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The
rentriv
Bank & Quotation Section
Railway Earnings Section
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JULY 28 1923
VOL. 117.
Xhe Thronicle.
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Clearing House Returns.
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of the paper. They will be found to-day on pages
407 and 408.
The Financial Situation.
Very radical talk on the part of Magnus Johnson,
the Senator-elect from Minnesota (we quote some of
his utterances on a subsequent page) and on the
part of other Farmer-Labor members of Congress,
has caused renewed depression on the Stock Exchange this week, and the last few days prices of
stocks have again been tumbling badly. As a consequence confidence in the future, which showed signs
of reviving last week, is again beginning to wane. Industrial activity, which has been noticeably slackening for several months but last week showed signs of
quickening again under the rally in prices on the
Stock Exchange, has now received a new blow, and
it seems doubtful if early trade recovery can be
counted upon. The economic situation of course has
not changed. Western farm products are at a low
ebb and Eastern manufacturing costs remain high to
the discomfort and the sorrow of the agricultural
classes. But it appeared likely that by the exercise
of the innate common sense of th wage earners
modification by degrees of high production costs
might be brought out.
Revolutionary talk, however, such as that indulged
in by Senator Johnson, is not and cannot provide a
remedy or effect a cure. Economic law must be allowed to correct the dislocation in a natural way.
Radical talk or radical action can only serve to
Electric Railway Sectica
State and City Sectior
NO. 3031
make matters worse and delay recovery. The favorable factor in the situation just now is the good
earnings the railroads are enjoying. These earnings
will be spent in the purchase of equipment and supplies, thus promoting reproductive activity and affording a healthful stimulus to general trade. But
if the railroads are to be reduced to poverty again
through rate reductions, this stimulus will be removed and trade depression of a pronounced sort become inevitable.
Western roads are even now doing none too well,
notwithstanding their earnings have considerably
improved. The fructifying influence must come
from the Eastern roads. But the Western roads
must be allowed to earn at least enough to live, else
the carriers will of necessity cease to function, and
in that event the last state of the farmer would be
worse than the first. Farmer-Labor members of
Congress should therefore ponder carefully before
they once more undermine the credit of the country's
rail carriers. The loss will be a:double one, first in
depriving the whole community, the farmer as well
as the rest, of the transportation service without
which the country cannot exist, and sedondly in
crippling the railroads as a spending agency and
thereby cutting off at the root the largest single
element in the country's industrial activity.
The parley between anthracite miners and operators was resumed on Monday, after an interruption
on account of a convention by the miners of one large
district. All the miners say they want is the 20%
increase (over the peak wages reached in the inflation period following the conclusion of the armistice
and never reduced since), *2 more for men who are
paid by the day, recognition of the union, and sundry
other demands of a "technical" nature. The question of "recognition" has so far been the most troublesome one. If the demand were simply that the
existence of unions in the industry be admitted there
would be no difficulty, since that is an indisputable
fact. Nor is the principle of collective bargaining
involved, for that is something nobody desires to have
ended, notwithstanding frequent assertions that it
is in peril and that employers are hostile to it; only
its abuses—such as intervening and bargaining by
outsiders—have brought it into question. But "recognition" carries with it the check-off and involves
virtually the closed shop, thus being a question of
principle instead of a mere transient concession.
This was the main subject of the struggle on Wednesday, the operators contending that to adopt the
check-off would set up an illegal monopoly in coal
358
THE CHRONICLE
mining. Moreover, they resent being asked to act as
instruments for the collection of union dues and
assessments, often so excessive as to oppressive.
In the meantime,it seems proper to point out that
at this date in midsummer with two million tons of
coal a week being mined with undeviating regularity
in the anthracite regions, no stove coal is to be had
in these parts. Consumers are being admonished
from Washington not to delay until the autumn laying in their winter supplies, but when they apply to
the retail dealers for an explanation why orders
placed three months ago still remain unfilled they
are told that supplies of stove coal are not to be had
at any price. These dealers point to heaps of small
sizes of coal in their yards—usually pea coal, utterly
unfit for household use—and try to prevail upon you
to stock up with that, but claim to be unable to say
when they can let you have stove coal for the kitchen
or egg coal for the furnace. Cases have been brought
to the notice of the writer of orders placed at the beginning of last April, and where inquiry has brought
the reply from the dealer this very week that he did
not expect to be able to make delivery until the end
of August or the middle of September at the earliest.
By that time, of course, the dealer will know if there
is to be a strike and be able to fix his price accordingly, for these orders were all taken subject to the
price prevailing at the time of delivery.
It may be that anthracite is being shipped to the
West and to Canada and New England, at the expense of the seaboard, and that the metropolis suffers as a consequence. If so, it would not be the first
time that this has happened. But the complete indifference of these dealers to the scarcity—their
failure to make any vigorous protest against the
plight to which their patrons have been reduced—
suggests that they are not averse to having the scarcity, real or pretended, continue, seeing therein a double chance of gaining an advantage for themselves,
first in unloading pea, buckwheat and other small
sizes, which they buy for a song, at a price approximating that which they charge for stove and
nut, and secondly on the prospect that they will be
able to charge a larger margin of profit on stove and
nut itself by reason of the urgency of the unsatisfied
demand. Whatever the explanation, it is time that
some one intervened for the relief of the population
of New York City and Brooklyn.
Apparently progress in adjusting the Ruhr situation has been made only in the exchange of notes.
According to an Associated Press cablegram from
Paris last evening "the French reply to the British
reparations note will be delivered in London to-morrow or Sunday. It accepts some of the British suggestions and asks for further light on others.. It
maintains the principle of the Franco-Belgian declaration to the effect that passive resistance must
cease before negotiations with Germany are undertaken." It was added that "Premier Poincare left
Paris late last evening for his country home at Sampigny for a few days' rest after giving the finishing
touches to the reply to the British communication.
The document, however, will be communicated to
London only after the Belgian Government has received a copy and had time to examine it."
The British Government, on the afternoon of July
20, dispatched to the Allied Powers and to the
United States, its note in reply to the German memorandum on reparations of June 7. No official state-
[VOL. 117.
ment was made at the time as to the contents of the
communication, and none has been made since.
On the contrary, the London correspondent
of the Chicago "Tribune" said that "the strictest secrecy is preserved here about the contents
of the note, and the nations receiving it also have
been asked to preserve secrecy." None of the American correspondents at the British capital assumed to
have particularly definite information regarding
the reply. The Chicago "Tribune" representative
said, however, that "I understand that its main
points are, first, acceptance in principle of the German suggestion of an international commission to
assess Germany's capacity to pay and determine the
method of payment, and, second, a hint to Germany
that, if she ceases the passive resistance in the Ruhr,
the French may be induced to modify the rigor of the
occupation." This was closely in keeping with the
forecasts made last week by the London representatives of several American papers. The New York
"Herald" correspondent cabled that "the draft of the
reply is firm in tone and, as already indicated, it condemns the continuance of the passive resistance in
the Ruhr. But it does not assure Germany that negotiations will be resumed if she abandons this policy. The German suggestion of an impartial commission to investigate Germany's ability to pay is
described as acceptable." According to a cablegram
to the New York "Tribune" from its London representative,"the draft is couched in such a conciliatory
tone that Premier Poincare can accept without giving the appearance of making a violent compromise
of principle. Fundamentally, the note contains no
deviation from the policy laid down by Premier
Baldwin in his Parliamentary statement on July 11,
but in the hope of winning over the French and at the
same time quieting opposition here, the Prime Minister says Germany would improve the feeling considerably if it reconsidered the policy of passive resistance in the Ruhr."
Commenting upon the effect of the occupation of
the Ruhr by the French and the effect of the passive
resistance of the Germans, the Duesseldorf correspondent of the Associated Press, under date of July
20, said in part: "The Ruhr occupation is entering
the stage in which passive resistance is to be given
its first real test, in the opinion of observers here.
Hitherto, they say, it has been productive of only
slight annoyance and inconvenience, but now the
gradual application of stricter measures by the
French and the Belgians is beginning to involve real
hardship and privation. Germans say they will
never yield, but the French point to yesterday's increased train movements as proof of a decisive weakening in passive resistance. Indications of a real
test may be seen in the tremendous rise in prices and
the perceptible decrease in stocks. The prices of
many commodities have more than doubled within
three days, and shopkeepers are opening their doors
for only a few hours daily and selling limited
amounts to each customer."
In a cable dispatch a week ago to-day (July 21)
the London representative of the Associated Press
declared that "with the British note seeking Allied
and American views on the reparations issue safely
in the hands of the various diplomatic representatives for transmission to the respective Governments
there was evident a feeling of relief and satisfaction
in Downing Street this morning. The British For-
JULY 28 1923.]
THE CHRONICLE
359
eign Office officials left for an extended week-end said that while crying ruin France was rebuilding
vacation, but a number of the American Embassy her industrial machine in better shape than ever, the
staff members will not be able to enjoy such recrea- French Premier said the British would do better to
tion, for they were busy coding messages for Wash- worry about the future trade competition of Gerington so that the note might be on the State Depart- many, who was awaiting only to shake off her obliment's desk early Monday morning." He added that gations with English help to engage in a commercial
"by the end of another week the British expect to war with Great Britain."
have answers from the Allied and American Governments."
Announcement was made in an Associated Press.
In the cable advices from London last Sunday the dispatch from Paris Monday evening that "Premier
point was stressed that the British reply to the Ger- Poincare, who gave the British reparations documan reparations note was not her final word on that ments received from London late last week a careful
subject. The New York "Times" correspondent said reading on Saturday, began a serious study to-day
that "it is insisted to-day [July 21] that the British of the proposed reply to Germany. He went over the
draft reply to Germany on reparations and its ac- documents with Count de Peretti de la Rocca, Direccompanying appendices sent yesterday to the Allies tor of Political Affairs of the Foreign Office, and
and the United States do not in any sense represent Jacques Seydoux, economic adviser to the Foreign
the final word of the British Government." Con- Office, with a view to presenting the whole situation
tinuing, he observed that "the note, it is said, is what to the French Cabinet when it meets at the Quai d'Orit professes to be—a draft capable of considerable say to-morrow." The correspondent added that "exrevision in the light of comments received from changes of views between Paris and Brussels are goParis, Brussels, Rome, Tokio or Washington,if those ing on actively meanwhile. The reply to London will
comments leave the main principles of British policy probably be made before the end of the week, possibly
intact." The correspondent added that "no word be- soon after the French Cabinet has passed on the quesyond news of the receipt of the note has yet come tion."
from Paris, and although an early reply has been reCable advices were received from both London and
quested, it is not expected that the French Govern- Brussels telling of the secrecy regarding the note
ment will be ready with its answer much before the that was being maintained in both of those centres.
end of next week. In its final form the British note The London correspondent of the New York "Times"
and accompanying documents have received the said that "so strictly has the pledge of secrecy in re
unanimous assent of the Cabinet, and, while official gard to the contents of the reparations documents
secrecy is still maintained as to its exact nature, it is dispatched last week by the British Government to
asserted that the British position has been estab- the allied Governments been observed that no statelished in clear and emphatic, albeit considerate, ment on this subject, it is stated in official circles,
terms."
can be regarded as authoritative." He also observed
that "in the past the reserve that the Allied Govern• Several times of late Premier Poincare of,France ments had agreed to maintain in reference to imporhas delivered a speech on Sunday at the dedication tant exchanges in progress frequently have been
of a war monument, or on a similar occasion, in worn down through partial disclosures in the Paris
which he has outlined clearly his position and that of press. On the present occasion Paris is as silent as
his Ministry on some of the leading international London and Premier Poincare has been at pains to
problems. On the Sunday following the statement insist that there shall be no premature disclosures,
of Premier Baldwin to the British House of Com- so that the secrecy now being observed is considmons on the reparations question the French Prime ered to have unusual diplomatic significance." In a
Minister made a spirited reply. He did much the Brussels dispatch it was stated that "the Cabinet
same last Sunday with regard to the British note on met this afternoon and was informed by M. Jaspar
the same subject, which had been received by him of the communications addressed to the Allies by the
only the day before. Describing the delivery of the British Government. The Foreign Minister dwelt
latest speech of M.Poincare, the Paris representative on the necessity for the forthcoming negotiations to
of the New York "Times" said in part: "Twenty- be pursued in the strictest secrecy." It was added
four hours after receiving Prime Minister Baldwin's that "diplomatic activity between Brussels and Paris
prayer to be kinder to Germany, Premier Poincare, willbe intense during the next few days, as it is imstanding at the foot of a monument to the war dead possible for either Premier Theunis or M. Jaspar toat Villers-Cotteret, not far from where on July 18 go to Paris at the moment to confer with M. Poinfive years ago General Mangin started the drive care, as they must remain in Brussels for the last
which ended in Germany's defeat, painted a picture week of the Parliamentary session."
of Germany hiding behind a camouflage of ruin waitThe Paris representative of the New York "Hering only until England had helped her to escape her ald" took a rather pessimistic view of the probabilobligations to launch upon the world an economic ity of anything important being accomplished in the
war backed by the design to try once again to foist near future. He asserted that "tedious conversapolitical domination on other nations." Comment- tions through secret diplomatic channels, rather
ing upon what the Premier said, the "Times" corre- than directly between M. Poincare and the Belgian
spondent declared that "since his accession to power Premier,are not expected here to result in any apprePremier Poipcare has made no speech which so well ciable progress toward a reparations settlement for
reveals his attitude toward Germany. Right or at least another month. Even London is not to have
wrong, no one doubts his sincerity, for he said to-day a reply to all the phases of its draft of the proposed
in public what he has often said in private." Con- answer to Germany before the British Parliament
tinuing his outline of the speech, the correspondent adjourns." He added that "M. Poincare, however,
added that "in a reply to Mr. Lloyd George's recent intends to send some sort of a secret document which
attack on France, in which the ex-Prime Minister will not go into the fundamental
divergencies sep-
360
THE CHRONICLE
arating the two countries, but will be sufficient to
stave off the growing criticism that France is delaying negotiations as much as possible to be in the best
position should Germany capitulate in the Ruhr in
the next few weeks." The New York "Tribune" correspondent in the French capital seemed to give the
most reasonable and accurate outline of the situation, at least so far as the French were concerned.
Under date of July 23 he cabled that "two days have
passed since the British draft of a reply to Germany
reached here, but the tendency to hurry consideration of the document will not be apparent until tomorrow, when the French Cabinet will meet." Continuing, he said that "the delay on the French side is
due principally to two things. The first is that the
Brussels Cabinet, following the Belgian national
holiday, was unable to meet until to-day, and Belgian ideas are given importance in Paris due to
France's desire to bring the two Ruhr allies' views in
accord before any move toward London is made. The
second reason is that all reports from the Ruhr indicath that passive resistance has suddenly been slackened almost to a point of total disappearance. This
means a radical change in the situation, which it is
necessary to consider carefully before France and
Belgium answerLondon on its communication, based
chiefly on that aspect of the problem." Contrary to
the statements of the New York "Herald" representative, the "Tribune" correspondent asserted that,
"while there is a feeling of optimism here that interAllied negotiations now in hand will work out satisfactorily, there is an unmistakable feeling both in
Paris and Brussels that the interchange of views
should not be forced or carried on to some early time
limit."
[Vol,. 117.
August 4." He further stated that "it is understood
that this reply will not take up the proposals contained in Mr. Baldwin's separate memorandum to
France, going deeply into the reparations issue, but
will confine itself to suggesting a change in the Allied response to Germany proposed by Mr. Baldwin."
Referring to the British note to the Allied Powers
and the United States, Premier Baldwin in a speech
at the Lord Mayor's dinner in London Tuesday evening was quoted as saying that "the British Government has just made an offer to our allies proposing
the first steps toward a settlement of the reparations
question. It is made in such a spirit that'I might
fairly hope that success ultimately will attend our
efforts." He added that "the British Government
would leave nothing undone to bring about a settlement, should it be in our power."
Commenting upon the situation growing out of the
British note on reparations, the Paris correspondent
of the New York "Times," under date of July 25,
said: "Two important developments in the European political situation became known to-night. The
first was that Premier Poineare had learned that
Prime Minister Baldwin did not look kindly on the
French suggestion that the Allies reply to Germany
simply by advising her to quit Ruhr resistance, which
was the form of answer that M.Poincare planned to
make to the Baldwin project. The second was that
the Belgian Government notified the French Government today that Brussels stood with Paris on the
position that no negotiations could be begun with
Germany before resistance ended, and that the
French and Belgians should remain in the Ruhr until Germany had paid." He observed also that,"with
the French and Belgians taking the stand that they.
will make no advance promises to Germany in order
to get the resistance orders rescinded, and with the
British refusing to demand that Germany sign a
blank check, the difficulties of the situation are fully
realized."
Definite word was received from Paris Tuesday
afternoon through an Associated Press dispatch that
"the French Cabinet to-day unanimously approved
Premier Poincare's attitude towards the British
project for a reply to Germany's reparations note,
The Paris correspondent of the New York "Times"
which the Premier set forth to his colleagues this
morning for the first time." It was added that "this cabled under date of July 26 that "separate replies to
was the only definite information that was obtain- Premier Baldwin's latest communication to the Alable after the meeting of the Cabinet Ministers." lied Governments will be made by France, Italy and
Continuing, the Associated Press correspondent said Belgium. That point was finally settled to-day at
that "France and Belgium, it appears, already have the Quai d'Orsay during separate meetings between
practically agreed as to their position, and the fact Premier Poincare and the Belgian and Italian Amthat the Cabinet meeting, which was to have been bassadors."
A striking and seemingly significant and imporheld Thursday, was advanced two days to hear M.
Poincare's report on the situation, was taken in polit- tant development in the Ruhr situation was the anical circles as indicating that the Premier's reply nouncement from Duesseldorf Thursday evening
was ready, and that it was negative on some of the that "the frontier separating the Ruhr Valley from
important points in the British proposals." Relative the rest of Germany was opened at midnight."
to the French attitude, the correspondent said that
The peace treaty between the Allied Powers of
"Premier Poincare, it is learned from an authoritaand Turkey was signed at Lausanne on TuesEurope
the
French position on the occutive source, regards
July
24, as was forecast in dispatches from that
day,
and
on
the
Ruhr,
reparations question
pation of the
week. The Associated Press correspondcentre
last
impregnable
legally
and
morally and
generally, as
cabled
that
"the general treaty, formally ending
ent
of
point
view,
and
the optimism
from the economic
state
of
war,
was signed by Great Britain,
the
about
the
Foreign
reign
Office is atthat appears to
Italy,
Japan,
Greece, Rumania and Turkey."
France,
entertained
confidence
there
that
the
tributed to the
made
it
known
also
that "Jugoslavia announced,
He
end
realize
the
the
in
strength
will
British Cabinet
last
the
minute,
her
refusal
to sign on the ground
come
at
to
and
a
compromise
position
of the French
so
to
do
would
be
that
harmful
to her national interThe
New
York
acceptable."
"Times"
that will be
The
Ottoman debt among
treaty
ests.
next
distributes
the
morning
the
that
added
representative
"the Franco-Belgian answer will probably reach Lon- countries like Jugoslavia which acquired parts of the
don by the end of the week, Mr. Baldwin having re- former Ottoman Empire." Continuing to explain
quested that the French Government make known its this feature of the situation, he said that "Jugoslavia
opinion before the adjournment of Parliament on maintains that she annexed her former Turkish ter-
JULY 28 1923.]
THE CHRONICLE
361
ritory as the result of the Balkan wars and not as a States. Wednesday evening the Associated Press
consequence of the general European or Turco-Greek correspondent at Lausanne cabled that "many rewars. She prefers, therefore, to abide by the treaties ports concerning the negotiations between the United
of London and Bucharest, which fixed the political States and Turkey are in circulation in Lausanne."
status of the Balkans. She has agreed to negotiate According to this and other cable advices from Laudirectly with the European Powers regarding her sanne many points had been gone over already and
possible responsibility in connection with the Turk- there were still others to be taken up. One correish debt." As to the treaty itself, the correspondent spondent said that, "as Ismet Pasha and other leadstated that "the general treaty comprises 143 arti- ing Turks have given every assurance to Mr. Grew
cles, divided into five parts—political,financial, eco- and the American missionaries who visited Turkey,
nomic, communications, and general clauses. The that American missionary institutions will enjoy
commercial section stipulates the application of the every facility for their work, the American delegates
Ottoman tariff, inaugurated in 1916, multiplied by a are content with the formal declaration." He
also
coefficient corresponding to the depreciation of the stated that "an agreement has been reached on the
Turkish currency."
text of the clauses, setting forth the regime under
• In another dispatch from Lausanne the same after- which Americans shall reside and do business in Turnoon the following were given as some of the most key. But difficulties are still being encounter
ed on
important features of the treaty: "Constantinople the complicated problem of dual nationality."
goes definitely to Turkey. All foreign troops will be
Commenting upon the situation between the Turks
withdrawn. It makes peace between Greece and and the Americans the Associated Press representaTurkey. It permits the Patriarch of the Greek Or- tive at Lausanne said in a dispatch Thursday eventhodox Church to remain in Constantinople. It ing that "Ismet Pasha, Turkish Foreign Minister,
launches one of the most stupendous and in some temporarily buried his worries over , the American
ways the most cruel human movements in history by treaty negotiations to-day, going by airplane to
its compulsory exchange of population, the Greeks Berne with his military aide to visit the Agricultur
al
in Turkey returning to Greece and the Turks in Institute which he wishes to duplicate in Turkey."
Greece returning to Turkey. It fails to solve the The correspondent added that "meanwhile the chief
Armenian problem, Armenians being obliged to seek Turkish expert here explained that the treaty diffirefuge in neighboring lands like Syria or to find a culties had been reduced to the Question of the Amernew haven in southern Russia. It reduces Turkey's ican claims. The Turks proposed to postpone consize by its recognition of detached mandated States sideration of these claims either for six months,
nine
like Syria, Mesopotamia and Palestine. With one months, or until exact data as to the nature and
stroke of the pen it rids Turkey of judicial capitula- amounts of the claims should become available."
tions, such as China vainly sought to accomplish for
itself at Washington and which Japan achieved only
In view of all that has been going on in Germany
after two decades of struggle. In only one way is in recent months, and in view of the numerous radTurkey treated differently from other.countries: for- ical and directly conflicting political factions, it
is
eign legal advisers will be empowered to receive com- surprising that there have not been more serious outplaints relating to arrests and imprisonment of for- breaks that have been reported. The dispatches from
eigners." Commenting upon the part played- by the Berlin Wednesday morning stated that"serious riotAmerican representatives in the shaping of the ing has taken place in Frankfort as the result of a
treaty one correspondent said: "The American dip- Communist demonstration. Onlookers on the sidelomatic representatives, headed by Joseph C. Grew, walks were dragged into a Communist procession
Minister to Switzerland, were a big attraction in all and forced to carry red flags and a miniature galthe sessions of the Conference. As observers they lows." Continuing an account of the incident, the
played a dominating role in the last phases. They New York "Times" correspondent stated that "the
successfully insisted upon inclusion in the treaty of Communists proceeded to the famous Palm Garden
clauses enforcing the application of the traditional and drove the guests from the restaurant and
cafe.
American principles of the open door and equal op- Then they stormed the near-by house of State
Attorportunity." As to the importance to Turkey of peace ney Haas, who attempted to defend himself with
a
having been formally reached, he observed that "Tur- revolver. He was beaten to death by the
mob." He
key has been at war for twelve consecutive years, and added that "there is a striking similarity between
the
conclusion of the Lausanne negotiations gives her Frankfort outbreak
and the recent Breslau rioting.
sorely needed opportunity for a period of national A report from Breslau to-day
places the final estireconstruction and development."
mate of damage there at 750;000,000,000 marks. Two
In a cable dispatch Wednesday afternoon the Lon- hundred- stores were plundered and damaged.
Five
don representative of the Associated Press said "the persons are known to have been killed and fifteen
outstanding note of all comment in this morning's wounded." According
to the same correspondent,
papers on the signing of the Near East Peace Treaty "there is great nervousness here that
nation-wide
at Lausanne yesterday is a frank admission, some- riots and bloodshed may occur on, Sunday, the 29th,
times made with a very wry face, of Turkey's com- proclaimed by the Communists as 'Anti-Fasc
isti
plete diplomatic victory over the Allies. The new Day.' So great has the fear grown that the
Minister
treaty, nevertheless, is regarded by some commenta- of the Interior has sent a circular letter to
the Govtors as a good one."
ernments of all the Federal States authorizing them
to prohibit any demonstrations on Sunday and to
With the general peace treaty between the Allies use sharp measures if necessary."
and the Turks out of the way, apparently the latter's
delegates, headed by Ismet Pasha, gave more time to
Subsequent dispatches from Berlin told of
threat11ussion with America's representatives of future ened political disturbances in
various directions.
treaty relations between Turkey and the United For instance, the Berlin
correspondent of the New
[voL. 117.
THE CHRONICLE
362
Another, though smaller, addition to gold holdings
was shown by the Bank of England statement for
the week ending July 25. The exact figure was
£3,231, while- reserve expanded £72,000, owing to a
contraction in note circulation of £69,000. Material
reductions in the deposit items brought about a further advance in the proportion of reserve'to liabilities, to 18.08%, which compares with 17.60% last
week and 14.24% for the week of July 4. At this
time a year ago the reserve ratio stood at 171/
4% and
a year earlier at 15.21%. Public deposits declined
£632,000, and "other" deposits £2,256,000. The
bank's temporary loans to the Government were reduced £1,895,000, at the same time that loans on
other securities fell £1,026,000. Threadneedle Street's
stock of gold stands at £127,640,308. A year ago it
stood at £127,403,930 and in 1921 at £128,307,063.
Reserve now amounts to £21,672,000, in comparison
with £21,096,300 in 1922 and £18,536,693 the year before. Loans aggregate £70,556,000, against £72,243,297 last year and £78,000,845 the year before that.
Note circulation is £125,717,000. A year ago it was
£124,757,630 and in 1921 £128,283,370. Clearings
through the London banks for the week totaled £608,211,000, in comparison with £707,730,000 a week ago
and £726,900,000 last year. No change has been made
in the bank's minimum discount rate from 4%. We
Official discount iates at leading European cenappend herewith comparisons of the principal items
tres have not been changed from 18% in Berlin; 6%
of the Bank of England returns for a series of years:
2% in Belgium; 5% in
in Denmark and Norway; 51/
SANK OF ENGLAND'S COMPARATIVE STATEMENT.
2% in Sweden and 4% in LonFrance and Madrid;41/
1923.
1919
1922.
1920.
1921.
July 30.
July 26,
July 25.
July 28.
July 27.
don, Switzerland and Holland. In London open
125,717,000 124,757,630 128,283,370 125,389,195 79,387,255
8% for short Circulation
market discounts remained at 3@)31/
10,483,000 14,296,834 15,373,851 15,148,654 17,881,009
Public deposits
bills, but three months were a shade easier, being Other deposits
109,383,000 107,578,472 106,435,907 118,650,249 116,554,700
45,633,000
Government
secure46,504,853 43,188,078 59,912,381 43,143,808
4% i week Other securities
8@3 3-16%, against 31/
now quoted at 31/
70,556,000 72,243,297 78,000,845 75,481,209 81,745,550
8%, Reserve notes ck coin 21,672,000 21,096,300 18,538,693 18,315,188 27,477,574
ago. Money on call was firm, and advanced to 21/
127,840,308 127.403.930 128,307,083 123,234,383 88,414,829
Coin and bullion
but closed at 17
/8%, unchanged from the previous Proportion
of reserve
liabilities_
to
• 18.08%
20.44%
12.20%
15.21%
1734%
week.
5%
rate
York "Herald" cabled Wednesday evening that "the
Government was openly defied by both Communists
and Nationalists to-night, neither party agreeing to
obey its order forbidding demonstrations for or
against Fascismo next Sunday [to-morrow], and
any further manifestations this summer. Provincial
Governments, as nervous as Berlin, have issued similar orders, even in Bavaria." He further stated that
"the Communists, following the wave of Red uprisings in Frankfort, Breslau and other parts of Germany, are determined to hold widespread demonstrations Sunday against the Fascisti, the Berlin contingent planning to invade Potsdam, the stronghold of
monarchism." Continuing, the correspondent reported that "the Nationalists have threatened a
counter demonstration, and when it was announced
that the Government would suppress all such movements, they said that if the Communists acted they
would do the same. The Communists say they will
carry out their plans." Fear was expressed in Berlin
cable dispatches last evening that the Communists
might cause still more trouble at that centre at any
time. Many shops were said to have closed, and it
was claimed that a serious food shortage was developing rapidly.
Bank
The Bank of France continues to report small
gains in its gold item, the increase this week being
31,000 francs. The Bank's gold holdings, therefore,
now aggregate 5,537,874,250 francs, comparing with
5,530,149,064 francs on the corresponding date last
year and with 5,521,075,772 francs the year previous; of these 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
.6,000 francs, bills discounted rose 19,820,000 francs
and Treasury deposits 19,845,000 francs. Advances,
on the other hand, fell off 24,537,000 francs, while
general deposits were reduced 34,684,000 francs.
Note circulation registered the further contraction of
304,373,000 francs, bringing the total outstanding
down to 36,929,324,000 francs. This contrasts with
36,049,939,140 francs at this time last year and with
36,941,449,710 the year before. Just prior to the
outbreak of war, in 1914, the amount was only
6,683,184,785 francs. Comparisons of the various
items in this week's return with'the statement of last
week and corresponding dates in both 1922 and 1921
are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
Changes
for Week. ' July 26 1923. July 27 1922. July 28 1921.
Francs.
Francs.
Francs.
Francs.
Cold Holdings—
31,000 3,673,529.323 3,581,782,008 3,572,708,716
Inc.
In France
1,864,344,927 1,948,367,056 1,948,387,056
No change
Abroad
31,000
Inc.
Total
58,000
Inc.
Silver
131118 discounted_ _ _Inc. 19,820,000
Dec. 24,537,000
Advances
Note cIrculation_Dec. 304,373,000
Treasury deposits_Inc. 19,845,000
'General deposits...Dec. 34,884,000
5,537,874,250
296,405,400
2,250,576,000
1,946,133,000
36,929,324,000
32,277,000
2,260,591,000
5,530,149,064
285,254,748
2,103,237,393
2,187,401,331
38,049,939,140
79,990,095
2,352,183,129
5,521,075,772
275,285,474
2,769,361,408
2,180,116,975
36,941,449,710
22,265,462
3,229,388,753
4%
3%
%
7%
The Imperial Bank of Germany has issued, under
date of July 14, still another of the fantastic statements which have become so frequent of late. Increases of many trillions of marks were recorded in
nearly all of the leading items, while the bank's note
circulation sustained the largest expansion as yet
noted-5,249,955,776,000 marks. There was the
huge increase in discount and Treasury bills of 8,063,943,193,000 marks. Deposits rose 4,835,022,983,000 marks and bills of exchange and checks 2,460,276,498,000 marks. Treasury and loan association
notes declined 123,103,522,000 marks and advances
13,545,929,000 marks. Comparatively minor increases were noted in notes of other banks, 276,474,000,investments 473,349,000 marks, other assets 127,396,983,000 marks and other liabilities 431,860,159,000 marks. Total coin and bullion (which now includes aluminum, nickel and iron coin), increased
1,121,872,000 marks, but gold holdings fell another
50,000,000 marks. Total note circulation has reached
the colossal figure of 25,491,705,270,000 marks, which
compares with 172,944,000,000 marks in the corresponding week of 1922 and 75,352,000,000 marks a
year earlier. The institution's fast dwindling gold
reserves (the bulk of which is now held abroad) have
been reduced to 656,911,000 marks. A year ago they
stood at 1,004,859,000 marks and 1,091,544,000 marks
in 1921.
From the Federal Reserve Bank statement, issued
at the close of business on Thursday, it will
JULY 28 1923.]
THE CHRONICLE
be seen for one thing, that borrowing at the
Reserve banks, both locally and nationally, is
still on the decrease. The combined report shows
declines in the rediscounting of all classes of paper,
also in open market purchases, and in consequence a
shrinkage in bill holdings of $51,500,000. Earning
assets fell $53,000,000 and depoists $46,000,000, while
the volume of Federal Reserve notes in actual circulation was reduced $22,000,000. Gold reserves gained
$14,000,000. The New York bank, on the other hand,
lost gold in its operations with interior institutions
to the amount of $18,000,000. In other respects, however, the local institution showed the same general
trend as in the banks as a group. Rediscounts of
Government secured paper were reduced $23,000,000.
In "all other" there was a small increase ($4,900,000); but as bills bought in the open market fell off
$6,700,000, the net result was a reduction in total bill
holdings of $25,000,000. Earning assets and deposits also sharply declined. Here also the amount of
Federal Reserve notes showed contraction—$10,000,000. In both statements, member bank reserve accounts substantially decreased. At New York there
was a reduction of $36,000,000 to $661,780,000. For
the System the decline was $44,000,000, to $1,839,262,000. Despite the contraction in bill holdings the
total is still far above that of a year ago, locally
standing at $207,240,000, against $68,182,000 last
year, and for the twelve reporting banks $937,403,000, against $536,119,000 the previous year. Reserve
ratios again advanced, the System showing a gain
of 1.7%, to 78.2%, and at New York 1.9%, to
85.2%.
Last Saturday's statement of the New York Clearing House banks and trust companies was featured
by another substantial lowering in loans and discounts, while deposits, both demand and time, were
also heavily reduced. Loans declined $60,698,000.
Net demand deposits showed a reduction of $39,797,000, to $3,711,307,000, which is exclusive of Government deposits to the amount of $32,870,000. In time
deposits, the contraction was $5,726,000, bringing
the total down to $478,300,000. Other changes were
comparatively small, including a decline of $822,000
in cash in own vaults of members of the Federal Reserve Bank,to $47,448,000 (not counted as reserve);
a drawing down in reserves of State banks and trust
companies in own vaults of $349,000, but a gain of
$399,000 in the reserves kept by these institutions in
other depositories. Member banks reduced their
credits at the Reserve bank $9,946,000, and the result
of this was to reduce surplus reserve, notwithstanding the contraction in deposits. The loss for the
week in excess reserves was $4,533,230, leaving the
amount $22,259,250, against $26,792,480 a week ago.
The figures here given for surplus are on the basis of
reserves above legal requirements of 13% for member banks of the Federal Reserve System, but not including cash in own vaults to the amount of $47,448,000 held by these banks at the close of business on
Saturday last.
While the rates for call money toward the close of
the week were a little higher again, the prevailing
quotation was lower than that of last week. Time
money was unchanged both as to market conditions
and rates. The Government did not withdraw funds
from local institutions, so far as reported. Transactions in stocks and bonds until yesterday, when a
363
sharp break in prices occurred, were on a very moderate scale, while offerings of new securities were
small. Demands for funds for general business purposes did not differ greatly from previous weeks.
The Mexican situation is still unsettled. Conditions
in Germany seemingly are as unsatisfactory as before. Opinions of prominent observers recently returned from Europe as to the position that the
United States should take differ as widely as ever.
With things the way they appear to be at the moment
no financing for Europe will be undertaken in this
country. Altogether it is not surprising that our
money market remains unchanged.
Referring to money rates in detail, loans on call
have ranged during the week between 432@5%, as
against 41A@5M% last week. Monday the high was
4%. On all
43
4%,the low 41A% and renewals at 43
of the other days of the week call funds were almost
stationary. Tuesday and Wednesday a flat rate of
43
4% was quoted, while Thursday and Friday the
rate was advanced to 5%, these figures being the
high, the low and the renewal basis on each of the
four days in question. The above quotations apply
to mixed collateral and all-industrials without differentiation. In time money the market was quiet and
quoted prices still unchanged. All maturities from
sixty days to six months continue to range between
5@514.%,the same as a week ago. Fixed date funds
were in good supply but the inquiry was light. No
important trades were reported for any period. The
differential formerly existing between regular mixed
collateral and all-industrial money is no longer in
effect.
Commercial paper rates have been maintained at
5% for sixty and ninety days' endorsed bills receivable
and six months'name of choice character, with names
not so well known at 531%,the same as heretofore.
Practically all of the large institutions appear to be
out of the market, although a moderate amount of
business was transacted with country banks as
buyers.
Banks' and bankers' acceptances were in somewhat
better demand. The market, however, was not active
and the turnover comparatively light. Local and
interior banks figured in the dealings. For call
loans against bankers' acceptances the posted rate
of the American Acceptance Council continues at
43'%. The Acceptance Council makes the discount rates on prime bankers' acceptances eligible for
purchase by the Federal Reserve banks 45'% bid
and 4% asked for bills running for 30 days, 43.1%
/
8% asked for bills running from 60 to 120
bid and 41
days,and 4%% bid and 4M% asked for bills running
for 150 days. Open market quotations follows:
Prime eligible bills
SPOT DELIVERY.
90 Days.
4M ad
60 Days.
43j5434
FOR DELIVERY WITHIN THIRTY DAYS.
member banks
on-member banks
30 Days.
431 p434
4% bid
bid/
in
week
Federal
ere
•
have been no changes this
serve Bank rates.
Trading in sterling exchange was virtually at a
standstill during the early part of the week ,under
review, which except for a few brief spurts of intermittent activity, has proved one of the dullest
experienced in a long time. Fluctuations were
narrow and the day-to-day changes were practically meaningless. Demand bills moved within
364
THE CHRONICLE
a range of three-eighths of a cent., viz., 4 593'®
4 59% up to yesterday, when there was a decline
to 4 58%. In a word, the whole market waited upon
the outcome of Britain's attempt to end the Ruhr
deadlock. There was not even the customary backing and filling that ordinarily accompanies seasons of
suspense like the present, for it soon became known
that the negotiations carried on through the diplomatic interchange of notes between Premiers Baldwin
and Poincare were to be kept secret. Therefore,
rumors that seeped through were looked upon as
unofficial and calculated to be devoid of foundation.
The result of all this is that operators are marking
time. Apparently no one is willing to "discount"
the forthcoming results, for it is felt that should the
negotiations fail to bring about a satisfactory adjustment the whole reparations situation will be far worse
than it was before. Nevertheless, an undercurrent
of hopefulness continued to pervade the market and
bankers persisted in their belief that international
politics had reached a stage where remedial measures
were absolutely imperati ve. The chief contestants—
France and Germany—so it is claimed, will soon be
compelled to adopt a more conciliatory attitude.
Announcement on Thursday of the removal of the
traffic blockade on occupied Germany had a distinctly
cheering effect and served to strengthen the hopes of
a speedy settlement of the entire dispute. The
numerous disappointments and setbacks in the
recent past months, however, have rendered dealers
extremely cautious and it was regarded as rather
significant that the optimism over this and the
apparent closing of the Turkish question was more a
matter of sentiment than of actual buying. Moreover, the European demand for American dollars so
much in evidence during June and the early part of
July has waned considerably. For the moment midsummer dulness seems to have settled down upon
the foreign exchange market. Price levels in the
final dealings were the lowest for the week.
Referring to the day-to-day rates, sterling excnange
on Saturday last was a shade firmer and demand
advanced % cent, to 4 59 5-16@4 593/2, cable transfers to 4 59 9-16@4 59% and sixty days to 4 56 11-16
@4 56 8; trading was fairly active. On Monday
higher quotations from London made fcr corresponding improvement locally, and the range was
firm, with demand at 4 59 5-16@4 59%, cable transfers at 4 59 9-16@4 59% and sixty days at 4 56 11-16
@4 57. A lower trend was apparent Thesday,
largely on a falling off in the inquiry; demand sold
down to 4 594@4 59 7-16, cable transfers to 4 593/b
@4 59 11-16 and sixty days to 4 56%@4 56 13-16.
Wednesday's market was quiet but generally higher;
there was a fractional advance to 4 59 5-16@4 593'
for demand, to 4 59 9-16@4 593A for cable transfers
and to 4 56 11-16@4 56% for sixty days. Dulness
characterized trading on Thursday, but quotations
were maintained and demand ranged between 4 599
(0)4 5932, cal;le transfers between 4 59%@4 59% and
8. On Friday the
sixty days between 4 56%@4 567/
undertone was slightly reactionary, so that demand
was a trifle easier at 4 58%@4 5932, cable transfers
at 4'58%@4 59% and sixty days at 4 56@4 56%.
Closing quotations were 4 56 1-16 for sixty days,
4 58 11-16 for demand and 4 58 15-16 for cable transfers. Commercial sight bills finished at 4 58 7-16,
sixty days at 4 56 3-16; ninety days at 4 54 11-16,
documents for payment (sixty days) at 4 57 5-16 and
[Vori. 117.
seven-day grain bills at 41 57 11-16. Cotton and
grain for payment closed at 4 58 7-16.
The week's gold movement included approximately
83,000,000 in bars on the Aquitania and $1,700,000
on the Homeric, both from England. It is reported
that another shipment of 20,000,000 gold marks is on
its way from Germany consigned to the International
Acceptance Bank for account of the German Government. Cable advices ,received this week state that
beginning in August South African producers are to
be allowed to ship gold to any market, instead of to
London as heretofore. This means that a substantial volume of the metal may be diverted to New
York or to India.
As to the - Continental exchanges, nervous irregularity developed almost from the start, with
French and German currencies the leaders in point
of activity. The feature of the week, however, was
the further decline in the value of the reichsmark.
Renewed pressure to sell at foreign centres, coupled
with the unfavorable effect on market sentiment
of another phenomenal expansion in note circulation, and later on a more or less serious run on the
Reichsbank, all combined to force down the quotation for reichsmarks, which after a series of sensational breaks sank to a new low point of 0.00009,
a loss for the week of 0.000212 points. At this
level a dollar would purchase about 1,100,000 marks.
The collapse in prices reopened the question of what
is likely to happen unless something is done to
mitigate the situation, and was responsible for a
general feeling of depression and uneasiness, which
in a minor degree spread itself to other exchanges.
Next in point of interest to German marks were
the movements of French exchange. Francs displayed considerable • resistance to pressure and the
quotation was maintained at close to 5.94 for checks,
with the high 6.003/2, although the closing figure was
5.883/2. Heavy selling was noted in the early part of
the week, but good buying support was forthcoming
and offerings were quickly absorbed. In the later
dealings, francs naturally shared in the general
betterment which followed the concerted action of
the French and Belgian authorities regarding the
British reparations note. Before the close they
sagged off again. Short covering operations also
figured prominently in the recovery. Italian lire
ruled quiet but steady at close to 4.38. Other of
the smaller Continental currencies were palpably
neglected. Greek exchange remained practically at
the levels established last week, until yesterday, when
there was a slump to 1.863/2, with a partial recovery
at the close. In the Central European currencies
no important changes were noted, with possibly the
exception of Polish marks, which were heavy in
sympathy with German marks. In marked contrast
to the remainder of the list were Austrian kronen,
which, amidst the crumbling of values on all sides,
continue to rule placidly at a fixed level of 0.00143/g.
This is attributable partly to the improvement in
Austria's financial position, also to the fact that
trading in Austrian exchange has long been at a
minimum.
The London check rate on Paris finished at 77.60,
which compares with 78.15 last week. In New York
sight bills on the French centre closed at 5.8832,
against 5.893/2; cable transfers at 5.893/2, aaginst
5.903/2; commercial sight bills at 5.863/2, against
5.873/2, and commercial sixty days at 5.833/2, against
• JULY 28 1923.]
5.853/ a week ago. Antwerp francs, as usual, followed the course of exchange on Paris and finished the
week at 4.85 for checks and 4.86 for cable transfers, in
comparison with 4.863/ and 4.873/
2 a week earlier.
Closing rates for Berlin marks were 0.00010 for
both checks and cable transfers, against 0.000320.
Austrian kronen finished at 0.0014%
1 (one rate), unchanged. Lire closed at 4.364
3 for bankers'sight bills
and 4.37% for cable transfers. This compares with
4.31k and 4.32% the preceding week. Exchange on
Czechoslovakia finished at 2.974
3 ,against 2.993/
2; on
Bucharest at 0.52, against 0.524
1 ; on Poland at
0.00053j, against 0.00073, and on Finland at 2.79,
against 2.78 a week ago. Greek exchange closed at
2.093/ for checks and 2.20 for cable remittances,
as contrasted with 2.353/ and 2.40 last week.
Nothing particularly significant transpired in the
former neutral exchanges. Trading was dull and
featureless and quotations ruled within relatively
narrow limits, following in the main the movements
of the other Continental exchanges. Guilders,
francs and the Scandinavian currencies all registered
good gains in the latter part of the week, but pesetas
remained weak and finished at a slight net loss.
Bankers' sight on Amsterdam closed at 39.35,
against 39.19; cable transfers at 39.44, against 39.28;
commerical sight bills at 39.30, against 39.14, and
commercial sixty days at 39.05, against 38.89 last
week. Swiss francs finished at 17.85 for bankers'
sight bills and 17.86 for cable transfers. A week
ago the close was 17.70 and 17.71. Copenhagen
checks closed at 17.94 and caole transfers at 17.98,
against 17.47 and 17.51. Checks on Sweden finished at 26.61 and cable remittances at 26.65, against
26.52 and 26.56, while checks on Copenhagen closed
at 16.21 and cable transfers at 16.25, as against 16.19
and 16.23 on Friday of the previous week. Closing
rates on Spanish pesetas were 14.28 for checks and
14.293/ for cable transfers, which compares with
14.30 and 14.31 a week earlier.
South American quotations displayed increased
weakness, particularly Argentine and Brazil. The
depreciation in these two currencies in recent weeks
is regarded as a reflection of the action of Argentina's
President in advocating the inauguration of an intensive armament program. Should this course be followed, it will likely mean the beginning of a struggle
for military supremacy between Argentina and Brazil,
necessitating long and costly expenditures. In the
latter country an increase in the circulation by the
Bank of Brazil also was a feature in depressing quotations. Argentine check rate finished at 33.90 and
cable transfers at 34.00, against 33.80 and 33.90,
while Brazilian milreis closed at 10.35 for checks and
10.40 for cable transfers, against 10.40 and 10.45 last
week. Chilean exchange was easier, finishing at
12.50, against 13.10, but Peru declined to 4 14,
against 4 29, the level previously ruling.
Far Eastern exchange was as follows: Hong Kong,
52@523', against 52@523/2; Shangha:, 71@714
1,
against 70%@71; Yokohama,49@,49%,(unchanged)
Manila, 493/2@49%, against 49%@49/
8; Singapore, 539@54, (unchanged); Bombay, 31%@31,4.,
against 3131.@31, and Calcutta, 313/
8@31%,
against 31%@31%.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
365
THE CHRONICLE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922.
JULY 21 1923 TO JULY 27 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United Stales Money.
July21. July 23. IJuly 24. July25. July 26. July 27.
$
$
$
EUROPE-.
$
I $
$
$.000014 $.0000148.000014 $.000014 $.000014 $.000014
Austria, krone
.0485
.0492
.0486
.0490
.0499
.0497
Belgium, franc
.011729 .01245 .011817 .010992 .011667 .011633
Bulgaria, ley
Czechoslovakia, krone
.029964 .029956 .029933 .029886 .029825 .029808
.1790
.1776
krone
.1756
.1750
.1753
Denmark,
.1750
England, pound sterling 4.5973 4.5975 4.5963 4.5963 4.5973 4.5901
Finland, markka
.02775 .027678 .027675 .027694 .027731 .027738
.0591
.0597
.0593
.0594 ..0591
France,franc
Germany, reichsmark
.000003 .000003.0000022 .0000017 .0000013 .00000098
.020989
.019338
.025111
.024461
.023981
drachma
.02435
Greece,
.3943
.3929
.3926
.3928
Holland, guilder
.3927
.3924
.000094 .000095 .000084 .000078 .000040 .000051
Hungary, krone
.0438
.0441
.0438
.0438
.0437
.0437
Italy, lire
.1624
.1623
.1621
.1626
.1626
.1622
Norway. krone
.000006 .000007.0000069 .0000062 .0000054 .0000051
Poland, mark
.0401
.
.0406
.0406
.0402
.
Portugal, escudo
.005222 .005244 .005291 .005238 .005197 .005181
Rumania.leu
.1431
.1426
.1430
.1433
.1432
.1428
Spain, peseta
.2662
.2665
.2658
.2661
.2670
.2668
Sweden,krona
.1792
.1789
.1781
.1789
.1789
.1773
Switzerland, franc
.010613 .010675 .010678 .010672 .010625 .010559
Yugoslavia, dinar
ASIA.7208
.7171
.7183
.7192
.7158
tad
l
.7246
Chefoo
China,
.7138
.7163
.7125
.7146
.7113
.7200
- Hankow Jae(
.6984
.7002
.7005
.7004
.7012
.7009
" Shanghai tael
.7242
.7229
.7217
.7267
.7250
.7288
" Tientsin tael
.5197
.5206
.5211
.5222
.5243
.5213
" Hongkong dollar
.5065
.5083
.5078
.5085
.5090
dollar-----5090
Mexican
"
" Tientsin or PelYang
.5092
.5104
.5113
.5104
.5100
dollar
.5133
.5179
.5183
.5196
.5213
.5217
.5233
" Yuan dollar
.3095
.3080
.3088
.3080
.3093
.3091
India, rupee
.4885
.4881
.4878
.4878
.4877
.4876
Japan, yen
.5329
.5329
.5321
.5304
.5329
SingaPore(S. S.), dollar_ _ _ .5317
NORTH AMERICA.97390 .973627 .974141 .97441 .974766 .974761
Canada, dollar
.999063 .999125 .999063 .998844 .999031 .998849
Cuba,Peso
.48395 .483958 .483958 .484844 .483906 .48393E
Mexico, Peso
.97125 .971016 .971719 .971953 .972344 .972181
Newfoundland, dollar
SOUTH AMERICA.7705
.7702
.7702
.7697
.7790
Argentina, peso (gold)__ _ _ .7762
.1027
.1027
.1024
.1022
.1031
.1029
Brazil, millets
.1232
.1227
.1247
.1251
.1245
.1240
Chile. Peso (Paper)
.7626
.7703
.7671
.7868
.7893
.7699
Uruguay. Peso
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,370,434 net in cash as a result of the currency movements fcrr the week ending July 26.
Their receipts from the interior have aggregated
$4,209,134, while the shipments have reached $838,700, as.per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Banks'Interior movement
Gain or Lon
to Banks.
Out of
Banks.
Into
Banks.
Week ending July 26.
$4.209,134
$838,700 Gain $3,370,434
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,
July 21. July 23.
Tuesday, Wednesd'y, Thursday, Friday,
July 24. July 25. July 26. July 27.
Aggregate
for Week.
$
$
52,000,000 79,000.000 42,000,000 55,000,00061,000,000 51,000,000 Cr. 342,000,000
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,
however, reflect only a part of the Reserve Bank's operations with the Clearing House
institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The rollowing table indicates the amount of bullion in the principal European banks:
July 27 1922.
July 26 1923.
Banks of-I
Gold.
Silver.
I
Total.
I
Gold.
I
g
I
gI
4
1
England - _ 127,640,308;
127,640,308 127.403,930,
France a_ _ 146,941,1731 11,720,000 158,661,173 143,271.7811
Germany _ 41,595,206 b3,475,400, 45,070,600 50,111,380
Aus.-11un _ 10,944,000, 2,369,000 13,313,000 10,944,000
Spain
101,030,000, 26,520,000127,550,000 100,932.000:
Italy
35,529,000, 3,028,006 38,557,000 34,518,000,
Netherl•ds. 48,483,000,•
874,000, 49,357010 50,496,000
Nat. Belg_ 10,757,000, 2,476.000, 13,233,000 10,664,006
Switzland. 21,000,000 4,091,000 25,091,000 20,978,000
Sweden
15,164,000:
I 15.164,000 15,219,000
Denmark. 12,674,000
178,006 12,852,000 12,684,000
Norway -_ 8,182,000
I 8,182,000 8,183,000
Silver.
Tota .
I
127,403,930
11,00,000 154,671.781
946,150 51,057,530
2,369,000 13,313,000
25,822,000 126.754.000
3,049,000 37,567,000
643,000 51,139,000
1,726,000 12,390,000
4,675,000 25,653,000
1 15.219,000
218,000 12,902,000
1 8,183,000
Total week 579,939,681 54,731,400634.671,081 585,405,091 50,848,150636,253,241
Prey. week 579,845,236 54,817,400634,662,636 585,462,559 50,695,450636,158,009
a Gold holdings of the Bank of France this year are exclusive of £74,573.797held
abroad. b It is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Reichsbank began Including in its "Metal
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The
Bank still gives the gold holdings as a separate item, but as under the new practice
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.
366
THE CHRONICLE
[VOL. 117.
snows melt rapidly, the streams swell to the sea, and
a luxuriant vegetation springs quickly to life. Short
On his trip to Alaska President Harding reached is the season, but prolific. Its sustaining power has
a point farther north than that attained by any never been tested. The evident need of the country
other President. This is in itself notable, mainly is, first, population; second, a larger degree of local
because he was enabled to do so by reason of the rail- self-government, more free from bureaucratic rule;
road which the Government has now completed—a third, assurance that those who isk life and capital
road penetrating the interior of this vast territory to to build up the industries of the region shall have
a distance approaching five hundred miles. The ample protection to enterprise and property. The
President drove the "golden spike," the usual cere- development of the territory willrunder proper rule,
monial. He has announced to the people of Alaska most likely be slow, but it may be made sure under
that his trip is for investigation and understanding. liberal laws made by those who live under them.
He hopes to present to Congress an available plan for There is no very intricate problem—and there need
the Government and exploitation of this huge pos- be no wasteful haste.
session of the United States, now said to be languishThere is already talk of the machinations of moing for want of population and development. Inci- nopolists. But we need not fear that those who vendentally, the President rested in the Land of the ture this far clime can long burden its inhabitants,
Midnight Sun, and regaled himself with views of while the people are free and competition open.
some of the most magnificent scenery on the North Capital that does engage in development under free
American continent. For reasons of health for him- competition must be assured of liberty to earn unself and those who accompany him and for informa- usual profits. This done the population can take
tion valuable to his official duties, the President may care of itself. President Harding admits his initial
be congratulated on his "summer outing."
opposition to the railroad. But now that it is
There have been calls for "business men" to go builded, and at a great cost, it must be made to serve
with Mr. Harding on this journey—ostensibly to its purpose, or so he seems already to suggest. The
point out to him the practical means of development. road is like any other—it must have a constancy of
We are inclined to the belief that the President is a traffic—therefore, a resident population engaged* in
very good business man himself—he has not at least all the industries afforded and one, as far as may be,
been led off by wild vagaries concerning the true agriculturally self-supporting. We may not have
province of government. And if we make a few ex- the people willing to go there in large numbers—but
ceptions, his recommendations upon matters where under favoring land grants to settlers, a citizenry
business and Gov,rnment touch have been sound. may be constituted, if only they shall be cared for as
The ship subsidy was a case of extreme alternative— pioneers worthy of recognition and promised a Govand Congress having failed to accept the proposed ernment, a law, and a liberty, that will descend from
plan—the annoying, wasteful and costly experiment father to son.
still is unsolved. What we feel impelled to say is
The settlement of the territory is not a pressing
that the proper solution of the Alaskan question problem, but what is done now should be done
must come under the general head of proper protec- wisely. With the crowding of the United States it
tion to enterprise in that region and full freedom to will in time afford a place for overflow. If linked to
the adventurous spirit of capital,'hat those who in- the parent country by freedom, interest, commercial
vest in the far away land may have assurance of suc- ties, and financial relationships, it may become a
cess. Under present conditions here and now the magnificent colonial empire—not in the common
Government should not undertake to buy develop- use of the term, but in that condition and circumment in Alaska by tax-costs at home.
stance admissible under our form of government.
We are told by a correspondent that the railroad Gone, perhaps, are the days when gold was found at
does not at present pay—that the coal mines are. the grass roots—yet, we suspect, that new discoverpractically idle. It is generally conceded that one ies of free gold will continue to be made. The great
chief fault of the territorial Government is the num- interior mother lode has never been found. That
ber of bureaus and commissions now operated from awaits enterprise and capital. Other metals are
Washington. Population is not increasing in pro- found—coal there is in great beds; the fisheries
portion to the invitation of the natural resources. properly cared for, are exhaustless; agriculture,
Why—and who knows to the answer to these ques- judging by Finland on the upper rim of Russia, will
tions? We shall learn much from the P2esident's encourage a hardy population, in times to come,
own report of his trip. But there are many interest- patriotic to the core.
We should be loth to see the Government engage
ing considerations in this problem opening to our
eyes policies to which we have as a people given lit- directly in the building up of the territory. It is not
tle thought. We may begin with a simple illustra- a question of grants, franchises, subsidies, quasition taken from the common history of many a pio- partnerships in business enterprises and commerce.
need family of our own "West." He who "blazed the Paternalism ceases, or should, when the people who
pathway" had always in mind the possession of go there are protected in equal opportunities
ample lands for his children and his children's chil- and private property as at home. Just land
dren. He entered what he could—bought where he and mining laws and freedom to competitive
desired. His ambition was ample acreage for his capital should be, provided. Those who dare much
sons to farm—they to reap the adde.: values of Ad- should win much. And we feel that the President
will offer wise and salutary suggestions. We have
vance.
Alaska is an inhospitable clime—or so we who live Alaska—whether the original acquisition admits of
in a temperate zone regard it. *Yet in this land of ice Statehood or not, and the problem of proper encourand snow and storm there are abundant agricultural agement to its proper development is increasingly
possibilities. When the growing season comes, in important. Let it not become a political football,
the great river valleys, it comes with a rush. The rather one of looking forward to a future when wise
The President's Visit to Alaska.
JULY 28 1923.]
THE CHRONICLE
administration will make it a land of promise to the
sons and daughters willing to go to the outposts that
those who come after them may have homes and happiness made better and freer by courage, toil and
sacrifice.
Co-Operation Through Combination—Common
Aim and Mutual Service the Test.
All the rivers,run down to one sea; and the sea to
the mountain returns in the mist and the cloud. All
nature gathers to scatter—and scatters but to
gather. The taproot nourishes the leaf; the leaf
nourishes the root. The flower, hid in the tiny seed,
has its destiny in the air and knows the way. The
life of the physical earth is lost in death that it may
live again. Reproduction is the law. The eternal
round continues in all things.
May we learn from this lesson in nature some guidance for our economic-social life? We have been
taught by certain political theorists to beware of
Combinations—as if the undying round of human
activities could be throttled by these associations.
We have even gone so far as to legislate against
"combinations in restraint of trade" only to find
that we must permit them as natural instruments of
the greater good. We have found through experience that the individual, and individual ownership, are preserved by the co-operation of combination.
In a rather startling phrase, D.R. Crissinger, Governor of the Federal Reserve Board, in a recent address, said: "The man who first conceived the idea
of mobilizing the credits, the liquid resources and
working assets of a community, through the functioning of a bank, took the longest step toward developing a working philosophy and procedure in socialism that has ever been taken." Mr. Eugene
Meyer, Jr., Managing Director of the War Finance
Corporation, returning from Europe, where he investigated "conditions in the wheat trade," said: "I
am more convinced than ever of the soundness and
economic usefulness of the co-operative marketing
associations of agricultural producers not only in
the interest of the farmer, but of business as a
whole." A financial writer finds that the trend is
toward big business enterprises. The railroads, we
know, are looking forward to the formation of "systems," whether natural or enforced remains to be
determined. There is a dream of unifying electric
power throughout the country.
Let us not at this time consider the question of
monopoly; that has its own cause and sequence.
Suffice it to say that there is the highest form of cooperation in the combination of like units when such
combination preserves individual ownership and results in greater service to the greater number of individuals, provided only that the association follows
natural laws and is not an artificial creation of
government. Mr. Meyer illustrates this by his comment on the Wholesale Co-operative Society of Great
Britain at Manchester and London—a consuming
co-operative. His object was to ascertain how producing co-operatives in this country could deal with
consuming co-operatives there to the benefit of our
agriculture and he points out that: "The marketing
methods in different commodities must be considered carefully and a distinction must be drawn between the gradual marketing of a commodity like
cotton or tobacco, in which American production is
predominant in the world's supply, and a commodity
367
such as wheat, which is produced in many different
countries. The great point of difference lies in the
fact that wheat is coming to market more or less all
the year round, not only from North America, but
also from India, Australia and Argentina." The
disclosure here is that a co-operative marketing association seeking to reach world-markets by gradually feeding out a surplus product to meet a demand
is a sound proposition, is a constructive enterprise,
compared with a mere combination for the purpose
of arbitrary holding to create price.
Civilization, so termed, with us,is the co-operativecombination-result of one hundred millions plus, of
individuals, each pursuing his own task in his own
way. This composite element exists in all combinations that are the result of economic laws. It is the
unity that comes through diversity; it is confirmation of the fable of the bundle of faggots that cannot be broken. We have, then, by the device, which
we now universally accept, of the corporation, a cooperative combination of great strength without the
sacrifice of independence. But we must go behind
the mere device to find the really energizing law.
Chain stores, each with a multiplicity of articles of
small cost, might seem to be combinations that defy
analysis—but they are mere combinations for collection and distribution; and the law of their being
is the co-operation of filling general wants—the
larger and more diverse their supplies, the nearer
they come to satisfying the public. But in production you cannot supply steel and hardware with butter and cheese in the same factory. The ore of many
widely separated mines fuses into ingots that easily
are transformed into rails and structural steel. The
natural law of attraction is complied with. The
dairies upon many farms pour their products into
the moulds for butter and cheese. Now, if we keep
this law of natural attraction in mind when we come
to the creation of artificial co-operative combinations we must discover that labor unions which use
coercion and employ politics are really going contrary to their own interests, since they introduce elements of repulsion rather than attraction. In the
same way there can be no true co-operative combination between farmers and workingmen formed into a
political party.
The co-operative combination which will stand is
therefore the one that has strength, inherent unity,
to serve. Farmers may join together into marketing
associations only when they seek the same markets
by the same means, holding fast to the law of largest
individual production to which they add the most
efficient distribution, the distribution being effective only when it facilitates the natural flow of products to the natural consumer. The workingmen may
rightly and effectively combine when they seek to
give the greatest service to those who need it most—
thus forming a natural basis for the highest wages.
All else is artificial, coercive, and contrary to the
general good. We have two eventualities to fear:
too limited ownership operating against the natural
law (monopoly); too diffuse ownership operating
without responsibility (the State). The one tends to
destroy itself; the other to perpetuate a tyranny
more direful than a temporary so-called "restraint of
trade." A wider distribution of stocks and bonds bespeaks a participation in management through cooperative ownership that will give us combinations
adequate to service, devoid of monopoly, retaining responsibility of ownership.
•
368
THE CHRONICLE
Fraudulent Dealing and the
Stock Exchange.
A vigorous effort by the Postal Department and
the Department of Justice against misuse of the
mails is reported from Washington; the bucket-shop
men, the swindlers on oil and real estate, and the
other schemers (including such bold operators as one
who obtained cash orders for aristocratic dogs
through the mails and filled his orders with any mongrels he could catch up) are now, we are told, to be
put under ban. Already, it is said, the number of
cases handled has doubled in the last fiscal year, and
the country is to be cleaned up, so far as energy can
accomplish that. This is encouraging, for while it
will never be possible to wholly safeguard persons
whose eagerness for quick riches makes their credulity increase in proportion to the monstrosity of the
lies and lures offered them, it is the clear duty and
interest of society to do the utmost to repress fraudulent operations.
Perhaps few will be surprised to learn that Mr:
Untermyer offers his services in drafting a bill, to
be added to the radical mass which will surely be
dumped into the Congressional mill next year, "for
regulating stock exchanges and outlawing bucket
shops.- He expects, he says, to accomplish three
things: to "apply in a general way the British system
of publicity to all promotions of new securities by requiring the utmost publicity of all the facts"; second,
that nobody should be allowed to deal in securities in
inter-State commerce, whether bought and sold on
stock exchanges or not, until he has obtained a license from either Federal or State authority, this involving "some such sort of inspection as is now required of banks." The chief purpose of this licensing
would be, in his expectation, to enable prosecuting
officers to secure access to the books of bankrupt
brokers, so as to make criminal prosecutions as swift
and sure as now in the case of guilty officers of
national banks; he thinks that "the regulation of
stock exchanges, involving their taking out licenses,
will subject their operations to public scrutiny and
go far to do away with many of the existing evils."
Mr. Untermyer has earned a reputation as an able
lawyer and an especially keen cross-examiner, and
there is no reason for questioning his sincerity; but
he has the defect of seeking to go too far and of not
always being careful enough in his criticisms and
accusations. He now charges the Stock Exchange
with actively seeking to pluck motes from the eyes
of other exchanges while neglecting the beams in its
own; a substantial part of recent fraudulent failures, he asserts, has been of "members of their own
Exchange, whom it has apparently not tried to reform": he calls the Curb "a mere creature" of the
main Exchange, and declares that the Consolidated
,could never have existed without the co-operation of
the great Exchange, and he accuses that Exchange
and private bankers of beating his regulatory bill in
the Assembly at Albany. He also brings in once
more his assertion that proper regulation of fire and
casualty insurance companies could save 400 millions a year to business men.
Mr. Untermyer is a good hater. If one specific
charge he makes (that the Exchange does not attempt to prevent its members from improperly hypothecating their customers' securities) were entirely true, it would be matter for reprobation, but
it cannot be true. As to the control of its members
[VoL. 117.
by the Exchange, Mr. Untermyer has more than once
denounced the "tyranny" of that body and he now
avers that"there is no power in the world so despotic
and so all-embracing as that possessed by the New
York Stock Exchange not only over its own members
but over the entire security business of the country."
If this is true entirely, or true in any large measure,
to ask aid of any legislative body is superfluous and
foolish; granting this "despotic" power, the only
need remaining is that public opinion shall insist
upon its strict exercise. But, over and over, it must
be pointed out that, because confidence is the foundation and any weakening of confidence undermines
all business, all members of the Stock Exchange and
all men connected with the financial institutions and
life of much misunderstood and maligned Wall Street
have the keenest self-interest in business rectitude
and business reputation. If we call financial business a "game" (as a concession to those who persist
in regarding the Street as a mere gamblers' den) we
should be honest enough to admit that the men there
understand the game as no outsiders can understand
it and have such a stake in its fairness as no outsiders can have. There is no more sense and justice in
holding the Stock Exchange responsible for Fuller
and McGee than there would be in holding the Chemical bank responsible for the sham "bank" of the
Tisbo Brothers.
Governmental work, both State and Federal, is
done so inefficiently and so extravagantly that only
the most inexorable necessity can justify adding a
single more function to either. That objection is
enough to condemn Mr. Untermyer's regulative proposition, in which he proves anew his enmity to the
Stock Exchange; but a further objection is that it
would be futile and might be even hurtful, because
the knowledge in advance attainable by some censor
in Albany or Washington could not be equal to the
knowledge and discriminating power possible to
trained financiers here; furthermore (and liable to
work mischief), when a concern had managed to get
the license unworthily it would "travel" upon the
official certificate. Publicity is certainly excellent;
but a question lies open about its meaning as to a
particular loan offering. The corporations which
offer guaranteed mortgage loans can afford to stand
responsible, because they have direct knowledge of
the property; the investment dealer generally uses
all available inquiry, for his own reputation, but he
cannot absolutely warrant the future. All possible
stretchings and applications of "publicity" cannot
make sure that bankers who place loans can foresee
the future or even know all of what might be called
the "facts."
As for Mr. Untermyer's desire for swift and sure
prosecutions—a desire shared by all good citizens—
when he cites national banks he compares two subjects having little likeness to each other.
What is needed is more activity by prosecuting
officers and any emendation of existing statutes
which can tighten their grip. Only a few days ago,
we are told, an injunction was obtained to halt the
projected issue of several millions in alleged worthless bonds, and the Better Business Bureau has begun an attempt to block the operations of a concern
which is offering or about to offer an oil stock, with
the usual lure of 500% profit within 90 days. The
parties are entitled to their day in court, but this
procedure takes the right direction of giving them
that before instead of after they have completed their
JULY 28 1923.]
THE CHRONICLE
369 e'
adventure, and the step shows that effective means tinctly modern, is one of
the hopeful signs for a perexist for nipping actually fraudulent schemes with- manent industrial peace.
out the placing of additional laws upon the statute
Many causes have contributed to thiseprodigious
books.
development. The old discrimination against women is gone; they are now not merely subjects but
The Great Movement in Life Insurance.
agents. The forms of policy have been amplified in
The figures of life insurance business in the pres- number and greatly increased in flexibility and serent year, as reported to the U. S. Chamber of Com- vice, the best of the modern improvements being
the
merce by the Life Presidents' Association, deserve "income" form, which does not even make
the paymore than the bare passing glance which they are ment of a lump sum optional but contra
cts for a deflikely to receive from the general reader, in the rush inite regular annuity, preferably
monthly, during:
of current and often more exciting news. The fig- the life of the beneficiary or for 20
years certain;.
ures cover the transactions of 40 leading companies, this form shields (as far as possib
le) the inexperiand these 40 have in force 77% of all the "legal-re- enced recipient of insurance money
from the wiles
serve" life insurance in the United States; the fra- of the needy borrower and the fake
investment operternals and many "assessment" associations which ator. The "corporation"form also
guards a business
issue certificates that are too often mistaken for sub- against the possible loss or the probab
le embarrassstantial insurance would add something to the aggre- ment caused by the death of some essenti
al officer.
gate, yet so little that they may be dismissed as neg- Another application protects estates agains
t the imligible. In the first five months of 1923 the total perative call for inheritance taxes
forthwith, the ,
new insurance placed by the 40 companies—all paid tax-gatherer taking little concern whethe
r the estate
for as to the first premium and not including re- may suffer damage by being forced
to raise cash
vivals, increases, or additions by commuted "divi- speedily. The list of services is long,
and it is within
dends"—was 3,194 millions, against 2,609 millions bounds to say that no business is
so thriving, no famin the like period of 1922, an increase of 22%; this ily so'well safeguarded, and no estate
so large, that
total for the five months also went 32 millions past insurance cannot serve and protect.
The institution
the 3,162 millions written in the first six months of has "delivered itself," and is now in
such recognition
last year.
that the lack of insurance is a reflection upon one's
The figures for June are now available, and they credit; the banks have come to so
regard it, and a
show for the half year a total net paid-for business of recent illustration is the issue of
a special handbook
3,922,361,890, against $3,162,363,450 in 1922 and by one of the oldest of our
city banks, lauding and
:-.2,957,843,074 in 1921. The advance from month
to urging it as one of the greatest of American institumonth,in each of these three years, was not continu- tions; this little pamphlet calls
the holders of life
ous, there being several instances of a slight reces- insurance policies "the greatest family
in the world."
sion; yet on taking each month separately an in- At least, there is some comfort in
the evidence these
crease is found in 1922 over 1921 and in 1923 over huge figures give that we Americans
are saving at an
1922. If this rate of growth is maintained, the 40 increased rate, as well as spendi
ng. We have been
companies will write a little over 73
/
4 billions in and we are still the least thrifty among all nations
1923; and if the companies outside the 40 make a like which are called civilized, but
the war did teach us
progress the full total for 1923 will exceed eleven bil- something; and although we
still throw broadcast
lions, which will be one and a half billions more than our substance by needle
ss fires, by industrial quarwas written in 1920; the business done in the six rels, by Governmental
wastes, and by destructive
months by the 40 companies was also 444 millio
ns taxation, there is some consolation in knowing that
more than they wrote in the complete year 1918. we are casting an
anchor to windward by this surest
Twenty years ago, moreover, the total in force
in the of all means of provision.
United.States was only ten and a half billions.
The •
new business of the 40 in the six months divides
Open Shop and the Right to Organi
thus:
ze.
It is reported from Chicago that Attorney-Gen
Ratio of
1922.
1923.
Increase.
eral
Ordinary
Increase.
$2,363,237,769 $2,880,37
6,128 $517,138,359
Industrial
21.88
Daugherty announced, just before departing
711,764,497
883,489,522
171,725,025
to
24.13
join
Group
87,361.184
158,496,240
71,135,056
81.43
the President's party at San Francisco, that
Total
he
in$3,162,363,450 $3,922,361,880 $759.998
,430
24.03
tends or contemplates a criminal procedure agains
t
By Ordinary is meant insurance (all forms
of pol- certain dealers there in building materials, to
proicy) with premiums payable not oftener than
quar- tect the right of building workers to organize, the
terly; Industrial is written for comparatively
small specific charge being that certain dealers and trade
sums, collects its premiums monthly or weekly
, and associations are conspiring against labor unions by
"covers the entirely family"; Group writes
collec- refusing to supply materials to contractors who emtively, so to speak, without individual medica
l ex- ploy union labor. If dealers and others are engaged
amination. The growth of each of these three
classes in any such practice (and this is not the first alleged
is interesting, but the most marked and perhaps most case el
the kind) it is neither justice nor good busisignificant advance is in the progress of Group—
sig- ness policy; it cannot, however, be deemed worse
nificant because this is the latest form and that
than for labor unions to boycott by refusing to work
which tends to bring the counting room and the in- with
a non-union man or to allow any goods to be
dustrial plant closer together, thus counteractin
g moved—fresh fish from New England, for example
the separative influences of labor unions. In some —whic
h had been tainted by contact with some noncases the insurance is wholly paid for by the
em- union labor or with labor that had received such
ployer; in probably the majority of cases it is either
taint by such contact. Human nature is tempted to
paid for wholly by the employee or jointly by both;
retort under provocation, and to give boycott back
but in any case its tendency is to promote thrift and
for boycott is to be expected, yet a number of
wrongs
to raise the morale of the force and lessen the probdo not make one right, although they may
produce
ability of differences. This form of insurance, disthe confirmation of several rights.
370
THE CHRONICLE
The mouth of a gun looks differently, according as
it is viewed from the muzzle or the breech, and organized laboi has no trouble in seeing the wickedness
of a boycott from the muzzle end. Mr. Daugherty is
right in morals at least in saying that "a boycott
against labor is as indefensible as a boycott against
industry";it is, and the incidents at Herrin and elsewhere prove it such. He sees a bad industrial situation in San Francisco because of the long conflict
between building workers and the unnamed forces
"which seem bent upon their destruction"; certainly,
and there was a bad situation in Los Angeles when a
newspaper office was dynamited and some workers
whose union cards were unsatisfactory perished.
Said Mr. Daugherty:
• "The right of workers to organize into trade unions
for lawful purposes is as fundamental in America as
the right to vote, and equally supported in law; any
attempt to infringe upon it is illegal. I shall confer
with agents of the Department on the Coast, and will
be prepared to go into court to defend the view I have
expressed."
Beyond question. The right to organize may even
be counted as coming under the right of peaceful
assemblage affirmed in the first amendment of the
Constitution; it is under the common law, and Sec. 6
of the Clayton law expressly recognizes non-capitalized associations for mutual help and not for profit,
and exempts such from the laws against trusts; but
the exemption covers only "lawfully carrying out the
legitimate objects thereof." Mr. Daugherty's celebrated injunction of last year followed this (notwithstanding- Mr. Gompers's inevitable disapproval) and
was not directed against any peaceful and lawful
conduct.
It may be said again that there probably are some
business men whose experience with labor unionism
has made them resolve to have nothing more to do
with it; with such men the open shop is what union
leaders persistently assert it means in all cases: a
shop open only to non-unionists. This position is a
natural rebound from union violence, yet it is not
good business policy, and those who take it are negligibly few in comparison with those in the genuine
[VOL. 117.
open-shop movement; yet, when we attempt to dispute a man's legal right to make his own conditions
of hiring, or, on the other hand, his own conditions
of customers and selling, we enter debatable ground
which has long been fought over. Speaking generally, a man may do what he wills with his own property, or his own money; it is only when he seeks to
use it for unlawful ends or to join in conspiracies
that the right to select one's customers for either selling or buying encounters limitations. One who
chooses to dislike a certain store may lawfully refuse
to patronize that store; but when he seeks to form a
combination to that end he oversteps the lines. There
was an old statute called the Sherman Act, enacted
back in the last century and sometimes mentioned,
which quite broadly banned every "contract" and
"combination" in restraint of trade, was there not?
Has it been repealed, or just been forgotten?
No, the open shop is spreading; how can it be otherwise when the labor unions are working at their
worst to push it along? A recent inquiry by the
"Herald" finds it gaining in Rhode Island, in Philadelphia. in Buffalo, in Newark, in Richmond, in Birmingham, in Nashville, in Detroit, in Indianapolis,
in Los Angeles, in Seattle, in Louisville, in St. Louis,
and in Cincinnati. Moreover, the "Herald" figures
that of the more than 41 million persons in gainful
occupations in the United States not more than 16
millions "are possible union members," and that an
estimate of four millions for the total "card" membership in the country is not far 'amiss; so that, at
the most, unionism controls only one-tenth of the
gainfully employed and only one-fourth of all who
may be deemed open to unionization. While union
membership has increased much faster than population in the last 40 years, the open shop is its most determined opponent and its continued momentum
should convince labor leaders that "here is a force
capable of ready expansion when employers have
public opinion behind them; every unfair demand and
every unjustified strike by organized labor puts renewed life into the open-shop movement." This must
be so; in the nature of things it could not be otherwise.
The New Capital Flotations in June and the
Half Year to June 30.
Notwithstanding continued depression on the Stock Exchange, new security offerings in this country during June
were of large proportions, in sharp contrast with the offerings the previous month, which were comparatively light.
Our compilations, as usual, include the stock, bond and note
issues by corporations and by States and municipalities,
foreign and domestic, and also Farm Loan issues. The grand
aggregate for June is $536,577,225 against only $312,635,8.31
for May. This compares with $458,133,469 for April, $392,262,540 for March, $380,187,119 for February and with no
less than $879,268,265 for January, the latter having, however, as previously explained, been swollen to exceptional
proportions by the bringing out of several issues of unusual
size—the Anaconda Copper Mining Co. alone by its financing
&
having then added $150,000,000 to the total and Armour
recall
that
result
broke
January
the
Co. $110,000,000, with
the United States, the highords for new capital flotations in
of any year having been
month
any
for
est previous amount
$655,817,946 for April 1922.
June than in May in pracNew financing was larger in
security issues. In the first
tically every leading group of
es, which had
place bond disposals by States and municipaliti
raised to unusual dimenbeen running relatively light, were
size. The
sions by the floating of a few loans of exceptional
State of
4;is
and
the
$25,000,000
State of Kansas marketed
Iowa sold $22,000,000 of 4Y4s and 4s,the loans in the case
of both States being for the purpose of paying soldier bonuses to war veterans. Then the Moffat Tunnel Improve2s, the
ment District of Colorado disposed of $6,720,000 51/
Chicago Sanitary District $5,000,000 45 (on a basis of
4.44%), and the State of New Jersey $5,000,000 of 41A% road
and bridge bonds. This gives a total for these five items
alone of $63,720,000. As a result, the grand aggregate of the
municipal issues for June stands at $156,366,800, against
$92,793,706 for May, and the total is larger even than for the
corresponding month last year which has not often been the
case of late.
In the second place the total of the farm loan issues was
large by reason of the offering of $45,000,000 new Federal
Land Bank bonds. Finally, nearly all classes of corporate
flotations were larger than for some months past. The result altogether IS that'the grand total of new financing for
the month comes very near the exceptionally heavy total for
June last year, when conditions for the floating of new obligations were very much more favorable than they have been
more recently in 1923, the comparison being between $536,577,225 for June 1923 and $555,445,510 for June 1922.
Making a detailed analysisof the corporate offerings in
June we find that industrial financing accounted for almost
60% of the month's total. Such issues amounted to $163,416,625, as compared with only $76,395,175 in May. Public
utilities also showed a substantial increase in volume, the
JULY 28 1923.]
THE CHRONICLE
371
June total being $110,406,300, as against $78,384,950 for May. ferred to above, included the following: $100,000,000 AnaRailroad offerings fell off decidedly, the total of only $14,- conda Copper Co. 1st cons. mtge. 6s "A," 1953, offered at
532,500 for June comparing with $46,927,000 for May. As 96%, to yield 6.25%; $50,000,000 of the same company's 15stated above, all corporate issues totaled $288,355,425, and it year cony. deb. 7s, offered at par; $60,000.000 Armour & Co.
Is a fact of interest that 80% of this, or $238,217,200, repre- (of Del.) 7% guar. pref. stock, offered at 99, yielding 7.07%;
sented long term issues, while short term issues aggregated $50,000,000 of Armour & Co. (of Del.) 1st mtge. guar. 5%s
$24,711,000 and stocks $25,427,225. The portion of corporate "A," 1943, offered at 96, yielding 5.85%; $35,000,000 Bell
flotations used for refunding purposes in June totaled $73,- Telephone Co. of Pa. 1st & ref. mtge. 5s, 1948, offered at
754,429 and examination shows that $56,138,250 of this was 98%, yielding 5.10%; $22,000,000 Spring Valley Water Co.
to refund existing long term issues with new long term 1st mtge. 5s, 1953, placed at 98%, yielding 5.12%; $17,500,Issues, $15,641,179 existing short term issues with new long 000 Laclede Gas Light Co. 1st mtge. coll. & ref. 5%s, 1953,
term issues, $1,600,000 existing preferred stock issues with offered at 96.45, yielding 5.75%; $13,875,000 Balto. & Ohio
new long term issues, a $150,000 existing short term issue RR. Equip. 5s, 1924-38, offered on a 5.25% basis. The forewith a new short term issue, $125,000 existing long term going were all offered in January, with the result that that
Issue with a new preferred stock issue and $100,000 existing month, as already stated, broke all records for new capital
common stock with a new preferred stock issue.
flotations in the United States. In February the following
The most noteworthy new flotation of any kind was the were offered: $20,000,000 Sinclair Crude Oil Purchasing
$25,000,000 Austrian Loan 7s, due 1943, offered at 90, yield- Co. 3-year 6% notes at 99, yielding 6%%, and $15,000,000
ing about 8%, by a nation-wide syndicate headed by J. P. Brooklyn Edison Co. capital stock, which was sold to stockMorgan & Co. Subscription books to this issue were closed holders at par, $100. In March the largest issues offered
15 minutes after their opening, with subscriptions reported were: $31,500,000 Pennsylvania RR. gen. equip. 55, 1924-38,
as between $100,000,000 and $125,000,000. The bonds offered at prices to yield 5.08; $19,900,000 Oriental Development Co.,
here were part of a total loan of about $126,000,000 brought Ltd., 6% deb., 1953, offered at 92, 3iielding 6.62%, and $15,out in this country and abroad, in furtherance of the plans 000,000 Duquesne Light Co. 1st 7% cum., class A pref., sold at
for the financial rehabilitation of Austria. An issue of 103, yielding 6.80%. In April the following were offered:
$2,000,000 State of Ceara, Brazil, 25-year external 8% gold $30,000,000 Illinois Power & Light Corp. 1st & ref. mtge. 6s,
bonds, due 1943, was offered at 99%, yielding about 8%.
1953, offered at 98%, yielding 6.10%; $25,598,400 par value
Farm loan issues, as already stated, were unusually heavy, capital stock of Standard Oil Co. of California, sold to stockno less than 15 separate issues, aggregating $61,700,000, be- holders at par ($25); $14,962,530 par value common stock of
ing offered at prices yielding from 4.45% to 4.68%. The Westinghouse Electric & Mfg. Co. (par $50), taken by stocklargest issue of this character was $45,000,000 Federal Land holders at $53 a share; $14,003,000 Equip. Trust 5s, due 1928Bank 4%s, due 1953, optional 1933, offered at 100%, yielding 38, of Illinois Central RR., sold to yield 5.20%, and $14,000,about 4.45%.
000 Public Service Electric Power Co. 1st mtge. 6s, 1948,
The largest corporate offering during June occurred in placed at 97%, yielding 6.20%. Only one issue of exceptional
the public utility group and consisted of $50,000,000 Illinois size was sold in May, namely $13,500,000 Chicago Milwaukee
Bell Telephone Co. 1st & ref. mtge. 5s "A," due 1956, offered & St. Paul Ry. equip. trust 5%s,1924-38, sold to yield 5.75%.
at 95%, to yield about 5.30%. This was the only really im- The more important offerings for June have already been
portant piece of financing accomplished by utilities in June. enumerated above.
The offering of $9,930,000 Chicago & North Western Ry.
Foreign Government loans floated here since January 1,
Equip. Trust 5s, due 1924-38, on a 5.25% basis comprised the in addition to those for June, were as follows: $50,000,000
Cuba 5%s, 1953, offered in January at 99%, to yield 5.55%;
largest railroad issue of the month.
Industrial flotations of importance included the follow- $25,000,000 Dutch East Indies, 5%s, 1953, offered in Februyielding 6.0%; $4,500,000 Panama 5%s, 1953, ofing: $25,000,000 Standard Oil Co. (of California) 5s, 1924- ary at 88,
fered in May at 97%, yielding about 5.65%.
33, sold to yield from 5% to 5.14%; $25,000,000 Sinclair ConIn adition to the $45,000,000 Federal Land Bank issue sold
solidated Oil Corp. 1st lien & coll. 6%s "B," 1938, offered at in June, an issue of $75,000,000 Federal Land Bank 4%s,
94, yielding about 7.15%; $12,000,000 Pure Oil Co. 10-year 1933-43, was offered in January at 101, yielding 4%%, and
6%s "A," 1933, offered at 99, yielding about 6.60%; $8,000,- again in April a $75,000,000 issue of 4%s, due 1933-53, was
000 Wheeling Steel Corp. 3-Year secured convertible 6s, 1926, offered at 100%, yielding 4.45%.
The following is g complete summary of the new financing
placed at par, and $7,500,000 Long Bell Lumber Co. 1st mtge. -corporate, foreign Government and
municipal, and Farm
offered
at
"B,"
1943,
94,
Os
yielding 6.50%.
Loan issues-for June and the six months ending with June,
For the half year to June 30 the new capital issues are of of the current year. We desire to point out that we now
imposing proportions, reaching close to three billion dollars, further subdivide the figures, showing in the case of the
or in exact figures $2,961,773,388. But in the first half of corporate offerings both the long term and the short term
last year the total went away above the three billion mark, issues for the bonds, and separating the common from the
preferred shares for the stocks.
being then $3,190,713,787. That this year's financing for the
SUMMARY OF CORPORATE FOREIGN GOVERNMENT, FARM LOAN
six months should fall below that for the corresponding six
AND MUNICIPAL FINANCING.
months of 1922 may come as a surprise to some, but the fact
is that while in January the new loan appeals to the market
New Capital. Refunding.
Total.
broke all monthly records by a wide margin, for the reasons
1923.
$
8
. $
JUNE
in
stated
the opening paragraph of this article, and the
Corporate-Long term bonds and notes_ 160,637,771
73,379,429 234,017.200
amount of the new offerings was again quite large in June,
Short term
24,561,000
150.000
24.711,000
Preferred stocks
14,067,500
225,000
14.292,500
In the intervening months the new flotations were on a much
Common stocks
11,134,725
11,134.725
Foreign
4,200,000
4,200,000
more moderate scale. As a matter of fact, the grand total
Total
for the half year would have run above that for the half year
214,600,996
73,754,429 288.355.425
Foreign government
27.000.000
27,000,000
In 1922 except for a falling off in the bond disposals by Farm Loan issues
61,700,000
61,700,000
War Finance Corporation
States and municipalities which, notwithstanding the up- Municipal
Issues by U. S. municipalities 153,655.700
2,711,100 156,366.800
By Can. Govt.& municipalities in U.S.
3.155,000
ward leap in June, reached only $571,803,563 in six months
3,155,000
By United States Possessions
this year, against $655,086,150 in the same six months of
Grand total
76,465,529 536,577,225
460,111,696
1922 (the offerings here by Canada and its provinces and
6 MONTHS ENDED .T1TNE 30Corporate-Long
term
314,938,643
bonds
1,339.528.800
and
notes_
1,024,590,157
municipalities also falling off, and being only $39,408,000,
Short term
18,616,800 133.406.000
114,789,200
Preferred stocks
67,609,830 259.244.377
against $166,106,650), and except also for a sharp reduction
191,634,547
Common stocks
3,266,760 193.951,648
190,684.888
Foreign
24.100.000
In the offerings in this country of foreign Government issues.
24,100.000
Total
The Ruhr situation was obviously distinctly adverse to the
1,545,798,792 404,432,033 1,950,230,825
Foreign government
6,000.000 106,500.000
100,500,000
bringing out of European issues, and hence it is not surpris- Farm
Loan issues
55,032,000 293,450.000
238,418,000
Finance Corporation
ing to find that the foreign Government loans placed in the War
Municipal issues by U.S. municipalities_ 562,218,715
9,584,848 571.803.563
By Can.Govt.& municipalities in U.S.
14,100,000
25,308,000
39,408,000
United States foot up only $106,500,000 for 1923, as against
By United States Possessions
381,000
381,000
$347,605,000 for the first six months of 1922 and that the
Grand total
489.148,881 2.961,773,388
2,472,624.507
corporations
foreign
placed
issues by
here were but $24,100,000, against $81,695,000 of this class of foreign issues marIn the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foreketed in the United States in the six months of last year.
The notable feature of the new financing for the first six going figures for 1923 with the corresponding figures for the
months of the current year is the many exceptionally large four years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
Issues that were brought out during this period. Corpora- corporate offerings, showing separately the amounts
for all
tion issues of unusual size, in addition to those for June re- the different classes of corporations.
SUMMARY OF CORPORATE FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JUNE FOR FIVE YEARS.
1923.
MONTH OF JUNE.
New Capital.
1922.
Refunding,
Total. ' New Capital.
Refunding.
1921.
Total.
New Capital.
Refunding.
1920.
Total.
New Capital.
Refunding
1919.
Total.
New Capital.
Refunding.
Total.
CorporateLong-term bonds and notes_ - _
Short term
Preferred stocks
Common stocks
Foreign
3
160.637,771
24,561,000
14,067,500
11,134,725
4,200,000
$
73,379,429
150,000
225,000
3
234,017,200
24,711,000
14,292,500
11.134,725
4,200.000
$
196,480,100
4,040,000
43,025,000
14,320,125
10,860.000
$
51,233,000
5.000,000
4.900,000
643,000
$
247,713,100
9,040,000
47,925,000
14,963.125
10,860.000
/1
46,052,700
14,077,000
800,000
$
24,866,000
2,423,000
$
70.918,700
16.500,000
800,000
$
99,826,000
15,393,500
35,577,670
108.887.402
$
11,466,000
2,050,000
81,600
5,044,250
$
111,292,000
17.443,500
35,659,270
113,931,652
$
44,917,500
52,436,000
73,114,200
94,186,900
$
37,548,500
8,979.000
6,350,000
$
82.466,000
61,415.000
79,464,200
94,186,900
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
214,600,996
27,000,000
61,700,000
73,754.429
288,355,425
27,000,000
61,700,000
268,725,225
91,325,000
4,500,000
61,776,000
5,000,000
330,501,225
96,325,000
4,500,000
60,929,700
2,500.000
27,289,000
88,218,700
2,500,000
259,684,572
50,000,000
18,641,850
278,326,422
50,000,000
264,654,600
25,000,000
64,500,000
52.877,500
317,532,100
25,000,000
64,500,000
153,655,700
2.711.400 156,366.800
000
3.155.,155,000
3
117,617,283
450,000
4,700,000
1.352,002
118,969,285
450,000
4,700,000
110,632,059
4,002,000
180.000
141,455
110,773,514
4,002,000
180,000
44,861,920
1,500,000
251,100
45,113,020
• 1,500,000
98,331,061
1,500,000
2,047,400
100,378,461
1,500,000
460,111,696
487,317,508
68,128,002
555,445,510
178,243,759
27,430,455
205.674.214
356.046.492
18.892.950
374.939.442
453 985 851
54 094 r1110
non OM nfil
Grand total
76,465,529
536,577,225
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JUNE FOR FIVE YEARS.
Long Term Bonds & NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
1922.
Refunding.
Total.
$
New Capital.
$
14,045,000
44.934.771
11,100,000
800.000
42,422,429
$
14,045,000
87.357,200
11,100,000
800,000
15,865,000
37,000.000
22,825,000
4,600,000
25,000,000
1.250,000
20,465,000
62,000.000
24,075,000
1.643,000
16,625,000
107,000
1.750,000
16.625,000
26,280.700
Total
•
164,837.771
Short Term Bonds & NotesRailroads
487.500
Public utilities
8,700,000
Iron, steel, coal, copper, &c
8,850,000
Equipment manufacturers
Motors and accessories
450,000
Other industrial & manufacturing
011
4.993,000
Land, buildings. &c
1,080.500
Rubber
Shipping
Miscellaneous
73,379.429
.
238,217,200
487,500
8,700,000
8.850,00Q
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, am
Rubber
Shipping
Miscellaneous
24,561,000
150,000
Refunding.
1920.
Total.
150,000
14,349,100
1,650,000
350,000
12,934,000
2,950,000
8.416,000
3,300,000
21.350,000
12,794,000
7,506,000
20,300,000
14,825,500
1,204,500
16,030,000
258,573,100
46,052,700
24.866,000
70,918,700
99,826,000
11.466,000
111,292,000
44,917,500
37.548.500
82.466,000
3,000,000
5,150,000
3,000,000
577,000
4.000,000
2,423,000
3,000,000
3,000,000
4,000,000
2,317,500
2,050,000
4,367,500
5,750,000
400,000
8,529,000
14,279,000
400,000
3,000,000
2,000,000
400,000
400,000
400.000
400.000
90,000
90,000
24,711,000
4,040,000
5,000.000
9,040,000
14,349,100
1,650,000
39,369,500
5,000,000
643,000
40,012,500
5,000,000
4,828,125
825,000
/1,150,625
1,000,000
4,900,000
825.000
16,050,625
1,000,000
3,000,000
3,500.000
14,077,000
3,000,000
3,500,000
2,423.000
16,500,000
450,000
3,550,000
8,979,000
61,415,000
2,032,650
945,000
5,044,250
7,076,900
945,000
4,215,000
14,000,000
40,497,120
38.701,770
12,797,082
750,000
30,638,600
21500,000
15,684,450
6,500,000
30,844,200
49,237,500
44.754,400
1.350,000
46,104.400
149,590,922
167,301,100
6,350.000
173,651.100
13,036,000
14,421,000
14,400,000
26.000,000
16,923,000
39.036,000
31.344,000
14,400,000
8,000,000
34,944,200
95,237,500
4,186.000
17,750,000
5.000,000
1,950,000
13.000,000
36.894,200
95,237.500
4.186,000
17,750,000
7,506.000
61.324.500
23.944,400
945,000
2,500,000
41,097,120
55,621,770
20.718,082
2,452.500
30,638,600
3.100,000
35,984,450
62,679,900
3,004,500
18.641.850
278.326.422
284654.600
52 877 Ann
65,684,400
217 AR9 inn
11,000,000
8,757,000
4,000,000
6.987.000
2,493,000
17,987,000
11,250,000
4,000,000
12,974,000
15,000,000
8,250,000
200,000
1,500,000
3,975,000
34,450.625
16.400,000
46.152,000
2,800,000
1,590,000
26,280.700
14,228,700
6,500.000
2.660,000
6,443.000
20.671.700
6,500,000
2,660,000
1,750,000
21,225,000
3,975,000
21,476.625
1,400,000
37,902,000
2,600,000
90.000
26,280.700
350,000
13.434.000
2,950,000
8,416,000
3,300,000
21,850,000
61,324,500
15,890,150
945,000
2.500,000
41,097.120
52,540,170
20,718,082
2,452.500
30,638,600
3,100,000
28,478,450
288.355.425
268.725.225
61.776.000
330.501.225
60.929.700
27.289.000
88.218.700
259.684.572
107,000
100,000
Total corporate securities
214,600.996
73,754.429
43,000,000
186,000
3,100.000
68,261,400
115,131,500
15,460.000
1,643,000
21,125,000
43,000,000
186,000
52,436,000
3,750,000
20,102,000
150,000
4,725,000
25,000.000
1,250,000
1,500,000
6,050,000
3,000,000
4,000,000
17.443.500
144,465,072
64,511,400
95.029,500
15,460,000
42,422,429
1,950,000
2,050,000
800,000
14.532,500
110,406.300
21.600,000
800,000
600,000
25.293.125
66.993,000
25,155,500
14,532.500
67,983,871
21,600,000
800,000
450,000
20,568,125
41.993,000
23.905,500
1,500,000
4,100,000
3,000,000
4,000,000
15,393,500
800.000
5,543,000
600,000
14,420,000
600,000
1,547,500
600,000
62,888,125
57,345.125
$
39,036,000
12.850,000
600,000
500,000
25,427,225
$
26,000,000
8.394,000
2,500,000
7.321,000
155,000
500.000
225.000
3,000.000
$
13,036,000
4,456.000
2,500,000
7,321,000
155,000
40,497,120
38.620.170
12,797,082
750,000
30,638,600
2,500,000
15,684,450
25,202,225
960,000
$
61.324,500
12,500,000
2,500,000
300,000
-
$
2,500,000
300.000
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other Industrial & manufacturing__
011
Land, buildings. &c
Rubber
Shipping
Miscellaneous
Total.
600,000
11,420,000
600,000
1,547,500
3,150,000
4.600,000
Refunding.
17,371.700
3,000,000
2.660,000
51,233,000
100,000
New Capital.
6,443,000
207,340,100
4,500,000
1919.
Total.
10.928.700
3,000,000
2,660,000
3,150,000
18,400,000
15,000,000
45,752,000
2,800,000
1.500,000
26,280,700
125.000
Refunding.
3
61,324,500
11,540.000
600,000
4,993,000
1,080.500
New Capital.
II
14,987,000
8,250,000
8.074,000
15,000,000
8,250,000
200.000
1,500,000
37,502,000
2,600,000
Refunding.
$
6,987,000
70,000
3
65,261,400
69,969,000
10.460,000
3,150,000
10,326,000
New Capital.
$
8,000,000
8.180,000
$
750,000
17.459,000
$
64,511,400
52,510,000
10,460,000
4.703,125
1921.
Total.
81,600
5,125,850
8,054,250
--- ---„
3,081,600
Hill
New Capital.
arloixouno
1923.
MONTH OF JUNE.
4,215,000
14,000,000
5,000,000
17,750,000
11.500,000
30,844,200
49,237,500
17,750.000
0
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
1919.
1920.
1921.
1922.
1923,
SIX MONTHS ENDED
JUNE 30.
Total.
New Capital.
$
513,596,245
344,120,252
400.731.487
416,327.584
21.760.000
$
$
$
957,324.495 315,176,755 1,272,501,250
16.950,000 116.327,000
99,377,000
30,300,000 192.104,500
161,804.500
98.098,237
8,898,625
89.199,612
81,695.000
1.250.000
80.445,000
SS
Corporate658147.220 381162,480 1,040.109,700
Long-term bonds and notes--- 1,024,590,157 314,138,643 1,339.528.800
17,023,000 142,892,166
125,869.166
18,616,800 133.406.000
114,789.200
Short term
775,600
34,652,500
33,876,900
67,609,830 259.244.377
191,634,547
Preferred stocks
88,413,315
88,413,315
3.266.760 193.951.648
190,684.888
Common stocks
15,150.000
15.150,000
24,100,000
24,100,000
Foreign
399,561.080 1,321,317,681 1.696.535,568
Total
1,545,798,792 404,432,033 1,950,230.825 1,388.150,607 372,575,380 1.760,725.987 921,756,601
50,000,000 206,500.000 100,000,000
15,000,000 347.605.000 156,500,000
6,000,000 106,500.000 332,605,000
100,500,000
Foreign Government
40,000.000
40,000.000
42,000,000 251,240.000
55,032,000 293,450,000 209,240,000
238,418,000
Farm Loan issues
War Finance Corporation
318,796,949
471.219,337
4,583,850
466,635.487
655,086.150
6,483,847
9,584,848 571.803.563 648.602,303
562,218,715
Municipal
20,005,000
20,224.000
20.224.000
62,856,650 103,250,000 166.106,650
39,408,000
14,100.000
25,308,000
Canadian
3,430.000
3,430,000
9.950,000
9,950,000
381,000
381.000
U. S. Possessions
2.472.624,507 489,148,881 2.961,773.388 2,651,404,560 539,309.227 3,190,713.787 1,608,546,088 454,144,930 2,062.691,018 2,135,337,517
Grand total
Refunding.
Total.
New Capital.
Refunding.
Total.
$
397,431,800
307,030.200
204.560.200
207.124,763
$
53.473,755 567,170,000
82,667,248 426,787,500
20.949,533 421,681,020
14,110,750 430,438.334
21,760,000
$
323,629,300
165.275,600
193,213.400
203,131,763
73,102,500
141,754.600
11,346.800
3,993.000
171,201,286 1,867,736.854
100,000,000
885,250.063
35,000.000
68,000,000
200.000,000
296,328,579
12,005,300
10,000.000
230,896,900 1,116,146,963
63,179,000
28,179,000
68,000.000
200,000,000
9,322,260 305,650,839
12,005,300
10,000.000
182.563.8692,317,901,386 1,506,583.942
268,398,160 1.774.982.102
3,864,583
7,498,000
322,661,532
27,503,000
[TNT8g mar
MONTHS ENDED JUNE 30 FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SIX
JUNE 30 FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SIX MONTHS ENDED
Long Term Bonds & NotesRailroads
Public utilities
Iron-steel coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings,&c
Rubber
Shipping
Miscellaneous
New Capital.
$
226,919,500
287,552,071
192,518,139
8,100,000
11,962,000
102,386.447
38,500.000
87,830,000
1,335,000
2,568,000
89,019,000
1.048,690,157
Total
Short Term Bonds & Notes9,087,500
Railroads
26,702,200
Public utilities
9,850.000
Iron, steel, coal, copper, &c
830.000
Equipment manufacturers
15.496.000
Motors and accessories
3,000,000
Other industrial & manufacturing
44.693,000
011
1,080,500
Land, buildings, &c
Rubber
1,000,000
Shipping
3,050,000
Miscellaneous
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing._
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Vicitors and accessories
Aber industrial & manufacturing
)11
,and, buildings, &c
tubber
ihipping
eliscellaneous
Total corporate securities
114,789,200
300.000
117,502.136
25,679,710
23,355,325
109,234,183
44.638,573
2,590,000
350,000
58,669,508
Refunding.
Total.
New Capital.
Refunding.
Refunding.
Total.
New Capital.
Refunding.
-------1,204.500
2,000.000
26,782,000
513,596,245
53,473,755
667,070,000
323,629,300
73,802,500
397,431,800
1,500,000
75.667,248
20,000,000
167.485,500
6,210.000
5,926,000
7,050,000
61.259.000
127.512,000
3,810,000
30.400,000
5,385,000
7,750,000
7,100,000
40,542,600
15,150,000
525,000
2,050,000
15,680.000
46,450.000
636,000
1,000.000
905,000
35,237,000
34,750,000
86,054,600
4,000,000
275,000
10.242.166
18.500,000
91.818,252
6,210.000
5,926,000
7,050,000
58.259,000
126.262,000
2,560,000
30,400.000
5,385,000
7,750,000
450,000
41,850,000
126,597,200
19.150,000
525.000
2,050,000
32,180,000
46,450,000
636,000
1.000,000
905,000
35,687,000
144,392,166
300,120,252
82,667,248
442,787,500
165,275.600
141,754,600
307,030,200
10,667,490
4,448,225
25,528,490
42.520,880
5,394,250
30.922,740
42,520,880
16,910,000
24.700,000
13,570,650
12,609,883
107,050,245
326,086,599
216.110.347
11.516,047
75,000
49.238.600
14,603,500
59.830.396
3,410.500
71.400.000
104,483,650
103,253,613
1.500.000
19.840,000
5,000,000
4,136,800
4,513.000
54,257.900
1,480.000
55,737.900
314,938.643 1,363,628,800 1,037,769,495
32,351,800
9,087,500
13,156,000
33,915,000
7,212,800
404,200
9,850,000
830.000
16,700,000
25,100,000
9,604,000
500,000
4,800,000
1,800,000
30.400.000
44,693,000
2.150,000
1,080,500
316,426,755 1,354,196,250
668.722,220
381,762,480 1,050.484,700
35,351,800
27,106,000
404,200
16.700,000
500.000
30,400.000
2.150,000
3,000,000
11,732,000
44,000.000
225,000
3,200,000
6,750,000
44,700,000
3.645,000
3,000,000
28,355,000
44,000,000
225,000
3.200,000
6,750,000
44.700,000
3,645,000
215,000
3.500,000
215.000
3.500.000
275,000
9,842,166
400,000
116,327,000
127,369,166
17,023,000
1.000,000
3,050,000
18,616,800
11,076,000
4.896,760
1,335,000
16,959.140
984,690
35,625,000
133,406.000
99,377,000
24,690,325
126,193,323
45,623,263
2,590,000
350,000
10.929,600
93,259,650
26.406.250
2.500.000
11,525.000
36,036,202
39,152.410
4,535,000
4.175.000
94.294,508
22,485,000
300,000
128.578,136
30.576,470
3,000,000
13,950.000
16,950.000
26,318,625
4,900,000
7,980,000
22,485,000
251,004,112
39,198,625
412,426,480
381,293,689
101,420,450
2,500,000
35,375,000
123,257,443
111,981,710
85,389,500
6.775,000
17.575,000
110,156,335
77,521,270
137,310,786
1,750,000
70,876,590
404,432,033 1.950,230,825 1.388.150,607
10,929,600
119,578.275
26.406,250
2.500,000
11,525.000
40,936,202
47,132,410
4,535,000
4.175,000
290,202,737
489,947,750
518,604,475
103.170,450
2,500,000
37,875.000
2,500,000
47,578.759 170.836,202
91,200,700 203,182,410
93,834,500
8,445,000
6,975.000
200,000
19.075,000
1,500.000
4.568,865 114.725,200
372.575,380 1.760.725.987
14.569,400
28,000,000
650,000
3.950.000
8,489,000
16,623,000
10,667,490
4.448.225
$
118,867.000
117.772.000
28,610,000
2,050,000
5,900,000
33.795,000
35.500,000
26,155,000
2,000,000
25.578,300
20,253,755
2,500,000
42,678,759
83,220,700
8,445.000
200,000
1.500.000
4,568,865
Total.
8,834,000
9,650,000
129,400.000
125,650.000
87,149.500
2.800.000
18,860,000
88,740,200
7.150.000
86.721.241
42,429,300
78,704,500
2,600.000
17.360,000
84,171,335
Refunding.
$
34,196,000
34,144,000
627,000
249,122,500
59,615,500
26,916,000
4,110,000
2,675.000
54,786,245
1,720,000
58,769,000
100,000
7,026,000
48,256,000
$
443,666,350
371,920,200
76.360.000
New Capital.
$
84,671,000
83,628.000
27,983,000
2,050,000
4,981,000
31,083,000
35.500,000
26,155,000
$
382,364,000
170,582.000
21.227,000
6,195.000
14,200,000
124,571.700
156,850,000
13.960,000
67,500,000
6,135,000
86,900,000
$
74,521,270
97,042,161
1,750.000
Total.
$
258,622,500
62,574,500
39.310,000
4,110,000
2,675,000
75,040.000
1.720,000
58,802.000
100.000
7.026,000
57,090,000
$
9,000.000
2,959,000
12,394,000
$
290,518.580
27,298,500
8,287,000
$
369,145.080
274.878.039
74,610,000
453,196,025
1,545,798,792
New Capital.
$
91.845.420
143,283,500
12,940.000
6.195,000
14,200,000
110,002.300
128,850,000
13,310,000
67,500,000
2,185,000
78,411,000
$
$
26,073,000 252,992.500
151,865,729 439.417,800
40,806,861 239,325,000
8,100,000
16.250.000
4.288,000
23,957,053 126,343,500
63.500.000
25,000.000
89.080,000
1,250.000
2,000,000
665,000
2,675,000
107.000
34.926,000 123,945.000
26,073,000 262,380,000
236,307,000
431,756,407 170,154,529 601,910,936
51.703,621 279.751,470
228.047.849
8,930,000
____
8.930,000
66,040,325
15,227,660
50.813,325
42,716,193 257,336,823
214,620,630
25.984,690 153,816,263
127.831,573
92,750,500
1,250,000
91,500,500
2,350,000
665,000
1,685,000
3,675,000
107,000
3,568.000
70.551,000 221.289.508
150,738,508
382,319,435
Total.
1919.
1920.
1921.
1922.
1923.
SIX MONTHS ENDED JUNE 30.
33.000
3.000,000
1.250,000
1,250,000
919,000
2,712,000
16,500,000
16.910,000
24,700.000
76,400,000
108,620,450
107.766,613
1,500.000
20,050.000
2,582,000
20,870.000
77,700,000
1,510,000
---___-525.600
2,582.000
21,395,600
77,700,000
1,510,000
7,887.500
250,000
8.137,500
93,479,595
313,476,716
216.110,347
11.516,047
49,163,600
14.603,500
56.419.896
126,440,815
822,819,071
35,060,283
857,879,354
396,345,163
15.339,800
411,684,963
94,845.420 290,518,580 385,364.000
43.921,500 209.604,490
165,682.990
69.675,225
8,287,000
61,388,225
6.420.000
6,420,000
19,982,000
19,982,000
15,095,000 152,717,300
137,622,300
28,000.000 279,250,000
251,250,000
19.115,000
650,000
18,465,000
67,500,000
67,500,000
6,410.000
3,950,000
2.460.000
9,139,000 105,279.666
96,140,666
268,122,500
176.962,242
75.646,880
10.036.000
103.204,595
426,521.961
344,092,347
72,845,047
79,663,600
27,014,500
112,425,896
10,500,000 278,622,500
84,020,498 260.982,740
88.040,880
12,394,000
10.036.000
13,570,650 116,775,245
35,863.638 462.385,599
1,250,000 345,342,347
74,128.047
1,283,000
79,738,600
75,000
27,014.500
12,244,500 124,670,396
91,771,000
141,080,600
67,833,000
2,575.000
78,431,000
151,246,650
185,203.613
28,291.000
20,840,000
2,905,000
115,073.200
68,946,000
120.198,600
4,627.000
160,717,000
261,279,200
72,460.000
2,575,000
84,350.000
174,595,450
189,716,613
28,291.000
21.050,000
2.905.000
118,207,700
399,561,080 1,321,317.681 1,696,535,568
171,201,286 1.867,736,854
885,250,063
230.896.9001,116,146.983
125,665,215
921.756,601
775,600
210,000
5,919,000
23,348,800
4,513,000
210.000
3,134.500
cia
374
THE CHRONICLE
[VoL. 117.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads2,115,000 New equipment
100
9,930,000 New equipment
98.46
500,000 additions, extensions, &c
99yi
1,500,000 New equipment
To Yield
About.
Company and Issue and by Whom Offered.
6.00 Boston & Maine RR. Equip. Tr. 6s, 1924-38. Offered by Harris, Forbes & Co., Curtis & Sanger
and Kidder, Peabody & Co. .
5.25 Chicago & Northwestern Ry. Co. Equip. Tr. 55, 1924-38. Offered by Kuhn, Loeb dr Co. and
National City Co.
7.05 Fort Dodge Des Moines & Southern RR. 10-Year Debenture 75, "A," 1933. Offered by BodeIt
& Co. and P. W. Chapman & Co.
5.50-6.05 Western Maryland Ry. Equip. Tr. 6s, 1923-33. Offered by .1. S. Wilson Jr. & Co., Baltimore,
and Freeman & Co., New York.
14,045,000
Public Utilities1,250,000 Additions
9915
500,000 Additions
88
2,500,000 Acquisitions; other corp. purposes_
97%
3:500,000 Construction
8915
3,000,000 Refunding;other corp. purposes_ _ _
9815
50,000.000 Refunding;add'ns as betterment& _
951.4
2,000,000 New plant; other corp. purposes_ _ _
9915
3,100,000 Refunding; working capital
9515
1,145,000 Additions
1,800,000 Capital expenditures
100
97)
2,212,200 Additions
99
1.000,000 Additions dr extensions
94)4
3,900,000 Refunding; impts., extensions. &c.
97
2,500,000 Add'ns, ext's.; other corp. purp._ _
99
1,400,000 Refunding
9714
1,000,000 New construction
87
2,500,000 General corporate purposes
99
1,000,000 Capital expenditures
92,15
1,050,000 Construction
2,000,000 Additions. betterments, &c
91
96
6.00+ Adirondack Power & Light Corp. 1st & Ref. Mtge. 68, 1950. Offered by Harris, Forbes & Co.,
Coffin & Burr, Inc., and E. H. Rollins & Sons.
6.00 Binghamton Light, Heat & Power Co. let Ref. Mtge. 55, 1946. Offered by Halsey, Stuart &
Co., Inc.
6.15 Carolina Power & Light Co. 1st & Ref. Mtge. 6s, 1953. Offered by BonbrIght & Co., Inc., and
W. C. Langley & Co.
5.75 Consumers Power Co. 1st Lien & Unit. Mtge. 5s, "C," 1952. Offered by National City CO.,
Cassatt & Co. and Graham, Parsons & Co.
6.15 Dubuque Electric Co. 1st Mtge. 6s, 1942. Offered by Baker, Young as Co., Biodget & Co. and
Arthur Perry & Co.
5.30 Illinois Bell Telephone Co. 1st & Ref. Mtge. 55, "A," 1956. Offered by .1. P. Morgan & Co..
Kuhn, Loeb & Co., Kidder, Peabody & Co., First National Bank, N. Y.: National City Co..
Bankers Trust Co., Guaranty Co. of N. Y., Harris, Forbes & Co. and Lee, Higginson dr Co.
6.05 Memphis Power & Light Co. 1st & Ref. Mtge. 65, "B," 1948. Offered by Guaranty Co. of N. Y.
and Harris, Forbes & Co.
6.50 Mountain States Power Co. 1st Mtge. 6s, "B," 1938. Offered by H. M. Byllesby & Co. and
Blyth, Witter & Co.
5.00 New Bedford Gas & Edison Light Co. 1st Mtge. 55, 1938. Offered by Harris. Forbes dr Co.
5.15 New England Power Co. 1st Mtge. 58, 1951. Offered by Baker, Young & Co., Inodget dr Co..
Coffin & Burr, Inc., Arthur Perry & Co. and Tucker, Anthony & Co.
6.10 Northern New York Utilities, Inc., 1st Lien dr Ref. Mtge. 68, "C," 1943. Offered by E. H,
Rollins & Sons and F. L. Carlisle & Co., Inc.
6.50 Oklahoma Gas & Electric Co. let & Ref. mtge.(is, "B," 1941. Offered by Bonbright & Co., Inc..
E. H. Rollins & Sons, Spencer Trask & Co., Federal Securities Corp., Chicago; and H. M.
Byllesby & Co.
6.75 The Potomac Edison Co. 1st Mtge. 6155, "A," 1948. Offered by E. H. Rollins & Sons, Halsey.
Stuart dr Co., Inc., Hambleton & CO.. W. A. Harriman & Co. and Dominick & Dominick.
6.05 San Joaquin Light & Power Corp. Unit. & Ref. Mtge. 6s, "B," 1952. Offered by Cyrus Peirce
& Co., San Francisco; Blyth, Witter & Co., N. Y., and Banks Huntley & Co., Los Angeles.
6.20 Scioto Valley Ry. & Pr. Co. lin Mtge. 65, 1943. Offered by Huntington National Bank and Ohio
National Bank, Columbus, 0.
6.00 Sierra & San Francisco Power Co. (Calif.) 1st Mtge. 5s, 1949. Offered by Harris, Forbes & Co.
and Coffin & Burr, Inc.
6.10 Southern California Gas Co. 1st & Ref. Mtge. 68, "C." 1958. Offered by Cyrus Peirce & Co..
San Francisco; Blyth, Witter & Co., N. Y., and Banks, Huntley & Co., Los Angeles.
6.37 Southern Counties Gas Co. of Calif. 1st Mtge. 515s, 1936. Offered by Blyth, Witter & Co..
E. H. Rollins & Sons and First Securities Co., Los Angeles.
5.70 Toledo Edison Co. 1st Mtge. 5s, 1946. Offered by Harris, Forbes & Co. and National City Co.
6.30 Western States Gas & Electric Co. of Calif. 1st & Unit. Mtge.6s, "A," 1947. Offered by Blyth,
Witter & Co., H. M. Byllesby & Co. and Cyrus Peirce dr Co.
87,357,290
Iron, Steel, Coal, Copper, &c.
1,100,000 Acquisitions; working capital
100
4,000,000 Acquisitions
2,500,000 Additions, extensions, &c
100
300,000 Reduce curr. debt; wkg. capital_ _ _
200,000 Fund floating debt; wkg. capital_. _
100
100
1,200,000 Capital expenditures; wkg.capital_
800,000 Plant removement; additions
1,000,000 Acquisitions. improvements,&c
100
100
7.00 Consolidated Coke Co. (Pittsburgh) 1st (Closed) Mtge. 78, 1933. Offered by McLaughlin,
MaeAfee & Co. and Schibener, Boenning & Co., Pittsburgh,
6.00-6.50 De Bardeleben Coal Corp. 1st Mtge. 6155, 1924-43. Offered by Drexel & Co., Cassatt & Co.
and Graham, Parsons & Co.
8.00 Eureka Smelting Co. 1st Mtge. Coll. Trust Convertible 8s, 1933. Offered by A. L. Albee & CO..
Boston, and J. S. McCord & Co., Philadelphia.
7.00 Jefferson Union Co.(Lexington, Mass.) 1st (Closed) Mtge.7s. 1933. Offered by Stanley & Bissell.
7.00 Pratt Chuck Co. (Frankfort, N. Y.) 1st Mtge. 75, 1938. Offered by First Trust & Deposit CO.,
Syracuse, N. Y.
6.50-7.00 Richland Coal Co. 1st (Closed) Mtge. 6155, 1924-43. Offered by Cassatt dr Co., Otis & Co. and
Graham, Parsons & Co.
6.50 Southern California Iron & Steel Co. 1st Mtge. 615s, 1925-43. Offered by Wm.It. Staats Co.
7.00 Suffolk Anthracite Collieries (Scranton,.Pa.) 1st (Closed) Mtge. 7s, 1938. Offered by Warren A.
Tyson dr Co., Philadelphia.
11,100.000
Equipment Manufacturers-800,000 Finance equipment leases
100
Other Industrial & Mfg.
175,000 Working cap.; other corn. Purl:I
100
6.50 Automatic Electric Washer Co., Inc.(Newton, Iowa), 1st (closed) Mtge. 654s,1925-33. Offered
by Central State Bank of Des Moines, Iowa.
6.25 Belgo-Canadian Paper Co., Ltd., 1st Mtge. 65, 1943. Offered by Guaranty Co. of New York
and Wood, Gundy & Co., Inc.
Capital expenditures
97
6.75 Darling & Co., Inc.(Chicago), 1st (closed) Mtge. 615s, 1943. Offered by Geo. H. Burr & Co.
New plant
7.05-6.60 (Louis F.) Dow Co.(St. Paul, Minn.) 1st (closed) Mtge.615s, 1925-38. Offered by Hyney, Emerson & Co., Chicago.
Acquisitions, additions, &c
100
7.50 The Higginson Mfg. Co.(Newburgh, N. Y.) 1st Mtge. 71.5s. 1938. Offered by Z. E. Van Fleet
& Co., Inc.
General corporate purposes
100
6.03 (Spencer) Kellogg & Sons, Inc., Debenture 6s, 1938. Offered by Dillon, Read & Co.
Refunding
99
7.10 The McMyler-Interstate Co. 1st Mtge. 75, 1943. Offered by J. G. White & Co.. New York.
New plant
96.15
6.87 Newaygo (Mich.) Portland Cement Co. 1st Mtge, Coll. 614s, 1938. Offered by Wm. L. Ross
& Co., Inc., Chicago, A. E. Kusterer & Co., Grand Rapids, and Fenton, Davis & Boyle, Detroit.
General corporate purposes
100
6.50 Orbon Stove Co. (Belleville, Ill.) 1st (closed) Mtge. 634s. 1924-31. Offered by George H. Burr
& Co., St. Louis, and First National Bank, East St. Louis.
Additional capital
9634
7.00 Pacific Sanitary Mfg. Co. 10-Year 614s, 1933. Offered by BlYth, Witter & Co., New York.
New plant
96
6.40 Paterson (,N. J.) Parchment Paper Co. 1st Mtge. 65, 1938. Offered by Spencer Trask & Co.,
Townsend, Whelen & Co. and Edward B. Smith & Co.
Capital expend's; working capital.. Price on apPlica. U. N. Roberts Co.(Davenport, Iowa) 1st (closed) Mtge.6s, 1
928-43. Offered by Geo. M. Bechtel
dr Co., Davenport, Iowa.
Refunding; additions
100
7.00 Sonoco Products Co. (Hartsville, S. C.) 1st Mtge. Convertible 7& 1938. Offered by Frederick
E. Noiting & Co., Richmond, Va.; Trust Co. of Norfolk, Va., and Trust Co. of South Carolina.
Hartsville, S. C.
Refunding; capital expenditures_ _
9815
6.65 A. E. Staley Mfg. Co. 1st Mtge. 615s, 1938. Offered by Taylor, Ewart & Co. and Pearsons-Taft
Co., Chicago.
Retire current debt; additions_ _ 100
7.00 Standard Bakeries Corp. (Chicago) 1st Mtge. 7s "A," 1938. Offered by Goodwillie & Co., Chicago, and Mark C. Steinberg & Co., St. Louis.
Original capital
9815
6.15 Tomahawk Kraft Paper Co. 1st Mtge. fis "A," 1938. Offered by Second Ward Sesurities Co. and
Co., Milwaukee.
FirstWisconsin
8, c
Working capital
100
6.50 Walcott
Campbell Spinning Co. Convertible Debenture 635s, 1938. Offered by Utica (N. Y.)
Trust & Deposit Co. and Mohawk Valley Investment Corp., Utica, N. Y.
General corporate purposes
100
7.00 Westfield River Paper Co.,Inc., 1st Mtge. 7s, 1924-43. Offered by P. W.Brooks & Co., Inc., N.Y.
4,000,000 Acquire Beige Paper Co., Ltd_
1,250,000
300,000
500,000
2,500,000
1,500,000
1,500,000
200,000
450,000
1,500,000
400,000
600,000
3,000,000
750,000
1,200,000
300,000
340000
6.00 General American Tank Car Corp. Equip. Tr, 65, series 14, 1925-29. Offered by Charles D.
Barney & Co.
_
97
20,465,000
Oil12,000,000 Acquisitions, extensions. Arc
99
25,000,000 Capital expenditures
94
25,000,000 Refunding
100-98k
6.60 The Pure 011 Co. 10-Year 6146 "A," 1933. Offered by Central Trust Co. of Illinois, Chicago, and
Halsey, Stuart & Co. Inc.
7.15 Sinclair Consolidated Oil Corp. 1st Lien Coll. 615s "B," 1938. Offered by Blair & Co, Inc..
Kissel, Kinnicutt & Co., White, Weld & Co., J. & W. Seligman & Co., Spencer Trask & Co.,
Janney & Co., Graham, Parsons & Co., Cassatt & Co., The Union Trust Co. (Cleveland), First
Trust & Savings Bank (Chicago, Ill.), Merchants Trust Co. (Chicago), Mercantile Securities
Co. of California and First Securities Co., Los Angeles.
5-5.14 Standard Oil Co.(Calif.) Serial 5s, 1924-33. Offered by Dillon, Read & Co., Anglo & London-Paris
National Bank, Blair & Co., Inc., Equitable Trust Co., N. Y., National City Co., Guaranty
Co. of N. Y. and Continental & Commercial Trust & Savings Bank, Chicago.
62,000,000
Land, Buildings, &c.
350,000 Finance construction of apartment 100
4,300,000 Finance construe, of apt. hotel...
100
1,300,000 General corporate purposes
100
1,600,000
150,000
1,400,000
375,000
Finance construe. of office bldg__
Improvements
Finance construction hotel
Finance construction of building
100
100
100
100
1,000,000 Additions
200,000 Finance construe, of apt. hotel
100
100
295,000 Finance construction of hotel
100
•
6.50 The Belmont Apartments (Denver, Colo.) 1st Mtge.654s, 1926-35. Offered by The Straus Bros.,
Co., Chicago.
6.00 Benjamin Franklin Hotel (Philadelphia) 1st (closed) Mtge. 6s, "A," 1933. Offered by Philadelphia Co. for Guaranteeing Mortgages, Harrison, Smith dr Co., Butcher, Sherrerd & Hansell
and Reilly, Brock & Co., Philadelphia.
(b) Canadian Property Co., Ltd., 1st Mtge. Graduated Coupon bonds, 1925-43. Offered by S. W.
Straus & Co.
6.00 Chicago Trust Building 1st Mtge. (is, 1924-44. Offered by Chicago Trust Co.
7.00 Columbia Gorge Hotel 1st Mtge. 7s, 1926-35. Offered by G. E. Miller & Co., Seattle.
6.50 The Coronado Hotel (Sc. Louis) 1st Mtge. 614s, 1926-41. Offered by S. W. Straus & Co.
8.00 Cotton Exchange Building (Houston, Texas) 2d Mtge. 88, 1938. Offered by Dunn as Carr,
Houston, Texas.
5.00 Crocker Hotel Co. 1st Mtge. 5s, 1924-43. Offered by Bond & Goodwin & Tucker, Inc.. San Fran.
6.50 Farwell Beach Apartment Hotel (Chicago) 1st Mtge. 6158, 1925-31. Offered by The Straus
Bros. Co., Chicago.
8.00 Franklin Arms Hotel (Fort Meyers, Fla.) 1st Mtge. 88, 1925-35. Offered by G. L. Miller Bond.
& Mortgage Co.
JULY 28 1923.]
Amount.
THE CHRONICLE
Purpose of Issue.
Price.
Land,Buildings.&e.,(cone.)
225,000 Real estate mortgage
To Yield
Abota.
100
400,000 Finance construction of apt
100
1,250,000 Refunding
100
850,000 Real estate mortgage
100
900,000 Finance construction of apartment 100
800,000 Finance construction of apartment 100
525,000 Finance construction of building_ _
400,000 General corporate purposes
100
280,000 Finance construction hotel bldg_
100
700,000 Finance construction building _ _
100
1.300,000 Acq. and remodeling of building
,100
325,000 Finance construction of apt. hotel_ 100
700,000 Finance construction of hotel
100
800,000 Additions to building
100
24,075,000
Shipping750,000 Refunding; acquisitions, exts., &c_
1,000,000 Additional capital
100
1,200,000 Acq. Ermlta Star Corp., N. y_
100
175,000 Development of properties
100
350,000 Additions,impts., working capital.
7,500,000 Fund current debt; additions
3.500.000
150,000
350,000
400,000
6.50 Graham & Morton Transportation Co. 1st .Mtge. Os, 1923-42. Offered by Howe, Snow &
Bertles, New York.
5.35 Ocean Steamship Co. of Savannah 1st Mtge. 55, 1943. Offered by Citizens & Southern Co..
Savannah, Ga.
96
1,750,000
Miscellaneous3,000,000 Additions; red. current debt, &c_
Additions; other corp. purposes_ _ _
Additions. extensions, &c
Development of properties
Pay bank loans; imnts.; wilg. cap_
94
99
100
100
Company and Issue and by Whom Offered.
6.50 Hearst Publishing Building (Chicago) 1st Mtge. R. E.(ihs, 1924-32. Offered by Greenebawn
Sons Investment Co., Chicago.
6.50 Hotel Hollenden Co.(Cleveland) 1st Mtge. Leasehold 63s, 1925-38. Offered by Hyney,Emerson
& Co., Chicago, and Guardian Savings & Trust Co., Cleveland.
6.50 Hudson Towers (New York) 1st Mtge. R. E.(Shs, 1925-35. Offered by American Bond & Mortgage Co., New York.
6.50 The Huntington Apartments (St. Louis) 1st Mtge. 6lis, 1926-36. Offered by The Straus Bros.
Co., Chicago.
6.00 Market Street Realty Co. 1st Mtge. 68. 1927-37. Offered by Anglo-London-Paris Co., Hunter.
DuIln Co., Mercantile Securities Co. of Cal. and Shingle. Brown & Co.
6.50 New Elks Building (Louisville, Ky.) 1st Mtge. R. E. 6%s, 1924-38. Offered by Greenebaum
Sons Investment Co., Chicago.
6.50 Palmetto Apartments (Detroit) 1st Mtge. 63s, 1926-41. Offered by S. W. Straus & Co.
6.00 Park Chambers, Inc.(N. Y. City) 1st (closed) Mtge. 68, 1925-38. Offered by Puritan Mortgage
Corp. and Hambleton & Co.
6.60 Professional Building Co. 1st Mtge. 63s, 1924-36. Offered by Hunter, Dubn & Co. and Drake,
Riley & Thomas.
6.50 Sixty-five Forty-five Carnegie Co. (St. Louis) 1st Mtge. Leasehold 645, 1924-39. Offered by
Tillotson & Wolcott Co. and Guardian Savings & Trust Co., Cleveland.
7.00 Stets Hotel Co.(Kansas City) 1st Mtge. 75, 1925-33. Offered by Stern Bros.& Co.and Guaranty
Trust Co. of Kansas City.
6.50 251-9 West 36th Street (N. Y.) 1st Mtge. R. E. lihs, 1925-33. Offered by American Bond &
Mortgage Co., New York.
6.50 Union Square Co.(Cleveland,0.) 1st Mtge. Lien 6s,1928-43. Offered by Worthington, Bellows
& Co., Cleveland.
6.50 Walnut Apt. Hotel (Kansas City, Mo.) 1st Mtge. 614s, 1926-36. Offered by The Straus Bros.
Co., Chicago.
7.00 The Washington Hotel Co.,Inc.(Shreveport, La.) 1st Mtge. 75, 1926-38. Offered by Interstate
Trust at Banking Co. Securities Sales Co. of Louisiana, Inc., Botherlin, Barry at Co. and GladOrleans.
ney & Watson, New'
6.00 The J. A. Wigmore Co. (Cleveland) 1st Mtge. Leasehold (is, 1925-38. Offered by the Guardian
Savings & Trust Co., Cleveland.
100
2,000,000 Acquire hotel bldg.; improvements 100
1,650,000 Hospital and hotel building
375
7.50 Beattie Sugar Co. 1st Mtge. 7s. 1943. Offered by Peabody, Houghteling & Co. and Marshall
Field, Glore, Ward & Co.
7.50 Ermita Sugar Co. (Compania Azucarera Ermita) 1st (Closed) Mtge. Convertible 73s, 1942.
Offered by Hornblower & Weeks and Janney & CO.
8.00 Florida Growers, Inc. (Stuart, Fla.) 1st Mtge. Operation & Refunding 8s, 1924-33. Offered by
Palm Beach Guaranty Co.. West Palm Beach, Fla., and L. N. Rosenbaum & Co. Inc., N. Y.
