yellow" tinged_ .15 on
Good middling "yellow" tinged_ .35 off
Strict middling "yellow" tinged__ .85 off
*Middling "yellow- tinged
2 05 off
*Strict low mid."yellow" tinged _3.58 off
'Low middling "yellow" tinged...5.00 off
Good middling "yellow" stained_1.55 off
'Strict mid."yellow"stained. _ _2.18 off
3.08 off
*Middling "yellow" stained
*Good middling "blue" stalned_l 35 off
*Strict middling "blue" stained..1.83 oil
*Middling "blue" stained
2.75 off
Good middling spotted
.36 on
Strict middling spotted
.18 off
1.18 off
Middling spotted
'Strict low middling spotted
2 63 off
'Low middling spotted
4 03 off
Good mid light yellow stained
93 off
'Strict mid light yellow stained 1 53 off
'Middling light yellow stained-2.33 off
Good middling "gray"
.40 oft
*Strict middling -gray"
.91 off
"Middling "gray"
1.51 off
• These grades are not deliverable
Option for
Range for Week.
July 1924._ 29.62 July
Aug. 1924._ 26.12 July
Sept. 1924._ 25.10 July
Oct. 1924._ 24.73 July
Nov. 1924._ 24.35 July
Dec. 1924._ 24.10 July
Jan, 1925._ 23.98 July
Feb. 1925.
Mar. 1925._ 24.23 July
April 1925
May 1925_ 24.33 July
12 31.45
12 27.50
12 26.77
12 26.60
12 24.35
12 25.80
12 25.69
Range Since Beginning of Option.
July
July
July
July
July
July
July
1722.05
18 25.25
17 24.20
17 23.45
12 23.84
17 23.11
17 22.98
23.85
12 25.90 July 17 23.17
Aug. 4 1923136.50
Mar, 27 1924 34.50
Mar. 28 1924 31.00
Mar. 27 1924 30.00
Mar. 27 1924 28.60
July 7 1924128.40
July 7 1924 27.85
Apr, 8 1924 23.85
July 7 1924 26.65
16 25.60 July 18 23.30 July
Nov. 30.1923
Nov.30 1923
Nov.30 1923
Nov.30 1923
Dec. 1 1923
Jan. 2 1924
Feb. 4 1924
Apr. 8 1924
June 2 1924
7 1924 25.95 June 3 1924
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1921.
July 181923.
1922.
1924.
Stock at Liverpool
bales_ 418,000 422,000 854,000 1,099,000
2,000
1,000
1,000
Stock at London
66.000
89,000
42,000
Stock at Manchester
49.000
Total Great Britain
648,000 465,000 920,000 1,190,000
33,000
26,000
12,000
20,000
Stock at Hamburg
42,000 182,000 216,000
Stock at Bremen
122,000
45,000 154,000 139,000
Stock at Havre
79,000
11,000
9,000
Stock at Rotterdam
14.000
4,000
67,000
94,000
Stock at Barcelona
83,000
75,000
16,000
33,000
18,000
10,000
Stock at Genoa
39,000
15,000
8,000
Stock at Ghent
4,000
1.000
Stock at Antwerp
3.000
1,000
Total Continental stocks
333,000 214,000 470,000 558,000
Total European stocks
801,000 679,000 1,390,000 1,748,000
India cotton afloat for Europe._ _
83,000
99,000 123,000
37,000
American cotton afloat for Europe 153,000 107,000 262,000 351,263
70,009
40,000
Egypt,Brazil,&c.,afloatforEurope 90,000
55,000
Stock in Alexandria. Egypt
67,000 151,000 227,000 268,000
Stock In Bombay. India
704,000 541,000 1,013,000 1,189,000
Stock in U. S. ports
208,657 241,154 527,131 1,447.254
Stock in U. S. Interior towns_ 225,799 293,590 433,178 1,157,547
10,263
U. S. exports to-day
19,814
100
Total visible supply
2,348,556 2,190,744 4,025,123 6,248,327
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
bales_ 145,000 145,000 494,000 697,000
72,000
45,000
Manchester stock
38,000
23,000
Continental stock
231,000
121.000 386,000 472,000
American afloat for Europe
153,000 107,000 262,000 351,263
U. S. ports stocks
208.657 241,154 527,131 1,447,254
U. S. interior stocks
225,799 293,590 433,178 1,157,547
10.263
U. S. exports to-day
19,814
100
Total American
1 001,556 930,744 2,167,123 4,207,327
East Indian, Brazil,
Liverpool stock
273,000 277,000 360,000 402,000
2,000
London stock
1,000
1,000
17,000
Manchester stock
21,000
11,000
19,000
86,000
84,000
Continental stock
102,000
93,000
37,000
India afloat for Europe
83,000
99,000 123,000
40,000
70,000
Egypt, Brazil, .Itc.. afloat
55,000
90,000
Stock in Alexandria, Egypt
67,000
151,000 227,000 268,000
Stock in Bombay, India
704,000 541.000 1,013,000 1.189.000
Total East India, &c
1,347,000 1.260,000 1,858,000 2,011.000
Total American
1.001,556 930.744 2,167.123 4,207.327
Total vIsible PR Y
2,348 556 2,190.744 4,025 123 6,248,327
8.2Sd.
13. Od.
Middling uplands, Liverpool- 16.73d.
15.49d.
12.75c.
22.100.
Middling uplands, New York
27.25c.
32.40c.
18.00d.
22.00d.
Egypt,good Sakel. Liverpool-- - 24.90d.
16.85d.
10.50d.
14.50d.
18.75d.
Peruvian, rough good, Liverpool_ 24.00d.
8.15d.
11.80d.
12.70d.
13.20d.
Broach, fine, Liverpool
8.65d.
12.70d.
16.656.
Tinnevelly, good, Liverpool
14.356.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Continental imports for past week have been 57,000 bales.
The above figures for 1924 show a decrease from last week
of 80.732 bales, an increase of 157,812 from 1923, a decline of
1,676,567 bales from 1922, and a falling off of 3,899,771
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on bales from 1921.
July 18 for each of the past 32 years have been as follows:
AT THE INTERIOR TOWNS the movement
-that is,
10.00c. the receipts for the week and since Aug. 1, the shipments for
13.10c, 1908
1924
32.40c. 1916
11.00c. 1900
9.40c, 1907
27.35c, 1915
6.19c.
1923
12.95c. 1899
13.25c. 1906
22.20c. 1914
6.190. the week and the stocks to-night, and the same items for the
1922
11.00c. 1898
12.40c. 1905
12.70c. 1913
1921
8.000. corresponding periods of the previous year-is set out in
11.000. 1897
12.60c. 1904
42.25c. 1912
7.12c,
1920
11.00c. 1896
14.00c. 1903
36.30c. 1911
7.00c. detail below:
1919
12.50c, 1895
July 12 to July 18Middling upland
11 18
,
1917
34.10c. 1910
27.25c. 1909
Sat. Mon. Tues. Wed. Thurs. Fri.
30.95 31.30 31.05 31.45 32.35 32.40
16.45c. '902
12.65c. 1901
9.38c. 1894
8.50c. 1893
7.12c.
8.19c.
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
July 12.
Monday,
July 14.
Tuesday, Wednesday, Thursday,
July 15.
July 16.
July 17.
Morement to July 18 1924.
Towns.
Ship- 1Backs
merits. July
Week. Season. Week. 18.
Receipts.
17
906
Ala.,Birming'm
20 35,171
9,394
100 2,000
Eufaula
386 5,755
Montgomery
250 53,523
67 1,668
July
Selma
32 34,223
56
345
Range _ 29.62-29.98 29.90-30.47 29.95 30.48 29.95-30.60 30.50-31.45 30.80-31.43 Ark., Helena_
4
15,148
44 112,953
293 5,039
Little Rock
Closing 29.94-29.98 30.28-30.30 30.03-30.04 30.40-30.50 31.35-31.38 31.40 -AugustPine Blatt_ _ _
____
81,341
109 9,397
___ •2,081
---- 1,897
Range- 26.12-26.12- - -- - - 28.50-26.52 27.13-27.13 27.05-27.50 Ga., Albany_
Athens
Closing 26.60 -- 26.60 -26.45 -27.00 -27.4722 45,616
621 5,932
27.25 - Atlanta
Sept.
999 163,040 2,159 6,821
Range. 25.10-25.10------25.45-25.46 26.49-26.77 26.25-26.49
Augusta
1,083 200,932 3,245 9,273
26.10Closing 25.60Columbus_ _ _
25.60 -- 25.3522 78,633
506 5,987
26.60 - 26.86October
Macon
148 32,953
307 2,490
Range .24.73-25.42 25.10-25.63 24.95-25.55 24.98-25.95 25.83-26.60 25.90-26.50
Rome
30,136
____ 3,346
Closing. 25.26-25.29 25.32-25.34 25.04-25.07 25.78-25.80 26.55-26.60 26.38-26.41 La. Shreveport
_ __ 114,000
400 7,000
-Nov.
Mise.,Columbus
____
20,025___
259
Clarksdale
1,378 81,014 2,120 5,696
Range.. 24.35-24.35-----------24.85 -24.50 -25.15 -26.05Greenwood..
20 98,785
25.80 ---367 13,521
Closing. 2..80Meridian....
23 31,399
Dec.
240 5,291
Natchez
____
31,397
____ 1,738
Range.- 24.10-24.80 24.32-24.95 24.14-24.83 24.15-25,1025.00-25.80 25.05-25.59
Vicksburg_. _
Closing 24.57-24.58 24.58 24.60 4.24-24.25 24.90-24.95 25.77-25.80 25.50-25.55
2 17,190
54 1,036
Yazoo City
January
12 19,353
249 3,606
Range _ _ 23.98-24.80 24.15-24.80 4.05-24.55 24.02-24.90 24.90-25.69 24.96-25.48 Mo., St. Louis_ 4,023 587,441 4,349 3,641
Closing. 24.47-24.48 24.38-24.40 4.11 -- 24.85-24.86 25.67-25.69 5.40-25.44 N.C.,Gr'nsboro
101 63,808
577 4,632
February
Raleigh
14,349
100 1,428
- -- - Okla., Altus__ _
Range _ _ - - - - -- ___ _ 119,366 2,389 9,675
Closing. 24.55 -24.52 --24.20 -24.92 -25.78- 5.55 -Chickasha_ _ _
3 98,829 1,3771 1,776
March
Oklahoma
_
62,282 3,0711 3,169
Range _ _ 21.23-24.85 24.45-24.97 4.30-24.90 24.30-25.17 25.10-25.90 5.20-26.79 3.C.,Greenville 1,111115 162,334 2,000 10,193
Closing. 24.64-24.67 24.67 -- 24.30 -- 25.00-25.0425.89-25.90 5.79 -Greenwood
____
10,752___ 10,291
A yrilTenn.,Memphis 2,018 922,072 2,841 33,913
Range _ _
Nashville._ _ _
___.
____
208
244
Closing. 24.70 -24.87 -24.38 -25.05 -25.93- 5.83 -- Texas. Abilene_
____
63,534
208
_ __
May
Brenham_ _
22 28,713
621
-22
Austin
Range _ _ 24.43-21.90 21.60-25.00 24.37-24.92 24.33-25.05 25.23-25.51 5.35-25.60
____I
81
,
-25.09 -- 25.97 Closing. 24.76 --- 24.75 -24.42
- 5.88 Dallas
8 127,481
217 1,769
June
Houston. _ _ 12.4753,475,108 13,623 44,066
.
18
Paris
Range _ _ - - -- - -- - -- - - - _ _
77,238
_ _ __ II
-- - - - - - -- - -Closing.'
San Antonio.
10 49,426
105
418
Fort Worth
133 93,352
505
165
Fridate.
July 18.
Range of future prices at New York for week ending
July 18 1924 and since trading began on each option.
Movement to July 20 1923.
Receipts.
Week. Season.
21
41,290
100
9,337
38 61,040
3 64,319
.:__
34,569
236 171,206
17 133,245
____
6,255
24 45,874
468 274,863
981 297,460
172 125,976
13 56,952
225 48,728
_ _ __
74,100
__ __
24,786
163 129,243
37 106,800
37 34,553
____
32,476
23,139
___
27 28,156
2,803 718,414
766 107,646
32 11,497
-___ 102,729
81,389
____
9 78,657
142 173,431
8,100
___
3,866 1,108,555
291
- . 45 707
___.
18,498
-1
___
35,591
7. 85,896
8922,678,905
____
71,639
41,188
--__
64,254
-___
Ship- Stocks
meats, July
Week. 20.
1,893
____
29
32
726
518
670
75
907
2,369
1,447
741
202
300
____
_ _
1,273
501
100
____
290
84
3,496
1,738
50
76
3
866
3,643
___
5,204
13
---,
3
____
92
2,584
---1
98
1,144
729
6,906
1,117
7,279
13,968
23,982
2,000
12,634
13,579
17,916
4,089
6,961
5,183
200
644
17,774
17,173
1,000
2,830
2,875
7,993
6,214
12,379
129
969
225
623
14,099
6,100
57,875
10
186
3,886
308
1,642
20,485
37
29
308
Potal. 40 towns 23.852 7_282_437 42
.445225.799 11.1357.246.844 30.024293,590
THE CHRONICLE
JULY 19 1924.]
The above total shows that the interior stocks have decreased during the week 18,013 bales and are to-night
67,791 bales less than at the same time last year. The
receipts at all towns have been 12,717 bales more than the
same week last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closed.
SALES.
Futures
Market
Closed.
Spot. • Contet. Total.
Saturday_ _- Steady, 30 pts. adv_ Very steady
Monday --- Steady. 35 pts. adv.. Steady
Tuesday --- Quiet. 25 pts. dec_ _ Steady
Wednesday- Steady, 40 pts. adv.. Barely steady...
Thursday __ Steady, 90 pts. adv_ Very steady--Friday
Steady, 5 pts. adv_ Steady
200
200
400
300
402
102
Total_ ---
200
100
2
800
902
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1923-24- -1923-24Since
July18-Si/us
Week. Aug. 1.
-Week.Aug. 1.
Shipped
3,496 709,437
4,349 593,533
Via St. Louis
1.920 242.028
600 201,620
Via Mounds
7,926
21,249
Via Rock Island
56,882
298
27,007
189
Via Louisville
4,807 186,736
4,847 213,090
Via Virginia points
6,532 488,327
6.210 480.977
Via other routes, &c
17,053 1,691,336
16,195 1.537,476
Total gross overland
Deduct Shipments
2,403 111,501
93,962
Overland to N. Y., Boston, &c.-- 2,689
28,819
487
28,627
501
Between interior towns
1,099 477.777
1,598 627.116
Inland, &c.,from South
4,788
Total to be deducted
Leaving total net overland •
749,705
11,407
787.771
3.989
618,097
13.064 1,073,239
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 11,407 bales, against 13,064 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 285,468
bales.
349
autumn. The crop is reported as being from 3 to 4 weeks late,and inasmuch
as cotton this year is being grow-n rather extensively in several of the
Panhandle counties, the frost date will bear an unusually great factor.
A planted cotton area of 8,692.000 acres is estimated-the largest over
planted in Oklahoma. This compared with a planted acreage last year of
3.357,000 acres. The increase this year over last for the entire State ran
about 10%.
The cotton crop in its beginning encountered many difficulties in obtaining its starting growth. Much replanting was necessary in practically all
sections-some replanting as high as four times. Excessive rainfall resulting
In wash-outs, and the rotting of seed was a factor that proved serious.
Following the rainy spell, high winds in the west and southwest and along
districts
the Red River line unearthed a good portion of the crop in theseago were
and made it necessary to replant. In sum, conditions one month however.
very unsatisfactory and discouraging. The past three weeks, present
have proved, with possibly one exception, the silver lining of the
crep thus far. Light rainfall over most sections has provided sufficient
moisture and temperatures have surely been ideal for cotton growth. The
one exception blighting the present favorable conditions for the crop is the
grasshopper menace, which is proving serious in some districts, especially
the southwest. The grasshoppers have for the most part emerged from
the fresh cut wheat and alfalfa fields and immediately turned their ravages
on the cotton and sorghum crops. To what extent their damage has been
has not been determined and will all depend on the immediate eradication
Rtheepopest.
for the Department estimate the average condition of the
of
crop on June 25 to be 71% of normal, or a considerable improvement over
the condition a month ago. A condition of this figure indicates a probable
final yield of 138 pounds of lint per acre, providing conditions remain
average throughout the season. Last year at this time the condition of
the Oklahoma crop was 64% of normal.
The Department realizes that conditions following July 1 must prove
very favorable to produce one million bales of cotton in Oklahoma. and
desires to impress upon the public that this forecast is based on the growing
condition of the crop at present and may easily be influenced this way or
that by insect damage, weather conditions, &c., proving more or less
favorable.
The increase in acreage and the condition, by districts, follow (100
representing last year's acreage):
Condition.
Acreage.
59%
170%
Northwest
69
130
West
71
Ill
Southwest
73
120
North Central
67
115
Central
74
107
South Central
77
133
North East
72
105
East Central
72
103
Southeast
C. D. CARTER. State Statistician
-POINT COTTON
NEW ORLEANS ABROGATES 200
-According to news disRULE ON JULY CONTRACTS.
patches from New Orleans on July 15, the directors of the
New Orleans Cotton Exchange voted on that day to abrogate
the 200-point daily fluctuation limit on July, 1924, contracts,
effective immediately.
-The
CROP CONDITIONS- IN NORTH CAROLINA.
Department of Agriculture of North Carolina issued on
July 16 its semi-monthly farm notes for that State covering
the period July 1 t:5. The report in part follows:
The ground hog must have come out a second time early in June, resulting
special
in all of this rainy weather. According to over 100excessivecrop notes
rainfall is
reports received, covering the first half of July, the
Western counties have had least unfavorable
general all over the State.
conditions. The soil is wet. resulting in grassy crops and general inabiltiy
to carry on cultivation. Hand labor by hoe work has been much more
than usual and very expensive. The farmers are justly greatly discouraged.
Cotton plants are shedding squares, at the same time putting on very
few. Occasional hail damage was noted. The poorest conditions are
130,266 11,124,586 reported from the eastern Coastal Belt as well as the southern Piedmont
*55,747 counties. Disease is noticed in several areas. Some optimistic reporters
*18,889
state that the crop is late but improving. This occurs primarily in the
188,739 northern Piedmont counties and some central Coastal districts. Grassiness
Is the principal cry, as well as small plants. Very few squares, as well
111.377
as weevils, are prominently reported.
11,25 ,578
-1922-23
-1923-24
Since
In Sight and Spinners'
Since
Week. Aug. 1.
Takings.
Week. Aug. 1.
35,877 6,669.962
15.202 5,698,347
Receipts at ports to July 18
11,407
13,064 1.073,239
787,771
Net overland to July 18
Southern consumption to July 18.. 60,000 4.091,000 102,000 4,353,000
107,284 11,548,733
Total marketed
*18,013
*43.484
Interior stocks in excess
Excess of Southern mill takings
_
*39.324
over consumption to July 1_
Came into sight during week__ _ 89,271
11,465,925
Total in sight July 18
Nor,spinners' takings to July 18_ - 16,351
1.815,342
17,883
2,350,447
•Decrease.
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
C osing Quotations for Middling Cotton on
IVe k ending
so.
°UAW-1HW. aronuay. .1 uesaay. irea any.!Mir= y
29.53
Galveston
New Orleans....., 30.10
28.00
Mobile
Savannah
28.75
Norfolk
29.00
Baltimore
Augusta
28.38
Memphis
29.00
Houston
28.50
Little Rock...,_ 28.75
Dallas
Fort Worth__ _ _ ____
29.25
29.25
28.00
28.59
29.25
29.50
28.50
29.00
.28.30
28.75
28.35
28.25
29.00
28.60
27.75
28.55
29.00
29.25
28.06
29.00
28.10
28.75
28.05
28.00
29.25
28.90
27.75
29.30
29.50
29.00
-_-_
29.00
28.60
29.25
28.80
28.50
29.60
29.50
27.75
29.80
30.38
29.50
29.94
29.50
29.30
29.25
29.60
29.10
marry.
29.50
29.50
27.75
29.65
30.38
30.00
28.88
29.50
29.00
29.25
29.15
29.10
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
-Reports to
WEATHER REPORTS BY TELEGRAPH.
by telegraph from the South this evening indicate that
US
in some of the eastern sections of the cotton belt there has
been somewhat too much rain. In other sections of the belt,
however, rainfall has been scattered, and as a rule precipitation has been light. Temperatures have been generally
favorable for cotton, and in most instances the crop has made
fair progress.
-Cotton as a rule has made good proGalveston Texas.
gress. Early planted cotton is fruiting well. The crop,
however, is still backward, and the stage of advancement is
irregular in all sections. Insect damage as a whole has been
slight. General rain is needed by cotton and other vegetation.
Mobile, Ala.-There have been heavy scattered showers
which up to now have not been harmful, but continuation
of same would do much damage. Plants are heavily fruited
and bolls are of a fairly large size. Plenty blooms are
noticeable.
-Cotton has made excellent progress.
Charlotte, N. C.
Galvbston, Texas
Abilene
Brenham
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
Brownsville
July 12.
July 15.
July 14.
July 16.
July 18.
Adz 17.
Corpus Christi
27.7528.6227.02-27.10 27.40-27.50 28.65 bid 27.91-28.00 Dallas
July
24.46-24.50 24.47-24.50 24.15-24.17 24.96-25.00 25.72-25.75 25.48-25.50 Henrietta
October
December. 24.33-24.35 24.30-21.33 23.97-23.99 21.77-24.80 25.53-25.65 25.28-25.30 Kerrville
23.95 bld 24.71 bid 25.46 25.20 bid Larnpa.sas
January _ 24.34-24.35 24.30March_ _ 24.38-24.40 24.35 bid 24.02 bid 24.75-24.80 25.50 bid 25.26 bid Longview
24.48-24.50 24.45 -24.11 bid 24.82 bid 25.57 bid 25.33 bid Luling
May
Nacogdoches
Tone
Quiet
Quiet
Steady
Palestine
Steady
Steady
Steady
spot
Steady Verysteadv Stondv
Steady
Paris
Steady
Options_ - Steady
San Antonio
-The Oklahoma Taylor
OKLAHOMA COTTON REPORT.
Weatherford
of Agriculture at Oklahoma City, Oklahoma, Ardmore, Okla
State Board
1 its cotton crop report for the State of Altus
issued on July
Muskogee
Oklahoma as of July 1. The report follows:
Oklahoma City
A production of 1,010.992 bales of cotton of 500 pounds gross weight Brinkley, Ark
Is forecast for Oklahoma by the Division of Agricultural Statistics of the Eldorado
State Board of Agriculture in completing their first official survey of cotton Little Rock
for the 1924 season. The final out-turn may of course be larger or smaller Pine Bluff
than this amount, according as conditions developing during the remainder Alexandria, La
of the season prove more or less favorable to the crop than the average. Amite
Last year the production was 655,000 bales. in 1922 627,000 bales and in New Orleans
Shreveport
1921 481,000 bales.
The final results of this year's crop will rest between growing conditions nkolona. Miss
(luring the remainder of the season and the date of the first killing frost in Columbus
Thermometer
Rain. Rainfall.
high 88 low 80 mean 84
dry
high 104 low 76 mean 90
dry
high 96 low 73 mean 85
dry
3 days 0.08 in. high 92 low 76 mean 84
high 92 low 76 mean 84
dry
1 day 0.26 in. high 99 low 74 mean 87
high 105 low 72 mean 89
dry
high 94 low 67 mean 81
dry
high 100 low 73 mean 87
dry
high 100 low 72 mean 86
dry
high 100 low 73 mean 87
dry
high 103 low 70 mean 87
dry
high 94 low 74 mean 84
dry
1 day 0.57 in. high 104 low 74 mean 89
high 94 low 74 mean 84
dry
low 74
dry
1 day 0.33 in. high 99 low 71 mean 85
high 103 low 71 mean 87
dry
2 days 0.30 in. high 106 low 69 mean 88
2 days 0.84 in. high 100 low 71 mean 86
1 day 0.93 in. high 99 low 72 mean 86
1 day 0.21 in. high 98 low 67 mean 8.3
high 102 low 70 mean 86
.
dry
3 days 0.90 In. high 95 low 72 mean 82
1.25 in. high 104 low 71 mean 88
1 day
1 day 0.57 in. high 101 low 73 mean 87
2 days 0.13 in. high 97 low 69 mean 83
mean 85
4 days 0.33 in.
high 102 low 75 mean 88.
dry
3 days 2.11 in. high 98 1ow[69 mean 84
1 day 0.38 in. high 99 low 71 mean 85
350
THE CHRONICLE
[VOL. 119.
Rain. Rainfall.
1 day 2.00 in.
1 day 0.01 in.
5 days. 2.78 in.
4 days 0.61 in.
5 days 5.32 in.
4 days 2.17 in.
6 days 0.87 in.
4 days 0.88 in.
3 days 1.19 in.
2 days 1.05 in.
3 days 0.31 in.
4 days 2.31 in.
2 days 1.49 in.
3 days 0.96 in.
4 days 0.54 in.
5 days 1.63 in.
2 days 0.22 in.
4 days 1.19 in.
3 days 1.28 in.
1 day 0.05 in.
Thermometer
INDIA COTTON MOVEMENT FROM ALL PORTS.
high 101 low 72 mean 87
high 97 low 71 mean 84 The receipts of India cotton at Bombay and the
shipments
high 95 low 71 mean 83 from all India
ports for the week and for the season from
high 95 low 69 mean 82
high 93 low 71 mean 82 Aug. 1, as cabled, for three years, have been as follows:
high 96 low 69 mean 83
high 89 low 69 mean 79
1923-24.
high 92 low 70 mean 81
1922-23:
1921-22.
July 17.
high 96 low 70 mean 83
Receipts at
high 96 low 68 mean 82
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
high 94 low 69 mean 82
high 96 low 69 mean 83
Bombay
13.0003.301.060 17,000 3,648,000 50,900 3,417.000
high 95 low 73 mean 84
,
high 89 low 68 mean 79
low 68
For the Week.
Since August 1.
high 94 low 68 mean 81
Exports.
high 92 low 67 mean 79
Great 'Conti- i.hipan&
Great
Conti- Japan kj
high 92 low 69 mean 82
Britain. nest. China.' Total. Br
Britain. new.
China.
Total
high 94 low 66 mean 80
Bombay-high 92 low 70 mean 81
1923-24_ 1,000 5,0001 11,000 17,000 153,000 940,000
The following statement we have also received by tele1 1,531,000 ,624.000
1922-23,
5,000 16,000 12,000 33,000
graph, showing the height of rivers at the points named at
1921-22, 7,000 7,000 87,000101,000 136,000 841,5002.095,50012,573,000
44,000 523,0001,820,0
,387,000
Other India
8 a. m. of the dates given:
1923-24._
5,000
5,000 129,000 510,000
July 18 1924 July 20 1923.
639,000'
1922-23_
9,000
9,000 83,000 290,550
Feet.
373,550
Feet.
1921-22_
New Orleans
1,000
1,000 12,000 218,000 18.0001 248,000
Above zero of gauge_
9.6
7.7
Memphis
Above zero of gauge_
18.5
14.2
Total all
Nashville
Above zero of gauge_
11.6
9.6
1923-24_ _ 1,000 10,000 11,000 22,000
Shreveport
Above zero of gauge_
7.3
8.6
1922-23_ 5,000 25,000 12,000 42,000 282,0001,450,0001,531,0003,263,000
Vicksburg
Above zero of gauge_
932,0502,0
32.4
24.6
1921-22__ 7,000 8.000 87,000 102,000 219,000 741,0001,895,5003,246.550
38,0002,635,000
56,000
(greenwood
Vicksburg
Mobile. Ala
Decattrr
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston,Bo..Caro
Greenwood
Columbia
Conway
Charlotte, /sits. Caro
Newborn
Weldon
Memphis
-
RECEIPTS FROM THE PLANTATIONS.
-The followiag table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
4,000 bales. Exports from all India ports record a decrease
of 20,000 bales during the week, and since Aug. I show an
increase of 16,450 bales.
MANCHESTER MARKET.
-Our
cable to-night from Manchester states report received by
that the market in
yarns is quiet and in cloths steady. Demand for
India
good. We give prices to-day below and leave those is
for
previous weeks of this and last year for comparison:
COO@ 60000
SQ60 066010
Week I Receipts at Ports.
&ocks at Interior Towns. Ifiecelptsfrom Plantations
endinol
1923-24.1922-23,1921-22 1923-24 1922-23 1921-22 1923-241922-231921-2
2
April
25.. 58.548 35.743 86,76 486.199 604.340 1,008.857 28,821
10.436 52,528
1923-24.
May
1922-23.
2_ _ 64,783 28,589 94,458 443.328 572,66 965.883 21.912
51.484
8M lbs. Shirt- Cot'n
9._ 44.272 35.332 124.013 420.213 540.812 898.218 21,157
854 lbs. Shirt- Cot',,
5.420 56,348
325 Cop
tugs. Common Mid.
16__ 52,395 26,647 106,558 392.300 508.435 838.360 24,482
32s Cop
tugs, Common Mid.
47.588
Twist.
to Finest.
UpTs
23_ 50,868 36,894 109,273 372,553 471.972 782,196 31,121 1.983 53.109
Twist.
to Finest.
Hera
30_ 50.424 28.322 113,448 347,017 447,224 715,192 24,888 5,568 46,444 April d.
d. s. d.
s. d. d. d.
June
d. s. d.
s. d. d.
25 2654 • 2854 18 4 019 0 17.70
8__ 43,377 25,060 04.570 333.056 419,670 666.798 29.416
2254 @ 24% 17 0 017 4 15.40
133 45,707 May
35.702 31,651 70.575 312,127 391.675 674,463 14,773
31.240
2 26)i
2854 18 3 018 7 17.35 22%
49.2?8 50,728 71,711 283.651 369.047 534.332 20,752 5,244 36.580
23H 16 6 017 2 14.76
254i
28% 18 3 018 7 17.37 21%
35,721 29.371 72,514 266.789 348,278 540,737 18,859 9.959 24.919
2254 16 0 016 4 14.08
16 25%
8,046
2854 18 3 018 7 17.89 21X
225‘ 16 0 016 4 14.74
23 2534
28% 18 1 618 5 17.46 2154
21,783 24.472 56,184 258,315 331,666 498,035 11,309 8,662 14,382
2254 16 0 016 4 15.50
30 2534
28% 18 1 018 5 17.99 2234
21,177 20,121 41,564 243,812 312.912 4.58,839
2354 16 3 016 9 15.96
1.468
35,877 15,202 31.697 225,799 293,590 433,178 17,864 1,672 6,036 June 25H
6
28% 18 1 018 5 17.30 2254
24H 16 3 017 0 16.33
13 25H
28% 18 0 018 3 17.14 2254
The above statement shows: (1) That the total receipts 20 254
2454 17 0 017 4 16.61
27% 18 2 018 5 16.99 2234
24H 170 @173 16.57
from the plantations since Aug. 1 1923 are 6,551,593 bales; 27 2534
27% 18 2 018 5 16.88 22)§
24 18 6 017 1 16.52
in 1922-23 were 5,140,870 bales,and in 1921-22 were 5,269,363 July
4 25
27 18 1 018 4
bales. (2) That although the receipts at the outports the 11 25 6 27 18 1 018 4 15.92 22 @232 165 154170 15.62
16.35 2134 O
past week were 35,877 bales, the actual movement from 18 2454
25% 18 2 018 5 16.73 21% O 23 163 @166 15.79
2234 16 2 @165 15.49
plantations was 17,864 bales, stocks at interior towns
SHIPPING NEWS.
