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The.
Bank & Quotation Section
Railway Earnings Section
firtandat
rontde
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JULY 21 1923
VOL. 117.
,
Electric Railway Sectioe
State and City' Sectieig
NO. 3030
that in the West agricultural prices have been de-'
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recognition of this fact that constitutes the encour-'
Chronicle Index.
aging feature in the situation,for we must know and'
The index to Volume 116, part 2 (covering the isunderstand our malady before we can undertake to
sues of the "Chronicle" for April, May and June
treat it. The remedy has been in course of applica1923) is being sent to our subscribers to-day along
tion during the last three months. • Orders have beep
with this number of the paper.
falling off and commodity prices have as a consequence been declining until even the working classes
are beginning to perceive that wages cannot go any.
The Financial Situation.
The security markets have further improved the higher. The one other thing needed is the'repeal of'
present week, notwithstanding some adverse devel- our restrictive immigration laws. Open the door'
opments, such as a further break in the option price wide to desirable immigrants, but not to the vicious'
for wheat at Chicago to below 96 cents a bushel or defective classes, and let economic law do the rest!
)
(though with a sharp recovery the last two days) The farmer needs an extra supply of consumers at
to make up for the market of which he is being'
and the election of Magnus Johnson, the Farmer- home
Labor candidate,as United States Senator from Min- deprived abroad and the manufacturer equally needs
nesota. In part the improvement in security values a new body of consumers to keep his mills and facis due to a great change in the technical position of tories going, and thus ward off the idleness that'
the market. Liquidation in the stock market has otherwise stands ahead.
not only been drastic and thorough, but, what is even
Little change can be reported during the week in
more important, it has evidently been carried to
completion, all the weak holdings having been the troubles in building and in mining. The hostile
shaken out during the three months' period of severe attitude of landlords and tenants towards each other
decline in values. Bear operations therefore are im- has not been lightened by the housing statutes. One
potent to bring about any further break, since there landlord has sought an injunction to keep his tenants
is no more stock to be dislodged. As a consequence, and their friends off the roof, alleging that they have
raders on the Exchange, whose dealings always con- no right there, but congregate for viewing an outdoor'
-i itute an important part of the transactions from "movie" show nearby, thereby causing great damday to day, are now operating for a rise, and they age; they respond by alleging that he included this
find stocks in such limited supply that purchases of free exhibition as a part of the inducements offered.
few hundred sl• res suffice to bring about a sub- There is an organization of tenants as well, as of
owners, and the very iron-clad lease form proposed
- ,inti al advance.
considering, too, whether the disloca- to the latter has not only brought a reported division
is worth
tion in the country's economical position is not also in their ranks but has set the tenants agog, one shaft
in process of being corrected. The fundamental in their resistance being a threat to try to get thel
weakness in underlying conditions has been the fact executive head of the owners' association deported as
he Throuitle.
246
THE CHRONICLE
[Vora 117.
being still a British subject and also an undesirable laration first reached the French
capital there was
alien.
a sigh of relief that it did not bring a definite break
A mass meeting of bricklayers; called for Monday between Britain and
France. Such was the sentievening, produced no marked immediate result, but ment expressed by all
political writers in the mornon Tuesday the large builders lifted their ban upon ing papers." He added,
however, that, "after connew contracts, interpreting the outlook to be stabil- sideration and inspirat
ion from the Quai d'Orsay.
ized costs at the present level; some arrivals of Ger- expressions of opinion
have changed to avowal of
man brick are reported, and one large constructing disappointment at
what the British Prime Minister.
Concern noted that the publicity given has attracted said. An agreement
along this line by two papers so
workers hither and sees reason to look for abundant generally opposed
as the 'Temps' and the 'Journal
labor by the close of the year. Of more significance des Debats' indicate
s that France will not agree to
may be the vote of three of the five local unions for the British note
to Germany if it contains what the
permitting bricklaying to be taught in the public French Foreign
Office thinks it will contain." Conschools, where carpentry and other trades are now tinuing his outline
of the French attitude, the
ft;tight, in harmony with the union apprentices' sys- "Times" correspondent
declared that "in French cirtems.
cles this afternoon [July 13] Mr. Baldwin is nor
Mr. Lewis, the head of the United Mine Workers, credited with a desire
to settle the reparations probhas revoked the charter of District ,No. 26, covering lem. It is asserted that
England sees France due to
the Nova Scotia bituminous fields, declaring that his win a great victory and
seeks to prevent her getting
organization is not political and "cannot be used to the credit such a victory would
bring." The Assopromote the fallacious whims of any political fanatic ciated Press representative
in Paris asserted that
who seeks to strike down the established institutions "the British Prime
Minister's statement of policy
cri his Government." The strike in Nova Scotia is lost some of its sugar coating
for the French newscalled a sympathetic one in support of British steel papers overnight, and
this afternoon's editions had
mill workers of a corporation which has a wage become rather acid, with
a strong flavor of sarcasm
agreement with the Lewis organization in respect to and some ridicule
in their comments."
coal mining. The significance seen in this is that
This critical attitude on the part of the French
when the adjourned conference resumes, on Monday, continued and even
became more pronounced as the
Lewis will renew the struggle for "recognition," urg- days passed, accordin
g to the Paris cable dispatches.
ing that thereby it will be more feasible to keep a It became known
that Preinier Poincare would detight line on the industry against "unauthorized" liver an address last
Sunday at Senlis, in which it
strikes. If he can drive back the Nova Scotia men was expected that he
would make reply to Premier
by disciplining them he can present a gesture for the Baldwin's statement of
the Thursday previous.
possibility of peace; the plea offered for the obnox- Special attention was
directed to the fact that "M.
ious "check-off" is similarly that thereby the indus- Poincare chose for his
pronouncement this town
try can better be kept in line against unauthorized [Sculls], which marks the
furthest advance of the
interruptions. Yet it is debatable whether indus- Germans" (during the war).
The Associated Press
tries have not suffered, on the whole, quite as much correspondent, in his
synopsis of the address, said
and as frequently from the authorized strike as from that "Premier Poincar
e to-day proclaimed the
the "outlaw" kind; or, perhaps,from the coercion of French Government's
unalterable decision resolutely
strike threats.
to stand for the complete execution of the Versailles
peace treaty with the German debt at 132,000,000,It cannot be claimed that any definite progress 000 gold marks,
as agreed upon by the Allies at the
has been made during the week toward closing the London conferen
ce, and against any international
rift between Great Britain and •France regarding financial committee
to replace the Reparations ComGerman reparations and the occupation of the Ruhr. mission." The
correspondent further asserted that
Lord Curzon and several of his associates in the
Poincare said France had finished the making
British Cabinet were busy all week on the prepara- of concessions to Germany.
She was tired of temtion of a reply to the Germans, which would first be porizing with that country. The
Premier's strongly
submitted to the Allies and the United States. The worded address, while carefully
refraining from
Cabinet held several meetings to discuss the reply, mentioning the speech of Stanley
Baldwin, the Britand according to an Associated Press cable dispatch ish Prime Minister, last week, is consider
ed as the
from London yesterday afternoon, it was expected French Government's preliminary
answer to the
that it would be sent forward during the evening. British position with regard to the occupati
on of the
According to the dispatch also, "additional altera- Ruhr." Taking up one feature of the
British Pretions were made in the text yesterday." The corre- mier's statement, the New York "Times" correspo
ndspondent added that "it is understood that the sug- ent cabled that "in reply to Mr. Baldwin's accusagested reply contains about 1,400 words and is up to tion that occupation of the Ruhr was resulting in
the standard of cogency and forcefulness usually economic damage to other nations by causing Gercharacterizing documents prepared by Lord Curzon, many's ruin, M. Poincare said that if England had
the Secretary for Foreign Affairs, and that it is joined with France in the Ruhr occupation Germany
marked throughout by a most moderate and amicable would not have resisted, and therefore would not
tone."
have brought upon herself the damage which has ensued from carrying on resistance. In other words,
The earliest cable advices from Paris received here that if Germany is ruining herself in resistance her
after Premier Baldwin made his statement to the plight is more the fault of England than France."
British House of Commons on July 12 stated that a Early Monday the French Foreign Office Issued
a
feeling of relief prevailed in political circles in the statement claiming that M. Poi”care's address
could
French capital. The representative of the New York not be regarded as a reply to Premier Baldwin
, as
"Times" cabled that "when Premier Baldwin's dec- the address was writtten before the British
state-•
JULY 21 1923.]
THE CHRONICLE
247
the British Premier's declaration. Although the
ment was presented to the British House of Com- to
German papers had for several days led the public
mons.
into extravagant expressions concerning the real
of Mr. Baldwin's plans, his address was rePremier Baldwin's statement was said to have nature
ceived here with general satisfaction."
been received with increasing favor by his own counOf course, as usual, the American correspondents
trymen the more it was studied. The London
ed in much speculation as to what the British
"Times" declared that "the Government's statement indulg
ment would say in its reply to the latest Gerwas clearly approved by all sections of Parliament Govern
man reparations note. For instance, a special Lonon Thursday, and evidence is growing that it exdon correspondent of the New York "Evening Post':
presses with singular exactitude the general opinion
d that "in substance, Britain will join France
of the country. In this great matter, at any rate, the asserte
ng what Germany can pay, but she will not
country, without distinction of class or party, is be- in exacti
in crushing or dismembering Germany
hind the Government." Continuing, the "Times" join France
penalty for non-payment f what she cannot pay.
said that "this country can no longer acquiesce in a as
action, therefore, depends, henceforth, on the
situation in which its own views, interests and aspi- Joint
fixing of the German debt by competent and imparrations are ignored. It supports the Government in
authorities and disentangling the economic questaking distinctive action and it hopes that its own tial
tion of its payment from political, ulterior objects."
feelings of friendliness.for France are so far reciprocated as to enable our ally to take freely and fairly
It was made plain in the London cable advices
into consideration our own point of view." , The
from the first of the week that the British Cabinet
statement was approved "at a special meeting of the
was determined to prepare the reply without unnecJoint International Committee of the General Count
ive essary delay. The Associated Press corresponden
cil of the Trades Union Congress and the Execut
date of July 14
in the British capital cabled under
Committee of the Labor Party." The London reprewill forego
ne" said, however, that "the members of the British Cabinet
sentative of the New York "Tribu
tennis over the weektheir usual golf, cricket and
that "the chief criticism of Premier Baldwin's stateGreat Britcomes from those who hold end, so as to give undivided thought to
.
ment of policy yesterday
to the German memorandum
the ain's forthcoming reply
that he erred on the side of moderation and left
that "Premier
delay in sending a reply to Ger- regarding reparations." He also said
way open for French
is spending Saturday and Sunday at
Baldwin
many. Events probably will show this criticism to
from the torrid heat of Lonfor authoritative quarters. announce Chequers Court, away
be unjustified,
and Foreign Secretary Curzon is going into sedon,
the Premier intends to have his note to Germany
his quiet suburban retreat, free from the
the consideration of the Allies and 'inter- clusion at
ready for
diplomatic mists of the capital. Both these statesested Powers,' chiefly America—early next week."
have pretty well in mind what they want to
In a cablegram to his paper as early as July 13 the men
say to Germany, but some time will have to be given
London correspondent of the New York "Herald"
to finding the best form in which to say it, so as not
claimed that "no time is being lost by the British
counter to French,sensibilities. It is now
Government in drawing up its reply to the German to run
to have the complete draft finished by the latreparations proposals. It is expected the note will hoped
of the coming week." Commenting upon
be forwarded to the Allied Powers Wednesday or ter part
of the note the next day, the London
Thursday and the urgency of an early reply will be the preparation
t of the New York "Times" said that
stressed. Foreign Secretary Lord Curzon probably corresponden
is maintained concerning its
will have the note ready for the Cabinet's considera- "the greatest secrecy
Notwithstanding M.Poincare's discouragtion Monday or Tuesday. The whole situation has contents.
the draft of the note will be sent
been so thoroughly thrashed out in the last fort- ing speech at Senlis,
as arranged, but whether it will be altered
night that it is believed the general outline of the to Paris
the French Premier's apanswer to Berlin is already sketched, but some slight in any way as a result of
the parently uncompromising attitude cannot be foredelay may be occasioned by the deliberation of
r Baldwin himself made it
Cabinet." That official Washington was skeptical told." Prime Ministe
on Monday that "he
of the Baldwin statement resulting in an early set- known in the House of Commons
States for its intlement of the Ruhr situation was indicated in a would communicate to the United
he was preparing to
Washington dispatch to the "Herald" under the formation the draft of the reply
It was explained
same date, in which it was asserted that "Washing- the German reparations note."
made to J. Rani ton is prepared to see a further trial of endurance that "Mr. Baldwin's statement was
Labor opposition.
between France and Germany before definite action say MacDonald, the leader of the
In a London cable
may be taken to solve the reparations tangle. This in reply to the latter's question."
The Globe" of this city,
does not mean that Mr. Baldwin's move is thought dispatch to "The Sun and
that "to enable
premature here. He is considered to have defined under date of July 16 it was stated
to the German note the British
the British position—none too soon—a position ad- them to draft a reply
of diplomatists seldom
mirably in accord with the American viewpoint and have called in a gathering
years. Crewe, Ambassador to
the hard economic facts of the case. But latest ad- equaled in recent
Berlin, Geddes to Washington,
vices from both sides of the Rhine would indicate Paris, Dabernon to
all are here, while Reginald Mcthat both France and Germany are prepared to con- and Eliot to Tokio,
advising the Government on the
tinue for some months at least the struggle over the Kenna is actively
al side of the problem." The
Ruhr, which Mr. Baldwin has declared to be danger- economic and financi
declared in a cablegram Tuesous to the economic stability of the world." Word same correspondent
"although Prime Minister Baldwin
came from Berlin that "Premier Baldwin's speech of day evening that,
policy, it was made evident in
yesterday was read here to-day [July 13] in the light has his own line of
-day that the United States can
of the occupation of Barmen this morning. The oc- political circles to
decisive influence upon the reparacupation was regarded as Premier Poincare's reply exert an almost
248
THE CHRONICLE
tions problems if it wishes to do so. The British
claim they have no object in isolating France, and
state that they are merely appealing to the good
sense of all nations to choose the side of the British,
but there is no doubt that if America, when it gets
the British reply to the German note, agrees to stand
by Secretary of State Hughes's suggestion and throw
its weight for reasonable settlement of the European
problems against France, all the doubting element in
England will be swept aside."
[VoL. 117.
resistance in the Ruhr,subject to certain concessions
on the part of France. This information has reached
the French Government on what is regarded as unquestionable but unofficial authority." If both these
proposals were to be accepted and put into effect the
solution of the Ruhr problem would be made decidedly easier.
Word came from London the same afternoon that
"the British Cabinet held a protracted session this
morning at which the proposed reparations documents formed the main topic of discussion. Up to
In attempting to forecast the note, the London cor- the early
afternoon it was still uncertain as to
respondent of the New York "Herald" said in a cable- whether
the documents—the draft reply to Germany
gram dated July 17 that "the draft of the reply to and
the accompanying note—would be forwarded to
Berlin, as it reaches Mr. Baldwin and the Cabinet, the other
Governments including the United States
will state Britain's acceptance in principle of Ger- to-night."
Commenting upon the further possible
many's proposal for an international commission to Cele the
Associated Press representative suggested
ascertain her capacity to pay, and will intimate to that "it is
recognized that these State papers may
Berlin that the time has come to abandon passive re- mark a
turning point in Great Britain's relations
sistance to the French occupation of the Ruhr be- with her
neighbors. Therefore infinite care is being
cause it blocks the way to any solution of the repara- bestowed on
their preparation by Lord Curzon, the
tions clause."
Foreign Secretary, and his associates." A decision
It became known here through an Associated was not
reached at Thursday's meeting of the CabiPress dispatch from London Wednesday afternoon net and
announcement was made that another sesthat,"owing to the non-completion of certain clauses sion would
be held yesterday. It was reported that
in the British draft of the reply to the German rep- the note
might not be sent to the Allies until next
arations memorandum and the explanatory letter to week. The
counter-proposals of the French and Geraccompany it, the Cabinet meeting that was to be mans were
said to be partially the cause of the
held that day was postponed until the following delay.
morning." He declared that "the most rigid sildnce
is being observed by every one connected with the
After further delays the Allied and Turkish deleForeign Office regarding the nature of the British gates at the
Near East Conference that has been in
response," and added that "the only thing reasonably session at Lausan
ne for many weeks are said to have
ceetain is that the draft reply will contain allusions reached a fresh
agreement and that it will receive the
to Germany's passive resistance as a barrier to the official signatu
res of both sides next Tuesday. Acopening of negotiations, together with a statement cording to a
Lausanne dispatch dated July 15, "the
that Great Britain is ready to accept the judgment of Allies made an
effort to-night to break the deadlock
an international committee of experts regarding in the Near East
Conference; they sent a note to the
Germany's capacity to pay."
Turkish delegation proposing a joint meeting of exIt has been apparent to every thoughtful person perts to-morrow
morning to pave the way for a later
ever since the controversy began that a settlement of assembly of the
plenipotentiaries. The Allies called
the Ruhr situation could not be accomplished with- upon the Turks
definitely to recognize the points alout concessions being made by all parties directly in ready agreed
upon, so that both sides might know
interest. Apparently the French have been the least where they stood.
The note contained a detailed
inclined all along to give up anything. Naturally statement relative
to the matters in controversy as
surprise was expressed over a cablegram Thursday the Allies
understood them, and asked the Turks to
morning from the Paris correspondent of the New come to an
agreement on these points." It was also
York "Tribune," in which he said that,"as a meth,x1 said that "the Turks
to-day threw the blame for the
of settling the reparations tangle, Premier Poincare deadlock over concess
ions on 'the clash of antagonto-day [July 18] proposed to Great Britain that istic interests which
revealed themselves in the reFrance is ready to withdraw all its immediate de- cent Lausanne pourpar
lers.' Word came from Lau"
mands on Germany except the one for 30,000,000,000 sanne Monday afternoon
that "the Turkish delegaor 32,000,000,000 gold marks—roughly $8,000,000,- tion to the Near East
Peace Conference had an000—which is necessary for reconstruction of the nounced that day that it
had accepted the proposal
devastated areas. The remainder of the debt, so far of the Allies to reopen joint
meetings of the experts
as France is concerned, may be postponed either ten in an attempt to agree upon
satisfactory formulas
or fifteen years." He also said that "at the end of concerning the questions yet in
dispute which had
that time, according to the French memorandum to- been holding up the Confere
nce, notably those conday. Germany would be called on to pay the balance cerning concessions in Turkey.
"
of its obligations and the Allies themselves could beThis announcement was followed by another in a
gin to discuss a joint settlement of inter-Allied debts. Lausanne dispatch from
the Associated Press correIn other words, France offers to withdraw a portion spondent under date of
July 16 that "an agreement
of its claims on Germany if Great Britain will post- was reached late to-night
on all the outstanding diffipone demand for collection of the French debt for a culties on the Near
East Conference, and nothing
&elide or a decade and a half." Thursday afternoon remains in the way of the
signing of peace." He also
the Berlin representative of the Associated Press declared that "Ameri
can insistence upon the open
cabled that "the German Government, through its door and equal opportu
nity won the victory. After
Embassy in London,is striving to have the forthcom- a struggle the Allies
agreed to keep confirmation of
ing British note on reparations convey to the French
the Turkish Petroleum Company's concessions out of
Government Germany's willingness to cease passive the treaty and
drop the request for preferential
JULY 211923.]
THE CHRONICLE
rights in future Turkish concessions." According to
the dispatch also,"a complete accord was reached on
all the questions at issue, and an official meeting will
be held Wednesday to confirm and approve the agreement. A date for the signing of the compact also
will be arranged. The date of signing probably will
be about a week hence." Cable advices on Wednesday stated that on July 17 "the entire text of the
treaty was examined and arrangements were made
for its formal signature on July 24."
The very next day, however, the Associated Press
correspondent at Lausanne cabled that "the TurcoAmerican treaty negotiations are delayed because of
differences over three main points, which probably
will require further conferences between Joseph C.
Grew and Ismet Pasha before real progress can be
achieved in drafting the new treaty." According to
a Washington dispatch to the New York "Times"
dated July 18, "the American Government is satisfied with the agreement at Lausanne with regard to
a Near Eastern treaty between Turkey and the Allied Powers without the inclusion in it of a settlement of the Turkish Petroleum Company question.
It is felt by officials here that a treaty along the lines
proposed will assure equality of opportunity for
American and other nationals in Turkish territory,
and the agreement to have the treaty so shaped as
not to include anything that might be construed as
Turkish endorsement of the Turkish Petroleum Company's claim is considered an important diplomatic
victory."
Premier Mussolini of Italy has attracted attention again this week after a period of some length
(luring which little had been said about him by
American correspondents in Rome. He delivered a
speech in the Italian Chamber of Deputies on July
15 which resulted in a vote in his favor of 335 to 139
opposed. The New York "Times" correspondent
described the event in part as follows: "If any doubt
existed in any one's mind whether Premier Mussolini would get his way about electoral reform—and
many people in Italy had their doubts about it—
these doubts were dissipated after his speech to-day
in the Italian Chamber of Deputies. The last words
Were hardly out of Premier Mussolini's mouth when
Deputies of all political beliefs,except the Socialists.
Communists and Republicans, made a rush at him as
though they intended to mob him. Some Catholics
who were his most bitter opponents participated in
this rush. With a wild shout of the Fascista cry the
Deputies hoisted Mussolini on their shoulders and
carried him in triumph around the Chamber, while
all spectators in the public tribunal stood up,lustily
singing Fascista war songs. Mussolini spoke without any notes and without any gestures except an
occasional powerful blow of his fist on the table. He
seemed to realize that he was perhaps fighting the
greatest battle of his life and made the most of his
opportunities, but he did not appear before the
Chamber as a suppliant, rather he seemed to command." The Chicago "Tribune" added that "Premier Mussolini obtained success in the Chamber of
Deputies to-night. Until last night a vote of confidence and the passsage of the Election Reform bill
,
eerned uncertain, but after Premier Mussolini spoke
it became obvious that the Chamber would stand by
him. The result of the vote was 303 favorable and
150 contrary for confidence and 335 favorable and
139 contrary for the bill."
249
Further attention was directed to Premier Mussolini and his Government by the issuance of a decree
of the Director-General of Police in which it was set
forth that "from August 1 no games are permitted
which savor, either openly or hiddenly, of gambling."
This decree was issued at the direction of the Premier, according to Rome dispatches, and reflected
his determination to stop gambling throughout Italy.
On July 19 in Rome there was"a meeting of all the
leaders of Fascismo throughout the country." Premier Mussolini was quoted as saying that "the new
Italy is daily showing herself ready to fulffll and
worthy of fulfilling her high destinies." It was
stated in a Rome cable dispatch that "at this meeting each of the repreientatives presented testimony
to show the widespread influence exerted by the
Fascist movement and the perfection of its organization, emphasizing the discipline that prevailed and
the spirit of sacrifice that was evidenced by its readiness to tackle the most ungrateful tasks and even
when necessary to punish its own followers in order
to maintain the purity and prestige of the party intact.'
Cable advices received from Zurich under date of
July 16 stated that the Swiss National Bank had
raised its discount rate from 3% to 4%. At the previous level, Switzerland was the cheapest money centre on the Continent and the action of the bank directors was to reduce the outflow of funds from that
country. Aside from this change, official discount
rates at leading European centres continue to be
quoted at 18% in Berlin; 6% in Denmark and Nor2
1
/
way; 5 % in Belgium; 5% in France and Madrid;
2
1
/
4 % in Sweden, and 4% in London and Holland.
In London money on call was a shade firmer and
/
/
closed at 178%, as against 214% last week. Open
market discounts at the British centre, however, declined fractionally and short bills are now quoted at
14%,
2
1
/
8%,against 3 %,and three months at 3/
3(4)4V
2
1
/ /
in comparison with 338@3 % a week earlier. In
Paris the open market discount rate has not been
2
1
/
changed from 4 %.
The Bank of England reported a gain in gold of
£14,383 this week and an increase in reserve of £638,000—the'latter in consequence of a contraction in
note circulation of £623,000. The proportion
of reserve to liabilities advanced to 17.60%,
from 17.53% a week ago, and from only 14.24% for
the week of July 4. In the corresponding week of
July 1922 the reserve ratio stood at 17%,and a year
earlier at 11.49%. Public depogits declined £503,000,
but "other" deposits increased £3,658,000. The bank's
temporary loans to the Government increased £690,000, and loans on other securities increased £1,880,000. Gold holdings now are £127,637,077, as against
£127,402,158 last year and £128,367,459 in 1921. Reserve aggregates £21,600,000, which compares with
£21,595,293 and £19,099,719one and two years ago, respectively. Note circulation is £125,786,000, in comparison with £124,256,265 in 1922 and £127,717,740
the year preceding, while loans total £71,582,000.
against £76,215,636 a year ago and £82,275,311 the
year before that. At the regular weekly meeting of
the Bank Governors the 4% official discount rate
was continued unchanged. Clearings through the London banks for the week were £707,730,000. This compares with £705,930,000 last week and £773,062,000
a year ago. We append hekewith comparisons of the •
250
THE CHRONICLE
[VoL. 117.
principal items of the Bank of England returns for a which compares with 1,004,859,000 marks in 1922
series of years:
and 1,091,560,000 marks a year earlier.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1922.
1921.
1920.
1919.
July 18.
July19.
July 20.
July 23.
Ju y 21.
.£
Circulation
125.786.000 124,256,265 127.717,740 124,098.825 78.894,650
Public deposits
11,095.000 22.174.832 16,938,444 16,559,418 19.686.815
Other deposits
111,639.000 104.488.978 149.286.333 119,593.941 122,013,188
Governnet securities 47.528,000 46,739,853 82,718,078 56,588.361 49,822,806
Other securities
71,582,000 76,215,636 82,275,311 80,081,398 81,863.400
Reserve notes.4 coin 21,600,000 21,595.293 19.099,719 17.355.253 27,885.885
Coin and bullion_ _A27,637,077 127,402.158 128,367,459 123,004,078 88,330,535
Proportion of reserve
to liabilities
17.60%
17%
11.49%
12.74%
19.67%
Bank rate
3%
7%
5%
555%
The Bank of France continues to report small
gains in its gold item, the increase this week being
59,525 francs. The Bank's gold holdings, therefore,
now aggregate 5,537,843,900 francs, comparing with
5,529,780,064 francs on the corresponding date last
year and with 5,520,888,289 francs the year previous;
of the foregoing amounts 1,864,344,927 francs were
held abroad in 1923 and 1,948,367,056 francs in
both 1922 and 1921. During the week silver increased
167,000 francs. Bills discounted rose 140,122,000
francs, contrary to last week's sharp decrease of
694,452,000 francs. General deposits also gained
this week, namely 24,520,000 francs. On the other
hand, advances fell 36,589,000 francs and Treasury
deposits diminished 13,315,000 francs. Note circulation registered the further contraction of 166,362,000
francs, bringing the total outstanding down to 37,233,697,000 francs. This contrasts with 36,369,763,590
francs this time last year and with 37,269,951,060
francs the year before. Comparison of the various
items in this week's return with the statement of
last week and the corresponding date in both 1922
and 1921 are as follows:
The Federal Reserve Bank statement issued Thursday afternoon, showed a further cut in bill holdings,
while gold reserves remained almost stationary. So
far as concerns the System, or twelve banks combined, there was a loss in gold of $659,000. Rediscounts on Government secured paper were reduced
$11,400,000, on "all other"$29,000,000 and open market purchases $3,000,000, with the result that total
bills on hand fell $44,000,000, to $988,950,000. Earning assets declined $47,000,000 and deposits $7,000,000. In New York, gold rese-ves increased $1,000,000. Rediscounting of all classes of paper was reduced approximately $33,700,000; hence, notwithstanding an increase in open market purchases of
$4,000,000, the volume of bills on hand was reduced
$29,700,000 and now stands at $232,277,000. There
were declines also in earning assets of $28,700,000
and deposits of $17,000,000. Both locally and nationally the amount of Federal Reserve notes in circulation sharply decreased; $13,000,000 for the former
and over $48,000,000 in the case of the last named.
Partly in consequence of the reduction in deposits,
reserve ratios were strengthened and for the combined System an int.rease of 1.1% was shown, to
76 5%, while at New York there was a gain of 2.2%,
to 83.3%. Bankers attached no special significance
to the changes in accounts, further than as an indication of the contraction in general business requirements, incidental to a return to normal conditions
following the usual 1st of July strain.
Contractions in loans accompanied by a material
increase in surplus reserves \'ere the features of last
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Saturday's statement of the New York Clearing
Chances
Status as of
for Week.
July 19 1923. July 20 1922. July 21 1921. House banks and trust companies indicating further
,
Gold Holdings—
Francs,
Francs.
Francs.
Prance.
progress in the return to normal following the halfIn France
Inc.
59,525 3.873,498,973 3,581,413,008 3,571,521,233
Abroad
No change
1,864,344,927 1,948,367,056 1,94467.058 yearly payments. The lo
. item was reduced $57,Total
Inc.
59,525 5,537.843,900 5,529,780,084 5,520,888,289
087,000. In demand deposits an increase of $9,506,Silver
Inc.
187.000
298,349.400
285.238,743
274,947,422
Bins discounted- Inc. 140,122,000 2.230,756,000 2,081,931,835
2,586,578,884 000 was shown, to $3,751,104,000. This total is exAdvances
Dec. 38,589,000 1,970.670,000 2,218,928,768
2,221,185,014 clusive
of $39,207,000 in Government deposits, a fallNote circulation. Dec. 186,362,000 37,233,697,000
36,369,783,590 37.289,951,080
Treasury deposlts_Dec. 13.315,000
12,432,000
42,853,644
31.306.441 ing off in the latter account of $10,035,000. Time deGeneral deposits_ Inc. 24,520,000 2,295,275,000
2,379,916,499 2.770,228,070
posits, however, declined $2,670,000 to $484,026,000.
Other changes of lesser importance included a de
Changes hardly less sensational than those of a
crease of $157,000 in reserves of State banks and
week ago were shown in the statement of the Impetrust companies in own vaults and a decrease in the
rial Bank of Germany,issued as of July 7. The adreserves of these same institutions kept in other dedition to note circulation continues unabated, a fur- positories of $170,000.
Cash in own vaults of memther expansion of 2,950,721,616,000 marks being re- bers of the Federal Reserve
Bank fell $5,372,000, to
corded. Discount and Treasury bills increased $48,270,00 (not counted
0
as reserve). Member banks
3,508,029,156,000 marks; deposits 2,139,337,695,000 added to their reserve credits
at the Reserve Bank,
marks, and bills of exchange and checks 1,686,662,- $22,502,000; hence, surplus showed
a gain of $20,751,000 marks. Other increases were 417,255,255,- 998,250, despite the increase in
deposits, bringing
000 marks in Treasury and loan association notes, the total of excess reserves up to $26,792,48
0, as
399,187,641,000 marks in other liabilities, 86,917,- against $5,794,230 last week. The
above figures for
611,000 marks in advances and 84,418,000 marks in surplus are on the basis of reserves above legal renotes of other banks. Total coin and bullion (which quirements of 13% for member banks of the Federal
now includes aluminum, nickel and iron coin) re- Reserve System, but do not include cash in own
corded a gain of 1,046,523,000 marks, but gold was vaults amounting to $48,270,000 held by these instireduced 10,001,000 marks. Investments fell 89,097,- tutions at the close of business on Saturday
000 marks and other assets 210,659,665,000 marks. last.
As a result of the prodigious expansion in note circulation the volume outstanding has reached the colosIt may be stated broadly that 5% was the prevailsal total of 20,241,749,494,000 marks. At the corre- ing rate for call money in the local market this
sponding date a year ago circulation stood at 172,- week. There were fractional variations from this
737,686,000 marks and in 1921 at 75,839,000,000 quotation, but apparently more money was loaned
marks. The bank's stock of gold (the bulk of which at 5% than at any other figure. There was
practiis, now held abroad) has fallen to 706,911,000 marks, cally only one rate for time money, 514%.
/
The vol.
JULY 211923.1
THE CHRONICLE
251
SPORT DELIVERY.
ume of business for fixed periods was small. A de60 Days.
30 Dam.
90 Days.
434434
.134
velopment of special interest in the local money mar- Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
ket was the announcement that brokers' loans had
4% bid
Eligible member banks
dropped further to approximately $1,500,000,000. In Eligible non-member banks
bid
February last the peak was said to have been reached
at $2,000,000,000. In July of last year the total was
There have been no changes this week in Federal
given at $1,550,000,000. That in the recent down- Reserve Bank rates. The following is the schedule,
ward movement in stocks heavS7 liquidation took of rates now in effect for the various classes of paper
place is shown by this most recent estimate of col- at the different Reserve Banks:
lateral loans. It is said that on the average Stock
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JULY 19 1923.
Exchange houses have reduced their obligations at
the banks to the extent of 25%. Undoubtedly the
Paper Maturing—
brokers are in a stronger position as to their loans
After 90 After 0
but
I s, but
than in a long time. The Government withdrew a
Within 90 Days.
Within 6 Within .9
FEDERAL RESERVE
Months. Mosillie.
little more than $10,000,000 from local institutions
BANK.
yrtcul.• A priesii.
Com'rcial Secur, by
and
and
A oricul. U. S. Bankers' Trade
this week. The possibility of the British bringing
AccepAccep- ioestock Livestock
cki.tvest'k Govt.
Payer. •
Paper. Chliga- lances. lances. Paper.
about a settlement of the Ruhr situation has revived
ISOM.
13.0.11.
the question of fresh loans to Europe. -The reports Boston
4%4%
s
434
414
4%
414
New York
414
414
414
that the American and Mexican commissioners had Philadelphia
414
434
434
5
434
414
434
434
4%
434
4%
4%
about reached an agreement have caused similar ru- Cleveland
4%
434
Richmond
434
434
434
434
434
Atlanta
434
434
4%
434
4%
mors with respect to Mexico. There is nothing im- Chicago
4%
434
4%
434
434
414
434
434
4%
434
434
414
mediate or definite in either case so far as Mexican St. Louis
434
4%
4%
4%
434
MitIlleaPplie
434
41,.
Kansas City
4%
4%
434
434
414
financing is concerned. The domestic &nand for Dalas
4%
434
4%
434
434
434
4%
4%
Ban Francisco
4%
4%
434
434
money for general business purposes is not increas- •Including bankers acceptances drawn for an agricultural OUTD090 and secured
ing. In short, there is no real change in the position by warehouse receipts. &a.
of our money market.
The sterling exchange market waited upon develop.
ments abroad this week and trading was again
As to specific rates for money, call loans this week
covered a range of 41 @51 6
47o- A week ago the extremely restricted, with movements in rates irrange was 4@6%. On Monday 5% was the high regular and the trend generally downward. In the
and ruling quotation, with 43/2% the low. Tuesday initial transactions sentiment was adversely affected•
4
call funds renewed at 43 %,which was also the min- by what was regarded as French opposition to the
imum for the day, but before the ,close there was an stand taken by the British Premier, and demand
advance to 53/2%. For the remainder of the week, sold off to 4 583.., a loss of 23/2 cents. Later advice,s
that is, Wednesday, Thursday and Friday, a flat intimated that reports of friction between France
rate of 5% prevailed, this being the high, the low and England had been exaggerated and the market
and the renewal basis on each of these days. The steadied appreciably, sterling bills recovering to
figures here given are for both mixed collateral and 4 593/2; although throughout transactions were at
all-industrial loans alike. For fixed date maturities a minimum. As a matter of fact, dealers took
the situation is still unchanged. Trading was dull very little interest in market operations and appear
and featureless, with the range still 5@5Y for all to be holding aloof pending a decision in the Ruhr
1%
periods from 60 days to six months. So far as could dilemma. A moderate amount of covering on the
be ascertained, no large individual loans were nego- part of timid shorts accompanied and aided the
tiated for either short or long maturities. There is mid-week recovery; but in the main the market
no longer any differential in the rates between regu- was a nominal affair, dominated by what is going '
lar mixed collateral and all-industrial money.
on in London. With the apparent easing in the
Mercantile paper has ruled firm and the bulk of tension between the French and English over the
the limited business passing is being put through at troublous reparations question, London quotations
5% for sixty and ninety days bills receivable and came higher and this had the usual effect of strengthsix months names of choice character, with names ening market sentiment here. No perceptible inless well known requiring 51 %. Country banks crease in activity, however, resulted therefrom.
4
were the principal buyers and practically all of the According to bankers usually well informed, the
large institutions, either local or out-of-town, are advance in the Bank of England rate has had the
out of the market for the time being.
desired effect of checking the outflow of money
• Banks' and bankers' acceptances ruled at the levels from the British capital. Successful termination
previously current. A somewhat limited demand of the Lausanne Conference was well received;
was reported. Local and country institutions appear although some doubt is expressed as to the perto be taking little interest in the market for accep- manence of the results achieved. But the Francotances and the general turnover attained only mod- German situation remains the paramount factor.
erate proportions. Brokers, however, predict broader Views expressed on this subject are a good deal at
operations in the not distant future. For loans variance; but a substantial body of opinion prevails
against bankers' acceptances the posted rate of the to the effect that the Baldwin speech, indefinite
American Acceptance Council is still quoted at 432%. though it might be, has in reality paved the way
The Acceptance Council makes the discount rates on to a compromise that will prove reasonably satisprime bankers' acceptances eligible for purchase by factory to all parties concerned. Aside from the
the Federal Reserve banks 43/8% bid and 4% asked political situation, European conditions are said
4% bid and 43/
g% to be showing material improvement economically
for bills running for 30 days, 41
asked for bills running for 60 to 120 days, and 43 % and financially.
4
A
Referring to quotations in greater detail, sterling
bid and 41 % asked for bills running for 150 days.
quotations were as follows:
exchange on Saturday lastwas firmer and demand
Open market
252
THE CHRONICLE
[VOL. 117.
advanced to 4 6031.@4 603, cable transfers to holders, however, are still in evidence and were
42603/2(4)4 60% and sixty days to 4 58%@4 584; responsible for the occasional breaks. The predomi1
trading, however,' was limited to minimum pro- nating influence is, of course, the reparations issue
portions. On Monday the market was depressed and here also dealers are anxiously awaiting a de6y pessimistic views of Premier Poincare's speech cision on this momentous question. Lire made a
and rates broke sharply to 4 58% for demand, better showing and the quotation was held at close
although no undue selling pressure developed; the to 4.30, with the extremes for the week 4.33 and 4.27.
Efigh was 4 603/2, while cable transfers ranged be- The improvement Was accredited to Premier Mussofiveen 4 587
,@4 603% and sixty days between lini's victory in the Italian Chamber of Deputies.
4.
563/@4 58%. Irregular weakness marked Tues- Greek exchange ruled steady without important
day's dealings and demand moved down to 4 581 change for a time, but subsequently turned weak
4
@X 593/2, cable transfers to 4 583/2@4 593% and and dropped about 39 points on profit taking sales.
si.?rty days to 4 563/2@4 57. Wednesday's mar- The Central European exchanges ruled steady.
.
ket was quiet and rates fluctuated within narrow
The London check rate on Paris closed at 78.15,
limits; demahd bills covered a range of 4 58%@ as against 78.10 a week ago. In New York sight
4
4. /s, cable transfers 4 58%@4 595 and sixty bills on the French centre finished at 5.893', against
593
days 4.56%@4 573's. Dulness was the outstanding 5.87; cable transfers at 5.903', against 5.88; comcharacteristic of Thursday's dealings and sterling mercial sight bills at 5.873/2, against 5.85, and
quotations, after a firm opening, declined with commercial sixty days at 5.843/, against 5.82 last
2
demand quoted at 4 59@4 59%, cable transfers at week. Closing rates for Antwerp francs were 4.863
4 59%.@4 59% and sixty days at 4 56%@4 56%. for checks and 4.873/i for cable transfers, as com3
On Friday al slightly firmer trend was noted and pared with 4.87 and 4.88 a week earlier. Reichsprices ruled it 4 59@4 59 7-16 for demand, 4 593 marks finished at 0.000320 for both checks and
@459 11-16 for cable transfers and 4 56%@456 13-16 cable remittances, as against 0.000434 on Friday
fOr sixty days. Closing quotations were 4 56 13-16 of a week ago. Austrian kronen have not been
for sixty days, 4 59 7-16 for demand and 4 59 11-16 changed from 0.000143/i (one rate), the level prefor cable transfers. Commercial sight bills finished vailing for quite some time. Lire close at 4.314
3
at 4 59 3-16, sixty days at 4 56 15-16, ninety days for bankers' sight bills and 4.323 for cable trans%
at 4 55 7-16, documents for payment (sixty days) at fers. Last week the close was 4.263% and 4.27/i •
3
458 1-16 and seven-day grain bills at 4 58 746. Exchange on Czechoslovakia finished at 2.99.
Cotton and grain for payment closed at 4 59 3-16.
against 3.00; on Bucharest at 0.523, against 0.523/:
2
For the first time in several weeks gold was on Poland at 0.0007%, against
, and on
0.00083/
2
received in considerable volume. The White Star Finland at 2.78, against 2.79 the previous week.
liner Olympic brought $1,700,000 from England, Greek drachma closed at 2.353 for checks and 2.36
while the SS. United States arrived from Copenhagen for cable remittances, in comparison with 2.74V,
with $4,500,000. This gold is said to have been and 2.75 a week ago.
sent here by the National Bank of Denmark in an
attempt to support the quotation of Danish kronen.
In the former neutral exchanges the outstanding
Yesterday the International Acceptance Bank, Inc., feature was the advance in the Swiss Bank rate,
received from the George Washington a consignment which was followed by a sharp rally in quotations for
of German gold coins of an approximate value of Swiss francs. From an opening rate of 17.37, there
$7,500,000. It is understood that the shipment was was an advance to 17.53, 47 points above the recent
received on account of the German Reichsbank, as low; subsequently reaction set in which carried the
were the previous large assignments addressed to that price level down to 17.443/2, but at the extreme close
institution. This makes a total of $35,000,000 gold the quotation shot up to 17.71. Guilders ruled
received by the International Acceptance Bank dur- steady, as also did exchange on Sweden. Copening the last two months. It was learned that upon hagen and Norwegian remittances, however, were
withdrawal from the ship the gold was immediately slightly easier and the same is true of Spanish pesetas.
turned over to the United States Assay Office to be Trading was spotty and generally featureless.
melted down.
Bankers' sight on Amsterdam finished at 39.19,
against 39.09; cable transfers at 39.28, against
In Continental exchange trading, except for a few 39.19; commercial sight at 39.14, against 39.05, and
sporadic outbursts of feverish activity, was dull and commercial sixty days at 38.89, against 38.79 a
the volume of business comparatively light. Taken week ago. Swiss francs closed at 17.70 for bankers'
as a whole, quotations for the three leading European sight bills and 17.71 for cable transfers, as compared
currencies-francs, marks and lire-received better with 17.26 and 17.27 last week. Copenhagen
support and fluctuations were narrower than in the checks finished at 17.47 and cable transfers at
preceding week, with the exception of reichsmarks, 17.51, against 17. 73/2 and 17.513'. Checks on
4
whioh at the close broke to another new low point. Sweden closed at 26.52 and cable remittances at
French exchange did not go below 5.79 and during 26.56, against 26.45 and 26.49, while checks on
most of the time the quotation ruled around 5.86@ Norway finished at 16.19 and cable transfers at 16.23,
2
5.88 for checks, with the high 5.923/. The range against 16.253/2 and 16. 93/2 the preceding week.
2
currency was 4.89@4.77. Reichsmarks Spanish pesetas closed the week at 14.30 for checks
for Belgian
opened at 0.0004%, sagged off to 0.000253 (or and 14.31 for cable transfers. Last week the close
/t of a point under the low record established on was 14.303/2 and 14.313/2.
3
July 8); then steadied and closed at 0.000320. LoWith regard to South American exchange increased
cally, dealers are exhibiting marked cautiov, in taking weakness developed, so far as Argentine is conon commitments in these exchanges, though some cerned, the check rate falling to 33.70 and cable
speculative transactions for moderate amounts were transfers to 343/2, with the close 33.80 and 33.90,
recorded. Attempts to sell on the part of foreign in comparison with 34.40 and 34.50 a week earlier.
JULY 211923.]
253
THE CHRONTCLE
of the Reserve Bank's operations with
Brazil, however, remained at 10.40 for checks and however, reflect only a partthe items payable in New York City arethe Clearlect
House institutions, as only
represented
in the daily balances. The large volume of checks on institutions located outside
10.45 for cable transfers, unchanged. Business was of New York are not accounted for in arriving at these balances, as such checks do
are
of a desultory character. " Chilean exchange ruled not pass through the Clearing House but localdeposited with the Federal Reserve
Bank for collection for the account of the
Clearing House. banks.
•
steady at 13.10, but closed at 12.78, against 13.10,
The following table indicates the amount of. bulwith Peru at 4 29, the level previously prevailing.
Far Eastern exchange was as follows: Hong lion in the principal European banks:
Kong, 52@523/2, against 52@52%; Shanghai,
July 19 1923.
July 20 1922:
70%@71, unchanged; Yokohama, 49@49%, against Banks of I Gold. I Silver. I Total.
Gold.
Silver.
Mai.
49@49%; Manila, 49%@49%, against 49M@49%;
IL
£
£
f
127,637,077i
127,637,077
127,402,158
Singapore, 539@54 (unchanged); Bombay, 313@ England ....1146,939,959 11,720,000158,659,959127,402,158 11,400,000154,657.023
France a__
143,257,021
Germany
891,450
,
313/ against 31@313, and Calcutta, 31%@31/, Aus.-Hun_ 41,595,200 b3,475,400 45,070,600 50,111,380 2,369,000 51,002,830
2
10,944,000 2,369,000 13,313,000 10,944,000
13,313,001/
Spain
101,031,000 26.574,000127,805.000'100,925,000 25,775,000126,700,000
2
.
against 313@313/
Italy
35,515,000 3,028,000 38,543,000134,517,000 3,044,000 37,561,00(9
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 coun
tries 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 ACTS OF 1922.
JULY 14 1923 TO JULY 20 1923, INCLUSIVE.
Noon Buying Rate fOr Cable Transfers in New York.
Value in United States Money.
Netherl'd _
Nat. Belg_
Switzerl'd_
Sweden_ _ _
Denmark
Norway
48,483,0001
870,000 49,553.0001 50,496,000
10,757.000 2,509,000 13.266,0001 10,664,000
20,986,
4,094,000 25,080.0001 21,059,000
15,168,01.0,
15,168,00 15,220,000
12,674,0001
178,000 12.852,0041 12,684,000
8,115,000
8,115,0001 8.183.000
OR
1
625,0001 51,121,000
1,698,000 12,362,001)
4,675,000 25,734,000
15,220,00(9
--- 210,0001 12,902,000
8,183000
Total week 579,845,236 84.817,400634.662.636585,462.559 50,695,450636,158,009
prey. week 580,825,472 54,970,400634,795,872 586,119,779 50,869,950636,989 729
a Gold holdings of the Bank of France this year are exclusive of £74.573.797 held
.
abroad. b It Is no longer possible to tell the amount of sliver held by,the Batik
of Germany. On March 15 1923 the Reichsbank began including in its "Meted
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. Tbe
Bank still elves the gold holdings as a separate item, but as under the new prat.**
the remainder of the metal reserve can no longer be considered as being silver, there
Is now no way of arriving at the Bank's stock of silver, and we therefore carry It
along at the figure computed March 7 1923.
58,000,000 79,000.000 54,000,000 85,000,000 65,000,000 67,000,000 Cr. 338,000,000
Sanity the Acid Test of New Ideas.
A stranger detained in a Kansas town asked a
storekeeper what there was in the town to see and
was told: "Nothing much,only the State Asylum for
the Insane out on the hill." Strolling out there he
found some men at work and inquired who the man
was he saw sitting some distance away on a rock.
They answered: "A crazy man who thinks he is
od." He was curious, and drawing near to the man
said: "I understand you are God." "Yes, I am,"
was the short answer. "I am glad to meet you," he
Eaid; "I wish you would tell me something about
things after death." The quick reply came "I don't
talk shop when I am out taking the air."
That is suggestive. However sane we are, takiAg
our new ideas and pet theories out into the open,
confronting them with daily life, can hardly fail to
check our eagerness to press them upon others. The
fact is that ideas and theories held with conviction
and become personal to one's own reputation are
usually proclaimed and urged upon the world without having had this test, and when their advocates
are impatient of making it. The result is.that ate
new idea or the attractive theory fails of acceptance,*
and, if pressed, raises doubts as to its origin.
We have before us the testimony of a distinguished
neurologist* who in the line of his profession has
turned to the examination of modern literature in
search of facts. He is familiar with asylums and
has dealt with hundreds of individuals, but tkere are
realms into which he has gained no entrance. He
now turns to noted novelists, believing that they are
exceptionally competent by their gifts, or.their training in power of mental observation and analysis, to
describe human mentality in its exceptional forms.,
He selects a dozen, extending from Dostoievsky to
Virginia Woolf, and seeks his material in the characters in their books, and also in their self-revelation.
His own power of analysis is naturally acute and
his criticism of the various books, arising as it does
from a scientific standpoint and a fine literary discernment, proves unusually keen and interesting.
We are concerned only with his findings.
He holds that the biological discoveries of the latter half of the 19th century show conclusively that
the ultimate end to which all life is directed and to-
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
'"The Doctor Looks at Literature."
Doran Co.
Country and Monetary Unit.
July 14. July 16. July 17. July 18. July 19. July20.
I
EUROPE
$
$
.000014 .000014 .000014 .000014 .000014 .000014
Austria, krone
.0488
.0484 ' .0479
Belgium, franc
.0482
.048 /
.0489
.011975 .011925 .011942 .011975 .011983 011)75
Bulgaria, ley
.029953 .029976 .029987 .029965 .029967 .02195
Czechoslovakia, krone
.1751
.1749
Denmark, krone
.1747
.1749
.1749
.1747
England, pound sterling 4.6058 4.5953 4.5933 4.5901 4.5936 4.5933
.02775 .027775 .027788 .027813 .02785 .027781
Finland, markka
.0588
.
France, franc
.0583
.0583
.0593
.0588
.000005 .000004 .000004 .000004 .000003 .000003
Germany, reichsmark
.027344 .027371 .027233 .026722 .0251
Greece, drachma
.023944
3922
.3920
Holland, guilder
.3920
.3921
.3923
.3923
000118 .000118 .000118 .000115 .000111 .000101
Hungary, krone
.0429
Italy, lire
.0431
.0428
.0430
.0431
.043)
.1630
Norway, krone
.1627
.1618
.1620
.1623
.1622
Poland, mark
.000008 .000008 .000007 .000008 .000)08 .000007
Portugal, escudo
.0435
.0431
.0425
.0422
.0419
.0412
Rumania,leu
.005247 .005223 .005222 .005214 .035223 .005220
.1436
Spain, peseta
.1432
.1426
.1426
.1431
.1427
Sweden,krona
.2653
.2653
.2651
.2652
.2655
.2653
Switzerland, franc
.1739
.1746
.1743
.1747
.1758
.1768
Yugoslavia, dinar
.010683 .010639 .010672 .01065 .010606 .010625
ASIA
.7246
.7192
China, Chefoo tael
.7192
.7188
.7188
.7225
.7200
" Hankow tael
.7146
.7146
.7142
.7142
.7173
.7016
.7000
" Shanghai tael
.6998
.6993
.6996
.7013
.7304
.7250
" Tientsin tael
.7250
.7246
.7246
.7253
.5220
.5202
" Hongkong dollar
.5203
.5196
.5213
.5213
.5090
" Maclean dollar_ _ _ .5117
.5102
.5081
.5096
.5095
" Tientsin or Peiyang
.5133
.5129
dollar
.5146
.5113
.5121
.5133
.5217
.5263
.5263
" Yuan dollar
.5254
.5225
.5238
.3086
.3086
.3092
India, rupee
.3090
.3092
.3088
.4881
.4882
.4879
.4877
JaPan, yen
.4876
.4865
.5321
.5333
.5333
Singapore(8.5.),dollar_
.5267
.5267
.5250
NORTH AMERICA
.974056 .972828 .9725
Canada, dollar
.9725
.973094 .974069
.999188 .99925 .999563 .999375 .999375 .999063
Cuba, peso
.483792 .484094 .482844 .482844 .483792 .489219
Mexico, peso
.97125 .970313 .9700
Newfoundland, dollar
.696844 .970234 .97125
SOUTH AMERICA
Argentina, peso (gold)
.7845
.7797
.7735
.7707
.7845
.7651
Brazil, milreis
.1037
.1036
.1037
.1030
.1031
.1034
.1274
Chile, pew (Paper)
.1267
.1288
.1273
.1258
.1245
Uruguay, peso
.8031
.8018
.7913
.7910
.7902
.7863
1
1
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,307,084 net in cash as a result of the currency movements for the week ending July 19.
Their receipts from the interior have aggregated
$4,171,634, while the shipments have reached $864,550, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending July 19.
Banks' interior movement
Into
Banks.
84,171,6341
Out of
Banks.
Gain or Loss
to Batas.
$364,51.0 Gain 13,307,084
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Jult 14.
July 16.
Tuesday. Wednesd'y, Thursday, Friday,
July 17. July 18. July 19. July 20.
Aggregate
for Week.
By Dr. Joseph Collins.
Geo, H.
251
THE CHRONICLE
[VOL. 117.
ward which every living being strives, is the continu- are so shockingly gross as not to be characterized,
ation of the race to which the individual belongs. but who is widely read and who is "the most daring
There are two universal and enduring instincts, that champion of atavism the 20th century has yet proof self-sustentation, and that of reproduction. To duced." He is "a self-appointed crusader who would
these may be added the 'group instinct, to form the destroy European civilization!' "He libels and bears
class, the race, the group. There is also in man a false witness against man. There are such men as he
tremendous force, lying back of all instincts, revealed describes; so there are lepers and lunatics; but we
in the constant effort or tendency to attain and main- do not talk as if the world were made up of them."
tain mental, emotional and spiritual equilibrium— With all his brilliant gifts "he has sown in glory and
that is, sanity. When this force is impaired the re- raised in corruption." "Pornographic literature," is
'Suit is a one-sided development which causes mental the doctor's comment. It reveals depths of decay and
disturbances and even eventually, mental derange- powers of obsession which are to be recognized when
"revolution" is preached. They belong to darkness.
•inent.
With Dostoievsky, the great Russian, it was very
The preservation of this force is a true instinct,
and the effort to do it is the description of life's activ- different. Of him, our author says, as a narrator of
ities often used by the greatest novelists. Their busi- the events of life here, and the thoughts of life here
ness is to see life as it is, and to understand it. This and hereafter, he has had few peers in any nation
they do by theories of one kind and another. It is or language. His characters are often degenerates,
easy enough to get the facts and describe the process but he strains the essence of their conscious mind
of healing the injured body, say by a surgical opera- and then expresses it. His books are soul-prints of
tion, but to understand the conduct of a person the his contemporary countrymen. They are the work
prey to jealousy, or habit, or remorse; who can give of a sufferer from epilepsy, not of one obsessed.
Turning to Duhamel, the French poet, physician
a formula for that, or predict the reactions of the
closest friend to it? Many attempt it, i. e. to tell and novelist of the war, he finds a contribution to
why a given person is what he is, or why he acts as psychology that will endure. Duhamel shows that
he does. This offers a fertile field for curiosity and for the difference between the wounded, as to chance of
unestablished theory. So we have "New Thought"; recovery, is a soul-difference as well as a bodily. The
"New Psychology"; "Spiritualism," and a host of desire to live and the determination to live are the
neW cults of all sorts. The normal mind generally most important factors. He saw in the trenches man
frees itself involuntarily from these wild attacks.' in his agony give the lie to the most misleading of all
'The study of the abnormal is helpful to this and nec- statements: that man is born equal. For neither in
ipsary to the understanding of both the normal and living nor in dying is there equality. Men are equal,
we trust, before God, and they are alleged to be equal
the unbalanced.
The novelist often deals with the problem of the before the law, but after that, equality of man does
sick mind or sick soul; how it is to be described and not exist. Duhamel is the interpreter of the poor,
healed. But much lies beyond his knowledge. The the obscure, the stupid, the inarticulate. With an
•cl'Octrine of instincts beyond man's control is inim- unerring intuition he reaches the soul. He has in
i'Fal to the ethics all hold. The novelist pictures the superlative degree that seeing eye, that understandlines in which he sees force or energy move in the ing heart, that power of vision, which perhaps more
'hew form in which he has hit upon it. Constantly than any other gift, enriches life, since it frees the
these descriptions are self-revelatory, even if not dis- fortunate possessor from the trammels of his own
narrow existence and enables him to live the lives of
Ili:telly autobiographic.
The author says of James Joyce, one of the latest many.
Of the women novelists, Dorothy Richardson helps
Irish radical writers, in his "Ulysses": "He sets
down every thought he has had, every expression, the cause by inviting people to think. She presses
every person he has met, everything he has read; he the question: are these acts and thoughts "slush or
thirsts to be encountered in the obscurities and frank- sanity"? One may well be headed toward insanity
nesses of his hero. Decency, propriety, pertinency when he fails to distinguish between ideas based on
are not considered." It is the nearest to a revelation objective evidence and ideas created solely out of an
of the personality of the author of anything he has instinctive craving which is an approach toward the
known. As such, compelling himself to read it care- belief of the insane person in his own delusions.
Passing in review a number of recent English
fullyihe finds a knowledge of the human personality
women writers, he finds the expression of healthy
which supplements what he has previously gained
by prolonged and sustained effort. Here is a man normal youth reverently seeking in marriage the
for whom the movements which work revolutions in deeper values that underlie its superficialities and
the world are born of dreams and visions in a peas- justify the quality of its idealism. He thinks that in
ant's heart on the hillside. (As far as possible from no more striking and creditable way have the women
the actualities of the life of the time.) "Peasant's of Britain demonstrated the legitimacy of "Rights"
heart" is psychologically, "the unconscious mind," than by their fiction of the past few years. He hopes
and the product of this unconscious mind is the ma- henceforth to find writers who will give themselves
terial for the radical movement which is to be pro- to portraying instincts as they experience them, bejected on the world, without any regard to its con- havior as they observe it, motives and conduct as they
tents, though it be "the mind of a moral monster, a encounter them, accomplishment and aspirations as
pervert with neither background nor self-respect, they idealize them, the ideals being founded, like the
neither taught by experience nor influenced by ex- chance on race horses, on their past performances!
The outcome of it all (and it is the work of a wellample."
informed and acute authority) is that apart from the
The doctor has found some others similarly obsessed, 'none perhaps so shockingly except one, an insane, of whom, alas, there are many, and only apEnglish writer of brilliant powers, and whose self- proximately one-third of them capable of cure, there
revelation is equally manifest, but whose writings is a multitude of people who from one cause or an-
JULY 21 1923.]
THE CHRONICLE
255
how he expects to try achieving it. He seems to be
for Government ownership but is certainly against
the railroads, which to him seem pampered monopolies. He favors a bonus, to be paid for by the profiteers. He is with La Follette in wishing to trim the
Supreme Court down to interpreting the acts of Congress and not trying to set them aside as unconstitutional. He is for the La Follette program, as far as
can be gathered from his harangues, but he does not
"follow" anybody. What he is going to do he does
not yet know; he has not thought about it; but he
will do something, and when he "gets there" he will
think it over; meanwhile, he has gone back to get in
his produce. On one thing, however, he is emphatic:
the farmer must be helped out of his hole, and. the
old proposition to have the Governmental Hercules
step in is clear before him.
The defeat of a man who was at least somewhat
conservative, following the defeat of Senator Kellogg by another fierce radical, is a result over which
no thoughtful man can be indifferent; it is deplorable and disturbing. Neglect to take part is not
wholly the cause, for the total vote cast seems to be
about two-thirds of the Presidential vote of 1920. Illiteracy is not the cause, for its percentage is very
low in Minnesota, whose school system is excellent.
The per capita State debt is not high. It is a productive and comparatively prosperous Commonwealth; only about one-fourth of the farmers are tenants, and no especial local suffering is discernible.
Yet, after the 392 plurality for Hughes in 1916 had
risen to 376,000 for Harding in 1920, the State has
flopped into wildness and the Democratic vote of
143,000 in 1920 almost vanishes, although it is suspected that it has gone over to the Farmer-Labor
Party, in the hope of preparing the ground for the
great struggle of next year.
The Farmer-Labor Party is a gathering and a conglomeration, but while the political prophets will
figure and forecast according to their desires or
their hopes, or their fears, all conjecture as to the
meaning with reference to that coming struggle is
idle. What is clear is that this unhappy vote is one
more expression of unrest and dissatisfaction. The
Harding Administration has not wrought the miracle of general content. Taxes are still high, and the
empirics either do not see or carefully conceal the fact
that their nostrums would roll them up to new
heights. Under the general pressure, the welkin rings
with criesfor relief—by shifting the pressure to somebody or anybody else,so that it islightened upon "us."
This gives opportunity to the demagogue, whose bellow against wealth and privilege and "the interests"
The Minnesota Senatorial Election.
is unusually seductive. The sorest spot in the trouBy a majority which may run from 75,000 to 85,- ble is, of course, wheat, which is now dropping; but
000, Magnus Johnson has been chosen to fill the va- it is usually not difficult to muddle the unthinking
cancy caused by the death of Senator Knute Nelson into imagining that some statutory hocus-pocus can
of Minnesota, the term expiring in March 1925. Mr. put prices up for sellers and down for buyers.
Nelson was a Norwegian, while Mr. .Johnson is a
We have to make the best of the situation and
Swede, now 52, in the United States since ht?, was 20; profit by the warning. Mr. Johnson's statement on
he has served two terms in each branch of the State Wednesday is so much better in language and exLegislature; last year, as Farmer-Labor candidate, pression than his talk during the campaign that if
he was beaten by 14,000 for Governor by J. L. Preus, the statement was not written or retouched for him
whom he has now beaten in his turn. The likeness by another person the suspicion is confirmed that in
• between him and the deceased Senator whose seat he his antics on the stump he tried to play a part and
will take goes no farther than the fact that they came come down to the supposed level of his audiences. If
from adjacent Scandinavian countries.
this is true, there is some encouragement to hope
Mr. Johnson is a loud-voical and very real "dirt that the native common-sense of the farmer may
farmer" who is, of course, for "referm," as everybody come to his aid, later on, and we may also note that
is, but with very vague notions of what it means and he is one of that sturdy Scandinavian class,
long deother cannot meet the test of sanity. Their ideas,
their emotions, their acts are not subjected to the experience of daily life. They are emotional., sentimental, neurotic, or obsessed with some idea which
they feel bound to promulgate and, if possible, enforce. They are to be met everywhere.
Probably never more than to-day was there need
to understand the condition, and guard against the
effects. If we must adopt the definition that "Democracy is not devotion to certain abstract principles or views of communal life which have the label
'democratic' put upon them,buta belief in the justice,
convenience and necessity of ascertaining and abiding by the lawfully and constitutionally expressed
will of the Majority of the People"; if we would be
delivered from the frenzy of the mob; if we shall always have with us the poor, the distressed and the Unemployed, whose necessities often drive them to acts
of violence; if we would escape the disturbance of the
ill-balanced and the hot-headed revolutionary; if we
would be delivered from the influence of the degenerate; and are to be of real help in forwarding the
progress of the community in ways of intelligence,
brotherhood, cleanliness and peace, it is well to understand the symptoms of disorder.
The final test of wisdom is its application to life.
Life as we know it has a long history, and is, in fact,
the product of reiterated experience. Impulses are
strong and habits are deep rooted. Nature is definite
and compelling. Men have to be taught to put a new
valuation on life and to get new standards of living
if you would have a foundation to build upon; as our
author says. This new valuation can come, not from
happiness, which is not attainable by all, as it is of
this world, but from religion, which gives acquaintance and union with God.
The books with which our author deals he has
chosen because they furnish the material with which
he deals; that they are popular shows the need of his
discriminating criticism. It furnishes a needed
warning as to that kind of literature as well as the
revelation he finds in them of the mentality of the
authors. It is to be hoped that his review, with its
incisive estimate, as well as its fine literary quality,
will have as wide reading as the books have had. His
condemnation will be found to apply to many novels
of the same class.
Meanwhile it should demand the attention of men
in responsible positions who are disturbed by the
boldness with which revolutionary and even degrading ideas are to-day advanced, whether as to the
State, or society, or economics.
256
THE CHRONWLE
sired, who do not halt to mass themselves in the
cities but march sturdily on to the Northwestern
soil.
Yet the wanton folly of electing Senators by popular vote is illustrated for us once more. Proposed
eleven years ago, and rushed through in one year,
when no thought of war had come to harass us, this
17th amendment was a part of the faddism which
gained such momentum in the Roosevelt era. That
the gradual decadence of the Senate has accelerated
since cannot be deemed a mere coincidence, and it is
not conceivable that the original method—not wholly
perfect and in a few instances open to suspicions of
corruption—could have inflicted such a line of common demagogues upon us. The original method was
not another concession to State sovereignty, but was
deliberately chosen as the best warrant that the upper branch would be a check upon the more impulsive
lower. The sole differences now between the two are
in the size of the membership and the length of term,
and these are so ineffective that the relationship between the two has reversed. Although it was in the
smaller body that the bonus was halted, with difficulty, last September, the worst wildness is now in
the Senate—a comparatively statesmanlike chamber
which once kept its trained members and once had
such men as Webster, Clay and Benton—and it is
from that once conservative quarter that our most
serious menace now appears.
Nations err, as individuals do; but they might discover and correct their errors. Is it not time we began seriously thinking about this one?
Farm and Factory.
In a recent article, George W.Hinman, discussing
the proposed political coalition to be known as the
Farmer-Labor Party, a manifestation of which is
seen in this week's Senatorial election in Minnesota,
points out that the ultimate aim of the radicals in the
labor element is the "nationalization" of the industries of the country—something the individual farmowner will be the last to sanction. He utters a warning that those who dally with this movement should
take into consideration in its initial stages the possible ends that lie in the view of those who would decapitalize the means whereby we live. We desire to
add our own approval to the thought and to present
some further reasons for the timely warning. Whatever the future may have in store for these attempts
to form the nucleus of a Third Party, we are sure that
these political attempts at coalition will have no
sound basis in economics or a natural unity.
There is a fundamental co-operation of farm and
factory. Out of the abundance of the farm there is
increase of labor-strength in the factory; out of the
abundance of the factory there is increase in the
products of the farm. Given proper and impartial
assistance of the connecting link, transportation,
there is a natural reciprocity between the two. But
what have politics and political parties and institutions to do with this natural and mutual helpfulness? The farm has had given to it by recent legislation what may be termed a "high protective tariff";
long had this form of protection and
• the factory has
now has it; yet those who revel in statistics compute
that for every dollar of protection the farm gets it
pays three or four dollars to the factory.
We may banish the figures and still we must maintain there is no means of establishing this natural
reciprocity save by the freedom of trade. The fac-
[VoL. 117.
tory consumes (eats) the farm; the farm consumes
(uses) the factory. This condition cannot be reversed. No law of Congress can create or annul it.
We have now some initial decisions, from differing sources, that law-making powers shall not fix the
price of wages or of products. How can it be that
farmers and workingmen can coalesce in a political
party the object of which is to bring into unison the
prices of wages and products. "Labor," perhaps,
would consent to the inhibition upon court-made
wages and be glad of Government-made prices for
what the mechanic eats and wears. Will the farmer
be willing to have the price of his products fixed by
law and then pay whatever wage-costs labor may apply to what he buys, consumes, uses? There can be
no fundamental unity of purpose or result from the
efforts of such a political party, and one or the other
of the parties thereto will in the end be "taken in."
And when all is said and done there can be no other
way to bring about the desired result than by the
nationalization of the farms and factories, with Government ownership of both, and the consequent direction and control of each. The farmer will sell his
birthright for a mess of pottage whenever he enters
into such a scheme, for he cannot "unionize," in the
nature of things, as can the "workingman." The former is a "capitalist" (so-called) first, and a laborer
second; the latter is a "laborer" (so-called) first and
a capitalist second. Each is the complement of th(•
other.
If the farmer should beware of this political alliance, still more so should the workingman. Only
those "leaders" who are drunk with power are the
real advocates. The rank and file do not understand,
the majority of them, the outcome—namely some
temporary advantage for one or the other, soon to be
dissipated by the course of events. We should all
deprecate political sectionalism in a common country under a common law. But there is territorial
sectionalism with differing natural endowment.
What we call the "East" is mainly devoted to manufacture, to dense populations, crowded cities, large
industries. It cannot feed itself. The "West" is devoted to agriculture, to sparsely settled regions,
small towns and wide spaces of arable lands. It does
not now make its own machinery, its textiles, its
lumber. (We are speaking in very broad terms.)
Note, however, that the West or agriculture has suffered its chief reverse. • It now exists upon a worldmarket basis because it still produces more than it
and the East consumes. Note, further, there is reason to believe that the present flush retail trade is
sustained by high wages spent with prodigal hand.
But when the farmer can no longer buy the product
of the factory because of the slump in. prices of the
farm (and a short time will demonstrate this) then
the factory must close, and the wage-scale decline
(despite unionism) and the retail trade diminish.
Then will come a time when no political alliance can
promise to overcome economic laws. Then, with the
farmer slowly ascending the up-grade, the workingman may find himself without a job, his high wage
gone, and his union a delusion and a snare. And his
fall, held off by an artificial coercive force, will come
with a "dull thud"—and the East will experience a
depression more complete than that which now fundamentally assails the West. So that the "workingman," too, his confidence now sustained by a fictitious teaching, should beware of the political promises now held before him in glowing colors. In a
JULY 21 1923.]
THE CHRONICLE
word, neither section can prosper at the expense of
the other. No political movement can unite them.
Each is independent of the other and at the same
time dependent upon it. The natural law of equable
exchange will nearest bring full production by each.
A series of crop failures will bring inevitable "hard
times." The farmer is nearest self-sustaining. All
that is left to the "workingman" is a realization that
high wages by no power can be maintained in the
face of a lack of natural reciprocity.
A Defense of Trade Associations.
A volume of 368 pages, prepared under a Bureau
in the Department of Commerce and containing an
introduction by Secretary Hoover, offers information concerning the misunderstood and over-criticised trade associations, furnishing a directory of
those now existing, a discussion of their legality, and
an outline of the work they should attempt and the
services they might render. The preparation was not
exclusively official, having the assistance of a committee made up of a half-dozen representatives of
associations and several representatives of advertising agencies and clubs.
The trade association, says Secretary Hoover, as
a facility for promotion and self-regulation of industry and commerce, has reached great importance, yet
the general American public is little acquainted
with it; its constructive purposes have unfortunately
"been confused with the minority activities which
have been used as a cloak for action against the
public interest." In order to be sound in the final
analysis, the interest of any one trade or industry
must also be in the public interest, says Mr. Hoover,
and here he states what ought to be accepted as almost an economic axiom, since the whole can never
be greater than the sum of the parts and an injury to
a part is ultimately an injury to the whole. In their
legislative activities, as he sees those, many associations have kept this prominently in mind. But what
is a trade association? He quotes with approval the
following definition, adopted by the executives of
the American Trade Association:
"A trade association is an organization of producers or distributers of a commodity or a service,
upon a mutual basis, for the purpose of promoting
the business of its branch of industry or commerce
and improving its service to the public; among the
methods now in use for accomplishing this end are
the compilation and distribution of information, the
establishing of trade standards, and the co-operative
handling of problems common to the production or
distribution of the commodity or service with which
they are concerned."
This definition must surely justify itself, to reasonable minds, and also establish a presumption in
favor of the usefulness of these organizations. A
chapter on the development of the movement, by a
representative of one association, tells us that the
so-called "open-price" form first appeared in 1910
and has had a rather precarious existence since; that
the number of trade associations rose from some 800
in 1914 to 2,000 in 1919, but the total now is nearer
1,800; that in 1917 the War Industries Board found
it necessary to mobilize all business industries and
the best way to do this, when not already done, was
"to centralize each industry into one body or trade
association." This led to the organization of many.
A few citations from Mr. Hoover may be appropriately made:
257
"To the trade association bureaus of scientific research and their committees, in efforts leading to improvement of technical processes, the utilization of
wider variety of raw materials, the establishment of
standards in quality and grades, simplification of
the dimensions of articles, better methods of distribution, and the development of higher business ethics, we owe much of our industrial progress in many
trades. Through activities in insurance, in transportation, in credit information, and in promotion
of foreign
trade associations have greatly
benefited their members and increased national efcommerce,
ficiency. Through activities in gathering statistics
of production, consumption, stocks, and prices,
where these have been made equally available to the
public, they have contributed much to the stability
of business and the diminution of speculation; in
fact, many of the national barometers of business
and credit which are vital to all business men in formulating judgment are the work of oar trade associations. . . . There is no question that the curves
in the business cycle from activity to depression have
been less disastrous in those industries or trades
where accurate lawful statistical data have been
available for all; fundamentally, it is impossible for
business men to form these vital judgments as to
their future course in the wise and safe directing of
their activities unless they are informed as to the
changing currents of production and consumption,
not only in their own lines but also in other lines of
business. . . . The only criteria are statistics,
and if industry is to march with reasonable profits
instead of undergoing fits of famine and feast, if employment is to be held constant and not subjected to
vast waves of hardship, there must be adequate statistical service. Whether his service is by Government or by trade associations, it must be maintained
if we are to have an orderly economic life."
All this seems not only reasonable but obvious.
Proverbial wisdom told us, long ago, that birds of a
feather flock together, and to unite for a common
purpose and a common protection is the oldest of
human instincts; every partnership and every corporation, even though in the latter are much-misunderstood "trusts," obeys the primal law. Is it not as
plain as the noonday sun that instead of glaring with
red eyes and clenched fists, to destroy or to seize,
getting together for the works of peace is what the
world now most needs?
The ignorant inference that size and success are a
public menace still clings. It is said that associating
halts competition and thus keeps prices up. A bugbear; for while it may do this in a measure it has
ample offset in promoting efficiency throughout, in
increasing output, decreasing costs, and lessening
wastes. Secretary Hoover said, more than 18 months
ago, the same that he now says, of the helpful work
of open-price associations, as the result of a long
study of them; and when the Supreme Court, with
three vigorous dissentient opinions, affirmed [December 1921] the lower court's injunction in the
"Hardwood" cases, ordering abandonment of all
"efforts whatever having the purpose or tendency to
enhance or maintain prices," it left the subject still
open. For associating will somehow justify itself
and somehow proceed.
The Eight-Hour Work-Day.
The question of the length of working day in iron
and steel, which has been in especial discussion in the
last two months, seems to be making some progress
towards solution. The report of a committee of the
American Iron and Steel Institute, appointed a year
ago in conformity to the request of Presi-
258
THE CHRONICLE
[VOL. 117.
dent Harding, viewed the work in the industry as ent, foreman, or other agent of such employer to relargely continuous, and reached the conclusion that quire or permit, any person in his employ to work
, on the whole the men prefer the longer day because more than eight hours in one day or more than 48
hours in one week, except in cases of extraordinary
of its larger compensation; also, that the rest periods
emergency caused by fire, flood or danger to life or
-hour property, shall be guilty of a misdemeanor and upon
make the strain on men no greater with two 12
shifts than with three of eight hours. But three conviction shall be fined not less than $50 nor more
church organizations, which claim to represent 50 than 51500, or imprisoned in the county jail not less
millions of Protestants, Roman Catholics and He- than 10 or more than 30 days, or both so fined and
brews, speaking through a Commission on Church imprisoned."
But this proposition failed to carry even one of the
and Social Service, vehemently disputed the alleged
preference of the two-shift plan by the men and its 58 counties; it did best in San Francisco, with 49,620
economic necessity or usefulness in the industry.
against 70,909 votes; it was at about its worst in Los
The intrinsic desirability of shorter hours and Angeles, with 74,583 against 133,704; fruit growers
easier working conditions in all industries needs no and all agriculturists were active in opposing it, and
urging, for nobody questions that. The very report in the whole State it received 282,696 against 568,which these representatives of churches so attack 881, thus winning less than one-third.
According to the ancient story, the first pair
concedes it, but the problem is as much one of economics as of "humanity" in even the Gompers sense needed very little, and were amply supplied until
of that word. Judge Gary was willing to abolish the they sinned; then came the irrepealable law of labor.
two-shift plan, "provided labor should become suffi- The cave man also needed little, but as the race gathcient to permit it, and provided the purchasing pub- into a social state wants began multiplying increaslic would be satisfied with selling prices that justi- ingly, until luxuries of one century seem to become
fied it, and further provided that the employees necessaries of the next. What we call man's invenwould consent and industry generally, including the tions are discoveries of God's inventions, wherewith
farmers, would approve." President Grace of the he has supplied the globe with materials and benefiBethlehem Steel now adds his testimony to the lack cent laws and has left His children to find them. We
of alien labor, saying that while some Mexican and dislike labor and want leisure? In order to get that
colored labor has been obtained and has proven we must use the brain which puts us above the brute.
highly satisfactory, there is still need of 60,000 more Harness natural powers? We have done that, but
in order to fully make the change to the eight-hour still have much to do. Find how to increase the proday. So, after all has been said, the problem seems ductive output per worker and work hour? We have
to remain one of practical feasibility.
done and are still doing this, against the determined
The churches' committee made public on June 30 resistance of organized labor.
Yet men will some day be convinced that progress
a letter from the head of the Colorado Fuel & Iron
Co., saying that the change to the three-shift plan and well-being come by obeying and working with
was made on Nov. 1 of 1918, after requests from the God's laws, not by butting the head against them.
men and many conferences with them. At blast furnaces this change, accompanied with a 10% increase
William R. Day.
in wages all around, immediately raised the labor
This former Associate Justice of the Supreme
cost per ton a little over 1%;at open-hearth furnaces
/
this increase was 11 2%; at rolling mills there was Court, who died on Monday, July 9, in his 74th
"a substantial reduction" in the labor cost per ton. year, was lawyer and jurist by quasi-inheritance, for
Recent careful analyses show steady improvement his mother was daughter of a lawyer of high standin results, so that now this cost per ton is lower than ing, his father had been head of the highest court of
formerly, both sides feel satisfaction over the change, Ohio, and a surviving brother is now a member of
and no shortage of labor has been experienced that court. In 1872 he began law practice in Canton,
lately. "We have lost nothing either in producing Ohio, early forming a close friendship with William
cost or output by the change," is the gratifying con- McKinley of the same place, one instance of the
friendship being the aid he was able to extend to Mr.
clusion.
On June 27 a letter was addressed to Mr. Harding McKinley when the latter had experienced the truth
by Judge Gary and the other directors of the Steel of the counsel of the author of the Book of Proverbs
Institute, recognizing in the country "a strong senti- that he who becomes security for a friend is liable to
-hour day and promising to find friendship costly. In 1886 he was elected to a
ment" for ending the 12
for its "total abolition at the ear- local judgeship, having been nominated by both parexert every effort
liest time practicable." The change "cannot be ef- ties, but found it distasteful, and in a few years refected overnight, for it involves many adjustments, signed it and returned to private practice. He consome of them complicated and difficult"; yet it can tinued a close friend and helper of Mr. McKinley
latter was Governor of Ohio, and when he
be brought about without undue delay, as pledged to while the
Harding, "whenever there is a surplus of la- became President and had made John Sherman his
Mr.
Mr.
bor available." And now Judge Gary has named six Secretary of State it soon became evident that
especially
weeks as the time within which the U. S. Steel:Cor- Sherman's infirmities of age required an
competent assistant.
poration will begin the attempt.
Again Mr. McKinley turned to Mr. Day, and he
respect to what the people think of the length
In
about oneof work time, on Nov.2 of 1914 a referendum ballot, accepted the position, at a salary only
third of his present professional income. In about
in response to request by some 35,000 registered votDepartment head,
ers; came before the electorate of California, the a year he succeeded his chief as the
among his first duties was that of dealing with
proposed law having only one section, surely very and
the conditions which culminated in our little war of
advanced and drastic, thus:
1898. At its close he went to Paris as head of the
"Any employer who shall require or permit, or
who shall suffer or permit any overseer, superintend- commission for adjusting terms of peace, and on his
JULY 21 1923.]
THE CHRONICLE
return in 1899 was appointed judge in the Sixth Federal Circuit, remaining in that position until President Roosevelt designated him, in 1903, as an Associate on the Supreme bench. There he remained until he was selected, in October last, as arbitrator on
the part of this country of the "Mixed Claims" Commission. For this work he left the Supreme Court.
Mr. George, Senator from Delaware in 1898, and
an associate of Mr. Day in the peace work of that
year, said of him that, "always self-contained, never
self-exploitative, yet firm and courageous in the performance of duty as he saw it, he has illustrated the
very highest traits of American statesmanship and
American character in the work we brought home
with us." This may stand now as a just summarized
tribute to him, and it is a further tribute that Germany accepted him as arbitrator upon claims against
259
her, waiving her right to have a neutral, supposing
that she could find one. No "case" for his reconciling services has yet arisen in the tedious process of
determining the reparations due from Germany, yet
such services must sooner or later be rendered by
some one, and Mr. Day's departure is therefore a general loss in anticipation of what he might have done
with a longer term of life.
We may and should draw profit from the example
he set and left to us. Never physically strong, he
was ever a hard worker, and also a sound and good
lawyer, and an upright judge. He merged his own
personality in his professional career and his public
duty. He sought only service and justice; and in
this time of self-asserting blocs and bellowing clamors it is well to note that he was a friend of silence
and illustrated its power.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 20 1923.
Though business is somewhat slow, as usual at this season of the year, it is well enough to remember that it is better than it was a year ago. There are favorable factors in
the situation. Rather too much is made at times of the dark
lines in the business spectrum. Labor is well employed.
Industry is active, at least on old orders. The number of
car loadings is on a scale distinctly suggestive; in fact, they
are at a high record on miscellaneous freight and of less
than carload lots. There is' no undue accumulation of raw
materials or for that matter of manufactured goods. Latterly, moreover, the weather has in the main been better for
the grain crops. And cotton has declined nearly a cent uncler the general belief that the crop on the whole has recently improved despite hot dry weather in Texas and Oklahoma, and possibly rather too much rain east of the Mississippi River. There is a tendency to increase the size of
cotton crop estimates as compared with that of 11,412,000
bales in the last Government report. And wheat, after falling below $1, has latterly got above that price, and at times
export business has increased. There is a movement to induce, say, 100,000 people to buy 1,000 bushels of wheat futures and to get householders very generally to buy a barrel
of flour. This effort to stimulate speculation in wheat is a
rather queer commentary on the Capper-Pincher bill, which
aims to curtail speculative trading. It is a fact that Government intermeddling in the grain business has hurt the
farmer rather than helped him. One interesting feature of
the week was the election of Magnus Johnson, the radical
candidate in Minnesota, as United States Senator from that
State. This may possibly give a filip to paternalism in the
matter of legislation for the benefit of the farmer. But
probably President Harding is right in taking the stand that
this sort of thing should be discouraged and a fair trial given
to the farm credits banks of one kind or another which have
been instituted for the farmers in recent legislation. Paternalism will not in the end avert the consequences
of overproduction in the grain raising industry if that is the trouble, and signs seem to point that way. We have powerful
competitors for the European grain market in Canada,
Argentina and Australia, not to mention India. And it
appears
that even Russia is shipping a certain quantity of grain to
the markets of Western Europe. Often the only cure for
unprofitable prices is curtailment of production.
Prices of all commodities have recently shown a downward tendency. Food is lower. Mercantile failure statistics, on the other hand, make a more cheerful exhibit.
Within the week they have numbered 326, against 330 last
week, 371 in the same week last year and 441 in 1921. Evidently trade is on a sounder basis. The turnover may be
less active, but it pays a fair profit. And meanwhile merchants are encouraged to see that the stock market has latterly turned upward. Bonds have been higher. Foreign exchange has on the whole been stronger. No actual progress,
it is true, has been made in settling the unfortunate Ruhr
tangle, but the French have, it is said, adopted a somewhat
more conciliatory attitude. Rightly or wrongly, it is understood that the French Government is willing to accept a certain amount on reparations account now and wait 10 to 15
years for the balance. And certainly it seems hardly conceivable that Premier Baldwin should have made his recent
move without some intimation that it would not be altogether in vain. It would appear that if the French are not
amenable to English arguments in the matter, England will
make a separate reply to Germany in regard to the reparations matter. This would, of course, have a tendency to isolate France. And isolation is perhaps of all things the least
to the taste of France, especially as it knows that the United
States Government, so far as can be ascertained, still favors,
as it did many months ago, an unbiased 'inquiry into the
condition of German resources and the fixing of an amount
of reparations that Germany is really able to pay. It is not
unnaturally felt that if this vexed question can be disposed
of the effect on European and American trade will be distinctly for the better. And it is worth while to notice that
London markets, though quiet, are cheerful. There seems
to be an undercurrent of hope in London that the Ruhr crisis
will, before very long, take on a more cheerful aspect. Certainly London seems to think that the Ruhr situation is
brightening. Also, in Paris the feeling is said to be-more
hopeful. It is said, too, that Germany is ready to modify
and even to drop the policy of passive resistance. If practical business men and level-headed • statesmen can get
around a table and talk things over much may be done, and
the drift would seem to be towards something of this kind, so
devoutly to be wished.
It is hoped and by many believed that an anthracite coal
strike may be averted. The tendency is towards a resumption of building after a recent lull, due to the disputes over
the question of wages. Pig iron has declined somewhat, but
on the whole steel has been steady, and it is noticeable that
there has been no marked reduction in the output of either
iron or steel, although there has been some. Wool has been
quiet but about steady. Rubber is higher at home and
abroad. The dock strikes in London have put a stop to the
big wool auction sales there for a time. They will not be
resumed until early in September. There is a big business
for next spring delivery in the paper trade. Coke has declined, but bituminous coal has latterly been rather firmer.
Anthracite is $4 higher than the recent "low." There is lessbusiness in lumber both in the Par West and at the South.
Crude petroleum has declined under the influence of a very
large production in California. Gasoline prices have been
sharply cut in Texas and California. With some falling off
in the production in this country the supply of labor is increasing somewhat, especially as immigration is large at the
outset of the new fiscal year. It is gratifying to notice that
a more liberal policy has latterly been pursued at Ellis
Island, whereby belated immigrants from Great Britain
have been admitted to the country even after the British
quota for July had been exhausted. There has been considerable curtailment in the cotton manufacturing industry
of
New England. And the American consumption of cotton
In
260
THE CHRONICLE
June, it turns out, fell off nearly 80,000 bales, as compared
with the very high total in May, though it is noticeably
larger than for June in recent years. On the whole business
In the United States is in no bad shape, with crop prospects
in the main rather better, foreign politics possibly in somewhat more hopeful condition, credit readily enough available, retail trade in fair condition and a reasonable expectation of a fair business during the rest of 1923 and a reasonably good trade, so far as it can now be seen, for 1924.
Fall River, Mass., on July 14 reported that a general curtailment of from 50 to 75% in production, affecting principally plain goods mills, had been agreed upon by manufacturers there as a result of the present depression in the industry. The production weekly in that city is estimated at
275,000 pieces and under the curtailment plan it will be reduced to 100,000 or 125,000 pieces. The weekly sales in the
print cloth market have reached over 50,000 only twice in
several months and there have been occasions when the total
was as law as 20,000. Included in the curtailing mills are
the American Linen Co., employing about 900 hands; the
Ancona, with its 300 operatives; Arkwright, employing close
to 600 operatives; Chase, with 850 operatives; Cornell, 400
hands; Durfee Mills, 1,000 hands; Flint Mills, employing
900 operatives; Laurel Lake, 450 hands; Mechanics, 500
hands; Merchants, 1,050 hands; Richard Borden Manufacturing Co., 700 hands; Seaconnet, employing 600 hands;
Shove, 700 hands; Stafford, 900 hands; Tecumseh, 550
hands; Troy, 400 hands; Weetamoe, 400 hands, and possibly
half a dozen others, employing altogether 7,500 hands, that
are not wholly confined to the making of plain goods. The
Amoskeag Co. cotton mills at Manchester, N. H., will go on
a four-day week on July 23 owing to the situation in the cotton and cotton goods market. The worsted and mechanical
departments will continue on a full time basis. Providence,
R. I., reported on the 14th inst. that unless conditions soon
Improved in the cotton plain goods markets, Rhode Island
mills engaged in that class of production may be obliged to
curtail. Providence, It. I., wired July 19 that continued dulness in the cotton goods trade has caused further curtailment in the textile industry in Rhode Island. More than
2,500 operatives employed in four cotton mills of the Goddard Brothers in the Blackstone Valley will be given a
forced vacation for the two weeks from July 28 to Aug. 13.
The four mills affected are the two in Lonsdale, the Ashton
Mill and one at Berkeley. At Holyoke, Mass., the Farr Alpaca Co., the largest textile concern there, went on a fourday week on Monday, to continue indefinitely, affecting several thousand hands. At Winchendon, Mass., all the Nelson
White & Sons Co. mills will resume work on July 23. At
Lawrence, Mass., on July 13 notices were posted in the Pacific Print Works that because of business conditions the
plant would operate on a four-day week, commencing on
Monday. Two thousand operatives will be affected. At
Ware, Mass., on July 16 employees in the cloth department
of the Otis Company's mills received notice that that department will at once go on a schedule of four days a week.
The order affects approximately 1,600 hands.
At Brockton, Mass., on July 16, shoe worker strikers announced their intention to resume picketing on July 17. It
was abandoned for a time last week by the 1,000 strikers
after numerous clashes with the police during which more
than 100 pickets were arrested and a number of police officers were stoned. The City Solicitor's ruling that the pickets were subject to arrest and that picketing was illegal because the strikers were violating a contract with the Shoe
Manufacturers' Association, precipitated the disorders of
last week. The shoe workers on strike have demanded abrogation of the contract between the manufacturers and the
Boot and Shoe Workers' Union which calls for submission
of all disputes to the State Board of Conciliation and Arbitration. They have also demanded an immediate increase in
wages and arbitration of disputes by a local board. Most
of the factories affeeted by the strike are in operation. The
police on July 16 prepared to carry out orders to arrest all
pickets.
Recently lead and zinc producers have been reducing operations at the mines, and in Missouri, Kansas and Oklahoma there have been shutdowns completely for two weeks,
throwing 15,000 men out of employment. Production is thus
cut about 90%.
It is stated that builders here have lifted the ban on new
contracts. Big firms say that stabilization of costs enables
them to bid on projects. They think they see the end of
wage troubles after recent agreements. Also, the downward
[VOL. 117.
tendency in the price of steel and lumber they think clears
the outlook. And more workers are expected. The tendency is towards an increase, it is said. Bricklayers here
have voted in favor of bricklaying being taught in the public
schools. Recently it was said there was a shortage of bricklayers here of anywhere from 2,000 to 4,000, partly owing to
excessive restrictions on apprenticeship by the unions as
well as the 3% restriction on immigration. Clerks, it is announced to-day, are entering the building trades. The bricklayers' union agrees to accept 150 for apprentice jobs.
On July 19, in an effort to check the migration of negroes
and other farm laborers, a bill was introduced in the Geogia Legislature which would make it a felony for any person
or concern to solicit labor in Georgia for other States. Punishment would be a prison term of not less than three years
nor more than seven. It is declared that it would result in
checking the exodus of negroes and other farm labor of
Georgia to other States. It does not allow even licensed
labor agents to operate in the State. The present labor situation in Georgia, it is asserted, demands drastic legislation.
Some 20,000 I. W. W. members, it is said, have been ordered to mobilize at Port Arthur, Texas, in a big demonstration against that city, where three of their number are
said to have been kidnapped recently after their arrest.
Port Arthur officials say that if the invasion takes place the
I. W. W.invaders will be put to work in the city labor gangs.
The temperature has been as high lately as 114 degrees in
Texas and 110 in Oklahoma. Latterly the Oklahoma temperature has fallen to 101 and that at Texas to 107. Texas
badly needs rain. It has been much cooler in parts of the
West, with 90 degrees, however, at St. Paul and Cincinnati.
At Chicago it has been 76 degrees. In New York it has been
warm with more humidity. To-day it was much wanner
here. It was 90 degrees at 2 p. in., but the humidity was
only 34, making the heat more bearable.
Decline in Wholesale Prices in June.
A further decline in the general level of wholesale prices
is shown for June by information gathered in leading markets
of the country by the U. S. Department of Labor through
the Bureau of Labor Statistics, according to the Bureau's
announcement of July 18, which we quote as follows:
Measured by the Bureau's weighted index numbers, which includes
404 commodities or price series, the decrease from May to June was nearly
2%, or from 156 to 153.
Building materials and metals showed the largest decreases from the
preceding month, due mainly to decided declines in Douglas fir, oak and
yellow pine lumber, paint materials, structural steel, pig iron, steel billets
and sheets, tin plate, copper, lead, tin and zinc. The decreases in these
two groups averaged 4 and 2%,respectively. Chemicals and drugs declined 2i% and fuel and lighting materials dropped more than 2%. due to
continued decreases in bituminous coal, coke , gasoline and petroleum.
Smaller decreases were recorded for the groups of farm products, foods,
cloths and clothing and miscellaneous commodities. No change in the general price level was reported for house furnishing goods.
Of the 404 commodities or series of quotations for which comparable
data for May and June were collected, decreases were shown in 190 instances
and Increases in 53 instances. In 161 instances no change in price was reported.
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
COMMODITIES (1913— 100)•
1923
1922.
Mau.
June.
Group—June.
131
Farm products
138
139
140
144
Foods
142
179
201
Cloths and clothing
198
lighting
225
190
Fuel and
186
120
Metals and metal products
152
148
167
Building materials
202
194
122
Chemicals and drugs
134
131
Housefurnishing goods
176
187
187
Miscellaneous
114
123
125
150
153
156
All commodities
Comparing prices in June with those of a year ago,as measured by changes
in the index numbers, it is seen that the general level has risen 2%• Metals
and metal products show the largest increase, 23 1-3%. Building materials
follow next with an increase of 16%. Cloths and clothing have increased
10.4%. miscellaneous commodities nearly 8%, and chemicals and drugs
% in price in the year. Farm products, foods and housefurnishing
goods show smaller increases compared with prices of a year ago. Feel
and lighting materials, on the contrary, were 17 1-3% cheaper than in June
of last year.
Increase in Retail Prices of Food in United States
During June.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics shows
that there was an increase of 1% in the retail cost of food
in June 1923 as compared with May 1923. In June the
index number was 144, in May 143. The Department in
its announcement July 19 said:
During the month from May 15 1923 to June 15 1923. 13 articles on which
monthly prices are secured increased in price as follows: Potatoes, 19%;
round steak. 5%; sirloin steak, leg of lamb and onions, 4%; chuck roast
and bananas, 3%; rib roast and cheese, 2%; barn and fresh eggs, 1%.
JULY 21 1923.]
THE CHRONICLE
261
Vegetable lard and substitute and tea increased less than five-tenths of 1%. ation but two days per week, making production of prints as low as 20%
Fifteen articles decreased in price as follows: Cabbage, 23%; butter, for the last two days of the week. The only difference is that a definite
4%; hens, 2%; oranges, 3%; plate beef, lard, sugar, coffee, prunes and program as to curtailing three days per week has been agreed upon.
Some idea as to the rapidity with which print goods are being piled up in
raisins, 1%; pork chops, bacon, canned salmon, nut margarine and wheat
this city is seen from the fact that nearly 300.000 yards are turned out weekly
cereal decreased less than five-tenths of 1%.
under ordinary conditions, and the sales have not exceeded 45,000 pieces
Fifteen artichs showed no change in price during the month. They were
as follows: Fresh milk, evaporated milk, oleomargarine, bread, flour, corn per week for nearly three months, and for some weeks they fell below 25,000
meal, rolled oats, cornflakes, macaroni, rice, navy beans, canned corn, pieces. And at that the selling price for most of the goods has been from
8c. to 10c. below the cost to manufacture.
canned peas and canned tomatoes.
For the year period June 15 1922 to June 15 1923 the increase in all artiPrint Works Curtailing.
3%.
cles of food combined was
The local print works have been curtailing for the same reason as the cloth
For the ten-year period June 15 1913 to June 15 1923 the increase in all
mills, that of having crammed their store houses with finished goods, with
articles of food combined was 48%.
no advance knowledge as to when the goods can be moved at anything less
Changes in Retail Prices of Food, by Cities.
than a loss.
During the month from May 15 1923 to June 15 1923 the average family
Curtailment in South.
expenditure for food increased in 32 cities as follows: Newark, Pittsburgh,
Curtailment has already begun in many Southern mills, as it is considWashington, D. :::., 3%; Baltimore, Cincinnati, Cleveland, Detroit, Nor- ered hazardous to use the limited supplies of old cotton before the new
folk, Salt Lake City and San Francisco, 2%; Atlanta, Bridgeport, Butte, cotton is in sight and when the price seems so high and uncertain. Orders
Denver, Indianapolis, Jacksonville, Los Angeles, Memphis, New Haven, are running out fast in all the print cloth mills.
New York, Portland, Ore.. Richmond and Seattle, 1%. In Birmingham,
In the event of the Fall River mills entering upon the plan of curtailment
Charleston, Chicago, Columbus, Little Rock, Manchester, Savannah, proposed, it was felt that other mills would join in and thus conserve the
Scranton and SpringfiAd, Ill., the increase was less than five-tenths of 1%. cotton supply while speculation is so upsetting to cloth buyers.
Sixteen cities decreased in price; Boston, Fall River, Minneapolis, New
Notices were posted at Lawrence, Mass., in the Pacific
Orleans, Omaha, Portland, Me., St. Louis and St. Paul. 1%; Buffalo, Dallas, Houston, Kansas City, Peoria, Philadelphia, Providence and Roches- Print Works that because of business conditions the plant
ter, less than five-tenths of 1%. Louisville, Milwaukee and Mobile would operate on
a four-day week, commencing Monday
showed no change during the month.
For the year period. June 15 1922 to June 15 1923. 42 cities showed an July 16. Two thousand operatives are affected.
increase; Pittsburgh.8%;Bridgeport,7%;Cleveland, Manchester, Newark
and New Haven, 6%; Baltimore, Boston and Providence. 5%;
.Birmingham, Los Angeles, Mobile and Portland, Me.,'4%; Butte, Denver, Detroit,
Amoskeag Mills Also Curtail.
Fall River, New York, Norfolk, Philadelphia and Washington, D.C.. 3%;
Notices were posted in the mills of Amoskeag ManufacturBuffalo, Cnicago, Houston, Indianapolis, Little Rcok, Louisville, Portland, Ore., Rochester, Salt Lake City, San Francisco, Savannah and ing Co. at Manchester, July 17, of a further curtailment in
Scranton, 2%; Charleston, Jacksonville, Kansas City, Memphis, Mil- cotton
department, due to business conditions. Until
waukee, St. Louis and Seattle, 1%; Atlanta and Richmond less than fivetenths of 1%. Eight cities showed a decrease for the year period. Spring- further notice, cotton department will operate first four days
field, Ill., 3%;Peoria, 2%; Omaha and St. Paul, 1%; Cincinnati, Colum- of each week. Between 10,000 and 11,000 textile operatives
bus, Minneapolis and New Orleans decreased less than five-tenths of 1%.
are affected. Worsted and mechanical departments, where
and Dallas remained the same as last year.
As compared with the average cost in the year 1913, food in June 1923 about 4,000 are employed, remain on full time.
was 56% higher in Richmond, 54% in Washington, D. C., 52% in Baltimore; 51% in Detroit and New York;49% in Birmingham, Chicago, Philadelphia, Pittsburgh and Scranton; 48% in Charleston and Providence;
Builders in New York Remove Ban on Building.
46% in Boston, Buffalo, Cleveland and Manchester; 45% in Milwaukee,
The abandonment recently of several large building
Newark and New Haven;44% in Fall River;43% in Cincinnati. Minneapolis
and St. Louis; 42% in Atlanta; 41% in Dallas and Indianapolis; 40% in projects in New York due to labor conditions, the cost of
Kansas City, New Orleans, Omaha and San Francisco; 39% in Little Rock
materials and other factors has been reported in these
and Los Angeles; 37% in Jacksonville and Memphis; 36% in Seattle; 35%
in Denver;34% in Louisville; 31% in Portland, Ore., and 25% in Salt Lake columns from time to time. Now comes an announcement
City. Prices were not obtained from Bridgeport, Butte, Columbus, Hous- by the United States Realty & Improvement Co. that it is
ton, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul, Savannah and Spri-vrficld. 111.. in 1913, hence no comparison for the 10
-year again in the market for new construction business, and this
period can be given for those cities.
along with some improvement in the building labor situation
reported by this and other large construction companies,
has tended somewhat to relieve the uneasy feeling previously
existing in the trade. According to the daily papers, officials
of several large construction companies are agreed that the
conditions which caused a temporary abandonment of several
large building projects last May had shown sufficient improvement to warrant carrying out plans for future construction. The announcement by the United States Realty
& Improvement Co. followed a conference of the directors
and the managers of its subsidiary, the George A. Fuller
Construction Co., who came here from different parts of the
country. It was stated, so it is said, that, whereas the company had decided sixty days ago not to take any additional
building orders, the improvement in the labor field and
stabilization of wages had prompted the directors to take
There has been a trend toward a definite program of curtailment ever new contracts with confidence that they could be carried
since the present period of depression set in. The production weekly in out with reasonable profits to the company.
this city is eAlmated at 275.000 pieces, and with curtailment from 50 to
That seasonal building is due more to custom than to
75% the production will be reduced to between 100,000 to 125,000 pieces.
Weekly sales in the print cloth market have reachea over 50,000 only twice weather conditions.was the first conclusion reached by a
In several months, and there were times when they were as low as 20,000. committee appointed to investigate this
subject by Herbert
Better feeling is expected during the coming month in many quarters,
Hoover, Secretary of Commerce, and Chairman of President
and it is thought curtailment will modify conditions to some extent.
The "Journal of Commerce" of this city in a dispatch Harding's Conference on Unemployment. As a result the
from Fall River under date of July 13 had the following to committee hopes to work out a plan whereby construction
will not be generally observed as seasonal, but will be exsay:
At an adjourned meeting of the Cotton Manufacturers' Association held tended throughout the greater part of the year, with a conin this city to-day the critical condition of the textile industry was further sequent lowering of costs. This conclusion was reached at a
discussed and it was agreed that immediate relief must be sought through
two-day organization meeting of the committee at the Hotel
heavier curtailment and insistence on better prices for goods.
Plain goods mills are to reduce their running schedule to between 50 and rraymore in Atlantic City under the Chairmanship of
:75% of full time and 55c. per pound will be asked for goods, which figures Ernest T. Tripp, manufacturer, and President of the Philaabout three quarters of a cent per yard advance over present prices.
The fine goods mills, not having felt the depression as severely as the delphia Chamber of Commerce. The group is officially
plain goods plants, will not curtail for the present. Curtailment for the known as the Committee on Seasonal Operation of Conpast week was considerably in excess of 75%, due partly to the fact that all struction Industries. The committee expects to report to
the plants closed for the holiday, but except for that, curtailment has not
Secretary Hoover next winter with a comprehensive plan to
much exceeded 40% of production.
Consolidation of certain groups of mills was broached at the conference equalize construction. It is hoped to have this plan.in
as one way In which to reduce operating expenses, but the proposition was
operation before the beginning of the usual spring building
not seriously considered.
boom next year. Secretary E. E. Hunt said the committee
Would Check Accumukaions.
would study seasonal construction by regions and kinds of
The concerted action of the Fall River manufacturers to start a general
Curtailment in the plain goods mills was taken mainly because of the un- structural work, showing the dates of beginning and end of
easiness which has arisen at the large accumulation of goods at high cost of the normal building season for types of work, suchfas road
production now on hand, with no prediction as to when and at what price
building, dwellings, apartment and business houses, with the
they can be sold. Fearful that they stand to take a loss eventually, treasurers figure the loss will increase in proportion to the increase of the finished periods of activity and idleness for the different building
product, and they look to heavier curtailment to improve the market.
trades. "The survey," continued Secretary Hunt,"will also
In reality, the proposed move, though drastic enough, is little more than
effect for the past three weeks, as the print cloth mills have not cover seasonal production in building materials, to determine
has been in
run over four days on an average weekly, and some have not been in oper- how far this is due to seasonal building operations and trade
FalliRiver Mills to Shut Down About Three Days
Each Week.
The Cotton Manufacturers' Association of Fall River on
July 13 announced a curtailment of from 50 to 75% in the
operation in the pla:n goods mills of the city. This step
had been under consideration for some time. The Boston
"Herald" says it is not so drastic as it appears to be. Curtailment has been as high as 80% the last two days of each
week for some time. The only new phase of it is that all
plain goods mills are to be affected now, closing about three
days each week. The schedule has been from two to four
days a week in the print cloth mills before this. None of
the fine goods mills are affected. The "Herald" goes
on to say:
262
THE CHRONICLE
customs and how far to climatic conditions. The committee
will then consider, in light of the facts found, remedies for
seasonal operations and where and by whom they may be
applied. Some remedies already proposed are seasonal rates
and prices, dovetailing of contracts and a survey of housing
needs.
Rules requiring building construction employers to take
more apprentices, as a measure to relieve the labor shortage
in the building trades, will be adopted in the near future by
the Building Trades Employers' Association, it was made
known on July 19 by leading builders closely identified with
the affairs of that organization. Their announcement was
made just after a luncheon at the Hotel Plaza, where builders,
architects, bankers, labor leaders, industrial writers and
others interested in the building industry discussed the work
of the apprenticeship commission of the New York Building
Congress in training apprentices for the construction crafts.
Botb employers and union leaders agreed that the dearth
of skilled mechanics is probably the most vital problem in
the national building industry to-day, and the meeting was
unanimous in approving the commission's activities and
plans. The luncheon was given by Grosvenor B. Clarkson,
former director of the Council of National Defense, who, in
a neutral capacity, has been studying the building situation
for some time. With regard to the meeting the New York
"Tribune" said:
P One of the most important points recorded was in an address by Hugh
Frayne, general organizer in New York for the American Federation of
Labor. Mr. Frayne predicted that all the building unions soon would be
co-operating enthusiastically In the Commission's work. He also recommended the scheme to employers and workers in all the other industries.
"I can assure you that organized labor generally would support It," said
Mr. Frayne. "Better trained men and women are needed for all American
industries. What has proved so good for the building industry as a whole
should also prove good for the nation as a whole, and it should be supported
by the public even as to finances."
• It was pointed out by Burt L. Fenner, President of the Commission, that
present immigration restrictions have increased the emigration of skilled
mechanics to this country only slightly, and that the only remedy for the
shortage was to "train our own American boys."
Textile Finishers of New York Get Wage Increase.
Wage increases ranging from $2 to $7 50 a week have been
granted to the union textile finishers in the New York
market. An agreement was signed between the Cloth
Examiners' and Spongers' Union and the Cloth Sponging
Drivers' and Helpers' Union on July 13, embodying a compromise of the workers' original demands, which had consisted of wage increases running from $3 to $10, and for
which the unions had threatened to strike. The employing
finishers' association agreed to grant 50% of their demands
and the workers made a counter-proposal to split the difference ad grant 75% of the wage advance, which was accepted.
The present wage scale is: Examiners, $50; shrinkers, $45;
takers' off, $33; and helpers, $20, while the unions demanded
$60 for examiners, $55 for shrinkers, $38 for takers-off and
$23 for helpers. The scale agreed upon will be $57 50,
$52 50, $36 75 and $22 25.
Injunction Granted Against Garment Union President
in Chicago to Prevent Organizing Open Shops.
An injunction restraining Morris Sigman, President of the
International Ladies' Garment Workers' Union ,and Meyer
Perlstein, Vice-President and organizer, of Cleveland, from
attempting to unionize the open shops in Chicago, was
granted on July 17 in Chicago by Federal Judge Carpenter.
The injunction was granted to Mitchell Brothers, whose
attorney said the injunction was similar to the Daugherty
railroad injunction in effectiveness.
Two Strikes, Unsuccessful, Cost Potters' Union
More than $900,000.
That strikes are costly affairs is evident from the announcement made at the annual convention of the National Brotherhood of Operative Potters in Atlantic City on July 13 that
two strikes called by that organization within the last ten
-both of which were unsuccessful-cost the potters
months
upward of $900,000. This fact was revealed in the report
of officers of the union. The general strike, which kept
7,000 men out of work from Oct. 1 until Dec. 7 last year,
cost approximately $500,000, it was reported. The sanitary
strike, involving $2,000 workers, which began Nov. 1 and was
officially declared off by the Brotherhood June 20, cost
$400,000. The strikers received strike benefits of $10 a
[VOL. 117.
week during their unemployment. The strikes practically
depleted a defense fund which had been accumulated during
twenty-two years of industrial peace.
Postal Receipts for Fifty Industrial Cities for May,
June, and the Fiscal Year.
The fifty industrial cities report an average gain in postal
receipts for the year ending June 30 1923 of 10.61%,
Postmaster-General New announced on July 10, adding:
For the month of June the increase was 7.96% over June 1922. The
fifty largest cit'es gained 7.07% for the same period.
For more than forty years postal revenues have been increasing at the
approximate yearly rate of 6.67%. The gain made by the typically
industrial cities of the nation during the past year, therefore, was more
than half again as much as the normal gain of the country over a long period
of years, indicating an unusually healthy condition in industry generally.
By far the largest increase was reported by Springfield, Ill., where
receipts were 77.88% greater during June 1923 than June 1922. Other
cities reporting large gains follow in the order of percentage of gain:
2. Boise. Idaho
35.91 8. Charleston, W. Va
18.94
3. Charlotte, No. Caro
28.29 9. Jackson, Miss
18.49
4. Phoenix, Ariz
28.15 10. Fort Wayne. Ind
18.38
5. Peoria. In
22.78 11. Schenectady, N. Y
18.26
6. Reno, Nev
22.77 12. Oakland, Calif
17.83
7. Scranton, Pa
19.63
Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL
CITIES FOR THE MONTH OF JUNE 1923.
% 1923
June.
Over
June.
OfficeIncrease.
1923.
1922.
1922.
Springfield, Ohio
*$4,036 08 *4.52
$85.282 73
$89.318 81
Oklahoma. Olda
1.374 22 1.46
95.498 49
94.124 27
Albany, N. Y
3.839 38 4.31
92.973 83
89,134 45
Scranton, Pa
12,594 78 19.63
76,751 79
64.157 01
Harrisburg. Pa
8,494 55 11.37
83.180 95
74.686 40
San Antonio. Texas._
73.502 49
8.912 51 13.80
64.589 98
Spokane, Wash
78.986 00
5.89544 8.07
73.090 56
Oakland. Calif
13.619 66 17.83
89.994 62
76.374 96
Birmingham. Ala
84.693 52
11,529 77 15.76
73.163 75
Topeka. Wash
70.516 73
4
..35
*248 23
70.764 96
Peoria, Ill
77.172 55
14.317 70 22.78
62.854 85
Norfolk. Va
57.788 17
5.47
2.996 01
54.792 16
Tampa, Fla
51.122 40
*11,045 58 *17.77
62.167 98
Fort Wayne, Ind
87.688 57
10.504 84 18.38
57.163 73
Lincoln. Nebr
62,527 08
1.844 50 3.04
60.682 58
Duluth: Minn
60.887 11
'1,11477 *1.80
62.001 88
Little Rock. Ark
58.346 02
53.416 38
4.929 64 9.23
Sioux City, Iowa
59.208 33
3,81985 6.90
55.388 48
Bridgeport, Conn
64.381 68
4.933 70 8.30
59.447 98
Portland. Maine
54.697 20
52.037 89
5.11
2,659 31
St. Joseph, Mo
47.462 40
49.771 06
*2.308 88 *4.64
Springfield. III
63.228 19
35.544 73
27.683 46 77.88
Trenton, N. J
45.577 34
44,057 04*
1,520 30 3.45
Wilmington. Del
46.084 37
41.070 90
5.013 47 12.21
Madison. Wis
46,765 05
4.37535 10.32
42.389 70
South Bend, Ind
51.17853
4.332 60 9.25
46,845 93
Charlotte. N. C
51.482 53
11.351 56 28.29
40.130 97
Savannah. Ga
37.241 86
4.057 19 12.23
33.184 67
Cedar Rapids, Iowa
38.634 20
2.384 80 6.58
36.249 40
Charleston, W. Va
40,459 00
6.441 30 18.94
34.017 70
Knoxville. Tenn
41,606 19
116 97
.28
41.489 22
Schenectady, N.Y
37.035 75
5.717 76 18.26
31.317 99
*An
Lynn. Mass
33.212 26
*22 72
33.234 98
Shreveport, La
30.897 29
5.73
1.675 17
29.222 12
Columbia, So. Car
27.963 89
24.437 01
3.526 88 14.43
Fargo, No. Dak
*3,764 99 *12.71
25.851 12
29.616 11
Sioux Falls, So. Dak
27.445 07
26.511 23
933 84 3.52
Waterbury. Conn
28.927 69
25.828 17
3.099 52 12.00
Pueblo. Colo
25.484 93
24.397 62
4.48
1,087 31
Manchester, N. H
20.482 03
19.647 11
834 92 4.25
Lexington, Ky
24.498 51
23.284 33
1.214 18 5.21
Phoenix, Ariz
24.308 77
18.968 49
5.340 28 28.15
Butte, Mont
20.354 60
20.324 26
30 34
.15
Jackson. Miss
19.561 01
16.509 14
3.051 87 18.49
Boise, Idaho
19.595 94
14.418 17
5.177 77 35.91
16.823 08
Burlington, Vt
19,308 44
*2.485 36 *12.87
Cumberland, Md
12,584 83
11.245 81
1.33902 11.91
13.042 07
Reno. Nev
10.623 37
2,418 70 22.77
Albuquerque, N. Max
11.15300
11.005 23
1.34
Cheyenne, Wyo
9.288 62
9.617 93
*329 31 *2.42
Total
$2,383.410 38 $2,193.627 89 8189,782 49 7.96
* Decrease.
March 1923 over March 1922. 12.91%.
April 1923 over April 1922, 11.56%.
May 1923 over May 1922, 10.76%.
Inasmuch as we have not heretofore given the May figures
of receipts for the fifty industrial cities (the April figures
appeared in our issue of May 12, p. 2066), we publish
the same herewith as made known in the Post Office Department's statement of June 8.
Showing a percentage of increase almost as great as that of the fifty
selected cities, the amend list known as the fifty Industrial cities, reported
an increase for May 1923 of 10.76% over May 1922. Each State in
the Union is represented In the Industrial list and therefore is deemed a
more representative barometer of general business conditions throughout
the country than is the selected list which, however, has its vaiue in indicating the business graph of the larger cities.
The largest increase, amounting to 47.93%. was reported by Cheyenne,
Wyo.. while six other cities reported Increases greater than 20%. The
12 cities making gains of more than 17%, their rank and percentage of
increase. follow:
2. Bridgeport. Conn
31.14 8. Savannah. Ga
19.29
3. Schenectady. N. Y
29.74 9. Wilmington, Del
18.85
4. Lynn. Mass
24.99 10. Reno, Nev
18.30
5. Waterbury. Conn
23.93 11. Fort Wayne, Ind
17.58
8. Trenton. N. J
23.74 12. Oakland, Calif
17.27
7. Jackson, Miss
21.13
JULY 21 1923.]
THE CHRONICLE
The average percentage of increase was pulled down slightly by four
cities reporting decreases. They were: Springfield. Ill.. .02%; Springfield, Ohio, 2.23%; Tampa, Fla.. 10.38%. and Boise, Idaho, 17.06%•
Tabulated figures follow:
STATEMENT OF POSTAL RECEIPTS OF FIFTY IiiDUSTRIAL
CITIES FOR THE MONTH OF MAY 1923.
% 1923
Over
Increase. 1922.
May 1923.
May 1922.
Office102.301.13
*2.284.77 *2.23
Springfield, Ohio
100.016.36
4.595.40 5.02
96,122.23
91.526.83
Oklahoma, Okla
12,848.38 13.82
92,911.96
Albany, N.Y
105.760.34
2.679.76 3.65
Scranton,Pa
76.115.66
73.435.90
10.692.44 14.87
Harrisburg, Pa
82.577.24
71 S84.80
San Antonio, Tex
78.684 85
69.215 58
9.468 97 13.68
Spokane,Wash
73.134 18
8.87582 12.14
82.010 00
Oakland. Calif
13,1883 70 17.27
94,244 96
80.361 26
Birmingham, Ala
91.973 38
80.430 29
11,543 09 14.35
Topeka, Kan
73.070 92
76.249 90
3,178 98 4.35
Peoria, Ill
10.254 72 15.48
76.476 56
66.221 84
Norfolk, Va
58.398 52
64.052 61
5.654 09 9.68
Tampa,Fla
*612821 *10.38
59.040 96
52.912 75
Fort Wayne, Ind
63.447 06
11.141 39 17.56
74.588 45
Lincoln, Neb
64.969 21
1,86883 2.87
66.836 04
Duluth, Minn
56.537 86
3.413 52 6.04
59.951 38
Little Rock,Ark
53.447 95
9.006 82 16.85
62.454 77
Sioux City, Iowa
58.101 70
5.348 32 9.21
63.450 02
Bridgeport, Conn
52.354 01
16,306 76 31.14
68,660 77
Portland, Me
47.700 25
5.101 81 10.69
52.802 06
St. Joseph, Mo
50.186 86
2.674 30 5.33
52.861 16
47.779 88
Springfield, Ill
*14 15 *.02
47.765 73
Trenton, N.J
39.792 77
49.239 96
9.447 19 23.74
41.113 80 - 7.75130 18.85
Wilmington, Del
'
48.865 10
49.066 08
42.534 12
Madison, Wis
6.531 96 15.35
South Bend,Ind
52,971 26
49.438 26
3,533 00 7.15
40.472 69
46.699 95
6.227 26 15.39
Charlotte, N.0
42.253 19
35.420 68
6.832 51 19.29
Savannah, Oa
40.192 48
37.152 33
Cedar Rapids,Iowa
3.040 15 8.18
41.48431
Charleston, W.Va
39.544 69
1.91962 4.85
40.888 17
Knoxville, Tenn
39.673 21
1.214 96 3.06
38.536 07
Schenectady, N.Y
29.702 67
8,833 40 29.74
41.401 59
Lynn,Mass
33.123 38
8,278 21 24.99
31.820 92
Shreveport, La
30.125 22
1.69570 5.63
28,573 64
Columbia,S. C
25.935 16
2.63848 10.17
27.064 31
Fargo, No. Dak
25.785 47
1.27884 4.96
28.416 31
Sioux Falls, So. Dak
24.608 54
2
Waterbury,Conn
28.179 18
22.738 84
' 3. 47 37 21.
5 710 74
.
4
Pueblo, Colo
26.229 48
23.379 77
2.849 71 12.19
24,080 19
Manchester, N. H
20.889 57
I 3.190 62 15.28
Lexington
26.173 11
22.883 79
3.28932 14.37
Phoenix, Ariz
.
1.44
20.860 91
18,719 40
1:7121 1
1 2 41 51 18 95
Butte, Mont
20,955 18
19.234 07
Jackson, Miss
19.221 61
15,869 29
Boise, Idaho
19,210 25
15.931 94
'' : 52 r *21.13
. 23 8 l 17 06
3 7
Burlington, Vt
17.846 77
16,204 37
Cumberland, Md
.
12,057 38
111.23
10.834 60
1.222 7: 0 18
64 4
Reno,Nev
12,410 89
10.490 07
1.92082 18.30
Albuquerque, N. Mex
12.024 40
10.873 00
1.15140 10.59
Cheyenne, Wyo
10.385 57 - 7.02038'-'" 3,36516 r.ba
l
Total
2,480,376 87 2,239,319 34
241,057 53 10.
76
* Decrease.
-Feb. 1923 over Feb. 1922711- 51%; March 1923
-Per Cent of Increase.
.
over March 1922. 12.91%; April 1923 over April 1922, 11.56%•
As we have on previous occasions noted, the industrial
cities for which figures of postal receipts are supplied,
derive their life blood, as explained by the Post Office
Department, "from factories and industrial establishments."
Figures for these cities have been made available only during
the past year, whereas the figures of receipts for selected cities
-the fifty largest cities of the country-have been isrun
monthly by the Post Office Department since 1900. Weekly Statistics on Crude Oil Production in the
United States.
Gross crude oil production in the United States reached
2,238,750 barrels daily average for the week ended July 14,
an increase of 39,600 barrels daily over the preceding week,
when 2,199,150 barrels a day were produced, but comparing
with a daily average of only 1,474,450 barrels in the week
ending July 15 1922, according to the American Petroleum
Institute figures whieh follow:
263
Even then the only exception is the year 1918 when the war revenue
brought receipts for the fifty cities up more than 15% over 1917.
The percentage of gain for the 50 cities for the past year was 12.16%•
The previous high-water mark was 11.76% made in the fiscal Year 1903
over 1902. It is estimated that the entire postal revenue for the fiscal
year 1923 will reach $533,000,000. as compared with $484.893,000 for
the previous year, which until that time was the high record.
Receipts for June 1923 at the fifty selected cities were 7.07% greater
than for June 1922. which, in turn, were 12.24% greater than for June
1921. making a total percentage of increase for the two years of 19.31.
Denver. Colo.. with 24.29. made the largest percentage of gain during
June 1923. Other cities making high gains were:
12.33%
2. Detroit. Mich
20.89% 8. Seattle, Wash
11.04%
3. Los Angeles, Calif
19.37% 9. Buffalo, N.Y
10.79%
4. Memphis, Tenn
15.18% 10. Jersey City. N J
10.58%
5. Portland, Ore
14.88% 11. New Haven,Conn
10.22%
6. Salt Lake City, Utah-___14.31% 12. Minneapolis, Minn
7. St. Paul, Minn
13.26%
Decreases were reported in June by four cities-Fort Worth Texas,
36.61%; Washington, D. C., 1.21%; Louisville, Ky., 0.89%. and 'tuba.
Neb., 0.71%.
The great decrease in postal receipts at Fort Worth, Texas. is. without
doubt, due to the fact that numerous fraud orders have been issued by the
Post Office Department against companies and individuals who had
been using the mails in a fraudulent manner. Tabulated figures as follows:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF JUNE 1923.
P.C. P.C. P.C.
1923 1922 1921
Over Over Over
Increase. 1922. 1921. 1920.
OfficesJune 1922.
June 1923.
6.35 5.52 3.88
New York, N.Y__ 34,919,976 35 $4,626,168 42 3293.807 93
Chicago, Ill
220.735 29 6.90 13.41 "2.03
3,961,793 09 3.741.057 80
32,376 71 2.52 10.32.10.15
Philadelphia, Pa
1,313.835 48 1,281,458 77
Boston, Mass
69.349 78 6.59 13.04 1.59
1,052.538 23
1,121,888 01
St. Louis, Mo
60,768 97 7.54 12.68 2.63
806.247 86
867,016 83
Kansas City, Mo_
62.094 41 9.90 18.95 6.78
627.015 12
689,109 53
Cleveland, 0
50.108 83 8.92 19.68'13.11
561.631 99
611,740 82
San Francisco,Cal,
49,835 89 9.20 14.10 8.94
541.847 07
591,682 96
Brooklyn, N.Y.__
37.579 05 7.31 18.08.14.13
551.426 98
513.847 93
Detroit, Mich_ _ _
107.636 04 20.89 15.38 *5.12
622,823 94
515.187 90
Pittsburgh, Pa
41.176 27 8.93 13.94 "9.27
502,104 33
460.928 06
Los Angeles, Cal
538,096 07
87.31644 19.37 18.85 18.91
450,779 61
Minneapolis, Minn. 491,811 58
45.583 54 10 22 20.76 6.46
446.228 02
Cincinnati,0
454,204 41
426.915 67
27,288 74 8.39 10.96 5.61
Baltimore, Md
405.308 42
385.697 33
19.611 09 5.08 13.09 1:01
Washington, D.C.
297,737 31
*3.653 22 .1.21 2.68 1.12
301.390 53
Buffalo, N. Y
317,621 93
31.578 23 11.04 19.03.11.80
286.043 70
Milwaukee, Wis.._
26,857 92 8.49 17.21 12.51
343,188 55
316,330 63
Indianapolis, Ind307,895 06
282,562 35
25,332 71 8.97 19.46 2.55
St. Paul, Minn
35.129 77 13.26 6.58 25.20
300,054 85
264,925 08
20.151 26 8.90 12.40 '8.77
Atlanta, Ga
246.5E6.74
226.435 48
.29
54,707 48 24.29 11.01
279.960 99
225.253 51
Denver, Colo
'1.62044 •.71 16.66 7.91
227,049 69
228.670 13
Omaha, Neb_-_,
17.242 33 7.80 27.67 '7.19
238,279 49
221.037 16
Newark, N. J
Dallas, Tex
'227.700 82
6,909 19 3.03 18.93 5.27
234,610 01
1196.909 37
24,281 07 12.33 7.79 2.00
Seattle, Wash......
, 221.190 44
8.32983 4.60 2.01 9.17
New Orleans, La
180,936 62
189.266 15
7.48553 3.90 22.87'12.66
199.137 41
[191.651 88
Rochester, N. Y
36.41995 8.80 18.98'12.45
Des Moines, Is.... [203,078 10
186,658 15
127.508 87 14.88 16.27 4.21
Portland, Ore
184,932 34
1212,441 21
Louisville, Ky.
1182,964 92
t'163039 ".89 17.12 6.44
181,334 53
Columbus,0
171.367 95
6,500 92 3.79 15.91 7.70
177,868 87
Toledo,0
153,084 91
143.086 23 1119.998 68 6.99 19.49 '689
1 3,926 18 2.94 11.76 10.79
Richmond, Va
133.586 47
1137.512 65
5.15222 4.09 16.75 *4.90
Providence, 11. I
131.220 39
126,068 17
Memphis, Tenn
17.040 05 15.18 3.53 '8.01
'29,283 66
112.243 61
Hartford, Conn
17,797 37 6.25 12.43 .6.98
132.557 42
124.760 05
Houston, Tex_ _
3.529 05 3.48 '3.88 "3.32
105.069 76
101.540 71
Nashville, Tenn
120,655 61
110,536 04
10.019 57 9.06 4.99 1.40
Ft. Worth, Tex
95,698 01
150.969 51
*55,271 50'36.61 ___- -Syracuse, N. Y
115,578 45
108,866 83
6,711 62 6.17 15.93 '5.20
New Haven,Conn,
106.50042
96.314 53
10.185 89 10.58 5.58 2.86
Dayton, 0
112,901 29
110.118 56
2.782 73 2.53 15.24 '80
Ord. Rapids, Mich.
100.425 85
107,886 73
7.44088 7.43 18.03 8.67
Jersey City, N. J_
102,679 99
92.678 59
110,001 40 10.79 18.81 .19
Salt L. City, Utah
98,220 57
85.927 35
2.293 22 14.31 14.03 5.15
Springfield, Mass_
84,401 63
81.75606
2.645 57 3.24 14.64 .01
Akron, 0
103,417 54
98.086 93
5.32061 5.43 35.85'32.74
Worcester, Mass
82,264 84
81.547 60
U 717 24 .88 22.32 "6.07
Jacksonville, Fla
63,078 09
58.831 66
4,246 43 7.22 13.46 *2.33
Total
323,802,032 07 822,230,665 15 31,571.366 92 7.07 12.24 ..19
*Decrease.
Per Cent of Increase.
-March 1923 over March 1922, 14.77%; April 1923 over
April 1922, 10.01%; May 1923 over May 1922, 11.29%.
Since the last figures published by relative - to postal
Daily Average Production.
receipts for the fifty selected cities were those for April
In Barrels
-July 14 '23 July 7 '23 June 30'23 July 15 '22
we
Oklahoma
503.850
408.000 (these were given in our issue of May 12, p. 2066),
495.700
506.550
Kansas
, 84.650
84.600 append here the Department's statement of June 6 relative
84.800
84.700
North Texas
49.300 to the showing
75.550
74.050
77.700
for May:
Central Texas
175.250
129.950
165,500
145.450
No let-up is discernible in the enormous business that is flooding the
North Louisiana
62,500
94.650
65,100
64.100
Arkansas
122.500
32,550 American postal system. The fifty selected cities reported a gain for
141,300
153.850
turn had
Gulf Coast
102.150
98.150
102.150 the month of May 1923 of 11.29% over May 1922, which in
100.850
113.000
Eastern
112.000
116.500 reported a gain of 14.42% over May 1921, making a gain of nearly 26%
112.000
Wyoming and Montana
131,300
86.750 In the May business since 1921. May receipts at the fifty cities for 1923
127.550
135.150
California
868,000
835,000
370,000 aggregated 824.901.691 15, as compared with $22.374.004 60 for May
830,000
1922. and 319.503,793 38 for May 1921. Los Angeles, Calif.. headed
2,238,750 2,100,150 2.210,350 1,474.450 the fifty cities with the largest gain, amounting to 26.71%. Other large
Total
gains and the rank of the cities in percentage were:
17.55%
2. New Haven,
22.83% 8. Nashville. Tenn
Receipts for Fifty Selected Cities for May, 3. Detroit, Mich Conn
Postal
17.16%
22.44% 9. Akron, Ohio
Ohio
4. Indianapolis, Ind
16.72%
21.35% 10. Columbus,
June, and the Fiscal Year.
5. Rochester, N. Y
16.27%
20.15% 11. Springfield. Mass
The fiscal year just ended saw the largest increase in postal 6. Richmond, Va
16.22%
17.88% 12. Jersey City, N. J
17.82%
- 7. Buffalo, N.Y
receipts-based on returns from the fifty selected cities
The only one of the fifty cities to report a decrease was Fort.Worth,
ever recorded in the postal service for a year in which there
Texas, which, for
has been outstanding in the amount of
were no changes in postage rates, says the Post Office increases reported the past year first place nearly_every_montkouttof
and ranking in
Department under date of July 6, its advices further stating: twelve.
264
[VOL. 117.
THE CHRONICLE
The largest increase in May in dollars and cents was reported by Chicago.
In the export trade railroad inquiry is more active. South America
It was $541,419 50. New York was second with $381.591 21; Los Angeles, and India want about 11.000 freight cars. Colombia has
placed 3.000
Calif., third with $120,219 84; St. Louis, Mo., fourth with $116,424 04, tons of rails with the Alabama mill.
and Detroit, Mica., fifth with 8116.153 63. Tabulated figures follow:
Japan has added 10,000 tons to the considerable list of its rail purchases
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES in the United States this year. More orders are yet to come for Japan's
extensive track-standardizing program.
FOR THE MONTH OF MAY 1923.
P.C. P.C. P.C.
European mills have made the lowest bids on Japanese rails lately
1923 1922 1921 but their deliveries are uncertain. However, Japan is buying freely of
Over Over Over
May 1923.
OfficesMay 1922.
Increase. 1922. 1921. 1920. other forms of steel from Continental mills at advancing prices.
New York, N.Y.. $5,018,725 77 $4,637,134 56 $381,591 21 8.23 12.89 *4.26
In the Ruhr only 21 blast furnaces are now active against 32 on June 1
Chicago, III
4,325,43868 3,784,019 16
541,419 50 14.31 7.91 6.26 and 85 in January. The French have seized further steel works. In
Philadelphia, Pa
1,410,537 19 1,332,031 36
78.505 83 5.89 15.28'13.25 France De Wendel & Co. are reported to have
taken a 25,000
-ton rail
Boston, Mass
1,155,945 86 1,061,432 25
94,513 61 8.91 15.63 *3.84
936,459 20
St. Louis, Mo
820,035 16
116,424 04 14.19 20.84 *1.18 order for the United Kingdom.
Kansas City. MO..
651.250 20
608,196 89
43,053 31 7.08 23.80 2.47
The "Iron Age" pig-Iron composite price for this week is $25 86 per
Cleveland. 0
637,901 32
580,698 77
57,202 55 9.85 19.87'11.90 gross ton. This is $5 below the high point reached in March and 18c.
San Francisco, Cal
581,914 15
520,389 19
61,524 96 11.82 15.30 5.62
below the figure for last weak.
Brooklyn, N. Y
563,382 45
527,846 72
35,535 73 6.73 24.10 '5.86
Detroit. Mich
As for the past ten weeks, the "Iron Age" composite price for the seven
633,594 75
517,441 12
116,153 63 22.44 15.99'14.33
Pittsburgh, Pa
534,517 80
412,661 89
61,855 91 13.08 16.67 '7.45 leading forms of finished steel stands at 2.789c. per pound, as against
Los Angeles, Cal
570,368 14
450,148 30
120,219 84 26.71 21.93 17.22 2.446c. on Jan. 1 and 2.169c. in mid-July last year.
Minneapolis, Minn
523,323 94
458,731 11
64,592 83 14.08 21.27 8.26
Cincinnati,0
488.945 02
431,528 19
57,416 83 13.30 14.12 '1.50
Composite Price July 17 1923, Finished Steel, 2.789c. per Pound.
Baltimore, Md
429.899 55
396,690 25
33,209 30 8.37 15.13 3.73
Washington, D. C
346,623 52
317,799 51
2.789c.
28,824 01 9.07 6.50 6.33 Based on prices of steel bars, beams, tankiJuly 10 1923
Buffalo, N. Y.._ _
351,61269
298,424 67
plates, plain wire, open-hearth rails,{June 19 1923
.53,18802 17.82 19.77'14.23
Milwaukee, Wis._
355,595 91
331,126 86
24,469 05 7.39 22.17 6.58
black pipe and black sheets
IJuly 18 1922
2.169c.
Indianapolis, Ind_
329,402 32
271,454 91
57,947 41 21.35 17.34 1.90
110
-year pre-war average_1.689c.
St. Pau. Minn
304,587 91
267,220 58
37,347 33 13.97 17.76 14.09
Atlanta, Ga
280,63061
244,947 96
35.682 65 14.57 11.67 .94
These products constitute 88% of the United States output of finished
Denver, Colo
258,540 42
232,780 46
23,759 96 10.21 23.84 *1.99 steel.
Omaha, Neb
237,896 27
216,267 02
21,629 25 10.00 21.63 *3.89
Composite Price, July 17 1923, Pig Iron, $25 86 per Gross Ton.
Newark, N.I
249,25350
220,173 81
29,081 69 13.21 13.50 3.52
Dallas, Tea
226,962 59
197,852 17
29,110 42 14.71 16.08 *6.92 Based on average of basic and foundry(July 10 1923
$26 04
Seattle. Wash
214,712 90
187,255 49
27,457 41 14.66 12.32 *4.75
irons, the basic being Valley quotation. June 19 1923
28 21
New Orleans, La...
197,963 24
179,565 07
18,398 17 10.24 7.26 *1.07
the foundry an average of Chicago, Phil- July 18 1922
Rochester, N. Y
221,092 48
23 61
184,005 49
37,086 99 20.15 14.38 6.53
Des Moines.Iowa215,252 23
delphia and Birmingham
192,026 91
23,225 32 12.09 23.46 *8.88
110 year pre-war average- 15 72
Portland, Oregon_
207,119 32
181,812 65
25,30667 13.92 13.67 1.89
Louisville, Ky
194,321 39
4,96226 2.62 32.44 4.06
189,359 13
Columbus,0
194,317 57
166.495 83
27,821 74 16.72 15.39 1.18
Toledo,0
160,847 87
140,358 78
20,289 09 14.45 17.25'12.37
Portland Cement Output in June.
Richmond, Va
147.736 48
125,320 18
22,416 30 17.88 5.23 9.83
Providence, R.I
138,672 21
125,520 84
The production of Portland cement during June 1923 is
13,151 37 10.48 10.09 *2.47
Memphis, Tenn._
149,239 72
137,506 18
11,733 54 8.53 14.53 .89
Hartford, Conn__.
131,348 70
116,316 10
15,032 60 12.92 5.60 1.74 estimated at 12,382,000 barrels, as compared with 11,245,000
Houston, Tex
120,141 27
113,591 83
8,54944 5.77 11.84 '3.75
June 1922; the shipments for the month of June this year
Nashville, Tenn
122,21427
103,973 11
18,241 16 17.55 6.83 *2.00 in
Fort Worth,Tex
110.194 50
150,965 39
*40,770 89' 27.02
'
1
were 13,307,000 barrels, as against 13,470,000 in the same
Syracuse, N. Y
112.781 01
104,171 85
8,609 16 8.27 13.22 *2.23
New Haven, Conn
96.36423
118,357 88
22,06365 22.83 10.85 9.20 month last year, and the stocks at the end of June the presDayton, 0
110,541 34
108,773 79
1,767 55 1.63 27.56 *4.01
Gr. Rapids, Mich_
107,544 03
97,782 92
9.781 11 10.01 18.73 12.36 ent year are given as 9,219,000, as compared with 10,718,000
Jersey City, N.J._
103,264 62
88,850 46
14.414 16 16.22 6.95 2.68 in June 1922. These figures are made public as follows by
S. L. City, Utah
84.89248
82.120 18
2,77230 3.38 10.65 7.04
Springfield, Mass..
92,930 77
79,929 43
13.001 34 16.27 8.76 *5.02 the Department of the Interior:
Akron, 0
96,523 77
82,383 35
14,140 42 17.16 1
..22'20.03
Worcester. Mass__
83,227 18
83,017 23
20995 .25 19.82 *7.36
The statistics shown in the following tables issued by the Department
Jacksonville, Fla__
65,362 18
60,535 31
4,82687 7.97 20.12 *1.16 of the Interior, and prepared under the direction of Ernest F. Burchard
of the Geological Survey, are based mainly on reports of producers of
Total
$24,901,691 15 822,375,004 60 $2.526.686 55 11.29 14.42 *1.42
Per Cent of Increase.
-Feb. 1923 over Feb. 1922, 13.18%; March 1923 over portland cement, but in part on estimates. The estimates for June 1923
March 1922. 14.77%; April 1923 over April 1922, 10.01%.
were made necessary by the lack of returns from three producers.
I
Iron and Steel Market Conditions.
Pig iron production is likely to be sharply reduced within
the next 30 days and steel output will also decline, states
the "Iron Age" of this city, in its weekly report issued
July 19. The eight
-hour day will be put into effect by
several organizations, although it will take some time to
complete arrangements. Costs will thereby be increased,
but this fact has not yet affected the market. The "Iron
Age" report follows:
A sharp reduction in pig-iron output is promised in the next 30 days,
with a relatively smaller decline in steel production. Thus far definite
evidence of a falling off in actual consumption of steel has been lacking,
but the reduction of order book totals goes on, while buying at to-day's
higher prices is carefully limited.
A canvass made by Cleveland ore producers indicates that about 30
blast furnaces are likely to go out before the middle of August. Some
of them have already piled large amounts of iron.
The Steel Corporation, which appraently took on less new business
than the independents in June, being unable then to promise deliveries,
has averaged 6,000 tons a day more in orders this month than in the first
half of June. Some other producers have not done so well and are nearer
to the time when fresh tonnages will be needed.
The fact that consumers are taking deliveries so fully under their contracts, some cases being still reported, particularly at Chicago, in which
the mills are being pressed for steel, has helped producers to hold prices.
Efforts are being made to buy bars at less than 4.20c. and plates and
shapes under 2.50c.. but on these key products now business is still done
at the prices named.
An expectation of lower prices is plainly governing the policy of many
buyers, but meanwhile there are indications that stocks in consumers'
hands are on a smaller scale than in April, when the peak in steel production
was reached.
Preparations for the change from the 12-hour to the 10
-hour and 8
-hour
day in steel works are under way in several organizations, and substantial
by the year-end. Increased cast is concedod, but
progress is expected
does not figure as yet as a market factor. Buyers recognize that when
the steel works labor supply shows a material increase steel will also be
more plentiful than it is to-day.
Railroad consumption of steel holds up and the roads expect to buy
more cars, but look for lower prices later in the year. The falling off
in new building contracts is still a factor, but July Is rather more than
meeting expectations. In the automobile industry the plans of the makers
show much more confidence for tho remainder of the year than the prophecies from the outside.
The week's structural awards amounted to about 16,000 tons, the
largest being for 4,500 tons for a generating station at St. Paul. Inquiries
represent about 15,000 tons and include 10,500 tons for tank work and
2,800 tons for a New York pier.
Returns from 152 fabricating firms show 112.000 tons booked in June,
or about .50% of capacity. At the same rate for non-reporting firms, the
June total was 127,500 tons, against 145.000 tons in May and 202,000
tons in April.
Some increase in the available supply of semi-finished steel is noted and
a sale of slabs has been made at $40 by an Ohio mill.
A slight increase of interest has been shown in the pig-iron market.
but there have been further price recessions in several centres, particularly
in eastern Pennsylvania, where the decline is from 50c. to $1. Quotations on foreign iron are also down in harmony with tho domestic market.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS,IN JUNE 1922 AND 1923, AND STOCKS
IN MAY 1923, IN BARRELS.
Production.
Eastern Pa.,
N. J. & Md..
New York- - Ohio, West.Pa.
and W. va___
Michigan
Ill., Ind.& Ky.
Va.,Tenn.,Ala.
and Ga
East. Mo. Ia.
.
and Minn_ _ _
West.Mo.,Neb.,
Kan. & Okla.
Texas
Colo. & Utah_
California
Ore.. Wash.
and Mont
Shipments.
June
Commercia
District.
June
Stock.,
at End of
June
1
1922.42 i 1923.
1922.
-
1922.
1923.
1923.
2,827,000 3,155,000 3,219,0001 3,415,000 3,165,
539,000 648,000
584, ' 676,030
am
,
Stouts
at ead
of
May
1923.6
3,082,000 3,342,000
730,000
759,003
1,092,000 1,263,000 1,335,00 1,359,000 1,1B4O00 915,000 1,011,000
717,000 747,000
686,0
903,000 863,000
433,000
549,000
1,851,000 1,867,000 2,571,000 2,093,000 1,639,00
529,000
755,000
I
544,000 647,000
192,000
334
208,000
609,000 663,000
I
1,238,000 1,224,000 1,701,000 1,447,000 1,238,
1,299,000 1,622,000
806,000 865,000
275,000 334,000
243,000 276,000
762,000 1,021,000
862,0001 768,000
330,000 368,000
230,00d 276,000
746,000 1,000,000
798,
236,00
177,
275,
1,027,000
201,000
178,01
157,000
929,000
235,000
178,000
136,000
351,000 334,000
380,0001 379,000
319,
520,000
476,000
Total
11,245,000 12,382,000 13,470,000I 13,307,000 10,718,
9,219,000 10,144,000
a Revised.
Stocks of clinker, or unground cement,at the mills at the end of June 1923
amounted to about 4,154,000 barrels, compared with 4,470,000 barrels
(revised) at the beginning of the month.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS IN 1922 AND 1923, IN BARRELS.
Produaton.
Month.
1922.
I
1923.
January -- a4,291,000; 7.704,0
February - 4,278,000' 8.08.5,
March-___ 6.685.0001 9.880.
Shipments.
1922.
Stocks at End of Month.
1923.
1922.a I 1923.
02,931,000 5,419,000 13,316,000a11,470.000
3,285,000 5,963,000 1,4142,000 a13,502.000
7,002,000 10.326,000 13,848,000 a13,045,000
1st quer. 15,254,000 25,669,
April
May
JUDO
26
guar.
13,218,000 21,708,
9,243,000 11,359,000 8,592,000 12,954,000 14,470,000all.46a,000
11,176,000; 12,910.000 12,749,000 14,257,000 12,893,000010,144,000
11,245.000 12,382,000 13.470,00 13,307.000 10,718,000 9,219,000
31,664,000 36.651,000 34,811,000 40,518,000
11,557,
July
0001
11,6644
August
September 11,424,000,
13,850,000
14,381,000
12,444,000
3d quar. 34,645.000i
40,655,00a
October._ 12,287,000
November 11,349.000
December_ 8,671,000
12,854,0001
10,167,000
4,858,000
4th guar. 32,307.000;
Prelimin'Y
total__-_ 113,870,0001
Amt.of un919.984,
derest-
8,433.000
5,746,000
4,724,000
116.563,000
4,149.000
5.320,000
9,287,038
27,879,000
1,138,216
Final total 114,789.9841
117.701,216
a Revised,
The Bureau of Foreign and Domestic Commerce of the Department of
Commerce reports that the imports of hydraulic cement in May 1923
amounted to 88,480 barrels, valued at $162,877. The total importalin
1922 amounted to 323,823 barrels, valued at $828.846. The imPerts!in
JULY 21 1923.)
May were: From Quebec and Ontario Provinces, Canada, 35,304 barrels;
Norway, 29,948 barrels; Belgium, 12.415 barrels; Germany, 6,952 barrels;
Sweden, 2,526 barrels; other countries, 1,335 barrels. The imports were
received in the following districts: Florida, 23,192 barrels; Vermont, 13,154
barrels; Georgia, 12,403 barrels; New Orleans, 12,350 barrels; St. Lawrence,
10,527 barrels; Buffalo. 8,871 barrels; Los Angeles, 2,526 barrels; Rochester.
2.109 barrels; other districts, 3,348 barrels.
The exports of hydraulic cement in May 1923 were 103.634 barrels,
valued at $355,299, of which was sent to Cuba 43.873 barrels; to the other
West Indies, 4.731 barrels; South America, 37,226 barrels; Mexico, 7,821
barrels; Central America, 5,370 barrels; Canada. 1.634 barrels, and to other
countries, 2.979 barrels. The total exports of hydraulic cement in 1922
were 1,127,845 barrels, valued at $3,206,201.
The statistics of imports and exports of hydraulic cement in June 1923
are not available.
IMPORTS AND EXPORTS OF HYDRAULIC CEMENT, BY
MONTHS, IN 1922 AND 1923, IN BARRELS.a
Bruer
Imports
1923.
1922.
1922.
1923.
Month73,169
686
70,725
71,
17,039
January
88,624
82.421
20.
529
5,157
February
98,861
521
103,556
66,
March
1,597
85,662
75,412
April
416
76,
10,855
103,634
May
100,068
480
88.
2,524
(b)
96,263
June
(b
14,198
119,491
July
957
105.156
August
56.757
78,615
Zoptember
c42,641
80.402
October
d65,228
108,798
61.010
November
106,938
45,860
December
323,823
1,127,845
Domestic Commerce. b Imports and exports in June 1923 not available. c Covers
imports -Sept. 22-30 included with October. d Includes
period Sept. 1-21;
Imports period Sept. 22,30.
a Compiled from records of the Bureau of Foreign and
Trade-Current Production and Market
Conditions.
Bituminous coal production fell off about 1,695,000 tons
during the week ended June 7 owing to the observance of
Independence Day on Wednesday and the lessened production of the day following. The total production for the
week was 8,763,000 tons, compared with 10,609,000 tons
-day week, howthe preceding week. On the basis of a 5
ever, the daily average output was about the same as the
week ended June 30, according to the July 14 figures compiled by the United States Geological Survey. Anthracite
production decreased to about three-fourths of the average
for recent weeks, for the same reasons. The usual detailed
report of the Geological Survey states further facts as
follows:
The
Coal
Mining of softcoal came to a standstill on July 4 and the production on
the following day was somewhat less than the average of recent Thursdays.
Consequently, the total production, including mine fuel, local sales, and
coal coked, during the week ended July 7 decreased to 8,763,000 net tons,
which was 1,695,000 tons leas than the revised figure for the week preceding.
-day week, the daily average output was about the same
On the basis of a 5
as In preceding weeks.
Early returns on car loadings in the present week (July 9-14) indicate
that the total output this week will be in the neighborhood of 10,500.000
tons. The rate of production has been practically stationary during the
past six weeks.
Estimated United States Production of Bituminous Coal, Including Coal Coked
(in Net Tons).
1923
1922
Cal Year
Cal. Year
Week.
to Date.
Week.
to Date.
10,422,000 262,814,000 5.363,000 182,624,000
June 23
Daily average
1,737,000
1,776.000
894,000 1,230.000
June 30a
10,458.000 273,272.000 5,226,000 187.850,000
Daily average
1.743,000
1,774,000
871,000 1,216,000
July 7b
8,763.000 282,035,000 3.678,000 191,528,000
Daily average
1,753,000 1,774.000
736,000 1.201.000
a Revised since last report. b Subject to revision. Five-day week.
Production during the first 159 working days of 1923 was 282,035,000
net tons. During the corresponding periods of the six years pi eceding it
was as follows (in net tons);
Years of ActivityYears of Depression
1917
226,625,000
283.752,000 1919
1918
207,196,000
293.176.000 1921
1920
274,121,000 1922
Thus it is seen from the viewpoint of soft coal production 1923 stands
slightly behind of the average for the three years of industrial activity and
35% ahead of that for the three years of depression.
Anthracite.
Complete shut down on Independence Day together with diminished
rate of production on other days reduced the anthracite output in the
week ended July 7 to about three-fourths of the average for recent weeks.
On the basis of 30,214 cars reported loaded by the nine principal anthracite
carriers, the total production, including mine fuel, local sales, and the
output of washeries and dredges, is estimated at 1.580,000 net tons. Early
returns indicate that production in the present week (July 9-14) was started
at a rate which would yield about 2,980,000 net tons.
Estimated United States Production of Anthracite (Net Tons).
1923
1922
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.
2,042,000 49.287,000
June 23
24,000 23.300,000
2.105.000 51,169.000
June 30
25,000 23,325,000
1,580,000 52,749.000
23,000 23.348,000
July 7
Estimates based on revised reports of shipments place the total anthracite
output in June at 8,665,000 net tons. Comparison with the output in the
corresponding month of the 9 years preceding shows that in June 1917
and 1918 only was this figure exceeded. During those years the producties
of coal was stimulated by the demands of war-time activities. The cumu-
265
T Ei b, CHRONICLE
lative production for the first six months of the present calendar year stands
at 51,169,000 net tons, a new high record for such period, and 14% greater
than the average for the corresponding periods of the 8 years 1914 to 1921.
Production of Anthracite in June and Cumulative Production in First Six
Months of Last Ten Years (Net Tons).
Total
Total
June. Jan.1-June 30.
YearYearJune. Jan.1-June 30.
39,924.000
7.404,000
43,782,000 1919
1914
8,147,000
44,382,000
8,251,000
42,383,000 1920
1915
7.157,000
47,149,000
8.071.000
43,443,000 1921
1916
7,327,000
22.840,000
84,000
1922
48,644,000
1917a
9,103,000
51,169,000
8,665.000
1918a
50,092,000 1923
8.855,000
a Years of very large washery production.
Beehive Coke Production for Week and Cumulative Production for Year to Date.
On account of the holiday, production of beehive coke in the week ended
July 7 was less than in the week preceding, but the total output for the
week indicates a relatively higher rate of production during the short
running time. On the basis of the number of cars loaded on the principal
coke carrying railroads, the total output is estimated at 372,000 net tons.
The Connellsville "Courier" reports production in the Connellsville
district as 276.400 tons and attributes the decrease of 304,220 tons from
the week preceding to the holiday. The "Courier" also records a net
decrease from 521 ovens in blast at the end of the week.
Estimated Production of Beehive Coke (Net Tons).
Week ended
1922
1923
July 7 June 30 July 8
to Date.
to Date.
a 1923. b 1923. 1922.
Pennsylvania and Ohio_307,000 323.000 64,000 8,391,000 2.552,000
204,000
612,000
20.000 22.000 6,000
West Virginia
Alabama, Kentucky,
212.000
633.000
Tennessee & Georgia_ 17,000 20,000 8,000
155,000
434,000
16,000 5,000
15,000
Virginia
91.000
2?1,000
10.000 6,000
Colorado & New Mexico 8,000
97,000
150,000
5,000
8,000 5,000
Washington and Utah
United States total_ _372,000 399,000 94,000 10,441,000 3,311,000
Daily average
74,000
80,000 19.000
65,000
21.000
a Subject to revision. b Revised from last report.
The cumulative output of beehive coke during the present year to date
stands at 10,441,000 net tons. Production during the corresponding
periods for the four years preceding was as follows (also in net tons):
11.267,000
3,311,00011920
1922
10,098,000
3.432,00011919
1921
show that the coke production during 1923 to date is 216%
The records
ahead of 1922, 204% ahead of 1921, 3% ahead of 1919, and 8% behind
1920, the year of maximum output.
Production of By-Product Coke in June.
The production of by-product coke decline slightly during June, but
continued at a rate well in excess of the average monthly rate for any
year on record. The total output was 3,166.000 net tons, a decrease
from the figure for May of 4.9%. Comparison with June 1922. when
there was an extraordinary demand for by-product coke to fill in the gap
In beehive coke production caused by the strike in the Connellsville region,
discloses an increase of 586,000 tons. or 28%. The average daily output
In June was 104,524 tons, a decrease of 1.7% from the month preceding.
Of the 69 by-product plants, 63 were active and 6 were idle. The output
of the plants that were active in June was 87.6% of the estimated capacity
of all by-product plants to produce coke.
The production of beehive coke also declined during June and the
estimated total output was 1,755.000 tons, against 1,829.000 tons in May.
Thus it is seen that the present rate of output of beehive coke is about
four times that in 1921 and nearly three times that in 1922. and is about
the same as that in the years 1919 and 1920.
Monthly Output of By-Product and Beehive Coke in the United States. a
(Net Tons).
Total.
Beehive Coke.
By-Product Coke.
4,634,000
2,764.000
1,370,000
1917 monthly average
4,706.000
2,540,000
2,166,000
1918 monthly average
3,733.000
1,638,000
2,095,000
1919 monthly average
4.313,000
1.748,000
2,565,000
1920 monthly average
2.108,000
462,000'
1,646.000
1921 monthly average
3.043.000
669,000
2.374.000
1922 monthly average
4.982,000
1,776,000
3.206.000
April 1923
5.157,000
1,829,000
3,328.000
May 1923
4,921.000
1.755.000
3,166,000
June 1923
a Excludes screenings and breeze.
Unfavorable conditions for sellers were noted in the market
during the week of July 14, according to the "Coal Trade
Journal's" weekly review of market conditions. Demand
was lighter and prices accordingly eased off. The "Journal"
in its July 18 issue reported as follows:
Immediate developments in the bituminous coal markets of the country
last week were unfavorable to the sellers of fuel. As a whole the price
situation was easier, demand was lighter, and many mines which had used
Independence Day as an excuse for suspending operations failed to reopen.
Many see in the present lessened rate of production a menace to the consumer who has not covered his requirements. If he sees the situation in the
same light, he declines to act upon it.
Alibough the general level of spot quotations during the past week was
downward, with readjustments of contract bases on smokeless mine-run in
the West more than offsetting the curren:. Increases in open market figures
at tidewater. there-is a feeling that an undertone ot strength lain the process
of development and that tbe next general swing will be upward. It is
pointed out that lack of demand has carried the general level so low that
many mines are down and that many others are weary of the price struggle,
and will not pusn for tonnage until a more profitable basis of operations is
possible.
Comparing spot figures as a whole with those in effezt the preceding week
changes are shown in 52.5% of the quotations. Of these changes 62.8%
represent reductions ranging from five cents to $1 50 and averaging 24.7
cents per ton. The advances ranged from five to 50 cents and averaged
21 cents. The straight average minimum on the bituminous coals quoted
below was $1 96, 7 cents under the minimum for the week ended July 7,
and the straight average maximum. $2 38, was 6 cents less. A year ago
the averages were $4 08 and $4 79, respectively.
Lake business continues to keep above the 1.000.000-ton mark. During
the week ended at 7 a. m. July 9 there were 1,032,673 tons dumped at the
lower Lake ports. bringing the total for the season to 10.778.638. as compared with 10,765,847 tons in 1921. During the week ended last Saturday
266
THE CHRONICLE
[VOL. 117.
the docks at the Head of the Lakes unloaded 50 vessels with a total cargo
approximating 450.000 tons. Stocks as of July 10 were estimated at
3.175.000 tons.
The anthracite negotiations on wages have quickened interest and intensdfled the pressure for deliveries. There is little opportunity for Eastern
retailers to accumulate stocks, and the cry goes up from many quarters
that receipts are insufficient. Independent prices remain at high levels.
Lake shipments from Buffalo last week Approximated 108,000 tons. Rec.( lists at the Head of the Lakes during the same period were app.oximately
68.000 tons. Stocks on hand at the upper ports were estimated at 225,000
tons as of July 10.
The easier tone of the coke market for several weeks past is reflected In
June production figures, which totaled 4.921.000 net tons, as compared with
5.157.000 tons in May and 4,982.000 tons in April. By-product output
was 3,166,000 tons as compared with 3,328,000 in May and 3,206,000
in April.
Census Report on Cotton Consumed and on Hand, also
Active Spindles, and Exports and Imports.
Under date of July 14 1923 the Census Board issued its
regular preliminary report showing cotton consumed., cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of June 1922 and 1923 and the eleven
months ending with June. Cotton consumed amounted to
542,166 bales of lint and 49,635 of linters, compared with
336,981 bales of lint and 57,817 of linters in June last year,
and 620,965 of lint and 54,728 of linters in May this year, the
Bureau announced. The statistics of cotton in this report
are given in running bales, counting round as half bales, exConsumption of soft coal declines following the slowing cept foreign bales, which are
in equivalent 500-lb. bales.
down of iron, steel and textile industries. Prices fluctuate COTTON CONSUMED AND ON
HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
but on the whole maintain a fairly uniform level, according
(Linters Not Included.)
to the "Coal Age" weekly report on market conditions. The
review goes on to give details as follows:
Cotton Consumed
Cotton on Hand
Cotton
The mines are grinding out a steady flow of 10,500.000 tons of soft coal
with little or no effort and around two million tons of hard coal a week with
considerable effort. Buyers of hard coal—that is, the retail dealers and
householders—are wondering why all this push and fervor of the "buyyour-coal-now" movement that is coming from Washington. when they
can't get the coal they ordered six weeks ago. What the railroads and the
officials at Washington are talking about, however, is soft coal, and what
they are endeavoring to do is to get the country to take in during the summer
months and put on the ground around their manufacturing plants and railroad yards a part of the soft coal that they will need next winter. The
railroads say that they will be so busy hauling farm products next autumn
,
that they will have to shove soft coal off the rails for a while, and they do
not want the operators to be crying "car shortage" at them as the price goes
up. Buying of anthracite for household is ahead of production, and this
market needs no urging.
There has been a perceptible decline in soft coal consumption following
the slowing up of operations In iron and steel and textile industries. Railroads, public utilities and industries continue to add to their reserve stocks,
and there is much quiet buying of spot coal. Prices are fluctuating from
week to week but on the average they are maintaining a fairly uniform level.
"Coal Age" index gained one point last week, an increase in the average
price of 2c. per ton raising the index to 198 on July 16. Of fourteen coals
entering into this average, eight showed gains of from one to 13c., and two
dropped in price, while the remainder held firm.
Production of bituminous coal during the week ended July 7 was affected
by the holiday and the day following to such an extent that for the first
time in several weeks it fell below 10,000,000 not tons. Anthracite production during the same week was about three-quarters of that for recent weeks.
Trading in the Middle West is slow. There is no demand and "no bills"
seem to be the rule at nearly all mines. Along the Atlantic seaboard buying is slow. There is no demand for spot coal but high-grade coals on contract are moving well. In New England stocks are largo as compared with
other seasons and buyers are hard to find.
The export market improved slightly last week. There were some inquiries for definite orders, most of the coal going to Dutch ports. A couple
of inquiries were reported from South American points. During the first
week in July 60,655 tons of cargo and bunker coat left Baltimore, as compared with 93,846 tons in the last week in June.
In some sections the movement of domestic sizes of anthracite is easier
but the demand continues strong. Consumers are watching developments
In the anthracite situation and are urging deliveries from the retail dealers.
There were dumped for all accounts at Hampton Roads during the week
ended July 12 348,130 net tons of coal, as compared with 333,870 net
tons during the previous week.
Lake dumpings for the present season are slightly ahead of the corresponding period for the 1921 season, when there was a heavy movement up the
Lakes during the early part of the season. During June 1,873,607 not
tons of soft coal and 224.477 net tons of anthracite were landed at DuluthSuperior. as compared with 1,626,628 tons and 205,716 tons, respectively,
in May.
(Bales) During—
Locality.
Year
Jung.
June 30 (Bales)—
Spindles
Active
Eleven
in
. in Public During
Months Consuming Storage and
June
ending
Establish- at Corn- (Number).
June 30. ment.l.x
presses.x
United States
1923 *542.166 *6,201,135 *1,345.066 *1,232,888 34,843,421
United States
509.219 5,451,818 1,330,003 1,953,478 31,882,542
1922
Cotton growing States 1923
350.967 3.940,344
708.602
941,340 16,009,615
Cotton growing States 1922' 336,981, 3,425,101
613.729 1,504,914 15,546,977
All other States
i 19'23' 191,199 2.262,791
636,464
291,548 18,833,808
All other States
'1922' 172,237 2,026,717
448,564 18,335,565
717.174
—x Stated In bales.
* Includes 22,506 Egyptian. 6,630 other foreign. 3,847 AmerIcan-Egyptlan and
411 sea island consumed; 93.389 Egyptian. 27.989 other foreign, 12,412 AmericanEgyptian and 3,021 sea Island In consuming establishments, and 68,757 Egyptian.
24.720 other foreign, 18,391 American-Egyptian and 4.115 sea island In pubdo
br en months' consumption, 244.256 Egyptian, 73,289 other foreign.
storage.
62,036 American-Egyptian and 5.887 sea Island.
Linters not ,ncluded above were 49,635 bales consumed during June 1923 and
57,817 bales in 1922: 145,285 bales on hand in consuming establishments on June 30
1923 and 151,402 bales In 1922, and 42,014 bales In public storage and at compresses
In 1923 and 76,386 bales In 1922. Linters consumed during the eleven months
ending June 30 amounted to 592,979 bales In 1923 and 583.531 bales In 1922.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton During(500-lb. bales)
Country of Production.
Egypt
Peru
China
Mexico
British India
Al other countries
Total
111 Mos. end. June 30.
June.
1923.
1
1923.
1922.
2.314
219
325,406
20.593
49,538
45,666
21,056
1,339
228,433
38,350
14,967
53,637
10,314
11,145
12,662
463,598
354,878
1922.
7.005
1.617
1,507
8.580,
430
3,480
249
2.567
61
13,367
Exports of Domestic Cotton and Linters During
(Running Bales)—
1923.
*United Kingdom
France
Italy
Germany
Other Europe
JnPan
All other countries
11 Mos. end. June 30.
June.
Country to Which Exported.
1922.
,
1923.
I
1932.
33.477, 158.030 1,275,225 1,675,082
727,036
55.818 623,344
33,620'
435,827
480.933
60.671
27.2481
852.140 1,376.180
49,7771 .103.077
665,758
62.473 611.431
15,980
765.972
610.006
31,411
41,205
297,044
239,479
21.599
13,545
Total
491.079 4,692,5.58 5,942.879
214,851
*Figures Include 1,902 bales of linters exported during June In 1923 and 12.678
bales In 1922 and 37,777 bales for the eleven months ending June 3010 1923 and 122,927 bales In 1922. The distribution for
ne 1923 follows: United Kingdom, 184:
France, 120; Germany, 1,329; other Europe, 138; Italy, none; other countries, 131.
Current Events and Discussions
The Week with the Federal Reserve-Banks.
Furthei liquidation—of $40,500,000 -in—discounted bills
.
and of $3,200,000 in acceptances purchased in open market,
together with a decline of $3,300,000 in Government security
holdings, is shown in the Federal Reserve Board's weekly
consolidated bank statement issued as at close of business
on July 18 1923, and which deals with the results for the
twelve Federal Reserve banks combined. These reductions
in earning assets were accompanied with a decline of $48,200,000 in Federal Reserve note circulation and of $7,200,000
in deposit liabilities. Total cash reserves increased by
$6,300,000, while the reserve ratio rose from 75.4 to 76.5%.
After noting these facts, the Federal_Reserve _Board proceeds as follows:
through the Gold Settlement Fund. Reserves other than gold increased
by $6,900,000. all Federal Reserve banks except San Francisco roportin
increases under this head. Federal Reserve note circulation declined in
all districts except Kansas City and Dallas, the aggregate Increase in these
two cases being only $600.000.
Holdings of paper secured by Government obligations declined further
during tho week from $419,900,000 to $408,500.000. Of the total hold on
July 18 $259,100,000. or 63.4%, was secured by U. S. bonds; $131,500,000.
or 32.2%. by Treasury notes, and $17,900.000, or 4.4%. by certificates of
indebtedness, compared with $240.500,000, $162,400.000 and $17,100,000
respectively, reported the week before.
The statement in full in comparison with preceding weeks
and with the corresponding date last year will/be found on
subsequent pages, namely, pages 302 and 303. A summary
of changes in the principal assets and liabilities of the Reserve
banks, as compared with a week and a year ago, follows:
Increase (-}-) or Decrease (—)
Since
July 111923, July 19 1922.
Substantially smaller holdings of discounted bills are reported by the Total reserves
+86.300,000 +$14,100,000
Federal Reserve banks of Boston, New York. Cleveland and San Francisco.
Gold reserves
—700,000
+54,400,000
—47.000.000
—47,400,000
the decline in the case of the New York Bank being the greatest and amount- Total earning assets
Discounted bills. total
—40.500,000 +362,400.000
Chicago, Richmond, St. Louis and Dallas
ing to $33.800,000. The banks at
Secured by U.S. Government obligations —11.400.000 +232,200,000
report increases aggregating $12,600,000, the increase in the case of ChiOther bills discounted
—29.100.000 +130.200,000
Purchased bills
cago being $3,900.000.
—3.200,01)0
+34.200,000
United States securities, total
—3,300.000 —443,900,000
Total gold reserves show a nominal decrease for the week of 3700.000.
Bonds and notes
—2,200.000 —109.900,000
Larger gold reserves are reported by all Federal Reserve banks except
U.S. certificates of indebtedness
—1.100,000 —334,000,01)0
Philadelphia. Cleveland, Richmond, Chicago and St. Louis, the increase Total deposits
—7.200.000
Members' reserve deposits
in the case of the Boston bank amounting to $10,400,000. The Federal
—25.400.000
+19,500,000
Government deposits
+18.700.000
Reserve banks of Chicago, Richmond and St. Louis report decreases of
—14,900.000
Other deposits
—500.000
—4,600,000
$10.900.000,$5,300.000 and $3.600.000. respectively, in their gold reserves, Federal Reserve notes in circulation
+84.100,000
these changes reflecting principally the movement of gold to other districts F. R. bank notes in circulation—not liability_ —48,200,000
—200.000
—64,800.000
JULY 21 1923.)
TB.E, CHRONICLE
267
more bills of exchange on the
arbitrage operations, involving three or
The Week with the Member Banks of the
original deal in Manila, even though the later operations actually take
place abroad each exchange operation must bear the tax. When you
Federal Reserve System.
Manila total about 500,000,000 pesos
consider that exchange
Aggregate reductions of $127,000,000 in loans, discounts a year, you can see thatoperations in
the Government gets about 100,000 pesos annually
and investments, accompanied with a decrease of $64,000,000 from this source alone.
Cheaper to Borrow Abroad.
in deposits and of $79,000,000 in accommodation at the
"I haven't the exact figures at hand, but I am willing to make the stateFederal Reserve banks, are shown in the Federal Reserve ment that during 1922, the six foreign banks operating in Manila paid more
Board's weekly consolidated statement of condition on to the Government in taxes than they were able to show as actual liquid
net profits of
July 11 of 773 member banks in leading cities. It should the year 1923. tneir own. The same thing will probably hold true for
be noted that the figures for these member banks are always
"Of course, a new bank here could throw in a huge amount of capital
a week behind those for the Federal Reserve banks them- and show a profit, but money can be employed to better advantage elsewhere. Unless the outlook for Philippine trade becomes much better, I
selves.
do not consider it justifiable or wise for any new banking institution to
Total loans and discounts show a reduction for the week open in Manila under the very large handicaps that must be encountered."
of $98,000,000. Loans on corporate securities decreased
Bank Situation.
The situation of all Manila banks on May 26, as reported by Ben F.
by $61,000,000, loans on Government securities by $16,000,000 and all other loans by $21,000,000. Investments Wright, special bank examiner, compares as follows with April 28: 28.
April
May 26.
for the week show a total decrease of $29,000,000,$18,000,000 Total loans, discounts and overdrafts_ ___P162,189,173
P169.357.905
15.649,004
16.575.320
in U. S. securities and $11,000,000 in holdings of other Total cash on hand
Total
110.765.853
113.080.365
bonds, stocks and securities. Total loans and discounts Debitsdeposits
30,611,300
to individual accounts
27.900,998
and investments of the New York City banks show a decrease
Treasury Report.
107,429.177
as Total circulation
108.350,485
of $56,000,000. Loans secured by corporate securities
39,827.586
60,827.286
reported by these banks decreased $52,000,000 and loans Cash currency reserves
on Government obligations $4,000,000, while all other loans
Text of British Debt Funding Agreement.
increased by $2,000,000. Holdings of Ti. S. securities show
As we indicated in our issue of a week ago (page 146),
a decrease of $2,000,000 And holdings of corporate securities the Treasury Department on July 9 made pulic copies of the
a nominal decrease. Further comment regarding the formal proposal of the British Government for the funding
changes shown by these member banks is as follows:
of the British
the United States as executed by
war det to
i
Government deposits of reporting membermember .nkl show a reduction of
deposits
a net
o ¶1Ining gr the British Ambassador June 18 1923; at the same time
i
New YorkCity :ank redustions
c ow
while,r
Government deposits and of $2.000.000 in net demand and dine deposits there was likewise made public by the Department the acare shown.
behalf of
Reserve balances of all reporting institutions show a decrease of $17.- ceptance thereof dated June 19 1923, executed in
000,000 and those of New York City members a decrease of $11,000,000. the United States by the Secretary of the Treasury a Chair()ash in vault increased by 1122.000.000, the New York City members
man of the World War Foreign Det Commission, with the
reporting an increase of $3.000.000 under this head.
Borrowings of the reporting institutions from the Federal Reserve banks
decreased from $644.000.000 to $565.000.000, or from 3.9 to 3.4% of their approval of the President, as well as the form of bond actotal loans and investments. For member banks in New York City a
decrease from $188.000.000 to $156,000.000 in borrowings from the Reserve tually executed and delivered on July 5 1923 by the Counselbank, or from 3.6 to 3% in the ratio of these borrowings to total loans and lor of the British Embassy at Washington. The debt fundinvestments, is noted.
tig:888:888:
On a subsequent page—that is, on page 303—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 and a year ago:
Increase (+) or Decrease (—)
ing terms arrived at during the conferences at Washington
of the World War Foreign Debt Commission and the British
Debt Funding Mission were indicated in our issue of Feb. 8
1923, page 461. The signing of the agreement was noted in
these columns June 23, page 2834, and on July 7; page 21, we
referred to the receipt by the Treasury Department on July
Since
5 of $4,600,000,000 aggregate principal amount of bonds of
July 3 1923.
July 12 1922
Loans and discounts, total
—$98.000,000 +$1.014,000.000 the United Kingdom issued pursuant to the proposal and the
Secured by U. S. Govt. obligations
—16,000.000
—30,000.000
Secured by stocks and bonds
—61.000,000
+282,000.000 cancellation and surrender to the British Government by the
All other
—21.000,000
+762,000,000 U. S. Treasury of demand obligations of Great Britain in
Investments, total
—29,000.000
+272,000.000
United States bonds
+3,000,000
+161,000,000 the principal amount of $4,074,818,358 44, in accordance
Treasury notes
—6.000,000
+388.000.000
Treasury certificates
—15.000,000
—137,000,000 with the provisions of the proposal and acceptance. The folOther stocks and bonds
—11.000,000
—140,000,000
Reserve balances with F. R. banks
—17,000,000
—14,000,000 lowing is the text of the proposal for the funding of the debt:
+22,000.000
Cash in vault
+9.000.000
PROPOSAL,
Government deposits
—48.000.000
+69.000,000
Net demand deposits
+28.000.000
+82,000,000 Dated the eighteenth day of June 1923, by His Brittanic Majesty's GovernTime deposits
+485,000,000
—79;0280
ment (hereinafter called Great Britain) to the Government of the
Total accommodation at F. R. banks___7
0
+423,000,000
United States of America (hereinafter called the United States) regarding the funding of the debt of Great Britain to the United States.
Whereas, Great Britain is indebted to the United States as of 15th DePhilippine Banks Beset With Taxes — Branch of
cember 1922 upon demand obligations in the principal amount pf $4,074,Chinese-American Bank of Commerce Taken Over
818,358 44, not including obligations in the principal amount of $61,000,000,
by International Banking Corporation.
representing advances deemed to have been made to cover purchases of silver
$30,500,000
Act of Congress approved 23rd April 1918, of
The Wall Street "Journal" of the 11th inst. reported the under therepaid in April and May 1928, and the balance which be repaid in
has been
is to
following from Manila:
1924 pursuant to an agreement already made between the parties, and Great
Local branch of Chinese-American Bank of Commerce has closed its Britain is further indebted to the United States, as of 15th December 1922
doors, the International Banking Corporation taking over all accounts and on account of interest accrued from 15th April and 15th May 1919,.on said
guaranteeing the deposits. Difficulty of conducting business under $4,074,818,358 44, principal amount of demand obligations:
And whereas, Great Britain has power under the War Loan Act, 1919 (9
existing Philippine laws, relating to taxation, was the reason given by
Vernor H. Petrie, Manager of the Chinese-American Bank branch, for and 10 Geo. 5, cap 37) to issue securities in exchange for maturing securidiscontinuing business in Manila. Branch was originally Manila establish- ties issued under the War Loan Acts, 1914 to 1918:
And Whereas, The demand obligations now held by the United States
ment of American Foreign Banking Corporation, opened in 1920. Later
Chinese-American Bank took over the American Foreign Banking Corpora- Treasury were so issued, and will become payable upon request of the United
tion's offices in the Far East.
States Treasury for their payment:
Asked as to details regarding the laws which he finds so obstructive to
Now, therefore, Great Britain proposes, in the exercise of the powers above
the banking business here, Mr. Petrie said: "Due to the laws in the recited and in consideration and in faith of the statements, conditions prem.
'
Philippines, I find by careful analysis that if you pay 2% interest in the mises and mutual covenants herein contained, to issue to the United States
United States and lend at 6%, you make more than If you pay 2% and in exchange for the demand obligations now held by the United States Treashere. This does not take into consideration the heavier over- ury, securities which shall be in their terms and conditions in accordance
lend at 9%
head in this country. where your foreign staff is much more expensive with the following provisions:
1. Amount of Indebtedness.
than at home.
"According to law, the reserve requirement on deposits is 20%, but
The total amount of indebtedness to be funded is $4,600,000,000, which
this must all be in Treasury (silver) certificates. However, the supply of has been computed as follows:
certificates is limited.
Principal amount of demand obligations to be funded____ $4,074,818,358 44
these
Taxes Are Many.
Interest accrued thereon from 15th April
and 15th May 1919, respectively, to
"As to taxation, to start with there is the tax of two-thirds of 1% on
15th December 1922 at the rate of
deposits. Then on all money we borrow from foreign banks, that is banks
41
$629,836,106 99
4% per annum
outside of the Philippine Islands. the law requires us to withhold by way
of income tar 3% of the amount we pay in interest to the foreign banks.
Less—Payments made by Great Britain on 16th October and 15th Nothe Government 3% on the net income of the bank.
Then we must pay
vember 1922 on account of interest,
"Another peculiar impost is the one-half of 1% capital tax, Which is
with interest thereon at 41 % per
4
computed on the basis of the ratio the local profits bear to those of the
annum from said dates, respectiveentire organization. Thus if the local branch makes $1 profit for every
100,526,379 69
to 15th December 1922
$10 of profit of the entire organization, we must pay one-half of 1% on
529,309,727 30
one-tenth of $5,000.000, the capital stock. If, on the other hand we.
of profit by the organization, we must pay
make $10 profit for every
Total principal and interest, accrued and unpaid,
one-half of 1% tax on $50,000,000. This tax can easily be reduced to an
as of 15th Decemer 1922
absurdity.
$4,604,128,085 74.
tax of 2 cents per $100 on all bills of exchange.
Paid in cash by Great Britain, 15th March 1923_
"Then there is a stamp
4,128,085 74
This is generally a double tax, being imposed upon the bills between the
bank and its customers and those between the bank and other banks. In Total indebtedness to be funded into bonds of Gt. Britain $4,600,000,000 00
THE CHRONICLE
268
2. Issue of Long-Time Obligations.
The securities, which it is proposed to issue at par as promptly as possible, shall be obligations in the principal amount of $4,600,000,000 in the
form of bonds to be dated 15th December 1922, maturing 15th December
1984, with interest payable semi-annually on 15th June and 15th December
in each year at the rate of 3% per annum from 15th December 1922 to 15th
December 1932, and thereafter at the rate of 3%% per annum until the
principal thereof shall have been repaid.
3. Method of Payment.
The bonds shall be payable as to both principal and interest in United
States gold coin of the present standard of weight and fineness, or its equivalent in gold bullion, or, at the option of Great Britain, upon not less than 30
days' advance notice indicating the minimum amount which it is contemplated to pay at next due date in gold, cash or available funds, in any bonds
of the United States issued or to be issued after 6th April 1917, to be taken at
par and accrued interest to the date of payment hereunder; provided, however, that Great Britain may at its option, upon not less than 90 days' advance notice, pay up to one-half of any interest accruing between 15th December 1922 and 15th December 1927 on any British bonds proposed to be
issued hereunder, in bonds of Great Britain, maturing 15th December 1984,
dated and bearing interest from the respective dates when the interest to be
paid thereby becomes due and substantially similar in other respects to the
original bonds proposed to be issued thereunder.
All payments to be made by Great Britain on account of the principal or
interest of any bonds proposed to be issued hereunder shall be made at the
Treasury of the United States in Washington or, at the option of the Secretary of the Treasury of the United States, at the Federal Reserve Bank of
New York and, if in cash, shall be made at the option of Great Britain in
gold coin of the United States or in gold bullion or in immediately available
funds (or, if in bonds of the United States, shall be in form acceptable to the
Secretary of the Treasury of the United States). Appropriate notation of all
payments on account of principal shall be made on the bonds proposed to be
issued hereunder which may be held by the United States; provided, however, that all payments in respect of any marketable obligations issued under
paragraph 9 of this proposal shall be made at the office of the fiscal agents
of the British Government in the City of New York.
4. Exemption Prom Taxation..
The principal and interest of all bonds issued or to be issued hereunder
.ball be exempt from all British taxation, present or future, so long as they
are in the beneficial ownership of the United States or of a person, firm, association, or corporation neither domiciled nor ordinarily resident in the
United Kingdom.
5. Ferns of Bonds.
All bonds proposed to be issued hereunder to the United States shall be
payable to the United States of America, or order, shall be issued, so far as
possible, in denominations of $4,600,000 each, and shall be substantially in
the form set forth in the exhibit annexed hereto, and marked "Exhibit A."
The bonds shall be signed for Great Britain by the Counsellor of His Britannic Majesty's Embassy at Washington.
6. Repayment of Principal.
To provide for the repayment of the total principal of the debt before
maturity of the $4,600,000,000 principal amount of bonds to be issued, it is
proposed that the bonds shall contain provisions the effect of which shall be
that Great Britain shall make to the United States payments, on account of
the original principal amount of the bonds to be issued in the amounts and
on the dates named In the following table:
Date—
Dec. 15 1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934,1
1935
.1
1936
1937
1938
1939
1940
1941
.1
1942
.•
1943
1.
1944
,1
1945
1,
1946
1947
1948
1949
1950
1951
1952
1953
1954
Annual Installments to be Paid
on Account of
Principal.
Date—
$23,000,000 Dec. 15 1955
23.000.000
" 1956
24,000.000
" 1957
25,000.000
" 1958
25.000.000
" 1959
27,000.000
" 1960
27.000,000
" 1961
28,000,000
" 1962
" 1963
28.000,000
30,000,000
" 1964
" 1965
32.000,000
" 1966
32.000,000
32,000.000
" 1967
32.000,000
" 1968
37,000.000
" 1969
37.000,000
" 1970
37,000,000
1971
.12,000,000
1972
42.000,000
1973
42,000.000
1974
42,000,000
" 1975
46.000.000
1976
46,000,000
1977
46,000,000
1978
51.000.000
1979
51,000.000
" 1980
51,000,000
"
1981
53.000.000
" 1982
55.000,000
" 1983
57,000.000
" 1984
60.000.000
Total
64.000,000
AnnualInstallments to be Paid
on Account of
Principal.
$64,000.000
64,000,000
67,000,000
70,000,000
72,000.000
74.000,000
78,000,000
78,000.000
83.000,000
85,000,000
89.000.000
94,000,000
96.000,000
100.000,000
105,000,000
110,000,000
114,000,000
119,000.000
123,000,000
127.000,000
132,000,000
136,000,000
141,000.000
146,000,000
151.000,000
156,000,000
162,000,000
167,000,000
175,000,000
175,000,000
[VOL. 117.
7. Payments Before Maturity.
Great Britain may at its option, on any interest date or dates upon not
less than 90 days' advance notice, make advance payments of principal, in
addition to the payments required to be made by the provisions of the bonds
in accordance with paragraph 6 of this proposal. Any such additional payments shall first be applied to the principal of any bonds which shall have
been issued hereunder on account of interest accruing between 15th December 1922 and 15th December 1927, and then to the principal of any other
bonds which shall have been issued hereunder. Any payments made to the
United States under this provision shall be in amounts of $1,000,000 or multiples thereof.
8. Calculation of Interest.
Notwithstanding anything herein contained, the interest payable from
time to time on the bonds proposed to be issued shall be computed on the
amount of the principal oustanding on the previous interest date, with adjustments in respect of any payment on account of principal which may have
been made since the previous interest date.
9. Exchange for Marketable Obligations.
Great Britain will Issue to the United States at any time or from time to
time, at the request of the Secretary of the Treasury of the United States, in
exchange for any or all of the bonds proposed to be issued hereunder and held
by the United States, definitive engraved bonds in form suitable for sale to
the public, in such amounts and denominations as the Secretary of the Treasury of the United States may request, in bearer form, with provision for registration as to principal and (or) in full registered form, and otherwise on
the same terms and conditions, as to dates of issue and maturity; rate or
rates of interest, exemption from taxation, payment in bonds of the United
States issued or to be issued after 6th April 1917, payment before maturity,
and the like, as the bonds surrendered on such exchange, except that the
bonds shall carry such provision for repayment of principal as shall be agreed
upon; provided that, if no agreement to the contrary is arrived at, any such
bonds shall contain separate provision for payments before maturity, conforming substantially to the table of repayments of principal prescribed by
paragraph 6 of this proposal and 4n form satisfactory to the Secretary of the
Treasury of the United States, such payments to be computed on a basis to
accomplish the retirement of any such bonds by 15th December 1984 and to
be made through annual drawings for redemption at par and accrued interest.
Any payments of principal thus made before maturity on any such bonds
shall be deducted from the payments required to be made by Great Britain
to the United States in the corresponding years under the terms of the table
of repayments of principal prescribed in paragraph 6 of this proposal.
Great Britain will deliver definitive engraved bonds to the United States
in accordance herewith within six months of receiving notice of any such request from the Secretary of the Treasury of the United States, and pending
the delivery of the definitive engraved bonds will, at the request of the Secretary of the Treasury of the United States, deliver temporary bonds or interim receipts in a form to be agreed upon within three months of the receipt of such request The United States, before offering any such bonds or
Interim receipts for sale in Great Britain, will first offer them to Great
Britain for purchase at par and accrued interest and Great Britain shall likewise have the option, in lieu of issuing to the United States any such bonds
or interim receipts, to make advance redemption, at par and accrued interest,
of a corresponding amount of bonds issued hereunder and held by the United
States.
10. Cancellation and Surrender of Demand Obligations.
Upon the delivery to the United States of the $4,600,000,000 principal
amount of bonds proposed to be issued hereunder, the United States will cancel and surrender to Great Britain, through the Bitish Ambassador at Washington, or his representative, at the Treasury of the United States in Washington, the demand obligations of Great Britain in the principal amount of
$4,074,818,358 44 described in the preamble to this proposal.
11. Notices.
Any notice, request or consent under the hand of the Secretary of the
Treasury of the United States shall be deemed and taken as the notice, request, or consent of the United States, and shall be sufficient if delivered at
the British Embassy at Washington or at the office of the Permanent Secretary of the British Treasury in London; and any notice, request, or election
from or by Great Britain shall be sufficient if delivered to the American Embassy in London or to the Secretary of the Treasury of the United States at
the Treasury of the United States in Washington. The United States in its
discretion may waive any notice required hereunder, but any such waiver
shall be in writing and shall not extend to or affect any subsequent notice
or impair any right of the United States to require notice hereunder.
Signed on behalf of the Lords Commissioners of His Majesty's Treasury,
this eighteenth day of June 1923.
Washington.
A. GEDDES,
Ills Britannic Majesty's Ambassador Extraordinary and Plenipotentiary.
The following is the form of bond executed and delivered
July 5 by the Counsellor of the British Embassy lit Washington:
EXHIBIT "A,"
(Form of Bond.)
THE GOVERNMENT OF THE UNITED KINGDOM.
Sixty-two year 3-31 Gold Bond.
/
2
%
Maturing 15th December 1984.
Dated 15th December 1922.
No.