6.2.5-6.50 The Franklin Co-Operative Creamery Assn.(Minneapolis) 1st Mtge. this, 1925-33. Offered by
Minnesota Loan & Trust Co., Minneapolis.
6.50 Long-Bell Lumber Co.(Kansas city, Mo.) 1st Mtge. 6s, "B," 1943. Offered by Halsey, Stuart
& Co., Inc., Lacey Securities Corp., hicago, and Geo. H. Burr & Co., N. Y.
6.10(A. I.) Nansw & Son (Brooklyn,N.Y.) 1st Mtge.65, 1943. Offered by Manufacturers Tr. Co., N.Y.
7.50 Pacific Coast Timber Co. 1st(Closed) Mtge.7h s, 1928. Offered by Carstens & Earles, Inc.,San Fr.
7.00 Sacramento Valley Colony Co. 1st Mtge.& Coll. 7s, 1927-32. Offered by American National Co.
6.45-7.00 (Charles) Stern & Sons, Inc., 1st Mtge. 75, 1926-37. Offered by Alvin H. Frank dr Co., Los:Ang.
16.625.000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Railroads$
487,500 New equipment
Price.
To Yield'
,
About.
100
Public Utilities4,000,000 Working capital
3.000,000 Acquisitions, add'ils, imP'ts, &c
1,700.000 General corporate purposes
100
100
7.00iCentral States Electric Corp. 2-Year Secured 7s, June 11925. Offered by Dillow Read & Co.
6.00 Niagara Lockport & Ontario Pr. Co. 3-Year Convertible 6s, June 1 1926. Offered by Blair & Co..
r.n
I
Inc., and Schoelikopf. Hutton & Pomeroy, Inc., Buffalo.
7.50 Southwestern Utilities Co. (Independence, Kan.) 1st Lien Coll. Convertible 7s, June 1 1926.
Offered by Chandler & Co., Inc., N. Y., Lumbermans Trust Co.-Bank, Seattle, Freeman, Smith
& Camp Co.. San Francisco-.and Mark C. Steinberg & Co., St. Louis.
98%
I
8,700,000
Iron, Steel, Coal. Conner, &c.
250.000 Retire curr, debt; other corn. Duro _ 100
600.000 Capital expenditures; working cap_ 100
8,000,000 Retire bank loans; working capital_ 100
6.00IAmerican Range & Foundry Co.(Minneapolis)65,1923-28. Offered by Mercantile Tr. Co., St. L.
7.00 Silver Dyke Mining Co.5-Year Debenture 7s, June 11928. Offered by E. M.Hamlin at Co., Boston.
6 00'Wheeling Steel Corp. 3-Year Secured Convertible 6s. July 11926. Offered by Dillon, Read & Co.
and Redmond & Co.
8,850,000
Motors and Accessories-.
600,000 Refunding; fund floating debt__ _ _
Oil540,000 Additional oil tankers
4,000,000 Working capital
453.000 Additional oil tankers
Company and Issue, and by Whom Offered.
% I
6.i0 Connecticut Co. Equip. Trust 6s, "F." 1924-28. Offered by Putnam at Co., Hartford.
6.50-6.30 C. L. Best Tractor Co.6s.1924-26. Offered by Cyrus Peirce & Co., San Francisco.
100
4,993.000
Land, Buildings, &c.356,000 General corporate purposes._
101
724,500 Additions to building
100
5.25-5.60 Atlantic Refining Co. Marine Equip. 5s, 1924-26. Offered by McAllister & Hotlinger, Phila.
6.00 Sun Oil Co. 2-Year (is, June 15 1925. Offered by Brown Bros. & Co.
5.00-5.75 Union 011 Co. of California 5s, 1923-25. Offered by Drake, Riley dr Thomas and Citizens National Bank, Los Angeles.
1,080,500
5.75 Gimbel Brothers, Inc. (Milw.) 1st Mtge. 5-Year Os. May 1 1928. Offered by First Wisconsin Co.,
Milwaukee.
6.00 Michigan Boulevard Bldg. Co. (Chicago) 5-Year 6s, May 1 1928. Offered by Second Ward
Securities Co. and First Wisconsin Co., Milwaukee.
STOCKS.
Par or
No.olShares
Purpose of Issue.
a Amount Price
To Yield
Involved. Per Share. About.
$
Public Utilities1,500,000 Additions and extensions
$
1,500,000
5,249,100 Expansion of business
2,750,000 General corporate purposes
1,250,000 Acquisitions, exts.,'writs.. &c____
5,249,100 100
2,750,000 9734
1,250,000 9234
2,600,000 General corporate purposes- - _____
2,600,000 100 (par)
1.000,000 Add'ns, exts., impts., ate
Iron, Steel, Coal. Copper, &c.
150,000 Working capital; additions
•100.000shs Expansion of business
Other Industrial &
.30.000 gibs Additional capital
600,000 New mill
170,000 Retire current debt; additions._
*30,000 5128 Refunding; working capital
300.000 Enlargements; new equipment....
1.000.000 Additional capital
222,500 Working capital
.2,225 sbs Working capital
500,000 Working capital; other corp. purp's
*2,500 sits Working capital; other corp. purp's
1,000,000 100 (Par)
14,349,100
150,000 100
1.500,000
mtg.-
93%
15
1,650,000
Company and Issue and by Whom Offered.
%
7.50 Consolidated Power & Light Co. (Huntington, W. Va.) 7% Cum. Pref. Offered
by Tucker, Anthony & Co. Spencer Trask & Co. and Stroud & Co.
..... Detroit Edison Co. capital stock. Offered by company to stockholders.
6.15 Electric Bond & Share Co.6% Cum. Pref. Offered by Bonbright & Co., Inc.
7.57 Jersey Central Power & Light Corp.7% Cum. Panic. Pref. Offered by A.E. Fitkin
& Co., New York.
___ Niagara Falls Power Co. Common. Offered by company to Preferred and Common
stockholders.
___ United Light & Rys. Co. Common. Offered by company to Common, First Preferred
and 7% Portia. Preferred stockholders.
7.00 Blanchard-Zanesville Mining Co. 7% Cum. Pref. Offered by Ebdy-Hemphill Co..
Pittsburgh.
___ Truscon Steel Co. Common. Offered by company to stockholders; underwritten.
'
._ _ American Multigraph Co. Common. Offered by co. to stockholders; underwritten.
7.00 Arcadia Mills (Spartanburg. S. C.) 7% Cum. Prof. Offered by A. M. Law & Co.,
Spartanburg. S. C.
170.000 100
8.00 Duplex Envelope Co. (Richmond, Va.) 8% Cum. Pref. "A." Offered by Wheat,
Williams at Co., Inc., Richmond, Va.'
,
750,000 25
___ Johnson Educator Biscuit Co.(Cambridge, Mass.) Cum.& Partic. Class "A" stock.
Offered by Morgan, Livermore at Co., N. Y. nd Pond at Co., Boston.
300,000 103
Offered by Irwin, Ballman at
6.80 Kemper-Thomas Co. (Cincinnati) 7% Cum.'
Prof.P
Co. Cincinnati.
1,600,000 40
___ Underwood Typewriter Co.Common. Offered by company to stockholders; under
written by Lehman Bros., Goldman, Sachs & Co. and Hallgarten & Co.
222,500 100
7.00 United Woolen Mills (Columbus,0.) 7% Cum. Pref. Offered by J. D. Merriman at
Co.Wheeling, W. Va.
55,625 25
___ United 'Woolen Mills (Columbus, 0.) Common. Offered by J. D. Merriman at Co.,
Wheeling, W. Va.
Wilson-Jones Loose Leaf Co. (Mass.) 7% Cum. Pref. Offered by Jackson at Curtis
500,000 (10 shares
and Tucker, Bartholomew at Co., Boston.
j Pref.
For
l5 shs.com. $1,000 Wilson-Jones Loose Leaf Co. (Mass.) Common. Offered by Jackson at Curtis and
Tucker. Bartholomew at Co., Boston.
4,828,12.,
630,000 21
600,000 100
Par or
No.ofShares
[vol.. 117.
THE CHRONICLE
376 .
Purpose of Issue.
Miscellaneous—
100• ,000 Retire common stock held by outside interests
a Amount
To Yield
Price
Involved. Per Share. About.
100,000 100
3.000,000 100
3,000,000 Additional capital
1,500,000 Extensions; other corp. purposes
1,500.000 100
Company and Issue and by Whom Offered.
7.00 Caufman-Straus Co., Inc. (Louisville, Ky.) 7% Cum. Pref. Offered by James
C. Wilson & Co., George T. Wood & Son and Block. Fetter & Frost.
7.00 McCrory Stores Corp. 7% Cum. Pref. Offered by company to stockholders; unsubscribed portion offered by Merrill, Lynch & Co.
8.00 Standard Dredging Co.(New York)8% Cum.Pref. Offered by Shonnard & Co., N.Y.
4,600,000
FARM LOAN ISSUES.
Amount.
Prim.
Issue.
500• ,000 Agricultural Joint Stock Land Bank 58,
1933-53
2,000,000 Central Illinois Joint Stock Land Bank
(Greenville, III.) 58, 1933-53
2,000,000 Central Iowa Joint Stock Land Bank (Des
Moines,Ia.) Ss. 1933-53
3,000,000 Chicago Joint Stock Land Bank 43is, 19331963
45,000,000 Federal Land Bank 4%s, 1933-53
1,000,000 First Joint Stock Land Bank (Cleveland)
55, 1933-53
1,000,000 First Joint Stock Land Bank (New Orleans)
55, 1933-43
1,000,000 Illinois Midwest Joint Stock Land Bank
Se, 1933-53
1,000,000 North Carolina Joint Stock Land Bank of
Durham. N. C.. fis, 1933-53
1,000,000 Ohio Joint Stock Land Bank (Cincinnati)
5s, 1933-63
1,000,000 Ohio-Pennsylvania Joint Stock Land Bank
55, 1033-53
500,000 St. Louis Joint Stock Land Bank 5s, 1928-43
1,500.000 St. Louis Joint Stock Land Bank 55, 1933-53
1,000,000 Southern Minnesota Joint Stock Land
Bank 58, 1933-53
200,000 Virginian Joint Stock Land Bank 5a,1933-53
To Yield
About.
Offered by.
102%
4.68 Brooke, Stokes & Co.
103
4.62 Wm.R. Compton Co., Halsey, Stuart & Co. and Harris, Forbes & Co.
103
4.62 Equitable Trust Co., N.Y., Hayden, Stone as CO., C. F.Childs & Co. and P. W.Chapman & Co.
4.60 Kissel, Kinnicutt & Co.
4.45 Alex. Brown & Sons, Baltimore; Harris, Forbes & Co., Brown Bros. az Co., Lee, Higghtson & Co., National City Co. and Guaranty Co. of New York.
1013
100%
103
102%
4.62 A. B. Leach & Co., Inc., New York; Guardian Savings St Trust Co., Cleveland, and
Detroit Trust Co., Detroit.
4.68 Harris, Forbes & Co., Win. R. Compton Co.and Halsey, Stuart & Co., Inc.
103
4.62 Hoagland, All= & Co., New York.
103
4.62 Dillon, Read & Co. and Northern Trust Co.. Chicago.
1023(
4.65 Rosenblum & Lowenthal, Pittsburgh, and Lowenthal & Co., Cincinnati.
103
101%
103
4.62 Union Trust Co.,Cleveland; United Security Co.,the Herrick Co.and Cleveland Trust CO.
4.65 Wm. R. Compton Co. and Halsey, Stuart & Co.
4.62 Wm. R. Compton Co. and Halsey, Stuart & Co.
103
102%
4.62 Dillon, Read & Co. and Northern Trust Co.. Chicago.
4.68 Brooke. Stokes & Co.
61,700,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
25,000,000 Austrian Government Guaranteed Loan 7%
Sinking Fund Gold bonds, 1943
2,000,000 State of Ceara (Brazil) 25-Year External 8%
Gold bonds, 1947
Price.
90
99%
To Yield
About.
Offered by.
8.00 J. P. Morgan & Co.: First Nat. Bank, N. Y.; Guaranty Co. of N. Y.; Kidder, Peabody
& Co.; Harris, Forbes & Co.; Brown Bros. A Co.; Nat. Bank of Commerce in N. Y.;
Equitable Trust Co.of N.Y.; Amer. Exchange Nat. Bank; Seaboard National Bank:
U. S. Mtge. & Trust Co.; American Trust Co.; Kuhn, Loeb & Co.; The National
City Co.: Bankers Trust Co., N. Y.: Lee, Higginson & Co.; Dillon, Read & Co.:
Hallgarten & Co.: Mechanics & Metals Nat. Bank; New York Trust Co.; Corn
Exchange Bank; Harriman Nat. Bank: Empire Trust Co.; White, Weld & Co.;
Halsey, Stuart & Co., Inc.; E.H.Rollins &Sons: Kissel, Khuncutt & Co.: Marshall
Field, Clore, Ward &Co.; Callaway, Fish & Co.; W. A. Harriman & Co., Inc.
J. & W. Seligman de Co.; Ladenburg, Thalmann & Co.; Hayden, Stone & Co.!
Hemphill, Noyes & Co.; J. G. White & Co., Inc.; Myth, Witter & Co.; Lazard
Freres: August Belmont & Co.; Spencer Trask & Co.; Heidelbach, Ickelhelmer &
Co.; Hornblower & Weeks: Redmond & Co.; Bonbright & Co., Inc.
8.00+ J. S. Bache & Co., N. Y.; Mortgage & Securities Co.. N. Y. and New Orleans; Interstate Trust & Banking Co., New Orleans, and Mark C.Steinberg & Co., St. Louis.
27,000,000
•Shares of no par value.
based on the offering price.
a Preferred stocks are taken at par, while in the case of Common stocks the amount ISyears
to June 1 1937, all coupons will pay 6)%; and for the final six years
b For the first seven years to June 1 1930, all c0111)011.9 pay 65i%; for the next seven
all will pay 6%.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 27 1923.
Trade as a rule continues to drag, although on the other
hand it is clearly better than it was a year ago. Such a significant thing as the car movement is not much below the
summit total. Neither is the movement of coal. There need
be no attempt to evade the meaning of such figures. Business, indeed, whatever its shortcomings, makes the best
showing of any for three years past. It is true there is no
great amount of business in some lines, but there is beginning to be a rather more hopeful tone in steel and iron
trade. Business in these lines has undoubtedly been stimulated to some extent by a lowering of prices, especially on
pig iron. There are complaints, indeed, that in some cases
Iron has been sold at below the cost of production. But if
the demand persists that is a matter which in the nature of
things will soon correct itself. Woolen goods open at higher
prices than those of a year ago. The output of automobiles
Is going on at a figure close to 100% of capacity, even if
trade in this line is somewhat less active and talk is heard
that some of the manufacturers have been asking for delay
there
In shipments to them of steel. And speaking of steel,
are, and have been, remarkably few requests for a postponeiron and steel is large
ment of shipments. The output of
taken. It is true, on the
and it is as a rule being promptly
the
other hand, that prices of most commodities have during
fallen
week declined. Cotton on the spot here, indeed, has
in that time over $20 a bale, though on October delivery the
decline is $10. There is a growing hope that the crop will
be a couple of million bales larger than it was last year. A
larger crop will ease the situation generally and bring the
whole cotton trade back to a more normal, and in the end,
more healthful, basis. It is not believed that the heat and
drouth in Texas and Oklahoma have yet done any very serious injury to the cotton crop of those States. Nor does it
appear that black rust at the Northwest has given any really
important setback to the wheat crop. The corn crop needs
rain in Iowa and elsewhere in the West. The drouth in
Pennsylvania, Virginia and Maryland has been broken.
Drouth has injured corn somewhat in Oklahoma. If it continues much longer it will injure cotton. The same is no
doubt true of Texas, where temperatures over much of the
State have latterly been 100 to 114 degrees, as in Oklahoma
104 to 108.
Commodities in general have declined. They include
flour, wheat and wool, as well as oil, cotton goods, lumber,
etc. The movement of prices in general seems to be back
towards the pre-war level, which was so greatly disturbed
by the terrible period of the war. As long as this price
movement is reasonably uniform the scaling down of costs,
always supposing that it includes labor, must in the end be
for the well-being of society at large, even though the process of transition may not be always agreeable. It is bound
to come some time. The idea heard now and then in recent
years that war prices were to continue indefinitely is something not to be seriously entertained. Civilized society aims
at production for constructive works and the general advancement of mankind, not for destruction, as in war. And
the days of peace having returned when property is not being destroyed, burned up with incredible rapidity amid the
horrors of the battlefield and the siege, society may congratulate itself and take new courage. The trend from now
on is probably towards a lowering of the cost of production
and an easing of the conditions of life throughout all the
JULY 281923.]
THE CHRONICLE
377
strata of population. It is hoped that every relic of the war Decrease in Wholesale Trade in Federal Reserve
will soon disappear, including the Ruhr trouble, although it
District of New York. I
must be confessed that the situation of late in that unhappy
The August 1 issue of the Monthly Review of Credit and
region has been perplexing. There seems to be little hope of Business Conditions by the Federal Reserve Agent at New
an early agreement in the Ruhr, although England has un- York will say:
it4,14411111111
doubtedly made a genuine effort to solve the difficulty, an
The index of wholesale trade prepared by this bank from reports of
in sales of about 3%
effort which, let us trust, will be persisted in until the way representative dealers in ten lines shows a decrease
between May and June. In this index allowance is made for seasonal variaopens for a general solution of a most knotty question. It is tion, price changes, and year to year growth. The latest decrease follows
believed that if the question reaches a certain opportune successive decreases in March, April and May,and brings the index to 100.
estimated normal.
stage the United States will endeavor to assist in its adjust- which is the
Sales of machine tools, jewelry,dry goods, and stationery show the largest
ment. Meanwhile the stock market has been darkened to Increase as compared with June last year, while sales of diamonds decreased
some extent by the failure to bring peace in that unhappy to slightly more than half the sales in June a year ago.
A comparison between the dollar value of sales in the first six months of
region, and the depression in Wall Street, it is not too much
this year with that in the corresponding period of preceding years shows
to say, has had a certain reflex in some of the leading com- that the dollar value of sales in all reporting lines was 20% larger than In
modity markets of the country. Nevertheless, despite all the first six months of 1922.but was20% smaller than in the first six months
1920, and was only moderately larger than in the first six months of 1919.
drawbacks, the condition of American business is sound and of
The change from 1920 sales may be largely accounted for by the decrease
all the more so because it Is proceeding along conservative in prices of the articles sold. In only one commodity,drugs,have 1923 sales
lines, and that no undue chances are being taken in the been larger than those for the first half of 1920. although clothing sales
been very nearly as large.
direction of over-enthusiastic business for distant de- have
The following tables compares June sales with those of other years and
livery.
sales of the first six months of this year with those in the first six months of
The American farmer is still hard hit by poor demand and preceding years. Comparisons are between dollar values, without allowance for price changes or year to year growth.
low prices, I. e. 80c. for a bushel of his wheat against $246
—Sates, Jan. to June, Incl.— —Sales During June—
during the war. Russia reports a probable surplus of 8,000,- (In Percentages.)
1919 1920 1921 1922 1923 1919 1920 1921 1922 1923
446 524 172 100 313 328 330 84 100 210
000 tons of wheat, half of which will be retained for exporta- Machine tools
195 258 114 100 149 242 228 118 100 138
tion during the coming winter. France sends advices that Jewelry
Diamonds
281 218 69 100 137 138 48 29 100 54
the harvest this year will be one of the best in many years. Clothing
104 133 99 100 126 125 123 106 100 117
99 149 110 100 114
92 136 83 100 129
It will not have to import large quantities of wheat. That (A) Men's
(13) Women's
112 130 110 100 124 142 105 102 100 119
will be something new. The European farmer is gradually Hardware
123 153 107 100 126 116 148 90 100 119
92 150 106 100 121 131 164 113 100 138
getting on his feet, nearly five years after the ending of the Dry goods
149 198 113 100 118 166 116 122 100 111
war. Options taken by the French on foreign wheat, espe- Shoes
108 148 113 100 117 121 176 107 100 130
Stationeri.
cially American, are, it is said, being dropped. France is Drugs
90 104 91 100 106
93 105 89 100 113
126 161 102 100 113 123 170 93 100 106
planning to sow an even larger acreage next year. The time Groceries
is not far distant when it may not import wheat at all. It is
113 151 102 100 120 126 155 101 100 116
Total(weighted)
said to be planning to plant its vineyards with wheat, owing
to prohibition in the United States and adverse rates of ex- Increase in Department Store Sales in Federal Reserve
change with other countries. And there are stories a a
District of New York in June this Year as Compared
very great increase in the grain harvests in Russia, the oldWith Last Year.
time rival of the United States for the market of western
Sales in June by department stores in this district were 11%
Europe. Wartime grain acreages have been maintained in
larger than in June, 1922, according to an item on departthe chief exporting countries of the world, I. e. the United ment store business which will appear in the August 1 issue
States, Canada, Argentina and Australia long after the endof the Monthly Review of Credit and Business Conditions
ing of the war, and with Europe becoming more independby the Federal Reserve Agent at New York. The Review
ent from the post-war tendency to increase its own crops.
says:
At Lawrence, Mass., curtailment is continued at the PaThis increase lain a measure accounted for by the usual growth in departcific Mills Print Works, the plant closing Wednesday in its ment store business which amounts to about8% a year, together with some
in prices.
third of a four-day week. There are no present indications, increase
The average sales check increased about 10% from $2 43 last year to
officials say, of any improvement. At the Arcadia Mill full- $2 68 this year. Part of this increase is ascribed by merchants to higher
time operations are in order, but there is a considerable prices and part to the selection by customers of a somewhat better quality
merchandise.
amount of machinery idle. At Biddeford, Me., the Pepperell ofTwenty-three of the largest stores reported sales by groups of departAugust
6,
beginning
Mills,
will close for a week, owing to ments. The percentage changes in salesin each major classification is shown
particularly good. Sales of cot,
adverse business conditions. The B. B. & R. Knight Mills below. Sales of clothing and furniture were
ton, woolen and silk goods, while above those of last year, did not show such
in Rhode Island, and the New Bedford plants still run on large
advances as was the case in May.
% Increase in
% Increase in
short time. They are closed for a week. The Sharp Mills
Sates June 1922
Sates June 1922
to June 1923.
are on a four-day week. At Pawtucket, R. I., the plan of J.
to June 1923.
11.8
House furnishings
21.4
and boy's wear
& S. Coats, Inc., with 5,000 operatives, will close for ten days, Men's
10.0
HosierY
Women's& misses ready-to-wear 20.6
9.4
Cotton goods
17.7
commencing to-morrow. At Ludlow, Mass., on July 23, the Furniture
6.7
Silk goods
Women's & misses ready-to-wear
5.3
goods
Woolen
Ludlow Manufacturing Associates, mabufacturers of jute
13.1
accesrories
19.3
Miscellaneous
12.3
products, employing about 2,600 persons, cut the working Shoes
During the first six months of the current year sales were 8.1% above
schedule to five days a week, a reduction of half a day. This above
those of the same period last year and about 1% above those of the
is expected to continue through the summer.
first half of 1920. when retail prices reached their maximum.
Sales by principal mail order houses during Juno were 26% above those
The New England telephone strike has been officially
of last June and were larger than those for any previous June. They were
off.
called
Harbor workers here have returned to their jobs. 2% above sales In June. 1920 when prices were close to their highest point.
Stocics held by department stores on July 1 computed at the selling price.
Ships are moving again from Hoboken without delay. .It is
were 5% above those held one year ago, and as sales have increased to a
true that the Marine Transport Workers of the I. W. W. de- greater
extent, the turnover of stock is more rapid. Between June 1 and
clared themselves still on strike, but in spite of this, there July1 stocks declined about 7%,as is usual at this time of the year.
Detailed figures are shown in the following table:
were enough longshoremen available along the Hoboken
—Net Sales During Jane— —Reek,Man Value, Juk
waterfront to handle incoming and outgoing ships. The
1919 1920 1921 1922 1923 1919 1920 1921 1922 1923
(In Percentages.)
chief result of the strike appeared to be a reverse for the All departmentstores
78 119 99 100 105
82 106 99 100 111
78 118 99 100 105
New York
83 107 98 100 109
unions. Truckmen here want a wage increase of $5 a week,
87 119 105 100 104
83 105 101 100 113
Buffalo
an 8-hour day and overtime at the rate of 2 cents a minute,
85 136 100 100 115
Newark
81 109 104 100 125
86 148 102 100 86
which is a new way of putting it. Parleys on the anthracite
73 102 105 100 111
Rochester
97 150 118 100 104
85 112 102 100 118
Syracuse
coal question and of a possible strike on Sept. 1 have started
83 118 99 100 103
Bridgeport
97 124 107 100 117
deny
operators
the
charge
that they are delaying Elsewhere in 2d District 81 103 99 100 109 77 102 102 100 102
again. The
60 100 90 100 111
peace. S. D. Warriner questions the assurance of "no Apparel stores
79 97 95 100 111
_
107 124 91 100 126
strike" on Sept. 1. No promise of union recognition has Mail order houses
been made. There are no fears at Washington that there
Price Advances Shown in Spring Lines of
will be an anthracite coal strike, but there are fears that
American Woolen Co.
they
what
will
call
"vacations," making the
miners may take
The American Woolen Co., largest producer of woolen and
situation awkward for the Government to handle.
It was 94 degrees on the 20th and 21st insts. here, but on worsted fabrics in•the world, and the dominating influence
Sunday, the 22d, came a big thunder storm which forced the in the domestic woolen industry, opened on July 23 its printemperature down from 84 to 67 in 30 minutes. Latterly it cipal lines of piece goods for consumption in the men's clothhas been comparatively cool, with at times some tain. It was ing trades in the spring 1924 season with prices on 50 staple
numbers showing an average advance over similar lines for
78 at 2 p. m. to-day.
378
THE CHRONICLE
1 % are shown
spring 1923 of 11%. Advances up to 15 to 17,
in the whole line, however. The prices represent an average
increase of slightly more than 6% over the fall 1923 lines
opened by the company early this year. The price increases
In some cases, of course, were higher than the average figures referred to, but on the whole were regarded in the piece goods market as quite moderate,
In view of the increased cost of raw wool and of
labor, which latter, it may be recalled, was advanced voluntarily by the American Woolen Co., one of the
first to increase wages in the textile industry in the recent
tidal wave that followed a spell of unusually brisk business.
The general feeling in the trade, according to observers, as a
result of the price increases by the big company is that conditions will be somewhat stabilized, as there had been a
growing tendency toward uncertainty in recent weeks regarding a possible'decline in piece goods levels and a consequent slackening in activity. The "Journal of Commerce"
of this city, in its account of the price changes, had the following to say in its issue of July 24:
The American Woolen Co., leading market factor, opened its men's wear
staples for spring yesterday, prices showing increases of6.1% over fall prices
named last January and an average of 11% over spring prices a year ago.
Yesterday's opening included tropical worsteds, staple woolens, piece
dyes and mixtures, staple worsteds and serges, gabardines, topcoating and
uniform cloths. The advances over last spring range from Sc. per yard
to 50c. and show an advance range of from 10 to 15%•
Serges Advanced.
The new price on No. 3192 Fulton serge, which is generally regarded as
the company's key number, is $2 874. This number was quoted last
spring at $2 50, and at the last fall opening was advanced to $2 67%•
Subsequently it was advanced again in March, and again in May, so that
at the last pricing it reached a peak of $3 17% per yard. Likewise No.
3844 Fulton serge, a 16-ounce fabric, is now quoted at $4 22H,as compared
to $3 62% for last spring and $3 873. for last fall. This number was also
advanced several times since the January opening, and in May had reached
a top price of $4 423 per yard.
Other representative numbers are No. 5048, a 15-ounce fabric, which was
$2 92% last spring, $3 12% in January and now quoted at $3 42%; No.
3194, which now is $3 57%. as compared to $3 02% last spring and $3 20
last fall; No. 364, at $3 82%. which was $3 373 last spring and $3 50 In
January, and No. 200. at $3 87%. which was $3 323. last spring.
Oiher Advances.
No. 9116-58, a Wood Mill 16-ounce serge, has been advanced to $4 92%
per yard, as compared to 34 50 last spring and $4 62% in January, while
No. 9629, another Wood Mill serge of 13-ounce weight, is $2 92%, as
compared to $2 50 last spring. No.9613-1, a 13-ounce unfinished worsted.
Is quoted at $2 42%, as compared to $2 22% last spring and $2 27% in
January. Ayer Mill 111R-44. a 14-ounce fabric, is now $3 37% and
Was $3 87% last spring and $3 0734 in January.
Although when compared to the last spring and fall opening prices the
new quotations show, in some cases, substantial advances, it must be taken
into consideration that the new prices are really below the advanced fall
prices as of last May.
There is. nevertheless, little significance attached to this, owing to
doubts whether very much business was done at the advanced prices.
Buyers declare that the company did more than 90% of its fall business
on the basis of the opening prices, and that the advances were merely put
on to strengthen the market when it looked as though buyers had overbought and might cancel much of their merchandise under order.
Prices No Surprise.
The advances over the previous two openings, as announced yesterday.
did not surprise the trade in general, many in the market having anticipated
even sharper advances. The buying trade took the advance good naturedlY
and intimations were heard here and there that the company had done a
fine thing in making prices higher, since it would no doubt act as a great
stabilizer and tend to re-establish the public's waning confidence in the
market.
It was announced by the big company yesterday that all of its mills are
still operating on fall goods and that a number of them would not make
any light weights this year. having sufficient fall business on the books to
keep in operation for another six months. The company is also still making
deliveries on overcoatings. orders for which were placed last winter, and
will have approximately three more months to run on these goods before
the last piece is turned out.
The new women's wear lines for spring, 1924, will be opened by the
company next Tuesday and the fancy men's wear lines on Wednesday.
The following tabulation shows the new prices named yesterday as
compared to spring prices named a year ago on the most prominent staple
worsted numbers:
The view taken of the new price list in New England is indicated in the following telegraphic dispatch from Boston
under date of July 23 to the "Journal of Commerce" of this
city:
Interest here has been keen to-day to learn of the price basis on which
the American Woolen Co. opened goods for the light-weight season. When
the first news came to the trade, there was a general feeling of satisfaction
at the level of prices and also because of the fact that prices are guaranteed
showing the intention of the big factor to help in the stabilization of market
conditions and also confirming the earlier statements of President William
M. Wood that advances in prices were inevitable.
While it may be too much to expect that the buyers of cloth will rush into
the market as they did at the opening of the heavy-wieght season and buy a
large yardage of goods forthwith, there Is reason to suppose that the season
will yield a fair business, on the whole.
It was brought out that the big company is in a different position to-day
from what It was a year ago. Then, it had large stocks of low-priced raw'
material on hand. To-day, it is not so fortunately situated, being forced
to price its goods on wool which shows a net cost much nearer the current
basis for raw materials, besides which, of course, there is a 1234% increase
In labor cost to be taken into consideration. Therefore, the advance
named by the big company may seem relatively large because of the benefit
Which customers last year derived from lower prices due to a favorable wool
position.
[VOL. 117.
Sto cks of wool throughout the world, moreover, are not large. On the
contrary, the more desirable lots of wool have been narrowed down and the
prospect for the coming season, especially as regards fine wools, is not an
especially cheerful one.
Business along Summer Street to-day naturally has been more or less in
suspense, but there have been further Inquiries from the mills and the
cheerful tone of last week has again been in evidence.
Cotton Mills Curtailing Operations in the South.
Action along the lines taken by cotton goods mills in the
Fall River district of New England to curtail operations in
view of the decline in buying activity has been reported from
Southern textile centres during the past week with a growing disposition to manufacture only enough merchandise to
fill orders on hand. A general summary of cotton mill conditions in the South was given in the New York "Daily News
Record," a daily textile trade newspaper, on July 24, in dispatches from Charlotte, N. C., which had the following to
say:
Southern textile mills, at present curtailing more or less, are on the verge
offurther curtailment, it is generally thought.
At present, mills in various sections are shutting down one week and
operating the next. This "hop skip" method, it was said, is being most
generally followed.
It was indicated here that most of those mills which are operating on a
curtailed basis are running to meet contract orders and to keep their organizations intact.
As a general rule, it Was also indicated, that practically all night work
has been suspended. However, there are some mills fortunate enough to
have ample contract orders and they are operating both day and night shifts.
North Carolina cotton mills are still running normally, and it is the
opinion of Robert!. Dalton, Southern agent for the Whitin Machine Works,
that these mills have not lost more than three weeks this year. Yet, unless
conditions improve, curtailment will have to be employed, he thinks. He
says that there are many mills in the State with enough contract orders to
sat for a number of months to come.
It is also the opinion of other cotton mill men that in spite of the present
dullness a "period of prosperity" is almost assured for the near future. They
say that the present stocks are less than half those of July 1, 1922.
kSiew York Warehouses Filled to Capacity, Owing
to Slack Buying.
A news item in the New York "Times" on July 19 1923
affords striking testimony to the disposition which has existed in trade circles for some time to buy only sparingly, in
satisfaction of immediate needs, with the result that stocks
of goods and wares have been piling up in warehouses, particularly at this centre, where storage capacity has almost
been reached. Says the New York "Times":
The Port of New York is in the unique position of having practically
every warehouse on Manhattan Island filled to capacity, while many of
the other waterfront warehouses are only 40 to 50% filled. according to
reports of such organizations as the American Warehousemen's Association.
Both conditions are said to be due to the decrease in buying.
In the case of the public warehouses on Manhattan Island, it is pointed
out, the decreased buying has caused more and more of the goods to go
Into the warehouses, until the 40,000,000 sq. ft. of storage space is practically all filled. At the same time the modest buying of imports on a
"hand-to-mouth" basis has resulted in a small volume of imports being
stored in the waterfront warehouses.
The condition on Manhattan Island, an authority on the situation
said yesterday, was practically the reverse of what it was just a few months
ago, when warehouse men, on account of the large volume of space available, were cutting rates, until much of the business was being done on
a less-than-cost basis.
A representative of Baker & Williams stated that the facilities of some
of the storage companies were not sufficient to handle the increase In
business, but the turning point was expected in August. In his opinion
the volume of business offered the Warehouses was so groat that a largo
portion was going to out-of-town warehouses, especially in Philadelphia.
The Independent Warehouse Co. reported that Its business for the
present, was all it could handle. At the Bush Terminals it was
reported
that business in the warehouses was about 75% of capacity, but that the
amounts of consignments were exceedingly small and the turnover was
rapid. Various reasons were given to account for this condition, the
outstanding being that importers did not care to take the same chances
that resulted in the heavy losses of 1920, duo to decrease in prices.
The possibility of getting shipping facilities at any time also encouraged
small-lot buying from abroad. During the last prosperity as the result
of the war it Was a difficult matter to get tho bottoms in which to carry
the goods. Often the shipping facilities had to be contracted for weeks
and even months in advance. To-day ships run like ferryboats from
almost any part of the world to New York.
June Automobile Production Smaller Than in April or
May But Far Ahead of 1922.
The Department of Commerce on Monday announced
June production of automobiles, based on figures received by
the Bureau of the Census in co-operation with the National
Automobile Chamber of Commerce and covering approximately 90 passenger car and 80 truck manufacturers each
month. These show the output of passenger cars in June
to have been 336,317, against 350,180 in May and 344,474
in April, but comparing with only 263,027 cars in June last
year. The production of auto trucks numbered 40,565 in
June 1923, against 43,012 in May, 37,527 in April and only
25,984 in June 1922. For the half year to June 30 nearly
800,000 more passenger oars were turned out in 1923 than
JULY
28 1923.]
379
THE CHRONICLE
in 1922 and over 82,000'more trucks. The following are operated at some time during the month, compared with
35,390,137 for May, 35,515,791 for April, 35,500,518 for
the figures:
March, 35,307,707 for February, 35,240,853 for January
Automobile Production (Number of Machines).
1923, 32,499,324 for August 1922 and 31,882,542 for
Trucks
-Passenger Cars
1922.
1922.
1923
1923.
June 1922.
9.416
19,398
81.693
223,706
January
The aggregate number of active spindle hours reported for
13,195
109.171
21,817
254,650
February
19,761 the month was 8,384,558,582. During June the normal time of
152.959
34.681
319,638
March
22,342 operation was 26 days, compared with
197,216
37.527
344,474
April
263/ days for May,
23,788
232,431
*43.012
350,180
May
25,984 24 2-3 days for April, 27 for March, 23 2-3 for February and
263,027
40.565
336,317
June
26M for January. Based on an activity of 8.74 hours per
114.486
197,000
Total
1.828,965 1,036,497
day, the average number of spindles operated during June
* Revised.
was 36,897,371, or at 98.7% capacity on a single shift basis.
This number compared with an average of 40,192,970 fcr
Bookings of Steel Castings Sharply Decline.
The Department of Commerce under date of July 19 May,40,759,979 for April, 40,389,029 for March,40,847,845
announced that June bookings of steel castings, based on for February, 40,008,203 for January, 34,041,028 for
reports received by the Bureau of the Census in co-operation August and 33,655,212 for June 1922. The average number
with the Steel Founders' Society, by companies representing of active spindle hours per spindle in place for the month
over two-thirds of the commercial castings capacity of the was 224. The total number of cotton spinning spindles in
United States amounted to 84,878 tons, as against 89,463 place, the number active, the number of active spindle hours
tons in May, 90,968 in April and 143,564 in March. The and the average spindle hours per spindle in place by States
following table shows the bookings of commercial steel cast- are shown in the following statement:
ings for the past six months by 65 identical companies, with
Active SpindleHoursforJune.
Spinning Spindles.
a monthly capacity of 96,900 tons, of which 38,300 tons are
usually devoted to railway specialties and 58,600 tons to
Average
Active
State.
per Spindle
Total.
:
During
In Place
miscellaneous castings.
Bookings of Comnierclal Sled Castings.
-Total- Ry. Specialties. Misc. Castings. United States_ _ _ _
Net Per Ct. of Net Per Ct. of Net P.Ct. of Cotton-growing
Tons. Capacity. Tons. Capacity. Tons. Caper.
MonthStates
100,605 103.8 47.879 125.0 52.726 90.0 All other States__ _
January 1923
90,152 93.0 39.845 104.0 50,307 85.8
February
Alabama
143,564 148.2 76.409 199.5 67,155 114.6
March
Connecticut_ _ _ _
51,358 87.6
90.968 93.9 39,610 103.4
April
Georgia
89,493 92.4 38.788 101.3 50.705 86.5
May
Maine
84.878 87.6 42,773 111.8 42.105 71.9
June
Massachusetts_ _
New Hampshire
New Jersey_ _ _
Structural Steel Sales Also Decline.
New York
North Carolina _
The Department of Commerce on July 19 also announced
Pennsylvania _ _ _
the June sales of fabricated structural steel, based on figures
Rhode Island__ _
received by the Bureau of the Census in co-operation with
South Carolina _
Tennessee
the Structural Steel Society. Total sales of 112,735 tons
Virginia
were reported for June by firms with a capacity of 223,595
All other States_
tons per month. Tonnage booked each month by 175
identical firms, with a capacity of 229,575 tons per month,
is shown below, together with the per cent of shop capacity
represented by these bookings. For comparative purposes,
the figures are also prorated to obtain an estimated total for
the United States on a capacity of 250,000 tons per month.
In this case the bookings are not only very much less than
in the months immediately preceding, but also smaller than
in the same month last year.
Estimated
Per Cent
Actual
Tonnage Booked. of Capacity. Total Bookings.
1922217,500
April
87
200,588
202,500
May
81
184,638
June
182.500
73
168,498
July
172,500
157,631
69
170,000
August
68
156,011
September
160.000
64
146,146
October
145.000
58
132,450
November
122.500
49
111,794
December
150,000
60
138.024
1923January
75
187,500
172,415
February
200.000
80
183,938
March
237.500
95
218,997
April
202,500
81
0185,335
142.500
May
57
b130.828
June
127,500
51
c112,785
a Reported by 173 firms with a capacity of 229,225 tons.
b Reported by 169 firms with a capacity of 228,850 tons.
c Reported by 152 firms with a capacity of 223,595 tons.
June 30.
in Place.
June.
37,374,876. 34,843.421
8.384.558.582
224
16.009,615
18.833,806
1,273.847
1.295,073
2,628,270
1,132,067
10,469,258
..314,718
422,962
908.945
5,364,490
160,653
2.729,848
5,043,221
431,530
614.113
1.054.426
4.702.488,679
3,682.069.903
356.043.201
264,263.521
777.707.133
235.151,548
1,974.649.111
251.296.749
82.427.880
212.267,124
1.591.072.856
31.989.577
551.378.011
1.529.543,574
112,918.744
149.934.972
263.914.581
287
176
268
193
289
205
165
173
184
205
289
159
191
298
258
236
229
16,397,563
20.977.313
1,326.828
1.366,668
2.695.454
1,145,248
11.970,824
1,449.700
446,884
1,037,382
5.500.537
201.111
2.882.036
5.125,208
438.448
634,058
1.154.490
Iron and Steel Market Conditions.
Further decline has been observed in the blast furnace and
steel works activities in Pittsburgh and nearby districts,
said the "Iron Age" of July 26. The extent of the current
demand, however, is regarded as favorable. It is thought
that several weeks may pass before the positions of buyer
and seller are decisively changed. The weekly detailed
report' of market conditions goes on to say:
The week has brought more activity in some forms of finished steel
particularly plates and structural material, but not to the extent of affecting
prices. There is a general expectation, also, that several more weeks will
pass without a decisive change in the present positions of buyers and sellers.
It is evident that some of the smaller steel companies whose rollings
have fallen considerably from the recent peak, must soon have larger
orders to maintain profitable operations, but there are few signs to-day
of either forward buying on the one hand or of price cutting to help order
books on the other.
That early delivery business develops each week in the volume that
has marked July is favorably construed in view of th6 continued smallness
of cancellations and the moderate size of consumers' stocks.
Some further decline has come in blast furnace and steel works activities
in the Pittsburgh and nearby districts. The Carnegie Steel Co. is running
at 92% of ingot capacity, while Pittsburgh and Valley independent companies are averaging above 80%•
There has been Some accumulation of steel ingots, and in semi-finished
steel concessions have been made, as low as $40 having been quoted on
sheet bars and slabs outside the Pittsburgh and Valley districts, as against
a $42 50 contract price.
As for several weeks, what yielding has appeared in finished steel prices
Steel Furniture Shipments Keep Up Well.
has been chiefly in sheets, which larger buyers have obtained at 3.75c.
black, and on hot-rolled flats. There is some laxity also on extras in
The Department of Commerce publishes figures to show for
the case of bars for cold finishing, and on bolts, nuts and rivets the market
the June shipments of steel furniture stock goods, based on is easier.
The automotive industries, with all their favorable outlook, are no
reports received by the Bureau of the Census in co-operation
free buyers of steel, and the largest maker has been most frequently
with the National Association of Steel Furniture Manu- longer
named in connection with suspensions of steel deliveries. A number of
Shipments
22
by
facturers.
manufacturers amounted to parts manufacturers are now on a 75% operating basis.
The effect of the eight-hour day on steel costs will develop slowly.
$1,401,950 in June, as against $1,506,072 in May and
may be a factor in the firm attitude of most sellers, but it is recognized
$1,015,463 in June 1922. The following table gives compara- It
that the turning point in the present market situation will come before
much progress can be made toward the short day.
tive figures for the first six months of 1923 and 1922:
A number of fabricating shops that a few months ago held for full prices
1923.
1923.
1922.
1922. I
$1,520,286 31,058,382 are now aggressive in seeking business. Including 2,500 tons for Japan,
$1,362,470 5983.8341April
January
967,1251May
1.506,072 1,056,735 and over 11,000 tons for private undertakings, the weeks' awards for
February _ - 1,307,173
1,401,950 1.015,463 steel work exceed 23,000 tons. The projected Palmer House in Chicago
1,709,206 1.087.228 1 June
March
Puts the total of fresh inquiries to fully 18,500 tons.
At Chicago the call for steel for oil tanks has kept up, and for 30,000
of such work now under inquiry there much of the steel would be
Activity in the Cotton Spinning Industry for June 1923. tons
drawn from mills farther east. Chicago plate mills not being able to promise
The Department of Commerce announces that, according the deliveries wanted. A Kansas fabricator has been obliged lately to
tons of steel for an oil tank contract.
to preliminary figures compiled by the Bureau of the Census, go to a Pittsburgh mill for 5,000
Lower warehouse prices have appeared in several markets. Chicago
there were 37,374,876 cotton spinning spindles in place in reports a 15-cent concession on wire nails. At Cleveland there has been
the United States on June 30 1923, of which 34,843,421 were some shading by jobbers in galvanized sheets, and at certain points in
380
TRF CHRONICLE
[Vol.. 117.
Ohio prices on barshilates and shapes have shown keener competition
Daily Average Production.
between Cleveland and Pittsburgh warehouses.
(In barrels.)
A July 21 '23. July 14 '23. July 7 '23. July 22 '22.
Active inquiries for railroad cars are less than 2,000 in number. Little Oklahoma
500,200
495,700
503,850
414,500
railroad equipment has been ordered but increased interest is noted in Kansas
84,200
84,800
84,550
84,650
repair work.
North Texas
73,900
74,050
49.900
75,550
A moderate increase in buying of pig iron is responsible for a more cheerful Central Texas
194,300
165,500
175,250
146,900
feeling in that market, but prices have gone lower. At Chicago and North Louisiana
62,000
65.100
94,800
62,500
in the East. foundry and basic grades are down from 50c. to $1 per ton, Arkansas
141,300
135,250
31,650
122,500
and while $25 still prevails in the South, sales have been made as low as Gulf Coast
98,150
102,400
99,750
102,150
$24. Charcoal iron has been reduced $4 50 and eliveries and Bessemer Eastern
112,000
113,500
117,000
113,000
ferrosilicon, $5. The largest transaction of the week was the purchase Wyoming and Montana_
127,550
139,200
84,450
131,300
of 20,000 to 25,000 tons of foundry grades by a cast-Iron pipe company.
California
835,000
851,000
375,000
868,000
German steel prices, though advanced over two and one-fourth times
In four weeks, cannot keep pace with the fall of mark exchange. Though
Total
2,255,950 2,238,750 2,199,150 1.498,500
thin sheets are now over 18 million marks per ton, the equivalent American
price is 1.73c per pound. The equivalent of the steel bar price is 1.05c.
The Reductions in1Gasoline and Petroleum Prices.
Foundry iron is barely $10 25 per ton and steel ingots $16 25.
.
There are more predictions of severe competition from German steel,
The week has been marked by numerous reductions in the
even in the United States, when the Ruhr settlement comes. Recently
German bars were quoted for delivery at a Gulf port at $8 per ton below prices of the products of petroleum and some further cuts in
the price of Pittsburgh bars.
petroleum itself. These were generally expected owing to
Germany has bought shipbuilding material in Great Britain. India
has bought 15,000 tons of rails from British mills, and Japan, Australia the continued high rate of crude oil production with the conand South Africa are also in the rail market.
sequentiincrease in stocks on hand which were 3,156,742
The "Iron Age" composite price table follows:
barrels greater at the end of June than at the close of May.
rp,
Composite Price July 24 1923, Finished Steel, 2.775c. per Pound.
Based on prices of steel bars, beams, tankfJuly 17 1923
2.789c.
plates, plain wire, open-hearth rails,[June 26 1923
2.789c.
black pipe and black sheets
;July 25 1922
2.169c.
[10-year pre-war average..1.689c.
These products constitute 88% of the United States output of finished
steel.
Composite Price July 24 1923. Pig Iron. $25 68 per Gross Ton.
Based on average of basic and foundry Puly 17 1923
$25 93
Irons, the basic being Valley quotationAJune 26 1923
27 79
the foundry an average of Chicago,Phll-;July 25 1922
24 05
adelphia and Birmingham
(10-year pre-war average.. 15 72
According to the weekly report issued by the "Iron
Trade Review" of Cleveland July 26, steel buying is again
expanding, the structural steel market showing .revival
more plainly. We take the following from the survey of
market conditions by the "Review":
New business in iron and steel both in orders places or requirements
initiated, again is developing a definite tendency to expand. While
such situations are not general, some of the largest producers for the first
time in several months have brought up their bookings where they equal
their shipments. With most companies tonnage still is moving off mill
books faster than it is being replaced, but this margin is not wide and
unfilled orders still are so large that nowhere is anxiety for business being
shown. A thorough canvass of conditions by leading mills shows that
cancellations and suspensions of steel tonnage by consumers at present
Is well within normal limits. Consumption apparently is well maintained.
Several more furances have gone out of blast and others are on the edge,
but apart from this there has been no further curtailment of works operations. Tin plate and sheet production still is retarded by hot weather
and a shortage of mill crews. In line with the blowing out and banking
of blast furnaces, considerable beehive coke capacity in the Connellsyllle
region is being put in idleness.
The automobile industry largely retains its strength. The large builders
or those making popular-priced cars still are operating and scheduling
production at capacity though the smaller plants are down to probably
50% activity. Parts manufacturers are running 75% or better with good
prospects for continuing.
More signs of revival are being shown in pig iron, as prices having gone
below the cost line for some producers, now appear better stabilized.
More merchant furnaces have gone out of blast and others are less inclined
to meet minimum quotations. At Buffalo, the valleys and elsewhere.
some sellers have stiffened up their schedules 50 cents to $1. Buyers
still are feeling their way, but new orders and inquiry are heavier. New
York reports sales of 30.000 tons this week and Cleveland a fair total.
A Phillipsburg, N. J., piliemaker bought 25,000 tons. Special grades
are being readjusted to the recent fall of standard iron. Lake Superior
charcoal iron is down this week $4 50 per ton and Jackson County silveries
and ferrosilicon $4.
Broadening activity in building undertakings more plainly is shown
this week by the volume of structural steel awards and inquiries. New
contracts this week total 12,108 tons and new inquiry 45.000 tons. The
placing of the general contract for the superstructure of the union station
at Chicago insures the early taking out of the steel, 20,000 tons, which
was awarded to the American Bridge Co. some time ago. A 10,000-ton
hotel job at Chicago also has come up as well as 16,000 tons in the Grand
Central district at New York. A large project now definitely assured
for bids in the near future is a power station at Newark, N. J., calling for
20,000 to 30,000 tons of steel.
Buying of oil tankage for the storage of excess production remains one
of the liveliest spots of the market. At Chicago more than 30,000 tons
of new business of this character, a good part of which was referred to
last week, now is pending. On the Pacific Coast, 10,000 tons of new
inquiry is up including 10 to 20 tanks for the Shell Oil Co. and 13 for the
Associated Oil Co. The California Petroleum Co. may shortly enter the
market for 50 tanks. The Sinclair interests continue to be active buyers.
The Pan American Oil & Transportation Co. has placed 2,300 tons of
tank work and Humphreys Pure Oil Co. 1,200 tons more.
Crude Oil Production in the United States.
Figures compiled by the American Petroleum Institute
show that for the week ended July 21 the daily average gross
crude oil production for the United States was 2,255,950
barrels, an increase of 17,200 barrels over the preceding week.
California production, which has been at record figures for
some weeks past, fell off 17,000 barrels from the total for
the week of July 14, to 851,000 barrels for the week just
past, but this compares with only 375,000 barrels in the corresponding week last year. The Petroleum Institute reports
production for the several fields as follows:
The total stocks on hand on June 30 were 72,637,147 barrels.
On July 20 gasoline sold in Dallas, Texas, at from 11 to 15
cents a gallon retail, the Magnolia and Gulf companies cutting their price from 15 to 13 cents but one filling station
reducing its price to 11 cents a gallon.
A reduction of one cent a gallon in the price of gasoline
by the Jenny Mfg. Co. and the Standard Oil Co. of N. Y.
took effect on July 23 throughout New England, bringing
the retail price down to 23 cents per gallon, the lowest figure
quoted since 1915. The tank wagon price was reduced to
203/ cents a gallon.
The Atlantic Refining Co. and the Standard Oil Co. of
New Jersey each reduced the wholesale price of gasoline
one cent a gallon, the former in the Pennsylvania and Delaware districts and the latter in New Jersey and Maryland.
These cuts were followed by the Texas Company at all points
where the competitors have reduced their prices. The tank
wagon price in New Jersey stood at 203/i cents a gallon on
July 23. The Gulf Refining Company met these prices in
its district.
Northern Pennsylvania refiners announced reductions of
a quarter of a cent in gasoline. The low price of Pennsylvania crude oil has caused the shut-down of the Tideoute
Pennsylvania field near Franklin.
On July 24, following a cut in price of one cent per gallon
by the Gulf Refining Co., the Texas Co. likewise reduced
gasoline in the State of Connecticut and in Long Island and
Westchester County, New York.
Effective July 26,the Texas Co.established a uniform price
of $1 25 per barrel for A and B grades of coastal crude oil,
being a reduction of 25 cents in the price of A, but the same
price as formerly for the B grade. The Gulf Pipe Line Co.
cut the price of Pierce Junction grade B and Blue Ridge
crude oil 25 cents a barrel to 90 cents. The Humble Oil &
Refining Co. reduced the price of coastal crude grade A
25 cents a barrel to $1 25; coastal grade B, 25 cents to $1
and Pierce Junction grade B, 15 cents to 90 cents a barrel.
The Coal Trade-Current Production and
Market Conditions.
Production of bituminous coal recovered after the drop
during the holiday period, the total for the week ending
July 14 being 10,938,000 net tons, an increase of 2,195,000
tons over the previous week. Anthracite production also
recovered, the total for the week being estimated at 2,051,000 net tons, according to the figures compiled by the United
States Geological Survey. The regular weekly report of this
bureau gives further details as follows:
In the recovery following the holiday, the rate of soft coal mining wag
well sustained throughout the week ended July 14, and the production rose
above the June level. The total output, including mine fuel, local sales
and coal coked, is estimated at 10,938,000 net tons, an increase of 2,195,000
tons over the revised figure for the preceding week and 480,000 tons over
the tonnage for the week before that.
Early returns on car loadings In the present week (July 16-21) indicate
and
that the rate of output is only slightly lower than in the week before,
10,800,000
that the total output will probably be in the neighborhood of
tons.
Estimated United States Produdion of Bituminous Coal, Including Coal
Coked (Net Tons).
1922.
1923
Calendar Year
Calendar Year
to Date.
Week.
Week.
to Date.
187.850,000
5,226,000
10,458,000
June 30
273,272,000
1,216,000
871,000
Daily average.. 1,743,000
1,774.000
191,528,000
3,678,000
8,743.000
July 7a
282,014,000
1,201,000
736,000
Daily average.. 1,749,000
1,773.000
195,651,000
4,123,000
July 14b
10,938,000
292,952,000
1,182,000
687,000
Daily average.. 1,823,000
1,775.000
a Revised since last report.
Five days work. b Subject to revision.
JULY
28 1923.]
THE CHRONICLE
Production during the first 165 'working days of 1923 was 292,952,000
net tons. During the corresponding periods of the six years preceding it
was as follows (in net tons):
Years of Depression.
• Years of Activity.
237,009.000
294.906,000 1919
1917
214,760,000
306,290,000 1921
1918
195,651,000
284.001,000 1922
1920
Thus it is seen from the viewpoint of soft coal production 1923 stands
less than 1% behind the average for the three years of industrial activity,
and 30% ahead of that for the three years' depression.
381
fast as it should. This complaint is not confined to the docks: it is the
burden of official utterance and trade threnody in all parts of the country.
During the week ended last Saturday,fifty vessels discharged approximately
460,000 tons on the docks at the Head of the Lakes.
Market conditions in the anthracite trade seem to be all cast from the
same pattern. The clamor, particularly in the East, continues unabated
for domestic sizes, with stove, as ever, in the lead. Independent shippers
so inclined find the situation a golden opportunity and quotations of $13 25
and more for straight shipments of stove have been heard. Lake movement last week from Buffalo totaled 108.800 tons. During the same
period the Head of the Lakes received 85,000 tons.
Buying continued quiet and coal was so judiciously selecProduction of Soft Coal in June.
regarded as the bottom,
Revised estimates place the total output of soft coal in June, including ted that prices have reached what is
lignite, local sales and mine fuel, at 45,490,000 net tons. The decrease according to the "Coal Age" statement of July 26. Further
of 586,000 tons, or 1.3%, from the figure for May was caused by the less details concerning the market are embodied in the report
number of working days in June. In comparison with the corresponding
month of the 9 years preceding, June 1923 stands well ahead of all except which follows:
While prices of bituminous coal are hugging the bottom for the season.
those of 1918 and 1920.
The total production during the first half of 1923 was 273,270,000 tons, those for domestic sizes of anthracite quoted by independent producers
a figureithat has been exceeded but once during the past 10 years. From are getting stronger every day. The pressure on industries and railthe viewpoint of soft coal production, 1923 is 85,724,000 tons ahead of 1922, roads to buy and store soft coal this summer is being relentlessly applied
9,917,000 ahead of 1920, 43,601,000 ahead of the average for the 9 years by the Federal Fuel Distributor and the Department of Commerce at
preceding, and but 8,469,000 tons behind 1918. when production was Washington. The result is a steady production of soft coal since the first
greatly stimulated by war-time activities.
of the year averaging about 10,500,000 tons per week.
Buying has been so quietly conducted and the coal so judiciously selected
that the prices on the open market have declined to a level that is now
Produaion of Soft Coal in June, and During First Half of Past Ten Years
regarded as the bottom. "Coal Age" index of spot prices of bituminous
(Net Tons).
coal at the mines was 197 on July 23, a drop of one point in one week.
Total
Month of
Total
Month of
The corresponding average price was $238 per ton, which is admittedly
Year.
Year.
June. Jan. 1-June 30.
June. Jan. 1-June 30.
below the normal average cost of production, although it does not follow
1914.-- 31,412,000 204,690.000 1919_ --- 37,685.000 217,172,000
that all coal sold at these prices represents a loss to the producer. The
191&_.... 33,957,000
193,179,000 1920_ --- 46,095.000
263,353,000
higher cost mines that are not protected by contracts have largely ceased
1916---- 37,742,000 245,783,000 1921_ --- 34,635,000 200,572,000
production in the summer months. There is very little spot buying at
272,985,000
187,546,000
1922_ _ _ - 22.624.000
1917..- __ 46,824,000
this time. and it is not expected that there will be any activity in the
281.739,000
45,490,000
273,270,000
1923.-51,138,000
1918-market until late August or early September. Prices of anthracite steam
sizes have followed bituminous coal prices downward. The large comANTHRACITE.
panies are storing steam sizes and the independents selling well below
In the pick-up after the holiday, anthracite production passed the two- circular.
In contrast with the sluggish bituminous-coal market is the activity
million-ton mark in the week ended July 14. On the basis of 39,221 cars
reported loaded by the nine principal anthracite carriers, the total produc- In the domestic sizes of anthracite, where quotations as high as those in
tion,including mine fuel,local sales and the output of washeries and dredges, the middle of last winter have been reached in the last week, in a few
Is estimated at 2,051,000 tons. Early returns for the present week (July instances. Despite the assurance of Chairman Hammond of the Coal
16-21) indicate a lower rate of output and a probable yield of about 1,900,- Commission to New England consumers, as reported in the press this
week, that prices of vompany coal would rise no higher next winter, three
000 tons.
is a remarkably strong undercurrent in the trade and throughout the
States
United
anthracite
region that concessions will be made to the wage demands of
Anthracite
Estimated
Produaion of
(Net Tons).
the miners, increasing the cost of production and the price to the con1923.
1922.
Following the slump in production caused by the July 4 holiday,
Calendar Year
CalendarYear sumer.
the output of hard coal rose again to over 2.000,000 tons in the second
Week.
to Dale.
Week.
to Date.
week in July and slightly less than 2.000,000 in the third week.
2,105,000
June 30
51,169,000
25,000
23,325,000
In the Middle West buying of domestic lump by the retail trade has
1,580,000
July 7
52.749,000
23,000
23.348,000 practically ceased and the market continues its downward trend. Rail2,051,000
.Yuly 14
54,800,000
32,000
23,380,000 roads in that territory have about completed their storage program and
many industries are buying only as they need the coal. Conditions are
BEEHIVE COKE.
dull in New England. Receipts of soft coal are steadily diminishing and
Preliminary estimaees of the production of beehive coke in the week there is nothing in the general situation to indicate an improvement for
ended July 14 show a decrease of 1,000 tons, despite the increase in running some time. Textile mills are shutting down or curtailing operations and
time as compared with the holiday week preceding. On the basis of the buying no coal. A survey of 1,100 industrial plants throughout New
number of cars loaded on the principal coke-carrying railroads, the total England made early this month showed 300 plants using oil fuel and the
remainder with an average of 90 days' reserve coal in their stock piles.
output is estimated at 376,000 net tens,
Producers are not accepting orders at present prices for any except
The Connellsville "Courier" reports production in the Connellsville district as 281,870 tons in the week ended July 14, which is more than was immediate shipments, believing that prices will react upward at the first
produced in the week including July 4, but 22,400 tons less than in the week indication of buying.
Activity 11 the export market is mostly centred in orders from Italy.
before that.
Holland and South America. France is out of the market and the flurry
Estimated Production of Beehive Coke (Net Tons).
of Canadian buying is over. Some English coal is being received, but
it is on old contracts. Dumpings at Baltimore for the first half of July
Week ended
1922
1923
were 151.377 tons of cargo and bunker coal. During the week ended
July 14
July 7 July 15
To
To
July 19, 357,979 net tons fo coal were dumped at Hampton Roads for
1923.a 1923.b
1922.
Dale.
Date.
all accounts, as compared with 348,130 tons in the previous week.
Pennsylvania & Ohio-294,000 30's.000 71.000
8,61,5.000 2,624,000
21,000 23,000
West Virginia
6.000
210,000
635.000
Ala., Ky.,Tenn.& Ga. 32,000 19,000
8,000
220,000
667,000
15,000
Virginia
16,000
6,000
162,000
450,000
7.000
Colo. & New Mexico
8,000
5,000
96,000 Revised Estimate of Foreign Trade Figures for June
228,000
Washington and Utah_ 7,000
4,000
5.000
100,000
156,000
Shows Imports Greater than Exports.
Corrected figures on foreign trade totals for June,issued on
July 26 by the Commerce Department at Washington,
63.000 63,000
Daily average
17,000
65,000
20,000 showed that the
balance of trade for the month was still
against the United States, although in a greatly diminished
a Subject to revision. b Revised from last report.
Prices as a whole during the week ending July 21 were volume compared with the unfavorable balances of the three
of the
fairly stable, according to the "Coal Trade Journal" of months preceding. The Associated Press dispatches
26th
stated:
July 25, although the market was generally gloomy. The
The total value of the country's imports was found to be 5320,257.000
"Journal" in its weekly review reports conditions as follows:
as compared with exports of $312,239,000. There were in addition re-exUnited States total._ _ _376,000 377,000 100,000 10.821,000 3.412,000
Pessimism is highly esteemed in most bituminous coal trade circles at
the present time. Yet,in spite of the gloomy reports that pass as judgment
on market conditions, production is maintained at a rate that a few years
ago would have been considered proof of unexampled prosperity.'
Undoubtedly a substantial proportion of the current output comes from
mines owned or controlled by the same interests that consume the coal. It
has been estimated that ndnes of this character represent approximately
25% of the production of the country. From this it can be readily understood why those shippers who have to depend upon strictly commercial
business for an outlet find the spot market unusually rough at the present
moment.
Nevertheless, prices as a whole last week were fairly stable. There
were, it is true, some sharp individual changes, but the average swallowed
them up. Comparing spot quotations with those for the week ended
July 14, changes were shown in only 46.2% of the figures. Of these
changes, however, 52.4% represented advances ranging from 5 to 75 cents
per ten and averaging 18.4 cents per ton. The reductions, ranging from
5 to 50 cents, averaged 18.8 cents. The straight average minimum for the
week was $1 93, a decline of 3 cents; the average maximum stood unchanged
at 5238. A year ago the averages were $640 and 59 51, respectively.
The Lake movement is one of the consistently bright spots in the present
situation. Dumpings for the week ended at 7 a. m. July 16, totaled 1,039,311 tons of cargo fuel, bringing the total for the season to 11,817,949 tons,
as compared with 11,555,812 tons in 1921. Dock interests at the Head
of the Lakes, however, complain that the Northwest is not taking coal as
ports of foreign goods amounting to $7,815,000, so that the total exports of
domestic and foreign goods amounted to $320,054,000.
The preliminary estimates of the department had indicated there was
a balance of trade favorable to the United States of about 51,000.000 for
the month, but the corrected figures showed that the exports of domestic
goods were $8,000,000 less than the total imports.
In analyzing the commodities which entered into foreign trade the Department found that 37% of all imports were made up of crude materials
for use in manufacturing. Foodstuffs in finished form made up another
17% of the total. Manufacturers ready for consumption made up 42%
of the exports, while foodstuffs ready for consumption made up 13%;
crude materials intended for use in manufacturing amounted to 22% of
the total.
The figures gave the following exports and important classifications with
comparisons for corresponding totals in June a year ago.
Exports.-Raw foodstuffs, $21,336,000, against $40,998,000;foods ready
for consumption, 5,41,543,000, against 555,471,000: raw materials for use in
manufacturing, 585,275,000, against $70.262,000; manufactured commodities, 5131.552,000, against $121,319,000; partly manufactured products,
549,242,000, against 539,465,000.
Imports.-Raw foodstuffs, $24,657,000, against $26,176,000;foods ready
for consumption, $53,328,000, against $37,341,000: raw materials for use in
manufacturing. 5117,999,000, against $91,146,000; manufactured commodities. $61,435,000, against $57,453,000; partly manufactured products,
562,422.000, against $47,527,000.
382
THE CHRONICLE
[VOL. 117.
Current Events and Discussions
F. Baker s Sixtieth Anniversary of His Connection With the First National Bank of This City.
Wall Street paid honor to its venerable banker, George F.
Baker, on Wednesday of this week, when flags were displayed by the various banking houses in recognition of Mr.
Baker's 60th anniversary of his connection with the First
National Bank, of which he was so long President and is now
Chairman of the board. The present year likewise signalizes
the 60th anniversary of the founding of the bank. Mr. Baker
was also on Wednesday the recipient of congratulations from
members of the banking fraternity. Although now in his
84th year, Mr. Baker continues to maintain active participation in his business affairs. Commenting on his anniversary,
the "Daily Financial America" of July 25 said:
George
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
subsequent pages, namely pages 414 and 415. 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 181923. July 26 1922
Total reserves
+$16,600,000 +$18.500,000
Gold reserves
+13,800,000
+59,000,000
Total earning assets
—53.200,000 —43,200,000
Discounted bills, total
—45,300,000 +380,600,000
Secured by U. S. Govt. obligations- _ —44,100,000 +249,200,000
Other bills discounted
—1,200.000 +131,400,000
Purchased bills
—6,200,000
+20,700,000
United States securities, total
—1,700,000 —444,500.000
Bonds and notes
—7,000,000 —116,600,000
U. S. certificates of indebtedness
+5.300.000 —327.900,000
SIXTY YEARS OF "FORT SHERMAN."
Total deposits
—45,900,000
+8,400,000
Members' reserve deposits
The 60th anniversary to-day, of the incorporation of the First National
—44,400,000
+24,000,000
Government deposits
Bank of New York, popularly referred to as "Fort Sherman," brings into
—11.700,000
+400.000
Other deposits
relief one of the most dominant figures in American, if not world finance,
—1,900,000
—3,900,000
and corporate activities, George F. Baker. Mr. Baker has come into public Federal Reserve notes in circulation _______ —22,100,000
+68,100,000
notice at intervals rather through his philanthropy and public spirit than F.R.Bank notes in circulation—net liability
+300.000
—62,000.000
as a result of his prominent position in banking. He has been unusually successful in avoiding publicity, although still officially connected with over 30
corporations. Recently the public learned of his donation of $1,000,000 to The Week With the Member Banks of the Federal
the Metropolitan Museum, of over $2,000,000 to Cornell, the gift of Baker
Reserve System.
Field to Columbia and of numerous other benefactions and evidences of public
•
spirit.
A further reduction of $91,000,000 in loans and investMr. Baker was born on Mar. 27 1840. Previous to his becoming associated
ments accompanied with a decrease of $118,000,000 in net
with the First National Bank of New York he was attached to the State
Banking Department at Albany. He started with the First National as demand deposits and of $38,000,000 in accommodation at
Paying Teller, later Cashier then President, and for the last 15 years has the Federal Reserve banks is shown
in the Federal Reserve
been Chairman of the board.
•
Board's weekly consolidated statement • of condition on
The First National Bank under Mr. Baker's leadership, took an active part
in the late Liberty loan campaigns and the bank has always been a powerful July 18 of 772 member banks in leading cities. It should
factor in the money market. The name of "Fort Sherman" was attached be noted that the figures for these
member banks are always
to the institution as a result of its former activities in United States Govweek behind those for the Reserve banks themselves.
ernment financing. The bank was started in 1863 by Samuel Thompson and a
All classes of loans show smaller figures than for the
his two sons and was started with a capital of $100,000 which is now $10,000,000, and it has a surplus of $50,000,000. The First National Bank has previous week; loans secured by
Government obligations,
paid dividends of 50% annually in recent years.
by $3,000,000; loans on corporate securities by $77,000,000,
Mr. Baker still comes to the bank almost every day.
and all other, largely commercial, loans by $11,000,000.
Earlier in the month (July 18) the New York "Times," In Investments in Government
securities declined by $25,referring to Mr. Baker's participation in the directors' meet- 000,000 during the week,
$11,000,000 of which was in
ing of the American Telephone & Telegraph Co., said:
Treasury notes, $5,000,000 in U. S. bonds and $9,000,000
George F. Baker maintained his record for faithful attendance at the meet- in Treasury certificates.
Holdings of other stocks and bonds
ing of the directors of the American Telephone di Telegraph Co. held in Boston yesterday, despite the hot weather, his vacation and his age. Despite his increased by $25,000,000. As a result of these changes,
83 years he made the motor trip from Littleton, N. II., to Boston, specially total loans and investments of all reporting members show
to attend the meeting.
a reduction of $91,000,000. Corresponding changes for the
Reports made recently show that he is the largest individual shareholder
New York City member banks comprise a reduction of
of the company, having more than 53,000 shares.
$64,000,000 in loans and discounts, of which $63,000,000 was
in loans against stocks and bonds, also a reduction of $19,000,000 in U. S. securities and an increase of $16,000,000 in
The Week With the Federal Reserve Banks.
Continued liquidation of discounted bills to the amount of other investments. These changes resulted in a net reduction
$45,300,000, of $6,200,000 in acceptances purchased in open of $67,000,000 in loans and investments of New York City
market, and of $1,700,000 in Government security holdings, members. Further comment regarding the changes shown
is shown in the Federal Reserve Board's weekly consolidated by these member banks is as follows:
Government deposits of all reporting member banks show a further
bank statement issued as at close of business on July 25 1923
reduction of $22,000,000, net
deposits decreased by $118,000,000,
and which deals with the results for the twelve Federal while time deposits increaseddemand
by $13,000,000. For the New York City
Reserve banks combined. Deposit liabilities declined by member banks reductions of $7,000,000 in Government deposits, $69,000,in not demand deposits and $4,000,000 in time deposits are reported.
$45,900,000and Federal Reserve note,circulation by $22,100,- 000Reserve
balances of all reporting institutions show a decrease of
$25,000,the latter item reaching the lowest figure reported since 000,000,and those of the New York City
members a decrease of $20,000,000.
vault
in
declined $22,000,000 for all member banks and $8,000,000
Aug. 30 1922. Total cash reserves increased by $16,600,000 Cash
the New York City members.
and the reserve ratio rose from 76.5 to 78.2%. After noting forBorrowings
of the reporting institutions decreased from $565,000,000 to
$527,000,000. or from 3.4 to 3.2% of their total loans and investments.
these facts the Federal Reserve Board proceeds as follows:
Seven of the Federal Reserve banks report smaller holdings of discounted
bills, the decline in the case of the Now York and Cleveland banks being
the greatest and amounting to $18,300,000 and $14,900,000. respectively.
The banks at Boston, Richmond, Atlanta, Dallas and San Francisco show
somewhat larger holdings of discounted bills, the total increase for these
banks being $8,500,000.
Total gold reserves increased by $13,800.000. the Federal Reserve Bank of
Cleveland alone showing a net addition of $18,700,000 to its gold reserves,
while six other banks report net increases aggregating $23,900,000,reflecting
primarily the receipt of gold from other districts through the Gold Settlement Fund. These increases were partly offset by a decline of $18,100,000
reported by New York and $10,700,000 by the four remaining banks. In
the case of the New York Bank the decline in gold reserves is due to a considerable loss in its vault holdings of gold and gold certificates as well as to
the reduction of its balance in the Gold Settlement Fund. All the Federal
Reserve banks exept Cleveland, Atlanta, Minneapolis and San Francisco
show increases in holdings of other reserve cash, the net increase for all
banks amounting to $2,800,000. All Federal Reserve banks report a
smaller circulation of Federal Reserve notes except Dallas, which shows an
increase of $300,000.
Holdings of paper secured by Government obligations continued to decrease, accounting for most of the decline in discounted bills, the total
amount of such paper on July 25 being $364,400,000, as compared with
$408,500,000 a week earlier. Ofthe total holdings on July 25.$231,800,000.
or 63.6%, was secured by United States bonds; $115,900,000, or 31.8%,
by Treasury notes, and $16,700,000, or 4.6%, by certificates of indebtedness. compared with $259.100.000. $131,500,000 and $17,900,000, respectively, reported the week before.
For member banks In New York City a decrease from $157,000,000 to
$123,000,000, or from 3 to 2.4% in the ratio of these borrowings to total
loans and investments is noted.
On a subsequent page—that is; on page 415—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:
(
ose19
Dueictirela
Increase
23
)orj
:
9+
Since
—22).
Loans and discounts—total
000:00
000
55
4:0
000 +192
000:0
:00
Secured by U. S. Government obligations_$93
1
Secured by stocks and bonds
—77,000.000 +222,000.000
All other
—11,000,000
Investments, total
+2
757
4:010
0,
,r00
0
U. S. bonds
—5,000,000 +145,000,000
Treasury notes
—11.000,000 +354.000.000
Treasury certificates
—9,000,000 —139,000,000
Other stocks and bonds
+25,000,000 —106,000,000
Reserve balances with F. R. banks
—25,000,000 —33,000,000
Cash in vault
—22,000,000
+2,000,000
Government deposits
—22,000,000
+57,000,000
—118,000,000
Net demand deposits
+62,000,000
Time deposits
+13,000,000 +493,000,000
Total accommodation at F. R. banks
—38,000.000 +369,000.000
JULY 28 1923.]
THE CHRONICLE
Further Decline in German Reichsmark—Uniform
Rate for Mark Abandoned—New Currency
System Urged.
As a result of the continued decline in the value of the
German mark, the Minister of Economics of the Reich,
it was announced in Berlin cablegrams July 23, empowered
the Reichsbank to conclude future dealings in foreign currency and dollar treasury bills, regardless of a uniform
rate of exchange. He has decided also to allow banks dealing
in foreign bills to conclude fqture transactions on their
own accounts, subject to regulation by the Reichsbank.
This, and reports of a so-called "run" on the Reichsbank
later in the week, which appears to have affected, not the
Reichsbank, but private bankers of Berlin, were outstanding
items of news from Germany. As to the abandonment of
a uniform rate for the mark, we quote from the New York
"Times" the following copyright cablegram July 23:
The German Government and the Reichsbank to-day discontinued
their hopeless attempt to keep the mark in Berlin artificially higher than
in the world's foreign exchange markets.
The rate on the Boerse to-day Was officially fixed by the Reichsbank
at 350,000 marks to the dollar. which was particularly interesting because
the last New York rate of Saturday reported by wireless was 333,000
marks to the dollar, so that for the first time since the Reichsbank's
abortive stabilization the Reichsbank actually fixed the mark rate lower
than the last known New York rate.
This seemingly ends the most fantastic episode in Germany's post-war
finance. Incidentally. American tourists and others here need no longer
violate exchange laws or ordinances by dealings with the bootleggers of
marks and dollars, who in the past week have sprung up like the bootleggers
of booze in the wake of prohibition. it is again possible for Americans to
sell their dollars at the reputable banks and cover their mark requirements
at approximately the world market rates.
Another feature to-day was that the Reichsbank at world market rates
handed out more foreign exchange and foreign bank notes than at any time
during the past week. Buying orders for dollars and pounds sterling passed
along certified as genuine and legitimate, not speculative, were 10% filled
by the Reichsbank.
Important trade again picked up hopes that it would be able to resume
legitimate business. Importers of lard and other fats, under a special
agreement between their association and the Reichsbank, were preferentially
allotted 30% of their requirements of foreign exchange to-day.
Negotiations are on between the importers of cotton and other raw materials needed by the textile trade looking towar3 similar preferential treatment. This is the first step toward a rigid censorship of imports by the
Reichsbank and for all practical purposes tantamount to Government control.
It appears,further, that the armistice agreement between the big German
banks and the Reichsbank are at least partially bearing fruit. The volume
of buying orders for foreign exchange and foreign bank notes pouring into
the Boerse to-day was much smaller than last Friday, and looked as if such
buying orders were being closely scrutinized and censored.
There was nothing to justify optimism, however, particularly as to-day
brought the worst Reichsbank statement ever issued. For the week ending
July 14 5,200,000,000,000 new paper marks were placed in circulation,
swelling the total circulation to 24.491,000,000,000. Even more painful
from the German viewpoint was the fact that during the week Reichsbank
parted with 55,000,000 gold marks of its gold holdings. 30,000,000 gold
marks being shipped from Berlin to New York, while 20,000,000 gold marks
on deposit with the Bank of England were sold. This reduces Reichsbank's
gold reserve to 656,911,000 gold marks.
383
throughout Germany to print money, and within a few days, it is said,:
production may catch up with the demand for this almost worthless currency.
Queues now stand constantly in front of the Reichsbank tellers' windows
to obtain funds and messengers are relieved in shifts. Wash baskets for
carting away paper money in many cases are inadequate, and long parallel
waiting lines of pushcarts, horse cabs, taxicabs, and even motor lorries are
being used to convey bales of notes to other banks.
The Reichsbank is compelled to keep open late into the night, paying out
huge bales of paper money worth almost miscroscopic values.
But this anomalous money shortage will last only three days, according to
Reichsbank authorities, after which there will be more than enough paper
money of all conceivable kinds on hand to satisfy all comers.
Five and ten million mark notes (about $7 50 and $15, respectively) are
to be issued. This is not taken as the beginning of the end. The end is
already in sight.
The most serious feature of this almost comic money crisis is its reaction
on the cost of living. Food prices are automatically rising as the mark falls,
likewise automatically entailing a food shortage. Berlin just now has a
potato shortage, and this is the poor man's staple food. Attempting to buy
speck of potatoes at the Central Market hall is a hazardous venture. To-day
German housewives there were incensed when the retail price of potatoes
advnaced 50%.with small supplies even at that price. The women stormed
and overpowered one hapless stallkeeper, and dragged him on the ground
by his legs around the market hall until he was rescued by the fire department and police reserves.
To Print Marks in Astronomical Figures.
The New York "Times" announced the following from
Berlin July 25:
Germany is preparing to print five-million mark bank notes in order
to simplify the lives of bankers and the public.
Dr. Havenstein, Director of the Reichsbank, stated to-night that the
bank is prepared to issue any kind of paper marks following the variation
of the exchange value of the mark, until it becomes necessary to print
bills of astronomical denominations.
The inflation situation is so serious, with the mark shooting down and
the consequent shortage of money that the Reichsbank seems resigned
to follow the upward curve of prices by an upward curve in paper money
printing until chaos becomes unavoidable.
National City Bank of New York only Bidder for
Uruguayan Loan—Reports that Tender will be
Rejected.
From Montevideo, July 20, the Associated Press announced the following:
The time limit for presentation of tenders for the 35,000,000 gold peso
loan recently authorized by the Uruguayan Government expired to-day
with the National City Bank of New York the only bidder. The terms
have not been disclosed, but it is reported that the bank offered only
$20,000,000.
In later accounts the Associated Press had the following
to say in its advices from Montevideo:
It is stated that the Uruguayan Government will reject the tender of
the National City Bank of New York for the recently authorized loan
on the grounds that the terms are unsuitable.
Argentina To Seek Loan in United States for
Payments Here.
According to Associated Press advices from Buenos Aires
July 24, Finance Minister Rafael Herrera Vegas is preparing
Associated Press cablegrams from London July 25 carried a message to Congress requesting authority to contract a
reports as follows of the subjection of the Reichsbank to 50,000,000 gold peso short-term loan to pay off a
$50,000,000
a run:
loan
due
Oct.
1
to
American
bankers.
It
is
stated
further:
Germn
run
on
the
Reichsbank
A
began soon after the opening to-day.
according to a Central News dispatch from Berlin, which gives the cause
as an insufficiency of bills of large denominations to satisfy the other banks.
Berlin Associated Press advices that day said:
The Minister said that the measure simply would signify a renewal of
that loan as he considers the present time unpropitious to float a 150,000.000
gold peso loan for which he recently obtained a Congressional authority.
On July
20 press advices from Buenos Aires announced
A news agency report from Berlin, printed in London to-day, to the
effect that there was a "run" on the Reichsbank, is blamed in official and that the Argentine Senate had adopted the bill authorizing
financial circles to-night for the highly unfavorable quotation of the mark the Government to float a foreign loan of 150,000,000
reported from New York to-day.
While foreign currencies were not listed to-day, Boerse experts assert gold pesos. Having previously been approved by the Chamthere was no reason for the wide disparity between Berlin's rate of Tuesday ber of Deputies, the measure thus became a law.
and to-day's New York qubtation. They therefore are inclined to account
for the slump in the unqualified report which misrepresented the "run" 011
Issue of Farm Credit Bonds About to Be Brought
the official bank, which wholly concerns itself with private banks and
business demands for supplies of currency.
Out.
It was pointed out that a "run" in the customary sense of the word
The following advices were reported from Washington by
would be out of the question in the case of the Reichsbank because of
the character and functions of this institution.
the "Journal of Commerce":
A flood of 10,000 and 20,000 mark notes is inundating Berlin because of
Announcement of the sale of the first debenture issue of the Intermediate
the Reichsbank's inability to supply sufficient quantities of high denomina- Credit banks, it was
understood to-day, will be made shortly after Aug. 1.
tion currency, and a small army of bank clerks stormed the institution The Farm Loan
Board, it was understood, has practically completed negoto-day in an attempt to haul off enough paper to supply the private banks.
tiations for the disposal of the first issue, which is to be for $10,000,000 at
The sudden dearth of big bills is due to their having been shipped into • %,with a maturity
of six months.
the provinces with a view to saving transportation and bundling charges
Preparations are being made by the Board, it was learned,for other Interand, pending the appearance of new one, five and ten million mark notes. mediate Credit bank
debenture issues to follow rapidly upon the flotation of
Berlin will be obliged to content Itself with small bills.
the first securities until a total of about $60,000,000 has been obtained.
Thousands of bundles of small notes are piled promiscuously into laundry This amount,
together
with the $60.000,000 capital appropriated by Conbaskets or motor lorries without being checked off. They are subsequently gress for the new farm financing institutions, will provide the Intermediate
passed out to bank patrons or tourists with the same indifference and, Credit system with a total working capital of $120,000,000.
unless the recipient is possessed of surplus time or patience, he tucks the
bulky wad under his arm and walks away without counting them.
On the 26th inst. Associated Press cablegrams from Berlin
stated that the German money presses were now reeling off
notes to the amount of more than 2,000,000,000,000 marks
daily. The output, it was said, was being speeded up in
order to enable the Reichsbank to supply the demand for
notes of large denominations. The New York "Times"
reported the following on July 26 from Berlin in a copyright
cablegram:
With Its own output of paper marks now totaling two trillions daily,
the Reichsbank is negotiating with numerous private printing plants
Guy Huston on Purposes and Services of
Joint Stock Land Banks.
Guy Huston, President of the Chicago Joint Stock Land
Bank, and President of the American Association of Joint
Stock Land Banks, in an address on July 23 before the bond
dealers of New York City, at the office of R. F. DeVoe &
Co., explained in detail the purpose, reliability, advantages
and the service to the public which is derived from an institution of this kind. These banks, said Mr. Huston, are
384
THE CHRONICLE
[VoL. 117.
First. That the decision of the Comptroller General is mandatory upon
institutions encouraged by the Government to meet the
peculiar financial needs of the farmer. In a strict sense, he you in compelling revocation of silver allocated to the Director of the
Mint, and
stated, they are really loan organizations, although organized
Second. That such revocation saves the taxpayers of the United_States
$5,000,000.
on the same basis as national banks, and the safeguards
Each
these two statements is that type of statementwhichr
_is most
thrown about the business are made more rigorous than difficult of
of contradiction—a half truth.
those applying to mutual savings banks. Not a single loan
That decisions of the Comptroller General of the United States are
can be made until the farm has been appraised by the mandatory upon the officials of the Treasury Department we readily concedl)
as
an abstract fact. That the opinion of the Comptroller General in this
Federal appraisers appointed by the Federal Farm Loan particular
instance merely permits the action you have taken and does
Board; and it is the practice of the banks to have the farm not in any way make it mandatory is apparent from the language of the
inspected by their own experts. Statistics showed, Mr. Hus- opinion itself.
response to the request contained in your letter to the Comptroller
ton said, "the total value of farms in the United States to be onInNov.
2 1922 in which you ask, "In these circumstances and in order to
in excess of $67,000,000,000, of which $15,000,000;000 is avoid this loss in its current operations, the Treasury would like, if possible
represented by the farms in the States of Illinois and Iowa. under the law, to revoke the allocation of the remaining 10,247,976.52 fine
ounces of silver and restore this amount of silver bullion to the standard
Less than 25% of the aggregate land area of the United silver
dollar account" the Comptroller in his letter to you of Nov. 29 1922
States is susceptible to profitable cultivation under present stated the following conclusion, "There appears sufficient authority under
methods of farming, and of this 15% is available only for the Act if you conclude that this be done." It is fully apparent that
is nothing mandatory in such an opinion.
specialized farming or grazing, leaving about 10% of high- there
The further reiterated statement that the Treasury Department's
grade plow land. While thousands of farmers lost the "action fully satisfies the purchase provision of the Pittman Act and
savings of a lifetime of hard work and thrift in the tremen- saves to the people of the United States at least $5,000,000" is properly
objected to by the silver producers. This is an appealing statement to
dous recession in values of farm products following the war, the average reader who, because it comes
from the Treasury Department,
agriculture as a whole, he said, throughout the farming dis- does not question its accuracy and is not familiar with the fact that the
$5,000,000
so
retained
by
the
Department, does not belong
Treasury
tricts is not in a bad condition. More than one-half the to the Treasury Department as agent
for the body politic but to the silver
farmers own their farms clear of debt, still have the liberty producers who produced silver under the guaranty of the Pittman Act.
bonds they bought during the war, and have money in the The Pittman Act provides only for the purchase of that silver at $1 per
which has been previously disposed of by sale or allocation by the
bank. It is said that 55% of the primary bank deposits of ounce,
Treasury of the United States at a return equal to, or in excess of $1 per
the United States belong to farmers. Of the borrowing half ounce and it is in no wise a bounty to silver producers, as you have stated.
You speak further of the interest charge, saved to the Government by
of the farmers, at least 90% owe only nominal amounts and
the revocation of this allocation of 10,247,976.52 fine ounces of silver.
are carrying their debts, paying their interest and taxes In
considering the question of interest, there should also be considered
comfortably, and live well, even under present conditions. the fact that in the operation of the Pittman Act, the Government of the
Mr. Huston was of the opinion that Joint Stock Land Banks United States disposed of 200,000,000 ounces of silver to foreign Governments immediately after April 23 1918 and immediately began to receive
were destined to be a very important factor and one of the interest
on the payment therefor and was only safeguarded in doing so by
great systems of finance of the United States—their assets the assurance there would be produced by American silver miners an
already being in excess of $350,000,000. Speaking of the equivalent amount to replace this silver in the vaults of the Trasury.
The United States Government, therefore, profited by the interest on
old style short term mortgage, he stated that as an instru- this
entire amount of 200,000,000 ounces during its period of replacement.
ment of credit it had passed and something must take its
Any interest saved by this revocation is insignificant in comparison
place, and it was necessary that a code of ethics be brought to this huge amount set forth above.
The Mining Congress is not primarily taking issue with the Treasury
to the farm loan business. This business, he repeated, must Department or any of its officials,
but is making every effort, as you
suggest,
to ascertain all the facts involved.
be put on a high plane in order that the investing public in
It is our thought and it was the gist of the resolutions to which you took
every State of the Union could purchase the securities without objection that these facts could best
be determined in a court of law having
question and in order that they could be remarketed to citi- proper and competent jurisdiction. Surely
you will agree with us that
zens of every State it was necessary that the whole system such a procedure would be more effective in a determination of the issues
involved aad more in harmony with the dignity of the Treasury Department
be under Federal supervision. State supervision is not and than a ontirmance of controversy
through the public press.
cannot be sufficient. It was necessary that institutions be
Very truly yours,
(Signed) J. F. CALLBREATH, Secretary.
organized with large capital and under such control and
regulation that their securities could never be questioned,
that the value of every farm on which they loan be certified Acting Secretary of Treasury Gilbert's Letter to
by the Federal Government, and in order tht no one may
J. F. Callbreath of American Mining Congress
profit unduly, he concluded the institutions must forego the
Regarding Latter's Resolution for Submission
ordinary profits of farm mortgage banking and submit to
of Issues in Controversy to Court.
rules and regulations laid down limiting the gain to a nominal
In another item we print a letter addressed to Acting
amount."
Secretary of the Treasury Gilbert by"Secretary Callbreath
J. F. Callbreath of American Mining Congress in Letter of the American Mining Congress relative to the latter's
request that "legality and propriety" of the cancellation by
to S. P. Gilbert, Jr., Relative to Silver Purchases
the Treasury Department of allocations of silver for subUnder Pittman Act, Asks for Determination of
sidiary coinage under the Pittman Act be brought before the
Issue by Court of Law.
courts. Acting Secretary Gilbert, in a letter to Mr. CallDenial that the American Mining Congress is taking breath under,date of June
30, to_which brief reference
was
.
__issue with the Treasury Department in connection with the made in our.issue
of a week ago (page 272) expressed surprise
controversy concerning silver purchases by the Government
at the adoption of the resolution by the Governors of the
under the Pittman Act was made on July 21 by Secretary Mining Congress for the
submission of the matter to the
J. F. Callbreath, in a letter to Acting Secretary of the courts for decision, and declared
that "the Treasury's action
Gilbert.
The
letter was, it is stated, prompted
Treasury
in respect to the allocations of silver for subsidiary coinage
by a charge of Mr. Gilbert that the Mining Congress was is clear and beyond dispute." We give
herewith Mr.
indulging in propaganda in criticism of the action of the Gilbert's letter:
Treasury in revoking allocations of silver for subsidiary
TREASURY DEPARTMENT.
coinage. Secretary Callbreath refers in his letter to the
Washington, June 30 1923.
Dear Sin—I have received your letter of June 26 1923, enclosing a
exceptions taken by Mr. Gilbert to resolutions adopted by
copy of a resolution adopted by the Board of Governors of the Western
the Governors of the Western Division of the American Division of the American Mining Congress at their annual meeting held
Mining Congress last month, and says that it is the thought at San Francisco. Calif., June 12. 13 and 14 1923, with respect to the
administration of the Act of Congress approved April 23 1918, sometimes
of the Governors, and it was the gist of the resolutions that known
as the Pittman Act. I note that the resolution urges the executive
between
the
dispute
Treasury Department and officers of the American Mining Congress,
the issues in
in conjunction with silver prothe Mining Congress incident to the revocation by the ducers of the Western States, to take immediate steps to bring before the
the
"legality and propriety" of the cancellation by the Treasproper courts
Government of silver allocations "could best be determined ury
Department of allocations of silver
subsidiary coinage under the
in a court of law having proper and competent jurisdiction." Act, to the end that the question may befor
settled "regardless of the action
of a department that is wrongfully endeavoring through widespread propaThe letter of the Mining Congress to Mr. Gilbert follows:
July 211923.
Hon. S. P. Gilbert, Jr., Acting Secretary of the Treasury, Washington, D. C.
Sir—Upon my return to Washington I find your letter of June 30, in
which you take exceptions to the resolutions adopted by the Board of
Governors of the Western Division of the American Mining Congress at
their meeting held in San Francisco June 12-14 1923. I also observe the
widespread interviews which you have authorized in quotation of your
letter to me and in criticism of these resolutions.
If, as you contend, the resolution was not justified, surely your letter
and the publicity which you have given it amply Justify such a resolution,
for the major contentions therein are the two contentions to which the
mining industry has objected as emanating from the Treasury Department
during this entire controversy:
ganda to deceive the people Into believing that producers seek an unfair
interpretation of the Act." This resolution is quite obviously part of the
campaign of misrepresentation that various interested parties have been
carrying on for the past two or three months in an effort to make silver
producers believe that they have been unfairly treated, and I am surprised
that it would be adopted by the Board of Governors of the American Mining
Congress without the slightest effort to ascertain tho facts. Tho Treasury's
action in respect to the allocations of silver for subsidiary coinage is clear
and beyond dispute. It rests upon the decision rendered Nov. 29 1922 by
the Comptroller-General of the United States, which is conclusive and
binding upon the Department, and is supported by every consideration of
equity and common sense. The Treasury's position in the matter is set
forth in sty lctt( f Nay and May 31 1923 to Senator Pittman of Nevada,
ULY, 1923.1
THE CHRONICLE
385
copies of which, with a"copY of the Comptroller-General's decision, are this week. The closing of the temporary offices on July 20
enclosed herewith.
was followed by the opening of expercises in its new buildThe Treasury Department is not engaging in any propaganda in this
matter, and has no occasion to do so. It has taken action under the law, ing at 2 p. m. that day to commemorate its occupancy of its
upon the advice of the highest constituted authority, and has stated its new home.
position in the clearest possible terms. Its action fully satisfies the purchase
The following history of the Exchange is made available
provisions of the Pittman Act and saves to the people of the United States
at least 85,000,000. It would be more becoming, it seems to me, if those by the Secretary's office:
The history of the New York Cotton Exchange is rich in traditions. In.
who are trying to have this sum diverted out of the public Treasury to promote the special interests of the silver industry, would tell the truth in the the 53 years that the Exchange has been in existence it has had a marvelous
propaganda which they are carrying on and present the case on its merits, growth. Back in 1870 a little group of cotton men organized the Exchange
•
without persistently misrepresenting the Treasury's attitude.
and secured a trading floor in a building at 142 Pearl Street The size of
Very truly yours.
the floor was only 23 x 100 feet, but it was more than ample for the business
(Signed) S. P. GILBERT, Jr., Acting Secretary of the Treasury.
transacted at that time.
J. F. Callbreath, Esq., Secretary American Mining Congress, Washington,D.C.
Here it was that the system of dealing in "futures" under proper safeguards and regulations as a means of furnishing insurance against possible
In forwarding a copy of the above to Senator Key Pittman losses incident to fluctuations, was first
adopted. At that time transactions
under date of July 17, Acting Secretary Gilbert said:
of 10,000 to 15,000 bales in futures was Considered very fair business for the
entire
week.
Within
a
year,
however,
transactions
grew to upwards of 50,TREASURY DEPARTMENT.
•
000 bales per week.
Washington, July 17 1923.
It soon became apparent to Stephen B. Harrison, first President of the
My Dear Senator—I received your letter of July 14 1923 with further
reference to the question of authority to revoke allocations of silver for Exchange, who was a member of the firm of Jewell & Harrison, that larger
would be necessary, and he started a campaign for another site. In
quarters
subsidiary coinage under the Act approved April 23 1918, sometimes known
as the Pittman Act. Your letter is limited to the technical question of May 1872 the Exchange moved to the then modern building on Hanover
authority, which is fully covered by the Comptroller-General's decision of Square, now known as India House, where it remained 13 years.
The Cotton Exchange prospered in this new location and soon became onc
Nov. 29 1922. This decision was made upon a full statement of the case,
and was rendered by the chief accounting officer of the Government, who of the established institutions of the business community. It grew in membership
and in importance to the cotton trade of the world.
has access to all the accounts and records in question. You have presented
In the year when the first Cotton Exchange was organized, U. S. Grant
no new evidence, and I quite agree with you that it would be a waste of
time to discuss the matter further. I take it that the Treasury's position was President of the United States, and Queen Victoria occupied the throne
In the matter is clear and beyond question. The action it has taken of Great Britain. Trinity Church spire was a landmark in lower New York,
satisfies all the equities in the case, and the highest constituted authority and buses carried Qie tired cotton merchants uptown at nigbt to their homes
has held that it was fully authorized as a matter of law. In these circum- in 14th or 23d streets. Those who lived in the country beyond, patronized
stances I should not feel warranted, as a public officer, in taking any various lines of small steamboats which ran from the Battery to Harlem.
Elevators were unknown, and men wore mutton chop whiskers, high hats
different action, particularly when that would mean a loss of at least
and frock coats to business. Correspondence was carried on by hand, and
$5,000,000 to the people of the United States.
I had already seen the resolution of the Board of Governors of the Western messengers took the place of the telephone for short distances.
The original Board of Managers contained the names of cotton merchants,
Division of the American Mining Congress to which you refer, and enclose
for your information a copy of my letter of June 30 1923 in reply to that some of which have come down to the present day as representative of the
very highest type of business men in the community. Among them was
Very truly yours,
resolution.
Henry Rentz, now the oldest living member of the New York Cotton Ex(Signed) S. P. GILBERT, Jr., Acting Secretary of the Treasury.
Hon. Key Pittman, Vice-Chairman of the Senate Commission of Gold and change, whose firm,. Henry Rentz & Co., is still a commanding figure in the
commercial
and financial world. Others were William P. Wright, M. B.
United
States Senate, Washington, D. C.
Silver Inquiry,
Fielding, Theodore Fachiri, Mayer Lehman, W. G. Crenshaw, T. J. Slaughter, M. G. Houghton, John H. Inman, J. T. Hanneman, Wm, H. Brodie,
Charles A. Easton and James W. Murphy.
Trading on Floor of New Cotton Exchange Building
The first Superintendent of the Exchange was B. F. Voorhees. After
—First Bale of 1923 Crop—History of Exchange.
four years he was succeeded by Edwin R. Powers, who held the position for
over 30 years. He was followed by Col. William V. King, a former PresiUpon the occasion of the opening of business on the trad- dent of the Exchange, who in turn was succeeded by Thomas Hale, the presing floor of the new quarters of the New York Caton Ex- ent incumbent, the title of the office having since been changed to "Secrechange on Monday of this week, July 23, Edward E. Bart- tary."
In the early 80's the Exchange
developed to such a degree that still
lett, Jr., President of the Exchange, was presented with an larger quarters were necessary, andhad
a plot of land bounded by William and
Ivory and gold gavel for use at the meetings of the Board of Beaver streets and Hanover Square was secured, and a modern Exchange
Managers. The presentation was made by Byrd W. Wen- erected. On April 28 1885 the Exchange moved into its new home, where it
was to remain for 37 years. When the new building was opened, the public
man, acting as spokesman for the members. Sidney Jones, marveled at the size of the trading floor, the up-to-date facilities for the
of George F. Jones & Co., who bought 100 bales of July cot- transaction of business, etc. The building was hailed as a model of engineerton from Alvin Wachsman, had the honor of making the ing and construction.
In the meantime the membership of the Exchange increased to 450, which
first trade on the new floor. A feature ot the opening day was the limit set by the constitution, and many of the largest Wall Street
brokerage
houses became identified with the Exchange. Within a few years
on the new Exchange was the auctioning off of the first
the "pit" on active days became so crowded with brokers executing orders,
bale of cotton of the 1923 crop harvested east of the Missis- and
the floor so congested with messengers running back and forth, that for
sippi River. This bale was sent to Bond, McEnany & Co., a third time in 50 years there was a clamor for larger quarters. Before the
members of the Exchange, by Livingston, Glover & Co., of outbreak of the World War the demand from the brokers for a new and more
modern. Exchange became so insistent that it could no longer be ignored. A
Savannah, Ga. The bidding started at 30 cents and devel- building
committee, consisting of J. Temple Gwathmey, Chairman; Henry
oped a spirited contest between T. B. Mills, of Crespi & Co., H. Royce, E. K. Cone, Leigh M. Pearsall and Edward H. Weld was
apand Elwood P. McEnany, of Bond, McEnany & Co. The bale pointed. Plans drawn by Donn Barber, the noted architect, were secured,
was finally knocked down to Mr. McEnany at 50 cents a and, after delays due to the war, work on the new building which the Exchange took possession of to-day was begun on May 1 1922. During the
pound.
building of the new Exchange cotton brokers secured temporary quarters at
As we indicated in our issue of a week ago (page 275) in 90 Wall Street. The space there was small, and naturally the speedy transwas business was handicapped. For this reason it was vital that the
referring to the formal opening of the new building on July action
Exchange should secure possession of its new home as quickly as possible;
20, trading is conducted on the nineteenth floor. It is stated and the contractors agreed to demolish the old building and erect
the new
that all doubt as to the practicability of having the Exchange within a period of twelve months—an engineering and construction feat
probably never before attempted.
trading floor so high above the ground was dissipated on
Before the tenants were out of the old building the work of demolition was
Monday. Three express elevators carried the brokers di- begun, and as fast as an office was vacated a gang of men started in to wreck
it.
As if by magic, the old edifice, the pride of lower New York in 1885,
rect to the nineteenth floor with no more loss of time than
disappeared in a cloud of dust, its vitals torn out by the grasping arms of a
would be occasioned by walking up a flight of stairs. Brok- dozen big derricks,
while in its place rose the present magnificent structure
ers also said that the messenger service between their offices —the last word in modern building wizardry, housing the Exchange on the
and the floor of the Exchange was virtually as fast as if the nineteenth floor, high above all dust and dirt and noise and yet, through a
battery of express elevators, easy of access.
Exchange had been
located on the ground floor. The cotton
brokers were enthusiastic in their praise of the
new trading
floor, the facilities of which had a good test, as the market
was very active. The telegraph and telephone service
worked smoothly, connections being established with the
New Orleans market in ten seconds, while the cable service
f() Liverpool nearly equaled the best previous record for fast
executions. After their cramped quarters in the temporary
Exchange at 90 Wall Street, the brokers appreciated the
light and fresh air and sunshine of the "loftiest trading
floor in the world." The arrangement of the "pit" with its
series of steps, giving every broker a direct view across the
ring, was hailed as a big improvement over the old pit. The
location of all the news and quotation tickers on one part
of the floor was of material help in keeping the floor free
from congestion. Incident to its installation in its new guarters business on the Exchange had been interrupted from
Friday noon, July 20, when business in its temporary quarters at 00 Wall Street was discontinued, until Monday of
Since its organization in 1870, the New York Cotton Exchange has had 33 presidents. They are, in their order, and
terms of service:
1870-1873
1873-1874
1874-1876
1876-1878
1878-1880
1880-1882
18824884
1884-1885
1885-1888
1888-1890
1890-1892
1892-1894
1894-1896
1896-1898
1898-4899
18994900
Stephen D. Harrison
1900-1902 Samuel T. Hubbard
Arthur B. Graves
1902-1903 J. Temple Gwathmey
Henry Hentz
1903-1904 Robert'?. McDougal
James F. Wenman
1904-1905 Henry Schaefer
Dickson G. Watts
1905-1907 Walter C. Hubbard
Robert Tannehill
1907-1908 James H. Parker
1908-1910 George Brennecke
Michael B. Fielding
1910-1911 Arthur R. Marsh
Siegfried Gruner
Charles D. Miller
1911-1913 George W. Neville
James H. Parker
. Royce
c
o nee
ardHK
nry
131t1919 rew
Charles W. Ide
James 0.
e
i
'
teid
BlessShuttJ
Waira
8
:13
913
1
19
910.
Reinhard seidenberg
7
ohnson
1 2 1 2 Leopo . Bache
Gustavus C. Hopkins
1921-1922 Edward M. Weld
William V. King
1922-1923 George M.Shutt
Thomas M. Robinson
Edward E. Bartlett, Jr., is the present head of the Exchange, elected for the 1923-24 term.
Many of the old-timers who were present at the formal
opening of the new home of the Exchange on July 20 recalled some of the stirring periods through which the market had passed in the last two decades. The campaign of
386
THE CHRONICLE
Daniel G. Sully and the 500-point break in the market, which
followed the German declaration of unrestricted submarine
warfare, were the two most spectacular events during this
time. Recollections of this are summarized as follows:
In the late summer of 1903 Mr. Sully, who had not until then been especially prominent in the cotton market, conceived the idea that the crop was
going to be a short one. Associating with himself a number of big Wall
Street men he began to buy cotton. Gradually, it became evident to the
trade that Sully had correctly gauged the crop situation and that a short
crop was inevitable. Prices began to rise. The Sully group bought more
cotton but found it harder to buy.
Mr. Sully became the leading factor in the market. Shrewd brokers
watched for him to appear on the floor after lunch and immediately started
to buy, confident that they could sell out later on to the bull leader, who, of
course, was always a buyer in person, whatever he may have done under
cover. Prices continued to mount until they passed the 12-cent level, a
high price for those days. Transactions on the floor became enormous.
Clerks worked in relays through the 24 hours in order to keep up with the
business, and some of them seldom got home. And still the price advanced.
Mr. Sully became a world-wide figure. Fortunate was the man who could
obtain an opinion or a suggestion from him. His views were eagerly sought
throughout the Street. His resources appeared to be unlimited, and his
steady buying day by day was fast sapping the strength of the bear traders.
Far and wide he was heralded as the new "Cotton King."
The price mounted to 171
/
2 cents, and then came the crash, and Mr. Sully
went the way of most men who attempt to corner commodities.
There are various stories in explanation of the smash, but the one more
generally credited is that Mr. Sully "overstayed his market." It was said
that he had intended unloading before the top was reached, when everyone
was clamoring to buy cotton. Had he done so he might have been credited
with one of the few successful corners in history. But he waited to get a
little more, and the delay was fatal.
On March 4 1904 he went down to defeat under an avalanche of selling
that smashed prices over 100 points in a few minutes, and swept several
prominent commission houses into bankruptcy with him.
When Cotton Dropped $25 a Bale.
From the standpoint of violent fluctuations, however, the Great War furnished a display that has never been equaled, and probably never will again.
On Feb. 1 1917, following the German declaration for unrestricted submarine
warfare, the market broke perpendicularly 500 points at the opening, or $25
a bale.
Singularly enough, this crash, five times as great as that of the Sully
collopse that carried down several houses, was unattended by a single failure. The reason for this was that on July 5 1915 the Exchange members
had established a clearing house association which practically assumes to the
buyer the position of the seller and vice versa, as the case may be.
Under this system all contracts "ring out" or settle automatically, leaving
the broker's liability merely his net interest in the market and reducing the
chances of a failure in any member house to a minimum. In fact, since its
installation, there has not been a single failure of a Cotton 'Exchange house,
which is a record unequaled in any other business of like magnitude. Although practically, and to all intents and purposes, an integral part of the
Exchange itself, the clearing association was, as a matter of convenience,
incorporated as a separate institution, in which, however, only members of
the New York Cotton Exchange can be members and stockholders.
The present officers of the clearing association are: Walter L. Johnson,
President; Henry H. Royce, Vice-President; R. St. G. Walker, Secretary and
Treasurer; II. Waite, Assistant Treasurer.
How the Cotton Exchange Operates.
The following relative to the methods of operation on the
Cotton Exchange is furnished by the Exchange, and will, we
believe, be found of sufficient interest to warrant our giving
space to it.
To a layman who visits the New York Cotton Exchange on an active day
the pit presents a scene of the wildest confusion. Unless one knows the
language of the brokers and is familiar with how the machinery of the Exchange operates, it is almost impossible to believe that the men gathered
About the pit are seriously engaged in business transactions.
Thousands of bales of cotton are bought and sold across the pit, or ring,
as it is sometimes called, on a nod of the head or a motion of the fingers.
What seems like bedlam to the visitor is perfectly comprehensible to the
brokers, and rarely is an error made, in spite of the seeming pandemonium.
To stand by one of the booths of a big commission house on a busy day
and watch the orders coming in and being delivered by fleet-footed messengers, gives one a vivid conception of the tremendous volume of business that
has grown up around the Cotton Exchange ring in the course of years.
The Cotton Market opens six days in the week at 10 a. m. with a "call"
during which each month is "called" separately. This is to afford an opportunity to brokers who may have orders in odd months to execute them to the
best advantage of their customers. Certain months of the year are known as
"active cotton months."
May, July, October, etc., are traded in more ,heavily than "odd" months,
ssch as June, August, etc. This is explained by the fact that the active
months usually represent an important time in the crop year, or of activity
in the mills or the beginning of a new year or spring season, etc.
After the opening call, the market continues until 11.45 a. m., then another call is held to establish prices on all months, including the so-called
"Inactive" positions. At 2.45 p. m. still another call is held, after which
the market continues without interruption until 2.55 p. m., when the gong
is struck to notify the busy brokers that only five minutes remain before the
close of the day's session.
Usually the market is filled with "closing orders" which are to be executed only at the close of the day. In order to afford traders an opportunity
to execute these orders in a manner which is fair to the customers, the Exchange has designated the final 20 seconds of trading as "the closing." At
exactly 20 seconds before 3 p. m. the gong sounds again, and brokers form
themselves into a shouting, gesticulating, excited mass, all bent on executing
their closing orders. It might seem that the 20 seconds of time allotted
was totally inadequate for this purpose, but so expert do the brokers become
that rarely is there any complaint of their failure to execute a closing order.
The gong sounds once more at 3 p. m., but this time with a continuing
sound that virtually drowns the cries of the brokers and officially announces
that the market is closed for the day.
The closing prices consist of a range of the sales made in the last 20 seconds of business; and on months in which no sales have occurred the Committee on Quotations establishes a price based upon whatever price that particular month has been dealt in during the day, over or under the
nearest active
position .
[VOL. 117.
As the echoes of the gong die away, the excited mass of humanity about
the pit resolves itself into a calm, dignified group of business men, who depart for their offices or homes. The trading floor is then given over to a
multitude of clerks, who transfer the trades made by the brokers during the
day to slips which are passed out among the various houses and signed by a
representative who confirms the transaction. After this the confirmations
are recorded in the books of the brokerage concerns and become part of the
bookkeeping records.
One feature of the cotton brokerage business which is very difficult for
the outsider to understand is "hedging," which, in reality, is insurance
against possible loss incident to the fluctuations of spot cotton. It is an
every-day sight on the trading floor of the New York Cotton Exchange to see
a big spot house broker with his hands full of orders from mill clients who
are hedging against the purchase of cotton or the sale of cotton goods; or a
broker with larger Southern connections who has a big batch of orders to buy
or sell for merchants and planters who are also doing a hedging business as
a means of reducing risks that otherwise would require a much greater margin in the transaction between the grower and the spinner.
It is a generally accepted fact that the margin in doing business between
pioducer and consumer in a commodity having a futures market is smaller
than in any other line of business because of the facilities of price insurance
that are furnished.
The World War demonstrated what a vital economic function the cotton
exchanges perform. Previous to that time the cotton planters had frequently,
when the price of cotton did not suit them, appealed to Congress to either
close the exchanges or greatly curtail their functions.
The cotton exchanges, however, could not very well shut down in order to
give the planters and mill men an object lesson. The opportunity came,
however, on the morning of July 31 1914, when the war broke out, and the
cotton markets, in common with all other markets, wisely ordered business
suspended to prevent a panic.
This left the cotton world without a free, open market, and the planters
and mill men were now at liberty to conduct their business without the medium of an exchange. For three months this opportunity existed and it
proved to be far less profitable than the planters had hoped for.
With the cotton exchanges closed, the planters' supply of information was
cut off. There was no open market to reflect world conditions; no one knew
what cotton was worth. In parts of Texas in 1914 it sold as low as five
cents a pound. In other sections of the cotton-growing country the same
cotton was bringing seven and eight cents a pound. With the exchanges
closed, there was no way of establishing a price, and the planter had to take
what was offered for his crop. When the planter in Texas who had received
five cents for his cotton learned that the planter in Georgia had received
eight cents for his crop of the same grade, he became convinced that, after
all, cotton exchanges had a real function in the marketing of the South's
greatest crop. Banks were unwilling to lend money on a commodity having
so uncertain a value, and demands for the re-opening of the New York and
New Orleans cotton exchanges came from all parts of the South. In one
case threats were made to invoke legislation to compel the exchanges to resume business. Banks joined in the efforts being made to restore the markets, and the National City Bank of New York, in a circular letter of October 1914 said: "It must be evident now to many people who doubted heretofore, that the cotton exchanges played a useful part in marketing cotton.
. . . It is, therefore, highly desirable that the exchanges be re-opened to
full operation as soon as practicable."
On Nov. 16 1914, after three months of idleness, the cotton exchanges reopened, and with the resumption of business order was gradually restored
and prices again began to reflect world conditions and were soon advancing
in response to increasing demands.
Never since that year has cotton sold so low. While, in times of depression, some of the Southern planters may feel that the exchanges are to a degree responsible, by far the greater part of the well-informed cotton growers
are convinced that the exchanges do perform a very necessary function in the
marketing of cotton.
Congratulatory Messages to New York Cotton
Exchange from Southern Exchanges.
Expressions of congratulation and good-will contained in
messages from various Southern cotton exchanges to the
officers and members of the New York Cotton Exchange
through the agency of the "Journal of Commerce" on the
occasion of the opening of the new building of the Exchange,
were printed in the July 20 issue of that paper, which pointed
out that these messages "are convincing proof of the kindly
feeling of the planters, merchants, brokers, manufacturers
and shippers of the cotton growing States for their brethren
in New York." The "Journal of Commerce" likewise stated:
The tone of these messages and the letters which accompanied them indicates that the cotton men of the South are keenly interested in the continued success of the New York Cotton Exchange as one of the principal factors
in the world-wide marketing of the foremost crop of the Southern States.
The consensus of these messages and letters is that no better wish can be
expressed than that the officers and members of the Exchange may in the
future enjoy a continuance of the success of the past and that the institution
may be guided through crises with the same wisdom and broad vision that
has directed the actions of their officers in the periods of industrial, financial and political stress through which the industry has passed in the half
century of its existence.
Some of these messages are reproduced herewith:
NEW ORLEANS FELICITATES HER SISTER EXCHANGE.
New Orleans, La., July 19 1923.
Editor of The Journal of Commerce:
Sir:—The New Orleans Cotton Exchange sends hearty greeting and best
wishes for the New York Cotton Exchange on the occasion of the latter's
entry into their beautiful new home. Side by side, the two organizations,
which are the two great cotton contract future exchanges of the United
States, have worked together half a century for the interests of the American
cotton trade from seed to loom, and this renewed evidence of the prosperity
of her great sister exchange is a source of sincere gratification to its Southern associate.
EDW. S. BUTLER, President.
SAVANNAH OFFERS CONGRATULATIONS.
Savannah, Ga., July 19 1923.
Editor of The Journal of Commerce:
Sir:—In connection with the completion of your new exchange, and in
behalf of the members of the Savannah Cotton Exchange, I wish to tender
warmest congratulations to the members of the New York Cotton Exchange
JULY 28 1923.]
THE CHRONICLE
on this occasion and sincere wishes for the continued success and growth of
their organization.
M. P. RIVERS, President.
FORT WORTH SENDS MESSAGE OF GOOD WILL.
Fort Worth, Tex., July 19 1923.
Editor of The Journad of Commerce:
Sir:—The officers and members of the Fort Worth Grain and Cotton Exchange extend congratulations to the New York Cotton Exchange on the
opening of their new building, which in itself justifies recognition of New
York as the premier cotton market of the world.
E. B. WOOTEN, Secretary.
RECOGNITION FROM MOBILE EXCHANGE.
Mobile, Ala., July 19 1923.
Editor of The Journal of Commerce:
Sir:—The Mobile Cotton Exchange sends greetings and congratulations to
the officers and members of the New York Cotton Exchange upon the completion and opening of their magnificent new building. It seems fitting
that they should have such splendid facilities with which to continue the
splendid work they have so long been doing for the cotton industry of the
country.
ALBERT P. BUSH, President.
GODSPEED AND GOOD LUCK FROM GALVESTON MEN.
Galveston, July 19 1923.
Editor of The Journal of Commerce:
Sir:—The Galveston Cotton Exchange and Board of Trade and its members extend greetings and best wishes to the New York Cotton Exchange on
the event of the onening of its magnificent new home. While the political
demagogues and unenlightened people may not realize and appreciate the
functioning of this splendid institution, nevertheless it is the clearing house
of a product that means much, if not all, to the prosperity of the South as
well as that of the entire nation. Again, in the name of Galveston, the
South's greatest and most efficient seaport and the Galyeston Exchange and
members, we bid the New York Cotton Exchange and its members Godspeed
and good luck.
BAYLIS E. HARRISS, President.
RECOGNITION FROM DALLAS EXCHANGE.
Dallas, Tex., July 19 1923.
Editor of The Journal of Commerce:
Sir:—Every person engaged in the cotton trade will feel a pride in the
magnificent new home of the New York Cotton Exchange. This great institution, standing and growing as it has through so many years, is proof positive of the great service it renders to the world's cotton trade.
GEORGE S. WILLMAN, President, Dallas Cotton Exchange.
CORDIAL GOOD WISHES FROM CHARLESTON.
Charleston, S. C., July 19 1923.
Editor of The Journal of Commerce:
and
President
Sir:—The
members of the New York Cotton Exchange
,hould justly feel proud at a time such as this. It is therefore with much
satisfaction that the President and members of the Charleston Cotton Exchange extend to you our very cordial good wishes and congratulations.
JAMES H. SILCOX, President, Charleston Cotton Exchange.
WILMINGTON SENDS WISHES FOR GREATER PROSPERITY.
Wilmington, N. C., July 19 1923.
Editor of The Journal of Commerce:
the
that
believe
New
Sir:—We
York Cotton Exchange is taking a distinct
step forward in its erection and occupance of a new building.
We wish for the exchange a greatly widened field of usefulness, and sincerely trust that the year to come will bring an even greater degree of prosperity and success to the Exchange.
Sincerely yours,
LOUIS T. MOORE, Secretary
Developments During the Week in the R. L. Dollings
Company Failure.
Judge Dickinson in the U. S. District Court at Philadelphia on Thursday July 26 appointed Thomas Raeburn
White, an attorney, receiver for the R. L. Dollings Co. of
Pennsylvania (one of the subsidiary companies of the R. L.
Dollings Co. of Columbus, Ohio). Bond was fixed at
$100,000 and Mr.White at once took charge of the company's
office at 1421 Walnut Street, Philadelphia. In granting the
application for a receiver, Judge Dickinson said:
The situation here is a very grave one. Apparently a great many people
have been persuaded in one way or another to put their savings into the
' control of the people who received the money and to many of them it is
doubtless a serious matter. I do not see anything in sight to be done in
the way of rehabilitating the company. It has no business to rehabilitate—
*evidently never had any business except that of exchanging its stock for
the money of those who could be induced to put their money into it.
Shortly before Mr. White was made receiver of the Dollings Company of Pennsylvania, the Chester County Court
appointed Robert 0. Sperry, general salesmanager of the
American Bronze Co. of Berwyn, Chester County, Pa.,
another subsidiary of the Dollings Company, temporary receiver for that company.
Besides the R. L. Dollings Co. of Philadelphia and the
American Bronze Co. of Berwyn, Pa., the other subsidiary
companies of the R. L. Dollings Co. of Columbus, Ohio,
which are now (July 27) in the hands of receivers, are:
R. L. Dollings Co., of Indiana, International Note & Mortgage Co., Recording Devices Co., Dayton, O.; Franklin
Brick & Tile Co., Columbus, O.; Champion Engineering
Co., Kenton, O.; the C. & E. Shoe Co., Columbus, 0., and
the American Motor-truck Co., Newark, 0.
According to newspaper reports, C. C. Crabbe, the State
Attorney-General of Ohio, on July 25, in a letter to John R.
King, the Prosecuting Attorney of Franklin County, Ohio,
387
requested that a thorough investigation of the affairs of the
R. L. Dollings Co. and its six subsidiaries then in the hands
of receivers (July 25) and the conduct of officials of the
Dollings company, "who have made possible the gigantic
frauds which have been perpetrated on so many people of
this State." In his letter Mr. Crabbe said:
I shall insist that those responsible for robbing the people of Ohio out
of nearly $30,000,000 be prosecuted to the fullest extent of the law." He
also stated that "the majority of the stockholders will receive little or
nothing from these defunct concerns."
According to a press dispatch from Columbus on the
following day (July 26) appearing in the New York "Times"
of that date, the prosecuting attorneys of all Ohio counties
will be requested to investigate the activities of the company.
According to a press dispatch from Philadelphia printed
in the Wall Street "Journal" of yesterday (July 27) an
involuntary petition in bankruptcy has been filed in the
United States District Court in Philadelphia against another
subsidiary of the R. L. Dollings Co., namely, the M. C.
Cambridge Co. We referred to the R. L. Dollings Co.
failure in our issue of last Saturday, July 21, pages 274
and 275.
Barrett & Co., Well-Known Cotton Brokers, Fail.
Barrett Sr Co., with headquarters in Augusta, Ga., large
cotton factors, announced on July 20 that they were unable
to meet their obligations amounting to over $1,000,000.
The suspension of Frank H. Barrett, the President of the
company, from the New York Cotton Exchange, was announced the same day, as noted in our Cotton Department
last week. Mr. Barrett on the day of the failure issued a
statement declaring that, owing to his temporary inability
to meet his obligations, he had tendered his resignation to
the New York and New Orleans Cotton Exchanges. The
failed firm had a capital of $500,000 and under its charter
had the privilege of issuing stock to the extent of $1,000,000.
It is said to have been composed of Frank Barrett, the
President; Mrs. Thomas Barrett, Sr.; Julian Barrett, Thomas
Barrett, Jr., George Sibley and Thomas Getzen. On the
day of the failure a statement was issued by the Augusta
Clearing House Association, composed of all banks in
Augusta, to the effect that the troubles of Barrett & Co.
"involved no local banks, as the principal creditors of this
concern were represented by New York, Chicago and New
Orleans financial institutions." "Local banking arrangements only took care of the minor operations of this concern," the statement declared, "as the magnitude of its
business was such that it had to secure financial arrangements
in larger centres."
The Atlantic States Warehouse at Augusta, having a
capacity of about 150,000 bales of cotton, was leased by
Barrett & Co. Early on the night of July 21 court action
was taken by John Phinizy, President of the Atlantic States
Warehouse Co., to check what is said to have been a "run"
on the company, and later a temporary order was signed
restraining those having bona fide claims against Barrett &
Co. from molesting the Warehouse Company with respect to
the delivery of cotton. According to the Atlanta "Constitution" of July 22, confusion in the marks of cotton stored
in the Atlantic States Warehouse Co., alleged "to be'due to
the negligence or fault of W.0. O'Keefe, former warehouseman," was one of the important grounds on which the Court
was asked to issue a temporary restraining order. The
order also restrains all claimants from commencing or prosecuting any suits or any other legal proceedings against the
Warehouse Company,it is said. The order, it is understood,
has since been made permanent.
• On Thursday, July 26, an involuntary petition in bankruptcy was filed in the Federal District Court at Atlanta
against Barrett & Co. by three minor creditors, and Judge
Sibley appointed Roy Elliston of Augusta, receiver. The
case was carried before Judge Sibley because Federal Judge
W. H. Barrett, of Augusta, is a relative of Frank H. Barrett,
the head of the failed concern, and was, therefore, disqualified to act. The bankruptcy petition was presented
by W. H. Fleming, an Augusta attorney. Mr. Fleming is
reported as saying that the proceedings were in an effort to
keep the firm together and not to disrupt matters.
In a press dispatch from Atlanta on July 26, appearing in
the New York "Times" of yesterday, July 27, Judge Sibley
is reported as saying that he understood creditors of the company had been unable to effect an agreement and that there
would be no opposition to the receivership action. No
figures as to the liabilities and assets of the firm were mentioned in the petition, it is said.
388
Adam
THE CHRONICLE
L. Schneider Expelled from
New York Curb
Market.
Adam L. Schneider of the firm of Schneider & Co., 20
Broad St., this city, was expelled from membership in the
New York Curb Market at the regular meeting of the Board
of Governors on Wednesday of this week, July 25. He was
charged by the Board with the violation of Article 17,
Section 6, of the constitution, which covers "willful violation
of the constitution, or any resolution regulating the conduct
of business or any proceeding inconsistent with just and
equitable principles of trade." According to the New York
"Times" of yesterday, July 27, Mr. Schneider following his
expulsion from the exchange said:
The Board of Governors has made its decision and I shall abide by it.
I do not question the justice of the decision, although I consider it a technical one entirely.
As we are a small firm and not engaged in promoting stocks and have
neither margin accounts nor customers it is absurd to assume that we have
been operating unlawfully. We shall continue our business which has
been that of a commission broker for brokers.
Mr. Schneider became a member of the New York Curb
Market on Sept. 27 1922, it is said.
Board of
Governors of New York Curb Market
on Trading Outside Exchange.
Rules
At a regular meeting of the Board of Governors of the
New York Curb Market on July 25 the following resolutions were adopted:
Resolved. That any member, who shall be connected directly, or by a
partner, or otherwise, with any organization in the City of New York which
permits dealings in any securities or other property, admitted to dealing in
any department of this exchange, shall be liable to suspension for a period
not exceeding one year, or to expulsion, as the Board of Governors may
determine.
Resolved, That dealing upon any other exchange in the City of New York
or publicly outside of the exchange, either directly or indirectly, in securities
listed or quoted on the exchange, is forbidden; any violation of this rule
shall be deemed to be an act detrimental to the interest or welfare of the
exchange.
[VoL. 117.
every confidence in the present administration and rely upon it to put into
effect whatever further measures may be found necessary to bring the Exchange up to the high standard which an institution of its kind must maintain in order to serve and safeguard the public.
Questionnaire of New York Consolidated Stock Exchange Said to Indicate Conservative Trading.
According to a statement issued by the New York Consolidated Stock Exchange, the qbestionnaires which were sent
out three weeks ago to all of the commission houses doing
business on the Exchange show that all of the members of
the Exchange doing business with the public are conducting
their business on conservative lines. President Laurance
Tweedy, and Ogden D. Budd, Chairman of the Ways and
Means Committee, and the Bureau of Auditing and Accounting of the Exchange have, it is declared, examined all of the
returns which detailed the financial conditions of the various firms as of June 30 last. President Tweedy states:
We do not stop with the questionnaires, however. Though important,
they are but a part of our policy of leaving nothing undone to protect the
public. The fact is that the new element in the board of governors of the
Exchange obtained some power about a year ago, and since that time our
record has been very clean.
Our auditors are constantly looking over the books of houses which do a
commission business. The board feels that the customers of these members
are entitled to all the protection possible, and that is what we have been
endeavoring to obtain.
The newspapers have referred during the pasth few weeks to a clean-up
campaign on our Exchange. The truth is that this activity on the part of
the officers and committees of the Exchange is the result of a settled policy.
The bars are up and the doors are closed on our Exchange to those men seeking admission to membership who have no legal or moral right to be brokers
and handle the funds of customers.
We welcome all applicants whose character warrants admission to the Exchange, and especially those who desire to build up a business with the public. My study of the financial status of our firms has impressed roe with the
substantial profits that can be made in the commission business provided it
is carried on in a straight, legitimate and careful way.
Questionnaires have now been received from all of the commission firms
and have been subjected to a thorough examination. While the officers of
the Exchange felt confident of the condition of our houses, it is doubly gratifying to have further evidence that they are all in excellent financial shape.
New York Consolidated Stock Exchange Condemns
Baltimore Clearing House Removes Embargo Against
Former Administration of the Exchange.
Checks on Country Banks in North Carolina.
On Wednesday of this week (July 25) Ogden D. Budd,
It
was made known in the Baltimore "American" of July
Chairman of the special committee of five appointed on May
16 by the board of governors of the New York Consolidated
Stock Exchange to inquire into the administration of the
Exchange, announced that the committee had submitted its
report to the board. The board adopted the report and authorized the issuance by the committee of the following
statement:
2 that Baltimore banks will now accept for collection checks
on all banks in North Carolina. The "American" added:
This was made possible by the action of the executive committee of the
Baltimore Clearing House Association in lifting the embargo against checks
drawn on certain banks in that State. The North Carolina banks in question are those that refuse to make par payment of checks presented to them
by banks In other cities and towns. The Federal Reserve Bank of Richmond
will accept for collection any checks
The special committee, composed of Ogden D. Budd, W. E. Power, Leopold and in order to handle their checks drawn on these North Carolina banks,
the
Spingarn, H. I. Luber and Clarence R. West, and appointed by the board on to appoint banks in North Carolina Baltimore Clearing House was forced
to act as correspondents and collect
May 16, respectfully reports as follows:
checks drawn on the banks on the Richmond Reserve Bank's black list. A
The committee organized on May 16, electing Mr. Ogden D. Budd Chair- case growing out of the question
has already been decided by the Supreme
man and Mr. Harry I. Luber, Secretary. We have held many meetings and Court of the United States, but it
is
have examined many witnesses, and have inquired into the general subject the fall term of court. The action being held open pending a rehearing in
of the local association in removing the
of the administration of the government of the Exchange. From such in- embargo was for the convenience
of local depositors.
quiry we reached the conclusion that such administration, during the past
In referring to the above on July 12 the "Manufacturers'
three years, up to June 27 1923, has been inefficient, and that the affairs of
the Exchange have been conducted in an unbusiness.like manner, incapably Record" of Baltimore said:
and negligently.
In view of the recent announcement of the Federal Reserve Board that the
We omitted in our report any extended reference to the fact that, for the facilities of the
Reserve banking system would not be extended to
past three or four years, up to the time of Mr. Laurance Tweedy assuming any banks which Federal
did not comply with its rules, the action of the Baltimore
the office of President, many of the committees have failed to function as Clearing House last week in
withdrawing its rule of March 1921 concerning
they should. We are convinced that this fault was occasioned by the general certain banking
items in North Carolina is especially interesting. The recent
conditions existing in the management of the Exchange at that time, and, decision of
the Supreme Court of the United States upholding the right of
while some criticism might be made against some of the committees we feel State banks in
North Carolina to make collection charges upon checks drawn
that the main fault was primarily elsewhere.
against balances of accounts with them, completely overturned the contenWe believe we fulfilled our main duty when we made the statement to the tion of the Federal
Reserve Board as expressed through the Federal Reserve
board of governors and took the steps that resulted in Mr. Tweedy succeeding Bank of Richmond, defendant
in the suit, and showed conclusively that the
to the presidency.