'having decreased 18,013 bales during the week. Last year exports of cotton from -As shown on a previous page, the
the United States the past week have
!receipts from the plantations for the week were nil reached 49,752
bales. The shipmen
ladles and for 1922 they were 6,036 bales.
up from mail and telegraphic returns, ts in detail, as made
are as follows:
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Bales.
'The following brief but comprehensive statement indicates NEW YORK-To Barcelona-July 10-Cabo Villano, 268
To Havre-July
268
endence Hall, 2,243
2,243
To Genoa July 11-Indeoe
lit a glance the world's supply of cotton for the week and
11-Cont Verdi, 100---July 12
-City of St.
Joseph, 19
since Aug. 1 for the last two seasons, from all sources from
To Antwerp-July 11-Eastern
110
Dawn, 100
which statistics are obtainable; also the takings, or amounts
To Liverpool
100
-July 11-Cedric,
8.900
To Mancliester--July 11-Daria8.900
gone out of sight, for the like period.
n, 269
To Trieste-July 11-Laura,
269
Cotton Takings.
Week and Season.
1923-24.
1922-23.
Week.
Season.
Week.
Season.
Visible supply July 11
2.429.288
2,275,641
'Visible supply Aug. 1
2,024,671
3,760,450
American in sight to July 18-- _
89,271 11,465,925 111.377 11.257.578
Bombay receir s to July 17.--,
13,000 3.301,000
17.000 3,648,000
Other India shbonz'ts to July 17..
5,000
639,000
9,000
373.550
Alexandria receipts to July 16
200 1.279.000
200 1,355,200
Other supply to July 16-*-b
6,000
423.000
5.000
383,000
1'ota1 supply
2,542,759 19,132.596 2,418,218 20,757,77
8
Deduct
visible supply July 18
2,348.556 2,348,556 2,190,744 2.190,744
Total taldngs to July 18_a
194,203 16.784,040
Of which American
152,003 11.318.010 227.474 18,567,034
173,27412,277,372
Of which other
42,200 5,406.000
54.200 6,289,662
*Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &c.
a This total embraces since Aug. 1 the total estimated
Southern mills, 4,091.000 bales in 1923-24 and 4,353,000 consumption by
-23
takings not being available-and the aggregate amounts bales in 1922 and foreign spinners, 12,693,040 bales in 1923-24 and taken by Northern
1922-23, of which 7,227,040 bales and 7,924,372 bales 14,214.034 bales in
American.
b Estimated.
13
To Bremen-July 14
13'
-Sierra Ventana,280__July 11-Ameri
ca.
To kotterdam-July 14
1.280
-Eglantine,65
NEW ORLEANS
-To Venice--July
To Genoa-July 14-Scantic, 14-Scantic, 1,050
1.050
1,355
To Havre-July 15-Meanticut,
1,355
3,145
To Antwerp--July 15-Meant
3,145
icut, 200
To Ghent
200
-July 15-Meanticut, 250
To Murmansk-July 15-Eldstos.
250
5.770
To Liverpool
5.770
-July 16
-West Caddoa, 3,130
3,130
To Manchester--July 16
-West Caddoa,
550
GALVESTON-To Bremen-July 10--Conn 550
ess
1,127
To Hamburg
-July 10-Conness Peak. 858 Peak, 1.127
To Liverpool-July 12-Nlinlan,
858
1.137
To Havre-July 15
1,137*
-West Camak, 1,329
To Antwerp--July 15
1,329
-West Camak,50
To Ghent
50
-July 15
-West Camak. 250
250
HOUSTON-To Liverpool
-July 11-Ninian, 1.159
BOSTON-To Liverpool-July 3
-West Quechee. 60- _ -July 5- 1,159
amaria. 100
NORFOLK
160
-To Liverpool-July 14
-Deer Lodge,200
200
To Bremen-July 18
-Hanover. 100
100
PENSACOLA-To Bremen-July 17
-Maiden Creek. 736
SAVANNAH-To Murmansk-July 12-Bussum,
736
13,282
13,282
To Bremen-July 17-Grete,457
457
To Oporto-July 17
-Greta,200
200
Total bales
49,752
ALEXANDRIA RECEIPTS AND SHIPM
COTTON FREIGHTS.
-Current rates for cotton from
-We
now receive a weekly cable of the movements ENTS.
of cotton at New York, as furnished by Lambert & Burrows
Alexandria, Egypt. The following are the receipts and as follows, quotations being in cents per pound: , Inc., are
shipments for the past week and for the corresponding week
High
StandHigh
StandHigh
StandDensity.
ard.
Dv atty.
of the previous two years.
aril.
Density.
ard.
Liverpool .25c. .40c. Stockholm .50c.
Alexandria, Egypt,
July 16.
Receipts (cantors)
This week
Since Aug. 1
1923-24.
1922-23.
1921-22.
1,000
6,397.894
500
6,681,640
35.000
5,459,532
Manchester.25c.
Antwerp .25c.
Ghent
.355.
Havre
.25c.
Rotterdam .250.
Genoa
.300.
Christiania .46c.
.40e.
.40c.
.50c.
.40c.
40c.
.350.
.55c.
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
Shanghai
Bombay .500.
.65e.
Gothenburg __ _
Bremen
.30c. .41e
.
.
Hamburg .2734c. .42540.
Piraeus
.60c.
75c.
Saionlca .50e. .750.
LIVERPOOL.-B3r cable from Liverpool we have the
folweek's sales, stocks, &c., at that port:
Since
Since
lowing statement of the
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
of the
____ 218,623 6,250 235,639
____ 171,580 Sales which week
To Manchester, &c
Of
American
215,995
____ 175.579
To Continent and India. 4,000 373,230 2,000 326,556 7,250 155,393 Actual export
5,200233,127 Forwarded
To America
107.849
600 209.258 ---.. 168,077
Total stock
Total exports
Of which American
4.000 915,697 8,850 947.032 12,450 728.178
Total imports
Note.
-A cantar is 99 lbs. Egyptian ha es weighabout
Of which American
This statement shows that the receipts for the week end 750 lbs.
ngJuly 16 wera Amount afloat
1.000 canters and the foreign shipments 4,000 bales.
Of which American
Exports (bales)-
.650.
.45c.
.600.
.450.
.600.
.50c. .65e.
..750. .90c.
.30c. .45c.
.4234c. .57540.
.42340. .57340.
June 27.
24,000
16.000
3,000
44,000
480,000
201,000
46,000
23,000
111,000
21,000
July 4. July 11. July 18.
25,000
23.000
19.000
15,000
12,000
11.000
7,000
1,000
1,000
48,000
43,000
43,000
516.000 436,000 418,000
222,000 166,000 145.000
28,000
24,000
27,000
8,000
12,000
5,000
119,000 105,000 112,000
24.000
13,000
24,00,j.
J-tnulr 19 1924.]
THE CHRONICLE
351
The tone of the Liverpool market for spots and futures maining territory indicated that the total production might
each day of the past week and the daily closing prices of be as much as 10% below last year's production. Latest
spot cotton have been as follows:
official report of Canadian production indicates a crop of
about 325,000,000 bushels, compared with 475,000,000 bushspat.
Saturday. Monday. Tuesday. Wednesday. Thursday.
Friday.
els last year. The spring wheat crop in the Pacific NorthA fair
Market, I
Quiet.
business
Quiet.
Quiet.
Quiet,
12:15 I
western States decreased, while in the four principal prodoing.
P.M. I
ducing States east of the Rocky Mountains it is 10,000,000
16.49
16.48
16.35
Mici.Uprds
16.47
18.73
bushels larger than last year.'" Kansas City wired that
5,000
5,000
5,000
Sales
3,000
3,000
since the rise started in June, wheat has advanced 20c. and
HOLIDAY
Barely st'y, Quiet,
Quiet,
Futures.
Quiet but Easy at
corn 25c. It is greater since March. This may have polit25t0 29 3 to 9 pts. 8 to 12 pts. st'dy, 25 to 6 to 10
Market 1
pts. adv.
ical effects in the Presidential election. Broomhall said
decline.
decline. 28 pts. adv. pts. adv.
opened
J
that his visible supply of wheat of 105,000,000, against 147,Quiet but Stdy,4 pts. Quiet but
Market, I
Steady, Steady at
st'dy, 32 to dec. to st'dy, 10 to 27 to 46
4
I
11 to 19
000,000 last year did not include North America. Taking
39 pts.adv.8 Dts. adv. 18 ins. dec. tots. adv. rda adv
P.M. I
Bradstreet's United States and Canadian stocks on July 15,
Prices of futures at Liverpool for each day are given below:
it indicates a world's visible of 183,000,000 bushels, against
Sat.
Mon.
Tues. L Wed.
193,000,000 last year, a decrease in the stocks other than
Thurs,
Fri.
July 12
to
1234 1211 125( 4:00 121i, 4:00 1234 4:00 1234t 4:0 123i 4:00 North American offsetting the larger holdings here. ChiJuly 18.
P. m. . m•P. m.P. m.P. m.P. m.P. m.P. m.P. m.P. m
M.P. ra.
cago wired July 14: "Export bids for wheat in the South---d.
d.
d.
d.
d. 1 d.
d.
d.
d. 1 d.
d.
d.
west market to go via the Gulf are at prices which look as
16.44 16.51 16.43 16.47 16.3516.2916.57 16.7 16.83 16.89
July
15.6715.72 15.63 15.72 15.60 15.56 15.84 15.97 16.03 16.08 If they will serve to divert from Chicago the Southwestern
August
September_
15.12 15.19 15.15 15.26 15.16 15.12 15.40 15. 15.52 15.66
October
14.55 14.63 11.60 14.70 14.62 14.5914.86 14.9i5.0315.09 wheat that the trade has been expecting to get." Montreal
November
14.33 14.41 14.37111.47 . 14.36 14.63 14.6 14.7914.86
papers characterize reports
December
HOLI- 14.23 14.31 14.2714.37 14.2914.27 14.53 14.5 14.69 14.75 wired: "Ottawa and Winnipeg
14.16 14.26 14.22 14.32 11.24 14.21 14.47 14.51 14.60 14.67 that Canadian crops have been injured beyond repair and
January
DAY
14.10 14.20 14.16 14.26 14.18 14.16 14.41 14.45,14.53 14.63
February
14.06 14.1714.12 14.22 14.14 14.12 14.371 14.41 14.49 14.59 will be only half as large as last year as 'nonsense.' The
March
13.9914.11 14.06 14.17 14.09 14.07 14.32 14.3 14.43 14.53
April
13.95 14.06 14.01 14.13 14.04 14.02 14.27114.30 14.38 14.47 June 30 condition is placed at 96% of the nine-year average.
May
13.8313.94 13.89 14.02 13.93 13.91 14.1614.18 14.72 14.37
June
Manitoba prospects considered best; northern Alberta and
southern Saskatchewan had heavy rains and the whole
Edmonton district reports a soaking rain." Chicago wired
BREADSTUFFS
on Wednesday: "Raining at Saskatoon." On July 17 estiFriday Night, July 18 1924.
Flour has been steadily rising. It has caught cautious mates that the wheat crop of the three prairie provinces of
buyers napping. They have stuck to the practice. however, Canada had been curtailed 200,000,000 to 250,000.000 bushof buying only a little at a time; habit has become second els compared with the last yield, caused a further rise of
2c., to the highest of the season, despite enormous
nature. A slight increase in bids finds the mills obdurate; 2 to 4Y
they demand something more than that. Little business sales to realize. Canada continued to send reports of sehas been done in new hard wheat flour, but mills have been rious crop damage. A large territory surrounding Saskafirm. They were asking $625 to $650 early in the week, an toon was said to have suffered practically complete failure
advance in a week of 25 to 35c. Export business was gen- of the crop and farmers there were said to be turning their
erally quiet. Rapidly rising prices have got away from cattle into the fields. Drastic revision of the current estiexporters' limits. Clearances from New York on Tuesday mates of the world's exportable surplus of wheat was looked
-day Chiwere 10,447 sacks, going to Hamburg, Antwerp and the West for as a result of the curtailed crop in Canada. To
Indies. Later there was a fair export business with the cago broke 41Atc. net and Winnipeg 4 to 4%c. in a big speculaMediterranean. The United Kingdom bought moderately, tion involving, however, a good deal of profit-taking. The
but in general the export demand fell off as prices mounted cables were lower. Canada had good rains. There were
also rains in the American Northwest, where they were
in company with wheat.
Wheat advanced 7c. early in the week, largely owing to a needed. Winnipeg in a way set the downward pace. There
reduction in the Canadian crop estimate of 32%. In a was heavy liquidation there. Many preferred to even up
single day the transactions on futures were over 69,000,000 for over Sunday, not knowing what the weather might be.
bushels. An unofficial estimate puts the crop in Canada at Some thought the market was being overbought, that the
only 50% of last year's. It is said to be the worst situation speculation was being over-advertised with big headlines in
In Canada in 20 years. Ottawa wired: "Preliminary fig- the newspapers. Others regarded the reaction as simply
ures issued by the Bureau of Statistics estimate the Cana- natural. They look for a further rise. Foreign crops, it is
dian wheat crop for this year at 318,640,000 bushels, a emphasized, are smaller than those of last year, while the
decline of about 32% from last year. The Canadian crop crops of American and Canada will also be below those of
last year was 474,199,000 bushels. There is said to be a 10% 1923. World's supplies are none too large. Winnipeg is
decrease in the world's prospective crop, including that of 10c. over Chicago July. Buenos Aires is Sc. over Chicago.
Canada. Violent advances took place in both Chicago and Some estimated the Canadian crop to-day at about 310,000.Winnipeg, 1. e. 5 to 6%c. in a single day, on the 14th inst., 000 bushels, which would be 160.000,000 smaller than last
with an active and excited speculation, the largest of the year. Closing prices at Chicago show a rise for the week of
season and perhaps the largest since the war. It was so 8% to 10e. It was much greater at the close on Thursday.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
heavy on the 15th inst. that the tape was 5 to 7 minutes beSat. Mon. Tues. Wed. Thurs. Fri.
hind on the quotations. On that day Liverpool shot upward No. 2 red
cts_133% 13834 13834 14334 14534 14134
6%cl. and Buenos Aires 8e. At Chicago prices opened 3c. DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
higher, fell 4 to 4%c. and closed % to 1%c. net lower. Win- July delivery in elevator
13034 12634
cts_1183( 12334 12234 126
September delivery in elevator_ _-_118% 123
1463-4 129
nipeg advanced 6c., dropped 7c. from the high and closed December delivery in elevator_ _ _ _121 W 12534 12134 12934 132 12434
12734
I
12434
y to le. net lower, swept back by a great wave of liquida- DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
4
Sat. Mon. Tues. Wed. Thurs. Fri.
tion. Export business was small. But Winnipeg was 9c. July delivery in elevator
13134 13634 14034 13634
cts_12634 132
12134 12834 12734 131
1343.4 12934
over Chicago and Argentina 10c. over. Europe is expected October delivery in elevator
December delivery in elevator
12634 12934
11734 12834 123
hard winter sooner or later. Washington wired.
to buy
Indian corn has been swept upward 8 to 10c. on a wild
"This year's Northern Hemisphere wheat harvest, exclusive speculation. The
trading has been enormous. Prices have
of Russia, will be less than last year's by 10% or more, the latterly been erratic, rising and falling with
startling abDepartment of Agriculture estimates from official reports.
ruptness. There was a report that the July deal was over;
The decreased production is due to a 4%% cut in acreage that Arthur Cutten had
sold out and taken the opposite tack.
and a general late spring season. The acreage this year is Cash corn sold up to a new high with receipts small.
Many
179,325,000 acres, or about 9,000,000 acres less than last have sold
September and bought December, something that
year, but slightly more than 9,000,000 acres larger than the tended to offset better weather and more favorable
crop
average of the pre-war period 1909-13. Conditions in the news. Kansas City
wired July 15: "Clear and fine. UnCaucasus and Siberia are below the average, indicating a less something unforeseen happens Kansas expects to
make
smaller grain crop in Russia than was harvested last year. corn history this year. Recent good rains over the big
area
Department of Agriculture adds these details: 'Pros- planted have been bringing corn along with rapid
The
strides.
pects for the world's crop are for a considerably smaller Corn has forged
ahead, making remarkable progress. Cenyield. Official reports from about half of the countries in tral Missouri also is making favorable reports on
the recovthe Northern Hemisphere show a probable decrease of 7% in ery of corn. According to local corn handlers,
stocks of
production, while reports from various sources for the re- corn in store here of 152;000 bushels are all sold.
The bulk
352
THE CHRONICLE
[VOL. 119.
was sold in June for July shipment, as a run of corn was DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs Fri.
anticipated which did not develop. It is not expected that July delivery in elevator
eta_ 5434 5534 5434 5534 5631 5431
September delivery in elevator..___ 4631 4734 4531 4831 4831 4714
corn in any quantity will be received before the first part December delivery in elevator _ _ -- 48
7
48/, 4731 50
5031 4931
of August. Southern and Eastern industries are taking 75% DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Tours. Fri.
of all shipments from this market, it was said. Demand in July delivery in elevator
cts_ 45
4831 4731 49
5031 49
excess of supply and competition has been keen for the bet- October delivery in elevator ______
483i 4831 50
5134 5034
Rye has been in good demand at the West and strong
ter quality offerings." Since 1900 there have been five
years of low condition following years of good production. everywhere at rapidly rising prices. Minneapolis reported
an excellent demand. The pull
The average production in these five years, Murray points been plain. Prices fell 1% to of other grain of course has
114c. on the 15th inst., with
out, was 2,332,000,000 bushels, against 2,915,000,000 in the around 1,500,000 bushels bought to go to Chicago from Minpreceding years, an average reduction of 20%. The average neapolis, Duluth and Milwaukee. A leading elevator concern
May price of May delivery at Chicago following the poor sold around 500,000 bushels of September. Prices moved
crops was $1 09—the average for the preceding years was into new high territory early in the week, with sales for
export of 300,000 bushels. There was active buying later
78c., showing average gain of 31c. The price of May corn on the
idea that rye prices were lagging behind the rest of
May averaged 78c. The Government forecast this crop the grain list and therefore were relatively cheap.
last
The
at 2,5150000,000 bushels, against 3,046,000,000 last year, a visible supply decreased last week 923,000 bushels, against
reduction of 17%. Omaha wired: "There is a report in a 1,908,000 in the same week last year. The total is now 16,morning paper here saying that chinch bugs are in the east- 476,000 bushels. against 13,526,000 a year ago. There were
ern part of Nemaha County to such an extent that whole reactions from time to time in sympathy with other grain.
To-day prices declined in sympathy with the fall in wheat,
fields of corn are being destroyed." Favorable crop reports corn and oats. There were no striking
features in the tradhad a tendency at one time to depress the distant months. ing. Final prices show a rise for the week of 5 to 6c. At
No. 2 yellow on spot sold up to $11414 or %c. better than one time the advance was much more marked.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
the outside figure of last year. Farmers sold some corn in
Sat. Mon. Tues. Wed. Thurs. Fri.
the interior at a price that netted them $1 per bushel or over, July delivery in elevator
eta 8134 85
8331 8531 87
8531
September delivery in elevator __ _ - 8134 8431 83
8731 8531
as high as $100 being paid in central Illinois, while in cen- December delivery in elevator__ -- 8431 8731 8631 854 9131 8931
8931
The following are closing quotations:
tral Iowa $110 was paid by feeders. Primary arrivals of
corn to-day were 497,000 bushels, against 564,000 on the same
FLOUR.
$7 60 S8 00 Rye flour. patents
day last week and 840,000 last year. Shipments were 398,000 Spring patents
$4 90@35 50
Clears,first spring
6 00 6 50 Seminole No. 2.1b
bushels, against 565,000 on the same day last week and 597,- Soft winter straights-- 585(4625 Oats goods
3 45tal 310
4
Hard
000 last year. In Chicago on the 14th inst. cash corn sold Hard winter straights__ 6 60 7 15 Corn flour
2 90© 3 00
winter patents..,... 7 156 7 75 Barley goods—
for $1 13, within a cent of last year's high point, while July Hard winter clears
575(4 625 Nos 2.3 and 4
400
corn was quoted at $1 10. The wildness of the fluctuations Fancy Minn.patents_-- 885(4960 Fancypearl,Nos.2.3
City mills
and 4
650
may be gathered from the fact that on the 15th inst. near-by
GRAIN.
deliveries had a range of 614 to 81
/0c. for the day, the latter Wheat. New York:
Oats:
No.2 red.f.o.b
on September, which jumped to $1 0814, only to break later.
14131 No. 2 white
66
No. I Northern
16231 No. 3 white
65
Net losses for the day were 4 to 414c. New crop futures
No.2 hard winter.
Rye. New York:
wound up 114 to 11c. lower. All deliveries except May sold
/
2
No 2 c.l.f
93
Chicago. No. 2
at a new high on the crop early, as did all futures of rye Corn: 2 mixed
No.
12234 Barley. NewYork:
No.2 yellow
and provisions. A Chicago dispatch said that Arthur Cut97310,10131
Chicago
ten, who took in and paid for the bulk of the cash corn de82 (41 86
For other tables usually given here, see page 995.
livered on May contracts has sold practically all of his cash
holdings and on Monday last was a persistent seller of July
WEATHER BULLETIN FOR THE WEEK ENDING
and September corn, letting go most of his holdings of fu- JULY 15.—The general summary of the weather bulletin
tures. Chicago wired July 15: "'My profits on the advance issued by the Department of Agriculture, indicating the
in corn prices do not reach $1,000.000,' says Arthur W. Cut- influence of the weather for the week ending July 15 is as
ten, who is reported as making $1,500,000 to $1,800,000 by follows:
Showers were rather frequent during the week in most of the Atlantic
the trade. 'I never had enough corn to make any such
Coast States, except in the
profit.'" It has been reported that Cutten and his friends few days in interior valleys.north, and were quite general during the first
Rain fell in the central Great Plains on the
-9th, in the Southwest on the 9-10th, and again over much of
had around 4,000.000 bushels of cash corn, taken in on May night of the 8
the central Plains near the close of the week.
States,
delivery. Profits of around $1,000,000 are estimated by Mr. in the central and west Gulf districts, and over In the more westernweather
the Northwest, fair
Cutten's friends when his operations in wheat are taken into was the rule. Temperature changes were unimportant, with moderate
warmth for the season prevailing in most districts throughout the week.
consideration, as he has been a strong believer in higher though the latter part brought considerably cooler weather to the Central
prices for all grains for months, even when the entire grain and Northern States.
Chart
that for the week, as a whole, the
trade was on the other side of the market. To-day prices averaged I. page 4. showsnormal, except along the Atlantic temperature
slightly below
coast,
declined 2% to 3%c. net. A good deal of long selling was a the lower Mississippi Valley westward, and in the far Northwest. from
The
minus departures from normal
feature. So was favorable weather. The weakness in plus departures were likewisewere in most eases small, however, and the
moderate. The maximum temperatures
wheat naturally had no small influence. The Southwest were somewhat higher than last week in the South, especially in the Southwest, where some stations reported maxima
sent very favorable crop reports. They talked of a big yield. the highest readings were again below 90 of 100 degrees or higher, but
degrees quite generally from the
Cash corn gave way. Receipts were small at Chicago, but middle and upper Mississippi Valley eastward.
Chart II
total rainfall
country offerings were larger. At Chicago 20,000 bushels much of theshows that the area, and thatfor the week was again heavy in
south Atlantic
moderate
were received
were sold to go to store. Moreover, it was said, too, that in most other sections east of the Mississippi River. amountsrains occurred
Ileavy
In parts of the Central Great Plains, southern Missouri. northern Arkansas,
about 1,500,000 bushels of Argentine corn had been sold thus and locally in the Southwest, but elsewhere west
Mississippi there
far to come to the United States and about the same quantity was very little rainfall, with another mostly rainlessof thewest of the Rocky
week
to Canada. In some parts of the belt the weather was said Mountains.
The reaction to considerably
in the
made
to be cool. Some temperatures were down in the 50's. The much better growing conditionswarmer weather during interior States week.
than prevailed
the preceding
last prices show a rise for the week of 5 to 7c. At one time but at the same time the nights continued rather too cool for best growth
of warm-weather crops. At the
sunshine were
it was distinctly greater than this. It is pointed out by the sufficient to permit much field same time fair weather andinterruption in
work, though there was
"Price Current" that regardless of future weather, much of some sections by rainfall. In the Atlantic coast area weather conditions
were generally favorable for agriculture in the central and northern porthe corn will demand an unusually long season to mature.
tions, except that more moisture is needed in parts of the Northeast, but
the continued rains were decidedly unfavorable for field work and for most
DAILY CLOSING PRICES OF CORN IN NEW YORK.
crops in the South Atlantic area;
Sat. Mon. Tues. Wed. Thurs. Frt. heavy rainfall in that section. this makes the third consecutive week with
No. 2 mixed
cts_122
12334 11931 12131 12431 12234
The soil has become too dry in much of the middle Gulf area and rain
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Is badly needed in most west Gulf sections. The heavy rains were beneSat. Mon. Tues. Wed. Thurs. Fri. ficial in much of the central Plains area, though moisture was inadequate.
July delivery in elevator
severe
cts_10731 110
10534 110
11234 10931 and drought is ratherwould in the western portions of the central Plains
States, and more rain
September delivery in elevator___ _101
benefit crops in portions of the northern Plains.
10431 101
104
, 107
104
All vegetation, especially the range, was markedly revived by showers in
December delivery in elevator- -- - 8531 8731 86
894 94
9231 much of the Southwest, especially
in Now Mexico, while local rains
Oats advanced early in the week as other grain advanced helpful in the central Rocky Mountain area. West of the Rockieswere
the
on a scale that almost dazed the trade. There was a big drought continued unabated in nearly all sections with many complaints
falling. It
speculation, spurred not only by the rise in corn and wheat, of irrigation water which was was considerably cooler in the more western
States, however,
rather favorable in reducing evaporation.
but also by prolonged dry weather in Canada. July reached Frost was reported from parts of Oregon. Livestock were moving rapidly
market
a new high early in the week. Chicago wired: "We under- toSMALLfrom some western sections because of the scarcity of feed.
GRAINS.—Tho harvest of winter wheat
the
stand there are less than 500,000 bushels of oats in all posi- week well toward the northern limits of the principalprogressed during
producing area under
mostly favorable conditions,
tions in public and private elevators in Chicago, there being northwestern portion of the though there was some delay by rain in the
belt, especially in
Harvest was
about 50,000 bushels of contract oats in public and slightly practically completed in Missouri and about doneNebraska.
in the eastern two-thirds
of Kansas. Threshing advanced rapidly in the lower Great Plains with
over 400,000 bushels in private elevators. July oats look satisfactory yields, but there
was
wheat in shock by
cheap, with No. 3 commanding a premium of 2%c. and 3%c. wet weather in Virginia and Northcomplaint of damage toripening favorably
Carolina. Wheat was
the
over July in the spot market." To-day prices declined 114 In The more northern districts.
weather continued favorable for spring wheat
to 14c., with considerable long liquidation, partly owing ern States, though rain would be helpful In parts of in the Central-Norththe Dakotas. Spring
to beneficial rains in Canada and the American Northwest. wheat looks well and is filling nicely in South Dakota, is in very good condition in Minnesota, and developing satisfactorily in North Dakota. Oats
Crop reports were better. Cash prices fell sharply. Final show very good development, with continued improvement reported from
prices show a rise for the week of 214 to 314c. It was much the Northern States; harvest was begun in southern Iowa, and cutting was
Illinois. Oat harvest is following very closely
more than that earlier in the week. The country was offer- progressing in centralvalley States and Great Plains area. Rice is inthat of
wheat in the central
excellent condition in California and is very good in the west Gulf section. Flax
ing more freely in Chicago to-day.
did well in the northern Great Plains, with much in the boll stage in North
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Dakota, while the plants are blooming in Montana.
CORN.—Corn made fair to very good progress during the week in the
Sat. Mon. Tues. Wed. Thurs. Fri.
principal producing area, despite the continued rather cool nights; subcts_ 6231 64
6334 64
66
66
JULY 19 1924.]
THE CHRONICLE
stantial improvement was reported from many sections. The crop made
good to excellent growth in the upper Ohio Valley and responded nicely to
the warmer weather in the lower Ohio Valley States. Fair progress was
reported in Iowa where conditions were fairly favorable for cultivation,
though the crop continued very uneven, ranging from laid by in some sections to replanted and just up in others, while the lowlands are weedy and
the plants yellow. Corn shows mych improvement in Missouri, but needs
warmer weather, and good advance was noted in the eastern portions of the
central Plains States, though rains were inadequate In the western portions.
Corn made poor progress in the central and west Gulf areas because of
deficient moisture, while excessive rainfall was very unfavorable in the
south Atlantic districts. The crop grew rapidly, under favorable conditions in most of the middle Atlantic area. Broom corn was benefited in
the Plains States by rainfall and is in generally good condition in the southern
Plains section.
COTTON.—Conditions as to temperature were rather favorable for
cotton in the Southern States, but unfavorable as to moisture in most
sections. It continued much too wet in the eastern portion of the belt
where the third consecutive week of rainy and cloudy weather was experienced, while moisture was needed in much of the west Gulf section. Conditions were favorable, as a rule, in the north-central and northwestern
portions of the belt.
The progress and condition of cotton were, as a rule, fair in Texas,
and the early-planted was fruiting fairly well, but the crop was still backward and irregular, with rain now generally needed. Progress was fair to
very good in Oklahoma with plants blooming in the southern portion; few
weevil were reported, but the crop is about two weeks late. The moderate
temperatures and local showers in Arkansas made good cotton-growing
weather, with the plants fruiting nicely, but it was too dry in Louisiana
where progress was poor and deterioration noted. Growth was poor also
In Mississippi where there was very little rainfall, but progress was mostly
fair to good in Alabama and the plants were blooming to the northern border, though stands were irregular.
The temperature and sunshine favored good growth in Tennessee where
cotton is well cultivated, and progress was very good in much of Florida.
though fields were getting grassy because of the wet weather, and there
was complaint of shedding in the northern portion. There was generally
too much rain for cotton in Georgia, except in the northwestern portion;
the plants are making rapid, but too rank growth at the expense of fruit
with considerable complaint of shedding and grassy fields. There was
decidedly too much rain in the Carolinas and
Rapid growth at
the expense of fruit Is noted in South Carolina, while the progress of the
Virginia'
crop was poor, or it deteriorated, In much of North Carolina where there
the soil too wet to cultivate, with many fields abandoned.
Is much grass and
Conditions continued favorable for cotton in the more western States.
The weather Bureau also furnishes the following resume of
the conditions in the different States:
Vireinia.—Richmond: Week quite favorable for crop growth, but not
for farm work until latter part when good progress was made. Wheat
harvest practically finished and crop generally very satisfactory. Corn
and tobacco good growth, but fields grassy in many localities. Cotton
made fair progress. out condition unsatisfactory.
North Carolina.—Raleigh: Another week of too much rain. Reports
of crops nearly all unfavorableseast of mountains with considerable damage.
Wheat sprouting in shock in west. Peaches rotting. Progress of cotton
poor in west and deteriorated in east; grassy and unable to cultivate; many
fields abandoned.
South Carolina.—Columbia: Too much rain, especially in central and
east where grass menace very serious. Condition and growth of cotton
fair; making growth at expense of fruit. Weevil fairly numerous and increasing with moderate damage in central and east. Corn good condition,
but early crop needs cultivation badly. Tobacco shows considerable
scald. Other crops grew well. Dry weather needed.