The Government of the United Kingdom, hereinafter called Great Britain,
for value received, promises to pay to the United States of America, hereinafter called the United States, or order, on the 15th day of December 1984,
24,600,000,000 the sum of Four Million Six Hundred Thousand Dollars ($4,600,000), less
any amount which may have been paid upon the principal hereof as endorsed
Prorided, 1.oirrver. hilt Great Britain. may at its option, upon not less upon the back'hereof, and to pay interest upon said principal sum semi-annually on the 15th day of June and December in each year at the rate of 3%
than 90 days' advance notice, postpone any payment of principal falling due
per annum from 15th December 1922 to 13th December 1932, and at the rate
as hereinabove provided tai any subsequent 15th June or 15th December, not
per annum thereafter until the principal hereof shall have been
more than two years distant from its due date, but only on condition that, of 31i%
paid. All payments on account of principal and (or) interest shall be made
if Great Britain shall at any time exercise this option as to any payment of
principal, the payment falling due in the next succeeding year cannot be at the Treasury of the United States in Washington, or, at the option of the
postponed to any date more than one year distant from the date when it be- Secretary of the Treasury of the United States, at the Federal Reserve Bank
York. This bond is payble as to both principal and interest in gold
comes due, unless and until the payment previously postponed shall actually of New
United States of America of the present standard of weight and
have been made, and the payment falling due in the second succeeding year coin of the
fineness or in its equivalent in gold bullion, or, at the option of Great Britcannot be postponed at all unless and until the payment of principal due two
ain, upon not less than 30 days' notice indicating the minimum amount
years previous thereto shall actually have been made.
which it is contemplated to pay at next due date in gold, cash or available
In the event of Great Britain issuing bonds to the United States in payfunds, in any bonds of the United States issued or to be issued after 6th
ment of interest accruing between 15th December 1922 and 15th December
1917, to be taken at par and accrued interest to the date of payment
1927, as proposed in paragraph 3 above, the bonds so issued shall contain April
provision for the payment of their principal before maturity through annual hereunder; provided, however, that Great Britain may at Its option, upon
corresponding substantially to the not less than 90 days' advance notice, pay up to one-half of any interest acinstallments on account of principal
cruing hereon between 15th December 1922 and 15th December 1927 in
schedule of payments on account of principal appearing in the table hereinbonds of Great Britain dated and bearing interest from the respective dates
above set forth.
JULY 21 1923.]
THE CHRONICLE
when the interest to be paid thereby becomes due, and substantially similar
in maturity and other respects to this bond.
The principal and interest of this bond shall be exempt from all British
taxation, present or future, so long as it is in the beneficial ownership of
the United States, or of a person, firm, association or corporation neither
domiciled nor ordinarily resident in the United Kingdom.
In order to provide for the repayment of the principal of this bond before
maturity Great Britain will make to the United States payments of principal
in the amounts, and on the dates shown in the following table:
Annual Install- Dec. 15 1953
$60,000
ments to be Paid
" 1954
64,000
on Account of
"
1955
64,000
Principal.
Date
1956
64.000
$23,000
Dec. 15 1923
1957
67,000
23,000
" 1924
1958
70.000
1925
24,000
1959
72,000
1926
25,000
1960
74,000
1927
25,000
1961
78,000
1928
27,000
1962
78,000
1929
27,000
1963
83,000
1930
28,000
1964
85,000
1931
28,000
1965
89,000
1932
30,000
1966
94,000
" 1933
1967
32,000
96.000
1934
32,000
" 1968
100,000
1935
1969
32,000
105,000
1936
32,000
1970
110,000
1937
37.000
114,000
" 1971
1938
37,000
" 1972
119,000
1939
37.000
" 1973
123,000
42,000
127.000
1940
" 1974
1,
42,000
1941
" 1975
132.000
42,000
" 1976
1942
136.000
1,
" 1977
42,000
141,000
1943
1,
46,000
" 1978
1944
146,000
46,000
'•
1979
1945
151,000
1,
46,000
" 1980
1946
156,000
1,
51,000
" 1981
162,000
1947
51,000
" 1982
167,000
1948
51,000
" 1983
1949
175,000
53,000
" 1984
175.000
1950
55,000
1951
57,000
Total
1952
$4.600,000
Provided, however, that Great Britain may, at its option, upon not less
than 90 days' advance notice, postpone any payment of principal falling due,
as hereinabove provided, to any subsequent 15th June or 15th December, not
more than two years distant from its due date, but only OP condition that if
Great Britain shall at any time exercise this option as to any payment of
principal the payment falling due in the next succeeding year cannot be postponed to any date more than one year distant from the date when it becomes
due unless and until the payment previously postponed shall actually have
been made, and the payment falling due in the second succeeding year cannot
be postponed at all unless and until the payinent of principal due two years
previous thereto shall actually have been made.
This bond may be paid on any interest date before maturity in whole or in
part, in amounts of $1,000,000, or multiples thereof, at the option of Great
Britain, on not leas than 90 days' advance notice.
This bond is issued by Great Britain pursuant to the proposal, dated the
18th day of June 1923, and to the Acceptance of proposal, dated the 19th
day of June 1923.
In Witness Whereof, Great Britain has caused this bond to be executed in
its behalf by the Counsellor of His Brittanic Majesty's Embassy at Washington, thereunto duly authorized.
For the United Kingdom:
Dated 15th December 1922.
(Back.)
The following amounts have been paid upon the principal amount of this
bond:
Date.
Amount paid.
269
Great Britain tendered $68,502,950 face amount of Second 43‘s and
$250,000 face amount of Fourth 430, together 'with accrued interest
amounting to $247,022 56. and cash $27 44.
It is generally understood that the American agent early in April began
to buy bonds for British account and the total amount needed was acquired
well within the subsequent two months' period. Virtually all the bonds
were obtained in the outside market and comparatively few were purchased on the New York Stock Exchange. The initial order caused the
dealer(who received a thirty-second commission) more difficulty in avoiding
willing sellers than locating available bonds. The acquisition of the next
Installments will likely be accomplished with less ease. This particular
acquisition of bonds did not affect the market quotations, since the purchases were not recorded officially or published as transactions on the
Stock Exchange. On the other hand, an attempt to acquire a like amount
of bonds solely on the Stock Exchange for the account of the United States
Treasury sinking fund in the same period of time would have materially
advanced the market level for all Liberty bonds. Therefore, from now on
these two market factors will probably reflect their influence on prices
without coming into direct competition. Comparatively small but constant purchases by brokers on the Stock Exchange will continue to supply
sinking fund requirements, while the British purchases from dealers will
be more easily arranged in the outside market, where larger transactions
are customarily effected.
The existence and payment of Britain's debt to us will be also a steady
factor in the market. It is a menacing instrument capable of upsetting
exchange rates and disturbing orderly gold movements. It affects credit.
even commodity prices, and is a silent force tending to produce inflation.
It is, or will be for years to come, one of the most important factors in
International finance the world has ever known. The payment of Britain's
debt may ultimately harm us to the same degree that it helps Britain.
Bismarck is reported to have said, "The next time we win a war we will
Insist upon paying the indemnity ourselves." He and Germany learned
that France became prosperous by practicing economy, thrift and developing foreign markets to pay its debt, while Germany suffered from a sudden
abundance of gold, acute inflation and high prices which led to ultimate
collapse, panic and disaster to her commerce and business.
Council of League of Nations Voices Approval of
Work of Saar Commission.
An inquiry into the French administration of the Saar
Valley, undertaken by the Council of the League of Nations
on July 6, was concluded on the 7th inst. with the adoption
of a resolution by the Council voicing appreciation of the
work of the Governing Commission and expressing the
hope that the French garrison would soon be withdrawn
and replaced by local gendarmerie. According to the
Associated Press accounts, the resolution did not discuss
the decree curbing the right of free speech, as the ordinance
had been withdrawn. Lord Robert Cecil and M. Hanotaux,
it is added, made speeches of felicitation.
A copyright cablegram to the New York "Times" from
Geneva July 7 had the following to say regarding the inquiry
and the conclusions of the Council:
The Council of the League of Nations this afternoon adopted a resolution declaring confidence in the Saar Commission and saying the French
troops would be taken away "when conditions warranted."
This is the upshot of the movement started in the British Parliament
two months ago with a demand for investigation of the adoption in the
Saar at French instigation of regulations forbidding acts and words against
the system established by the Treaty of Versailles. At the opening of
the League Council session on Monday the French opposed investigation
and as a result it was decided to hold an examination at Geneva of members
of the Sarre Commission. They were called to the League capital and
closely cross-examined by Lord Robert Cecil of England, with the result
The acceptance by the Secretary of the Treasury in be- of to-day's resolution.
The particular decree to which the British objected has been withhalf of the United States follows:
drawn, to be replaced by another different in that It is less drastic. With
ACCEPTANCE.
regard to objection to this measure the League Council decided that it
June 19 1923.
would discuss its application when the occasion arose.
The Right Honorable, Sir Auckland Geddes, G.C.M.G., K.C.B., Ambassador
The Swedish member, Branting, one of those opposing French dominaExtraordinary end Plenipotentiary, The British Embassy, Washington, tion of the Saar
Administration, expressed satisfaction at the manner
1). C.
in which the examination had been conducted by Lord Cecil.
My dear Mr. Ambassador: I have the honor to acknowledge the receipt of
your note of June 18 1923, transmitting the proposal dated the 18th day of
June 1923 by His Britannic Majesty's Government to the Government of the
To Float Salvador Bonds Here.
United States of America regarding the funding of the debt of Great Britain
The following is from the New York "Evening Post" of
to the United States. This proposal is agreeable to the World War Foreign
Debt Commission, and I am writing for the Commission and by its authority last night (July 20):
An Issue of $6,000,000 Republic of Salvador 8% first lien customs bonds
to advise you that the proposal is hereby accepted on behalf of the United
States of America, pursuant to the authority conferred by the Act of Con- will be floated here as soon as market conditions permit, it was reported
gress approved February 9 1922, as amended by the Act of Congress ap- yesterday. The statement followed an announcement that an agreement
proved February 28 1923. In accordance therewith I am writing to ask that had been reached between the American group of bankers, headed by F. J.
the bonds as cnotemplated thereby may be delivered as soon as possible to the Lisman 3: Co., and the British bondholders, whereby the latter release
Secretary of the Treasury of the United States in exchange for the demand their first lien on the Salvador customs revenues in favor of the American
obligations amounting to $4,074,818,358 44 now held by him which are bondholders.
otherwise now payable.
Very truly yours,
City of Carlsbad, Czechoslovakia, to Obtain
A. W. MELLON,
Dollar Loan.
Secretary of the Trramwy. and Chairman of the World War Foreign Debt
Comm issison.
According to advices just received by the Foreign DepartApproved:
ment of Moody's Investors' Service, the City of Carlsbad,
WARREN G. HARDING, President.
Czechoslovakia, has concluded arrangements with American
June 19 1923.
• Great Britain's Purchase of Liberty Bonds Incident
to Interest Payment on Debt to United States.
Referring to the receipt by the U. S. Treasury on July 5
of $4,600,000,000 bonds of the United Kingdom of Great
Britain, in lieu of Great Britain's demand obligations, and
the payment by the latter of the first semi-annual interest of
$69,000,000 under the terms of the debt funding agreement,
C. F. Childs & Co. in their August "Investment Bulletin"
note that the interest payment was made in Liberty bonds,
and add:
bankers for a loan to the amount of $2,500,000. Bonds will
bear 8% interest per annum and will mature in thirty years.
Brazilian Government Finances.
The Brazilian Minister of Finance, Dr. Sampaio Vidal,
has authorized Dillon, Read & Co. to make public the
financial report of his government for the first quarter of
1923, which shows a surplus of revenue over expenditure of
4,204,000 milreis, or approximately $1,000,000 at normal
exchange. This statement, it is announced, was compiled
under the direction of the Accountant-General of the republic
270
THE CHRONICLE
[VOL. 117.
and marks the first step in the program of financial reform share.of the loan was reported in a cablegram to the "Wall
instituted by the new President, Arthur Bernardes. An Street Journal" June 25.
announcement with regard thereto says:
It is the first time in twenty-two years that such a statement has been Domestic Silver Offers Accepted—All Ore Reaching
Issued by Brazil. The Brazilian Congress on Jan. 8 of this year passed a
Bunker Hill Smelter to June 1 Will Come under
law which takes out of the hands of the Government the power to issue
Pittman Act.
constitutes the Bank of Brazil the sole bank of issue.
paper money and
Notes of the Bank can be Issued only against gold and commercial paper
Spokane advices July 9 were published as follows in the
and the new notes will be convertible into gold at sight at the rate of 24
cents per mitre's. This new law, which is partly elaborated from our "Daily Financial America" of July 10:
Federal Reserve Act, also provides for the withdrawal from circulation of
all government paper money now outstanding, and its eventual destruction.
The passage of this Act is the result of several years of discussion and controversy and is the most important financial reform ever undertaken in
_Brazil
Financial Statement of Brazilian Government, First Quarter of 1923.
Milreis
Milreis
Gold.
Revenue—
Paper.
Ordinary
18.592.474 139,678.624
Extraordinary
66.602
5.483,489
Earmarked
3,325.980
7.084,885
Unspecified
31.112 20,523,460
"We have received advice from the Director of the Mint that our tenders
of domestic silver have been accepted up to June 2," said Frank M. Smith,
smelter director of the Bunker Hill & Sullivan Co. "This means that all
ore which arrived at the Bunker Hill smelter up to and including June 1
will come in under the Pittman Act and the shipper will receive the Pittman price for the silver contained in such ore.
"We cannot tell at this time whether any tenders of silver made after
June 1 will be accepted. It is altogether probable that the mine officials
do not know positively at this time Just how much more silver they can
purchase to complete the total authorized under the Act. No doubt the
purchases and accepted tenders to date very closely approximate the total
authorized."
22,016,189
Expenditure—
2.542
Ministry of Justice
491.322
Ministry of Foreign Affairs
Ministry of Marine
139,880
46.604
Ministry of War
608
Ministry of Public Works and Communications.,..
20.842
Ministryof Agriculture
13.716.518
Ministry of Finance
F. H. Brownell's Proposals for Silver Export
Association.
In an article dealing with proposals for the formation of
a silver export association, F. H. Brownell, First Vice-President of the American Smelting & Refining Company, states
that "assuming the requisite support of the silver Senate
committee in favor of such an organization and such change
in the law as presumed in this paper, it seems quite possible
that a silver export association can be worked out, having
the friendly co-operation and moral support of the Governments of the United States and of Great Britain and of the
important financial interests of each of those countries, particularly those associated in any way with the handling of
silver." Mr. Brownell believes there is an opportunity to
have a change in the present law made so as to make the
proposed financing possible. In answering the question as
to "what steps can a silver export association take to enhance the price of silver," Mr. Brownell says: "Such an
association's function will be to act to some extent (much
less than is often supposed) as a reservoir to equalize the
variation between intake and outgo; to obtain first hand
knowledge of conditions in India and China; to stop such
unnecessary reduction in the price as often happens, when
in a dull market many sellers compete for few buyers, and
generally by its preponderant position to help in stabilizing
and enhancing the price of silver." Last week (page 24) we
alluded to reports that the formation of an export association composed of silver producers of North, South and Central America appears to be the chief hope of the Senate Commission of Gold and Silver Inquiry. Herewith we give Mr.
Brownell's proposals, made public July 7:
172,770,440
8.094.134
383.409
10,143.825
40.710,803
28,937.349
2,451.266
22.676.733
Salaries for March not included
14,418.321 113.377.522
7.209,160 56,688,761
Balance on hand April 1st
Converting gold to paper gives total surplus of
21,627.481 170,066.283
388,687
2.704.156
4,204.000
Austrian Loan Successfully Floated.
Complete success of the subscription to the international
loan in the United States, England, Sweden, the Netherlands,
Belgium and Switzerland causes great satisfaction in Austria, says Trade Commissioner William Ford Upson in a
cablegram to the Department of Commerce under date of
June 29, whose advices, made public July 9, state:
The total proceeds of those countries amount to about 382.400.000.
Prospects are good for the subscription to the remaining portion of this loan
in other countries. Italy agrees to take 200.000,000 lire and France
150.000,000 francs. The rate of issue in these seven European countries
Is 80. with interest at 6%. Austria is taking 513,000.000, while Czechoslovakia is converting interim bonds into bonds of this loan amounting to
60,000.000 gold crowns.
The floating of the $25,000,000 Austrian loan in the United
States was referred to in our issue of June 16, page 2710, the
bonds offered in this country being part of a total loan of
approximately $120,000,000 floated here and abroad in furtherance of the plans for the financial rehabilitation of
Austria.
With regard to the subscriptions to Austria's share of the
loan, press advices from Vienna, July 1, said:
The Minister of Finance announces that the Austrian issue of 313.000,000
of the League of Nations loan was definitely closed yesterday. The subscription was in every respect satisfactory.
On July 8 copyright advices from Berlin to the New York
"Times" stated:
Austria's share of the League of Nations loan, which share amounted to
313,000,000, has all been subscribed except a small balance, and this is
guaranteed by the banks. Austria is about to revise her import tariff.
Flour duties will be increased in order to encourage home milling, and it Is
also planned to increase duties on textiles, leather goods, glass, electrical
machinery and automobiles.
The "Wall Street Journal" of July 13 reported the following from London:
Berne dispatch says Swiss portion of Austrian loan has been oversubscribed by several times amount of issue.
The oversubscription of the loan in Great Britain, the
Netherlands and Sweden was noted in our issue of June 16,
pages 2712 and 2713.
N. D. Jay Named as American Trustee on Austrian
Loan.
wireless message to the New York "Times"
A copyright
from Geneva, July 10, said:
The Council of the League of Nations has appointed Albert E. Janssen
of Belgium and N. D. Jay of the United States as trustees representing
the interests of bondholders of the long-term Austrian Loan which has just
been issued.
Underwriting of Austrian Loan in Italy.
A cablegram, as follows, from London, was published in
the "Wall Street Journal" of the 16th inst.:
Rome announces that negotiations for Italian underwriting syndicate of
Austrian loan are now complete. Public subscription list opens July 20 for
200,000,000 lire at 63%. Price of issue is 465 lire for 500.
The signing of the agreement between the Banca d'Italla
and the Austrian Government for the floating of Italy's
A SILVER EXPORT ASSOCIATION.
The subject of a silver export association has been much before those
Interested in silver in recent months and is likely to remain a subject for
most serious discussion during the remainder of the year.
In a pamphlet published last spring, the writer of this article expressed
the opinion that, under present conditipns of the law, any association of
this sort would not be legal, and if legal, could not be financed. So long
as the laws remain as at present. I see no reason for changing that opinion.
but I now believe there Is an opportunity to have such a change in the law
as to make financing possible, if an association can be organized along lines
that will appeal to a sufficient number of silver.producers. The reason for
this belief is because of the very important fact that the United States
Senate has recently appointed a Committee to investigate and report to
Congress by Jan. 1 1924 upon
1. The causes of the continuing decrease in the production of gold
2. The causes of the depressed condition of the gold and silver industry
and silven
.
the United uct tes
In 3 The prodstaion,
reduction, refining, transportation, marketing, sale
and uses of gold and silver in the United States and elsewhere.
4. The effect of the decreased production of gold and silver upon commerce, industry, exchange and prices.
The members of the Committee are: Senator Oddie of Nevada,Chairman.
Senator Pittman of Nevada. Senator Walsh of Montana, Senator Gooding
of Idaho, Senator Sterling of South Dakota.
The Committee is quite likely to carefully consider the frequent suggestion that a silver export association is a promising means of improving
the situation. Their attention has doubtless been called to the fact that
under the present Webb Act, such an association might (if not would)
be deficient in power in respect to—
(1) Acts avowedly intended to control and, if possible, increase the
price of silver in the United States, and, hence, in contravention of the
2
(
Sher an Law.
Ability to include silver produced from territory outside of the
United States.
It is reasonable to suppose, however, that, if the present law is inadequate. Congress, on the recommendation of the Committee, will pass a
law giving all the necessary powers.
I shall, therefore, assume in this paper that a silver export association
can be organized, having all the powers required and havingnofearofthe
Sherman Law or any other of the present statutes prohibiting combinations of any kind. This assumption, to my mind, requires an Act of
Assuming
Congross
such an association, the following questions naturally arise:
(1) How much of the world's production of silver can such an association
reasonably hope to handle?
(2) What steps can such an association take to enhanee and stabilize
he price of silver?
(3) What financing will be necessary?
Taking these up in order—
JULY 2119231
THE CHRONICLE
I.
-How Muth of the World's Production of Silver Can Such an Association
Reasonably Hope to Handle
The world's production of silver and its principal sources from the years
1901 to 1922, inclusive. is shown in the following table:
United
South
Austra- Other
States. Mexico. Canada. America alasia. Countries Total.
(In Millions of Ounces)
55.2
57.6
1901
5.2
18.6
10.2
26.2
173.0
60.2
4.3
55.5
1902
16.1
8.0
162.8
18.7
54.5
70.5
3.1
1903
13.0
9.7
167.7
17.1
60.8
57.7
3.7
1904
12.8
14.5
164.2
14.7
65.0
56.1
6.0
1905
10.5
15.0
19.7
172.3
56.5
55.2
1906
8.6
11.3
13.9
19.6
165.1
61.1
56.5
1907
12.8
15.9
18.0
184.2
19.9
52.4
73.7
1908
22.1
17.0
17.2
203.1
20.7
54.7
74.0
1909
27.5
16.0
16.4
23.5
212.1
57.1
71.4
32.9
1910
14.5
21.6
24.2
221.7
60.4
79.0
1911
32.8
14.4
16.6
23.0
226.2
63.8
74.6
1912
31.6
16.1
14.7
226.4
25.6
66.8
55.5
1913
31.5
14.3
17.1
25.3
210.5
72.5
1914
26.1
28.4
10.4
14.7
24.7
176.8
75.0
22.9
1915
26.6
13.7
8.8
26.0
173.0
74.4
1916
29.8
25.5
15.6
9.7
25.1
180.1
71.7
1917
42.0
22.2
15.5
10.1
25.9
187.4
1918
67.8
62.5
21.4
14.7
10.7
27.1
204.2
1919
56.7
65.9
16.0
14.8
7.6
20.8•
181.8
55.4
1920
66.5
13.3
14.6
2.2
21.2
173.2
1921
53.7
64.5
13.0
15.5
5.4
19.8
171.9
1922
55.5
81.1
17.6
17.7
12.0
22.2
206.1
Averages for
period_ __ _ 60.4
60.0
18.5
14.7
12.5
188.4
22.3
It will be noted tnat the percentages of world's production are as follows:
United States
32.06
Mexico
31.85
Canada
9.82
South America
7.81
271
the arts each year, coinage requirements are such as to require all the
silver produced from the mines, and in some years to call for a minting of
silver which had been previously in commercial or artistic use in some form
or other.
The great demonetization of silver for subsidiary coinage in the bankrupt
countries of Europe (together with the debasemert of such silver as remained
in use in many countries) which has occurred since the World War, along
with the completion of the Pittman Act, may result In a greater production
of silver than the needs of coinage. Ever if this be true, it is highly probable
that as. one by one, the paper currencies of European nations are restored
and rehabilitated, silver will be found necessary to an extent sufficient to
again restore the former situation of coinage demands approximating new
annual production after allowing for silver used in the arts. Many economists believe that the gold supply is not sufficient alone to stabilize European currencies, especially with the large amount of gold in the United
States and the present tendency of the United tSates to retain its own
hoard.
Another interesting fact about silver is that there seems to be less than
normal relation between production and price. For convenience. We
redupllcate the essential figures of tables above:
Total Production.
Average Price.
(Ounces).
(Per Fine Ounce).
1911
226.200.000
53.30c.
1912
226.400.000
60.83c.
1913
210.500.000
59.79c.
1914
176.800.000
54.81c.
1915
173,000.000
49.68c.
1916
180.100.000
65.66c.
1917
187.400.000
81.42c.
1918
204,200.000
96.77c.
1919
181.800,000
111.11c.
1920
173,200.000
100.86c.
1921
171.900.000
62.66c.
1922
*150,600,000
*67.58c.
1— x co C ec.ca .— cn.p.co .....
...... .121 a a 1
1 0, 0,
Qv
.1.“-.0.00•4,
110<0.0100000
i.4.6o
Total North and South America
81.54%
Three companies now sell between 50% and 60% of the world's total
production, viz.: American Smelting & Refining Co.: Anaconda
yearly new
Copper Mining Co.; United States Smelting, Refining & Mining Co.
From 15% to 20% additional Is probably sold by the following American
*55,500,000 oz. U. S. silver produced in 1922 in addition to above were
companies: American Metal Co.: Bunker Hill & Sullivan Mining & Concentrating Co.: Cerro de Pasco Copper Co.; Nichols Copper Co.; Nipissing sold at $1 per oz. under Pittman Act.
Mines Co.; Phelps Dodge Corporation.
There are three principal reasons why production and price have so little
It is believed that the more important and possibly all of the companies relation:
above named would go into a silver export association of unquestionable
1. Much the larger part of the silver now produced comes in ores bearing
legality and organized along lines appealing to them. Probably great also lead, copper, zinc and other metals.
The silver is only one factor to
requirement would be found. We will suppose them reconciled be
diversity of
considered and will, therefore, be produced whenever the combined
each with the other. and If so, the association might easily start with metal contents
-copper, lead, zinc, gold, silver, antimony. &c.
-yield a
possibly 70% of the world's total yearly output of silver; if successful, most profit on the ore mined.
of the remaining silver production would be induced to join and in a few
2. The demand from India and China materially affects the price levels
years it might hope to control around 80 to 90% of the world's yearly net at which the silver market rules. If crops and other
commercial conditions
production.
are unfavorable in these countries, the price of silver is apt to fall, and to
-What Steps Can Such an Association Take to Enhance the Price of Silver? rise when the reverse is the case. Particularly in late years the governII.
mental conditions in both countries have had an unusually important
Let us set out some pertinent facts before answering this question.
A table of the prices of silver in New York City for the last twelve Years bearing upon the demand of those countries for sliver, and hence upon the
price.
shows ranges as follows:
3. The ultimate demand for silver is subject to considerable fluctuation.
MONTHLY AVERAGE PRICES OF SILVER IN NEW YORK.
while production is relatively steady and producers insist on the sale of the
tin Cents per Fine Ounce.1
silver as soon as available for market.
The demand is Inconstant because governments often change their silver
1911 1912 1913 1914 1915 1916 1017 1918 1919 192041 1921 1922
requirements from time to time, and also requirements of the chief conJan 53.79 56.22 62.93 67.57
56.77 75.63 88.70101.12132.83 65.95 65.45 suming countries of India and China vary widely because of conditions of
Feb. 52.22 59.04 61.64 57.51
56.7, 77.58 85.72101.12131.29 59.32 65.31 crops, highly speculative tendencies of Chinese and Hindu financiers and
Mar. 52.74 58.37 57.87 513.07
57.93 73.86 88.08101.12125.55 56.03 64.38 governmental conditions.
Apr_ 53.33 59.23 59.49 58.52
64.41 73.87 95.35101.12119.53 59.34 66.57
Production, on the other hand, is relatively constant and there is a
May 53.31 60.88 60.36 68.17
74.27 74.74 99.50107.11102.58 59.85 71.15
65.02 76.97 90.50110.44 90.82 58.51 71.15 remarkable insistence on the part of the producer to sell as soon as produced.
June 53.04 61.29 58.99 58.47
62.9 79.01 99.62106.39 91.93 60.26 70 24 A large per cent of the entire world's production of silver is
July. 52.63 60.60 58.72 54.68
purchased by
66.0: 85 41100 29111.37 96.18 61.60 69 40
Aug. 52.17 81.61 59.29 54.34
smelting companies from mines in the form of ore. Smelters pay for the
Sept 52.43 63.0: 60.64 53.29
68.51100.74101.12114.54 93.65 66.15 69.50
67.8. 87.33101.12119.14 83.48 70.97 68.01 silver contents of the ore on the date of arrival at the smelter at the then
53.34 63.47 60.79 50.65
Oct_
71.61 85.89101.12127.91 77.64 68.23 65.18 prevailing price. It takes, say, four months in the process of smelting.
Nov. 55.72 62.79 58.99 49.08
75.76 85.96101.12131.98 64.78 65.76 64.62 transporting and refining
Dec. 54.90 63.37 57.76 49.37
before the silver contents of the ore are ready for
Aver 53.30 60.83 59.79 54.81 49.68 65.66 81.42 96.77111.11100.86 62.66 67.58 delivery upon the market. To protect themselves from the loss that might
occur, smelting companies have practically universally adopted the policy
•Since June 17 the averages are based on the price of foreign silver, the price of
domestic silver being retained at 51 00 by Government purchases under the Pitt- of selling, each day, the idtake of that day, so far as they can. Assuming
a relatively steady quantity of silver in process, the refinery output should
man Act.
/Quotations suspended Aug. 1 to 21.
equal the smelter intake, and this refinery output they, as a rule, sell as
No reliable taole exists of the amount of silver consumed in the arts. rapidly as it is available.
The desire for an immediate sale of the silver not sold in the form of ore
such as photography, silver plating and other IMPS, which, in effect, destroy
the silver. Best estimates place this consumption at from 10,000.000 to to smelting companies, but produced as silver by mining companies, is
20,000,000 ounces per annum. From twenty to thirty million ounces per equally insistent. Mines of this class, as a rule, must sell their product to
annum are probably consumed in the manufacture of articles wnich do not meet operating expenses or to pay dividends. Silver has fluctuated so
destroy the silver (except for abrasion loss), such as tableware, toilet arti- violently and the production of any one mine is so small an amount that
there has been practically no tendency whatever for mining companies to
cles, ornaments. &c. By far the greatest use of silver is as money,
both
hold their silver, waiting for a better price. This has been true almost
coined and uncoined.
The Year Book of the American Bureau of Metal Statistics for 1922 Without exception and furnishes a singular contrast to the practice prevailing
(page 83)estimates the total silver consumed in coinage in the United States in almost any other class of commodity. Obviously any silver association
would have to be prepared to purchase the silver output of its members and
and the world from 1914 to 1921 as follows:
pay therefor at the time of delivery of the silver.
(In Fine Ounces.)
United States. World.
United Slates. World.
Conclusion.
1914
4,400.885 179.593.224 1918
-Reaching now the answer to the question, What steps can
18.425,915 238.692,502
1915
2.976.024 225,116,911 1919
8.560.716 298.300,518 a silver export association take to enhance the price of silver? we may say:
6,424,149 292,148,559 1920
1916
18,125.805 220,318.663
Such an association's function will be to act to some extent (much less
21,276.122 286,596,805 1921
1917
68,814.302 148,036,313 than is often
supposed) as a reservoir to equalize the variation between intake
The same authority (page 83) fo the years 1920 and 1921 gives the and outgo; to
obtain firsthand knowledge of conditions in India and China:
ounces consumed in coinage by the countries as follows:
to stop such unnecessary reduction in the price as often happens when, in
-Fine Ounces Consumed-Fine Ounces Consumed- a dull market, many sellers compete for few buyers; and generally, by its
' 1920.
1921.
1920.
1921.
preponderant position, to help in stabilizing and enhancing the price of
United States- 18,125,805 68,814.302 Denmark
53,315
Philippine Isrds
276,205
915.643 Egypt
277,187
441,858 silver. This result will be especially likely to happen if co-operation can
Bridal] Empire:
France
be arranged between the silver export association and the principal financial
3,973,555
387,992 1,318.882 French Colonies:
Australasia interests of London, New York and the Far East who are particularly in5.045
British Guiana
Indo-China .624,938 6,868,178 terested
in silver, especially such institutions as The Chartered Bank of
361.849
1,156.014
Tunisia
Canada
243
243
228,094
146.086 Italy:
India, Australia & China, The Yokohama Specie Bank, Ltd.. and Hong
Ceylon
168.178
Somaliland_
Cyprus Island
446,875
Kong & Shanghai Banking Corporation, and the silver brokerage firms of
Great Britain_ 9,981,945 15,357.260 Mexico
17,866,189
7,792.774
,k Abel.
elMontagu & Co., Sharps & Wilkins, Mocatta & Goldsmid and
37,343.858
Netherlands_
India
---903,574 Pixley
Netherlands
Kenya Colony
East Indies- 2,948,063 2,686,626
(formerly
Certainly it will be difficult to persuade some of the larger producers of
Norway
868
East Africa
silver to join an export association unless they are assured in advance
& Uganda). 1,421,467 1,328,652 Persia
284.807
273.898 of cordial support
from their own government, from a majority of the
8.730
Siberia
Sarawak
3,883
Slam
Straits Settle887,099
467,059 large financial institutions interested in silver and possibly from the Govern1,074,292 Sweden
3.371,875
ments
102,215 ments of Great Britain and the Far East.
Switzerland__ 1,429.200 1,342,262
West Africa_ 2,122.277
330,848 Uruguay
202.321
217,013
Chile
321,500
III.
-What Financing Will Be Necessary.
115,373.035 35,095.064 venesuela
China
401,955
The trade could not easily be induced to go into any silver export associa524.012
335,137
Colombia
200,175
Totals
976,556
Cuba
220,318,663 148,036,313 tion which had in view any program of buying up the World's output and
holding until it got its price. This for two reasons:
These two tables suggest the conclusion, highly important, if true, that,
1. The principal use of silver Is as money. One of the most important
'deducting from the world's production the amount of silver consumed in purposes of the association should be to help restore the former use
of dive
THE CHRONICLE
272
[Vol,. 117.
as money and to encourage its continuance by those still using it. Any
Acting Secretary of Treasury Gilbert Denies Unfair
revival of political feuds, any "strong armed" method ?rousing animosity,
Propaganda on Cut in Purchases of Silver.
any effort to compel governments against their wills, would invite inevitable
disaster. The friendly co-operation of the chief financial interests of
Advices from the Washington bureau of the "Journal of
England and of the United States and the friendly attitude of each of those Commerce," July 18, stated:
Governments must be obtained. English financiers for generations have
Flat denial that the Treasury is trying "through widespread propaganda"
had what is practically a commission on the sale of the world's silver.
deceive the people into believing that the silver producers seek an unfair
This would probably have to be continued to some extent, to be arranged to
interpretation of the Pittman Act in their efforts to persuade the departby negotiation. The large English banks engaged in the oriental business
to reconsider cutting the amount of $1 an ounce silver purchases by
should be interested also. The whole plan and purpose of the association ment
10,000,000 ounces was made to-day by Acting Secretary Gilbert in a letter
should be to work along lines of co-operation and without arousing antagonto the American Mining Congress.
ism, trade rivalries and political animosity.
Mr. Gllbert's letter was sent in connection with a resolution passed by
2. There is a large store of silver hoarded, especially in India and China.
Board of Governors of the Western Division of the Congress urging
This might come upon the market at any time. It would be the height the
legal steps to force the Treasury to buy more silver under the stabilized
of unwisdom to attempt to obtain or control a price based upon control of
price provided by the Act.
the supply without taking this hoarded stock into full consideration.
"The Treasury Department," Mr. Gilbert said. "is not engaged in any
in this matter and has no occasion to do so. It has taken
Assuming the proper purpose and plan, a silver export association should propaganda
action under the law, upon the advice of the highest constituted authority,
be organized with a capital of at least $5,000,000—more desirably 1610,and has stated its position in the clearest possible terms. Its action fully
000,000. The money should be provided by the mines. The smelting
the purchase provisions of the Pittman Act and saves to the people
companies would not subscribd that amount of capital corresponding to the satisfies
United States at least $5,000,000. It would be more becoming, it
silver which they buy in the ore. It is believed, however, that practically of the
to me. if those who are trying to have this sum diverted out of the
all the larger mines could be induced—the organization being formed along seems
public treasury to promote the specialinterests of the silver industry would
the above lines—to take their pro rata share.
truth in the propaganda which they are carrying on and present the
The association might very well charge a commission of one cent to two tell the
on its merits, without persistently misrepresenting the Treasury's
cents per ounce, which, with an average production of silver of, say, case
attitude."
175,000,000 ounces, would yield a revenue offrom $1,750,000 to $3,500,000
per annum, a sum sufficient to take care of the various sales commissions,
Silver Producers Called Upon by Senate Commission to
cover actual expense and build up additional working capital.
In addition to its capital, the association should be in a position to
Meet at Reno, Sept. 4, to Discuss Export
borrow large sums of money, say, up to $50,000,000, from time to time,
Association.
-time
as might be required. This borrowing should be in the form of short
loans, which would be retired as the silver is sold. It is not believed that
The intention of the Senate Commission of Gold and Silver
the association would want to accumulate at any one time more than, say, Inquiry to hold a meeting at Reno, Nev., on Sept. 4, to which
two to four months' output, or, say, 30,000,000 to 60.000,000 ounces.
The association should obviously have the ablest financial advice and
management. While it should be free from political control and activities,
none the lees it might be highly desirable to have upon its board,if possible,
representatives of the United States Government and of the British Government to give moral as well as political support, and to assure the world
of the stability and ability of the association.
Assuming the requisite support of the Silver Senate Committee in favor
of such an organization and such change in the law as presumed in this
paper, it seems quite possible that a silver export association can be worked
out, having the friendly co-operation and moral support of the Governments
of the United States and of Great Britain and of the important financial
Interests of each of those countries, particularly those associated in any way
with the handling of silver. All this would necessitate the arranging of
many serious difficulties and involve an enormous task, but is not beyond
the range of feasibility.
I venture to present these views in the hope that the statistics given and
the opinions expressed (many of which are obviously personal only) may be
of some slight value in the general discussion of the subject. Doubtless
many valuable suggestions and much needed information will be brought
forth by the Senate Silver Committee and the subject greatly clarified by its
investigations and hearings. I, for one, believe that some great, concrete
good can come from the activities of that committee.
Coinage Executed at the United States Mints During
the Fiscal Year Ended June 30 1923—Output
at Philadelphia Mint.
Total domestic coinage of 132,858,500 pieces having a total
face value of $172,196,760, was turned out by the mints of the
United States during the fiscal year ended June 30 1923,
according to the following statement issued by the Treasury
•
Department:
Coinage Executed at the Mints of the United States During the Fiscal
Year 1923.
Pieces.
Value.
3,009,500
560,190,000
110,715,000
110,715,000
274,000
137,000
5 380,000
538,000
Denominations—
Gold: Double Eagles
Silver: Standard Silver Dollars
Half—Dollars, Monroe
Dimes
Total silver
Minor: Five-cent nickel
One-cent bronze
Total minor
116,369,000
111,390,000
12,049,000
1,431,000
602,450
14,310
13,480,000
616,760
132,858,500
172,196.760
Total domestic coinage
Coinage Executed for Other Governments.
900,000 pieces
Nicaragua (bronze)
1.000,000 pieces
pi
Peru (silver)
2,000,000 pieces
(nickel)
Peru
Regarding the output for the year at the Philadelphia
mint, we quote the following press dispatch from Philadelphia. July 1, appearing in the New York "Evening Post":
The Philadelphia Mint turned but 79,221,000 pieces of domestic coin with
a face value of nearly $92,000,000, and 3,900,000 pieces for Peru and Nicaragua in the fiscal year ended June 30. The bulk of the year's work,numerically, consisted of 5.4,704.000 standard silver dollars, struck to replace
those melted to provide bullion for the use of England in the East Indies.
Other coinage included: 1,597,000 gold double eagles, 538,000 dimes, 12.049,000 nickels and 1,431,000 pennies.
The coinage for Peru included 1,000,000 one-sol silver pieces and 2,000,000 nickel five centavos. For Nicaragua the output was 500,000 one
centavos and 400,000 half centavos.
Coinage Executed at the Mints of the United Stales During the Month o
June 1923.
Denominations—
i
2 7400
3
1
$4,
6%00
Gold: Double Eagles
590,000
590.000
Silver: Standard Silver Dollars
102,000
51,000
-dollars, Monroe
Half
5,380,000
538,000
Dimes
Total silver
0,072,000
$1.179,000
Total domestic coinage
6,303,000
$5,799,000
Coinage Executed for Other Governments.
Peru (silver)
1,000,000 pieces
representatives of silver producers of the United States,
Canada, Mexico and Central and South America have been
invited, was made known in a letter addressed to the silver
producers on July 16 by Senator Oddie, Chairman of the
Commission. Discussion will be had at the meeting of the
desirability of organizing a silver export association under
the Webb-Pomerene Act, Senator Oddie stating that "it is
the opinion of many experts in such matters that such an
association could render great assistance in the production
of silver in all of the Americas and in its orderly marketing
so as to meet seasonal demands and prevent unfair and
detrimental control over its prices. According to Senator
Oddie, it is believed "impracticable to consider bimetallism
or the free coinage of silver" at the hearing because of the
limited time available, and hence these subjects will be excluded from discussion. Senator Oddie's letter follows:
UNITED STATES SENATE,
Commission of Gold and Silver Inquiry.
Washington, July 16 1923.
To the Silver Producers of the Americas:
The Senate Conunission of Gold and Silver Inquiry was created by Senate
Resolution 469, of March 3 1923. The Commission is authorized to investigate and report to Congress on Jan. 1 1924 upon the following subjects:
1. The causes of the continuing decrease in the production of gold and
silver.
2. The causes of the depressed condition of the gold and silver industry
In the United States.
3. The production, reduction, refining, transportation, marketing, sale
and uses of gold and silver in the United States and elsewhere.
4. The effect of the decreased production of gold and silver upon commerce, industry, exchange and prices.
The Commission is further authorized:
1. To confer with citizens, associations or corporations of foreign countries, with a view to the stabilization and wider use of silver in exchange.
2. To propose, either formally or informally, to the President of the
United States, or the heads of the proper Departments, plans for negotiations with foreign Governments to the same end.
The Commission will hold a meeting at Reno, State of Nevada, U. S. A..
on Sept. 4 1923, at which the representatives of silver producers of the
United States, Canada,Mexico and Central and South America are cordially
Invited to appear and informally discuss the various questions relating to
the inquiry of the Commission.
Suggestions will be invited by the Commission with regard to legislation
to be proposed In its report to Congress, and those present will be invited
into a conference where the freest discussion may be had, and at which the
organization ofa silver export association, under the Webb-Pomoreno Law or
under future legislation, will be considered and matured, if the conference
so decides. It is the opinion of many experts in such matters that such an
association could render great assistance in the production of silver in all
of the Americas and in its orderly marketing,so as to meet seasonal demands
and prevent unfair and detrimental control over its price. Those experts
believe that the formation of an association of this character would do much
to avoid the necessity for additional legislation for the encouragement of
silver production.
Experts in foreign exchange, transportation, the uses and marketing of
silver, the production, reduction and refining of silver, the relation of the
production and price of silver to export trade and commerce, and upon
such other subjects as may bear upon the general investigation, will give
testimony.
The Commission, believing that it is impracticable to consider bimetalism
or the free coinage of silver at these hearings, and because of the limited
time available, will exclude therefrom any material relating to or discussion
of these subjects.
Your courtesy in promptly advising the Commission of the name and
address of your representative will be greatly appreciated.
On behalf of the Commission, I am,
Very truly yours,
TASICER L. ODDIE, Chairman.
Proposed Salary Adjustments by New York Banks.
Regarding reports of proposed increases in the salaries of
bank employees of this city (20,000), as indicated in the
JULY 21 1923.]
THE CHRONICLE
first reports of last Sunday, the New York "Evening Post"
of July 16 said:
Published reports that New York banks generally were going to increase the salaries of their clerical help were somewhat modified to-day
when it was learned that while a few banking institutions are going to
increase the salaries of certain groups, some reductions also would be made
and many banks would make no change.
Analysis of the salary schedules of some banks has shown that several
groups of clerical workers were underpaid, while some Individuals were
overpaid. Thus It was decided that adjustments ought to be made. The
increases, however. It is understood, will far outnumber the decreases.
That the changes would affect 20,000 clerical workers in banks here was
denied. It was said that the number would not exceed 4,000.
"We have found." a banker said, "that certain groups are underpaid in
comparison with the cost of living. Take secretaries for office managers,
for instance. We have forty divisions here and these secretaries can earn
up to a maximum of $1,980. That does not mean that all of them earn
$1,980. They do not. We have come to the conclusion, however, that
the maximum is too low and that it ought to be brought up to 32.400.
That does not mean that every one of these secretaries will get $2,400, for
she will not.
"Similarly with other groups. We find the sale too low, just as we find
individuals who are being overpaid, and for that reason we are planning
adjustments."
These adjustments, it 'was learned, probably will not take place Until
after the summer. They will in the cases of banks that are still paying
bonuses take the place of those bonuses.
273
A canvass of large Stock Exchange houses shows loans have been cut
anywhere from 15% to as high as 40%. Average reduction throughout
Wall Street has been about 25% from the high point.
Brokers' Views.
Brokers point out that their loans frequentlyirmount to higher levels.
following the peak point of security prices. Conversely, loans continue
to decline after stocks have reached the bottom, or during early stages of
accumulation. Therefore, it does not necessarily follow that stocks must
go lower because loans are still receding. Many small traders have entirely
sold out, and the operations of big traders may not appear in the loan
account, as stocks are bought outright and taken from the market, or
financed privately.
Brokers' loans at 31,500,000,000 are construed as a normal level for such
accommodations, especially when it is considered that in the past year or
more the addition of new securities to trading on the Stock Exchange has
been enormous.
Comparative Table.
Following is a comparative table showing the status of brokers' borrowings
at various periods from January 1922:
Jan. 6 1922
$650,000,000 Nov. 13 1922
31.950,000.000
Mar. 17 1922
750,000.000 Dec. 10 1922
1,825,000,000
Apr. 18 1922
1,110,000,000 Dec. 30 1922
1,850.000,000
Apr. 30 1922
1,250.000,000 Jan. 25 1923
1,850.000.000
June 5 1922
1,450,000,000 Feb. 14 1923
2,000,000.000
July 29 1922
1,550,000,000 Mar. 31 1923
1.850,000,000
Sept. 1 1922
1,600,000.000 Apr. 23 1923
1.800,000,000
Sept. 15 1922
1.700.000,000 May 1 1923
1.750,000,000
In its account on the 16th inst. the "Journal of Commerce" Oct. 1 1922
1,880.000,000 May 28 1923
1.720.000.000
Oct. 27 1922
1,790,000,000 June 16 1923
1,700,000,000
said:
July 18 1923
1,500.000.000
Increases in pay for about 20,000 men and women bank workers are being
Despite the fact that brokers' loans have undergone a marked shrinkage
considered. This action is contemplated to raise the salaries paid by banks
to an equivalent scale paid in other professions. Discussions of this change in recent months. Wall Street money rates have been fairly firm. This,
are still in the preliminary stage, but at least one of New York's largest according to monetary students, emphasizes that credit is in demand, and
banks is expected to announce a new and higher wage scale by the early that while Wall Street is proving a smaller borrower, the demand for
business funds continues.
winter.
While industry maintains its borrowing activity on a fair scale, such
One of the first things which it is expected to eliminate will be the present
bonus system. As a compensation for lower rates of pay the bonus system credit demands in the present business activity cannot be compared with
grew up. An argument in its favor was that it gave the employee a chance that of 1919-1920. Then manufacturers, merchants and others overto share pro rata in the profits of the institution. In prosperous years this borrowed and when prices receded found themselves "high and dry."
system proved highly satisfactory, but in the lean years, such as 1921, the Banks profited by that experience and all credit requests recently have been
subjected to the microscopic eye of the bank's credit analyst with the
bonus system proved more of a burden than an aid.
In place of the bonus system, according to the plans of several institu- result that there will not be a repetition of the -frozen credit" condition as
tions, the amount regularly devoted to this purpose wi I be divided among existed a few years back.
the workers in the form of salary increases.
Loans on Stocks and Bonds.
Loans on stocks and bonds as reported by 774 banks throughout the
country to the Federal Reserve System as of June 27 totaled $3,806.394.000:
Guarantee of Bank Deposits—J, H. Tregoe Says Eco- for 109 banks in New York District. 81,642.400.000, while in New York
City alone the total for 65 banks was but $1,463,692,000.
nomic Laws Can be Perverted but Not Suppressed.
These figures show total loans secured by stocks and bonds, and while
they do not portray the official figures of brokers' loans, they at least
According to J. H. Tregoe, Secretary and Treasurer of the
afford a fair comparison of the volume of such credit being employed in
National Association of Credit Men, at the time of the join- Wall Street. Included in the total are loans to corporation, private indiing of the Oklahoma and Indian Territories and their accept- viduals, &c., who have pledged securities as collateral.
The
ance as a single State, some of the State proponents felt it further insignificance of Wall Street brokers' borrowings is emphasized
when it is considered that total loans of all banks in the country
was an opportunity to embody their ideas into its constitu- to-day are approximately 332,000.000.000. In other words, brokers'
tion and original laws. Of these ideas, none
regarded borrowings are about 4.7% of the total bank loans of the country.
was
with deeper interest and concern than the guarantee of bank
deposits. The rapid development of Oklahoma and its
capital city, says Mr. Tregoe, has been marvelous; he continues:
One cannot tread the thoroughfares of Oklahoma City without feeling
that its splendid business and buildings could not have come *within a generation. Yet the dream of some of the founders of this State that the guarantee of bank deposits without certain strong restrictions would produce
protection rather than distress exemplifies the danger of allowing sentiment
to supplant common sense.
The guarantee plan of Oklahoma has undoubtedly encouraged bad banking. To escape the assessments that may be made on State banking institutions to provide sums sufficient to repay depositors of failed institutions,
has led the more active and the best governed banks of the State to seek
national charters. In Oklahoma City, for example,
there are no State
banks worth mentioning.
Insurance against any risk, when unguarded by proper restrictions, will
encourage recklessness. Banking is a business of a fiduciary type and requires able and honest administration. The public
does not recognize
generally the brains and the conscience needed for the successful conduct of
a bank. A guarantee law could not take the place of
the brains needed for
safe banking in Oklahoma, and thus the State banks
have had to contribute
four millions to the guarantee fund. At present the
liquidated and unpaid
claims against the fund amount to three millions,
and the unliquidated
claims amount to two million five hundred thousand.
There Is no possible chance of securing by assessments
a sum sufficiect to
hold the depositor safe, and whatever is obtainable will
have to be pro-rated
among the claimants.
The curtain on this uneconomic chapter in Oklahoma's history is now
rung down by the repeal of the guarantee law, a repeal that abolishes not
only the creation of a fund for guaranteeing deposits, but the law authorizing emergency assessments and the issuance of
certificates of guarantee.
We do well to recognize that economic laws may be perverted, but never
suppressed. Where skill and honesty are the
conditions of success, there is
nothing in the world that will fill their place.
Brokers'
Loans Drop
Sharply—Total
Now
About
$1,500,000,000.
Prom the "Wall Street Journal" of July
18.1
There has been an abrupt decline in the volume of Wall Street brokers'
loans in the past few weeks. The total of such accommodations now is
approximately $1,500,000.000, or below the level of July 1922, when the
total was $1,550,000,000.
The high point was $2,000,000,000, in February this year. The shrinkage in five months has been about 3500,000,009, or at the rate of approximately $100,000,000 a month.
Loading money brokers say most of the Street's firms have liquidated
their loan accounts surprisingly in recent weeks. Many large houses have
paid off all their time loans. Pools have also abandoned operations.
Resources of State Banking Institutions in United
States,
It. N. Sims, Secretary-Treasurer of the National Association of Supervisors of State Banks, in his annual report to
the Association at its 22d annual convention, in Denver,
Colo., on July 17, submitted a statement showing in detail by
States, the capital, surplus and undivided profits, loans and
discounts, stocks, bonds and securities, and total resources
of all State banking institutions of the continental United
States, together with totals of these items of the national
banks. The report of Secretary Sims covers the only available accurate and detailed data of the State banking institutions comparable with the reports of the Comptroller of
the Currency which covers the national banks. It is pointed
out by Mr. Sims that his compilation is made up from statements of different dates, but they are the latest which he
was able to obtain; he says, "the laws are not uniform as to
dates of call and, in some States, months are required to
compile the reports. I think it reasonale to say that it represents figures that may be fairly said to average as of April
3 1923, and comparison is with the Comptroller's statement
of April 3 1923 covering national banks." In presenting his
report to the convention of Supervisors Mr. Sims said:
The figures given are surprisingly gratifying and reflect a healthy condition of the banking institutions of our country. The capital, the deposits,
and the total resources of our banks are larger than ever before. On April 8
1923 there was a total of 30,313 banks, of which 22,084 were State and 8,229
national banks, and in round numbers a total capital, surplus and undivided
profits of $6,514,000,000 total deposits of $44,049,000,000, and total resources
of $53,694,000,000. Total deposits of all banks were $2,943,000,000 above
the previous high record of June 30 1920, and total resources $2,306,000,000
above resources of that date.
On April 3 1923, in round numbers, the capital, surplus and undivided
profits of State banks was $3,641,000,000 and of national banks $2,872,000,000, showing the capital resources of the State banks to be 26% in excess of
the national banks. The deposits of the State banks were $27,013,000,000
and of the national banks $17,036,000,000, showing the deposits of the State
banks 58% in excess of the national banks. The total resources of the State
banks were $32,81,000,000 and of the national banks $21,612,000,000, showing the resources of the State basks 48% in excess of the national banks.
Between Mar, 10 1922 and April 3 1923 deposits of the State banks increased $3,062,000,000 and deposits of the national banks increased $1,645 000,000. During the same period total resources of the State banks in-
274
[VOL. 117.
THE CHRONICLE
creased $3,272,000,000 and resources of the national banks increased $1,797,000,000.
Both classes of banks perform equally useful and necessary functions, and
I do not make comparisons for the purpose of disparagement, but to emphasize the colossal size of the two great banking systems and to direct attention
to the importance and need of both in the development and handling of our
country's business.
Similar compilations, prepared by Mr. Sims for earlier
periods have been referred to by us in the past in our issues of
Jan. 31 1920. page 421: July 17 1020. page 20; Oct. 30 1920,
page 1707; Sept. 24 1921, page 1307 and June 22 1922, page
306. The following is Mr. Sims's latest statement:
AGGREGATE RESOURCES. dm, OF ALL BANKING INSTITUTIONS UNDER STATE CONTROL COMPILED FROM STATEMENTS FURNISHED BY
HEADS OF STATE BANKING DEPARTMENTS. ALSO AN ADDENDUM COVERING AGGREGATE RESOURCES, dm., OF ALL
NATIONAL BANKS, TAKEN FROM REPORTS OF THE COMPTROLLER OF THE CURRENCY AND FIGURES
EXHIBITING TOTAL BANK RESOURCES OF THE UNITED STATES.
By K.N.films, Sec.
-Tress. National Assn.of Supervisors of State Banks. Formerly Bank Commissioner of Louisiana. now V. of Hibernia Bank ,sz Trust Co.,New Orleans
-P.
Date of
Report.
State-Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Trust companies
Other Panics
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Savings banks
Other banks
MassachusettaTrust companies
Other banks
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
Savings banks
Other banks
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
Savings banks
Other banks
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
No. of
Institulions.
April 20 1923
April 3 1923
April 3 1923
April 3 1923
April 3 1923
Capital.
it
12,325,600
4,508,166
16,495,925
109.202,370
9,321,500
Surplus,
$
*9,683,428
2,079,403
6,327,150
47,281,024
4,201,556
15,184,700
6.656,900
11,733,000
31,962,301
3,980,000
145,619,500
45,319,989
56,322,300
27,967,500
21,870,350
23,275.790
5,265,400
200
254
56
400
424
225
Undivided
Profits.
$
Capital, Surplus Deposits, Incl.
and Undivided Cert.&Cashiers'
Profit,
Checks.
Loans and
Discounts.
Bonds, Stocks,
Securities, &c.
$
$
Total
Re.YOUTEM.
$
854,778
2,807.969
25,768,436
1,244,168
22,009.028
7,442.348
25,631,045
182,251,830
14,767,225
31,609,668
5,872,980
52,667,348
6,264,877
.4,990,040
16,715.414
1,215,616
85,622,763
19,448,613
25,160,238
14,983.499
12,872,158
12,248,731
10,363,520
2,613,597
7,301,698
237.536
41,624,421
6,207,051
11,860.245
4,032,443
3,315,895
5,097,294
7,781,134
20,010,603
33,697,465
6,657,917
April 3 19231 504
Oct. 3119221
April 3 1923
581
Mar. 10 1923 1,161
April 3 1923
323
April 3 1923 1,493
April 3 1923
248
Mar.28 1923
949
April 3 1923
24
June 30 1922
70
April 3 1923
199
April 3 1923
60
226,101,548
154,120,858
65,472,675
35,398,600
12,377,450
72,423,113
10,705,000
24,559,700
1,761,400
830,000
44,146,000
2,630,000
46,276,824
15,546,176
6,008,429
41,414,401
2,929,502
7.377.047
546,573
*9,819,436
50,285,594
813,887
Jan. 11923),
Mar. 27 19231
April 3 1923
April 3 1923
April 3 1923
April 3 1923
April 3 1923
Awl' 3 1923
649
268,152,595 .324,876,535
542
656
750
448
182
770
24,204,989
11,149,500
100,579,880
8,913,650
9,946,100
155,039,623
10,904,976
3,965,255
68,241,789
1,896,976
3,494,506
246,661,804
Dec. 30 19221
Feb. 14 19231
April 3 1923
April 3 1923
April 3 1923
April 3 1923
Mar.24 1923
April 3 1923
April 3 1923
April 3 1923
April 3 1923
April 3 1923
April 3 1923
29
9,610,700
14,484,254
3,461,818
27,556,773
325,663,864
152,244,571
175,891,407
365,511,443
7,116,343
4,362,560
.13,030,277
13,122,899
3,786.022
7,715,503
14,619,498
4,670,844
12,423,589
14,406,801
1,061,690
2,726,574
2,989,949
25,756,481
20,256,710
36,271.336
62,634.287
12,781,158
12,890,364
45,687.835
19,922,074
35,398,544
57.987,270
4.487.933
112,058.729
162,735,501
210,035.608
244,082,400
74.171,372
133.084,421
155.715,651
158,008,794
192,706,602
461.133,122
22,102,126
109,941,806
146,935.577
168.119.022
209,576,533
63,638,896
105,967,700
163.772,829
102.890,355
159.232,961
343.116,180
19,316,197
9,261,510
2.429,202
19,304,797
22,602.312
13,767,378
34,018,311
18,350.228
43,080.104
29,211,827
94,721.965
808,303
148,405,628
199,174,298
264,863,054
330.702.168
97,980,877
148.473,246
218.797,048
184,040,462
234,529,353
532,799,167
27,208,721
April 3 19231 159
Mar.31 19231
April 3 1923
42
April 3 1923
225
Dec. 29 1922
599
April 3 1923
110
April 3 1923 1,411
Dec. 29 1922
852
April 3 1923 1,325
Mar. 17 1923 1,080
473
Dec. 30 1922
Mar.23 1923
231
94
Mar. 31 1923
Dec. 30 19221
April 3 1923f
369
559
464
965
97
59
334
278
223
846
92
15,913,563
12,904,200
23,241,058
44,249,200
7,998,135
2,666,000
26,670,651
13,517,905
18,797,535
35,431,500
2.823,600
Totals__ -(Average date April 3 1923)22,084 1,855,237,769 1,450,746,035
Comptroller's report for all
national banks
April 3 1923 8,229 1,319,144,000 1,067,652,000
106,871,103
90,915,558
43,856,561
33,389,155
134,399,918
105,577.302
1,713,493,553 1,143,590,629
98,017,934
64,236,340
638,278.822
314,582,744
15,535.374
69,036.645
38,752,779
16,723,040
129,482,729
84,748,473
55,979,414
173,250,444
188,142,696
5,433,152
27,488,412
23,055,209
272,866,684 1,856,300,449 1,307,099.040
70,975,654
341.421,967
432,384.860
93,344.783
637,205,045
612,860,531
46,983,442
216,690,149
247,053,862
38,058,403
158.960,277
189,499,835
40,621,815
217,924,340
288,966,177
23,410,055
236,749,595
90,927,092
60,365,986
9,851,424
132,577,448
54,304,921
7,358,414
165,171,954
9,764,792
459,067.728 1,938,952,889
25,393,892
115,437,774
348,192,899
710,620,759
35,324,527
86.046,903
19,425,580
148,183,560
15,307.358
280,521,575
4,491,735
36,490,715
472,380,509 2,233,830,520
79,345.375
580,142,114
25,340,887
773.202,451
21,756,001
306,419,080
37,319,045
244,432,076
37,495,429
347,378,566
161,301,674
267,982,356
193,992,646
389,592,382
169,095,768
26,184,593
406,407,000 2,514,014,419
1.610.617.029
990,641,377 2,818,104,570
13,057,167
5,611,080
1,992,968
14,111,474
866,540
6,531,427
395,120
124,806,666
56,555,857
20,378,848
127,948,989
14,501,043
38,468,174
2.703,094
10,649,436
110,356,793
3,612,351
361,276,205
326.787,138
106,152,702
482,931.192
63,008,769
214,814.017
14.559.913
72.124,787
165,263,213
16,234,423
530,701,063 1,115,101,619
517,302,867
100,111,228
174.874,695
22,596,078
944,004,256
169,130,354
98.849.623
12,033,763
297,773,678
12,186,703
22,019,493
2,101,855
169,159,325
71,873,190
579,980,368 1,039,165,399
21,838,866
1,393.776
15,925,108
168,463
593,029,130
3,244,896
18,530,281
579,562
1,732,580
56,242,835
5,262.188
997,000
2,508,861
4,397,685
1,733,324
4,177.420
8,148,968
602,642
946.484,182
439,487,006
147,865,044
765.521.204
75,910,873
250.240,884
37,743,955
153.060,534
903,647,962
16,406,012
457,733,539
7,231,083,765 2,631,725,640 1,198,666,750 8,480,301,279
199,878,134
38,354,862
219,971,506
99,243,779
15,114,755 • 95.811,913
187,351,950 1,402,098,544 1,007,927,066
57,573.098
11,390.189
75,940,075
66,868,152
15,173,187
102,627.092
457,944,263 1,972,183,606 1,103,368,822
277,667,185
16,622,834
129,910,238
6,248,723
317.370.210 1,626,648,903
92.922,294
11,119,144
123.405,611
25,383,360
943,990,839 2,500,364,644
335,458,195 3,641,444.001 27,013,525,116 15,547,076,777 7.438,708,895 32,081,329,235
486,172,000 2,872,968,000 17,036,281.000 11,679,621,000 5,041,122.000 21.612,713,000
Excess of State banking institutions
13,855
536,093,769
383,094,035
768,476,001
9,977,244,116
June 30 1919
1. Totals State banks
June 30 1920
2. Totals State banks
Mar. 10 1921
3. Totals State banks
4. Totals State banks
Mar. 10 1922
April 3 1923
5. Totals State banks
1. Totals national banks June 30 1919
2. Totals national banks-June 30 1920
3. Totals national banks Feb. 21 1921
4. Totals national banks_Mar. 10 1922
5. Totals national banks_ _A pm 3 1923
21,028 1,307,888,588
21,923 1,595,243,703
22,705 1,734,909,385
22,302 1,794,110,615
22,0841.855,237,769
7,785 1,118,603,000
8,030 1,224,166,000
8,143 1.273,205,000
8,197 1,289,528,000
8,229 1,319,144,000
1.332,891,448
1 450,494,206
.
1,533,327,012
1,587,458,465
1,450,746,035
872,226,000
989,384,000
1,029,406.000
1,036,184,000
1,067,652,000
258,882,640 2,899,662,677
295,274,641 3,341,012,552
318,844.745 3,587,081,143
319,108,843 3.700,677,924
335,458,195 3.641,444,001
372,649,000 2,363,478,000
411,929,000 2,622,075,000
431,204,000 2.733,815,000
508,560,000 2.834.272,000
486,172,000 2,872,968,000
21,632,822.011
23,950,838,611
23,780,750,818
23,510,877,185
27,013.525,116
15,924,865,000
17,155,421,000
15,478,354,000
15,390.438,000
17,036,281,000
•Inc udes undivided profits.
All banking institutions of the United States on April 3 1923 show:
Total banks
30,313 I Total deposits
Total capital, surplus and undivided profits
$6,514,412,001 50 I Total resources
New York Consolidated Stock Exchange Removes
Tickers from Offices of M. W.Janis & Co., This City
According to a statement made July 17 by L. T. Laurance
Tweedy, President of the New York Consolidated Stock
Exchange, the exchange tickers have bean removed from
the offices of the brokerage firm of M. W. Janis & Co.,
15 Broad Street, this city. Mr. Janis, Mr. Tweedy is
reported as saying, did no business through the exchange.
Mr. Tweedy is further reported as saying:
3,867,455,777 2,397,586,895 10,468,616,235
12,257,134,526
15,334,616.394
15,449,134,595
14,108,585.847
15,547,076,777
10,588,801,000
12.396,900,000
11.680,837.000
11,293,874,000
11.679.621,000
8.497,523.011
8.235,427,676
8,877,828,333
9,414,104,361
7,438.708,895
5,047,521,000
4.498.771,000
4.028,059,000
4,118,160.000
5.041,122,000
25,965,675,836
29.191,455,648
29.412,657,029
28,808.553,357
32,081,329,235
20,799,550,000
22,196,737,000
20.307,651,000
19,815,402,000
21.612.713,000
$44,049,806,116 92
53,694.042,235 59
certain documents concerned in the affairs of the defunct firm
of E. M. Fuller & Co. and for failure to produce which the
two men were committed to jail by Judge Goddard. The
hearing took place in Judge Goddard's chambers in the Woolworth Building. Mr. Griffith based his plea for the release
of his clients on the contention that the partners were not
guilty of willful contempt of court in failing to produce the
required papers in response to the Court's order, inasmuch as
the papers had not been ;n their possession for some time preThis action was taken as a result of information submitted by the Better vious to the order, and they were, therefore, actually unable
Business Bureau of New York. An investigation was also made by the to produce them. After telling Francis L. Kohlman, the
Bureau of Auditing and Accounting of the exchange. Evidence in the ease
attorney for the trustee in bankruptcy (who sought to oppose
convinced the exchange that the ticker service should be discontinued.
the motion) that it was not necessary that he should be beard
in opposition, Judge Goddard disposed of the matter in
Judge Goddard Refuses to Free Fuller and McGee From these words:
Contempt Charges.
I find that your clients have not complied with the order of this Court
to return these papers, and I therefore deny the motion for their release.
On Wednesday of this week (July 18) Judge Henry W.
Goddard of the Federal Court denied a motion made by
Two R. L. Dollings Companies Placed in Hands
Charles H. Griffith, of counsel for Edward M. Fuller and
of Receivers.
partners in the bankrupt brokerW. Frank McGee, former
The R. L. Dollings Co. of Columbus, Ohio, fiscal brokers,
age firm of E. M. Fuller & Co., to have his clients released
from the Ludlow Street Jail, where they are serving an in- and one of its subsidiary companies, the International
definite sentence for contempt of court. The petition fol- Mortgage & Note Co. of Indiana, were placed voluntarily
•owed the recent anonymous return to Judge Goddard of in the hands of receivers by Judge Robert P. Duncan in
JULY 21 1923.]
THE CHRONICLE
the Franklin County Common Pleas Court at Columbus
yesterday, July 20. Judge Duncan appointed William G.
Willard, Vice-President of the Huntington National Bank
of Columbus; Samuel A. Kinnear, former Postmaster of
Columbus, and Paul De Long, a certified public accountant,
co-receivers for the concerns under bonds of $50,000 each.
Judge Duncan directed the receivers to make a thorough
investigation of the two companies and report to him on
their findings. He deferred action on the receivership application for nine Ohio subsidiaries of the Dollings Co.,
which case he was to have heard, until after the inventory
of the parent company.
The appcintment of the receivers followed the filing of a
suit for a receiver against the R. L. Dollings Co. before
Judge Duncan on July 14 by thirteen preferred stockholders
of the company, all residents of Columbus, who alleged in
their petition that William G. Benham, the President and
Treasurer of the Dollings company, and Dwight Harrison,
Vice-President, Secretary. and General Counsel, made false
and untrue statements when they represented that fourteen
of the subsidiary companies controlled by the Dollings company were "profit-earning, paying dividends and in a healthy
and prosperous condition." The court was asked to restrain,
it is said, Benham and Harrison, as well as all other officers
and agents of the companies, from disposing of any assets
or property of the defendant companies. The thirteen
stockholders also asked, it is said, that a complete investigation be made into the books, records and assets of the
companies to determine their solvency; that the stock subscriptions be declared null and void; that money paid in
by them for stock be made a debt and obligations of the
Dollings company, and that the remaining assets be used
to pay off sums paid into the organization by other stockholders. The petition further alleges that the subsidiary
companies had been declaring dividends arbitrarily regardless
of whether they had been earned; that the dividends had
been paid out of the capital assets of the subsidiary companies, and not from earned profits, and that the Dollings
company had been paying large operating deficits for certain
of its subsidiaries.
Besides the R. L. Dollings Co. of Ohio, the parent company, others named as defendants in the petition are the
R. L. Dollings Co. of Indiana, the R. L. Dollings Co. of
Pennsylvania, the International Note & Mortgage Co. and
William G. Benham and Dwight Harrison.
Oh July •19 a bill in equity for the appointment of a
receiver for the R. L. Dollings Co. of Pennsylvania (one of
the subsidiary companies) was filed in the Federal District
Court in Philadelphia by three stockholders who charged
the officers and directors with alleged mismanagement and
of paying stockholders of subsidiary concerns dividends out
of capital stock.
The R. L. Dollings Co. of Pennsylvania this week sent
circular letters to more than 12,000 customers in Philadelphia
and vicinity in which it stated, it is said, that if permitted
to carry out the company's policies and program the affairs
of the companies as well as the corporations whose securities
they have sold can and will be conducted in a manner that
will prevent any loss to their customers.
275
execution of orders in stocks selling under $5. The "Journal
of Commerce" of this city says with regard to the matter:
In stocks selling under 50c. there is a change in the give-up rate from
1% to
of 1%. For stocks selling at 50c. and under $1 the commission
rate remains unchanged. A new rate has been established in stocks
selling at $1 and under $2. The old commission rate covered stocks
selling at Si and under $3. A new rate has also been established for
stocks, selling at $2 and under $4. For stocks selling at $4 and under
$5 the old rate prevails.
Under the new schedule the following rates of commission are charged:
Stocks selling under 50c. a share, 2% of the amount of the transaction
between 50c. and $1 the commission Is $2 per 100 shares; between $1
and $2 a commission of $3 per 100 shares; between $2 and $4 the commission is $4 per 100 shares and between $4 and $5 the rate is $5 50 per
100 shares.
Under the old schedule the commission on stocks selling between $1
and $3 a share was $2 per 100 shares and between $3 and $5 a $4 rate
per 100 shares was charged.
The official card reports the new rates as follows:
The minimum commission rates on stocks, effective July 14 1923, are
as follows:
Non
Stocks Selling—
Give Up
Clearance. Members.
Under
$ 0 50 a3i of 1%
bl%
c2%
At $O 50 and under
100
1050
$1 00
$200
"
1 00 " "
200
75
150
300
" 2 00 " "
400
100
200
400
" 4 00 "
125
500
200
500
" 5 00 "
125
10 00
200
750
" 10 00 "
125 00
250
"
15 00
375
" 125 00
200 00
300
500
20 00
" 200 00 and over
625
825
20 00
Minimum commission $1 00 for non-members on nay transaction in
stocks.
a Meaning
of 1% of amount involved in the trade.
b Meaning 1% of amount involved in the trade.
c Meaning 2% of amount involved in the trade.
The minimum commission rates on bonds or notes shall be as follows,
effective June 27 1921:
Give Up. Clearance. Non-Members.
All bonds or notes having five years
Mutual agreement
or less to run, per $10,000 par
in accordance with
value
$2 50
$3 75 Constitution.
iU1 bonds or notes having more than
5 years to run, per $10,000 Par
value
3 75
5 00
$15 00
Formal Opening of New Building of New York Cotton
Exchange.
The New York Cotton Exchange formally opened its new
building yesterday (July 20). Trading in the temporary
quarters at 90 Wall Street, where the Exchange has been
domiciled since early last year pending the erection of its
new building, was discontinued at 2 p. in. Exercises to
commemorate its installation in its new home were held.
The ceremonies were brought under way when J. Temple
Gwathmey,former President of the Exchange and Chairman
of the Building Committee presented the key of the new
building to Edward E. Bartlett, Jr., President of the Exchange. Addresses were made by Donn Barber, the architect of the building; Hugh White, Vice-President of the
George A. Fuller Co., who constructed the new building;
Alvin J. Krech, Chairman of the Board of the Equitable
Trust Co.; Edward S. Butler, President of the New•Orleans
Cotton Exchange; Colonel John J. Shute, former President
of the Liverpool Cotton Association, and Samuel T.Hubbard,
former President of the New York Cotton Exchange and
dean of the New York cotton trade.
Delegations from England, Australia and from all of the
Southern cotton-growing States attended the opening
exercises. Representing the Liverpool, England, Cotton
Increase in Etues of New York Consolidated Stock Association were A.C. Nixon, C.R. Taylor and J. C.Finley.
Delegates from Manchester, England, included F. A. TomExchange Members.
Laurance Tweedy, President of the Consolidated Stock linson, H. Robinson and R. Brooks. Australia sent to the
Exchange, this week issued the following statement in regard opening Edward Harding as official representative of the
British-Australian Cotton Growing Association. • Another
to the Exchange increasing the dues of members:
The monthly dues of each member of the Consolidated Stock Exchange prominent Australian cotton man delegated to attend was
now amounts to $40, an increase of $15 per month in the last six months Donald Mackinon.
There are many reasons for these advances, one item alone being an increase
President Bartlett during his speech read a letter from
of $12,000 a year in taxes. Then, too, we have to pay our help more than
we did before tho war. The President now receives $10.000 a year, whereas Stanley Baldwin, Prime Minister of England, extending as
follows greetings to members of the Cotton Exchange:
he formerly received $6,000 a year.
Another factor is that the Exchange's income has fallen off, particularly
I send cordial greetings for my American friends and wish all good forconnection with the Clearing House. The Exchange owns all of the tune to the enterprise
in
which has given rise to and will be facilitated by the
stock in the Clearing House (which clears stock for members at a nominal
charge) and due to the recent market dulness, the Clearing House,formerly
a revenue producer, is merely meeting expenses.
We have also cut off three hundred tickers during the past year—tickers
serving offices not members of our exchange. This income, of course, is
now gone. The brokerage houses which formerly rented these tickers had
no legitimate reason for having them and in many cases we found, after
investigation, that they were using our ticker service merely as a cloak.
great new Cotton Exchange at New York. No countries are more interested In cotton than the United States and England. and this common
Interest. if pursued in a spirit of mutual understanding, as I think we should
assume it must be between Americans and the English, should constitute
one of the many bonds of union between the two countries.
Mr. Krech, in commending the work of the Exchange,
warned that "paralysis through Government intervention
must not be substituted for Governmental regulation:*
saying in part:
We have witnessed recently the amazing spectacle of an attempt on the
part of the officials of our Government to suppress the wholly reasonable
and
New York Curb Market Slightly Decreases Its
Commission Rates.
necessary activities of another exchange dealing with another world
The Board of Governors of the New York Curb Market staple, if the delicate mechanism of your watch needs regulating wou1C.
it occur to any sane person to use an axe as a repair tool? This is predadr
Association has adopted an amendment to' the constitution
what has been
succeed in stopping the Watch, as
authorizinga slight decrease in the commission rates for the one can succeedattempted. One canby interfering
in paralysing trade
with its machLueo.
2'26
[VOL. 117.
THE CHRONICLE
At the beginning of the World War this Exchange temporarily suspended $40,000,000 Loan to Finance Co-operative Marketing of
its activities, with the inevitable result of the complete demoralization of
Texas Cotton Sought in New York.
thecotton trade and a disastrous slump in prices. This is what happens
'when the axe is applied. Paralysis through Government intervention must
Reports have been current in local banking circles,during
'not be substituted for Government regulation.
in New York of
In the special "New Cotton Exchange" number of the Manchester the past few days regarding the presence
"Guardian" your President said: "From the windows of the new Exchange Sloan Simpson, Trustee and Treasurer of the Texas Farm
are visible all lower New York. rivers and harbors and vessels bearing Bureau Association, who, it is stated, is endeavoring to
cargoes of cotton for foreign shores." This remark, Mr. President. brings
contract for a loan of $40,000,000 to finance the co-operative
:most vividly to my mind the real significance of your work.
I think that It is but right that I should mention the splendid work which marketing of 250,000 bales of Texas cotton. One of those
the cotton people have taken in the post-war reconstruction activities.
whom Mr. Simpson has approached in the matter is P. J.
The cotton people were the first in heeding the appeals of Europe for raw
Bank of
material, and no finer tribute can be paid to you than to mention that a Ebbott, Vice-President of the Seaboard National
number of your most prominent members were not afraid, in the midst this city. The "Journal of Commerce" in referring yesterof economic chaos, to go to the rescue of the looms of Central and Eastern
day to the matter said:
Europe. You took long chances by putting your own credit behind operIt is known that Mr. Simpson yesterday called at the Seaboard Bank
ations involving serious risk. To-day you have the reward of knowing
his plan for the loan. He is expected to call at the bank
that in various countries, which are still in the shadow of possible financial and outlined
again to-day, after the bank's officers have had an opportunity to study
collapse, the textile industry holds its own.
amendments as are
Yes, you look out upon the world from these broad windows; may your his plan thoroughly and make such suggestions and
far as could be learned last night nothing definite
vision ever extend beyond the three-mile limit, or the much bargained for considered necessary. So
that one well-informed
twelve-mile limit, for it is, after all is said and done, agencies like yours that had been settled about the transaction, except
person said he considered the $40,000,000 sum "a little high."
best restore peace, happiness and prosperity to the nations of the earth.
Other bankers expressed their interest in the proposed deal. One said
When the members of the Exchange resume business on he thought the reported advance up to 70% of the market value of the
to the official opening cotton pledged as collateral for the loan was a little high, because of the
Monday next, after a holiday incident
would be
cotton, and
of their new home, they will occupy the loftiest trading floor fluctuations common to of the loan. the fact that the commodity
the only collateral back
in the world. The new trading floor is nineteen stories above
the street, and in summer it will be virtually an open-air
exchange. An official announcement of the Exchange says:
The Exchange is the first organization of its kind to break away from custom and establish itself on top of a skyscraper. No other exchange in the
world has ever attempted it or probably ever thought of such a thing. It
is made possible by the wonderful development in elevator service, for without a quick means of entering and leaving the floor such a location would
obviously be out of the question.
For exclusive use of members there are in the new building three express
elevators in constant service between the trading floor and the street level.
Five other elevators also reach the floor, but they are slower. The system
installed is the last word in elevator equipment, with all the known precautions against accident. For instance, the doors of the cars and the
doors entering each floor are operated together, and the cars cannot proceed
until both doors are closed.
As the trading floor is on the nineteenth floor, it follows that there will
be an abundanc of fresh air and light. Its location also avoids the necessity for columns, or other supporting construction, so that the entire space
can be used for exchange purposes. From the large windows is visible all
lower New York, the rivers and harbor and vessels bearing cargoes of cotton for foreign shores. On the four walls are paintings which depict the
leading cotton ports of the world—New Orleans, Liverpool, Alexandria
and Bombay.
Circassian walnut furnishes the wainscoting of the lower walls of the big
room, while in the lofty ceiling fifty feet overhead is a great bronze supported dome of glass, flooding the ring with light except on the darkest
days.
In the centre of the trading ring or pit will be the reporters, who record
each transaction and transmit it to the operators on the big quotation
boards, who in turn chalk up the quotations where all can see. Shnultaneously the prices are transmitted to the ticker service and to New Orleans.
Surrounding the pit are the telephone booths, where clerks receive orders
from the various commission houses and rush them, via uniformed pages,
to the brokers In the pit. Immediately an order is executed, a page carries
a record of it to the proper clerk, who phones it over a direct wire to his
house. Hardly a minute elapses in an active market between the giving of
an order by the customer, say at some big uptown brokeragc house, and a
return memorandum announcing its execution.
The executive offices of the Exchange are on the eighteenth floor, along
with the Board of Managers' meeting room nad the members' coat room.
Quarters are also provided on another floor for the Government classification rooni and for a luncheon club.
In the new building fire risks have been reduced to a minimum. As a
matter of fact, it would be practically impossible to start a fire in any part
of the building, for about the only wood present will be the office furniture.
However, even under such circumstances, provision is made for escape
through a fireproof and smokeproof shaft leading from roof to cellar. From
it on the various floors airtight, automatically closing steel doors provide
entrance and exit, while in addition balconies are provided on each floor
where tenants could seek refuge in an emergency.
The offices in the building, while available to any business firm, are thus
far largely taken up by cotton houses, who find this proximity to the trading floor a distinct advantage. Several of the larger houses have taken
entire floors. A refrigerating plant in the basement provides ice water for
each floor and a pneumatic tube service furnishes interior communication.
The Building Committee, composed of J. Temple Gwathmey, Chairman:
Henry H. Royce, E. K. Cone, Leigh M. Pearsall and Edward M. Weld,
and
has the satisfaction of knowing that it has provided for the Exchange
in the world, and in many
its members a structure that is second to none
without a peer.
appointments is
The new building has been erected on the site of the former
Financier Is Needed.
The success of co-operative marketing association in the opinion of the
banker, depends mainly on two men. One should be a capable financier,
familiar with national and international conditions, and the other a man
thoroughly experienced in the marketing of cotton direct to the spinners
both in this country and abroad. To emphasize this point two bankers
referred to the recent difficulties of the Sun-Maid Raisin Growers of California in co-operative marketing.
Mr. Simpson last year borrowed $12,000,000 for financing the cotton
crop at 534%.$6.000,000 of which was supplied by New York banks. The
Seaboard National Bank and the Equitable Trust Co. participated in this
loan, in company with the First National Bank of Chicago and the American Exchange National Bank of Dallas, Tex. These and other institutions
are expected to participate in the pending loan.
The money will finance the marketing of about 250,000 bales of cotton.
Mr. Simpson says the association of which he is an executive has 30,000
members.
Simpson Explains Plan.
"My association," said Mr.Simpson,"is one of twelve co-operative cotton
marketing associations and one of the first three to be organized. The
twelve associations to-day handle more than 2,000,000 bales. A drive,
started last January, has increased my association's membership by 25%•
Our work is absolutely non-political—we do nothing bu.'; sell cotton.
"All of our directors are farmers, elected by farmers; but the farmer.
although a producer, is not an expert salesman. So the directors hire
experts to handle various phases of the business.
"When the farmer turns his cotton over to us," Mr. Simpson continued.
"he gets an initial payment of $75 a bale even before it is graded or weighed.
With this money he can pay his loans at the small country banks. Later
he receives other installments."
The co-operative marketing movement is "growing like a snowball rolling
downhill," Mr. Simpson commented. "Last year we sold 80.000 baies,"
he said. "This year it will be more than 250,000. Last year our farmers
received $29 65 a bale more than did 80% of the non-members.
"This meant $2,000,000 to the collective bankroll of our members. If
all Texas cotton had been marketed this way it would have meant an
extra $90.000.000 for the farmers. The figure would be $275,000,000 for
all farmers."
Mr. Simpson said his association intends to get the best possible price for
Its cotton, but will oppose any effort to produce artificial prices. He
characterized such a policy as "economically unsound and even disastrous."
He expects a bumper cotton crop of 4,000,000 bales in Texas.
Upon inquiry at the Seaboard yesterday we learned that
there have as yet been no further developments in the
negotiations.
State Institution Admitted to Federal Reserve System.
The following institution was admitted to the Federal
Reserve System during the week ending July 13 1923:
Admitted to the Federal Reserve System.
District No. 12—
SecurityStateBank,CouleeCity.Wash
Capital.
$25,000
Surplus.
Total.
Resources.
$109.607
Withdrawals.from the Federal Reserve System.
The following withdrawal from the Federal Reserve System is announced by the Board:
Iron Exchange Bank, Hurley, Wisconsin.
home of the Exchange at Beaver and William Sts. and
Hanover Square. The following information regarding
Institution Authorized by Federal Reserve Board to
the building is furnished:
Exercise Trust Powers,
Twenty-four stories in height, the roof being 316 ft. above the street
ft. below the street.
level; the foundation extends 45
$3,500,000.
The Federal Reserve Board has granted permission to the
of land, $1,500,000; cost of building,
Value
required to demolish the old building, following institution to exercise trust powers:
Forty-five working days were
the new building.
and 191 working days to complete
Liberty National Bank in New York, New York, N. Y.
3,429 tons of steel, 61.050 cu. ft. of limestone, 55,000
2,688,800 bricks.
ft. of partitions were used in constructing
sq. ft. of glass and 300,000 sq.
the new Exchange.
street.
Trading floor is 235 ft. above the
The laying of the cornerstone of the new building was
noted in our issue of Oct. 211922, p. 1789, and in our issue
of May 5 1923, p. 1967, we announced the moving in of
tenants in the new building, indicating at the time that the
Exchange itself would not begin trading in its new quarters
until a month or two later. On June 30(p.2951) we reported
the opening date, July 23.
Ratification by France of Naval Limitation and
Pacific Treaties Acclaimed as Gratifying by
Secretary of State Hughes.
on July 12 that "the ratification by France of the
Stating
naval treaty and of the four-Power treaty is extremely gratifying," Secretary of State Hughes at Washington added:
"As all the other signatories of the treaties had ratified, this completes
which can
the ratification, and all that is needed is the formal deposit,
JULY 21 1923.]
THE CHRONICLE
277
take place at any time, as the ratifications:Of the other signatories have
Third. "The time may come when those who must decide whether
already been received in Washington.
to refuse or accept, or even anticipate war, will have to bear a heavy re"The American Government had confidently expected that France would sponsibility and, because of the very brutality and efficacy of the first
ratify, and it is most pleasing that in this way the work of the Washington blows struck, it is important to give them, instead of receiving them." inid
The plan, which is the third and final stage in the reorganization of
Conference has been sustained. It is especially agreeable to observe the
strongly preponderant sentiment, both in the Chamber of Deputies and in national land and air defense, provides for 32 divisions of infantry, each
the treaties. It is earnestly hoped that the other with four regiments, and detachments of cavalry, engineers and artillery.
the Senate, in favor of
treaties adopted at the Washington Conference will be ratified in the near the cavalry being reduced to five divisions. Reserves would be formed
future."
by 30 regiments of cavalry and 48 regiments of artillery. The army would
The Four-Power Treaty is the last step toward the scrapping of the Include also a great number of technical units.
alliance. It gives assurance that for at least ten years
Anglo-Japanese
The aviation force would be composed of 132 combat squadrons, 76
each of the signatory Powers will observe and respect the rights of the observation squadrons and 34 auxiliary service squadrons, with a personnel
others in the matter of their possessions in the Pacific.
of about 33,000.
The naval treaty places the United States. Great Britain, Japan and
100,000 Professionals.
France on 5-5-3-1.75 ratio, respectively, in the matter of capital ships.
The plan is based on 18 months' service, each class of conscripts furIt will put to an end the wave of competitive battleship building which was nishing about 250,000 men, with 100,000 professional soldiers constantly
draining the coffers of the world Powers, and is expected, to a great extent. in the army.
to insure against future conflicts.
The officers would be reduced about one-fifth from the period before the
Under the treaty the Powers agree to scrap seventy capital ships with an war, there remaining 107 generals of division and a total of about 30.000
aggregate value in the neighborhood of two billion dollars. Of this number officers.
1111
the United States will dismantle thirty ships, thirteen of which were in
A table, comparing the proposed organization with the army airthe
process of construction at the time of the conference. Twenty-three will end of the war, shows a slightly less percentage in infantry, hospital
be scrapped by Great Britain and seventeen by Japan.
service and administrative employees and a greater percentage of tanks,
artillery and aviation. The cavalry numbers more than at the timecof
the armistice, but is reduced from what had been originally intended. NI
The total army will number 660,000 and will be composed of 461,000
Naval Pact Delay Was Costly to United States.
French troops, 189,000 colonials and 10,000 Foreign Legionaries. It is
The "Journal of Commerce" announced on July 6 the fol- proposed to have these colonial forces more closely inter'woven with the
French troops.
lowing special advices from Washington:
France's delay in ratifying the Four-Power Naval Limitation treaty is
costing the United States $2,000,000 a month, according to the estimates
of naval officers here. The expenses to which the Navy Department is
put in paying shipyards demurrage on shipways occupied by the uncompleted hu Is, combined with interest on money tied up in material and
the reimbursement to contractors for canceled contracts, are said to aggregate this sum monthly. As sixteen months have elapsed since the treaty
was signed in Washington. it is estimated that the delay of France has
occasioned a loss running in excess of $20,000,000.
Not only are the plans of the United States for dealing with the naval
construction progrgm being held up by the delay of France, but also the
plans for bringing about more stable conditions in China. Until France
ratifies the Nine-Power pact there can be no conference of representatives
of the nations to bring about a raising of the tariff rates in China to the
extent of 2,4%. It is contended here that the additional funds which the
234% advance would bring to the central Government in China would
do much to assist China, now in a rather desperate financial condition, to
her feet.
Reports from Paris indicate that the French Government may act by
October on the treaties. This Government, of course, would welcome
early action.
French Chamber of Deputies Approves Appropriation
of 211,000,000 Francs for Air War Service.
Under date of June 29 the Associated Press announced
the following from Paris:
The Chamber of Deputies last evening approved an appropriation of
211,000,000 francs for aeronautic establishments and material.
Before the vote the Socialist Deputy Mistral called attention to the
fact that the appropriation had been raised some 36,000,000 at the Government's last minute demand, and wanted to know if this was in reply to
Stanley Baldwin's recent declaration in London. He also asked whether
a new armament race was thus to be initiated.
Minister of War Maginot said the change had been made with the consent
of the Finance Committee of the Senate.
Deputy Benazet protested any interferences suggestive of the possibility
of France attacking England, and the Deputies supported him by their
applause. He then asserted that the increase in the appropriation was
due to Germany's activity in aviation. M. Maginot corroborated this,
and added that France at the time of the armistice had 3,500 units in its
air force, as compared with 1,300 at the present moment.
Mr. Mistral's motion proposing an appropriation of 175,000,000 francs,
as voted by the Senate, was defeated, 490 to 79, and the Government's
new figure was adopted.
M. Bokanowski, budget reporter for the Chamber, told the Deputies
that the budget, after restoration by the Chamber of the figures suppressed
by the Senate, shows expenditures of 23,451,645,679 francs and receipts of
22,838,000,000 francs.
Thus there is a deficit of 613,645.679 francs, which will have to be recovered by additional receipts or loans. Discussion of the revenue side of
the budget was resumed to-day by the Chamber.
French Army Reorganization Plan Calls for Army
of 660,000.
According to Associated Press cablegrams from Paris July
11, the plan for the reorganization of France's army of 660,000 men was distributed among the members of Parliament
that clay by Colonel Jean Fabry, reporter for the Chamber
Army Commission. The cablegrams added:
It contemplates a modernized force based on the lessons of the World
War, with serious attention to new developments in aviation and war
material.
Aviation and gas, the report says, are menaces of the future. Germany
by force of circumstances must seek her field of action in the air. Therefore France must be strong there.
"We are preparing the army for war, which we are resolved to prevent."
continues the report, but must be ready to strike the first blow. France.
s no superior to other nations in aviation, except perhaps bombing planes
ibut she cannot rest satisfied and must not be content with machine guns
in the air, for the time is near when aerial cannon will appear."
M. Fabry presents three conclusions: First, "France, so long as she
bases her existence and respect for her rights upon the prestige of her
strength, must, because of her will for peace, maintain a strong army.
Second. "That the army, solidly constructed upon the lessons of the
war, ought to be definitely guided toward the utilization of and search
for more perfected armaments than those with which the enemy can be
equipped, so that the army may retain that preponderance of force we
are going to give it."
Great Britain Opposes Air Arms Parley—Salisbury
Tells Lords Such a Move Would Be inadvisable.
The following Associated Press advices from London,
July 12, appeared in the New York "Evening Post" of the
12th inst.:
The British public read in its newspapers to
-day that the Government
believes the European situation to be so uncertain as to render inadvisable
the initiation of an international conference on aerial armament limitation.
The House of Lords, in the course of a discussion in which the possibilities
of a "war cloud" danger were openly mentioned, VMS told by the Marquis
of Salisbury, Lord President of the Council, that although the Government
was on record as desiring to facilitate limitation of air armaments, any
move in that direction now would be without re4ult and would be misunderstood as well. He added that the way to the desired end might be cleared
later.
The Lords also discussed the Singapore naval base in its connection with
Anglo-American and Anglo-Japanese relations. Viscount Grey said that
while every one scouted the idea that the base was anticipating trouble with
the United States, he thought frank admission should be made of the
remote possibility of a conflict with Japan.
He asserted, however, that Japan's participation in the Washington
Conventions rendered the contingency of trouble so remote as not to Justify
heavy expenditures at Singapore. Lord Grey also urged the Government
not to hasten construction of the base until Great Britain had had time to
consider the reaction of the project on the Washington Treaty.
French Senate Ratifies Naval Treaty and
Four-Power Pacific Treaty.
The Fiv&Power Naval Limitation Treaty and the FourPower Pacific Treaty which were drafted at last year's
Washington Conference on Limitation of Armaments, were
ratified by the French Senate on July 11. The naval treaty
was adopted without reservations, by a vote of 287 to 3,
while the Pacific accord was approved unanimously and
without debate. The strongest feature of the opposition to
the naval limitation treaty, it is stated, was the report of the
Senate Naval Commission, which had proposed reservations
to the treaty, Senator Lemery of the Commission objecting
to what he termed the capitalization of France's after-war
naval weakness, with the control of the seas given to Great
Britain, America and Japan. As to these reservations which
failed of adoption, the Associated Press cablegrams from
Paris on July 10 said:
These'reservations are regarded as important by the Commission and
are similar to objections previously voiced by other commissions.
The Commission recorded itself as determined to retain for France full
liberty of action regarding the submarine provisions of the Treaty. The
recommendations for ratification of the armament limitation accord was
voted with the understanding that the limitation should not be regarded
as definitely establishing the relative importance of the maritime powers;
that it be distinctly understood there would be no relation between capital
ships and the proportion of lighter craft and submarines, and that the
Treaty be strictly provisional, denounceable in 1934.
The Commission at the same time took note of the protest voiced by
Senator de Lavrignals. who said he could not vote for the Treaty, basing
his.opposition on the objections enumerated by Senator Lomery.
•
The five-Power naval treaty had been approved by the
French Chamber of Deputies on July 7 by a vote of 460 to
106; the four-Power Pacific treaty was ratified by the Chamber by a unanimous vote on the 9th inst. With regard to the
Senate action on July 11 a copyright cablegram from Paris
to the New York "Times" said:
The naval Treaty did not meet with great opposition, as was demonstrated
by the vote, but a certain amount of dissatisfaction was expressed at the
tonnage allotted by it to France. This the Government was able to meet,
however, by explaining that the measure affected only capital ships, and
that the allotment of these was in proportion to France's present financial
capabilities. As in the Chamber debate, it was stated time and again that
France was free to go ahead With the construction of light craft and submarines.
"There should have been added to the 175,000 tons allotted to us at least
the equivalent of the 80,000 tons given to Germany far US2 in the or
278
THE CHRONICLE
Sea by the Treaty of Versailles," M. Lemery, reporter for the Naval
Commission, said to the Senate. "France is not, like Italy, solely a
Mediterranean power. Also, we should have the right to more than two
airplane carriers."
M. Lemery then declared that he would vote for the Treaty only if it
were understood that it applied to capital ships alone.
Applicable Only to Capital Ships.
To this Premier Poincare responded:
"There is no question about it, the Washington Treaty applies only to
capital ships. As to light craft and submarines France triumphed."
The Minister of Marine, M. Raiberti, then said:
"France must rebuild her navy, but her efforts must be in proportion to
financial possibilities. The improvement of our navy depends on the
Improvement of our financial condition. We must begin by improving
our lighter units."
The Minister then called attention to the naval program for 1930 and
declared that the items of this program were provided for in the Washington
Treaty. He said that if another conference should be called France would
not permit the proportion of capital ships to apply to her lighter units.
M. Reynaid, reporter for the Foreign Affairs Commission, in speaking
on the Treaty,said it was considered in America as a test of France's pacific
sentiments. Its ratification, he declared, would reassure American opinion
and reinforce the friendship of the United States.
[VOL. 117.
Hughes and Sir Auckland Geddes, the British Ambassador.
At the same time notes were exchanged providing that in
case the United States becomes a member of the Permanent
Court of International Justice, the two Governments will
consider making an agreement to submit disputes of the
character described in the arbitration treaty to the Permanent Court for Adjudication. The Treaty, executed in
1908, was signed by Elihu Root as Secretary of State and
James Bryce as British Ambassador; it provided for practically unqualified arbitration of all issues between the
United States and Great Britain. It was renewed for five
years in 1913 and again for a similar period in 1918. The
New York "Times" of June 24 said:
There are some who have expressed the opinion that the treaty might be
brought into the controversy regarding the prohibition by the United States
ofliquor within the three-mile limit, except as medicinal supplies, on British
vessels. The State Department, up to this time, however, has held that
the ship liquor question was a purely domestic one which could not be
affected by the treaty.
The treaty provides that differences which may arise of a legal nature
In its advices from Paris (copyright) July 7 in reporting
.
or relating to the interpretation
existing between the
the ratification of the naval treaty by the Chamber of Depu- tracting parties and which it mayof treatiesbeen possible to settle two connot have
by diploties, the New York "Times" Stated:
macy, shall be referred to the Permanent Court of Arbitration established
at The Hague by the convention of July 29 1899, provided that they do not
r* The intention of France to commit herself for only ten years is set forth
affect the vital interests, the independence or the honor of the two conin the Act of Ratification, which says:
"The Government of the Republic is authorized to ratify as valid until tracting States and do not concern the interests of third parties.
Article 2 of the treaty provides.
Dec. 31 1936. the Treaty signed at Washington Feb. 6 1922, and known
"In each individual case the high contracting parties before appealing
as the Treaty betwepn the United States of America, the British Empire,
to the Permanent Court of Arbitration shall conclude a special agreement
'France, Italy and Japan limiting naval armaments."
defining clearly the matter in dispute, the scope of the powers of the arbiThis intention was made clear also by frequent statements from the trators and the periods to be fixed for the formation of the arbitral tribunal
Government bench that France assumed no obligation for continuing the and the several stages of the procedure. It is understood that such special
agreements on the part of the United States will be made by the President
arrangement after the expiration of ten years.
and consent of the Senate
of the United States,
Great stress was laid by speakers for the Government and M. Briand thereof; his Majesty's by and with the advicethe right before concluding
Government reserving
and M. Sarraut, who negotiated the Treaty, that France maintained full a special agreement in any matter affecting the interests of a self-governing
dominion of the British Empire to obtain the concurrence therein of the
liberty for the construction of submarines.
dominion.
The Associated Press cablegram from Paris July 9 regard- Government of that shall be binding only when confirmed by the two
"Such agreements
Governments by an exchange of notes."
ing the ratification of the four-Power Pacific treaty said:
The Chamber's bill approved the Treaty concluded on Dec. 12 1921
by'America. France, Great Britain and Japan covering their island possessions in the Pacific and the declaration adopted on the same date relating
to the Pacific mandates. It accepted also the complementary agreement,
snade in Washington on Feb. 6 1922, in which application of the Treaty
was precisely defined as it concerns Japan.
The Treaty relating to the use of submarines and poison gases and
'protection of neutrals and non-combatants, and the two pacts relating to
China are not likely to come before Parliament until after the summer recess.
The two nine-power treaties, respecting the open door in China and
Chinese customs, still are in committee, so it seems certain they will not
be ready for legislative action before adjournment. The submarine
treaty has been considered in committee, whose favorable report has been
completed, but no date has been fixed yet for discussing the pact.
Poincare a Consistent Backer.
Premier Poincare long ago announced his intention to urge the ratification
of the Washington treaties, but big questions one after another have come
up to occupy the time of the Parliament, and some opposition developed to
putting the treaties ahead of France's more pressing problems. The
Government, however, began vigorously urging their adoption when it
became apparent recently that the United States was impatient at the delay.
Now that the naval armament and pacific treaties have been approved
by the Chamber, with concurrence by the Senate considered assured, the
Government will not press Parliament for consideration, before the recess.
of the other accords, which are regarded as important to the United States.
Sir Auckland Geddes sailed on June 26 on the Cunard
liner Berengaria for a three months' leave of absence. Sir
Auckland, who has been in ill health, left under the care of
a physician.
in Washington Agrees on Revision
of Universal Standards.
Slight changes in four grades and the retention of American
names for the grades were agreed upon unanimously on
July 19 by representatives of the Liverpool and Manchester
Cotton Associations and the American Cotton Trade
conference with officials of the Department of Agriculture.
As we announced last week (page 162), a conference to consider changes proposed by the Liverpool Cotton Exchange
in the universal standards for American cotton was called
for July 17 by the U. S. Department of Agriculture. Regarding the agreement"reached on the 19th inst., the Department said:
Cotton Conference
The changes agreed upon will be promulgated at once, but will not go
into effect until Aug. 11924, and the trading for the year following Ana
1923 will be upon the United States official standards which were promulgated July 26 1922 and which have now been accepted as universal standards.
The changes in the universal standards are to be made as follows: In
the "Good Middling" box a sample containing slightly less creamy color
will be substituted for sample No. 12. In the "Strict Middling" box a
similar change will be made in sample No. 12. In the middling box samples
of less creamy color will be substituted for samples Nos. 1 and 4. These
changes retain in each of these grades samples with creamy color that in
the opinion of the American Cotton trade was desirable in order that the
Hostility toward the ratification of the Washington naval agreements in boxes fairly represent American cotton crop. A very slight change was also
Foreign Affairs Committee of the French Chamber of Deputies, placing made in the strict low middling box.
the
'Georges Mandel, reporter of the commission, on the minority side, was reThe foreign delegates at the conference represented or held proxies for
sponsible for the resignation of M. Mandel,former Chief of Cabinet under the following organizations, which have adopted universal standards:
Clemenceau, from the commission.
Liverpool Cotton Association, Manchester Cotton Association, Federation
While M. Mandel himself refuses to be quoted as to the circumstances of Master Cotton Spinners' Association of England, Baumwell Borse,
leading to his resignation, it is known that the committee rejected his re- Bremen; Syndicate de Commerce des Cotons, Havre; Asociazione Cotoniera
port recommending ratification by a vote of 26 to 16, with two members Italians, Milan; Centro Algodonero, Barcelona; Association Cotoniere de
absent.
Belgique, and Vereeniging Voor don liatoenhandel, Rotterdam.
Premier Poincare and ex-Premier Briand were among the minority which
The American cotton trade representatives have reviewed the rules and
the Washington treaties, but the commission regulations which the Secretary of Agriculture will
favored immediate action on
issue within a few days.
overruled the request of the Premier and the pleadings offormer Prime MinDelegates to Cotton Conference.
ister Brian& who demanded that France's signature "be not reduced to the
The Liverpool delegates were: A. C. Nickson, J. C. Finlay and Cecil
rank of a scrap of paper."
The opposition centred on the question of reservations concerning capital Taylor. The Manchester delegates were: H. Robinson, F. A. Tomlinson
the commission refusing to consent to France being and R. Brooks. The American delegates were: C. F. Bledsoe, Greenwood,
ships, the majority of
Miss.; T. F. Cahill, New York City; R. L. Crittenden, Boston, Mass.;
placed on the same footing with Italy.
The refusal of the commission to recommend unqualified ratification of the R. C. Dickerson, Waco, Tex.; W. M. Drake, Memphis, Tenn.; C. A.
Washington treaties is not interpreted in Parliamentary circles as involving Francis, Now Orleans, La.; D. C. Glenn, Houston, Tex.; John Gorham,
disapproval of the principle of the agreement. It is looked upon as a ques- Waco, Tex.; R. H. Gilbert, Norfolk, Va.; R. F. Irby, Galveston, Tex.;
tion of interior policy which will be taken advantage of in an attempt to C. W. Johnston, Charlotte, N. C.; Theo. Marcus, Dallas, Tex.; Jas. W.
defeat former Premier Leygues as President of the Foreign Affairs Com- Morton. Athens, Ga.; W. C. Neal, Jackson, Miss.; E. B. Norman, New
Orleans, La.; Wm. Howard Smith, Prattville, Ala.; W. A. Stribling, Atmission when officers are re-elected next January.
Galveston,
Ga.;
Eustace
— The ratification by the United States Senate of the four- lanta,W. S. M. P. Rivers, Savannah, Ga.; W. Well, Taylor,
Thomson, Philadelphia, Pa.; L.
Montgomery. Ala.;
Tex.;
Power Pacific treaty and the five-Power naval limitation Sidney Y. West, Little Rock, Ark.; Geo, S. Willman, Dallas, Tex.
The committee on standards of the American delegation was: Theo.
treaty was recorded in our issue of April 1 1922, pages 1360
Marcus, W. A. Stribling, R. F. Irby, S. Y. West, C. A. Francis, M. P.
and 1361.
Rivers and W. C. Neal.
The rejection by the Foreign Affairs Committee of the
French Chamber cif Deputies of a report of Georges Mandel,
recthnmending ratification of the naval treaties growing out
•of the Washington Conference on Limitation of Armaments,
resulted in the resignation on Dec. 1 of last year of M. Man.del. The Associated Press (Paris cablegrams) reported this
Dec. 2 1922, saying:
The following additional information is taken from
Root Anglo-American Treaty of 1908 Extended
the Washington advices to the "Journal of Commerce'
Until 1928.
The Anglo-American Arbitration Treaty of 1908 is on July 19:
proportion of high colored bales
The British succeeded in
extended for a period of five years under an agreement in the good middling, strictreducing the middling boxes, and cut down
middling and
signed at Washington on June 23 by Secretary of State the color slightly in the strict low middling grade.
•
JULY 21 1923.]
THE CHRONICLE
The principle of retaining color in the grades, which is characteristic
of the American standards, was retained, and the American representatives
of the cotton trade were able to block the elimination of the high colored
bales from the four grades.
Revision A Compromise.
The revision of the grades represents a compromise. While the American
delegation was opposed to changing the standards which had been indorsed by the trade last June, they wanted to appear considerate of the
British cotton trade, which recently agreed to accept the standards and
make their usage universal. The suggestion of the foreign delegation
to go to the "snowball" standards was opposed on the ground that they
would violate the American principle of color in the grades, but the number
of creamy samples in the three higher grades was cut In half.
The changes agreed upon will be promulgated at once, but will not
become effective until Aug. 1 1924. However, the trading for the year
following next Aug. 1 will be upon the United States official standards
which were formally promulgated on July 26 1922, and which are now
the universal standards.
There are twelve samples of cotton in each grade. The action of the
conference to-day Fends to whiten up the samples, so that the English,
Who generally buy on the average of the box, taking into consideration
the twelve samples, will be required to take fewer of the high colored
bales. Specifically, in the good middling box a sample containing slightly
less creamy color will be substituted for sample No. 12. In the strict
middling box a similar change will be made with sample No. 12. In the
middling box samples of less creamy color will be substituted for samples
Nos.1 and 4. A very slight change was made in the strict low middling box.
At the outset the British delegation desired to eliminate the high colored
bales from these grades. There are two samples of the colored bales in
good middling, two in strict middling, four in middling and two in strict
low middling, so it is quite apparent just what happened.
The vote was unanimous, once agreement was reached. Commenting
on the revision, the Department of Agriculture said:
"These changes retain in each of these grades samples of creamy color
that in the opinion of the American cotton trade were desirable in order
that the boxes fairly represent the American cotton crop." It is contended that the revisions ordered are slight and that they just about equal
the present standards in value and quality, as all of the boxes retain some
color.
In considering the proposal, the Americans sought to convince the
British that the spinning quality of the high colored bales was just as
great and the cost of bleaching the staple was no more. However, the
British cotton men maintained that these changes were vital in view of
their adoption of the universal standards.
New Regulations Reviewed.
The rules and regulations which the Department of Agriculture expects
to issue as soon as finally approved with recent modifications were reviewed by the American cotton trade representatives this morning. These
have not yet been presented to the Acting Secretary for signature and
promulgation, but will cover the various points contained in the Fulmer Act.
Only the Liverpool and Manchester cotton associations were represented directly, but their representatives held the proxies of the Federation of Master Cotton Spinners Associations of England; Baumwell Borse,
Bremen; Syndicate de Commerce des Cottons, Havre; Asociazone Cotoniera Italiana, Milan; Centro Algodonero, Barcelona; Association Cotoniere de Belgique, and the Vereeniging Voor den Katoenhandel,
Rotterdam.
The actual negotiations with the foreign delegations were conducted
by a committee of seven cotton men, headed by C. A. Francis, of New
Orleans.
Besides our item of a week ago, referred to above, other
recent references made by us to the universal cotton standards
and the attitude thereto of the European cotton associations
appeared in our issues of June 16, p. 2727, and July 7, p. 35.
Federal Market News Service Extended.
A leased wire extending the Market News Service across
the Continent to San Francisco was opened July 16 by the
United States Department of Agriculture. The new
extension connects Kansas City with the Pacific Coast and
provides regular communication for 12 hours during each
business day to the new offices at Denver, Salt Lake City
and San Francisco. Regular market news communication
with offices at Los Angeles and Portland, Oregon, will be
opened shortly by radio telegraph. An extension of the
service to Southeastern States was also opened July 10 by
the establishing of wire communication with the office at
Atlanta. This service is now being conducted by commerbial messages, but it is expected that by Sept. 1 a leased
wire will be installed connecting Washington with Raleigh,
N. C., Clemson, S. C., Atlanta and Jacksonville, Fla.
These new extensions will enable the Bureau of Agricultural
Economies to greatly improve its market reporting service
in the far Western and Southeastern States. The telegraph
wire which is used for the collection and distribution of
market news is supplemented by radio broadcasting by more
than eighty private stations throughout the United States.
Proposal by Committee of Economists for Reduced
Wheat Acreage Owing to Expected Decreased
Foreign Demand.
made known in our issue of a week ago (page 151),
As was
a readjustment by American wheat growers of winter wheat
acreage in view of the probable decreased foreign demand
for American foodstuffs has been urged by a committee of
economists and statisticians called by Secretary of Agriculture Wallace to consider the foreign and domestic demand
for farm products, and particularly the wheat, corn and hog
279
situation. The principal reasons assigned by the committee
for the expected reduction in foreign demand were the fact
that the European food production is somewhat larger than
last year, and that Europe's purchasing power this year is
likely to be somewhat smaller than last year. The committee, in suggesting that the American growers take steps to
curtail their wheat acreage noted that "there has been some
reduction in the winter wheat acreage of the United States
due to adverse weather conditions rather than to a change
of planting policy on the part of the producers," but it
pointed out "the expansion remains about 14 million acres
above the pre-war average." The report of the committee
as made public by the Department of Agriculture July 13
follows:
Foreign Demand.
The foreign demand for American foodstuffs during the current marketing
season will apparently not be as great as It was a year ago. Unless the
foreign situation is very speedily cleared up and a definite turn for the
better takes place in Europe, it appears not improbable that Europe will
have less buying power in our markets during the next crop year than
she had during the last It needs to be understood that foreign demand
is not measured merely by volume of exports. The price at which this
demand will be forthcoming is the important consideration.
The principal reasons for the probable reduction in foreign demand are:
First. European food production is somewhat larger than last year,
due principally to much more favorable crop conditions this year than
last, while there is no apparent decline in the output of producing regions
that compete with the United States for the European market.
Second. Europe's purchasing power this year is likely to be somewhat
smaller than last year. While manyfactured exports for the first half
year have been appreciably larger than a year ago, the prospect for the
second half year is less favorable. 1 here has deveinped a slight recession
of business in leading commercial countries, and the foreign situation has
lately been producing serious economic consequence. European earnings
from shipping and other services show little improvement; winle er,dite
extended to European countries are much below those of a year ago.
Domestic Demand.
In the United States we have had a very high level of Industrial activity.
distribution, and consumpdon. With certain exceptions, there is little
evidence thus far of any considerable accumulation of goods, either on
the shelves of merchants or in the jobbers' and producers' hands; and
the facts as to the high level of production are clear. It seems clear that
the home demand has been near to if not at a maximum. We can scarcely
consume more of wheat and meat and other farm products that we have
in the last year or more. The farmer can hardly now expect any immediate increase in the domestic demand. But with the present full volume
of employemt and high wages, there seems no prospect during the re
malnder of 1923 for a decrease in domestic demand for farm produce.
Furthermore, our credit position is unusually strong and more than
equal to any demands which may be made upon it in the crop-moving
season. There is no present prospect of any money stringency, or a rise
In interest rates sufficient to affect business or the farmer unfavorably.
Changes in general business conditions affect the domestic demand for
various agricultural products in differing degrees. Should a depression
develop in urban industries it follows, then, that the farmer will feel the
effects to some extent. However, the probability of a severe depression
in the near future seems to be slight. Any lessening in the industrial
activity that may occur will, however, doubtless be accompanied by a
reduced demand for choice cuts of meat, early vegetables, the more expensive fruits, milk. butter, &c. On the other hand, It will not decrease
but may even increase the demand for the cheaper grades of food.
During the last five years certain forces have combined as to increase
the supply that the price level of farm products has been kept below that
of prices for other commodities. This situation has generated offsetting
forces tending eventually to restore the former equilibrium, thus improving
the position of the farmer. Among such forces is the migration of agricultural population to the city. There has recently been a distinct
acceleration in this movement. This movement will, in the long run,
add to the urban demand for foodstuffs and will eventually lessen the
supply of farm produce, thus tending to establish a more normal relationship between agricultural and other prices.
The Gorn-Dog Situation.
Marketings of the 1922 spring pig crop (just completed) were 30%
above the 1921 crop and 60% above the pre-war. From the indications
of the special Government hog report of June, the 1923 crop is fully as
large as last year and there are prospects of continued heavy hog production well into the summer of 1924. This heavy hog production has
wiped out the unusual corn surpluses resulting from the three large corn
crops of 1920. 1921, and 1922. Unless there be a marked improvement
in the 1923 corn crop, and in view of probable continued heavy hog production, a corn shortage may develop by the summer of 1924.
The corn-hog ratio declined from 18 to 8 bushels from the spring of 1922
to the midsummer of 1923. It is now 25% below average, and from
present indications a ratio unfavorable to hogs will last into 1924.
During the first five months of 1923 the European nations have taken
a decidedly larger quantity of our pork products at a higher price than
seemed probable last January. In addition,favorable industrial conditions
In the United States have resulted in the consumption of an unusually large
quantity of pork at home which limited the decline.
The ability of the American public to continue the consumption of such
large quantities of pork products without a serious price decline from the
present level depends upon the maintenance of favorable industrial conditions.
Neither the corn situation, the prospective European demand nor the
domestic industrial outlook warrants the maintenance of the very heavy
hog production of the past year.
Thr Wheat Situation.
The expansion in the wheat area of the chief exporting countries coupled
with the decreased buying Power of Western Europe is responsible for the
price situation which now prevails. This committee is less impressed with
the Immediate wheat supply situation than it is with the future possibilities
in case present exporting countries fail to readjust their acreage to offset
increasing bread grain production in Europe.
Owing to the world war there was an enormous increase in the wheat
acreage of the five principal exporting countries of the world outside of
Russia and the Danubian countries. Since the peak of war production
these exporting countries have decreased their acreage very slightly and are
280
THE CHRONICLE
now growing 28 million more acres of wheat than the pre-war average.
In view of the long-time prospects of the return of Russia and the Danubian
countries as factors in the world wheat trade, as well as the increase in
other exporting countries mentioned above, the American winter wheat
grower should take the first positive step this fall to adjust the winter wheat
acreage in accordance with this situation. There has been some reduction
in the winter wheat acreage of the United States due to adverse weather
conditions rather than to a change of planting policy on the part of the
producers. However, the expansion remains about 14 million acres above
the pre-war average.
The best data available indicate a current wheat crop for the northern
hemisphere moderately larger than that for 1922 for the same territory.
On the other hand, the carry-over stocks for both importing and exporting
countries are apparently not greatly changed from last year. The increase
represents only a small percentage and might be wiped out entirely or increased by later developments in North American spring wheat or in the
1923-24 coming harvests in Australia and Argentina. Russia will not
export grain in large quantities in the immediate future.
The facts that have been presented in this summary of the world agricultural outlook are well known in the trade and have been discounted
In the markets.
The statistics in this report were assembled by the Department of
Agriculture.
The members of the committee were:
H. G. Moulton, Institute of Economies, Washington, D. C.
B. M. Anderson Jr., Chase National Bank, New York City.
H. W. Moorhouse, American Farm Bureau Federation. Chicago.
George F. Warren, Cornell University, Ithaca, N. Y.
Carl Snyder, New York Federal Reserve Bank, New York City.
W. I. King, National Bureau Economic Research, New York City.
W. W. Stewart. Federal Reserve Board, Washington, D. C.
.1. F. Ebersole, Federal Reserve Bank. Minneapolis.
B. W. Snow, Bartlett-Frazier Co., Chicago.
W. E. Grimes, Kansas Agricultural College, Manhattan, Kan.
Eliding E. Anderson. Case, Pomeroy Co.. New York City.
H. A. Wallace, Secretary Corn Belt Meat Producers' Assn., Des Moines.
E. W. Wentworth, Armour & Co.. Chicago.
F. A. Pearson, Cornell University, Ithaca, N. Y.
E. G. Nourse. Iowa Agricultural College. Ames, Ia.
[VOL. 117.
in wheat last year has been planted in cotton this year. If it does not
pay the farmer to produce wheat for export, then the acreage, as a matter
of business, must and will be adjusted in the States where production
can be diverted into other more profitable directions until our wheat
production is balanced with the American requirements.
Further Breaks in Wheat on Chicago Market—"Buy
Barrel of Flour" New Slogan to Buoy Market.
The unstable condition of the wheat market has again
commanded attention this week; the drop in wheat prices
below the dollar on both the Chicago and Minneapolis markets on the 11th inst. was referred to in these columns last
week (page 151) and at the same time mention was made of
the recovery in prices on the Chicago market on the 12th.
On Monday of this week (July 16) prices iji Chicago again
dropped to levels lower than had been witnessed since 1914,
the New York "Herald" stating in its Chicago dispatch of
the 16th inst.:
Every future delivery of wheat sold to-day at less than $1 a bushel, the
first occasion since 1914 that the December delivery has done so at this time
of the year. Increasing arrivals of newly harvested wheat were largely
responsible for the fresh setback in values. The market closed heavy, 1;ic.
to 1Mc. lower, with September 963c. to 965ic. and December 993ic. to
,
e93c. Corn finished unchanged to 5@c. off, oats S@Se. to Sc.
down and provisions varying from 15c. decline to 5c. advance.
In noting a further break to 953 cents on July 17 the
%
Chicago advices to the "Herald" said:
New breaks in the season's low price record for all future deliveries of
wheat occurred to-day and for the first time this season the September
delivery sold under 96 cents a bushel. Hedging sales of newly harvested
wheat, together with inadequacy of demand, had much to do with the fresh
setbacks in price. Closing quotations were unsettled, varying from
Scent net decline to Xcent advance, September 96S to 96% cents and
December 993( to 993 cents. Corn, oats and provisions scored gains as
follows: Corn, 3 to I% cents; oats, 3 to 54 cent, and provisions 10 to
17 cents.
Eugene Meyer, Jr., of War Finance Corporation,
Declares There Is Too Much Talk About
A movement to check the falling market by inducing the
Dangerously Large Wheat Stocks.
purchase of a barrel of flour by housewives, was indicated
In giving, under date of July 14, his views on the wheat as follows in Chicago Associated Press advices July 18:
Urging the housewife
of flour,
situation, Eugene Meyer, Jr., Managing Director of the purchase individually to buy a barrel wheat for the general public to
future delivery, and
1,000 bushels of
War Finance Corporation, takes exception to the findings of everybody to eat one more slice of bread daily, a plan to combat dropping
and flour prices, has been indorsed by George E. Marcy, President
the committee of economists and statisticians whose report wheat
Armour
to Secretary of Agriculture Wallace relative to curtailment of themen here. Grain Co.. and is advocated by commission houses and
grain
of wheat acreage is given elsewhere in this issue. Mr. Meyer
The sentimental effect of the purchase of 1.000 bushels of wheat by
says, "there is too much talk about dangerously large stocks. 100.000 persons would tend to stabilize the market and restore the fallen
confidence of grain operators, grain men declared, advocating that feature
As I stated on my return from Europe, the stocks in Europe of the plan as the most important. Another 100,000,000 bushels might
are reduced to a minimum. If there are to be stocks they be disposed of to manufacturers of farm implements and automobiles,
have to be carried in producing countries." Furthermore, whose business to a certain extent is affected by the prosperity of the
farmer, the plan proposed.
he says, "the experience of the last two years should lead us
The healthful advantages of increasing daily bread rations by one
to be distrustful of the statistics concerning the stocks and the slice for each person in the United States would augment the psychological
impossibility of marketing them." Mr. Meyer's views are effect on the market caused by the increased demand for bread, proponents of the plan explained.
set out as follows:
Wheat scored an advance in price to-day, ascending in some cases more
An abrupt decline in wheat, similar to the recent decline, took place in
the autumn of last year. Not much wheat was sold by American farmers
during this period, but a great deal was sold by Canada, which had a crop
much larger than this year's crop. After about sixty days there was an
equally sudden recovery, and an advance of over twenty cents a bushel.
There is too much talk about dangerously large stocks. As I stated on
my return from Europe,the stocks in Europe are reduced to a minimum. If
there are to be stocks, they have to be carried in the producing countries.
Probably the stocks in excess of the pre-war normal carried in the prcducing countries are no greater than the deficiencies in the stocks carried
in the consuing countries.
The experience of the last two years should lead us to be distrustful of the
statistics concerning the stocks and the impossibility of marketing them.
Two years ago, when cotton was selling for eight cents a pound, we were
told in the War Finance Corporation that there was a stock of ten million
bales and that it would take years to eliminate its disastrous influence.
Ninety days later cotton doubled in price and the stocks began to disappear, until now the cry is that the stocks are dangerously inadequate.
Eighteen months ago the stocks of sugar in Cuba were reported to be so
large that some people, otherwise considered sensible, started a movement
to force a restriction of sugar production in Cuba. Those stocks have disappeared with equal rapidity.
Two years ago corn was selling at 18 cents a bushel in Nebraska and
Iowa, and there was much talk about burning it for fuel, although there
was little burned. To-day,corn is selling at 83 cents a bushel lathe Chicago
market and equal to 65 cents at the interior points in Nebraska and Iowa,
and all talk about the calamity of three bumper corn crops of over three
billion bushels each has disappeared.
The figures for the world stock of wheat in proportion to the World's
annual production and consumption are not, in my opinion, dangerous.
But no one is in a position to guess the wheat market. I believe that
some of the people who, with good intentions, are trying to help the wheat
producers are lending power to the propaganda for depressing prices.
I think they are discouraging buyers, frightening producers,and
encouraging bear speculators.
With the improvement in the general banking situation and the ample
resources made available by the legislation enacted by the Congress in
March of this year, there can be no question concerning the availability
of adequate financing for orderly marketing of the wheat crop, as well
as all other agricultural products.
So much for the immediate situation.
Looking over the wheat position in America in the long run and from
a somewhat broader point of view, the position of America as a producer
of wheat for export will depend on its ability to produce wheat at a profit
In competition with other producing countries of the world. There is
considerable opinion to the effect that the cost of producing wheat in this
country at the present time is such as to put us out of competition with
countries like Argentina, Australia, and Canada, where lower priced
lands, cheaper farm labor, and generally lower costs are determining
factors. In Oklahoma and Texas a considerable acreage which was planted
than three cents a bushel. The sudden rise was largely due to hurried
active purchasing on the part of previous sellers who were nervous over
concerted efforts being made to lift values.
Unusual publicity given to the movement urging investors to "buy
1,000 bushels of wheat" and housewives to "buy a barrel of flour" received
especial notice in this connection. Besides, there was an evident falling
off in the volume of rural offerings of wheat.
In advices from Chicago July 19, the "Journal of Commerce" of this city said:
Several leaders on the Chicago Board of Trade, including L. F. Gates'
Joseph P. Griffin and Robert McDougal, each of whom has served severs
terms as President of the Board, to-day said they favored higher grain
prices. Regarding the campaign which has for its slogans "buy 1.000
bushels of wheat" and "buy a barrel of flour," Mr. Gates said:
"The campaign to stimulate investment buying of wheat in small quantities seems not only reasonable but feasible.
"The withdrawal oflargo speculative support during the past three months
has been generally attributed to the Supreme Court decision relating to
what is commonly known as the Capper-Tincher Act, or the Grain Futures
Act. Commission houses have not been able to rally enough support
from smaller traders to offset the loss of traders in large quantities, and
sponsors of the law have apparently made no effort to do so, although
claiming that the law would stimulate general support to more than offset
the loss of largo speculative dealings."
"The grain trade," Mr. Griffin said, "in common with business in general
would welcome an advance in the price of the principal farm products.
The price of wheat is fixed by the world's supply and demand situation.
Wheat prices are depressed because of the financial breakdown of peoples
and countries who normally buy our surplus. It is being demonstrated
that political demagogy and agitation is no adequate substitute for demand.
Until bankrupt Europe is in a financial position to buy the surplus wheat
from the American farmer it is not likely that prices of this commodity
wlli materially advance."
Mr. McDougal said the members of the Board would welcome higher
prices for grain, "as the greatest possible boon that could happen to the
United States at the present time."
Farm Labor Wages Go
Prices of Produce Go
Down.
In special advices from Chicago July 18, the New York
"Tribune" said:
Wages of farm labor are moving up while prices offarm products are traveling downward, putting another bewildering problem before the farmers.
From all parts of the Middle West come reports that scarcity of hired
hands is sending up monthly and day wage rates, increasing the labor cost
of production, while what the farmer gets for his products is dropping.
JULY 21 1923.]
THE CHRONICLE
Advices from typical districts in the wheat, corn, hog and cattle belts
indicate that the agriculturists, who have been hard presssed since 1920, are
trying to adjust themselves through longer hours and harder work by the
farmer's family and by pooling resources of labor and implements in groups
of five or six farms.
Wages have been mounting ever since the labor shortage began, six or
eight months ago. Barney Cohen, district director of the United States
Employment Service, who has just made a survey, says farm wages in Illinois, Wisconsin, Michigan, Indiana and Ohio are almost back to the "peak"
year.
-mile radius of Chicago, Mr. Cohen reports,
In the region within a 100
male farm labor is running $50 to $70 a month with room, board and washing. Men are being sent out as day farm labor now to take jobs at $5 a
day with board. The wages by the month or day are more than double
what they were before the war. In Kansas and Nebraska day hands are
reported to be getting $3 50 to $4 a day with board, which represents an
increase of 50 cents and more over a year ago.
a time Assistant City Editor of the "Plain Dealer" and Associate editor of "The Chautauqua Magazine." It is stated
that during Mr. Siddall's connection with "The American
,
Magazine" the circulation increased fronLi 400,000 to 2,000,000.
Former United States Supreme Court
Justice W. R. Day.
William R. Day, formerly Associate Justice of the United
States Supreme Court, and more recently umpire of the
Mixed Claims Commission named to adjust the American
war claims against Germany, died at his summer home at
Mackinac Island, Mich., on July 9. The body was later taken
to his home at Canton, Ohio, the burial taking place at the
latter city July 12. Justice Day's resignation from the Supreme Court occurred in October of last year, and, as we
indicated Nov. 4 (page 2012), was tendered in order to permit him to undertake his duties as umpire of the Mixed
Claims Commission. Justice Day retired from the latter
post in May, reference thereto having,been made in our issue
of May 26, page 2338. Justice Day, who was 74 years of age
at the time of his death, had been appointed to the Supreme
Court by the late President Roosevelt in 1903. In 1897 he
had been appointed Assistant Secretary of State by President McKinley and he later became Secretary of State. In
expressing his sense of the loss suffered in the death of
Justice Day, Secretary of State Hughes, who had been associated with him on the Supreme Court bench, had the following to say July 9:
Death
of
I am deeply grieved to learn of the death of Mr. Justice Day. He
was one of the finest men I have ever known. With sagacity, profound
learning and untiring industry he was exceptionally qualified for the work
of Justice of the Supreme Court, and it was a great loss to the bench when
heretired. Before he went on the bench he had performed important service for the country and as Secretary of State,and it is pleasant to remember
that at the end of his judicial career he was signally honored by being
chosen to act as umpire in the determination of the claims against Germany. No higher tribute could be paid to an American citizen than
to select him for this important position.
The personal qualities and professional ability of the late
Justice Day were eulogized in a statement given out at the
Supreme Court at Washington at the direction of Chief Justice Taft. From his summer home in Quebec Province, Canada, the Chief Justice directed that the statement, repeating
a letter written to Justice Day on his retirement last year
by his colleagues on the bench, be made public as an official
expression of the highest court. This letter, addressed affectionately to "Dear Brother Day," reviewed- his 25 years of
judicial work and continued:
The thorough preparation you had had for effective work here manifested itself at once. Your service has covered two decades. Your opinions
appear in sixty-seven volumes of our reports. But it is not only in the
published opinions, their number, their clearness and their force, great
as they are, that the value of your service is to be measured. We who
have sat with you in conference know how much you have contributed
to our counsels from your wealth of judicial experience, your accurate
knowledge of the scope of our previous decisions, and your remarkable
familiarity with the adjudged limits of our jurisdiction.
We shall miss much your loyalty to the court and its traditions, your
affectionate fellowship, your wit and humor, and your unfailing tranquillity
and good sense.
Your separation from the court is a real personal sorrow to us.
Death of John M. Siddall, Editor of the American
Magazine.
John McAlpine Siddall, Editor of "The American Magazine," died at his summer home at Ardsley-on-Hudson on
July 16 after a long illness. Mr. Siddall had suffered from
cancer of the stomach, and despite his physicians' advice
several months ago that a respite from business cares might
prolong his life a year, he had continued his editorial activities until his death. Mr. Siddall penned each month an
article for his magazine under the head "Sid Says," and a
number of these, it is stated, had been written by him to provide for a time for their continuance after his death. Mr.
Siddall was born in Oberlin, Ohio, on Oct. 8 1874. He had
been a member of the editorial staff of "The American Magazine" since 1906 and was its editor-in-chief since 1915. He
came to New York from Ohio in 1904 to join the editorial
staff of "McClure's Magazine." Prior to that association he
had been identified with Cleveland papers, having been for
281
Roads to Comprise Federal-Aid System Designated
in Thirty-four States.
Roads that will comprise the Federal Aid System of highways have been definitely designated in 34 States, according
to the Bureau of Public Roads of the United States Department of Agriculture, which under date of July 9 said:
A study of the system in the 34 States now approved shows some inter
esting facts,• Nearly every city of over 5,000 population is located upon
It, and the few that are not will connect with it over improved roads. Indications are that over 90% of the entire population of the United States
will live within 10 miles of a Federal-aid highway. In a number of Stated
the figure is as high as 98% and in none of the States will it drop below 65%.
The following tabulation shows the mileage in the system by States,
estimates being given for those States whose systems are not yet approved.
-Aid
Federal-Aid
Federal
System.
System.
Alabama
*3,958 Nevada
88
1.9456
Arizona
hire
1,498 New Hampshire
Arkansas
*5,037 New Jersey
• 983
California
4,467 New Mexico
3,258
Colorado
344898
3,360 New York
: 18
North Carolina
835 No
Connecticut
Delaware
266 North Dakota
*4,855
Florida
4,506
1,855 Ohio
Georgia
*5,662 Oklahoma
*788
2 814
: 9
Idaho
2,772 Oregon
3.954
Illinois
*4,987 Pennsylvania
160
Indiana
3,957 Rhode Island
Iowa
*3,179
7,154 South Carolina
Kansas
*8077
6,423 South Dakota
*4,564
Kentucky
3,250 Tennessee
430
*11,655
Louisiana
*2,667 Texas
Maine
1,393 Utah
1.043
Maryland
1,036 Vermont
3.016
Massachusetts
*1,290 Virginia
2901
1 887
:
Michigan
4.582 Washington
Minn
Minnesota
6,801 West Virginia
*5.516
Mississippi
*3,290 Wisconsin
3,234
Missouri
7,040 Wyoming
Montana
4,697
187,406
Nebraska
Total
5,500
*Mileage given is an estimate, as system is not yet approved.
Canada's Proposal to Embargo Exports of
Pulp Wood.
The decision of the Canadian Government to defer the
imposition of an embargo on exports of pulp wood from
Canada is said to have been made known to the State Department at Washington in advices from the Royal Commis- •
sion on July 16 through the British Embassy. The resolution passed by the Canadian Parliament authorizing the
Governor-General in his discretion to declare an embargo,
was referred to in these columns last week (page 162). According to a Washington dispatch July 18 to the "Journal
of Commerce," Secretary of State Hughes has 'asked the
Canadian Government for full information relative to its
new law, which permits the Governor-General, should he see
fit, to declare a Dominion-wide embargo against the exportation of pulp wood, which would nullify the rights of American
paper manufacturers to timber reserves across the border, it
was said to-day at the State Department. The same dispatch said:
Mr. Hughes, however, it was stated, has declined to comply at this
time with the request of the American Paper & Pulp Association and
other paper interests, that he dispatch a note of protest to the Canadian
Government against the carrying through of the proposals of the new law.
Called Disastrous to Industry.
This legislation was described by the American Paper & Pulp Association
in a letter to Mr. Hughes as a direct attack on the paper industry of the
United States. Prohibition of the exportation of pulpwood the from
freehold lands of Canada, the letter stated, would entail disastrous results
to the industry in this country. A hint of means of retaliation was contained in the letter, which was signed by Henry W. Stokes, President
of the association.
"I beg further to ask," lie said, "if it would be in order and in conformity
with diplomatic usage for the Department of State to address a note to
the Government of the Dominion of Canada before it is committed to
a course from which it would be difficult to recede, stating that in view
of the fact that the paper industry of Canada draws freely and without
hindrance from the United States its necessary coal, oil, sulphur. and
many other supplies, the exercise of the power granted by the House of
Commons that would so disastrously affect a great industry of the United
States could not be regarded as a friendly act or one conducive to the
comity between nations."
Developments Being Watched.
In reply, Mr. Hughes is understood to have informed the paper interests
that the State Department is watching the Canadian pulpwood develop
meats with close attention and that it is the understanding of the Department that the Dominion Government is maldng a careful investigation
of the situation and American interests will be given an opportunity to
be heard.
The position of the State Department in the matter at present, it was
explained, is somewhat delicate since it cannot very well enter any formal
protests with the Canadian Government until it is determined that the
Dominion actually intends to utilize its new authority to restrict the
exportation of pulpwood.
New York "Times" Washington advices July 17 said:
American paper and pulpwood interest will be largely represented at
the hearing to be held at Ottawa to inquire into the pulpwood situation
before deciding whether the embargo on the export of pulpwood to the
282
THE CHRONICLE
proL. 117.
United States shall go into effect, according to an official statement made
Even though a test period has elapsed since the original dissolution decree
to-day.
was entered, the aim of the decree had not been accomplished, and thereIt is not believed, however, that the State Department will be repre- fore the United States now has the right to such further relief as may be
sented at this conference, though the Department has been officially necessary to restore competitive conditions in inter-State trade and cominformed that the hearings will be held before any definite action is taken. merce in harvesting machines and other agricultural implements, and to
It was explained that it Was not customary for Governments to be repre- bring about a situation in harmony with law.
sented in such inquiries, and instances were cited of British steel interests
Unless the combination is dissolved the monopolistic control exerted by
having been represented at tariff hearings in the United States without the defendant will increase and the vision of complete monopoly, which the
the official participation of their Government. No date has thus far organizers of the company had in 1902, will be completely realized and the
been set for the conference.
farmers of the United States will be deprived of free and open competition
In the manufacture and sale of harvesting machines.
Regulations for Wool Grades Announced.
For practical purposes until sets of the official standards
for grades of wool can be made available for general distribution, the 600 sets of tentative wool grades now in use in
the wool trade may be used in complying with the regulations
of the Secretary of Agriculture, effective July 1, the United
States Department of Agriculture announced July 16. There
is only a slight difference, his statement said, between the
tentative grades and the final grades. The Department
expects to call in the tentative sets in the fall and to replace
them with the final sets. A nominal charge will be made for
the new sets. Authority for establishing official grades for
wool is' vested in the Secretary of Agriculture by Section 19
of the United States Warehouse Act. Seven grades are
provided for as follows:
Fine shall be wool which in diameter of fibre is not greater than the
sample marked "fine" of a series of samples in the custody of the United
States Department of Agriculture in the District of Columbia in a contahler masked "Original Official Wool Standards of the United States,
Grades."
One-half blood shall be wool which in diameter of fibre is greater than the
sample marked "Fine" but not greater than the sample marked "One-half
Blood" of a series of samples in the custody of the United States Department of Agriculture in the District of Columbia in a container marked
"Original Official Wool Standards of the United States, Grades."
Three-eighths blood shall be wool which in diameter of fibre is greater
than the sample marked "one-half blood" but not greater than the sample
marked "three-eighths blood" of a series of samples in the custody of
the United States Department of Agriculture in the District of Columbia
In a container marked "Original Official Wool Standards of the United
States, Grades."
One-fourth blood shall be wool which in diameter of fibre is greater
than the sample marked "three-eighths blood" but not greater than the
sample marked "one-fourth blood" of a series of samples in the custody
of the United States Department of Agriculture in the District of Columbia
in a container marked "Original Official Wool Standards of the United
States, Grades."
Low one-fourth blood shall be wool which in diameter of fibre is greater
than the sample marked "one-fourth blood," but not greater than the
sample marked "low one-fourth blood" of a series of samples in the custody
of the United States Department of Agriculture in the District of Columbia in a container marked "Original Official Wool Standards of the
United States, Grades."
Common shall be wool which in diameter of fibre is greater than the
sample marked "low one-fourth blood," but not greater than tile sample
marked "common" of a series of samples in the custody of the United
States Department of Agriculture in the District of Columbia in a container marked "Original Official Wool Standards of the United States,
Grades."
Braid shall be wool which in diameter of fibre is greater than the sample
marked "common" and which approximates the sample marked "braid"
of a series of samples in the custody of the United States Department of
Agriculture in the District of Columbia in a container marked "Original
Official Wool Standards of the United States, Grades."
For the purpose of grading: Wool in the fleece shall be designated
by the grade of the largest proportion of the fibres of the fleece.
The regulations are contained in United States Department of Agriculture Service and Regulatory Announcement No. 75, copies of which
may be obtained free upon request to the United States Department of
Agriculture, Washington, D. C., as long as the supply lasts.
Government Sues to Dissolve International Harvester
Co.—Asks Court to Split Company into Three
Parts under Sherman Anti-Trust Law—President of Company Says Competition is Real.
The United States Government, through AttorneyGeneral Harry M. Daugherty, on July 17 filed a petition
in the Federal District Court at St. Paul, Minn., demanding
that the International Harvester Co. be separated into
three independent corporations, with different stockholders
owners and officials, as suggested by the Federal Trade
Commission in its report to the United States Senate in
1920 (V. 111, p. 1088).
The action was taken, the Attorney-General stated in
his petition, because the original decree dissolving the
Harvester company which was entered Nov.2 1918 (V. 107,
1). 608, 699) was inadequate to achieve its purpose, viz.:
"To restore competitive conditions iii the United States in
the inter-State business in harvesting machines and other
agricultural implements."
The Attorney-General asks the court to decree that the
company is "still a combination in restraint of inter-State
trade and commerce,and still is monopolizing and attempting
to monopolize said trade and commerce in violation of the
Sherman Anti-Trust Law, and contrary to several opinions,
orders and decrees of this Court." Mr. Daugherty further
says:
The supplemental petition is directed against the International Harvester Co. of America, the International Flax
Twine Co., the Wisconsin Steel Co., the Wisconsin Lumber
Co., the Minois Northern Ry., the Chicago West Pullman
& Southern RR. and the officers and directors of these
companies.
Alexander Legge, President of the International Harvester
Co., issued the following statement in regard to the suit:
This petition is a continuation of the suit brought against us eleven years
ago. Upon hearing of that case, held more than nine years ago, the Harvester company was acquitted, both by the findings of the Court and by the
Attorney-General's admission, of any wrora"f"1 dealings or unfair practices
toward customers or competitors, but, tc nintre the fullest competition, a
decree was entered in 1918 requiring the c.I.up y I o sell to competitors
certain complete lines of harvesting machinery, and to limit its sales representation to a single dealer in any one town.
That decree further provided that at the end of a test period, which has
now expired. the Government might ask the Court to determine whether
or not the free competition contemplated by the Sherman law exists in the
farm implement industry. This step the Government has now taken.
As we understand it, the sole issue raised by the present petition relates
to competitive conditions with respect to harvesting machines only. It
does not charge the company with unduly raising the price of harvesting
machinery to the grave injury of the American farmer, as was charged in
1912, but it does charge that the company has been unduly depressing the
price of harvesting•machinery, particularly since 1920, to the injury of its
competitors.
Without attempting to argue our case at this time, it seems fair to say
that the unfortunate condition in which manufacturers of harvesting machines, and in fact of all other farm implements, find themselves, is due to
the serious business depression that affected the entire country beginning
in the fall of 1920.
During the last few years the whole farm implement industry has been in
an abnormal and distressing situation which directly reflects the situation
of the farmer. High costs of labor, materials and transportation have
burdened it with high manufacturing costs, while on the other hand, low
prices for agricultural products have left the farmer unable to buy his
normal and needed requirements of farming machinery.
We are confident that the hearing on the present petition will clearly show
that the Harvester company is not in any way responsible for those conditions in the farm implement industry. Prices of harvesting machinery
are the result of vigorous competition, exactly the kind Of competition
which the Sherman law was enacted to preserve, and are fairly comparable
with the prices of other implements which the Government concedes were
fixed by normal competition.
In a statement detailing the history of the case, the
Department of Justice says:
Litigation involving the International Harvester Co. dates back to
1911, when the Government, on the verge of filing a petition asking for
the dissolution of the company as a combination in restraint of trade,
consented to enter into negotiations with officials of the company with a
view to considering several dissolution plans proposed by the company.
Finding it impossible to thus secure a satisfactory voluntary dissolution.
the Government filed a petition in April 1912 in the United States District
Court for the District of Minnesota asking for a decree of dissolution that
would restore competitive conditions.
The original petition was aimed at a combination of harvesting machine
companies which were merged into the International Harvester Co. in
1902. The principal companies taken into the combination at that time
were the McCormick Harvesting Machine Co. and the Deering company.
others were the Plano Manufacturing Co., Warder, Bushnell & Glessner
Co. (manufacturing the Champion line of harvesting machines), the
Milwaukee Harvester Co. and D. M.Osborne & Co.
In August 1914 the District Court, composed of Circuit Judges Sanborn,
Hook and Smith, held that the International Harvester Co. was organized to eliminate competition between the combining companies and was
from the beginning a combination in restraint of Inter-State commerce
and a monopolization of such commerce in harvesting machinery and
illegal under the Sherman Law.
Thereafter a decree was filed finding and adjudging the company to be
an unlawful combination and ordering the defendants to present a plan for
the division of the business and assets of the company "Into such number of
parts of separate and distinct ownership as may be necessary to restore
competitive conditions and bring about a condition in harmony with law."
The case was appealed to the Supreme Court, where it was twice argued
and twice restored to the docket for reargument. In 1918 the defendants
dismissed their appeal and the case was remanded to the District Court
for the working out of a plan of dissolution. On Nov. 2 1918 a final decree
was entered requiring the defendants to sell and dispose of the Osborne,
Champion and Milwaukee lines of harvesting machines and the Osborne
and Champion plants.
The purpose of the decree was declared to be to restore competitive conditions in the harvesting machine industry, and it was expressly provided
that "in the event that such competitive conditions shall not have been
established at the expiration of eighteen months after the termination of
the existing war in which the United States is engaged, then and in that
case the United States shall have the right to such further relief herein as
shall be necessary to restore competitive conditions and bring about a condition in harmony with law."
On May 4 1920 the Federal Trade Commission, acting in pursuance of a
resolution of the State, made a report on the causes of the high prices of
farm implements. The report contained the most explicit findings on all
phases of the subject, including the effect of the decree of Nov. 2 1918 on
competitive conditions. The Commission found that the separation of the
Osborne, Champion and Milwaukee lines could have little or no effect upon
the dominating position of the International Harvester Co. in the harvest,.
tog machine industry.
This finding was based on three principal factors: (1) The small and con.
stantly decreasing Importance of those brands and plants as compared with
brands and plants to be retained by the company; (2) the large and
other
JULY 21 1923.]
THE CHRONICLE
Increasing factory costs of the two or three brands surrendered as compared
with the factory costs of the two brands retained: and (3) the low total cost
of the two brands retained—McCormick and Deering as compared with
the total cost of the harvesting machine manufactured by other companies.
The Federal Trade Commission further found that in order to achieve
the purpose of the decree of Nov. 2 1918. and restore competitive conditions
In inter-State trade and commerce in harvesting machines. it would be
necessary to separate the McCormick and Deering lines from each other
and from the steel-making business of the company.
Accordingly, the Commission recommended that the suit against the
International Harvester Company be reopened so that a plan of dissolution
might be arrived at which would In fact restore competitive conditions, and
to that end suggested that the business and assets of the International
company be divided into three new corporations
--two implement companies
featuring the McCormick and Deering lines, respectively, and a steel company to take over the steel mills and the iron and coal mines.
The supplemental petition is based in large part upon the
Federal Trade Commission's report and adopts and alleges
as true all of the Commission's findings. The petition sets
forth that not only "was there a wide disparity between the
original investment in the plants and lines ordered sold by
the decree of Nov. 2 1918 and the plants and lines to be retained by the International company, but that such disparity has steadily increased." The petition further says:
Moreover, while the McCormick and Deering lines have been encouraged and extended, the Osborne, Champion and Milwaukee lines have
been smothered and suppressed. The output and sales of the lines to be
disposed of under the decree constitute such a small part of the total sales
of the defendant International Harvester Company, and such a negligible
part of the total trade and commerce in harvesting machines in the United
States that the decree was inadequate to restore competitive conditions.
It is alleged that in 1918. when the decree was entered, the International
company's proportion of the total production of harvesting implements was
approximately 64%. and that during 1922, which was included in the test
period, its proportion increased to 66%. Again, it is alleged that the sale
by the International of its Osborne and Champion lines has not had any
effect on competitive conditions as the percentages of the purchasers of
those lines have decreased.
The supplemental petition further declares that the number of independent manufacturers of harvesting machines Is steadily shrinking, due
to the inability of those companies to compete with the International
Harvester Co. Following the findings of the Federal Trade Commission.
it is alleged that the International company, with its enormous capital,
credit and resources, its profitable side lines and lumber, steel and coal
subsidiaries, is enabled, particularly in times of depression, to sell its
harvesting machines at cost, which is generally lower than that of its
competitors, and thus effectively eliminating competition and monopolizing
the business. It is then alleged that this power has been and is being
exerted against independent manufacturers with the result that two important competitors of the International company recently have discontinued their harvesting machine lines and other competitors are contemplating doing likewise.
The prayer of tin petition is that the court decree a separation of the
business and asseus of the International Harvester Co. into two implement
companies of substantially equal size and separate the steel and coal subsidiaries, substantially as suggested by the Federal Trade Commission.
These two companies, featuring, respectively, the McCormick and Deering
lines, while they would each be larger than any other company in the
industry would be able competitors with each other, and other companies
could compete on terms of equality with them. The plan has been carefully
worked out by the Federal Trade Commission, and the chief economist
Of the Commission, Dr. Francis Walker, rendered valuable assistance in
the preparation of the supplemental petition.
New York Police Commissioner Enright Directs
Force to Report False or Misleading Newspaper
Statements.
Under an order issued on July 12 by Police Commissioner
Enright every member of the police force is called upon to
report promptly "any false, libelous or misleading statement" appearing in any New York newspaper with respect
to the administration or activities of the Police Department
or any individual member thereof. The New York "Tribune" of the 15th inst. said:
The orders embraced correspondence between the Mayor and the Police
Commissioner regarding the charges which Magistrate Joseph E. Corrigan
and Assemblyman Louis A. Cuvilller made against Enright, which, according to the Commissioner, was published for the "information and guidance
of the force."
The Police Commissioner, in the published letter, counsels the Mayor
not to be misled by statements appearing in the press or "by the biased
attitude of the press regarding any of the proceedings which have taken
place in the matter of my complaint of criminal libel."
Following the Mayor's reply to Commissioner Enright, in which he
declares that "It is a notorious fact that bootleggers, gamblers and underworld fraternity have many newspaper sympathizers," and that he suspects
"a studied attempt to stir up and excite public opinion against the police,"
come the orders:
"Each member of the force will make a special report direct to the Legal
Bureau, Police Headquarters, respecting the alleged facts contained in
every article appearing' in a New York newspaper commenting upon or
criticizing police action in the prevention and suppression of gambling and
vice or the detection and arrest of criminals, where the published statements
are known to be false, wholly or in part. These reports will be promptly
prepared and will contain a true statement of the facts regarding any false.
libelous or misleading statement appearing in any of these newspapers with
respect to the administration or activities of this Department, or any
individual member thereof.
"The abuse of members of the force and the false, unfounded and malicious
charges of alleged neglect of duty, oppression or unnecessary force or
violence in making arrests, and like accusations, is a common practice of
certain New York newspapers, who seem to be willing to give publicity to
the statements of irresponsible, vicious and lawless characters who are
continually abusing the city and police administration and the police force
and holding them up to public ridicule at home and abroad.
"These false statements and inuendoes concerning members of this
Department, appearing daily in the public press, bear heavily on the
283
families of police officers of every rank. Their children at school and the
members of their families at church, in social circles and in public places.
patiently suffer under the false statements published in these newspapers.
reflecting upon the personal integrity and official conduct of the members.
of this Department.
"The members of the Department will not permit these disorderly housekeppers, gamblers, muckrakers, libellers and their friends and supporter
on or off the press, to discourage or deter them from performing their full
duty in accordance with the best traditions of this Department."
Conductors and Trainmen to Ask Annual Wage
Increases Aggregating $100,000,000.
Dispatches from Chicago say that demands for wage
increases totaling more than $100,000,000 a year, affecting
210,000 railroad workers employed on every carrier of the
country, are about to be filed for negotiation with the
individual managements by the Conductors' and Trainmen's
brotherhoods. The demands call for advances effective
Nov. 1. The applications for the increases, which would
place the wages of the worker classifications involved at a
level approximately 100% higher than they stood prior to
July 1 1921, when the Railroad Labor Board handed down
Decision 147, lopping off $50,000,000 from the salary checks
of these men, are based upon figures decided upon during
conferences held in Chicago and at Eastern and Southern
points within the last ten days by the heads of the two
unions and their general chairmen, the direct spokesmen
of the 210,000 workers in their memberships.
'Shopmen Get Wage Increase on New York Central.
"The 20,000 shopmen employed by the New York Centrat
Lines, members of System Federation No. 103, of the Federated Shop Crafts, were granted a wage increase of 3 cents
an hour, retroactive to July 1, as the result of negotiations
concluded on July 16 between the road officials and the
shopmen's union leaders. Action of the railroad company
in granting the increase is similar to that of many of the
Western roads, which recently raised the shopmen's scale
3 cents, or from 70 to 73 cents an hour. The negotiations
were begun on the New York Central after the men returned
to work following that road's strike settlement. Changes
in shop rules were demanded by the shopmen. Concerning
these the statement was made that "tentative agreements
were reached between the committee and the management
on rules, but under the laws of the organization it will be
necessary to submit certain of the rules by referendum to
the membership. This action will be undertaken promptly."
Wages Increased on the Interborough Rapid Transit
Lines.
P. J. Connolly, President of the Brotherhood of Interborough Rapid Transit Co. Employees,announced on July 13
that the men, by a majority of 1,200, had voted to accept
the offer of the company for a 5% wage increase. There are
14,000 members of the brotherhood and the decision of the
majority will bring about another agreement for a year.
The wages range from $3 50 to $9 and $10 a day for skilled
mechanics. The increase will be retroactive to July 1,
when the former agreement expired. The employees
originally asked for a 25% increase. The brotherhood
vote was whether to accept the 5% increase or to refer the
dispute to arbitration.
Wage Increases on the Central of New Jersey and the
Pittsburgh & Lake Erie.
Employees of the Central Railroad of New Jersey and the
Pittsburgh & Lake Erie Railroad Co. have received increases
in pay aggregating $518,000 a year, according to word received by the Railroad Labor Board on July 16. The Increase granted by the Central Railroad of New Jersey
amounted to $392,000 a year and was distributed to 4,000.
shoperaft employees through increases ranging from 2 to a
cents an hour.
All the employees of the Pittsburgh & Lake Erie Railroad
Co., represented by the Brotherhood of Railway and Steamship Clerks, Freight Handlers, Express and Station Employees, received increases ranging from 1 to 3 cents an hour.
Approximately 1,950 employees were included in the wage'
increase, which amounted to $136,000.
Charles Hansel on Valuation of Railroads Before Commerce Commission=Defines "Original Cost to
Date" and Flays Senator La Follette.
A most meritorious contribution to the discussion of the subject of railroad valuations is,a paper that has been submitted to the Inter-State Commerce Commission by Charles
284
THE CHRONICLE
Hansel, Consulting Valuation Engineer of the Central Railroad of New Jersey, at the hearings which the Commission
is now conducting. Mr. Hansel takes up a point we have
never seen made before and brings out the distinction existing between "The Original Cost to Date" and "The Cost of
the Original to Date." Incidentally he does not spare Senator La Follette. The paper is as follows:
On May 25 1923, at Chicago. Senator La Follette, together with his
staff of labor leaders—Stone, Lee. Healy, Cashen—and the politicians,
HyIan, Bryan, Dunne, et al., standing on their well-recognized platform,
1. e., WHATEVER IS, IS WRONG, after condemning the Inter-State
Commerce Commission for its failure to assist these gentlemen in their
efforts to break down railroad credit and make Government ownership
inevitable, delivered themselves of "whereas's" and "resolutions," the
keynote of their chant being the failure of the Commission to "ascertain
the original cost of railroad properties."
The Commission has spent many thousands of dollars in endeavoring
to FIND "The Original Cast to Date," and has declared it to be impossible,
the reason being that the accounts and records have not been kept according to present-day methods, which require definite allocations to Capital
and to Expense. This is only part of the reasons.
The purpose of this memorandum is to show that under the Commission's accounting rules, "The Original Cost to Date" of the present property cannot be shown on the carriers' books.
The Valuation Act (Section I9a of the Commerce Act) requires the Commission to report "The Original COST to Date" and NOT the Cost of THE
ORIGINAL to date.
Under the Commission's"Classification of Investment in Road and Equipment" (issue of 1914, effective July 11914), it is provided that, when replacements are made in kind, NO change shall be made in the investment
account. Consequently, if every item of depreciable property (other than
equipment) be made new as it was originally installed, there is no change
In the book investment "value," I. e., the cost of the item of property existing as of the date of valuation; even though the cost of RESTORING
such items of property was considerably MORE or considerably LESS than
the cost of the item which is restored. If the carriers' books have been
kept EXACTLY as required by the Inter-State Commerce Commission
instructions, neither the book nor ANY of the carriers' records would show
the "Original Cost to Date- of the majority of the items of carrier property
(other than land and equipment) existing as of date of valuation, which
may either deteriorate or appreciate.
Track and its appurtenances are being continually renewed by replacements In kind, but the COST of such replacements is NEVER shown in the
investment account, and the DIFFERENCE in cost to replace in kind is
not shown anywhere. This being so, it is obvious that after items of
property have served their first full life and are replaced in kind,the Original
Cost of the item which REPLACES the former item IS the Original Cost to
Date: if the date under consideration is the date when the replacement
takes place.
-ties (one of the major items of
For illustration, take the matter of crass
expenditure), and, assuming for convenience that the cycle of life of ties is
10 years, assume that the track is thirty years old and requires 1,000,000
ties. The books of the carrier show that these ties (Account 8) cost 50c•
each, or a total of $500.000. The Government record of trend of prices
shows a considerable upward trend during the last thirty years, but, for
purposes of illustration, we will assume that when the first renewals were
made the cost was 60c, per tie; that at the second renewal the cost was 75c.;
at the third renewal the cost was $1 00, and that the valuation is made
as of the completion of the third renewal. We would then have the following:
Original Cost of original ties when road was
built
1.000.000 ® $50 $500,000
First renewal
1,000,000 5 .60 600.000
Second renewal
1,000,000 (4 .75 750.000
Third renewal
1 000.000 ® 1.00 1,000,000
According to the instructions of the Commission, the books and records
of the Trees would show for Account 8 (CROSS
-TIES) at the same total
original entry, 1. e., $500.000; whereas "the Original Cost to DATE" of the
cross
-ties actually in the track (the items of property to be inventoriei and
the cost reported) ACTUALLY cost $1,000,000 INSTEAD of the $500,000
written in the carrier's books under the instructions of the Commission.
If the trend of prices had been the opposite way, the book record of cost
would have been correspondingly higher than the actual cost of the EXISTING ties.
On April 4 1923 the Inter-State Commerce Commission outlined the
methods followed in its work of ascertaining the value of railroad property,
In speaking of Original Cost, the Commission says:
"Original cost to date of whole properties generally cannot be definitely
ascertained from accounting records alone, owing to incompleteness of books
of accounts and supporting details, to insufficiencies in the descriptive details, and to the failure on the part of the carriers to record, as such, all
outlays for additions and betterments to the properties made in their development. On the other hand, the carriers have not been careful to record
the retirements of all property."
The Commission directs attention to "incompleteness of books of accounts
and supporting details." but does not point out the absolute impassibility
of finding, under its awn regulations, the cost of the EXISTING items of
property which has replaced property in kind in a seasoned railroad.
The Commission's accountants, of course, have full knowledge of all the
accounting rules of the Commission and know that even though they found
the books and accounts complete, they would not have reported the Original
Cost of the Items of property either singly or in bulk; and,so far as is known,
they have never attempted to find the Original Cost of the EXISTING
property.
The Commission has not stated what weight it would give to "The
Original Cost to Date," even though such cost be found. Whether such
cost is to be taken as the main factor in determining the rate base;or whether
such cost is to be compared, or averaged, with "The cost of reproduction
new" or with "the cost of reproduction less depreciation" has not been
revealed by the Commission.
Some ten years have passed since the Commission commenced its valuation of the carriers, and about $85,000,000 have been expended by the
Commission and the carriers and as yet no "final value" of any important
carrier has been fixed by the Commission. A considerable part of the expense thus far incurred has been spent in a futile effort to obtain "the original cost to date." Before such burden of cost was put upon the people—
for, indirectly, and directly, too, the people pay ALL the cost of this valuation work—it would have seemed not unreasonable to have inquired why
Precepts and principles were not laid down by the Commission before proceeding with the obviously impracticable search. True, the Valuation
Art calls for the reporting of "the original cost to date," but since dm Con- •
[VoL. 117.
mission ignored the mandate of the Act (requiring it to report "the cost of
acquisition of LAND"), because the Commission said it was impracticable
to find cost, it does not appear that the Commission feels bound to try to
accomplish the impossible.
While the question of depreciation may not have any direct relation
to "the original cost to date." it is well to remember that, if the Commission
continues to DEDUCT its estimated theoretical depreciation from its estimated cost of reproduction new and CONTINUES to call the remainder
the "Value" of the physical elements such LOSS, measured by the Commission's estimates of so-called "Depreciation," is equivalent to DEATH of
CAPITAL; for thp reason, that such LOSS CANNOT, under the Commission's Accounting Rules, be restored or made good; even though ALL
items which the Commission depreciated were RESTORED NEW on
the day after the date of valuation. Thus, the capital account is permanently reduced by the amount of so-called "Depreciation."
In the illustrative example, in which ties have had cycles of restoration,
Depreciation" would
the Commission's practice of applying the so-called'
,
reduce the VALUE of these cross
-ties fifty per cent; and, if "the original
cost to date" as shown in the books and records of the carrier is taken as
the base. the Commission's VALUE of such cross-ties, for the purpose
of a rate base, would be only $250,000; Whereas,the cost of the ties existing
as of the date of valuation was $1,000,000.
It is well known to all who have followed Senator La Follette's nhaibling
juggling of figures, that any statements which he has made in respect to
railroad valuation are entirely unworthy of the least consideration. The
Senator was the promoter of the Valuation Act. Ile stated, in 1907, that
the railroads were capitalized for more than twice their value; and sought
to prove his figures; (which were entirely unsupported) by having the
Commerce Commission ordered to make a valuation. He said, in 1910,
that the cost of making a valuation would not be more than $2,400,000.
and that It would save the people, annually, ONE HUNDRED AND
FIFTY times the cost. The Senator, with his many times evidenced
contempt for the facts, when the transportation facilities of the country
were the object of his destruction, did not stop to inquire of Experience
what the cost of the stupendous work of valuing the railroads of the country
in the minute particularity called for in the instructions contained in the
bill he fathered would be. He was not in the least concerned as to reasonably approximate accuracy as to the cost he announced, any more than he
was concerned in his statements of the overcapitalization of the railroads.
There was easily available ample data as to the cost of making valuations
of railroads.
When the so-named "The National Conference on the Valuation of
American Railroads," called by Senator La Follette, met in Chicago on
May 25, a committee of Chicago business men and shippers presented some
eleven cogent questions to the Senator. The answers to those questions
were not made at either session; but, after the executive session, on Saturday, May 26, answers were sent out.
The so-called "Answer" to the shippers and business organizations in
respect to the Senator's estimate of cost of accomplishing the valuation,1. e.,
$2,400,000, and his estimate of annual savings to the public (one hundred
and fifty times the cost) is illustrative of the flippant and casual treatment
Of a matter of such outstanding importance to the material progress of this
country. The Senator's answer reads:
"3. Senator La Follette has no control over the expenditures or methods
of conducting the valuation proceedings, which in many respects have been
carried out contrary to his intentions as expressed in the law."
It would appear from this answer that, if the Senator had been in charge
of the Valuation Act, he would have finished the work at a cost not to exceed
$2,400,000; and that the work would now be finished; Whereas. the Inter"
State Commerce Commission,the body on whom the Senator relied to carry
out the valuation, have spent (as of Nov. 1 1922) $23,675,000; and the
carriers. In complying with the orders of the Commission—gathering
supporting data, piloting the field parties, and preparing their protests,
answers. &c.—have spent about $60,000,000. The "tentative valuations"
by the Commission have been served on approximately one-fifth of the
mileage of the carriers, while the increased cost due to economic conditions
would make the cost considerably more than an estimate made in 1910, the
data at hand in 1910 clearly shows that the Senator's estimate of cost WaS
speared out of the infinite.
The question as to the real purpose of finding the ORIGINAL COST,
when the matter under consideration is value, should first be answered on
the basis of the cardinal principle of economics; which is, that value may be
great when COST is small and COST may be great when value is small.
It is the ability to earn an inviting return upon the expense of creating the
property which actually creates value in the sense that value is determined
by the investor.
Therefore, value is the result of and not the base for a reasonable rate of
return.
CHARLES HANSEL.
Edward Bok's $100,000 Peace Offer—Former VicePresident Marshall Suggests that All Nations
Provide for Submission of Question of
War to Referendum Vote.
The recent offer of Edward Bok of Philadelphia to award
$100,000 to the author of "the best practicable plan by which
the United States may co-operate with other nations for the
achievement and preservation of world peace" has brought
from Thomas R. Marshall, former Vice-President of the
United States, a suggestion that "the United States propose
to the several nations of the world that the organic law of
every civilized people shall be so altered as to provide that
no war shall ever be waged until after the question of the
waging thereof has been submitted to a referendum of all
men and women above 18 years of age, and not then until 60
days have expired after the announcement of the result of
the referendum." Mr. Bok's offer was made known July 1.
Mr. Marshall's proposal was contained in a letter to Mr. Bok
under date of July 9, as follows:
Washington, D. C., July 9 1923.
Mr. Edward W. Mk,Philadelphia:
My Dear Mr. Bok:—You have sensed the fact that there is unrest in the
American mind touching the future peace of the world and uneasiness le
the American conscience as to whether it has done all it could to help
promote that peace. The fact that the controversy still wages over the
utility of the League and the advimability of the United States becoming
JULY 211923.]
THE CHRONICLE
a member thereof, the further fact that the Naval Limitation Treaty is
viewed with suspicion and the further fact that there is even controversy
as to whether the United States should join the International Court, and
if so whether it should be an adjunct of the League of Nations or separate
therefrom, all disclose that for weal or woe we are in the world and that
never again can any great controversy arise in which this intelligent people
will not seek to find the facts and at least throw its influence for the moral
side of the question in controversy.
Personally I have always agreed with President Wilson that Article X.
was the "heart of the covenant." I cannot conceive authority without
power to enforce that authority. I do not minimize the work of the League
of Nations, but I regret the fact that it does not propose to make use of
Article X.
If the question could be narrowed down to joining or staying out of the
League, I should have no hesitancy in taking my stand for the League of
Nations. But all these questions are being discussed by the American
people and men are saying, "Lo. here and there is salvation."
You evidently have passed the period of pride of authorship and are
seeking some proposed solution behind which the American people can
rally without regard to party politics or personal vainglory. You have
sensed what is in the subconscious mind of many of us, namely, that
the peace of the world is constantly threatened by national ambition
and still more by the personal ambition of its leaders. I think you are
asking how to get away from this.
The great war was not a religious revival, much as many of us hoped
It would be. The primal passions of mankind still dominate individual,
national and international life. There is an unseen yet nevertheless felt
fear that the documents written by the statesmen of the world may again
become scraps of paper if they stand in the way of personal or national
ambition. All these documents have been written by the men who make
the wars, and not by the men who fight them.
I modestly suggest that if we are to consider new ways of helping to
measurably assure peace in the world, we reverse the process; suppose
we try the experiment of permitting the people who do the fighting and
pay the bills to determine the question. I know that the world around
the universal cry is "peace," but I have no means of knowing whether the
whole world or oven half of it wants peace.
If the world and the people thereof do not desire it, all documents
guaranteeing it are "as idle as a painted ship on a painted ocean." If
the people of the nations of the world, or a great majority of them, are
really desirous of having peace, I am vain enough to believe that I know
the steps whereby they can attain unto their hearts' desire.
Through diplomatic channels, let the Government of the United States
propose to the several nations of the world that the organic law of every
civilized people shall be so altered as to provide that no war shall ever
be waged until after the question of the waging thereof has been submitted to a referendum of all men and women above 18 years of age,
and not then until sixty days have expired after the announcement of
the result of the referendum; that all officers, soldiers, and sailors in the
army and navy of the country shall be sworn not to lea.% the territorial
land or water of the country and wage war until after the referendum
shall have directed them to do so; and that every person who shall either
give or obey an order without this authorizatior shall be taken to be an
International criminal, subject to trial for the offense in an international
criminal court; none of these changes to become effective until the great
Powers and two-thirds of all the nations have agreed thereto.
That then an international criminal court shall be established consisting
of one judge from each nation, and to it shall be given authority to promulgate rules with reference to this international crime of making war,
without authority, to fix the grades of punishment that are to be inflicted
upon the violators of the law; providing that all who ordered the war
without authority and all who led the armies and navies in the war without
such lawful authority shall be guilty of homicide against the peace and
dignity of the world, and upon conviction thereof shall suffer death; that
those who obey orders, upon conviction thereof, shall be found guilty
of homicide In the second degree and shall suffer punishment by imprisonment for such term as the court may decree; and, finally, that by international treaties all the other nations of the world, in the event of this
unlawful waging of war, shall send army and naval forces, arrest the
offenders and bring them before the international criminal tribunal for
hearing and trial.
Under the plea of "not guilty" in such court no defense shall be intervened save that the persons charged did not unlawfully engage in the
war or that the war Was waged in self-defense after an attack by some
other nation. Either of these defenses disclosed by the evidence shall
require an acquittal at the hands of the court.
This is just a skeleton. But as discussion of ways and means is to go
on, I respectfully submit it for such consideration as its merits, if any,
may justify.
Very respectfully yours,
THOMAS R. MARSHALL,
The New York "Times" of July 12, in publishing the above
letter, said:
Proposed the Plan to Senators.
"The idea is not entirely a new one with me," said Mr. Marshall in
discussing the letter to-day. "I spoke of it to some of the men in the
Senate even before President Wilson wont to Europe. It did not seem
to make much impression then. I have not advanced it again until now.
"When Mr. link's proposal was announced the correspondent of the
New York "Times" asked me for an opinion upon it. I decided that I
could not speak without reflection, so that after consideration I have
written this letter. In a few words," he continued, "my idea is to find
out whether the people of the world want war or not. I believe the choice
should lie with those who make the real sacrifices, the men who die and
the men who pay the costs.
"It was easy for us in the Senate to declare Wan We were men above
the war ago and safe, but the men who shed blood were not and they did
.
not have the chance of making the choice
"My idea of trying war leaders who violate the expressed wish of the
people against war, in an international criminal court, and imposing
heavy penalties upon them, is a necessary element, I believe. I have
always thought the Kaiser should have been tried. I never expected he
Would he hung. but I think his trial would have had a great moral effect."
Mr. Marhsall went to New England to-night to participate in a conference with Chairman John Hays Hammond and Dr. George Otis Smith
of the United States Coal Commission on the forthcoming report on soft
coal to be made by that body.
The announcement made in behalf of Mr. Bok on July 1
stated that the award is to be known as the American Peace
Award. It is to be administered by a Policy Committee,
consisting of the following members:
285
Davis, John W., former Ambassador to Great Britain, now President
of the American Bar Association,
Of
Hand. Learned, Judge of the United States Court for the Southern District
of Now York since 1909.
Johnston, William H., President of the International Association of Machinists and executive officer of the Conference for Progressive Political
Action.
Lapel, Esther Everett, Member in Charge, writer.
Miller. y.
citNathan L.,former Governor of New York State. State ComPtroller
and Judge of the Court of Appeals, now practicing law in NewiYork
Pinchot, Mrs. Gifford, wife of the Governor of Pennsylvania, active in
political life and many social welfare movements.
Reid, Mrs. Ogden, wife of the publisher of the New York "Tribune" and
Vice-President of the New York Tribune, Inc.
Roosevelt, Mrs. Franklin D., wife of the former Assistant Secretary of the
Navy, who is now head of the American Construction Council.
Stimson, Henry L., former Secretary of War and United States Attorney
for the Southern District of New York, now a practicing lawyer.
Stone. Melville E., former General Manager. now Counsellor, of the
Associated Press.
Vanderlip, Mrs. Frank A., wife of the banker and active in the League of
Women Voters.
The Treasurer of the Policy Committee is Cornelius N.
Bliss, Jr.
The Policy Committee is to determine the conditions of
the award and to make final selection of the jury of award.
The conditions and the personnel of the jury will be announced at some time before Sept. 1. The Policy Committee
has opened offices under the name of the American Peace
Award at 342 Madison Avenue, New York City. On July 8
it was announced that Mr. Bok had deposited on the 7th inst.
with the Girard Trust Co., Philadelphia, as his financial
representative, securities to cover the $100,000 American
Peace Award and its subsidiary awards. "This should be a
convincing argument," said Mr. Bok, "that the award committee means business. The money is beyond my control,
and is now at the call of the committee whenever it is
needed." On July 1 the Policy Committee stated:
Mr. Bok's real purpose in making the award is to give the American
prople as a whole a direct chance ta express itself upon a problem for which
we have not been able to find the answer through political avenues or through
the efforts of interested special groups. It is a fitting time to do this because of the changing consciousness of our people upon matters international.
Watching the kaleidoscopic changes now taking place with startling rapidity in Europe, millions of Americans WhO a few years ago did not feel at all
concerned about our relation to the rest of the warld now begin to suspect
that a fundamentally changing Europe means a changing America and that
the peace of ;he world is our problem.
Mr. Bok and those who have undertaken to administer the award think
some Americans will evolve a plan acceptable to all or most of the various
groups which, while they have perhaps differed as to the best method of international co-operation, now agree in wishing to find some way by which
the United States can do its share in preventing war and establishing a
workable basis of good will among the nations.
Great emphasis is laid upon the fact that the winning plan must be
-practicable." Mr. Bok has made It clear that he has in mind two objects:
First, to secure a plan, and secondly, to get that plan put into operation.
In other words, the award is made not merely for an idea in itself, but for
an idea that will benefit the people of the United States and the world.
For this reason the award is to be paid in two parts. Half of it—or
5.50.000—is to go to its author as soon as the plan has been chosen by the
jury of award. The second $50,000 will be paid to the author of the plan
only when its "practicability" has been demonstrated; that is, when it has
passed the Senate of the United States, or when the jury shall decide that
an adequate degree of popular support has been shown for it.
Stating that "an interesting feature of the award is that
organizations as well as individuals are eligible to submit a
plan and win the award," the committee said:
National organizations of every kind all over the country, with their State
and local branches, are now being invited to co-operate in the project. A
Co-operative Council for the American Peace Award is being formed, consisting of a delegate appointed or elected by each of the co-operating organizations.
According to the committee, the competition will be open
to "every American," and "plans will have to be in probably
not later than the middle of November. The personnel of
the jury of award, which is to be quite separate from the personnel of the Policy Committee, will be announced at some
time before Sept. 1."
The Policy Committee, said the New York "Herald" of
July 3, "is particularly anxious that Mr. Bok's proposal shall
not be regarded merely as an enterprise conceived to promote either the League of Nations or the Permanent Court
of International Justice." Continuing, the "Herald," said:
Miss Esther Everett Laps, Chairman of the Policy Committee, was in
charge yesterday of the newly opened offices of the American Peace Award,
342 Madison Avenue. "I am confident," she said, "that in making this
offer Mr. Bok had no intention of engaging in a project for the promotion
of American participation in the League of Nations. I am certain also
that the eminent men and women named as members of the Policy Committee would not lend their co-operation to this effort unless they were
convinced that its purpose was a much broader one than merely to disseminate propaganda either in the interest of participation in the League
or in the International Court.
"Mr. Bok's policy and that of the Committee is that of the open door.
It is intended to leave the widest possibledersta de ng is that ten
latitundt in the presn
on mf
en opracticable ideas for world Imam My
the
petition the door will be wide enough to assure consideration of all
reasonable
plans, whether they be predicated upon the basis of the present
League of
286
THE CHRONICLE
Nations, perhaps with modifioations or reservations, or whether the pro
posed Plan be founded upon some wholly new association or international
commitment."
Of the numerous plans which have already been presented
is one entered in the competition by Roderick H. Smith,
Trustee of the American Money Enterprise. Announcement
was made at Buffalo on July 3 that Mr. Smith had submitted House Resolution 312, of Mar. 30 1922, of which he
claims authorship. From a Buffalo dispatch to the New
York "Times" we quote the following:
House Resolution 312, Mr. Smith explained, is the William Ladd plan o
1840 brought up to date. In 1840, he said, the proposed Court and Congress of Nations plan was not put into practical shape for action by Congress. Mr. Smith Says that the revised plan as set forth In the Congressional resolution does away with that difficulty.
In a letter to Mr. Bok, which Mr. Smith said had been forwarded to-day,
he explains that the revised Ladd plan was first offered to Congress in 1913,
and asserts "holds W.J. Bryan's personal recipe for this Court and Congress
of Nations plan." The revised plan was first written by him in 1911, he
said.
On the 15th inst. It was stated that all plans submitted
thus far have been returned pending the selection of the jury
of award and the determination of the conditions for contestants for the award.
Mr. Bok for 30 years was Editor of the "Ladies' Home
Journal." Since he retired in 1919 he has devoted his attention to philanthropic and welfare work.
Conventions and Resolutions Adopted at Fifth
Pan-American Conference.
An account of the accomplishments at the Fifth PanAmerican Conference, which was held at Santiago, Chile,
from the latter part of March to May, and to which
reference was made in our issue of May 12, page 2077,
appears in "Commerce Reports" of June 25. The matter
published in the latter has been supplied by Ralph H.
Ackerman, Technical Adviser of the delegation of the
United States, and we quote the same herewith:
Few exporters in the United States interested in Latin America can fail
to commend the efforts exerted at the recent Pan-American Conference
at Santiago, Chile, to facilitate commercial intercourse between the nations
participating. The care with which each question of commercial nature
was scrutinized, discussed, studied and passed upon; the fact that in addition to the United States, Argentina, Brazil, Chile and Cuba had attached
to their delegations certain technical advisers selected because of their intimate knowledge of these affairs, was the best indication of the seriousness
with which the more important nations of Latin America entered into these
problons.
From a consideration of the results of the entire conference Mr. Augustin
Edwards, the Chilean President of the corference, in his final address
summed up the work on commercial questions in his statement, "The work
of the commerce committee alone fully justified the calling of the present
conference."
Conventions Adopted.
Three conventions were adopted directly affecting business relations
among the New World countries. The first was a trade
-mark convention,
a revision of the 1910 convention, designed to meet the objections of those
countries which had failed to ratify the original convention because of
national laws or prejudices. The articles of the present convention provide
for the establishment of two central offices of registration, one at Havana
for North America, Central America, Ecuador and Colombia, and the other
at Rio de Janeiro for the other countries of South America. Countries
In which registration is desired is elective. A fee of 150 (United States
currency) or its equivalent, plus the usual charges fixed by the internal
legislation of each respective country, will be charged for each separate
registration. Where the owner of a mark has already registered that mark
in one country and is refused registration in another country by reason of
It having been registered therein prior to his application for registration,
he may obtain cancellation of such registration by proving his proprietary
rights.
The second convention provides for the publication by all of the signatory
countries of the customs regulations of each of the others, and the third
convention provides for the use of a more uniform nomenclature in the
classification of merchandise in import and export statistics. Commercial
Interests will be greatly benefited by the application of both of these treaties.
They should eliminate the difficulties experienced by business men throughout the United States and Latin America when attempting to ascertain
the tariffs under which their merchandise is to be assessed, or to properly
Interpret the import or export statistics of other nations of this continent.
Resolutions Passed.
Probably of greater importance and of more far-reaching application
are the resolutions passed at this conference. Among the most important
of these were those on-Uniformity of shipping and insurance documentation.
Uniformity of principals and interpretation of maritime law.
Uniform parcels post procedure.
Movement of raw materials from one country to another.
Promotion of arbitration of commercial disputes between the nationals
procedure.
of different countries by extralegalelectrical
communication conference.
The calling of a Pan-American
The calling of a roads conference.
Standardization of specifications of machinery. tools, &c.
A number of others having a less direct commercial aspect were also
passed. The importance of those mentioned above is immediately apparent, yet only by an analysis of them can their broad scope be appreciated.
As an example, on the subject of "Uniformity of customs regulations"
17 distinct points were covered, each of which applies to acute difficulties
now existing. In an effort to overcome the many complaints made against
the practice of assessing heavy fines by some countries because of slight
errors dearly clerical In nature and not designed to defraud in consular
or commercial invoices a resolution was passed by which the signatory
countries agree to observe reasonable tolerance in the application of this
aw. Another point provides that when satisfactory evidence has been
[VOL. 117.
furnished packages not destined for the port in which they have been landed
may be reshipped upon satisfactory guarantees. In the future the countries
of Latin America agree to consider at the time of enacting new tariffs or
taxation to consolidate all port dues in total amounts or to make those
subject to a definite scale based on the tonnage and service rendered or
benefits received.
This should prove of great assistance to those exporters having their
principal business with countries where, in addition to consular charges,
several other taxes are imposed for lighthouses, port works, &c. That
facility should be accorded to international transit of foreign merchandise
through different countries is the subject of another point of this resolution.
and it Was also agreed that provision should be made for full security to
exporter or carrier or agent against delivery of"to-order" shipments without
indorsed bills of lading. Another item of great interest to American exporters is point 11 of this resoludon, providing that "the proper customs
authorities should indicate, in case their advice is asked through chambers
of commerce or consular officers, and the sample of any article of importstion is submitted, the classification, appraisal and duties to which such
article is subject." It is also recommended that catalogues of American
exporting houses should be exempted from customs duties and that necessary steps should be taken to facilitate the refund of bond deposited in any
custom house through which merchandise provisionally entered is reexported.
An international conference on motor roads, to be held at a time and
place selected by the Directorate of the Pan-American Union, has for its
subject the careful study of the road problems of Latin America for better
transportation facilities between their ports and inland cities. This is to
be wholly a technical conference. called only after careful surveys have been
made, and discussions are to embrace means of financing as well as the
actual construction.
Spirit of the Conference.
The efforts to eliminate existing barriers to inter-American commerce
was concerted; each of the delegates of the 18 countries present carefully
weighed the question under discussion in its relation to existing laws and
policies of his Government and only assented after duo deliberation had been
given to ways and means of making effective, within his country, the
recommendations passed upon.
Possibly the greatest obstacle in the past to the successful fruition of
the acts of economic conferences has been the failure to provide means for
carrying through their programs. With this in mind, the Fifth PanAmerican Conference requested the Inter-American High Commission to
co-operate toward the drawing up and enforcement of the program of this
conference in so far as it bears directly on the purposes and work of the
Inter-American High Commission. As all of the commercial questions
mentioned above come within the scope of the commission, it is reasonable
to expect that before the next conference is held many of the vexatious
problems of the present will have been solved.
Aside from the actual accomplishments of this conference, possibly of
equal significance was the manner in which economic questions were approached. A spirit of frankness, an earnest desire to co-operate, an interAmerican viewpoint characterized the-proceedings of each of the committees
considering these matters, and it cannot be doubted that each delegate
returned to his country with a better understanding of the community of
intersts with his neighbors and a greater appreciation of the full meaning
of inter-American friendship than ever before.
In its issue of June 7 the New York "Times" reported
Augustin Edwards, President of the League of Nations and
Chilean Ambassador to Great Britain, as scoring the newspapers of this country and Chile—he owns five of the Chile
newspapers in addition to many other interests—for saying
that the Santiago conference had failed to bring about a
reduction of armaments in the Western Hemisphere. It
quoted Mr. Edwards as saying:
The conference was not hostile to the reduction of armament. It was
clearly favorable toward a thorough investigation as to what a just and
practicable reduction might be. It was shown that the countries of Latin
America are not really armed. The whole question hinged on the possible
future creation of great armaments.
The nations of South America showed their willingness to avoid warfare
and future expansion of armaments, but found difficulty because of the
present small armaments in agreeing on the numerical basis of reduction.
The conference further showed its good faith by making a pledge that no
nation should mobilize for war until a commission provided for that purpose
could make a report on the merits of the dispute. After all, armaments
are an elusive thing. The armament suppressed to-day may appear tomorrow in more deadly form.
The spirit of that conference was the big thing. It has faith, and faith
drives mountains. The people of this hemisphere have faith in themselves, faith in their destiny. They are the hope of the world—the one
bright spot in the cloudy sky that hangs over the world to-day.
Trinidad Revokes Income Tax on Foreigners.
The following from Washington June 15 appeared in the
"Journal of Commerce":
The Legislative Council of Trinidad, British West Indies, has passed a
new income tax law which revokes the provisions of the former law, which
made the profits of foreign manufacturers and exporters In Trinidad subject
to taxation, it was reported to-day by the Commerce Department.
The provisions in the old law, the department stated, had created a great
deal of adverse comment, not only from American but also from British
exporters, and a number of manufacturers were planning to abandon their
activities in Trinidad.
Sale of £75,000 Palestine Bonds Completed.
Harvey Fisk & Sons, Inc., have completed the sale of a
£75,000 issue of 63/2% municipal bonds of the township of
Tel Aviv, Palestine, authorized by the Government oj
Palestine, of which Sir Herbert Samuel is High Commissioner. An announcement in the matter issued June
22 said:
The issue was brought here by Judge Bernard A. Rosenblatt of New
York, as special representative of Tel Aviv. The Presidem; of the Council,
or Mayor of Tel Aviv. Meyer Dizengoff, came to the United States two
weeks ago for the purpose of signing the definitive bonds.
Tel Aviv was until Its incorporation as a township a suburb of Jaffa.
It was founded in 1909 on the sand dunes of the Mediterranean by Jewish
JULY
21 1923.]
THE CHRONICLE
287
colonists and now has a population of 20,000. The town is built entirely
on Western lines with all modern improvements in the buildings. The
assessed value of the real estate is $12,000.000. Proceeds of the loan
will be used for improvements.
Won't Release Greek Credit of $33,000,000—Washington
Also Persists in Refusal of Recognition—Loan
Depends on Greek Bankers.
The bonds are dated Jan. 1 1923, and are due Jan. 1
We quote from the New York "Times" the following from
1943. Interest is payable Jan. 2 and July 1. They are Washington, July
16:
coupon bonds in denominations of £25, £50, £100 to bearer
The hopes of the Greek Government for raising a loan of $50,000,000 or
only, not registerable. Principal and interest are payable more to relieve the million refugees within its boundaries now rest with the
banks of Greece, according to an official announcement made to-day.
and redemption effectuated at the offices of the Anglo- The American
Government after giving the matter careful consideration
Palestine Co., Ltd., at Jaffa, Haifa and Jerusalem, and has determined that for the time being there can be no recognition for the
at the offices of the Guaranty Trust Co. of New York, present regime in Athens. and the proposal to turn over to Greece the $33.(the bank's correspondents in London and New York City) 000,000 formerly deposited to its credit in the United States Treasury has
also been unfavorably considered.
and at the offices of Harvey Fisk & Sons, commercial and
The Financial Committee of the League of Nations has suggested that the
fiscal agent for Tel-Aviv (Jaffa), without deduction for any Greek banks come forward and arrange for any loans which may be necesin view of the
of the American Red Cross from Greece.
taxes levied by or within the mandate of Palestine. In- sary,recommendationwithdrawal response to the request of the Greek GovThis
is made In
formation from Judge Rosenblatt, and summarized by ernment to obtain the approval by the League of Nations of a loan of
Harvey Fisk & Sons and the Palestine Securities, Inc., of £10.000.000, to be floated under the auspices of the League or a few of the
chief Powers of the League.
this city, says in part:
It is possible that recognition of the Greek Government will follow soon
The Township of Tel-Aviv has issued no other funded debt, and possesses after the signing of the peace treaty, although in some quarters it is sugcommunal property valued at over £36,000, consisting of houses and gested that the Allied Governments will insist on withholding recognition
lands, water supply, installation for electric light, movable property. &c.
until an election has been held in Greece. This election Was originally
In addition to communal in 'dings, the Township of Tel-Aviv has set for February, but has been postponed from time to time and the date
within its boundaries taxable improved real estate assessed at more than is still indefinite. The United States has in a general way followed the
£1,050.000 and unimproved real estate in excess of E615,000.
course of the Allied Governments in withholding recognition.