Federal Reserve banks exceeded their authority under the
Federal Reserve
In regard to the office of secretary, the Exchange has been justly subjected law in endeavoring by various
means to
to criticism because of the loss of records material to the welfare of the face value of all checks against them compel the country banks to pay the
in
cash.
After
this
the Feddecision
other
unbusinese-like
methods.
and
Exchange
Here, too, we are convinced eral Reserve Board made the
that these methods were due to a dominating influence which was bad in generally as evidence that theannouncement mentioned and it was accepted
Board intended to throw every obstacle it
every respect.
could before the country banks to influence them to consent
to remit at par.
The following recommendations, in substance are made by the committee:
This action of the Baltimore banks through their
Clearing House AssociaFirst, that a survey be made of the clearing house, the office of treasurer tion therefore leaves their position
with
regard
to
checks
on
North Carolina
the
Exchange,
of
secretary
with a view to strengthening the State banks as it was before
and the office of
the rule of March 1921, so that the banks, aladministrative machinery of these departments and bringing them under though they are members of
the
Federal
closer supervision of and making them directly responsible to the board of posits of checks on State banks in North Reserve System, will receive deCarolina for collection and they
governors.
may, if they choose to do so, accept them and credit them to their respective
Second, we recommend that the approval of partnerships, and the discon- accounts at full face value without
any collection charge whatever, the extinuance or disapproval thereof, be vested in the Committee on Membership change charges being absorbed by the
depositors' respective balances if these
instead of, as at present, in .the hands of the President. This change is rec- balances are sufficiently large to yield
interest in excess of the collection
ommended with the full approval of the President, who believes, as the com- expenses. In other words, it is left
to
a
whether any account mittee does, that during the past two or three years abuses have grown out is worth sufficient to it in the amount bank to decide
of its average balance to warrant colof the practice of having the approval of partnerships solely in the hands of lecting its checks from banks outside of
the Reserve System. Of course
one official.
checks on these State banks are collected through channels outside of the
The committee is unanimously of the opinion that the difficulties and han- Federal Reserve banks, but in this manner
the needs of the customers of
dicaps of the past three or four years are now over. We look forward to banks will be met and banking practice will go on as before the Clearing,
prosperity and a constructive administration by the present President. We House rule was made.
Baltimore banks in their entirety handle a great many checks on North
are of the opinion that the various committees will properly function in their
large work of managing the details of the Exchange under the direction of Carolina banks and the amount of money involved in their collection is very
large in their annual aggregate. That the Baltimore banks will gain very
the board of governors.
much more than they will lose by this action of their clearing house is plain.
the report, said:
Mr. Budd, commenting onaccomplished
the special work it was em- The checks will be collected through their respective North Carolina correThe committee feels that it has
governors.
and the better feeling which necessarily will follow the Clearing
spondents
Influences which were
powered to undertake by the board of
harmful to the welfare of the Exchange and detrimental to the public's in- House action will operate in the direction of enlarged business dealings and
terest have been removed and a recurrence of the conditions which existed for improved business relations financially and commercially. The Baltimore
the past three or four years has been made impossible. The public may feel Clearing House made a blunder when it followed the teachings of the Fed-
JULY 281923.]
THE CHRONICLE
era! Reserve Board, but in reversing that action it now shows a degree of
backbone and common sense worthy of high commendation.
The Federal Reserve Board's amendment to the regulations affecting par check collections was referred to in our
issue of July 7, page 27.
389
are forced to wait until December before being able to do anything to help
the farmers the independents in Congress will see to it that the reactionaries
are relieved of control of the committees at the regular session. I am certain
that unless we have an extra session the independents in Congress will do
anything necessary to get the reactionaries out. We have reached a point
where we will not take it out in talk. We are going to do something.
The Senator, according to the Associated Press accounts
from Washington, July 19, outlining a legislative program,
Date
of
Postpones
Effective
Board
Reserve
Federal
said he would expect Congress, if called in extra session, to
New Par Check Collections Regulations.
provide Governmental machinery to help the farmers market
Advices to the "Journal of Commerce" from Washington their staple crops. He would not confine it, he said, to the
July 26 stated:
wheat farmer, but would include the corn grower and the
Postponement of the effective date of the new Federal Reserve regulalations governing the par collection of checks was announced to-day by cotton planter. Continuing, he said:
Governor Crissinger of the Federal Reserve Board. The regulations
were to have become effective Aug. 15.
The Board is to take up next week the question of setting a new date
for the par collection rules to become effective.
It was found, Mr. Crissinger explained, that the work of setting up the
machinery in the Federal Reserve banks for carrying out the Board's
rules would take longer than had been anticipated, so that a postponement
of their effective date had been necessitated. He said that an enormous
amount of work was involved in providing a system for chocking up on
the collection transactions of the 'various non-member banks clearing
through Federal Reserve institutions. The postponement, he added, was
purely an administrative matter, and the Board's action in deferring
its par collection requirements had no connection with any legal questions
raised by the recent decisions of the Supreme Court on the subject.
The Board's new rules provide that no Federal Reserve bank shall
receive on deposit or for collection any check drawn on any non-member
bank which refuses to remit at par in acceptable funds; and, that whenever
a Federal Reserve bank receives on deposit or for collection a check
emanating from any non-member bank which refuses to remit at par,
It shall make a charge for the service of collecting such check of one-tenth
of 1%, the minimum charge to be 10 cents for each item.
We would need a flexible appropriation to enable the Government to fix
a minimum price at which it would purchase all staple crops offered, and
this would require the miller, the spinner and others wire wanted them
here, to pay that price or do without them. I would prevent them purchasing abroad by erecting a tariff wall which would keep out agricultural
products.
Out of such an arrangement would develop in a few years co-operative
marketing associations which would solve the problem. The Government
could, of course, hold such products as it bought until a market could be
found for them. We will not have such large surpluses of these staple
crops in a few years.
Senator Brookhart's suggestion for an extra session of
Congress will not alleviate the farm situation, according to
Raymond Cassidy, Iowa State Secretary of Agriculture.
"There is only one thing," said Secretary Cassidy on July 19,
"I know that will relieve the situation, and that is the arbitrary fixing of the price of wheat. The Grain Marketing
Act, passed by Congress and put in effect by Secretary of
Agriculture Wallace, probably is the last word in the ConSenator Brookhart Wants Special Session of Congress gressional effort to effect an equilibrium between production and price."
for Adoption of Legislation in Behalf of Farmer.
An extra session of Congress to enact legislation in behalf
of the farmer has been urged by Senator Smith W. Prook- Proposal of American Farm Bureau Federation to
Withdraw Two Hundred Million Bushels of
hart of Iowa since his return on July 17 from a two months'
Wheat to Effect Price Stabilization.
trip abroad during which he visited 15 countries, including
The
proposal
advanced several weeks ago by the American
Austria,
Germany,
Russia, France, Poland, etc. With his
Farm Bureau Federation for the withdrawal of 200,000,000
arrival here on the 17th inst. Senator Brookhart said:
The thing that demands immediate attention in an extra session of Con- bushels of wheat "by warehousing . . . that quantity on
gress is the agricultural situation. A good crop is coming all over Europe. the farm financed through intermediate credit banks," with
Including Russia. I saw nearly 2,000 miles of it that is growing in Russia, a view to stabilizing the price, has been urged anew this
notwithstanding the propaganda in America which stated that they refused
to plant. They have a good crop and will have a large surplus. The farm- week by 0. E. Bradfute, President of the Bureau. The proers of America need to know these facts above all others. When they are posal had been brought before Secretary of Agriculture by
known it is plain that the Lenroot bill and all other legislation passed at
the Washington representative of the Bureau, Gray Silver,
the last session are flimsy makeshifts and wholly inadequate for agriculthe latter part of June, as was stated in these columns July
tural needs.
My conclusion after the trip is that economic co-operation on the simple 7, page 33. President Bradfute of the Bureau in a stateprinciples of the weavers of Rochdale is the only constructive idea that has
survived the war. I believe that it is the only plan that will end the meat on July 20 relative to the proposal, asserts that "wheat
criminal trusts and combinations in America and give to the producers and selling below $1 per bushel is a national tragedy in America"
consumers the just rewards of their labors.
—a tragedy "not only to the farmer who grows the wheat
From the New York "Times" we quote the following fur- at a loss,
but also to the consumer, the business man and the
ther statements credited to the Senator on the 17th inst.:
laborer." According to Mr. Bradfute, $660,000,000 could be
Radio dispatches on my boat said there are prospects for big crops in the made available through the
Agricultural Credits Act "to
United States. For forty years the farmers have received less money for
their big crops than for little ones. They did the extra work in harvesting enable the farmer to remove any farm surpluses as they deand handling, and paid the extra freight for shipping, and took less return velop as price breaking factors and feed them gradually
for it all.
into the market." Assume, he said, "200,000,000 bushels of
They are in the same situation now, made worse by their own post-war denation and aggravated by the railroad inflation. Every other business sells wheat was stored and financed on farms in this way. Supits product in a protected home market and is able to charge the farmer cost pose the farmer
borrowed the legal limit as prescribed by
of production and in many cases an extortionate profit besides For
example, during fifteen years before the war the steel trust collected $28 Per law, of the market price on this bonded wheat to carry on
ton for rails in the United States, P. o. b. factory, and sold its surplus at $20 his business. This would require not more than $150,000,In foreign countries, and paid the freight. The American farmer sells about
000. The money is available, the law is on the statute
10% of his product in foreign markets, but that little surplus fixes the
books, and the plan is capable of meeting the present situaprice on the big 90% sold at home.
As for the political situation, I have read only three of the President's tion." Mr. Bradfute is reported as stating
that "the Wichita,
speeches. One urged a self-perpetuating World Court, the last word in
universal autocracy. Another urged a confiscating tax in railroad rates Kan., Intermediate Credit Bank is already advancing $100,upon the people of the United States, especially the farmers, to sustain 000 a day to growers under this plan and the prospects are
$7,000,000,1100 of water in railroad valuations. It denounced the Govern- for applications
totaling a daily peak of $2,000,000. This
ment of the United States as a railroad manager, but neglected to say that
1
2%."
private ownership increased the operating expenses upon our people by money is being loaned at 5/
$1,485,000,000 the first ten months after the Government turned them
According to the Chicago "Journal of Commerce," the 46
back. It said the roads could not be replaced for $19,000,000,000, but
neglected to say that the value of all the stocks and bonds representing all State Farm Bureaus are to be used by the Federation in
the value of the roads was less than $12,000,000,000. In the third speech inaugurating its plan. The Federation has 2,000 county farm
he favored drafting all the people and all the property in the next war. bureaus, 20,000 township units and 1,500,000 members.
But he said not a word about taxing the profiteers and dollar-a-year patriots
all around him for the millions and billions of blood money which they took Country banks and commodity marketing associations would
from the Government during the World War just past, to pay the bonus also be utilized in furtherance of the plan. That paper
we promised the soldiers.
quotes Mr. Bradfute's statement as follows:
think
about three more speeches like these would elect Henry
I should
Ford by about ten million majority, if the President is the candidate. It is
time the Republican Party was looking for a candidate who will fight for the
common people. some one like Judge Kenyon.
The American Farm Bureau Federation calls upon all banks, farm
organizations, co-operative marketing associations, and individual farmers
to make full and free use of the Intermediate Credit Act so as to prevent
the dumping of the wheat crop and to retain its control in the hands of the
Upon the return of the Senator to his offices in Washing- grower himself rather than in the hands of the speculator.
19th
inst.
he renewed his declarations as to the
The American Farm Bureau Federation urges the Secretary of Agriton on the
under the powers conferred upon him by the amended warehouse
necessity for an extra session of Congress, stating that un- culture,
Act, to designate proper warehouses on farms as Government bonded
President
Harding
took
less
steps to convene Congress in warehouses, and to set up machiLery at once to provide proper inspection
advance of the regular session the "Independents will see and warehouse administration.
The United States Warehouse Act and the corresponding State warehouse
that the reactionaries are relieved of control of committees laws should
be used by the commodity organizations and individual farmers
at the regular session." Senator Brookhart is quoted as to the end that storage of the wheat crop may be made under grower
control, either on the farms,in country elevators, or in terminal warehouses.
saying:
Under the warehouse law the Secretary of Agriculture may rule if he
it Is my opinion that Unless the President calls an extra session he will sees fit that a proper farm storehouse, a wheat granary in this case,
be desighave no organization in control of legislation at the regular session. If we
nYted as a United States bonded warehouse. The Department of Agri-
390
THE CHRO-NTTME
culture, co-operating with the colleges of agriculture and the farm bureaus,
has a representative in every county. He is known as the county agricultural agent or farm adviser.
County Agent as Inspector.
The County agent or some other official representative of the Department of Agriculture may properly be delegated to the task of inspecting
storehouses on the farm and of designating those fit to store grain as bonded
warehouses.
The farmer may then put his wheat in a bonded bin on his own farm,
lock it, and deliver the key to the official warehouseman, who gives the
farmer a lawful bonded warehouse receipt for his grain. These farm warehouses, together with terminal and line warehouses, have sufficient capacity
to store the crop.
Is there any better security for borrowed money than wheat in the bin?
The soundness of this particular collateral is proverbial.
Under the Intermediate Credits Law, twelve intermediate banks are set
up in conjunction with twelve Federal Land Banks, at Springfield, Mass.,
Baltimore, Md., Columbia, S. C., Louisville, Ky., New Orleans, La., St.
Louis, Mo., St. Paul., Minn., Omaha, Neb., Wichita, Kans.‘ Houston,
Tex., Berkeley, Cal., and Spokane, Wash.
The United States Treasury is authorized to advance to each of these
banks a capital of $5,000,000 or a total of $60,000,000. Each of the Intermediate Credit banks is authorized to loan farmers on proper security, such
as bonded warehouse receipts,a total of ten times its capital or $6000,00,000.
Money Obtained on Debentures
This money is obtained through the sale of debentures, which are tax free
and which have back of them the wheat in bonded bins. This provides a
total of $660,000,000 to enable the farmer to remove any farm surpluses as
they develop as price-breaking factors and feed them gradually into the
market.
Assume 200,000,000 bushels of wheat was stored and financed on farms
in this way. Suppose the farmer borrowed the legal limit as prescribed by
law, of the market price on this bonded wheat to carry on his business.
This would require not more than $150,000,000. The money is available,
the law is on the statute books, and the plan is capable of meeting the
present situation. All we need is the proper regulations from the Department of Agriculture and the Federal Farm Loan Board, and the prompt
administration of the Intermediate Credit and Warehouse Act.
Wheat selling below $1 per bushel is a national tragedy in America.
It is tragedy not only to the farmer who grows the wheat at a loss, but also
to the consumer—the business man and the laborer—who must ultimately
depend on that farmer's wheat dollar for their continued prosperity and
happiness.
[VoL. 117.
According to officials of the American Farm Bureau Federation, credits
totaling $150,000,000 would be needed to put over the plan of holding
200,000,000 bushels of wheat on the farms beyond the present consumptive
year.
The Farm Loan Board has been delayed in announcing the first issue
of debentures for the Intermediate Credit Banks. It is now probable
that the proposed $10,000,000 issue of debentures, which were to have
been put on the market July 15, will be issued either Aug. 1 or Aug. 15.
These debentures will have a maturity of six months and will bear 434%
interest. The sum of $10,000,000 plus the $12,000,000 capital of the
twelve banks will provide immediate credits aggregating $22,000,000,
which it is expected will be sufficient for the next few weeks. Debentures amounting to $120.000,000 may be issued on the basis of the present
capitalization and this may be increased to $600,000,000 if the capital
is increased to the authorized limit of $60,000,000.
Low Price of American Wheat Results in Extensive
Buying in China.
The following from Shanghai, July 23, copyright by the
Chicago Tribune Co., appeared in the New York "Times" of
July 24:
The low price of American wheat has caused extensive buying here.
It is stated that 40.000 tons already have been contracted for, chiefly
by Japanese dealers in the expectation of supplying Chinese mills. China's
annual wheat yield, which is estimated at 26,000,000 tons, is now considered inadequate, due to the extensive construction of mills during the
last few years. In 1921 China purchased about 6,000 tons of wheat,
chiefly American.
Speeding Up United States Government Statistics—
Delay in Foreign Trade Figures, Due to Revised
Classifications and Other Complications,
Overcome by Bureau of Foreign and
Domestic Commerce.
Marked progress in the radical readjustment of statistical
work of the Bureau of Foreign and Domestic Commerce
made necessary by the revised classifications of imports and
exports under the new tariff law and the transfer of complete control of compilation of foreign trade figures from
Wheat Holding Proposed by American Farm Bureau the Treasury Department
to the Bureau of Foreign and DoFederation—Opposed by United States Loan Heads
mestic Commerce was reported by Dr. Julius Klein, Director
—Loans of Intermediate Credit Banks.
of the Bureau, in a statement issued on July 23. The stateThe New York "Commercial" reports the following ad- ment said:
vices from its Washington Bureau, July 23:
Though the Bureau of Foreign and Domestic
taken over
While appreciating the plight of the wheat growers, officials of the
Farm Loan Board, the Federal Reserve Board, the War Finance Corporation and the Department of Agriculture appear a unit in regarding the
suggestion of the American Farm Bureau Federation for holding 200,000,000 bushels of wheat on the farms as Unsound.
The plan has been the subject of informal discussion by officials of the
different Governmental agencies interested in farm credits. The different
officials are adverse to public comment, but privately express the opinion
that the program is fallacious, and that it not only does not give assurance
of the maintenance of a satisfactory price, but may have injurious effects
not anticipated.
The position of members of the Farm Loan Board is that they are charged
in the administration of the Agricultural Credits Act with the duty of
assisting in the orderly marketing of farm products, but that to endeavor
to withhold commodities from the market is not warranted under the law.
A readjustment of wheat acreage will take place with a greater degree of
certainty, it is declared, if there is no artificial withholding of wheat from
the market. The experience of Southern cotton growers of a few years
ago is pointed to as showing how the effects of a movement may differ
from the anticipated. The cotton growers conducted an organized campaign for a reduction in acreage and signed up the cotton growers, but the
actual result was an increase in acreage, most of the growers evidently
seeking to take advantage of a better price in prospect, because the other
growers would cut their production.
Co-operative Marketing Favored.
Development of co-operative marketing of wheat promises greater
results than any other scheme, in the opinion of members of the Farm Loan
Board. The intermediate credit banks in the South are planning to
assist in the financing of long staple cotton for which there is at present
no market. Credits are to be arranged by which a considerable amount of
long staple cotton will be carried over the present season. The cotton,
however, will not be held beyond the period when the market can absorb
it. The growers in this particular case will not suffer because the price
of long staple cotton is held up at a satisfactory level because of the fact
that it is in the control of co-operative marketing organizations. •
Government officials quite generally agree with Eugene Meyer, Jr.,
Managing Director of the War Finance Corporation, that the threatened
surplus of wheat is not so alarming as claimed and that the surplus will be
absorbed without any organized campaign to hold wheat on the farms.
Demands for loans at the Intermediate Credit banks established under
the Agricultural Credit Act are increasing. However, it seems to be the
Impression of members of the Farm Loan Board that not more than from
$60,000,000 to $75,000,000 will be loaned by the 12 banks during the
present crop season and that the aggregate may fall considerably short of
that amount.
Up to date the 12 banks have made loans to co-operatives and rediscounted loans of commercial banks totaling between $2,000,000 and $3,000,000. Of this amount, the Columbia, S. C., bank has loaned about
$750,000; the Wichita, Kan., bank about the same amount, and the Springfield, Mass., bank more than $100,000. A considerable amount has been
loaned by the bank at Houston, Tex.
Loan Needs Estimated.
The bank ,at New Orleans expects to make loans on long and short
$12,000,000. The total cotton
staple cotton totaling from $10,000,000 to
amount to about $25,000,000. It is
loans of three Southern banks may
the needs of the wheat situaestimated that about $25,000,000 will meet
almost entirely by the St. Paul,
tion. The wheat loans will be made
About $5,000,000 or
Omaha, Wichita and Spokane banks. applications for loans $6.000,000
amounting
y be loaned on tobacco. There are
fruit and nut co-operative
California
to several million dollars from
associations.
Commerce had
the Bureau of Statistics of the Treasury Department in 1912 it was not
until Jan. 11923, that full jurisdiction over the collection and dissemination
of import and export figures was handed over to the Bureau of Foreign and
Domestic Commerce. Just prior to that time the Fordney-McCumber
Tariff Act had necessitated the complete revision of import and export
classifications, with an increase of 40% in the number of import items and
of 70% in the items of export. These changes, and radical alterations in
the method of assessing and reporting valuations, temporarily demoralized
the collection of statistics, and consequently delayed the publication of the
figures.
This delay has now been overcome. The May import report was finished
on June 20 at the same time as the corresponding export report, and for the
first time since the revised classification ofimports went into effect in September, 1922, import and export figures were published together in Part I of
the Monthly Summary of Foreign Commerce. Hereafter import and export
figures will be issued simultaneously.
Preliminary total values will be available about the thirteenth of the
month following that to which the figures relate. Figures by articles and
countries will be completed about the 20th and photostat copies will be
obtainable on that date by trade paper correspondents and others interested
in statisitcs for special trades. Copy for the published tables will be in the
hands of the printer on the 25th. The analysis of imports and exports by
great goups will be released to the press about the 28th. Total values by
grand divisions and countries will be ready about the end of the month. BY
special arrangement with the Government Printer it is hoped to have Part
I of the Monthly Summary—Imports and Exports by Articles and Countries
—in print and available for distribution a few days after the close of the
month covered.
Comparison With British Trade Figures.
The foreign trade statistics of the Bureau of Foreign and Domestic Combeen
criticised on the ground that the British reports are availmerce have
able in printed form around the middle of the month following the one to
which they relate, while at least five weeks were required to ripnt the United
States reports. For geographic and other reasons this comparison is not
quite fair says Dr. Klein. Customs house documents mailed from any part
of Great Britain to London can be received within 24 hours, and the British
statistical office closes the monthly accounts with the reports on hand in
the London office on the last working day of the month. The Section
of Customs Statistics in New York can not close its accounts until six or
seven days after the end of the month, in order to give time for entries
and declarations from the Pacific Coast and other distant ports to be
received.
The printing of the Bristish reports is done by a private firm under contract, which works in close co-operation with the statistical compilers.
Each compilation sheet is sent to the printer as completed, set up,and proofread and corrected, and within a few hours after the last sheet is completed
the entire publication is in type. The printing of American Government
reports is, by la w, done by the Government Printing Office. On account
of the vast volume of printing handled by that office every statement must
be in complete form when sent to print. Preference given to congressional
printing, when Congress is in session, also delays departmental printing.
With these limitations, it does not seem possible to issue the printed United
States foreign trade statistics in detail by articles, quantities, values and
countries much before the end of the month after that with which the figures
are concerned.
If the month were closed with the reports on hand in the New York office
at the end of the month, as is done by the British office, it would be possible
to issue the statistics a week earlier, but this would mean that entries and
declarations mailed from any port after that time would be held over until
the next month. That plan has been considered repeatedly, but was not
approved because the published reports would fail to represent the actual
trade during the period covered.
JULY 28 1923.]
THE CHRONICLE
New Statistical Services.
A new statistical service started with the beginning of 1923 is the compilation of imports of chemicals and dyestuffs from consular invoices, giving the
name of each chemical and dye as described in these documents in detail.
These statements are furnished to the trade within a few days after the close
of the month. Weekly grain exports have also been received by wire from
collectors of the eighteen principal ports on Saturday. Statements showing
comparisons with the figures of the previous week and for the period since
January 1, are issued on Monday morning. Steps are under way to include
In these weekly statements grain exports from Canada as well as from the
United States if the co-operation of the Canadian Governement to that end
can be secured.
Plans have been completed to collect, beginning with January, 1924,
statistics of exports by parcel post and mail, which have not been included
in the reports heretofore because they were not cleared through customs
houses. Tentative regulations, subject to approval of the Postmaster
General have been drawn up requiring business concerns in the United
States exporting goods valued at $25 or over by mail to file export declarations giving description, quantity and value of merchandise so exported,
with countries of destination.
In compliance with the demand from the Central and Mid-western States
for statistics showing the exports fron that region, a compilation of exports
by States of origin will be started next year. All goods shipped on through
export bills of lading,for which the declarations are prepared by the shipper
In the interior, will be credited to the interior State of shipment. • Goods
consigned from interior points to seaboard ports, to be there consolidated
or re-consigned for export, can not be credited to the State of origin. Such
goods will continue to be shown as exported from the port of final shipment,
where the export declaration is prepared.
There are other points on which the statistics as now compiled fail to
answer questionsfrom trade and transportation interests and tentative plans
for extending the statistical compilations have been considered. For the
present no more new reports are contemplated until the ones already compiled can be compiled accurately and published by or before the end of the
month to which they relate.
391
national banks are authorized on proper conditions to subscribe for stock in such corporations, in the aggregate not,
exceeding 10% of their capital and surplus." He added:
The National Agricultural Credit Corporation is authorized to make loansfor agricultural purposes on chattels, livestock, growing crops and persona?
credit: up to a period of nine months; except that in the case of breeding
stock and dairy herds the period may be extended to three years. They
may issue debentures against the securities they have received, and these
may be marketed up to whatever amount may be determined by the regulations prescribed by the Comptroller.
With regard to what had been accomplished in behalf of
the farmer, President Harding said:
I confess a frank pride in the Government's part in bettering a situation
against which you justly complained and which all the people of the nation
deplored. The co-operation of all the Governmental agencies, and with
them the co-operation of the fine forces of leadership which the great national
farm organizations have developed, made it possible to secure a measure of
helpful results in this department of our endeavors, which has been especially
gratifying. Moreover, it has found prompt reflection in the improved
status of very agricultural concern. We have been officially informed'
that, owing to improved conditions, the farm products of the country for
1922 wise worth $2,000,000,000 more than they were in 1921. Clearly.
we are through the worst of the depression and can reasonably expect,
gradual improvement.
•
The President's address in full follows:
Fellow-Citizens of Kansas and Fellow-Americans All:
A half-score of years or more ago I was making a number of addresses
In your State and had the good fortune to make a more or less intimate
survey of several thriving Kansan communities. While driving in the outskirts of a county-seat town, not a hundred miles from here, we noted in
the distance a structure rather more imposing than the average home, and
I made inquiry as to its ownership. My host said: "Well sir, I'll have to
apologize. That's the county poorhouse, but it is out of commission.
We discontinued its public operation, for we had no inmates." "Omit the
boast. I never saw an unoccupied
President Harding on Legislation Enacted During apology," I replied, "and make it a
almshouse before. If this is a reflex of the life of Kansas, it is a glorious
Present Administration in Behalf of Farmer—
chapter in human progress."
My host had spoken truly. More interesting still, before my speaking
Purpose of New Rural Credits Act.
tour was finished, I saw two other county almshouses which had been
A recital of what has been accomplished by the present abandoned as public institutions and made into eloquent monuments to a
administration in the way of legislation in behalf of agricul- community's good fortune. A civilization without a public charge is not
supreme attainment in human progress, but it is a lofty achievement,
tural interests was given by President Harding in an address the
and I know there cannot be very much wrong with the fundamentals of
at Hutchinson, Kan., on June 24. The President "reserved the Government under which it is recorded.
Probably the fortunes of agricultural Kansas are not to-day precisely what
till the last what we may well appraise the crowning achievethey were a dozen years ago, and agricultural fortunes are invariably
ment of the entire list. . . . the code of agricultural reflected
in the fortunes of all others, because they are so closely related and
credit legislation, known as the Agricultural Credit Act of Interdependent that there can be no good or ill fortune of one without influencing
the other. The whole world has been in a social, industrial.
1923." "This legislation," said
President, "designed to
and political upheaval since then. The very fabric of civilization
furnish necessary intermediate credit for production pur- financial
has been sorely tested, dynasties have fallen, monarchies have failed, revoposes, taken in connection with the Federal Farm Loan lution has reigned in various sections of the world and disasters have exacted
System, which provides long-time mortgage credit, and with their toll nearly everywhere and in nearly every way.
The losses to American agriculture are universally admitted and deplored,
the new law making easy the organization and conduct of but
it is not an experience peculiar to American agriculture alone. Nor
co-operative associations, and with the amended Federal was the readjustment following war's inflations a burden to agriculture
Warehouse Act, provides what seems to be a complete, alone. It came to the railroads, to bankers, to manufacturers and to the
mercantile world. The miracle is that we all escaped with so relatively little
scientific and well-rounded, efficient and workable system of
disaster. It is characteristic of human nature that we magnify our
of agricultural finance. Quite possibly experience may show own ills and too little appraise the ills of others, but the eyes of the Governthe need of minor amendments here and there to the Credit ment are attracted to them all. I hesitate to tell you how seriously vast.
Interests, presumably unendangered by the changing tides of business..
Act, but the principle underlying it is sound and needed were affected,
and at what sacrifices disasters were averted. Looldngchanges can readily be secured." The President observed backward, I find my confidence in the social and industrial fabric of this
that "many people have been inclined to be skeptical of Republic strengthened by our wonderful emergence from threatening disaster.
benefits which might follow the
of legislation to
Ever since the earlier processes of deflation which began after the World
give the farmer a better system of credit. They have said War, we have been studying and talking about the rehabilitation and the•
better
organization of our agricultural industries.
that the farmer needs better prices for his crops and liveI confess a very frank pride in the Government's part in bettering a sitstock, rather than easier ways to borrow money. That is uation against which you justly complained and which all the people of
true, but these friends do not seem to understand that the nation deplored. The co-operation of all the govenmental agencies, and
prices of crops and livestocks are directly influenced by credit with them the co-operation of the fine forces of leadership which the great
national farm organizations have developcd, made it possible to secure a
facilities." He added:
measure of helpful results in this department of our eldeavors which has
I thoroughly agree that what is needed is fair prices; and I very well been especially gratifying. Moreover, it has found prompt reflection in the
'mow that the farmer wants to get out of dt bt rather than to get further improved status of every agricultural concern. We have been officially ininto debt. But it is my opinion that both these ends will be much more formed that owing to improved conditions the farm products of the countryquickly accomplished through this new system of agricultural credits.
for 1922 were worth $2,000,000,000 more than they were in 1921. Clearly,.
In explaining the provisions of the Agricultural Credits we are through the worst of the depression and can reasonably expect gradual
improvement.
Act and the credit organizations created thereunder PresiThe balance within the industry, as betwen livestock and grain producdent Harding stated that the twelve Federal Intermediate tion, has been restored. The disturbance of that equilibrium, so highly imhad been one of the unfortunate
Credit banks for which it provides are to make loans to banks portant to a properly adjusted agriculture,
and unavoidable results of the wartime necessities. Called to feed a
or to co-operative marketing associations of farmers, the world, American farmers had willingly responded to the demand for special
loans to be made specifically for agricultural purposes. The efforts in certain lines of production. Relationships between supplies
some staples were badly disrupted and could not be inPresident explained that "the intermediate credit banks are and demand forwhen
peace came. That was in considerable part responstantly restored
fundamentally different from the Farm Loan Banks in this: sible for the violent fluctuations which imposed so much hardship on the
that while the Farm Loan Banks advance money only on farmer. Along with this distortion of the production ratios went an even
more acute and difficult disturbance of the factors which determine forreal estate mortgage security, the Intermediate Credit eign
demand.
institutions are to discount farmers' notes taken by local
While the war lasted there was no possibility of overproduction of such
staples
as wheat and cotton, for example; and when peace suddenly burst
banks and to loan on personal and chattel security—liveupon the world the farmer had plans for a long future which he could
stock, farm equipment, growing crops, and the like. The not readjust instantly. No human wisdom could possibly have foretold the
debentures sold by the Intermediate Credit banks are tax- course that would be taken by supplies and demand: and it is as futile
exempt precisely as are the debentures of the Farm Loan as it is obvious to us now to say that wisdom would have dictated at least
a less precipitate policy in removing the wartime restrictions and guidance
banks."
in dealing with some aspects of production and distribution.
the
Nactment
The President also pointed out that the Agricultural
Credits Act creates another and entirely distinct set of corporations, viz.: National Agricultural Credit corporations.
These, he continued,"are to be set up,their capital furnished,
and their management controlled by private capital and
enterprise, under the general supervision of the Comptroller
of the Currency. A National Agricultural Credit Corporation may be formed with capital not less than $250,000, and
Agriculture at Low Ebb of Depression When Present Administration
Came Into Power.
When the present Administration came into responsibility agriculture
was in the lowest ebb of depression. The immediate need was for measures
to meet an emergency. There was urgent call to keep open and so far as
possible enlarge our foreign markets, and this was accomplished by a prompt
policy of placing necessary credits at the disposal of those engaged iid
finding foreign markets for our foodstuffs; by arresting and reversing
the drastic deflation which had the seeming, under the former Adminis
tration, of being aimed especially at the destruction of agriculture's pros-
392
THE CHRONICLE
perity; by recalling the War Finance Corporation from its state of suspended
animation, giving it a credit of $1.000,000,000 in Government funds,
and recommissioning it to afford relief to the American farmer. The wisdom of this action was demonstrated by results.
Four hundred million dollars have been loaned by this institution, threefourths of it to the farming and livestock interests. At the same time the
emergency tariff measure was passed, by which to secure the farmer's home
market against the flood of competing articles from distant corners of
the earth. During the war vast quantities of farm products had been
dammed up in the countries so distant that shortage of shipping made transportation to Europe impossible. With the seas again free, these sought.
at whatever price could be obtained, the one market where there was
real buying capacity and cash to pay—the great market of the United States.
We took prompt measures to stop this movement; and the combination
of effective production, easier credits and the operation of the War Finance
Corporation quickly arrested the downward trend and *started agriculture
upon the upgrade once more.
It is only fair to pause a moment and emphasize the value of these measures of agricultural relief so promptly put forward by the Congress. The
new tariff schedules saved for the American farmer a vitally important
and gravely menaced home market. The resumption of the War Finance
operations, backed by the resources of the only Government on
that was able to summon such a credit, enabled the American farmer to
compete for sales abroad.
Along with these measures, prompt steps were taken to put the Federal
Farm Loan Board back into business. Like the War Finance Corporation,
it had been in a state of suspended activity for want of money to loan. It
was given a credit of $50.000.000 and resumed loaning on farm property.
grth
Bill to Aid Co-operative Marketing.
A bill to facilitate co-operative marketing of farm products was passed.
Legislation to prevent harmful gambling in agricultural futures was passed,
held by the courts to be unconstitutional and quickly repassed with the
defects removed. The Act for the control and regulation of the meat
packers was enacted. Important reductions of freight rates on agricultural
products were effected. Certain restrictions upon the operation of the
Joint Stock Land banks, which had prevented them from doing their share
in financing the farm, were removed. The loan limit of $10,C00 which
had formerly been imposed upon the Federal Land banks was increased
to 325.000. a change which is certain greatly to increase the practicable
usefulness and range of operations of this system.
A measure of the utmost importance to farmers in those parts ofthe country where irrigation is the very basis of agricultural life is the act authorizing formation of irrigation districts, whereby the water-using settlers are
brought together in associations to conduct their relations with the Federal Government. Formerly the settlers had to adjust all differences of
this kind as individuals, at great expense and inconvience to themselves.
These water-users' organizations promise to become nuclei of highly
useful co-operations in assembling, shipping and selling the products of
the irrigation districts. Further encouragement was extended to the irrigation farmers by amending the Farm Loan Act to provide terms on which
the land banks could make loans to farmers on the irrigation projects,
Whose conditions and necessities require special treatment.
Yet another prevision in behalf of this same community is made by the
new law which authorizes extending the time on payments due from irrigation farmers to the Government. This measure has given a new chance
to thousands of farmers in the irrigation areas who have fallen under
the same misfortunes that have afflicted other farmers, and who had
been unable temporarily to meet their commitments to the Government.
If the recital of this long list of accomplishments in the farmer's behalf
shall have seemed to suggest that Washington had been devoting itself
with a special and perhaps a partial assiduity to the agricultural interests,
I shall reply that the farmer has received nothing more than was coming
to him; nothing more than he needed; nothing more than was good for him,
and nothing that was not also good for all of our national interests, bound
up as they are in the nation-reaching mutuality of dependence and interdependence.
I tell you frankly that I am proud to be able to come to you to-day and
tell you of what has been done, because in doing it we have served not
only the farmer but everybody else in this land.
Agriclutural Credits Act.
But that is not all. I have reserved till the last what we may well appraise the crowing achievement of the entire list. I refer to the code of
agricultural creditlegislation known as the Agricultural Credit Act of 1923,
which became law in the closing days of the last Congress. It has not been
possible yet to perfect machinery for administering this Act, but I do not
hesitate to express confidence that this scheme of agricultural credits,
taken in connection with the other enactments I have described, furnishes
the basis for the most enlightened, modern, sound and efficient scheme
of agricultural finance that has been set up in any country, and will enable
the farmer in no distant future to free himself from obstacles which have
made it difficult heretofore to conduct farm operations upon a sound,
businesslike basis.
Before describing this program of advancement in agricultral finance,
permit me a word by way of bringing before our minds the backgrounds
of the agricultural problem. Farming is the oldest of all industries. It has
supported the community in peace and has been the most essential line of
industrial defense in war; commonly, too, the first victim of war. In olden
times the conqueror distributed the subjugated lands to his favorites and
his prisoners as slaves to till it. Thus land ownership became the mark of
favor and aristocracy.
Later, the feudal regime substituted the somewhat less severe conditions
of serfdom and villenage for those of slavery on the soil. Then caxne the
modern institution of an agricultural peasantry, politically more free, but
economically still held in fetters of old tradition.
Merchants and manufacturers in the Middle Ages devised banks to
help them finance their ventures. Banking methods developed which
served their purposes, but were not adapted to the farmer. The farmer's
way of life made him an individualist. He could not organize the great
co-operations which we call corporations. The banks did not furnish credit
of the kind and on the terms he needed it. The manufacturer and merchant, doing a large gross business in proportion to capital, having a short
turnover period, wanted to borrow working capital for short periods. The
farmer, with a long turnover period, wanted working capital on very different terms.
Now, the bank of deposit and discount is easily the most completely
co-operative institution that human society has devised. But it got started
dealing primarily with industry and commerce, and the farmer never quite
caught up with it. The railroad or industrial corporation raises plant capital by selling bonds; the farmer, by the essentially similar operation of
selling a mortgage on his land. Both still require at times to supplement
this capital by making less permanent loans to pay operating costs.
These loans the hanks make out of the funds entrusted to them by great
communities of depositors. In order to keep their resources as liquid as pos-
[VOL. 117.
sible, against the possibility of heavy demands from depositors, banks have
preferred to loan for short periods, commonly one, two or three months.
This precisely suited the commercial or industrial borrower; it did not fit
the farmer's case, because he requires a full year to produce most crops;
two or three years, even, in case of live stock.
The Federal Farm Loan System.
So, as the ordinary banking practice did not meet the farmer's needs, the
Idea arose of establishing intermediate credit institutions which should
advance money for longer periods than the merchant or manufacturer desired
it, but yet not on the long-time basis of the farmer's mortgage or the corporation's bond. Various forms have been taken by these institutions in
different countries and under different conditions. But I doubt if there
has ever before been set up a system of intermediate farm credit so well
adapted to serve the needs of the farmers in America.
This legislation designed to furnish necessary intermediate credit for production purposes, taken in connection with the Federal Farm Loan System,
which provides long time mortgage credit, and with the new law making
easy the organization and conduct of co-operative assoications and with the
amended Federal Warehouse Act, provides what seems to be a complete,
scientific and well-rounded, efficient and workable system of agricultural
finance. Quite possibly experience may show the need of minor amendments here and there to the credit act, but the principle underlying it 113
sound and needed changes can readily be secured.
Intermediate Credit Banks.
Under the Agricultural Credit Act, which became law last March, two
classes of corporations are authorized. First come the Federal Intermediate
Credit banks. They are twelve in number, just as there are twelve Federal
Reserve Banks and twelve Federal Farm Loan Banks. Each Intermediate
Credit Bank is to have $5,000,000 capital, subscribed by the Secretary of
the Treasury in the name of the United States and paid for from the Treasury. There is to be one of these banks in connection with each Federal
Farm Loan bank and they may be under the same or separate managements.
The Federal Intermediate Credit banks are to make loans to banks.
or to co-operative marketing associations of farmers, which associations
are carefully provided for. The loans are to be made specifically for agricultural purposes.
Whenever the loans made from the original capital reach an aggregate
justifying it, the Farm Loan Board which supervises the system may issue
debenture bonds against the securities which the intermediate Credit
banks have taken. The sale of these debentures will put the banks in funds
once more for a new loaning campaign and so in tne revolvinglund
fashion which has been made familiar through the operations of the Farm
Loan Board in real estate mortgages the endless chain goes on and on
drawing in with each sale of debentures a new supply of capital for loaning to the farmers.
The Intermediate Credit banks are fundamentally different from the
Farm Loan banks in this: that while the Farm Loan banks advance money
only on real estate mort;rage security, the Intermediate Credit institutions
are to discount farmer's notes taken by local banks and to loan on personal
and chattel security—livestock,farm equipment, growing crops and the like.
The debentures sold by the Intermediate Credit banks are tax-exempt precisely as are the debentures of the Farm Loan banks.
The debentures will be sold to the publie at a rate sufficiently below
that charge d the original borrower to insure that all expenses will be met by
the margin of difference. These banks are authorized to make loans on these
debentures to the amount of ten times their capital; that is, each bark may
carry $50,000,000 of business, which places the total for the system of
twelve banks at $600,000,000.
National Agricultural Credit Corporations.
Under the same law, another and entirely distinct set of corporations
are provided for, called National Agricultural Credit Corporations. These
are to be set up, their capital furnished and their management controlled
by private capital and enterprise, under the general supervision of the
Comptroller of the Currency. A National Agricultural Credit corporation
may be formed with capital not less than $250,000 and national banks are
authorized on proper conditions tyubscribe for stock in such corporations
inthe aggregate not exceeding 1 0 of their capital and surplus.
The National Agricultural Credit Corporation is authorized to make
loans for agricultural purposes on chattels, livestock, growing crops and
personal credit up to a period of nine months; except that in the case of
breeding stock and dairy herds the period may be extended to three years.
They may issue debentures against the securities they have received and
these may be marketed up to whatever amount may be determined by
the regulations prescribed by the Comptroller.
To facilitate the marketing of the debentures issued by these corporations.
a class of rediscount banks is provided. A credit corporation may subscribe up to 20% of its stock to the capital of the rediscount bank. A
11111111311M1 of $1,000,000 paid-up capital must be provided for a redscount bank. The rediscount bank, on the responsibility of its own capitalization, will enter the general money market, float the debentures that have
been turned over to it by the credit corporations, and thus provide them
with new funds for further investments. It is simply another application of the revolving fund or endless credit chain idea which we found illustrated in the case of the Intermediate Credit banks.
The utmost care has been taken to surround these various Institutions
with every possible safeguard that can be afforded through skilled supervision, ample responsibility and sound methods. It is the judgment of
financial experts that their debentures will find just as ready an acceptance
among investors as have those of the Federal Farm Loan Board.
There is thus created at last a complete farm credit system which, drawing together the aggregated responsibility of the greatest single industry
in the land, backed by the security of the land and of livestock, warehoused
and growing crops, all kinds of agricultural equipment; and, finally, by
the character and high responsibility of the men and women who constitute
the great agricultural community, will be capable offurnishing the American
farmers, for the first time in the history of agriculture in any country,
adequate investment and working capital on terms as favorable as those
accorded to commerce and industry.
Many people have been inclined to be skeptical of benefits which might
follow the enactment of legislation to give the farmer a better system of
credit. They have said that the farmer needs better prices for his crops and
livestock,rather than easier ways to borrow money. That is true, but these
friends do not seem to understand that prices of crops and live stock are directly influenced by credit facilities.
In the past, farmers have been obliged to finance their productive enterprises by borrowing money for short terms. When times are good they have
no difficulty in renewing these loans, but in periods of financial stress too
many farmers have found themselves under the necessity of pushing their
crops or live stock on the market, not infrequently before the latter is
fully fitted for market, in order to pay notes which they had expected
to be able to renew, thus at times flooding the market and seriously depressing prices.
JULY 28 1923.]
THE CHRONICLE
Under a system of intermediate credit, administered with reference to
the farmers' seasonal requirements, they.should be able to market both
their crops and live stock in a more orderly fashion, and this in itself will
be a potent influence in keeping prices more stable and reasonable.
I thoroughly agree that what is needed is fair prices and I very well
know that the farmer wants to get out of debt rather than to get further
into debt. But it is my opinion that both these ends will be much more
quickly accomplished through this new system of agricultural credits.
The legislation enacted by Congress does not by any means measure the
attention Congress has given during the past two years to the needs of
agriculture. People who have not been familiar with what has been going
on in Congress can.little appreciate the exhaustive study which the appropriate committees of Congress have given to our agricultural problems.
Day after day and week after week and month after month these committees have held hearings. They have considered every conceivable measure suggested for relief. They have listened patiently to all who came to
them. They enacted legislation which seemed to promise real help. They
did not enact nearly all the measures which were suggested, because after
the most exhaustive study they became convinced that such measures
would not only be of no help but might aggravate an already bad situation.
Go back with me for just one glance,in conclusion,at the steps which have
marked the rise of agriculture to this, its new estate. We need to go back
but a very few generations to the time when the title to land represented no
more than the whim of a despot or the shifting and uncertain fortunes of
a military adventurer. The agricultural worker was a serf, a mere human
chattel, bound to the soil on which he lived and to the service of the particular adventurer who at the moment, in the permutations of fortunes
and of favor, chanced to hold the land.
In the view of his master, he had no rights which could command respect.
his political status was nil and he was permitted the least possible share
In the fruits of his toil on which he could keep together his soul—if, indeed,
It were conceded that he had a soul—and his body, so as to perform
the grueling toil of tasks that were regarded as utterly menial. All agricultural operations were crude, inefficient, barbaric. The great light with
which science and organization and efficient methods have illuminated the
art of agriculture had not yet cast its first feeble rays over the desolate
and dehumanized landscape of the rural countryside. The old-time picture
is one to make women weep and men despair of their kind.
393
mentalities and facilities which make for success in other activities, because
he is the supreme contributer to human welfare. And he brings another
invaluable asset to our Republic. He has been and must continue to be the
anchorage of dependable public opinion when ephemeral whims are appealing and storms of passion play.
The farmer, better than all other toilers in our community life, has
learned that only the rewards of endeavor spur humanity on to larger
achievement. He fully appraises property rights and the necessity of their
preservation. In spite of his adversities, the farmer has never failed as
the stalwart defender of the American heritage. In his fuller participation,
the American farmer must continue to be the stabilizer of sentiment and the
defender of our fundamentals upon which is built the Republic which
wrought his emancipation.
Recall of Governor-General Wood Demanded by
Philippine Legislature—Immediate Independence
Also Asked—Cabinet Resignations.
A controversy which has arisen relative to the administration of Leonard Wood, Governor-General of the Philippines,
among opposing Filipino leaders, resulted in the adoption,
unanimously, on July 23, of a resolution at a joint meeting •
of both branches of the Philippine Legislature demanding
the immediate recall by President Harding of the GovernorGeneral. According to the Associated Press advices from
Manila July 23, all of the parties participated in this action,
endorsing the stand taken by the Cabinet when its members
resigned recently. The same advices said:
The Democratic leaders to-day adopted resolutions opposing the Joining
of the Parliamentary Mission, which is to depart for Washington, D. C.,
within the next two weeks to lay the facts of the Filipino controversy before
President Harding. Instead, the Democratic leaders favored a plan
whereby the regularly elected resident commissioners would be given full
power to lay the full facts before President Harding.
Governor Wood has announced that no offer of Cabinet positions has
been made to members of the Democratic Party, and,so far, no Collectivista
members have been willing to accept such positions. In the meantime, he
said, the Under-Secretaries are carrying forward the business of the Philippine Government.
External Revolt Against Fetters.
But,somehow, the life of the open places, under a sky which inspired always the longing for a fair chance; somehow, the daily touch with the
mighty forces of mother nature in all her wondrous moods; somehow, the
dim realization that there was yet sometihng beyond and above the squalor
and misery of his immediate surroundings—somehow, through the cenAlong with the recall of Governor-General Wood, the resoturies of his serfdom, these things kept the farmer mindful of possibilities
for better times and friendlier fates; kept him longing for liberty, inspired lution declared that "the recent incidents clearly show that
moved
life;
him in the age-long struggle to lift himself up to a wider vision of
immediate independence is the only satisfactory solution of
him to enternal revolt against the fetters which bound; gave him courage
for the seemingly hopeless conflict with destiny.
the Philippine problem." Details of the complaints against
The centuries passed, and untold millions went to their graves despair- the Governor-General, as supplied by the Philippine Press
furing. But other millions followed to seize the torch and bear it a little
Secretary alleges that "Governor Wood is dother on the road. The slave became a villein, the villein a peasant, and yet Bureau, whose
the grim struggle went on, with political rights and economic emancipa- ing his best to force the Government to abandon its Philiption as its twin goals. Painfully, doggedly, the men of the soil toiled under pine National Bank," came from Washington on July 24 in
their dual burden of furnishing sustenance for humanity and keeping
alight the flame of that consuming purpose to achieve freedom and human Associated Press dispatches as follows:
equality.
A declaration that recent developments have demonstrated the need for
Down to time so near our own that they are but the yesterdays of history, the "immediate independence" of the Philippines was contained in the
the outcome of the struggle seemed in doubt. But mankind's darkest hour resolution demanding the recall of Governor-General Wood. which was
was followed by the dawn. The vast structure of artifice and selfishness adopted yesterday by the members of the Legislature at Manila and made
which has been built and supported by the soil at length crumbled under public here textually to-day by the Philippine Press Bureau.
Its own weight of futility and corruption. The revolutionary movements of
The Press Bureau's announcement also revealed that when the resolution
the eighteenth century, the reformations of the early nineteenth, the was adopted the Senators and Representatives were sitting "as the commisspread of knowledge, the rise of invention and growth of industrialism— sion on independence" in the hall of the Senate. Their action was preceded
all these combined to extort from tyranny the recognition of human rights. by a speech by Manuel Quezon, President of the Senate, declaring that.
The man of the land had won his first battle; the battle for a place in the although General Wood "pretends" that the resignation of the Cabinet and
political system.
Council of State was a surprise to him, "this is not true."
The economic struggle was longer and harder, because it had to be
In addition to demanding General Wood's recall and endorsing the action
waged against preconceptions and prejudices which through the ages had of former Philippine officials in resigning, the resolution set forth:
itself.
nature
human
into
of
the
deep
very fundatnentals
driven their roots
"The presentation of the series of grievances with the resignations of the
It was not possible. all at once, to establish the conception that the tiller
from Filipino participation in the Government and the acceptance
of the soil, ignored through centuries, must now be taken into full fellowship leaders
by the Governor of the resignations without assurance of any change in the
with the favored of the earth.
policy denounced as illegal, arbitrary and undemocratic, compelled the
Sometimes I think it more interesting to recall the more modern processes whole nation to raise an issue of transcendental import for the preservation
ofemancipation, because it will bringreminders to quell needlessinsurgency of political concessions already being enjoyed.
'This is a national issue, having behind it the unqualified approval and
and suggest at least that moderate contentment which will tend to bless.
support of the whole people. Therefore, we declare that we are resolved
I can well recall the making of Kansas and the near-by States of the to defend the constitutional liberties of our people against the usurpations
Mississippi and Missouri Valleys. That was when farming was more a of the Governor General, and to maintain inviolate our domestic autonomy
struggle for subsistence than a contest in industry. That was back in cover- guaranteed by the Jones law to the Filipino people.party lines, to take all
We declare it
inescapable duty, regardless of
ed-wagon days. when the men of Ohio and bordering States migrated west- needful steps andour
avail ourselves of all lawful means within our reach, to
ward, too poor to come with family and possessions by rail, where rail secure vindication of the country's liberties now violated and invaded.
travel was possible, so they builded their wagons, loaded all their material And we declare, finally, that recent incidents clearly show that immediate
problem."
possessions which the wagon would carry, crowned the cargo with the independence Is the only satisfactory solution of the Philippine
family and drove westward under the glow of the Star of Empire. A few
Mr. Quezon told the Legislators that the Council and Cabinet had resigned
returned, but the great majority dug in, battled with nature and her ele- "only after they were convinced that the Governor was bent upon curtailing
ments and conquered.
the autonomy granted by the organic Act."
In those grim days there were no motor cars, no electric lights. The
"The Governor pretends," he continued, "that the action of the Council
doublewagon,
spring
the
lexicons,
or
now
wagon,
our
in
forgotten
cracky
of State and Cabinet was a surprise to him, that he had received no news
seated, was the luxury of travel, and the kerosene lamp had recently of it until the last moment and that no efforts were taken to adjust the
put the tallow dip to shame. Ten dollars in cash In the family purse was differences. This is not true, because we have duly called his attention
an inordinate excess, and a hundred dollars cash balance for the year's to our dissatisfaction with his conduct. We have sent him letters frankly
trade was success extraordinary. Nowadays we expend more money for stating that unless he changed his policy, which we considered against the
gasoline going to and from town in one week than was 'pent for kero- spirit of the Jones law, he would not have the continued co-operation of
sene to illuminate the home for a whole year a generation or two ago. The Filipinos.
farm emancipation in this country has been apace with other advancement,
"Concerning bills approved by the Legislature,the Governor had promised
though there are inevitably periods of unbalanced price relationships, the to confer with us before vetoing any of them. Despite this promise he
and
discouraged.
vexed
have
and
demand,
which
supply
reflexes of
did veto many blls. The worst of it is that some of the measures Governor
There is no escaping the relativity of outlay to income. The sane prac- Wood has vetoed were initiated and drafted by the Governor himself.
it somehow
recommended by him to the Legislature in special messages and passed
tice is to make sure that the outlay is less than Income, but is
inherent in our lives that we pay more or less as we receive. I can recall accordingly without substantial amendments.
conwas
one
it
was
dollar
and
to
church
the
offering
"His contention that the step taken by the Council of State was a prewhen my annual
my annual earn- meditated
sidered ample. But it cost more, and I gladly paid, when
challenge against the sovereignty of the United sta*s and an
to our incomes. It is proper attack against the
ings expanded. We live very much according
Governor's authority as the representative of the United
,
while
the tide of good States
and denies
in the islands, is absolutely unfounded. Our stand is precisely to
that we should. The citizen who skimps
citizen.
an
undesirable
and
miser
defend the rights granted us by the American Congress, and in so doing
fortune is flooding is often acclaimed a
problems as weave not
My point is that agricultural emancipation has brought its
only not attacking American sovereignty, but we are defending it.
dissipate a farm cur- If there is
can
stock
salesman
blue-sky
The
liberation.
any attack against the sovereignty of the United States it is by
well as
is no less costly those
plus with ready facility, and extravagance on the farm
who violate the laws enacted by the sovereign nation."
too
is
often
life
than in palatial city homes. I am sorry that simple rural
Alfredo Samson, Secretary of the Philippine Press Bureau, made a
nations,
further statement of Filipino grievances here. He said in part:
giving way to modern extravagances. In the rise and fall of
peoples
simple-living
the
advancement,
human
for
contest
in the peaceful
"In the first place, before beinglimadeTGovernor, General Wood signed
will make the long survival and record the notable triumphs.
the now famous Wood-Forbes report, in which he recommended that the
of self-government they
It is good to contemplate the political, social, economic and financial Filipino people be deprived of certain vital powers
instru- had been enjoying since 1916. He attempted to turn the wheels of FiliPino
equality of the American farmer, good to confirm his title to all the
394
THE CHRONICLE
progress backward. Neither Congress nor the President made any attempt
to carry out General Wood's recommendations in this regard, and to that
extent it is accurate to state that the two most important recommendati
ons
of the Wood-Forbes mission to-day stand repudiated by the present Administration.
"Undaunted by this failure of both Congress and the Administration to
heed his recommendations. Governor Wood has attempted
put his
recommended restrictive policies into effect without waitingtofor their
sanction by Congress. He has vetoed much important domestic legislation
of the Philippine Legislature. One of the sixteen bills he vetoed carried
an appropriation for a ten-year university program. This
measure did not
In any way affect the soverlegnty of the United States.
Governor Wood's
action on this bill was a bitter disappointment to Filipinos.
If the Filipino
people. through their duly elected Legislature, cannot spend
their own
money, then they have no self-government at all.
"Governor Wood next attempted to force the Filipino leaders to lease the
successful Government-owned and operated Manila Railroad
to New
York capitalists, in spite of the almost unanimous opposition ofCo.
the Filipino
'people. The Filipino leaders absolutely refused to
sign the lease, and the
Governor had to accept defeat.
Protest on Sugar Centrals.
"Governor Wood then set about to force the Government to close
out the
sugar centrals, which were rendering a most
valuable service to Filipino
sugar growers. The latter made such a vehement protest
that he was
again forced to yield.
-Governor Wood is now doing his best to force the Government
to
abandon its Philippine National Bank. He
already closed a number
-of the branches of the bank. If this bank is has
closed, Philippine commerce
and the Filipino people will be almost entirely at the
mercy of foreign
capital. They know only too well what that means, for
they were up
against such a condition before they created
the Government bank, and
they were exploited most outrageously.
"Governor Wood is attempting to supplant the Philippine Council of
State and the Philippine Legislature as the policymaking and the lawmaking power of the Philippines. If he is to be allowed
to continue on the
road he has been travelling. Congress might as well abolish
the Legislature
and admit to the world there is no longer any local self-governme
nt in the
Philippines. The Filipino leaders did their very best to co-operate
with
General Wood. They have shown the greatest patience
and
forbearance.
If they have made any mistakes, it is that they did not call his hand
long
[vol.. 117.
free hand in the selection of new appointive members in sympathy with his
policies.
The resignations, however, are generally considered as another attempt
to embarrass Governor Wood or as being due to pressure from the Quezon
organization, as the Governor undoubtedly will have difficulty in finding
appointees for the six vacancies.
On July 26, it is learned from Associated Press dispatches
from Manila, Manuel Quezon, who recently resigned as President of the Philippine Senate, said:
In the resolution requesting Governor-General Wood's recall there is no
personal reflection on the Governor-General, but it is the belief of the
Legislators that in view of the present situation it is humanly impossible
for Governor-General Wood to co-operate with the Filipino members of
the Government and President Harding should send us a Governor-General
who would work in harmony with the Filipino people.
If possible the President should appoint a Filipino Governor-Gen
eral.
On July 20, in indicating that Governor-General Wood
had taken occasion to defend his actions which had led to
the controversy, the Chicago "Tribune" had the following to
say in a copyright dispatch from Manila:
Manuel Quezon. who resigned as the President of the Philippine
Senat
as a result of differences with Governor-General Leonard Wood, issued
a
statement this afternoon in which he said that he called on the
latter yesterday to inquire whether there was any foundation for insistent report,
that martial law would be enforced. General Wood assured Quezon
that
there was no truth in such rumors and high army officials made public
a
statement to-day that no such action was contemplated.
General Wood has issued a statement citing precedents for his actions
which have aroused the antagonism of Filipinos, giving as examples
incidents
which occurred during the administrations
of Governors Harrison and
The resolution adopted by the Manila legislators in which the President
Yeater.
is requested to recall General Wood will be forwarded when it is received
to
Quezon has received numerous letters and telegrams from the Provinces
Mr.iHarding, probably on the Pacific Coast. The impression inWashingbacking his stand. He has definitely decided to sail for the United States
ton s that the Administration will stand squarely behind General
Wood. about Aug. 11 to carry a protest
to President Harding.
The protest of the Philippine Cabinet, it is understood, has already
been
No demonstrations have been reported and a considerable degree of Filiforwarded to the President and will be awaiting him at Seattle
when he pino sentiment has become reconciled
to the retirement of the Council of
arrives at that port.
State. Sergio Osmena is looming as the most powerful leader and it is
According to copyright advices to the New York "Times" expected that his policy will be generally
favorable to Wood.
from Manila July 23, Governor Ruperto Montinota of Iloilo,
The present acute situation has been a development of difPresident of the Philippine Democratic Party, on the 23d ferences which have arisen during
the past two weeks. To
telegraphed the following statement to Manila regarding the quote from an Associated Press
dispatch from Manila July
controversy between Manuel Quezon and his followers and 16:
Governor-General Wood:
Political differences in the Philippines,
The Democratic Party must be very cautious in this affair, since
in my
judgment there is at the bottom thereof much p,)10.es, which has the
object of causing public opinion to react for a coaliti
oi Nationalista,
party in its new gesture. The origin of all these conflicts is
very simple
and they could have been settled if the leaders of the coalition
had used
a little prudence in their extemporaneous manifestations,
and had not
gone to the extremes they have now reached.
If the opinion of the Attorney-General had been sought regarding the
rights of Governor-General Wood to re-instate Ray Conley (the Secret
Service agent re-instated by Governor-General Wood, then the occasion
would have arisen to adopt a radical attitude, provided the decision
of
the Attorney-General had been against the Governor-General
and the
latter still had insisted on re-instating Conley. The Governor-Gen
eral
says he has the right to do this. Quezon says he has not. Who
is right?
The Governor-General's allegation that action against the
authority of
the Governor-General was premeditated seems to be
confirmed, and if it is
true that action taken against him is not based on any
previous protest
or complaint, and there has been not the least effort on the
part of those
who resigned to settle their alleged differences, this
confirms my suspicions that Quezon and others have found this a means
of producing a
sensation in the public mind favoring their party.
I'do not defend Governor-General Wood, but present those
considerations from a political viewpoint. If the coalition had no
intention to
provoke this sensation in the public mind, and their intentions
are merely
to defend the rights of the Filipino people, why, at the beginning
of these
conflicts, did they not start negotiations with the Governor-Gen
eral when
they heard that the latter intended to re-instate Conley
after he was
acquitted of the second charge? Why did they not
propound to the
Governor-General, before the latter re-instated Conley, their
feeling that
he did not have the power of re-instatement, and in case he
insisted, why
did they not present the matter for an opinion from the Attorney
-General?
It Had they done this, had the Attorney-General given his opinion
that
the Governor-General has no power to re-instate, I do not believe
General
Wood would have insisted in his idea of re-instating Conley by
himself.
Quezon and Osmena have seen that they are losing out in public
opinion.
In order to cause a public reaction they have provided this matter,
which
at bottom hasn't any importance, since it could have been settled under
the prevailing legal provisions in the Philippine Islands.
We also quote from the "Times" of the 24th the following
from Manila, July e3, copyright 1923 by the Chicago Tribune Co.:
Aguinaldo, former revolutionary leader, in a statement to-day on the
controversy between Governor-General Wood and Filipino leaders, said:
"In the face of the present strenuous conflict between the GovernorGeneral and the resigning members of the Cabinet and the Council of State,
I believe that the people should show equanimity, heeding nothing else
but the dictates of peace and order. This question, in my opinion, can be
settled peacefully.
"There is no reason for the people to get alarmed and excited to the point
of organizing and holding public demonstrations, the question being one
which can be settled at the conference table without detriment to the rights
of both sides."
Further copyright advices of the Chicago Tribune Co.from
Manila July 25 stated:
The Filipino Independence Commission last night passed an additional
resolution calling on Washington to appoint a Filipino as Governor-Genera
u em
dissenting
attingvote
Partyn
as the only solution of the present difficulty. The only
was cast by Representative Vincente Rama of Cebu,
man, who termed the Commission's action "a ridiculous epilogue to the
whole comedy."
A further development was the resignation of six appointive members of
.the Legislature who resigned nominally to give Governor-General Wood a
reopened yesterday with the
resignation of Secretary of the Interior J. P.
Laurel, waxed warmer to-day
when, according to reports in official circles,
all other departmental secretaries except Vice-Governor-General Gilmore,
notified Governor-General
Wood of their intention to quit.
Laurel resigned after he had instituted
charges of bribery against Ray
Conley. United States Secret Service officer.
Governor-General Wood had previously ordered an investigation
by a
board which recommended Conley's reinstatement
. The GovernorGeneral also ordered Laurel's reinstatement,
and Laurel resigned after his
reinstatement. Governor Wood has refused
to accept Laurel's resignation
pending a conference.
The resignation of the Mayor of Manila will
follow, according to reports
in political circles lure to-day.
The developments of the 16th inst. were made known as
follows by the Associated Press:
Mayor Fernandez of Manila to-day added
to the complications of th,
political situation here by handing in his resignation
as a protest agains
Governor-General Leonard Wood's action
in reinstating Ray ConloYf
Secret Service officer, recently cleared in an investigation
of charges o_
bribery. The Governor-Gearal has not
yet acted on the Mayor's resig
nation nor on that of J. P. Laurel, Secretary
of the Interior, which was
tendered to the executive yesterday.
Laurel resigned after he had instituted
charges of bribery against Conley.
Governor-General Wood previously had
ordered an investigation by a
board, which recommended Conley's
reinstatement. The GovernorGeneral also ordered Laurel's reinstatement,
and Laurel resigned after his
return to office.
According to reports in official circles to
-day, all other departmental
secretaries, except Vice-Governor-General
Gilmore, have notified GovernorGeneral Wood of their intention to quit.
Sensational charges of cold-blooded murder and
torture of Mores on the
Island of Basilan by members of the Philippine constabulary
stationed there
were laid to-day before Governor Wood by Captain Dolpan,
of the InterIsland steamer Midget. The Governor has ordered
an investigation.
In giving further details of tile controversy on July 17 the
Associated Press advices from Manila said:
The political war between Governor-General
Leonard Wood and Filipino
officials is a fight to the finish to test the powers
of General Wood, a high
official of the party of Manuel Quezon, President
of the Senate and critic
of the Wood administation, said to-day.
The controversy, precipitated by the
reinstatement of Ray Conley,
United States Secret Service agent, came definitely
to a head to-day with
the resignation of the Council of State, as well as the Cabinet.
Mr. Conley also resigned to-day.
The resignations of the Cabinet and the
Council of State came suddenly
after all day and all night sessions of members of the
Filipino political groups
and a gathering of tho Council of State and
Legislative Council at GovernorGeneral Wood's official residence, Malacanan
Palace.
A delegation of officials filed into the executive office, with Quezon at
its head. As they stood in a group before the Governor-General's desk.
Quezon read the collective resignations of the
Cabinet members and of the
Council of State, with the signature of each
attached.
As Quezon finished. Governor-General Wood rose, briefly expressed his
regret at their actions and promptly accepted the resignations.
Conley originally was charged with bribery, but on investigation he was
cleared and General Wood reinstated him. J. 1'. Laurel. Secretary of the
Interior, resigned in protest, and Mayor Ramon Fernandez of Manila
did likewise.
"We have observed for some time that It is your policy and desire as
Governor-General to intervene and control, oven to the smallest details.
our Government, both insular and local, in utter disregard of the authority
and responsibility of the department heads and other officials concerned,"
the officials said in tendering their resignations. "This policy recently
JULY 281923.]
395
THE CHRONICLE .
the
culminated in an unfortunate incident which shook to its foundations
the
public opinion of the country, when you, by undue interference with
of
Mayor
the
powers and jurisdiction of the Secretary of the Interior and
legally
been
had
who
Service
Secret
Manila, reinstated a member of the
suspended from office and whose resignation you subsequently accepted on
your own initiative.
"To make matters worse, you took this action without hearing the proper
officials.
"This series of acts constitutes clear violation of the fundamental law of
the land and other legal provisions, especially those of Act 2803. Section
2447. of the Administrative Code. At the same time it is a backward stet)
and a curtailment of Filipino autonomy guaranteed by the organic Act
and enjoyed by the Filipino people continuously since the Jones Law became effective.
"Having followed this course of conduct in your relations with the
Executive Departments and other offices of the Insular and local Governments, thereby violating the sacred pledge of the people and the Government of the United States to guarantee to the Filipino people the exercise
of the greatest possible measure of self-government pending the recognition
of independence, we beg, with the deepest regret, frankly to state that we
are unable to assume with you responsibility in the execution of this polleY.
and therefore we have decided to tender our resignations jointly as members
of the Council of State and individually as Secretaries of the departments."
The Secretaries involved are those of the Interior, Finance, Agriculture,
Justice and Communications. Manuel Quezon, President of the Senate,
and Speaker Roxas of the House of Representatives, also resigned.
In reply, Governor-General Wood said:
"I have listened with deep regret to the statement you have just read
and which comes to me as a surprise and clearly indicates previous concerted
action on your part, action taken deliberately and of which no previous
notice has come to me until my arrival at this conference.
"Your action is not based on any previous protest or complaint. It indieattss organized and preconcerted attack by the Filipino Department Secretaries, members of the Legislature and members of the Council of State
upon the authority of the Governor-General under the organic Act and as
the representative of the sovereign power of the United States.
"In my opinion your action is wholly uncalled for. I beg to state most
definitely and emphatically that each and every declaration made in your
statement which charges neglect of the prerogatives and rights of the Secretaries or disregard for the organic law is without the slightest foundation
in fact. You are aware of this, because here in your own presence Secretary of Justice Santos declared that during our entire association of more
than a year no recommendation of his has ever been disapproved.
"Secretary of Agriculture Corpus makes the same general declaration.
These are the two Secretaries with whom I have had the most dealing.
"We need not go further. You have made no effort whatever to adjust
alleged disagreements. Your plans have been deliberately made and your
action is in the nature of a challenge and threat which I cannot ignore.
"I regreat exceedingly this occurrence. It can be productive of only unfortunate results—results prejudicial to the cause in which we both are
interested. It means an abandonment of posts and obligations at a time
of great responsibility and on alleged issues unsupported by evidence and
unworthy of the attention of serious-minded men.
"I desire to thank you all for your courtesy and co-operation in the past
and again to express my regret at this action.
"Under the circumstances there is no alternative left for me but to accept
as I now do. your resignations as presented."
If this is correct, then for the first time in the history of the islands an
American Governor-General enjoys the support of a large and possibly the
resiglargest political party here. General Wood's acceptance of the Cabinet
nations may therefore result in a decided strengthening of his position as
of
far as the administration of internal affairs is concerned, since a majority
the Provincial Governors are Democrats.
action
Congressional
A big stumbling block exists in the Legislature.
may be necessary in order to secure co-operation with the executive unless
Quezon is discredited or some of his followers join the Democratic group.
Philippine Crisis Said to Have Originated in a
Visitation of Locusts.
The following copyright advices from Washington July 19
appeared in the New York "Herald" of the 20th inst.:
Islands
A new variety of political trouble has broken out in the Philippine
wiPre Governor-General Wood is carrying out the mandate of the United
Stat:es Government.
I was revealed here to-day that the shower of resignations recently sent
to the Governor's mansion grew, not so much out of independence of sentimet,t, as out of a visitation of locusts and typhoons. The trouble started
for
when several provincial and municipal authorities petitioned that penalty
deltnquency in payment of land taxes be remitted because of locusts and
typrioons.
accept
General Wood, however, after looking the situation over, refused to
the plea that the locusts and typhoons were a good cause for delinquency—
and the resignations followed.
Philippines
The official view in Washington is that the Governor of the
him. Final
kru.ws what he is about and there is every disposition to support
action will await the return of President Harding.
Near East Treaty Signed at Lausanne.
The Near East Conference, in session at Lausanne for
eight months, concluded its labors on July 24 when a treaty
of peace was signed by the delegates to take the place of the
discredited treaty of Sevres, re-establishing peace between
the Allied Powers and Turkey. Although the United States
is not a party to the new treaty, the American Minister to
Switzerland, Mr. Grew, played an important part in the
protracted negotiations as a so-called observer, not having
been designated by the Government at Washington as
official participant. It was due primarily to the insistence
by Mr. Grew and the other American diplomats who attended
the conference as observers for the United States, that there
were included in the final treaty clauses enforcing the appliUnder date of July 19 Associated Press accounts from cation of the traditional American principles of the open door
Washington said:
and equal opportunity. Some of the salient features of the
Final action in Washington In connection with the incident in Manila, general treaty as outlined in Associated Press dispatches
which resulted in the resignation of the Philippine Cabinet and Council
are as follows:
will await the from Lausanne
against
the policies of Governor Wood,
of State in protest
return of President Harding from his Alaskan trip.
Reports reached Secretary Weeks to-day from General wood and from
Manuel Quezon setting forth both sides of the controversy. It was indicated that further details would be asked both from the Governor-General
and from Mr. Quezon and that when all available information is at hand
the case will be left to the personal consideration of the President.
The text of the two cablegrams to Secretary Weeks was not made public,
but it was understood they presented the difference of view between the
'Governor-General and the native officials on the powers of the GovernorGeneral.
Examination of the legal basis for the action taken by General Wood
in reinstating Ray Conley, Secret Service agent, without reference to the
wishes of the Philippine Cabinet officer who was the immediate superior
of the agent, has convinced War Department officials that there is not
any reasonable basis for the claim by Mr. Quezon and his associates that
General Wood exceeded his legal powers.
It is assumed that when the case is finally presented to President Harding
it will be accompanied by recommendations from Secretary Weeks based
on the findings of War Department officials who have jurisdiction in such
matters. The Secretary has already begun a study for the purpose of
preparing such recommendations.
It is generally expected that the attitude of the War Department will
be in support of the Governor-General's position, but pending final action
by the President or under his instruction, there will be no orders from
Washington intervening in the matter in any way.
In making known further resignations, Manila dispatches
(Associated Press). July 25, stated:
The chaotic political situation here, marked recently by the resigns
Cons of all the principal native officials of the Philippine Government and
by a legislative request that Governor-General Wood be recalled, is in a
more muddled state after the resignation last night of six appointive
Representatives and Senators of the Legislature.
• The latest group to quit as a result of differences between GovernorGeneral Wood and Filipino officials explained they wished to give the
Governor an opportunity to fill the positions with legislators who would
not embarrass him.
Friends of Wood, however, contend that the Governor's enemies, notably
Manuel Quezon, head of the new Collectivista Party, are bent on ousting
to make it appear that the people
all of Wood's appointees, in an effort
approved the resignation of the entire membership of the Cabinet and
17.
Council of State on July
From a copyright wireless message to the New York
"Times" from Manila, July 21, we quote the following:
circles that recent developments
A suspicion prevails in local political
the United
were not entirely unconnected with the political situation in
to
an
discredit the Harding Adminisattempt
that
being
States, the theory
ration through General Wood is at the bottom of Quezon's campaign.
It is reliably stated that the Democrats have secretly agreed that the question raised by Quezon is not a national but a political issue, since they do not
oppose General Wood. This is significant because the Democrats had a plurality in the lower house and secured a plurality of the popular vote at the
last general election, which was invalidated by Quezon's manoeuver in combining the Collectivists and Nationalist forces. Official circles interpret the
Democratic attitude as supporting Wood.
Constantinople goes definitely to Turkey.
All foreign troops will be withdrawn.
It makes peace between Greece and Turkey.
It permits the Patriarch of the Greek Orthodox Church to remain in
Constantinople.
It launches one of the most stupendous, and in some ways the most
cruel, human movements in history by its compulsory exchange of population, the Greeks in Turkey returning to Greece and the Turks in Greece
returning to Turkey.
It fails to solve the Armenian problem, Armenians being obliged to seek
refuge in neighboring lands like Syria or to find a new haven in Southern
Russia.
It reduces Turkey's size by Its recognition of detached mandated States
like Syria, Mesopotamia and Palestine.
With one stroke of the pen it rids Turkey of judicial capitulations such
as China vainly sought to accomplish for itself at Washington, and which
Japan achieved only after two decades of struggle.
In only one way is Turkey treated differently from other countries:
to
foreign legal advisers will be empowered to receive complaints relating
arrests and imprisonment of foreigners.
•
Wi,th regard to the signing of the treaty and the work of
the conference at Lausanne, Associated Press dispatches
had the following to say:
now
The Treaty of Lausanne. re-establishing peace in the Near East,
Greece, Rubears the signatures of Great Britain, France, Italy, Japan,
mania and Turkey.
which have
Simple ceremonies, marking the termination of negotiations
of Lausanne
extended over many months, were carried out in the main hall
various
the
of
University this afternoon, and when the representatives
President Scheurer
nations, led by Ismet Pasha, had affixed their signatures,
with the adof the Swiss Confederation declared the session adjourned,
monition: "Let the closing thought be a benediction."
occurred in
peace,
An impressive demonstration, acclaiming the signing of
rejoicing multitudes.
Lausanne to-night. The streets were crowded with
The tower and
many coming in from the country districts to take part.
with electric
spire of the cathedral, which dominates the city, were aglow
searchlights played
designs, visible for miles on both sides of the lake, while
across from the surrounding hills.
will go
The British delegation departed for home to-night: the others
still engaged
to-morrow, leaving only the AllleriCaIIS and Turks, who are
in negotiations over the Turco-American treaty.
refusal to sign on the ground
Jugoslavia announced at the last minute her
that to do so would be harmful to her national Interests. The treaty
which, like Jugoslavia,
countries
distributes the Ottoman debt among
acquired parts of the former Ottoman Empire.
Jugoslavia maintains that she annexed her former Turkish territory
as the result of the Balkan wars and not as a consequence of the general
the
European or Turko-Greek wars. She prefers therefore to abide by
treaties of London and Bucharest, which fixed the political status of the
Balkans. She has agreed to negitiate directly with the European Powers
regarding her possible responshllity in connection with the Turkish debt.
The singing took place in the imposing main hall of Lausanne University.
It was carried out with traditional Swiss simplicity. The plenipotentiaries
sat grouped on either side of the Speaker's rostrum, the Allied repreGrew,
sentatives on the right and the Turks on the left, with Joseph C.
the American Minister to Switzerland, beside them.
396
THE CHRONICLE
[voL. 117.
President Scheurer of Switzerland entered the hall accompanied by
Vice-President Chuard and Edmund Schulthess of the Foreign Department.
President Scheurer immediately requested the delegates to sign the general
treaty and the other documents.
United States will be drawn in "unless something is done
about it." The press dispatches report him to the following
effect:
Ismet the First to Sign.
Ismet Pasha was the first to step forward, signing for Turkey. When
the Allied representatives following him all had signed, the Swiss President
arose and delivered in French a brief but strongly worded exhortation
for peace and co-operation throughout the world.
President Scheurer in his address told of the many difficulties encountered
by the conference.
The sacrifices to which you have consented in the general interest
certainly have been heavy," he said, "but the result is worth the price
paid. May this peaceful development extend throughout the whole
world, liberating us all from this oppression of conflict, turmoil and fear.
and making us really free."
Lausanne made the occasion a holiday. The hotels and other buildings
were decorated and some of them displayed huge electric signs bearing
the word "Pax." Great crowds gathered about the university, thousands
of persons standing on the ramparts and roofs in the vicinity of the building,
which is in a kind of amphitheatre. Many smartly gowned women gave
color to the scene inside the hall.
All the delegations before the meeting joined in a letter of thanks to
President Scheurer for the hospitality extended by the Swiss during the
conference. It referred to Switzerland's traditional desire for peace,
and concluded:
"This treaty marks the definite re-establishment of peace in the world."
The whole simple ceremony was over in an hour.
The great amount of work' done by the Near East Peace Conference,
of which the peace signed to-day is the outcome, is indicated by the number
of documents it produced. In addition to the general treaty, these include the convention setting up the regime for the Turkish Straits, to
which Russia and Bulgaria adhere, and a separate agreement on the
frontiers of Thrace, commercial and amnesty accords, and protocols on
concessions, minorities, judicial safeguards for foreigners and documents
by which Belgium and Portugal adhere to certain parts of the treaty.
The general treaty comprises 143 articles, divided into five parts—
political, financial, economic, communications and general clauses.
The commercial section stipulates the application of the Ottoman
tariff,
Initiated in 1916, multiplied by a coefficient corresponding
to the depreciation of the Turkish currency.
Entrance of the United States into the full spirit of the League of Nations, he declared, was the only way open to a possible prevention
of such
a conflict.
President Harding is "eternally right" the former secretary said, in
his proposal for participation in the world court, but this agency having
powers to deal only with international questions of a legal nature, "can't
be counted upon to end war."
"Partisanship ought to stop at the sea coast," Mr. Baker declared in
urging that the country assume full membership in the
League but with
any reservation of under any name that might be desired.
Even the Lodge reservations would be acceptable
to him, he said, if the
full spirit of the League would be entered into.
In substantiation of his declaration that a new
war might be anticipated,
Mr. Baker asserted that standing armies in
Europe now are greater by
600,000 men than in 1914, previous to the World War.
Peace With Turkey.
Senator Hiram Johnson Warns Against Foreign
Alliances—Says What Is Wanted Is Not Our
Brains, But Sword and Purse.
Senator Hiram Johnson of California, who arrived in the
United States on the "Leviathan" on the 23d inst., after a
tour of four and a half months in Europe, reserved until
Wednesday night, the 25th, a statement of his impressions
as to conditions abroad. Upon that occasion the Senator, in
addressing a gathering at a banquet tendered him at the
Waldorf-Astoria, warned against participation by the United
States in European affairs, declaring that "If we become
part of an European pact we are not only in European imbroglios, but we invite controversies at home by going into
Europe. By going into Europe we have little chance of settling Europe's racial hatreds, and we may transfer them to
our own land." "There's just one course to pursue," said the
Senator, "Just one way to play our proud part, just one
method to render real service—speak our voice, frankly and
boldly, be true to our own institutions, hold to our own
ideals, be fair and just to all peoples, but, standing upon our
own shores, remain' the master of our own destiny, the captain of our own souls." "So earnestly and so firmly," said
Senator Johnson,"do I believe that the future of the republic
depends upon keeping out of the turmoil, the strife and the
controversies, the schemes and machinations of Europe, that
we can have no higher resolve than to dedicate ourselves to
the patriotic duty in the days to come to maintaining the
distinctive American policy and keeping our country free
from every entanglement which would destroy that policy.
In my humble fashion, without limitations of politics or candidacies, I dedicate myself to maintaining America just as
America has ever been." "Since when," said he, has America become so weak and so timid its foreign policy could be
declared only in conjunction with other nations?" "Our internationalists iterate and reiterate," the Senator observed,
that all would be well in Europe and that everything there
would long ago have been quite solved and settled if only we
Americans had remained in Europe to give it the benefit of
our opinions in the League of Nations at Geneva and in the
Reparations Commission at Paris." Asserting that "It is not
American wisdom that France and Britain
want," the Senator said:
rFrom the New York "Evening Post" of July 25.1
Constantinople might well declare a holiday, hang out her flags,
fire 101
guns and organize torchlight processions to celebrate
yesterday's peace.
There are few similar contrasts in history as complete
as that between the
Treaty of Sevres and the Treaty of Lausanne. The one organized
a Greek
Empire on the ruins of Turkey; the other restores Turkey on
the ruins of
the Greek Empire. Palestine and Syria are lost to the Turk.
but Anatolia.
Armenia and Eastern Thrace are back in his hands, and even
Karagatch
has been ceded to him in lieu of a Greek indemnity. Not for
decades
has Turkey held up her head so proudly as a nation. Of the irksome capitulations only a shadow is left, and the country is being bowed into
the
League of Nations. The history of Turkey since her defeat in the World
War is a tremendous object lesson in the folly of greed that overreaches
Itself and international jealousy that defeats its own aims.
In the negotiations of the final weeks at Lausanne Ismet Pasha
succeeded
in wresting new concessions from the Allies and in Justifying
the defiant
stroke with which he had broken up the preceding Lausanne session. As
for the heavy Turkish debts, nothing is said in the treaty
about them.
The Turkish Government is left to settle the terms of
repayment with
the bondholders, who will have to rely on whatever diplomatic
support
they can gain from their Governments, and upon Turkey's
appreciation of
the fact that future credit cannot be obtained unless she
deals fairly with
her present creditors. Regarding the economic concessions,
it has been
agreed that all valid grants before the war shall be
maintained, but that
adaptation to present economic conditions shall be allowed.
Three larga
pre-war concessions have been declared invalid by the Turks,
and are to be
the subject of special inquiry and a new arrangement.
The Mosul frontier
is to be arranged by separate negotiation between Turkey
and Great Britain
within nine months. Constantinople is to be evacuated within
six weeks.
These arrangements are not unfair; but they mean that Turkey
has not surrendered a single point at issue.
No one need regret that the Sevres Treaty has not stood. The
Turks
were only too well justified in declaring that its terms,
surrendering large
Turkish cOmmunities to alien control, and imposing excessive
restrictions
upon Turkish freedom in economic and political affairs, were
If we accept the invitation to help France and Britain enforce
intolerable.
the Treaty
What is to be regretted is that a fair peace was not quickly,
emphatically, of Versailles, let us at least realize that the importunity of the invitation is
and finally imposed on Turkey by the united Allies. The wars and
the size of our muscles and not at all to the
to
due
quality of our brains.
massacres of the last few years might have been avoided. A national home
When once, however, we have recovered from
the hallucinations into
might have been obtained for the Armenians, and the Greeks in Thrace which European flattery has thrown us, when we rift the
dazzling veil of
and
conceit
vanity
and Asia Minor might have remained under the Greek flag.
in
which
we
have enveloped ourselves, and when once
The wholesale
really clearly understand that our presence in Europe
expulsions of foreigners from Turkey might have been avoided and
we
their
is desired simply
full safety guaranteed by the continuance of fair capitulations clauses. and solely becuase of our sword and because of our purse, we
will, I believe,
The Straits might have been policed internationally. Europe wantonly reject the invitation to Geneva and reject the invitation
to any and al/
threw away the opportunity of giving stability, peace and prosperity to judicial suburbs of Geneva with a unanimity which will close
the matter
forever.
the Near East.
We must pin our hopes for a brighter future in that part of the world to
Senator Johnson declared that he saw "no evidence of
a subsidence of the excessive Turkish nationalism. Angora should understand that the policy of driving all Greeks and Armenians from her soil chaos in Europe, but I saw plain evidence of future conflict."
will prove ruinous, for these groups have furnished the backbone of her "Another bloody war," he continued,
"Is in the making. I
commercial and industrial system. The Government will have to learn
would prevent it if I could; but if that bloody war is no conto treat fairly those foreign interests which have given Turkey all her modern improvements,from the electric lights in Constantinople to the railways cern of ours and comes from causes of which we are no part
In Asia Minor. The obvious program for Turkish statesmen to follow is I would not send a single American
soldier again across the
now to forget political and racial fanaticism and concentrate their energies seas." Senator
Johnson contended that "if one-tenth the efupon economic reconstruction.
Ex-Secretary of War Baker Predicts European War in
Three or Four Years—Urges Entrance of
United States to League to Prevent
Conflict.
Speaking before the annual convention in Cedar Point,
Ohio, July 12, of the Ohio Electric Light Association, the
prediction was made by Newton D. Baker, ex-Secretary of
War, that there will be a continental European war within
the next three or four years, with the possibility that the
fort now being made to take us into Europe were devoted to
taking our own out of their distress and want, we'd have a
happy, contented and prosperous people." The following is
Senator Johnson's speech:
I cannot express to you what is in my heart as I meet you to-night, I cannot hope fittingly to tell of my appreciation and gratitude. To find, after a
prolonged absence, the friendships of the years yet enduring, their bonds
strengthened, mellows and moves me far beyond mere words. lam proud,I
am happy—above all, I am thankful. And in speaking thus I assume that
to-night is not wholly a personal greeting; It has no political significance;
but it represents possibly an Idea uppermost in your minds and mine which
you and I think needs expre&sion, of the relations of our country should
maintain toward the rest of the world.
JULY 28 1923.]
THE CHRONICLE
397
that has thus far been ours;
For four and a half months I've wandered through Europe. The oppos- European political mess or follow the policy
prosperity, our happiness and our glory.
tunity has been mine to talk with many, high and low alike, to see— it ir that has brought us our fame,our
against the foreign propawarning
I pause a moment to sound my feeble
true, superficially—existing conditions; to witness some important developIt comes principally from the
ments and to hear expositions at times of national policies. I do not pre- ganda now poisoning the national mind.
worse, only more effective, than other
tend an intimate knowledge of statesmen's minds, nor of people's purposes. British Empire,although Britain is no
sources of our news. It plays
I frankly concede to you I am utterly wanting in that omniscience which countries in this respect. It taints the very
and often speaks in the holiest
enables an American, as he steps from the gangplank abroad, to tell the upon the most sacred of human emotions
bodies, civic and commerpublic
into
world what it should do, and then, with benevolent and generous intention, aspirations of mankind. It reaches
and pulpit alike. Its medium
to confide to an eager and listening Europe exactly what the United States cial associations, women's clubs, into press humanitarian and religious apis sometimes in the guise of news, often in
will do.
peal, and sometimes it appears in titled personages from abroad.
I regret that I am so lacking in discernment and intelligence that I cannot
When a Balfour or a Cecil comes among us, they preach their doctrine
abroad.
week
a
spend
who
some
in
like
Europe,
residence
by an overnight
however carefully and sweetly
advise Europe of her future course and America of her bounden duty with the eloquently and tactfully, but it is always,
not of and for ours.
absolute certainty that if the advice be heeded the world will prosper and all phrased, the doctrine of and for their great nation,
learned, that in the preswill be well. There is a growing feeling across the sea that too many Ameri- And these titled gentlemen know,just as we have
some of our people are
cans, under the persuasive and compelling influence of their invironment ence of a foreign title or a great alien personage
ashamed of bethere, speak what they think their auditors wish to hear; and who from the afflicted with an inferiority complex that makes them a bit
of their birth
circumstance
impelling necessity of their own importance iterpret our country not as its is, ing American, apologetic for the unfortunate
and singularly susceptible to a foreign viewpoint. We cannot blame some
but as will best maintain the position they crave in Europe.
rather contemptuous in their estimate of
I was "an innocent abroad." I was content with my nationality, but tre- of our English brethren if they are
character. They see only two classes of Americans—fawning
mendously curioustolearn ofothersfrom being among them. Withoutracial American
rich, who speak only in cringing accents, and those who
prejudices, with wholehearted religious toleration, with, if I may be premit- little brothers of the
sunlight of a titled presence and who jostle one another
ted, a love of human beings, just ordinary people, I endeavored to sense the wish to bask in the
effort for presentation at court.
atmosphere in which I moved. Little more can be done in any brief visit In a frantic
I'd like to label Americans of this sort who leave our shores, brand
abroad. And so, in the beginning let me say to you.I do not claim to have
them abroad
been a close investigator, nor do I presume to speak authoritatively. I give them with the contempt of real Americans. and sending
representing nothing
but the impressions of an innocent abroad. I went to Europe just an plainly marked as the exemplars of but a small class,
people and
our
to
service
but themselves, we would render an inestimable
American. I return just an American.
those beyond the sea.
In talking with you to-night I speak in neither personal nor political hostil- perhaps an equal one to
Through this susceptible class and the ever-present foreign propaganda
ity to any man. I speak in no partisan sense. I am one of those who behave absorbed the choicest and most amazing mass
lieve politics should be limited by the coast line of the nation. Our interna- the American people
the pity of it is, this misinformation is the basis
and
misinformation;
of
determtional policy, our country's relations to foreign countries, should be
many good and well-meaning people. The chords
ined by the policy itself, not by opportunism nor by any spurious cry of party of the opinions of so
and brotherly love are played upon by master alien
regularity. I cannot forgive the man who decides this nation's future solely of human sympathy
and love of peace inborn in every man and woman
by the present apparent necessity of partisan politics. Some of us will hands: the hatred of war
unconscious instruments of secret purpose and hidden
neither be cajoled nor driven, nor browbeaten into advocacy of a foreign have become the
And finally politics come into play, and an international issue
policy at variance with what we deem our country's weal. What we con- selfishness.
as a political life preserver.
demned under a Democratic Administration, wo will not accept under a is eagerly seized
conference,
You may call fhe present effort what you will—a league a
Republican Administration.
a world court—the result, whether intended or not, will
In our country, as in every other, there are to-day pressing domestic prob- an association or
international
the
exactly the same. Nobody in Europe cares a rap for
lems, upon which there is wide divergence of view. When the very strug- be
very much whether we get into it. Nobody expects
gle for existence becomes more difficult, when the day's activities may mean court: many care
Court to solve any real provocative international problem;
their continuance on the morrow, when possible want stalks just beyond the the World
United
but many expect if the United States can be lured into it, the
fireside, men have little time or thoughtfor international policies.
way not only to the League of Nations, but to a full parTo-night I am expected to speak sketchily of my impressions of foreign States is on the
affairs.
relations, and I retrain therefore, from any extended discussion of domestic ticipation in European
War is awful, but there are other things almost as wicked.
questions. Men, however, are not unlike the world over. Human breasts
horrors have so recently wrung our hearts that
Its
terrible.
is
War
throb with the same emotions. Hopes and aspirations, yearnings and longand its wickedness is unnecessary to enlist all
ings,fears and love, come to the peasant of Russia and the farmer of America portrayal of its awfulness
its prevention. But straight thinking people
in
people
thinking
right
his
and
primitive
problem
of
man
for
The
alike.
existence and subsistence
war, not to unite with war producers or inciters
dear ones is no different in one clime than another. Common humanity want really to prevent
readily accomplished and their wars made
learned from dread war it must bear the burden, but it learned, too,it could that their designs may be more
wield the power. No people,least of all ours, will ever again look with equa- easier.
survive
There are some things perhaps as wicked as war. A nation may
nimity or in silence upon the invasion or subversion of what they deem their
fibre has been destroyed by hypocrisy
inalienable right—the right to happiness, to God's sunlight, the right to a war, but a nation whose moral
with character
has no future. War may leave people torn and bloody, but
live. No court's decree denying fundamentals 'will they ever deem final.
Corrode a nation's character, destroy its
Discontent abroad in our land, say our publicists? Of course, there's left, those people are not lost.
lose and yet
even
We may fight and
discontent. It arises, not from dissatisfaction with popular government, moral fibre and the nation dies.
the untold agonies of war, and rise
but with the lack of it. When we are so weak, our efforts so futile, that we again wax strong. We may suffer
character untainted and moral strength
cannot frame laws which will stand the test of courts to prohibit child labor supreme by very force of a national
of abhorrence of war. I preach with
and give women a minimum living wage, the conunon man looks at us, aye. untouched. I preach the doctrine
public life, in our national and interhe even dares look at the courts, with some doubt and mistrust. When he the same emphasis abhorrence in our
pretense and hypocrisy.
finds his larder low, his crops poor, his prices poorer. and the appeal from national policies, of duplicity, cowardice,
the
However well intended, it is a dreadful thing to tell our people that
statesmen and churches for him again to go to Europe; when his problems,
it will have the slightest effect
that
or
which means not only his happiness, but the happiness and very life of his International Court will stop war
a shameful thing to play
loved ones, are shunned by those in power for the glamour of participation upon wars. However good the purpose, it is
churches with the pretense that
in European affairs, in no uncertain fashion he voices his discontent and upon the emotions of our women and our
a World Court exists which will readily adjudicate internatiocal disputes
distrust.
If one-tenth the effort now being made to take us into Europe were de- and bring peace and good will on earth to all men.
The court means nothing of the sort. It is an utterly futile agency for
voted to taking our own out of their distress and want, we'd have a happy.
not pretend.
contented and prosperous people. If a tithe of the time and money and peace—it cannot and it will not prevent wars, and it does
jurisdiction
labor spent in endeavoring to convince our citizens they should solve either in its organization or in its operation, to do so. It has
the four
Europe's ills were spent in solving our own, the solution would be found. of nothing except what countries may choose to submit to it, and
Japan—have
and
Italy,
France,
But of one thing be certain. Humanity is determined to have its own. great member nations—Great Britain,
It no longer begs; it demands. It asks its right to life, liberty and happi- specifically declined to submit to its compulsory Jurisdiction.
It is an arbltral tribunal to which disputes may or may not be brought,
ness. It will have it in full measure. I suggest to my conservative brethren
that recent events indicate they must choose whether progressive things as the great nations choose, and passing events demonstrate conclusively
shall be done in a conservative way or in a radical way. You may have to the great nations do not choose to submit anything of consequence to it.
Call it court, or what you will, its genesis is the League of Nations. It
take progressivism or radicalism will take you.
the
But upon these domestic questions, our people will divide without pre- Is part of the machinery of the League. It is the advisory body of
the
tense or cant, and they will be decided in the good old American fashion, in League; its opinions are based upon the prerogatives of the League;
League,
the
fair, stand-up fight. I have that confidence in the genius of the American law of the League is in reality the law of the court; and behind
people that they will ultimately be rightly decided; but the recurring Periods controlling it and directing it are the chancelleries of Europe, with their
at which the electorate may express their views make it certain they will secret diplomacy, their selfishness and cupidity and their hideous schemes
finally represent the will ofour people. Atany rate.candor,frankness, direct- of exploitation and conquest.
I have no purpose this evening of indulging in an infinity of detail conness will prevail in the determination of our domestic policies, and they may
nor a
be changed Just as often as the people, expressing their will at the ballot cerning European conditions. Neither an intimate acquaintance
The
close investigation is required to determine the present situation.
box, desire.
of altruism
Unfortunately, another rule obtains with respect to our international prob- policies of the major nations, whether cloaked in the guise
I
student.
lems. Unlike domestic policies, we may not with facility change a foreign or boldly announced, can be easily read by the most casual
justice
policy once adopted. When we have entered a particular course the march characterize these policies neither in one fashion or another. Their
occasion periee,
hair
injutst
merits or demerits, I pass, leaving for another
onward may be irresistible. The future is over doubtful—never can be or ps
dis
accurately foretold. Were we convinced of the tmwisdom of a course haps,
course for a
to-day pursues the policy that has marked her
adopted, the arguments of expediency, of moral obligation and the like
a Palmersprobably would carry us on. The overwhelming force of these arguments century and a half; it is no different under a Baldwin than under
always of
bottom
the
need not be described to those who remember the late war and the discus- ton. The commercial supremacy of England is at
its political policy. No sentiment rules its foreign office, and none intersions then and during the League contest.
powerful Germany
Of transcendent importance is it, therefore, that we reach our decision feres with its political alliances. It stands against a
powerful France
of our foreign policy without haste or passion, partisanship or prejudice. when England's trade is threatened. It stands against a Comradeship is
Europe.
Once we enter upon a new venture there will be no retreat. I'm well aware when France seems to dominate Continental
of what may be said of Congressional action, and the power of the representa- forgotten when trade policies are threatened.
the future, is
France victorious remembering the past, and fearful of
tives of the people. and I understand thoroughly what that power is; but I
her world power;
determined to maintain her Continental position and
understand, too, how that power may be controlled.
due.
just
It is a matter of deepest regret that in our discussions of foreign relations she seeks by the strong arm what she asserts is her
dreams
sees her fairest industrial province seized and
f
sometimes candor is lacking, frankness and directness forgotten, and too
a efrmautnyd
ure
of reckoning.
often we neither see clearly nor think rationally of an international problem. ofG
The strong man of Italy bluntly announces the Italian policy "Nient,e
Though you and I thought it had been decided in 1920, the old question
Italians" and pursues
recurs. If it must be decided again, I insist it shall be honestly and fear- per Niente"—"Nothing for Nothing"—"Italy for
listic way, with no other thought than the advantage of his
lessly decided. Let's have no pretense: let's make the issue so plain that his nationalistic
even some of our most distinguished statesmen cannot dodge it. I do not own
The Balkan States, pawns of the great Powers, retain their unlimited
agree at all with the views of Mr. Justice Clark and Mr. Hamilton Holt
and their associates. I do heartily agree with them on one thing—if our capacity for involving their greater neighbors, and with but one or two
foreign policy is to come before our people, let it come frankly, fairly, hon- exceptions still cling to the good old Balkan method of changing Ministers
estly, and let the people decide whether they wish to participate in the by assassinating Ministers.
398
THE CHRONICLE
[VOL. 117.
Peoples I found generally kindly, courteous, industrious and lovable. pro-Leaguers
favoring the Court because they think the President is misBehind them are the centures of their history, and with them abide the taken, and
that it would take us into the League; and the anti-Leaguers
traditions of many generations. They have their way of living, their opposing it for
precisely the same reason.
mode of thought. They neither ask nor desire our advice. Their habits of
Every utterance of three or four years ago concerning the League is paraliving and of thought have developed through the ages, and the suggestion phrased in the
arguments of to-day, and singularly enough there are some
of change in either would be received with no less surprise than resentment. who, while
repudiating their past utterances, again urge upon us a similar
A considerable number of our good people really believe we are wiser and course. I speak
now in no invidious sense. I recall to you what is but rebetter than those living in Europe. Unfortunately, the Europeans don't cent political
history. I dolt not in personal vein, but as a legitimate warnknow it; and I fear notwithstanding the resolutions so generously and ng concerning the
arguments made to-day for the Court.
numerously and unanimously adopted by Friday morning clubs and Tuesday evening associations,for "rescuing humanity" and "saving civilization,"
Views of Hughes and Hoover.
Europeans will continue living and thinking in the European way.
You remember how, in 1920, a group of very distinguished gentlemen
Britain to-day is at loggerheads with France. The legal staff of the pledged
their faith to the American people that If the Republican candidate
British connected with the Reparation Commission hold the invasion of
for President was elected we would enter the League of Nations. Among
the Ruhr Illegal. The legal staff of the French hold the contrary. In this hose
who thus pledged themselves were two great statesmen, Messrs.
there is a lesson for us, for it demonstrates how nationality enters into every
Hughes and Hoover, who are now members of the President's Cabinet.
decision and the facility with which reasons may be found by patriotism,
and whose utterances in behalf of the League of Nations were among those
to make the law of the case. But the difference between France and most
eloquent and persuasive. They are now part of the Administration
England is far deeper than a mere difference of legal construction. It
which in very emphatic language at St. Louis said that the verdict of the
involves fundamental policies. England wants no dominant France.
American people was rendered against the League in 1920; that America
She seeks as ever a balance of power. France, rising invincible from a
would have nothing to do with it, and that the issue of the League was as
great war, wishes to discount the future and, aside from the collection of
dead as slavery.
reparations, hopes to remove forever the menace of the past. I heard in
These two distinguished members of the Cabinet have, of course,recanted
Paris,for the first time in many years, the contemptuous words "Perfidious
their views and are now,just as the President is, opposed to the entry of the
Albion." I heard in London bitter reference to French militarism, NapoleUnited States into the League;for it is obvious if they had not changed their
onic conquest and the like.
views, with their pledge to the American people so emphatically repudiated,
Germany, with her industrials and workers in fair condition, has a middle
they could not remain members of the present Administration. I conclass acutely suffering. She feels, it matters now whether her complaint be
gratulate them,and I congratulate the People of the United States that they
just or unjust, that we enunciated fourteen points of peace and then abanhave seen the error of their way and that to-day they would not take our
coned them. She accuses us, therefore, of bad faith. France and Britain
great country into the League, and I congratulate them upon their confessay we fought the war with them and quit at its end when there was still
sion to the American people.
work we were in honor bound to do. France and Britain, while not openly
They, however, are believed in Europe, and I think in America, too, to
accusing, think we were guilty of bad faith. But France now sees England
as a deserter, England sees France as an exploiter with designs of coneuest. be the sponsors for the present endeavor to have the United States join the
World
Court. I may be pardoned, therefore, in suggesting to you the
Italy looks askance at both and thinks of herself, and all are viewing us
vehemence of their views three years ago upon a most important internaof course affectionately but rather cynically.
tional
policy,
views which now they have changed; and we may be parOn every hand,in every land, are distrust, suspicion, hostility and hatred;
hostility and hatred of one another, distrust and suspicion of us. The doned, too, in accepting, respectfully, but with a bit of caution, their presmoratorium required in Europe is a moratorium of distrust, suspicion, ent view upon a less important international policy.
Our internationalists iterate and reiterate that all would be well in Europe
hostility and hatred. Europe must put her political house in order before
she invites guests to cross its threshold.
and that everything there would long ago have been quite solved and setIn this condition abroad, can any question what should be our attitude? itled if only we Americans had remained in Europe to give it the benefit of
opinions in the League of Nations at Geneva and in the Reparation
We must not be persuaded to a false step in a little policy, however
alluring our
It may seem, which ultimately may involve us in that which, thus far, Commission at Paris.
It is specifically denied that we would ever be expected,to back our opinwe have shunned and avoided.
I will not take our country into this clash of selfish ambitions and the yet ions with troops. Our internationalists would have us believe it is not our
existing racial feuds which have written the bloody pages of centuries of troops that are wanted. It Is our views. It is our intelligence.
European history. If we become a part of what is happening abroad, we
No wonder that some Americans feel flattered by this display of confiwould be but the dupe or the prey of the one faction or the other. So dence in their mental powers.
earnestly and firmly do I believe that the future of the Republic depends
It is admitted that Julius Caesar did not succeed in solving Europe. It is
upon keeping out of the turmoil, the strife and the controversies, the admitted that Charlemagne left it unsolved. It is conceded that Louis the
schemes and machinations of Europe, that we can have no higher resolve Eleventh and Charles the Fifth and Queen Elizabeth and Marlborough and
than to dedicate ourselves to the patriotic duty in the days to come of main- Napoleon and Disraeli and Cavour were baffled by it. It is granted—and
taining the distinctive American policy and keeping our country free from n fact claimed—that it is far too puzzling for Mussolini, Poincare, Cuno,
every entanglement which would destroy that policy. In my humble Baldwin.
It follows, apparently, that all it needs is two now representatives of the
fashion, without limitations of politics of candidacies, I dedicate myself to
American State Department, one at Geneva and one
maintaining America just as America has ever been.
at Paris, in addition
It is nonsense to talk of turning our back upon the world and maintaining to our present numerous Ambassadors and Ministers.
new
two
These
members would accomplish the task which a thousand
aloofness from its daily activities. We may have a foreign policy if we
choose, and that foreign policy may speak in tones which will cause all the geniuses from Alexander the Great to Lloyd George have attempted in vain.
dazzliag
How
is
this conception of our intellectual gifts. We did not
world to pause.
For one, I would have a definite foreign policy for our nation, but a policy know before that we were such solvers of problems. In the irridescent
of our own. It is true that this policy might change with succeeding dream of the internationalists we now in many cases thankfully turn our
Administrations, but this presents no obstacle to a frank avowal of our backs on problems of our own, which we know we cannot solve, and address
present purposes. If the Administration for a moment in power believes ourselves with enthusiasm to the European problems which we are told we
any foreign country jeopardizes peace, there is no reason why we should can solve with ease.
I am frank to say that I do not share this view either of America's
not say so. I resent that our great country can only speak in concert
with capacity to save Europe or of
others and that it cannot speak alone.
Europe's Incapacity to save itself. Europe
times has been in a situation as serious
many
Since when has America become so weak and so timid its foreign
as the one from which it
policy Is now striving to emerge. European
intelligence solved those previous
could be declared only in conjunction with other nations? I can recall
the situations—such as the ghastly one that
times when a Democratic President of the United States did not
followed the Thirty Years' War—
hesitate to without any help from the United
States, and often without even the
express the views of our country in foreign affairs. And I remember
when comfort of knowing that there was ever
going to be a United States. MI*
the greatest American of his generation spoke in clarion tones
America's
It is not American wisdom that France and Britain want. They know'
foreign policy, and all the world listened. Hysterical
sentimentalism has that we have no special wisdom to
offer.
made us dumb, and our aimless drifting has brought us into
They know that they could
international get better special wisdom about the
Ruhr, for example, from Denmark.
contempt. It is only the timid and the fearful who ask others to
unite But tney do not say that Denmark is
with them in order to exercise their moral weight. The strong, the
self- do say that the United States is essentialessential to the League. They
to It. What is the difference?
reliant, the just, by the mere expression of a righteous view give
infinitely The difference is that while Denmark is
wiser about European affairs.
more effect to their moral weight than by waiting and watching,
and The United States is the world's largest
reservoir
begging and pleading that others may Join in the expression of what
of money and one of the
they world's largest reservoirs of potential
military man power.
believe to be fundamentally right.
us not permit our vanity and egotism to fool
Let
Moral weight. Our internationalists constantly harp upon if we'd only
us. If we accept the
to help France and Britain enforce
joined the League of Nations, our moral weight would have been sufficient Invitation
the Treaty of Versailles,
least realize that the importunity of the invitation
us
at
let
is due to the
to have prevented any subsequent wars. If we would only get into the
of our muscles and not at all to the quality
European mess, our moral weight would sweep back the tide of centuries. size
of our brains. When
once, however, we have recovered from the hallucinations into which
Not so. The sure way in which we might dissipate our moral weight is to
European flattery has thrown us. when we lift the dazzling
veil of vanity
make it subject to the decision of those upon whom we wish to exercise
and conceit in which we have enveloped ourselves, and when once we
moral suasion, or to submit it for ultimate expression to those who have
really clearly understand that our presence in Europe is desired simply
no moral sense. Free. independent, unfettered by league or association.
and solely because of our sword and because of our purse, we will, I believe.
court or conference. America can speak and the world will heed.
reject the Invitation to Geneva and reject the invitation
to any and all
The latest effort to take us into the maelstrom of Europe by an interna- judicial suburbs of Geneva with a
unanimity which will close the mattes'
tional court of the League is, of course, Indirect. We are told we are not to forever.
enter the League by the back door, the front door, or the cellar door, but
I do not for an instant believe Europe will degenerate into chaos. Minthe fact is we are asked to house ourselves in a separate building upon the istries may fall and Governments may
be overturned, but peoples will
estate of the League. Those who wish us to enter the League care little continue their national life. I believe
in peoples. They may indulge
whether for the moment we are in the original structure. If we may be In even bloody terrors, but peoples finally
want homes, and families, and
Induced to enter that which is a part, they know full well when retreat is children, they yearn to live and love.
The
impetus of daily avocations.
no longer possible we can be driven into the main building.
of hourly association, the spirit of gregarious men, will preclude, in our
I am well within the fact when I say that of all those interested in the day, anarchical chaos. Wars there will
be while antagonistic races with
subject of Europe, none consider the World Court except as a part of the burning unabated hatreds face each other
across imaginary boundary lines.
League of Nations, and the idea of the divorcement of the two is merely a I saw no evidence of chaos in Europe,
but I saw plain evidences of future
matter of jest.
conflict. Another bloody war is In the making.
I would prevent it, if
I do not question the good faith of the President, nor the fact that he I could; but if that bloody war which
is no concern of ours and comes from
believes he may accomplish the seemingly impossible task, but, aside from causes of which we are no part. I
would not send a single American soldier
his few advisers. I think there is quite a substantial disagreement with him. again across the seas.
Those who favor a League of Nations want us in a World Court, because
In Europe are the feuds of centuries. God gave us the dividing oceans.
they say it Is a step in the right direction, and as the franker among them There people must live in the
days to come as in the centuries past with
express it, it is but a preliminary move for entrance into the League. The their hatreds and hostilities. Our
forbears left behind them European
President says that under no circumstances will we have anything to do feuds and began a new experiment
in Government in a savage and an
with the League. The pro-Leaguers believe that if we get into the Court unknown land. They
bequeathed
us our immortal heritage untainetd
the President will be found to be mistaken, and they are with him in
his with hatreds. From the God-given vantage of 3,000 miles of protecting
advocacy of the Court. On the other hand, the opponents of the League waters, we do not view
these hatreds with indifference; but by becoming
oppose the Court because, among other reasons, they believe it means a part of them, we cannot
aid the participants, we can only add another
entrance into the League; and the paradoxical situation is presented of the belligerent.
JULY 281923.]
THE CHRONICLE
And we have our racial problems, too. In France, in Italy, in Germany
and in England there is one race, homogeneously national. We are heterogeneous. Every race on earth is part of our citizenship. Human nature
does not forget, though it may forswear, the land of its birth. A controversy in Europe of one of the races abundant with us at once arouses
sympathy and advocacy here. If we become a part of a European pact
we are not only in European embroglios, we invite controversies at home.
By going into Europe, we have little chance of settling Europe's racial
hatreds, and we may transfer them to our own land. There's just one
course to pursue, just one way to play our proud part, just one method
to render real service—speak our voice, frankly and boldly, be true to our
own institutions, hold to our own ideals, be fair and just to all peoples,
but standing upon our own shores, remain the master of our own destiny,
the captain of our own souls.
One of those present at the banquet was Ambassador Harvey. In referring to his presence, the New. York "Times" of
the 26th stated:
An unexpected guest who put in an appearance so late that his name did
not appear on the seating list was George Harvey, Ambassador to Great
Britain. When Mr. Harvey appeared he was invited to occupy a seat at the
speaker's table, but modestly waived that honor and found a place at table
43 with Henry L. Stoddard, a former Progressive; Joseph S. Auerbach and
others. When asked before he entered the banquet hall whether he had any
comment to make on the dinner or on President Harding's World Court plan,
Mr. Harvey merely shook his head.
"You have heard what Henry Ford said,'Yes, I am not a candidate,' My
answer to your question is, 'Yes, I have nothing to say.' I came to hear
what Senator Johnson had to say after his trip to Europe."
M. Reynolds Urges that United States Keep
Aloof from European Affairs—Says France Has
No Intention of Paying War Debt—Sees
War Clouds Abroad.
George M. Reynolds, Chairman of the Board of the Continental & Commercial National Bank of Chicago, has come
back from Europe with the impression that "the best thing
for America to do is to keep her hands out of European
affairs and for every class of its citizens to get together and
co-operate in the solving of our own problems." Mr.
Reynolds, who returned on the steamer Leviathan, arriving
here on Monday last (July 23) after a five months' trip
abroad, has come to the conclusion that France has no intention of paying her war debts to the United States, and no
intention of resuming friendly relations with Germany until
the latter country has been practically milked of her life
blood. According to a Chicago dispatch to the New York
"Times" on July 23, Mr. Reynolds, upon his return to that
city, declared that a war between France on the one hand
and Germany and Russia combined on the other, with Britain
holding aloof, is now a possibility. He hoped for the best
the dispatch states, but feared the worst, and painted conditions in Europe in drab colors, due, as he explained, to the
machinations of politicians. The dispatch further said:
George
Mr. Reynolds declared that high tariff is a hindrance to international
trade; that Premier Mussolini of Italy faces assassination, and that Hiram
Johnson is a conservative when compared to other recently elected legislators.
"There is need," ho said, "of a great deal of co-operation on the part
of all American citizens. It is doubtful if legislation alone would help
greatly. If the farmer gets $2 for his wheat, the high cost of living will
go up, and 66% of the population, instead of 33%, as now, will be discontented. As a result of such class legislation other special legislation
will be wanted.
"I believe that readjustment must come about chiefly through a deflation of the prices of manufactured articles to the farmer."
As to American-European relations, after discussing French occupation
of the Ruhr. the general "cocky" attitude of the French people, and the
possibility of a German-Russian-English entente. Mr. Reynolds concluded:
"The best thing for the United States to do is to keep its money at home,
where it will be needed."
From the New York "Evening Post" of July 24 we take
the following statement attributed to Mr. Reynolds:
f France is frankly after Germany's lifeblood. She wants every penny
Germany can scrape up; the smothering of the country as a nation, or, if
she can't get either, some kind of a guarantee from some other big nation
that Germany will pay. Everywhere in France the individual says: "No
matter what offer Germany makes, we won't accept it."
The attitude of the Government apparently is the same. They have
their big army on German territory and they are feeling cocky. In Paris
one hears everywhere the expression: "We'll stay in the Ruhr until they
pay."
I see little prospects of Prime Minister Baldwin's note on the Ruhr being of any help. He tried to placate the French, but apparently he has
failed. The great difficulty is that tho nations of Europe do not trust
one another, and until they do conditions are going to continue from bad
to worse.
Franco as a nation is broke. She is frank about it and smiles when
mention is made of paying her debts. Her argument is that she will pay
when Germany Pays her. She is not making any effort to collect her taxes.
and some of the people sit at their tables and boast that they haven't
paid the Government anything. One reason for this laxity is the Government's fear of serious trouble among the peasants if they press down upon
them.
/ was sorry to find that England and Prance
were so estranged over
the Ruhr situation, and that the situation was far more serious than the
majority of the American people are aware of. France has not the slightest intention of paying one cent of her war debts to the United States.
In its issue of July 25 the "Evening Post" enlarged upon
Mr. Reynolds' earlier statement as follows:
The problem of restoring Europe is the problem of restoring international
trust and understanding, in the opinion of George M. Reynolds, Chairman
of the Continental & Commercial National Bank of Chicago, who arrived
hero on the Leviathan after a six-months study of European countries
399
and left to-day for Chicago. And the problem of restoring trust and
understanding? It is unsolvable, said Mr. Reynolds in an interview at
the Hotel Biltmore,
The Chicago financier found the outlook gloomy in France, England.
Germany and other countries.
"What," he was asked, "do you deem a remedy?"
There was the rub. There is no cure-all, he replied. "There is not a
responsible man in Europe to-day," he avowed,"who can suggest a remedy."
He shook his head to all suggestions. Cancellation of debts? No.
The World Court? No. The League? No. Suspicion between nations
has taken the place of trust, he said, and in all liklihood it will take a
stretch of years for the distrust to spend itself.
France's Fear of Germany.
"France fears Germany," said Mr. Reynolds. "France's population is
3,000.000 less than it was at the outbreak of the war. According to
existing population trends, in 25 years Germany will count 100,000,000
persons, against 25,000,000 for France. Frenchmen foresee that situation
and say that France would then be a helpless victim to their traditional
enemy's undissipated wrath.
"So France would like to crush Germany utterly. That is a hard
thing to say, but it is the truth of the matter. Either that or she must
have guarantees of safety from other powerful nations or from some one
nation. That cannot come from the United States. Americans would
not go overseas for such a fight. The guaranty must come from some
country that would also suffer from an attack on France. Great Britain
seems the logical selection."
But Mr. Reynolds declared the disturbing thing was the growing estrangement of France and Great Britain in consequence of the Ruhr
Invasion.
"England fears that Germany, mangled by the French heel, may be
forced into an alliance with Red Russia, and accordingly become Bolshevist herself. This would not only be fearsome politically to England.
She is a trading nation, and is hurt by the cutting off or reduction of
German and Russian markets.
"So England blames France for this danger, and holds she was precipitate in occupying the Ruhr. France recriminates by charging there
would never have been any passive resistance from Germany if England
had properly supported the French policy. So the effect is to split France
and England as well as Germany and the Allies."
France and Her Debts.
Englishmen no longer feel that France is their Ally, said Mr. Reynolds.
They complain "that France wanted to be I and not Ally," and that the
Entente could continue only so long as things went France's way. Now
for this complicated and unhappy situation he saw no remedy. France
has no money, he continued, and the attitude of the average Frenchman
towards his country's debts abroad is quite cynical.
"They say," said Mr. Reynolds, "they will pay their debts to America
and elsewhere when Germany pays them. privately, they laugh up
their sleeves. Personally, I think that if Prance had suffered herself to
make a determined effort to pay her debts, as the British have done,
sympathy in the United States would have been aroused for the cancelling
of those debts. But certainly their attitude does not now beget sympathy. French taxes are not collected to the full, because it is felt they
dare not put too great a burden on the peasant."
The Chicago banker did not want to give the impression that he persmelly was unfriendly towards the French. He complimented the extraordinary exertions that have been put forth to restore the devastated
areas. These large sections of land ruined by the war have been reclaimed
to the plough.
Asked what be thought of the American loan to Austria, made with
a view to bolstering her credit and industrial health, Mr. Reynolds remarked that similar work conducted on a large scale "might do some
good." "If the investor feels that the return makes it worth while," he
said, "I should approve it thoroughly."
He felt that America's policy of isolation had been the best possible
course.
"The night before I left London." he said. "I talked with a Very intelligent Russian diplomat, who said to me: 'Do you know, I believe that
the shrewdest of all the nations since the war has been the United States?
She has kept out of the broil. American diplomats could never succeed
with those of Europe. When American diplomats say or agree to do
something, why, they do it. But the Europeans—no, they do not do it
unless they have to, or it pleases them later to do so.'
"So I feel, after six months of studying the situation at first hand,
that the best thing we can do for the time is to let matters drift. There
is no prompt remedy. As for stopping wars, all Europe feels there Is more
likelihood of more war than less."
Magnus Johnson, Farmer-Laborite, Elected United
States Senator from Minnesota—Thinks Country
Will Go to Pieces Unless the Farmer-Labor
Party Get Control.
According to completed returns this week, Magnus
Johnson, the Farmer-Labor candidate for United States
Senator from Minnesota, to succeed the late Knute Nelson,
was elected by a majority of 94,846. The Minneapolis
"Journal" of July 23 stated that reports had been received
by the Secretary of State from 83 of the State's 87 county
canvassing boards and that semi-official returns came from
the other four, these reports showing that Mr. Johnson had
received 290,165 votes; Governor J. A. 0. Preus, his Republican opponent in the Senatorial contest, 195,319, while
19,859 were cast for James A. Carley, the Democratic
candidate, making a total of 505,343 votes cast.
Following his election, which was conceded on July 16,
the day the election was held, Senator Johnson issued the
following statement:
The majority of voters have elected me to the United States Senate
because of the principles they and I stand for.
Government is instituted to promote the welfare of the people, not to
protect a few in the special privileges given them. The high tariff on the
consumers, the unjust treatment of labor, the plight of the farmers, the
packing of the judiciary with men favorable to the large financial and
railroad groups, the short-sighted bungling foreign policy pursued by our
Government toward other countries and their peoples, and other similar
problems will receive my earnest attention and study.
400
THE CHRONICLE
I congratulate the people of this State on their victory.WWhat the
organized farmers and workers, pulling together, have accomplished in
Minnesota they can likewise accomplish in other States of the Union.
I thank the people of this State for the honor they have conferred on me.
I want to thank particularly the thousands who unselfishly have given of
their time and of their small means to help bring about this great victory.
[VOL. 117.
pay if it remains idle while the Inter-State Commerce Commission permits
the transcontinental railroads to get away with a valuation ten billions
in excess of actual investment, thereby inflicting an annual burden of a
billion and a half dollars on the American people.
It will pay so long as it permits a system to exist which allows a farmer
but $715 a year on his farm while the railroads during the same period
earned $717,000.000 above cost of operation, largely through exorbitant
freight rates.
JOHN F. HYLAN, Mayor.
Governor Preus, who conceded the result early in the
day, made the following brief statement: "I desire to thank
Among the various comments which the election of Mr.
those who labored so earnestly and unselfishly for my
Johnson and the defeat of Governor Preus has occasioned,
election. I have nothing further to say."
we quote the following from St. Paul July 21 from the
James A. Carley, the Democratic nominee, issued the
"Daily Financial America":
following statement:
Inasmuch as propaganda was spread by my opponents claiming that I
did not have a chance in the election, very few Democrats turned up at the
polls. To this fact may be attributed my defeat.
In an address at Kimball, Minn., on July 21 the newly
elected Senator stated that it was not Governor Preus who
was defeated at last week's election, but the Republicans
as such. The Associated Press accounts of his remarks
follow:
Unless the people get control of the Government through the FarmerLabor Party or other similar organizations, this country "will go to pieces,"
Magnus Johnson, United States Senator-elect from Minnesota, said in an
address here last night.
The people, Mr. Johnson said, were dissatisfied with the present national
Administration, and if President Harding were to run to-morrow for reelection he would be defeated three to one. Three years ago the Republicans "had a wonderful chance" to help the farmer, he asserted, but they
failed to do as they had promised.
He said that he would ask for a special session of Congress within a month
or two to take up matters relating to farming in order to relieve the distress
of the tillers of the soil.
It was not Governor Preus who was beaten in Monday's election, he
contended, but the Republicans as such.
Regarding statements published in newspapers attacking his education,
he said that he "had more education now than Henry Ford" and that he had
more learning than the late James J. Hill.
When he is in the Senate he will align himself with Senators La Follette,
Brookhart, Frazier and Shipstead, he announced. He favors a soldiers'
bonus, to be paid from "excess profits."
Senator-elect Johnson said that he did not want to see the Supreme Court
abolished, as had been charged, but he did not believe in a five to four
decision in declaring laws passed by Congress unconstitutional. He favored
a unanimous decision of the Court before a law could be declared void.
Concluding,the Senator-elect said that he hoped to see the day when farming would be put on some sort of a commercial basis the same as business.
In Associated Press advices from St. Paul July 26, Senator
Johnson was reported as having expressed the opinion that
revolution—political, industrial or even a resort to arms—
faces the United States "if conditions confronting the
laboring man and the farmer are not changed." Thee
accounts continued:
"Many think the same thing that happened in Russia cannot happen in
this country," the Senator-elect said to-day in a statement to the Associated
Press, "but don't fool yourself. It could happen here Wore you knew
what was going on.
"The Czar had a big army, but he couldn't stop a revolution. We
haven't hardly any army at all, so what could our Government do if there
was a nation-wide revolution? It couldn't do a thing."
Many things need changing, the new Senator said, when asked if he had
a definite plan for altering conditions. but "right now he has nothing worked
out." "It will all have to be worked out by Congress," he said. The
farmer is in dire need, he cor tinued, and "emergency legislation" is needed
to remedy the situation. But clamoring for a special session of Congress,
"that isn't any use," he said. "for President Harding, in a letter I saw re'
cently, said he would not call a special session under any circumstances."
"The farmer should have cost of production plus a reasonable profit
definitely guaranteed by the Government," Mr. Johnson holds, "because
the farmers' products have lost their buying power, and when the farmer
can't buy the country will soon feel it."
"To accomplish the desired result it will be necessary for Congress to
proceed can fully, but right now temporary or emergency legislation is
needed to take care of the situation for this year," he added.
Explaining "some of the things that can lead to revolution" the Senatorelect said "65% of the wealth of the country is in the hands of 2% of the
population," and "unless there is a better distribution of this wealth, the
common people are going to revolt against it."
Would Revise Taxation.
This "better distribution of wealth." he said. "could be accomplished
through heavier taxation of large and successful corporations taxing of,
non-productive incomes, "excess profits, and profiteers," with regulation
of their activities so the added tax burden could not be shifted again to
the people.
Mr.Johnson is "for the bonus for former soldiers," payable out of taxation
on excess profits; he wishes to "change the Federal Reserve System," and
curb the power of the United States Supreme Court, to "do away with
5 to 4 decisions, and perhaps call for unanimous decisions."
There is another thing Mr. Johnson "wants everybody to understand":
Though a friend of the farmer and the laboring man, he would not consent
to turning Congress over to the exclusive benefit of that class, aey more
than I want it to be run for the sole benefit of the capitalists. Congress
should be run for everybody, and be run on the square."
Mr. Johnson will have several conferences with leaders of the group he
will affiliate with in Congress—commonly termed the "La Follette bloc"—
before he goes to the Senate in December.
One of those who offered congratulations to Mr. Johnson
with his election last week was Mayor Hylan of New York.
In a telegram of felicitation the Mayor said:
Hon. Magnus Johnson, United States Senator-elect, Minnesota
Heartiest congratulations on your election to the United States Senate.
Official Washington has had an inkling of the temper of the people, which
bids fair to se eep the existing regime into the political discard.
The Administration is paying for its fine promises to the fanner which
did not square with such oppressive measures as the Fordney-McCumber
tariff. It will pay for Its wabbly international policy, especially if it binds
the American nation in a political alliance such as the World Curt, It will
Preus Beaten Because of His Unpopularity.
The unpopularity of Governor J. A. 0. Preus and the growing dissatisfaction with the Minnesota Republican machine so forcibly expressed last
November in the defeat of Senator Frank Kellogg by Henrik Shipstead,
Farmer-Laborite, are responsible for the election of Magnus Johnson,
Farmer-Laborite, in Minnesota. Monday, rather than the popularity of
Johnson and his party.
There has been a growing dissatisfaction in the farming dist:lets, which
was further aggravated by the recent decline in wheat prices to the lowest
point since before the war. Then the fact remains that Minnesota voters
believed that Governor Preus could have appointed a successor to Senator
lInute Nelson rather than to saddle an extra election debt of hundreds of
thousands of dollars on Minnesotans and become a candidate himself.
These points formed excellent ammunition to place the full membership
of the upper House of Congress from Minnesota in the hands of the FarmerLaborites, formerly the Non-Partisan League in Minnesota.
The rank and file of the people in Minnesota are not really strongly in
favor of Johnson, but preferred him to Governor Preus. Johnson was
defeated in the race for the Governorship in 1922 by 11.000 by Preus.
Conditions among the farmers since that time and the prestige the old NonPartisan Leaguers gained through the election of Shipstead helped that
party to get out a big vote, according to close observers here.
There was no surprise in the election result here. Even some of the
larger newspapers which supported Preus in the election had been opposed
to him in the primary and declare he never could have won except for the
fact that there were nine candidates for the Republican nomination.
"Make no mistake about it," the St. Paul "Pioneer Press" election editorial says. "The vote was a resounding vote of protest. It was a protest
against the so-called Preus machine, which has acted for the past few years
as If political office hereabouts was a personal perquisite. . . . For the
sake of the reputation of the State, it is a pity that Minnesota must put up
for a while with a sorry front in Washington—a front commanded by
General La Follette of Wisconsin, but if as a result the dominant party
there undergoes a thorough housecleaning and summons some new blood
to the high command, all may yet be well. If it hasn't the sense to do this
it deserves to have Mr. Magnus Johnson in Washington forever."
Satisfaction is expressed that the election is for the short term only and
that things should shape themselves around so that a popular candidate
can go before the people in the 1925 election.
That Minnesota is not really in the radical ranks is shown by the makeup
Of the members of the lower House of Congress. In only one district, the
Ninth, where Halvor Steenerson,a veteran, was defeated, is there a FarmerLaborite. In the Seventh District Rev, 0. J. Kvale defeated Andrew
Volstead of prohibition fame. Kvale had run as a Non-Partisan two
years before, but at the last election was filed as an independent with
Democratic and Farmer-Labor endorsement.
We also take from the New York "Times" the following
editorial in its issue of July 19:
Republican Afterthoughts.
In spite of their pretense that they expected it, Republican leaders cannot
conceal the fact that their dove-cotes were terribly fluttered by the Minnesota explosion. The effort to pass it off as a merely local and temporary
outburst ofagrarian discontent is already seen to be futile. Magnus Johnson defeated Governor Preus in the cities as well as on the farms. Thus
both wings of the Farmer-Labor Party flapped together. Workingmen in
St. Paul and Duluth and Minneapolis were just as emphatic in registering
their verdict against the Repulbican Party as were the grumbling farmers
in the interior of the State.
There is no getting away from the political consequences. It is evident
that there must be an entire recasting of the Republican plan of campaign.
If it were to be pursued along the lines indicated by the speeches of President Harding, it is clear that half a dozen States in the West, hitherto
regarded as surely Republican, might be swept away as Minnesota has been.
A conference of Republican managers in Illinois has Just been held, and
from its inner conclave the fear leaks out that even that State will elect
a Democratic Governor and a Democratic United States Senator next year.