Georgia.—Atlanta: Except in northwest, generally too rainy
for cotton,
which is making rapid, but rank growth; fruiting slowly with considerable
shedding; many fields grassy. Weevil slowly increasing with little damage
as yet. 'Lowland corn injured by excessive moisture, but upland
excellent progress; maturing in south; general condition best in many made
years.
All minor crops did well. Dry,sunny weather needed.
Florida.—Jacksonville: Progress of cotton very good in Peninsula,
frequent rains unfavorable and getting grassy. Condition
mostly very
good, except in west, but complaints of shedding in northern counties
due to wet weather. Weevil infestation light. but increasing. Rains clamaging late corn on lowlands and delaying work on cane and peanuts. Groves
good condition; fruit holding well.
Alabama.—Montgomery: Many sections, especially in north
portion.
needing moisture. Growth and condition of corn, truck, pastures, fruits
and minor crops mostly fair to good; stands of corn spotted. Progress and
condition of cotton mostly fair to good; blooming to northern border;stands
Irregular. Weevil infestation becoming quite general; numerous and
active
locally, but slight damage.
Mississippi.—Vicksburg: Warm, with mostly light rains.
Condition
and growth of cotton poor, with very good cultivation. Weevil general
with damage probably slight. Growth of corn poor;lacking rain.
Progress
of cane and fruit fair; gardens, pastures and truck poor.
Louistana.—New Orleans: Scattered rains in south
and central. but
generally insufficient. Early corn further
in many localities. Growtn of cotton poor; deteriorated and late suffering
some deterioration
extreme north due to drought; condition poor to very good reported in
and fruiting
fairly well. Weevil mostly inactive. Truck and
pastures
Progress of sugar cane fair. Crops generally well cultivated. deteriorating.
Texas.—Houston: Warm with very few effective rains, mostly
in west
and north. Progress and condition of pastures, corn and
minor crops
mostly poor, except good where local rains. Threshing
about completed
and row crops clean. Progress and condition of rice very
and condition of cotton averaged fair and early-planted good. Growth
very good; crop still backward and stage of advancement fruiting fair to
irregular in all
sections; insect damage, as a whole, slight, but locally
rain needed by cotton, as well as all other vegetation.moderate. General
Amarillo: Ranges
and livestock of Panhandle in good condition; not so good
in southwest.
Rainfall short; temperatures high.
Oklahoma.—Oklahoma City: Weather generally favorable with
rains in north, but little or none in south. Harvesting winter beneficial
oats aboutfinished in extreme northwest;threshing progressed wheat and
and yields generally good. Growth and condition of corn fair satisfactorily
to very good,
but needs rain in most sections,
generally fair to very good, butespecially on uplands. Progress of cotton
two weeks late;
little weevil infestation. Grain sorghtuns, broomblooming in south; very
corn, fruits and minor
crops generally good.
Arkansas.—Little Rock: Growth of cotton
local rains in most pottions: growing rapidly very good to excellent due to
nicely with only slight damage by weevil in aand well cultivated; fruiting
few localities;
to very good. Early corn injured by dryness in some centralcondition fair
localities, elsewhere progress and condition very good to and southern
excellent. All
other crops good to excellent, except in some central and southern
localities,
where too dry.
Tennessee.—Nashville: Very beneficial rains over middle
division; moisture now generally ample; excessive in some eastern
delayed. Cotton growing and fruiting well; good counties, where work
fered from drought in many counties first of week, cultivation. Corn sufbut good progress since
rains.
Kentucky.—Loulsville: Moderately cool; ending with
heavy
were needed and mostly beneficial. Condition acorn very good rains which
excellent; cultivation satisfactory and last plantings coming and growth
up. Early
tobacco good and fairly clean;late settings slow to start, but
helped by rain.
Farm work catching up.
THE DRY GOODS TRADE
Friday Night, July 18 1924.
There is apparently no longer any doubt that a turn for
the better has either been reached or is near at hand in the
markets for textiles. Although there has been no broad
advancement during the past week, increased inquiries have
been general and small lot buying has become larger in
volume. There were numerous reports of mills receiving
more orders, and either resuming operations or starting
additional machinery or beginning on longer hours.
Confi-
353
deuce has been expressed in many places that inquiries
would continue to improve. Cottons, silks and various
varieties of woolens have unquestionably been desired in a
more general way than recently. However, it has been
noticeable that while buyers have been more plentiful in the
market, when it came to forward commitments they still
adhered to their policy of strict caution and confined purchases to goods which they knew they could sell quickly.
Factors claim that fundamental conditions affecting textile
distribution are undergoing a change. There has been a
substantial rise in wheat, corn and other farm products.
Although these prospects are as yet vague. it is expected
that the probable result will be transmitted into greater
buying power of the farmer, which is approximately 40% of
the entire population. Some of the Western and Southern
buyers claim that the outlook for the future in their districts is for a greater purchasing power for the farmer than
has been the case for some time past. Another contributing factor to he general improvment is the fact that importations of foreign.goods have taken a substantial slump.
This is due in part to a larger production of similar goods
by domestic mills. Selling agents claim that it is now possible to do business at a price. This is in sharp contrast
with conditions prevailing a month or so ago when it was
Impossible to attract buyers regardless of prices.
DOMESTIC COTTON GOODS: The improvement noted
in the markets for textiles during the past week was particularly concentrated in the markets for domestic cottons.
Largely owing to an advance in raw cotton prices and the
exceptionally large spread between spot and future quotations, inquiries were broader and small let sales increased
In number. Government consumption figures issued the
earlier part of the week demonstrated the effect of the
drastic curtailment of production during the month of June.
The report showed a decline of approximately 40% from
the peak figures. Buyers conceded that many quotations
on goods were far below a parity with cotton quoted in
future markets. This stimulated action on their part to
some extent, and various goods sold in larger quantities,
though still in small lots. Bleached cottons sold steadily in
a small way. Many scattered orders were received for
numerous domestics, such as khaki, denims, chambrays,
sheets, etc. There has also been a decided quickening in
Inquiries for cotton blankets and other napped goods. Wash
goods openings began in many of the staple and semi-staple
lines. Those already opened showed many declines with
very few advances, but are continually meeting with more
encouragement. On the other hand, some of the houses
have decided not to make a complete opening at this time,
but only to have something to show buyers in the way of
goods which they feel safe in pricing. One of the features
has been the substantial increase in the number of goods
offered in guaranteed colors and the wide variety of new
colors shown. Steady progress was made in disposing of
odd lots of a styled and seasonable character of this fabric.
Print cloths, 28-inch, 64 x 64's construction, are quoted at
7%c. and 27-inch, 64 x 60's, at 6%o. Gray goods in the 39
inch, 68 x 72's. are quoted at 10c. and 39
-inch, 80 x 80's, at
12%e.
WOOLEN GOODS: Although the markets for woolens
and worsteds remained quiet during the past week, the trade
generally advanced several degrees toward more normal
conditions. Selling agents and manufacturers have been
almost unanimously of the opinion that September would
witness a very good business. In the meantime there have
been openings of several lines of summer goods in the men's
wear division, with more to follow next week. Though this
has revived interest somewhat in suitings, a good movement
is not expected until the latter part of the month. Selling
agents and manufacturers are giving grave concern to the
question of the openings of spring lines of men's suitings and
topcoatings. But owing to the trouble entailed in pricing
the goods, openings are not expected to be held until some
time next month. However, while it is pointed out that
some of the larger clothing houses are in all probability
ready to place orders for next year's merchandise, piece
goods manufacturers are delaying the new showings. Factors claim that buyers have had their way for a long time
now that the piece goods trade has the upper hand for the
first time in a great while, they are likely to take advantage
of the situation and keep buyers waiting until they deem it
expedient to open their lines.
FOREIGN DRY GOODS: Activity in the market for
linens subsided somewhat during the past week, though
prices ruled generally steady. However, white goods in the
dress linen department continued to sell in a fairly healthy
way, though other colors were taken in limited quantities
and were generally unwanted. Much discussion has gone
the rounds as to whether 1925 will welcome dress linens as
did 1924. Thus far indications point to a tolerant attitude,
as orders are already being placed, and though small in
each instance, they mount up in volume. It is claimed by
importers that the Czechoslovakian linen market is working
full time. Prices are tending toward higher levels and the
outlook for the future is bright. Burlaps ruled quiet during
the past week owing to the temporary withdrawal of buyers
who are for the moment supplied. Light weights are quoted
at 5.95-6.05c. and heavies at 5.85c. nominal.
THE CHRONICLE
354
ffitatt anti titg Pepartment
NEWS ITEMS.
-Act Under Which Officials Were
Atlantic City, N. J.
-Contending that the Act
Chosen Claimed Unconstitutional.
under which the Atlantic City Commission was elected to
-office May 13 last is unconstitutional, a group of the resort
residents obtained a writ, on July 16, from the Supreme
Court compelling the city officials to show cause why their
right to hold office should not be challenged. Argument
will be heard at the State House on Oct. 7. The Philadelphia "Record" of July 17 says:
The election, the petitioners state, was conducted under chapter 145.
laws of 1924. an Act respecting cities of the fourth class and providing for
the nomination and election of commissioners. In attacking the constitutionality of the Act, it Is claimed that the measure is special legislation,
seeking to regulate the internal affairs of cities; that it is an attempt without
specific designation to repeal the original commission government law
known as the "Walsh Act. and that its body is broader than its title.
-
-New City Charter to Be Submitted
Fort Worth, Texas.
new city charter for the city of
io Voters on Sept.
Fort Worth will be submitted to the voters for their approval
on Sept. 1. Under the new charter, if ratified, the city will
have a City Manager form of government, with six departments under the direct control of the City Manager, assisted
by the department heads. The six departments suggested
are, finance, police, fire, public works and utility, health
.and welfare.
-Supreme Court Injunction to Prevent
Long Beach, N. Y.
-The Marjohn Realty Co. of Long
Sale of Bonds Asked.
Beach has asked Justice Benedict of the Supreme Court in
Brooklyn to invalidate $852,000 of the bonded indebtedness
.of the city and restrain it from issuing $175,000 worth of new
bonds. According to the New York "Commercial" of June 16:
The company, through Samuel B. Johnson, its counsel, maintained that
the Long each city charter fixed the city's debt limit at 10% of its total
assessments, or at present 81,399,119, and that its total outstanding debt
Is now $2.246,735. That the debt is alleged to exceed the statutory limit
AroIs the basis for the company's application. Johnson agreed with J. B.from
noff and J. W. Warshaw, Long Beach Corporation Counsel, to exempt
the $175.000, $70,000 which Warshaw said was intended to pay the city's
water bill. Aronoff. in a motion for dismissal which was denied, maintained
that of the debt of $2,246,735 more than $1,000,000 had been in bonds
exempt from the application of the debt limit and that the actual indebtedness was within the statutory restriction.
The Court said that upon the posting of a $15,000 bond by the petitioner,
the case would be turned over to a referee.
-The bi-Legislature Adjourns.
Louisiana (State of).
onnial session of the State Legislature which began on May 12
adjourned sine die on July 10.
Some of the constitutional amendments passed by the
Legislature and to be submitted to a vote of the people in
November are as follows:
To authorize the continuance of the 1% debt tax in New Orleans for
the Sewerage and Water Board.
To authorize the State Board of Liquidation to fund the residue of the
-power gasoline tax for the Hammond-New Orleans and
25 cents per horse
-Chef routes, and issue against it $2,000,000 in bonds or certificates. This
Is to be paid Into highway fund No. 2 and go toward completing the highways mentioned along the routes to be decided on by the Highway Commission.
Levying a 1 cent a gallon special gasoline tax in New Orleans to be paid
Into a special paving fund for paving the city.
Increasing the limit of New Orleans paving certificates from $5,000,000
to $15,000.000. and requiring the city to appropriate not less than $400,000
year for the city's portion of paving costs.
Amending Section 14 of Article 14, changing it with respect to the creation of road districts, sub-road districts and sewerage districts. Would
permit the creation of sewerage districts by police jury outside of city limits.
Authorizing the Police Jury of Caddo Parish to levy a 54-mill tax in
that parish for the support of the schools.
Authorizing the School Board of Sabine Parish to levy an additional school
tax when voted by the people of the parish or school district, both in number of votes and in value of property.
Amending Section 14 of Article 14 to add paragraphs "o" and "p," relative to the creation of levee, road and sewer districts.
Among the many bills passed by the Legislature and signed
:by Governor Fuqua are the following:
Authorizing municipal corporations, parishes and schools, road, sub-road,
zsewerage, gravity drainage and sub-drainage districts to issue bonds for
.any of these purposes not to exceed 10% of the assessed valuation of the
taxable property of such subdivisions.
Prohibiting the sale of bonds by any subdivision of the State for less than
their par value, and accrued interest, and providing for the security to be
.glven by bidders and fiscal agents.
Authorizing municipal corporations, parishes and school, road, sub-road,
sewerage, drainage and sub-drainage districts to incur debt and issue bonds.
-Petition for Constitutional
North Dakota (State of).
-The petition calling for a
Amendment Held Insufficient.
• constitutional amendment to bond the State of North Dakota
for $6,000,000 to aid in reimbursing depositors of closed
bank, and for revising the banking laws recently submitted
to Thomas Hall, Secretary of State (V. 119, p. 222), was
held "insufficient" by that official.
BOND PROPOSALS AND NEGOTIATIONS
'this week have been as follows:
-BOND OFFERING.ADAMS COUNTY (P. 0. Decatur), Ind.
Louies Kleine, County Treasurer, will receive sealed bids until 10 a. am
following issues of 43 % road bonds:
July 24 for the
$10,160 James H. Andrews macadam road bonds. Denom. $598.
8,800 Philip Carper macadam road bonds. Denom. $440.
Date July 15 1925. Due one bond of each issue every six months from
May 15 1925 to Nov. 15 1934 Incl.
-A syndicate composed of the Guaranty
-BOND SALE.
ALBANY,N. Y.
• Co. of New York, Equitable Trust Co., Salomon Bros. & Hutzler, all of
New York, and the National Commercial Bank & Trust Co. of Albany
has purchased $2,010,000 bonds ($2,044,500 offered) at 101.0371 a basis
.of aout 4.01%. The syndicate took $1.310,000 4%% public impt.
bonds maturing on June 1 as follows: $140,000, 1925 to 1929 incl.; $64,000.
1930 to 1934 incl.; 537,000. 1935 to 1939 incl., and $21,000, 1940 to 1944
incl.; and 5700,000 4% water supply bonds maturing $17,500 yearly on
June 1 from 1925 to 1964 incl. The City Sinking Fund took the remaining
-bonds aggregating $34,500. The bonds were offered as follows on July 14\V. 119. p. 10k:
[VOL. 119.
$433,000 public improvement bonds, Series B, maturing $21,650 on June
1 from 1925 to 1944 inclusive.
246.000 public improvement bonds, Series 0, maturing $16,400 on June 1
from 1925 to 1939 inclusive.
87,500 public improvement bonds, Series D, maturing $8,750 on June 1
from 1925 to 1934 inclusive.
578,000 street improvement bonds for the year 1923. maturing $95.700 on
June 1 from 1925 to 1929 inclusive, and $19.900 on June 1 from
1930 to 1934 inclusive.
700,000 water supply bonds, maturing $17,500 on June 1 from 1925 to
1964 inclusive.
Date June 1 1924. The bonds which were re-offered to investors by
the successful syndicate at prices to yield from 3.00% to 3.85% have all
been sold. The following bids were also received:
New York State National Bank,Albany
$2,026,867 92
Roosevelt & Son, A. Iselin & Co. and Geo. B. Gibbons & Co.,
Inc. (jointly)
'2,025,500 00
A. M. Lamport & Co., Inc
2,024,055 00
L. F. Rothschild & Co
2,021,276 10
Sherwood & Merrifield, Inc., H. L. Allen & Co. and Rutter &
Co.(jointly)
2,021,256 00
Bankers Trust Co., National City Co. and Harris, Forbes &
Co.(jointly)
2,017.014 90
Manufacturers National Bank, Troy
2,016,750 00
A. B. Leach & Co., Inc
2.014,037 00
Estabrook & Co.; Kean,Taylor & Co.; Robert Winthrop & Co.
and W. H. Harriman & Co., Inc. (jointly)
2,013.417 00
Albany Trust Co., Albany (part bid)
81.000 00
-BOND SALE.
ALBION, Orleans County, N. Y.
-The $16,000
coupon sewer extension bonds offered on July 14-V. 118, p. 3223
-have
been sold to Geo. B. Gibbons & Co. of New York as 4%s. for 516,025,
equal to 100.15-a basis of about 4.49%. Date Aug. 101925. Due $1,000
yearly on Aug. 10 1925 to 1940 incl. Other bidders were:
Citizens National Bank, Albion
$16 025 00
5
Sage, Wollcott & Steele
16,014 08
Farson, Son & Co
16.022 08
4 5
Union National
23
21
Co4
16;0 00
60 20
44
Sherwood & Merrifield
4%%
ANAHEIM, Orange County, Calif.
-BOND SALE.
-The $110,000
5% water works impt. bonds offered on July 10-V. 118, p. 3223
-were
purchased by the Anglo-London-Paris Co. at a premium of $3,412, equal
to 103.10, a basis of about 4.74%. Date July 15 1924. Due on Jan. 1
as follows: $3,000, 1925 to 1958 and $4,000, 1959 and 1960.
ANSONIA, Darke County, Ohio.
-BOND OFFERING.
-Paul E.
Smith, Village Clerk, will receive sealed bids until 12 m. July 21 for $40.000
6% water works and electric light mortgage bonds. Denom. $1.000
and $500. Date May 1 1924. Int. J. & 3. Due yearly on July 1 as
follows: $2,500. 1926 to 1940 incl., except every third year, when $3,000
matures. Certified check for 123 % of the amount bid for, payable to
the Village Treasurer. required.
ARANSAS PASS INDEPENDENT SCHOOL DISTRICT (P. 0.
Aransas Pass), San Patricio County, Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas on July 9 registered $5,000 6% serial
school bonds.
AUSTIN, Travis County, Texas.
-BOND SALE.
-The Texas Bank
& Trust Co. of Austin has purchased $50,000 5% incinerator bonds. These
bonds were registered by the State Comptroller of Texas on July 7.
AVON, Livingston County, N. Y.
-BOND SALE.
-The Fidelity
Trust Co. of Buffalo has purchased the following Issues of bonds as 41s.
at 100.186-a basis of about 4.48%:
$40,000 water bonds. Date March 11924. Due $2.000 1925 to 1944 incl.
24.000 paving bonds. Date July 1 1924. Due $2,000, 1925 to 1936 incl.
AVOYELLES PARISH FIFTH WARD SCHOOL DISTRICT NO. 2
(P. 0. Marksville), La.
-BOND OFFERING.
-Sealed proposals will be
received until 10 a. m. Aug. 5 by Foster Couvillion, President School
Board, for $25,000 school bonds. Int. not to exceed 6%. Date Aug. 1
1924. Due in 25 years. A certified check on a national bank doing
business in this State or a bank chartered under the laws of this State for
$500, payable to the President of the School Board, is required.
BANDERA COUNTY ROAD DISTRICT NO. 2 (P. 0. Bandera),
Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas on
July 7 registered $25,000 53-i% serial road bonds.
BATH, Steuben County, N. Y.
-Bids will be
-BOND OFFERING.
received until 7 p. m. July 15 by John W. Taggart. Village Clerk, for
$34,000 coupon village hall erection and furnishing bonds not to exceed
6% interest. The bonds will be offered for sale at public auction. Denom.
$1,000. Date July 15 1924. Prin. and semi-ann. int. (J. & J. 15) payable
at the office of the Village Treasurer. Due $2.000 yearly on July 15 1925
to 1941 incl. Cert. check upon an incorporated bank or trust company for
$50, payable to the VIllate Treasurer, required.
BEALLSVILLE SCHOOL DISTRICT (P. 0. Beallsville), Washing
ton County, Pa.
-BOND OFFERING.
-Until 7:30 p. m. July 28 sealed
bids will be received by Philip F. Clark, Secretary of Board of Directors.
for $30,000 4%% coupon school bonds. Denom. $1.000. Date June I
1924. Int. J. & D. Due yearly on Dec. 1 as follows: $2,000 1927 to 1929;
53,000, 1930 to 1935 incl., and $2,000, 1936 to 1938 incl. Cert. check for
$750, payable to the District Treasurer, required.
BEAUMONT, Jefferson County, Texas.
-J. F.
-BOND SALE.
Sullivan Jr. of Dallas has been awarded $100,000 5% wharf and dock
bonds at 100.50.
BELEN, Valencia County, N. Mex.-BOND OFFERING POSTPONED
BECAUSE OF COURT PROCEEDINGS.
-The offering of $100,000 6%
sewer coupon bonds scheduled to take place on July 14, as stated in V. 118.
p. 2987. has been postponed because of court proceedings.
BELLAIRE, Belmont County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received by Chas. P. Hoffman, City Auditor, until 12 m.
(Central standard time) July 26 for the purchase of the following issues
of bonds:
56.753 45 514% Fifth Sewer Dist. impt. special assessment bonds. Denom.
11375 and one for $378 45. Date May 15 1924. Int.
M. & N. 15. Due yearly on Nov. 15 as follows: $750.
1925 to 1932, incl., and $753 45, 1933.
11,423 27 534% Guernsey and Seneca St. and Elm Alley Impt. special
assessment bonds. Denom. $423 and one for $425 27.
Date May 15 1924. Int. M. & N. 15. Due yearly on
Nov. 15 as follows: $1,269, 1925 to 1932, incl., and
$1.271 27, 1933.
3.000 00 6% Trumbull St. impt, city's portion bonds. Denom. $175
and two for $100. Date April 11924. Int. M. Sr S. 15.
Due yearly on Sept. 15 as follows: $350, 1925 to 1932,incl..
and 5200. 1933.
15,219 97 5%% Belmont St. impt. special assessment bonds. Denom.
$850 and one for $769 97. Date May 15 1924. Int.
A. & O. 15. Due yearly on Oct. 15 as follows: $1,700,
1925 to 1932, incl., and $1,619 97, 1933,
Prin. and semi-ann. hit, payable at the City Treasurer's office. Certified
check for 5% of the bonds bid for, payable to the City Treasurer,required.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND SALE.
-J. F.
Wild & Co. of Indianapolis have been awarded the $23,400 5% coupon
Michael Duffy et al. road bonds offered on July 10-V. 118, p. 3224
for $24,156, equal to 103.23, a basis of about 4.27%. Date July 1 1924.
Due $1,170 every six months from May 15 1925 to Nov. 15 1934 incl.
BONE MESA DOMESTIC WATER DISTRICT, Delta County, Colo.
-BOND OFFERING.
-Bids were received by J. B. Drake, Secretary of
Board of Directors, until 10 a. m. July 18 at the Kennedy Bldg. in Paonla
for $75,000 water bonds.
BOLSA SCHOOL DISTRICT (P. 0. Santa Ana), Orange County,
Calif.
-BOND SALE.
-The $5,000 6% school bonds offered on July 8V. 118, p. 3224
-were purchased by the First National Bank of Santa Ana
at par and accrued interest. Date Aug. 1 1924. Due $1,000 Aug. 1
1925 to 1929 inclusive.
BOURBON COUNTY (P. 0. Fort Scott), Kan.
-BOND OFFERING.
-Sealed bids will be received by Kinley Culbertson, County Clerk, until
10 a. m. Aug. 4 for $68,700 4%% road impt. bonds. Denom. $500 and
$700. Date July 1 1924. Int. semi-ann. Due serially. A certified
check for 2% of amount bid for required.
JULY 19 1924.]
THE CHRONTCLE
355
-BOND SALE.
(P. 0. Edenton), No. Caro.
CHOWAN
BOULDER COUNTY SCHOOL DISTRICT NO. 121 (P. 0. Erie), The $100.000 COUNTY registered road bonds offered on May 5-V. 118.
coupon or
-The proposition to issue $12,500 school
-BONDS DEFEATED.
Colo.
-were sold.
building bonds submitted to the vote of the people at a recent election P. 1946
-Sealed bids will be reCINCINNATI, Ohio.
-BOND OFFERING.
failed to carry.
ceived by Alfred F. Deckebach, City Auditor, until 12 m. Aug. 11 for
BOWIE COUNTY COMMON SCHOOL DISTRICT NO. 18 (P. 0. $3,330,000 434% bonds "for the purpose of providing the city's portion
-The State Comptroller of Texas
-BONDS REGISTERED.
Boston), Tex.
of the funds for the construction of a parkway or boulevard on, upon, or
-year school bonds on July 8.
registered $8,000 6% 20 to 40
adjacent to lands or canal lands of the Rapid Transit System, and for
BOYD SCHOOL DISTRICT NO. 22, Mountrail County, No. Dak. purchasing and condemning the lands and easements necessary therefor,
the interest maturing on
CERTIFICATE SALE of the $3.000 4% certificates of indebtedness offered and for the purpose of providing a fund to
on Feb. 16-V. 118, p. 818-$2,000 were purchased by the W. B. De said bonds previous to the receipt of taxes from which sain interest is to
be ultimately paid." Said bonds are issued under authority of the laws of
Nault Co. Denom. $1.000. Due 1932.
in conformity
- Ohio, particularly Section 4000-22 of the General Code, andof Cincinnati,
BRIDGEVILLE SCHOOL DISTRICT, Allegheny County, Pa.
Council of the City
with Ordinance No. 126-1912
-Sealed bids will be received until 8 p. m. July 24 passed Feb. 27 1912, regulatingof the
BOND OFFERING.
the issue and sale of bonds, and in accordby W. C. Thompson (P. 0. Bridgeville) for $134,000 414% coupon school ance with an Ordinance No. 152-1924 of the Council of the City of Cinbonds. Denom. ELMO. Due yearly on July I as follows: $5,000. cinnati, passed June 23 1924. providing for the issue of said bonds, and
1928; $2,000, 1929 to 1931 incl.; $3,000. 1932 to 1935 incl.•, $4,000, 1936 in accordance with authority granted as a result of a special election held
to 1940 incl.: $5,000, 1941 to 1944 incl.; $6,000, 1945 to 1946 incl.; $7,000, in the City of Cincinnati on April 19 1924, on the question of issuing
1947 and 1948: 18,000, 1949: $9,000, 1950 to 1952 incl. and $10.000. bonds of city for said purposes. Denom. $1,000 or $500. Date July
'
1953. Certified check for $1,000. payable to the Treasurer, required.
1 1924. Prin. and semi-ann. int. at the American Exchange National
-BOND OFFER- Bank of N. Y. City. Each bond shall bear bit. at the rate of 435%•
BROWARD COUNTY (P.O. Fort Lauderdale), Fla.
-Sealed bids will be received by Frank A. Bryan, Clerk of Board of The bonds will mature in 19 installments in the amounts and on Sept. 1
ING.
County Commissioners, until 11 a. m. Aug. 7 for $100.000 6% coupon, as follows: $162,000. 1925, and $176,000, 1926 to 1943 incl. Said bonds
registerable as to principal only, highway bonds. Denom. $1,000. Date will be sold to the highest and best bidder for not less than par and accrued
Jan. 1 1924. Prin. and semi-ann. int. (J. & J.) payable in gold in New int. from the date of the bonds to the date of delivery. Delivery will
York City. Due on Jan. 1 as follows: $5,000, 1934 to 1943. incl., and be made at the office of the City Auditor, Cincinnati, Bids may be
$10,000, 1944 to 1948. incl. A certified check on a bank or trust company made upon all or any part of the issue. All bids must be upon the printed
doing business in Florida for 2% of amount of bonds bid for required. form furnished by the Auditor and must state the number of bonds bid
Bonds will be delivered at place of purchaser's choice on or about Aug. 22. for and the gross amount of the bid, and must be accompanied by a certiBids for less than 95 will not be considered. The bonds are to be prepared fied check for 5% of the amount of the bid, made payable to Alfred F.
under the supervision of the United States Mortgage & Trust Co., New Deckebach, City Auditor.
York City, which will certify as to genuineness of the signatures of the
-BOND OFFERING.
CIRCLEVILLE, Pickaway County, Ohio.
county officials and seal impressed thereon. Legality will be approved by Until 12 m. July 21 sealed bids will be received by L. T. Shaver. Chairman
John C. Thomson of New York City, whose approving opinion will be Finance Committee,for $6,000
% street improvement bonds. Denom.
furnished to the purchaser without charge. The official notice of offering
Due yearly on Sept. 1 as follows: $500. 1925 to 1930
states: "There has never been default in the payment of principal or $500. Int. M.& S.
1933 incl. Certified check for 5% of the amount
interest of county bonds, and no bond Issue has been contested and no con- incl., and $1,000. 1931 toTreasurer, required.
troversy or litigation is pending or threatened affecting the proposed bid, payable to the City
CLEARFIELD INDEPENDENT SCHOOL DISTRICT (P. 0. Clearbonds, except the usual validating proceedings."
-The White-Phillips Co.
-BOND SALE.
-Bids will be field), Taylor County, Iowa.
BUFFALO,Johnson County, Wyo.-BOND OFFERING.
$30,000 411% school bonds. Denom. $1,000.
received until 11 a. m. Aug.6 by 0. H.P. Mikesell, City Clerk, for $26,795 of Davenport has purchased semi-ann. int. (J. & D.) payable at the office
Date June 1 1924. Prin. and
•6% special assessment improvement district bonds, including Districts
of the School Treasurer or at the office of the above named firm. Due
Nos. 4, 5, 6, 7 and 8.
Dec. 1 as follows: $1,000, 1926 to 1930; $2,000. 1931 to 1939, and 87,000.
- 1940.
-BOND SALE.
BURLINGTON, Mount Holly County, N. J.
'The two issues of 434% coupon or registered bonds offered on July 15-BOND OFFERING.
CLEVELAND, Cuyahoga County, Ohio.
-have been sold to the New Jersey Fidelity Plate Glass
V. 119, p. 108
le,
Sealed bids will be received by W. J. Semple. Director of Finance, until
Insurance Co. of New York as follows:
m. Aug. 12 for the following issues of 414% coupon bonds:
12
$104,000 temporary impt. for $104,810 98, equal to 100.78, a basis of $460,000 grade crossing bonds. Date April 1 1924. Int. A. & 0. Due
about 4.60%.
yearly on Oct. 1 as follows: $18,000. 1930 to 1944 incl., and
22,000 temporary fire apparatus for $22,171 98, equal to 100.78, a basis
$19.000, 1945 to 1954 incl.
of about 4.60%.
390,000 city's portion paving bonds. Date June 1 1924. Int. J. & D.
Denom. $1.000. Date June 11924. Prin. and semi-ann. hit. (J. & D.)
Due $50.000 yearly on Dec. 1 1929 to 1934 incl.
,payable at the Mechanics Nat. Bank of Burlington. Due June 11930.
400,000 city's portion sewer bonds. Date June 1 1924. Int. J. & D.
BURLINGTON UNION SCHOOL DISTRICT (P. 0. Burlington),
Due $20,000 yearly on Dec. 1 1930 to 1949 incl.
-Nettle E. Karcher, District
Racine County, Wis.-BOND OFFERING.
Denom. $1,000. Prin. and semi-ann. int. payable at the American
Clerk, will receive sealed bids until 10 a. m. July 28 for $200,000 5% Exchange National Bank of New York. No bids will be entertained unless
school bonds. Denom. $1,000. Date Aug. 1 1923. Prin. and int. made on a blank form furnished on application by the Director of Finance.
payable at the District Treasurer's office. Due on Feb. 1 as follows: Bids may be made separately for each lot or for "all or none." No bids
$10,000, 1925 to 1929 incl.: /14,000. 1930 to 1934 incl., and $20,000, 1935. for less than par and accrued interest to the day of delivery will be accepted.
to 1938 incl. A certified check for 1% of bid required. Bonds are printed Bonds to be delivered to the buyer at Cleveland. Bidders shall be required
and will be furnished together with the legal opinion of Lines, Spooner at their own expense to satisfy themselves of the legality of said bonds.