The revenue scheduled in the budget for the year (Apr I 1 1921) from
water rates, licenses, taxes, and income from communal property was
over £15,370. Its expenditures were less than £13,220.
American Bankers' League to Oppose Tariff
The budget provisions for the current year provide for anticipated
Reductions, Especially Linseed and Vegeexpenditures of approximately £23.000.
receipts and
table Oils and Sugar.
Tel-Aviv has not imposed the maximum of taxes t has a right to impose, and has a share in the Palestine Government grant in aid of the
The formation of the American Bankers League was unmunicipality of Jaffa from the receipts of the Foreign Import Additional
dertaken in Washington, D. C., on July 5 for the purpose, it
Duty, which amounts, in the current year, to over E2.000.
The Township of Tel-Aviv has obtained the sanction from the District is stated, of providing "a medium for the bankers of the naGovernor of Jaffa District to issue this present loan up to the sum of
tion to express their views collectively on the economic prob£75,000 for public improvements.
The Township of Tel-Aviv further undertakes to grant a first charge lems of the Government, especially on the tariff, taxation
on all its revenue of whatever kind and nature to the holders of the bonds and fiscal problems." It is reported that 9,000 banks have
presently to be issued for all interest and capital amortization due thereon.
This loan is redeemable in the course of twenty years, payment com- indicated their intention to affiliate with the new body.
mencing Jan. 2 1928.
Charles deB. Claiborne, Vice-President of the Whitney CenBonds to be redeemed are to be selected by publc drawing to be held
tral National Bank of New Orleans, and J. A. Arnold, of
semi-annually in Tel-Aviv. Drawing lists will be published in Palestine
and the United States of America, and will be sent to any bondholder on Washington, it is said, are identified with the work of orapplication. Bonds will be redeemed at par, and will be issued to bearer.
ganization. The New York "Commercial," in a Washington
We also quote as follows from the joint statement:
The Palestine Government was recognized July 24 1922 under a British
mandate containing recognition of the principle of a homeland for the
Jewish people, under the terms outlined by Lord Balfour in his letter to
Lord Walter Rothschild dated Nov. 2 1917.
The United St tee of America not being a signatory Power of the League
of Nations, has recognized, by joint resolution of the House of Reprosentat yes and the Senate, the principle of the British mandate over
Pale tine, as follows
"That the United States of America favors the establishment In Palestine
of a national home for the Jewish people, it being clearly understood
that nothing shall b done which may prejudice the civil and religious
rights of Christian and all other non-Jewish communities in Palestine,
and that the holy places and religious buildings and sites In Palestine
shall be adequately protected." This joint resolution was signed by
President Warren G. Harding Sept. 211922.
The bonds are issued in accordance with the treaty signed
July 24 1922 establishing His Brittanic Majesty as the
Mandatory for Palestine.
dispatch July 5 with reference to the formation of the
League, said:
Announcement of the formation of the organization was made through
the Southern Tariff Association, which has been active in opposing extensive investigations by the Tariff Commission upon the application of
Interests desiring a reduction in present duties on vegetable oils and other
Southern products.
Mr. Claiborne has figured prominently as President of an organization
of bankers formed to combat the par check collection policy of the Federal
Reserve Board.
League Aids Congress and Government.
"The league will greatly aid Congress and Governmental agencies in
securing the accurate judgment of the bankers of the country on the Important matters mentioned." said Mr. Claiborne, "and small country
banks that have not heretofore availed themselves of the right to come
to Washington and speak will have the same opportunity to be heard
through this organization as the greater financial institutions in the large
cities."
On the 13th inst., in a further statement relative to the
Italy Gets Hydro-Electric Loan of 65,000,000 Lire. purpose of the League, Mr. de Claiborne was quoted by the
Under date of June 30 the "Daily Financial America" "Commercial" as saying:
The American Bankers' League is composed of American bankers who
announced the following from Washington:
Through the Ministers of Finance and Public Works a loan of 65.000.000
llre has been arranged to promote the Sila hydro-electric development in
Apulia and Calabria, together with similar enterprises in southern Italy.
This loan is being taken up by the Banco di Napoli, the Banco di Sicilia
and several large insurance companies, Commercial Attache H. C. MacLean reports to the Department of Commerce. The three power companies
on whose behalf the loan was effected are the Societe Forza Idrauliche della
Sila, the Societe Meridionale de Elettricita and the Societe Generale Elettrice doll Sicilia.
League of Nations Council Back Greek Proposal
for Refugee Loan.
Geneva advices July 5 (copyright by the New York
"Times") said:
Owing largely to the persistence of Dr. Nansen, the League of Nations
Council has decided to lend its assistance to the proposal of the Greek
Government that a loan should be raised in aid of the settlement on the
land or In other employment in Greece of 7,000,000 refugees In Western
Thrace.
The loan will be floated In all countries, but will not possess the same
kind of International guarantee as the Austrian loan. The Greek Government will be bound to find a certain proportion of this, and the whole sum
will be paid to a special refugee bureau to whom, and not to the Greek
Government. the money will be loaned.
As for security, the International Finance Commission which is in charge
of the old loan to Greece has a lien on certain Greek revenues, and It is
understood the administrators of the new loan will have a lien on the same
revenues in the now territory acquired by Greece on which no lien exists,
and that certain new taxes will also be raised and certain customs duties
and tobacco monopoly will also be pledged.
The reason for this rather unexpected but welcome decision is that the
American Relief Mission has refused to cortinue feeding the refugees unless
constructive scheme is adopted. A refusal by the Council would, therea
fore, have meant condemnation to death of the refugees. The scheme was
submitted to a special financial commission here on which was an American
representative, which reported to the Council in favor of provisional
acceptance.
Invest their money in American securities and who finance American
producers, and we feel that we have an equity in this fight that the Tariff
Commission should recognize. As bankers we are willing to co-operate with
Congress in its general policy of building up American industry by a national
protective tariff system, and we stand ready to finance industries that have
received rates of duty that insure them against destructive foreign competition.
Works as Free Trade Rider.
But the flexible provisions of the Tariff Act clouds the title to every
schedule. It operates as a free trade rider to the Fordney-McCumber law
and injects uncertainty into values and fear into trade and becomes an able
ally to foreign interests and a foe to home industries. It should be repealed.
As bankers we are waiting for a go-ahead signal from the Tariff Commission. We are investors in safe securities and cannot afford to speculate on
the outcome of decisions. We want a clear statement from your Commission as to what constitutes a basis for reopening tariff schedules and we want
to know what constitutes legitimate complaints and who are eligible to make
them.
In docketing linseed oil for a hearing, you have virtually reopened the
entire vegetable oil schedules. The application for a reduction of the rates
In linseed and vegetable oils was signed by certain selfish interests, willing
to tear down the growing and promising peanut industry of the South and
heap further distress upon the farmer who raises cottonseed in order to
receive greater gains in their lines. Such motives are unworthy of consideration, and should be rebuked by the Government.
Strikes at Complainants.
I am more familiar with sugar than any other produce. I am told that
the Ely Walker Dry Goods Co.. of St. Louis. is one of the two complainants
against the sugar duties. The name of the firm would indicate that the
company neither buys nor sells sugar, and surely, as a corporation, It doesn't
eat sugar, and what is its interest in this controversy unless its members
speculate in sugar? Why is the Ely Walker Dry Goods Co. willing to spend
the money of its stockholders In an effort to destroy the American sugar
growers? The other complainant is the United States Sugar Association of
New York. It is common knowledge that this is a corporation of Investors
in foreign sugar properties, with interests abroad and antagonistic to American producers. They may also at times speculate In sugar. Trace the
motives of these complainants to the fountain-head, and it will be found
288
THE CHRONICLE
[VOL. 117.
that they do not emanate from American producers, but from an enemy to and address of the debtor corporation, the name and address of the owner
of the bonds, the nature of the obligations, the amount of interest and its
American producers and a friend to foreign industry.
We submit a Governmental agency gives to speculators and gamblers the due date, and the amount of any tax withheld. In case of bonds not
same consideration as those engaged in legitimate enterprises and they have containing a tax-free covenant clause, no ownership certificates are required
no rights that the Tariff Commission should respect. Neither should the unless the owner of such bonds is a nonresident alien individual, fiduciary,
Tariff Commission lend its influence and spend the taxpayers' money on partnership or corporation. No ownership certificates need be filed in
application and in the interest of those who desire for personal gain to build the case of interest payments on bonds, the income from which is not
up foreign industry. The free traders and those who seek political profit required to be included in gross income, nor in the case of any obligations
by having the Tariff Commission find the Fordney-McCumber measure of the United States. See Section 213(b) of the statute and articles 74-84.
inadequate and by your adopting a policy of suspending its operation should Where in connection with the sale of its property payment of the bonds
receive.small consideration at your hands. We come before you as friends or other obligations of a corporation is assumed by the assignee, such
of the American producer and in sympathy with the Forciney-McCumber assignee, whether an individual, partnership, corporation, or a State or
measure, and we ask of you an opportunity to try out the present Tariff political subdivision thereof, must deduct and withhold such taxes as would
have been required to be withheld by the assignor had no such sale and
Act before destroying the measure.
Why permit this boring from within? We ask that you unmask these transfer been made. As to ownership certificates in the case of bonds of
selfish enemies of American development and dismiss the applications for a foreign countries, or bonds of nonresident foreign corporations, see Article
reduction in rates so that the farms and the factories of the nation might 1077.
Art. 367. Form of Certificate Where No Withholding Required.—For the
proceed without foreign interference. In support of our plea for a dismissal
we file as a preliminary protest a petition signed by five State bank associa- purposes of Article 365. Form 1001 shall be used by citizens or residents of
tions representing the bankers of Alabama, Texas, Louisiana, Tennessee the United States when personal exemption is claimed against interest on
and Arkansas on vegetable oil which fairly reflects the views of the bankers bonds containing a tax-free covenant clause. In case a citizen or resident
alien individual receives interest on bonds containing a tax-free covenant
of the nation on all products.
clause in excess of the amount of personal exemption Which the individual
The same paper July 16 said:
may claim, any such excess must be reported on Form 1000.
The statement published on Saturday, to the effect that the newly
Art. 369. Interest Coupons Without Ownership Certificates.—When
organized American Bankers' League will be represented at all hearings interest coupons are received unaccompanied by certificates of ownership.
United States Tariff Commission in Washington, for the purpose unless the first bank be satisfied that the owner is a citizen of the United
of the
of opposing reductions in duties affecting productive industries, aroused States or a resident individual, fiduciary, partnership or corporation, the
considerable interest in customs and import circles here. Inquiry in first bank shall require of the payee a statement showing the name and
official import circles brought forth the response that the fears of this address of the payee, the name and address of the debtor corporation, the
organization that reductions in duty will be made by the Tariff Com- date of the maturity of the interest, the name and address of the person
mission, seem to be rather far fetched, in the face of the opinion held from whom the coupons were received, the amount of the interest, and a
by most of the representative importers in this city that there will be statement that the owner of the bonds is unknown to the payee. Such
no duty reductions made during the present Administration. The recent statement shall be forwarded to the Commissioner with the monthly return
statement of President Harding to the effect that he would not favor on Form 1012. The first bank receiving such coupons shall also prepare
decreases in duty, except in the most urgent cases, was referred to in a certificate on Form 1000, crossing out "owner" and inserting "payee"
support of this view.
and entering the amount of interest on line 6, and shall stamp or write
The statement issued by the American Bankers' League emphasizes, across the face of the certificate "Statement furnished," adding the name
however, in the opinion of business men here, the importance which of the bank.
business in general attaches to the activities of the Tariff Commission.
Art. 370. Interest on Registered Bonds—Ownership certificates are
While there are very few business men who believe that the Tariff Com- required in connection with interest upon registered bonds, as in the case
mission is going to make many recommendations to the President, it is of coupon bonds, if such bonds contain a tax-free covenant clause or if
realized that business is sensitive with respect to the investigations carried such bonds are owned by a nonresident alien individual, fiduciary, partneron by the Commission, and that the mere suggestion of a change in the ship or corporation. If ownership certificates are not furnished by the
tariff is sufficient to bring about a disturbance in the industry or trade owner of the bonds, such certificates must be prepared by the debtor
affected.
corporation or its withholding agent. (a) If the bonds contain a tax-free
The statement by Charles deE. Claiborne, a New Orleans banker, who covenant clause, ownership certificates must be prepared on Form 1000
is President of the league, to the effect that the flexible provision of the for the following classes of bondholders: Citizens or residents of the
new tariff law is "a free trade rider" caused some surprise. Customs United States, nonresident alien individuals, partnerships, whether foreign
experts familiar with the work which has been carried on so far by the or domestic, foreign corporations having no office or place of business
Tariff Commission, expressed the opinion on Saturday that, as most of within the United States. (b) If the bonds do not contain a tax-free
the investigations ordered by the Commission were prompted through covenant clause, Form 1000 shall be prepared in the case of nonresident
applications for duty increases, this would not seem to support the con- alien individuals, partnerships coomposed in whole or in part of nonresident
aliens and not having an office or place of business within the United
tention that the flexible provision is "a free trade rider."
The first public hearing in Washington to-morrow will be largely attended States. or in case the owner is a foreign corporation not engaged in trade
or business within the United States and not having an office or place
by representatives from large domestic and importing interests.
of business therein.
Regardless of whether the registered bonds do or do not contain a taxAmendment to Federal Income Tax Regulations
free covenant clause, no ownership certificate is required in connection
with such bonds owned by a domestic or resident corporation.
Modifying Rules Regarding Filing of
Art. 1074. Return of Information as to Interest on Corporate Bonds.—
Ownership Certificates.
In the case of payments of interest, regardless of amount, upon bonds
Amendments to the Federal income tax regulations gov- and similar obligations of domestic or resident foreign corporations, the
erning the filing of ownership certificates for interest cou- original ownership certificates, when duly filed, shall constitute and be
treated as returns of information. If a bondholder files no ownership
pons have been promulgated; under the revised regulations certificate in the case of
payments of interest on registered bonds, if such
in the case of bonds not containing a tax-free covenant bonds contain a tax-free covenant clause, or if such bonds are owned by
the withholding alien individual, fiduciary, partnership or corporation.
clause no ownership certificates are required unless the
a nonresident agent shall make out
owner of such bonds is a non-resident alien individual, and file it with the monthly return. such a certificate in each instance
See Sections 221 and 237 of the
partnership or corporation; it is also stipu- statute and Articles 361-375 and 601.
fiduciary,
Art. 1076. Foreign Items.—The term "foreign item," as here used,
lated that "no ownership certifitates need be filed in the means any
dividend upon the stock of a nonresident foreign corporation
case of interest payment on bonds, the income from which is or any item of interest upon the bonds of foreign countries or nonresident
not required to be included in gross income, nor in the case foreign corporations, whether or not such dividend or interest is pal• in
the United States or
of any obligations of the United States." When interest cou- a foreign country orby check drawn on a domestic bank. (a) Wherever
nonresident foreign corporation issuing bonds has
pons are received unaccompanied by certificates of owner- appointed a paying agent in this country, charged with the duty of paying
ship a statement from the payee will be required, unless the the interest upon such bonds, such paying agent shall be the source of
information. If such foreign country
first bank be satisfied that the owner is a citizen of the agent, then the last bank or collectingor foreign corporation has no such
agent in this country shall be the
United States, or a resident individual, fiduciary, partner- source of information. (b) In the case of dividends on the stock of a
nonresident foreign corporation, however, the first bank or
ship or corporation.
collecting
agent accepting such item for collection shall be the source of information.
Ownership certificates are required in connection with No return of information is required with respect to
foreign items unless
interest on registered bonds "if such bonds contain a tax- the amount thereof is $1,000 or more in any taxable year, nor is any return
of information required with
free covenant clause or if such bonds are owned by a non- OM individual, a foreign respect to such items owned by a nonresident
partnership or a foreign
resident alien individual, fiduciary, partnership or corpora- the first bank or collecting agent is satisfied as tocorporation, provided
such ownership. In
Regardless of whether the registered bonds do or do the latter case the foreign item may be stamped "foreign owner."
tion."
Art. 1077. Ownership Certificates for Foreign Items.—When bonds of
not contain a tax-free covenant clause, no ownership certifi- foreign countries or of non-resident foreign
corporations contain a tax-free
cate is required where such bonds are owned by a domestic covenant clause and are owned by citizens or residents of the United States.
the foreign country or non-resident foreign corporation having a fiscal or
or resident corporation. Dividends or interest on bonds of paying agent in the
United States, such agent is required to withhold a
foreign countries or non-resident foreign corporations will tax of 2% from the interest on such bonds.
Ownership Certificate Form
not require returns of information unless the amount is 1000, modified to show the name and address of the fiscal agent or the
agent, should be used unless the owner (if so entitled) desires to
11,000 or more in any taxable year." The following are the paying
claim exemption, in which case Form 1001 should be filed. See arteiel3 61.
amended regulations:
Art. 1078. Foreign Items Presented for Collection Unaccompanied by
Ownership Certificates.—If the foreign item is an interest coupon detached
IT. D. 3497) INCOME TAX.
from bonds containing a tax-free covenant clause, issued by a foreign
ownership Certificates: Articles 365, 367, 369, 370, 1074, 1076, 1077, 1078 country or corporation
having a paying agent in the United States, a stateand 1079, of Regulations 62, amended.
ment and ownership certificate, Fortn 1000, shall be furnished as provided
'V
1I
TREASURY DEPARTMENT,,
in article 369.
Office of Commissioner of Internal Revenue. tire
Art. 1079. Return of Information as to Foreign Items.—In the case of
Washington, D. C.
collections of foreign items, the original ownership certificates when reAvlilwqr4.vaiviy,rist quired and duly filed shall constitute and be treated as returns of inforTo Collectors of Internal Revenue and Others Concerned
Artcles 365. 367, 369, 370, 1074, 1076, 1077, 1078 and 1079,
rof Regula- mation. (a) In the case of dividends on the stock of a non-resident foreign
tions 62, are hereby amended to read as follows: ttlexto 140
99
corporation paid to citizens or residents of the United States a return of
Art. 365. Ownership Certificates for Interest Coupons.—The ovrners, information on Forms 1096 and 1099 shall be required if the amount thereof
except domestic and resident corporations, of bonds or other obligations is $1,000 or more in any taxable year. (b)In the case of interest items on
containing a tax-free covenant clause, issued by a domestic or resident bonds containing a tax-free covenant clause as to which the paying agent
foreign corporation, when presenting interest coupons for payment, shall in this country is the source of information, the ownership certificate shall
file a certificate of ownership for each issue of bonds,'showing the name accompany the coupon to such agent or soured of information, who shall
JULY
21 i923.]
THE CHRONICLE
289
This point seems covered by a provision that small manufacturers using
a considerable quantity of goods, not imported, on which no tax has been
paid, to manufacture goods on which tax should'be paid, shall be subject
to the same conditions as the ordinary manufacturer or producer, but the
Minister of Customs is to be the arbiter as to what is a "considerable"quantity.
Clauses Hard to Understand.
The Act contains many clauses hard to understand and it will be some
weeks after Jan. 1 next before the manufacturers will have grappled successfully with the new system of figuring costs. What is clear, however.
is that under the new Act sales tax will be paid only by the actual manufacturer or producer, and not as in the past by the different elements in industry all the way from producer to manufacturer, to wholesaler or jobber.
and then to retailer.
There will only be one sales tax on any one particular line of manufactured
Five Months' Stay for Canada's Sales Tax, Effective
article, that is, an article having passed through the last stages of manufacJan. 1—Government Decides It Would Be Unfair
ture and ready for final use or consumption.
to Business to Make Levy Operative Too Soon.
Thus the textile mills will not have to collect tax from the clothing or
"Women's Wear," of this city, in a dispatch from Ottawa, garment manufacturers, nor will the tannery have to collect tax from the
leather manufacturer, or the leather manufacturer from the boot and shoe
reports as follows:
manufacturer, and so on down the line. Pyramiding likely seems to be
The new sales tax, whereby a flat 6% is to be collected from manu- done away with, and in the end there should be less confusion and not much
facturers and producers only instead of 2X% from both manufacturers less revenue for the Government than heretofore.
or producers, and wholesalers or jobbers, on sales between these classes
or a straight 4%% on direct sales by manufacturers and producers to
retailers, 251% on sales by wholesalers and jobbers to retailers, will become
Advertising Plans for National Thrift Week.
effective on Jan. 1 1924 instead of on Aug. 1 this year, as originally proThe Advertising Council of the National Thrift Commitvided in the 1923 Budget Act.
The stay of five months has been found to be in the interests of Can- tee of the Y. M. C. A., of which Edwin Bird Wilson is Chairadian business because of various points which 'has shown that it will man, held its first meeting of the season at a luncheon in
be inimical to industry and commerce to put the new rate of taxation
in effect too soon. For instance, there would be in the ordinary course the New York Advertising Club, July 16. At this meeting
of events, a large number of manufacturers who would have had on hand the season's advertising program was arranged. The schedat the end of July stocks of raw materials and goods made up but not
ule includes material for an intensive six weeks' drive begindelivered, on which raw materials and materials contained in the goods
ning Sept. 15 to Nov. 1, to enlist the organization of local
made up the manufacturers had paid the present import tax of 33j%
thrift week committees in from 500 to 700 cities throughout
Rebates Promised.
On the finished materials and the goods that would be made up from the country. The local committees when organized will comthe rest of the unmanufactured stock, it would be necessary to collect a prise representatives from the banks, life insurance, real
further6% atthe time of sale which would increase the cost of goods to the
wholesaler, retailer, and then the consumer, for although there Is a pro- estate, retail merchants, commercial and civic organizations,
vision in the Act which promises rebates to manufacturers in connection public schools, churches and women's clubs. The object of
with materials on which they have paid import or sales tax and on which these local committees is to conduct educational
thrift camthey have collected the new sales tax of 6%, such rebate to be approximately the difference between the two taxes, it is obviously going to be paigns during National Thrift Week, which begins on Bendifficult for any manufacturer to figure on the amount of rebate he may jamin Franklin's birthday, Jan. 17, and continues through
receive, and how such rebate should be passed on to his customers.
When the manufacturer gets to the stage where he begins on the manu- Jan. 23. The days of the week include National Thrift or
facture of goods which will not be delivered until after Jan. 1, he will have Bank Day, Budget Day, Life Insurance Day, Own Your
to keep close track of the cost of all materials used in such manufacturing Home Day, Pay Bills Promptly Day, Make a Will Day, and
and the amount of sales or import taxes he has paid to the Government and
then estimate the difference he is entitled to when as the goods are sold he Share With Others Day. Among the 48 national organizacollects a 6% sales tax.
tions co-operating in this movement are the American BankManufacturer's Case.
ers Association, Associated Advertising Clabs of the World,
There is the case of manufacturers who import goods from abroad and Chamber of Commerce of the U. S. A., Federal Council of
who have figured on prices to the wholesaler or retailer which include the
present import tax of 3%% and the sales tax of 2 % and who placed Churches and the General Federation of Women's Clubs.
orders for his raw materials and contracted to sell the goods to be made The members of the Advertising Council in addition to
up, prior to the coming into effect of the new system of taxation, for delivery
Chairman Wilson, include G. Prather Knapp of the Bankers'
after the regulation becomes effective.
The new tax would have made his quotations inadequate for he would Service Corporation; G. Wells Sawyer, Advertising Manager
have to collect 6% instead of 214 If his sales were to a wholesaler or 4311 % of the National City Bank, and B. M. Griffin, Advertising
If his sales were to a retailer,which would cause much uncertainty between
these interests, probably resulting in cancellation of orders, and besides Manager of the Gotham National Bank. The meeting on the
this, the manufacturer would have much bother in negotiating for a rebate, 16th was an open meeting and was attended in an advisory
and it is common knowledge that rebates from Governments are slow in capacity by Messrs. Chas. W. Hoyt of the Hoyt Advertising
coming, although sure.
By giving a further five months in which to prepare for the new rate Agency, Park Mathewson of the Budget Control Bureau,
of sales tax, the Government has adopted a wise stand as manufacturers and W. B. Bullock of the American Pulp & Paper Associawill be able to clean up fall and winter deliveries before it comes into effect.
tion. The headquarters of the National Thrift Committee
However, 89 pointed out by one prominent garment manufacturer, there
is likely to be a tendency on the part of manufacturers to partially or of the Y. 31. C. A. are at 347 Madison Avenue, New York
completely cease operations for two weeks to a month before the end of City. J. A. Goodell is Secretary; C. S. Wark of the Princethe year so as to avoid having to purchase raw materials which they could
not make up into the finished product and deliver until after the beginning Wark Co., and E. A. Hungerford, Publicity Counsellors.
of the year.
1Vould Cause Much Figuring.
E. Bird Wilson on "Advertising America."
This would necessitate much figuring as to how much of the new sales
In an address pointing out how America has been advertax of 6% should be taken off the invoices to the wholesalers or retailers
and borne by the manufacturer in consideration of the rebate of tax paid tised since the days of Washington, Edwin Bird Wilson, of
on the raw materials which the manufacturer would get in due course New York,
had the following to say in part before the Baltiof time.
It would be far easier for manufacturers to commence the new year more Advertising Clubs at Baltimore on July 11:
under the new rate of taxation with a clean sheet, but if the plants were
Do you realize that a tremendous advertising campaign is being carried
closed or operations cut down as suggested, it would mean loss of money on for America? It has been going on since Columbus discovered San
to firms and employees right at Christmas time and might hurt business of Salvador. It is not organized, it is not planned, it is not budgeted; but
merchants who would find they needed filling in orders.
its copy Is being written by the word and deed of millions of Americans.
One of the most interesting provisions of the Act is that which exempts and it Is probably the biggest advertising undertaking of the world.
from collection of the sales tax all manufacturers who do not make or proIf you or I were planning the campaign, no doubt it would be done difduce goods to the value of $10,000 a year, but makes obligatory the payment ferently. “Many men of many minds" is a principle that has had to be
of the import tax of 6% in such cases. This means that such manufac- recognized ever since there were many persons on the earth. Each of us
turers can make up goods on the basis of 6% tax on cost of raw materials has a little different point of view. In our zeal for this cause or that,
rather than on the basis of collecting a 6% tax on the selling price, and it is let us remember that zealots on the other side probably are honest.
predicted that it will result in the growth of small plants doing business of
What are some of the features of this colossal campaign of advertising
less than $10,000 a year, and perhaps bring into existence Instances of America? It has many features, parts, elements, factors, methods and
firms splitting up their businesses under different registered names so that we cannot, in the scope of this brief talk, cover them comprehensively.
each section will not do more than $10,000 but in the aggregate will do a But we can point out some of the most important.
big business and escape the difference between the 6% import tax and the
First—There are the official utterances of our Government, its official
6% sales tax.
representatives and its representative leaders.
Could Sell Cheaper.
Sccond—There are the declarations of trade, expressed and implied
It seems only natural to suppose that such firms would be able to sell through a multitude of transactions and a multitude of voices, oral and
cheaper and by unfair practice get business that would properly have gone printed, in our dealings with the "outside" world.
Third—There are the expressions of feeling arising in a somewhat conto other manufacturers who by the fact of them producing in greater volume
fused murmur from a hundred million American hearts that, could they
have to collect the 6% tax.
possibility for deception in another provision which states be clarified and crystallized, would advertise America truly to the "outside'
There is also
that a wholesaler or jobber who sells not less than 50%'of,his product to world. There are our composite actions toward other races and other
a licensed manufacturer or producer need not collect the sales tax, but he Peoples revealing a queer mixture of love and hatred, tolerance and prejumust collect it on what he sells to unlicensed manufacturers. He does not duce, unselfishness and greed, that need some great crisis or some great
have to pay the import tax, the regulations providing that the goods im- leader to co-ordinate into one certain and clarion note of greeting toward
ported shall pass through channels by which the sales to.* will be collected. the "outside" world.
The question arises, however, as to what would happen If such wholesalers
Fourth—There are our printed periodicals, that Fourth Estate--and
or jobbers importing, say, large quantities of cloth, sold it to manufacturers from their contending and conflicting editorials and editorially tinted news,
business a year.
who knows what the real message of America is to the World "outside"?
doing less than $10,000 of
forward the ownership certificate to the Commissioner accompanied by a
monthly return on Form 1096A. An annual return on Form 1096B shall
be forwarded to the Commissioner not later than March 15 of each year.
on which shall be given a summary of the monthly returns. Where ownership certificate Form 1000 is used, a monthly rteurn shall be made on
Form 1012 and an annual return on Form 1013. as provided in articles
361-375. Forms 1012 and 1013. when so used, should be modified to show
the name and address of the paying agent. The use of substitut certificates is not permitted in the collection of foreign items.
• D. H. CLAIR, Commissioner of Internal Revenue.
Approved July 16 1923.
McKENZIE MOSS, Acting Secretary of the Treasury.
290
THE CHRONICLE
Let us consider these factors in order:
Our official utterances—Presidential, representative, diplomatic—how
bave they advertised America?
Let us begin with Washington, who advertised that America should
beware of entangling alliances. That was when American liberty was in
her cradle, and Washington knew she was better off without any intriguing
European doctors and nurses who might strangle the child or give her a dose
of poison. But to-day, with American liberty grown to maturity, rich
beyond Washington's prophetic dreams, strong beyond her early sponsor's
fondest hopes, able to be a foster mother to baby and debutante liberties
throughout the world, we still hear echoes of Washington's solicitous consideration for that infant, American liberty. Are those echoes true to
America's heart and America's consciousness of her ability to serve the world?
Benjamin Franklin, the American Solomon, genius of the simple life,
apostle of honest thrift, diplomat, scholar—advertised America to the
outside world and made America seem to be a haven of sterling democracy
and plain, simple living. In the years that have followed, have Americans
lived up to that creed which truly represented the best thought of Poor
Richard's day?
Farther down the line of history. the Monroe Doctrine advertised America
as standing against any attempt on the part of foreign monarchs to obtain
a footing by colonization, or concession, or conquest, in the Western
Hemisphere. Many years elapsed before the force of events, piling with
overwhelming weight, brought
sforth a new Monroe Doctrine, the declaration
of the President of the United States that the world must be made safe
for democracy, and that the interest of the United States was identical with
that part of modern civilization which is based upon Government by
consent of the governed wherever found. That declaration was not only
made by our highest representative, but was sanctioned by the united
action of our citizenship and enforced by our entire martial and economic
strength.
America Was well advertised to the "outside" world In the momentous
months that immediately followed, and America delivered the goods.
Her goods and services equalled, yes, excelled her advertisement of them.
I am not here to wave the flag, nor to tell you what America did for the
world and to the world's enemies. Four million military records of American citizens and hallowed ground in Europe and America evidence the
truth of America's official advertising. We helped to win the war.
Then we advertised through our representatives at Versailles that we
wanted to help win the peace. America's suggestions were largely followed. A treaty was signed by some forty nations, including the erstwhile
enemy—an accomplishment unequalled, unparalleled in all humanity's
history. An association was established to enforce the treaty, and then
our peculiar psychology asserted itself. "George Washington—remember
what he said about entangling alliances?"—and we forgot that our recent
association with the decent Governments of the world had enabled us to
save ourselves by helping to save the world. We listened to the far-off
voice of a dead leader and closed our ears to the beseeching prayer of a living
leader. We refused to ratify the signature of our highest representatives.
We lost the peace and we lost something else—respect of the "outside"
world.
I could quote from the published utterances of great men on both sides of
this, the greatest question that ever came before America for decision,
and there would still be a division of opinion, because men and women
differ. But I have a right, as an honest man, to my opinion, and it is this:
America, by every word and gesture, advertised to the world that she
entered the war to bring peace, permanent peace, and America. having
fought a glorious fight, refused to stand by her associates until the peace for
which she fought was secure. America fulfilled generously the expectations
of the world during the war. America failed to support the peace.
On Aug. 28 1920 Mr. Harding said:
"One type of international relationship is a society of free nations, or a
league of free nations, animated by considerations of right and justice. instead of might and self
-Interest, and not merely proclaimed an agency In
pursuit of peace, but so organized and so participated in as to make the actual
' attainment of peace a reasonable possibility. Such an association I favor
with all my heart. and I would make no fine distinction as to whom credit
Is due. One need not care what it is called. Let it be an association, a
society, or a league, or what not, our concern is solely with the substance,
not the form thereof."
Nearly three years have elapsed while unparalleled suffering has blighted
the face of the world through peace delayed.
At the Pilgrim Society dinner in London in the late spring of 1921, Mr.
Harvey. our Ambassador to the Court of St. James, said:
"Americans have come to realize in the past few years that ideals too often
resolve Into illusions, and illusions we have found to be both dangerous and
profitless. . . .
"Not a few remain convinced that we sent our young soldiers across to
save this Kingdom, France and Italy. That is not the fact. We sent
them solely to save the United States of America, and most reluctantly
and laggardly at that.
II "We were not too proud to fight, whatever that may mean. We were
afraid not to fight. That is the real truth of the matter, so we came along
toward the end and helped you and your allies shorten the war. That is
all we did and that Is all we claim to have done."
As a private American citizen, I protest that our Ambassador's advertising did not measure up to the accepted standard of truth, that he misrepresented American sentiment.
I believe that our former President advertised truthfully when he declared,
just before we threw our souls, and hearts and bodies and all our material
resources Into the conflict: "Our object is to vindicate the principles of
peace and justice in the life of the world, as against selfish and autocratic
power,and to set up amongst the really free and self-governed peoples of the
world such a concert of purpose and action as will henceforth insuer the
observance of those principles."
And I believe that America will yet live up to that advertising and
will prove by deeds and words that she is still In the world, not outside,
and Is her brother's keeper, whether he be an oppressed Cuban, a violated
Belgian. or a tortured Armenian Christian, or a Jewish victim of outrageous racial prejudice.
the world through her trade rela1 Now, how Is America advertising to
tions? Are we making American goods that when shipped abroad make
friends for America, or make foreigners think of us as dollar-grabbing,
conscienceless traders?
1 Does every packing case shipped to the heart of Asia carry some evidence
of high American ideals, or does the packing box and contents arrive
In such condition as to indicate a disregard for the buyer's rights?
) How much America means to the world. How often the American
business man fails to think of his representative character when dealing
with foreigners, yet every American who exports or Imports goods Is a
representative of American business to the "outside world: and by his
business standards Is America judged. More truth is needed In this
kind of advertising for America—true worth, true courtesy, true dealing.
How Is America advertised through her business representatives abroad,
and through American tourists abroad? Are these unofficial representatives, by becoming consideration, fair play and downright honesty,
advertising truly the spirit of America?
[Vol,. 117.
In our tremendously strong financial position, are we sitting down with
our debtors and trying to arrive at a Just and even possible settlement, or
are we giving the impression of a desire to oppress and foreclose? How
beautifully the Paris "Temps" summed up the situation some months ago:
"The United States has withdrawn from European questions and Europe
has painfully fallen into the quarrels which come from empty pockets."
A survey of what the -outside" world thinks of us would demonstrate,
to put it mildly, that our present trade and financial policy toward our
debtors has not advertised truthfully the sincere "nod-will and fair-play
policy which America really holds toward “outs'do countries.
And, again, what are the expressions of feeling or the people of America
as a whole? How can we learn them? How will the world get a correct
composite of them? Fortunately for America's reputation, her citizens
have responded with practical sympathy to every call of distress, not matter how far abroad. She has sent ships laden with life-saving food, raiment
and medical aid. Her tears have flowed and run in rivulets of gold to help
to resuscitate dying millions. Her prayers have gone up fervently to
heaven for the salvation of mankind. Her mothers and fathers gave their
sons, and their sons dedicated their lives, not to save America, but to save
the liberty of the world, and, despite misunderstood pluralities, the heart
of America still beats for liberty for all mankind. We have our inconsistent moments. We do not in every case do Justice. We sometimes seem
wrapped In selfish isolation, but we have a constant trend toward helpfulness to the peoples of the world, without regard to race or creed. and, in
pite of our contradictory official actions and words, the world "outside"
an general has, let us hope, not lost faith entirely in America. The "outside" world senses a heart of brotherhood beating beneath our shameful
garments of gold and brass, hears a voice of rising justice amid the beating
of political tomtorns and the raucous clamor of selfish trading. God grant
that the world may not entirely lose faith in us, and that we may not
entirely betray the world's faith.
And how about the newspaper and magazine press? How are they
advertising America? One would have to read more than the "Literary
inigest" to answer that question with any degree of finality. But if one
has followed the editorial trend since Armistice Day. 1918, one can scarcely
fall to see that American editorial opinion, having passed through the
bitter phases of political diatribe and partisan passion is gradually turning
toward truth in advertising America. The truth is that public sentiment, with eyes opening from post-war apathy, is beginning to see the
glory of Tennyson's dream of a parliament of man, a federation of the
world.
Shall our advertising slogan be "America for Americans"? (How like
"Turkey for the Turks" it sounds), or shall it be "America for world peace
and world liberty"?
If I may be sold bold as to paraphrase the immortal words of the immortal Lincoln: "A world divided against itself cannot stand. I believe
this world can not endure permanently half flourishing and free, half
starving and enslaved. I do not expect the world to be dissolved: I do
not expect the world to fall: but I do expect that it will cease to be divided."
And I should like to add. I do expect America to join with all the nations
of the world in an everlasting compact for peace and prosperity. I do
expect America to live up to its advertised personality as the home of
the brave and the land of the free and the champion of the oppressed,
the big brother of every nation on earth.
Gladstone said: "If the leaders withdraw, the people will lead the
way. That is an American idea."
Every citizen should let his voice be heard.
Destruction of States Rights by Civil War Used as
Argument Before Supreme Court as Reason
Why Federal Reserve System Should Control
Entire Financial Interests of the Country
As Against State Banks.
[From "Manufacturers Record" of Baltimore.)
The argument of Henry W. Anderson on behalf of the Reserve Bank of Richmond before the Supreme Court of the
United States Is one of the frankest, most amazing revelations of the inner thought of the Federal Reserve management which has ever been made public. In that argument,
Mr. Anderson specifically clams that the aim of the Federal
Reserve System is for the purpose of concentrating the entire
banking and financial power of the country under the control of that organization. He frankly admits that there may
be individual cases of hardship as a result of the work which
the Board has been carrying on in seeking to secure absolute
national control of the entire banking system.
He stated that It took the Civil War to establish control
over the political agencies of this Government. Surely if a
Virginia attorney can look with favor upon the complete
domination in Washington of all States rights, as we formerly knew them, we have traveled a long distance from the
views of those who founded this Government. From Mr.
Anderson's argument we take his frank admission that this
is a fight to concentrate the entire banking and financial
power of the country In the Federal Reserve System. On
that point he said:
"Now, if your honors please, I have not had an opportunity
to review, as we have reviewed in our brief in this case, the
facts leading up to this legislation. But as a matter of fact,
It must be obvious that this particular controversy is the concluding act, we might say, in a long controversy on the subject of State or National control of the banking system of
the United States. It has varied from time to time in this
country.
"First, there was the period of national control up to 1835;
then the period of State control up to the Civil War; then
the gradually growing period of national control, until it culminated in the enactment of the Federal Reserve Act, which
JULY 21 1923.]
THE CHRONICLE
291
was intended to place the reserve organization of the banks stroyed, and the entire banking business be absorbed by a
of the country in the Federal Reserve banks, to concentrate few great institutions as in Canada and Great Britain?
Mr. Anderson's remarkable speech might justify the interthem where they would be most available, and as an incident of that, to allow these banks to clear at par and relieve pretation that as the Civil War brought about the destructhe country of the great burden incident to this exchange tion of State rights, so the time has come to break down all
charge, so-called, which was no longer necessary, owing to State banking and concentrate the finances of the country in
the Federal System. The more Mr. Anderson's speech is
the change in economic and commercial conditions.
"That was a part of the general controversy which has studied the more astonished the country will be at such an
been going on in this country from the formation of the argument as he advanced looking to the breaking down of
Government, on the question as to whether State or national State banking business in the interest of banking under the
control should prevail. The Constitution creates a complete Federal law, or, in other words, the Federal Reserve System
commercial system; the control of inter-State commerce, and carried to the utmost limit of its possible power.
the control of the financial system, both through positive
provisions prohibiting the States from issuing bills of credit Savings Deposits in United States June 30 1922 Reach
and things of that kind.
$17,300,000
--Increase $680,000,000 in Year,
"It took the Civil War to establish the control over the
According to L. D. Woodworth of Savings
political agencies of Government, the separate national conBank Division A.B.A.
trol. It has taken 100 years of the decisions of this Court
Continued increase in the savings of the American people
to establish control over inter-State commerce; and the is indicated by the latest national compilation Just completed
financial system Is an essential element of that controversy; by the Savings Bank Division of the American Bankers Asand this controversy is the culmination of the development sociation. Savings deposits in banks and trust companies
of that control for more than 100 years.
of the United States were reported at $17,301,014,000 June
"There may be individual cases of hardship; but the gen- 30 1922, the last available nation wide figures, as compared
eral interest of the country required the establishment of a with $16,618,596,000 June 30 1921. This is an increase of
national control over the important agencies of commerce, $682,417,000, or 4.1%. The savings and time deposits reof which the banking system constitutes a part; to the end ported on the two dates by the different types of banks were
that this country may be equal to the emergencies of the as follows, data for State banks other than mutual savings
present and may expand to meet the commercial needs of banks being combined with trust companies:
the future."
Total Savings Deposits. United States.
June 30 1921.
June 30 1922. Increase.
In reply to these statements, Mr. Alexander W. Smith,
Mutual savings banks
95,482,812.000
representing the State banks of North Carolina in this fight, State banks and trust companies 7.406.292.000 $5.696.439.000 3.9%
7.530.292.000
1.6%
National banks
said:
3.629.491,000
4.074.281.000 12.2%
"It seems strange to me that counsel called the attention
United States
816.618.595,000 917,311,012.000
4.1%
The number of savings depositors, as indicated by the
of the Court to the history of the contest between State and
national bank systems. He is entitled to all the comfort he number of accounts, shows an increase of 4.9%, with the
can get from that history. I certainly hope that the lessons States reporting for the first time in 1922 excluded. The
of that history may be driven home to the Federal Reserve third annual report of the Savings Bank Division on school
Board, which dominates the Federal Reserve System, before savings banking also shows increased American thrift,
it is too late, and the Federal Reserve SyStem itself has been 1,271,029 pupils having savings accounts during the school
driven out of existence as the first and second United States year of 1921-1922, as against 802.906 during the previous
banks were driven out of existence, because of their desire year. The distribution of depositors between the different
to override State banks and monopolize the banking re- types of banks reported is as follows:
sources of the United States in a national system.
Savings Accounts Reported, United States.
—June 30 1921— —June 30 1922—
"There has never been a day, if your honors please, since
No of
No. of
No. of
No. of
States. Accounts. States. Accounts.
the organization of this Government, when the State bankMutual savings banks
17
9.654.989
17
9,652,569
ing institutions did not have more banking power; were not State banks and trust companies
18
8.967.106
28 11,797.424
All
8.015.736
more widely distributed; did not perform more useful service National banks
All
8.873.327
to the common citizens of the United States—than the naUnited States
26.637.831
30,323,320
tional banking systems have ever performed.
"The amount of the average savings account for the coun"And that is true to-day. When the second United States try as a whole cannot be determined with a satisfactory deBank undertook to drive into its coffers practically all the kree of precision," the statement of the Savings Bank Divibanking resources of the United States, the issue became sion says,"but we have data for following conclusions:
nation-wide. The campaign for a second term as President
In mutual savings banks the average balance on June 30 1922 was $456
of the United States by President Jackson was fought out n Massachusetts. $571 in Connecticut, $489 in all New England, $713 In
New York. $670 in the Middle Atlantic States, $495 in Washington, $978
.on that issue; the people responded, and the immortal Henry In California and $590 for the 621 mutual savings banks in the seventeen
Clay, even, was defeated in the electoral college, by five to States reported.
In
one on that issue. The sole issue was whether or not the 1922 State banks and trust companies the average savings account on June 30
was 9292 in Massachusetts, 9260 in Connecticut. 9364 in all New Eng
national system should override the State systems of bank- land. $441 in New York. $352 in the Middle Atlantic States, $349 in Washington, $540 in California and $503 for all State banks and trust coming in this country.
panies
"This campaign against outside State banks that has been panies.reported, which included 20.308 State banks and 1.489 trust comwaged for four years—and you might as well say that there
In natiopal banks the average savings account on June 30 1922 was $366
had not been a state of war between the Allies and Germany In Massachusetts. $379 in Connecticut, $376 in all New England. $526 in
New York. 9393
for four years as to say that there has not been a serious xi California and in the Middle Atlantic States. $336 in Washington, $673
$334 for all national banks in the United States.
and bitter war between the Federal Reserve System and the
Leo Day Woodworth, Deputy Manager of the Savings
state systems for the four years last past—has, at the very Bank Division, also supplies the following statistics:
bottom of it, if your honors please, the desire and the inForm of Savings Deposits June 30 1922 (000 Omitted).
Per
tent by administrative methods through the Federal Reserve
Total
Certificates
Capita Savings
rota'
of Deposit Postal
Board, to drive into the coffers of the Federal Reserve banks
Savings
30 Days Savings Savings Deposit to Total
State—
Deposits. and Over. Deposits Deposits. (Est.). Deposits
practically all the banking resources of the United States.
New England
65%
32.740,638
S48.638 812.541 32.801.817 8367
"It your honors please, the Federal Reserve Board and the Middle Atlantle
6,185.923
344.996 29.829 6.5(0,748 260
45%
Federal Reserve System does not care a snap of the finger Southern
42
36%
876.469
438.489 4,089 1.319.047
East Central
3,156,875 1,229.722 19,503 4,406.100 143
47%
for universal par clearance of checks. They know it is as West
85
740.678
Central
489.194 2,247
38% 249,237
much a physical impossibility to transport money from one Pacific
90.955 8,506 1.472.622 202
51%
1.373.061
_
place to another in this country without expense as it would
Total U. S
814.582.203 82,641.994 $76,815 817.301.012 $158
47%
transport persons, property and thought without exThe percentage of reported savings depodts, including time certificates
be to
and postal savings in banks, to all bank deposits in the various parts of
pense. That cannot be done."
continental United States on June 30 1922, as compared with June 30 1921,
Comment would seem almost superfluous.
In connection with the discussion of the actions of the
Federal Reserve Board this question may appropriately be
asked:
Does the Federal Reserve Board advocate branch banking
generally?
If so, and if branch banking should be generally established, would not 30,000 State and national banks be de-
are as follows:
Percentage of Savings to Total Bank Deposits.
June 30 1921. June 30 1922.
66%
65%
42%
45%
37%
36%
49%
47%
38%
38%
54%
51%
—
595 Total United States
48%
47%
New England
Eastern States
Southern States
Middle West States
Western States
Pacific States
292
THE CHRONICLE
[VOL. 117.
In discussing "the opportunity for savings bankers," Mr. community trust—the Cleveland Foundation—established
nine years ago by the late F. H. Goff of Cleveland, with the
Woodworth says in part:
The above quoted figures, which are now brought to your attention for Cleveland Trust Co. as trustee, now has prospective funds in
the first time, are given to-day for three principal reasons. First, they the form of wills, amounting to many millions of dollars, to
prove that America is not as wasteful economically as some of our amateur
be used for civic purposes. The Chairman of the Trustees'
thrift advocates assume. Second, they prove that saving has progressed
at a comparatively high rate in the face of the high cost of living, thus mak- Committee of the New York Community Trust is Alvin W.
ing an effective reply to an argument now going the rounds of the social- Krech, Chairman of the Board of the Equitable Trust Co.
istic press. Third, they emphasize the almost boundless opportunity and
Ralph Hayes is its Director.
effort by the savings bankers who appreciate the inter-relations and direct
connection between savings banking and the social conditions as well as
the growth of industry and commerce.
Meeting of Economic Policy Commission of A.B.A.—
Gold Standard Recommendations Soon to Be
Made Known—Melvin A. Traylor on Cooperation of Bankers and Farmers.
The Economic Policy Commission of the American Bankers Association emled a two-day session on July 13 at the
headquarters of the organization, 110 East 42d Street. A
number,of outstanding economic questions of the day were
considered by the Commission, which is an advisory body to
the Administrative Committee of the Association. Recommendations regarding the Federal Reserve System, the gold
standard and sound money were prepared for the Administrative Committee with the request that a public statement
be issued at an early date embodying the Association's views
on these questions, it was stated by Melvin A. Traylor,
President, First Trust & Savings Bank, Chicago, Ill., Chairman of the Commission. When asked regarding general
business conditions, Mr. Traylor, who was recently elected
President of the Illinois Bankers Association, said:
We, out West, perhaps do not feel quite so pessimistic in
regard to
business conditions as do folk in the East. With crop prospects
better
than the average, with no large inventories, with no great volume of advance
buying and with the volume of orders on hand large, we feel
that the
outlook for business is good for the rest of the year.
It is true that country banks are rather liberal borrowers just
now, but
this is purely seasonal. It is also true that the prices of farm
products are
still discouraging, but over a period this will be adjusted. There
will be
more orderly marketing of the crops than for some time, made possible
by
increased facilities for financing and warehousing them.
The farmer's viewpoint regarding Europe is becoming more practical.
He realizes that his condition is not wholly due to credit and that it is not
one that can be cured by legislation. He has a more intelligent understanding that it is purely a question of supply and demand as affecting his
products. He also realizes that time is the greatest panacea for his difficulties which can be worked out by more stable conditions over a period.
The new rural credit banks are being inaugurated and will have the
kindly
consideration and support of bankers as a whole throughout the
West.
We are confident that the general course of business will continue
favorable.
Those present at the meeting of the Commission were:
Melvin A. Traylor, President First Trust & Savings Bank, Chicago,
Ill(Azairman.
A.E. Adams, President Dollar Savings & Trust Co., Youngstown,
Ohio.
Stephen Baker, President Bank of the Manhattan Co., New York, N.
Y.
Craig B. Hazlerwood, Vice-President Union Trust Co., Chicago, Ill.
R. S. Hecht, President Hibernia Bank & Trust Co., New Orleans, La.
Waldo Newcomer,President National Exchange Bank, Baltimore,
Md. •
Paul M. Warburg, Chairman of Board International Acceptance
Bank,
New York, N. Y.
Evans Woollen, President Fletcher Savings & Trust Co..
Indianapolis,
Ind.; and
Walter Lichtenstein, Executive Secretary The First National
Bank,
Chicago, Ill., Secretary.
Herbert Hoover on Trade Association Activities
Which Help.
Declaring that the trade association as a facility for the
promotion and self-regulation of industry and commerce has
become, by reason of its scope and activity, an important
American business institution, with which the public, generally speaking, is little acquainted, Herbert Hoover, Secretary of Commerce, in the introduction to that Department's
new book entitled "Trade Association Activities," released
July 16, expressed the opinion that the constructive purboses
of these organizations have unfortunately been confused
with the minority of activities which have been used as a
cloak for action against public interest. "Just as a business
house or an individual meets its obligations and carries on
its daily relations within the community, so the trade association has a real individuality in the business fabric," according to Secretary Hoover. All trade association activities are not good, just as all individual habits are not good
until so proved by their reactions on the individual and the
community," the Secretary says, adding that "perhaps the
best way to guide activities into the most constructive and
profitable channels is through thoroughgoing analysis and
examination of those activities which seem on the surface
to be constructive in their application and results." On the
,subject of statistics, Secretary Hoover says in part:
There is no question but that the curves in the business cycle from
activity to depression have been less disastrous in those industries or trades
where accurate, lawful statistical data have been available to all. Fundamentally it is impossible for business men to form those vital judgments
as to their future course of action in the wise and safe direction of their
activities unless they are informed as to the changing currents of production and consumption, not only in their own linos but also in otherlinesof
business, which indicate broader currents of economic life. The only
criteria are statistics, and if industry is to march with reasonable profits
instead of undergoing fits of famine and feast, if employment is to be held
constant and not subjected to vast waves of hardship, there must be adequate statistical service. Whether these services are to be maintained by
the Government or by trade associations, they must be maintained if we
are to have an orderly economic life.
Discussing legislative activities, Mr. Hoover asserts that:
The interest of any one industry or trade, to be sound in the ultimate
analysis, must be the public interest and in their legislative activities many
trade associations have borne this axiom foremost. The demand of MOSlatures for the views of the different trades upon all sorts of questions of
public interest is incessant, and the open preparation and presentation of
such matters is far more consonant with proper development of public life
than the private lobbying of the few or powerful.
Waste elimination, in a vast area of problems, can only be accomplished
by collective action in a trade. Hundreds of millions of dollars have been
saved through the adoption of principles laid down in such programs, not
alone to the business groups concerned but to the ultimate consumer.
They have brought about lower prices, through attacking directly the costs
of raw material, inefficient plant operation and unnecessary stock main-
In addition, in attendance were J. H. Puelicher, President
of the American Bankers Association, and William E. Knox, tenance.
With reference to cost accounting activities, Secretary
Second Vice
-President.
Hoover pointed to the "truly remarkable findings of GovernFelix Warburg and Others Sponsors for New York ment agencies in the war years regarding the knowledge and
understanding of costs in production and distribution.
Community Trust.
The New York Community Trust, whose establishment at Losses often were confused with profits, those investigations
120 Broadway with various local banks and trust companies showed, all for the lack of knowledge of the fundamentals
cost accounting. To-day the trade association is proving
as trustees, was referred to in these columns last week, page of
153, made known on July 16 a number of prominent citizens itself the most potent organized influence in the study of
costs in industry and trade, aiming toward standard syswho have joined in sponsoring its organization and who are
tems applicable to peculiar conditions. All of which tend to
understood to have participated in underwriting the initial
more scientific knowledge of business and ultimately lowbudget. Among the persons named are: Felix Warburg of
ered costs." On the subject of employee relations, the SecreKuhn, Loeb & Co.; Thomas Williams of Ichabod T. Williams
tary indicates, that while at earlier periods the individual
& Sons; William Arbuckle Jamison, Directing Partner of
business concern or manager, perhaps, has taken more freArbuckle Bros., and Frank J. Parsons of 55 Cedar Street.
quently the initiative in forward policies of such relations,
Mr. Warburg was quoted on the 16th inst. as saying:
trade association after trade association is now developing
Experience in Cleveland, Boston ahd elsewhere has indicated that the
necessary preliminary stages of more equitable and adCommunity Trust plan can decrease obsolescence and reduce the waste the
involved in bequests that have ceased to serve useful purposes. It will vanced Phases of this subject. In most cases it is largely a
tend to make benefactions more effective and less haphazard. The late matter of research into the
tremendous problems involved—
Judge Frederick Goff, who organized the Cleveland Foundation nine years
ago, was one of the most progressive and distinguished lawyers and bankers selection of personnel, education, welfare work, accident
of the Middle West. That Foundation has been signally successful and the prevention, employment principles, and collective agreeNew York organization is modeled upon the same plan.
ments. In the opinion of Mr. Hoover, the associations will
The Community Trust, having a Committee on Distribu- recognize that in the years of
devotion to improving the
tion, including representatives from the various trustee processes of production and
distribution there has been
banks and trust companies and from the public, is organized great oversight of the human
factor and its mass relation.
to administer funds, in small or large amounts, for general "Shall it be approached blindly
and without preparation and
or specific educational and philanthropic objects. The first knowledge?" the Secretary
asks, 'answering: "Not if the
JULY 21 1923.]
THE CHRONICLE
present-day indications of trade association activity have
real meaning." Credit and collection activities, trade disputes and 'ethics, insurance, public relations, traffic and
transportation, commercial research, industrial research and
Government relations are among the other subjects discussed
by Secretary Hoover in the introduction to the book, a volume of 368 pages, sold by the Superintendent of Documents,
Government Printing Office, Washington, D. C., and by the
field offices of the Department of Commerce at150 cents a
copy.
States One of Largest Coal Land Owners
in World.
The United States is one of the largest coal land owners in
the world,According to information collated June 16 by the
Department of the Interior. The Government also owns immense tracts of oil shale besides important deposits of phosphates, potash and other salts. The Department says:
United
At the present time the Interior Department supervises between 30,000.000 and 40.000,000 acres of public coal lands through 15 States, and,
while mining on private coal lands overshadows mining on public lands.
there is every probability that in the future the situation will be reversed.
Coal is now being produced from Government lands in eight States
and there are over 100 mines. In addition, the Government has one phosphate lease, one oil-shale lease and four potash leases on public lands.
Revenues from Sales of Public Lands.
The General Land Office of the Department of the Interior
has been doing a land office business ,during the past two
years, according to figures just compiled, and made public
as follows by the Department of the Interior on July 17:
The total receipts amounted to $24.843,809. Of this revenue more than
half came from royalties on mineral leases upon public lands, the sum
derived from this source reaching $12,981,609. From the sale of public
lands $2,453,250 was realized and from fees and commissions another
$2,840.738 was received. Receipts from the naval petroleum reserves also
brought in the sum of $5.543,835. Sales of land and timber in the Oregon
and California railroad grant increased the total by $678,310. Other sales
included: Timber on Coos Bay wagon-road lands,$23.146:reclamation town
sites, $54,886: town lots in Alaska, $48.540; timber in Alaska. $12,479:
royalties on coal leases in Alaska, $5,309: lands in Yuma auxiliary reclamation project, 817,672; royalties and rentals on potash deposits, $7,378:
depredations on public lands, $65,709; power permits, $24,224; coal leases.
513,105: sale of fire-killed timber, $830; and miscellaneous. $72,642.
The receipts were depos'tod in the National Treasury in the following
manner: $8,762.014 in the General Fund: $12.154.506 in the Reclamation
Fund; and $3,927,287 to the various States.
293
large, exceeding the business done in the correspoding period
of last year by 63%, according to the semi-annual statement
of the company given out July 17 by the President, Harry
A. Kahler. This statement shows that, after providing for
dividends, taxes and employees' profit-sharing, $436,690
has been added to undivided profits, which are now $2,157,009, making the total resources of the company $9,521,814, as against ,907,288 on Jan. 1. The company's
title insurance operations for the six months' period shows
an increase of 54.9% in number of items and 53.3% in total
fees. The increase in the sales of Guaranteed First Mortgages and Certificates, according to the report, shows an
advance of 60.6%. Guaranteed First Mortgages outstanding on June 30 amounted to $92,995,530. Within the past
six months the Brooklyn office of the New York Title &
Mortgage Co. has been greatly enlarged, and the Jamaica
office has acquired two additional floors of the building,
which the company owns at 375 Fulton St., to handle
the increased business. Louis Palestrant, Vice-President
in charge of the Westchester County business, offered his
resignation. He is joining a local real estate firm. Harry
E. Kuhlman, Assistant Secretary from the New York
office, will replace him as Manager at White Plains. Floyd
W. Davis and Edmund L. Cocks of the New York office
were elected Assistant Secretaries. A review of the company's business since its organization, shows, it is stated,
that more than $300,000,000 of Guaranteed First Mortgages
have beem sold to investors without loss of principal or delay
in interest.
A new bank, the Queensboro National Bank of the City
of New York, began business in Corona (Borough of Queens)
at 46th Street and Jackson Avenue on June 16. It has
a capital of $200,000 and its stock was subscribed for at
$150 per $100 share. The officers are: William F. Kelly,
President; John LaDuke and Paul Roth, Vice-Presidents;
Stuart Tuthill, Cashier, and Howard T. Ivory, Assistant
Cashier.
The Bayonne National Bank has been formed in Bayonne,
N. J. Eugene Newkirk is President and Kenneth M. Reed
is Cashier. The Vice-Presidents are George H. Sexsmith
and John F. Schmidt. The bank has a capital of $200,000
bank will begin business about
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. and surplus of $50,000. The
Sept. 1. The stock (par $100) was placed at $125 per share.
A New York Stock Exchange membership was posted for
transfer this week, the consideration being stated as $88,000.
The Bergenline Trust Co., of Union Hill, N. J., began busiThe last previous sale was at $90,000.
ness on Thursday, July 12, at Bergenline Avenue and HumThe Manufacturers Trust Co. (head office, New York) is boldt Street. The institution, which has just been organized.
negotiating to assume control of the Columbia Bank of this began business with a capital of $100,000 in shares of $100.
city. This was confirmed, it is said, by Nathan Jonas, The stock has been disposed of at $135 per share. The offiPresident of the Manufacturers Trust. Stock of the Colum- cers are Otto Venino, Jr., President; Louis Kramer and Newbia Bank has been exceptionally strong, within the past few ton G. Gabriel, Vice-Presidents; Howard F. Graham, Treasdays. Capital of the Columbia Bank is $2,000,000, with urer. and William Rubel, Secretary.
aggregate deposits of about $31,000,000. The Manufacturers Trust Co. has a capital of $3,000,000 and deposits of
The following have been elected officers of the newly orapproximatelY $66,000,000.
ganized Citizens Trust Co. of Summit, N. J.: President,
Secretary
On Thursday, July 5, the United National Bank in John D. Hood; Vice-President, David S. Walter;
and Treasurer. John G. Voegtlen. Messrs. Hood, Walter and
New York opened its doors, its organization having been
directors:
effected following the approval by the Comptroller of the Voegtlen with the following mhke up the board of
Dr. Cadwell B. Keeney, William C. Seibert, Walter S. TopCurrency of its application for a charter. The bank is located
on Fifth Ave. at 33d St. and occupies an attractive banking pin. Charles B. Chrystal, Melville M. Rutan, Raymond W.
room designed and equipped to enable depositors to transact Salmon, Schuyler M. Cady, Eugene Jobs, Edwin E. Beach,
business comfortably and without delay. All of its officers C. Herbert Jagels and Marcy P. Stephens. The company beIts
and most of its employees, it is stated, were in the employ gan business on July 2. It has a capital of $100,000.
stock (par $100) has been disposed of at $155 per share.
of the Union Exchange National Bank of New York, which
was taken over the Chatham & Phenix National Bank a year
The Comptroller of the Currency has authorized the orago. The United National Bank has been organized with a
capital of $1,000,000; the selling price of its stock (par $100) ganization of the Riverside National Bank of Buffalo, N. Y.
was fixed as $150 per share. The officers of the bank are, The new bank will be formed with a capital of $200,000;
Sydney H. Herman, President; Frank C. Campbell, Vice- its stock will be offered at $125 per $100 share. It is exPresident; Irving L. Levy, Cashier; Peter E. ICassler, pected that the bank will begin business about Oct. 1.
Michael H. Conway and A. M. Conlan, Assistant Cashiers.
Luther Wright Mott, Vice-President and Cashier of the
The following are the directors: Leon Bodenheimer, A. B.
First National Bank of Oswego, N. Y., but more particularly
Kirschbaum Co.; Frank C. Campbell, Vice-President;
prominent in national and New York State politics, died at
Otto E. Dryfoos, Otto E. Dryfoos & Sons; Edwin Goodman, his
home in Oswego, N. Y., on July 10 after an illness of a
Bergdorf & Goodman Co.; Sydney H. Herman, President;
few days. Mr. Mott was born in Oswego in 1874 and was
Everett B. Heymann, Attorney; Peter E. Kassler, Assistant
Utliversity in the class of 1896.
Cashier; Samuel Kridel, J. Kridel Sons & Co.; Irving L. graduated from Harvard newspaper work he
entered the
Cashier; Leslie R. Reis, Robt. Reis & Co.; Isaac After spending a year in
Leiry,
First National Bank of Oswego, of which institution his
Rittenberg, Rittenberg Bros., and Ralph Samuel, Samuel
father, Colonel John T. Mott, is President. With regard to
Stores, Inc.
Mr. Mott's career, a special dispatch from Oswego on the
i -art his
The aggregate volume of business of the New York Title ; p of : death to the Albany "Knickerbocker Press" said
& Mortgage Co.from Jan. 1 to June 30 has been exceptionally
294
THE CHRONICLE
In 1900. 1901 and 1902 Representative Mott was Vice-President of the
National Republican League of the United States. In 1907 he was am
Pointed State Superintendent of Banks by Governor Hughes, but resigned
soon afterward because of ill health.
He was elected to Congress from the Thirty-seventh District in 1910
and was returned at every succeeding election by large pluralities. In
Congress, besides being Chairman of the House Ways and Means Committee, he was a member of the Foreign Relations Committee during the
war and a member of the Military Affairs Committee, where he was particularly active. He was Chairman of the caucus from New York State.
In 1910 and 1911 he was President of the State Bankers' Association,
and was President of the American Bankers' Association from 1898 to 1910.
[VoL. 117.
The stockholders of the Manheim Trust Co. of Philadelphia will meet on Sept. 14 to act upon a proposal to increase
the capital stock from $125,000 to $200,000. It is proposed to
offer the new stock at $60 per share, par $50.
William W. Price has been elected a Vice-President of the
Kensington National Bank of Philadelphia. Mr. Price had
heretofore been Cashier of the bank and in that position is
succeeded by Grover C. Tuft.
On June 30 the centennial of the Mechanics' National
Bank of Providence was held. The bank began business
in the Franklin House at the corner of South Main and College Streets with a capital of $100,000. In February 1825
this was increased to $250,000 and in July 1827 to $500,000,
the figure at which it stands to-day. During the period
the bank has had but eight Presidents, one of whom, Amos
D. Lockwood, died eight days after his election. The
present holder of the office is Charles C. Harrington, who
has been connected with the bank since 1868 and its President since January 1912. The present Cashier of the bank,
H. Edward Thurston, entered the institution as a clerk in
October 1879 and was elected Cashier in 1898. Since 1901
the bank has occupied its present quarters at the corner of
Dorrance Street and Exchange Place.
It is proposed to convert the Overbrook Bank of Philadelphia to the national system under the name of the Overbrook National Bank. The Overbrook Bank has a capital
of $200,000. The Overbrook National will likewise be
formed with a capital of $200,000. The change in name will
be made about Sept. 1 1923. It is planned to increase the
par value of the stock from $50 to $100 per share. The
officers of the Overbrook Bank are Louis W. Robey, President; A. B. Caspar and Russell H. Thompson, Vice-Presidents; G. A. Wells Jr., Cashier, and H. H. Gaige, Assistant
Cashier.
--*-The First National Bank of Hagerstown, Md., has increased its capital by 5,000 shares, par $10, offered to stockholders at $40 a share. As a result the capital stock is now
$150,000, having been increased from $100,000, and the surEdward B. Ladd has been elected a Vice-President of the plus is enlarged from
$180,000 to $330,000. The increased
New England Trust Co. of Boston, succeeding the late capital and surplus
became effective July 1. The additional
Frederic W. Allen. John W. Pillsbury has been chosen to stock was authorized
by the shareholders on Jan.9 1923.
succeed Mr. Ladd as Treasurer of the company.
A new institution, the Lake Erie Trust Co., opened in
At special meetings held on Tuesday of this week, July 17,
Cleveland on July 2 at 1612 Euclid Avenue. The new comthe stockholders of the First National Bank of Boston and
the International National Bank of that city (heretofore pany starts with a capital of $1,000,000 and surplus of $250,the International Trust Co.) approved the proposed merger 000. J. Horace Jones, who was with the Lake Shore Bankof the institutions. Subsequently (July 19) the Comptroller ing & Trust Co. for 30 years, is President of the new instituof the Currency gave his approval to the consolidation, and tion. Charles H. Hill, George A. Kirkendale and L. C. Kolthe merger of the institutions became effective on Thursday, lie are Vice-Presidents. Arthur NV. Pleister is Secretary
July 19. The resources of the consolidated bank—The First and Treasurer; D. A. Berardi, Assistant Secretary and
National Bank of Boston—are $300,000,000. The following Treasurer, and Seymour C. Payne is Trust Officer. Alfred
officers of the former International Trust Co. have been P. Fishley is assistant to the President and Leo Schwalb
elected officers of the enlarged First National Bank of Boston: Manager of the Foreign Department.
Thomas W.Murray, Henry E. Bothfeld, B. Farnham Smith
The First National Bank of Hamilton, Ohio, has changed
and A. Francis Hayden, Vice-Presidents; A. Edward Oarits name to the First National Bank de Trust Co.of Hamilton.
land, Howard Norton, Kenneth E. Downs, Thomas F. Megan and Endicott Marean, Assistant Cashiers; Summer Its capital continues as heretofore at $250,000. The June
Street Branch, Clifford B. Whitney, Manager; Uphams 30 statement of the institution showed surplus and undivided
Corner Branch, Lawrence S. Bearse, Manager; Fields Corner profits of $677,080, deposits of $4,956,579, and total reBranch, Joseph J. Carson, Manager; Hyde Park Branch, sources of $6,756,729. The institution was established in
Arthur E. Smith, Manager; Roslindale Branch, Richard E. 1863; its officers are E. G. Ruder, President; P. BenningChapman, Manager; Brighton Branch, Walter J. O'Donnell, hofen, J. M. Beeler and Don W. Fitton, Vice-Presidents;
Manager;and Allston Branch,Donald Kirkpatrick,Manager. E. M. Ruder, Cashier; E. B. Hughes, W. H. Pater and
At a previous meeting of the directors Charles G. Bancroft L. D. McGintry, Assistant Cashiers.
was elected Vice-President, Director and Chairman of the
The Union Trust Co., Cleveland, Ohio, opened on July 14
Executive Committee.
its ninth branch office, known as the Kinsman-140th Street
office, located in one of the rapidly growing districts of the
According to the Boston "Transcript" of June 29, Judge
city. L. J. Hajek, Assistant Treasurer, is manager.
Pierce of the Massachusetts Supreme Court on that day
authorized Attorney John E. Hannigan, the liquidating
On July 3Edwin Spencer,an employee in the Bond Departagent of the defunct Prudential Trust Co. of Boston, to pay ment of the People's State Bank of Detroit, was arrested for
a dividend of 100% to the depositors in the savings depart- the alleged embezzlement of $10,000 in securities from
ment of that bank. The Prudential Trust Co. was closed by the institution. Subsequently the peculations were found
order of State Bank Commissioner Joseph C. Allen, on Sept. to reach $169,000. Spencer has acknowledged that he is
10 1920, as stated in these columns in our issue of Sept. 11 guilty, it is said. John W. Staley, the President of the
1920.
People's State Bank, was reported in the Detroit "Free
Press" of July 7 as saying:
We have just completed the audit and find a shortage of $189,000.
Carl M. Spencer, connected with the Home Savings
a complete confession
We
Bank of Boston since 1904, and Treasurer since 1919, has was had amount he had taken. from Spencer, In which he admits that
the
Insurance of 8350,000 completely covers
been elected President of the bank by the board of trustees, the defalcation, so no loss falls on the bank. The greater proportion of
the securities taken were United States Liberty bonds.
the late George E. Brock.
to succeed
Joseph E. Otis, President of the Central Trust Co. of
The stockholders of the Franklin Trust Co. of Philadelphia will vote July 26 on the question of doubling the au- Chicago, was elected a director of the Drovers National
thorized capital from $1,000,000 to $2,000,000. Advices to Bank of Chicago on July 13, succeeding Henry M. Dawes,
who resigned owing to his recent appointment as Comptroller
us from the company state:
of the Currency.
capitalization is in connection with the
The increase in our
financing of
the purchase of our new building at the corner of 15th and Chestnut Streets,
purchase price of wl ich has been quoted at $5,000.000.
When completed, tie new Mee building,located in the very heart of
Philadelphia's new financial centre,will have all the most modern banking
facilities and conveniei ces that it is possible to obtain. All of the offices,
with the exception of two small offices on each floor, will be outside offices.
It will also include a dining-room and suitable rest rooms, club rooms,
dtc., for employees.
Increase will become effective Oct. 3. Stock will be offered to the
present stockholders at $200 at the rate of one-half share for each share
held. It being the intention of our directors to issue only $500,000 in new
stock.
A merger of two important Denver financial institutions—
the Bankers Trust Co. with the United States National
Bank—was consummated on Monday of this week, July 16.
According to the "Rocky Mountain News" of July 13 the
union of the two banks was made possible by the United
States National Bank increasing its capital by the issuance of
1,500 shares of new stock (par value $100) which were purchased by the stockholders of the Bankers Trust Co. The
consolidated bank, it is understood, has a capital of $550,000
JULY 21 1923.]
THE CHRONTCLE
and total resources of $22,000,000. The two institutions
were closely allied in the past. A. C. Foster, former
President of the Bankers Trust Co., is a Vice-President
and director of the United States National Bank and a
number of the former board of directors of the United States
National Bank were members of the board of directors
of the Bankers Trust Co. Pending the next annual meeting
and election of directors of the United States National
Bank,it is said,the former board of the Bankers Trust Co.will
act in an advisory capacity to the board of Directors of the
United States National Bank. A subsidiary company, which
succeeds to the securities business of the Bankers Trust Co.
and the investment department of the United States
National Bank, it is said, was incorporated recently under
the title of the United States National Co. with capital of
$200,000. Pending the making of alterations in the banking
rooms of the United States National Bank, the new company
it is said, will carry on its operations in the former quarters
of the Bankers Trust Co. At the organization meeting
of the company held on July 12 the following officers and
directors were elected: A. C. Foster, President; Will H.
Wade, Canton O'Donnell, Vice-Presidents; C. F. Bell,
Secretary; James RingoId, rreasurer; W. A. Hover, Albert
A. Reed and Henry Swan, directors. The United States
National Bank was founded in 1904. Prior to the merger
it had a capital of $400,000 with surplus and undivided
profits of $935,605 and deposits of approximately $15,500,000.
Two years ago it moved into the building bearing its name.
The Bankers Trust Co. was established in June 1920, taking
over the investment business of Sweet, Causey & Co. and
Wright, Swan & Co. It had a capital of $1,000,000 with
surplus and undivided profits of $250,000, and deposits
of more than $4,000,000. With regard to the officers of the
enlarged United States National Bank,the "Rocky Mountain
News" had the following to say:
295
The bank went into voluntary liquidation, which was caused by the bank
falling to have enough currency to meet clearances. Stanton has pledged
a large amount of his personal assets to pay every dollar due depositors
if the State Bank Examiner allows voluntary liquidation.
Word comes from Shelby that the First State Bank there closed, due to
its inability to obtain currency from its Groat Falls correspondent. but wili
open again, possibly within a few days, or as soon as proper cash reserve
can be accumulated. This bank, according to Cashier Murals loaned no
funds In the fight promotion and was in no way connected with it.
The Exchange National Bank of Tulsa, Okla., will increase
Its capital from $1,500,000 to $2,000,000. The new issue of
stock was authorized by the shareholders on June 26. The
enlarged capital will become effective June 26. The additional stock has been offered at par, viz. $100 per share.
The Fourth State Bank of Hutchinson, Kans., was forced
to close its doors on July 5, following the disappearance of
Its President and founder, Walter Grundy, and the discovery
of losses of approximately $175,000. Mr. Grundy left Hutchinson, it is said, on June 23 last ostensibly on a private business trip to Fort Worth, Tex., and since that time his whereabouts has been unknown. According to a press dispatch
from Hutchinson on July 4 appearing in the Topeka "Capital" of the following day, the directors of the bank at a meeting held on Monday night, July 2, declared the office of
President vacant and elected E. E. Bloom as President. The
next day (July 3) Lloyd M. Hutchinson, Deputy State Bank
Commissioner, took charge of the institution. The Fourth
State Bank was founded in 1920 and had a capital of $100,000, with surplus and undivided profits of $18,000 and deposits of approximately $730,000. The institution, it is said,
was not operated under the State Guaranty Law.
The Union & Planters Bank & Trust Co. of Memphis
recently purchased the stock of the North Memphis Savings
Bank and "the union of interests" of the two banks became
W.A.Hover, Chairman of the Board, is a former President of the United
effective on July 16, when the acquired institution became
States National Bank and is President of the W. A. Hover Drug Co.
James Ringold. President, is a director of the Reserve City Bankers' "The North Memphis Savings Bank Branch of the Union
Association and President of the Clearing House Section of the American
& Planters Bank & Trust Co." The institution is being
Bankers' Association.
Albert A. Reed, Vice-President. Is a lawyer and banker of wide experience operated under the same management as heretofore, headed
and was President of the Colorado Bankers' Association two years ago. by John T. Walsh, the former President, who, it is underHe is Chairman for this section of the War Finance Corporation.
A. C. Foster, Vice-President. is a director of the Denver Branch of the stood, has been made a Vice-President of the enlarged bank.
Federal Reserve Bank. Chairman of the executive committee of the Rocky The directors of the acquired bank have also continued as
Mountain group of the Investment Bankers' Association of America. "The North Memphis Advisory Board." The enlarged
and has had many years' experience in commercial banking and in the
Union & Planters Bank & Trust Co. has a combined capital,
investment field.
Henry Swan, Vice-President, was born in Denver and for many years surplus and undivided profits of approximately $3,000,000
has been active in civic and business affairs. He has been engaged in
and deposits in the neighborhood of $32,000,000. Besides
banking and the investment business in Denver for the past fifteen years.
its newly acquired branch, the bank maintains three other
The "Federal Reserve Bulle- tin" of June 22 announced that branches—the Franklin Savings Bank, the South Side Bank
Tile Banking Corporation of Helena, Mont., was insolvent. and the Main Street Branch. Frank F. Hill is President.
The institution had a capital of $250,000 with surplus and
undivided profits of $50,000.
A consolidation has been effected of five Tennessee banks
under the title of the Commerce Union Bank, with headquarOn July 9 the Stanton Tr-ust & Savings Bank of Great ters at Nashville. The institutions which united were the
Falls, Mont., closed its doors and announced its intention Farmers & Merchants Bank of Nashville, the American Naof going into voluntary liquidation. On the same day the tional Bank of Sparta, the Union Bank & Trust Co. of LebFirst State Bank of Joplin, Mont., an affiliated institution anon, the Spring Hill Bank of Spring Hill, the Lawrence
of the Stanton Trust & Savings Bank, also closed its doors, Bank & Trust Co. of Lawrenceburg and
the Farmers Bank
and the next day (July 10) the First State Bank of Shelby, & Trust Co. of Springfield.
The new Commerce Union Bank
Mont., also affiliated with the Great Falls institution, has a capital of $400,000
and surplus and undivided profits
closed its doors. The Stanton Trust & Savings Bank had of $160,000.
a capital of $200,000, with surplus and undivided profits of
$85,000, while the Shelby and Joplin institutions had capital
The National Bank of Hopewell, Va., an institution with
of $25,000 and $20,000, respectively. James A. Johnson, capital
of $100,000 and surplus and undivided profits of
the President of the First State Bank of Shelby and Mayor
$28,000, failed to open on July 11, due to the alleged emof the town, was, it is said, one of the heaviest backers of
bezzlement by its Cashier, R. Lewis Shelby, of approxithe Dempsey-Gibbons world's championship fight, held in mately
$127,000 of the institution's funds. The accused
that town on July 4, and is reported to have lost more than Cashier, it
is said, was taken from his home in Hopewell
$100,000 in its promotion. George H. Stanton, the Presi- early on the
morning of July 11 and placed in the Henrioo
of the Stanton Trust & Savings Bank and of the First County jail in Richmond. According to a press dispatch
dent
State Bank of Joplin, was also prominent in financing the from Petersburgh, Va., on July 11 appearing in the RichDempsey-Gibbons bout, it is said. Mr. Stanton, however, mond "Times-Dispatch," Shelby was arrested and arraigned
has denied that there is any connection between the closing before United States Commissioner Z. Fleming Lyman for
of his institution and the financing of the championship the alleged embezzlement of from $9,000 to $10,000, and
fight. He has announced, it is said, that failure to meet the later was admitted to bail, some weeks before the closing
morning's clearings and realize upon its assets were the causes of the bank, but these facts had been suppressed in order
which led the bank to close its doors; that the institution is to avoid a run on the bank and unnecessary alarm among
solvent and will pay its depositors in full. A special press the depositors.
dispatch from Great Falls on July 11 to the New York
"
!Imes" contained the following statement issued by L. E.
S. A. Temple, for many years Vice-President of the Dallas
Jones, Secretary of the Great Falls Commercial Club, also Trust & Savings Bank, Dallas, Texas, was elected President,
denying that the bank's failure is due to the promotion of succeeding Judge Edward Gray, resigned, effective June 15,
the Dempsey-Gibbons fight:
on account of ill health. The position of Chairman of the
There is no Justification for the rumor that the bank failure at Great board
has been created by the directors and Christian C.
-Gibbonsfight. There were
Falls was due to the promotion of the Dempsey
Weichsel, a Dallas capitalist, has been elected to that postno private loans made or bank funds used in the promotion of the fight.
296
THE • CHRONTCLE
[VOL. 117.
tion and will be active in the management of the bank. ErImports and Exports for June.
nest R. Tennant, who has been connected with the bank for
The Bureau of Statistics at Washington has issued the
many years, will continue as Vice-President and Cashier.
L. C. McBride, with the law firm of Cockrell, McBride & statement of the country's foreign trade for June, and from
O'Donnell, was elected director. Mr. Temple was also it and previous statements we have prepared the following:
Totals for merchandise, gold and silver for June:
elected President of the Dallas Title & Guaranty Co. and
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
the United States Bond & Mortgage Co., affiliated companies
(In the following tables three ciphers are in all eases omitted.)
Dallas Trust & Savings Bank. Both of these positions
of the
were also held by Judge Gray.
Merchandise.
Silver.
Gold.
According to the Los Angeles "Times" of July 14, the
National City Bank of Los Angeles, a new financial institution, was opened for business on that day. The new bank,
which has a paid-up capital, it is said, of $1,000,000, began
business in temporary quarters at 734 South Spring Street,
pending the erection of- a new 12-story building for its permanent home. The bank plans to maintain a commercial
banking and business service of the highest type. In conjunotion with the regular departments, it has a bond department and a bureau of business research and economic
analysis. This latter department is under the supervision
of L. M. Maynard. The officers of the new bank, as given
in the "Times," are as follows: Malcolm Crowe, President;
R.P. McClellan, Chairman of the board of directors; Buford
Graves, Vice-President; Ray W.Clark, Assistant to the President; L. B. Pollock, Cashier, and W. H. Moriarty, Assistant Cashier.
According.to a press dispatch from St. John, N. B., printed
in the Montreal "Gazette" of the following day, A. K. Harvie has been appointed Manager of the branch of the Canadian Bank of Commerce in that city. Mr. Harvie was recently an Inspector for the Canadian Bank of Commerce at
Halifax, N. S.
The directors of the London Joint City & Midland Bank,
Ltd., on July 6 announced an interim dividend for the halfyear ended June 30 last at the rate of 18% per annum less
income tax, payable on July 14. The dividend for the corresponding period of 1922 was at the same rate.
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 4 1923:
GOLD.
The Bank of England gold reserve against its note issue on the 27th ult•
was 2125,794,950, as compared with E125,708,635 on the previous Wednes
day. Supplies of gold this week are plentiful, but, as the demand from
India is very small, the bulk is likely to go to the United States.
Reuter telegraphs as follows from Simla under date of 27th ult.: "Sir
Basil Blackest, the Finance Member, is introducing in the Legislative
Assembly on July 2 a bill for amending the Paper Currency Act with a
view to extending the limit of the issue of currency notes against bills of
exchange to Rs. 12 crores, Rs. 4 crores being issued at 6%. Rs. 4 crores at
7% and Rs.4 crores at 8%. The feeling of the Government is, it is undertood, that something should be done to anticipate and prevent monetary
stringency, not merely to relieve it, as hitherto. Additional currency will
thus be available at varying rates between 6% and 8%, with a view to
meeting any genuine trade demand of a seasonal or temporary character."
SILVER.
Continental sales upon a singularly inactive market carried prices on the
2d inst. to the comparatively low figures of 30 13-16d. and 303d. for cash
and two months' delivery, respectively. China had been doing very little
In this market, and the check in the-Bombay monsoon has held up Indian
orders. The better news, however, that refreshing rains had fallen in
Bombay led to some bear covering from that quarter yesterday and a recovery of Md. in the quotations ensued. To-day, however, owing to
pressure ofsales on China account, this advance was lost. The offtake from
Bombay is reported as 100 bars a day, and the stock as considerably under
a thousand bars. In these circumstances some demand for shipment
before long would not be an unnatural outcome.
Canadian exports of silver bullion for the 12 months ending May last
amounted to 11,514.595 ounces, as compared with 10,480,659 ounces for
the preceding twelve months; while exports of silver contained in ore con..
centrates. Sze., were 6,030,352 ounces, as compared with 3,531,325 ounce
for the similar periods.
No fresib Indian currency returns have come to hand.
The stock in Shanghai on the 30th ult. consisted of about 25,300,000
ounces In sycee and 33,000.000 dollars, as compared with about 24,800,000
ounces in sycee, 32,000,000 dollars and 290 silver bars on the 23d ult.
The Shanghai exchange is quoted at 3s. d. the tael.
Statistics for the month of June are appended:
-Bar Slicer, per Oz. Std.Bar Gold,
Cash Delivery. 2Mos.Delirery. per Oz. Fine.
31%d.
32 1-16d.
89s. lid.
Highest price
30Md.
31 I-16d.
89s.
Lowest price
31.266d.
31.610d.
89s. 3.4d.
Average price
Quotations-30 15-16d.
31Md.
89s. 6d.
June 28
30 1546d.
89s. lid.
3130.
29
30Md.
1-16d.
3031
3034d.
90s.
July 2
20 13-16d.
30Md.
90s. 2d.
31 1-16d•
3
303.d.
90s. 4d.
4
30 13-16d.
30.729d.
89s. 11.8d.
Average
31.04Id.
The silver quotations to-day for cash and forward delivery are each
5-16d. below those fixed a week ago.
0003
omitted.
1923 1922 _
1921 _
1920_
1919 1918_
1917 1916 _
Exports.
$
329,000
335,117
336,89
629,37
928,37
483,79
573,46
464.686
Excess
of
ExExports, ports.
linports.
$
328,000
260,481
185,690
552,606
292,915
260,3
306,623
245.79
s
1,000
74,656
151,209
76,771
635,464
223,449
266,845
203.391
$
Excess
Excess
si
InIntof
Exof
ports. Export ports. ports. Exports
$
$
as
$
6,44
6,34
3,627
6.562
7,078
5,351
2,235
5.182
54: 19,434118,886 3,581
1,601 12,977111,376 6,
774 43,577142,80
1,42
5,32i 26,765121,44
4,41
82,973 26,135 56,83 12,60
2,704 31,892/ 9,18
8,56
2
67,164 91,339124,17
8,96
3.312 122.335 f11442. 4.64
$
/2,859
/342
/2,203
/2446
5,530
3,215
6,729
14112
.1 Excess of imports.
Total for twelve months ended June 30:
Merchandise.
0008
omitted.
Exports.
Imports.
Gold.
Excess
of
ExExports. ports.
Silver.
Excess
Excess
ErInv- I of •
Imof
ports. Exports
ports. Export. ports. por
$
sI
$ I $ I $
s
$
$
$
'22-'233.965.9673,789,0021176,965 49,022284,0!,123506 55,90 65,3211 19,414
'21-'223,771,1662,608,07 1,163,077 27,34 468,31 1440973 62,69 70,684 17,989
'20-'21 6,516,5103,654,459 2,862,051,133,538638,5591505021 52,5361 59,4311 16,895
'19-'208,108,9895,238,3522,870,637466,421 150,540315,880 179,03 102,900 76,137
•18-'19 7,232,283 3,096,7204,136,563 116,576 62,364 54,212 301,174 78,825222,349
.17-'185,919,7172,945,655 2,974 056 190 852 124 413 66 439 139,181 70,328 68,853
.16-'17 6,290,048 2,659,355 3,630,693291,921 977,176 1685255 78.27 35,003 43,276
.15-'16 4,333,4832.197,8842,135,5991 90,249494,0091403760 59,7911 34,514 25,637
I Excels of imports.
COURSE OF BANK CLEARINGS.
Bank clearings the present week show a decrease from a
year ago, due entirely, however, to the large falling off at
New York. 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 21)
aggregate bank clearings for all the cities in the United
States from which it is possible to obtain weekly returns
show a decrease of 5.0% as compared with the corresponding
week last year. The total stands at $7,123,216,852, against
$7,499,102,301 for the same week in 1922. At this centre
there is a falling off of 17.4%. Our comparative summary
for the week is as follows:
Clearings-Returns by Telegraph.
Week ending July 21.
1923.
1922.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
New Orleans
$2,989,000,000 $3,617,333,910
458,673,804
504,799,809
379,000,000
404,000,000'
274,000,000
305,000.000
109,343.987
114.681,468
a
a
116,750,000
135,400,000
83,950.000
124,081,000
*155,000,000
133,222,747
96,519,438
117,152,199
60,137,293
81,229,829
41,992,216
42,795,882
-17.4
+10.1
+6.6
+11.3
+4.9
a
+16.0
+47.8
-14.1
+21.4
+35.1
+1.
9
Eleven cities, five days
Other cites, five days
$4,951,362,934
984,651,110
115,392,700,648
856.551,270
---8.2
+15.0
Total all cities, five days
All cities, one day
$5,936,014.044
1,187,202,808
$6,249,251,918
1.249,850,383
-5.0
-5.0
$7.123,216,852
* Estimated.
$7.499,102,301
-5.0
Total all cities for week
a will not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ending July 14. For
that week there is an increase, but it is only 1.3%, the
1923 aggregate of the clearings being $7,641,137,536 and the
1922 aggregate $7,542,346,679. Outside of this city, however, the increase is 13.7%, the bank exchanges at this centre
having fallen off 7.8%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
the increase is 11.7%, in the Philadelphia Reserve District
9.3%, while the New York Reserve District (because of the
falling off at this centre) shows a loss of 7.4%. The Cleve-
JULY 21 1923.]
THE CHRONICLE
land Reserve District records an improvement of 11.0%,
the Richmond Reserve District of 28.0% and the Atlanta
Reserve District of 12.8%. In the Chicago Reserve District
the gain is 14.6%, in the St, Louis Reserve District 19.5%
and in the Minneapolis Reserve District 8.2%. The Kansas
City Reserve District has added 3.4% to its total of last year,
the Dallas Reserve District 5.5%, and the San Francisco
Reserve District 23.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending July14 1923.
1923.
1922.
In .or
,
Dee.
$s
Federal Reserve Districts.
(1st) Boston
11 cities 415,484,251 371,898,291
10 " 4,091,257,642 4,417,038,309
(2nd) New York
(3rd) Philadelphia_ _ _ _10 "
522,053,979 477,438,168
(4th) Cleveland
9 "
405,115,647 364,846,113
(5th) Richmond
6 "
186,865,323 145,974,179
(6th) Atlanta
11 "
158,178,191 140,284,420
(7th) Chicago
19 "
876,665,198 764,837,586
7 "
(8th) St. Louis
68,105,554 56,984,076
(9th) Minneapolis_ _ _ _ 7 "
126,916,858 117,275,350
(10th) Kansas City_ _11 "
250,344,259 242,050,950
(11th) Dallas
IS "
50,530,417 47,891,519
(12th) San Francisco _16 "
489,620,217 398, ,
827 712
1921.
1929.
,,,,
s
$
+11.7 330,809,051 469,793,549
-7.4 3,538,179,570 4,809,818,684
+9.3 437,508,376 545,207,607
+11.0 324,882,216 462,880,896
+28.0 141,016,204 199,621,457
+12.8 129,697,499 197,478,495
+14.6 696,563,770 941,206,709
+19.5 51,426,257 71,462,582
+8.2 113,293,091 147,010,736
+3.4 251,015,795 360,110,499
+5.5 44,455,504 59,639,525
+233 331,018,590 420,131,026
Grand total
122 cities 7,641,137,536 7,542,346,679 +1.3 6,389,865,923 8,684,361,762
,632,863,1389 3,195,672,591 +13.7 2,909,691,277 3,952,598,762
Outside New York City
flanwin.
90 elting R.11 Flgl A09 005 0£0 ORR -4-1, 0 90A rAm11.1
AI A
gel
oil
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending July 14.
1923.
1922.
$
$
First Federal Reserve Dist rict-Boston
937,694
767.347
-Bangor____
4e.
4,163,056
"3,500,000
Portland
-Boston _ 365,000,000 324,000,000
.
4896.
3
2,392,499
Fall Myer._
2,519,382
Holyoke
a
a
1,425,832
1,281,746
Lowell
a
a
Lynn
1,645,018
1,637,239
New Bedford
5,424,916
Springfield_-5,288,283
3,807.000
Worcester
3,897,465
.lonn.-Hartf0rd.
11,424,627
9,949,509
7,342,209
New Haven...
7,111,120
t.1.Proyidence11.921,400
11,946,200
Total(11 cities)
415,484.251
Ine. Or
Dec.
1921.
%
3
•1920.
$
+22.2
+18.9
+12.7
-5.0
a
+11.2
a
+0.5
+2.6
-2.3
+14.8
+3.2
-0.2
819,472
2,500,000
288,642,624
1,471,032
a
1,187,376
a
1,743,8.54
4,023.003
4,118,274
9,838,165
5,602,451
10,862,800
1,043,289
2,600.000
412,014,502
2,142,969
a
1,690,821
a
2.340,453
6,700.209
.5.226,049
13,519,384
8.086,473
14,429,400
371,898,291 +11.7
330,809,051
469,793,549
Second Feder al Reserve 13 lstrict-New York
4. Y.
-Albany-5,857,574
4,781,569 +22.5
5,026,973
3,602,986
Binghamton__ _
1,249,624
1,164,683 +7.3
996,040
1,323,200
Buffalo_
d51,409,320
43,136,432 +19.2
53.008,710
37,317,241
Elmira
770,013
584,493 +31.7
Jamestown_ _ .._
c1,437,824
1,279,782 +12.4
1,072,422
New York...-. 4,008,273,647 4,346,674,088 -7.8 3,480,174,646 4,731,763,000
Rochester
11,482,465
10,333,188 +11.1
12,539,545
8,403,132
Syracuse
6,529,323
5,814,343 +12.3
5,544,614
3,802,511
›ann--Stamrd_
c3,753,902
2.835,340 +32.4
2,385,362
V. J.
-Montclair
493,950
434,391 +13.7
614,642
425.230
Total(10 cities) 4,091,257,642 4.417,038,309
-7.4 3,538,179,570 4.809,818,684
Third Federal Reserve Dist rict-Philad elphia Pa.
-Altoona....
1,611,079
1,242,860 +29.6
1.105,174
Rehtlehem_ _
5,005,685
3,076,945 +62.7
2.475.128
Chester
1,550,400
1,049,951 +47.7
989,348
Lancaster
3.030,428
2.572,344 +17.8
2,456,860
Philadelphia.-- 490,000.000 453,000.000 +8.2 415.000,000
Reading
3,946,596
3,043,121 +29.7
2,655,457
Scranton
6.241,960
5,146,056 +21.3
4,697,904
Wilkes-Barre_
d4,017,225
2.856,032 +40.7
2.779,709
York
1,749,799
1,404,712 +24.6
1,367.406
(4.J.
-Trenton..
4,900,807
4,046,147 +21.1
3,981,390
Del.-Wilmlon _
a
a
a
a
Total(10 cities)
522,053,979
477,438,168
1,184,605
3,98,5,631
1,810,279
2,947,236
517,602.190
3,269,315
5,208,440
3,527,475
1,595,562
4,076,874
a
+9.3
437,508,376
545.207,607
Fourth Fetter al Reserve D Istrict-Clev landDhlo---Akron _ _ _ _
d9,001,000
9,082,000 -0.9
Canton
5,616,608
4,520,024 +24.3
Cincinnati_ ..._
71,366,790
59,878,616 +19.2
Cleveland
e116,047,121
95,902,537 +21.0
Columbus
18,129,800
15,507,400 +16.9
Dayton
a
a
Lima
a
a
a
Mansfield
2,044,428
1,552,144 +31.7
Springfield _
.
a
a
a
Toledo
a
a
a
Youngstown....
5,687,967
4.789,019 +17.7
Pa.
-Erie
a
a
a
Pittsburgh- _
172,432,748 *169,000.000 +2.0
W.Va.-Waft/Ming
4,839,185
4,614,373 +4.9
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
4,069,387
11,294,000
6.385.567
78,028,376
158,524,458
17.984.000
a
a
2,316,536
a
a
5,905,797
a
176,854,740
5,587.422
364,846,113 +11.0
324,882.216
462,880.896
Fifth Federal Reserve that rict-Riches ondW.Va.-Ifunt'en
2.052,332
1,546,427 +32.7
Va.-Norfolk
d7,811,006
9,156,638 -14.7
Richmond -_
48,869,000
41,937,427 +16.5
S.C.-Charleston
2,395,786
2.419.680 -0.9
Md.-Baltimore _ 103,268,575
72,195.050 +43.0
22,468,624
D.C.-Washinen
18,718,957 +20.0
1,556,348
7,090,331
38,383,584
2,528,838
74,114,253
17,342,850
1,962,193
10.562,215
59,518,260
4,000.000
105,594,785
17,984,004
145,974,179 +28.0
141,016,204
199,621,457
Sixth Federal Reserve Dist rict-Attant ad6,188.918
5,430.875 +14.0
Tenn.-Chatt'ga •
3,245,109
2,775,391 +16.9
Knoxville
18,016.212
16.191,239 +11.3
Nashville
47,507,157
39,555.808 +20.1
Ga.-Atlanta---.
b
b
b
Augusta
1,588,772
1,417.110 +12.1
Macon
a
a
a
Savannah
12,374,298
9,952,000 +24.3
Fla.--Jacksonv
Ala.-Birminem.
20,418.263
20,774.507 -1.7
1,915,758
1,955.386 -2.0
Mobile
1•2890700
658,383 +95.9
Miss.
-Jackson- 376,655
316,569 +19.0
Vicksburg
Le„-New orypa_
45,257,349
41,257,158 +9.7
5,195,884
2,998,786
14,132,659
38,694.045
b
"1,425,0030
a
8,807,036
17,047,355
1,522,023
587,161
269,127
39,018,423
8,551,009
3,300,000
23,441.086
64,052,156
b
*2,800,000
a
12,577,003
18,297,722
2,709,056
710.062
374,208
60,666,193
129,697,499
197,478,495
a
Total(9 cities).
Total(6 cities).
Total(11 cities)
405,115,647
186,865,323
158,178,191
140,284,426 +12.8
297
Week ending July 14.
Clearings a:
1923.
1922.
Inc. or
Dec.
1921.
1920.
$
$
$
$
%
Seventh Fe ler al Reserve D 'strict-Ch i cagoMich.
-Adrian
305,437
238,294
200.000
207,138 +15.0
619,063
Ann Arbor_. 526,781
823,705
661,599 +24.5
Detroit.
131,916,664 111,016,000 +18.8 105,152,605 136,328.136
7,672,386
Grand Rap!is.
6,099,000
7,539,534
6,545,247 +15.2
2,232,949
Lansing__ _ _ -.1,685.000
2,502,000
1,878,000 +33.2
-Ft. Wa roe
1,935,185
Ind.
1,977,177
3,594,477
2,087,888 +72.2
21,305,000
Indianapolis-__
17,451,000
28,332,000
21,440.000 +32.1
South Bend--2,843,232
1,250,000 . 1,300,000
2,576,800 +10.3
Terre Haute--6,952,552 Not included In tote
38,007,045
Wis.-Milwaukee
29,731,643
41,101,931
33,670,414 +22.1
2,955,613
Iowa-Cedar tap
2,740,654
2,101.194
2,329.921 +17.6
Des Moines
11,161,048
11,554,337
8,345,669
9,025,132 +28.0
9,033,577
Sioux City_ --6,379,164
5,744,228
6,034,853 +5.7
2,112,821
Waterloo___ -__
1,442,055
1,630,658
1,490,312 +9.4
Ill.
-Bloomington
1,854,674
1,503,196
1,214,296 +23.8
1,316,593
622,859,303 554,678,618 +12.3 504,444,150 691,274,290
Chicago- Danville_ _ _ --a
a
a
a
a
Decatur._ _
1,254,506
1,696,546
1,397,082
1,310,019 +6.6
Peoria
4,493,583
5,965,175
4,266,270 +5.3
3,471,417
Rockford_ _ ._ _
2,539,840
2,300,000
2,044,958 +24.2
1,898,073
Springfield _ __
2,675,544
3,147,784
2,360,121 +13.4
2,571,679
Total(19 citles)
876,665,198
764,837,586 +14.6
696,563,770
941,206.709
Eighth Fed era I Reserve Ells trict-St. Lo ulsInd.-Evansvllie
6,221,412
5,291,597 +17.6
a
a
Mo.-St. LoulIs__
a
32,223,222
Ky.-Loulsvi le__
26,964,905 +19.5
Owensboro.
434,335
388,275 +11.9
Tenn.- Mem Ws
16,367,847
14,843,703 +10.3
Ark.
-Little Itock
11,111,219
7,859.786 +41.4
111.- Jackson rine
317,052
346,958 -8.6
Quincy_ _ _ _
1,430,467
1,288,852 +11.0
4,898,095
a
24,105,392
335,343
12,143,988
8,379,861
348,884
1,214,694
5,542,202
a
31,846,539
564,084
20,496,025
10,930.269
466,900
1,516.563
Total(7 MU m)_
51,426,257
68,105,554
56,984,076 +19.5
Ninth Fed mai Reserve Dis trict-Minn eapolls7,224,225
MInn.-Dulu ,h__
d8,291,902
6,222,367 +33.3
66,049,025
Minneapol L..
7.5,431,551
67,272,630 +12.1
St. Paul_ -- --33,142,966
36,168,153
36,176,136 -0.0
N. D.-Farg ,...__
1,941,475
1,986,756
2,198,809 -9.6
S. D.-Aberd mil_
1,319,706
1,322,067
1,411.421 -6.5
588,951
662,925
15.
596,389 -1.2
Helena_ _ _ -__
3,129,839
2.950.408
3,397,598 -7.9
71.462,582
Total(7 citi ss)_ 126,916,858 117.275,350 +8.2 113,293,091
Tenth Fed .traL Reserve DI strict- Kan ass Clt y
Neb.-Fremo it__
d436,083
540,095
408,024 +6.9
Hastings...-- _
486.213
631.229
545,062 -10.8
Lincoln _ _ _ _
4,677,427
3,288,877
4,752,851 -1.6
Omaha.
44.234,229
36,776,920
40,726.676 +8.6
Kan.-Topeks __
•
d4.180,765
3.586.872
3,757.880 +11.3
Wichita__ _ _
d9,840,004
12,580,672
11,116,309 -11.5
Mo.-Kans. ity 140,577,919 133,624,240 +5.2 150,556,595
a
St. Joseph
a
aa
Okla.
-Musk geea
a
a
40,054
Oklahoma i'ity d23,4/
24,675,595
24,631,186 -2.8
a
a
Tulsa
aa
1,410,384
1,060.222
Colo.
-Colo. ipgs
1,176,862 +19.8
Denver_ _ _
19.566,130
16,444,839
20,460,557 -4.4
e995,051
873,879
Pueblo
851,323 +16.9
147,010,736
Total(11 el les) 250,344,259 242,050,950 +3.4 251,015,795
-D alias
Eleventh ede ral Reserve District
1.226.754
1,322,990
Texas-Austl I_
1,073.377 +23.3
20,046,398
Dallas
26,068,635
23,176,395 +12.5
11,604,991
Fort Wort I.... d10,789,257
12,660,999 -14.8
7,974,359
6,900,467
Galveston_
6,532,859 +5.6
a
a
a
Houston _ _ .--a
La.
3,603,004
-Shreve )rt.
5.451,068
4,447,889 +22.6
360,110.499
Total(5 cities).
44,455,504
50,530,417
47,891.519 +5.5
Twelfth F .der al Reserve 13 strict
-San Frond sea
30,538,130
Wash.-Seattle..
40,671,982
33,558,510 +21.2
Spokane...
.__
10,270,429
11,562,000
11,107,000 +4.1
Tacoma..
a
a
a
a
Yakima__ _ ...__
1,225,625
1.140,530
1,454,407 -15.7
Ore.-Portlatid__
27,754,457
41,574,080
34,239,792 +21.4
Utah-S.L. :Ey.
11,673,937
14,482,570
13,389,264 +8.2
a
a
a
a
Nev.-Reno_
ArIz.-Phoenj __
Ix
a
a
a
a
Calif.-Fresn 7...
4,836,081
4,092,000 +18.2
3,568,913
Long Bead i___
8,943,423
3,831,147
5,411,79 +65.3
Los Angel I... 152,770,000 106,091,000 +44.0
84,406,000
Oakland _ _
18,351,392
15,763,34 +16.4
10,835.750
Pasadena..
5,975,789
4,334,835 +37.9
8,484.482
Sacrament
d9,433,544
5,963,185
7,428,09 +27.0
San Diego_
4,939,647
3.278.820
"4,000,000 +23.5
San Franci ;co. 167,200,000 148,300,000 +12.7 126,700,000
San Jose..
2,681,494
2,479,40
1,734,668
+8.1
Santa Barb ara_
947,842
1,418,990
1,169,36 +21.3
Stockton__ .--c3.553,600
3,008,900 +18.1
4,890,300
59,639,522
8,750,246
86,369,131
44,658,970
2,327,853
1,840.708
1,226,003
1,837.825
652,510
765,996
5,267,975
55.184,866
3,454,263
15,189,323
242,013.165
a
a
13,285,178
a
1,316,688
21,922,082
1,058,513
1,200,000
26,877,002
20,156,311
5,795,678
a
5,610.531
44,975,705
13,736,029
a
1,775,361
41,485,333
16,488.70
4
a
a
4,026,496
2,816,467
84.676,000
11.581.268
2,286,301
6,324.596
3,369.334
177,400,000
2,000,000
1,014,832
6,174,600
Total(16 el ties) 489,620,217 395,827,712 +23.7 331,018,590 420,131,026
Grand total (122
7,641,137,536 7,542,346,679 +1.3 6,389.865,923 8,684.361,762
cities)...Outside N. Y
3,632.863.889 3,195.672.591 +13.7 2.909.691,277 3952.598.762
Week Ending July 12.
Czarinas at
1923.
Canada$
Montreal
114,807,940
Toronto
99,28.6,345
Winnipeg
38,476,340
Vancouver
15,610,722
Ottawa
7,214,831
Quebec
6,769,276
Halifax
4.070,517
Hamilton
7,751,067
Calgary
4,600,104
St. John
2,837,126
Victoria
2,276,793
London
3,283,688
Edmonton
4,476,578
Regina
3,357,915
Brandon
687,617
Lethbridge
812.477
Saskatoon
1,545,137
Moose Jaw
1,195,445
Brantford
1,273,202
Fort William_ .
839,116
New Westminster
620.933
Medic ne Hat...
209,453
Peterborough__ _ _
885,251
Sherbrooke
994,934
Kitchener
1,209,192
Windsor
4.584:409
Prince Albert..,.
316.073
Moncton
1,109,070
Kingston
770,148
Total(29 cites)
531.8.51.5197
1922.
Inc. or
Dec.
$
98,112,344
89.519,537
37,769,446
13,918.327
7,328.327
5,983,490
3,678,172
6,480,119
4,562,330
3,263,311
1,997,334
3,001,228
3,839.781
3238,259
600,995
475,844
1,640,160
1,131,677
1,187,511
786.025
472,923
252,727
780,194
898,000
994,158
4,251,210
371,338
1,700,226
746,092
1921.
1920.
9
$
%
+17.0 109,207,191 170.114,423
84,496,898 105,686,766
+10.9
44,880,312
39,160,780
+1.9
20.534,731
13.693,051
+12.2
6,633,855
8.0 223
45.
-1.5
7,544,485
5,616,482
+13.1
6,270,796
3.473,273
+10.7
7.805.490
5.884,580
+19.6
6,588.068
5,331,196
+0.8
3,514,346
3,628,101
-13.1
4,899,846
2,498,449
+14.0
3,679,328
2,800,157
+9.4
4,738,657
4,204.015
+16.6
4,244,656
3,623,030
+3.7
804,488
701.315
+14.4
645,830
566,428
+70.7
2,181.522
1,839,829
-5.8
1,649,214
1,357,040
+5.6
1,434,580
1,198,030
+7.2
843,128
840.218
+6.8
878,688
602,968
+31.3
443,194
383,138
-17.1
974,847
858,627
+13.5
1.119,479
1,006,744
+10.8
1,103,383
1,349,081
+21.6
4,032,519
+7.4
3,523,733
-14.9
-1,006,506
-34.8
818,149
+3.2
298.981,085 +11.0
306,565,952
414,394.911
a No longer report clearings. b Do not respond to requests for figures. c Week
ending July 11. d Week ending July 12. e Week ending July 13. •Estimated.
298
THE CHRONICLE
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Weelc Ending July 20.
July 14. July 16. July 17. July 18. July 19. July 20.
Silver, per oz
d. 3031
301
304
303
3015-16
31
Gold. per fine ounce
898.56. 898.106. 898.8d. 898.8d. 89s.86.
Consols, 234 per cents
5831
5834
5834
59
5834
British,5 per cents
loom wog wog no% loom
British, 434 per cents
9631 1 9694
9834
9634
97
French Rentes (In Porta)_ _fr.
56.37
56.49
56.50
56.95
56.85
French War.
Loan(in Paris)fr.
75.45
75.80
75.80
75.85
75.55
The price of silver in New York on the same day has been:
Silver in N. Y.. per ox.(cts.):
Foreign
6334
6271
63
63
6334
[VOL. 117.
-The First National Bank of Salinas, Calif
200,1300
-5074
July 10
Effective June 20 1923. Liquidating agent, E. C.
Aldwell, San Francisco. Calif. Absorbed by the
Bank of Italy, San Francisco, Calif.
July 14
-4545
-The First National Bank of Marble Falls, Texas- 30,000
Effective June 25 1923. Liquidating agent, Thomas
M. Yett, Marble Falls, Texas. Absorbed by the
Citizens State Bank of Marble Falls.
July 14
-9235
-The Luzerne County National Bank of Wilkes400,000
Barre,Pa
Effective July 141923. Liquidating committee. A.L.
Williams, John Williamson, R. A. Quin, WilkesBarre, Pa. Absorbed by the Miners Bank of
Wilkes-Barre.
July 14
200,000
-11169
-The State National Bank of Lynn. Mass
Effective close of business June 8 1923. Liquidating
agent, James J. Donohue, Lynn, Mass. Succeeded by State National Bank in Lynn, No. 12362,
which bank also assumes liability for circulation of
the liquidating bank under Section 5223, U.S. R.S.
63
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the carrent week. Then we follow with a second table, in which
Auction Sales.
-Among other securities, the following, we show the dividends previously announced, but which
not usually dealt in at the Stock Exchange, were recently sold have not
yet been paid.
at auction in New York, Boston and Philadelphia:
The dividends announced this week are:
By Messrs. Adrian H. Muller & Sons, New York:
inrouetc ta 1 a ad111Iscellanzonsgjam.
Shares. Stocks.
Price.
50 Central Foundry Co., pref. and
$85 35 scrip
$2,750 lot
10 Central Foundry Go., corn, and
$17 07 scrip
$250 lot
14 German Club of Hoboken, 5%
preferred
$11 per share
1 Deutsche Club of Hoboken,$10ea.$5 lot
150 Mass. Elec. Cos., corn
$6 lot
1,000 Leadville Cons. Mg.,$10 ea.$10 lot
25 Kenslco Cemetery Land Shares,
25 Kensico Cemetery Land Shares,
no par
$305 lot
Shares, Stocks.
Price.
92534 Shell Union 011 Corp., corn.,
$16 per share
150 Perfect Mailing Machine, corn.,
$10 each
$41 lot
1,000 North America Consolidated
Gold Mining Co
$5 lot
40 Northern 0160 Electric Corp.,
6% cum. pref
$2434 per share
20 Plandome Land Co---$50 per share
Bond.
Price.
$35,000 HllIcrest Water Co. 6s.
1937
$5,000 lot
Name of Company.
Railroads (Steam).
Oswego Sc Syracuse
Passaic & Delaware
Syracuse Binghamton & N.Y.(quar.)
When
Per
CCMf. Payable.
Books Closed.
Days Inclusive.
434 Aug. 20 Holders of rec. Aug. 70
2% Aug. 1 Holders of rec. July 240
3
Aug. 1 Holders of rec. July 24e
Public Utilities.
American Electric Power, pref.(guar.)
41,11K Aug. 15 Aug. 1 to Aug. 5
Brazilian Trac., Lt.& Pow.,ord.(guar.)
Sept. 1 Holders of rec. July 31
Dallas Power & Light, pref. (guar.).--- 134 Aug. I Holders of rec. July 20
Eastern Massachusetts Street Ry.Preferred B
By Messrs. R. L. Day & Co., Boston:
3
Aug. 15 Holders of rec. July 31
Sinking fund stock and first pref. A.-- 3
Shares, Stocks.
Aug. 1 Holders of rec. July 21
Price. Shares. Stocks.
Price. Edison Elec. Illum. of Brockton
5 Bigelow-Hartford Carpet, corn_ _14234 10 Merrimac Chemical
(guar.). 2% Aug. I Holders of rec. July 20a
Co,
Idaho Power, preferred (guar.)
4 Saco-Lowell Shops, 2d pref_101 dt div. 3,000 Appleton Rubber $50 ea- 95
1% Aug. 1 Holders of rec. July 18
Co. of
Illuminating & Power Secur., corn. (qtr.) 45c. Aug. 10 Holders of rec. July 31
5 Nashua Mfg. Co., corn
7434
Franklin, mass., pref
330.000 lot
Preferred (guar.)
5 Massachusetts Cotton Mills
131 Aug. 15 Holders of rec. July 31
15134 15 Com'wealth Finance Corp.,corn. 4
Pacific Power & Light, pref.( uar.)- - 194 Aug. I Holders of rec. July 18
20 Rights Otis Co
1034 15 Charlestown Gas 0r El., $50 ea_132
Philadelphia Company, preferred
4 Converse Rubber Shoe Co., pref. 87
.$1.25 Sept. I *Holders of rec. Aug. 10
Bond.
Price. Portland (Ore.) Gas& Coke, pref.
28 Cambridge Gas Light C0_20734-21031 21,000
(guar.) 1% Aug. 1 Holders of rec. July 18
Worcester Southbridge St.
12 Flak Rubber Co., let pref
234 Aug. 15 Holders of rec. July 255
50
Ry. Co. 78, Sept. 1 1927_7534 dr lot '„, Tampa Electric Co. (guar.)
By Messrs. Wise, Hobbs & Arnold, Boston:
Banks.
Shares. Stocks.
Price. Shares. Stocks,
Aug. 1 July 28 to July 31
Price. Bowery (guar.)
10 Webster dr Atlas National Bank_196
Extra
4-10 American Mfg.Co.,com.$10 per1-10
12
Aug. 1 July 28 to July 31
15 National Union Bank
2
Aug. 1 Holders of rec. July 25
19534 10 Waldorf System, 1st pref,$10 ea. 1034 Pacific (guar.)
15 Lowell Bleachery
Extra
Aug. 1 Holders of rec. July 25
2
12531 20 Magee Furnace Co., 2d pref. _ _ _ 51
10 Nashawen Mills
Trust Companies.
129
5 Fitchburg Gas& Elec. Co.,$50 ea. 8134
1 Mass,Cotton MIlls
•3
Farmers' Loan & Trust (guar.)
15034 100 Liggett's International, Ltd.,
Aug. 1 *Holders of rec. July 205
5 Farr Alpaca Co
pref. ex-div., $50 each
18834
52
35 Keene Mica Products Co., pref_S5 lot
Miscellaneous.
American Art Works, corn. dz pref.(nu.) 1% Oct. 15
By Messrs. Barnes & Lofland, Philadelphia:
American Book (quar.)
1% July 21 July 18 to July 22
Shares, Stocks.
Price, Shares. Stocks.
American Linen (guar.)
Aug. 1 Holders of rev. July 14a
Price.
1
8 Webster Citizens Co., pref
25
1 Central National Bank
American Soda Fountain (guar.)
1% Aug. 15 Holders of rec. July 311
500
5 1-3 Webster Citizens Co., coin_ 5
10 Radford Iron, $10 each
134 Aug. 1 July 20 to July 31
$1 lot Amer. Vitrified Products, pref.(quar.)
11 Gauley Coal Land, pref
$23 lot 11 Hainesport Mg.& Transp.,
Amoskeag Mfg.. common (guar.)
75c. Aug. 2 Holders of rec. July loo
97 Edison Port. Cement, com___I $25 20 Standard Tank Car, pref pref_105
Preferred (guar.)
54
22.25 Aug. 2 Holders of rec. July log
54 Edison Port. Cement, pref.__ lot 8 Auto Car Co. of Ardmore,
Batchelder & Snyder Co., pref.(guar.)
pref 95
2
Aug. 1 July 22 to Aug.
1 American Theatre Realty
7
1 Philadelphia Co., 5% pref
.
3231 Bigelow-Hartf. Carpet Corp., corn.(qu.) $2 Aug. 1 Holders of rec. July 200
4 Wilmington Transfer
14
28 Philadelptila Bourse, corn
Preferred guar.)
1% Aug. 1 Holders of rec. July 200
1834
1 Southwark National Bank
225
40 G. B. Newton Coal, 1st pref.__ 5034 Blaw-Knox Co., common (guar)
Aug. 1 July 21 to Ally 31
2
2 Corn Exchange National Bank415
Bonds.
Preferred (guar.)
Price.
15( Aug. 1 July 21 to July 31
25 Prod.& Consum. Bank,$10 ea- 10
$2,000 No.SprIngf'd Water 5s, 1928 903.1 Bourne Mills (guar.)
Aug. 1 Holders of rec. July 181
8
20 Union National Bank
271
$500 Borough of North Wildwood,
Brunswick-Balke-Coll. Co., corn. (qu.). •1% Aug. 15 *Holders of rec. Aug. 4
10 Fidelity Trust Co
504,%
N. J., 58, 1927
9634 Canada Cement, preferred (guar.)
134 Aug. 16 Holders of rec. July 315
10 Bank of North America &
$100 Springfield Water 5s, 1926.-- 9034 Canadian Converters( trar.)
134 Aug. 15 Holders of rec. July 31
10 Peoples Trust,$50 each Trust.29534 $5,000 Columbus
75
Central Oil & Gas Stove,com.(quar.)
Newark & Zones
Aug. 1 Holders of rec. July 25
2
15 Metropolitan Trust, $50 each 6234
vile El. Ry. 5s, 1926 (ctf. dep.)$60 lot
Common (extra)
Aug. 1 Holders of rec. July 25
4
Preferred (guar.)
Aug. 1 Holders of rec. July 25
2
Charlton Mills (guar.)
Aug. 1 July 17 to July 31
2
National Banks.
-The following information regarding Chicago Yellow Cab (monthly)
*33 1-3 Sept. 1 *Holders of rec. Aug. 30
Monthly
national banks is from the office of the Comptroller of the
•33 1-3c Oct. 1 *Holders of rec. Sept.20
Monthly
•33 1-3c Nov. 1 *Holders of rec. Oct. 20
Currency, Treasury Department:
Christy (H. C.) Co.(guar.)
1% Aug. 1 Holders of rec. July 251
Cities Service Co.
APPLICATIONS TO ORGANIZE RECEIVED,
Common (monthly. payable In scrip). 03-2 Sept. 1 Holders of rec. Aug. 15
Capital.
Common (payable in corn. stk. scrip). 01% Sept. 1 Holders of rec. Aug. 15
July 10
-The Montrose Kedzie National Bank of Chicago, Ill.,
-_
Preferred and preferred B (monthly)._
Correspondent, Joseph N. Mullan, 5223 Winthrop $200,000
34 Sept. 1 Holders of rec. Aug. 15
Cleveland-Cliffs Iron (guar.)
Ave., Chicago, Ill.
The. July 25 Holders of rec. July 155
ClInchfleld Coal, preferred
July;10-The North Western National Bank of Milwaukee, Wis__
134 Aug. 1 Holders of rec. July 250
200,000 Dominion Bridge (guar.) (guar.)
Correspondent, Dick & Reuteman Co., 416 Caswell
Aug. 15 Holders of rec. July 31
Federal Sugar Refining, common (guar.) 1% Aug. I Holders of rec. July 200
Block, Milwaukee, Wis.
Preferred (guar.)
July:12-The City National Bank of Detroit, Mich
134 Aug. 1 Holders of rec. July 205
6.000,000 Fifth Ave. Bus Sec. Corp.(guar.)
Corrmpondent, C. H. Mooney, 706 Penobscot Build16e. Aug. 15 Holders of rec. Aug. 1
Franklin (H. H.) Manufacturing (guar.) 194 Aug. 1 July 21 to July 31
ing, Detroit, Mich.
General Discount Corp., pref. (guar.)_
July 14
--The First National Bank of Steele, Mo
July 16 Holders of rec. June 30
25,000 Gossard (H. W.) Co., preferred (guar.).
5,‘ Aug. 1 *Holders of rec. July 20
Correspondent, Thos. C. Beasley, Steele. Mo,
Hamilton-Brown Shoe, corn. (monthly). 1
July 14
-The First National Bank of Sevierville, Tenn
Aug. 1 Holders of rec. July 24
60,000 Houston Oil, preferred
•3
Aug. 1 *Holders of rec. July 23
Correspondent, R. B. Robertson, Sevierville, Tenn.
Ipswich Mills, preferred (guar.)
1% Aug. 1 Holders of rec. July 195
APPLICATION TO ORGANIZE APPROVED.
Kellogg Switchboard & Supply (quar.)_ _ 2
July 10
-The First National Bank of La Porte, Texas
July 31 Holders of rec. July 23
$25.000 Kinney (G. R.) Co., Inc., pref.
2
Sept. 1 Holders of rec. Aug. 20
Correspondent, A. N. McKay, La Porte, Texas.
we.
(account accumulated dive.) h3
(quar.)Pefd
Aug. 1 Holders of rec. July 20
APPLICATION TO CONVERT RECEIVED.
Lancaster Mills, preferred (quar.)
July 12
1% Aug. 1 Holders of rec. July 28
-The Security National Bank of Florence, Colo
*2
Conversion of the Arkansas Valley Bank of Florence, $25,000 Lessings, Inc.(guar.)
Aug. 1 *Holders of rec. July 25
Lord & Taylor, first preferred (guar.).
Colo.
- 134 Sept. 1 Holders of rec. Aug. 18
Luther Manufacturing Co.(guar.)
Aug. 1
*2
CHARTERS ISSUED.
Martin-Parry Corp.(guar.)
75c. Sept. 1 Holders of rec. Aug. 155
July,10-12408-The First National Bank of Rowena. Texas_ __
$35,000 Massachusetts Cotton Mills (quar.)--- - 3
Aug. 10 Holders of rec. July 19
Conversion of the First State Bank of Rowena.
Mercantile Stores Co., Inc
3
Aug. 15 Holders of rec. Aug. I
President, M. Feist; Cashier, Fred Klechle.
we. Aug. 1 Holders of rec. July 26
-The Bridgeport National Bank,Bridgeport,Tex. 25,000 Melville Shoe Corp., common (quar.)
July 10
-12409
Preferred (guar.)
134 Aug. 1 Holders of rec. July 26
Conversion of the Bridgeport State Bank.
Mechanics Mills (guar.)
*2
Aug. I
President, L. D. Kirkpatrick; Cashier, E. N. Street.
Merchants
*2
Aug. I
July 13
-The National City Bank of Los Angeles, Calif--1,000,000 Morris PlanManufacturing (quar.)
-12410
Co. of New York (quar,).... _ *1% Aug. 1 *Holders of rec. July 27
President, Malcolm Crowe; Cashier, L. NC Pollock,
Motor Products Corporation
$2
Aug. 1 July 22 to July 31
July 14
-1241I-The Rembert National Bank of Longview, Tex- 100,000 National Refining (guar.) 134 Aug. 15 *Holders of rec. July 15
Conversion of the Guaranty State Bank of LongNew Cornelia Copper Co.(guar.)
•25c. Aug. 20 *Holders of rec. Aug. 3
view, Texas.
New River Co.(account accum. div.)._ 'hl 3.4 Aug. 28 *Holders of rec. Aug. 18
President, E. H. Hussey; Cashier, J. S. Rea.
New York Canners, Inc., 2d preferred.. 4
Aug. 1 Holders of rec. July 20
Plymouth Cordage (guar.)
CHANGE OF TITLE.
134 July 20 Holders of rec. July 25
Pullman Company (quar.)
Aug. 15 Holders of rec. July 31a
-The Farmers National Bank ofPonca City, Okla.,
July 11-9301
Remington Typewriter, 181 pref.(qu.)._ 33.4 Aug. 6 Holders of rec. July 28
to "First National Bank in Ponca City."
First preferred, series S (guar.)
334 Aug. 6 Holders of rec. July 28
CONSOLIDATION.
Republic Iron & Steel. preferred (quay.). 131 Oct. I Holders of rec. Sept. 15
Preferred (account accurn. dividends)_ h2
Oct. 1 Holders of rec. Sept. 15
July 10-(5000) The East Pittsburg National Bank of WilmerRevillon, Inc., preferred (guar.)
2
Aug. 1 Holders of rec. July 20
ding,Pa.,capital $100,000,and (6325) the Wilmerding
Royal Dutch Co
• $2.151 Aug. 10 'Holders of rec. July 27
National Bank, Wilmerding, Pa., capital $75,000,
St. Louis Cotton Compress (guar.)
1
Aug. I Holders of rec. July 27
under the Act of Nov.7 1918
consolidated July 9 1923
Scott Paper Co., preferred (guar.)
'194 Aug. 1 *Holders of rec. July 24
under the charter of the East Pittsburg National Bank
Shove Mills (quar.)
Aug. 1
of Wilmerding (No. 50001 and under the corporate
Stafford Mills (guar.)
.1% Aug. 1
title of "First National Bank of Wilmerding, with
Stevens Manufacturing (guar.)
214 July 17 Holders of rec. July 170
$200,000 Stewart-Warner
capital of
Speedometer, com.(qu.) •2% Aug. 15 *Holders of rec. July 31
guar.
) 1% Aug. 15 Holders of rec. July 27
Tobacco Products Corp., clam A(
VOLUNTARY LIQUIDATIONS.
July 10
-10009
,
-The First National Bank of Marshfield, Mo
$25,000 White Rock Mineral Spring, COM.(qu.). 254 Jab 31 Holders of rec. July 27
Second preferred (guar.)
Liquidating agent, J. M.
,
Effective June 18 1923.
13.4 Jul) 81 Holders of rec. July 27
Wempanoag Mills (guar.)
*2
Bohannon, Marshfield, Mo. Absorbed by the FarmAug. I
White Motors (quar.)
Sept.30 Holders of rec. Sept.20
ers Exchange Bank of Marshfield.
81
I
Name of Company.
299
THE CHRONICLE
JULY 21 1923.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Amer. Sales Book, pref. (altar.)
134 Aug. 1 Holders of rec. July 15a
Aug. 1 Holders of rec. July 148
American Shipbuilding, corn. (guar.)
- 2
Nov. 1 Holders of rec. Oct. 156
2
Common (guar.)
Febl'24 Holders of rec. Jan.15'24a
2
Below we give the dividends announced in previous weeks Common (guar.)
May1'24 Holders of rec. Apr.15'24a
2
Common (guar.)
This list does not include dividends
and not yet paid.
Augl' 4 Holders of rec. July I5'24a
2
Common
announced this week,these being given in the preceding table. Preferred (guar.)
134 Aug. 1 Holders of res. July 140
(guar.)
134 Aug. 1 Holders of rec. July 90
Amer. Smelt. & Refg., corn.(guar.)
134 Sept. I Holders of roe. Aug. 100
Preferred (guar.)
Books Closed
When
Per
75e July 23 Holders of rec. June 166
Anaconda Copper Mining (guar.)
Days ladaltos.
Cent. Payable.
Naha of Comixing.
Archer-Daniels-Midland Co., pre/
*154 Aug. 1 *Holders of rec. July 20
50c. July 31 Holders of rec. July 180
Arizona Commercial Mining
Railroads (Steam).
Art Metal Construction (guar.)
25e. July 31 Holders of rec. July 130
preferred____ 3% Aug. 16 Holders of tee. July 13
Alabama Great Southern,
Aug. 1 Holders of rec. July 14a
Atchison Topeka & S. Fe.. corn. (guar.) 134 Sept. 1 Holders of rec. July 270 Associated Dry Goods,common (quar.)_
First preferred (guar.)
134 Sept. 1 Holders of rec. Aug. ha
234 Aug. 1 Holders of rec June 290
Preferred
134 Sept. 1 Holders of rec. Aug. lla
rec. July 140
Second preferred (guar.)
Sept. 1 Holders of
Baltimore dc Ohio, preferred
134 July 25 Holders of recs. June 304
Canada Southern
134 Aug. 1 Holders of rec. June 29a Associated 011 (guar.)
Aug.I Holders of rec. July 160
Aug. 15 Holders of rec. Aug. 10a Atlantic Refining. pref. (guar.)
2
Central RR.of New Jersey (extra)
1
234 Aug. 20 Holders of rec. Aug. la Atlantic Terra Colts, preferred (aunt.). p Sept.15 Holders of rec. Sept. 5
Chic. St. Paul Minn. & Omaha,com _
134 Aug. 1 Holders of rec. July 200
Preferred
334 Aug. 20 Holders of rec. Aug. la Atlas Powder, preferred (altar.)
- 131 Aug. 1 Holders of rec. July 160
Aug. 1 Holders of rec. June 29a Austin, Nichols & Co.. pref.(guar.).
3
Cincinnati Northern
Barnhart Bros. & Spindler
Aug. 1 Holders of rec. July 1
3
Connecticut & Passumpsic River, pref _ _
23a
First and second preferred (guar.).
- 131 Aug. 1 Holders of rec. July 266
a Aug. 1 Holders of rec. July '24a
Cuba Railroad. preferred
1.8734 Aug. 15 Holders of rec. Aug. la
Beacon Oil, preferred (guar.)
Febl'24 Holders of rec.Jan.I9
Preferred
3
$ 1.87% Nov.15 Holders of rec. Nov. la
Preferred (guar.)
234 Aug. 1 Holders of rec. June 290
Great Northern, preferred
Bethlehem Steel Corp.
Aug. 15 Aug. 2 to Aug. 15
Hudson OZ Manhattan, preferred
- 134 Oct. 1 Holders of rec. Sept. 156
Seven per cent cum. pref. (guar.).
1% Sept. 1 Holders of rec. Aug. 20
Illinois Central, coin.(guar.)
20
Seven per cent cum. pref. (aunt.).... 1% Jan2'24 Holders of rec. Dee. 150
a Sept. 1 Holders of rec. Aug. 31
Preferred
Seven per cent non-cum. pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 150
Internat. Rys. of Cent. Am.,Pref.(qu.)
131 Aug. 15 Holders of rec. July
Seven per cent non-cum. pref. (guar.) 1% Jan2'24 Holders of too. Dec. 150
Louisville & Nashville
24 Aug. 10 Holders of rec. July 170
Oct. 1 Holders of tee. Sept. 150
2
Eight per cent preferred (guar.)
Mahonlug Coal RR.. common
$10 Aug. I Holders of rec. July 16
la
Jan 2'24 Holders or roe. Dec. 154
2
a Aug. 1 Holders of rec. July 290 Eight per rent preferred (guar.)
massaw1Pni Valley
Aug. 15 Holders of rec. Aug. 16
4
Borden Company,common
July 28 Holders of rec. June
10
Michigan Central
1% Sept. 15 Holders of rec. Sept. la
July 31
Preferred (guar.)
Mine Hill & Schuylkill Haven
$1.50 Aug. 1 July 13 to
134 Dec. 15 Holders of rec. Dec. la
3% Aug. I Holders of rec. July 210
Preferred (guar.)
NashvUle Chattanooga & St Louis
250. Oct. I Holders of rec. Sept.204
1% Aug. I Holders of rec. June 290 Bridgeport Machine Co. (guar.)
New York Central HR. (guar.)
25e. Jan 1'24 Holders of rec. Dec. 206
Sept.19 Holders of rec. Aug. 310
Quarterly
Norfolk & Western, corn. (guar.)
250. Aprl'24 Holders of rec.Mar.20'246
Aug. 18 Holders of rec. July 310
Quarterly
1
Adjustment preferred (QUar.)
1% Aug. 1 July 25 to July 31
July 20 Brill (J. G.) Co., preferred (guar.)
Northern Pacific (guar.)
13.4 Aug. 1 Holders of rec.
6 British Empire Steel Corp.. Pf• B (qu.) 1% Aug. 1 Holders of rec. July 134
750. Aug. 31 Holders of rec. Aug. 1
Pennsylvania RR.(guar.)
1% Aug. 1 Holders of rec. July 200
Pere Mar uette, prior preference (guar.) 134 Aug. 1 Holders of rec. July 140 Brown Shoe, pref. (guar.)
*134 Aug. 1 *Holders of rec. July 2
131 Aug. I Holders of rec. July 140 Bunte Bros.. pref.(guar.)
Preferred (guar.)
$2.50 Aug. 15 Holders of rec. Aug. la
52.50 Aug. 1 Holders of rec. July 140 Burns Bros., corn., Class A (guar.)
Pittsburgh & Lake Erie
50c. Aug. 15 Holders of rec. Aug. la
Common, Class B (guar.)
- 1% Aug. 31 Holders of rec. Aug. 10
Pittsburgh & West Va., pref. (guar.)
134 Aug. 1 Holders of rec. July 230
Aug. 9 Holders of rec. July 170
Prior preferred (guar.)
$I
Reading Company. corn.(guar.)
eni Sept. 15 *Holders of rec. Aug. 31
50c. Sept.13 Holders of rec. Aug. 27a California Packing Corp. (guar.)
First preferred (guar.)
Canadian Explosives, common (aunt.).. 2% July 31 July 1 to July 2
1.3734 Sept. 1 Aug. 22 to Aug. 31
Sharon Railway (semi-annual)
Cattier. Inc., pref. (guar.)
1% July 31 Holders of rec. July 166
Public Utilities.
Casein Co. of Amer.(New Jersey)
July 31 Holders of rec. July 30
2
Preferred (guar.) ,
American Dist. Teieg. of N. J.(guar.)._ 134 July 30 Holders of rec. July 160
Aug. 15 Holders of rec. Aug. 76
- 1
Casein Co. of Am.(De)aware).[wet
American Gas & Elec.. Pref.(guar.)._ __
134 Aug. 1 Holders of rec. July 12
2
Aug. 15 Holders of rec. July 316
Amer. Water Works & Elec., let pt.(qu) 131 Aug. 15 Holders of rec. Aug. la Celluloid Company, pref. (guar.)
Aug. I Holders of rec. July 19a
$1
1
Aug. 15 Holders of rec. Aug. la Cerro de Pasco Copper Co.(guar.)
Six per cent participating pref
$1.25 Aug. 1 Holders of rec. July 160
Checker Cab Mfg., Clam A (guar.)
Railway & Electric, corn.(guar.) I
Aug. 1 Holders of rec. July 10
Bangor
$1.25 Nov. 1 Holders of rec. Oct. 156
Class A (guar.)
Boston Consolidated Gas
3(4 Aug. 1 Holders of rec. July 11
81.25 Febl'24 Holders of rec. Jan15'240
Class A (guar.)
California-Oregon Power, pref.(quar.)
114 July 25 Holders of rec. July 15a
1% July 25 Holders of rec. July 140
Chicago Pneumatic Tool (guar.)
Carolina Power & Light, corn. (quas.)
34 Aug. 1 Holders of rec. July 14
Chic. Wilm.& Franklin Coal. pref.(au.) 1(4 Aug. 1 Holders of rec. July 160
34 Aug. 15 Holders of rec. July 31
Cedar Rapids Mfg. & Power (quar.)--33 1-3 cAug. 1 Holders of rec. July 206
Cleveland Elec. Ilium.,6% pref.(guar.) 134 Aug. 1 Holders of rec. July 250 Chicago Yellow Cab (monthly)
Eight per cent preferred (guar.)
Sept. 1 Holders of rec. Augd 150 Cities Service
2
Common (monthly pay.in cash scrip)- (734 Aug. 1 Holders of roe. July 15
Columbia Gas & Electric new stk.(aU.)- 65e. Aug. 15 Holdesr of rec. July 310
Common (payable in corn. stk, scrip)- g134 Aug. I Holders of rec. July 15
Old stock
$1.95 Aug. 15 Holders of rec. July 310
34 Aug. 1 Holders of rec. July 15
Preferred and pref. B (monthly)
Columbus RI., Pow.& Lt., corn.(qu.)_ 134 Sept. 1 Holders of rec. Aug. 164
134 Sept. 1 Holders o tree. Aug. 15
Common (guar.)
1
Dec. 1 Holders of rec. Nov. I5a Cleveland Stone(guar.)
4 Sept. 1 Holders of rec. Aug. 15
• Extra
Preferred, Series A (guar.)
134 Oct. I Holders of rec. Sept.150
Preferred, Series A (guar.)
14 Jan2'24 Holders of rec. Dec. I50 Cluett, Peabody & Co.. common (qua -- 134 Aug. I Holders of rec. July 210
Aug. 1 Holders of rec. July 204
Preferred, Series B
I % Aug
Holders of rec. July 160 Commblan Carbon vet. trust ctfs. (qu.) SI
134 Aug. I Holders of rec. July 16
Preferred, Series B
23e Nov. 1 Holders of rec. Oct. 16a Connecticut Mills, let pref.(aunt.)
Commonwealth Edison (quar)
Aug. 1 Holders of rec. July .150 Consolidation Coal (guar.)
134 July 31 Holders of rec. July 146
2
Aug. 15 Holders of rec. Aug. 40
Commonwealth Power,6% pref.(guar.) 134 Aug. 1 Holders of rec. July 16
SI
Continental Can. common (aunt.)
Aug. I Holders of rec. July 34
Consolidated Gas of N. Y., pref.(guar.) 874c Aug. 1 Holders of rec. June 150 Cosden & Co., corn. (guar.)
51
July 31 Holders of Fee. July 160
I
Aug 1
Detroit United Hy. (guar.)
134 Sept. 1 Holders of rec.
Crucible Steel, common
331 Aug. I Holders of rec. July 20
Edison Elec. Ilium. of Boston (quar.) _ 3
Aug. 1 Holders of rec. July 16
Cuba Company, preferred
34 Aug. 1 Holders of rec. JUI9d254
Electric Bond & Share. preferred (guar.) 13-4 Aug. 1 Holders of rec. July 16
Detroit Brass et Mall. Works(monthly)_
Sept. 15 Holders of rec. Aug. 316
2
Fall River Gas Works(guar.)
Aug. I Holders of rec. July 16
3
Diamond Match (guar.)
1% Aug. I Holders of rec. July 12
Fort Worth Power & Light, pref.(guar.) 134 Aug. 1 Holders of rec. July 14
Dominion Coal, pref. (guar.)
134 Aug. 1 July 15 to Aug. 1
Northern Utilities. pref.(guar.). 134 Aug. 1 Holders of rec. Julys:115a Dominion Steel Corp.. prof.
Illinois
1 Holders of rec. Sept. 1
50e Oct
2
Han2inistiqua Power (guar.)
Aug. 15 Holders of rec. July 31
Dominion Stores. Ltd.. common
Lowell Electric Light Corp. (quar.)
6
234 Aug. 1 Holders of rec. July 140 duPont(E.1.)deNem.&Co.,deb.stk.(611.) 1% July 2 Holders of rec. July 10
Holders of rec. July 204
Massachusetts Gas Cos.. corn. (quar.)_ _ 31.25 Aug. I Holders of rec. July 16
du Pont(El.)de Nem..Powd,com.(gu.) 14 Aug
Holders of rec. Juny 200
1% Aug.
Middle West Utilities, pref. (guar.)._
Preferred (guar.)
134 Aug. 1 Holders of rec. July 14
134 July 31 Holders of rec. July 200 Eisenlohr (Otto) & Bros., corn.(aunt.).. 1% Aug. 15 Holders of rec. Aug. 16
Milw. Elec. Ry & Light. pref.((marl_ _
Holders of rec. July 20
Elgin National Watch (quan)
Montreal Lt., Ht.& Pr., Cons'd (guar.)- 134 Aug. 15 Holders of rec. July 31
Aug.
2
Montreal Lt., Ht. & Power (guar.).
Aug. 15 Holders of rec. July 31
Equity Petroleum Corp..Pt. com.stk.) (y) July 3 Holders of rec. June 30
(ha
- 2
Holders of rec. July 16
Montreal Tramways (guar.)
Eureka Pipe Line (guar.)
Aug.
3
23.4 Aug. 1 Holders of roe. July 21
Municipal Service, common
40c. July 25 Holders of rec. July 10
50c. July 3 Holders of rec. July 210
Exchange Buffet Corp. (guar.)
Preferred (guar.)
134 Aug 1 Holders of rec. July 14
Fajardo Sugar, common
734 Aug. I Holders of rec. July 264
1
•
Nevada-California Elec.. pref. (guar.)._
Aug. 9 *Holders of rec. July 20
134 Aug. 1 Holders of rec. June 300 Fair (The), preferred (guar.)
Newport News& Hampton Ry.,Gas&
Famous Plavers-La.sky Corn.. pref.(qu 1 2
Aug. 1 Holders of rec. July 166
Electric. corn. (guar.)
134 Aug. 1 Holders of rec. July 140 Firestone Tire & Rubber,7% pref.(au.) 1% Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150 Fisher Body Corp..common(guar.).- 2% Aug. 1 Holders of rec. July 206
Northern States Power, corn. (quar.)
2
Aug. I Holders of rec. June 30
50o. Oct. I Holders of rec. Sept- 154
Irleishrmuut Co.. corn. (guar.)
North Shore Gas, preferred (guar.)._
134 Oct. I Holders of rec. Sept.20
Common (extra)
50e. Oct. 1 Holders of tee. Sept.156
Philadelphia Company, corn. (guar.)
$1
July 31 Holders of rec. July 20
Common (guar.)
500. Jau114 Holders of rec. Doe. 156
Philadelphia Rapid Transit (guar.)
0
750. July 31 Holders of rec. July 160 General Cigar, corn. (guar.)
134 Aug. 1 Holders of rec. July 23
Public Service Investment, corn. (guar ) I% Aug. 1 Holders of rec. July 14
1% Sept. I Holders of rec. Aug. 246
Preferred (Uttar.)
Preferred (guar.)
14 Aug. 1 Holders of rec. July 14
Debenture preferred (guar.)
134 Oct. 1 Holders of rec. Sept.246
Public Serv. Co. of No. Ill., corn.(gu.). •134 Aug. 1 *Holders of rec. July 14
General Development(guar.)
25e. Aug. 20 Holders of rec. Aug. 104
Common stock (no par value)(guar.)- *$1.75 Aug. 1 *Holders of rec. July 14
General Motors Corp.,6% pref. (guar.) 134 Aug. 1 Holders of rec. July 94
Preferred (guar.)
I
• 34 Aug. I *Holders of rec. July 14
14 Aug. 1 Holders of rec. July 901
Six per cent debenture stock (guar.)
Railway & Light Securities. corn. &. pref. 3
Seven per cent debenture stock (guar.) 1% Aug. 1 Holders of rec. July 9a
Aug. 1 Holders of rec. July 14
Sierra Pacific Elec. Co., pref.(quar.)
134 Aug. 1 Holders of rec. July I40 Gillette Safety Razor (guar.)
Sept. 1 Holders of rec. Aug. 1
3
Southern Wisconsin Elec. Co.,com.(1U.) *2
July 25 *Holders of rec. June 30
Stock dividend
Dec. I Holders of rec. Nov. 1
e5
Standard Cask Electric.cam.(No. 1)- - 624e July 25 Bottlers of rec. June 30
Gimbel Bros.. pref.(guar.)
134 Aug. 1 Holders of rec. July 144
Texas Power & Light. preferred (guar.). I% Aug. 1 Holders of rec. July 16
Gossard (H. W.) Co., corn.(monthly)..
' 250 Aug. 1 Holders of rec. July 20
United Gas Improvement, pref.(gust.). 8734c Sept. 15 Holders of roe. Aug. 310
Common (monthly)
250 Sept. 1 Holders of rec. Aug. 20
United Light & Rye., common (guar.)
- 134 Aug. 1 Holders of rec. July 180 Gray & Davis. pref. (guar.)
Aug. 1 Holders of rec. July 256
2
common (extra)
;i Aug. 1 Holders of too July I60 Great Lakes Dredge & Dock (guar./
Aug. 15 Holders of rec. Aug. 8
2
Participating preferred (extra)
31 Oct. 2 Holders of rec. Sept 150 Gulf States Steel Co.
Participating preferred (extra)
Jan2'24 Holders of reo Dec. 15
First and second preferred (guar.)
144 Oct. I Holders of rec. Sept. 146
Dee. 140
West Penn Co., pref. (guar.)
134 Aug. 15 Holders of rec. Aug. la
First and second preferred (guar.).
- 1% Jan2'24 Holders of rec. July 31
West Penn Power Co., pref. (aunt.).... 134 Aug. I Holders of rec. July 16
Halle Bros., Ist & 2d pref.(guar.)
1% July 31 July 25 to
rec. July 10
West Penn Rye., pref. (guar.)
134 Sept. 15 Holders of rec. Sept. 1
Harris Bros. Co.. preferred (guar.)
'131 Aug. 1 'Holders of
Wisconsin River Power. pref. (guar.). '134 Aug. 20 *Holders of rec. July 31
Hart, Schaffner & Marx. COM.(aunt.)..
Aug. 31 'holders of rec. Aug. 18
York Railways, preferred (aunt.)
62340 July 31 Holders of rec. July 21a Hercules Powder, pref. (guar.)
*131 Aug. 15 *Holders of rec. Aug. 4
Higbee Company, let prof.(guar.)
1% Aug. 1 July 22 to July 31
25
Banks.
Hillman Coal & Coke. 5% prof. (guar.) 134 July 25 July 15 to July
Continental
4
Aug. 1 July 29 to July 31
Seven per cent pref. (gusr.)
104 July 25 July 15 to July 25
5
Aug. 1 Holders of rec. July 310 Homestake Mining (monthly)
Corn Exchange (guar.)
July 25 Holders of rec. July 200
50c.
5
Aug. I July 28 to July 31
Twenty-third Ward
Hood Rubber. preferred (guar.)
144 Aug. 1 July 21 to Aug. 1
Aug. 1 July 28 to July 31
5
Extra
Hupp Motor Car. common (guar.)
234 Aug. I Holders of rec. July 146
2
Indiana Pipe Line (guar.)
Aug. 15 Holders of res. July 20
Miscellaneous.
Int. Combustion Engineering (aunt.)... 50c. July 31 Holders of rec. July 236
81
Aug. 1 Holders of rec. July 130 International Nickel.
134 Aug. 1 Holders of rec. July •196
Allied Chem.& Dye, corn.(guar.)
Preferred Wi"
Aug. 15 Holders of rec. July 24a International Shoe, Prof. (guar.) ld "" 50e. Aug. 1 Holders of rec. July 146
$1
Allis-Chalmers Mtg., com. (guar..)
Aug. 1 Holders of rec. July 17a Interstate Royalties corp.(monthly)... lc July 25 Holders of rec. June 10
Amalgamated Sugar, first Pref.(quar.)__ 2
81.25 Aug. 15 Holders of rec. Aug. la
Bank Note. corn.(guar.)
American
lc July 25 Holders of rec. June 10
Extra
134 Aug. 15 Holders of rec. July 310 Intertype Corp., corn. (In corn, stock).-110
Nov 15 Holders of rec. Nov. la
American Can,common (guar.)
131 Aug. I Holders of rec. July Ila
Cigar, common (guar.)
25c. Aug. 15 Holders of rec. July 31e
American
Common (guar.)
$1.
Aug. 1 July 12 to Aug. 1
Aug. I Holders of rec. Aug. 16
Iron Products Corp., pref. (guar.)
American Coal(gnat.)
- 2
2
Aug. 1 Holders of rec. July 20
Aug. 1 Holders of rec. July 16
American Glue. Prof. (guar.)
Kaufmann Dept. Stores, common (qu.)- $1
134 July 25 Holders of rec. July 6a Kelly-Springfield Tire, pref. (guar.).
Aug. 1 Holders of rec. Aug. la
American Ice, common (guar.)
- 2
Holders of rec. July 200
13.4 Aug.
134 July 25 Holders of rec. July (la Kelsey Wheel, pref. (guar.)
Preferred Man/
Aug. 1 Holders of rec. July 20a
1
Franee Fire Eng.. Ine.. eom.(gU) 25o. Aug. 15 Holders of rec. Aug. la Kress(S. 11 Co.. corn.(guar.)
Am.La
Aug. 31 Holders of rec. July 316
1
Aug. 1 July 14 to July 26
Sl
Lehigh Coal & Navigation (guar.)
Amer. Light St True.. common (guar.)._
Holders of rec. Aug. 15a
134 Sept.
Aug. 1 July 14 to July 26
Liggetts Internat..(tom. A & B (guar.)
Common (payable in common stock). 11
Sent.
Holders of rec. Aug. 156
134 Aug. 1 July 14 to July 26
Lima Locomotive Works,Inc.,e0111.(QU1 $1
Preferred (guar.)
1% Aug. 1 Holders of rec. Aug. 7a
134 Oct. 1 Holders of rec. Sept. lo Lindsay Light, preferred (guar.)
American Machine & Foundry (guar.)._
1% Nov.
Jan 1'24 Holders of rec. Dec 'I,
Holders of rec. Nov. 5a
...
Quarterly
Preferred (guar.)
Sept. 29 Holders of rec. Sept. 15a
134 FebIll Hold're of roe. Feb.7246
American Radiator, common (quar.) . $1
Preferred (guar.)
h7
Aug.
1% Aug. 15 Holders of rec. Aug. la Loose-Wiles Biscuit, 2d pref
Holders of rec. July 18a
Preferred (guar.)
Miscellaneous (Concluded).
Yellow Cab Manufacturing (monthly)._ *50c. Sept. 1 *Holders of rec. Aug. 20
*50c. Oct. I *Holders of rec. Sept.20
Monthly
300
Name of Company.
THE CHRONICLE
Per
When
Cent, Payable.
[VoL. 117.
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Holders of rec. July 14
Holders of rec. July 140
Clearing House members for the week ending July 14. The
Holders of rec. June 30
Holders of rec. Aug. 150 figures for the separate banks
are the averages of the daily
Holders of rec. Sept. 150
results. In the case of the grand. totals, we also show the
Holders of rec. July 20
Holders of rec. Aug. la
Holders of rec. July 254 actual figures of condition at the end of the week.
.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Lord & Taylor, 2d pref. (acct, ace. diva.) 518
Aug. 1
Macy (R. H.) & Co., preferred (guar.).134 Aug. 1
Mason Tire & Rubber, pref. (quar.)---- glM July 25
May Department Stores corn.(quar.)_. 114 Sept. I
Preferred (ular.)
134 Oct. 1
McCrory Stores Corp., new Preferred_ _
134 Aug. 1
Miami Copper (quar.)
500. Aug. 15
Michigan Drop Forge (monthly)
250. Aug. 1
Moon Motor Car (guar.)
75c, Aug. 1 Holders of rec. July 160
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Extra
25e. Aug. 1 Holders of rec. July 16a
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)
Mullins Body, pref. (quar.)
•2
Aug. 1 Holders of rec. July 16a
Nash Motors. common
334 Aug. 1 Holders of rec. July 200
Preferred A (quiz.)
134 Aug. 1 Holders of rec. July 200
New
National Biscuit, common (cluarJ
75e. Oct. 15 Holders of rec. Sept.29a
Capital.
Capitl Profits. Loans,
Reserv
Preferred (quar.)
131 Aug. 31 Holders of rec. Aug. 17a Week ending
Discount Cash
with
Time Bank
Net
Nat. Department Stores, let pref.(qu.). 134 Aug. 1 Holders of rec. July 160
July 14 1923 Nat'l, June 30 Investin
Legal Demand
Second preferred (quar.)
Ds
- Circu134 Sept. 1 Holders of rec. Aug. 160
State, June 30 meats. Vault. Deposi Deposits, Posits. laNat. Enamel.& Stpg., common (quar.)_ 134 Aug. 31 Holders of rec. Aug. Ila
((000 omitted.) Tr.Cos,June 30 &e.
tortes.
Preferred (guar.)
lion.
134 Sept. 29 Holders of rec. Sept. Hia
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. Ila Members of Fed. Res. Bank. Average
Averag Average Average Average Av'ge.
National Tea, preferred (guar.)
138 Aug. 1 Holders of rec. July 16
of N Y
New Jersey Zinc (guar.)
2
Aug. 10 Holders of rec. July 310 Bank
4,000 12.017 64,239,
74
6,24
New Mauer') Sugar
45,935 7,530
82
July 31 Holders of rec. July 20
Bk of Marthat' 10,000 13,140 129,417 2,730 14,268
New York Air Brake, common (quiz.)
103,738 18,678
$1 Aug. 1 Holders of rec. July 90 Mech &Met Na 10,000 16,843
New York Canners, first preferred
147,034 4,004
334 Aug. 1 Holders of rec. July 200 Bank of America 5,500 4,583 163,597 4.624 19,252
69,511 1,47
9,20
N.Y.& Honduras Rosario Min.(quar.)_ 23.4 July 25 Holders of rec. July 14
68,674 2,612
Nat City Bank_ 40,000 51,526 493,736 4,885 54,344 *528,698 61,050 2,109
Package Machinery, Preferred (quar,).. 134 Aug. I Holders of ree. July 20
Nat Bank 4,500 16,467 115,569 1,281 13,24'
Packard Motor Car, common (quar.)
98,8
340
6,081
20c. July 31 Holders of rec. July 16a Chem
500
Nat Butch & Dr
141
5,1471
66
61
Common (extra)
3.30k17,
291
20c. July 31 Holders of rec. July 160 Amer Each Nat 5.000 7,783
950 11,724
85,142 8.582 4,854
Peerless Truck & Motor (quar.)
El
Sept.30 Holders of rec. Sept.200 Nat Bk of Corn. 25.000 38,374 97.888
1,046 32,394
245,791' 14,121
Quarterly
$1
Dec. 31 Holders of rec. Dec. 200 Pacific Bank... 1,000 1,748 337,50
24,7321
888 3,31
22,234 1,332
Penmans, Ltd., common (quar.)
2
Aug. 15 Holders of rec. Aug. 4
Chat& Phen Nat 10,
9,275 149,59
5,495 16,87
118,038 23,782 5,918
Preferred (quar.)
13.4 Aug. 1 Holders of rec. July 21
Hanover Nat Bk 5.000
339 13.426
103,084
Philadelphia Insulated Wire
100
$2
Aug. I Holders of rec. July 160 Corn Exchange- 9,07 21,394 117.5831
12,368
152,171 24,422
Phillips-Jones Corp., pref. (quar.)
134 Aug. 1 Holders of rec. July 20a National Park_ _ 10,000 23,444 172,584 5,664 21,70
999 16,37
161,9241
124,411 5,630 7,788
Pick (Albert) & Co., common (quiz.)... 400. Aug. I Holders of rec. July 2
East River Nat_ 1,000
803
15,75Z
378 1.64
11,222 2,803
New common (to be issued July 3)-49
13e. Aug. I Holders of ree. July 3
First National._ 10.000 55,319 275,9571
571 22,
168,897 24,427 7,332
Pierce, Butler & Place Manufacturing
Irving-Bk-ColTr
258,8281 4750 34,596
258.192 15,945
Eight per cent preferred (guar.)
2
Aug. 1 Holders of rec. July 200 Continental Bk. 17,500 10,675
1,000
954
7,860
162 1,041
5,734
389
Pittsburgh Coal, common (quar.)
I
July 25 Holders of rec. July 100 Chase National. 20,000
22,991 330.236 4,797 40,623 298,612 35,378 1;65
Preferred (quar.)
134 July 25 Holders of rec. July 100 Fifth Avenue._ _
500 2,439 23,133
21,724, _
702 2,81
Pittsburgh Steel, preferred (qua.)
131 Sept. I Holders of rec. Aug. 150 Commonwealth_
979
9,819
825 1,40
9,6011
763
Plant (Thos. G.) Co.. let pref.(quar.)
194 July 31 Holders of rec. July 17a Garfield Nat... 1,000 1,627
14,917
438 2,172
14,410,
14
Podium Cereal, common (guar.)
750. Aug. 1 Holders of rec. July 200 Fifth National_ 1.200 1,097
20,395
216 2,11.
15,770
793
Preferred (quo.)
2
Aug. 1 Holders of rec. July 20a Seaboard Nat._ 4,000 7,174
864 9,98
75,361 2,221
Prairie Oil & Gas(guar.)
2
July 31 Holders of rec. June 300 Coal & Iron Nat 1,500 1,267 81,92S
15,689
379 1,7912,898 1,002
Prairie Pipe Line (guar.)
2
July 31 Holders of rec. June 300 Bankers Trust.. 20,000 23,155 281,947
1,109 30,425 *237,776 31,748
Procter & Gamble,common
5
Aug. 15 July 15 to Aug. 16
55,062
U S Mtge QC Tr. 3,000 4,251
891 6,581
50.333 3,254
Common (pay. In new corn. stock)._ /4
Aug. 15 July 15 to Aug. 15
Producers & Refiners Corp., pref. (qu.)_ 873'lc Aug. 6 Holders of rec. July 230 Guaranty Trust 25,000 18,290 385,905 1,459 39,108 *359,130 49,120
2000 1,884
394 2,475
18,400 1,572
Preferred (extra)
1234e Aug. 6 Holders of rec. July 230 Fidel-Inter Trust 10,000 17,764 22,387
147,047
630 15,238 113,871 21,070
N Y Trust Co_
Pyrone Manufacturing. corn. (quar.)_ - 234 Aug. 1 July 20 to July 31
593 4,308
32,802 3,206
Quaker Oats, preferred (guar.)
134 Aug. 31 Holders of rec. Aug. la Metropolitan Tr 2,000 3,927 38.274
Farm Loan & Tr 5,000 15,940
530
*94,300 25,657
River Raisin raper (quar.)
134 July 26 Holders of rec. July 16a Columbia Bank. 2.000 2,020 129,578
i
31,832
704 3,67
24,718 2,530
Rockland& Rockport Lime Corp. 1st pi_
334 Aug. 1 Holders of rec. July 18
Equitable Trus 23,000 9,501 228,625 1,690 25,691 '224,9464 27,684
Russell Motor Car, pref. (quar.)
*134 Aug. 1 *Holders of rec. July 18
Bt. Joseph Lead (quiz.)
25c. Sept.20 Sept. 9 to Sept.20
Total of averages 290,375431,175 4,458,176 53,270494,246c3,649,00S425,41731,948
Extra
25e. Sept.20 Sept. 9 to Sept.20
Quarterly
25c. Dec. 20 Deo. 9 to Dec. 20
Totals, actual condition July 14 4,429,133 48,270513,099c3,648,153/424,714 32,010
Extra
25o. Dec. 20 Dec. 9 to Dec. 20
Totals, actual Condition July 74,486,710 63.642490,697c3,638,62S427,111 31,788
St.Lawrence Flour Mills,corn,(guar.)
134 Aug.
Holders of rec. July 20
Totals, actual co ndPion June 304.646,487 48,868506.831 c3,711,941 421,013 32,169
Preferred (guar.)
134 Aug.
Holders of rec. July 20
State Banks Not Members of Fed'l Res so Bank.
St. Louis Cotton Compress (guar.)
1
Aug.
Holders of ree. July 27
Greenwich Bank 1,000 2,247
18,110 1,573j 1,820
18,382
Salt Creek Producers' Assn. (guar.)._ __ 2
40
Aug..
Holders of rec. July 160 Bowery Bank..;250
900
5,736
390
393
2,814 2,100 ___ _
Extra
2
Aug.
Holders of rec. July 160 State Bank
2,500 4.735 86,879 3,62
1,848
29,341 54,772
Savannah Sugar Refg., pref. (quar.)__
194 Aug.
Holders of rec. July 160
Schulte Retail Stores, corn.(in pref. stk.) m$2 Sept.
Holders of rec. Aug. 15a Tota,of arerages' 3,750 7,883 110,725 5,583
4,062
50,537 56,912
_
Common (payable In preferred stock). m22 Dec.
Holders of rec. Nov. 15a
Common (payable In preferred stock)_ m$2
Mr 1'2 Hold,of ree. Feb.15'24a Totals, actual co ndition July 14 110,891 5,597 4,196
50,952 58.849
Seaboard Oil& Gas (monthly)
3 1-3e Aug.
Holders of rec. July 14
Totals, actual condition July 7 110.692 5,665 4,220
50,510 57,022
Monthly
3 1-3c Sept.
Holders of rec. Aug. 15
Totals, actual condition June 30 111,302 5,474 3,998
50,277 58,745
Monthly
3 1-3e Oct.
Holders of rec. Sept. 15
Trust Companies Not Member.of Fed 'I Re•'•Bank
Shaffer 011 & Ref., pref.((mar.)
134 July 2 Holders of rec. June 30
Guar & Tr
38,284 1,841
Shell Transport & Trading
81.1334 July 2 Holders of rec. July 190 Lawyers Tit & T 10,000 12,7251 58,382 1,624 3,828
6,000 5.3081 25,543
978 1.543
15,830
690
Shell Union Oil, pref. A (guar.)
133 Aug. 1 Holders of rec. Aug. 30
Simmons Company, preferred (quar.)._. 1.11 Aug.
Holders of rec. July 140 Total of averages 18,000 18,034 81,925 2,602 5,371
52,114 2,531
Sinclair Consol Oil Corp..corn.(guar.).- 50e. Aug. 3 Holders of rec. Aug. la
Preferred (quar.)
2
Aug. 1 Holders of rec. Aug. la
actual condition July
51,999 2,463
Spalding (A G.) & Bros., 1st pref.(g.) 151 Sept.
Holders of rec. Aug. 18a Totals, actual condition July 14 81,934 2,549 5,324
Totals,
7 81,603 2,638 5,470
52.460 2,563 ____
Second preferred (guar.)
2
Sept.
Holders of rec. Aug. 180 Totals, actual condition June 30 82,361 2,408 5,884
63,182 2,660
Standard 011 (Ohio), pref.(qua.)
194 Sept.
Holders of rec. July 27
Steel Co. of Canada, corn. & pref. (qu.) 194 Aug.
Holders of rec. July 4
Gr'd aggr., aver.310.125
81,455503,678
Sterling Products (quar.)
Si Aug.
Holders of roe. July 230 Comparison with prey.457,0934,650,826 +1,725-16861 3,751,659 484,86031,948
week -- -70,710
-82,393 +1,015 -24
Stern Bros., pref.(quo.)
2
Sept.
Holders of rec. Aug. 15a
Stover Mfg. & Engine, pref. (quar.)...... lg Aug.
Holders of rec. July 200
Gr'd ago., aceleond'n
Sugar Estates of Oriente, pref.(qua.)
2
Aug.
Holders of rec. July 160 Comparison with prev July 144,821,958 58,416 522,810 3,751,104 484,026 32,010
week._ -57,087-5,529-22,332 +9.506 -2,670 +222
Superior Steel, first preferred (quiz.)
2
Aug. 1 Holders of rec. Aug. 10
Second preferred (quiz.)
2
Aug. 1 Holders of rec. Aug. la
Swift Lateral:lion:a
90c. Aug. 1 Holders of rec. July 16a Gr'd aggr., artleond'n July 74,670,045 61.945600,287 3,741,598486.696 31,788
aggr., aceicond'n June 304.740,150 56.550516.723 3.815,400 480,418 32,169
Thompson (John R.) Co., corn.(m'thly) 280. Aug.
Holders of rec. July 230 Gr'd aggr.,
coed%
Common (monthly)
250. Sept.
Holders of rec. Aug. 230 Gr'd agar.. (wet cond'a. Juno 234,628,080 55.002503.423 3,749,946 480,881 32,431
ace!
Underwood Typewriter, corn.(quiz.)... 750. Oct.
Holders of rec. Sept. la Gr'd aggr., acilcond'n June 184,620,516 54,880121,814 3,781,927485,90532,633
June 94,622,332 57.818486,262 3,718,185494.209 31,675
Gr'd
Preferred (guar.)
134 Oct.
Holders of rec. Sept. la
Union Oil of California (guar.)
51.80 July 2 Holders of rec. July Ila Gr'd aggr., aa'l cond'n June 24,664,638 57,027.525,405 3,759,644 495,03832,713
Union Tank Car,common (quiz.)
13.4 Sept.
Holders of rec. Aug. 70
-U. S. deposits deducted from net demand deposits in the general total
Note.
Preferred (guar.) •
154 Sept.
Holders of rec. Aug. 70 above were as follows: Average total July 14, $44,016,000; actual totals July 14
United Cigar Stores oi Amer..common.. 2
Aug.
Holders of rec. July 16a 539,207,000; July 7, 549,242,000; June 30, 858,247,000; June 23. 864,768,000
common
United Drug.
134 Sept.
Holders of rec. Aug. 150 Juno 18, $64,476,000. Bills payable, rediscounts. acceptances and other liabilities
let pref.(guar.)
87330 Aug.
Holders of rec. July dlga average for week July 14, 3453,961,000: July 7, $470,897,000; June 30,$431,663,000
United Ilyeweed, preferred (quiz.). - 194 Oct.
Holders of rec. Sept. 150 June 23, 5404,941,000; June 16, $445,633,000. Actual totals July 14, 8451,836,000
134 an2'24 Holders of ree. Dec. 150 July 7, 5488,248,000; June 30, $481,552,000; June 23,
Preferred (guar.)
$405,639,000; June 16
United Eastern Mining
15c. July 2 Holders of rec. July 70 $417,049,000.
United Verde Extension Mining (guar.) $1
Aug.
Holders of rec. July 5a
•Includes deposits in foreign branches not included in total footings as follows:
U.S. Cast Iron Pipe & Fdy., pref.(qu.)- 131 Sept.1 Holders of rec. Sept. la Nations City Bank, 5125,831.000: Bankers Trust Co.,
812,810,000; Guaranty
134 Dee. 1 Holders of roe. Doe, is Trust Co., $71,407,000: Farmers' Loan & Trust Co., $60,000;
Preferred (guar.)
Equitable Trust Co.,
50c. July 2 Holders of rec. July 18
U.S. Glass (guar.)
$32,690,000. Balances carried In banks In foreign countries as reserve for such
U.S.Realty dr Improvement. prof.(4U.) 134 Aug.
Holders of rec. July 204 deposits were: National City Bank, $23,790,000; Bankers Trust Co.,
5028,000:
Sept. 1 Holders of rec. Sept. 6a Guaranty Trust Co., 58,393.000: Farmers' Loan & Trust Co., $60,000; Equitable
U.S. Realty ,S: Impt., corn. (quar.)- -- 2
134 Nov.
Preferred (guar.)
Holders of rec. Oct. 200 Trust Co., $3,019,000. c Deposits in foreign branches not Included.
2
July 3 Holders of rec. Julyd14a
(qua.)
U. S. Rubber, let prof.
75e. Aug.
-W1dt:I (q1.1.)
Ventura Consolidated 0118
Holders of rec. July 160
The reserve position of the different groups of institutions
50c. Aug.
Wahl Co., common (monthly)
Holders of rec. July 24a
50e. Sept.
Common (monthly)
Holders of rec. Aug. 24a on the
of both the averages for the week and the actual
500. Oct.
Common (monthly)
Holders of rec. Sept.22a
154 Oct.
Holders of rec. Sept.22a condition at the end of the week is shown in the following
Preferred (quo.)
Warner (Chas.) CO. Of Delaware
134 July 2 Holders of rec. June 30a two tables:
First and second preferred (quar.)_ _ _
100. July 3 Holders of rec. July 16a STATEMENT OF RESERVE POSITION OF
Western States 011;Coril. (No. 1)
CLEARING HOUSE BANKS
111.40 July 3 Holders of rec. June 300
Westinghouse Air Brake (guar.)
AND TRUST COMPANIES.
July 3 Holders of rec. June 300
Westinghouse Elec. & Mfg.. coin. (Clu.) $1
.2
Aug.
*Holders of rec. July .15
Wilcox (11 F.) Oil & Gas (guar.)
Averages.
Winchester-Hayden Co.. Inc.. pf. 0:W./- 194 July 2 Holders of roe. July 250
Holders of rec. Aug.cil0a
Sept.
Woolworth (F. W.) Co.. corn. (quar.).. 2
Cash
Reserve
July 26 to July 31
,
a
Wrigley (Wm.)Jr.& Co., Coln•(nall13 1 gue. Aug.
Reserve
in
500, Sept.
Aug. 25 to Aug. 31
Total
Reserve
Surplus
Common (monthly)
in Vault. Depositaries Reserve,
Sept.26 to Sept.30
Reserve.
50e. Oct.
Required.
Common (monthly)
50e. Nov.
Oct. 26 to Oct. 31
Common (monthly)
Members Federal
$
Nov.24 to Nov.30
50c. Dec.
5
Common (monthly)
$
Reserve banks__ _ _
494,246,000 494,246,000 487,133,550 7,112,450
50e. anl'2 Dec. 25 to Jan. 1 1924
Common (monthly)
5,583,000 4,061,000 9,644,000 9,096,660
547,340
50e. Febt 2 Jan.26'24 to Jan.31 '24
State banks*
Common (monthly)
Holders of rec. July 200 Trust companies..._ 2,602,000 5,371,000 7,973,000 7,817,100
155,900
Yellow Cab Mfg., Class B (monthly).
- 60c. Aug.
13,
1
'rite
basis
• From unofficial sources. 9 The New York Stock E change has ruled that stook
will not be quoted ex-dividend on this date and not until further notice.
The
New York Curb Market Association has ruled that stock will not be quoted as
dividend on this date and not until further notice.
a Transfer hooks not closed for this dividend. a Correction. s Payable to stook
I Payable in core:moo stock.
Payable In scrip. ii On account of acerMulated
dividends. to Payable In Preferred stork,
8,185,000 503,678,000 511,883,000 504,047,310 7,815,690
Total July 14._ _ _
8,115,000 520,339,000 528,454,000 512,127.350 16,326,050
Total July 7_ _
7,914,000 513,415,000 521,320,000 507,284,210 14,044,790
Total June 30._ _ _
Total June 23_ __ _ 7,937,000 501,139,000 509,076,000 503,332.840 5,743,160
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the ease of State banks
and trust companies, but in the case of members of the Federal Reeerve Bank
ncludes also amount in reserve required on net time deposits, which was as follows:
July 14,$12,762,510: July 7.512,730,410: June 30,0: 812.675,87 June 23, 812,742,470
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks
State banks*
Trust companies
301
THE CHRONICLE
JULY 21 1923.]
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
513,099,000 513,099,000 487,001,310 26,097,690
5,597,000 4,196,000 9,793,000 9,171,360
621,640
2,549.000 5,324,000 7,873,000 7,799,850
73,150
July 18
1923.
July 3
1923.
July 11
1923.
Changes from
previous week.
$
$
$
CaPital
57,300,000 Dec. 32,700.000 60.000,000 60,000,000
Surplus and profits
80,599,000 Dec. 3.823,000 84,422,000 83,359,000
Loans, disc'ts dc Investments.. 842,459,000 Dec.34,847,000 877,306.000 878,348.000
Individualdeposits,incl. U.S.611,360,000 Dec. 4,095,000 615,455,000 628.478,000
Due to banks
118,169,000 Dec. 1,120,000 119,289,000 117,741,000
*Not members of Federal Reserve Bank.
Time deposits
110,418,000 Dec. 11,304,000 121,722,000 120,599,000
13 This is the reserve required on net demand deposits in the case of State banks United States
25,384.000 27,718,000
deposits
Dec.
and trust companies, but in the case of members of the Federal Reserve Bank includes Exchanges for Clearing House 22,931,000 Dec. 2,453,000, 24,910.000 37,997,000
23,264,000
1,646,00W
also amount of reserve required on net time deposits, which was as follows: July 14, Due from other banks
75,087,000 Inc. 3,526,000 71.561,000 72,433,000
112,741,420. July 7, $12,813,330. June 30, $12,630,390 June 23, $12,648,210.
Reserve in Fed. Res. Bank_ _ 69,323,000 Dec. 1,515,000 70.838.000 72,121.000
Cash in bank and F. R. Bank 8,955,000 Dec. 721,000 9,676,000 9,129,000
Reserve excess in bank and
Federal Reserve Bank_ _ _ _
1,949,000 Dec. 390,000 2.339,000 3,883,000
State Banks and Trust Companies Not in Clearing
Total
Total
Total
Total
July 14
July 7---June 30
June 23__
8,146,000 522,619,000 530,765,000 503,972,520 26,792,480
8.303,000 500,287,000 508,590,000 502,795,770 5,794,230
7,882,000 516,723,000 524,605,000,512,209,880 12,395,120
7,851,000 503,423,000,511,274,000i503,725,050 7,548,950
House.
-The State Banking Department reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending July 14, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT( NCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Nunn Furnished by State Banking Department.)
Differences from vaults" is not a part of legal reserve. For trust companies
July 14.
previoue week.
not members of the Federal Reserve System the reserve
Loans and investments
$816,263,000 Inc.$16,267.600
Cold
85,300 required is 10% on demand deposits and includes "Reserve
3,172,200 Dec.
Currency and bank notes
155,700 with legal depositaries" and "Cash in vaults."
20,678,600 Inc.
Deposits with Federal Reserve Bank of New York
70,857,000 Dec. 3.177,800
Total deposits
856,343,900 Inc. 3,786,600
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchanges and U. S. deposits 803,603,200 Inc. 3,340.000
Reserve on deposits
128,267,200 Dec. 8,814,300
Percentage of reserve, 20.5%.
RESERVE.
State Banks
-Trust Companies
*329,264,500 16.91%
Cash in vault
$65,443,300 14.53%
8,338,400 4.81%
Deposits in banks and trust cos
25,221,000 5.60%
$37,602,900 21.72%
Total
590,664,300 20.13%
* Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on July 14 was 870,857,000.
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.
WeekendedMar.24
Mar.31
April 7
April 14
April 21
April 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
Demand
Deposits.
8
•
5,512,494,700
5,537.333,300
5,570,620,000
5,493,107,700
5,468,632,300
5,460.114,300
5,510,009,400
5,463,426,500
5,467,595.100
5,462.020,400
5,439,510,100
5,428,987,200
5,417.776,500
5,411.406,200
5,455,575,600
5,521,531,400
5.467,089.000
$
4.545,082,400
4,507,057,500
4,567,506,400
4,512,461,300
4,512,747,600
4.509.913,200
4,519.156,700
4,490,698,600
4,502.613,100
4.507.081,100
4,508,916,300
4,506,144,700
4,527,000,900
4,511,280,800
4,543,063,300
4,614,315,200
4.555.262 200
*Total Cash
in Vaults.
$
80,172,800
81.393.300
81,957,300
83,888,200
8
0.217.400
81,096,800
81,002.800
84.636,300
80,913,000
81,209.800
81,562,100
82,459,100
81,749,900
78,750,200
80,871,000
83,510,400
Sin son lam
Reserve in
Depositaries.
$
601,462,000
596,099,900
609,873.700
599,800,800
6 8.
0 409,400
597.771,500
605,754.400
601,740.600
604,685,100
598.958,900
601,438,200
597,472.300
607,842,900
596,572.600
606,940,200
633,640,100
ens im4 4ne
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in Minuends of dollars-that is, three ciphers (OM
omitted.)
I Net 1Loans
CLEARING !Capital. Profits. DivReserve Net I Net
Nat'l
NON-MEMBERS
Counts
Cash
with Demand Time Bank
at.bks..Pne30Invest- in
Legal
DeDe- CircuWeek ending
&c.S
at bkarne30 mews, Vault. Deposi- posUs. posits. lation.
e
July 14 1923.
.cos.June 30
tories.
Members of
Average Average Average Average Average Average
Fed. Res. Bank.
$
$
Battery Park Nat_ 1,500, 1,108 10,162
172 1,112
7.052
517
194
W.R.Grace & Co_
500 1 566 9,035
22
477
1,907 5,69
'
Total
2,000 2,675 19,19
194 1,58
194
8,959 6,21
I
1
1
State Banks Not ?flambe/1.s of Federal Reserv e Ban
2001
366 6,159
Bank of Wash Mts.
679
311
8001 2,097 20,600 2,661 1,511
Colonial Bank..
1
I
5,079
20,300
1,0001 2,463: 26,759 3,240 1,822 25,379
Total
I
Trust Co. Not Members of Federal Reserv e BankI
mtsch,Tr.,Bayonne
375, 9,884
5001
413
206
4,113
Total
&al
375
1,32
1.32
I
$44,125,0
119,251,0
771,270,0
35,221,0
101,091,0
118,506,0
569,407.0
57.412,0
745,325,0
16,158,0
3.077,0
55,300,0
10,721.0
69,098,0
61,261,0
7,837,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 18 1923 in
comparison with the previous week and the corresponding
date last year:
July 18 1923. July 11 1923. July 19 1922.
Resources
168,048,074 166,649,320 207,273,000
Gold and gold certificates
53.470,000
Gold settlement fund-F. R. Board_ __ _ 189,670,298 188,596.001
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
357,718,373
636,906.070
7,269,652
355,245,322
637.066,770
8,169,202
260,743,000
833,587,000
6,789,000
Total gold reserves
Reserves other than gold
1,001,894,096 1,000,481,295 1.101,119,000
33,610,000
25,765,398
24,608,606
Total reserves
*Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
All other
Dills bought in open market
1,027,659,494 1,025,089,901 1,134,729,000
10,085,298
11,049,011
149,662,102
36,158,927
48,456,011
161,776,922
57,865,568
42,345,317
69,496,000
24,231,000
40,399.000
232,277,041
9,070,550
261,987,809
8,317,250
134,126,000
49,355,000
1,889,000
1,635,000
118,624,000
Total earning assets
243,236,591
Bank premises
12,715,069
redemp.fund agst. F. R.bank notesUncollected items
150,256,548
All other resources
1,135,117
271.960,059
12,423.593
321,608,000
8,957,000
899,000
134,269,000
3,105,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
One-year certificates (Pittman Act)All other
Total resources
142,746,272
1,326,179
1,445,088,119 1,464,595,017 1.603,567.000
Liabia leg-.Capital paid in
Surplus
Deposits
Government
Member banks
-Reserve account_ __
.
All other
29,264,900
59,799,523
29,264,900
59,799,523
27,572,000
60,197,000
7,780,422
697,983,442
14,458,386
4,167.412
16.529,000
(
7134t:12, 1::;1;::::
Total
720,222,251 737,686,137
F. R. notes in actual circulation
513,330,007. 526,421,585
F. R. bank notes in circu'n-net llabilitY
Deferred availability items
118,869,257 108,136.518
All other liabilities
3,286,353
3,692,179
Total liabilitles
786,473,000
616,469,000
15,540,000
93,197,000
4,119,000
1,445,088,119 1,464,595,017 1,603,567,000
81.1%
80.9%
11,631,766
9,512,845
CURRENT NOTICES.
3,617 a38,451 13.21
-26
+883 -17
194
-I
Or'd aggr., July 7 3,5001
Gr'r aggr., June30 3,5001
Gr'd agar., June23 3,500
Gr'd agar., June16 3.500
3.51
3,603
3,538
3,758
3,64
3,40
3,54
3,582
195
197
198
199
037,568 13.392
a37,31113,52
a37,737 13.773
a39,724 14,108
a United States deposits deducted, $287.000.
11111s payable, rediscounts, acceptances and other liabilities. $875,000.
Excess reserve. $1118,460 increase.
839.125,0
106,021,0
725,226,0
29,789,0
99,721,0
120,696,0
535,608,0
57,192,0
713,496,0
-The firm of Austin, Grant & Ogilby has been organized with offices
at 22 William St., New York, to take over the investment firm of Ogilby
& Austin. The new organization will specialize in the purchase and sale
of municipal bonds originating in all sections of the United States. Members
of the new organization consist of Lawrence H. Austin, President and
Treasurer; Arthur Grant, Vice-President; Charles Ogilby, Vice-President
and Secretary, and Myron F. Schlater, Vice-President. Associated with
the above will be Everett Sanderson and Harold A. Throckmorton. All
of the members have been identified with either municipal bond or investment banking houses for a number of years.
3,847
+329
55,345
55,879
56,296
57,876
$5,000,0 $44,125,0 $44,125,0
15,108,0 121,129,0 120.913,0
44,897,0 770,123.0 771,531,0
922,0 30,711,0 35,730,0
29.0 99.750.0 103,757,0
842,0 121,538,0 122,949,0
28,525,0 564,133.0 567,992,0
919,0 58,111,0 59.677,0
30,286.0, 743,782,0 750,618,0
12,462.0 14,549,0
3,347
2,787,0, 2,787,0
1 55,698,0 57.007,0
55,698,0
1,406,0 11,163,0 10,943,0
9,757,0
4,193.0 69,648,0 71,297,0
65,455,0
4,307,0 61,042.0 61,269.0
56,735,0
8,720,0 def.114,0
8.606,0 10,028,0
•Cash in vault not counted as reserve for Federal Reserve members.
Capital
Surplus and pronto
Loans. d sc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Indiv dual depos ts
Time depos ts
Total depos ta
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
5,673
Grand aggregate__ 3.5001 5,515 55,840
Comparison with p revious,week.
5 33
. 3
5,333
5,333
6.333
Total.
5,673
413
4,113
June 30
1923.
July 7
1923.
Membersof
Trust
FR System Companies
Ratio of total reserves to deposit and
l'. R. note liabilities combined
83.3%
Contlngent liability on bills purchased
for foreign correspondents
11,886,087
• Not shown separately prior to January 1923.
9,884
206
Week ending July 14 1923.
Two Ciphers (00)
omitted.
302
[VOL. 117.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 19, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures•fiF the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 266, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF TIIE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY
18 1923.
July 18 1923. July 11 1923. July 3 1923. June 27 1923. June 20 1923. June 13 1923. June 6 1923. May 29 1923. July 19 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
$
341,804,000
653,784,000
3
340,492,000
658,617,000
3
326,442,000
661,593,000
$
326,334,000
691,429.000
$
350.252.000
688,063.000
$
346,522,000
678,665,000
$
346.800,000
677,179,000
$
317,980,000
490,620,000
$
341.175,000
702.308.000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
995,588,000 999,109,000 988,035,000 1,017,763.000 1,038.315,000 1.025,187,000 1,023,979,000 1,043,483,000 808.600,000
2,052,131,000 2,047,787,000 2,040,992,000 2,035,011,000 2,033,359,000 2,057,611.000 2,031,421,000 2,011,734,000 2,195,062,000
52,001,000
53,483,000
57,970,000
41,673,000
58,676,000
57,341,000
56,459.000
53,545,000
58,266,000
Total gold reserves
Reserves other than gold
3,099,720,000 3,100,379.000 3,087,703,000 3,110,744,000 3,129,015,000 3.139,257,000 3,113,666.000 3.108.762,000 3,045,335,000
83,702,000
76,769,000
91.735,000
85.966.000
87,357,000
79,200,000
84,552,000
86,735,000 123,987,000
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
3,183,422,000 3,177,148,000 3,166,903,000 3,202.479.0003.214,981,000 3,226,614.000 3,198,218,000 3.195.497.000 3
.169, .
322 000
81.261,000
81,168,000
72,030,000
59,589,000
68,914,000
*
73,860,000
71,908,000
61,245,000
408,466,000
397,363,000
183,121,000
419.930,000
426,439.000
186,284,000
383,297,000
391,666,000
204,225,000
352,733,000
378,366,000
205,716.000
359,488,000
348,377.000
218,618,000
384,131,000
350.790,000
248.234,000
371.533,000
359.462,000
257,818,000
176,263,000
267,205,000
148,970,000
988,950,000 1,032.653,000 1.128,751,000
92,015,000
94,211,000
89,744,000
5,940,000
7,027,000
4,957,000
10,000
25,000
25,000
Total bills on hand
U.S. bonds and notes
U. S. certificates of indebtedness
Municipal warrants
477,053,000
452,786,000
198,912,000
979,188.000
108,158,000
26.818,000
55,000
936,817,000
108,563.000
12,966.000
55,000
926,483,000
125,287,000
32,813,000
55.000
983.155,000
141,877,000
40.874.000
55,000
988,813,000
152,011.000
37,277.000
55,000
592,438,000
201,901,000
339,948,000
9,000
1,086,915.000 1,133,916,000 1,223,477,000 1,114,219,000 1,058,401,000 1,084,638,000 1,165,961,000 1,178,156.000 1,134,296,000
Total earning assets
53,203,000
42,417,000
52,657,000
52,270,000
Bank premises
es
52,330,000
52,215,000
51.719,000
51,164,000
51,251.000
193,000
7,496,000
193,000
193,000
5% redemp. fund ant. F. R. bank notes
193,000
191,000
191.000
191,000
191,000
674,936,000 655,976,000 649,037,000 583,917,000 685,812,000 689,539,000 609,959,000 572,394,000 592,345,000
Uncollected items
13,031,000
16,186,000
12,857,000
12,394,000
All other resources
12,932,000
12,299.000
14.734,000
14.170,000
14,210.000
5,092,961.000 5,113,915,000 5.164,461,000 5,037,502,000 5,092,813,000 5,140,731,000 5.111,704,000 5,073,381,000 4,962,062,000
Total resources
LIABILITIES.
Capital paid In
Surplus
-Government
Deposits
Member bank-reserve account
Other deposits
•
109,714,000 109,621,000 109,584,000 109,427,000 109.422,000 109,381,000 109,363,000 109,348.000 105,239,000
218,369,000 218,369,000 218,369,000 218,369,000 218,369.000 218,369,000 218.369.000 218,369,000 215,398,000
49,376,000
34.432,000
15,778,000
43,952,000
20.764,000
14,057,000
14,323,000
50,870,000
41,439.000
1,883,644.000 1,909,006.000 1,931,762,000 1,867,650,000 1,874.220,000 1,913,874,000 1,895,629,000 1,874.106,000 1,864,145,000
29,010,000
24,445,000
24,997,000
24 938,000
.