It is pathetic to think of such a towering statesman as Medill McCormick
having to fight for his political life, but that is what the Illinois Republican
experts tell him he will have to do.
After such a political murder as that in Minnesota,it is inevitable that the
Republican coroners, sitting on the corpse, should disagree as to/the causes
of death. The eminent Mr. Adams. Chairman of the Republican National
Committee, thinks it was purely accidental. Others declare it a plain
case of criminal carelessness. Complaint is made of the course followed
by Governor Preus. Republican critics charge him with folly in having
allowed his personal ambition to be Senator to bring about such an unfortunate test of public sentiment Just at this time. If the Governor had
been content to keep out of it himself, and make a temporary appointment as
United States Senator, the mischief might have been averted.
This idea cannot commend itself to the President. Before leaving for
Alaska he let it be known that he was going to make use of his trip to
try out the feeling of the country regarding his Administration. He explained that, as an old newspaper man, he was not going to be taken in
by crowds and shouting, but was determined to discover what the people
really thought. The best way to find out is certainly to let them vote; and
there is no doubt that in the mind of President Harding, as of every other
observer, the result of the polling in Minnesota on Monday is more significant than all the other signs in connection with the President's journey
across the country put together.
It is now plain that the true cause of this Republican warning and disaster Ile far back. The trail fired in Minnesota was laid by a Republican
Congress. It mistook the disease from which the country was suffering and
prescribed the wrong remedy. Doubtless it was out of old habit that the
Republican doctors decided that there was nothing like their favorite old
household drug, a high tariff, to make the people well again. In 1920 they
had doubts about this. Their platform then virtually admitted that it
would be absurd in the present circumstances of the United States to revert
to the ancient doctrines of protection. But two years later all this was forgotten, and a tariff was enacted which every test has shown to be a serious
JULY 28 1923.]
THE
401
CHRONICLE
misfit. It was intended to "fool the farmers," in the good old way, by
dead-letter agricultural duties, and it was planned to make laboring men
believe that their high wages were solely due to high tariff taxes.
All these nice calculations and fond hopes got their quietus in the Minnesota election. The Republican tariff was attacked and thumped up and
down the State. Worldngmen vied with farmers in denouncing it as a mistake and an injury. President Harding's indiscreet praise of the protective
tariff, with his complacent recounting of the special benefits which it had
conferred upon the farmer, only served to lend peculiar force to the repudiation which Minnesota made so emphatic. The Republican leaders will
have to try again. Their chosen plans have gone to smash.
PREFERRED.
COMMON.
Shares. Per Cent.
DateShares. Per Cent.
Date8.67
312,311
1914
31
Mar.
25.29
Mar. 31 1914
1.285,636
312,832 8.68
1,274.247 25.07 June 30 1914
June 30 1914
309.457 8.59
1,193.064 23.47 Dec. 31 1914
Dec. 31 1914
308,005 8.55
Mar. 31 1915
1,130,209 22.23 Mar, 31 1915
303,070 8.41
June 30 1915
957,587 18.84 June 30 1915
8.26
297,691
826,833 16.27 Sept. 30 1915
Sept. 30 1915
274.588 7.62
1915
696,631 13.70 Dec. 31
Dec. 31 1915
7.27
262,091
634,469 12.48 Mar. 31 1916
Mar. 31 1916
171,096 4.75
Sept. 30 1916
537,809 10.58 Sept. 30 1916
156.412 4.34
Dec. 31 1916
502,632 9.89 Dec. 31 1916
151.757 4.21
Mar. 31 1917
494,338 9.72 Mar. 31 1917
142,226 3.94
June 30 1917
481,342 9.45 June 30 1917
140,039 3.59
477,109 9.39 Sept. 30 1917
Sept. 30 1917
140,077 3.88
1917
31
Dec.
9.52
484,190
Dec. 31 1917
140,198 3.90
Mar. 31 1918
485,706 9.56 Mar. 31 1918
149.032 4.13
June 30 1918
491,464 9.66 June 30 1918
147,845 4.10
Sept. 30 1918
495,009 9.73 Sept. 30 1918
148,225 4.11
491.580 9.68 Dec. 31 1918
Dec. 31 1918
149.832 4.16
1919
31
Mar.
9.71
1919
493,552
Mar. 31
146.478 4.07
465,434 9.15 June 30 1919
June 30 1919
143,840 3.99
394,543 7.76 Sept. 30 1919
Sept. 30 1919
138,566 3.84
1919
31
Dec. 31 1919
368,895 7.28 Dec.
127.562 3.54
348,036 6.84 Mar. 31 1920
Mar. 31 1920
124,346 3.46
342,567 6.74 June 30 1920
June 30 1920
118,212 3.28
323,438 6.36 Sept. 80 1920
Sept. 30 1920
111,436 3.09
292,835 5.76 Dec. 31 1920
Dec. 31 1920
2.96
106.781
1921
31
Mar.
5.69
289,444
Mar. 31 1921
105.118 2.91
288,749 5.68 June 30 1921
June 30 1921
103,447 2.87
285,070 5.60 Sept. 30 1921
Sept. 30 1921
128,818 3.58
280,026 5.50 Dec. 31 1921
Dec. 31 1921
128.127 3.55
280,132 5.51 Mar. 31 1922
Mar. 31 1922
3.43
123.844
1922
June
30
5.41
275,096
June 30 1922
123,710 3.43
270,794 5.32 Sept. 30 1922
Sept. 30 1922
121,308 3.36
261,768 5.15 Dec. 30 1922
Dec. 30 1922
113.738 3.32
239,310 4.70 Mar. 29 1923
Mar. 29 1923
3.27
117.631
4.07 Juno 30 1923
207,041
June 30 1923
Foreign Holdings of United States Steel
Corporation.
According to the figures for June 30 1923, made public
this week, the foreign holdings of both common and preferred shares of the United States Steel Corporation have
undergone still further reduction. The total of common
stock held abroad on June 30 1923 stood at 207,041 shares,
as against 239,310 shares March 29 1923 and 261,768 shares
Dec. 31 1922. The foreign holdings of preferred shares,
which on Dec. 31 1922 were 121,308 shares, amounted to
only 119,738 shares March 31 1923 and but 117,631 shares
June 30 1923. Contrasted with the period before the war,
the shrinkage in foreign holdings of common stock, which
now, as stated, amount to only 207,041 shares on March 31
In the following table is shown the number of shares of
1914 aggregated no less than 1,285,636 shares. The foreign
Steel Corporation distributed as between brokers and
the
contrasted
holdings of preferred now total 117,631 shares, as
investors on June 30 1923 and June 30 1922:
with 312,311 shares on March 31 1914.
June 30 '23 Ratio June 30'22 Ratio
CommonBelow we furnish a detailed statement of the foreign hold1,186,420 23.34 1,224,617 24.09
domestic and foreign
ings at various dates since Dec. 31 1914 to the latest period: Brokers,
3,896,605 76.66 3,858,408 75.91
Investors, domestic and foreign
FOREIGN HOLDINGS OF SHARES OF U.S. STEEL CORPORATION
June 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.31
Common
1918. 1914.
1921. 1920. 1919.
1923. 1922.
Stock2
75
89
73
135
116
124
Africa
Algeria340
8
64
78
77
72
76
87
Argentina
s
36
80
104
86
104
96
Australia
890
2,123 2,472 4,438 3,049 2,888 2,887
Austria
3,509
2,278 2,214 2,279 2,264 2,689 2,629
Belgitun
46
107
84
190
97
190
124
Bermuda
18
48
80
140
79
143
144
Brazil
17
____
-___
____
__
____
British India- --_Bulgaria
,iii
,e5
56
45
22,948 24,948 30,885 31.311 35-,6:4e
Canada
382
15
166
36
75
34
58
Central Amer_
8
118
80
145
174
187
Chile
198
13
28
118
73
119
179
76
China
1
1
7
Colombia
26
---876
16
--26
16
16
Denmark
2
---2
___2__-Ecuador
- 60
60
___
60
--60
Egypt
105,123 160.876 167,752 159.613 166,387 172,463 710,iii
England
11.404 10,499 13,210 13,939 28.607 29,700 66,832
France
2,884
891
959
1,252 1.281
1,015
1,395
Germany
____
Gibraltar
5
5
Greece
50,765 48,827 50,741 73,861 124-,888 229;5138 342-A5
Holland
---117
69
106
59
50
70
India
19 2,991
399
160
256
353
356
Ireland
148
281
281
312
269
273
274
Italy
5
45
55
62
68
55
56
Japan
4
41
15
8
16
28
Java
1
21
1
1
Luxembourg_
40
40
40
--iii --,16 --fii
40
Malta
300
153
338
230
165
125
320
Mexico
70
20
60
60
65
23
65
Norway
---____
25
20
6
14
Peru
---3
Poland
- - -------iiii
____
____
-_ Portugal
8
8
5
8
Rumania
--10
8
14
8
Russia
2,199 2,197
-165 -128 --Ni 4,208
797
Scotland
8
8
8
Serbia
8
167
-846 1,2251
340
-888
302
330
Spain
165
80
14
165
70
31
Sweden
1,980 2,180
1,649 1,292 1,470
1,860
Switzerland.... 2,214
16
197
Turkey
200
200
19'7
--__-____
Uruguay
---Venezuela
Wales
--55 -55 --56 -iii
3.708 3.3e
West Indies
3-,5e2 3,590 3,228 4,049 1,872
PreferredBrokers, domestic and foreign
Investors, domestic and foreign
Inv
Total
207,041 261.768 280,026 292,835 368,895 491,580 1193064
Preferred Stock58
41
Africa
34
47
70
67
47
75
Algeria
11
-18
Argentina
--18 --18 --18 -18 -1'8
484
73
Australia
113
104
123
123
113
2,086
Austria
2,463
2,463
4,770 2,566
30-Azores
120
120
-120
120
120
120
-4e7
Belgium
282
314
287
314
117
287
21
Bermuda
120
430
285
430
430
343
31
Brazil
36
84
29
84
20
23
81
.__
British India
Canada
27,986 27,652 29-,136 32-,6160 36-,830 42;673 34,673
146
Central Amer_
1
140
127
9
24
21
12
Chile
45
27
25
23
45
23
42
China
105
105
92
105
119
119
5
Colombia
55
5
16
4
55
40
58
Denmark
78
78
58
58
58
140
_„,
35
174,906
49,448
Ind
54-,61 54-,2.2 31;565 37,703 37,936
15,391 15.675 17,036 18,649 23.663 25,896 36,749
France
4,121
Germany
4.131
4,152 4,142 3,796 3,865 3,252
38
5
65
5
Greece
5
65
37
9,560 9.180 9,555 13,935 23.094 25,264 29,000
Holland
325
325
352
326
India
302
305
963 1.049
315 4-,I19
995
Ireland
318
505
1,678
1,961
1.979
1.791
1,867
2,087
1.811
Italy
81
1
1
1
1
1
1
Japan
23
23
23
23
23
23
Luxembourg
405
50
50
50
245
50
50
Malta
235
86
96
7
25
25
Mexico
7
7
Morocco
27
12
12
-ii ---- il
--ig
Norway
_
Poland
5
---6
---13
---ii
---; ---;
Peru
120
Portugal
43
18
26
15
--ii
--I§ --ii 13,747
Russia
1,468
1.418
937
229
78
171
Scotland
220
Serbia
432
1,150 1,148 1,160 1-,e(
)
,e6 1:566
1Spain
1,137
74
74
79
1,156
283
1,370
Sweden
2,617
2,702
2,128
2,167
2.707
2,672
2.174
Switzerland.-100
115
115
100
115
100
100
Turkey
1,068
49
39
33
Wales
874
795
799
560
811
1.131
1.145
West Indies
117,631 121,308 128.818 111.436 138,566 148,225 309,457
Total
222,676
5.42
195.141
3,407.670 94.58 3,380.135
_
--- _
The following is of interest as it shows the holdings of
brokers and investors in New York State:
June 30 '23 Ratio June 30 '22 Ratio
CommonBrokers
Investors
PreferredBrokers
Investors
1,038,571
1,283.939 25.'26
1,'
'232.219
188,502
166,842 4.63
1,498,687 41.60 1,466,046
-------
Issuance of Regulations Under Cotton Standard Act.
The regulations for the enforcement of the United States
Cotton Standards Act which goes into effect August 1 were
issued on July 24 by the United States Department of Agriculture. The Department announcement says:
This Act requires that in inter-State and foreign commerce none but the
official cotton standards of the United States shall be used. None of the
regulations relate to the mandatory provision of the Act.
The regulations provide for the administration of the Act by the Chief of
the Bureau of Agricultural Economics in the Department of Agriculture and
specifies how the Act shall be administered with respect to its optional
features. Among the most important provisions of the regulations are those
relating to Section 4 of the Act which gives the owner or custodian of cotton
the privilege of submitting samples to the Department of Agriculture for
classification and makes the Department's final certificates of such classification prima fade evidence in United States courts. The regulations provide in detail how such samples are to be submitted for classification.
Three distinct services are contemplated: (1) Informal classification
of samples drawn and submitted by individuals indiscriminately: (2) classification for purposes of arbitration of agreed samples submitted by two
parties involved in a dispute, and (3) the classification of samples, the authenticity of which is established by supervision of the storage and sampling
of the cotton.
The purpose of the informal classification of samples is presumably to
assist the owner or custodian to determine the commercial value of his
cotton. Upon the classification of such samples the Department of
Agriculture will issue a sample classification Form A, memorandum stating
simply that the classification of the samples as and when submitted is
as shown therein. As the integrity of such samples is not taken into
account, Form A memoranda can not have the weight of final certificates.
In the second case, it is provided that when two parties are in disagreement as to the true classification of any cotton involved in a transaction
between them, they may agree upon a set of samples to be submitted to
the Department of Agriculture either for a determination of their true
classification or for a comparison with types or other actual samples specified in their contract. Upon the classification of such samples, the Deor
partment will issue a certificate Form B, which, when once appealed
reviewed, shall be deemed to be a final certificate within the meaning of
the Act, but only as to the parties concerned.
It is proposed in the third case to supervise the storage and sampling
of cotton and upon the classification of samples to issue Form C Supervised
Bale certificates, which shall follow the cotton so long as its identity can
shall
be established. It is required that cotton submitted in this way
first be submitted through an established and recognized cotton exchange
working in co-operation with the Department of Agriculture.
Under Section 3 of the Act, the Secretary of Agriculture is authorized
to examine and license cotton classers and the regulations provide the
method by which properly qualified classers will be licensed upon application to the Bureau. It is not compulsory upon those engaged in commercial classing of cotton to secure a license to pursue their occupation
Cotton and Wool Experts of United States Agricultural
Department to Confer Abroad With
European Trade.
Agreements with European cotton associations for the
adoption of universal cotton standards and arbitrations will
be made by Lloyd S. Tenny, Assistant Chief of the Bureau
of Agricultural Economics, and Arthur W. Palmer, cotton
specialist, of the United States Department of Agriculture,
who will sail to-day for England and the Continent. G. T.
402
THE CHRONICLE
Willingmyre, wool specialist of the Department, sails at the
same time to conduct, with Mr. Tenny, an investigation of
European methods of grading wool. The Department of
Agriculture made this known July 26, saying further:
[VOL. 117.
cars to the bituminous mines on a pro rata basis after Sept.l.
In consequence the Commission has postponed the effective
date of the order to October 1. The order, it is contended in
the petition, will increase the annual operating expenses
of American railroads by more than $100,000,000 without
any compensating benefit to the public generally.
The action by the railroads as a whole is considered to be
the initial step in a move that will eventually bring the matter before the courts to test the validity of the Commission's
order requiring railroads to cease a long-established practice
of insuring for themselves an adequate supply of fuel coal
in times of emergency. The "Journal of Commerce" of
this'city, referred to the petition as follows:
A committee of each of the several English and European cotton associations will meet with the Department's representatives to complete the
agreements. This action will be in accordance with ate understanding
entered into with the delegates of the foreign exchanges who recently met
with representatives of the American cotton trade and the United States
Department of Agriculture.
A study of the English count system of grading wool will be made by
Messrs. Tenny and Willingmyre, who will confer with leading producers.
dealers and representatives of woolen manufacturing industries about
commercial classes and grades of wool used in the countries visited. This
study is a further development of the wool standardization work ofthe
Department of Agriculture and is in conformity'with recommendations made
at the final hearing on the tentative wool grades held at Washington last
The petition claims that the change in practice is so "revolutionary"
that
February. As a result of the investigation, it is hoped to correlate the
United States official grades for wool with those of other countries with a it is bound to jeopardize the efforts of the carriers to meet the transportation
needs
of
the
country
the
order
if
becomes
effective on September 1.
view to facilitating trading. '
"Whatever the action of the Commission," it
"it is earnestly asked
In our issue of Saturday last (page 278) we noted that that the effective date of the order be deferredstates,
until April 1 1924." '
If
the
petition
for
a
rehearing or reargument is denied, the petition asks
•slight changes in four cotton grades and the retention of
that the Conunission give further and special consideration to the solution of
American names for the grades were agreed upon on the 19th the carriers
purchasing for substantial periods the total output of mines, and
inst. by representatives of the Liverpool and Manchester the situation of carriers owning their own coal mines and using the output
for railroad fuel,to the end that the order may be modified so that the
Cotton associations and the American cotton trade in con- solely
practice of assigning cars for the purpose of securing railroad fuel from such
ference with officials of the Department of Agriculture.
mines be not prohibited.
Hurts Roads' Coal Supply.
The petition points out that the abolition of the assigned car rule will obUnited States Steel Corporation and American Iron viously
make it impossible for the railroads to contract ahead for a proper
and Steel Institute Confer on Eight-Hour Day.
supply of coal at a fair price. "The carriers." it continues, "will almost
Officials of the United States Steel Corporation and of in- inevitably find themselves scrambling for coal in a runaway market, and
there will be no time to apply to the Commission for priority orders and no
dependent companies attending an executive session of the time
for the Commission to give the matter sufficient consideration to issue
American Iron and Steel Institute at the Metropolitan an order which will do justice to an concerned.
Situations will doubtless
Club on July 27 resumed conferences on plans to begin the arise where the carrier will be offered coal, but at a price so high as greatly to
increase operating expenses."
elimination of the 12-hour day in the steel industry. The
The petition adds that "the Commission proposes to take away something
meeting followed closely a first formal conference of officials like $100,000,000 from the railroads of America
and hand it over to certain
operators apparently without knowing what the effect will be other than
coal
of the United States Steel Corporation and the announcethat the cost offuel will be increased.
ment on July 26 by President Eugene G. Grace of the Beth"It seems to be impossible to dertermine from this record just how many
lehem Steel Corporation that his company was making more cars will be available for commercial mines if the assigned car rule is
abolished.
If this is correct, and the opinion of the Commission seems so to
progress on plans to shorten the shifts of steel workers in indicate, then
there should be a
in this case so that more accurate
the continuous operation departments. Chairman Elbert and careful information might rehearing
be compiled to enable the Commission to
intelligently
before it reduces the income of the carriers from 53,
H. Gary of the U. S. Steel Corporation and Charles Schwab, act
1%,as it
Chairman of the Board of the Bethlehem Company, were theoretically stands to-day. to 53's%
On July 23 two additional petitions were filed with the
among those present at the meeting of the Institute directors.
The United States Steel Corp. on July 26 took its first Interstate Commerce Commission seeking a rehearing of
definite step to establish the universal eight-hour day within the decision in the assigned coal car case. The Bethlehem
its industries, in accord with a pledge made to President Steel Company, for itself and it subsidiaries, declared that
Harding. Elbert H. Gary, Chairman of the Board and the record before the Commission in reference to the effect
spokesman for the entire steel industry, sat in conference the decision would have on the steel industry was "clearly
with Presidents of the corporations' subsidiary companies, inadequate." The Chicago By-product Coke Company and
for the purpose of working out a• plan by which the steel the Seaboard By-product Coke Company asked permission
men's promise could be met with the least possible loss to present evidence on the ground that the decision had
of both money and production. The most probable solution "revolutionary and widespread consequences." The effect
to be expected, according to officials of leading companies, of the decision, it is averred, is to prevent companies owning
is an increase in the hourly rate of pay by either 15 or 20%. private coal cars from obtaining special railroad service
Officials of the leading companies realize, they say, that through their use in times of car shortage. The United
they cannot arbitrarily reduce the wages of their vast army States Steel Corporation and other corporations also have
of workers from $4 80 per day to $3 20 per day without sought a reconsideration.
On July 26 the effective date of the Inter-State Commerce
endangering their morale, leaving out of consideration all
humanitarian factors in the problem. The only way out Commission order requiring railroads to cease giving special
of the situation, most of them believe, is to add a sufficient car service to coal mines furnishing railroad fuel was postsum to the established hourly wage to give the laborer almost poned from September 1 to October 1. The ruling also
as much for eight hours as he has been receiving for twelve. deferred operation of the order under which the roads would
The movement to abolish the twelve-hour day throughout be prohibited from giving preference to private owners of
the iron and steel industry already has made substantial cars in the use of their own equipment. As noted above a
headway, it was indicated on July 26 by a statement from large number of petitions for rehearing and reconsideration of
Eugene G. Grace, President of the Bethlehem Steel Corpora- the case had been filed by railroads and industrial corporation, and the announcement that the Republic Iron & Steel tions, generally. The original decision resulted from comCompany has installed the eight-hour, day in its open-hearth plaints brought by mine owners and operators, and declared
department, giving to employees the same rate of pay that that in times of car shortage the railroad practice of assigning
cars especially to mines producing railroad fuel or in allowing
was in effect for twelve hours' work.
private cars to be furnished to mines in excess of the quota of
railroad equipment which such mines might be able to obtain
Dilworth-Porter Steel Co. to Start 8-Hour Day Aug. 1.
constituted an unfair discrimination.
The Dilworth-Porter Co. of Pittsburgh, will go on an eighthour basis Aug. 1, a dispatch from Pittsburgh stated July 24.
An increase of 10% in wages may also be granted at the same Wage Increases Totaling $24,000,000 Asked by Brothertime. This concern occupies a block on the south side of
hood of Steamship and Railway Clerks, Freight
Pittsburgh.
Handlers, Station and Express Employees.
Wage increases amounting to $24,000,000 annually and
Rehearing Asked in Assigned Coal Car Case—Order
affecting 125,000 clerical and station service employees on
Forbidding Railroads to Allot Extra Cars to Bimore than half• the nation's railroads were requested by
tuminous Mines Where Product is Intended
E. H. Fitzgerald, President of the Brotherhood of Railway
for Railroad Use, Postponed.
and Steamship Clerks, Freight Handlers, Station and
The American Railway Association, in behalf of practically Express Employees at a hearing before the United States
railroads
in the country, has filed with the Interstate Railroad Labor Board on July 23. The increases asked for
all the
Commerce Commission a petition asking for a rehearing or a range from 9 to 17 cents an hour for the employees on the
reargument of the so-called assigned car case, in which a 69 railroads involved. If these wage rates are established
decision was handed down on June 26 (as reported inour by the Board it will restore the compensation granted the
issue of July 7, page 41) requiring the carriers to distribute men in 1920 by Decision No. 2 of the Board. This wage
JULY 28 1923.]
THE CHRONICLE
403
was known as the war-time wage award and added a total Railroad Labor Board Orders D. L. & W. to Reimburse
of $120,000,000 to the salaries of all railroad workers.
Freight Handlers for Pay Lost After Cut.
Freight handlers employed at the various New York
Workers on Chicago's Surface Lines Get Pay Increase. piers, Hoboken City freight house, New York transfer and
Chicago surface line employees obtained an award of the Hoboken terminal piers by the Delaware, Lackawanna
73 cents an hour for the first year and 75 cents an hour for & Western RR., shall be reimbursed in the amount of
the second year in a two-year agreement made on J4ly 20 compensation they lost between April 1 1921 to July 1
by Mayor Dever's Board of Arbitration. James M.Sheehan, 1921, the Railroad Labor Board decided on July 20. The
representing the surface lines, dissented to the finding of opinion was delivered in the dispute between the carrier
the other members of the board. Maclay Hoyne, former and the Brotherhood of Railway and Steamship Clerks,
States Attorney, represented the employees. Corporation Freight Handlers, Express and Station Employees. The
Counsel Busch represented the public and was Chairman of carrier reduced the wages of the freight handlers to 45
the Board. Under the terms of the arbitration, both men cents an hour April 11921.
and company are obliged to accept the award.
Decision of Inter-State Commerce Commission on
Opening of New Coal Mines by Railroads to
Pay
Get
Railway
Southern
Workers
on
Crafts
Shop
be Tested.
Increase.
The Okmulgee Northern Railway Co. sought on July 24
Wage increases of from 1 cent to 3 cents an hour for shop
announced
crafts employees of the Southern Ry. have been authorized to test the Inter-State Commerce Commission's
new coal fields.
as the result of conferences at Washington, it was stated policy of refusing railroads permission to open
to build a 15M mile
at the General Manager's office of the road at Cincinnati The company filed an application
fields of Oklahoma for
on July 20. Metal trades workers in shop crafts are to extension into the Henryetta coal
which have not yet been
receive increase of 3 cents an hour, car repairers 2 cents, and the purpose of serving coal mines
in a decision affecting
Commission
The
opened.
Commerce
apprentices and helpers are to receive 1 cent an hour raise
similar applicain pay, according to the information given out. It was said the Virginian Ry. three weeks ago refused a
sufficient coal
were
already
there
the
that
on
tion
ground
in
share
increases
the
that from 18,000 to 20,000 men will
mines in the country.
in pay.
_
of Railroads—"Original
on
Charles
Hansel
Valuation
RR.
Valley
Increases
Lehigh
on
Wage
Date."
to
Cost
Valley
the
Lehigh
the
of
manager
Maguire,
general
J. F.
It seems proper to say that the paper by Mr. Hansel on
Railroad, reports the following increases in wages: Effective
April 1 1923, track foremen and assistants, $5 a month; the above subject which we reprinted in these columns last
foremen and assitants in the bridge and building depart- week (pages 283 and 284) did not come to us from Mr. Hanments, $2 50 and $3 50 a month. Effective May 1 1923, sel himself. This explanation is due to Mr. Hansel, because
clerks and station employees, 1 to 4 cents an hour. Effective it appears that the paper has not actually been submitted to
July 1 1923, machinists, boiler makers, electrical workers, the Inter-State Commerce Commission,as we supposed it had,
stationary engineers and firemen, ranging from 1 to 2 cents but has simply been furnished to one of the railroad committees having charge of the matter before the Commission
an hour.
for that committee's use and consideration. As the paper is
of such decided merit and covers a point not previously
Express Clerks Get Wage Increase.
Eighty thousand clerks on the payrolls of the American treated, it is to be hoped it will eventually find its way to
Railway Express and Southeastern Express companies have the Commission itself.
been granted wage increases by the United States Railroad
New French Loan—Sums Raised for
Labor Board averaging 3 cents an hour or an approximate
. Devastated Regions.
annual total of $7,000,000. The direction ordering this
advance, Chicago dispatches say, is now in course of preparaIn "Commerce Reports" of July 16, the U. S. Department
tion by the Board and will be issued officially within the next of Commerce announced the following advices from Eugene
few days.
A. Masuret, Clerk to the Trade Commissioner, Paris:
Telegraphers Ask Wage Increase.
Telegraphers on the Atlantic Coast Line RR. represented
by the Order of Railroad Telegraphers are requesting increases of six cents an hour in the rate of pay, according to
joint submissions filed with the United States Railroad Labor
Board on July 20 by the telegraphers and the carrier. The
railway also requests that the rate of pay of agents at small
non-telegraph stations be decreased four cents an hour and
that they be placed on the monthly paying basis.
The Order of Railroad Telegraphers has filed application
for increase in rates of telegraphers with the Railroad Labor
Board asking for increase in rates of telegraphers on the
Chicago Indianapolis & Louisville Ry. averaging 10 cents
an hour.
Telegraphers on the Chicago Great Western RR. have
filed a submission with the Railroad Labor Board requesting
an advance of 11.580. an hour.
By a decree of the French Minister of Finance, dated June 9 1923, the
Credit National to Facilitate the Reparation of Damages Caused by the War
is authorized to issue a loan of a nominal maximum capital of 2,000,000,000
francs, in 500-franc bonds. Each bond will carry an annual interest of 30
francs, payable half on April 15 and half on Oct. 15 1923. (Subscriptions
opened June 15 and were to close July 13 at the latest without notice.)
These bonds will participate each year, beginning with Oct. 1 1923, in
quarterly lottery drawings, the total which will include 1,200 lots per year
for each series of 1,000,000,000 bonds as follows: One lot of 500.000 francs.
3 lots of 100,000 francs, 3 lots of 50,000 francs, 8 lots of 10,000 francs, 32
lots of 5,000 francs, and 1,153 lots of 1,000 francs, making a total of 2,343,000 francs. The 500,000-franc lot will be included each year in the October
draiving.
The method of procedure for the drawings will be determined by the Administrative Council. The bonds not drawn at these lotteries will be reimbursed in full at 500 francs on April 15 1949. However, the Credit National
reserves the right to redeem at 500 francs, in whole or in part, and at any time
beginning with Oct. 15 1933, in lots of 500,000,000 francs.
The Credit National also undertakes to pay to all present and future
taxation on the coupons, premiums and lots. Mention of this privilege will
be made on the bonds.
The price of issue is fixed at 490 francs per bond. Payment will be made
in full at the time of subscription.
In stating in a copyright cablegram from Paris, July 1,
that the Credit National 2,000,000,000-franc loan for reconTelephone Operators Lose Strike in New Englnad.
struction in the devastated district was meeting with great
The strike of telephone operators in New England was success, and it was expected that the lists would close before
declared off, effective on July 26, by Julia S. O'Connor, the date fixed, the New York "Times" added:
The market recognizes that interest rates on this latest Credit National
President of the Telephone Operators' Department, Interloan are high. The issue is costing the State 6.8%. It is redeemable, hownational Brotherhood of Electrical Workers. The strike ever,
in 26 years, and stress is laid on the fact that three Treasury bonds of
has been in force since June 26for a seven-hour day and higher five to ten years' maturity issued last April yielded more than 7c.
wages. The girls failed to attain anything by their walkout,
The actual rate for State loans, which was still only 6.07% for the 6%
loan issued in 1920, has been raised for each successive loan in
and if the company holds to its announced terms of re-em- perpetual
view of the State's having been obliged to make too frequent calls upon its
will
probably lose their seniority. The of- credit in order to meet reparations while receiving nothing from Germany.
ployment they
The annual amount of interest on the loans which France has thus floated
ficial "strike off" statement reads:
On the recommendation of the Massachusetts State Board of Conciliation and Arbitration, the telephone operators' strike has been terminated.
The strike ends officially at 3 o'clock to-day.
The New England Council of Telephone Operators' Unions, also known
as the regional council, in recommending to the member ship that the strike
be ended, and the membership in sustaining this recommendation, were
Influenced by the Board's assurance that its good offices would be available in making any adjustment incident to the settlement of the strike.
for reparations purposes comes to about 5,000,000,000 francs; of which, however, only 1,500,000,000 are comprised in the special budget of "recoverable
expenses." The remainder are covered into the ordinary budget.
From the "Wall Street Journal" of July 5 we take the following Paris advices:
When Credit National's seventh loan in the cause of reconstruction (2,000,000,000 francs in 6% 500-franc lottery bonds at 490) has been subscribed,
404
THE CHRONICLE
[VOL. 117.
the Credit National will have raised in all a nominal total of 24,000,000,000
francs—not a bad record for three and a half years. Details of the seven In the budget as voted on by the Senate, and a deficit of
600,000,000 francs in the budget as voted on by the Chamber.
issues are as follows, the bonds in each cage being for 500 francs:
Date.
Nom. Amt. Int.
The item of interest on reconstruction loans, which the SenDate of Repayment.
Nov.1919 4,000,000,000 5% At latest 1995.
ate desire to place in the special budget, has been left in the
May 1920 4,000,000,000 5% At latest 1995.
Oct. 1921 3,000,000,000 6% 1929 to 1934 by series of 1,000,000 bonds. general budget, as insisted on by the Chamber of Deputies.
Jan 1922 Unlimited
6% 1924, 1927 and 1932.
The advices from Commercial Attache Jones, as given in
July
3,290,000,000 6% 1925, 1928. 1934 and 1940.
"Commerce Reports" July 16, also state: '
Jan. 1923 3,000,000,000 6% At latest 1948.
Expepses are divided approximately as follows: Services and interest
June
2,000.000.000 6% At latest 1948.
The unlimited issue of 1922 produced 4,710,000,000 francs, which consti- charges on the public debt, 12,000,000,000 francs; appropriations for the
tutes a record. In the first loan the bonds are repayable at 600 francs. In various ministries, 10,000,000,000 francs; maintenance of monopolies, custhe second and third, as well as the two last, they are redeemed at par. The toms collections, etc., 1,169,000,000 francs. Revenue items include: Direct
two issues of 1922 have no lottery feature and rely for their attraction on taxes, 3,100,000,000 francs; registration, 3,400,000,000 francs; business
turnover, 2,800,000,000 francs; income on securities, 1,100,000,000 francs;
the premiums payable according to the date on which holders choose to recustoms, 2,300,000,000 francs; indirect revenues, 2,800,000,000 francs;
deem, ranging from five francs on five-year bonds to 30 on 18-year.
monopolies, 2,000,000,000 francs; war-profit tax, 2,000,000,000 francs.
A Great Record.
The Associated Press accounts from Paris July 1 regardTo the end of April Credit National had paid out on claims foi compensation for damages suffered by the war just under 20,000,000,000 francs in ing the adoption of the budget, said:
over 6,000,000 individual payments. It is carrying no less than 1,380,000
Parliament adopted the budget early this morning after an all-night session
accounts and reckons that there are only 120,000 more to be added to com- and 13 months of intermitten wrangling and with a difference
of 1,000,plete the roster of "sinistres" entitled to and desiring advances on provisional 000,000 francs from that originally proposed. Premier
Poincare forced
or definite titles approved by the State. The long and arduous task of valu- through his demand to make the belated 1923 appropriations stand
for 1924
ation of damages will be completed this year, but the work of the Credit Na- only after insisting that it should be a question of confidence in the Governtional will continue for many years, since the claims approved are paid by ment.
installments as the rebuilding progresses. In respect to damages estimated
The budget shows a deficit of 400,000,000 francs, but, as it provides for
at 1,000,000 francs or more, settlement may be made in 30 annuities and in the retirement of 800,000,000 francs of 6% securities, its proponents
say it
the case of non-re-employment of the funds on reconstruction and in respect really has a surplus of 400,000,000 francs instead of nearly a 4,000,000,000
of allowances for depreciation, etc., there are delays extending over many franc deficit, as estimated by the Government last May. It has been alteryears.
nately presented to Parliament with a surplus or a deficit, according to the
Henceforth, the main effort is to be devoted to building claims, which views of the various commissions. The Chamber sent it back to the Governwill be settled entirely in cash. The whole mass of claims on loss of and ment last year with the request that it be balanced. This M. de Lasteyrie,
damage to personal property, including furniture, etc., will be met partly by the Finance Minister,'promptly offered to do by increasing taxation 10%.
issue of six-year bonds. Apart from actual payments on claims the Credit
The Senate recently, after a month's work, exhibited the document with a
National has long-term loans out to the amount of 357,000,000 francs. These surplus of 800,000,000 francs, by increasing the Government's estimates of
are made on its own responsibility, but the bulk of them are secured by annu- what the income would be and pruning
expenses. The Chamber replied by
ities for war damage. They yield something over 8%. Credit National's restoring the reduced appropriations,
and thus turned the surplus into a
capital remains at 100,000,000 francs, with 125 francs paid up on the 500- 000,000,000-franc deficit.
franc share, and this year as in two peceding ones it is paying a dividend
The Chamber and Senate in the last two days have shuttled the budget
of
6%. Net profits, totaling nearly 10,000,000 francs, are double those
of back and forth, one reducing, the other increasing the expenses until a last1921.
hour compromise was reached by the sleepy legislators long after daylight,
Operates for Devastated Region.
the Chamber getting a budget that shows a deficit, as it contends facts jusThree and one-half years of existence have made the institution
tify, while the Senate is satisfied to prove by mathematics that the deficit is
a vital
organ of the State—the most vital organ for the devastated
really a surplus.
regions, for
which it is the State's real paymaster. If the big industrialists
go direct to
the market to raise money on their titles to compensation from the
Poland Forbids Luxury Importations with View to
State, if
municipalities and co-operative building associations in the devastated
reRestricting Amount of Money Sent Out of
gions likewise float their own loans, the Credit National remains
the resource in money and counsel for the small sufferer from the ravages
Country.
of war.
Its lottery loans are one of the most popular of French investments. It is
Polish
The
Government
, according to Warsaw press adstriking illustration both of French financial ingenuity and French capacity
vices, July 21, has decided to forbid the importation of all
for investment.
French External Debt Double Sum Owed Her—Paris
"Temps'" Semi-Official Presentation of Financial
Position Places Internal Debt at 282,418,000,000
Francs.
From the "Wall Street Journal" of July 25:
luxuries so as to reduce the amount of money sent out of the
country. Exceptions are made, it is stated, in the case of
certain articles imported from France which are provided
foe under the Franco-Polish commercial treaty.
League of Nations Decides to Reduce Nicaragua's Dues
At beginning of 1923 French internal debt aggreg'ated 282,418,000,000
From $60,000 to $10,675.
francs. Internal debt was divided into: Long term debt, 145,000,000,000
Associated Press advices from Managua July 26 stated:
francs; floating and short term debt, 114,000,000,000 francs;
advances
According to a representative of the League of Nations now here, the
from Bank of France to French Government, 23,000,000,000 francs.
Ex- League has decided to
reduce the $60,000 that Nicaragua owes it for three
ternal debt consisted of two items, Government debt to United
States and years' membership dues
to 310,675, payable at the rate of 31.067 50 annually
Great Britain totaling 29,969,000,000 gold francs and commercial
debt of for ten Years.
5,493,000,000 francs, making aggregate external debt of
35,463,000,000 gold
League
The
has
also
decided,
francs.
he said, to reduce this country's annual dues
from $20,000 to $5,047.
Toeal amount owed France by other countries, 15,282,000,000
Nicaragua resolved to withdraw from the League several years ago, but
but little more than one-half the amount France owes Great Britainfrancs, is
and the the delegate entrusted with carrying
United States. The old Russian Government is the largest debtor to
out the orders failed to present the
France, resignation and the matter was
dropped. A member of the League must
owing a total of 5,560,000,000 francs, payment of which is now
being dis- give two years' notice and pay all
puted. The various other regimes which have been in power in
obligations before it can withdraw.
Russia since
The new proposal will be submitted to Congress in December.
the downfall of the Czar owe France 480,000,000 francs. Division
of debts
to France is shown in the following table:
American Bankers' Association Convention Plans.
Francs.
*5,560,000,000
general plan for the sessions of the American BankThe
480,000,000
3,684,000,000 ers Association annual convention, to be held at Atlantic
a1,795,000,000 City, N. J., Sept. 24 to 27,
inclusive, is annomiced as follows:
1,181,000,000
Monday, Sept. 24, morning: General meeting of the Clearing House Sec1.056.000,000 tion.
3861,000,000
Afternoon: General meeting of the Trust Company Division:
574,000,000
Throughout the day there
c49,000,000 missions of the Association, will be conferences of the committees and comincluding the Executive Council, Administrative
13,000,000 Committee, Finance
Committee, Agricultural Commission, Commerce and
11,500,000 Marine Commission,
Economic Policy Commission, Bank and Currency Com10,500,000
mittee of the Economic Policy Commission, Public Relations Commission,
6,000,000 Committee of Five,
Committee on Membership, Committee on Public Educa1,000,000
tion, Committee on State
500,000 Anniversary Committee, Taxation, Special Committee on Taxation, Fiftieth
Insurance Committee, Protective Committee, ComFederal Legislation, Federal Legislation Council, Committee on
15,282,000,000 mittee on
State Legislation, and State Legislative Council. There will also be meet* Including 995,000 charged by Bank of France for discounting Russian ings of committees of the various Divisions and Sections.
Tuesday, Sept. 25, morning: General Convention session of the whole
Government bonds. a Including 220,000,000 in book credits. b Including 300,000,000 in book credits. c Not including 800,000,000 in Association.
Afternoon: General meeting of the Savings Bank Division.
supplies of materials to be covered to indefinite extent by value of Italian
Wednesday, Sept. 26, morning: General Convention session.
supplies of materials.
Afternoon: General meeting of the State Bank Division.
Thursday, Sept. 27, morning: General Convention session.
French General Budget Passed.
Afternoon: General meeting of the National Bank Division.
Russia (old Government)
Russia (various Governments)
Belgium
Jugoslavia
Rumania
Poland
Greece
Czechoslovakia
Italy
Montenegro
Latvia
Esthonia
Lithuania
Hungary
Austria
According to advices from Commercial Attache Chester
Lloyd Jones, at Paris July 3, to the Department of Commerce, Washington, the French general budget, adopted on
June 30, and published in the "Journal Officiel" of July 1,
provides for revenues of 23,437,954,832 francs and expenditures of 23,402,487,556, thus allowing for a surplus of 35,467,276 francs, compared with a surplus of 800,000,000 francs
The headquarters of thetassociation during the convention
will be the Hotel Traymore, and the general convention sessions will be held on Young's Million-Dollar Pier. The meetings of the committees, divisions and sections will be scheduled in various hotels at Atlantic City. Tile entertainment
program is being arranged by a local connuittee of Atlantic
City.
JULY 28 1923.]
THE CHRONICLE
Nominations of Officials for Investment Bankers
Association.
At the meeting of the Investment Bankers Association of
America held in Minneapolis on July 24, new officers and
governors were nominated as follows:
President, John W. Prentiss, one of the members of the firm of Hornblower & Weeks, New York.
Vice-Presidents: Eugene E. Thompson, of Crane, Parris & Co., Washington D. C.; Philip S. Dalton, of Coffin & Burr, Boston; Arthur Sinclair, Jr.,
of Estabrook & Co., New York; J. A. Fraser, of Dominion Securities Corp.,
Toronto, and Walter Brewster, of Russell Brewster & Co., Chicago.
John G. Brogden, of Strother, Brogden & Co., Baltimore, was nominated
for Treasurer, and F. R. Fenton, of Fenton, Davis & Boyle, Chicago, was
nominated to continue as Secretary.
The nominations will be voted upon at the annual meeting
of the Association, to be held at the forthcoming convention
in Washington, D. C., on October 31 next. The governors
whose terms expire in 1924 and who will continue in office
are:
J. W. Horner, Jr. of Dillon Read & Co.; Joseph A. Rushton of Babcock,
Rushton & Co.; Barrett Wendell, Jr., of Lee, Higginson & Co.; Thomas B.
Gannett, of Parkinson & Burr; Morris F. Fox, of Morris F. Fox & Co.; J. R.
Edwards, of the Fifth-Third National Bank of Cincinnati. Governors whose
terms expire in 1925 include Ray Morris, of Brown Brothers & Co.• John W.
MacGregor, of Glover & MacGregor; J. Clark Moore, Jr., of Barclay, Moore
& Co.; Tom K. Smith, of Kauffman-Smith-Emert & Co., Inc.; Eli T. Watson, of Watson, Williams & Co.• W. 0. Chanute, of Bosworth, Chanute &
Co.; Frank Resnick, of Kidder, Peabody & Co.; Fred S. Borton, of Berton &
Borten, and George B. Caldwell, of Caldwell, Mosser & Willaman.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
J. P. Morgan will sail to-day (July 28) for Europe on the
405
company became temporarily the Manufacturers-Citizens Trust Co. Shortly
thereafter the word "Citizens" was dropped and the name "Manufacturers
Trust Company" was adopted. On the completion of this merger the deposits of the company were $12,000,000.
On June 15 1918 the Manufacturers Trust Co., which hitherto had been
operating only in the Borough of Brooklyn, extended its field into the Borough of Manhattan by purchasing control of the West Side Bank, with deposits of $4,000,000, making the deposits on that date $19,500,000. Incidentally this was the first time a Brooklyn institution had boldly and successfully invaded the Manhattan field. The deposits in this one office are
now over $16,000,000.
After this merger the business of the company grew by leaps and bounds,
and in January 1920 the capital was increased to $2,000,000 and an additional $1,000,000 from this sale of stock was added to the surplus, making
the capital and surplus more than $4,000,000. The then last published
statement showed the deposits of the company as $32,000,000.
On Sept. 1 1921 the trust company acquired control of the Ridgewood National Bank and merged it, making the total deposits over $40,000,000, with
capital and surplus exceeding $4,500,000. This acquisition also gave the
an office in the Borough of Queens.
cornpay
About the same time a new office in the heart of the financial district, at
139 Broadway, Manhattan, was opened, which has since become the principal office of the company.
On April 28 1922 control was acquired of the North Side Bank of Brooklyn, and that bank was also merged into the Manufacturers Trust Co.,
bringing the total of deposits to approximately $50,000,000.
On Dec. 18 1922 the Industrial Bank, located at Fourth Avenue and 27th
Street, was merged into the Manufacturers Trust Co., adding $8,000,000 to
the deposits and making the total deposits $65,000,000. At the game time
the capital was increased to $3,000,000, with surplus and undivided profits
at about the same figure.
This latest merger with the Columbia Bank consummates probably the
most rapid growth of any institution attaining the importance which will
now be assured to the Manufacturers Trust Co.
The Manufacturers Trust Co. pays quarterly dividends of 4%, or at the
rate of 16% a year, and the stock is quoted at 275 bid.
The Guaranty Trust
Co. of New York announces the apWhite Star steamer Homeric. George F. Baker, Jr., Presipointment of John J. Sample as a Vice-President of the comdent of the First National Bank of this city, will also sail on
pany. Mr. Sample will continue to be associated with the
the same steamer. Mr. Morgan, it is said, expects to remain
domestic
banking department of the company, where he will
abroad several months.
The stockholders of the Battery Park National Bank of this
city on July 16 approved the plans for the proposed merger
of that institution with the Bank of America. The Battery
Park National has been placed in voluntary liquidation.
Preparatory to the merger with the Bank of America the
business of the National Bank will be transferred to the newly
created State institution, Battery Park Bank, that bank in
turn merging the business of the bank into that of the Bank
of America. Reference to the proposed plans was made in
our issues of June 9, page 2599, and June 30, page 2956.
The merger will go into effect about the last of August.
Earl D. Babst, President of the American Sugar Refining
Co., has resigned as a director of the National City Bank of
New York. Mr. Babst also recently resigned from the board
of the Metropolitan Trust Co. to comply with the law
governing interlocking directorates.
supervise all loans on staple commodities, such as sugar, coffee, cotton and grain, which the company specializes in and
finances on a large scale, both domestic and export. Recently Mr. Sample has been supervising banking relations
with customers in Southern States, and in the future he will
devote more of his time to the business of the company in
that section. Mr. Sample has devoted most of his business
life to specialization in cotton. During the war his earlier
experience in cotton and with French import and export
methods was, it is stated, invaluable to the trust company,
which handled the financing of cotton purchases for the
French Government and for private concerns in France, all
of which were made through the French Cotton Commission.
In recognition of his services to France in that regard, Mr.
Sample was awarded the gold medal of the Consortium Cot°fluter Francais, his being one of two such medals awarded.
At a regular meeting of the board of directors of the Farm-
Since our item of a week ago (page 293) in which it was ers' Loan & Trust Co. of New York on July 19, William G.
stated that the Manufacturers Trust Co. (head office New
York) was negotiating to assume control of the Columbia
Bank, of this city, announcement was made July 24 by the
trust company that an agreement has been entered into between its directors and those of the Columbia Bank for the
merger of the latter into the trust company and the ratification of the same by the stockholders has been recommended
by the directors of both institutions. The company's announcement also says in part:
Chisolm was appointed an Assistant Secretary.
Walter E. Loveland, Second Vice-President of the National Bank of Commerce in New York, died at his home in
Yonkers, N. Y., on July 19 after a two weeks' illness.
The National Bank of America in Paterson, N. J., began
business on July 2, following the issuance of its charter by
the Comptroller of the Currency. The officers are: Wm. E.
Walter, President; Wilmer A. Cadmus and Albert H. Slater,
Vice-presidents, and Frederick P. Hofmayer, Cashier, and
Carmine F. Vigorito, Assistant Cashier. The bank has a
capital of. $300,000 and surplus of $150,000. Its proposed
organization was referred to in our issue of April 28, page
1859. The directors are:
The Manufacturers Trust Co. has a capital of $3,000,000 and surplus of
$3,250,000, and the Columbia Bank has a capital of $2,000,000 and a surplus slightly in excess of $2,000,000. When the merger is consummated, the
effect will be that the combined capital and surplus of the merged institu•
tions will be approximately $10,000,000 and the deposits between $95,000,000 and $100,000,000.
Joseph Appel. Ernest Barber, Horace Beaumont, Wilmer A. Cadmus,
It is expected that all of the officers of both institutions will be retained
in some capacity and the board of directors of the Manufacturers Trust Co. William Cochran, J. T. Doremus, W. W.Evans, John J. Fitzgerald, David
will be enlarged to give representation to some of the board of the Columbi.. Fullerton, William H. Gurney, John V. Einchdiffe, Alexander Herbert.
Bank. The Columbia Flank is much larger and more important than any of Jacob Katz, Abram Klenert, John G. Knippenberg, Meyer Levine, William
the six banks which have previously been merged into the Manufactuters J. Lockwood, C. Walter Lotte, Thos. F. Morgan, Francesco Palleria,
Edwin Pierce, Dr. Wm. H. Pruden, Geo. W. Renkel, A. H. Slater, W. W.
Trust Co.
The Manufacturers Trust Co. has eight offices located in the Booughs of Stoner, William E. Walter, Frank Warner and Fred. W. Wentworth.
Manhattan, Brooklyn and Queens at the following addresses: 139 Broodway,
On July 1 1923 the City National Bank of Perth Amboy,
481 Eighth Avenue and 385 Fourth Avenue, Manhattan; 774 Broldway, 84
Broadway, 225 Havemeyer Street and 710 Grand Street, Brooklyn, nod 1696 New Jersey,
merged with the Perth Amboy Trust Co., of
Myrtle Avenue, Ridgewood, in the Borough of Queens—with its principal
that city. The consolidation of these two banks gives to
office at 139 Broadway, Manhattan. The Columbia Bank has three offices,
located at 507 Fifth Avenue and 415 Broadway, Manhattan, and tha corner that city a bank with resources over $7,000,000. TI-e
of Westchester Avenue and Southern Boulevard, in the Bronx.
capital and surplus are $500,000. The Perth Amboy Trust
Nathan S. Jonas is President of the Manufacturers Trust Co. and Eli H.
Bernheim is President of the Columbia Bank. In the negotiations, Jonas & Co., the older of the two banks and the name under which
Neuburger represented the trust company and Stroock & Stroock and Ernst, the consolidated banks will operate, is situated in the heart
Fox & Cane, represented the bank.
of the business district and has made great progress under
The story of the rapid growth of the Manufacturers Trust Co. is interesting. Organized in 1905 as the Citizens Trust Co., the bank made excellent the administration of its present officers. It is Perth
progress, and on July 1 1912 it acquired control of the Broadway Bank, Amboy's largest bank. The officers are: George S. Silzer,
merging the two institutions and increasing its deposits thereby from Chairman
of the board; Isaac Alpern, President; Frank
slightly eve $2,000,000 to $6,000,000; at the same time the capital of the
Dorsey, Vice-President; Peter Olsen, Vice-President; William
bank was increased from $500,000 to $1,000,000.
On Aug. 12 1914 the Citizens Trust Co. took over the old established M. Weiant, Secretary & Treasurer, and William H. Pullen,
Manufacturers National Bank of Brooklyn with approximately the same
Assistant Secretary & Trust Officer.
amount of deposits then held by the Citizens Trust Co. and the name of the
_t___
406
THE CHRONICLE
A new banking institution began business in (East Liberty)
Pittsburgh, Pa., on July 21 under the name of the Highland
National Bank. The new institution is under the direction
of the officers of the Bank of Pittsburgh, N. A., and its stock
is largely held by stockholders of that institution. The
Highland National has a capital and surplus of $200,000
each. Its stock is in shares of $100. The active officers of
the bank are: Harrison Nesbit, President; J. N. Morrow,
Vice-President; J. F. Collins, Cashier, and A. V. Merriman,
Assistant Cashier. Other officers of the institution are:
Vice-Presidents, J. D. Ayres and Alex Dunbar; Directors,.
Harrison J. Hays, Mr. Dunbar, Isaac W. Frank, Mr.
Morrow, Mr. Ayres, Frank J. Lanahan and Mr. Nesbit,
who is also President of the Bank of Pittsburgh, N. A.
A consolidation of the Luzirde County National BaLk of
Wilkes-Barre, Pa., with the Miners' Bank of that city was
consummated on July 15. The resulting institution is
known as the "Miners' Bank of Wilkes-Barre." The latter
has a capital of $950,000 and surplus and undivided profits
of $3,910,054. The officers are: F. M. Kirby, President;
Isaac M. Thomas, J. N. Conyngham, C. W. Laycock,
Samuel McCracken and J. C. Wiegand, Vice-Presidents;
William J. Ruff, Cashier; Guy Sturdevant, M. G. Robbins
and Roland Grover, Assistant Cashiers, and A. N. Rippard,
Trust Officer.
We are advised by the First National Bank of Sunbury,
Pa., that that institution will shortly take over the Sunbury
National Bank. Upon the consummation of the merger,
it is understood, the First National Bank will move from its
present quarters to the building of the Sunbury National
Bank. The enlarged First National Bank will have a capital
of $250,000, with surplus and undivided profits of $900,000.
The officers of the bank will be the same as heretofore, namely
John F. Derr, President; Wm. B. Waples, Vice-President;
W.F. Rhoads, Cashier, and D.E. Bloom, Assistant Cashier.
. The officers of the Edwardsville National Bank of Edwardsville, Ill., announce the opening of their new building on
July 26.
At a meeting of the directo-rs on July 12, L. G. Bournique
was elected a Vice-President of the First Wisconsin National Bank of Milwaukee. Previous to the consolidation of
the First National and Wisconsin National banks on July 1
1919, Mr. Bournique was a Vice-President of the Wisconsin
National Bank.
Charles C. George and Geo- rge Brandeis of Omaha, and
George J. Woods of Lincoln have been elected directors of
the Omaha Natioanl Bank, filling a vacancy caused by the
death of the late Arthur C. Smith and other vacancies of
longer standing. The new directors will also become directors of the Omaha Trust Co. and the Omaha Safe Deposit
Co. Mr. George is President of George & Co., realtors, and
of several other real estate and holding corporations. He is
a Vice-President and for 25 years has been a director of the
Conservative Savings & Loan Association. For four years,
until recently, he was a director of the Chamber of Commerce of the United States; he is also a member of the International Chamber of Commerce. Mr. Brandeis is President of J. L. Brandeis & Sons and of the Brandeis Investment Co. These interests operate a large department store
and have heavy real estate investments. Mr. Woods is VicePresident of the Woods Brothers Corporation of Lincoln,
director of the Lincoln Telephone & Telegraph Co., and director of the Standard Timber Co. of Wyoming and VicePresident of the O'Gara Coal Co. of Chicago.
[VOL. 117.
when it became by amalgamation a part of the General Box
Company.
The stockholders of the Commercial National Bank of Los
Angeles have approved a proposal to issue $500,000 of new
stock, the capital being thereby increased from $500,000 to
$1,000,000. The stock was sold at $225 a share. A special
stockholders' meeting was held June 21 1923 to authorize
this new capital which became effective July 12.
The directors of Lloyds Bank, Ltd., London, have declared
an interim dividend for the half-year ended the 30th of June
last of is. 8d. per share, being at the rate of 16 2-3% per annum, payable, less income tax, on and after the 28th of July.
This is the same as a year ago.
The New York "Times" in its issue of July 20 stated that,
according to cablegrams from South America received by
bankers in this city, the Banco Lopez, with its central office
in Bogota, Columbia, had closed its doors on Thursday,
July 19. With regard to the failure the "Times" went on to
say:
The failure came as a surprise here, one banker describing it as a "thunderclap." In foreign business the Banco Lopez had often been described
as the "Gibraltar of Colombia." and, although reports of money stringency
In Colombia added to the confusion growing out of a drop in coffee prices,
it had been expected that outside aid would pull the Banco Lopez through
Its difficulties.
According to the meagre information received by New York bankers,
the collapse was due primarily to the sharp drop In Colombian coffee
prices. The quotation at present is around 16 cents a pound; only a few
months ago it was as high as 22 cents. Owing to this drop, secured loans
of the bank shrunk accordingly in value, and in some cases shipments which
were financed on the basis of a price of 18 or 20 cents a pound for coffee
found upon arrival at foreign ports that the price had dropped to the present
level.
Despite this collapse in coffee quotations, however, New York bankers
who have done business with the Banco Lopez expressed confidence that
the bank's assets would approach closely, if not exceed, its liabilities. The
money stringency, which was so pronounced that even the Government
had difficulty in meeting certain of its obligations with ready cash, affected
also the Banco Lopez.
Recently the bank sounded out New York for a loan. The request came
too late in the day for New York bankers to comply, it was stated yesterday. and after a few telegraphic exchanges, the request was refused with the
explanation that the New York bankers were not sufficiently well acquainted
with Colombia's situation to advance the money. Thereafter it was
reported that the bank sought a loan from Lazard Brothers, in London.
This, according to report, was granted, but when Lazard Brothers heard
that New York had turned down a similar request the loan was withdrawn.
As an eleventh-hour measure, it was learned that the Colombian Government purchased the bank's building In Bogota for 750,000 pesos, or the
equivalent of $704,250, advancing 500.000 pesos, or $468,500. This sum,
however, was exhausted by a run on the bank.
New York bankers who have had dealings with the Banco Lopez said
the losses 'which would be entailed by New York organizations would be
small, scarcely more than a ripple, as the business depression in Colombia
had reduced the usual amount of business. The Banco Lopez had branches
in five other cities.
The "Wall Street Journal" in its issue of July 20 stated
that Huth & Co. (of this city and London) are "informed
that the Manizales and Cucaramanga branches of the bank
were closed some months ago, and that the London & River
Plate Bank was preparing to take over that in Cali. According to latest advices received by them, the situation in
Medellin is still good.
Senor Jose Maria Arango, the Consul-General of Colombia-in this city, on Thursday, July 26, made public a cablegram he had received from his Government reporting the
organization of a bank by the Colombian Government to
succeed the Banco Lopez, according to the New York
"Journal of Commerce" of yesterday, July 27. The cablegram is as follows:
The alarm caused by the suspension of payments of the Banco Lopez
of Bogota has been overcome by the action of the Government in the
foundation of the Banco de la Republica (National Bank), which has just
been opened. Banking and commercial conditions are normal.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market developed great weakness again during
Charles Kohlmeyer, Preside- nt of the Continental Turpentine & Rosin Co., with a plant at Laurel, Miss., has been the last two days. In this weakness the railroad list particireelected Vice-President of the Interstate Trust & Banking pated and even led the way, notwithstanding the good
anthracite
Co. of New Orleans, in charge of the. bond department. Mr. ports of earnings coming from the roads. The
Northern,
Kohlmeyer was selected from the board of directors of the shares displayed considerable strength, but Great
common and
institution to succeed C. G. Rives, Jr., who recently became Northern Pacific, Chicago & North Western
new low
connected with the Whitney banks. Mr. Kohlmeyer has long a number of others dropped sharply and established
and
light
was
trading
has
Orleans's
commercial life and
records for the year. On Saturday
been connected with New
Monday the
on
but
is
He
actively
conected
within
fluctuated
a
range,
city.
narrow
that
prices
in
acquaintance
a wide
Tuesday the marwith a number of concerns, besides his affiliaiton with the market in many respects improved. On
two points were
bank. In 1903 he organized the firm of Kohlmeyer, Jacobs ket again declined and recessions of one to
the day closed.
as
securities
the
several
of
until
President
30
standard
June
in
as
noted
served
& Hyams, of.which he
on Wednesday,
1919. He was also President of the Southern Re-Distilling The decline continued as the session opened
the midsession.
& Rectifying Co. from 1917 to 1919. After the dissolution of but the market rallied somewhat during
reports refavorable
the
to
part
in
due
was
Vice-President
of The recovery
these two firms Mr. Kohlmeyer became
declaration
the Republic Box Co., severing his connection with that firm I garding conditions in the steel industry and the
JULY 28 1923.]
THE CHRONICLE
of the regular dividend on Delaware & Hudson stock.
Stocks of roads in the Northwest, which had shown considerable weakness for some days, broke badly on Thursday
and Friday. This had a somewhat disturbing effect on the
general list, though Baltimore & Ohio advanced to 503 and
New York Central went above par on Thursday. Great
Northern and Northern Pacific were again under pressure on
Friday, dropping, as already stated, to a new Low level.
United States Steel common dropped from 90% to 883
%,
Baldwin Locomotive fell off over 4 points, Studebaker went
New
and
10134
down to
York Central receded to 97.
THE CURB MARKET.
Trading in the Curb Market this week was exceedingly
dull, and while the opening showed a firm tone the market
soon developed an easier tendency. Oil stocks were the
chief sufferers. South Penn Oil in particular was conspicuous for a drop from 120 to 105. Eureka Pipe Line lost two
points to 101. Ohio Oil sold down from 5834 to 57. Prairie
Oil & Gas declined from 18334 to 175. Prairie Pipe Line
3
was off from 10234 to 99%.
Standard Oil (Indiana) moved
down from 5534 to 51%. Standard Oil (Kentucky) lost
four points to 90. Standard Oil of New York receded from
38% to 363% and closed to-day at 363
%. Swan & Finch
sold up from 30 to 36. Vacuum Oil dropped from 4534 to
413
% and ends the week at 42. Gulf Oil of Pennsylvania
weakened from 5134 to 50 and finished to-day at 503.
International Petroleum declined from 1634 to 147
%. Magnolia Petroleum moved down from 139 to 12934 and sold
finally at 1293
%. Mutual Oil was off from 1034 to 9. Industrials Were quiet. The strength of Reading Coal issues was
a feature, the stock advancing from 42 to 50% and the
"rights" from 193
% to 23%. The close to-day was at 50 for
the former and 2134 for the latter. Armour & Co. of Delaware preferred lost a point to 87. Cleveland Automobile
declined from 29 to 2734.'Durant Motors sold down from
48 to 4434. Glen Alden Coal after early advances from
7234 to 7334 sank to 703. Midvale Co. weakened from
163% to 15. National Supply Co. declined from 55 to 5234
and closed to-day at 53. Bonds were quiet. United Oil
Producers 8s, after an advance from 94 to 99,fell to 91% and
recovered finally to 93.
A complete record of Curb Market transactions for the
week will be found on page 428.
407
the Government would still further reduce the borrowing rate. Every
million now borrowed in London will aggravate the exchange situation in
years to come, and from this point of view the rush of Indian local authorities to borrow in London needs to be discouraged."
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
June 15. June 22. June 30.
Notes in circulation
17152
17238
17361
Silver coin and bullion in India
8385
8471
8595
Silver coin and bullion out of India
__
Gold coin and bullion in India
2432
2432
2432
Gold coin and bullion out of India
_ _-Securities (Indian Government)
5750
5750
5750
Securities (British Government)
585
585
584
The silver coinage during the week ending the 30th ult, amounted to
3 lacs of rupees.
The stock in Shanghai on the 7th inst. consisted of *about 25.800.000
ounces in sycee. 32.500.000 dollars and 420 silver bars, as compared with
about 25.300,000 ounces in sycee, and 33.000,000 dollars on the 30th ult.
The Shanghai exchange is quoted at 3s. Md. the tael.
-Bar Silver per Oz. Std.)3ar Gold per
QuotationsCash.
2 Mos.
Oz. Fine.
July 5
31d.
30 11-16d.
90s. 7d.
July 6
31 5-16d.
31d.
905. 5d.
July 7
31 ltd.
30 15-16d.
July 9
31%d.
313cl.
90s. 4d.
July 10
31%d.
31d.
90s. 2d.
July 11
30%d.
30%d.
89s, 11d.
Average
31.156d.
30.8758.
90s.3.4d.
The silver quotations to-day for cash and forward delivery are respectively
1-16d. above and the same as those fixed a week ago.
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.
July 21. Juiy 23. July 24. July 25. July 26. July 27.
Week ending July 27.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Silver, per oz
d. 30 15-16 31%
3015-16 304
30i3-16
30%
Gold, per fine ounce
892. 8d. 895. 8d. 89s. 86. 89s. f3d. 89s. 8d. 89s. 8d.
Consols, 24 per cents
59
5874
5834
5834
583‘
British,5 per cents
10074
10174
10034
10034
10031
British, 434 per cents
97
9634
9534
9631
9634
French Rentes (in Paris), fr- ---57.15
56.85
55.6834 57.15 57.85
FrenchWarLoan(inParis),fr. _--75.70
75.52
75.52
75.10
75.15
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(cts.):
Foreign
6334
6334
6334
6334
6274
COURSE OF BANK CLEARINGS.
Bank clearings for the country again show a small decrease
from a year ago, due 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 28) aggregate
bank clearings for all the cities in the United States from
which it is possible to obtain weekly returns, show a decrease
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of of 2.9% as compared with the corresponding week last year.
Samuel Montagu & Co. of London, written under date of The total stands at $6,638,285,984, against $6,833,618,772
for the same week in 1922. At this centre there is a falling
July 111923:
off of 14.2%. Our comparative summary for the week is
GOLD.
The Bank of England gold reserve against its note issue
on the 4th inst. as follows:
was £125,796,970, as compared with £125.794,950 on the
previous Wedner
day.
The demand from the Indian Bazaars continues to
be moderate, and the
bulk of the available supplies will be sent to America.
CURRENCY.
Extracts from the Chairman's speech at the annual
meeting of the
Royal Numismatic Society were thus given by the
"Daily Telegraph":
"Sir Charles Oman said that the silver issue of 1920-21, with
its 'well known
lemon tinge.' was highly unsatisfactory. The
new 1923 alloy was no less
abominable, though it did not flake off and
come to pieces in the hand,
like Mr. Chamberlain's first issue. Instead of the
lemon tinge, it had a
slight, but noticeable, pink deposit, which seemed
to spread from the lettering inwards. Owing to the over-issue, in a
time of inflation, of this
alloyed coinage, much of it lay redundant in bank
cellars, and the banks
had forced the Mint to repurchase £250,000 worth of it
this spring at the
cost of £1 Bradbury to every pound of silver, although
it was worth only
half of its face value. There was a rumor," added Sir
Charles, "that a
British nickel coinage was in progress for threepenny
and sixpenny pieces,
and he thought that it might do much to
improve the silver issue."
SILVER.
The latest news as to the Monsoon seems good. Rainfall
was nearly
general in Lower Burma and Koukan. In the United
Provinces and
punjab crops were good and normal results were to be
expected. The
reappearance of the Bombay Monsoon has fixed values
firmly of textiles, &c.
Notwithstanding this good news as
to the Indian Monsoon, the market
has not been robust, and purchases from that quarter have been on a small
scale. The tendency has been to prolong Indian bear sales as they
fall due.
China has figured as both a buyer and a seller on several days. The
Continent has sold moderately, and America has kept more in touch
with
the market here as a seller. On the whole the prospects do not command
much confidence, though the bear account open here may cause unexpected
stringency in the event of sudden attempts to cover short positions.
Owing to pressure of sales to-day on an unwilling market, a sharp drop
took place of Md., but at the fall buyers preponderated.
The subscription lists for the Government of India 5% Loan, which were
opened on July 4, were closed on the 9th inst., the full amount of 24 crores
of rupees having been subscribed. This result would appear satisfactory
from the exchange point of view. The "Times of India." in its issue of
June 23 last, thus commented upon the Government loan policy: "It is
considered that, owing to the economic depression now prevalent in India,
the amount of money mailable for investment is not so large as during the
last two years and that the rates offered seem to ignore this important factor.
On the other hand, the ease with which the Government can borrow in
London makes them reluctant to pay high rates in India, and but for the
exchange problem, which is year by year assuming a more sinister aspect.
Clearings-Returns by Telegraph.
Week ending July 28.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
•
1923.
1922.
Per
Cent.
52,744.000,000' $3,197,830,928
462.195,331
421,644,086
379,000,000
345,000,000
261,000,000
228,000,000
107,177,404
104,926,401
a
a
114,400,000
115,000,000
110,245,000
*80,000,000
142,912,426
*130,000.000
114,240,329
86,027,000
87,425,888
81,092,558
67,342,495
58,324,826
44,224.209
40,816,586
-14.2
+9.6
+9.9
+14.5
+2.1
a
-0.5
+37.8
+9.9
+32.8
+7.8
+15.5
+8.3
Twelve cities, 5 days
Other cities, 5 days
$4,634,163,082
897,741,905
$4,888,662,385
806,019,925
-5.2
+11.4
Total all cities, 5 days
All cities, 1 day
$5,531,904,987
1,106,380,997
$5,694,682.310
1,138,936,462
-2.9
-2.9
Total all cities tor week
_ In WAR 2175054
a will not report clearings. *Estimated.
28_233.618.772
--2.9
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 21. For
that week there is a decrease of 4.2%, the 1923 aggregate
of the clearings being $7,169,655,997 and the 1922 aggregate
$7,486,460,448. This decrease, however, is due entirely
to the shrinkage at New York, the decrease here having been
16.7%• Outside of this city there is an increase of 13.4%
We group the cities now according to the Federal Reserve
districts in which they are located and from this it appears
that in the Boston Reserve District there is an increase of
13.0%, inthe Philadelphia Reserve District of 9.3%, while
New York Reserve District (because of the falling off
's centre) shows a loss of 16.2%. The Cleveland Ree District reports 4.7% increase, the Richmond Reserve
trict 23.2%, and the Atlanta Reserve District 10.4%.
the Chicago Reserve District the improvement is 13.9%,
in the St. Louis Reserve District 19.6%, and in Minneapolis
Reserve District 16.5%. In the Kansas City Reserve
District the addition is 4.8%; in the Dallas Reserve District
24.5%, and in the San Francisco Reserve District 25.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending July 21 1923.
1923.
1922.
Inc.or
Dec.
$
$
Federal Reserve Districts.
11 cities 413,826,710 361,303,285
(1st) Boston
10 " 3,731,746,433 4,452,622,069
(2nd) New York
520,621,214 476,210,891
(3rd) Philadelphia_ _...i0 "
389,807,948 372,323,851
8 "
(4th) Cleveland
173,308,523 140,659,635
"
5
(5th) Richmond
159,534,036 144,446,898
11 "
(6th) Atlanta
842,063,808 739,068,990
19 "
(7th) Chicago
66,430,459 55,521,991
7"
(8th) St. Louis
123,703,154 106,192,037
(9th) Minneapolis_ __ _ 7 "
=7,514,154
238,422,451
"
(10th) Kansas City_ _ _ _11
48,668,471 39,089,428
5 "
(11th) Dallas
461,523,790 366,507,219
(12th) San Francisco...16 "
1921.
1920.
$
$
%
+13.0 314,313,722 407,333,770
-16.2 3,399,670,797 4,260,200,358
+9.3 397,765,190 514,402,477
+4.7 328,984,753 447,708,827
+23.2 126,888,968 183,268,865
+10.4 126,664,523 177,680,459
+13.9 662,156,524 887,647,598
+19.6 48,078,080 62,112,590
+16.5 104,358,805 135,815,768
+4.8 253,280,868 361,607,094
+24.5 39,286,014 55,854,951
+25.9 308,025,255 365,986,297
120 cities 7,169,655,997 7,486,460,448 -4.2 6,109,473,490 7,859,616,054
Grand total
3,514,239,599 3,099,298,723 +13.4 2,763,924,791 3,672,382,492
Outske New York City
00 ration 654.180.1110 108.688.146 -4-5.6 308.874.111 187 051.311
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending July 21.
Clearings as
1923.
1922.
Inc.or
Dec.
1921.
$
775,000
2,200,000
361,486,508
1,866,159
a
1,332,770
a
1.662,515
5,082,581
4,858,525
9.371,162
6,332,550
12,363,000
314,313,722
407,330,770
413,826,710
386,303,285 +13.0
Second Feder at Reserve D IstrIct-New York4,793,353
3,515,500
4,488,811 +10.0
4.939,781
N. Y.-Albany
1,187,100
895,712
1,021,541 +2.8
1,049,843
Binghamton__ _
50,947,912
35,857,359
42,289,723 +18.5
d50,132,982
Buffalo
852,239 +6.8
695.363
Elmira
891,012
1,248,140 +12.7
c1.406,018
Jamestown_ _ _ _
3,655,416.398 4.387.161.725 -16.7 3,345,548,699 4,187,233,562
New York
10,993,095
6,897,527
8,770,746 +11.1
9,743,557
Rochester
4,655,528
3,935,205 +19.4
3.389,718
4,699,481
Syracuse
2,323,197
2,718.212 +20.6
c3,278,089
Conn.-Stamford
389,808
352,073
335.727 +14.4
383,981
N. 1.-Montclair
Total(10 citie6) 3,731,745,433 4,452,622,069 -18.2 3,399,670,797 4,280,200,358
Third Federal Reserve Dist rict-PhIlad elnhia.995,676
1,055,788 +55.3
1,639,288
Pa.-Altoona....
2,745,139 +64.3
2.508,782
4,509,495
Bethlehem,
800,000
1,014,394 +55.3
1,575,013
Chester
2,601,020 +12.6
2,096,002
2,928,182
Lancaster
Philadelphia _ _ 488,000,000 454,000,000 +7.5 377,000,000
2,632,588 +38.7
2,288,162
3,652,505
Reading
4,404,695
3,814,476 +81.9
6,177,807
Scranton
2,797,451
2,576,266 +35.5
d3,49I,636
Wilkes-Barre..
1,241,063
1.448,616 +4.1
1,506.662
York
4,324,644 +65.1
3.633,359
7,140,626
N.1.-Trenton_ _
a
a
a
a
Del.-Wilmingt'n
1,288,403
3,516,062
1,386.286
2,682,084
488,705,923
2,866,829
5,368.884
3,130,442
1,351,926
4,327,658
a
397,765,190
514,402,477
Fourth Feder at Reserve D Istrict--Clev eland- 6,873,000
6,555,000 +18.0
d7.738,000
Ohio-Akron - _ _ _
3,528,582
4,582.058 +17.8
5,397,267
Canton
63,357,974 +15.8
56,368,407
73,353,170
Cincinnati
84,350.717
6118,925,728 103,764,230 +14.6
Cleveland
14,046,100 +13.0
13,564,800
15,876,400
Columbus
a
a
a
a
Dayton
a
a
a
a
Lima
1,633,418 +22.9
1,295,644
2,007,388
Mansfield
a
a
a
a
Springfield_
a
a
a
a
Toledo
4,285,073 +17.8
3,403,603
d5,049,426
Youngstown...
a
a
a
a
Pa.-Erie
161,480,569 174,100,000 -7.3 159,600,000
pittsburgh _ _
b
b
b
b
W.Va.-Wheeling
11,258,000
5,455,846
73,606,223
143,002,088
14,260,800
a
•
1,928,948
a
a
4,991,694
a
193,205,230
b
Total(10 cities)
Total(8 cities).
Fifth Federal
iV. V8.-Hunt'on
Va.-Norfolk _ _ _
Richmond _
5.C.-Charleston
48d.-Baltimore_
D. C.-Washlon
520,621,214
476,210,891
372,323,851
+9.3
+4.7
328,984,753
447,708,827
Reserve Dist rict-RIchm ond1,699,858 +21.5
2,064,964
6,478,765 +15.0
d7,449,245
+8.3
41,557,768
44,988,000
b
b
b
72,357,603 +32.8
96.065,314
18.567,841 +22.5
d22.743,000
1,499,325
6,424,197
35,044,840
b
68,167,702
15,752,904
1,878,544
11,833,681
56,354,758
b
97,628,992
15,574,890
389,807,948
140,659,635 +23.2
126,888,968
183,268,885
-Atlant aSixth Federal Reserve Dist Act5,437,768 +31.9
d7,171,706
cenn.-Chat'n'ga
2,797,256 +23.4
3,451,795
Knoxville
17,710,101 +10.7
19,602,441
Nashville
+22.3
39,009,400
47.715,080
.34.-Altanta
b
b
b
Augusta
1,454.085 +6.7
1,549,524
Macon
a
a
a
Savannah
9,632,834 +27.4
12,274,215
19'ia.-Jacks'nville
20,210,576 +5.9
21,394,531
ala.-Birtn'ham _
1,686,517 +10.1
1,856,750
Mobile
626,935 +29.3
810,794
9i199.-Jackson_
228,668 +12.6
257,556
Vicksburg- _ _ _ _
-4.8
45,652,758
43,449,644
La.-NewOrleans
5,523.850
2,759,294
15,988,775
37.585,007
b
1,500,000
a
8.075,885
14,890,836
1,370,119
473,511
216.224
38,281,042
7,789,857
3,160,091
20,799.355
54023,746
b
2,000,000
a
1,162.087
17,421,222
2,428,981
512.508
309.488
58,073,124
144,446,898 +10.4
126,664,523
177,680,459
Total(5 cities).
Total(11 cities)
173,308,523
159.534,036
Week ending July 21.
Clearings at
1923.
1922.
Inc.or
Dec.
1921.
Seventh Feder al Reserve D istrict-Ch icago
175,000
Mich.-Adrian _ _
229,830
194,285 +18.3
550,146
Ann Arbor_ __ _
636,533 -10.3
571,166
Detroit
141,152,199 115,244,000 +22.5 102,668,298
Grand Rapids_
5,873,293
6.930,299
6,536,493 +6.0
1,756,000
Lansing
, 2,374,737
1,690,000 +40.5
Ind.-Ft. Wayne
1,538,444
1,844,364 +40.3
2,587,706
Indianapolis_ _ _
15,372,000
21,172,000
17,451,000 +21.3
South Bend__ _
1,100,000
2,620,131
2,172,000 +20.6
Terre Haute__ _
5,449,942 Not included in total
W18.-Milwaukee
27,813,196
36,942,839
28.720,973 +28.6
Ia-Cedar Rapids
1,789,738
2,385,045
2,084,878 +15.5
Des Moines_ _ _
7.846,512
11,010,018
8,637,124 +27.5
Sioux City_ _
5,034,048
5,484,948 +7.8
5,892,185
Waterloo
1,201.241
1,475,019
1,118,658 +31.9
Ill.-Bloomington
1,321,199
1,202,187 +9.9
1,118,088
Chicago
594,991,318 536,608,510 +10.9 479,720,143
a
Danville
a
a
a
Decatur
1,267.732
1,173,227
1,015,826 +24.8
Peoria
4,426,339
4,106,419 +7.8
3,409,380
Rockford
2,170,583
1,905,198 +13.9
1,686,862
Springfield__
2,530,928
2,543,503
2,455,598 +3.6
Total(19 cities)
1920.
249,109
493,857
122,335,440
6,189,793
1,635,807
1,987,557
18,163.000
1,155,000
33,569,207
2,229,728
9.630,944
8.190,673
2,130.102
1.653,585
666,393,734
a
1,365,459
5,163,911
2,000,000
3.130,692
739,068,990 +13.9
662,158,524
887,847,598
Eighth Federa I Reserve DU trict-St. Lo uisInd.-Evansville
6,131,477
4,710,537 +30.2
a
Mo.-St. Louis. _
a
a
_
29,364,803
25,887,240 +13.4
Owensboro.._ _
391,601
356,379 +9.9
Tenn.-Memphis
17,693,752
15,164,612 +16.7
Ark.-Little Rock
11,246,811
7,840,340 +43.4
380,783
402,122
Quincy
1,221,232
+5.2
1,160,761
4,058,918
a
22,134,630
340,069
11,891,160
8,046,441
418,242
1,188,620
4,781,938
a
28.221,974
472.038
16,837.764
9,675,139
546,693
1,596,947
48,078,080
62,112,590
8,124,129
58,852,148
32,711,31E
1,960 A94
1,230,94f
559,241
3,120,734
8,848,080
80,046,202
40,672,000
2,743,452
836,146
1,189,502
1,480,386
Total(7 cities). 123,703,159 106,192,03; +161
Tenth Federal Reserve DI* trict- Kam as Clt)
Neb.-Fremont..
d385,472
477,354
Hastings
491,634 -7.9
455,122
Lincoln
3,971,809
3,760,50( +5.6
Omaha
41,041,172
38,329,121
+7.1
Kan.-Topeka _
d3,343,888
2,914,451 +14.7
Wichita
d10,547,637
10,646,540 -0.9
Mo.-Kan. City_ 133,987,543 127.762,911
+4.1
a
St. Joseph..._
a
a
a
Okla.-Muskogee
a
a
Oklahoma City d24,412.279
22,452.030 +8.7
a
Tulsa
a
a
1,114,292
Colo.-Colo. Spr.
1,036,342 +7.5
Denver
18,268,621
18,903,430 -3.4
Pueblo
e896,639
739,832 +21.2
104,358,801
135,815.788
477,761
761,804
2,934,82(
38.454,851
3,178,53;
13,204,491
154,236,301
a
a
23,257,262
a
951,152
15,085,372
760,692
609,583
715,912
4,600,785
52,464,996
3,318,767
15,735,351
249,916,654
a
a
12,268.493
a
1,150,346
19,773,871
1,052,556
Total(11 cities) 238,422,451 227,514,154 +4.8
Eleventh Fade ral Reserve District-Da hasTexas-Austin...
1,168,876
879,500 +32.9
Dallas
d26,700,000
20,494,869 +30.3
Fort Worth... d10,897,921
10.192,445 +6.9
Galveston
5,619,986
3,761,398 +49.4
Houston
a
•
a
La -Shreveport.
4,281,688
3,761.216 +13.8
253,280,858
361,607,094
1,101,820
18,140,856
11,822,339
5,074,602
a
3,346,397
1,300,000
26,033,316
19,970,694
4,717,228
a
3.833.713
39,286,014
Total(5 cities).
48,668.471
39,089,428 +24.5
Twelfth Feder al Reserve D Istrict-San Franci sco27,000,036
Wash.-Seattle _
39,548,934
31,652,261 +24.9
Spokane
9,500,000
11,285,000
9,960,000 +13.3
a
Tacoma
•
a
a
973,693
Yakima
1,077,290
1,199,927 -10.2
25,084,197
Ore -Portland..
38,657,980
30,724,178 +19.3
11,697,828
Utah-8. L. City.
14,920,735
12,054,793 +23.8
Nev.-Reno
a
a
a
a
a
a
•
Ariz.-Phoenix
a
3,997,865
3,794,012
Cal -Fresno.
3,195,395 +18.7
3,284,874
Long Beach_ _ _
8,466,238
5,415,528 +58.3
76,253,000
Los Angeles... 147,717,000 100,485,000 +47.0
9,273,195
Oakland
18,430,199
12,570,678 +30.7
Pasadena
2,892.186
4,908,607
3,719,279 +31.9
5,155,018
Sacramento
d7,609,525
6,579,551 +15.7
*3,500,000 +9.4
2,297,030
3,827,762
San Diego
Ban Francisco. 158,200,000 140,100,000 +12.9 124,300,000
1,466,219
San Jose
2,318,115
1,924,463 +20.4
693,717
Santa Barbara_
1,136,913
879,668 +29.2
Stockton
c3,631.500
4,156,600
2,548,500 +42.6
38,936,408
11,902,208
a
1,397,502
34,893,210
13,206,025
a
a
3,234,145
2,464,370
74,562,000
10,459.405
1,957,506
5,962,530
2,561,420
155,200,000
1,902,913
787,555
6,559,100
Total(7 cities).
842,063,808
66.430,459
55,521,991 +19.6
Ninth Federal Reserve DIs trict-Minn
Minn.-Duluth..
d7,921,876
5,691,522
Minneapolis.. _
68,493,877
60,385,002
St. Paul
40.121.676
33,502,104
No. Dak.-Fargo
2,183,799
1,831,482
S.D.-Aberdeen.
1,307,802
1,250,419
Mont -Billings_
488,466
509,014
Helena
3,205,860
3,042,504
eapolls
+39.2
+131
+19.2
+18.1
+4.1
+5.4
1920.
$
$
3
%
First Federal Reserve Dist rict-Boston840,646
762,886 +11.2
848,323
Maine-Bangor.
2,000,000
3,378,955
3,119,314 +8.3
Portland
59ass.-Boston _ 363,000,000 322,000,000 +13.4 276,843,370
1.546,909
1,925,742
1.756,907 +9.6
Fall River_ __ _
a
a
a
a
Holyoke
1.001,243
1,237,736 +31.0
1,621,164
Lowell
•a
a
Lynn
1,542,287
14.1
1,500,618
1,562,432
New Bedford
3,703,779
4,732,087 +4.1
4.928,244
Springfield....
3,354,761
3,459,440 -1-30
3,356,000
Worcester
8,267,086
9,782,378 +9.1
10,668,926
Conn.-Hartford
5,393,041
6,451,919 +34.5
8,678,924
New Havel:L.__
9,820,600
11.1.-Providence d11,860,000 •11.500,000 +3.1
Total(11 cities)
[VOL. 117.
TcFry CHRONICLE
08
55,854,951
Total(16 cities) 461,523,790 386,507,213 +25.9 308,025,256 365,988,297
Grand total (120
7,169,655,997 7,486,460,448 -4.2 6,109,473,490 7,859,818,054
cities)
Outside N. Y____ 3,514,239,599 3,099,298,723 +13.4 2,763,924,791 3,672,382,492
Week ending July 19.
Clearings at
1923.
1922.
Inc. or
Dec.
1921.
1920.
$
Canada$
$
5
%
112,071,914
Montreal
02,541,153 +21.1 106,543,946 147,777,220
100,776,261 101,988,976 -1.2
86,989,734 106,544.711
Toronto
40,475.343
Winnipeg
40,790,558
38,217,142
39,252,818 -2.6
18,239,97
14,653,802
13,332,833
12,832,994 +14.2
Vancouver
8,775.325
8,815,904
6,551,319
Ottawa
7.158,723 -8.5
8.330,038
8,332,840
6,926,543
Quebec
6,019,870 +15.1
5,172,092
3,278.232
2,928,926
Halifax
3.001,558 -2.4
7,975,809
8,115,178
6,778,940
Hamilton
6,742,344 +0.5
8,067,647
5,392,600
4.581,290
4,557,862 +0.5
Calgary
3,539.327
3,218,395
2,980,823
3,228,624 -7.7
St. John
4.000.000
2,411,506
1,988,767
Victoria
2,044,548 -2.7
3,621.118
2.870,405
3,258.508
London
2,975,690 +9.5
4,617,123
Edmonton
°®
"
4,3
4,413,996 +4.6 +4,414.268
4,270.899
3,744.823
2,971,579
Regina
3,214,996 -7.6
800,000
766.513
627,005
Brandon
590,498 +6.2
650.000
628,276
528.559
Lethbridge
440,375 +20.0
2,433,309
1,301,793
1,578,083 -12.7
1,376,469
Saskatoon
1,555,855
1,469,014
1.046,299
1,221,322 -14.3
Moose Jaw
1,502,063
1,003,667
1,091,381
Brantford
1,117,500 -2.3
1.027.084
336,701
_
_
_
Wlillam.
933,086
842,907 +10.7
Fort
847,918
652,949
601,035
533,492 +12.7
New Westminster
488,883
347,416
Medicine Hat...
256,130
285,918 -10.4
1,005.170
772,343
Peterborough_ ._ _
742,993
692.073 +7.4
1.549.583
591,690
Sherbrooke
866,126
1,251,549 -30.8
1.157.577
1,143,524
Kitchener
1,019,673
1,036,203 -.1.6
5,146,361
4,563,766
3.771,495
4.915,368 -23.3
Windsor
543,193 --45.4
296,758
Prince Albert_
1,247,902
925,378
1,240,514 -25.4
Moncton
799.335
831.002 +13.4
Kingston
715,306
Tntal Canada_ 324.180 ican MA RAR 146 4-5.6 308,874,111 387.053.311
figures. c Week
No longer report clearings. b Do not respond to requests for20.
• Estimated
ending July 18. d Week ending July 19. e Week ending July
JULY 28
gomiturcial andrAtscatantonsgnat
Breadstuffs figures brought from page 461.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago
Minneapolis
Duluth
Milwaukee_ _ _
'Toledo
Detroit
Indianapolis
St. Louis_ _
Peoria
Kansas City-Omaha
St. Jo8eph_
Total wk. '23
Same wk. '22
Same wk. '21
Wheat.
Flour.
Oats.
Corn.
Barley.
Rye.
bbls.190 bs.bush. 60 l's. bush. 56Th:.bush. 32 lbs.bush.481bs• bush.561bs.
169,001
130,011
979.000 1.583,000 1,226,000
22,000
1,193,000
155,000
227,001
69,000
89.000
588,000
254,000
14,000
191.000
67,000
44,011
84,000
466,000
103,000
8,000
239,000
43,000
18,000
1,000
32,000
12,000
58,000
14,000
144,000
116,000
337,000
90,000 1,609,000
774,000
21,000
3,000
495,000
31,000
20,000
235,000
3,000
325,000
1,785,000
252,000
110,000
183,000
222,000
270,000
173,000
46,000
202,000
334,000 6,813,000
378,000 9,638,000
400,000 20.020,000
3,905,000
6,218,000
3,576.000
3,680,000
3,722,000
4,148,000
499,000
460,000
719,000
293,000
258,000
454,000
Since Aug.11922-23_ _ _. 2,871,000409,947.000288,497,000221,702,00037,999,00049,952,000
1921-22-0,827,000155,430,000387.707,000 212,029,00031,365,00024,204,000
1920-21_ _ _ _ 26.097.00n 377.570.000154 507 non 228.230.00030.743.00010.665.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday July 21 1923 follow:
Receipts al-
Wheat.
Flour.
Oats.
Corn.
I
Barley.
Week 1922._ _
393.000 5,569,001) 2,445,000 1,305,000! 559,000 826,000
Since Jan.1'2213,188,000,107,335.000 96,444,000 40,489.0001 9.558,00018,325,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, July 21 1923, are shown in the annexed
statement:
Wheat.
Bushels.
438,048
188,000
94,000
128,000
4,000
162,000
184,000
3 719,000
New York
Philadelphia
Baltimore
Norfolk
Mobile
New Orleans
Galveston
Montreal
Corn.
Flour.
Rye.
Oats.
Barley. Pe"'
Bushels. !Barrels. Bushels. Bushels. Bushels.'Bushels.
55,996
66,266 202,642 162,382
17,000, 6,000
122,000 17,000
29,000'172,000 21,000
1,000
• 1
2,000 7,000
46,000 31,000
2,0001 76,000
1
26.0001111,000 419,0001144,000 303,000
1
Total week 1923. 4,917,048 213,000 228.996
5.491,310 2,622,734 107,907
Week1922
516.2661694,642 486,382
892,219,730,148 396,566
The destination of these exports for the week and since
July 1 1923 is as below:
Exports for Week
and Since
July 1 to-
Flour.
Wheat.
Since
July 1
1923.
Week
Jul, 21
1923.
Week
July 21
1923.
Barrels. Barrels.
Bushels.
United Kingdom_ 96,723
281,974 1,932,901
Continent
102,273
283,466 2,913,147
So.& Cent. Amer_ 3,000
19,000
West Indies
21,000
50,000
4,000
Brit.No.Am.Cols.
67,000
Other Countries__ 6.000
22,595
Total 1923
Total 1922
228,996
107.907
Corn.
Since
July 1
1923.
Detroit
Chicago
Sioux City
Milwaukee
Duluth
St Joseph, Mo
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Wheat,
bush,
12,000
1,223,000
234.000
46,000
2,632,000
548,000
10,760,000
341,000
2,317,000
37,000
1,252,000
653,000
594,000
Corn,
Oats,
Rye,
bush,
bush.
bush.
31,000
12,000
19,000
382,000 1,399,000 1,202,000
15,000
102,000
86,000
107,000
205,000
29,000
22,000 4,864,000
1,000
1,000.
32,000
74,000
19,000 1,513,000 4,437,000
4,000
61,000
69,000
75,000
136,000
59,000
16,000
11,000
7.000
236,000
38,000
38,000
145,000
282,000
94,000
366.000
635,000
146,000
46,000
Barley,
bush.
96,000
6,000
29,000
29,000
402,000
2,000
1.000
63.000
928,000
Total July 21 1923____24,800,000 1,847,000 5,930,000 13.330,000
Total July 14 1923____23,840,000 2,547,000 6,708.000 13,526,000 1,023,000
951,000
878,000
Total July 22 1922____15,479,000 23,419,000 38,769,000
Note.-Bonded grain not included above: Oats, New York. 26,000 bushels; Baltimore, 6,000: Duluth, 42,000: total, 74,000 bushels, against 239,000 bushels in 1922.
Barley, New York, 82.000 bushles; Duluth, 76,000; total, 158,000 bushels, against
134,000 bushels in 1922. Wheat, New York. 180,000 bushels; Boston, 160.000:
Philadelphia, 64,000: Baltimore, 93,000; Buffalo, 86,000: Duluth, 28,000: Toledo,
59.000; Chicago, 11,000; On Lakes, 416,000: total, 1,097,000 bushels, against
2,166,000 bushels in 1922.
CanadianMontreal
2,787,000
663,000
579,000
128,000 1,118,000
Ft. William & Pt. Arthur_ 8,349,000
2,945.000
1,766,000
Other Canadian
839,000
1,071,000
204,000
Total Jtny 21 1923____11,975,000
128,000 3,955,000
663,000 3,728,000
Total July 14 1923._ _14,000,000
284,000 3,992,000
794,000 3,826,000
Total July 22 1922....14,442,000 1,277,000 4,853,000
10,000 1,109,000
Summary928,000
American
24,800,000 1:S47,000 5,930,000 13,330,000
663,000 3,728.000
Canadian
128.000 3,955,000
11,975,000
Total July 211923._36,775,000 1,935,000 9,885,000 13,993,000 4,656,000
Total July 14 1923..__37,840,000 3,083,000 10,700.000 14,320,000 4,849.000
961,000 1,987.000
Total July 22 1922_ _ _29,921.000 24,696,000 43,622,000
Rye,
Bushels.
Bushels. Bushels.
Bushels.
Barrels.
Bushels.
New York
164,000
228,000
166.
716.000
13,000
155,000
8,000
158,000
16,000,
4,000
Philadelphia_ _
20,000
325,000,
5,000,
8,000
17,000
8,000
Baltimore_ _ _ _
1
128,0001
Norfolk
1,000
182,0001
New-Orleans *
14,000
58,000
84,000
933,000,
(lalveston_
827,000
401,0001 409,111
45,000 3,963,0001
Montreal ___ 5,000
86,0001
45,000,
15,000
Boston
Total wk. '23 311,000 6,481,000,1
114,
647,000 637,000 1,007,000
Since Jan.1'2313,386,000135,574,000' 32,890,0001 23,842,000 7,130,00021.927,000
Exports from-
409
THE CHRONICLE
1923.]
Since
July I
1923.
Week
July 21
1923.
Bushels. Bushels, Bushels.
537.351
5.764,694 156,000
126,000
8,081,802
9,000
46,000
4,000
83,000
48,000
10,000
67,000
657.035 4,917.048 13,963,496 213,000
756,351
482.141 5.491.310 15.789.592 2.622.734 11.220.190
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.o()
July 17-The American National Bank of Fort Payne, Ala_--Correspondent: C. C. Driskill, Fort Payne. Ala.
July 20-The First National Bank of Sausalito, Calif
Correspondent: W. L. Brown, Sausalito, Calif.
APPLICATION TO ORGANIZE APPROVED.
July 20-The West Coast National Bank of Portland. Ore__
Correspondent: Edgar H. Sensenich, 706 Porter
Bldg, Portland, Ore.
•
APPLICATION TO CONVERT APPROVED.
July 19-The First National Bank of Graford, Texas
Conversion of the First State Bank of Graford, Texas.
CHARTERS ISSUED.
July 16-12412 The Columbia National Bank, Columbia,
So. Caro
Succeeds the Palmetto National Bank of Columbia,
So. Caro.
Cashier, T. J. Cottingham. Directors: Ben E.
Geer, Leroy Springs, Edwin W. Robertson, Thad
J. Cottingham, Wm. A. Coleman.
12413 The National Bank of Adrian, Mo
President, G. B. Wyatt; Cashier, Staten Foster.
July 17-12414 The Highland National Bank of Pittsburgh,Pa.
President, Harrison Nesbitt; Cashier, James F.
Collins.
July 19-12415 The First National Bank of Norton. Texas.-President, J. D. Good; Cashier, T. J. McCaughan.
July 21-12416 The First National Bank of Paradise, Texas
Conversion of the Paradise State Bank,Paradise. Tex.
President, J. A. Simmons; Cashier, W. A. Green.
25.000
300.000
50.000
500,000
25.000
200,000
25,000
25,000
CONSOLIDATION.
July 18-- 200 The First National Bank of Boston, Mass_ _
15,000,000
and -12396 The International Bank of Boston, Mass
2,000.000
Consolidated July 18 1923 under the Act of Nov. 7
1918, under the charter and corporate title of "The
First National Bank of Boston," No. 200, with
Capital stock of
15,000,000
VOLUNTARY LIQUIDATIONS.
July 16-11491 The Central Exchange Natiohal Bank of
Kansas City, Mo
Effective July 16 1923. Liquidating agent: C. B.
Burrell, Kansas City, Mo.
Absorbed by the Home Trust Co.of Kansas City, Mo.
July 17-11778 The Minneapolis National Bank, Minneapolis,
Minn
Effective July 9 1923. Liquidating agent: Clarence
E. Hill, Minneapolis, Minn. .Absorbed by the
North Western National Bank of Minneapolis, No.
2006. Liability for circulation will not be assumed
under Section 5223, U. S. R. S.
200,000
200,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, July 20, and since July 1 1923 and 1922,
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
are shown in the following:
at auction in New York, Boston and Philadelphia:
Wheat.
By Messrs. Adrian H. Muller & Sons, New York:
Corn.
1923.
Exports.
Week I
J
July 20.
Since
July 1.
Bushels. I
North Amer_ 8,616,000
RUBS.& Dan104,0001
Argentina__ 2,312,000,
Australia _ _ _ 1,128,000
488,000
India
0th. countr's
Total
1
Bushels. I
20,567,000
312.000
7,155,000
2,216,000
4,704,000,
I
12,648,000. 34,954.0001
1922.
I
1923.
Since
I Week I
July 1.
July 20.
Since
July 1.
•
1922.
Julyee1.
Bushels. 1 Bushels.
Bushels.
Bushes.
19,531.000
151,000
585,000 7,202,000
512,000
111,000
435,000 1,156,000
9,203,000 4,364,000 13,956,000 6,036,000
2,144,000
•
220,000
153,000
1
31,390,0001 4,626,000 15,129,000 14,614,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, July 21, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
GRAIN STOCKS.
Wheat.
Corn,
Oats,
Barley,
Rye,
bush,
bush,
bush,
bush.
bush.
255,000
18,000
23,000
263,000
116,000
2,00035,000
1,000
364,000
13:000
614,000
34,0003,000
451,000
108,000
123,000
- 1,000
76,000
693.000
122,000
80,000
3,000
74,000
1,474,000
93,000
740.000
175,000
298.000 1,538,000
269.000
132,000
37,000
268,000
1,000
1.000
Shares. Stocks.
Price,
50 General Carbonic prof
0115
$18
10 General Carbonic common
It
50 Roanoke Banking Co
$2,500 lot
50 Roanoke Banking Co
17R
7 oW
an
.ok
t, H
Alaandley Mfg. Co. of lot
$100 lot
160 Roanoke Guano Co
$50 per sh.
100 Roanoke Guano Co
350 per eh.
20 Roanoke Guano Co
$50 per sit.
7,00ZrtcIimphoc
200
rtsAT
dv
aa
nnee't C
Co
orp_ _ _3400 lot
City Tanning
350 lot
600 Arthur H. Crist Co
'31,400 lot
Price.
Shares. Stocks.
10 Utah Gas & Coke Co. 7% Cum.
$2254 Per sh.
preferred
500 West Virginia Pull) & Paper Co.,
$513( Per sh.
rr Elevated Appliance Corp.,
50
"
Kpear
$20 lot
preferred
12 Traders Finance Corp., com.
'15lot
124°
no par
12 Traders Finance Corp.8% pref.l
100 Pierce Arrow, prof._...518X Per eh.
Bonds.
Prisx•
33,000 United Traction CO. (Albany)
414s, 2004
4614%
By Messrs. Wise, Hobbs & Arnold, Boston:
Stocks.
Price,
Stoats.
79
8 Webster & Atlas National Bank_ _ Pr
American Mfg. Co., pret
195
ke. I 5
Share:.
5 Hamilton Manufacturing Co.... 67
32
8 Car Fastener Co.,corn.,$25 par
100 Rights Otis Co
Bonds.
Prite.
10
2 Esmond Mills, pref., ex-div
9Freeport Water Works 1st 5s,
,00
930
1 311
5 Merrimac Chemical Co.. $50 par- 9958%4
65
By Messrs. R. L. Day dc Co., Boston:
Shares. Socks.
Price.
17 Natl. Shawmut Nank, Boston_ _208
14 Fourth Atlantic Nat. Bk., Dos.. 99
1 Fourth Atlantic Nat. Bk., Bos_ _ _200
220 Rights Otis Co
10
2 Cambridge Gas Light Co_ _203 ex-div.
5 Plymouth Cordage Co
10614
Shares. Stocks.
Price.
15W.L.Douglas Shoe Co.,Bret.- 9334
10 Magee Furnace Co.,Inc., 2d Pt 7514
Bonds
$20,000 Montana Southern RY.8%
note due Feb. 19 1922
$500 Maas. Lighting 7s, 1926
98%
410
THE CHRONICLE
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price. Shares. Stocks.
Price.
4 John B.Stetson Co.,corn.,no par.100
1,000 Kenova Oil, par $1
$3 lot
20 Melville National Bank
2 Livingston Petroleum, no par_ _ _1 $10
257
6 Aldine Trust
10 Livingston Oil, par 51
240
lot
50 Landecker Gold Mining, corn.,
172
5 Quaker City National Bank
par $1
2 Corn Exchange National Bank..420
$2 lot
2244 50 Middle States 011 Copper, par
10 Northern National Bank
5 Northeastern Title & Trust,
$10
$325 lot
62
1,700 Mizpah Extension, corn..
par 550
61
par $1
42 Mutual Trust, par 550
. $50 lot
3 Real Estate Title Ins. dc Trust. 473f_
3,000 Mlzpah Consolidated Copper
& Gold Mining, par $1
2 Real Estate Trust, pref. (asstd.)-1204
$4 lot
4 National Leather, par 510
25 Sixty-ninth St. Terminal Title &
$15 lot
60 87 Oklahoma Producing az Refining,
Trust, par $50
1 Bank of North America & Trust_291
corn., par $5
$130 lot
2424 10 Perfection Tire & Rubber, par
2 Aldine Trust
5 Guarantee Trust & Safe Deposit_151
$10
$4 lot
6 United New Jersey RR.& Canal_1914 5 Pure 011, par 525
380 lot
10 Phila.Suburban Gas& Elec., pt.100
920 Perfection Tire & Rubber, par
20 Phila.& Western Ey., pref
344
SI
$20 lot
24 Philadelphia Bourse, corn
184 48,000 Providence Coal Mining, par
20 Philadelphia Bourse, corn
1834
$5
$5 lot
10 Tacony-Palmyra Ferry
45
38 Radio Corp. of America, prof..
60 Phila. Life Insurance, par $10._ 1014
par 15
$100 lot
3 AJax Rubber, par 550
$15 lot 50 Republic Rubber. corn., no par.$5 lot
2 American Consol. 011, Inc
$2 lot 1,000 Spearhead Gold Mining. Par
411 Allied Oil Corp., corn., par $10.53 lot
$70 lot
100 Allied 011 Corp., par $1
51 lot 15-20 Sapulpa Refining
E3 lot
200 Boston Wyoming Oil, par 51_5150 lot 127 Stanton 011, par 55
51 lot
25 British-American Chemical Corp.
300 Stanton Oil, par 51
$3 lot
common, par $10
$22 lot
Corp
56 lot
30 Belmont Chemical, par 8l0_...$1 lot 300 Tularosa Copper, par $5
$4 lot
400 Boston az Montana Develop210 Texas Ranger Producing &
ment, par $5
$4 lot
Refining. Par 81
53 lot
400 Butte-Detroit Copper & Zinc
1,000 Tonopah Midway ConsoliMining, par 51
$2 lot
dated Milling, COM,Par $L..$25 lot
1,000 Cash Boy Consolidated MinBOO Texon Oil az Land, par 51._ _ _$51 lot
ing, par $1
$18 lot 200 United Texas Petroleum, par
50 Continental Oil & Refining_ _ _54 lot
51
E5 lot
1,600 Consol. Slivers, par $.01-___$2 lot 261 United States Shlp,Par $10-$10 lot
5.064 Cities Service
105 United States SS., par $10_ _ _55 lot
10 W.L. Douglas Shoe, pref.__)5820 lot 110 Uzold Tire, par 55
51 lot
110 Denver&RioGrandeRR.,00m_314 lot 13 Vasil Steam System, par $7._ _52 lot
640 Denver&RioGrandeRR-pref.570 lot 200 Y.Oil & Gas. par $1
$15 lot
Dominion
50
Copper. par $10
$3 lot 22 Producers & Consumers Bank
10
50 Dividend Extension • Mining.
Bonds.
Per cent.
par 8.10
$2 lot $500 Atlantic City & Shore Co. 4s,
500 Divide Syndicate Mining, Par
1940
558 lot
3.10
$2 lot 51,000 Bergner & Engel Brewing Co.
5 Durant Motors, Inc., no par_ _$110 lot, 68, 1921
70
400 Esmeralda Oil ar Gas., par El _ $2 lot 568.75 Atlantic Shore Line KY.
100 Eureka Croesus Mining, par Si 55 lot
(scrip)
$2 lot
1,000 Emma Consolidated Mines.
$1.000 Green Valley Realty Co. 6s,
par $100
$3 lot
1950
5130 lot
1,000 Emma Silver Mines, par $t_ _56 lot £39-13-8 Brazilian Bond 5s, Gold,
300 Edmonds 011 dr Ref
$14 lot
1907 until 1957 (State Sao Paulo)
2,000 Friars 011, par $1
54 lot
8270 lot
40 Federal 011, pref., par $5
$40 lot 10,000 lire, Public Debt Kingdom
180 Gibraltar Mines Syndicate,
of Italy 5s, 1937
$400 lot
par 51
$3 lot 39,000 Marks, Hamburg of 1919
5 Goldfield Deep Mines, par 5.05
44s, expired 1920
100 Globe Consolidated Oil, corn., 53 lot 1,000 Marks, City of Munich 45,
no par
due 1929
2 Industrial Trust, par $50
$110 lot 10.000 Marks, City of Berlin 4s,
200 Invader 011, par 51
$26 lot
1924
832
9 Invincible Oil, par $50
$50 lot 5,000 Marks,City of Berlin 4s, 1925
25 Imperial Oil, corn., par $10- _ _59 lot 5,000 Marks,City of Berlin 4s, 1926
1,150 Jim Butler Tonopah Mining,
20.000 Marks, City of Berlin 4s,'31
Par 51
$36 lot 6,000 Marks,City of Berlin 4s(1919
8.45 Kelly Springfield Tire
1 53
to 1930)
600 Kelvin Arizona Mining, par 51_ j lot 81,000 Beneficial Loan Society__
90
I
Name of Company.
Miscellaneous (Concluded).
Dow Chemical, common (guar.)
Preferred (guar.)
Durham Hosiery Mills, prof.(quar.)
Edwards Manufacturing
Emerson Shoe, preferred (guar.)
Esmond Mills, common (guar.)
Preferred (guar.)
Foulds Milling, common (guar.)
Franklin Co
General Asphalt, preferred (guar.)
Globe Automatic Sprinkler, Cl. A (g11.).
Goodrich (B. F.) Co., Prof.(guar.)
Harmony Mills, preferred (guar.)
Hollinger Consolidated Gold Mines
Jefferson
& Clearfield Coal & Iron, corn_
prfoed
[VOL. 117.
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Aug. 1 Holders of rec. Aug. 4a
Aug. 1 Holders of rec. Aug. 4a
Holders of rec. July 20a
I% Aug.
Holders of rec. July 256
3
Aug.
July 27 to Aug. 1
Aug.
Holders of roe. July 24a
14 Aug.
Holders of rec. July 24a
1% Aug.
81
Aug. 1 Holders of rec. Aug. la
Holders of rec. July 24
Aug.
6
Holders of rem Aug. 15
1)4 Sept.
*Holders of rec. July 20
*6234c Aug.
*Holders of roe. Sept.21
*14 Oct.
131 Aug.
Holders of rec. July
*
Aug. 1 *Holders of rec. July 28
26a1
1
Aug. 1 Holders of ref. Aug. 8a
y. 30
8a
s of rec
e.. JA
.eulg
m
g.. 1 Holdere
50
20
3! Au
$1
1)4
14
Johnson Educator Biscuit, pref.(quar.)Lee Tire & Rubber (guar.)
Libby-Owens Sheet Glass, corn. (guar.). '50%.
12
5
ug 2
55
of1 recc.. Aug..
Se
Berit
1.. 'Holderso
*1.-•
Preferred (guar.)
Liggett az Myers Tob.,corn. A & B (an.) *374 Sept.
.2
12
5
olders of
f ;el.. Aug.
15e
:11
Ho
Lincoln Manufacturing (guar.)
2
Aug.
Holders of rec. July 17a
Locust Gap Improvement Co
*20e. July 26 *Holders of rec. July 20
Lyman Mills
8
Aug.
Holders of rec. July 240
Madison Safe Deposit
3
Aug. 1 Holders of rec. Aug. 100
Extra
1
Aug. 1 Holders of rec. Aug. 100
Madison Square Garden, Class A (No. 1) *50e. Aug.
*Holders of rec. July 31
Mahoning Investment (guar.)
*$1.50 Sept. 'Holders of rec. Aug. 24
Extra
*50c. Sept. *Holders of rec. Aug. 24
McInty^e Porcupine Mines
5
Holders of rec. Aug. 1
Sept.
Merchants Refrigerating, pref.(guar.)._
July 25 to July 31
134 Aug.
Merrimack Mfg., common (guar.)
Holders of roe. July 25
134 Sept.
Preferred
Holders of rec. July 25
2% Sept.ept
Missouri Portland Cement (guar.)
Holders of rec. July 20a
134 Aug.
Montgomery Ward & Co,. prof.(guar.).
*Holders of rec. Sept.20
Oct.
Munsingwear, Inc.(No. 1)
*75c. Sept. *Holders of rec. Aug. 20
Narragansett Mills (guar.)
*Holders of rec. July 24
*134 Aug.
National Carbon, preferred
ed (guar.)
Holders of roe. July 20
(quay.)
Aug.
National Lead,common (guar.)
*2Sept.2 *Holders of rec. Sept.14
Preferred (quer.)
*14 Sept. 1 *Holders of rec. Aug. 24
National Supply Co., corn. Mar.)
75e. Aug. 1 Holders of rec. Aug. 4
011 Lease Development(monthly)
.100
1 . Aug.u. 1 Holders of rec. July 31
Ontario Steel Products, common
Preferred (guar.)
*131 Aug. 1
Pacific Mills (guar.)
Holders of rec. July 25
100
134
. Aug.
Penn Traf
Traffic
Co
Manufacturingol
ders of rec. July 16a
Pennsylvania Coal& Coke(guar.)
Aug. 1 Holders of rec. Aug. 6
51
Pepperell
*Holders of rec. July 24
*413i Aug.
Pocasset Mfg. (guar.)
Holders
rs of rec. July 25a
Aug.
Sagamore Mfg.(guar.)
Holders of rec. July 250
3
Aug.
Scotten-Dillon Co. (guar.)
Aug. 1 *Holders of rec. Aug. 4
*3
Extra
*2
Aug. 1 *Holders of rec. Aug. 4
S
Standard Milling, common (guar.)
2
Aug.Aug. 21
Preferred (guar.)
Aug. 3 Holders of rec. Aug. 21
_14
Standard Sanitary Mfg., COM.(MUM.)..
.25 Aug.
.3
1 Holders of roe.
2
..A
fuulgy. 20
.1014
ec.
1
0 ree
1
Standard Wholesale Phosphate,corn_.
'Holders of
Oct.
Thompson-Starrett Co., Preferred
4
Holders of rec. Sept.20
Oct.
Tim
Prkeefn
errR
ed
olle
(r
auBaea
"ring(quay.)
*75c. Sept. *Holders of rec. Aug. 20
Extra
*25c. Sept. *Holders of rec. Aug. 20
Union a
Cotton Mfg.(guar.)
Holders of roc. July 25a
1% Aug.
Van Raalte Co., Inc. (guar.)
*I;I Sept. *Holders of rec. Aug. 18
Waypoyset Mfg., co
corn. (guar.)
134 Aug.
Holders of rec. July 25a
Preferred (guar.)
Holders of rec. July 250
1% Aug.
Weetamoe Mills(guar.)
*14 Aug.
*Holders of rec. July 25
Westfield Mfg. corn. (guar.)
50o. Aug. 1 Holders of roe. July 31
Preferred (q ar.)
2
Aug. 1 Holders of rec. July 31
Wright Aeronautical Corp. (guar.)
25e. Aug. 3 Holders of rec. Aug. 15
*14
$1134
U
Below we give the dividends announced in previous weeks
DIVIDENDS.
and not yet paid. This list does not include dividends
Dividends are grouped in two separate tables. In the announced this week,these
being given in the preceding table.
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
Per
Books Closed.
When
Name of Company.
we show the dividends previously announced, but which
Days Ineluetee.
Cent. Payable.
have not yet been paid.
Railroads (Steam).
Alabama Great Southern. preferred .._ - 34 Aug. 16 Holders of rec. July 13
The dividends announced this week are:
Atchison Topeka .4 S.
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Buffalo Rochester & Pittsburgh, corn _ _ _
2
Aug. 15 Holders of rec. Aug. 8
Preferred
3
Aug. 15 Holders of rec. Aug. 8
Cleveland az Pittsburgh, guar. (guar.).- *1% Sept. 1 *Holders of rec. Aug. 10
Special guaranteed (guar.)
*I
Sept. 1 *Holders of rec. Aug. 10
Delaware & Hudson Co.(guar.)
*2% Sent.20 *Holders of rec. Aug. 28
Pennsylvania RR.(guar.)
134 Aug. 31 Holders of rec. Aug. la
Public Utilities.
Appalachian Power, first pref. (quar.)__ 1% Aug. 1 Holders of rec. July 18
Brooklyn Edison Co.(guar.)
2
Sept. 1 Holders of rec. Aug. 17
Cent. ArlIICMA L.& P..corn.& pref.(qu.) *2
Aug. 15 *Holders of rec. July 31
Connecticut RI.& Ltg..com. rtpf.(qu.)• $1.1212 Aug. 15 *Holders of rec. July 31
Consolidated Gas of N.Y..com.(quar.) *$1.25 Sept.15 *Holders of rec. Aug. 9
Consolidated Utilities, preferred (guar.)
134 Aug. 1 July 21 to July 31
Eastern Wisconsin Elec., pref. (quar.)_ _ *1% Sept. 1 *Holders of rec. Aug. 20
Electrical Securities Corp,, pref. (guar.) lg Aug. 1 Holders of rec. July 20a
Lawrence Gas
$3.50 Aug. 1 Holders of rec. July 26
Pacific Gas& El., 1st pf.& orig. pi.(qu.) 1% Aug. 15 Holders of rec. July 31a
Southern California Edison, corn,(qu.)_ 2
Aug. 15 Holders of rec. July 31
Union St. Ky.(New Bedford,Mass.)(qu.) 2
Aug. 1 Holders of rec. July 190
United Rys.& Elec.,(B It.) corn. (qu.) 50c. Aug. 15 Holders of rec. July 290
Fire Insurance.
5
July 25 Holders of rec. July 24
Pacific Fire
Miscellaneous.
American Bank Note, preferred (quar.)- *75c. Oct. 1 *Holders of rec. Sept. 14
2
Aug. 1 July 22 to July 31
American Brick, preferred (guar.)
*750 Sept. 1 *Holders of rec. Aug. 20
American Metal, common ((Mar.)
Sept. 1 *Holders of rec. Aug. 18
Preferred (guar.)
American Rolling Mill. prof.(guar.). -- *154 Oct. 1 *Holders of roe. Sept.15
Sept. 1 Holders of rec. Aug. 10
American Tobacco, corn.& corn. B (qu.) 3
3
Aug. 10 Aug. 1 to Aug. 10
Amparo Mining (guar.)
2
Aug. 1 Holders of rec. July 20
Barnard Manufacturing (guar.)
*6
Aug. 1 *Holders of rec. July 25
Bates Manufacturing
Berkey & Gay Furniture, pref.(guar.)._ 1% Aug. 1 Holders of rec. July 25a
*1g, Oct. 1 *Holders of rec. Sept. 1
Bethlehem Steel, common (guar.)
Aug. 15 Holders of rec. Aug. 8a
Bond & Mortgage Guarantee ((Mar.).- 4
$1.25 Sept. 1 Aug. 25 to Aug. 31
Brill (J. G.) Co.. corn. (guar.)
*2
(quar.)_
_
AMC.
30 *Holders of rec. July 31
pref.
Paper,
Brompton Pulp &
AMC. 15 *Holden of rec. July 31
Preferred (account accum. dividends)_ *4
51.75 Sept.15 Holders of rec. Aug. 20
Buckeye Pipe Line (guar.)
62gc. Aug. 15 July 29 to Aug. 15
Butler Brothers (quer.)
Carleton Dry Goods Co.,St. L.,pf (qu.) I% Aug. 1 Holders of rec. July 26
Casey Hedges Co., common (guar.).- 2% Aug. 15 Holders of rec. Aug. la
Century Ribbon Mills,Inc., pref.(quar.) 1% Sept. 1 Holders of rec. Aug. 206
100. Aug. 1 July 11 to July 19
Chief Consolidated Mining (guar.)
*6234c Sept.29 *Holders of rec. Sept. 1
Chill Copper (guar.)
Aug. I Holders of rec. July 26
Cleveland dr Buffalo Transit (guar.)-- *2
July 31 Holders of rec. July 27
5
Commercial Safe Deposit
Oct. 15 Holders of rec. Oct. 6
Congoleum Company, common
$2
Consolidated Cigar Corp., pref. (quar.)_ 1m Sept, 1 Holders of rec. Aug. 150
Aug. 1 Holders of rec. July 24
4
Continental Mills
Contlna Paper & Bag Mills,corn.(guar.) 134 Aug. 15 Holders of rec. Aug. 8
1% Aug. 15 Holders of rec. Aug. 8
Preferred (guar.)
Davol Mills (guar.)
1% Oct. 1 Holders of rec. Sept.240
Diem ar wing Paper, preferred (guar.).- 134 Aug. 15 Holders of rec. July 310
Fe., corn. (guar.) 134 Sept. 1 Holders of rem July 27a
Preferred
2)4 Aug. 1 Holders of rem June 290
Baltimore & Ohio, preferred
2
Sept. 1 Holders of rec. July 140
Canada Southern
1% Aug. 1 Holders of rec. June 290
Central RR.of New Jersey (extra)
2
Aug. 16 Holders of rec. Aug. 10a
Chic. St. Paul Minn.& Omaha,com._
2% Aug. 20 Holders of rec. Aug. la
Preferred
334 Aug. 20 Holders of roe. Aug. la
Cincinnati Northern
3
Aug. 1 Holders of rec. June 29a
Connecticut & Passummic River, pref.. 3
Aug. 1 Holders of rec. July 1
Cuba Railroad. preferred
3
Aug. 1 Holders of rec. July 230
Preferred
3
Febl'24 Iolders of roc. Jan.19'Ma
Great Northern. preferred
234 Aug. 1 Holders of roe. June 290
Hudson & Manhattan, preferred
234 Aug. 15 Aug. 2 to Aug. 15
Illinois Central, corn.(guar.)
114 Sept. 1 Holders of roe. Aug. 20
Preferred
3
Sept. 1 Holders of rec. Aug. 20
Internat. Rvs. of Cent. Am., pref.(qu.)
131 Aug. 15 Holders of rec. July 31
Louisville & Nashville
24 Aug. 10 Holders ot rec. July as
Mahoning Coal RR., common
$10 Aug. 1 Holders of res. July 16
MassawiPpi Valley
3
Aug. 1 Holders of roe. July la
Michigan Central
10 . July 28 Holders of rec. June 290
Mine Hill & Schuylkill Haven
51.50 Aug. 1 July 13 to July 31
Nashville Chattanooga at St Louis
3% Aug. 1 Holders of rec. July 210
New York Central RR.(guar.)
1% Aug. 1 Holders of rec. June 290
Norfolk & Western, corn. (guar.)
134 Sept.19 Holders of rec. Aug. 310
Adjustment preferred (guar.)
Aug. 18 Holders of rec. July 310
Northern Pacific (guar.)
1)4 Aug. 1 Holders of rec. July 21:
Oswego & Syracuse
4% Aug. 20 Holders of rec. Aug. 70
Passaic & Delaware
2% Aug. 1 Holders of rec. July 240
Pennsylvania RR.(guar.)
The. Aug. 31 Holders of roe. Aug. 10
Pere Marquette, prior preference (guar.) lg Aug. 1 Holders of rec. July
140
Preferred (guar.)
lg Aug. 1 Holders of rec. July 144
Pittsburgh de Lake Erie
52.50 Aug. 1 Holders of rec. July 144
Pittsburgh & West Va., pref. (quar.)
1% Aug. 31 Holders of rec. Aug. la
Reading Oompany, coin. (guar.)
$1
Aug. 9 Holders of rec. July 17a
First preferred (guar.)
50e. Sept.13 Holders of ree. Aug. 270
Sharon Railway (semi-annual)
1.374 Sept. 1 Aug 22 to Aug. 31
Syracuse Binghamton & N.Y.(quay.),. 3
Aug. 1 Holders of rec. July 240
Public Utilities.
American Dist. Teleg. of N. J.(guar.).- 14 July 30 Holders of roe. July 160
American Electric Power, pref.(guar.).- m14 Aug. 15
American Gas & Elec., Prof.(qua!).,.. 14 Aug. 1
e.
Amer. Water Works & Elec., 1st pf.(qu) 151 Aug. 15
o.
Six per cent participating Prof
1
Aug. 15 Holder,
Bangor Railway & Electric. Coln.(guar.) 1
uuueuu
;
llg
gu y
yy ;
310
44
11125aa
JJJAAjAu
i
rt'oree J
00
000 W
Aug. 1 Holdersee
o
ereral 0
Boston Consolidated Gas
34 Aug. 1
Brazilian Tree., Lt. & Pow.,ord.(guar.) 1
Sept. 1 Holders
Carolina Power & Light. corn. (quay,),,
e.
31 Aug. 1 Holders
Cedar Rapids Mfg. & Power (guar.).Holders of rec. July 31
9( Aug.
Cleveland Elec. Ilium.,6% pref.(guar.) 1% Aug. 15
1 Holders of rec. July 250
Eight per cent preferred (quay.)
2
Sept. 1 Holders of rec. Aug 150
Columbia Gas & Electric new stk.(an.). 65c. Aug. 15 Holders of roe. July Ma
Old stock
31.95 Aug. 15 Holders of rec. July 310
Columbus Icy., Pow.& Lt., corn.(qu.)_ lg Sept. 1 Holders of roe. Aug. 160
Common (guar.)
1
Dee. 1 Holders of rec. Nov. 15a
Preferred, Series A (guar.)
1% Oct. 1 Holders of roe. Sept. 15a
Preferred, Series A (guar.)
1% Jan2'24 Holders of rec. Dec. 150
Preferred. Series B
134 Aug 1 Holders of rec. July 164
Preferred, Series B
234 Nov. 1 Holders of rec. Oct. 16a
Commonwealth Edison (guar.)
2
Aug. 1 Holders of rec. Julyd15a
Commonwealth Power.6% pref.(quer.) 14 Aug. 1 Holders of rec. July 16
Consolidated Gas of N. Y.. pref.(quar.) 8734e Aug. 1 Holders of roe. June 150
.TuTA 28 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded)
Dallas Power & Light, pref. (quar.)_ _ _ _
14 Aug. 1 Holders of rec. July 20
Detroit United By. (guar.)
14 Sept. 1 Holders of rec. Aug 1
Eastern Massachusetts Street Ry.Preferred B
Aug. 15 Holders of rec. July 31
3
Sinking fund stock and first pref. A_
Aug. 1 Holders of rec. July 21
3
Edison Elec. Ilium. of Boston (guar.)._ _ 3
Aug. 1 Holders of rec. July 16
Edison Elec. Ilium. of Brockton (quar.)_ 24 Aug. 1 Holders of rec. July 200
Electric Bond & Share, preferred (guar.) 14 Aug. 1 Holders of rec. July 16
Fall River Gas Works lunar.)
Aug. 1 Holders of rec. July 16
3
FortWorth Power & Light, pref.(guar.) 14 Aug. 1 Holders of rec. July 14
Idaho Power, preferred (guar.)
14 Aug. 1 Holders of rec. July 18
Illinois Northern Utilities. prof. ((Mar.)
134 Aug. 1 Holders of rec. July 150
Illuminating & Power Scour., corn. (qu.) 45c. Aug. 10 Holders Of rec. July 31
Preferred (quar.)
14 Aug. 15 Holders of rec. July 31
Kaministlqua Power (quar.)
2
Aug. 15 Holders of rec. July 31
Lowell Electric Light Corp. (quar.)____
214 Aug. 1 Holders of rec. July 14a
Massachusetts Gas Cos.. corn. (quar.)_ _ El .25 Aug. 1 Holders of rec. July 16
Middle West Utilities. pref. (quar.)._ _
14 Aug. 1 Holders of rec. July 14
Milw. Elec. Ry & Light. pref.(guar.). _
14 July 31 Holders of rec. July 200
Montreal Lt.,Ht.& Pr., Cons'd (guar.)
14 Aug. 15 Holders of rec. July 31
Montreal Lt., Ht. & Power (quar.)____
2
Aug. 15 Holders of rec. July 31
Montreal Tramways (quar
234 Aug. 1 Holders of roe. July 21
Municipal Service, preferred (guar.)._
114 Aug. 1 Holders of rec. July 14
Nevada-California Elec.. pref. (guar.)._
14 Aug. 1 Holders of rec. June 306
Newport News& Hampton By., Gas az
Electric. corn. (quar.)
1)4 Aug. 1 Holders of rec. July 14a
Preferred (quar.)
14 Oct. 1 Holders of rec. Sept. 150
Northern States Power, corn. (guar.)._ 2
Aug. 1 Holders of rec. June 30
North Shore Gas, preferred (guar I _
154 Oct. 1 Holders of rec. Sept 20
Pacific Power & Light. pref.( uar.)_ _
114 Aug. 1 Holders of rec. July 18
Philadelphia Company, corn. (quar.)_
21
July 31 Holders of rec. July 20
Preferred
$1.25 Sept. 1 Holders of rec. Aug. 106
Philadelphia Rapid Transit (quay.)
750. July 31 Holders of rec. July lea
Portland (Ore.) Gas &Coke,Pref.(guar.) 14 Aug. 1 Holders of rec. July 18
Public Service Investment, corn. (guar.) 14 Aug. 1 Holders of rec. July 14
Preferred (quar.)
14 Aug. 1 Holders of rec. July 14
Public Fiery. Co. of No. Iii.. eons.(qu.)_ *14 Aug. 1 *Holders of rec. July 14
Common stock (no par value)(guar.). *31.75 Aug. 1 *Holders of rec. July 14
Preferred (guar.)
•114 Aug 1 *Holders of rec. July 14
Railway & Light Securities. corn.& Orel. 3
Aug. 1 Holders of rec. July 14
Sierra Pacific Elec. CO.. pref.(quar.) -- 14 Aug. 1 Holders of rec. July 140
Tampa Electric Co. (guar.)
234 Aug. 15 Holders of rec. July 250
Texas Power & Light. preferred (guar.). 19( Aug. 1 Holders of rec. July IR
United Gas Improvement, pref.(quar.) 87340.Sept. 15 Holders of rec. Aug. 3I0
UnitedLight & Rys., common (guar.)._
14 Aug. 1 Holders of rec. July 1611
Common (extra)
31 Aug 1 Holders of rec July 160
Participating preferred (extra)
34 Oct. 2 Holders of rec. Sept 16a
Participating preferred (extra)
34 Jan2'24 Holders of rec Dec. 15
West Penn Co., pref. (guar.)
14 Aug. 15 Holders of rec. Aug. la
West Penn Power Co., pref. (guar.)._
114 Aug. 1 Holders of rec. July 16
West Penn Rys., pref. (quar.)
14 Sept. 15 Holders of rec. Sept. 1
Wisconsin River Power. pref. (Quarl- •I14 Aug. 20 *Holders of rec. July 31
York Railways, preferred (quar.) '
624c July 31 Holders of rec. July 210
Name of Company.
411
When
Per
CCU. Payable.
Books Closed.
Days IllatitiVe.
Miscellaneous (Continued).
Canada Cement. preferred (quar.)
151 Aug. 16 Holders of rec. July 310
Canadian Converters (quar.)
14 Aug. 15 Holders of rec. July 31a
Canadian Explosives, common (quar.)_.. 24 July 31 July 1 to July 2
Cartier, Inc., pref. (quar.)
14 July 31 Holders of ree. July lea
Casein Co. of Amer.(New Jersey)Preferred (guar.)
July 31 Holders of rec. July 30
2
Casein Co. of Am.(Delaware).[met
Aug. 15 Holders of rec. Aug. 70
1
Celluloid Company. pref. (guar.)
Aug. 15 Holders of rec. July 31a
2
Central 011 & Gas Stove, corn. (quar.)
Aug. 1 Holders of rec. July 25
2
Common (extra)
4
Aug. 1 Holders of rec. July 25
Preferred (guar.)
Aug. 1 Holders of rec. July 25
2
Cerro de Pasco Copper Co.(guar.)
Aug. 1 Holders of rec. July 190
$1
Chariton Mills (guar.)
Aug. 1 July 17 to July 31
2
Checker Cab Mfg., Class A (guar.) ---- 21.25 Aug. 1 Holders of rec. July 160
Class A (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15a
Class A (guar.)
$1.26 Febl'21 Holders of rec. Jan15'2441
Chic Wilm & Franklin Coal. pref.(qu.) 114 Aug.