& Quarles.
According to law, coupon bonds of the City of Cleveland may be exchanged
int. at the request of the owner. A
CALIFORNIA (State of).
- for bonds registered as to prin. and on
-BONDS OFFERED BY BANKERS.
solvent bank other than the
check, drawn
syndicate composed of the First National Bank of New York; Kissel, certified or cashier'sof the amount of some bid for and payable to the
A
bonds
one bidding, for 3%
junnicutt & Co.: Eldredge & Co.; Redmond & Co., and the Detroit Co.,
accompany each bid.
Inc.. all of New Yoric; the Anglo-London-Paris Co. and the Bank of Italy, order of the City Treasurer, must
both of Los Angeles. is offering the following bonds to investors at a price
CLEVELAND HEIGHTS CITY SCHOOL DISTRICT (P. 0. Cleve-BOND OFFERING.
to yield 4.05% for the 4s and 4.10% for the 43.48:
land Heights), Cuyahoga County, Ohio.
41,150,000 4% highway bonds dated July 3 1911 and maturing $350,000 Sealed bids will be received by Charlotte D. Roche, Clerk Board of EducaJuly 3 1959; $400,000 July 3 1960, and $400,000 July 3 tion, until 12 m.(Eastern standard time) Aug. 6 for $638.000 411% school
1961.
bonds ("Series No. 28"). Denom. $1,000. Date Aug. 1 192C Int.
925,000 4% harbor irnpr. bonds dated July 2 1915. Due July 2 A. & O. Due yearly on Oct. 1 as follows: $26,000, In every odd year
1989; optional 1954.
and $25,000 in every even year, 1925 to 1949 incl. Certified check for
625,000 4% India Basin bonds dated Jan. 2 1911. Due Jan. 2 3% of the amount of bonds bid for, payable to the above Clerk, required.
1985: optional 1939.
-BOND OFFERING.
CLINTON COUNTY (P. 0. Frankfort), Ind.
100,000 4% Sacramento Bldg. bonds dated July 2 1915. Due
Until 10 a. m. July 30 sealed bids will be received by Walter D. Beach,
July 2 1965.
Treasurer, for the following issues of 5% coupon road bonds:
3,000,000 434% highway bonds dated May 3 1924 and maturing 81.000.- County Grace Smith et al. gravel road No. 370 bonds. Denom. $960.
$19.200
000 July 3 1963 to July 3 1965 inclusive.
2,400 Chas. B. Fretz et al gravel road bonds. Denom. $120.
-BOND OFFERING.
CAMDEN, N. J.
-Sealed bids will be received by
Date June 20 1924. Int. M. & N. 15. Due one bond of each issue
Alfred R. White, City Clerk, until 10 a. m.(daylight saving time) July 23 every six months from May 15 1925 to Nov. 15 1934 inclusive.
for an Issue of 414% coupon or registered public impt. bonds, not to exceed
-BOND SALE.
CLINTON COUNTY (P. 0. Wilmington), Ohio.
1903,000. no more bonds to be awarded than will prodhce a premium of
H.
$1.000 over $903,000. Denom. $1,000. Date Aug. 1 1924. Prin. and The $166.700 536% County, township and property owners' I. C. sold
-have been
• semi-ann. Int.(F. & A.) payable In gold. Due yearly on Aug 1 as follows: No. 8 road bonds offered on July 15-V. 119, p. 109
of Cincinnati for $174.218 17. equal
$23.000, 1926 to 1958 incl., and $24.000, 1959 to 1964 incl. The bonds will to the Title Guarantee & Trust Co. Date June
15 1924. Due yearly on
be prepared under the supervision of the United States Mortgage & Trust to 104.51. a basis of about 4.78%.
517.000.
which will certify as to the genuineness of the signatures Oct. 1 as follows: $16,700. 1925: $17,000. 1926; $16,000, 1927: $17,000,
Co. of New York,
1930 incl.; $16,000, 1931; 517.000. 1932; $16,000, 1933, and
of the officials and the seal impressed thereon and the validity of the bonds 1928 to
will be approved by Hawkins, Delafield & Longfellow of New York. Cert. 1934. The following bids were received:
Prem.
check for 2% of the amount of bonds bid for, payable to the City, required.
$6,848 00
N. S. Hill & Co., Cincinnati
6,511 00
CARBON COUNTY SCHOOL DISTRICT NO, 15 (P. 0. Savery), Braun, Bosworth & Co., Cincinnati
6,86804
Wyo.-BOND OFFERING.-Blds will be received until 2 p. m.July 25 by The Provident Savings Bank & Trust Co., Cincinnati
7,001 40
Mrs. Dee J. Wren. District Clerk,for $10,000 school bonds. Int. rate not Assel, Goetz & Moerlein, Inc., Cincinnati
7.518 17
to exceed 6%. Denom.$500. Date July 1 1924. Int.semi-ann.(J.& J.). The Title Guarantee & Trust Co., Cincinnati
6,46700
Due July 11949. optional July 1 1934.
W. L. Slayton & Co., Toledo
6.407 95
Ryan. Bowman & Co., Toledo
CARLISLE COUNTY (P. 0. Bardwell), Ky.-BOND OFFERING.
6.067 88
& Oatis, Inc., Toledo
Sealed bids will be received until 12 m. Aug. 4 by Robert L. Geveden, Stranahan, Harris Stacy
6,285 76
& Co., Chicago
'Clerk of County Court, for $100.000 5% road bonds. Due in not less than Stevenson, Perry,
7.254 00
Detroit Trust Co., Detroit
5 years nor more than 30 years. A certified check for $2,500 required.
6.286 00
The Herrick Co., Cleveland
6.71836
CARROLLTON, Carroll County, Ohlo.-BOND OFFERING.
- Seasongood & Mayer, Cincinnati
5,316 00
Sealed bids will be received until 12 m. July 29 by A. K. Rader, Village Hayden, Miller & Co., Cleveland
'Clerk. for $5,500 6% water works bonds. Denom. $500 and one for
COLDWATER, Mercer County, °Mo.-BOND SALE.-Durfree
$1.000. Date June 2 1924. Int. M. & S. Due yearly on March 1 as
% street impt. special assessfollows: $500, 1925 to 1933 incl. and $1,000 1934. Certified check for Niles & Co. of Toledo purchased $14,500
101.14.
10% of the amount of bonds bid for, payable to the Village Treasurer, ment bonds on June 24 at par plus a premium of $165 80, equal to
Denom. $1,000. Int. F. & A. Due serially.
required.
CARRIZOZO SCHOOL DISTRICT NO.7(P.O. Carrizozo), Lincoln
COLLINSVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Col-The State
-BONDS REGISTERED.
County, N. Max.
-BONDS VOTED.
-At a recent election the voters linsville), Grayson County, Tex.
authorized the issuance of $6,000 heating plant bonds.
Comptroller of Texas on July 8 registered $10,000 6% serial bonds.
County, Ohlo.-BOND OFFERING.
CARTERVILLE INDEPENDENT SCHOOL DISTRICT (P. 0.
COLUMBIANA, Columbiana
Carterville), Cerro Gordo County, Iowa.
-BOND SALE.
-The White- Sealed bids will be received by Alfred Barrow, Village Clerk, until 12 m.
Phillips Co. of Davenport has purchased $10,000 4%% school bonds. July 29 for $4,031 34 534% street improvement bonds. Int. semi-ann.
Denom. 81,000. Date July 1 1924. Prin. and semi-ann. int. (J. & J.) Due yearly on Sept. 1 as follows: $447 93, 1925 to 1930, and $447 92. 1931
payable at the office of the above named firm. Due July 1 1944.
to 1933 incl. Certified check for 5% of the amount of bonds bid for, payable to the Village Treasurer, required.
CASS COUNTY ROAD DISTRICT NO. 18 (P. 0. Linden),
-The following
COLUMBUS, Muskogee County, Ga.-BOND SALE.
BONDS REGISTERED.
-The State Comptroller of Texas registered $52,000
Tex
5% coupon bonds offered on July 15 (V. 119. p. 109) were purchased by
04% serial road bonds on July 8.
the Merchants & Mechanics Bank of Columbus at a premium of $37.777 77,
CECIL COUNTY (P. 0. Elkton), Md.-BOND OFFERING.
-Sealed equal to
bids will be received until 12 m. July 22 by C. H. Reckefus, President of $450.000 104.13, a basis of about 4.59%:
school bonds. Due $15,000, 1925 to 1954 incl.
County Commissioners, for $35,000
% lateral road bonds. Denom.
240.000 sewer bonds. Due $8,000. 1925 to 1954 hid.
$1,000• Date Aug. 1 1924. Prin. and semi-ann. int. (F. & A.) payable
105.000 park bonds. Due $4,000, 1925 to 1939 incl., and $3,000 1940 to
the County Commissioners's office. Due $5,000 on Jan. 1 1937 and
at
1954 incl.
$5,000 yearly on Jan. 1 from 1939 to 1944 incl. A certified check for
60.000 fire station bonds. Due $2,000, 1925 to 1954 incl.
10% of bid required.
45,000 street paving bonds. Due 81,500, 1925 to 1954 incl.
CHARDON, Geauga County, Ohlo.-BOND OFFERINO.-Robert
Date Aug. 1 1924.
8. parks, Village Clerk, will receive sealed bids until 12 m. July 28 for
-The $19,000
-BOND SALE.
CONCRETE, Skagit County, Wash.
$25.391 6% coupon Center St. impt. special assessment bonds. Denom. 6% street improvement bonds offered on June 10-V. 118. p. 285a-were
$500 and one for $391. Date June 1 1924. Int. M. & S. Due yearly purchased by the State Bank of Concrete as 65 at par. Date JUne 11924.
on Sept. 1 as follows: $2.500. 1925: $3,000, 1926 and 1927: 2,500, 1928
CORTLAND AND YORKTOWN UNION FREE SCHOOL DISTRICT
and 1929; $3.000, 1930; $2,500, 1931; $3,000. 1932, and 83,391, 1933.
-BOND
Certified check for 10% of the amount of bonds bid for required. Pur- NO. 2 (P. 0. Croton-on-Hudson), Cortland County, N. Y.
SALE -The $400,000
% school bonds offered on July 17-V 119, p
• chaser to take up and pay for bonds within ten days from time of award.
-were purchased by Sherwood & Merrifield, Inc. of New York at 103.34,
109
CHERRY TREE SCHOOL DISTRICT(P.O. Cherry Tree), Indiana a basis of about 4.29%. Date July 1 1924. Due yearly on Jan. 1 as fol-Mrs. John Lemon. Secretary of lows: $3.000. 1927 to 1930 incl.; $4,000, 1931 to 1934 incl.; $5.000, 1935 to
County, Pa.
-BOND OFFERING.
Board of School Directors, will receive sealed bids until 8 p. m. Aug. 2 1938 incl.; 59.000, 1939 to 1942 incl.; 510,000. 1943 to 1946; $11.000,
for $15,000 414% coupon school bonds. Denom. $1.000. Date Sept. 1 1947 to 1950; $13.000, 1951 to 1954 incl.; $14,000, 1955 to 1958: $15.000.
1924. Int. M. & S. Due Sept. 11939.
1959 to 1962 mud., and 816,000, 1963 to 1988 incl.
356
THE CHRONICLE
[VOL. 119.
COOPER COUNTY (P. 0. Boonville), Mo.-BIDS.-The following
Is a list of bids received for the $45000 5% road bonds purchased by the atDenom. $1,000. Date day of issue. Prin. and semi-ann. int. payable
the District Treasurer's office. A cert. check
Harris Trust & Savings Bank of Chicago as stated in V. 119. p. 109:
for 1%
payable to Chas. H. Grahl, District Treasurer, required. of amount bid,
G. H. Walker & Co., St. Louis
Due in 20 years.
$45.190 00 Alternative bids are requested as follows:
Stifel, Nicolaus & Co.. St. Louis
45,060 75
1. A bid on the bonds drawing 431% interest.
Mercantile Trust Co., St. Louis
45,395 00
2. A bid based on the bonds drawing 434
Liberty Central Trust Co., St. Louis
%
45,144 00
3. A bid based on the bonds drawing 431% interest.
Stix & Co., St. Louis
interest.
45,164 15
Bidders may also bid for less than
Lewis Thompson & Co.. St. Louis
45.772 75 the amount bid for is not less than the total amount of the bonds provided
Federal Commerce Trust Co.. St. Louis
$100,000.
45,16200
Mississippi Valley Trust Co.. St. Louis
DE WITT COUNTY ROAD DISTRIC
45,700 00
T NO. 5 (P.O. Cuero), Tex.
Smith, Moore & Co., St. Louis
45,228 50 BONDS REGISTERED.
-The State Comptroller of Texas registered
Brown, Simrall & Co., St. Louis
45,680 75 $135,000 5% serial road bonds on July 7.
Kauffman, Smith & Co.. St. Louis
45,238 50
First National Co. (by Boonville National Bank)
DOVER, Tuscarawas County, Ohio.
45.238 50
-BOND OFFERING.
Harris Trust & Savings Bank, Chicago
-Sealed
45,777 00 bids will be received by E. F. Wible, City Auditor, until
m. Aug. 1
Commerce Trust Co., Kansas City
45,396 00 $20,090 5% street impt. (city's portion) bonds. Denom. 12 and one for
Prescott, Wright, Snider Co., Kansas City
$500
for
45,225 00 $590. Date July 1 1924. Prin. and semi-ann. int. (A. & 0.)
Stern Bros. & Co.. Kansas City
45,341 00 the office of the Sinking Fund Trustees. Due each six months payable at
as follows:
A bid from the Burkholder Bond Co., enclosing personal check, was not 31.500, April 1 1926 to Oct.
1 1933 incl., and 32.090, April 1 1934. Certified
considered or bid opened.
check for 2% of the amount of bonds bid for
required.
DOWNEY SCHOOL DISTRICT, Los
CORPUS CHRISTI, Nueces County, Tex.
-BOND ELECTION.
Angeles County, Calif.
-The following is a list of bids received
An election will be held on Aug.12 to vote on the question ofissuing $125.000 BIDS.
for the $30,000 6% school
bonds purchased by E. H. Rollins & Sons
school building bonds.
of Los Angeles, as stated in
V. 119, p. 224:
CROOKSVILLE VILLAGE SCHOOL DISTRIC
T (P. 0. Crooks- Anglo London Paris Co___$2,037 00 Freeman,Smith &CampCo.$2,170 20
ville), Perry County, Ohio.
Citizens National Co
-BOND OFFERING.
-Until
1,511 00 National City Bank ofLos
sealed bids will be received by L. D. Stoneburner, Clerk 1 p. m. July 28 R. E. Campbell Co
1,811 50
Angeles
2,647 20
cation, for $30,000 534% school impt. bonds. Denom. Board of Edu- Wm.R. Stoats
2,33200 E. H. Rollins & Sons
$1.000. Date
2,731 00
July 16 1924. Int. A. & 0. Due yearly on Oct. 16 as follows: $1,000,
DRESDEN, Muskingum County, Ohio.
1925 to 1942 incl., and $2,000, 1943 to 1948 incl. Certified check for
-BOND OFFERING.
-Sealed
5% bids will be received until 12 m. July 28 by Warde
of the amount of bonds bid for, payable to the Treasurer,
Q. Buter, Village Clerk,
for $2,000 6% public hall bonds.
required.
Denom. $250. Date June 1 1924.
Int. semi-ann. Due $250 yearly on June
CROSBY INDEPENDENT SCHOOL DISTRICT (P. 0.
1 1925 to 1932 incl. Certified
Crosby), check for 5% of the amount
Harris County, Tex.
of bonds bid for required.
-BONDS REGISTERED.
-The State Comptroller
of Texas on July 9 registered $35,000 535% serial school bonds.
EASTCHESTER (P. 0. Tuckahoe), Westches
ter County, N. Y.
BOND SALE.
-The 396.000 434% construction bonds offered
CUMBERLAND, Allegany County, Md.-DATE
on July 17
- -V. 119,
OF BONDS
224
-were purchased by the Gramatan NationalB
FINANCIAL STATEMENT.
-The $500.000 434% water Impt. bonds 431s at 102.1875, a basis
ank as
p.
of about
sold on May 26 to the Guaranty Co. of New York at
102.319. a basis of yearly on July 15 as follows: $5,000. 4.25%. Date July 15 1924. Due
about 4.38% (see V. 118, p. 2732) are dated June 1 1924.
1926 to 1943 incl., and $6,000, 1944.
EAST DURHAM SPECIAL TAX
Financial Statement.
DISTRICT (P. 0. Durham), DurActual valuation, estimated
ham
-BOND OFFERING.
$45,000,000 00 sealedCounty, No, Caro.
-Until 2 p. m. July 21
Assessed valuation
bids will be received by M. G. Markham.
38,000,000 00 $50.000
Register of Deeds, for
Total bonded debt, including this issue
3,239,900 00 $1.000. school bonds bearing interest at a rate not to exceed 6%. Denom.
Water debt
Date Aug. 1 1924. Prin. and semi-ann. int.
$2,059.900 00
(F. & A.) payable
In gold in New York City. Due on Feb.
Sinking fund
156,277 74
1 as follows: $1,000. 1927 to 1932,
2,216,177 74 incl., and $2,000, 1933 to 1954, incl. A certified check for $1,000 upon
an incorporated bank or trust company,
payaole to the County Treasurer,
Net bonded debt
$1.023,722 26 required. Legal opinion of Chester B. Masslich, N. Y. City, will . e furnIed purchaser. Delivery on or about
Net debt less than 231% of assessed valuation.
Aug. 6 in N. Y. City or at purchaser's cost for delivery and exchange at
Population, 1920 Census, 28,837; present estimate, 32,000.
place of his choice.
EAST RADFORD TOWNSHIP (P. 0.
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
West Chester), Chester
-BOND OFFERING.
-BOND OFFERING.-Geo. B. Johnson.
-A. J. Hieber, Clerk Board of County Commissioners, until 11 a. m. County, Pa.
Secretary of Board
(Cleveland time) July 30 will receive sealed bids for the following issues of Supervisors, will receive sealed bids until 9 a. m. (standard time) July
31 for $10,000 434% township bonds.
of 5% coupon special assessment bonds:
Denom. $1,000. Date Aug. 1
1924. Int. semi-ann. Due yearly on Aug.
$180,000 Sewer Districts 1 and 2, Water Supply Impt. 43 bonds. Due
1933 incl., and $2,000. 1934. Cert. check for1 as follows: 31.000, 1926 to
$9,000 yearly on Oct. 1 1925 to 1944 Inclusive.
$1,000. payable to the Board
19,000 Sewer District 1, Water Supply Impt. 49 bonds. Due $1,000 of Supervisors, required.
yearly on Oct. 1 1925 to 19431nclusive.
EASTON, Northampton
-BOND SALE.
Denom.$1,000. Date Aug. 11924. Prin. and semi-ann. int.(A. & 0.) coupon or registered bonds County, Pa.
-The $250,000
offered on July 15-V. 118, p. 3225
payable at the office of the County Treasurer. Certified
-have
been sold
solvent bank other than bidder, payable to the County check on some of about to the First National Bank of Easton as 431s at 101.51, a basis
Treasurer, for
4.14%. Date July 1 1924. Due every five
1% of the amount of bonds bid for, required.
years, the last
bonds maturing July 1 1954.
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 3 (P. 0.
EAU CLAIRE, Eau Claire
Miami),Fla.
Sealed bids will be received until 5 County, Wis.-BOND OFFERING.
-BOND SALE.
-The $40,0006% school
p. m.
July
-V.119, p. 224
-were purchased by R. M. Grant & bonds offeredYork 14 for $165.000 water works improvement July 22 by 0.E. Olen, City Clerk,
Co. of New
at of bid
bonds. A certified check for 2%
a premium of $3,751, equal to 109.37. a teals of
required.
about 5.25%. Date
July 1 1924. Due July 1 1944.
EDDYVILLE, Dawson County, Neb.-BOND
OFFERING.
-Sealed
DALHART INDEPENDENT SCHOOL DISTRIC
T, Dallam and blds will be received until 8 p. in. July 21 by B. R. Hedgiin, Village Clerk,
Hartley Counties, Tex.
for the following 6% coupon bonds:
-BOND SALE.
-Boswort
Denver have purchased $10,000 6% school bonds. h, Chanute & Co. of $11,000 electric light transmission
Denom. $500. Date
bonds.
June 6 1924. Due 1925 to 1944.
3.000 electric equipment bonds.
Denom. $1,000. Date July 1 1924. Prin. and semi-ann. int.
DAVIESS COUNTY (P. 0. Washington), Ind.
payable
- at the County Treasurer's office. Due July 1 1944, optional
The $4,700 5% Thomas D. Hastings et al. road bonds -BOND SALE.
July 11934.
offered
V. 118. p. 3105
-have been sold to the Fletcher American on July 8- A certified check for 2% of bid required.
InCo. of
dianapolis for $4,842 60, equal to 103.03, a basis of
EL CENTRO, Imperial County, Calif.
-The First
July 8 1924. Due $235 each slx months from Mayabout 4.31%. Date Securities Co. of Los .Angeles has purchased-BOND SALE.
15 1925 to Nov. 15
the following municipal im1934 inchudve.
provement bonds:
3170.000 534% improvement bonds. Due 1929 to 1945.
DAYTON SCHOOL DISTRICT (P. 0. Dayton),
Montgomery
30,000 531% improvement bonds. Due 1946 to 1948.
County, Ohio.
-BOND SALE.
-The $379,000 431% coupon school
bonds offered on July 10-V. 119, p. 224
EL DORADO SEWER DISTRICT NO. 4 (P. 0. El
-have
Dorado), Union
Ewart & Co. of Chicago at 103.44, a basis of about been sold to Taylor. County, Ark.
-,-BOND SALE.
-Two issues of 5 4% sewer bonds recently
4.38%. Date July 10
1924. Due yearly on July 10.as follows: $18,000,
1926 to 1935 incl.; offered were sold as follows:
$19,000, 1936, and $18,000. 1937 to 1946 incl.
$134.500 sewer bonds to the National Bank of Commerce,El
Dorado,at par.
135.000 sewer bonds to the First National Bank. El Dorado,
DELAWARE (State of).
-BOND SALE -The
at par.
registered highway bonds offered on July 16-V. $500,000 4% coupon or
ELIOT, York County, Me.
-BOND OFFERING -Sealed proposals
119, p. 109
-were pur- will be
chased bK Kean, Taylor & Co. of New York at
received until 2 p. m. (standard time) July
99.089-a
4.05%. Date Jan. 1 1924. Due Jan. 1 1964, optional at basis of about Town Treasurer, for 320,000 5% coupon school 26 by Lulu P. Kennard,
105 after 1 year. $500.
bldg.
The following bids were received:
Date June 11924. Prin. and semi-ann. Int. (J. bonds. Denom.
-D.)
York County Trust Co. of Kittery. Due 31,000 yearly payable at the
Rate Bid
Price Bid
on June 1 from
Farmers Bank
1925 to 1944
95
$475,000 00 are exempt incl. The official notice of offering states that these bonds
Guaranty Co of New York
from taxation in Maine and are free from all Federal
98.077
490.385 00 and are
Income tax
L R Rothschild & Co
98.433
492,165 00 Fidelity Issued under the supervision of and certified as to genuineness by
Harris Forbes & Co ;Laird, Bissell & Maeda • 97.09
485,450 00 Cook, Trust Co., Portland, Maine, and their legality will be approved by
Redmond & Co :Phelps,Fenn & Co
Hutchinson & Pierce, Portland, Maine, whose opinion
98.31
491,550 00 ished the
will be furnEstabrook & Co
99.00
495,000 00 Fidelity ;purchaser. All legal papers incident to this issue will be filed with
The National City Co
97.809
489,045 00 for the Trust Co. where they may be inspected at any time. Payment
Kean, Taylor & Co
loan may be made on or about July 30 1924, at which
99.089
495,445 00
time definitive
Barr Brothers & Co
99.0797
495,398 50 bonds will be ready for delivery.
Remick. Hodges & Co
98.279
491,395 00
Debt Statement
Assessed val. for 1924 $1,942.807 00 iTemporary loans in
DELTA, Delta County, Colo.
-BOND OFFERING.
anbe received until July 22 by the Mayor for the following-Sealed bids will Bonded indebtedness
ticipatio nof '24 taxes $18,000 00
bonds:
(this issue)
$19,000 intersection bonds.
20,000 00 Tax rate for 1924
15 02
Population (approximately) 1,500
7,500 water bonds.
80,000 special improvement bonds.
ELIZABETH, N. J.
-DESCRIPTION.
-The following is a description
Date Aug. 15 1924. Due in 15 years; optional after 10
of the $910,000 43 % temporary loan bonds
4
,
years.
awarded to the Union Trust
Co. of Elizabeth at 100.66, as was stated In V.
DENTON, Caroline County, Md.-BOND OFFERING.
118, p.
Crouse! Clerk Board of Commissioners, will receive sealed-William S. 000. Date May 1 1924. Prin. and semi-ann. Int. 2604. Denom. $1,(M. & N.) payable
bids until 1 in gold at the Nat. State Bank
t. m. J
July 23 for $15,000 5% public impt. bonds. Denom.
of Elizabeth. Due
May 11924. Int. M. & N. Due $1,000 yearly on May $1,000. Date bonds mean a cost basis of about 4.37% to the city. May 1 1030. The
1 1929 to 1943 by Reed, Dougherty
Legality approved
incl. Accrued interest will be adjusted to the date of delivery and
& Hoyt of New York.
payment.
Certified check for 5% of the par value of the bonds bid for,
Financial Statement (as Officially Reported).
required.
Total assessed valuation taxable property, 1924
DES MOINES INDEPENDENT SCHOOL (P. 0. Des Moines),
Polk
$118,500,821 00
County, Iowa.
-BOND OFFERING.
-Sealed bids will be received until Bonded debt, Including this issue
$7,729,926 29
2 p. in. Aug. 5 by Geo. L. Garton, Secretary Board of Directors, for the Less: Special assessments
$1,920,082 81
Sinking funds
following bonds, aggregating $1,680.000:
369,003 31 2,289,086 12
$300.0W for the purpose of completing the construction and equipment of
Net bonded debt
of the addition to the senior high school building, known as West
Population, U. S. Census, 1920. 95.783;
High School.
present population (est.M84,000
5
03 17
0
100,000 for the purpose of constructing and equipping an addition to the
ELKIN, Surry County, No. Caro.
-BOND SALE.
junior high school building, known as Amos Hiatt School, located coupon or registered
-The following
bonds
on July
at East Twelfth and Court Avenue.
-were
purchased by W.L. Slayton & Co.of Toledo 11-V. 118. p. 3225
300,000 for the purpose of constructing and equipping a new junior high to 101.55.
at a premium of $701 50, equal
Interest rate not stated:
school building in the ,vicinity of Sixteenth Street and Forest $20,000 street
improvement bonds. Due 32,000 July 1 1927 to 1936.
Avenue.
25.000 water bonds. Due $1,000 July
300,000 for the purpose of constructing and equipping a new junior high
1 1926 to 1950.
Date July 11924.
school building in the vicinity of Thirtieth Street and Kingman
ELLICOTTVILLE, Cattaraugus County, N. Y.
Boulevard.
-BOND SALE.
An issue of $5,000 fire truck bonds has been
300,000 for the purpose of constructing and equipping a new junior
sold as 5s to
school building in the vicinity of East Twenty-first Street and high Ellicottville at 100.125, a basis of about 4.94%. Denom. the Bank of
Des Aug. 1 1924.
$1,000. Date
Moines Street.
Int. payable annually. Due $1,000 yearly on Aug. 1
300,000 for the purpose of constructing and equipping a new junior
1925 to 1929 inclusive.
high
school building in the territory known as Highland Park.
ELMSFORD, Westchester County, N. Y.
-BOND OFFERING.
40,000 for the purpose of constructing and equipping a new elementar
-y Until 11 a.
school building in the vicinity of East Sixteenth Street and Guthrie by John F. in. (daylight saving time) July 22, sealed bids will be received
Rottman,'Village Clerk, at the office of William Scott,32 BroadAvenue.
way, New York, for $90,000 coupon paving bonds. Denoms. $1,000
40,000 for the purpose of constructing and equipping an addition to the $5010.
and
elementary school building, known as Hubbell School. at Forty- 1925 toDate Aug. 1 1924. Int. F. & A. Due $4,500 yearly on Aug. 1
1944 incl. Legality approved by Clay &
Second Street and Center Street.
Cert. check for 2% of the par value of bonds bid for,Dillon of New York.
required.
JULY 19 1924.]
THE CHRONICLE
357
certify as to the genuineness of the signatures of the officials and the seal
Impressed thereon and the validity of the bonds will be approved by
Hawkins, Delafield & Longfellow of New York. Certited check for 2%
of the amount of bonds bid for, payable to the City, required.
-BOND OFFERING.
GRAHAM, Alamance County, No. Caro.
Sealed bids will be received until 8 p. in. July 31 by Will I. Holt, Town
Clerk, for the following not to exceed 6% registerable as to prin. bonds:
$76,000 street impt. bonds. Due $6,000 March 1 1926 to 1935: $4.000.
1936 to 1939 incl.
25.000 water bonds. Due $1,000 March 11928 to 1950 incl.
Denom.$1,000. Date Mar. 11924. Prin. and semi-ann.int.(M.& S.)
payable in gold in New York. Approving opinion of Chester B. Masslich
will be furnished. A certified check or cash for $2,020. upon an incorporated bank or trust company, payable to the Town Clerk, is required.
Delivery about Aug. 14 at place of purchaser's choice.
GRANGER INDEPENDENT SCHOOL DISTRICT (P.O. Granger),
-Sealed bids were reWilliamson County, Tex.
-BOND OFFERING.
ceived until July 17 by the Secretary of the School Board for $135,000 5%
building and equipment bonds. Denom. $500 and $1,000. Date July I
1924. Int. ann. April 10.
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.
-The two issues of bonds offered on July 17 (V. 119, p. 225)
BOND SALE.
were sold as follows:
$30,000 4%% coupon bridge bonds to the Gramatan National Bank a
102.10-a basis of about 4.24%. Denoms. $1,000 and $500.
Due $1,500 yearly on July 15 1925 to 1944. inclusive.
79,000 coupon or registered refunding bonds as 4%s to Rutter & Co. of
New York at 100.333-a basis of about 4.22%. Denom. $1,000.
Due yearly on July 15 al follows: $3.000, 1925 to 1948. inclu..ive.
and $7,000. 1949.
Date July 15 1924.
-On June 2,
-BOND SALE.
GREENVIEW,'Menard County, Ill.
the Marbold State Bank was awarded $6.000 5% water system impt.
bonds at 99. Denom. $1,000. Date June 1 1924. Int. payable annually
(June 1). Due $1,000 each year.
GREENVILLE GRADED SCHOOL DISTRICT (P. 0. Greenville),
-The $200,000 coupon school
-BOND SALE.
Pitt County, No. Caro.
-were purchased by
building bonds offered on July 15-V. 119. p. 225
Braun Bosworth & Co. of Toledo and Otis & Co. of Cleveland as 55. at a
premium of $2,760, equal to 101.38-a basis of about 4.89%. Date July
-BOND SALE.-Blanchett, 1 1924. Due July 1 as follows: $5,000. 1927 to 1942;$10,000, 1934 to 1954
EUCLID, Cuyahoga County, Ohio.