27,832,000
26,330.000
28.121,000
36,041,04)0
29,530.000
1,042,521,000 1,949,722,000 1,974,251,000 1,936,599,000 1.921,314,000 1,056,318,000 1.976,029,000 1,951.586.000 1,942,531,000
Total deposits
2,216,994,000 2,265,149,000 2,282,054,000 2,226,954,000 2.222,352,000 2,235,755.000 2.250,213.000 2,250,217.000 2,132,848,000
F. R. notes in actual circulation
66,053,000
F.R.bank notes in circulation-net nab_
1,548,000
1,296,000
1,471,000
1,489.000
1,518,000
1,410,000
1.628,000
1,752,000
586,567,000 552,512,000 562,198,000 525,165,000 601,028.000 601,040,000 537,938,000 524,323,000 479,274,000
Deferred availability items
17,500,000
20,719,000
All other liabilities
19,440,000
17,071,000
18,839,000
16,487,000
18,458,000
18.164,000
17.786,000
Total liabilities
5,092,961,000 5,113,915,000 5,164,461,000 5.037,502,000 5,092,813,000 5.140.731,000 5,111,704.000 5,073,381,000 4,962,062,000
Ratio of gold reserves to deposit and
74.5%
F. R. note liabilities combined
75.5%
74.7%
74.6%
74.9%
73.6%
72.6%
73.7%
74.0%
Ratio of total reserves to deposit and
F. R. note liabilities combined
75.4%
76.9%
77.6%
77.8%
76.5%
74.4%
77.0%
76.7%
76.1%
Contingent liability on bills purchased
33,539,000
35,848,000
33,618,000
25,993,000
for foreign correspondents
33,613,000
33,500.000
33.485,000
29,245,000
29,243,000
-Fulcra Reserve Notes
Outstanding
Held by banks
S
69,756,000
573,106,000
2,040,000
15,000
32,907,000
58,745,000
8
76,892,000
653,563,000
310,000
15,000
39.764,000
61,230,000
IS
77,785,000
524,586,000
21,529,000
40,000
47,013,000
56,282,000
3
79,163,000
489,821,000
10,088.000
40,000
53.611,000
55,058,000
5
83,411,000
484,315.000
2,695,000
$
98,320.000
508,613,000
11.103.000
$
89.430,000
508,360,000
4,846,000
3
59,016,000
247,264,000
22,959,000
53,387,000
51,647,000
57.945,000
51.960,000
44,257,000
88,778,000
46,705,000
90,413,000
15,000
36,906,000
83,480,000
61,748,000
54,923,000
1,643,000
33,624,000
90,400,000
2,400,000
15.000
41,260,600
85,413,000
40,000
44.419,000
80,784.000
40,000
57,045,000
83,421,000
74,037,000
82,487.000
30,883,000
33,234,000
3,900,000
6,000
27.831,000
58,007,000
38,361,000
54,868,000
85,548,000
34,043,000
80,870,000
1,711,000
31,429,000
79,730,000
544,000
37,723,000
61,403,000
177.000
25,240,000
53,297,000
186,000
15,000
32,082,000
45,924,000
15,000
28,686,000
47,569,000
55,000
23,972,000
44,549.000
2,871,000
41,624,000
1,490,000
10,000
Dts rilmtion by Maturities1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days oills bought In open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness_
Over 90 days municipal warrants
5,321,000
44,870,000
3.276,000
10,000
4,122,000
44,903,000
4,103,000
10,000
4.798,000
49,212,000
5,112,000
6,442,000
47,512,000
2,692,000
5,319,000
45,195,000
30.118.000
6,238,000
43.358.000
29,771.000
8,631,000
40,676,000
30,788.000
S
62,631,000
529,156,000
2,023.000
29,127.000
59,201,000
27,000
24,888,000
59,402,000
47,541,000
3,000
6,352,000
45,501,000
227,187,000
2,701,909,000 2,693,748,000 2,687,572,000 2,665,141,000 2,651,502,000 2,640,356,000 2,635,228,000 2,615,206,000 2,583,868,000
484,915,000 428.597,000 405,518,000 438,187,000 429.150,000 404,601.000 385,015,000 364,989,000 451,020.000
2.216,994,000 2,265,149,000 2,282,054,000 2,226,954,000 2,222,352,000 2,235.755.0002.250,213.000 2.250.217,000 2,132,848,000
In actual circulation
Amount chargeable to Fed. Res. Agent 3,565.041.000 3,546.438.000 3.522,084,000 3,511,965,000 3,493,556.000 3,495,810,000 3,472.137,000 3.467,464,000 3,350,935,000
863,132,000 852,692,000 834.512,000 846,824,000 842.054,000 855.454,000 836,909.000 852.258,000 767,067,000
in hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How Secured
9y gold and gold certificates
ly eligible paper
;old redemption fund
Vith Federal Reserve Board
Total
2,701,909,000 2,693,746,000 2.687,572.000 2,665,141,000 2,651,502.000 2.640,356,000 2,635,228.000 2,615,206,000 2,583,868,000
320.429,000 320,429,000 320,429,000 320,429,000 319,429,000 318,899,000 314,899.000 314.899,000 416,122,000
649,778,000 645,959,000 646,580,000 630,130,000 018,143,000 582.745,000 603.807,000 603,472,000 388,806,000
123,612,000 111,569,000 118,202.000 118,451.000 124,088,000 129.635,000 128,937,000 118,977,000 127,651,000
1,608,090,000 1,615,789,000 1,602,361,000 1,596,131,000 1,589,842,000 1.609,077,000 1,587,585,000 1,577.858,000 1,651,289,000
2,701,909,000 2,693,746.000 2,687,572.000 2,665,141.000 2,651,502,000 2,640,356,000 2,635,228,000 2,615,206,000 2,583,868,000
:11gible paper delivered to F. It. Agent_ 948,598,000 '996,047,000 1,079,950.000
* Not shown separately prior to Jan. 1923.
938,477.000
889,453,000
893,246.000
946.785,000
940.832,000
585,242,00.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF B USINESS JULY 18 1923
Two ciphers (00) omitted.
Federal Reserve Bank of
RESOURCES.
Gold and gold certificatea
Gold settlement fund-F.R.B'r
Boston. New York.
$
16,899,0
69.688.0
PSfla•
s
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
$
$
$
s
$
s
$
$
$
168,018.0 26,836,0 14,469.0 9,944,0 6,315.0 50,633,0 3,818,0 8,241,0 3.260,0 11,996,0 21 345,0
189,670.0 22,984,0 82,289.0 25,479,0 19,219,0 113,405,0 19,810,0 20.343,0 49,930.0 5,543,0 35:4 4,0
2
Total.
s
341,804,0
653,784,0
357.718,0 49,820,0 96,758,0 35,423,0 25,534,0 164,038,0 23,628,0 28,584,0 53,190,0 17,530,0 56.769,0 995.588,0
636,906.0 171.965,0 201.791,0 30,435,0 111,051,0 382.649.0 51,708.0 36.130,0 29.463,0 12,330,0 201,770,0 2,052,131.
0
7,270,0 5,380,0 4,393,0 5,919,0 2,391,0 5,190,0 4.226,0 1,913,0 2.563.0 1,045,0 3,113,0
52,001,0
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
86.587.0
182,927,0
8.598,0
Total gold reserves
Reserves other than gold
278.112,0 1.001.894,0 227,165,0 305,042.0 71,777,0 138,976,0 551,877,0 79,562,0 66,627,0 85,216,0 30,914,0 261,653,0 3,099,720,0
25.765,0 7,809,0 4,793,0 2,564,0 5,015,0 8.056,0 13.660,0
5,145,0
83,702,0
781,0 3,015.0 4,801,0 2,208,0
283.257.0 1.027,659.0 234,974.0 310.735,0 74,341,0 143,991,0 559.933,0 93,222,0 67,408,0 88,231,0 35,715,0 263,956,0 3,183,422,0
Total reserves
10,085,0 4,773,0 5,693,0 1,977,0 6,324,0 10,001,0 6,346,0 2,432,0 4,592.0 3,247,0 9,542,0
81,261,0
16,249.0
Non-reserve cash
Bills discounted:
U.S.Govt.obligit'ns 19.888,0 149.662,0 46,726,0 37.874,0 30,045,0 5,893,0 36,296,0 17.910,0 6,835,0 19,008,0 5,491,0 31,938.0 408,466,0
Secured by
36,159,0 20.653,0 31,919,0 36,967,0 31,710,0 49,817,0 28,327.0 22,343,0 30,770,0 35.326,0 49,652,0 397.363.0
23720.0
Other bills discounted
46,456.0 20,585.0 21,853,0 1,937,0 4,462.0 43.161,0 3,446,0
26,0 7,781,0 16,641.0 183,121,0
16:77 .0
3
Bills bought in open market
Total bills on hand
60 381.0
U. S. bonds and notes .,
4,5 9,0
3
U. S. certificates of Indebtedness_
134,0
Municipal warrants
Total earning assets
ari n54 0
232,277,0 87,964,0 91,646,0 68,949,0 42,065,0 129,274.0 49,683,0 29,178,0 50.704.0 43,593.0 98,231,0
9,071.0 17,367,0 9,953,0 1,341,0
246,0 8,972,0 7,251,0 10,950.0 11,360.0 1,780,0 9,185,0
14,0
249,0
1,889.0
35,0
31.0 3,496.0
92,0
10.0
988.950,0
92,015.0
5,940,0
10,0
243.237.0 105,345,0 101,848,0 70.290.0 42.352,0 141,742,0 56,934,0 40,163,0 62,156,0 50.378,0.107.416.0 1,086,915.0
JULY 21 1923.]
RESOURCES (Cotscluded)Two ciphers (00) omined.
Bank Premises
5% redemption fund
F. It. bank notes
Uncollected items
All other resources
303
THE CHRONICLE
Boston. New York.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Katz. City Dallas. SassIvran.
Phila.
Total.
$
2,687,0
$
53,203.0
28,0
65,0
100,0
150,256,0 62,415,0 72,933,0 58,141,0 24,394,0 90,164,0 36,040,0 18,204,0 37,730.0 20,758,0 40,574,0
488,0
625,0
423,0
773,0 2,659,0 3,872,0
324,0
146,0 1,834,0
1.136,0
639.0
$
4,434,0
193,0
674.936,0
13,031.0
$
$
12,715,0
$
2,647.0
$
$
9,101,0 2,617,0
721,0
$
8,715,0
$
4,965,0
$
$
1,031,0 1,624,0
$
1,946.0
against
63,327,0
112,0
432,433,0 1,445,088,0 408,867,0 500,634,0 207,789.0 220,196,0 811,245,0 193,719,0 131,665,0 198,547,0 114,731.0 428,047.0 5,092,961,0
Total resources
LIABILITIES.
8,066,0
29,265.0 9,772,0 12.177,0 5,710,0 4,418,0 15.216.0 4,951,0 3,549.0 4,587,0 4,195,0 7,808,0 109,714.0
Capital paid in
16,312,0
59,800,0 18,749,0 23.495,0 11,288,0 8.942.0 30.398,0 9,665,0 7,473,0 9,488.0 7.496.0 15.263.0 218,369.0
Surplus
34,432.0
1,359.0
7,781,0 1,837,0 3,740,0 1,126,0 1.686,0 4,599,0 3,327,0 1,948,0 2,706.0 2,084.0 2.239,0
Deposits: Government
Member bank-reserve acc't_ _ 129,311,0 697,983,0 117,981,0 162,426,0 58,124,0 52,950.0 281,238,0 66.648,0 45,911.0 79.833,0 44,996,0 146,243.0 1,883,644,0
24,445.0
282,0
109,0 1,468,0
223.0 4,189,0
14.458,0
216,0
712,0
399,0
666,0
540.0 1,183,0
Other deposits
720,222,0 120.358,0 167,349,0 59,466.0 54,745,0 287,305,0 70,687,0 48,258,0 83,205.0 47.303,0 152.671,0 1,942,521,0
513,330.0 205.324.0 232,461,0 78,124,0 134,057,0 404,928,0 73,244,0 56,194,0 61,297,0 30,702.0 210,244,0 2.216.994.0
130,952,0
Total deposits
F.R.notes in actual circulation 217,089,0
F. R. bank notes in circulation
net liability
59,290,0
Deferred Availability items
724,0
All other liabilities
830,0
14,0
452,0
118,869,0 53,372.0 63,741,0 52,278,0 17,130.0 70,775,0 34,153,0 15.030,0 39.033,0 22.580,0 40,316,0
904.0 1,793,0 1.019,0
3,602,0 1,292.0 1,411,0
923,0
1,161,0
923,0 2,003,0 1,745,0
1,296,0
586,567.0
17.500,0
432,433,0 1,445,088,0 408,867,0 500.634,0 207,789,0 220,196,0 811,245,0 193,719,0 131,665,0 198,547,0 114,731,0 428,047.0 5,092,961,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com76.3
80.9
64.8
64.5
61.1
81.4
83.3
72.1
77.7
54.0
45.8
72.7
76.5
bined, per cent
Contingent liability on bills purchased for foreign correspond'ts
11,886.0 3,151,0 3,957,0 1,905,0 1,502.0 5,093,0 1,612,0 1,246,0 1.576,0
1.319,0 2,101.0
35,848,0
WI
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JULY 18 1923.
Boston. New York Phila.
Federal Reserve Agent at
Cleve. Richm'd Atlanta Chicago.
St. L. Minn. K.City. Dallas. San Fr.
Total.
$
$
$
3
$
313,260 48,200 29,620 26,050 76,730
751,881 247,372 260,779 85,964 140,340
3
$
$
$
$
$
$
115,500 25,040 11,860 29,913 21,809 71,300 863.132
460,684 91,113 61,560 70,607 33,785 256,060 2,701,909
2,400
235,531 7,000 8,805
30,375 12.076 10,986 2,640 7,651
371,000 152,889 185,000 27,795 101,000
114,975 75,407 55,988 55,529 29,289
92,684 1,285 34,798 11,525 12,689
(In Thousands of Dollars)
Resources
$
93,850
Federal Reserve notes on hand
241,764
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
19.627
Gold redemption fund
128,000
Gold Fund-Federal Reserve Board
58,837
Eligible Paper)Amount required
1,544
1Excess amount held
6,461
320,429
11.880 13,052
11.005 2,828 1,078 3,103 1,869 20,374 123,612
371,644 37,000 22,000 26,360 4,000 181.402 1,608,090
78,035 39,405 25,430 41,144 21,455 54,284 649,778
51,135 10,278 3,230 9,555 27,073 43,024 298,820
578,922 1,909,706 544,229 585,976 209,503 370,099 1,088,003 217,544 138,210 180,682 116,452 626.4446.565,770
Total
Liabilities
Net amount of Federal Reserves notes received from
335,614 1,065,141 295,572 290,399 112,014 217,070 576,184 116,153 73,420 100,520 55.594 327,360 3.565,041
Comptroller of the Currency
182,927 636,906 171,965 204,791 30.435 111,051 382,649 51,708 36.130 29,463 12,330 201.776 2,052,131
Collateral received from I Gold
60,381 207,659 76,692 90,786 67.054 41.978 129,170 49.683 28,660 50,699 48,528 97,308 948,598
Federal Reserve Bank iEligible Paper
578,922 1,909,706 544,229 585.976 209,503 370,099 1,088.003 217,544 138,210 180,682 116,452 626,444 6,565,770
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
241,764
24,675
460,684 91,113 61,560 70.607 33,785 256,060 2.701.909
55,756 17,869 5,366 9.310 3,083 45,816 484,915
217.089
Federal Reserve notes in actual circulation
751.881 247,372 260,779 85.964 140,340
238,551 42,048 28,318 7,840 6,283
515 550 205 524 232.461 78.124 134.057
404.928 73.244 56.194 61.297 30.702 21A 244 2 21R 994
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
and liabilities of the 773 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 267.
1. Data for all reporting member banks in each Federal Reserve District at close of business July 11 1923.
Federal Reserve Distrid.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Boston
45
New York
Phila.
Cleveland Richmond Atlanta
109
55
$
18,757
255,542
353,713
$
29,940
405,456
703,916
894,213 4,206,902
Total loans and discounts
12,569
U. S. pre-war bonds
48,409
79,612 481,457
U.S. Liberty bonds
4,883
U.S. Treasury bonds
29,739
U.S. Treasury notes
27,583 515,887
.
U.S. Certificates of Indebtedness_
4,701
30,856
Other bonds, stocks and securities.... 169,038 728,701
628,012 1,139,312
11,003
48,136
44,684 116,627
6,081
3,993
57.742
56,461
7.427
6,554
185,483 285,883
Total loans & Omits & investm'ts. 1,192.599 6,041,951
Reserve balance with F. It. bank
84,822 647,801
Cash In vault
20,365
88,847
Net demand deposits
815,241 4,781,053
Time deposits
261,818 906,170
Government deposits
24,972
54,555
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
9,057 139,434
All other
24.329
51.399
39
77
$
$
13,689
82,913
251.870 1,651,806
628,654 2,472,183
82
Three ciphers (III) omitted.
Chicago Si. Louis Minneap. Kan. City
Dallas
San Fran
Total
106
36
29
77
52
$
10,415
119,764
326,168
$
$
7,666
38,237
63.932 582,411
328.297 1,147,839
$
11,329
137,001
298.618
3
4,421
42,192
190.187
$
7,077
78,430
363.353
$
4.000
50.578
192.546
773
$
$
12,969
241,413
179.339 3.818,321.
787,657 7.793,131
456.347
30,335
31.536
4,451
12,228
2,804
51,908
399,895 1,768.487
14,441
24,921
14.480
95,731
1.790
11,925
7.349 131,719
7.767
21,633
39,186 356,176
446,948
15,335
23,184
9.373
27.366
3.804
87,875
236,800
8.821
12,484
1,285
29,089
2,697
28.878
448,860
11,926
47,732
4,829
21,343
5,431
59,210
247,124
20,161
13,612
1,934
16,498
4.951
9,776
979,965 11.852.865
277,472
31,415
102.380 1,063.519
15,577
95,860
943.091
39.826
14,725
113,350
148.945 2,151,059
937.471 1,659,927. 589,609
33,873
70.260 114.247
14,697
16.525
33,523
696,145 933.200 330,290
105,795 570,111 152,994
7,238
11,064
15,753
484,908 2,410,592
32,570 204.458
11,557
60,611
275,176 1,523,220
175,548 788,573
8,047
23,852
613,885
39,832
8,464
351,199
182,469
7,205
320,054
20,075
7,186
198,097
85.281
4,048
599.331
48.669
12,807
425,699
132,359
2,487
314.056 1.332,833 16,497,216
21,590 105,682 1,423.879
9,450
307,070
23.038
211,546 739.945 11.280,811
75,178 531,275 3,967.571
4,458
179,515
15,836
11,627
IA oon
6,080
11 zAn
18,279
15 'AR
22,340
16.425
35,894
26.342
19.569
18.175
3.474
12.295
18.301
2602R
2,131
2 7,2
66
23,648
22 orm
309,834
'55 A47
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 11
July 3
City of Chicago. lAll F. R. Bank Cities.F. R. Branch Cities Other Selected Cities.
Ju y 11
July 3
July 11
July 3
July 11
July 3
Ju y 11
1
Total.
July 3 July 11 '23 July 3 '23 Jug 12'22
Number of reporting banks
64
64
49
491
258
258
794
773
773
206
3091
309
g
$
$
Loans and discounts, gross:
$
$
$
$ 2°6
$
$
$
$
I
$
74,176
78,191
Secured by U.S. Govt. obligations
29.809
33,146
158,996
171.173
44,593
257.218 270,993
241.413
47,073
37,824
38,970
1,475,506 1,527,466 441.192 430,860 2,752,060 2,813.665 583,262 581,326
Secured by stocks and bonds
482.999 484,586 3.818,321 3,879,577 3,536.754
2.153,3802,150,863 673,486 676,323 4,815,376 4,828.960 1,592,0151,588119 1,385,7401,397.581 7,793,131 7,814.660 7.031,414
All other loans and discounts
discounts
3,703,062 3,756.520 1,144.487 1,140,329 7,726,432 7,813.7982,219,870
Total loans and
2,216,518 1,906,563 1,921,137 11,852,865 11,951,453 10,839,161
37,609
37,609
4,024
3,806
95,796
98.506
U. S. pre-ivar bonds
280.359 1
76,421
76,311 105.255 105,542
•472
413,820 404,28
38,311
37,855
643,204
634,055 254.033 258,041 166,282 166,233 1,063.519 1,058,329 1,276,041
U. S. Liberty bonds
20,048
20,872
4,870
5,037
47.641
49,070
U. S. Treasury bonds
95.256
26,489
95,860
21.813
24,373
21,730
477,619 486,433
81.533
80.746
706,789
710,105 151.585 154,190
U. S. Treasury notes
943,0911 949,174 *554.743
84,879
84,717
27,903
30,541
6,644
6,878
54.703
64,714
250,129
U. B. Certificates of Indebtedness.. _
127.662
37,455
113.350
21,880
21,192
41,068
525.968 525,990 178,604 181,048 1,149,555 1,161,280 577,981
Other bonds, stocks and securities
577,320 423,523 423,771 2,151.059 2.162.371 2.290,911
:
Total loans & disc'ts & invest'ts_ 5,206,029 5,262,245 1,458,473 1,455 699 BLINN
2,729,262 2,745,255 16,497,21816.624.60415,210,985
Reserve balance with F. R. Bank__ 598,964 609.877 140,924
168,349 167,556 1,423.879 1.441,086 1,438.146
73.007
69,783
32,836
,
31,180
Cash in vault
285,258
298.115
307.070
75,558
84.899
4 276,505 4,280.975 1,018,779 1,030,044 7,664,890 7,617
2
.
Net demand deposits
,21 Lan Lan 1,670,3981,672.702 11,280,811 11,252,91511.199,139
632,4681 629,742 375,043 373,0381 1,953.577
Time deposits
2,004,8231,1609351157082 851,059 850.089 3,987,571 4,011.974 3.482,541
50,336
65,992
10,649
15.1171 120,317
Government deposits
153,848
179,515
227,106
23,267
110,070
40,907
18,291
49,991
Bills payable and rediscounts with
F. It. Bank:
9,784
15,8991 195,970
309.834
Secured by U.S. Govt.obligations 114,161 142,541
233.507
364,222
44,302
73,138
40,726
74,731
86.413
42,534
45,938
16,363
10.2071 166,456
All other
184,514
42,634
255,047
41,251
279,950
47,340
52,802
67,151
Ratio of bills payable & rediscounts
with F. It. Bank to total loans
3.0
3.6
1.8
1.8
3.5
and investments, per cent
4.0
3.2
3.4
3.6
3.0
4.2
3.9
0.9
* Revised figures. a Includes Victory Notes.
1;,:m12,73.m.m3,1211)
304
THE CHRONICLE
Vanhers'
azette
Wall Street, Friday Night, July 20 1923.
The stock market has been gaining strength and growing
in activity all through the week. At first the railroad shares
were the leaders in the upward movement, on the excellent
current earnings of these properties, but later in the week
some of the industrial stocks enjoyed even more substantial
recoveries. The market continued its upward movement on
Saturday, although the net gains for the day were largely
fractional. On Monday the market was very dull, with
price changes somewhat irregular.
Tuesday prices reached
their highest levels in the closing hour. Baltimore & Ohio
went over 47
-an advance of three points from the opening.
United States Steel common again dropped below 90 but
recovered to 90% as the market closed.
Increased activity was apparent on Wednesday and some
moderate advances were recorded as the session continued.
On Thursday the market took a decidedly upward turn. A
sharp rally in both railroad and industrial securities carried
many of the more active stocks from one to three points above
the previous day's closing quotations. Prominent in the
upward incline were American Can which went up 23/i points,
Delaware & Hudson 28%, Mack Truck 23, Studebaker
38%, Stewart Warner 2 points, and United States Steel
Common 1%. There was considerable improvement in
1
the bond market. Prices were firm and there was a good
demand for all classes of bonds. Friday witnessed the strongest
and best market of the week. Stewart Warner went up to
9
38%, Ein advance of six points, following the announcement that the directors had increased the dividend rate on
the stock.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week maim,
Stocks.
Railroad, State. Nun.
July 20 1923.
&c.,
and Foreign
U.S.
/f/usres.
Par
Bonds.
Bonds.
Bonds.
Saturday
Monday'
Tuesday
Wednesday'
Thursday
Friday
Total
Sales al
New York Stock
Exchange.
146,700 $413,000,000
282,090 27,200,000
343,254 33,300,000
401,430 39,000,000
672,900 66,500,000
712,000 70,000,000
31.765,000
2,911,500
3,463.500
4,588,000
4,474,300
3.827,000
$443,500 $2,194,500
1,010,000 1,912,750
818,000 3,144,600
1,410,500
1,216,950
932,000 1,915,800
915,000 1,364,000
2,558,374 9249,000,000 $21,027,300 $5,577,000 $11,748,600
Wed ending Ju'y 20
Jan. Ito July 20
1923.
1922.
1923.
1922.
Medd-No. shares_
2,558,374
3,659,103
134,880,890
146,348,302
Par value
8249.000,0008283,965,700 $12,551,000,000 $12,984,418,089
1
Bonds.
Government bonds...... $11,748,800 $25,014,700
$461,065,935 $1,084,408,955
State. mun. &c., bds5,577.000 10,026,000
270,416,700
355,789,500
RR.and mil bonds_ 21,027,300 40,043,000
918,943,700 1,175,448,900
Total bonds
838,352,900 $75,083,700 31,650,428,335 $2,595,847,355
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia
Boston
Baltimore
Vest ending
uss 20 1923.
Shang, Bond Said Shares. Bond Sales Shares. Bond Sales
Sat trday
Mo :day
'Yu :day
needs,'
Th rsday
Fri ay
3.862
5,967
11.297
8,704
9.610
9,661
$28,600
531,650
132,350
559,350
37,800
13.000
1,241
4.691
4,258
5,047
5,256
5,255
$102,000
263,550
61,850
34,860
33.600
36,500
505
499
1,379
1,390
930
838
$15,000
25,000
27,500
6,500
11,400
44.000
itaL
49.101 $1,302,750
25,748
$532,160
5,041
$129,400
:. wk. revised-
59,567
29.157
$216,700
5,052
$197400
$390,850
Deny Moors of U. O. sena Prices. July 14 July 16 July 17 July 18 July 19 July 20
Pint Liberty Loan
Higi, 10019:: 10019n 10099
: 10014: 10099s: 10019s:
• 84% bonds of 1932-47...1 Low 100nst 10099:: 1009s: 100994: 1009 1009
::
::
C WM
(First 39(a)
100'
133 100"31 100'n
100"32 100"n 100"3!
Total sales in 31,000 unUs_.
27
65
142
87
184
55
nun
____ ogn ,
:
Converted 4% boucle of I Higi•
(First 4:0____ Los
98",, 98",,
.
9899
,
98",132-47
( los.
'
982431
- 981sii
9813ei
___
---1
_ _.
_
Tata sales in 41.000 units_
1
2
_
(
Converted 431% bonus If 141. 9819:: 98"33 9819
:: 98nn 953list 9 11
- ;2
8
of 1932-47 (First 4 gs)1Low. 9819:: 98"as 980
,1 98"as 98"aa 9812as
('Ion
981 aa 98"as 9812n 98"sa 98"as 98" s
20
44
95
Total sales in $1,000 nets..,
16
34
28
Second Converted 434% High
-bondr of 1932-47(First Low.
Second 4315)
Total sake In 31,000 unite__
____ 98un
1llili
Second Liberty Loan
Low_
-- - - 98"st
4% bonds of 1922-42
--Close
98"::
(Second 41)
------____
35
Total sales in $1,000 units_ _ .
-_--Converted 431% bondsrigh 9811.1 9811:: 98.9:: 98"1: 9894n 98991,
Low- 9818ii 9811ii 98131
98sn
0( 1927-42 (Second
9810n 989911
Cloee 9819:: 981ln 9819:: 989
9819: Nis,
::
4318)
161
330
441
271
sales In $1,000 units....
355
Total
221
High 99.00 99.00 9829:: 9899
:: paaau Hais
,
1711rd Liberty Loan
:: 98"ss 9899n 9899s:
ati% bonds of 1928__i Low_ 9899:: 98":: 9899
Close 98":: 9899:: 9899
:: 9819:: 98",, 9899 s
(Third 494s)
1679
892
823
359
337
424
Total sales In 31,000 units-High 9814: 98",,9899s: 98":: 98n:: 98nis
Po rth Liberty Loan
,
98 aa
,
98"aa Musa
431% bonds of 1933-38_ Low. 9819: 98"as 98 aa
ICiose 9819:: 98n:: 9819:: 9810:: 9811 1 9811::
(Fourth 4315)
368
1258
134
283
78
3
8
417
Total sales In $1,000 until- (High 991032 991032 9921n 9911:2 99t7aa 9999:1
revaaur7
: 99911: 99111, 9911n
99"as 99n:: 9999
LOW_
43e. 1947-52
:: 9999n 99991, 9999:: 9999
Close 9999
:: 9999s:
. . -. --- ___....
.,s
1C7
.
16•7
,a
.
s
.....
...
.
Note.-rhe above table includes only sales of coupon
bonds. Transsictions in registered bonds were:
9898: to 98",
1001n to 1001131113 2d 4318
29 181 3348
9821n to
8 lst 4gs
::
981 to 9819n 17 ad 4318
24 4th 4318
981ii to 9811
97",, to 98
26 4s
98",3 ,
-Sterling exchange ruled dull but
Foreign Exchange.
steady on light trading. In the Continental exchanges,
despite some irregularity, rates were fairly well maintained
for all except marks, which again broke to a new low record.
[VOL. 117.
To-day's (Friday's) actual rates for sterling exchange were 4 5631@
4 56 13-16 for sixty days,4 59@4 59 7-16 for checks and 4 5934 @)4 59 11-16
for cables. Commercial on 13anks, sight, 4 5831 @4 59 3-16, sixty da
4 5634@4 56 15-16; ninety days, 4 55(4+4 55 7-16, and documents for
payment (sixty days), 4 57%(s4 581-16; cotton for payment, 45831 @
4 59 3-16. and grain for payment. 4 5851 @459 3-16.
To
-day's (Friday's) actual rates for Paris bankers' francs were 5.8031
5.85 for long and 5.833165.88 for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilde
were 38.84@38.89 for long and 39.09(429.14 for short.
Exchange at Paris on London, 18.15; week's range, 77.70 high and 78.95,
low.
The range for foreign exchange for the week follows:
ter no. Actual
Checks.
Cables.5.93h.
High for the week
4 60%
Low for the week
: ys
4 1:6 3.4
831
e El$31.
6k
5
%
848 Da .
458%
Paris Bankers' FrancsHigh for the week
5.92%
Low for the week
5.79
5.80
5.76%
Germany Bankers' Mark,
High for the week
0.000434
0.0004%
Low for the week
0.000250
0.000250
Amsterdam Bankers' Guilders
High for the
39.19
39.28
Low for the week
week3
388..7879
39.16
Domestic Exchange.
-Chicago, par. St. Lonis 0 5®25c. per $1,000
39 7
:1
discount. Boston, par. San Francisco, par. Montreal. 326.875 per
$1,000 discount. Cincinnati, par.
Quotations for U. S. Treasury Notes and Certificates
of Indebtedness.
-See page 317.
The following are sales made at the Stook Exchange this
week of shares not represented in detailed list on following pages
STOCKS.
Week ending July 20.
Sales I
for
Week.3
Range for Week.
Lowest.
Range since Jan. I.
Lowest. I
Highest.
Railroads,
Par. Sitar 8 per share. $ per share. $ per share.5 per share.
Bklyn Rap Tran 2d paid 4,600 1734 July 4 22 July 1 1693 July 1 23 June
Central RR of N J__ _100
July 231
Feb
200186 July 14 18894 July 1 175
Colo & South, lst pf_100 200 50 July 14 50 July 1 50
July 60
Feb
Illinois Cent. pref._ _100 200111 July 16 111 July 1 III
July 11834 Mar
Int & Gt No (w 9_ ..I00 500 1934 July 18 2034 July
18 Mayl 2534 Feb
Manh Elev Mod Gtd 100 5001 3234 July 14 3434 July 2 3034 Junel 4554 Apr
Man), Eley scrip
July
434 Feb(5
100 5 July I
5 July
Nat By,Mex, let pf_100
6
July 934 Mar
1001 6 July 2
6 July 2
NYC&StL, let pf w I 100 200 90 July 1 92 July 1 90
July 9534 July
N Y Lack & West__ ..100
July 100% Jan
781 96 July 18 96 July 1 96
Fiapid Transit Corp.__ _• 9,700, 934 July 14 1234 July 1
1une 1831 Apr
934 .
Preferred
Apr
3134 July 49
1001 1,000 3334 July 14 3691 July
Tol St L & W Pf ser B 100 500 5834 July 1 5994 JuIY 16 50 • Apr 60
July
West Penn
100
500 40 July 17 41 July 20 3894 Apr 5234 May
Preferred ______ _ _100 4001 86 July 1 8634 July 17 7534 Apr 88 June
Indus. & Miscell.
American Chain, Cl A.25
00! 2034 July 18 2134 July 16 2034 June 2594 Mar
Am Locomotive new._• 30,200 66 July 16 6934 July 20 6494 July 7034 June
Amer Teleg & Cable_100 400, 46 July 17 48 July 20 46
July 5893 Feb
Arnold, Constable
• 1,100 15 July 20 1531 July 19 12 May 1893 Apr
Amer Roiling Mill, pf 100 300 97 July 16 97 July 16 97
Feb 10034 Jan
Atl Fruit Col Trust Co
etf of deposit
700 134 July 20 134 July 20 194 July 2'% Feb
Auto Knit
* 2,600 20 July 18 22 July 19 194 July 284 Feb
Bayuk, 1st pref
100
100 97 July 20 97 July 20 97 June 12434 Apr
Atlas Powder, now... _ _*
200 5331 July 14 5334 July 14 51
July 5734 June
Blumenthal, pref_ __ _100
100 93 July 16 93 July 16 93 June 98 May
Brown Shoe,Inc, pref100 200 9294 July 14 9294 July 14 91
Jan
July 99
Bush Terminal Bldgs 109 200 67 July 17 70 July 17 67
July 70
July
Preferred
1001
100 90 July 16 90 July 1 90
July 9694 Mar
Calif Petrol, new
25 42,800 2134 July 1 2334 July 2 1894 June 2934 May
Calumet & Heels,
251
July
200 4234 July 19 424 July 1 42
July 43
Coca Cola, pref
100
100 9334 July 1 9334 July 18 9214 June 99 June
Columbia Carbon
*1 1,000 47 July 14 484 July 1 45
July 4934 May
Columbia Gas & El w L* 12,700 3234 July 16 3594 July 18 309t June 3734 Apr
Conley Tin Foil
• 300 14 July 20 144 July 2h 12 June 2294 Jan
7
Commercial Solvents .A. 600 30 July 14 3331 July 1 2534 July 49% May
B
July
• 200 26 July 18 28 July 1 15
Apr 28
Cont Can Inc pref_100 100104 July 14 104 July 1 10214 June 1104i Feb
Cuba Dominion Sugar.. 1,400, 5 July 16 594 July
July 1291 Mar
3
July 584 Mar
100 200 38 July 14 3834 July
35
DuYslasI ed
Coueme
Prafeff
5493' July, 704 June
• 4,800 57 July 16 6291 July
FruitPectin
• 500 1314 July 18 1394 July 14 1234 June 1434 Juno
Duquesne Lt let pf_ _100
July 10334 June
10010234 July 1 10231 July 1:102
FidelPhen Fire Ins N Y25 680110 July 17 11031 July 1:10234 Jan 138
Feb
Fleischmann Co
• 3,400 43 July 17 4494 July
3794 Jan, 474 May
Foundation Co
•21,900 6931 July 14 78% July 2 66 May1 7134 Apr
Gardner Motor
831 June 1434 Apr
• 900 854 July 1
934 July 1
GenAm Tk Car 77,, pf 100 200 954 July 17 9694 July 1 9531 July 103% Mar
Gen Baking Co
• 100 72 July I 72 July 1 72
July 9834 may
Gimbel Bros pref. ___100
100 97 July 16 97 July 16 9634 Jan 10234 Feb
Goldwyn Pictures new.' 200 16 July 1 16 July 1 134 June 2293 June
Goodyear Tire pref__100 1,800 49 July 16 5034 July 21 4394 July 614 Apr
Pricer preferred___100 6001 9334 July 17 95 July I 9234 July 99
Feb
Hartman Corp
100 1,600 8434 July 19 8634 July 1 8034 July 9554 Jan
Household Prod tp afs• 4.100 30 July 14 3394 July I 2834 July 3934 May
Independent Oil & Gas.' 2,600 54 July 1
6 July
534 July 1134 May
Inland steel WI
• 3,400 32 July 1 3331 July 21 3134 July 4834 Apr
Preferred w I
100 450 98 July 16 9831 July 1 9654 Jun 105
Apr
Internet Tel & Tel_ _100 500 8534 July 16 6631 July 1 6431 Julyj 7134 AP1'
International Shoe----• 300 6434 July 19 65 July • 6434 June 7334 Jan
Invincible Oil ctfs
• 200 1034 Jul 19 1034 July 1 10 June 1434 May
Kinney Co pref
100 100100 July 1 100 July 1 92
Mar 100
JulY
Liggett & Myers TobSeries B
109 400200 July 1820034 July 1919031 Apr219
Feb
Macy(R H) prefl0ij 20011134 July 16 112 July 18 11134 July 115
Feb
Magma Copper
•11,400 2934 July 141 3231 July 20 22 May 3834 Apr
Marland Oil rights
40,000, 1-32 July 16 1-32 July 16 1-32 July
g June
Nat ilk of Commerce 100
4290 July 17 291 July 17 288
Mar
July 309
Nat Dept Stores
• 1,00 3631 July 19 37 July 2 3444 Jun 4234 Apr
New York Canners..._• 200 2834 July 18 2834 July 181 2834 Jul 3234 J9
Nat Enam & Stp'g, pf100
100 95 July 29 95 July 20 95
Feb
Ap 102
North American
10 22,700 1934 July 18 2134 July 2" 1834 Jul 2444 Apr
251 100 31 July 19 31 July 19 31 Jun 67
Ohio Fuel Supply
Mar
• 100 8934 July 17 8934 July 17 8934 Jul 98
Onyx
Apr
Otis Elevator, prof_ _100
100100 July 16 100 July 16 9944 Ap 100% June
H
Packard Mdtor, pref_lOOl iool 9134 July iol 9134 July 18 9034 Jun 99
Feb
Penn Coal & Coke__ ..501 2003 3634 July 19 3634 July 20 3514 Jul 4344 Apr
Philip Morris
10 2003 13 July 14 1334 July 21 1134 Jul 19% Mar
Phoenix Hosiery
33 July 18 33 July 181 32 Ma 5634 Mar
Phila Co,6% pref.....50I 5001 4234 July 16 44 July 19 4134 Ma 45% Feb
Pierce-Arrow prior pref_
Jul 7244 Mar
6054 July 1 62 July 2 60
45 July 16 45 July 16 43 Jun 4934 Mar
Rr Carpf a%i
300101 JUly 16 101 July 16 10031 Jul 108% Feb
1 a
13golp oINJ,p.8rer
1
New, common
4.5003 45 July 17146% July 1 43
Jul 5134 Apr
Reis(Robt)& Co
2003 13 July 19 13 July I 1131 Jun 1934 Mar
251 100 90 July 201 90 July 21 , 89
ROssia Insur Co
Jul 94% May
Schulte Retail Stores_ _ _ 7,900i 9334 July 14 9631 July I 88 Ma 9934 July
Jan
Simms Petroleum __ _1 11,3
734 July 171 844 July 21' 74 Jul 16
• 400 28 July 18 2834 July 16 2414 Ja • 34% Mar
Simmons Co
Eihell Unlon011 Co. pf100 6003 9034 July 16 92 July 20 90 Jun 9854 Apr
99% Feb
Sinclair Oil, pref_ __ _100 1.1
89 July 14 90g July 21
Feb
Fl
uuu
Tobacco Prod, pref_ _100 1.600310934 July 16310934 July 17 13 : jjjunnl 114
4
0
8
3039
8 je
40
Apr
Tmnsue & Wms Steel_.•
July 18 31 July
41% June
Und'wood Type, new.211 1.6001 39 July 1 4034 July 1
U S Realty & Imp full pd
99% July 1100 July l', 924‘ July 10834 Feb
17
Feb
Va-Caro Chemical l3
J ul y
l
...*i 6001 4 Juul y 14 434 July 1
64
Jan
005001
Vsnt Eleet7
w es Raal e
115 June
3 13
% cum p1.10
12
534
3
Waldorf System, new... 1.1
alY 1 134% Jun. 20 May
lY22 114
y
1734 July 18 1384i jju
2
6 18 Jul
78
Mar
1
7234 July 14 72% July 1
Wea E n1 is A
Worttngto5,.pret1Pr:i00 20 81 July 20 81 July 2'
Mar
8732 4 Ajaa 0
Youngs'n Sheet & Tube.•
00 63% July 14 8444 July 1 631 Jul y 83M June
•No par value.
New York Stock Exchange-Stock Record Daily, Weekly and Yearly
305
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturdait.
July 14
$ per share
"28
31
0318 9018
872 873
4
4
*158 11
/
4
11312 1133
4
4812 47
.58
57
•f
11
/
4
Mangoy.
July 18
$ per share
31
*28
99 993
8
8834 88 4
1
.112 13
2
11312 11312
4572 483
4
57
•56
1
1
Tuesday,
Jtay 17
Wedneyday, Thursday,
July 18
July 19
$ per share $ per share
31
*28
*28
31
9912
987 9912 99
8
*88
89
8812 89
*112 114 *158
13
4
113 114
11314 11314
48
4812 4818 4878
57
57
5718
57
I
I
1
1
Friday,
July 20
1238
1712
"50
*30
.70
583
8
91
*3812
123
*
171
4
52
32 4
3
7412
59
9114
41
11
42
6612
26
478
6112
'1014
.32
6578
"21
414
*59
11
42
66
24
5
8112
;i614 -164
12l
1212
1014
27
111
/
4
3012
312
*8712
97
.570
.00
•1014
•32
'66
*23
472
.59
17: 173
4 4
•50
*30
"70
59
"88
/
1
4
*3812
52
82
7412
5914
8
912
47
'io
10
42
88
26
*32
*8512
.21
414
"59
438
61
1- - 1101 4 104 176 2
2718 2712 2712
*27
14 2814
8
111 11% 117
/
4
1158 117
8
/
4
30
/ 311
1
4
31
31
31
312 *2
/ 312
1
4
*3
312
88
88
88
875 8814
8
9818
973
4 97
9814 98 8
5
•70
77
76
*88
75
90
90
*91
____
8
12
/ 123 13
1
4
1214 1214 1218
16
1618 16
*1514 1612 16
.9
/ 1312 .9
1
4
/ 12
1
4
*978 14
/
1
4
.10314 104
10314 10314 103 10412
78
76 '70
75
75
•70
8
8612 867
2 6514 8614 643 6613
4334 4378
43% 44
44 44
9
9
9 14 914
.8
10
43
4214 4278 41% 43
43
4
/ 69
1
4
69 .673 89 '87
.87
61%
62 •80
*80
62 .60
4312
43
8
4314 4314 427 43
3
"853 89 • 4 89 .85 4 89
4
853
7112 724 :70 4 712
3
8
715 72
8
4914 4914
48
47
48
48
4912
49
49
*48
4914 *47
34
4
*2712 31
.282 32 "31
19
1978
41812 194 1812 19
3
39
38 •38 4 3914
.38
38
293 293
8
29
/ 284 2914
1
4
8 29
57
"5614 57
57
5812 57
s
3
514 514 *512 57
*54 5 4
914 93
4
3
914
*914 9 4 ' lo
883 867
4
8
33
3318
8512 6512
1834 19
•103 11
8
.93
13012 13012
724 7218
10
10
32
32
87
8 8%
2778 27%
.1712 1812
•10
1014
1914 1914
•17
1712
.57
5712
7
7
"12
/ 14
1
4
28
'26
86
8812
3214 3284
8534 86
1812 1812
*914 1072
.8812 71
130 13012
7252 7252
*1014 1014
3214 3214
•812 87
4
27
271
*1784 181
10
10
.18
1914
1712 174
•5714 571
"67
8 7
•13
1414
'26
28
52
8614 88
313 327
4
8
88
6812
1884 1914
.93 1072
4
•69
71
1293 13014
4
723 728
4
•9 2 1014
1
*31
32
8
52 87
4
261 277
*1712 181
978 10
•18
19
1712 173
4
5714 581
63
4 87
1312 131
*28
28
-ii
-1312 -114
1312 -fil2
18
1814
*51
53
*51
53
52
52
32 '32
32
32 4 '32
3
3234
7412 .70
'70
75
*70
7412
4 5934 807
5912 593
8 613 6212
8
8812 8918 89 893
2 8912 8012
*3812 45 .40
45 .41
45
•3238 33
*1018 1112 1012 1013 '1012 10
42
*32
42 '36
"32
44
66
68
66
/ 6613 6714 6712
1
4
2412 .22
*21
28 .25
28
452
452
412 412
4
4
/
1
4
.59
61
•59
62 "58
62
13
17 8 18
7
1034
2814
1114
3114
278
*88
9784
•70
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share
per share Shares
.28
30
.29
30
9914 99 8 99
5
/ 99
1
4
/ 8,300
1
4
8818 884 8814 884 1.400
/
1
•112 134 •158 13
4
11432 11472 11414 115
2,700
4812 49
4834 49
/ 41,100
1
4
*57
5712 5718 5718
450
•2 I
7
1
5,700
1
14712 148
14778 14778 1473 148
14814 14812 14714 148
4
1473 1484
4
59
59
.59
60
60 60
8
5952 595
604 6114
*9612 9712 .9714 9712
*96
14 97
9714 *9614 9714 •9812 97
97
2
/ 218 *218 238
1
4
21g 2
/ '214 2
1
4
.218 212
/
1
4
2
/ 238
1
4
434 "358 4
.4
*314 4
"358 4
*35
8 4
4
4
*354 28
/
1
26
2518 2518 2512 2512 28
26
26
26
2014
48
48
48
*471 48
/
4
48
458 4712 4734 48
48
4813 49
*438 45
8
414 414 *414
•412 452
412 412
44 458
/
1
•11
1113 .11
1112 *10
/ 11
1
4
11
11
*11
1112 1034 11
1812 1914 1858 1914 1834 1918 19
1912 1938 20
19
19
32
3212 3112 321.3 3114 3232 3238 3212 325 33
8
3314 35
70 8 70% 70
7
7014 70
703
2 7012 7014 703 7112 714 714
4
/
1
*108 11212 *108 112 *108 110 •109 110
110 110 *10912 111
2414 2414 23 8 24
5
23
/ 2458 2434 2512 25
1
4
2512 253 263
4
8
*80
82 .80
81
81
81
83
*8312 84
82
84
84
'
573
7312 "72
75 "72
73
73
73
727 7272 7313 74
8
61
61
*5912 60
60 60
6012 6012 .81
85
*61
85
*2814 29
28
28
28
28
28
28
*2814 2932 28 8 28
5
/
1
4
104 105
10412 105
10434 105
106 107
10612 107
•105 105
.
/
1
4
33
/
1
1: 4 11334. 11314 11312 113 11312 11414 11514 •114 115 '1144 116
.1118 1114 1114 114 1114 1114
/
1
1112 1112 1112 113
4 11% 1212
1812 1812 1812 1858 1814 183
8 1958 1978
4 1852 1878 1812 193
*1212 13
/ 1212 1212 1278 1278 1318 1314 13
1
4
/ 12
1
4
1213 12
/
1
4
85
/ 64
1
4
6512 85
6578 643 65
4
6512 653
4 65
642 85 4
4
3
2812 29
2838 2812 284 29
2834 2918 2918 2912 2918 29
/
1
4
•11
*11
*1012 13
14
13
11
11
111 1117
/
4
11
11
5112 *5012 51
51
51
*59
51
49
51
49
'50
51
•106 10812.108 109
1087 10918 10812 10912 10858 1085
8
109 109
8
_
- - -1212 s12
1712 1712
'50
52
*32
33
7412
.72
5858 58
/
1
4
*9028 91
.38
45
Sales
for
the
Week.
18
-11- "1114
4
28 4
1
29
12
12
31% 32
3
2%
883
4 88
9814 9734
75
*70
18
"Hi III;
s
2912 2912 29%
12
12
1218
324 32 8 33
3
/
1
4
8 3
/
1
4
2% .27
8812
881 •88
4
9914 9834 9914
75 •72
7412
*90
93
123 13
4
12
/ 1314
1
4
1318 1312
*18
17 .16
17
1614 1614
.
9
/ 12
1
4
•10
12
'8 12
4
10 4 1043 104 105
43
105 10512
7812 761 7612
7612 '75
'75
/
4
8512 8878 6534 6612 664 887
8
43 8 4334' 4314 438 43
5
/ 44
1
4
"8
10 I *8
10
.8
10
4214 4314! 43
434 4314 433
*67
/ 69
1
4
683 683 *6812 71
4
4
•60
62
*60
62
*60
/ 62
1
4
43
4314 43
44
44
451
"8534 89
*8534 89
7114 7218 713 733
4
8 733g 745s
*49
50
51
51
51
52
.49
50
50
504 52
52
*30
34
*30
35
*30
3212
20
20
197 20
8
20
2012
3914 3934 40
40
4012 4012
2938 2972 2912 3018 297 30%
8
57
5712 58
58
5812 583
4
.014 84 *514
/
1
512
/
1
4
54 5
978 10
93
4 9 6' 10
93
4
8614 87
883 8714 87
4
8738
3212 334 324 332
/
1
8 33
3414
6618 66
/ 66
1
4
661
67
67
/
1
4
1944 1913 2012
194 1914 1914
103 11
4
11
11
1118 1118
.68
72
*69
721
12972 13014 13014 1311 iii" 1321*
"723 73
8
72
/ 723
1
4
73
73
97 101
9
/ 10
1
4
10
11
4 3212 321
32
/ 328
1
4
33% 34
818 9
91g
91
8
/ 94
1
4
27 2 281
3
28 283
3 284 283
4
1812 181 *18
21
•18
21
*978 10
10
101
10
1014
1878 187
1918 191
19
192
4
1778 177
6 177 181
8
1814 183
8
8 59% 80
5822 582 595
3
.58
8% 7
7
71
*718 712
g
1313 137
1312 131
14
14
'26
28
*26
28
27
27
Railroads
Par
Ann Arbor preferred
100
Atch Topeka & Santa Fe 100
Do pref
100
Atlanta Birm & Atlantle_100
Atlantic Coast Line RR_ _100
Baltimore & Ohio
100
Do pref
100
Brooklyn Rapid Transit __ _100
Certificates of deposit
9.300 Canadian Pacific
100
2,200 Chesapeake at °MO
100
Do prof
100
100
300 Chicago & Alton
100
Do pref
400
100
1,100 Chic & East HI RR (new)
Do pref
1,300
700 Chicago Great Western_ _ _100
Co pref
500
100
5,900 Chicago Milw & St Paul_ _ _100
Do pref
10.100
100
2,400 Chicago & North Western_100
100
Do prat
100
8,300 Chicago Rock fel & Pacific-100
7% Preferred
100
500
6% Preferred
400
100
500 Chic St P Minn & Omaha_100
400 Colorado & Southern
100
3,200 Delaware & Hudson
100
1.300 Delaware Lack & Western_ 50
100
7,700 Erie
Do 1st preferred
100
9,500
Do 2d preferred
4.100
100
7,700 Great Northern pref
100
Iron Ore Properties_No par
2.600
1,300 Gulf Mob & Nor tr ctfs _100
Do prof
400
100
1,8430 Illinois Central
100
Interboro Cons Corp_No par
Do pref
100
1,500 Interboro Rap Trail w i _100
2,200 Kansas City Southern
100
Do pref
100
100
100 Lake Erie & Western
100
Do pref
100
50
6.800 Lehigh Valley
goo Louisville & Nashville_ _100
Manhattan Ry guar
100
Eq Tr Co of N Y etf dep_100
100
---ion Market Street Ry
Do prat'
100
700
Do prior pref
100
Do 2d pref
100
4.000 MInneap & St L (new)_ __ _100
Mtnn St P & S S Marie__ _ _100
_ Missouri Kansas & Texas_.100
7:000 Mo Kan & Texas (new)
-Do pref (new)
3,200
2,400 Missouri Pacific trust ctfs-100
Do pref trust ars
100
8,300
400 Nat Rys of Mex 2d pref_ _ _100
700 New Orl Tex & Mex v t c 100
28,600 New York Central
100
NY Chicago & St Louis__ _100
Do 26 preferred
100
12,500 N Y N H & Hartford
100
300 N Y Ontario & Western_ _ _100
Norfolk Southern
100
1,300 Norfolk & Western
100
Do pref
200
100
15,300 Northern Pacific
100
6 800 Pennsylvania
.
SO
200 Peoria & Eastern
100
10.700 Pere Marquette
100
Do prior prof
400
100
Do pref
100
5.000 Pittsburgh & West Va._ _ _ 100
Do pref
100
9,700 Reading
50
Do 1st preferred
1.500
50
Do 2d preferred
790
50
Rutland RR pref
100
3.000 St Louis-San Fran tr ctfs_100
Do pref A trust etts_100
500
4,300 St Louis Southwestern..100
1.500
Do prof
100
400, Seaboard Air Line
100
13001 Do pref
100
11.600 Southern Pacific Co
100
50,400 Southern Railway
100
Do pref
2,300
100
4.000 Texas & Pacific
100
400 Third Avenue
100
Twin City Rapid Transit_ _100
_
i3:543O Union Pacific
100
Do prof
1,000
100
2.700 United Railways Invest__ _100
Do prof
1,300
100
3.900 Wabash
100
Do pref A
12.800
100
Do met B
100
100
1.600 Western Maryland (new)_ _100
Do 2d preferred
2,500
100
1,500 Western Pacific
100
Do pref
1,100
100
3,100 Wheeling & Lake Erie Ry-100
Do pref
700
100
100 Wisconsin Central
100
Industrial & Miscellaneous
721
70
701 '6912 74
733 *70
4
.8913 73
200 Adams Express
"8912 74
100
101
*912 II
•10
11
*10
Advance RumelY
.1012 13
11
•1018 11
100
35 .34
38
35
38 .34
200, Do pre:
38
*33
36 .32
36
36
10
*5814 60
.5814 60 .584 60
60
6018 61
63 .833 8312
600 Air Reduction, Inc____No par
8
83
4 67
3,500 AjfiX Rubber. Inc
63
4 88
812 7
7
*634 7
64 . 87
/
1
7
7
8
5
•1
•2
3
3
*14
3
8
*14
3
8
900 Alaska Gold Mines
118
3
8
34 .14
1
lig
us
118
11
1
1
.1
118
113 118
112
118 2.300 Alaska Juneau Gold Min
1
687 671 *6614 67
8
66
/ 67
1
4
/ 6712 67
1
4
/ 6778 68
1
4
67
12 2.700 Allied Chemical & DYe_No pa
67
1,700
Do prof
8
*107 1087 10612 107's 10714 1081 10713 1084 •10712 10812 10814 10814
100
41
41
4118 4214 42
41
8 40
*4014 407
4012 40
/
1
4
423
2 2,900' Allis-Chalmers Mfg
10
90 .88
*88
90
90
300
8978 90
Do pref
*9014 91
•88
90 .88
100
132 133
4
131g 1318 1334 14
14
1418 1,600 Amer Agricultural Chem 10
1418 14
14
14
363
35
3612 3611 35
35 "34
4 1.400
Do pref
3512 3512 353
367 37
8
100
81 '75
81
7812 *75
.75
81 .712 8
78
300 American Bank Note
.7212 78
712
5
0
50
8
5
3
*50
/ 52
1
4
*5058 52 "50 4 52
52
Do pref
52
200
450 4 52
3
50
32
32
32
3114 32
3212 3212 1.100 American Beet Sugar
305 305
8
8 3114 3114 .31
100
33
3312 32
/ 3314 717 3178 10.500 Amer Bosch Magneto_.No par
1
4
3112 3214 3112 3214 3111 33
323 7
8 5
4
73
71
714 "71
73 '70
73
*70
400 Am Brake Shoe & r__ No pa
•70
73
I Do pref
•10212 104 •10212 104 *10214 104 *10212 104 *10213 104 *10214 104
100
89
71
4
897
8 894 9214 9134 9312 94,400 American Can
/ 8 / 891
1
4
89
/ 88
1
4
893
4 87
100
1092 109 10914 107 109
3
Do pref
1087 109
1.200
.10914 110 *10914 109 4 10912
8
100
153 153
5,000 American Car & Foundry. 100
154 156
157 160
15114 15212 15114 153
1514 153
/
1
411112 128 *122 126 •12212 126 92212 128
100
Do prof
12214 12214
"12114 126
100
4
/ 1218 1117 1112 113 118
1
4
4 1134 113
12
1117 1224
125 13
8
4 2.800 American Chicle
No Vas
Ex-dividend.
• Bid and asked prices.
.70
PER SHARE
Range since Jan. 1 1923.
-share lots
On basis of 100
Lowest
$ per share
28 July 5
97 June 30
867 July 5
6
112 Jan 3
110 July 5
40 Jan 17
/
1
4
553
4May 7
1 June 21
/
1June 29
4
14014 Jan 17
57 June 27
96 June 29
2 May 21
3 8 Jan 12
3
24 July 5
47 July 5
4 Jan 18
813 Jan 18
.
175 July 5
2418July 5
69 June 27
10812June 20
22 July 5
7712.june 30
66 July 5
80 July 17
2712June 27
98 July 5
11012June 20
1018May 22
15 Jan 17
1034May 21
8212June 30
25 July 2
10 June 28
448 Jan 2
105 May 22
Is Jan 17
14 Mar 2
gigune 30
1834July 5
50 July 3
287
8May 22
85 June 7
54 June 30
8512May 7
3814June 28
3518 Jan 25
814 Jan 23
33 June 21
82 June 21
214June 21
4 July 20
5712
.Boy 6
814 Apr 26
10 July 5
25 July 5
11 June 28
284July 3
/
1
238 Jan 17
83 July 5
9012May 4
88 May 22
7613 Jan 2
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
95
8July 5
1414June 28
912June 30
10014 July 2
75 July 6
/
1
4July 5
63
4112June 30
9 July 16
36 Jan 11
8814July 19
62 July 11
337 Jan 17
85 June 29
6812June 29
44 June 28
45 June 28
25 May 2
1712July 2
324 Jan 3
/
1
2612May 22
54'sJune2a
5 June 28
8% Jan 18
8412June 30
2434 Jan 6
83 July 2
1714July 5
9i2June 30
584 Jan 19
12518 July 5
70 July6
812June 26
2613 Jan 17
7 Mar 10
234 Jan 17
1612 Jan 18
978June 27
1714 July 5
15 May 1
53 May 7
612June 29
1112JUly 3
26 Jan 10
$ Per share $ Per share $ Per axe
"
278 Jan 52 Aug
7
45 Feb 23
911 Jan 108i2 Sept
4
10518 Mar 3
84 8 Jan 9512 Aug
5
90 8 Mar 8
5
512 Apr
24 Jan
34 Feb 21
83 Jan 12478 Sept
127 Feb 26
3312 Jan 6014 Aug
5618 Mar 21
5213 Jan 6614 Aug
s
607 Mar 21
6
Jan 29 June
184 Jan 2
8
5 8 Jan 247 June
5
13 Jan 12
/
4
160 Apr 18 11918 Jan 1511 Aug
54
Jan 79 Aug
761a Jan 30
5
104% Feb 23 100 8 Dec 105 8 Oct
5
11 Jan 122 MaY
/
4
3 Feb 13
/
1
4
4
8 8 Feb 8
3
8
3 Jan 207 May
/
1
4
121* Jan 43 4 Aug
3834 Feb 13
2
6214 Mar 26
3118 Jan 6412 Aug
3 Dec 103 MaY
/
1
4
7 Feb 7
4
17 Feb 6
7 Dec 2413 May
2638 Mar 5
174 Jan 3638 Aug
Jan 554 Sept
4512 Mar 5
29
88 Mar 5
59
Jan 9512 Sept
11818 Mar 21 100 Jan 125 Aug
377 Mar 21
8
3012 Dec 50 Sept
95 Feb 9
834 Jan 105 Sept
85 Mar 5
7014 Jan 95 Sept
78 Mar 5
61
Jan 90 Sept
4512 Feb 13
38
Jan 5312 Apr
12412 Feb 13 1063 Jan 14112 Sept
4
13013 Feb 8 108 Feb 143
Oct
7
Jan
l834 May
1312 Feb 13
2158June 11
111 Jan 2812 Aug
8
1612June 11
74 Jan 2014 May
7014 Jan 957 Oct
80 Mar 5
8
2818 Nov 45 8 Apr
36 Mar 19
5
S
Jan 19 May
20 Mar 5
16
Jan 47
Oct
623 Feb 21
4
97 Jan 11534 Sept
/
1
4
11712 Feb 21
5 Apr
2 Jan 4
8
14 Dee
38 Dec 1234 Apr
7 Jan 5
8
17 Dec 3214 Aug
/
1
4
227 Mar 14
8
17 Nov 3014 Apr
247 Mar 21
8
52 Nov 5912 Apr
14
5738 Mar S
10 Feb 397 June
34 Jan 2
2818 Feb 77 Sept
75 June 26
/
4
56 8 Jan 72 Sept
5
711 Feb 7
Jan 1447 Oct
155 Feb 26 108
Jan 58 Aug
60 Apr 17
35
4412 Aug .5512 Aug
44 Feb 13
/
1
4
11 Mar
22 Mar 12
3 Jan
Jan 504 Apr
6812 Mar 12
17
35 Jan 76 Nov
87 Mar 12
5
5814 Mar 12
5 8 Jan 32 Apr
5 Jan 1413 Apr
912 Feb 13
7312Mar 5
55 June 753 Oct
4
12 Feb 6
1514 Dec
sa Jan
713 Jan 192 Aug
17 Feb 15
4
2413 Jan 48 Aug
4512 Feb 14
/
1
4
1938 Feb 14
1513 Nov 2514 Apr
40 Nov 63 Sept
49 Feb 10
/
1
4
234 Nov
714 May
42 Feb 15
4
105 Mar 26
54% Jan 873 Dec
8
10418June 13
72
/ Jan 10118 Oct
1
4
5118 Jan 9112 Oct
84 Jan 29
95 July 3
6134 Jan 93 Sept
2212 Jan 30
1212 Jan 38 Aug
2133 Feb 13
1812 Dec 3012 Apr
1838 Feb 9
8
/ Jan 2212 June
1
4
1175 Feb 9
8
9614 Jan 12512 Sept
78 Jan 29
72
Jan 82
Oct
8112Mar 5
73 Dec 90% Aug
477 Apr 4
334 Jan 494 Oct
/
1
17 Mar 21
10
/ Jan 263 Aug
1
4
8
4714June 11
19
Jan 405 Aug
8
764 Mar 5
/
1
63 Jan 82 Aug
7012 Jan 9
504 Jan 744 Aug
/
1
505
8May 10
23
Jan 411 Aug
93 Jan 9
78
Jan 95 Nov
8118 Feb 7
711a Jan 8718 Oct
5813 Feb 7
43 Mar 57 May
58 Jan 30
/
1
4
45
Jan 5913 May
37 Jan 10
/
1
4
1712 Feb 5314 June
27 Mar 21
2014 Dec 3228 Aug
50 Mar 5
3434 Nov 56 Aug
363 Feb 10
8
2034 Jan 3678 Nov
637 Mar 21
8
323 Jan 5 / Nov
8
91
4
712 Feb 10
10 Ap
2 8 Jan
2
14 4 Apr
1314 Mar 23
3
418 Jan
9514 Feb 21
7818 Jan 9614 Oct
373
4Jtme 13
17
/ Jan 285 Aug
1
4
Oct
707 Mar 22
8
46
Jan 71
Apr
2912 Mar 21
18 4 Nov 36
1
1914 Feb 10
1312 Nov
25 May
/
1
4
7712June 11
34
Jan 8212 Sept
1447 Feb 26 125 Jan 154 4 Sept
g
1
711 Jan 80 Aug
/
4
7813 Jan 8
19% Apr
713 Jan
217 Mar 8
8
2014 Jan 3612 Apr
62 Mar 5
111Mar 22
/
4
6 Jan 143, May
Jan 3512 Aug
19
344 Mar 22
/
1
8
124 Jan 247 Aug
22 Mar 22
/
1
4
84 Jan 1714 Aug
15 Feb 9
Jan 2812 Dec
13
28 Mar 22
/
1
4
3
1314 Jan 247 Apr
2014 Mar 5
8
:
511 Mar 647 Sept
632 Mar 5
3
1612 June
6 Feb
1012 Feb 13
8
914 Jan 295 June
19 Feb 13
35
Jan 3314 Mar
35 Feb 23
/
1
4
88 Jan 2
1/4.l
9uiy 6
33' July 8
56 July 2
612july 2
14 Jan 4
1 Feb 15
624May 18
/
1
106i2july 16
41une 28
373
8July 19
897
1018July 3
297 July 5
77 Jan 6
5012June 29
30 July 2
2912 July 2
70 Jan 3
102 July 3
7312 Jan 2
4
1062 Apr 28
148'4 July 12
11914 Mar 22
53 Jan 30
4
Jan
48
82 Mar 3
8
107 Jan
1912Mar 6
8
315 Jan
, 54 8 Jan 14
3
4512 Jan
723 Mar 19
8
942 July
Dea
14 8 Mar 14
7
/Mar 9
1
4
/ Jan
1
4
11Mar 9
/
4
5538 Jan
80 Jan 2
Jan
112 Mar 2 101
373 Jan
4
5114 Feb 16
8612 Jan
9712 Jan 27
2714 Nov
8
367 Feb 21
58
Jan
688 Feb 21
58
Jan
9112 Mar 7
51 July
55 Feb 7
311 Jan
/
4
4912 Feb 13
311 Jan
/
4
8314 Feb 16
51
83 Mar 21
Jan
984 Jan
110 Jan 14
106 Mar 6
3214 Jan
115 Feb 20
934 Jan
189 Mar 7 141
Jan
1257 Jan 18 1151/ Jan
8
13 July 13
5 Nov
83Get
,
3013 Atif
23
,Aug
88
Oct
1878 m pr
2 Aay
4
2 May
4
913 Sept
11512 Sept
593 Sept
4
104 Sept
4278 June
7214 Sept
91 Dec
55 Dec
/
1
4
49 June
49
Apr
8812 Sept
113
Oct
7612 Nov
1135 Dec
8
201
Oct
12618 Nov
14 May
New York Stock Record-Continued-Page 2
306
For sa'es during the week of stocks usually inactive. see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday.
July 14 I
$ per share
44 412
1438 143
8
*412 434
•97 100
.612 712
.3612 3712
913 924
4
*7912 80
1912 190
•1034 11
19
19
*38
43
Monday,
July 16
Tuesday,
July 17
Wednesday, Thursday,
July 18
July 19
Sales
Jo"
the
Week.
Friday,
July 20
STOCKS
NEW YORK STOCK
EXCHANGE
PER 8t ARE
I
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share $ per share $ per share $ per share Shares Indus. & %scat'.(Con.) Par $ per share
$ per share $ 1115er148Novhar $ 3er 3shary
Do1 m a e
412
414
438
47
414
414 43
4
33 July 11 2034 Jan 4
4
47
8 2,100 American Cotton Oil
100
*1414 15
*1414 15 , 14
15
15
Do pref
1514 1.000
100 14 May 18 384 Jan 4
3312 Nov 61 May
*47
434 47
*43
4 478
434 47
5 ,
400 Amer Druggists Syndicate_ _10
412June 29
412 Jan
714 Aug
73 Feb 23
8
*97 100 . 97
97 1 97
97
97
97 I 3,000 Amer can Express
10f) 95 June 28 14312 Mar 2 126 J une 16238 Oct
17
1014 D ee
74 714
714 714
8
814 *8
812
700 American Hide & Leather_100
614June 28 133 Mar 7
Apr
4
*3612 3712 3612 3612 37
38
38
Do pref
3814
100 3512July 11 7434 Msr 7
1.000
Jan 743 Sept
4
58
92
9212 93
93 I 93
95
94
9518 2,100 American Ice
100 8812June 27 11112 Apr 2
Jan 122 Sept
78
•7912 go
7912 7912 *7912 80
Do pref
80
100 78 June 27 89 Feb 21
8078
500
72
Jan 954 Aug
1914 1934 193 20 I 194 203 *201 207
8
14
8 5,900 Amer International Corp_ _100 1718July 3 3312 Mar 28
8
245s Dec 503 June
400 American La France F E
10 1018July 6 13 Mar 1
14 July
94 Jan
1074 1" " " 201 203 1 20114 2014 *1 4 "38
21
American Linseed
100 17 June 21
33 Mar 5
28 Nov 4212 Oct
:0312 12 I *28)2
40 4 40 4 *40 2 44 2 *4g
Do pref
2 1
11
100 38 June 28 59 Feb 15
48 Nov 6412 Oct
American Locomotive
100 1204 Jan 17 1463
4
8June 7 102
Jan 1363 Oct
olio" Ili" 5iii5- III" *iie iii" *iii" iii- *iii" Ili- iio- ifoTh ---1e80 Do pref
100 115 May 4 122 Feb 9 112
Jan 12214 Dec
.42
4412 *43
46 • *4312 4412 4314 4334 4412 45
444 443
8 1,000 Amer Metal temp ctfs_ _No par 4014June 30 5.57 Mar 5
44 Sept 5314 Dec
8
•81 i 8112 80
3
30 I *7914 80
*7914 80
80
81
*7812 8112
25 76 'an 2 8812 Apr 19
700 American Radiator
9
a
82%12 JJ aann 16224714, May1%,Oct0 y
435
J an
5 4 *514
538 53
3
54 ' ,
534
4
*514
53
8
58 5 8
3
47 ,,ne 27
4
512 53
4 1.600 American Safety Razor_ _ _ _ 25
94 Feb 19
33 Jan
4
87 Oct
•1112 1114 1114 1114 12
12 ! 12
12
12
127
8 1278 13
1,210 Amer Ship & Comm_..No par
104July 2 213 Jan 5
8
554 564 5414 56
55
56 ' 5612 574 573 5812 53
5834 12,500 Amer Smelting & RefinIng..100 53 Jan 17 6912 Mar 2
*95
96 1 *9514 96
96
*95
96
*96
97
96 93
100 93 June 27 1023 Mar 6
8
8618 Jan 10412 Oct
131 131 *131 138 i*132 138 .•134 138
135 135
135 135
American
po lreLuff
,100130 June 30 15214 Feb 14 10912 Jan 159 Sept
3312 33% 3334 334 34 34
34
34 8! 3414 3478 35
3
3514 6,200 Am Steel Fdry tom etts.33 1-3 313
8July 2 4078 Mar 21
303 Jan 4618 Sept
4
*98 101
*98 101 I 598 101
*98 101
*98 101
10018 101 ,
Do pref temp elf,
100 98 June 27 10514 Feb 9
200
91
Feb 10814 Oct
6212 6212 6214 6234 6234 6312 63% 64
617 62
s
6478 65 i 2,700 American Sugar Refining_ 100 6014July 13 85 Feb 13
544 Jan 858 Aug
102 102 *101 105 *101 105 *101 105
102 102 *101 103 I
Do pref
200
100 10018June 27 1083 Jan 3
84
4
Jan 112 Aug
1812 1812 *18
19 1 *1814 194
1914 1914 1912 20
1978 2012 1,500 Amer Sumatra Tobacco__ _100 16 July 2 363 Feb 14
2314 Feb 47 May
8
*40
48
*4014 49
*4014 49
*4014 49
*4014 49
Do pref
*4014 49
100 3212July 11 653 Feb 13
5214 Feb 71
4
Jan
8
8 5,800 Amer Telep & Teleg
100 II 118June 29 125l Mar 5 11412 Jan 12814 Aug
12214 1224 12214 12234 12238 1223 12238 12212 12214 12212 12212 1225
144 144144 14414 14414 1444 14412 14434 145 1463 14612 14712 1,500 American Tobacco
8
100 140,
4July 3 16134 Feb 13 12918 Jan 16912 Sept
103 I 103 103 1 10314 1034 103 10312 *10212 10312 *103 10312
Do pre( (new)
100 101 Mar 16 10578 Mar 3
•10212
9612 Jan 1083 Oct
8
143 143
1433 1433 144 14434 145 14514 1.800
4
4
Do common Class 13.-100 140 May 20 1593 Feb 9 126
14212 143 ,•141 144
Jan 1653 Sept
4
4
.34
36 I 36
3712 3734 3834 3712 38
38
38
*38
39 . 1,100 Am Wat Wks dr El v t c...100 2712 Jan 29 443 Apr 26
6
Jan 334 Nov
4
.
8914 9014 9014 9014. *89
9112 *89
9112 *89
9112 *89
Do 1st pref (7%) v t 0.100 854 July 3 93 Jan 16
937 Sept
9112
100
67
Jan
59 1 5912 598 60
61
*5714 58 i 58
*603 607
4
8 61
Do part'c Pt(3%) v t c.100 4812 Jan 3 6318 Apr 26
61 i 1,700
1714 Jan 5514 Oct
*90
98
*93
98
*93
98
98 1 *91
*93
Amer Wholesale, pref
98
*93
98 1
100 9314 Jan 2 9814 Jan 31
86
Oct 95
Jan
8412 85
85
865
8 86
84
8414 8312 84% 8314 84
100 8012June 27 1095 Mar 21
7814 Jan 105
Oct
8
734 11,igg American Woolen
4 :
4
4
4
313
1
100 9818June 21 11134 Jan 3 102
Jan 11114 Dec
10218 10218 1013 1017 101% 101% 1013 1013 10112 10112 10134 10
•1278 14 ! •127 1314 *127 1312 *1212 14
8
8
127 13
Amer Writ,ng Paper pref _100 12 July 11 34 Mar 7
1312 14 ,
800
2212 Jan 554 Sept
*834 9
*814 9
*83
8 9 1 *834 9
9
914
912 1012 1.300 Amer Z nc, Lead & Smelt_ _ _25 814June 28 1914 Feb 16 124 Jan 21 Sept
347 35
*31
35
*31
35
*31
35 .32
35
35
3518
Do Prof
25 31 July 5 5814 Feb 27
Jan 57 Sept
400
36
k
3
5
397 4012 39 2 40 4 4014 4012 4012 4134 403 42
4
42
4214 21.000 Anaconda Conner Mlning. 50 38 July 5 5312 Mar 6
45 Nov 57 May
•78
80 I 7914 7914 794 81
*7834 81
82
85
8334 8412 9,300 Associated Dry Goods__ _100 6214 Jan 5 83 Mar 19
43
Jan 707 Dec
8
*8212 84 I 844 8412 *8412 86 I *8312 86
41
333
5
1 e
3o
preferred
833
Oct
100 8212 Jan 18 89 Feb 13
. 4 833 *8212 84
75
Jan 86
*8813 90
.8612 90 I *88
'8612 90
90
.
90
2e1 preferred
9014 903 9 3
100 88 June 26 9312 Feb 26
76
Jan 9112 Oct
4 04
*106 109 '
0106 109 *106 112 .•109 110
109 109 *111 11 118
200 Associated 011
100 104 May 7 133 Jan 12
99
Jan 13512 May
*112
*112 24 .112 2
13
4 *112
134 *112
atl& Fruit
184
13
4
No par
112 Dec
512 Apr
312 Feb 14
112June 21
13
4
1118 1134 1012 1012 1012 1178 1218 14
1312 15 , 1434 1512 6.3 All Gulf & V I SS Line_ 100
195 Dec 4314 May
8
9's July 5 34 Mar 19
94 93
4
912 10
10
1012 1112 127
1334 147
Do pref
684 July 3 27 Mar 19
1412 1514 6.900
100
15 Dec 3114 May
•104 108 I 107 107 *106 110 *108 110. 110 110 *109 110 1
100 104 July 3 15312 Jan 10 117 Dec 1575
Oct
200 Atlantic Refining
.115 117 1 1311314 117 *113 117 j'
1114 117 *114 r117 I 117 117 I
Do pref
100 115 May 2 120 Jan 18 113
200
Jan 11912 Dec
•11
12
11
11
1034 11 I *1034 11 1 1114 113
No par
8 1112 1112 1.100 Atlas Tack
1034June 27 2012 Feb 14
1312 Feb 5212 May
21
t
177 1818 18
18
183 203
4
4 2014 21 ' 2034 2212 22
17 July 6 3512 Jan 12
223
4 8,800 Austin, Nichols & Co_ _No par
814 Jan 4038 Sept
85 1 .80
85
*80
*80
8514 *80
Do pref
8514 *80
100 783
4June 21 8912 Jan 23
85
Jan
*80
85
68
119 1193 11714 118 4 11734 1198 119% 12014 11914 12214 12112 12314 70,800 Baldwin Locomotive Wks_100 11412July 5 14414 Mar 19
4
3
4
9312 Jan 1423 Oct
*112 11212 11212 11213 *112 11212 *112 11212 *11112 11212 11212 11212
Do pref
100 111 Apr 2 11634 Jan 4 104
Oct
300
Jan 118
*30
40
*30
40
*30
40
530
40
Barnet Leather
*30
No par
40
413 Apr 27 55 Feb 16
*30
40
40
Jan 675 Sept
8
12
12
12
12
*12
1258 1234 1234 1312 1312 14
1434 1,200 Barnsdall Corp, Class A__ 25 10 June 20 35 Mar 23
193 Jan 5614 Apr
8
95 10
*9
11
•9
11
*9
11
93
Do Class 13
25
8July 18 22 Jan 2
93
400
4 93 .10
4
11 1
17 Nov 39
Apr
14
la
14
14
18
4
18
13
13
18
18July 2
20
12 Jan 2
18
18 2,500 Batoplias Mining
14 Mar
3314 Doc
*45
52
*45
52
*45
52
*51
52 , .51
52 J 52
52100 Bayuk Bros
No par 50 June 21 6214 Apr 4
Apr 65 Sept
62
63
63
6334 6312 633
4 64
65 1 65
6612 66
20 51 Jan 2 8414 Mar 26
66 I 2,500 Beech Nut Packing
30 July 534 Dec
4534 4614 4412 46
447 46
8
46
4734 4634 47% 4734 487 30,500 Bethlehem Steel Corp
4June 29 70 Mar 3
100 413
51
Jan
79 May
6014 Jan 16 71% Mar 3
Jan
Do pref
100 9314 Feb I
9612 Jan 2
8 2 Mar 106 M av
9
0%
82'4 Noy
510114
05 10214 16213 ---856 Do cum cony 8% pref_100 10014June 21 111 14 Mar 12 134 Jan 1165s June
8
89
89 .88
Preferred new
90
*88
9012 8914 8914, *88
8914 8914 89121
100 87 July 2 9712 Mar 9
94 Nov 101
Oct
600
*4
5
414June 21
*4
5
*4
4 Nov
5
*4
5
No par
718 Jan 18
414 414
1012 Aug
412 434
400 Booth Fisheries
612
6 July 18
6
978 Mar 2
63
4 *6
6
100
812 Jan
*6
714
15 Sept
*53
4 612 *
6
6 !
200 British Empire Steel
*6134 65 .61
---- 65
*61
65
*61
65 .61
65
Do Ist preferred
58 Mar 763 Apr
*61
100 63 June 29 6912 Mar 13
4
65 1
•1814 1912 18
18
*1714 18
19
19
*1712 18
100 16 July 5 2612 Feb 20
1918 Mar 39 Sept
1712 174
Do 2d preferred
400
•107 108
108 108
10734 10814 109 10912 1093 10912 1094 10912 1,400 Brooklyn Edison, Inc
Jan 1243 Aug
8
8
100 10414May 22 12112 Jan 9 110
*104 108 *104 107 *104 107 *105 110
10914 10914 *108 112 I
100 10312May 11 128 Feb 7
70
Jan 12412 Nov
200 Brooklyn Union as
48
487 *48
8
50
*49
50
*4918 51
42
Jan 64% Sept
8
52
52
5112 5112
100 4212July 5 657 Apr 2
700 Brown Shoe Inc
*114
134 *114
112 June
23 Jan 25
8
13
4 *114
13
4 *114 2
*114
Brunswick Term & Ry Sec.100
538 June
114June 20
13
4 *114
1,2
1193 12018 119 121
4
12034 121121 12012 121
4
1203 1213
100 11612July 11 1143 Mar 23 11312 Jan 117 Dec
4
12034 121
4 3,900 Burns Brothers
2634 27
283 Jan 53
2212July 10 43 Jan 2
26
2634 263 263
8
8
4 2612 2612 2612 2678 3,200
Do new Class B con)
Oct
2714 26
6
64
6
63
8 *6
8July 2 113 Feb 14
614
4
55
6
6 14
634 612
63
8 612 2,700 Butte Copper & Zinc v t c__ 5
514 Mar 104 Dec
*14
15
15 Nov 34 Feb
•14
15
15
15
*1418 1712 *15
4
100 1314June 21 213 Jan 4
17
*15
17
100 Butterlck
4 2034 203
4 20
20 4 203
3
2012 2012 21 I 2134 2238 22
203 Jan 3514 Oct
8
225
8 3,100 Butte & Superior Mining_ 10 1712June 20 3778 Mar 1
*3
314
3
3
3
3
*3
918 Feb 16
3141
63 Dec 154 Apr
4
214June 18
334
258 278 2,100 Caddo Cent Oil & Ref _No par
34
7934 793 *7712 794 *7814 793 *7814 793
4
4
68
4 793 7912 80
8
Jan 8812 Sept
700 California Packing_ _ _.No par 7734July 2 87 Feb 9
80 1
California Petroleum
434 Jan 717 Jan
100 6614 Jan 3 11734MaV 31
"i§i2 -oil; ;65- 16f
4
88 Fen 9012 1‘ ay
3
)4 Jab
100 9484 Jan 2 noi8may 23
18 8 lpr
160- fthil ---iino Do prof
8
6
64
54 64 *6
3
10
5 July 2 125 Feb 20
614 *64 614
6
614
614 63
8 2,300 Callahan Zinc-Lead
4
49
48
*473 483
4
4 473 4734 *48
4812 *48
5012 Nov 6612 June
51
10 44 June 28 66 Mar
*4812 51 1
300 Calumet Arizona Mining
45 2 611 .54 7
,
*612 612 *612 64 *6 6,2 *6 61a
53
1
8May 22
93 Feb 19
8
Carson Hill Gold
64 Dec
163 Mar
8
No par
434 Feb 21
12 July 11
•4 1
3
3
4
3
4
1
1
3 Mar
*3
4
1
*3
4 1
114
114
912 June
400 Case (J 1) Plow
*66
71
*66
71
71
*66
71 , *66
_100 693 Ian 4 85 Apr 9
4
.65
71
71 ,
68 Feb 9314 Aug
Case(J I) Thresh M pf ctf.
*66
1
2012 2012 205
4
8 2014 207
2012 203 *1913 2012 *20
100 1818July 5 4012Mar 7
2938 Jan 4418 Sept
2078 213
4 6,000 Central Leather
2 5612 5612 1,300
*534 544 5113 5214 *5212 5312 531z 533
100 5014 July5 793 Mar 7
4
Do pref
6338 Jan 8234 Sept
4 544 55)
40
3914 4018 4034 407 240
8June 28 5012 Mar 28
39
393 40
4
323 Jan 465 Deo
4
4 3
*
0 4 4034 4114, 7,700 Cerro de Pasco Copper_No par 377
*23
25 •____ 25
25
23
23
25
23
23
34 Feb 5318 June
*23
25 1
300 Certain-Teed Prod_ __No par 23 July 18 45 Mar 14
51
5112 5112 523
..No par 4612June 30 76 Mar 14
50 4 50 4 4934 493* 4912 51
3
3
4 5212 53
4754 Jan 7914 Apr
6,100 Chandler Motor Car.
7914 7914 *79
801
2 793 80
4
793 80 , 793 80
4
4
4
8018 8018 1,800 Chicago Pneumatic Tool..100 7512June 20 903 Mar 21
60
Jan 8958 Sept
8 25 8 253
3
25 2418June 20 304 Mar 1
4 257 2614 2614 2658 2634 27 i 11,000 Chile Copper
8
25 8 25 3 2512 257
5
7
154 Jan 2914 Nov
1834 1834 1834 19
19
5 17 June 20 317 Mar 2
19
8
1918 194 193
19
2214 Nov
3338 June
4 1934 204 4,300 Chino Conner
*61% 62
6112 6112 36112 62
62
62
63
63
63
43
z63
Jan
7014 Dec
500 Cluett, Peabody & Co.,..100 60 July 2 7614 Mar 28
7714 7714 773
NO par 73 May 4 83 8June 8
3
4 773 783* 7818 79
41
4
Jan 8234 Oct
*774 77% 77% 7714 77
3,700 Coca Cola
*27
28
273 28
4
100 25 June 28 3538May 31
2914 2912 2914 297
24
*2714 2812 *2612 29
Jan 37 May
8 1,900 Colorado Fuel & Iron
Columbia Gas & Electric_ _100 91 18July 2 114 Feb 14
6334 Jan 1143 Sept
8
3
1
1
1
1
1
4June 19
1
1 -11 ---i -11-1 ------ Columbia GraPhophone No par
8
27 Feb 6
8
114 Jan
534 June
8 6.100
8
358 358 33 334 4
2 June 19 124 Jan 15
*32
4 434 *312 413
4
100
Do pref
5 Feb 21 June
412 44 44
900
3
73
7378 7314 7438 73
Computing-Tab-RecordNo par 6712June 18 8312 Apr 9
37112 723
723 73 •72 4 73
4
554 Jan 793 Apr
7412 2,700
4
4
42078
*2078 22 21 21 *60 22 22 25 2378 2458 24 2412 2,800 Consolidated Cigar....No par 18 June 19 3938 Jan 3 1858 Fen 4234 Oct
70
75
*65
75
100 66 June 20 83 Feb 17
*65
75
75 I
*65
*65
Do prof
47 Feb 8714 Nov
*65
75
141
*4
'*Juno 6
38 Jan 30
*4
14
Consol DistrIbutors,Inc No par
*4
4
*4
14
*4
14
214 Mar
*4
14
14 Feb
120 Jan 2 137 Jan 26
Consolidated Gas(N
4
8512 Jan 1453 Sept
617g "ii- No par
When issued
8
5934 60601.2
iiciaii Consolidated Textile..._No par 5634July 2 693 Feb 7 5778 Dec 6234 Dec
-6OT4
7 June 20 1412 Feb 9
718 714
714 712
712 712
4,200
4834 July
9
0 15% Apr
712 77
7 8 74
3
718
738
Continental Can, Inc
100 115 Jan 2 1313 Jan 31
11514 Dec
4
No par 42%May 7 504 Feb 10
-:11318
When Issued
1s -41 i
4
*9312 98
93
*9312 96
93
4
93
Jan 933 Aug
93
93
*91
66
93
300 Continental Insurance.-- 25 92 Jan 6 104 Jan 31
*91
65
8
8May 28 124 Jan 19
78 78
3
3
74 731(
713 73
4
7% 8
2,900 Continental Motors. __No par
1114 Dec 185 Dec
*714 72
,
7115 7313
121 12314 1217 12318 31,200 Corn Products Refining_ _100 1143
8
4
8July 5 13914 Feb 6
3
118 4 1203 1204 121
9114 Jan 1343 Oct
8
12012 12114 11812 120
100 11814may 8 12238 Feb 24 111
4
Jan 1223 Nov
118 118 *11712 119 *117 119 *117 119 •
Do prof
100
•117 119 *117 119
No par 373
393 4018 397 4012 53,600 Cosden & Co
8
387 395
*
3138 Jan 54 Dec
8July 11 6314 Feb 17
393 39 8 3812 39
14 384 39
3
6414 6512 65
67
8
6534 6714 9,200 Crucible Steel of America_ _100 6114July 5 8412 Mar 21
4
4
623 64
523 Feb 983 Sept
63
6512 63
65
8812 *87
100 8612July 10 9412 Mar 2
8712 89
Jan 100 Sept
8811 •87
89
Do pref
80
200
*8612 8812 *87
8812 *87
193 Mar
4
No par
1114 It
10 July 2 20 Feb 13
1134 1114 1152 2,400 Cuba Cane Sugar
11
818 Jan
1012 11
104 1034 *10 4 11
3
8 4212 433
8 43
100 374 Jan 17 6414 Mar 15
154 Jan 417 July
4314 4212 425
Do pref
4158 4134 4114 424 42
4334 8,600
274 2712 28
-American Sugar.- 10 2312 Jan 16 3738 Feb 13
274 274 27
1412 Jan 28 Aug
13,400 Cuban
2612 2634 2614 274, 2614 2712
14 *93
100 92 July 12 106 Apr 5
92
9514 *93
9
5
7818 Jan 10212 Dec
9514
Do Vet
100
*91
9514 *91
95141 •9112 9514 .
3132 3072 3132 5.500 Davison Chemical v t c_No par 203
2318 Nov 65% Apr
8May 21 3812 Mar 6
2912 313
4 30
2814 30
*305 3078 *30
8
31
154 Jan 253 Sept
8
4
4July 9 28 Mar 1
*2378 2438
200 De Beers Cons MInes_No par 223
2354 2334 *2314 244 *2314 233
4 2334 2334 *233 24
100 10014June 26 111 Mar 2 10038 Jan 11812 Aug
•102 10212 102 10212 *10218 10212 10212 10212 10314 10314 *102 103
200 Detroit Edison
184 Jan 4612 Nov
10 303
7 354 348 36
Mines. Ltd
36
4May 22 444 Jan 4
2,300 Dome
36
*35 4 36
3
*35
•35
36
35 2 34
,
70 July 9012 Dec
108 10834 3,200 Eastman Kodak Co_ .No Par 893 Jan 2 11534 Apr 3
4
*10612 107
4
4
10612 10834 1073 10812 1073 108 I 10814 100
Nov
0
5
8
8
117 118
12,100 E I du Pont de Nem gcCo....100 10614 Jan 17 14812 Apr 28 180
116 118
11612 11812 11773 11812 1187 12214 1207 123
June 12 7 Sept
90 4 Dec
8 2
4
81
834 *81
833 *81
8
83
*8112 8312 88112 83
6% cumul preferred..._ _100 814 Apr 12 8914 Apr 10
100
12 8312 8312 .
4012
401s June 5834 Dec
57
5714 574 3,000 Elec Storage Battery. No par 52 July 5 6718 Mar 21
55
5618 56
554 55
56
*54
56
55
Jan
50 1312July 11 203 Jan 2
4
*1312 1412 *134 15
Elk Horn Coal Corp
4
4
•133 1412 *1312 143 *134 1414
*1312 16
14514 J
1112 June
Emerson-Brantingham.._ _100
*2
2 June 19
712 Feb 20
3
•2
3
*212 3
*212 3 I *213 3
*2
' 3
7614 Jan 947 Dec
50 6212June 27 9414 Jan 2
*6612 67
68 I 6814 6812 6812 6812
87
68
900 Endlcott-Johnson
68
68
68
Jan 110. Dec
.1134 115
100 111 Max, 2 118 Jan 3 104
4
4
Do prof
1134 115 *11312 1154 11312 11434 *11312 1143 11434 1143
100
$ per share
412 412
514
15
*412 434
*97 100
7
7
36
36
91
91
•7912 80
1914 1914
13
12
11?)
1
•Bid and
nets* Demo no Men on t,1118 jayc
Z Ex-dividend.
New York Stock Record-Continued-Page 3
307
For sales during the week of stocks usually inactive. see third page preceding.
-PER SHARE, NOT PER CENT,
HIGH AND LOW SALE PRICE
Saturday,
July 14
Monday,
July 16
Wednesday, Thursday,
Tuesday,
July 17 1 July 18
July 19
Friday,
July 20
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share 1 $ per share $ per share $ per share Sham Indus. & Miscall.(Con.) Par
per share
$ per share
No par
300 Exehange Buffet
2278 22781
24
25
k20 25 *22 72 7112 72 •22 73 *22 24, x23 8 2314 8,400 Famous Players-Lasky_No par
3g
7314 74 4 743 75
72
7212 7212 7012
Do preferred (8%)_ _ _100
600
89
*8934 90
8934 90
89
*88
90
89
*88
*8912 90
Federal Mining & Smelt'g.100
*8
9
*8
10
*8
10
*8
10
*8
10
*8
10
Do pref
100
400
41
8 3733 3812 3818 3818 3812 3812 *38
8
*37
3814 377 377 .
77
No Par
300 Fifth Avenue Bus
818 *8
814
814
4 814 *8
7
7 8 7 8 •7h 814 *73
7
No par
500 Fisher Body Corp
16312 16312 160 16014 •150 160
•140 150 *142 155 *140 155
600 Fisher Body Ohio pref _ _ _ _100
9912 *98
*9714 98
9812
9818 9812 *98
.9714 98
97 97
No par
814
814
812 83
4
814 812
83
8 83
8 2.500 Fisk Rubber
838 83
8
814 83
No Par
113 1214 1214 1238 3,700 Freeport Texas Co_
4
1114 1114 113 1112 1114 1112 1134 12
3.100 Gen Amer Tank Car....-No Par
*45
46
44
41
46
*45
*4518 4712 46
4414 43
46
100
263 273
4
4
29
303 17.210 General Asphalt
273 29
4
28
8
27
273 • 263 273
13
4 28
Do pref
100
700
*62
647 *63
8
63
65 65
67
6712 6812
•63
6712 63
100
400 General Cigar, Inc
83
83
*83
8312 *83
8312 83 833 *8312 85
*8112 83
Debenture preferred_ _ _100
010314 107 *10314 107 *10314 107 *10314 107 .10314 107 *10314 107
100
174 17514 174 17512 17512 17512 17511 1767 175 1763
8
174 176
s 5.100 General Electric
Special
10
11
11
s 1,700
11
11
1118 11 18 1114 1114 •1418 143
s
•107 11
133 13 8 1314 14
4
8
1312 133
8 13h 13h, 1334 137 26.500 General Motors Corp__No par
8
133 14
7
100
4793 81
4
Do pref
82
79
*79
82 1 *8012 82
100
79
*80
*8012 82
Do Deb stock (6%). 100
1,500
4 7834 7914 80
*793 8012 7934 793
4
*80
803
81
41 81
81
Do Deb stock (7%)_ _ _100
1,500
97
*96
•98
9812 9814 9814
97
97
98
97
9812 97
No par
433 4312
*42
43
400 Gimbel Bros
*42
44
*424 44
42
4218 *4214 44
No par
8
200 Glidden Co
8 1 *8
*8
812
814
818 818
814 *8
814 *8
No par
100 Goldwyn Pictures
Goodrich Co (B F)_ _ No par
;i8i2 2612 Wis - - -254 2512 -His 16- 2612 26's "2614 161; 1,000,
EI8
100
Do pref
*80
85 '7958 85
*803 8412 •80
4
•80
85
*81
85 --1
85
19
19
1912 1912 1914 1914 1912 197s 2014 2014 2012 203
8 1,900 Granby Cons M,Sm & Pow 100
*7i2 10
10
600 Gray & Davis, Inc__ ..,No par
*7
10 ,
912 912 *7
10
1014 *9
10
100 Greene Cananea Copper__ .100
•1814 21
*1912 2012 *1912 2112
1814 1814 *1812 2012 *1812 20
300 Guantanamo Sugar._ __No par
*618 63
8
*618 7
612 612
612 612
618 614 *614 63
72
723
4 693 7114 70
4
7114' 7112 723
4 7212 7412 7414 • 7512 17,100 Gulf States Steel tr ctfa_ _100
1.100 Habirshaw Elec Cable_No par
h
*h
12.
12
12
•12
3
4
h
h
h
100
35
3478 3512 2,600 Hayes Wheel
4 34
3418 34
33
33h 3312 333
.32 8 33
7
100 Hendee Manufacturing_ _.100
*1312 15
*1312 15 1
*1312 15
•1314 15
13
13
*133 15
4
100
100 Homestake Mining
66
*62
64 •62
64
63 •62
*62
*62
6414 63
65
100
900 Houston 011 of Texas
52
53
53
*
50
53
5314 5412
4
*50
54 1 50, 5014 *51
237 243
8 238 2433 7.800 Hudson Motor Car_ _ _ _No par
235 233
2418 235± 2418 2378 24
4 238
1912 195± 1934 2018 1.500 Hupp Motor Car Corp__ _ _ 10
19 1 194 1914
19 1 19
•18
1812 *18
No par
l's
134
134
134 3.700 Hydraulic Steel
112 lh
112 13
4
12
12
•lh
112
5
5
512
512 512
,5
5
*5
512
5
5
5 , 2,200 Indlaho ma Refining
.54 7
10
900 Indian Refining
*512 612
6 1 •512 7
6
512 614
511 512
5 1
20
8
8 297 3018 303 3118 31h 3133 2,000 Inspiration Cons Copper
*29
2938 291g 291g 2912 297
100
200 Internat Agricul Corp
3
3
*212 3
3
214 24 *212 27
100
Do pref
200
*8
9
9 '
9
914
7
'z 9
3
,
73
4 74 •
*73
4 94
3712 37 2 37
503 International Cement__No par
111 3
*212 37
374
*344 36 I 37
,
34
•3412 3512 34
4,500 Inter Combos Englne__No par
4
2111 2112 2112 21h 2114 2114 *2114 2134 213 23h 2312 237
6,309 Internat Harvester (new)._100
7712 7812 7712 78
76
7512 78
75
78
774 78
78
_100
Do prof (new)
112 *10814 112 '*10S14 112
4
,
*1083 112 •1083 112 *110 112 •108 4
4
1,000 lot Mercantile Marine ...100
4 *612 7
57
g 612
*53
4 57
8
*512 6
*512 6
83
4 63
100
Do pref
2434 2612 2534 2612 5.900
2318 2314 2312 23h 247
2214 227s 23
00
13
1314 15.809 International Nickel (The)125
1i
123 13
4
8 1214 1212 1212 127
1238 1212 1214 123
Do pref
200
*78
80
80 1 *7612 80
*78
80
80
•
75
80
81
81
100
37
373
4 2,500 International Paper
36121 373 38
4
*34I3 36
3612
3512 36
36
36
Do stamped preferred.100
200
6478 647
8 6512 6512
66
66
*63
66
*63
*63
66
*63
4 1012 105±1 4,703 Invincible 011 Corp__ __No par
1018 103
10
,
1018 10
1014 10h
10
101 *10
500 Iron Products Corp__ _No par
39121
*3614 3612 *3614 3612 *3614 3912 3712 3712 *37h 3812 38
10
700 Island Oil ,& Transp v t c
3,1
Il
4
311
*14
*14
h
h
•14
33
33
3
8
100
197
20
03
1938 193
2,40 Jewel Tea,
8 19
193
•18
19
•18
19
1834 1834 19
100
68
63
6814 6314
70
•67
•65
70 •
*65
75
65
70
100
11,500 Jones Bros Tea, Inc
573
8 575± 58h 5814 59
.5612 57
5612 578 57
5312 59
1,103 Jones & Laughlin St, prat...100
7
8
108 109 *108 103 8 11353 109
•107 108 *107 107h •107 108
10
1,300 Kansas & Gulf
h
h
h
*II
3
4
•12
h
311
*12
3
4
12
h
3,300; Kayser (I) Co (new)__ _No par
3112 3112 *3014 3112 31
3212 33
3112 3178 32
31
31
n, lst pref (now).._No par
_1
*94 100 I ____
997 *94 100
95
997 •94
*94
L•94 i 99. *94
25
4 3512 3612 15,900 Kelly-Springfield Tire
:ilk 343
333 33
.
3312 3414 3418 3534 3434 353
PER SHARE
Range since Jan. 1 1923. 11
On basis of 100-share lots
Lowest
per share
22 June 21
4June 29
673
8718June 28
5 June 5
3414June 4
718 Jan 17
140 July 3
94 July 3
8 June 21
912 July 2
41 July 19
2434July II
61 June 21
8018June 28
10412 Jan 2
17012May 21
ipt2June 6
1234June 28
79 July 10
783
4July 17
96 June 28
39I2June 27
7 June 21
312June 23
2212June 28
8014June 29
16 July 5
712
.1une 27
15 June 20
578July 2
66 June 28
28June 27
31 July 5
12 July 2
60 May 23
47 July 5
20 June 28
8July 3
167
114 July 13
4 June 21
514 July 5
2714June 20
214July 11
7 July 5
31 June 28
19hJune 28
7518June 28
10814 July2
518July 2
213
4July 10
613: 111y .
101J 0 5
1
Lowest
Highest
$ per share $ per share $ per share
2612 Dec 3111 Oct
31 Jan 10
7518 Jan 107 Sept
93 Jan 2
8
9112 Jan 1073 Sept
995 Feb 14
Jan
1612 MaY
9
123 Feb 16
4
3712 Mar 628 Sept
6012 Feb 13
8
83 Dec 103 Dec
4
103 Jan 2
8
Jan 218 Dec
75
21214 Jan 11
10238June 14
7612 Jan 10314 June
1912 Apr
103 Nov
8
1612 Feb 13
124 Jan 274 Oct
22 Jun 13
Oct
45h Jan 80
7I7 Feb 20
54 Mar 7d 374 Nov 738 July
83 Mar 71 69 Nov 111 July
65 Mar 833 Dec
943 Mar 14
8
Oct
Jan 109
94
110 Apr 2
Jan 190 Dec
19018 Feb 2 136
1012 Oct 12 Sept
12 Jan 2
1514 July
1712 Apr 18
814 Jan
Jan 86 Sept
69
89 Apr 17
6734 Mar 964 Oct
90 Apr 7
105 Apr 10
7914 Mar 100 Sept
5112 Apr 24
3818 Oct 4518 Oct
95 Nov
1238 Feb 9
1814 June
48 Dec
812 Oct
77 Mar 9
8
4478 May
2812 Nov
4118 Mar 22
7912 Nov 91
9212 Mar 6
Apr
22 Nov 35 May
33 Mar 23
8
8 Nov 197 May
155± Mar 7
8
22 Nov 343 May
3418 Mar 6
1458 Mar
7 Feb
1412 Feb 14
447 Jan 9478 Oct
8
1043 Mar 21
8
34 Jan
3 s Mar
7
212 Jan 12
44 Apr 19
283; Sept
Jan 15
233 Feb 16
Jan 82 Nov
55
797 Jan 2
8
4
6114 Nov 911 Oct
78 Feb 16
8
1912 Aug 263 Dec
323 Mar 8
107 Jan 261g Dec
8
3012 Apr 2
612 Jan 8
312 Feb 1418 June
4
314 Jan 153 Dec
19 Mar 19
11h June
5 Jan
812 Apr 6
31 Nov 45 June
433 Mar 1
5h Dec
2812 Nov
26
Jan
2018 Jun
793 Jan
8
10512 Feb
88 Dee
4138 Dec
1114 Jan
Jan
60
4312 Mar
3484 July 2
63 July 12
59 Ma
12 8 July
,
9hJune 19
Jan
24
3412July 9
14 Nov
14 Jan 2
10
Jan
17I2June 29
3813 Jan
62 June 20
3412 Feb
50 Jan 17
1071s Dec
104 Mar 19
112 Dec
121une 6
34 May
28 July 2
94 May
96 July 2
344 Jan
30 June 30
9012 Jan
96 June 27 108 Jan 18
4
Yet
61
843 July 2 11714 Mar 6
2512 Jan
32 June 20 45 Mar 1
434 Nov
1118 Mar 24
4 June 21
Jan
177 Mar 2 24812 Apr 26 110
43
Jan
75 July 5 81 Fels 21
2414 Nov
171211,ne 27 3113 Mar 22 '
s
1903 May 21 22234 Feb 9 15314 Feb
Jan
11.13 Apr 4 11818 Jan 8 108
52 Nov
5314June 28 747 Mar 20
2114 Feb 14
10h Jan
14 June 21
9
Jan
618June 30 1134 Jan 5
36
Jan
3634July 3 634 Mar 2
8
146 June 21 1783 Feb 9 14714 Jan
72
Jan
103 May 23 121 Feb 6
Jan
65 July 18 7012 Feb 16
57
55h Jan 2 9312 Apr 6
25h Jan
87 July 3 9914 Mar 12
68 Feb
Jan
54
72 June 29 92 Mar 5
57 July 2 7112 Jan 20
59 Nov
21 June 27 40 Jan 2
151/ Jan
4312 Jan 17 754 Mar 14
3014 Jan
7314 Apr
75 June 20 90 Feb 26
66 Mar 21
42 July 3
41 Mar
42 June 27 477 Jan 5
32 Mar
2714 Jan 6 59h Apr 2
22h Jan
7 July 5 16 Feb 26
512 Mar
27 June 21 373 Apr 17
2014 Jan
36 June 28 6412 Mar 14
22
Jan
4July 2 634 Mar 8
363
4114 Nov
11
Feb
1012June 29 21 Apr 5
673 Jan 5 86 June 7
8
6512 Dec
1038 Jan
16I4June 27 20I2May 4
285 Mar 2 293 Jan 2 10634 Jan
10014 Feb 28 10514 Mar 16
7914 Jan
Oct
9h July 5 23hMay 28
15
Oct
12
83 July 5 2314May 28
*
25 Nov
22I2June 21 3012 Feb 23
11 Nov
1214 Jan 12
67
8June 21
2618 Dec
21I2June 29 3338 Apr 18
63 Jan
5412June 28 75 Mar 8
12 Feb
1814May 22 26 Feb 13
13 Aug
8
173 Jan 17 293 Mar 22
93 Nov
718June 20 14 Feb 20
174 Dec
8
14 July 17 297 Mar 15
70 Dee
7015 Jan 2 11412 Jan 12
Temporary 8% pref__ _ _100
93
*95
98
*95 100 t 1
'35
*95
99
*91
99
100
,sa, Kelsey alineel, Inc
*91
92
88
83 1 89
91
*82
90
•82
89
89
*82
No par
337 3118 334 337
8 3338 333
8
35h 353 23,032 Kenne:ott Copper
337 34341 3414 35
4 6,600 Keystone Tire & Rubber__ 10
,518 53
412 5
438 412
414
438
414 438
3
43
8 4s
603 Kresge (3 S) Co
109
*211 218
21412 21412 21712 2171 225 229141 228 228 *214 223
103 Laclede GAS (St Louls)__ _100
*78
82
*78
81
80
*77
82
80
75
82
•
75
82 .
19
19
19
19
1912 1912 1912 1,803 Lee Rubber & Tire_ __No par
1912 19
*1812 1912 *19
Liggett & Myers Tobacco_ _100
200 200 *201 205 *202 208
198 205 *196 200
•I97 208
300
Do pref
100
114 114
114 114 *113 114
1133 113h *112 114
•112 114
7,403 Lima Loc Wks temp ctf.No par
61h 6212 6212 634 63
4
643
6118 6112 603 611
*6112 62
1514 1512 153 16
143 143
16
1615 2,4001 Loew's Incorporated___No par
147 15
8
*1434 15
No par
2001 Loft Ineorporated
63
63
4 •612 7
• 4 712 *63
63
4 7
83
4 63
*612 7
100
40
40
*3812 40
400 Loose-Wiles Biscuit
42
*3612 40
4212
*3814 40
.3814 40
400 Lorillard (P)
100
153 153
155 155 *15714 165
154 154 *152 154
154 154
100
105 105
108 108 •106 112
409 Mackay Companies
•10812 110 •106 110 *106 110
Do prat
*65
6612 *6112 6612
400
100
•65
67
65 65
67
65
6514 *65
703 723
8
4 721 7418 7312 7512 754 7712 19,900 Mack Trucks, Inc
No par
72
72h 7233 71
Do 1st preferred
*90
93
*9112 93
100
*90
93
*88
203
*89
93
93
93
9312
, Do 20 preferred
80 •
78
81
*80
82
100
78
83 •78
•78
83 •
*7912 82
60
60
*5812 60
*59
60
614 *60
400 Macy
*5812 60 .59
No par
63 1
*24
25
*2314 25
*23
25
25
24 4 25
3
2512 2512 253
4 1,203 Mallinson (El R) & Co_No par
*4934 50
51
51
*47
*50
53
200 Manati Sugar
55
52
52
100
*51
54 I
Do pref
*74
*7014 80
*70
80
80
80
*70
•70
SO
100
*70
80
447 46h 46
*44
46
*43
46
•
44
46
*43
46
400 Manhattan Elec SuPPlyNo Par
46
42
4318 4212 4212 4318 433
8 437 4418 4438 451
2.403 Manhattan Shirt
25
421/3 4212 •
3814 387
383 3
385 39 8 3818 39
8
,
8 91s 3812 3913 387 40h 33,000 Marland 011
No par
712 *7
81
*7
7143 *7
8
*7
712 *7
7h
300 Marlin-Rockwell
8
No par
2813 2812 2812 2878 2912 297 3012 1,100 Martin-Parry Corp__ _No par
2812 *2712 2312 *28
*28
*45314 42
O40
42
43
40
401
42
42
43
444 457
• 900 Mathie_son Alkali Works__ 50
3912 3912 *3834 3912 3812 39
3912 4114 4012 417
8 41h 433 15.600 Maxwell Motor Class A___100
1112 Illg 1112 113 12
4
12
113 117
4
s 11
13
13
1334 9,400 Maxwell Motor Class B No par
78
78
7812 7
4
*783 7914 75h 7518 77
8
797
7812 7912 4.150 May Department Stores_..l00
1638 1678 163 163
17
8
163 17
4
1634 163
4 1638 1638 1,600 McIntyre Porcupine Mines...
17
210 280 •210 280
Mexican Petroleum
•195 275 *200 270 *200 270 *190 270 •
100
*95 105
*95 105
Do prat
*95 105
*95 105
100
---- -- *95 105
124 123
1212 13
13
123 13
4
1312 1312 14h 1412 15
4,800 Mexican Seaboard Oil_ _No par
12
124 •12
1212 1212 1212 1212 1312' 137 14
12
Voting trust certificates_ _ _ _
12
3
1,500
237 237
24
237 2414 2412 2412 2412 243
8
24
4 247 25
1,600 Miami Copper
5
73,
712 712
74 712
71s 712
714
71s
74 712
711 25,800 Middle State
-1011 Corp_ _ _ _ 10
2414 2412 24
24 1 *25
700 Midvale Steel & Ordnance_ 50
*233 24, *233 244 233 233
4
26
2
587 6018 6012 6112 6134 6184
8
.59
59 ' 5712 59
'
1
*5
7
800 Montana Power
*57
100
4
3.400 Mont Ward & Co III Corp_ 10
2018 2012 2014 2014 2014 2014 2012 20'± 203 21 1 2034 21
223
4 22h 2318 227 2314 2,900 Moon Motors
2314 x2212 2212 2214 2214 22
23
No par
93
3
87
8 9
9
9
85± 8 4
9
9h
93
812 812
8,700 Mother Lode Coalition-No par
*11
16
14
14
*14
16
•13
14
14
14
16
400 Mullins Body
*11
No par
97
954 954 *9512 97
99 100
97
*94
98
96
800 Nash Motors Co
*95
No par
4 9712 9812 •9712 9813 9812 9812 *9712 98121 *9712 9812 *964 9812 ' 100
,
Do preferred A
100 96h Apr 23
4
103 *1014 103* 10h 1133 *1012 11
•103 103 *10
8
National Acme
500
•1012 11
50 1012July 5
8
4 4014 41h 413 42 1 4134 417
4134 42
40h 403
407 407
6,000 National Biscuit
25 38 Jan
121 121 *121 122 •12012 122 *12012 122 •120 122
100
Do pref
•120 121
*49
*4814 52
52
51
51
517 517
500 National Cloak & Sult
un
*49
507 *4814 52
100 148118J u lY 2
00 12 2j e
4
,12
3
4
•12
h
12
12
h
12
900 Nat Conduit & Cable_ No par
2
4
14May 3
3
4
3
57
*5614 571
5712 5814 598 60
6112 3,500 Nat Enarn'g & Stamping 100 5512 July
573 *5512 58
•56
115 115 1 116 11834 *117 11934
4
900 National Lead
1134 1133 113 113
•11314 114
108 July 5
300
Do pref
1 8 %ne
*108 1091 •108 10912 *108 1091 *108 10912 *108 10912 10912 110
100 17712.10 l
1 lh 1218 12
12
12
1218 4,900 Nevada Consol CoPper
117 Ilh
115± 12
12
12
102
5
3112 33
3312 34
31
31
3141
2,400 N Y Air Brake (new) No par 263 Jan 2
3012 3114 31
31
31
8
47
4612 4612 4612 463
47 .46
*46
4
500
47
Class A
*46
*4412 47
No par 46 Jan 9
16l 1912 18
18
•1814 19
*1618 19 '
200 New York Dock
191 *1618 19
*16
100 1514June 30
43 .41
43 1 42
42 .41h 46
100
Do pref
43 •41
403 43 .41
8
100 39h July 6
North
6
. 12
j
;
J
2
a2
4333 ;i5f4 iii -iii2 - 5156 Do American Co
pref
'42
43
482
'2
*1812 20 *184 20 *1712 1914 •1712 1914 *1714 1912 *18 203 2,800 Nova Scotts. Steel & Coal_ _100 11303
so 19 8
8
912
838 *812
8h 8
9
84 814 *8
Nunnally Co (The)__ __No par
*73
4 9
12June 28
j iy 2
u
30
*4
4 414
44
100 Ohio Body & Blower__ _No par
4 414 *3h 414 *33
*3h 414 *33
37
8 37
3o July 14
*lh
2
•
lh
17
8
17
8
lh
•13
4 2
100 Okla Prod & Ref of Amer__ 5
IhJune I
•13
4 2
•134 2
*_ _ _ _
5 •____
5
Ontario Silver Mining_ _ _ _100
4I4June 27
*- IS
17
17
*168 17 .1714 17
7
200 Orpheum Circuit, Inc
17
17 'lais 17 'i i4 17
5
11712 11712 1174 11712 12212 12212
800 Otis Elevator
*11512 120
11512 1153 116 116
4
112 =1
4
104
•Bid and asked prioes: no sales this day. I Ex-dividend.
Highest
PER SHARE
Ranoe for Previous
Year 1922.
11 Feb 20
397 Feb 23
44 Mar 19
2718 Apr 6
9812 Feb 7
11614 Jan 4
113 Feb 14
8
47 Jan 5
1614 Feb 16
82 June 12
583 Mar 6
8
751s Jan 5
1914 Mar 7
5814 Mar 8
38 Feb 24
24 Mar 15
82 Feb 26
633 Mar 16
4
10914 Mar 22
312 Jan 12
4578 Feb 23
101 Mar 23
6218 Mar 22
4
1013 Jan 17
1818 Feb 19
43h Mar 19
125 Feb 2
6714 Feb 21
112 Feb 24
73 Mar 14
13684 Mar 20
114 Jan 4
183
gMar 5
41 Apr 25
5112 Feb 13
27 Apr 2
5112 Mar 15
1104 Feb 24
4812 Feb 14
297 Mar 3
s
1018 Feb 9
1018 Jan 29
318 Feb 8
77
8May 7
215 Apr 26
153 Feb 16
10112 Aug
ph Nov
367 Dec
8
11312 Jan
Jan
26
1 Dec
303 Jan
4
Jan
85
Jan
108
1318 Nov
2412 Nov
45h Nov
20 Nov
46 Nov
4418 Jan
Jan
38
203 Feb
4
8 Jul
5 No
11 Dec
4
413 Jan
123 Jan
8
116
Jan
113 May
4
4318 Mar
383 may
4
3012 Sept
1157 Aug
119 Sept
2718 May
873 May
8
193 Apr
4
Jan
85
637 Oct
8012 Sept
2014 Apr
5318 Oct
3
Jan
224 May
763 Dec
8
577 Sept
8
10938 Dec
74'Jan
483g Aug
10612 June
535 May
1073 May
4
11512 Dec
39h May
243 May
8
18912 Nov
9412 Aug
.3518 Mar
Oct
235
12312 Nov
1177 may
8
233 Sept
1414 may
677 Sept
180 Sept
117 Dec
70 Nov
617 Sept
8
9412 Dec
4
873 Sept
62 Dec
40 Aug
52 Mar
8414 Sept
695 Apr
3
58 4 Oct
4638 June
283g Mar
3614 June
54 Nov
743 May
257 June
8
174 4 Dec
3
215 Mar
322 Dec
108 Dec
3412 July
3218 July
318 May
Apr
16
4514 May
763 Sept
8
2534 Aug
193g Dec
1214 Dec
34 Mar
525 July
108 Dec
2114 Apr
270 Dec
126
Oct
667 Sept
418 Apr
6812 Oct
12914 Dec
117
Oct
1918 June
41h Sept
5114 Oct
46 June
6812 June
10614 Dec
4714 Aug
40 Sept
123 Mar
4
1414 Apr
433 June
93 Mar
28
Oct
1683 Oct
4
Nat RANt
8
New York Stock Record-Concluded-Page 4
4
2A
For sales during the week of stocks usually inactive, sea fourth page preceding.
AND LOW SALE PRICE
-PER SHARE, NOT PER CENT. I Sales
4
Mare
15 814
*4214 43
7,7%
77
77
*7
13
3378 343
8
1318 133
8
6114 613
4
5714 573
4
212
*2
•918 913
3
318
8714 8714
434 4312
*59
62
26
26 8
3
8
8
*17
18
234 3
mondaa,
July 16
Tuesday,
July 17
Wednesday, Thursday,
July 18
July 19
j
Friday,
July 20
$ per Mare $ per share r $ per share
8I3
814
5
812 8 8
81z
*434 4312
43
43 43
43
5
2
8
77 8 .785 77 11 7e8
,
8
%
77
77
9
*
*7
*7
10
3434 3514
3312 344 3312 35
134
8
1212 12 8 125 1318 13
5
63
g 60 4 63
644
3
6018 617
5718 59
5612 58
5914 6012
3
*2
*2
2
2
3
*94 912 v918 912 4.94 912
28 3
7
27
8 3
3
318
8612 8684 *87
*87
90
883
4
3 435
.4318 4312 43 433
8 43
8
*59
4
'59
62
62
*59
62
2512 26
2512 26
255 26
8
3
83
4 83* *814 8 4 *81i 83
4
*17
19
*1712 1812 18
19
27
8 3
28 28
7
3
3
7
27
27
*3212 37
28
30
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER HARE
Range since Jan. 11923.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
&MOO for Previous
Year 1922.
Lowest,
Highest
3 per share , $ per share Shares Indus. & Miscell.(Con.) Par S per share
$ per share $ per share $ per share
834 8341
..
83
No par
4 87
7 June 30 1434 Mar 21
2,300 Otis Steel
1612 Apr
672 Nov
4312 437
8 435 44
8
2
25 361582 Jan 2 523 Apr 2
1,300 Owens Bottle
Jan 42% Sept
24
4
Jan
600 Pacific Development
4 Dec 144 Apr
214 Mar 5
LI
%
1,7334
7734 77I3 78
7634
453ay 4 85 Jan 5
100 743
800 Pacific Gas ac Electric
Jan 914 Sept
60
Pacific Mall Steamship.... 5
7 July 2 123 Mar 14
19 June
Jan
II
4
347 3514 10,400 Pacific Oil
8
343 35
4
3112July 5 4878 Jan 4
4212 Nov 69% May
1234 131413
10 1018 Jan 8 1512 Mar 22
134 7,600 Packard Motor Car
10 Dec 21 Nov
6414 6718 6658 6758 37,600 Pan-Amer Petr & Trans.__ 50 5524 July 3 9312 Feb 7
48% Jan 100% Dec
6751 6112 ”1 6134 80,700
5
,
8
2
:
5
Do Class B
50 51 July 2 86 Feb 7
4
4012 Feb 953 Dec
*
2 June 21
100 Panhandle Prod & Ref _No par
3 Dec 1212 Jan
614 Apr 5
parish & Bingham
*94 912 *912 1134
No par
9 May 23 1512 Mar 13
17 Apr
712 Nov
318
3
212 Jan 2
2 s 318 -13,85E1 Penn-Seaboard St'l v t eNo par
6 Apr 4 '
2% Dec 13% May
897- po
*89
90
700 People's G L & C(Chic)_ _ _100 86 Apr 27 9412 Jan 30
59 4 Jan 99 Sept
8
4.14 g
4354 4414 .
2,700 Philadelphia Co (Pittsb) _ 50 41 July 2 5014 Mar 19
314 Jan 45% Sept
*59
5
62
Phillips-Jones Corp
No par 59 June 29 80 Apr 4
734 Oct 10518 Jan
257 2614 243 2614 23,000 Phillips Petroleum ...No par 243
8
4
4JulY 20 6958 Apr 5
2814 Jan 5914 June
83
62,1 July 2 154 Jan 14
4 9%
912 93* 3,200 Pierce-Arrow Mot Car_No par
8 July 24% Apr
181 193
Do prof
4 1912 2018 4,000
100 1312July 2 355 Jan 9
8
Apr
18% July 49
3
3
25
112July 5
3
3)81 3,000 Pierce Oil Corporation
6 Feb 13
Jan
3 8 Dec 12
7
*26
28
Do pref
*34
3712 35
100 25 July
35
45 Jan 4
400
Jan
32 Sept 71
PlggWigg Stor Inc "A" No par 5514 Jan 17 124 Mar 20
39 Nov 5918 Dec
*59
60
594 5912 *5912 60
*5912 60
5978 60
100 58 Jan 16 677 Mar 7
60
6012 - 4,000 Pittsburgh Coal of Pa
8
55 Nov
7238 Sept
99
99
*99
9912 9938 9938 9812 9812 *9812 9912 9914 9912
Do pref
100 9712July 11 100 Apr 5
909
900
9018 Feb 10012 Sept
Pond Creek Coal
1414 Feb 41 Dec
8
10
94 Mar 1 477 Feb 15
-45- -id- 50 50 *4912 -- 4 -85c2 52 522 5114 .;21v2
5
0
No par 47 July 5 134 Feb 6
2,900 Postum Cereal
65% Apr 120
Oct
Do 8% preferred
*10912 114 *109 114 *109 114 *109 114 *10913 114 *109 114 .100 10812June 30 11414 Jan 25 10512 Apr 11212 Oct
53
53
52
54
5412 56
*5 4 5
2
100 5112May 22 8112 Jan 2
5618
412 *5212 5412 52
63 Jan 954 Sept
800 Pressed Steel Car
*89
9012 *89
904 .89
.89
9012 9012 9012
Do pref
91 Feb 106 Sept
100 86 Jan 22 993 Jan 5
904 90 90
4
200
35 8 35 4 3412 3514 34.34 3514 35
3
3
2418 Jan 51 Sept
8June 29 58% Mar 20
364 371 38,400 Producers& Refiners Corp_ 50 323
3512 3514 368
Public Service Corp of NJ.100 91 May 22 104 Mar 21
Jan 100 Nov
66
61*ii4f4 116 1133* 115 115 115'z 116 1-1- 3 116i 117 1167* 11713 - 3,700 Pullman Company _____ _ _100 11012July 2 134 Mar 8 10512 Jan 13934 Sept
5112 5112 52
4918 4914 49
5114 52
Jan 5314 June
4 51
50 11 5012 513
7
31
50 4378 Jan 18 6914 Apr 19
9,800 Punta Alegre Sugar
*19
1878 19
2
1918 187 19
1914 1834 1834 19
1834 19
2612 Nov 38% Jan
25 1678June 18 32 Feb 13
3,300 Pure 011 (The)
92
*88
92
*88
93
*88
92
*88
*88
92
94 July 102 4 Apr
Do 8% preferred
*87
91
,
100 90 June 27 100 Mar 9
*100 102
1017 102 •103 105
8
1017 1017 •101 102
8
8
Jan 12614 Sept
94
1033 10334
4
100 100 June 30 123 Mar 17
900 Railway Steel Spring
2914 294 ,294 3018 *2918 3014 *288 297 *2912 3014
1912 Jan 3612 Sept
*
*2912 35
8
8
No par 2914July 16 345 Feb 19
100 Rand Mines, Ltd
113* 115
8 11
1114 115
8 1118 115
8 1112 1 13* 4,600 Itay Consolidated Copper_ 10 10 June 28 1714 Mar 1
114 Ills 1114
1218 Nov 19 May
303 3112
*26
*26
33
30 30
30
*27
33
24
Jan 42 Mar
30
30
600 Remington Typewriter v t 2100 24 June 27 4818 Mar 6
*70 100
*85 100
*85 100
Jan 105 Dec
*75 100
*75 100
1st preferred v t c
*85 100
55
100 100 Mar 5 104 Feb 13
5912 Feb 8034 Dec
*8512 9314 *8512 9314 *8512 9312 *8512 9314 *8513 9314 .87
2d Preferred
9314
100 80 Jan 3 9114 Apr 24
14 4 15 8 1478 15 8 14 8 1514 14 4 1514 154 1512 15
, ,
5
3
,
1513 8,200 Replogle Steel
21 Nov 3812 May
No par 1212June 21 3184 Feb 16
,
,
8 45
44 8 42 4 4414 44 4 453
3
463
8 4554 47
4
4% 4412 43
,
4812 Nov 78 2 Mar
100 4018June 30 68% Mar 21
16,100 Republic Iron az Steel
*8634 93
89
89
•8914 91
*90
92
74 Feb 9534 MaY
93 93
Do pref
92
9312
100 86 June 21 96% Mar 21
500
203* 2034 2012 2114 21
2112 22
22
1214 Nov 50 4 June
,
2054 2112 2012 213
14 June 30 2978 Apr 17
No par
4 6,100 Reynolds Spring
62
6218 613* 62% 62 6214 6212 6278 6214 64
,
43 Mar 63 4 Nov
635 637
8
8 7,900 Reynolds(It J) Tab Class B 25 47 Jan 10 6734May 28
•114 11414 4114 11414 114 11414 *114 11414 114 11414 11414 11414
,
Do 7% Preferred
100
100 114 July 9 118 Feb 9 111% Apr 118 4 Oct
*4914 4684 *4612 47
47
4814 4738 4778 4778 48
47 8 Jan 67 June
,
•4738 48
3,400 Royal Dutch Co(NY shares). 4213 Jan 31 554 Feb 19
.17
18
*1734 18
*1712 18
18
18
12% Jan 2014 Sept
1818 181 *18
10 17 June 29 2258 Mar 9
300 St Joseph Lead
1814
*138
178 •134
178 2
17
8
2
2
112 Jan
64 Mar
5 Feb 14
2
15
8July 11
2% 218 1,500 San Callia Sugar v t c_No par
2
*1912 21
*1912 21
22 22
10 1411g 24% Apr
23
Savage Arms Corporation.100 184 Jan 3 30 Apr 5
23
*22
2312 *22
24
200
71
7112 707 71
70
8
59% Feb 9478 Aug
70% 7114 7112 7214 7334 7338 7412 4,600 Sears, Roebuck & Co
8
100 66i2June 29 923 Feb 13
*103 1073 *103 1073 103 10734 *103 10
Jan 112 Aug
4
4
91
Do prof
100
100 10612June 4 II312June 12
613 *103 10612 10612 10612
*73* 73*
77
6 Oct 2314 Jan
785 738
6 June 20 1212 Mar 3
No par
83* 85
712 7
12
2,900 Seneca Copper
8% 83
814
4
612 Nov
*512 6
578' 578 *512 8
12 June
*512 6
7
8July 6 10 8 Mar 2
53
600 Shattuck Arizona Copper__ 10
7
7
514 612
3412 Dee 4818 May
33% *3334 35
*3314 3412 *33
Shell Transp & Trading_ _ _ E2 3234 July 6 414 Mar 7
*334 35
*313 33% *3114 33
4
1614 1612 16 8 16 8 1612 163
1218 Dec 1314 Dee
3
3
1238 Jan 8 10l4 May 23
4 1612 163
No par
8 1612 187 12,409 Shell Union 011
4 1612 167
2
2413 243* 247
2312 24
2378 24
8
24
2378 24
3
18, Jan 38 4 June
4
8 2414 2518 26,900 Sinclair Cons Oil Corp_No par 2212July 2 393 Mar 19
8 2 Nov
,
1714 1778 1714 173* 17
11% Oct
958 Jan 2 35 Mar 31
10
4,400 Skelly 011 Co
173* 1714 1718 1712 173* 1712 177
3412 Mar 5412 May
43
43
42
*40
43
43
42
*44
4412 4412 45
43
1,000 Sloss-Sheffield Steel dc Iron.100 3914July 11 60 Apr 26
66 Mar 80 Aug
*75
*75
84
84
82 .76
Do pref
*76
84
*76
84
100 68 Jan 13 90 Mar 16
*76 . 84
44114 44 4 443* *45
33 Nov 5714 Mar
4
.44
4612 4612 4612 *44
4612 4612 4612
3
300 South Porto Rico Sugar__ _100 39 July 6 643 Apr 19
15 Nov 24 June
1434 143* .14
4
15
13 2 1414 1412 1413 15
7
No par 1134June 30 273 Feb 16
1514 164 1,100 Spicer Mfg Co
15
84
Apr 96 Sept
8
*86
904 486
Do pre(
*86
91
91
9014 *86
101) 90 Jan 3 977 Feb 2
*86
903
*86
91
84% Dec 141 Sept
Standard Milling
•70
80
*70
80
*70
80
100 70 July 5 9012 Jan 23
*70
80
*70
80
9134 Jan 135
51
.515
8 51
Oct
8 5158 52
5112 5114 515
513* 51
5112 5214 11,500 Standard Oil of California_ 25 4938June 27 12312 Jan 2
1
3
384 Dee 25012 Oct
3212 324 3212 33 g 333* 333* 335* 3414 344 3412 15,800, Standard Oil of New Jersey 25 3112July 5 4414 Mar 3
323 33
4
1161; 11614 11614 11614 *11612 1165 1165* 1165* 1,1001
*11578 11614 116 116
8
Do Prof non-voting_ __ ..100 115 June 2 118 Feb 21 11338 Jan 11612 Nov
68 Mar 90 May
*10412 10512 104 10412 104 1043 10418 1043 104 1043* 10378 104
2,200 Steel & Tube of Am,pref RIO 85 Jan 2 1083
4June 30
454 May 6334 Dec
56
56
5712 5712 5712
5612 5612 57
orn rPr, p ucp
r
57
57 .
57
57
900i:e Iinj osodre (8%) No par, 51 June 29 67% Mar 2
Jan 109 Dec
•108 116 *108 116 *108 116 *108 116 *108 116 *108 116
81
100' 10923 Jan 2 115 Jan .5
852 8722 863 88
4
4
2412 Jan 79 Dec
8134 827
8 7912 8322 821; 861
86
9334 67,200 Stewart-Warn Sp Corp-No par 74 July 5 12412 Apr 17
Dec
647 66 8 6412 66
8
3
3514 Jan 71
8
65
665
8 667 6712 6678 68
6712 703 123001 Stromberg Carburetor.No par 5912July 2 9414 Mar 6
8
4
794 Jan 1413 Dee
8
8
7
10212 1033 1017 102 8 1011's 10312 1033 1043s 10312 1067 106 107% 189,7001 Studebaker Corp (The)
4
100, 9814July 2 12614 Mar 21
8
*115 11614 *115 11614 *115 11614 *115 11614 *115 11612 *115 11614
100' 112 Jan 4 116 June 27 100 Feb 11814 Nov
312 Jan
83* 8 4
8 8 Nov
7
73* 9
7 Jan 3 15 Apr 6
Do i reBoat
No par
3
*8 13 914
7
9
9
9
912
914 912 2,500 Subm arPn et
318
3
318 *318 314
3
700 superior Oil
314 314
4 Nov 1014 June
63 Feb 15
23
8June 18
No par
Jan 3912 Apr
2734 *2412 28
*2412 28
*241s 274 *2412 28
26
Superior Steel
*2412 ____
100 24 June 29 34 Mar 22
114 .14 124
1 2 Nov
,
5 Mar
114
27 Jan 12
8
1 June 4
114
*14 114 *114 114 *14 114 *118
10
100 Sweets Co of America
914 914
912
*9
123 May
985 93g
94 914 •9
912
4
83 Nov
8
912 912
8 June 21 1234 Feb 21
600 Tenn CopP & C tr etfs_No par
8
5
425 428 42 8 4278 42 4 4318 427 4314 4314 435 13,900 Texas Company (The)
8
7
4212 427
42 Mar 5214 Oct
8
25 4114July 2 527 Mar 20
*56% 57
14 5614 563 *5614 567
3812 Jan 6718 Nov
4
10 5314July 2 65 Jan 15
57
5 % 58
7
5814
59
1014 1012 1012 103
•1018 10 8 1014 10% 1012 1014
,
1812 Nov 323 June
as GulI S gau&
4 103* 10%1 4:800 Texas Pacfficu h lr Oil_ 10 10 June 15 2414 Feb 2
4
30 0
10058 10058 *98 101
10018 10018 101 101 *10312 105 I
*100 102
100 94 July 2 144 Mar 2 1093 May 154
Oct
4
400 Tidewater 011
5
3684 378
8
4 3712 3812 38
37
3714 365 3714 36 4 37
Oct
2812 Sept 35
3812 9,900 Timken Roller Bearing_No par 3318 Jan 2 45 Mar 8
49
4918 48% 49
4914 4914 4934 4912 5018 2,900 Tobacco Products Corp__ _100 4718June 30 6112 Apr 27
49
*4812 59
4914 Nov 8414 JUne814 81
81
813
8 81
803* 803* 804 8012 8012 81
767 Aug 8912 Sept
2
817
8 2,3001 Do CIA (since July 15) 100 7612July 2 85 Mar 2
63
4 7
614 7
6
7
6
6 14
5 June 21
63
4 7
1412 Jan 5
63* 7
19,709 Transcontinenta1011._ _No par
712 Mar 2018 May
64
*62
64
*62
64
64
64
6312 6312 *62
65
55 Mar 78 Sept
66
600 Union Bag & Paper Corp_ _100 6323 July 14 7712 Mar 28
12 Jan 4
4 Dec 25 June
No par
"2
14
12
12
14 Jan 3
600 Union Oil
12
*4
24
*18
24
*18
14
12
*87
89
4
'86
89
*85
89
*87
88
88
Union Tank Car
*87 88100 81 Feb 1 9984 Mar 19
*85
85 Dee 13434 Dec
100 10612Juiy 19 112 Jan 19 102 Feb 113 Sept
10612 10612 *106 108
*10612 10712 107 108 *108% 10712 *10612 107
Do pref
100
*30
No par 30 July 2 3912 Mar 21
*30
3012 *3034 31
31
307 .30
31
25
United Alloy Steel
*30 4 31
,
Jan 4114 May
.30
*7718 7812 *78
*79
7812 *7712 7814 7812 79
8018 81 81100 7534July 2 8534 Feb 26
607 Mar 85
8
Oct
400 United Drug
50 4614 Feb 14 48 Mar 1
4
'
4118 Feb 5178 Oct
*4612 4818 4 46
10Do 1st preferred
473* *4612 473 .4634 4734 .4612 4734 .4634 4734
100 15212 Jan 17 183 Mar 2 11934 Jan 162
Oct
•165 175 *16512 17012 166 166 •167 17012 *168 173 *170 173
1,700 United'
0
7411 7414
725* 743*
73
571
73
4312 Feb 8712 Oct
8418 Apr 17
.
73
73
United Nruail Stores_ _No par 6438 Feb 1
Reti t
8
*7112 727 *71
4 273 28
164 Jan 39 Aug
27
4
2712 5,400 US Cast Iron Pipe & Fdy_100 20 July 3 3412 Mar 2
233 2412 2412 2412 2412 2514 2518 273
100 64 June 21 72% Jan 3
*70
72
70
7018 71
*70
71
50 1Jan 78 Aug
68 4 69
3
Do pref
70
*67
72800
612 Mar 19
218June 28
234 Feb
1018 Jan
600 U 8 Food Products Corp_ _100
34 33* *3
314
3
3
3
% 3
4
34
*3
3
4 *3
1512 1514 1512 15% 163
15 June 30 25 Jan 27
15
8 1514 1534 6,700 US Hoff'n Mach Corp-No par
1812 Nov 257 May
1514 1514 *1518 151
8 48
50
37
Jan 7278 Oct
9,300 U S Industrial Alcohol_ _100 40 June 29 734 Mar 16
4714 4512 4714 453* 4714 4718 477
47
100 9514June 29 101 Mar 28
*93 100
96 .93 100
*93 100 •
Oct
7212 Dec 102
96
Do pref
100
*93 103
96
9234 9312 94
964 9842 97
93
98 .
56
Jan 9272 Oct
4,100 US Realty & Improvement100 884July 2 106 Mar 5
927 *92
92
100 3812June 27 64% Mar 22
443 12,200 United States Rubber
8
46 Nov 674 Apr
4314 444 44
8
8
3
42
42
413* 42 4 417 424 423 44
preferred
963* 97 .97
96
100 9414June 29 105 Jan 13
*97
98
96
96
91 Sept 107 July
Do 1st
98400
*95
96
595
50 20 June 28 43% Mar 2
25
25
25
25
26
*24
2612 27
24
33 Feb 4834 Oct
24
1,100 US Smelting, Ref & Min
*234 24
43 .42
50 4012June 28 4818 Jan 3
434
4312 .42
427 .42
8
2
424 Feb 49 Aug
427 *42
4313 *42
*42
9238 75,900 United profStates Steel Corp 100 894 JulY 5 1095; Mar 21
D ed
9
085 9114 9118 92% 92
82
Jan 11112 Oct
8958 907
'4 907
9
0% 9112 90
1177 118
118 118
118 118
100 11634June 20 12312 Jan 15 113% Feb 123 Sept
117 8 118
7
Do Prof
2,300
1177 118
g
118 118
10 56 July 5 7612 Mar 5
605* 6112 4,600 Utah Copper
583* 5812 603* 593* 61
7112 Sept
583 5812 5734 5812 58
8
59 Nov
1518 155* 154 16
4
100 1418June 27 2438 Feb 16
8 143 1514
143 147
9% Jan 234 Sept
2,700 Utah Securities v t c
15
1412 143* 15
No par 2434 July 5 44% Mar 20
32% 314 323* 317 3212
4
3014 Jan 533 Aug
32% 32
15,200 Vanadium Corp
3214 33% 31,4
Oct
100 8912May 31 98 Jan 25
*38
*89
91
8038 932
*883 91
4
Jan 100
*86
92
92
I Van Raalte, 1st pref
178
92
*8634 904 *86
8
614June 27 27 Feb 20
8
3
838 812 1,800 Virginia-Carolina Chem__ -100
83*
78 7 4
*74 714
2314 Nov 367 Mar
7% 714
714
724
Oct
100 17 June 27 69 Mar 15
2214 2
*2134 22
July 83
22
Do pref
314 2312 237
58
8 1,300
22
22
•21
*21
22
59
_ 452
56
56
4
43 Mar 9412 Jan
100 Virginia Iron, C & C _ _ _ _100 52 July 2 68 Mar 5
*52
*52
*52
Oct
pref100 7712June 28 85 Apr 23
79
79
'52_79
*78
*77 78
66 Mar 86
*77
78
*77
78
*77
173 1814
4
16 Dec
1818 1812 1812 - --3- 4,60 VIvpaoudo V)
No par 1514 Jan 17 23 Mar 22
618 Jan
18 4
10
0
1714 1712
17
163 16% 17
4
*1412 147
8 1412 15
145
*134 14% *14
107 Oct 17 Apr
t
400 Weber & Hellbroner__.No par 1214 Jan 27 15% Mar 8
*1312 14
1312 1312
4
3612 364 37100 3412July 11 105 Mar 2
6614 Jan 983 Oct
3512 3512 *36
590 Wells Fargo Express
36
3512 3512 3512 *35
*32
107 107
89 Feb 12114 Aug
1,900 Western Union Telegraph _100 10118July 5 11912 Feb 20
104 10612 106 10612 107 107
104 104
•103 104
84
84
*8134 83
80 Mar 114 Dec
120 Feb 17
200 Westinghouse Air Brake_ _ _ 50 76 July
9412
1
4
*9
*80
8012 81% 8112 *813 83
4918 Jan 654 Aug
614 587
8 505* 57
7,800 Westinghouse Elea dr Mfg_ 50 5212June 30 6718 Feb 16
5512 $43
554 55% 557 56141 5
.557 56
g
5g
No par 233
4July 5 303 Mar 20
25 May 33 Nov
8
253* 2512 2512 2512 26
1,000 White Eagle Oil
2412 2514 25% 25% 2512 2512 25
54 Sept
354 Jan
50 45 June 28 •607 Mar 19
Motor
494 4918 4912 4 5* .51
8
9
2,400 White
48
12 4812 4914
48
47 4 47 4 48
,
,
13
*134 2
218 Dec 12 May
57 Feb 19
8
8July 5
4 17
13
8
1%
17
1,900 White Oil Corporation_No par
I%
178 *15
1% 1 4
8 17
2
,
812 Nov 218 May
7 June 28 14 Feb 13
5
8 712
300 Wickwire Spencer Steel
712 712
,
7
14
7 2 *714 7 4 *714 712 *73
,
*712 7 4
,
10 May
714 25,800 Willys-Overland (The)_ __ _ 25
44 Feb
5 June 21
65
8% Jan 5
6
4 7
612 67
8
612 63
612 65
4
6% 83
4
24 Feb 494 July
100 4212 Jan 2 6978 Apr'6
4 643* 647
Do pref (new)
6,100
63 8 6314 64 ' 6312 643
,
53
6312 633
63%
4 63
2418 .66
2714 Jan 504 Sept
24
Co, Inc, v t c _No Par 19 June 27 42%Mar 7
65
2
8
24
1,600 Wilson &
23
23
*22
2212 23
2112 22
91 Sept
Jan
66
100 64 July 13 89 Feb 8
w0 o prefco (F w)
D lwoa0
0
*6312 -- - - 634 -*6312 ---- *634
Jan 223 Nov
100 19918 Jan 24 23912May 11 137
2,0001
*229 237
23012 23012 234 236% 23512 23614 233 23514 *232 234
557 June.
263* Nov
461 8 10
25
2814 2032 267
1,300 Worthington P & M v t c_ _100 231* July 3 4018 Feb 15
25
*2318 25
25
*23
25
25 .24
11 Aug
6
Jan
84 Jan 17 11 May 17
*9% 10
100 Wright Aeronautical_ __No par
*912 10 1 *912 10
912 9% *912 10
*2411
tg12 12
* Did and asked prices: no sales on thls day. z Ex-lividend.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
309
Jan. 1 1909 the Exchange method of quoting bonds was changed and Prices are now "and iMerest"--exceP for Income and defaulted bonds
BONDS.
N. Y. STOCK EXCHANGE
Week ending July 20.
Price
Friday
July 20
Week's
Range or
Last Sale
17.4
Range
Since
Jan. 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending July 20.
Price
Friday
July 20
West's
Range or
Last Sale
.4tR
Range
Mee
Jan. 1
High
High No. Low
Ask Low
Bid
High
High No. Low
Bid
Ask Low
U. S. Government.
An& Birm 30-yr lat g 4s_e_ _1933 M S 674 6812 68
6812
3 65
68
First Liberty Loan
8034 8612
J D 100103, Sale 100432 10011,3 560 100 101.90 At!Knoxv & Cin Div 48_ _ _1955 MN 8138 8378 8118 July 23 ____
33% of 1932-1947
98% 9912
J D 98'',,981,, 9814 981432
4 974,, 98.90 At!Knox & Nor 1st g Ss__ _ _1946 J D 9958 _ _ __ 9834 May 23 -__ Cony 4% of 1932-1947
88
9184
in 9813,, Sale 980 980 237 96433299.10 At!& Chart A L 1st A 48_1944 J J 9134 93 9014 June'23 ____
,3
,2
Cony 4)1% of 1932-1947
96 100
in 97103,98103, 97133, July'23 _ - _ 97.0099.00
1st 30-year 55 SerB9518 9712 9814 July'23 ____
2d cony 4)i% of 1932-1947
825 89
8
8712 149
3
Atl Coast Line 1st gold 48.k1941 j j 86
87 85 8
1 44 M El
8
Second Liberty Loan
MN 9843, 980,3 98133, 9810,3 26 95343,98.70
-year secured 78
10
1930 MN 10612 Sale 10612 10612
0_
3 MA 1_8
4% of 1927-1942
MN 98133, Sale 9843, 9811,2 1728 96143198.88
General unified 4)48
1964 J D 85
52 51in
4
3
882
853 85 4
4
Cony 4).4% of 1927-1942
7612 83
8151 19
L & N coil gold 48
a1952 M 5 8138 Sale 81
'Third Liberty Loan
3
7378 78
741
MS 98343, Sale 98143, 97.00 4584 97 ,299.18 Atl &Daily 1st g 48
7412
1948 J .1 7314 81
0
4)3I% of 1928
4 61% 6S7
6518
2d 4s
1948 3 .1 65
68 65
Fourth Liberty Loan
AO 98",, Sale 98433 9813,, 3288 97432 99.04 ALI & Tad 1st g guar 4s
77
7718
1949 A 0 7618 7934 771 Feb'23 - --of 1933-1938
434%
933 95
8
AO 991432 Sale 9944,, 99403 1198 981733100.04 A & NW 1st gu g 58
12
19413 J 9434 ____ 9418 June'23 --__
,
Treasury 31348 1947-1952
d1930 Q J
,
10414 July'23 -_ 10213 104,
25 coma'registered
9315 97
14
9534 66
19253 J 9534 Sale 9512
d1930 @ J 10: - -- --_ 103 July'23 _
103 Salt & Ohio prior 33.48
_102
3
2s consol coupon
931 9414
1925 Q F
_k1925 Q J 9414 ____ 94 July'23 --Registered
8
,
.. 102 June'23 - - 1031 1035
4s registered
745 80
7812 112
1925 Q F
-year gold 48
k1948 A 0 7812 Bale 7818
, 1st 50
_ 10312 May'23 - _ 10313 1031
48 coupon
k1948 Q J 784
74% 78%
7434 July'23 -- -100 July'21 ------------Registered
Panama Canal 10-30-yr 28_ k1936 Q F
77
8212
1961 QM 9312 ----94l2 Apr'23 10
-year cony 414s
1933 M El .8084 Sale 795s
98
81
1, 9
Panama Canal 3s gold
798 85
1961 QM
83% 47
, Refund & gen 58 Ser A...1995 J D 9312 Bale 8234
9314 June'23 -.-- 931
Registered
, 963
4 60
99 1017
1929 J .1 10112 Sale 10118 1013
10
-year 6s
95
91
9
P Jet & M Div 18t g 3348_1925 MN 94 Sale 94
943
4
State and City Securities.
73
7912
P L E & W Va Sys ref 413_ _1941 M N 737 7434 73s
9934 101
9
10014
N Y City-434e Corp stock_1960 MS 100 10051 10014
7451 22
1964 MS 100 10038 10038 10051 20 10018 10278
Southw Div 1st gold 33433.1925 J .1 93% Sale 937
9113 9413
9418 65
434e Corporate stock
647
8112 6751
8
1966 AO 100 10051 10134 Mar'23 -- -. 10134 10212
Tol Jr Cin Div 1st ref 48 A_1959 J J 6434 Sale 641
44eCorporate stock
5718 60
1971 J D 1045s ___ - 108 Jan'23 -- -- 10714 108 Battle Cr & Blur 1st gu 35.1998 J D 548 59 .5718 Apr'23 ---4s Corporate stock
e
1936 J J 8778 9114 8951 Apr'23 ---863 8913
2 10412 10712 Beech Creek 1st gu g 4s
40s Corporate stock _July 1967 J J 1045s 10518 10412 104%
88
88
19363 J 841s ___- 8
4 m 23 ____
6 Feb'23
1985 ID 10458 10518 105 June'23 _
Registered
105 10718
4388 Corporate stock
-_
1936 3 .1
-----------13
1963 MS 10412 10518 10412 July'23 _
2d guar gold Is
10412 10738
4348 Corporate stock
1959 MN 9614 97
964 10014 Beech Cr Ext 1st g 3)48___51951 A 0 6878 ____ 60 July'22 ---9614 July'23 ._-_
4% Corporate stock
1944.3 D 80
1958 MN 9614 97
84 8014 July'23 -- -acii4 44
9638
9638
2 96% 997 Big Sandy 1st 45
4% Corporate stock
65
77 65 July'23 ---_
7512
1957 MN 10438 105 9638 June'23 --__
9638 10014 B & NY Alr Line 1st 4.3_ _1955 F A 65
4% Corporate stock
89 89
8
963
4
8
9512 9912 Bruns & W 1st gu gold 48_3_1938 J J 8784 8912 89 Feb'23 ---4% Corporate stock reg_ _1956 MN owe 963 9512
*
1957 MN 10438 105 10434 10484
1 10412 105 Buffalo R & P gen gold 58_ _1937 MN 10114 ____ 10114 June'23 ---- 100 1015
4348 Corporate stock
87
924
22
1957 M N 89 Bale 8812
89
Consol 4348
2 10412 10712
434% Corporate stock__ _1957 MN 10438 105 10412 10451
9912
95
977 95 July'23 ---1934 A 0 95
8714 91 Burl C R &Nor 1st 58
334% Corporate stock__ _1954 MN 8658 ____ 8712 June'23 - --1961 MS
10214 June'23 - --_ 10112 10312
New York State-413
94 10013
34
10212 June'23 ________ 102% 10212 Canada Sou cons gu A 58-.1962 A 0 98 Sale 9751
98
Canal Improvement 48_1981 J J
10912 Apr'22
____ ____ Canadian North deb 33 f 78 1940 J D 11212 Sale 11218 11284 14 112 115
Highway Improv't 4 a_1963 MS
8
1121e 38 1105 11334
1946 3 J 11288 11212 112
104% Apr'22 ---- ____ _ ___
25-year at deb 6348
Highway Improv't 4348._1965 MS
7612 801z
7912 110
1991 J
69 ___. 7114 Oct'20 ---_ ____ ____ Canadian Pac Ry deb 48 stock__ J J 7912 Bale 79
Virginia 2-38
1932 M S 8034 90 9212 Sept'22 -Carb & Shaw 1st gold 48
71
ment.
1949.3 J 88
728 6884 June'23 -- 68
4
Caro Cent 1st con g 4s
Foreign G
551g 94
2
1927 F A 10214 Sale 10178 10251 113 10014 10318 Car Clinch &0 1st 3-yr 58-1938 J D 9212 9314 9314
933
4
Argentine(Govt)7s
68
89 98%
97
1952 J D 97 Sale 9614
8414 27
7712 8414
611
Argentine Treasury be of 1909-- M 8 84 Sale 8212
1943 J LI 9034 Sale 9034
1981 J D 7518 83 8112 Dec'22 -90% 9384 Cart & Ad 1st gu g 48
9114 694
Austrian (Govt) 7s w 1
667 - - ;
687
1948.3 D 67
7213 8678 May'23 ---10034 100
914 10314 Cent Br U Plat g 48
Belgium 25-yr ext e f *Ss g-1945 J D 10058 Sale 100
68
50
Jan 19253 J 96 Sale 9534
93 983 Cent New Eng let gu 48_ _1961 J J 528 54 53 July'23 ---9612 50
notes
-year 6%
5
1941 F A 101 Sale 10018 101
94
33
3
1930 M S 9012 ____ 100 8 Dec'22 ---30
93 10314 Central Ohio 434,1930
-year s f 88
20
100 102
1945 M N 108% 10912 10812 10913 13 10712 10934 Central of Ga lit gold 5s-p1945 F A 100 101 100 June'23
Bergen (Norway) a t 833
9251 9812
1945 M N 110 Sale 109
3
95%
1945 MN 9512 Bale 95
Consol gold 58
33 10812 11312
110
Berne (City of) 8 f 88
1003
4 12
9958 101
10-yr temp secur 68_ _June 1929.1 D 101 Bale
88 94
78
90
Bolivia (Republic of) 88-1947 M N 8751 Sale 87
7412 81
Chatt Div pur money g 4s-1951 J D 7324 ____ 7412 May'23 ---8312
4
(City of) 15-yr 68_1934 M N 80 Sale 783
6912
80% 41
Bordeaux
1941.3 13 913% Sale 98
_ 96% Sept'22 -Mac & Nor Div let g 5E4_1946 J J 9114
9134 99
64
967
Brazil, U S external 88
94
94
1952J D 8214 Sale 82
1947 3 1 9134 ____ 94 May'23 -9 63
Mid Ga & Atl Div 55
80 8614
8234 40
78
97
9712
1952 A 0 10112 Bale 101
Division 58
9718 ____ 9918 June'23 --Mobile
9634 104
7348
10151 13
92% 97 4
1
8
9911015., Cent RR & B of Ga coll g 58_1937 MN 9034 927 9258 June'23 --10014 23
Canada (Dominion of) g 88-1926 A 0 10014 Bale 100
511-1931 A 0 9934 10018 9934 10014 48 99 102 Central of N J gen gold 55-1987 J J 10412 108 10412 10514
3 10312 108
do
do
do
1±1987 @ J 10312 108 10312 July'23 -- 103 105
1929 F A 10112 Sale 1013, 102
Registered
85
99 8 10212
3
10
-year 5348
8612 40
79% 873
4
1952 M N 9918 Sale 9834 100 353
977 102 Cent Poe 1st ref gu g 48_ _ _ _1949 F A 864 Bale 8534
5.3
2
go
90 9112
9088 so
Mort guar gold 3348.. _ _k1929 J D 89
4 103
52 100 10412
Chile (Republic) ext a f 8a 1941 F A 103 Sale 1018
79 8 84
3
1926 A 0 10258 Sale 102
9
807
3
Through St List gu 48-1954 A 0 80% Sale 8033
Externa15-year a f 843
10258 94 100 10312
1942 M N 95 Sale 945
931 9834 Charleston & Savannah 733._1936 J J 1145, ____ 11412 June'23 --- 11412 11412
8
9512 47
78
995, 95
94% 967
8
1946 M N 10212 Sale 10112 103
7
9512
13 10012 105 Ches &Ohio fund & impt 533_1929 J J 95
25
-years f 88
9734 10314
513100 11
1939 M N 9912 10012 9912
Chinese(Hukuang Ity) 5a of 1911.3 D 44 Sale 44
1st consol gold
441
5284
4 44
9714 9812
1939 M N 9614 99 9812 May'23 -(City) 8 f 88_ _ _1945 A 0 10912 Sale 10812 10912
Registered
Christiania
4 10751 11212
8078 86%
1992 M El 84 Bale 8318
9
84
General gold 4348
8
Colombia(Republic)6%8.-1927 A 0 9114 Sale 905
9114 '22
8813 95
1992 M S 78
-year 8 f 5%8_1944 J J 893 Bale 8934
8014 8011
8014 Apr'23 -81
9012 104
Copenhagen 25
4
8812 9212
Registered
85 89%
1944 M 8 9714 Sale 9718
8712 30
-year convertible 048...1930 F A 87 Sale 88%
20
9 9014 98
9714
Cuba 58
48
86
Mit
89
2
30
-year cony secured 58._1946 A 0 887 Bale 88
8712 9314
Ester debt of 58'14 Ber A_1949 F A 9178 Sale 90
10
917
1949 F A 82 Bale 82
19403 J 918 93h 9138 July'23 --9014 95
Craig Valley 1st g 533
8118 89
1
82
External loan 4345
1953 J J 9914 Sale 9914
7814 784
Potts Creek Branch let 48-1946 J .1 7412 797 784 May'23 ---99
9934
994 31
53.48
80 July'23 --- 76% 8012
It & A Div 1st con g 48_ _ _1989 J J 7938 81
Czechoslovak (Repub of) 88_1951 A 0 9318 Bale 9214
77 96%
86
94
744 76
1989.3 J 7318 ____ 75 May'23 ---4
2d consol gold 48
Danish Con Munielp 833"A"-1946 F A 1071 1073 1071 July'23 -___ 10612 10912
1946 F A 10718 10784 10712 10758
903 90 4
4
8
Warm Springs V 1st g533. A941 M S 90 4 9212 9084
3
4
8 1063 10912
1
90 4
8
/*Mee B
451)18 5312
5234 25
externals f Ss__ _1945 A 0 109 10912 10814 10914 13 107% 11034 Chic & Alton RR ref g 3s.._1949 A 0 5214 53 5251
Denmark
1942 J J 9618 Sale 95
____ 4814 ____ 53 July'23 ---New York Tr Co We
95 99
964 84
484 53
-year Os
20
4912 51
Stamped Oct'22 Int
998
1
50
.50
52 50
9514 100
36
Dominican Rep Con Adm 8 f 58'58 F A 9914 Sale 9812
1942 M 5 87
873 8714
4
46% 46%
Stamped Apr'23int.51 4658 Apr'23 --- 84 90
16
88
530
2518 331
91
29
Railway 1st lien 334e
9214 9814
175
97
1950 i--i 29 Sale 2814
Dutch East Indies ext 68-1947 J .1 97 Sale 9534
1962 M S 96% Sale 9512
12
4
7812 85
-Ill Div 33-433-1949 J .1 7912 793 793
9214 9712 Chic Burl & Q
968 281
-year 6s
40
80
4
1953 M 5 918 Sale 9078
871 9414
14
88
Illinois Division 48
19493 J 8718 8851 87
83
92
8512 90%
5348 trust rota
90 101
28
Nebraska Extension 48-.1927 M N 9618 Sale 9618
971 243
95% 97
97
French Repub 25-yr ext 88._1945 M S 9714 Sale 9612
.1941 J D 9412 Sale 9312
947 387
9534 9578
84 97
20-yr external loan 7348.
Registered
1927 MN 9818 ____ 957 Apr'23 --- 102 10214 10134 102% 144 10151 1043
83 8912
General 433
Gt Brit & Ire (UK of) 5345_1937
1958 M 8 8612 Bale 85%
8651 14
1929 F A 11284 1127s 1124 113 270 111 116
963 101%
3
10
-year cony 5348
1st & ref 5s
1971 F A 99 Bale 987
9914 27
a
1942 M N 774 Sale 75%
Greater Prague 7348
47
6631
65 8212 Chic City & Conn Rye 5s_ _ _1927 A 0 5518 Sale' 5518
773
8 88
5512 16
1952 A 0 93 Sale 92
93
Haiti (Republic) 68
92 98 Chicago & East III 1st 68_ _ _1934 A 0 10418 105 10418 June'23 -- -, 104 10612
.53
6
77% 8112
Italy (Kingd of) Ser A 634s.1925 F A 8612 Sale 9614
9212 9714 C & E III RR (new co) gen 58_1951 MN 781 Sale 7812
79% 215
9612
-E loan 4 33-1925 F A 93
92 9412 Chic & Erie 1st gold 55
Japanese Govt
9351 9234
8'114 9712
1982 M N 915 Sale 913$
9351 94
9151 17
19253 J 9218 Sale 92
87
931
Second aeries 4143;
91% 935 Chicago Great West 1st 48..1959 M 5 49 Sale 484
4912 36
47
12 58
1931 J J 8051 Sale 8051
4214 46
808
4 59
Sterling loan . _.
With Sept'24 coupon on----------431g 4
7984 8278
441a 10
4
44
4853
92
Oriental DevelopMent 68_1953 M 13 9158 92 91%
91% 9312 Chic Ind & Loulev-Ref 338_ _1947
1
2 40478 107 4
106 10734 106h 10612
88..1934 M N 7912 Sale 7834
-year
Lyons (City of) 15
Refunding gold 58
77 694 8388
80
94
9712
1947 J .1 9434 954 9612 June'23 ---Marseilles (City of) 15-yr 68_1934 MN 80 Sale 7812
32 (39% 831
80
Refunding 45 Series C_ _1947 J 3 81
3
7912 865
85 80 May'23 ---38 34
Mexican Irrigation 4348._ _ _1943 M N 32
General 58 A
3212 42
5
34
1966 M N 81 Sale 81
8014 84
Mexico-Extern loan £ 58 of 18991c1 J 54 Sale 5312
49
5812
83
54
General 68 B
4
c1966 J J 961. Bale 9612
87
9 12 10
9412 98
19543 D 344 Sale 32
3112 413
19
341
Gold debt 43 of 1904
Ind & Louisville let gu 48_1956 J J 70
78
78
74
78 Jan'23
19523 D 862 Sale 8812
1
861
85 9158 Chic Ind & Sou 50
Montevideo 733
8412
-year 4s_ _1956 J J 82
81
83% 8214
1
8214
114
97 102 Chic LB & East 1st 4348_1969 J D 8614
Netherlands 68 (flat Peas)._1972 M S 10154 Sale 10034 102
86% 90
8812 June'23
9 109 11234 CM & Puget Sd lst gu 43_ _ _1949 J J 5918 823 5812
11012
Norway externals f 833
1940 A 0 110 Sale 110
5812 68%
8
15
60
984 45
1952 A 0 978 Sale 97
97 100 Ch M & St P gen g 48 Ser A_e1989 .1 J 73 Sale 73
M
7014 74 4
3
7351 34
1
7
Panama(Rep)5348 Tr rects-1953 97 97
9712 Sale 97h
4
General gold 3348 Ser B._e1989 J J 8438 Bale 648,,
9751
6451
4 62 651
II 9712 Sale 94
3
9713
1961 3-93 9912
Porto Alegre (City of) 8s_
General 414s Series C
7812 133%
e1989 J .1 80
5
81
8051 81
19 105 ,1091±
Queensland (State)ext a f 78_1941 A 0 106 107 10618 107
3
6234
Gen & ref Series A 4%8_ _a2014 A 0 574 Sale 56
58
4
5712 6
1947 F A 10212 Bale 1007
-year 63
Gen ref cony Ser B 5,.. a2014 F A 6442 Bale 6242
25
s loth 24 100 10251
6458 03 62% 70
9513 12
1946 A 0 94
93 9914
95 9414
Rio Grande a Sul 88
Convertible 4348
1932 J D 6338 Sale 62
6312 112 62 68
93% 30
90 97
-year 8 188-1946 A 0 92% Sale 92h
84
48
Rio de Janeiro 25
791 78
76
1925 J D 79
71
79
5.8
6312
901 9712
1947 A 0 9212 Sale 913
4
92% 40
25
88
-year debenture 48
19343 .1 5812 5912 58%
5812
6
1952 M
9784
9714 9751 975
953 995
Chic & Mo Riv Div 58_1926 J J 971 9814 97
8
San Paulo (City) a f 88
2 96
98
9712
99% 21
9512 100 Chic & N'west Ext 48__1886-1926 F A 95% ____ 9512 July'23 --995s Sale 9834
San Paulo (State) ext 8 f 88.1936.3
94% 96
8614 56
1942 J
76
8614 Sale 8518
90
Reg stered
Seine (France) ext 78
933 95
8
12
1888-1926 F A 954 ____ 9512 June'23 - --5312 7812
84
69
8
Serbs, Croats dr Slovenes 88_1962 MN 685 69 88
General gold 3)433
7014 77
1987 M N 713 72% 7012
3
73
4
1936 NI N 82 Sale 8112
18 66% 85
82
(City) Os
soissons
Registered
111987 Q F 6951 ___ _ 7318 Dec'22 ---1939 J D 10484 Sale 10412 10514 53 10351 106
-year 6s
General 4s
4 'lois 87
Sweden 20
1987 M N 83 83% 82%
83%
Stamped 48
13718
Swiss Conferer'n 20-yr 8 f 88_1940 3 J 118 Sale 1154 11614 38 114 11914
79
1987 M N 83
84% 79 July'23 ---77 757 July'23 -- -M S 78
8
713 778
General 58 stamped
Tokyo City 58 loan 3311012
1987 M N 1007 10114 10034 10114
7 10024 10512
s
10334
9914 107
9
Sinking fund 68
Uruguay Republic ext &L.__ _1946 F A 103 10312 103
July'23 --- 10112 19814
1879-1929 A 0 10034 103% 108
1945 A 0 10912 110 109
6 109 1137
10934
Reglitered
8
Zurich (City of) 8 f 8e
1879-1929 A 0 99% ____ 10178 Apr'22 --Sinking fund 531
1
97 100'z
225= 2
1879-1929 A 0 97% 9912 97
97
9712 9712
Railroad.
Registered
97% Mar'23 -- -1879-1929 A 0
II 9318 95 94%
9412
921 96
1
Sinking fund deb 58
97 10118
Ala Gt Sou lst cons A 58... _ _1943 J
10038 16
1933 M N 100 10014 100
9951 10133
9918 994
Ala Mid let guar gold 58_ _ _1928 MN 9934 100% 997 July'23 - - -Registered
1933 M N 97 100 9918 May'23 ---1946 A 0 79
79% 78%
7834 18
10
78
-year secured 78 g
8112
Alb & Slum cony 33413
9 10534 110
1930 .1 D 108 Sale 10618 108
82 83
15-year secured 6)4s g_ _ _ _1936 M 5 10814 Sale 10712 10814
6 106 111
Alleg & West 1st g 48 gu.---1998 A 0 82 84 82 June'23 -- -1942 M IS 8578 894 82 June'23 - -.82 90 Chicit istered
%I & P
6
7918
76% 82
-Ratlway gen 48'88.3 J 7918 Sale 7838
Alleg Val gen guar g 48
k1995 Q J 57 Sale 5612
57% 28
56% 6651
75% 80 4
8
_
J J 75% -_ 7558 July'23 -- -Ann Arbor 1st g 48,
gots 8312
8912 127 844 9018
Refunding gold 48
3e
El 1 --Gen g 413_1995 A 0 8834 Sale 8812
76% 7551
Atoh Top &
764 82
1934 A 0 78
1995 A 0 86 _-_ 8638 July'23 _ _
81
8838 Chic St L & N 0 gold 5s
4
973 10112
Regiaterod
1951 J D 1001 10314 100 May'23 _1±1995 Nov 80
80 July'23 ---81
95% 95%
751 8212
.
95% June'23 --Adjustment gold 45
Registered1 D
1±1995 Nov 8018 Sale 8018
, Gold 33-88
8012 36
7614 827
78% 7912
4
Stamped
1951 .1 13 713 727 78% May'23
1955 J D 82
8234 82% July'23 - - -Joint 1st ref 5s Series A
76 8212
913 974
8
18
95
1963 J 0 9418 95% 9384
Cony gold 48 1909
19553 D 82
823 824
8
837
8
8211
80
2 78
82%
Memph Div lst g 48
1951 J D 7814 8212 80 June'23 _Cony 4a 1905
997 1003
8
_1960 .1 D 755 - --_ 99 May'23 -- -4
8
97 10414 C St L & P 1st cons g 58
1932 A 0 9912 ---- 10034 June'23 -- -Cony 4s Issue of 1910- -935 9612 Chic St PM &0 eons 68_1930 3 D 1054 105% 10558 July'23 --- - 10414 10712
9551 9412 July'23 --East Okla Div let g 48- _ _1928 M 5 94
797
J 78
78% 797
77% 83
1
9212 9212
9212 Mar'23
Cons 68 reduced to 33433._1930 J D 904 91
Rocky Mtn Div let 48._ _ 1965J_
8314 8218 July'23 - -- 8114 8654
923 96 4
8
8
Debenture 5s
1930 M B 933 9514 9612 July'23 --- Trans
-Con Short L 1st 48_1958 J J 83
1
91
87% 100 Chic 'I' H & Bo East 1st 58_1960 J D 82 Sale 8112
76% 82 2
7
8
82
Cal-Ariz 1st & ref 4)433"A"1962 M IS 911 ____ 91
Due Jan. d Due April. e Due May. g Due June. h Due July. k Due Aug. 0 Due Oct. p Due Nov. 4 Due Dec. s Option sale,
,
*No price Friday: lateet bid and asked. 41
.___
----
310
°BONDS
N. Y. STOCK EXCHANGE
Week ending July 20
New York Bond Record-Continued--Page 2
Z-g
t
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 20
Price
Friday
July 20
Week's
Range or
Last Sale
02 co
Range
Since
Jan. I
Rid
Ask Low
High No. Low
Bid
High Illinois Central (Concluded)
Ask Low
High
High No. Low
89
893 89%
2
89% 25
Purchased lines 3345
1952
875 9252
8
75% 77% 76 June'23
79
76
9814 Sale 97
Collateral trust gold 48
9812 37
1953 M N
97 10012
79% 8014 7912
7734 83
8012 20
114 1144 1133
11412
8 11278 11514
Registered
1953 M N
773
4
_ 76%
2
7832
76% 7814
10452 ____ 105 Apr'23
Ref 52 interim ctfs
1955 Ni 14 993 Sale 9934 100
10412 105
122
4
98 10032
71% Sale 7012
7112 53
15-year secured 5345
1934
101% Sale 101
70
75%
101% 56 100 102%
102 10212 102
102
4 10112 10314
15-year secured 6345 g
1 10912 110 Ill July'23 - -- 10712 111
1936
9412 967 9652 July'23 ____
Cairo Bridge gold 42
1950
95% 97
82% 87
8312 ---- 8312 June'23
88 Mar'17
Litchfield Div 1st gold 35_1951
6618 70
2
893 73
71 June'23
871i 893 87
87
2 -551s 163Louitiiv
4 Omaha Div & Term g 334s 1953 A 7212 7478 7212 July'23
7212 797
s
8814 ____ 88 June'23
Div 1st gold 3s_.1951
671s
8612 88
6734 69%
6734 June'23
9012 Oct'22 St Louis Div & Term g 35_1951
8812
71
68
70 June'23
8412
8414 June'23
1951
Gold 3343
8312 85i
7238
80
75
75 May'23
9714 9912 9714
9714
1
Spring( Div 1st g 33.4s_ _1951
99
7238
97
7812 July'22
9414
_ 9012 Jan'22 -Western Lines 1st g 4s
A
1951
83 May'23
"W 83
78
7912 79 July'23 -Registered
A
1951
76
8212
92 Nov'10
9214 Sale 92
9214
4
9014 9312 Ind B & NV 1st pref 45
1040 A
833 ____ 83 June'23
3
83 ift2
9514 10012 95% June'23
1950
95% 100 Ind Ill & Iowa 1st g 45
813 86
4
8312 June'23
8315 85%
101 102 1007
10112 44 100 102 Ind Union By 55 A
1965
95
9712 97 July'23
95 100
10218
_ - 102 June'23
10012 102 Int & Great Nor adjust 65 1952
3712 Sale 3812
35% 4914
38
102
833 88
4
84
8414
1952
18t mtge 62 ctfs
8018 88
8952 Sale 89
3
90
44
87
975
2
753 7712 7712 June'23
4
1938
6312 65
7514 78% Iowa Central 1st gold 55
667 July'23
2
67
73%
77
7814 7712
7712
5
Refunding gold 45
1951
29 Sale 2812
74% 8132
2912 48
2812 40
783 ____ 84
4
Apr'23
8212 84
8152 8212 8152 June'23 -803 82,4 James Frank & Clear let 45_1959 3D 84
s
84
84
2
82% 87
10214 10412 10412 June'23
103% 1063
2
98
99
0412 July'23 --__
1938 Ji
9412 98 Ka A & G R 1st gu g 55
927
9212 June'23
A0 76% 7712
1st gu g 4s
1990
92% 95 Kan & M
797
_
75
93 Mar'22
1927 Ji 957 9914 96
2d 20-year 58
2
96
2
95% 97
943 9612 '91 Nov'2I
KC Ft S& M cons g 68
1928 MN 10112
10112 1013
4
6 10012 10234
943 0612 104 Dec'15 -2
K C Ft S & M Ry ref g 4s__ _1936 AC 7514 Sale 7452
7514
17
73% 7912
774 ____ 9612 Feb'12
K C&M R&B 1st gu 55
1929 AC 92
9312 9312 June'23
9252 95
90% Dec'12
7953
Kansas City SoU 1st gold 38.1950 A0 6612 Sale 6618
6612 20
83 4 88%
3
67
Jan'21
Apr 1950 JJ 85 Sale 8312
Ref & impt 55
79 4
,
85
32
83
893
2
8912 92
903
2 -55- 98 Kansas City Term 1st 4s_ __ _1960 JJ 81 18 Sale 803
908
8
81% 47
78% 83 4
4
3
102l
22 101 106
1027 Sale
103
Kentucky Central gold 45__ _1987 Ji 80
s
____ 82 June'23
81
83%
9519 Sale 95
9512 320
943 9512 Kook & Des Moines let 55_1923 AC 7012 72
4
65
71 July'23
92
798 80 8012 June'23
8012 85 Knoxv Sr Ohio 1st g 68
1925 J J 1003 10114 1007 July'23 -_ 1003 101%
4
4
8
917
3
911 92 8 917
3
s
9034 9312
823
2 12
8212 Sale 82
81
10
91% 97
95
87% Lake Erie & West 1st g 55__1937• J 04
9232
94
767 78 July'23 -2d gold 55
1941 J J 8212 8434 83 June'23
78
78
814 86
76 July'23
763 _
4
1997 3D 741 76
803 Lake Shore gold 334s
4
4
4
78
72% 7812
753
7512
15
86
88 Sale 86
Registered
1997 3D
7258 74
80
7312 75
87
74 July'23 -_
10212 Sale 102
1023
4
3 102 10512
Debenture gold 45
1928 NI
92
94% 61
935 9432 94
96
9118 June'23
1931 MN 92 Sale 9152
91
9052 9312
25-year gold 45
923
4
9214 60
Sale 843
85% 130
8552
4
Registered
1931
N
83
52 90
904 ___ 8512 July'21
12
93 Sale 92
93
-511i4 97
90
98 Leh Val N Y 1st gu g 43is- _1940 J J
10018 21
100 Sale 99
Registered
90
32
2
98 10212
1940 ii 89
51%12 _5 _2_ 9232 June'23 _3 2 5314
92%
10712
10712 108 107
2 105 1113 Lehigh Val (Pa) cons g 4s
2003 M
7818 8112
7712 '19
7712 Sale 7712
4
887 ____ 87 May'22
2
General cons 4346
2
85
9212
2003 MN
885 Sale 8512
88%
7412 Sale 74
7412 79
72
2
78'2 Leh V Term Ry 1st gu g 55..1941 AC 1013 ____ 10112 July'23 --__ 10078 10214
78
79
_--773 July'23 4
Registered
1941 AC 9814
71378 80
13 Mar'12 -853 Sale 8412
4
7
853
4
3
8 101) s 105
s
10258
82
2
88 Leh Val RR 173-yr coil 66_ _n1928 MS 1017 1023 I017
a
4832 Sale 4614
473 513
4
8015 8512
48 4 58 Leh & NY 1st guar gold 45 1945 131 5 8012 83% 80% July'23 -,
4912 Aug'20
9718 993%
5. 3 _12_
84 .
2
Lox & East 1st 513-yr 55 g11-1985 AO 084 Sale 98
4018 4512 4712 June'23
81
81
1962 MN 80% ____ 81 May
"i8- 5458 Little Miami 4s
421 Sale 4232
4212 27
_
1035 AC 1053 __ 10812 Nov'22
42 3 5314 Long Dock consol g 68
8
2
483
4
_ 4612 July'23
1 -Ws 98
4812 50 Long laid 1st cons gold Ss__ h1931 @ J 9712 ____ 9712
9712
40
'
46 June'23
9O5 9214
11931 Q J 871 a ____ 9212 May'23
1st consol gold 48
46
50
40
41
46 June'23
General gold 413
81
81 July'23
1938
83
46
88
46
8512
81% Mar'23
1932
Gold 42
804
8112 8112
3812 42 42
1
42
1949 MS 754 83
81
75 July'23 --__
Unified gold 45
3/3- 45
75
934 Sept'22
92
1
2
1934
91
94
9
Debenture gold Is
9212 95
751k 7518
20-year p m deb 58
75% Feb'23
1937 MN 8112 83 8314 July'23 --_
82% 8512
80
60
60
7
70
773
4
6
7612
Guar refunding gold 42._.1949 MS 76% 78
75
83
60
65
863 Sale 8614
4
Nor Sh B 1st con g gu 55,a1932 Q J 895 ____ 93 June'23
8712 30
2
92
03
85
003
4
9912 ____ 9814 Apr'23
94
8
...1927 MS 94 Sale 94
93
9814 993 Louisiana & Ark 1st g Is.
9412
2
99 100 1003 June'23
4
2
7853
983 1003 Lou &Jeff Bdge Co gu g 48 1945 MS 7812 7953 7852
77
2
83
4
953 _
2
1
102
102
1937 MN 102
9512 9812 Louisville & Nashville 5s
97% 103
9558 July'23
748
4
75
76% 77
37
Unified gold 46
1940 .7 J
9014 Sale 89'i
74
874 92
80
98091144
Registered
J
May
9014 9014
1940
Collateral trust gold 5s
845 ____ 8412 July'23 _
1931 MM 0812 9912 9812 July'23 -_
8412 90
97% 10112
903 033 9312 June'23
2
2
9112 9312
1930 MN 10852 10735 1073 July'23 --__ 106 109
10-year secured 75
4
9814 99
974 July'23
30 10114 1054
1st ref 534s
105
2003 A0 105 Sale 104
97 100
9812
99
27
97 4
,
1930
J 102 105 10212 July'23 --__ 101% 103
9812 9912
N 0& M 1st gold 65
977
1
4
4
973 983 97%
2d gold 88
9752 10014
9712 10112
1930 J J 9812 ____ 10112 Feb'23
103 10312 103
10318 15 10212 1043
Paducah & Mem Div 45_1948 FA 823 8358 833
1
8
8335
833 8418
2
2
4
574 58
5714
58
48
5812 63
St Louis Div 2d gold 35.. _1980 MS 585 613 60 July'23 --__
6412 68%
4
57 Mar'22
5012 55
L&N&M&M 1st g 43481945 M
_
9218 96
9212
9212 July'23
4652 Sale 46
483
2 39
80 4
3
L & N South joint M 46_ _1952 J J
7812 80
75
7712 Sale 7712
4714 June'23
Registeredt
-i3
43i'2 714
11952 Q J
7312 7312
22
8514 86
85 July'23
82
95
uge 23
853 Loulsv Cin & Lox gold 434s_1931 MN 93% __- 93% JA r:23
97%
7
4
8
497 Sale 4818
2
498 55
4112 52
49 Sale 483
4
49% 118
1934 J J 98 100
4214 52 Mahon Cl RR 1st Is
9812 9811
9812 July'23 --- 53 Sale 51
53
85
43 4 6412 Manila RR (Southern Lines) 1939 M N
1
3
2
64
71
July. 13-_
96 2
63
87 Sale 87
87
1
84
89% Manitoba Colonization 55_1934 .1 D 9612 Sale 9312
95% 974
66
85 Sale 85
85
30
Man GB&NW 15t 33is_ _ _1941 J j 813 ____ 82 May'23 4
82
82
84% ____ 82 Apr'23
83% 85 4 Mex Intern/0'1 1st cons g 45_ 1977 AI
931 M
2
53
,
77 Mar'10 -88 Apr'21
Michigan Central 547
165"
1 -6518 116100
00
6912 Apr'21
12:Metered
4
95% ____ 10013 May'23
9712 10012
99
9912 Dec'22
1931 1 M 86
54
0
J
888 8812 July'23.
86
884
9412
9419 June'23
94l 94t
1940
J 85
88
86 May'22
86
86
93
96
9212 July'23
1952mN
,1 l S 7812 79
5
91
J L egS lst gold 3M5
a& istered
93 4
3
80 Feb'23 ---_
80 80
853 87
855
4
853
4
85% 89
7712 793 7935 June'211
4
7714 84
873
4
68 July'23
debenture 46
12t5e5airddVbes
1949 A 0 913 Sale 91
90
2
20-y
65
72
2
915s 11
893 93
2
81 June'23
79
Mid of N J 1st ext 5s
81
8814 87
Apr'23 -87
87
100 1013 102 July'23
2
993 103 Milw L & West imp g 58 1929 F A
4
9952 100
9912 May'23
98% 100
8212 8412 86 June'23
Ashland Div 1st g 82
1925 M S WO% ---- 10112 Nov'22 -85
873
8
1073 108 1077 June'23
2
s
Div let gold 85
1924 J J 1003 ____ 1007 Mar'23
Mich
107 109
4
10073
96
9812 974 June'23
1 3 1
4
9512 995 Milw & Nor 1st ext 43is......193 j D
8
89 June'23
8814 snit
96
98 96 June'23
05
9312 98
Cons extended 4345
9 4 925 91 June'23
91
89
883 893 893
2
4
3
4
893
4
8514 893 Mil Spar & N W 1st gu 45_ _1947 M 13 8812 Sale 8812
4
8612 15
89
84
84 Sale 84
84
2
1941 J
82
76
86
883 Milw & S L 1st gu 33.58
6612 Aug'21
8
82
82
1
St Louis 1st 75
1924 .1 D 102
93 1‘4 N
7
7912 82 Minn &
____ 1013
4
102
5 loot,
90
9112 9038 May'23
1st consol gold 55
____ 723 70
90
8
9112
7212
6
76
68
6114 62 61 May'23
c1
1949 M S
Defdr e ft3 1ng Iold 4s
1st arex un0_ yr gs ser A._1,62 Q F 33 Sale 3212
60 4 64%
3
34
23
40
30
993 ____ 9914 June'23
34 Sale 33
9914 9912
34
6
32
39%
94
1935 j j
8
M St P &SSM song 4sIntgu•3 j j 8712 Sale 87
8712 21
845 91:113
8
8712 93
92
92
1
styear
89
92
10_ eons
98 100%
11214 Sale 112
11258 18 112 115
coil trust 63is
1946 LI 6 103 Sale 103% 1054 20 10014 106
,1 M 3
3
55
531
5
10314 Sale 10314 1037
21 1023 105
100 1007 101 July'23 ---65 A
4
s
9952 10512
83
8914 10112 Apr'07
1st Chicago Terms f 45_ 1941 MN 887 --- 9212 Dec'22
s
108 Sale 1073
4 10812 108 10618 11112 MSSM&A 1st g 45 int gu_1926 .1 J 9658 98
9612 June'23 --itiTs If8814 8914 883
2
5
Mississippi Central 1st 5s
1949 J
8912
8814 __ 101) July'23
87
9212
8814 loo
82
Oct'22
Si K & Okla 1st guar 55._ _ _1942 M N
915 May'23
91% 94
993 Sale 9914
993
4 65 "iiTs 10238 Mo Kan & Tex-1st gold 58_19 9 1 73 7452 Sale 7453
1 96 3 3
0
2
7312 8014
755
42
64 803 June'23
60
2
77 Sale 7614
60
75 Mo K & T Ry--Pr I 55 Ser A_1962 J J
773
02
744 83%
714 Sale
74
714
-year 45 Series B
40
643 Sale 633
8
6432 13
718 13 4
,
4
614 8712
69 Apr'21
SeriesSeriesC1932 J J 947 Sale 943
D100-myea
87
95
92% 9 %
6
8114 82 8212 July'23
A__ _1967 J J 5114 Sale 493
84l
wir11171t 5s
55
78
5112 931
48% 63
733 74 July'23
4
70
7212 7812 Missouri Pacific (reorg Co)
83
843 843
4
4
843
4
80
80
1st & refunding 58 Ser A..1965 F A
79
8012 80
86
867
2
4
8012
7614 -___ 8112 July'23
81
1st & refunding 55 Ser C_ _1928 F A 9512 96
8112
4
954 963
6
9512
95%
9712 975 9712 June'23
973 F N
9552 973
1st & refunding 6s Ser D 1949 ni A 9314 Sale 9214
4
9012 09
9314 65
873 01
2
90
90
General 45
893 93
4
5412 Sale 5234
6314
52
5412 69
98
98 May'23
03
954 98 Missouri Pacific
9358
0312
97
93
j
1948 m N 80
935
93% 98
3d 78 3xtended at 4%
7912 81%
82
80 July'23
7012 85
87 Mar'23
_
.1945
2
87 87
91% 917
Mob & Bir prior lien g 5a..