Holders of rec. July lea
Chicago Yellow Cab (monthly)
33 1-3 cAug. 1 Holders of rec. July 200
Monthly
*33 1-3 Sept. 1 *Holders of rec. Aug. 30
•33 1-3c Oct. 1 *Holders of rec. Sept.20
Monthly
•331-50 Nov. 1 *Holders of rec. Oct. 20
Monthly
Christy (H. C.) Co.(quar.)
14 Aug. I Holders of rec. July 25a
Cities RerviceCommon (monthly pay.In cash scrip). 04 Aug. 1 Holders of rec. July1 15
Common (Payable in con). stk. scrip)_ 014 Aug. 1 Holders of rec. July 15
Preferred and pref. B (monthly)
34 Aug. 1 Holders of rec. July 16
Common (monthly, payable in scrip). 05.2 Sept. I Holders of rec. Aug. 16
Common (payable in corn. stk. scrip). 014 Sept. I Holders of rec. Aug. 15
Preferred and preferred 13 (monthly)._
34 Sept. 1 Holders of rec. Aug. 15
Clinchfleld Coal, preferred (guar.)
14 Aug. 1 Holders of ree. July 2641
Cleveland Stone(guar.)
134 Sept. 1 Holders 01ree. Aug. 18
Extra
4 Sept. 1 Holders of rec. Aug. 16
Cluett, Peabody & Co.. common (qu.)-. 14 Aug. 1 Holders of rec. July 210
Columbian Carbon vot. trust cas.(o.) 21
Aug. 1 Holders of rec. July 200
Connecticut Mills, lot pref.(guar.)
14 Aug 1 Holders of rec. July 16
Consolidation Coal (quay.)
114 July 31 Holders of rec. July 140
Continental Can. common (guar-)
$1
Aug. 15 Holders of rec. Aug. 40
Cosden & Co.. corn. (guar.)
Aug. 1 Holders of rec. July 3a
$1
Crucible Steel, common
July 31 Holders of rec. July 160
I
Cuba Company. preferred
334 Aug. 1 Holder of ree. July 20
Detroit Brass & Mall. Works(monthly)_
14 Aug. 1 Holders of roe. July 250
Diamond Match (guar.)
2
Sept.15 Holders of rec. Aug. 310
Dominion Bridge (guar.)
Aug. 1 Holders of rec. July 310
1
Dominion Coal, pref. (guar.)
14 Aug. 1 Holders of rec. July 12
Dominion Steel Corp.. prof. (guar.)---- 134 Aug.
July 15 to Aug. 1
Dominion Stores. Ltd., common
500, Oct.
Holders of rec. Sept. 1
du Pont(El.)de Nem..Powd.com.(g11.) 134 Aug.
Holders of rec. July 200
Freferred (guar.)
14 Aug.
Holders of rec. Jury 200
Elsenlohr (Otto) & Bros.. coin.(quar.)_ _
14 Aug. 1 Holders of rec. Aug. la
Elgin National Watch (guar.)
2
Holders of cos. July 20
Aug.
Equity Petroleum Corp.,Pf.(In com.stX) CO July 3 Holders of rec. June 30
Eureka Pipe Line (guar.)
3
Holders of rec. July 16
Aug.
Exchange Buffet Corp. (guar.)
500. July 31 Holders of rec. July 2I0
Fajardo Sugar, common
714 Aug. 1 Holders of rec. July 20a
Banks.
Fair (The), preferred (quar.)
*14 Aug. 9 *Holders of rec. July 20
Bowery (quar.)
3
Aug. 1 July 28 to July 31
Famous Players- 1-54ky Corp., pref.(qu.) 2
Aug. 1 Holders of roe. July lea
Extra
12
Aug. 1 July 28 to July 31
Federal Sugar Refining, common (guar.) 14 Aug. I Holders of rec. July 200
Continental
4
Aug. 1 July 29 to July 31
Preferred (•uar.)
134 Aug. 1 Holders of rec. July 200
Corn Exchange (guar.)
5
Aug. 1 Holders of rec. July 3I0 Fifth Ave. Bus Sec. Corp.(guar.)
160. Aug. 15 Holders of rec. Aug. la
Pacific (quar.)
2
Aug. 1 July 26 to 'July 31
Firestone Tire & Rubber,7% pref. (qu.) 14 Aug. 15 Holders of rec. Aug. 1
Extra
2
Aug. 1 July 26 to July 31
Fisher Body Corp.,common (guar.)..._
24 Aug. 1 Holders of rec. July 200
Twenty-third Ward
5
Aug. 1 July 28 to July 31
Fleishrnann Co.. corn. (guar.)
50c. Oct. 1 Holders of rec. Sept. 1541
Extra
6
Common (extra)
Aug. 1 July 28 to July 31
50c. Oct. 1 Holders of roe. Sept.150
Common (quar.)
50c
Jan l'24 Holders of rec. Dec. 15a
Trust Companies.
Franklin (H. H.) Manufacturing (guar.) 14 Aug. 1 July 21 to July 31
Farmers' Loan & Trust (guar.)
6
Aug. 1 Holders of rec. July 200 General Cigar, corn. (quar.)
114 Aug. I Holders of roe. July 230
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 2441
Miscellaneous.
Debenture preferred (guar.)
14 Oct. I Holders of rec. Sept.240
Allied Chem.& Dye, corn.(guar.)
21
Aug. 1 Holders of rec. July 130 General Development(guar.)
25e. Aug. 20 Holders of rec. Aug. 100
Allis-Chalmers Mfg., corn. (quar.)
$1
Aug. 15 Holders of rec. July 24* General Motors Corp.,6% pref.(guar.) 14 Aug. 1 Holders of rec. Jul)
, 911
Amalgamated Sugar, first Prof.(quar.),. 2
Aug. 1 Holders of rec. July 176
Six per cent debenture stock (guar.)
14 Aug. 1 Holders of rec. JUIY 9/1
American Art Works, corn. & pref.(qu.) 14 Oct. 15
Seven per cent debenture stock (quar.) 14 Aug. 1 Holders of rec. July 9a
Holders of rec. Sept.30a
American Bank Note, corn.(guar.)
$1.26 Aug. 15 Holders of rec. Aug. la Gillette Safety Razor (guar.)
Sept. 1 Holders of rec. Aug. 1
3
American Can,common (guar.)
14 Aug. 15 Holders of rec. July 316
Stock dividend
05
Dec. 1 Holders of rec. Nov. 1
American Cigar, common (guar.)
14 Aug. 1 Holders of rec. July 140 Gimbel Bros.. pref.(guar.)
114 Aug. 1 Holders of rec. July 14a
American Coal(guar.)
$1
Gossard (H. W.) Co., corn.(monthly)..
250 Aug. 1 Holders of rec. July 20
Aug. 1 July 12 to Aug. 1
American Glue. pref. (guar.)
2
Aug. 1 Holders of rec. July 16
Common (monthly)
250 Sept. 1 Holders of rec. Aug. 20
Am.La France Fire Eng., Inc.. com.(qu) 25e, Aug. 15 Holders of
Preferred (quar.)
*14 Aug. 1 *Holders of rec. July 20
rec. Aug. la
Amer. Light & Trac., common (guar.)._
1
Aug. 1 July 14 to July 26
Gray & Davls. pref. (guar.)
2
Aug. 1 Holders of rec. July 250
Common (payable In common stock). 11
Aug. 1 July 14 to July 26
Great Lakes Dredge & Dock (quar.)2
Aug. 15 Holders of rec. Aug. 8
Preferred (quar.)
114 Aug. 1 July 14 to July 26
Gulf States Steel Co.American Linen (quar.)
1
Aug. I Holders of rec. July 140
First and second preferred (quar.)____ 14 Oct. 1 Holders of roe. Sept. 1441
American Machine & Foundry (guar.)._
14 Oct. 1 Holders of rec. Sept la
First and second preferred (quay.)
134 Jan2'24 Holders of reo. Doe. 140
Quarterly 14 Jan1'24 Holders of rec. Dee 1
Halle Bros., let & 2d pref.(guar.)
134 July 31 July 25 to July 31
American Radiator, common (quar.)___ $1
Sept.29 Holders of rec. Sept.15a Hamilton-Brown Shoe, corn.(monthly). 1
Aug. 1 Holders of rec. July 24
Preferred (guar.)
14 Aug. 15 Holders of rec. Aug. la Harris Bros. Co., preferred (quay.)
'131 Aug. 1 *Holders of rec. July 10
Amer. Sales Book. pref. (guar.)
14 Aug 1 Holders of rec. July 150 Hart, Schaffner & Marx. corn. (quar.)- 114 Aug. 31 Holders of rec. Aug. 180
American Shipbuilding. 00m. (quar.)..
2
Aug. 1 Holders of rec. July 140 Hercules Powder, pref. (quay.)
'151 Aug. 15 *Holders of rec. Aug. 4
Common (guar.)
2
Nov. 1 Holders of rec. Oct. 150 Higbee Company, 1st pref. (soar.)
14 Aug. 1 July 22 to July 31
Common (guar.)
2
Febl'24 Holders of rec. Jan. 15'240 Hillman Coal & Coke, 5% pref. (quay.) 14 July 25 July 15 to July 25
Common (guar.)
2
May1'24 Holders of rec. Apr.15'244
Seven per cent pref. (guar.)
14 July 25 July 15 to July 25
Common (guar.)
2
Augl'i4 Holders of rec. July 15'240 Hood Rubber. preferred (quar.)
134 Aug. 1 July 21 to Aug. 1
Preferred (guar.)
14 Aug. 1 Holders of rec. July 140 Houston Oil, preferred
3
Aug. 1 July 24 to Aug. 1
Amer. Smelt. & Refg., corn.(
14 Aug. 1 Holders of rec. JUI9 90 Hupp Motor Car. common (guar.)
24 Aug. 1 Holders of rec. July 1441
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 1041 Indiana Pipe Line (guar.)
2
Aug. 15 Holders of rec. July 20
American Soda Fountain (guar.)
134 Aug. 15 Holders of rec. July 310 lot. Combustion Engineering (quay.)_.. 50c. July 31 Holders of rec. July 230
Amer. Vitrified Products, pref.(guar •)
14 Aug. 1 July 20 to July 31
International Nickel, preferred (guar.).- 14 Aug. 1 Holders of rec. July •1941
Ainuskeag Mfg., common ((Mar.)
75c. Aug. 2 Holders of rec. July 100 International Shoe, pref. (guar.)
50c. Aug. 1 Holders of rec. July 1441
Preferred (quar.)
$2.25 Aug. '2 Holders of rec. July 100 InlertYPe Corp., corn,(in corn. stock)._ DO
Nov. 15 Holders of rec. Nov. la
Archer-Daniels-Midland Co., pref
*114 Aug. 1 *Holders of rec. July 20 '
Common (quar.)
25.e, Aug. 15 Holders of rec. July 310
Arizona Commercial Mining
50c. July 31 Holders of rec. July 186 IpsyrIch Mills, preferred (quay.)
14 Aug.
Holders of rec. July 19a
Art Metal Construction (quar.)
25c.
July 31 Holders of rec. July 130 Iron Products Corp pref. (quar.)
2
Aug. 15 Holders 01 rec. Aug. la
Associated Dry Goods,common (guar.). 1
Aug. 1 Holders of rec. July 110 Kaufmann Dept. Stores,
' common (qu.). $1
Aug. 1 Holders of rec. July 20
First preferred (quar.)
114 Sept. 1 Holders of rec. Aug. 110 KelloggSwitchboard az Supply (guar.)
2
July 31 Holders of rec. July 23a
Second preferred (guar.)
114 Sept. 1 Holders of rec. Aug. 110 Kelly-Springfield Tire, pref. (guar.). _ - 2
Holders of rec. Aug. la
Aug. 1
Atlantic Refining. pref. (quar.)
14 Aug. 1 Holders of rec. July lea Kelsey Wheel, pref. (guar.)
114 Aug.
Holders of rec. July 20a
Atlantic Terra Cotta, Preferred (quar.)
1
Kinney (G. R.) Co., Inc., prof.(guar.)- 2
Sept.15 Holders of rec. Sept. 5
Holders of rec. Aug. 20a
Sept.
Atlas Powder, Preferred (quar.)
14 Aug. I Holders of rec. July 200
Preferred (account accumulated dim) 53
Holders of rec. July 200
Aug.
Austin, Nichols & Co., prel.(guar.).-- 14
Aug. 1 Holders of rec. July 160 Kress (S. H.) Co., COM.(quar.)
1
Holders of rec. July 200
Aug.
Barnhart Bros. & SpindlerLancaster Mills, preferred (guar.)
154 Aug.
Holders of rec. July 26
First and second preferred (quar.)... _-- 14
Aug. 1 Holders of rec. July 260 Lehigh Coal & Navigation (quar.)
$1
Aug. 3 Holders of rec. July 3141
Batchelder & Snyder Co., pref.(quar.)
2
Aug. 1 July 22 to Aug. 1
Lessings, Inc.(quay.)
Holders of rec. July 260
2
Aug.
Beacon 011, preferred (guar.)
1.874 Aug. 15 Holders of rec. Aug. la Liggetts Internat., coin. A & B
Holders of rec. Aug. 150
14
Sept.
(guar.).Preferred (guar.)
$ 1.874 Nov. 15 Holders of rec. Nov. la Lima Locomotive Works,
Sept. 1 Holders of rec. Aug. 150
Inc.,com.(q1.) $1
Bethlehem Steel Corp.
Lindsay Light, preferred (guar.)
14 Aug. 10 Holders of rec. Aug. is
Seven per cent cum. pref. (guar.)._ __
114 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
14 Nov. 8 Holders of rec. Nov. 50
Seven per cent cum. pref. (guar.)... _
134 Jan2'24 Holders
Preferred (guar.)
rec. Dec. 15a
134 Febil'24 Hold*rs of rec. Feb.7'24a
Seven per cent non-turn. pref. (quar.) 14 Oct. 1 Holders of
of rec. Sept. 15a Loose-Wiles Biscuit. 2d pref
57
Aug. 1 Holders of rec. July 184
Seven per cent non-cum. pref. (guar.) 114 Jan2'24 Holders of roc.
Dec. 154 Lord & Taylor, 26 pref. (acct, aec. dive.) 518
Aug. 1 Holders of rec. July 14
Eight per cent preferred (guar.)
2
Got. 1 Holders of roe. Sept. lba
First preferred (quar.)
Sept.
1 Holders of rec. Aug. 18
14
preferred
(quar).
Eight per rent
2
Jan2'24 Holders of rec. Don 154
Luther Manufacturing Co. (guar.)
Aug. 1
*2
/3Igelow-Hartf. Carpet Corp., coin.
$2 Aug. 1 Holders of rec. July 200 Mary (R. H.) & Co., preferred
Holders of rec. July 140
14
Aug.
1
(guar.).
guar.)
Preferred
114 Aug. 1 Holders of rec. July 200 Martin-Parry Corp.
75c, Sept. 1 Holders of rec. Aug. 115a
(guar.)
Blaw-Knox Co., common (guar.)
2
Aug. 1 July 21 to July 31
Massachusetts Cotton Mills (quar.)-7.. - 3
Aug. 10 Holders of rec. July 190
Preferred (guar.)
114 Aug. 1 July 21 to July 31
May Department BLOM. COM.(quar.). 114 Sept. 1 Holders of rec. Aug. 150
Bourne Mills (guar.)
3
Aug. 1 Holders of rec. July 180
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 150
Borden Company,common
4
Aug. 15 Holders of rec. Aug. la MeCrory Stores Corp., new preferred_
1% Aug. 1 Holders of rec. July 200
(guar.)
Preferred
114 Sept.16 Holders of rec. Sept. la Mercantile Stores Co., Inc
Aug. 15 Holders of rec. Aug.
3
Preferred ((Man)
14 Dec. 15 Holders of roc. Dec. la Melville Shoe Corp.,common
(quar.)--- 50e. Aug. 1 Holders of rec. July 26
Bridgeport Machine Co. (quar.)
250. Oct. 1 Holders of rec. Sept. 200
Preferred (quar.)
14 Aug. 1 Holders of rec. July 26
Quarterly
25c. Jan 1'24 Holders of rec. Dec 200 Mechanics Mills
Aug. 1 Holders of rec. July 160
2
(guar.)
Quarterly
25e. Aprl'24 Holders of rec.Mar.20'240 Merchants Manufacturing
Aug. 1 Holders of rec. July 250
2
(guar.)
111111 (J. G.) Co., preferred (quar.)
154 Aug. 1 July 25 to July 31
Miami Copper (quar.)
15 Holders of rec. Aug. la
50e.
Aug.
British Empire Steel Corp.. Pf. B (qu.) 1% Aug. I Holders of rec. July 130 Michigan Drop
250. Aug. 1 Holders of rec. July 250
Forge (monthly)
Brown Shoe, pref. Mar.)
14 Aug. I Holders of rec. July 20a Moon Motor Car (quay,)
Aug.
75e,
1 Holders of rec. July 16a
BrunsvrIck-Ltalke-Coll. CO.. corn. (qu.). •154 Aug. 15 *Holders of rec. Aug. 4
Extra
250. Aug. 1 Holders of rec. July lea
Bunte Bros.. pref.((marl
*14 Aug. I *Holders of rec. July 2
Morris Plan Co.of New York (quay.)-.. *14 Aug. 1 *Holders of rec. July 27
Burns Bros., corn., Class A (guar.)
$2.50 Aug. 15 Holders of rec. Aug. la Motor Products Corporation
$2
Aug. 1 July 22 to July 31
Common. Class B (quar.)
600. Aug. 15 Holders of rec. Aug. la Mullins Body, Pref.
2
Aug. 1 Holders of rec. July 16a
(guar.)
Prior preferred (guar.)
14 Aug. 1 Holders of rec. July 230 Nash Motors, common
3)4 Aug. 1 Holders of rec. July 200
.California Packing Corp. (guar.)
14 Sept. 15 Holders of rec. Aug. 310
Preferred A (qWII%)
14 Aug. 1 Holders of rec. July 20a
412
Name Of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
75c Oct. 15 Holders of rec. Sept.290
National Biscuit, common (quar.)
134 Aug. 31 Holders of rec. Aug. 170
Preferred (guar.)
Nat. Department Stores, 1st pref.((NJ - 134 Aug. 1 Holders of rec. July 160
131 Sept. 1 Holders of rec. Aug. 160
Second Preferred(
(MAO
Nat. Enamel.&(ling., common (quar.)- 134 Aug. 31 Holders of rec. Aug..11a
131 Sept.29 Holders of rec. Sept.100
Preferred (guar.)
131 Dee. 31 Holders of roe. Dec. Ila
Preferred (quar.)
*134 Aug. 15 *Holders of rec. July 15
National Refining ((Man)
131 Aug. 1 Holders of rec. July 16
National Tea, preferred (guar.)
256. Aug. 20 Holders of rec. Aug. 3a
New Cornelia Copper Co.(guar.)
2
Aug. 10 Holders of rec. July 3I0
New Jersey Zinc Cquara
$2
July 31 Holders of rec. July 20
New Niquero Sugar
New River Co.pref.(acc.accum. thy.) _ _ 5134 Aug. 28 Holders of rec. Aug. 180
New York Air Brake, common (quar.)
81 Aug. 1 Holders of rec. July 9a
New York Canners, Inc., first preferred 334 Aug. 1 Holders of rec. July 200
seconi preferred
4
Aug. 1 Holders of rec. July 20
Package Machinery, Preferred Muar.)-- 134 Aug. 1 Holders of rec. July 20
Packard Motor Car,common (quar.)
20c. July 31 Holders of rec. July 160
Oommon (extra)
20c. July 31 Holders of rec. July 160
Peerless Truck & Motor (guar.)
$1
Sept.30 Holders of rec. Sept.200
Quarterly
$1
Dee. 31 Holders of rec. Dec. 200
Penmans, Ltd., common (quar.)
2
Aug. 15 Holders of rec. Aug. 4
Preferred (quar.)
134 Aug. 1 Holders of rec. July 21
Philadelphia Insulated Wire
52
Aug. 1 Holders of rec. July 180
Phillips-Jones Corp., pref. (guar.)
134 Aug. 1 Holders of rec. July 200
Pick (Albert) & Co., common (quar.)_
400. Aug. I Holders of rec. July 2
New common (to be issued July 3)_ _ I3c. Aug. 1 Holders of rec. July 3
Pierce, Butler & Pierce ManufacturingEight per cent preferred (guar.)
2
Aug. 1 Holders of rec. July 20a
Pittsburgh Steel, preferred (guar.)
131 Sept. 1 Holders of rec. Aug. 150
Plant (Thos. G.) Co.. 1st pref.(guar.).- 131 July 31 Holders of rec. July 17a
Postum Cereal, common (Guar.)
750. Aug. 1 Holders of rec. July 200
2
Aug. 1 Holders of rec. July 200
Preferred (guar.)
Prairie Oil & Gas (guar.)
2
July 31 Holders of rec. June 300
Prairie Pipe Line (guar.)
2
July 31 Holders of rec. June 300
Procter & Gamble,common
5
Aug. 15 July 15 to Aug. 15
Aug. 15 July 15 to Aug. 15
Common (pay. In new corn. stock).:. 14
Producers & Refiners Corp., pref. (au.). 8731c Aug. G Holders of ref. July 2:10
Preferred (extra)
123hc Aug. 6 Holders of rec July 230
2
Pullman Company (quar.)
Aug. 15 Holders of rec. July 31a
Pyrene Manufacturing, coin. (guar.)
231 Aug. 1 July 20 to July 31
Quaker Oats, preferred (guar.)
134 Aug. 31 Holders of rec. Aug. la
Remington Typewriter, 1st pref. (q11.)
334 Aug. 6 July 29 to Aug. 6
First preferred, series S (quar.)
334 Aug. 6 July 29 to Aug. 6
Republic Iron & Steel, preferred (guar.). 131 Oct. 1 Holders of rec. Sept. 15
Preferred (account accum. dividends). 62
Oct. 1 Holders of rec. Sept. 15
Revilion, Inc., preferred ((Mar.)
2
Aug. 1 Holders of rec. July 20
Rockland Sc Rockport Lime Corp.,Ist pf. 334 Aug. 1 Holders of rec. July 16
Royal Dutch Co
52.151 Aug. 10 Holders of rec. July 270
Russell Motor Car, pref. (guar.)
°134 Aug. 1 *Holders of rec. July 18
St. Joseph Lead (quar.)
250. Sept.20 Sept. 9 to Sept.20
Extra
25c. Sept.20 Sept. 9 to Sept.20
Quarterly
25c. Dee. 20 Dec. 9 to Dec. 20
Extra
26e. Dec. 20 Dec. 9 to Dec. 20
St. Lawrence Flour Mills. corn.(guar.)
134 Aug. 1 Holders of rec. July 20'
Preferred (guar.)
131 Aug. 1 Holders of rec. July 20
St. Louis Cotton Compress (guar.)
1
Aug. 1 Holders of rec. July 27
Salt Creek Producers' Assn. (quar.)
2
Aug. 1 Holders of rec. July 160
Extra
2
Aug. 1 Holders of rec. July lea
Savannah Sugar Refg.. pref. (guar.)._ _ _
134 Aug. 1 Holders of rec. July 160
Schulte Retail Stores, coin.(in pref. stk.) m$2 Sept. 1 Holders of rec. Aug. 150
Common (payable in preferred stock)_ m$2 Dec. 1 Holders of rec. Nov. 150
Common (payable in preferred stock)- m$2
Mr 1'24 Hold,of rec. Feb.15'240
Scott Paper Co., preferred (guar.)
131 Aug. 1 Holders of rec. July 240
Seaboard Oil& Gas(monthly)
3 1-3c Aug. 1 Holders of rec. July 14
Monthly
3 1-3c Sept. 1 Holders of rec. Aug. 15
3 1-3c Oct. I Holders of rec. Sept. 15
Monthly
Shell Union Oil, pref. A (quar.)
134 Aug. 15 Holders of rec. Aug. 30
Shove Mills (guar.)
13:4 Aug. 1 Holders of rec. July 210
Simmons Company,preferred (qua:).,.. 131 Aug. 1 Holders of rec. July 140
Sinclair Consol011 Corp..COM.((Mar.)
50c. Aug. 31 Holders of rec. Aug. la
2
Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
Spalding (A G.) & Bros., 1st prof.(qu.) 134 Sept. 1 Holders of rec. Aug. 180
Second preferred (guar.)
Sept. 1 Holders of rec. Aug. 180
2
Stafford Mills (quar.)
134 Aug. 1 Holders of rec. July 160
Standard 011 (Ohio), pref.(quar
131 Sept. 1 Holders of rec. July 27
Steel Co. of Canada, corn. & pref.(au) 134 Aug. 1 Holders of rec. July 4
Sterling Products (quar.)
$1 Aug. 1 Holders of rec. July 230
Stern Bros., pref. (guar.)
2
Sept. 1 Holden of rec. Aug. 150
Stewart-Warner Speedometer, com.(gu.) 234 Aug. 15 Holders of rec. July 310
Stover Mfg. & Engine, pref. (quar.)
131 Aug. 1 Holders of rec. July 200
Sugar Estates of Oriente, pref.(quar.)-- 2
Aug. 1 Holders of rec. July 160
2
Superior Steel, first preferred (qua:.)
Aug. 15 Holders of rec. Aug. la
Second preferred (quar.)
2
Aug. 15 Holders of rec. Aug. la
Swift International
90c. Aug. 15 Holders of rec. July 1130
Thompson (John R.) Co., corn. (m'tilli) 250. Aug. 1 Holders of rec. July 23a
Common (monthly)
250. Sept. I Holders of rec. Aug. 23a
Tobacco Products Corp., class A (quar.) 131 Aug. 15 Holders of rec. July 270
Underwood Typewriter,corn.(quar.)-- 750. Oct. 1 Holders of roe. Sept. Jo
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept. la
Union Oil of California (quar.)
81.80 July 28 Holders of rec. July Ila
131 Sept. 1 Holders of rec. Aug. 70
Union Tank Car, common (quar.)
Preferred (guar.)
131 Sept. 1 Holders of rec. Aug. 70
2
United Cigar Stores of Amer.,common
Aug. 1 Holders of rec. July 16a
United Drug. common
131 Sept. 1 Holders of rec. Aug. 150
8734c Aug. 1 Holders of rec. JIBS' 160
1st Pref. (quar.)
United Dyewood. preferred (quar.).. - 131 Oct. 1 Holders of rec. Sept 150
134 Jan2'24 Holders of reo. Doe. 150
Preferred (guar.)
United Eastern Mining
15c. July 28 Holders of rec. July 70
United Verde Extension Mining (guar.) 81
Aug. 1 Holders of rec. July 50
U.S.Cast Iron Pipe & Fdy., pref.(qu.)_ 131 Sept. 15 Holders of roe. Sept. la
Preferred (quar.)
134 Dec. 15 Holders of rec. Doe. la
U.S.Realty Sc Improvement, prof.(11U.) 134 Aug. 1 Holders of rec. July 200
Sept.15 Holders of rec. Sept. ba
U. S. Realty & 'rapt.. COLO. (guar.).- 2
131 Nov. 1 Holders of rec. Oct. 200
Preferred (quar.)
2
July 31 Holders of rec. Julyd14a
U. S. Rubber, 1st pref. (quar.)
75e. Aug. 1 Holders of rec. July 160
Ventura Consolidated 011Fields(qu.)
50c. Aug. 1 Holders of rec. July 24a
Wahl Co.. common (monthly)
50c. Sept. 1 Holders of rec. Aug. 240
Common (monthly)
500. Oct. 1 Holders of rec. Sept.220
Common (monthly)
134 Oct. 1 Holders of rec. Sept.220
Preferred (quar.)
2
Aug. 1 July 18 to July 31
Wampanoag Mills(quar.)
10c. July 31 Holders of rec. July 150
Western States 011 Corp. (No. 1)
31.40 July 31 Holders of rec. June 300
Westinghouse Air Brake Mari
July 31 Holders of rec. June 300
Westinghouse Elec. Sc Mfg.. corn. (qu.) $1
$1
Sept.30 Holders of rec. Sept.20
White Motor (Guar.)
White Rock Mineral Spring. corn. (qu.).. 234 July 31 Holders of roe. July 27
134 July 31 Holders of rec. July 27
Second preferred (qua:.)
Aug. 4 *Holders of rec. July -15
'2
Wilcox (H F.) Oil & Gas(wax.)
Sept. 1 Holders of rec. Aug.d100
2
Woolworth (F. W.) Co., corn. (quar.)
Wrigley(Wm.) Jr.& Co., corn.(mthly.) 50c. Aug. 1 July 26 to July 31
50c. Sept. 1 Aug. 25 to Aug. 31
Common (monthly)
500. Oct. 1 Sept.26 to Sept.30
Common (monthly)
50c. Nov. 1 Oct. 26 to Oct. 31
Common (monthly)
50c. Dec. 1 Nov.24 to Nov.30
Common (monthly)
50c. Janl'24 Dec. 25 to Jan. 1 1924
Common (monthly)
Feb1.24 Jan.26'24 to Jan.31'24
50c.
Common (monthly)
Yellow Cab Mfg., Class B (monthly)... 500. Aug. 1 Holders of rec. July 200
Sept. 1 *Holders of rec. Aug. 20
•500.
Monthly
*50c. Oct. 1 *Holders of rec. Sept.20
Monthly
• From unofficial sources. f The New York Stock Exchange tuts ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. 6 Correction. .1 Payable in stook.
Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock
[VOL. 117.
THE CHRONICLE
Weekly ReturnTof New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending July 21. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)
New
Capital]Profits. Loans,
Reserv
Time Rata
Discount, Cash
Week ending
Net
with
De- Circu
July 21 1923 Nat'l, June 30 Investin
Legal Demand
State, June 30 menus, Vault. Deposi Deposits. posits. lanon.
ctc.
((000 omitted.) Tr.Cos,June 30
Series.
Members of Fe d. Res. Bank.
Bank of N Y Sr
4,000 12,017
Trust Co_
Bk of Manhat'n 10,000 13,140
Mech &Met Nat 10,000 16,843
Bank of America 5,500 4,583
Nat City Bank_ 40,000 51.526
Chem Nat Bank 4,500 16,467
500
141
Nat Butch Sc Dr
Amer Exch Nat 5,000 7,783
Nat Bk of Corn. 25,000 38,374
Pacific Bank_ _ _ 1,000 1,748
Chat & Phen Nat 10,500 9,275
Hanover Nat Bk 5,000 21,394
Corn Exchange_ 9,07 12,368
National Park_ _ 10,000 23,444
803
East River Nat_ 1,000
First National_ _ 10,000 55,319
Irving-Bk-ColTr 17,500 10,675
Continental Bk. 1,000
954
Chase National_ 20,000 22,991
Fifth Avenue_ _
500 2,439
979
Commonwealth.
60
Garfield Nat... 1,000 1,827
Fifth National.. 1,200 1,097
Seaboard Nat_ _ 4,000 7,174
Coal Sc Iron Nat 1,500 1,267
Bankers Trust_. 20,000 23,15
3,000 4,251
U S Mtge Sc
Guaranty Trust 25,000 18,290
Fidel-Inter Trust 2,000 1,884
N Y Trust Co_ _ 10,000 17,764
3,927
Metropolitan Tr
Farm Loan Sc Tr 5,000 15,940
Columbia Bank_i 2,000 2,020
Equitable Trust: 23,000 9,501
Average Averag Average Average Average
$
45,215 8,865
62,648
739 6,359
102,142 18,703
128,100 2,363 14,252
163,923 4,584 19,2761 145,220 4,204
70,022 2,904
70.025 1,45
9,400
488,229 4,438 53,520 *519.225 61,366
98,333 6,007
114,341 1,1
13,442
3,368
22
5,2
495
63
83,908 8,551
97,703
88 10,827
311,298
865 33,123 251,235 13,832
22,844 1,320
24,933
820 3,387
115,194 23,752
148,351 4,921 17,091
98,859
113,364
32 13,071
152,962 24,568
174,627 4,998 20,766
122,579 5,926
159,528
882 16,127
11,416 2,786
15,807
385 1,585
170,869 23,481
270,816
545 22.897
258,479 4,236 34,460 257,366 16,042
389
5,873
936
155
7,787
324,630 4,149 39,238 291,234 34,087
20,921
22,998
664 2,744
801
9,103
10,040
584 1,246
14
13,767
14,428
428 1,929
813
16,136
20,69
189 2,173
2,257
75,138
81,069
84
9,876
13.291 1,005
15,666
441 1,917
284,185 1,047 30,742 *240,570 30,457
48,863 3,247
53,325
830 6,452
362,952 1,494 38,392 *357,707 50,727
18,831 1,580
22,87
373 2,495
114,182 20,663
147.713
573 15.369
31,584 3,233
37,629
585 4,253
129,414
*93,570 24,681
517 13,116
32,373
24.419
652 3,697
227,201 1,656 26,207 '226.934J 27,818
Av'ge.
2
"990
2,120
341
296
4,893
5,928
100
7,833
50
7,366
1,086
393
244
67
411
Total of averages 290,375431,1754,402,346 48,854490,860 c3,630.081 422,64932,116
Totals, actual condition July 21 4,368,889 47,448 503,153c3,608,022 419,15832,198
Totals, actual condition July 14 4,429,133 48,270513,099 c3,648,153 424,71432,010
Totals, actual condition July 74,486,750 53,642 490,597c3,638,628427,111 31,788
State Banks Not Me mbers of Fed'I Res've Bank.
Greenwich Bank 1,000 2,247
18,370 1,568 1,785
40
18,641
Bowery Bank__
900
250
5,582
2,672 2,106
356
368
State Bank
2,500 4.735 86,295 3,489 1,811
28,823 54,594
Tots of averages
3,750
7,883 110,247
50,136 56,740
5,413
Totals, actual condition July 21 109,747 5,401 4,168
Totals, actual condition July 14 110.891 5,597 4,196
Totals, actual condition July 7 110,692 5,665 4,22
Trust Companies Not Members of Fed 'I Res'y e Bank
Tit e Guar & Tr 10,000 12,725 55,775 1,574 3,749
Sc T 6,000 5,308 25,999 931 1,548
Lawyers
49,980 56,657
50,952 56,849
50,510 57,022
35,483
16,322
1,797
675
Total of averages 16,000 18,034
81,774
2,505
5,295
51,805
2,472
Totals, actual condition July 21
Totals, actual co ndition July 14
Totals, actual condition July 7
82,624
81,934
81,603
2,396
2.549
2,638
5,751
5,324
5,470
53,305
51,999
52,46
2,485
2,463
2,563
Gr'd agar., aver.310,125 457,093 4,594,367 56,772 500,119 3,732.022481,861 32,116
Comparison with prey. week _ - -56.4591-4,683 3,559 -19,637-2,999 +168
Gr'd aggr., aca cond'n July 21 4,561,260 55,245513.072 3,711,307 478,300 32,198
Comparison with prey.week __ -60,698-1,171-9,547 -39,797-5,726 +188
aggr., act'lcond'n July 144,621,958 56,416 522,619 3,751.104484,026 32,010
aggr., aa'l cond'n July 74,679,045 61,945500,287 3,741,598486,696 31,788
aggr., act'lcond'n June 304.746,150 56,550516,723 3,815,400480,418 32,169
aggr., acticond'n June 234,628,080 55,002503.423 3,749.946480,881 32,431
aggr act',cond'n June 164.620,5l6: 54,889521,814 3,761.927485,905 32,633
aggr., aa'lcond'n June 94,622,332 57.818486.252 3.718.185494,209 31,675
Note.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total July 21, $36,190,000: actual totals July 21,
$32,870.000: July 14, 339,207,000; July 7, $49,242,000; June 30, $56,247,000:
June 23, 864,768,000. Bills payable, rediscounts, acceptances and other liabilities
average for week July 21,*415,511.000: July 14,3453,961,000; July 7,8470,897,000
June 30. 5431,663,000: June 23, 8404.941.000. Actual totals July 21, 5420,093,000
July 14, 8451,836,000; July 7, 5488,248,000; June 30, $481,552,000; June 23
$405,639,000.
'Includes deposits in foreign branches not included in total footings as follows:
National City Bank, *122,885,000: Bankers Trust Co. $12,953,000; Guaranty
Trust Co., *73,517,000: Farmers' Loan & Trust Co.. $92,000; Equitable Trust Co..
$33,152,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $25,537,000; Bankers Trust Co., $667,000;
Guaranty Trust Co., $10,316,000: Farmers' Loan Sc Trust Co., $92,000; Equitable
Trust Co.. $2,881,000. c Deposits in foreign branches not included.
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
In Vault. Depositaries
Members Federal
Reserve banks.__.
State banks*
Trust companies_
Total
Total
Total
Total
July 21_
July 14_ _
July 7
June 30.. _
5,413,000
2,505,000
Total
Reserve.
a
Reserve
Reetared.
$
490.860,000 490,860,000 484.590,000
3,964,000 9,377,000 9,024,480
5,295,000 7,800,000 7,770,750
Surplus
Reserve.
6,270,000
352,520
29,250
7,918,000 500,119,000 508,037,000 501,385,230 6,651,770
8,185,000 503,678,000 511,863,000 504,047,310 7,815,690
8,115,000 520,339,000 528,454,000 512.127,350 16,326,650
7,914.000 513,415,000 521.329,000 507.284.210 14,044,790
• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank .
includes also amount in reserve required on net time deposits, which was as follows:
July 21,*12.679,470; July 14. $12,762,510: July 7,512,720,450: June 30,$12,675,870
JULY 281923.1
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
On
On Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies_ _- _
Total
Total
Total
Total
July
July
July
June
21_ _ _ _
14_ _ _
7_ _ _ _
30_ _ _ _
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
413
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
503,153,000 503,153,000 481,617,600 21,535,400
5,401,000 4,168,000 9,569,000 8.996.400
572,600
2,396,000 5,751,000 8.147,000 7,995,750
151,250
7,797,000 513,072,000 520,869,000 498,609,750 22,259,250
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
*Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: July 21,
$12,574,740; July 14, 812,741,420: July 7, $12,813,330: June 30, 512,630,390.
July 25
1923.
July 11
1923.
July 18
1923.
Changes from
previous week.
Capital
57,300.000 Unchanged
57,300,000 60,000,000
Surplus and profits
80.537,000 Dec.
62,000 80,599.000 84,422,000
Loans, dise'ts & investments_ 873,326,000 Inc. 30,867,000 842,459,000 877,306,000
Individual deposits, incl. U.S.623,153,000 Inc. 11,793,000 611,360,000 615,455,000
Due to banks
110,744,000 Dec. 7,425,000 118,169,000 119,289,000
Time deposits
126,464.000 Inc. 16,046,000 110,418,000 121,722,000
United States deposits
21,623,000 Dec. 1,308,000 22,931,000 25,384.000
Exchanges for Clearing House 20,095,000 Dec. 3,169.000 23,264,000 24,910,000
Due from other banks
66,344,000 Dec. 8,743,000 75,087.000 71,581,000
Reserve in Fed. Res. Bank_ _ 71,221,000 Inc. 1,898,000 69,323,000 70,838,000
Cash in bank and F. R. Bank 8,902,000 Dec.
53,000 8,955,000 9,676.000
Reserve excess In bank and
Federal Reserve Bank_ _
1,680,000 Dec. 269,000 1,949,000 2,339,000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending
July 21, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished by Slate Banking Department.)
Differencesfrom vaults" is not a part of legal reserve. For trust companies
•
July 21.
previous week.
not members of the Federal Reserve System the reserve
Loans and investments
$810,393,500 Dec. 85,869,500 required is
10% on demand deposits and includes "Reserve
Gold
3,377,300 Inc.
205,100
Currency and bank notes
18,871,200 Dec. 1,807,400 with legal depositaries" and "Cash in vaults."
Deposits
Federal Reserve Bank
of New York
with
70,678,400 Dec.
178,600
Total deposits
841,261,100 Dec. 15,082.800
Deposits, eliminating amounts due from reserve deWeek ending July 211923.
Two Ciphers (00)
positaries and from other banks and trust comomitted.
Membersof
Trust
panies in N.Y.City, exchanges and U.S.deposits 795,059,500 Dec. 8443,700
F.R.System Companies Total.
Reserve on deposits
132,151,300 Inc. 3,884,100
Percentage of reserve. 21.6%.
Capital
$39,125,0 55,000,0 344,125,0
RESERVE.
Surplus and profits
106,021,0 15,108,0 121,129,0
State Banks
-Trust Companies- Loans, d sc'ts & investm ts 724,440,0
768.846,0
Cosh in vault
*528,443,100 16.65%
$64,882,400 14.66% Exchanges for Clear.House 27,895,0 44,406,0
706,0 28,601,0
Deposits in banks and trust cos__ _
7,542,600 4.42%
31.503.200 7.14% Due from banks
100,064,0
29,0 100.093,0
Bank deposits
119,150.0
832,0 119,982,0
Total
$35,985,700 21.07%
S96.165.600 21.80% Indiv dual depos ts
538,148,0 27.687,0 565,835,0
55.068,0
927,0 55,995,0
•Includes deposits with the Federal Reserve Bank of New York, which for the Time depos Is
Total depos ts
712,366,0 29,446.0 741,812,0
State banks and trust companies combined on July 21 was 870,678.400.
U. S. deposits (not Inel.) _
10,984,0
Res've with legal deposit's
2,845,0
2,845,0
Reserve with F. R. Bank_ _ 56,508.0
56,508,0
in vault.
9,045,0
1,422,0 10,467,0
Banks and Trust Companies in New York City.-The Cash
Total reserve and cash held 65,553,0
4,267,0 69,820,0
Reserve required
56,926,0
4,213,0 61,139,0
averages of the New York City Clearing House banks and Excess
res. & cash in vault
8,627,0
54.0
8,681,0
trust companies combined with those for the State banks •Cash in vault not counted as reserve for Federal Reserve
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.
Week ended-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
July 21
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries
$
5,537.333,300
5,570,520,000
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
5,411,405,200
5,455,575,600
5,521,531,400
5,467.089,000
5.404.760.500
$
4,507,057,500
4.567,506,400
4,512.461,300
4,512,747,600
4,509,913,200
4.519,156,700
4.490,698,500
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
41527 nsit nnn
$
81,393,300
81,957,300
83,888,200
80,217,400
81,096,800
81,002,800
84,636,600
80,913,000
81,209,800
81,562,100
82.459,100
81,749,900
78,750,200
80,871,000
83,510,400
85,305,800
70 090 min
S
596,099,900
609,873.700
599,800,800
608,409.400
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
633,640,108
608,094,400
sno 540 2011
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers (0001 omitted.)
Net
Loans
CLEARING
Capital. Profits. DiaReserve Net
Nat'l
Net
NON-MEMBERS
counts Cash
with
emand Time Bank
Nat.bks.J'ne30invest- In
Legal
DeDe- CircuWeek ending
tate bk&I'ne30 ments, Vault. eposi- posits. Posits.
July 211923. Tr.cos.June 30 &c.
tortes.
Members of
Fed, Res. Bank.
Battery Park Nat_
W.R.Grace & Co_
Total
Average Averag Average Average Averag Average
$
$
1,5001 1,108 9,704
196
161 1,083
522
6,906
5001 1.566 8,289
24
451
1,849 4,976
- 2,000' 2,6751 17,993
185
1,534
State Banks Not Members of Federal Reserve Bank
Dank of Wash lits
200
366 6,199
656
263
Colonial Bank_ _
800 2,097 20,600 2,404 1,349
Total
1,000
2,4631 26,799
3,060
1,612
8,755
5,159
20,031
1,30
25,190
1,308
Trust Co. Not Members of Federal Reserve BankMech.Tr..13ayonne
500
375' 9,753
361
274
3,915
Total
500
3751 9,753
361
274
5,49
3,915
July 7
1923.
$44,125,0
121,129,0
770,123.0
30,711,0
99,750.0
121,538,0
564,133,0
58,111,0
743,782,0
12,462.0
2,787,0
55,698,0
11.163.0
69,648,0
61,042,0
8,606.0
members.
$44,125.0
120,913,0
771,531,0
35,730,0
103,757,0
122,949,0
587,992,0
59,677,0
750,618,0
14,549,0
3.3470
57,007,0
10,943,0
71,297,0
61,269.0
10,028,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 25 1923 in
comparison with the previous week and the corresponding
date last year:
July 25 1923. July 18 1923. July 261922.
Resources$
Gold and gold certificates
156,500,715 168,048,074 206,765,000
Gold settlement fund-F. R. Board_ _ _ _ 179,206,400 189,670,298
92,991,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
335,707,116
636,805,370
11,258,290
Total gold reserves
Reserves other than gold
983,770,777 1,001,894,096 1,138,978,000
27,427,821
25,765,398
34,255,000
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
All other
Bills bought in open market
357.718,373
636,906,070
7.269,652
299,756,000
833,440,000
5,782,000
1,011,198,598 1,027,659,494 1,173,233,000
8,726,566
10,085,298
126,417,287
41,151,890
39,670,931
149.662,102
36,158,927
46,458,011
16,217,000
14,394,000
37,571,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtednessOne-year certificates (Pittman Act)All other
207,240,109
4,656,150
232,277,041
9,070.550
68,182,000
49,358,000
7,579,000
1,889,000
18,500,000
119,274,000
Total earning assets
Bank premises
5% redemp.fund agst. F.R.bank notes
Uncollected items
All other resources
219,475,269
12,715,575
243,236,591
12,715,069
126,906,413
1,310,844
150,256,548
1,135,117
Total resources
255,314,000
8,993,000
849,000
119,069,000
3,401,000
1,380,333.258 1,445,088.119 1,560,859,000
Liabl3 letCapital paid in
Surplus
DepositsGovernment
Member banks-Reserve account
All other
29,265,950
59,799,523
29,264,900
59,799,523
27,572,000
60,197,000
9,227,171
661,780.108
13,307,345
7,780,422
697,983,442
14,458,386
12,482,000
731,617,000
9,740,000
Total
684,314,625
F. It. notes in actual circulation
503,110,996
F. R. bank notes in circu'n-net liability
Deferred availability items
100,391,214
All other liabilities
3,450,949
720,222,251
513,330,007
753,839,000
616,779,000
14,244,000
83,994,000
4,234,000
Total liabilities
118,869,257
3,602,179
1 380,333,258 1,445,088,119 1,560,859,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
85.2%
Contingent liability on bills purchased
for foreign correspondents
10,982,473
•Not shown separately prior to January 1923.
83.3%
85.6%
11,886,087
9,540,302
5,678
CURRENT NOTICES.
5,678,
-Freeman, Smith, Camp & Co. of Portland, Ore., have recently opened
a branch office in Los Angeles, Calif., under the management of C.S. Kelty,
who was formerly connected with the Lumbermens Trust Co. of
Portland.
Oscar P. Dix, previously with the Union National Bank of Seattle,
and
until recently head of his own investment firm in that city, is also
with
Freeman, Smith, Camp & Co. as associate manager of their Los
Angeles
office.
-Miller & Co.. members New York Stock Exchange,
announce that
they have established a private wire connection With Schultz
Bros. & CO.,
Cleveland.
Grand aggregate_
3,500 5.515 54,545 3,806 3,42 a37,860 12,484
Comparison with previous week- -',--1,295 --241 --197 -5911. -7311
Gr'd aggr., July 14 3,500 5,5151 55,840 3,847 3,617 a38,4511 13,215
Gr'd aggr., July 7 3.500 5.333 55,345 3,518 3,643 537,568 13,392
Ger aggr., June30 3,500 5,333 55,879 3,603 3,408 a37,3111 13,5271
Gr'd aggr., June23 3.500 5,333 56,296 3,538 3,547 a37,737I 13,773
a United States deposits deducted, $220 000.
Bills payable, rediscounts, acceptances and other liabilit es, $553,000.
Excess reserve, $317,280 decrease.
196
Joy 14
1923.
196
+2
194
195
197
198
414
THE CHRONICLE
[Vol,. 117.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 26, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those 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 382, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY
25 1923.
July 25 1923. July 18 1923. July 11 1923. July 3 1923. June 27 1923. June 20 1923. June 13 1923 June 6 1923. July 26 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
$
$
332,289,000 341,804,000
662,477,000 653,784,000
$
340,492,000
858,617,000
$
$
326,442,000 320,334,000
661,593,000 691,429,000
$
$
350,252,000 346,522,000
688,063,000 678,665,000
$
346,800,000
677,179,000
$
317,459,000
498,309,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
994,766,000 995,588,000 999,109,000 988,035,000 1,017,763,000 1,038.315.000 1,025,187,000 1,023,979,000 815,768,000
2,058,246,000 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 2,197,645,000
41,118,000
53,483,000
57,970,000
60,539,000
58,676,000
58,266,000
52,001,000
57,341,000
56,459,000
Tots gold reserves
Reserves other than gold
3,113,551,000 3,099,720,000 3,100,379.000 3,087,703,000 3,110,744,000 3,129.015,000 3,139.257,000 3,113,866,000 3,054,531,000
76,769,000
79,200,000
86,454,000
91.735,000
84,552,000 126,967,000
83,702,000
86,968,000
87,357,000
Total reserves
3,200,005,000 3,183,422,000 3,177,148,000 3,166,903,000 3,202,479,000 3,214,981.000 3,226,814,000 3,198,218,000 3,181,498,000
81,168,000
59,589,000
'Non-reserve cash
74,025,000
81,281,000
72,030,000
71,908.000
.
68,914.000
73.860,000
Bills discounted:
.
Secured by U. S. Govt. obligations_ 364,413,000 408,466,000 419,930.000 477,053,000 383,297,000 352,733.000 359,488,000 384,131,000 115,238,000
396,126,000 397,363,000 426,439,000 452,786,000 391,686,000 378,366,000 348,377,000 350,790,000 264,743,000
Other bills discounted
176,864,000 183,121,000 186,284,000 198,912,000 204,225,000 205,716.000 218,618,000 248,234,000 156,138,000
Bills bought in open market
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness
Municipal warrants
937,403,000
85,016,000
11,268,000
10.000
988,950,000 1,032,653,000 1,128,751.000
94,211,000
92,015,000
89,744,000
7,027,000
4,957,000
5,940.000
25.000
25,000
10,000
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
536,119,000
201,624,000
339,175,000
9,000
1,033,697,000 1,086,915,000 1,133,916,000 1,223,477.000 1,114,219,000 1,058,401.000 1.084,838.000 1,165.961.000 1,076,927,000
Total earning assets
53,309,000
52,657,000
51,251,000
42,494,000
53,203,000
52,330,000
Bank premises
52,270,000
52,215,000
51,719,000
193,000
7,527,000
5% redemp. fund agst. F.R. bank notes
193.000
193,000
191,000
193,000
193,000
191.000
191.000
578,586,000 674,936,000 655,976,000 649,037,000 583.917,000 685,812.000 689,539.000 609.959,000 537,883,000
Uncollected items
16,805,000
12,967,000
12,857,000
12,932,000
14,216,000
13,031,000
12,394,000
All other resources
12,299,000
14.170,000
4.952.762,000 5,092,961,000 5,113,915.000 6,164,461,000 5,037,502,000 5,092,813,000 5,140,731,000 5,111,704,000 4,863,134,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits—Government
Member bank—reserve account
Other deposits
109,629,000 109,714,000 109,621,000 109,584,000 109,427.000 109,422.000 109,381.000 109.363,000 105,198,000
218,389,000 218,369,000 218.369,000 218,369,000 218,389,000 218,369.000 218,389,000 218.389,000 215,398,000
14,857,000
46,455,000
34,784,000
15,778,000
43.952.000
34,432,000
50,870,000
20.764.000
14,323,000
1,839,262,000 1,883,644,000 1,909,006,000 1,931,782,000 1,867,650,000 1.874,220.000 1,913.874.000 1.895,829.000 1,815,278,000
27,832,000
24,938.000
26,381,000
22,521,000
24,997,000
24,445,000
29,530,000
26,330,000
28.121,000
Total deposits
1,896,567,000 1,942.521,000 1,949,722,000 1,974.251,000 1,936,599,000 1.921,314,000 1.958,318,000 1.976,029.000 1,888,114,000
F. R. notes in actual circulation
2,194,871,000 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 2,126,809,000
1,518,000
1,548,000
63,622,000
1,471,000
F.R.bank notes in circulation—netliab_
1,608,000
1,296.000
1,489,000
1,628,000
1,410,000
Deferred availability items
513,767,000 586,567,000 552,512.000 582.198,000 525,165,000 601,028,000 801,040,000 537,938,000 442,713,000
17.071,000
16.487.000
21,280,000
17,951,000
17,500,000
19.440,000
All other liabilities
18,164.000
18,839.000
18,458.000
4,952,782,000 8,092,961,000 3,113,913,000 5,164,461,0005.037.502,000 5,092,813,000 5.140,731,000 5.111.704.0004,863,134,000
Total liabilities
Ratio of gold reserves to deposit and
72.8%
74.5%
73.6%
74.6%
F. R. note liabilities combined
78.08%
78.10%
75.5%
74.8%
73.7%
Ratio of total reserves to deposit and
74.4%
75.4%
76.9%
78.2%
76.5%
79.2%
F. R. note liabilities combined
77.6%
75.7%
77.0%
Contingent liability on bills purchased
33,613,000
33,539,000
33,618,000
25,867,000
34,944,000
35,848,000
33,500.000
for foreign correspondents
29,243,000
33,485,000
—
,
S
S
$
$
$
$
DU Mutton by Maturities—
$
$
$
76,892,000
69,756,000
77,785,000
52,682,000
82,631,000
1-15 days bills bought in open market.
53,114,000
79,163,000
98,320,000
83,411.000
484,677.000 529,156,000 573,106,000 853,563,000 524,586,000 489.821,000 484,315.000 508,613,000 187,036,000
1-15 days bills disoounted
310.000
7,900,000
2,040,000
21,529,000
2,023,000
1-15 days U. S. certif. of indebtedness_
10,088,000
11,103,000
23,261.000
2,695.000
15,000
15.000
40.000
1-15 days municipal warrants
40,000
39.764,000
47,013,000
32,907,000
29,203,000
27,600,000
29,127,000
57,945,000
53,611,000
16-30 days oills bought In open market_
53,387,000
61,230,000
30,536,000
58,725,000
58,745,000
58,282,000
16-30 days WM discounted
59,201,000
55,058,000
51,960,000
51,647,000
4,689,000
16-30 days U. S. certif. of indebtedness
27,000
6,000
16-30 days municipal warrants
15.000
15.000
40,000
40,000
46.705,000
31-60 days bills bought in open market_
38,337,000
44,257,000
36,906,000
27,978,000
33,624,000
41,280.000
57,045,000
44,419,000
90,413,000
58,108,000
31-60 days bills discounted
91,938,000
88,778,000
83,480,000
90,400,000
83,421,000
85,413,000
80,784,000
1,378.000
31-60 days U. S. certif. of indebtedness_
42,965,000
2,400,000
3,000
31-60 days municipal warrants
15,000
15,000
55,535,000
31,429,000
34,043,000
37,723,000
41,065,000
81-90 days bills bought in open market_
54,868,000
25,240,000
28,886,000
32,082,000
85,073,000
79,730.000
61-90 days bills discounted
59,744,000
80,870,000
61.403,000
85,548,000
63,297.000
45,924,000
47,589,000
544,000
61-90 days U. S. certif. of Indebtedness_
16,000
1,711,000
177,000
188,000
41,870,005
61-90 days municipal warrants
4,122.000
2,278,000
5,321,000
Over 90 days Ms bought in open market
4,798,000
15,210,000
2,871,000
8,442,000
6,238,000
5.319,000
40,126,000
44.903.000
Over 90 days bills discounted
41,524.000
44,870.000
49,212,000
44,557,000
47,512.000
43,358,000
45,195,000
6,112,000
1,976,000
4,103.000
Over 90 days certif. of indebtedness_
3,278,000
1,490,000
226,390,000
2,892,000
29,771,000
30,118.000
10,000
Over 90 days municipal warrants
10,000
10,000
10,000
Federa Reserve Notes—
Outstanding
Held by banks
2,880,128,000 2,701,909,000 2,893,748,000 2,887.572,000 2,865,141,000 3,051,502,000 2.640,358,000 2.835.228,000 2,571,963,000
485,255,000 484,913,000 428,597.000 405,518,000 438,187,000 429,150,000 404,601,000 385,015,000 445,154,000
In actual circulation
2,194,871,000 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 2,126,809,000
Amount chargeable to Fed. Res. Agent 3,549,198,000 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 3,338,365,000
869,072,000 863,132,000 852,692,000 834,512,000 848,824,000 842.054,000 855,454,000 838,909,000 766,402,000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total
2,680,126,000 2,701,909,000 2,693,746,0002.687,672.000 2,665,141,000 2,651,502.000 2.640,358,000 2,835.228,000 2,571,963,000
320,429,000 320.429,000 320,429.000 320,429,000 320,420,000 319,429,000 318,899,080 314,899,000 416,522,000
621,880,000 849,778.000 645.959.000 646,580,000 830.130.000 618,143,000 582,745,000 603,807,000 374,318,000
122,967,000 123,612,000 111,369,000 118,202.000 118,451,000 124,088,000 129,635,000 128,937,000 124,016,000
1,614,850,000 1,608,090,000 1,616.789,000 1,602,361,000 1,596,131,000 1,589,842,000 1.609,077,000 1.587,585,000 1,657,107,000
2,680.126.0002,701,909,000 2,693,746,000 2,687,572,000 2,665,141,000 2.651,502,000 2,640,358,000 2,635,228.000 2,571,963,000
pumhi,, naner delivered to F. M. Agent- 890,427,000
•Not shown separately Prior to Jan. 1923.
948,598,000
996.047.000 1.079.950.000
938.477.000
889.453.000
893.248.000
048.785.000
523,804,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 25 1923
Two ciphers(00) omitted.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis MinneaP. Han. City
Federal Reserve Bank of—
$
$
$
$
$
$
$
$
$
RESOURCES.
$
17,031,0 156,501,0 27,420,0 14,172,0 10,248,0 6,384,0 51,286,0 4,212,0 8,275,0 3.286,0
Gold and gold certificates
18,690,0 110.245,0 22,675,0 23,300,0 54,337,0
Gold settlement Iund—F.R.B'rd 56,349,0 179,206,0 28.395,0 99,623,0 30,258,0
73,380,0 335,707,0 53,815.0 113,795,0 40,504,0 25,074,0 181,511,0 26,887.0 31,575,0 57,623,0
Total gold held by banks
190,282.0 636,805,0 170,183,0 208,266,0 28.816,0 109,798,0 382,518.0 50,969,0 35,637,0 33,581,0
Gold with F. R. Agents
11,258,0 8,510,0 2,624,0 6,326,0 2,889,0 4.069,0 4,391,0 2,055.0 2,8730
10,689,0
fund
redemption
Gold
274,351,0 983,770,0 232.508.0 324,685,0 75.646,0 137,761,0 548,098,0 82,247,0 69,267.0 94,077,0
Total gold reserves
27.428,0 7,955,0 4.775,0 2,588,0 5,001,0 8,264,0 13,773,0
5,545,0
780,0 3,354,0
Reserves other than gold
279,896,0 1,011,198.0 240,463.0 329,480.0
Total reserves
15,016,0
8,727,0 3,890,0 2.674,0
Non-reserve cash
Bills discounted:
Secured by U.5.Govt.obliga'n8 18,449,0 126,417,0 43,604.0 33,025,0
26,873,0
41.152,0 18.843,0 21,835,0
Other bills discounted
39,671,0 20,313,0 26,843,0
16,512,0
Bills bought in open market
61.834,0 207,240,0 82,780,0 81,803,0
• Total bills on band
4,656,0 17,367,0 9,953,0
3,370.0
U. S. bonds and notes
7,579,0
14,0
249,0
321,0
U. S. certificates of indebtednessMunicipal warrants
Total earning as3ets
as 795
n
Dallas. San Fran.
$
$
12 079,0 21,417,0
5;6
8 2,0 35,717,0
Total.
$
332,280.0
662,477.0
17,781,0 57,134,0 994,766,0
12,294,0 199,097,0 2,058,246,0
60.539,0
1,399,0 3,458,0
31,454.0259,687,0 3,113,551,0
4,924,0 2,087,0
88,454.0
78,234,0 142,762,0558.362,0 96,020,0 70,047,0 97,431,0 36,378,0 261,754,0 3,200,005,0
74,025,0
1.835.0 8,752,0 7,826,0 6,627,0 2,972,0 4,746,0 3,788,0 9,222,0
29,795,0 7,118,0 31,254,0 16,390,0 8,791,0 13,100,0 8,158,0 32.312,0
37,803.0 33.670,0 46,149,0 29,883,0 22,184,0 30,963,0 37,432,0 49,664,0
1,881,0 4,640,0 45,575,0 3,111,0
26,0 2,627,0 15,865,0
384,413,0
398,128,0
178,884.0
0,429,0 45,428,0 122,978.0 49,184,0 28,945,0 44,094,0 48,217,0 97,741,0
193,0 7,194,0 7,251,0 11,081,0 11,445,0 1,780.0 9,185,1
1,341,0
1,0 2,834,0
47,0
223,0
10,0
937,403,0
85.016,0
11,268,0
10,0
210 475.0 100.141.0 91.7118.11 76.820.0 45.632.0 133.006.0 56.435.0 40.240.0 55.588.0 47.997.0 106,926,0 1.033.897.0
JULY 28 1923.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Bank premises
5% redemption fund
F. It. bank notes
Uncollected items
All other resources
Boston. New York.
$
4,434,0
$
12,716,0
$
721,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
9,110,0
$
2,617,0
S
2,674,0
$
8,715,0
$
1,039,0
$
1,624,0
$
4,965,0
$
1,947.0
Total.
$
2,747.0
$
53,309,0
65,0
100.0
28,0
126,906,0 52,044,0 62,952,0 50,114,0 21,078,0 78,655,0 31,827,0 14,763,0 33,131,0 19.035,0 37,168,0
1,311,0
262,0
417,0
468,0
482,0
601,0
152,0 1,841,0
818.0 2,649,0 3,854,0
193,0
578,566,0
12,967,0
against
50,893,0
112,0
Phila.
415
Total resources
faA/3/L/T/ES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve acc't
Other deposits
410.076,0 1.380,333,0 397,521,0 496,318,0 204,088,0 219,380,0 785,230,0 192,100,0 131,496,0 196,777,0 111,772,0 421,671,0 4,952,762,0
8,073,0
29,266.0 9,772,0 12,168,0 5,708,0 4.416,0 15,139,0 4.948,0 3,550,0 4,587,0 4,202,0 7,800.0 109,629,0
16,312,0
59,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,685,0 7,473,0 9,488,0 7,496.0 15,263,0 218,369,0
858,0
9,227,0 2,109,0 3,924,0 2,634,0
965,0 2,252,0 3,380,0 2,092.0 3,148.0 1,433.0 2.762,0
34,784,0
125,056,0 661,780,0 114,756,0 165,534.0 59,697.0 53,848,0 269,127,0 69,748,0 47,550,0 82,090.0 44,293,0 145.783,0 1,839,262,0
293,0
13,307,0
652,0
980,0
143,0 1,209,0
158.0
782.0
347,0
539.0
199,0 3,912,0
22,521.0
Total deposits
126.207,0 684,314,0 117,517,0 170,438,0 62,489,0 54.956.0 272,588,0 73,910,0 49,989,0 85.777,0
45,925,0 152,457,0 1.896.567,0
F.R. notes in actual circulation 216,489,0 503,111.0 203,458,0 232,169,0 77,012,0 133,906,0
400,978,0 72,108,0 55,595,0 80,678,0 31,036,0 208,333,0 2,194,871,0
F. R. bank notes in circulationnet liability
1,085,0
43,0
480.0
1,608,0
Deferred Availability Items
48,256.0 100,391,0 46,690,0 56,569.0 46,617,0 18,209,0 63,152.0 30,381,0 13,667,0 35,255,0 20,595.0
35,985,0 513,767,0
An other liabilities
739,0
3,451,0 1,335,0 1,479.0
974,0
951,0 1,892,0 1,088,0 1,222,0
949,0 2,038,0 1,833,0
17,951.0
Total liabilities
416.076,0 1,380,333,0 397,521,0 496,318,0 204,088,0 219,380,0 785,230,0 192,100,0 131,496,0
196,777,0 111,772,0 421,671,0 4.952.762,0
Memoranda.
Ratio of total reserves to deposit
and F. It. note liabilities combined, per cent
81.7
85.2
74.9
81.8
56.1
75.6
82.6
65.8
66.3
66.5
47.3
72.6
78.2
Contingent liability on bills purchased for foreign correspond'ts
10.982.0 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 2 601 0
34.944.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JULY 25 1923.
Federal Reserve Agent at-
Boston. New York Phila.
Resources
(In Thousands of Dollars)
$
Federal Reserve notes on hand
90,650
Federal Reserve notes outstanding
242,320
Dollateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
16,982
Gold Fund-Federal Reserve Board
138,000
Eligible paper(Amount required
52,038
(Excess amount held
9,796
Cleve. Richm'd Atlanta Chicago.
St. L. Minn. K.City. Dallas. San Fr.
$
S
$
$
S
$
S
117,900 25,040 11,720 29,913 20,569 71,300 869,072
457,181 90,373 61,209 69,924 34,488 253,381 2,680,126
235,531 7,000 8.805
2,400
30,274 12,794 14,481 4,021 6,398
371,000 150,389 185,000 24,795 101,000
111,887 70,108 48,988 56,369 30,030
72,249 1,084 25,600 9,386 15,298
11,880 13,052
6,461
320,429
10,874 3.089 1,585 2,221
1,833 18.435 122,967
371,644 36,000 21,000 31,360 4.000 180,662 1,614,850
74,663 39,404 25,572 38,343 22,194 54,284 621,880
48,306 9,780 2,869 7,744 23,943 42,493 268,547
Total
585,086 1,882,893 536,066 573,228 204.966 370,944 1,080,568 215,566
/MN/fliesNet amount of Federal Reserves notes received from
Comptroller of the Currency
332,970 1,061,952 294,691 290,374 110,395 215,818 575,081 115,413
Dollateral received from)Gold
190,282 636,805 170,183 208,268 28,816 109.798 382,518 50,969
Federal Reserve Bank lEligible paper
61,834 184,136 71,192 74.588 65,755 45,328 122,969 49.184
Total
Total.
$
$
$
$
$
313,260 54,400 33,210 25,210 75,990
748,692 240,291 257,254 85,185 139,828
137,007 177,505 113.487 620,555 6,497,871
72,929 99,837 55,057 324,681 3,549,198
35.637 33,581 12.294 199.997 2,058,246
28,441 44,087 46,136 96.777 890,427
585,086 1,882,893 536,066 573,228 204,986 370,944 1,080,568 215,566 137,007 177,505 113,487 620,555 6,497,871
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Rnserve notes in actual eircomum,
242,320
25,831
748,692 240,291 257.254 85,185 139,828
245,581 36,833 25.085 8,173 5,922
457,181 90,373 61.209 69,924 34.488 253.381 2,680.126
56.205 18,265 5,814 9,2461 3,452 45,048 485,255
91R don
Sng 111 qr. am:
, 919 180 77 012 131008
490 978 72105 5.5 595 An 870! ni ARA one 333 9 105 071
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 772 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 382.
1. Data for all reporting member banks in each Federal Reserve District at close of
business July 18 1923.
Federal Reserve District.
Boston New York
-Number of reporting banks
43
111
Loans and discounts, gross:
$
3
Secured by U.S. Govt. obligations
14,127
83,263
Secured by stocks and bonds
249,041 1.585.375
All other loans and discounts
628,196 2,473,467
Total loans and discounts
U.S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U. S. Certificates of Indebtedness
Other bonds, stocks and securities._
891,364 4.142.105
12,541
48,360
83,058 474,076
5,059
29,965
28,999 510,589
3,482
25,557
163,261 748,998
Total loans & disc'ts & Investmls. 1.187.7645,079.650
Reserve balance with F. R. bank 88.493 627,961
Cash in vault
19,884
80,509
Net demand deposits
826,527 4,707,313
Time deposits
263,781 904,945
GOVerninent deposits
22,647
46,301
Bills Payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
9,225 129,364
All other
17.264
30.308
Phila.
Cleveland Richmond Atlanta
55
82
77
$
18,943
256,787
356.684
$
29,011
401,014
698.257
$
9.119
119,502
325,592
632,414 1,128,282
11,003
48,147
44,531 116,459
3,957
5,573
56,077
56,589
6,769
7,090
184,736 298,077
39
Three ciphers (000) omitted.
Chicago St. Louis Minneap. Kan. City
106
Dallas
San Frets
Total
S
$
7.713
37,197
61,990 577.699
331,921 1,136,346
36
28
77
$
11,428
137.106
302,220
S
4,299
41.834
186,463
52
S
7,217
79,284
362.868
$
3,865
45.963
199,613
772
$
8
12,456
238,638
185.416 3,741,011
780.756 7,782.383
454,213
30,335
32.027
4.416
11,707
2,345
52.187
401,624 1,751,242
14,441
24,768
14.403
95,437
1.933
11,940
6,245 130,198
6.172
20,651
38.735 355,032
450,754
15,335
23.214
9,379
23,038
6,502
87,443
232,596
8,821
12,080
1.285
28,861
2,697
28,816
449,369
12,015
48,567
4,393
22.145
5,547
60,110
249,441
20,164
14,327
2.194
14,444
4,917
10,288
978,628 11,762.032
31.994
277.922
103,757 1.059.936
13.146
93,240
39,330
928,222
16,351
108,080
148,794 2,176,475
939,487 1.660,217
72.424 108.656
15,803
32,652
694,196 931,737
105,435 570.426
14,089
9,411
587,230
32,429
14,284
322.325
152.656
6,442
483.553 2,389,266
32,276 208,837
10.234
55,268
271.779 1,497,532
176,813 785,511
7,232
20,874
615,665
38,159
8.120
341,449
190,056
5,920
315,156
20,451
6,441
197,613
86,095
3,625
600,146
47,298
12,265
427,063
134,377
2,063
315,773 1.332,00016.405,907
22.717
99,283 1,398,984
21,190
8,780
285.430
212.317 733,481 11.163,332
74,748 535,670 3,980,513
4,080
157,111
14,427
28.048
98 792
20,806
17.679
11,408
17890
5,200
5 013
18,034
17450
25,307
15 201
2,804
11.901
23,856
25.993
4.247
7 arm
66
25,987
92 105
304,286
222 182
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.
July18
1
July 11
City of Chicago.
All F. R. Bank Cities.F. R. Branch Cities.Other Selected Cities]
July 18 1 July 11 1
,
Number of reporting banks
66
64
49
49
Loans and discounts, gross:
$
$
$
1
$
i
Secured by U.S. Govt. obligations
74,494
74,178
28,883, 29,809
Secured by stocks and bonds
1 412,5831,475.506 432,045: 441,192
and
loans
discounts
All other
2,151,7722.153,380 659.200 673.486
1
Total loans and discounts
'3 638.84913,703,062 1,120,128'1,144,487
U. S. pre-War bonds
37.609
37,609
4,028
4,024
U. S. Liberty bonds
405,700 413,820
34
38,311
8:8
10
44
7
U. S. Treasury bonds
20,273
20,048
,
U S Treasury notes
472,227 477.619
70,635
81.533,
U. S. Certificates of Indebtedness_
22,607
27.903
6,648
6,6441
Other bonds, stocks and securities
541,883 525,968 178,500 178,6041
1
July 18 1 July 11
July 18 1 July 11
Total.
July 18 1 July 11 July 18'23 July 11'23,July 19 '22
258
258
206
773
772
794
308
309
$
$ 2061
$
!
$
$
1
$
$
$
1
$
158,762
158,996!41,843
44,593
241,4131
38,033
238.638
262,671
37.824
2.676,376 2,752.060 583.083 583,262 481,552 482,999 3,741,011 3,818.321. 3,519,263
4,795,830 4.815.37611,604.207 1,592,015 1,382,3461,385,740 7.782,383 7,793,1311 7,025,595
7,630.968 7,726,432 2,229,1332.219,870 1,901,9311,906,56311,762.032 11,852,86510,807.5
29
95.770
95.796
277,922
277,472
76,421 105.050, 105,255
,
638,140
643.204 255,378 254,033 166,4181 166,282 1,059,938 1.063,519 1,286,484
48.067,
47.641
24,104
93,240
95.860
26,489
21,069, 21.730
682.567 *703,227 151,052 151.585
94,603' 84.7171 928,222 *939,529, a574655
52,483
*58,265
35.713
,
, .1
,
1
37,455
246:536
°116,912
1,165.157 1.149,555 587,052 577,981 424,2661 423,5231 2,176,475 2.151,059 2,282,214
1
Total loans & disc'ts & inveat'ts_ 5,139,1485,206.029 1,422,886 1,458,47310.313,15
34 3,343,8342.733,221 2,729.262 16.405.90716,497,216 15,197.418
Reserve balance with F. R. Bank__ 578,543 598,964 146.721 140.924 1,002.329210,424,1203,359,5
1,017.238 232,354 238,292 164,301, 168,349 1,398,984 1.423,879 1,432,051
Cash in vault
65.380
73,007
142,927
29,547
32.836
157.276
60.163
84,899
64,895
82,340
285.430,
,549
Net demand deposits
4.207.3464,276,505 094,5301,018,779 7,574.722 7,664,890 1,929,930 1.945.5231,658,680
1,670,39811.183,332 11,280.81111.101,473
Time deposits
628,522 632,468 372,332 375,043 1,95f,209
1,955.5771.171,801
3,980,513
851,059
851,403
1,160.935
3,967,571:
3,487.015
Government deposits
42,823
50,336
8,804
10,649
104,0651
120,317
36,9231 40,907
16.123
18,291
157,111
179,515.
100,245
Bills payable and rediscounts with
F. R. Bank:
1
I
Secured by U.S. Govt. obligations, 100,941 114.161
6,960
9.784
186,533, 195.970
75,787i
41,966
40,726
73.138
All other
22,324
42,534
16,605
16,383
138,941' 166,456
45.871
41,251
37.534
47,340
Ratio of bills payable & rediSeotints
with F. It. Bank to total loans'
1
1
2.4
and investments. per cent
:3.0
1.7
1.8
3.2
3.5
3.6
2.9
3.6
3.0
3.2
3.4
1.0
• Revised figures. a Includes VICtOry Notes.
E1:32 Tg:211 L'07:E?
azette,
ankers'
Wall Street, Friday Night, July 27 1923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 406.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
July 27 1923.
292,180 828,000,000
479,310 46,000,000
478,650 45,700,000
429,620 42,000,000
359,100 34,300,000
734,200 73,000,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
State, Mon.
and Foreign
Bonds.
Railroad,
&C.,
Bonds.
Par Value.
Shares.
82,040,000
3,885,000
3 639,000
3 210,000
3 208,000
4,823,000
U. S.
Bonds.
$436,000
1,514,700
2,069,100
2,656,150
1,000,000
1,351,000
$415,000
1,119,500
1,163,000
947,000
1,737,000
1,087,000
2.773.060 $269.000.000 $20.805.000 $6,468,500 $9,026,950
Total
Jan.1 to July 27.
Week ending July 27.
Sales at
New York Stock
Exchange.
$36,300,450 $66,548,350 $1,685,726,785 $2,662,195,705
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week ending
July 27 1923.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
$10,000
25,000
15,200
20,000
3,000
11,000
843,700
26,100
8,000
44,800
38,400
36,000
183
386
698
353
535
558
21,101
8197,000
2,713
$84,200
26.523
$569.160
5.011
$129,400
3,741
8,056
7,133
7,785
7,685
12,782
$1,600
34,050
31,050
30,000
10,300
24,000
2,803
4,766
2,796
2,909
3,368
4,459
47,182
3131,000
49.340 81.303.450
Daily Record of U. S. Bond Prices. July 21 Jul' 23 July 24 July 25 July 20 .10111
51
lira, 10000,, 100",, 100'112 100'°32 10019n 1001932
First Liberty Loan
334% bonds of 1932-47_ _1 Low. 1001n 100°33 1001n 100°3. 100933 100132
Clos• 10010.3 1001012 100932 10093, 100932 1001.3.
(First 355s)
89
202
266
210
190
50
Total sales In $1,000 units..
Converted 4% bonds of HIM__Clow
Total sales in $1,000 units_
Converted 434% bonus1High
of 1932-47 (First 434s) Low_
ClitEW
Total sales in $1,000 units__
Second Converted 4%% High
bonds of 1932-47 (First)Low
Second 4%0
Total eater In $1,000 1Ifilid-.
{11151,
Second Liberty Loan
4% bonds of 1927-42_ .... Low.
Clow
(Second 48)
Total sales in $1,000 units__
Converted 4347 bonds(HIM.
of 1927-42 (Second (Low.
C108P
434s)
Total sales In 81,000 units_
(IIii)
Third Liberty Loan
4i4 °: howls Of 192$..... _ i Low
ICUs,
(Third 464s)
Total sales in 81 000 units..
illigh
Vourth Liberty Loan
434% bonds of 1933-38.. Low.
Clow
(Fourth 454e)
Total sales in 11.000 unite. _
, H ISO
Treasury
i Low
444s. 1947-52
Clow
98"..
98113
9811.1
5
981in
981132
9811.2
92
98".,
981.3
98103:
56
--- -
- ---
----
-- - ---____
..- -981•111
981131
98113
98
98193
9811.,
9811.
90
98113
98113
98113
150
992°.
992433
992°3
It
98',s9811,
9810.1
98932
981133 981032
17
40
n
9813.
98913
36
----
-- --
---
- -..-_- ---- ..
98,
s:
98.11
98,33
9811,
989,3
981..
989., 9813.
981.2
1
2
1
98"32 981133 981133
98933
981133 98932
981 31 98103, 98"33
109 17,071 17,130
9829.2 9811.3 981133
082133 98113
9814.1
98".3 98", 98.133
419
253
238
981133 981 0., 081133
9811.3 9813,
9893.
0812n 9813:
9810.3
478
320
611
992/32 9913, 992632
991433
992133 99143
23
992133 99 . 991133
..-- ..
98432
984.2
98',,
2
98113.
981032
9811.1
318
98303,
98"32
982933
403
981212
981012
9810.,
322
992431
992133
99283,
-- - 98,
0
9893.
989.3
1
98"n
9813.
981.3
328
9830si
98211.3
982132
178
981133
98932
9813.
527
9994$3
991133
992133
02
202
1111
/0
107
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1009.. to 10013. I 20 3d 461s
981.3 to 9873. 220 4th 434s
981:1 to 9819.2
265 1st 3668
3 1st 454e
17 2d 48
981132 to 9811,3
98°.3 to 98113.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
June 15
Sept.15
Mar. 15
Mar. 15
Dec. 15
Sept.15
I924___
1924_ _ _
1925___
1926..
1925_
1923- _ _
Rate.
Rid.
Asked.
5,6%
564%
44%
434%
464%
361%
10111,
1011lis
10034
10019
99%
9931,,
101he
101°.
1003-i
1001ns
99%
1001n
Maturity.
Sept. 15
June 15
Dec. 15
Dec. 15
Sept. 15
Mar. 15
Mar. 15
1926_
1925..,
1927_
1923...._
1923._ _
1924._
1927._
Int.
Rate.
434%
4%%
Bid.
9911.
9956
99%
9911 e
4%
434% 100
4%% 10011,
4%% 100%
Asked
99210
100
100
100
100%
100,
is
10034
Foreign Exchange.-Tho market for sterling exchange
was lifeless, though rates were fairly steady. In the Continental exchanges irregularity prevailed and the feature was
spectacular weakness in German marks.
To-day's (Friday's) actual rates for sterling exchange were 4 56@4 5674
for sixty days, 4 588404 59% for checks and 4 58%04 5934 for cables.
Commercial on banks. sight, 4 58% €345934; sixty days, 4 56%04 57:
ninety days, 4 54%04 5514, and documents for payment (sixty days),
4 571464 5814. Cotton for payment, 4 5834 ©4 59%, and grain for payment, 4 588404 5934 •
To-day's (Friday's) actual rates for Paris bankers' francs were 5 83 Si@
5 88 for long and 5 86 M @5 91 for short. Germany bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
,
39.00039.07 for long and 39.2561139.32 for short.
Exchange at Paris on London, 77.60 fr.: week's range, 77.25 fr. high and
78.55 fr. low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling ActualSixty Days.
4 5974
4 5994
High for the week
457
4 58ii
Low for the week
458'%
456
Paris Bankers' Francs6.0134
6.003-4
High for the week
.5.9514
5.8934
5,833i
5.8834
Low for the week
Germany Bankers' Marks0.000302
0.000302
High for the week
0.000090
0.000090
Low for the week
Amsterdam Bankers' Guilders39.46
39.37
High for the week
39.07
39.24
Low for the week
38.85
39.15
Domestic Exchange.-Chicago. par. St. Louis. 15@25C. per 81,000
discount. Boston, par. San Francisco, par. Montreal, $24 06 per
$1,000 discount. Cincinnati, par.
The Curb Market.-The review of the Curb Market is
given this week on page 407.
A complete record of Curb Market transactions for the
week will be found on page 428.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
1922.
1923.
1922.
1923.
150,212,888
147,653,950
3,864,586
2,773,060
Stocks-No. shares_ _
Par value
$269,000,000 $337.528,800 $12,820,000,000 $13,321,944,889
Bonds.
$470,092,885 $1,087,404,305
Government bonds_ _ _ $9,026,950 $22,995,350
865,438,500
278,885,200
9,649,000
6,468,500
State, mun., &c., Ws_
938,748,700 1,209,352,900
20,805,000 33,904,000
RR.and misc. bonds
Maturity.
[VOL. 117.
THE CHRONICLE
416
STOCKS.
Week ending July 27.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest. I Highest.
Par. Share $ Per share. $ per share. I i Per share.1$ per share.
Railroads.
BR T 2d warrants
900 20 July 24 21 July 21 1634 Julyl 23 June
Ju1y,231
Feb
Central RR of NJ._ _100 500186 JulY 27188% July 251 175
100 9534 July 24 9534 July 24 95 May'100 June
C St P M & 0, pref_100
Feb
July
Aprl 60
Colo &South,1st pref100 300 5054 July 27 5034 July 271 50
Duluth So Sh & Atl_ _100 4(10 236 July 25 234 July 25 234 July 3% June
574 Feb
Preferred
100
100 354 July 27 334 July 271 374
July 118% Mar
Illinois Central, pref_100
10011135 JulY 24111% July 24 111
Mar
July 70
RR Sec, Series A._100
50 65 July 24 65 July 24 65
lot & Gt No Ry(w 1).100 500 173.4 July 27 19 July 24 1734 July 2536 Feb
Manh Elev Mod Gtd.100 900 3434 July 21 3414 July 21 3054 Jun 453-4 Apr
Julyj 9534 July
N Y Ch &St L, pf,w 1100
100 91 July 26 91 July 26 90
July
Pitts Ft W & Chic, pf 100
20138 July 21138 July 21 128 June 138
Rapid Transit Corp
• 2,800 10% July 23 1234 July 21 934 June 1834 Apr
Apr
31% July 49
Preferred
100 700 33 July 23 3366 July 23 52
Jan
Apr 66
Tol St L & W,Ser B_100 200 5834 July 26 5834 July 26
aly
y
8x A pr 8320%
100 5336 July 27 5336 July 27 52
0
Preferred, Ser B__.100
July 34 June
100, 32 July 23 32 July 23
Virginia Ry & Pow_ _100
May
West Penn
100 400 4034 July 24 41 July 24
Preferred
100 200 86 July 24 86 July 24 7536 Arp 88 June
Indus. & Mlscell.
Amer Chain,Class A...25 600 21 July 26 2134 July 25 2054 June 2534 Mar
Amer Locomotive,new_• 65,300 6734 July 27 7034 July 23 6494 July 7074 June
Amer Teleg & Cable_100
July 5834 Feb
100 49 July 24 49 July 25 46
Arnold Constable
• 300 14% July 23 14% July 24 12 May 1834 Apr
July 5764 June
Atlas Powder, new. _100 400 52 July52 July 25 51
Feb
Am Metal tern ctf, p1.100
200 110 July 26110 July 26 106 June 117
Jan
Assets Realization_ _ _ _10 300
34 June 1
94 u y 23
64 July 23
Auto Knit
• 400 2134 July 27 22 July 23 1934 July 2834 Feb
uan
ey
b
e
July 1434 Ni.7F
Auto sales, pref
100 12 July 23 12 July 23 11
50
July
Atlas Pow,8% cumpf100
106 8336 July 24 8334 July 24
Calif Petroleum, new_25 37,200 1934 July 27 2234 July 21 8
13
866 June
July
Calumet & Hecla
July 44
25 800 4214 July 21 44 July 24 42
Century Rub Mills_ _ _• 200 31 July 21 32 July 23 28 June 3834 May
Columbia Carbon_ _ _100 1.800 44% July 27 47% July 21 443-4 July 4934 May
8 : Apr
Colum Gas & El, w L __• 3,800 3364 July 2 34% July 21 3034 J
juun
ly
e 5
37
Conley Tin Foil
200 13% July 26 14% „July 21 12 Jun 22% Jan
Commercial Solvents A.' 1
33 July 24 33 July 24 2554 July 49% May
100 9734 July 21 9766 July 21 97 June 109% Feb
Cosden & Co, pref. _100
July 1254
Cuban Dominion Sugar..
3
564 July 26 32
474 July 2
Mar
Preferred
100 200 32 July 27 33 July 27
Cuyamel Fruit
52
4% July 7034 June
• 3,230 6034 July 23 6374 July 24 6
July 7334 Jan
Deere & Co, pref.__ A00 100 62 July 23 62 July 23
Douglas Pectin
* 600 13% July 24 1374 July 21 1264 Junel 1434 June
July 10334 June
Duquesne Lt, 1st pf _100
100 102 July 2 103 July 25 102
July
July 27
F,aton Axle & Spring_ _ _* 1,30 25 July 27 27 July 24 25
a
eb
y
07
21
5 j
Jan 14378x
Fidel Phen F I of N Y _25
109 July 21110 July 26 13
May
Fleischmann Co
• 1,300 43 .1
4434 July 21
Foundation Co
•11,600 73 July 27 78 July 24 66 May 7834 July
General Baking Co_ _ _ _• 600 7234 July 24 75 July 26 72
July 9634 May
Gimbel Bros, pref. _ _100 200 9734 July 24 983-6 July 23 9874 Jan 10234 Feb
Goldwyn Pictures, new.. 100 16% July 2 1034 July 25 4
13x
3% June 2234 June
Goodyear Tire, pref_100 1,400 44 July 27 4954 July 23
July
14'i Febr
Prior pre erred_ __ _1
9
89
300 93 July 27 9334 July 26 9254
Hartman Corp
July 9534 Jan
100 300 82% July 27 85 July 26 80%
50
jMayJuly
Helme, Gee,
251 100 50 July 27 50 • July 27
Househ'd Prod tern ctIs.* 2,400 3234 July 27 3334 July 23 2894 j
Ja
qy 5
39°64
Hydraulic Steel, pref _10
21 x MayApr
100 12 July 2 12 July 27 10
p 12851
JulyAAo
'mien Oil & Gas
* 1,300 5 July 27 564 July 23 5
Ingersoll Rand
34 July
100
20 128 July 2 128 July 25 19
jaAprr
Inland Steel, ire,i
* 1,600 33 July 26 3334 July 23 3114 June.ltily 7463
Apr
Preferred, w 1
100 600 98 July 23 9934 July 26 96% June 105
International Shoe ___.•
100 6464 July 21 6434 July 21 84%
34
7136 Apr
lot Tel & Tel
100 700 8634 July 23 6734 July 24 64%
r
M
x y
x :
• 200 29 July 21 30 July 23 26%
44
1%
IntertyPe Corn
Iron Products, ctf
300 35 July 27 3534 July 27 34;4 Julyi
• 400 5434 July 27 56 July 23 35% Apr; 64 May
Kinney Co
Feb
A
16
9% F
r 23
Ligg & Myers Tab,B.100 1 204 July 23204 July 23 19054 m
Aapyi
Jan
Lorillard, pref
160 lii 114 July 26 114 July 26 112
Apr,
Feb
115
411
Macy (R H), pref....100
11234 July 27 113 July 27 111% July
Magma Copper
* 8,500 2934 July 27 3234'July 23 22
Maracaibo Oil & Explor. 2,800 2134 July 27 2234 July 26 2134 July 2234 July
Jan
May Dept Stores, P1.1
10 115 July 27115 July 27 11454 June 119
b
y
Nat Cloak & Suit, pf _1
100 9234 July 21 9264 July 21 92 J.7trunlyel,(17414
Apr
4234
Nat Dept Stores
• 1,000 31394 July 27 37 July 23 3434 June
May
Preferred
1
200 9074 July 27 9134 July 25 90%
New York Canners_ _ _ _*
oo 2834 July 27 2834 July 27 2814 July 3254 June
North American
1029,600 21 July 27 2234 July 23 18% July 24% Apr
Mar
Ohio Fuel Supply
25 400 3114 July 27 3154 July 25 31 June 67
Mar
Jul 50
Onyx Hosiery
*
100 37 July 21 37 July 21 37
092
06x1 June
Otis Elevator, pref__100
10 10034 July 23100% July 23 99% Apr 197
7xFAepaMar
y
100
Otis Steel, pref
100 48 July 27 48 July 27 47 June
e
Packard Motor, pref_100
lii 93 July 27 93 July 27 90% Jmuany
43%
Penn Coal & Coke_..50 300 3594 July 24 36 July 23 35%
Mar
10 600 1334 July 23 1374 July 21 11%
Philip Morris
ual yr
4564 Feb
x
Phila Co.6% pref.. SO
100 4336 July 26 4334 July 26 4134
July
Pierce-Arrow, prior pref' 200 63,34 July 24 6334 July 24 60
710234
Jul
Pittab Utilities, pref.__ _
1
10 July'
16 10 July 26 10
July
P S Corp N J, pf 8% _100 2,
10034 July 27 1003.4 July 27 100% MaJul 101:
July 51% Apr
New, common
• 1,500 4464 July 27 4634 July 25 43
x Apr
10
00
4%
7%, pref
100
100 98 July 24 98 July 24 98
Schulte Retail Stores_ _ _• 7,100 94 July 24 9834 July 27 88
Jan
Simms Petroleum_ _ _ _10 2,100 794 July 27 8 July 21 7% July 16
3454 Mar
Simmons Co
* 1,400 27 July 27 28 July 23 24%
j
J
t
ua
l
a
y
8836
011,
pref.__
23
_100
Sinclair
800 90 July 24 9134 July
80
834 Mar
100 96 July 27 96 July 27 92% Jan 10
So Porto Rico Sug, pf 100
Feb
Tobacco Products, p1100 1,90010934 July 24 110 July 21 104% Feb 114
Underw Typewr, new_25 1,100 3874 July 21 3934 July 26 38% July 41% June
US Real & Imp,full paid 1,400 98 July 25 9934 July 23 9754 July 10834 Feb
Feb
Va-Caro Chemical B._ _• 100 434 July 26 434 July 26 314 June 17
Jan
100 2001 36 July 23 3834 July 24 3364 July 64
Van Raalte
West Elec 7% cum p1100 200113 July 24 113 July 24 11134 Mar 115 June
Waldorf System, new_ _• 300 1734 July 21 18 July 26 14% Jun1 20 May
Jun 7134 Mar
Worthington, pref 13.100 200 63 July 27 65 July 21 61
Youngs'n Sheet & Tube.* 500 6314 July 27 8534 July 24 63% July 80 June
value.
•No par
Jill
New York Stock Exchange-Stock Record Daily Weekly and Yearly
417
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND
Saturday,
July 21.
LOW
SALE PRICE-PER SHARE, NOT PER CENT.
Monday,
July 23.
$ Per share S Per share
*28
30 *me 30
9913 100
998 99%
3312 8812 8812 8812
134 134
18 134
11412 11534
11418 115
4934 5058
49
50
57 574 *5612 58
1
73 118
1
34
*14
34
*14
14612 14718
14734 148
61
60
6012 61
*9612 9712 9712 9712
258 238
*214 212
4
4
414
*4
*2512 26 *25 26
4912
49% *49
*49
413 412
*412 434
11
1158 11
*11
1834 1912
194 20
3414 34% 3314 3412
7112 6934 71
*71
10912 10912
*109 110
2658
26
2614 26
85
85
84
84
7458 75
74
74
*6112 63 *6012 66
2812 2834
29
*28
10634 10634 10314 10678
115 115 115% 11512
1214 1233 1238 1212
2038
20
1918 20
138 13%
1312 135
654 6534 6314 64%
2938 298
*2834 291
12
*11
12 *11
49
49
51
*49
10834 10834 *108 109
_ ____ ____
1334
1814
•51
*30
*70
617
89
4234
1334
1814
54
3234
7413
6218
8938
4234
17•1131-2
*36
6634
*25
312
*59
if
*13
1812
'Si
*30
*70
6058
8933
*41
Tuesday, , Wednesday, Thursday,
July 25.
July 26.
July 24.
8 per share $ per share i per share $ per share
*25
2812
28
28
*2813 30
*2812 30
991g 99
995k 9534 9712
99 9912 99
8812 8812 8812 8858 8812 8812 8814 8838
13
134
134 134
*112 18 *112 134
11312 11312 11212 113
11414 11412 11312 115
488 5014 4814 4938 4834 5014 467 49
.5634 5634
*5512 5733 5612 5612 *5612 57
33
14
12
14
12
38
34
78
12
34 *- 14 •_ -__
14
34
*14
14512 1467 14512 14614 14578 147 144% 14612
5812 5914
60
5918 6012 5212 5934 60
975 9758
9734 9734 *9738 98 *978 98
212 212 *258 212
21s 258
258 258
37
37
4
4
413
*37
334 334
24
24
26
*25
26
25
25 *25
4912 4814 4814
*4813 4912 *4814 49
1149
433 458
44 414
414 414
458 458
934 1012
1012 1114 1058 1058 *1012 1034
1812 1834 1814 1812 1838 1834 1734 1858
3138 33
3058 3238 3058 3213 2958 31
6812 7018 6738 6858 6612 6734 65
6712
110 110
10834 10834 "109 110 *109 110
241 2438 2412 24
2458 2438
25
26
8312 7914 7914
181
84
84 '
84
85
743 *72
72
7312 72
74 *72
74
61
6012 6012 6034 6034 60
*6034 64
2912 *27
27
2 25
'27'2 291 *27
103 10412 103 10538 10412 10478 10214 105
11534 11658 11212 115
11534 11534 116 116
1218 1218 1214 1112 1214
1214 12
12
1918
194 1978 19% 1938 1918 1934 18
1312 137 *1312 13% 1334 1334 1314 1312
6118 63
6033 6178 5812 6114 5612 5812
27% 2812 2713 2758 2714 2733 2634 2714
*1012 12
*1012 12
*1012 12 *1013 12
*48
51
50
*48
51
50
52
*46
10834 1085 10612 109
10834 10834 *108 109
___ ____ ___ ___ ____ ____ ___--__
1334 12%
1834 1818
514
54
3234 *30
7412 *70
6178 6018
8912 8918
1141
47
1314
1812
5112
3234
7412
6013
8933
47
1214
18
*51
*30
*70
6012
89
*41
1214
1814
54
3212
7412
6013
89
45
36
46
66
67
25
28
334
2%
*58
62
36 .32
66 *66
25 *22
33
212
62
*58
45
67
25
314
62
*12
1714
50
*30
*70
6038
89
*41
___
13
1778
51
3234
7412
6238
8958
45
.. _
*12
18
*51
*30
"70
6134
8914
*41
*3438
1312
184
54
3212
7413
6234
8914
45
3412
*32
*66
*22
2
*57
45
*32
45
66
6712 66
*22
26
26
114 134
234
59
1oi2 -foim 1012 -1012 *10 1-012 *10
44 *36
6634 66
28 *25
338
4
62 *57
Friday,
July 27.
1012 m
Ici
m; -1138 Hi, 1012 1114 108 -1-0-7-8 1034 1078 162 10-1-2
2818
2812 2714 2738
28
2814
2928 30
i11i-4
2912 2912
128 1214
3234 3314
234 234
*8812 8912
9858 10058
75
*70
*90 __
1278 13
1638 17
•10
13
*104 106
*7513 7712
6618 6628
4334 437
10
10
431 437
71
•68
*6034 62
45
45
*87 89
7378 754
513 52
5113 .52
*30 ' 3212
2014 208
41
41
3038 3034
5812 5812
5 8 53
*912 10
8678 8712
3334 3414
1167 6712
20
20
1112
*11
7212
*69
13134 13234
7278 73
*1014 11
33
33
878 9
28
2834
4.1812 21
1014 1014
1873 1933
1814 1833
5934 5934
7
7
1312 131
*2612 2717
2812
2858
1214 11% 12
1154 1124 1134 1134 1114 1112
33
3112
30
3112 32
3314 32
3134 32
278 27
25s 238
234 234
234 234
234
89 *8713 88% *88
8912 *88
*88
89
89
9834
9812 10018 97
10038 9818 9934 9814 997
75 *____ 7212 *70
75 *70
75 *_ _ __ 72
95 *90 95 *90
95 *90
*90
91
95
1214 1234 1213 1234 1178 12
1234 133s 123g 127
1618 1612 16
16
*1634 17 *1638 17 *1612 17
1034 *10
13
1013 1012 111 1112 *1034 1312 10
104 10534 10438 9044 *103 10412 *103 10373 102 10312
*7512 7712 *7512 7712 *7513 7713 *7512 7712 *754 7713
6414 6634 628 6412 6212 6378 605s 6312 5818 6014
437 44
437 4418 4334 4378 437 44
4334 437
*812 10
*812 10
*813 10
*813 10
*812 10
423 4314 4214 4234 4238 4314 417 4234
4312 44
*6812 71
*6812 71
*685 70
*6812 71
*6813 71
6213 *6034 62 "6034 62
62
62 .61
617
62
447 45
44 44 *4334 4434 4414 444 4258 44
88 •86
*86
88
88
89 *87 89 "86
*87
7633 7558 7612 7612 78
7412 7713
7514 7612 75
54
547
55
5238 5212 5312 5234 53
52
55
.5238 5238 5212 5312 523.
54
5312 4 55
4 531
4
3212 *30
3212 *30
3212 30
3212 *30
*30
30
2012
1812 19
1818 1834 19
20
18
18's
19
40
4112 4112 40
4012 *38
40
*3812 401 40
3034 31
29% 304 29
2912 2812 29
29
29
5734
5812 5834 5712 58
5814 5814 5812 5812 57
514 512
54 512 *514 52 *514 512
514 514
912 912 *912 10
94 933
*912 955
955 955
8512 87
8634 8712 8612 8714 8612 8678 868 87
3355 3412 327 3334 3212 33% 3234332 3134 327
67
68 68
6712 67 67
6714 6714
67
67
1912 20
21
20
19
19
191, 1912 197
17
*11
1158 *1012 111 "1012 11 - •1012 11
1012 1082
7212 "68
*69
•68
72
72 •68
70
71
70
13113 13212 12934 131 . 12914 130 1287s 131
127 12914
73
73
7214 727
73
73
73
7212 7212 73
97 104 *10
1012 11
10
"10
104
1014 10
*3212 3312 *32 ..33
*31
321 *31
30
33
3034
918 918
834W 87
87
812 88s
87
88
83
2814 2878 2734 2838 2714 28
28
2814 2618 2713
"1813 21
*18
22 *18
1117
21
21
22 "17
10
10
"1014 1012 10
10
10
10
98 10
1812 *1812 1914 1878 194 1734 18
*1912 1934 18
1818 1733 1755 174 171
18
1714 1714 1633 1655
59
.5934 "58
5834 5818 59
57
58
5818 56
78
788 712 *713 734
634 64
7
*7
7
13
*1312 1414 13
12
1214
13
*1312 1414 13
2712 2712 *26
27
2514 2814 2512 2534 25
255
1214
3234
234
*88
9933
*70
*90
Sales
for
the
Week.
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share S per share $ per share
Railroads
Par $ per share
2778 Jan 52 Aug
Ann Arbor preferred
100 28 July 5 45 Feb 23
9134 Jan 10812 Sept
Atch Topeka & Santa Fe_ _100 9534Juiy 27 105% Mar 3
84% Jan 9512 Aug
100 8678Ju1y 5 9038 Mar 6
Do pref
512 Apr
314 Feb 21
34 Jan
113 Jan 3
Atlanta Birm & Atlantic_ 100
83 Jan 1247 Sept
Atlantic Coast Line RR
100 110 July 5 127 Feb 26
3313 Jan 6014 Aug
Baltimore & Ohio
100 4018 Jan 17 5618 Mar 21
5212 Jan 6614 Aug
100 5534May 7 6078 Mar 21
Do pref
6 Jan 29 June
14July 26 1614 Jan 2
Brooklyn Rapid Transit__ _100
14 July 25 13 Jan 12
533 Jan 2478 June
Certificates of deposit
Canadian Pacific
100 14014 Jan 17 160 Apr 18 11918 Jan 15138 Aug
54 Jan 79 Aug
Chesapeake & Ohio
100 57 June 27 7658 Jan 3;
Do pref
100 96 June 29 1048 Feb 23 1008 Dec 10558 Oct
134 Jan 1234 May
334 Feb 13
2 May 21
100
Chicago & Alton
638 Feb 8
318 Jan 2078 May
pref
100
333 Jan 12
Do
1214 Jan 4334 Aug
24 July 5 3834 Feb 13
Chic & East Ill RR (new)
3118 Jan 6412 Aug
47 July 5 6214 Mar 26
Do pref
334 Dec1034 May
7 Feb 7
4 Jan 18
Chicago Great Western_100
7 Dee 2417 May
84 Jan 18 17 Feb 6
100
Co pref
1714 Jan 3658 Mg
100 17381u1y 5 2638Mar 5
Chicago Maw & St Paul
29 Jan 5514 Sept
100 2418July 5 4512Mar 5
Do prat
59 Jan 9512 Sep1
Chicago & North Western 100 65 July 27 88 Mar 5
100 10812June 20 11818 Mar 21 100 Jan 125 Aug
Do pref
3012 Dec 50 Sept
Chicago Rock Isl & Pacific_100 22 July 5 3778 Mar 21
8314 Jan 105 SeP1
100 77123une 30 95 Feb 9
7% preferred
7014 Jan 95 Sepl
100 66 July 5 85 Mar 5
6% preferred
51
Jan 90 Sept
Chic St P Minn & Omaha_100 60 July 17 78 Mar 5
38 Jan 534 Apt
Colorado & Southern
100 25 July 27 454 Feb 13
100 98 July 5 12412 Feb 13 10634 Jan 14113 Sept
Delaware & Hudson
Delaware Lack & Western_ 50 11012June 20 13012 Feb 8 108 Feb 143 Oct
7 Jan 1834 May
100 1018May 22 1313 Feb 13
Erie
1118 Jan 2812 Aug
100 15 Jan 17 2138June 11
Do 1st preferred
74 Jan 2014 May
100 1034May 21 1612June 11
Do 2d preferred
7014 Jan 957 Oct
100 5612July 27 80 Mar 5
Great Northern pref
284 Nov4538 Apt
Iron Ore Properties-No par 25 July 2 36 Mar 19
5 Jan 19 May
Gulf Mob & Nor tr ctfs_ _ _100 10 June 28 20 Mar 5
16 Jan 47 Oct
100 447 Jan 2 6234 Feb 21
Do pref
200
9713 Jan 11534 Sept
100 105 May 22 11712 Feb 21
1,700 Illinois Central
5 An]
18 Dec
38 Jan 4
18 Jan 17
Interboro Cons CorP_No par
38 Dec 1234 Api
78 Jan 5
14 Mar 2
100
Do pref
3214
Auy
1734
Dec
2278
Mar
14
912June
30
Rap
1_....100
Tran
w
600 Interboro
17 Nov 3014 Api
100 1684July 5 2478 Mar 21
2,700 Kansas City Southern
5214 Nov 5912 All
Do pref
100 50 July 3 5738 Mar 5
400
10 Feb 397 Juno
Lake Erie & Western
100 2878May 22 34 Jan 2
2618 Feb 77 Sep
Do pref
100 65 June 7 75 June 26
565 Jan 72 Sep
50 54 June 30 7158 Feb 7
4,800 Lehigh Valley
1,600 Louisville & Nashville__100 8512May 7 155 Feb 26 108 Jan 14478 Oc
35 Jan 58 Am
100 3814June 28 60 Apr 17
100 Manhattan Ry guar
4412 Aug 5512 Am
at Tr Co of N Y ctf dep_100 354 Jan 25 44 Feb 13
___
318 Jan 11 Ma.
814 Jan 23 22 Mar 12
100
300 Market Street RY
17 Jan 5014 Ap
100 33 June 21 6812 Mar 12
Do pref
100
35 Jan 76 Not
100 62 June 21 87 Mar 12
Do prior prof
700
538 Jan 32 Ap,
100 2118June 21 5614 Mar 12
Do '2d pref
100
5 Jan 1412 Ap.
100 114 July 27 .912 Feb 13
20 000 MinneaP & St L (new)
55 June 7534 Oc
Minn St P & S S Marie__ __IGO 5712July 6 7312 Mar 5
814 Apr 26 12 Feb 6
33 Jan 1514 De
MissourisKansas & Texas_ _100
712 Jan 1934 Am
10 July 5 17 Feb 15
4,100 Mo Kan & Texas (new)
2413 Jan 4834 Aul
25 July 5 4512 Feb 14
Do pref (new)
2,100
151 Nov 2514 Ap:
3,500 Missouri Pacific trust ctfs_100 11 June 28 198s Feb 14
40 Nov 6334 SelY
100 2834July 3 49 Feb 10
Do pref trust cUs
5,700
23s Nov
434 Feb 15
258 Jan 17
74 Mal
2,400 Nat Rye of Max 25 pref__ _100
5478 Jan 8758 De.
New on Tex & Mex v t c_ _100 83 July 5 105 Mar 26
7234 Jan 10118 Oc
100 9012May 4 10418June 13
49,7001 New York Central
5118 Jan 9112 Oc
N Y Chicago & St Louis_ _ _100 68 May 22 84 Jan 29
100 7612 Jan 2 95 July 3 6134 Jan 93 Sep
Do 2d preferred
121 Jan 38 Aul
Jan
30
2212
95sJuly
5
100
7,600 NY N H & Hartford
1812 Dec 3013 Ap
800 N Y Ontario & Western_ _ _100 1414June 28 215 Feb 13
1858
Feb
912June
30
Southern
834 Jan 2212 Jun
9
100
Norfolk
500
9614 Jan 12513 Sep
100 10014 July 2 1175s Feb 9
3,000 Norfolk & Western
72 Jan 82 Oc
100 75 July 6 78 Jan 29
Do pref
73 Dec 9033 AU
100 5818July 27 8112 Mar 5
40,900 Northern Pacific
3314 Jan 4934 Oc
50 4112June 30 477 Apr 4
6,700 Pennsylvania
9 July 16 17 Mar 21
100
1034 Jan 2658 Au
300 Peoria & Eastern
100 36 Jan 11 4714June II
19 Jan 4055 Au
9,550 Pere Marquette
100 684 July 19 7634 Mar 5
63 Jan 82 Au
Do prior pref
100 62 July 11 7013 Jan 9
504 Jan 7434 Au
Do pref
400
23 Jan 4133 Au
2,800 Pittsburgh & West Va100 3378 Jan 17 5038May 10
100 8512June 29 93 Jan 9
76
Jan 95 No.
Do pref
50
6812june 29 814 Feb 7
711s Jan 8718 Oc
44,500 Reading
44
June
28
preferred
50
43
5612
Feb
7
Do
1st
Mar
57 Ma:
600
7,
50 45 June 28 5634 Jan 30
45 Jan 5912 Ma.
Do 2d preferred
3,200
100 25 May 2 3734 Jan 10
1712 Feb 5314 Jun
100 Rutland RR pref
2014 Dec 3233 Au
1,900 St Louts-San Fran tr ctfs_ _100 1712July 2 27 Mar 21
50 Mar 5
Do pref A trust ctfs_ _100 3212 Jan
3434 Nov 56 Au
700
100 2612May 22 365s Feb 10
2038 Jan 36% No
3,600 St Louis Southwestern
100 543eJune 2
6378 Mar 21
Do pref
3238 Jan 597 No
1,200
74 Feb 10
5 June 28
100
25 Jan 10 At
1,400 Seaboard Air Line
Do pref
100
88 Jan 18 1314 Mar 23
418 Jan 1434 At
1,000
8412June
Southern
30 95% Feb 21
Pacific Co
7818 Jan 96% 0(
100
11,300
100 2434 Jan 6 3734June 13 • 1714 Jan 288s Au
52,800 Southern Railway
Oc
46 Jan 71
100 63 July 2 7078Mar 22
Do pref
1,100
100 17 July 27 2912 Mar 21
1834 Nov 36 At
5,200 Texas & Pacific
912June 30 1914 Feb 10 434 Nov 2533 Ma
100
200 Third Avenue
34 Jan 6213 se/
100 Twin City Rapid Transit_ _100 5814 Jan 19 7712June 11
100 12534July 5 14478 Feb 26 125 Jan 15434 Set
11,800 Union Pacific
Do prat
7114 Jan 80 Au
100 708 July6 7612 Jan 6
1,700
712 Jan 198 Al
812Junc 26 217 Mar 6
100
1,600 'United Railways Invest
Do pref
2014 Jan 3612 Al
400
100 2612 Jan 17 62 Mar 5
6 Jan 1438 Ma
7 Mar 10 1112Mar 22
100
1,200 Wabash
Do pref A
19 Jan 354 Au
100 2314 Jan 17 344 Mar 22
12,400
Do prat B
1214 Jan 247 Au
100 1612 Jan 18 2212Mar 22
814 Jan 1714 Au
978June 27 15 Feb 9
1,300 Western Maryland (new) 100
Do 25 preferred
13 Jan 2812 De
100 1714July 5 2634 Mar 22
1,100
1334 Jan 24% Al
100 15 May 1 2014 Mar 5
2,200 Western Pacific
5112 Mar 647s Set
Do pref
100 53 May 7 6338Mar 5
1,300
6 Feb 1613 Jut
612June 29 1013 Feb 13
800 Vacating & Lake Erie Ry_100
914 Jan 295g Jut
Do pref
100 1112July 3 19 Feb 13
1,100
35 Jan 3314 Mt
2,000 Wisconsin Central
100 25 July 27 3513 Feb 23
Shares
100
12,500
1,700
700
2,720
55,100
500
5,700
500
8,100
3.200
500
700
400
200
100
1,400
2,100
11,700
12,400
9,500
300
7,400
700
900
800
1,000
9,500
2,200
8,300
11,100
1,500
29,700
6,800
*6912 72
74
7412 *70
*6912 74
*6913
*6912 74 *70
*6912 74
300
•9
12
11
11
13
*9
12
*II
11
*9
11
II
4112 *36
42
*35
*37
40
37
4113 37
40 *36
*36
300
63 "64
6512 65
*6312 65
65
6338 6333 "64 65, 63
4,000
718 714
718 714
714
67
7
7
74 7'4
634 71
.14
es
14
14
*14
32
.14
38
14
14
si4
38 1,000
114
100
1%
*1
118 *1
114 *1
1% *1
*1
6534 66
6612 675
4,700
6533 66
65
66
673* 6888 68 6812 1077
10778 108 108 *107 10812 10778 10778
300
*10714 10812 *10712 108
4114 40
4012 4012 40
40
4012 2,700
4214 4212 424 4233 x41
92
92 *90
9154 91
*9012 92
700
91
90% 91
*9014 91
1414 *13
1418 144 14
14
14
1,900
14
1318 1312 1234 13
34
*35
3524 3518 3612 357 357
3413 34
344 3113 3413 2,400
81
81
8212 *75
400
81
8138 *80
*79
81
81
*79
*5113 52
*5133 54 "5133 56 *5153 55 *5158 55
*5112 54
3214
*31
81
31
3212
3114 3114 *304 3114
700
3214
3234 33
3314
324
5,000
3112 32
33
33
3434 3528 3334 3558 33% 35
*7112 73 *7112 73 •7113 73
7112 714
200
73
73
•7112 738
104 *10234 104 *10234 10312 •10234 10312
*10212 104 •10234 104 *10234
911 101,000
9118 9233 9112 9278 904925k 8914 9112 91% 9233 88
109 *10833 109
900
109 109
*10838
109 109
109
10878 10878 109
160 160
157 15934 15634 160
3,000
157 157
15912 160
15833 159
100
12514 12514 *122 125 •122 125 *122 125 *12214 125 *12214 125
111, 12 ' ill. 111. 2.560
111, 113, 103, 11
*111. 19
.111. 19
•Bid and asked prices. z Ex-dividend.
STOCKS
NEW YORK STOCK
EXCHANGE
Industrial & Miscellaneous
Adams Express
100
Advance RumelY
100
Do prat
100
Air Reduction, Inc_ -__No Par
Ajax Rubber, Inc
50
Alaska Gold Mines
10
Alaska Juneau Gold Min
1
Allied Chemical & Dye_No pa
Do prat
100
Allis-Chalmers Mfg
100
Do prat
100
Amer Agricultural Chem 10
Do pref
100
American Bank Note
50
Do pref
50
American Beet Sugar
100
Amer Bosch Magneto-No Par
Am Brake Shoe & F___No par
Do pref
100
American Can
100
Do pref
100
American Car & Foundry_100
Do pref
100
American Chicle
1171, no,
68 Jan 2
912July 6
33 July 6
56 July 2
612July 2
14 Jan 4
1 Feb 15
6234May 18
10612July 16
3734June 28
89%July 19
1018July 3
2972Ju1y
77 Jan 6
5012June 2
30 July
2912July
70 Jan
102 July
734 Jan
10634 Apr 28
14814July 12
119% Mar 2
52. Jan 30
82 Mar 3
1912Mar 6
5458 Jan 14
7238 Mar 19
1478 Mar 14
%Mar 9
134 Mar 9
80 Jan 2
112 Mar 2
5114 Feb 16
974 Jan 27
3678 Feb 21
6878 Feb 21
9112Mar 7
55 Feb 7
4913 Feb 13
8314 Feb 16
83 Mar 21
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7
1257 Jan 18
13 July 13
48 Jan 83 0It
1078 Jan 23 Attic
3133 Jan 3012 At
4512 Jan 66 0,et
913 Jul
1834 AlPr
4 Dec
78 Ms13,
32 Jan2 MsIF
5538 Jan9134 Sel
101
Jan 11512 SalPt
5934 Be;pt
3734 Jo
8612 Jan104 SalPt
2714 Nov4278 JulIa
56 Jan 7214 Se]pt
58 Jan 91 Diac
51 July 5512 aSc
3134 Jan 49 Jtuye
3114 Jan 49 AlPr
51 Jan 8813 Salpt
9814 Jan 113 0,et
3214 Jan 7813 Nc
93% Jan 1137 DiIC
141 Jan 201 0et
1154 Jan 12618 Nc
5 Nov 14 MsIF
New York Stock Record-Continued-Page 2
418
For sales during the week of stocks usually inactive, see second page preceding
MOH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 21.
Monday,
Judy 23.
Tuesday,
July 24.
Wednesday, Thursday,
July 26.
July 25.
Friday,
July 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rwit SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
$ per share
$ per share Shares Indus. & Miscall.(Con.) Par $ per share
334July 11 2034 Jan 4
100
638 634 5,200 American Cotton 011
Do pref
100 14 May 18 3834 Jan 4
17
1812 4,200
412June 29
74 Feb 23
434 434 1,200 Amer Druggists Syndicate_ _10
100 92 July 27 14312 Mar 2
700 Amer can Express
02
95
614June 28 1334 Mar 7
300 American Illde & Leather_100
718 74
Do pref
100 3512July 11 7434 Mar 7
*36
3812 1,200
100 8812June 27 11112 Apr 2
1,200 American Ice
8914 91
Do pref
. 100 78 June 27 89 Feb 21
200
*80
81
1958 4,100 Amer International Corp 100 1718July 3 3312 Mar 28
19
10 1018July 6 13 mar 1
*1112 1134 1,500 American La France F E
100 17 June 21 38 Mar 5
300 American Lhaseed
20
2014
38
Do pref
38
100 38 June 28 59 Feb 15
100
American Locomotive
100 12018 Jan 17 14638June 7
Do pref
100 115 May 4 122 Feb 9
200
119 119
119 120
6- *111812 1-21- 119 119
*118- 1-20- *1181-2 124434 44
4418 4414 4414 4414 4434 45
4414 4314 4314 1,400 Amer Metal temp ctfs__No par 4014June 30 554 Mar 5
*44
an 2 8812 Apr 19
25 76
*794 804 8078 804
*7914 81
8078 81
81
500 American Radiator
81
81
81
512 558
514 512
54 558
558 558
474, ane 27
512 558
918 Feb 19
538 558 4,000 American Safety Razor...... 25
1038July 2 2138 Jan 5
1338 1334 1312 1312 1312 1358 1312 1334 1278 1312 1212 1212 2,000 Amer Ship & Comm_No par
5634 7,500 Amer Smelting & Reflning_100 53 Jan 17 6912 Mar 2
5778 5858 5758 5812 5614 574 5534 564 5612 574 55
I
Do pref
100 93 June 27 10238 Mar 6
3001
9634 9634 9614 9614 9534 9534!
*9614 9714 *9614 97
*9612 98
100 130 June 30 15214 Feb 14
200 American Snuff
13212 13212
132 135 *13212 135
135 135 *135 137
*133 137
3.538 3412 3412 3414 3434 3334 3434 6,300 Am Steel Fdry tern ctfs_33 1-3 3138July 2 4078 Mar 21
354 354 3518 3538 35
Do pref temp ctfs
100 98 June 27 10514 Feb 9
I
*98 100
*98 100
*98 100
*98 100
*98 100
*98 100
5,000 American Sugar Reflning_100 60 July 27 85 Feb 13
6478 65
6312 8512 63
60
6312 6212 6314 63
6314 80
Do pref
100 10018June 27 10834 Jan 3
10214 10214 1,000
*101 103
10212 10212 103 103
103 103 *10214 104
*19
20
20
2138 1934 20 "19
1812 1,500 Amer Sumatra Tobacco_100 16 July 2 3638 Feb 14
18
*1812 20
20
Do pref
100 3212July 11 6534 Feb 13
I
*4014 47
*4014 47
*4014 49
*4014 49
*404 49
*4014 49
100 11918June 29 12512 Mar 5
12214 12234 12214 12212 12134 12212 122 12212 10,800 Amer Telep & Teleg
12212 12258 12258 123
100 14014 July 3 16134 Feb 13
1,600 American Tobacco
14358 145
146 146
147 14754 147 147
14512 146
*14612 148
100 101 Mar 18 10578 Mar 3
Do pref (new)
10234 10234
200
10212 10212 *102 103 *102 10312 *102 103 *10214 103
Do common Class B....100 140 May 20 15934 Feb 9
145 145
14412 14434 14458 1444 143 14414 *142 14434 14114 14212 1,700
600 Am Wat Wks & El y t c_ ..100 2712 Jan 29 4434 Apr 26
36
*3614 3712 3614 3614 35
37
*37
38
*3614 38
37
Do 1st pref (7%) v t c_100 854 July 3 93 Jan 10
100
9112
*89
91
91
9112 *89
*8912 9112 *8934 9112 *8934 91
Do panto p1(6%) y t e.100 4812 Jan 3 6318 Apr 26
600
5978 574 59
*59
60
6012 60
*6014 6034 6014 6014 *59
Amer Wholesale, pref
100 9314 Jan 2 9814 Jan 31
*90
98
98
*93
*93
98
*93
98
98
*93
*93
98
100 8012June 27 1094 Mar 21
11,200 American Woolen
8318 86
87
8558 8718 8414 8512 86
874 88
8634 88
Do pm!
100 9818June 21 11134 Jan 3
500
10112 10112 10158 10158 *10118 10112 10112 10112 *10114 10158 10112 10112
Amer
Writing
Paper
pref_
12 July 11 34 Mar 7
_100
1,000
*14
1412 14
1412 1312 1312 *134 14
13
14 *--:- 14
814June 28 1914 Feb 16
600 Amer Z nc, Lead & Smelt_ _ _25
*10
10
10
978 978 10
11
958 958 *912 1018
10
Do pref
25 31 July 5 584 Feb 27
37
*32
*32
37
37
*32
*3,5
37
37
*35
*35
37
4112 40
2,000 Anaconda Copper Mining_ 50 38 July 5
42
19
6
4178 42
42
4234 4078 424 4078 414, 41
4,300 Associated Dry Goods__ _100 6214 Jan 5 8
79
84
5
81
83 I *82
8414 82
84
84
Mar93l2Mar
8312 8558 84
Do let preferred
100 8212 Jan 18 89 Feb 13
*8412 86
2001
*8412 86
85 I *8412 86
*84
85
*85
86
86
Do 2d preferred
100 88 June 26 9312 Feb 26
200
8934 8934
*88
91
91
*89
*9012 91
*90
91
*9012 91
100 104 May 7 133 Jan 12
108 109
1,100 Associated Oil
107 107
10712 10712.*10712 109
110 110 *10912 111
No par
112June 21
112 112 *112 2
200 Atlantic Fruit
312 Feb 14
134 134 *112 134 *112 134 *112 141
914July 5 34 Mar 19
134 14
1314 3.400 Atl Gulf & WI SS Line_ _100
14
1412 134 134 1214 1318 1318 1314 12
100
634July 3 27 Mar 19
124 1212 1,000, Do pref
1334 1212 1258 *1212 14
*13
1412 13
14
14
100 101 July 27 1534 Jan 10
1 Atlantic Refining
101 105
105 108 *105 110
*106 110 *105 110 *107 110
100 115 May 2 120 Jan 18
Do prat
100
*114 118 *114 117 *114 117 *114 117 *114 117 *113 117
No par 1034June 27 2012 Feb 14
600 Atlas Tack
*1112 1134 1112 1134
12
1112 1112 1112 1112 1178 1178 *II
1,300 Austin, Nichols & Co No par 17 July 6 3,513 Jan 12
2134 2218 22
22
20
2134 2178 2034 21
20
*204 21
100 7834June 21 8912 Jan 23
Do pref
1
85
8514 *80
8514 *80
8514 *80
8514 *80
*80
8514 *80
12138 12378 11938 12214 1184 12038 11984 1214 115 11934 93,800 Baldwin Locomotive Wks_100 11412July 5 14414 Mar 19
12138 123
100 111 Apr 2 11634 Jan 4
Do pref
100
*113 11512 *113 11512 113 113 *111 11512 *111 11512 *111 11512
No par 46 Apr 27 55 Feb 16
1 Barnet Leather
40
40 ; *30
*30
40 1 *30
*30
40
*30
40
*30
40
Barnsdall Corp, Class A_ _ _ 25 10 June 20 35 Mar 23
14
1412 *1212 1412 *12
*12
*12
1458 *1212 15
*12
15
958July 18 22 Jan 2
Do Class B
25
200
*9
11
11
101 *9
10
*9
11
10
10
11
*10
*18 -_
18
18
18
is
18
18
is
20
1,400 Batopilas Mining
is
18
is
18JulY 2
12 Jan 2
No par 50 June 21 6214 Apr 4
600 Bayuk Bros
54
5
-456
5512 5512 *54
56
56
56
58
55
55
20 51 Jan 2 844 Mar 26
1,300 Beech Nut Packing
64
*6412 6512 62
65
65
64
65
6512 6512 6512 66
100 4134June 29 70 Mar 3
484 484 4838 4934 4634 4834 4612 474 474 49
4614 49181 25,300 Bethlehem Steel Corp
Do Class B common_ _.100 6014 Jan 16 7178 Mar 3
pref
100 9314 Feb 1 964 Jan 2
Do
- - --- - --- - -- - - - - - - -- -- -- -*la" iiiiii *itii- fOili 410184 1-02-12 *10134 1024 102 102 *10134 10214 200 Do cum cony 8% pref-100 10014June 21 11114 Mar 12
100 87 July 2 9712 Mar 9
Pre'erred new
400
88
8812
*8838 8314 *8812 89
8838 884 *8838 ,90
*88
90
No par
414June 21
514
558
718 Jan 18
514
512
514 1,200 Booth Fisheries
5
538
*412 5
478 478 *5
6 July 18
100
978 Mar 2
300 British Empire Steel
734 734 *758 838
714 714
714
*614 714 *64 714 *7
100 63 June 29 6912 Mar 13
Do 1st preferred
*6112 68
__ *6214 67
__
*6214 65
*6112 65
100 16 July 5 2612 Feb 20
Do 2d preferred
200
*1912 20
*1914 20
*1914 -i0
20
20
1912 194 *152*19
20
100 10414May 22 12112 Jan 9
10812 10938 1,100 Brooklyn Edison, Inc
10912 10912 *10914 111
10978 110
*10918 110
10912 110
100 10312May 11 128 Feb 7
200 Brooklyn Union Gas
110 110
112 112 *112 115 *110 115 *110 115 *110 115
4.49
100 4212JulY 5 6578 Apr 2
514 *49
*47
51
600 Brown Shoe Inc
49
49
49
49
5014 49
51
114June 20
258 Jan 25
*114
134 *114
134 "114
111 1,400 Brunswick Term & Ry See..100
184 *14 14
114
14
114
Brothers
100
11612July 11 14434 Mar 23
12112
Burns
121
12034
12012
12112
900
120
3
4
12112
*120
12012
121
1213
4
*121
2212 July 10 43 Jan 2
Do new Class B corn
26
2534 2534
26
26
900
2512 2612 26
2514 26
27
27
558July 2 1134 Feb 14
614 612
*638 658
64 1,800 Butte Copper & Zinc v t c__ 5
614 614
6
6
614 *64 614
100 1314June 21 2134 Jan 4
1578 16
16
16
1534 16
*16
17
500 Butterlck
*15
17
*15
17
10 1712June 20 3778 Mar 1
21
2114 *20
21
22
22
204 20
21
22
900 Butte & Superior Mining
20
22
214June 18
918 Feb 16
900 Caddo Cent 011 & Ref _No par
258 234
24 234
212 258 *213 27, *24 278 *24 24
800 California Parking.-....No Par 7734JulY 2 87 Feb 9
7934
7958 7958 7934 7934 79
80
80
80
80
80
80
100 6614 Jan 3 11738May 31
California Petroleum
-100 9434 Jan 2 11012May 23
ioo DO pref
iiiii - ;ii 106 *iii 166 9714 - 7-14
iiii 16618- •Oir2
16 2 1-6612
10
5 July 2 1258 Feb 20
618 64
1,700 Callahan Zinc-Lead
6
6
618 618
618 614
618 64 *618 614
10 44 June 28 66 Mar 1
*45
49
100 Calumet Arizona Mining
*45
59
4814 4814 *4712 49
*4858 49
*45
50
1
538May 22
578 578 *512 7
612
*512 612
612 "6
100 Carson Hill Gold
958 Feb 19
612 *6
*6
No par
12July 11
112 14
134
158 *114
158 *114
434 Feb 21
112 *114
100 Case (J I) Plow
*114
112 *114
*6834 71
*68
71
*68
71
Case (J I) Thresh M pf ctf_100 6934 Jan 4 85 Apr 9
*69
71
71
*68
71
*68
Leather
I818July
100
5
Central
205
8
20
2012
215
8
2058 204 2034 4,700
4012Mar 7
2184 2218 2134 214 20
100 5014July 5 7934 Mar 7
*5212 54
Do pref
5158 5158
5158 52
54
5612 53
*5412 5612 1054
900
4018 4012 4038 41
4112 4012 41
39
4034 4114 41
4012 5,400 Cerro de Pasco CoPper_No Par 3778June 28 5012 Mar 28
Prod____No
par
23 July 18 45 Mar 14
2614 *26
25
*26
38
3878 *26
40
200 Certain-Teed
3878
*25
40
*25
52
5012 5012 5114 5138 4912 5014 7,700 Chandler Motor Car.... No par 4612June 30 76 Mar 14
514 5212 5134 5258 50
500 Chicago Pneumatic Tool 100 7512June 20 9034 Mar 21
*80
8112 8012 81
804
8012 80'i *80
82 I *79
8014 *80
25 2418June 20 3038 Mar 1
2612 2634 2658 26341 2638 2634 10,100 Chile Copper
2678 2718 2658 27
2678 27
5 17 June 20 3178 Mar 2
*19
1934 1912 1912 *1914 19841 19
1,900 Chino Copper
19
2014 1912 20
20
6414 6412 1,600 Cluett, Peabody & Co__ _100 60 July 2 764 Mar 28
*6412 65
6312 64
65
6412 64
64
63
63
No
par
73 May 4 8338June 8
Cola
Coca
7714
7714
7712
783
8
75
783
4
8,400
7718
7718
797
8
79
79
7834
100 25 June 28 3538May 31
25
2714 3,400 Colorado Fuel & Iron
*2714 28
2814 2834 2712 2712 "2714 28
29
29
Columbia Gas & Electric_ _100 9118July 2 114 F.14
%June 19
us
278 Feb 6
1
118
2,600 Columbia Graphophone No par
4
1
-7-8
"8 I
18
-72
-1-18
--i
100
2 June 19 1212 Jan 15
Do pref
200
324 334
412 412 *314 412 *334 412 *334 412
"384 478
Computing-Tab-RecordNo
par
6712June
*72
7312
18
73
*72
73
8312
71
72
Apr 9
73
700
7312
*7212
7412
*7312
18 June 19 3938 Jan 3
2038 2078 1,100 Consolidated Plgar----No Par
`2012 2212 2112 22
2134 23
24
*2312 2414 *23
75
*65
75
100 66 June 20 83 Feb 17
*65
Do prat
75
7512 *65
*65
76
*65
75
*65
18June 6
38 Jan 30
100 Consol Distributors,Inc No par
4
18
*12
14
*Is
14
*4
14
*18
14
14
*4
Consolidated Gas(N Y) 100 120 Jan 2 137 Jan 26
_ ___ ____ ___- --- - -- - - -- - - --- - - - - No
par
563
issued
61
4July
2
When
6114
695
61
613
4
8 Feb 7
17,200
607
8
7
8
61
617
8
6012
_-18
61
i
4
-iii
"iiiii1 if
714
7 June 20 1412 Feb 9
718 6,900 Consolidated Textile_ _ _No par
2
7
733 712
712 778
758 778
734 778
100 115 Jan 2 13134 Jan 31
_ Continental Can, Inc
No par 4278May 7
When Issued
- ,900
-8
-4 -41- -iii4 4i-78 -46'2 -4-7-3i -i6- li- -313-4
-6
-7-8 -4-71
2 -4i-7- -4-8-1S -4
Continental Insurance_ __ 25 92 Jan 6 104 Jan 31
*92
98
*93
138
96
*92
98
*92
*92
97
*93 100
Motors__
..No par
658May 28 1214 Jan 19
734 4,600 Continental
7
734 754
8
8
814
8
734 812
778 778
12012 1214 11838 12058 16,200 Corn Products RefinIng_100 11438July 5 13014 Feb 6
12012 12214 11938 121
12112 12278 122 123
100 11614May 8 12238 Feb 24
119 119 *117 120
Do prof
100
*117 119 *116 120 *117 119 *11712 120
No par 3418July 27 634 Feb 17
3534 3634 344 36
88,700 Cosden & Co
39
4018 3858 3934 3718 3812 3534 37
647a 62
12,800 Crucible Steel of America_ _100 6114July 5 8412 Mar 21
64
6614 6714 6612 67
64
6558 6338 6412 64
100 8612July 10 9412Mar 2
*87
90
*864 89
*8614 90
Do pref
100
87
87
*87
90
*87
90
No par
10 July 2 20 Feb 13
1078 1078 1012 104 2,000 Cuba Cane Sugar
1034 11
*1118 1112 11
1078 11
1114
100 374 Jan 17 641 1 Mar 15
*42
4334 4034 42
43
Do pref
4,500
4212 42
4334 4414 4158 434 42
2734 28
2712 28
2658 2714 2714 2634 2658 2634 2514 2612 10,100 Cuban-American Sugar_ 10 2312 Jan 16 • 3738 Feb 13
100 92 July 12 106 Apr 5
9712 95
Do pref
95
300
9514 9514 9514 *9514 9712 9514 9014 *94
593
3114 3112 2958 314 7,400 Davison Chemical v t c_No par 2038May 21 3812 Mar 6
31
31
3012 304 304 324 3018 31
"2312 24
*2334 24
300 De Beers Cons Mlnes__No par 2234July 9 28 Mar 1
*2314 24
*2334 2434 *2334 24
2378 24
100 10014June 26 111 Mar 2
300 Detroit Edison
*102 10312 *102 10312 103 103 *10212 10312 10258 103 *10212 10312
10 3034May 22 444 Jan 4
3614 36
3614 2,500 Dome Mines, Ltd
3538 3614 3538 3538 36
36
36
36
36
Kodak
Co..