Thornburg & Vandersall of Toledo have purchased the $134.000 6% incl.
coupon street and highway bonds offered on July 7-V. 118. p. 3106
-The
-BOND SALE.
GREENWICH, Fairfield County, Conn.
Date July 7 1924. Due yearly on Oct. 1 as follows: $8,000, 1925 and
$400.000 41i% school bonds, Series "A," offered on July 17-V.119. p. 225
$9,000, 1926 to 1939 incl. Other bidders were:
M. Grant & Co. at a premium of $4,760, equal
-were purchased by R.
Prem.
1 1924. Due on Jan. 1 as
Ryan, Bowman & Co
$5,105 40 to 101.19. a basis of about 4%. Date July 1930 and 1931, and $50.000.
Guardian Bank, Milliken &
The Herrick Co
5,187 00 follows: $50,000, 1926 to 1929 incl.: 175,000.
York. and Tillotson &
$2,103 00 W. L. Slayton & Co
5,33500 1932.
Wolcott Co
4,027 00
Seasongood & Mayer
GREENWOOD COUNTY SCHOOL DISTRICT NO. 76 (P. 0.
-Ben L. Corey. Cirek of the
All of the above bids included accrued interest.
Hamilton), Kans.-BOND OFFERING.
Board, will receive sealed bids until 5 p. in, July 28 for $15.000
FAIRBANKS SCHOOL TOWNSHIP (P. 0. Fairbanks), Sullivan School
414% school bonds. Date July 1 1924. Int. semi-ann. Due serially 1 to
-Milton Drake. Township Trustee,
-BOND OFFERING.
County, Ind.
A cert. check for 2% of bid required.
will receive sealed bids until 1 p. in. July 21 for 945.000 5% school bonds. 5 years.
-BOND SALEGUERNSEY COUNTY (P. 0. Cambridge), Ohio.
Denom. 2500. Date July 18 1924. Int. .1. & J. 18. Due $1,500 every
six months from July 18 1925 to Jaa. 18 1940 inclusive.
The two issues of bonds offered on July 15 have been sold as follows:
514% coupon I. C. H. No. 352 road bonds (see V. 119, p. 111) to
$109,400
-BONDS VOTED.
FAIRFIELD, Jefferson County, Iowa.
-At the
the Title Ouamntee & Trust Co. of Cincinnati for 9114.476 16,
-the voters authorized the issuelection held on June 30-V. 118. p. 2989
equal to 104 67-a basis of about 4 667, Date July 5 1924.
ance of $75,000 water works bonds.
Due yearly on March 15 as follows: $10,400. 1926, and $11,000,
1927 to 1935 incl.
FAIRMONT, Martin County, Minn.
-CERTIFICATE OFFERING.
3,000 6% coupon county home inapt. bonds (see V. 119, p. 225) to
Sealed bids will be received until 8 p. m. July 24 by W. R. Sturgeon, City
Breed, Elliott & Harrison of Cincinnati for $3,076. equal to 102 53
Clark, for $17.384 30 Prairie Avenue certificates of indebtedness. A certi-a basis of about 5.19%. Date Sept. 4 1924. Due $500 yearly
fied check for 5% of bid required.
on July 15 1925 to 1930 incl.
FANNIN COUNTY COMMON SCHOOL DISTRICT NO. 57 (P. 0.
HALL COUNTY ROAD DISTRICT NO.2 (P. 0. Memphis), Tex.
-BONDS REGISTERED.
Bonham), Tex.
-The State Comptroller of
BONDS REGISTERED.-The State Comptroller of Texas registered $30,000
Texas registered $6,500 6% 5 to 20 year school bonds on July S.
7.
5m% serial road bonds on July
FARMERSVILLE INDEPENDENT SCHOOL DISTRICT (P. 0.
-The Federal Trust
-BOND SALE.
HAMBURG, Erie County, N. Y.
Farmersville), Collin County.
-BONDS REGISTERED.
-On July 9
issue of
State Comptroller of Texas registered $80,000 514% serial school bonds. Co. and the Marine Trust Co. of Buffalo have been awarded an Denom.
the
%% municipal bonds at 102.18-a basis of about 4.337,
$400,0004
FAYETTEVILLE, Cumberland County, No, Caro.
-BOND SALE.
- f1,000. Date Aug. 1 1924. Prin. and int. payable at the New York Trust
The $200,000 street impt. bonds offered on July 11-V. 118. p. 3225- Co. of New York or at the Bank of Hamburg. Due $10.000 yearly on Aug.
were purchased by Halsey, Stuart & Co. of New York as 5s at a premium 1 1925 to 1964 incl. Legality approved by Clay & Dillon of New York.
of $1,312, equal to 100.65, a basis of about 4.92%. Date June 1 1924.
HAMLET TOWNSHIP,Renville County, No. Dak.-CERTIFICATES
Due $20,000 June 1 1926 to 1945 inclusive.
-The $2,000 certificates of indebtedness offered on July 12NOT SOLD.
FERGUS COUNTY SCHOOL DISTRICT NO.97(P.O. Lewistown), V. 119, p. 111-were not sold.
-Bids will be received until 2 p. in. Aug. 1
-BOND OFFERING.
Mont.
-R.B. Garrett, City Auditor,
-BOND OFFERING.
HAMILTON,Ohio.
by Bertha Fordsen, Clerk, for $3,997 6% serial funding bonds. Denom.
$10.360 6% Whiteway
12 in. Aug. 12
will receive
$400 and one for $397. Due 1925 to 1935, eac it bond of the series to be lighting or sealed bids until Denom. 91.036. for
Date June 1 1924. Prin.
boulevard bonds.
redeemable one year prior to its payable date and five years after date any
51,036
or all bonds redeemable on any int, paying date. A certified check for and semi-ann. int. payable at the City Treasurer's office.ofDueamount
the
yearly on Sept. 1 1925 to 1934. incl. Certified check for 5%
$200, payable to the District Clerk, is required.
of bonds bid for, payable to the City Auditor, required.
-BOND OFFERING.
FLINT, Genesee County, Mich.
-Sealed bids
-The 525.0006%
-BOND SALE.
HARDIN. Big Horn County, Mont.
will be received by Fank D. King, City Clerk, until 8 p. in. July 25 for
-were
D. 1948
on May 10-V.
$150,000 hospital 1924 "B" bonds not to exceed 5% interest. Denom. coupon lighting plant bonds offeredCo. of Denver at 118.
par plus a premium
&
$1.000• Date Aug. 1 1924. Prin. and semi-ann. int. (F. & A.) payable purchased by Sidlo, Simons, Fels about 5.89%. Date April 1 1924. Due
New York. Due $15,000 Aug. 1 1925 to of $275 &mai to 101.10. a basis of
at the National Park Bank of
1934 incl. Legality approved by Wood & Oakley of Chicago. Certified April 11944.
-An
check for $1,000 required.
-BOND ELECTION.
HARMON COUNTY (P. 0. Hollis), Okla.
question of issuing $100,000
be held on Aug. 5 to
FORTY FORT SCHOOL DISTRICT, Pa.
-BOND SALE.
-The election will house and jail bonds. vote on the
% court
$290,000 school bonds offered unsuccessfully on May 27-V. 118, p. 3106
have been sold to the Kingston Bank & Trust Co. of Kingston at par.
HAVERFORD TOWNSHIP(P.O. Haverford), Montgomery County,
-We are in receipt of the follow-ADDITIONAL INFORMATION.
-BOND OFFERING. Pa.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
9350.000 highway and
-Sealed bids will be received until 10 a. m. Aug. 8 for the purchase of the ing information in connection with the sale of the
sewer bonds sold to the Girard Trust Co. of Philadelphia (see V. 119. p.
following 51(% bonds:
225):
$6.200 Sewer District Clinton No. 2 Sewers, Improvement No. 48, dated
Aug. 11924. Bonds due and payable on Oct. 1 as follows: $1,200. $300,000 Series "A." Due $30.000 yearly 1925 to 1934.
50.000 Series "B." Due $2,000 yearly, 1925 to 1949.
1926: 91,000. 1927 to 1931, both incl.
The bonds were awarded at par.
7,900 Sewer District Clinton No. 2 Watermains, Improvement No. 49,
-Sealed
dated Aug. 1 1924. Bonds due on Oct. 1 as follows: $900, 1926;
-BOND OFFERING.
HAWARDEN Sioux County, Iowa.
$1,000, 1927 to 1933, both incl.
bids will be received until 8 p. m. Aug. 5 by Fred A. Gepke, City Clerk.
9,000 Sewer District Marion No. 2, Watermains, Seymour Ave. Area, for $50,000 5% power plant and electric light bonds. Date Oct. 1 1924.
dated Aug. 1 1924. Bonds due and payable on Oct. 1 as follows: Due In 20 years, optional in 5 years.
$1,000. 1926 to 1934, both incl.
-Sealed bids
-BOND OFFERING.
HAYDEN, Routt County, Colo.
5,600 Sewer District Marion No. 2, Sewers, Seymour Ave. Area. dated
Aug. 1 1924. Bonds due and payable on Oct. 1 as follows: $600, will be received until 2 p. m. July 30 by J. I. Birkett, Town Clerk, for
bonds. Denom. $500. Date Aug. 1
930,000 5% coupon refunding water
1926: $1,000, 1927 to 1931, both incl.
Bonds will be prepared, signed, recorded and ready for delivery on the 1924. Due Aug. 1 1944, optional Aug. 11934. Bidders to furnish bonds
day of sale. The interest A.& 0.) and principal when due shall be payable and legal opinion. A cert. check for $1,000 payaole to the Town Clerk is
at office of Treasurer of Franklin County in Columbus. A complete tran- required.
script of all proceedings had in the matter of authorizing, advertising and
-The 510.000
-BOND SALE.
HAZELHURST, Copiah County Miss.
awarding said bonds will be furnished the successful bidder at the time of the 6% improvement bonds offered on July 1 (V. 118, p. 2990) were purchased
award, and bids conditioned on the acceptance of bonds bid upon only
July 1 1924. Due $1,000.
the approval of said proceedings by the attorney of the bidder will be by Moore & Co. of New Orleans as 514s. Date
upon
accepted and considered, and a reasonable time will be allowed the success- 1925 to 1934.
-The two issues
-BOND SALE.
ful bidder for the examination of said transcript before requiring compliance
HEMPSTEAD, Nassau County, N. Y.
with the terms of this advertisement or any bids made thereunder. All of 4%% registered bonds offered on July 16 (V. 119, p. 225) were awarded
proposals shall be accompanied by a certified check or cash in an amount as follows:
equal to 1% of the par value of all bonds bid upon. If a certified check is $275,000 street improvements bonds to Geo. B. Gibbons 8: Co., Inc., at
deposited the same shall be drawn on a solvent national bank or trust com101.211-a basis of about 4.35%. Due yearly on Aug. I as
to 1944, inclusive.
pany and made payable to the order of the Board of County Commissioners
follows: $9.000. 1925, and $14,000, 1926 issue of $375,000.
be United States legal tender. None of said
These bonds are part of a total authorized
If cash is tendered, it shall
10.000 water main extension, third series, bonds, to Barr Bros. & Co..
bonds will be sold for less than par value thereof with accrued interest to date
New York City, at 100.469-a basis of about 4.40%. Due UAW
of delivery. Bonds will be delivered free of charge to any bank designated
yearly on Aug. 1 1925 to 1934, inclusive.
in the City of Columbus. Purchaser must pay charges, if any, for delivery
Date Aug. 1 1924,
outside the City of Columbus, Ohio.
GARDINER (P.0. Kingston), Ulster County, N. Y.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 13 (P. 0.
-BOND SALE.
-Batchelder, Wack & Co., of
-BOND SALE.
On July 15 an issue of $4.000 5% county highway town's portion bonds Valley Stream), N. Y.
was sold. Denom. 51,000. Date July 15 1924. Int. payable annually. New York, have purchased $240,000 school bonds as 4s at
Due serially. 1925 to 1949, inclusive.
to 1930 inclusive.
Denom. $1,000. Date July 11924.
Due $1,000 March 1 1927
-BOND OFFERING.
-BOND OFFERING.
HENRY COUNTY (P. 0. Napoleon), Ohio.
-Sealed
GLEN COVE, Nassau County, N. Y.
1 by Earl T. Crawford.
bids will be received by Edw. E. Craft, Commissioner of Finance until Sealed bids will be received until 2 p. in.
Aug'
issue of $80000 4 14% coupon or registered fire gold County Auditor, for 927,500 514% Ross Road No. 223 bonds. Denom.
4 p. in. Aug. 4 for an
bonds. Denom. $1,000. Date June 1 1924. Prin. and semi-ann.'int. $1.000: one for $500. Date Aug. 1 1924. Prin. and semi-ann. int.
as follows:
(J. & D.) payable at the office of the Commissioner of Finance. Due (M• & S.) payable at the County Treasury. Due on Sept. 1 5% of bid
$2,000 June 1 1925 to 1964 incl. The bonds will be prepared under the $3,500, 1925: 94.000, 1926 to 1931 incl. A certified check for
supervision of the U. S. Mtge. & Trust Co. of New York, which will required.
EMPORIA SCHOOL DISTRICT (P. 0. Emporia), Lyon County.
-Nora Wood Clerk of Board of Education.
-BOND OFFERING.
Kan.
will receive sealed bids until 7:30 p. m. July 21 for all or any part of the
following propositions in connection with the sale of $250,000 bonds:
-one-tenth each
$250,000 30 years, 4%%, payable serially after 20 years
year.
-one-twentieth
250,000 30 years, 414%, payable serially after 10 years
each year.
150.000 30 years, 414%, optional after 20 years.
150.000 30 years, 411%, optional after 20 years.
100,000 20 years,
-one-tenth each
100.000 20 years, 43 %, payable serially, after 10 years
year.
-one-tenth each
100,000 20 years, 4%,payable serially after 10 years
year.
100,000 30 years, 411%, optional after 20 years.
100,000 20 years common,4j%. These bonds to be negotiated when the
money is needed, but not later than Jan. 1 1925.
Bonds to be dated Aug. 1 1924. Bids to state whether or not the purchaser will pay for printing the bonds,legal services and registration charges.
-The Sinking Fund Com-BOND SALE.
ERIE, Erie County, Pa.
mission has purchased $25,000 4% fire equipment bonds at par.
-A syndicate
-BOND SALE.
ESSEX COUNTY (P.O. Newark), N. J.
composed of the West Side Trust Co. of Newark, M.M.Freeman & Co. of
Philadelphia and A. M. Lamport itz Co. and Keane. Higbie & Co. of New
York has been awarded the four issues of 414% coupon (with privilege of
registration as to principal only or as to both principal and interest) bonds
offered on July 11 (V.119, p. 110) as follows:
$958.000 (91,000,000 offered) hospital bonds at 104.42, a basis of about
4.21%. Date July 1 1924. Due yearly on July 1 as follows:
$20.000 1925 to 1944 incl., $30,000 1945 to 1961 incl., and $14,000
1962.
144,000 ($150,000 offered) park bonds at 104.69, a basis of about 4.19%.
Date May 1 1924. Due yearly on Mar. 1 as follows: $3,000,
1925 to 1972 incl.
100,000 park bonds at 102.93. a basis of about 4.19%. Date May 1 1924.
Due $4,000 May 1 1925 to 1949 incl.
200,000 park bonds at 103.26, a basis of about 4.20%. Date May 1
1924. Due yearly on May 1 as follows: $7,000, 1925 to 1952
incl., and $4,000, 1953.
358
THE CHRONICLE
[VOL. 119.
BOND OFFERING.
-Sealed bids will be received at the same time for TION.
-A special
820.000 534% road bonds. Denom. $1,000. Date Aug. 1 1924. Prin. of issuing $60,000 election will be held on July 25 to vote on the question
534% school bonds. L. I. Olson, District Clerk.
and semi-ann. int.(M.& S.) payable at the office of the County Treasurer.
LAKE WALES, Polk County, Fla.
Due yearly on Sept. 1 as follows: $2.000, 1925 to 1928 incl., and $3,000,
-BOND SALE.
-The following
1929 to 1932 incl. Cert. check for 5% of the amount bid, payable to the 6% bonds offered on July 10-V. 119, p. 111-were purchased by Marx
& Co. of Birmingham at 99, a basis of about 6.11%:
County Treasurer, required.
$50,000 refunding bonds. Due $10,000 July 1 1929 to 1933.
HIGHLAND PARK (P. 0. New Brunswick), Middlesex County,
55,000 golf course bonds. Due $11,000 July 1 1937 to 1941.
N. J.
-BOND OFFERING.
-C. S. Atkinson, Clerk Board of Education,
25,000 park bonds. Due July 1 as follows: $10,000 in 1947 and 1948
will receive sealed bids until 8 p. m. (daylight saving time) July 28 for an
and $5,000, 1949.
issue of 4H% school coupon bonds, not to exceed $37,000. no more bonds
Date July 1 1924.
to be awarded than will produce a premium of $1,000 over $37,000. Denom.
LANCASTER,Erie County, N. Y.
$1.000. Date Aug. 1 1924. Interest semi-annual. Due $1,000, 1926 to
-BOND SALE.
-An issue of$12,500
1962, inclusive. Certified cneck for 2% of the amount of berms bid for, fire engine bonds has been sold as 434s to the Citizens Nat. Bank of Lancaster. Denom. $1,000 and $500. Date Aug. 1 1924. Prin. and intrequired.
payable at the above
HIGHLAND SCHOOL DISTRICT NO.14, Morton County No. Dak. York. Due $1,000. named bank or at the Hanover Nat. Bank of New
1925 to 1936 incl., and $500, 1937.
-BOND OFFERING.
-E. A. Taylor, District Clerk, will receive bids at
the County Auditor's office in Mandan until 10 a. m. Aug. 16 for $3,500
LA PORTE COUNTY (P.O. La
-BOND OFFERING.
funding bonds bearing interest at a rate not to exceed 7% and maturing in Neva Line, County Treasurer, will Porte), Ind.
receive sealed bids until 11 a. m.July 26
10 years. A certified check for 5% of bid required.
for the purchase of the following 5% coupon highway impt. bonds:
$10,000 Fink Road bonds. Denom. $500.
HIGHTSTOWN, Mercer County, N. J.
-BOND OFFERING.
1,530 Gruenke Road bonds. Denom. $1,530.
bids will be received by Geo. P. Dennis, Borough Clerk. until -Sealed
8 p. m.
16,000 Bull Road bonds. Denom. $800.
(daylight saving time) July 29 for an issue of4H coupon or registered sewer
20,400 Hollaway Road bonds. Denom. $1,020.
bonds, not to exceed $50,000, no more bonds to be awarded
Date July 19 1924. Int. semi-ann. Due one bond of each issue
duce a premium of $1,000 on $50,000. Denom. $1,000. than will proevery
Date June 1
1924. Prin. and semi-ann. in (J. & D.) payable at the Hightstown Trust six months from May 15 1925 to Nov. 15 1934 incl.
Co. of Hightstown. Due $2,000 yearly on June 1 1925 to 1949 incl. LeLAPORTE SCHOOL CITY (P.0.Laporte), Laporte County,Ind.
gality approved by Hawkins, Delafield & Longfellow of New York. Cert. BOND OFFERING.
-The Board of School Trustees will receive sealed bids
check for 2% of the amount of bonds bid for, payable to the Borough. until 10 a. m.
Aug.2for $40,000 434% coupon school bonds. Denom.$500.
required.
Date July 1 1924. Prin. and semi-ann. int. (J. & J.) payable at the First
HOLMES COUNTY (P. 0. Millersburg), Ohio.
-BOND SALE.- Nat. Bank of Laporte. Due
On July 14 the $16,200 534% coupon Sec. "B" Danville road assessment 1939. incl. A certified check yearly on July 1 as follows: 810.000, 1936 to
for 1% of bid required.
bonds offered on that day
-V. 119, p. 225
-were
& Co. of Toledo for $16,449 48. equal to 101.41-asold to David Robison
LAVA HOT SPRINGS,Bannock County,Idaho.
basis of about 4.99%•
-BONDS VOTED
Date July 1 1924. Due $1,620 each six months from March
BOND OFFERING.
-At
-the
1 1925 to voters authorized the the election held on June 30-V. 118, p. 2733
Sept. 1 1929 incl.
issuance of $53,000 6% sanatarium bonds. Bids
will be received until July 28 by E. W. Hemphill, City Clerk, for the bonds.
HUDSON, Columbia County, N. Y.
-BOND SALE.
-The Hudson The amount,$53,000,is composed of$40,000 hospital and $13,000 hot water
City Savings Institution of Hudson has been awarded the
$19,000 434% spring acquirement bonds. Interest rate 6%. Due July 1 1944, optional
coupon or registered bonds offered on June 26-V.118, p.3226
-at 101.215. July 1 1934.
a basis of about 4.25%. Date Aug. 1 1924. Due $1,900
yearly on Aug. 1
1925 to 1934 inclusive.
LEE COUNTY (P. 0. Fort Myers), Fla.
-BOND SALE.
-The $1,650.000 county bonds offered on July 9-V. 118, p. 3108
purchased by
HULMEVILLE,Bucks County, Pa.
-BOND OFFERING.
-Sealed bids Well. Roth & Irving Co. of Cincinnati the Hanchett -were
will be received until 7 p. m. Aug. 4 by the Borough Clerk
Bond Co. of Chicago
coupon street impt. bonds. Denom. $500. Date Aug. for $15,000 5% and the G. B. Sawyers Co. of Jacksonville at 98.17, a basis of about 5.66%.
1 1924'
Date July 1 1924. Due July 1 1930 to 1953.
IRWIN, Westmoreland County, Pa.
-BOND SALE.
-On July 14
LIMA, Allen County, Ohio.
-BOND SALE.
-The two issues of bonds
the Union Trust Co. of Pittsburgh purchased the $35.000
434% paving offered on July 10-V. 118, p. 3227
follows:
bonds offered on that day
-V. 118, P. 3227
-for $35,992 71-equal to $92,300 534% Main Street paving -have been sold asStuart
bonds, to Halsey,
& Co. of
102.83-a basis of about 4.27%. Due July 1 1924. Due yearly on July
1
Chicago for $96,125, equal to 104.14, a basis of about 4.68%.
as follows: $5,000, 1930, 1935 and 1938, and $10,000, 1945
and 1950.
Denom. $1,000 and one for $300. Int. J. St D. Due each six
ISABELLA COUNTY (P. 0. Mount Pleasant), Mich.
months as follows: $4,000 each June 1 and $5.000 each Dec. 1
-BOND SALE.
-The $7,000 assessment district road No. 46 bonds offered on
from June 1 1925 to Dec. 1 1933 incl.; $6,000, June 11934, and
July 11V. 119, p. 226
$5.300, Dec. 1 1934 incl.
-have been sold to the Isabella County State Bank of Mount
Pleasant as 530. at par. Due 2 to 10 years.
1.8006% water main, series "0." bonds, to David Robison & Co. of
Toledo for $1,819 26. equal to 101.09, a basis of about 5.55%•
JACKSONVILLE, Morgan County, III.
-BOND SALE.
-On July 14
Denom. $500 and one for $300. Int. M. & S. Due yearly on
an issue of $56,000 water works and power plant bonds was
Sept. 1 as follows: $500, 1925 to 1927 incl., and $300, 1928.
434s. to Geo. H.Burr & Co. of Chicago at 100.73-a basis of awarded as
Date June 1 1924.
about
Denom. $1,000. Date June 1 1924. Int. semi-ann. Due $4,0004.40% •
The bids were as follows:
yearly
on June 1 1926 to 1939 incl.
Premium Bid
802.300 00
JAY COUNTY (P. 0. Portland), Ind.
-BOND SALE.
t m.0
wa OO 0
8li ds,ai
two issues of 434% road bonds offered on that day were -On July 11
011l avinut
: Por
ys
sold to the City
Trust Co. of Indianapolis as follows:
Main Streirt
$8.200 bonds for $8,273 50, equal to 100.89, a basis of
Series "0."
about 4.30%• Halsey,
Denom. $410. Due $410 each six months from
2:7 5 0
May 15 1925 to PruddenStuart & Co.. Chicago
0
E3 821 0 0
Nov. 15 1934 inclusive.
& Co., Toledo (all or none)
r
5,600 bonds for $5,647 50. equal to 100.84. a basis
Otis & Co., Cleveland
1 00
2.317 00
Denom. $280. Due $280 each six months from of about 4.31%• David Robison & Co., Toledo
May 15 1925 to Braun,
1,910 61
26
2;9_64
Nov. 15 1934 inclusive.
Bosworth & Co., Toledo
1,738 00
Seasongood & Mayer, Cincinnati
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
1.876 00
me L.
ING.
-Until 1 p. m. July 22 sealed bids will be received -BOND OFFER- Th L. . Ballinger Co., Cincinnati (all or none)2,187 51
Slayton & Co.. Toledo
Clerk Board of County Commissioners. for $33,400 6% by Eleanor Floyd, W.
2,10444
road inapt. bonds. Title Guarantee & Trust Co., Cincinnati
Denom. $1,000 and one for $400. Int. semi-ann.
2.113 93 81.873 6 50
All
4
19
Due 1 to 9 years. Stranahan, Harris & Otis, Toledo
Certified check for $1,500 required.
A. M.Lampert & Co., New York
BOND SALE.
All $3,716 29
-The State Industrial Commission has
been awarded Provident Savings Bank & Trust Co., Cincinn_ 2,233 66
$38,000 6% road bonds at par.
1 00
BOND OFFERING.
-C. H. Churchill, City Auditor, will receive sealed
JEFFERSON SCHOOL TOWNSHIP (P. 0.
bids until 12
+I
Ossian), Wells County, $3,000 fire m. Aug.8 for the following 534% coupon impt. bonds:
Ind.
-BOND OFFERING.
signal bonds. Denom. $500. Date June 11924. Int. J.&D.
-Sealed bids will
Aug. 2 by Geo. W. Todd, Township Trustee,be received until 3 p. m.
Due $500 Dec. 1 1925 to 1930 incl.
for $124,000 4H% coupon
school bonds. Denoms. $1,000 and $1,266 63 2-3.
14,000 water main bonds. Denom. $1,000. Date July 1 1924. Int.
Prin. and ann. Int. (Aug. 2) payable at the Farmers Date Aug. 2 1924.
A. & 0. Due 81,000 Oct. 1 1925 to
Bank
$8.266 66 2-3 yearly on Aug. 1 1925 to 1939 incl. Cert. of Ossian. Due 15,000 sewer bonds. Denom. $1,000. Date 1938 incl.
July 15 1924. Int. A. & 0.
check for $7,500
payable to the above Trustee required.
Due $1,000 Oct. 15 1925 to 1939 incl.
Prin. and semi-ann. int. payable at the office
-- tees.
JOHNSTOWN, Fulton County, N. Y.
of the Sinking Fund Trus-BOND OFFERING.
Purchaser to pay for legal opinion of Peck, Shaffer & Williams of
-W. J.
Eldridge, City Chamberlain, will receive sealed
bids
saving time) Aug. 2 for $21,000 coupon paving until 11 a. m.(daylight Cincinnati. Certified check for 2% of the amount of bid, payable to the
bonds not to exceed 6% City Treasurer, required.
interest. Denom. $1,000. Date June
(J. & D.) payable at the Hanover Nat.1 1924. Prin. and semi-ann. int.
LINCOLN PARK, Wayne County, Mich.
Bank of
-BOND OFFERING.on June 1 as follows: 85,000, 1925 to 1927 incl.,New York. Due yearly J. A. Morrison, Village Clerk (P.O.
R.F.D.
ders are requested to name the rate of interest, and $6,000, 1928. Bid- sealed bids until 8 p. m. (Eastern standardDearborn No. 2). will receive
expressed in multiples of
time) July 21 for $190,000
‘of 1%, the rate named to apply to the entire
3
,
eal a:s meamer bya e in reis rigs e os 3 ;e 7, 38 and 39. Cerch enor
pa ongs to hetv agN r.q0 3
Issue, and the bonds will tified
(1 d
be awarded to the bidder offering to take them at the
and to pay therefor the highest price on such lowest lowest rate of interest
rate. The bonds will
LINDHURST (P. 0. Cleveland), Cuyahoga County, Ohlo.-BOND
be in coupon form, but registerable either as to principal
only or as to Prin- OFFERING.
-Earle Kohler, Village Clerk,
cipal and interest. Bids must be on blank forms
which will be supplied 12 m. July 24 for $46.200 534% street impt.will receive sealed bids until
on application to the City Chamberlain, and must
bonds. Denom. $1,000, and
be accompanied by a one for $200. Date June 11924. Prin. and semi-ann. int. (A. & 0.) paycertified check upon an incorporated bank or trust
company payable to able at the office of the Village Treasurer. Due yearly on Oct. 1 as follows:
the order of the above official, for 2% of the par value of
the
No interest will be allowed on the deposit. The legality bOnds bid for. 84.200, 1925; $5,000, 1926: $4,000, 1927 to 1929 incl., and $5,000, 1930
of this Issue of to 1934 incl. Cert. check for 5% of ths amount of bonds bid for, payable
bonds will be passed upon by Caldwell ,It Raymond
N. Y.
favorable opinion will be furnished the purchaser.ofThis City, whose to the Village Treasurer, required.
bond issue is
BOND SALE.
authorized under Chapter 593 of the Laws of 1905 and
-The Herrick Co. of Cleveland has purchased the $46,200
thereof(being the charter of the city of Johnstown, N. Acts amendatory 534% coupon Lindhurst Road improvement special assessment bonds
of the Common Council duly adopted June 16 1924. Y.) and a resolution offered on July 14 (V. 118, p. 3227) for $46,870
-equal to 101.46-a basis
about 5.19%. Date June 1 1924. Due on Oct. 1 as follows: $4,200,
of
Financial Statement July 7 1924.
1925: $5,000, 1926; $4,000, 1927; 85,000. 1928; $4,000, 1929; $5,000, 1930
Sinking fund, balance
$33,10893 and 1931; 84,000. 1932, and $5,000, 1933 and 1934.
Assessed valuations Jan. 1 1924
Total taxable real property, exclusive of franchises.
LLANO SCHOOL DISTRICT (P. 0. Llano), Llano County, Tex.
Including pension property
-At the election held on July 8-V. 118, p. 3227
$7,480,445 00 BONDS VOTED.
-the
Special franchises
539,190 00 voters authorized the issuance of $60.000 school building bonds.
LORAIN, Lorain County, Ohio.
-BOND SALE.
$8.019,635 00 Savings Bank & Trust Co. of Cincinnati has purchased -The Provident
Personal property
94.500 00 city's portion paving bonds offered on July 16 (V. 118,the $47.000 634%
p. 3228) at a premium of $1,292 50. equal to 102.75-a basis of about 4.87%. Date June
15
*8.114,135 00 1924. Due yearly on Sept. 15 as follows: $5,000, 1925 to
Bond limit
1931, inclusive,
f801,963 50 and $6,000. 1932 and 1933.
Bonded debt, including this issue
*282,000 00
Less water bonds exempt
LOUISVILLE, Stark County, Ohio.
-BOND OFFERING.
140,000 00
-G.
Mooth, Village Clerk, will receive sealed bids until 12 m. July 28 for B.
the
following issues of 69 North and South Silver streets impt. bonds:
$142,000 00
Margin of debt incurring capacity
659,963 50 $9.250 bonds. Denom. $500 and one for $250. Due yearly on April 1
The city has never defaulted, it is stated, in the payment of
as follows: $1,250, 1926, and $1,000, 1927 to 1934 incl.
prin. or int.