9112
2
017 June'23
82
285
817 Sale 7912
Mortgage gold 42
73%
5
7014
76% 84%
70
7114
7114
8
807 230
8
j
81 Sale 587
N(.4 ro 10112
1 .s
55
100 10412
52
643 Mobile & Ohio new gold 65_
2
0052 July'23
8812 June'23
11927
100%
10034 103%
8813 92% 1st ext gold 8848
0138 June'23
8312 Sept'21
89
84
1938
General gold
72
52 7812
73
75
8
725 June'23
78
8012 78 July'23
Montgomery Div lst g 551927 F D 91
,
4
94%
7714 83
CO
A
98
93 July'23
80
Oct'22
80
76
St Louis Div 55
9512
94
94
96
95 July'23
77% 8012 83 Feb'23
2
1938 Si S 75
78%
82
75
83 Mob & Ohio coil tr g 45
76
7612 76
79
76
Molt & Mal 1st gu ads
1991 51
82% 8314
8114 _
823 May'23
2
8318 1;11; 25 ___
1
72
51
2 10912 111
094
Mont C 1st gu g 6s
1937
J 109 110
10918
833
8258 8312 8212
Registered
1937
J 107 10912 3614 May'16
7712 85%
7814 8012 958 SePt'19
1st guar gold 52
-55r,10158
1937
.1 9913 100
9914 June'23
8512 16
8512 Sale 8538
82
883
4
this week. a Due Jan. b Due Feb. c Due June. 1 Due July. n Due Se. 1
0 Due Oct. 3 Option sale.
Chic Un Sta'n lst gu 43'8 A _1963 J J
1963 J J
55 B
1983 J J
1st Series C 6%5
Chic & West Ind gen g 66 51932 Q M
1952 J J
Consol 50
-year 45
1935 M
15
-year a f 7,34s
Choc Okla di Gulf cons 6&.1952 MN
C Find & Ft W 1st gu 46 g_._1923 MN
1937 J J
Cia H & D 2d gold 43.s
11936 Q F
C I St L & C 1st g 46
/1936 Q F
Registered
1942 MN
Cmn Leb & Nor gu 45 g
1928 J J
Cin Si& CI cons lat g 5a
Clear(& Mah 1st gu g 55- - - -1943 J J
Cleve Cin Ch & St L gen 46_1993 J O
1931 J J
-year deb 4s
10
1993 J D
General 58 Series B
1929 J J
Ref & impt 65 Series A
1941 J J
Cis C
1939 J J
Cairo Div 1st gold 45
Cin W & M Div 1st g 461991 J
St L Div 1st coil tr g g 45_ _1990 MN
1940 Si S
Spr & Col Div 1st g 4s
1940 J J
W W Val Div 1st g 46
CCC&Igenconsg65
1934 J J
Clev Lor & W con tat g 58 1933 AO
CI & Mar 1st gu g 4348
1936 MN
Clev & Mahon Vail g 55
1938 J J
CI dr P gen gu 4%8 Ser A
1942• J
Series B
1942 AO
1942 AO
Int reduced to 33is
Series C 33is
1948 MN
1950 FA
Series D 330
Cleve i-hor Line 1st gu 4345_1961 AO
1972 AO
Cleve Union Term 530
1073 AO
be (w I)
Coal River Ry 1st gu 45
1943 J D
Colorado &South 1st g 45_ 1929 FA
Refunding dr eaten 4346._1935 MN
Col & II V 1st ext g 46
1948 AO
1955 FA
Col & Tol 1st ext 45
-year 56 g__ _1952 J J
Cuba RR 1st 50
1936 .1 D
181 ref 734s
.1
Day & Mich 1st cons 4545._ _1931
Del& Hudson 1st & ref 48-.. _1943 MN
1935 AO
30
-year conv 55
1937
N
534s
1930 J D
10
-year secured 75
D RR & I3dge let gu 48 g
193 FA
6
.•7
Den & It Gr-Ist cons g 45 1936
1936 1 J
Consol gold 4345
Improvement gold 58... 1928 J D
1955 FA
1st & refunding 56
do Registered
Bks Tr stmp ctN Feb '22 int _
Farmers L&Tr rcta Aug '55_
Bankers Tr ctf5 of dep
do Stamped
Am Ex Nat Bk Feb '22 etfs_
do Aug 1922 etre
Des M & Ft D 1st gni 46_ ___1935 1 .j
Des Plaines Val 1st gu 4346-1947 MS
Del & Mack-1st lien g 4s_ _1995 J D
1995• D
Gold 4s
1981 MN
Det Ely Tun 434s
Dui MIssabe & Nor gen 58._1941 j
Did & Iron Range 1st 55_ __.A937 A0
1937 AO
Registered
Dul Sou Shore & Atl g Is. 1937 j
E Minn Nor Div 1st g 41948 AO
E Tenn reorg lien g Is
1938 MS
E T Va & Ga Div g 56
1930 .t
1956 M N
Cons 1st gold 56
Elgin Joliet & East lat g 58_ _1941 MN
Erie 1st consol gold 78 ext _1930 M S
1996 j
1st cons g 45 prior
Registered
1996
.7
lst consol gen lien g 48 1996 j
Registered
1996
.1
Penn coil trust gold 46_ _1951 FA
-year cony 45 Ser A 1953 AO
50
1953 A0
do Series B
1953 AO
Gen cony 46 Series D
Erie &Jersey 1tsf6s
1955 J
1940 „t
Erie & Pitts gu g 3345 B
1940 .1
Series C
Evans & T H 1st gen g 55__ _1942 AO
1930 AO
Sul Co Branch 1st g Es
1924
Fargo & Sou 6s
J
Fla Cent & Pen 1st ext g 55_1930
1943j J
Consol gold Is
Florida E Coast 1st 4345__ .1959J 13
Fonda J & Glov 4345
1952 M N
Fort SCUD Co 1st g 4348-1941 .1 .1
Ft W dr Den C 1st g 5346_ _1961 J D
Ft Worth & Rio Gr 1st g 45_ _1928 J J
Frem Elk & Mo V 1st 65___ _1933 A 0
1931 M N
II drf3 A M & P 1st 55
1931 J .1
2d exten Is guar
Galv Boos & fiend 1st 58_ _ _1933 A 0
Genesee River 1st 5 f 136_ _A957 .1 .1
Ga & Ala Ry 1st con 58_ _.1945 J J
0aCar & No 1stgug5q_..1929J j
1948 A 0
Ga Midland 1st 38
1924 M N
Gila V G & N 1st gu g 55
19:42 .1 13
11
GoU & Oswegacell 5
GrR& I ex ist gu g 4345_ _ _1941 J
Grand Trunk of Can deb 75_1940 A 0
1936M
-year f (is
15
1947 J D
Grays Point Ter fis
Great Nor gen 76 Series A_.1936
1st & ref 4345 Series A._ _1961 J J
1961 J J
Registered
5;i51952
J
Green Bay & W deb call "A"____ Feb
Feb
Debenture ctfs "B"
Greenbrier By 1st gu g 424_1940 M N
Gulf & S lst ref & t g 50_ J71952 J J
Harlem R & Pt Ches 1st 48_ .1954 M N
Hocking Val 1st cons g 430.1999 J J
1999 J .1
Registered
1937J J
H & T C 1st g 56 int gu
Houston Belt & Term 1st 56_1937 1 J
1933 M N
Hous E & W T 1st g 5s
1933 M N
1st guar 55 red
Housatonic Ry cons g 55- --1937 M N
Hud dr Manhat 55 Series A1957 F A
1957 A 0
Adjust income 56
Illinois Central 1st gold 45 1951 J J
1951 J J
Registered
1st gold 330
1951 J J
1951 .1 J
Registered
Extended 1st gold 3345_ _1951 A 0
1951 A 0
Registered
1st gold 36 sterling
1951 M 13
Collateral trust gold 45_ _1952 M 73
Registered
1952 A 0
1st refunding 45 ..... ..1955 M N
*No price Friday; latest bid and asked
Price
Friday
July 20
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending July 20
& E 1st gu 3S.6s
2000J D
Nashv Chatt & St L 1st 58_ _1928 A 0
1937 F A
N Fla & S 1st gu g 58
Nat Ry of Ntex pr lien 4Yis_ _1957 J J
July coupon on
do off
1977 A 0
General 4s (Oct on)
April coupon on
off
do
Nat RR Nlex prior lien 4Y65_1926 J J
July coupon on
do
off
1st consol 48 (Oct on)____1951 A 0
April coupon on
off
do
Naugatuck RR 1st 48
1954 M N
1945 J .1
New England cons 5s
Consol 4s
1945 J J
NJ June RR guar 1st 4s_ _ _ _1986 F A
NO&NE lstref & imp 4%sA'52 J J
New Orleans Term 1st 48_ _ _1953 J J
NO Texas & Mexico 1st 6s 1925 J D
Non-cum income 58 Z_ _ _ _1935 A 0
N & C Bdge gen gu
a_ _ 1945 J J
N Y B & 51 B let con g 5s__ _1930 A 0
NY Cent RR cony deb 6s.1935 M N
Consol 4s Series A
1998 F A
Ref & impt 4Ms "A"__ _2013 A 0
Ref & Impt 5s
2013 A 0
NY Central & Hudson River
Mortgage 3)4s
1997 J J
Registered
1997 J J
Debenture gold 48
1934 M N
Registered
1934 M N
30
-year debenture 4s
1942.8 J
Lake Shore coil gold 33.45. 1998 FA
1998 FA
Registered
Mich Cent coll gold 350-1998 FA
1998 FA
Registered
N Y Chic & St L 1st g 48---1937 AO
1937 AO
Registered
1931 MN
Debenture 45
1931 MN
2d 6s A B C
NY Connect 1st gu 450-1953 FA
A
1947
N
NY & Erie 1st ext g 42
1923 M S
3d ext gold 4;55
1930 A 0
4th ext gold 5s
1928 .1 D
5th ext gold 48
1946 M N
N Y & Green L gu g 55
2000 M N
N Y & Harlem g 35i8
N Y Lack & Western 55._.1923 FA
1930 M
NYLE&W 1st 7sext
1943 J J
Dock &
55
1932 FA
N Y & Jersey lat 58
N Y & Long Br gen g 48-1941 M S
NYNH& Hartford_1954 AO
Non-conv deben
1947 MS
Non-cony &ben 48
,
Non-cony deben 3503-1947 MS
1955 J J
Non-cony deben 48
1956 MN
Non-cony deben 48
1956
J
Cony debenture 3545
1948
J
Cony debenture 6s
1957 MN
4% debentures
1925 AO
75 European Loan
1925 AO
Francs
Cons Ry non-cony 4s___ _1930 FA
1954 J J
Non-cony 43
Non-cony deben 4s_ __ _1955 J J
Non-cony deben 4s__ _ _1956 J J
NY & Northern 1st g 58.-1927 AO
NYO&W ref Ist g 48._ p1992 M S
Registered §5.000 only. _51992 NI S
1955 J
General 4s
1942 AO
NY Prov & Boston 4s
N Y & Pu 1st cons gu g 4s _1998 AO
1927 51 S
NY&RB Ist gold 5s
J
N Y Susq & \V 1st ref 58.1937
1937 FA
2d gold 4148
1940 FA
General gold 58
1943 MN
Terminal 1st gold 58
NY W'ches &Hist Ser I 411'0.46 J J
F A
Norfolk Sou 1st & ref A 5s_
Norfolk & Sou 1st gold 5s_ _ _1941 M N
_1931 M N
Nonf & West gen gold 63
1934 F A
Improvement & extg
1932 A 0
New River 1st gold
N & W Ry 1st cons g 4s_ _ _1996 A 0
1996 A 0
Registered
Div'l 1st lien & gen g 45_1944 J .1
..1938 M S
10-25 year cony 4)45.
192951 5
10-year cony 66
1941 J 0
Pocah C & C joint 4s
North Ohio 1st guar g 58
1945 A 0
1997 Q .1
Nor Pacific prior lien 4s
Registered
1997 Q
General lien gold 35
a2047
F
Registered
a2047 Q F
Ref & impt
ser A__ _ _2047 J .1
ser
2047J J
5s0
2047J .1
58 D
2047J .1
St Paul-Duluth Dly g 4s_ _1996 .1 D
St Paul & Duluth 1st 55_ _1931 I F
1st consol gold 45
1968 J
Nor Pac Term Co lot g 68_ _1933 J J
1938 A 0
No of Cal guar g 58
1930 J J
North Wisconsin 1st 63
Og & L Cham 1st gu 4s g__ _1948 J J
1943 M S
Ohio Conn Ity 45
1936 1 D
Ohio River RIt 1st g 55
General gold .58
1937 A 0
1927
.1
Ore & Cal 1st guar g 55
1946
D
Ore ItR & Nav con g 48
-1st cons g 58.'46
.1
Ore Short Line
1946 .1 J
Guar con 55
1929
D
Guar refund 48
Oregon-Wash 1st & ref 45._ _1961 J .1
1946 .1 D
Pacific Coast Co 1st g 5s _
Pac RR of Nlo 1st ext g 45...1938 F A
1938
J
2d extended gold 58
.2
Paducah & Ills lets f 4Sits__ _1955
Paris-Lyons-Med RR 63. .1958 F A
1942 M 8
Paulista Sly 73
Pennsylvania RR-cons g 481943 M N
1948 M N
Consol gold 48..
May 1 1908 NI N
48 stamped
1960 F A
Consol
1065.8
General .00
1968 J D
General 58
1930 A 0
10
-year secured 75
1936 F A
15-year secured 048
Pennsylvania Co
Guar 3314 coil trust rugA _1937 NI S
Guar 3l4s coil trust Ser B_1941 A A
Guar 3545 trust ctfs C_ _ _ _1942 J D
Guar 3%8 trust ctfs D....1944 J D
Guar 15-25-year gold 4s._1931 A 0
1952M N
Guar 4s Ser F
Price
Friday
July 20
Bid
Ask
7518 76
9918 100
98 100
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 20
On
311
Price
Fridag
July 20
Week's
Range Or
Last Sale
45'
Rn
Low
High
High No. Low
Ask Low
Bid
1110 No.
,
2
7614 June'23
7014
743 78 Peoria & East 1st cons 45_ __1940 A 0 7014 7012 7014
4
Income 45
993
2
8
100
2138
34
1990 Apr. 2138 2214 2138
985 101
8
98 June'23
9514 10
98 Pere Marquette 1st Ser A 5s 1956 J 1 95 Sale 9412
98
1st Series B 45
31 Sept'22
6
4
793
79
Si)
1956 J J
7912
277 Sale 2718
8
3
8912
1943 NI N 863 913 8912
285
4
8 22 -65- 323 Phlla Bait &W 1st g 45
8
4
2772 28 May'23
43
6
35 Philippine Ry 1st 30-yr a f 4s 1937 .1 J 4212 Sale 42
28
264 Jan'23
1940 A 0
94 June'23
264 2618 PC C & St L gu 43,s A
2812
Series 13 45.4s guar
1942 A 0 9414 ____ 94 June'23 ____
Series C 4145 guar
30
2912 May'23
1942 NI N
9414 Apr'23
93
2712 - 6 2
2 1Series D 4s guar
3814 June'22
1945 NI N 9114 ____ 893 Feb'23
4
3918
423 June'23
Series E 354s guar gold
4
1949 F A 905 ____ 8412 Apr'23
8
44
28
45
Series F guar 45 gold
4438 May'23
1953 J D 9138 ____ 9112 June'23
8
443 443
8
Series G 48 guar
28 Apr'23
1957 NI N 9118 ____ 91 18 June'23
28
27
Series I cons guar 434's_ -.1963 F A 9218 ____ 9212
2612 June'23
9212
2
2412 2612
Series J 4545
28
2712 June'23
1964 M N
9212 May'23 __ _ _
_
24
2812
General 5s Series A
6818 May'23
1970 J D 9212-- - 963
957 963
8
4
6818 6818
4
9634
2
90
Pitts & L Erie 2d g 55
9012 Mar'23
a1928 A 0
99 Nov'22 ___ _
90'28
69
7514 June'23
8
743 7514 Pitts Melt & Y 1st gu 65_ _ _1932 J .1 10234 ____ 105 Dec'22 -__
773 ____ 82
8
2d guaranteed 68
Jan'23
1934 .1 J
___ 9514 June'20 _ ___
82 82
7884 Sale 7814
1940 A 0 99129714 100
9918 June'23 __ __
784 16
77
8112 Pitts Sh & L E 1st g 58
74
75
1st consol gold 5s
1943 .1 J
7414
76
9514 ____ 100 Feb'23 ____
4
7318 793
4
10114 Sale 10012 10114
18 100 10112 Pitts Y & Ash 1st cons 5s__ A927 NI N
__ 98 June'22 __
4
753 Sale 7534
7612 12
99-35 June'23 __ _ _
84 Providence Secur deb 4s___ _1957 M N ____ 40
75
90
927 9012 May'23
1956 M S 7518 ---- 885s Feb'18
8
__
8914 9012 Providence Term 1st 48
917
8
1997 .1 J 88 Sale 84
93 June'23
324
88
94 Reading Co gen gold 48
93
10414 Sale 1034 10412 127 101 106 4
Registered
1997 J J 8514 ____ 82
858
4
7
,
Certificates of deposit
8314 Sale 803
8
8314 68
137
88
873 Sale 8354
4
764 824
883 Sale 85,
4
Jersey Central coil g 4s__ _1951 A 0 8112 8212 82
2
8
86
82
42
8414 884
96 Sale 9512
96
216
927 984 Renss A. Saratoga 20-yr 6s1941 MX' 10812
8
Rich 35 Dan 58
1927 A 0 973 I8I4 98's June'23
4
7312 741s 737
8
1948 NI N 683 70
72 Mar'23 __ __
g
7412 11
72
773 Rich & Meck 1st g 55
4
7218 74
1952 1 J 9712 100
7112 May'23
9612 June'23 __ _ _
7112 7112 Rich Ter 55
89 Sale 8714
1939 J D 83
89
99
83 July'23 ____
26
8
8612 915 Rio Gr June 1st gu 58
2
'28
,
1940 J J
8912 Mar'22
8658
Rio Gr Sou 1st gold 48
____
9
9 June3 3 __ __
34
855 874 855
8
1940 J J -- -8
12
Guaranteed
6
853
4
- 3
6(672 Sale 71
72
775
8 15
1939 J J 7714 Sale 7678
9
6818 76 Rio Gr West 1st gold 48
6918 71
Mtge & coll trust 45 A__ 1949 A 0 ____ 6132 6012
6914 July'23
613
s 34
6914 73
724 7414 727
15
8
73
76
7114 77 RI Ark & Louis 1st 003_ _1934 M S 76 Sale 7512
70
Apr'23
69
74
1949 J J 65
70
Jan'23
75 Rut-Canada 1st gu g 48
70
864 88
Apr'23
87 July'23
2_ 80
1941 J .1 761
837 9014 Rutland 1st con g 4Ms
8
844
8612 June'23
1947 J J 683 - 4 74
6914 June'23
8612 86,2 St Jos & Grand 181 g 45
87
86
87 June'23
Apr'23
dir
9312 91
1996 J .1 88
835 887 St2Lawg,rl&d 8 1st g 5s
8
8
1004 Sale 995
6s1996 A 0 9718 ___ 9812 July'23
4 10012 24
Id
98 101
8412 8612 8614
1931 .1 J 8912 90
8612 16
90 June'23
8418 887 St L& Cairo guar g 48
8
75
___ 87 July'22
St L In NI & S gen con g 5s_1931 A 0 943 953 95
9512 26
4
4
95 May'23
Gen con stamp gu g 58_ _1931 A 0 --------102 July'14
_ -66" - 69 8
9318 July'23
Unified & ref gold 4s
1929 J 1 8412 Sale 8334
8512 21
94
9318
93 943 Nov'15
91
4
RN & G Div 1st g 48
1933 M N
767 Sale 763
8 25
767
8
8
90
81
72 July'23
53__
"72 72 St L M Bridge Ter cog Co) A930 A 0 --------9714 July'23 .._
743 841, 7312 Mar'23
4
48.'50 J J 6712 Sale 67
6712 86
7312 773 St L & San Fran (reorg
s
993 100
4
993 June'23
4
Prior lien Ser B 5s
1950.8 J
8158 Sale 8034
36
82
9934 100
103 June'23
Prior lien Ser C 6s
1928 J J 100 Sale 9914
103 10312
993
4 33
99
9812 June'23
1942 J J 90 Sale 8912
5411
94
9812
903
8 20
9614 99
9612
963
4
Cum adjust Ser A 6s_ ___h1955 A 0 75 Sale 7214
6
137
75
4
943 9812
824 ____ 91 July'22
Income Series A 68
51960 Oct
171
67
67 Sale 6414
St Louts & San Fran gen 6s_ _1931 J J 103 104 103 July'23
40
36
1931 J .1 97 100
3612 July'23
General gold 53
97 July'23 ____
363 47
4
3812 47
48 June'23
St L & S F RR cons g 4s_ _A996 J .1 8212 ____ 8212 Apr'23
4734 49
44
44 June'23
35
Southw Div 1st g 5s_
1947 A 0 8512 ____ 91 June'23 _ _ _ _
4312 48
3812 Sale 3812
,31 m .1 01
39
6
2
5
0
6
181,2
0
12
3 2 51,2 St L Peo & N W 1st gu 5s_ 1948 J 5 18758 Sal!_ 181,2
8,
3918 Sale 3918
40
7
51 St Louis Sou 1st gu g 4s
38
3612 3534
35
36
10
76
12
7634 i6
76
34
4612 St L S W 1st g 45 bond Ors_ _1989 M N
5512 Sale 54
2d g 48 income bond cUs_p1989 J J 663 673 6654
4
4
55 4 89
,
52
7314
663
5
2
34
1932 J D 75
32
32
32
Consol gold 48
7512 11
11
7614 75
30
423
4
5914 107
5812 6214 56
13
76
1st terminal & unifying 58_1952 .1 J
7412
75
76
54114 813
4
55
573 543
14
4
4
573 371
75
4
53
7112 St Paul & K C Sb List 4345_1941 F A 75 Sale 7418
_ 44
1933.8 J 913 9314 913 July'23
Apr'23
4
4
4014 4612 St Paul NI & Man 48
5012 Dec'22
1
1933 J .1 10718 108 10738
1073
8
1st consol g 6s
45 Mar'23
1933 J J 10214 110
Registered
99 Sept'20
44 -4i
48
49 Dec'22
1933.8 J 955 9614 95
___34
Reduced to gold 4%s
95 3
4
2
2
9'712
_ 998 June'23
8
-_90-_ 97 Aug'22 ___ _
Registered
1933 J 1
-653 16 8
8
7623 13
64
4
Mont ext 1st gold 4s
.12 6218
1937 J D -893
90
18
6
12 90
4
6112 713%
59 Nov'20
Registered
1937 J D 8614 ____ 80 Nlar'21
564 58
56 July'23
Pacific ext guar 4s
1940 J J 83
____ 85 July'23
"56- - 8
7d5_ _ 83 Aug'13
S A & A Pass 1st gu g 4s
1943 J J
7312 11
7312 Sale 73
803 8212
4
65- - 8212 July'23
1942 M S 965 98
97 May'23 ____
8
86i2 114 Santa Fe Pres & Ph 5s
96
99
95
Apr'23
1950 A 0 8012 Sale 8012
8114 19
95
95 San Fran Termi 1st 4s
5512
55 Sale 55
3
107
____ 107
1934 A 0 107
1
51
60 Say Fla & W 68
4214 55
45 June'23
55
1934 A 0 993
9934
1
42
998
4
445
8
41
44
41
41
1989 M N 8412 8512 8458 July'23 ___
41
449 Selo V & N E 1st gu g 4s
74
84 June'23
1950 A 0 5418 __ _ 54 July'23
84
935 Seaboard Air Line g 45
8
3612 55
35 Sale 34
Gold 45 stamped
3212 5014
1950 A 0 5412 55-12 5412
5518
6
62
63
6114
64
19
Adjustment 5s
01949 F A
61 14 71
285
2812 Sale 2784
8 49
8
873 903 903 June'23
4
4
Refunding 4s
1959 A 0 43 Sale 423
887 9312
8
32
4
43
107
10612 July'23
1st & cons 65 Series A _
1945 51 5 6138 Sale 6212
106 10812
64
114
108
- 110 Mar'23
110 110 Seaboard & Roan 1st 58
1926 J J 97
973 9712 July'23 __ _ _
8
107 11 -12 107 May'23
--1
1063 107 Sher Sh & 801st gu g 55
1943 J D ____ ____ 3612 June'23
4
891., Sale 89
893
4 26
___ 9978 May'23 _ ___
1936 1? A
85 4 93 4 S & N Ala cons gu g 55
,
,
8314 _
85 July'23
Gen cons guar 50-yr 58_ _ _1963 A 0 9785
9812 99
90
9834 June'23 __ -8718 90
863 July'23
4
823 87 So Pac Col 48 (Cent Pac col) _k'49 J D 81 Sale 8014
8
81
19
_
102
102
20
-year cony 4s
1 102 108
p1929 NI S 9218 Sale 9112
9214 48
108 166 10814 July'23
- 12
20
-year cony Is
107 1173
1934 1 D 983 10014 100 July'23 ____
4
4
855 861.5 855
8
8
16
853
4
845 8912 So Pac of Cal-Gu g 58
8
1937 NI N 10114 Sale 101
10114
8
79
85
79 July'23
79
83 So Pac Coast 1st gu 45 g...1937 J 1 8752 8914 8814 June'23
8314 84
83
84
51
8134 87 So Pac RR 1st ref 48
1955.8 J 863 Sale 857
4 77
8
8
863
8114 85
8114 July'23
-lst
i
81
8312 Southernsteredcons g 58_ _1994 J .1 953 Sale 9514
4
9584 85
6018 Sale 595
8
6018
17
59
1994.8 J ____ 9312 93 May'23
6214
5618 597 60 June'23
8
Develop & gen 48 Ser A _1956 A 0 6712 Sale 6718
5812 60
6734 106
8414 85
85
85
1
Temporary 6.158
8254 90
1956 A 0 10114 Sale 101
1014 121
108 Sale 10718
108
Mem Div 1st g 4348-5s. _1996 J J 9334 95
106 106 10934
9358 July'23
9412 Sale 94
9412 11
St Louis dly 1st g 45
9212 100
1951 .1
.1 781
7814
2
___ 7818
943 Sale 943
4
8
947
s 88
9212 9914 So Car & Ga 1st ext 5V _ _1929 M N 9814 99
25_
49814 June 23
89
Feb'23
89 Spokane Internat 1st g 58
89
1955 J J
9918
987 June'23
8
9812 987 Staten Island Ry Ois......1943 J D --------80 JulyOct 23 - -_:8
20 _.
83
7914
8414 Jan'23
8414 84 4 Sunbury & Lew 4s
1936 J J 8718 ____ 92 May 22
,
108 110 10912 July'23
108 110 Superior Short L 1st 5s g
e1930 NI S 9534 ____ 95 May 18
9814 ____ 100 June'23
100 102 Term Assn of St L 1st g 4)
,
i8.1939 A 0 9212 Sale 361
9212
82
9:
(
):
1023
8
100 June'22
1st cons gold 5s
3
1944 F A 9513 97 2 953
,
8
953
3
63 - - -7- 70 June'23
69 8
Gen refund 8 f g 4s
-66- 71
7
1953 J J 80 Sale 79
89
8614 Apr'23
86)4 863 Tex & N 0con gold 5s
4
1943 J J 8938 ____ 905 May 23
8
95 9712 965 Mar'23
8
9512 9818 Texas & Okla 1st gu g 5s
_1943 NI S ____ ____ 3318 Dec 22
94
_ _ 9512 Feb'23
_
9512 9512 Texas & Pac 1st gold 58
2000 .1 D 9318 Sale 9218
931s 33
oa Sale 99
993
8
8
24 gold income Is
983 100
8
q2000 Mar 51
54 Nlay 23
57
863 8612 87 July'23
8
_
La Div 11 L 1st g 58
843 88
4
102 10212 101
1017
7
8
99 10412 Tol & Ohio Cent 1st gu 5s_ _ 1931 j j 8884 9312 88 May'23
1935 J J 9
6
1)8
97
%
2.233
1017 10212 102
8
10234
4
9978 105
Western Div 1st g 58
u r
193 J O 82 .... __ ____ 881: j p'23
938 A D 9
5
933 A iy 23
8
92 Sale 92
923
8 21
9013 927
General gold 5s
8
80 Sale 7934
80
55
7512 82 Tol Peo & West 4s
June'23
75 Sale 75
75
5
76
795 Tel St L & W pr lien g 334321815 j .1 944 96
8
3 8
8
2 8 28'2 943 July23
8
927 J
8414 88
844
8418
1
84
50-year gold 4s
7
865
8
69,2
69
1950 A 0 687 70
8
94
96
95 July'23
95
97 Tol W V & 0 gu 4%s A
____ 9514 June'23
1931 J .1 94
8812 91
90 June'23
90
Series 13 434s
91
_____ 9514 June'23
94
1933 J J 8512
73 Sale 7212
7314 75
Series C 48
6614 7812
1942 NI 5
9514 9612 95 July'23
95
977 Tor Ham & Buff 1st g 45_ ._k1946 J D 80
8
1
9880487:8481,4N:8:0221324
895 883 July'23
8
89
4
885 9314 Ulster 6- Del 1st cons g 5s_ 1928 1 0 9418 8
918
8812 11
8814 89 2 8814
,
8714 9112
1st refunding g 48
70 Mar'23
62
1952 A 0 55
86 June'23
85
90 Union Pacific 1st g Is
9212 64
8
1947 J .1 9218 Sale 913
96 Sale 9478
15
96
8912 9813
Registered
89 June'23
1947 J J
9012 Sale 90
90 2 116
,
857 9278
8
20-year cony 4s
112
19°7 J .1 9512 Sale 95
10014 Sale 100
1007
8 70
98 1013
1st & refunding 4s
4
28
190
:008 51 S 10314 Sa4 18318
02 4248 hij si 84 10le 0
1087 Sale 10812 109
8
64 10618 1103
10
4
1044 20
83
-year perm segeeunred48_6.5:
10814 Sale 108
10853 42 1064 11118 U N J RR & Can
9112 June'23
Utah & Nor gold 58
8
1926 J J 9854 ____ 997 Jan'23
8412 Nov'22
1st extended 48
9112 Apr'23
1933 J J
_ _ 824 July'23
813 831s Vandalla cons g 45 Ser A__ _1955 F A
4
Apr'22
86
81
8278- - 8 8318 June'23
835
80
8318
Consol 45 Series B
85 May'23
1957 51 N 84
_ 813 June'23
4
813 813 Vera Cruz & P 1st go 434s_ _ _1934 J J -------4
4
June'23
80--9018 91
9018
9014
6
8914 93
July coupon on
Apr'23
2612 3812 33
8412 June'23
84
87
8412 903
July coupon oft
8
-i6T4
Range
Since
Jan. 1
Low
7014
21
9234
77
High
78
30
974
84 4 92:
9112 471187 44
48
' 879
9
94
94894
9514
9 114
8 8
:13
8412
89
895
8
92,2
9 14
8912
914
9118
82
944
5
,
935 99 2
8
117) 100
100 100
-65- - -538 8
827
s
8012
79
80
88
86
88
86
973
72
9612
83
9
313
72
604
72 4
,
70
80
6914
91
953
8
87
8
945
OS's
72
100
85
9
11
78
68
81
70
8012
75 4
3
9212
9812
90
9912
8214 - 8
t;6-78
7412 767
99
96
707
2‘
65
80
857
8
97 10018
873 93
4
7012 80
58
687
s
10212 10313
95 8 99 4
3
3
8212 821:
91
91
9914 103
8612 8612
723 784
4
663 7012
3
7312 784
73 4 8212
,
7418 8112
9114 93
107 10914
-66i8
-6618 93
85
84
7114 758
4
99
97
7812 8314
107 107
3
993 99 4
4
8413 87 4
,
58
53
58
52
228 3212
4
39
46
583 68
4
93 4 978
3
4
3612 3712
98 10114
8
9612 997
7712 85
cog 92%
9814 10212
101 10112
8814 8918
83 §81
2
923 9814
8
4
9014 935
6614 691s
100 102
97
90
7514 81
993
4
97
8312
82
-66953
s
77
90
-goi
2
4012
8858
963
4
9214
875
8
30
9318
6818
9514
9514
78'1
94
66
8814
8812
9414
8018
100
90
9912
91
_85_
98
99
82
903
4
_
96
54
92
9814
96
914
32
95
75
9514
964
82
9512
70
934
92
9818
88
10534
9314
9978
9154
87
34
34
371::
45
•No price Friday; latest bid and asked this week. a Due Jan. b Due Feb. p Due June. 5 Due July. 5
Due Aug. 0 Due 02t. p Due Nov. q Due Dec. s Option sale.
312
BONDS
N. Y. STOCK EXCHANGE
Week ending July 20
New York Bond Record-Continued-Page 4
Price
Friday
July 13
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
High No. Low
Ask Low
High
98 Mar'23
1926 MS
98
Verdi V I & W lst g 56
9814
•S
1926
4
143 981 May'23
_
9818 98 4
Virginia Mid Ser E 55
3
1936 MN 96
96 July'23 _
93 9778
General 53
9413 92 June'23 _ _ _
2003 .1 J 92
92 9314
Vs & So'w'n 1st gu 59
1958 AO 79 Sale 79
79
35
75% 81
-year 58
1st cons 50
4
943
7
9012 98
Virginian 1st 58 Series A.._.1962 MN 9412 Sale 94
1939 MN 95
96 943
9534 20
4
99
94
Wabash 1st gold 58
1939 FA 84% Sale 8 %
8 83 9214
85%
4
26 gold 55
71 June'23 _ _
67 71
1st lien 50-yr g term 48
1954 J J
9612
94
Det & Ch ext 1st g 58_ _ _ _1941 3, 93 10018 94 Mar'23
7314 73%
Des Moines Div 1st g 45-1939 .1 .1' 67 69 738 Jan'23
1941 AO 61% 6612 6312 July'23 _
63 6614
Om Div 1st g 3;is
1941 ▪ S 7112 75 7234 Apr'23 _
72% 72%
Tol de Ch Div g 48
Warren 1st ref gu g 358__ --2000 FA 7078 _ _ _ _ 744 Nov'22
745 80
1948 M 7412 79 79 June'23
Wash Cent 1st gold 48
1924 FA 9414
9838 June'23
WO&Wlstcygu4s
9758 9812
7612 794
Wash Term 1st gu 3%5_ _ _1945 FA 7814 7914 79 June'23 -1945 FA 82%
8513 June'23 _ _ _ _
-year guar 45
8512 8512
1st 40
8314 89
W Min W & NW 1st gu 5...1930 FA 7612 90 8712 Mar'23 _ - _ _
.
61
15
4
West Maryland 1st g 4s.. _1952 AO 61 Sale 59%
59% 653
9814 96 July'23 _ _ _ _
95% 100
West N Y dc Pa 1st g 5s_ _ _ _1937.13 96
1943 AO 7418 8538 74
5
7418
7314 8312
Gen gold 4s
794
9 78 85
Western Pac 1st Ser A Ec.._ _1946 MS 7912 Sale 79
1946 MS 91% 92% 91 July'23 - _ _
91
95
B 68
2361 J J 7912 Sale 7912
3 77
80
83%
West Shore 1st 48 guar
2361 J J 7714 79 7712 July'23 _
75 82
Registered
99 9834 June'23
97
Wheeling & L E 1st g 5s_ _ _ _1926 AO 97
99
_
98% 99
Wheeling Div 1st gold 58-1928 3, 9314 -- 99 Feb'22
1930 FA 8914 97% 95 June'23
95 95%
Eaten & !rapt gold 5s
1
50
51% 50
4514 62
Refunding 4s Series A_ _1966 MS 48
1
6134
1949 M S 6134 Sale 6134
57 6513
RR 1st maw! 48
1942 J D 53 53% 53 July'23 50 60
Wilk & East 1st gu g 5s
_
98 101
1938 ID 9878 100 98 July'23
Will & SF lat gold 5s
79
76
1
79 79
8112
Winston-Salem S B 1st 48_1960 J J 78
2 74 82
764
Wis Cent 50-yr 1st gen 4s_ _ _1949 3.1 761: Sale 7614
3
7714
75 805
8
Sup & Dul div & term 1st 48'36 MN 7618 78 7714
1943 J 3 5434
65 May'22
W & Con East 1st 4}is
INDUSTRIALS
Adabas Express coil tr g 4s_-1948 M S
1936 J D
Ajax Rubber 88
Alaska Gold M deb 68 A _ -1925 M S
1926M 8
Cony deb (Is series 13
1928 A 0
Am Agri° Chem 1st 55
1941 F A
1st ref f This g
1933 A 0
Amerh an Chain 68
Am Cot 011 debenture 5e.._ _1931 MN
Am Dock & Impt gu 6a_ _ _1936 J J
1937 A 0
Amer Republics 68_
Am Sm & R 1st 30-yr 5aser A1947 A 0
1947 A 0
6e B
J
1937
Amer Sugar Refining 68
Am Telep & Teleg cell tr 45.1929.1 .1
1936 M S
Convertible 45
1933 M
-year cony 4;is
20
30
-year temp coil tr 5e__ _1946 J D
1925 F A
-year convertible 6s
7
Am Wat Wits & Elee 5s_ -1934 A 0
1939.1 .1
Am Writ Papers 17-68
1953 F A
Anaconda Copper 6e__
1938 F A
78
Armour & Co 1st real est4;01939 .1 n
1947.1 D
Atlanta Gas Light 503
Atlantic Fruit cony deb 76 A.1934 J D
Trust certificates of deposit_
do stamped
1937 J J
Atlantic Refg deb 56
1940 M N
Baldw Loco Works 1st 5s
Barnsdall Corps f oonv 8% A1931 J J
J
1948
Bell Telephone of Pass..
1926.1 J
Beth Steel lst ext 15e
1942 MN
1st dr ref .56 guar A
1936 J J
20-yr p m & imp I 5e
1948 F A
6a A
1953 F A
5s
Booth Fisheries deb s 6s_ _ _1926 A 0
Braden Cop M coil tr s f 68_ _1931 F A
Brier Hill Steel 1st 53.a___.1942 A 0
B'way & 7th Av 1st c g 5s_ _1943 J D
1941 J J
Brooklyn City RE 5e
Bklyn Edison Inc gen 5$ A_ _1949 J J
1930 J J
General 68 Series B
1930 .1 J
General 70 Series 0
1940 J D
General 7s Series D
Bklyn Qu Co & Sub eon gtd 58'41 MN
19413 J
1st 55
Brooklyn Rapid Trail g 5a1945 A 0
Trust certificates
1st refund cows gold 48_ _ _2002 J
3-yr 7% secured notes.__ _1921
Certificates of deposit
Ctrs of deposit stamped
1950 FA
Bklyn Un El lat g 4-58
1950 F A
Stamped guar 4-53
BM,/ Un Gas 1st cons g 58-1945 MN
1932 MN
78
1st lien & ref 8 3 Series A 1947 MN
1929 M N
78
1932.1 D
Buff & Susq Irons f.58
1952 A 0
Bush Terminal let 48
1955 .1 J
Consol 58
Building 5s guar tax ex_ _1960 A 0
1937 M N
CiO&ECOrP55
Camaguey Sug 1st s I g 73_ _ _1942 A 0
Canada SS Llnes lstcoll $ 173'42 M N
Canada Gen Eiec Co Os_ _1942 F A
-year 58_1943 J D
Cent Dist Tel let 30
1931 F A
Cent Foundry late f 6s_
-year g 53_ _1925 A 0
Cent Leather 20
1931J
Corrode Pasco Cop 88
Ch G L & Coke 1st gu g 5s 1937 J A
1927 F
Chicago Rye 1st 58
1923 J D
Chicago Tel 53
1932 A 0
Chile Copper 6$ Ser A
Mein Gas & Flee let do ref 58'56 A 0
1961 A 0
due Jan 1
Ser B
F A
Colo F & Co gen s 5s_ _ _ _1943 F A
Col Indus 1st & coil 53 gu_ _1934
1927.1 J
Columbia G & E 1st 55
1927.1 J
Stamped
Col & 9th Av ist gu 58----1993 MS
Columbus Gas let gold 58_1932 J J
Commercial Cable 1st g 48_ _2397 Q J
Commonwealth Power 68.._ _1947 M N
1937 J
Comp Azu Bars This
Computing-Tab-Ree s f 68-1941 J
CounRy&L1etarrefg4301951J J
J
1951
Stamped guar 43s
Cons Coal of Md lst & ref 58 1950 J D
Con G Co of Ch 1st gu g 5s_ _1936 J .1
1952 M
Consumers Power
1931 M N
Corn Prod Refg s f g 5s
1934 M N
1s1 25-yr s f 58
j
Crown Cork dc Seal689F A
Cuba Cane Sugar oonv 7s_ 1930.1149
Cony deben stamped 8%.1930J J
Cuban Am Sugar let coil 88_1931 M S
CumbT&T1st&gen5s..l937J J
8014 80 July'23
80
947
6
9312 95 9318
5
7
5
7
5
612 2
612
64 Sale
9534 Sale 95
9534 34
98
98 Sale 97
79
9412 Sale 9314
9413 32
3
60 6012 6012
6012
10578 Dee'22
10318
1
8612 884 8712
8712
9014 Sale 8958
905 126
1018 Sale 1005* 1017
77
102 Sale 1017
10218 95
92% Sale 92
9214 83
7978 9214 8778 July'23
_ 102 1011
4
101%
9714 Sale 96%
9714 138
11518 Sale 11518 11558 48
9
8434 Sale 84%
85
12
6712 6812 6778
70
9714 Sale 9612
9714 470
10058 Sale 997
4
1003 351
49
84 Sale 8212
84
95%
8
3018 Sale 30%
31
2
31
26 Sale 26
27 25 July'23
26
9812 34
9818 Sale 98
6
10038
10038 Sale 10038
8
96
9612 964
97
104
98
98 Sale 9714
11
100
9912 10018 98
5
94
9734 Sale 93
885s 11
8812 Sale 88
9814 43
9814 Sale 971.
6.5
91
91 Sale 904
801: 80 July'20 - 75
9918 20
99 Sale 99
9438 111
9418 Sale 944
6334 10
63 Sale 6212
3
84
8414 84
83
43
98
9534 9714 9534
1
102 Sale 102
10314
8
10711
10612 1074 107
29
109
109 Sale 108
65 July'23--..
8012
7913 Nov'22
2
72
8
725 77 72
2
72
70
59 65 5934
2
60
918 87
88
8712 20
9134 8.53
88
8818 39
4
843 Sale 80
8433 92
4
82 83 83 July'23
82 8314 8314 July'23
2
9434
947 9412
90
11
1084 10914 108
5
104
1031: 10414 104
1
10818 1094 10813 10812
9112 June'23 91
I
8112
8514 8112
80
83 83% 85
3
85
90 Sale 8834
7
90
2
96
9514 9614 95
9818 24
9818 Sale 971
93
93 Sale 921:
8
10114 Sale 10078 10112 17
984 99 99 July'23
_ _ _ _ 8814 99 June'23 -- _
985
40
983* Sale 9838
125 Sale 1184 126
100
921 92 July'23 -_
92
7912 Sale 7812
7912 14
997 100 100
1
1004
10018 Sale 99
9912 144
9634
96 97
6
97
974 Sale 9634
9714 7
86 87 86
5
88
7513 Sale 75135
78
9612 965* 96
9612 18
9614 Sale 9618
9
9612
1214
1214 15
1
124
92 ____ 923* June'23
701 7018 July'23 -- -69
857
8
8512 Sale 85
3
100 1004 10012 10012
98% 11
98 Sale 98
77 ____ 7612 June'23 7912 81
80
3
81
8712 38
874 Sale 8658
4
913 9513 9238 July'23 -8914 32
8914 Sale 89
9912 100 994 July'23 10
99
99 Sale 99
2
90
90 Sale 8934
3
8714
8
8714 Sale 865
9334 48
933 Sale 91
10712 17
10712 Sale 107
3
92
8
913 0213 913*
80 805
8
934 9913
8
5
612
5
95 10012
96% 10434
9212 97%
59 8012
8613 907
5412 9234
99% 102
10012 104
9078 923
4
90
86
1(10 10212
95 101
1134 11712
82 56%
65 8512
3
95 4 98%
9812 104%
82 90
4012
29 3012
26
25 44
612 9934
9
100 103
954 103
954 99%
612 100
9
91
9718
87 9312
96 100
8914 93%
70% 70%
4
973 10014
91% 98%
6112 69
83 86
94% 99
8
10012 1047
105 10814
106 109
58 66
"55" 79
54 79
54 68
804 96
84 9512
78 95%
79 85
84%
81
9312 100
2
10712 1167
10014 10512
107% 117
914 9113
80 87
82% 8912
85
9334
944 9814
94 99
9114 9712
100 10312
97 100
87
9914
9814 10018
11612 150
92 96%
764 83%
9912 10018
96 10314
9934
96
9512 9812
8512 8912
75
791z
95 97%
954 97
1214 20
92 93
70
7512
8914
84
9313 10113
95
9918
7612 8758
76
8314
8412 90
894 95 4
3
8412 924
4
98% 910
98 101
8814 95
94
82
874 9814
10512 10812
91
9414
BONDS
N. Y. STOCK EXCHANGE
Week ending July 20
Price
Friday
July 13
Bid
Denver Cons Tramw 58_ _ _A933 A 0
Den Gas& E L lst&refs f g 5s'51 MN
1942 M S
Dery Corp(DC)78
Detroit Edison 1st coll tr 56_1933 .1 J
k1940 M S
lot dc ref 50 Series A
k1940 M S
1st & ref (is Series B
Det United 1st cons g 438_ _1932 J .1
Diamond Match of deb This 1936 M N
Distill Sec Corp cony lst g 5a 1927 A 0
Trust certificates of deposit.......
Dominion Iron & Steel 58_ _ _1943
1942 J J
Donner Steel 78
du Pont(E I) Powder 4s _1936 D
duPont de Nemours& Co This'31 MN
Duquesne Lt let & coil 6s_ _1949 J J
1936 3 J
Debenture 7s
East Cuba Sus 15-yr s g This'37 M S
J
Ed El III Bkn lot con g 48_1939
Ed Elec III lot cons g 5s___ _1995 J .1
1925 3 D
Elk Horn Coal cows 68
Empire Gas & Fuel 734s_ _ _ _1937 M N
1932 M
Equit Gas Light 58
1941 M S
Fisk Rubber 1st s f 88
Ft Smith Lt & Tr 1st g 5s_ _ _1936 M S
J
Frameric Ind & Dev 20-yr 73is'42
1942 M N
Francisco Sugar This
Gas & El of Berg Co cons g 581949 J D
D
General Baking 1st 25-yr 68_1936
1942 F A
Gen Electric deb g 334s
1952 M S
Debenture 55
Gen Refs 1st s f eft Ser A 1952 F A
1947 J .1
Goodrich Co 6Iis '
Goodyear Tire & Rub 1st 818a'41 MN
e1931 F A
10
-years f deb g 88
Granby Cons M B & Peon Os A'28 M N
1928 M N
Stamp:d
1925 M N
Cony deben 88
1932 F A
Gray es Davis 713
Great Falls Power lets 155.1940 M N
1952 J .1
Hackensack Water 40
1952 F A
Havana Elea consol g 58_
Havana E Ry L & P gen 58 A 1954 M S
Hershey Choc let Of g 6s__ -1942 M N
.1947MN
Holland-Amer Line 6s (flat)
Hudson Co Gas 1st g 58......-1949 M N
Humble Oil& Refining 048-1932 J .1
Illinois Bell Telephone Sow 11956 D
1940 A 0
Illinois Steel deb Oie
1936 M N
Ind Nat &0 513
1952 M N
Indiana Steel 1st 5s
Ingersoll Rand 1st gold 5s_ _1935 J J
Interboro Metrop coil 43.s- _1956 A 0
Certificates of deposit
Guar Tr Co ctfs 16% stamped.....
J
Interboro Rap Trail lot 5s__1966
Stamped
1932 A 0
-year 68
10
1932 M S
70
Int Agric Corp 1st 20-yr 58_ _1932 M N
Inter Mercan Marine s f 6s 1941 A 0
1947.1 J
International Paper 58
1947.1 J
1st & ref 5s B
1926.1 D
Jeff Clear C & I 58
Jurgens Wks 68 (flat price) _ _1947 J .1
Kansas City Pow & Lt 5a_ A952 M S
1952 M 13
Kan Gas & El 6s
1942 F A
Kayser & Co 70
1931 M N
Kelly-Springfield Tire 8s
Telep Co 1st 54_ _ _1935 J .1
Keystone
Kings Co El L & P g 58._ _ _1937 A 0
1997 A 0
Purchase money 68
1925 M
Convertible deb 6s
Kings County Eliot g 4s_ _ _1949 F A
1949 F A
Stamped guar 4s
Kings County Lighting 58..1954 J
1954J .1
6%0
19363 D
Kinney Co This
Lackawanna Steel 5s A..... _1950 M
Lac Gas L of St L ref & ext 581934 A 0
A...1954 J J
Lehigh C & Nav s f
1933.1 J
Lehigh Valley Coal 55
1933.1 J
46
Lex Av & P F 1st gu g 5s_ _ _1993 M S
Liggett & Myers Tobac 78..1944 A 0
1951 F A
58
1944 A 0
Lorillard Co (P) 7s
1951 F A
58
,
Magma Cop 10-yr coin g 78_1932 J D
1942 A 0
Manta' Sugar This
Manhat Ry (NY) cons g 48-1990 A 0
2013.1 D
'
2d48
1942 M N
Manila Elee 70
Manila Elec Ry & Lt s f 58_ _1953 M
Market St Ry 1st cons 5s_ _ -1924 M S
1924 A 0
-year 6% notes
5
Mariand Oils f 8s with warnts'31 A 0
Without warrant attached_ _ _ _ A 0
1931 F A
4
1
7, s Series B
do without warrants
Merchants & Mfrs Each 7s- _1942 JD
Metr Ed lst&ref g 63 Ser B-1952 FA
1953 J D
Metr Power 63
Mexican Petroleum a f 8s_ _.1936 MN
1924 FA
Mich State Telep 181 55
,
Midvale Steel &0coin sf 581936 MS
1936
Certificates of depoelt
Milw Elee Ry & Lt cons g 55 1926 FA
3
'
Refunding & eaten 4I4s_ _1931
19.51 3D
Gen 58 A
1961 3D
1st 5a B
Milwaukee Gas I. 1st 4s-- --1927 MN
-1943 J J
Montana Power 1st 5s A.
Montreal Tram 1st & ref 58_1941 JJ
_1939
Morris es Co lot of
1966 A0
Mortgage Bond 48
1932 AO
5s
Mu Fuel Gas lot Cu g Si..._..i947 MN
mut Un gtd bds ext5%..194l MN
Nassau Elee guar gold 4a__ _1951
1931
Nat onal Acme This
Nat Enam & Stamps 1st 58_1929 JD
-year deb 58_1930
Nat Starch 20
1952 MN
National Tube let 58
New England Tel & Tel 58..1952
New ON Ry & Lt gen 4H8_ _1936 JJ
N Y Air Brake lot cony 68-1928 MN
NY Dock 50-yr let g 4L....1951 FA
NY Edison lot & ref 6Yis A_1941 AO
NYGEL&Pg5s
1948 JO
Purchase money e 48- - -1949 FA
N Y Munic Ry lat a I 58 A-1966 JJ
N y Q El L dr P 1st g 4s- _1930 FA
N Y Rys 1st R E es ref 48_1942 JJ
Certificates of deposit
-year ad.' Inc 58
30
a1942 AO
Certificates of deposit......
NY State Rye 1st cons 43e 1962 MN
1962 MN
NY Steam 1st 25-yr6s Ser'A 1947 MN
Weal's
Range sr
Last Sale
Ask Low
Range
Since
Jan. 1
High No
1
Low
High
Willi 10
85's 54
17
78
7712 Sale 76
987 9912 99
5
9912
9434 16
9412 95 944
10312 39
10314 Sale 103
8533 Sale 8514
854 31
10534 Sale 10558 10578 28
1
481/
4812 Sale 4812
4714 11
4714 Sale 4718
787 7712
6
7813
9
87 Sale 8612
87
88 ___ 88 May'23
.
108 Sale 10734 1084 _ 1_14
10314 Sale 1025* 10312 71
_
10678 June'23
100 Sale 977k 100
110
8713 89 874 July'23 ......_
4
-i513 WO 99
-92i2 - 2 9311 July'23
9313
905* 92 00 4 July'23
933*
__ 10113 Sept'17
56 -5714 58
58
9318
9318 93
93
953 100
9713 June'23
4
5 96
95 Sept'22
93
98
9834 98
8
987
971* Sale 9714
971z
61
July'23
102 115234 1092
- -- 712
79
Sale 7814
1095* Sale 109
1094
98
9812 9730
98
4
813
8134 8218 8130
79l
: 32 2 926205142
91
361 --71 9 June'2396315142
9
-Oils WC:
8934 95
85
9434 100%
90 98
101 104
82 8512
105% 10812
4714 64
474 64
7712 8512
84
93
8734 90
105% 1094
101 10413
10614 10818
94 11314
91
86
9912 103
6 9: 9 4
9
9713 991 99 2 jullY.22 -2 964 9912
6 • 9613
7
9912 9812
III
92
4
9118 Sale 903
03% 95
___ 947 9318 June'23 _ _
10 104 1084
10538 Sale 10518 1051
7018 7018
804 7018 Mar'2
77
8314 93%
1
90
8834
994 103
5
1001
100 nife" no
3 9114 9312
911
__ 914
2 9912 101
100
9138100 10012 100
6
7814
7638 80112
7813 80 7814
9912 103
10012 Sale 10013 10012 11
97 101
4
97
97 98 97
997
58 98% 10134
993* Sale 9914
11518 Sale 1143
4 116
6 113% 117%
3
995 106
1024 47
8
102 Sale 10112
8812 924
8812 94 8812 June'23 _ _ _
92
92
88 9 _
9112 __2 92 June'23 _ _
2 8812 100
95
95 Sale 95
90 101
2
92
91
97 100
9830 12
9818 100 9814
8012 82
82 May'23
_
8414 94
844 18
801483 8414 841
81% 8518
904 91 85 July'23
96 100
9814 62
8
9814 Sale 975
844 92
4
85
4
843 Sale 8414
92% 95
1
9312
934 9534 931:
9714 99
977 Sale 977
9814 32
954 95
53
95I
4
2
94 134 6 88 9612
90 904
901: 8a114 9912
79 8012
754 ---_ 79 July'23 - _ _
99 1014
10030 25
1003* Sale 100
-- 100 96 Nov'22
6
1
-934 July'23 _
912
5
12 I%
.
-14 Sale
5612 7278
,
64 8 S l
8314 sale 604 AP'3 49
1• 4
534 : 2 95
114
5712 7212
6312 55
61
52% 7318
85
59
584 Sale 564
85 94%
8912 Bale 863
894 37
4
55 8112
5712 20
5918 68 56
7512 9034
80 Sale 76
8012 117
8812
9 81
83
8212 Sale 821*
4
825s Bale 8238
831s 29 813 8834
10314
95 June'17
54l
76
7712 Sale 77
25
78
91
87
90
91
905s Sale 9038
9313 9614
943 Sale 9414
4
9512 131
104 1043* 1048
105
6 1024 107
IOC!: Sale 10612 107
19 105 109%
_
941: July'21
9014 99
_ 99
9713
1
99
10812 1134
110 iff 110 July'23 _ _
104% 1043
3
10338_ 10438 June'23
70
74
69% 7018 June'23 - 64 70
76
_
64 698 70 June'23
754 80%
7534 7514 June'23
71
95% 101
961: 954 July'23 94
9914 10212
10014 101 10638 10030
1
885* 89 8812
9 88 924
s
1387
8812 96
91 Sale 9018
6
91
8811 9214
91%
99 100%
:
98% 9853 9 4 -1111223
2
. 98 4 Ju1;3
. 8318 Oct'21
89
47l
42
474 10
42
4 112 11818
11818
i n% 118 118
93
9814
12
97
96 974 9614
9 11178 11634
1165* Sale 1157s 1165*
93% 9712
96 Sale 9511
96
11
111 112 1104 112
13 108 120
9612 102
29
99
9812 Sale 9634
9 56% 64%
5934
59 60 5813
5014 66
1
5014
5014
61
-9612 98 4
3
9812 9834 971
: 974
1
81% 947
825
2
_ 821: June'23 _ _ _ _
9313 50
91
93% Sale 93%
963
4
9434 99
8
967 97 967 July'23 - - _ _
2 109 1613
122% Sale 12233 12238
4
1 102% 10712
10530 Sale 10533 10638
120
11718 120 120
10 102 159
98
91% 101%
9914 11
995* 99
101 Sale 10013 102
49 95 102
975
9978
9712 977 97%
96
24
9614 96 June'23 _ _
96 9612
108 Sale 108
10814 14 106% 10914
100 Sale 9934 100
9938 10014
19
86 Sale 8512
8638 39 85 9112
8558
2 85 90
8512 Sale 8512
987
9812 9914 9812
2 98 9914
89%
8858 914
89 8930 89
8878 921s
9113 92 901:
913*
8912
81
833* Sale 8230
7
8330
4
92% 943
9414 9435 943*
5
943*
93 98%
95 Sale 95
34
96
88 91
8858 Sale 8818
885* 10
7313 87%
7814 Sale 8
8
73 Apr.14 16
8
7 12
31
3
2'.6018
293*
3113 293*
3
3% 3
3
2
8134 8058 July'23
2
15
5514
93 95%
971e
97
9
82
sii kifi2
9512 loo
ioo" 104
4
8
55
17
6
1
8
10
11
15
744 79
106% 11212
9512 100
794 8314
82
76
96
99
2912 3814
29% 374
212 8
7%
3
60 69
90
9712
98
92
'23 - -52
9 • 93
91
9512 9212 "4'
'No Price Friday;latest bid and asked. a Due Jan. d Due ADril C Due March. eDueMay. g Due June. h Due July. k Due Aug. oDueOet, 90110 1350. :Option sale
2
91
JULY 21 1923.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week ending July 20
l'8
Price
Week's
Range
"._
u't
Range or
. Since
Friday
:4 a
: July 20
Last Sale
szA
Jan. 1
.
Bid
Ask Low
High No. Low
High
NY Telep 1st & gen a f 4346_1939 M N 94 Sale 9312
9414 19
9034 941
30
-year deben 8f68-__Feb 1949 F A 10634 Sale 1055
s
10638 19 10314 108 2
3
gold 621_1941 A 0 10512 Sale 10434
20
-year refunding
10512 87 10214 10714
Niagara Falls Power 1st 58_ _1932 J J 100 Sale 993
4 100
4
9514 101
a1932 A 0 10412 Sale 104
Ref & gen 66
104% 18 10112 105
Niag Lock &0Pow 1st 56._1954 M N 9918 Sale 9918
96
9912
1
9918
1952 M 13 9134 Sale 9134
No Amer Edison 68
9212 34
91
96
Nor own Trac dr Light 6s
1947 M S 9234 Sale 9234
90
1
9312
95
Nor States Power 25-yr 58 A _1941 A 0 898 90
8912
90
17
8738 93
1st dr ref 25-year 65 Ser B_1941 A 0 10034 Sale 997
985 102
1003
4 29
Northwest'n Bell 'I' let 78 A-1941 F A 108 Sale 10712 108
67 107 108
North W T 1st fd g 4346 gtd.1934 J J 8912
9138 May'23 -___
9134 9134
Ohio Public Service 734a_ _ _ _1946 A 0 10254 10312 10214 103
9 101 108
76
1947 F A 100% 10014 100
8
10018
9934 10514
Ontario Power N F 1st Ss.
._1943 F A 9412 95
3
9514
9514
92 4 963
3
8
Ontario Transmission 58_ --1945 M N 92
94 935 July'23 ____
93
96
Otis Steel 85
1941 F A 9812 99
11
9812
99
9712 10112
1st 25-year :4 f g 7348 Ser B 1947 F A 9114 9112 9114
7
9112
9114 94
6
Pacific G & El gen & ref 58_ _1942 J J 90% Sale 9012
9034 48
8812 9314
Pac Pow&Lt lst&ref 20-yr 58 '30 F A 9134 9212 907
8978 94
8
9134
Pacific Tel & Tel 1st 56
1937 J J 957 96
95
9612 12
943 9912
4
58
1952 MN 9112 Sale 901
912
88
s 61
9212
Pon-Amer P & T let 10-yr 781950 F A 1033 Bale 10314 1033
4
4 21 102 10534
Pat Ss Passaic G Ss El cons .56 1949 M S 93
9418 94
Jan'23 ____
94 94
peop Gas & c 1st cow g 6s 1943 A 0 10412 108 106 June'23 ____ 105 108
Refunding gold 56
1947 M S 89
8912 89
87
7
89
94
Philadelphia Co 68 A
1944 F A 1008 Sale 10018 1003
5
4 49
a
98 10112
Pierce
1943 M S 6918 Sale 68
-Arrow 8s
691
65% 82 4
25
3
Pierce Oils f 88
1931 J D 8512 Sale 8512
85%
4
8414 98
Pleasant Val Coal 1st g 13 f 58 1928 J J 901
9018 July'23 ___89
90
Pocah Con Colliers let 21 f 58.1957.3 J 9112 Sale 9112
9212
2
90
9434
Portland Gen Flee 1st 5s._ _ _1935 J J 913
9112 July'23 ___
4
91% 9512
Portland Ry 1st & ref 58.._ -1930 M Pi 86% - 4 863 July'23 ____
4
8414 88
873Portland Ry,Lt & P let ref 55'42 F A 83 837 83
8378 10
8
82
867
8
68 B
1947 M N 94 Sale 94
4
943
4
94
9612
1st & refund 7348 filer A_ _1946 MN 10412 1043 10412 105
7 1031 10714
4
Porto Rican Am Tob 86_ _._1931 M N 10314 1037s 103
4 1017 10512
10312
8
1933.3 J 8878 Sale 8814
Pressed Steel ar 58
887
8 11
8734 5914
Prod & Ref6 t 88(wIth warlate)'31 J D 120 126 119 July'23 ____ 119 13312
106
Without warrants attached__ J D 105% Sale 105
10 105 10812
8112 86
Pub Serv Corp of N J gen 58_1959 A 0 834 84
841
30
8334
1937 J J 109 Sale 10718
Punta Alegre Sugar 78
10912 71 104 124
1968 .
685 Sale 6612
8
Rapid Transit Sec 68
6914 719
6514 743
2
1937 M N 9312 933 9312
22
94
8
Remington Arms 63
9078 96
Repub I & S 10-30-yr 6661_.1940 A 0 90
927 921 July'23 __ -8
89
9614
1953.3 J 893 Sale 89
90
4
5348
87
26
9434
1952.5 13 9612 97
Robbins dr Myers 5 f 78
5
9612
9612
9612 99
Koch & Pitts Coal& Iron be _1946 MN 90
_ __ 91 Jan'23 ____
91
91
Rogers
86
93
2
86
-Brown Iron Co 78_ _ _1942 M N 85 Sale 85
St Jos Ry, L, H & P58
1937 M PI 78
78 July'23
77
7814
St Joseph Stk Yds 1st g 4345 1930.3 J 82
8.57 Dee'22 -----------8
802 84%
8
13018
St L Rock Mt & P 56 atmpd-1955 J J
8112 June'23 ____
1924 A 0 55
St Louis Transit 58
60
62
5814 60 June'23 ____
92
933
4
St Paul City Cable be
93% 92 June'23
1937 J J 92
1942 M S 101 Sale 101
Saks Co 78
102
9 100 1023
San Antonio Pub Ser AL.__ -1952 J J 91
92 4 10
3
9314 9012
90
943
4
Sharon Steel Hoop 1st 86 ser A '41 M S 99 Sale 9812
97 104
25
99
1942 A 0 993 100
Sheffield Farms 611
9912 103
5
993
4 100
4
8212 gm
Sierra & San Fran Power 56_1949 F A 8612 9012 8612
5
87
Sinclair Cons 011 15
-year 78_1937 M IS 97 Sale 9634
9714 89
95 10112
6348 B (w 1)
1938 .1 D 94 Sale 94
94
94% 150
9714
Sinclair Crude 011 530
1925 A 0 9714 Sale 965g
9512 1003
9712 95
4
68
1926 F A
9524 997
75
971
9714 Sale 9612
8911
Sinclair Pipe Line bs
1942 A 0 8514 Sale 84114
83
8512 77
South Porto Rico Sugar 78_1941 I D 9934 997 99%
9812 10212
993
4 30
South Bell Tel & T let a f 56-1941 J J 9518 Sale 9412
90 4 97
3
95% 11
Southern Colo Power 135--1947 J J 88
8712 92
8812 July'23 -_-_
90
Stand Gas & El cony 5± 68_ _1926 J D 9714 98
9678 998
7
98
9814
Standard Milling 1st 56
1930 M N 9512 9612 96
96
9914
2
961s
211931 F A 104 Sale 104
Standard Oil of Cal 78
10418 23 104 107
Steel dr Tube gen 8 f 78ser C-1951 .5 J 1028 Bale 1023
4 10312 42 100 10712
Sugar Estates (Orienti) 781942 M S 98 Sale 9714
96
9934
9812 25
Syracuse Lighting 1st g 5:4_1951 1 D
9114
__ 9114
9018 9112
1
Light &Power Co col tr 6f 58'54 J .3 9184 5
8618
86% 36%
8434 8612
Tenn Coal, Iron & RR gen 55'51.3 J 99 100
9812 101
9912 July'23 ____
Tennessee Cop let cony 6E1_1925 M N 9954 101 100 June'23 __._ 100 10113
Tennessee Elec Power Os__ _ _1947 J D 9414 Sale 9418
92
95
9412 56
1960 J J 55
Third Ave 1st ref 48
563 5512
8
5212 62
1
551
Adjustment Income 5e__ _01960 A 0 472 Sale 4514
48
45
77
6234
1937.3 J 91
Third Ave Ry let g 56
92 92
92
3
90% 9514
1931 F A 103 Sale 10212 103
Tide Water 0116358
17 102 105
Tobacco Products 6 f 75---1931 .2 D 104 106 104
1048
2 10234 105
4
Toledo Edison 78
1941 M S 107 Sale 1065
28 10518 10734
107
Toledo Tmc,L& P 68
1925 F A 9814 Sale 9814
98% 11
9712 99%
Trenton (I & El 1st g 4513...1949 M Pi 923 -___ 9214 July'23 __ __
4
92% 95
Undergr of London 4346_ _ _1933 J .1 85
ems 9314
____ 9234 May'23 ____
J 8612
Income 6s
1948.5
8634 May'23
86% 8814
Union Bag & Paper 68
1942 M N 9812 Sale 9618
95
99
9812 68
Union Elec Lt & P 1st g 58.-1932 M S
__ 9512
9734
9512
95
1
be
1933 M N 96-917 9214 913
8
4
913
4
8514 92
2
Union Kiev (Chicago) 50
-1945 A 0 70
7312 70 June'23 _ __
71)
70
Union Oil 58
1931 J J 94
953 95
4
2
953
4
90
96
OS
1942 F A 10014 101 1003
997 10234
4
7
101
Union Tank Car equip 78-1930 F A 104 10412 10412 105
8 10214 105
United Drug cony 8s
1941 J 13 11112 Sale 11034
4
11112 15 110 1133
United Fuel Gas let a f 68,1936.3
9512 96
94%
9512
94
5
98
United Rye Inv 56 Pitts Issue 1926 MN 9214 92
7 928g
8714 9713
31
94
United Rya St L let g 46-1.934 J J 56
5812 631i
60
60 July'23 ____
United SS Co int rag Os
-1937 MN 8712 89
8712
8812
3
8612 93
United Stores 66
1942 A 0 99 Sale 9812
7
99
98 10114
U S Hoffman Mach 82
1932 J J 103 Sale 10212 103
:
9 10018 1031
US Realty & I cony deb g 56 1924 J J 10012 102 10014
99 100 4
3
5
10014
US Rubber 1st & ref Is ser A 1947.3 J 8612 Sale 853
85
891:
82
4
87
10-year 7346
1930 F A 106 Sale 1053
1061± 34 10512 1091
:
US Smelt Ref & M cony 6a-1926 F A 9912 100
991
9912 102
1
992
US Steel Corpfcoupon
d1983 MN 102 Sale 10178
10214 122 10034 104
6f 10-60-yr 581registered 41963 MN --------101 July'23 ____ 100 104%
Utah Light & Traction 56._1944 A 0 81 Sae 81
8012 913
7
8112
4
Utah Power & Lt let 58
1944 F A 88 Sale 863
8534 92
36
4
88
Utica Elec L dr Pow 1st6 f be 1950 J J 9534_
9518 June'23 _-__
95
9514
Utica Gas & Elec ref 58
1957.3 J 89% - -- 8934 June'23
89
9214
913
4
Va-Caro Chem 1st 15-yr 68.. _1923 J D 100 10014 100
1
995 10014
4
100
76
1947.3 D 8014 Sale 79
75
803 108
4
803
4
12
-years f 7348
1937.3 .1 67 Sale 61
67
76
54% 9411
Without warrants attached. J .1 --------6134
58
38
63
90%
Va Iron Coal& Coke 1st g 58 1949 M S 9312 96
951:
9314
92
3
9414
Va Ry Pow 1st A ref 58
1934 J J 84
84
87
4
8412
8612 8412
Vertlentea Sugar 78
1942 J D 963 Sale 96
99
4
96
8
963
4
Warner Sugar 78
1941.3 D 103 Sale 1021± 1033
4 12 10134 106
Wash Wat Power 8 f be
Kos egti
1839.3 J 9812 9912 9812
1
9834
Westches Ltg g 58 stmixl gtd 1950.3 D 9312 95
9312
9312 9714
5
9312
West Penn Power Sec A 56_ -1946 M S 893 Sale 893
95
55
4
2
4
893
4
151 40
-year 68 Series C.-- _1958 J 13 1003 103 1001
10114
4
7 100 102%
1st series D 78
C1946 F A 105 Sale 10412 105
:
21 10218 1071
56 E
1963 M ft 88 Sale 873
4
88
7
8734 885
4
Western Union coil tr cur 68.1938.3 J 96
9712 96
96
991:
8
97%
Fund & real estate g 430_1950 MN 92% Sale 917
s
923
4
923
4
89
7
15
-year 6348 g
1936 F A 10834 Sale 10812 109
1 10512 11172
Westinghouse E & M 78_._ _1931 M N 1077 Sale 1073
8 10778 59 10512 108%
Wickwire Spell Steel let 78. _1935 J .1 93 Sale 92
91
98
18
93
Wilson & Co let 25-yr 6 f 68_1941 A 0 9552 Sale 9534
9712 57
95 102
111-year cony 8 f 68
1928 J D 8518 Sale 84%
857
83
98
28
Temporary 7348
1931 F A 9614 Sale 955
9614 73
93 105
Winchester Anna 7346
1941 A 0 104 10412 104
10414
8 10012 106
*No price Friday:latest Ind and asked. a DueJan. d Due Apr. C Due Mar. e Due
,
May. is Due June. 6 Due July. k Due Aug. 0 Due Oct. p Due Dec. s Option sale.
sill
313
Quotations of Sundry Securities
All bond prices are "and interest" except where marked 'f"
Standard 011 Stocks Par Bid Ask
Railroad Equipments arfet. Base
5.70 5.35
AngleAmerican 011 new_ £1 .15
1514 Atlantic Coast Line 68
Atlantic Refining
5.50 5.25
100 109 110
Equipment 6348
5.85 .5.40
Preferred
100 114 118 Baltimore A Ohio 65
Borne Scrymser Co
Equipment 4348 & AL_- 5.65 5.35
100 127 133
Buckeye Pipe Line Co__50 .85
88 Buff Roch & Pitts equip 66_ 5.50 .5.20
Chesebrough Mfg new _100 225 230 Canadian Pacific 4348 & 68_ 5.50 .5.25
5.60 5.35
Preferred new
100 110 112 Central RR of N J 6a
5.80 5.40
Continental Oil new____ 25 *35
38 Chesapeake & Ohio 65
5.55 5.30
Crescent Pipe Line Co__ 50 *1712 1812
Equipment 6345
5.55 5.30
Cumberland Pipe Line_ _100 102 105
Equipment 58
Eureka Pipe Line Co _ _ _ _100 100 103 Chicago Burl & Quincy 65- - 5.60 5.30
Galena Signal 011 corn. _100 61
63 Chicago & Eastern Ill 534s- 6.10 5.60
Preferred old
100 110 114 Chicago & North West 4345 6.45 5.20
Preferred new
5.70 5.40
100 104 107
Equipment68
Illinois Pipe Line
5.50 5.25
100 158 160
Equipment 6346
Indiana Pipe Line Co... 50 296
5.70 5.40
98 Chic R I & Pac 434s & 58_
International Petroleum_(2) *1634 1634
5.80 5.50
Equipment68
National Transit Co:_12.50 *24
25 Colorado & Southern 6s..
5.85 5.40
New York Transit Co-_ -100 100 102 Delaware & Hudson tla
5.65 5.35
Northern Pipe Line Co_ _100 105 108 Erie 4345 & 55
8.25 5.75
25 *58
Ohio 011 new
59
Equipment68
6.30 5.75
25 *13
Penn Mex Fuel Co
15 Great Northem (is
5.65 5.35
Prairie Oil & Gas new.._100 182 184 Hockhag Valley 68
5.80 5.50
Prairie Pipe Line new_..100 10112 10212 Illinois Central 4345 & 56- _ 5.45 5.20
100 180 185
Solar Refining
Equipment 6a
5.70 5.35
Southern Pipe Line Co-100 95 96
Equipment 7s & 6)45
.... 6.50 5.25
100 120 122 Kanawha & Michigan 624South Penn Oil
5.80 5.45
81
Southwest Pa Pipe Lines _100 79
Equipment 4348
5.60 5.25
Standard 011 (California) 25 *5112 52 Louisville & Nashville 66- _ _ 5.50 5.85
5514
Standard 011(Indiana)_ _ 25 *55
Equipment6348
5.50 5.25
Standard Oil(Kan) new. 25 *42 43 Michigan Central 5 & (is_ _ _ 5.50 5.25
95 Minn StPASSM 4348 & 56 5.45 5.40
Standard Oil(Kentucky) 25 *93
Equipment 6345 & 78- - - 5.80 5.40
Standard OR (Nebraska) 100 228 235
Standard Oil of New Jer. 25 *3414 341 Missouri Kansas & Texas 68 5.90 5.50
1013 11614 118 Missouri Pacific 68 & 6345_ _ 5.80 5.40
Preferred
5.75 5.35
Standard Oil of New York 25 *3834 387 Mobile & Ohio 4345 & .56_ _ _
100 282 285 New York Central 4348 A Is 5.50 5.25
Standard Oil(Ohio)
Equipment(3c4
5.70 5.40
100 11612 118
Preferred
100 27
30
5.55 5.30
Swan & Finch
Equipment 75
5.35 5.00
88 Norfolk & Western 4345_
Union Tank Car Co_ _ _ _100 87
100 106 108 Northern Pacific 76
5.50 5.25
Preferred
25 *4535 45 8 Pacific Fruit Express 78._ _ _ 5.50 5.30
7
Vacuum Oil new
10 *24
25 Pennsylvania RR eq 58 & 6
Washington Oil
8 5.65 5.30
5.50 5.25
Pitts & Lake Erie 6348
Other 011 Stocks
Equipment68
6.80 5.40
Atlantic Lobos 011
(2) *3
312 Reading Co 4345 & 56
5.3 5.05
50 *10
Preferred
•
20 St Louis & San Francisco 55. 5.85 5.50
25 *5112 52 Seaboard Air Line 4345 & 58 6.2 5.75
Gulf Oil new
25 *3112 32 Southern Pacific Co 4346.- 5.4 5.25
Humble Oil & Ref new
25 .9812 9912
Imperial Oil
Equipment 78
6.50 5.25
Magnolia Petroleum_ ..100 134 137 Southern Ry 4348 & 58
5.6 5.30
5 *4
5
Mexican Eagle 011
5.85 5.50
Equipment6s
Nat onal Fuel Gas
80 Toledo & Ohio Central 65.... 5.85 5.45
77
165
Salt Creek Producers... 10 • 8 16% Union Pacific 7a
5.40 5.20
Public Utilities
Tobacco Stocks
612 American Cigar common 100 75
Amer Gas & Elec new..()) *3512 3
79
50 *42
100 83 86
Preferred
43
Preferred
MAN 92% 94 Amer Machine & Fdry_ _100 140
Deb (is 2014
2234
Amer Light & Trac com_100 111 114 British-Amer Tobac ord_ £1 *22
93
100 90
El .22 24
Preferred
Bearer
54
Amer Power & Lt corn. _100 167 172 Helme (Geo W)Co. new 25 .51
81
100
83
100 111 114
Preferred
Preferred
M&S 9112 9214 Imperial Tob of G B herd *15
18
Deb 68 2016
Amer Public Util cot:n..100 35 - - - - Int Cigar MachinerY--100 50
100 67
72 Johnson Tin Foil & Met_100 80
7% prior pref
100 3
1 42 MacAndrews & Forbee.__100 124 126
4% partic pret
100
100 95 99
Preferred
6% preferred
72 Mengel Co
100 29
31
Blackstone Val G &E corn 50 *70
77
Carolina Pow & Lt com_100 63 67 Porto Rican-Amer Tob I00 74
Scrip
*75
Cities Service Co com_ _ _100 135 13612
100 6514 653 Universal Leaf Tob com_100 96 104
4
Preferred
*1414 14
5
100 90
Preferred
CitiesBerylce Bankers'Shares
100 100 106
Colorado Power corn.._ _11)0 1714 1814 Young (J S) Co
100 88 92
100 100 106
Preferred
Preferred
27
Com'w'th Pow,Ry & Lt_100 26
66
Rubber Stocks(Cleveland)
Com'w'th Pow Corp pref 100 65
Consumers Power pref _ _100 85 87 Firestone Tire & Rub coin 10 *688, 89
9712 6% preferred
100 96
Elec Bond & Share pref _100 96
96%
59
100 81
Federal Light & Traetion(2) *57
7% preferred
85
70 General Tire & Rub corn 50
Preferred
100 67
170
100
Lehigh Power SecurItlea_(2) *1912 2012
Preferred
99
3
4
Mississippi Riv Pow corn 100 18 4 203 Goodyear Tire & cora _100 if% II%
83
Preferred
100 80
Preferred
100 60
51
9212 Goody'r TAR of Can 91_100
First mtge 5s. 1951_ _J&J 91
F g deb 7s 1935_ _M&N 100
Mason Tire & Rub com_(2) *212
_()) *49% 51
Nat Power & Lt corn.
100 25
Preferred
Preferred
(I) *8312 85 Miller Rubber
100
70
8612 88
Income 78 1972
J&J
Preferred
100 97 100
11 Mohawk Rubber
Northern Ohio Electr1c_(2) .0
100
10
1z
27
Preferred
100 24
PVeferred
is 60
95 Seiberling Tire & Rubber(2) sg
North States Pow com_100 .92
7
95
,Preferred
100 *92
Preferred
100 45 55
70 Swinehart Tire & corn. 100
Nor Texas Elec Co com.100 65
21
74
Preferred
100 70
Preferred
100
_50
4
Pacific Gas & El 18t pref 100 903 9112
Sugar Stocks
7 Caracas Sugar
Power Securities com_ (2) *4
50 *11
15
*17
21 Cent Aguirre Sugar corn_ 20 *81
Second preferred
84
82 Felardo Sugar
Coll trust 68 1949._.i&1) 76
100 z100 103
61 Federal sugar Ref cOm 100 60 65.
/.56
Incomes June 1949. FAA
49
Puget Sound Pow & Lt _ _100 46
100 90 105'
Preferred
82 Godchaux Sugar, Inc_ _ (2) *10 1 15
6% preferred
100 79
7% preferred
100 0100 103
Preferred
100 80 88
Gen mtge 734s 1941_ MAN 103% 10512 Great Western Sugar new 26 *713
78
15 Holly Sugar Corp own--(2) *25 30
Republic Ry & Light_ _100 13
42
Preferred
100 38
100 75
Preferred
South Calif Edison com_100 1021 104 Juncos Central Sugar---100 110 125
Preferred
100 114 117 National Sugar Refining_100 89 91
27 New Niquero Sugar
Standard Gas & El (Del) 50 *26
97 103
5
12
Preferred
50 *471 49 Santa Cecilia Sug Corp pf 100
Tennessee Elec Power _()) •111 1212 Savannah Sugar com_ _ _(I) .60
44
Second preferred
100 z80
Preferred
(I) *41
United Lt & Rya corn..A00 140 145 Sugar Estates Oriente prof.. 85 94
45
let preterred (6%)_ _100 79
82 West India Bug Fin com _100 25
40
100 $5
Western Power Corp_ _ _ _100 26
27
Preferred
Preferred
78
100 76
•
Short Term Securities
IndustrIal&bilscell
57
Am Cot 011 6s l924. M&52 92
93 American llardware__ _100 54
75
Amer Tel&Tel 68 1924_ F&A 1001 100 4 Amer Typefounders corn 100 72
3
100 98 100
Anaconda Cop M in68'29 J&J 10114 10112
Preferred
21
(t) *19
Anglo-Amer0117348'25 A440 10214 102% Bliss (E WI Co new
50 .68
Federal Sug Ref 65'24.M&N 100 10012
Preferred
115 117
88 1933
MAN 97 9712 Borden Company corn.
100 100 103
Hocking Valley 68 1924 M&S 1001 10012
Preferred
100 88 93
interbore R T fis 1922.M&5 •____
Celluloid Company
100 108 112
K C Term Ry 6i023 MAN15 10012
Preferred
103 104 Childs Company com__ _100 134 138
634s July 1931
J&J
100 106 109
Lehigh Pow Sec (is '27 _F&A 92
9234
Preferred
100 98 103
Sloss-Sheff S&I 68 '29..F&A 97 9712 Hercules Powder
100 102 104
13 Rubber 730 1930.F&A 10512 10612
Preferred
100 7714 77%
International Salt
Joint Stk Land Bk Bonds
Chic Jt Stk Land Bk 58_1951 10012 102 International Silver pref 100 103 107
100% 102 Lehigh Valley Coal Sales 50 *78
55 1952 opt 1932
82
103 105 Phelps Dodge Corp
100 160 170
5346 1951 opt 1931
Royal Baking Pow com-100 122 130
4326 1952 opt 1932
9912 101
Preferrel
430 1952 opt 1932
100 98 101
98 9912
41141 1963 opt 1933
9912 101 Singer Manufacturing_ _100 113 115
•Per share. 5 No par value. 1, Basis. d Purchaser also Pays accrued dividend.
e New stock. I Flat price. k Last sale. n Nominal. z Ex-dividend. VEX-rights.
(Ex titOek dividend. a Sale price. s Canadian quotation.
so
ao
94
ao
so
64
83
iiitili
314
BOSTON STOCK EXCHANGE-Stock Record See Next
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
July 14
Monday,
July 16
Tuesday,
July 17
Wednesday. Thursday,
July 18
July 19
Sales
for
the
Week
Friday,
July 2()
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Railroads
Shares
14914 14912
198 Boston & Albany
78
7912
634 Boston Elevated
147
77
*93
117
•1003
4
*107
8
20
•20
*27
.24
•33
147 14813 148 148
148 148
148 148
147
7714 774 7714 78
773
4 773 78
4
78
79
*93
93
____
9314 9314 93
*93
11612 11613 11612 11612 116 1 16 2 Ha"
117 •____ 118
-- -1101 101
101
100 10012 100 100
10012 10038 101
107 11
8
11
114 12
107 11
s
117 12
8
1238
24
20
20
19
1914 1914
19
19
20 .10
20
20
20
21
20
21
29
29
28
28
____
28
28
25
2512
25
25
____
*24
*34
__
*34
_
34
34
34
34-145 145 *_ 145 •____ 145 •____ 140
--145
27
*26
27
2712 2712 27
•26
27
263 28
4
27
69
*68
69
*6812 71
*68
*6812 ____ *6912
*57
5712 *57
•57
5713
58
*58
39
3712 3712 *3712 38
+3712 3914 .36
3614 - 14
31 *3712 38
*3712 38
*3712 38
37
3712 *37
38
58"
•30
30 *_ __ 3012 •____ 3012
3012 30
304
8 12
1218 *1214 123 .1212 134 1214 134
1218 123
4
*65
71
____
*65
71
*65
703
*80
90
•85
90
85
85
*88
88
*85
89
____
•.._ 69 •_ _ _ _ 683
4 683 69
4
69 69
6714 683
4 69
*28
_ - 2912 294 31
31
31
33
33
33
3312
163
611
15
318
105
155
6
10
405
27
9
175
60
304
ii.
19
3312
39
190
105
26
Highest
100 143 API* 3 151 June 14
100 75 June 29 84 Jan 5
100 92 July 3 100 Mar 6
100 115 July 5 125 June 12
Do 2d pre(
100 99 July 5 106 Mar 5
Boston& Maine
100 1014July 30 2012 Mar 2
Do pref
100 19 July 19 27 Feb 13
Do Series A lot pref..100 19 July 17 3213 Mar 1
Do Series 11 1st pref__ _100 26 July 10 48 Feb 6
Do Series C 1st prof__ _100 25 July 3 42 Mar 22
Do Series D 1st prei
100 34 July 18 59 Feb 7
Boston & Providence
100 140 June 29 16012 Jan 25
East Mass Street Ry Co.. 100 18 Feb 15 35 Mar 22
Do 1st prof
100 67 Feb 24 72 Jan 16
Do pref B
100 53 Feb 24 65 Mar 19
Do adjustment
100 3412 Feb 13 46 Mar 22
East Mass St Ry (tr Ws) 100 3412 Feb 15 45 Mar 21
Maine Central
100 30 May 5 43 Jan 2
984 July 5 2212 Jan 30
100
N Y N H & Hartford
Northern New Hampshire_100 69 June 28 84 Feb 3
Norwich & Worcester pref _100 80 June 12 100 Jan 3
Old Colony
100 6714July 19 81 Feb 14
Rutland pref
100 25 May 14 3818 Feb 20
Vermont & Massachusetts_100 78 July 12 98 Jan 11
13: 1":
51 pre,
III101
1238
PER SHARE
Range for Previous
Year 1922.
Range since Jan. 11923.
Lowest
Highest
13014 Jan
7312 Feb
9414 Mar
116 June
10112 Nov
14
Jan
20
Jan
22
Jan
36
Jan
Jan
3()
40
Jan
Jan
125
18 July
66 Aug
51 July
28 July
29 July
2712 Jan
1214 Jan
69
Jan
58
Jan
57
Jan
15
Jan
78
Jan
152 May
8912 Sept
105 Sept
126 Sept
109 Sept
3112 May
37
Apr
4412 Apr
62 May
54 May
7712 May
163 July
2638 July
77 July
60 Nov
47 Aug
47 Aug
Oct
55
3478 May
96 July
1033 Dec
4
9814 May
527 Juno
*
100Aug
I
Miscellaneous
100 Amer Pneumatic Service._ 25
114May 4
313 Jan 9
213 Dec
414 Jan
14
*14
16
.14
16
*1312 16
____ ____
25
50 1312July 2 20 Jan 10 13
Do prof
Feb 2014 Aug
12214 12114 1223 12218 122321 12218 12238 12212 1227
21
8 2,118 Amer Telephone & Teleg 100 119 June 29 12.53 Mar 14 1143 Jan 12814 Aug
4
8
82
80
82
80
80 *2-__ 80
____ __
96 Amoskeag Mfg
No par 763
4July 5 112 Jan .5 104
Jan 121 Dec
80 *z_ _ 80 *z _ ___ 80 *z_ 80
____ ____ ______
Do pref
:77 July 10 88 Jan 5
80 Nov 91 Aug
16 •z14
16 .314
16 •z14
16
., a7.
_______ ______ Art kIetal Construe. IncNo_ pl0 15 Mar 1
1612 ar 14
11 Nov 2012 MaY
1212 .1012 12 .1013 12
*1012 12
__
25 Atlas Tack Corp
ur T _pl
No par
ou
10 July 2 201 Feb 14
13
Jan
,
22 May
_. .
*31033
410712 .71033
410712 10514 10514 --------10 Boston Cons Gas Co.
'
0 105 Jan 22 10812 Feb 24 1043 Aug 107 Dec
4
*____
.14 •____
.14 •__ __
.14 •_ __ _
.14 •____
.14
.10 .10
100 Boston Mex Pet Trus_ _No par .10 Jan 18 .30 Jan 25 .10 Sept .50 May
2014 2013 204 2012 21
21
*2012 21 I 21
2112 21
21
796 Connor (John T)
10 19 July 5 27 Mar 19
153 Jan 30 Dec
4
3
•3
*3
314
314
3
3
3 I
3
3
3
3
350 East Boston Land
3 June 25
10
3
Jan
4 Jan 2
8
Apr
*814 813 .814 812 .8
812 *8
813 *8
812
812 812
120 Ea-stern Manufacturing
5
7 June 28 144 Mar 5
7 Dec 1414 Feb
80
80 12 8112 8012 8114 81
80
81 12 79
813
4 8113 82
1,905 Eastern SS Lines, Inc
25 74 June 29 12713 Mar 22
3812 Jan 8912 Oct
166 16612 z164 165
16413 165
16412 16612 165 16614 16512 166
Electric Illum
488 Edison
100 160 June 28 172 Juin 3 156 Mar 185 Sept
•313 412 *313 412 *312 412
312 312 *332 412 -------No par
25 Elder Corporation
312June 30 1078 Jan 2
3 Mar 13 May
8
•Ii
.5
8 I .5
8 1 55
8 I .5
8 I ____ ____ ______ Galveston-Houston Elec„.100
5 July 9 2912 Feb 5
28 Dec 39 Aug
*8
9 ' *8
9
*8
9 ' *8
9 1 *8
__ ____ Gardner Motor
' -___
25
No par
9 July 2 153 Mar 3
9 Nov
1014 Apr
8
•16
163 .16
4
1634 16
16 I 16
16 I 17
17
164 1634
220 Greenfield Tap & Die
1512June 12 24 Feb 101
17 Dec 2714 Feb
*54
5514 *51
554 .54
5514 *54
5512 5412 5412 54
)d R
l utl.
54
No par 54 Jan 8 6313 Mar 13
22 iloer utIi bber
Mar 5438 Dee
43
534
•34
3512 3412 3412 4.37 ------------7
35
35 .34
Cement Corp_No par 32 July 2 44 Muir 19
3838 May
Jan
26
14
14 •_ _ _ 14 •_ _ 1____ -- _ ______ Internat Cotton Mills
50 13 June 19 22 Feb 19
Jan
20 Nov 32
•56
59
*5612 60 I .(42 63
14
2
Do pref
125
_57_ 58
100 50 May 31 7912 Jan 10
60 Aug 85 Dec
•112 2
*112 2
94 2 1
_______ International Products_No Par
612 Mar
14 Dec
3 Mar 20
112June 5
*313 7
.312 7
.313 7 1 *312 7
Prof
*31/ 7___ _-_
100
412June 20
17
Apr
512 Dec
8 Mar 15
*54 513
5
54
518 518 *514
512 .514 512
p y,MeNell' & Libby__ _ 10
514 514 ____-- Libbo
34
5 June 22
8
8 Apr 6
13 Apr 1112 June
.
014 10
*014 10
10
10
.5913 10
10
10
25
___
_
13
88 Loew's Theatres
Jan
8 July
83831115 27 11 Apr 26
82
83
38214 821
8112 82
81
81
461 Massachusetts Gas Cos_ 100 7812May 22 8712 Jan 2
81- 81 _4
Jan 9018 Nov
12
63
66
66
6512 6613 66
6614 6613 67
6638 67
67
100 65 JulY 7 73 Jan 25
Do pref
68237
Oct
Jan 74
62
•148 152 .149 151
149 151
150 1.50
151 161
152 162
92 Mergenthaler Linotype_ 100 147 June 19 179 Jan 6 130
Oct
Jan 181
*6
7
•13
7
.6
7
7
7
7
7
10
--------170 Mexican Investment, Inc
63
4July 5 143 Feb 19
Dec 2738 Juno
11
4
19
1914
19
1914 19
19
19
19
19
19
19
19
263 Mississippi River Power_ _ _100 1834July 6 2814 Jan 31
Jan 34 Aug
13
*80
81
81
81
*804 81
*80
8018 .80
13
81
Do stamped Prof
____ _
_
100 80 Jan 16 84 Feb 14
7212 Jan 8512 Oct
*312 4
312 33
4 .33
4 4
314june 27
.33
4 4
334 4
312 14
3
10
233 National Leather
115 Jan
8
634 Dec
884 Feb 13
•.30 .75 •.30
__ •
.30
_
.25 Feb 3 .97 Apr 16 .22
_
______ New England 011 Corp
5 Jan
Dec
114 114
114 11;4
11312 1 - - 114- 114
-14
-- Hi- 116
- .- i.i - 1 - -15
253 New England Telephone_100 113 July 4 122 Jan 3 109
Jan 125 Sept
•17 1714 1713 1712 .1634 1714 *1634 1714 .17 1712 --------5 Orpheum Circuit. Inc
168 July12 2113 Apr 26
4
1
Oct
Jan 28
13
89
90
8812 89 1 89
90
*89
90 • 90
90
8913 90
182 Pacific Mills
88 July 10 190 Jan 2 1153 Oct 192 Dec
4
•16
1612 16
16 I 16
1613 *1512 1612 *1512 1612 --------20 Reece Button Hole
10 15 June 26 18 Mar 14
1212 Apr 16 July
214 27
8 *214
27
8 .23
8 27
8 *23
3 27
8 *23
8 27 _--- ____ -___ . Reece Folding Machine
8
10
3 Mar
Mir . 5 . 3 IT o e
2(1
1
4 2 s ev
?
1,
1
1
•.60 114 •.50 114 •.50
70 Simms Magneto
5
718 Apr
102 10214 10112 102
10112 102
10112 102 I 10112 102 I 10112 102
366 Swift & Co
100 9812 June26 10912 Jan 6 9214 Jan 11012 Sept
4412 4413 .44 4412 .44 4412 44 1412 .44 4412 4412 4412
83 Torrington
8
25 433 June28 50 Mar 9
July 8112June
39
*713 812 *713 813 *712 8
*713 812 .
712 812
Union Twist Drill
5
Jan19 11 Mar 7
8 Mar 1414 Feb
354 35 5 3518 3538 3512 3612 357 363
3
4 36
3614 353 3614 6,660 United Shoe Mach Corp
8
4
25 z3312June15 5534 Mar 8
Jan 45 Mar
37
2513 2513 2514 2512 2512 2512 25, 2512 26
4
26 I 2513 26
Do prof
2712 July
830
8
Jan
25 243 Junel4 2814 Jan I 1
25
273 273 x2612 2634 2678 2714 2634 27 1 263 2714' 27
8
8
4
273
4 2,765 Ventura Consol 011 Fields_ 5 2434 May22 30 Jan 2
217 Jan 3312 June
18
18
17
18
18
177 18 I 1778 18
8
18
173 18
4
153 June21 e2218 Mar 19 e1314 Jan e1912 Dec
4
1,568 Waldorf Sys.lne,new shNo par
97
8 97
8 .9
10
.8
10
9
9
*9
10
143 Apr
-_-_-_-_ :-_-_-_
4
46 Walth Watch CI B com.No par
214 Nov
5 Feb15 13 Mar 17
20
Preferred trust etfs
______ •
11 Nov 49 Apr
100 1513 Mar 6 2912 Mar 19
144 1412 .1413 1:112 *-iiT3 1712 ; 1
•14t3 15
.1 1i4 15 , 147 15
.
8
13
90 Walworth Manufacturing_ 20 11 14 Jan 5 1712 Feb 17
Oct
712 Feb
4 2054 903
2934 2934 .29
8
30
2938 2938 .293 293
2912 293
4
265 Warren Bros
1712 Jan 358 Sept
4
50 2512 Jan31
3412 Mar 14
3112 31 12 3112 32
*3113 32
32
32 I 313 313
4
4 313 3238
4
490
50 31 July12 3912Mar 14
Do 1st pref
3012 Jan 3814 Oct
*32
3.5
.33
36
*33
36
*3312 36 i 35
35 , ---- ----1
Feb 443 July
4
Do 2d pref
31
30
50 33 July10 42 Mar 15
5714 8
.7
712 *7
712 .7
712 *7
712 --__ _ - -I ______' Wickwire Spencer Steel
21 May
8 July 9 1212 Feb 21
83 Nov
4
5
•
I
i
Mining
I
•
.30 .70 •
.30 .75 *10 .75 ' .30 .75 •
.
1
.30 .75 •
.30 .75I Adventure Consolidate&__ 25 .25
Apr
Jan
1
Feb16
1 Feb 28 .50
61
61
6014 61
60
60
60
GO
6013 613
4 62
62 ,
228 Ahmeek
25 54 July 5 87 Muir 1
56 Nov 66 May
*Jo .25 •.10 .25 +.10 .25 •.10 .25 •.10 .25 •.10 .2,5
u uuez h Mining
go m a
25 .10 July 5 .50 Mar 2 .03 Sept .50 Apr
19
19
20
20
20
20
20
20
21
20
21 1
274 AI
A
25 17 July 5 34 Mar 1
19 Dec 3213 Jan
*a112
13
4
13
8 138
Ds 1%
13
4
13
4
14
13
8
13
4
317 Arcadian Consolidated
13
4
25 .70 July 3
2 Mar
44 May
414 Mar 5
103 103
4
4 1014 1012 1012 103 .710
4
1014 104 1014
1012 1012
390 Arizona Commercial
1012 June
5
6 Nov
73 Jan 6 1412 Mar 2
8
17
*16
•16
17 .16
17 .16
17
*16
17 , •1612 17
____ .. Bingham Mines
1834 Sept
10 1612 May22 19 Feb 19
Jan
13
4212 423
4 42
43
4213 43
4212 43 ' 43
4212 13
4314 1.646 Calumet de Hecia
25 40 June26 49 June 15 248 Nov 301 Aug
8 614
57
•6
8
578 *534 614
614 .57
6
6
.6
638
195 Carson IfIll Gold
1
518June 12
938 Feb 13
578 Nov
163
4
*54 9
.8
9
*8
9
9
.8
9
.814 9
Centennial
25
7 Jan 18 15 Mar 1
1312 Ma8 Feb
lie
8 Nov
3113 3112 314 32
3113 32
31 12 3214 3234 3313 33
34
1,072 Copper Range Co
25 27 July 5 4634Mar 1
3518 Dec 4634 may
4 *212 3
21g 23
.213 27
8
23
4 23
4
23
4 23
4
695 Davis-Daly Copper
23
4 23
4
10
214June 28
(114 Jan
5 Feb 23
21g Nov
614 612
614 612 *6
612
614 613
414 63
4
513 612
605 East Butte Copper Mining_ 10
5 July 5 1112Mar 1
1214 Jan
712 Nov
112
1 1X, 1 31' *ails
112
,4
112
112 *a1 14
114
14
114
125 Franklin
114
25 .30 May 22
238 Mar 5
1
Apr
378 Apr
*134 213
.2
3
*2
3
2
2
212 212 *2
3
25
15
8July 12
150 Hancock Consolidated
4 Mar 5
313 Mar
112 Aug
293 .29
4
293 *29
4
•29
293 *2014 293
4
4 2912
1 2134 Mar 28 33%June 7
175 Hardy Coal Co
.35 .40 •
•.35
50 •.35 .50 •
.35 .40
Helvetia
:0.01031
25 .33 July 2
114 Feb 20 .50 Dec -2- 4 -Ai
X
l1r
1*)
( T5 10i I 102.9:13
1003 101 12 100 10012 100 10012 *100 101
4
2.9
1 97 July 2 11512 Apr 7
423 Island Creek Coal
8112 Jan 1165 June
8
97
*94
95
*93
.95
95
97
95
*95
9512 95
95 1
Do pre(
117
1 9312 Feb 15 10012 Mar 28
88 Feb 9712 Nov
.2112 23
22
22
23
2212 2212 2312 25 I 25
22
.
26
25 19 June 21 3314 Mar 3
390 Isle Royale Copper
18 Nov
263 May
4
23
4
2
2 14 .218 212
2
23
8 .214
•z2
2
23
8 23
8
608 Kerr lake
5
2 July 17
338 .lan 2
478 Apr
3 Feb
1
..75
114 • 75
1
•1
1 13
112
.95 .95
.95
1
25 .80 July 13
125 Keweenaw Copper
214 Mar 5
312 Apr
1
Feb
2
.218 238 *218 213
2
218 2141
•218 23
s
2
238
'
1,5
134June 27
190 Lake Copper Co
514 Mar 1
214 Feb
53 May
4
•112 2
.112 2
•114 2
•1 14
2
912 2
'113 2
La Salle Copper
25
118 Jan 29
314 Mar 1
214 Apr
1 Nov
112 .114
3
112 •114
13
4
14 i:3 *1:2 13
•114
5
1 12 •14
1 2
138June 15
23 Mar 27
200 Mason Valley Mine
8
4
8
138 Jan
11
128
23 May
4
138
112
112
112
112
+13
8
25
118July 20
1 12
414 Mar 3
434 Apr
112 Dec
318 315
3
313 +312 .,12
1
1
25
34 314 •3I, 3'2 .312 312
212May 15
612 Apr
7 Feb 10
21A 1)ec
13
4 2
2
2 14
178
2
2
*17
214
2 2
2
238 1,582 Michigan
25 .90 July 3
4 Mar 17 .75 July
Apr
7
44
44
44
4514 4514 4612 46
43
4 42
4612
288 Mohawk
423 423
25 39 July 2 71 Mar 2
4
52 Nov 68 June
1734 18 I 18
4
18141 18
1712 1712 17t2 173 .175a 18
5 16 June 28 2412 Mar 2
1812
700 New Cornelia Copper
1514 Dec 2012 June
New Idria Quicksilver.... 5 .05 Mar 23 .05 Mar 23 .05 Dec
218 Mar
AprI8Fe
.
37
____I *37
b
•37
____I .37
New River Company
100 35
__I
*37 -*75
80
*75
SS
80 I •75
Do pref
80 1 .75 •
100
80
.75
7712 •___
5t2 *2
5
53
2 4.5
512
Jan
4 •,54
434 1 J r
53
3 5
5 77 .11 y 0
53
X4 513
7
450 Mr/lasing Mines
*7514
513
July
63 Feb 20
4
5
318 312
314
8
318 33
314
2
33
15
213 July 2 123 Mar 1
3 8 313 2,300 North Butte
3
314
812 Oct15 May
33
8 312
4
.99 .99
.70 .70
114 '.90
1
.
114
.75 .75
418 Apr
178 00bwaY Mining
25 .70 :
Lug 2
..90
23 Mar 5
114 • 90
1 14 Dec
8
*20
21 i 21
21 I *2113 22 I
21
*20
21
325735
115 Old Dominion Co
25 18
20 .20
llov
No
20
32
243 30 I *31
4
34 • *3112 33
30
30
Aug
25 243 July18 4212 Mar 11
110 Osceola
4
30
32
3 3
*30
6
.34
312 *27
8
. 314 314 .3
3'4 .3
312
50 Park City Mining & Smelt_ 5
..
6_4 broy
21_8 June _833 i,. iiiv
Mar 5
14
*1312 14
14
133 13381
8
*1312 14
14
145 Pd Crk Pocahontas Co_No par
14
14
14
1g14
•28
29
29
30
29
*27
*31
33 I
29
85 QuineY
25 22 July 5 50 Mar 2
*27
28
28
30 Nov
36
35
37
35
37
37
38
344 St Mary's Mineral Land.... 25 31 Judy 2 5313 Mar 1
351s *35
37 Nov 4812 May
35
35
35
'
.50 .50
. 0 .55 ____ 5_5_
13
4May
10 40
Jan 9
112Mar 5 .25 Mar
•.60 .75 •.60 .75 •60 .75 +.60 .75
114 May
*a.15 -- *a.15 ____I *0.15 ____ *a:15 _I ------South Lake
.1( 14 J:iipye (6 .7&41414ab 2 3 .25 Dec
1 3 tile23 33
) 41
1
!r :
.a.15
i•e 0
_ oa.15
114
112 *114 2
8
4
-_-- ____
33
4, July
: Dee
11. Dpr
,3
f
160 Souuptehrior
O 114 2 I .114 2
•114 2
its
138
14 14 1.411 1 Ws
14 +1
234 Oct
1
270 Superior & Boston Copper.. 10
114
•1;{,, 114 •1
314 Feb 23 .90 Mar
13. ro 10
•50 .60
.59 .60 •
.50 .513
Apr
5 50 May15
435 Trinity Copper Corp
.60 .65
.51 .51
.50 .50
.14 .14 '..14 .20 ..14 .20 1,050 Tuolumne Copper
,
1
.14 .14
5 .10 July 6 .65 Feb 16 .40 Nov .92 May
•.14 .20 •.14 .20
314
Oct
3% 3
• /
.
1
4
312 312'
314
312
280 Utah-Apex Mining
5
6 gr 12
r
23 Jan 9
4
314 3 8
3
33
*314 313
S
338
Feb
312 Juno
2 I •13
•1,
8 2 I
2 2 I •Iku
1 18 June28
no Utah Consolidated
2
2
178
•13
s 13
2
4 •13
3
.40 .70,
.70 .70 •.50 .70
212 Apr
258 Utah Metal 43 Tunnel
••50 .70 •
13 Feb 27 .80 Dec
8
.50 .70 ..65 .70
Nov
.7
1 I
Victoria
.75
.
0.75
1 I
Jan
•.75
1
1
'.75
.
1
1 I •.75
all
7
.75 .76
.50 .50
.31.1?'
25 .30 June29
580 Winona
.50 .50 .•50
1 1 •.40 .75 •.50 .75
1% 1e r 8 25
4N
23 F ab 25 . 5
r
7t8 8 '
7
25 ._
714
7
71u
7
16 May
391 Wolverine
734
714 Nov
J
718
_ 13 Mar 1
71g
8
8 12
_
• Bid and asked prices: 110 sales on this day. s Ex-rights, 0 Ex-dividend and rights. z Ex-dividend. g Ex-stock dIvidend. a Assessment paid.
Beginning with Thursday. May 24. trading has been in new shares, of which two new shares of no par value were given In exchange for one ahare 0( 01,1 stock of $10
Par value. In order to make possible comparisons with previous quotations, we have divided all these previous quotations by two
•
.138 212 *138
+14
16
14
12134 1224 1213
4
80
80 •z80
z __ 80 +z____
ez14
16 sz14
*1013 12 I 1212
214
I
.132
212 "153
213
134
134
134
13
4
,%, 5L4
e
.7g .1.4r
1
N2 Z1:7riagIVVony.....
47 A:;?73 E I:" '42 tZt
,
IR =2!
25
10
_-
N
1 fi.f.,
21 .12 I:1;23
JULY 21 1923.]
Outside Stock Exchanges
Stocks-
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange July 14 to July 20, both inclusive:
Bonds
-
Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High Amount
91%
American Tel &Tel 45.1929
1946
9714
5s
494
Atl G & W I SS L 5s_.1950 51
97
Carson Hill g cv notes 75'27
Chic Jet & U S Y 55..1940 9314 9314
70
E Mass St RR A 4148 1948
1948
Series B 58
71
Series S C 6s _ _ _ _1925-29
99
1936
Hood Rubber 75
100
1931 91% 91
Mass Gas 414s
Miss River Power 58. _1957
91%
New England Tel 5s_ _1932 97% 97%
1932
Registered 55
96%
1944
Swift & Co 55
93%
Warren Bros 745_ _ _ _1937 105
104
1932
Western Tel 58
954
92
97)4
51
97
934
70
724
994
100%
91%
92%
97%
9634
944
105
96
Range since Jan. 1.
Low.
$3.000 91
1.000 9514
34,000 43
5,000 97
16,000 88%
1.000 69
14.450 704
4,200 98
12.000 100
6,000 89
21.000 89
2.000 9654
1.000 96%
21,500 91
8.000 1024
12,000 94
High.
Apr 92)4
Apr 9854
July 62
Mar 100
May 95
Jan 72
June 774
Jan 994
July 1024
Apr 92
Apr 95
Mar 99)4
July 964
Apr 9934
July 115
Mar 98
Jan
Feb
Mar
Jan
Mar
Jan
Jan
July
Jan
Jan
Jan
Jan
July
Jan
Mar
Feb
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange July 14 to July 20, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sate.
Week.
of Prices.
Par. Price. Low. High. Shares.
Amer Elec Pow Co
50 21
100 71
Preferred
American Gas of N J_ _100
* 23
American Stores
Baldwin Locomotive_ _100
100 72
Brill (J G) Co
100
Preferred
* 214
Congoieum Co, Inc
Cramp(Wm)St Sons._ _100
Elec Storage Battery- -10
0
•
Erie Lighting Co
General Refractories
Warrants
Insurance Co of N A _ _ --10 48
Lake Superior Corp_ - _ _100
536
50
Lehigh Navigation
50
Lehigh Valley
Leh Val Transit, pref___50
10
Lit Brothers
Penn Cent Light & Pow_ •
Pennsylvania Salt Mfg_ _50
50
Pennsylvania RR
Philadelphia Co(Pitts)- -50
Preferred (5%)
50
.
Preferred (cum (%) _50
Phila Electric of Pa
25 2936
25 293.4
Receipts full paid
Preferred
25 31
Phila Insulated Wire
•
Phila Rapid Transit.......50 32
Philadelphia Traction_ _ _50 62
Reading Company
50
Union Traction
50 38
United Gas Impt
50 513.4
50 5514
Preferred
West Jersey & Sea Shore_50
Westmoreland Coal
50 67
York Railways
50
50
Preferred
20
70
75
2114
71
75
2234 23
1194 11911
68
72
90
90
213 223
55
55
554 57
234 2314
50
5014
1-16 1-16
48
49
534
534
664 6734
60
60
383.4 3814
203.4 204 .
59
59
83
81
434 4434
43% 433-4
3214 33
42
43
2914 30
2836 2934
,
303.4 3134
453.4 4514
x313,4 324
614 62
72
72
374 38
5136
50
5534 5534
34
34
67
66
31
31
35
35
Bonds
82
90
Amer Gas & Elec 5s_._2007 82
973,4 9714
1948 9754
Bell Tel lot 5a
65
60
Elea & Yelp tr etre 95_ _1945 65
Leh Vol gen cons 43.48.2003
8554 8514
Leh Val Transit let 58_1935 74
74
74
Phila Co cons & stpd 581951
92
91
1966
Phila Elec 1st 5s
9814 983,4
1947 10114 1013,4 10114
548
1941 1044 10414 105
6s
Reading gen'l 4s
1997 881,4 84
8834
United Rye gold tr int 48'49
574 57)4
United Rys Invest 55.1926
93
93
•No par value. a Ex-dividend.
Range since Jan. 1.
Low.
High.
Apr
Feb 30
2,990 15
Apr
Feb 78
30 63
10 74
July 834 May
May
6,575 20 June 25
10 11634 July 14234 Mar
Mar
195 49
Jan 91
May
15 883.4 Feb 98
Slay
1,185 143
Feb 240
Apr
5 50
Jan 59
405 5236 July 664 Mar
Feb
20 234 July 27
235 4234 Feb 593,4 Mar
1
June
1-16 July
225
Apr
50 4234 Jan 50
5 June 1034 Feb
150
Jan
260 65 June 75
Feb
60 5754 July 71
Feb
Jan 40
30 35
30 20
Feb 223.4 Jan
July
47 5434 Apr 59
June 9336 Apr
40 79
1,653 4134 June 4734 Jan
Jan 493.4 Mar
20 41
Feb
180 32
Feb 36
115 41
June 453.4 Feb
2,893 274 May 3334 Jan
2.139 274 June 293-4 July
383 2914 May 334 Jan
50 45% July 5034 Jan
1,515 30
Jan 3314 June
142 5934 June 67
Jan
Fel
25 7034 June 80
317 35 June 4014 Jar
2,098 474 May 56
Ala
44 z5414 May 5614 Fet
Mai
10 33
Jan 43
52 6511 May 8614 Mw
10 31
Apr 311,4 Jar
15 34
May 364 Jar
$1.800 82
10.000 9634
20.660 60
2.000 8434
5.000 74
10.000 90
17.000 96
15,000 99
12,600 10214
16,000 8334
1.000 57
2.000 88
July 9554
June 99
July 71)4
Apr 90
July 903-4
May 9354
Apr 103
Apr 103
May 1063.4
Apr 884
Jan 58
Mit%
Jan
AP
Jai
Jai
jai
Jun
Ma
JO
Fe'
JO
Jul
Jo
Ma
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange July 14 to July 20, both inclusive,
compiled from official sales lists:
Stocks-
315
TITT'l CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Pub Serv, pret _ _100
844 85
Amer Shipbuilding__ _ _ 100 694 694 694
Amer Tel & Tel Co
1223-4 1223.4
Armour & Co (Del), p1.100 87
8514 87
Armour & Co, pref._ _ _100 7534 7414 754
Armour Leather
15
714
734 73,4
Preferred
100 81
81
82
Bassick-Alemite Corp_ _ _ ..* 32
32
34
Booth Fisheries, pret_ _100
30
30
Borg & Beck
• 28
2634 28
Bridgeport Machine Co..
•
1334 1334
Central Pub Serv, pref _100
85
869-4
Ch City & Con Ry'Ash pt•
54 514
Chicago Elev Ry, pref_100
%
1.4
3
Chic Motor Coach, com _ _ 5 131
130 133
Preferred
88
88
89
1
1
______
Chic Rys, part ctf ser 2 _ _ _ _
Chicago Title & Trust_100
285 285
Commonwealth Edison.100 128
127 128
Consumers Co, coin_ _100
436 5
Continental alotors _ _ _ _ 10
714
734
734
108 10814
Crane Co, prof
Cudahy Pack Co, com_100 54
50
54
Boone Wool Mills25 263.4
Daniel
233.4 264
100------62
64
Deere & Co, Pref
100
110 110
Diamond Match
•
Earl Motors Co
Si
.4
25
25
Eaton Axle & Spring Co- •
Eddy Paper Corp (The)_ _* 344 3234 354
102 10234
Fair Corp (The), prof _ _100 102
•20%
19
2134
Gill Mfg Co
13
•
13
Godchaux Sugar,corn_
Gossard, II W.pret _ _ _ _100 274 2754 28
80
Great Lakes D & D. _100
8134
112 115
Ilart,Schatf & M. cm_ _ 100
• 35
Hayes Wheel Co
3234 35
44 454
Holland-American Sugar 10
10 204 18
2034
Hupp Motor
1934 2234
100 2134
Hydrox Corp, pref
Illinois Nnrth mil nf 100 8534 8534 85(4
80
55
20
625
603
530
121
845
50
2,230
150
65
310
8,540
III
140
270
100
37
7
50
1,640
29
75
3,26'
70
30
170
17'
6,340
105
370
300
290
55
435
270
18
2,870
7,275
19
Range since Jan. 1.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Inland Steel
25
International Lamp Corp25
Kellogg Switch & Supp _ _25
Libby, McNeill & Libby _10
Lindsay Light
10
Lyon & Ilealy, Inc, pref. _ _
McCord Rod mfg. "A"..'
MeQuay-Norris Mfg
•
Middle West Mil, com_100
Preferred
100
Prior lien preferred
Nat Carbon, pf
(new)_ _100
National Leather
10
People's Gas Lt & Coke 100
Philipsborn's, Inc, corn_ _5
Pick (Albert) & Co
10
Pub Serv of No III, com_ _*
Common
100
Preferred
100
Quaker Oats Co, pref _ _100
Reo Motor
10
Standard Gas & Elec_ _ _ _50
Preferred
50
Stewart Warner Sp,cm 100
Swift St Co
100
Swift International
15
Union Carbide & Carbon 10
United Iron Works v t c_50
United Lt & Rys,corn_ _100
lot preferred
100
Participtating pref. _100
Rights
U S Gypsum
20
U S Stores, pref
*
Wahl Co
Wanner Mall Cast Co _ _ .. _•
Ward, Montg & Co, pf _100
When issued
20
Class "A"
•
Western Knitting Mills_ _•
Wolff Mfg Corp
*
Wrigley, Jr, corn
25
Yellow Cab Mfg,cl"B
10
Yellow Taxi Co
13
43
534
22
4554
84
93
33,4
11%
19%
1004
100
924
98
2614
48%
93%
102
19
564
141
7911
89%
56
45
23
20%
98%
314
17%
105
24014
924
Bonds
Chic City & Con Rys 58.'27
Chicago Rys 50,ser"A"'27
4s, series "B"
1927
Chic Elev Rys deb 65_1924
isletrop W Side El 1st 48'38
Swift & Co 1st sfg 55.1944
4814
Range since Jan. 1.
• Low
High.
4,, y
J
8
550 32
324 33
11% 13% 4.960
245 39% July
41)4 43
5
July
514 534 3,470
214 May
50
34 354
July
160 96
96
96
June
644
294 31)4
104 May
1,725 26
184 23
355 36% May
45
45%
315 8034 July
8054 84
265 96 June
9614 98
June
10 115
120 120
314 June
99
3)4 3%
July
2
87
87
87
1134 July
12
11% 11%
e
99 14y
1734 July
38
19% 20
11
994 1004
16
993-4 Jun
100 100
914
3
9254 92)5
90 95 June
98
984
16
1714 2,570 11% Jan
476 1734 la
26
26)4
710 464 Jun
4734 483.6
80
9334 86.514 744 Jul
1,082 98)4 Jun
1014 102
Jun
17% 19% 4,695 16
57
6,905 5154 Jul
54
405
54 Jul
6
64
150 71
140 143
Jan
50 6934 Jul
6954 80
110 80% Jul
874 89%
4 Jun
14 14 1,130
Jul
150 51
56
56
10 92)4 May
9734 97%
Jul
345 43
44% 45
10 20 Jun
23
23
81 954 Fe
109% 109%
20% 21% 2,140 1814 May
Jan
125 93
98
984
315
24 Jul
34 3%
Jun
1,040 12
16% 18
Jan
226 100
1034 105
June
2,210 222
2404 260
944 6,485 70% Jan
91
5534
65
48%
8
62
9434
5514 $4,000
65
1.000
4814 5,000
2,000
8
63
8.000
1,001
9454
Jan
47
Feb
59
Jan
47
July
8
May
61
9254 Apr
50%
32
43
814
414
101%
June
Apr
June
Apr
Jan
Mar
r
Apr
Feb
39
26
53
863.4
jn
Ja
a
104
123
84 Apr
Jana
!9,
NA arn
jp
103 :3
930 NAar
206843
6
109 rw,
92
63987
0
Mar
51)4 Apr
12454 Apr
214 Jan
13% Feb
r
194 Slay
6
9934 Mar
24 May
75)4 Mar
5834
31
112
254
104
10%
3534
114
296
9816
Jan
Apr
June
Feb
Apr
Mar
Mar
Apr
Apr
Apr
6534
Mar
Mar
Mar
July
Feb
Jan
70
654
8
66
9751
• No par value.
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange July 14 to July 20, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
200
614 July
Am Vitrified Prod, com_25
7
63-4
7
1,460 78
July
8534
Am Wind Glass Mach_ _100 8536 79
200 90 June
100 9014 9014 9034
Preferred
554 July
614 74 8,965
Arkansas Nat Gas. com_10
754
3
14
3
July
3
Carnegie Lead & Zinc _ _ _ _ 5
34 34
355
314 Jan
Indep Brewing, com
_50
Jan
10
50
6
10
50
Preferred
305 10634 Mar
Jones-Laughlin, pref_ _ _100
10774 1083.4
730 23
Lone Star Gas
May
104 2514
25 1974
310 51
Mfrs Light & Heat_ _ _ _ 100 52
May
513.4 52
Nat Fireproofing, pref 50
150 1454 July
1614
16
750 30
Ohio Fuel Supply
3114
July
25 314 31
Oklahoma Natural Gas_ _25 197.4
409 1834 Mar
1934 1974
134 May
50
Pittsburgh Brew,com_ _ _50
24 214
Preferred
51( Slay
50
20
514
53.4
Pittsburgh Coal, pref_ 100
994 991.4
25 97
Jan
Pittsb & Mt Shasta Cop..1
tic 31,500 106 June
10c
1 le
Pittsburgh Plate Glass_ _10
185
458 165
Jan
171
Pittsb Rolls Corp, pret_100
10 96
96
July
96
Salt Creek Consol 011_ _ _10
84 July
300
84
834 814
Stand San Mfg, com_ -100
7414 754
Mar
180 73
Superior Insur Co
96
July
96
50
10 96
Tidal Osage Oil
fl
June
150
89-4 9
Union Natural Gas_ _ _ _100 2734 2634 274
515 234 Feb
U S Glass
2754 2734
100
110 244 Mar
West'house Air Brake_ _ _ 50 85
419 76
July
8034 85
W'house El & Mfg,com_50
5,54 56%
40 50
July
BondsIntim 13rewing 68
1955 _
Pittsburgh Brew 65_1949
"'-'
"- •"-^ '''''''s
70
75 $17.000
1,000
804 8014
..
65
62
Apr
May
High.
834
95
10754
10
4
4
10
1094
27
60
18)4
364
27
214
8
100
28c
205
96
1734
854
100
1314
274
294
120
6931
Apr
Mar
Mar
Jan
Jan
Jan
July
Mar
Feb
Feb
Feb
Mar
Jan
Jar
Mat
Mai
Jar
Jar
July
Aro
Api
Mai
Fel
Mal
Juni
Fet
Mai
75
81
Jul)
Jai
• No par value.
Low.
8414 July
59 June
120
July
8434 June
71
June
734 Apr
81
July
2714 Feb
23
Apr
223.4 May
133.4 July
844 July
5
Feb
4 July
118
May
85
May
I
July
250
Mar
12614 June
44 July
64 June
107
July
40 June
194 May
484 June
1094 July
14 July
24
May
2234 Apr
100
Jan
164 June
11
July
244 Feb
75 June
98
Jan
32
July
44 June
1634 July
1834 July
RI
TlIn.
High.
Feb
197
Jan
74
'243.4 June
Feb
100
Jan
96
Jan
10
874 Mar
3934 Mar
3634 Jan
3254 Mar
164 May
90
Mar
Mat
10
814 July
1397.4 Jun(
90 Jun(
354 Mal
305 Jun(
Jar
131
634 Jar
Jar
12
Fet
115
6434 Jai
623.4 Jar
7434 Jar
Jar
121
1% Fel
304 Ma)
Jul}
40
Jar
106
2834 API
264 Api
354 Al)
944 Fel
Jul)
115
4334 Ap
674 Fel
2514 Ma
3234 AP
SIA Ll s..4
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange July 14 to July 20, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares
Arundel Sand & Gravel_100 44
42
44
Baltimore Trust Co
50
15754 1574
Baltimore Tube, pref_ _100
47
47
Benesch (I), common....'
3434 3414
Preferred
25
2536 2514
Celestine Oil
1
.20 .25
Ches & Pot Tel ot Balt_100 10934 109 1094
Commercial Credit
25 694 694 7014
Preferred
25
25
25
Preferred B
25
26
28
Consol Gas, EL & Pow.100
1083.4 10934
7% preferred
100
10314 104
8% preferred
100
1154 116
Consolidation Coal____100 83
824 8314
Eauitable Trust Co
25
47
47
Fidelity & Deposit
50 8231 8234 834
..10 17
Finance Serv, Class A.
17
17
Houston 011 pf tr ctfs_ _100 86
86
86
Manufacturers Finance_25 51
5014 51
25
lot preferred
2414 2434
Maryland Casualty Co_ _25 85
85
85
111
alerch & alin Transp_ _100
111
Mt V-Woodb Mills v t r 100 11
1014 11
5614 5 6
Preferred v t r
100
38
3834
New Amster'm ('as Co_100
Norfolk Ry & Light _100
224 223.4
73
Northern Central
73
50 73
Penns Water & Power_100
1003,4 101
United Ry it Electric_ __50
1634 17%
U S Fidelity* & Guar_ _ _ _50
15354 155
Wnah lintt R. A tInnnnlia an
R .4
au
84
10
15
5
10
125
67
116
194
172
1,398
4
45
61
5
157
5
103
50
4
293
5
35
16
168
15
41
77
840
93
SOd
Range since Jan. 1.
Low.
High.
Jan
40
Jan
155
Feb
46
3234 Jan
254 June
.20June
1084 June
Jan
48
Jan
25
afar
26
Apr
108
July
103
June
115
824 Slay
464 Feb
784 July
154 June
834 May
July
50
2434 July
83
Jan
110
July
10
May
54
Jan
354 Jan
2234 July
72
July
10034 July
164 July
147
Jan
0,
4534 Mar
Feb
160
Apr
65
June
36
264 Jan
.50 Jan
11034 Mar
7014 July
254 Apr
2734 Jan
118
Mar
108
Mar
120
Jan
98
Jan
4714 Apr
14414 Apr
17
Jan
95
Jan
574 Jan
2634 Feb
90
Jan
121
Apr
1934 mar
733.4 Mat
39
Jun(
22% Jul}
77
jar
1084 Mai
2054 Jar
164
Jar
316
Bonds
Ala Cons C & I 5s_ _1933
Bait Spar Pt& C 4148_1953
Consolidated Gas 58_ _1939
General448
1954
Consol G. EL &P 4348 '35
Series E 5348
1952
Series C 7s
1931
Consol Coal ref 434s_ _1934
Refunding fo
1950
Elkhorn Coal Corp 68_1925
Fair & Clarks Trae 58_1938
Ga & Ala consol 5s_ _1945
Macon Dub & Say 58_1947
Mary'd & Penn 1st 48_1951
United Ry Sr Elea 4s_ _1949
Income 48
1949
Funding 56
1938
138
1949
Wash Balt& Annan& 1941
•No per value.
Range since Jan. 1,
Low.
90
90 $10,000 90
88
88
1,000 88
99
99% 2,000 99
86% 87
10,000 88
87
9134 91% 91% 2,000 8734
98% 9836 3,000 97
106% 106% 3,000 106
8834 8836 3,000 8834
86% 86% 1,000 85%
9734 973£ 3.000 97
90
5,000 90
90
81% 82
2,000 80%
52
52
5,000 49%
6634 6634 1.000 6616
7234 7234 73
36,000 71%
51% 51% 1,000 51
75
7534 1.500 73%
9934 99% 100
22,000 99%
7136 71% 3.000 71%
July
Apr
July
may
Feb
May
'Jan
July
May
July
May
May
Apr
May
May
July
May
May
July
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
93
90
101
88
92%
100
108%
92
90
99%
9336
82%
54%
66%
7414
55
77%
10236
77)4
Jan
May
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
June
Feb
June
July
Jan
Jan
Jan
Jan
Feb
Range since Jan. 1.
Low.
Br.888§888888V888888288$188t8888888tgg8g888.g88088.g8g8.8
dl4W13
,
..tow
P
Indus. & Miscellaneous.
4
4
Acme Coal Mining, new_10
4
AdlrondackPow&Loom100
20
20
Amer Cotton Fabric pf-100 101
101 101
134 134
Amer Drug Stores cl A_ _1
16
Amer Hawaiian SS
10 16
14
Amer McItigranh w i
2231 2234
31
Amer Public Inil pref_ -100
31
American Ste.ros new . •
223.1 2231
131
Amer Writ Paper,com_100
134 134
Appalachian Pow,corn.100
2834 29
Archer-Daniels Mid Co.* 2934 2934 2934
Armour & Co of Del. 0.100 8634 853.1 8634
Atlantic Fruit Co
134 134
•
131
100 100
Borden Co, prof
100 100
-Amer Tob ord bear.f.1 23
2234 23
Brit
2234 2234 23
Ordinary
12
1431
British Int Corp. clam A.•
13% 13%
Class
B* 9%
10
Brooklyn City RR
934 934
•
liis 134
134
Ruddy-Buda.file
Celluloid Co preferred...100 11034 11034 11134
750 75c
Central Teresa Bug, coin 10
10
231 234
Preferred
Centrifugal Cast Iron Pipe* 1534 1334 1534
39
39
Checker Cab Mfg,Class A•
5
534
531
Chic Nipple Alfa Class A.10
10
334
3% 334
Class B
236
1
216
Chicago Steel Wheel pf.._10
Lgtlee Service. oom_.-_100 13634 134 137
6534
100 6534 65
Preferred
6
6
10
Preferred B
9
0
87
Cities Service,stock scr19-- 88
77
75
77
Cash scrip
Cities Sery, bankers' sh__* 1434 1334 1434
2731 30
Cleve Automobile, com__• 30
1634 1631
Colorado Power. com_ _100
SYndleSte1
1
1
Columbian
35
35
•
Cuba Company
50
50
100 50
Cudahy Packing
73( 7%
Curtiss Aeropl & M come
715 734
Certi(teat es of deposit__ _ ______
2536 25%
Davies(Wm A) Co,Inc_ •
87
88
Delaware Lack & West_.50 87
834 914
9%
Dubiller Condenaer et gad'
50
43
• 48
Durant Motors, Inc
1031 12
Durant Motors of Ind___10 12
2534
Eaton Axle & Spring Co..
• 2534 25
96
96
Elea Bond &Share pref_100
68
58
Federal Lt & Tree cora_ •
Federal Tel & Tel
5% 631
634
6
Firestone Ttre dr Rub pf 100
88
88
Ford Motor of Canada_100 420
420 420
Foundation Co pref
98
93
• 98
Gillette Safety Razor '
245 25034
248
rus. •tel... f,..,
a 501, assiz 791f
ta-4
Week ending July 20.
Stocks-
High.
THE CURB MARKET.
There was a decidedly better tone to speculation in the
Curb Market this week and trading increased in volume.
Prices also made steady improvement. Considerable interest attached to the industrial list by reason of the opening
of trade in the new Reading Coal issuos. The Reading Coal
stock advanced from 39 to 42, while the "rights" were traded
in down at first from 173't to 1432, then up to 193,the close
to-day being at 193 . A good business was reported in the
%
new bonds, the 434s after a decline from 88 to 873 rose to
%
883 and reacted finally to 87%. The 5s advanced from 87
to 91. Glen Alden Coal sold up from 68 to 723 and fin%
ished to-day at 723/2. Durant Motors from 43 advanced to
50 but reacted finally to 48. Durant Motors of Indiana improved from 103 to 12. Midvale Co. after early advance
from 1631 to 173 fell to 16 and finished to-day at 16%.
National Supply common gained three points to 55. Oils
were somewhat unsettled, though gains were in the majority.
Illinois Pipe Line and Indiana Pipe Line each gained a point,
the former to 160 and the latter to 99. N.Y. Transit moved
up from 9934, to 1013 . Ohio Oil improved from 57 to 58.
%
Prairie Oil & (Ins, after an early advance from 180 to 184,
dropped to 178 and moved back to 184. The close to-day
was at 183%. Prairie Pipe Line sold up from 100 to 1023'
and at 102 finally. South Penn Oil was off from 126 to 118
and ends the week at 120. Standard Oil (Indiana) rose from
533/i to 55% and closed to-day at 55%. Standard Oil
(Kentucky) gained six points to 943' and finished to-day at
3
93%. Standard Oil (Nebraska) improved from 212 to 226.
Magnolia Petroleum sold up from 130 to 135, and Mammoth
Oil from 513 to 525 .
%
Below is a record of the transactions from July 14 to
July 20, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Stocks-
[VOL. 117.
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Price. Low. High. Amount
High.
331 June
6 May
20
July 2234 May
9934 Mar 102
Mar
370 June
134 Apr
14 June 2531 Mar
2234 July 23
July
31
July 48
Mar
204 June 2b
May
134 June
34 Apr
28
July 3136 June
27 June 4031 May
8
434 July 994 Feb
134 June
234 Feb
July 10634 Apr
99
1934 Jan 2334 June
1934 Jan 2334 June
12
July 1734 Feb
11% Apr 1834 Slay
714 Jan 1034 Mar
II,. June
14 Feb
10634 May 11134 July
50e July
231 Mar
234 Feb
5
Feb
10
Jan 1534 July
34 June 6634 Feb
234 Jan
54 June
214 May
3% July
1
July
931 Feb
130 June 195
Feb
64 June 70
Mar
534 June
634 Mar
72 June 102
Jan
74
July 77
July
13% June 1934 Feb
2431 July 3434 Apr
16 June 254 Mar
50e June
134 Jan
343 June 384 June
50
July 60
Mar
5
.lan
84 mar
74 June
8
July
2534 July 3534 Jan
82
Jan 9134 June
414 Jan 1334 Apr
3734 May 84
Jan
834 July 2534 Jan
2334 July 3034 May
96
July 99
Mar
48
Jan 61
Mar
331 Apr
7
Jan
854 June 96
Apr
400
Jan 460
Mar
9134 Apr 98
July
238 June 292
Apr
58
Jan 751i An..
Fridayj
Sales
Last 'Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High Shares.
Goodyear Tire & R.eomlOn
Great Western Sug com_25
Hanna(M A) Co. pref-100
Heyden Chemical
•
Hudson Cos pref
100
Hudson & Man RR,eom 100
Preferred
100
Hydrox Corp,common_ •
Imperial Tob of G B & I.£1
intercontinental Rubb_100
Keystone Solether
10
Lehigh Power Securities_.•
Lehigh Valley Coal Sales 50
LlbbY,McNeill & Libby_10
Luoey Mfg,Class A
50
Lupton(FM)Pub,CIA.
McCrory St new corn w 1.5
Mesabi Iron Co
•
•
Midvale Co
Mtuoltarwear. Inc
•
National Leather
10
Nat Stipp Color Del)com 50
N Tel 4 pref . 100
Peerless Truck & Motor-50
Pyrene Manufacturing_ _10
Radio Corp of Amer,corn•
Preferred
5
Reading Coal Cowl
Roo Molar Car
10
Repettl. Inc
5
Roamer Motor Car
Rosenb'm Gr Corp. pf__501
Shelton Looms, corn
*
Sou Calif Edison corn.-100
Southern Coal & Iron_ _5
Southw Bell Teter). of 100
Standard Motor Constr-10
Suits Motor Car
•
Swift International
15
Tenn Elea Power,com •
Tob Prod Exports Corp_ _•
Todd Shipyards Corp
•
Triangle Film Corp, v t c_51
United Profit Sharg. new.1
Ho Retail Stores Candy--•
United Shoe Mach. com_25
US Light & Heat,corn..10
Preferred
10
US Metal Cap & Seal_ _ _10
Universal Pipe dr Rad. wl.•
Wanner Malleable Cast._•
Wayne Coal
5
Yellow Taxi Corp,N Y •
Rights.
Reading Coal w 1
Former Standard Oil
Subsidiaries
Anglo-American 011_ __LI
Buckeye Pipe Line
50
Chesebrough Mfg, pref_100
Continental Oil
100
Crescent Plpe Line
25
Cumberland Pipe Line-100
Eureka Pine Line
100
Galena Signal 011, com_100
Illinois Pipe Line
100
Indiana Pipe line
50
National Transit_ ___12.50
New York Transit
100
Northern Pipe Lints_ _100
Ohlo 011
25
Penn Alex Fuel
25
Prairie Oil & Oro
100
Endrie Pine Line
100
Solar Refining
100
South Fenn Oil
100
Southern Pipe Line_
100
Standard 011 (Indiana)
-25
Standard 011 (Kansas). _25
Standard 011 (Ky)
25
Standard 011 (NebO__ -100
Standard Oil of N Y.._.25
Swan & Finch
100
Vacuum 011
25
11%
94
4
53‘,
16%
3,4
55
111
32%
311
311
42
16%
10%
48%
811
534
13%
22
114
193.4
11% 11%
74
75
93
943£
1% 1%
15
16%
9%, 10
47
47
194 21
16% 16%
4
4
2% 3
19
1934
76
76
534 5%
5% 6
14
14
43
43
7%
7
16
1734
3634 3634
3% 334
52
55
11034 111
3234 33
9% 914
3
3%
3314 3%
39
42
163( 1734
900 950
9% 1036
47% 48.36
20
20
102% 10254
160
0
101% 10134
2% 2%
16% 16%
18
18%
12
12
334( 334
5034 52
10c 100
5% 5%
5
534
3534 3534
134 1%
2% 2%
750
1
1314 1334
22
22
1% 1%
128 129
Range since Jan. 1.
Low.
1414 1931 59,600
1434 Jul.)?
1434 1634
800 14
86
85
86
140 80
112
112 112
100 112
3514 35
36
700 3434
1814 1834
15 1554
10334 10354
10 £85
102 102
25 95
6231 6234 6234
10 55
159 160
60 15)34
98
99
75 93
24
24
100 2234
10131 , 9914 10134
130 97
105 105
10 97
58
67
58
600 57
15
15
200 15
18334 178 184
390 175
102
10034 102%
610 9 I 4
17736 180
55 170
120
118 126
275 118
98
96
96
40 93
553.4 5334 5534 59,000 5214
40
42
42
500 39
9351 8934 9434 3,200 us0
212 226
• 70 186
3834 3734 3834 4,800
27
30
30
60 21
4534 4431 46
6,200 434
Other 011 Stocks
Allied Oil
1
Ark Natural Gag, corn_ _10
73.4
Atlantic Lobos Oil, corn_ •
Barrington 011 Co ciallt A__
1031
Big Indian 011 & Gas
Brit Controlled 011 FieldsCardinal Petroleum
3
I'arib Syndieate
Cosden & Co, old com__ _5
334
5
('mole Syndicate
931
Derby Oil& Ref Corp com•
* 35
Preferred
Engineers Petroleum Co_ _1
Equity Petrol Corp, pref._
5 53c
Federal oil_
General Petrol Co7P eom 25 33
•
Gilliland Oil, com
10 75c
0lenrock Oil
25 Si
Gulf MCorp of Pa
1
Hudson 011
Humble Oil& Refining...25 32
'
Humphreys 011
35 37
Imperial 011(Can) coup_25 9934
International Petroleum..
1631
1
Interstate Royalties Corp.1
Keystone Ranger Dove!.-1 110
•
2
Kirby Petroleum
1
Lafayette Oil Corp
•
Livingston Petroleum
1
Lyons Petroleum
Magnolia Petroleum_ _100 138
Mammoth 011 Class A_ •
Maracaibo 011 Explor____• 2154
margay 011 Corp
•
1
hlarland 011 of Mu
5
Mexican Eagle Oil
434
Mexican Pauuco 011.-10
Mexico Oil Corp
10 67c
1 100
Midwest Texas 011
Mountain Producers____10 1334
Mutual Oil vot trust Ws.. 1034
434
New Bradford 011 w 1._ _ _5
25 1034
New York 011
nroble (Chat; F) Oil & Gas_ 1
lie
Northwest 011
1
10
Omar 011 & Gas
•
Peer 011 Corpora.ion
24
Pennsylvania-Beaver 011_1
14
10 124
Pennok 011
Royal Can 011 Syndicate.334
Ryan Cons Petrol Corp_ _ _
Bait Creek Consol 011_10
834
Salt Creek Producers_ _ _10 1631
High.
934 Mar
2,000
July
300 74
600 9231 May
134 July
1.000
1,100 12% July
8
900
July
100 43 May
500 1841 July
200 1616 July
500
3% July
300
Jan
1
600 17% July
50 76 June
500
5 June
200
5% July
200 13
Jan
100 40% May
600
7 June
1,100 11% June
400 35
July
700
3% July
1,600 50% May
425 10/4 June
800 30 June
100
9
Mar
9.100
234 June
3,800
2",, Jan
400 39
July
4,300 134 Feb
85e June
300
1,100
934 July
500 47% July
100 1534 June
20 10234 July
17,000 160 July
200 1014 July
2% May
2,000
100 14
June
300 17
June
100 12
July
2,200
2% June
240 47
July
Jan
Se
1,000
4% Jan
400
Jan
3,800
5
200 n3334 May
Jan
1
1.300
600 900 Jan
400 500 Feb
100 12% July
July
100 22
114 June
1,000
400 100
Feb
16% May
91
Mar
102
Jan
2% Feb
17% Feb
124 Feb
48
Jan
Mar
25
21% May
63.4 Jan
334 July
25 I Mar
Jan
90
8% Apr
Jan
20
Jan
22
45 June
1234 Jan
2134 Apr
4236 May
8% Feb
704 Mar
112 Jan
80
Jan
Jan
11
454 Mar
3",, Ayr
42
July
20% May
2
Jan
11
July
54% Mar
27% Mar
10234 July
50e May
103% API
334 Jan
24% Jan
21
Feb
19
Mar
6% Mar
60 May
38e Apr
7
Apr
8
Mar
56
Mar
2% July
Mt Apr
1% Feb
20% Apr
31% Apr
2% Jan
152% Apr
1934 July
194 May
Jan
94
July
112
Feb
50
2834 Feb
Jan
168
Apr
117
793£ Mar
171
Feb
Mar
103
Feb
29
Apr
138
110
Feb
85% Feb
Feb
25
224
Apr
833
Jan
2124 Feb
Feb
196
Feb
116
6914 Mar
57
Feb
Ian
188
285
Feb
4954 Jan
Jan 39 'Feb
July 5534 Mar
June
May
July
July
June
Jan
Jan
July
June
June
July
July
June
July
Juno
July
July
June
July
July
July
July
Jan
Jan
.ian
an
5c
Sc
Sc Jan
1,000
7
734 1,400
6
July
33( 334 2.000
24 May
1031 1034 2,500 1034 June
130 14c
6,000 10c June
134 131
200
1% Feb
3
6
200
July
3
334 434 2,000
334 June
434 436
100
434 July
22,400
3% 4
24 Jan
93.4 11
1:0 01
3:0 934 July
35
37
3001 8334 June
4e
4c
3c June
14
1534
800
June
50e 55c
2,100, 50e. June
313.4 33
8001 31 June
4
4
400
3
Jan
75c 90c
4,900, 50o June
5034 5134 45 8001 570,3
2
:000
y
10c lle
May
3034 32
500 2934 July
3834 3736 1,800 27 June
95
9934
355 92
July
1531 1634 7,000 14
July
970
1
1,400 95o May
10e 13c 63,000 100 July
2
2
1,400
1% Apr
134
1
600 75o June
70e 750
900 700 July
63c 65c
300 60c June
130 142
290 125% June
5134 5234
Apr
800 45
2154 2234
Jan
75c 75c
4,6
488 743 My
9534
234 254 1,900
134 Jan
414 474 2,400
434 July
73e 73c
66c 78c
100 10c
1334 1334
Jul
! Junejjuany
651396°°50034 j ul y
936 10% 2236,0°51
5
4
43£ 1,600
354 July
1034 1034 16. S, 5 June
2
11c 14e
y
Se
50
5
10: July
900
1:000
5 000 14
60c 73c
600 June
934
2
214
1
1:4
2 900 June
13.1 4 0
1134 1294
334 33.4
3% June
33.4 334
8% 8%
July
1634 1634 3 12 1836 JuneJju
°6
2 500
lie Feb
Mar
10
734 Jan
11% May
Mar
Apr
3
300
JuneMAjanraMar
18%
49%
25e
35
18
1
Apr
Mar
Jan
June
Jan
Apr34
7% May
2110 Jan
6834 Mar
180 Jan
41% Mar
39% May
123
Feb
24% Feb
1% June
400
234 Apr
21* Mar
1% Jan
12
6587
5% May
Ajilirn
4 4 Jj
14 line
an
10% Feb
$3
Mar
Mar
300 Jan
20% Feb
15)4 Mar
May
53.121%
b
WM
Jan
22e
Jan
1',, Mar
13
Mar
5
1454 Apr
Mar
7146'1
25W Feb
JULY 21 1923.]
Stocks-
Santa Fe Oil & Refining__5
5
Sapulpa Refining
5
Seaboard Oil & Gas
South Petrol & Refining-5
10
Southern States 011
-Osage 011(non-vot)•
Tidal
Turman 011
Ventura Consol 011 Fields 5
5
Wilcox Oil& Gas
1
Oil& Gas
Minind Stocks.
Alvarado Mining & MUL20
Arizona Globe Copper__ _1
10e
Belcher Extension
Boston & Montana Dev__5
Butte & West Min Co __1
5
Calaveras Copper
Cauario Copper
1
Candelaria Silver
-5
cone& Copper Mines
Continental Minas. Ltd___
Cork Province Mines_ __ _1
1
uortez Sliver
Creason ('on Gold M & M.1
Crown Reserve
1
Divide Extension
1
Dolores Esperanza
Ely Consolidated
_1
Eureka Croesus
Fortuna Cons Mining
Gold Coin Mines
Golden State Mining_
Goldfield Consol Mines. 10
Goldfield Deep Minsa___5e
Goldfield Development._
Goldfield Florence
-I
1
Goldfield Jackpot
Goldfield Oro Mining
Gold Zone Divide
100
Harmill Divide
250
Hecht Mining
Hilltop-Nevada Mining__ Hollinger Con Gold Mines 5
Homestake Ext Min Co__1
1
Howe Sound Co
independence Lead M1n 1
Iron Blossom Cons Min_l
Jerome Verde Developl_l
5
Kerr Lake
1
Kewanee
Lone Star Consolidated. _1
MacNamara Crescent Devi
Mason Valley Minea
500
National Tin Corp
New Cornelia
New Dominion Copper-- -5
100
New Jersey Zinc
N Y Porcupine Mining...NMI/wing Mines
5
Nixon Nevada mining Co 1
Ohio Copper
Premier Gold
Ray Hercules. Inc
5
Red Hills Florence
Red Warrior
Reorg Divide Ann
Rex Consolidated Mining-1
Rochester Sliver Corp
St Croix Mines Corp
1
San Toy Mining
Silver King Divide (reorg)Silver Mines of America-Silver Pick Comm!
Silver Queen Mining Corp.
South Amer Gold & Plat.1
Spearhead
Standard-Silver Lead_ _-_1
1
Stewart Mining
1
Success Mining
Sutherland Divide
1
Teck-liughes
Tonopah Belmont Divide 1
.1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
5
Tri-Bullion S & D
Tuolumne Copper
1
United Eastern Mining_ __1
..1
Called Imperial Mines.
United Verde Extension_50
United Zinc Smelt
US Cent Minas
Unity Gold Mines
5
Wenden Copper Mining...
West End Consolidated.
.5
Western Utah Copper._ _ .1
White Caps Mining__ _ _10e
Yukon-Alaska trust MN_
Yukon Gold Co
5
317
THE CHRONICLE
_
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Low. High. Shares.
Par.
555
2%
14%
680
274
6%
334
15c
Sc
14c
154
254
1.16
7c
534
68c
3%
1%
10e
20c
30e
7c
10e
10c
5Ic
655
1
1154
78e
3%
380
50
2c
tic
3
154
600
531
66e
Sc
131
13e
3%
Ile
3c
33e
Sc
51c
10c
14
96c
31%
24e
34
Sc
3%
Bonus
Allied Pack 88, Ser B__1939
Cony deb 65
1939
Aluminum Cool Am7s1925 1034
7,
1933
Amer Cotton 01165_._1924 924
Amer 0& E deb fls___2014 9234
Amer Lt & Trac 65___1925
101
Without warrants
Amer Rolling N11116s__1938 984
Amer Sumatra Tob 748 25
Amer Tel dr Tel 68____1924 10034
American Thread 69_ _1028
Anaconda Cop MM 6s_ 1029 1014
Anglo-Amer 011754s_ _1925 10254
Armour & Cool Del 548'43 8831
Assoc Hardware 648-1933 954
Atl Gulf & WI SS L58.1959 504
1959 77%
Beaver Board 85
Beaver Products 745_1942
Beth Steel equip 7s_ _1035 103
Canadian Nat Rya 78-1935 10734
1925
58
1941 10734
Central Steel Sts
Charcoal Iron of Am *31931
Ch RI & Pat RR 545-26 974
Cities Service 78, Ser D '66 •
1966
78, Series 13
1966 90%
75, Series C
Columbia Graphoph 85 '25
Certificates of deposit___ -----954
Participation certfs
Cons(I, K L & P Bait eis '49 1034
1952
545
1941
Consol Textile 85
Cuban Telep 7345_ _1941
1931 100
Deere & Co 7 48
Detroit City Gas 65_ 1947 09%
1932
Detroit Edison 6s
Dunlop T&R of Am 78.1942 9434
54
24
2
2c
1231
71.1
68e
27
6
9c
54 .5,100
800
3
2% 9,800
30 21,600
14% 13,500
300
8
69e
3,700
500
2734
6% 8,400
7,000
10c
Range since Jan. 1.
Low.
Bonds-
High.
44 May
24 July
2
July
Sc May
124 June
731 July
60c June
25
July
5% July
70 June
634
4%
4
13c
264
1334
1%
30
1054
20
Mar
Mar
Apr
Jan
Mar
Feb
Apt
Jan
Jan
Mar
314
34
100
17c 12,000
15c
50 141,600
3c
14e 4,000
13e
1
1% 22,200
24 234
300
1% 1% 2,200
be 38,000
7c
24 24
900
43. 535
1.700
6c 1,000
6c
680 18,100
65c
3
3% 2,300
52c
52e
900
4c
Sc 8,000
1.16 14
700
Sc
lc 3,000
10e 5,000
9c
23e 37,000
18e
49e
49e
100
31e 23,000
28c
7c 10,000
6c
10c 28,000
90
10e
lie 6,000
51c
55c 16,000
45e
46c 7,000
Sc
lc 2,000
3c 1,000
Sc
40 3,000
4c
5% 634 5,800
lin 4,000
1
1154 11%
1,900
770
600
75e
400
34 34
44c 37,000
35e
26e 2,000
24c
254
24
3
00
2
2%1 1,400
30 1,000
3c
6c 217,000
3c
20 4,300
lc
134
134
200
12e 40,000
10e
184 184,
200
3
33it, 3,000
151% 154 1
105
60c 5,700
45e
5% 534 2,300
Sc 2,000
30
75c 32,800
66e
231 234,
SOO
I
1% 6.700
30 19.000
30
250 1,000
25e
60
6c 2,000
2c 17,000
lc
be, 8,000
60
1.16 141 2,400
20 2,000
2c
5c: 5,000
40
13e 4,000
12e
3e
3c. 1,000
300
35e 4,000
351
351 3,000
14c 63,300
10c
160
16e 1,000
Sc
40 12,000
340 4,000
330
Sc
8c 7,000
Pt, 154 76,300
700
788
300
490
51c 3,400
11.16 11.11 1,300
lei, 154
,
400
100
120 11,000
120
140 7,000
1 11n 11
.0 4,400
94e
960 3,900
304 314
700
80c
800
100
18c
240 21,700
3
354 1,300
55c
560
600
77c
770
300
150
15c 1.000
Sc
Sc 5,000
27
274
300
131
1,8001
654 Mar
234 Jan
Feb
10c Feb 888
Jan
6c
20 Mar
9e Feb23e may
Apr
53
90e Mar
Mar
4
2 June
24 Jan
14 June
Jan
50 June 38e
434 Mar
24 June
June
431 Jan
534
150
Jan
Sc July
134 Mar
62c
Apr
344 Apr
2
Apr
320 Feb 72c Apr
Jan
4c June 13c
2% Jan
slit. June
Jan
9c
Sc July
Jan
Sc July 37e
170
Apr 74e
Jan
Apr
49c July 76c
17e June 50c Mar
Jan
6c Apr 11c
Jan
7c
Apr 24c
Jan
4e
Jan 34c
290
Jan 76e Feb
Jan 57c mar
35c
Jan
le
6c
Jan
2c June lie Feb
2e June 10e Mar
91
4 Apr
5% July
1119 Feb
75c June
Feb
114 June 14
58e
Feb 77c July
23
4 Jan
454 Mar
16c June 48e ' Mar
Jan
24e July 380
988
34 Feb
Apr
3% Jan
2
July
Jan
2c Mar
80
Jan
2c June 10e
lc Mar
60 Jan
14 June
254 Mar
Jan
10c June 32e
16% June 2434 Mar
24 Jan
43. Mar
148 June 18054 Mar
30c
Jan
75e June
4% July
6
Mar
30
Jan
10c May
37e
Jan
1 11r Mar
Apr
2% June
3
1
Feb
24 Mar
8e Mar
le May
Apr
25c July 13Fic
Apr
30 June
7c
Feb
lc July
Sc
Feb
30 May 19c
80e May
154 may
lc June
40 Feb
Apr
4c May 25c
10c May 40e Feb
Jan
30 June
90
280 May 5130 Feb
434 Mar
234 July
4c Mar 31c June
160 June 280 Feb
Jan
30 June
Sc
Jan
33c July 680
lc
Jan
60 May
gle
Jan
14 May
73c July
1.16 Jan
48e July 89c Mar
134 June
Mar
4
234 Jan
lin Jan
Sc May
160 Feb
8c June 670 Feb
z134 July
2.16 Feb
tiOe Mar 96c July
26% Jan 3834 Apr
14 Apr
41e July
13e
Apr 24c July
3
mar
Julv
280 June 56c July
76c JLL19
134 Jan
15c July 55c Feb
Jan
88
Jan 120
Apr
1934 Mar 35
750
21u Apr
Jan
64
65%
58
58
1034 104
105% 106%
924 924
92
93%
64
57
10214
10511
85
914
524,000,
1,000
54,000
18,000
9,000,
37,000,
100% 101
15,000
97% 984 14,000
96
964 4,000
1004 10054 41,000
310143101%
1,000
1004 10154 16,000
102% 102% 32,1300
874 88% 243,500
95% 95% 99,000
4954 50% 50,000
77% 78% 3.000
994 994 1,000
1024 103
13,000
107 10754 14,000
9934 99%
3,000
10734 107% 13,000
914 92% 7.000
97% 97% 26,000
88% 89
3,000
108% 1084
1,000
139.34 904 10,000
14
14
94 124
10334 103%
984 984
94
94
1054 10554
9951 10034
9934 994
1004 101%
944 954
Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High. Amount
July 8434
July 764
Apr 104
Jul) 1064
Feb 96%
July 9734
Jan
Jan
Jan
Feb
Jan
Jan
10154
10054
10034
101%
10334
1034
10354
9654
98%
62
8234
10051
103
11034
99%
108%
97
98%
934
130
9654
Feb
Jae
May
Jan
mar
Feb
Jan
Jan
June
Mar
June
Feb
Feb
Jan
Feb
Apr
Mar
June
Jan
Mar
Apr
100% Jun
97
July
954 Jan
10074 Mar
1014 Mal
100% July
101 3 July
4
£44 Jtly
9o,
6gJun
43% July
6534 Feb
97
May
10214 Jan
10634 May
97
Jul
106
Fe
90
Jul
96
Jul
874 Jun
1084 Jul
59
Jlln
1,000 12 Jun
6,000
94 Jul
18,000 10034 Apr
5,000 97
AD
5,000 94
Jun
2,000 10.5
Jan
27,000 984 Ma
18.000 9934 Jun
4,000 100
Jun
63.000 9414 July
Jan
35
124 July
103% Jan
Jan
100
Feb
106
Jan
107
10314 Feb
101% Jan
Jan
104
971.4 A,r
Federal Sugar 6s
1933
1924
69
Fisher Body Corp 6s__1925
6s
1927
68
1928
(lair (Robert) Co 7s_.1037
Galena-Signal 011 78_ _1930
General Asphalt 85_1930
General Petroleum 65.1028
Grand Trunk Ry 645_1936
Gulf 01101 Pa 55
1937
Hocking Valley Rit 6s 1924
1/001100/01Pr 7° nOreq '36
4
Interb R T 8s, J PM reels.
Kennecott Copper 78.1930
LibbyMeNelli&Libby7s'31
Liggett-Winchester 78 1942
Loulsv Gas & Elec 53__1952
Manitoba Power 7s_ _ _1941
Maracaibo 011 Exp 7s_1925
Morris& Co 74s
1930
National Leather 88_ _1925
New Orl Pub Serv 5s__1959
Niagara Falls Pow 6s_1950
Ohio Power 53
1952
Penne P & L 55 B ..
1952
Philadelphia Elec 6._1911
54s
1947
Public Sery Corp 7b _ _ 1941
Pub Rervtlec Pow 69_1948
Reading Co 4345w 1
58w I
Sears. Roebuck & Co 75'23
Shawaheen Mills 75...1931
Sloss-Sheffield S&I 6s_1929
Solvay & Cie Ss
1024
South Calif Edison 5s_1944
Stand 011 of NY 6 348_1933
7% serial gold deb 1925
79. 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 deb_1931
Rim Co 78
1931
Swill & Co Is. _Oct 15 1932
Union 0116s B
1924
Serial 138
1925
Serial 68
1926
United 011 Prochic 85_193 I.
United Rye of Hay 7545'36
vacuum 011 6s
1936
Valvoline 011 68
1937
97
9734
95%
105
10054
1054
944
9954
10234
88
9934
220
984
82%
8634
10454
1024
97
8754
98
105
904
10614
1024
107
wog
904
94
105%
96% 97% 31,000
10134 10154 1,000
1004 1004 11,000
4,000
9634 97
9714 9751 28,000
9554 5.000
95
104 105
4,000
100% 10034 16,000
95
96
37,000
104% 10554 10,000
9434 9434 21,000
100% 1004 11,000
100 10054 9,000
104 105
6,000
103% 103% 19,000
9914 99% 15.000
1024 103
10,000
8734 88
30,000
99
99% 12,000
215 225
21,000
984 984 2,000
9,000
9534 96
8234 834 52,000
102 103% 2,000
864 87% 12,000
8794 8734 5,000
1044 10454 4,0013
10034 100% 4,000
102 1024 16,000
9654 97 105.000
8754 8834 132,000
87
91 167,000
100% 1004 3.000
104 10434 3,000
97% 974 5,000
10454 105
18,000
90
90% 10,000
106 10654 29,000
1024 103
8,000
1044 105
6,000
104% 1054 11,000
105 106
45,000
107 1074 4,000
106 106
6.000
107 10754 8.000
loo 100% 43,000
57,000
904 91
wog 100%
2,000
994 99% 8,000
994 9934 6.000
9354 94% 5,000
106% 10634 9.000
10554 106
13,000
102 1024 3,000
Foreign Government
and Municipalities
Argentine Nation 75..1923 100
9934 1004 $26.000
Mexico 45
1945
36% 37
11,000
68 10-year Series A
56
5654 8,000
Netherlands (Klugd)6513
.72 102
1004 102
53,000
Peru (Republic) 88_ _ _1932 984 98
984 6,000
1,000
Philippine Govt 43is
96% 9631
Russian Govt 6416___1919
10
43,000
954 11
Certificates
Russian Govt 554s .._1921
Certificates
10
10
3,000
Switzerland Govt A44,1 1029 100
994 10014 41.000
Range since Jan. 1.
High.
Low.
9634 June
1004 May
9834 Apr
May
96
9454 Mar
July
94
June
103
June
99
95 June
10354 May
934 May
Mar
100
Ji ne
100
954 Jan
10151 July
July
97
1014 Mar
Mar
86
Jan
95
Mar
105
Apr
98
954 July
8114 July
July
102
841.4 Apr
86
Apr
102 14 Mar
9834 Apr
101 es M..
4 July
961
8734 July
July
87
t00% July
1034 May
Feb
96
Mar
104
Mar
87
1044 Apr
June
102
Ain
103
103
Apr
10414 Apr
Apr
104
1014 Feb
10534 July
June
100
997 Mat
,
,
10054 July
9934 June
9934 July
894 June
10434 Apr
1054 June
102
July
99
June
101,4 Apr
10034 July
9954 Feb
9854 Feb
994 Apr
10554 Mar
Jan
105
Apr
98
Jan
107
9754 Jan
101% July
Jae
102
July
105
105% Jan
102% Jan
104
May
91 1
4 Jan
1024 Feb
2494 May
10634 Jan
Jan
102
89'.i Mar
10434 June
92
Jan
9074 Jan
10654 Jan
1024 Jan
10434 Feb
984 MaY
8854 July
July
91
1014 Jan
1054 Apr
9894 Feb
10554 May
9731 Jan
10751 Jan
10654 Feb
106
July
10734 Jar
10734 Mai
1104 Jar
109% Jar
Fel
110
Mai
103
Fel
94
100% Jul)
10054 Api
9934 Juni
10634 Mal
Jot
107
10734 Jet
103% Mal
9934 June 1004 Jot
3631 July 44
4 Mal
5534 Mar 6354 Ma3
Jun,
9754 Mar 102
97 .Feb 10034 Am
964 July 9631 Jul)
9
Jan
164 Fel
Fel
Jai
94 Jan 16
99 June 104
•No par value. It Correction. m Dollars per 1,000 lire flat. i Limited on the
Stock Exchange this week, where additional transactions will be found. o New
stock. u Ex 66 2-3% stock dividend. r Ex 100% stock dividend. s Option sale.
1 Ex 200% stock dividend. w When issued. z Ex dividend. yEx rights. z Er
stock dividend. n Ex sleek dividend of 40%.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
fru.
Rate.
Maturity.
June 15
Sept.15
Mar.15
Mar. 15
Dec. 15
Sept.15
1924._
1924___
1925._
1926._
1925._
1923___
54%
534%
44%
44%
434%
34%
Maturity.
Asked.
101.16
10111,1
10054
100.16
99%
99.
186
10Pie
101 31,
100%
100 he
994
1001n
Sept. 15
June 15
Dee. 15
Dec. 15
Sept 15
Mar. 15
Mar 15
1926...
1925...
1927___
1923...
1923...
1924._
1927...
Int.
Rate.
Bid.
Asked .
4%
-% 99
4.%% 9934
4%%, 9934
4%
99.he
44% 100
4%% 1001u
4%% 100su
9934
100
100
100
100%
100hs
100116
New York City Banks and Trust Companies.
All prices dollars per Share.
Ask
Soaks-N.Y.Bid
Ask Trust Co.'s Bid
Bid
Banks
tmerlea •____ 229 233 Harriman_
330 345
New York
emery Exch._ 288 295 Manhattan •_ 145
148 Amerlean_ ___ _
'Battery Park_ 185 190 Moth & Met_ 388 392 Bank of N.Y.
444
465
& Trust
320 ...__
Mutual*
emery's
Broadwayeen 115 lie Nat American 135 145 Bankers Trust 353
Bronx Boro•_ 175
National City 346 350 Central Union 462
Bronx Nat_ _ _ 130
140 Commercial._ 105
New Nettie._ 130
305
Bryant Park* 161) iio Pacific •
Empire
300
Butch & Drov 130 138
415 422 Equitable Tr. 189
Cent Mercan_ 200
Port Morris_ 160
___ Farm L & Tr. 522
340 345 Public
Chase
Fid ellu
295 298 rulto ty Inter 195
Chat & Phen_ 255 260 Seaboard _ _ 358
Cl1elseaExch
80 Seventh Ave_
88 -ii euaranty Tr_ 25.72
205
Chemical
525 535 Standard •
170 185 Hudson
214
Coal & Iron
300 340 Irving Ba9k
230
State.
Columbia it 214
Colonial'.... 375
-__
Tradesmen's•
Law Tit & Tr_ 180
Columbia
250
23d Ward'... 270
0
Commerce _._ 288 2
170 Metropolitan- 29
.
91 United States* 160
Com'nwealthi• 235 245 Wash'n Htte._ 200
___ Mutual (West
120
135
Continental
_
Yorkville •._ - 850 --338
N Y Trust
Corn Etch_
428
tie Go et Tr 358
COsmoretan•_ 105 115
US Mtg & Tr 305
East River.. _ 202 209
1200
United Ste
Fifth Avenue'1200
Brooklyn
Fifth
235 245 Coney Island' 155 165 Weetchee. Tr. 180
arootwis
First
120
1190 1210 First
333 3_5_5_
Brooklyn Tr_ 470
Garfield
260 270 Mechanics' •_
Kings County 800
Gotham
182 189 Montauk •._ 170 .
390
Greenwich'.. 290
225 246 Manufacturer 275
Nassau
___ People's
Hanover
160
675 e83 People's
Ex-ctiodend.
• Banks marked w lb()are State banks. 1 New stack.
1
rights.
AM
475
357
468
115
315
192
529
205
Hi
218
195
300
130
344
368
315
1220
280
415
v El.
New York City Realty and Surety Companies.
All yrices dollars per sears.
(Mance R'Ity
Amer Surety.
Bond & M 0_
City investing
Preferred..
Lawyers Mtge
Bid
98
94
270
65
92
156
Ask
105
96
277
68
9/1
161
Mtge Bond..
Nat Surety..
N Y Title &
Mortgage_.
U S Casualty.
US Title Guar
BId
108
155
185
140
130
BUI
A85
114 Realty Mame
160
(Bklyn) corn 75
1 t Pref_ _ 80
190
2d pret___ 58
Westchester
134
Title & Tr
200
Ask
85
230
puestuxent and gailroatt guteragtute.
318
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.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous ,
Year. !
$
$
$
$
Akron Canton & Y_ May
253.832 109,626 1.087%581
872.766
Alabama 8v Vicksb_ May
280.133 292,191 1,401,855 1.294.006
Amer Ry Express__ March
13253959 13128426 38,585.722 38.791.889
Ann Arbor
2d wk July
87.450 2.671.430 2.595.910
95.548
Atch Topeka & 8 Pe May
16750865 15073948 80.290.063 67.877.744
Gulf Colo & S Fe_ May
1.874.596 1.653.075 9.107.326 8.101.558
Panhandle S Fe May
639.740 599.999 3.082.442 2.896,345
Atlanta firm & AG_ May
371.076 330.541 1,952.596 1.530.329
Atlanta & West Pt_ May
237.168; 206.079 1,206.646
939.869
Atlantic City
May
343.212i 363.596 1,413,629 1.407.375
Atlantic Coast Line_ May
7,144.544 6,386.035 37.156.217 31.524.544
Baltimore & Ohio__ May
23609843 16861 752 107281 844 81.098.644
B & 0 Ch Term__ May
328.286 270,654 1.543.553 1.187.211
Bangor & Aroostook May
602,8211 821.001 3,014.764 3.925.715
Bellefonte Central... May
8.841
57.664
37.794
9.471
Belt Ry of Chicago_ May
622.383 482.697 3.018.988 2.388,946
Bessemer & L Erie__ May
1.960.378 583.841 6.579.982 3,272.981
Bingham & Garfield May
15.971
38,9011
182,031
58,755
Boston & Maine_ _ _ May
7.881.681 6,547.734 35,182.163 1.381.200
Bklyn E D Term_ _ _ Mar
137.168 129.672
727.844
669,697
Buff Roch & Pittsb_ 2d wk July 473.347 219.68711.413.654 6,835.704
Buffalo& Susq
60.098 1.191,523
May
217.243
663.125
Canadian Nat Rys_'2d wk July 4.671.162 4.435.372 126136974 111463174
Canadian Pacific
2d wk July 3.449.000 3.185.000 84.901.000 80.442,000
Caro Clinrh & Ohio_ May
863.716 671.786 3.907.279 3.164.035
Central of Georgia... May
2.107.956 1.859.850 11,105.017 8.754,902
Central RR of N .1,.,. May
5.086.748 3.429.173 23.438,664 19.756.575
Cent New England_ May
698,241 523.019 2.921.697 3.052.572
Central Vermont,.,.. May
837.761 613.360 3.614.300 2.794.621
328.242 305.538 1.708.012 1.452.751
Charleston & NV Car May
8.929.615 7.657.318 39.614.834 35.302,745
Ches & Ohio Lines_ May
2,761.284 2.136.783 13.642.292 11.806,590
Chicago & Alton.,._May
Chic Burl & Quincy_ May
13704 092,12401 625 71.225.395 61.551.197
2.229.79211.848,54.5 12.019.391 9.892.732
111_May
Chicago & EastWest_ 1
2.186.673j1.978.509 10.554,084 9.284.854
May
Chicago Great
,May
Chic Ind & Louisv
1.613.633 1.352.925.,
6.399.265
Chic Milw & St Paul May
3867 496 12249791 69.588.068 57.643,221
13787 108 11758 933 63.841.582 53,995.307
Chic & North West_ May
100.653 199.355
Chic Peoria & St L.. May
578.246
965.092
Chic River & Ind May
626.508
3,129.066
10156 771 9.632.95649.397.471 45.319.924
Chic R I & Pacific_ May
421.461 422,592 2,091,006 2,199,791
Chic RI & Gulf__ May
Chic St PM & Om_ May
2.225.570 2.206.981 11.507,835 10.589,618
Cline Ind & Western May
383.628 356.479 1.957.844 1.666.827
Colo & Southern__ May
1.094.219 982.303 5.102,348 4.903,260
Ft W & Den City_ May
752.212 754.789 3,545,724 3.577.494
Trin & Brazos Val May
111.370 164.761
637.645 1.440.273
Wichita Valley_ _ _May
110.092
88.317
521.012
481.666
Delaware & Hudson May
4.416.432 2.483,926 18,507,433 16.569.408
Del Lack & Western•May
7.833.401 5,516.145 35.194.155 0.381.541
Deny & Rio Grade May
2.646.542 2,424,366 12.574.114 11,718.984
Denver & Salt Lake May
183.491
36.748
775.502
513.860
Detroit & Mackinac May
161.848 154.726
725.659
629.776
Detroit Tot & front_ May
017.327 889.503 4.156.877 3.753.291
Del & Tol Shore L__ May
404.658 258.639 1.837.563 1.499.106
Dul & Iron Range__ May
1.044.268 362.132 1.816.275
859.399
Dul Missabe & Nor_ MaY
2,454.565 600.500 3.186.983 1,165,660
Dul Sou Shore & AU 1st wk July 117.230
86.130 2.907.474 2.022.988
Duluth Winn & Pac May
195.821 151.357 1.134.612
777.755
East St Louis Conn_ May
191,559 179.640 1.001.336
837.789
Elgin Joliet & East_ May
2.609,184 1.925.601 11.894.283 8.775.390
El Paso & Sou West May
1,085,553 870.128 5.267.470 4,144,975
Erie Railroad
May
10358 210 7.035.924 50.188,380 37.523.439
Chicago & Erie May
1.332.870 974.823 5.723.775 4,589,274
NJ& N Y RR
May
130.627 126.456
636.503
605.347
Evans Ind & Ter fi_ May
110.041
59.559
664.238
470.932
Florida East Coast_ May
1.406.995 1.306,104 8.265.570 7,252.100
Fonda Johns & tiloy May
125.690 107.699
665.789
582.628
Ft Smith & Western May
118.389 128.052
653.891
588.536
Galveston Wharf
May
107.505 111,202
561.456
608.252
Georgia Railroad_ _ _ May
541.599 417.341 2,508.978 1.946.378
Georgia & Florida 1st wk July
37.600
28,100
888.608
Grand Trunk Syst_ 3,1 wk Mar 2.222.865 1.930.118 3.244.920 20.861:357
Atl & St Lawrence April
318,268 142.729 1,287.895 1.046.645
ChDetCanGTJct May
317.634 158.455 1.435.681
968.928
Det 0 H & Milw. May
624.450 532.797 2.656.722 1.982,190
Grand Trk West_ May
1.825.314 1,286.828 8.132.261 5,660,111
Great North System 2d wk July 2,375,634 2,389.468 57.039,35447.296.943
Green Bay & West_ May
115.457 110.558
532.608
561.655
4136,548 413,753 2.359.972, 1.841.545
Gulf Mobile & Nor_ May
Gulf & Ship Island_ May
839.128 267.859 1.372.311' 1,178,676
1,759.823 ,019.599 6.843,935 5,172,392
Hocking Valle
May
Illinois Central'Sys_ May
15839631 1504520 80.075.921 64,721.019
Illinois Central Co May
14250 219 12081 678 71.790.944 57,417,376
Yazoo & Miss Valley May
1.589.4121.422.841 8.284.977 7.303.643
175.594 163.415 1.434.460 1.306.857
Intern Ry Co of Me May
1,175.0381.286,549 5.708.949 5,651.483
Internat & Grt Nor_ May
164.455 103.563
Kan City Meg & Or May
660.318
131
148,688 121.927
K C Mex &0ef Tex May
648.490
604:
911
1,654.661 1,511,184 8.126.822 7.214,417
K C Southern Co_ May
227,333 167,394 1,073.709
Texark & Ft Sm May
794,396
1,881,995 1,678.579 9,200.532 8,008.813
Total system.._. May
May
199.746 223,047 1,156,083 1,090.815
Kan Okla & Gulf
169.604
Lake Sup &
em. May
58.230
209.062
69.701
110.704 105.234
Ishp-- May
455.903
Lake Term Ry
467.293
278.477 155.952 1.184,859 1.040,110
Lehigh & find River May
593.170 284.453 2.442.697 1.747.247
Lehigh & New Eng. May
6.682.120 4.617,157 29.227,74026.322.543
May
Lehigh Valley
2,132,825 1,682,664 9,280,291 7,605.025
T.
CIS Ang & Salt Lake May
346,663 276.896 1.697.136 1,312.943
Louisiana & Arkan_ May
343.236 271.890 1.668.390 1,326.140
Louisiana Ry & Nay May
89.355
160,746
La Ry & Nay of Tex May
11668447 11925415 55.402,726 50.167.156
Nashv_ May
Louisville Az
310.770 316.039 1,428.397 1.233,652
Louisv Hand & St L May
1.794.727 1.864.850 8,524.550 8.427.104
May
Maine Central
381.084 441,835 1.874.565 1,847.302
Midland Valley.- May
6.892
4,249
252.461
132,450
1st wk July
Mineral Range
Louls2d wk July 276.460 315,670 8,673,612 8.051,010
Minneap & St
Jan. 1 to Latest Date.
ROADS.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous j
Year.
$
$ eiell
$
$
Minn St P & 88 M. May
2,283.3811,993,337 10.935.307 8,515,214
M St P & El S M Syst May
4,120.576 3,530,286 19.337.364 15,050,597
Wisconsin Central May
1.837.195 1,536.949 8,402.056 6,535,384
Mississippi Central_ May
610.530
168.6061 130.188
768.396
Mo Kan T Lines- May
4,331,52114,596.616 21.860,378 20,722,104
Mo K T Ry of Tex-- May
1.501.3371,737.838 7.804.729 8.191.958
a Mo Kan & Texas_ May
63.610
116.1861
Mo & North Arkan_ May
587.993
38,299
109.342' 38.299
Missouri Pacific____ May
9.698.0748,841,367 44.503.181 39.888,499
Mobile & Ohio
2d wk July 363,342 310,064 11,039,805 9,117.523
Colum & Greenv_ May
126.4511 125.834
617.0591 588,475
Monongahela Conn_ May
257.957 179.537 1,112.508
677.556
Montour
May
258.298
,
20.218
328.204
Nashv Chatt & St L May
2.094.310 1,880.791 10.249.423 8,391,824
Nevada-Cal-Oregon 1st wk July
7,605
7.641
141.211
126,463
Nevada Northern May
88,962
47.676
343.107
140,072
Newburgh & Sou Sh May
195.973 206,639
889,502
818,608
New OM Great Nor_ May
242.711' 215.607 1,164.073 1.053,495
N 0 Texas & Mex May
199.993 231.402 1.27.9.894 1,121.182
Beaum S L & W May
169.581 165,180
921.504
867.156
St L Brownsv &M May
487,600 406,793 2,176,614 2,285,819
New York Central__ May
38183564 27466 206 175530786 134577006
Ind Harbor Belt.
'May
9.3.135 810,039 4.846.491 3.816.433
Michigan Central May
8,578.828 6.740,054 40 169,380 30.213,621
Clev CC & St L__ May
8.124,222 7.102.263 39.893.002 33,215.768
Cincinnati North_ May
437.234 251.441 2,253.635 1,432,557
Pitts & Lake Erie May
4.125.452 1.905,271 18.526.039 9.739,033
NY Chic & St Louis May
4,025.065 3.340,446 18.643.009 15.347.707
N Y Connecting__ May
422.427 201,380 1.478.605 1,181,399
NY N H & Hard__ May120369011042338454.033.89347,597,890
N Y Ont & Western May
1,143,233 887,320 5.144.772 4.702.903
N Y Susq & West__ May
441.909 301.612 2.114.242 1.650.808
Norfolk Southern__ May
765,797, 719.969 3.861.474 3.447,257
Norfolk & Western_ May
.945.634'8.994.145 37,057.898 36.538,260
Northern Pacific,.,.,. May
7,680.983 7.378.900 38,344.840 33,621.547
Northwestern Pac__ May
655.229 692.495 2,855,713 2,838,227
Pennsyl RR System May
70011 66 55215001 il 1088394 263710318
'
Pennsylv RR Co___ May
65465627 50998373 291742522 246167837
Bait Ches & Atl_ _ May
519.643
518.792
139.39; 144.443
Long Island
May
2.948,222 2,666.564 12,402,039 11,047,338
Mary Del & Va.. May
375,846
99,55
313,282
95.41,
Monongahela. __ _ May
563.525
89.141 2,300.687 1,601,032
Tol Peor & West_ May
645,512
150,830 122.872
757,188
W Jersey & Seash May
1.120,377 1,080,085 5.001.755 4.635,746
Peoria & Pekin Un_ May
745.269
761.207
147.209 130.617
Pere Marquette
May
4,000.896 3.400.302 18,369,409 14,902.983
Perklomen
May
463.350
97.108 101,245
433.414
Phila & Reading
May
9,728.276 5.335,018 46,118,641 32,586,628
Pittsb & Shawmut May
454,722
89.460
611.718
38.911
Pitts Shaw & North May
114.751
661,245
451.477
72.625
Plttsb & West Va May
349.217 202.556 1.506.710 1,162,800
Port Reading
May
223,074
906.333
83.350 1.310.033
Pullman Co
May
5.984.4805.212.242 2,727,199 2,594.790
Quincy Om & K C._ May
100,134
431.814
95.741
562.587
Rich Fred & Potom_ May
1,140.030 1,010,806 5,372,322 4,447,303
Rutland
May
590.779 461.728 2.750.662 2,271,914
St L-San Fran Sys 1st wk July I .818.041 1,599,006 45.189.355 42,525,220
-San Fran Sys 2d wk July 1.761,550 1,616,829 46,950.90544.142,049
St L
Ft W & Rio Or.. May
11,.215
537,903
490.628
96.256
St L-S F of Texas_ May
123.472 132,187
602.029
639,337
St L Southwest Co_ May
1,634.754 1.404.548 8.977.975 6.901,604
St L S W of Texas May
617.026 579.131 3.098.539 2.803.441
Total system_ __ _ 2d wk July 497,741 393,328 14.230.437 11.948,215
St Louis Transfer__ May
67.162
62.820
357.691
308.119
San An,':.& Man Pass May
452.609 461.255 2.006.801 2.067,602
San Ant Uvalde & G May
445.438
162,083 102.831
486.903
Seaboard Air Line__ May
4 452,550 3.889.589 22,839.175 18.826,308
Sou Pacific System_ May
3160156 21123915 108411 534 97.230,121
Southern Pacific Co May
16573262 14939 705 15.625,40566.464.936
Atlantic S S Lines May
1,152,079 959,186 5.692.383 4.752,101
Arizona Eastern_ May
335.300 328,158 1.544.80, 1,213,049
Galv Harris Ar S A May
1,824,955 1,787.795 9,076,691 8,645.729
Hous & Tex Cent- May
1,090,738 1,119.213 5.386,657 5,809,452
Hous E & W Tex_ May
236,526 242.783 1,177.203 1.131,071
Louisiana Western May
375.177 325,564 1.932.413 1,797,492
702.321 635,975 3,713.489 3.222,773
Mor La & Texas_ May
Texas & New Orb,. May
742.821 667,929 3,614,540 3.660.476
Southern Ry (Sys).. 2d wk July 3,740.140 2.778.810 106200632 87.700,850
Southern Ry Co_ _ May
12948543 1084269461.863,00250,609,671
928.384 903.474 4.496.526 3.850,440
Ala Great South_ May
2,164,068 1.777.368 9.891.542 7,297,742
Cin NO & Tex P. May
452,073 404,562 2.160,664 1,964,203
Georgia Sou & Fla May
598.952 538.323 2,950,210 2,562,250
New Orl &Nor E_ May
Northern Ala_ --- May
157.913 129,194
703.527
506,931
Spokane intornat May
86.123
84.582
496.629
444,787
692.082 607,265 3.161.204 2,743,579
Spok Portl & Seattle May
215.505 215,258
Staten Island R T__ May
957.912
949,542
Tennessee Central__ May
284.068 215,479 1.299.795
956.243
TermERAssnofStL May
451.780 381,204 2.080,052 1,900,451
403,245 281,595 2,124,957 1,503,237
St L Mer Bdge T- May
Texas & Pacific,.,.,.,. 1st wk July 525,981 525,454 15.462.628 14,896.259
1,156.737 908.051 8,515.973 3.988,650
Toledo St L & West May
Ulster & Delaware.-- May
150.604 133.778
623,916
562.540
8.839.060 7.985,410 42,0/10.818 37,000,258
Union Pacific Co.,.. May
1087037 14544798 76.877.070 68,537,240
Total system____ May
Oregon Short Line May
2.823.023 2,678,967 14,469,805 13,576,279
2,292.127 2.197.756 11,046,163 10.355,677
Ore-Wash RR & N May
271.641 270.306 1,334.969 1,270,701
St Jos & Grand Isl May
Union RR (Penn)__ May
1,161.899 1,015.6721 4.746,195 3,879,149
May
108.880 120.460' 597,576
Utah
601,498
Vicks Shrev & Pac May
352.
329.043 1.768.693 1,534,462
May
Virginian RR
2,162,397 1.993.707 9,280,884 8,415,944
May
Wabash RR
5,721.077 4.900.012 26.225365 23,268,213
Western Maryland_ 1st wk July 418,566 255,511 12,143,174 8,499,551
Western Pacific_ - May
1,116,514 866,010 4,617.919 4,025,499
Western Ry of Ala May
226,663 223,465 1.204,449
981.351
Wheel & Lake Erie_ May
1,828,952 1,190,790 6.756,956 5,476,287
I
-Weekly and Monthly.
AGGREGATE OF GROSS EARNINGS
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease. • %
Curr.Yr. Prev.Yr.
• $
Mileage.
$
$
$
$
$
235.294 235.090 472.242.561 504,154.075 -31,911,054 6.35
let week May(16 roads)_--- 17.634,648 15,408,167 +2,226,481 14.45 August
roads)__ 18.506,166 15.790,656 +2.725.500 17.27 September -235.280 235.205 498,702,275 496.978.503 +1.723,772 0.33
2nd week Am y (18
233.872 232.882
19,002,326 16.118.003
17.90 October
532,684.914 -13.074.292 2.45
ad week May (16 roads)____ 26,363.118 23.207.333 +2,884.323 13.60 November -235,748 235.679 545,759.206 466,130,328
+3.155,785
523,748,483
4th week May (16 roads)___.
19.827.932 18.058.748 +1,769,184 9.79 December 235,290 236.121 512,433,733 434,698,143
1st week June (17 roads).--,.
2d week June (16 roads).,... 18.675.125 17.215.757 +1.459,368 8.48 January _---235,678 235,827 500.816.521,395.000,157 -70,803.472 21.00
3d week June (16 roads).-- 18.562,257 17.376.653 +1.185,604 6.82 February,.,. _235.399 235.528 444.891,8721400.146,341 -44.745.531 11.18
235.424 235.470 533.553,199473,747.009-59,806,190 12.63
4th week June (16 roads)--- 22.945.214 20.536.529 +2.408.685 11.73 March
234.970 235,839 521.387.412 415,808.970 +105578442 25.39
1st week July (16 roads)---- 18,434,668 16,476,170 +1,958.498 11.89 April
235.186 235,472 545.503.80s 447.0n3 R44 4.97.510.054 21.77
2d week July (10 roadsl___- 17.703.921 15,731,678 +1,972.243 12.53 may
At Alt
•Grand Rapids & Indiana and Pau.(Mn OWWichitaLook. Included .0 Peuosyivania RH z Lake Erie & Western Included in New York Genteel.
Falls & Northwestern.
rlIncludes Grand Trunk System
t Includes
-Tex s Line an Is in th hands of a receiver.
a This road a now operated separate from and Independent of Missouri-Kansas
:5112,1,8 IS:88
JULY 21 1923.1
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of July. The table covers 10 roads and shows 12.53%
increase over the same week last year:
Name of Road
or Company.
319
Latest Gross Earnings.
Month.
Jan. 1 to Latest Date.
Current Previous Current
Year.
Year.
Year.
Previous
Year.
$
Idaho Power Co
April
745.836
687,358
185.166 166.177
Kansas City Pr & Lt_ June
666,621 563.639 4,534.788 3.814,836
dKan Gas & Elec Co_ May
455,987 395.018 *5.333.141 *4.917.288
Keokuk Electric Co May
169.451
156,086
33.138 30.007
$
$
$
Kentucky Trac Term. May
Ann Arbor By
137.887 138.055 "1,657.119 *1.588.623
95.545
87,450
8.0951
Keystone Trier, Co June
826.138
Buffalo Rochester & Pittsburgh_
149.680 137.331
879.043
473.347
219.687. 253.6601
Key V% eat Electric
May
107.011
103.141
Canadian National By
20,239 19.350
4.671.162 4.435,372 235,790
Lake Shore Electric_ _ May
938.975
Canadian Pacific Railway
221,344 204,510 1.114.233
3,499.000 3.185.000 264.0001
Lexington Util Co &
Great Northern
2.375.634 2.389.468
13.834
Lox Ws Co Consol_ April
Minneapolis & St. Louis RR
84.463 80.257 •1.121.044 *1,083.865
276.460
315.670
39,210
Long Island Electric_ February
Mobile dz Ohio
49.358
363.342 310.0641 53.278
22.980 23.975
48.860
Los Angeles Gas Co.. March
St. Louis-San Francisco
1157,173 1248.648 3.924.743 3,946,465
1,761.550 1.616.829 144,721
Louisy Gas dz El('o_ January
5884.105 4931 795 5.651.105 4.931,795
St. Louis Southwestern
497.741
393.328 104.413
Lowell El & Lt Cora- May
Southern Railway System
527,194
138.366 94.065
739.925
3.740.140 2.778.810 961.330
Manhat Bdge 3c Line February
20,130 20.566
42.850
42.987
Manh & Queens
Total (10 roads)
27.497 24.031
17.703,921 15.731,678 2.025.287
58.705
50.739
53.044 Manila Electric Iliac) February
Corp_ June
Net increase(12.53%)
283,292 291.434 *3.570.872 *3.625.650
1,972.243
Market Street Ry
June
789.343 814.563 4.810,308
260.711 238.783 1,620.650 1.393.341
In the following we also complete our summary for the Mass Lighting Co__ _ June
e Metropol'n Edison_ May
622.246 489.552 3.121.080 2.561.703
Milw Elec Ry & Light May
first week of July:
1805.802 1524.296 *20980914 *18586642
Miss Power & Lt Co_ May
93.733 90.462 *1.202.729 *1.133,995
Miss River Power Co_ May
273.922 261.902 1,255,747 1,202,978
First Week of July.
1923.
1922.
Increase.' Decrease. Mobile Electric Co_ _ February
75.132 72.640
146,982
154.898
ountain States Pre° January
1152 032 998.044 1.152 932
998.044
Munic Serv Co & Subs April
$
I
$
418.356 220.415 1.753.420
883.097
Previously reported (8 roads)--- 15,000.776 13,323.189 1,87/.5871
dNebraska Power Co_ May
297,287 281.740 1,576.103 1.400.315
$
Ann Arbor By
Nevada-Calif Electric May
98,383
96.105
358.797 281.095 1.582.036 1.229,567
3.278
Duluth So. Shore & Atlantic_ --117,230
New Bedf G & Edis Lt May
86.130
252.428 209.195
31.100
469.969
Georgia & Florida Ry
37.600
New Eng Power Sys_ May
28.100
620.397 432.796 *6.632.55 *5.536.779
9.500
Great Northern By
New Jersey Pow & Lt May
2.221.635 2.150.791
70,844
76.160 51.280
362.395
268.163
Mineral Range
ewpi News&
6.892
4.249
2,643
Nevada California & Oregon--By. Gas & El Co.. April
7.605,
7.641
167.409 160.835
668.243
36
645,456
Texas & Pacific By
New York Dock Co.. May
525,9811 525.454
• 280.936 372.771 1.396.889 1.671.190
527
Western Maryland Ry
New York Railways_ May
418,566
255.511 163.055
777,244 825.369
Eighth Avenue_ __ _ February
84.897 87.747
183.011
186.933
Total (16 roads)
18.434,668 16,476.170 1,958.534
Ninth Avenue
February
36
36.436 39.847
84,038
79.619
Net increase(11.89%)
N Y & Queens (Rec)- February
1.958.498
49.424 95.446
106.958
201.803
N Y & Harlem (Rec). February
112.463 119,200
243.949
250,495
N Y & Long Island..