..No
par 8934 Jan 2 11534 Apr 3
Eastman
106
108
108
108
2,100
1077
8
108
10712
108
108 108
107
10734
10614 Jan 17 14812 Apr 28
11812 12114 11658 11938 117 120 1 11918 1204 114 11812 13,800 E I du Pont de Nem &Co_100
11914 121
6% cumul preferred_ _ _100 8112 Apr 12 8914 Apr 10
500
8312 8312 *8212 8312
83
.81
83
8212 8212 824 8234 83
564 5512 5612 5614 564 5518 5612 3,500 Elec Storage Battery_No par 52 July 5 6718 Mar 21
5718 5634 5714 55
57
50 1312July 11
*1312 15
204 Jan 2
200 Elk Horn Coal Corp
1434 *1312 1434 1312 134 *1358 16 1 *134 16
•13
2 June 19
712 Feb 20
300 Emerson-Brantingham__ _100
284
2
'
3 212 *214
*212 3 I
"212 3
*212 3
*212 3
50 6212June 27 9414 Jan 2
67
6712 6612 6612 6618 664 6514 6518 2,200 Endicott-Johnson
6814 6812 674 68
100
Jan 3
111
Do
pref
*11312
116
118
May
*11312
2
115
115
*11312
115
*11312
*11312
1143
4
116
"11312
$ per share
434 518
1512 1614
5
5
*95
99
*8
9
39
3914
95
95
*7978 8078
2034 2078
1114 1114
*20
2112
44
*39
$ per share $ per share
434 6
618
6
16
1614 1714 16
434 514
*5
518
9634 9634
*9.5
99
*712 9
8
8
3914 3914 3734 3814
9412
93
*93
95
8078 *8038 8078
*80
1978 2012 1912 20
*1114 1138 1114 1138
*2012 2034 2034 2034
42
*38
42
*38
$ per share
512 64
1712
16
5
5
*9512 9612
712 712
37
37
9212 93
*8038 8078
1914 1912
1114 1158
*2014 21
42
*38
$ per share
614 7
18
1814
*454 5
9614 9614
*7
812
*3612 3712
*91
93
804 8038
1912 1934
*1112 1134
*2014 21
*3818 42
•Bld and asked Pee= no 811108 on this day. x Ex-dlvidend.
l'EIC SHAKE
Range for Previous
Year 1922.
Lowest
Highest
$ per share $ per share
1514 Nov 3012 May
3312 Nov 61 May
714 Aug
44 Jan
Oct
126 June 162
1018 Dec 1738 Apr
Jan 7434 Sept
58
Jan 122 Sept
78
Jan 9514 Aug
72
2458 Dec 5058 June
94 Jan 14 July
28 Nov 4212 Oct
48 Nov 6412 Oct
Jan 13634 Oct
102
Jan 12214 Dec
112
44 Sept 534 Dec
Oct
Jan 129
82
878 Oct
334 Jan
512 Jan 2414 May
4358 Jan 6712 May
8618 Jan 10412 Oct
10912 Jan 159 Sept
3034 Jan 464 Sept
91
Feb 10814 Oct
5418 Jan 8578 Aug
Jan 112 Aug
84
2314 Feb 47 May
5214 Feb 71
Jan
11412 Jan 12814 Aug
12918 Jan 16912 Sept
9612 Jan 10838 Oct
Jan 16534 Sept
126
Jan 3314 Nov
6
Jan 9378 Sept
67
1714 Jan 554 Oct
Oct 95
Jan
86
Oct
7814 Jan 105
Jan 11114 Dec
102
2212 Jan 5514 Sept
124 Jan 21 Sept
Jan 57 Sept
36
707
4,5 Noy 5
4
May78Dec
Jan
Oct
Jan 86
75
Jan 9112 Oct
76
Jan 13512 May
99
512 Apr
112 Dec
1958 Dee 4314 May
15 Dec 3114 May
Oct
117 Dec 1575
Jan 11912 Dec
113
1312 Feb 2212 May
94 Jan 4038 Sept
Jan 91 Sept
68
9312 Jan 14234 Oct
Oct
Jan 118
104
Jan 6758 Sept
40
1958 Jan 5614 Apr
Apr
17 Nov 39
158 Mar
14 Dec
Apr 65 Sept
33
30 July 5338 Dee
51
Jan 79 May
5512 Jan 8214 May
9078 Mar 106 Nov
Jan 11658 June
104
94 Nov
4 Nov
812 Jan
58 Mar
1918 Mar
Jan
100
Jan
70
Jan
42
112 June
11312 Jan
2834 Jan
514 Mar
15 Nov
20341 Jan
634 Dee
68
Jan
434 Jan
83 Jan
54 Feb
5012 Nov
614 Dec
3 Mar
68 Feb
2938 Jan
6338 Jan
3234 Jan
34 Feb
4734 Jan
60
Jan
1518 Jan
2214 Nov
43
Jan
41
Jan
24
Jan
6334 Jan
114 Jan
5 Feb
5514 Jan
1858 Feb
47 Feb
14 Feb
8512 Jan
5778 Dec
9 July
4534 Jan
-
101
Oct
1012 Aug
15 Sept
7634 Apr
39 Sept
12458 Aug
12412 Nov
6478 Sept
538 June
147 Dec
53
Oct
1018 Dec
34 Feb
3514 Oct
154 Apr
8612 Sept
714 Jan
9812 Apr
114 May
6612 June
1638 Mar
912 June
9314 Aug
444 Sept
8234 Sept
4638 Deo
5318 June
7914 Apr
8958 Sept
2914 Nov
3338 June
7014 Dee
8234 Oct
37 may
11438 Sept
534 June
21 June
7934 Apr
4234 Oct
8714 Nov
214 Mar
14534 Sept
6224 Deo
1558 Apr
11514 Dec
Jan
66
1114 Dec
9114 Jan
Jan
111
314 Jan
5234 Feb
Jan
80
818 Jan
1514 Jan
1412 Jan
7818 Jan
2318 Nov
1512 Jan
10038 Jan
1812 Jan
70 July
105 Dec
80 June
4012June
1414 Jan
258 Jan
7614 Jan
Jan
104
9334 Aug
1858 Dec
13434 Oct
12234 Nov
54 Dec
9838 Sept
100 Sept
1934 Mar
414 July
28 Aug
10212 Dec
6558 Apr
254 Sept
11812 Aug
4612 Nov
9012 Dec
16934 Nov
9012 Sept
5834 Dec
2412 Dec
1118 Juno
9478 Dec
119 Dec
New York Stock Record-Continued-Page 3
419
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 21.
Monday,
July 23.
Tuesday,
July 24.
We nesday, Thursday,
Ala 25.
July 26.
Friday,
July 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1922.
' Lowest
Highest
I Lowest
Highest
per share $ per share $ per share $ per share Shares Indus. & Miscell.(Con.) Par $
per share
$ per share $ pee share $ per share
'2112 24
*2112 24
*2113 25
•2112 25
100 Exchange Buffet
No par 22 June 21 31 Jan 10
2612 Dec 3112 Oct
7312 7578 735 743
7118 7412 7012 72,4 24,400 Famous Players-Lasky_No par 6734June 29 93 Jan
2
7518 Jan 107 Sept
90
90
"89
.00
91
90% 9014 9014
Do preferred (8%)- _ _ _ 100 8718June 28 9934 Feb 14
600
9112 Jan 10738 Sept
"8
8
10
8
"8
812
8
8
700 Federal Mining & SmelPg_100
5 June .5 1234 Feb 16
9
Jan
1612 May
39
3914 3834 3834 3814 3812 38
38
Do pref
900
100 3414June 4 6012 Feb 13
3712 Mar 6234 Sept
818 814
818 818 *8
813
7% 8
1,600 Fifth Avenue Bus
No par
73
8
Jan
17
103s
2
Jan
10%
Dec
Dec
859
155 15712 '140 15912 '145 155 '136 159
No par 140 July 3 21214 Jan 11
700 Fisher Body Corp
75
Jan 218 Dec
"98
0818 98
9838 '98
98 '98
9818
200 Fisher Body Ohio pref.__ _100 94 July 3 10238June 14
7612
Jan
June
10314
853 812
814 838
838 812
8
814 2,300 Fisk Rubber
No par
8 June 21
1612 Feb 13
1912 Apr
1059 Nov
1112 12
1159 1138 •11
1138 1012 11% 2,300 Freeport Texas Co.._.No par
912,1uly 2 22 Jan 13
1214 Jan 2714 Oct
44
44
*43
*43
44
43% *43
44
700 Gen Amer Tank Car.. No Par 41 July 19 7178 Feb 20
4
Jan
453
SO
Oct
28
2912 28
2953 28% 29% 2514 2834 9,900 General Asphalt
100 2434July 11 .54 Mar 7
3714 Nov
7334 July
67
67
66
6614 6614 66
66
Do pref
6614
900
100 61 June 21 83 Mar 7
69
Nov
July
111
'82
85 '82
"82
85
85
"82
General Cigar, Inc
85
100 8018June 28 9438 Mar 14
65 Mar 8334 Dec
1034 106
10314 107
10514 10512 "10314 107
Debenture preferred_ _ _ _100 10413 Jan 2 110 Apr 2
200
94
Jan 109
Oct
17334 17514 17312 17414 17414 175
173 17412 5,100 General Electric
100 17012May 21 19018 Feb 2 136
Jan 190 Dec
1159
1114
1118 1118 1078 1118 '1078 1114
Special
900
10 1012June 6 12 Jan 2
1012 Oct 12 Sept
1334 1378 1334 14
1378 14
1334 14
28,100 General Motors Corp_.No par
1234June 28 1712 Apr 18
814 Jan
1514 July
8034 8034 '80
82
82
Do pref
200
100 79 July 10 89 Apr 17
69
Jan 86 Sept
81
81
*80,2 8034 "8014 8034 *8014 8034 '80
8034 80
stock
8014
Deb
(6
%)._
Do
300
_100
783
4July
17
90
Apr
7
6734
9614
Mar
Oct
9812 •98
"98
9812 98
98 '98
9812 "9818 9812 9818 9818
200
Do Deb stock (7%)- _ _100 96 June 28 105 Apr 10
7914 Mar 100 Sept
4334 4334 44
44
4112 44
43
"4212 45
43
42
4214
700 Gimbel Bros
No par 3912June 27 5112 Apr 24
38%
Oct
4518
Oct
818 8,8 *8
*818 812
8,4 *8
814 '8
8141 '712 814
20 Glidden Co
No par
7 June 21
12% Feb 9
934 Nov 1814 June
Goldwyn Pictures
No par
312June 28
778 Mar 9
434 Dec
812 Oct
26
263s '25
2534 *25
2512 '2514 2534 •2512 26 '25
2512
200 Goodrich Co (B F)_ _ _.No par 2212June 28 41% Mar 22
2812 Nov 4478 May
8112 8112 "8012 85 '8012 85
*7978 85 '7978 85 ' •79
84
Do pref
100
100
3014June
29
9212
NI ar 6
7912 Nov 91
Apr
21
21
2034 2158 21
2112 '20
2012 20
207
1
1
959
959 1,600 Granby Cons M.Sm & Pow 100 16 July 5 33 Mar 23
22 Nov 35 May
.812 10
.712 10
'712 10
*712 912 *712 10
"712 8
Gray & Davis, Inc_ _..No par
712June 27 1558 Mar 7
8 Nov
19% May
*1912 2012 *1912 2112 *1912 2012 19
1858 1858 ..1812 19
193
s
Cananea
Greene
800
Copper_
_ _100 15 June 20 3418 Mar 6
22 Nov 3458 May
*614
634
612 612
618 6,2 .618 614
618 618 '618 612
500 Guantanamo Sugar.._.No Par
5% July 2 1412 Feb 14
7 Feb
1458 Mar
7334 7434 7314 7412 71% 7314 7034 7212 7134 73
69
72
14,800 Gulf States Steel tr ctts__ _100 66 June 28 10458 Mar 21
4478 Jan 94% Oct
•18
•I
•12
34
12
12
a
34
34
34
34
900 Habirshaw Elec Cable_No par
34
%June 27
Jan
12
212
3% Mar
8
4
Jan
3514 3558 3512 3534 3534 36
354 3512 3514 3514 34
35
2,900 Hayes Wheel
100 31 July 5 44 Apr 19
•1312 15
1312 1312 1334 1334 •1312 15 '1378 15
*1314 15
300 Hendee Manufacturing__ _100 12 July 2 2334 Feb 16
2884 Sept
Jan
15
•62
64 "62
64
•62
64 '62
*62
64
64 '62
6418
Homestake Mining
100 60 May 23 79% Jan 2
Jan 82 Nov
55
5214 54
52
5214 5134 5314 52
.52
5158 5214 48
51
5,400 Houston 011 of Texas
100 47 July 5 78 Feb 16
6114 Nov 9134 Oct
24
24
*2334 2412 2312 2418 23
2312 2312 231
. 228 23% 2,600 Hudson Motor Car___.No par 20 June 28 3234 Mar 8
1912
2638 Dec
Aug
20
20
1978 2038 1912 1912 19
19 '19
20
187 187s
1,000 Hupp Motor Car Corp.... 10 1678July 3 3012 Apr 2
10% Jan 2618 Dec
134 134
134 I%
134 134
134
134
134
134
134
No par
134 1,500 Hydraulic Steel
114July 13
612 Jan 8
312 Feb
14% June
5
.5
414 412
4% 4%
4% 418
418 4%
41
4%
1,200 Indlahoma Refining
5
4 June 21
19 Mar 19
314 Jan
1534 Dec
'512 612 *512 612 '512 6%
6
6
'512 63
- _
514 July 5
100 Indian Refining
10
812 Apr 8
5
11% June
Jan
31
31% 3034 31
30
3012 30
30
30
3042914 2914
Inspiration
Cons
- 1,600
Copper
20 274June 20 4334 Mar 1
31 Nov
4.5 June
3
3
3
3
3
3
3
3
.212 234 5212 284
SOO Internet Agrlcul Corn
214 July11 11 Feb 20
100
5% Dec 1134 May
838 859
838 838 •8
8
834
8
'712 812
714
7
Do pref
900
100
7 July 5 39% Feb 23
2812 Nov 4318 Mar
37
37
3512 35% '35
37
37
3512 37
37
35
35
800 International Cernent___Vo par 31 June 28 44 Mar 19
26
Jan 38% May
2334 2334 s2234 23313 22
2212 2112 22
2178 22
2112 2158 3,200 Inter Conlbus Engine_ _No par
1958June 28 2713 Apr 6
2018 June 30% Sept
7712 7712 76
7512 7612 74,2 75
77
7558 7584 75% 7534 6,500 Internet Harvester (new)_ _100 74I2July 25 9812 Feb 7
7938 Jan 11578 Aug
•10814 112 '10814 112 '10814 110
1084 1084 109 109 '10834 110
Do pref (new)
200
_100 10814 July 2 11614 Jan 4 10512 Feb 119 Sept
63
"6
612 7
'6'2 7
*612 7
714
612 612
714
.500 Int Mercantile Marine ...100
51g July 2 II% Feb 14
834 Dec 2718 May
2434 25
2434 2434 2312 2414 "2314 24
24
24
23
2334 1,800
Do pref
100 2134July 10 47 Jan 5
41% Dec 8738 May
1318 127 13
1318 1338 1318 1333 13
13
1314
12% 1318 8 200 International Nickel (The) 25 1118July 5 1614 Feb 16
1114
Jan
1934 Apr
70
"78
80
80
"68
80 "68
80
"7813 80
*7814 80
100 6934 Jan 4 82 June 12
Do pref
100
60
Jan 85
Jan
37
3634 3634 3512 3612 35
37
3512 355 358 34% 35
2,200 International Paper
100 3438July 27 5853 Mar 6
4312
Mar
637
8 Oct
66
"64
70
70
"65
'64
*6512
66 '6412 66 '65
66
I
Do stamped preferred_100 63 July 12 7518 Jan 5
59 Mar 8012 Sept
1014 1012 •1014 1012 1013 1014 1012 1018 1018 1038
10
2,000 Invincible 011 Corp_ _ _ _No par
10
93
4June
19 1914 Mar 7
12% July 2014 Apr
*3512 38
3912 •3612 38
*36
"3512 38 I "3512 38
3512 3513
100 Iron Products Corp__ _No par 3412July 9 5814 Mar 8
Jan 5318 Oct
24
.1
38
14
38
59
,4
14
"4
13
38
38 2,600 Island 011 & Transp v t c
10
38
14 .an 2
28 Feb 24
3 Jan
14 Nov
•I912 1978 •19
19
20 '18
187 187 •I8
19
100
Jewel
1912 "18
Inc
Tea,
100
1712June 29 24 Mar 15
10
Jan
221
.May
69
068
60 "65
•67
70 '65
70
"68
70
*64
I
Do pref
70
100 62 June 20 82 Feb 26
3812 Jan
763s Dec
58
58% 57
58
58,2 59
575 577
5734 5814 5614 571. 3,800 Jones Bros Tea, Inc
100
50
Jan
17
6334
Mar
16
3412 Feb 5778 Sept
'108 109 •108 109 •108 1087s '108 109
109
110 110
109
300 Jones & Laughlin St, pref 100 104 Mar 19 10914 Mar 22 10718 Dec 1093s Dec
•18
58
12
% '
'
%
12
58
38
38
10
58
12June 6
58
200 Kansas & Gulf
312 Jan 12
112 Dec
712 Jan
'3258 33
3318 3312 3212 3318 3214 3212 .3212 33
3178 3218 2,500 Kayser (J) Co (new)__N0 par 28 July 2 45% Feb 23
34 May 485s Aug
"94 100 '94
9978 •94
99% •94
9978 .94 10018 '94 100
1st pref (new)__No par 96 July 2 104 Mar 23
Do
I
94
May 10612 Juno
35
3514 3514 3534 34
34% 338 3414 3414 3412 3212 3334 8,100 Kelly-Springfield Tire
25 30 June 30 6218 Mar 22
3414 Jan 5334 May
*95
98 "95
98 "95
98
*95
98 I•95
98
*95
98 ..
1 Temporary 8% pref._ _ _100 96 June 27 108 Jan 18
9012 Jan 107% MaY
91
92
91
"91
90% 91
"tki
90
89 '85
Kelsey Wheel, Inc
89
400
100
8434July
2
11714
Mar
6
Feb 11512 Dec
61
3514
351,
35% 3533 34% 3514 3418 3412 3412 3478 3318 3434 14,500 Kennecott copper
No par 32 June 20 45 Mar 1
2512 Jan 39% May
518 5%
512 534
559
518
534 5
512
4% 518 6,8430 Keystone Tire & Rubber__ 10
513
4 June 21 11% Mar 24
434 Nov 2438 May
"210 228 '211 228 '211 228 '214 222 *211 223 "211 222
Kresge (S S) Co
100 177 Mar 2 24812 Apr 26 110
Jan 18912 Nov
81
'78
"7812 82
•7812 82,4 '78
82
7812 7812 *75
80
100 Laclede Gas (St Louis)... _100 75 July 5 87 Feb 21
43
Jan 9412 Aug
1912 19
'19
19% 19
19
*18
1912 "18% 19
•18
Rubber & Tire_ _..No par
19
Lee
600
1712June
27
313
4
Mar
22
2414
Nov
351s Mar
*202 209
205 205 '202 208 "202 209 '20114 209
20114 20114
200 Liggett & Myers Tobacco_ _100 19034May 21 22234 Feb 9 15314 Feb 235
'113 114
Oct
114 114 '113 114
11314 11314 "112 114 "112 114
Do pref
200
100 11134 Apr 4 118% Jan 8 108
Jan 12312 Nov
61159 6214 6218 6338 61
63% 64
63% 6438 624 64
62
5,500 Lima Loc Wks temp ett.No par 5814June 28 74% Mar 20
52 Nov 11773 May
16
1618 15
1614 1512 1534 16
16
1578 16
15
Loew's Incorporated_ _ _No par 14 June 21 214 Feb 14
1,500
1514
1058 Jan
2334 Sept
'6% 7,2 '634 712
7
7
612 634
612 61. 64 6,4
1,200 Loft Incorporated
No par
618June 30 1134 Jan 5
4412 45
9
Jan
43
1414 May
"4234 4534 *43
45
45
*43
45
4312 44%
700 Loose-Wiles Biscuit
100 36342u1y 3 6314 Mar 2
36
Jan
*15714 160
6778
15714 158
15634 15714 15534 15534 '154 155
Sept
155%
155%
900 Lorillard (P)
100 146 June 21 178% Feb 9 14714 Jan 180 Sept
*106 112 "106 112 "106 112 *106 112 *108 112 "106 110
Mackay Companies
100 103 May 23 121 Feb 6
72
*6412 6612 (1458 64% *6412 66
Jan 117 Dee
*6413 66
•6412 66
"6412 66
pref
Do
100
100 6458July 23 7012 Feb 16
57
Jan 70 Nov
7534 77% 7614 7834 74% 77% 74
7612 75% 77
7212 75
14,400 Mack Trucks, Inc
No par 5818 Jan 2 9312 Apr 6
2512 Jan 6178 Sept
*9212 93% •93
93
93% 93
93
93
*9212 9412 "9212 93
Do 1st preferred
200
100 87 July 3 9914 Mar 12
68 Fe
8218 8218 '80
83 "80
83
"82
9412 Dee
84 ' *82
823s •80
preferred
83
Do 2d
100
100 72 June 29 92 Mar 5
63 "59
'60
54
6178 "59
6173 "50
Jan 87% Sept
6178 *59
6178 "5812 61
Macy
No par 57 July 2 7113 Jan 20
2712 27% 2812 2712 2014 27% 2712 27
59 No
26
62 Dec
2712 2512 2612 4,900 Mallinson (H R) & Co_No par 21 June 27 40 Jan
5112 5112 '50
2
51
"47
1512 Jan 40 Aug
53
'47
52
•46
50
*46
51
100 Mental Sugar
100 431 Jan 17 7514.Mar 14
3014 Jan
*7012 80 '7012 80 '7012 SO
*7012 80 , '70
52 Mar
80 •7012 80
Do pref
100 75 June 20 90 Feb 26
7314
Apr 8414 Sept
•4412
4612 46
*44
46 '45
46%
46 I 45
45
*43
45
600 Manhattan Elec SupplyNo par 42 July 3
66 Mar 21
95
*4012 45
41
4514 4414 4412 *4334 4412 "4412 45
Mar
6934 Apr
25 42 June 27 47% Jan 5
38
4014 3714 38% 3612 3734 3614 373s 3613 3714 4312 4412 1,800 Manhattan Shirt
32 Mar 5834 Oct
3612 70,300 Marland Oil
32
No par, 2714 Jan
59% Apr 2
"712 8
•7
8
22% Jan 46% June
•718 8
.7
'7
71
'7
712
712
_
Marlin-Rockwell_
_
_ _ _No par,
7 July
16 Feb 26
512 Mar 2638 Mar
2912 3038 2912 2912 2912 2912 •29
30 i 2912 2912 2812 2912 1,600 Martin-Parry Corp
.No Pari 27 June 21 3734 Apr 17
4512 44
4612 "44
*44
45
2014 Jan 3614 June
43% 4318' *43
45
41
43 1
500 Mathieson Alkali Works... 50, 36 June 2
6413 Mar 14
4212 42
42% 4018 41
42
22
Jan 54 Nov
4013 4114, 4012 4012 38
40581 4.200 Maxwell Motor Class A_ _ _100, 3634July
131. 1312 1238 1312 1212 12% 12
6314 Mar 8
4114 Nov 7434 May
12 I 12
12
1112 117
2,900 Maxwell Motor Class B No parl 1012J00e 2
21 Apr 5
787, 7838 7914 7634 78
11
78
Feb 2578 June
7658 77181 768 7714 75
Department
7658
May
8,100
Stores__ _100, 6738 Jan
86 June 7
17
1638 16% 163g 1638 1653 1678 1612
6513 Dec 17434 Dec
1634 1634 17
1612 1,100 McIntyre Porcupine Mines_ _ _ I 1614June 2
2012May 4
*210 280 '210 270 '210 270 *210 270
10% Jan
210 210
100 Mexican Petroleum
100 210 July 2 293 Jan 2 10634 Jan 2158 Mar
"95 110 "95 110 '95 110 .95 110 "190 250
*95 105
322 Dec
•95
Do pref
110
I
100 10014 Feb 2S 10514 Mar 16
1312 14% 13% 13% 1312 13% 1318 1312 125
7914 Jan 108 Dec
, 1234 1214 13
Mexican
Seaboard
3,700
011_
_No
pari
934
July
5
2334May 28
1278 13,8 •1213 1234 1234 1234 12
13
13,2 1314 1314
15
Oct 3412 July
1218
trust
Voting
1,900
certificates__ _ _ I
834J0ly 5 23141May 28
25
25
25
2438 2478 2434 25 I 2518 2518 241s 25
25
12
Oct 3218 July
1,700 Miami Copper
5 2212June 21 3012 Feb 23
714
753
712 7%
25 Nov 31% May
712 734
714 7131
74 72
7
712 23,400 Middle States Oil Corp..... 10: 678June 21
26
1214 Jan 12
*2414 25
Apr
2518 2518 '25
16
Nov
11
24
2418' 2413 25,3 2458 25
1,700 Midvale Steel dr Ordnance_ 50, 2112June 29 33% Apr 18
61
'60
61
'60
•59
614 '60
2618 Dec 4514 May
6112 6012 6012 58% 61
500 Montana Power
100; 5412June 28 75 Mar 8
2012 20 • 20 I "20
Jan 7638 Sept
20% 2034 2014 2034 '20
63
2012
1914
20
Ward
&
Co
Mont
3,000
III Corp_ 10 1814May 22 26 Feb 13
2234 2318 2214 2234 22
2534 Aug
22% 23
12 Feb
2238 "2218 2212 2112 22141 3,700 Moon Motors
No par, 1734 Jan 17 2938 Mar 22
195g Dec
034 978
934 9%
13 Aug
9,2 934
0311 084
934 934
918 912 6,700 Mother Lode Coalltion_No parl
718June 20 14 Feb 20
*1112 14
*1212 14
9% Nov
1214 Dec
4'1112 14
1378 1378 •1212 1312 1212 1212
200 Mullins Body
No Peri 1212July 27 2978 Mar 15
•94
*9312 98 '9312 98 1 '9312 99 '9313
98
Dec 34 Mar
96
1714
*94
99
Nash Motors Co
No par, 751 Jan 2 11412 Jan 12
70 Dec 525 July
49612 9812 *9612 9812 '97
981 "9712 9812/ *9712 981. .9712 981
I Do preferred A
100 9612 Apr 23 10134 Jan 17 1011 Aug 108 Dec
'1012 1112 11
•101 1112 *1038 1112 9012 11
11
"1078 111
100 National Acme
50
1012July
415
5
2114 Apr
1818
417
4218
912 Nov
Feb
19
42
4134
42
42
42
417g 42
41% 42
5,300 National 131scult
38 Jan 5 4334 Mar 19
3672 Dec 270 Dec
122 122 *122 124 '123 124 *123 124 "123 124
•120 122
100
Do pref
100 11312July 5 125 Feb 2 11312 Jan 126
51 I 5188 55
51
52
Oct
51
51
513 '50
51
54
.54
1,100 National Cloak & Suit_ _ _ _100 4218June 21 6714 Feb 21
12
Jan 6678 Sept
*82
26
12
•38
12
1
12
12
12
12
*14
1
500 Nat Conduit & Cable_ ,No par
60
6158 5938 6014 60
112 Feb 24
14klay 31
1 Dec
Vs
60
Apr
6134 62
6112 617
5712 591
4,600 Nat Enam'g & stamping 100 5512July 2 73 Mar 14
3034 Jan 6812 Oct
115 11514 *113 117 "113
•117 1181 11812 11834 117 118
116
1,800 National Lead
100 108 July 5 13634 Mar 20
Jan 12914 Dec
85
1111 11112 •I11 1131
•110 1101 *110 11014 11014 11014 11012 111
Do pref
400
100 10713June 28 114 Jan 4 108
Jan 117
Oct
1218 12% 1214 121
1214 1214
8 12
121
1,100 Nevada Consol Conner_
5 1118June 26 1838 Mar 5
131 Nov
1918 June
3312 3359 32
34
32 '31
*31
34
3459 *31
3112 318
Brake
Air
Y
300
(new).
N
.No par 2658 Jan 2 41 Apr 25
2412 Nov 4158 Sept
48
*46
"46
*4612 48
48
*46
48
*46
48
*46
48
Class A
No par 46 Jan 9 5112 Feb 13
451 Nov 5114 Oct
19 '17
19 '16
1818 181 *1712 19 '16
1834 '16
18
200 New York Dock
100 1514June 30 27 Apr 2
20 Nov 46 June
48
43
43 "4218 45 '42
46 '42
.41
*4158 46
48
100
Do pref
46 Nov 6812 June
100 39% July 6 5112 Mar 15
North American Co
50 10012 Jan 16 11912 Feb 24
44% Jan 10614 Dec
;:151318 4359 -413
;
441
4 44
44
pref
Do
1,100,
50 4212July 2 4812 Feb 14
Jan 4714 Aug
38
*1912 22 '20
22
"20
"2014 22
22
9934 22
'2012 22
' Nova Scotia Steel & Coal_ _100 1938July 2 2978 Mar 3
204 Feb 40 Sept
.812 912 *812 912 *812 912 9312 912
91
"9
8
8
200 Nunnally Co (The)- _ - _No pa
8 June 28 1018 Feb 9
8 July
1234 Mar
414
412 *4
412 *4
418 414 *4
•4
412 "4
412
200 Ohio Body & Blower_ _.No pa
5 Nov 1414 Apr
378July 14 1018 Jan 29
134
•184 173
134 178 '
178
134
178 "112 534
134
178
500 Okla Prod & Ref of Amer
43 June
134 Dec
5
318 Feb 8
134June 15
6
"4
'4
6
6
"4
"4
3
3
41
'4
412
Ontario
Silver
200
Mining
100
778May 7
3 July 21
413 Jan
93 Mar
1712 1712 1714 1713 1714 1738 17
•174 18
1718 17
17
1,100 Orpheurn Circuit, Inc
123
21%
21
Apr
s
26
1
1614June
Jan
'11912
28
12012
123
'119
12312
12012
'12012 12412
Oct
123
12312 *118 123
300 Otis Elevator
100 115 May 21 153 Feb 16 116
Jan 16834 Oct
Bid and asked prices: no sales this day. z Ex-dIvidead.
$ Per share
per share
2212 2212
7484 7659
7484 76
90
90
90
90
.8
10
8
8
'3812 41
*3834 40
814 *8
"8
814
159 160
15934 159%
98
•98
98
9812
812 8%
8% 8%
1214 1214 1218 1214
44%
4112 4313 44
2914 3014 29
30%
"16812 7012 68
6812
*8212 85
"8313 85
*10314 107 •10314 106
174 17434 17412 17614
•1114 1112 1138 1138
1334 13% 1334 1418
8012 8012
*80
82
New York Stock Record-Concluded-Page 4
420
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 21.
Monday,
July 23.
Tuesday,
July 24.
Wednesday, Thursday,
July 26.
July 25.
Friday,
July 27.
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Miscell.(Coo.) Par
Otis Steel
No par
Owens Bottle
25
Pacific Development
Pacific Gas & Electric
100
Pacific Mall StearnshIp
5
7,700 Pacific Oil
10
3,600 Packard Motor Car
50
47,500 Pan-Amer Petr & Trans
Do Class B
84,300
50
100 Panhandle Prod Sz Ref_No par
200 Parish & Bingham
No Par
14,700 Penn-Seaboard St'l v t oNo par
4,200 People's G L & C (Chic)__ _100
2,000 Philadelphia Co (Pittsb) _ 50
Phillips-Jones Corp
No par
No par
39,300 Phillips Petroleum
2,700 Pierce-Arrow Mot Car_No par
Do pref
1,200
100
25
5,900 Pierce 011 Corporation
Do Prof
100
----- Plgg WIggStor Inc"A"No pa
Pittsburgh Coal of Pa
100
117- '58 61 ;5§- 61 '58 61 ;Ho- 60
;#-3512 61
Do pref
100
300
*9812 9912 *9812 9912 994 9912 '98'4 9912 9912 9912 *9914 100
Pond Creek Coal
10
500 Postum Cereal
No Pa
50
50
53
5173 11-7- ;LoT2 52 ;.i6f2 5212 5012 504 .51
Do 8% preferred
100
*10918 114 *10918 114 *109 114 *109 114 *10918 114 *109 114
100
800 Pressed Steel Car
*5414 5484 *5414 55
54
54
59 *56
5434 56
59
*56
Do prof
100
9012
9012 *90
*90
9012 *90
*90
91
*90
91
*90 91
3318 3414 3334 3412 3112 3334 41,400 Producers & Refiners Corp.. 50
3514 3612 35 35% 3334 35
Public Service Corp of N J.100
100
11712 11712 11512 11634 3,000 Pullman Company
iii" El" 11733 119 iii- 116 4914
50
7,000 Punta Alegre Sugar
49% 4912 4712 49
49
5112 49
50
50
51% 52
25
1833 7,600 Pure 011 (The)
183s 18
1812 1878 184 1812 1818 1833 18
18% 19
Do 8% preferred
100
100
92
88
88
*87
92 *87
91
*87 91
*87
*87 91
100
10
29
33
14
4 13
00
32
%
00 Railway Steel Spring
10434 10434 *10312 105 *10334 105 *10334 105 *10334 105 *
Rand Mines, Ltd
No par
*2912 35 *2938 3014 *2912 3014 *2938 3014 *2914 3014
Ray
Consolidated
Copper_
10
1118
2,000
11
11
1118
1112
1112
1114
118
1133
1114
1112 11%
1,100 Remington Typewriter v t c100
31
31
31
*30
31
32 *30
304 3034 3218 3278 32
1st preferred v t C
100
*85 100
*70 100 *70 100 *70 100 *70 100 *70 100
2d Preferred
100
9314
9314 *87
*87 9314 *87 9314 *87 9314 *87 9314 *87
No par
1412 1434 1314 1414 1314 1312 13% 1312 1034 1318 12,900 Replogle Steel
14% 15
100
7,900 Republic Iron & Steel
4233 44
4533 4638 4334 4512 434 4414 441 443
454 46
100
100' Do prof
92
93 *91
9312 93
93 *91
9212 *91
*93 9434 *93
No par
2033 2112 1918 2033 0,100 Reynolds Spring
2018 2014 2114 2178 2078 2112 2034 21
637 64 *64
641
6218 6353 4,600 Reynolds(RJ)Tob Class B 25
6378 6453 6334 638 635 64
100
Do 7% Preferred
100
•114 11414 *114 11414 *114 11414 11414 11414 *114 116 *114 116 1
47 47
4734 478 4712 4712 4614 4612 4534 4614 24378 44 ! 2,500 Royal Dutch Co(NY shares)Lead
St
Joseph
10
1838
1,200
1833
1814
1814
1814
*18
1814
1814
*18
1814 1814 1814
300 San Cecilia Sugar v t c_No par
*178 214
2
2
*178 214
14 17
134 134 *134 214'
600 Savage Arms Corporation_100
24
22
22
*20
2012, *2112 2212 2114 22 I
*22
24 •22
100
7014 6,500 Sears, Roebuck & Co
7312 7312 7312 7334 7112 7414 70
7112' 7034 7034 69
Do prof
100
*100 10834 *102 10834 102 10834 *103 10834'*103 10834 *102 108 I
Copper
Seneca
No
par
1,100
814
8
.*812 834 *812 834
8
812
814 814 *814 812
*6
613
100 Shattuck Arizona Copper__ 10
6
6
6 1
*612 7
2 *612 712 *612 7
200 Shell Tramp & Trading__ E2
30
30
*3114 3212 *31
3134 *3038 32
*2934 3034 2978 2978
No par
1553 1534 1538 1558 13,200 Shell Union 011
1614 1613 1618 1612 16
1633 1578 16
2234 2312 52,000 Sinclair Cons 011 Corp. Nopar
2318 24
2438 2478 2334 2412 2314 24
244 25
Skelly
Oil
Co
10
9,600
1614
1512
1614
1618
1612 1714 17
1714 1638 16%
1614
1633
1,500 Sloss-Sheffield Steel &Iron.100
45
463
46
48
46
44
45
*46
47
46
4612 45
100
*75
*76
84
*76
81
84
84 *76
84 *76
*76
Prretto Rico Sugar_ _100
h Po
South
*95 84D
101
*43
45
*42
45
*42
45
46
*44
46 *44
or
po
a
No i
4,100 Spicer Mfg Co
1434 16
17
1512 *16
1534 15
16
17
15
. 1612 17
Prof
91
*86
*86
*86
90
903
4
91
9034 *86
*86
9034 *86
rd Milling
anda
1001
200 Standard
70
70
80
70 *70
80
70
80 *74
*70
80 *74
508 4934 5014 4714 497 23,500 Standard Oil of California.. 251
51
5134 5114 5112 5034 5112 50
19,400 Standard Oil of New Jersey 25
313 33
3258 3318 3213 327
3318 333
3438 3314 34
34
Do pref non-voting_ _100
600
118 11814
118 118
11714 11714 *117 118
11614 116% *11634 118
10534 10638 106 10612 10534 1064, 105 10534 5,300 Steel & Tube of Am,prof_ _100
10414 10512 10512 106
Sterling
Products
No par
5512
500
55
5514'
5513
55
5712
*5412
*5612
*5412 561 *5412 56
Stern Bros, pref(8%)
100
*108 116 *108 116 *108 116 *108 116 *108 116 *108 116
9278 8834 9112 9018 9212 8734 9012 47,900 Stewart-Warn Sp Corp-No par
9214 94% 9212 9418 90
6958 6852 7012' 65
6812 16,300 Stromberg Carburetor-No par
68
72
6934 71
70
72% 69
10534 107
10534 10734 10412 10614 10333 10434 10414 10534' 10138 10412 136,000 Studebaker Corp (The)..-100
Do pref
100
100
*115 11612 *115 11612 .115 11612 *115 1164 115 115 1'115 11614
No par
9
9
812 834 1,900 Submarine Boat
84 878
938 938
912 912
912 912
31g *3
31
No par
400 Superior 011
314
314
8
314 314
*3
Superior Steel
100
*2418 2712 *2418 2534 *2418 2678 *2418 26 I *244 27
*2412 27
10
300 Sweets Co of America
188 *118 114 *118 114,
118 14
*114 138
14 114 *118
913
Copp
&
C
tr
ctfs_No
par
912
Tenn
2,100
4'
912
93
912
94
912 9%
934 934
913 912
25
42
4212 4113 4238, 407 4214 33,500 Texas Company (The)
4378 4238 43
43
43% 43
10
57 5712 57
58381 5614 5714 4,100 Texas Gulf Sulphur
5812 5812 5714 58
58
*58
978 1018 3,800 Texas Pacific Coal & OIL _ - 10
1058 1058 *1048 1034 1012 1013 1038 1033 1014 1012
100
10012 100121 *06
700 Tidewater 011
10212 10212 10314 10314 10134 10212 101 101
994
377
3714 3712 364 3714 6,700 Timken Roller Bearing_No par
3814 3812 3814 3834 3712 3814 36
11,400 Tobacco Products Corp_ _100
5112 49% 5018 497 5014 49
50
5134 50
504 514 51
Do CI A (since July 15) 100
4,700
80
81
8134 8134 8214 8134 8134 8214 8214 x80
8158 82
63
4
Transcontinental 011_ _ _No par
57
54
20,900
4
6
53
64
634 7
534 633
648 7
600 Union Bag & Paper Gorp 100
6614 *65
6714 *65
6512 6512 *65
6312
67 68 *6512 70
No par
18
18
*13
14
18
18
ls
14
18 1,000 Union Oil
I *18
*18
14
100
200 Union Tank Car
85
85
*82
*85
90 *85
87
87
89
87 87 *86
100
. , Do pref
108 108 *105 107 *105 107 *106 108 *106 10812 *10612 10812
No par
307 *30
100 United Alloy Steel
3078 *30
31
*30
31
*30
31
308
*3034 31
100
500, United Drug
*79
80
7612 79
8134 8134 80
80
82
82
*80
*80
50
Do 1st Preferred
47
47
*46
473 *46
4734
1001
48
*4634 4734 *4612 4734 *46
Fruit
100
United
172
173
800
171
*16834
172
170
170
171
*17014
172
173 173
400 United Retell Stores__ _No par
*71
74
*70
72
72 *71
74
*7313 7412 7234 7318 72
2414 2512 24
2434 1,800 U S Cast Iron Pipe & Fdy_100
27 *2512 27
2714 2712 *25
27
*25
100
400' Do Prof
68
684 *67
72
*97 68
72 *__ __ 72 *... _ _ 72
*70
700 U S Food Products Corp_ _100
318
234 23
*234 3
3
3
314
3
314 *3
*3
Hoff'n
Mach
Corp_No
par
5
U
1618
1618
16
16
16
3.200
1534
1612
15
3
4
1814
158
1512 16
100
49
4938 4613 49
8,800, U S Industrial Alcohol
4718 49
4912 478 49
4812 4914 49
pref
100
Do
I
*96
101
101
*96
101
*96
100
*96
101
*96
100
*96
9513 98% 943 95
94
9434 4,000 U 8 Realty & Improvement100
9434 95
96% 9712 9612 9.71
100
4213 4313 43
435s 407 4234 8,200 United States Rubber
42% 4334 431 4378 4212 43
100
*96
9812
400! Do 1st Preferred
*96
*96
9813
97
9812
9734
9814
98 *9713
*96
50
24
*25
27
24
2,100' US Smelting, Ref & Min
26
26
27
2712 26
27% 27
27
l Do pref
50
*42
4312 *424 4312 •4212 4312 *4212 43 *424 43 *424 43
States
Corp_100
Steel
United
913s
101,900
9012
8814 91
91% 9212 9134 9288 9012 917s 9014 91
100
Do pref
118 118
3,000
11778 118
11778 118
118 118 *11778 118
118 118
10
*60% 6114 60 6012 5914 6014 6038 6053 584 59% 1,600 Utah Copper
6012 61
100
16
158 1578 1578 1573 1512 1578 1,400 Utah Securities v t e
16
16
16
16
16
No Par
27
2818 12,600 Vanadium Corp
3014 28% 29% 2814 30
3112 30
30 , 3034 31
Van Raalte, 152 pref
100
92 *8634 92 I *8634 92
*8634 92
*88
92
*88
92
*88
4,400, Virginia-Carolina Chem.-100
83
9 l
834 9
*853 9
Et 1434
854 9'2
812 912
Prof
100
245
25
25
Do
2438
25
2,100
25
24
24%
2412
2318
2314 2314
___100
57 *53
57 *55
300 Virginia Iron, C & C
57
55 *55
55
57
57 *55
57
100
7814 7814
_
100
Do Prof
*7612 - ___ *764
*78 ____ *78 _ _
No
pax
Vivaudou
(V)
18
184
*173
4
183
4
18
1
8
1,800
18%
1812
1834 184
19
19
1453 *1314 1412
200 Weber & Heilbroner_ No par
147 1478 *1412 1434 145 1433 *1414
*1412 15
Wells Fargo Express
*3612
38
100
3512
3612
400
38
*3612
38
*3634
3848 36% 3712 3712
1058 107 1074 1074 10534 10718 2,100 Western Union Telegraph-100
10678 10712 106 107 *so
106 106
Westinghouse Air Brake_ _ - 50
8014 *80
83 *80
83
83
844 *80
8412 *79
*81
567
9,500 Westinghouse Elec & Mfg_ 50
574 56
57
5812 57
5612 57
5658 5678 5634 5712 2512
2412 2434 2418 2414 3,300 White Eagle 011
No par
25
25
2512
25%
2534
26
50
26
501
48
49
2,100 White Motor
50
50
50
51
5012 50% 508 50
Oil
50
13
134
White
Corporatton_No
par
I%
17
1,300
2
1% 134 *15
134 2
18 17
63
653 7
4,400 Wickwire Spencer Steel.- 5
*5
63
4
*5
7
714
714 714
714 712
25
*714 734
7
re 45,400 Willys-Overland (The)
712
7
7%
7
74 74
718 712
6534 64
Do pref (new)
100
6512 14,200
65 6512 65
64% 66
Wilson es Co,Inc, v t c-No par
63 6434 6434 66
1,500
2312
23
23
2312
24
24
26
26
26
25
26
100
26
Do pref
100
*6612 _ _ _ _ *6612 ---- 6612 6612 .6612 ___
100
1,300 Woolworth Co(F W)
*664 68 *6612 68
234 *231 233 22914 231
*23112123312 235 23514 234 23412 *232
Worthington P & M v t 13_100
*27
29
900
29
29
29
*24 I 2712 273 2812 2812 2834 2812
800 Wright Aeronautical _ _.No oar
*912 97
912 912
93
934
10
10
*913 10
*934 10
day. x Ex-dividend.
•Bid and asked prioeig no Sales on this
$ per share
8% 8%
44
4414
*13
88
*77 78
*7
10
3418 35
*13
13%
6412 6612
61
63
3
*2
*912 11
318 318
90
90%
4434 45
*59 62
2214 2478
*834 914
*1934 20
278 3
*32 34
per share
per share
$ Per share
8% 8%
812 8%
8% 8%
44% 4312 4414
4414 4434 44
*12
58
12
12
12
12
*7712 78 *7658 78
774 7712
*7
8
*7
8
*7
10
3314
3334 3414 3314 3334 33
1278 13
13
13
1312 13
6434 65% 6134 64% 6112 62%
6112 6234 5912 6112 58% 6012
*214 314 *214 314 *214 3
*91, 11
*913 10
*94 11
2% 3
3
3
3
318
8912 90
*8934 90
894 90
4412 44% *444 45
*4412 45
59 *57 60
*59
62 *57
2234 2314
21% 23% 2212 23
9% 9% *812 914
9
934
1918 1918
20
2012 1912 20
318
3
2% 278
2% 278
31
34 *28 3112 *27
*32
•
118
$ per share
*834 9
44
*12
88
*77
7734
*7
10
3318 33%
12% 1278
61% 6353
5918 6034
*214 3
*918 10
278 3%
8813 89
4458 4458
*58
60
2278 23%
814 812
19
19
278 318
*28
33
$ per share
812 813
43
43
*12
%
*7613 77
*7
10
3218 331s
1212 1278
58% 6214
5534 59
214 214
918 913
234 3
8634 8812
4358 4434
60
*58
2214 234
714 814
1812 1812
2% 3
*25 1,35
Shares
2,600
2,000
600
100
PER SHARE
Range 3171Ce Jan. I 1923.
On basis of 100-share lots
Lowest
I
Highest
PER SHARE
Range for Precious
Year 1922.
Lowest
Highest
$ per share $ per share
68 Nov 1612 Apr
24 Jan 4233 Sept
12 Dec 14% Apr
60 Jan 911 Sept
11
Jan 19 June
4213 Nov 693 May
10 Dec 21 Nov
4878 Jan 1007s Dec
4012 Feb 9534 Dec
. 3 Dec 1213 Jan
712 Nov 17 Apr
238 Dec 1338 May
5934 Jan 99 Sept
3112 Jan 4538 Sept
7314 Oct 1054 Jan
2814 Jan .5914 June
8 July 2413 Apr
1878 July 49 Apr
378 Dec 12 Jan
32 Sept 71 Jan
39 Nov 5918 Dec
55 Nov 7238 Sept
9018 Feb 10012 Sept
1414 Feb 41 Dec
6533 Apr 120 Oct
1054 Apr 11212 Oct
63 Jan 9514 Sept
91 Feb 106 Sept
2418 Jan 51 Sept
66 Jan 100 Nov
10512 Jan 13934 Sept
31 Jan 53% June
264 Nov 3853 Jan
94 July 10234 Apr
94 Jan 12614 Sept
1912 Jan 3612 Sept
1218 Nov 19 May
24 Jan 42 Mar
55 Jan 106 Dec
5012 Feb 8034 Dec
21 Nov 3812 May
4812 Nov 7812 Mar
74 Feb 9534 MaY
1214 Nov 5034 June
43 Mar 6334 Nov
11118 Apr 11834 Oct
4738 Jan 67 June
1258 Jan 2014 Sept
614 Mar
113 Jan
10 14ug 247 Apr
593 Feb 9478 Aug
Jan 112 Aug
91
6 Oct 2314 Jan
612 Nov 12 June
342 Dec 4818 May
1218 Dec 1314 Dec
1834 Jan 3834 June
83s Nov 1178 Oct
3412 Mar 541 May
66 Mar 80 Aug
33 Nov 5714 Mar
15 Nov 24 June
84 Apr 96 Sept
844 Dec 141 Sept
9134 Jan 135 Oct
3813 Dec 25012 Oct
11353 Jan 11612 Nov
68 Mar 90 May
454 May 634 Dec
Jan 109 Dec
81
2411 Jan 79 Dec
3514 Jan 71 Dec
7918 Jan 14134 Dec
100 Feb 11814 Nov
878 Nov
312 Jan
4 Nov 1014 June
26 Jan 3912 Apr
5 Mar
11 Nov
838 Nov 12% MaY
42 Mar 5214 Oct
3813 Jan 6718 Nov
1812 Nov 3234 June
10934 May 154 Oct
2812 Sept 35 Oct
4914 Nov 8414 June
7678 Aug 8612 Sept
712 Mar 2018 May
55 Mar 78 Sept
18 Dec 25 June
85 Dec 134% Dec
102 Feb 118 Sept
25 Jan 4114 May
6078 Mar 85 Oct
4118 Feb 517s Oct
11934 Jan 162 Oct
4312 Feb 8712 Oct
164 Jan 39 Aug
50 Jan 78 Aug
$ Per share
7 June 30
365 Jan 2
12 Jan 2
7434May 4
7 July 2
3112July 5
1018 Jan 8
5514 July 3
51 July 2
2 June 21
9 May 23
212 Jan 2
86 Apr 27
41 July 2
59 June 29
2148July 23
614July 2
1312JulY 2
112July 5
25 July 9
5514 Jan 17
58 Jan 16
9712July 11
914 mar 1
47 July 5
10812June 30
5112MaY 22
86 Jan 22
3112July 27
91 May 22
11012July 2
438 Jan 18
1678June 18
88 July 27
100 June 30
2914July 16
10 June 28
24 June 27
100 Mar 5
80 Jan 3
1034Ju1y 27
4018June 30
86 June 21
14 June 30
47 Jan 10
114 July 9
4212 Jan 31
17 June 29
158July 11
1812 Jan 3
66121une 29
10612June 4
6 June 20
53Ouly 6
2978July 27
1238 Jan 8
2212July 2
938 Jan 2
3914 July 11
68 Jan 13
39 July 6
113.2june 30
90 Jan 3
70 July 5
4714 July 27
3112July 5
115 June 2
85 Jan 2
51 June 29
10912 Jan 2
74 July 5
5912July 2
9814July 2
112 Jan 4
7 Jan 3
2383une 18
24 June 29
I June 4
8 June 21
4078July 27
531 July 2
94June 27
94 July 2
33% Jan 2
4718June 30
761z July 2
5 June 21
63:4
2 Jj
ualY
n 14
4
$ per share
1434 Mar 21
5234 Apr 2
214 Mar 5
85 Jan 5
1234 Mar 14
4878 Jan 4
1512 Mar 22
934 Feb 7
86 Feb 7
614 Apr 5
1513 Mar 13
6 Apr 4
9412 Jan 30
5014 Mar 19
80 Apr 4
6958 Apr 5
1514 Jan 14
3558 Jan 9
6 Feb 13
45 Jan 4
124 Mar 20
6778 Mar 7
100 Apr 5
4778 Feb 15
134 Feb 6
11414 Jan 25
8112 Jan 2
9934 Jan 5
5818 Mar 20
104 Mar 21
134 Mar 8
6914 Apr 19
32 Feb 13
100 Mar 9
123 Mar 17
343g Feb 19
1714 Mar I
484 Mar 6
104 Feb 13
9114 Apr 24
313 Feb 16
6634 Mar 21
9678 Mar 21
297 Apr 17
6734May 28
118 Feb 9
55% Feb 19
2233 Mar 9
5 Feb 14
30 Apr 5
9238 Feb 13
11312June 12
1212 Mar 3
1078 Mar 2
4114 Mar 7
1914May 23
3938 Mar 19
35 Mar 31
60 Apr 26
90 Mar 16
643 Apr 19
2734 Feb 16
9778 Feb 2
90% Jan 23
12312 Jan 2
4414 Mar 3
118 Feb 21
10834June 30
6758 Mar 2
115 Jan 5
1244 Apr 17
9434 mar 6
12614 Mar 21
116 June 27
15 Apr 6
63 Feb 15
34 Mar 22
27 Jan 12
1234 Feb 21
5278 Mar 20
65 Jan 15
2414 Feb 2
144 Mar 2
45 Mar 8
6112 Apr 27
85 Mar 2
1412 Jan 5
3
771
:
1an
M
ja r 28
81 Feb 1
10612July 19
30 July 2
7534 July 2
4614 Feb 14
1524 Jan 17
643k Feb 1
20 July 3
64 June 21
218June 28
15 June 30
40 June 29
9514June 29
8818July 2
3813June 27
9414June 29
20 June 28
4012June 28
8814July 27
11634June 20
56 July 5
1418June 27
2414 July 5
8912May 31
614June 27
17 June 27
52 July 2
7712June 28
1514 Jan 17
1214 Jan 27
3412July 11
10118July 5
76 July 5
5212June 30
2334Ju1y 5
45 June 28
138July 5
638July 27
5 June 21
4212 Jan 2
19 June 27
64 July 13
19918 Jan 24
2318 July 3
81e Jan 17
9934 Mar 19
112 Jan 19
3912 Mar 21
8534 Feb 26
48 Mar 1
183 Mar 2
844 Apr 17
3412 Mar 2
725 Jan 3
612 Mar 19
25 Jan 27
12
83
14
2 Nov
Fe
73% Mar 16
37 Jan
101 Mar 28
72% Dec
106 Mar 5
56 Jan
6478 Mar 22
46 Nov
105 Jan 13
91 Sept
4338 Mar 2
33 Feb
4818 Jan 3
4214 Feb
10958 Mar 21
82 Jan
12312 Jan 15 11333 Feb
7612 Mar .5
59 Nov
2438 Feb 16
978 Jan
3014 Jan
4458 Mar 20
98 Jan 25
92 Jan
23% Nov
27 Feb 20
58 July
69 Mar 16
68 Mar 5
43 Mar
66 Mar
85 Apr 23
618 Jan
23 Mar 22
107 Oct
1538 Mar 8
6614 Jan
105 Mar 2
89 Feb
11913 Feb 20
80 Mar
120 Feb 17
494 Jan
674 Feb 16
26 May
3038 Mar 20
3518 Jan
6078 Mar 19
218 Dec
578 Feb 19
84 Nov
14 Feb 13
2 Feb
J b
4:4
814 Jan 5
24 Feb
6978 Apr 6
27
4234Mar 7
66 Jan
89 Feb 8
2394may 11 137 Jan
2678 Nov
4018 Feb 15
a
Jan
II May 17
ja
2
152718
4 May
727 Oct
102 Oct
927 Oct
6712 Apr
107 July
4834 Oct
49 Aug
11112 Oct
123 Sept
7112 Sept
2318 Sept
5353 Aug
100 Oct
3678 Mar
83 Oct
9413 Jan
86 Oct
16 Dec
17 Apr
9834 Oct
12114 Aug
114 Dec
654 Aug
3338 Nov
54 Sept
12 May
2178 May
5012
10 May
4912 July
Sept
91 Sept
223 Nov
557 June
11
Ana
New York Stock' Exchange-Bond Record, Friday, Weekly and Yearly
Jan.1 1909 the Exchange method ofquoting bonds was changed and prices are now "and interest"-exceptfor income and defaulted bonds
22
OD ,3
Price
Week's
BONDS.
t op
Week's
Price
Range '
''
•
BONDS.
t'g
...
a
ts
Range or
Range
or
Friday
c,..b
.
N.
Y.
STOCK
EXCHANGE
n'E
Friday
EXCHANGE
t
Since
N. Y. STOCK
July 27
Last Sale
Last Sale
6133.,
July 27
to,,a
Week ending July 27.
.423.
Jan. 1
Week ending July 13.
421
4.
g
ait4
Range
Since
Jan. 1
High
High No, Low
Bid
Ask Low
High
65
5
6814
1
4 6778
At!&Birm 30-yr 18t g 4s_e_ _1933 M S 6712 68/
6813
8178
2
8084 8612
100 101.90 At!Knoxv & an oty 4s____1955 M N 81%83o 8178
98/
1
4 May'23 ---9834 994
97522 98.90 At!Knox & Nor 18t g 5s___ _1946 J D 9958
88
9134
90/
1
4 June'23 ---962322 99.1O At!& Chad A L 1st A 435_1944 J J 9134 -93
96 100
1941 J J 9618 9678 9814 July'23 --__
1st 30-year 58 Ser B
97.0099.00
8252 89
15
87
Atl Coast Line 1st gold 48_11944 M S 8614 8712 8612
10 108 108
1
4 107
1
4 10718 106/
1930 M N 106/
9611
10-year secured 75
/
4298.70
3
8658
82
8952
8658
86
General unified 4345
1964 J D 85
9621
/
4298.88
7612 83
9
8138
a1952 M S 8012 Sale 804
& N coil gold 45
73/
1
4 78
7412 July'23 ____
971,8299.18 AU 63 Danv 18t g 45
1948 J J 7314 81
61% 687g
_ 65 July'23 __
19483 i _
2845
9784./ 92.04 At!62 yad 1st a guar 4s
77
1
4 Feb'23 ____
771a
1949 A o iUs -io. 77/
992/
1
4003.94 A & isi. Iv lot gu g 83
933 9512
1941 J .1 9434 ---- 9418 June'23 ___
/
4
70212 1041
93/
1
4 9714
81
96
102
1925 3 J 9534 Sale 9558
103 Balt & Ohio prior 3345
9312 9414
94 July'23 __
1
4
Registered
/1925 Q J 94/
10312 103513
7438 80
11948 A 0 78 Sale 78
10318 103:2
784 44
1st 50-year gold 48
Registered
741 78%
/1948 Q 3 747 7712 7434 July'23 ___
82/
1
4
itii; -9-5
77
10-year cony 4546
150
81
1933 M S 8058 Sale 8058
79/
1
4 85
1
4 Sale 8312
8414 158
Refund & gen 58 Ser A__ _1995 J D 83/
9314 9634
1
4
19293 J 10114 Sale 101
99 101/
10112 93
10-year tis
91
95
93
9434 94 July'23 ___
P Jet & M Div 18t g 3345_1925 MN
State and City Securities.
10012
75 Sale 7414
73
5
7538 42
7912
9934 101
P L E & W Vs Sys ref 4s.1941 MN
NY City-434s Corp stock_1960 M 8 100 10024 10014
1
4 10012 10018
196483 9 100/
9112 9412
100/
1
4
I 10018 10278
9412 28
Southw Div 18t gold 3345.19253 J 9412 Sale 94
4345 Corporate stock
6112 6736
16
65
Tel & CM Div 1st ref 4s A_1959 J J 65 Sale 6414
1
4 10212
434,Corporate stock.....1966 A 0 10018 10012 10134 Mar'23 ---- 101/
Jan'23 ---- 10714 108 Battle Cr & Stur 1st gu 3s_ _1998 J D 54/
8
108
1
4 59
5718 Apr'23 --__
57/
1
4 60
43.48 Corporate stock._._1971 J D 1045
1
4 9114 8912 Apr'23 --__
1936 J J 87/
,1967 J .1 10428 108-18 10412 July'23 ---- 10412 107/
1
4 Beech Creek 1st gu g 4s
Ws 8932
4348 Corporate stock_Jul3
1965.3 D 10458 10518 105 June'23 ---- 105 10718
1
4 __-_ 86 Feb'23 --...
19363 .1 84/
86
86
Registered
43-413 Corporate stock
____ 134 May'16 ____ ____ -19363 J 96
1
4
28 guar gold 5s
43411 Corporate stock.....1963 NI S 10412 105 10412 July'23 --- - 10412 107/
9658 9714 9614 July'23 ---1
4 ____ 60 July'22 _ _ --- ---b1951 A 0 68/
9614 10014 Beech Cr Ext 18t g 33433
4% Corporate stock.....1959 M N
9678 10
96/
1
4 9734 9678
8014 July'23 ____
8014 8434
1944.3 D 8018 84
9638 99/
1
4 Big Sandy 1st 4s
4% Corporate stock.....1958 MN
/
4 96/
1
4 June'23 ---;
1957 M N 9534 971
65
1
65
65
7512
96/
1
4 10014 B & NY Air Line 1st 45-.1955 F A 6212 77
4% Corporate stock
95
95
9614
MN
9512
reg-1956
89
89
89
Feb'23 ____
873
4
8912
J
J
1938
95
9912
Bruns
gold
4s_
1
& W 1st au
4% Corporate stock
1
4
1
4 10434 July'23 ---- 10412 105 Buffalo R St P gen gold 53_1937 M S 10114 ___ 10114 June'23 ____ 100 101/
4348 Corporate stock._...1957 M N 10414 104/
1957 MN 10412 105 10458 July'23 ---- 10412 10712
87
9214
4
89
1957 MN 89 Sale 89
Consol 434,
04% Corporate stoek
9232
95
1
9515
1934 A 0 95133 Sale 954
87/
1
4 91 Burl C R & Nor 1st 59
334% Corporate stock_ 1954 11/1 N 8658 ____ 8712 June'23 ---1 June'23 ____ 10112 10312
New York State--48 -...1961 I" 6 --------1024
1961 J J --------10212 June'23 ___... 10238 10212 Canada Sou cons gu A 55._ _1962 A 0 9712 Sale 9712
94 1004
5
98
.- 424
Canal Improvement
11214
1
4 113 11212 11278 11 112 115
3 1121
/
4 11214 Canadian North deb s f 75_ _1940 3 D 112/
Highway Improv't 4%5_1963 M s --------11224
1
4 11334
11234 71 110/
25-year s f deb 6%s
19463 J 11212 11234 11214
Highway Improv't 4343_1965 M S --------10418 Apr'22 ---- _____ _
1991 J J --------7114 Oct'20 ---- --------Canadian
76/
1
4 8012
7978 146
Pac Ry deb 48 stock__ J 3 7912 Sale 7914
Virginia 2-38
9212 Sept'22 -----------Carb & Shaw 1st gold 45_ _ _1932 M S 8134 90
71
68
7234 6834 June'23 ____
1949 J J 65
Caro Cent 1st con g 48
Foreign G.....merit.
10212 117
1
4 Sale 10214
1927 F A 62/
9318
8814 94
6
1
4 Sale 93
. 10014 10318 Car Clinch &0 1st 3-yr 58-1938 .1 D 93/
Argentine (Govt)75
8514
gs
77/2 8414
o
9838
89
1952 J D 97 Sale 9634
9712 122
Argentine Treasury 5s of 1909_ _ M 8 85 Sale 84
911
/
4 541
1
4 83
1981 J 0 75/
99/
1
4 9334 Cart & Ad 1st gu g 48
_
8112 Dec'22 ____ --,, =
Austrian (Govt) 75 w i...1943 .1 D 9018 Sale 9018
/
4 ;30
7212 6678 May'23 ____
1948 J 13 67
667s -667s
911
/
4 10314 Cent Br U P 1st g 45
Belgium 25-yr ext 8 f 7%-513_1045 .1 D 10118 Sale 10012 1011
Jan 1925.3 J 9534 Sale 95/
1
4
9614 71
50
58
5214 Sale 5214
93
3-year 6% notes
4
5258
9838 Cent New Eng 1st gu 4s__ _ _1961 J J
32
1941 F A 10114 Sale 1011
/
4 102
1930 M S 905a _ _ 9334 Dec'23 -----------93 10314 Central Ohio 4348 1930
20-year a f 88
1945 m N 108/
1
4 10912 10834 10834 11 107/
- - 100 June'23 ____ 1911 102
1
4 10934 Central of Ga 1st gold 58,471945 F A 100 101
Bergen (Norway) a f 66
1945 M N 10914 Sale 10812 110
1945 M N 96 Sale 9512
Consol gold 5s
9258 9812
9
96
1
4
39 10812 113/
Berne (City of) 5 f 85
June 1929 J D 101 Sale 10018
8834 94
9958 10114
10114 39
86
10-yr secur(is
94
Bolivia (Republic of) 88-1947 NI N 8812 Sale 8712
8014 20
7413 SI
1
4 _-__ 74/
69p2 8312
1
4 May'23 ____
Chatt Div pur money g 48_1951 .1 D 73/
Bordeaux (City of) 15-ST 68-1934 MN 80 Sale 7938
3
1941
13
96
965
8
Sale
88
external
1
4 Sept'22 -----------Mac St Nor Div 18t g 58_ _1946 .3 J 9518 ____ 96/
Brazil, IJ S
9134 99 4
961
/
4 57
80
1952.3 D 82/
8234 60
1
4 Sale 82
1947 J J 9412 ____ 94
i
94
Mid Ga 6. Atl Div 55
881
75
1952 A o 10034 101 10014
10112 27
1946.3 J 9758 __
991
/
4 June'23 ____
97
Mobile Division 58
9712
9634 104
7348
100,4 L
9258 9734
- 92% June'23 ____
3
Canada (Dominion of) 6 5,-1926 A 0 100 10014 100,8
9918 10134 Cent RR & B of Ga coll g 58_1937 MN 90% 0378
58_ _1931 A 0 100 Sale 9912 100
do
1
4 108
99 192 Central of NJ gen gold 58_ _1987 .1 J 10412 106 105
OU
do
1 103/
105
do
49
10112
102
F
1929
A
1013
4
Sale
/1987 Q J 10312 10412 103/
1
4 July'23 ____ 103 105
Registered
10-year 53-4/1
99/
1
4 10212
1
4r8me 99
1952 54 N 99/
9938 351
86/
1
4 63
7938 8734
55
97/
1
4 102 Cent Pac 1st ref 12U g 4s-. _ _1949 F A 8578 Sale 8512
902
10312 98 mu 10412
90
2
90
90
1
4 90
Chile (Republic) ext s I 88..1941 F A 10314 Sale 10234
Mort guar gold 334s_ _ /1929 3 13 89/
112
1
4 10314
1926 A 0 103 Sale 102/
7938 84
22
81
External5-years f 88
Through St L 1st gu 4s_ _ _1954 A 0 8012 Sale 8012
1
4
100 103/
9512 24
1942 MN
94 Sale 94
75
9312 9634 Charleston & Savannah 7,..1936 J J 11514 __ - 11412 June'23 ____ 11412 11412
1946 MN 103/
10312 14 100/
1
4 Sale 103
9438 9678
2
25-year a f Ss
9534
1
4 105 Ches & Ohio fund & impt 55.1929 J J 95 Sale 95
42
44
1939 M N 9912 Sale 9934 100/
9734 10314
1
4 14
Chinese(Hukuang Ry)58 of 1911 J D 44 Sale 43
43
1st consol gold 58
5234
9312
0714
____
9812
May'23
9618
99
M
N
1939
Christiania (City) a I 8s__ _1945 A 0 10914 110 10912 July'23 ---- 10734 112/
Registered
1
4
9114 32
1992 M S 8312 Sale 8312
80/
1
4 8634
Colombia(Republic)6348_.1927 A 0 9012 Sale 9012
18
85
General gold 434s
1 95
9012 37
8014 8012
1992 IN S 78 ___ 8014 Apr'23 ____
Copenhagen 25-year 8 f 5H8_1944 J J 8934 Sale 8934
Registered
13812 9212
971
/
4
1944 51 5 97
8912
6
97
99
85
1
4 Sale 8612
87/
1
4 75
99/
1
4 98
Cuba he
20-year convertible 4348..1930 F A 86/
9058
92 88
1
9712 93/
8914 104
Etter debt of 55'14 Ser A_1949 F A 91
1
4
86
961s
30-year cony secured 5s.1946 A 0 89 Sale 8812
1949 F A 8212
8212 16
8112
913
92
8
3
.3
1940
90
/
1
4
95
__
July'23
External loan 434s
9318
533
Valley
1st
g
Craig
814 89
1
4 sale 9914
99/
1
4 53
1953 .1 J 99/
7518 797 78% May'23 ____
7814 7814
993
53is
Potts Creek Branch lat 45_1946 J J
99
Czechoslovak (Repub of) 88_1951 A 0 94 Sale 93
7638 8012
1
80
80
R & A Div 1st con g 48_ _1989 J .1 7734 80
77
9612
86
94
3
/
4
1071
107
/
1
4
F
A
M"A".1946
Sale
10712
Municip
__ 75 May'23 ____
1989 .1 J
7414 76
Danish Con
2d consol gold 45
1
4
- 10612 109/
1946 F A 1071
/
4 1071
/
4 10718 10712 19 10634 10912
7318-9212
9034 July'23 __
Series B
9034 9034
Warm Springs V 18t g 533. _1941 M 5 91
38
5018 5312
5
53
Denmark external at 8s.__1945 A 0 110 Sale 10912 110
1
4 11034 Chic & Alton RR ref g 3s_ _ _1949 A 0 53 Sale 5214
n 107/
1942 J 3 96 Sale 9534
9614 6
53 July'23 ____
_
20-year 65
4814 53
" 95
New York Tr Co ctfs
99
9914 July'23 ---481450
M7
9814 100
Dominican Rep Con Adms f 58'58 F A 9914 100
494 51
-8
- 50 July'23 __
Stamped Oct'22 int
84
go
22
88
1942 M 8 87
8712 87
------------4618 Apr'23 ____
5%s
Stamped Apr'23 Ink
4658 4658
230
97
Dutch East Indies ext 68_4947 .1 J 9612 Sale 9612
1950 J J 28 gale 28
251 3312
75
Railway 1st lien 3348
29
9214 98/
1
4
196283 5 9612 Sale 9612
223
97
40-year 65
7955 8018 7912
80/
1
4
6
7812 85
92/
1
4 9712 Chic Burl & Q-IU Div 3348_1949 J J
_
195383
9112
913
4
Sale
S
9218 170
1
4
1949 J .3 88 Sale 87/
534,trust rots
8818 20
Illinois Division 48
85/
1
4 9034
87/
1
4
9
414
9814 224
French Repub 25-yr ext 88_ .1945 M 5 9734 Sale 9712
/
4 9612 961
/
4
9612 10
9512 97
Nebraska Extension 4a.,_1927 M N 961
90 101
_
1
4 9618
9534 520
20-yr external loan 7%5..1941 J D 9434 Sale 9483
95/
1927 M N 9618 ___ 961s
5
84
961s
Registered
97
10234 194 101/
at Brit St Ire (UK of) 5348-1937 F A 102 Sale 10134
1958 M S 8514 Sale 8514
83
89/
1
4
8712 13
General 48
1
4 10434
1929 F A 1124 Sale 11212 113
49 111 116
10-year cony 5355
1971 F A 9914 Sale 9812
9618 10118
9914 .58
1st 62 ref 533
1942 M N 76% Sale 7618
7778 8,9
Greater Prague 730
47
66
8
55
65
8212 Chic City & Conn Rya 543.._.1927 A 0 53% 5434 54
1952 A 0 92/
1
4 93
92
Haiti (Republic) 65
194 10612
98 Chicago & East III 1st 6s_ _ _1934 A 0 10418 10612 10418 June'23 ___
93 " 92
13
/
4
9612 ,-‘-'
Italy (Kingd of) Sec A 6348_1925 F A 9614 9612 961
7818 Sale 7712
774 8112
7812 16
9212 9714 C & E Ill RR(new co) gen 55-1951 MN
Japanese Govt,-E loan 43413-1925 F A 9318 Sale 9318
938 03
198283 N 9112 9184 9112
9112
1
92
87% 9712
9412 Chic & Erie 1st gold 58
1925 1 3 9258 9278 9238
92/
1
4 45
Second series 045
/
4
491
/
4 30
4712 56
9113 9358 Chicago Great West Oat 4s 1959 M S 4814 Sale 481
19313 3 81 Sale 8058
41
/
4
Sterling loan 45
811
44 Sale 44
4214 46
4483 19
With Sept'24 coupon on.. __ ____
7934 82/
1
4
Oriental Development 65-1953 M 8 917 Sale 9183
56
92
9112 93Is Chic Ind & Lowey-Ref 65.ii")47 J .1 10634 10734 10612 July'23 _
104/
1
4 10734
21
7913 Sale 7912
80
Lyons (City of) 15-year 68..1934 MN
9613 June'23 ____
1947 J i 9434 96
Refunding gold 5s
6914 8338
94
9712
80
MarmIlles(City of) 15-yr 684934 MN 7958 Sale 7912
241 6912 834
7812 5683
8.5
80 May'23 ___
1947 J J 81
Refunding 48 Series C
32/2 42
34 July'23 _ _ .:,
35
Mexican Irrigation 4345_ _ .. _1943 M N 32
1966 m N 8078 Sale 807s
8014 84
i
81
General 55 A
844 28
Mexico-Extern loan £58 of 1899 Q 3 53 _ 53
21966 J J 9534 Sale 9534
9412 98
2
9534
49
General 68 B
5812
1954 J D 3312 Sale 3314
52
34
Gold debt 43 of 1904
78
74
Jan'23 _
3112 4134
78
78
Ind & Louisville 1st gu 48_1956 .1 J 70
1952.3 D 8612 87
8678 14
Montevideo 7s
8612
5412
81
8312 8214 July'23 ____
85
911
/
4 Chic Ind & Sou 50-year 48..1956 J J 82
255
Netherlands 68 (flat prices) _ _1972 M 8 102 Sale 10158 102
1
4 June'23 ___
97 102 Chic L S & East 1st 434s....1969J 13 8614 --- 88/
8634 90
1940 A 0 110 Sale 110
Norway external s f 8s
11013 23 109 11234 CM & Puget f3d1st gu 48_ _ _1949 .1 J 59/
884 6818
i
60
1
4 Sale 594
1952 A 0 9712 Sale 9712
98
98
65
70/
1
4 704
7312 37
72/
1
4 7212
97 100 Ch M & St P gen g 48 Sec A.e1989 J J 72
9623
Panama(Rep)53s Tr rects-1953 J D 9612 Sale 9612
6312 6438 July'23 ____
97
97%
2
,..
82
654
el989 J .3 62
General
B.
_
gold
3%8
Mr
Porto Alegre (City of) 85_ _..l961 J D 95 Sale 95
7812 8378
5
81
93
9912
„
95 '
C___.e1989 J J 8012 8134 8012
General
434s
Series
Queensland (State) ext s f 75_1941 A 0 107 Sale 107
10714 20 10534 10912
1
4 Sale 56
56
6234
57/
1
4 54
_a2014 A 0 56/
Gen
St
ref
4%5_
Series
A
1947 F A 101 10117 101
25 100 10234
102
25-year 138
1
4
62/
1
4 70
6412 63
a2014 F A 6258 Sale 62/
Gen ref cony Ser B 5s
1946 A 0 94 Sale 917a
7
95
Rio Grande do Sul 821
611
/
4 68
63/
1
4 81
1932 J D 6158 Sale 6158
Convertible
917
s
9914
045
48
go
97
3
9211
Rio de Janeiro 25-year s f 88_1946 A 0 9134 Sale 9134
7912 55
76
84
19253 D 78 Sale 78
1947 A 0 9134 Sale 9112
9218 43
88
5938 18
58
54
9014 971z
6312
25-year debenture 48
1934 J J 5718 59
lo
1952 M S 9678 Sale 9678
98
San Paulo (City) 5 f 85
9734
98
96
98
5
973
4
96
/
1
4
J
J
_1926
&
Mo
Riv
Div
5s_.
Chic
953
4
993
4
San Paulo (State) ext 33 f 88_1936 .1 J 99 Sale 99
9914
5
9512 100 Chic & N'west Ext 4s..1886-1926 F A 9514 96
9512 July'23 __
9458 96
1942 J J 8614 Sale 8614
87
Seine (France) ext 7s
76
9512 June'23 ___ _
76
9514_
90
93
3
8
9512
F
A
1886-1926
Registered
69
1
4
69
Serbs. Croats & Slovenes 83_1962 MN 6734 Sale 67/
- 7012 July'23 ____
72 -72-78
5312 7812
7014 77
1987 51 N
General gold 334s
1936 M N 83 Sale 8238
Soissons(City)65
83
33
___
__ _
6612 85
____
Dec'22
7318
4
693
Q
F
p1987
3
D
1939
105 Sale 10434
43 10312 106
105
Sweden 20-year 68
8318 -8312 8378 July'23 ____
80/
1
4
'
87
General
neral 4s
1987 M N
31 114 11914
1163
Swiss Confereen 20-yr s f 88_1940 J .1 11614 Sale 116
84/
1
4 79 July'23 ____
MN 83
Stamped
48
1987
79
97
14
M
of
1912
761
S
loan
10
7618
/
4
58
76's 76
Tokyo City
1
4
General 55 stamped
1987 M N 101 10114 10114 July'23 ____ 10034 105/
13
1031
Uruguay Republic ext8s_ _1946 F A 102 103 10234
9914 107
Sinking fund 68
1879-1929 A 0 10034 105 108 July'23 ____ 10112 10814
111
A
0
1945
85
113
I
4
1103
8
1101
s
of)
(City
Zurich
10
79
13s 171373784
_ ___
/
4 Apr'22 ____
_ 1011
Registered
1879-1929 A 0 9914
335=3
97 1-0013
1
4 -9912 97 July'23 ____
Sinking funds,
1879-1929 A 0 97/
Railroad.
__ 9712 Mar'23 ___
96
Registered
A
0
1879-1929
9712 971g
J
D
..1943
03
/
1
4
95
58...
____
9412
July'23
A
cons
Ala at Sou 1st
9212
96
Sinking
974
100
fund
deb
100
100
1111
N
55
1933
97 10114
5
____
997
8
____
July'23
Ala mid 1st guar gold 5s.._1928 MN 9934
7
98
9% 18
013
12
8
. Registered
99% May'23 __
99/
1
4 9914
1933 M N 97 100
783
4
A
0
1946
783
7934
4
July'23
---3icas
cony
dr
Soso
Alb
10-year secured 78 g
108
1930 .1 D 108 Sale 10714
2 10534 110
84
1998 A 0 82
82 June'23 -___
Alleg & West Ist g 4s gu
82 83
15-year secured 6%s g__ _ _1936 M 5 108 Sale 10712
7 106 111
82 June'23 ---90
1942 NI S 88
82
5812 90 Chic RI & P-Railway gen 48'88 J J 7883 7912 7834 10814
Alleg Val gen guar g 48
79%
6
7634 82
14
573
5712 57
/1995 Q J 57
6.585
Ann Arbor let g 4,
Registered
1
4 July'23 ____
75/
1
4 -- 75/
.1 J
75/
1
4 8034
894 137
Atoll Top & S Fe-Gen II 421A995 A 0 89% Sale 8734
84/
1
4 90/
1
4
Refunding gold 43
1934 A 0 7512 Sale 7512
7612 121
75/
1
4 83/
1
4
1
4 July'23 /
4 8712 86/
1995 A 0 861
81
Registered
88% Chic St L & N 0 gold 5s
/
4
J
D
1951
97
/
1
4 1011
1
10012
10012
10012
Sale
80
7912
80
Nov
/1995
July'23 ---7512 8212
Adjustment gold 42.....
Registered
.1 D 9512 ____ 955 June'23 _ _
9583 95%
80/
1
4 34
11995 Nov 8018 Sale 8018
Stamped
7684 8278
Gold 334s
1951
76
__
J
D
78%
___
78%
May'23
7911
82
J
D
1955
8218
July'23
8212
78
821
-22
Cony gold 433 1909
Joint
2
(Ant 1st ref 55 Series A _ _ _1963 J D 93/
1
4
/
4 97/
1
4 -9-514 95
911
9512 13
8212 82
1955 J D 82
8214 09
Cony 43 1905
76
8212
Memph Div 1st g 48
80
83/
1
4
1951 J D 7614 8212 80 June'23 _ _ _
1
4 ____ 99 May'23 ---97 10414 C St L & P 18t cons
Cony 48 issue of 1910.- - _1960 3 D 75/
8
100
38
997
__
June'23
A
0
g
5s_
_1932
1003
4
___
9912
94
M
5
_1928
9412
943
4
July'23---9334 9612 Chic St P M dc 0 cons 633
East Okla Die 1st g 45._ _
1930 2 D 1043 1-0512 10512 10512
1 1041
/
4 1071
/
4
8012 797 July'23 -Rocky Mtn Div 1st 45. -.1965 3 J 78
7712 83
Cons 833 reduced to 334s_19303 D 91_ 9212 Mar'23 __9212 021/
83
1
Trans-Con Short L 1st 454958 J .1 824 8312 83
8114 8634
Debenture 58
9512 20
1930 M S 944 -9612 9514
92% 9634
____ 91
Cal-Ariz lst&ref 4%s"A"19621M s 91
9158
8712 100 Chic T II & 80 East lot 55 1960 J D 82 Sale 81
3
7618 8272
20
82
o price Friday; latest bid and asked, a Due Jan. 8 Due April, e Due May. g Due June. h Due
July. 5 Due Aug. o Due Oct. p Due Nov. f Due Dec. a Option sale.
High No.
Ask Low
Bid
U.S. Government.
First Liberty Loan-100122
D
.1
10011
/
42 1007
100102:Sale
1932-1947
334% of
J D 98,
n 981,22 981522July'23 - --Cony 4% of 1932-1947
J D 98322 Sale 98882 98:342 246
Cony 43% of 1932-1947
J D 97108298108, 971 32 July'23 ---2d cony 4,4% of 1932-1947
Second Liberty LoanM N 98122 Sale 9842 98822
7
1927-1942
4% of
/
42 9811
/
42 2954
MN 98124 Sale 981
Cony 4% of 1927-1942
-L
Third Liberty Loan
M S 98282: Sale 988182 981082 1581
434% of 1928
Fourth Liberty LoanA 0 9842 Sale 98,22 981,42 2408
4M% of 1933-1938
/
42 Sale 991322 991722 890
A 0 9931
Treasury 434s 1947-1952
81930 Q J --------10414 July'23 ---25 consol registered
--__ 103 July'23 ------Q
J
81930
25 consol coupon
1925 Q F --------102 July'23 ---45 registered
1925 Q F --------10312 May'23 ---4s coupon
panamn canal 10-39-yr 25._11936 Q F --------100 July'21
9312 ____ 9412 Apr'23 ---1961 QM
Panama Canal 3s gold
1961 Q M --------9314 June'23 ____
Registered
Low
-.
422
BONDS
N. Y. STOCK EXCHANGE
Week ending July 27.
New York Bond Record—Continued—Pne 2
t
t
Price
Friday
July 27
Week's
Range or
Last Sale
Bid
Ask Low
High No.
90 Sale 89
16
90
99 Sale 9832
9912 26
1141 1 115 11414
I
11414
10458
105 Apr'23 -711. Sale 704
7178 101
102 10214 102
102
19
9414 9678 9658 July'23
88 Mar'17
87s 8934 87 July'23
8604
_
88 June'23
8418
9012 Oct'22
844
8414 June'23
1
9414 100
9714
9714
9414
9012 Jan'22
781 1 79
7814
7914 10
9114 9178 9112
9478 42
9514 10012 9558 June'23
102 Sale 101
102
104
10134 Sale 10212 10212
1
85
88
84 July'23
7552 7812 77
2
784
7712 78
7712 July'23 _ -7912
84
Apr'23
8158 8212 8158 June'23
10212 10612 10412 June'23
96
98
9412 July'23
9278
9212 June'23
93 Mar'22 _ _
94!., 96'4 91 Nov'21 _
9412 9612 104 Dec'15 -7714
9612 Feb'12 -7958
_ _ 9018 Dec'12
7914
67
Jan'21 9038 92
9018 July'23 _10234 Sale 10218
10234 23
054 118
9512 Sale 95
7818 81
804 June'23
92
9214 9178 July'23
8158 Sale 8158
8212 55
77
_
78 July'23
77
76 July'23
86 Sale 85
8614 50
10212 Sale 10212 103
2
9118 June'23 -8458 Sale 8458
8558 45
92 Sale 92
9258 20
100 10114 9978
10034 25
1074 109 10814
2
10814
8878 _ _
87 May'22 - 74 Sale 74
72
74
771
. 78
7714
78
12
86
31
8614 85
86
4518 Sale 45
4658 10
4912 Aug'20 - 4214 4512 4718 June'23
4358 49
4212
2
4212
4358
4612 July'23 - _
4214
46 June'23
4312 51
46 June'23
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 27.
Price
Friday
July 27
Week's
Range or
Last Sale
g'71
Range
Since
Jan. 1
High No, Low
High Illinois Central (Concluded)
Bid
High
Ask Low
Purchased lines 3345
1952'7' 7558 7812 76 June'23
9258
76
79
Collateral trust gold 4s__ _1953 MN 80
7734 83
8034 13
10012
8032 80
Registered
7632 7814
1953 MN
11514
7632 July'23
Ref 55 interim ctfs
98 10038
994 32
1955 MN 9978 Sale 9912
105
15-year secured 5345
1934 J J 10212 Sale 10012
10212 49 100 10272
754
2 10718 111
15-year secured 634s g__ _1936 J J 10818 10934 10934
10314
10934
Cairo Bridge gold 45
8232 87
1950 J O 8312
97
8312 June'23
Litchfield Div 1st gold 38_1951 J J 6618 -76- 71 June'23
6938 73
7212 7972
Louisv Div is Term g 3345 1953 S i 7212 747 7212 July'23
8-1T1i2 8934
Omaha Div let gold 35._ _1951 FA 6712 6734 6952
8618 88
6734 June'23
71
68
St Louis Div & Term g 313_1951 J J 6812
70 June'23
Gold 334s
80
1951 J J
75
7238
-iii2 -464
75 May'23
Springf Div 1st g 334s.....1951• J
99
7258
97
7812 July'22
83
Western Lines 1st g 4s-- —1951 FA so
50
8312 83 May'23
1951 FA
Registered
76
82's
92 Nov'10
1940 AO 8334
9014 9312 Ind B & W 1st peel 4s
-85- 17-1-2
_
83 June'23
1950 S i 82 16
9558 100 Ind Ill ac Iowa 1st g 43
8318 8578
8312 June'23
1965 J J 9714 98
100 102 Ind Union Ry Is A
95 100
97 July'23
10012 10212 lot & Great Nor adjust Os_ _1952 J J 3678 Sale 3778
3532 4914
3734 89
1952 J J 8912 Sale 8914
let mtge 68 gUs
87
9755
8018 88
39
90
7514 7812 Iowa Central 1st gold 5s.....1938 J D 5712 Sale 5712
5712 734
7
64
1951 MS 20 Sale 20
Refunding gold 4s
40
2912 110
7472 813s
20
8212 84
8234 87
8058 8214 James Frank & Clear 1st 4s_1959 J D 8438 Sale 8438
1
8432
10318 10632
1938 J J 8712
9412 98 KaA&GRIstgug 5s
1990 AO 7712 7734 77j2
9212 95 Kan & M 1st gu g 48
2 -75
7712
2d 20-year 5s
1927 J J 954 9914 96 July'23
9575 97
KC Ft 54, M cons g 6s
1928 MN 10112 102 102
1 10012 10234
102
K C Ft S & M Ry ref g 4s__ _1936 AO 7514 7534 7512
7358 7912
754 10
KC&MR&Blstgu 58_1929 AO 92
9258 95
9312 9312 June'23
Kansas City Sou 1st gold 38_1950 AG 6612 Sale 6612
6334 6878
664 47
Apr 1950 J J 8538 Sale 85
Ref & impt Is
83
8932
8512 50
34
7658 8334
82
-56- Is Kansas City Term 1st 48.. ___1960 .1 J 82 Sale 81
Kentucky Central gold 4s_ __1987 J J
101 106
81
8378
82 June'23
9512
9434
65
92
Keok & Des Moines 1st 55..1923 AO 7012 72
71 July'23
1925 Si 10034 Sale 10034 10034
1 10034 10172
8018 85 Knoxv & Ohio 1st g 68
9034 9313
9118 97
2
874 Lake Erie & West 1st g 5s_ _ _1937
95
81
94
94
95
1941 Si 8218 8434 83 June'23
8114 86
2d gold 55
78
78
7238 7812
1997 JD 7412 76
76
8034 Lake Shore gold 3345
7534 July'23
7312 75
1997 iD
Registered
80
87
74 July'23
7238 74
92
96
14
1928 MS 94 Sale 94
9414
Debenture gold 4s
102 10512
9058 9312
1931 MN 9134 Sale 9134
25-year gold 4s
91
924
9214 69
N 9014 _ _ _ _ 8512 July'21
1931
Registered
8358 90
9184 97
2
gu g 434s__ _19405' 9152 9312 9312
90
98 Leh Val N Y
9312
9234
90
1940 J J
Registered
98 10212
9234 June'23
7618 8112
22
105 11134 Lehigh Val (Pa) cons g 4s_ 2003 MN 7738 Sale 7632
7712
924
85
2003 MN 85
4
General cons 4348
8634
8612 8612
10072 10214
72
76'2 Leh V Term Ry 1st gu g 5s 1941 A0 10212 _ _ _ _ 10112 July'23
1941 A0 9614 _ _ 113 Mar'21
Registered
764 80
8 16ii66782
88 Leh Val RR 10-yr coil 6s__n1928 MS 10178 10214 102
1023s
8018 85
45
58 Leh & NY 1st guar gold 4s 1945 M S 8012 8314 8018 July'23
9718 9953
Lex & East 1st 50-Yr Is gu 1965 AO 9712 9914 9834 July'23
81
1962 MN 8018 _ _ 82 May'23
5412 Little Miami 4s
81
45
1935 A0 10512 _ _ _ _ 10812 Nov'22
4238 ; 314 Long Dock consol g 65
4612 50 Long Isld 1st cons gold 58__ h1931 Q S 9618 _
05's 98
9712 July'23
1st consol gold 4s
131931 Q J 8758
50
46
9052 924
9218 May'23
General gold 48
1938 J D 83 16-12 81 July'23
8512
81
46
46
1932 1 D 8014
8112
8112
Gold 4s
July'23
8112
1949 MS 7514 -83 75 July'23
254 3732 3812
5
81
Unified gold 45
38
45
3812
75
1934 J D 9212 95
9314 Sept'22
Debenture gold 58
94
91
92 July'23
88---6112
7518 Feb'23
1937 MN
20-year p m deb Is
8218 8512
2
75's 75l
83
8338 83
55
70
60 July'23 ---83
Guar refunding gold 45...1949 MS -71-3j8 7878 774 July'23
65
75
60
8718 5734 8758
7
Nor Sh B 1st con g gu 5s_a1932 Q J 893
8734
93
85
9034
92
June'23
_
93
1
9912 Sale 9912
9912
9412
9814 9912 Louisiana & Ark 1st g 55____1927 MS 9312
93
49412 9312
94
0538 10034 Lou & Jeff Bdge Co gu g 4s__1945 MS 7812 7952 7858 July'23
99
9912 10034 June'23
83
77
9558 ____ 9518 July'23 ---N 102
9758 103
951s 9812 Louisville & Nashville 55_1937
102 July'23
Unified gold 45
1940 Ji 9058 -6078 9058
7
7718
764 7714 77
74
80
8714 92
6
904
Registered
1940 Ji 87
9014 9014
_ _ _ _ 904 May'23
8412 July'23
Collateral trust gold 5s__ _1931 Si M 984 9912 9814
E Minn Nor Div 1st g 4S_ _ -1948 A 0 8434
9738 10112
8412 90
2
9814
1938 MS 9038 0338 9312 June'23
1930
E Tenn reorg lien g bs
N 107 108 10034
10-year secured 75
9112 9312
10738 10 106 109
1930 J J 9818 99
9714 July'23
1st ref 5345
2003 AG 10412 Sale 10434 105
E T Va & Ga Div g 58
97 100
48 10114 10514
1956 M N
98 Sale 98
98
N 0& M let gold 6s
1930 J J 10218 105 10212 July'23
Cons 1st gold Is
10138 103
9612 9912
2
9914
Elgin Joliet & East 1st g 5s 1941 M N 9778 0011 99
2d gold 65
1930 J J 9612
9712 10112
9758 10014
_ _ 10112 Feb'23
10312 11 10212 10434
Paducah & Mem Div 4s 1946 FA 8235 88
Erie 1st consol gold is ext..1930 M S 103 10312 10312
8332 8418
8332 July'23
1996 J J 5734 Sale 5712
1st cons g 4s prior
5814 63
St Louis Div 2d gold 3s_ _ _1980 MS 59
5412 584
584 63
60 July'23
614
1996 J J 51
55
57 Mar.22
Registered
L&N&M&M 1st g 434111945 M S 924
9218 96
_ 9218 July'23
4712 322
1st consul gen lien g 4s1996 J J 4612 Sale 4638
L & N South Joint M 4s 1952 J
8034
191
.
2
75
7734 15
765s 774 7672
1996 J J
4714 June'23 Registered
Registered
131952 Q
43
7312 7312
4714
Apr'23
7312
Penn coil trust gold 4s 1951 FA -ii52 8634 85 July'23 ---82
9734
95
854 Louisv CM & Lex gold 4348_1931 M N
June'23
96
33
50-year cony 48 Ser A_ _1953 A 0 4914 Sale 4914
50
4112 52
1953 AG 4958 Sale 4958
do Series B
83
50
1934'S 98 100
4214 52 Mahon C't RR 1st Is
9812 9812
9812 July'23
Gen cony 4s Series D.._ _1953 AO 5212 Sale 5238
53
70
N 64
71
4334 5412 Manila RR (Southern Lines) 1939
63
64
85
64
1955 J J 8512 Sale 8512
8558
Erie & Jersey lots 168
6
8978 Manitoba Colonization 55._1934 J D 96
84
9532 9714
8
9713 9612
9612
85
Erie & Pitts Rug 3345 B__1940 J J 8258 8412 85
10
Man GB&NW 1st 334s
1941 J J 8134
8334 85
82
82
82 May'23
1940
.7, 8258 8412 82 Apr'23 ---Series C
82
8314 Mex Internat'l 1st cons g 45_1977 MS
77 Mar'10
Evans Az T H 1st gen g 5s..1942 A 0
1931 MS ino- -_-_-_-_ 100 July'23
---- 88 Apr'21 ---1-01---- Michigan Central 58
6912 Apr'21 ---- ---Sul Co Branch let g 5s_1930 A 0 ____
Registered
1931 QM 954 _ _ _ _ 10012 May'23
9712 1004
1924 J J
9914
9912 Dec'22
Fargo & Sou 65
1940 J J 86 Sale 86
45
884
86
1
86
'
S 9412
9412 June'23 — - - -5ii2
Registered
Fla Cent & Pen 1st ext g 58_1930
1940 ii 85
80
86
88
86 May'22
1943 .1 J 9314 96
9212. July'23 _
Consol gold 58
J L Az S 1st gold 3345
1951 SI S 7612 79
91
9334
80
80
Feb'23
80
854 July'23
Florida E Coast 1st 434s__ 1959 in 8534 87
1952
1st gold 334s
N 7758 7958 79
8512 89
774 84
79
1952 MN 6734 68
68 July'23 _
Fonda J & Glov 4345
20
-year
debenture
4s
1929
AO 9138 9214 9138 July'23
65
72
93
893
2
81 June'23
Fort St U D Co 1st g 430_1941 1 J 81
Mid of N J 1st ext 55
1940 AG
79
81
87
87
- 8814 87 Apr'23
1
100
Ft W & Den C 1st g 534s_ __1961 J D 100 Sale 100
9934 103 Milw L S& West imp g 5s 1929 FA 9958 100
9812 100
9918 May'23
Ashland Div 1st g Os
86 June'23 _ __ _
1925 MS 10012
Ft Worth dr Rio Gr 1st g 4s_ _1928 J J 82
86
85
8758
_ 10112 Mar'22
10738
Mich Div 1st gold 13s
1924 J' 10034
Frem Elk & Mo V 1st 65____1933 A0 10732 Sale 10738
2 107 109
ioois 1-6678
1004 Mar'23
G H & S A M & P 1st 5e___ _1931 MN ---_ 9812 9714 June'23
9512 9952 Milw & Nor 1st ext 434s___ _1934 J D 8712 - _ _ _ 89 June'23
8514 9212
1931 J J
Cons extended 4345
1934 J D 89
3
9612
98
2d exten 55 guar
9312 98
91
89
9152 91 June'23
I
89
Galv bus & bend 1st Ss__ A933 AO 89 Sale 89
854 8934 Mil Spar Az N W 1st gu 48_ _1947 MS 8234 8612 8612 July'23
89
84
1957 .1
84 July'23
1941 Ji 77
83
Genesee River 1st s f 6s
84
82
8858 Milw & 5 L 1st gu 3345
80
6618 Aug'21
8218
8218
1927 JD 10214 Sale 10214
82
84
Ga & Ala Ry 1st con 55_ ___o1945 J
7912 8218 Minn & St Louis 1st 78
10214
2 i1:101-4
•
j
consol
gold
58
9112
5s___
A
929
90
2
May'23
1st
1934
gu
g
9112
903
M
N
Car
&
No
1st
90
Ga
76
5018 68
68
7212 July'23
1st de refunding gold 42._ _1040 M
1946 AO 6114 6212 62
5
62
6034 644
Ga Midland 1st 3s
40
20
23 Sale 20
139
23
Ref & ext 50-yr Is Ser A 1962
9938 Sale 9932
b
9938
N
F 1614 Sale 1518
9914 9912
Gila V G & N 1st gu g 5s___ _1924
1518 3934
3212 58
M SIP & 85 M con g 4s lot gu '38 ii 8758 Sale 8758
1942 J D 9414
Gnu & Oswegatch bs
8452 9012
88
20
92 July'23 ____ -ii- -6 -1st cons 5s
1938
8712 93
Gr R & I ex lot gu g 04s_ _ _1941 J
99
_ _ _ _ 9934 July'23
98 10018
10-year coil trust 634s___ _1931 MS 10234 103 10234
16 112 115
113
Grand Trunk of Can deb 73_1940 A0 113 Sale 11234
27 10014 108
103
1936 MS 10334 Sale 10314
10378 34 10234 105
Os A
1946 Ji 10012 Sale 10012
15-years f 68
0058 1054
2
10012
1st Chicago Term s f 49_1941
10112 Apr'07
1947 J
83
Grays Point Ter 5s
8878 _ _
9212 Dec'22
MSSM Az A 1st g 4s lot gu_1926
10712 Sale 10712 10812 148 ioiT8
Great Nor gen Ts Series A_ _1936
9634 98
0618 97
9612 June'23
4
9212 Mississippi Central 1st 5s.._1949
87
8934
1st & ref 431s Series A.._1961 iS 8734 8914 894
100
8814
8814
100 July'23
M K & Okla 1st guar 5s_ _ _ _1942
1961
-___ - _ __ 90 May'23
Registered
9134 94
9134 May'23
1952 iJ 984 Sale 9814
9952 -io5
7312 8014
WI: 1238 Mo Kan & Tex—lst gold 58_1990
5345
744 Sale 7418
7434 149
6038 June'23 ---64
75 Mo-K-T Ry--Pr I 5s Ser Al _1962
Green Bay Az W deb ctfs "A"_._ _ Feb 60
60
77 Sale 7634
7434 8352
7734 130
B
4s
Series
7
7
Sale
712 18
Feb
40-year
1962
7
6112 6712
Debenture ctfs "B"
1314
64 Sale 6358
34
6412
69 Apr'21 ____
10-year Os Series C
1932
_
Greenbrier Ry 1st gu g 45.-1940 M N
9234 9634
9434 Sale 9412
9532 125
Cum adJust 58 Series A. 1967
Gulf & S I 1st ref & t g 58_1)1952 S i 8012 82 8212 July'23
4852 63
485
52
504 Sale 5012
12 if:
,
i Missouri Pacific (reorg Co)
7312 74 July'23 -_-_-_-_ -gHarlem R & Pt Ches 1st 4s_1954 MN 68
1st Az refunding 5s Ser A._1965 FA 80
8434 844 July'23 - — 8672
Hocking Val 1st cons g 4348_1999 .7 .1 84
80
86
79
8
8012 80
8034
refunding
Is
July'23
1st
&
Ser
1999
J J -_-_ ---- 8112
C 1926 FA 9512 96
8112
Registered
81
---9514 9634
2
96
96
1937 Si 9712 ____ 9712
9712
1st & refunding Os Ser D._1949 FA 93 Sale 9234
9558 9734
H & T C 1st g 55 lot gu
1
9012 99
9338 59
90 July'23 ---General 45
91
8934 93
6314
1975 MS 5314 Sale 53'4
Houston Belt & Term 1st 5s_1937 S i 90
62
132
55
98 May'23 --__
1933 MN
93
98
9514 98 Missouri PacificHous E & W 'I' 1st g 58
9318 July'23 ____
1933 MN 93
97
3d 7s 3xtended at 4%- -.1938 M N
9318 98
813
4
1st guar Is red
7912
80
82
80 July'23
87 May'23 ---87 Mob dc Bir prior lien g 514._ _1945 J
87
Housatonic Ry cons g 5s— 1937 MN 7012 85
9178 917s
I
9178
914
Mortgage gold 4s
8234 128
1945 Si 7134
764 8478
7334
70
bud Az Manhat 55 Series A 1957 FA 8214 Sale 8152
7114 July'23
6178 202
1957 AG 6018 Sale 6018
55
6438 Mobile & Ohio new gold 6s...1927 SD 102
10058 10412
____ 10058 July'23
Adjust income 5s
8812 June'23 ---1st ext gold Os
8812 9218
131927 QS
10034 10372
Illinois Central 1st gold 421..A951 J J
10158 June'23
Sept'21
8318
General gold 4s
84
J
J
1951
88
---1938 M S -73- 75
7232 7812
Registered
3258 June'23
78
July'23
Montgomery
Div
1st
g 58_1947 FA 9038 98
'
S 78
1951
8012
---- "Firs 83
90
9454
93 July'23
1st gold 3348
Oct'22
80
St Louis Div 55
80
'
S 76
1951
1927 J D 94
9512
9512 95 July'23
94
Registered
82
83 Mob & Ohio coil tr g 4s
1938 MS 75
75
7812
76
2
7612 76
Extended 1st gold 3345.-1951 AO 7712 8012 83 Feb'23 ---Mob & Mal Mt gu g 4s
79
1991 MS 814 ---- 8232 May'23
1951 AO 76
8238 8314
Registered
Mont C 1st gu g Os
1937 J J 109 110 10918 July'23
1951 MS 5112 72 8318 Mar'22 ___
10915 111
1st gold 3s sterling
Registered
1937 Si
8372
8372
1
7712 8572
13614 May'16
Collateral trust gold 45-1952 MS 8234 83
1st guar gold 58
1937 J J -5518 1-66- 9914 June'23
1952 AG
Registered
182 "P8.54
139 --ii
-ii
-814
3MN 854 854 23
1955
45
refunding
1st
this week. 6 Due Jan. b Due Feb. c Due June, 13 Due July. n Due Sept. 0 Due Oct. s Option sale.
•No price Friday; latest bid and asked
Chic Un Sta'n 1st gu 4345 A.1963 J J
1963 J J
Is B
1963 ii
1st Series C 6345
Chic & West Ind gen a 6s 21932 QM
1952 J J
45
50
-year
Consol
1935 MS
15-year s f 7345
1952 MN
Choc Okla & Gulf cons 5s
1923 MN
C Find & Ft W 1st gu 40 g
1937 ii
Cin H & D 2d gold 434s
11936 Q F
CIStL&Clstg 4s
11936 Q F
Registered
1942 MN
Cin Leb & Nor gu 48 g
1928 J J
Cin S & Ci cons lst g 58
1943 J J
Clearf & Mah 1st gu g 58_
Cleve Cin Ch & St L gen 43_1993 J O
1931 ii
10-year deb 4345
1993 J D
General Is Series B
ii
A.
_1929
Series
Os
&
1mpt
Ref
1941 J J
65 C
1939 J J
Cairo Div 1st gold 45
Cin W & M Div 1st g 4s..1991 S i
St 1., Div lot coll tr g g 4s_ A990 MN
Spr & Col Div 1st g 4s— -.1940 M S
1940 J J
W W Val Div 1st g 4s
1934 J J
CCC&Igenconsgas
Clev Lor & W con 1st g 5s._1933 AO
1936 MN
CI & Mar 1st gu g 434s
1938 J J
Clev & Mahon Vail g 5s
1942 J J
CI& P gen gu 434s Ser A
1942 AO
Series B
Int reduced to 334 _ 1942 AO
1948 MN
Series C 3345
1950 FA
Series D 3345
Cleve Shor Line 1st gu 430_1961 AO
1972 AO
Cleve Union Term 5345
1973 AO
Ss (w 1)
Coal River Ry 1st gu 4s.._ 1945 in
1929 FA
COlorado & South let g 4s
Refunding Az exten 43413 1935 MN
1948 AO
Col & H V 1st ext g 4s
1955 FA
Col & Tol 1st ext 4s
I952 J J
Cuba RR 1st 50-year 58 g
1936 J D
1st ref 7348
Day & Mich 1st cons 4348._ _1931 ▪ J
1943 MN
Del Az Hudson lizt &ref 45
1935 AO
30-year cony 56
1937 MN
5348
1930 in
10-year secured 75
1936 F A
D RR Az Bdge 1st gu 48 g
Den & R Gr—lst cons g 48._1936 JJ
1936
Consul gold 4348
Improvement gold 55....,.1928 J D
1955 FA
1st & refunding 5s
do Registered
Bks Tr Amp Ws Feb '22 mt..
Farmers L&Tr rots Aug '55_
Bankers Tr ctfs of dep
do Stamped
Am Ex Nat Bk Feb '22 ctfs_
do Aug 1922 ctfs
Des M & Ft D 1st gu 4s_ ___1935 J J
DesPlaines Val 1st gu 434s__1947 MS
Det dr Mack—lst lien g 4s__1995 J D
1995 J D
Gold 4s
1961 M N
Det Riv Tun 4348
Dul Missabe & Nor gen 5s 1941 J J
1937 AO
Dul dr Iron Range 1st 5s
1937 AO
Registered
1937 J J
Dul Sou Shore & Atl g 5s
Low
875s
97
11278
10412
70
10112
9518
423
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending July 27
s
Price
Friday
July 27
TVeek's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 27
Price
Friday
July 27
Week's
Range or
Last Sale
4,,1Q
Range
Since
Jan. 1
High
High No. Low
Bid
.Ask Low
High
High No. Low
Bid
Ask Low
2000 J D 7512 7534 753
704 78
7434 78 Peoria & East lat cons 423_ _1940 A 0 _ _ 7012 7014 July'23 ___75,2 39
J
2
21
Aprj
. 5112 Sale 2138
Income 48
21
30
Nosily Chatt & St L 1st 5s 1928 A 0 9918 997 995 July'23 - -__
98% 101
943 Sale 9438
1937 F A
95
16
928 9778
59
98 June'23 ___
98
98 Pere Marquette 1st Ser A 55 1199
N Fla & S let gu g 58
a
80
1st Series B 48
1956 J J
80
7914 86
31 Sept'22 ____
_
Nat Ry of Mex pr lien 414s_ -1957 .1 J
88
7714 8
92
1943 M N
8 27
86s 9134 8912 July'23
2734 37 -55- -E3-4 Phila Balt & W 1st g 48
-5338 -27-7July coupon on
914
54
45
94
2778 28 May'23 ---4112
.
do off
491
97:
7
28
35 Philippine Ry 1st 30-yr 5145 1937 J J 4412 Sale 4212
1977 A 0
4
944
1940 A 0 944 95 94
2618 Jan'23
General 48 (Oct on)
264 2618 P C C &St Lgu 414's A
7
9412
1942 A 0 9414
-------------------- --------Series B 4345 guar
94
9412
95
April coupon on
4:
1
Series C 4145 guar
1942 M N
9314 -9458 9414 Apr'23
2978 2912 May'23
off
do
2 2 12
1945 MN
898 89%
893 Feb'23 ____
9114
Series D 45 guar
Nat RR Mex prior lien 4%8_1926 J J__ 3814 June'23 ____ ---4013 4234 June'23 - - - - 28 -ii- Series E 314s guar gold_ _1949 F A 9058 ____ 8412 Apr'23 ____ 8412 8912
July coupon on ______________ ____ -ai" -Series F guar 4s gold
1953 J D 9138 ____ 9112 June'23 ____
91
1:
3
1
4438 M
May'23 ____
off __________________ _--_
89
8918 918
do
4488 4488
Series G 45 guar
1957 MN
9118 ___ 9118 June'23
1st consul 48 (Oct on)____1951 A0 --------28 Apr'23 -- -28
27
9218 ___ 9212 May'23 ____
9212 9458
Series I cons guar 414s._ _1963 F A
2612 june'23 ____
_
___
April coupon on _____________ ____
2412 2612
Series J 4148
off
94
1964 M N 94 Sale 9212
921 r
-8
28
318 -2-778
do
- 2712 June'23 _ _ _
'
3
31,8 37
ili2
24
2812
1954 M N
General 55 Series A
1970J D 9612 Sale 96
Naugatuck RR 1st 4s
6818 May'23 - 6818 6818
1945 J 1
01928 A 0
90
New England cons 5s
99 Nov'22 _ __ _ ____ _ -- _
9012 Mar'23 _
9012 Pitts & L Erie 2d g 58
1945 J .1 70
J
.1
McK
&
Y
1st
gu
6s_
_
_1932
Consol 48
____
Dec'22
103
Pitts
754 June'23 _ _
____ 105
74% 754
____ _ _ _ _
1934 J J 9912 __ 9514 June'20 ____
NJ June RR guar 1st 4s_ _ 1986 F A 77% - - - - 82
2d guaranteed 68
Jan'23 -_
82 82
1940 A 0 9712 foo
8112 Pitts Sh & L E 1st g 55
NO & N E 1st ref & Imp 4145A'52 J J 7914 Sale 7858
994 June'23 ____ -5ii4 1-0077
8
7934
9814
4s_
_
_1953
J .1
1943 J J
1st consul gold 5s
7478 Sale 7418
New Orleans Term 1st
100 Feb'23
8
754
100 100
7318 7934
98 June'22
99
N 0Texas & Mexico 1st 65-1925 J D 10078 10114 10114 July'23 ____ 190 10112 Pitts Y & Ash 1st cons 55-- _1927 MN
1935 A 0 7512 Sale 7512
Non-cum income 55
35 June'23 _
40
76%
84 Providence Secur deb 4s__ .1957 MN
7
-53- 385S
75
1956 M 5 7518
N & C Bdge gen gu 43 5_ _ _ _1945 J J
8888 Feb'18 _
894 9912 Providence Term 1st 4s
9012 May'23 ____
9018 92
1997 J J 8714 Sale 8714
1935 A 0 91%
NYB&M B 1st cons 5s
172 -35i8 -ii88
93 June'23
94 Reading Co gen gold 48
93
J J 8618
M N 104 Sale 104
8534 July'23
Registered
10478 459 101 10614
N Y Cent RR cony deb6s...19351997
8012 86
1998 F A 8212 Sale 8218
79
88
44
88
87
8712 8714
Certificates of deposit
Consol 45 Series A
43
83
7638 83
Jersey Central coil g 48_ _ _1951 A 0 8188 82 82 July'23 ____
Ref & Impt 414s "A"..-2013 A086
80
86
844 88%
8678 17
9614
1941 MN 10812
2013 A 0 5
Sale
e 9534
Ref & impt 5s
482
9934 S
9278 984 Renss & Saratoga 20-yr 6s
1927 A 0 9734 9814 9818 Jijne'23 __ __ "Frit -08-1NY Central & Hudson RiverRich & Dan 55
s.
72 Mar'23 ____
1948 M N 6888 70
72
72
10
74
J .J, 73% Sale 7314
Mortgage 3145
BN .j.
72
775 Rich & Meek 1st g 5s
9612 June'23 ____
9712 100
J J
9612 100
7112klay'231952
Registered
7112 7112 Rich Ter 55
83 • July'23 ____
1934 M N 89 Sale 89
90
83
85
1939 J 0 83
8812 9188 Rio Gr June 1st gu 58
20
89
Debenture gold 4s
1934 m N
9 June'23 ____
312 9
1940 J J
9
9
_
8912 Mar'22
Registered
__ Rio Gr Sou 1st gold 48
1942 .1 J 86
318 11
12
1940 J J
34 July'23 ____
____
Guaranteed
8678 19 -5412 -9014
87
30-year debenture 4s
8588
7112 78
3
775
775 Sale 7112
1939 J J
6812 76 Rio Gr West 1st gold 48
7134
7218 12
71
72
Lake Shore coil gold 334s-1998 F A
1998 F A
6178 31
__ 6914 July'23 - -__
604 68
Mtge & coil trust 4s A_ __.1949 A 0 6178 Sale 6114
6914 73
Registered
7618 21
724 81
7214 7414
7212
Mich Cent coil gold 335..i998 F A 69187212
7114 77 RI Ark & Louis lst 414s_ __ _1934 M S 7518 Sale 754
5
1998 F A 691949
70
74
J J 65
70
70
Jan'23 ____
Rut-Canada 1st gu g 48
70 Apr'23 _
Registered
80
8012
7612 ___ 80 Apr'23 ____
1941 J J
8
70
378 9
70
514 Rutland 1st con g 4145
87 July'23 - -__
1,
,
3 g 861s 88
NY Chic & St List g M
IM ,
1947 J J 6918 -74
6914 7534
6914 June'23 ___ _
8612 June'23 Registered
8612 8612 St Jos & Grand 181 g 45
9212
91
Apr'23 ____
1931 M N 86
1996 J J 8818 93% 91
87
834 887s St Lawr & Adir 1st g 58
87
3
87
Debenture 45
1931 M N 100 Sale 997
1996 A 0 971g 9978 9812 July'23 ____
9538 9812
2d gold 68
10088 49
98 101
2d 68 A B C
87
90
1931 J J 8912 90
87
90 June'23 ____
8534
8614
3
N Y Connect 1st gu 4345 A 1953 F A 86
84,8 8878 St L & Cairo guar 6 45
s
N13
714 N
9512
87 July'22 __
6
St L Ir M & S gen con g 55_ _ _1931 A 0 9478 Sale 9478
NY & Erie 1st ext e 48
945 9912
939
1 A 0 --------102 July'14 __ __
- __ -53- -0012
Gen con stamp gu g 58_ _ _ 192
3d ext gold 414s
1930 A 0 --------93'8 July'23 ____ _
854 19 -5514 -8.1i7e
8434 Sale 8434
J J
Unified & ref gold 48
4th ext gold 58
9318 94
1928 J D 91
79
7
1933 M N
9434 Nov'15 93
53
77
76 Sale 76
my & G Div 1st g 45
98
7412 9
5th ext gold 45
1946 M N 814 90
974 July'23 ___ _
72 July'23
99
N Y & Green L gu g 55
-ii- -ii- St L M Bridge Ter gu g 55_ _ _1930 A 0 96
2000 M N
7434 841 7312 Mar'23 - - - 6734 137
65
70%
7312 7788 St L & San Fran (reorg Co)4s_'50 J .1 6714 Sale 6714
N Y & Harlem g 3%5
1950 J J 8112 82
Prior lien Ser B 5s
80
8112
8214 34
9984 100
9934 June'23 ____
NY Lack & Western 58._ _1923 F A 9934 100
854
1930 M S 103
1928 J J 9912 Sale 994
_- 103 June'23 - --_ 103 10312
31
100
Prior lien Ser C fis
97 1004
NY L E & W 181 78 ext
1943 J J 99
1942 J J 9012 911. 9012
8734 93
7
9114
9812 June'23 - _
Dock & Imp 55
94
9812
514s
1932
F
A
0
6s
._
_
_51955
A
7412 Sale 7412
9614 99
Cum adjust Ser A
NY & Jersey 1st 55
7588 111
7012 80
9612 July'23 ---9434 9812
51960 Oct
6788 267
6578 Sale 653
Income Series A 68
58
91 July'23 ___ _
N Y & Long Br gen g 4s__ _1941 M S
684
1 10212 10388
103
NY NH & Hartford---- ---- St Louis & San Fran gen 68_ _1931 J J 10255 103 103
1954
A 0 36 Sale 36
1931 J J 9712 100
9712
9712
39
95% 99%
1
General gold 55
Non-cony deben 3148
36 47
8
1947 M S 39
48 June'23 _-__
47
Non-cony deben 45
8212 8212
St L & S F RR cons g 48_ _ _1996 J J 8212 ____ 8212 Apr'23 ____
4734 49
91
91
44
Southw Div 1st g 58_ __ _1947 A 0 8512 ____ 91 June'23 ____
44 June'23 --__
Non-cony deben 3148_ _ _1947 M S 36
4312 48
3812 804 s4 L pee & N W 1st gu 58._ _1948 J J
36
10034
10112
9914 103
8
1955 J .1 3914 36
39
Non-cony deben 45
1956 M N 40
1931 M S
8612 8612
8612 July'23 ____
512 90
41
Non-cony deben 45
3918 July'23 ---38
41 St Louis Sou 1st gu g 4s
2
7512
1956 J .1 3618 3612 36
7234 7834
7518
75
76
Cony debenture 314s
3612
8
34
4612 St L SW 1st g 48 bond ctfs_ _1989 M N
1948 .1 J 5458 Sale 5414
6714
3 664 7012
Cony debenture 68
2d g 4s Income bond ctfs_p1989 J J 6714 68 6714
5588 49
7314
52
7614 12
1932.5 D 7518 Sale 75
1957 MN 30
7312 7838
314 3110
Consol gold 45
32
4% debentures
30
4234
9
7412
75
1925 A 0 _5_9_ 62_14_ 4
75
7
75 European Loan
734 8212
1st terminal & unifying 58_1952 J J 74
53
834 July'23 -- -544 8134
July'23
1925 A 0 5734 Sale 5712
7418 8112
____
75
F
A
4%8_1941
75
List
K
C
Sh
Francs
Paul
&
5812 200
758
St
53
7112
1933 J J 9134 9314 9134 July'23 ____
9114 93
Cons Ity non-cony 45.. _ _ _1930 F A --------44
4014 4612 St Paul 131 & Man 48
Apr'23 ____
1954 J .1
__ 10734 July'23 ______ 107 10914
1933 J .1 10418
55
Non-cony 45
1st consul g 66
5012 Dee'22
99 Sept'20
1933 J J 1024 1-1-0
Non-cony deben 413_ _ _ _1955 J J
Registered
-3 -,-Ii- lc
43
5
1933 J J 9534 9614 95 July'23 _ ___ -334 -9-11-2
49 Dec'22 ____
Non-cony deben 4s_ _ _ _1956 .1 J ____ -4-8
Reduced to gold 4148
___
_
._1927 A 0 971
1933 J .1 9512 _ _ 97 Aug'22
NY & Northern 1st g 5s_.
Registered
- 9938 June'23
-534 -Ws
8918 -93_____
1937 J D 90 -91- 90 July'23 ____NY 0& W ref 1st g 45_ _.41992 M 5 62 2-627
Mont ext 1st gold 4s
-- 8 6234
6278 10
6112 7078
1937 J D 864 ____ 80 Mar'21 _ ___
Registered
Registered ¢5.000 only _ _21992 131 S --------59 Nov'20 ____
85 July'23 ___ _ -5.
1940 J J 83
1955.5 D 5614 Sale 5611
4- -igPacific ext guar 45
General 48
57
9
1942 A 0 65
__ _ 83 Aug'13 ____ -'3
22
73
N Y Prov & Boston 48
7114 7534
?-_ I6_5-8_ S A & A Pass 1st gu g 4s_ _ _A948 J J 7155 Sale 71%
97
99
97 May'23 ____
1942 M S 96% 98
NY & pu 18t cons gu g 4s_ _ _1998 A 0 8034 -8814 8212 July'23 ____ -8512 -8-234 Santa Fe Pres & Ph 55
1927 M S 96
95 Apr'23
11
81
1950 A 0 80$8 8112 80%
7812 834
N Y & R B 1st gold 55
95
95 San Fran Terml 1st 45
1937 J J
107 July'23 ____ 107 107
5511 5512 5512 July'23 ____
1934 A 0 10714
NY Susq & W 151 ref 5s_
51
60 Say Fla & W 65
993 9934
1937 F A 4214 45
9934 July'23 ____
A 0 9984
45 June'231934
26 gold 4145
5s
4458
42
1940 F A 4112 Sale 4112
8512 89
2
8512
8512
General gold 58
8458 8714
49 Selo V & NE 1st gu g 48_ _ 1989 131 N
1
412
1
41
1943 MN 76
- - 84 June'23-535
8
535
8
Sale
A
0
1950
Terminal 1st gold 5s
53
58
3
535
8
Seaboard
Air
Line
g
4s
93
5
8
84
35 Sale 3412
N Y W'ches & B 1st Ser I 4148-'46 J J
Gold 4s stamped
55
1950 A 0 5412 5512 5412
52
58
12
80
32% 5014
36
Norfolk Sou 1st & ref A 55._1961 F A 6212 Sale 62
2818 Sale 284
01949 F A
2234 3212
2912 214
Adjustment 55
62$4
4
6114 71
Norfolk & Sou let gold 5s_ _1941 M N 8734 8918 90
90
39
46
4312 25
Refunding 45
1959 A 0 42 Sale 42
3
8878 9314
Norf & West gen gold Bs__ _ _1931 M N 10658 _-- - 10612 10612
58% 68
1st & cons 68 Series A_ _ .1945 kl S 6334 Sale 6334
6434 119
1 106 10812
____ 110 Mar'23 __
1934 F A 108
Improvement & extg
5
97
94
23
6 J ./ 97 Sale 97
9334 971
110 110 Seaboard & Roan 1st 58_19
3812 3711
___- 107 May'23
New River 1st gold
1932 A 0 107
J D --------3613 June'23 _-__
10634 107 Sher Sh & So 1st gu g 5s
N St W Ry 1st cons g 48.-1996 A 0 8988 Sale 8914
__ 9978 May'23 __ _ _
1936 F A 97
8514 934 5 A N Ala cons gu g 5s
8934 84
98 10114
Registered
1996 A 0 8314 --- 85 July'23 ____
Gen cons guar 50-yr 58_ _ _1963 A 0 9618 -9-9
85
90
9612 994
9834 June'23 ____
Div'l 1st lien & gen g 48_1944 J .1 88 -8914 8634 July'23 ____
8238 87 So Pac Col 45 (Cent Pac col) _k'49 J D 8014 Sale 804
7712 85
47
81
10-25 year cony 4148._ _1938 M S 1024-- 102 July'23 __
9214 67
21929 131 5 9158 Sale 91%
20-year cony 4s
102 108
9014 9255
108
1
09
10-year cony 65
1929 M 5 10712
10812
1934 .1 D 992g 100
4 107 1173
9814 10212
9912 10012 14
20-year cony 55
Pocah C & C joint 45.-1941 J D 8512 8615 8534 July'23 __
8458 8912 So Pac of Cal-Gu g 5s
1937 M N 9714
_ 10114 July'23 ____ 101 10112
85
North Ohio 1st guar g 5s_ _ _ _1945 A 0 79
79 July'23 ____
79
83 So Pac Coast 1st gu 45 g_ _ _ _1937 J J 877 8914 8814 June'23 ___88,4 89,8
Nor Pacific prior lien 4s
1997 Q J 8375 Sale 8312
84
1955.5 J 86 Sale 8618
83
8812
95
87
8134 87 So Pac RR 1st ref 45
92
Registered
1997 Q .1 8114 83
8114 July'23 ____
81
8312 Southern-let CODS g 5s
_1994 J J
66
96
9555 Sale 9514
924 98,4
General lien gold 3s
02047 Q F 6014 Sale 5910
Registered
1994 J J ____ 9312 93 May'23 ____
6014 66
624
904 9384
59
02047 Q F 5618 5978 60 June'23 ____
Registered
6614 6912
6778 168
Develop & gen 45 Ser A_ _ _1956 A 0 6738 Sale 6712
5812 60
Ref & impt 4148 ser A__ _ _2047 J .1 8488 85
85 July'23 ___ _
6345
8234 90
133 100 102
1956 A 0 10178 Sale 10058 102
6s ser B
2047 J J 10718 Sale 10678
90
97
Mem Div 1st g 4345-58- A996 .1 J 9334 95
108
2
9334
9334
14 106 1093
58 C
2047 J J 94 Sale 94
95
St Louis div 1st g 4s
7514 81
9212 100
10
1951 J J
7812___ 7814 July'23 _-__
9334 Sale 9334
53 D
2047 J .1
947 224
97
8
9814
9814
9814 -99
9934
924 9914 So Car & Ga 1st ext 5145_ _ _ _1929 M N
89 Feb'23 - --_
St Paul-Duluth Div g 4s_ _1996 J D
8134 8312
8134 16
89 Spokane Internet 1st g 58... _1955 J J 8234 ____ 815
89
St Paul & Duluth 1st 58_1931 Q F 994 ___- 987 Jan'23 ____
9812 9878 Staten Island Ry 4345
Oct'20 __ __ ---- ---80
1943 .1 D
__ 10910 July'23
1st consol gold 48
1968 .1 D 7914
844 8414 Sunbury & Lew 45
8718 ____ 92 May'22 ____ ---- ---J J
1101936
1933 J J 10814 110 110
Nor Pac Term Co 1st g 68
1 108 110 Superior Short List 5s g._ _01930 M S 96
___ 95 May'18 ____
1938 A 0 9814 ____ 100 June'23 i i i i 100 102 Term Assn of St List g 4148_1939 A 0 9114 9414 0212
No of Cal guar a 55
1 -oe- -iii9212
1930 .1 J 10238 ,- 100 June'22 _ __ _
North Wisconsin 1st 65
9588 99
1st cons gold 5s
9558 9714 9588 July'23 - -- 1944 F A
Og & L Cham 1st gu 45 g_ _1948 J .1 6334 -6-7
70 June'23
82 4
TZ
Gen refunds f g 4s
7954 ___5_
79
1953 J J
7934 79
1943
89
_
Conn
Ry
48
M
S
Ohio
8614 Apr'23 ____ -841-4 -8
__ ______ 8812 9058 May'23
i6
1-3-4 Tex & NO con gold 58
1936 .1 D 95 -97Ohio River RR 1st g 58
_ 334 Dec'22 - --M S
j
1943 'T
9512 9818 Texas & Okla 1st gu g 58... _ _1
_ 99% Teal7
1937 A 0 94
General gold 58
,.."
9338 28
984 9812 Texas & Pac 1st gold 55
r:2:
1 ___ _
2000 J D 9234 -9-3-12 9318
1927 J .1 99 -9912 9914
_ -4
5091r2
a -54
'Ore & Cal 1st guar g 5s
151C54 May'23
7
9912 12
2d gold Income 5s
9888 100
.72000 Mar 57
1946 J D 8614 Sale 864
Ore RR & Nay con g 40
88,2 92
---6
8812
8614
La
Div
B
L 1st g 58
8434 88
1
1931 .1 J 8812 Sale
9634 9834
Ore Short LIne-lat cons g 58_'46 J 3 101 10234 10212 10212
9812 9712 May'23 ____
99 19412 Tol & Ohio Cent 1st gu 58... _1935 J .1 96
5
1946 .1 j 10218 Sale 10218
Guar con 58
9214 96
10234 26
9312 Apr'23 ____
Western Div 1st g 58
997 105
1935 A 0 9312 97
1929.5 D 9214 Sale 9134
8
30
7% 9
Guar refund 4s
32
1%
_ 8938 July'23 ____
9212 27
1938 J 0 9012
904 924
General gold
June'23 -___
Oregon-Wash 1st & ref 48._ _1961 J J 7934 Sale 7934
7812 82 Tol Peo & West58
8088 76
4s
77
20
9318
75
Pacific Coast Co 1st g 5s_ _ _1946 J D 75
95
75
75
2
Sale
2
7958 Tol St L & W pr lien g 3%6_1927
.