17,500 bonds. Denorns. $1,000 and $500. Due yearly on April 1 as
KING COUNTY COMMON SCHOOL DISTRICT NO. 10
(P. 0.
follows: $2,000, 1926 to 1933 incl., and $1,500. 1934.
Guthrie), Tex.
-BONDS REGISTERED.
-On July 9 the State Comptroller
Date April 1 1924. Prin. and semi-ann. int. payable at the Village
of Texas registered $6,000 6% serial school bonds.
Treasurer's office. Certified check for 3% of the amount of bonds bid for,
KINGSFORD (P. 0. Iron Mountain), Dickinson County,
Mich.
- payable to the Village Treasurer, required.
BOND SALE.
-Watling, Lerchen & Co. of Detroit recently
LOWELL SPECIAL LOCAL TAX GRADED SCHOOL DISTRICT
issue of $200,000 534% water bonds. Denom. $1.000. Datepurchased an
June 2 1924. NO. 7 OF SOUTH PAINT TOWNSHIP (P. 0. Gastonia),
Prin. and semi-ann. int.(M.& S. 2) payable at the Dime Savings
Gaston
Bank of County, No. Caro.
Detroit. Due yearly on Sept. 2 as follows: $7,000, 1928 to
-BOND OFFERING.
-Until 11 a. m. July 24 L. E.
1932
$8.000. 1933 to 1937 incl.; $9,000, 1938 to 1942 incl., and 810.000, incl.: Rankin, Clerk Board of County Commissioners, will receive bids for
1943 to $50,000 534% coupon school bonds. Denom. $1,000. Date July
1950 incl.
11924.
Prin. and semi-ann. int. payable at the National Park Bank. N. Y. City.
FINANCIAL STATEMENT.
Due on July 1 as follows: $1,000, 1927 to 1932 incl., and 82.000, 1933 to
Tot, bond. debt (this issue $200,0001Assessed valuation
4,425,035 1954 incl. A certified check upon an incorporated bank or trust
company
LAKE COUNTY (P. 0. Tiptonville), Tenn.
-BOND
- for 2% of amount bid for, payable to the County Treasurer, required.
Sealed bids will be received until 2 p. m. Aug. 18 by Melvin OFFERING.
Tipton, ChairLOW MOOR, Clinton County, Iowa.
man County Court, for $25.000 5% school bonds. Due July 1
-BOND
-The Whiteas follows: Phillips Co. of Davenport has purchased $9.300 5%SALE.
810,000. 1944, and $15,000. 1949. A certified check for $500 required.
water works bonds.
Denom. $500 and $100. Date July 1 1924. Prin. and semi-ann. int.
LAKE PRESTON INDEPENDENT SCHOOL DISTRICT
(P. 0. Lake Preston), Kingsbury County, So. Dak.-BOND NO. 4 (M. & N.) Payable at the office of the above named firm. Due Nov. 1
ELEC- as follows: $300. 1930; $500. 1931 to 1938, and $1,000, 1939 to 1943.
e.THLY
191924.]
THE CHRONICLE
359
-Sealed bids will be
-BOND OFFERING.
MIAMI, Dade County, Fla.
received until 10 a. in. July 29 by C. L. Huddleston, Director of Finance.
for $950,000 improvement geld bonds. Denom. $1,000. Date July 1
1924. Principal and interest payable in gold in New York. Due July 1
as follows: $135,000 in 1935; 810.000, 1936: P90.000, 1937;871.000, 1938;
872,000, 1939: 821,000, 1940; $48.000. 1941; 878,000. 1942; 850,000, 1953;
830,000, 1944; 836.000. 1945; $25,000. 1946: $18 000. 1947; 836.000. 1948;
to 1950; $6.000, 1951; $21.000, 1952; 830.000, 1953,'and 8122,000, 1954.
Bidders to name rate of interest. The bonds will be prepared under the
supervision of the United States Mortgage & Trust Co., New York. which
will ertify as to the genuineness of the signature of the officials and the
seal impressed thereon and the validity of the bonds will be approved by
Chester B. Ma-sslich. New York. Bids under 98 will not oe considered
A certified check for $19.000 required.
-BOND OFFERING.-Unta
MIAMI COUNTY (P. 0. Troy), Ohio.
SCHOOL DISTRICT NO.11, Renville County, No.Dak. 10 a. m.(Central standard time) July 28 T. B. Radabauch,County Aunitor,
McKINNEY
-The $1,200 6% funding bonds offered on Feb. 1 will receive sealed bids for 813,000 5)4% Le Fere coupon Bridge No. '7
-BONDS NOT SOLD.
and semi-annin
pt. bonds. Denom. $500.
apt.Date July 15 1924.
-were not sold. Due Feb. 1 1934.
-V. 118. p. 456
int. (A. & 0.) payable at the court house in Troy. Due yearly on Oct. 1
1929. Certified
-Proposals as follows: $2,500. 1925 to 1928 hid., and $3,000,
-BOND OFFERING.
MALDEN, Middlesex County, Mass.
mill be received by Walter E. Milliken, City Treasurer, until 8 p. m. check for 5% of the amount of bonds bid for, payable to the County
Treasurer, required.
(daylight saving time) July 23 for the following bonds:
$300,000 4% "School House Loan Act of 1923" bonds payable $15,000
MILLBURN TOWNSHIP SCHOOL DISTRICT (P. 0. Millburn),
yearly, Aug. 1 1925 to 1944 inclusive.
-J. S. Rippel dr Co. of Newark have
-BOND SALE.
Essex County, N. J.
125,000 4% "School Loan" bonds payable $7,000 yearly, Aug. 1 1925 been awarded the issue of 414% coupon or registered scho -1 bonds offered
to 1929 incl., and $6,000 yearly, Aug. 1 1930 to 1944 incl.
p. 3228-bidding 8175.339 10, equal to 111.06, a basis
St., Malden Paving Loan of 1924" bonds payable on July 10-V. 1188173.500 bonds ($175.000 offered). Date June 1 1924.
29,000 4% "Medford
for
83.000 yearly, Aug. 1 1925 to 1933 incl., and $2,000 Aug. 1 of about 4.36%June 1 as follows: 89,000, 1925 to 1934 hid.; $6.500, 1935
Due yearly on
1934.
to 1943, incl.. and $7,000, 1944.
Denom. $1,000. Date Aug. 11924. Prin. and semi-ann. int. (F. & A.)
-An issue of
-BOND SALE.
in
MILLBURY, Worcester County, Mass.
payable at the First National Bank of Boston, In Boston. The official
from taxation in 839,0004% school bonds has been sold to Harris, Forbes & Co. of Boston
notice of the sale states: "These bonds are
Massachusetts, and are engraved under the supervision of and certified at 100.34.
as to genuineness by the First National Bank of Boston; their 'legality
-The FidelityNaMILLER, Lawrence County, Mo.-BOND SALE.
will be approved by Ropes, Gray. Boyden & Perkins, whose opinion will
City has purchased $13,000 electric
be furnished the jaurchaser. All legal papers incident to these issues will tional Bank & Trust Co. of Kansas
filed with said bank where they may be inspected at any time. Bonds light transmission bonds.
be
will be delivered to the purchaser on or about Friday. Aug. 1 1924 at the
MILWAUKEE COUNTY (P. 0. Milwaukee), Wisc.-COUNTY OF-Sealed bids will be received by
First National Bank of Boston, 70 Federal St.Boston. Mass."
FERS TO BUY IN ITS SEWER BONDS.
Financial Statement July 15 1924.
.
Patrick McManus,County Treasurer, until 10 a. m. Aug. 12 for the sale to
Net valuation for year 1923
851,514.400 00 Milwaukee County of any of the Metropolitan Sewerage issue of 1924.
Debt limit 214% of average valuation 3 preceding years_ _ _ _ 1.198,538 64 amounting to $31,936 29, or of any of the issue of 1923, amounting up to.
Total gross debt, including these issues
2.857,800 00 $131,824 66, by the holders of such bonds.
Exempted debt
-The Farmers'
MINDEN, Kearney County, Nev.-BOND SALE.
Water bonds,$37,000: other bonds, $1,799,000
1,836,00000
Bank of Carson Valley has purchased $18,000 water bonds.
CITY (P. 0. Mishawaka), St. Joseph
Net debt
MISHAWAKA SCHOOL
81,021,800 00
-The City Trust Co. of Indianapolis has
Borrowing capacity, $176,738 64.
-BOND SALE.
County, Ind.
484% school bonds offered on July 15 (V. 119. p.
-The International purchased the $193,000 about 4.70%. Due yearly on July 15 as follows:
-BOND SALE.
MANITOU, El Paso County, Colo.
basis of
Trust Co. of Denver has purchased $4,900 4 % refunding bonds. Denom. 112) at 100.44, a 1930 incl.; 812,000, 1931 to 1941 hid., and 811.000. 1942
810,000. 1926 to
$1,000. Date Aug. 1 1924. Due 1929 to 1959.
The following bids were received:
Premium.
Premium.
MANSFIELD SCHOOL DISTRICT (P. 0. Mansfield), Richland
Breed, Elliott & Harrison_37,437 00
-BOND SALE.-Prudden & Co. and W.L. Slayton & Co. Harris Trust & Says. Bank,
County, Ohio.
6,930 00
Fletcher-American Co
$5,398 00
Chicago
of Toledo have been awarded toe $300,000 4 h % school bonds offered on
4,655 00
-at 102.76, a basis of about 4.46%. Date July 15 Hill, Joiner & Co
7,180 00 Halsey, Stuart & Co
July 15-V. 119, p. 227
2,427 00
Bonbright & Co
$6,000 each six months from March 15 1925 to Sept. 15 1949 Fletcher Savings & Trust
1924. Due
8,067 40
7,255 55 City Trust Co
incl. The following bids were received:
Co
3,255 91
5,394 00 National City Co
Illinois Merch.Trust Co_
Premium.
4,317 50 ,
7.78560 Meyer-Kiser Bank
Benjamin Dansard & Co., Detroit
$7,435 00 J. F. Wild &Co
Guardian Say.& Trust Co. and Tillotson & Wolcott Co., Clevel'd 6,840 00
DISTRICT (P. 0. Mission),
MISSION INDEPENDENT SCHOOL
Milliken & Yyrk Co., Cleveland, and Federal Securities Corp_ __ _ 5,26700
-The State Comptroller
-BONDS REGISTERED.
County, Tex.
Stranahan, Harris & Oatts,
Toledo
4,69500 Hidalgo
bonds on July 7.
Detroit Trust Co., Detroit, Inc., H. Rollins & Co., Chicago-- _ 4,86600 of 1exas registered $60,000 5% serial school
and B.
-The De-BOND SALE.
& Co., Cincinnati
Bohmer, Reinhart
MONROE COUNTY (P. 0. Monroe), Mich.
5,013 00
The L. R. Ballinger Co_,. Cincinnati
1.56000 troit Trust Co. of Detroit has been awarded an issue of $39,870 road bonds
Prudden & Co. and W. L. Slayton & Co.. Toledo
8.28300 as 41.4s at 100.002.
The Herrick Co. Cleveland
3,27600
-Barry
-BOND OFFERING.
MONTCLAIR, Essex County, N. J.
N. Y.; The National City Co.. N. Y..
Harris, Forbes Si
Town Clerk, will receive sealed bids until 7 p. m.(Eastern standMiller & Co.. leveland
Co..
and Hayden,
2,517 00 Trippett, July 29 for an issue of 414% school series No. 1 coupon or regisR. M. Grant & Co., Inc., dhlcago
7,75600 ard time) not to exceed $1,074,000, no more bonds to be awarded than will
A. B. Leach & Co. and Taylor,Ewart & Co., Chicago
6.340 00 tered bondspremium of $1,000 over 81,074,000. Denom. 81,000. Date
Emery. Peck &Rockwood and Bonbright & Co., Chicago
3,976 80 produce a
semi-ann. int. (F. & A.) payable in gold at the
Ames.Emerich & Co. and Cont. & Comm.Tr.& Say. Bank,Chic_ 3,03000 .Aug. 1 1924. Prin. and the Town Treasurer's office, Due $38,000. 1925
Montclair or at
an C. W. McNear & Co., Chicago
Otis & Co.Clevelay
6.58900 Bank of incl.; $40,000, 1930 to 1933 incl.; 1142.000, 1934 to 1938 incl.:
to 1929
A. G. Becic'er & Co. and Halsey, Stuart & Co.. Chicago
6,589 00 $50.000. 1939 to 1941 Incl., and 852.000. 1942 to 1948 incl. Legality
The Provident Savings Bank & Trust Co., Cincinnati
6.290 00 approved by John C. Thomson of New York. Certified check for 2% of
David Robinson & Co.. Toledo
2.760 00
the amount of bonds bid for required.
Title Guarantee & Trust Co.. Cincinnati; Braun, Bosworth & Co.
-BONDS NOT AWARD
and A. T. Bell & Co.. Toledo
7.593 60
MT. VERNON, Westchester County, N. Y.
-The $125,000 public library coupon or registered bonds offered on
- ED.
MARBLE CLIFF, Franklin County, Ohio.
-BOND OFFERING.
been awarded as yet. The highest bidder
Sealed proposals will be received by 0. C. Moelchert, Village Clerk, at July 16(V. 119, p227) have not York, whose bid was $126,075 for 44%
1864 Cardigan Ave., Columbus, until 12 m.(eastern standard time) July 25 was Sherwood & Merrifield of New Board of Education, says: "Probable
bonds. L. S. Roberts. Secretary
for the follov log 514% bonds:
$27.500 Arlington Ave. street bonds. Denom. $500 and $200. Due action in the matter will be taken on July 21.'
atly on Oct. 1 as follows: Property owners' share: 82,500, 1925:
MORIAH UNION FREE SCHOOL DISTRICT NO. 6 (P. 0. Port
,000. 1926:$2,500, 1927 to 1929, inclusive: $3,000. 1930: $2.500, Henry), Essex County, N. Y.
-BOND SALE.-Geo. B. Gibbons & Co.
931 and 1932; 33,000. 1933; $2,700, 1934. Village's share: $200, of New York have purchased the 875,000 5% school bonds offered on June
1925 to 1928, inclusive.
-at 105.47-a basis of about 4.45%. Data .1111113 1
27-V. 118. p. 3328
' 14,000 Cardigan Ave. street improvement bonds. Denoms. $500 and 1924. Due $2,500 yearly on June 1 1925 to 1954 incl.
$200. Due yearly on Oct. 1 as follows: Property owners' share:
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 20 (P.
$1,000, 1925; $1,500, 1926; $1,000, 1927: $1,500, 1928: $1,000.
-HELD UP BY INJUNCTION.
-BONDS NOT SOLD
1929: $1.500, 1930: $1,000. 1931 and 1932; $1.500, 1933: $1,000, Troutdale), Ore.
-were
-The 820.000 school bonds offered on May 1-V. 118, p. 2095
1934. Village's share: $200. Oct. 1 1925 to 1934. inclusive.
12,500 Third Ave. street improvement bonds. Denom. $1,000 and $500. not sold, as the sale was held up by an injunction.
Due yearly on Oct. 1 as follows: Property owners' share: $1,000,
NO. 4 OF
MYRTLE SPECIAL TAXING SCHOOL DISTRICT
1925 to 1927, inclusive; $1,500, 1928: $1.000, 1929 to 1932, inclus- GASTONIA TOWNSHIP (P. 0. Gastonia), Gaston County, No.
ive; $1,500,1933; $1,000,1934. Village's share: $100 each odd year Caro.
-Bids will be received by L. E. Rankin,
-BOND OFFERING.
and $200 each even year, 1925 to 1934. inclusive.
Clerk Board of County Commissioners. until 11 a. m. July 24 for 850.000
Date April 10 1924. Interest A. & 0. Certified chock for 20% of the • % coupon school bonds. Denom. $LOW. Date July 1 1924. Prin. •
• amount0bonds bid for, payable to the Village Treasurer, required. PurCity. Due
and semi-ann. int, payable at the National Park Bank, N. Y.
chaser to take up and pay for bonds within ten days from time of award.
$2,000. 1933 to
on July 1 as follows: 81,000, 1927 to 1933 incl., andor trust company
bank
MARICOPA COUNTY SCHOOL DISTRICT NO.21(P.O. Phoenix), 1954 incl. A certified check upon an incorporated
Treasurer, required.
Ariz.
-BOND SALE.
-Bosworth, Chanute & Co. of Denver have pur- for 2% of amount bid for, payable to the County
chased $15,000 514% school building bonds at 100.13. Date July 1 1924.
-BOND OFFERING.
NASSAU COUNTY (P.•0. Mineola), N. Y.
MARICOPA COUNTY SCHOOL DISTRICT NO.44(P.O. Phoenix), Until 12:30 p. m.(daylight saving time) Aug. 1 sealed bids will be received
Ariz.
-BOND SALE.
F. Wiedersum, County Comptroller, for $330,000 44% coon
-Bosworth. Chanute & Co. of Denver have pur- by Philip
chased $20.000 6% school building bonds at 103.117. Date July 1 1924. or registered Series "C" County Bldg. bonds. Denom. $1,000 Date
Aug. 1 1924. Prin, and semi-ann. int. (M. & S.) payable at the *County
MARION COUNTY (P. 0. Ocala), Fla.
-BOND SALE.
-The 81,500.- Treasurer's office. Due yearly on Sr pt. 1 as follows: 820.000, 1935 to
000 5% road bonds offered on July 14-V. 119, p. 112
-were purchased 1937 incl. and 1939 and 1940; &30,000, 1941. and $40,000. 1942 to 1946 incl.
by Stranahan, Harris & Oatis, Inc., of Toledo, Seasongood & Mayer and
of the Nassau County
Provident Savings Bank & Trust Co., Cincinnati, at 96.83. Due $375,000 The bonds will be prepared under the supervisiongenuineness of the signs
Trust Co. of Mineola, which will certify as to the
every five years.
be
tures and the seal impressed thereon, and the validity of the bonds willfor
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-BOND OFFERING. approved by Reed, Dougherty & Hoyt of New York. Certified check
-Rolland E. Cook, County Treasurer, will receive sealed bids until 2 p.m. 2% of the amount bid for, payable to William E. Luyster, County TreasJuly 21 for the following 414% road improvement bonds:
urer, required.
$6,400 Raymond McCombs et al. Denom. $320.
-BOND SALE.
NESHOBA COUNTY (P. 0. Philadelphia), Miss.
15,000 Orin Clinedaniel et al. Denom. $750.
-were pur8 1924. Int. M.& N. 15. Due one bond of each issue every The 8250,000 road bonds offered on July 9-V. 118, p. 3228
Date July
by William R. Compton Co. of St. Louis as 5s at $250.025, equal
chased
six months from May 15 1925 to Nov. 15 1934 inclusive.
tp 100.01. a basis of about 4.99%. Due July 1 as follows: 85.000. 1925
hid.
MASSILLON, Stark County, Ohio.
-BOND OFFERING.
-Lester S. to 1929 incl.; $10,000, 1930 to 1939 incl., and $12,500. 1940 to 1949
City Auditor, will receive sealed bids until 12 m. Aug. 4 for the folLash,
-Sher-BOND SALE.
lowing issues of 5% bonds:
NEW YORK MILLS, Oneida County, N. Y.
14,500 Cherry Street. Denom. $500. Due 8500 Oct. 1 1925 to 1933 incl. wood & Merrifiald of New York have been awarded an issue of $100,000
66,000 Jarvis Ave. assessment. Denom. $1,000. Due yearly on April 1 bonds as 414s. at 100.046-a basis of about 4.49%. Denom. $1.000.
as follows: $6,000, 1925 to 1928 incl.. and 87.000. 1929 to 1934 incl. Date June 1 1924. Due 85.000 yearly on June 1 1925 to 1944 incl.
Date Apr. 1 1924. Prin. and semi-ann. int. (A• & 0.) riayable at the
NORMANGEE INDEPENDENT SCHOOL.DISTRICT (P. 0. Nor.
office of the State Bank of Massillon. Certified check for 3% of the
-On July 8
-BONDS REGISTERED.
manger), Leon County, Texas.
amount of bonds bid for, payable to the City Treasurer, required.
the State Comptroller of Texsa registered $33,000 54% serial school bonds.
MAURY COUNTY (P. 0. Columbia), Tenn.
-BOND OFFERING.
-B. H.
Sealed bids will be received until 1 p. in. July 30 by W. C. Whitthorne,
NORTH BEACH, Calvert County, Md.-BOND SALE.
County Judge, for $99,000 Highway Series, 1923, bonds. Int, rate not to Howard purchased an ISSLI0 of 815.0006% impts. bonds on March 1 at par.
$1,000. Date Dec. 1 1923. Prin. and semi-ann. Denom. $500. Date March 1-1924. Int. M. & S. Due $1,000 annually
exceed 53.4%. Denom.
-D.) payable at the National City Bank, N. Y. City. Due June 1 for 15 years.
int. (J.
as follows: $1,000. 1932, and 814.000, 1933 to 1939. A certified check
NORTH BELMONT SPECIAL TAXING SCHOOL DISTRICT NO.
for $1,000, payable to the County Judge, is required.
4 OF SOUTH PAINT TOWNSHIP (P. 0. Gastonia), Gaston County,
-L. E. Rankin, Clerk Board of County
-BOND OFFERING.
MELROSE SCHOOL DISTRICT (P. 0. Melrose), Curry County, No. Caro.
N. Mex.-OFFICIAL NAME AND NUMBER OF' DISTRICT.
-The Commissioners, will receive bids until 11 a. m. July 24 for $50,000 $
official name and number of the district which sold $30.000 511% school coupon school bonds. Denom. $1.000. Date July 1 1924. Prin. and
a
bonds to the U. S. Bond Co., as stated in V. 119, p. 227, is "Melrose semi-ann. int. payable at the National Park Bank, N. Y. City. Due on
July 1 as follows: $1,000, 1927 to 1932 incl., and $2,000, 1933 to 195School District No. 12."
LUBBOCK INDEPENDENT SCHOOL DISTRICT (P. 0. Lubbock),
-The State CompLubbock County Tex.-BONDS REGISTERED.
troller of Texas registered $100,000 5% serial school bonds on July 7.
-At a recent
-BONDS VOTED.
LUFKIN, Angelina County, Tex.
election the voters authorized the issuance of $125,000 water and sewer
bonds. Int. rate not to,exceed 514%. Bids will be received until July 23.
-At the e.ection
-BONDS VOTED.
McALLEN, Hidalgo County, Tex.
-the voters authorized the issuance of
held on June 28-V. 118 p. 3108
$60,000 5X% street bowls.
McCUNE SCHOOL DISTRICT (P. 0. McCune), Crawford County,
-The Fidelity National Bank of Kansas City, Mo.,
-BOND SALE.
Kan.
has purchased $57.400 school bonds as 5s at 98.25. Due in 5 to 25 years.
F3
•
360
THE CHRONICLE
[VOL. 119.
incl. A certified check upon an incorporated
for12% of amount bid (or, payable to the County bank or trust company Aug. 1 1924. Due Aug. 1 1944. Each bidder shall name in his bid the
Treasurer, required.
fiscal institution at which the principal
and interest of said bonds shall be
NORTH BERGEN TOWNSHIP, Hudson County N. J.
-BOND payable, and the rate of interest which said bonds shall bear. A certified
OFFERING.
-Until 8.30 p. m. (daylight saving time) Tuly 24 sealed bids check for 3% of bid, payable to the
County Treasurer, is required.
will be received by Edward A. Ryan, Township Clerk
(P. 0. Municipal
PENN YAN,Yates County, N. Y.
Bldg.. North Bergen), for the purchase of
-BOND SALE.
-An issue of $30,000
5% bonds has
$459,21111 53.% assessment bonds. Due two issues of bonds as follows:
yearly on Aug. 1 as follows: basis of about been sold to the Baldwins Bank of Penn Yan at 103.15. a
4.50%. Denom. $1,000.
$40,000• 1925 to 1932, incl.; $45,000 1933
and 1934 and yearly on Oct. 1 from 1927 to 1936, incl. Date July 1 1924. Due $3,000
$49,000 1935.
(132.000 5% improvement bonds. Due yearly on Aug. 1 as follows:
PERRY SCHOOL DISTRICT, Bottineau County,
No. Dale.
$5,000 1926 to 1943, incl., and $6,000 1944 to 1950. incl.
CERTIFICATE OFFERING.
-Bids will be received until
Denom. $1,000. Date Aug. 1 1924. Both
by E. C. Ryerson, Clerk, at the County Auditor's office 2 p. m. July 19
in Bottineau for
Interest (F. & A.), payable in gold coin of the principal and semi-annual 13.000 7%
United States of America
certificates of indebtedness. Due Jan. 19 1926. A certified
of or equal to the present standard of weight
check for 5% of bid required.
the Steneck Trust Co., Hoboken. The bondsand fineness at the office of
be
PERRY TOWNSHIP (P. 0. Parker's Landing R.F.D.
the privilege of registration as to principal onlywillas coupon bonds, with
or
to both principal and strong County,
No. 2), Arm,
Interest. No more bonds of each issue will be sold
-BOND OFFERING.
-Burton McCall. 'Fwp. Secy.than will produce a sum will receive sealedPa.
equal to the authorized amount of such issue and an
bids until 6 p. m. July 30 for $10.000 5% road bonds
additional sum of less Denom. $100.
than $1,000. Unless all bids are rejected each of said
Int. semi-ann. Due 20 years; optional after 1 year.
issues will be sold
to the bidder, or bidders complying with the terms
PHILADELPHIA SCHOOL DISTRICT, Pa.
pay not less than the sum required to be obtained atof sale and offering to
-BOND SALE -The
the sale of such issue, $5,000,000 43(i% serial gold tax free school bonds offered on
and to take therefor the least amount of bonds,
July 15-have been sold to Reilly, Brock & Co., Glendinning &
maturity (stated in a multiple of $1.000); and ifcommencing with the first V. 118, p. 3109
two or more bidders offer Co. and Edward B. Smith &
all of
to take the same amount ofsuch bonds,then to the
bidder or bidders offering of about 4.39%. Date Aug. 1 1924. Philadelphia, at 101.5368, a basis
Co.'
to pay therefor the highest additional price. In
Due $250.000 yearly on Feb. 1
bid the purchaser must pay accrued interest at the addition to the amount 1935 to 1954 incl.
rate borne by the bonds
PIQUA CITY SCHOOL DISTRICT (P. 0. Piqua),
from the date of the bonds to the date of payment
Miami County,
of the purchase price. Ohio.
-BOND OFFERING.
Any bidder may condition his bid on the award
-Frank P. Brotherton,
to
Issues but in that case if there is a more favorable him of both of said Education, will receive sealed bids until 12 in. Aug. Clerk of Board of
1 for $100,000 5%
bidder for any one of school bonds. Date March 1 1924.
the issues for which he bids, his bid will
Int. M. & S. Due
months
required to deposit a certified check payable be rejected. All bidders are as follows: $2,000. March 1 1925 to Sept. 1j944,incl., and each sixMarch 1
$2,500,
of North Bergen for 2% of the amount of to the order of the Township 1945 to Sept. 1 1948. incl.
Certified check for $5,000. payable to the
bonds bid for, drawn upon an above Clerk, required.
incorporated bank or trust company. Checks of
unsuccessful bidders will
be returned upon the award of the bonds. Interest
PIKE
at the rate borne by H. H. COUNTY (P. 0. Peeeeeburg), Ind.
-BOND OFFERING.
the bonds from the date of award will be allowed
Harmeyer, County
check of a successful bidder and such cheek will upon the amount of the July 28 for 18.689 436% Treasurer, will receive sealed bids until 10 a. m.
Robert H. Elkins at al. highway inapt. bonds.
be retained to be applied
in part payment for bonds or to secure the
Township against any loss Prin. and semi-ann. int.(M. & N. 15) payable at the County Treasurer's
resulting from the failure of the bidder to comply
office. Due one bond each six months beginning
May 15 1925.
The successful bidder will be furnished with the with the terms of his bid,
opinion
PINE TOWNSHIP SCHOOL DISTRIC
field & Longfellow, of New York City, that the bonds of Hawkins, Delaare binding and legal strong County, Pa.-BOND OFFERIN T (P. 0. Templeton), Armobligations of the Township. The bonds will
G-Until July 21 the Secretary
be
supervision of the United States Mortgage & Trust prepared under the Board of School Directors will receive sealed bids for $35,000 school bends.
as to the genuineness of the signatures of the officialsCo.. which will certify
PLEASANT RIDGE, Oakland County, Mich.
and the seal impressed
thereon.
0. C. Neil, Clerk Village Commission, will receive -BOND OFFERING.
sealed bids until
NORTH ENGLISH, Iowa County, Iowa.
(eastern standard time) July 21 for $3,718 30 special assessmen 8p. m.
-BOND SALE.
t district
-G. M. No. 17 highway bonds
Bechtel & Co. of Davenport have purchased $16,000
not to
at par plus cost of furnishing printed bonds and 5% water works bonds Date Aug. 1 1924. Int. F. & A.exceed 6% interest. Denom. $743 68.
Due $743 66
legal proceedings.
1930, incl. Certified check for $250 required. yearly on Aug. 1 1926 to
NORTH HEMPSTEAD UNION FREE SCHOOL
DISTRICT NO. 1
(P. 0. North Hempstead), Nassau County, N.
PLEASANTVILLE, Westchester County, N. -BOND OFFERIN
Y.
Y.
G.
-Sealed • proposals will be received until 8 p. m. -BOND OFFERING. -Charles J. Lake, Village
July 29 by Francis J.
Clerk. until 8 p. m. July 22 will receive sealed
Kivlighn, District Clerk, for $350,000 434%
bids for $10,000 registered water
prin. and i
mt., school bonds. Denom. $1,000. Da Aug.coupon, registerable as to nom. $1,000. Date Aug. 11924. bonds not to exceed 6% interest. DeDate
Prin, and semi-ann. int. payable at the
11924. Prin.
and semi-ann. Int. (F. & A.) payable at the Bank
Mount Pleasant Bank
of
,
Dua $10,000. Feb. 1 1925 to 1959 incl. The successful Westbury in gold. on Aug. 1 1925 to 1934of Pleasantville in New York exchange. Due $1,000
incl. Certified check for 3% of the amount of bonds
bidder will be furnished with the opinion of Hawkins, Delafield & Longfellow
bid for required.
of
that the bonds are binding and legal obligations of the Board. N. Y. City
The bonds
POLK COUNTY SCHOOL DISTRICT NO. 2
will be prepared under the supervision of the United States
Dallas), Ore.
(P.
Mtge. & Trust BOND SALE.
-The 170,000 5% school bonds offered 0. July 9-V. 119,
Co., which will certify as to the genuineness of the signatures
on
113
-were purchased by Wells-Dickey Co. and Robertson & Ewing at
and the seal impressed thereon. A certified check upon of the officials
an incorporated
l.442, equal to 104.06. a basis of about 4.52%. Date July 1 1924.
bank or trust company for 2% of bid, payable to the
District Treasurer.
ue July 1 as follows: $2,000. 1927, and $4,000,
is required.
1928 to 1944.
OAKDALE SCHOOL DISTRICT (P. 0. Fairfield),
POLK SCHOOL TOWNSHIP (P. 0. Tyner), Marshall
Solano County, Ind.
County,
Calif.
-NO BIDS RECEIVED
-BOND SALE.
-BONDS RE
-The 522.000 5% school bonds offered on July 10-OFFERED.
received for the $6,500 6% school bonds offered on July -No bids were V. 118. p. 3229
-have been sold to J. F. Wild & Co. of Indianapolis for
7-V. 118, p. 3109. $22,701 80,
Due $235 1925 to 1944. The bonds are to be re-offered
equal to 103.19, a basis of about 0.00%. Date July 1 1924.
on Aug. 4.