31.735 35.696
77.290
69.082
Net Earnings Monthly to Latest Dates.-Tho table Nor Caro Public Sem February
May
114.137 97.213
504834
580.773
following shows the gross and net earnings for STEAM rail- Nor Ohio Elm Corp , May
866.802 775.788 4.450,479 3.729.871
Nor•west Ohio Ry & P May
53.78
38.345
134.209
180.921
roads reported this week:
North Texas El Co_ _ _ May
237.92 246.164 1.216,024 1.280.373
-Gross from Railwate-d -Net from Railway- -Net after Tares
- Oman Electric
February
15.35
13.083
27.436
30.773
1922.
1023.
1923.
1922.
1923.
dracific Power & Lt May
1922.
246.86 237.784 1,202.094 1,177,019
$
$
$
3
Paducah Electric.... May
5
$
46,719 43.317
255.737
227.303
Canadian National Railways
Penn Central Light &
21,830.533
2,084,224 1,078,496
May
Power Co & Subs.. May
264.478 170.407 1.356,840
964.927
Louisiana By & Nay Coot Texas-Penna Coal & Coke.. May
735.021 26.979 3.831.226 1.284.966
89.355
Pennsylvania Edison_ May
May
-788
236.416 186.952 1.277.636 1.044,835
-4.788
160,746
Pinta Co. & Subsidy
From Jan 1
-5,808
-13,808
Natural Gas Cos May
1064.236 1133.112 7.363.245 6,353.871
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S. Philadelphia Oil Co.. May
45.414 54.176
211.931
408.553
Philadelphia & West_ June
74.296 67.995
421.023
390.914
Phila. Rapid Transit_ _ June
3772,370 3525,735 22,512.400 21.118,783
Latest Gross Earl ings.
May
Jan. 1 to Latest Date. Pine Bluff Co
61.726 53.611 "867.209 *792.785
Name of Road •
dPortland Gas & Coke May
281.985 270.025 1.441.284 1.441.908
Or Company.
Portland Ry, Lt & l'r May
Current Previous Current
910.514 851.305 4.515.858 4.195.279
Previous
Month.
Year.
Pub Sere Corp of N J June
Year.
Year.
6740,834 6269.518 42.049,797 38.458,591
Year.
Puget Sound Gas Co. January
171.329 168.616
171 320
168.816
Puget Sound Pr & Lt_ May
987.200 835.274 *11217127 *10104783
Adirondack Pow & Lt June
528,606 433.734 3.388.566 2.650.178 Reading Transit & Lt May
272.815 253.368 1.291.453 1.196.947
Alabama Power Co_ _ .1,ane
625.695 445.707 3.539.520 2.527.311 Republic Ry & Lt Co_ May
779.668 653.114 4.00.355 3.294.664
Amer Elec Power Co_ May
1750,528 1568.356 9.004.289 7.882.160 Itichm Lt & RR (Rae) February
56.705 52.702
122.134
111,739
Am Pr & Lt Co Subsid May
2443,481 2204.996 12,976.935 11,803.863 Rutland By,Lt & Pr. May
44.500 44,659
270.370
253.537
American Tel & Tel_ May
6050,498 5462.967 29,942.764 26,025.049 San Diego Cons0&El January
3756.665 3866.576 3.756.665 3.866,576
mAm Wal Wks & Sub May
2884.270 1641.914 14.227.196 8.401.900 Sandusky Gas& Elec. May
80.197 65.043
320.622
380,730
Appalachian Pow Co. May
275.613 241.152 *3.146.263 "2.690.002 Savannah Eiec & Pow May
129.320 132.49
664.683
668.844
ArizonaPower Co_ -- April
63.540
Sayre Electric Co.... May
"727.894
15.985 13.802
88.837
79.249
cArkansas Lt & Power May
110.419 74.877 *1,392,598 *1,157.128 Schenectady Ry Co.. May
74.836 142 534
686407
740 516
Asheville Pow & Light May
78.252 74.211 *927.182 "869.236 Second Avenue (roc). February
69.734 67,773
149.47.
140,988
Associated Gas dz Elec May
236,825 156.569 1,001.519
3.189
617.688 17th St Incline Plane_ May
3.454
14.099
14.836
Aug-Aiken By & Bloc April
106.569 80.666 *1,198.846 *1.060.698 Sierra Pacific Electric May
83.998 72,560
414.117
368,769
Bangor Ry & Electric May
114.462 111.111
601.859 Southern Calif Edison May
1677.339 1328.261 7.293.60' 6,433.733
641.809
kBarcelona Tr, L & P May
4102.048 3654.917 22.047,150 18,897.507 South Canada Power_ April
79.999 65.717
318.850
276.153
Baton Rouge Electric May
48,552 46.525
266,939
239.707 South Colo Power Co February
156.416 151.631
320.71
316,721
Beaver Valley Trac.. May
60,205 54.642
300.065
262.803 South N Y Pr & By... March
48.491 45.386 •543.338 *528.517
Binghamton L. H & P May
89,032 76,700
Southern Utilities On. June
484,428
405.506
192.970 182.423 *2.423.559 *2.431.189
Blackstone Val 0 & E May
360,876 310,460 1.908.210 1.641.159 Southwestern Pr & Lt May
833.477 732.575 4.504.476 3.967,451
Boston "L" Railway_ June
2760,077 2630,924 17.448,488 16.535,329 Tacoma Gas & Fuel January
455.053 577.227
455.053
577,227
"'Brazilian Tr, Lt & Pr May
20990010 16093000 96.593,000 76.249,000 Tampa Electric Co May
171.229 145.234
915.422
766.752
Bklyn Rapid Transit. May
3411,218 1147.921 9335119020 a31 526837 hTennessa3 Elec Pow. May
735.706 650.808 y7.878.610 y6.988,051.
Bklyn City RR (Rec) May
1086.875 1086,413 y
Texas Electric By... May
212.795 213.524 1.069.197 1.041.915
Y10803850
Heights (Reel_ February
Bklyn
6.530
7.237
13,752
12.838 °Texas Power & Light May
404,30 354.892 2.245,413 1.971,466
BklynQC &Sub(Rec) February
192.998 188.422
396.063 Third Avenue By Co_ May
410.894
1269.952 12 2.262 5./469.489 5.774.129
Coney 1 & Bkin (Rec) February
191.432 186.778
395.453 Un Rys & El of Ball. March
409.683
1436.169 1345.418 4.045.237 3.804.118
Coney Island & Grave February
4.954
4.298
10.460
8.800 United Electric Rys.. May
692.801 681.9:16 3,388.097 3.162,947
Nassau Electric (Rec) February
386.978 356.197
824.584
750.494 United Gas & El Corp May
1101,332 973,613 5.903.616 5.116.848
N Y Consol (Rec)--- May
2309,787 2074,299
United Lt& Rys&Subs May
1011.488 917.421 5.211.836 4,702.377
South Brooklyn
February
89.276 72.736
189.790
147.448 Utah Power & Light_ May
644.637 536.253 3.384.089 2,800.607
CapeBretonEICo,Ltd May
56,533 48.051
241.570 °Utah Securities Corp May
281.199
781.279 684.430 "9.381.968 *8.449.002
Carolina Power & Lt_ May
176.139 154.683 *2,111.241 *1,766.854 Vermont ydro-Elec _ May
52.556 37.437
209.610
295.275
Cent Miss Val El Co_ May
Virginia By & Pow Co June
45.216 42.971
237.076
222.769
869,392 788.854 5,199.495 4.384.850
Central Pow & Light. March
240.718 282.315 *3.095.150 *3.238.434 Western Union Tel Co May
9021,169 8091,170 36.318.142 31.789.301
Cities Service Co..... May
1589,994 1435.323 8,107.385 6.608.137 West l'enn Co & Sub_ May
1920.554 1164.727 9.693.450 6.085,630
City Gas Co, Norfolk March
87.324 85.251
266.350 Western Pow System May
255.340
562.483 6.36.517 2.9813.113 3.043.179
CitizensTrac Co& Sub May
75,964 63,945 "895.995 *758.337 Winnipeg Electric Ry April
467.474 443.327 1.933.015 1.899,114
Cleve Painesy & East May
nYadkin River Pr Co May
59,251 60,148
278,932
271,930
161.189 97.436 1,5(12.463 1.148,204
Colorado Power Co.. May
98.887 82.682 *1,065.859 *962.839 York Hay Wat & Pow May
80.162 77.915
345,440
373.949
Columbia Gas & Elec May
1596.042 1359.671 9,525.389 8.186.029 York Utilities Co_ _ _ _ May
.139 17.336
92.556
103,082
Columbus Elec & Pow May
184,657 154,506
939.669
789.793 Young & Ohio Itiv RR March
50.472
.284
159.341
Com•wIth Pow Corp_ May
2308.546 2032,616 12,340.337 10.839.125
Com'w•lth Pr,Ry & Lt May
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
2955.615 2660.442 15,601,714 13,616,951
Conn Power Co
May
158.611 140.549
693.726 System, the receiver of the Brooklyn Heights RR. Co. having, with the
837.133
Consumers Power Co May
1304.271 1105.125 6,880,672 5,717.808
tUtonnue payment of the •tal
Cumberland Co P & L May
t 13f •he
288,173 259.084 1,556,122 1,371.258 reNtl. iA l9Mht lrooirird
e ec e
"
owners.
ii.rov n
er
has
operated
Detroit Edison Co_ _ - June
2306,046 1959,841 15,907,959 12,848.546 b The Eighth Avenue and Isrinth Avent;e RR. co
n
were formerly
n
Duquesne Lt Co Su May
1529.714 1287.237 8,265.487 6.889.098 leased to the New York Railways Co., but these
see were terminated
Eastern Mass St Ry June
890,558 867,422 5.560.932 5,252.802 on July 11 1919,since which date these roads have been operated separately.
Eastern Penn Elec Co April
218.148 173.337 "2.365.048 2.35'9.795 c Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
East St Louis & Sub. April
377,548 270,999
e Includes York Raven Water & Power Co. .f Earnings given in milreis.
EastSh G &E Co& Sub May
43.629 37,748
218.095
197.014 g Subsidiary companies only. h Includes Nashville By. & Lt. Co. I InEast Texas Elec Co May
168,273 151,202
821,396
716.590 cludes both subway and elevated lines. j Of Abington & Rockland (Mass.).
Edis El Ill of Boston- March
1553.224 1304,770 4,919.124 4,393,689 k Given in pesetas. I These were the earnings from operation of the properEdis El Ill of Brocien- May
121,869 104,965
692,466
571,233 ties of subsidiary companies. m Includes West Penn Co. n Includes PalEl Paso Electric Co.- May
203,409 189,919 1.015,503
955.888 metto Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
& Pow Co of
Bloc Lt
* Earnings for 12 mos. t Three mos. ending Dec. 31. x Earnings for 10
Abington & Rockl'd May
33.573 27.246
178.801
146,993 mos. y Earnings for 11 mos. s Five mos. ending Nov. 30. s Four
118,21
Erie Ltg Co & Subs_ - April
87.774
388.066 mos.
517.999
Works May
Fall River Gas
89.65
84,636
393.328
409.744
429.59 396,624 2,358,257 2,163,872
Federal Lt & Trac Co May
Electric Railway and Other Public Utility Net
226,60 192,982 1,228.431 1,013,136
oFt Worth Pow & 1.t- May
284.127 296,261 1.348,227 1.365.404
Galv-Hous Elea Co May
-The following table gives the returns of
Gen 0& L & Sub Cos May
1265.515 1036.562 6,313.234 5,278.872 Earnings.
Georgia Lt, Pr & Rys May
165,13 141,828
710.490
816,457
1323,999 1178.757 6,725.684 6,287,805 ELECTRIC railway and other public utility gross and net
Georgia Ry & Power_ May
Great West Pow Syst May
562,483 635.517 *7.628,056 *7.289.946 earnings with charges and surplus reported this week:
27,27
Hanover Pr Co & Sub May
22,369 *323.099 *260.435
-Gross Earnings--Net Earnings
1101.00 1087,916 5,515,268 5,459,542
Havana El Ry L & P. May
May
Previous
Current
Current
40.87
Haverhill Gas Light..
Previous
44,107
219.717
237.586
Compa
Year.
Year.
Year.
83.54
Helena Lt & Rys Co. March
Year.
34.845 *
413.962 •390.987
84,05
Honolulu Rapid Tran May
$
$
i
82.361
$
403,899
400.229
37.203 40.340
Houghton Co Elec- - May
445.707 *288,849
232.489
236.678 Alabama Power Co___ _June 625.695
938.617 889.981 5,735.437 5,508,870
Hudson & Manhattan June
12 mos ending Jjne 30_ -__ 6.757,530 4.831.347 *2.956.039 * *240.347
2,510.864
May
Huntimen Dev & Gas
112,943 106.566
591,992
508.654 Boston Elevated
June 2.760.077 2.630.924
*37,606
*87,529
4938.155 4702.854
Interb Rapid Transit_ May
6 mos end June 30
17.448.488 16,535,329 *1.062.134 *1.045.534
Subway Division February 2947.812 2790.787 6,265.751 5.922.205
N Y Consolidated RR_ May 2,309.787 2,074.299 *720.346
Elevated Division_ February 1441.667 1380.880 3.063.884 2,923.853
*632,891
New 'York Railways Co_May 777.244
8?5,369
*26.465
*61,511
Second Week of Jul,.,.
1923.
1922.
1 Increase) Decrease.
1
I
1
320
fvoL 117.
THE CHRONICLE
-Gross Earnings- -Net Earnings
-Current
Previous
Current
Precious
Year.
Year.
Year.
Year.
$
$
$
$
Public Sent Corp of N J_June 6,740,834 6,269,518 *629,907 *156,094
12 mos ending June 30_ _81,957,170 76,203.219 *6,345,457 *4,866,854
Companies.
* Net after taxes. x Balance after charges.
Gross
Net after
Earnings.
Taxes.
•
528,606
Adirondack Power June '23
155.849
'22
433.734
142.793
& Light conk
12 mos end .Tune 30'23- ___ 6,506.229 1.835,814
'22 5,185,893 1,502,161
Amer Tel & Tel Co May '23 6,050,498 3.237,389
'22 5,462.967 2,953,830
023 29,942.764 16,630,339
5 mos ending May 31.
'22 26.025,049 13,779,488
May '23
Cleve Painesv &
59:251
11,987
Eastern RR Syst
'22
60,148
21.112
5 mos ending May 31 '23
278.932
48,728
'22
271.930
71.751
Detroit Edison Co June '23 2,306.046
576,349
'22 1,959,841
492,445
6 mos ending June 30'23 15,907,959 4,809.550
'22 12,848.546 3,713.394
East Massachusetts June'23
890,558
176,543
Street By
'22
867.422
208,578
6 mos ended June 30'23_ 5.560,932 1.183.608
'22 5,252.802 1,290,112
Interborough Rapid May'23 4,938,115 1,801,853
Transit
'22 4,702.854 1,766,711
Kansas City Power June '23
666,621
313.390
& Light Co
'22
563,639
235,519
12 mos ending June 30'23 _ 8,612,528 4,033.8.50
'22 7,218.226 3,471,206
Kentucky Traction May'23
51,314
137,887
& Terminal Co
'22
138,055
50.158
12 mos ended May 31 '23_ 1,657,119
634,357
'22 1.588,623
613,494
May '23
Lake Shore Elec
221,344
• 40.144
'22
Railroad System
204.510
54,241
217.284
5 mos ending May 31:23 1,114,233
22
938.975
212.773
Market St Rye 06 June '23
789,343 *182,198
'22
814,563 *188.733
6 mos ending June 30 '23_ 4.810,308 *1.148,656
Massachusetts
June'23
260.711
55,521
Lighting Oo
'22
238,783
56,045
6 mos ending June 30 '23- 1,620.650
377,919
Plana Rapid Trim June'23 3,772,370 *1,033.037
Co
'22 3,525,735 *1,018.286
6 mos ending June 30'23 22,512,400 *6,332.313
'2221,118,783 *6,213,630
Virginia Railway & June '23
869,392 *322,418
Power Co
'22
788,854 *291.739
6 mos ending June 30'23 5.199.495 *2.021.872
'23 4,384,850 *1,493.686
Fixed
Charges.
94,556
85.789
1,085,633
1,000,632
594,105
515,883
3.202,785
2,551,029
14,487
14.300
69.259
69,005
352,858
321,530
2,127,240
1,987,394
117.522
129.122
709,484
783,921
1,561,194
1,774,700
75.845
104,128
936,171
1,201,962
23,059
22.753
273,232
266,700
35,459
34,436
177,889
173.227
61,383
62,895
369,006
15,165
17.414
89,169
832.601
819,025
4,996,432
4,913,922
223,265
216,747
1.335,855
1.307,553
Balance.
Surplus,
61,293
57,004
750,181
501,529
2,643,284
2.437.947
13,427,554
11,228,459
-2.500
6,812
-20,531
2.746
223,491
170,915
2.682,310
1,746,000
59.021
79.456
474.124
506,191
240,659
-7,989
237,545
131,391
3.097.679
2,269,244
28,255
27,405
361,125
346,794
4.685
19,805
39,615
39,546
120,815
125,838
779,650
40.356
38.631
288.750
200.436
199,261
1.335,881
1,299,708
99.153
74,992
686,017
188,133
* After allowing for other income.
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reportS in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
july 7. The next will appear in that of July 28.
Gulf Mobile & Northern Railroad.
(6th Annual Report-Year Ended Dec. 31 1922.)
President I. B. Tigrett, Mobile, Ala., May 15, reports
in substance:
-A loan of $918,500 was secured during the year from the
Funded Debt.
Secretary of the Treasury under the provisions of Section 210 of the Transportation Act, represented by the company's note for that amount dated
March 1 1922, maturing in 10 years, bearing int. at 6% per annum, and
secured by $1,837,000 let Mtge.6% Series "A." gold bonds. The purposes
of this loan were to liquidate certain short-term bank loans and to provide
additional funds to finance additions and betterments.
Of the total of $4,000,000 1st Mtge. 6s Series "A" issued, $3,827,000 are
pledged to secure the company's notes to the Director-General of Railroads
and the Secretary of the Treasury, and the balance of $173,000 is held
In the company's treasury.
The item of $174,000 shown in the balance sheet under funded debt
as due the U. S. War Department represents Equip. Trust notes issued in
part payment for 10 decapod locomotives purchased from the Government
during 1921 and 1922. These notes bear interest at 6% and mature
serially in annual installments to 1931.
Federal Guaranly.-The company's final claim for the guaranty period
was filed on March 28 1922, but settlement thereof has not as yet been
effected.
-On July 1 practically all of the mechanical department employees
Strike.
left the service in connection with the nation-wide strike of the Federated
Shop Crafts, notwithstanding the fact that there were no grievances existing
between the company and the men, nor was the company then a party
to the decision of the U. S. RR. Labor Board reducing the wages of the
crafts as of that date. In accordance with the pronouncements of the
Labor Board, the recruiting of new forces was promptly undertaken with
successful results. With the invaluable assistance of officials and loyal
employees traffic was satisfactorily handled during the emergency, notwithstanding attempts of striking employees to interfere with the operation
of the shops and the railroad generally. was
executed with the new shop
On Oct. 25 1922 a working agreement
employees which eliminated certain of the burdensome rules and working
instituted during Federal control, provided a more direct and
conditions
satisfactory method of employee representation and was drawn primarily
with a view to engendering a spirit of mutual co-operation between the employees and the company. There is a notable increase in the efficiency
and the character of the work performed by the present shop forces.
Additions and Betterments. Tho sum of $771,596 was expended for
addition and betterment projects during the year.
In addition to the large sums expended in the rehabilitation of the property and charged to operating expenses since Jan. 1 1917, when this company took over the operation a the property, the investment accounts
have increased $5.472,329, as against which capital obligations have increased $2,455,500-$400,000 of which is represented by stock. Aside
from the above $566,504 was expended for capital account during the
receivership.
of the M.& M.
Meridian et Memphis Rg.-Net railway operating in
1921. The prinBy. was $53,528, as compared with a deficit of 825,123
cipal benefit to this company from its ownership of the outstanding securities of the M.& M. Ry. is the entrance which that road affords into Meridian, Miss., and the tonnage which co. Is in this way enabled to secure.
Taxes.
-Tax accruals increased 465.251 over the preceding year. The
continued increase in taxes, while entirely beyond the control of the company, is a matter of grave importance and concern. The burden which
this company is obliged to bear in this respect is best illustrated by the fact
that tax accruals in 1922 were $299,308, or an increase of 112% over 1917.
24.5% over 1916 and 330% over 1913.
General.
-During the year 1922 the volume of business handled largely
exceeded that of any previous year. The final results were, of course.
materially affected by the strike of shopmen and the 10% rate reduction
effective July 1. The condition of the property and organization is good.
making it possible to benefit in an Increasing degree from the traffic secured
OPERATING RESULTS AND STATISTICS FOR CALENDAR YEARS.
1919.
1922.
1921.
1920.
Average miles operated_
438
437
470
454
Passengers carried
918,906
502,581
1.102,084
642,857
Pass. carried 1 mile_
11,812,685 13.976.145 23,380,047 19,308.501
Average amount received
from each passenger
83.213 cts. 76.118 cts. 64.571 cts. 61.754 cts.
Av. amt. per pass. p. m.
2.9 cts.
3.5 cts.
3.0 ctn.
3.5 cts.
Tons of freight carried
1,197,196
1.668.392
1,545,897
1.431.840
Tons offreight carr. 1 m.272.380,212 219,546.943 216,241.510 111,074.724
Av, amt. rec. per ton
$1.76468
$2.35601
32.05775
$2.37953
Av.recta. per ton perm_ 1.443 cts.
1.552 cts.
1.90 cts.
1.47 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
-Corporal
* Cambined-1922.
1921.
1919.
1920.
Oper. revenue-freight_ $3,930,742 $3,407,105 $3,181.066 $2,112.677
Passenger
418,214
489,328
567.466
711,629
Mail. express, &c
139,688
134.032
99.834
197.882
Incidental revenue
52,795
55,752
43,529
57,383
Total oper. revenue__ $4,541,439 $4,086,218 $4.147,960 $2,823,506
Operating expenses1VIaint. of way & struc. $648,112 ' $703,030 $1,440.842
$637,502
Maintenance of equip.
758,720
789,877
1.093.938
686,546
Traffic
169,014
156,823
133.984
71,060
Transportation
1,571,726
1,829.721
2,026,246
1,298,091
Miscel. operation_
38
General expenses
183.001
178.526
215.999
166,515
Trans. for invest
Cr.!.907
Cr.10,180
Cr.4,959
Cr.12,172
Total open expenses_ _ $3,320.393 $3.653.018 $4.909,102 $2,847.579
Net operating revenue__ $1,221.045
$433,199 def$761.142 def$24,072
Railway tax accruals, &c.
234,465
302,063
180,404
183,326
Net oper. income_ - $918.982
$198.735 def$941,545 def$207,399
Hire of freight cars
11,285
Rent from equip., &c..-deb.127,759 deb.99,865 deb.92.552
21,748
Miscellaneous
x842.279
31,251
18.316
9,264
Inc.from unf.sec.&accts
.
46,866
8,000
3.655
18.854
Inc.from fd.sec.& accts.
33,398
30,006
33,750
33,750
Gross income
Rent for equipment. &c..
Interest on funded debt_
Interest on unfund. debt
Misc. income charges_
$875,078
114.345
16,393
$154,592 def$111,556 defS127,094
8,831
1.350
7,758 '
67.093
36,716
51,540
42.911
15,164
x644,370
Balance, surplus
$744.340
$44,588 def$815,224 def$189,156
* Excluding effects of Federal compensation and guaranty. X The
"Chronicle" learns officially that the 1920 items "miscoll. income $833,530"
and "miscell. Income charges $644,370" represent respectively Fedora control receipts and disbursements (lapovers after March 1 1920 from operating
account) plus corporate income $936 and miscall. Income charges $7,225.
GENERAL BALANCE SHEET DEC. 31.
1922.
1921.
1921.
1922.
AssetsMoat Wes
$
$
Inv. In road&equip26,540.450 25,768,853 Common stock ___11,072,500 11,072.500
Misc. phi's. prop_56,761
52,898'Preferred stock...11.494,400 11,494,400
Inv. In attn. cos__ 631,810
J.& K.C. bda631.810
1.000
1,000
Other investments
70 U.S. Govt. bonds_ 1,913,500
995,000
15,070
Cash
348,511 U.S.WarDept.bds. 174,000
691,233
;-pecial deposits_
3,08.5 Loans & bills pay_
718,326
2,200
Loans & bills rec
866 Traffic & car seer.
17,439
Traffic & car serv.
70,901
balances payable
40,726
balances receiv.
5,236 Audited accounts&
Net bale, rec, from
407,532
wages payable_ _ 618,376
agenta & conduc.
62,402
66.013
10,029 Miscell. accts. pay.
20,719
Misc.accts. receiv. 339,442
25
860
304.229 Int, mat. unpaid_ _
Material & supp
19,585
38.519
431.913
383.918 Unmet. Int. acct.
Int. & diva. reedy.
487
96,943
62.231 Deferred liabilities
Deferred assets_ _ _
175,122
229,997
1,699 Tax liabilltY
2,653
Unadjusted debits 337.168
257,121 Accrued degree. of
711,018
road & equipm't 613,093
86,277
76,700
Other unad). ere&
2,805,198 2,054,898
Profit and loss
Total
29,183,800 27,830,556
29,183,800 27,830,556
Total
Note.
-Securities issued or assumed. unpledged. $173.000; securities
issued or assumed. pledged. 83,827.000.-V. 118. p. 2388.
Buffalo & Susquehanna RR. Corp.
(9th Annual Report-For Year ended Dec.311922.)
Pres, E. R. Darlow, Buffalo, N. Y., May 11923, reports
in substance:
Results.
-Net income of the year was $729,352. The prescribed rate
of 4% was paid on the Prof. stock, regular dividends at the rate of 7% on
the Uosnmon stock, and a special dividend of 10% on the Common stock,
a total of $670,000.
Sinking Fund.-Tnere was acquired for the sinking fund under the mortgage sazuring the bonds $100.900 of First Mtze. bonds, there being at the
close of the year a total of $1.002.900 bonds in too sinking fund, 3368.500
in the treasury and $5,587.600 outstanding.
Svtikment with Govt.
-At the close of the year a settlement under the
guaranty provisions of the Transportation Act, 1920. had not been effected,
but at the time of making this report negotiations with the I.-S. C. Commission are in pragross.
Coal Strike.
-On April 1 1922 the bituminous coal minors wont on strike
and remained out until Aug. 26 1922. During that time the mines and
coke ovens on this railroad were idle except in the cases of a few wagon mines
slaving only small outputs. Inasmuch as coal and coke constitute approximately four-fifths of the normal freight traffic originated on the railroad,
tne stoppage of production for nearly five months necessarily had a depressing effect on the revenue from the transportation of freight.
Shop Crafts Strike -In consequence of the falling off in the traffic resulting from the miners' strike, considerable reductions in the working forces
were made; and on July 1 tne Federated Snon Crafts in a body quit work in
furtherance of tne national policy of their leaders to strike against the taking
effect of an award of the U.S. Railroad Labor Board which made reductions
in the rates of wages. The shop employees remained out on strike from
July 1 to Sept. 21. incl. During that time it was possible to perform the
service necessary to take care of traffic only through the efforts of the loyal
officials, foremen and other employees.
Rates.
-On Jan. 11022 freight rates on farm products were reduced 10%:
on July 1 freight rates on all other commodities except coal were reduced
10%;and also on that date reductions in the coal rates ranging from 10.20%
to 11.07% were made as was found necessary to preserve existing differentials.
Equipment -At the close of the year there was outstanding a contract
for 200 new bodies for nopper coal cars, which have been delivered; and at
tne time of snaking this report there is another contract for 200 hopper
bodies which are expected to be received during tne summer.
Express Contract.
-Effective March 1 1923, a contract uniform in its
terms with those made witn other railroad companies was made with the
American Railway Express Co. for the handling of the express business
on this railroad.
Valuation-The valuation of the property as of June 30 1919 by the
L-S.C.Cmmission hasbeen proceeding since V at date, and it is expected
tnat a report fixing a tentative valnaton will be made by the Commission
during toe current year. There had been expended on this work and
charged to the operating expenses of the railroad up to Dec. 31 1922 the
sum of $59.868.
COMPARATIVE INCOME STATEMENT CALENDAR YEARS.
1920.
1922.
1921.
Operating Revenues51,563.094 $1.925.639 $2,569,321
Freight
74,477
64.702
79,699
Passenger
26,003
38,811
36,773
Mail,express,&c
13,623
9,435
10,671
Incidental
$1,676,044 $2.052.782 $2,683.424
Total
Operating Expenses
$525,757
$459.217
Maintenance of way and structures_ _ $384,298
1,140,579
985,760
546,460
Maintenance of equipment
25,331
31.338
25.623
Traffic
951,654
750,598
607.387
Transportation
125,013
111.535
112,321
General_
$1.676,088 $2.351,927 $2,754,856
def. $45def.$299,144 def.$71:131
83,805
33.672
74,005
Total
, Net operating revenue
Tax accruals, &c
def.$74,050 def.$332,817 def.$155,237
Operating income
Non-Operating Income
$512,860
$428,427
Hire of equipment
. $346,938
3.544
Joint facility rent income
270
50
97,361
Income from lease of road
53
Miscellaneous rent income
514
950
99,973
Dividend income
524,840
172,448
Income from funded and unfunded
188,171
securities and accounts
191.561
192,153
871
Miscellaneous income
219
253
148.685
U. S. Govt. guaranty
Gross income
Deductions
*Corporate expenses (incl. insurance)
*Taxes
Rentfor equipment
Joint facility rents
Miscellaneous rents
Interest on First Mortgage bonds_ _ _ _
Miscellaneous income charges
$990,294
$461,465
$896.281
37
25,567
25
225,548
9.764
214
25,409
25
229,946
8,714
$5,728
6,700
105
51,717
26
234.825
9.22
Total
Net income
Income applied to sinking and other
reserve funds
$260,942
$264.308
$197,157
$308,383
$587,898
38.091
33,727
28.896
$559,002
Transferred to profit and loss
$163,430
$691.261
* During Federal control.
-Income of 1918, 1919 and two of tne months of 1920 restated to
Note.
conform to settlement made with Director-General. Income of 1920 restated to conform to the revised claim filed for the guaranty period. Statement for 1920 includes corporate income for two months and operation
results for ten months.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31 1922.
$1,456,866
Credits-Balance-Surplus Jan. 1 1922
Net income for year ended Dec.31 1922 per income statement- 691,261
1.592
Donations of cash, new tracks. &c
30,720
Adj.for difference between cost and par val.of secur.reacquired
1,259
Miscellaneous credits
Total credit
Debits-Dividend appropriations of surplus
Surplus aprropriated for investment in physical property_
Miscellaneous debits
$2,181,698
670,000
1,592
1.110
• Balance, surplus
GENERAL
1922.
Assets
Investments:
7,647,625
Road
Equipment
2,722,951
6,097
General exp. Less accr. depr.
on equipment 1,320,881
$1,508,996
$9,055,792
Impts. on leased
7,173
ry. property_ _ ..
477
Cash in sink.fund_
let M. bonds in
f. (per contra) 1,002,900
s.
Deposits in lieu of
688
mtged. property
Securities pledged:
387,700
Stocks
2,199,748
Bonds
Securities unpledg. 1,853,228
483,907
Cash
Demand loans and
deposits
400,000
Special deposits
matured interest 113,358
1,000
Loans & bills ree'le
Traffic and car service balance_ __ _ 126,143
Agts. & cond. bal.
9.390
Misc, accts. recle_
33,792
kfat'ls & supplies_ 217,910
Int. & diva. ree'le.
50,380
Other curr. assets_
743
Deferred assets_ _ _
13,176
U. S. Govt. deferred assets_
Unadi.debits(h)el.
U. S. Govt.)
229,102
321
THE CHRONICLE
JULY 21 1923.]
BALANCE SHEET DEC. 31.
1921.
1922.
Mob( tiles
$
Common stock_ _ _ 3,000,000
7,623,649 Preferred stock.. _ 4,000,000
2,810,408 First Mtge. bonds:
Outstanding _ _ _ 5.587,600
6,097
Ins.f. p.contra) 1,002,900
(
1,257.793 In treasury (per
contra)
368,500
9,182,361 Non-nego. debt to
affiliated cos.- 27
3,100 Traffic & car serv.
54
balances payable
48,850
Audited accts. and
902,000
wages payable_ _ 174,751
Mtge, accts, pay688 Int. matured unp'd 113,792
Other current hob _
23,689
387,700 U. EL Govt. de2,234,278 ferred liabilities_
1,361,839 Other def. Habil
9,781
472,827 Tax liability
63,611
Operating reserves
11,867
400,000 Other unadj. cred 90,595
Add ns to property
115,706
through surplus
5,111
500 Sinking fund ree've 176,534
Prof. & loss, bal.. 1,508,996
87.117
10,690
62,788
183,915
98,705
28,322
12,963
1921.
3,000,000
4,000,000
5,688,500
902,000
LAplan of reorganization for the Denver properties has
been approved and adopted by the bondholders' committees.
Compare V. 116, p. 2881, and Western Pacific RR. Corp.
in V. 117, p. 89.1
COMMODITIES CARRIED-CLASSIFICATIONS CHANGED-COMPARISONS SOMEWHAT INACCURATE.
(Tons.) Agricul. Animals. Coal, &c.
Ore.
Forest. Mfrs.,&c.
1922
777,519 232.677 6,460,917
774,910 246.356 1.151,918
1921
857,472 198,111 5.439.898
670,504 222.658 1,120.982
1920
851,495 236.219 8,156,087
812,799 329.234 1.566.455
1919
842.740 295,772 6,263,927 2,960.922 309.839 1.099.098
1918
796.022 286,645 6.009,978 4,986.816 327,056 1.524,992
1917
750,053 236,087 5.546,562 4.018,575 331.041 2,814,921
1916
616,075 248,327 4,787,140 4.357,373 265.156 2.546.173
TRAFFIC STATISTICS FOR YEARS ENDING DEC. 31.
1920.
1919.
1922.
1921.
Average miles operated..
2,593
2.593
2,592
2,593
Passengers carried
1.128,633
1,188,032 1,630,062 1.554.268
do do one mile_ _192,075,075 185,519,657 268,445.576 235,476,729
Rate per pass. per mile
2.94 eta.
2.79 eta.
2.91 cts.
3.25 cts.
Revenue freight (tons)_ _ 9,644,097 8,509,625 11,952,253 11,772,298
do do one mile- _ --1648233 163 1371900588 2057220522 1814705744
Rate per ton per mile--- 1.519 cts. 1.765 cts. 1.456 cts. 1.328 cts.
INCOME ACCOUNT YEAR ENDED DEC. 31 1922 COMPARED WITH
1921.
Corporation Receiver
Total
Total
Jan. to July. Aug. to Dec. Year 1922. Year 1921.
Aver. mileage operated..
2,592
2,593
Operating Revenues$
$
$
$
Freight
12,863,014 12,173,198 25,036,212 24,216.606
Passenger
3.129,109 2.456,515 5,585.624 6,022.383
Mail, express, &c
934,108
1,547.284
930,749 1,864.858
Incidental
416,955
807.714
416,552
833,507
Joint facility
15.597
27,431
14,795
30.392
Total oper. revenues
Operating ExpensesMaint. way & structures
Maint. of equipment_ _ _
Traffic
Transportation
Miscell. operations
General
Trans. for invest.-Cr.
17,358,783 15,991.810 33,350.593 32.621.419
2,505,559
3.393,136
316,927
5,772,480
324,806
583,968
4,739
2,491.822 4,997,381
6,422.430
4,176.982 7,570,119 7,894,811
226,720
543.647
514,892
5,842,661 11,615.142 11,285.464
618,623
610.663
293,817
998,407
1.029,724
414.438
11.593
33,775
38.513
Total oper. expenses- 12,892,138
13.412,666 26,304.805 27.746.090
Net rev, from oper_ --
4,466.645
2,579,144
7,045.789
4,875,329
1,100.175
6,837
729,840
869
1,830.015
7,706
1.844.146
4.579
Total oper. income.... 3,359,633
Non-oper. Income
Hire freight cars-rec'ts_
708,603
85,895
154,779 Rentfrom equipment_ -251.724
753 Joint facility rent income
26.085
115,706 Miscell. rent income_
11,423
29,775 Misc. non-op. phys.prop.
Dividend income
533,917 Income from unfunded
securities & accounts.
7,272
32,855
29,860 Inc.from sinking & other
reserve funds
14,216
85,751 Miscellaneous income.._ _
69
1.848.435
5.208,068
3.026.604
906.051
51,595
172,150
22.950
4.846
1,614,654
137,490
423.874
49,035
16.270
1.642.870
141.718
398.623
47,364
17,899
293.850
31,577
64,431
53,167
201
270
421
460
1,116.655
1,189,371
2,306,026
2,596.373
Gross income
4,476,288
Deductions
Hire of freight cars
Payments
658,963
Rent for equipment..__ 35.144
Joint facility rents
95,819
Rent for leased roads_
217.807
Miscellaneous rents_ __ _
580
Int. on funded debt_
2,820,673
Int. on Adj. M. bonds
408.333
Int. on unfunded debt....
25,182
Miscell. inc. charges_ __ ..
29.870
Inc. appl. to sink. fund..
152.003
Inc. appl. to renewal fd_
3,037,805
7.514,094
5,622,977
887,439
69,282
78,987
207,803
450
2,014,767
291,667
30,406
9,388
108,958
1.546.402 1.569,057
104,427
56.165
175.240
174,805
434,262
425,609
1,383
1,029
4,835,440 4,848.531
700.000
700.000
55,588 x1.546.415
65,579
39.258
296.708
260.962
3.100
368,500
Tax accruals
Uncollectible revenues
25
47,293
3.519
138,443
1,456,866
936,890
94,729
Total
16,186.605 16,577,176
Total
16,186,605 16,577,176
-The accounts with the U.S Govt. and the profit and loss balance
Note.
have been restated to conform to revised return for guaranty period filed
with Inter-State Coinmerce Commission.-V. 116, p. 2388.
Denver Sz Rio Grande Western RR.
(Receiver's Report-Year ended Dec. 31 1922.)
Receiver.Joseph H. Young, Denver, Colo., June 1 wrote
in brief:
-On July 7 1922 the New York Trust Co., as trustee under
Receivership.
the Adjustment Mortgage dated May 1 1912 of the Denver & Rio Grande
RR. (the Old Denver Company), filed its bill in the U. S. District Court
for the District of Colorado against the Old Denver Company and the
Denver & Rio Grande Western RR. (the New Denver Company) to foreclose that mortgage and for receiver.
On July 21 1922 Bankers Trust Co., trustee under the 1st & Ref. Mtge.
dated Aug. 1 1908 of the Old Denver Company filed its bill in the same
Court to foreclose that mortgage and for receiver.
On the last mentioned date both suits were consolidated and Joseph H.
Young was appointed receiver. Such receivership has ever since continued.
Report.
-This consolidated report comprises seven months' operation
by the corporation. Jan. to July. inclusive, and five months' operation by
the receiver, Aug. to Dec., inclusive.
Road and Equipment.-Expendltures under this account during the year
were $1,051.704, as follows: Road, $915,200; equipment, $133,664; general expenditures, $2,839.
Federal Valuation.-Enfelneering and accounting work being performed
by employees of the railroad company, as required by the Federal Government, is now about 91% complete.
Operaticm.-The total operating revenues of $33,350,593 reflect $12,862
per mile of road operated. Freight revenues increased $819.606. or 3.4%.
There was an increase of 1,134,472 tons in total commodities handled
of which bituminous coal was the largest contributor. Commodity statistics appear in detail in table below.
The average haul per ton of revenue freight was 170.91 miles. an increase
of 9.69 miles. Freight traffic statistics appear in detail below.
Passenger revenues decreased $436,758, or 7.3%. The number of passengers carried decreased 5%.
Operating expenses decreased $1,441,286. or 5.2%. Of this amount
substantially $1,200,000 represents reduction in wages. Against an extraordinary expenditure in 1921 account of the Pueblo flood amounting to
$1,600 000 was an expenditure this year account of the shop crafts' strike
amounting to $1,200,000.
Expenditures for maintenance of way and structures were $1,927 Per
operated mile, or $551 less than last year, in which such expenditures were
abnormal on account of the Pueblo flood. Maintenance of equipment
expenditures decreased $324,392, or 4.1%; the largest decrease being in repairs to freight cars, which amounted to $449,770, offset in part by an increase of $133,386 in repairs to locomotives. The two accounts combined represent 37.69% of total operating revenue.
Exclusive of depreciation,the average expenditure per locomotive equalled
$5.230; per passenger train car, $1,152; per freight train car, $167.
Transportation expenses increased $329,678. or 2.9%, the principal item
being $150,000 in casualties. Expenses chargeable to this account consumed 34.83% of the operating revenues, against 34.59% last year.
Total non-op. income_
Inc. bal. transferred
to credit of P.& L.._
31,913 def661,342 def629.428 def4.073.464
x Includes $1,529,032 interest Equitable Trust Co. judgment against
Old Denver Co. eliminated in 1922 by sale under that judgment.
The profit and loss for the calendar year 1922 shows: Debit balance.
Dec. 31 1921. $511.306; debit balance transferred from income account.
$661.342; other debits, $71.950; total deficit. $1.244.598; less credits.
$95,273; leaving debit balance Dec. 31 1922. $1,149,325.
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
1921.
Assets-1922.
$182,606.796$181,695,544
Investments Inroad and equipment
5 96
:522
179 7
225.457
Improvements on leased railway property
5,596
Sinking funds
3.508
D posits in lieu of mortgaged property sold
e
eu
2795
:917
279,915
3 68
Miscellaneous physical property
127.714
12 3
9455253
Investments in affiliated companies
809,:161
832,969
Investments in affiliated companies
9.555
Other investments
301,614
Cash-S.C. Matthews, Asst. Treas., New York
3,627,067 2,3%15
21:9 0
22
Caecial cludisits
sp sh (indepong $1,297,707 to pay bond coupons)
22,524
1,250.273
663.965
Traffic & car service balances receivable
Agents' and conductors' balances receivable
1,438: 87
173 9 6 1,452:7 7
U
106 4
10 6773
Miscellaneous accounts receivable
3,866.345 3.802,018
Material and supplies
21,957
Other current assets
2505:959379
17,995
Working fund advances
Other deferred assets
5 :980
5 85
7 7
Rents and insurance premiums paid in advance....
561: 21
7 638
6
Other unadjusted debits
167,180
Total
$195,439,746$191,8114850
322
THE CHRONICLE
Liabilities-1922.
Common stock (300.000 shares, no par value)----$57.988,582
Funded debt D.& R. G. RE.. unmatured
120,226.000
Non-negotiable debt to affiliated com anies
.
Traffic and car service balances payable
217.319
Audited accounts and wages payable
2,823.425
Miscellaneous accounts payable
95.470
Int. matured unpaid (incl. coupons due Jan. 1)...._ - 1,286,078
Int, unpaid on 1st & Ref. Mtge. bonds of D. &
R. G. RR. (defaulted)
1,697,200
Int.unpaid on Adj. Mtge. bonds of D.& R.G.RR.
(defaulted)
1,050.624
Bk. Fd. 1st & Ref. Mtge. bds.(accr. & defaulted)..
170.000
Unmatured interest accrued
1,067.696
Irnmatured rents accrued
668,107
freight
Unreported prepay
47,531
Deferred liabilities
49,394
Tax liability
1,196.618
Accrued depreciation-equipment
6,577.881
Other unadjusted credits
317.802
Additions to property through income and surplus61.998
Sinking fund reserves
370.129
Profit and loss balance
def.1,149.325
1921.
$57.988,582
120,226,000
641,218
184.911
2,083,309
204,202
1.378,125
350,624
1,009,234
471.416
21,099
62.709
.1,224.551
5,995,581
330.245
41.682
109,167
def.511,306
Total
$195.439.746$191,811,350
-Securities issued or assumed, bonds, $4,612,000.-V. 116. p.
Note.
2992. 2881, 2876.
Royal Dutch Petroleum Co.
(Report for Fiscal Year ending Dec. 31 1922.)
RESULTS FOR CALENDAR YEARS.
(In Florins.)
1922.
1921. ' 1920.
1919.
Income
89.155,122 107,169.943 138.736.206 118,269.391
Expenses, taxes, &c
1.424,645 3.071.765 9.285.842 18,169,508
87,730,477 104,098.178 129,450,364 100,099,883
Profit
60.000
Divs. on Prof. shs.(4%)
60.000
60.000
60,000
1.282.500
1,282.500
Priority shares(414%) 1.282,500
1,282.500
Ordinary shares(6%)- 19,287,420 19.287.420 19.243,620 12,829,080
67,100,557 83,468.258 108,864,244 85,928,303
Surplus
Available for ord. div.:
93% of above surplus_ 62,403,518 77.625,480 101.243,747 79,913,322
6% on Ord, as above.. 19,287,420 19,287,420 19,243,620 12,829,080
771.113
1.168,574
Brought forward
927,664
1,146.230
Bonus share issue
508,135
3.472,312
Commissaires' propor'n_ 2,485,272 3,136,230 4,174.570 3,257,132
Amount of Ord. div_
Rate per cent
85,852,919 100,820.243 129.061,913 97.145.764
85,186,105 99,651,670 128,290,800 96,218,100
(2614%)
(31%)
(40%)
(45%)
Carried forward
666,814
1,168,573
771,113
BALANCE SHEETS OF DEC. 31.
1922.
1921.
1922.
Florins.
Assets
Florins.
LiabilitiesFlorins.
Unissued share
Share capital_ -570,000,000
capital
248,543,000 248,543,000 Preference shs._ 1,500.000
Share holdings,
Priority shares.. 28,500.000
less reserve 305,898,088 358,294,806 Unclaimed dive.
436,899
Cash
88,405,304 38,690,557
do on priorBook debts.
80,133,977 94,261,620
ity shares__
53,1.54
Dividend prior'Due to creditors 1,720,933
641,250
ity shares
641,250 Undistrib. dive- 1,163,573
Proceeds fr. *tale
of shares above
508,135
Par
Total
(eachReserve
32,003,447
723,621,619 740,431,234 Profit balance__ 87.730,478
side)
-V.116, p.2892.
927,664
1921.
Florins.
570.000.000
1,500,000
28,500,000
737,545
69,300
2,545,152
771,113
32,209,946
104,098,178
Endicott-Johnson Corporation.
(Semi-Annual Report-Six Months ended July 1 1923.)
INCOME ACCOUNT FOR SIX MONTHS.
Ju191 1923. July1 1922. Jut?'2 1921. Juip 3 1920.
Jan. I to$33,478.170 $27,485.209 $26,831,551 $38,677.402
Net sales
Mfg.costs & other exp
29.798.491 23.583,473 23.775,793 32.157.419
Net operating income_ $3,679,679 $3,901,736 $3,055.757 $6,519.982
Other income
16,319
Gross income
$3,679,679 $3,901,736 $2,055,757 $6,536,300
Interest charges, &c.,......
433,916
Adjust. of inventories_
2,865,506
Federal taxes. &c
515.905
484,747
480,376
411,507
Profit sharing plan
841,797
1,055,750
618.363
749,748
Preferred dividends.. .
467,983
487,502
509,241
525,000
Common dividends
1,012,196
842,060
843,165
782,250
x
Com (stk. div. 10%)..1.490,000
Balance. surplus
$841,798 $1.031.677
$604,613 def$721,627
x The company on Feb. 15 last paid a stock dividend of 20% ($3,371,370)
from initial surplus (see balance sheet).
BALANCE SHEET JULY 1.
1923.
1922.1923.
1922.
$
1 LiabilitiesAssets$
$
6
Preferred stock___13,650,000 14,100,000
/45., bidgs., mach..
&o.(less depr.)-14.354.001 13,753,068 Common stock___20,253.000 16,856,850
7,000,000 7,000,000 Notes payable_ ._ _12,900,090 7,950,000
Good-will
21,608,415 19,529.716 Acceptances parte 328,050
Inventories
806,094
Accts.& notes rec-13.014,417 8,912,304 Accounts payable_ 869,531
740,587
72,558 Sundry cred. mci.
Sundry debtors... 124,926
16,500
accrued wages__ 773,218
Marketable secur's 385,605
647,994
4,315,955 3,517,277 Federal taxes 1922
Cash
not due
404,312
515,687
Invest. In & adv.to
376,134 Divs. payable
_ 745,575
subsidiary co_
275,700 Workers' profitstk. acquired 139.200
Pref.
298.048
sharing Ms.. So- 1,244,396 1,031,677
Bal. rec. on contr.. 610,598
202,926 Federal Az State
Deferred charges__ 240,907
franchise taxes_ 518,426
484,746
Other reserves..... 192,511
Initial
surplus
(April 17 1919).x2,653,156 6,024,526
Approp.sur. under
certif. of incorp_ 1,350,000
900,000
5.911,848 3,896,070
Tot.(each side)_61,794,024 53,954.232 Currentsurplus
x After deducting 20% stock dividend paid Feb. 15 1923 amounting
to $3.371,370. V. 116, p. 2262
GENERAL INVESTMENT NEWS
[VOL. 117.
Wage Increases
.-New York Central RR. advances shop men wages 3c.
per hour. "Journal of Commerce" July 17.
Central RR.of New Jersey increases shopmen's wages 2c. to 3c. per hour.
"Journal of Commerce" July 17.
Pittsburgh & Lake Erie RR.increases wages of all clerks,freight handlers,
&c., from 1 to 3c. per hour. "Journal of Commerce" July 17.
Chicago Burlington Ss Quincy RR.grants signalmen 60c. an hour and $1
an hour for foremen. "Boston News Bureau" July 14, P. 2.
Delaware Lackawanna & Western RR. granted increase of 4c. an hour
to cleaners, 2c. per hour for helpers and lc. an hour to certain other employees. "Sun-Globe" July 14. p. 10.
conductors, and II cents an hour to operators of one-man cars. "Boston
Financial News" July 14, p.6.
New Equipment.
-A.total of 8,646 new freight cars were placed in service
from June 15 to July 1 by the railroads of the country, according to reports
filed to-day by the carriers with the Car Service Division of the American
Railway Association.
This brought to 79,240 the total number of new freight cars placed in
service from Jan. 1 thisyear to July 1. The railroads also placed in service
during the last half of June 158 new locomotives, making in all 1,998 that
have been placed in service during the first 6 months this year.
Of the 8,646 new cars installed from June 15 to July 1, box cars numbered
3,702; coal cars, 2.987; and refrigerator cars, 1,025.
The railroads on July I also had 96,855 new freight cars on order. Delivery
of these cars is being made daily. Of the total number on order, box cars
total 41,781, coal cars 38,736, refrigerator cars 11,492 and stock cars 2,192.
In addition, the railroads also had on order on July 1 a total of 1,902
new locomotives.
-The following is authorized by the Car Service
Serviceable Locomotives.
Division of the American Railway Association:
"The,raUroads of the United States had on July 1, the latest date available, the largest number ofserviceable locomotives, but the smallest number
in need of repair for any time since the compilation by the Car Service
Division of such reports began in Aug. 1920.
"Serviceable locomotives on July 1 totaled 52,456. This was an increase
of 1,237 over the number of serviceable locomotives on June 15.
"At the same time the railroads had 11,450 locomotives in need of repair,
or 18% of the total number on line.
"This was a decrease of 1,209 in the number of locomotives in need of
repair since June 15, at which time there were 12,659, or 19.9%. Loco.motives in need of heavy repair totaled 10,326, or 16.2% of the number
on line, which was a decrease of 1.147 compared with the number in need
of such repair on June 15. Under the program adopted last April by the
carriers, locomotives awaiting heavy repair are to be reduced to 15%
by Oct. 1.
-Reports also showed that 1.124. or 1.8%, of the number on line in need
of light repair, a decrease of 62 since June 15.
"The railroads of this country also had stored on July 1, 2.181 serviceable
locomotives in good repair which are being held in readiness for increased
traffic demands. From June 15 to July 1 a total of 20,602 locomotives were
repaired and turned out of the shops, which was an increase of 1.665 over
the number repaired during the first 15 days in June.
New Equipment.
-A total of 8,646 new freight cars was placed in service
from June 15 to July 1, by railroads of the country, according to reports
filed with the American Railway Association.
This brought to 79.240 total number of new freight cars placed in service
from Jan. 1 to July 1. Railroads also placed in service during last half
of June 158 new locomotives, making in all 1,998 placed in service during
first 6 months of this year.
Of the 8,646 new cars installed from June 15 to July 1, box cars numbered
3,702, coal cars 2,987 and refrigerator cars 1,025.
Railroads on July 1 also had 96,855 new freight cars on order. Delivery
of these cars is being made daily. Of total number on order, box cars
total 41.781, coal cars 38,736, refrigerator cars 11,492 and stock cars 2.192.
In addition, railroads also had on order on July 1 total of 1,902 new locomotives..
Car Loadings.
-Total car loadings reported for the week ended July 7
were 854,748, a decline of 167,022 from the new high record figure of
1,021.770 of the previous week. A large :part of the decline was due to the
Fourth of July holiday, according to the Car Service Division of the American Railway Association report.
While the total merchandise and miscellaneous loadings were 496,797, or a
decrease of96,625 from the previous week,they showed an increase of 27,134
cars loaded, when compared with the corresponding week of the previous
year. Total loadings for the last four weeks compared with the corresponding weeks in the last four years, were as follows:
1923.1921.
1920.
639,698
19,0
72
854,748
7Q 2 25
796,191
July 7
774,808
862,745
891,621
June 30
1,021,770
775,447
766,321
911,503
1,002,740
June 23
775,328
'917.736
848.657
June 16
1,007,253
Classified into groups the loadings of all commodities showed a decrease
when compared with the previous week, but grain and grain products were
the only commodities to show a loss when compared with the corresponding
week of the previous year.
Matters Covered in "Chronicle" July 14.-(a) Railroad gross and net
earnings for month of May, p. 137-139. (b) Railroad locomotive shipments
taper off but continue far in excess of a year ago, p. 143. (c) Railroad
freight car loadings of unprecedented extent, p. 143. (d) 1.-S. C. Commission orders Inquiry Into anthracite freight rates, p. 168.
(a) Government's injunction against shopmen made permanent, p. 169.
(f) Attorney-General's statement on permanent injunction against
shopmen, p. 169. (g) Samuel Gompers's statement on permanent Injunction against shopmen. p. 170. (h) Railway conductors and trainmen at
Chicago conference decide to ask for wages higher than war-time pay,
p. 170. (i) Wage advances on Lehigh Valley RR. p. 170. (j) Further
wage increases on railroads, p. 170. (k) I.
-S. C. dommission orders rate
reduction on hogs from Southeast, A. 170. (e) Car Service Division of
American Railway Association reports substantial progress in its program
for storage of coal, p.170.
(m) Report of Joint New England RR. Committee to Governors of the
New England States-suggests rehabilitation plan for New Haven and
Boston & Maine railroads, p. 170-175.
•
American Electric Power Co.
-Dividend of lYi% Payable
on Preferred Stock in Preferred Stock.
The directors have declared a dividend of 1A% on the outstanding
Preferred stock, payable In Preferred stock on Aug. 15 to holders of record
July 31. The dividend is payable out of the 10,768 shares previously
authorized (see American Railways Co.in V. 116. p.615).-V. 116. p.2991.
Atlantic Coast Line RR.
-New Equipment.
-
The company in a letter to the stockholders says: "The company has
pledged itself, with the other railroads of the country, to do its utmost
to furnish adequate service to the public. To this end expenditures of
approximately 326,000,000 have been authorized to be spent as follows:
5,331 freight cars, $9,000,000; 101 passenger train cars, $2,300,000;98 locomotives, $4.500,000; double tracking and grade reduction., $5.900,000:
shops and shop facilities, $1,800,000: yards and other facilities, $1.300,000;
30,000 tons of 100-1b. rail. $1.200,000. On June 1 bad order freight cars
had been reduced to 7.5%."-V. 117, p. 85.
Aurora Elgin & Chicago RR.
-Sale.
-
Jesse Holdom, as special master, will sell at public auction at the court
house, Geneva County, of Kane. Ill., on Sept. 11, all the railways, rights
franchises and other properties of the Fox River Division of the company.
See also V. 116. p. 2635.
Brooklyn Manhattan Transit Corp.
-Takes Over Operation of Nassau Electric RR.
-First of Surface Lines Released
RAILROADS, INCLUDING ELECTRIC ROADS.
from ceiversthhe
oper on of
ip.rface lines of the Nassau Electric RR., which has
su
The following news in brief form touches the high points been in the hands of receivers since Dec. 311918, was taken over midnight
the order of Judge
in the railroad and electric railway world during the week July 13 by the B. M. T. Corp., in accordance with discharging Lindley
of the United
just past, together with a summary of the !toms of greatest Julius M. Mayerreceiver. TnisStates District Court, surface lines to be
is the first group of
M. Garrison as
interest which were published in full detail in last week's taken over by tile newly organized B. M.T. Corp. The Nassau company
largest
of
one
old B. R. T.
"Chronicle" either under "Editorial Comment" or "Current is The of the surface units yetthe be taken oversystem. B. M. T. Corp. are
lines
other
to
by the
Events and Discussions."
those of the Coney Island & Brooklyn RR. and the Brooklyn Queens
-See outline of complicated situation
Transit Situation in New York City.
'slider "Rapid Transit in New York City" below.
-Public Service Corp. refuses
Threaten Strike.
Newartc, N. J., Car Men
p. 3.
demand for 30% wage increase. "Boston News Bureau" July
County & Suburban lines. Thus far the directors of the Brooklyn City
RR. have refused to accept the terms of the B. M. T. The old Brooklyn
Heights company, which leased the lines of the Brooklyn City RR.for the
B. R. T., is being liquidated.
JULY 21 1923.]
THE CHRONICLE
323
Under conditions prevailing previous to the outbreak of the World War,
Directors Move to Press $30,000,000 Damage Suit.
the 5
-cent fare as a rule was sufficient to permit conservatively financed
The directors on July 16 took action to press its suit against the city for and efficiently managed electric railway companies to render adequate
$30,000,000 damages resulting from the city's delay in constructing the service and to operate at a reasonable profit for the owners of the property.
-Eastern District line. These routes were The 5
Nassau St. line and the 14th St.
-cent fare had become so established in the public mind as an adequate
agreed upon in Contract No. 4 of the dual subway contracts, and the rate of fare that the authorities were at first reluctant to approve any inNassau St. line, extending from the Municipal Building to Broad St., was creases. While the companies were engaged in efforts to obtain relief
to have been completed 6 years ago. The company estimates that the in the form of higher fares, operating costs steadily kept mounting, so that
delay is costing It $1,000,000 a year in net revenue. The action of the by the time increases were obtained the relief was inadequate to cover the
directors took the form of instructions for the company's lawyers to take additional costs. As a consequence, net earnings were reduced and the
over the handling of the action from the counsel for the receiver, who filed credit of the companies became impaired. This condition, combined with
the suit in the Federal Court in Manhattan last year. It will be up to the strain on the investment markets following the Government war financthe B. M. T. lawyers then to have the suit placed upon the calendar for ing, made it exceedingly difficult for electric railway properties to obtain
trial, the city having filed its answer. George D. Yeomans, Vice-Pros. & funds by the sale of securities for any purpose. Such was the situation
-V. 117. p. 207.
Gen. Counsel, will have charge of the suit.
that existed at the time of the maturity of the Chicago Elevated Rys.
Ext. Secured Gold Notes, and which made it impossible to refund them.
Brooklyn Rapid Transit Co.
-Last Installment of
The elevated railroads of Chicago are owned by the Northwestern EleRR.
Bit..
West Side Elevated Hy.,
Assessment Due July 31 1923.
-The holders of participation vatedand MetropolitanPark Elevated RR.(now inSouth Side Elevated
receivership). The
& Oak
RR.
warrants issued under the reorganization plan and stock of properties of the 4 companies are operated under single management as a
unified system. The entire capital stocks of the 3 first named companies,
Brooklyn Rapid Transit Co. are notified by the reorganiza- sometimes called the subsidiary companies, are owned by the Chicago Eletion committee (see advertising pages) that of the total pay- vated Rys.Collateral Trust and constitute the primary security for Chicago
ment of $35 per share required under the participation war- Elevated Rys. Secured Gold Notes.secured irom time to time some relief
the Chicago
rants issued to stockholders participating in the reorganiza- byWhile of increased companies have have continued abnormal. There
fares, conditions
way
tion, the last installment, namely $10 per share, has been have been labor and other difficulties, including strikes in 1919 and 1922.
and unsatisfactory earnings, all tending to hinder a practicable readjustment
called for payment before the close of business on July 31. of the affairs of the elevated railways. The extent to which the abnormal
The last installment must be paid in New York funds at the conditions of the last 5 or 6 years have affected the earnings of the propChicago
erties is
principal office of Chase National Bank,57 Broadway, N.Y. elevatedclearly indicated in the following earnings statements of thethe comrailroads for the last 10 years. The statement represents
As provided in the plan of reorganization and the participation warrants bined earnings of the 4 companies, as compiled by the committee from
Issued thereunder, failure to make payment of the last installment when available data.
and as payable will forfeit all rights In respect of any prior installment
Average
Average
paid under the participation warrant under which default shall have
1922.
1921.
1913-1917. 1918-1920.
Years Ended Dec. 31$9,531,000313.812.000317,679.217317,404,686
been made and all rights under the reorganization plan, and such par- Gross earnings
ticipation warrant shall thereupon become void and of no effect for any x Operating expenses
5,229,000 9,789,000 13,369,389 13,059,529
purpose.
840,000 1,021,000 1.222,009 1,327,874
Taxes, &c
Holders of stock of Brooklyn Rapid Transit Co. or of certificates of
deposit therefor who have not heretofore deposited their stock under the
$3,462,000 $3,002,000 $3,087,819 $3,017,283
Net earnings
reorganization plan may become entitled to obtain the issue of participation Int. charges (excl. of int. on
'warrants by depositing their stock or certificates of deposits with Chase
oblig'ns held by C.E.Rys.) 1,950,000 2,266,000 2.285,215 2,410,928
National Bank. 57 Broadway, or with Seaboard National Bank, New
York (Mercantile Branch), 115 Broadway, N. Y. City, before the close
Balance
$1,512,000 3736.000 $802.604 $606,355
of business on July 30 1923, and by paving at the time of deposit the Int. on Chicago Elevated Rys. Secured Gold Notes ($840.000).
first and second installments, namely $25 per sh ire, called for by the
deprec. ($483,814) and miscell. charges, excl. of int. on the
participation warrants, together with Interest at the rate of 6% per annum
-Year Debs., aggregate on present basis, per ann. approx- $1,360,000
10
from May 10 1923 on $15 thereof, the amount of the first installment, and
from June 22 1923 on $10 thereof, the amount of the second installment,
x Operating expenses as shown above include expenditures for mainteto the date of payment of such installments. As stated above, the last nance, but not reserve for depreciation. In its opinion and order of Jan.4
Installment ($10 per share) under all such participation warrants issued 1921, the Illinois P. U. Commission found that a fair annual charge for dein respect of the stock so deposited will be payable before July 31.-V. preciation of properties would be $468,000. Operating co's have been setting
116, p. 2765.
aside since date of Commission's order, as reserve for deprec., $483,814 p.a.
-day strike, extending
The earnings for 1922 were adversely affected by a 6
Canadian Government Rvs.-Equipment Financing.
- from Aug. 1 to Aug.6. Since the fall of 1922 earnings of the elevated railAccording to Toronto advices, the Minister of Finance Fielding is calling road properties have been showing an improving tendency. The roads
for tenders by July 25 for an issue of $22.500,000 of Canadian National Rys. have been operating under slight reductions from their maximum fare and
-year Equipment Serial 5s from Canadian dealers. The bonds will be wage scales. The 10 cents cash rate of fare temporarily authorized by order
15
guaranteed by the Government and will be paid off at the rate of $750,000 of the Illinois.P. U. Commission on July 31 1920, and confirmed by order
semi-annually.
of Jan. 4 1921, has been retained, but the ticket rate has been lowered from
In addition to this amount, it is stated, another $7,500.000 will be spent 4 tickets for 35 cents to 3 tickets for 25 cents.
for equipment through an appropriation voted by Parliament.
It is proposed to consolidate into one company the 3 subsidiaries of
-V. 117.
p. 85.
Chicago Elevatedllys.. and to have the new corporation acquire at judicial
sale the properties of the Chicago & Oak Park Elevated RR.. with a view
Central Crosstown RR., N. Y. Citv.-Fareclosure.of simplifying the corporate structure, of unifying and consolidating ultiProceedings have been instituted by the United States Mortgage & Trust mately the present varied indebtedness of the different companies, and of
Co. as trustee under the mortgage dated Nov. 1 1882 for the foreclosure providing the new company with a medium for future financing. Under
-V. 115, p. 2045.
of the mortgage.
the plan the total capitalization of the consolidated corporation, including
the securities to remain undisturbed, will be well within the valuation of
Illinois
Central Railroad Co. of New Jersey.
-Equip. Trusts the properties based on the finding of theless thanP. U. Commission of
the aggregate of outJan. 4 1921, and will be about $34,000,000
-First National Bank, New York, and Drexel & standing stocks, bonds and other indebtedness of Chicago Elevated Rys.
Sold.
Co., Philadelphia, have old at prices to yield from and the operating companies. The fixed annual interest requirements
5.05% to 5.20%, according to maturity, $3,750,000 5% will be materially reduced. The new corporation will begin operations
with current assets substantially in excess of current liabilities.
Equip. bonds, Series "J." (S e advertis ng 130,gcs,1
Statement of Earningsfor the Eight Months Ended May 31 1923.
Dated March 15 1923. Serial maturities of $375,000 per annum.
$12,155,351
March 15 1924 to March 15 1933 both inclusive. Interest payable in Gross earnings
Operating expenses, maintenance and taxes
9,423,205
N. Y. City. Denom. $1,0000. Hudson Trust Co.. Hoboken, N. J.,
Int. requirements of underlying mortgage bonds and equipment
trustee.
notes and new 1st Lien & Ref. Mtge. bonds for 8 months_ 1,538.647
issuance.
-Authorized by the I.-S. C. Commission.
322,543
-Bonds were issued to provide for part of the cost of the follow- Reserve for depreciation
Security.
ing standard new railway equipment: 15 switching locomotives.6suburban
Balance
$870,957
passenger locomotives. 5 Pacific type locomotives. 20 Mikado freight
Interest for 8 months on the Adjustment Debenture bonds at the rate of
locomotives. 100 steel passenger coaches. 5 steel passenger and baggage
cars, 10 steel baggage cars, 3 steel mail and baggage cars. The bonds 4% would require $495,013, and at the rate of 6% $742,520.
-Illinois P. U. Commission's valuation for raterepresent approximately 80% of the cost, the remainder being provided Property Value.
making purposes of combined operating properties of the
-V. 116. p. 2636. 2989. 2992.
by the company.
$86,250,000
Chicago Elevated RR. Co.'s as of June 30 1919 •
Subsequent additions, less retirements (approximately)
1.240,000
Chicago Elevated Rys.-Reorganization Plan.
-The pro-
tective committee for the holders of the $14,000,000 6%
notes due July 1 1919 has approved and adopted a plan for
the readjustment and reorganization of the corporate and
financial structure of the Chicago Elevated railroad system.
The plan involves certain claims against and obligations and
secuiities of the four companies operating the elevated railroads of Chicago, viz.: Northwestern Elevated RR., Metropolitan West Side Ry.,South Side Elevated Ry. and Chicago
& Oak Park Elevated Ry. (now in receivership). The plan
is now being submitted to the holders of the respective
securities and claims to be adjusted.
No provision is made under the plan for any of the shares,
Preferred or Common, of Chicago Elevated Rys. or for
holders of the notes or of the 6% debentures who do not
participate in the plan.
Present property value (approximately)
Non-operating property
Total
$87,490.000
2,024.932
$89.514,932
Digest of Plan of Reorganization, Dated July 14 1923.
x Securities of Pour Operating Companies Now Outstanding and to Remain
Undisturbed Under Plan (Total 346.704.000).
Northwestern Elevated RR. 1st M. 5s, due Sept. 1 1941
$11.902.000
Union Elev. RR. 1st M.5.s (assumed by Northw.), due Oct.1 '45 4.429.000
Metropolitan West Side Elev. Ry. 1st M.4s. due Aug. 1 1938_ 10,000,000
do
Extension Mortgage 4s, due July 1 1938
4.433,000
Union Consol. Elev. Ry. 1st M.to (assumed by Metropolitan).
due Nov. 11938
407,000
South Side Elevated RR. 1st M. 4)4s, due July 1 1924
8,000,000
Equipment Trust Gold Certificates
Series A St B. 5%, guar, jointly and severally by Northwestern,South Side Elevated, Metropolitan West Side Elevated.
payable serially Feb. 1 and Aug. 1 each year to Feb. 1 1929 1,021,000
Series 0, guar, jointly and severally by the 4 companies,
2,065.000
payable serially
1932
Holders of outstanding certificates of deposit, representing Chicago Ele- Chicago & Oak ParkSept. 1 each year to Sept. 1
Elevated RR.vated Rys. secured gold notes, who do not withdraw from the noteholders'
4,432,000
1st M. 5s, due July I 1928 (guar. by Northwestern Co.)
protective agreement on or before Aug. 16 1923 shall be deemed to have
15,000
Equipment Trust 6% notes
assented to the plan. Holders of such outstanding certificates of deposit
desiring to exercise their right of withdrawal must, on or before Aug. 16
x Not including securities held in treasuries of operating companies, or
1923. surrender to the respective depositary issuing the same their cer- in sinking funds, or those held in escrow as in group 7, or those enumerated
tificates of deposit and pay such depositary for account of the committee, in group 5.
as their contribution toward the expenses of the committee, $5 for each
Securities and Indebtedness to Be Adjusted Under the Plan.
21,000 note represented by any such certificate.
Or^up 1-Outstanding obligations of Chicago Elevated Rys. (total
Holders of secured gold notes who have not already deposited their notes
(whether such notes have or have not been extended under the extension $14,000,000):
agreement dated June 19 19161 may become parties to the plan by depos- (a) T.vo-ye tr 5% Secured Gold Notes, as extended at 6% to
iting their notes with all unpaid appurtenant interest coupons (it any)
July 11919, on which no int. has been paid since Jan. 11919.313.626,000
maturing on July 1 1919 with National City Bank,60 Wall St., N. Y City, (b)5% Secured Gold Notes (not extended), on which no interest
.
or Continental & Commercial Trust & Savings Bank, 208 South La Salle
374,000
has been paid since Jan. 1 1919
St., Chicago, depositaries, on or before Aug. 28 1923.
(c) 10
-Year 6% Debentures, due July 11924. on which no inHolders of Chicago Elevated Rys. $7,000.000 10-Year 6% Debentures
7,000,000
terest has been paid since Jan 11919
and due July 1 1924) may become parties to the plan
(dated July 1 1914
Or 'up 2
-Stocks outstanding of 3 subsidiary companies pledged as
by depositing their debentures with all unpaid appurtenant interest cou- security for secured notes (total 236.292.500):
pons maturing on and after July 1 1919 with National City Bank or the Northwestern Elevated RR.:Prof.,$4,944,400; Corn.. 34,946.40029.890.800
Continental & Commercial Trust & Savings Bank, depositaries, on or Metropolitan W.S. El. Ry.:Prof $8.707,500; Corn. $7,462,800 16,170.300
before Aug. 28 1923.
10.231.400
South Side Elevated RR
To July 1 1923 the arrears of interest on the secured notes amounted to
Or
3
-Notes and indebtedness of 3 subsidiary companies pledged as
$3.780,000 and on the debentures to $1,890,000.
-Charles E. Mitchell Chairman' George M. additional security for the $13,626,000 Secured Gold Notes:
Reorganization Committee.
RR
$290,000
Mason. R. Floyd Clinch, with Francis J. Mullan, Sec., Promissory note of Northwestern Elevated Elevated Ry
Reynolds, John
620.000
55 Wall St., New York, and National City Bank New York and Conti- Promissory note of Metropolitan West Side
160,000
Promissory note of South Side Elevated RR
Trust & Savings Bank, Chicago. depositaries.
nental & Commercial
power furnished to 3 subsidiary comDigest of Letter of Noteholders' Committee, New York, July 17. Indebtedness for electrical
1,001,405
panies prior to July 1 1916
Since its organization in 1919 the noteholders' protective committee has Undivided Interest in $523,192 of debt for eleotrical power furbeen closely following developments in the transit situation in Chicago.
nished (between Dec. 31 1918 and July 1 1919) to 3 subsidiary
This period has been one of unsettled and rapidly changing conditions.
(?)
companies (to be ascertained)
'V
324
THE CHRONICLE
[You 117.
Group 4
-Indebtedness of 3 subsidiary companies, to be surrendered and appropriated for the purpose,
nor unless (c) in such fiscal year the corby holders as provided (see below):
poration shall have paid to the trustee $250,000 in cash as a sinking fund
Indebtedness for electrical power furnished (between July 1 1916
for the retirement of debenture bonds at 104 and int. In case corporation
and Dec. 311918) to Metropolitan Co
$502,218 shall, in any fiscal year, pay a dividend on its Common stock amounting
Undivided interest in $523,192 of indebtedness for electrical
to more than $834,000, the cash payment to the sinking fund shall be an
power furnished (between Dec.31 1918 and July 11919) to the
amount equal to 30% of the aggregate of such dividend payments. Deben3 subsidiary companies (to be ascertained)
ture bends will be redeemable, all or part, at any time upon appropriate
(7)
Obligation of the Northwestern Co. as guarantor on certain renotice at 104 and int.
ceivers certificates of Chicago & Oak Park Elevated RR590,288
Stock Trust Certificates.
-The agreement of consolidation under which
-Outstanding lien obligations of 3 subsidiary companies and of the 3subsidiary companies
Group 5
Oak Park Co., to be surrendered as provided under plan (total $1,600,000): ized capital stock of the will be consolidated will provide that the authorconsolidated corporation shall be 521.000,000
Union Elevated RR. 1st M. 5s (asumed by Northwestern).,_,..$43.000 (par $100), all of one class.
With the approval of the Illinois Commerce
Union Cense!. Elev. Ry. 1st M.5s (assumed by Metropolitan)_
46,000 Commission, the consolidated corporation will issue, as provided under the
Metropolitan Co. Extension Mortgage 4s
567,000 plan. 120,329.500 capital stock, which, when issued, will be deposited under
Joint Equip. notes. Series B.5%.of the 3 subsidiry companies
247,000 an appropriate trust agreement to be approved by the committee and trust
Equipment Trust 5% notes of Oak Park Co
40,000 certificates therefor will be issued to those entitled to receive the same
Equipment Trust 6% notes of Oak Park Co
96,000 as provided.
Oak Park Co. 1st M.5s (guaranteed by Northwestern)
561,000
Participation in the New Securities Distributed by the Committee.
-Claims against the receiver of Oak Park Co., to be surrendered
Group 6
by the holders thereof as provided under plan:
Note Holders.
-Holders of certificates of deposit,
Indebtedness of the receiver (as of Feb.28 1922, with accrued int.
Gold Notes of Chicago Elevated Rys., as extended representing Secured
to July 1 1919. who
to that date) on outstanding receiver's certifs., and for power_$2,984,58
shall be entitled to the benefits of the plan, will be entitled to receive
1
for
Group 7
-Assets of Chicago Elevated Rys. not pledged as security for each 11.000 of notes the following securities of
the consol. corporation:
the Secured Gold Notes:
1st Lien & Ref. M. gold bonds, Ser. A,
Northwestern Elevated RR. 1st M. 58
b) Adjustment Debenture bonds, due July 6%. due July 1 1953_ $100
$208,000
Chicago & Oak Park Elev. RR. Equip. Trust 6% notes
c) Trust certificates for Common stock 1 1963
15,000
1,0
30
15
7
Cash and cash items, approximately
Holders of like certificates of deposit, representing Secured
Northwestern Elevated RR. 1st M. 58, deposited in escrow 165,000 due July 11916. of Chicago Elevated Rys., not so extended, Gold Notes.
who shall be
under indenture dated July 11914, made between Northwestern
entitled to the benefits of the plan, will be entitled to
Elevated RR., Chicago Elevated Rys. and Central Union
of notes the following securities of the consolidatedreceive for each $1,000
corporation:
Trust Co., New York; these bonds do not carry interest while
(a) 1st Lien & Ref. M. gold bonds, Ser. A, 6%,due July 1
1953-- $100
so held, and are subordinate to the bonds of the same issue
(b) Adjustment Debenture bonds, due July 1 1963
1,170
above referred to
Debenture Holders.
-Holders of Chicago Elevated Rys. 10
y12,292,000 Debentures
Stock of and various claims against the Chicago & Oak Park
who shall be entitled to the benefits of the plan will -Year 6%
be entitled
Elevated RR., subordinate to (1) existing lien indebtedness
to receive for each $100 of debentures the following: $70 in trust certifiagainst the property of that company aggregating in principal
cates for Common stock of the consolidated corporation.
-V. 116, p. 1410.
amount approximately
Cumberland Traction Co.
and (2) obligations of the receiver of that company and ex- 5,157,863
-Bond Issue Authorized.
penses of receivership estimated approximately at
The New Jersey P.S. Commission has approved the
3,384,500
Sundry items in small amounts: also miscell. stocks of no apparent value. _gar b 16 . 2 3 any and the issuance thereunder of execution of a monly thve co6 p.
m6
$60,000 of 5% bonds.
y The indenture under which the Northwestern bonds are held provides
Delaware Lackawanna & West. RR.
that they may not be withdrawn from deposit except (a) after all bonds
-Lease Approved.
The New Jersey P. U. Commission has granted the application of
of the same issue outstanding with the public shall have been retired, or
the
(b) prior thereto, In reimbursement of expenditures for improvements and Sussex RR.for the leasing of its linos for an indefinite period to the D.L.&
additions, of a permanent nature to the properties of the Northwestern W. The approval was allowed under the condition that the agreement
covering the lease and signed by both companies shall be filed in the
(over and above certain yearly expenditures covenanted to be made by
office
of the Secretary of State surrendering to the State all rights of exemption
the company), such withdrawals to be made, as
the extent of 75% of such expenditures, and as to to part of the bonds, to or contract privileges with respect to taxation and that proof be furnished
the remainder to the ex- to the board that
the form and execution of the lease were authorized by
tent of 80% of such expenditures. With respect to all but a small part of
the two corporations. The
such excrow bonds, the right of withdrawal is further subject
to certain through ownership of 94% Sussex RR. is controlled by the D. L. & W.
requirements as to net earnings of the Northwestern Co.
of its outstanding $1,638,600 Capital stock.
-V.116,D. 2881.
Operation of the Plan.
Delaware & Hudson Co.
Surrender of Claims, &c.
-The committee has made arrangements with
-Federal Court Refuses Inthe holders of the indebtedness, securities and claims enumerated
C. Commission from Fixing Tentative
in groups junction to Restrain I
4, 5 and 6 whereby, in the event of the plan being declared operative
Valuation as it Sees Fit-Company to Appeal to Supreme Court.
(a) the indebtedness enumerated in group 4 will be surrendered
and canceled
Judges Hough, Knox and Goddard, sitting as a Federal statutory court.
in connection with the consolidation mentioned below;
(6) the securities on July 17 denied the application of the
enumerated in group 5 will be surrendered for pledge by the
company and its subsidiary comconsolidated panies for an injunction
corporation under its proposed 1st Lien & Ref. Mtge.,
-S. C. Commission from establishand (c) the claims ing a tentative valuationrestraining the I.
on the railroad properties according to the
enumerated in group 6 will be surrendered for cancellation in connection
and principles heretofore observed by the Commission. In theirmethods
with the acquisition by the consolidated corporation of the
opinion
property of the three hullos say: "We conclude
the Oak Park Co., all in consideration of the delivery to
there is no equity in this application
the securities of the consolidated corporation as specified such holders of to suppress a merely preliminary step in a lawful valuation proceeding,
below.
and, therefore, we dismiss the petition without costs."
Consolidation of Sub. Cos.
-Upon the acquisition by
The application by the company for an injunction to prevent the Comthe stocks enumerated in group 2, and the promissory the committee of
notes and claims
enumerated in group 3, the subsidiary companies will be consolidated into mission from serving upon the company a tentative valuation was based
an Illinois corporation, and with the approval of the Illinois Commerce upon the carrier's allegation that the methods pursued by the Commission
Commission and the consolidated corporation will Issue in exchange for did not result in a true finding of original cost to date, and failed to allow
and upon cancellation of the securities and claims enumerated in groups for many elements of value alleged to exist in the property. One of the
2, 3 and 4 (except the promissory note of the South Side Elevated RR. in company's specific objections was that the Commission had allowed as part
group 3). $18,563,000 Adjustment Deb. bonds and $17,729,500 cap. stock. of the carrier's investment a sum representing working capital wholly
inadequate for the purpose, and,in fact, much less than
Consolidated Co. to Acquire Oak Park Co.
the sum emPloyed•
-It Is contemplated
Officials of the company,it is
consolidated corporation will be able to acquire at judicial sale thethat the
railroad to the U. S. Supreme Court. announced, have decided to appeal the case
and property of the Chicago & Oak Park Elevated RR., subject to the
-V.116. P. 2766.
mortgage and equipment obligations now outstanding (aggregating
Delaware RR.
-Bonds Reduced on List.
863). upon the surrender and cancellation of the claims against the $5,157,The Phila. Stock Exchange on July 10 reduced the amount listed of
mentioned above in group 6, and the assumption of the remaining receiver
of the receiver and unpaid costs and expenses of the receivership liabilities Gen. Mtge. 43(% registered bonds due 1932 from $332,000 to $320,000(estimated $12,000 reported purchased and
$400,000). In case of such acquisition and in connection therewith,
canceled.
-V.113. p. 292.
the
consolidated corporation will issue and deliver $2,600,000
capital stock for
Eastern Massachusetts Street Ry.-Dividends.the purpose of retiring claims against the receiver mentioned
in group 6.
The Public Trustees have declared a semi-annual dividend of 3% on the
aggregating $2,984,581. This property when acquired will
be placed 6% Sinking Fund stock and First
under the 1st Lien & Ref. Mtge., without the Issue of any
additional 1st Aug. 1 to holders of record July Preferred stock, Series "A," both payable
Lien & Ref. Mtge. bonds on account of such acquisition.
31: and a semi-annual dividend of 3%[on
Issuance of First Lien & Ref. Bonds.
-The consolidated corporation upon the Preferred stock, Series "13, payable Aug. 15 to holders of record
July 31.-V. 116, p. 2766.
the execution of its 1st Lien & Ref. Mtge. and the pledge thereunder
of
the lien obligations enumerated in group 5 will issue and deliver
$1,600,000
Florida East Coast Ry.-Equip. Trusts Sold.
1st Lien & Ref. Mtge. Gold bonds.
-The Bankers Trust Co., New York, have placed privately $2,000,000
Outstanding Capitalization of Consolidated Corporation.
The consolidated corporation, having acquired the properties
of the 3 5% Equip. Trust certificates, Series "C," the issuance and
subsidiary companies and of the Oak Park Co., and upon the
carrying out sale of which at not less than 99.3, was approved by the
of the plan, will have an outstanding capitalization as follows:
L-S. C. Commission on July 11.
1st Lien & Ref. Mtge. gold bonds, Ser. A,6% (due July 11953)
11,600,000
Adjustment Debenture bonds (due July 11963)
Bankers Trust Co., New York,trustee. Dated July 2
18,563,000
1923,due 5200.000
Common stock (par $100)
20,329,500 annually July 1 1924 to July 1 1933, both inclusive. Denom. $1,0000.
Subject to the present outstanding underlying securities above
Dividends payable J. & J.
enumerated under Section "A"
The proceeds will be used in connection with the purchase of the
46,704,000 equipment:
following
Total capitalization
DescriptionUnits.
Unit Price. Approx. Cost.
How New Securities, When Issued by Canso!. Corporation, Will $87,196,500 Mountain-type locomotives
15
Be Delivered. Switching
$888,000
1. To reorganization committee, in consideration
locomotives
5
159, 171,250
3 22
4 2
cancellation of the stocks and indebtedness of the 3 for the surrender and Steel baggage cars
15
subsidiary companies,
23,000
345,000
enumerated in group 2 and group 3 (exclusive of the promissory
2
29,000
note of Mail cars
58,000
the South Side Elevated RR.):
Dining car
1
50,000
cars
1st Lien & Refunding Mortgage bonds
10
540,°°2860
$1,400,000 Caboose
42,860
Adjustment Debenture bonds
-ton steel fiat cars
40
200
16,380,000
357,000 •
Common stock (or trust certificates therefor)
-ton ventilated box cars
200
21,979855
10.150,000 40
599,000
2. To the holders of the indebtedness, securities and claims enumerated
Total
In groups 4, 5 and 6, in consideration for the surrender and cancellation of
12.511.110
the indebtedness enumerated in group 4 and group 6. and the surrender, -V. 117. P. 86.
for Pledge under the 1st Lien & Ref. Mtge., of the securities enumerated
Georgia Florida & Alabama Ry.-Stock Authorized.
in group •
The I.-9. C. Commission has authorized the company to Issue $2,235,000
1st Lien & Refunding Mortgage bonds
$200,000
Adjustment Debenture bonds
2,183,000 Common stock to Mrs. Cora B. Williams, $122,000 thereof to be issued in
stock (or trust certificates therefor)
of a like amount of premium on capital stock, and $2,113,000 in
respect
Common
10,179,500 exchange for a like amount of 1st
Mtge. 5% 50
Description of New Securities.
-Year bonds.
The report of the Commission says: The company has an authorized
-With approval of Illinois Commerce capital stock of $450,000. all of which
First Lien gt Ref. Mtge. Gold Bonds.
been
Commission, the consolidated corporation is to create a 1st Lien & Ref. by Mrs. Cora B. Williams, President hasthe Issued, and which is owned
of
company who
Mtge. which shall cover all or substantially all of the property.of the con- premium on the stock in the sum of $122,000. Applicant'salso has paid
funded debt
solidated corporation, subject to certain liens. Authorized 11,600,000 consists of 52.113.000 1st Mtge. 5% 50
-Year bonds, all owned by Mrs.
Series A.6% (int.from July 11923). and maturing July 11953. Mortgage Cora B. Williams, and matured interest unpaid thereon
amounting on
will provide for the issue from time to time of additional 1st Lien & Ref. July 2 last to $1.124,556.
bonds of Series A, or of one or more other series bearing such date and rate
In order to place its credit upon a better basis through the elimination
of interest, &c., as determined by the directors of the consolidated cor- its funded debt and the fixed charges thereon, the applicant proposes of
to
n oration at the time of the original creation ofsuch series for the acquisition issue stock to be exchanged for the outstanding bonds upon
a par-for-par
or retirement of underlying securities, or of 1st Lien & Ref. bonds of another basis. In pursuance of this arrangement, the applicant
series, or for the purposes of acquiring new property or reimbursing the an agreement with Mrs. Cora 13. Williams, the owner ofhas entered into
corporation for expenditures made for improvements of and additions to securities, under which provision is made for this exchange the outstanding
and also for the
any of the mortgaged property.
issue by the applicant of 1122.000 of stock in respect
-'With approval of Illinois Commerce Com- capital stock which has been paid by the owner thereof. of the premium on
Adjustment Debenture Bonds.
It is further agreed
mission, consolidated corporation is to create an issue of $18,563,000 Ad- that Mrs. Williams will waive payment by the applicant of
all matured
justment Debenture bonds, due July 1 1963. Interest on such debenture interest unpaid at the date of consummation of the
agreement. The
bonds (not exceeding 6% per annum) will be payable, prior to maturity. bonds received in exchange for the stock
only out of the net income of the consolidated corporation as and when tion of this arrangement, the applicant's will be canceled. Upon complecapitalization will consist solely
appropriated for that purpose by the directors thereof from time to time.
of $2,685,000 of Common stock. The increase in the authorized capital
Interest on the debenture bonds will be cumulative from July 1 1924 at
of the applicant has been approved by the State of Georgia, and
the
the rate of 4% per annum, and all unpaid cumulative int, will be payable stock
been amended
at or before maturity. So long as any of the debenture bonds remain out- charter has commission will accordingly. No underwriting, contracts, or
payment of
be
standing and unpaid, no dividends shall be declared on the Common stock, of the agreement between the necessary in connection with the fulfillment
parties.
-V. 116. p. 720.
unless (a) all arrears of the 4% cumulative interest shall have been paid
on all outstanding debenture bonds, nor unless (b) int. at the full rate of
Guayaquil & Quito Ry.-Tenders.6% per annum for such fiscal year on all outstanding debenture bonds shall
The twenty-ninth half-yearly amortizations of the 6% Prior Lien
have been either paid or declared payable and the moneys therefor set
aside Gold bonds took place on July 12 at the banking house of Glyn, Mtge.
Mills,
JULY 21 1923.]
THE CHRONICLE
Currie & Co., London, by public tender, the amount to be applied being
£18.719 3s. 11d.
-V.112, p.1617.
Hocking Valley Ry.-Equip. Trusts Sold.
-J.P. Morgan
& Co., Kuhn, Loeb & Co., First National Bank, Guaranty
Co. of New York and National City Co. have sold at prices
to yield'5.45% $4,020,000 5% Equip. Trust Gold Certificates
Series of 1923, to be issued under the Philadelphia plan.
The issuance of these certificates is subject to authorization
of the I.-S. C. Commission (see advertising pages). ,
The certificates are dated April 1 1923 and are due $268,000 annually
April 1 1924 to 1938. inclusive. Dividends payable A. & 0. at office of
Union Trust Co.. Cleveland, or at office of J.P .Morgan & Co., New York.
The certificates are issued to provide for part of the cost of 2.000 70
-ton
all-steel hopper bottom gondola cars, costing about 35,098,000.-V. 116,
P. 2993.
Interborough Rapid Transit Co.
-Wage Increase.
The employees have voted to accept the 5% wage increase offered by the
company. The union leaders had at first demanded increases
25 to 30% and later scaled their proposals down to 10%. The of from
however, would not agree to any agreement involving more company,
than a 570
increase.
-V.116. p. 2884.
325
The committee represented by Mr. Godfrey on consummation of the sale
withdrew its objections to proposed consolidation before the L-S. C. Commission.
$4,275,000 Equipment Trust of 1923 Authorized.
-
The I.
-S. C. Commission on July 14 1923 authorized the company to
assume obligation and liability, as guarantor and otherwise, in respect of
not exceeding $4.275,000 certificates to be issued by the Union Trust Co.
of Cleveland. Ohio, under an equipment trust agreement dated Aug. 1 1923.
and sold at the best price obtainable, but in no event at a price resulting in
an interest cost in excess of 6% per annum,in connection with the procurement of the following equipment:
DescriptionUnits. Est. Unit Price. Approx. Cost.
Light Mikado-type locomotives__ _ $1,920,000
30
$64,000
Pacific
-type locomotives
48.380
290.280
6
-ton steel-underframe composite
55
hopper cars
2.010.000
1,000
2,010
-ton steel-underframe composite
55
gondola cars
500
1.125.000
2.250
Total
$5,345,280
No contracts, underwritings or other arrangements have yet been made
for the sale of the certificates. It is proposed, however, to sell them at
the best price obtainable, but in no event at a price resulting in an interest
cost in excess of 6% per annum.
-V. 117, p. 208. 87.
North Carolina RR.
-Extra Dividend.
-
Interstate
RR.
-Stock Increase Authorized.
The directors have declared an extra dividend of
of 1% in addition to
The Virginia Corporation Commission has
Increase its capital stock from $10,000,000 authorized the company to the regular semi-annual dividend of 3Yi %. The extra dividend, it is said.
to 315.000,000, par $100. was made possible by the sale of some real estate at Burlington, N.
The company recently obtained a permit from the I.
(3.,
-S. C.
-V.113, P. 293.
to build several branch lines. B. B.Wentz is President of the Commission which has been owned by the road.
company.
V. 116. p. 176.
Oahu Railway & Land Co.
-50% Stock Dividend.
The company has declared a 50% stock dividend on the outstanding
Jersey Central Traction Co.
-To Discontinue.
$5,000,000 capital stock, payable Sept. 30.-V. 89, P. 104.
Finding that conditions, including competition by Jitneys, do
not justify
continued operation of the road, the New Jersey P. U.
Commission has
Oregon Short Line RR.
authorized the company to abandon its lines and surrender its
-Construction.
franchises.
In 1922 operating expenses amounted to $321,531, while
-S. C. Commission on July 2 authorized the company to construct
revenues totaled anThe I.
$293,539. During the first four months of the present year
of a line
operating ex- its extension branch of railroad extending from the southern terminus of
penses exceeded revenue by $29,728. This company is owned
Ammon
at Ammon, Bonneville County, in a southwesterly
by the direction to a connection
.American Electric Power Co.
with the northern end of its Dumas Branch at or
-V. 116. D. 2766.
near Dumas, Bingham County, Idaho, 10.8 mlles.-V. 117. P. 88.
Kansas City Southern Ry.-Guaranty of Bonds.
-
The I. C.Commission on June 28 granted authority to the Kansas
-S.
City
Southern Ry. and the Texarkana & Fort Smith Ry. to
and liability, as guarantors, in respect of not exceeding assume obligation
$2,000,000 of
& Ref. Mtge.6% bonds to be issued by the Port Arthur Canal & Dock 1st
Co.
The Dock company owns and operates docks, wharves, ships, warehouses
and elevator and other facilities for the transshipment of freight between
the railroad carriers and ocean-going vessels at Port Arthur, Tex.,
and.
together with the Southern and the Texarkana, comprises the
main portion
of the Kansas City Southern system.
Under the terms of the lease of the Dock company's property the Texarkana agrees to pay as rental a sum which will not be less than the interest
on the bonds, taxes and cost of operation and maintenance of the
property.
The capital obligations of the Dock company prior to the issue
of the
bonds hero involved will be as follows: (1) Capital stock. $500,000; First
Mtge. bonds, 31,000,000: receiver's certificates, $89,529;
advances for
improvements to property, $933,025: total, $2,502,554.
The Dock company will issue $2.000,000 6% bonds
Mtge. made by it to the Equitable Trust Co. of N. Y. under its 1st & Ref.
under
1923. which mortgage authorizes the issue of $5,000.000 30 date of Feb. 1
-year bonds. Of
the bonds so issued, $1,000,000 will be used to refund a
First Mortgage bonds now outstanding, and $1,000,000 like amount of
part for additions and betterments to the property, the will be used in
principal item of
expenditure being approximately $420,000 for the
additional grain elevator and in part to reimburse the construction of an
for advances heretofore made for capital purposes. Kansas City Southern
While no arrangements have been made for
sale of the bonds, it is represented that they will not be sold for less than 94.-V.
118, p. 2630.
Manhattan & Queens
from Seizing Property.
-
Traction Corp.
-Enjoins
City
Federal Judge Robert A.Inch on July 14 granted
restraining the Board of Estimate from forfeitinga temporary injunction
the
franchise to the company and declaring the property contract giving a
that of the city. A statutory Court Will be convenedof the company as
Monday, July 23,
to hear a motion why the injunction should not be made
permanent.
This action was taken at the instance of Jacob Newman,
attorney for
the company, after the Board of Estimate on July 13
adopted a resolution
announcing that it had declared that the property of the
the property of the city because of the failure of the company became
the provisions of its contract in extending its line and in company to fulfill
providing adequate
service.
The Circuit Court of Appeals in a decision which was affirmed by the U.
S.
Supreme Court has held that the cit3' was entitled to the
23 1917, when the notice was served on officials of the franchise on Aug.
company. See V.
116, p. 2129.
Minneapolis & St. Louis RR.-Bal. Sheet May 31 1923.A netsLiabi Ma
-
Investments in road & equip_665.148,166
impts,on leased railway prop.
27,059
Misc. physical property
170,195
Invest. In MM.companies:
Stock
369,435
Advances
43,747
Cash
397,723
Special deposits
385
Loans and bills receivable.68,873
Net bal. due from agts. & eon
557,547
Other misc. acc'ts receivable_ 1,292,303
Material and supplies
1,125,129
Interest & diva. receivable....
345
Rentsreceivable
1,119
Working fund advances
es
2,428
U. S. Govt. defd accounts__
459
Other deferred assets
36,999
Ins, premium paid In advance
7,003
Discount on capital stock
8,339,183
Discount on funded debt__ 2,411.524
Est. Govt. guar. for "guarantY Period"
2.872,819
Other unadjusted debits
2,181.314
Capital stock
$25,792,800
Funded debt
47,073,962
Loans and bills payable
do 1J. S. Government
2,77
275
5:001
Audited &eels & wages pay__ 3,866,499
Miscell. accounts payable__
102,070
Unmatured rents accrued__ -Interest matured unpaid_ _
314,773
1 29 1
Unmatured interest accrued.
361.122
Net traffic and car service
balances payable
500,177
U. S. Govt. def. accounts._ _
14,627
Other deferred liabilities
3617,503
Accrued depreclaUon
2,747.804
Tax liabilitY
Insurance & casualty reserves
3386
762 570
1 1; 94
Operating reserves
Premium on funded debt..._
7 39
219,132
Other unadjusted Credits.._ _
887,896
Rehabilitation & adjust.sect
64,156
Add'ns to property through
income and surplus
50,475
Grants in aid of construction_
8,536
Profit and loss, deficit
951,879
Total
385.053,755 Total
$85,053,755
-Advances have been made on "guaranty"
Note.
of $2,840.000
May 311923, of which amount 32,150.000 is carried as "Loans and as 0
Bills
Payable" being covered by notes issued. When notes
are returned to the
company "Guaranty Account" will be credited and "Loans and Bills Payable" account cloared.-V. 118, p. 2763.
New Orleans Public Service, Inc.
-Tenders.
-
The New York Trust Co.. trustee, 100 Broadway, N.Y.City, will, until
Aug.9, receive bids for the sale to it of General Lien 44% gold bonds,
July 1 1935 to an amount sufficient to exhaust $100,000, at a price due
not
exceeding 105 and interest.
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%
dated Jan. 2 1893, at a price not exceeding 110 and int.-V. Gold bonds
117. p. 87.
'
New York Chicago & St. Louis RR.
-Van Sweringen
Group Obtains Holdings of Clients Represented by Walter E.
Godfrey.
W.E. Go4froy, counsel for a committee representing the holders
of stock
in the old New York Chicago & St. Louis, states he has made a sale on behalf of his clients of all their holdings to representatives of the Van Swer[wren group. The terms of sale were: For First Preferred, 102 and interest
at 6% to July 5; for Second Preferred, 93 and interest at 5% from Jan. 1
to April 11, and at 6% from April 11 to July 5; for the Common,9134 and
Interest at %,from April 11 to July 5.
Paulista Ry.-Earnings-Stock Increase.
-
The foreign department of Moody's Investors Service has received
the following information concerning the company, which in April 1922
floated $4,000.000 7% bonds (V. 114, p. 1767):
"The company shows a balance after fixed charges, taxes and statutory
reserves for 1922 of 9.505.826 milreis, equivalent to 14.40 milreis per share
of 200 milreis par value, on the 660,000 shares of Capital stock outstanding
at the end of last year. Revenues for the year totaled 45,359,673 milreis
as compared with 49,006,949 milreis in 1921, while expenses decreased to
31,759.440 in 1922 from 32,386,286 in 1921. Total freight carried during
the year amounted to 1.595,849 tons, against 1,708,591 in 1921, a decline
of over 6%, due chiefly to the falling off in coffee trade, which declined
from 489.815 tons in 1921 to 320 079 in 1922. Number of passengers
carried amounted to 3.079.859. against 2,888,910 in 1921.
"A dividend of 9% was declared, equivalent to 18 milreis per share as
compared with 10% paid during the period 1917-21, with 11% in 1918,9%
in 1915 and 8% during 1904-05. It was necessary to draw on the company's surplus, which at the end of 1921 amounted to 5,320,833 mike's.
thereby reducing the latter to 2,946,459 mitre's.
"The stockholders have authorized an increase in the capitalization from
132,000.000 milreis to 140.000.000."-V. 116. p. 2638.
Penn-Ohio Edison Co.
-Notes Offered.-Bonbright &Co. and Eastman, Dillon & Co., New York, are offering at
98 and div., to yield about 7.15%, $3,250,000 334-Year
Secured 634% Gold notes (see advertising pages).
Dated July 2 1923, due Jan. 1 1927. Int. payable J. & J. at Central
Union Trust Co., New York, trustee. Denom. c* $1,000, $500 and $100
and r* $1,000, $5,000 and $10,000. Red. all or part on any int. date on
30 days' notice, at a premium of 3% on or before Jan. 1 1924, and thereafter at Si% premium for each 6 months of unexpired life, in each case
with accrued int. Company will agree to pay interest without deduction
for the normal Federal income tax not exceeding 2%. Company will also
agree to reimburse noteholders resident in Penna.for the 4 mills tax assessed
in that State, and to refund the State tax in Conn. up to 4 mills annually,
and the Mass, income tax not exceeding 6% per annum on income derived
from the notes.
Security.
-Notes will be the direct obligation of company and will constitute its only secured funded debt. Notes will be secured by pledge of
entire issues of Common stock (except directors' qualifying shares)the
of
Pennsylvania-Ohio Electric Co. Ohio River Edison Co. Salem Lighting
Co.. Pittsburgh District Electric Co. (except 13 shares) and, subject to
,
lien of the 1st & Coll. Trust Mtge. of Pennsylvania-Ohio Electric Co,
the
Pennsylvania-Ohio Power & Light Co. Further secured by pledge
outstanding bonds of Salem Lighting Co., which bonds constitute aof all
first
lien on that_property, and by pledge of over 86% of the Preferred stock of
Pittsburgh District Electric Co.
Purpose.
-Proceeds will provide funds for the acquisition of the
above
mentioned securities of Ohio River Edison Co., Pittsburgh District Electric
Co. and Salem Lighting Co.
Data from Letter of Pres. James D. Andrew, New York July 14.
Company.
-Through ownership of Common stocks, will control a group
of companies supplying the entire electric power and light, street and
interurban rallway business in an important industrial district of eastern
Ohio and western Pennsylvania. Population of the territory served,
which
includes the cities of Youngstown and Salem, 0., and Sharon, New Castle
and Farrell, Pa., is estimated at over 340.000.
Properttes.-The physical properties of the controlled companies are of
modern and substantial construction and have been maintained in high
operating efficiency. At the present time the total
capacity is 105,540 h.p. and there are 315 miles of highaggregate generating
tension transmission
lines and 1,098 miles of distributing lines. This is exclusive of the new
88.000 h.p. station to be built at Toronto and the 39 miles of transmission
lines therefrom. A gas plant serves the city of Youngstown, 0., through
28 miles of distributing mains. The railways division has a total of 178
miles of track, 75 miles of which are interurban trackage and 103 miles of
which are city trackage. Equipment includes 284 cars (incl.8freight cars).
There is in addition a valuable auxiliary bus system totaling 30 buses.
CapitalizationAuthorized. Outstanding
.
3)4-yr. Sec.6)4% Gold notes,due'27(this issue)$3,250,000
$3,250,000
30
-year
% Debenture bonds, due 1953
8.000,000
8,000,000
Preferred stock, 6% Cumulative
8.359.500
7,500.000
Common stock (no par value)
300,000 shs. 248,240 abs.
Consolidated Statement of Earnings of Subsidiary Cos. (Not Including Ohio
Ricer Edison Co.) Year Ended April 30 1923.
Gross earnings
$9,196,160
Operating expenses and taxes
6,260,758
Net earnings
32.935.402
Interest and dividends on securities held by public
2.062.824
Balance available for divs, and int, on pledged securities and
for depreciation, &c
3872,578
Interest on $3.250.000 Secured
211.250
% Gold notes requires
Over 92% of the net earnings is derived from electric power and light and
miscellaneous business, while the electric railway net earnings constitutes
less than 8% of the total.
Franchises.
-Practically all Pennsylvania franchises are in force for
99 years or are without limit as to time. The principal power and lighting
franchises in Ohio extend beyond 1940. The most important railway
franchises in Ohio extended until 1943. that in the city of Youngstown being
on a "service-at
-cost" plan permitting the company to earn a favorable
return on the valuation of the property. All franchises are free from
objectionable and burdensome conditions.
Subsidiary Companfes.-Pennsylvania-Ohio Power & Light Co. supplies
electricity for lighting and power to the cities of Yotwstovrn, Hub'bard,
Girard and Struthers, 0., and Sharpsville, Farrell, Wheatland, Elwood
City, Sharon and Zellenople, Pa. Also operates the interurban
lines between Youngstown, Sharon and New Castle. Populationrailway
served
300,000.
THE CFIRONTCLE
326
Pennsylvania-Ohio Electric Co. owns the city street railway lines in
Youngstown, 0., and New Castle, Pa., and the interurban line between
these cities. Also controls, through stock ownership, New Castle Electric
Co., which serves New Castle, Pa., with electric light and power. Population served, 200,000.
Ohio River Edison Co. will construct a modern, steam electric power
plant on the Ohio River near Toronto, 0., with an initial installed capacity
of 88,000 h.p. Output will be distributed by Pennsylvania-Ohio Power &
Light Co. and the new plant will be connected with the transmission lines
of Pennsylvania-Ohio Power & Light Co., near Boardman, 0., by a high
voltage steel tower transmission line of approximately 39 miles, to be
constructed and owned by a subsidiary of Ohio River Edison Co. Ohio
River Edison Co. will also construct substations at the new plant and near
Youngstown, 0. New plant, transmission line and substations will be
leased to Pennsylvania-Ohio Power & Light Co. for a term of 999 years,
at a net and unconditional annual rental which, after deducting all charges,
will leave a substantial balance for dividends on the.stock pledged under
this issue.
Salem Lighting Co. supplies Salem, 0., with electric light and power.
Population served. 10,000.
Pittsburgh District Electric Co. controls, through ownership of all outstanding securities, companies furnishing electricity for light and power to
the cities of Kinsman. O., and Greenville. Mercer, Shenango and Jamestown, Pa. Population served, 30,000.
Pennsylvania-Ohio Electric Co.—New Control.—
See Penn-Ohio Edison Co.—V. 117, To• 88.
Pennsylvania-Ohio Power & Light Co.—New Control.
See Penn-Ohio Edison Co.—V. 116. p. 2389.
Philadelphia Company.—Listing.—
The Philadelphia Stock Exchstre has authorized the listing of$10,000,000
15
-Year 53 % Cony. Debenture Gold bonds dated March 1 1923 (see offering in V. 116. p. 936).—V. 117. p. 208.
Philadelphia Rapid Transit Co.—Earnings.Period—
Operating revenue
Operation and taxes--
-Month of June— —6 Mos. to June 30—
1922.
1923.
1923.
1922.
$3,772,370 $3.525.735 $22.512,406 $21,118.783
2.558,480 16,448,462 15,169,953
2.790.848
Operating income- Non-operating income,.
Gross income
Fixed charges
Net Income
Passengers carried
Passenger revenue
—V. 117, p. 208.
$981,521
51,516
$967.254 $6,063,938 $5,948,831
51,032
268.374
264.799
$1,033.037 $1,018.286 $6.332.313 $6,213,630
819.025 4,996,432 4,913,922
832.601
$200,436
$199.261
$1.335,881 $1,299,707
459.437.387 420.345.082
$22,150,187 $20,681,618
Public Service Ry.(N. J.).—Wage Demand Refused.—
The company has refused its employees wage increases averaging over
pay for overtime and minor advantages, but offered to renew the present agreement for five years. Officials
of the trolley men's unions replied that unless the company agreed to meet
their demands the entire system would be affected by a general strike on
Aug. 1.—V. 117. p.
30%. one day off out of seven, extra
Rapid Transit in New York City.—Bus Situation.—
(a) Injunction granted against city's trackless trolley plan for Bronx
some months ago was made permanent July 13 on the grounds that city
funds are not available for such purposes. The Board of Estimate had
voted $150,000 for the line.
(b) Mayor Hylan on July 13 had the Board of Estimate create new transit
board for the city. The Board of Estimate Transit Bureau, composed of
Dock Commissioner Delaney. Corporation Counsel Nicholson and Arthur
S. Tuttle, Chief Engineer of the Board, was voted $101,700 for work of
the Bureau by the Board of Estimate.
(c) The Board of Estimate was ready to approve certain subway routes,
but at the suggestion of the chief of the new Transit Bureau, decided to
defer action for 60 days.
(d) Court of Appeals on July 13 denied the city's appeal from the Injunction granted last October. restraining city-owned bus lines from operating. Immediately upon receipt of the Court order. 27 bus lines, which
have been carrying thousands of passengers daily, are to cease operating.
Only two lines had franchises and certificates of necessity duly authorized by the Transit Commission, as required by law. These two lines
continued to operate. The injunction was granted by Supreme Court
Justice Mullan to Edward Schafer,a banker of 120 Broadway,in a taxpayers'
suit, and forbade the operation of the emergency bus lines instituted by
Mayor Hylan, thereby blocking the Mayor's plan for 5.000 such buses to
operate under municipal control and to cost approximately $25,000,000.
The city annealed to Appellate Division of Supreme Court, which unanimously affirmed Justice Mullan's order. The city attempted to get permission of Appellate Court to appeal to the Court of Appeals. (This pie^
mission is required when a unanimous decision has been reached.)
necessary 'Permission was denied. The city then obtained a stay in the
execution of the restraining order until July 13. briefs to be submitted by
both sides meanwhile. The Court -of Appeals, after examination of the
briefs, denied the application for an appeal, as stated above.
(e) Upon hearing tha decision outlined above, the Mayor issued a statement to the effect that only two courses remained—one to have a special
session of the State Legislature called to pass a law enabling city to run
buses, or as an alternative, to grant franchises to private corporations for
opa-ation of buses, 5% of gross receipts to be turned over to the city.
"Just what the traction gang have been looking for," is the Mayor's comment.
(f) Chairman McAneny of the Transit Commission suggested temporary
franchises could be obtained from Commission to serve the present emergency, but Mayor Hylan decried the idea. In the meanwhile the buses are
operating pending formal receipt of the Court order.
(g) Mayor Hylan and Commissioner Whalen agreed that franchises
could be granted only to corporations and that such action as Chairman
McAneny suggested is illegal. But Chairman McAneny said that the
Board of Estimate already had power to grant such franchises in case of
emergency and to revoke same when emergency was over.
(Is) On July 16 the Board of Estimate unanimously passed the Mayor's
resolution calling on Gov. Smith to convene a special session of the Legislature and created a committee of five to go to Albany to confer with the
Republican Assemblymen to line them up with the Democrats.
(0 Governor Smith after conference with Mayor Hylan and committee
on June 17 reserved decision as to special session of Legislature.
(j) The bus operators met July 17 and accepted a plan submitted by
Lewis Dreeben. a lawyer of 50 Broad Street. to form a corporation, giving
stock to bus owners in proportion to value of vehicle and to obtain a franchise with limiting clause to effect that on 10 days' notice by city franchises
must be transferred to city for consideration agreed upon by three arbitrators. Mayor Hylan violently objected to plan.
(k) Governor Smith arrived in Now York City July 18 to discuss situation with Transit Commission.
-(1) Reported on July 19 that Governor Smith is evolving a compromise
plan aster hearing arguments from both factions.—V. 116. p.411. n.
[VOL. 117.
The Armstrong Whitworth Co.has agreed to put up a mill with a capacity
of 400 tons of newsprint daily. The Newfoundland Government guarantees principal of the cost of construction to the extent of $9,000,000 and
the British Government an equal amount.—V. 114. p. 2826.
Richmond (N. Y.) Light & RR.—To Segregate Lighting
and Railroad Properties in Reorganization—Stockholders to
Retain Entire Ownership—Receivership Expected to Be Lifted
Next Month.—
The holders of the stock and voting trust certificates are in receipt of a
circular letter dated July 20, telling them of the plans to reorganize the
company and to lift the receivership by Aug. 1. Under the plan the lighting and railroad properties are to be segregated. The plan calls for no contribution from or assessment upon the stockholders and they retain their
entire ownership In the property. A special meeting of the stockholders
has been called for July 31 to give the necessary statutory consent to the
transfer of the lighting property to the new company, the Staten Island
Edison Corporation.
The letter, signed by Pres. J. A. Pardee,says in substance:
The directors since the autumn of 1922 have been working out plans for
the financing of the company which will not only permit the termination
of the receivership, but will place the properties upon a sound financial
basis that will meet the demands of growing business. No permanent
financing has been done by the company since its organization, more than
20 years ago, with the result that extensions, additions and new construeVon were paid for out of earnings and proceeds of temporary loans made or
obtained by stockholders. The situation obviously requires a flexible.
modern mortgage which will eliminate the necessity for temporary financing and enable the company to issue long-term bonds from time to time to
provide funds for construction purposes.
The directors have also reached the conclusion that the most succasssful
permanent financing can be arranged by a separation of the lighting and
railroad properties, each to be vested in a separate corporation, the lighting properties to be held by the principal corporation and the railroad properties by a subsidiary corporation. Such an arrangement will avoid many
embarrassments to which common ownership of both properties is now subject, especially in relations with the Public Service Commission and the
Transit Commission, which now have overlapping jurisdiction over this
company.
Accordingly, the Staten Island Edison Corp. has been organized to acquire
the lighting properties (including in that term all properties not exclusively
devoted to railroad and ferry operation), and to exchange its stock for the
stock of Richmond Light & RR. on the basis of two shares of no par value
stock for each share of Richmond Light & RR.
The street railway and ferry properties will remain in the possession of
Richmond Light & RR. as the subsidiary of Staten Island Edison CorP.,
or vested in a new strictly railroad corporation already organized under the
name of Richmond Railways, Inc., which would then become a subsidiary
of the Staten Island Edison Corp.
The transfer of the lighting properties and exchange of stock was authorized on July 12 by the Public Service Commission. The order of the Commission also authorized the issuance of bonds of Staten Island Edison Corp.
to provide funds for the payment of existing indebtedness and receivership
and readjustment expenses, such bonds to be secured by a modern mortgage with flexible provisions for future issues. The Transit Commission
had previously authorized the transfer of the street railway properties to
Richmond Railways. Inc.
Preparations for the termination of the receivership are well under way,
and it is hoped that an order of the Federal Court for the discharge of the
receiver will be secured on or about Aug. 1. The termination of the receivership cannot, however, become permanently effective unless this
company s indebtedness and receivership expenses are promptly paid, and
for that purpose bonds of Staten Island Edison Corp. must be issued at
once. Arrangements for the underwriting of the bonds have been practically completed, but are conditional upon the transfer of the lighting
properties to the Staten Island Edison Corp. and the acquisition by that
corporation of the stock of Richmond Light & RR.and such further orders
from the Commissions as in the opinion of counsel are necessary.
The directors have made arrangements with the Mechanics & Metals
National Bank, 20 Nassau Street, New York City, to receive deliveries
ofstock and voting trust certificates for exchange for stock of Staten Island
Edison Corp Holders of stock certificates or voting trust certificates of
Richmond Light & RR. in order to avail themselves of the plan should at
once deliver the same to the above bank on or before July 31 1923. Interests representing nearly 90% of the stock have already signified their
approval of the plan.
4
The earnings of the company are satisfactory and it is the opinion of the
directors that this financing will assure the company a prosperous future.
—V. 116, p. 2257.
Saginaw-Bay City Ry.—Reorganization Plan.—
The protective committees for the holders o the $584,000 1st Mtge.
7% Gold bonds of the Saginaw Valley Traction Co. and the $1,479,000 1st
& Pte. Mtge.5% Gold bonds of the Saginaw-Bay City Ry. have approved
and adopted a plan for the readjustment of the bonded debt of the company.
• Reorganization Committee.—Consists of 11. M. Addinsell, F. X. Quinn
and George E. Hardy.
Committee for Saginaw Valley Traction Co. Bonds.—H M. Addinsell.
Chairman; J. W. Hamer and John R. Macomber, with Boston Safe Deposit
& Trust Co., depositary.
• Committee for Saginaw-Bay City Ry. Bonds.—George E. Hardy, Chairman:
E. W. Clark, E. S. Colman, F. X. Quinn and C. P. Linearreaver, with
Bankers Trust Co., New York, and Commercial Trust Co., Philadelphia.
depositaries.
Thbeankrup
company, operating in and between the two Michigan cities, went
tcy and suspended operations at midnight of Aug. 10 1921.
into
The City of Bay City has failed to grant the trustee in bankruptcy, Otto
Schupp, a franchise, and there is no immediate eirospect of being able to
operate a transportation system in that city. The City of Saginaw has.
however, adopted an ordinance granting Mr. Schupp the right to operate
In that city. The ordinance authorizes Mr. Schupp to assign the same to a
new company to be organised in Michigan, to be called the Saginaw Transportation Co., within 9,1 days from June 25 1923, the date of the approval
of the ordinance by the electors of Saginaw, provided the company shall
own the street railway system and shall have $400,000 cash in its treasury
to be expended for additions, betterments, &c.
The committees believe that the transportation business in the City of
Saginaw can be carried on under the provisions of the new ordinance with
the reasonable prospect of e trning a fair return on the value of the property
owned by the new company. The committees are also of the opinion that
It will be advantageous for the bondholders of both issues that a new
corporation be organized to accept an assignment of the ordinance above
mentioned, to acquire the property required to operate thereunder, and have
the stated amount of cash in its treasury for the purposes therein stated.
Of the $584.000 Saginaw Valley Traction Co. 1st Mtge. 75 issued and
outstanding, $494,000 bonds have been deposited with the Addinsell committee under its protective agreement; and of the $1,479,000 Saginaw-nay
city Ry. 1st & Ref. 5s issued and outstanding $1,215,000 have been deposited with the Hardy committee.
The company is obligated on account of taxes asm-seed against its property
to tile amount of $74,645 and Interest, which taxes and interest are liens
on the property prior to the mortgages. The company is liable on account
of claims under toe Workmen's Compensation Act of the State of Michigan
to the amount of approximately $7,588 and int, which are claimed under
the statutes of the State to be liens on the propet:ty prior to the mortgages.
The company is liable to the Grand Trunk Ry. system in the amount of
Reading Co.—Rights.—
$645, Michigan Central RR. $144 and Pere Marquette Ry. $531, which
Trading in stock of the new Reading Coal Co. and the new Reading claims, having been incurred while the railways were operated under Fedbond issues on a when-issued basis began July 16 on the Curb, as well as eral control, are claimed to be preferred against the company and liens on
trading in the rights to subscribe to the Coal Co. stock. The opening the property prior to the mortgages. And the company is also liable on
transaction was at 17W Inasmuch as two rights and $4 in cash arc re- its car trust notes to the St. Louis Car Co. in the amount of $25.000 and int.
There are unsecured claims against the company which have been filed.
quired to entitle the holder to one share of the new Coal Co. stock, this was
approved and allowed to the amount of $1,490,299. and unsecured claims
the equivalent of 38X for the new stock.—V. 117, p. 208.
which have not been filed amounting to $5.651. The amount of Common
stock outstanding is $2,600,000.
Reid-Newfoundland Co.—Govt. Gets Railway.—
Governor Allerdyce of Newfoundland on July 13 assented to two bills
Digest of Plan for Readjustment of Debt, Dated July 5 1923.
the Government to acquire the
passed by the Legislature, one authorizing
New Company.—It is proposed that so much of the property covered
Newfoundland Ry. from the Reid-Newfoundland Co. for $2,000.000,
with the Armstrong Whitworth Co. by the mortgages securing the bonds as can be purchased at a reasonable
and the other confirming an agreement
on
coast. With the price at the sale under the order of the Bankruptcy Court be conveyed to
of London for erection of a large paper millalsothe west eight coast steam- a new cots pans% organited in Michigan, with such powers, bonded debt
acquires
railway system of 900 miles, the Government
and capital stock as may be approved by the reorganization committee.
ers and a dry dock at St. Johns.
JULY 21 1923.)
THE CHRONICLE
Exchange of New Securities.
-(1) Holders of the $584,000 Saginaw Valley
Traction Co. 1st Mtge. 75 for each $500 bonds will be given an equal
principal amount of first mortgage bonds and one share of common stock
of the new company.
(2) Holders of $1,479.006 Saginaw-Bay City Ry. 1st & Ref. 5s will be
given an equal par amount of Pref. stock of the new company.
Proposed Capitalization of New Company.
-It is presently contemplated
that the new company shall have (a) 20.000 shares of Common stock of no
par value:(b) 14,790 shares of Preferred stock (p m $100) bearing cumulative
divs. at rate of 5% per annum from Jan. 1 1924: and (c) First Mortgage
bonds secured by an open mortgage of modern type in form approved
the
reorganization committee, and which may provide for the issue of by
bonds
in several series upon the same or different terms and bearing the same or
different rates of interest, but all secured equally and ratably by the mortgage, which shall contain appropriate restrictions upon the issu eof bonds.
New Series "A" Bonds.
-All bonds of Series "A" which are
the new company shall be dated as of Jan. 11924,shall maturethe bonds of
1 1949,
red, all or part at 102 and int., and shall bear int, at rate of5%Jan.annum,
per
payable semi-annually. The mortgage shall constitute a first Hen
taxes, assessments and other minor liens which in the judgment(except
of the
reorganization committee it may not be necessary or desirable
to
discharge at the time) upon all of the property of the new company.pay or
Bonds of Series "A" amounting to $984.000 will be presently
issued.
$584,000 on account of Saginaw Valley Traction Co. bonds
and $400.000
to be sold at not less than par to provide cash to meet the requirements of
the proposed Saginaw franchise. Additional bonds will be
issued and sold
at not less than 85. to provide reimbursement on account of
expenditures
made by the reorganization committee, the
bondholders' protective committees, or expenditures made with respect to the
several elections in
Saginaw upon the granting of a franchise to Otto Schupp,
and the payment
of taxes and prior claims, if any, subject to which
purchased, to the extent that such expenditures maythe property may be
not have been otherwise reimbursed to the reorganization committee.
Rights to Subscribe for Bonds.
-The holders of
bonds will be given the right to subscribe pro rataSaginaw-Bay City Ry.
for
bonds and stock. viz., $400.000 Series "A" bonds at all of the following
par, and such additional amount of Series ''A" bonds as may be
taining funds to pay certain items mentioned issued for the purpose of obabove, and 18.832 shares of
Common stock at such price as shall be fixed, no
for less than the subscriber's pro rata share of bothsubscription to be taken
bonds and stock.
Digest of Proposed Ordinance for City of
Saginaw, Mich.
The ordinance passed by the electors of Saginaw on
June 25. granting
to Otto Schupp, trustee, his successors and assigns,
permission to construct,
maintain and operate a transportation system upon and
across the public
ways in the City of Saginaw, provides in substance:
Nature of Transportation System.
-The transportation system
shall consist of both motor bus lines and electric street car lines,
including both single
and double tracks.
Rates of Fare.
-The rates of fare for a single continuous ride,
together with
transfer privilege within the City of Saginaw, sh ill be as
ticket fare, 4 tickets for 25 cents: transient or cash fare.follows: Regular
10 cents; school
children's ticket fare, 6 tickets for 2,5 cents.
Payment of either ticket or cash fare shall entitle a
passenger to a transfer, free of charge, to and from the street car lines. interurban
bus lines of the grantee within the city. Any child under line and'motor
accompanied by a person paying fare, shall be carried free. 6 years of age.
The grates shall carry on its cars and motor buses, free
of charge, all
policemen and firemen of the city in uniform.
The above rates of fare shall continue in full force and
effect during the
entire life of the franchise granted by this ordinance.
• Control of Sereice.-The city particularly reserves the
right
reasonable rules and regulations relating to the construction to make all
and operation
of the grantee's transportation system, as may be
necessary for the safety,
welfare and convenience of the public.
New Equipment and Improvements.
-The grantee
from the date of the acceptance of the ordinance,shall, within one year
expend not less than
$400,000 in laying new track, purchasing now motor
busses and making
such improvements as may be necessary to put the
property in good operating condition.
The grantee shall furnish the City Council. at such
City Council may request, a detailed statement of time or times as the
the amounts expended
in connection with the above expenditure of $400,000,
and the grantee
shall afford the City Control or full opportunity for
auditing all amounts
thus expended.
Paring.
-The grantee shall keep in repair the
ways on which its tracks are, or shall be. located pavement on all public
between the outer rails
and for a space of 12 inches outside thereof, with such
material as the City
Council may order. All pavement torn up or damaged
by
the work of repairing its tracks shall be replaced at the sole the grantee in
expense of the
grantee in as good condition and with the same kind of
material.
-The City may permit the joint use
Joint Use of Tracks.
of
tracks located in the public ways of the city by any other the grantee's
public utility
or by the city itself, upon reasonable terms and upon
grantee of reasonable compensation, tIle compensation to bepayment to the
fixed by mutual
agreement between the grantee and the City Council.
Interurban Traffic.
-In order to preserve the benefits to the
city of interurban service, it is expressly agreed that interurban
cars owned by the grantee, or by others, may be passenger and freight
operated over the lines
of the grantee, and in any and all such cases proper charge
the service rendered by the grantee. In case the grantee shall be made for
and other public
utility operating interurban cars are unable to agree
pensation, then the same shall be fixed by mutual upon the proper comagreement between the
grantee and the City Council.
Control and Afanagenunt.-During the entire term
board of directors shall consist of nine members and of the ordinance, the
of the same shall be resident citizens of Saginaw, not less than two-thirds
approved by a majority
of the men occupying the positions of Mayor of Saginaw
and Judges of the
Saginaw County Circuit Court, and in case any
one of the above is unqualified. unable or unwilling to act, then the
County shall be substituted for any one or all Probate Judge of Saginaw
of them. Any person so
chosen as a member of the board of directors
01.11
the necessary stock, at book value, to qualify as abe enabled to purchase
director.
Unpaid Taxes.
-It is specifically provided and agreed
that before the
grantee shall have the right or power to assign
the
ordinance all unpaid taxes of the Saginaw-Biy franchise provided in
the
City Ry, duo the City
of Saginaw, together with accrued interest thereon, sh
Al be paid in full.
Municipal Ownership.
-The city sh II
buy and take over all the property within hive the right, at any time, to
the
property as may be beyond the city limits, city, and such portion of the
provided the same is actually
and necessarily used in and belonging to. and a
If the grantee and the city are unable to agree asp...rt of the local service.
price to be paid for the property, at the time of to a just and reasonable
purchase, then the price to
be paid for the same shall be fixed and determined
by a board of arbitrators.
The decision of a majority of the board of arbitrators
shall be final and
binding upon both parties.
As soon as the price is arrived at and determined, the
Council
mit to the vote of the qualified electors of the city the question shall subor not the property and rights shall be purchased by the city. of whether
The price
to be paid therefor shall be raised by the issuance of bonds therefor,
or
In any other manner permitted by law, and if the qualified electors raised
of the
city voting thereon sh All, by the necessary affirmative vote,
decide in favor
purchase of the property rights and for the
of the
raising of the necessary
funds to complete the purchase, the city sh .11 within throe months
thereafter complete and consummate the porch ise and sale by
grantee at the time of the transfer of the property the pricepaying to the
so arrived at
and determined.
-The city agrees that. Immediately
Competition Prohibited.
upon the
acceptance of the ordinance, it will prohibit and prevent the operation
of
jitneys, busses and motor vehicles in competition with the service to be
rendered by the grantee. The City Council sh il. within the earliest possible time allowed by the charter of Saginaw, enact such legislation as shall
be necessary to provide for the elimination of all such competition.
The
city agrees that it will not permit or allow any jitney, bus or motor vehicle
to operate in competition with the service to be rendered hereunder
by the
grantee.
Length of Crant.-This ordinance shall become effective after having been
approved by the electors and accepted by the grantee and shall continue
for 15 years thereafter.
-V. 116, p. 2994.
San Franciscr ?akland Terminal Rys.-Sale-Wages.
The properties of .a company, known as the "Key Route
have been sold under .oreclosure proceedings at the upset price of System,"
$10,000.000 fixed by the Superior Court of California (see plan in V. 116. p.
544)
327
The company has increased the wages of its street-car employees three
cents an hour, retroactive to June 1. The new agreement expires May 1
1924.-V. 116, p. 2885.
Southern New York Power & Ry. Corp.
-Earnings.
-
WOahem N. Y. Power & R.Corp. and Southern N. Y. Power Co.)
Ttcelre Months ending May 311922.
1923.
Total railway transportation revenue
$298,604
3297.354
Miscellaneous non-transportation revenue
3.029
3.544
Total railway revenue
Electric revenue
$301,633
248.881
3300,898
233,583
Total revenue
Operating expenses
-Railway
Operating expenses-Electric
Taxes
$550.514
$331,775
88.516
33,435
$534,481
$284,852
57,126
32.120
$96.788
15.587
$160,383
$112,375
80.000
$160,383
60,000
Operating income
Other income
Gross income
Interest on funded debt
Balance*
$100,383
$332,375
* Balance available for interest on unfunded debt, amortization debt.
discount and expense, depreciation, dividends and Federal Income tax
Compare N. Y. State Gas & Electric Corp. below and V. 117. p. 209,88.
Spokane Portland & Seattle Rv.-Wage Increases.
-
General Manager A. J. Davidson recently advised the Labor Board
that wage increases have been granted as follows, effective May 16 1923:
Bridge. building, painter, construction. foremen. &c.. $10 a month;section
foremen,&c..from $584 to $8 84 a month; pumping engineers,firemen,ate..
$6 12 a month: mechanics in maintenance of way department, 31ii cents
an hour: mechanics' helpers, 2 cents an hour, and laborers, 2 to 3 cents an
hour.
-V. 113, p. 184.
Texarkana & Fort Smith Ry.-Guaranty.See Kansas City Southern Ry. above.
Texas Traction Co.
-Tenders.
--
The Old Colony Trust Co., trustee, 17 Court St. Boston. Mass., until
July 17 received bids for the sale to it of 1st Mtge. e% Sinking Fund Gold
bonds due Jan. 1 1937 to an amount sufficient to exhaust 371,767.-V.
.•
104. p. 953.
ed
_
- - Union Terminal Co. of Dallas, Tex.
-Notes Extended.
-S. C. Commission on July 11 authorized the holders of $510,000
The I.
5% unsecured notes to enter Into agreements for the extension of the maturity date of the notes from Oct. 10 1923 to Oct. 10 1924. and for the payment of interest thereon at a rate not exceeding 6% per annum from Oct. 10
1923 until paid.
-V.117. v. 89.
United Rys. & Electric Co. of Baltimore.
-Earnings.
-
6 Months Ended June 30
-
Transfer passengers
Revenue passengers per car mile
Passenger revenue
Other revenue
1923.
119,847.962
46.775.429
6.7027 cts.
38.149.824
110.854
1922.
115.160-.811
44.656.255
6.6736 as.
37,839.359
92,288
Totals
Operating expenses
Depreciation
Taxes
$8,260.678 $7.931.647
35,016.397 14,817.594
413,034
396.582
885,761
838.815
Operating income
Non-operating income
$1945485 31.878.656
64,614
65.234
Gross income
Fixed charges
32.010.099 $1,943.890
1,612.687
1.060,076
Net income
-V. 117. p. 209.
$3397.687
$283,813
United Railways Co. of St. Louis.
-To Extend Maturing
Obligations.
Receiver Rolla We[ls has asked Special Master Lamm to grant an extension of the maturity of 84.200,000 receiver's certificates and $10.600,000
underlying bonds of subsidiary companies, all of whihc are due Oct. 1, for
three years. Some of the security holders are opposing the extension.
T. E. Francis, attorney for the receiver, told the special master that the
company's reorganization, which was to have been completed by October
now seems to have been indefinitely postponed by the appeal of the value,
tion decision, which may be carried to the U.S.Supreme Court.
-Y.117, p.
89.
Washington Water Power Co.
-Earnings.
-
Six Months ended June 301923.
1922.
Gross revenue
$2.602.608 32,348.682
Operating expenses
900.863
808.869
Taxes (including income tax)
325.166
284.955
Interest
311.654
305,422
Replacement reserve
116.675
184,144
Profit and loss prior years
Cr.883 Dr.7,495
Deductions for additional reserve for replacement
100,000
100.000
Net earnings
$849,132 $657,797
-V.116, p. 1762.
West Jersey & Seashore RR.
-Bonds Reduced.
-
The Phila. Stock Exchange on July 12 reduced the amount listed of
1st Consal. Mtge. beads from
to $5.560.000-6116,000 reported redeemed and canceled. $5,676,0001413.
-V. 116. v.
Wisconsin-Minnesota Light & Power Co.
-Control.-
," M. Byllesby & Co. announce the purchase of the control of the
above company from the American Public Utilities Co. for the purpose
of consolidation with the Northern States Power Co. The former offlcers
of the Wisconsin-Minnesota Co. have resigned and the following hoard
of directors has been elected: H. M. Byllesby, Pres.; F. Pack. V.-Pres.:
Halford Erickson, V.-Pres.: A. S. Huey. J. H. O'Brien. R. J. Graf, E. W.
Stehr. Dean Francis C. Shenehon, J. H. Briggs, H. W. Fuller and John
11. Re mer.
Thoe
Wisconsin-Minnesota Co. OWT113 and controls 71,800 h. p. of developed water power and 700 miles of transmission lines in western Wisconain. supplying electricity to 73 cities and towns, including La Crosse.
Eau Claire. Chippewa Falls, Menominee, Wis., and Red Wing, Minn.
Gas is supplied to La Crosse, Eau Claire, Chippewa Falls and Winona.
Minn. Gross earnings of the company for the 12 months ended April 30
were 33,008,752 and net earnings totaled $1.461.095. Total number of
electric and gas customers served is about 44,000. In addition to, the
developed water powers on the Chippewa and Red Cedar Rivers, the
company controls a largo quantity of undeveloped water power.
The territory served by the Wisconsin-Minnesota Co. is contiguous
to part of that supplied by Northern States Power Co.. one of the larger
of the ilyilesby utility companies. The Northern States Co. already
supplies 386 cities and towns, including Minneapolis and St. Paul. The
two systems are connected by transmission lines and their operation will
be consolidated immediately. The Northern States Power Co. has 38.820
h. p. of developed water power, a large amount of steam power and undeveloped hydro-electric sites on the Mississippi and St. Croix Rivers with
a potential capacity of upwards of 100,000 h. p. Northern States gross
e
-he112 pontlas ended April 30 last were 314,614.665: net.
r t . 1 7,m.9
v.
o
36.024.615.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, to-.
gether with a summary of similar news published in full
detail in last week's "Chronicle."
[VOL. 117.
THE CHRONTCLE
328
-Shipments.
American Bosch Magneto Corp.
Steel and Iron Production, Prices, &c.
The review of market conditions by the "Iron Age,"
formerly given under this heading, appears to-day on a
preceding page under "Indications of Business Activity."
Coal Production, Prices, &c.
The United States Geological Survey's report on coal
production, together with the detailed statement by the
'Coal Trade Journal" regarding market conditions, heretofore appearing in this column, will be found to-day on a
,
preceding page under the heading "Indications of Business
'
Activity.
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the
United States, compiled by the American Petroleum Institute and formerly appearing under the above heading, will
be found to-day on a preceding page under "Indications of
Business Activity."
Crude Oil Prices.-Ohlo 011 Co. reduced Ilma, Indiana, Illinois, Princeton, Plymouth and Waterloo crudes 20c. and Wooster 10c., effective July
19. "Financial America" July 20, p. 1.
Magnolia Petroleum reduced oil under 28 deg. gravity 20c., to 50c. a
bbl. and of higher gravity 20c., to 85c. per bbl. Consicana crude was
reduced 10c., to 50c. per bbl. "Financial .America" July 21.
-Standard 011 Co. of N. J. reduced fuel oil 10c. a bbl.,
Fuel Oil Reduced.
to $1 60 at terminal. "Evening Post" July 18. p. 12.
-Canadian crude oil was reduced 20c. a bbl..
Canadian Crude Oil Reduced.
to $228 "Financial America" July 21.
Prices, Wages and Other Trade Matters.
-On July 16 the following advances in price were made:
Sugar Prices.
American, 25 pts.. to 8.75c.• Federal. 15 pts., to 8.65c., and again 10 pts..
to 8.75c.; McOahan,25 pts.;to 8.75c.,and again 15 pts.. to 8.90c.; National,
25 pts., to 8.75c., and again 25 pts.. to 9c.: Pennsylvania,25 pts., to 8.75c.:
Revere, 15 pts. to 8.65c.; Warner, 25 pts., to 8.75c.
On July 17 Revere advanced 10 pts., to 8.75c.; Federal, 10 pts., to 8.85c.:
Arbuckle, American and Pennsylvania, 25 pts. to 9c. per lb.
'
On July 19 Federal reduced price 50 pts.. to 8.35c.
Canadian Sugar Price Reduced -Atlantic Sugar Refining Co. of Montreal
reduced price 20c. per 100 lbs.: St. Lawrence and Acadia companies followed
the cut. "Financial America" July 19, p. 4.
-Increases ranging from $20 to $60 announced by
Automobile Prices.
Courier Motors Co.
Anderson Motor Co. advances price of sport sedan model $100 and
sport touring $50. "Financial America" July 21.
Marmon Auto Co. Is to build new model to sell at about $1,600. "Boston
Financial News" July 16. p. 1.
German Brick Undersells Domestic Produd.-At $20 a thousand, hand
stacked in hold of west bound ships, undersell by $1 the American product
at $21 per thousand. "Sun-Globe" July 16, p. 24.
Green Bay Foundry & Machine Co. Increases Employees' Wages from
10 to 25%.
-"Iron Age" July 12, p. 84.
Strike in Paper Mills.
-Demands for wage increase from 73 to 80 cents
an hour and double pay on Sundays and holidays refused by American
Writing Paper Co. and independent companies. "Times" July 16, p. 13.
About 100 stationary firemen in these plants have walked out. The
'
Holyoke. Mass., paper district is generally disturbed as a result. "Times
July 18, p. 23.
-Assembly of strikers voted
New England Shoe Trade Disturbance.
unofficially to continue strike but to abandon picketing. "Sun-Globe"
July 16, p. 24.
Picketing to be resumed by striking shoe workers, according to a later
retort from the district. "Times" July 17, p. 32.
-Now receive from $2 40 to
riuMbere helpers strike for $6 per Day.
Imes" July 17, p. 4.
$4 50'day.
-New England Telephone & Telegraph
New England Telephone Strike.
Co. declares its determination to carry out promise to its new operators
of permanent positions if they make good, and that, in consequence, it
cannot take back into its employ all striking operators. Striking girls
reinstated by company, however, will receive wages to which they full
length of service entitles them, but in case of seniority rights, returned
strikers will be Junior to loyal operators. Striking operators who returned
to work on or before July 2 will retain all rights under company's benefit
plan except for period absent from service. In case of strikers who may
be accepted subsequent to July 2, all rights under plan will be restored
after probationary period of one year. "Boston News Bureau" July 20, p.3.
Strike In Lawrence, Mass.. district is called off. Boston district took
ballot but result was not disclosed. "Boston News Bureau" July 20, p. 12
and 15.
MattersCovered in "Chronicle" July 14: (a) The Coal Commission's
133. (b) Cement workers secure wage increase-strike called
off, p. 41. (c) Mayor Hylan (N. Y. City) seeks to Increase supply of
bricklayers by drafting city department employees, p. 141. (d) Present
building material cost for six-room house compared with 1913. p. 142.
(e) Reaction In building construction leads to falling off in lumber orders,
p. 142. (f) New building projects still large although declining, p. 142.
(g) Repayments received by War Finance Corporation, p. 151. (h)
Advances by War Finance Corporation, account of agricultural and live
stock purposes, p. 151. (i) Wheat drop sbelow $1 on Chicago and Minneapolismarkets-reduction in acreage recommended by economists. p.
(j) Wheat producers' conference to be held in Wichita, Kan., July
1
16, p. 151.
(k) Failure of Harvey A. Willis & Co., brokers, 32 Broadway, New
York, p. 154.
(I) United States paper manufacturers disturbed over Canadian proposal to ban exports of pulp wood, p. 162. (m) American Pulp & Paper
Association to assume compilation of paper statistics abandoned by Federal
Trade Commission, p. 163. (n) Judge Gary's statement to the press
-hour day
-would modify immigration laws, p. 163. (o) Samuel
on the 12
-hour day in steel inGompers' comment on possibility of aboUshing 12
dustry, p. 164. (p) Steel companies in Youngstown, Ohio, to adopt
-hour day, p. 165. (q) John L. Lewis orders Nova Scotia miners to
8
165. (r) American Federation of
return to work, but they refuse.
p.
Labor renews attempts to unionize the steel Industry, p. 165.
(s) U. S. Coal Commission in preliminary report recommends regulation of anthracite industry as public utility, p. 165. (t) Samuel Gompers'
comment on the preliminary report of the U. S. Coal Conunission, p.
168. (u) Anthracite miners and operators confer on new wage scale, p. 168
retl.
-To Redeem Bonds.
Air Reduction Co., Inc.
1 1923 $500,000 of outThe directors have called for payment on Oct.These bonds
Debenture Gold bonds due 1930.
are callable
standing 7%
Shipments
1923 (first half)
1922 (full year)
1922 (first half)
1921 (full year)
-V. 116, p. 2769.
Magnetos.
74.430
81.098
33.863
32,155
Battery
Generators. • Motors.
Systems..
96,701
98.087
140.890
97,370
104,587
94.763
52,451
57,394
40,180
24,480
33,076
11,679
•
American Chain Co., Inc.
-Govt. Anti-Trust Suit.
United States Attorney Hayward has filed suit under the Sherman AntiTrust Act against the company,seeking to restrain it from alleged monopoly
and restraint of trade in connection with the manufacture and sale of automobile bumpers. The Government, asserting that the company controls
at present 60% of the automobile bumper industry and that it will control
100% if it wins certain patent litigation pending, seeks to restrain the
company from endeavoring to fix wholesale prices to yield a minimum profit
of not less than 10% for itself and the manufacturers.
President Walter B. Lashar states that broad questions of patent right.
possibly affecting many owners of patents throughout the United States
are involved in the suit, which will be vigorously contested by the company. Mr. Lasher says:
"We welcome the Government suit, not only to clarify our own right but
the rights of other patentees as well. It should be understood that anybody
can make automobile bumpers but that we have patents covering a particular kind of spring bar bumper and if we attained a monopoly as charged
by the Government, it would be only because automobilists prefer this
kind of bumper to all others.
"If it is impossible for the Government successfully to proceed under
the Sherman Act against a company which is manufacturing or licensing
other manufacturers under patents which have been upheld and apparently
acting within patent laws defined by the Supreme Court, then it is evident
that a clarification of the whole situation is necessary.
"The company originally acquired for its own use several patents covering
spring bar bumpers. Far from seeking to maintain a monopoly the company has licensed 11 other manufacturers to produce these bumpers under
its patents, the terms of the licenses being such as to safeguard the quality
of all bumpers produced under these patents. The nature of the licenses
Issued by the company has been well known in the trade and to the Government practically since the license policy was adopted.
"The company enjoys in fact no monopoly of manufacture, and only the
monopoly of sale which is brought about by the preference of the public
for this kind of bumper. The Question at issue therefore concerns the rights
of a patentee to produce his own patented article and to license others to
produce the same under restrictions which are designed to insure quality.
There could be no question in the mind of the Government as to the right
of the company to produce its own patented article, which would be a legal
monopoly in fact, and tho present suit has arisen because others were
-V. 116, p. 2886,
licensed to produce under the American Chain patents."
2259.
American Motor Body Corp.
-New Director, &c.
Charles M. Schwab has been elected a director. (See also V. 116, P.
1763. 2010.)-V. 117, p. 210.
American Power & Light Co.-AUnual Report.
1919.
1920.
Calendar Years1922.
1921.
0 $1.966,359
Gross earnings
$4.255,628 32.992,127 $3,063,52
470,467
717,645
Expenses
565,570
1,604,532
1,378,635. 1,008,913
Interest and discounts. _ 1,018,178
1,423.379
221,073
223,152
Preferred dividends_ _ _ _
223.152
314,854
348,216
348,216
Common dividends
632,423
348,216
Surplus earned for year 3685,641
3395,872 defS82,310
3431,810
do Sub. cos. parent
293,250
co.'s property_
491,131
796,850
955,892
Combined undistribut5210,940
ed income
$887,003
$1,482,491 $1,387.702
The above earnings for the year 1922 are after the deduction of 3647,664,
being the net amount of discount and expense theretofore unamortized but
absorbed in the current year in the retirement on Nov. 1 1922 of Am.Pow.
& Lt. Co. 20
-year 8% Secured bonds (due 1941) and certain 8% bonds
of subsidiary companies.
-V. 116, p. 2133.
American Star Line, Inc.
-Bids on Notes.
United States Shipping Board through the United States Shipping
Board Emergency Fleet Corporation invites offers on the notes and mortgages of this company as follows: (a)$1,217.437 50 notes of the American
Star Line secured by- Preferred Mtge.. dated Dec.27 1919. on SS. American
Star ex Strathnaver, interest rate 5% last maturity date Dec. 27 1924.
(b) $1.217.437 50 notes of American Star Line ,secured by Pref. Mtge.
Dec. 30 1919 on SS. Northern Star ex Waterbury, interest rate 5%, last
maturity date Dec. 30 1923. Interest payable June and December.
Bids should be addressed to C. F. Buck, Director of Finance. United States
-V.112,
Shipping Board Emergency Fleet Corporation, Washington, D.C.
p. 164.
-Semi-Annual
American Telephone & Telegraph Co.
RePort.-President H. B. Thayer, New York, July 16, says:
The change in economic conditions brought about by the war made
readjustments necessary. Wage scales were studied and readjusted by
us without delay in anticipation of the approval of the higher charges
for service which higher wages, higher costs of material and higher taxes
made necessary. To obtain approvals of these necessary adjustments in
charges for service. the Bell Telephone System as a whole made many
applications to State Commissions. Some cases have involved single
cities or even single rates, while others have involved all the rate charged
in a State. In over 90% of these cases, we have been able to accept
the decisions of the Commissions. Where we have had to appeal to the
courts they have generally supported our contentions. During the twist
three months two decisions involving very important principles have
been decided in our favor by the Supreme Court of the United States.
On July 1 the Bell System, after having provided for payment of the
mortgage bonds of the Illinois Bell Telephone Co. which mature in December, had on hand cash and temporary cash investments amounting
to over $120,000,000 to provide for the continuing growth of the business.
The.percentage earned on the capital stock of this company, including
its equity in the undistributed earnings of the associated companies for the
half year past, will be somewhat better than that of the corresponding
half year of 1922.
Earnings for the Six Months ending June 30.
1922.
1922.
x1923.
x1923.
•
Earnings$
"5 712,498 21,751,388 Exp., Ind. taxes..21,122,296 19,036,610
Dividends
Interest
6,396,462 6,460,110
Teleph. oper. rev_35,867,724 31,363,942
Net earnings...47,047.082 40,619,952
6,4117,684 8,255,819
Miseel. revenues.. 192,694
81,122 Deduct interest_
Deduct dividends.30,349,963 25,285,847
at present at 105 and int. Announcement of the serial numbers of the
bonds to be drawn for payment on Oct. 1 will be made during the last
week in July. Bonds called may be converted into stock during August
Total
10,229.454 7,078,286
68,169,378 59,636,562
Balance
at the rate of 16 shares of stock for each $1,000 bond.
Since the last quarterly statement, Issued April 19, $254,000 out of a
x Subject to minor changes when final figures for June are available.
total then outstanding of $1.906.000 of the company's bonds has been
The Philadelphia Stock Exchange has authorized the listing of $9,705,900
converted into stock and the 371.500 outstanding funded debt of the
Con
Davis-Bournonville Co. which had been assumed by the Air Reduction Co. additional Capital stock issued-$14,900 in exchange for $14,900 hoed,
1933: $45.800
-year 6% Cony.
has been purchased and retired. The company on July 15 brought into 4'.s. due cancelled and in exchange for 545,800 7
due 1925,
stricken from the list: 5195,900 being part of 62,7s;
-V. 116, p. 2009.
now plant at Sharon, Pa.
production its
shares to be issued to employees, and $9,449,300 being part of 1,189,132
shares offered under circulate letter dated Aug. 24 1922 making the total
All America Cables, Inc.
amount of stock listed at July 14 $727,886,400 and reducing the amount
The company on July 8 established direct communication to Puntarenas, of Cony. 44,s listed to $6,581,800 and the amount of Cony. 68 to $11,627.-V. 116, p. 2639.
Costa Rica.
300.-V.p. 210, 91.
-Sale.Allen Theatres, Ltd.
-N-. 116, p. 1535; V. 113,
See Famous Players Canadian Corp. below.
p. 1156.
--Earnings.
Alliance Realty Co.
Six Months ended June 30Operating income
Expenses and taxes
1923.
$210,452
34,076
1922.
$138,054
18,277
Net income
-V. 116. P. 298
8176,376
$119,777
American Type Founders Co.-Pref. Stock Offered.
Frederic H. Hatch & Co., New York, are offering at par
(flat) $800,000 7% Cumulative Preferred stock, being the
balance of authorized issue of $4,000,000. A circular shows:
Dividends playable Q.
-J. Bankers Trust Co., New York, registrar.
Callable at 105 and div. after 3 years from the issue thereof on 30 days'
notice. Has equal voting power with the Common stock.
-Proceeds will be chiefly applied to the cost of a large fireproof
Purpose.
factory building at Elizabeth, N. J., now under construction.
JULY 21 19231
THE CHRONICLE
Company.
-Incorporated in New Jersey in 1892
type foundries of the United States. Its largestand acquired the leading
manufactu
located in Jersey City, N. J., and is the largest typefound ring plant is
ing plant in the
world. Company has 28 distributing branches in the
leading cities in the
United States, most favorably located for the distribution
of its products,
where large stocks of merchandise are carried.
It also has agencies in the
leading cities of foreign countries.
In addition to the manufacture and sales of type the company
is the
largest manufacturer and dealer in printers' machinery
supplies in the world. It also owns and manufactures , materials and
press, which is held in such high favor that the orders the Kelly printing
received are in excess
of manufacturing facilities. The demand for the Kelly
printing presses
has increased to such an extent as to
at Elizabeth, N. J., to be devoted to require the building of a large plant
their manufacture, and this is confidently expected to yield the company a largely increased
profit from this
source.
Earnings.
-Net profits for the fiscal year ending Aug.
P. 2043), after deducting all expenses, including interest,31 1922 (V. 114.
depreciation and
taxes, amounted to $855.218, over 3 times
dividend on the entire authorized issue ofthe amount required to pay the
offering. Net profits for the last 5 yearsPreferred stock, including this
averaged 8682.236 per annum or 2.43 timesapplicable to dividends have
total authorized issue of Preferred stock. the amount required on the
Business and profits for the fiscal year ending
a very satisfactory improvement as compared Aug. 31 1923 should show
with the year preceding.
-V.116, p. 1896, 1414.
American Zinc, Lead & Smelting Co.
-Earnings,
The following
following statement
stantially correct: In the is understood by the Chronicle" to be subfirst five
earned operating profits of approximamonths of this year the company
tely
and depletion. While all figures are not $250.000, before depreciation
in hand for June, operating net
in that month should approximate
$50.000 before these charges, making
a total of approximately $300,000 for
the first six months of 1923, before
reserves. At the Silver Dyke
operations are being conducted atproperty, controlled by the company,
a
The company is doing a satisfacto profit and the outlook is encouraging.
ry volume of‘zinc oxide business at a
fair profit.
-V. 116, p. 2639.
Apperson Bros. Automobile Co.
-New Interests.
According to Kokomo, Ind.. dispatches. D.
child. of New York, have acquired ownership 0. McCord and M. Rothsof a majority of the Common
stock of the company.
-V. 116. p.2010.
Armor Plate & Non-Shatterable Glass Corp.
-Stock
Selling Scheme Disclosed.
-
329
Borg & Beck Co.
-Earnings Six Months end. June 30
1923.
The company reports earnings for
8327,962 and a surplus after dividendsthe six months ended June 30 1923 of
and taxes of$171,145.-V.I16,p.2770
British Empire Steel Corp.
-Coal Output.
The corporation reports coal output in June of 514,604 tons, as compared
with 382.982 tons in June 1922 and a total production of coal for the
six
months ended June 30 of 2.822,801 gross
with 1,763,780
tons during the same period last year ortons, contrasted 1.059,021 tons.
an increase of
- 116. p. 2640.
V.
Burns Brothers.
-Hearing on Suit.
-
The hearing before Vice-Chancellor Backus of the
at Newark. N. J., on the order to show cause as to why Chancery Court
the contemplated
merger of Burns Bros. with National Coal Co. should not be restrained
.
has been adjourned to July 31.-V. 117. p.210.
Butte Copper & Zinc Co.-Serni-Annual Report.
-
Results for Six Months ended June 30 1923.
Ore receipts. $48,863; less depreciation. $5,000
Other income
Expenses, taxes, &c
$43,863
Cr.11,829
21,671
Net income
- 116. p. 619.
V.
434,021
California Petroleum Corp.
-Crude Oil Contract.
Chairman T. A. O'Donnell
says in substance:
"The corporation has closed a contract for
sale of 36,000.000 bbls.
of light gravity southern California crude oil thethe Standard
to
New Jersey, the oil to be delivered at terminal of the California Oil Co. of
Corp.at San Pedro Harbor into ships of the Now Jersey company. Petroleum
are to be at the rate of 1,000,000 bbls. a month covering a period Deliveries
at a fluctuating price based on market quotations for gasolineof 3 years
and fuel
oil at Newark. N. J., and New York Harbor.
"While the corporation in the past has sold its oil at the wells and
has
been engaged in transporting or refining oil, it is now laying 100 miles
not
of trunk pipe line connecting the six important oil producing
southern California in which it has a substantial production. The fields of
corpora,
tion is also constructing fifty 80.000
-bbl. steel tanks, a number of which
will be constructed on a 264
-acre tract adjoining San Pedro Harbor. Terminal facilities being completed at San Pedro Harbor
loading capacity of from 12,000 to 15.000 bbls. of oil an will have a ship
hour.
The corporation also recently completed and is operating
California. compression and casing-head gasoline plants within southern
a capacity
for delivering 30,000.000 Cu. ft.. of gas a day in southern California. mains
and a production of gasoline from natural gas of 20,000 gallons a day. "
[The California Petroleum Corp. also has a
Union Oil
Co. of California which calls for the delivery contract with the oil daily.)
of 8,000 bbls. of
-V. 116. p. 2393.
The Better Business Bureau
selling scheme employed by the which has been investigating the stock
promoters
a bulletin revealing how a demonstration of of this company, has issued
"non-shatterable" glass was staged at Police the bullet-resisting power of
Headquarters, and a photograph of the experiment taken to be used
this company that operates no factory, but in aiding the sale of stock in
Canadian Cottons, Ltd.
-Bonus to Employees.
The corporation Is offering to the public secured the glass elsewhere.
The 5,000 operatives of the company
$2,500,000
$1.500,000 is Common and $1,000,000 Preferred, each in stock, of which sharing bonus. The company operates on July 6recedved an8% cg, profit
mills in St. John, Milltown, Marysof 810 par value. ville. Hamilton
The chief personality behind the
and Cornwall. Ont.-V. 116. D. 2393.
stock
Business Bureau, is Samuel L. Krantz. selling, according to the Better
has been sent to the Attorney-General. The bulletin issued by the Bureau
Central States Electric Corp.
-Definitive Notes.
The corporation 19 the successor to the Bankers
Definitive 2
-Year 7% Secured gold notes (with stock
Protective Appliance
Corp., which was Incorporated in Delaware
July 12 1920 with $100.000 will be exchanged for outstanding interim receipts at purchase warrants)
capital stock, par $10.
the Central Union
Trust Co., 80 Broadway, N. Y. City, on and after July 23. For offering
The old firm was reorganized into the
new
the end of its stock selling rope, according after the former had reached of notes see V. 116, p. 2641.
to the Better
The Bureau's bulletin states that neither the Bankers Business Bureau.
Century Ribbon Mills, Inc.
successor, of each of which Krantz has been President, Protective or its
-Earnings.
had anything to
Six Months ended June 30 1923
do with the invention of non-shatte
is given as 1775 Broadway New rable glass. The address of the concern Net profits
$279,319
,
York.
Preferred dividends
70.000
Associated Oil Co.
-Capital Incrcased.Balance, surplus
The stockholders on July 19 increased
3209.319
capital stock from -V. 116. p. 2998.
10.000.000 to $60,000,000 and reduced the authorized of
the par value
the shares from
8100 to $25. The increase is primarily for the purpose of
Charcoal Iron Co. of America.-Earnirtos.affording opportunity for the exchange of stocks
The company reports net eatnings before interest for the five months
the Associtted. See details in V.of its subsidiary companies for stock of
116. p. 2640, 2879.
ended May 31 1923 of 8409,656.-N . 116, p. 2261.
Barnet Leather Co., Inc.
-Earnings.
-
6 Mos. end. June 30xNet earns,from oper'ns
Leas
-Diva.on Prof. stk.
& provision for sinking
fund (6 mos.)
Balance, surplus
Chattanooga Gas Co.-Oas Rates Reduced.
-
1923.
$57,927
1922.
$94,803
109,500
93,000
95..800
98,827
def$51,573
81,803
*140,760
8389,216
1921.
$236.560
1920.
$488.043
x After deducting charges for maint. and repairs
estimated amount of Federal and State taxes. &c. of plants, deprec. and
The result is subject to adjustment at the end of
the year when accounts
are finally audited, and to change incident to
income tax rulings.
-V. 116.
p. 1764.
Beatrice Creamery Co., Chicago
.
-Business.
President W. li. Ferguson has declared that
business since Jan. 1 has
been slightly above the corresponding period
nee the first of the year Is reported to have in 1922. Butter production
been at the rate of over 40.000.1100 lbs. annually.
-V. 117. p. 92.
Batopilas Mining Co.
-Deposi
t of Bonds.
It is stated that more than
their bonds with Mechanics & 90% of the bondholders have deposited
Metals National Bank. New York, and
proceedings have been begun to foreclose
the mortgage on company's
properties in southwest Chihuahua.
$366,500 on which no interest has been The outstanding bonds aggregate
paid for four years.
-V.117, p. 92.
Belgo-Canadian Paper Co.,
Ltd.
-Incorporated.
Letters patent incorporating
of Quebec. Canada, have been the company under the laws of the Province
issued. The total capital stock of the company is 85.000.000 Preferred and $8,500,00
0 Common, par $100. See also
offering of $8,000,000 First Mtge.20
-year 6% gold bonds in V. 116, p.2640.
The Tennessee RR. and P. U. Commission on July 11 entered
reducing gas rates in Chattanooga 25%, fixing the maximum an order
charge
the first 50,000 cu.ft. at $I 25 Per 1,000 Cu.ft. and 90 cents per 1,000 Cu.for
ft.
in excess of 50.000 on. ft. The order holds that the 3A % charge for supervision and management is excessive, and is not advantageous to
the gas
consumers, and fixed this charge at 3. of 1%. The prasont rate,
as
by the Commission, is retroactive as of July 1 1923, and contingen fixed
t
the continuous operation of the present contract for by-product gas upon
with
the coke company.
-V. 115. p. 440.
Cities Service Co.
-Dividends-Earnings:
-
The directors have declared the regular monthly cash dividends of of
3i
1% on the Preferred and Preference -13" stocks and 34 of 1% in cash scrip
and 1 3. % in stock scrip on the Common t0C1C, all payable Sept. to holders
,
1
of record Aug. 15. Like amounts are also payable Aug. 1.
12 Mos. end. June 30, 1923.
1922.
1921.
Gross earnings
816.287,8136' 813,482.661 $19,922,312
Expenses
504.037
448,667
636.972
Net earnings
Prof. dividends and debenture int_ _ _815,783,829 813,033,993 $19,285,340
7.539.718 7.054.990 6,792,131
Net avail. for Corn. stk. & reserve_ SR.244,111
85,979,003 $12.493.209
.
-V.116, p. 2998.
Citizens Gas Co. of Indianapolis.
-Tender
The Bankers Trust Co., primary trustee, 10 Wall St., s.
N. Y. City, will.
until Aug. 10, receive bids for the sale to it of 1st &
Fund Gold bonds dated July 1 1912 to an amount Ref. Mtge. Sinking
sufficient to exhaust
868.886, at a price not exceeding 108 and hit.
-V..116. p. 2641.
Citizens Gas & Electric Co. of Council Bluffs.
Bertha-Consumers Co.
-Equip. Trusts Offered.
-Har- Annual Report.
rison, Smith & Co. and Cassatt & Co.,
calendar YearsPhiladelphia, are
1922.
1921.
1919.
1920.
offering at prices to yield from 532%
Gross
8711,817
8647,7;89
$502,075
to 6.10%, according to Oper. earnings taxes_
$580,182
exp.. incl.
maturity, $600,000 Equip. Trust 6%
_
564,281
377.225
523,159
469,777
Gold certificates.
Issued under Philadelphia Plan.
Net earnings
8147.536
8124.850
8110,405
8124,430
Dated July 1 1923. Maturing
1933, incl. Divs. payable J. & .T. 360.000 annually July 1 1924 to July 1
at Bank of
Phila.. trustee. Denom. $1,000c*. Entire North America & Trust Co.,
issue, but not any part, redeemable on any div. date on 60 days' notice
at 104
Wars.unconditionally guaranteed by endorsement by and diva. Prin. and
Bertha-Consumers Co.
Data From Letter of President John
H. Jones.
Security.
-300 U. S. RR. Administration standard
hopper cars, manufactured by Pressed Steel Car Co., type 55-ton steel
and 120 Pennsylvania RR. standard type H-21-A 70
-ton steel hopper
by Ralston Steel Car Co. The 30055-ton cars are to be cars, manufactured
delivered new within the next few.weeks at a cost of$613,500. Ofthe 70
110 were delivered new within the pastyear and 10 -ton steel hopper cars.
March 1921. These cars have been independently were delivered new in
appraised as having a
present value of 8288,000. or a total present valuation
Company.-Incorp. in April 1923 as a merger and of $901,500.
consolidation of the
Bertha Coal Co., Consumers Fuel Co. and Jewel
the mineral rights of 3,053 acres of unmined coalCoal Co. Owns in fee
lands and operates six
bituminous coal mines in Pennsylvania and West Virginia.
Gross tonnage
produced for the three years ended Dec. 31 1922
averaged 1,222,929 tons
annually, and the acreage owned in fee is
recoverable tonnage of 24,600,000 tons. estimated to contain a present
Earnings.
-Consolidated net earnings of the merged
companies for the
past three years, after Interest, depreciation, depletion,
&c.. but before
Federal taxes, have averaged over $481,500 per
annum, or more than 13
times interest on this issue, and more than five times
interest and maturing
installments of principal. Net earnings as above stated
for the first three
months of 1923 were $211,851, or at an annual rate of
over
merged companies'condensed consolidated balance sheet as $840,000. The
and earnings for the first three months of 1923 was given in of Mar.31 1923
V. 116, p.2259.
Other income
95
27
86
112
Total income
Interest on bonds
Other int. & deductions_
8147.631
29.309
10.331
8124,457
29,897
8,816
$110,491
30,261
4,S45
$124,962
30,635
1,487
Bal. for renewal & replace't res. & surplus
-V. 106. p. 1903.
$107,991
$85,744
875,385
$92,840
Colorado Fuel & Iron Co.
-Quarterly Report.
Results for the Quarter and Six Months ended June 30.
1923-3 Mos.-1922 1923-6 Mos.-1922
812.103,516 88,650,240 823.363,097 $15,225,901
7.638,146 20,466,021 13.617,564
10,601.800
Net earnings
S1.501,716 S1.012,094 $2,897.076 El 608,336
'
Other income
199,913
69,190
102,964
133.996
Grass income
81,60.1,680 81.081,283 83,096,999 $1,742,332
Bond int., taxes, sinking
fund,&c
8723.703 81,450,886 81,440.009
8723,951
Depreciation
376,011
765,342
382,671
752,022
Balance, surplus
8498.0.58 def$18.430
$880,771 def$449.699
-V:116. p. 1898.
Gross receipts
Operating expenses
Columbia Motors Co., Detroit.
-Stock Offered.
-
The company is offering 83,334 shares of no par value
stock to stockr elders at $6 a share. Stockholders of the company nxently
aprroved a
[VOL. 117.
THE CHRONICLE
330
reduction in toe capital by the exchange of $10 par stock( or no par value
stock on the basis of two shares of old for one new share.
It is stated that the company intends to bid for the property of the
-V. 116, p. 2998.
Liberty Motor Car Co. when offered for sale.
-To Redeem Notes.
Commonwealth Light & Power Co.
This company announces that its 8% notes maturing Sept. 1 1923 will
be retired at 100 and int. upon presentation to the company or the trustee.
-V. 116, p. 2261.
Guaranty Trust Co.. New York.
Edison Electric Illuminating Co. of Brockton.
-V. 116. p. 1899.
See Montaup Electric Co. below.
-To Offer 140,000 Shares of ComCongoleum Co., Inc.
mon Stock at $20 Per Share-Dividend of$2 Per Share Declared.
The directors have authorized the issuance of 140,000 shares of Common
stock, no par value, at $20 a share, and have also declared a cash dividend
of $2 per share on the Common stock. payable Oct. 15 to holders of record
Oct. 6.
The Common stockholders of record Aug. 31 will be given the right to
subscribe to the new stock, on or before Sept. 27, in the ratio of 1.4 shares
of new stock for each share now held. Stock certificates can be obtained
In exchange for receipts at the Central Union Trust Co., N. Y. City.
Sales of the company for the first six months of 1923 were 60% ahead
of the first six months of 1922, and earnings applicable to dividends on the
Common stock, after Preferred dividends, taxes, depreciation and interest
for the six months' period ending June 30, were over $2,000,000. The
outlook for the last six months is exceptionally good, it is said. All of the
company's plants are running on full time and the new extension at Marcus
Hook,Pa., works should be completed by Aug. 1. This will add materially
to the earning power of the company.
The company has notified the Philadelphia Stock Exchange that in
order to facilitate the transfer of stock on and after July 16 it will receive
certificates at its office in the Morris Bldg.. Phila.. Pa., and forward them
to the Central Union Trust Co., N. Y. City, transfer agent, for transfer.
-V. 116, p. 2393.
Consolidated Mining & Smelting Co. of Canada,
-Balance Sheet Dec. 31.Ltd.
1922.
1921.
Assets
Mines, claims dr
shs,in 0th. cos_x10,174,209 10,384,620
Min.,smelt., conc.
& reg. plants._ _y7,352,557 6,473,872
Ores, metals and
smelter products 2,023.763 2,779,434
Mat'ls & supplies_ 1,510,983 1,312,350
Accts. rec. less res. 247,689
238,784
Insurance prepaid_
28,543
27,277
4,134
Cash
101,134
1922.
$
Liabilities10,533,700
Capital stock
z4,000,000
Bonds
*2,000,000
Special loan
Other bank loans&
1,271.087
overdraft
Bond Int. accrued_ 140,149
Reserve for taxes- 222.851
Accounts payable_ 1,118,908
.
Profit and loss_ _ _ 2,055,185
1921.
$
10,533,700
3,000,000
1,992,000
3,174,957
112.721
1,424,356
1,079,737
21,341,880 21,317,471
Total
21,341,880 21,317,471
x After deducting $320,751 for dep etion o mineral properties. y After
deducting $405.145 for capital renewals and depreciation. a Bonds
authorized. $7,500.000* issued and so d, including bonds held for exchange
of those first issued, $4,000,000, as above, hypothecated as security for
special loan, $2,000.000. a Secured by hypothecation of bonds of par
value.
The usual income accouilt was published in V. 116. p. 1765.-V. 116.
p. 2519.
Total
-Acquisition.
Continental Clay Co., Columbus, Ohio.
The company has paid in full for the property of Southern Sand. Gravel
& Supply Co. through the moneys procured from the recent sale of the
Class "/1" Common stock.
It is expected that the combined business of the company will, this
year. approximate 32,000.000.-V. 116. p. 2888.
-Earnings.
Continental Gas & Electric Corp.
1922.
1923.
$3,368,710 $2,414,367
666,890
098,794
370,910
588,110
Twelve Months ended May 31Gross earnings
Not earnings
Balance after fixed charges
-V.116, p. 2135.
-To Increase Stock.
Electric Bond 8c Share Co.
The stockholders will vote Aug. 3 on increasing the authorized Capital
stock from $40,000,000 (consisting of $20,000.000 6% Pref. stock and $20,
000,000 Common stock) to 350.000,000 by the authorization of an additional
$10.000.000 of stock to be divided into 100.000 shares of the par value of
$100 each, of which 50.000 shares shall be Preferred stock and 50,000 shares
-V. 116, p. 2999.
shall be Common stock.
(Wm.) Cramp 8c Sons Ship & Engine Bldg. Co.
-Div. Omitted.
Excelsior Shoe Co., Portsmouth, 0.
The directors have omitted payment of the semi-annual dividend of
80 cents a share which was duo July 1 on the Common stock, no par value,
This action, it is stated, was not a result of any slump in the company's
business, but was taken for the purpose of conserving the surplus at this
time. An initial dividend of 80 cents per share was paid Jan. 1 last on
the Common stock.
• President J. E. Williams stated that orders are running 12% ahead of
last season and 16% ahead of a year ago, although the condition of the
shoe manufacturing business as a whole has not been entirely satisfactory
over the country. V. 115. p. 2799.
-Acquisition.
Fall River Electric Light Co.
-V. 116, p. 2520.
See Montaup Electric Co. below.
--Acquisitions.
Famous Players Canadian Corp., Ltd.
The corporation has applied for incorporation of a subsidiary company
to be known as the Loew's-Mansfield Theatres. Ltd. which will nave
'
direct charge of tne operation of tne Montreal Low's, Ltd. control of
which was recently purchased by the Famous Players Canadan Corp.
Tne company, it was recently reported, acquired at a receiver's sale the
assets of the Allen Tneatres, Ltd., consisting of holdings of several theatres
in Canada. for a price stated to be between $500,000 and $600,000.V.116, p. 621.
-Bonds
Food Products Building Corp., Chicago.
Offered.
-Taylor, Ewart & Co., Chicago, are offering at
50,000 1st Mtge. 63/2% Gold bonds, guaran100 and in
teed principal and int. by the United Fig & Date Co. A
circular shows:
Dated July 11923; due annually July 1 1924 to 1933. Denom. $1.000.
$500 and $100 c*. Int. payable J. & J. at Continental & Commercial
Trust & Savings Bank, Chicago, trustee, without deduction for normal
Federal income tax up to 2%. Red, all or part upon 30 days' notice at
103 and int. or such smaller premium as shall be equal to % for each year
or part thereof to elapse between date of redemption and expressed maturity of bonds redeemed.
Security.
-Secured by a first mortgage upon downtown real estate,
-story building with basement valued at
owned in fee, improved by a 4
81,708,200.
Lessee.
-Entire property under mortgage is leased to United Fig & Date
Co. for an amount sufficient to pay the interest on these bonds and the
principal as it matures.
-Organized in 1902. Is one of the largest imUnited Fig & Date Co.
importers and jobbers of nuts and manufacturers of nut products in the
United States. Company also manufactures nut candies and peanut
-day the largest shelter of Brazil nuts In the world.
butter. Company is to
having patents and sole rights on the most successful shelling machinery
existence.
in
Net earnings, after depreciation, applicable to interest charges, for five
years
-1917 to 1922. incl. (but not incl. 1920 when extraordinary inventory
losses were taken), total $1,084,883, or an average of $216,976 per year.
Maximum interest charges on the bonds of the Food Products Building
Corp. are $55,250 per annum.
Consolidated Balance Sheet Dec. 31 1922, After Present Financing (United
Fig & Date Co. and Food Products Bldg. Corp).
Liabilities
Asset
$55,545 Notes and accts. payable_ $443,104
Cash
232,162
371,690 Letters of credit
Notes and accts.recely'le_
22,299
24,337 Real est.& Fed.taxesseer.
Life Insurance policies_ _ _ _
64,520
1.300.091 Due officers on open acct_
Inventory
850,000
44.014 First Mortgage 634s
Due from officers St empl_
1.708.200 7% Cum. Pref. stock_ _ 500,000
Land and buildings
750,000
106,780 Common stock (par $10)_
Machinery & equipment
886,613
138,041 Surplus
Deferred charges
The company announces that it has received new contracts for hydroelectrical machinery aggregating 180.000 h. p. This additional equipment
Is to be placed in service throughout the United States and Canada.
The largest single contract calls for the construction by the Dominion
$3.748,701
Total
$3.748.701
Total
Engineering Works, Ltd. Canadian licensees of Cramp's, of two 58,000
Ii. p. turbines for the Queenstown, Niagara, development of the Hydro-Production.
include
Ford Motor Co., Detroit.
Electric Power Commission of Ontario. Other contracts reported
The company,it is announced, will build more cars in the last six months
two 10,000 h. p. turbines for the Northern Canada Power Co.; one 14,000
h. p. impulse wheel for the Southern Sierras Co., two 7,500 h. p. turbines of 1923 than in the first half. Contempleted output in domestic plants
for the Montana Power Co.. and an additional turbine for the Washington alone for the year is 1.800.000 cars and necks. The company produced
Water Power Co.. all from the Felton Water Wheel Co. of San Francisco, 891,473 cars and trucks in domestic plants during the first six months.
and a 7,500 h. p. turbine for the Aznokseag Mfg. Co. to be built in the making the schedule for the last half on the above basis 908,527 cars and
I. P. Morris shops in PhiladelPhia.-V. 117. p. 93.
trucks.
Total car and truck output in all plants for the six months to June 30
-Earnings (Incl. All Constituent Cos.). was 991,628, against 1.351,333 in 1922. 1,013,928 in 1921 and 1,100,000
Detroit Edison Co.
in 1920.
Month of June- --6 Mos.end. June30The company on July 18 last shipped from the assembly line at the
1922.
1922.
1923.
1923.
Periodmark
Total oper.rev.,electric_ $2,256.764 $1,917,743 $1.1,466,926 $11,560,235 Highland Park plant its 8.000 000th motor, establishing a new million 117,
-V.
49.282
42,098
1,441,033
1,288,311 in production. The 7.000.000th motor was shipped Jan. 17 last.
Non-operating revenues
p. 211.
$2,306,046 $1,959,841 $15,907.959 $12.848.546
Total revenue
-Annual Report.
Fort Worth Power & Light Co.
.
Oper.and non-oper.exp- $1,729,697 $1.467,396 $11,098,409 $9,135,152
1.789,652
1919.
288.977
324.638
1920.
1922.
1921.
1,951,108
Calendar YearsInterest
165,242 Gross earnings
26.302
26,137
$2.562.537 $2,560,636 $2,629,630 $1,398,321
163,632
Amort.debt disc. & exp_
755,132
12,500 Oper• exp•. incl. taxes
6,250
12,500
2,083
1.603.462
1.318,765
1.279.558
Miscellaneous deductions
Net income
-V.116, p. 2999.
$223,491
$170,915 $2,682.310 i1,746,000
-Earnings.Donner Steel Co., Inc.
PeriodNet from operations
Interest on bonds and notes
Depreciation
-Quarter ended
6 Mos. end.
June 30 '23. Mar.31'23. June 30'23.
$745.103
$603,861 81,348,964
339,072
167,696
171.376
206,377
103.000
103.377
Net income
Previous deficit
8474.407
153.127
8329.108
482.235
$803,515
635,362
Total surplus
.
-V.116, o. 1899
$321,280 def4153,127
$168,153
-Earnings, Incl. Subsidiary.
0 Douglas-Pectin Corp.
3 Mos. end. 6 Mos. end.
51,241.871 $1,026.168
4.213
6.881
$643,189
5.765
81,333.066 31,246,084 81,033.049
Total income
162.000
174.500
174,500
Interest on bonds
26,078
48.074
23.565
Other int. & deductions_
112,058
103,096
104,556
Preferred dividends__ _ _
$648.954
137,000
21.048
87.178
Bal. for renewal & replace% res. & surplus
--7V. 116, p. 2889.
$403,728
Net earnings
Other income
81,282,979
50.087
$998,434
$940,950
8744.388
-30
-A review of 30
-Year Review.
General Electric Co.
years' history of the company from its foundation in 1892
to 1922, is made the subject of an interesting 34-page booklet
just issued to the company's stockholders.
Tracing the development of the electrical art which grew out of the
early pioneering work of the Edison General Electric Co.,and the ThomsonHouston Electric Co., the astonishing growth of the business, the rapid
Increase in the size of generating units, steam turbines and the ever widening
Electric Co.
-Bonds Called.
and human speeds
Duluth (Minn.) Edison 5% gold bonds dated March 1 1906 application of electric powerof electrical progress is pictured. in industrial
and progress
Mtge.
Twenty-three illustrations
All of the outstanding 1st Sept. 1 at 105 and int. at the Old Colony relations add further interest to the text which follows the course of the
have been called for payment
-V. 106. p. 818.
company's activity by citing milestones of electrical development for
Court St., Boston, Mass.
Trust Co., 17
which It was so largely responsible.
-Permanent Certifs.
Thus the following headings give an idea of what the book contains:
Duquesne Light Co., Pittsburgh.
"Large Scale Power Generation," "Power on the Sea," "The Trackless
Co. are ready to Issue permanent certificates in exLee, lilgginson &
Cumul. Preferred stock, Series "A." Trolley," "At the Panama Canal." "Contributions to Long Distance
change for interim receipts of 7% 116, p. 2642.
Reaching
Wireless Communication," "Lightening HOMO Burdens," "Far Necessity
1056.)-V.
"A Great
(See offering in V. 116, p.
Aid to Medical Science." "Prowess in Illumination,"Increased Less than
"Prices
-Earns.3 Mos. end. June 30'23. at a Small Expense," "One Million Volts,"
Eaton Axle & Spring Co.
206,803 ;he Average.""How G-E Money is Spent,""Opportunities for the Future."
.
Sales ----------------------------------------------------82
$192,083
The booklet is issued on behalf of the directors by Owen D.
Profits aftor all charges------------------------------------V. 117. p. 211.
Young, Chairman, and Gerard Swope, President. Under
Earnings after interest and depreciation
-V.116, p. 277.1.
June 30'23. June 30'23.
$519,617
$283,158
--Sale.
Manufacturing Co.
Elbinger Shoe
in
Open bids will be received at the office of Cnaries T. Greve, referee
ban •Wtiptcy,621 Main St., Cincinnati, 0.,on Aug. 101923.for tne purchase
factory, machinery, fixtures, merchandise and stock on
of all the real estate.
hand,finished and unfinished, materials, supplies, office furniture and fix•
tures of the above bankrupt concern.
the final heading "Opportunities for the Future," it says: is
It is frequently said that we are living in an electrical age. When it
United
considered what a email proportion of the water power of theemploywhat
States is utilized for the generation of electrical energy, and of millions of
this water power would mean in the conservation
ment of
Ly 21 1923.]
THE CHRONICLE
331
tons of coal per year and in saving of human effort in mining, transporting
Greelock Co.
-Stricken from List.
and distributing the coal; when it is considered that Only 55% of the manuThe capital stock of the company has been stricken from the Boston
facturing establishments and mines in the United States are operated by
electricity, and that but 38% of the people of the United States are living Stock Exchange list, the company having surrendered its assets and voted
-V. 116, p. 1282.
in electrically lighted homes, and that only a still smaller proportion are to dissolve.
using electrical appliances, it will be seen that the future promises for this
Greene Cananea Copper Co.
-Balance Sheet Dec. 31.
great industry even larger growth and expansion than has yet been realized.
[Including Assets and Liabilities of Subsidiary Companies Owned.)
Intensity of research in this field of science-the rapid succession of
inventions
-the fervor of engineering investigations-all these are going
1922.
1921.
1922.
1921.
forward at a rapid rate and are far ahead of the appreciation by the general
Assets$
Matilities$
$
S
public of the service that electrical appliances will render in future. The Mines & mining
Capital stock
50,000,000 50,000,000
task of making the public understand and appreciate the advantages of
Claims, lands,
Res. for depree._ _ 546.734
528.734
electrical apparatus and appliances and the economies, comforts and
bldgs.,rys. dz ea.52,146,215 51,557,701 MesIcan legal res
4,000
4,000
conveniences to be realized from their application to industry, trade, trans- Inv.In sundry cos_
68,601
68,601 Accts.& wages pay.
portation and the home, will always be one of the duties of your company: Supplies & prepaid
& taxes accrued_ 639,831
62,632
and as this knowledge is extended the resulting accomplishment in serving
expenses
1,488,831 1,230,504 Surplus
3,969,650 5,429,296
the community will immeasurably increase the industry.
Metals In process &
on hand
949,978 1,451,845
Manufacture of Turbine Reduction and Propulsion Gears.
- Accts. receivable
227,892
433.104
The manufacture of turbine reduction and ship propulsion gears, here- Cash & cash assets 278,697 1.282.908
Tot.(each side).55,160.214 56,024,662
tofore carried on at the Erie works, Pa., is being transferred to the River
The usual income account was published in V. 116, p. 2520.
Works, West Lynn, Mass., and will be consolidated there with the manuother metal gears and pinions.
facture of
Greenfield Tap & Die Corp.-Earnings.-V. 117, p. 212.
Period-3MOS. ended--6 Mos. ended
General Fireproofing Co.
-Earnings.
June 33'23. Mar. 31 '23 June 39 '23 June 30 '22
Net earnings for the six months ended June 30 1923
Net profits after deprrec. $194,257
$164,806
$359,063 loss $44,672
3260.000 after charges, taxes and Preferred dividends. are reported as -V. 116. p. 2263.
-V. 116, p. 3000.
General Motors Corp.
-New Subsidiary-Expansion.
Moraine Products Co., a subsidiary, has been incorporated in Ohio and
will take over and develop at Dayton, where the plant of General Motors
Research Corp. is located,some of the products which have been
developed
past the experimental stage. C.F. Kettering, President of General Motors
Research Corp., will also be President of Moraine Products Co. we
The General Motors Corp., it is stated, is planning to expand manufacturing facilities in Canada.
the present plant at Oshawa, the
company will erect an assembly plant 600 by 100 ft. in addition to another
structure to be used as a maintenance station and drive away building.
The assembly plant is expected to be finished by the latter part of thLs
year
and will greatly relieve congestion in assembly of Cadillac, Oldsmobile
and Oakland cars.
-V. 117. p. 212. 93.
German General Electric Co.
-Capital Increased.
-
A London dispatch states that the company has increased its authorized
capital stock from 1.400,000,000 marks to j/J:100,000,000 marks and has
changed its Preferred shares to Founders' shares.
-V. 115. p. 2386.
Gulf States Steel Co.
-Earnings.PeriodNet operating income
Taxes, depreciation, &c
-Second Quarter- -First Quarter1923.
1922.
1923.
1922.
$597,670 $313.740 $705,764 $166.966
157.742
88,076 171.786
86,650
• Balance, surplus
-V. 117. p. 212.
$439,928 $225,664 $533,978
$80,316
Hanlon-Gregory Galvanizing Co., Pittsburgh.
-Bonds
Offered.
-McLaughlin, MacAfee & Co., Pittsburgh, are
offerin at prices ranging from 99 and int. to 92% and int.
to yieldfrom 63'% to 7%, ac ording to maturity, $125,000
1st (Closed) Mtge.6% Serial Gold bonds. A circular shows:
Dated July 1 1923: due $12,500 annually, July 1 1925 to 1934 incl.
Int. payable J. & J. at Oakland Savings & Trust Oa., Pittehurgh. trustee.
without deduction of normal Federal Income tax up to 2%. Tax-free in
Vice-President Frank J. Fahey says in substance: "The use of the Pennsylvania. Callable all or part on any int. date upon 30 days' notice
105 and int. Denom. 31.000 and $501c*.
Gillette blade edges by the carpet and rug manufacturers is constantly atCompany.
-Incorporated in Pennsylvania in February 1913. Business
increasing. A year ago this company developed a method for
holding a is the galvanizing of iron and steel products. Plant Is equipped to galvanize
part or a blade edge in carpet wires for cutting the loops to
make the pile iron and steel products of every description, from the smallest bolts
These blade edges when dull are thrown away and replaced largest structural
to the
of a carpet.
forms. Work in process at plant at the present time
with new ones. This assures the carpet manufacturer of uniform cutting includes bolts, nuts,
and eliminates ono of his greatest worries, viz., poor cutting due to variable transmission lines and steel barrel helps, structural stel, steel towers for
sharpness of his knives. Many improvements in the method of holding capacity of plant is many other farms of Iron and steel products. Present
60,000 tons per year.
the blade edge have been developed in rapid succession and it is now felt
Purpose.
-To liquidate all loans incurred In construction
that the ideal holder has been devised.
additional working capital for largely increased business. and to provide
"This company has already delivered 80,000 wires for holding their blade
Earnings -In no year since inearparation has company failed to earn
edges and over 1,016,000 blade edges. Orders for blade edges to
a substantial operating profit. The average annual earnings for the
the 80,000 wires outstanding are averaging 70.000 blade edges persupply 5 years and 6 months anis'
week.
The factory is over two months behind in the delivery of wires. Many of have been 335.183, or nearly June 31 1923, applicable to interest charges,
five Hulas the interest charges on this issue.
the best and largest carpet manufacturers are adopting this method as rapid- This amount Is before
depreciation
ly as deliveries of wires can be made to them and no doubt it will soon be were obtained from a much smaller and Federal taxes. These results
plant than now ooerated. For the
in universal use by all carpet manufacturers.
current calendar year earnings are at the rate of $70,000 per annum, or
"This now outlet for Gillette blades promises to be a factor
the company's business and should reflect itself In increased earnings inin compara- over nine time the interest charges on this issue.
a
-V.117, P. 212.
tively short time."