F
1
9
.1 .31
5j
6818 75
8418 July'23 - -__
Pee RR of Mo 1st ext g 48_ _ _1938 F A 8518 88
7034
50-year gold 4s
84
1950 A 0 70
8658
1938 J .1 9418 96
:ii -__-__-___-_
lY
9514 984
F1:410
uan
95 July'23 __
2d extended gold 5s
95
97 Tol W V &0 gtI4148 A
1931 J .1
9514 964
90 June'23 --__
Paducah & Ills lst s f 4148__ -1955 J .1 8858 91
Series B 41421
90
91
J
J
1933
7314 Sale 7212
Paris-Lyons-Med RR 65_ _ _ _1958 F A
_ 86% Nov'22 _ _ _ _
7358 90
Series C 48
6614 7812
51 S 8538
1942 M 5 14 ao
a,
..... "1
...-4
9778 Tor Ham & Buff 1st g 48_ _ _51
PaulLsta RY 75
95
3
194
946
2 J D 80' i3-14 8014 July'23 _ __ -iii2 -ii9418 May'23 ____
Pennsylvania RE-Cons 5 45 1943 M N 8812 8988 895
94
9512
8858 934 Ulster & Del 1st cons g 5s_ _A928 J D 944 95
9018
2
8814 93%
1948 M N 8814 90
_4
_
4 _1_2
9
'
2213
71054 Mar
8812 July'23
66
70
9
Consol gold 4s
1st refunding g 48
9112
A 0 9620
8714
1952
_
o
.
is
-88
Sale
stamped
88
4s
1
85
90 Union Pacific 1st g 45
May
1
1
9
9
9
6
9
98
F
M NA
9512
gg
18
Consol 4 s
8812 92
6
90%
89t2 9858
90% Sale 90%
Registered
1965 J D 897 Sale 90
9512 95
log
9414 981s
.General 4 8
9514 Sale 9514
20-year cony 48
8578 927
11 I
19
1912
D 1004 Sale 100
1968
6
8334
1099112 50
General 5s
804 88
1st & refunding 48
98 10134
22008 M s 83% Sale 83%
1930 A 0 10855 Sale 10812 109
10-year secured 7s
100 105%
2
19 10612 11034
10-year perm secured 6s_ _1928 J J 10358 Sale Ina114
1936 F A 10814 Sale 10818
_
'
a June'23
i7 _ _ _4
15-year secured 6%5
10812 38 10638 1114 U N J RR & Can gen 45_ _ _A944 M S
1926 J _it 9834 ___ 997 Jan'23 ____
Pennsylvania CoUtah & Nor gold 55
9912 997a
9112 Apr'23 --__
4.- 1
18
2 Nov'22
90
91
Guar 3 8 colt trust reg A.1937 NI S 8414 93
14
84
1st extended 4s
1933 J J
8
86
Apr'22
3 s colt trust Ser B-1941 A A 82
1955 F A
-filg Vandal% cons g 48 Ser A
8358 8318 June'23
85 May'23 __ _ _
Guar 33.4s trust ctfs C__ -1942 .1 D 81
Consol 48 Series B
80
8318
li36 June'23 _________
Guar 314s trust ctfs D __ _1944 J D 8614 _ - 8134 June'23
34
45
3712
804 8134 Vera Cruz & P lst gu 4%8
IT411'.41
Guar 15-25-year gold 45 1931 A 0 9018 -91- 904
Apr'23
2
8914 93
_ _ _ _ -53i2 -ii12 38
904
July coupon on
NI N 84
87
8412 June'23
Guar 48 Ser E
844 903s
July coupon off
ezio price Friday: lateen bid and asked this week. a Due Jan. 8 Due Feb. v Due June. 5 Due July.
5 Due Aug. o Due Oct. V Due Nov. (DUO Dec. 3 OpUon sale.
m ez E 1st gu 3148
n
,
.1
424
BONDS
N. Y. STOCK EXCHANGE
Week ending July 27
New York Bond Record-Continued-Page 4
t
Price
Friday
July 27
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending July 27
Price
Friday
July 27
Week's
Range or
Last Sale
11
Range
Since
Jan. 1
Ask Low
High No. Low
Bid
High
Ask Low
High Ng • Low
High
98 Mar'23
9814 Denver Cons Tramw 58_ _ _1933 A 0
98
98% Mar'23
98% 9834 Den Gas& E L Ist&ref s f g 55'51 MN
-8354 90
96 July'23
9778 Dery Corp(D G)7s
1942 M S 6
744 -7134
93
- -7
8f _________
55 99
9412 92 June'23
92
9912
4
9314 Detroit Edison 1st coil tr 55_1933 J J 991 Sale 9914
02
9434 10012
7714 80 7712
7713
3
1st & ref 523 Series A
7538 81
/1940 M S
90 98
95
9412 Sale 9412
29
1st & ref 68 Series B
11940 M S 194
0
50
9012 98
33
,
1 Sa
!
9
50
5
lel2 10
93
4714
4 10455'4 "
27 101 104
9518 9512 9518
96
33 94 99 Det United 1st cons g 43s_ _1932 J J 85 Sale 85
5
82 85%
8598
8512 85%
84
8514 11
9214 Diamond Match s f deb 7345 1936 MN 105% Sale 10598 10578 23 105% 10813
83
6612 _ _
71 June'23
71 Distill Sec Corp cony 1st g 58 1927 A 0
67
4714 64
50
9514 10018 94 Mar'23
Trust certificates of deposit_ _ _
9612
50
18
0
94
52 48
49
52
47% 64
6814 79 73% Jan'23
73 4 7398 Dominion Iron dr Steel 5$_.1943J
7998 80 78%
8
7934
7712 8512
6178 6612 6313 July'23
1942 J J 8634 Sale 864
63 6614 Donner Steel 75
8718 16
84 93
71
75 7234 Apr'23
_0
_
7234 7278 du Pont(E I) Powder 434s _1936 J D 78
08
8 s_a_l_e_ 10
_4
8734 90
88
8 May
7418 Nov'22
duPont de Nemours& Co 7%8'31 MN
105% 10914
7412 84
79 June'23
-74E8 16- Duquesne Lt 1st & coil 6s_ _1949 J J 103% Sale 10314 10334 33 101 10412
9814 _ _ _ _ 983s June'23
Debenture 7345
19365 J
97% 9812
10678 June'23 _ _ 10614 10818
7814 Sale 7814
1
7814
76's 7012 East Cuba Bug 15-yr Sf g 7%5'37 M S 99 Sale 99
10012 53 94 113%
8234
_ _ 8512 June'23
8522 es% Ed El III Bkn 1st con g 4s_1939 .1 J 8712 89 8714 July'23
86
91
7612 90 8713 Mar'23
8314 89 Ed Elec Ill 1st cons g 55... 1995 J J 97 103 9912 July'23 - 9912 103
6018 Sale 6018
597 6534 Elk Horn Coal cony 65
47
61
1925.7 D
982 July'23 ____
9812 99122
96
9814 96 July'23
95% 100 Empire Gas & Fuel 7)45._ 1937 M N 9
95
112
6 8
Sale12 90%
92
91
8812 98%
75
77 75
78
8 7314 78 EqUit Gas Light 55
1932 M S
93
95
3 93 95
80 Sale 80
8014 30
1941 M S 10514 Sale 1044 106
78 85 Fisk Rubber 1st sf88
23 104 10812
9114
9112
2 91
9012 94
95 Ft Smith Lt & Tr 1st g 55._ -1938 M S 77 83 7018 Mar'23 _ _ _ _
70% 7018
80 Sale 7913
5
80
5
942 .1
01 N
.T 8914 Sale 8914
77 8378 Frameric Ind dr Dev 20-yr 7%1'
4
90
8314 9334
77
80 7713 July'23
75 82 Francisco Sugar 7%8
10014 Sale 10014
10034
3 9914 103
97
99 9834 June'23
97 99 Gas & El of Berg Co cons g 551949 J D 9138
9114 July'23 _
91% 9313
93%
99 Feb'23
3 9912 101
9838 99 General Baking 1st 25-yr 68-1936 J D 100 10112
-- 10018 10028
8914 95 95 June'23
95
952 Gen Electric deb g 3345- - -1942 F A
7838 8012
48% Sale 48%
4818
1952 M S
Debenture 58
10
70
84
2 14
1
4514 62
9913 103
63 Sale 62
63 . 3
9
57 6518 Gen Refr 1st a f g 68 Ser A._1952 F A 19
6878
98
97 101
812 Sale 971997897:42
53
53% 53 July'23
1947.7
J
50 60 Goodrich Co 6345
39 9834 10134
9934 Sale 9934 101
9912 98 July'23 _
99
98 101 Goodyear Tire & Rub 1st s f 85'41 M N 1157k Sale 11534 118
23 113% 117%
78
79
79 July'23
e1931 F A 102 Sale 102
76 .8112
10212 77
10-year s f deb g 88
9938 106
7618 79 76%
7612
6
74 82 Granby Cons M S & P con 6s A'28 MN 8812 94 88la June'23 -8812 9212
7618 7713 78
4
78
1928 M N 8812
75 80%
Stamped
92
92 June'23
92
5434 78 65 May'22
1925 M N 94 -0i7-8
Cony deben 13s
95
3 8812 100
1932 F A 91
Gray & Davis 7s
90 101
94
91 July'23 - -INDUSTRIALS
Great Falls Power 1st s f 55_1940 MN
97 100
8014 80
80
7 80
1952 J J 8014
Adams Express coil tr g 4.8_ _1948 M S 80
ay
2r:2
23
3
8012 82
hlul
8084 Hackensack Water 45
92
841 j
_ 8
9334
1
1936 J D 9334 Sale 9334
93% 90% Havana Elec consol g 5s......1952 F A 880
0
80
47
184 12
1
8134 8514
Ajax Rubber 823
29
37
:
5
4
2
8
13_
2
5
_1
1
2
e
_
8
2980
37
1
4
5
5
7
5
5
7
87 04
Alaska Gold M deb Os A_ _ -1925 M S
5
8 Havana E Ry L & P gen 55 A 1954 M S
5
612 613 July'23 _ _
1926 M S
Cony deb Os series B
96 100
5
612 Hershey Choc 1st Sf g 65._.1942 M N
9534 34
1928 A 0 9534 Sale 9514
_4
8_14
;
8
Am Aerie Chem 1st 58
8334 92
95 100% Holland-Amer Line 68 (fiat)-1947 MN
98
69
1941 F A 9713 Sale 9714
1st ref s f 7%s g
92% 95
9
9298
3
181
1,:14443
2.
JuIy849
9'
298
88
123158
213
42
969a 10434 Hudson Co Gas 1st g Se....1949 M N 8
(38
8
aa3i811
3
1
4
2
442
:
.
4.
4
8
9
929
3
087
9413 15
1933 A 0 9438 Sale 94
Ameriran Chain 65
4
26
7
9714 99
9212 9738 Humble 011 & Refining 5348-1932 J J
62% 18
50
6J
A D
o
Am Cot 011 debenture 55.-1931 MN 6314 6434 8034
9514 95%
59 8012 Illinois Bell Telephone 55w 1 194
1031
_-- 1057 Dee'22
Am Dock & Impt go 623-1936 J
Illinois Steel deb 4345
88 96%
8-90 8814
8912 40 -f-3612 107; Ind Nat G &055
1937 A 0 8918
1936 M N
Amer Republics 65
8012
_
79
79 July'23
907s 63 841s 9234 Indiana Steel 1st 55
1952 M N 10013 Bale 100
Am Sm & R 1st 30-yr baser A1947 A 0 904 Sale 90
99 10112
10012 27
1947 A 0 10178 Sale 10114 10178 86
6s B
P1935 J J
96 Nov'22
99% 102 Ingersoll Rand 1st 53
100
Amer Sugar Refining 68- _ _1937 J J 10134 Sale 10134 10214 70 10013 104 InterboroMetropcoll434s..1956 A 0
818 -119218 156
9%
5
Am Telep & Teleg coil tr 45-1929 5 J 917 92% 917
9078 9234
Certificates of deposit
88
2
Convertible 4s
1936 M S 797 9214 88
Guar Tr Co ctfs 16% stamped.....
%
5:
5944 jAuPlYr:212133
2 ---:
3
:
9
7 100
1933 M S ____ 10212 10034 102
20-year cony 435
72%
88 10212
98 Interboro Rap Tram 1st 55..1966
-135F2 6;; 8318
91
6538
884
97% 159
1946 J D 9738 Sale 97
30-year coil tr 55
97
1
Stamped
5713 7212
95 101
689
753 88
78 8
6
54
938
Sa
aa e
ee 6
53
812
116
76 11312 11712
1932 A 0
1925 F A 11518 Sale 1151
7-year convertible 6s_
5273 73%
10-year 68
85
9 82 8612
1932 M S 88 Sale 86
Am Wat Wks & Elec 55-1934 A 0 84% Sale 8438
9434
78
85
8912 54
69
27 65
19395 J 69 Sale 68
Am Writ Paper s 1 7-6s
55 8112
1
8512 Int Agri° Corp 1st 20-yr 5s....1932 M N 60
60
67 60
971 352
1953 F A 9713 Sale 971
Anaconda Copper 85
9534 9878 Inter Mercan Marines f 65_1941 A 0
75% 90%
1947 J J 83% Sale 8
1938F A 10038 Sale 10014 10034 298
9812 10434 International Paper 55
7s
81
8812
78
3%
85
50
1947 J J 83 Sale 8212
1st &ref 55 B
Armour & Co 1st real est4%51939 S D 84 Sale 8378
82 90
8134 88%
__
19265 D 10312 ___ 95 June
1947 5 D 958
_ Jeff Clear C dc 155
Atlanta Gas Light 5s
8"8:331.17
122 _31885_
34
_
30'8- July'23
D 30 -29
Atlantic Fruit cony deb 75 A_1934
8418
4013 Jurgens Wks fis (flat price)...1947 J J
76
30
33 30
31
4
26
Trust certificates of deposit_
76
391 Kansas City Pow A: Lt 55_1952 M S 9
87 91
0:: 88
Salle
e 90
7614
9
71
8
775
26
27 26
26
5
1952 M
25
44 Kan Gas & El 68
9313 9614
do stamped
Sale 9434
9514 10
943
4
99
19
1942 F A 104 Sale 104
1937 5 J 9834 Sale 9814
Atlantic Refs deb 58
9612 9934 Kayser dr Co 7s
10412 12 10218 107
15 100 103 Kelly-Springfield Tire 88... _1931 M N 1_5
076;2
19712
5 105 109%
Baldw Loco Works 1st 58.._ _1940 M N 10034 101 10034 101
26
10
;
7
13;! 107
96
90
9438 103 Keystone Telep Co let 55_1935 J J
Barnsdall Corps!cony8% A1931 J J 9438 Sale 9438
9412 July'21 - -98
71
95% 99% Kings Co El L & P g 58_ _1937 A 0
Bell Telephone of Pa 5s
1948 J J 98 Sale 9784
-9614 99
99/2 12
1997 A 0 11012
Purchase money 65
1926 J J 9914 Sale 9918
9612 100
Beth Steel 1st ext f 58
10812 11312
23 _
9
'
9
10
7'2 July
19
937
9 91
1925 M S 10398 -__ 10438 June'23 - 10438 10433
Convertible deb 6s
1942 M N 93 Sale 9218
07%
1st dr ref 5s guar A
885a
89%
8712
8812
12
9312 Kings County El 1st g 48_ _ _1949 F A 66 -6934 7038 June'23 --87
20-yr p m & imp f 5s1936 J .1
70
74
9814 61
1949 F A 66
1948F A 98 Sale 9734
Stamped guar 48
fis A
70
76
98 100
6912 70 June'23
91
1953 F A 904 Sale 901
35
5%s
7514 8015
8914 937 Kings County Lighting 58..1954 J J 71
7534 7514 June'23 -8012 80 July'23 1954J J
9513
Booth Fisheries deb 51 6s._ _1926 A 0
9513 101
Otis
7098 80
9912
8
1936 J D 100
Braden Cop M coil tr 8165..1931 F A 9938 9912 9914
9914 10212
1
9734 10014 Kinney Co 7545
94% 10
98
1'2 10
95
1'2 101
9414 94
9414 25
Brier Hill Steel 1st 5%s
1942 A 0 94
915 9838 Lackawanna Steel 55 A._ 1950 M S 89 Sale 88%
7 88
9212
89
6338 22
B'way & 7th Av 1st c g 55_1943 J D 83% Sale 63
6112 69 Lac Gas L of St L ref & ext 581934 A 0 91% 93 9112
8813 96
6
92
8514 83%
8312
2
Brooklyn City RR 55
1941 J J 80
83 88 Lehigh C & Nays f 4345 A..1954 .1 J 9118
8813 9214
9214 July'23 -__
9712
Sale
9614
9713 24
19335 .1 9838 -9834
Bklyn Edison Inc gen frs A_ _1949 J J
9438 99 Lehigh Valley Coal 5s
99 10034
- 9818 July'23 _ _
9 10012 1047
1933 J J
General 6s Series B
1930 J J 10214 10314 10178 10213
48
107%
9 105 10814 Lex Av Jr P F 1st gu g 55-1993 M S
1930 J J 10612 107 107
General 7s Series C
42 11%
2
33
1
4
°
ufy:
:
8
r16
14
8
18
'
7
3
1
4
2
5
1940 J D 10834 Sale 10812 10938 18 15
General 75 Series D
08
6 10
19
8% 1183880
938 Liggett & Myers Tobac 7s._1944 A 0 18
19 112 118%
65 July'23 -1951F A 98% Sale 9612
Bklyn Qu Co & Sub con gtd 5s'41 M N
93 9814
9714 18
1
79
Nov'23 -1944 A 0 11612 11718 11612 118
1941 J .1
1st 58
'
Lorillard Co (P) 75
24 11178 118
7114 72%
- 72 July'23 -_
1951 F A 955 96 95%
Brooklyn Rapid Tran g 58.1945 A 0 801255
79
55
96
5 93% 9742
72%
72%
1
54
79 magma Cop 10-yr cony g 75-1932 5 D 112 Sale 111
Trust certificates
21 108 120
113
62 60 July'23
1942 A 0 9838 Sale 981
.1 .57
1st refund cony gold 4s_ 20.7_
54 68 Malian Sugar 7348
16
9612 102
9898
88 8712
8712 20
cons g 45_1990 A 0 58_ 60
st Ry(NY) co
ad
nh4a
3-yr 7% secured notes • _1921 5 .1 87
0172 6
96
512 M2
84%
04 9
56% 6472
5012
0
6
503
014
3 15
1
87% Sale 8798
8734 51
20131 D
Certificates of deposit...... _ _ _
5014 66
8234 Sale 82%
84% 45
1942 M N
Ctfs of deposit stamped_
78
9518 Manlla Elec 75
98% 9834
821z
4
1950 i-W 7918 8112 82
82
1-138 8
Bklyn Un El 1st e 4-55
79 85 Manila Elec Ry & Lt a f 58._1953 M S -8
95
8'2 8
9
3
3
4
_
8
2
4
2
June
9
'
8
2
8134
8428
4
8314
24 M
A 0
S 9312 Sale 9314
1950 F A 8112 8314 8314
Stamped guar 4-55
91
96%
9312 17
8434 Market St Ry 1st cons 58._ _ 192
81
95
2
Bklyn Un Gas 1st cons g 513_1945 M N 9412 Sale 9413
9313 100
5-year 6% notes
9434 99
Ms Sale 96%
97
30
10912 10 10712 11678 Marland Oils 188 with war'nts'31 A 0 121 Sale 121
1932MN 10984 Sale 109
75
109 16184
12214
6
_3
_ r
it O
A 105 Sale 105
Without warrant attachedi9
1st lien & ref 65 Series A_ _1947 M N 10412 Sale 10418 10412 18 10014 10512
10512 41 102% 10713
1929 M N 10814 10912 10812 July'23 -10718 117
120 Sale 120
734s Series B
75
120
5 102 159
__ 91% June'23 -19325 D
do without warrants
911 9112
Buff & Susq Iron s 55
99 Sale 99'
9134 101%
8218 8514
82
82
2 80 87 Merchants & Mfrs Exch 73-1942 -15 104 Sale 10112 104
1952 A 0 91Bush Terminal 1st 4s
9938
44 115
8 95 1043s
8314
Sale
8314
8314
1
3
F
D
A
2
1955 J
8238 8912 Metr Ed 18LS:ref g 65 Ser B.11953
Consol 55
98 99%
90 8912
90
16
i0
88
7
_12 89
Building 55 guar tax ex_ 1960 A 0 89
58
5
154
4 9898
96 June'23 _
85
96
9612
9334 Metr Power 65
96 July'23 - _ _
1937 MN 9512 96
108
9412 984 Mexican Petroleum s 1 88-1936 M N
10812 32 10634 10914
Cal G & E Corp 5s
Sale 9714
9814 27
1924 F A 997 Sale 9934
997
Mich State Telep 1st 55
99% 10014
94
99
12
Camaguey Bug 1st s f g 7s_ _ _1942 A 0 98
9314 94 9234
93% 16
85
9112
8612 18
9114 97% Midvale Steel &0cony f 58 1936 M S 8598 Sale 8512
Canada SS Lines lstcoll s f 7s'42 M N 10113 Sale
10113
_ 8598 Sale 85
8 100 10312
Certificates of deposit_. 1936
8578 12 85 90
Canada Gen Elec Co 6s1942 F A 9834 Sale l00s
9834
9834
58
1926
F
A
1.
Lt
cons
g
D
&
523_1943
J
Elec
Ry
-year
9813
Sale
983
98
99
11
97
100
Milw
30
15t
9914
Tel
Dist
Cent
88
8814 99 June'23
Refunding & exten 4%5..1931 J J 893s 8913 8984
8938
2 88% 9112
9914
87
Cent Foundry 1st 5 1 65_--1931 F A 9838 Sale 9833
98%
1951 J D 9014 91
2
9034
9112
Gen 513 A
6
88% 92%
9814 10018
Cent Leather 20-year g 55 1925 A 0 120 Sale 120
127
1961
J
D
62
.1
83
Sale
B
1931
89%
823
4
55
81
8398
14
1st
85
150
Cop
1161
Cerro de Pasco
___ 92
92
2
J
9278 9434
31
92
9634 Milwaukee Gas L 1st 48..._1927 M N 94
9414 94
Ch G L & Coke 1st gu g 5s 1937
777
93147712 79
7934
fet
A
_1943
J
J
18
9498
95
1st
F
A
9412
Power
1927
954
94
Montana
93
9834
2
46
1
7814
8378
55
1st
Chicago Rys
997
3 9912 10018 Montreal Tram 1st & ref 58-1941 J J 8812 Sale 8813
1923 J D 998 Bale 998
8878 23 88 91
Chicago Tel 58
198
36
9J
A 0
J 76 Sale• 76
1932 A 0 100 Sale 99% 10014 113
7312 874
78
32
96 10314 Morris & Co Isis 1 4%5......1
Chile Copper 6s Ser A
9684 96% 968s
9612 21
83 Apr'14 _
5rtgage Bond 45
143 Mo5
98
93
513 9
9
26
Clncin Gas de Elec 1st & ref 58'56 A 0 97
97% 9714
1932 A 0 9212 93% 9212
97% 13
9213
1 "9111 WC,
1961 A 0
5%5 Ser B due Jan 1
87 --- 88
MN
88
55-1947
3
1st
cu
g
Gas
A
8934 95
Fuel
F
94
92
_1943
90%
92
1
Mu
8513
89%
_
5sCol0 F dr I Co gen s f
75 Sale 75
76
27
7922 Mut Un gtd bds ext 5% --1941 MN 9338 -___ 10112 Sept 17 _
75
Col Indus 1st & coil 58 gu- _1934 F A 9638 Sale 9814
.1
5 13
193
9511 .1
97
48.-1
30
gold
9755
guar
Elec
Wi34
Nassau
-384
1927
95
55
1st
E
Columbia GI &
96% 15
93
9534
Sale
12
1927 5 J 9613 Sale 9618
95% 97 Nat onal Acme 7548
Stamped
10
1412 1214
1214
1
97 9712
2
571495
35
4
3
9
957
3714
2 June'
994823 1214 20 Nat Enam & Stampg 1st 55.1929 J D 9
Col & 9th Av 1st gu g 58----1993 M S 92 -_-- 92% June'23
30
2J
AI N
J
95
J
9.5 Sept'22 - -93 Nat Starch 20-year deb 5s_ _ 195
92
Columbus Gas 1st gold 55_1932
70 Sale 70
70
1
97 1-61-12
9
979114
28
10
5098
15 9734
9914 21
7512 National Tube 1st 55
70
Commercial Cable 1st g 4s 2397 Q. J 85
853 85
8614 11
Tel dr Tel 5.5_1952 J D
England
9512 100
N
New
M
65...._1947
97% 99
84
894
Power
Commonwealth
Sale
100
100
100%
2
Lt
gen
434s.
_1935
.1
J
&
Ry
Orl
J
_
50
Feb'21
10112
New
9312
1937 J
Comp Asu Sara 7,4s
98
99 98
98
4
102
3 100 16461102-34
- 102
95
9918 N Y Air Brake 1st cony 68_1928 M N 102
Computing-Tab-Roc s f 6s 1941 J J 77
_ 76% June'23 -4
10
8
7613 87% NY Dock 50-yr 1st g 4s__ _ _1951 F A 79 Salo 79
7412 79%
Conn Ry & L 1st & ref g 4%s 1951 J J 70% -81- 81 July'23 1948J
1 A D
O 109% Salo 10998 107993'42
106% 11212
1951 J J
78 8314 N Y Edlson 1st dr ref6%s A.1
Stamped guar 4%8
87 Sale 8612
8714 31
NYGEL&Pg
58
9634
98
7
8413
90
D
95%
Sale
9634
100
5
1950
58
ref
&
Cons Coal of Md 1st
94 ___- 8914 July'23 1949 F A 82 Sale 82
Purchase money g 45
7
83
8913 9534
79% 8314
Con G Co of Ch 1st gu g 58._1936 J.
8914 40
8412 0212 NY Munic Ry 1st sfss A 1966 J
_ 82 June'23
76 82
1952 M N 8914 Sale 89
Consumers Power
6
100
7933-9712
96 99
- 9612 July'23
98l100 N Y Q El L & P 1st g 48_ _ _1930 F A 9614
1931 MN 9814 10014 99
Cern Prod Refg f g 58
99
1
qg lOt N Y Rys 1st R E & ref 45._ _1942 .1 .1 30
29% 3814
32
3134 July'23
1934 M N 9812 99 99
1st 25-yr s f 58
90 90
90
2
89
Certificates
of
deposit
19
2934
31
8814
95
2934 3718
Sale
4
A
293
F
1943
Crown Cork & Seal Os
87
8818 864
8834 52
a1042 A 0
30-year ad1 inc 55
94
212 Sale
82
212
338
9
2% 8
1930 J
Subs Cane Sugar cony 7s
Sale
9298
0338
9312 37
Certificates of deposit ______ _
2% 23
213 19
8712 9814
212
Vs 7%
Cony deben stamped 8%1930 1 J
10713 18 10512 10812 NY State Rys let cons 4%5 1962 M-P1 10712 10714
61 60
61
23 60 69
Cuban Am Sugar 1st con 88-1931 M S 10714 Sale
92
12
9184
1962 M N 88
634s
9113 9112
9414
9112
1
91
90
9713
Cumb T & T lst & gen 55._ _1937 J J 92
N Y Steam lst 25-yr 65Ser A 1947 MN 9212 93 9238
93
11
92
98
Due
April
June.
h
Due
d
c
g
Due
July
k
Jan
Due
May.
Due
March. e Due
Aug. 0 Due Oct. PDue Dec. 8Option sale
*No pricePriday;latest bid and asked. a Due
Bid
1926M S
Verdi V I & W 1st g 5s
1926 M S
Virginia Mid Ser E 55
1936 M N
General 5s
2003 J J
Vs & So'w'n 1st go 55
1958 A 0
1st cons 50-year 53
Virginian 1st 55 Series A_ __ _1962 M N
1939 M N
Wabash 1st gold 55
1939 F A
2d gold 58
1st lien 50-yr g term 45.-1954 J J
Det & Ch ext 1st g 55_ _ _ _1941 J J
Des Moines Div 1st g 45_1939 J J
1941 A 0
OmDlv1stg3s
1941 M S
Tol & Ch Div g•43Warren 1st ref go g 334s_2000 F A
Wash Cent 1st gold 45
1948 Q M
1924 F A
W 0& W Ist cy gu 4s
1945 F A
Wash Term 1st go 3%s
1945 F A
lst 40-year guar 45
W Min W & N W 1st gu 58_1930 F A
West Maryland 1st g 48_ _ _ _1952 A 0
West N Y & Pa 1st g 55._ _ _1937 J J
1943 A 0
Gen gold 48
Western Pac 1st Ser A 5.5.-1946 M S
1946 MB
B 65
2361 J J
West Shore 1st 45 guar
2361 .1 J
Registered
1926 A 0
Wheeling & L E 1st g 5s
Wheeling Div 1st gold 55-1928 J J
1930 F A
Exten & impt gold 55
Refunding 4s Styles A_ _1966 M S
1949 M S
RR 1st consol 45
19425 D
Wilk & East 1st gu g 58
19385 D
Will & S F 1st gold 55
Winston-Salem S 13 1st 48_ _1960 J .1
Wls Cent 50-yr 1st gen 45_ _ _1949 J J
Sup dc Dul div & term 1st 48'36 M N
19435 J
W & Con East 1st 4%s
-91is
-
___
-.
JULY 28 1923.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
425
Quotations of Sundry Securities
All bond prices are "and interest" except where marked 't"
Railroad Equipments Per Cl. Basis
Par Bid Ask
Standard 011 S
Week's
Range
BONDSPrice
5.70 5.35
ti
Anglo-American Oil new £1 *1458 15 Atlantic Coast Line 65
Range or
14
Friday
Since
N.Y.STOCK EXCHANGE
5.50 5.25
Equipment6%5
Lag Sale
100 105 110
.45.
Atlantic Refining
July 27
Z
ca,
Jan. 1
Week ending July 27
5.85 5.40
100 113 117 Baltimore & Ohio 68
Preferred
5.55 5.35
58._
&
435
Equipment
Ask Low
Co
Bid
133
127
Scrymser
100
Borne
High NO. Low
High
9418 36
0058 044 Buckeye Pipe Line Co_ _50 •84 86 Buff Koch & Pitts equip 6s_ 5.50 5.20
N Y Telep lst & gen 514%5_1939 MN 94 Sale 9318
Feb 1949 F A 10638 Bale 10614 10634 178 1034 10838 Chesebrough Mfg new 100 225 230 Canadian Pacific 4%5 dc 65. 5.50 5.25
30-year deben 5±6s
5.60 5.35
100 111 113 Central RR of NJ 65
Preferred new
20-year refunding gold 63_1941 A 0 10518 Sale 10414 10512 99 10214 1074
5.80 5.40
25 *3412 36 Chesapeake & Ohio 68
10014 28
Continental 011 new
9514 101
Niagara Falls Power let 5s__1932 J J 10014 Sale 100
5.60 5.35
01932
0
A
Co
Line
634s
*17
Pipe
10414
50
Equipment
Sale
10414
18
Crescent
68
10112
1
10414
Ref dr gen
105
5.55 630
924 Cumberland Pipe Line_100 110 113
96
2
9918
Equipment 5s
Niag Lock de 0 Pow 1st 58_1954 MN 0918 ____ 9918
1952 M 8 93 Sale 9214
50
93
91
Eureka Pipe Line Co _ _ 100 100 102 Chicago Burl & Quincy 6s_. 5.60 5.30
96
No Amer Edison tis
S
M
65-1947
5.60
6.10
5%5_
III
Light
Eastern
100
62 Chicago &
61
9312 Sale 9234
Galena Signal Oil COM9312
90 95
8
Nor Ohlo Trac &
8758 93
100 110 114 Chicago & North West 4348 5.45 5.20
9038 40
Preferred old
Nor States Power 25-yr 5s A-1941 A 0 90 Sale 8958
5.70 5.40
10034 13
100 104 106
Equipment65
Preferred new
1st d, ref 25-year 65 Ber 13_1941 A 0 100 10012 100
9838 102
5.50 5.25
Northwest'n Bell T let 78 A_1941 F A 10712 Sale 10712 10778 63 107 108
Humble Oil & Ref new.. 25 *3012 3114
Equipment6%/3
5.65 5.40
100 159 160 Chic R I & Pac 4%s & bs
103 July'23 ---North W T lat fd g 4%5 gtd _1934 J J 8934
9138 9118 Illinois Pipe Line
0
A
_1946
_
_
7%s_
5.80 5.50
Service
104
*94
10312
25
04
1
10312
96
011
4 101 108
Equipment6s
Imperial
Ohio Public
1947 F A 1004 10134 10018 10014
5.80 5.40
2 9934 10514 Indiana Pipe Line Co_ _ _ .50 •98 98 Colorado & Southern Os
71
5.65 5.35
Ontario Power N F 1st 55_1943 F A 054 9538 9478
9518 13
9234 9638 International Petroleum_ a) •1434 15 Delaware & Hudson 63
6.25 5.75
9 924 96
9214
Magnolia Petroleum_ _ _ _100 128 130 Erie 4%3 & be
Ontario Transmission 55_ _ _ _1945 M N 9238 9414 9214
1941 F A 98 Bale 98
6.30 5.75
99
5
Otis Steel 88
9712 10112 National Transit Co_12.50 •23 24
Equipment68
9114
5.65 5.35
8
9114 91
1st 25-years f g 7%5 Ser B 1947 F A 91
91
9478 New York Transit Co-_ -100 99 101 Great Northern 65
Pacific G dt El gen & ref 55.-1942 J 3 9058 Sale 9014
5.80 5.45
90713 29
8812 9314 Northern Pipe Line Co 100 104 107 Hocking Valley 65
25 *5512 5612 Illinois Central 43's & 55- _ _ 5.45 5.20
Par Pow&Lt lat&ref 20-yr bs '30 F A 9134 Sale 9134
9212
9
8978 94
Ohio 011 new
1937 3 J 96
25 *14
15
5.70 5.35
Pacific Tel & Tel 1st 55
9612 32
9613 9534
Equipment65
9434 9912 Penn Met Fuel Co
1952 M N 9078 Sale 9012
9114 39
5.50 5.25
Equipment 75 & tHis
55
88 9213 Prairie 011 & Gas new._ _100 174 177
Pan-Amer P & T let 10-yr 781930 F A 10334 Sale 10334 104
5.80 5.45
3 102 10555 Prairie Pipe Line new. A00 9913 100 Kanawha & Michigan 65
100 175 185
5.60 5.25
Pat& Passaic G & El cons 5s1949 M 8 9212 9418 94 Jan'23 -- -,
Equipment4%s
94 94
Solar Refining
Peep Ga5 & C Ist cons g 65_ _1943 A 0 _ __ 108 10613 10658
8 105 108
Southern Pipe Line Co_ _100 95 96 Louisville & Nashville 6s_. 5.05 5.35
1947 M S 8914 8912 89 July'23 -5.50 5.25
100 104 106
Equipment 13%s
Refunding gold 58
87
94
South Penn Oil
1944 F A 10014 Sale 10014 10034 40
5.50 5.25
Philadelphia Co 6s A
9818 10112 Southwest Panne Lines_100 80 82 Michigan Central 5 dv 6s_
1943 M 9 71 Sale 70
73
47 651s 8234 Standard Oil (California) 25 .4818 4812 Minn SIP & 99 NI 43.5 & bs 5.75 5.40
Pierce-Arrow &
1931.1 D 8834 Bale 86
8414 98
6
89
Equipment (3)is & 75_ _ _ _ 5.80 5.40
Pierce Oils 188
Standard 011(Indiana)_ _ 25 *5134 5178
82 90
25 *39 41 Missouri Kansas & Texas 65 5.90 5.50
Pleasant Val Coal 1st g s f 5s 1928 J J 93 __ -- 9018 July'23 ___
Standard Oil(Kan)
Pocah Con Colliers 1st s f 55-1957 J J 9112 Bale 9112
914
1
90 9455 Standard 011 (Kentucky) 25 *90 95 Missouri Pacific & dv 6%5_ _ 5.80 5.40
Portland Gen Elec let 55.-1935 3 J 9238 9312 9112 July'23 --9112 9512 Standard 011(Nebraska) 100 228 235 Mobile dr Ohio 43.5 & U.__ 5.75 5.35
8734 8784
:25
5005
5.7
00
8764
6
Portland Ry 1st & ref 55_ _ _1930 M N 87
8414 88
Standard 011 of New Jer_ 25 *3178 32 New York Central 43,4s & 58 0
82 864
5
837s
100 11712 118
Equipment65
Portland Ry. Lt & P 1st ref 58'42 F A 8378 Sale 83
Preferred
1947 M N 94
9412 10
5.55 5.30
95 94
Equipment75
94
68 B
9612 Standard 011of New York 25 53634 37
1946 MN 10414 105 10412 July'23 ---- 10378 10714 Standard 011(Ohio)
5.35 5.00
100 278 282 Norfolk & Western 4%5
lat & refund 7%s Ser A
5.50 5.25
100 116 118 Northern Pacific 73
Preferred
Porto Rican Am Tob 8a_ _ _ _1931 M N 10378 Bale 10312 10318 10 10178 10512
1933
6.55
75..
8913
5.30
9014
100
6
9014
9014
Express
34
8758
37
55
car
Fruit
Finch
Pacific
Steel
&
Swan
Pressed
100 82 87 Pennsylvania RR eq & & 65 5.65 5.30 Prod & Ref s f 135(with waents)'31 J D ____ 119 July'23 --- - 119 1334 Union Tank Car Co_
4 105 10812
5.45 5.25
100 10612 10812 Pitts & Lake Erie 6%5
Preferred
Without warrants attached- _ _ J D 104i4 Sate 10434 10558
14 814 85
84
5.80 5.40
25 •4178 4218
Equipment65
Vacuum 011 new
Pub Serv Corp of N J gen 53_1959 A 0 8358 Sale 8358
1937 J J 108 Sale 108
10912 36 104 124
5.35 5.10
10 *24
25 Reading Co 4%s & 58
Washington 011
Punta Alegre Sugar 75
687s 409
6514 7438
Other 011 Stocks
St Louts & Ban Francisco 55- 5.85 5.50
Rapid Transit Sec Os.......1968 - - -- 6758 Sale 6712
1937 M N 9412 Sale 9313
9413 23
9078 96
(2) *314 4 Seaboard Air Line 4%5 & 58 6.25 5.75
Atlantic Lobos 011
Remington Arms (is
9212
50 •10
2
18 Southern Pacific Co 4%5_ 5.45 5.25
89 9614
Preferred
Repub I &13 10-30-7r 58 s 1_ _1940 A 0 89 9212 90
1953 J J 89 Sale 89
14
90
87 %vs Gulf 011 new
25 *5014 5034
5.50 5.25
Equipment 75
5%8
1952.2 D ',._ 6_
5 *414 5'4 Southern Ry 4%s & 55
5.6 5.30
9612 July'23 -_
011
Eagle
Mexican
Robbins & Myers s I 7s
99
964
Jan.23
_ 91
1012 1512
5.85 5.45
91
91
Equipment65
Mutual 011
Roeh & Pitts Coal & Iron 55-1946 MN 0
8 Toledo .3, Ohio Central &J.__ 5.8 5.45
534 73
5 72
86 93
National Fuel Gas
Rogers-Brown Iron Co 75-1942 ISN ____ -iii 85 July'23 1937 M N 78
10 *1534 16 Union Pacific 75
8012 7818
5.40 5.20
7818
2
77
&Jos Ry, L, H & P58
7814 Salt Creek Producers_
Sapulpa Refining
St Joseph Stk Yds let g 4%s 1930 J J 8312 _ . 8578 Dee'22 --__ _
85:58 -844
Tobacco Stocks
Public Utilities
St L Rock Mt & P 55 stmpd-1955 J .1 8018 91-12 8112 June'23 --1924 A 0 57
79
_(t) *3514 3614 American Cigar common 100 76
5814 60 June'23 -- -60 62
St Louis Transit bs
Amer Gas & Elec new..
1937 J J 92 934 92 June'23 -4214
50 *41
100 82 86
Preferred
92 9334
Preferred
St Paul City Cable 55
1942 M 9 102 Sale 102
_.
M&N 92 93 Amer Machine & Fdry_ _100 140
10212 al 100 10234
Saks Co 75
Deb 68 2014
9434 Amer Light & Trite com_100 116 119 British-Amer Tobac ord_ £1 *221 2314
San Antonio Pub Ber 65_- -.1952 J J 9212 Sale 9214 July'23 -, 90
£1 *221 2314
100 90 93
lu
100
93 104
Bearer
Sharon steel Hoop 1st 85 ser A '41 M 9 99 Sale 99
Preferred
1942 A 0 100 10138 100
100
7
Sheffield Farms 6%8
9912 103
Amer Power & Lt com_ _100 165 170 Helms (Geo W) Co. new 25 •48 50
111 114
8212 874
8
8813
Preferred
85
100 82
Preferred
Sierra & San Fran Power 5.8_1949 F A 8612 Bale 8614
) *16
17
9712 116
Mira 92 93 Imperial Tob of G B & Irgl
95 1014
Sinclair Cons Oil 15-year 72-1937 IS 9 9612 Sale 9612
Deb 65 2018
1938 J D 94 Sale 94
94
82 94 074 Amer Public Util com__I00 38 42 Int Cigar Machinery._ -100 50 60
6%s B (w I)
1925 A 0 9714 Sale 9714
70
98
Sinclair Crude Oil 5%s
9513 10034
100 67 69 Johnson Tin Foil & Met-100 80 90
7% prior pre:
1926 F A 9712 Sale 974
9734 72
100 40 43 MacAndrews & Forbes..100 126 130
9534 9978
65
4% partie pre!
1942 A 0 8413 Bale 8412
100 95 99
Preferred
Sinclair Pipe Line 55
8536 98 83 894
100 50 55
100 28 30
9812 1024 B1a
South Porto Rim Sugar 75-1941 J D 9978 Bale 9912 10014 30
aIG&Ecom 50 *70 72 Mengel Co
ferred
eeV
d stporn
70 76
Tob-100
9512 11
68
64
Rican-Amer
Porto
com_100
Lt
&
Pow
9034 97
South Bell Tel & T 1st 5 f 5s-1941 J J 9514 Sale 9514
Carolina
.1 8834 90 8838
_
*75
8733s
Scrip
2 874 92
Southern Colo Power 65- 1947JCities Service Co corn._ _100 137 139
9712
3 9678 9928
100 • 644 6514 Universal Leaf Tob com_100 95 100 Stand Gas & El cony 8!133_ .1928.1 D 9712 Sale 974
Preferred
MN
1930
53
94
July'23
-__
9558
131
094
90
96
9618
100
9614
14
•1358
Milling
preferred
CitiesServiceBankers'Shares
Standard
01931 F A 10378 Sale 10378 104
100 100 106
20 10378 107
Standard 01101 Cal 78
Colorado Power com__ _100 19 1912 Young (J 9) Co
10314 11 100 10713
100 100 106
preferred
steel & Tube gen s f 7s ser C-1951 J J 103 Sale 103
100 88 92
Preferred
51
_1942
7s_
S
9758
9778 9712
9814 13
9934 Com'w'th Pow.Ry de Lt_100 28 29
96
Sugar Estates (Orlentl)
. _ 9114 July'23 --- (Cleveland)
9018 914 Com'w'th Pow Corp pref 100 66 68
Rubber S
Syracuse Lighting 1st 5 is _1951 J D
84
- 8618 July'23 -__, 8438 8618 Consumers Power pref _ _100 85 87 Firestone Tire & Rub corn 10
8614
67
Light& Power Co col tr 5 f 55'54 J J 9194
994
100
3 984 101
Tenn Coal, Iron & RR gen 53'51 J J 99 Sale 984
6% preferred
Elec Bond & Share pref _100 96 97
7% preferred
Tennessee Cop 1st cony 65._1925 M N 9934 100 100 June'23 --__ 100 1014 Federal Light & Traction(3) *58 61
sa
100
9478 86
92 95
160
Tennessee Elec Power 65_ _ -1947 J D 9412 Sale 9418
100 67 70 General Tire & Rub corn 50
Preferred
1960.2 J 5514 Sale 5518
premed
5514 21
Third Ave 1st ref 4s
5212 62
100 97 99
Lehigh Power Securities-(I) *1934 2013
4954 64
AdJustment Income 55_ _ _a1960 A 0 48 Sale 4712
1058
6234 Mississippi R1v Pow corn 100 1812 20 Goodyear Tire & R com_100 10
45
1937 J J 90
94 91
91
3 9013 9514
Third Ave Ry 151 5 515
Preferred
100 80 83 Goody'r T&R of Can pf _100
1931 F A 10212 Sale 10212 10278 26 102 105
4
Tide Water 0116%s
First mtge 5s. 1951_ _J&J 9134 93 Mason Tire & Rub com_ a) -.17iI,4"
Tobacco Products a f 75._ --1931 J D 10458r106 104 July'23 - - -- 10234 105
100 25 30
Preferred
9 F g deb 78 1935__M&N 100 102
1941 M S 107 Sale 10678 10712 36 10518 10751 Nat Power & Lt com---(I) *49 51 Miller Rubber
Toledo Edison 75
10068
1925 F A 98 Sale 98
9834 18
Toledo Trac, L& P63
9713 994
100 ii- 100
Preferred
Trenton G & El lets 55..-1949 M S 92 ___ 9214 July'23 -- - 1012
9214 95
100
ff) *8
J&J
88 MoPrhaefwekrred
3 85
5612
Income 7s 1972
Rubber
907s 934 Northern Ohio Electric.(2) •10 12
Undergr of London 43'5_ -1933 J J 85 ____ 9258 May'23 --__
50 60
Preferred
1948.2 J 87
___ 8658 May'23 ---, 8858 884
Income &
7
100 25 27 Belberling Tire & Rubbera) *6
Preferred
1942 M N 96 98 9714
98
17
95 99
Union Bag & Paper 68
North States Pow com_100 *9212 96
Preferred
92
_ _ 92
1
92 9734
Union Elea Lt & P 1st 11 53.-1932 M $
55
100 45 21
100 *92 94 Swinehart Tire & R com.1
Preferred '
1933
M N 92
93 9138
9612-9178
4
8814 92
preferred
58
100 40 50
Nor Texas Elec Co com_100 65 70
7312 70 June'23 -- -Union Elev (Chicago) 54... _ _1945 A 0 70
70 70
75
100 70
Preferred
1931 3 3 95
9534 9534 July'23 --, 90 96
Union 011 be
92
Sugar Stocks
Pacific Gas & El 1st prof 100 91
c1942 F A 10012 Sale 10012 10012
1
9978 10251 Power Securities com (2) *3
ils
6 Caracas sugar
15
50 •11
3 10214 105
Union Tank Car equip 78-1930 F A 10314 10312 1034 104
85
Second preferred
(2) •16 20 Cent Aguirre Sugar corn.. 20 *83
1941.2 D 112 Sale 11114 112
23 110 11334
United Drug cony 85
100 100 103
Coll trust 6s 1949__J&D 76 82 Fajardo Sugar
1936 J .1 9434 95 9512
9534
United Fuel Gas lat s I 6s
7
94 98
Incomes June 1949_ _F&A 156 61 Federal Sugar Ref corn..100 60 65
9234
5
8714 9711 Puget Bound Pow & Lt_.100 48
49
United Rys Inv bs Pitts issue 1926 M N 9212 Bale 9214
100 90 105
Preferred
6034 60 July'23 -- -5811 534
United Rys St L 1st g 45-1934 J J 58
15
100 80 83 Godchaux Sugar, Inc_ _ _(2) •10
ed
rred
re
preffer7
a,
7
6
1937 M N 8712 884 8712
88
3 8434 93
United BS Co Int rcts 6s
100 80 88
100 0100 103
Preferred
1942 A 0 9812 99 9812
99
5 98 1011.1
United Stores Os
Gen mtse 7)45 1941_M&N 1034 105 Great Western Sugar new 25 no 78
1932 J J 10212 104 103 July'23 -- - - 10018 10311 Republic Ry & Light-100 13
U 9 Hoffman Mach 83
19 Holly Sugar Corp corn_(t) *20 27
99 10034
US Realty & I cony deb 5 53 1924 .1 J 10012 102 10014 July'23 -75
43
100 68
100 41
Preferred
Preferred
8911 South Calif Edison com.100 10312 105 Juncos Central Sugar__ _100 110 125
85
US Rubber let & ref &ser A 1947.2 J 8634 Bale 86
8834 69
1930 F A 10658 107 106
107
9 10512 10911
17412 117 National Sugar Refining.100 9
14
50 .
100
2
,
9
9 10
87
10-year 7%5
Preferred
9978 14
9912 102
U 9 Smelt Ref & M cony 68_1926 F A 9912 Sale 9912
Standard Gas & El (Del) 50 *2612 2712 New Niquero Sugar
12
5
U 9 Steel Corplcoupon _41963 MN 102 Sale 10134 10235 154 10034 104
4812
100
pf
Corp
Bug
Cecilia
Santa
Preferred
- .41963 MN --------101 July'23 ---, 100 1044 Tennessee Else Power.._) *12
5110-60-yr 531realstered
13 savannah sugar corn...(I) *60 64
8212 10
821 8114
8013 9134
100 80 83
Utah Light IL Traction 58-.1944 A 0 82
Preferred
Second preferred
(2) !lc. 143
47
88
8712
Sale
88
A
F
1944
55
1st
Lt
&
8534
Power
94 _
92
Utah
United Lt & Rys com__ _100 138 45 Sugar Estates Oriente pref._ 85 ___
95 954
. 9558 June'23 -- n
Utica Elea L & Pow lst 3 f 58 1950 J J
1st preterred (6%)__.100 78 80 West India Sus Fin com_100
1957 J J 8914
5
8912
89 924 Western Power Corp
95511-91-3-4 8955
Utica Gas & Elec ref 58
100 -ii- 35
Preterred
-100 251 2612
100
9934 1004
1
Va-Caro Chem 1st 15-yr 55-1923 J D 100 10014 100
Preferred
8212 156
75
821;
1947.1 D 81 Sale 81
78 78 Industrial&Miscall
7s
Short Term Securities
8
667
27
5434 NI; Am Cot 011 65 192C..M&S2 91
66
Sale
19373
6778
J
92 American Hardware_ ___100 :55 56
12-years f 73s
17
67
901; Amer Tel&Tel 65 1924_F&A 10036 10012 Amer Typefounders corn 100 7012 7312
58
___ 66
Without warrants attached_ J J 67
92 9511 AnacondaCop Min65'29Jda 1011 10118
Va Iron Coal& Coke 1st g 55 1949 M 9 9312 95 9414 July'23 ---100 98 100
Preferred
8424 84
1
84
1934 J J 84
84 87
Va Ry Pow 1st & ref 55
(2) *1912 2112
Anglo-Amer011734s'25 A&O 10214 10234 Bliss (E W) Co new
es
96
68
98
1942 J D 9734 Sale 9643
Vertientes Sugar 78
50 *59 63
Preferred
Federal Bug Ref 6s'24.M&N 101 10114
10214
103
14 101/
1941 .2 D 103 Sale
yel&N 971 9734 Borden Company com 100 115 117
4 106
1
Warner Sugar 75
65 1933
9818 991; Hocking Valley 68 1924 M&S 10024 10055
1939 J J 9812 99 9812 July'23 -- -Wash Wat Power s f 58
100 100 102
Preferred
9313 9714 Interboro R T 88 1922.M&S 1
95
Westchee Ltg g Es stmpd gtd 1950 J D 94
95'± 95
100 85 90
--- Celluloid Company
14 88 95
92
West Penn Power Ber A 55_1946 M 13 91 Sale 89
Preferred
K C Term Ay&'23 M&N15 1-00 - 1-0014
let 40-year 65 Series C_ _ _1958 J D 10012 10112 10012 101
6 100 1021;
10 --.
0
J&J 10338 10334 Childs Company com
1931
July
13%s
1st series D 78
c1946 F A 105 Sale 10438 105
12 1024 1071, Lehigh Pow Sec Os '27_F&A 9212 9312
100 107 110
Preferred
bs IP
991y 88
8788 888 Sloss-Sheff B&I 65 '29_111&A 97 974 Hercules Powder
12
881
100 98 103
1963 M 9 88
Western Union coil tr cur 5a.1938.2 J 9758 9813 9712
100 102 104
991 U 9 Rubber 7348 1930-F&A 10813 107
981
11
98
Preferred
Fund & real estate g 4%5.1950 MN 9213 93 9258
922, Joint Stk Land Bk Bonds
so
3
9258
100 81 87
Salt
International
lb-year 6%s g
1936 F A 109 Bale 109
10958 30 10512 1117 Chic.Jt Stk Land Bk 58.1951 1004 102 International Myer pref 100 103 107
Westinghouse E & NI 75_ _ _ _1931 MN 10712 Sale 10713 1077k 62 10512 1081
10012 102 Lehigh Valley Coal Sales 50 *76 80
1932
opt
1952
5a
Wickwire Been Steel 1st 7s _ _1935 J J 94 Sale 93
100 155 165
9358 13
91
98
103 105 Phelps Dodge Corp
5%s 1951 opt 1931
Wilson & Co 151 25-yr s f 65_1941 A 0 9538 Sale 9538
9624 40
Balcding Pow com_100 122 130
94 19
90
95 102
09
yaeltem
112 Ropr
4318 1952 opt 1932
10-year cony $ 1 65
100 98 101
8814 10
1028 I D 8738 Sale 86
83 98
1932
4).4s
opt
1952
7)is
1931 F A 97 Bale 9614
971
924 101 Singer Man1facturing_100 113 114
28
93 105
4315 1963 opt 1933
Winchester Arms 7%5
1941 A 0 10312 Bale 10313 10417
8 10012 106
•Per share. I No par value. b Basis. d Purchaser also pays accrued dividend.
*No price Friday; latest bid and asked. a Due Jan. d Due Apr. c Due Mar. e Due e New stock. I Flat price. k Last sale. n Nominal. z Ex-dlv1dend. y Ex-rights.
May. p Due June. h Due July. k Due Aug. o Due Oct. p Due Dec. it Option sale. tEx stock dividend. s Sale price. v Canadian quotation.
Vg liS
426
BOSTON STOCK EXCHANGE-Stock Record seeBarglage
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
July 21.
Monday,
July 23.
14812 147 *147
79
7932 7914
*93 ____ *93
116
ioo" iiiii- 101
1214 1214 12
*19
20 •____
20
21
2014
28 28
28
*25 .
.
.
. *25
*35
__ *35
135 1-35
135
27 27 *27
*16612 --__ *16512
*58__ 58
*38 19 *38
38
38
38
3012 30
*-1234 13 *1314
*65
7034 *65
.85 89 *85
*6714 69
67
*3112 3312 *3012
80
80
8014
Wednesday, Thursday,
July 25.
July 28.
Tuesday,
July 24.
Friday,
July 27.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1 1923.
Lowest
Shares
Railroads
14812 147 147 147 147 *145 147
14712 14713
108 Boston & Albany
100
7972 80
7934 7912 80
7934 80
948 Boston Elevated
7912 80
100
____ 93 93
93 93
93
93
Do pref
21
100
115 115
116
115 115
116
iii- Ili"
76 Do 1st Pref
100
101
101 101
101 101 •100 10034
90 Do 2d pref
100
12
12
12
1212 12
12
12
-ii- -1112
405 Boston & Malmo
100
20 *____ 19 *____ 19
1913 1912 ---- --I
Do pref
100
2014 2014 21
20
20
157 Do Series A 131 prat__ _100
201 201 .28
31
31
28 31
*28 - ---- -------99 Do Series B let pref
100
_ _._ 25
25 *25 _ _ _ _ *25
2
25 Do Series C 1st pref
___ ____
100
*34 --__ 3412 35 *35
100 Do Serie3 D 1st pref_ _ _100
135 *135 145 *135 • 144
135 fif- ii8 iii
12 Boston & Providence
100
2712 27
27 "26
27
25
26
26
386 East Mass Street By Co_100
26
____ *z6512 68 *26512 67 *16512 67
6 Do 1st prof
6512 6512
100
58 .57
58
57 57
57
57
69 Do prof B
57
57
100
_ _ _ _ *38 _ _ _ _ *38 _ _ _ _ *38 _ _ _ 39
30
18 Do adjustment
100
38 *3713 3812 38
38 *3713 1813 37
185 East Mass St BY (tr ctfs) 100
37
30 •_
30
____ 2934 '
29
67 Maine Central
28
100
2812
1318 1234 1234 *1213 1234 1234 1234 1134 12
297 NY N li & Hartford
100
703 *6"
7034 *65
7034 *65
7034 --------------Northern New Hampshlre_100
89 *85 89 *85 89
89
89
15 Norwich de Worcester pref _100
6718 *67 69 *67 6834 *67
6834 -iii- Ii11-4
18 Old Colony
100
33
31
31 *____ 30
001yerm004p,tremf
29 2930
Rutland100
81
80
assachusetts_100
Highest
143 AM 3
75 June 29
92 July 3
115 July 5
99 July 5
1014July 30
19 July 19
19 July 17
26 July 10
25 July 3
34 July 18
135 July 21
18 Feb 15
6512July 27
53 Feb 24
3413 Feb 13
3412 Feb 15
28 July 27
934July 5
69 June 28
80 June 12
67 July 23
25 May 14
78 July 12
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
151 June 14 13014 Jan 192 May
84 Jan 5
7312 Feb 8913 Sept
9414 Mar 105 Sept
100 Mar 6
125 June 12 116 June 126 Sept
106 Mar 5 10112 Nov 109 Sept
14 Jan 3112 MaY
2012 Mar 2
27 Feb 13
20 Jan 37 Apr
22 Jan 4413 Apr3212Mar 1
48 Feb 6
36 Jan 62 May
42 Mar 22
30 Jan 54 May
59 Feb 7
40 Jan 7712 MaY
16012 Jan 25 125 Jan 163 July
35 Mar 22
18 July 2613 July
72 Jan 16
66 Aug 77 July
65 Mar 19
51 July 60 Nov
46 Mar 22
28 July 47 Aug
45 Mar 21
7 Ault
y 15
43 Jan 2
29j
ul
2712 Jan
2213 Jan 30
1214 Jan 3473 May
84 Feb 3
69 Jan 96 July
100 Jan 3
58 Jan 10334 Dec
81 Feb 14
57 Jan 9814 May
3818 Feb 20
.
8 June
15 Jan 527
98 Jan 11
78 Jan 100 Aug
I
Miscellaneous
133 133 •133 214 *132 214 *138 212 *134 2
123 Amer Pneumatic ServIce_ 25
134 134
*14
1512 "14
16
*14
15 . *14
15 1 *14
15
11114
2%1; .
2
---- ---- --I Do prof
12232 1227s 12232 12314 12233 12278 12214 12238 12133 12234 122 12212 2,3011 Amer Telephone & Teleg 100 119 June 29
80
80
7934 7934 7614 78 I 78
78 , 78
78
134 Amoskeag Mfg
7614 78
No par 7614July 24
80 *z_ _ _ _ 80 'Pe__ __ 80 1 78
80
____ ____No
Do pref
78 ,..378
par 277 July 10
*114
_ _ _ _ _ _ __ ____
16 *114
16 .114
.2
16
M
16 *114
e etalConstrue, Inc.__ 10 15 Mar 1
15 ,.1.4
•1012 12 *1014 12 *1012 12 1 *1012 12 1 *1012 12
--------------- AtlasNo
Tack Corp
par 10 July 2
•z1033410712 *4033410712 10514 10514 *11033410713 *z108 10712 --------10 Boston Cons Gas Co. pref_100 105 Jan 22
*.10 .15 *.10 .15 *.10 ____ •.10 ____
.10 .15
500 Boston Meg Pet Trus._No par .10 Jan 18
21
21
*2034 2114 *2034 2114' 2073 21 I *2012 21
-25T2 -2-Ci1-2
500 Connor (John T)
10 19 July 5
*3
314
3
314' 3
3 *
3
3 I *3
200 East Boston Land
10
3 -June 25
*812 914 "812 914 "812 9
*8
9 I
8
45 Eastern Manufacturing.__ 5
8
8
7 June 28
8
8112 82
8012 82
7912 7934 81
81
*7812 80
75
1.072 Eastern SS Lines,Inc
79
25 74 June 29
16514 166
16512 166
16512 16612 16512 16612 165 16512 166 166
691 Edison Electric Ilium
100 160 June 28
*312 5
*312 5
*313 5 I *312 5I *312 5
Elder Corporation
3127une 30
No Par
*5
8
*5
8
*5
8
5
6
*612 10 ---------14 Galveston-Houston Elec_100
5 July 9
*8
9
*8
9
*8
9 . *8
9
*8
9
--__ ____ ______ Gardner Motor
No par
9 • July 2
*1612 18 *16
18 *16
18 I 16
16
16
16
--------180 Greenfield Tap & Die
25 1512June 12
54
54
54
5413 54
---- ---5412 54
54
54
54
348 Hood Rubber
No par 54 Jan 8
*37
3812 *37
3812 *36
37
3514 3514 *35
20 Internal Cement Corp-No par 32 July 2
36
---- ---14
14
__
____ 14
Intermit Cotton MILIls
50 13 June 19
- --- ---58
57
57
57 57
57
57 I *56
100 50 May 31
57
57
57
37 Do pref
•134 214
2
2
*134 214 *134 214 "134 214 ---International Products-No rgor
50
---*312 7
*312 7
*312 7 I *312 7 I *312 7
I Do prof
,1111:7
_ _._ ____
Je
ue
n:28
6.18 623
612 6
613 6131 •634 6141
512 g
512 612
636 Libby,McNeill & Libby__ *9
10
*9
10
*9
10 I *9
10 I
834 834 --------5 Loew's Theatres
8112 8113 81
8113 81
81
81
81
8034 8034 8034 81
131 Massachusetts Gas Cos_1(3,3 6
73121y011;2?
68 6812 6814 6812 6812 6913 6813 6912 6814 6812 6612 661.
257I Do pref
•152 154
153 153 153 153
35 Mergenthaler LInotype
100 147 June 19
152 152 *152 15212 *152 153
733 733 *7
8
can
0p
In
Investment.
i
*7
xlissi
8
*7
I
Inc....
er
n_c 130
iss
8
*7
0
55
0M
me
10
0 1,1
63
343
734 734
1
uall yl
y ig
5
19
19
19
19
19
19
19
19
19
19
1912 1912
*8018 81
*8012 81
*8012 81
*8018 81
Do stamped prat
*80 81
*332 4
*333 4
312 3341
314June 27
-9
-9
- National Leather
10
334 334 - -ii4 -1- ___3
334 334
.25 Feb 3
___ New England Oil Corp
ilK 1-11- ii:11-4 1-11- iiii4 1-11-14iiii2 fali iiii2 113-12
- 1 14- 114-Ce ___ 177 New England Telephone_107 113 July 11
*1634 1714 *17
Orpheum Circuit, Inc
1734 *17
1734, *17
1712 1678 17
90
90
8912 8934 8912 8934' 289
88 July 10
89
89
8912 8912 8912
269 Pacific Mills
*1512 1613 *1512 1612 *1512 1611 1512 1512 *1512 1612 1512 1512
15 Reece Button Hole
10 15 June 26
*233 272 *Vs 278 *Vs 272 *233 27e *212 272
Reece Folding Machine__ 10
2 Jan 11
•.75 ____
.
_ _ _ *.75
Simms Magneto
5 .75 June 14
10112 102
10134 10214 10134 102141 10012 10134 10134 102
10112 102
343 Swift & Co
100 9812 June28
4414 44
4414 44
4412 *4418 45 , *44
25 4333 June28
75 Torrington
4413 *44
4414
*44
812 *____
8i2
712 3612
7t2 .0_ _ 3634
812 .____
em
D
igr
nT
93
0U
un
nimovi
.
‘,41
.. 2,84
3634 3514 ..6
36
' 712 Jan19
37 I 3514 3612 36
36
ael Corp
2512 2512 26
26 "2513
2512 2513 2512 2512 2512 2512
107 Do pref
2634 2714 2638 2718 2618 2612 2534 2614 2512 26 I 2412 2514 4,067 Ventura Consol 011 Fields. 5 2412 July27
•1773 18
18
18
1773 18
1734 1773 1734 18
1734 18
675 Waldorf Sys,Inc,new shNo par 1534 June21
*9
10
*
*9
913 912 ____
10
*9
10
5 iv.i
F
.laa
eab
20 Walth Watch Cl B com.No par
niir1
311
20
20 *18
20
20
20 •---- 1913 *18
*18
*1412 15
1434 15 *1413 15
1434 1473 1433
etfteurIng-122 it.5111424
foerrth Sranufa
3
12
01
0
30
30
30
30
2912 2913 "29
30
2912 *29
2834 1i3-4
Wa
Warren
ll
e Bros
31
31
3212 3212 32
f6er
32 i "32
12at
33 , *3112 3212 --------16050
31 July12
*35
36 •35
36 *35
36 1 _ ___
36 I *35
pref
36 1 *35
6,406.._ 52 33 31
0 12
______
D
*714 8
*7
712 *7
712 *7
rree
712 *7
k
einvtiu
712 ----
I
______
2012 j
fe
ae
n 10
12534mar 14
112 Jan 5
83 Jan 5
16 mar 14
2014 Feb 14
10812 Feb 24
.30 Jan 23
27 Mar 19
4 Jan 2
1413 Mar 6
1271236ar 22
172 Jan 3
1072 Jan 2
2913 Feb 5
1533 Mar 3
24 Feb 10
6312 Mar 13
44 Mar 19
22 Feb 19
7g12 Jan 10
213 Dec
414 Jan
Feb 2014 Aug
13
11433 Jan 12814 Aug
104 Jan 121 Dile
80 Nov 91 Aug
1
I.3 Nov 2013 May
22 May
10434 Aug 107 Dec
.10 Sept .50 May
1534 Jan 3073 Dec
6 Apr
3 Jan
7 Dec 1414 Feb
3812 Jan 8913 Oct
156 Mar 185 Sept
3 Mar 13 May
28 Dee 39 Aug
9 Nov 1614 Apr
17 Dec 2714 Feb
43 Mar 5438 Dec
26 Jan 3833 May
20 Nov 32 Jan
go Aug 85 Dec
613 Mar
118 Dec
512 Deo 17 Apr
132 Apr 1112 June
13 Jaz
lan
ly 9012 Not
Jaann 74 Oct
133
r* 12
12 8,4
.16.,:?3 82 11:1
.
Apr 6
" Iliz 11:nr
Ji.,itT. lnIn 2g22 62
iii
*.30 .75
6173 6214
*10 .2.5
*21
23
134 134
1014 1033
*1614 17
43
43
*6
63s
*814 9
3338 34
*234 272
612 632
*114
112
*2
3
2978 2972
*.35 .40
103 103
95 95
26
26
*2
212
*.75
113
214 214
*112 2
'112 134
*112 134
*332 4
213 212
46
47
1812 1834
*37
•75
51/1
.338
•.00
22
3112
*278
*1312
314
'
3.30 .75
61
6114
*.10 .25
*20
22
2
212
1018 1012
*1614 17
43
44
•13
633
.814r 9
33
3314
234 234
633 612
*114 112
*2
3
*2934 30
..25 .40
10212 103
93 95
25
2512
*2
212
*.75 112
*212 23s
*113 2
*112 134
*135 134
*312 4
212 212
4714 4714
1833 1834
.75 ".30 .75
61 1 6012 6012
.25 *JO .25
21 , 20
20 1
134 *0134 2
1012 •2•10
1014
17 *1614 17 I
4412 44
4414
632
6
6
9
*8
9
3112 3132 32
234
234 234
612 612 612 612
*114 112
114 114
*2
3
*2
3 I
2934 2934 2932 2932'
*.25 .40
.35 .35
10212 103 10212 10314!
95 95 *95
96 I
25
25
24
24
"214 232 *214 234
'1%95 112 '3.90 112
*212 234
218 213,
*112 2
*112 2 I
*113 134 *112 1341
*112 134 "132 13
333 312 • 333 332
21,1i 214
2
2
4412 4412
4512 46
18
1834 1832 1833
____ ____ ____ ____ ____ ____
538
332
114
2112
33
332
14
31
*37
*75
*518
S
".90
20
3112
"27g
13
30
1
14
13
14
4 Feb 19
834
;
e;
le !I
.97 Apr 16
13?12 Jan 3
190 ,
Jan
1/
4
1
1/
A
J
a 2
18
3
214 7ea,
,
r
10912 Jan 6
50 Mar 9
11 Mar 7
E
g.8i4.1u.
662,61 mi,..ijanr i8
'3.30
61
*.10
*19
134
1012
*1613
4418
*6
*8
3112
234
____ *37
*37
80 *75 80 *75
538
Ai 538
513
311
314 332
354
114 *.90 114 ".90
22
2112 2112 2112
3113 *3112 33
*3113
314 *234 312 *____
14
14
14
1334
3114 31
31
32
1p,
.._ _ _ 1
80 i
532
3 I
114
20 I
3112
___
13
30
*.30 .75 *.30 .75 ______ W
SC
Moinestelltated._. 25 .25 Feb16
Aclive
5912 60 I 60
25 54 July 5
60
555 Ahmeek
•.10 .25 ..10 .25
25 .10 July' 5
r0
oungli Mining
*20
22 I •20
21 I
23 A:
25 17 July 5
*a134 2
*a134 2
22 .7324 Jig g
2)5 Arcadian Consolidated
1018 1018 1012 1014
235 Arizona Commercial
*1614 17 I 16
10 16 July27
16 I
10 Bingham Mines
43
44 ; 4334 44 ; 1,889 Calumet & Hecla
25
1 401
50n
Juunee1
22
6
Gold
11111
Carson
.534 6141 *534 '638.
100
Centennial
*8
25
9 I *8
7 Jan 18
10 I
geo
Cpoar
3113 3112 3112 32 I 1,6
25 27 July 5
ise-DRa
r alync
Do
apvp
54
75
8C
*234 272• *234 278
10
214June 28
i.,,I16133,
r 25
365 East Butte CoPPer Mining618 614
6
614
anc0e
Franklin
30,H
114
114 *114 22
11
k Consolidated
*2
3
*2
3 ,
1 21
4na
l,
y 12
2932 2972 2912 2934
230 Hardy Coal Co
23
25 .33 July 2
*.25 .35 *.25 .35
100 Helvetia
1 97 July 2
103 10314 10212 103 I
733 Island Creek Coal
I 9312 Feb 15
*94
96 ,
*94
60 Do pref
96
23 13 J
.111,414
1
, .1
24
*23
24 I
24
195 Isle Royale Copper
'Kerr Lake
"214 234 '214 234
Keweenaw Copper
'3.75
114 *.80
Di
*213 234
2
65 Lake Copper Co
La Salle Copper
25
113 Jan 29
*112 2 I *112
Mason Valley Mine
5
133June 15
22 1
•132 lei *112 2
25
Mass Consolidated
118July 20
"132 134 "132 134
316 Mayflower-Old Colony
g .03121:iiTlua;
WE 318
l1 3
314 334
525 Michigan
25‘ 254 254 254
25 39 July 2
281 Mohawk
46
1
I
"43
44
44
5 16 June 28
oopper
.
18_1_2 __________ New SorrirIlls C
1812 1833 1812 .
ul Mayer--_ 5 .05 Mar 23
____. ____ ____
Company
River
100
New
35 Apr18
______
_
_
1
*37
___'
*37
Do prof
100
80
80 -80
102
400 Niplesing Minos
3.1utyr
512 .513
512 131s
15
213 July 2
3 i 1,420 North Butte
3
3 I
3
Ojibwa, Mining
25 .70 July 2
*.91) 114 '0.90
114
25 18 July 3
140 Old Dominion Co
21 1
22 I *20
*20
1
22
434
44 JulyI8
3112 3112 *3113 33
65 Osceola
_. _ Park City Mining & Smelt. 25
*272
2
23 J
1412 II-I -_-_-_-_ - - -_ -1 ___ 838 Pd Crk Pocahontas Co_No par
11.1
1fauy
e22
25 22 July 5
127 QuineY
28 i *29 -3-0 -I
28
12 .38
!2 1%1613'0N
77434
2
30 Jan 2
1
e2213 Mar 19
al:1,
,,kati lIi
3
3614211a; 14
14
11.ivFlear)L5
I
1 Feb 28
87 Mar 1
.50 Mar 2
34 Mar I
414 Mar 5
1
133 J°
unee
t
87
jec 12
11 D
34 Aug
163
7212 Jan 8512 Oct
Dec
1% j
Jan
.2234 Dr° 15
109 Jan 125 Sept
Jan 28 Oct
A1
11
112134 t
19
12
6 July
Mar
712 Apr
°
.fere Nov?Lev
9214 Jan 11013 Sept
39 July 8112 June
8 Mar 1414 Feb
37 Jan 45 Mar
.1ga
e 3
23
71:J
173 Jan
25
e1314 Jan e1912 Dec
214 Nov 1434 Apr
Apr
114 Nov 4
1131 )t
Feb
1712 Jan 3534 Sept
3012 Jan 3814 Oct
31 Feb 4434 July
934 Nov 21 May
I
Apr
.50 Jan
56 Nov 66 May
.03 Sept .50 Apr
19 Dec 3213 Jan
432 May
2 Mar
12 Nov 134142 J6leivni:
91211'
Ffealrz l'
t
49 June 15
248 Nov 301 Aug
Nov
163
314
2M
Fa;
o
10
588 liter 1?
re
46114Mar 1
2514 Dec 4634 MaY
5 Feb 23
212 Nov
914 Jan
1112Mar I
712 Nov 1214 Jan
373 Apr
233 Mar 5
1 Apr
4 Mar 5
112 Aug
312 Mar
3332June 7
114 Feb 20 71; Dec -t-ii2 "kit
11512 Apr 7 8 2
1 Pe Jun
10012 Mar 28
88 Feb 9712 Nov
3314 Mar
ia 3
13 Nov
e
2634 Mal
314473 Apr
313 Apr
1 Feb
Mar 5
'
Feb?40
ev
534 May
311:?te 1
r4
23s Mar 27
133 Jan
234 May
A
4
214
414 Mar 3
34,:
112 Dec
7 Feb 10
64 Apr
21s Dec
8 JAug
141 67
2011 June
71 ?Tarr 1 .7
53
2412Mar 2
1514 Dec
.05 Mar 23 ..05 Dec
40 Apr 27
87 Jan
8'
1134 l'
F
felrAg
1234Mar 1
233Mar g
3212 Mar 1
46 Mar 1
4 Mar 5
1614 Mar 23
50 Mar 2
y
7g Jte
84 Oct
114 Dec
16 Nov
25 Nov
Vs June
213 me.
40 Fel
:
Jan
May
r
14513
27 Jan
8812 Aug
334 Nov
81
---Nov -io" iiii
30 --MarLnd.
100 Shannon
.75
0 1/1
134May
,,,.52 .65 •.50 .60 •.50
:50 _ ...5_0_ •
16 Deo
114 May
15 ____ +.15 ____ ".15 ____, *.15 _ ..1 ___ ___ South Lake
15
.25
100 Superior
2.5
ii2 123 *112 2 I "113 -2- I
434 July
114 July18
Vs Deo
4`112 2
.113 2
314 Mar 3
*113 2
1
1 1 1,225 Superior & Boston Copper- 12
113
244 Oct
*1
*112 133 •113 133
1
1
118
334 Feb 23 .90 Mar
112
350
*.go .60 •.50 .60 4.50 .60
3.50 .60
.59 .59 '
.60 .60
154 Dec
313 Apr
Feb
Tuolumne
•.14 .20 .3.14 .20 *.14 .20 __ _ _ -_ _ I *114
1 .10 July 6 .61513
.40 Nov .92 May
112 •114 2
Mining
Utah-Apex
5,435
3
1
5
214
154
OM
4
Mar
•33
0 312
Jan
9
6
Apr
13
3
334
3
314
3111 318
318 318 I •12
4,34 2
Ds june28
Utah Consolidated
I
312 June
1 Feb
*Ps 2
*134 2 I *134 2
*134 2
3 Mar 5
"134 2
200 Utah Metal & Tunnel
*.55 . .75 •.60 .75 '3.60 .75
1 .40 July20
212 Apr
.74 .74 •.60 .74 *.65 .70
132 Feb 27 .80 Dec
113
Victoria
•.75 1
25 .75 July 3
212 Jan
'
3.75 1
'
3.75 1 I •.75 114 *.75
233 Feb 28 .75 Nov
'3.75 1
435 Winona
25 .30 June29
234 Apr
*.50 .75 '3.70 1
.75 .75 '3.50 .75 *.50 .75
134Mar 5 .25 Jan
.85 .85
714 Nov 16 yMa
25
221 Wolverine
7
5 July 3 13 Mar 1
7
712
7
718 712 714 8
7 1
7
712 718
• Bid and asked prices; no sales on this day. 8 Ex-rights. a Ex-dIvidend and rights. z Ex-dividend. 4 Ex-stock dividend. a Assessment paid.
e BeghlnIng 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 share of old stock of $10
Par value. In order to make Possible comparisons with previous quotations, we have divided all these previous quotati•ins by two.
•.50
.75
11K 2 I 'Pleat; 28
6, %nye/2
12
JULY 28 1923.]
THE CHRONICLE
Outside Stock Exchanges
Bonds-
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange July 21 to July 27, both inclusive:
Bonds-
Friday
Sales
Last Week's Range for
ofPrices.
Sale.
Week.
Par. Price. Low. High. Shares.
Range since Jan 1.
Low.
High.
Amer Agric Chem 73481041
974 9751 81,000 9751 July 102
Amer Tel & Tel 45_ _ _ _1929
91% 91% 5,000 91
Apr 92%
AU Gulf & WiSS L 55 1950
50
July 62
5035 5,000 43
Chic June & U BY 45_1940
7935 794 2,000 7834 May 84
58
1940
934 934 2,000 8854 May 95
E Mass St RR ser /3 5s 1948
71
650 7051 June 774
73
1948
Series D 68
83
83
Feb 85
5,000 82
Hood Rubber 78
1936 1004 1004 10051 12,000 100
July 10234
K C Mem de Birm Inc 48'34
854 8551 8,000 854 June 87
Mass Gas 455s
1931
9155 91% 7,000 89
Apr 92
Miss River Power 58_ A957 9231 91
92% 38,200 89
Apr 95
New England Tel 58_ _1932
9731 9734 11.000 9655 Mar 994
New River 55
1934
84
July 8654
84
1,000 84
NY Westch & Boston _1946
3554 3555 2,000 354 July 3555
Swift & Co 55
1944
9331 9534 9,000 91
Apr 9934
Warren Bros 7548___ A937 105
104 105
9,000 10234 July 115
Western Tel 58
1932
9555 96
1,500 94
Mar 98
May
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Mar
Feb
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
July 21 to July 27, both inclusive, compiled from the official
sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
American Elec Pow Co_ _50 204 2055 2151
Preferred
100 70
70
72
American Gas of NJ__..100
75
75
American Ship
•
1351 1354
American Stores
* 2235 2215 23
Brill (J G)Co
100 68
68
71
Buff&Susq Cori)pf y t c 100
50
50
Cambria Iron
50
41
41
Congoleum Co Inc
• 213
213 215
Cramp(Wm)& Sons_ _ _100
57
57
East Shore G & E S% pf _25
24
24
Eisenlohr (Otto)
100
65
65
Elec Storage Battery_ _100
56
5751
Erie Lighting Co
* 24
24
24
General Asphalt
100
3034 3035
General Refractories
• Si)
50
5034
Insurance Co of N A_ _ _ _10 48
48
4855
Keystone Watch Case 100
55
55
Lake Superior Corp_ -_ _100
54
54 594
Lehigh Navigation
50 69
67
70
Lehigh Valley
50
614 6155
Lit Brothers
10
21
21
kfinehill & Schuyl Hay._ 50
484 4835
Northern Central
50 72
72
72
North Pennsylvania_ _ _ _50 __ _ _
78
78
Penn Cent Light de Pow_ _• 5955 59
594
Pennsylvania RR
_50
434 4435
Pennsylvania Salt Mfg_ _50 82
82
82
Philadelphia Co (Pitts)_50
4534 4534
Preferred cumul 6% -50
43
434
Phila Electric of Pa
25 2934 2934 304
RecelPts full paid
25
2934 30
Preferred
25 304 30
31
Phlia Rapid Transit_..50 324 32
323
Philadelphia Traction._50
62
624
34
Phila. de Western pref _ _ _50
34
Scott Paper Co Pref.-- A00
96
96
Tono-Belmont Devel____1
41-16 11-16
Union Traction
50 374 1374 38
United Gas Impt
50 50
50
5131
Preferred
50
5555 5555
West Jersey de Sea Shore 50 34
34
34
Westmoreland Coal
50 66
66
66
BondsAmer Gas & Elec 5s2007
Small 55
2007
Atlantic City RR 5548 1929
Elec & Peoples tr ctfe 48'45
Gen Refractories 6s._.1952 9834
Keystone TeleP lat tis.1935
Leh Vail gen cons 411s 2003
Lehigh V Tr ref di imp 5s'60 76
Market St Elev 1st 48_1955 844
pinta Co cons & st pet 5s_'51
Phila Electric 1st 5s_ _1966 100
1947 10094
555s
1941
68
Spanish Amer Iron 65.1927
United Rye Invest 58A926
84
84
100
64
984
744
864
76
8334
9034
08
10034
10454
1004
92
Range since Jan. 1.
Low.
1,248 15
172 63
13 74
50 134
4,230 20
175 49
15 424
30 40
450 143
10 50
7 24
10 65
80 5234
25 2334
100 2694
303 4294
409 4234
30 55
440
5
335 65
10 5774
20 20
54 4855
12 72
20 77
17 5454
1,603 4134
10 79
10 41
15 41
3,797 2751
640 2734
225 294
2,170 30
194 5934
90 3355
8 96
50
54
392 35
2,671
47.14
70 z5454
55 33
11 6551
High.
Feb 30
Feb 78
July 834
July 2055
June 25
Jan 91
Jan 544
Jan 45
Feb 240
Jan 59
July 26
July 85
July 8634
July 27
June 5334
Feb 594
Jan 50
July 55
June 1034
June 75
July 71
Feb 2255
July 53
July 77
June 8154
Apr 5935
June 4754
June 9335
Jan 4935
June 454
May 3334
June 30
May 334
Jan 334
June 67
June 364
July 99
June
135
June 404
May 56
May 5635
Jan 43
May 864
90
6,100 82
July
84
500 84
July
100
1,000 100
July
65
31,200 60
July
984 1,000 98
July
7535 5,000 70
Apr
8634
1,000 8434 Apr
76
2,000 76
Feb
8434 4,000 83 June
9034 2,000 90
May
10055 46,700 96
Apr
10155 28.000 99
Apr
10534 8,000 1024 May
10034 2,000 0935 May
09
1 non 55
Ton
954
87
100
7155
9831
80
90
76
844
9355
103
103
1064
10055
lio lz
Apr
Apr
May
Feb
May
Mar
Jan
Jan
May
Apr
Jan
Jan
Mar
Feb
Mar
Mar
Apr
July
Feb
Jan
Feb
Jan
Feb
Jan
Jan
July
Jan
Apr
Mar
Feb
Jan
July
Jan
June
Jan
Jan
May
Jan
Jan
Apr
Feb
Mar
Max
Am
Alm
July
Jar
May
Jar
Jar
Fel
July
Mal
Jan
Fel
Jim
Jai
VT a
par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange July 21 to July 27, both inclusive, compiled from official lists:
• No
Stocks-
rrway
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Wholesale Prof_ _100
Arundel Sand & Gray_ _100
100
Baltimore Brick
1
Celestine Oil
Cent Teresa Sug, pref....10
Chas & Po Tel of Balt_100
25
Commercial Credit
25
Preferred
25
Preferred 13
Consol Gas,E L & Pow 100
100
7% Preferred
106
8% Preferred
Consolidation Coal. -100
Fidelity & Deposit-----60
Houston 011 Pref tr ctfs..100
Manufacturers' Finance_ 25
25
1st preferred
25
2d preferred
Maryland Casualty Co-25
Merch & Min Tran Co.100
Monon Val Trac, pref.-25
kit V-W'db'y M v t r._100
Preferred v t r
100
New Arnsterd as Co_.100
50
Northern Central
Penna Water de Power_100
Public Sery Bldg, Pref- - -United Ry de Electric_ _ _50
TT 0 VIrIPIltv A. tIllor
an
10955
)0
254
264
10634
824
82
25
194
3734
7234
101
1A5
9394 95
44
4455
451 44
.20
.20
24 251
1094 10956
69
70
25
2534
26
264
10631 1084
10334 1044
11514 116
8214 83
8234 8234
82
82
51
51
25
2515
24
24
8434 85
1104 111
194 194
11
11
56
56
3754 38
7234 73
101
10114
99% 9934
164 1655
155 15.5
20
297
20
300
10
82
108
241
104
280
30
94
50
50
41
150
51
30
132
6
50
42
10
54
128
137
10
50
V.
Range since Jan. 1.
Low.
934
40
4
.20
294
1084
48
25
26
10531
103
115
8234
7834
82
50
244
23
83
110
18
10
54
354
72
10055
994
1654
147
427
Friday
Last Week's Range Sales
of Prices.
Sate.
for
Price. Low. High. Week.
July
Jan
Jan
June
July
June
Jan
Jan
Mar
July
July
June
May
July
July
July
July
July
Jan
July
Feb
May
Jan
Jan
July
July
July
July
74n
High.
98
Feb
454 Mar
554 Mar
.50 Jan
494 Feb
11031 mar
7055 July
254 Apr
2754 Jan
118
Mar
108
Mar
120
Jan
98
Jan
14434 Apr
95
Jan
5755 Jan
264 Feb
264 Jan
90
Jan
121
Apr
20
July
194 Mar
7355 Mar
39 June
77
Jan
10851 Mar
994 July
2055 Jan
1Rd
To v,
Balt Spar Pt & C 445_1953
Consolidated Gas 5s..1939
ConsolG E L & P 45481935
1952
Series E 5348
1949
Series A 68
Consol Coal ref 58.....1950
Eikhorn Coal Corp 68_1925
United E L & P 4348.-1929
United Rys & El 48_ _ _1949
1949
Income 45
1949
68
w.sh 135.1t & Annan fis 1941
9131
984
974
7234
9974
7n 44
88
9934
914
9854
1034
8634
97
9434
7234
5134
9934
7n16
88
9954
92
9835
10314
864
9734
9455
7254
52
9934
71 te
Range once Jan. 1.
Low.
High.
May
Apr 90
84,000 88
Jan
July 101
5,000 99
9,000 874 Feb 9214 Jan
Jan
May 100
2,000 97
16,000 1004 Ain 10334 Jan
Jan
1,000 8531 May 90
10,000 97
July 9935 Jan
1,000 944 June 9594 Mar
8,000 7155 May 7434 Jan
Jan
July 55
8,000 51
4,000 9951 May 10234 Jan
12.000 70t4 July 7734 Feb
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange July 21 to July 27, both inclusive, compiled from official sales lists:
rrtaay
slues
Stocks-
Last Week's Range for
Sale
ofPrizes.
Week.
Par. Price. Low. High. Shares.
634
654
Am Vitrified Prod, cons_50
85
Am Wind Glass Mach_ _100 85
Preferred
90
100
Arkansas Nat Gas, com_10
654
634
Commercial Trust Co.,100
165
34
4
Indep Brewing, nom__ _ _50
Preferred
50
10
10734
Jones-Laughlin, pref...100 108
244
Lone Star Gas
25 25
5154
Bars Light Se Heat
50
634
Nat Fireproofing, com_ _50
Preferred
50 164 1655
12
Ohio Fuel Oil
1 12
Ohio Fuel Supply
25 3134 3134
Oklahoma Natural Gas_ _25
1951
Pittsburgh Brew, pref_ _50
554
Pittsburgh Coal, pref. _100
9814
Pittsb & Mt Shasta Cop_ _1
10c
Pittsburgh Oil & Gas
7
5
Pittsburgh Plate Glass_100
187
Salt Creek Consol Oil _ _ _ 10
8
8
Stand San Mfg, corn. _ _100
7754
Union Natural Gas
25 274 274
26
25
U S Glass
West'house Air Brake_ _ _50 82
82
5655
W-house El & Mfg,com_ 50
West Penn Rya, pref_ _ _100
83
BondsWest Penn RY8 58_
_1931
90
635
8575
9035
74
165
4
10
109
25
524
614
1634
1334
3174
20
534
984
Ile
7
193
854
78
2794
27
85
57
8351
91
Range since Jan. 1.
Low.
50
64
275 78
20 90
2,140
54
25 159
115
334
50
6
280 1064
370 23
551 51
225
6
175 1454
430 12
573 30
310 184
554
200
50 97
3.500 10c
115
7
115 165
955
8
178 73
180 2355
340 2435
211 76
60 50
520 77
81.500
90
High.
July
94 Apr
Mar
July 95
June 10755 Mar
July 10
Jan
May 165
July
Jan
4
Jan
Jan 10
July
Mar 111914 Mar
may 27 Feb
May 60
Feb
July
811 Feb
July 184 Feb
May 1835 Feb
July 365/ Mar
mar 364 Mar
8
Mar
May
Mar
Jan 100
Jan
June 280
Jtme 1094 Feb
Jan
Jan 205
July 1734 Apr
Mar 854 APT
Feb 2734 July
Mar 2934 RUH
July 120
Feb
July 6994 Mat
May
Apr 86
lab
91
Jul)
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange July 21 to July 27, both inclusive,
compiled from official sales lists:
Stocks-
Sates
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Amer Pub Serv, pref _ _ _100
American Shipbuilding _100 6655
Armour & Co (Del), pf_100 8734
Armour & Co, pref_ _ _ _100 74
Armour Leather
15
Bassick-Alemite Corp_ __ _• 324
•
Beaver Board
•
Booth Fisheries, new
Preferred
100 30
Borg & Beck
• 25
Bridgeport Machine Co_ •
10
Bunte Bros
Central Pub Serv, pref _100
Chic City & Con Ry profit
Sharing common
•
Preferred
455
•
Chicago Elev Ry, pref _100
55
Chic Motor Coach, com_ _5 1314
Preferred
874
Chicago Rys Part Ctf Ser 2
Chicago Title & Trust._100 280
Commonw'th Edison_ _100 128
Consumers Co, com _ _100
Continental Motors _ _ _ _10
73.4
Crane Co, preferred
Cudahy Pack Co, com_100
Daniel Boone Wool Mill _25 24
Deere & Co, pref
100 62
Diamond Match
100 110
Earl Motors Co ctfs
Eaton Axle & Spring
•
• 33
Eddy Paper Corp
Fair Corp(The)
100 10151
Gill Mfg Co
• 19
Gossard(H W), pref._ _100 2734
Great
ea Lakes D & D_ _ _100
Hart Schaf & 151, corn_ _100
Hayes Wheel Co
• 35
Hibbard, Spencer, Bartlett
& Co
25 65
Holland-Amer Sugar.10
Hupp Motor
10 19
Hurley Machine Co
•
H
Corp. pref
100 20
Illinois Brick
100 75
Illinois Nor Util, pref.. _100
Inland Steel
25 3355
International Lamp Corp25 1051
Kellogg Switchb & Supp _25
Libby, McNeill & Libby _10
631
Lindsay Light
10
3
Lyon de He
Hotly. Inc, pret __
McCord Rad Mfg Co"A"• 31
McQuay-Norris Mfg
• 1934
Middle West Util, com_100 4454
Preferred
100
Prior lien preferred
9755
Murray (J W) Milt
10
National Leather
10
Pick (Albert) & Co
10 1934
Pub Serv of Nor III, com_•
Common100
Preferred
100
Quaker Oats Co. pref _ _100 9855
Ron Motor
10. 1654
Standard Gas& Electric-50
Preferred
50 48
Stew War Speed, coin_ _ Rio, 88%
Swift Az Co
1%
9
100
151 10
Swift International
Thompson(J R),corn_ _.25 4615
Union Carb de Carbon_ _10 534
United Iron Works v t c_ 50:
5
United Lt.& Rya,com_100: 1394
1st preferred
100: 79
Participating pref...100 89
8434
65
8654
74
754
324
3
531
30
25
1354
8
85
8531
6655
8835
75
755
3311
3
54
30
28
1334
8
87
11
11
44 5
34
4
131
13151
8731 88
1
1
280 280
127 128
54 555
714 8.14
10854 1094
55
55
24
2714
62
6354
110 11054
31
4
25
27
33
3555
10151 10134
19
21
2714 28
80
82
115 115
35
3531
Low.
170 8414
40 59
538 8434
1,244 71
101
734
695 2756
50
3
30 ' 435
60 23
810 224
175 1335
50
8
180 8455
150
350
2,860
50
35
150
20
983
35
2.330
85
201
4,675
45
235
150
1,005
2,180
145
5,245
95
135
75
300
182
6534
435
50
2034
1,475
434
200
22
452
7551
555
85
20
635
34
1234 2,515
48
43
634 2,116
20
3
50
96
1,295
3255
480
2034
4535
1,560
395
85
492
98
50
18
320
4
463
20
155
100 10031
175
100 101
75
9114 92
210
9834 100
1,157
1634
1634
420
27
26
215
4855
48
99
114% 56,550
916
12
9
10
113i
, 10
3,037
400
46
464
5311 5754 6,120
6
300
5
3.55
137 14054
794
397
78
88
8994
125
65
4s
19
43
20
75
85
3354
1051
42
594
3
96
3054
1955
4414
8334
96
18
314
Range since Jan. I.
High.
July 197
June 74
June 108
June 96
Apr 10
Feb 3954
June
454
May
64
Apr 3856
May 324
July 164
July
11
July 90
S June
44 July
94 July
118
May
85
May
1
July
250
Mar
1264 June
44 July
654 June
107
July
40 June
1934 May
4854 June
10954 July
54 July
24
May
224 Apr
100
Jan
164 June
2454 Fe
75 Jun
Jan
98
32
July
155
10
84
13934
90
335
305
131
634
12
115
6494
6255
7454
121
194
304
40
105
2834
354
9455
115
4394
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Mar
May
Mar
Mar
Feb
Mar
July
June
June
Mar
June
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
May
July
Jan
Apr
Apr
Feb
July
Apr
Jan
Feb 66
64
64 Feb
435 June
164 July 2514 Mar
414 July 45
18% July 32% Juneydrox Apr
Apr 91344 Jan
60
83 June 8851 Mar
July 504 June
32
Apr
8 May 32
393/ July 43 June
834 Apr
July
5
454 Jan
24 May
96
J
July 10135 Mar
Apr
26 June 39
Apr
1051 May 26
3694 66a3
' 53
Feb
80Si July 861-5 Jan
Jan
96 June 104
July 194 June
18
84 Feb
351 June
1754 July 3654 Mar
9955 May _1033; Apr
9934 June 10351 Apr
Apr
914 May 99
95 June 100
Jan
1151 Jan 20
May
1734 Jan 324 Mar
464 June 5134 Apr
741‘ July 12434 Apr
9894 June 1094 Jan
16 June 2155 Jan
434 June 52 June
5151 July 674 Jan
5
July 1334 Feb
71
Jan 164
May
694 July 94
Apr
8034 July 9934 Mar
Salta
Friday
Last Week's Range for
Wee*
of Prices
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares
1436 14%
United Paper 114, com_100 144
56
U S Gypsum
56
20
4414 45
Wahl Co
• 45
10934 1094
Ward (M)& Co, pref.. 100
When issued
20 1934 1911 21
3
334
3
Western Knitting MIlls...•
Wolff Mfg Corp
• 16% 16% 1734
104 10411
Wrigley Jr, corn
25
240 247
Yellow Cab Mfg, Cl B_ _10 245
Yellow Taxi Co
904 9034 9236
BondsChic C dr Con Rys 5s..1927
1927
Chicago Rys 5s
4s, Series "I)"
1927
Commonw Edison 5s 1943
South Side Elev 436s_ _1924
92
55
7834
48
98
92
Range since Jan. 1.
Low.
July 18%
July 7536
July 584
Feb 112
May 2534
July 104
June 354
Jan 114
June 296
Jan 9836
Apr
Mar
Jan
June
Feb
Mar
Mar
Apr
Apr
Apr
47
Jan 6534
77
Jan 82%
Jan 654
47
9531 May 10531
92
June 93
Mar
Mar
Mar
May
Apr
100 1414
105 51
670 43
97 95%
3,035 1816
214
960
500 12
215 100
845 222
2,140 7031
55
$5,000
7836
3,000
48
12,000
2,000
98
92
2,000
High.
•No par value.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from July 21 to
July 27, 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.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Week ending July 27.
Stocks-
[VOL. 117.
THE CHRONICLE
428
Indus. & Miscellaneous.
Acme Coal Mining, new_10
Aluminum Mfg,corn
•
Amalgam Leather, corn_ •
Amer Gas & Elec, com_ _ _ 1. 36
Preferred
50
Amer Light dr Trac, P1-100
Amer MultIgraph w I
American Thread, pref_ _ _5
34
Archer-Daniels Mid Co_ •
Armour & Co of Del, pf.100 87
Atlantic Fruit Co
*
Borden dr Co,common.100
Bridgeport Machine Co_ _* 13
Brit-Amer Tob ord bear_il 2234
Ordinary
Ll
British Int Corp, class A_•
Brooklyn City RR
10
Ruddy-Buds,Inc
•
14
Campbell Soup, pref. _ _100 1054
Celluloid Co preferred_ _100
centrifugal Cast Iron Pipe* 1334
ChM Nipple Mfg Class A.10
434
Class B,_ _10
331
Chic Steel Wheel, com_ _ _5
Preferred
10
Cities Service, corn___ _100 135
100 6531
Preferred
Preferred B
10
514
Cities Service, stock scrip__
86
Cash scrip
Cities Son-, bankers' ah__• 1334
Cleve Automobile, com__• 2734
Colorado Power. coca.. _100
Com'th P,Ry & L,corn 100
Congoleum Co, com_ _ _100 212
Cox's Cash Stores
5
Curtiss Aeropl & M,corn..*
Certificates of deposit_ _ _
Del Lack & West Coal_ _50
Dort Motor Car
•
Dubiller Condenser & Rad.
9
Durant Motors, Inc
• 4434
Durant Motors of Ind_ _ _10 1136
Eaton Axle & Spnng Co_ •
Federal Tel & Tel
5
Gillette Safety Razor__ _ _• 245
Glen Alden Coal
• 704
Goodyear Tire & R.com100 1034
Hayden Chemical
•
Hudson Cos,pref
100 14
Hudson & Man RR.com 100
Hydrox Corp,common_ __• 204
Imperial Tob of G B & 1_61
Intercontinental Rubb-100
10
Keystone Solether
Lehigh Power Securities_ _• 204
Lehigh Valley Coal Sales 50
Lucey Mfg. Class A
W
McCrory St, new corn wl_* 4334
Mesabi Iron Co
634
•
• 15
Midvale Co
Motor Products
Nat Bunn Co(of Del)com 50 53
New Flen Pub Corp.com-5
N Y Telt)4% pref . 100 11031
PattersOn Bros Tob,CI A_•
Peerless Truck & Motor_ 50 31
Pyrene Manufacturing_ _10
3
Radio Corp of Amer,corn •
5
36,6
Preferred
50
Reading Coal Co w 1
10 -----Reo Motor Car
5
Repettl. Inc
Roamer Motor Car
Roeenb'm Gr Corp, pf_ _50 -----Saguenay Pulp & Pow.PI-5 -----Shelton Looms, corn• 1934
Southern Coal & Iron_ __ _5 -----Standard Motor Constr_10 -----• 1431
Stutz Motor Car
100 10034
Swift & Co
15
Swift International
Tenn Elec Power, com___•- --331
Tob Prod Exports Corp.._•
Todd Shipyards Cor p_ _ _ _• 494
Un Retail Stores Candy....•
531:
United Shoe Mach,com_25
US Distrib Corp. com_ _50
134
US Light & Heat. corn.. _ 10
Universal Pipe & Rad,w I.* 124
5
Wayne Coal
Willy. Corp, 1st pref _ _ _ 100
Yellow Taxi Corp, N Y___.• 125
Low.
200
336 4
314 June
23
23
100 214 Feb
15
1536
200 14
July
900 31
36
37
June
42
100 40
42
July
10 88
88
88
July
2231 2234
500 224 July
700
34 334
334 Feb
28
29
200 27
June
87
88
700 844 July
14 131
100
134 June
1164 117
80 110
Mar
14
13
1,200 13
July
224 23
6,200 1954 Jan
700 194 June
2234 224
1536 1514
100 12
July
93's 934
900
734 Jan
110i 14 5,100
Me June
10531 10634
400 10,534 July
10 10634 May
11036 1104
134 1634 4,000 10
Jan
500
431 5
231 Jan
234 34 1,200
234 May
100
14 May
234 234
336 34
900
1
July
975 130
135 1384
June
65
654 3,300 64
June
300
534 6
534 June
48,000 72 June
87
85
1,000 74
77
77
July
1334 1431 2,700 134 June
400 2434 July
2736 29
45 16
18
19
June
10 24 June
294 294
100 114
211 218
Jan
24 234
400
234 July
7% 734
88
88
234 234
9
934
4414 4714
1114 12
254 2734
634 7
244 250
704 7314
104 1134
14 2
14
144
934 10
2016 204
164 1634
44
'4
234 231
19
204
7634 7634
434 514
4334 4314
631 7
15
1611
102 102
5214 55
2
2
11034 11034
834 834
3034 32
934 934
3
334
3116 334
44
5034
1634 1674
1
1
1034 1034
49
49
134• 1%
19% 1934
20e 200
231
231
1431 1531
10034 10034
19
19
12
1231
331 334
4951 5.134
,%
:i 364
5'4
30
20
20
134
134
1231 1231
134
114
534 6
125 127
500
74 June
25 82
Jan
300
216 July
2.000
44 :an
2,700 3734 May
600
834 July
2,200 2334 July
800
334 Apr
720 238
June
2,100 56
Jan
2,200
94 Mar
1,400
134 July
200 1234 July
300
8
July
100 1831 July
100 1614 July
400
34 July
200
1
Jan
800 174 July
100 76
June
200
434 July
100 4034 May
200
634 July
900 1134 June
100 102
July
1.100 604 May
200
2
July
650 108 June
100
835 July
400 30 June
100
9
Mar
6,500
244 June
3,200
21111 Jan
2,310 39
July
1,300 1314 Feb
100
85c June
500
94 July
100 4736 July
200
1
Ma
100 1834 June
1,000 16c July
20
24 May
400 14
June
20 98
June
500 17
June
500 12
July
2,900 231 June
278 47
July
1'
600 n3334
5
Jan
300
May
100 20 June
1
800
Jan
100 1234 July
114 June
1,000
200
5 June
200 100
Feb
Rights.
Reading Coal w I
214
1931 2331 18,500
Former Standard 011
Subsidiaries
Anglo-American Oil_ ___ 61
1476
1434 1534
Range since Jan. 1.
1.200
High.
6
23
194
4634
4636
96
23
4
404
994
234
122
1634
234
234
174
1034
134
10934
11134
1034
oi
314
336
94
195
70
634
102
77
194
3434
2536
35
232
8
May
June
Apr
Mar
Feb
Jan
July
Apr
May
Feb
Feb
Jan
May
June
June
Feb
Mar
Feb
Feb
July
July
June
July
Feb
Feb
Feb
Mar
Mar
Jan
July
Feb
Apr
Mar
Apr
June
Mar
8
July
9134 June
6
Jan
1334 Apr
84
Jan
254 Jan
304 May
7
Jan
292
Apr
7534 Apr
1634 May
214 Feb
174 Feb
1236 Feb
25
Mar
2134 May
64 Jan
334 July
25
Mar
90
Jan
20
Jan
45 June
124 Jan
2134 Apr
102
July
7014 Mar
1636 Jan
112 Jan
1514 Apr
80
Jan
11
Jan
44 Mai
31116 Am
5034 May
204 May
2
Jan
July
11
543.4 Mar
2
Jac
274 Mar
50e May
334 Jar
2434 Jar
109
Fel
21
Feb
19
Mal
636 Mal
80
Ma)
8
Ma.
56
Mal
3034 Jar
214 July
204 Apr
234 Jar
1134 Jar
15236 Apr
1436 July
234 July
14
1934
June
may
Friday
Sales
Former Standard 011
Last Week's Range for
of Prices.
Subsidiaries.
Week.
Sale.
(Concluded)
Par. Price. Low. High. Shares.
Buckeye Pipe Line
50
Continental 011
100
Crescent Pipe Line
25
Cumberland Pipe Line-100
Eureka Pipe Line
100
Galena-Signal 011, com_100
Illinois Pipe Line
100
Indiana Pine Line
50
National Transit__ _ _12.54)
New York Transit
100
Ohio 011
25
Prairie Oil& Gas
100
Prairie Pine Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe Line......_100
Standard 011 (Indiana)_25
Standard 011 (Kansas) _25
Standard Oil (Ky)
25
Standard Oil (Nebr)__ ..100
Standard 011 of N Y_ _25
Stand Oil (Ohio), corn....100
100
Swan & Finch
Vacuum 011
25
101
15914
98
2311
99
175
9931
105
514
4034
90
36%
36
42
Range Ante Jan. 1.
Low.
8431 86
170 80
.3534 36%
400 34%
135 1511
17% 1814
106 113
55 185
101 103
105 95
61
62
210 55
159 160
110 15536
9711 99
165 93
2331 23%
100 22%
99 101
50 97
57
5834
500 57
175 183
435 175
99% 10234
1,140 ;914
185 185
10 170
105 120
460 105
95
96
115 93
514 5514 67,700 5131
40
4234
800 39
90
94
3,200 1480
229 230
40 186
3614 38% 8,200 3534
280 285
6' 270
30
265 21
36
4131 4536 13,400 41%
May
July
June
Jan
Jan
July
June
June
July
July
July
July
July
June
July
July
July
July
Jan
Jan
Jan
July
Jan
July
High.
94
50
2634
168
117
794
171
103
29
138
854
224
333
2124
196
116
69%
57
133
285
4954
317
39
5531
Jan
Feb
Feb
Jan
Apr
Mar
Feb
Mar
fel:.
Apr
Feb
Apr
Jan
Feb
Feb
Feb
Mar
Feb
Jan
Feb
Jan
Apr
Feb
Mar
Other Oil Stocks
631 64
Mar
100
5
Ark Natural Gas, com__10
July 10
Atlantic Lobos Oil, cons...*
74 Jan
100
331 34
234 May
Barrington Oil Co class A
10%
1034 1034 2,200 104 June 1131 May
85c 85o
Boston-Wyoming Oil_ ......1
14 Feb
300 76c June
34
74 Mar
334 44 2,200
Carib Syndicate
2
3 June
3
7% Apr
3
331 21,400
Creole Syndicate
5
Jan34
9
9
July 18% Apr
934
Derby Oil& Ref Corp com•
800
4c
Jan
3c June 250
Engineers Petroleum Co....1
10,000
lic
June 154 June
Equity Petrol Corp, pref__
200 14
1531 1511
51c 55c
Jan
1
Federal ()II
5 55c
4,400 505 June
Jan 38% Apr
3236 32%
Ceneral Petrol Corp corn 25
200 31
60e 75c
Nia y
2116 Jan
Glenrock6011
3,400 57
04
0 June
10 75e
50
July 6831 Mar
Gulf Oil Corp of Pa
25 5031 5034 5136 4,300
18e
Jan
8c 10c 19,000
8c
Hudson 011
1
31
Humble 011 & Refining_ _25 31
32
1,100 294 July 4134 Mar
394 may
Humphreys Oil
300
35 364 364 37
Feb
123
94
974
Imperial 011 (Can) coup_25 95
910
14% 16% 20,100 14
International Petroleum_ _• 1436
July 2434 Feb
2792 Junej9l
136 June
990
Interstate Royalties Corp_l 99c
1
1,800 950 May
Jan
401
July
100
90 1 le 40,000
Apr
9
1
Keystone Ranger Devel_ _1
Jan
4
2
2
Kirby Petroleum
36
•
400
Jan
Magnolia Petroleum_ _ _100 12931 1294 139
260 12536 Jun 168
94 Jan 25% May
Maracaibo 011 Explor_ _ _•
2131 2234 4,000
434 June
2
14 Jan
Marland 011 of Mex
1
1,100
4% 4%
434 July 10% Feb
Mexican Eagle Oil
5
200
Mar
700 70c
43
Mexican Panuco 011......10
300
55c 68c
Mexico Oil Corn
2111. Mar
10 630
7,200
236 236
Jan
234
Jan
Midwest 011, corn
1
234
10
Jan
Oc 14c 14,00
Midwest Texas 011
Jan 30e
1 14e
5e
131
134 Mar
juun
131
n
1
l
Mountain & Gulf 011
J
13°5
10
34 j
200
13
Mountain Producers_ - _ -10 13
13% 3,200 13
3% Jul y 204 Feb
154 mar
9
9
Mutual 011 vot trust Ws_ _
Jul
10% 33,300
9
05,
1 May
374 44 2,200
334
New Bradford Oil w I_ _ 5
10
214 Feb
New York 011
1014
25 1034
300
110 12c 13,000
30o
Jan
Noble(Chas F) Oil & Gas.1
3c
7c
Feb
30
JulyJanune
1
Ohio Ranger
3e
1290c
5 j
1,000
60c 65c
Isis Mar
Omar Oil& Gas
June
10 62c
9,200
Mar
2
July 13
2
•
694
1
Peer 011 Corporation
700
Apr
131
1%
Pennsylvania-Beaver 011_1
5
131 10,200
June90 a
1134 124
Pennok Oil
144 Apr
10 12
1,800
934
314 334
334
Royal Can 011 Syndicate- June
734 Mar
1,700
Feb
8
14
8
10
Salt Creek Consol 011
100
8
2531 Fell
Salt Creek Producers__ _10 1534 1534 1614 2,900
5
8% Mar
5
331 M
jjuuuanll
536 6,50
Santa Fe 011 & Refining_5
231 231 2,200
235
Sapulpa Refining
4'34 Mar
24 Jul
5
2
234
4
Ain
Seaboard Oil& Gas
Jul
23.4 13,300
5
2
Jan
20
South Petrol & Reflning_5
lc May 130
30 21,600
13
2634 Mar
Southern States 011
14% 21,000 124 Jun
10 14%
lc
Sc July
Texans Oil dr Refining_ _ _
lc
lc Jul
1,000
67c 750
1% Apr
Turman 011
1 72e
2,300 600 Jun
30
Jan
25
Ventura Consul 011 Fields 5 .25
264
Jul
200 25
531
53.4 631
534 Jul
Wilcox Oil & Gas
1031 Jan
5
5,200
80
Sc 10c
70 June 20c Mar
••It" Oil& Gas
1
9,000
Mining Stocks.
116 134
134
Alaska-Brit Col Metals.... _1
134 June
300
3% 336
336
Alvarado Min & 61111.-20
24 Jan
300
89e
89e 89c
Argonaut Gold (old)
100 70c
AD
15c
15c
Arizona Globe Copper_ ....1
150
8,000 10c
Fe
lc
Belcher Divide
Sc
100
1,000
lc July
Sc
30
Belcher Extension
100
Sc 167,000
2c Mar
15c 15c
Boundary Red Mt MM._ _
1,000 12c July
15c
15e
1
Butte & New York
Apr
2.000 15c
1
134
111
Butte & West Min Co_ __ _1
4,100 900 Mar
2
2
Calaveras Copper
2
5
200
2 June
1%
134 1% 4,600
Cameo Copper
1
134 June
6c
candalar1a Silver.
70 16,000
1
Sc June
6c
6c
Cash Boy Consolidated_ _1
60
1,000
13c June
19c
Tunnel
190
Comstock
1,000 15c Mar
2% 24 3,300
onion Copper Mines__ --5
24 June
5
5
continental Mines. Ltd_ _
5%
1,100
44 Jan
6c
6c
Cork Province Mines.... _1
3,000
Sc July
660 68c
1 67c
Cortez Silver
12,400 62o
Apr
3116
rresson Con Gold M & M.1
314 3,100
2
Apr
52c 52c
1
100 32e Feb
Crown Reserve
Sc
Sc
50
1
Divide Extension
3,000
40 June
lc
lc
lc
1
Emma Silver
4,000
Apr
le
80
70 500 34,000
Eureka Croosua
1
7e July
20e
15e 20c 11,000 15o July
For111118 Cons Mining
37c
30c 390 57,000 17c June
Golden State Mining
100
90 10c 22,000
Goldfield Deep Mines......5e
Apr
7c
70 10c
Goldfield Development...... 10e
7,000
4c
Jan
48c 52c
1 48c
Gold field Florence
12,200 290
Jan
45c
45c
Jackpot
aoldfleld
1
6,00
Jan
350
30e
25c 30c 14,000 25e July
Gold Road Annex M
30
30
Gold Zone Divide
5,000
20 Jun
3c
30
30
Hard Shell Mining
9,00
Jan
3e
64 734
264
Hecla Mining
40
534 July
50e
35c
__
Mining_
Hilltop-Nevada
99c
8,800 350 IJuly
11% 11%
Hollinger Con Gold mines5
100 114 Jun
80c 88c
Homestake Ext Min Co_ _1 800
600 58e Feb
3%
3
1
Howe Sound Co
34 1,300
234 Jan
40c
350 41c 30,000 16c Jun
Independence Lead Min...1
230 24c
Iron Blossom Cons Min_l 24c
4,000 23e July
234 2%
Jerome Verde Developl..1
AP
500 95e
2c
2c
20
1
Jim Butler Tonopah
6,500
lc June
24 24
July
Kerr Lake
5
10
2
4c
KaWana8
4c
1
21 Ma
1,000
2c
lc
Knox Divide
10c
2c 11,000
be May
AP
32c 32c
La Rose Mines
5 32c
1.000 23e
4c
4c
Lone Star Consolidated I
So 55,000
2c Jun
MacNamara Crescent Devi
2c
3c
4.000
lc Ma
le Jun
30
MacNamara Mining
3c
1
4c
5,000
National TM Corp
10c
12e 40,000 100 Jun
50c lie
1
10c 170 26,800
6c Jun
Nevada Ophlr
184 18%
New Cornelia
100 163.4 Jun
3
2% 236
24 Jan
New Dominion Copper__ _5
2,500
154 154
New Jersey Zinc
100
40 148 Jun
Jan
N Y Porcupine Mining__ _ ------ 53c 600
600 30c
44 Jul
5% 5% 2,100
Niple.sing Mines
5
Jan
30
Sc
130
3,000
Nixon Nevada Mining Co.
Jan
obi° Copper
1 630
6,700 37e
62e 68o
231 Jul
2%
400
231 3
Park Utah Mining
236
236
Jul
Gold
500
234 234
Premier
24 Mar
634 Mar
uelp
y
850
9c JF
Sc
80e
50
2c
Mar
Jan
May
Mar4i
A1
j 9a1
I1,
Jan
Jan
Mara
304r%
130 i,%Jan
May
$
8
3
60
4
34
MarJuneAA ppr0
5
7321;Jan
15c
130
40
Jan
Jan
Jan
Mar
2
99
8
733!
347
0740
4:
.
0JulyNIJailJ.a
AFjanae
700
Feb
Feb
11c
Jan
130
914 Apr
Feb
4a
414480% Mari,F
y
838: JFuelb
Jan
336
A
.r
Jan
1
6
3
3
Jan
F
A l'br
Mar10c Jan
Jan
61
Jan
7c
320
Jan
20e Mar
24% Mar
434 -Mar
8034
750 June
834 Mar
10c May
4
1 ril
Mar.,Jan
331 Apr
40
8
2cce
JULY 281923.]
THE CHRONICLE
Friday
Sales
Lasi Week's Range for
of Prices.
Sale.
Week.
Mining Stocks
(Concluded)
Par. Price. Low, High. Shares.
1
5
Ray Hercules, Inc
Red Hills Florence
Red Warrior
Rex Consolidated Mining-1
Rochester Silver Corp
134
St Croix Mines Corn
1
San Toy Mining
40
Silver King Divide (reorg)_
Silver Mines of America-- 16c
Sc
Silver Pick Consol
Silver Queen mining Corp. 33c
1
Simon Silver Lead
3%
South Amer Gold & Plat.'
100
Spearhead
1 • 3c
Stewart Mining
1
Success mining
Sutherland Divide
Tick-Hughes
1
Temiskaming Mining
330
Tonopah Belmont Divide 1 710
1
Tonopah Divide
Tonopah Extension
11111
1
Tonopah Mining
1
Tr -Bullion S & I)
Tuolumne Copper
1 14e
111,
United Eastern Mining...1
United Imperial Mines 1 970
United Verde Extension_50 31
240
U S Cont Mines
3%
Unity Gold Mines
5
Victory Divide
100
Wenden Copper Mining__ 560
West Hod Consolidated-5 820
West End Extension MinWestern Utah Copper_ _.1
White Caps Mining__ _ _100
Yukon-Alaska trust Mfg_ 27%
Yukon Gold Co
5 134
Bona,
Allied Pack fis, See B-1939
1939 52
Cony deb 68
Aluminum Co of Am7s1925 1034
1933
7s
Amer Cotton 01168___1924 92%
Amer CI dc E deb 6s..2014 92%
Amer Lt & Tmc 68-1925
101
Without warranta
Amer Rolling Mill 58._1938
Amer Sumatra Tob 734s'25
Amer Tel & Tel 6s___ _1924 10034
Anaconda Cop Min 65-1929 10134
Anglo-Amer 011 7340-1925 10234
Armour & Coot Del 54843 8834
Mew Hardware 6140-1933
Atl Gulf & WI FIS L 55 1959 50
1959 7834
Beaver Board 88
Beaver Products 730 1942
Beigo-Can Paper 65..1943
Beth Steel equip 76_1935 1024
Canadian Nat Rye 78_1935
1925
5s
1941
Central Steel 88
Charcoal Iron of Am 881931
Ch It I & Pao RR 530228 97%
Cities Service 75, Ser D '60 884
1966 893(
70. Series C
Columbia Graphoph 88 '25
Certificates of deposit__
Cons GEL&P Balt 65'49 10334
1931
78
1941 94%
Consol Textile 88
1931 100
Deere & Co 7348
Detroit City Gas 6s_ _ _1947 99%
1932 102
Detroit Edison 6s..
DunlopT&R of Am 73_1942 954
1933 974
Federal Sugar Os
1924 10134
6s
Fisher Body Corp 68..1925
1926 98%
65
68
1927
1928 97
fis
Gain (Robert) Co 7s-1937
Galena-Signal Oil 7s__1930
General Asphalt 85-1930 100
General Petroleum 65_1928
Grand Trunk Ity 6348-1936 10534
1937 94%
Gulf 011 of Pa 5e
Hocking Valley RR 68 1924
Hood Rubber 7% notes.'36
Interb R T 88J PM recta,
---Certificates of deposit-- ,
Nommen Copper is. 1930
Libby McNeill& Libby 78'31
Liggett-Winchester 78 1942
Loulav Gas& Elec 58..1952
Manitoba Power 75., _ _1941 99%
With warrants
Maracaibo Oil Exp 7s_1925 213
Morris & Co 7%s
1930
National Leather 811_1925
New On Pub Sery 68_1952 823(
1952
Ohio Power 58
Penne P & L 5sB _ _1952
Philadelphia Elee On. _1041
1947 1003(
5%5
Phillips Petrol 7348...1931
Without warrants
Public Fiery Corp 78_ -1941 102
9734
Pub Serv Elea Pow 68_1948
Reading Co 4348 w
58 w
St Paul Un Dep 5345- -1923 100
Sears. Roebuck & Co 75'23 10031
Shawsheen Mills 7s.._ -1931 104
1924
Solvay & Cie 88
South Calif Edison 581944 9034
Stand 011 of NY 834s1933 106%
7% serial gold deb-_1925
7% serial gold deb_ _1926 104%
7% serial gold deb_1927
7% serial gold deb- _1928 1064
7% serial gold deb-1930 106
7% serial gold deb_ _1931 10735
1931
Sun Co 7s
Swift & Co 58__Oct 15 1932 90%
United 011 Produc 88-1931 93
United Rye of Hay 7345'
36 106
1936 10531
Vacuum 011 (is
1
2c
30c
lc
60
Pis
20
40
13o
30
30o
258
334
9c
2e
32c
Sc
134
33c
71c
50c
lbw
10c
14c
1%
950
31
20e
3
le
55e
78e
le
15e
Sc
27%
134
2,300
30,000
19,000
11,000
8,000
1,100
5,000
58,000
21,000
6,000
9,000
2,000
1,300
43,000
4.000
1,000
9,000
6,100
1,000
2,500
7,000
4,300
200
1,000
4,000
7,700
4,500
1,100
32,000
1.000
2,000
600
3,600
12,000
1,000
4,000
200
2.200
Low.
1
Feb
lc May
250 July
le July
30 May
800 May
So June
4c May
lfla May
30 June
280 May
21c Feb
2% July
40 Mar
20 July
320 July
lc
Jan
810 Jan
30e Mar
710 July
485 July
1% June
111,3 Jan
Sc May
80 June
% July
600 Mar
28;4 Jan
Apr
13e
3
July
le
Jan
28c June
76e July
lo May
15c July
20 Jan
1934 Mar
750 Jan
High.
24 Mar
8c Mar
68c Apr
8o Feb
19e Feb
1% May
4c Feb
25c Apr
400 Feb
9c Jan
50c Feb
50c Apr
4% Mar
31c June
Sc Jan
68c Jan
9c July
134 May
47c May
Ms Jan
890 Mar
4
Mar
2% Jan
16e Feb
67o Feb
Vie Feb
97c July
38% Apr
24o J1.119
53.4 Mar
Sc Mar
570 July
114 Jan
Jan
fie
550 Feb
12o Jan
Apr
35
211. Apr
61
July 843(
64% $29.000 61
5134 55
29,000 5134 July 76%
103% 10334 6,000 10234 Apr 104
10634 106% 7,000 10534 July 10634
92% 9234 4,000 85
Feb 96%
92% 92% 17,000 91% July 9734
100% 101
6,000
98% 98% 6,000
96
he
2.000
10034 100% 72,000
10134 101% 43,000
102% 102% 19,000
884 88% 112,000
9534 9531 81.000
50
50% 18,000
7834 78% 7.000
9934 9934 5,000
96% 96% 102,000
102% 103
16,000
10734 107% 15.000
99% 9934 8,000
10734 10734 19,000
91
9234 11,000
97% 974 3,000
87
8934 10,000
894 90
7.000
1004
97
9534
100%
100%
101%
8414
9534
4314
653.4
97
96%
102%
108%
97
106
90
96
97
89
10
13
25,000
1034 1033( 2,000
1063( 107 108,000
9434 94% 2,000
100 100% 6,000
99% 994 278,000
101 102
13,000
9434 95% 77,000
97
97% 54,000
10134 101% 4,000
100% 100% 1,000
984 99% 21,000
97
9731 12,000
97
973( 8,000
95% 9531 4,000
105 105
3,000
100 10034 12,000
95% 96
8,000
1054 105% 11,000
94% 94% 26.000
10034 100% 1,000
1004 10034 9,000
10
Jul
10034 Apr
105
Apr
94 Jun
9834 Mar
994 Jun
100 Jun
94% July
96% Jun
1004 Ma
984 Mar
9734 Mar
96 May
94% -Ma
94
Jul
103 Jun
99 June
95 June
10334 Apr
9334 Mar
Mar
100
100 June
93
90
103% 104
99% 100
1024 103%
87% 8834
9994 993(
100 100
213 222
984 984
9634 97
8134 8214
87
874
8834 8834
1044 1044
1004 100%
8.000
21,000
6,000
7,000
24,000
7,000
1,000
11,000
21,000
14,000
22,000
12,000
1,000
1,003
6,000
90
10131
97
101%
86
95
97
105
98
9534
81%
8434
86
10234
98%
June
97
984
102 102%
96% 9734
87
87%
904 9131
100 1004
1004 1004
104 104%
104% 1044
904 9014
10634 1067.4
10234 103
10434 105
1054 105%
1054 1064
10534 106
10734 108
10034 101
9034 91
914 99
106 106
1054 106
15.000
30,000
37,000
35,000
62,000
4,000
19,000
4,000
17,000
11,000
32,000
17,000
11,000
3.000
14,000
4,000
4.000
15,000
39,000
27,000
46,000
35,000
97
10134
96%
87
87
100
10034
1034
104
87
10434
102
103
103
1044
1014
105%
100
89%
8934
10434
105%
July
May
July
July
July
Apr
July
may
Mar
Max
Apr
June
Apr
Apr
Apr
Feb
July
June
May
June
Apr
Jun
10334
104%
98%
8834
91
100%
627.000
30,000
55,000
16,000
66,000
1,000
1,000
10,00
994
37
384
55%
974
97
9%
9
Jun
July
July
100%
Foreign Government
and Municipalities
100
Argentine Nation 70-1923
37
1943
French Govt 45
1945 36,4 36%
Mexico 48
56
56
65 10-year Series A
101%
Netherlands (Iiingd)6e1312 102
98%
Peru (Republic) 8s._ _1932
Russian Govt 634e.._1919 ------ 12%
10
Certificates
1
3c
440
le
10c
14
20
Sc
18c
50
33e
25e
3%
12e
30
32c
9c
Pie
33c
75c
550
1%
1.51,
100
14c
1111.
97c
31%
240
314
lo
57e
820
lo
15c
6o
28
134
Range time Jan. 1.
100
37
37%
.5734
102
9834
12%
10%
June
July
Jan
July
July
July
July
July
July
Feb
May
Jun
Jan
May
July
Feb
July
July
Jul)
Jun
July
July
Mar
Mar
Jan
Jan
Mar
Apr
July
July
Apr
Apr
Mar
Apr
Max
Mar
Feb
Jan
Jan
101%
100%
100%
1014
1034
103%
9634
9834
62
8234
100%
963(
103
11034
99%
1084
97
9874
93%
9634
35
1034
1084
106
10334
101%
104
9734
983(
101%
10034
100
994
9834
9934
105%
105
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
may
Jan
Feb
Jan
Jan
June
Mar
June
Feb
June
Feb
Jan
Feb
Apr
Mar
June
Jan
Apr
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Apr
May
Apr
June
Feb
Feb
Feb
Jan
Mar
Jan
Jar)
107
9734 Jan
100% Apr
Jan
102
Mar
98
10534 Jan
10234 Jan
104
May
9134 Jan
10234 Feb
103% Feb
24934 May
106% Jae
Jan
102
89% Mar
Jan
92
9034 Jail
105% Jan
102% Jan
10134
10534
105%
974
1074
106%
106
1074
10734
10934
110
103
Feb
Feb
May
July
July
Apr
Jan
Apr
May
Jan
Jan
Feb
July
Jan
Mar
Jan
Feb
Mar
Feb
94
10694 Mar
Jan
107
1071( Jan
37
4434
6334
102
100%
1634
16%
Jan
July
May
May
June
Apr
Feb
Feb
Bonds (Concluded)
429
Friday
Last Week's Range Sales
for
Sale.
Of Prices,
Price. Low. High. Week.
Range since Jan. 1.
Low.
High.
Feb
Russian Govt 5345 -1921
6,000
934 JanI 16
10
10
Certificates
18
Feb
934 Jan
10
1,000
10
Jan
Switzerland Govt 548.1929 9934 9934 9974 16,000
99 June 106
• No par value. It Correction. m Dollars per 1,000 lire flat. 1 Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. u Ex 60 2-3% stock dividend. r Ex 100% stock dividend. s Option sale.
t Ex 200% stock dividend. w When issued. z Ex dividend. y Ex rights. SEX
Mock dividend. n Ex stock dividend of 40%
New York City Banks and Trust Companies.
Ail micas dollars per Caere.
Ask
Banks
Bid
233 Harriman__ _ _ 330
295 Manhattan S. 145
188 Mach & Met_ 389
Mutual*
320
140 Nat American 135
National City 346
140 New Neth•
130
300
170 Pacific •
415
138 Park
215 Port Morris_ _ 160
292
345 Public
260 Seaboard _ _ 365
80 Seventh Ave_ 88
175
535 Standard •
222 State*
335
Tradesmen's• 200
555 36 Ward'... 270
290 United States* 160
245 Wash'n Hts•_ 200
Yorkville•
850
434
120
4.1 Trust Co.'s Bid
345 I! New York
amen Exch._ 288
148 :1American_-_
Battery Park- 180
393 LBank of N.Y.
440
Bowery*
a Trust Co 485
BroadwayCen 115
145 Bankers Trust 353
Bronx Bore*. 175
350 Central Union 464
140 Commercial__ 105
Bronx Nat.- 120
Bryant Park* 160
305
Empire
420 Equitable Tr_ 191
Butch de Drov 130
Cent Moreau- 205
F arm L & Tr_ 527
340
298 Fidelity Inter 195
Chase
255
375 Fulton
Chat & Phen. 255
98 Guaranty Tr_ 250
Chelsea Excbe 60
Chemical....525
205
190 Hudson
214
350 Irving Bank
Coal & Iron
ColumblaTr 216
Colonial 0.-- 375
Columbhi
_ ._ Law Tit & Tr_ 177
290
170 Metropolitan_ 290
Commerce... 287
Com'nwealth• 235
Mutual (West
cheater)
120
Continental
135
338
Corn Exch..- 428
N Y Trust
Coemop'tan•. 110
tle Ou & Tr 363
204
Kurt River
II Mtg & Tr 305
Fifth AvenUe•1200
nited States 1200
Brooklyn
Fifth
225 235 Coney Wand' 188 165
estohes. Tr. 180
First
Brooklyn
1205 1215 First
820 355
Garfield
250 265 Mechanics' *- 180 136
rooklyn Tr_ 470
Gotham
184 190 Montauk •_. 170
_ Kings County 850
Greenwich'.. 290
Nassau
225 240 Manufacturer 275
Hanover
675 685 People's
People's
150
395
• Banks marked with(5)are State banks. I New stook. s Ex-dhrldend.
rights.
itanka-N.Y. Bte
229
lmerlea
475
357
468
115
315
193
535
205
285
257
215
219
185
300
130
344
370
315
1220
415
Fl-
New York City Realty and Surety Companies.
49 rice. dollars per Mars.
Mance Illty41
Surety_
loud & M G.,
Sty investing
Preferred..
awyers Mtg
,mer
BM
98
94
270
65
92
155
Ask
105 Mtge Bond_
96 Nat Surety__
277 NY Title &
88
Mortgage__
98 13 El Casualty.
160 US Title Gus
Bid
108
158
187
140
130
Ask
BM
114 Realty Assoc
162
(Bklyn) corn 78
P•t prei____ 80
26 pref..- 58
192
___ Westchester
154
Title & Tr.- 200
Ad
.._
85
220
CURRENT NOTICES.
-Farr & Co., members of the New York Stock Exchange,and specialists
In sugar securities, have just published their fourth annual edition of "A
Manual of Sugar Companies." This handbook is highly regarded as a
reference volume by those interested in sugar securities. The 1923 edition
describes 26 leading sugar companies, with data on capitalization, production, and earning power for the past five years, balance sheet, &c. A
special added feature this year is a complete table of Cuban sugar mills.
showing location, ownership and production from 1920 to 1923, inclusive.