Due each six months as follows: $1,000,
OCEAN CITY, Cape May County, N. J.
-BOND
-Harry and $1,500 each Jan. 1 and $1,000 each July 1 1925 to July 1 1931 incl.,
A. Morris, City Clerk, will receive sealed bids until OFFERING.
July 1, Jan. 1 1932 to Jan. 1 1935.
3 p. m. (dayling saving time) July 29 for the purchase of an issue of 57
POLOMAR SCHOOL DISTRICT, Los
Angeles
exceed $25,000. no more bonds to be awarded than willschool bonds not to BIDS.
-The following is a list of bids received for theCounty, Calif.
prOduc,e a premium
of $1,000 over $25,000. Denom. 11.000. Date
$6,500 6% school
bonds purchased by R. E. Campbell Co.
of Los Angeles, as stated in V.
N. Due yearly on May 1 as follows:$2,000. 1925May 1 1924. Int. M. & 119, p. 228:
to 1935 incl., and 13.000.
1936. Certified check for 2% of the amount of bonds
Flora Howes Farwell
bid for required.
$45 001R. E. Campbell Co
The above bonds were offered for sale on July
$121 40
Nat. City Bk. of Los Angeles 100 00 I Freeman,Smith,Camp
14 (see V. 119, p. 228)•
& Co. 45 00
OCEAN COUNTY (P. 0. Toms River), N. J.
PORTER COUNTY (P. 0. Valparaiso), Ind.
-BOND SALE.
-The
110.000 534% temporary road inapt. bonds offered
-BOND OFFERING.
on
p. 2735
-have been sold to the First National Bank July 15-V. 118, Sealed bids will be received by W. 0. McGinley, County Treasurer. until
of Barnegat. Due 10 a. m.July 22for $13.000434% Daniel Beehler at al.road bonds. Denom.
Aug. 1 1926; optional at any int. period (F.
thereof and prior to the date of maturity. & A.) suosequent to the date $650. Date July 15 1924. Int. M.& N. 15. Due $650 each six months
from May 15 1925 to Nov. 15 1934, Incl,
ONSET FIRE DISTRICT (P. 0. Onset),
PORTLAND, Androscoggin County, Me.
Plymouth County, Mass.
-BOND SALE.
-LOAN OFFERING.
-C. D. Parker & Co. of Boston have
purchased $150.000 John R. Gilmartin, City Treasurer, will receive proposals until noon July 22
47 fire bonds at 100.26. a
,
basis of about 3.98%. Date July 1 1924. for the purchased at discount
of a temporary loan of 1200,000 issued in
Prin. and int. payable at the Merchants National
Bank of Boston. Due anticipation of taxes for 1924, dated July 28 1924 and payable Oct. 3 1924
1925 to 1954.
at the First National Bank of Boston. Denom.
to suit purchaser. The
OSWEGO, Labette County, Kan.
notes will be ready for delivery Monday,July
-BOND OFFERING.
,28 1924, at the First National
-Sealed Bank of Boston, Mass.,
bids will be received by J. F. Waskey, City
and will be certified as to genuineness and validity
for $2,250 5% paving impt. bonds. Date Clerk, until 1 p. m. July 25 by said bank under advice of Ropes,
Gray. Boyden & Perkins, and all
Aug. 1 1924. -Int. F. & A. legal _papers
Due $450 yearly on Aug. 1 from 1925 to 1929
incident to the loan will be filed with said bank, where they
incl. A certified check for may be inspected
2% of bid required.
at any time.
PALESTINE SCHOOL DISTRICT (P.0.
PORT OF BAY CITY (P. 0. Ray City),
Tillamook County, Ore.
Palestine), Darke County, BOND SALE.
Ohio.
-BOND OFFERING.-Sesled
-F. H. Andrews
,
Aug. 2 by H. L. Sellman. Clerk Boardbids will be received until 12 m. refunding bonds at 102.95. Dueof Bay City has purchased $25,000 6%
of Education for 16.000 6% coupon
July 1 1944.
school bonds. Denom. $1,500. Date May 1
POWELL COUNTY SCHOOL DISTRICT NO.28(P.O. Deer Lodge),
1924. Prin. and semi-.
ann. int. payable at the office of the Clerk Board
-BOND OFFERING.
-Bids will be received until 2 p. m. Aug,4
$1,500 each six months from May 1 1947 to Nov. of Education. Due Mont.
check for 10% of the amount of bonds bid for, 1 1948 incl. Certified by (Mrs.) S. H. Preston. District Clerk. for $1,620 coupon school bonds.
payable to the Board of Denom. $162. A certified check for $200, payable to the District
Education, required.
Clerk,
is required.
PALM BEACH COUNTY (P.O. West Palm
Beach),
-CERTIFIPRATTSBURGH UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
CATE OFFERING.
-Sealed bids will be received until Fla.
10 a. m. Aug 12 Prattsburgh), Steuben County, N. Y.
by Fred E. Fenno, Clerk of Board of County
-BOND SALE.
-Sage, Wolcott
534% certificates of indebtedness. Denom. Commissioners, for $1001,000 ott Steel ofT Rochester have purchased $68,000 school bonds as 434s at
es
$1,000. Date Jan. 1 1924. 100.415. a basis of about 4.47%. Denom. $1.000. Date
Prin. and semi-ann. int. (J. & J.) payable at the
June 1 1924.
county depository or at Due as follows: $1,000. 1925 to 1934 incl.; $2,000, 1935
the Seaboard National Bank. New York. Due Jan.
to 1945 incl., and
1930, and $3.000, 1931 to 1963. Legality approved 1 as follows: $1,000, 13.000. 1946 to 1957 incl.
by Caldwell & Raymond, New York. The bids must specify (1) tile amount
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND OFFERING.
of the certificates Sealed
bid for: (2) the time that bidder will comply with his
bids will be received by A. P.
certificates will be paid for in current money or bid: (3) whether the 3 p. m. July 22 for $6,500 436% DennisVurpillat, County Treasurer, until
Miller at al.
evidences against the
county. A certified check for 2%. payable to R.L.
$325. Date May 15 1924. Int. M. & N. 15. Dueroad bonds. Denom.
$325 each six months
McCarley, Chairman.
from May 15 1925 to Nov. 15 1934 inclusive.
PASADENA CITY HIGH SCHOOL DISTRIC
T, Los Angeles
County, Calif.
-BOND OFFERINO.-Sealed proposals will
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND SALE.
received
be
-The
until 2 p. m. July 28 by L. E. Lampton, County Clerk
(P. 0. Los Angeles) $266.000 hospital bonds offered on July 14-V. 118, p. 3230
-were purfor $900,000 4 Yi% high school bonds. Denom.
11,000. Date July 1 chased by Wells-Dickey Co. of Minneapolis at a premium of $150, equal
1924. Prin. and semi-ann. int. payable at the County
to 100.05. a basis of about 4.36%. as follows: $144,000 as 4 34s maturing
Treasury or at the
,
banking house of Kountze Bros. in New
18.000. 1925 to 1927; $9,000, 1928: $10,000, 1929 and 1930; $11,000,
semi-annually as follows: $17.000 July 1 York, at option of holders. Due 512.000. 1932 and
1931:
1926 to Jan. 11928. and 116.000.
1933; 513.000. 1934: 114,000. 1935 and
July 1 1928 to Jan. 1 1954. A certified or cashier's check
1937: and $122,000 as 4315 maturing as follows: $15,000, 1936; 115.000,
for
1938: 116.000.
payable to the Chairman Board of Supervisors, is required. 3% of Issue, 1939: 817,000. 1940 and 1941: 118.000. 1942:
519.000. 1943; $20,000, 1944.
The assessed
valuation of the taxable property in said high school
The following is a list of bids received:
district for the year
1923 is 186,645,875, and the amount of bonds previously
Nameissued and now W.
Rate. Premium.
outstanding is $420,000.
A. Harriman & Co., Inc
Northwestern Trust Co., St. Paul. and Minneapolis Trust434% $742 14
PELHAM, Westchester County, N. Y.
-BOND OFFERING-Sealed
Co., Minneapolis
blds will be received until 8 p. m. July 29 (daylight saving
time) by E.B. First National Bank, New York, and Merchants Trust &436% 1,67600
Rich, Village Clerk, for the following 4 35% registered
bonds:
Savings Bank, St. Paul
$23,000 street improvement bonds. Duo $2,000, Aug. 1 1925 to
434% 1.729 00
1935 incl., The National City Co., Chicago
and $1,000 on Aug. 11936.
434% 1,828 00
Northern Trust Co., Chicago, Second Ward Securities Co.,
12.000 street improvement bonds. Duo $1,000 yearly on
Milwaukee, and the Minnesota Loan & Trust Co., Mpls--434TO
Aug. 1 1925
to 1936 incl.
1,875 00
Stevenson. Perry, Stacy & Co., inneapolis
10.000 street improvement bonds. Due $1,000 yearly on
434
1,902 00
Aug. 1 from Harris Trust & Savings Bank, dhicago
1925 to 1934 incl.
4.34 0 2,721 00
Kalman. Gates, White & Co. and Lane, Piper & Jaffra ,
Denom. 11,000. Date Aug. 11924. Prin. and semi-ann.
int. (F. & A.)
Inc., St.
payable at the office of the United States Mtge. &
Paul:8tA 00
The bonds will be prepared under the supervision ofTrust Co. in gold. Halsey. Stuart & Co., Chicago
Mtge. & Trust Co. of N. Y. City, which shall certify as the United States A. 13. Leach & Co., Inc., Chicago
434% 4,062 00
to the genuineness Drake-Jones Co. and Wells-Dickey Co., Minneapol
of the signatures and seal thereon, and their legality will
is, and
R. M. Grant & Co., Chicago*
Caldwell & Raymond of N. Y. City, whose opinion as to be approved by
436%
legality will be
* Par and accrued interest plus premium of $150 on $144,000 4,17600
furnished to the purchaser without charge. A certified check
maturing
on a national 1925 to 1937, incl. Interest rate 434%, and on $122,000
bank or an incorporated State bank or trust company of
maturing 1938
York for 2% of bid, payable to the village, is required. the State of New to 1944, incl., interest rate 436%.
RAMSEY COUNTY (P. 0. St. Paul), Minn.
PELICAN RAPIDS, Otter Tail County, Minn.
-BOND SALE,
-sealed bids will be received until 8 p. in. July -BOND OFFERING. FRIENDLY SUIT TO TEST VALIDITY APPARENTLY SETTLED.
28 by J.
Village Recorder, for $18,000 water works bonds. Denom. R. Quamme, We are unofficially informed that the Wells-Dickey Co. of Minneapolis has
,
$1,000. Date been awarded 1400,000436% and 436% hospital bonds.
fi
JULY 19 1924.]
THE CHRONICLE
361
Apparently the friendly suit instituted by August Kempier (see V. 118, $7,000 Irving Road. Denom. $7,000. Due $700 Sept. 1 1925 to 1934.
11. 1573) to test the validity of this issue has been settled.
inclusive.
19,000 Bruce Street. Denom.$1,900. Due $1,990 Sept. 1 1925 to 1934.
RANDOLPH COUNTY(P.O. Winchester),Ind.
-BOND OFFERING.
Inclusive.
-Sealed bids will be received until 10 a. m. July 21 by Mary E. Smith,
7,000 John Street. Denom.$700. Due $700 Sept. 1 1925 to 1934,incl.
County Treasurer, for the following road bonds:
6,000 Reynolds Street. Denom. $600. Due $600 Sept. 1 1925 to 1934,
$7,700 James A. Wright et al. Denom. $385.
inclusive.
15,800 James L. Arvin et al. Denom. $790.
9,000 Glen Avenue. Denom. $900. Due $900 yearly on Sept. 1 from
Int. M. & N. 15. Due one bond of each issue every six months from
1925 to 1934, inclusive.
May 15 1925 to Nov. 15 1934 inclusive.
12,000 Riverside Avenue. Denom. $1.200. Due $1,200 Sept. 1 1925 to
1934, Inclusive,
RAVENNA Portage County, Ohio.
-BOND SALE.
-On July 12
10,000 Catherine Street. Denom. $1,000. Due $1,000 Sept. 1 1925 to
the following issues of special assessment bonds offered on that day were
1934, inclusive.
sold to the Provident Savings Bank & Trust Co. of Cincinnati for $48,278 22,
3,500 James Street. Denom.$350. Due $350 Sept. 1 1925 to 1934,incl.
equal to 101.85:
•
10,000 Sanders Avenue. Denom. $1,000. Due $1,000 Sept. 1 1925 to
$5,000 Clinton St. bonds. Denom. $625. Due $625 yearly on Oct. 15
1934. inclusive.
from 1925 to 1932 inclusive.
13.000 Wallace Street. Denom. $130. Due $130 Sept. 1 1925 to 1934.
4.400 Main St. bonds. Denom. $550. Due $550 Oct. 15 1925 to 1932
Inclusive.
Inclusive.
10.000 sewer. Denom. $1,000. Due $1,000 Sept. 1 1925 to 1934, incl.
30.800 Meridian St. bonds. Denom. $1,000 and $850. Due yearly on
5,000 water. Denom. $500. Due $500 Sept. 1 1925 to 1934. inclusive.
Oct. 1 as follows: $3,850 1925 to 1032 inclusive.
interest
& S.) payable
7.200 Lawrence St. bonds. Denom. $900. Due $900 yearly on Oct. 15 atDate Sept. 1 1924. Principal and semi-annuabonds or (M.of them shall,
the Glenville National Bank of Scotia. The
any
from 1925 to 1932 inclusive.
at the option of the village, be subject to payment and redemption on any
47,400 Main St. bonds. Due 1925 to 1932 inclusive.
interest day. Certified check for 2% of the amount of bonds bid for,
Date April 15 1924. Int. A. & 0.
payable to the village, required.
RIOHONDO INDEPENDENT SCHOOL DISTRICT (P. 0. RioSCRANTON, Lackawanna County, Pa.
-The $150,-BOND SALE.
hondo), Cameron County, Texas.
-BONDS REGISTERED.
-The State 000 451% coupon or registered municipal improvement bonds of 1924,
Comptroller of Texas registered $75.000 5 Si% serial school bonds on July 8. offered on July 15 (V. 119. p. 114) were purchased. by Edward Lowber
Stokes 8z Co. of Philadelphia at 103.19-a basis of about 4.20%. Date
ROCKWALL INDEPENDENT SCHOOL DISTRICT (P. 0. Rock- June 1 1924. Due $5,000 yearly on June 1 from 1925 to 1954. inclusive.
wall), Rockwall County, Texas.
-BOND ELECTION
-BOND SALE.
Garret & Co. of Dallas have purchased $50.000 515% 40-year serial school
SEMINOLE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
bonds subject to their-being voted at an election to be held on Aug. 9.
(P. 0. Sanford). Fla.
-BOND OFFERING.
-Sealed bids will he received
until July 25 by Schelle Maines, attorney, for the Board of Public InstrucROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.
- tion, for $10,000 6% school bonds. Denomination $1,000. Date July 1
Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. July 29
1924. Principal and semi-annual interest payable at the National Park
for the following issues of bonds:
$28,485 53.4% Eldora Road improvement assessment bonds. Denom. Bank. New York City. Due July as follows: X2.003, 1934; $3.000. 1944:
$1,000 and one for $485. Int. J. & J. Due yearly on Jan. 1 55,000. 1954. Approving opinion of John C. Thomson, New York City,
as follows: $2,485 1926. $3,000 1927 and 1928,$4,000 1929. will be furnished. A certified check for $500 required.
$3,000 1930 to 1933. incl., and $4,000 1934.
-The
-BOND SALE.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
6,360 5g% water works and sewage disposal plant bonds. Denom.
coupon Addison Twp. road bonds
on July 17$500 and one for $360. Int. A. & 0. Due yearly on $7,800 5.70%-were purchased as 5s by J. F. Wild offeredof' Indianapolis
& Co.
V. 119, p. 229
Oct. 1 as follows: $360 1925. $500 1926. $1.000 1927.
basis of about 4.24%. Date
$500 1928, $1,000 1929. $500 1930 and 1931, $1,000 1932 at a premium of $265. equal to 103.39, afrom May 15 1925 to Nov. 15
June 15 1924. Due $390 each six months
and $500 1933 and 1934.
MOM
39,995 53 % village's portion, aoolishing West Lake grade crossing, bonds. 1934 incl.
Denom.$1,000 and one for $995. Int. A.& 0. Due yearly
-CORRECTION IN
SHELBY COUNTY (P. 0. Shelbyville), Ind.
on Oct. 1 aa follows: $995 1925. $1,000 1926, 82,000 1927, AMOUNT OF BONDS SOLD.-Geo. W. McKinney, County Treasurer.
81.000 1928 and 1929. $2.000 1930.$1,000 1931.$2,000 1932, informs us that the City Trust Co. of Indianapolis was awarded $6,790 88
1,000 1933 and 1934, 82.000 1935, $1.000 1936 and 1937, road bonds at par and accrued interest, and not 86.500. as was stated in
2,000 1938,$1.000 1939,42,000 1940,$1.000 1941 and 1942, V. 119, p. 229.
2,000 1943, $1,000 1944 to 1946, incl.: 82,000 1947, $1,000
SHERIDAN, Sheridan County, Wyo.-BOND SALE.-Benwell &
1948. 82.000 1949, $1,000 1950 and 1951, and $2,000 1952
and 1953.
Co.and International Trust Co.of Denver jointly have purchased $228,000
Date April 1 1924. Certified check for 10% of the amount of bonds aid 5% refunding bonds at 100.80. Date July 15 1924. Due as follows:
for, payable to the Village Treasurer required.
$5,000. 1930 to 1939: $.10,000. 1940 and 1941: 811,000, 1942 and 1943;
312,000, 1944: 313.000, 1945 and 1946; 814,000, 1947 and 1948, and
ROSS COUNTY (P. 0. Chillicothe), Ohio.
- 815,000, 1949 to 1954.
-BOND OFFERING.
Robert T. Weaver, Clerk, Board of County Commissioners, will receive
sealed bids until 12 m. July 21 for $128,500 5 g % road bonds.
-Sealed bids will be received until 10 a. m. July 28
BOND OFFERING.
Denom.
$1,000 and one for $500. Date Aug. 1 1924.
in, and semi-ann. int. for the following 6% bonds:
payable at the county treasury. Due yearly on Aug. 1 as follows:
$27,000 Paving District No. 28 bonds.
1925 to 1932 incl., and $16,500, 1933. Certified check for $500.$14,000.
7.000 Paving District No. 29 bonds.
payable
to the County Commissioners, required.
-The 550,000
-BOND SALE.
SMITH CENTER,Smith County, Kan.
-were purchased
5% paying bonds offered on May 13-V. 118, p. 2318
ROYAL OAK, Oakland County, Mich.
-BOND OFFERING.
-Until by the Smith County State Bank of Smith Center. Date May 1 1924.
7:30 p. m. July 21 sealed bids will be received by R. Bruce Fleming,
City Due $5,000 May 1 1925 to 1935.
Clerk, for the following issues of bonds:
-year water bonds.
$160,000 30
SMITHFIELD, Jefferson County, Ohio.
-BOND OFFERING.-year storm sewer bonds.
225,000 30
D. M. Barrett. Village Clerk, will receive sealed bids until 12 m. Aug. 4
65,000 10
-year paving bonds.
6% street impt. bonds. Date July 15 1924. Int. M. & S.
The above bonds are all general obligations and bidders are instructed to for $4,543
bid rate of interest and premium thereon. Certified check for $2,000 re- Due yearly on Sept. 15 as follows: $500. 1925 to 1929 incl.; $1,000. 1930,
quired. Bidder is requested to bid on each issue separately.
and $1.043. 1931. Certified check for 2% of the amount of bonds bid for,
to the Village Treasurer. required.
ST. MARY PARISH SCHOOL DISTRICT NO. 8 (P. 0. Franklin), payable
SPERRY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
La.
-BOND SALE.
-The $75,000 53.4% school bonds offered on July 3-The
-BOND SALE.
V. 118, p. 2862
-were purchased by the Whitney-Central Trust & Savings (P. 0. Sperry), Des Moines County, Iowa.
Bank of New Orleans as 5s at $75.010, equal to 100.01. Date July 1 1924. White-Phillips Co. of Davenport has purchased 816.9305% school funding
bonds. Denom. $1,000 and $930. Date July 1 1924. Principal and
Due in 25 years. The following is a list of the bidders:
Marine Bank & Tr. Co., New Orleans Interstate Tr. & Bkg. Co., New Orl. semi-annual interest (M. & N.) payable at the office of the above-named
L. E. French & Co., Alexandria
Canal-Commercial Trust & Savings firm. Due as follows: $3,930. Nov. 1 1941: 84,000, 1942 and 1943; and
Hibernia Securities Co., New On.
$5,000. May 11944.
Bank, New Orleans.
Kauffman, Smith & Co., St. Louis. Sutherlin, Barry & Co.. New Orleans.
SPERRY TOWNSHIP, Sheridan County, No. Dak.-BOND OFFERW. L. Slayton & Co., Toledo.
Well, Roth & Irving Co. New Orl
-Bids will be received by B. J. Kiley, Township Clerk, until 2 p. m.
ING.
SAGINAW, Saginaw County, Mich.
July 24 at the County Auditor's office in McClusky for 811.0007% funding
-BOND
Warren, City Comptroller, will rece ye sealed bids OFFERING.-Geo. C. bonds. Date July 1 1924. Prin. and semi-ann. int. payable at the First
until 11 a. m. July 22
for $400,000 411% coupon trunk sewer bonds. Denom. $1,000. Date National Bank. Minneapolis. Due July 1 1934. A certified check for
Aug. 1 1924. Principal and semi-annual interest payable in New
5% of bid required.
Due $16,000, 1925 to 1949, inclusive. Certified check for 2% of parYork.
-TEMPORARY LOAN.
STAMFORD, Fairfield County, Conn.
value
of bonds bid for, payable to the City Treasurer, required.
-has
The temporary loan of $200,000 offered on July 14-V. 118. p. 230
SALADO INDEPENDENT SCHOOL DISTRICT (P. 0.
sold to the First National Bank of Boston on a 2.43% discount basis.
Salado), been
Bell County, Tex --BONDS REGISTERED.
-The State Comptroller of Denom. $25,000. $10,000 and $5,000. Date July 15 1924. Due Oct. 6
Texas registered $13,000 6% serial school bonds on July 8.
1924.
-On July 2
-BOND SALE.
STARK COUNTY (P. 0. Canton), Ohio.
SALAMANCA, Cattaraugus County, N. Y.
--BOND OFFERING.Geo. II. Elliott, City Clerk, will receive sealed bids until 8 p. m. Aug. 4 for the Herrick Co. of Cleveland purchased three Issues of 5% bonds as follows:
the following bonds:
$110,000 Ravenna-Louisville I. C. H. No.74, Sec."H." at 102.32-a basis
of about 4.52%. Date July 15 1924. Due yearly on July 15 as
$21,321 64 paving bonds for Kent. Nelson and Clinton street improvements,
follows: 813,000, 1926 and 1927. and $12,000, 1928 to 1934, incl.
property owners' share, 20 bonds, 1 bond $2,321 64. 19 bonds
$1,000 each.
118,000 Canton-Alliance I. C. H. No. 67. Sec. "D," at 102-32-a basis
of about 4.52%. Date July 15 1924. Due yearly on July 15 as
11.723 92 city share of the cost and expense of such improvements, 1 bond
follows: 814,000, 1926, and 813,000, 1927 to 1934, inclusive.
"A,.
8703 92, 19 bonds $580 each.
11.405 39 property owners' share of the cost and constructing sewer in
'at 102.32.
133.000 Alliance-Maxima. Sec.
Kent, Elmwood, Broad Street, Center Street, Clinton Street
The notice of offering of the first two of the above issues appeared in
and Ambuski Street, 1 bond $575 39, 19 bonds $570 each.
wowillaill
V. 118, p. 2993. The following is a list of the bids received:
Date June 1 1924. Prin. and semi-ann. Int. (J. & D.) payable
AllianceCantonRavennaFirst National Bank of Salamanca. Int, not to exceed 5%. The at the
Maximo
Louisville Alliance
bonds
for each of the above improvements to run from 1 to 20 years and shall be
Road
I.C.H.74 I.C.H.67
payable annually in 20 installments as above specified, commencing
Sec. A.'
Sec. H.
Sec. D.
1925. Each proposal is to be accompanied by a certified check of June 1
8110,000 8118.000 3133,000
son bidding for the sum of $500, payable to the order of Fred W. the perPremium. Premium. Premium.
Gardner.
City Comptroller. Said bonds shall be legal and binding obligations on
Guardian Savings & Trust Co
$2,277 00 $2,442 60 $2,753 10
City of Salamanca. The legality thereof shall not be passed upon by the Title Guarantee & Trust Co
2,387 00
2,560 60
2,886 10
the
attorney for any bidder by reason of the wording of any bid, so that his de- Herrick Co
2,556 00
2,742 00 3,09000
termination shall be final in the premises. The bonds will be
2,791 27
2,308 57
2,476 47
issued in Canton Bond & Investment Co
registered form.
2.888 00
2,389 00
2.562 00
William R. Compton Co
$8,252 prem. for $361,000 bonds
SANANSELMO, Mann County, Calif.
-NO BIDS RECEIVED - Northern Trust Co
: Detroit Trust Co
2.507 00 2,707 00 3.021 00
No Will were received for the $4,000 5% town bonds offered on July 7V. 118, p. 3230. Date July 2 1924. Due $1,000 July 2 1939 to 1942 incl. Ames. Emerich & Co
Harris, Forbes & Co
BERNARDINO, San Bernardino County, Calif.
SAN
$7,360 prem. for $361.000 bonds
-BOND National City Co
-The $275,000 5% Devil Canyon water bonds offered on July
SALE.
14 Hayden, Miller.& Co
-were purchased by Blyth, Witter & Co. of Los Angeles Kauffman, Smith & Co
119, p. 229
3.01100
as 53s at a premium of $8,657, equal to 103.14-a basis of about 4.98%• Seasongood & Mayer
2,422 00
2.602 00 2,931 00
Due $6,875 1925 to 1964.
2,343 00
2,513 40
2,842 90
Stranahan. Harris & Ostia
2,244 00
2,407 20
2,713 20
SANTA FE IRRIGATION DISTRICT, San Diego County, Calif.- Otis & Co
1.78000
1,90200
2.21000
-The First Securities Co. of Los Benj. Dansard & Co
BONDS OFFERED TO INVESTORS.
Braun, Bosworth & Co3.05900
Angeles is offering to investors $500,000 6% serial gold bonds at a
price
2.702 20 3,04570
to yield 6%. The bonds are described as follows: Denom. $1,000. Date Provident Savings Bank & Trust Co--- _ 2,51900
2,436 50
2,613 70 2.94595
Nov. 11923. Prin. and semi-ann. int. (J. & J.) payable at the Southern & W. L. Slayton & Co
Commerce Bank, San Diego. Due on July 1 as follows: $19.000, 1933:
STOCKTON, San Joaquin County, Calif.
-BOND SALE.
-R. H
3
20,000, 1934 and 1935: 823.000, 1936; 824,000, 1937: 826,000. 1938; Mou,ton & Co. of Los Ange.es have purchased $24,000 5% impt. bonds
27,000, 1939; 829,000, 1940; 830.000, 1941; 832.000. 1942; $34,000, 1943: at par.
1945; 840,000, 1946; $43,000. 1947; 346.000,
6,000. 1944; $39,000,
1948;
STONEY CREEK SCHOOL TOWNSHIP(P.O. Blountsville), Henry
812.000, 1949.
-The $30,000 5% coupon school bonds
-BOND SALE.
County, Ind.
SAWYER, Ward County, No, Dak.-BOND OFFERING.
-Sealed bids offered on July 14 (V. 118, p. 3110) were purchased by the Merchants
will be received until 1 p. m. July 23 by J. J. Larson, Village Clerk, for National Bank at a premium of $1,185, equal to 103.95. Due each six
$6,000 7% electric transmission bonds. Denom. $500. Due in ten years. months as follows: $500 Jan. 15 1925 to Jan. 15 1926, inclusive: $1.000
A certified check for 5% is required.
July 15 1926 to July 15 1927, inclusive: 81,500 Jan. 15 1928 to Jan. 15 1932,
nclusive, and $2,000 July 15 1932 to Jan. 15 1935, inclusive.
-BOND OFFERING.
SCOTIA, Clinton County, N. Y.
-Sealed bids
will be received by Howard B. Toll, Village Clerk, until 8 P. m. July 24
STRATFORD, Tolland County,'" Conn.
-BOND OFFETinr..."‘i.for the following issue of coupon street-improvernent bonds not to exceed William H. Shea, Chief Clerk, will receive sealed bids until 2 p. m.(eastern
6% interest:
standard time) July 28 for $400,000 coupon or.gegistered sewer bonds.
1
1
362
THE CHRONTCLE
Denom. $1.000. Date Sept. 1 1924. Principal and semi-annual interest
(M.& S.), payable at a place to be mutually agreed upon by the successful
bidder and the town. Due $20,000 yearly on Sept. 1 1925 to 1944, incl.
Certified check for $4,000, payable to the town required.
=F
3ERIOR SCHOOL DISTRICT (P.0.Superior) Mineral County,
-The proposition to issue $20,000 conMont.
-BONDS DEFEATED.
struction bonds submitted to the vote of the people at a recent election
failed to carry.
SYKES SCHOOL DISTRICT NO. 39, Wells County, No. Dak.BOND SALE.
-The $11.000 6% funding bonds offered on July 7 (V. 119,
p. 114) were purchased by the Minneapolis Trust Co.at par plus a premium
of $304, equal to 102.76, a basis of about 5.76%. Denom. $1,000. Date
May 1 1924. Due May 1 1944.
TEXAS (State of).
-BONDS REGISTERED.
-The State Comptroller
of Texas registered the following bonds:
Amount.
Place.
Int.Rate. Due. Reg.
$1.000 Fannin County C. S. D. No. 106
May 20 8
6
3,500 Fannin County C. S. D. No. 94
May 20 8
6
1,900 Montague County C. S. D. No. 82
8
Serially
6
1,200 Anderson County C. S. D. No. 11
8
Serially
6
2,000 Dallas County C. S. D. No. 11
8
Serially
6
2,000 Jack County C. S. D. No. 16
May 20 8
5
1,200 Scurry County 0. S. D. No. 12
534 May 12 9
3,000 Young County C. S. D. No. 22
9
Serially
6
2.000 Floyd County
6
40 Years
9
3,000 Jones County C. S. D. No. 55
May 20 9
5
3.600 Burnett County C. S. D. No. 25
9
Serially
5
TIPPECANOE COUNTY(P.O. Lafayette), Ind.
-BOND OFFERING.
-Sealed bids will be received by Charles E. Calsbeek, County Treasurer,
until 2 p. m. July 22 for $2,600 5% Chas. B. Fretz et al road bonds.
Denom. $130. Date June 20 1924. Int. M. & N. 15. Due $130 each
six months from May 15 1925 to Nov. 15 1934 inclusive.
TRENTON, Fannin County, Tex.
-BONDS REGISTERED. The
State Comptroller of Texas registered $14,000 5% 10 to 40 year street
improvement bonds on July 12.
TRURO TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Columbus, Station E, Route 5), Franklin County, Ohio.
-BOND OFFER/NIL-Until 12 m.July 30 sealed bids will be received by P. P.Baughman.
Clerk of District, for $15,000 6% school bonds. Denom. $500. Date
July 1 1924. Int. semi-ann. Due $1,500 yearly on Oct. 1 1925 to 1934,
incl. All bids must state the number of bonds bid for.