(M. A.) Hanna Company.
-Earnings.
The company and subsidiaries report net income of $807,265 after all
Globe-Wernicke Co., Cincinnati.
-Lease, &c.
charges, including interest, depreciation and depletion, but before Federal
see Globe-Wernicke Realty Co. below.
-V. 111. p. 2234.
taxes, for the five months ended May 31 1923.
Earnings as reported for 1922 before Federal taxes amounted to
Globe-Wernicke Realty Co.-Pref. Stock Offered.
$1,037,055.-V. 116, p. 1184.
-Central Trust Co. and Richards. Parish & Lamson are
offering at 9934
and diva.. $758,000 6% Cranul. Pref. (a. Sz d.) stock.
Hanna Furnace Co.
Dividends payable
-Earnings.
Q.
-J. Callable at 105 and diva, on any div. date after Jan.
1 1930.
Fire Months ended May 31
Capitalization.-Cumul. Pref. 6% stock auth.,
1923.
1922.
,
$1,000000: issued, Total operating Income
$758.000: Common stock, $50.000.
$735.465 loss$511 ,922
Total non-operating Income
The $758000 of 6% Cumul. Pref. stock has been purchased
6,580
39,930
from the
Globe-Wernicke Co., who had taken It and the Common
stock in full
Gross income
payment for the majority of the realty now owned by the
$742.045 loss$471,993
Globe-Wernicke Interest charges
Realty Co. The property owned by the Globe-Wernicke
$311,662
$290.284
Realty Co. Miscellaneous charges
consists of store buildings and warehouses. The
290,379
292,200
leases the property for the period of Its charter and Globe-Wernicke Co.
all
Net income
stock is outstanding, at'an renewals thereof,
so long as any of the Pref.
$140,034 loss$1054476
annual rental of -V. 113. p. 1364.
3120.000. being twice the amount of the dividend requirements
of the
present total authorized issue of Prof. stock. Although this
sum is amply
Harris Construction Co., Stamford, Conn.
sufficient to cover all contingencies, the Globe-Wernicke Co.,
-Preferred
guarantees the payment of all taxes, insurance, maintenance in addition, Stock Offered.
-Davis & Co., New Haven, and E. B. Merritt
mental charges on the property and all operating expenses and Governof the realty & Co., Bridgeport, Conn., are offering, at 102 and dividend,
company. Fire insurance is carried on the four buildings in a
total amount $500,000 8% Cumul.
of S860.000.
Particip. Pref. (a. & d.) Stock. A
The Globe-Wernicke Co. has agreed to purchase annually
in the open circular shows:
market 250 shares of this stock if obtainable at par or
Redeemable, all or part, at $130 and dirs. Dividends
less; but if not
obtainable, to pay an equivalent amount to the
payable
-J.
Globe-Wernicke Realty Transfer agent and registrar, City National Bank, Bridgeport. Q.
Co. as a reserve fund.
Conn.
After the Common stock h as received 8% annually, the
Preferred stock will
participate in any additional dividends to the extent of 2%,
Goss Printing Press Co., Chicago.
making a
-Bonds Offered.
- of 10% annually, before any additional dividends may be paid ontotal
the
Powell, Garard & Co., and Standard Trust & Savings
Common stock. After accumulated divIden
Chicago, are offering at par and interest $500,000 First Bank, paid on the Preferred stock an amount equalIs at the rate of 8% have been
to 2% of the outstanding PreMtge. ferred stock, as of Oct. 1 in etch ye tr, must then be set aside as a sinking
(Closed) 6%% Serial Gold Bonds. A circular
fund, which will be cumulative, beginning with 1924.
shows:
Moneys in sinking
Dated July 1 1923: due serially July 1 1925 to 1933.
Interest payable fund will be used to retire Preferre I stock by perch tse or redemption.
& J. at Standard Trust & Savings Bank, Chicago. trustee.
Builds moderate-priced homes on Its own acre tge, buys
Redeemable for its own
and
on any interest date at 10234 and interest. Company agrees
account, and does a general building contracting sells real estate
to pay interest
business.
without deduction for normal Federal income tax
not in excess of 2%. real estate owned by company his been appr ilsed at 31.482.720. OfThe
ths
Denom. $1,000, $500 and $100 c*
total appraised value. 31.204.720 consists of income-produ
cing businese
cempany.-Incorp. In Illinois. Grganized in 1885 by
property in the heart of Stamford and Greenwich.
printers and business men for the purpose of building a group of practical
Capitalization•
presses, and since that time has been continuously Improved newspaper g%
Authorized. Outstand'it
engaged In developing
Cumulative Participating Preferred Stock
and building presses for the printing of newsp tpers.
32.500.000 3500.000
magazines and cata- Common Stock
logues. The first presses turned out 6.000 8
2.500.000
544,530
-page newspapers per hour,
Rentals -Gross rentals from business properties
while now presses print, cut and fold 72,000 I6
now owned, and in the
time. The company Is the largest concern of its -page papers in this same course of construction, will aggregate an amount sufficient to pay all divikind In the world engaged dends on this issue of Preferred stock, after
deducting all charges, operating
In the building of newspaper and magazine printing presses.
sand tax.
A large
foreign business is done and branch selling offices are
rms.During 17 years that Benjamin Harris, President
maintained in Now
es
York and London.
has been operating in the construction and real estate business,of company,
prior to and
Net Earnings Available for Interest After Amortization, Depreciation
and since the incorporation of this comp my in Delaware in 1921. the profits of
Federal Taxes, Calendar Years.
his transactions hive totaled over $1.556.096, a yearly average of $92,123.
1919.
or 23e times the 8% dividend on this issue.
1918.
1920.
1921.
1922.
$301,787
$373,971
$447,482
$494.831
3417.836
Hayes Wheel Co.
-Proceeds will be used to build an addition to
Purpose.
-Earnings.
the factory on land
Six Months ended June 30now owned.
1923.
1922.
1921.
Total sales
• Balance Sheet as of December 31 1922( rev Present Financing).
4
Net profits after fixed charges but $9.672,812 $6,155,431 $5.556,361
AssetsLiabilities
before Federal taxes
900,026
510,331 • 184.153
Cash In bank
$252.0691Accounts p tyable
-V.117, P. 212; V. 116. p. 3002.
Notes & accounts recelaele. 1,172.514,Adv. p iy'ts on contracts_ _ $44
2 11063
6 288
1.022.3IllAccr. p iyroll. taxes. &c___
Merchandise
Helvetia Copper Co.
23,242
-Company Formed to Take Over Oil
U. S. Govt. securities.846 Federal taxes reserve
Properties in Texas.
323.508 Reserve for contingencies_
Inv. bonds & neer. Int_ ___
10 : 00
6500 0
0 0
18.916 First Mortgage 6 s
Due from MTh. companyThe Helvetia Oil Co. has been incorporated in Texas.to take over com500.000
1,066.790 Capital stock
Land, buildings. &c
2,928.200 pany's oil properties In MIMS with a capital of 200,000 shares of $1 par
204,896 Surplus
Patterns and drawings__
304,677 value paid in full. The entire issue with the exception of the directors'
120.970
Patents and patent rights_
qualifying shares Is owned by the lielvetia Copper Co.
3.123
Officers & employees notes
President M. F. LaCroix says in substance: In order to retain possession
4 .5
Prepaid expenses
Total (each side)
$4,226,472 of all of the present properties under the contracts now In force with the
various lessors, it will be necessary to drill at least 11 offset wells which
are
(H. W.) Gossard Co -Earnings.
now completed. The estimated cost for drilling and equipping these
wells is
Six Months ended June 30355.000.
1923.
Net, before taxes _____________________________
The properties owned by the company consist of 1.036 acres of
$267,587
31392
19 .
2085
proven
-V. 116, p. 1767.
oil lands and It will require a total of 157 wells to completely
develop these
holdings, thus leaving 114 wells to be drilled after Jan. 1 1924.
Great Lakes Engineering Works.
The direc-Registrar.
The Chase National Bank has been appointed registrar of 150,000 shares tors recommend that three of the four drilling rigs owned by the company
be started at once. By continuous drilling the 114 wells
of Common stock and 10,000 shares of Preferred stock.
-V.116, p. 1057.
pleted by July 1 1926 at a total cost of approximately should be com$450,000. It is
Gillette Safety Razor Co.
-Sales Outlet.
-
ear
[VOL. 117.
THE CHRONICLE
332
estimated that about $300,000 of this amount will be derived from the sale
of the oil produced on the property, leaving a balance of approximately
3150.000 to be supplied from other sources, or requiring a total of $200,000
in addition to the revenue from oil to complete the entire development of the
property.
The recoverable reserve of oil on these properties based on production
down to 1 1-6 bbls. per day is estimated at something over 2.000,000 bbls.,
which on the basis of $1 50 per bbl., and after deducting royalty, production
and maintenance charges, is estimated will yield a net revenue of approximately 31.700,000. Therefore, it seems entirely reasonable that the stockholders will eventually be reimbursed from the production of these wells to
the total amount of their cash investment and will receive approximately
-V. 111, p. 594.
a 200% return in addition thereto.
of the company: but, for the sake of uniformity, the result of those entries
has been omitted from the current statements.
The usual income account was published in V. 116. p. 1655.-V. 116.
p. 2521.
Insurance Building Corp., Boston.-Pref. Stock Offered.
-E. W. Clucas & Co., New York, are offering at 100 and
div. $1,000,000 7% Cumul. Pref. (a. & d.) stock.
Tho purchaser of the 7% Preferred shares Is entitled to three Common
shares with each 10 Preferred shares (par $100) at $100 and dividend.
Redeemable all or part at any time on or after Jan. 1 1928 at 107 and
diva. Divs. payable Q.
-F. National Shavirmut Bank, Boston, transfer
agent. On Mar. 1 1925 and annually thereafter corporation agrees to set
aside a sum amounting to not less than 25% of the preceding calendar
-To Acquire Oil Properties.
Helvetia Oil Co.
year's net earnings remaining after payment of divs, on the Pref. stock
See Helvetia Copper Co. above.
and payment of 1st Mtge. bonds maturing during such year, for the retirement of Preferred stock, either by call, by lot, or by purchase at a price
-Listing, &c.
Heidenkamp Plate Glass Corp.
to exceed 105 and diva.
The Pittsburgh Stock Exchange has authorized the listing of 31,000.000 not
-First Mtge. bonds, 33.000,000; 7% Pref. stock (auth.
Capitalization.
-Year Sinking Fund Gold Mtge. bonds (see offering in V. $1.500,000), 31,000,000; Common stock (no par value). 15.000 shares.
1st 133i% 20
116, 13. 1654).
-Organized in Massachusetts to acquire, hold and deal
Corporation.
Comparatire Income Account for Stated Periods (Old Company).
generally in high-grade investment real estate. Has acquired and owns
-Calendar Years- 3 MOS. end the entire block bounded by Milk St.. Broad St., Central St. and India St..
1922. Mar.31'23. Boston, containing about 27,000 sq. ft. of land with the 11-story and base1921.
1920.
Gross sales
$2,553,782 31,155,210 31,441,618 $485.850 ment first-class building, now in procas.s of erection thereon, to be known
4,240 as the Boston Insurance Exchange, and to be occupied under long-term
18,238
Returns and allowances
34,522
60,348
276,028 lea.ses for general office purposes by insurance companies,firms and agents,
Mfg. & oper. expenses
1,127,491
927,641 1.059.050
a large number of whom are of national standing and reputation.
.-The estimated annual earnings of the Boston Insurance
Earnings
Gross income
$1,365,944 $193,047 $364,333 $205,582
9,994 Exchange given in the following table are based upon the average rate of
Miscellaneous income
29,872
31,672
33.386
rental from 15
-year leases already consummated; all operating charges
Total income
$1,399,330 $224,719 $394,205 3215,576 are estimated at current rates for buildings of a similar class.
26,039 Income
$180.000
Admin. and general expenses 100,327
101,193
97,046
$515,000 Interest on mortgage
11,816 Oper. chgs., &c.,incl. taxes_ 140.000 Preferred dividends
70,000
57,043
51,926
Depredation
34,150
22,002
28,650
Federal taxes
7,117
512,528
3125.000
Balance
Net earnings
3375.000
Net profit
$68,630 3207,319 3155,718
See also V. 115. p.2164.
3752,326
-V. 116, p. 1654.
Henrietta Mills (of North Carolina).-Pref. Stock Offered.-Arnerican Trust Co., Charlotte. N. C., are offering
at 100 and div. $650,000 7% Cumul. Prof. (a. & d.) stock.
A circular shows:
-J. Callable at 105 and diva, up to July 1 1933.
Dividends payable Q.
and thereafter at par and dividends.
Company has no funded debt and no mortgage.can be placed upon the
property while this Preferred stock is outstanding without the consent of
75% of the Preferred stock.
Capitafixation.-Common stock, $1,350,000: Preferred stock. $1,000,000.
Purpose.-Proceeds will be used to retire the present outstanding 8%
Preferred stock and for betterments and improvements,including the equipment of Mill No. 1 at Henrietta to manufacture colored goods.
Assets -Company has net quick assets of over 31.300.000, or over $130
for each share of Preferred stock: and total net assets of over $3,350,000,
or over $335 for each share of Preferred stock.
Company.
-Organized In 1887 and since organization has enjoyed an
unbroken record of successful operation. In 1921 the Cherokee Falls Manufacturing Co. was purchased and is now a part of the Henrietta Mills.
Company operates a total of 103.136 spindles and 2,269 Draper automatic
loom.s
-Honolulu Plantation Co.
-Resumes Dividends.
A monthly dividend of 25 cents per share has been declared payable
Aug. 10 to holders of record Aug. 1. This is the first dividend since Sept.
1921. when a distribution of 15 cents per share was made.
-V.111. p.900..
Hoover Suction Sweeper Co.
-Sub. Co. Name Changed.
Supplementary letters patent have been issued under the Seal or the
Secretary of State of Canada. dated June 29 1923, changing the corporate
name of "The Hoover Suction Sweeper Co. of Canada, Ltd.," to that of
"The 17'i:rover Co.. Ltd."
-V. 115. p. 2911. 2588.
Hydraulic Steel Co.
-Earnings.Total
-Three Months EndedPeriodJune30'23. Mar.31'23. Six Months
Gross sales
$1.963.889 31,375,885 33.339.774
Expenses, production, cost, interest on
borrowings.&c
1.822,4001 1.429.4701 3,318,365
Interest and miscellaneous deductIons_
06,495)'
Net profit
All8eiS-
Property account.
Cash
Notes ds accts. roe.
Inventories
Other assets
Patents and patent
rights
Deferred expenses_
Profit & loss deficit
321.408
$74,993 def$53,585
Comparatire Balance Sheet June 30.
1922.
1921.
1921.
1922.
$
$
Ltabilittes-;
6.346,073 6,014,765 Pref. 7,- stock__ 5,998,000 5,998.900
189,032 Common stock_ _ _ 1,472,592 1.472,592
91,385
549.368 1.307,520 Funded debt
2,851,300 2.957,500
1,679,755 1,285.170 Notes and accep454,927
541,981
tances payable_ 366,503
190,000
Accounts payable. 431,655
390,591
553,108
553.108 Accr. Int. &royal's
61,265
92,091
982,841
924,329 Lisbon Gov.bldgs. 286,811
286.811
1.351,366 1,212.625 Reserves
670.869
508,771
Total
12,00S,623 12.028,530
-V. 116, p. 2521.
Total
-Plan Increased Cap.
International Agricultural Corp.
John J. Watson, Jr., V.-Pres. & Treas., on July 18 stated that plans now
under consideration will add to the corporation's capital. He says:
"A committee, which was appointed several years ago for just such a
purpose, is now functioning afeiln, with a view of reaching a decision and
reporting to the board of directors. When the plan is evolved and carried
out it will cause a reduction of the company's bank loans and give it ample
working capital to handle its business without difficulty in the future.
That is what is needed.
"The company's business has improved in recent months, but like other
fertilizer concerns, we have been suffering from a lack of working capital
because of the large amounts tied up in credits to our customers. Recently, ,
however, we have made good progress in collecting ROM of our old accounts
and conditions are looking better.
117, p. 94.
-Government Sues to DisInternational Harvester Co.
solve Ccmpany-Would Split Company Into Three Parts
-President Legge Replies.
Under Sherman Anti-Trust Laws
See under "Current Events" this issue.
Mixed Commission
Against Germany.
Fixes
$3,316,000 as Company's Claim
According to a Washington dispatch, the mixed Claims Commission,
created to settle American war claims against Germany, on July 16 made
its first decision, an award of $3,316,765 to the International Harvester Co.
for property seized in Germany'.
It is pointed out, however, by an official of the company that the award
is merely the acknowledgement of a debt and will have no immediate effect
on the company's position. It is this official's understanding that no
money will be actually paid until all claims are judged, and then whether
the full amount will be paid will depend on thp amount of money in the
hands of the Alien Property Custodian, that is, money received through
sale of German property seized In the United States during the war.
V. 116, p. 2819.
International Lamp Corp.
-New Officers.
The following officers have resigned their positions: D. W. Baird, Pres.:
Wm. J. Casey. V.-Pres., and A. 0. Christensen, Treas.
Webster Stone, of Grand Rapids, has been elected Pres.; John L. Green,
V.-Pres.. and 0. A. Lutsenkerchen, Sec. & Treas. Geo. R. Meyercord.
Pres. of the Illinois Manufacturers Association, has been elected a director.
V.
- 116, 13• 2889.
-Answers Complaint.
International Shoe Co.
As toe result of a complaifit filed by the Federal Trade Commission the
company nas informed the Commission that it has divested itself of all
stock of share capital of the W. II, McElwain Co.
The Commission neld that the acquisition by the International of tne
stock of the McElwain company constituted a monopoly in restraint of
rade. See also V. 116, p. 3002. 2772. 2521, 2395.
.
Iowa Southern Utilities Co.
-Earnings.
Year Ended May 311923
Gross earnings
Operating expenses_ _
$960,938
583.210
Net earnings
12,008.623 12,028.530 -V. 116. p. 1768.
Illuminating & Power Secs. Corp., N. Y.
-Smaller Div.
The directors have declared a quarterly dividend of 45c. per share on the
Common stock, par $50, payable Aug. 10. Dividends of 75e.per share
were paid on the Common stock on Nov. 15 anti May 15 last.
-V. 115. P•
2053.
Imperial Tobacco Co. of Great Britain & Ireland.
-
The company has declared a 7% interim dividend on the Ordinary stock.
tax free, payable Sept. 1. An interim dividend of 73li% was paid on the
Ordinary shares on Sept. 1 1922. See also V. 116. p. 2689.
Iron Products Corp.
-Earnings.
S3 ,72
Net earnings for the six months ended June 30, it is reported, were in
excess of $1,000,000. Compare V. 116, p. 3002.
-Earnings Year
Jersey Central Power & Light Corp.
ended May 31 1923.erng ngs
&c., charges
ip rat r ex
Lressint.:ni1stpen.ses. maintenance, taxes,7s, $87,500
Lien 611S, $227,500; Deb.
4
Ann.
Federal taxes
$22,814141:086799
32156..0664°0
-Rates Reduced.
Indianapolis Light & Heat Co.
-
$3i67:512006
Balance
A reduction In the Was for electrical energy charged large industrial Annual dividend requirements
consumers in Ind'anapolis by the above company and the Merchants' Heat -V. 117, p. 94.
& Light Co. has been ordered by the Indiana P. S. Commission, effective
Jordan Motor Car Co.---Salcs, &c.it once. The new rate includes a demand charge of $1 25 a month per k.w.
For the twelve months ended June 30 1923 the company reports sales of
hour and an energy charge of from 2.2 cents to 1.3 cents a k.w. hour. A
reduction to domestic consumers was made about a year ago -V. 115. $15,029,456. The company produced 10.147 cars during the same period.
Production during the year ended June 30 totaled 10,147 cars, an increase
p. 2588.
of 93% over the previous year. Sales totaled $15,029,456. Inventory
-To Redeem Bonds.
was turned over approximately 15 times during the year. Sales and
Indianapolis Water Co.
advertising expenses were 3";. of the total volume.
-V. 116. 9• 1.53(1,
The company has elected to call all of the outstanding Gen. SItge.
the
bonds for redemption Oct. 1 at par and int.. payment to be made at
,
KansasGas 8c Electric Co.
-Annual Report.
New York Trust Co.. trustee. Holders of bonds desiring to anticipate
1919.
Calendar Yearspayment may present their bonds to Bankers Trust Co. 14 Wall St., N. Y.
1922.
1921.
'
City, whdliwill make payment therefor at par and int. to date of delivery. Gross earnings
$1,111,157 $4,737,554 $3,605,982 $2,667,51e
1,883,518
, 7
1 880
2 92 :12o
Open. exp., Incl. taxes.. 3,373,411
-V. 117, p. 94.
3,312.355
Inspiration
-Balance Sheet Dec. 31.
Consol. Copper Co.
1921.
-1921.
1922.
1922.
-Assets
Capital stock ($20
Mines, min. claims
934,208
per share)
23.639.340
16,632.435 16.
and lands
Bldg& & equipm't.10,570,772 9,519.619 Accounts dr. wages
payable and acprep.exp_ 1.967,580 2,092,078
Supp. dr
1,165,180
Accts. receivable_ _ 682,031 1,511.5411 crued taxes
3,728,199
652,8331 Depreciation
Cash & cash assets. 2,518,745
6,272,395
799
' 021 Surplus
Copper on band_ _ 1.520,481
902.670
Inv. In sundry cos, 913,070
23.639.340
1,112,516
3,413,945
6,246 230
'34,805.114 34.412,031
Total
34,805,114 34,412,031, Total
-This balance sheet is made up on the same basis as heretofore.
Note.
In order, however, to comply with the Government income tax requirements for the purpose of computing depletion. an additional valuation
ef mining property as of March 1 1913 has been recorded upon the books
Net earnings
Other income
3 1 742
31.737:946 31,42.5.199
2,450
Total income
$1,769,688
Interest on bonds
652.748
Other int. & deductions_
145.196
Preferred dividends_ _ _ _
174,861
51.427.649
373,680
367,376
164,796
$718,862
6,067
$783.998
1,093
$724.929
293,400
289,873
165,506
3785.091
293,400
185,004
144.491
Bal, for renewal & re$162.196
plac't res. & surplus $796,863
S52'.797 def$23,850
-Earnings for the years 1922 and 1921 include the earnings of the
Note.
and the Newton Gas & Fuel
properties of the Hutchinson Gas & Fuel Co.
Co. purchased by the Kansas Gas & Elec. Co. during the year 1921.V. 116, p. 2395.-V. 115 p. 2800. 1436. 1105.
Kansas City (Mo.) Macaroni & Importing Co.
Bonds Offered.-
JULY 21 1923.1
333
THE CHRONICLE
Stern Bros.& Co., Kansas City. Mo.,are offering at 100 and hit. $110.000
1st (Closed) Mtge.63i% Serial Gold bonds, dated April 15 1923, due semiannually to July 1 1933. Int. payable J. & J. at Stern Brothers & Co..
Kansas City, Mo., *without deduction for normal Federal income tax not
exceeding 27
. Red. all or part on any hit, date on 30 days' notice at a
premium of % for each year or fraction thereof from redemption date to
maturity. Morris Stern, Kansas City. Mo., trustee.
Company is engaged in the manufacture of macaroni and kindred products, with factories in Kansas City. Mo., and Denver, Colo, and in the.
Importation of olive oil, cheese. Italian sauces, &c. Products are sold
almost exclusively to wholesale grocery houses, principally in States west
of the Mississippi. Present capacity is about 8,000,000 pounds annually.
Company was fncorp. bi 1916 and in Sept. 1922 consolidated with the
American Beauty Macaroni Co. of Denver, which was incorp. hi 1910.
Net profits from operations for the first 4 months of the current year
are at rate of over 4 times maximum annual interest requirements of the
entire loan. In addition, an annual net income of approximately $6,000
is derived from the rental of apartments and stores owned.
Proceeds are to be used to reduce current debt and to retire prior liens on
both the Kansas City and Denver plants.
-Authorized. 3600,000 (par $100): outstanding, $538,000;
Capital Stock.
1st Mtge.
(6%%)Serial Gold bonds (this Issue), $110,000.
(G. R.) Kinney Co., Inc.
-Accumulated Dividends.
The directors have declared a dividend of 3% on the Preferred stock (on
account of back dividends), payable Aug. 1 to holders of record July 20.
This reduces dividends in arrears on the Preferred to 3%•
The regular quarterly dividend of 2% has also been declared on the
Preferred stock, payable Sept. 1 to holders of record Aug. 20.
Biz Months ended June 301923.
1922.
Gross sales
68,903,063 $7,828,556
Cost of sales, administration expenses, &c
8.201,393
7,192,546
Net operating profit
Other income
$701.670
59,941
$636,100
44,354
Total net income
Interest and discount
Estimated taxes
Preferred dividends
$761,611
$105.507
90.000
223.924
$680,394
$112,367
45,000
x223,924
$342,180
-Annual Report.
Lucey Mfg. Corp.(New York).
Consolidated Income Account Years Ending Dec. 31.
1921.
1920.
1922.
$854.921 $2,351,440
$662,823
Gross profit
876.612
1,630,328
818,810
Selling, general & administrative exp_
Operating loss
Miscellaneous income
$155,988
56,394
Gross profit
loss$99,594
$91,286
-Bad debts, &c., reserve.... _ _
Deduct
Nierch.losses & inventory reduc'ns_
116,166
Add'n res. to reduce cos.' holdings
in affil. cos. not consol. to book
values at Dec.31
93,000
170.759
Interest
6,197
Miscellaneous deductions
$21,691prof$721,112
69,487
347,796
$75,762
396,246
3721,112
60.000
93,750
Provision for 1920 Fed.taxes(est)
Class "A" dividends
123,000
182,261
4,715
170,000
93,750
Balance, deficit
3577.003
$827.938 sur$397,362
Note.
-Accumulated unpaid dividend on class "A"stock, $281,250.
Consolidated Balance Sheet Dec. 31.
Liabitutes1922.
Assets1921.
1921.
1922.
Class "A" stock31.875,000 31,875,000
Ld.,bldgs., mach.,
equip, &c__ _ _x31,158,647 $1,167,392 Class "B" stock_ _z1,190.016 1,190,016
Invest.& advances 468,948
492,896 10-yr. 8% cony.
sk.fd. notes_ _ 1.315,000 1,400,000
Inventories
1,888,236 2.143,031
Accts.& notes rec_y1,119,224 1,251,799 Notes, accts., &c.,
payable
208,325
1.334,053 1,176,711
Cash
303,084
Deferred charges._
50,000
36,590
25.000
37,841 Purch.money notes
Deficit
1,264,509
687,507 Adv.on customers'
orders
26,334
108,744
Indebt. to affil. co.
6,106
not consolidated
Accr, int. on notes
52,600
56,000
307,729
239,729
Reserves
$299,101
Total
Balance for Common
36.239.238 35,988,791
Total
$6,239,238 $5,988,791
x Land, buildings, machinery, equipment. &c., $1,776.307, less reserve
x None paid, shown for comparison.
for depreciation, 617.660. balance. $1,158,647. y Accounts receivable.
Commenting on the future, E. H. Krom, President of the company. $1,213,794: notes receivable, $62,654; total. $1,276,449: less reserve for
states: "I am pleased to say that the results for the first six months doubtful notes and accounts, $157,224. z Clams "B" stock, authorized,
of this year seem to be qtdte satisfactory. Looking ahead for the balance 150,000 shares of no par value (declared value 35 per share), outstanding
of the year. I will say that company has been very active in completing add reserved for exchange for shares of old Common stock. 100,000 shares
plans for increased sales, and earnings and unless conditions are very of book value as at June 30 1920. $1,190,016.
a Includes reserve for depreciation of investments in stocks of affiliated
unfavorable: I expect the last six- months of this year will exceed any
companies not consolidated $216,000, and reserve for contingencies $91,729.
-V. 116, p. 2644
record previously made by the company."
-V.117, p.213.
-Ear flings/or First Six Months of 1923
Kirby Lumber Co.
-Revaluation of Timber Assets-Balance Sheet as of June 1'23.
The stocknolders recently authorized an issue of 314,000,000 15
-year 6%
bonds, of whicn $11,550.000 will be offered to preferred stockholders in
exchange for tneir stock at 105 plus accrued dividends of $126 per share,
each share of Preferred stock outstanding. The remainder
making $231 for
of the bonds will be issued to provide funds to retire $2,400,000 Houston
Oil Co. bonds.
The "Wall Street Journal" July 17 says:"The company's earnings, after
all taxes for the first six months of 1923, with June estimated. were $1,161,191. While it is not expected that earnings in the final six months will be
as large_ as for the first two quarters, it is estimated they will be at least
$850.000 making total profits for the - ar approximately $2,000.000.
areoutstanding .l0.000
o
C
Tgli ritzWeak:i7g consideration timber realizations igi
a
(l' e
jt7ggtilel&
a
months ended June 30 totaled 3700,000. In addition, a piece of property
was sold on which the profit was more than $100,000.'
Tee "Wall Street Journal" quotes President John II. Kirby as follows:
"With outlook for a reasonably good cotton crop, and extensive oil
development in the immediate territory of our operations, we are confident
that we will have a good business for the remainder of 1923. Though business may not be in general as active as it was in the early part of the year,
there is a great shortage of homes in our territory, and the people are reasonably prosperous, and we know they are going to call for our material at
prices that will net us good returns. In addition to tnis, we look for some
activity in the Republic of Mexico. Our mills being nearer than others, we
look for a valuable business in tnat country, . I also feel that the general
lumber business throughout the country will be Manny and conducted at a
profit during the remainder of the year."
In previous balance sneets the company carried its timber at cost and Los
Gallup and Chapman option contracts at merely nominal price. These
options have been exercised and company will shortly receive conveyance
of the properties. Company has revalued its timber assets so as to bring
them more nearly to curds nt prices for similar timber properties, and has
submitted a consolidated balance sheet as of June 1 last, which shows
assets and liabilities under these new valuations, and including the Gallup
and Chapman properties now being conveyed to the company.
Balance Sheet as of June 1 1923.
Asses
$552,917 Bills payable, banks
Cash
$275,000
Bills receivable
700.336 Bills payable-others
56,225
Accounts receivable
2,427,589 Accounts payable for mdse_ _
270,481
Inventories
1,440.815 Unpaid wages
77,598
Notes rec. from timber sales_
279,996 Salesmen's commission
6,997
Real estate(not used in oper.)
63,740 Miscellaneous
8,097
Securities owned
100,000 Accrued accounts:
Timber and timber lands---x36,175,000
U. S. income tax
243,479
Real estate, mill sites, &c---159.583
Res. State & county taxes_
166,383
y Mills, trains, equip., arc__ 7,700,000
Interest payable
102,355
Deferred charge items
81.488 Timber paid for, but .not
cut by others
39,219
Reserve for doubtful acc'ts
55.000
Houston Oil Co. bonds
2,400,000
Southw. Lumber Co.of N.J _
357,489
Common stock
5.000,000
Preferred stock
5,000,000
Surplus
35.623.141
Total
$49,681,466
Total
$40,681,466
McCrory Stores Corp.
-Merrill, Lynch &
-Stock Sold.
Co., New York, announce that the unsubscribed portion'of
the issue of $3,000,000 7% Cumulative Preferred stock
recently underwritten by them has been sold. The price was
$100 per share without warrants and $102 per share with
a warrant entitling the holder to purchase one share of new
non-voting Class B Common stock on or before Dec. 31
1930 at $50 per share. (See advertising pages).
Tne corporation operates 165 five and ten cent stores in nearly all the
States east of tne Mississippi River. The business has not had an unprofitable year during the past 37 years. Gross sales for 1923 are estimated at $21,000,000 and net profits at 31,500.000. or over seven times
dividend requirements on the new issue of Preferred stock.
Net tangible assets as of Dec.31 1922,after including the recent financing,
amounted to $7.160,163, or $238 per share of Preferred, of which amount
net quick assets were $4.069.282,or $135 per share of Preferred stock. The
corporation has no funded indebtedness.
Application will be made to list this Preferred stock on the New York'
Stock Exchange. Compare also V. 117. p. 95. 213.
-Stock Option.McIntyre Porcupine Mines Ltd.
President J. P. Bickell recently stated that Miller & Co. of New York
have taken up 10,000 shares of treasury stock at $15 per share and that
option of balance has been extended for another year. The company
milled an average of 1,000 tons a day in June,it is stated.
-V.116, p. 1903.
Maple Leaf Milling Co., Ltd.-New Financing.
Osier & Hammond. Toronto, Osier, Hammond & Nanton. Winnipeg,
Dominion Securities Corp. and the National City Co. have purchased
$2,000,000 63.6% 1st Mtge. Sinking Fund bonds. A public offering is
expected in the near future.
The bonds are dated Aug. 1 1923 and mature Aug. 1 1943. Int. is payable Feb. 1 and Aug. I. Company has an authorized capital of 82,500.000
Common stock, $3,500,000 Preferred and $4,000,000 bonds. The entire
issue of Common is outstanding, 32,930,000 of Preferred, and the present
issue, 62,000,000. of bonds. The remaining $2,000,000 of bonds can only
be issued against 75% of the cost ofadditions to or betterments of properties
and plants, provided that the average annual earnings for the preceding
three years are at least twice the interest on bonds outstanding and those
proposed to be issued.
-V. 117. p. 213.
Marlin Fire Arms Corp., New Haven.
-Receivers.
-
Judge Thomas of the U. S. District Court at Hartford has appointed
L. H. Strouse of the firm of Flaherty, Turner & Strowse, New York City.
and Eugene S. Bibb, New York, receivers. The appointment of the
receivers. it is stated, is preliminary to reorganizing the company.
V. 116, p. 2644.
Merchants' Heat & Light Co.
-Rates Cut.
See Indianapolis Light & Heat Co. above.
-V. 116. p. 2773.
Metropolitan Edison Co.
-New Subsidiary Companies.
-
The company is organizing three subsidiaries, to be known as the South
Londonderry-Lebanon Electric Co., West Cornwall-Lebanon Electric Co.
and the Cornwall-Lebanon Electric Co.. to erect transmission lines through
me respective territories.
-V.117. p. 96.
x Land: 410,000 acres in fee, at $5, 32,050,000; pine timber, 12
Middle States Oil Corp.
-inch and
-Developments.
up: 2.100,000,000 ft. at $10, 321,000,000: pine timber under 12 inch:
The Wyoming Development Dept. of the Middle States interests reports
500.000,000 ft. at $5, $2,500,000; hardwood timber: 1,250,000,000 ft. at that a mile of track a day on the Casper-Salt Creek Division is now being
$8 50, $10,625,000. y Valuation of $2 per 1,000 ft.on standing timber.
- laid with rails. This division is expected to be handling freight before
V. 117, p.213.
the end of July.
Middle States interests last week completed four wells in Osage County,
Landers, Frary & Clark Co.
-Stock Dividend, &c.
Okla.
-V.117, D. 96.
The stockholders on July 11 (a) increased the authorized capital stock
Midwest Sugar Refining Co., Chicago, Ill.
-Stock, &c.
from $7,000,000 (all outstanding). to $10,500,000, par $25, and (6) authorpayment of a 50% stock dividend on July 21 to holders of record
ized the
-A circular issued by F. A. Brewer & Co., Chicago, who are
July 11. It is proposed to put the new stock, to be outstanding, on an 8%
-V. 116, p. 2889.
offering the Class "A" Common stock at $25 per share,
per annum basis,
-Takes Options on Claims.
La Rose Mines, Ltd.
-
An official statement says in part: "The company has taken options on
a group of claims aggregating 500 acres. The properties optioned by tile
company are in well located territory and a small gang of men is now
-V. 116. p. 1185.
employed in prospecting and trenching."
--Sale.
Liberty Motor Car Co.
The sale of the property scheduled for July 17 has again been postponed
to Sept. 6.-V. 116, P. 2889.
-New Directors.
Lord & Taylor, New York.
-
The stockholders have authorized an increase in the number of directors
from nine to ten. Frederick T. Lewis has resigned from the board and
Thomas P. Abbott and Charles J. Dunn have been elected directors to
fill two vacancies.
The directors have declared the regular quarterly dividend of 1%% on
the 1st Prof. stock, payable Sept. 1 to holders of record Aug. 18.-V.
116, p. 2890.
affords the following:
Foreman Bros. Banking Co., registrar. Central Trust Co. of Illinois,
transfer agent.
Compang.-Organized in June 1923 in Illinois and purchased from the
estate of the late Charles Pope all of the properties and assets formerly
known as the Charles Pope Beet Sugar Works, which has been in successful
operation since 1905. The plant and properties, located at Riverdale.
a Chicago suburb, comprising some 1454 acres, are owned in fee simple
without mortgage or other incumbrance.
Capitalization.
-Class "A" Common stock. 20,000 shares authorized,
of which 10.000 shares have been issued. Class "B" stock authorized
and issued, 40,000 shares.
Dividends.
-Charter provides for a regular dividend of $2 per share on
the Class"A"shares, payable quarterly. These dividends are cumulative.
No dividends are payable on the Class "B" stock until all dividends have
been Paid on the Class "A" stock, after which the Class "B" stock shall
be entitled to a similar dividend of 82 per share, which dividends, however,
ore not cumulative. Thereafter both classes of stock shall share equally
in additional dividends. It is the intention of the directors to declare
334 .
THE CFIRONTCLE
and pay the first quarterly dividend on the Class"A" not later than Nov. 1
In liquidation Class'A" shall first receive $25 per share, and after payment
of a like amount to holders of Class "13" stock, the remaining assets will
be distributed ratably to holders of Class "A" and Class "B"stock.
-Annual profits (sugar at 8c.) are carefully and
Earnings Capacity.
conservatively estimated by Ira H. McKinney at $307,700, being over
15 times the regular $2 dividend requirement on outstanding Class "A"
stock. After payment of a like dividend on the Class "B" stock, the
surplus in which Class "A" stock participates is sufficient to pay an additional $4 per share dividend on these Class"A" shares.
Balance Sheet Adjusted to Show the Effect of the New Financing as of April
30 1923.
Assets
Liabilities
Cash
$38.129 Accounts payable
$6,175
Inventories
71,419 Notes payable
3,180
Prepaid expenses
25.878 Accrued expenses
1.570
Organization expenses
58.915101."A" stock (10.000 shs.)_ 250.000
Machinery & equipment_ _ _ 499,391 Cl."B"stock (40,000 shs.)_ 500,000
Real estate & builcUngs
248.604'Surplus
181.412
Total
Total
$942,337
$942.337
Directors.
-Theodore W. Bunte, Pres.; Arthur E. Dike, V.-Pres.;
Edward Boehm. Sec.-Treas.; Ira H. McKineny, Gen. Mgr.; Paul F.
Belch, Harry Muller, Earl J. Robinson (F. A. Brewer & Co.).
-V. 116,
p. 2644.
Mobile (Ala.) Gas Co.
-Gas Rates.
-
Special Master Hugh Debt, who was appointed by Judge Henry D.
Clayton to inquire into the valuation of the company's property for ratemaking purposes, finds that the valuation of $1,700,000. the last rate fixed
by the Alabama P. S. Commission, is confiscatory. The Special Master
holds that the valuation of $1.969,565. the amount first fixed by the Commission. should be used for rate-making purposes.
-V.116, p. 1904.
Mohawk Mining Co.
-Balance Sheet Dec. 31.-
1922.
1921.
1922.
1921.
Assets$
Liabilities$
$
$
Real est.
mining
Capital stock
1 800.000 1,800,000
prop., bi
dgs., &c_4,219,255 4,230.113,Accts. payable, &c__ 106,633 125.803
Ore body enbancem't
'Unrealized appreen.4,366,047 4,670,885
as of Mar. 1 1913_7,524.790 7,524,790 Res've for depreen.1,687,234 1.587,534
Misc. stks. & bonds- 96.592
96,5921Depletion reserve_ _3,978.915 3,606,662
Cash
1,109,248 474.200 Res've for conting_ 400,000 400,000
Accts. & bills reedy_ 534,726 603.554 Surplus and realized
Copper on hand
271.687 928,072 appreciation
1 609.589 1,867,572
Supplies at mine__
190.450 198.564
Unexpired insurance_
2,571 Total (each side)-13,948,41914,058,456
1.672
The usual comparative income account was published in V. 116, p.
1904.-V. 117, p. 214.
Moon Motor Car Co.
-Earns. 6 Mos. end. June 30 1923.
Earnings before taxes
Net profit after taxes
-V. 117, p. 96.
$751,410
649.970
Montana-Bingham Consol. Mining Co.
-Bonds, &c.
-
The company recently created an authorized issue of $300,000 lst Mtge.
7% Gold bonds, dated June 11923, due June 11933. but red, all or part
on June 1 1928 atpar and int, or on any int. date thereafter to and including
Dec. 1 1932 at 103 and hit. Int. payable J. & D. Columbia Trust Co..
Salt Lake City, Utah, trustee.
Holders of the outstanding $178.600 6% bonds. due June 11923, have
agreed to exchange their holdings for an equivalent par amount of the
new bonds. The balance of the issue. viz.. $121,400 are being sold at 98
and int., and if disposed of will give the company approximately $119,000 cash for working capital.
The Montana-Bingham property is favorably situated in the famous
Bingham district, Salt Lake County, Utah. It is traversed by 8 veins, two
of which have been of particular importance as ore producers for over
50 years. Exploration work the past two years has demonstrated the
continuity of valuable ore-shoots and made large areas of productive ground
easily available. The sum to be derived from the sale of additional bonds
is considered adequate to properly develop and equip the property, and, if
deemed advisable, to acquire adjoining ground.
Notwithstanding existing conditions, profits from mine operations to
the past two years (exclusive of development, depreciation and depletion
charges and bond interest) have been: 1921. $46.380; 1922, $27,501; total.
$73.881.
Balance Sheet as at Dec. 31 1922.
AssetsLiabilities
Prop., bldgs., equip., &c..$3,407.842 Capital stock
$2,539,996
Current assets
31,333 1st Mtge. 6s
178,600
United Bingham Copper
Current liabilities
11,852
Co. (stock)
54.300 Res.. incl. depr., depl.,&c.
68,130
Deferred debit items
2.711 Capital surplus
697,608
Total
$3,496,186
Total
$3,496,186
Montaup Electric Co.
-To Issue Stock.
-
The company has anr.liecl to the Mass. Dept. of Public Utilities for authority to issue at par (S100) $600,000 Common stock, for the purpose of
acquiring real estite and equipment and for other corporate purposes.
Total authorized capit'd stock consists of 60.000 shares of Common and
15.000 shares or Preferred. all of $100 par.
The Edison Electric Illuminating Co. of Brockton has applied for authority to acquire 1.790 s'aares of Common stock of toe Montaup Electric
Co.: Fall River Electric Light Co. for autnority to acquire 2,500 shares.
In addition to imtne,liato subscription to 2.500 shams of Montaup stock,
stockholders of the Fall River Electric Light Co. have authorized the
directors to subscribe for Common and Preferred stock to an aggregate
amount not exceeding $2,625,000.-Y. 116, p. 2138.
Motion Picture Production Co. of America, Inc.
-
[VOL. 117.
to supply the systems of the above companies. The ultimate capacity
of this steam plant will be 200,000 k. w.
New Madison Square Garden Corp.
-Preferred Stock
So'd.-Allen, Weed & Co., New York, have sold at $20
per share, to yield 10%, 50,000 Class A Cumulative Participating Preference Stock of no par value.
Data From Letter of President G. L. Rickard.
Registrar, Chase National Bank, New York. Transfer agent, Guaranty
Trust Co., New York. The Class A stock is non-callable and entitled to
$2 per share per annum cumulative dividends, and to receive upon involuntary liquidation $20 per share and diva., and upon voluntary liquidation
$35 per share and diva., in preference to the Class B stock, and, after the
payment of a like sum to the holders of the Class B stock, is entitled to participate equally with the Class B stock share for share in any additional
assets. The first dividend is payable Aug. 1 and thereafter quarterly.•
After the company shall have compl'ed with the sinking fund and special
fund requirements, non-cumulative dividends at the rate of $2 per annum
per share may be declared upon the Class B stock. The further earnings
of the company are to be divided equally between Class A and Class 13
,
stockholders. Upon default in the payment of four consecutive quarterly
dividends, the holders of the Class A stock shall be entitled to vote for a
majority of the board of directors.
Capitalization (No Funded Debt)Authorized.
Issued.
Class A Cum.Partic. Pref.stock (no par)
125.000 shs. 75.000 shs.
Class B stock (no par)
125.000 shs. 125.000 shs.
Company -Organized in New York in July 1923 to purchase and acquire.
free of all liabilities, the business, assets, properties and good-will of the
Madison Square Garden Corp., organized in August 1920.
Although previous to this time the Garden had never been a financial
success, under the aggressive direction of Mr.Rickard a successful and growing business has been built op.
Through the installation of a large swimming pool, a loss was turned into
an actual profit. Gross receipts of the swimming pool, rentals and miscellaneous exhibitions were over $1,500.000 in the year and a half up to Dec.31
1921. In conjunction with its affiliated organization, the Madison Square
Garden Sporting Club, the corporation has received in excess of $3.000.000
from boxing bouts alone for the same period, and Federal and New York
State taxes were paid to an amount of over 3500.000. Since the present
management took charge over 5,000.000 persons have been in Madison
Square Garden.
New Property -The undisputed demand by the public for increased
amusement has made expansion a necessity. With this in view, negotiations are nearing completion for the purchase of a portion of the New
York Rys. car barns, which cover the entire block bounded by 6th and
7th Avenues and 50th and 51st Streets. It is planned to erect a New Madison Square Garden on this site. in the midst of the theatrical district and
available to transportation facilities. Arrangements for the sale and lease
of space to be used as stores, theatres and offices are already under way.
The entire centre section of the block will be reserved for the New Madison Square Garden building. The arena, together with a proposed 26
story office building, will cover an area in excess of 75.000 sq. ft., and will
involve when completed approximately 35,000.000.
New Madison Square Garden Corp. intends to own in fee simple the new
building and its part of the real estate. The building when erected will be
the largest and most completely equipped in the world for sporting events
and other amusements, with a seating capacity of about double that of the
old Garden. It will have seating accommodations for about 22,000 persons.
It is conceded by experts in the amusement field that there is unquestioned
room for both buildings in New York. and the old building Is to be retained.
The now corporation owns the arena on "Boyle's Thirty Acres" in Jersey City, already famous for the Dempsey-Carpentier fight and the more
recent bout between Willard and Firpo.
Earnings.
-A report made as at April 30 1923 by Price, Waterhouse &
Co., shows that the earnings of the old Madison Square Garden Corp..
before special charges, since its organization two years and nine months
ago. were $1,331.739, and for the last two years 31.168.577.
an annual
average of $584,288, which is the equivalent of $7 79 per shareor the Class
on
A Cumulative Participating Preference stock to be presently outstanding.
The appraisal by Ford, Bacon & Davis, Inc., engineers, shows assets of
$1,154,969. In their report. dated June 5 1923, it is stated that the future
earnings, including return from rentals, can be fairly estimated, before special charges. at $950.000 per annum,or $7 60 per share on the entire authorized issue of 125,000 shares of Class A stock.
Sinking and Special Funds
.-On Nov. 15 1924 and in semi-annual installments thereafter, the company shall set aside out of its profits as a
sinking fund for the purchase of Class A stock in the market, if obtainable
at not exceeding $35 per share, an amount equivalent to at least 50 cents
per share for each share of Class A stock outstanding. The sinking fund
provisions are cumulative.
To the extent that moneys in the sinking fund shall not be exhausted as
provided, and so long as the special fund shall be less than $500.000, the
balance remaining in the sinking fund on May 1 1925 and semi-annually'
thereafter, shall be credited to the special fund. When the special fund
shall aggregate $500.000, and when the unexhausted balance in the sinking fund shall aggregate $500.000, the sinking fund requirements shall be
suspended, until the credit balance in the sinking fund shall again be less
than $500,000.
On Nov. 15 1924, and semi-annually, after the payment of cumulative
dividends on the Class A stock, and after the payment of the sinking fund
obligations, the company shall credit to the special fund an amount equal
to 5% of the net profits for the 12
-months period ending Dec. 31 of the preceding year. The special fund provisions are cumulative. When the special fund shall aggregate the sum of $500,000, the requiremnts In respect
thereof shall cease.
Purpose.
-Proceeds will be used towards the acquisition of the new property and for other corporate purposes.
Directors.
-Among the directors are Anthony J. Drexel Biddle of Philadelphia,' John Doty, Pres. of Foundation Co.; Thomas H. McInnerney,
Pres. Gydrox Corp., and Kermit Roosevelt. Mr. Rickard has agreed to
act as President for a period of 20 years from May 11923. John Ringling
will act as Chairman.
To Deposit Stock in Escrow.
-Messrs. Ringling and Rickard have deposited
their stock holdings in escrow in the Guaranty Trust Co. of New York and
have agreed not to sell or offer the same for sale for a period of
four years.
117, p. 214.
The New York State Attorney-General's office. through Deputy Attorney
General John J. Dwyer, on July 17 obtained an Injunction restraining
Walter L. Johnson and three movie concerns, of which he is alleged to be
the head, from selling further stock to the public. The companies in the
Injunction were the Motion Picture Production Co. of America, National
Exchange. Inc., and Johnson & Hopkins Co., Inc. The Attorney-General's
New River Co.
-Accumulated Dividends.
office declared that despite the 3750.000 received through stock sales the
The director; have declared a Preferred dividend (No.55) of $I 50 a share
companies have nothing now in the treasury.
(due Fob. 11920). payable Aug. 28 to holder's of record Aug. 18. A like
amount was paid on account of accumulations on June 26 last.
-V.117, P.
Nassau & Suffolk Lighting Co.
-Gas Rates.
214.
The Now York Public Service Commission has issued an order effective
York Air Brake Co.
New
-Earnings.
as of July 1, fixing gas rates at $2 05 per 1,000 Cu. ft. The new rates fixed
Net earningsforfirst six months of 1923 were 31,487,206.-V.116,p.3004.
are subject to an additional charge of 10 cents per 1.000 Cu. ft. if bills are
not paid within ten days after rendition. Tne Public Service Commission
New York State Gas & Electric Corp.
reserved the right to modify tne order on its own motion or on complaint, in
-Earnings.
-V. 116, !Net Earnings Computed in Accordance with Sec. 2 of Art. 2 of Mortgage.]
event changed operating conditions make such change necessary.
p. 1904.
12 Months ended May 311922.
1923.
Revenues (incl. net non-orating revenues)
non-operating
$955,551
-Annual Report.
(except $1,309,170
Nebraska Power Co.
Oper. exp.. incl. maint. & repairs, rentals, ins.,
1022.
1921.
license charges & taxes as per mortgage
1920.
YearsCalendar
1919.
33.503.765 33,092.538 32.887,419 $2,407,120
Federal taxes)
643.265
Gross earnings
757,663
2.044,165
2.018.179
1,544,047
Oper. exp., incl. taxes- 2.159,319
Net earns. under Sec. 2 of Art. II of mortgage__ $551.507
3312.286
31.344,446 31,048.373
$869.240
3863.073 Deduct int, on bonds outstanding at April 30
58.786
Net earnings
173,295
75.082
78,694
79,096
58,853
Other income
Margin over interest
depreciationL78,21a2nd
31.419.528 $1,127.067
$948,336
About 78% of the operating income (before
$921.926
taxes) for
Total income
529.060
439,623
301.330
Interest on bonds
204,459 the 12 months ended May 31 1923 was derived from the sale of electricity.
125.157
Capitalizatton.-(a) Bonds: 1st Mtge. bonds, Series 65s. due 1962,
103,005
91.553
146,511
Other int. & deductions210.000
218,750
210,000
210.000 32.327,000: 1st Mtge. bonds, Series 6s, due 1952, $687,000; divisional
Preferred dividends_ _ _ lines, $79.500; total bonds, $3.093,500
(b) Stock: Preferred (no par). 4,596 Wis.: Common (no Par). 46,484 shs.
Bal. for renewal & re$352,287
$334,001
$360,956 -V. 117. p• 96.
place't res. & surplus $580,165
-V. 116, p. 945.
New York Telephone Co.
-Rate Decision.
-Organized.
New Jersey Power Corp., N. J.
The Court of Appeals at Albany on July 13 dismissed the appeal taken
w. S. Barstow & Co., New York, operating the New Jersey Power & by the City of New York from a decision of the lower courts in an action
Light Co., Dover, N. J.; Pennsylvania Edison Co., Easton, Pa.: Metro- begun by the city seeking to restrain by injunction the Public Service
politan Edison Co., Reading, Pa., and other allied electrical properries, Commission from putting into force on April 1 1921 an order granting a
recently organized the New Jersey ;Lower Corp., N. J., with an authorized temporary increase in telephone rates in New York City to the company.
capital of 25,000 shares of no par value, to build an electric power plant V. 116, p. 2386.
JULY 21 1923.)
THE CHRONICLE
-New Director.
Northern Canada Power Co.
IL R. Wood, President of the Dominion Securities Corp. and Vice-President of the Brazilian Traction, Light & Power Co., was recently elected
-V. 116, p.3004.
a director.
Northern Indiana Gas & Electric Co.
-Reduces Rates.
-
The company has made a voluntary reduction of gas rates in tne Calumet
district. The new rates,it is said • are about8%lower than the old schedule.
Cities affected by the change in rates are Hammond, Waiting and East
-V. 116. p. 2645.
Chicago, Ind.
Northern States Power Co.
-Proposed Consolidation.
-
See Wisconsin-Minnesota Light & Power Co. under "Railroads" above.
V.
- 116, p. 2017.
-New President, &c.
Ohio Leather Co.
has been elected President,
Victor G. Lumbard, formerly Gen.
succeeding M. I. Arms, who has been elected Chairman of the Board.
Mgr..
A. E. Adams has been elected a director.
-V. 116. p. 2776.
-Control, &c.Ohio River Edison Co.
See Penn-Ohio Edison Co. under"Railroads" above.
-V.116, p. 3005.
Oil Lease Development Co.
-Dividend No. 2.
This company,a subsidiary of the Middle States Oil Corp., has declared
a dividend (No. 2) of 10c. per share on its no par value stock, payable
Aug. 15 to holders of record July 31. An initial dividend of like amount
was paid July 16 last.
-V.116, p. 2522.
Oklahoma Natural Gas Co.
-Gas Rates Cut.
-
The Supreme Court of Oklahoma nas handed down a decision fixing the
gas rate to be cnarged by the company in Oklahoma City at 38 cents per
1,000 cu.ft. The rate was recently established by the company at 40 cents
per 1,000 Cu. ft. under a temporary injunction issued by the U. S. District
Court, holding the rate of 25 cents per 1.000 Cu. ft.• established by the
Oklahoma Corporation Commission in July 1921 to be confiscatory.
V. 115. p. 2694.
Oriental Navigation Co.
-Debentures.
The Empire Trust Co. has been appointed trustee for 8750,0006%
20
-Year Convertible debentures dated May 1 1923: due May 1 1943. See
also V. 116, p. 2522.
Otis Co. (Mfrs. of Cotton Goods), Boston, Mass.
Par Value Changed-100% Stock Dividend-3800,000 Additional Stock Offered.
The stockholders on July 16 (a) changed the par value of the stock from
$1,000 to $100 and increased the authorized capital stock from $800,000
(all outstanding) to 82.400.000: (b) authorized the payment on July 16
of a 100% stock dividend to holders of record July 16, and (c) approved the
issuance of $800,000 additional stock at par.
Stockholders of record July 16 are given the right to subscribe on or before
Aug. 15 to $800,000 capital stock at par ($100) pro rata. All payments
for the new stock are to be made at the New England Trust Co. The following information is taken from a circular Issued by Lee, Higginson &
Co. of Boston, wno nave underwritten the issue.
Company.-Incerp. in Mass. In 1840 and manufactures plain and fancy
denims, awnings. suitings, dress goods and knit cotton underwear. Plants
are located at Ware and Palmer, Mass.,and contain 117.112 cotton spindles.
2,390 looms and 312 knitting heads. The company also owns a dye house
and finishing plant, tenements and valuable water powers.
Condensed Balance Sheet March 31 1923 (After New Issue of Stock).
Assets
Real estate and maCapital stock
$2,400,000
chinery
$2.990.078 Accounts payable
*2,042,394
Inventory
2,523.753 Reserve for taxes
65,774
accts. receivable 2,074.860 Inventory reservd
Cash and
32,749
Stock in other companies13.610 Surplus
3.061,384
Total
$7.602,301
Total
$7,602,301
* Includes estimated cost of new issue of stock.
Earnings -Average annual profits applicable to dividends from Jan. 1
1909 to Sept. 30 1922. a period of nearly 14 years, were 8305,385, or over
$12 a share on the new capitalization. Over a period of 5 years ending
Sept. 30 1922 these average profits were $373.424, or over $15 a share.
For the six months ending March 31 1923 the company earned $311,809,
or more than 812 a snare in the first six months.
-The company has paid cash dividends in every year since
Dividends.
1844. These were at a rate of not less than
from 1859 to 1898 and of
not less than 10% from 1890 to date. In addition large extra dividends
have been paid from time to time. The regular dividends have been paid
semi-annually on May 1 and Nov. 1. It is expected that the company will
pay regular dividends on the new capitalization at the rate of 8%. This
new stock will be entitled to all future dividends including any paid in
November of this year.
-Isaiah R. Clark. President: Francis W. Fabyan,
Officers and Directors.
Treasurer: Edward B. Alford. Andrew Fiske, James R. Hooper, E. Sohier
Welch, all of Boston; Cornelius N. Bliss Jr., New York, and George E.
Tucker of Ware, Mass. See also V. 117, p. 215.
Otis Elevator Co., N. Y.
-Earnings.
-
6 Mos. end. June 30- 1923.
1922.
1921.
1920.
Earnings*
$2,098.769 81,375.522 $2,412,109 $2,037,195
Interest charges61.673
Reserve for Federal taxes
260,000
140.000
825.000
375,000
Reserve for pension_..
50.000
50.000
50,000
50,000
Reserve for conting
300,000
Preferred dividends_ -- 195.000
195.000
195,000
195,000
Balance
81,203.769
$990,522 81.342,109 $1,355,522
*After deducting all charges for pat. oar., rens. and regairs for mainvalance of plant and equipment, an(' specia deprec.-V. 11 ,p. 2591.
Otis Steel Co.
-Earnings.
-
six Months ended June 30Net earnings available for dividends and deprec_-V.116, p. 2776.
1923.
1922.
$800,000 loss$615,000
Ottawa Light, Heat & Power Co.
-Refinancing.
-
The shareholders will vote July 23 on authorizing:
(a) The redemption of 81.200.000 8% Series "A" and $100,000 614%
Series "Et" 1st Mtge. & Collateral Trust Sinking Fund Gold bonds.
(b) A by-law providing for the conversion of 15,000 Common shares
now unissued into 6 % Cumulative Preferred shares.
.law providing for the creation of a new issue of $6.000,000
(c) A by
Refunding & Collateral Trust Mtge. bonds, to be dated Sept. 1 1923. to
mature Sept. 11953. which bond issue will replace the presently authorized
26,000,000 1st Mtge. & Collateral Trust Sinking Fund Gold bonds.
V. 116. P. 1658
.
Owl Drug Co., San Francisco.
-Sales, &c.-
An official statement says in part: "Sales for tne first 6 months of 1923.
as compared with the same period of last year, nave shown a substantial
increase. Since Jan. 1 1923 there has been opened a store in Los Angeles,
also two buildings are now being erected, one in Los Angeles, and the
other at Long Beach. -V. 116, p. 2139.
-Annual Report.Pacific Power & Light Co.
1922.
1921.
Calendar Years1920.
1919.
83,007,058 82,866.419 82.663,959 $2.175.922
Gross earnings
1.582.449
.
Oper. exp., incl taxes_ - 1.616.496
1.416.653
1,136.327
$1,390.562 $1,283.970 $1,247.306 81,039,595
Net earnings
33,216
74,866
Other income
33,772
10,092
81.423.778 81,358.836 $1,281,078 $1,049,687
Total income
555.948
542.787
Interest on bonds
478.941
443,772
112.774
128.192
Other int. & deductions_
99.096
97,118
292,245
250,425
Preferred dividends_ _ -204.750
189,544
Bal. for renewal & replacet res. & surplus 8462.811
3437.432
8498.291
8319,253
335
Note.
-Earnings of the Walla Walla Valley sty. Co. are included in the
above statement for the years 1919 and 1920 only, as the company was
sold in 1921.-V. 116. p. 305.
Pacific Gas & Electric Co.
-New Officer.
Frank A. Leach, Jr., has been elected Vice-Pres.& Gen. Mgr.,to succeed
the late John A. Britton.
-V. 117, p. 215. 96.
Paige-Detroit Motor Car Co.
-Output.
The company's output of Jewett cars for the first six months of 1923 was
22,093, an increase of 260% over the first six months of 1922. The new
Jewett plant is one-third completed and will be finished by Nov. 15, when
installation of all machinery will also be completed. The company expects
to enter on a production schedule of 500 cars a day before Jan. 1 1924.
The company in June last produced 4,923 Paige and Jewett cars, as
against 5.18'6 for May. In April 4.892 cars were produced. The July
schedule calls for approximately 5.000 cars.
-V. 117, IL 215.
Peerless Truck & Motor Corp.-Suits-Onerations.Richard H. Collins, President of Peerless Motor Car Co. and of its
holding company, Peerless Truck & Motor Corp.. and those two companies
and their officers and directors, are named defendants in suits filed in
Common Pleas Court at Cleveland, July 13. by D LViS L. Rockwell, Cleveland attorney, in behalf of himself and other stockholders. One of the
suits aims to compel Collins to return to Peerless Motor Car Co. an amount
alleged to be in excess of 3500,000 paid to-him for plans and specifications
of latest Peerless automobile. The payment of this money is alleged to
have been a misappropriation. Another suit alleges that Collins has been
paid a bonus of $65 for each automobile produced in addition to an annual
salary of $150,000.
Secretary F. A.Treater recently announced a 20% reduction in operations
and working forces for the summer months. Earnings, Mr. Treater said,
are likely to exceed those of 1922. No further curtailment of operations is
contemplated.
-V. 117. p. 97.
Pennsylvania New York & New Jersey Power Co.
See Pennsylvania Power & Light Co. below.
-V. 97. p. 1738.
Pennsylvania Power & Light Co.
-Acquisition.
-
Interests associated with the company have bought the Pennsylvania
New York & New Jersey Power Co.(V.97. p. 17381. and plans are now being made for the immediate development of the power site formerly owned
by that company on Wallenpaupack Creek. located in the northeastern
part of the State of Pennsylvania, near Hawley. The plans contemplate
the building of a hydro-electric development to have an installed generating
capacity of 40,000 k. w. The work in connection with this development
will include a concrete dam 1.150 feet long, with a maximum height of 50
feet above the river bed. This dam is expected to create a reservoir about
12 miles in length. covering an area of 5.000 acres.
Electric energy will be fed 50 miles to the south into the Pennsylvania
Power & Light Co.'s present system over several transmission lines, one of
which is to be a 220.
volt steel-tower line.
It is estimated that the final cost of the complete development, together
with the transmission lines to be constructed, will be approximately 88.000.000. Construction work, which will take about two years to complete, will
be begun as soon as possible in order that water may be impounded in the
reservoir next spring.
In connection with this work there have also been purchased by the same
interests the Wayne Development Co. and the electric companies operating
in Honesdale and Hawley. During the last several months companies
have been organized by Pennsylvania Power & Light Co. interests in various townships between the Wallenpaupack power site and the present system of the Pennsylvania Power & Light Co. so that transmission lines can
be built and this additional territory served with electric power and light.
It is contemplated that all of these companies, including those involved in
the Wallenpaupack development, will in due course be absorbed by the
Pennsylvania Power t Light Co.
This latter company and associated companies now operate in an extensive territory in eastern Pennsylvania and furnish electric power and light
service in more than 140 communities, including the Allentown-Bethlehem
industrial section, the anthracite coal district in and around Wilkes-Barre.
Hazleton, Shenandoah, Shamokin and Mt. Carmel, and the industrial and
agricultural section along the Susquehanna River around Milton, Danville.
Bloomsburg, Berwick, Sunbury and Williamsport.
-V. 116, p. 1285.
Pierce Oil Corp.
-Ousted Management Not Seeking Proxies.
Alton B. Parker, 61 Broadway, New York, under date of July 12 sent a
letter to the Preferred stockholders in whtch he takes occasion to answer
certain statements in a letter recently sent out by the Preferred stockholders'
proxy committee, of which Herbert H. Lehman is Chairman. Mr. Parker
states that his letter is not a request for proxies, but merely a word of encouragement and advice. He also states that there is now no real need for
any great apprehension on the part of the stockholders, nor is there any
justification for the panic prices quoted day by day for the stocks of the
company. He says in part:
"The real facts are as follows: The relations between some of the men who
now are members of Mr. Lehman's committee and Henry Clay Pierce
have been, to put it mildly, unharmonious for some time. The company
found itself unable to raise funds, and at times could not provide products
for its markets. From a money making concern it became a money losing
concern, and in a circular issued by Mr. Lehman's committee on Oct. 5
1922 you will find it stated that the company had lost, including loss on
inventories, between Jan. 1 1920 and Dec. 31 1921 85.535.659, and that
from that time up to Sept. 1 1922 it sustained a further loss of upwards of
8800,000. The committee further stated that this 'lamentable' showing
is without taking into account the fact that the master appointed by the
Federal Court in Texas had a few weeks prior reported that the receiver of
the International & Great Northern Ry. was entitled to a judgment against
the company for about $2,000,000.
"Now. we will all admit that the above situation was alarming. One of
its refineries was closed and the others were running on a restricted and
inadequate oil supply. Since Oct. 2 1922. when the holders of the Common
stock voted for a new board, this condition has been greatly improved.
Just prior to the date when Mr. Lehman's committee issued its first circular appealing for proxies, Henry L. Doherty had become interested in the
affairs of the corporation. He stood prepared to provide the funds needed
by the corporation and immediately tendered to the corporation the necessary funds for the payment of the Preferred stock dividend on Oct. 2 1922.
In spite of the fact that the company thus had both the cash and the necessary surplus out of which to pay this dividend, a majority of the directors
refused to declare it.
"Both the Chancery Court and the Court of Appeals of Virginia have
decided that as the board (representing the Henry Clay Pierce interests)
was elected after a default had occurred, that such election was invalid.
We were firmly convinced of the justice of our position, but in view of the
Court's decision the committee of which I was a member will not further
complicate the situation by seeking proxies for the election to be held on
July 23.
"However,the real crisis of the company has been passed. The company
has gone since Oct. 2 1922 from a heavy loser to a profit earner, and while
it is still not earning all of Its Preferred stock dividends, I am advised that
,
its condition is so improved that it should soon be doing so.
'It is with regret that Mr. Doherty is out of the company. Whenever
the corporation has had to have financial help and could get it no place else,
Mr. Doherty has always provided it. He has loaned it since Oct. 2 1922
$1.200,000 in cash and has furnished crude and refined oils on a continuing
credit to the extent of more than 8700,000.
"I believe that the corporation is on the road to recovery;that it is now on
a good working basis and functioning well. Its only remaining need is a
reasonable amount of working capital.
"The banking members on Mr. Lehman's committee are exceptionally
strong financially and are abundantly able to raise all of the funds the company needs, and I feel that they are now obligated to carry on the same
constructive program for the corporation which has prevailed for the last
'
few months. -V. 116, p. 2894.
Phoenix Silk Mfg. Co., Inc.
-Definitive Bonds Ready.- •
The Chemical National Bank, New York, is prepared to exchange for
outstanding interim receipts definitive First Mt.ge. 20
-year 7% sinking fund
gold bonds, due Feb. 1 1943. See offering in V. 116, p. 524.
-New Control.
Pittsburgh District Electric Co.
see Penn-Ohio Edison Co. under "Railroads" above.
Port Arthur (Tex.) Canal & Dock Co.
-Bonds.
See Kansas City Southern Ry. above.
-V. 116, p. 1285.
330
THE CHRONICLE
-Annual Report.
Portland Gas & Coke Co.
Calendar Years1922.
Gross earnings
$3,393,271
Oper. exp., incl. taxes__ 2,186.499
Shane Bros. & Wilson Co., Phila.-Receivership.-
1921.
1920.
1919.
33,431,832 $2,613.324 $2,185.367
2,574,083
1,569,446
1.237,911
Charles H. Bier was appointed temporary receiver on July 13 by the
Federal District Court at Philadelphia on petition by creditors, declaring
the concern was insolvent. The petition tolaced the debts of the company
at $1,000,000, and assets at about $250,000.
_ $1,206,772
88
$857,749
29
$1,043,878
107
$947,456
50
$1,206,860
Total income
420,221
Interest on bonds
Other in t. & deductions.
23,604
Preferred dividends_ _
226,840
3857.778
394,390
51.934
196,067
31,043,985
337,648
31,047
180,126
Period$947,506
331,500 Net,for Common stock
20,125 -V, 116, p. 2892.
162,501
Net earnings- _
Other income
[VOL. 117.
Sharon Steel Hoop Co.
-Earnings.
6 mos. end.
June 1923. June 30'23.
$380.000 $1,250,000
Shreveport-El Dorado Pipe Line Co., Inc.
-Earns., ttc.
During June the company transported 527,045 bbls., or an average of
$495,164
$433,380 17,568 bbls. daily (the capacity of the line being 20.000 bbls. daily). This
oil was carried for an average of about I8c. per bbl., while the contracts
with refiners call for 273c. per bbl.
Prudence Company, Inc.
-Comp. Financial Statement
Earnings for June and the 6 Months Ended June 30.
Anal1923
0c1.31 '22. A
30'23 I
-June
--1922. 1923-6 Mos.-1922.
Cash
$449,582 3588.089 Liabilities•$95,841
Oct.31'22. Apr.30'23. Gross earnings
$534,375
$400,350
381,663
Prudence bonds,
62,630
1Capital stock
282,156
59,261
$1,000,000 $1,000,000 Net earnings
329,817
1st M. cgs. and
Due Realty Assoc_ 1,375,000 1,275,000 Surplus
49,096
209,056
44,754
269,550
-V. 116. v. 1906.
mtges. avail. for
Due banks for ternPrudence bonds 4.184.173 3.136.86.5, porary loans
450,000
1,550,000
Southern California Edison Co.
Aecr. int. receivie 267,899
293,336,Accrued int. pay'le 190,804
-Rights.
257,052
Each Preferred and Common stockholder of record July 31 are given
Clients' notes sec
'Collections for printhe right to subscribe on or before Aug. 15 at par ($100) for 50.000 shares
by Prudence bds
41,369
28,657, elpal,int.&taxes
Deposit with truson mortgages_ _ _
460.077 of Preferred stock at the rate ofone share for every ten shares ofstock owned.
421,333
tees of principal
187,422 No fractional shares will be issued, but any stockholder entitled to a fracSundry accounts
9,103
collected on mtgs. 89,233
113,138 Surplus
100,000
100,000 tional share on the above basis may subscribe for a full share for each such
fractional share.
Stocks and bonds.
52,244 Res. for exp., su39,313
Subscriptions will be taken, and full cash payments may be made at any
Sundry accounts_ _
17,220
21,395 pervision&future
collec'n of mtges. 392,032
393,330 one of the following places: Bankers Trust Co., 16 Wall St., New York:
E. H. Rollins & Sons, Boston; Harris Trust & Savings Bank, Chicago, or
Undivided profits_
108,844
50,517
the investment department of the company, Edison Building, Third and
Total
35,088,789 84.231,725 Total
$5,088,789 84,231.725 Broadway, Los Angeles, Calif.
Any portion of this issue of stock not subscribed for by stockholders prior
The Prudence Co., Inc. (the capital stock of which is all owned by the
the
Realty Associates of Brooklyn), conducts a' business of lending money toTheclose of business on Aug. 15 1923 will be offered for sale to the public.
issue has been approved by the California RR, Commission.
secured by bonds and first mortgages on improved income-bearing real
estate. These bonds and mortgages are assigned to Prudence-Bonds V. 116, p. 3007, 1645.
Corp., which corporation deposits them as collateral for Prudence bonds
Southern Sierras Power Co.
-Bonds Authorized.
with a title or trust company as trustee. Prudence bonds Corp. then
The California RR. Commission has authorized the company to issue
delivers an equal principal amount of Prudence bonds to the Prudence Co..
Inc., which offers them for sale to the investing public in denominations of $308,600 additional 1st & Ref. 68 due Jan. 1 1964, to refund existing Indebtedness,
-V. 116, p. 1542.
$100, $500 and $1,000 and in maturities of from two years to 15 years.
-V. 114, p. 2832.
Standard Textile Producti Co.
-Earnings.
Profits for the six months ending June 30 1923, after deducting Preferred
Public Service Corp. of Long Island.
-Gas Rates.
dividends, depreciation and all charges, were $470.748. equivalent to an
The New York P. S. Commission has issued an order, effective as of
-V. 116, p. 2140.
July 1. fixing gas rates at 31 95 per 1.000 Cu. ft. Tee new rates fixed are annual rate of 19% on the Common stock.
subject to an additional charge of 10 cents per 1,000 cu. ft. if bills are not
Stanley Works (New Britain, Conn.).
-Extra Div.
paid witnin ten days after rendition. The P. S. Commission reserved tne
7 was paid July 2 on toe outstanding $7,500.000
An extra dividend of 5
right to modify the order on its own motion or on complaint, in event
capital stock, par $25,in addition to the regular quarteriy dividend of23 %.
,
6
changed operating conditions make such change necessary.
-V.114. p.205. -V.116.
P. 1191.
Bal, for renewal & replace't res. & surplus
-V.114, P. 313
.
$536,195
$215,387
i
Public Service Electric Co.(N. J.).
-Stock Authorized.
-
The New Jersey P. U. Commission has authorized the company to issue
• at par $12,750.000 capital stock. See also V. 117, p. 216.
Pusey & Jones Co.
-Receivership Made Permanent.
Willard
Saulsbury and Charles B. Evans, appointed temporary receivers
for the company. Sept. 14 1922. were made permanent receivers in a decree
handed down July 12 by Judge Morris in the U. S. District Court at Wilmington, Del.
-V. 116. p. 1659.
Radio Corp. of America.
-Sale of Receiving Sets.
-
Gimbel Brothers has closed a deal with the Radio Corporation of America
for the purchase of 20,000 Radiola R. C. receiving sets, manufactured by
the Westinghouse Electric & Mfg. Co.over 60,000 of which are now in
use In the United States. The purchase price was not divulged, but it was
said that the value of the merchandise at present nationally established list
prices, is approximately $3,000.000.-V. 116, p. 2777.
Remington Typewriter Co.
-$3 50 First Preferred Div.
-
The directors have declared two quarterly dividends of lY470 each
($350 per share) on the First Prof. and Series "8" First Pref. stocks, payable Aug.6 to holders of record July 28.
The payment of the above dividends will clear up all accumulations on the
First Preferred stock up to July 1 1923. See also V. 116. p. 1757, 1659.
Reo Motor Car Co., Lansing, Mich.
-Shipments.
-
Shipments during June, it Is reported, were 50% greater than in June
1922.-V. 116. p. 2266.
Republic Iron & Steel Corp.
-Back Divs.-Earnings.-
The directors have declared the regular quarterly dividend of 15.1% on
the Preferred stock and a dividend of 2% on account of accumulations, botn
payable Oct. 1 to holders of record_ Sept. 15. This will leave dividends
totaling 3% still in arrears on the Preferred stock.
Resultsfor Three and Six Months Ending June 30.
1923-3 Mos.-1922.
1923-6 Mos.-1922.
Net gain
$2,947.248
$563,053 *$5.182,236
$285,989
Depreciation & renewals_ $349,202
$249,572
3699,827
$403,431
Exnaustion of minerals__
98,179
22,322
201,139
81.725
Interest on bonds
293,021
204,774
540.580
426.533
Preferred dividend_ _(3%%)937,500
(5%)1375000
Common dividend
Balance, surplus
$1,269,345
$86,382 $2,365,688 def$625,704
* Net earnings from operations, after deducting charges for maintenance
and repair of plants, amounting in 1923 to $1,190,940 for 3 months and
32.206.481 for.the 6 months.
Unfilled orders on hand June 30 1923 of finished and semi-finished prodducts totaled 187.392 tons, as compared with 332,795 tons as of March 31
1923.-V. 117. p. 97.
Republic Motor Truck Co., Inc.
-Plan Operative.
-
The reorganization committee announces that on July 16 it formally
declared effective the "plan for the reorganization of the property formerly owned by Republic Motor Truck Co., Inc., a New York corporation,"
dated June 25 1923. See V. 116, p. 3005.
-Final Dividend of 163l
Royal Dutch Co.
The Equitable Trust Co. of New York has received a final dividend of
16% guilders (Fl. 16.5) for each ordinary share, par Fl. 100, so held by it.
The equivalent thereof distributable to holders of "New York shares"
Is $2 151 on each "New York share." This dividend will be distributed
by the trust compan on Aug. 10 to registered holders of"New York shares"
of record July 2.-"V. 116. p. 2892.
-New Control.
Salem Lighting Co.
See Penn-Ohio Edison Co. under "Railroads" above.
-Balance Sheet Dec. 31.Shattuck Arizona Copper Co.
1921. I
1922.
1922.
1921.
$
I Liabilities
Assets3 500.000 3,500,000
property.. _ _x5,815,367 5,815,367'Capital stock
Mining
206,235 Property surplus.._3.839,016 3,839,016
Bides.,plant&equip. y204,229
329,571 133,967 Accounts payable....
Cash
1,036
617
Liberty bonds
15,016
500,000 826,778 Selling exp. not due_
14.268
8,500 Reserve for taxes..... 14,571
Other securities
8,500
26,017
16,151 Reserve for accidents 44,029
Bills & accts. receiv_ 48,784
44,029
6,287 Surplus from °per_ _ _ 209,205 284,694
Interest accrued......3,938
Uns'Ideopperonhand 319,212 319,212
Ores on hand (coa)_
3,624
3,624
hlaterials& supplies_ 152,229 153.281
Deferred charges. &c. 236,671 219,987 Total(each side)--7.622,125 7,709,388
x After deducting depletion reserve of $2,533,649. y After deducting
$379,596 for depreciation reserve.
The usual income account WAS given mV.116, p. 1190.-V. 116,P. 1906.
SteelCo. of Canada, Ltd.
-Balance Sheet Dec. 31.1921.
1922.
$
28,880.119 7% Cum.Pref. stk 6,496,300
Ordinary stock.
.l1.500,000
3,928,539 6% 1st Mtge. &
42
Coll. Tr. bonds- 6,949.815
1,134,357 6% bds. of Montr.
4,847,667
Roll. Mills Co- 500,000
2,370,853 5% bds.of Western
156.424
Coke Co
450,000
1,006,754 Accts. pay. incl,
prov.feriae. tax 1,888,350
261,250 Bills payable.&c
238,908
3,064,666 Pref. dividend..... 113,685
Ordinary dividend 201,250
1,062,245 Empl. pension fund
24,248
appropriation
332,022
Reserves
y3,233,616
Bond s. I. reserve_ 1,480,097
Deprec. account 6,388,230
Tot.(each side)
.47,674,646 46,737,164 Surplus
7,942,372
1922.
Assets
Cost of works_ _ ....29,121,569
Inv. in coal, ore,
co.'s bonds, gm. 4,171,203
Sink.fund assets__
36
Adv, to sub. cos__ 960,679
Inventories
5,405,702
Accts.receivable.- 2,503,936
Bills receivable.... 116,531
Cash
• 633,202
Secur. call loans
guar,by trust cos 256,478
Other securities.... 3,413,711
&cur. set aside for
spec. purposes_ _x1,031,133
Ins., &c., prepaid.
80,488
1921.
$
6,496.300
11,500,000
7.187.508
500,000
450,000
840,037
3,191
113,685
201,250
328,134
3,623,889
1,222,674
5,771.980
8,298,517
x Consists of (1) stock of the company held in trust for employees.
$249,111; (2) Victory bonds deposited with trustees for retirement of
,
.
Western Coke Co. bonds, $450,000; (3) Victory bonds appropriated,
$300,000 for employees pension fund and unexpended revenue, $332.022.
y Reserves include, furnace relining and rebuilding, $488,665; accidents
to employees, $71,519; contingent $531,225; betterment and replacement.
$1,842,207; fire insurance, $200,000.
The usual income account was published ih V. 116. p. 1191.-V. 116,
P. 1542.
Sterling Products, Inc.
-Earnings.
-
Net profits for the six months ended June 30 1923 are reported as $2,250,000, after deducting all charges and tax reserves.
-V.116, p.731.
Stewart-Warner Speedometer Corp.
-Dividend Rate
Increased from $8 to $10 Per .Avnum-Earnings.The directors have declared a quarterly dividend of$2 50 per share on
outstanding capital stock, no par ‘'alue, payable Aug. 15 to holdersthe
of
record July 31. On May 15 last a quarterly dividend of $2 per share,
together with an extra of 50 cents per share, was paid.
Results
-Period ended June 303 Mos.1923. 6Mos.1923
Earnings before Federal taxes
$2,395,930 $4,468,330
Earnings after Federal taxes
2,111,372
3.939,346
-v.116, p. 2398.
Studebaker Corp. of America.
-Sales.
-
An official statement says in substance: "For the first six months of
1923 a total of 81,880 Studebaker cars
-all sixes
-were sold. All Studebaker plants continue at capacity operations and the present output of
15,000 cars per month is insufficient to meet the persistent demand for
more Studebakers from every section of the country, which is as greater greater-than at any time this year.
"From the first of the year Studebaker has experienced a demand that
has continuously been far in excess of production, although the plant
capacity was substantially increased during the spring, when a number
of new factory units at South Bend and Detroit, on which construction
was started late last year, were completed and equipped
for production.
"The sale of 81,880 cars in the first six months of 1923 shows an increase
of 36% over the best previous six months' business in Studebaker history-that of 1922- when a total of 60,63 cars were sold. Compared with
sales for the entire year of 1918, the half
-year record of 1923 shows an
increase of 243%. It is 108% greater than sales for the full 12 months
of 1919. It exceeds the sales of the full year 1920 by 59% and is 23%
greater than the sales for the year of 1921.-V. 117, P.98.
Taylor-Wharton Iron & Steel Co.-Bal. Sheet Dec. 31.
1922.
1921.
1921. I
1922.
Assets$
LiabilitiesPlants & properties _x5,955,107 6,222,355 Preferred stock _ _a1,876,300 1,876,300
Misc. investments__
4,902
4,663 Common stock. __x1,600,000 1.600.000
Cash with trustees__
33,564
30.120 1st M.6% bonds_ _ _ 813,500 863,000
Cash
403,601 486,353 1st & Ref. M.bonds _2,373,000 2,386,000
Inventories (less res.)1,489,200 1,627,249 Phila. R.& M.1st 55 240,500 240,500
Accts.& notes reedy.
Real estate mtges___ 637,036 637,036
(less reserves)_ _1,281,706 000,458 Notes & accts. PaY'le 1,539.188 1,198,874
Employees' subserip10,425
Federal tax provision 10,425
lions to stock
Y13,796
29,505 Bond in,accrued-- 109,266 110,743
Deferred charges.... 435,780 442,693 Contingency reserve_ 182,949 106,703
235,584 715,816
Surplus
Total (each side)_ _9,617,745 9,743,396,
x After deducting $2,263.769 for accumulated reserves for depreciation.
y Employees' subscriptions to capital stock, $30,800 less payments made
,
thereon, $16,805, balance $13,796. z Common stock, authorized, 40,000
shares, no par value; outstanding, 16,000 shares, no par value. Certifi.
337
THE CHRONICLE
JULY 21 1923.]
cotes for 8633. shares of the old stock of $100 par value are outstanding
awaiting exchange for certificates for shares of no par value new stock.
a Dividends unpaid from Sept. 30 1921 on 7% Cumulative Preferred stock.
The usual income account was published in V. 116, P. 1191.
-Notes Called.
Tacoma Gas & Fuel Co.
All of the outstanding Cony. 10-Year Gold notes, due July 1 1930, have
been called for redemption Sept. 1 at 102 and int. at the Bank of California, Tacoma, Wash., or at the offices of H. M. Byllesby & Co., 208 South
La Salle St., Chicago. Holders, at their option, may surrender the notes
at any time prior to Sept. 1 and receive payment at 102 and int. to date
of presentation.
-V. 115, P. 2914.
-Balance Sheet Dec. 311922.
Texas Pacific Coal & Oil Co.
$
AssetsLand, bidgs.& other property- 4,764,148
Oil & gas wells & lines, leaseholds, bldgs., equip., &c a20,106,397
177,068
Capital stock of sub. COB
Capital stocks of other cos__ __ 289,506
56,424
Treas. stk. held for empl.subs_
Due from subsid. companies__ 1,117,604
1,026,077
Cash
903,391
Accts. & notes rec., less res_
2,097,897
Materials & supplies
668,764
011 in storage
Refund, claim against U. S.
Govt. for overpayment of
Federal taxes
2,614,593
Deferred items
578,548
Ave., Baltimore. Receiving and shipping stations are operated at Pylesville, Md., Woodbine and Bellefonte, Pa., and Portville. N. Y.
Earnings.
-Annual net earnings from Jan. 1 1919 to April 30 1923, before
depreciation and after making provision for Federal taxes and bond and note
interest averaged more than three times the annual dividend requirements
on this issue of Preferred stock.
Authorized. Outstanding.
Capitalization$875.000
8% Cumulative First Preferred stock (par $50)-.. $1,750,000
30.000 shs. 29,656 shs.
Common stock (no par value)
$537,000
$875,000
First Mortgage 7% Convertible bonds, 1943
The bonds are convertible par for par into Preferred stock and $875,000
of the latter has been author, but may be issued only upon retirement
of an equal amount of bonds.
-Earnings.
Western Union Telegraph Co.
Liabilities$
8,448,048
Capital stock
2,393,914
Notes & accounts payable_
Due to Texas Mere.& Mfg.Co
29,294
25.295
Deferred credit
Reserve for depreciation
4,928,220
Res, for labor & exp. of devel.
of prod. properties
5,262,571
Reserves for depletion
011 deposits
224,186
Coal deposits
666,506
Amortization of cost of undev.
leaseholds
203,040
Fed.tax refund claim reserve 2,614,593
Profit & loss surplus
9 599,751
34,400,417
Total (each side)
1920.
1921.
1922.
1923
6 Mos. end. June 30-Grossrev.,incl.div.&int.$56,097,327 $50,603,181 $52,522,066 $59,963,428
Maint., repairs and res.
8,290,763
8,853.393
8,422,812
for depreciation
9,030,775
Other op. exp. incl. rent
ofleased lines & taxes.. 39,110,524 35,433,767 38,684,027 43,939,126
665,925
1,153,425
665.925
Interest on bonded debt_ 1,153,425
a This amount does not include the value of recoverable oil in excess
of the cost of leaseholds. Such recoverable oil in proven and semi
-proven
leaseholds, exclusive of those in Oklahoma, has been appraised by Arthur
Eaton, geologist, as a result of extensive engineering and geological surveys over a period of five years, as having a value, after deducting all
development, lifting, depreciation and other expenses, of $19.204,320..
Oil and gas leaseholds are included at their cost only, and exclusive of
Oklahoma leaseholds, such cost, after applying the related depletion and
amortization reserves provided, amounts to $362,577.
The usual income account was given in V. 116. p. 1543.-V. 116, p. 2780.
The directors at their meeting held July 20 declared the 31st consecutive
regular quarterly dividend of $1 per share (par $50), payable Sept. 30
to holders of record Sept. 20.
The reports for the 6 months ended June 30 1923 indicate that the net
earnings for the 6 months were the highest in the history of the company
-V. 116, p. 2156.
for a corresponding period.
$6,802.603 $5.593,177 $4,318,721
Net income
-V. 116, p. 3008, 1773.
Month of June 1923 estimated.
-Equipment Order.
Westinghouse Electric & Mfg. Co.
The company has received a $1,250.000 contract from the New York
New Haven & Hartford RR. for locomotive equipment for immediate
delivery.
-V. 117, p. 218.
-Regular Dividend-Record Earnings.
White Motor Co.
Texas Power & Light Co.
-Annual Report.
1922.
Calendar Years1921.
1920.
1919.
Gross earnings
$4,918,148 $4,870,847 $4,856,348 $3,488,196
3,132,446
Oper. exp., incl. taxes.... 2,960,404
3,476,256
2,315,632
Net earnings
Other income
.
$1,957,744 $1,738.401 $1,380,092 $1.172,564
70,928
33,525
4,519
7,760
$2,028,672 $1,771,926 $1,384,611 $1,180,324
Total income
674,052
598,252
510.252
510,250
Interest on bonds
91,884
151,365
Other int. & deductions
183,108
152.448
283,063
280,000
264,250
248,500
Preferreddividends_ - - Bal. for renewal & replace't res. & surplus
-V. 115, p. 1218.
$979,673
$742,309
$427,001
$269,126
-Annual Report.
Tooke Bros., Ltd.
-23.
1921-22.
-1922
Years Ending May 31
$61,910 los458.681
Net profits
174,982
Depreciation on inventory
24,254
Bond interest
1,750
Discount on bonds written off
2,360
Reserve for income tax
18,555
Depreciation on machinery. &c
Preferred dividends
34,475
Balance, surplus
Previous surplus
Dividends from investment
Total surplus
-V. 115, p. 554.
$14.991 def$268,138
109,831
344,880
Cr.25,830
$124,822
$102,572
17,067,614
White Rock Mineral Springs Co., N. Y.-Divs., &c.
Chairman R. A. C. Smith, New York, July 18, in a notice to stockholders
and holders of voting trust certificates, says in substance:
"The directors have declared the regular quarterly dividend of 1 Yi%
on the 2d Prof. stock, and in addition a dividend of 2 % on the Common
stock, both payable July 31 to holders of record July 27. This action
brings to successful accomplishment the program of the management
undertaken upon the formation of the voting trust on Nov. 1 1918. The
company is on a thorughly sound and prosperous basis, with excellent
prospects of continued success.
"Many of the stockholders have expressed the hope that the voting
trust, which expires by limitation Nov. 1 1923. will be extended for a
further period of five years. thus insuring a continuity of the present
successful management and policy.
"The directors therefore recommend your consent to renewal for a
ef pml an y
fivel eoerpod.
, h
's fiscal year has been changed to correspond with the
calendar year, and for the six months ended June 30 the net earnings are
$407,958.
[A dividend of 1% was paid on the Common stock in June 1908; none
since.] See also V. 116. P. 2662.
1920-21.
$93,724
68,950
$24,774
320,307
$345,081
Tower Consolidated Mills Co., Toledo.
-Asks Receiver.
Application for a receiver for the company was made in Federal Court
at Toledo July 7 by the Home Savings Bank Co.. Toledo, which asserts
that the concern owes it $5.080 on a note dated Aug. 16 1920. A statement issued by officers of the company indicates that they agreed to have
the matter taken into court in order that the assets of the firm may be
conserved and the sale of the property in parts may be prevented. The
condition of the company is ascribed to the business depression of a Year
ago. It is asserted that repeated efforts to reorganize and refinance the
concern have failed. After the appointment of a receiver, reorganization
is planned.
-V. 113, p. 2626.
-Platt Operative.
(C. H.) Wills & Co.
Kidder, Peabody & Co., as Managers of the organization plan, have
declared the reorganization plan operative.
The Wills-St. Claire, Inc., the new company which succeeds the old
company, ha.s been incorp. in Massachusetts. Incorporators are: President, Asa Burton Nelson. Cambridge; Treasurer. Dunbar S. Carpenter.
Winchester; Clerk, John C. Rice, Dedham. See also V. 117, p. 98, 219.
-Plan Operative.Wills-Sainte Claire Inc.
-V. 117, p. 219.
See C. H. Wills & Co. above.
-Debentures Called.
(Rudolph) Wurlitzer Co.
All of the outstanding ($352.000)6% Serial Gold debentures,dated Aug.1
1919, have been called for payment Aug. 1 at 110 and int. at the First Trust
& Savings Bank, Chicago, trustee. See also V. 116, p. 423.
-Increase in Capital ProposedYellow Cab Mfg. Co.
Earnings.
elders will vote shortly on increasing the authorized Class"B"
The
Common stock from 200,000 shares to 600,000 shares, par $10. If the
increase is authorized, it is proposed to issue the new stock to present
stockholders at $12 50 per share, payment to be made in October.
Two monthly dividends of 50 cents per share each have been declared
on the Class "B" stock, payable Sept. 1 and Oct. 1 to holders of record
Aug. 30 and Sept. 20. respectively.
Results for Quarter endedJune 30'23. Mar.31 '23. Total6 Mos.'23.
Net earnings after taxes and depreciation (incl. sub. cos.)-41,040.634
$537,177
Transue & Williams Steel Forging Corp.
-Earnings.
- z Before deducting dividends-- $503,457 for the 6 months, to $400,which amounted,
The company reports earnings for the five months to June 1 1023 of
$235,622 and tentative six months earnings of $284,047. This compares 000.-V. 115, p. 2915.
with a deficit after charges of approximately $116,000 for the same period
Youngstown (0.) Foundry & Machine Co.-Acquis.of 1922.-V. 116, p. 2893.
The company recently acquired by purchase the Poland Ave. foundry in
Youngstown of the Mahoning Foundry Co. The company,it is announced.
Turman Oil Co.
-Earnings 3 Mos. end. March 311923.
Total income
$354,658 plans to abandon its roll foundry on East Boardman St.. Youngstown. 0..
Expenses
74.863 and erect a model roll foundry on a 12-acre site at Girard, in Trumbull
Dividends paid
138.863 County, 0.-V. 116, p. 307.
Balance, surplus
-V. 116, p. 2399.
$140,932
United Alloy SteellCorp.-To Increase Capital.
-
The stockholders will vote July 31 on increasing the authorized Preferred
stock from $5.000,000 to $10,000,000, par $100. If this increase is
authorized, it is proposed to sell such amounts thereof from time to time
as may be deemed advisable and use the proceeds arising therefrom in
providing the required additional working capital.
-V 116, p. 2780.
United Fig & Date Co., Chicago.
-Guaranty,
See Food Products Building Corp. above. •
Waldorf System, Inc.
-Earnings 6 Mos. ended June 30.
-
Six Months ended June 301922.
1923.
Sales..- ------------------------------------- $6,831,877 $5,757,060
Gross income
849,033
908.270
Depreciation and reserves
•
Federal taxes
80,873
86,424
Preferred dividends
64,234
61,586
Common dividends
238,405
200,805
--------------------------- -------Surplus
$301,071
3294,627,
-V. 117, P• 8
.
Western Maryland Dairy, Inc., Baltimore.-Pref. Stock
-The Commonwealth Bank, Baltimore, is offering
Offered.
at $51 50 and div. $875,000 8% Cumul. 1st Pref. (a. & d.)
stock, par $50. A circular shows:
Red, all or part on any div. date upon 30 days' notice at $52 50 and divs.
Registrar and transfer agent, Commonwealth Bank, Baltimore, Md.
-J. Application will he made to list Preferred stock on
Divs. payable Q.
Baltimore Stock Exchange. A sinking fund of $25.000 per annum is provided for redemption of the Preferred stock, this sinking fund being increased
to $50,000 per annum upon retirement of the company's bonds.
-Represents the consolidation, for purpose of economical
Company.
oeration, of the business previously conducted by Western Maryland
Dairy (founded in 1887) and of the City Dairy Co. The dairy does alarge
and profitable business supplying milk, cream and butter. It has approximately 65,000 customers. 1,700 dairy farmers and 600 employees. Pasteurizing and bottling activities are concentrated in the large, modern plant
recently completed at Linden Ave. and Dolphin St., Baltimore. A new
distributing station has been erected at Reisterstown Road and Helvidere
Youngstown Sheet & Tube Co.
-Bonds Listed.
The New York Stock Exchange has admitted to the list the $40.000,000
temporary 20
-Year 6% Debenture Gold bonds, due July 1 1943.-V.
117, p. 219.
CURRENT NOTICES.
-Fred Emert announces that he has disposed of his interest in KauffmanSmith-Emert & Co., Inc., of St. Louis, and had tendered his resignation
as Vice-President. He states that the stock has been purchased by the
officers and employees of the company with whom he was formerly associated
and who will continue the business along the old lines. For the time being
Mr. Emert has no definite plans for the future but will make his headquarters at the offices of Kauffman-Smith-Emert & Co.
-H. C. Harding, formerly connected with the Cleveland. Ohio. office
of Dillon. Read & Co. and until recently the San Francisco representative
of the Equitable Trust Co. of New York, has become associated with the
Security Co. of Los Angeles.
Howe, Snow & Bertles, Inc., announce the opening of their Chicago
office at 701 Harris Trust Building and the appointment of Elmer Cress
and Karl J. Heinzelman as resident managers. Howe, Snow & Berties,
Inc., now have offices in Grand Rapids, Chicago, New York and Detroit.
-The formation of Stein Bros., Paige & Co., with offices In the Rookery.
Chicago, for the transaction of a general bond business, is announced.
The principal members of the firm are Charles. Gus and Roy M. Stein,
Jason Paige and Barney L. Jennings.
-Farr & Co., members New York Stock Exchange, specializing in sugar
securities, are distributing a circular entitled, "Sugar Securities Recom
mended for Investment." Copies will be sent free on request by addressing
the firm's New York City offices at 133 Front Street.
The Springfield Body Corp.. 50 Church St., New York, have issued
a booklet giving a survey of the automobile custom-body business and •
describing their financial program for expans:on.
Coyle, Gillelen & McIntyre have MONTti their offices to larger quarters
in the new California Bank Bldg.. 629 South Spring St., Los Angeles.
338
THE CHRONICLE
1
k
[VOL. 117.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE--GRAIN---PROVISIONS
PETROLEUM-RU BBER-HI DES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."I
suggestive figures. Java cabled early in the week that
further receipts were greatly delayed by heavy rains and
that prices were firmer. Refined moved up to 9c. on
Monday. Receipts at United States Atlantic ports increased
for the week ended July 15, with a gain of 4,000 tons in
meltings. Receipts were 41,562 tons, against 36,123 tons
in the previous week, 73,427 tons in the same week last
year and 39,930 two years ago; meltings, 51,000 tons, against
47,000 tons in the previous week, 85,000 in the same week
last year and 54,000 two years ago; stock, 144,102 tons,
against 153,540 tons in the previous week, 193,226 in the
same week last year and 159,861 in the same week last year.
Cuban export last week included 34,936 tons to U.S. Atlantic
ports, 197 to New Orleans, 1,571 to Galveston, 4,285 to
Savannah and 713 to Canada.
The receipts at Cuban
ports for the week were 23,811 tons, against 21,938 in the
previous week and 62,218 in the same week last year; exports
41,702 tons, against 29,870 in the previous week and 118,758
in the same week last year; stocks, 564,386 tons, against
682,277 tons in the previous week and 716,253 in
the same week last year; centrals grinding, 4, against the
same number last week, 14 last year and 18 two years ago.
Havana cabled: "Rain continues in Cuba." Later raw
sugar was easier with less demand and larger offerings.
Many prominent Cubans are very bullish on the ultimate
outcome, however. They fix their goal at 6 cents. Later
Cuba sold at 53'c. c. & f. July shipment. Refined fell
8.75c. to 9c. To-day futures advanced 6 points, closing
5 points lower for the week on July and 3 points higher on
September. Cuban raw was down to 53c., with sales off
12,000 bags for July shipment at that price.
Friday Night, July 20 1923.
COFFEE on the spot has been fairly active at 110. for
No.7 Rio and 12%@134o.for No.4 Santos. Fair to good
Cucuta quoted at 133@14%c. Futures declined here despite reports of frost at one time, with temperatures at Sao
Paulo of 32 to 35 deg. There was a fall in Brazilian'markets
on the 17th and trading was light. Temperatures in Brazil
then were 10 to 15 deg. higher and the danger of damage to
the crop by the cold weather was ended for the time at any
rate. Meanwhile, the Brazilian Government continues to
restrict daily receipts to 35,000 bags at Santos and 12,000
at Rio, and is storing excess arrivals. Whether the Government can hold the coffee or will be forced to sell is a most
interesting question with many. At one time special cables
were received,showing a decline of 70 reis in the dollar buying
rate, with an advance of 1-32d. in the rate of Rio exchange
on London. This was accompanied by net declines of 150
to 225 reis in the Rio market and 175 to 675 reis in Santos.
On the 17th inst. Santos futures again declined 75 to
175
reis and Rio 50 to 100 on the better waather. Rio exchange
on London was up 1-32d. to 530. and the dollar rate was
unchanged at 9$410.
Some take a hopeful view of the spot situation, which has
recently been more cheerful from some increase in activity.
They call attention to the fact, however, that trade has
been handicapped by irregularity of prices for Santos, owing
to the scarcity of desirable quality and the relative scarcity
of all grades. The spot prices for the coarser sort of Santos Spot (unofficial) _5.121September_
_5.04al)5.051March
-3.45(4
'December_ _4.45444.46IMay
is now below that for Rio. This is something abnormal and July
5.11
3.510
bears striking testimony to the fact that stocks of Rio have
LARD quiet; prime Western 11.50@11.60o.; refined to
become much depleted. Further evidence on this point is Continent, 12.25c.;
South America, 12.50c.; Brazil in kegs,
furnished by the smallness of the July deliveries, which, it 13.50c. Futures declined
early in the week with Liverpool
appears, were of what is described as Rio drinking Santos lower, grain
and hogs prices off, packers selling for hedge
instead of Rio. Rio was the only kind delivered in May and account and
longs plainly disposed to sell. Domestic trade,
also in March. To-day futures advanced 7 to 10 points net, it is true, was
fair, but export trade was very slow. Clearending 30 points up for the week on July and 4 points on ances of lard
last week reached 14,744,000 lbs. and of hams
September. Prices closed as follows:
and bacon 14,392,000 lbs. Hogs advanced 15 to 25c. on
Spot (unofficial)_-_11c1September_ -7.69 ®7.721March
Tuesday and the fortnightly increase in stocks was small.
6 98@
July
8.9008.951December _ _7.04@7.081May
6.97@ --SUGAR.-Raws on Monday were higher and not a few Liverpool was unchanged to 9d. higher and shorts covered.
are hopeful in regard to the outlook. They maintained Later prices advanced. New York, it was at one time estithat refiners are carrying but small stocks of raw sugar mated, cleared about 12,000,000 lbs. of lard and 6,500,000
especially of recent cheap sugar. Their position contrasts lbs. of ribs last week. Mid-month stocks of lard at Chicago
rather strikingly, it is said, with that of the United King- showed an increase of only 2,457,000 lbs. This was a gendom refiners, who are said have cheap Javas to arrive in uine surprise. A sharp increase had been expected from the
Aug.
-Sept. They can therefore, it seems, name low prices heavy run of hogs. This showing gave color to the idea that
domestic consumption is much larger than has been susfor their product. As for New York, close watchers believe
pected. Lard stocks now are about 25,000,000 lbs. less than
the holdings of operators have become greatly reduced.
Facing other holders might be illuminative to buyers. It a year ago. To-day prices were unchanged for the day and
also for the week.
was as it turned out later. It was suggestive that the week
DAILY CLOSING PRICES OF LARD FUTURES
IN CHICAGO.
opened with a firm tone. Washington wired that the
Sat.
Mon. Tues.
Wed. Thurs. Fri.
septe llvr
u
Department of Agriculture now estimates that the 1922-23 j ly clebe delivery_cts_10.82 10.82 11.00 10.92 10.85 10.85
_ _ _10.97 11.00 11.15 11.05
11.00 11.00
11.05 11.10 11.25
sugar production for the world will be approximately 303,000 October dellvery
11.15
11.07 11.10
tons larger than last year. Its revised estimate for
PORK quiet; mess, $25@$25 50; family, nom.; short
short
this year places the production at 20,447,041 tons, against clear, $22@$22 50. Beef dull; mess, $15; packet, $14@
20,174,738 tons for 1921-22. Cuban raws advanced early $14 50; family, $16@$17; extra India mess, $28@$30; No. 1
canned roast beef, $2 35;
in the week with a good demand. Refiners had bought tongues, $55@$65; nom. No. 2, $4 05; 6 lbs., $15; pickled
per
little for some weeks. Some 100,000 bags of Cuba sold on pickled hams, 10 to 24 lbs., barrel. Cut meats steady;
15@18%c.; pickled bellies, 6
the 17th inst. for July shipment at 53'2c. C. & f., 65,000 bags to 12 lbs., 13@135o. Butter, creamery, fresh firsts to
of Porto Rico at 7.03 to 7.28c. and 15,000 tons of Philippines, high scoring, 35M@)39%c. Cheese, flats, 20@126Y20.
due next week, at 7.28c. Futures advanced. The business Eggs, fresh gathered trade to extra fancy, 20 to 320.
OILS.
on the 16th inst. was estimated at nearly 50,000 tons.
-Linseed quiet and lower. Buyers are not interOn the 17th inst. 24 notices were issued. Bulls argue that ested for the moment, owing to the declining tendency of
the market. Spot carloads $1 00; tanks, 960.; less than carthe available supply of Cuban, Porto Rican and other raws loads,
$1 09; less
on Oct. 15 will not exceed 1,000,000 tons and that con- carloads, $1 08; 5than 5 bbls., $1 12; boiled, tanks, $1 03;
-bbl. lots, $1
bbls.,
sumption up to Oct. 15 should amount to nearly twice that refined, bbls., carlots, $1 10; 11; less than 5 bbls., $1 14;
varnish type,
$1 10;
quantity. Java exports to Europe in June were 120,000 double boiled, bbls., cars, $1 09. Cocoanut oil, Ceylon,
tons and to Suez or Port Said for orders to European port bbls., 9@9Xic.; Cochin, 103 0. Corn, crude, tanks, mills,
4
8
35,000; total, 155,000 tons for Europe. Exports to the 73/c.; spot New York, 103c.; refined, 100-bbl. lots, 11%c.
Olive, $1 15. Cod, domestic, 65@68c.; Newfoundland,
Orient, 84,000; grand total June, 239,000, against the total
for June last year of only 99,328 tons. These are certainly 63@66e. Lard, strained, winter, New York, 12o.; extra,
11%c. Spirits of turpentine, 94@9 °. Rosin, $5 80©
5
JULY 21 1923.]
THE CHRONICT•E
339
prompt; grain from Montreal to Limerick. 3s. 68. prompt; grain from
37 50. Cottonseed oil sales to-day, including switches, Montreal to United Kingdom. 2s. 9d. July; one round trip intercoastal
trade, 2.921-ton steamer, $1 35 July; pit props from Newfoundland to
7,600 P. Crude S. E. nom. Prices closed as follows:
west coast of United Kingdom. 423.6d. July; coal from Baltimore to Three
.
Spot _ _ _ c_10.000110 65 Sept_ _ _ _c_ 9.8114 9.84 I Dec- --- c _ 8.280 8.30 Rivers,$1 25 prompt; crude oil to San Pedro to New Orleans. 80c. a barrel
8.91
_0 8.93 January__ 8.30(4 8.33 July; gasoline from U. S. Gulf port to Continent. 35c. prompt; crude oil
July
10.00(410.40IOctober__
10.00@l0.30 November_ 8.30(4) 8.38 February__ 8.39@ 8.40 from San Pedro to Philadelphia, 90c. prompt; gasoline from New Orleans
August
Roads to Rio de
August;
-Gasoline dull and weak, and not a few to Hamburg, 35s. middle oil from coal from Hampton
PETROLEUM.
Port Arthur to Australia, 26c. July;
Janeiro, $3 50 July; case
be surprised to see prices cut grain from Montreal to west Italy, 16 Sic. August: gasoline from San Pedro
close observers would not
Cuba to North Hatteras.
Philadelphia. 95c. September;
very shortly. There has been a fair export inquiry, but to Sic. prompt;lumber from Gulf tosugar from
Montreal,$12 July;crude oil from Gulf
12
little or no cargo sales have been made thus far this week. port to port north of Hatteras, 37c. prompt, or from U. S. Gulf port to
Hampton Roads to AntwerpBunker oil was reduced 100. per barrel on the 18th inst. north of Hatteras. 35c. ten trips; coal from
Hamburg range. $2 10 prompt; coal from Atlantic range to Savona, $3 10
to $1 60031 70 per barrel f.o.b. New York harbor refinery. July; one round trip, 3,080-ton steamer, United States and west coast
trade,
Demand has been small. There has been a fairly large move- South American trade. 95c. prompt; one trip In intercoastaiin West2.813India
ton steamer, $1 50 July; one round trip, 1,430-ton steamer,
ment against old contracts, but fresh buying is absent. trade. $1 15 prompt; coal from Virginia or Baltimore to Halifax. $1 JulyGas oil in rather better demand with 26-28 rather steadier August.
4
TOBACCO has been in only fair demand and actual sales
in the Gulf section at around 33 c. per gallon. Locally
36-40 is very dull. Gasoline was reduced to 12c. in Los have kept within quite moderate bounds, as might be
Angeles on the 19th inst. and there were predictions that ex-Acted at this time of the year when a lull in business
it would go to 10c. or less within a day or two. Rumors is regarded as a matter of course. Next month there may
were to the effect that large companies are considering a be something of a revival of trade; either thea or in Sepplan to fix a price so low that the independents could not tember. But no great increase is expected in the immeet it. The Standard Oil Co. of New Jersey reduced fuel mediate future. Stocks of most kinds in the meantime are
oil at New York 10e. a barrel to $1 60 terminal. A feature not burdensome and prices are generally reported steady,
on the 19th inst. was a reduction of 20c. per barrel by the while some even call them firm.
Ohio Oil Co. in Lima,Indiana, Illinois, Princeton, Plymouth
COAL has latterly been firmer with a pretty good inquiry
and Waterloo. Wooster crude was cut 10c. per barrel. at Hampton Roads. Steam sizes of anthracite are dull here,
No other cuts were reported, but Mid-Continent is expected however. Bunker business is larger at New York, Philato go lower before very long. A new gasoline war has started delphia and Baltimore as well as at Hampton Roads. Pool
in Texas cities. On the 17th inst. the Magnolia Petroleum No. 1 is quoted at the Roads at $5 50 to $5 75, though not
Co. posted a cut of 4c. on the tank price at Dallas, making
a few shippers, it seems, are asking $5 60. Pool 2 is quoted
the new price 12c. and with service price 15c. This includes at $5 15 to $5 35. Later a good export demand appeared,
the State tax of lc. San Antonio prices were reduced le. especially, it seemed,for the Mediterranean. Stocks at tideto 12c. and 15c. respectively; Fort Worth lowered prices 2c. water, too, were smaller. Prices at Hampton Roads adto 16c. and 19c. New York prices: Gasoline, cases, cargo vanced. Later Southern soft coal was firmer.
lots, 27.15c. U. S. Navy specifications, bulk per gallon,
COPPER in fair demand and firm. At one time it was
13.50c.; export naphtha, cargo lots, 14.50c.; 63-66 deg.,
being done at 14%c., but most
deg., 18p. Kerosene in cargo lots, cases, reported business was
16.50c.; 66-68
4
producers are said to be making sales at 143 0. England
Petroleum, refined, tanks, wagon to store, 14c.
15.40c.
the demand from Germany
garages (steel barrels), 2134c.; bulk delivered, has bought quite freely. And
Motor gasoline,
fair. Orders for July, according to reports from the
New York, 14e. It was reported on the 17th inst. that the is
A rather disappointing
Co. of New Jersey had closed a contract Lake district, are very small.
Standard Oil
feature has been the small demand from New England
for the purchase of 36,000,000 barrels of light crude oil from
other eastern points. Combined deliveries by smelters
the California Petroleum Corp., to be delivered at San Pedro and
June were 13,337,417 pounds, of which
rate of 1,000,000 barrels monthly and to be in the district during
Harbor at the
About
& Hecla furnished 9,067,444 pounds.
transported to Eastern refineries through the Panama Canal Calumet
About 2,000,000 pounds were shipped from Dollay Bay
by the Standard's own tankers.
74tl Illinois
1 67 where the stocks of the Copper Export Association are
$275 Ragland
Penn
1 60 Wooster
1 45 stored. Deliveries from these smelters in June 1922 were
1 70 C'richton
Corning
1 05
I 50 Lima
1 881 Plymouth
Cabell
1 00 15,128,000 pounds.
1 40 Indiana
1 781 Mexia
Somerset
1 67
Somerset, light_ 1 55 Princeton
TIN quiet and lower at 383c. for spot. London, too,
RUBBER firmer, with higher London cables. There has has been declining. The unsettled Ruhr situation is a
been a fairly active buying interest, but business in the main depressing factor.
was not up to expectations. However, many believe that
LEAD in good demand and higher; spot, New York,6c.®
the low point has been reached, though they do not look for
.9 @ c. Independents, however,
substantial or permanent improvement until factory 6.200.; East St. Louis, 5 5 6
any
it is said, 6.20@6.25c. spot, New
the market on a good scale. There is a scarcity at one time obtained,
buyers enter
York. Consumers supplies of pig lead are said to be very
of sellers at the present time, and those who are ready to do
to be well stocked with the
prices above buyers' limits. Smoked ribbed small. They are said, however,
business ask
crepe cpot and July 26c.; August,2630.; finished product.
sheets and first latex
4
-Dee., 273 c. Later came a further
ZINC lower with London. A depressing factor also has
September, 26%c.; Oct.
advance on a good demand from manufacturers, including been the lessened demand and the heavy production of
the Akron district. On the whole galvanized sheets. Spot, New York, 6.45@6.50c.; East
a number of those in .
there was a better buying interest. Smoked ribbed sheets St. Louis, 6.10@6.15c.
and first latex crepe spot, July and August, 27c.; September,
STEEL has been in the main steady with good railroad
-Dee., 283ic. In London on July 16 plantation
273O.; Oct.
Also consumers are taking deliveries readily. In
of buying.
on the spot advanced %d. to 14d. A further reduction
some cases they are even pressing the mills for delivery,
358 tops took place last week in the London stocks, which,
notably at Chicago. The U. S. Steel Corporation is said to
according to official returns, are 49,976 tons, against 50,331
be doing more business in July than it did in the same period
tons a week ago, 72,051 tons a year ago and 70,452 tons in
in June. That is not the case with everybody, however.
1921 at the same time. London on July 18 advanced %d. That is
conceded. Before very long some producers may be
/
in plantation standard on the spot to 141 6d. Exports from
looking for new business. Meanwhile in the automobile
Singapore for the last two weeks are 1,000 tons to the United
business the outlook is considered not unfavorable, whatKingdom. 700 tons to the Continent and 5,900 to the United
ever may have been the prognostications in some quarters
States. London on the 19th was steady and unchanged.
recently. Japan has been buying rails in this country, deHIDES sold more freely at one time. A carload of June spite the fact that European prices are in some cases lower
salting native steers at Harrison, N. J., dold at 133/2c. for than American. But when it comes to deliveries, it is anheavy weights. Country hides were steadier with packer other matter. There is no absolute certainty in every case
hides. Common dry hides were dull. As to wet salted about European deliveries. It is said that in Ohio, on the
some reports from the River Plate section stated that 4,000 other hand,. semi-finished steel supplies are piling up someLa Blanca steers sold at $37 25, or 143/Ic. c. & f., and 4,000 what, and in one case slabs, it seems, sold at $40. That
Artigas at $38 50, or 145.4c. Buyers from the country were appears to be one of the exceptions proving the rule of steady
said to be showing more interest. Packer hides were active prices in the main. It is well to remember, however, that
and firm in Chicago late last week. Orinoco were quoted pig iron has been tending downward. Plates and shapes as
at 17c., Bogota at 200., Guatemala at 200., Tapachula at a rule are quoted at 2.50c. and bars at 2.40c., although ef19e. and Tampico at 17c. Later both European and United forts are being made to get these prices cut. In the main
States buyers were purchasing more heavily. Sales were production of steel in this country keeps up very well, and
reported of 2,000 Swift Montevideo steers at $39 75, which at the same time there is no indication of any material fallis the approximate equivalent of 15e. c. & f.; 8,000 Swift ing off in consumption. New business, however, for the
steers at $37.
La Plata steers at $37 25, and 4,000 Sansinera
most part is light.
steers at $37.
A sale was also reported of 1,000 Artiga
PIG IRON has dropped in some cases 50c. to $1; that is
with
OCEAN FREIGHTS continued dull and depressed
in eastern Pennsylvania. This brought about some slight
tonnage.
plenty of
increase in business. Foreign pig iron has also declined
in west
CHARTERS ineuded grain from Montreal to three portsAlgiers, Italy
sharp decrease in pig
to
at 17c.. 17 Sic. and I8c. July; coal from Atlantic range port. $3 50 $2 75 in consonance with American. A
JulyRoads to a lower River Plate
July; coal from Hampton prompt: clean products from Gulf to French iron production is forecast for the next 30 days, with no
Montreal. $1
August, to
great falling off in the steel output. British furnaces are
Newfoundland
Atlantic port. 35s. July; pit props from John. N. B., to Bristol Channel,
40s. with options July; sugar from St.trip, 1,068-ton to Montreal and To- damping down, it is said, or will do so before long, with
steamer,in Canadian
one round
ronto,24c. and 27c. August;
coal from trade light and prices declining. Pig iron is accumulating
trade. $14 45 prompt; ore from Pot' to Baltimore,$4 25 Aug. 15;Pacific to
St. Nazaire. $2 25
in the Birmingham district. Youngstown reports a fair
Hampton Roads to Continent, 375. 6d.July: grain from North
October; coal from Atlantic range
United Kingdom or
$25. No. 2 foundry iron has
-Rotterdam-Amsterdam range. $2 10 prompt; grain from Mon- business, with basic pig iron
to Antwerp
pitch from Pensacola to Bristol
treal to Mediterranean, 17c. August;Hampton Roads to Montreal. $1 latterly been nominal there at $25 50 to $26. It is said also
Channel, 15s. 3d. August; coal from
of late there has been a better inquiry in New England.
prompt; one round trip in West India trade, 1,287-ton steamer, $1 25
340
THE CHRONICLE
The contention is heard, too, that prices are not likely to
go much lower, as they are very close to the cost of production. On the other hand, it is recalled that, every now
and then in the past quotations have, as a matter of fact,
sunk below the cost of output. The manufacturer has to
take the bitter with the sweet. As the case stands, some
buyers are waiting for a $25 quotation for eastern Pennsylvania. Whether their hopes will be realized is for time to
determine.
WOOL hiis been quiet and steady, especially on fine wool,
though territory wool has recently declined. Manufacturers are supposed to be carrying no very large stocks. At
times recently there has been a slight increase in demaid for
fine foreign wool, it was said, but there has been nothing
like a really satisfactory business. Carpet wools have been
quiet. Dealers take the ground that before very long rills
must buy more freely and in any ease with mills so indifferent
reductions in prices would be futile. So they are standing
pat and awaiting developments. The Boston "Commercial
Bulletin" in its issue of Saturday, July 21, will say:
The wool trade has reached a position of greater stabilization than has
existed for a number of weeks and looks to the future with increasing confidence. Sales have included almost every description and grade of wool
during the past week, although no large volume of business has been done.
The manufacturers are looking the market over very generally and are
buying some wool. Evidently in anticipation of the lightweight season,
which will be opened by the American Woolen Co. on Monday next, when
slight price advances are expected.
The balance of the fourth series of London sales has been cancelled and
no more colonial sales series is scheduled to commence in London. Liverpool East India sales show a decline of 5 to 10%.
In the West consignments make Up the bulk of the movement at the
moment. Some scattering sales, usually of small quantities, are reported
here and there in the range of 40 to 46 cents, depending upon the wool.
Some moderate buying also is reported in the bright wool section at
3 to 5 cents under the high points.
Mohair is rather inactive, but steady.
[ToL. 117.
In order that comparison may be made with other years,
.
we give below the totals at leading ports for six seasons:
Receipts at
-
1923. I
Galveston _ _ _ _
Houston, &c_
New Orleans_
Mobile
Savannah__
Brunswick
Charleston_
Wilmington _ _
Norfolk
N'port N.,&c.
All others_ _ _ _
1,554
1.- 93
,
1
4,020
Tot, this week
1922.
1921. 1
1920.
1919. 1
1918.
2,399
2,567
14,748
1.211
10,278
524
2,443
446
351
217
1,067
2,403
412
'9
2.068
1,048
1,232
1,185
15,202
31,6971
98.434
27,207
105,721
30,841
-56.
8
34,860
19,742
12,240
2.424
19,466
8011
1:1411
4
)
8,913
98
10,762
512
3,510
67
3
2,294
29,599
2,819
22,806
4,630
264
6,709
21.511 • 15, E
2
3
8,000
1,000
402
1,753
2,026
86
1,01(1
6,326
Since Aug. 1-- 5,698.347 6.050,078 6,614,699 6.792.009 5.959.457 5,780,342
The exports for the week ending this evening reach a.total
of 38,958 bales, of which 7,686 were to Great Britain,
2,899 to France and 28,373 to the rest of the Continent,
Exports for the week and since Aug. 1 1922 are as follows:
Exports
from
-
Week ending My 20 1923.
Exported to
-
From Aug. 1 1922 to July 20 1923.
Expor ect to
-
Great
Great
•
Britain. France.' Other. rota': Britain. 1 France.
Galveston_ _
829
Houston
Texas City_
New Orlea
1,531
Mobile
213
Jacksonvill
Pensacola
Savannah
Brunswick
Charleston _
Wilmington.
506
Norfolk ____
New York__ 4,430
Boston
177
Baltimore
Philadelphia
Los Angeles.
San Fran
Seattle
Other.
rota,
.
1,812 3,511 422,398 318,80511,168,371 1,907,574
235,284 153,292 331,157, 719,733
3,765
3,765
1,1541 7,664 10,349 208,950 87,295 518,1571 812402
213 24,375
4,945 29,779 59,099
75
600'
. 675
• 7,980,
1,260,
9,220
6,838 6,838 129,329,
4,410 150,319 284,058
21,385
7,059, 28,424
1,094 55.842' 88,805
31,869,
11,600
81,000 92,600
506 107,080,
1,758 50,3911 159,229
875 12.259 17,384 87,6891 47,678 158,189, 273,514
177
7,185 11,371
4,208,
1871
' 1,4791
1,646
1,7541
215
1,969
3,925 18,799
12,897
1,977
200 68,9121 89,112
9,6321
9,632
1,070
London cabled on July 14 that the wool auction sales,
which were suspended on July 10 until July 17 because of
labor difficulties in the wool warehouses arising in connection
with the dock strike, had been further postponed until
July 24th. If the resumption of the sales is then found to
be impossible they will be abandoned, it was stated. There
Total'22-'23 7,8881 2,8991
were very many withdrawals at the recent sales. London Total'21-'22 35,3211 9,095 28,373 38,9581,286,536, 619,6672,645,4244,551,627
51,018 95,434 1,745,2831 759,094 3,480,144 5,984,321
cabled July 19 that owing to the continued labor difficulties Total'20-'21 20,333 14,182 101,796 136,311 1,714,080 587,232 3,144,674 5,425.986
the remainder of the July London wool auctions series will
NOTE.
-Exports to Canada.
-It has never been our practice to include In the
above
be abandoned. The'next sales will begin on Sept. 4, when cotton table exports of cotton to Canada, the reason being that virtually all the
destined to the Dominion comes overland and it is impossible to get returns
226,000 bales of Australasian and 10,000 bales of Puntas concerning the same from week to week, while reports from the customs districts
will be available. The Liverpool Realization Association on the Canadian border are always very slow in coming to hand. In view, however.
of the numerous inquiries we are receiving regarding
matter, we will
sales scheduled for Sept. 6 and 7 has been cancelled. The the crop year from Aug. 1 to May.3i(no later returnsthe as yet available)say that for
the exports
are
West fights a decline though it is said that sales of small to the Dominion the present season have been 181,541 bales. In the corresponding
lots are being made here and there on the'basis of 5 to 10% period of the preceding season the exports were about 174,000 bales.
In addition to above exports, our telegrams to-night also
below the high point of the season. Further exports of wool
are reported. One lot of some 1,200 bales of combing give us the following amounts of cotton on shipboard, not
Capes was included in the shipments to foreign markets. cleared, at the ports named.
Some clothing Cape wool it seems has also been sold for export.
COTTON.
Friday Night, July 20 1923.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
15,202 bales, against 20,125 bales last week and 24,472 bales
the previous week, making the total receipts since the 1st
of August 1922, 5,698,347 bales, against 6,050,078 bales for
the same period of 1921-22, showing a decrease since Aug. 1
1922 of 351,731 bales.
On Shipboard, Not Cleared for
Great
GerOther CoastLeaving
- Britain. France. many. Connit. wise. Total.
July 20 at
Stock.
Galveston
300
700 2,600 5,050 1,000 9.650
19,018
New Orleans
77
500
794 1,824
151 3,346
45,495
Savannah
600
100
700
18,711
Charleston_ _ _ _
---22.716
Mobile
-38(5
-550
326
Norfolk
30,630
Other ports •
3,500
500 .1.750
550
200 6,500
83,712
Total 1923
4,477 1,700 5,144 7,874 1,351 20,546 220,608
Total 1922._ 8,120 4,980 12.910 38,570 2,906 67,488 459,645
Total 1921
8.798 8.799 53.351 58.051 4.365 133.364 1.313.890
•Estimated.
Speculation in cotton for future delivery was languid
early in the week at lower prices due to poor cable reports
Tues. Wed. Thurs. Fri.
Total. from Liverpool, unfavorable news
from the Ruhr, France's
Galveston
383
224
542
44
361 1,554 insistence on adhering to its position in regard to reparaNew Orleans_ _ _ _
2301
491
631
237
"Fre
188 1,953
Mobile
1 tions and reports or predictions of rains in dry Texas. The
1
Savannah
8481
906 1.076
178
353
659 4.020 stock and foreign
Charleston
exchange markets were irregular and de25.
67
41
50
40
305
82
Wilmington '
302 1,071
262
201
304
259 2,399 pressed. The American consumption in
June was only 542,Norfolk
2451 1,236
276
316
370
124 2,567
81
New York
81 166 bales, against 620,961 in May, though, to be sure, it
26
Boston
____
4
"gii
14
912
24
Baltimore
-1
1,410 1.410 looked well by comparison with 509,218 in June 1922, and
2,0.59 4.050 2,858 1.870 1,2571 3.108 15.202 still better in contrast with 461,917 in June 1921. Moreover,
Totals this week_
the total up to June 30 this season was 6,203,135 bales,
The following tables shows the week's total receipts, the against 5,451,818 at
the same time last year. But this
total since Aug. 1 1922 and the stocks to-night, compared
counted for nothing at the time. Impending Texas rains,
with last year:
gloomy European political news and the fear that Premier
•
1922-23.
1921-22.
Stock.
Baldwin's recent move for a Ruhr settlement would fall flat
Receipts to
overshadowed everything else. Also, the heavy covering
1 This Since Aug This Since Aug
July 20.
j Week. 11922. Week. 11921.
1922.
1923.
last week had to a certain extent relieved the tension on the
1.554 2,331.550 14,748 2,523,745
75,821 short side. Shorts covered less
28,668
Galveston
freely, showed more confi69,798 1,211
32,952
13
1,337
Texas City
723,413
474,272
Houston
dence and longs sold more readily. Liverpool, Wall Street
10,305
Port Arthur. ,Sec_.. --1,953 1.357,890 10.278 1.266.378
48,841 110.053 and New Orleans sold rather heavily at one time. New EngNew Orleans
8.123
Gulfport
524 161,008
89.457
1
676
1.208 land mills are curtailing. Fall River mills, it is said, will
Mobile
9.220
3,350
Pensacola
curtail 50 to 75% until trade improves. Manchester con3
9.156
4,038
2,614
Jacksonville
1,437
4.020 443,841 2,443 754.430
19,411
56,266 tinues to run on short time. The Memphis "CommercialSavannah
446
28.524
30.108
243
1,229
Brunswick
351 156,640
22,716
305 134,925
53,685 Appeal" reported an improvement within two weeks in crop
Charleston
Georgetown
conditions. Some private,reports concurred in this vie‘‘
217 107,780
106.373
11,553
16,134
2,399
Wilmington
30.630
38,000 Liverpool cotton prices naturally dropped when sterling e\
2.567 283,119 1,067 350,196
Norfolk
583
N'port News, &cchange advanced. The slowness of general trade and the
32,129
. 65,590 160,999
9,541
New York
81
44,834
409
76.398
5,386
6,232 sluggishness of Fall River all counted. Bearish sentiment
Boston
912
59,595
20.200
857
994 increased in the raw cotton trade. Active spindles on June
Baltimore
1.410
29,612
3,956
4.942
Philadelphia
3,736
30 numbered 34,843,421, against 35,390,137 on May 31, or a
6,050,078 241.154 527.131 decrease of roughly 450,000, though the total on June 30, it
Totals
15.202 5,698.3471 31,697
Sat. I Mon.
JULY 21 1923.]
THE CHRONICLE
341
of Agriculture, are the differences
is true, was well in advance of that on June 30 1922, when designated by the Secretary
from middling established for deliveries in the New York
It was only 31,877,015.
.
But some question the wisdom of selling at this time. market on July 27 1923.
92 on Strict middling "yellow" tinged__ .38 off
Middling fair
93 off
There are, they point out, bound to be crop scares of one Strict good middling
"yellow" tinged
.69 on Middling
.48 on *Strict low mid."yellow" Unged.1.38 off
kind or another, such as drouth, hot winds, weevil, etc. The Good middling
on *Low middling "yellow" tinged_1.90 off
middling
.26
crop, too, is late; the plant is small. The visible supply of Strict low middling
27 off Good middling "yellow" stained_ .66 off
Strict
69 off 'Strict mid."yellow" stained___1.24 off
American cotton is down to about a million bales: In ware- Low middling
1.71 off
1 21 off *Middling "yellow" stained
*Strict good ordinary
off
houses in the United States the total supply on June 30 was *Good ordinary
1 75 off *Good middling "blue" stained .95
1,232,888 bales, against 1,579,606 bales on May 31 and *Strict good mid. "yellow" tinged .40 on 'Strict middling "blue" stained. 1.31 off
only
1 73 oft
*Middling "blue" stained
1,953,478 on June 30 last year. There is a decrease in a Good middling "yellow" tinged__ Even upon future contracts.
• These ten grades are not deliverable
month of some 347,000 bales and in a year of 720,000 bales.
The official quotation for middling upland cotton in the
Also, the stocks at manufacturing establishments on June
30 were only 1,345,066 bales, against 1,621,290 on May 31 and New York market each day for the past week has been: Fri.
Sat. Mon. Tues, Wed. Thurs.
Jtall 7 to July 201,330,983 on June 30 last year. That is to say, there is a
uplands
28.00 27.5.5 27.35 27.35 27.35 27.25
decrease in a month of some 275,000 bales and the total is Middling
-The highest, lowest and closing prices at
FUTURES.
only some 15,000 bales larger than at the same time last
year, whereas on May 31 the total of 1,621,290 bales was New York for the past week have been as follows:
some 200,000 bales larger than at the same time last year,
pa..
Saturday, Monday, Tuesday. Wed'elay, Thvxscry, Friday,
and on April 30 the total of 1,889,218 bales was 428,000 bales
July 14. July 16. July 17. July 18. July 19. July 20 Week.
date in 1922. In other words, delarger than at the same
I
spite mill curtailment the consumption is large, and it is July
27.12-25 26.71-104 26.51-.85 26.40-.70 26.32-10 26'30-.60 26.30125
Range
cutting very sharply into mill stocks. The New York cerClosing.. 27.23-25 26.79 -26.62 -26.80 -26.55-.58 26.47-49--1
tificate stock is gradually decreasing as shipments increase. August
25.85112 25.56 -26.06 -25.28-.50 25.50-120 25.80-90 25.28420
Range
At
Manchester has now and then reported a better demand.
-25.28 -26.00 -25.60 -- Closing _
was September- 25.95 -25.85 -25.83
times Worth Street was said to be steadier. There
I
24.45 --- -24.45 Range
more or less trade demand here. Some bull operators have
- 24.93 -24.55 -24.45 -24.50 -24.80 -24.40 -Closing
been buying on setbacks. They stress the small and de- October
23.62-.95 23.57-.95 23.56-16 23.43-158
24.16-.58 23.66-.94 23.43-.86
Range
creasing visible and invisible stocks, the large consumption
Closing
24.17-20 23.82-84 23.68-.70 23.73-15 23.80-.86 23.60-64--and the chances of damage, perhaps serious damage, to the November
23.20 -2320 Range
crop in the next month or six weeks.
Closing..... 23.93 -23.55 -23.41 -23.47 -23.58 -23.35
persistent drouth and high temperatures in December
Later on the
23.68-108 23.15-12 22.93-132 23.10-44 23.10-47 23.15-32 22.93-108
Range
Texas had a steadying effect. Also, they were accompanied
23.68-.71 23.27-.32 23.15-.20 23.22-25 23.36-.40 23.21-.22--Closing
reliable sources that army leaf worm was Januaryby reports from
23.43-.83 22.92-114 22.68-10422.80-113 22.87-122 22.91-405 22.68-183
Range
damage in parts of Texas and threatened
doing considerable
23.43-.44 23.05-.06 22.80-87 22.96-.99 23.12 -22.93-25--Closing _
,
to spread over the whole State. There were temperatures Februarydegrees. For days it was 100 to 114, or
Range
as high as 114
-22.94 ---Closing..... 23.42 -23.03 -22.80 -22.96 -23.15
• thereabouts, at 23 to'28 stations out of 50 in Texas. Also, March
23.41-.76 22.90-112 22.66-100 22.80-414 22.90-124 22.93-106 22.66-17(
Range
Oklahoma had temperatures of 100 to 110, at 15 out of 18
23.41 -23.00-02 22.83 -22.96-.98 23.16 -22.95-.97--Closing
stations. It excited comment. At the same time there were AMR
belt.
Range
heavy rains in the central and eastern sections of the
23.36 -22.95 -22.76 -22.90 -28.10 -22.92 - - Closing
They were not liked in some quarters. They aroused fears May
23.31-55 22.83-.95 22.69-84 22.85403 22.78-118 22.85-100 22.69-1.515
Range
of weevil. Certainly it was called weevil weather. The Gov23.31 -22.90 -22.70 -22.85 -23.06-.09 22.89 ---Closing
ernment report on Wednesday was in the main favorable. June
But it did not disguise the fact that Texas was beginning to
Range
..
Olnalna
need rain badly, especially for the late planted cotton. On
126c. 124c *270. 423c.
that (lay, on the other hand. only 10 stations in Texas reported 100 to 107 and only two or three in Oklahoma 100 to
THE VISIBLE SUPPLY OF COTTON to-night, as made
101. In other words, it showed signs of cooling in the up by cable and telegraph, is as follows. Foreign stocks, as
Southwest. That was taken by some as a forerunner of well as the afloat, are this week's returns, and consequently
rains, although a low barometer which had been over Texas all foreign figures are brought down to Thursday evening.
early in the week moved westward out of the State towards But to make the total the complete figures for to-night
the Pacific and nothing more than partly cloudy weather (Friday), we add the item of exports from the United States,
• was predicted at that time.
including in it the exports of Friday only.
1920.
1921.
1922.
1923.
But It was considered a weather market, and with rumors
July 20bales_ 422,000 854,000 1,099.000 988,000
in Texas Stock at Liverpool
of Texas rains prices later on fell. Good rains
12,000
2,000
•
1,000
Stock at London
89,000 127,000
66,000
42,000
would cause a decline. That was accepted as a foregone Stock at Manchester
conclusion. So would a clearing up of the weather in the
465,000 920,000 1,190,000 1,127,000
Total Great Britain
26,000
33,000
eastern belt. Meanwhile cloths continued dull on both Stock at Hamburg
20,000
88,000
42,000 182,000 216,600
Ades of the water. The big Amoskeag Mills announced that Stock at Bremen
45,000 154,000 139,000 223,000
Stock at Havre
I heir cotton departments would go on a four-day week be- Stock at Rotterdam
11,000
9,000
4,000
99,000
94,000
67,000
75.000
Idniiing next Monday. President Harding, to all appear- Stock at Barcelona
63.000
33,000
16,000
10,000
ances, does not favor legislation at Washington looking to Stock at Genoa
20,000
39,000
8,000
15,000
Stock at Ghent
1,000
3,000
the amelioration of the grain farmer's position, regarding Stock at Antwerp
it as artificial and futile. Nor, it seems, does he favor tak214.000 470,000 558,000 493.000
Total Continental stocks--ing part in any action looking to the settlement of the Ruhr
679,000 1,390,000 1,748,000 1,620,000
Total European stocks
question if it involves the question of the Allied debts to the
37,000 102,000
83,000
India cotton afloat for Europe_ -- 123,000
United States. Speculation was light, although even on American cotton afloat for Europe 107,000 262,000 351,263 150,148
39,000
40,000
70,000
Wednesday there was a strong tone, with stocks higher and Egypt Brazil,&c. afloat for Eur'e 55.000 227,000 268,000 84,000
151,000
Stocic In Alexandria, Egypt
wheat up 1% to 2%c.
541,000 1,013,000 1.189,000 1,354.000
Stock In Bombay,India
241.154 527,131 1,447,254 810.159
To-day prices declined 20 to 30 points on rumors of rain Stock in U. S. ports towns
293,590 433,178 1,157,547 894.410
Stock in U. S. interior
10,762
10,263
19,814
and cooler weather in Texas, with the cables slack, cloths U.S.exports to-day
of
dull, Fall River's sales for the week only 20,000 pieces
2,190,744 4,025,123 6,248,327 5.064.479
Total visible supply
print cloths, Manchester quiet and more or less evening up
Of the above, totals of American and other descriptions are as follows:
American
in the trading here on the eve of the holidays, the Exchange
bales_ 145.000 494.000 697.000 672,000
Liverpool stock
being closed at noon to-day and all day to-morrow because Manchester stock
72,000 111.000
45,000
23,000
121,000 386,000 472,000 407.000
of removal to its new building. There was a small failure Continental stock
262,000 351.263 150.148
107,000
of an Augusta, Ga., operator announced-Frank H. Barrett. American afloat for Europe
241,154 527,131 1,447,254 810.159
U. S. port stocks
He requested the Exchange here to sell his seat and apply U. S. interior stocks
293.590 433,178 1,157.547 894.410
10,762
10,263
19.814
_
the proceeds pro rata among his creditors. It had no influ- U. S. exports to-day
ence on the market, as he had comparatively few trades open
2,167,123 4,207,327 3.055.479
Total American
930,744
East Indian, Brazil, &c.
here, it was understood. Final prices show a loss for the
Liverpool stock
277,000 360,000 402,000 316,000
12.000
2,000
week of 67 points on July and 84 to 97 on the rest of the list, London stock
1,000
16.000
17,000
21,000
19,000
latter on January spot cotton closed at 27.25c., a decline Manchester stock
the
86.000
86.000
84,000
Continental stock
93,000
37,000 102.000
the week of 80 points.
for
83,000
India afloat for Europe
123,000
39.000
40,000
70,000
55,000
To-day the New York Cotton Exchange adjourned at noon Egypt, Brazil, &c., afloat
84.000
in Alexandria, Egypt
151,000 227,000 268,000
ceremonies attending the formal opening of the new Stock in Bombay,India
and the
541.000 1,013,000 1.189.000 1.354.000
Stock
Exchange were held at 2 o'clock, with President Edward E.
1,260,000 1,858,000 2,011,000 2,009.000
Total East India, &c
Bartlett, Jr., presiding. The program included speeches by
930,744 2.167,123 4,207.327 3,055,479
Total American
architect; Hugh White, Vice-President of the
Donn Barber,
2.190.744 4,025,123 6.248.327 5,064,479
Total visible supply
Co.; Alvin W. Krech. Chairman of the
George A. Fuller
8.286. 26.77d.
Middling uplands, Liverpool_ _ _ _ 15 49d. 13.60-i.
12.75c. 43.75c.
22.10c.
board of the Equitable Trust Co.; Edward S. Butler, Presi- Middling uplands, New York...... 27.25c. 22.00d. 18.009. 68.50d.
Orleans Cotton Exchange; Col. John J. Egypt, good sakel, Liverpool___ - 16.85d. 14.50d. 10.509. 47.009.
dent of the New
Peruvian, rough good. Liverpool_ 18.75d.
8.15d. 20.35d.
12.70d. 11.80d.
Shute, former President of the Liverpool Cotton Associa- Broach fine, Liverpool
8.65d. 21.6041.
16.65d. 12.709.
New Tinnevelly, good, Liverpool
• tion, and Samuel T. Hubbard, former President of the
over
York Cotton Exchange. The Exchange will adjourn
Continental imports for past week have been 27,000 bales.
The above figures for 1923 show a decrease from last week
Saturday and trading will begin in the new building on
of 84,897 bales, a loss of 1,834,379 from 1922, a decline
Monday, July 23.
and a falling off of 2,873.735
The following averages of the differences between grades, of 4,057,583 bales from 1921
as figured from the July 19 quotations of the ten markets bales from 1920.
342
THE CHRONICLE
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 20 for each of the past 32 years have been as follows:
1923
1922
1921
1920
1919
1918
1917
1916
27.25c. 1915
22.50c. 1914
12.70c. 1913
43.00c. 1912
35.65c. 1911
33.50c. 1910
26.75c. 1909
12.90c. 1908
9.15c. 1907
13.25c. 1906
12.40c. 1905
12.80c. 1904
13.45c. 1903
16.10c. 1902
12.65c. 1901
10.85c. 1900
12.95c. 1899
11.00c. 1898
11.00c. 1897
11.00c. 1896
12.50c. 1895
9.38c. 1894
8.44c. 1893
10.00c. 1892
6.19c.
6.12c.
8.00c.
7.120.
7.000.
7.06c.
8.12c.
7.25c.
MARKET AND SALES AT NEW YORK.
Spot.
Market
Closed.
Futures
Market
Closed.
SALES.
Spot.
Contr't. Total.
Saturday_ __ Wet, unchanged__ Barely steady
Monday _ __ Quiet.45 pts. dee_ _ _ Steady
Tuesday _ _ Quiet,20 pts. dec___ Barely steady
Wednesday.. Quiet, unchanged__ Barely steady
Thursday _ _ , Quiet, unchanged__ Irregular
Friday
i Quiet 10 pts. dec.. _ Steady
I
Total
_I
Movement to July 20 1923.
Towns.
Receipts.
1
&ocks
..
j
Movement to July 21 1922.
Receipts.
1 menShiF;
Syucksu
Week. Season. I Week;
21.
meats
Week. Season. I Week.
20.
y
Movement into sight in previous years:
Week1921-July 22
1920
-July 23
1919
-July 25
Bales.
Since Aug. 1166,229 1920
-21-July 22
81,424 1919 -July 23
-20
124,837 1918 -July 25
-19
Bales.
FAILURE ON NEW YORK COTTON EXCHANGE.
Frank H. Barrett, of Augusta, Ga., a member of the New
York Cotton Exchange, announced his inability to
obligations on Friday, July 20. Announcement of meet his
pension was read from the rostrum of the Cotton his susExchange
on that day.
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
July 20.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail Mow:
[Vol,. 117.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock__
Dallas
Fort Worth
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
27.75
27.63
27.63
27.00
27.25
27.25
27.50
27.50
27.50
27.10
27.25
27.00
27.00
26.75
27.00
27.75
26.56
27.25
27.00
27.25
26.40
26.50
27.00
26.75
27.00
26.75
27.00
27.50
26.56
27.25
26.50
27.00
28.75
26.00,
26.60
26.50
26.75
26.65
27.00
27.25
26.38
27.25
26.50
27.00
26.50
26.00
26.60
26.00
26.75
26.50
27.00
27.25
26.30
27.25
26.25
27.00
26.00
26.00
26.20
25.75
25.75
26.50
26.50
27.25
26.25
27.25
25.50
26.75
25.35
25.25
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Ala..Birming'm
21 41,290 1,893 1,144
232 32,6161
497 1,648
Eufaula
100
9,337 ____I
729
437
7,172,
3,125
6
Montgomery.
38 61,040
23 6,906
31 48,8581
1821 12.973 ,
Saturday, 1
Selma
1 Tuesday, 1Wednesdad Thursday, Friday,
3 54,319
32 1,117
38 41,6461
186 2,531
July 14.
Ark., Helena
July 16.
July 17.
July 18.
July 19.
34,569
726 7,279
July 20.
34 31,654!
29 6.336
Little Rock
-i5i 171,206 518 13,968
752 185,273 1,8291 19,117 July
26.60-26.82 26.22 -25.85-25.87 25.70-25.75 25.48 -24.75Pine Bluff
17 133,245
670 23,982
846 129,267 1,301 26,055 August
Ga., Albany
25.10-25.50
24.50-25.00 24.23-24.73 23.50-24.00
____
6,255
75 2,000
6,964
1,287
Athens
:. 24 45,874
907 12,634
-itii 98,692 1-"340; 16,883 October 23.38-23.45 23.06-23.09 22.93-22.95 23.00-23.02 23.03-23.05 22.76-22.79
,
Atlanta
22.77-22.81 22.88-22.89 22.63-22.64
466 274,863 2,369 13,579 1,086 237,377 2 34 13,929 December 23.17-23.21 22.82-22.84 22.69January
23.11 22.72Augusta
22.55980 297,460 1,447 17,916 2,954 396,302 6,894
22.65
22.85-22.88 22.64-22.66
665
March
a
23.00-23.06 22.57Columbus_ _ 22.49-22.50 22.60172 125,976
22.85-22.88 22.71 741
308 64,71:
,
954 7,472
22.8522.50 bid 22.33-22.34 22.50-22.52 22.76- 22.60-22.61
acon
1
56,952
202 6,961
215 38,395
698 6,770
Tone- I
M
Rome
3
225 48,728
300 5,183
247 31,284
950 7,026 Spot
La., Shreveport
l
Dul
I Quiet 1
I Quiet I Quiet i
Dull
74,100
1
Dull
___
200
200 62,613 1,400 5,000 Options
Barely st'y Steady
Miss.,Columbus
Steady Barely st'Y Barely st'y
24,786644
Quiet
20,774
587
Clarksdale
-la 129,243 1iii 17,774
-Hi 134,432
GreenwoodWEATHER REPORTS BY TELEGRAPH.
37 106,800
501 17,173
78 91,837 1 6 e 10, 6
-Reports
1, 63 2 8
39
615
7
Meridian..._.
37 34,553
100 1,000
56 34,146
439 1,534 to US by telegraph from the South this evening
Natchez --------32,476
indicate that
____ 2,830
430 1,732
Vicksburg- _.
23,139
290 2,875
157temperatures have averaged about normal in almost
47 3346
7 27,153
2
all
Yazoo City
--ii 28,156
84 7,993
77
463 ,31,(48
Mo., St. Louis_ 2,803 718,414 3,496 6,214 5,486 30,753
836,715 6,906 14,781 sections of the cotton belt except in the more western porN.C.,Gre'nsboro
756 107,646 1,738 12,379 2,478 65,880 3,155 9,145
tion, where they were somewhat above normal. Late
Raleigh
32 11,497
50
129
263 14,986
300
140
Okla., Altus
____ 102,729
76
969
42 83.566
83 mai planted sections of Texas are in need of rain, while in
Chickasha__ almost
____
81,389
3
225
35 62,001 1,585
473
788
Oklahoma
9 78,657
4305 all other parts of the belt rainfall has been light to moderate.
866
623
98
65,363
S.C.,Greenville
142 173,431 3,643 14,099 2,977 187,233 4,810 22,002
Greenwood
Mobile.
___
-The weather the early part of the week was
8,100 ____ 6,100
____
14,483
____ 5,492
Tenn.,Memphis 3,866 1,108,555 5,204 57,875 6,438 947,104 10,237 70,886
favorable for cotton, but there has been too much rain the
Nashville
____
291
13
10362 ____
---460
Texas. Abilene_
____
45,797
186
---- 81,1754 last few days and in many localities temperatures have
Brenham
been
1
18,498
3 3,886
33 14,234
Austin
--6'i 2665 below normal. Cotton is growing and fruiting
'
35,591_
308
25 29,37
359
187
fairly well.
Dallas
75 85,896 92 1,642
184 170,095
731 5,920 Weevil activity
Honey Grove
is not alarming.
110
__ __
19,700
____ 11,043
Houston._ _ _
892 2,678,905 2,584 20,485 9,207 2,640,567 9,375 47,335
Paris
Texas.
-Condition of cotton is mostly fair to very good.
71,630
37
25 52,525
25 1,857
San Antonio_
41,188
1
29
36 51,230337
189 Progress of early planted cotton is very good, but late planted
Fort Worth
64,254
98
308
172 67,870
422 3,022 areas are suffering somewhat
on account of the drought
Total, 41 towns 11,1357,246,844 30,024293,590 36,4607,189,235
62,123433,178 and hot days. There has been some shedding, but the
crop
The above total shows that the interior stocks have de- generally is fruiting very well. The hot dry weather is
creased during the week 18,889 bales and are to-night 139,588 holding weevil in check. General rains are needed in most
bales less than at the same time last year. The receipts at sections.
all towns have been 25,325 bales less than the same week
Charleston, S. C.
-Weather conditions continue somewhat
last year.
unfavorable for cotton in this section.
OVERLAND MOVEMENT FOR THE WEEK AND Galveston,
Rain. Rainfall. -Thermometer
dry
high 90 low 78 mean 84
SINCE AUG. 1.
-We give below a statement showing the Abilene Tex
dry
high 101 low 70 mean 86
overland movement for the week and since Aug. 1, as made Brenham
dry
high 99 low 71 mean 85
Brownsville
dry
high 92 low 76 mean 84
hi
up from telegraphic reports Friday night. The results for Corpus Christi
dry
high 90 low 76 mean 83
the week and since Aug. 1 in the last two years are as follows: Dallas
dry
high 101 low 74 mean 88
Henrietta
dry
July 20Shipped
Via St. Louis
Via Mounds
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1922-23Since
Week. Aug. 1.
3,496
k
1,920
k
_
k
298
k
4.807
k
6,532
k
-1921-22- Kerrville
I mpasas
Lu iew
a itvg
16v,
eta
Aug. 1.
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Total gross overland
17.053
k
Ardmore, Okla
22,773
k
Deduct ShipmentsAltus
Overland to N.Y.,Boston, &c___ 2,403
k
Muskogee
409
k
Between interior towns
487
k
Oklahoma City
495
k
Inland, &c.,from South
1,099
k
Brinkley, Ark
10,206
k
Eldorado
Total to be deducted
3,989
k
Little Rock
11,210
k
Pine Bluff
Leaving total net overland*
13,064
k
Alexandria, La
. 11,563
k
* Including movement by rail to Canada. k We withhold the totals Amite
Shreveport
since Aug. 1 SO as to allow of proper adjustments at end of crop year.
Okolona,
The foregoing shows the week's net overland movement Columbus Miss
this year has been 13,064 bales, against 11,563 bales for the Greenwood
Vicksburg
week last year.
Mobile, Ala
1922-23
Decatur
1921-22
Spinners'
Since
In Sight and
lgontgomery
a
Milk.
Takings.
Aug 1.
.
Week.
Aug. 1.
15,202
k
eceipts at ports to July 20
Gainesville, Fla
31.697
k
k
,
Net overland to July 20
11,563
Madison
k
k
Southern consumption to July 200 102,000
Savannah, Ga
91,000
k
Athens
130,266
k
Total marketed
134,260
Augusta
k
*18.889
k
Interior stocks In excess
*25,661
Columbus
k
Charleston, S. C
k
Came into sight during week__ _111,377
Greenwood
108.599
k
k
Total in sight July 20
Columbia
k
Conway
North.spinn's' takings to July 20- 17.883
k
23,229
Charlotte, N.0
k
Newbern
* Decrease during week and season. a These figures are consumption; Weldon
takings not available. k We withhold the totals since Aug. 1 so as to allow Dyersburg. Tenn
of proper adjustments at the end of the crop year.
Memphis
3520
,
-131 'i
.
.
3
3,680
7,980
k
k
k
k
k
....
If
high 114 low 73
1 day 0.07 in. high 99 low 63
_1 day 0.04 in. high 105 low 72
2 days 0.41 in. high 99 low 67
dry
high 101 low 72
dry
high 99 low 69
2 days 0.14 in. high 98 low 74
1 day 0,18 in. high 104 low 71
dry
high 98 low 74
dry
low 74
1 day
1.24 In. 'Ugh 99 low 70
1 day 0.01 in. high 104 low 72
2 days 1.01 in. high 109 low 71
1 day 0.12 In. high 103 low 73
1 day 0.09 in. high 102 low 69
3 days 1.94 in. high 97 low 71
1 day 0.36 in. high 99 low 71
5 days 4.59 In. high 96 low 71
4 days 3.19 In. high 97 low 73
1 day 0.30 in. high 96 low 70
2 days 8.00 in. high 94 low 62
4 days 1.62 in. high 96 low 70
3 days 1.82 in. high 95 low 70
4 days 4.86 in. high 100 low 69
4 days 1.66 in. h h 96 low 71
2 days 1.62 in. high 92 low 71
4 days 1.44 in. high 93 low 65
1 day 0.22 in. high 94 low 72
2 days 0.47 in. high 96 low 69
5 days 1.95 in. high 94 low 63
1 day 0.38 in. high 95 low 71
2 days 0.39 in. high 95 low 73
6 days
.58 n. high 91 low 67
3 clays 1.15 in. high 101 low 67
2 days 2.27 In. high 99 low 71
4 days 1.55 in. high 98 low 69
4 days 2.43 In. high 93 low 71
3 da ys 0..77 Ina.. high 95 low 67
2 day
07
6
low 70
3 clays 1.43 in. high 95 low 68
3 days 0.31 in. high 94 low 64
mean 94
mean 81
moan 89
mean 83
mean 87
mean 84
mean 86
mean 88
mean 86
mean 85
mean 88
mean 90
mean 87
mean 86
mean 84
mean 85
mean 84
mean 85
mean 83
mean 78
mean 83
m n
mor gg
m= al
m
mean 80
mean 83
moan 83
mean 77
mean 83
mean 84
mean 79
mean 84
mean 86
mean 84
mean 82
mean 81
mean 82
mean 79
low Z mean II
Mg LI
high 94 low 67 mean 81
g etUs Iil iii:
t s
3 days 3.35 In.
3 days 2.64 in. high 94 low 70
mean 82
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
Above zero
New Orleans
Above zero
Above zero
Above zero
Above zero
Memphis
Nashville
Shreveport
Vicksburg
343
THE CHRONICLE
Jur.y 21 1923.]
July 20 1923.
Feet.
of gauge_
7.7
14.2
of gauge..
of gauge_
9.6
of gauge_
8.6
of gauge24.6
July 21 1922.
Feet.
7.4
17.7
10.9
7.0
1920-21.
1922-23.
1921-22.
1,000
6,682.563
Alexandria, Egypt,
5,460.482
July 18.
Receipts (cantars)This week
Since Aug. 1
23.3
Since
Since
Week. Aug. 1. Week. Aug. 1.
115.430
171,502
87,750
7:Ho 155,461
,W/O
- 149.525
5,200 233,374 2
48,138
168,042
Since
Week. Aug. 1.
Exports (bales)
To Liverpool
To Manchester, &c_ _ _ _ _
50,000
4.723.547
35,000
6,000 235,423
175.312
To Continent and India_ 2:666 327.022
-The folRECEIPTS FROM THE PLANTATIONS.
1,000 210,098
To America
lowing table indicates the actual movement each week from
Total exports
9,000 947,855 12,450 728.379 2.500 400,843
the plantations. The figures do not include overland re-A cantor is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
ceipts nor Southern consumption; they are simply a statethe week ending July 18 were
This statement
ment of the weekly movement from the plantations of that 1,000 centers andshows that the receipts for
the foreign shipments 9,000 bales.
the crop which finally reaches the market through the
part of
-Our report received by
MANCHESTER MARKET.
outports.
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for both home
Receipts at Forts.
Stocks at Duerior Towns. Receiptsfromnantations
Weak
trade and foreign markets is poor. We give prices to-day
esidin
1922.
1923. 1922. r 1921., below and leave those for previous weeks of this and last
1923.
1921.
1923. 1922. 1921.
year for comparison:
April
1
35,743 86,760117,984 604,3451,008.8571,568,716 10,436 52,5281 76,986
1921-22.
1922-23.
572.660
540.812
508.435
471,972
965.8831,545.200
898.2181,543,401
838.3801,519.729
782,1981,496,657
51,484109,731
5,420 56,348135,247
47.588107.874
1,983 53,109 96,780
28,322 113,448 116,80
25.060 94.570I09.859
31,651 70 575 113 5
30.728 75.711100,160
29,371 72.514103.323
447,224
4 9.670
391,673
369,047
348,278
715.1921,456,790
666,7981,423.858
627,4631,374.605
588,3321.339,017
540,737 1,292,856
5,568
133
5,241
9,959
8,048
24,47 56,184100,186 331,666 498,9351,240.354
20.125 41,584 83,955 312.912 458,8391,206,736
15.202 31.607 96.434 293.593 433.1781.157.547
46,444
45,767
31,240
36,580
24.919
76.936
76.727
64,363
64,512
57,162
8,662 14,382 47,684
1,672 1,468 50,351
6.036 49.241
32s Cop
Twist.
Cotton Takings.
Week and Season.
1922-23.
Week,
Visible supply July 13
1921-22.
Season.
Week.
Season.
2,275,641
4,214,684
111,377
17,000
9,000
200
5,000
108,599
50,000
1,000
7.000
4.000
2.418,218
4,385,283
Visible supply Aug. 1
American in sight to July 20- _
Bombay receipts to July 19---Other India shipls to July 19_..
Alexandriareceipts to July 18....
0_6
Othersupply to July 18.'
Total supply
DeduaVisible supply July 20
2,190,744
227,474
173,274
54.200
Total takings to July 20_a
Of which American
Of which other
4,025,123
360,160
245,160
115,000
k
k
k
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, dm
b Estimated.
k We withhold the totals since Aug. 1 so as to allow of proper adjustments at the end of the crop year.
834 lbs. Shirt Corn
ewe, Common Mkt.
So Irtnes1.
/Ws
32s Cop
Twig.
@164
14.74 194
15.50 194
e. d. d.
d. s. d.
1934 15 74016 3 11.00
194 15 1040166 11.58
2034 16 14016 9 11.98
204 16 14016 9 11.69
234 16 3 @169
244 16 3 @170
244 17 0 @l7 4
244 17 0 @173
24 16 6 4117 1
15.96 19
16.33 19
16.61 1934
16.57 204
16.52 204
204 16 134(8169 12.08
204 16 14616 9 12.30
21 16 14016 9 12.78
2134 i63 016 104 13.59
214 16 144616104 13.08
s. d. d. d.
d. e. d.
2354 16 6 @172 14.76 174
22,4 160 @164 14.08 1834
Mar. d.
4 2234
11 21M
18 2134
25 21,‘
June
1 224
8 224
15 224
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1922 are 5,140,870 bales;
in 1922 were 5,269,363 bales and in 1921 were 6,912,305
bales. (2) That although the receipts at the outports the
past week were 15,202 bales the actual movement from
plantations was flit bales, stocks at interior towns having
decreased 18,839 bales during the week. Last year receipts
from the plantations for the week were 6,036 bales and for
1921 they were 49,245 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
84 lbs. 35171- Coen
4
ing/ Common Mid.
Upl's
to Finest.
224 16 0
224 16 0
@164
22 2234
29 224
July
23 2 16 5 @170
6 22
13 2154 (8 23 163 @166
20 2134 0 224 16 2 (8165
0
28,589 94.458133.247
35,332124.013 138,041
26.647 06,558 131.551
36,894 109,273119,55
0
27_May
4__
11..
18._
25-June
18._
15-22...
29._
July
6...
13._
20._
224 16 3 616 104 13.50
15.6221
15.79 204 0 2134 16 0 016 734 13.65
15.49 1934 0 214 16 0 @16.5 13.60
-Shipments in detail:
SHIPPING NEWS.
Bala;
-Celtic, 843Ju1y 13-To Liverpool
-July 13
NEW YORK
1,126
Carmania, 283
-Zeeland,
..July 17
-West Inskys, 150..
To Antwerp-July 13
850
200_ __July 18-Elyasier, 500
loo
-Angela, 100
To Lisbon-July 13
4,033
-Celtic Prince, 4,033
To Japan-July 13
-President Harding, 3,059---July 16
Bremen-July 13
To
4,660
Hanover, 1,601
3.304
-Archimedes, 3,304
To Manchester-July 17
-Columbia,
-Taormina, 1.853---July 18
To Genoa-July 16
2.216
363
400
-Estonia, 400
To Danzig-July 17
675
-July 18-Elyasier,675
To Havre
400
GALVESTON-To Copenhagen-July 12-Gorm,400
791
-Mount Evans, 791
To Liverpool-July 14
-Mount Evans, 38
To Manchester-July 14
LON
-Hegira, 1,070
To Havre-July 14
212
-Hegira, 212
-July 14
To Ghent
1 I 0!
To Hamburg-July 16-Einfeld, 1,000
--July 19-Fert, 800
To Genoa
1.331
-To Liverpool-July 14-Kamesit, 1,331
NEW ORLEANS
200
To Manchester-July 14-Kamesit,200
450
-West Irr, 450
To Rotterdam-July 18
2,389
To Bremen-July 18-Sapinero, 2.389
1.100
To Gothenburg-July 18-Stureholm, 1,100
1.225
To Venice-July 18-Gerty, 1.225
1,400
-Patrick Henry. 1,400
To Japan-July 18
1,154
-July 19--Carplaka, 1.154
To Havre
150
To Ghent
-Jul 19-Carplaka, 150
150
19-Carplaka, 150
To Antw
uly
17A
-Devonian. 177
BOSTON-To Iverpool-July 7
-July 19-Coahoma. 13
-To Liverpool
MOBILE
200
To Manchester-July 19-Coahoma. 200
-Manchester Merchant, 175
-To Manchester-July 16
NORFOLK
506
_July 19
-Blair, 331
-Hans Hemsoth, 3,613......
SAVANNAH-To Bremen-July 13
6.838
July 16
-Roland,3.225
38,958
Total
-Current rates for cotton from
COTTON FREIGHTS.
Lambert & Burrows, Inc., are
INDIA COTTON MOVEMENT FROM ALL PORTS.
- New York, as furnished by in cents per pound:
The receipts of India cotton at Bombay and the shipments as follows,,quotations being High StandHigh 31es
High Standfrom all India ports for the week and for the season from
Density. ant.
Density. ard.
Density. ard.
500. 650.
Liverpool- --.20c. 350. Stockholm-__50e. 65e. Bombay
Aug. 1, as cabled, for three years have been as follows:
450. 600.
Manchester_ _20e. 35c. Trieste
1922-23.
Jul/ 19.
Receipts al
Week.
Bombay
Since
Aug. 1.
1921-22.
Week.
Week.
Since
Aug. 1.
17,000 3,648,000 50,000 3,417,000 67,00012,759,000
For the Week.
Esparta.
Since
Aug. 1.
1920-21.
Great Conti- Japanesi
Great
BelUttn. neut. China. Total. BrUain.
Japan &
China.
Total.
Sombai-
1922-23_ _ 5,000 16,000 12,000, 33,000 136,000 641,500 2,095,500 2,873,000
1921-22_ _ 7,000 7,000 87.000101,000 44,000 523,000 1,820,000 2,387,000
1920-21_ _ ------ 6,000 13,000 19,000 22,000 498,000 1,203,000 1,723,000
Other India
9,000
9,000 83,000 290,550 373,550
1922-23
1,000
1,000
12,000 218,000
1921-22
18,000 248,000
1,000
1,000 23,000 188,000
41,000 252,000
1920-21.._
......
Total all
1922-23._ 5,000 25,000 12,000 42,000 219.000 932,050 2,095,5003,246.550
7,000 8,000 87,000102,000 56,000 741,000 1,838,0002,635,000
1921-22_
1920-21._ ...... 7,000 13,000 20,000 45,000 686,000 1,244,000 1.975,000
According to ,the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
33,000 bales. Exports from all India ports record a decrease
of 60,000 bales during the week, and since Aug. 1 show an
increase of 611,550 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
60e.
65c.
90c.
55c.
60c.
60c.
Gothenburg--50e.
Bremen_ a _ _ _20c.
Hamburg_ ....20e
--20c.
60e.
Piraeus
600.
Saionlca
650.
30c.
30e.
75e.
75e.
-Sales, stocks, &c., for past week:
LIVERPOOL.
June 29.
Since August 1.
Contineat.
45e.
Antwerp --_2216c. 3.534c. Flume
50c
Ghent...... ___
__ Lisbon
75c.
Havre
22340. 3734c. Oporto
_
Rotterdam___22He.37lic. Barcelona. _40c.
Genoa
45c.
30e. 35%c. Japan
Christiania ..-8734c.600. Shangled _ - _ _45c.
July 6.
25,000
8.000
6,000
39,000
478.000
188,000
25.000
4,000
78,000
16.000
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
25,000
9,000
3,000
45,000
454,000
170,000
22,000
5,000
92,000
29,000
July 13. July 2021.000
19,000
8.000
7,000
3.000
4,000
33,000
37,000
440.000 422.000
161.000 145,000
19,000
26.000
3.000
12.000
97.000
89,000
24.000
21,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
SPa•
Market. f
12:15 i
P.M. t
Mid.Uprds
Sales
HOLIDAY
Monday.
Tuesday. Wednesday. Thursday.
Quiet.
Quiet.
Friday.
Quiet.
Quiet.
Quiet.
15.79
15.54
15.56
15.56
15.49
4,000
5,000
4,000
2.000
5,000
Futures.
Market 1
I
opened
Steady, St'dy, 1 pt. St'dy, 1 pt.
steady,8to 3 to 5 Pta. 5 to 7 pts. advance to decline to
11 pts. dec. decline. advance. 5 pts. dec.6 ins. adv,
Market, i
Steady, Very st'dy, Quiet but 'Barely st.t
Barely
.
steady, 2 pt. adv.9 to 12 pts. steady. 10 unchanged
advance. Pte. adv.to
to
10 to 18 nts
to
7 Dts. dec. 7 nts. dec.
seen.. 3 nts. dec.
4
P.M. I
i
Quiet but
Quiet,
THE CHRONICLE
F Prices of futures at Liverpool for each day are given below:
['Wm,. 117.
comparatively little damage in South Dakota, where harvesting of early grain has begun. In any ease such reports
were practically ignored. The next day wheat rallied on
July 14
to
123i 1234 1234 4 ti 1234 4 : 1 1234 4:01 12g 4:01 12K 4:00 covering of shorts. The market, some think, is oversold.
July 20.
p. m.p. m.p. m.p. m.p. m.p.m. p. m.p. m.p.in. p. m p. m.p. in. The
Canadian visible supply is 1,132,000 bushels. On Wednesday wheat advanced 1% to 2%c. on covering of shorts in
d.
a.
d.
d. a.
d.
it.
d.
d.
d.
d.
d.
July
14. • 14.72,14.6914.74 14.81 14.8514.86 14.9. 14.9414.88 what looked like an oversold
market. Liverpool was higher,
August
14.21 14.14114.10 14.1414.19 14.23 14.19 14.1614.1914.13
September
13.71 13.6413.59 13.61 13.6813.72 13.88 13.6713.7013.61 partly owing to a longshoreman's strike there. Primary reOctober
13.2013.1 13.10 13.11 13.18 13.22 13.18 13.1713.2213.13 ceipts at the best were light.
There were some reports of
November
12.86 12.8212.79 12. 12.87 12.92,12.87 12.88 12.92,12.85
December
HOL1- 12.7712.7312.69 12.70 12.77 12.8212.77 12.76 12.82112.75 black rust at the Northwest. And there are efforts being
January
DAY 12.61 12.5712.5412.5. 12.61 12.68 12.6212.61 12.87112.61 made to push the consumption
of wheat. Some time back
February
12.51 12.4812.4512.46 12.52 12.58 2.54 12.5312.5812.52
March
12.4712.44 12.41 .
.
. 12.5012.4912.5412.48 the West tried the slogan "Eat more wheat." Now there Is
April
12.4012.38 12.35 12.36 12.42 12.48 2.43 12.43 12.48,12.42 a project to get everybody to buy a barrel of flour or purMay
12.3412.32 12.29 12.30 12.36 12.42 12.37 .
. i
June
122712,2. 12_22 12_23 12 21)12 RA 9 :In 19 qn19 2c19•2R chase 1,000 bushels of wheat for future delivery. Chicago
reported world's wheat stocks on July 1 as 171,996,000 bushels, against 141,983,000 bushels last year. They are the lowest of the year and with the exception of 1922 and 1921 are
BREADSTUFFS
the smallest since 1915 when they were down to 118,000,000
Friday Night, July 20 1923.
bushels. The decrease in
Flour has been in very moderate demand where it has not against 66,150,000 bushels in June was 34,916,000 bushels.
May and 48,150,000 bushels in
been absolutely small. This is partly due to the recent break June last year. United States stocks decreased last month
In wheat. Trade was unsatisfactory enough before; it has 9,661,000 bushels or about the same as last year. European
been, if anything, worse since. Of course this is the natural stocks afloat decreased over 2,000,000 bushels, though there
order of things. When flour buyers see wheat declining they were increases in the United Kingdom stocks, while Argentine and Australian stocks decreased. Stocks
hesitate or they actually withdraw from the market en- rope on July 1 were 50,470,000 bushels, againstafloat for Eu52,500,000 on
tirely. There is an impression, not difficult to understand, June 1 and 51,710,000 on July 1, last year. Stocks in store
that buyers will not take hold freely until they have some in the United Kingdom on July 1 were 5,270,000 bushels.
assurance from a decided change in the outlook, that wheat against 4,640,000 on June 1 and 9,140,000 on July 1 last year;
prices have been stabilized. As things now stand, even with in Argentina 5,700,000 bushels on July 1, against 5,920,000 on
June 1 and 3,700,000 on July 1 last year; in Australia 25.prices admittedly low, buyers are chary about making more 000,000
bushels on July 1, against 30,000,000 on June 1 and
than hand-to-mouth purchases. It is true that at times re- 5,000,000 on July 1 last year; in the United States on July 1
cently the export demand has increased somewhat, but the 61,961,000 bushels, against 70,622,000 June 1 and 42,763,000
undeniable fact is that foreign markets have not, as a rule, July 1 last year; in Canada 25,595,000 bushels on July 1.
been buying. Germany has recently bought some wheat against 42,230,000 on June 1 and 29,668,000 on July 1 last
flour, but not in large lots. There has also been some Euro- year. Urging the housewife to buy a barrel of flour, the
pean inquiry for dark rye flour, but not on an important general public to purchase individually 1,000 bushels of
scale. At one time lower prices here helped business some- wheat for future delivery and everybody to eat one more
what. Indeed, when at Chicago on July 17 for the first time slice of bread daily, a plan to combat dropping wheat and
this season wheat fell below 96c.,flour dropped again to new flour prices, has been endorsed by George E. Marcy, Presilow levels. Bakers there declared, however, there would be dent of the Armour Grain Co., and is advocated by commisno reduction in the price of bread for at least 60 days. Flour sion houses and grain men in Chicago. This sentimental effell on the same day 15c. per bbl. at Minneapolis, where best fect of the purchase of 1,000 bushels of wheat by 100,000
grade spring wheat flour was $685, hard winter $430, and persons would tend to stabilize the market and restore the
soft winter $4 90. The later break in wheat to the lowest fallen confidence of grain operators, grain men declared,
since at the beginning of the war hit the flour market hard. advocating that feature of the plan as the most important.
It hurt trade and it shook prices. Buffalo, N. Y., wired July Another 100,000,000 bushels, it is claimed, might be dis16 that flour was dull, with practically no demand for old posed of to manufacturers of farm implements and automocrop. Consumers' stocks were sufficient to carry them over biles, whose business, to a certain extent, is affected by the
to September, it was said. Canadian mills were offering prosperity of the farmer. Wheat on Thursday advanced
flour at a little under American prices, even though the lat- about 2c., partly owing to the movement to stimulate buying
ter are down approximately $1 a bbl. compared with a month by the public, as above. In Chicago some of the trade conago. Washington wired July 16 that Canadian flour had tend that if this program is carried out there will be buying
gained an opening wedge in the fight with the United States orders within a couple of weeks for some 60,000,000 bushels
for the Cuban markets, the Commerce Department was in- and that conceivably prices could be put up sharply possibly
formed by Trade Commissioner Livengood at Havana. Up to 10 to 15c. per bushel: All this attracts considerable attenthe end of 1917, he stated, the United States supplied prac- tion. Some, however, are skeptical as to the feasibility of
tically all of the flour imported into Cuba. Argentina and such a program as a means of permanently bettering the
Uruguay entered the market in 1918, but since then Canada condition of the farmer. He might be led to hold back his
has been the only competitor of the United States in this grain and market it in greater quantity later on, to the dettrade. Canadian flour, he said, was on a competing basis riment of the market. One member of the Chicago trade
with the American product in the matter of prices in the asks when delivery day comes around, and say 100,000 peoCuban market. He blamed American producers for failure ple want to sell their 100,000,000 bushels of wheat who will
to pay the proper attention to the Cuban demand. Some take it? He also asks how would Henry Ford get by the
American mills, he said, have shown indifference to the Cu- Capper-Tincher law, which the producer insisted upon as a
ban market at times when the demand in the United States means of preventing over-speculation and which he is now
has been good. Flour manufacturers who wish to maintain ttying to encourage? There was a report that Henry Ford
a permanent export trade should consider whether it is not will be asked to buy 25,000,000 bushels of wheat in order to
advisable at this time to sell in the foreign market at a help the farming interests upon which many of his automosmaller profit than in domestic business, as the loss of orders bile distributing agencies depend. In other words, the air is
full of wild projects. Some buying of wheat at one time was
may result in the permanent loss of the export trade.
Wheat declined to new low levels last Saturday, partly based on denials that the Canadian Bureau of Statistics had
estimated the Canadian yield of wheat this season would be
or largely owing to hedging sales against buying in the
Southwest, predictions of large receipts of winter wheat this as much as 500,000,000 bushels. The condition of the Canadian crop on June 30, it is true, was reported as 105% of the
week, and finally the smallness of the export demand. Euaverage of 15% bushels per acre, but the acreage
rope cared so little that on Saturday its purchases in the 10-year was
estimate
22,169,000. On this basis the last Canadian
United States were estimated at only 200,000 bushels. Black official estimate would
indicate a crop of 366,000,000 bushrust seemed to be little feared. The spring wheat crop, it els, which is a little less
than last year's total. To-day
was believed, would outrace it. It will mature before any prices sagged somewhat, but July,
after being over 3c. lower
serious damage can be done. That at least was a very gen- this week, ended today /
1 higher than last Friday, with
4c.
eral assumption. In Chicago estimates that Canada would July 1c.off after being 3%c.
lower early in the week.
raise 500,000,000 bushels were generally regarded as exagDAILY CLOSING PRICES OF WHEAT IN NEW YORK,
gerated, but it was not denied that Canada will have a good
Sat. Mon. Tues. Wed. Thurs. Fri.
crop on about the same acreage as last year's. Liverpool has No. 2 red
ct8-11534 11434 114
114K 118
114
times shown an easily explainable weakness which was DAILY CLOSING PRICES OF WHEAT FUTURE IN CHICAGO.
at
Sat. Mon. Tues. Wed. Thurs. Fri.
too quickly reflected on this side of the water. On July July delivery in elevator
only
cta_ 98g 97
ai 9934 101H 1008
.
16 wheat again fell. All months got below $1 for the first September delivery in elevator---- 98
08% 100
9634 96
98
1914. Premiums fell on red and hard winter. December delivery in elevator_ 101
101K 103K 101K
9934 99
time since
For distant shipment, it is true, some 750,000 bushels sold
Indian corn declined early in the week, in sympathy with
for export partly to Italy. December was sold against pur- a fall in wheat, especially as country offerings of corn were
Liverpool fell % to 1%d., owing to large. Old crop months showed the most weakness.
chases in Winnipeg.
Decemlarger Argentine offerings. Hedging sales in Chicago in- ber remained comparatively steady. Country offerings were
creased. To be sure, there was a decrease for the week in large and there was an absence of anything like an active
the visible supply of the United States of 1,727,000 bushels, demand. This was the weak point in the old crop months.
which brought the total down to 23,840,000 bushels, against What sustained December was complaints of dry and very
25,567,000 bushels in the previous week and 15,309,000 bush- hot weather in the Southwest. For instance, the temperaels last year. Reports of black rust, moreover, continued to ture was as high as 114 degrees in Texas. For about a
week
be received from the Northwest, but it has seemingly done it was 100 degrees and upward, with little rain.
Oklahoma.
Sat.
Mon.
Tues.
Wed.
I Thurs,
Fri.
JULY
345
THE CHRONICLE
21 1923.]
day after day, had 100 to 108 and later 100 degrees. It is
true that no complaints came from the banner State of Iowa
and that from some other parts of the belt the advices were
in the main good; certainly nothing disturbing. Rumors of
rain now and then in Texas and some actual rainfall in
Oklahoma, as for instance, on the 14th inst., combined with
a drop in wheat helped to force corn downward. July on that
day fell 1%c. and other months nearly as much. Now and
then there has been a noticeable pressure to sell the old crop.
At the same time, in the fore part of the week, there was an
absence of a really good demand. Minneapolis wired:
"Corn is now the principal crop in Minnesota; wheat and
oats finally bad to take second place. The Minnesdta report
estimates the corn crop at 167,000,000 bushels, exceeding oats
for the first time. Last year the corn crop was 131,000,000
bushels." It may be of interest to add that the Minnesota
flax crop this year is estimated at 5,500,000, rye at 15,000,000
bushels and spring wheat at 120,000,000 bushels. Corn fell
later, with wheat,especially as rumors of private settlements
of July shorts, though doubted by many, were apparently
received with a certain credence by some. In any case there
was noticeable weakness, with larger receipts for a time,
even though reports of deterioration were received from
Texas and Oklahoma, where the temperatures have recently been 100 to 114 degrees. Also 220 cars of corn were
received at Chicago on the 16th inst., and this cut into the
premiums. The next day, however, prices advanced on light
receipts at primary points and small stocks. The American
visible supply fell off 620,000 bushels, reaching 2,547,000
bushels, against 25,652,000 last year. Later prices ad2
1
vanced / to lc., with wheat, in the teeth of larger country
offerings, and for a moment a weaker cash position. To-day
prices were lower, but the closing prices are practically unchanged for the week.
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Corn.
Wheat.
Oats.
Barley. I
Bee.
19b4.196 bs. bush.60 he. bush.56 Is. bush. 32 Is. bush.48 Is. bush.56 Is.
9,000
46,000
806,000 1.236,000
165,000
232,000
Chicago
67,000
129,000102,000
81,000
1,042,000
Minneapolis
1,000
1,000
36.000
15,000
31,000
Toledo
34.000
12,000
20,000
Detroit
120,000
152,000
19,000
Indianapolis_
3,000
16,000
616,000
532,000
72,000
692,000
St. Louis_ _ _ _
4,000
8,000
223,000
194.000
13,000
24,000
Peoria
34,000
168.000
1,231,000
Kansas City
247,000'
197,000
161,000
Omaha
4,000
88,000
72,000
St. Joseph
Total wk. '23,
Same wk. '22
Same wk. '21
310,000 4,485,000
340,000, 5,827.000
333,000 12,715.000
2,630,000
3,329,000
3.700,000
3,083.000
3,114,000
3,030,006
324,0001
483,000,
593,000
339,000
153.000
264.000
t
Since Aug.11922-23_ _ _ _ 22437,000,403,134,000284,592,000 218,022.00037I,500,00049,6,59.000
1921-22_ _ _ _ 20,449,000,145.792,000 381,489,000208.307,00030,905,00093,946.000
1920-21- __ _ 25,697.000357.550,00050,931.000224,08.0000.024.00019.211.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday July 14 1923 follow:
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
108
108
cts-106% 10634 10634 108
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 8234 8234 8331 84
8434 84
July delivery in elevator
September delivery in elevator........ M3( 7434 .7534 7635 7634 763i
% 63%
December delivery in elevator_ _ _ _ 6234 6234 6335 8334 645
Bye.
Bailee. I
Oats.
Corn.
Wheat.
Four.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. I Bushels.
292,000
143,
178.000
5,000
720,000
155,000,
New York._
26,000
4,000
162,000
Philadelphia__
32,0001
24.000
41,000
11,000
184.000
22,0001
Baltimore_ _ _ _
9,000
121,000
104,000
72,000
New Orleans•
442,000
Galveston_
I
56,000
275,000 143,000
2 I II
105,000 1,879,000
Montreal ___
55,000
1,000
30.000
1,000
14,000
Boston
,
559,006 287,000 427,000
143,000
400,000 3,502,000
Total wk.'23_
Since Jan.1'23 13,075,000129,093,000, 32,776,000 23,195,000 6,493,1i I 20,9'2(1,000
Receipts at
48,5,000
364,000 6,314,000 2,593,000 1.510,006 333,
Week 1922.._
Since Jan.1'22 12,795,000101.766,000 93,999.111 39,184,0001 8.999. ii17.499.000
•Receipts do not include grain passing through New Orleans for foreign pores on
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, July 14 1923, are shown in the annexed
statement:
Oats showed a certain individual steadiness at Hines, even
Barley, Peas,
Rye.
Oats,
Four,
Corn.
Wheat,
Expertsfrom- Bushels. Bushels. Barre s. Bushels. Bushels. Bushels. Bushels.
when wheat and other grain fell. But the explanation was,
of course, not at all difficult to grasp. It would certainly New York
914,378 199,650
25,216 86,632
749,148
26,000
9,000
seem a little strange if with the visible supply showing so Boston
40,000
184,000 128,000 13,000
Philadelphia
striking a decrease as compared with that of a year ago the Daltlmore
141,000
69,000 11,000
97,000
34,000
6.000
trade should wholly ignore the fact and the market remain New Orleans_ _ _ _ 243,000 18,000 60,000
72,000
entirely uninfluenced by it. July especially has plainly Galveston
34.000 379.000
17,000 69,000 294,000
3 0413,000
Montreal
shown the effect of the rather remarkable disparity between
300,000
now and the supply held a year ago. Even other Total week 1923_ 4.431,148 266,216 239,632 1,643,521 1.149,378 578,650
the supply
835.997647.345
5.230.443 1.863.001 227,228
1922
months, though they could not remain absolutely unaffected Week
in other grain made no great net response to
The destination of these exports for the week and since
by the decline
It in the fore part of the week. The unavoidable inference July 1 1923 is as below:
seems to be that any decided revival of demand would lead
Corn.
1Vheat.
I
Flour.
to prompt advance in prices. On the 17th inst. prices gave Exportsfor Week
Since
Week
Since
Week
Since
1Week
way a little with wheat off and reports that oats harvesting
and Since
July 1
July 14
July 1
July 14
July 14 July 1
Jule 1 to
was being vigorously pushed. December touched a new low
1923.
1923.
1923.
1923.
1923.
1923.
for the season. July became quite firm towards the close of
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
the week, advancing lc. on what looked like an oversold con381,851
18.5,251 1.747,713 3.831.793 191,216
United Kingdom. 92,028
117,000
dition in that month. To-day prices were a trifle higher on ConUnent
57,000
181,193 2,660,435 5,168,655
101,009
46,000
23,000
16,000
July, but lower on September. The ending was 2c. up for So.& Cent. Amer_ 11.000
35.000
18,000
29,000
19,000
West Indies
the week on July and %c. higher or September.
10.000
Cols.
Brit.No.Am.
DAILY CLOSING PRICES OF' OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 52
52
52
53
No. 2 white
5334 5334
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
eta.. 385% 3834 3834 3934 4034 4034
July delivery in elevator
September delivery in elevator- --- 34% 34
34% 35
3534 35
December delivery in elevator---- 36
35% 3634 363-4 3734 365%
Other Countries_ _ 16,595
Total 1923
Total 1922
239,632
227.228
16,595
543,351
428.039 4,431,148 9.046.448 266,216
374,234 5.230.443 10.298.282 1.863.001 3.597.456
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, July 13, and since July 1 1923 and 1922,
Rye naturally showed for a time a downward drift of are shown in the following:
prices with that for wheat. September got down to a new
Cora.
"low" on the 14th inst., when prices of rye fell lc. as wheat
Wheat.
2
/
dropped 11 to 2e. in Chicago and Minneapolis, respectively.
1922.
1923.
1922.
Exports.
1923.
There is, of course, a plentiful supply of rye, and the fact
Since
Since
Went i
• Since
that the crop outlook is less favorable than it was a year
July 1July 1.
July 1.
July 13.
ago is no effective offset to the present adverse statistical
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
Bushels.
position. On the 17th inst. prices were down to a new low,
434,000 3,793.000
12,678,000 292,
11,951,
North Amer_
739,000
2
1
/
In fact the lowest since 1914, when cash rye was 55c., or 9 c. Russ.& Dan. 6,846,
324.000
26.006
416
208,000
4,843,000 6,610,000 2,876,006 9,592,000 5.048.000
under the price on July 17 this year. Later in the week Argentina-- _ 1,615,
840,000 1,088,000 1,512,000
2
1
/
prices advanced 2 to 2 c., with better buying, partly for ex- India
I
2,496,000 4,216,000
150,000
153.000
153,000
port. General commission houses, too, bought more freely. 0th. countr'
Exporters on Thursday were said to have taken 200,000 to
10.503,000 9.730.000
Total
22.306,000 21,216.000 3,347.000
11,797.