TYLER, Smith County, Tex.
-BONDS VOTED.
-At a recent election
the voters authorized the issuance of $150.000 street paving bonds.
UNION COUNTY (P. 0. Marysville), Ohio.
-BOND OFFERING.
Lemuel P. Sherman. Auditor and Clerk of Board of County Commissioners,
will receive sealed bids until 1:30 p. m. Aug. 2 for $45,000 534% Unit
County bridge construction bonds. Denom. $500 each unless purchased
by the Industrial Commission, in which event each bond will be in the
denomination of $9,000 and be payable yearly on Sept. 1 as follows: $9,000,
1925 to 1929, incl. The County Commissioners will furnish the successful
bidder a transcript, certified by the County Auditor. of the proceedings of
the Board of County Commissioners in the issuance of said bonds and such
other information as may be necessary or required to satisfy the purchaser
of the validity of the bonds. Certified check for 5% of the amount of bonds
bid for required.
UNION PARISH ROAD DISTRICT NO. 9 (P. 0. Farmersville),
La.
-BOND SALE.
-The $400.000 531% road rends offered on .u.y 15V. 118, p. 2993
-were purchased by tire Farmerville State Bank of Farmers
villa at par. Date Aug. 1 1924. Due on Aug. 1 from 1925 to 1954 incl.
UNIVERSITY PARK (P. 0. Austin), Travis County, Tex.
-BOND
ELECTION.
-An election will be held on Aug. 16 to vote on the question of
issuing the following bonds:
$75,000 water works bonds.
50,000 street and paving bonds.
40,000 fire protection bonds.
A. C. Speer, City Secretary.
VAN ZANDT COUNTY COMMON SCHOOL DISTRICT NO. 92
(P. 0. Canton), Tex.
-BONDS REGISTERED.
-The State Comptroller
of Texas registered $5,800 6% 10 to 20 year school bonds on July 8.
VENICE CITY SCHOOL DISTRICT, Los Angeles County, Calif.
BOND OFFERING.
-Sealed proposals will be received until 2 p. m. July 21
by L. E. Lampton, County Clerk (P. 0. Los Angeles), for $175,000 5%
school bonds. Denom. 31.000. Date April 1 1924. Prin. and semi-ann.
int, payable at the County Treasury. Due April 1 as follows: $6,000,
1925 to 1929: $5,000, 1930 to 1934: $6,000, 1935 to 1954. A certified or
cashier's check for 3 of issue, payable to the Chairman of Board of Supervisors, is required. The assessed valuation of the taxable property in said
school district for the year 1923 is $14,199,045, and the amount of bonds
previously issued and now outstanding is $325,500.
VICTOR, Ontario County, N. Y.
-BOND SALE.
-The $50,000
water bonds offered on June 27-V. 118, p. 3231-have been sold to
Geo. B. Gibbons & Co. of New York as 4345 at 100.279, a basis of about
4.47%. Date Aug. 11924. Due $2,000 yearly on Aug. 1 1925 to 1949 incl.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
R. F. Davis, County Treasurer, will receive sealed bids until 10 a. m.
July 23 for $5,800 5% Waldo G. Watts et al. road construction bonds.
Denom. $290. Date July 15 1924. Int. M.& N. 15. Due $290 each six
months from May 15 1925 to Nov. 15 1934, incl.
BOND SALE.
-The $14.000 5% Chas. Acton et al. road bonds offered
on July 10-V. 118. ,p 115
-have been sold to the First National Bank
of Terre Haute for $14,490, equal to 103.50, a basis of about 4.21%•
Date July 11924. Due $700 each six months from May 15 1925 to Nov.
15 1934 inclusive.
VINELAND SCHOOL DISTRICT (P.0. Bakersfield), Kern County,
Calif.
-BOND OFFERING.
-Seated bids will be received until 10 a. m.
Aug. 4 by F. E. Smith, County Clerk, for $17.000 6% school bonds.
Denom. $1,000. Prin. and semi-ann. int. (J. & J.) payable at the County
Treasury. Due July 7 as follows: $2.000, 1934 to 1937; $3,000. 1938.
and $2,000, 1939 to 1941. A certified check for 10% of bid, payable
to the Chairman Board of Supervisors, is required.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 41
(P. 0. Daytona Beach), Fla.
-BOND SALE.
-The $15,000 534%
coupon Daytona Beach Seabreeze school bonds offered on July 10V. 118. p. 3111-were purchsed by Prudden & Co. at $15,512 25, equal
to 103.415, a basis of about 5.28%. Date July 2 1923. Due July 11955.
The following is a list of bids received:
Weil, Roth & Irving Co._ _$15,337 50 Prudden & Co
$15,512 25
anc ett Bond Co
15.477 00 Kinsey & McMahon
15,463 50
W. L. Slayton & Co
15.391 50 Stranahan, Harris & Otis_ 15,498 00
R. E. Campbell & Co_ -_ - 15,355 50 Seasongood & Mayer_ __ _ 15.272 00
McNear & Co
15,348 00
WAKULLA COUNTY (P. 0. Crawfordville), Fla.
-BOND OFFERING.
-Sealed bids will be received until 12 m. Aug. 18 by L. L. Parer°,
Clerk Circuit Court, for $100,000 6% coupon highway bonds. Denom.
$1,000. Date Feb. 1 1923. Prin. and semi-ann. int. (F. & A.) payable
at the National City Bank, New York. Due Feb. 1 1953. A certified
check for 2% of bid required. These bonds are a balance of $2C0,000.
WARD COUNTY (P. 0. Minot), No. Dak.-CERTIFICATE OFFERING.
-Sealed bids will be received by It. W. Kennard, County Auditor,
until 2 p. m. Aug.4 for 325.000 certificates of indebtedness bearing interest
at a rate not to exceed 7%. Denom. $5,000. Due Aug. 1 1925. A
certified check for 5% of bid requ red.
WASHAKIE COUNTY SCHOOL DISTRICT NO.3(P.O. Worland),
Wyo.-BOND OFFERING.-Blds will be received until 3 p. m. Aug. 11
by Bert Simpson, District Clerk, for $10,500 6% school building bonds.
Due in 25 years, optional in 15 years. A cert. check for $500 required.
WASHINGTON COUNTY (p.0. Salem), Ind.
-BOND OFFERING.
Ellis Rosenbaum. County Treasurer, will receive sealed bids until 2 p. m.
July 22 for $7,800 5% Oscar Hamilton et al road bonds. Denom. 3.390.
Date July 7 1924. Int. M. & N. 15. Due $390 each six months from
May 15 1925 to Nov. 15 1934. incl.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 39 (P. 0.
Akron), Colo.
-Boettcher, Porter & Co. of Denver have
-BOND SALE.
purchased $5,000 534% school building bonds. These bonds had been sold
[VOL. 119.
subject to being voted.' Date July 1 1924. Due July 1 1944, optional
July 1 1934.
WASHINGTON SUBURBAN DISTRICT, Md.-BOND SALE.
The 3500,000 434% series "J" Washington Suburban Sanitary District
water and sewer construction bonds offered on July 11-V. 119, p. 115
have been sold to a syndicate composed of the Equitable Trust Co. of
New York and Jenkins, Whedbee & Poe and Frank, Rosenburg & Co. of
Baltimore at 100.1689, a basis of about 4.48% if called at optional date
and 4.49% if allowed to run full term of years. Date July 11924. Due
July 1 1974; redeemable July 1 1954. Legality approved by Chester B.
Masslicn of New York.
tement (as Officialy Reported).
Assessed valuatioFninoafnddisatlriSclat
Assessed valuation of Montgomery and Prince George's counties$41,254,911
(wnich counties guarantee payment of principal and interest
of these bonds)
81,061,885
Bonded indebtedness of sanitary district, inclubing this issue
5 '85
4 67.800
11 1 8
Bonded indebtedness of Montgomery and Prince George's
counties
2
f
l 41 0
Population of district, estimated, 45,000. Combined population
Montgomery and Prince George's counties. estimated. 83.347.
WATERBURY, New Haven County, Conn.
-BOND OFFERING.
Sealed proposals will be received until 7 o. m.(standard time) July 28 by
Thomas P. Kelly, City Clerk, for the following 434% bonds:
$347,000 "water bonds of the city of Waterbury," 14th Series, payable
33.000 yearly on July 1 1925 to 1938 incl.: 313,000 yearly on
July 1 1939 to 1943 incl., and $12,000 yearly on July 1 1944 to
1963 incl.
100,000 "water bonds of the city of Waterbury," 15th Series, payable
$3.000 yearly on July 1 1925 to 1944 incl., and $2,000 yearly on
July 1 1945 to 1964 incl.
200,000 "water bonds of the city of Waterbury," 16th series, payable
35.000 yearly on July 1 1925 to 1964 incl.
Denom. $1,000. Date July 1 1924 Prin. and semi-ann. int. (J.-.1)
payable at the First National Bank of Boston. Bonds are to be issued in
coupon form, convertible into registered bonds at option of the purchaser,
will be engraved under the supervision of and certified as to genuineness
by the First National Bank of Boston, and their legality approved by
Storey, Thorndike. Palmer & Dodge of Boston. Mass., whose legal opinion
will be furnished the purchaser. All legal papers incident to these issues
will be filed with said bank where they may be inspected at any time.
Bonds will be delivered to the purchaser on Friday, Aug. 1 1924, at the
First National Bank of Boston, 70 Federal St., Boston, Mass. A certified
check for 1% of amount of bonds bid for, payable to the City Treasurer,
required.
-BOND SALE.
WELD COUNTY SCHOOL DISTRICT NO,32, Colo.
-The Farmers' National Bank of Longmont has purchased $12,000 5%
school building bonds at 102. Denom. $1,000. Date July 11924. Due
1944, optional 1934.
WEST LAMPETER TOWNSHIP SCHOOL DISTRICT (P. 0. Lancaster), Lancaster County, Pa.
-BOND OFFERING.-Untll 12 m.
Aug. 2 sealed bids will be received by H. H. Snavely, President of Board of
Education, for $40.000 434% school bonds. Date July 1 1924. Int.
semi-ann. Due in 10. 20 and 30 years.
WEST LOVELAND SPECIAL SCHOOL DISTRICT NO. 7 (P. 0.
-The
Loveland), Hamilton County Ohio.-BONDS NOT SOLD.
$50,000 5% school bonds offered for sale on July 10-1r. 118, p. 3231-'
"have not been sold as yet, as no bids were received.
WESTMINSTER, Oconee County So. Caro.
-BOND OFFERING.
Sealed bids were received until 2 p. m. J
July 18 by James R. Sullivan, Chairman Board of Public Works, for the following 6% bonds:
$150,000 water-works bonds. A certified chock for $7,500 required.
50,000 sewerage bonds. A certified check for $2,500 required.
Denom.31.000. Date July 11924. Due July 1 1926 to 1964. Legality
approved by Storey. Thorndike, Palmer & Dodge, of Boston.
WHITEHALL, Washington County, N. Y.
-BOND OFFERING.Sealed bids will be received 1)y Alice M. Rice, Village Clerk, until 8
m•
(Eastern standard time) July 24 for $280,000 coupon water bonds not to
exceed 6% interest. Denom. 31,000. Date June 1 1924. Int. J. & D.
Due $7,000 yearly on June 1 1925 to 1964 incl. Certified check for $5.000.
drawn upon an incorporated bank or trust company, payable to the Village.
required. The Board of Trustees reserve the right to sell the bonds at
public auction at said place, hour and day and in that event any sealed
proposal received will be deemed to be a bid on such auction sale at the
price named in such bid and any certified check submitted with a ealed
proposal will be deemed to be a deposit to secure the village against any
loss mulling from the failure of the bidder to comply with the terms of
his bid and in the event that such auction sale is held, any alder not
having filed a sealed proposal and certified cnecir in accordance with the
terms of tab notice will be required to deposit a certified check for $5,000
drawn upon an incorporated laiank or trust company and payable to the
village to secure the village against loss resulting from the failure of the
bidder to comply with the terms of his bid. If said bonds are offered for
sale at public auction no bid will be received for lass than par value and
accrued interest to date of delivery. The approving opinion of Clay &
Dillon, attorneys of N. Y. City, will be furnished to the purchaser without
charge.
WICHITA FALLS, Wichita County, Texas.
-BOND SALE.Kauffman. Smith & Co., St. Louis; C. W. McNear & Co., New York:
First National Co., St. Louis; Taylor. Ewart & Co., New York, and
Stern Brothers & Co., Kansas City, have purchased $1,000.000 Si%
direct obligation refunding bonds. Denom. $1,000 and $500. Date
May 1 1924. Prin, and semi-ann. int.(M. & N.) payable at the Hanover
National Bank, New York. Due Nov. 1 SS follows: $18,000, 1925;
319.000, 1926; $20.000. 1927: $21,000. 1928: 323,000, 1929; $26,000, 1930:
$25,000, 1931 and 1932; $28,000, 1933; 330,000, 1934; $31,000, 1935;
333,000, 1936: 135.000, 1937 $36,000, 1938 338,000, 1939; 341,000, 1940;
343.000, 1941: 345,500,1942 347,500, 1943 $50,000, 1944; $53,000, 1945;
356.000, 1946: 359,000. 1947 362,000, 1948 $66,000, 1949; $69,000. 1950.
-BOND OFFERING.
WILBRAHAM, Hampden County, Mass.
Proposals will be received until 4 p. m. (daylight saving time) July 25
by Jennie T. Abbott, Town Clerk-Treasurer, for $48,000 4% coupon
school loan bonds. Denom. $1,000. Date Aug. 1 1924. Prin. and
semi-ann. int. (F. & A.) payable at the Old Colony Trust Co., Boston.
Due $3,000 yearly on Aug. 1 from 1925 to 1940 incl. The official notice
of offering states: "These bonds exempt from taxation in Massachusetts
and will be engraved under the supervision of and certified as to their
genuineness by the Old Colony Trust Co. of Boston, Mass. This trust
company will further certify that the legality of this issue has been approved
by Ropes, Gray, Boyden & Perkins of Boston, a copy of whose opinion
will accompany the bonds when delivered, without charge to the purchaser.
All legal papers incident to this issue, together with an affidavit certifying
to the proper execution of the bonds, will be filed with the Old Colony
Trust Co., where they may be inspected."
Financial Statement.
Assessed valuation, 1923
$2,405,951
Town has no bonded debt.
WICHITA FALLS, Wichita County, Texas.
-BONDS REGISTERED.
-The State Comptroller of Texas registered $75,000 534% serial refunding
bonds on July 11.
-BOND OFFERING.
WILDWOOD, Allegheny County, N. J.
Sealed bids will be received until July 29 by Ralph L. Carll, Directorof Revenue and Finance, for an issue of 5% coup. or reg, water bonds, not to exceed
$120,000, no more bonds to be awarded than will produce a premium of
$1,000 over $120,000. Denom. $1,000. Date July 15 1924. Prin. and
semi-ann. int. (J. & J.) payable at the Marine Nat. Bank of Wildwood.
Due 33.000 yearly on July 15 1925 to 1964 incl. Legality approved by Caldwell & Raymond of New York. Cert. check for 2% of the amount a bonds
bid for, payable to Robert J. Kay, City Treasurer, required.
-Sealed
WOOSTER, Wayne County, Ohio.
-BOND OFFERING.
bids will be received by Grace B. Wile, City Auditor, until 12 m. July 30
for the following issues of 534% street !rapt. bonds:
$28,500 city's portion. Due yearly on Cict. 1 as follows: 32,500, 1925;
$3,000, 1926 to 1933 incl.. and $2,000. 1934.
28,500 special assessment bonds. Due yearly on Oct. 1 as follows:
$2.500, 1925: 33.000, 1926 to 1933 incl., and 32.000, 1934.
Denom. $500. Date July 1 1924. Int. semi-ann. Certified check for
2% of the amount bid for, payable to the City Treasurer, required.
JULY 191924.]
WILLIAMS, Colusa County, Calif.
-BOND SALE.
-On June 30
Blyth, Witter & Co. purchased $55.000 5H% municipal impt. bonds
at par plus a premium of $3,585, equal to 106.51, a basis of about 4.94%•
Date June 1 1924. Due on June 1 as follows: $1,500, 1925 to 1944 incl.,
and $2,500, 1945 to 1954 incl. The following bids were received:
Prem.
Prem.
Blyth, Witter & Co
$3,585 William R. Stoats Co
$2.238
R. H. Moulton & Co
3,130 William Cavalier & Co
2,100
Freeman, Smith & Camp Co
2,343 Anglo-London-Parts Co
1,256
R.E. Campbell & Co
886
WINFIELD, Cowley County, Kan.
-BOND SALE.
-The $33,980 84
5% paving bonds offered on July 8-V. 119, p. 115
-were purchased by
the Branch-Middlekauff Investment Co. of Wichita at a premium of
$530, equal to 101.58. Date July 1 1924. Due serially in ten years.
WINNER TOWNSHIP, Williams County, No. Dak.-CERTIFICATE
OFFERINO.-Bids will be received until 1 p. m. July 19 by Wm. L.
Anderson, Clerk, at the County Auditor's office in Marmon for $1,000
certificates of indebtedness bearing interest at a rate not to exceed 7%.
Denom. $500. Dated $500 Aug. 1 1924 and $500 Sept. 1 1924. Due in
18 months. A certified check for 5% of bid required.
WORTH COUNTY (P. 0. Des Moines), Ia.-BOND OFFERING.
Bids will be received until 1 p.m. July 21 by N. E. Thoen, County Auditor,
for $26,300 drainage bonds.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 27 (P. 0.
Billings), Mont.
-BOND OFFERING.
-Bide will be received until 2 p.
July 27 by A. 0. Kline, District Clerk, for $1,750 school bonds. Interest
rate not to exceed 6%. Due in five years. A oertified check for $175,
payable to the District Clerk, is required.
YORK, York County, So. Caro.
-BOND SALE.
-The $35,000 Water
and sewerage bonds offered on July 15-V. 119, p. 115
-were purchased
by the Loan & Savings Bank of York as 5s at a premium of $200, equal
to 100.57, a basis of about 4.97%. Due in 20 years.
YPSILANTI CITY AND TOWNSHIP SCHOOL DISTRICT NO. 4,
Washtenaw County, Mich.
-BOND SALE.
-Harris, Small & Co.
Detroit have purchased $65,000 4%% coupon school bonds. Denom.
$1,010. Date Feb. 1 1924. Prin. and semi-ann. int. (F.
-A.) payable
at the Peoples State Bank of Detroit. Due on Feb. 1 as follows: $3,000,
1927; $3,000. 1929 to 1£35,:incl.; $10,000. 1936 to 1938 incl., and $11,000,
1939.
a
CANADA, its Provinces and Municipalities.
REGINA, Sask.-BONDS AUTHORIZED.
--A block of $12,876 was
authorized recently.
ALBERTA SCHOOL DISTRICTS.
-BOND SALE.
-The department of education gives the following as a list of school districts bond sales
during the month of June: Bignell, $700 6H% 10-year; Rimbey, $20,000
-year; Apremont, $3,000 6% 15-year; Calkins Valley, $1.100 7%
7% 20
10
-year; Bellevue, $9,000 7% 10-year.
HUDSON, Que.-BOND SALE.
-A. E. Ames & Co., reports say,
were awarded the $15,000 5H % 25-year bonds at 99.199, the money
costing 5.56%. The bids were:
A. E. Ames & Co
99.1991 Dominion Securities Corp___ 98.378
L. G. 13eaublen & Co
98.53 'Mead & Co
94.21
KISBEY, Sask.-BONDS AUTHORIZED.
-An issue of $2,300 8%
-installment bonds has been authorized.
15
LA SALLE, Que.-DEBENTURE SALE.
-It is stated that an issue of
$30,000 5K% 30-year debentures was awarded to the Dominion Securities
Corp. at 98.838, the money costing 5.58%. Bidders were as follows:
Dominion Securities Corp--- 98.838[Municipal Debentures Corp_ 96.57
Rene T. Leclerc, Inc
98.25 A. E. Ames & Co
96.02
L. G. Beaublen & Co
98.05
MOOSE JAW, Sask.-BONDS AUTHORIZED.
-An issue of $160.584
% and 6% 10 and 15 year bonds has been authorized.
NEW LOANS
We Specialize in
City of Philadelphia
36
363
THE CHRONICLE
NORTH DORCHESTER TOWNSHIP, Ont.-BONDS VOTED.
-The
Council passed a $20,000 school bond by-law, recent reports state.
-A. E.
NORTH YORK TOWNSHIP, Ont.-DEBENTURE SALE.
Ames & Co.secured the $50,000 5 % 20-installment debentures at 102.09,
the money costing 5.25%. The following were the bids:
101.21
A. E. Ames & Co
102.09 Gairdner, Clarke & Co
100.90
Wood, Gundy & Co
101.939 Sterling Bank
Nesbitt, Thomson & Co__--101.52 Macneill, Graham & Co_-_ _100.41
Bain, Snowball & Co
101.29
NOVA SCOTIA (Province of).
-BOND OFFERING -D. A. Cameson,
Provincial Treasurer, until 2 p. in. July 24 will consider offers for 5%
coupon debendures as follows:
$2,000,000 two-year debentures, prin. and int. payable in New York, or
20
-year debentures for $2,000,000, prin. and int. payable in
Halifax, Montreal, Toronto and New York. Payment for these
debentures to be made at the Royal Bank of Canada and the
Canadian Bank of Commerce in New York, as directed by the
Provincial Treasurer.
1,500,000 ten-year debentures, prin. and int. payable in Halifax, Montreal,
Toronto and New York, or 20
-year debentures for S1,500,000,
prin. and int. payable in Halifax, Montreal. Toronto and New
York. Payment for these debentures to be made at the office
of the Provincial Treasurer, Halifax.
Date Aug. 1 1924 Int. semi-ann. The total amount of debentures to
be issued as above mentioned will be for a sum sufficient to realize $3,500,000
Definitive debentures may be registered as to principal at the office of the
Provincial Treasurer, Halifax. Interim debentures without coupons will
be issued Aug. 1 1924, authorizing: the holders to delivery of definitive debentures to the amount specified in the interim debentures. Definitive
debentures will be engraved as soon as possible. Interim and definitive
debentures to be delivered to purchaser where payment for same is to be
made at either the office of the Provincial Treasurer, Halifax, or in New
York. Offers may be made for the whole issue or separate offers for the
parts of the issue payable in New York or in Canada and New York, respectively. Securities may be in such form as desired by purchasers.
The highest or any offer not necessarily accepted.
SASKATCHEWAN SCHOOL DISTRICTS.
-BONDS SOLD
-BONDS
AUTHORIZED.
-The "Monetary Times" gives the following as a list of
debentures reported sold by the Teeal Government Board from June 19 to
July 3:
Murray, $2.000.
10 years, to Regina Brokerage & Investment
Co.; Hillier. $1,000,6%.10 years, to Regina P. S. sinking fund; Nolin,
$1,500.6%.10 years, to Regina Brokerage & Investment Co.; St. Mary,
$800,
%,10 years, to Regina Brokerage & Investment Co.; Shaunavon,
$24.000,6%%.20 years, to Regina Brokerage & Investment Co.; Forward,
$2.000. 65'4%. 10 years, locally; St. Jude, $1.000. 7%. 10 years, to Regina
Brokerage & Investment Co.; Steadfast, $3,500,
%. 10 years, to C. C.
Cross & Co.; Hughton, $5,400, 654%, 10 years, to C. C. Cross & Co.;
Sproule, $6.000. 634%. 15 years, to Regina Brokerage & Investment Co.;
%,20 years, to C. C. Cross & Co.; Moose Pond. $1,500.
Kston,$21,000.
, 10 years, to Waterman-Waterbury Co.; Sister Butte, $1,500, 7%.
10years, to C. C. Cross & Co.; Connaught,$1,000,6%%,10 years, to C. C.
D
Cross & Co.
Village of Success. $1,500. 7%. 10 years, to Nay & James.
The 'Monetary Times" gives the following as a list of authorizations
granted by the Local Government Board during the same period:
Hartaven, $1.650, not exeeeding 6).4 %, 10 years; Fenwoou. $9,400, not
exceeding 5%,20 years; Willow Heights. $500, not exceeding 8%,2 years;
Uhrynow, $1..500, not exceeding 7%, 10 installments; Abermule, $2,000.
not exceeding 7%. 10 installments.
SHAWINIGAN FALLS, Que.-BOND SALE.
-It is reported that
-installment
Wood, Gundy St Co. were awarded an issue of $100,000
% 30
debentures at 100.94, the money costing 5.41%. Tenders were as follows:
99.79
Wood, Gundy & Co
100.94 L. G. Beaubien & Co
A. E. Ames & Co
100.097 I
SUCCESS, Sask.-BOND SALE.
-Nay & James have purchased $1,500
-year bonds,
7% 10
WINNIPEG, Man.
-DEBENTURES DEFEATED.
-The rate-payers, it
Is stated, defeated the $750,000 exhibition debenture by-law.
7q7„,
NEW LOANS
NEW LOANS
$45.000
$500,000
VILLAGE OF PELHAM City of Minneapolis
Westchester County, N. Y.
AUDITORIUM BONDS
31As
46
41
46
417
2s
56
5 6
/
3
4
5 4s
STREET IMPROVEMENT BONDS
(THREE ISSUES)
Notice is hereby given that the Board of Trustees of the Village of Pelham, in the County of
Westchester, New York, will on the 29TH DAY
OF JULY, 1924, at eight °clock P. M. DayB
Sang Time, at the village Hall, in said
vi
Village, receive sealed proposals for any or all of
the following issues of bonds of said Village,
dated August 1, 1924.
$23,000 Street Improvement Bonds maturing,
two bonds on August 1 of each of the years
1925 to 1935, inclusive, and one bond on August 1, 1936.
$12,000 Street Improvement Bonds maturing,
104 South Fifth Street
one bond on August 1 of each of the years 1925
to 1936, inclusive.
Philadelphia
$10,000 Street Improvement Bonds maturing,
one bond on August 1 of each of the years 1925
Private Wire telNewN,York
to 1934 inclusive.
Call Canal '8437
All of the bonds will be in registered form, in
the denomination of $1,000, and will bear interest
at the rate of four and one-half per centum
per annum, payable February 1 and August 1
in each year, both principal and interest being
payable at the office of the United States Mortgage & Trust Company, New York City, in gold.
The bonds will toe prepared under the supervision of the United States Mortgage & Trust
Members New York Stock Exchange
Company. of New York City, which shall certify
as to the genuineness of the signatures and seal
thereon, and their legality will be approved by
HARTFORD
Messrs. Caldwell and Raymond, of New York
City, whose opinion as to legality will be furnished
to the purchaser without charge.
The Board reserves the right to reject any and
all bids, and any bid for less than par and accrued
interest will be rejected. The purchaser will be
required to pay for said bonds at the office of the
United States Mortgage & Trust Company,in the
City of New York, on the 2nd day of September,
1924. Proposals must be unconditional and are
desired on forms which will be furnished by the
undersigned, or by said United States Mortgage
& Trust Company, and a certified check on a
national bank or an incorporated state bank or
trust company of the State of New York for
two per centum of the par value of the bonds
bid for. payable unconditionally to the order of
the Village of Pelham, must accompany each
MANILLA, SISAL, JUTE
bid, as security for the performance of the bid,
if accepted.
By order of the Village Board.
Noble and West Streets. Brooklyn, N.Y.CIty
E. B. RICH,
Village Clerk.
Dated, Pelham, N. Y., July 15. 1924.
Biddle & Henry
Notice is hereby given that the Committee
on Ways and Means of the City Council of
Minneapolis, Minnesota, will sell at a _public
sale, at the office of the undersigned, on THURSDAY, JULY 24th, 1924, at 2:00 o'clock p. m.
$500,000.00 Auditorium Bonds at a rate of
interest not exceeding Five Per Cent per annum,
to be dated July 1, 1924, and to be made payable
twenty-five thousand dollars thereof July 1.
1925. and twenty-five thousand dollars on July
1st each year thereafter to and including the
year 1944.
Sealed bids may be submitted until 2:00 o'clock
p. m. of the date of sale. Open bids will be
asked for after that hour. All bids must include
accrued interest from date of said bonds to date
of delivery, and a certified check for Two Per
Cent of the par value of the bonds bid for made
to C. A. Bloomquist, City Treasurer, must
accompany bids. The right to reject any and
all bids is hereby reserved.
The approving opinion of John C. Thomson,
Attorney, will accompany these bonds.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN, City Comptroller,
Minneapolis, Minnesota.
BALLARD & COMPANY
Connecticut Securities
AMERICAN MFG.CO.
ROPE & TWINE
A BUSINESS EXECUTIVE
and capable head for any one
of your Departments can be
obtained by inserting a small
ad in the Classified Deparimni
of the
FINANCIAL CHRONICLE
Our Classified Department faces the
nside back cover,
364
THE CHRONICLE
COTTON, GRAIN. SUGAR
AN_D
[VOL. 119.
COFFEE MERCHANTS
AND
BROKERS
•
Cluui. 0. Corn
August Schlerenberg
Geo. H. McFadden & Bro
Paul Schwarz
Frank A. Kimball
COTTON MERCHANTS
PHILADELPHIA
Corn, Schwarz & Co.
NEW YORK
COMMISSION MERCHANTS
15 William Street
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Johnson & Turner, Ltd., Lisbon
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Fachiri & Co., Milan
Geo. H McFadden South American Company, Inc , Lima, r'eru
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Geo. H. McFadden & Bro.'s Agency, Box 1029, Shangai, China
MEMBERS OF
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New Orleans Cotton Exchange
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ASSOCIATE MEMBERS OF
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FENNER & BEANE
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NEW YORK
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-
818 Gravier St.
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Private
Chicago and throughout the South.
W. R. CRAIG & CO.
Merchants and Brokers
COTTON
Members New York Cotton Exchange
Bowling Green 0480
60 Beaver St.,
New York
ROBERT MOORE & CO.
44 Beaver Street, New York
COTTON MERCHANTS
Members New York Cotton Exchange
New York Coffee & Sugar Exchange, Inc.
New York Produce Exchange,
Established 1856
Hubbard Bros. & Co.
Coffee Exchange Building
Hanover Square
NEW YORK
COTTON MERCHANTS
Liberal Advances Made on
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Stephen M.Weld & Co.
COTTON MERCHANTS
82-92 Beaver Street,
New York City.
BOSTON
NEW BEDFORD,
FALL RIVER,
Z
PHILADELPHIA,
PROVIDENCE, UTICA, N. Y.
WELD & CO., LIVERPOOL
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COTTON
and
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COMMISSION MERCHANTS
1307 COTTON EXCHANGE BLDG.
NEW YORK
Orders promptly executed in
COTTON AND GRAIN
Weekly Bulletin on the
cotton market sent on request.
STEINHAUSER & CO.
Successors to William Ray 8c Co.
Members New York Cotton Exchange
Members Liverpool Cotton Assn
Ka Cotton Exchange Bldg., NEW YORK
H. Hentz & Co.
N. Y. Cotton Exchange Bldg.,
Hanover Square,
NEW YORK
BOSTON
DETROIT
SAVANNAH
James Talcott, Inc.
Founded 1854
PARIS
COMMISSION MERCHANTS
AND BROKERS
Members of
New York Stock Exchange,
New York Cotton Exchange.
New York Coffee & Sugar Exchange, Inc..
New York Produce Exchange,
Chicago Board of Trade.
Associate Members
Liverpool Cotton Association.
225 Fourth Ave.,
New York City
Entire production of Textile
Mills sold on commission
and financed.
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