300.000 bushels. To-day prices reacted, ending %c. lower
The visible supply of yain, comprising the stocks in &.-ranthe week on July and unchanged on September.
for
ary at principal points o accumulation at lake and seaboard
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
ports Saturday, July 14, was as follows:
Sat. Mon. Tues. Wed. Thurs, Fri.
eta_ 62R
July delivery in elevator
September delivery in elevator__ -- 64
December delivery in elevator__..67
61%
64
6731
6134
635%
67
62
64
6735
__
6634
6934
83
6534
6834
The following are closing quotations:
Oats
No. 2 white
.53%
No. 3 white
5234
Barley
1 08
Feeding
Nom.
77
Malting
8034 0 8134
FLOUR.
$5 75 $6 25 Barley goods
'llag Patents
. 1
5 00
No. 1. 1-0.2-0
$575
Winter straights, soft.- 4 75
Nos. 2.3 and 4 pearl.. 650
Hard winter straights._ 5 1592 535
Nos. 3-0
590
5 254 5 75
Firstspring clears
Nos. 4-0 and 5-0_ _
600
375@ 410
Rye flour
Oats goods
-carload:
Corn goods. 100 lbs.:
Spot delivery__ 2 823-44 295
2 250 2 35
Yellow meal
2 254 2 40
Corn flour
WheatNo. 2 red
No. 2 hard winter.CornNo. 2 yellow
Rye
-No. 2
$114
116
United States
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
' afloat
Toledo
Detroit
Chicago
Sioux City
Milwaukee
Duluth
St. Joseph, Mo
Minneapolle
St. Louis
GRAIN STOCKS.
Oats.
Corn.
Wheat,
bush.
bush,
I.
btu,
325.000
23.000
209.000
23,000
5,000
2,000
697,000
22.000
278,000
132.000
127,000
195,000
102,000
214,000
352,000
676,000
397,000
164,000
874,000
153,000
54.000
294,000
46,000
193,000
61,000
17,000
12,000
566,000 1,353,000
1,212,000
178,000
130,000
249,000
215.000
211,000
100.000
176.000
5,000
3.235,000
26,000
88,000
461,000
280,000 2,147,000
11,328,000
48,000
86,000
155,000
Bee,
bush.
55,000
1,000
25.000
100.000
117,000
66.000
1.877,000
56,000
1,000
17,000
1,283.000
23,000
102.000
4.653,000
4,428.000
3,000
Barley.
bush,
23.000
4.000
1.000
3.000
266,000
60.000
96,000
6,000
35.000
13.000
1.000
466.000
346
Wheat,
United Statesbush.
Kansas City
2,331,000
Peoria
Indianapolis
19.000
Omaha
1,308,000
On Lakes
516,000
On Canal and River_ __- . 81,000
THE CHRONICLE
Corn,
bush.
66.000
6,000
306,000
205.000
79,000
Oats,
bush.
144,000
17,000
41.000
332,000
Rye,
bush.
99,000
7,000
33,000
118,000
462,000
Barley,
bush.
2,000
EvoL. 117.
counties, with general development of the crop below normal and considerable weevil damage where poison is not being used. Cotton continued to improve also in South Carolina, and fine growth was reported
from North Carolina, except where it was too dry in parts of the South.
Weevil are comparatively Inactive in the latter State and damage so far
is slight in the former, where preventive methods have been favored by
warm, dry weather.
48,000
Total July 14 1923 _23,840.000 2,799.000 6,708,000 13,526,000
1,023,000
Total July 7 1923
25,559,000 3,167,000 7,885,000
Total July 15 1922____15,543,000 26,074,000 41,190,000 15,434,000 1,291.000
967,000 1,185,000
Note.
-Bonded grain not included above: Oats, New York. 17.000
more,6,000; Duluth, 42,000; total, 65,000 bushels, against 513,000 bushels; BaltiBarley, New York, 277,000 bushels; Duluth, 74,000; total. 351,000 bushels in 1922.
bushels, against
68.000 bushels in 1922. Ineat, New York, 93.000
bushels; Boston, 160,000;
Philadelphia, 84,000; Baltimore, 107,000: Buffalo, 177,000; Buffalo
afloat, 150,000;
Duluth, 129,000; Toledo, 64,000: Chicago, 21,000; On Lakes, 210,000;
total. 1,195,000 bushels. against 1,452,000 bushels In 1922.
Canadian
Montreal
3,198,000
284,000 1,365,000
794,000
683,000
Ft. William.4 Pt. Arthur_ 9,159,000
1,730,000
2,865,000
" afloat
278,000
Other Canadian
1,643,000
897,000
Total July 14 1923_ _14,000,000
284,000 3,092,000
794,000 3,826.000
Total July 7 1923
15,132.000
344,000
702,000 4,000,000
Total July 15 1922_ _ 16,699,000 1,469,000 4,520,000
5,431,000
366,000 1,174,000
Summary•
American
23,840,000 2,799,000 6.708,000 13,526,000 1,023.000
Canadian
14,000,000
284,000 3,992,000
794,000 3,826.000
Total July 14 1923-37,840,000 3,083,000
10,700,000 14,320,000 4,849,000
Total July 7 1923
40.691,000 3,511,000 12,405,000
Total July 15 1922-- 32,242,000 27.543,000 19,621.000 16,136,000 5,291,000
1,333,000 2,359,000
THE DRY GOODS TRADE
Friday Night, July 20 1923.
Summer dulness prevailed in markets for textiles during
the past week and buyers took advantage of the inactivity
to drive hard bargains with selling agents. The latter, however, pertained largely to the cotton goods division of the
market. Cloth buyers in general have been very timid, and
many admitted that the cotton uncertainty was the ruling
influence with them. Despite the fact that prices are now
well below the parity of raw cotton values it appears impossible to enlist confidence. The crisis in cotton manufacturing that seemed inevitable to experienced merchants around
the early part of the year is now seen very clearly, and the
time is nearing when mills must decide whether they will
continue to operate and accumulate goods, or whether they
will curtail output on a drastic scale and await the time
when the new cotton crop commences to move freely. If
cotton were cheaper it would no doubt be possible to make
WEATHER BULLETIN FOR THE. WEEK ENDING further sizable price revisions in staple goods, but until valJULY 17.
-The general summary of the weather bulletin ues for cotton do work lower there is sure to be a curtailissued by the Department of Agriculture, indicating the ment of consumption. One of the chief factors against a
influence of the weather for the week ending July 17, is resumption of stable conditions in the trade has been the
irregularity of production. Mills have been operated nights
as follows:
in one short period, and then dull for weeks afterward, with
Temperatures were high during the week ending July
17 in the upper
Mississippi Valley and the more southern and the
the result that jobbers have not known from season to seaof the Great Plains area. Elsewhere moderate more northern portions
summer temperatures son what their goods were going to be worth. At times the
prevailed. Copious rains near the close of the week
relieved the droughty
condition.s in the more northeastern States, while
jobber has been obliged to sacrifice his stocks, only to find
beneficial in New York, New Jersey, Pennsylvania scattered showers were
more rain was badly needed in portions of these and Maryland, though that prices had bounded back when he re-entered the marStates, particularly in
eastern Pennsylvania. Crops, as a rule, made
satisfactory growth in the ket for fresh supplies. As soon as more is known relative
South Atlantic States, except that It was too dry
to the new cotton crop, however, business is expected to reThe weather was very favorable in general in some localities.
for agricultural interests
In the Ohio Valley States, where moderate
temperatures prevailed and turn to a more normal basis. Underlying conditions are bebeneficial showers received in most sections.
all crops, except cotton, in the extreme lower It was much too dry for lieved to be firm. The long spell of quiet in buying has been
Great Plains section. but simultaneous
in the central and northern Plains area, as
with the full employment of the mass of peoValley, the warm weather and generally well as in the lower Missouri ple,
while it is also believed that consumption has gone on in
excellent conditions for rapid crop growth. sufficient soil moisture gave
It was rather warm for spring a full way
grains in Minnesota and Wisconsin.
because of the attractive prices named by retailThe best showers of the season so far occurred
in the far Southwest. ers throughout the country on ninny lines of goods.
where long drought had prevailed. While
these were mostly of a local
DOMESTIC COTTON GOODS: There has been no activcharacter, they were rather widespread and
improved conditions materially,
particularly in Arizona. Good crop weather prevailed
in Central and ity in markets for domestic cottons during the past week,
Northern Rocky Mountain States, particularly in
Idaho, and another and the easing off in bleached
fine growing week was experienced in Montana,
goods prices added to the
except where too dry In
parts of the East. The week was generally favorable
hesitation among buyers who handle staple fabrics. The latIn the
States, where the somewhat higher temperatures benefited Pacific Coast
warm-weather ter are expecting revisions downward in percales, ginghams
crops, although it continued unseasonably cool in parts
of California.
Farm work made good progress in most sections, being
especially favor- and other lines and are very uncertain as to how extensive
able for haying in the Northeast. This work was
interrupted by rain, the reductions will be. It is cloar, however, that cloths are
however, in some Northwestern States, while threshing
Interrupted from the same cause in portions of Kansas. was considerably not following raw material, for while cotton continues to
SMALL GRAINS.
-Winter wheat harvest was practically completed rule high in spot markets,
cloths are selling three cents a
In the principal producing States under favorable
and threshing was under way in many sections of the weather conditions, pound or more below the parity of cotton value. Jobbers do
The weather was mostly favorable for drying wheat Winter Wheat Belt. not
appear to be disturbed Much by the frequent mention of
in shock, and there
was no material interruption to threshing, except
where delay was caused by rain and there was in portions of Kansas. curtailment of production in mill centres. Some claim that
in shock. The yield and quality were reported some damage to wheat decreased
output will help them to maintain values until
good in Missouri, and
fair to very good in most Ohio Valley localities.
they have distributed the supplies they have on hand, while
It was rather warm for spring wheat In the
eastern portion of the belt
and some damage from high temperatures was
reported. The crop ripened others state that they are under no obligation to provide
rapidly in South Dakota and some was harvested
during the week, while business for mills by anticipating
it was all headed out in North Dakota. The
at this time. Mills are
weather continued generally
favorable in Montana, except that it was too dry
said to be doing everything possible to avoid accumulating
There were some reports of rust in spring wheat in in parts of the East.
Minnesota, with black stem rust in eastern North southern and western supplies. The largest producer of ginghams and the largest
rust in several places in that State, but the crop Dakota, and red stem printers have adopted a four-day
week schedule for the presis too
be seriously damaged. Conditions were less favorable far advanced to
for rust in South ent, while in the principal centre of print cloth production
Dakota, but considerable damage was done in some
Oat and barley harvests progressed satisfactorily localities.
mills are operating less than 60% capacity in the plain
these grains were ripening on short straw in the during the week, but
Lake Region, and oats goods division. Buyers are not ordering in more than a perwere ripening too fast because of warm, dry
weahter in Pennsylvania.
Late oats were filling poorly in Iowa, but this crop
was mostly satisfactory functory way. They have only commenced to see the new
in Minnesota. Rice continued very good
in
doing well in Louisiana, with improvement Texas. and was generally lines and are not likely to do very much until they see comreported from California; prehensively all
this crop was grassy and poor in Georgia. Flax
that the market has prepared for their senorthern Great Plains, being in the boll and blossom did splendidly in the lection. New
openings of spring lines of wash fabrics are
stage
with satsLfactory advancement reported from Montana in North Dakota,
already beginning, and buyers who are in need of new merCORN.
-Excellent corn weather prevailed. Soil moisture was
sufficient in practically all sections of the principally
corn-producing States. chandise are getting in closer touch with leading mills and
and moderately warm weather prevailed throughout
the Corn Belt. C0111 converters who are in a position
was favorably affected by these conditions, and
to indicate what they will
good to excellent progress
was reported throughout the Ohio and Mississippi
be and to produce in the way of new things for another seaPlains States. In the extreme Southern Plains, Valleys and the Central
however,
of Oklahoma and the greater part of Texas, the hot, including much son. Print cloths have ruled very quiet during the week.
dry weather was
unfavorable.
28-inch, 64 x 64's construction, are quoted at 743c., and the
The crop was tasseling at some places in Ohio and
Indiana and generally 27
-inch, 64 x 60's, at 6%c. Gray goods in the 39-inch, 68 x
In Illinois and Iowa. Very good to excellent progress
was reported from
the last-named State and generally excellent advance in Missouri. Corn 72's, are quoted at 10Y4c., and the 39
-inch, 80 x 80's, at 12c.
grew rapidly in Kansas and growth was good in Nebraska, although still
WOOLEN GOODS: There appears to be an underlying
somewhat backward in the latter State. The crop deteriorated
In most optimism in markets for
of Oklahoma, where the general condition varied greatly, ranging from
woolen and worsted goods which is
poor to very good. There was deterioration also in many places in Texas not found in other textile
markets. News of the early openbecause of heat and drought.
Fair to good progress was reported from the other Southern States and ings of wool goods for the spring 1924 season by the Amerialso from the Atlantic Coast area, although rain was needed in some can Woolen Co. caused a stir in the
market during the past
localities; increased moisture was helpful In Virginia and North Carolina.
The crop made rapid growth in the Northern Great Plains, and warmer week. According to reports, many additional lines will be
weather near the close of the week was beneficial in the far Northwest. ready by next week, and it is now expected that prices will
Broomcorn needed rain badly in Oklahoma. but continued in mostly be named early
in August on dress goods lines for future
fair to good condition.
-Moderate temperature was the rule in the central and shipment. Clothing manufacturers are of the opinion that
COTTON.
eastern portions of the Cotton Belt, but very warm weather prevailed the average of spring
fabric prices will not run over 7% adIn the more western portion. Rainfall was mostly light to moderate,
though with some heavy local amounts in the central and eastern portions, vance. Should this prove to be true, there is little reason to
but there was little or no rain in most of Texas and Oklahoma.
doubt that mill orders will be forthcoming.
Owing to the warm, dry weather, late cotton made poor progress In
FOREIGN DRY GOODS: Inactivity again prevailed in
Texas. but the early planted made very good advance; there was some
shedding, but the plants were fruiting very well in most cases, while the markets for linens during the past week. IIousehold linens
weevil in check. Cottonir orogress
check.as
w
weather was favorable for holding to
fa cpntined In particular were
u .
said to be a temporary dead issue in the
fruit
making
late in Oklahoma, but was beginning
.* The weather was warm in Arkansas. with good showers the last part local trade. The bargain buying movement which featured
of the week, and very good development was reported from that State, the market two
weeks ago appears to have spent itself, and
though stands were poor and plants uneven. The crop made fair to eery
good progress in Louisiana, and very good to excellent growth In Tennessee retailers are refraining from making further purchases, even
where good showers were received the latter part of the week. Growth of goods that would
move most readily. The trade in gencontinued fair to very good in Mississippi and Alabama, though heavy
weevil damage was reported locally in the southern and eastern portions eral, however, is expecting a renewal of activity within the
of the latter State.
near future. Burlaps, in the absence of demand, ruled easy
Most of the week was dry, with warm nights, in Georgia, and cotton
In general showed much improvement in that State, with conditions during the week. Light weights are quoted at 5.25 to 5.30c.,
favorable for weevil control operations; it is becoming too dry in many and heavies at 7.05
to 7.10c.
THE CHRONICLE
JULY 21 1923.]
tate nut (City glevartnunt
NEWS ITEMS.
Bonds SusNew York City.—Injunction Against Jubilee
tained by Court of Appeals, but on Technical Grounds.—The
injunction restraining Mayor Hylan and other New York City
officials from issuing $400,000 in bonds for the Greater
City's twenty-fifth anniversary (which ended June 23)
was upheld by the Court of Appeals in a decision on July 13.
The order restraining the expenditure was affirmed on
technical grounds. The injunction was granted on March
28 to William J. Schieffelin, of the Citizens Union by Justice
Mullan of the Supreme Court (see V. 116, p. 1372, 1449)
and was sustained on April 13 by the Appellate Division to
which an appeal had been taken by the City. The New
York "Times" on July 14, in reporting the decision of the
Court of Appeals, said:
for a
Schieffelin alleged that the expenditure of the money was notMayor
-exploitation of
city purpose, but that the real object was the self
propaganda, rather than for an
Hylan's Administration and for political
educational exposition. The city budget of 1923 contained an approof Aldermen
priation of $100,000 for the celebration, but later the Board the issuance
authorized the issue of $400.000 in special revenue bonds,
which the injunction granted by Justice George B. Mullan prevented.
of
technical
The opinion, written by Chief Judge Hiscock. affirms on
grounds the order restraining the expenditure, but holds that the city.
proper way, would have the right to conduct such a
if proceeding in a
celebration.
Judge Hiscock ruled that the only question is whether such a celebration
is prohibited by that provision of the Constitution which forbids any
city_ to incur any indebtedness except for "city purposes."
He points out that there are some public purposes which are so necessary to the comfort and welfare of citizens that no one questions the right
of a city to expend moneys therefor.
He then says that there is another class of purposes such as "the erection
of monuments in commemoration of events of public importance or in
honor of individuals or classes of individuals who have greatly benefitted
the nation, State or municipality by their accomplishments or sacrifices:
the suitable entertainment of distinguished visitors representing some
welcome
foreign nation or coming upon some public mission; the appropriatecase, the
of soldiers returning from war and, as pertinent in the present history."
anniversary important in national, State, or local
celebration of an
Such purposes, he continued, while not justified by absolute necessity,
have still come to be widely recognized as acts which may be conductez
by a municipality.
He then reviewed at length the authorities of many States which sustain
the conclusion that the present celebration of the anniversary of Greater
New York was not prohibited by the Constitution.
347
-cent gasoline tax bill for
"Sentinel" of July 14, were: The 2
highway improvement funds; a bill prohibiting the teaching
of college courses in normal schools; Northern Lakes Park
bill providing $300,000 for establishment; Milwaukee County
park system measure; and a bill to allow the charging of
33/2% interest a month on small unsecured loans." The only
important tax measure passed at the session, according to
the same paper, is the $500 exemption on homesteads, signed
on the closing day. It is stated that the big tax bills of the
session were beaten in the Senate, and as a result the Legislature adjourned without making specific appropriations for the
university and normal schools. An effort, it is said, to pass
these appropriations with an income surtax amendment,
met defeat in the Senate. The "Sentinel" says, regarding
the defeat of the two appropriations:
"It is probable that defeat of these two appropriations, and of the income
tax bill may furnish the opportunity for a special session. Governor Blaine
is now collecting information as to what effect defeat of these measures
will have upon the educational institutions. Should a special session be
called, it will be held early in October."
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADAMS COUNTY (P. 0. Decatur), Ind.—BOND OFFERING.—
Hugh D. Hite, County Treasurer, will receive sealed bids until 10 a. m.
Aug. 9 for the purchase at not less than par and accrued interest of $20.240
% G. E. Macadam road in Washington Township bonds. Interest
& N. 15. Due $1,012 each six months from May 15 1924 to Nov. 15
1933, inclusive. If the bonds are not sold on date offered the sale will be
continued from day to day thereafter until bonds are sold. Transcript
will be on file at the County Auditor's office.
AKRON, Summit County, Ohio.—BOND OFFERING.—Sealed bids
will be received by F. A.Parmelee, Director of Finance, until 12 m. July 25
for the purchase at not less than par and accrued interest of the following
issues of 5% coupon, registerable as to either prin. and int. or both.
special a Assment bonds:
00,000 miscellaneous streets extension and widening bonds. issued under
Sec. 3939 of General Code. Denom. $1,000. Due yearly on
Oct. 1 as follows: $1,000. 1924 to 1941 inclusive, and $2,000.
1942 to 1947 inclusive.
1 900 Adams St. impt. bonds, issued under Sec. 3914 of General Code.
Denom. $200 and one for $300. Due yearly on Oct. 1 as follows:
$300, 1924 and $200, 1925 to 1932 inclusive.
17,400 West Market St. impt. bonds, issued under Sec. 3914 of General
Code. Denom. $400. Due yearly on Oct. 1 as follows: $1,400.
1924, and $2,000, 1925 to 1932 inclusive.
60,600 Delia Ave. impt, bonds, issued under Sec. 3914 of General Code.
Denom. $600. Due yearly on Oct. 1 as follows: $6.600. 1924:
$6.000. 1925 and 1926. and $7,000, 1927 to 1932 inclusive.
2.000 Fried Ave. impt. bonds. issued under Sec. 3914 of General Code.
yearly on Oct. 1
Pennsylvania (State of).—Governor Pinchot Signs Bill 13,709 Denom. $400. Due $400issued under Sec.from 1924 to 1928 incl.
3914 of General Code.
Noble Ave. impt. bonds,
--Governor Pinchot
Due yearly on Oct. 1 as follows: $2,700, 1924; $2,000. 1925.
to Tax Corporations—Other Bills Signed.
and $3,000. 1926 to 1928 inclusive.
has signed, among others, the Armstrong Bill, imposing
5.000 Carpenter St. impt, bonds, issued under Sec. 3914 of General
an emergency tax of one-half of 1% on the net profits of
Code. Denom. $1,000. Due $1,000 yearly on Oct. 1 from
1924 to 1928 inclusive.
corporations engaged in business in Pennsylvania. The
14.300 Bacon Ave.'rapt. bonds, issued under Sec. 3914 of General Code.
bill was passed, it is stated, on the final day of the recent
Denom. $1,000 and one for $.300. Due yearly on Oct. 1 as follows:
$2.300. 1924, and $3.000. 1925 to 1928 inclusive.
session of the Legislature. The Pittsburgh "Post" said
4,300 Palisades Drive impt. bonds, issued under Sec. 3914 of General
with regard to the tax:
Code. Denom. $1,000 and one for $300. Due yearly on Oct. 1
-repealing at the end of two years, will apply to
as follows: $300, 1924, and $1,000. 1925 to 1928 inclusive.
The tax, which is self
2.300 Lee Drive Extension impt. bonds, issued under Sec. 3914 of
net income of corporations during 1923 and 1924 with the exception of
General Code. Denom. $300 and four for $200. Due yearly
concerns which make reports for their fiscal years, in which MRCS the
on Oct. 1 as follows: $200, 1924 to 1927 inclusive, and $300.
tax will be levied for these periods. The tax will be based on the net
concerns whose entire business is within the State, and in the
1928 to 1932 inclusive.
income of
8.3,300 River St. impt. bonds. issued under Sec. 3914 of General Code.
cases of those doing business only partially in the State upon that portion
Denom.$1,000 and one for $300. Due yearly on Oct. 1 as follows:
carried on in Pennsylvania.
$9,300. 1924;$9,000, 1925 to 1930 incl., and $1.0.000. 1931 and 1932.
Net income, within the meaning of the Act, does not include interest
92,600 South Main St. impt. bonds, issued under Sec. 3914 of General
from State or Federal securities, from passenger and freight traffic or
Code. Denom. 31.000 and one for $600. Due yearly on Oct. 1
telephone or express business or the business of electric
from telegraph,
as follows: $10,600. 1924: $10,000, 1925 to 1930 inclusive, and
light companies or the transportation of oil; income from anthracite coal
311.000, 1931 and 1932.
subject to the anthracite tax or dividends from corporations subject to
27.800 Delia Ave. impt. bonds, issued under Sec. 3914 of General Code.
the gross receipts tax or from corporate lessors of corporations subject
Due yearly on Oct. 1 as follows: $3,800. 1924, and $3,000. 1925
to the profits tax.
to 1932 inclusive.
The same paper also says:
Date July 1 1923. Prin. and semi-ann. int. (A. & 0.) payable at the
The Armstrong bill, together with the liquid fuel tax bill, enacted in National Park Bank of New York. All bids must be accompanied by a
place of the gasoline tax, made up the taxation program of the 1923 General certified check made payable to the Director of Finance for 2% of the
Assembly. The two bills are estimated to return to the State about
amount bid for. Make bid subject to approval of your attorneys as to
$20,000.000 during the next two years.
legality of issue; approving opinion to be paid for by the purchaser.
Financial Statement.
A bill permitting counties to issue and sell bonds for the
$317,816.080 00
acquisition of toll bridges was also approved. Under this Assessed valuation of taxable property
400,000,000 00
Real value of all property (estimated)
law, it is stated, counties can jointly acquire bridges and Total debt. including thLs i.wue of $366.100
25.816.077 54
$4,016,149
assessment debt included in
issue bonds and if the cost is in excess of $400,000, with Bipedalworks debt included in aboveabove
10.048.000
Water
the consent of the State Highway Department, collect tolls Amount of sinking fund, general
1,260,829
931.710 16.256,688 00
for the purpose of paying interest on the bonds. Another Amount of sinking fund, water
W
bill signed, it is reported, is that authorizing the investment
of trust funds in Joint Stock Land Bank bonds.
Venice, Calif.—Annexation Voted Down.—By a vote of
1,849 to 1,503 voters of Venice on July 10 defeated a proposition providing for annexation to Los Angeles.
Washington (State of).—Excise Tax on Gasoline Upheld
by State Supreme Court.—Constitutionality of the State excise
tax on gasoline, both as to State and Federal constitutions,
was upheld, it is stated, by a decision of the State Supreme
Court handed down on July 13 in the case of the State of
Washington, respondent, against F. J. Hart, affirming the
decision of Judge Mitchell Gilliam in the King County
Superior Court. The appellant contended that the law was
violative of the rights in that it was discriminatory, conferring
special privileg.es and immunities upon certain classes not
accorded to others. The Portland "Oregonian" in its issue
of July 14 said with regard to the effect of the decision:
The decision in favor of the State means that the tax, including the increase to 2 cents a gallon becoming effective the first of next year, will continue to be collected, and that the State will not have to defend suits for
refund of the tax collected in the past, amounting to approximately $2,000.000.
Wisconsin (State of).—Legislature Adjourns.—The Wisconsin Legislature adjourned at 3 p. m. on July 14, the same
date on which the law-making body finished its work two
years ago. Included in the bills signed by Governor Blaine
is the strengthening of the securities law with the view to
driving wildcat securities out of the State. During the
session the Governor, it is stated, sent to the Legislature
more than fifty vetoes. Among the more important vetoes
delivered by the chief executive, according to the Milwaukee
39.559.389 54
Net debt
Population, census of 1920, 208,435. Population now (estimated).
175.000. Tax rate. $24 80 per thousand.
ALAMANCE COUNTY (P.O. Graham), No. Caro.—BOND SALE.—
The $95,000 coupon (with privilege of registration as to principal only)
funding bonds offered on July 12—V. 117, p. 112—were awarded as 53is
to Sidney Spitzer & Co. of Toledo at a 'premium of $1,012 59. equal to
101.065, a basis of about 5.16%. Date July 1 1923. Due on July 1 as
follows: $2,000 1924 to 1936, incl.; $3.000 1937 to 1944, incl., and $5.000
1945 to 1953. incl. The following bids were received:
Price Bid.
Rzte.
Bidder.
$971.187 50
First National Trust Co., Durham
5.50
95.177 00
Well, Roth & Irving Co
5.25
95,519 00
Kauffman, Smith, Emert & Co., Inc
5.25
96.012 59
5.25
Sidney'. Spitzer & Co
95.151 25
Stacy_ & Braun
5.25
95,532 00
C. W. McNear & Co
5.25
96.977 00
5.50
Prudden & Co
96.025 50
W. K. Terry & Co
5.50
95.547 00
First National Co
5 25
95,256 50
5.25
Spitzer. Rorick & Co
95.237 50
5.25
Provident Savings Bank & Trust Co
ALBANY, Morgan County, Ala.—BOND SALE.—Brandon, Gordon
3100,000 6% refunding
& Waddell of New York have jsurchased an issue of
bonds at par. Denom. $1,000. Date July 1 1923. Prin. and semi-ann.
int. payable at the Hanover National Bank, N. y, City. Due July 1 1933.
BOND ELECTION.—On July 24 the people will be asked to vote on the
proposition to issue $75.000 school repair and equipment bonds.
ALDERMAN SCHOOL DISTRICT NO, 78, Barnes County,
Dak.—BOND SALE.—During the month of June the State of North Dakota purchased $5,000 4% building bonds at par. Date Dec. 31 1920'
Due Dec. 11930. Bonds are not subject to sale but may be redeemed two
years from date of issue.
ALEXANDRIA, Thayer County, Nebr.—BOND SALE.—The Nebraska State Bank of Lincoln has purchased $12,000 electric light bonds.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND OFFERING.—
Sealed proposals mill be received until 10 a. m. Aug.6 by John H. Johnson.
County Auditor, for the purchase at not less than par of $128,000 5%
road construction in Wayne Township coupon bonds. Denom. 8640.
Date Aug. 1 1923. Interest M. & N. 15. Due $6,400 each six months
from May 15 1924 to Nov. 15 1934,1 ncl. A certified check for 3% of the
No
348
THE CHRONICLE
[VOL. 117;
amount bid for payable to the Board of County Commissioners must
BEVERLY HILLS,Los Angeles County,Calif.-VOTB AND ISSUES
accompany each bid. Bids must be made upon the forms provided by the VOTED.
-The vote "for" and "against" and the issues contained in the
Auditor and must be accompanied by "affidavit of non-collusion as provided $640,000
various municipal bonds voted as stated in V. 117, p. 235, are as
by law.'
follows:
BOND SALE.
-The first two issues of5% coupon road construction bonds
"For." "Against."
offered on July 10, notice of which was given in V. 117,
have been $400,000 water bonds
170
9
awarded, together with an additional $9,000 issue, to thep. 112, National
50,000 city hall bonds
Lincoln
159
17
Bank of Fort Wayne as follows:
25,000 incinerator bonds
166
10
816.000 Rodenbeck Road bonds for $16,147 20. equal to 100.92, a basis
25,000 street improvement bonds
170
7
of about 4.81%. Denom.$800.
140,000 sewer bonds
170
8
9,000 Reynolds Road bonds for $9,082 80, equal to 100.92, a basis of
BILLINGS SCHOOL DISTRICT, Cavalier County, No. Dak.about 4.81%. Denom. $450.
-The State of North Dakota purchased $4.000 4%
Date July 5 1923. Due one bond each six months from May 15 1924 to BOND SALE.
bonds during the month of May at par. Date Dec. 31 1920. Duebuilding
Nov. 15 1933 incl.
Dec.31
The additional $9,000 road bonds were purchased for $9,082 80, equal to 1940. Bonds are not subject to call but may be redeemed two years from
date of issue.
100.92.
BLACKFOOT, Bingham County, Idaho.
ALTMAR, Oswego County, N. Y.
-BOND SALE.
-BOND OFFERING.
-On July 18 the
State Bank of Parish purchased $5.600 6% road impt. bonds for $5,652, Sealed bids will be received until 8 p. m.July 31 by 3.3. Quillin, City Clerk.
equal to 100.92, a basis of about 5.60%. Interest J. & J. Due on July 1 for $6.000 coupon water works bonds. Date July 11923. Denom. $500.
Interest rate not to exceed 6%. Prin. and semi-ann. int. (3.4.) payable
from 1924 to 1927. incl.
at the Hanover Nat. Bank,
AMIDON SCHOOL DISTRICT NO. 28, Slope County, No. Dak.- at option of holder. Due N. Y. City, or at the City Treasurer's office.
July 1 1943 optional after 10 years. A certified
BOND SALE.
-During the month of June the State of North
pur- check for 5% of amount bid for required.
chased $20,000 4% building bonds at par. Date Dec. 31 Dakota Due
1920.
BLOUNT COUNTY (P. 0. Maryville), Tenn.
Dec.31 1940. Bonds are not subject to call but may be redeemed two
-BOND OFFERING.
years R. P. McReynolds, County
from date of issue.
Judge, will receive sealed bids until 1 P. m•
July 28 for $150,000 5%
ANTWERP RURAL SCHOOL DISTRICT(P.O. Antwerp),Paulding July 15 1923. Prin. and coupon road bonds. Denom. $1,000. Date
interest payable at the Trustees' office in MaryCounty, Ohio.
-BOND OFFERING.
-Sealed bids will
ville or at the Chase Nat. Bank, N.
City. Due $10,000 in 5 years and
J. H. Adock, Clerk Board of Education for the purchase be received by
school bonds. Denom. $1,000. Date July 1 1923. Prin.of $10,000 6% $20.000 in 10, 15, 20, 25, 30, 35 and 40 years from date. A certified check
for 810,000 required.
and
int. (J. & J.) payable at the Antwerp Exchange Banking Co. of semi-ann.
BLUFFTON, Wells County, Ind.
Due $1,000 yearly on July 1 from 1925 to 1934 incl. Enclose aAntwerp.
-BOND OFFERING.
-Sealed bids
certified will be received by S. J.
check for $500.
Moomaw. City Clerk-Treasurer,
July 27 for the purchase at not less than prar of $8,848 64 until 7:30 p. m.
5% waterworks
ARCHBOLD, Fulton County, Ohio.
-BOND SALE.
-The $10,400 bonds. Denom. $500 and
534% Union Street impt. bonds offered on July 2 (V. 116, p. 2797) were J. & J. Due 11848 64 July 1one for $848 64. Date July 1 1923. Int.
1924
awarded to the Farmers & Merchants State Bank and the People's State 1925 to July 1 1932 incl. Each and 8500 each six months from Jan. 1
bid to be accompanied by a certified
Banking Co. of Archbold at par and accrued interest. Date June 15 1923. check for $250.
Due $520 each six months from Mar. 1 1924 to Sept. 1 1933 incl. There
BOULDER COUNTY SCHOOL DISTRICT NO. 23 (P. 0. R. F.
were no other bidders.
D. No. 5, Longmont), Colo.
-BOND SALE.
-000. W. Vallery & Co.
ASHTABULA COUNTY (P. 0. Ashtabula), Ohio.
-BOND SALE.
- of Denver have purchased $4.000 5% 10-20 year (optional) school building
The $22,500 534% road-impt. bonds offered on July 16 (V. 117, p. 112) bonds.
were awarded to W. L. Slayton & Co. of Toledo for $22,819 50. equal to
BOWSTRING TOWNSHIP, Itasca County, Minn.
101.37. a basis of about 5.195%. Date April 11923. Due $2,500
-BOND OFFERyearly ING.
-Bids will be received until July 31
on Oct. 1 from 1924 to 1932 incl. Other bidders were:
Christie, Township Clerk
(P. 0. Bowstring), for $3,000 telephone by Carl bonds. Denom. 31.000.
Premium.
system
Premium. Date Aug. 1 1923.
Sessongood & Mayer
$292 50 N. S. Hill & Co
$195 75 Deer River. Due Prin. and int. payable at the Farmers State Bank of
Prov. Sax. Bk. & Trust Co-.. 265 50 L. R. Ballinger Co
$1,000 on Aug. 1 from 1931 to 1933 incl. A certified
chock for 10% of issue, payable to the Township Treasurer, required.
Sidney Spitzer & Co
245 00 Bohmer, Reinhart & Co
17 0
50
8
Dtufee, Niles & Co
203 80
BRAZORIA COUNTY (P. 0. Angleton), Texas.
-BONDS VOTED.
At an election held on June 30 a proposition to issue $25,000 road bonds was
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-BOND
ING.
-Sealed bids will be received by W.W.Hawes,Clerk Board ofOFFER- carried.
County
Commissioners, until 2 p. In. July 23 for the purchase of
BRISTOL COUNTY (P. 0. Fall River), Mass.
-BOND SALE.
Issues of 534% impt. bonds, issued under the authority of the following The
Section 6969 of
$100.000 434.% coupon "Agricultural School Loan Act of 1923" bonds
General Code:
offered on July 1'
-V. 117, p. 235
-were awarded to Parkinson & Burr
$105,000 State road impt. bonds. Due yearly on Oct. 1 as follows:
$11,000 of Boston at 101.35 and interest, a basis of about 4.216%. Date July 1
1924 to 1926 incl. and $12.000 1927 to 1932 incl.
1923. Due $10,000 yearly on July 1 from 1924 to 1933 inclusive. Other
34,000 Sheffield-Kingsville extension road bonds. Due yearly on Oct.
bidders were:
as follows: 83,000 1924 and 1925 and 84.000 1925 to 1932 incl. 1
. Rate Bid.
Rate Bid.
Denom.$1,000. Date Apr. 11923. Prin. and semi-ann. int.
101.35 National City Co
100.73
payable at the County Treasurer's office. Enclose a certified (A.& 0.) Edmunds Bros
check for Old Colony Trust Co
100.98 Grafton & Co
110.73
$500, payable to the County Treasurer.
Estabrook & Co
100.93 Curtis & Sanger
100.72
Blodgett & Co
ATLANTIC CITY, Atlantic County, N. J.
100.77
-BOND SALE.
-The
On page 235 of last week's issue, due to a typographical error, we reported
following issues of coupon (with privilege of registration as to both prin.
$10,000 instead of $100,000 as the amount to be offered.
and int. or prin. only) bonds, offered on July 18-V. 117, p. 112
-have
been awarded as 41s to Geo. B. Gibbons & Co., Inc., of Now York. for
BROCKTON,
-TEMPORARY LOAN.
-A
$1,620,500 for $1.617.000 bonds, equal to 100.21. a basis of about 4.73%. temporary loan ofPlymouth County, Mass.
$200,000 has
8990,000 (8993.000 offered) general impt. bonds. Due yearly on July 1 of Boston on a 4.26% discountbeen awarded to the Old Colony Trust Co.
basis plus a $5 premium. Date July 19
as follows: $33,000. 1924: $30.000. 1925 to 1934 incl.; 35,000, 1923. Due June 20 1924.
1935 to 1937 incl.; $25.000. 1938 to 1949 incl.; 830.000, 1950 to
BURLEIGH COUNTY (P. 0. Bismarck), No. Dak.-BOND OFFER,
1953 incl.:$35.000, 1954:825,000. 1955 to 1957 incl., and $22,000.
ING.-Until 10 a. m.
1958.
8 bids will be received by Frank J. Johnson.
295.000 school bonds. Due yearly on July 1 as follows: 810,000, 1925 County Auditor, for $1311000 coupon funding bonds. Denom. 81,000
Aug.
Date'July 1 1923. Int. J.
to 1953 incl.. and $5,000. 1954.
-J. Due as follows: $100.000 in 10 years to
183,000 water bonds. Due yearly on July 1 as follows: $8,000, 1924: bear interest at a rate not to exceed 534% and $30,000 in 5 years, to bear
interest at a rate not to exceed 53 %. A certified check for 5% of bid
$10,000, 1925 to 1934 incl., and $5.000. 1935
4
required.
149,000 city impt. bonds. Due yearly on July 1 asto 1949 incl.
follows: $19,000.
1924. and $10,000, 1925 to 1937 incl.
CALIFORNIA (State of).
-The
-BOND OFFERING POSTPONED.
Denom. $1,000. Date July 1 1923. Prin. and semi-ann.
int. .
payable at the Hanover National Bank of New York. Other (.1 & .) offering of the $4.000,000 4 % highway bonds which was to have taken
bids, both place on July 16 (see V. 116. p. 3025) has been
for 5% bonds, were:
postponed until Aug. 1.
Amt. Bid for. .
CAMBRIDGE, Middlesex County, Mass.
Bid.
-BOND OFFERING.
Harris, Forbes & Co. and Eldredge & Co
Henry
Chelsea National Bank: Austin. Grant & Ogilby:31.593.000 81,620,208 44 for the F. Lehan, City Treasurer, will receive sealed bids until 12 tn. July 24
purchase of the following issues of tax-exempt serial coupon bonds:
Hamilton A. Gill & Co.; C. F. Cusick & Co.,
$63,000 street loan.'payable $13,000 on July 15from 1924 to 1926,inclusive,
and B.J. Van Ingen & Co
and $12.000 on July 15 1927 and 1928.
1,600,000
1,620,125 00
225.000 street loan. payable $23.000 on July 15from 1924 to 1928,inclusive,
AVON LAKE VILLAGE SCHOOL DISTRICT (P. 0. Avon
Lake),
and $22,000 on July 15 from 1929 to 1933. inclusive.
Lorain County, Ohio.
-BOND OFFERING.
-Sealed bids will be received
80,000 schoolhouse loan, payable $4,000 on July 15 from 1924 to 1943.
until 7 p. m.(Central standard time) July 25 by W. R.
inclusive.
of Education, for the purchase at not less than par and Hinz, Clerk Board
30,000 sewer construction loan, payable $1,000 on July 15 from 1924 to
a % coupon emergency building bonds issued under interest of $10,000
1953. inclusive.
7 0-7631 of the General Code. Denom.$500. Dateauthority of Section
June 11923. Prin.
30.000 separate system of sewers loan, payable $1,000 on July 15 from
• and semi-ann. int. (A. & 0.) payable at the Central Bank
Co., Lorain.
1924 to 1953, inclusive.
Due $500 yearly on Oct. 1 from 1924 to 1943 incl. Cert. check
on an Ohio
Interest payable semi-annually at the National Shawmut Bank of Boston.
bank other than the bidder for 5% of the amount of bonds
to the above official, required. Bonds to be delivered andbid for, payable Bidder to name rate of interest. The bonds, it is said, are exempt hornet!
paid for within Federal income and Massachusetts
ten days from time of award. A full and complete transcript
State
will be fur- supervision of the National Shawmut income taxes; are issued under the
nished to the successful bidder.
Boston, and their
approved by Ropes, Gray, Boyden & Bank, of whose opinion will legality
Perkins,
be furAVON VILLAGE SCHOOL DISTRICT(P.O. Avon),Lorain
County, nished the purchaser. Bids for the entire lot only will be considered.
Ohio.-BONDOFFERING.-Sealed bids will be received until 1
Financial Statement July 1 1923.
tral standard time) July 25 by Lawrence Heckel, Clerk Board of p. m.(Cen- Funded
city debt
$5,911,900 00
for the purchase at not less than par and accrued interest Education,
53 % coupon emergency school building bonds, issued under of $110,000 Sinking fund for funded city debt
,
1
3,391,137 91
authority of
Net funded city debt
Section 7630-1 of the General Code. Denom. $1,000. Date June 1 1923.
$2,520,762 09
Prin, and semi-ann. int. (A. & 0.) payable at the Elvria Savings & Trust Serial city debt
3,042,300 00
Co.of Elmira. Due yearly on Oct. 1 as follows: $4,000 1924; $5,000
Net city debt
/5.563 --7062 09
84,000 1926: 85.000 1927 and 1928; 84.000 1929; 85.000 1930; $4,000 1925; Funded water debt
773,500 00
$5,C100 1932 and 1933: 34.000 1934; 85.000 1935: 84.000 1936; 85.0001931; Sinking fund for funded water debt
1937
655,708 88
and 1938: $5,000 1939: 35.000 1940: 84.000 1941; 85.000 1942 and 1943;
Net funded water debt
$4,000 1944: 85.000 1945; 84.000 1946 and $5,000 1947. Cert. check Serial water debt
0
$:7 0 10
'710.091 0
on an Ohio bank other than the bidder for 5% of the amount of bonds
Net water debt
above Clerk. required. Bonds to be delivered and
bid for, payable to the
$827.791 12
Population. 1920 census, 109,456; estimated population, 1923, 111,444.
paid for within ten daysfrom time af award. A full and complete transcript
Assessed valuation, 8147.393,615 20.
will be furnished to the successful bidder.
TEMPORARY LOAN.
-According to reports, the City Treasurer has
BALFOUR SPECIAL SCHOOL DISTRICT NO. 58 (P. 0. Balfour),
temporary loan of $500,000, dated July 23 and maturing Dec. 31
McHenry County, No. Dak.-BOND OFFERING.
-P. M. Roenlch, sold a
of Education, will receive bids until 4n. m. July 21 for $20,000 1923. to Salomon Bros. & Hutzler, on a 4.19% discount basis plus $3 preClerk Board
mium. Other bidders were Edmonds & Co., 4.27% plus $6 25; S. N.Bond.
534% coupon funding bonds. Denom. $1,000. Date July 11923. Prin. 4.27% phis $3
25; F. S. Moseley & Co., 4.29%.
and semi-ann. int. (J. & J.) payable at the First National Bank of Minneapolis. Due July 1 1943. A cert, check for 5% of bid required.
CAMBRIDGE, Guernsey County, Ohio.-RONT) OFFERING.
Sealed proposals will be received until 12 m. Aug. 13 by J. E. Eaton.
BARBERTON, Summit County, Ohio.
-BOND OFFERING.
-Until
12 m.July 24 sealed proposals will be received by H. B. Prase, City Auditor. City Auditor, for the purchase at not less than par and int. of 87,579 42
14 '7,, paving lmpt. bonds. Denom. 81,000, except Bond No. 7 for
for the purchase at not less than par and accrued interest of $19.433 535%
(property owners' portion) street paving bonds under authority of the $1.579 42. Date April 1 1923. Int. A. & 0. Due yearly on Oct. 1 as
Denom. $1,000, except Bond No. 2, which is in the follows: $1,000, 1924 to 1929 Incl., and $1,579 42, 1930. Certified
General Code.
denom of $1,433. Date Aug. 1 1923. Int. semi-ann. Due yearly on check for 5% of the amount of bonds bid for, payable to the City Treasurer,
Oct. 1'as follows: 82,433. 1924: 32.000. 1925 to 1931 incl., and $3,000, required. Bonds to be delivered and paid for within ton days from time
award.
1.932. Certified check for $200, payable to the City Treasurer, required. of
-Until 12 m. July 31 the above City Auditor will
BIND OFFERING.
CANNON BALL SCHOOL DISTRICT NO.8, Sioux City, No, Dl.
also receive sealed proposals for the purchase at not less than par and BOND SALE.
-During the month of June the State of North Dakota
accrued interest of $254,066 29 5 Si% (property owners' portion) East purchased $22,000 4% building bonds at par. Date Jan, 1 1922.
Duo
Side sewer bonds, issued under the authority of the General Code. Denom. Jan. 1 1942. Although the bonds are not subject to call, they
may be
81.000, except Bond No. 1. which is in denom. of $1.066 29. Date Aug. redeemed two ymirs from date of issue.
1 1923. Int. semi-ann. Due yearly on Oct. 1 as follows: $26,066 29,
CARLISLE TOWNSHIP RURAL SCHOOL DISTRICT
incl., and 325,000, 1928 to 1933 incl. Certified
1924;S26,000, 1925 to 1927
(P. 0.
Elyria R. D.), Lorain County, Ohio.
-BOND OFFERING.
check for $200, payable to the City Treasucer, required.
-Sealed bids
wil be received by P. C. Robinson, Clerk Board of Education,
. BENTON COUNTY (P. 0. Fowler), Ind.
-BOND OFFERING.- July 25 for $120,M0 5Si% coupon school bonds, issued under until 7 p. m.
authority of
Sealed bids will be received by Sherman N. Geary, County Treasurer, until Sec. 7630-1 of Gon. Code. Denom..1,000. Date
10 a• m• Aug. 1 for the purchase at not less than par of 813,2646% coupon and semi-ann. int. (A. & 0.), payable at the Oberlin June 1 1923. Prin.
Bank Co. of Oberlin.
"Harrington Ditch" bonds. Denom. $1,326 40. Date July 2 1923. Int. Due $5.000 yearly on Oct. 1 from 1924 to 1947,
incl. Enclose a certified
M.& N. 15. Due 81,326 40 yearly on Nov. 10 from 1924 to 1933 incl.
check for $500, payable to the above official.
Y.
•
JULY 21 1923.]
CARPENTER SCHOOL DISTRICT NO. 29, Mercer County,
-During the month of May the State of North
No. Dak.-BOND SALE.
Dakota purchased $3.500 4%, building bonds at par. Date Dec.31 1920.
Due Dec. 31 1935. Bonds are not subject to call, but may be redeemed
two years from date of issue.
-BOND SALE.
-The Commercial
PICARROLL, Carroll County, Iowa.
Savings Bank of Carroll has purchased $32,000 1924 anticipation bonds at
Par•
CHAMPION SCHOOL DISTRICT NO. 23, Williams County, No.
-During the month of June the State of North Dakota
Dak.-BOND SALE.
purchased $1,200 4% refunding bonds at par. Date June 1 1923. Due
June 11933. Although bonds are not subject to call, they may be redeemed
two years from date of issue.
-BONDS VOTED.
CHATTANOOGA, Hamilton County, Tenn.
At the election held on July 10 (V. 116. p. 2673) the $750,000 school and
$175.000 hospital impt. bond issues both carried. The vote for the school
bonds was 1,029 "for" to 613 "against," and for the hospiral bonds 1,089
"for" to 525 "against."
-BOND OFFERCHEATHAM COUNTY (P.O. Ashland City), Tenn.
-J. M. Smith, Jr., Chairman of the County Court, will receive sealed
ING.
bids until 2 p. m. Aug. 1 for $60,000 coupon refunding bonds to bear
interest at a rate not to exceed 69'. Date Aug. 1 1923. Principal and
interest payable at the County Treasurer's office. Due in 30 years.
optional after 5 years. A certified check for $600 required.
CHERRY VALLEY, Otsego County, N. Y.
-BOND OFFERING.coupon concrete sideHenry S. Coates, Village Clerk, will sell $12,000 57,
walk bonds at a public auction at 10 a. in. Aug. 1. Denom.$1,000. Date
Aug. 1 1923. Prin, and semi-ann. int. (A. & F.) payable at the National
Central Bank of Cherry Valley. Due $1,000 yearly on Aug. 1 from 1924
to 1935 incl. Each bid must be accompanied by a certified check for $250,
payable to Fred. J. Gilday, Village Treasurer. Bonded debt (water),
excluding this issue, $19.000; assessed valuation, 1923, $430,281; total tax
rate (per $1,000), $13. Henry S. Doats, Village Clerk,says:"Water bonds
are all paid without taxation from water rents of water system owned by
village.
CHISHOLM, Saint Louis County, Minn.
-BOND ELECTION.
A special election will be held on July 28 to vote on issuing $600,000 refunding bonds.
CLAIBORNE COUNTY (P.O. Tazewell), Tenn.
-BOND OFFERING.
-Until 11 a. m.Aug.6,L. G.Payne,County Judge, will receive sealed bids
for $33,000 6% pike road bonds. Denom. $500 or $1,000, at option of
purchaser.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND OFFERING.
-West
Stigler, County Treasurer, will receive bids until 10 a. m. July 28 for the
purchase at not less than par and interest of the following 5% coupon bonds:
$13,200 Cora N. Craig Van Buren Township bonds. Denom. $660. Due
$660 each six months from May 15 1924 to Nov. 15 1933, incl.
6,800 William Palm et al., Van Buren Township bonds. Denom. $3340.
Due $340 each six months from May 15 1924 to Nov. 15 1933, incl.
Interest M. & N. 15. Date July 2 1923.
-The above official will also receive bids until 10 a.
BOND OFFERING.
m. Aug. 1 for the purchase at not less than par and interest of the following
5% coupon road bonds:
$14,600 K. T. Douglas et al.. Sugar Ridge Township bonds. Denom.
$365. Due $730 each six months from May 15 1924 to Nov. 15
1933, inclusive.
7,600 W. D. Schopmyer et al., Cass and Washington Townships bonds.
Denom. $380. Due $380 each six months from May 15 1924 to
Nov. 15 1933, inclusive.
Date Aug. 1 1923. Interest M.& N. 15.
CLAY COUNTY SCHOOL DISTRICT NO. 72 (P. 0. Inland),
-We are advised by the Peters Trust Co. of Omaha
Neb.-BOND SALE.
that it has purchased 315.0005%% school building bonds. Denom.$1,000.
Date July 1 1923. Prin. and ann. int. (July 1) payable at the County
Treasurer's office. Due $1,000 yearly on July 1 from 1924 to 1938.
Financial Statement.
Assessed value as returned, 1922
$688,160
Total bonded debt (this issue only
15,000
Present population, estimated, 200.
CLINTON COUNTY (P. 0. Frankfort), Ind.
-BOND OFFERING.
Walter D. Beach, County Treasurer, will receive sealed bids until 10 a. m.
Aug. 4 for the purchase at not less than par of the following issues of 4%%
.coupon road bonds:
$3,400 Joseph H. Snodgrass et al. road No. 377, in Michigantown Twp.,
bonds. Denom. $170.
11,000 Milt Johnson et al. road No. 380, in Jackson Twp., bonds. Denom. $550.
11,750 James W. Reavis et al. road No. 371, in Ross Twp., bonds. Denom. $587 50.
Date June 15 1923. Interest M.& N. 15. Due one bond of each issue
each six months from May 15 1924 to Nov. 15 1933 incl.
CLINTON COUNTY (P. 0. Clinton), Iowa.
-BOND SALE.-Geo.
M. Bechtle & Co. of Davenport have purchased $312,000 5% primary
road bonds at a premium of $10, equal to 100.003. Due as follows: $104,000 1930, $103,000 1931 and $105.000 1932.
COACHELLA VALLEY UNION HIGH SCHOOL DISTRICT,
Riverside County, Calif.
-NO BIDS.
-The 350,000 5% school bonds
offered on July 16-17. 116, p.3025
-were not sold, as no bids were received.
Date July 11923. Due $5,000 yearly on July 1 from 1934 to 1943, incl.
COCOA, Broward County, Fla.
-BOND SALE.
-The Atlantic National Bank of Jacksonville has purchased the $58,000 5% funding bonds
offered on July 14 (V. 116, R. 3025) at 95.11, equal to a basis of about
5.38%. Date May 11923. Due on May 1 as follows: $3,000 1928, 35,000
1933 and $10,000 1938. 1943, 1948, 1953 and 1958.
COHOES, Albany County, N. y.
-BOND OFFERING.
-Sealed
bids will be received by Grace A. Reavy, City Comptroller,
(daylight saying time) July 24 for the purchase at not less until 11 a. m.
than par and
hit, of the following issues of 43 % coupon or registered local impt. bonds,
gregating $211,481 26:
rf23,956 16 bonds, Series "A." Denom. $1,000, except Bond No. 1,
for $956 16. Due yearly on May 1 as follows: $3,956 16,
1924: $5,000, 1925 and 1926: $10,000, 1927 to 1934 inclusive,
and $15,000, 1935 and 1936.
87,525 10 bonds. Series "B." Denom. $1,000, except Bond No. 1,
for $525 10. Due yearly on May 1 as follows: $5,525 10,
1924: $6,000, 1925 to 1933 incl., and 57,000, 1934 to 1937 incl.
Date May 1 1923. Prin. and semi-ann. int.(M. & N.) payable at the
National Bank of Cohoos, in New York exchange. Each bid must be
accompanied by a certified check for 2% of the amount bid for, on an
incorporated bank or trust company, payable to the City. Legality will
be approved by Clay & Dillon of New York.
COLDWATER VILLAGE SCHOOL DISTRICT (P. 0.
Coldwater),
-BOND OFFERING.
Mercer County, Ohio.
-Sealed proposals will be
received until 1 P. m. July 28 by Otto Gorse, Clerk Board of Education.
for the purchase at not less than par and accrued interest of $19,000 51i%
coupon school rebuilding and repairing bonds, issued under authority of
Section 7630-7631 and other sections of the Can. Code. Denom. $1,000.
Date April 11923. Prin. and semi-ann. int.(A. & 0.) payable at the People's Bank of Coldwater. Due $1,000 yearly on Oct. 1 from 1924 to 1942,
Incl. Each bid must be accompanied by a certified check for 3% of the
amount bid for, payable to the Board of Education.
Financial Statement July 6 1923.
Assessed valuation 1923
32,623,310
Total debt (this issue only)
19,000
Sinking fund
2,500
COLGAN SCHOOL DISTRICT NO. 6, Divide County, No. Dak.BOND SALE.
-The State of North Dakota Purchased $2,500 4% building
bonds at par during the month of May. Date Oct. 1 1920. Due Oct. 1
1940. Bonds are not subject to call but may be redeemed two years from
date of issue. •
COLUMBIA, Caldwell Parish, La.
-BOND SALE HELD UP BY
PETITION.
-In answer to our inquiry regarding the result of the offering
of the $1 „4 0005% public impt. bonds on Ju.y 10 (V. 116, p. 3025), H. D.
Rogers, Mayor,says: "Sale Stopped by petition of 10% of voters and taxpayers."
349
THE CHRONICLE
-An elecCOLUMBUS, Platte County, Nebr.-BOND ELECTION.
tion will be held on July 31 to vote on the question of issuing bonds amounting to $75,000 to 'purchase a site and construct thereon a building for a city
hall, jail, auditorium and fire department.
-BOND OFCOTTONWOOD COUNTY (P. 0. Windom), Minn.
FERING.
-Bids will be received until 2 p. m. Aug. 1 by S. A. Brown,
County Auditor, for 316,800 public drainage ditch bonds to bear interest
at a rate not to exceed 59'. Date Aug. 1 1923. Due on Aug. 1 as follows:
31,000, 1929 to 1935 incl.; $1,800, 1936: 31.000, 1937 to 1942 incl., and
32.000, 1943.
COTTONWOOD LAKE SCHOOL DISTRICT NO. 64, Williams
County, No. Dak.-BOND SALE.
-The State of North Dakota purchased
$35.000 4% building and furnishing school house bonds at par during
June. Date Dec. 31 1920. Due Dec. 31 1940. Bonds are not subject
to call, but may be redeemed two years from date of 15s:tie.
CUSTER COUNTY HIGH SCHOOL DISTRICT NO. 1 (P. 0. West
-BONDS VOTED.
Cliff), Colo.
-At a recent election 325,000 5% school
building bonds were voted by a count of 191 to 60. These bonds have
been sold, subject to being voted,to the Internatiotial Trust Co. of Denver.
Notice of this election and sale was given in V. 116, p. 2674.
CUSTER COUNTY SCHOOL DISTRICT NO. RS (P. 0. Comstock),
Neb.-BOND SALE.
-We are advised by the Peters Trust Co. of Omaha
that it has purchased $36,000 5% school building bonds. Denom. $1,000.
Date June 1 1923. Prin. and semi-ann. int. (J. & D.) payable at the
County Treasurer's office. Due on June 1 as follows: 31,000, 1929 to
1934 incl.; $2,000, 1935 to 1940 incl., and $3,000, 1941 to 1946 incl.
Financial Statement.
Assessed value as returned, 1922
$605,539
Total bonded debt, this issue only
36,000
Present population, estimated, 600.
DA1NGERFIELD INDEPENDENT SCHOOL DISTRICT, Morris
County, Texas.
-BONDS REGISTERED.
-On July 12 the State Comptroller of Texas registered $15,000 5% serial bonds.
0. Adel), Iowa.
-BOND SALE.
DALLAS COUNTY (P.
-During the
month of June the Carter Trust Co. purchased $25,000 5% primary road
bonds. Date Jan. 1 1923. Due Jan. 1 1924.
DARLING SPRING SCHOOL DISTRICT NO. 25, Adams County,
No. Dak.-BOND SALE.
-During the month of June the State of North
Dakota purchased $10.000 4% building bonds at par. Date Dec. 31
1920. Due Dec. 31 1940. Bonds are not subject to call, but may be
redeemed two years from date of issue.
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND OFFERING.
-0. M. Vance, County Treasurer, will receive sealed bids until 2 p. m.
Aug. 6 for $22,050 5% Albert W. Stuckey et al. road impt. bonds. Due
in 10 years.
DENNISON, Tuscarawas County, Ohio.
-BOND OFFERING.
Sealed bids will be received by H. J. Andrews, City Auditor, until 12 in.
July 28 for $7,000 5%% water and electric light rental bonds. Denom.
$500. Date July 1 1923. Prin. and semi-ann. int. payable at the County
Treasurer's office. Due $500 yearly on Oct. 1 from 1924 to 1937 incl.
Enclose a certified check for 10% of the amount bid for, payable to the City
Treasurer.
DENVER (City and County), Colo.
-BOND SALES.
-On July 14 the
following special improvement district bonds, aggregating $52,200, with
varying estimated maturities, were sold to Bosworth, Chanute & Co. of
Denver at $197 premium:
$7.200 50/ Berkeley Special Sanitary Sewer District.
9.800 5% Eastern Capitol Hill Special Sanitary Sewer District.
5.200 6% North Side Improvement District No. 30.
18.800 5%% Alley Paving District Bo. 88.
% Alley Paving District No. 90.
8,100
3.100 5%% South Denver Improvement District No, 16.
These are parts of the various issues. Other bidders were:
Boettcher. Porter & Co
$14565 premium
140 00 premium
100 00 premium
Antonides & Co. and American Bank & Trust Co
98 54 premium
Newton & Co
County, N. Y.
-BOND SALE.
DEPEW, Erie
-The $20.000 street
-were awarded as 4145 to
paving bonds offered on July 16-V. 117, p. 236
Barr Bros. & Co., Inc., of New York, at 100.037-a basis of about 4.496%.
Date July 2 1923. Due 31.000 yearly on July 2 from 1925 to 1944, incl.
DEVILS LAKE SPECIAL SCHOOL DISTRICT (P. 0. Devils Lake),
Ramsey County, No. Dak.-CERTIFICATE OFFERING.
-Bids will be
received until 2 p. m.July 28 for $7.500 certificates of indebtedness by 0.M.
Lafgren, District Clerk. Denom. $500.' Interest rate not to exceed 7%.
A cert, check for 5% of bid required.
DEVINE, Medina County, Tex.
-BONDS VOTED.
-By a vote of 48
"for" to 20 "against" the people authorized the issuance of $5,000 school
furnishing bonds at a recent election.
DE WITT SCHOOL DISTRICT NO. 7, Divide County, No. Dale.
BOND SALE.
-The State of North Dakota purchased $10,000 4% school
furnishing bonds at par during June. Date Dec. 31 1920. Due Dec.
31 940. Bonds are not subject to call, but may be redeemed two years
from date of issue.
DIXIE COUNTY(P.O. Cross City), Fla.
-WARRANT OFFERING.
Sealed bids will be received until Aug. 6 by the Clerk of the Circuit Court
for 535.000 6% coupon warrants. Denom. $1,000. Date Aug. 6 1923.
Due $5,000 1924 to 1930, inclusive.
, DOGDEN SCHOOL DISTRICT NO. 62, McLean County, No.
Dak.-BOND SALE.
-During the month of May the State of Notrh
Dakota purchased $5,000 4% funding bonds at par. Date Oct. 1 1920.
Due Oct. 1 1935. Bonds are not subject to call, but may be redeemed
two years from date of issue.
DOLGEVILLE, Herkimer County, N. Y.
-BOND SALE.
-The two
issues of bonds, offered on July 18-V. 117, p 236
-were awarded to
Sherwood & Merrifield, Inc., of New York, as follows:
$19,000 street impt. bonds as 5s at 102.55, a basis of about 4.68%. Due
$1,000 yearly on July 1 from 1924 to 1942 inclusive.
2,000 motor truck bonds as 534s at 100.08, a balsa of about 5.46%•
Due $500 yearly on July 1 from 1924 to 1927 inclusive.
Date July 1 1923.
DOUGLAS, Converse County, Wyo.-BONDS SOLD SUBJECT TO
BEING VOTED.
-Subject to beg voted at an election to be held on
Aug. 15. $250.000 water bonds have been sold.
DRAYTON SCHOOL DISTRICT NO. 19 (P. 0. Drayton), Pembina
County, No, Dak.-BOND OFFERING.
-W,J. Buchanan, Clerk Board
of Education. will receive bids until 2 p. m.to-day (July 21)for the purchase
of 350,000 514% school building bonds. Date July 2 1923. Principal and
semi-annual interest (J.
-J.), payable at the Wells-Dickey Co. of Minneapolis. Due July 2 1943. A certified check for $5,000 required. Bonds
will be printed and ready for delivery on day of sale.
EAGLE LAKE INDEPENDENT SCHOOL DISTRICT, Colorado
County, Texas.
-BONDS REGISTERED.
-On July 11 the State Comptroller of Texas registered 3150,000 5% serial bonds.
ECORSE, Wayne County, Mich.
-Proposals
-BOND OFFERING.
will be received by Edward J. Dufour, Village Clerk, until 7.30 p. in. July
24 for the purchase of $175,000 water, $10,000 Westfield Ave. pavement,
and $9,000 Woodward Ave. improvement 5% bonds. The bonds will
run for a period of thirty years without option of prior, redemption. Accompany each bid by a certified check for $3,000.
EDDY COUNTY (P. 0. New Rockford), No. Dak.-CERTIFICATE
OFFERING.
-Bids will be received by S. W. Lyman, County Auditor,
until 2 p. m. July 28 for $10.000 certificates of indebtedness. Interest rate
not to exceed 7%. A cert, check for 5% reaufred•
EDGEWOOD, Van Zandt County, Tex.
-BOND ELECTION.
-An
election will be held on July 21 to vote on the question of issuing $15,000
electric light and $40,000 water works construction 6% bonds.
A like amount of bonds was voted and sold during May-see V. 116,
p. 2170.
ELKHART COUNTY (P. 0. Goshen),Ind.
-NO BIDS.
-The $64.000
04% Melvin 0. Ulerge et al. County Unit Road No.
coupon bonds,
offered on July 12(V. 117. p. 114), were not sold as no bids were received.
as
350
THE CHRONICLE
-BONDS DEFEATED.
ELLIS COUNTY (P. 0. Waxahachie), Tex.
-the proposition subAt the election held on June 30-V. 116. p. 2549
mitted to a vote of the people to issue $750,000 road bonds failed to carry
by a vote of 787 "for' to 432 "against." A two-thirds majority was
necessary to carry the issue.
EUREKA SCHOOL DISTRICT NO. 76, Williams County, No.
-During the month of May the State of North
Dak.-BOND SALE.
Dakota purchased 33,500 4% building bonds at par. Date Dec. 311920.
Due Dec. 31 1940. Although the bonds are not subject to call, they may
be redeemed two years from date of issue.
[VOL. 117.
GASTONIA GRADED SCHOOL DISTRICT (P. 0, Gastonia),
Gaston County, No. Caro.
-BOND OFFERING.
-Sealed bids will bc
received by R. C. Patrick. Secretary Board of School Commissioners, until
3 p. m. Aug. 2 for $100,000 coupon (with privilege of registration as to
principal only or both principal and interest) school bldg. bonds. Denom.
$1,000. Date Aug. 1 1923. Prin. and semi-ann. int. (F.
-A.) payable
in gold in N.Y. City. Interest rate not to exceed 6%. Due $4,000 yearly
on Feb. 1 from 1925 to 1949 incl. Legal opinion of Chester B. Masslich,
N. Y. City. Delivery on or about Aug. 23.
GIBSON COUNTY '(P. 0. Princeton), Ind.
-BOND OFFERING.
Earl M. Miller, County Treasurer, will receive bids until 10 a. m. July 27
EVANGELINE PARISH (P.O. Ville Platte), La.
-BOND OFFERING. for the purchase at not less than par and accrued interest of the following
-Private bids will be received until Aug. 13 by the Clerk of the Police Issues a 5% coupon road bonds:
Jury for 1800,000 5% road bonds. Denom. $1,000. Date July 1 1923. $9,600 Frank C. Ireland et al. road in Johnson Twp. bonds. Denoms.
$300 and $180. Due $480 each six months from May 15 1924 to
Prin. and semi-ann:int. (.I. & J.), payable at the Parish Treasurer's office
Nov. 15 1933 inclusive.
or at the National Park Bank, N. Y. City, at option of holders. Due on
9,000 Silas Redman et al. road in Johnson Twp. bonds. Denoms. $300
July 1 as follows: $7,000 1924, $8,000 1925 and 1926, 19,000 1927 and
and $150. Due $450 each six months from May 15 1924 to
1928, $10.000 1929 and 1930, $11,000 1931 and 1932. 112,000 1933 and
Nov. 15 1933 inclusive.
1934, $13.000 1935 antr1936. 114,000 1937. 315.000 1938, $16,000 1939,
8,000 W. W. Sipp et al. road in Johnson Twp. bonds. Denom. $400.
$17,000 1940, $18,000 1941. $19,000 1942, $20,000 1943, $21,000 1944,
Due $400 each six months from May 15 1924 to Nov. 15 1933 incl.
$22,000 1945, $23,000 1946, $24,000 1947. 326,000 1948, $27,000 1949,
9,600 Cyrus McGregor et al. road in Patoka Twp. bonds. Denoms.
$28,000 1950, 330,000 1951, 331,000 1952, 333,000 1953, $334,000 1954,
3300 and $180. Due $480 each six months from May 15 1924 to
136.000 1955, 138,000 1956, 340,000 1957, $43,000 1958, $45,000 1959.
Nov. 15 1933 inclusive.
$47.000 1960. A certified check for 23 % of issue must accompany all
Date June 15 1923. Interest M.& N. 15.
bids. The approving opinion of John C. Thomson, N. Y. City, as to
the legality of the issue will be furnished the successful bidder. These
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND OFFERING.
bonds were offered on July 16-V- 116. p. 3026
-but were not sold as all Earl M. Miller, County Treasurer,
will receive sealed bids until 10 a. m.
bids were rejected.
July 24 for $29,000 5% R. L. Tichenor et al. road in Patoka Twp.coupon
bonds. Denoms. $500 and $225. Date June 151923. Int. M.& N. IS.
FAIRBURY, Jefferson County, Neb.-BONDS DEFEATED.
-The
People failed to approve the issuance of $40,000 paving bonds at the election Due $725 each six months from May 15 1924 to Nov. 15 1943 incl.
held on July 3-17. 116, p. 2549.
GLOUCESTER, Essex County, Mass,
-BOND SALE.
-On July 11
FAIRVILLE SCHOOL DISTRICT NO. 4, Wells County, No. Dak. E. H. Rollins & Sons of Boston purchased 335,000 4 % school, highway.
and soldiers' memorial bonds at 100.578. Denom. $1,000. Date July 1
-BOND SALE.
-During the month of May the State of North Dakota
purchased $7,000 4% building bonds at par. Date Aug. 1 1920. Due 1923. Interest J. & J. Due 1924 to 1943.
Aug. 1 1940. Bonds are not subject to call, but may be redeemed two
GOLDEN VALLEY COUNTY (P. 0. Beach), No. Dak.-BOND
years from date of issue.
SALE.
-During tne month of May the State of North Dakota purchased
FEDORA, Miner County, So. Dak.-BOND ELECTION.
-A special $25,000 4% building bonds at par. Date May 11923. Due May 1 1943.
Bonds are not subject to call but may be redeemed two years from date
issuing $6,000 for school purposes will be of
election to vote on the question of
issue.
held in the Town of Fedora on July 23.
CERTIFICATE OFFERING.
-Bids will be received until 2 p.in. Aug. 13
FLANDREAU, Moody County, So. Dak.-BOND OFFERING.
- by M. C. McCarthy, County Auditor, for $9,500 certificates of indebtedSealed bids will be received by J. R. Coonrad, City Auditor, until 8 p.
ness. Interest rate not to exceed 7%. A certified check for 5% of bid
July 30 for 326.0005% water-works bonds. Date Aug. 11923. Principal required.
and interest payable at the First National Bank, Flandreau. Due on
GORMAN INDEPENDENT SCHOOL DISTRICT (P. 0. Gorman),
Aug. 1 as follows: 312.000, 1933, and 17,000, 1938 and 1943. A certified Eastland
County, Tex.
-BOND OFFERING.
-Bids will be received any
check for 5% of bonds bid for, required. These bonds were voted at the time
by the Secretary Board of Education for the purchase of $25,000 5%
election held on July 3 (V. 116. p. 3026).
school building bonds. Denom. $500 and 31.000. Date July 1 1923.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Colum- Interest J.
-J. Due yearly.
bia Falls R. F. D. No. 2), Mont.
-BOND OFFERING.
-David Shereffs,
GRAIL SCHOOL DISTRICT NO. 1, McKenzie County No. Dak.-Clerk Board of Trustees, will receive bids until 2 p. m. July 30 for the purCERTIFICATE OFFERING.
-Bids will be received by C. E. Havrud.
chase of 33,000 6% school bonds. Date Aug. 1 1923. Int. J.
-D.
District Clerk, until 1 p. m. July 31 at the County Auditor's office in
FORT BENTON RURAL SCHOOL DISTRICT (P. 0,Fort Benton), Schafer for $15,000 certificates of indebtedness maturing July 1 1924.
Chouteau County, Mont.
-BOND OFFERING.
-Bids will be received
GRAND FORKS SCHOOL DISTRICT NO.82(P.O. Grand Forks),
until 2 p. in. Aug. 7 for $20,000 6% funding bonds. Denom. $1,000. A
Grand Forks County, No. Dak.-CERTIFICATE OFFERING.-Bids
certified check for $500 required. No bids for less than par will be con- will
be received until 4 p. m.July 26 by (Mrs.) Harry Leake, District Clerk.
sidered.
for $1.200 18 months' certificate of indebtedness. Bidder to name rate of
FRAMINGHAM, Middlesex County, Mans.
-LOANS AWARDED.
- interest. A certified check for 5% of bid, payable to Ole Nygaard, District
The following issues of4g% coupon bonds and notes, aggregating $240,000, Treasurer, required.
offered on July 17-V. 117, p. 237
-have been awarded to Harris, Forbes
GRAND PRAIRIE, Dallas County, Tex.
-BONDS YOTED.-At
& Co. of Boston at 100.85. a basis of about 4.17%:
recent
350,000 sewer disposal loan, payable $2,000 July 1 1924 to 1843, incl., and count election an issue of $65,000 sewer installation bonds was voted by a
of 150 "for" to 43 "against."
31.000 July 1 1944 to 1953, inclusive.
150,000 Sewer Loan Act of 1923, payable 35.000 July 1 1924 to 1953, incl.
GREAT BARRINGTON, Berkshire County, Mass.
-BOND OFFER40.000 notes. Due $4.000 yearly on July 1 from 1924 to 1933,inclusive.
ING.
-Edward Kelly, Town Treasurer, will receive sealed bids until
Date July 1 1923. Other bidders were:
11 a. in. July 24 for the purchase of $35,000 435% coupon "street improvement" bonds, issued in denom. of $1,000 each, dated July 1 1923
Rate Bid.
Rate Bid. and payable
$4,000 on July 1 1924 to 1928 incl., and $3,000 on July 1 1929
Estabrook & Co
*100.78 Old Colony Trust Co
100.608 to
1933 incl.
Blodget & Co
100.77 IStacy&Braun
100.568 tional Cank Prin. and semi-ann. Wt. (J. & J.) payable at the First NaGrafton Co
100.77 Brown Brothers & Co
100.568 taxation in of Boston, Boston. These bonds are said to be exempt from
Merrill, Oldham & Co
100.701 iR. L. Day & Co
100.359 certified as Massachusetts and are engraved under the supervision of and
to genuineness by the First National Bank of Boston; their
Curtis & Sanger
100.69 National City Co
100.22
legality will be approved by Storey, Therndike, Palmer & Dodge, whose
opinion will be furnished the purchaser. All legal papers incident to this
*For $200.000.
issue will be filed with
TEMPORARY LOAN.
-The temporary loan of $100,000, maturing time. Bonds will be the above bank where they may be inspected at any
delivered to the purchaser on or about July 26 at
July 11 1924, also offered on July 17-V. 117, p. 237
-was awarded to the the First National Bank of Boston,
Boston.
Shawmut Corp. of Boston on a 4.26% discount basis. Other bidders were:
Financial Statement July 5 1923.
Discount Rate.
Premium. Net valuation for
year 1922-----------------------------18.431.372 00
Old Colony Trust Co
,
4.30%
11. 75
Debt limitS. N.Bond & Co
- 250.591 02
4.32%
Total gross--------including thIs issue ------------------Grafton Co
218,900 00
4.38%
Borrowing capacity------------------------------------31,691 02
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
GREENE COUNTY (P. 0. Bloomfield), Ind.
The following issues of 5% sewer district bonds, offered on May 24-BOND OFFERING.
W.
V. 116, p. 2171-were awarded to Tucker, Robison & Co. of Toledo for W L. Herrington, County Auditor, will receive sealed bids until Aug. 4
for 119,500 5% Geo. T. Crall et al. Three Mile Road in Wright Twp.
326,513 25. equal to 100.05, a basis of about 4.99%:
$19,000 bonds. Denom. $1,000. Due yearly on Nov. 15 as follows: coupon bonds. Denom. $975. Date Aug. 15 1923. Prin. and semi-ann.
int. (M. & N. 15) payable at the County Treasurer's office. Due $975
$1,000 1924 and $2,000 1925 to 1933. inclusive.
7,500 bonds. Denoms.7 for $1,000 and 1 for $500. Due 3500 Nov. 15 each six months from May 15 1924 to Nov. 15 1933 incl.
1924 and $LOW yearly on Nov. 15 from 1925 to 1931, inclusive.
GREENFIELD SCHOOL DISTRICT, Traill County, No. Dak.Date May 15 1923.
BOND SALE.
-The State of North Dakota purchased $30,000 4% building
FREMONT GRADED SCHOOL DISTRICT (P.O. Fremont), Wayne bonds at par during the month of May Date Oct. 1 1920. Due Oct. 1
1940. Altnough the bonds are not subject to call, they may be redeemed
County, No. Caro.
-BOND SALE.
-The 315,000 6% coupon (registerable as to principal and interest) school bonds offered on July 12-V. 117. two years after date of issue.
-were awarded to Prudden & Co. of Toledo at a premium of $1.p. 116
GREENFIELD TOWNSHIP SCHOOL DISTRICT NO, 3, Wayne
equal to 107.16. a basis of about 5.35%. Date July 11923. Due County, Mich.
074 75,
-BOND OFFERING.
-Proposals will be received until
on July 1 as follows: $500 1926 to 1951. inclusive, and $1,000 1952 and 8p.in. July 24 by Raymond G. Gardner (109 Ward Ave.. Northwest Sta1953, inclusive.
tion, Detroit) for $40.000 bldg. and site and $40,000 school site bonds.
FROSTBURG, Allegheny County, Md.-BIDS.-The following bids Denom. 31.000. Date Aug. 1 1923. Prin. and semi-ann. int. payable
at the Northwestern
were received for the 35.5,000 4%% water improvement bonds, offered on check in the amountState Bank. Detroit. Due Aug. 11953. A certified
of
is required
reJuly 16-V. 117, p. 114..•
••-• owwwwwq quested for either 43‘% $1,500% bonds. with each issue. Bids are the
or 4%
The following accompanied
P"a"." 4 11 121110031P0Will2M0
16 0
e
. official notice of offering:
J. S. Wilson, Jr., & Co., Baltimore
100.026 Present outstanding bonded debt
$12,250
Citizens National Bank, Frostburg
99.727 Authorized but not issued, of which above $80,000 is part
400,000
Strother-Broyden & Co
98.887 Proposed to be voted on July 20 1923
• -15,000
FULTON COUNTY (P. 0. Rochester), Ind
WD OFFERING.
3,057,40
0
- Assessed valuation, 1922. $2,536,080: 1923
Kumler, County Treasurer, will receive sealed bids until 10 a. in. Population (estimated)
H. B.
1,500
July 26 for the purchase at not less than par of313.0005% A. N.Thompson Area
1.624 acres
et al. road construction and !rapt. bonds. Denom. $650. Date May 15 b. District adjoins Detroit on west; probably annexed soon.
1923. Int. M. & N. 15. Due $650 each six months from May 15 1924
GROVE SCHOOL DISTRICT NO. 23, Ramsey County, No. Dak.to Nov. 15 1933 inclusive.
-During the month of May the State of North Dakota purBOND SALE.
chased $6,500 4% building bonds at par. Date Dec. 31 1920. Due
GAINESVILLE, Alachua County, Fla.
-BONDS NOT SOLD.
-The Dec. 31 1940. Bonds are not subject
to call but may be redeemed two
3300.000 5% kept. bonds offered on July 12-V. 116. p. 2674
-were not
sold. Date July 1 1923. Due as follows: $10,000 1932: 120,000, 1933 years from date of issue.
HACKETTSTOWN SCHOOL DISTRICT (P. 0. Hackettstown).
310,000, 1948 to 1958 incl., and $20,000, 1960 to 1965 incl.
1934 and 1936;
-BOND OFFERING.-WillLam M. Mitcham.
Drayton Auera, Secretary Board of Directors, says: "That no bids for Warren County, N. J.
less than par could be considered, being one of the conditions of sale, and District Clerk, will receive sealed bids until 8 p. in. (daylight saving time)
July 25 for the purchase of an Issue of
% coupon or registered school
no bids received equal to par, bonds were not sold."
bonds. not to exceed 177,000, no more bonds to be awarded than will pro-BOND SALE.
GARDEN CITY, Nassau County, N. Y.
-Stacy & duce a premium of $500 over
Sept. 1 1923.
Eldredge & Co.. both of New York, have jointly purchased the Prin. and semi-ann. int.(M.177,000. Denom. $500. Date
Braun and
& S.) payable at the Hackettstown National
following four issues of 43i% coupon (with privilege of registration as to Bank. Due yearly on Sept. 1 as follows: $3,000, 1925: $3.500, 1926 and
principal only or as to both principal and interest) bonds offered on July 12 1927: $4,000, 1928 to 1937 incl:, and $4,500, 1938 to 1943 incl. Enclose
at 100.59, a basis of about 4.45%:
a certified check for 2% of the amount bid for, payable to the Board of
1475,000 water works bonds. Denom. $1,000. Due $19,000 yearly on Education.
July 1 from 1928 to 1952, inclusive.
HALLS SPECIAL SCHOOL DISTRICT (P. 0. Halls), Lauderdale
10,000 water mains extension bonds. Denom.$1,000. Due July 1 1924. County, Tenn.
-BOND
-The 335,000 5% school bonds offered
370,000 sewer system bonds. Denoms. $1,000 and $800. Due $14,800 on July 16-V.117, p.237SALE.awarded
-were
to I. B. Tigrett & Co.of Jackson
to 1952. inclusive.
yearly on July 1 from 1928
at par plus all costs.
50.000 village hall and fire house bonds. Denom. $1,000 and 4 for
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-The
$12,500 yearly on July 1 from 1925 to 1928incl.
1500. Due
Date July 1 1923. Principal and semi-annual interest (J. & J.S.) payable 35,500 5%% McMillan Road impt. bonds offered on July 9 (V. 117, p.
at the Irving Bank-Columbia Trust Co., New York City, or at the Garden 114) were awarded to Durfoe, Niles & Co. of Toledo for 35,505, equal to
100.09. a basis of about 5.475%. Date July 11923. Due yearly on Jan. 1
City Bank.
as follows: $500 1925 and $1,000 1926 to 1930 incl.
Financial Statement.
HARDEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 66
Actual value (estimated)---- -_,..,----------------------$18,000,000
-J. B. Rooney, County
--Assessed valuation for taxation -----8,041,171 (P. 0. Wauchula), Fla.
-BOND OFFERING.
Total bonded debt "(Including this issue)
942,650 Superintendent, will receive sealed bids until 4 p. in. Aug. 7 for $20.000
Water bonds
485,000 6% school bonds. Denom.$1,000. Date July 1 1923. Int. J. & J. Due
Net bonded debt
457,650 on July 1 as follows: $2,000. 1927' *4.000. 1929; 36,000. 1931. and $8,000.
Population (1920 Census), 2,420; present (estimated)
3.000 1933. A certified check for 2% of bid required.
.JULY 211923.]
THE CHRONICLE
HARTFORD, Washington County, Wis.-MATURITY.-The $60.000 5% street improvement bonds to be offered on Aug. 7 (notice of which
appeared in V. 117, P. 237) mature on March 1 as follows: $2,000. 1924 to
1928 incl.; $4,000, 1929 to 1932 incl.; $5.000, 1933 to 1938 incl., and $4,000,
1939.
351
$15,000 sewer bonds. Due $1,000 yearly on Nov. 1 from 1927 to 1941 incl.
10,000 sewer bonds. Due $500 yearly on April 1 from 1928 to 1947 incl.
7.000 park bonds. Due $500 yearly on July 1 from 1928 to 1941 incl.
Denom. $1,000 and $500. Prin. and int. payable at the Bank of Lake
Placid in New York funds.
Financial Statement.
HIGHLAND COUNTY (P. 0. Hillsboro), Ohio.
-BIDS REJECTED. Total asses-sed valuation
32.807,375
-The $68,500 534% Sections "A" and "B," Inter-County Highway No. Net bonded debt (Includingthis issue)
245,709
177, road construction bonds offered on July 13 (V. 116. p. 3127) were not Population, census 1920, 2099. Summer population, 10,000.
sold, all bids being rejected due to irregularity in proceedings. N. S. Calvert, County Auditor, says: "Have started new preTedings."
LAKOTA, Nelson County, No. Dak.-BOND OFFERING.-Edwin T.
Hughes, City Auditor, will, until 8 p. in. Aug. 6, receive bids for 312,000
HIGHTSTOWN, Mercer County, N. J.
-BOND SALE.
-The $88,500 coupon refunding bonds to bear interest at a rate not to exceed 6%. Denom.
0,1% coupon (with privilege of registration as to principal only, or as to $1,000. Due in 10 years. A certified check for 5% of bid, payable to
both principal and interest) water bonds offered on July 17-V. 117. Charles Ferris. City Treasurer, required.
p. 238--were awarded to the Ilightstown Trust Co. of Hightstown for
$88,593, equal to 100.10, a basis of about 4.74%. Date June 1 1923.
LA PLATA COUNTY SCHOOL DISTRICT NO. 17, Colo.
-BOND
Due yearly on June 1 as follows: $3,000 1925 to 1931. incl.: $4,000 1932 to ELECTION
-BOND SALE.
-Subject to being voted at an election to be
to 1947,incl.,and $3,500 1948. There were no other bidders for the issue.
held shortly. $5,000 6% 11-20 year serial school building bonds have been
awarded to Bonwell. Phillips & Co. of Denver.
HOOKERTON, Greene County, No. Caro.
-BOND OFFERING.
J. E. Albritton. Town Clerk, will receive sealed bids until 2 p. m. July 30
LA PORTE COUNTY (P. 0. La Porte), Ind.
-BOND SALE.
-The
two issues of 5% coupon bonds, offered on July 17-V. 117, p. 239
for $10.000 6% water bonds. Denom. $500. Date July 1 1923.
-have
and int. payable in New York. Due $500 1926 to 1945, inclusive. Legal been awarded to J. F. Wild & Co. of Indianapolis as follows:
proceedings and preparation and sale of bonds under the supervision of $72,500 Wm.P. Miller et al. gravel road bonds for 372,703
-equal to 100.28
Bruce Craven of Trinity. A certified check for 2% of amount of bonds bid
-a basis of about 4.94%. Due $3,625 each six months from
for, payable to the Town Treasurer. required.
May 15 1924 to Nov. 15 1933, inclusive.
364,000 Geo. B. Johnson et al. gravel road bonds, for $364,782 60. equal to
HOPEDALE TOWNSHIP RURAL SCHOOL DISTRICT(P.O. Glen100.215-a basis of about 4.96%. Due $18,200 each six months
ford), Perry County, Ohio.
-BOND OFFERING.
-M.S. Leckrone, Clerk
from May 15 1924 to Nov. 15 1933, nclusive.
Board of Education, will receive sealed bids until 7!. m. July 23 for the
s
Date July 151923.
purchase at not less than par and accrued Interest of 12,000 5%% schoolimprovement bonds, issued under Sec. 7630-31 of en. Code. Denom.
LAWRENCE COUNTY (P. 0. Ironton), Ohio.
-PRICE
-ADDI$1,000. Date June 25 1923. Interest M.& S. 25. Due $1,000 yearly on TIONAL INFORMATION.
-The $109,000 534% highway bonds reported
Sept. 25 from 1924 to 1935, inclusive. Each bid to be accompanied with a sold on June 8-V. 116, p. 2909
-to the State Industrial Commission were
certified check payable to the Treasurer of the district for 5% of the amount sold at par. Denom. $12,000 and $13,000. Date July 1 1923. Int.
of bonds bid for, conditioned that the bidder will receive and pay for such M.& S. Due $12,000 yearly until last year, when $13,000 becomes due.
bonds as may be awarded to him within ten days after the time of the award
LEETONIA, Columbiana County, Ohio.
thereof.
-BOND OFFERING.Sealed bids will be received by J. S. McCue, Village Clerk, until 12 in.
HOPKINS COUNTY (P. 0. Sulphur Springs), Tex.
% coupon sewer and sewage disposal bonds issued
-BOND ELEC- Aug. 3 for $35.000
TION.
-An election will be held on Aug. 18 to vote on the question of issuing under Sec. 3939 of Gen. Code. Denom. $100. Date June 1 1923. Prin.
$160,000 road bonds.
and semi-ann. int. (J. & D.) payable at the Village Treasurer's office. Due
$3,500 yearly on June 1 from 1924 to 1933 inclusive.
HOUSTON COUNTY (P. 0. Caledonia), Minn.
-BOND OFFERING.
-Until 1.30 p. m. Aug. 2 E. N. Newhouse, County Auditor, will receive
LEHR, McIntosh County, No. Dak.-BOND OFFERING.
-Sealed
sealed bids for the purchase of $100,000 5% road bonds. Denom. $1.000. bids will be received by B. P. Putula. City Auditor, until 2 13. m. July 30
Date Aug. 11923. Int. semi-ann. Due $10,000 on Aug. 1 from 1933 to for $2,500 7% funding bonds. Due in 10 years. A certified check for
1942, incl. A certified check for 5% of issue, payable to the County 5% required. Purchaser must pay cost of printing bonds, approval of
Treasurer, required. Purchaser to pay for printing of bonds and legal same and other expenses in the matter.
opinion.
LEOMINSTER, Worcester County, Mass.
-BOND OFFERING.
HUNT COUNTY (P. 0. Greenville), Texas.
-BOND ELECTION, Robert L. Carter, City Treasurer, will receive proposals until 11 a. m.
0
election to vote on the question of issuing 3400.000 July 24 for the purcnase of the following 4341 bonds:
CANCELLED.
-The
Macadam Loan bonds, payable July 1 1924 to July 1 1927, incl..
court house and jail bonds, which was scheduled to have taken place to-day 314,000
and 32.000 July 1 1928.
(see V. 116, p. 2908) has been cancelled.
17,000 Permanent Pavement and Sewer Loan bonds,payable $2,000 July 1
JACKSON SCHOOL TOWNSHIP (P. 0. Roanoke), Huntington
1924 to 1930,incl., and $1.000 July 1 1931 ter 1933, incl.
County, Ind.
-BOND OFFERING.
-Sealed bids will be received until
5.000 Sewer bonds, payable $1,000 July 1 1924 to 1928, incl.
4 p. m. Aug. 14 by E. F. Smith, Township Secretary, for $80.000 5%
Principal and semi-ann. int. (J. & J.) payable at the
consolidated high and elementary school building bonds. Denom. $500. of Boston. These bonds are said to be exempt fromFirst National Bank
Date Aug. 11923. Prin. and semi-ann. int.(A.& 0.) payable at the First chusetts, and are engraved under the supervision of andtaxation in Massacertified as to genNational Bank of Roanoke. Due each six months as follows: $2,500 on uineness by the First National Bank of Boston;theirlegality will be approved
July 10 1925 to July 10 1930 incl.: $3,000, Jan. 10 and $2,500 July 10 from by Ropes, Gray. Boyden & Perkins, whose opinion will be furnished the
1931 to 1939 incl., and $3,000 Jan. 10 1940.
purchaser. All legal papers incident to these issues will be filed with the
JAMESTOWN INDEPENDENT SCHOOL DISTRICT (P. 0. James- above bank, where they may be inspected at any time. Bonds will be
delivered to the purchaser on or about July 26 at the First National Bank
County, No. Dak.-BOND SALE.
town), Stutsman
-The State of
North Dakota purchased $50,000 4% building bonds at par during the of Boston, Boston.
Financial Statement July 11 1923.
month of May. Date Jan. 1 1922. Due Jan. 1 1942. Bonds are not
Not valuation for year 1922
318,750.135 00
subject to call but may be redeemed two years from date of issue.
Debtlimit
450,959 91
JEFFERSON INDEPENDENT SCHOOL DISTRICT (P. 0. Jeffer- Total gross debt, including these issues
463,200 00
son), Marion County, Tex.
-BOND ELECTION.
-An election will be Exempted debt
held on July 28 to vote on the question of issuing $10,000 5% school repair
Water bonds
$117,000 00
bonds.
Water works extension bonds
6.00000
Trust fund bonds
18,000 00
JENNINGS COUNTY (P. 0. Vernon), Ind.
-BOND OFFERING,
Public playground bonds
3,000 00
Harry Y. Whitcomb, County Treasurer, will receive bids until 1 p. m.
144,000 00
July 24 for the purchase at not less than par of $18,600 5% Albert Wilds
al., road in Genova Township coupon bonds. Denom. $930. Date
et
Net debt
$319.200 00
May 15 1923. Interest M.& N. 15. Due $930 each six months May 15
Borrowing capacity July 11 1923. $131.759 91.
1924 to Nov. 15 1933, inclusive.
LEON
JONES SCHOOL DISTRICT (P. 0. Jones), Oklahoma County, BONDS COUNTY COMMON SCHOOL DISTRICT NO. 30, Texas.
REGISTERED.
-The State Comptroller of Texas registered $7.500
Okla.
-BOND SALE.
-We are informed that an issue of $23,000 6%
school building bonds has been purchased by Geo. E.Calvert at a premium 5% 40-year school bonds on July 12.
of $115. oQual to 100.15. Denom. $500. Date May 1921. Interest
LIBERTY SCHOOL DISTRICT NO. 34, Kidder County, No. flak.
annually. Due 1941.
-BOND SALE.
-The State of North Dakota purchased $8,000 4% buildJUNIATA SCHOOL DISTRICT NO. 2, Pierce County, No. Dak.- ing bonds at par during the month of June. Date Dec. 31 1920. Due
Dec. 31 1940. Although the bonds are not subject to call they may be
-Bids will be received by the County Auditor
CERTIFICATE OFFERING.
at Rugby for a $2,000 certificate of indebtedness until 2 p. m. July 30. redeemed two years from date of issue.
Interest rate not tokexceed 7%. A certified check for 5% of bid, payable
LICKING TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Nash.
to Ilarvey Halvorson, District Treasurer, required.
port), Muskingum County, Ohio.
-NO BIDS RECEIVED.
-The 136,000
% school building bonds offered on July 6-V. 116, p. 2909
KENMORE, Summit County, Ohio.
-were not
-BOND OFFERING.
-Sealed
bids will be received by P. R. Waxier, City Auditor, until 12 m.(central sold, as no bids were received.
standard time) July 28 for the purchase at not less than par and interest of
LINCOLN SCHOOL DISTRICT (P.O. Lincoln), Lancaster
County.
325.000 534% Springfield Road improvement bonds. Denom. $1,000. Nebr.-BOND OFFERING.
-Sealed proposals for the purchase of refundDate April 15 1923. Principal and semi-annual interest(A. & 0.)
ing bonds in the amount of $1.203.000 will be
at the City Treasurer's office. Due yearly on Oct. 15 as follows:payable Board of Education, until 8:30 p. m. July 31. received by the Secretary,
$2,000,
These bonds are issued to
1924; $3,000, 1925: $2,000, 1926; $3,000, 1927: $2,000, 1928: $3,000, 1929; secure a lower rate of interest and are of the issues bearing dates and
In the
.42.000, 1930; $3,000, 1931; $2,000, 1932, and $3,000, 1933. Enclose a amounts as follows:
'certified chock for 5% of the amount bid for, payable to the City Treasurer. Sept. 1 1911-1941 434% $268,000 Nov. 1
1920-1950 5%
5200,000
Purchaser to pay for bonds within ten days from time of award.
Nov. 1 1919-1949 5%
115,000 Nov. 1 1920-1950 4%
200,000
May 1 1920-1950 5%
400,000
KENNEDY, KIttson County, Minn.
-BOND ELECTION.
-A special
election will be held on July 23 to vote on the question of issuing $10,000
$1.203,000
The bonds are to bear interest from their respective date of issue at a
6% bonds. E. L. Berg, Village Clerk.
rate not to exceed 5% per annum, payable semi-annually
KERN SCHOOL DISTRICT NO. 27, Hettinger County, No. Dak.- Feb. 1 of the first named bonds, the remainder on May 1 on Sept. 1 and
and Nov. 1 of
-The State of Nortn Dakota purchased $2,400 4% building each year until maturity. Interest will be evidenced by coupons
BOND SALE.
attached
bonds at par (luring the month of May. Date Aug. 1 1920. Duo Aug. 1 to each one of said bonds. Coupons representing interest accrued will be
1940. Although the bonds are not subject to call they may be redeemed detached prior to delivery of bonds. Principal and interest on the bonds
will be payable at the office of the City Treasurer, who is ex-officio
two years from date of issue.
Treasurer of the school district. Proposals are desired on the basis of the PurKEYPORT, Monmouth County, N. J.
-BOND OFFERING.
printing the bonds and
-Sealed
bids will be received by Elide Osborn, Borough Clerk, until 8 p. in. July 30 chaser registration of said paying all fees and other expenses connect=
with the
bonds. Bidders are els.> requested to submit
for the purchase of an Issue of 5% coupon or registered Beach Park bonds, proposals for "term
bonds"
not to exceed $13,000, no more bonds to be awarded than will produce a accompanied by a certified and "serial bonds." All proposals must be
check for 1% of the ilaunt of bonds bid for.
premium of $1,000 over 313.000. Denom. $1,000. Date Aug. 1 1923. The official
advertisement offering these bonds states:
Prin. and semi-ann. Int. (F. & A.), payable at the Reyport Banking Co.
"The following excerpt is quoted from the 1923 Session Laws, H. R.622.
of KoYport. Due $1,000 yearly on Aug. 1 from 1924 to 1936, Inclusive. amending
Enclose a certified chock for 2% of the amount bid for, payable to the funding ofSection 6630, Compiled Statutes of Nebraska, covering the rebonds:
Borough Treasurer.
"
'The Board of Education shall have power to refund any outstanding
KILLEEN INDEPENDENT SCHOOL DISTRICT, Bell County, bonds which have become payable under an option therein contained, when
-BONDS REGISTERED.
Texas.
-The State Comptroller of Texas regis- same can be refunded at a lower rate than originally issued, which
'
shall mature in not more than forty years from the date of the originalix hils
tered 545,000 5 % school bonds on July 9.
bonds
thus refunded. They
KORNMAN DRAINAGE DISTRICT(P.O.Lamar),Prowers County, Education, without anshall be issued on a two-thirds vote of the Board of
election, said bonds to be exchanged par for par for
-Charles Carver. District Secretary,
-BOND OFFERING.
Colo.
will the outstanding bonds or sold for not less than par: Provided, nothing herein
receive bids until July 23 for the purchase of 33,700 6% drainage bonds.
shall affect the right to refund under the general laws of this State relating
refunding of school bonds, any bonds of such district that have matured
CROSSE, La Crosse County, Wis.-BOND SALE.
LA
-The $160,000 to their express terms.'
by
434% school bonds of 1923, offered on July 12-V. 116, p. 3028
-were
"This amendment is in effect Aug. 21923."
awarded to Lane, Piper & Jaffrey of Minneapolis. Date July 1 1923.
Due $8,000 yearly on July 1 from 1924 to 1943 inclusive.
LINCOLN SCHOOL DISTRICT NO. 24, Wells County No. Dak.-During the month of May the State of North Dakota purLAKE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 10 BOND SALE.
-BOND OFFERING.
(P 0 T
), Fla.
-Sealed bids will be received chased $9.000 4% building bonds at par. Date Aug. 1 1920. Due Aug. 1
until 11 a. m. Aug. 10 by D. H. Moore, Superintendent Board of Public 1940. Bonds may be redeemed two years from date of issue, but are not
Instruction for $60,000 5Si% coupon school bonds. Denom. $1,000. subject to call.
Date July 1 1923. Prin. and semi-ann. int. (J. & J.) payable at the
LOGAN, B
-BOND SALE.
-The 511,000 5%
American Exchange National Bank, N.Y.City. Due on July 1 as follows: (city's portion) streetCounty, Ohio.
offered on July 14-V. 116. p.
310,000. 1933, 1938 and 1943, and $30,000, 1953. Legality approved have been awarded toimpt. bonds composed of the First National3028
a syndicate
Bank.
by John C. Thomson, N. Y. City. A certified check for 5% of amount Farmers' & Merchants' Bank
and Rempel National Bank, all of Logan,
bid, payable to the Board of Public Instruction, required.
at par and interest. Date July 1 1923. Due $1.100 yearly on July 1
LAKE PLACID, Essex County, N. Y.
-BOND SALE.-Geo. B. from 1924 to 1933 inclusive.
Gibbons & Co. of Now York have been awarded the following three issues
LONG BEACH,
-BOND ELECTION.Angeles County Calif.
of 4.,j% coupon or registered sewer and park bonds, aggregating $32,000, An election to voteLos the question
on
of issuing $3.000.000 bonds for the
or 332,105 60, equal to 100.33. a basis of about 4.71%:
establishment or purchase of a municipal gas plant will be held on
Aug.14.
352
THE CHRONICLE
-BOND SALE.
-The $10,000 53 %
LOFtAIN, Lorain County, Ohio.
-were awarded
coupon sewer bonds, offered on July 12-V. 116, p. 2909
to Ryan, Bowman & Co. of Cleveland at 100.03, a basis of about 5.49%.
Date June 15 1923. Due $2,000 yearly on Sept. 15 from 1924 to 1928
inclusive. There were no other bidders.
-BOND OFFERING.
-Sealed bids will be reLOS ANGELES, Calif.
ceived until 10:30 July 26 by the Chairman, Board of Harbor Commissioners, for the following bonds:
$1,600,000 harbor impt. bonds. Date Nov. 1 1922. Due $40,000 on
Nov. 1 from 1923 to 1962 incl.
900.000 harbor impt. bonds. Date Sept. 1 1922. Due $25,000 on
Sept. 1 from 1924 to 1959 incl.
Denom. $1,000. Prin. and semi-ann. bd, payable at the City Treasurer's office or at the Guaranty Trust Co.. N. Y. City. Interest rate not
to exceed 04%. Legality approved by John C. Thomson, N. Y. City.
A cert. check for 3% of issue required.
-The
-BIDS.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
following is a list of the bids received for the $1,250,000 5% improvement
bonds on July 2:
Drake, Riley & Thomas, Wm. R. Compton Co., Bankers Trust Co.
$7,375
of N. Y.. First Securities Co.. Anglo-London-Paris Co
R. H. Moulton & Co., Blyth, Witter & Co., Anglo-California Trust
29,137
Co., Wm. R. Staats Co., Mercantile Securities Co
Bank of Italy. California Co., Citizens National Bank, HunterDulin & Co., National City Co., E. H. Rollins & Sons, Security
*39,652
Trust & Savings Bank
* Successful bid; for previous reference to same see V.-117, p. 116.
-Boettcher,
LOVELAND, Laramie County, Colo.
-BOND SALE.
Porter & Co. and Bosworth, Chanute & Co., both of Denver, jointly
purchased at auction $30,000 4H,% 10-20 year (optional) water extension
bonds at 101.11.
LOWELL GRADED SCHOOL DISTRICT NO. 7 (P. 0. Lowell),
-BOND SALE.
Gaston County, No. Caro.
-The $25,000 6% school
bonds offered on July 15 (V. 117, p. 116) were awarded to the Well, Roth
& Irving Co. of Toledo at a premium of $1,657 50, equal to 106.63, a basis
of about 5.33%. Date June 1 1923. Due $1,000 yearly on June 1 from
1926 to 1950 incl.
-BOND SALE.
-On July 10, Estabrook &
LYNN,Essex County, Mass.
Co., of Boston, were awarded the following issues of coupon tax-exempt
bonds at 100.027-a basis of about 4.22%:
$105,000 penetration paving bonds as 4s. Serial payments of $21,000
annually. beginning July 1 1924 to July 11928. inclusive; interest
payable first days of January and July in each year.
25,000 water equipment bonds as 4s. Serial payments of $5,000 annually. beginning July 1 1924 to July 11928; interest payable first
days of January and July in each year.
70.000 street construction bonds as 43.4s. Serial payments of $7,000,
beginning July 1 1924 to July 11933. inclusive; interest payable
first days of January and July in each year.
143,000 sidewalk paving bonds as 434a. Serial payments of $29,000
annually, beginning July 1 1924 to July 1 1926, inclusive, and
$28,000 in the years 1927 and 1928; interest payable first days of
January and July in each year.
7,500 municipal bonds as 4s. Serial payments of $1,000 annually,
beginning July 1 1924 to July 11930, and $500 on July 1 1931:
interest payable first days of January and July in each year.
65,000 sewer bonds as 4 Hs. Serial payments of $3,000. beginning July 1
1924 to July 11928. inclusive, and $2,000, beginning July 1 1929
to July 1 1953, inclusive: interest payable first days of January
and July in each year.
Financial,Statemmt July 1 1923.
8104,561.944 00
Assessed valuation 1922 (net)
4.770,28000
Total funded debt (present loan not included)
1.575,000 00
Water debt(water sinking fund,$529,873 69)
$3,195,280 00
314,327 12
Sinking funds
82,880,952 88
Population, 99,148. Per cent of debt to valuation, exclusive of water,
2.7 %•
Notice of this sale was given in last week's issue on yoage 239 (it is given
again because additional information has come to hand).
McKENZIE COUNTY (P. 0. Schafer), No. Dak.-CERTIFICATE
OFFERING.
-Arne Tollefson, County Auditor, will receive bids until
2 p. M. to-day (July 21) for the purchase of $25.000 7% certificates of
indebtedness. Denom. $100. Int. payable annually. Due Jan. 21
1925. A certified check for 5% of bid required.
McKINNEY TOWNSHIP, Renville County, No. Dak.-BOND OFFERING.
-John J. Norberg, Township Clerk (I'. 0. Tolley), will receive
bids until 2 p. in. Aug. 4 for $3,000 7% bonds. A cert. check for 5% of
bid required.
-The
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND SALE.
$125,000 5% coupon Orphan's Home bonds offered on July 16 (V. 117, p.
116), were awarded to Breed, Elliott & Harrison, of Indianapolis, for
3126,475. equal to 101.18-a basis of about 4.805%. Date July 16 1923.
Due yearly on July 16 as follows: $5,000, 1924, and $10,000, 1925 to 1936,
inclusive. Other bidders were:
I
Bid.
Bid.
Union Trust Co
$125,800 00 Meyer, Kiser Bank
$125,937 50
Fletcher-American Co.._125,125 00 Anderson Banking Co_ _ _ 126.375 00
J. F. Wild & Co.StateBli. 126.087 50
MALVERN, Mills County, lowa.-BONDS VOTED.
-On July 5 a
proposition submitted to a vote of the people at an election held on that
day to issue $20.000 community building bonds carried by a count of
246 "for" to 84 "against."
MARILLA, Erie County, N. Y.
-BOND SALE.
-The following two
Issues of 5% bonds offered on July 16-V. 117, p. 118
-were awarded to
Sherwood & Merrifield,Inc.,of New York at 102.78-a basis ofabout 4.65% •
$16.000 bridge bonds. Due $1,000 April 1 from 1928 to 1943, incl.
10,000 highway bonds. Due $1,000 April 1 from 1929 to 1938, incl.
Date Oct. 1 1923.
MARION COUNTY (P. 0. Jasper), Tenn.
-BOND OFFERING.
C. T. Williamson, County Judge, will receive sealed bids until 10 a. in.
Aug. 6 for $100.000 6% highway bonds. Date July 15 1923. Bonds mature $25,000 in 10 years,$25,000 in 15 years, 20 years and 25 years. A cert.
check for $1,000 required.
MARION COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Marion),
-BOND SALE.
-The $100.000 high school bonds offered on
So. Caro.
July 13 (V. 117. p. 116) were awarded to Sidney Spitzer & Co. of Toledo
s at 103.86. Denom. $1,000. Date as soon as bonds are issued.
as
Int. J. & J. Due in 30 years.
MARMARTH SCHOOL DISTRICT NO. 12, Slope County, No. Dak.
-During the month of June the State of North Dakota
-BOND SALE.
purchased $50,000 4% building bonds at par. Date July 1 1920. Due
1940. Bonds are not subject to call but may be redeemed two years
July 1
from date of issue.
-Bids
-BOND OFFERING.
MARYSVILLE, Yuba County, Calif.
will be received until July 30 for the purchase of $25,000 city impt. bonds.
-The
-BOND SALE.
MASSENA, St. Lawrence County, N. y.
$18.000 4)4% street paving bonds offered on July 16-V. 117, p. 116
Co. at
were awarded to the llassena Bankingto 1945 par. Date Aug. 1 1923.
inclusive.
$1,000 yearly on Aug. 1 from 1928
Due
MECKLENBURG COUNTY SPECIAL SCHOOL DISTRICT NO. 10
-BOND OFFERING.
-Plummer Stewart,
(P. 0. Charlotte), No. Caro.of Education, will
receive sealed bids until
Chairman of the Count Board bonds. Principal
school
and interest payable at
noon Aug.6 for 33,0001%
place of purchaser's choice. A certified check for 10% required.
MEDFORD SCHOOL DISTRICT NO. 84, Walsh County, No. Dak.
-BOND SALE-During the month of May the State of North Dakota
at
Date Oct. 1 1920. Due
purchased $5,000 4% building bonds callpar. may
but
be redeemed two years
Oct. 1 1940. Bonds are not subject to
from date of issue.
Mass.
-On
-TEMPORARY LOAN.
MELROSE, Middlesex County,
July 12 the First National Bank of Brockton was awarded $75,000 notes
on a 4.21% discount basis. Date July 12 1923. Due Nov. 23 1923.
[Vol,. 117.
MERCEDES, Hidalgo County, Texas.
-BOND ELECTION.
-An
election will be held on Aug. 4 to vote on a proposition to issue $150,000
light and water and power plant erection bonds.
MERCER SCHOOL DISTRICT NO.56, McLean County, No. Dale.
BOND SALE.
-During the month of June the State of North Dakota
purchased $2,000 4% refunding bonds at par. Date June 1 1923. Due
June 11943. Although the bonds are not subject to call they may be redeemed two years from date of issue.
MIAMI COUNTY (P. O. Troy), Ohio.
-The $15,500
-BOND SALE.
534% coupon Washington Road N. 33 impt, bonds offered on July 18
ton
(V.117. p. 239) were arded to the Citizens' National Bank for $15,553 44,
equal to 100.34, a bas of about 5.38%. Date April 11923. Due yearly
on Oct. 1 as follows: Series "A": $500, 1924: $1,000 1925 to 1928 incl.:
Series "B":$1,000 1924 to 1927 incl., $1,500 1928; Series "C":$1,000 1924
to 1927 and 31,500 1926.
MICHIGAN (State of).
-BOND OFFERING.
-Frank F. Rogers, State
Highway Commissioner (P. 0. Lansing), will receive bids until 12:30 p. M.
(Central standard time) July 23 for the following bond issues:
Approximately $20,500 Road Assessment District No. 450 bonds. Bonds
are tne obligation of Pulaski Township,in Jackson County; Homer Township, in Calhoun County: Litchfield and Scipio Township, in Hillsdale
County, the Counties of Jackson, Calhoun and Hlllsdale, and an assessment district. Due serially in from 2 to 5 years.
Approximately $29,500 Road Assessment District No. 1031 bonds. Bonds
are the obligation of Whiteford Township,in Monroe County,the County
of Monroe, and an assessment district. Due serially.
The following applies to both issues: Interest rate not to exceed 6%, to
be named by bidder. Int. M. & N. Cert. check for 2% of the amount
of bonds bid on, payable to the above official, is required. The bonds are
issued under the provisions of Act 59, Public Acts of 1915, as amended,
known as the Covert Act.
MIDDLESEX COUNTY (P: 0. New Brunswick), N. J.
-BOND
OFFERING.
-Sealed bids will be received by F. William hiker, County
Treasurer until 2 p. in. Aug. 2 for the purchase at not less than par of the
following issues of 434% coupon or registered bonds, aggregating $390,500.
No more bonds to be awarded than will produce a premium of $1,000 over
either of the amounts offered.
$340,000 road improvement bonds. Denom. $1,000. Due $20,000 yearly
on Aug. 1 from 1925 to 1941, inclusive.
50,500 bridge bonds. Denom. $1,000, except last bond for $500. Due
yearly on Aug. 1 as follows: $2,000, 1925 to 1948, inclusive, and
$2,500, 1949.
Date Aug. 11923. Principal and semi-annual interest (F.& A.) payable
at the County Treasurer's office in New York exchange. The bonds will be
prepared under the supervision of the United States Mortgage & Trust Co.
of New York, which will certify as to genuineness of the signatures impressed
thereon, and the validity of the bonds will be approved by Caldwell & Raymong, Esqs., of New York. Bids are to be on forms furnished by the
county. Enclose a certified check on an incorporated bank or trust company for 2% of the amount bid for, payable to the County Treasurer.
Bonds to be delivered at 10 a. m.on Aug. 11 at the office of the above trust
company.
MIDDLETOWN, Middlesex County, Conn.
-NOTE OFFERING.
Sealed proposals will be received until 3 p. M. (Eastern standard time)
July 26 for the purchase on a discount basis of $233,000 notes, dated Aug. 1
1923 and maturing June 2 1924. Payable in New York or Boston. The
notes are issued to renew a like amount of notes due Aug. 1 1923. Bids
are requested on a rate not to exceed 434 %.
MINGO JUNCTION, Jefferson County, Ohio.
-BOND SALE.
-The
314,0006% city's portion paving bonds offered on July 14(V. 117, p. 240).
were awarded to Seasongood & Mayer of Cincinnati for 314,315
-equal to
102.25-a basis of about 5.505%. Date May 1 1923. Due yearly on
Sept. 1 as follows: $1,500. 1924 to 1932, inclusive, and $500, 1933.
MINNEAPOLIS, Minn.
-Lane, Piper & Jaf-CERTIFICATE SALE.
frey, of Minneapolis, have purchased $133,400 certificates of indebtedness
at a premium of $25. equal to 100.01. Denom. 81.000. Date July 18
1923. Due as follows: $100.000 Oct. 18 1923 and $33,400 Jan. 18 1924.
MINOT, Ward County, No. Dak.-BOND SALE.
-During the month
of May the State of North Dakota purchased 31,000 4% sewage plant bonds
at par. Date April 1 1920. Due April 11940. Bonds are not subject to
call but may be redeemed two years from date of issue.
MONTEFIORE SPECIAL SCHOOL DISTRICT NO. 1 OF McLEAN
COUNTY (Known also as the Board of Education of the City of
Wilton), No. Dak.-BOND OFFERING.-Siroon Jahr, District Clerk
(P. 0. Washburn), will receive bids until 4 p. in. July 21 for $25,000 5H %
school bonds. Date July 11923. Prin, and semi-ann. int. ;payable at the
First National Bank of I'Vlinneapolis. Due on July 1 as follows: 32.000
1934 to 1938 incl., $3,000 1939 to 1943 incl. A cert. check for $2,500 required.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
The $33,000 53.4% Mt. Auburn Sewer Dist, No. 1 bonds offered on July 16
-V.117, p. 116
--were awarded to A.C. Allyn & Co.aChicago for $34,125.
equal to 103.40. a basis of about 5.03%. Date July 1 1923. Due yearly
on July 1 as follows: $2,000, 1925 to 1928 incl.: $3,000, 1929: $2,000. 1930
to 1933 bid.; $3,000, 1934; $2,000, 1935 to 1938 incl., and $3,000, 1939.
BOND OFFERING.
-Sealed proposals (for each issue separately) will be
received by F. A. Kilmer, Clerk Board of County Commissioners, until
1 p. in. (central standard time) July 30 for the pmrchase at not lass than
par and accrued interest of the following issues of 53.4% bonds:
$47,000 "Oakwood Heights Main Outlet Sewer" bonds. Duo $5,000 on
July 1 in each of the following years: 1925, 1926. 1928, 1929. 1931,
1932 and 1934. and $4.000 on July 1 in 1927. 1930 and 1933.
Enclose a certified check for $4,000.
57,000 "Residence Park Water Supply" bonds. Due $3,000 yearly on
July 1 as follows: 1925 to 1930 incl.: 1932 to 1937 incl.. and 193
to 1943 incl.. and $2.000 on July 1 in 1931, 1936 and 1944. Enclose a certified check for $5,000.
42,000 "Residence Park Plat Sanitary Sewer" bonds. Due $3,000 yearly
on July 1 as follows: 1925 to 1928 incl., 1930 to 1933 incl. and 1935
to 1938 incl., and $2,000 on July 1 in 1929, 1934 and 1939. Enclose a certified check for $3,000.
Denom. $1,000. Date July_ 1 1923. Principal and semi-ann. int.
&
J.) payable at the County Treasurer's office. Certified check s (sums
named above) drawn on any solvent hank or trust company and made payable to the County Treasurer. Bids must be strictly unconditional.
Official announcement says: "The approving opinion of D. W. & A. S.
Iddings, Dayton, and Peck, Shafer & Wililams, Cincinnati, will be furnished to the successful bidder."
BOND OFFERING.
-Sealed bids will be received by F. A. Kilmer,
Clerk Board of County Commissioners, until 9 a. in. July 26 for $15.000
% Vermillion Road improvement bonds. issued under sec. 6929 ofGen.
Code. Denom. $1,000. Date July 15 1923. Prin, and semi-ann. int.
(M. & S.), payable at the County Treasurer's office. Due yearly on
Sept. 15 as follows: $1,000 1925, $2,000 1926 to 1930, incl.; $1,000 1931
and 1932, and 32.000 1933. Legality approved, it is stated, by D. W. &
A. S. Iddings of Dayton and Shaffer & Williams of Cincinnati. Enclose a
certified check for $1,000, payable to the County Treasurer.
MONTROSE SCHOOL DISTRICT NO. 80, Divide County, No.
Dak.-BOND SALE.
-The State of North Dakota purchased $3,000 4%
building bonds at par during the month of May. Date Oct. 1 1920.
Due Oct. 1 1940. Bonds are not subject to call, but may be redeemed
two years from date of issue.
MOORHEAD, Clay County, Minn.
--According to
-BOND SALE.
epops pe Min neiga Loan & Trust Co. of Minneapolis has purchased
sh oh avi
hoi
s
i
MORRISON COUNTY (P. 0. Little Falls), Minn.
-BOND OFFERING.
-Leo J. Bilistein, County Auditor, will receive bids until 10 a. in.
Aug. 8 for $50,000 road bonds. Denom. 31,000. Date Aug. 1 1923.
Int, rate not to exceed 5%. A cert, check for 5%, payable to the County
Treasurer, required.
MOUNT PLEASANT (P.O. North Tarrytown), Westchester County,
-BOND OFFERING.
N. Y.
-John J. Sinnott. Town Supervisor, will sell
at not less than par and interest $65,000 43.4% town bonds dated July 2
1923 at public auction on July 24 at 3 p. m. Denom. $1,000. Interest
semi-ann. Due yearly on July 1 as follows: $6,000 1924 to 1933 incl. and
$5,000 1934. Each bid must be accompanied by a certified check for 5%
of the amount of bid, payable to the above official. Bonds to be delivered
and paid for within 10 days from July 24 at the office of the above official.
JULY 21 1923.]
THE CHRONICLE
MT. VERNON, Westchester County, N. Y.
-The
-BOND SALE.
following issues of coupon (with privilege of registration as to principal
only or as to both principal and interest) bonds offered on July 17-V.117.
D. 240
-have been awarded as 4 %s to Sherwood & Merrifield,
of
New York for $176.910, equal to 101.09, a basis of about 4.34%.
$100,000 highway repaving bonds dated June 11923, maturing $10,000 on
June 1 of each of the years 1924 to 1933 incl.
40,000 drainage bonds, dated July 1 1923, maturing $4,000 on July 1 of
each of the years 1933 to 1942 incl.
25.000 highway improvement bonds, dated June 1 1923. maturing $5,000
on June 1 a each of the years 1929 to 1933 incl.
10,000 sewerage bonds, dated July 1 1923, maturing $2,000 on the first
day of July of each of the years 1933 to 1937 incl.
MURFREESBORO, Rutherford County, Tenn.
-BOND SALE.
The Stones River Bank & Trust Co.of Murfreesboro has purchased $84,000
5% street improvement bonds at par plus a premium of$705,equal to 100.83.
NAPLES INDEPENDENT SCHOOL DISTRICT (P. 0. Naples),
Morris County, Texas.
-BOND ELECTION.
-An election will be held on
July 31 to vote on the question of issuing $15.000 school building bonds.
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN.
On July 7 the First National Bank of Boston was awarded 560.000 1923
tax notes on a 4.42% discount basis. Date July 10 1923. Due Dec.
28 1923.
NAUGATUCK, New Haven County, Conn.
-BOND SALE.
-The
3262,000 4% coupon "Refunding" bonds offered on July 13-V. 117.0.
-were awarded to the Colonial Trust Co. of Waterbury for $258,062.
240
equal to 98.49, a basis of about 4.11%. Date June 1 1923. Due yearly
on June 1 as follows: $2,000, 1928 to 1932 incl., and $12,01111, 1933 to 1953
inclusive.
NEW KNOXVILLE, Auglaize County, Ohio.
-BOND OFFERING.
G.H. Kattmann, Village Clerk, will receive sealed proposals until 1 p.m.
Aug. 6 for the purchase at not less than par and interest of the following
5% coupon bonds:
531,000 (special assessment) Main St. impt. bonds. Denom. $1,000.
Due yearly on Oct. 1 as follows: 54,000, 1925 to 1931 inclusive,
and 33,000. 1932.
3,500 (village's portion) Main St. Inapt. bonds. Denom. six for $500.
one for $300 and one for $200. Due yearly on Oct. 1 as follows:
$500. 1925 to 1930 incl.: $300, 1931, and 5200, 1932.
Date July 1 1923. Prin. and semi-ann. int (A. & 0.) _payable at the
Village Treasurer's office. Certified check (or cash) for $250, required.
Bonds to be taken up and paid for at once.
NEW LISBON TOWNSHIP (P. 0. Bloomfield), Stoddard County,
Mo.-BOND ELECTION.
-A proposition to issue 570.000 road improvement bonds will be submitted to a vote of the people on July 31.
NEWTON (P. 0. West Newton), Middlesex County, Mass.
-BOND
-Chase & Co. of Boston have been awarded $20,000 4%% coupon
SALE.
street impt. bonds at 101.03, a basis of about 4.04%. Denom. $1,000.
Date July 1 1923. Prin. and int. payable at the First National Bank of
Boston. Duo $2,000 yearly on July 1 from 1924 to 1933 incl. Other
bidders wore:
Rate Bid.1
Rate Bid.
Estabrook & Co., Boston_ __ _100.429 Curtis & Sanger, Boston
Merrill, Oldham & Co., Bos_100.10 First National Bank, West100.03
Edmunds Bros., Boston
100.06 I Newton
100.00
The net debt of the city of Newton excluding its water debt, is 3.136'7a
of the assessed valuation. Borrowing capacity on July 1 1923 is $499,576 05
excluding this loan.
In last week's issne, on page 242. we incorrectly reported this item
under the caption of "West Newton."
NICOLLET COUNTY (P. 0. St. Peter), Minn.
-BOND SALE.
The $100,000 road bonds offered on July 10-V. 116. p. 3029
-were
awarded to the Minneapolis Trust Co. of Minneapolis. Date July 1 1923.
Due $1,000 yearly on July 1 from 1933 to 1942 inclusive.
NORFOLK, Norfolk County, Va.-LOAN AUTHORIZED
FOR RENEWING CITY'S NOTES.
-According to the "Virginian" of July 11 City
Manager Ashburner was authorized by the City Council
on July 10 to issue
$500.000 in short term notes in order to renew notes issued
last December
which fall due this month.
NORFOLK COUNTY(P.O.Portsmouth),Va.-BIDS REJECTED.
All bids received for the $200,000 43•6% or5% coupon or registered
road and
bridge bonds offered on July 2-V. 116. p. 2802
-were rejected. The
"Virginian" of July 11 says:
"The rejection of the proposals does not mean, however,
permanent
highway construction work planned by the Commissionthat Roads and
Bridges of the county will be delayed. Provision was made of
by the Supervisors to finance the Road Board until a sale is made of the bonds.
"There were toren bidders for the securities
-the
National
Bank of this city, Prudden & Co. of Toledo, 0., andAmerican & Co. of
McNear
Chicago and New York, and George H. Burr & Co. The latter two
companies submitted a joint proposal for the bonds.
"The bid of the American National Bank for the bonds was
$201,900.
which amounted to a premium of $1,900. The bank,
that the money for tne bonds was to be deposited inhowever, stipulated
the American National Bank and was to be checked out at the rate of 540.000
a month.
"Prudden & Co.'s bid was at par, plus a premium of
$140, and was submitted with the stipulation that the Interest and principal
were to be made
payable at some banking house in New York City.
'Both Prudden & Co.and the American National
Bank bid on the bonds
at 5% interest, pre.senting no proposal
for the bonds
"McNear & Co. and Burr & Co. submitted two offered at 4%%•
bids, offering $200.000
for the bonds at 5% interest, plus a premium
of
furnish blank bonds. An alternate bid of $200.000 $140. and agreeing to
was made for the bonds
it 4;i% interest, the firm in this proposal
asking for a brokerage fee and
expense account of $12,860. Both proposals
asked that the interest and
principal be made payable in New York
City.
"The resolution of the Board authorizing the
sale of the bonds provided
for the_payment of interest and principal
at the Treasurer's office in this
city. Therefore, it was held that tne lolds did not
conform to the resolution of the Board's advertisement. The
restrictions placed by the American
National Bank in its proposal mot
with
it was in conflict with the statute that the disapproval of the Board, as
placed in the hands of the Treasurer of provides bond sale funds must be
"The Board finally agreed to borrow the county to be deposited.
mission when the Board has need for $50,000 for the use of the Road Comthe
money will be repaid by the Treasurer funds to continue its work. The
out of the first sale of bonds."
NORTHAMPTON COUNTY (P. 0.
Easton), Pa.
-BOND SALE.
The $1,000,000 road and bridge bonds offered on
July 13-V. 116, p. 2910
have been awarded to M. M. Freeman & Co. of Phila.
at par and accrued
interest. Date July 11923. Due $200,000 on July
1 in each of the years
1933. 1938, 1943, 1948 and 1953. There were
no other bidders for the
issue.
NORTH HEMPSTEAD UNION FREE SCHOOL
DISTRICT NO. 10
( . 0. Mineola), Nassau
F)
County, N. Y.
-BOND OFFERING.
-E. A.
McCarthy, Clerk Board of Education, will receive
sealed
July 25 for the purchase of 5130 000 5% school bonds. bids until S P. m•
51,000.
Date June 1 1923. Interest semi-ann. Due yearly on Denom.follows:
June 1 as
56,000. 1928 to 1937 Incl., and $7,000, 1938 to 1947 incl.
fied check, cash or a bank draft for 5% of the amount bid Enclose a certifor. Purchaser
to furnish bonds and legal opinion.
NORTH PLATTE SCHOOL DISTRICT (P. 0.
North Platte),
Lincoln County, Neb.-BOND SALE.
-The
Trust Co. of Omaha
has purchased $120,000 5% school bonds at parFirst a
plus
equal to 101.56. a basis of about 4.90%. Date July premium of $1,635,
1 1923. Due'July
11953. Domain. $1,000. Int. semi-ann.
OAK VALLEY SCHOOL DISTRICT NO. 18 (P. 0.
Bottineau),
Bottineau County, No. Dak.-BOND
-Bids will be received until 2:30 p. m. July 28 by Hugh OFFERING.
Nichol Jr., District Clerk, for
35.000 6% school bonds. Due in ten years.
OAKWOOD VILLAGE SCHOOL DISTRICT (P. 0. Dayton),
Montgomery County, Ohio.
-BOND SALE.
-The
building bonds offered on July 12 (V. 116, p. 545(1.0005% coupon school
3029) were
City Trust & Savings Bank of Dayton at par and accrued awarded to the
interest. Date
June,1 1923. Due $22,000 yearly on Dec. 1 in the
on Dec. 1 in the odd years from 1924 to 1943 incl.even years and $23,000
353
OAKES SPECIAL SCHOOL DISTRICT NO. 32, Dickey County,
No. Dak.-BOND SALE.
-During the month of June the State of North
Dakota purchased 556,000 4% building bonds at par. Date Dec. 31
1920. Due Dec. 31 1940. Bonds are not subject to call, but may be
redeemed two years from date of issue.
ORANGE COUNTY (P. 0. Kokomo), Ind.
-BOND OFFERING.
William B. Lashbrooks, County Treasurer, will receive bids until 2 p. m.
Aug.6 for 54,800 4%7 coupon Howard Scott et al. road in Paoli Township
0
bonds. Denom. $240. Date Aug. 6 1923. Int. M. & N. 15. Due
$240 each six months from May 15 1924 to Nov. 15 1933, incl. It is
stated that the bonds are non-taxable.
OREGON _(State of).
-BOND OFFERING.
-Sealed bids will be received by R. B. Goodin, Secretary, State Board of Control (P.0. Salem),
until 11 a. m. July 31 for the purchase of $1,000,000 4)4% Oregon State
Highway bonds. Denom. 51,000. Date Aug. 1 1923. Prin. and semiann. int. (A.& 0.) payable in gold coin at the State Treasurer's office or
at the fiscal agency of the State in N. Y. City. Due 525.000 Oct. 1 1923
and $25,000 April 1 and Oct. 1 from 1924 to 1943 incl. A certified check
for $50.000. payable to the Oregon State Board of Control, required.
Bonds will be furnished by above Board and will be delivered in Salem
or Portland. Legality has been approved by Storey. Thorndike, Palmer
& Dodge of Boston and said approving opinion will be furnished by the
Board of Control. The official circular offering these bonds states:
"The right of the Board to issue such bonds has been authorized by
law and declared by the Supreme Court of the State of Oregon and the
procedure for issuing the same certified by the Attorney-General of the
State of Oregon to be in accordance with the laws of the State."
STATE BUYS SCHOOL BONDS.
-The "Oregonian" of July 14 reports that:
"The State Bond Commission to-day invested 5106,500 of State industrial
accident funds in school securities. The purchases follow: School District
No. 5, Grant County, $2,000, yield 5%; School District No. 121, Wallowa
County, $29.000, yield 4.95%; School District No. 105, Umatilla County.
$17,000, yield 4.95%; School District No. 2. Columbia County, $10,000,
yield 4.95%; School District No. 1, Deschutes County. $38,000, yield
4.95%; School District No. 77, Marion County, $10.500, yield 4.95%."
OWOSSO, Shawassee County, Mich.
-BOND SALE.
-The 517.600
East Main St. paving and $8,000 South Water St. 5% special assessment
bonds offered on July 11-V. 117, P. 117
-were awarded to the Security
Trust Co. of Detroit at par. Denom. 51,000 and one for $600. Due
yearly as follows: 52,600, 1925; $3.000, 1926: $4,000, 1927: 55.000, 1928
and 1929, and $3,000, 1930 and 1931. There were no other bidders.
OXFORD TOWNSHIP HIGH SCHOOL DISTRICT NO. 193 (P. 0.
Alpha), Henry County, Ill.
-BOND SALE.
-The White-Phillips Company of Davenport has purchased 550.0005% school site and building bonds.
Denom.
Date July 1 1923. Prin. and semi-ann. int. (.1. & J.)
payable at the Continental & Commercial National Bank of Chicago, or
$1,000'
may be collected at the office of the purchasers, without expense. Due
yearly on July 1 as follows: 52.000 1926 to 1931 incl., $3,000 1932 to
1937
incl., and $4,000 1938 to 1941 incl.
Financial Statement.
Assessed value of taxable property
$1,151,900
T.a..,1 bonded debt, including this issue
50,000
Population, 700. Area of district, 17,920 acres.
PALMER, Hampden County, Mass.
-BOND OFFERING.
-R. L.
McDonald, Town Treasurer, will receive sealed bids until 11 a. m.July 24
for the purchase of the following issues of 4%% bonds:
$30,000 "Palmer School Loan Act of 1920 Series B" bonds, payable $1,500
July 1 1924 to July 1 1943, inclusive.
10.000 "New High School Loan" bonds, payable $500 July 1 1924 to 1943,
inclusive.
Principal and semi-annual interest (J.& J.), payable at the First National
Bank of Boston, in Boston. These bonds are said to be exempt from
taxation in Massachusetts and are engraved under the supervision of and
certified as to genuineness by the First National Bank of Boston; their
legality will be approved by Ropes, Gray. Boyden & Perkins, whose opinion
will be furnished the purchaser. All legal papers incident to these issues
will be filed with the above bank where they may be inspected at
time. Bonds will be delivered to she purchaser on or about July 26 atany '
the
First National Bank of Boston, Boston.
Financial Statement July 17 1923.
Net valuation for year 1922
$10,895,276 00
Debtlimit
310.347 89
Total gross debt, including these issues
298,000 00
Exempted debt
-School bonds
3200,000 00
200,000 00
Net debt
$98,000 00
Borrowing capacity July 17 1923
$222,347 89
PARKE COUNTY (P. 0. Rockville), Ind.
-BOND SALE.
-J. F.
Wild & Co. of Indianapolis have been awarded the following
two issues of
5% road bonds offered on July 10-V. 117, p. 117
-for 515,121-equal to
100.46, a basis of about 4.91%;
$4.200 John Wilson et al road in Union Twp. bonds. Denom.
$210.
.
10.850 Towpath Road in Liberty Twp. bonds.
Denom. $54250.
Date Juno 19 1923. Due one bond of each issue
each six months from
May 15 1924 to Nov. 15 1933. inclusive.
PENN TOWNSHIP SCHOOL DISTRICT, Allegheny
County, Pa.
BOND OFFERING.
-Elder W. Marshall, Solicitor (408 Union Arcade
Bldg., Pittsburgh), will entertain proposals until 1 p. m.
time) Aug. 6 for the purchase at not less than par and (Eastern standard
interest of $100,000
4;4% bonds, part of a total authorized issue 0(
1250,000 of which $150,000
have been sold. Denom. $1,000. Date June 11922.
Due $20.000 June 1 1947 and $80,000 Dec. 1 1951. Int. semi-annually.
Certified check for
$1,000 required. Purchaser to pay for printing of the bonds.
These bonds
are said to be free of State tax.
PHILLIPS, Price County, Wis.-BOND OFFERING.
-Carl F. Scheel.
City Clerk, will receive bids until July 24 for $10,000
5% negotiable coupon
city hall bonds. Duo $500 serially 1 to 20 years.
At the same time the above official will receive
bids for 540,000 5%
negotiable coupon water works and sewerage
bonds. Denom. $500. Due
as follows: $1,500 1 to 5 years; $2,500 6 to
15 years, and $1,500 16 to
20 years
PILOT POINT INDEPENDENT SCHOOL
DISTRICT, Denton
County, Texas.
-BONDS REGISTERED.
-The State Comptroller of
Texas registered $50,000 5% serial school bonds
on July 10.
PIMA COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Safford),
Ariz.
-BOND SALE.
-H.D. Fellows & Co. of
6% school bonds at a premium of $1,015,Chicago have purchased $30,000
equal to 103 38
. .
PITTSFIELD, Berkshire County, Mass.
-BOND SALE.
-On July
18 R. L. Day & Co. of Boston were
Si% coupon paving
bonds at 100.449, a basis of about awarded $80,000 4$1,000.
4.34%. Denom.
Date July
15 1923. Int. J. & J. 15. Prin. and int. payable at the First National
Bank, Boston. Due 116.000 yearly on July 15 from 1924 to 1928
incl.
Other bidders were:
Putnam & Storer
100.367 Blodgett & Co
100.14
Old Colony Trust Co
100.248 Arthur Perry & Co
100.14
Wise Hobbs & Arnold
100.225 Curtis & Sanger
100.09
Harris, Forbes & Co
100.22 Estabrook &Co
100.08
Edmunds Bros
100.17 E. H. Rollins & Sons
-100.068
BOND OFFERINO.-F, M. Platt City Treasurer, will receive
sealed
bids until 11 a. m. July 25 for the purchase of the following 434%
$35,000 "water bonds 1923", payable 57,000 July 15 1924 to July bonds:
15 1928.
inclusive.
26,000 "Sewer Loan Bonds 1923," payable $2,000 July 15
1924 to July
15 1936, Inclusive.
Principal and semi-annual interest (J. & J. 15), payable at
the First
National Bank of Boston. in Boston. These bonds are said
to be exempt
from taxation in Massachnsetts and are engraved under
the supervision
of and certified as to genuineness by the First National Bank
of Boston;
their legality will be approved by Ropes, Gray, Boyden
& Perkins, whose
.pinion will be furnished the purchaser. All legal
papers incident to these
issues will be filed with the above bank where they
may be inspected at
354
THE CHRONICLE
any time. Bonds will be delivered to the purchaser on or about July 26
at the First National Bank of Boston,.Boston.
Financial Statement July 15 1923.
$47,991,875 00
Net valuation for year 1922
1,151,292 45
Debt limit
2.730.600 00
Total gross debt, including these issues
$1,089,000 00
-Water bonds
Exempted debt
272,000 00
Sewer bonds
396,000 00
Paving bonds
201,000 00
School bonds
10,000 00
Playground bonds
1.968,00000
$762,600 00
Net debt
$388,692 45
Borrowing capacity
PLAIN TOWNSHIP RURAL SCHOOL DISTRICT, Wayne County,
-Reno Brinkeroff. Clerk of Board of Educa-BOND OFFERING.
Ohio.
tion. will receive sealed bids until 1 p. m.(Eastern standrad time) .July 31
at the office of G. U. Baumgardner, County Superintendent, in Wooster.
for the purchase at not less than par and accrued interest of $60,000 5%%
coupon fireproof high school building construction bonds, issued under
the authority of Sec. 7630-1 of General Code. Denom. $1,000. Date
July 1 1923. Principal and semi-ann. Interest (A. & 0.) payable at the
Commercial Banking & Trust Co. of Wooster. Due $3,000 yearly on
Oct. 1 from 1924 to 1943, incl. Each bid must be accompanied by a certified check for 2% of the amount bid for, upon some solvent bank or trust
company other than the bidder, payable to the Board of Education. The
purchaser must pay the attorneys' fees and cost of printing the bonds.
No bids will be considered unless made on blank torescribed therefor, a
copy of which may be obtained by application to the County Superintendent
of Schools at Wooster. The bonds will be sold by competitive bidding
and bids must be unconditional. Transcript approved by a reputable
attorney will be furnisned to purchaser.
PORT CLINTON, Ottawa County, Ohlo.-BOND OFFERING.
Wm.H. Williamson. Village Clerk, will receive sealed proposals until 12 m.
Aug. 14 for the purchase at not less than par and interest of $12,500 5%
(village's estimated portion) Inter-County Highway No. 227 impt. bonds.
Denoms. 10 for $1,000 and 5 for $500. Date Sept. 11923. Int. semi-ann.
Due yearly on Sept. 1 as follows: $1.000 1924; $1,500 1925; $1,000 1926:
$1.500 1927: $1,000 1928: $1,500 1929; $1,000 1930; $1,500 1931; $1,000
1932 and $1,500 1933. Cert. check for 5% of the amount of bonds bid for,
payable to the Village Treasurer, required. Bonds to be delivered and paid
for within 10 days from time of award.
-It is reported that the City
-BIDS REJECTED.
PORTLAND, Ore.
of Portland has rejected all bids received for an issue of $4,000,000 43i%
bonds. The highest bid is reported to have been 95.60, a figure which
the city authorities, it is stated, regarded as too low.
-BIDS REJECTED.
PORT OF PORTLAND, Ore.
-The $1,000,000
series "D" 434% port improvement and equipment bonds offered on July
-were not sold as the bids received were rejected.
12-V. 116, p. 2803
The following is a list of the bids received:
Blyth, Witter & Co., Lumbermen's Trust Bank, Continental & Commercial Trust & Savings Bank, A. B. Leach & Co., Inc., Taylor,
Ewart & Co., Inc., 13aillargeon, Winslow & Co
Angio-London-Paris Co., Bond & Goodwin & Tucker, Wm. Cavalier881 86
& Co.. Clark, Kendall & Co.. Freeman, Smith & Camp Co., Wm.P.
• Harper & Son, National City Co.. Ralph Schneeloch Co. Schwabacher & Co., Security Savings & Trust Co., Western Bond &
'
95 60
Mortgage Co
PRICE RIVER WATER CONSERVANCY DISTRICT (P. 0. Price),
-BIDS REJECTED.
-The $500,000 bonds offered
Carbon County, Utah.
on June 25(V. 116. p.2555) were not sold as all bids recelved were rejected.
PROPHETS SCHOOL DISTRICT, Sheridan County, No. Dak.-During the month of June the State of North Dakota
BOND SALE.
purchased $5,000 4% building bonds at par. Date Oct. 1 1920. Due
Oct. 1 1940. Although the bonds are not subject to call, they may be
redeemed two years from date of issue.
PUEBLO COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Pueblo),
-The $300,000 school bonds offered on July 5-BOND SALE.
Colo.
V. 116. p. 2911-were awarded to Crosby. McConnell dr Co. and the
U. S. National Bank, both of Denver, and Stern Bros. of Kansas City, as
411s at 100.27, a basis of about 4.71%. if called at optional date and 4.'73%
if allowed to run to maturity. Date Aug. 1 1923. Due Aug. 1 1943.
optional Aug. 1 1933.
QUITMAN INDEPENDENT SCHOOL DISTRICT (P. 0. Quitman),
-An election will be held to-BOND ELECTION.
Wood County, Texas.
day (July 21) to vote on the question of issuing $8,000 (P%, school equipment and repair bonds. J. R. Amason. Secretary of the School Board.
RACINE, Racine County, Wis.-BOND OFFERING.
-Sealed bids
will be received until 2 p. m. July 23 by A. J. Eisenhut, City Treasurer,
for $36.000 4i% school house bonds. Denom. $1,000. Date March 1
-S.). payable at the City Treasurer's
1923. Principal and interest (M.
office. Due $2,000 yearly on March 1 from 1926 to 1943, inclusive. A
certified check for $2,000, payable to the City of Racine, required. Legality
has been approved by Wood & Oakley of Chicago.
RANDOLPH COUNTY (P.O. Winchester), Ind.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. July 23 by Mary E. Smith,
County Treasurer, for the purchase at not less than par of the following
two issues of 5% road construction bonds:
$13,200 John H. Barkalow et al. road in West River Township bonds.
Denom. $660.
22.000 Edw. Howell et al. road in Nettle Creek Township bonds. Denom.
$1.100.
Interest M.& N. 15. Due one bond of each issue each six months from
May 15 1924 to Nov. 15 1933, inclusive.
RAPIDES PARISH (P. 0. Alexandria), La.
-BOND OFFERING.
Sealed bids will be received until 11 a. m. Aug. 14 by R. H. Jackson. President of the Police Jury, for $2,000,000 5% road and refunding bonds.
and semi-ann. Int. (F. & A.) payable at the
Date Aug, 1 1923. Prin.
National Bank of Commerce, New York City. Due on Feb. 1 as follows:
$68,000 in 1924:$71.000 in 1925:$75.000 in 1926:$79.000 In 1927;$83,000 in
1928: $87,000 in 1929: $91.000 in 1930: $96,000 in 1931: $101,000 in 1932;
8105,000 in 1933: $111,000 in 1934: $116.000 In 193.5: $122.000 in 1936;
$128,000 In 1937: $135,000 in 1938: $141.000 in 1939: $149,000 in 1940:
$156,000 in 1941, and $86,000 in 1942. A cert. check on an incorporated
bank or trust company for 2%% of amount bid for, payable to the Police
Jury, required. The legality of the bonds will be examined by Caldwell
& Raymond. N. Y. City, whose opinion as to legality will be furnished to
the purchaser. The bonds will be delivered at Alexandria, La., by the
Parish Treasurer, on Sept. 1 1923 or as soon thereafter as they may be ready
for delivery.
-BOND SALE.
-The $30,000
FtAVENNA, Portage County, Ohio.
% Main and Lawrence streets impt. bonds offered on July 14-V.
-were awarded to the First Savings Bank & Trust Co. of
116. p. 3030
Ravenna at par and accrued interest. Date June 11923. Due yearly on
Dec. 1 as follows: $4,000. 1924 to 1927. incl., and $3,500, 1928 to 1931.
Incl. The above bid was the only one received.
-BOND SALE.
-The $10,000
READING, Hamilton County, Ohio.
6% Benson St. improvement bonds offered on July 0--V. 116, p. 2803
-equal to
were awarded to A. C. Aub & Co. of Cincinnati for $10,237
102.37. a basis of about 5.48%. Date May 1 1923. Due $1,000 yearly
on May 1 from 1924 to 1933, Incl. Other bidders were:
Provident Say. Bk.& Tr. Co _$10,233 Breed. Elliott & Harrison_ _ _$10,100
10.155 Bohmer, Reinhart & Co
10,228
N. S. Hill & Co
10,180 Seasongood & Mayer
10.055
Gram, Todd & Co
READING SCHOOL DISTRICT (P. 0. Reading), Berks County,
.The 8.550.000 4%% school improvement bonds
OFFERING
Pa.
-BOND
-were awarded to the Ilerks County
offered on July 17-V. 116, p. 3030
Trust Co.of Reading for $571.000, equal to 103.81, a basis of about 4.006%•
yearly on Jan. 1 as follows: $25,000 1940. $30,000
Date Jan. 11923. Due
1941 and 1942. 835.00() 1943 to 1945. $40.000 1946 to 1948. 845.000 1949
and 1950 and $50,000 1951 to 1953, inclusive. Other bidders were:
Premium.
Reading National Bank_ _$15.229 .56 Farmers Nat.Bk.,Reading $6,250 00
12.10000 Penn Nat. Bk., Reading__ 5,600 00
Strout & Co
5505(1')
Colonial Trust Co., Read'g 11.825 00 Geo. A. Rick_
NatIona 1City Co
,
Ilre^ Eras.& Co., Harris
4.394 00
Smith
6,325 00
[VOL. 117.
RENVILLE COUNTY (P. 0. Mohan), No. Dak.-CERTIFICATE
-C. E. Colcord, County Auditor, will receive bids until
OFFERING.
-day (July 21) for $.5,000 certificates of indebtedness to bear
2 p. m. to
interest at a rate not to exceed 7%. Denom. $1,000. Due Nov. 1 1923.
A certified check for 5% of bid required.
-BOND OFFERING.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-Sealed bids will be received by A. B. Cunningham, Clerk of Board of
County Commissioners, until 2 p. m. (Eastern standard time) July 23 for
the purchase of the following issues of 5%% bonds:
832.000 East Main St. impt. bonds. Denom. $1,000. Date July 1 1923.
Due yearly on April 1 as follows: $4,000, 1924 to 1928, incl., and
*3.000. 1929 to 1932, incl.
26,000 road bonds. Denom. $1,000. Date May 11923. Due yearly on
April 1 as follows: $2.000. 1924, and $3,000. 1925 to 1932, incl.
20,200 Shale Plant Road No. 90, Secs. "A' and "B," bonds. Denom.
$1,000, except bond bro. 1 for $1,200. Date May 1 1923. Due
yearly on April 1 as follows: $1,200, 1924, and $1,000, 1925 to
1932, incl.
Prin. and semi-ann. Int. (A. & 0.) payable at the County Treasurer's
0
office. Enclose a certified check for 3'7 of amount bid for, on any bank
In Mansfield, payable to the County Auditor.
RICHLAND TOWNSHIP RURAL AGRICULTURAL SCHOOL
-BOND
DISTRICT (P. 0. Richland), Kalamazoo County, Mich.
-Sealed proposals will be received until 7.30 p. m. July 25
OFFERING.
by Rush Eastman. Secretary, for *120.000 coupon school building bonds.
$90.000 of which were voted on Feb. 26 1923 by 162 to 59 and the other
$30,000 on July 9 1923 by 98 to 31. Denom. $1,000. Date July 1 1923.
Int. semi-annually. Bids will be received at the rate of 4%%, 4h % or
5%.Ponds will be sold subject to approval of their legality. Certified check
for $500 required. Bonded debt, none; assessed value, $1,960,725.
ROCKFORD SCHOOL DISTRICT (p. o. Rockford), Winnebago
-Sealed bids will be received by P. J.
-BOND OFFERING.
County, III.
Peterson, Chairman Finance Committee of the Board of Education. until
4 p. m. July 23 for $95,000 414% coupon school bonds. Denonts. *1,000,
$5110 and $100. Date April 1 1922. Prin, and semi-ann. Int. (A. &
payable at the City Treasurer's office. Legality approved, it is stated,
lay Chapman, Cutler & Parker, of Chicago, Enclose a certified check
for 5% of the amount bid for.
ROCKFORD SCHOOL DISTRICT NO. 5, Renville County, No.
-The State of North Dakota purchased at par
Dak.-BOND SALE.
during the month of May $4,000 4% building bonds. Date Dec. 31
1920. Due Dec. 31 1930. Bonds are not subject to call, but may be
redeemed two years from date of issue.
ROOSEVELT COUNTY SCHOOL DISTRICT NO.9(P. Q.Portales),
-At the election held
-CORRECTION.
N. Mex.-BONDS DEFEATED
-the proposition to issue $20,000 school
on June 23-V. 116, p. 2678
building bonds failed to carry.
In V. 117, p. 118, we incorrectly reported that the proposition carried.
ROUNDHEAD RURAL SCHOOL DISTRICT (P. 0. Roundhead),
-Sealed bids will be received
-BOND OFFERING.
Hardin County, Ohio.
by J. E. Mertz, Clerk Board of Education, until 12 m. July 23 for 84,000
5%% school bonds. issued under Sec. 7630-1 of Gen. Code. Date July 1
1923. Prin. and semi-ann. int. (A. & 0.), payable at the Belle Center
Banking Co. of Belle Center. Enclose a certified check for $200. payable
to the above Clerk.
RULE INDEPENDENT SCHOOL DISTRICT, Haskell County
-On July 9 the State Comptroller o
-BONDS REGISTERED.
Texas.
Texas registered $50,000 6% serial school bonds.
-Al
-BIDS REJECTED.
ST. MARIES, Benewah County, Idaho.
bids received for the 568.000 general obligation bonds offered on July 6
(V. 116. p. 2912) were rejected.
ST. MARYS CITY SCHOOL DISTRICT(P.O. St. Marys), Auglaize
-Until 12 m. Aug. 2, T. A. White.
-BOND OFFERING.
County, Ohio.
Clerk, will receive sealed bids for the purchase at not lase than par and
interest of $96,000 5% new school building bonds, issued by authority of
Sections of 7625 to 7628, incl. of the General Code. Dewitt. $1.000.
'
Date Aug. 2 1923. Int. M. & S. Due $4,000 yearly on Sept. 1 from
1924 to 1947, incl. Certified check for $4,800, payable to T. A. White.
Bonds to be delivered ad paid
Treasurer Board of Education, required.
for within ten days from time of award.
-At an election
-ALL PROPOSITIONS VOTED.
ST. PAUL, Minn.
-(1) for *2.500,000 water bonds. (2) for
held on July 16 three propositions
system bonds, and (3) for a charter amendment providing
$3,000,000 sewer
that interest on the bonded debt of the city shall not be considered part
-all carried. The vote on each proposition was
of the cost of government
as follows:
Yes.
No.
24,154
5,901
Charter amendment
29,582
5,530
Water department bonds
29,777
5,242
Sewer bonds
-An election
ST. PAUL, Howard County, Nebr.-BOND ELECTION.
issuing $12,500 water extension bonds will be
to vote on the question of
held on July 30.
-BOND SALE.
-The $30,000 4 Y
SALEM, Essex County, Mass.
surface drainage loan of 1923 coupon bonds offered on July 18-V. 117, I,
241-have been awarded to Arthur Perry & Co. of Boston at 100.28-a
basis of about 4.21%. Date June 1 1923. Due $2,000 yearly on June 1
from 1924 to 1938, incl. Other bidders were:
ate Bill.
R_a_r00B.i1d4.
100.196 Waumkeag Tru.st
...
R. L.Day & Co
100.19 Curtis & Sanger
100.14
Merrill, Oldham & Co
100.18 Blodgett & Co
Estabrook & Co
-BOND OFFERING.
-Sealed bids will
SALEM, Salem County, N. J.
be received by W. B. Dunn, City Recorder, until 7.30 p. m. (Eastern
standard time) July 30 for the purchase of an issue of 5% coupon or regis
tered water supply bonds, not to exceed $35.000, no more bonds to be
awarded than will produce a premium of $1,000 over $35.000. Denom.
$1.000. Date Aug. 1 1923. Prin. and semi-ann. Int. (F. & A.), potable
at the Salem National Bunking Co. of Salem. Due $1,000 yearly on
Aug. 1 from 1925 to 1959, inclusive. Enclose a certified check on an
incorporated bank or trust company for 2% of the amount bid for.
-BOND SALE.-Blyth.
SAN BRUNO, San Mateo County, Calif.
Witter & Co. and the Bank of Italy have jointly purehased $100,000 .5‘;',
water works impt. bonds at a premium of $10, equal to 100.01. a basis of
0
about 4.99%. Date July 1 1923. Due on July 1 as follows: *3,00
1924 to 1928 incl.. $4,000 1929 to 1933 incl., $6,000 1934 to 1938 incl.. and
117,000 1939 to 1943.
-Sealed
SANFORD, Seminole County, Fla.
-BOND OFFERING.
froposals will be received until 3 p. in. Aug. 8 by the City COMMPI81011
(composed of Forrest Lake, S. 0. Chase and C. J. Marshall) for $151.000
65;;, street improvement bonds. Date July 2 1923. Denom. $1.000.
Prin. and semi-ann. int. (J. & J.) payable in New York. Due on July 1
as follows: *15,000, 1924 to 1932, incl.. and $16.000, 1933. Bonds to be
sold subject to the approving opinion of John C. Thomson, N. Y.City, to be
furnished by the city. A certified check for 1 % of Issue required.
-At the election
SANGU. Denton County, Texas.
-BONDS VOTED.
held on July 10 (V. 116, p. 2912), the three propositions--$55,000 water
system,$22,000 municipally-owned sewage system and $17,500 municipallyowned electric light system bonds-all carried.
-BOND OFFERING.
SANILAC COUNTY (P. 0. Sandusky), Mich.
-Sealed bids will be received until 1 p. m. July 26 by the County Road
Commissioners for approximately $69,500 Assessment District No.31 bonds.
Denom. to suit purchaser. Interest rate not to exceed 6%.to be named by
bidder. Int. semi-annually. Due serially in from I to 10 years. Cert.
check for $2,000. payable to the above Commission, required. The bonds
are issued under the provisions of Act 59, Public Acts of 1915, as amended,
and are the obligation of the townships of Elk. Watertown. Washington
and Buel. in Sanilac County, the County of Sanilac and Assesonent District No. 31.
-John
-BOND OFFERING.
SAN JOSE, Santa Clara County, Calif.
J. Lynch, City Clerk, will receive sealed bids until 8 p. m. July 23 for
$1,183 7% coupon street impt. bonds. Denom. $11830. Date July 2
1923. Prin. and int, payable at the City Treasurer's ofllce. Due $118 30
• -1 • on July 2 from 1924 to 1933 incl. A cert. cheek for 10% of amount
bid requked.
.1 1:.1;17 21 1923.]
THE CHRONICLE
355
SANTA ROSA HIGH SCHOOL DISTRICT, Sonoma County, Calif.
STROTHER SCHOOL DISTRICT(P.O.Strother), Monroe County,
BOND SALE
-BOND SALE NOT COMPLETED.
-The Bank of Italy Mo.-BONDS VOTED.
-A proposition to issue $2,600 bondsfor a new school
has purchased at a private sale $375,000 5% school bonds at a premium of building carried at an election held on July 7 by a vote of 56 to 21.
$8,650, equal to 102.30. These bonds were at first sold to the Wm. R.
Compton Co.and the First Securities Co.. jointly (see V. 116, p. 1332), but
SWIFT COUNTY (P. 0. Benson), Minn.
-BOND OFFERING.
the sale was not completed because the bond house refused to accept the D.P.Carney. County Auditor, will receive sealed bids until 2P. m.Aug.17
bonds under an alleged flaw in the proceeding.
for $30,000 5% road bonds. Denom. $1,000. Date Aug. 1 1923. Int.
semi-ann. A cert. check for 10% of issue, payable to the County Treasurer,
SENECA, Oconee County, So. Caro.
-BOND OFFERING.
-Kenneth required.
Richardson, Town Clerk, will receive sealed bids until 11 a. m. Aug. 1 for
$25,000 5% coupon street and sidewalk bonds. Denom. $1,000. Date
SYLVANIA, Lucas County, Ohio.
-Park
-BOND OFFERING.
July 1 1923. Prin. and semi-ann. int. (J. & J.) payable at a place to be Wagonlander, Village Clerk, will receive sealed proposals until 12 m.Aug.3
designated. Due $5,000 on July 1 in each of the years 1928, 1933, 1938. for the purchase at not less than par and interest of the following 551%
1943 and 1948. A cert. check for $500 required. Legality approved by refunding bonds, issued under authority of Sec. 3916 of the Gen. Code:
Storey, Thorndike, Palmer & Dodge, Boston.
$3,180 Erie Street bonds. Denom. 5 for $500, 2 for $250 and 1 for $180.
Due yearly as follows: $500 1924. $680 1925, $500 1926. $750 1927
SCHLEICHER COUNTY(P.O.El Dorado),Tex.
-BOND OFFERING.
and 1928. Cert. check for $300, payable to the Village Treasurer.
Sealed bids will be received until I p. m. July 30 by W.F. Ford, County
required.
Judge, for $60.000 554% court house bonds. Denom. $1,000. Date 10,112 Summit Street bonds. Denom. $1,000. except bond No. 11 for
July 10 1923. Prin. and semi-ann. int. (A.-0. 10) at the County Treas$112. Due yearly as follows: $2,000 1924 to 1927 incl. and $2,112
urer's office or in N. Y. City, at option of holder. Due $2.000 yearly. A
1928. Cert. check for $500, payable to the Village Treasurer. recertified check for $1,000 required.
quired.
Financial Statement.
Date Aug. 1 1923. Bonds to be delivered and paid for within ten days
Total assessed valuation of Schleicher County for year 1922- _$3,552,261 00 from time of award.
Estimated as.sessment for year 1923
3,750,000 00
Estimated value of real and personal property
TACOMA, Wash.
-BOND SALE.
-During the month of June the City
7,500,000 00
Total outstanding Indebtedness. $109.000 county road bonds.
of Tacoma issued the following 6% bonds:
Amount.
Date.
Due.
SCOTLAND INDEPENDENT SCHOOL DISTRICT NO. 4 (P.
$36.813 80
June 6 1923
June 6 1935'
0. District No.4049
Scotland), Bon Homme County, So. Dak.-BOND OFFERING.
- District No. 1290
June 6 1930
321 60
June 6 1923
Sealed bids will be received until 8 p. m. July 27 by F. J. Waulk, Clerk
Bonds are subject to call yearly in June.
Board of Education. for $25,000 5%% school bonds. Denom. $1,000.
Date July 1 1923. Prin. and semi-ann. int. (J.
TAPPEN SCHOOL DISTRICT NO. 28, Kidder County, No. Dak.-J.). payable at the Northwestern Trust Co.of St. Paul. Due on July 1 as follows: $1.000 1931 and BOND SALE.
-During the month of May the State of North Dakota
$2,000 1932 to 1943. inclusive. Legality approved by Ambrose Tighe of purchased at par 833,000 4% building bonds. Date Dec. 31 1920. Due
St. Paul. A certified check for 3% of amount bid required. These bonds Dec. 31 1940. Bonds are not subject to call but may be redeemed two
were voted at the election held on June 26-V. 116, p. 2912.
years from date of issue.
TETON COUNTY SCHOOL DISTRICT NO. 80 (P. 0. Driggs),
SCOTTSBLUFF SCHOOL DISTRICT (P. 0. Scottsbluff), Scotts
Ida.
-BONDS VOTED.
-At a recent election the people authorized the
Bluff County, Neb.-BOND ELECTION
-BOND SALE.
-The International Trust Co. and Newton & Co., both of Denver. have jointly pur- ssuance of $4,000 school building bonds by a vote of 17 to 0.
chased $60,000 5% refunding bonds, subject to being voted at an election
TETON COUNTY SCHOOL DISTRICT NO.8(P.O.!MIMS). Ida.
to be held soon.
BOND OFFERING.-Bids will be received until 2 p. In. July 30 by M. R.
SHARON SPECIAL SCHOOL DISTRICT (P. 0. Sharon), WeakleY Killpack, District Clerk, for $20,000 554% refunding bonds.
County, Tenn.
-BOND OFFERING.
TEXAS (State of).
-J, A. Moore, President Board of
-BONDS REGISTERED.
-The following bonds
Directors, will receive sealed bids until 1 p. m. July 31 for the purchase of have been registered by the State Comptroller of Texas:
-year school bonds. Denom. $500.
$10,000 6% 20
Amount.
Place.
Due. ha. Rate. DateReg.
$2,500 Upshur Co. Com. S. D. No.25
5-20 years 534% July 10
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-BOND SALE.
2,000 Upshur Co. Com. S. D. No.41
-The
20 years 534% July 10.
following two issues of 5% coupon bonds offered on July 18(V. 117, p. 239)
3.000 Limestone Co. Com. S. D. No.67--- 5-10 years 5%
July 10
have been awarded to Breed, Elliott & Harrison of Indianapolis for $28,3.500 Haskell Co. Corn. S. D. No. 23
Serial
6%
July 10
503 75, equal to 100.23. a basis of about 4.95%:
6%
3,200 Van Zandt Co.Com.S.D.No.30---- Serial
July 11
$12,000 Andrew Walser et al. road in Marion and Additon Townships
2,000 Denton Co. Corn. S. D. No. 10
Serial
July 11
5%
bonds. Denom. $600.
2.000 Williamson Co. Corn. S. D. No.28_ _ - 5-20 years
July 11
5%.
16.440 Omer Haymond et al. road in Liberty 'Eownship bonds. Denom.
3,000 Limestone Co. Corn. S. D. No. 58_ _ _10-20 years 5%
July 11
$822.
1.500 Martin&Dawson Cos.Com.S.D.No.9
July 12
10 years 6%
Date June 30 1923. Interest M.& N. 15. Due one bond of each issue
TILDEN, Madison County, Neb.-BOND SALE.
each six months from May 15 1924 to Nov. 15 1933,incl.
-It is reported that
-The $6,500 road bonds offered at the same time an issue of $6,000 water works extension bonds has been purchased by
BONDS NOT SOLD.
Stuart & Co. of Lincoln.
were not sold as no bids were received.
TILLAMOOK, Tillamook County, Ore.
-BONDS VOTED.
-At an
SHERIDAN, Sheridan County, Wyo.-BOND SALE.
Construction Co. of Portland has purchased the following-The Warren election held on July 3 a proposition to issue 55.000 bonds for the erection
coupon bonds of an armory carried by a vote of 159 "for" to 10 "against."
offered on July 16 (V. 116, p. 3031):
$5.000 Paving District No. 21 bonds.
TRAILL COUNTY (P. 0. Hillsboro), No. Dak.-BOND OFFERING.
9,000 Paving District No. 20 bonds.
-Gerhard D.Olson, County Auditor, will receive bids until 10 a. m.Aug. 1
32.000 Paving District No. 17 bonds.
for an IMAM of Elliot Drain No. 42 drainage bonds in an amount not to exThe $102,000 6% coupon Paving District No. 18 bonds offered at the ceed $28,470 25. Date July 1 1923. Interest rate not to exceed 7%.
same time (see V. 117, p. 242) were awarded to the same firm at par. A cert. check for 5% of bid required.
Date July 1 1923. Due July 11933.
TROY, Rensselaer County, N. Y.
-BOND OFFERING.-Williani A.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Medicine Toohey, City Comptroller, will receive sealed bids until 10 a. m. July 24
-BOND OFFERING.
Lake), Mont.
-Until Aug. 8 bids will be received by for the purchase at not less than par and accrued interest of 544.000 4%
John Stubbon, Clerk, Board of Education, for $7,000 6% school building registered or coupon water works extension bonds. Denoms.40for 51.000,
bonds. A certified check for $400 required. A like amount of bonds was and 20 for $200. Date Aug. 1 1923. Int. semi-ann. Due $2,200 yearly
on Aug. 1 from 1924 to 1943 incl. Basis bids not acceptable. Each lald
offered on July 10-V. 116. p. 2912.
is to be accompanied by a certified check for 1% of the amount bid for.
SIDNEY, Fremont County, Iowa.
-BOND SALE.-Geo. M. Bechtle It is stated that the city has never defaulted in any of its obligations and
& Co. of Davenport have purchased $10,000 standpipe and water extension that the bonds are tax-exempt.
bonds at par.
TURTLE LAKE SCHOOL DISTRICT NO. 11, McLean County,
SLOPE COUNTY(P.O. Amidon), No. Dak.-CERTIFICATE OFFER- No. Dak.-BOND SALE.
-An issue of $4,000 4% school building bonds
-0.F. Metcalf. County Auditor, will receive bids until 2 p. m. July was purchased by the State of North Dakota during the month of June at
ING.
23 for the purchase of $20.000 7% certificates of indebtedness. Denom. par. Date Dec. 311920. Due Dec. 31 1940. Bonds are not subject to
$1,000. Int. semi-ann. A certified check for not less than 5% of bid call but may be redeemed two years from date of issue.
required. Date July 23 1923. Due in 6 months.
TWIN TOWNSHIP RURAL SCHOOL DISTRICT, Ross County,
SMITH COUNTY (P. 0. Tyler), Tex.
-BOND OFFERING
.-W.R. McCrackin,Clerk Board of Education,
-BONDS REGISTERED.
-On Ohio.
July 14 the State Comptroller of Texas registered $90.000
5% serial road will receive sealed bids until 12 m. Aug. 3 for the purchase at not less than
bonds.
par and accrued interest of 835.0005% coupon school site purchase bonds,
Issued under Sec. 7625 of Gen. Code. Denom.$500. Date June 15 1923.
SNYDER, Dodge County, Neb.-BONDS
-It is reported Prin. and semi-ann.int.(A.& 0.) payable at the District Treasurer's office.
that at a recent election the people authorized VOTED.
the issuance of $90,000 Due yearly on Oct. 1 as follows: $1,000 1924; $1.500 1925 to 1946 incl.,
power line bonds.
and $1,000 1947. All bids must be accompanied with a certified check.
SOUTHERN PINES, Moore County, No. Caro.
payable to the Treasurer of the School District, for 5% of the amount of
-BOND
L. Chandler. Town Clerk, will receive sealed bids until OFFERING. bonds bid for, conditioned that the bidder will receive and pay for such
12 m. Aug. 15 bonds as
for $135,000 coupon or registered pliblic improvement
may be awarded to him within ten days from the time of the
$1.000. Date Aug. 1 1923. Prin. and semi-ann. int. bonds. Denom. award.
-A.). payable
(F.
at the National Park Bank. N. Y. City. Due on
Aug. 1 as follows: $4,000
UNION COUNTY (P. 0. Liberty), Ind.
-BOND OFFERING.
1926 to 1935, incl.; $7,000 1936 and $8,000
name rate of interest. A certified check for1937 to 1947. incl. Bidder to William E. Crawford, County Treasurer, will receive sealed bids until
2%
to the town required. Legality approved by of bonds bid for, payable 1 p. m. July 31 for the purchase at not lees than par of $28,000 5% coupon
Reed. Dougherty & Hoyt. John E. Kauffman et al. County Highway
Denom. $700. Date
N. Y. City.
June 4 1923. Prin. and semi-ann. int.(M.& N. 15) payable at the Union
bonds.
SOUTHMONT SCHOOL DISTRICT (P. 0.
Lexington), Davidson County National Bank of Liberty. Each bidder is required to file with his
County, No. Caro.-BOND OFFERING.-W. J.
bid a certified check for $300. payable to the order of William E. Crawford:
County Commissioners, will receive sealed bids Parker, Clerk of Board of Treasurer.
$20.000 6% coupon or registered school bonds.until 2 p. m. July 28 for
Denom. $1,000. Date
VALDOSTA, Lowndes County Ga.-BONDS DEFEATED.
-At an
Aug. 11923. Prin. and int. payable at
Chase
'
Due $1,000 yearly on Aug. 1 from 1926the 1945. Nat. Bank, N. Y. City. election held on July 11 a proposedissue for $150.000 for water works ento
by Storey, Thorndike & Dodge of Boston. A incl. Legality approved largement, sewer system extension and purchase of fair grounds failed to
certified check for 2% carry.
required.
VAN ALSTYNE, Grayson County, Tex.
-BONDS REGISTERED.
STAMFORD, Delaware County, N. Y.
-BOND OFFERING.-Selaed On July 14 the State Comptroller of Texas registered $10,000 554% serial
bids will be received by John II.
for the purchase of the following Iiiscox, Village Clerk, until 6 p• m.July 24 sanitary sewer bonds.
issues of
$20,000 sewer bonds. Denom.$1,000. 6% coupon or registered bonds:
VAN BUREN TWP. RURAL SCHOOL
(Sept. 1). Due $1,000 yearly onDate Sept. 11923. Int. annually R. F. D. No.12), Montgomery Co., Ohio. DISTRICT (P. 0. Dayton,
-BOND OFFERING-Sealed
Sept. 1 from 1928 to 1947 incl.
8.000 street. highway and park impt. bonds.
Denom. $500. Date bids will be received by Clark Powell. Clerk Board of Education. until
Aug. 11923. int. annually (Aug. 1).
Due $500 yearly on Aug. 1 2 p. m. July 28 for the purchase at not less than par and interest of $17.500
from 1924 to 1939 incl.
6% coupon school bonds, issued under Secs. 7628 and 7629 of Gen. Code.
Prin. and annual interest payable at the National
Denom.$1,000, except one for $500. Prin. and semi-ann. Int.(J. & D.24)
Bank of Stamford.
payable at the Dayton Savings & Trust Co. of Dayton. Due yearly on
STANTON, Montcalm County, Mich.
-BOND SALE.
-The Com- Dec. 24 as follows: $1,000 1923 to 1938 incl. and $500 1939. All proposals
mercial State Savings Bank of Greenville has
purchased
00 must be unconditional. Bonds will be delivered and settled for at the Day5% fire apparatus bonds at 97. a basis of about 5.58%.an issue of $3,5
and $2,000. Date May 1 1923. Int. M. & N. Due Denoms. $1,500 ton Savings & Trust Co. Dayton. Each proposal must be accompanied
'
$1,500 1929 and by a certified check upon some solvent bank, payable to the above official.
$2,000 1930.
in an amount equal to 5% of the par value of the bonds bid for. Bidders
STEARNS COUNTY (P. 0.St. Cloud), Minn.
must satisfy themselves of the
-BOND OFFERING.
- submitting a bid. Any of the legality of the issue of the bonds prior to
Bids will be received until July 26 for the purchase of
proceedings pertaining to the issue
$125,000 road paving file with the above Clerk and may be investigated upon request. are on
bonds by the County Commissioners.
STEELE COUNTY (P. 0. Owatonna), Minn.
-The
SALE.
$250,000 5 road bonds offered on July 9(V. 116. -BOND were awarded
p.
to the Wells-Dickey Co. of Minneapolis. Date July 2913)
‘
11923.
STERLING CITY, Sterling County, Texas.
-BOND ELECTION.
An election will be held on Aug. 4 to vote on the question
of issuing $50,000
5% 20
-year serial school construction bonds.
STOCKTON, San Joaquin County, Calif.
-BOND OFFERING.
N. Freed. City Clerk, will receive sealed bids until 5
$12,718 94 7% improvement bonds, maturing in 1 to 10 p. m. July 23 for
years.
check for 5% of amount bid, payable to the city of Stockton, A certified
required.
STRAWBERRY LAKE SCHOOL DISTRICT NO.
27, McLean
County, No. Dak.-BOND SALE.
-The State of North Dakota purchased
$3.000 4% building bonds during the month of May at par. Date
Dec. 31
1920. Due Dee. 31 1940. Although bonds are not subject
to call they
may be redeemed two years from date of issue.
WARREN COUNTY (P. 0. Williamsport), Ind.
-BOND OFFERING.
-O. H. Moffitt, County Treasurer, will receive sealed bids until 2 p.
July 27 for $29.900 5% coupon Medina Township road bonds. Denom.
$1.495. Date June 8 1923. Prin. and semi-ann. int.(M.& N.). payable
at the County Treasurer's office. Due $1,495 each six months from
May 15 1924 to Nov. 15 1933. inclusive.
WASHINGTON COUNTY (P. 0. Stillwater). Minn.
-BOND SALE.
-The $250,000 5% road bonds offered on July 17 (V. 117. p. 242) were
awarded jointly to the Northwestern Trust Co. of St. Paul and the Minneapolis Trust Co. of Minneapolis as 4%s at a premium of $3,000, equal to
101.20. Date Aug. 1 1923.
WASHINGTON COUNTY (P. 0. Washington), Pa.
-BOND OFFER'NO.
-Unofficial reports Inform us that the Clerk of the Board
stoners will receive sealed bids until July 23 for $165,000 454% of Conuntssemi-annual
2254-year road improvement bonds. A certified check for
42.500 is
required.
[Vol.. 117.
THE CHRONICLE
356
-BOND SALE.
-The following
WALTHAM,Middlesex County, Mass.
Issues of 431%,, coupon (with privilege of full registration) bonds offered on
July 16 (V. 117, p. 242) have been awarded to Arthur Perry & Co. of
Boston at 100.66, a basis of about 4.179':
37,000 Park "land loan," payable $1,000 on July 1 1924 to 1930 incl.
25.000 sewer loan, payable $1.000 on July 1 1924 to 1948 incl.
35,000 street loan, payable 34.000 July 1 1924 to 1928 and $3,000 on July 1
1929 to 1933 incl.
35,000 surface drainage loan, payable $2.000 on July 1 1924 to 1928 and
$1,000 on July 1 1929 to 1953 incl.
74,000 school loan, payable $4,000 on July 1 1924 to 1937 and $3,000 on
July 1 1938 to 1943 incl.
Date July 1 1923. Other bidders were:
Rate Bid.
Rate Bid.
Merrill, Oldham & Co
100.61 Old Colony Trust Co
1100.377
Stacy & Braun
1100.537 Edmunds Brothers
Brown Bros. & Co
R.L.Day & Co
100.359
J
Waltham Trust Co
100.42 Grafton & Co
100.30
Estabrook & Co
100.416 Curtis & Sanger
100.26
Kidder,Peabody & Co
100.396 Blodgett & Co
100.21
Eldredge & Co
100.18
re-surfacing sheet asphalt streets, re-surfacing brick and cobblestone pavements with sheet asphalt, are free, it is stated, from all taxes in the hands
of the holder or holders, except succession or inheritance taxes now or
hereafter to be levied hereon or on the debt hereby secured under the present
or any future law of the Commonwealth of Pennsylvania, which taxes
the city of Wilkes-Barre covenants and agrees to pay. This issue of
bonds prepared by, and the genuineness thereof certified by, the U. S.
Mtge. At Trust Co., New York City. Bonds to be delivered and paid for
at the aforementioned trust company. Official announcement says:
"There is no litigation or controversy, threatened or pending, concerning
this issue of bonds, the corporate existence or boundaries of the municipality
or the titles of its present officials to their respective offices. The city of
Wilkes-Barre has never defaulted in the payment of its obligations, either
principal or interest."
Financial Statement.
*32,233,910 16
Total city debt, including this issue
a741.054 58
Assets applicable to payment of debt
Net debt, including present issue
Last preceding assessed valuation
Tax 1923. $10.00. Population 1920 (Census), 73;833.
$1,492.855 58
$83,500,000 00
WASHINGTON SCHOOL TOWNSHIP (P. 0. Milton), Wayne
* Includes 3342.000 bonds issued by the votes of electors of the city,
County, Ind.
-BOND OFFERINO.-Sealed bids will be received by and a floating debt of 3197.510 16. a Includes the following items: $357,William H. Miller, School Township Trustee, until 2 p. m. July 27 for the 819 44 cash in hands of City Treasurer, and $104,144 cash and $4,000
purchase at not less than par and accrued interest of $72,000 434% school bonds in hands of Sinking Fund Treasurer.
building bonds. Denom. $500. except bond No. 5 and every fifth bond
thereafter shall be in the denomination of $400. Date April 5 1923.
WILLOW LAKE, Clark County, So. Dak.-BONDS DEFEATED.
Prin, and semi-ann. int. (J. & J.) payable at the Washington Township At an election held on June 28 a proposition to issue 350.000 water works
Bank, Milton. Due each six months as follows: $2,400 July 1 1924 to bonds, submitted to a vote of the people at that time, failed to carry by
Jan. 1 1937 incl., and $4,800 July 1 1937 and Jan. 11938. Each bid must 3 votes.
be accompanied by a certified check for $500, payable to the above official.
WINCHESTER, Middlesex County, Mass.
-BOND OFFERING.
a proper transcript of the proceedings for the issue and sale of bonds will
Until 5 p. m. July 23 George H. Eustis, Town Treasurer, will receive bids
be furnished by the above trustee.
for the following two issues of 431% coupon (with privilege of registration)
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Logan), school bonds, either as a whole or for each issue separately:
Hocking County, Ohio.
-BOND OFFERING.
-Sealed proposals will be $150,000 "Winchester School Loan. Act of 1922." bonds. Date Sept. 15
received by C. E. Griffith, Clerk Board of Education, until 12 m. July 28
1922. Due yearly on Sept. 15 as follows: $8.8.000 1923 to 1932
for $12,000 6% bonds, issued under authority of Section 7630-7631 of the
incl. and $7,000 1933 to 1942 incl. These bonds are outside of
General Code. Denom. $1,200. Date July 1 1923. Prin. and semi-ann.
debt limit.
int.(M.& S.) payable at the District Treasurer's office. Due $1,200 yearly
390,000 "School Building Loan" bonds. Date May 11923. Due yearly
on Sept. 1 from 1924 to 1933 incl. Cert. check on a solvent bank for 6%
on May 1 as follows: $20,000 1924 to 1941 incl., and $15,000
of the amount of the bid, payable to the District Treasurer, required.
1942 and 1943.
Bonds to be certified by the Old Colony Trust Co., Boston, and legality
WEATHERSF1ELD TOWNSHIP RURAL SCHOOL DISTRICT approved by Ropes, Boyden & Perkins.
(P. 0. Niles), Trumbull County, Ohio.
-BOND SALE.
-The $200,000
5% school bonds offered on July 18 (V. 117, p. 119) have been awarded to
WOLFE CITY, Hunt County, Tex.
-On
-BONDS REGISTERED.
the Niles Trust Co. of Niles at par and accrued interest. Date July 21 July 13 the State Comptroller of Texas registered $50,000 water works and
1923. Due $9,000 on Oct. 1 in each of the years 1926, 1929, 1932, 1935. $50,000 school building 5344 serial bonds.
4
1938, 1941. 1944 and 1947. and $8,000 in each of the other years from 1924
WOLSEY INDEPENDENT SCHOOL DISTRICT (P. 0. WoleeY),
to. 1946 incl.
Beadle County, So. Dak.-BOND SALE.
-The $20,000 534% school
WEBER COUNTY (P. 0. Ogden), Utah.
-BONDS DEFEATED.
- bonds offered on July 13-V. 116, p. 120
-were awarded to the Wells
At the election held on July 10-V. 116, 13. 3032
-the proposition to issue Dickey Co. of Minneapolis as 5315 at a premium of $175, equal to 100.875,
$40,000 county high school building bonds failed to carry.
a basis of about 5.188%. Date July 1 1923. Due July 1 1943.
WRIGHTSVILLE, Johnson County, Ga.-BOND OFFERING.
WEINERT INDEPENDENT SCHOOL DISTRICT, Haskell County,
Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas regis- Sealed bids will be received until 2 p. m. Aug. 1 by A. L. Hatcher, City
Clerk, for $30,000 534% sewerage bonds. Due Dec. 1 1949. Interest
tered $17,000 6% serial bonds on July 12.
annually. A certified check for 31,000 required.
WESSINGTON, Beadle County, So. Dak.-BOND SALE.
-The
ZINER SCHOOL DISTRICT NO. 4, Dunn County, No. Dak.$14,000 5% building completion bonds offered on July 2(V. 116, p. 3032) BOND SALE.
during the
-The State of North
were purchased by the Magraw, Kerfoot Co. of Minneapolis. Due in 20 month of Juno $2,000 4% buildingDakota purchased at par1920. Due
bonds. Date De.c 31
years. Dec. 311940. Bonds are not subject to call but may be redeemed two years
WEYMOUTH, Norfolk County, Mass.
-BOND SALE.
-The 340.000 from date of issue.
431% coupon "Almshouse Loan" bonds offered on July 19(V. 117, p. 242)
have been awarded to Arthur Perry & Co. of Boston at 100.64. a basis of
about 4.17%. Date July 1 1923. Due $2,000 yearly on July 1 from 1924
to 1943 incl. Other bidders were:
Rate Bid.
Rate Bid.
(Province of).
-Tenders for
-DEBENTURE OFFERING.
Edmunds Brothers
100.34 Blodgett & Co
100.232 each issue separately will be received by A. J. Scoffield. Manager of the DeEstabrook .Sz Co
100.28 Harris, Forbes & Co
100.15
benture Branch, until 4 p. m. July 24 for the purchase of the following
Curtis & Sanger
100.264
11 issues of g% (accrued interest) debentures, aggregating $16,600:
Rural,
Years,
Rural, 10 Years, 8%- Amount.
WHITEHALL, Muskegon County, Mich.
-BONDS VOTED.
-The *Lac La Biche 8.13.%- Amolint. De
$600
No.3305-$2,000
Bolt S. D. No. 40
Muskegon "Chronicle" of July 13 says:
Manyberries Con. No 44_ _ _ _ 1,500 Ruthenia S. D.No.2408
2,000
"A $26.000 bond issue to improve the Whitehall water works district,
2,200
1.800 Delayed 8.D.No.3764
providing for the erection of a stand pipe and the installation of electric Albeck S. D. No.4103
Glacier S.
2,000
1,500 Lambert S. D.No.3032
pumps, was voted at a special election yesterday. The vote was 248 for *Antelope D.No.4157
Cut S. D. No. 4076
Rural, 5 Years. 8%the bond issue, and 37 against it, with 285 votes cast.
(32,0010 authorized)
500 *Northup S. D. No. 584-__- 500
WHITE COUNTY (P. 0. Monticello), Ind.
*Swedeboro S. D.No.416L_: 2,000
-BOND OFFERING.
The first coupon of Swedeboro debenture is payable in 18 months.
E. B. Steely. County 'Treasurer, will receive sealed bids until 10 a. m.
The above debentures are issued on the serial plan, payable in equal
July 25 for the purchase of $16,000 5% John E. Cover et al., road in Cass
Township bonds. Denom. $800. Date June 15 1923. Interest M.& N. annual installments of principal and interest.
* Reported authorized in last week's issue, on page 243. Purchaser to
15. Due $800 each six months from May 15 1924 to Nov. 15 1933, incl.
pay accrued interest in each case.
WHITMAN COUNTY SCHOOL DISTRICT NO. 72 (P. 0. Colfax),
FORT ERIE, Ont.-BOND OFFERING.
-A. E. Seaton. Clerk, will
Wash.
-BOND OFFERINO.-E. B. Thompson, County Treasurer, will
receive sealed bids until 10 a. m. July 28 for $3,500 school bonds. Interest receive tenders until 12 m. July 16 for the purchase of 310.000 534% 20
installment bonds.
rate not to exceed 6%. Prin. and int. payable at the County Treasurer's
ST. LAMBERT, Que.-BOND OFFERING.
office. Due as follows: $400 1924. $500 1925 to 1929 and $600 1930:
-James R Beatty, Secreoptional 1925. A certified check for 1% of issue, payable to the above tary Treasurer, will receive bids until 8 p. m. July 23 for the purchase of
official. required.
$95,000 535% bonds. Denom,$1,000. Interest M.& N.
TERREBONNE COUNTY, Que.-BOND SALE.
-The $51,000 535%
WILKES-BARRE, Luzerne County, Pa.
-BOND OFFERING.
- 10
-year bonds offered on July 10 (V.
Sealed bids will be received until 12 m. (Eastern standard time) July 25 Rene T. Leclerc of Toronto at 99.50117. p. 120) have been awarded to
and interest. Date June 1 1923.
by Fred H. Gates. City Clerk, for the purchase at not less than par and Other bidders were:
accrued interest of $220,000 434% city improvement bonds. Denom. Corporation des ObligationsL.G.Beauhlen
98.80
$1,000. Date July 1 1923. Prin. and semi-ann. int. (J. & J.), payable
Municipales
98.47
at the City Treasurer's office. Due yearly on July 1 as follows: $100,000 Versailles Vidricaire Boulois__ 99.391Credit Anglo-Francais
98.87 Dominion Securities Corp__ _ _ 98.10
1928, 320.000 1929 to 1931, incl.. and $330,000 1932 and 1933. Certified
TRENTON,Ont.-BOND SALE.
-It is reported that an issue of 330,000
check for 2% of the amount of bonds bid for, payable to the City Treasurer,
-installment debentures were awarded to Bain, Snowball & Co. at
required. Legality approved by Townsend, Elliott & Munson of Phila- 5349" 30
delphia. The bonds, which are issued for repairing sheet asphalting paving. 100.37, a basis of about 5.47%.
CANADA, its Provinces and Municipalities.
ALBERTA
NEW LOANS
REDEMPTION NOTICE
REDEMPTION NOTICE.
We Specialize in
City of Philadelphia
3s
31/
28
4s
/
41 43
41 28
/
5s
51/
43
528
/
1
6% ROAD PAVING BONDS.
NOTICE is hereby given that Bonds Nos.
66 to 130, both inclusive, for $1,000 each, of Es
cambia County Road Paving Bond Issue, have
been called in for retirement on August 15th,
1923, in accordance with our option.
OWNERS will present same to Guaranty Trust
Company of New York City and receive payment
therefor on above date as interest will cease
thereafter on said bonds.,
BOARD OF BOND TRUSTEES,
Escambia County, Florida.
WADDELL
Ground Floor dower Malan.
SO Liberty Street
New York
Telephone nortlandt 3183
USE AND CONSULT
the Classified Departmen;
the
BALLARD & COMPANY
104 South Fifth Street
Philadelphia
Member' New York Stock Exchange
United States and Canadian
Municipal Bonds
Escambia County, Florida, ,110002IGORDcw
Biddle & Henry
Prirate Wire to New York
Call Canal 8437
FINANCIAL
HARTFORD
Connecticut Securities
Financial Chronicle
Ow Classified Department facer rt.,
Inside back cover.
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