Interesting statistical information on the sugar industry is also included.
Farr & Co. have specialized in sugar securities since their organization.
Those interested in sugar companies and their securities may obtain copies
gratis iip-ori application to
& Co.'s office, 133 Front St., N.Y.City.
7
-McDonnell
circular on Southern Railway, tracing three
states of the company's development and its outlook for future earnings.
State: "It is unfair to Southern Railway to attempt to calculate the earning power of its system upon past performances alone. This is due to the
fict that the territory served is very rapidly developing and the money
plowed back into propeit-ilirdequipment has just begun-,in the past year
or two, to bear fruit."
-Ladd,& Wood have issued a special circular on the underlying closed
mortgage bonds of the Denver & Rio Grande Western RR,Co. These
bonds are to
undisturbed In the prowled reorganization of this
company, and at current market prices yield a return of 6.28% to 8.40%
to maturity. COProf bits
-circular may be had on request,
!
mr
'
-TamelIng,Keeirear,7 Walrst., 1;7ew Yoliembers of New York
rk-7Stock Exchange, are distributing a booklet containing earnings and financial
statements of 27 sugar companies, together with a brief summary of the
pc7-itioii-of each company's securities.
-Prince & Whitely are moving their offices from the ground floor on New
Street to the fiftirfloor, Broadwaywing of 52 Broadway. During the 45
years this firm has been business, it has maintained offices in this building
for 23 years.
-The trust department of the Guaranty Trust Co. of New York Is
prepared to deliver definitiveytah Power and Light Co. 1st Lien & Gen.
Mtge.. Series of 6% bonds, due 1944, in exchange for the outstanding
temporary bonds.
-Gilbert Ellott & Co.. specialists in bank and insurance company
stocks, have issued their regular comparative analysis of national and State
banks and trust companies.
-Irving Bank-Columbia Trust Company has been designated trustee
by the Leavenworth Terminal Ry. & Bridge Co. and Chicago Great Western RR. Co., of an issue of 9400,000 1st Mortgage
% gold bonds.
-In the current issue of their market review, Jelke, Hood & Co. discuss
at length German inflation and the potential menace of her great reconstruction program.
-Merrill, Lynch & Co., members of the New York Stock Exchange.
are distributing their 1923 analysis of the McCrory Stores Corporation.
The figures show results after giving effect to the recent financing.
-Zimmerman Co. have opened offices at 74 Broadway to conduct a
general brokerage business, specializing in foreign securities. Alfred
Zimmerman will have charge of the foreign department.
-The Corporation Securities Co. of Chicago announces the appointment
of Victor A. Mingers as Sales Manager. Mr. Mingers was formerly with
the bond department of Russell, Brewster & Co.
-Bankers Trust Co. has been appointed transfer agent for the Preferred
and Common stock of the Ohio River Edison Co.
*40
534
Inaestuunt mut gailitoutt inteliffente.
430
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.
Latest Gross Earnings.
Jan. 1 to Latest Date.'
Jan. 1 to Latest Date.
ROADS.
ROADS.
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
$
Akron Canton & Y.. June
250.005 191,848 1,337,586 1,071.614
Alabama & Vicksb_ May
280,133 292,191 1.401,855 1.294,006
Amer Ry Express__ March
13253959 13128426 38,585.722 38.791.889
2d wk July
Ann Arbor
95.546
87.450 2.671.430 2.595.910
Atch Topeka & S Fe June
18689539 18138742 111449461 97,367,593
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 Birm & AtL May
371,076 330.541 1,952.596 1,530,329
Atlanta & West Pt_ June
244,505 207,363 1.451,151 1,117,232
Atlantic City
June
491,298 467,594 1,904,927 1,874,969
Atlantic Coast Line_ May
7.144.544 6.386,035 37.156.217 31,524,544
Baltimore & Ohio June
22515 545 17580 515 129797389 98,679,159
B &0Ch Term May
328.286 270,654 1,543,553 1,187,211
Bangor & Aroostook May
602.821 821,001 3.014.764 3.925.715
37,794
Bellefonte Central May
57.664
9.471
8.841
Belt fly of Chicago_ May
622,383 482,697 3.018.988 2.388,946
Bessemer & L Erie May
1,960,378 583.841 6,579.9821 3,272.981
58.755
Bingham & Garfield May
182.0311
38,901
15.971
Boston & Maine..._ June
7,703.567 6,531,344 42,885,730 37.912,544
Bklyn E D Term.. May
727,8441 669.697
137,168 129.672
Buff Roch & Pittsb3d wk July 473,066 219,667 11,886,720, 7,055,371
663.125
Buffalo & Susq
May
217.243
60.098 1.191,523
Canadian Nat Rya_ 3d wk July 4,680,422 4.340,128 130817385 115803302
Canadian Pacific
,3d wk July 3.254,0002.991.000 88,155,000 83,433,000
Caro Clinch & 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 J....'June
5,100,892 3,443,405 28,539,556 23,199,980
Cent New England.. June
748,555 458.678 3,670,252 3,511.250
June
Central Vermont
741,350 596,727 4,355,650 3,391.348
Charleston & W Car May
328,242
.538 1.708.012 1.452.751
Chas & Ohio Lines May
8,929,615 7.657.318 39,614,834 35.302,745
May
Chicago & Alton
2761.2842.136,783 13,642.292 11,89'6.590
Chic Burl & Quincy_ May
13704092 12401 625 71.225.39561,551.197
Chicago & East Ill May
2,229.792 1.848,545 12.019,391 9.892.732
Chicago Great West May
2,186.673 1,978.569 10,554,084 9.284.854
Chic Ind & Louisv May
1,613.633 1.352,925 7.570.129 6.399,265
• Chic Mllw & St Paul May
13867496 12249791 69.588,068 57.643.221
Chic & North West_ May
13787108 11758933 63,841,582 53.995.307
Chic Peoria & St 1... May
965,092
100,653 199,355
578.246
Chic River & Ind May
626,508
3.129.066
Chic III & Pacific— May
10156 771 9,632,956 49,397.471 45,319.924
Chic R I & Gulf__ May
421,461 422.592 2,091,006 2.199,791
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 1,057,844 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
481.666
Wichita Valley___ May
521,012
110,092
88,317
Delaware & Hudson June
4,454,139 2,297,070 22.961.570 18,866,476
Del Lack & Western June
8,005,941 5,501,267 43.200,096 35,882,808
Deny & Rio Grande May
2,646,542 2,424,366 12,574.114 11,718.984
513,860
Denver & Salt Lake May
775.502
183,491
36,748
629.776
725.659
Detroit & Mackinac May
161.848 154.726
Detroit Tol &'cont. May
917,327 889,503 4,156,877 3,753.291
Del& Tol Shore L.... May
404,658 258,639 1.837,563 1.499.106
859.399
Dul & Iron Range__ May
1,044.268 362.132 1.816,275
Dul Mlssabe & Nor_ May
2,454,565 600.500 3,186,983 1,165.660
Dul Sou Shore & Atl 2d wk July 112,366 100,594 3.019,840 2.123,582
777.755
Duluth Winn & Pac May
195,821 151,357 1.134,612
East St Louis Conn_ June
172,519 173,377 1,173,855 1.011,166
Elgin Joliet & East_ May
2.609,184 1.925,601 11,894,283 8.775.390
El Paso & Sou West June
1.174,912 1.066,799 6,442,382 5,211,774
Erie Railroad
June
9,854,901 6,911,867 60.043,281 44,435.306
Chicago & Erie._ June
1.179.823 903.500 6,903,598 5,492.774
NJ&NY RR
June
718,748
133.819 123,401
770,322
Evans Ind & Ter H. May
470.932
110,041
59,559
664,238
Florida East Coast_ May
1,406.995 1,306,104 8,265.570 7,252.100
Fonda Johns & Cloy June
115,953 101,380
684,008
Ft Smith & Western May
118,389 128.0.52
588,536
653,891
Galveston Wharf_ June
89,550
98,602
706.854
651,006
Georgia Railroad
June
505,172 421,356 3.014.150 2,367,734
Georgia & Florida 2d wk July
33.900
27.250
720,454
922,508
Grand Trunk Syst„ 3d wk Mar 2,222.865 1.930.118 23.244.920 20.861.357
Atl & St Lawrence April
318.268 142,729 1.287,895 1,046.645
ChDetCanGT.1ct May
347,634 158,455 1.435.681
968.928
Det G H & Miler_ 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 3d wk July 2.198,965 2,056,408 59,238,319 47,333,351
Green Bay & West_ May
115,457 110,558, 532,608
561.655
Gulf Mobile & Nor. May
486,548 413.753 2,359,972 1,841,545
Gulf & Ship Island_ May
339,128 267,859 1.372.311 1,178,676
Hocking Valley
May
1,759.823 1,019,599* 6.843,935 5,172,392
Illinois Central Sys.. June
15072360 13790895 95,148.281 78,581.107
Illinois Cent RR_ May
14250219 12081 678 71,790,944 57.417,376
Yazoo & Miss Valley May
1,589,412 1,422,841i 8,284,977 7,303.643
Intern Ry Co of Me May
175.594 163.415! 1.434.460 1.306.857
Internal & Grt Nor_ May
1,175,038 1,286,549 5.708,949 5,651,483
Kan City Mex & Or May
164,455 103,5631 660.318
542,131
IC0 Mex &0of Tex May
148,688 121.927
604,911
648,490
IC0 Southern Co_ June
1,847,940 1,701,564 11,048,472 9,710,377
Texark & Ft Sm.... May
227,333 167.3941 1.073.709
794.396
May
Total system
1,881,995 1,678.579 9,200,532 8,008.813
199,746 223,047 1.156.083 1.090.815
Kan Okla & Gulf__ _ May
169,604
Lake Sup & Ishpem_ May,2
0
69,701
209,062
June
114,922
84,266
551,559
Lake Term Ry
570,825
278.477 155.952 1,184,859 1,040,110
Lehigh & Hud River May
587,924
3.030,621 1,987.365
Lehigh & New Eng_ June
June
7,052,888 4,694.664 36,280,628 1.017.207
Lehigh Valley
May
Lake
2,132,825
1,682,664
Salt
9,280,291 7,605.025
&
Ang
Los
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
La Ry & Nay of Tex May
11668447 11925415 55,402,726 0,167,156
Louisville & Nashv_ May
310,770
May
316,039 1,428,397 1,233,652
L
St
Fiend
&
Loulsv
1.879.980 1,699,621 10,404,530 0,126,725
Juno
Maine Central
349,593 434,597 2,224,158 2,281,899
June
Midland Valley..
8,163
6,129
138,579
2d wk July
260,624
Mineral Range
Minneap & St Louis 2d wk July 276.460 315.670 8.673,612 8.051,010
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
3
Minn St P & S S M.. May
2,283,381 1,993,337 10,035.307 8.515,214
M St P&SSM 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
610.530
Mississippi Central_ May
768.396
168.606 130,188
Mo Kan T Lines_ May
4,331,521 4,596,616 21.860.37820,722,104
Mo KT Ry of Tex__ May
1.501,337 1.737,838 7.804,729 8.191.958
a Mo Han & Texas. May
116.186
63,610
38.299
Mo & North Arkan_ May
587.993
38,299
109,342
Missouri Pacific____ May
9,698,074 8.641.36744,503.181 39.888.499
Mobile & Ohio
3d wk July 353.358 296,906 11,393.163 9,414,429
Colum & Greenv_ May
588,475
617.059
126,451 125.834
Monongahela Conn. June
832,985
240,758 155,429 1,353,266
348,006
Montour
June
21,802 1,186,792
269,704
Nashv Chatt & St L May
2,094,310 1.880.791 10,249,423 8,391,524
Nevada-Cal-Oregon 2d wk July
134.103
148,233
7.641
7,022
Nevada Northern May
140,072
47,676
343,107
88,962
Newburgh & Sou Sh May
818,608
889.502
195,973 206.639
New Orl Great Nor_ June
247,927 213,954 1,412,000 1.267,449
N 0 Texas & Mex May
199.993 231.402 1,279,894 1,121,182
867.156
Beaum S L & W May
921,504
169,581 165.180
St L Brownsv &M May
487,600 406,793 2,176,614 2.285,819
New York Central June
38145470 29921 333 213676256 6$498339
Ind Harbor Belt_ May
973.138 810,039 4.846.491 3,816.433
Michigan Central May
8,578,828 6,740,0.54 40 169.380 30,213,621
Cley C C & St L._ June
7,966.671 7.613,870 47,859,673 40,829.638
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
N Y 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
N Y N II & Hartf_ _ June
11949570 10249637 65,983,463 57.847.727
N Y Ont & Western June
1,248,6671 888,365 6,393,439 5,591,268
N Y Susq St West.... June
409,169 324,241 2,523,411 1,975,049
Norfolk Southern.... June
780,987 752,968 4,642,461 4,200,225
Norfolk & Western_ June
7,881,048 9,473,091 44.938.946 46.011.351
Northern Pacific
May
7.680,983 7,378,960 38,344.840 33.621.547
Northwestern Pac May
655,229 692.495 2,855,713 2.838.2a
Pennsyl RR System May
70011 667 55215004 311088394 263710318
Pennsylv RR Co.... May
65465627 50998373 291742522 246167837
518.792
Balt Chas & Ati May
519,643
139.397 144,443
Long Island
June
3,229,094 2.917.091 15,631,136 13,964,429
375.846
Mary Del & Va_ _ May
373.282
95,417
99.575
Monongahela _ _ May
89,141 2.300,687 1,601,032
563,51.5
645,512
Tol Peor & West_ May
757,188
150,830 122.872
W Jersey & Seash May
1.120.377 1,080.085 5,001.755 4,635,746
Peoria & Pekin Un_ June
891,054
877,166
131,897 129,845
Pere Marquette__..- May
4,000,896 3.400,302 18,369,409 14,002.983
Perkiomen
June
585.458
540,654
107,240 122.108
Phila & Reading...... June
8,959,203 5.673,491 55,077.844 38,260,119
Pittsb & Shawmut_ _ May
454,722
611.718
89,460
38.911
Pitts Shaw & North May
451,477
661.245
114,751
72,625
Pittsb & West Va.... May
349,217 202.556 1,506.710 1,162,800
Port Reading
998,840
June
203,178
92.507 1,513,211
Pullman Co
May
,984,480 5.212,242 2,727,199 2,594,790
Quincy Om & IC C.... May
431.814
562.587
100,134
95,741
Rich Fred & Potom_ May
.140,030 1,010,806 5,372,322 4,447,303
Rutland
May
590.779 461,728 2,750.562 2.271,914
St L-San Fran Syst_ 3d wk July ,674,207 1.621.465 48.625,112 45.763,514
Ft W & Rio Cr.... May
490,628
537.903
117,215
96.256
St L-S F of Texas. May
639.337
602,029
123,472 132,187
St L Southwest Co_ May
.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_ ._ 3d wk July 496,676 469,935 14,727,113 12,418,150
St Louis Transfer June
370.574
417.484
62,455
59,793
San Ant& Aran Pass May
452,609 461,255 2.006,801 2,067,602
San Ant Uvalde & G May
445.438
486.903
162,083 102,831
Seaboard Air Line May
.452,550 3.889,589 22,839,175 18.826,308
Sou Pacific System.. June
24611 625 22897098 133023 160 120127220
Southern Pacific Co May
6573262 14939705 75,625,405 66,464,930
Atlantic S S Lines May
.152,079 959,186 5,692,383 4,752,101
Arizona Eastern. May
335,300 328,158 1,544,807 1,213,049
Galv Harris & S A May
1.787.795 9,076,691 8,645,729
HOUB & Tex Cent.. May
.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
Mor La & Texas.. May
702,321 635,975 3,713,489 3.222.773
Texas & New Orl_ May
742,8'1 667.9293.614.540
Southern Ry System 3d wk July 3.608.627 2.666,317 109809259 90:367:167
Southern Ry Co June
12585968 11385784 74.448,970 61.995,454
Ala Great South_ June
896,388 861.027 5,392,914 4,711,467
Cin N 0& Tex P. May
2,164.068 1,777,368 9,891,542 7,297,742
Georgia Sou & Fla June
480.833 406,800 2,621.498 2,371,003
New Orl & Nor E_ May
598,952 538.323 2.950,210 2,562,250
Northern Ala
_ May
506,931
703,527
157,913 129,194
Spokane Internat. _ May
444,787
496,629
84,582
86.123
Spok Portl & Seattle May
2,743,576
607,265
3,161,204
692,082
Staten Island R P.... June
238,187 202,266 1,196,099 1,151,808
Tennessee Central May
956,243
284,068 215,479 1299.705
Term R R Assn ofSt L June
419,466 383,404 2.499,518 2,283,855
St L Mar Bridge T June
348,238 278,309 2,473,195 1,781,5411
Texas & Pacific_ _ _ 2d wk July 530.595 521,524 15,993,223 15,417,783
Toledo St L & West May
1,156,737 908.051 5,515,973 3.988.650
Ulster & Delaware_ _ June
792.132' 717,040
168,216 154.500
Union Pacific Co...... June
16389949 1539426493.267,028 83,931,504
Total system_ __ _ May
16087037 14544798 76.877,079 68,537,240
Oregon Short Line May
2,823,023 2,678,967 14,469.805 13,576,279
Ore-Wash RR & N May
2,292,127 2,197.756 11,046,163-10.355.77
St Jos & Grand Isl May
271,641 270,306 1,334,969 1.270,701
Union RR (Penn).— May
1,161,899 1,015,672 4,746,105 3,879,149
601,498
Utah
May
597,578
108,880 120,460
Vicks Shrev & Paw.... May
3,52,000 329.043 1,768,603 1.534,462
Virginian RR
June
1,791,452 2,069,254 11.072.336 10,485,198
Wabash RR
May
5.721.077 4,900.012 26.225,365 23.268,213
Western Maryland_ 2d wk July 450,679 297,535 12,593,8531 8,797,08.)
Western Pacific........ May
1,116,514 866,010 4.617.919 4,025,499
Western Ry of Ala June
230,993 213,381 1.441,442 1,194.732
Wheel & Lake Erie- May
1.82%952 1.190,790 6,756,9561 5.476,287
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Monthly Summaries.
Current
Year.
Previous
• Year.
Increase or
Decrease.
Mileage.
Curr.Yr. Prev.Yr.
$
1
8
1
$
August
235.294 235.090472.242.561 504,154,075 —31,911,054 6.35
September —235.280 235,205 498.702.275 496.978,503 +1.723.772 0.33
October
233,872 232,882 545,759,206 532,684,914 13,074,292 2.45
November -.235.748 235.679 523.748,483 466,130,328 57.618,155 12.35
December_ --235.290 236.121 512.433.733 434,698.143 87,735,500 20.65
January —235,678 235.827 500.816.521 395,000.157 70,803,472 21.00
February- - -235.399 235.528 444,891.872 400,146.341 +44,745,531 11.18
March
235.424 235.470 533,553.199 473.747.009 +59.806.190 12.63
April
234,970 235.839 521,387.412 415,808,970 4-105578442 25.39
May
235.186 235,472545,503,898 447,993.844 +97.510,054 21.77
•Grand Rapids & Indiana and Pitts., Oin Chic Welt. Louis Included in Pennsylvania RR z Lake Erie & Western included in New York Central.
it Includes Grand Trunk System. t Inc tides Wichita Falls & Northwestern.
a This road is now operated separate from and Independent of Missouri-Kansas-Texas Lines anti Is in the hands of a receiver.
3d week May
4th week May
1st week June
2d week June
3d week June
4th week June
1st week July
2d week July
ad week July
16 roads)_-__
16 roads)..__ç17 roads)___
16 roads)___
16 roads).—
16 roads)-16 roads)
16 roads)..--8 roads)........
19,($2,326
26,363,118
19.827.932
18,675,125
18,562,257
22.945.214
18,434,668
18,846,646
16.739.321
$
16.118,003 +2,884,323 17.90
23.207.333 +3.155,785 13.60
17.15.7
8.0
258.75
47
8 +1,769,184 9,70
+1.459,388 8.48
17.376,653 +1,185,604 6.82
20,536,529 +2,408.685 11.73
16.476,170 +1.958,498 11.89
16,692.351 +2,154,295 12.9
14,661,826 +2.077.495 14.17
JULY 28 1923.]
THE CHRONICLE
431
-Grossfrom Railway- -Net from Railway- -Net after Tares
1923.
1923,
1922,
1922,
1922,
1923.
$
$
Mobile dr OhioJune
1,660,303 1,480,222
291,517
260,571
From Jan L10,362,099 8,522,874
1,905,233 1,584,429
Monongahela ConnectingJune
240,758
31.261
42,425
45,182 , 33,451
155,429
Third week of July.
1022.
Increase. Decrease.
1923.
From Jan 1_ 1,353,266
202,320
225,779
215,391
239,953
832,985
Montour RR$
$
$
$
June
269,704
99,899 -27,463
120,035 -24.970
21,802
Buffalo Rochester & Pittsburgh473,066
219,667 253,399 '
From Jan 1_ 1.186,792
350,436 -74,729
429,445 -59.604
348,006
Canadian National Railways-- 4,680,422 4,340,128 340.294
Canadian Pacific By Co
Orleans
Great
New
Northern
3,254,000 2,991,000 263,000
Great Northern By
June
247,927
86,141
67,437
101.207
84.446
213,954
2,198,965 2,056,408 142,557 1
Mobile & Ohio RR
From Jan 1_ 1,412,000 1,267,449
269,560
375,249
359,942
475,450
353,358
296,906
56,452
St Louts-San Francisco By
1,674,207 1,621,465
52,742
N Y Central SystemSt Louis Southwestern By
496,676
469,935
Cleveland Cinc Chic & St Louis26,741 '
Southern Railway System
3,608,627 2,666,317 942,310
June
7,966,671 7,613,870
1,821,274 1,969,156
From Jan L47,859,673 40,829,638
9,809,697 9,233,841
Total (8 roads)
16,739,321 14,661,826 2,077.495
New York Central RRNet increase (14.171)
2 077 408
June
38,145.470 29,921,333 11.603,026 7,107.228 9,311,867 5,152,801
From Janl 213,676,256,164,498,339 53,585,212 34,820,705 41,197,809 24,306,040
In the following table we also complete our summary for the NYNH&
Hartfordsecond week of July:
June
11,949,570 10,249,637
2,271,375 1,291,163
From Jan E65,983,463 57.847,727
9,326,770 9,457,009
New York Ontario & WesternSecond week of July.
1922.
1923.
Increase. Decrease.
June
1,248,667
888,365
38,073
196.203
From Jan 1_ 6,393,439 5,591,268
508,443
178,399
$
$
$
$
N Y Susquehanna & WesternPreviously reported (10 roads)-- 17,703.92115,731,678 1,972.243
324,241
June
409,169
56,536
Duluth South Shore & Atlantic_
373
24,208 -25,098
112.366
100,594
11,772
From Jan 1_ 2,523,411 1,975,049
302,494
Georgia & Florida By
21.651
173,023
113,698
33,900
27,250
6,650
Mineral Range RR
Norfolk
Southern
8,163
6.129
2,034
Nevada-California-Oregon
June
186,887
752,968
780,987
148,439
188,145
153,732
7,022
7,641
619
Texas & l'acific By
From Jan 1_ 4,642,461 4,200,225 1,076.949
819,349
846,497
838,568
530,595
521,524
9,071
Western Maryland By
450,679
Norfolk & Western By297,535 153,144
June
7,881,048 9,473,091 1.8.55,979 3,860,137 1,304,034 3,259,622
Total (16 roads)
18,846,646 16,692.351 2.154,914
From Jan L44,938,946 46,011,351 9,766,880 15,126,054 6,814,339 12,271,486
619
Net increase (12.9,
20
9 1A 90k
Pennsylvania SystemLong IslandNet Earnings Monthly to Latest Dates.---The table
3.229,094 2,917,091
June
783,624
822,588
From Jan L15,631,136 13,964,429
following shows the gross and net earnings with charges and
2,345,690 2,340,413
&
Pekin
Peoria
Union
surplus of STEAM railroad and industrial companies
129,845
June
26,160
131,897
13,660
12,340
-2.860
reported this woalc:
From Jan 1_ 877,166
891,054
200.271
211,665
113,771
136,665
-Gross from Railway- -Na from Railway- -Na after
PerkiomenTare:
1922.
1923.
June
1923.
107,240
44,842
122,108
1922.
38,709
61,327
56,455
1923.
1922.
$
From Jan L 540,654
210,229
585,458
214,377
171,969
246.757
$
Akron Canton eic YoungstownPhila & Reading RyJune
198,848
250,005
84,999
86,739
8,959,203 5,673,491 2,943,125
June
599,099 2.681,006
382,957
82.424
73,999
From Jan L 1,337,586 1,071,614
528,093
From Jan 1_55,077,844 38,260,119 18.794,003 8,197.985 17,192,283 6,970.448
482,131
424,044
443.657
Ann Arbor RyPort ReadingJune
435,366
470,545
203,178
102,164
June
92,507
6,882
-7,871
89.118
70,656
86,354
From Jan 1_ 2,503,920 2,413,356
From Jan 1_ 1,513,211
797.090
487.256
714,728
998,840
387,186
397,956
144,135
Atchison Topeka & Santa FeSt Louis Southwest SystemJune
18,689,539 18.138,742
2,105,392 2,084,395
June
483.787
368,380
525,250
417,198
3,009.299
2,219,574
FromJan 1111,449.481 97.367,593
From Jan L14,181,906 11,789,439 3,042,905 2,236,558 2,354,000 1.716,690
20,422,925 11,229,357
Atlanta & West PointSt Louis Transfer RyJune
244,505
207,363
62,455
59,793
80,481
12,881
June
11.652
10.771
41,696
11,945
29,320
49,767
From Jan 1_ 1,451,151 1,147,232
370,574
350,213
132,510
From Jan 1_ 417,484
76.401
130,195
73.834
173.439
112,149
266,254
Atlantic City RySouthern By SystemJune
491,298
487,594
146,057
95,582
76,333
126,066
Alabama Great SouthernFrom Jan E 1,904,927 1,874,969
33,557
157,819 -86,704
36.649
861,027
896,388
188,760
June
185.619
Baltimore & Ohio RR1,359,469
From Jan 1_ 5.392.914 4,711,467
977,227
June
22,515,545 17,580,515 .5,237,534 3,803,608
4,419,399 3,069,386
Georgia Southern & FloridaFrom Janl 129,797,389 98,679,159 30,283,962 20,980,235
25,310,695 16.697,276
406,800
460,833
87.677
June
74,481
Boston & Maine457,432
From Jan 1_ 2,621,498 2,371,003
314,876
June
7,703,567 6,531,344
1,016,874
1,298,948
Southern Ry CoFrom Jan L42,885,730 37,912,544
12,585,968 11,385,784
2,408,019 4,482,410
2,581,552 2.777,480
June
Buffalo Rochester & PittsburghFrom Jan L74,448,970 61,995,454
15,152,468 10,912,757
June
1,887.850
945,708
--229,187
119,800
Pacific
Southern
From Jan L11,803,633 8,942,958
227,152
947.374
24,611,625 22,897,098 7,268,325 6,934,609 5,721,905 5,367,510
June
Central RR Of New JerseyFromJan 1133.023,160 120127,220 32,733,198 27,958.626 23,451,658 18.384,254
June
5,100,892 3,443,405
638,665 -75,781 Staten Island R
From Jan 1-28,539,556 23,199,980
2,297,613 1,901,239
202,266
June
25,840 -28,316
238,187
238.187
13.140 -46,335
Central New EnglandFrom Jan 1:1,196,099 1,151,808
28,255 -109,678 -62,208 -212,224
June
748,555
458,678
4,962
214,267
Terminal
Louis
RR
of
-Association
St
From Jan 1_ 3,670,252 3,511,250
896,171
552,982
127.964
383,404
June
419,466
130.758
60,391
70,537
Central Vermont832,342_307,653.......456,011
From Jan 1_ 2,499,518 2,283,855
485,148
June
741.350
596,727
27.523 -St Louis Merch Bridge -Term35,860
From Jan 1- 4,355,650 3.391,348
alb
Mill
237,314
189,759
278,309
June
85.710
348,238
65,367
53,521
47,737
Delaware & HudsonFrom Jan 1_ 2,473,195 1,781,546
502,110
832,708
385,902
642,139
June
4,454.137 2,297.070 1,282,228 -174.921
--261,398
1,197,051
Ulster & DelawareFrom Jan 1-22,961,570 18,866,476 3,301.160
1,989,731 2,789,696 1,487,859
June
168,216
154,500
21,158
11,244
Delaware Lack & WesternFrom Jan 1_ 792,132
717,040
566,768
7,457
June
8,005,941 5,501,267 2,343,707
667,733
340.706
1.880,131
Pacific
Union
System
From Jan 1_43,200,096 35.882,808 7,398,481
6,937,261 4.869,845 4,374,700
June
16,389,949 15,394,264 3,712,047 3,527,265 2,605,214 2,364,250
East St Louis ConnectingFrom Jan 1 93,267,028 83,931,504 21,597,899 18,808,910 15,005,462 11,974,213
June
172,519
173,377
87,822
93.178
85,123 Virginian71,752
From Jan 1_ 1,173,855 1,011,166
670,185
529.445
456,875
584,729
June
1,791,452 2,069,254
594,194
873,466
El Paso & SouthwesternFrom Jan 1_11,072,336 10,485,198
3,830,411 3,758,883
June
1,174,912 1,066,799
247.600
205.318
Maryland
Western
From Jan L 6,442,382 5,211,774
947,105
1,125,474
June
2.084,417 1,271,871
261,435
377,380
Erie RRFrom Jan 1_11,730,940 8,188,244
2,089,020 1,683,101
June
9,854,901 6.911,867
40,308 1,466,818 --253,428 Western By of Alabama-From Jan 1_60,043,281 44,435,306 1,815,454
9,847,704 4.805,916 7,836,437 3,193,540
213,381
June
236,993
61,875
55.116
54,655
44,590
Chicago & ErieFrom Jan 1_ 1,441,442 1,194,732
383.537
232,777
305.818
178,547
June
1,179,823
903,500
408,444
210,993
155,986
355,678
From Jan 1. 6,903,598 5,492.774 1,971,380
ELECTRIC
RAILWAY
AND
PUBLIC
UTILITY
CO'S.
1,377,979 1,661,180 1,059,689
New Jersey & New YorkJune
133,819
123,401
Latest Gross Earnings.
27,014
Jan. 1 to Latest Date.
12,159
9,159
23,525
From Jan 1_ 770,322
718,748
Name of Road
100,325
101,877
83,655
79,690
Fonda Johnstown & Gloversvilleor Company.
Previous
Current Previous Current
June
115.953
Month.
Year.
Year.
Year.
Year.
101,380
39,479
36.873
31,098
31,639
From Jan 1_ 781,741
684.008
306,961
282,219
247,569
259,921
Galveston Wharf CoAdirondack Pow & Lt June
528,606 433.734 3,388,566 2.650,178
June
89,550
98,602
10,291
-73
-6.709 -17,110 Alabama Power Co_ - June
625,695 445.707 3,539,520 2.527,311
FromJanl. 651,006
706,854
158.023
35,471
55,955 -68,611 Amer Bloc Power Co_ June
1707,934 1533.799 10,667,002 9,386,736
Georgia RRAm Pr & Lt Co Subsid May
2443.481 2204.996 12.976,935 11.803.863
June
505,172
421,358
64,667 American Tel & Tel__ May
121,311
6050,498 5462.967 29,942,764 26.025,049
From Jan 1_ 3,014,150 2,367,734
285.400 mAm Wat Wks & Sub May
557,752
2884,270 1641.914 14.227,196 8,401.900
Great NorthernAppalachian Pow Co_ June
277,720 246,089 *3.177,894 *2,722,900
10.193,000 9,242,241 2,387,000
June
Arizona Power Co_- April
*727,894
63.540
2,434,661
1.731,326
1,704,000
From Jan L52,543,000 42,730,195 7,280,000 0,949,516
cArkansas
Lt
&
Power
June
138.544 133.046 *1.398.096 *1,164.763
3,143,000 3,279,703 Asheville Pow
& Light May
78,252 74,211 *927,182 *869.236
Illinois Central SystemAssociated Gas & Elec May
15,072.380 13,790,895
617.688
236.825 156.569 1.001.519
June
1,430,861 1,840,664 Aug-Aiken By & Elec June
97,571 88,476 *1,215.135 *1.064,292
From Jan 1_95,148,281 78,581,107
12,952,623 11,433,953 Bangor Ry & Electric May
641.809
111.111
601.859
114,462
Southern
Co
By
Kansas City
kBarcelona Tr. L & P May
4102.048 3654,917 22,047.150 18,897,507
1,847,940 1,701,564
June
473,851
446,941
340,526 Baton Rouge Electric May
374,267
266,939
48,552 46.525
239.707
From Jan 111,048.472 9,710,377 2,968,885 2,448,409 2,373,582 1,800.780 Beaver Valley Trac__ June
356,341
56,276 49,566
312,369
Lake Terminal RRBinghamton L,H & P May
484,428
89,032 76,700
405.506
114,922
84,266
June
17,968
360,876 310,460 1,908.210 1,641,159
16,992
10,656 Blackstone Val G & E May
11,718
570,825
551,559
From Jan 1
59,820
2760 077 2630 924 17,448,488 16,535.329
142,845 Boston "L" Railway.. June
180.864
21,117
!Brazilian Tr. Lt & Pr May
20996000 1609i000 96,593.000 76.249,000
Lehigh & New EnglandBklyn Rapid Transit_ May
3411,218 3147.921 033589020 g31526 837
June
587,924
240,118
201,289 -37,545 Bklyn City RR
(Rec) May
1086,875 1086.413 y11139608 Y10803850
From Jan I_ 3,030,621 1,987,365
718,462
61.186 N Y Consol (Rec)___ May
2309.787 2074,299
Lehigh ValleyCapeBretonElCo,Ltcl
56,533 48.051
281,199
May
241,570
7,052,888 4,694,664 1,264,473
June
20,154 Carolina Power & Lt_ May
210,708
176,139 154,683 '2.111.241 *1,766,854
From Jan 1_36,280,628 31,017,207 2,155,357 3,295,371 1,054,063
897,100 2,049,280 Cent Miss Val El Co_ May
45.216 42.971
237.076
222,769
Maine CentralCities Service Co____ May
1589,994 1435.323 8.107,385 6.608,137
1,879,980 1,699.621
June
75.964 63.945 *895,995 *758,337
241,343 CitizensTracCo& Sub May
315,111
From Jan 1_10,404,530 10.126,725
59,251 60,148
695,878 1,009,307 Cleve Painesv & East May
278,932
271,930
Colorado Power Co__ June
Midland Valley*1,080,845 *963,589
Columbia Gas & Elec June
434,597
June
1485,120 1299.155 11,010,509 9,485.184
349,593
94,465
203,358
186,154
79.297
Columbus
Elec
&
Pow
May
From Jan 1_ 2,224,158 2,281,899
184.657
739,540
154,506
919,006
939.669
837,348
646,864
789.793
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of July. The table covers 8 roads and shows 14.17%
increase over the same week last year.
432
THE CHRONICLE
Latest Gross Earnings.
Name of Road
or Company.
Month.
-Gross Earnings- -NetEarningsCurrentrrt
Previous
Currentrt
Jan. 1 to Latest Date.
Current Previous Current', Previous
Year.
Year.
Year.
Year.
[Void. 117.
Companies. .
$
$
& Aiken Ry & El Co June
x9,601
97,571
Y8
e8a
8r,476
12 mos ending June 30_._
1,064,292 x139,520
Beaver Valley Traction_Jtme
2,074
49,566
56,276
6 mos ending June 30
80.668
356.341
312,369
Duquesne Light Co__ _ _June 1,519,950 1,275,753
468,579
6 mos ending June 30
17
,3
8 14
3.7
Phil Co&Sub Nat GCos_June 0'7
88
66
6.4
20
30
7 8'9
164.2
88 801
6 mos ending June 30
3,633,702
8,22
33
9:0
40
5
8
4
45 7,34
17
93
2:0
Philadelphia Oil Co._ _ _June
6 mos ending June 30
4
1!
112,1
2
17
244
3:9
53
96
9
501.711
17th St Incl Plane Co_ _June
6 mos ending June 30
17.698
13
8,3
59
56
2
Southern Canada Pow_ _June
3
68
41.3
10
75,705
66,566
9 mos ending June 30_ _ - 700.390
390,363
630,842
Virginian Power Co_ _ _ _June 222,215
x52,878
180,547
12 mos ending June 30_ _
2.379,028 1,820,413 x398,863
x Balance after charges. -Deficit.
Fixed
Gross
Net after
Charges.
•
Earnings.
Taxes.
$
$
$
American Electric June'23 1.707,934
108,444
Power Co
'22 1,533,799
63,247
6 mos end June 30 '23 10,667,002
160,106
952,603
140,000
'22 9,386,736
487,597
Appalachian Pr Co June'23
85,613
277,720 *127,967
78,664
'22
246,089 *127,548
6 mos ending June 30 '23 3,177,894 *1,465,627
991,544
959,233
'22 2.722.900 *1,318,528
Arkansas Lt & Pr Co June'23 138,544
16,296
60,348
19,153
•
'22
133,046
56,838
12 mos ending June 30 '23 1,398,096
248,771
559,089
210,105
13
4
ColoradoPowerCo June'23 "M
N:796
3'5885:053581
'22
81,927
*42,172
334,929
12 mos end June 30 '23 1,080,845 *580,729
322,454
'22
963.589 *473,201
486,607
Columbia Gas & June '23 1,485.120 *864,811
475,712
Co & subsidiaries
'22 1.299.155 *808,213
6 mos end June 30 '23 11.010.509 *6,817,773 2,897,604
'22 9,485,184 *5,843,964 2.820,950
253,094
Great Western
June '23
584.682
368,693
258,802
Power System
'22
380,226
6
7..7
39
27
4
12 mos ending June 30'23_ 7,595,411
'22 7,6321.
Los Angeles Gas April '23
& Electric
'22
4 mos ending April 30 '23 4,914,646 1,764,467
'22 4.987,097 1,565,419
32
New England Co June '23
603,104
174,432
Power System
'22
441,563
156,210
996,273
12 mos end June 30 :23
2 6
5:8
50
50:8
26
38
6 2
6
1:4
17
73
5,113
..1,215.135
Com'w'lth Pow Corp- May
Com'w'lth Pr,Ry&Lt May
Conn Power Co
May
Consumers Power Co May
Cumberland Co P & L May
Detroit Edison Co_ _ _ June
Duquesne Lt Co Subs June
Eastern Mass St Ry June
Eastern Penn Elec Co April
East St Louis & Sub April
EastShG &ECo&Sub May
East Texas Elec Co May
Edis El Ill of Brock'n_ May
El Paso Electric Co May
Elec Lt & Pow Co of
Abington & Rockl'd May
Erie Ltg Co & Subs._ April
Fall River Gas Works May
Federal Lt & Trac Co May
oFt Worth Pow & Lt_ May
Galv-Hous Elec Co-- May
Gen G & L & Sub Cos May
Georgia Lt, Pr & Rys May
Georgia Ry & Power_ May
Great West Pow Syst June
Hanover Pr Co & Sub May
Havana El Ry L & P. May
Haverhill Gas Light.- May
Honolulu Rapid 'I'ran May
Houghton Co Elec_ _ _ May
Hudson & Manhattan June
Hunting'n Dev & Gas May
Interb Rapid Transit_ May
Idaho Power Co
April
Kansas City Pr & Lt_ June
dKan Gas & Elec Co_ May
Keokuk Electric Co May
Kentucky Trae Term. May
Keystone Telep Co June
Key West Electric.-- May
Lake Shore Electric May
Lexington Utll Co &
Lex Ice Co Consol_ April
Los Angeles Gas Co April
Lowell El & Lt Corp- May
Manila Electric Corp_ June
Market Street Ry.June
Mass Lighting Co... June
e Metroporn Edison_ May
Milw Elec By & Light May
Miss Power & Lt Co_ May
Miss River Power Co_ May
Munk Serv Co & Subs April
dNebraska Power Co_ May
Nevada-Calif Electric May
New Bedf G & Edis Lt May
New Eng Power Sys_ June
New Jersey Pow & Lt May
Newpt News & Hamp
By. Gas dr El Co April
New York Dock Co June
New York Railways_ May
Niagara Lockport &
Oat Pow Co & Subs June
Nor Caro Public Serv May
Nor Ohio Elec Corp May
Nor'west Ohio Ry &P May
North Texas El Co__ - May
dPacific Power & Lt May
Paducah Electric__ _ May
Penn Central Light &
Power Co & Subs May
Penna Coal & Coke June
Pennsylvania Edison_ May
Phita Co. & Subsid'y
Natural Gas Cos June
Philadelphia Oil Co June
Philadelphia & West_ June
Phila Rapid Transit June
Pine Bluff Co
June
dPortland Gas & Coke May
Portland By, Lt & Pr May
Pub Sery Corp of N J June
Puget Sound Pr & Lt_ May
Reading Transit & Lt May
Republic Ry & Lt Co_ May
Rutland By,Lt & Pr_ May
Sandusky Gas & Elec_ May
Savannah Elec & Pow May
Sayre Electric Co__
May
Schenectady By Co May
17th St Incline Plane_ June
Sierra Pacific Electric May
Southern Calif Edison May
South Canada Power_ June
Southern Utilities Co_ June
Southwestern Pr & Lt May
Tampa Electric Co May
hTennessee Bloc Pow- May
Texas Electric By... May
°Texas Power & Light May
Third Avenue By Co- May
United Electric Rys_ May
United Gas & El Corp June
United Lt& Rys&Subs May
Utah Power & Light_ May
pLitah Securities Corp May
Vermont Hydro-Elec_ May
Virginia Power Co_ _ _ June
Virginia Ry & Pow Co June
Western Union Tel Co May
April
Winnipeg Electric By My
nYadkin River Pr Co
York Hay Wat & Pow May
York Utilities Co.... June
2308,546 2032,616 12.340,337 10.839,125
2955,615 2660,442 15.601,714 13,616,951
693,726
158,611 140,549
837,133
1304,271 1105,125 6,880,672 5,717,808
288,173 259.084 1,556,122 1,371,258
2306,046 1959,841 15,907,959 12,848.546
1519,950 1275,753 9,785,437 8,164,850
890.558 867,422 5.560,932 5,252,802
218.148 173,337 *2.365,048 2,359.795
377.548 270,999
43,629 37,748
197,014
218,095
168.273 151.202
716.590
821,396
121,869 104,965
571,233
692,466
203,409 189,919 1,015,503
955,888
33,573 27,246
146,993
178.801
118,216 87.774
388,066
517,999
89.655 84,636
393,328
409,744
429,594 396.624 2,358,257 2,163,872
226,608 192.982 1,228.431 1,013,136
284,127 296,261 1,348,227 1,365,404
1265,515 1036,562 6,313,234 5,278,872
710,490
165,131 141,828
816,457
1323,999 1178,757 6.725.684 6,287,805
584,682 617,327 3.572,795 3,660,507
27,273 22,369 *323.099 *260,435
1101,006 1087,916 5,515,268 5,459,542
219.717
411,874 44,107
237,586
403,899
400.229
84,054 82,361
236.678
232,489
37,203 40,340
938,617 889,981 5.735,437 5,508.870
508,654
591,992
112,943 106,566
4938,155 4702,854
687,353
185,166 166,177
745,836
666,621 563,639 4,534,788 3,814,836
455,987 395,018 *5,333,141 *4,917,288
156,086
33,138 30,007
169,451
137,887 138,055 *1,657,119 *1,588.623
149,680 137,331
826,138
879,043
103,141
20,239 19,350
107,011
938,975
221,344 204,510 1,114,233
84,463 80,257 *1,121,044 *1,083.86.5
989,904 1040,632 4,914,846 4,987,097
527,194
138,366 94,065
739,925
283,292 291,434 *3,570.872 *3,625,655
789,343 814,563 4,810,308
260,711 238,783 1.620,650 1,393,341
622,246 489.552 3.121.080 2.561.703
1805.802 1524,296 *20980914
93,733 90,462 *1.202,729
273.922 261,902 1,255,747 1.202,978
883,097
418,356 220,415 1.753,420
297,287 281,740 1,576,103 1.400,315
358,797 281,095 1,582,086 1,229.567
469.969
252,428 299,195
603.104 441,563 *6,800,868 *5,550.936
268,163
362,395
76,160 51,280
48,153836,964925
645.456
167,409 160,835
668.243
275,098 355,577 1,671,987 2.026.767
777,244 825.369
431,797
114.137
866,802
53,782
237,928
246,861
46,719
298,251
97.213
775,788
38,345
246,164
237,784
43,317
2,693,535
580,773
4,450,479
180,921
1.216,024
1,202.094
255,737
1,657,937
504,834
3,729,871
134,209
1,280,373
1.177,019
227.303
964,927
264,478 170,407 1.356,840
718,413 698,806 4,549,640 3.245,066
236,416 186,952 1.277,636 1.044,835
866,200 988,203 8.229,445 7,342,074
33,005 93,158
501.711
244,938
74,296 67,995
3772,370 3525,735 22,512,400 21,118,783
71,113 74,355
863,966 '997,687
281.985 270.025 1.441,284 1,441,908
910,514 851,305 4,515,858 4,195,279
6740,834 6269,518 42.049,797 38.458,591
987,200 835,274 *11217127 *10104783
272,815 253,368 1,291,453 1,196,947
779,668 653.114 4,070,355 3.294.664
44,500 44.659 1270,370
25 .537
80,197 65.043
320.622
380.730
129,320 132,491
668,844
664,683
15,985 13.802
79,249
88.837
74,836 142.534
740 518
686 407
3,599
3,556
17,698
18.392
83,998 72,560
368,769
414,117
1677,339 1328,261 7.293.603 6.433,733
75.705 66,566 1'700,390 1'630,842
192.970 182,423 *2,423,559 *2.431,189
833,477 732,575 4,504.476 3,967,451
171.229 145,234
915,422
766,752
735.706 650.808 y7.878,610 y8,988,051
212,795 213.524 1,069,197 1,041.916
404,309 354,892 2,245,413 1,971,466
1269,952 1272,262 5,869,489 5,774,129
692,801 681,936 3.388.097 3.162,947
1071,602 970,709 *13286804 *11830466
1011,488 917.421 5,211.836 4,702,377
644,637 536,253 3.384,089 2.800.607
781,279 684,430 *9,381,968 *8,449,002
52,556 37,437
295,275
209.610
222,215 180,547 *2379,028 *1,820,413
869,392 788,854 5.199.495 4,384.850
9021,169 8091,170 36,318,142 31.789,301
467,474 443,327 1,933,015 1.899,114
161,189 97.436 1,502,463 1,148,204
80.162 77.915
373.949
345,440
16,503 15,772
108,328
119,585
a The Brooklyn City RR.is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental: therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these . ses were terminated
on July 111919,since which date these roads have been operated separately.
Includes Pine Bluff Co. d Subsidiary of American Power & Light CO.
e Includes York Haven Water & Power Co. f Earnings given in milrels.
g Subsidiary companies only. 11 Includes Nashville By. & Lt. Co. i Includes both subway and elevated lines. 5 Of Abington & Rockland (Mass.).
k Given in pesetas. 1 These were the earnings from operation of the properties of subsidiary companies. In Includes West Penn Co. n Includes Palmetto Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
•Earnings for 12 mos. / Three mos. ending Dec. 31. x Earnings for 10
for 11 mos. z Five mos. ending Nov. 30. s Four
mos.
M08.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
RE
$
PreviousAg
x87
x-39,852
9,631
69,024
426,369
3,425,651
3,T,I81
110
1
14
3ta,2
-2,409
9
35.0
493
353,581
x57,687
x436,639
ce:
lapnius
It
Su
ai
gsm.74
792,497
57
4
34
47
219
48,884
474 M83
359,295
44,052
17,3
0 685
18
33
188,434
245,800
150,747
378,204
332,501
3,920,169
3,023,014
115,599
121,424
1,624,968
1,469,130
it1:8B
1ff,7879i uagg
1,81132 NUB 4§Bis
nig
New York Dock
June '23
'22
6 mos end June 30 '23
'22
Niagara Lockport June'23
& Ont Pr Co & Subs '22
6 mos ending June 30 '23
'22
Pennsylvania Coal June '23
& Coke
'22
6 mos ending June 30 '23
275,098
161.753
355.577
199,081
1.671.987
924,463
2,026,767 1,092,859
431.797 *217,607
298,251 *170,346
2,693,535 *1,328,073
1,6
71
57
8:9
43
17
3 '
*96
52
9:4
92
698,806
4,549,640
3,27
45
1:0
16
13
6
*180,488
*693,819
a61
64
7
3:
1h
3
al
06.A481
a7
4117:81
a
OW
9
2
18
a544:2
_ ?7
1:10
17
1
78,035
t
50
I0
itig
9;7
1,177,640
5;1
1842:A
:66(
4
3137
338:11
512
5
1kild
4
1517
2
21
:8
g5
11
aggg
750,915
:2425
20
s,611
m
June'23
*83208.'6121
'22
74.355
29,389
12 mos ending June 30'23
863,966
338,726
'22
797,687
318,323
1
United Gas & Elec June'23 1,071,602 *358,591
12
9;8
3
;
Co
'22
970,709 *336,552
1
12 mos ending June 30'23 13,286,804 *4,645,162 1710,392 2,934,770
1,724,665 2,426,187
'22 11150,852
,830,466 *4,
-6,156
a4,119
York Utilities Co June :23
16,503
-2.037
g5
-974
119.514
0.041
-9,310
a24,656
6 mos ending June 30 '23
15,346
85
5,331
a24,520
'22
108.328
29,851
* After allowing for other income.
a Including taxes.
New York Street Railways.
-Gross Earnings---Net Earnings-.
Previous
Current
Current
Previous
Year.
Year.
Companies.
Year.
Year.
$
$
$
231,982
Brooklyn City RR
256,664
Mar 1,024,477 1M01,820
612,512
Jan 1 to Mar 31
661,089
2,883,751 2,800,876
2,033
Brooklyn Heights (rec)Mar
7,481
-4,771
Jan 1 to Mar 31
21.233
20,671
833
7
'
Bklyn Qu Co & Sub (rec) Mar 222,865
Jan 1 to Mar 31
633.750
Coney Isld & Bklyn (rec)Mar 224,203
120:21t?
Jan 1 to Mar 31
113:841
633,886
233
614,686
'
218
Coney Isld & Gr'send_ __Mar
6.156
Jan 1 to Mar 31
li:113
16.616
121,676
Nassau Electric (rec)_Mar 454,293
102,006
415,977
284,668
Jan 1 to Mar 31
1,278,877 1,166,471
263,541
562,492
Consol
(rec)
(BR
T)Mar
NY
648,576
2,177,074 2,024,523
Jan 1 to Mar 31
6,077,638 5,682,054 1,564,437 1,499,140
South Brooklyn
Mar
98,528
85,846
NA«?
Jan 1 to Mar 31
288,318
233,294
32,070
N Y Railways (rec)_- - _Mar 769,912
4,953
810,332
-2,162
Jan 1 to Mar 31
2,166.641 2.189,819 -39.970
Eighth Avenue RR
Mar 100,859
103.195 -21,060 -18,866
Jan 1 to Mar 31
283,870
290,180 -88,551 -57,200
Alar
Ninth Avenue RR
43,199
-8.457 --14,632
47,551
Jan 1 to Mar 31
122.818
131,589 -39,851 -45,914
Interborough 11 T SystemSubway division
Mar 3,392,700 3,165,770 1,379,134 1,326,838
Jan 1 to Mar 31
9.658,451 16,955.396 4.594,170 3,801,746
438.621
Elevated division_ _ _ -Mar 1.699,893 1,643,023
424,034
1
to
Jan
Mar 31
4,763.777 4,566,876 1,670.857 1,071,345
1,872
Manhat Edge 3c Line_ _Mar
2,788
25.018
24,321
1,204
Jan 1 to Mar 31
4,958
68,005
67,171
--7,306
Avenue
--3,651
Second
(rec)-__ -Mar
81,873
81,010
Jan 1 to Mar 31
231,348
221,998 -11,900 -33,172
-6,920
N V & Queens Co (rec)-Mar
-2,826
53,072
113,982
Jan 1 to Mar 31
160,030
315.785 -16,178 -38,152
892
-6,258
Long Island Electric---Mar
27,542
28,584
-1,600
Jan 1 to Mar 31
76,402
77,942 -35,710
-2,914
4,928
Ocean Electric
Mar
19,731
16.730
-6,026
4,305
Jan 1 to Mar 31
50,504
44,166
8,897
4,304
Manhat & Queens (rec)_Mar
29,337
33,522
18,208
6,078
Jan 1 to Mar 31
92,227
80,076
•
8,240
19,506
Harlem
Mar 136,694
145,249
N r&
10,947
45,050
Jan 1 to Mar 31
395,744
380,643
NY & Long Island
Mar
38,300
44.454 -19.647 -17,491
Jan 1 to Mar 31
121.744 -56,260 -43,008
107,382
10.590 -10,728
Richmond Lt & RR_ _ _ _Mar
62,490
66,749
174,229 . 16,513 -40,998
Jan 1 to Mar 31
188,883
Note.-Above net earnings are after the deduction of taxes.
Pine Bluff Co
B1R9;g58,1
ili:7743
-1-12t
ft:T6 111117
-AN =1:811
igitig
JULY 28 19231
FINANCIAL REPORTS
Annual, &c., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
July '7 1923.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Bold face figures indicate reports published at length.
Industrials (Cona.)Page.
Page.
Steam Roads94
Buffalo & Susquehanna RR. Corp-- 320 Hudson Motor Car Co
332
Denver & Rio Grande Western RR- 321 Hydraulic Steel Co
85 Indiana General Service Co
94
Elgin Joliet Sr Eastern RR
206, 220 Industrial Finance Corp., N. Y____ 212
Great Northern Ry
320 Ingersoll-Rand Co
212
Gulf Mobile & Northern RR
325 Inspiration Consol. Copper Co
332
Minneapolis & St. Louis RR
206 Intertype Corporation
213
Philippine Ry
81 Iowa Southern Utilities Co
332
Toledo & Ohio Central Ry
81 Jersey Central Power & Light Corp_ 332
Western Pacific RR.Co
Kansas Gas & Electric Co
332
Electric RailwaysKentucky Public Service Co
213
Brazilian Traction Light & Power
81, 205 (G. R.) Kinney Co., Inc
333
Co., Ltd
85 Kirby Lumber Co
333
Camaguey Electric Co
84 Lanston Monotype Machine Co
95
Indianapolis Street Ry
95
86 Lawrence Mfg.Co
Mexican Railway Co
213
Montreal Tramways & Pr. Co.. Ltd. 87 Lone Star Gas Co
326 Long Bell Lumber Co
95
Philadelphia Rapid Transit Co
327 Lucey Manufacturing Corp
333
Southern N.Y.Power & Ry.Corn
89 McCrory Stores Corp
95
Tide Water Power Co
213
United Rys.& Elec. Co. of Balt--- 327 Maple Leaf Milling Co., Ltd
327 Marland 011 Co
213
Washington Water Power Co
Mason Tire & Rubber Co.,Kent,0.. 213
Industrials81 Maxwell Motor Corp
213
Alabama Power Co
328 Mayflower-Old Colony Copper Co_ - 96
Alliance Realty Co
328 Mexican Eagle 011 Co., Ltd
214
American Bosch Magneto Corp
210 Mohawk Mining Co
334
American Multigraph Co
328 Montreal Water & Power Co
214
American Power & Light Co
96
American Telep. dr Teleg. Co---91, 328 (J. W.) Murray Mfg. Co
294 National Acme Co
214
American Thread Co
91 National Biscuit Co
214
Arizona Power Co
210 National Department Stores, Inc.__ 214
Arkansas Natural Gas Co
91 Nebraska Power Co
334
Arnold, Constable & Co., Inc
210 New England Steamship Co
96
Associated Gas & Electric Co
92 N.Y.State Gas & Electric Corp_
Co
Creamery
334
Beatrice
92 New Mexico & Arizona Land Co__
96
Benjamin Electric dr Mfg. Co
92 North Butte Mining Co
214
Buda Co.(Harvey, Illinois)
Northern States Power Co.(Minn.)_ 215
Bunker Hill dr Sullivan Mining &
92 Otis Co., Boston
215, 335
Concentrating Co
329 Pacific Power Sr Light Co
335
Butte Copper & Zinc Co
210 Park City Mining & Smelting Co.. 216
Casein Co. of America (N.I.)
329 Penn Seaboard Steel Corp
216
Century Ribbon Mills. Inc
92 Pittsburgh Plate Glass Co
216
Chicago Mill & Lumber Co
329 Portland Gas & Coke Co
336
Cities Service Co
216
Regal Shoe Co
Citizens Gas Sr Electric Co. of
329 Reliance Manufacturing Co
97
Council Bluffs
329 Replogle Steel Co
97
Colorado Fuel & Iron Co
Consol. mining & Smelting Co. of
336
Republic Iron & Steel Corp
330 Royal Dutch Petroleum Co
322
Canada. Ltd
Continental Cali Sr Electric Corp__ _ _ 231 Shattuck Arizona Copper Co
336
211 (G. A.) Soden & Co
Davison Chemical Co
217
330 Steel Co. of Canada, Ltd
Detroit Edison Co
336
Donner Steel Co, Inc
330 Taylor-Wharton Iron & Steel Co..__ _ 336
Eaton Axle & Spring Co
211 Texas Pacific Coal & Oil Co
337
Endlcott-Johnson Corporation
322 Texas Power & Light Co
337
Fairbanks Co.(New York)
93 Tooke Bros., Ltd
337
Farr Alpaca Co
211 Underwood Typewriter Co
98
Fort Worth Power & Light Co
330 Turman Oil Co
337
331 United Eastern Mining Co
218
Greene Cananea Copper Co
Greenfield Tap & Die Corp
337
331 Waldorf System, Inc
Gulf States Steel Co
331 West St. Louis Watef & Light Co.__ 218
Hanna Furnace Co
331 Western Power Corp
219
Hartman Corp., Chicago
94 Western Union Telegraph Co
337
94, 212, 331 White Eagle Oil & Refining Co_ _ 98
Hayes Wheel Co
Heidenkamp Plate Glass Co
332 Wilson-Jones Loose Leaf Co. (of
219
Holly Sugar Co
94
Massachusetts)
99
Hudson's Bay Co
212 Youngstown Sheet & Tube Co
Cleveland Cincinnati Chicago & St. Louis Ry. Co.
(34th Annual Report-Year ended Dec. 31 1922.)
Extended extracts from the report of President Alfred H.
Smith with the corporate income account for the year ended
Dec. 31 1922 will be found under the heading "Reports and
Documents" on following pages. President Smith further
says in substance:
Revenues, Tonnage and Passengers.-The total operating revenues were
$84,665,690, an increase of $4,872,097. Freight revenue was 361.596.944,
an increase of $5,307,046. Revenue tonnage increased 5,784,459 tons.
This increase was well distributed among the various commodities, the
largest item being 3,170,770 tons in bituminous coal, notwithstanding the
suspension of traffic from certain mines during the strike.
Passenger revenue was $16,339,289, a decrease of $941,984. There was
a decrease of 1,031,352 passengers, of whom 6,844 were interline and
1,024,508 were local and commutation. The falling off in passenger traffic
was largely accounted for by the coal and shopmen's strikes and by automobile competition.
Express revenue was $1,915,420, an increase of $457,577. The express
revenues of the company are based on a proportion of the net income of the
American Railway Express Co. The increase over 1921 is principally due
to the adjustment of over-accruals of certain reserves by the express company and to operating economies instituted by it.
Operating Expenses.-Total operating expenses of $64,858,314 show a
decrease of $1,738,875 as compared with 1921. The decrease of $1.710.981
In maintomfnee of way and structures was principally caused by reduction
in wages and force and in prices of certain materials and a decrease in the
application of rails, ties and ballast.
Notwithstanding a substantial reduction in the outlay for freight car
repairs, the result of unusually heavy charges to this account in 1921,
maintenance of equipment showed an increase of $215,196, attributable
mainly to expenses incident to the shopmen's strike.
The greater part of the increase in traffic expenses of $56,925 is due to reissuance during 1922 of tariffs to cover rate reductions ordered by the
I.-S. C. Commission.
Transportation expenses decreased $331,185 as the result of increased
efficiency in operation notwithstanding the increased cost of fuel.
Non-Operating Income.-The amount included in 1922 as additional
compensation from the Director-General of Railroads arises from adjustments in the amount due for the use of the company's railroad property
during Federal control.
An accumulation of delayed bills included in 1921 caused the decrease of
$142,924 in miscellaneous rent income. The decrease of 338.748 in dividend income is due to reduction in 1922 in dividend rate on this company's
holdings of stock of Cincinnati Northern RR.and of the Missouri & Illinois
Bridge & Belt RR.
The increase of $100,864 in income from funded securities is principally
due to the temporary investment in United States securities of the corn
pany's share of the proceeds of the sale of New York Central Lines equipment trust certificates of 1922 and to interest on additional European Loan
bonds of the company acquired during the year and carried as an investment.
Contributing to the increase of $71,355 in income from unfunded securities and accounts are interest on reserve fund on deposit with trustee under
the company's Ref. & Impt. Mtg.and increased interest on bank balances.
These increases are partly offset by reduction in temporary investments and
discontinuance of accruals of interest on accounts due by the DirectorGeneral of Railroads.
Deductions from Gross Income-The decrease of $354,294 in rent for
leased roads is principally due to less favorable results of operation of the
Peoria & Eastern Ry.
• 433
THE CHRONICLE
The decrease of $162,518 in miscellaneous rents is due to the inclusion in
1921 of a number of delayed bills.
The decrease of $171,449 in "separately operated properties-loss" is
almost entirely accounted for by a smaller payment for deficit in operation
of the Central Indiana Ry.
The decrease of $312.025 in interest on unfunded debt is largely due to
reduced accruals of interest on accounts due the Director-General of RRs.
The increase of $287.530 in miscellaneous income charges is due to large
adjustments through this account in 1921 in connection with the Federal
control and guaranty periods, resulting in a heavy net credit in that year.
Net Corporate income-The net corporate income of the company was
87.528,837, from which were declared dividends on Pref. stock aggregating
amounting to $499.925, and dividends on Common stock aggregating
5
5 (
, 4%for 1922 and 1% declared in 1922 payable in Jan.1923).amounting
to $2,351.435 There was applied for sinking funds and investment in
physical property $95,074. After these deductions there remained a surplus
of $4.582,403, which was carried to the credit of profit and loss.
Changes in Funded Debt.-The changes in the funded debt were as follows: The amount on Dec. 31 1921, $132,556,553, has been increased
$5,625,000 by N. Y. C. Lines Equipment Trust 5% certificates of June 1
1922, and has been reduced $5,098.818,leaving the funded debt on Dec. 31
1922 8133,082,735.
OPERATING STATISTICS FOR CALENDAR YEARS.
1919.
•
1922.
1921.
1920.
Tons rev, freight carried 35,828,091 30,043,632 38.513,685 33,264,333
Tons carried 1 mile--6.589,757,976 5318082,269 6874262,476 6042170,957
Rev. per ton per mile_ -- 0.935 cts. 1.058 cts. 0.885 cts. 0.839 cts.
Fr't earns. per train mile
$7.88
$6.44
$7.48
$7.07
Tons rev.fr't per tr. mile
843
799
768
707
Passengers carried
6,244,602 7,275,954 9.142,525 8,134,916
Pass. carried one mile-475,397,579 507,073,302 684,765,231 638,303,720
Rev. per pass. per mile- 3.437 cts. 3.408 cts. 2.870 cts. 2.705 cts.
Pass.rev. per train mile_
$2.47
$2.40
$2.71
32.49
Oper. revenue per mile
$30,664
$35,139
$33.097
$36,698
INCOME ACCOUNT FOR CALENDAR YEARS.
Federal.
-Corporate- Combined.
1920.
1921.
1919.
Operating Revenue1922.
861,596,944 856,289.898 860.825,455 $50,700,076
Freight
Passengers
16,339,289 17,281,274 19.650,114 17.267.397
Mail. express & miscell_ 4,741,411 4,150.767 5,848,983 3,943,877
Incidentals, &c
1,988,045 2,071,655 2,537,526 1,945,106
Total oper.revenues--$84,665,690 $79,793,593 888,862,078 873,856,456
Expenses$9,452,236 89,355.271 $11,821,785 $9,235.774
Maint. of equipment
18,729,184 18,130,868 19,956.708 14,685,269
921,481
Traffic expenses
1,276,151
1,280,181
1,333.077
Transportation expenses 32.673,885 33,005,071 39.030.858 30.735.156
Gen'l & misc.expenses
2,669,932 2,638,762 2,545,738 2,039,738
Maint. of way & struc
Total expenses
$64,858,314 864.406.122 $74,635,269 $57,617,418
(83.99)
(76.61)(80.72)
(78.01)
By.operating income_419,807,377 815.387.471 $14.226,809 $16,239.038
GENERAL BALANCE SHEET DEC. 31.
P.c.esp.to revenue__ .._
1921.
1922.
1922.
AssetsRoad & equip-208,142,882 199,849,908 Common stock_ 47.028,700
Preferred stock_ 9,998,500
Impt. on leased
rY. property__ 2,964,509 1,553,265 Funded debt unmatured:
Equip. Wang. 26,250,029
Dep, in lieu of
Mtge. bonds.. 86,830,281
228,257
5,000
mtged. prop_
Coll. tr. bonds 8,990,000
2,567,010
Misc. phys. prop 2,747,881
Notes
6.003.425
3,397,748 3,318,840
Inv. in co. sec
Miscell. oblig. 5,009,000
199
53
Sinking funds__
Non-neg.debt to
Inv.In affil. cos.:
affiliated cos_
3,847
8,957,781
7,831,649
Stocks
5,285,402 5,285,402 Traffic, &c., bal 1,872,959
Bonds
163,000 L'ns <lc bills pay- 7,500,000
Notes
50,000
1,854,617 1,170,039 Acc'ts dr wages
Advances.payable
8,331,319
1,187,249
Other invest'ts_ 1,169,654
Cash
6,156,8.57 5,768,773 Miscel. accounts 1,398,655
Special deposits_ 2,943,207 2,024,324 Int., div., &c.,
unmatured___ 1,353,520
Traffic,&c., bal.
595,268
receivable... _
910,911
758,883 Div. payable__ _
LOittle & bilis tee
102,921 Unmat.hat.,rents,
91,785
&c., accrued_
866,255
Ars.& condue's 1,035,582
801,651
971,235
Nlat'is dr suppl's 6,014,724 6,432,519 Other eurr. nab_
Other def'd nab_
Miscel. accounts
142,445
receivable._ _
6,247,115 4,346,783 U.S.Gov.def'd liab.:
Cash subseq.
Int.& env. rec
71,739
29,283
to Jan 1 '18 3,500,000
Compensa'n due
from U.S.Gov.
Add's& better 10,305,305
1,827,256
Misc, rents rec_
Liab. Dec. 31
18,039
18,038
Other cur. assets 1,519,557 1,012,103
1917, paid_
110,482
U.S. Govt. def.:
Corp. transac. 1,032,883
Acct.add'ns &
Matls & supp 5,632,166
Rev, dc exp.
betterments 10,459,637 10,459.637
prior to Jan.
5,529,579
Man & suPP. 5,525,901
Guaranty due 3,004,758 3,004,758
1 1918
2,926,563
Fed.acer.dep_ 1,262,241
Other items
1,588,369
1,285,020
Assets Dec.31
Tax liability.-- 3,736,323
1917, coil__
793,497
3,759
794,257 Prem.on fd.debt
Equip. retired
618,053
614,774 Oper. reserves
1,883,325
Other items__ 1,243,951
1,247,949 Accr. deprec, of
Unadj. debits__ 2,891.595 3,801,667
equipment_ _ 13,115,981
Deferred assets_
838,295
27,992 Other unadjust.
3,151,204
credits
Add's to prop.
thru .inc .&sur 2,526,704
Sink.fd. reserves
672,029
Profit & loss_ _
23,115,8,46
Total
286,446,377 272,819,580
-V. 116, p. 2766.
Total
1921.
47,028,700
9,998,500
23,180,780
72,321,100
9,038,000
28,016,672
48,190
1.252,494
7,500,000
7,156,622
139,846
961.606
124,981
680.989
1,043,470
148,592
3,500,000
10,439,233
110,604
1,031,210
5,667,560
2,886,229
1.195,078
2,890,924
4,924
908,661
11,544,115
3,353,395
1,128,292
632,854
18,885,959
286,446,377 272,819.580
Michigan Central Railroad Company.
(77th Annual Report-Year ended Dec. 31 1922.)
The text of the report is cited fully under "Reports and
Documents" on following pages, together with the tabular
"Summary of financial operations affecting income" for
the years 1920 and 1921.
OPERATING STATISTICS FORICALENDAR YEARS.
1919.
1920.
Operations1921.
1922.
Passengers carried
4,669,252 5,234,397 6,934,985 6.424,766
Pass. carried one mile 551,718,856 554,273,787 741,012,755 704,799.144
Rev. per pass. per mile
3.489 cts. 3.611 eta. 3.179 cis. 2.848 cts.
Revenue tons moved_
25,261,826 20,471,263 30,203,776 26,578,110
Rev, tons car. 1 mile_1,852,215,656 3127686,246 4824739,972 4718763,911
Rev, per ton per mile
1.446 cts. 1.462 eta. 1.444 eta. 1.095 eta.
736
Tons rev. ft. per tr. mile
761
578
604
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues-1919.
1920.
1921.
1922.
Freight
355.721,158 $45,728,135 $55,215,123 851,653,910
Passenger
19,247,622 20,016,387 23.557,853 20,070,337
Mail, express, &c
6,767,987 5,061,987 6.381,582 5,031,030
Incidental, &c
2,105,343 2,636,241 2,089,109
1,689,641
Total oper. revenue_383,426,407 $72,911,852 $87,790,799 $78,844,386
ExpensesMaintenance of way,&c. $9,007.594 37,506,009 $12,351.935 $9,627,843
Maintenance ofequip
18.043,228 11,696,773 22,879,643 15,682,093
Traffic expenses
788,066
1,075,911
1.125,581
1,098,623
Transportation
28,909,507 29,533.983 37.799,102 29,506,855
General & miscellaneous 2,517,405 2,689.598 3.033,969 2,373,999
Total expenses
Per cent of exp. to rev
Net revenue
$59,576,357 852.551,945 877.140.559 $57,978,857
(73.53)
(87.87)
(72.08)
(71.41)
823,850.050 820,359.908 $10,650,240 $20,865,529
434
THE CHRONICLE
GENERAL BALANCE SHEET DEC. 31.
1922.
1921.
1922.
Assets$
Road & equip't_127,979,163 123,405,673 Capital stock. 18,736,400
Impt. on leased
Equip. obligns_ 27,284,404
2,990,950 4_2,881,497 Mortgage bonds 40,778,000
property
Misc. obllgat'ns
Deposits in lleu
of mtge. prop_
3,795 Loans and bills
86,653
Misc.phys.prop. 1,520,768 1,456,376
payable
3.050,000
Traffic,&c.. bal. 4,191,119
Inv.In affil. cos.:
8,854,795 8,853,795 Accts. & wages_ 5,060,230
Stocks
853,652
Bonds
825,200 Misc.acct's pay.
884,790
783,508
Notes
810.920 Int., dive., &c.,
1,620,931 1,029,319 matured
Advances_
488,772
245,866 Divs. declare& _ 1,873,640
242,416
Other investm'ts
12,314.074 3,273,136 Int.& rentsaccr. 1,843,343
Cash
359,232 0th. curr. liab_
Special deposits-. 4.373,157
1,060
2,121 U.S.Govt.def'd
Loans & bills rec 2,158,113
Traffic, &c., bal. 1,043,534
9 3,783
liabilitiesAgts. & condue. 2,625,288 1,474,309
Additions and
6,742,648 9,967.608
Mat'ls & supp
betterments 9,824,664
Misc. accts. rec.. 6,124,561 2,705.121
Revenue and
Int. & dive. rec_
348,197
exp. prior to
301.683
Compens'n due- 3,132,201 4.048,711
Jan.11918_ 4,040,399
U.S. Govt.def'd
Corp. trans_
2,968,811
assets-Liab. Dec. 31
Cash taken over 3,710,265 3,710,265
1917
11,335,836
Agts. & cond_ 4,003,202 4,003,419 Materials and
Mat'l & supp- 8,723,766 8,747,643
supp. Feb.
Assets Dec.31
291920_ _ _ - 9,280,435
1917
4,358,472 4,354,958
Other Items... 2,661,206
Equipment reOther def. liab_ _ 1.292,022
tired
2,145,982 2,146,398 Tax liability_ -- 5,254,728
Guaranty due
3,132,201 Operat'g reserve 1,839,519
Agents & conAccrued deprec_ 13,498,324
ductors' bal.
0th. unadjusted
Feb.29'20_
691,694 credits
4,392,268
Federal accr.
Add'ns to prop.
1,826,595
depr., bal
through Inc.&
2,474,501 4,316,758 surplus
Other items_
6,701,005
Other deferred
Profit endless- 36,833,691
assets
51,228
64,275
Disc, on funded
1,165,134
999,033
debt
0th.unadj.deb- 1,860.912 1,763,839
[VOL. 117.
The tonnage of revenue freight increased $9,727,352 tons. The principal items making up this increase were coke,881.171 tons;iron ore,
1.787.683 tons; clay, gravel, sand and stone, 1.711,286 tons; and manufactured
18,736.400 and miscellaneous articles, 4,977,437 tons. Bituminous coal decreased
24,471,925 111,085 tons, due to the coal strike.
asesi
40,778,000 ofPassenger revenue was $2,815,647, a decrease of $158,657. The number
passengers carried was 5,494,522, a decrease of 85,690. The general
4,281,000 falling
off In passenger traffic, which began in the previous year, continued
The strikes of miners and of shopmen caused
3,050,000 during the first half of 1922.
2,115,686 a substantial reduction in local and commutation passenger traffic, from
the greater portion of the passenger revenue is derived.
5,407,878 which
q
The revenue from the transportation of
436,651
was $75,224. a decrease of'
$6,108, which was partly due to the takingmail
over by the Government of the
delivery
of
mall from stations to post offices in certain cases. Express
33.168
749,456 revenue was $107,420, an increase of $65,756. The express revenues are
1,676,952 based on a proportion of the net income of the American Railway Express
Co. The increase over 1921 is largely attributable
to the adjustment of
over-accruals of certain reserves by the express
company and to the operating economies instituted by it.
Switching revenues decreased 5330,062. The cause of this decrease
is a
9,741,327 change in the method of accounting under which transportation charges on
waste materials from steel mills are now credited to
freight revenue, whereas
prior to Oct. 1921 they were credited to
Incidental and joint facility revenues wereswitching revenue.
3,985,232 principally
$298,812, a decrease of $96,526.
due to a falling off in demurrage
3,154,271 revenues
charges and in miscellaneous
accruing from storage facilities.
Operating
Expenses.-Total operating expenses were $25,080.013, against
11,366,318
521,834,749 in 1921. an increase of $33,245,264.
Non-Operating Income.-The increase of
$27,832 in dividend income
9,323,108 Is due to a dividend on the capital stock of the Pittsburgh Chanters &
Youghiogheny
By. The increase of $61,856 in income from funded
2,448,925 ities
securIs
due
to a temporary investment
453,203
U. S. Victory loan notes and
securities of the company's share of In
4,388,313 other
the proceeds of sale of Equipment
Trust
certificates
of
June
1 1922, and to interest on advances made to
1,838,295
By.
12,621,241 Monongahela
No accruals of interest on amounts due
from the U. S. Government
were
made
during the year, the amount already
1,894,897 This
accrued being sufficient.
explains the decrease of $299,664
in income from unfunded securities
and accounts.
The
6,478,032 ment increase of $1,176,705 in miscellaneous income is due to an adjustfor
the
guaranty
period.
March
to August 1920, made in the accounts
27,110,347 for 1921
with no corresponding adjustment
in 1922.
Deductions from Gross Income.
increase of $69,891 in rent for
leased roads is due to the payment-The
by this company to lessee, of dividends
upon Pittsburgh McKeesport & Youghiogheny
RR.s share of New York
Central Lines Equipment Trust certificates
of June 11922.
During the year the company assumed its
214,114.668 196,538,626
Total
Total
214,114,668 196,538,626 Trust
pro-rata
share of Equipment
certificates issued under the New York Central
Securities issued or assumed-unpiedged, $6,679.600, against $6,172,600 trust of
Lines Equipment
June 1 1922. This accounts for the increase of $68,934
in 1921.-V. 116, p. 2767.
in interest
funded
on
debt.
The decrease of $453,394 in interest on
unfunded debt Is due to dis(B. F.) Goodrich Company.
continuance of accrual of interest on amounts
due to the United States,
a sufficient amount having been already accrued.
(Semi-Annual Report-Half-Year Ended June 30 1923.)
The increase of $216,187 in income
transferred
to other companies is
caused by the inclusion in this account of
one-half of the net profits from
CONSOLIDATED INCOME ACCOUNT.
the operation of the Pittsburgh McKeesport
& Youghiogheny RR. during
the
year
as
against one-half of deficit in 1921, transferred to New York
6 Mos. end.
Calendar Years
Central RR.
June30'23.
1922.
1921.
1920.
The increase of $134,768 in miscellaneous
$
income charges is principally
$
to
an
due
adjustment in the previous year in connection
Net sales
54,074.926 93.649,710 86.687,339 150.007,346 period, March
with the guaranty
to August 1920, with no corresponding adjustment
Mfg., &c., expenses48.980,358 86,631.164 96,764,010 142.250,720
in 1922.
Net Corporate Income.-The net income
for
$4,332,011, an
was
the
Increase of 51,947.049. Dividends aggregating Year
Net profit
5,094,568 7,018,546df10,076,671
10% upon the capital
7,756,626 stock, amounting to $3,598,560,
Miscellaneous income--451,436
835.284
976,346 the year of $733,451 to be carried towere declared, leaving a surplus for
1,112,057
the credit of profit and loss.
Account with Railroad Administration.
Total net income
5,546,004 7,853,830 def8,964,614
-Settlement with the Railroad
8,732,972 Administration of
matters
out of Federal control has been effected
Depreciation
1.036,189 2.094,188
1,939,760 since the close of the year arising
1,956,445
by the payment to it of $250.000. All charges
Prop. ofcost of note issue
355,218 against the company are provided
Interest
1,503,430 2,711,872 4,746,225 3.726,708 sum of $5,268,212 expended by for in this settlement. Including the
the Administration for additions and
Preferred dividend_(33 %)1,282,050(7)2.605,680(7)2,626,470(7)2,688,840 betterments
and upon equipment allocated
to the company by the DirectorCommon dividend
(13)902,100(6)3,604,200 General. Prior to the
settlement the company
had received payments
aggregating 515,712,000 on account of compensation.
Balance, surplus
1,724,335
442,090 1oss19195,854 def3,581,754
Clatm Against the United States upon
Previous surplus
the Guaranty.-The company's
10,794,614 10,194,527 22,706.499 41,203,046 claim against the United
States, based upon its guaranty for the period
Reserve credited back
x10,000,000
March-August 1920, has been submitted
and should reach settlement in
Total
12,518,949 10.636,617 13,510,645 37,621,292 1°23
Reductions in Freight Rates.-Under
decision of the I.-S. C. Commission.
Profit and Loss ItemsMay
dated
16
1922,
a
10%
reduction in freight rates became effective
Fed'l taxes, prey. year
3,057.627 on July I. It is estimated that
the effect of this order, on the basis of
Pref.stock redeemable_ _ Cr.180,413 Cr.157.997
Cr.45,775 the freight traffic handled in
Bal.ofcost[of note issue_
2.012,904 by approximately $1,500,000.the last half of 1922, was to reduce revenue
Material commitments_
3,316,118 8,000,000
Taxes.-Taxes have been steadily
Revel.foreign sub. cos
1,790,038 approximately $1,096,446 in 1922 as increasing. They amounted to
Pension fund
100,000 an increase of 194% over 1912. Taxes compared with $372,789 in 1912,
trackage rights) were approximately per mile of road operated (excluding
Total profit &loss Bur_ 12,699,361 10,794,614 10.194,527 22,706,498 $1,912
$5,481 in 1922 as compared with
in 1912, an increase of more than
Wages.-The Railroad Labor Board,187%.
x This item, appearing as a credit item in the company's profit and loss cases
by decisions effective in most
July
1
on
1922,
reduced
the
rates
of pay ofseveral classes of employees.
account, represents reserve at Dec. 31 1920 for contingencies and approxiIt is estimated that the effect of these decisions
mate losses on raw material commitments for future delivery.
would have been to reduce
the total wages payable by the company in 1922 by
but for the shop strike which more than offset any approximately $317,000.
wad.,CONSOLIDATED BALANCE SHEET DECEMBER 31.
benefits from the Board's
findings.
[Omitting good-will, previously carried at $57,798.0004
Strike of Shop Craft Employees.-This company,
in common with other
railroad
companies
in the United States, was affected
June 30'23 Dec.31 '22
June 30'23 Dec. 31 '22 the shop craft employees
the strike of
which became effective on July by
Assets$
$
1 and continued
settlement
a
until
was
reached
on Sept. 19.
Common stock
Real estate and
The Lake Erie & Eastern RR.-This
a31,288,216 31,426,551
plants
equity (see note)16,238,424 14,333,677
made an advance of $55,000
to Lake Erie & Eastern RR., being company
Investments other
Preferred stock- _ b36,036,000
one-half of the amount required by
that company for settlement of its account
4,988,312 4,825,418 Notes payable__ _13,073,357 37,224,000
companies
with
the
Administration
12,500,000
for the Federal control period. The Mahoning Railroad
Treasury preferred
25-yr. let M.6%6_23,887,500
Coal RR. made a like
advance.
socuthah riiner
1,456,400
894,400 Accounts payable_ 3,223,882 21,950,000
stock
2,855,313
s
Southern Ry.-The company advanced
30,326,131 22.811,994 Sundry accr. Habil. 536,305
Inventory
8277.341 to Chanters
1.004,194
By.. being one-third of the sum
Reserves-Due from empl'ees
required by that company to
repay to Pick'ands, Mather & Co. and
966,550 Contingencies _
account stock_ _ 913.108
350,000 advanced by those companies toward the Buckeye Coal Co. amounts
Trade ace'ts recle _ 18,660,661 21,827,877 Possible loss on
financing the construction of the
Ten Mile Line and the Nemacolin
652.816
raw mail corn 629,367
Other acc'ts reedy. 313,534
663,800 by the other proprietor companies. Extension. Like advances were made
3,731,758 5,491,533 Pension reserve_ 600,000
Cash
600,000
Properly
Investment
Account.
3,398.511
accounts_
3,355,021
-Increases
Prepaid
Miscellaneous
in the property investment
310,221
195,323 accounts for the year were $2,260,246 as
15,128
15,109 Empl. net credits_ 513,212
follows: Road. $565,070; equipU.S. Liberty bds_
634,453
,69561 7
new
t, $1,10
Surplus
See note Bee note meN
rken15r:ill Lines Equipment Trust of 1922.
trust was crated
by agreement dated June 11922. to which New York-This
95,048,268 92,310,760 Total
Total
RR., Michigan
95,048,268 92,310,760 Central
RR., Cleveland Cincinnati Chicago & St.Central
Cincinnati
Louis
Northern
RR.,
Pittsburgh & Lake Erie RR. and Pittsburgh *,
McKeesport
a Real estate, buildings, machinery and sundry equipment, less reserve of & Youghiogheny
$11,356,595 for depreciation and obsolescence. b 450.000 shares issued at EQUIPMent Trust RR. are parties. Under the trust $27,645,000 of 5%
certificates
$100 each, $45,000.000: deduct 89.640 shares redeemed and canceled, 51.843,000 over a period of maturing in equal annual installments of
15 years were issued, representing approxi$8.964,000. Authorized and unissued. 100,000 shares of 7% Cumulative mately 75% of
the cost of the equipment which
Preferred stock at $100 par value. 510.000,000.
was leased by the trustee
to the railroad companies. The equipment allotted
Note.-Common stock June 30 1923, authorized, 1,500,000 shares of no under
the trust consists of 2,500 freight cars, costing to this company
par value; outstanding, 601,400 shares, or $60,112,000, less exclusion of certificates are pro-rated
$4,441,525. The
among the railroad companies
In proportion
intangible capital assets, namely. patents, trade-marks and good-will,
$57,798,001, leaving 52,313.999: adding surplus appropriated for amortiza- to the cost of the equipment allotted to each, this company's share being
earned
surplus, $12,699,361.
tion of war facilities. $1,225,064:
'In
Funded
°
13bh
34a6ares
Debt.-The funded debt on Dec. 31 1921 was $7,On Dec. 31 1920 the balance sheet was altered by the omission of the item 967,984.
It has been increased by the issue of
$3,345,000 Pittsburgh &
of $57.798,001, heretofore shown for good-will, patents and trade-marks.- Lake Erie RR.'s pro-rata
of the New York
Lines Equipment
V. 117. p. 212.
Trust of June 1 1922 certificates, and has been Central
$435,122, leaving
reduced
Pittsburgh & Lake Erie RR.
the funded debt on Dec. 31 1922 $10,877,862.
RESULTS
FOR CALENDAR YEARS.'
(44th Annual Report-Year ended Dec. 311922.)
1922.
1920.224
1919.
1921.
Miles operated
231
224
227
President Alfred H. Smith reports in substance:
Tons (revenue) freight_ - 32,384,577 22.657.225 38,500,819 36.015,618
General Conditions.-The strike of coal miners which continued from Company's freight
930,880 2,686,527
resulted
August,
in
practically
of
end
the
the entire suspension Revenue tons 1 mile_ - _19268
April 1 to
8184
9'2
88
30
1 136
16'3
37
4617
35' 656891 2187691 000
5 242
26
7°
during that period of operation of mines and coke ovens located in the Company freight 1 mile_ 37.905,493 60,598,714
109,422,307 128,657.318
districts served by the road and seriously affected the volume of coal and Bituminous coal
10,207,899
14,101,683
10,318,984
12.792,437
curtailed
the
operation of mills, furnaces and Coke
coke traffic handled. It
8 5
26
04
2,335,130
04:
:56
0
48 340
1,453,959 4,896,4
5
other industries with corresponding reduction in tonnage of the raw Ores
3,802,454 2,014,771
6,117,
products
manufactured
which
would
normally have been Stone, sand, &c
material and
4,050,952 2,339,666 3,704.900 3.912,315
handled. Notwithstanding these unfavorable conditions, an increased it,
3as
eesengers
5,494.522 5,580,212 6,782.863 6.029,053
one
i _ _ _113,670.244 115,794,891 141.311,211 121,384
carrimet_
freight tonnage was handled by the company as compared with 1921.
1464
:998
per ton per mile._
Results.-The total operating revenues for 1922 were $29,570,983, an Ens,
ar
1.33 eta.
1.205 eta. 1.059 cts.
1.37 eta.
per mile_
1,614
Increase compared with 1921 of $6,344,923. Freight revenue was $25,- Toorn load
1.409
1,396
oss earnings
$159,160
$124,841
$127.897
618,907, an increase of $6,872,208.
$101.904
,5
1921.
THE CHRONICLE
JULY 281923.]
OPERATING RESULTS FOR CALENDAR YEARS.
1
1919.
Earnings1921.
1922.
1920.
$23.158,642 $29,345,511 $18,746,699 $25,618.907
Freight
Passenger
2,669.148
2,974,303
3,343,099
2,815,647
1,258,067
Mail, express, &c
1,109,719
1,909,232
837,617
948,331
Incidental, &c
395.338
1,143.109
298,812
Total oper. revenue...828.034,188 $35.740,951 $23,226,059 $29.570,983
ExpensesMaint. of way & struc_ _ $4.290.031 $6.418,903 $2,826,413 $3,341,517
Maint. of equipment_ _ _ 8,830,756 12,426,988
7,311,236 10.933.565
Traffic expenses
180,686
265,965
241,597
256.908
Transportation expenses 10.078,328 13,556,087
9,103,749
9,781,745
677,464
General & misc. expense
857,441
841,330
766.277
$24,057,266 $33,509,274 $20,340,436 $25,080,013
Total expenses
P. C.exp. to earnings_ _ _
(85.81)
(87.58)
(93.76)
(84.81)
$3,976,922 $2,231,677 $2,885,623 $4.490,969
Net railway revenue_
Railway tax accruals__ _
1,201.858
1.096,446
Items
Uncollectible ry. revs_ _ _
Items
1.409
1.658
not
not
Railway oper.income- comparecompara$1,682,355 $3,392,865
ble.
Equip. rents, net credit_
ble.
2,410.986
1,966,635
Jt. facil. rents, net debit
26,470
79,758
Net ry. oper. income_
x$9,727.617 $4,066.870 $5,279,742
Other IncomeAdd'l comp.& adj. of standard return
Federal control period
$185,895
Miscellaneous rent income
32,816
32.737
34,141
Dividend income
94,025
93,654
121,857
Incomefrom funded securities
235,696
155,227
297,551
Income from unfunded sec. & acc'ts- 684.232
654,927
384,567
Miscellaneous income
z622,562 deby1276262 de5.99,556
Total other income
$1,559,108 deb.$43,597
$738,561
Gross income
811,286,726 $4,023,274 $6,018,303
DeductionsRents for leased roads
$647,878
$709,868
$779,759
War taxes accrued
612,564
a
a
Interest on funded debt
403,926
450,655
519.589
Interest on unfunded debt
618,494
572,706
119,311
Income transferred to other cos
1,024,337 Cr.135.681
80.505
Corporate general expenses
26,616
Other miscellaneous charges
zer.289,017
40.764
187.128
Total deductions
$3,044.799 81.638.312 81,686,292
Net income
$8,241.927 $2,384,961 $4,332,011
b Dividends
3,598,560
2,384,961
3,598.560
Surplus for year
$4,643,367
$733,451
x Figures for 1920 adjusted for purpose of comparison.
a Included in railway tax accruals. b Dividends declared, 10% each
year; in 1921 6.62% charged to income and 3.38% to profit and loss.
x Includes compensation accrued under contract with Director-General
Jan. & Feb., guaranty under Transp. Act, 1920, Mar. to Aug., and net railway oper. income-corporate-Sept. to Dec. y Includes accrual account
guaranty under Transp. Act, 1920. z 1920 figures revised to include
revenues and expenses prior to Jan. 1 1918.
GENERAL BALANCE SHEET DEC. 31.
1921.
1922.
1922.
1921.
AssetsLiabilitiesRoad At &MIA_ 51,500,898 49,240,652 Capital stock
35,985,600 35,985,600
Prem. on stock
Inv.in MM.cos.:
7,772,678 7,772,478
Stocks
sold
286
285
880,658
880,658 Funded debt... 10,877,862 7,967,984
Notes
Advances_ _ 17,125,005 17,143,736 Acc'ts & wages. 2,821,826
1,872,121
2,500,000 2,500,000 Loans&bilis pay.
Bonds
775,000
775.000
Other Investm'ts 1,061,660 1.104,716 Traffic bait. pay 1,133,866
689.179
Deposits In lieu
Int. accrued, &c.
229,099
198,544
of mtg. Prop.
Divs. declared- - 1,799,280 1,799,280
10,931
sold
Taxes accrued_ - 1,384,667 2.735,184
41,097
57,772 Int.& divs.mat'd
Misc. phys. prop
60,605
60,460
8,751,777 6,455,276 Miscellaneous --3,801,357 2,998,975
Cash
394,340
Traffic bal. ree'le
246,758 Def. credit items 3,610,983
302,430
Misc. accounts. 5,537,594 1,239.824 Depreen (equip) 6,371,060 5,998,988
398,097
383.017 U.S.Govt.nab.:
Accrint.,divs.,&e
Other curr.assets 3,985,973 3;975.393
Additions,d(c. 4,155,829 4,063,385
1,682
Other advances_
2,365
Rev, prior to
923,773
Unad.i'd debits_ 1,388,95
Jan. 1918192,002
92,098
Special deposits_ 4,772,910
2,953
Corp. acets__ 1,556,388 1,548,996
174,950
286,450
Agts. & conduc_
Lint.. pd.Dec.
Material & supp 3,770,495 4,967,116
1917
7,173,392 7,134,441
Compens'n due
Prior expenses 1,088,637
934,009
from U.S_
4,531,621
Mater.& supp 6,570,171 6,570,171
U.S.Govt.assets:
Other Items
865,540
865,540
544,412
Cash tak.over
544,412
P.McK.&V.RR.
Mater.& supp 5,783,539 5.748,834 . Ace.dep.eq'p 4,742,891 4,222,330
Agts. & cond. 1,036,059 1,036.054
Unadj.acc'ts 1,294,938 1.810,362
Equip. retired
274.120 Oper'g reserves_
275,279
322,726
231,920
Assets Dec. 31
Add'ns through
1917
2,591,328 2,588,472
income & surP.
Cash subseq't
P.& L. E. RR 2,845,404 2,845.311
to Dee.1917 3,694,333 3,694,333 Profit and loss_ _ 29,409,295 28,988,244
Accr'd deprec. 1.538,924
•
Other items
1,359,810 3,135.737
Guaranty due
2,065,818 2,065,818
Total
129,068,702 120,690,840
-V. 115. p. 2794.
Total
129,068,702 120,690,840
Royal Dutch Co. for the Working of Petroleum Wells
in Netherlands India.
•
(Report for Fiscal Year ending Dec. 31 1922.)
The Managing Directors, The Hague, June 1923, report
in substance:
Results.-Despite the work of reconstructing the disorganized world
and the prevailing depression, the results obtained by us during the past
year cannot be termed unsatisfactory.
To a great extent this was due to the considerable increase in the quantities
of crude oil produced by our affiliated companies; in 1922 these quantities
were far greater than in any previous year.
A striking illustration of this increase is given in the statement below
which, in addition to the production of the companies whose shares are
exclusively in the possession of our company and of the "Shell" Transport
& Trading Co., Ltd., also includes the production from those companies
in which both these companies hold the greater part of the capital. The
results of the Mexican Eagle and of the United British West Indies Petroleum
Syndicate (Trinidad) are therefore not included in this statement.
CRUDE OIL PRODUCTION OF OUR GROUP (In Tons of 1,000 Kilos).
1922.
1921.
Inc. in %.
2,323,792
Netherlands-Indies
2.295.538
409,847
203,056
Sarawak
102%
172,022
184,131 dec. prod.
Egypt
407.442
333,645
22
Rumania----------2,643,906
1,948,939
36
Mexico (Corona)
350,362
241.130
45
Venezuela
913,242
541,267
69
United States Mid. Continent
1,778,732
703,227
California
153
do
8,999.345
6.450,933
At the present moment the daily production from the companies referred
tons, representing an annual production
to above amounts to about 43.500
of approximately 16,000,000 tons.
California Production.-One of the most remarkable features of the
period under review was the enormous increase of production in California,
in which the Shell Union Oil Corp., associated with us, had a large share.
Among other things this has recently caused a considerable increase in
tanker freights and is now bringing about great alterations in the movements of the tank-fleet, as large quantities of crude oil are being shipped
from the West Coast of America to the East Coast, whereas, formerly the
rester part of the Californian oil used to be sold locally or along the Pacific
floast.
Mexico Production.-Th Mexico we were able to obtain a considerable
Increase in our production in a northerly extension of the Corona company's
435
!Productive territory in the Panuco field, whilst another striking feature
Is the great increase of production in Sarawak,a country where our group
is operating in many respects under particularly favorable circumstances.
Venezuela Production.-Venezuela offers good prospects but the value of
the production obtained there is to a great extent reduced by the lack of
transport facilities which we eventually hope to provide.
Djambi ee. Argentine.-In Djambi and in our fields in the Argentine the
drillings have not yet reached the depth at which oil in commercial quantities
may be expected.
Mesopotamta.-Exploitation of the petroleum fields in Mesopotamia
has not yet been taken in hand during the past year. As may be considered known, our Group is interested to a considerable extent in the
Turkish Petro. Co., Ltd., who hold certain rights to those fields. Political
conditions have, however,so far been a hindrance to any active progress.
Cracking Process.-The increasing production of crude oil of different
grades calls for our constant attention to the enlargement and improvement
of our manufacturing facilities in the various centres of production. An
important feature in this connection is the so-called "cracking" of heavy
oils with a view to obtaining therefrom light fractions. The possibility of
this has been demonstrated to a degree beyond expectation. Various
"cracking" processes have already been tested by us. We are keeping
fully abreast with all improvements of the operating methods and general
technical developments.
Manufacture of Asphalt.-A branch of Our industry which during the past
year assumed great proportions is the manufacture of asphalt for roadmaking and repairing (mexphalte and spramex).
The trade in this product is extending and will continue to do so in
proportion as the peoples of the various countries more clearly realize the
advantage of good asphalt roads. Much has been attained in this direction, particularly in England, and we confidently hope that a ready market
for this product will also be found elsewhere. In our own country, where,
in general, roads are in a deplorable condition, there still appears to be
abundant scope for the application of this system of road construction.
Selling Depots.-In the course of years a thorough change has gradually
taken place in the destination and employment of the extensive network
of our selling-depots, spread practically all over the world. Originally
created by the necessity of finding the best possible market for our D. E.
Indian products, these installations, on account of the increase of our
production in many other countries, have now gradually grown to the
proportions of a formidable world-trade, in which the D. E. Indian oil
represents a constantly declining factor. The large purchases of both
crude oil and ready products, which we effect wherever the market position
renders this advisable, contribute to this trade to a considerable degree.
Transportation & Shipping.-Side by side with the expansion of our
trading installations was that of our means of transport. Now that our
centres of production and factories are situated in so many different countries. a great amount of deliberation is necessary in order to determine the
best possible destination for each product, at the same time involving the
lowest cost of transport and reducing ballast voyages to a minimum. To
fit all the wheels of this very complicated machine into one another is no
small task and requires particular and constant study.
In the past year freights continued to drop and at the end of the year
the freight rates for tankers both for time -and voyage-charter were lower
than they had been for many years. Moreover, as wages still remained
comparatively high, whilst the costs of repairs declined only very gradually.
various tankers could not be kept profitably running and on this account
many had to be laid up.
We have pleasure in stating, however, that the entire fleet of our Group
is kept in constant employment.
As already mentioned at the beginning of this report an entirely new
situation was recently brought about by the enormous increase of production
in California. coincident with a considerable reduction of production in
Mexico, creating a great demand for tankers for the longer voyage between
California and the markets on the east coast of America and in Europe.
The freight, in consequence,rose considerably and it was sometimes difficult
to secure the necessary tankers. Fortunately We were able to secure in
advance sufficient vessels to cope with the heavy demands made on us
in this respect.
In the past year various new vessels were delivered to us and at the
end of 1922 our Group controlled over 1.294,298 reg. tons.
In many foreign ports the authorities reduced the harbor dues and we
trust that by similar measures in the Dutch East Indies shipping to those
ports will be stimulated. It would be a great improvement if the example
given practically everywhere abroad were followed, viz.: to charge no
harbor dues whatever, or only a part of same, to vessels using the port
exclusively for bunkering purposes.
For inland transport we dispose of a constantly increasing number of
river tank vessels and thousands of tank cars of a capacity of from 10 to
30 tons each.
Prices.-On the whole, prices in the ;past year had a tendency to fall.
In countries with extremely depreciated rates of exchange our turnover
sometimes declined considerably, as was to be expected. In fact it was
only due to the great expansion ofour business(which is still being continued)
that we are finally able to show satisfactory results. Our constant attention
has been especially occupied in perfecting our liquid fuel installations all
over the world, which has been a costly and lengthy operation,only justified
by our widespread production.
Legislation.-A great source of trouble was occasioned again this year
by the measures adopted or contemplated by the Governments or legislative
bodies of various countries.
(1) Dutch East Indies.-As regards the fiscal policy of the Dutch East
Indian Government, we have already protested so frequently and so
emphatically against the injustice and fatal consequences of special taxation
(the idea of which has not yet been totally abandoned) that we do not now
consider it necessary to again harp on this subject. We cannot, however.
omit referring once more to the strange condition created by the tardy
manner in which the matter is being dealt with, in consequence of which
we are now (in the middle of 1923) and likewise for months to come still
unable to form any idea of the taxes chargeable in respect of that year to
our D. E. Indian concern.
(2) United Stales.-Of quite a different nature was the political tendency
in the United,States which has caused us some uneasiness. Some of our
competitors have endeavored to create difficulties for us by invoking
political action based on propaganda in which, as is usual in those cases,
the facts have been falsely represented. This movement does not cause
us any undue anxiety, because we have confidence that the truth will
eventually prevail and when that takes place public opinion in America
will frustrate these efforts.
The form taken by the movement has been to suggest that the American
companies with which we are associated should be precluded from engaging
in the development of the oil resources of America. An attempt has been
made to support this suggestion, which, owing to its lack of any sound
economic foundation, would have otherwise received no support, by falsely
representing that in Holland and the Netherland Colonies a similar policy
of exclusion prevails.
If is, of course, well known here that it has always been the policy both
of the Netherlands and the East Indian Government to encourage the
participation of foreign capital and energy in the development of the
resources of our Colonies. The largest rubber undertaking in our Colonies
is a purely American concern, and also in respect to tobacco, coffee and
other products the foreigner has always received a hearty welcome.
It is the same as regards the petroleum industry. The history of the
Shell Transport & Trading Co., Ltd. goes to prove this. Before we were
associated with them they establisl;ed in Dutch Borneo, with the full
knowledge and approval of our Government, a petroleum business in which
not a cent Dutch capital was represented. And in like manner the Koloniale
Petroleum Co. (a subsidiary of one of the Standard Oil companies, as is
now admitted) have not had to complain in any way of discrimination in
favor of Dutch companies. Nobody can be blamed for the fact that they
only appeared in India when a great part of the best lands had already been
allotted to others. Still, at present they have in South Sumatra the
considerable production of about 400 tons a day.
The allegation that, on the occasion of the allotment of the Djambi
fields, they were treated unfairly, cannot be upheld for a moment. When
interested parties were publicly invited to tender for these fields their
offer was far from being the highest, same being considerably lower than
that of the Bataatsche, with whom the Government finally closed. There
can consequently be no question of discrimination against American in-.
terests. For the rest, there are various other fields in the Dutch East
Indies still awaiting development and there is no indication whatever that
America would have no chance should these fields be allotted.
Whilst expressing our appreciation of the open-door policy in regard to
oil exploitation which has hitherto prevailed b,oth in America and
in
country, we should like at the same time to express the hope that our
American legislature in its enthusiasm for this policy may carry it the
with
Consistency in certain directions connected with navigation in which
at
436
THE CHRONICLE
[VOL. 117.
The refusal to deal with applications for the consolidation of concessions
present it has been conspicuously absent in their laws, although fully
respected in ours. We have never ceased to take every suitable opportunity produced a feeling of insecurity In the industry, as also the project of the
of impressing upon all the Governments of the world our view that in the Government to nationalize the subsoil and the proposed introduction of
oil business they have everything to gain and nothing to lose by pursuing more onerous taxation laws (these laws have since been Introduced and
the open-door policy and extending equal rights and an equal welcome nationalization in principle accepted).
The laws in question are extremely onerous especially for companies
to foreigners and nationals.
(3) Rumania.—Exaggerated fiscal and nationalistic tendencies are both established on a gold basis before the war, who were in fact the founders
handicapping our activities in Rumania. An extremely onerous and of the Rumanian petroleum industry.
For the Astra the bringing into operation of their own electric central
complicated taxation system, combined with measures tending to nationalize the subsoil, restrictions in the employment of foreign labor, the arbitrary power station on their principal field "Moreni" in the course of 1922 was
fixing of unremunerative maximum prices for the large proportion of of great importance.
The crude oil production amounted to 407,442 K.G. tons in 1922. against
products compulsorily sold in the home market, cannot prove very
conducive to further prosperity of the petroleum industry in that country 333,645 K.G.tons in 1921, an increase of about 22%. which was principally
and in the long run can only be detrimental to the interests of the Ru- due to the great yield of a few wells struck in 1922.
In spite of the above difficulties the factory in Ploesti was able to treat
manian people themselves.
(4) Russia.—The time for resuming our activities in Russia does not yet all the crude oil produced. Towards the end of the year a new lubricating
seem to be ripe. As far as can be ascertained, among the present persons oil bench was put into operation and a start was made with the construction
in power in that unfortunate country various economical ideas are con- of 6 new stills which are principally intended to enable thorough repairs
tending for the upper hand and the situation is not yet considered sufficiently to be carried out on the old benches without necessitating any restriction
cleared for seriously contemplating—with the aid of foreign capital and in the operations.
management—the restoration of the petroleum industry so sorely disturbed.
The question of indemnification for the properties destroyed in 1916 is
Preliminary steps in this direction, however, were taken by us in the still awaiting settlement.
summer of 1922, when we joined in an arrangement with the principal
Jugoslavia.—The test well mentioned in the previous report was continued
former owners of Russian petroleum concerns, as a result of which there in 1922; the transport of drilling material, however, was seriously affected
will no longer be any reason to fear that the one will try to enrich himself by great transport difficulties, in consequence of which the drilling opera'at the expense of the other by taking possession of lands which formerly tions had sometimes to be suspended for several weeks.
belonged to others. We are continuing to keep in regular contact with
Good quality oil was struck on two occasions in the course of 1922, but
the various parties interested and think that this policy may prove of great commercial quantities have not up to the present been found. The drilling
value for all concerned when the time arrives for serious negotiation with is now being energetically continued.
the Soviet Government. In the meantime our contact with the Russian
PROPERTIES IN NORTH AMERICA.
oil industry is exclusively confined to the purchase of certain quantities
of products produced there.
Production, &c.—The prosperity generally enjoyed in the petrol-arm
From a few quarters these purchases have been subjected to criticism; industry
of
the
United States in 1922 was likewise apparent, to a not
some have expressed the opinion that the best manner of attaining a speedy inconsiderable extent,
our business there. The total crude oil production
restoration of the confiscated property would be by a general boycott of In North America (Inin
1921 amounting to 470,720,000 bbls.) increased in
the Soviet Government, by which they think the latter would be com- 1922 about 17%, reached
a total of 550.006,000 bbls. The production of
pelled, on account of lack of revenue, to restore this property to the former our group in that country increased
about 115%,from nearly 9 million bbls.
owners. Personally, we do not think such a policy to be wise or effective. in 1921 to over
19
million
bbls. crude oil in 1922 notwithstanding the fact
Firstly, a boycott is never an agreeable nor even a clean weapon with which that for special reasons the
production on some'
of our fields in California
to strive for the attainment of any object, whilst it should not be forgotten had to be
restricted as much as possible.
that part of the exported products must necessarily come from State fields,
The
figures given above were especially due to the remarkable
Le., a source to which not the slightest objection can be made. Our successfavorable
of the Signal Hill field brought into exploitation by the Shell Co.
attitude is not by any means in contravention to any promise made by us of California and
further to the very considerable production obtained
a.e.ne have thought fit to assert); on the contrary,from the very earliest from the
discussions in regard to the co-operation alluded to, we have emphatically parties. new Oklahoma fields acquired in 1921 in conjunction with third
stated that we reserved to ourselves complete liberty in regard to the
This great production necessitated considerable extensions in our factories
purchase of products originating to a great extent from our own fields.
and installations. The construction of same requires a very considerable
Financial Position Remarkably Strong.—It is a gratifying fact that in 1922, capital
outlay and it was in connection therewith that in May 1922 a call
as in 1921, we were again able to considerably expand our business without was successfully
made on the American money market by the issue of
making a further issue of shares. In the summer of 1922, however, we
6% cumulative preference shares of the Shell Union 011 Corp.
considerably increased our cash resources by the sale of a large part of the 520,000.000
Mid
Continent.—During
Rosana Petrolshares held by our company in the Shell Transport & Trading Co., Ltd. eum Corp. underwent the past year the business of theproduction
was
considerable extension. Now
Apart from the wish to increase our cash resources, the sale appeared to obtained in the States of
storage
additional
Oklahoma:
Arkansas
and
logical,
value
as in English hands these shares represent a greater
us quite
capacity was erected in Oklahoma and Louisiana; new pipe lines were laid
than in Dutch bout. Our company has no English income tax to pay In
Oklahoma.
and we therefore derive no benefit from the fact that the tax imposed by
The capacity of the Woodriver refinery near St. Louis was materially
the English Exchequer on the Shell profits may be deducted by share- Increased,
whilst the storage space there was considerably extended. At
holders from their own tax. In other words: shares in English companies the same time
we were completely successful in working up heavy oils to
are not in general a practical investment for Dutch holders. Our -liquid benzine, so that
we were able to appreciably enlarge the installations
resources, even after paying the proposed final dividend, will still be very
for that purpose.
ample, and considering, moreover, that our group possesses unencumbered erected
Whenever
it
appeared
possible, from a commercial point of view, to
stocks ofcrude oil and finished productsin all parts ofthe world,representing extract benzine from oil gases,
installations for this purpose were erected.
an enormous value, it must certainly be admitted that our position is mostly in co-operation with third
parties.
remarkably strong.
The
extension
of
Roxana's
sales
became in the long run an inevitDividends.—Taldng everything into consideration, we thought fit to able necessity; for that reason thedistrict
tank wagon park was enlarged and at
recommend the payment of a final dividend of 1634 Vo, which, in view of the end
of
the
year
under
review
plans
were
being prepared for the extension
the prevailing depression and the onerous taxation, is very satisfactory. of the distributing organization.
We look to the future with confidence.
California.—Also for the Shell Co. of California the past year showed a
FURTHER DETAILS IN REGARD TO THE VARIOUS BRANCHES OF remarkable development in their exploration and exploitation work in the
south of this State.
COMPANY'S BUSINESS.
The Signal Hill, Santa Fe Springs and Huntington Beach fields yielded
Dutch East Indies.—During 1922 9 new concessions were granted (of
which 2 exclusively for gas), all based on rights acquired prior to the last rich productions, whilst the Ventura field gradually developed from the
exploration stage into a regular exploitation.
revision of the Mining Code.
In consequence of the greatly increased production the treating capacity
By ordinance it was stipulated that for corporate bodies 20% surtax
of the refinery at Martinez had to be enlarged, whilst our activities there
on the amount of income tax assessment for 1922 should be imposed.
In the ordinance regulating duties to be paid a new article was inserted will likewise be increased by the addition of a new cracking installation, the
whereby we were granted a postponement of the payment of export duties erection of which has already been started.
The enormous gas production in the Shell Co. of California's southern
for mineral oil and its derivates as from Jan. 1 1923 under guarantee for
fields led to the construction of very 'extensive gas treating Installations
the payment of any further export duty which may fall due, plus 6% int.
After the formation of the "Nederlandsch-Indische Aardolie Meat- there, which largely contributed to the increased benzine production.
The work of extending the number ofselling depots was being continued.
schappir (N.I.A.M.) on Dec. 14 1921 we immediately placed at their
For the treatment of the Southern crude oil a new refinery at Wilmington
disposal the necessary staff and material in order to prepare and commence
activities in Djambi. From the jetty on the Djambi River a 39 k.m. near Los Angeles is under construction, whilst in the neighboring port of
road was constructed through the jungle for the transport of the heavy San Pedro a loading installation is being built.
Also during the past year the tank vessels Silver Shell, Gold Shell and
materials to the two fields (Betoeng and Banjoebang) which were chosen
as being the most favorably situated and offering the best prospects for Pearl Shell could not be employed for the purpose for which they were
originally intended, on account of the restrictive regulations of the American
exploration.
On Oct. 4 and Dec. 9 1922 2 drillings were started which, at the end of Shipping Act. Permission to sell these tankers to a foreign company was
the year had reached a depth of 172.50 M.and 66 M., respectively. Al- again refused us this year by the American authorities.
though strong oil traces have since been encountered in one of these drillings
New Orleans Refining Co.—The Good Hope refinery near Now Orleans
In one instance even yielding a production of 2 tons a day, yet on the chiefly worked for the supply of local requirements. Their business is
present report being drawn up no richly producing layer had yet been developing satisfactorily.
struck. In order to transport the expected oil, a suitable tract was sought
PROPERTIES IN MEXICO.
by which both drilling fields were connected by a 3 in. crude oil pipe line
to company's nearest pump-station in the residency of Palembang.
The principal feature in the petroleum industry for the past year was an
In the past year the Bataafsche were compelled to further restrict their appreciable decline In the production of light crude from the Southern fields.
activities; on 5 fields all exploitation wells and on 3 others the exploration while on the other hand an increase of the heavy crude oil production was
wells were stopped.
noticeable in the Panuco district; the total production of Mexico, compared
Notwithstanding the restriction of our exploitation the total production with 1921. showed a slight decline, same amounting to about 186 million
of crude oil in our fields, as compared with 1921, again showed an increase bbls., against about 200 mIllion bbls. in 1921.
this year (although this is solely due to the increased Borneo production),
La Corona—The territory owned by the Corona was considerably
which will appear from the following figures:
extended. The lands in the Cacalilao field, north of Panuco, which were
1922.
1921.
1920.
brought into production in May 1922 and which at the end of the year had
(K.G.Tcrns) (K.G.Tons) (K.G.Tons) already yielded more than 3 million bbls., proved a particularly valuable
Sumatra
522,496
564,717
496,351 acquisition for the Corona.
Borneo (excluding Tarakan)
857,783
744,119
741,873
Up to the end of 1922 one of Corona's wells in that field, which came in
Tarakan
663,299
695,313
711,009 with a production of about 15,000 bbls. a day, yielded 31,500 bbls. daily.
Java
235,161
311,677
244,655
On the old Panuco fields a well was completed with an initial production
Ceram
45.053
20,980 of 5,000 bbls. a day, which at the end of the year under review had in48,980
day.
Total
2,323,792 2,295,538
2,284,136 creased to 12.800 bbls. afurther
encroachment of salt water in the ZacaIn consequence of the
the
exploitation
of3 mining concessions of the ShanghaiFrom June 1 1922
there likewise gradually
field
Corona's
production
mixtle
By
Langkat Co. from whom we previously bought the crude oil production, careful production, however, important quantities of thisdecreased.
light oil could
by
our
company.
out
carried
is being
obtained.
be
still
The pipe line for the transport of gas from the Loentar field to Pladjoe
The production of the Corona was: 17.450,000 bbls., against 12,863,000
was taken into service in June 1922 and since that time the factory there bbls. in 1921.
has been supplied with gas for fuel purposes.
Mexican Eagle Oil Co.(El Aguila).—The total
oil deliveries to the
Sarawak (British West Borneo).—Tho twoduction in 1922 again experienced storage installations amounted in 1922 to aboutcrude
21,700,000 bbls. By a
a considerable increase. It amounted to 403,393 E. tons, as compared fusion of various departments of this company with
of the Corona
those
with 19£1,858 E. tons in 1921. The exploration of new fields is being
to be able to work and extend the territory of both companies
continued. In order to enable the treatment of this increased production, weaexpect
economical
manner.
more
in
extended
and now amounts to over 1,600 tons
the refinery capacity was
The factories in Tampico, Tuxpam and Minatitlan treated in 1922 an
per 24 hours. The construction of a fourth submarine oil line for loading
ay.
of 62,900 bbls. per lay.
vessels on the open roadstead was commenced in the year under review.
Egypt.—The production of the Anglo-Egyptian Oilfields, Ltd., amounted
VENEZUELA, CURACAO, TRINIDAD AND SOUTH AMERICA.
against
181,231
E.
tons
in
tons,
E.
1921.
169,313
to
Venezuela—Caribean Petroleum Co.—As the transport capacity of our
Russia—Compared with last year no change has taken place in the
position of our properties in Russia. Our fields and our entire industry fleet carrying the crude oil from Venezuela to Curacao was again extended
were
exploited
and
by
the
nationalized
Soviet
in 1922 we were able to likewise increase the production of our fields in
Government.
remained
Rumania.—For Rumania the year 1922 can only be considered as partly Venezuela, the latter amounting to 350,362 K.G. tons, against 241,130
difficulties,
it
is
true,
transport
K.G. tons in 1921.
were
elimgradually
The
satisfactory.
The San Lorenzo refinery again supplied the requirom'ents of petroleum
inated, but by various other causes the petroleum industry was severely
products in Venezuela.
handicapped.
Towards
the end of the past year, the Venezuelan 011 Concessions, Ltd.
the
work
of
various
drilling
companies suffered very
In the first place the
we are likewise interested and of which the management is in our
much on account of the constant interruption in the supply of electric (in which
brought
in a new well on the east coast of the Lake of Maracaibo.
hands)
current by "Electrica."
the results of the business was the producing no less than 90,000 bbls. oil per day; shortly afterwards the well
A further depressing influence on
but
in
maximum
prices,
sanded
up.
any case the bringing in of same gives us a new indication
inland
which,
with
together
of
there
force
in
system still
the prices of the products deviated of the great oil wealth of these fields.
the decline of the Lei, was the reason whymarket;
Curacao.—The refinery was regularly in operation and supplied the local
an increase of these maximore and more from those of the world
not by far make up for this.
market and the West Indian Islands with petroleum products.
mum prices introduced in Jan. 1923 did
Trinidad.—The expectations expressed in our last report have unThe restriction of the quantity for export resulted in many refineries
of the United British West
being hindered in their operations, as the products reserved for inland use fortunately not been realized; the production
petitions
made
Petroleum Syndicate, in spite of their intense efforts to increase
to
Government
Indian
the
were in part not taken up. Repeated
by the various companies together for a revision of these regulations led same, shows a decrease and amounted to 48,760 E. tons, against 51,970 E.
tons in 1921.
to no result.
JULY 28 1923.]
THE CHRONICLE
Colombia.-During the past year geological researches were carried out
In various districts; the drilling of exploration wells was postponed for the
present and no new lands were acquired.
Argentina.-In the Argentine we have acquired extensive exploration
lands west and south of the well known productive fields of Comodoro
Rivadavia. To comply with the prescriptions of the Mining Code we have
established 3subsidiary companies under the titles of"Diadema Argentina."
"Antorcha" and "La Perla.' Drilling operations were started on the
northernmost group of our fields. The depth at which oil can be expected
has, however, not yet been reached.
[Signed, H. W. A. Deterding, General Managing Director; J. E. F.
De Kok, J. Th. Erb, Aug. Philips, Managing Directors.]
COMPANY'S SHAREHOLDINGS AT DEC. 31 1922 AND 1921.
1921
1922
Florists.
& $, &c.
Florins.
Par Value&S,&c.
Bataafsche Co
180,000,000
180,000,00
Anglo Saxon Petroleum_ £9,600,000 115,200,000 £9,600,000 115,200,000
Shell Co. of California__
$47,284,879 118,212.197
Asiatic Petrol. Co., Ltd_ £2,100,000 25,200,000 £2,100,000 25,200,000
Shell Transp.& Trad'g Co £926,794 11,121.528 £2,176.794 26.121,528
Shell Union Oil Corp. &
Asiatic Petrol. Co.
(Delaware), Ltd
185,924,597
Astra Romana
Lei15,412,800 7,398,1441ei15,412,800 7,398,144
Mexican Eagle Oil Co _Peso7,764.690
9,705,863
Roxana(Ord.)
$17.976,000 44,940,000
Roxana (Prof.)
2,100,000
$840,000
Ozark Pipe Line
$8.268,960 20,672.400
Various
36.767,138
47.168,468
Total nom, par value_
576,611.407
581,718,599
"Reserved for difference
between par value and
book value"
218,316,601
275,820,511
ft
Balance as per balance
sheet Dec. 31
358,294,806
305,898,088
Note.-In consequence of the amalgamation with Union Oil Co. of Delal
ware, company vested all its shares in American companies in the Shel
Union Oil Corp. and the Asiatic Petroleum Co. (Del.) Ltd., for which it
received respectively 3.152,770 and 19,920 shares without nominal values
in these companies. These shares were entered in the books at the same
value at which former American holdings (nominal value) figured in the
books.
The shares in the Mexican Eagle Oil Co., Ltd.. which formerly appeared
under "Participation in various companies" are now shown separately.
Further, company participated in the extension of various other companies.
Its holding in the "Shell Transport & Trading Co., Ltd.' was reduced
in the past year by £1.250.000. The proceeds above cost price were
deducted from the total of company's share holdings.
The usual comparative income account table and balance
sheet was given in V. 117, p. 336, 322. •
Fairbanks Company & Subsidiary Companies.
(Financial Statement-Year ended Dec. 311922.)
Vice-President Geo. M. Naylor, June 13 in a letter to
the stockholders stated in substance:
When your directors, acting with the advice of and guided by the experience of the bank creditors' committee, had thoroughly analyzed the
situation of the company from both the physical and financial status.
the officers of the company were authorized and instructed to proceed
along the following principal lines:
(1) Material reduction in overhead and operating expenses. (2) Elimination of many lines of merchandise to reduce inventories, outstanding
accounts and operating expenses. (3) Concentration of future business
to base lines for which Fairbanks is best equipped and in which the name
"Fairbanks" is best known. (4) Conversion to cash of surplus inventories.
and outstanding accounts in excess of normal amounts for base lines sales.
(5) Centralized control of sales, credits, inventories, collections and
accounting.
(6) Sale of real estate not necessary to the business. (7) change in
type and number of branch houses to suit the new plan for future business.
(8) Extensive selling campaign for both surplus lines and base lines with
proper division of personnel for each. (9) Gradual increase of Fairbanks
factory production to meet new sales requirements. (10) More effective
co-ordination between purchasing, sales and factory departments. (11)
Reorganization of personnel with proper authority and responsibility, &c.
The bank creditors have generously supported the company in the
effort of the directors to work out the various problems of the Company
by granting extensions of their demand loans from time to time, the present
extension being to Sept. 1 1923. During the year 1922, these loans were
reduced by $1,914.625 and it is hoped that further reductions of a substantial amount will be made before Sept. 1.
However, the directors desire to advise that in spite of a full realization
of the most optimistic estimates of the officers of the company there will
remain on Sept. 1 a large bank loan position as shown in a projected balance
sheet as of Sept. 11923. the ultimate disposition of which must be provided
for by some means satisfactory to the bank creditors, in order to insure
the safety of the company for the future. Various plans have been discussed and are now under consideration by directors, one or more of which
they may wish to present to the stockholders at an early date.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31 1922.
Surplus Dec. 31 1921
$606,364
Surplus arising from appreciation of property based on sound
values of appraisal
1,536,228
437
CONSOLIDATED BALANCE SHEET, DEC. 30, 1922.
[The Fairbanks Co. and Subsidiary Companies.]
LtalnhttesAssets$4,710,375
Cash_
$279.508 Notes pay. to banks
448,481
a236,500 Accounts payable
Notes receivable
103,227
b2,072.276 Credit on cost, accounts..
Accounts receivable
8,155
Advances to salesmen__ _
3,462 Customers' drafts disc_ _
Advances to mnfrs
12,814 Accrued taxes (foreign in
11.338
dispute)
Merchandise
1.851.829
150.000
Raw material, &c
643,645 Miscel. contingencies__ _
275,000
165,135 Res.-Uncoll. accounts_
1st Pref. stk. sink. fund..
Losses in liquidation of
Contracts & good-will_ _ _
898,500
488,395
surplus merchandise
Property investment_ __ _ c3,312,519
Depreciation
414,403
Prepaid insurance
14.691
1.000,000
Other prepayments
16,470 1st Preferred stock
2,000,000
1,602,523 Preferred stock
Deficit
1.500.000
Common stock
500
Total (each side)
$11,109,874 F. Co.of Cuba stock_ __ _
a Current, $171.189; with attorneys for collection. $65,312. b Manufacturers, &c., $82,183; customers, Dec. 1922. $582,516; Nov. 1922.
$265,755; Oct. 1922, $130,398; Sept. 1922. $65,049: Aug. 1922. $45,473:
July 1922, $40,358; Jan.-June 1922, $98,446; July-Dec. 1921. $59.818:
Jan.-June, 1921, $82.057; 1920, $160,176; 1919. $5.038;. on consignment.
$84,440; European, $73,742; with attorneys, $296.823. c Based on sound
values of appraisal made by the American Appraisal Co. in 1922: Land,
buildings and plant: Binghamton, N. Y., $1,309,557; Rome, Ga..
$434.785; New Orleans, La., $318,230; Birmingham, England, $42,797;
standing timber, &c., Georgia, $60.000; patterns and drawings, $632,349;
furniture and fixtures, $219,475; automobiles, repair shop equipment.
&c.,$295,322.
Note.-The current liabilities exceed current assets by $1,094,935.
after deducting reserves for uncollectible accounts and possible loss in
liquidation of surplus merchandise from the book values of the current
assets. The net worth of the company, after appreciating the property
values, amounts to $2,897,976, impairing the capital stock to the extent
of $1,602,523.
An analysis of the accounts receivable as of Dec. 31 1922 would seem
to indicate that the outstanding accounts were extremely large in proportion to the current sales. In view of the volume of sales in prior years,
however, and particularly in 1920, when the sales aggregated $26,000.000.
the balance remaining outstanding prior to 1922 is not excessive.
Since Feb. 1 1923, a centralized control of the credits and collections
has been instituted in New York and a concentrated drive an all overdue
accounts is expected to result in the necessary reduction of accounts
receivable to reflect the projected balance of Aug. 31 1923. The reserve
of $275,000 set up Dec. 31 1922 was considered on that date to be adequate
in addition to the normal reserves set up monthly to provide for all bad debts.
The item cf merchandise includes about $1,000,000 in surplus material.
which it is planned to dispose of consistent with the company's pclicy of
handling what it terms as base lines, scales, valves, trucks and barrows,
dart unions and a few specialties. This surplus material represents goods
of other manufacturers which this company no longer intends to handle
and is a balnce remaining out _f a stock of approximately $5,000,000.
some of which was purchased several years ago and is now obsolete. A
reserve of $488,395 has been set up to provide fcr any possible losses in
the liquidation of this surplus stock.
The property value represents fair values of property investments as a
going concern based on an appraisal made by the American Appraisal
Co. the early part of 1922. It is, of course, understood that these values
would not be realized under forced liquidation.
Our indebtedness due to the banks was reduced last year from $6,625.000
to $4,710,375. Current accounts payable are approximately normal for
the current volume of business. A. reserve of $150,000 has been set up
to cover miscellaneous'contingencies including Federal taxes for the years
1917 and 1918 now in dispute.
PROJECTED CONSOLIDATED BALANCE SHEET AUG. 31 1923.
[Fairbanks Co. and Subsidiary Companies.]
LiabilitiesAsset
$200,000 Notes payable to banks_ _ _$3,000,000
Cash
200,000 Accounts payable
Notes receivable
400,000
1,250,000 Credit bals. due customers
Accounts receivable
50,000
3,000 Customers'drafts disc_ _ _ _
Advances to salesmen__ _ _
8,000
Merchandise
600,000 Accrued taxes
10,000
Raw mat'l & goods in proc 750,000 Miscel. contingencies_ _ _ _
25,000
1st Pref. stock sink. fund.. 165,135 1st Preferred stock
1,000,000
Contracts & good-will_ _ _ _ 898.500 Preferred stock
2,000,000
Property investments_ ___ 2.394,886 Common stock
1,500,000
5.000 F. Co.of Cuba stock
Prepaid insurance
500
10.000
Other prepayments
Total
(each
1,516.980
side)
Deficit
$7.993,500
-V. 117, p. 93.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Wage Increases.-Southern By. granted increases of from 1 to 3c. per
hour to shopmen. "Wall St. Journal" July 23, p. 6.
Delaware Lackawanna & Western RR.grantd increase of Sc. an hour to
Total surplqs
$9.142,592 signalmen,
retroactive to July 15. "Sun-Globe" July 24, p. 2,4.
Operating loss 1922, and loss in liquidation of surplus and
Buffalo Rochester & Pittsburgh RR. increased wages of signalmen 3c.
obsolete material
780,824
July 16. "Sun-Globe" July 24, p. 24.
Inventory deflation
1,228,342 an hour, retroactive to granted
increases offrom 3 to 4c. an hour to station
Boston Terminal Co.
Additional reserve set up to provide for possible loss in liquidating
"Sun-Globe" July 24. p. 24.
the balance of surplus material
488,395 employees, effective July 20.wages
of certain classifications of workers.
Maine Central advanced
Settlement with E.& T. Fairbanks & Co. covering proportion of
effective as of June 1, amount not reported. "Boston Financial News"
loss in operating scale factory during 1921, $327,040; less
amount reserved in 1921. $200,000
127,040 July 21, p.7.
Cleveland Cincinnati Chicago & St. Louis announced wage advances
Settlement with Burke Electric Co.to cover cancellation of contr_
13,750
"Financial America" July 25, p.2.
Reserve set up to provide for miscellaneous contingencies
150,000 were granted as of July 1 to signalmen.
U. S. RR. Labor Board grants increases averaging Sc. an hour to emDepreciation charged off on standing timber at Oconee, Ga., to
Southeastern
express companies. "FinanRailway
and
ployees
of
American
bring investment down to the possible realizable value
24.045
cial America" July 28.
Alterations and improvements to leased stores charged off in
L.
&
W.
freight
handlers must be reimD.
U.
S.
RR.
rules
Labor
Board
view of vacating or sub-leasing a portion of said premises_ _
116.730
between April 1 and July 1 1921.
Reserved for depreciation of property since appraisal
220.726 bursed in amount of compensation lost
Reserved for uncollectible accounts
152,992 (The carrier had reduced wages of these employees to 45c. an hour on
Interest on indebtedness
400,587 April 1 1921.) "Times" July 21, p. 12.
Railway Car Men in Utica, N. Y., Reject Wage Increase Offer.-Decide
Miscellaneous charges to surplus covering disbursements apJuly 1 is not enough and
plicable to prior years
41,685 Sc. an hour increase offered by New York Central
appeal to U. S. RR. Labor Board regarding wage and seniority rights.
Deficit, Dec. 31 1922
$1,602,523 "Utica Press" July 25.
Canadian Employees Accept Road's Offer.-CanadIan National By. telegCOMPARATIVE OPERATING REPORT JAN. 1-APRIL 30 1923
raphers, clerks, telephone operators and mechanics decided to accept the
(FAIRBANKS CO.).
road's offer of wage increases ranging from $10 to $20 per month. About
Jan.
8,000 employees are affected by the increases. "Philadelphia News
Feb.
April.
March.
$100,440
$144,487 Bureau" July 25. p. 4.
$95,599
Sales-Scales
$127,371
Car Surplus-The railroads of the United States on July 14 had 84.210
112,860
119,682
167,018
Valves
130.116
62,735
48,142
57,667 surplus freight cars in good repair and immediately available for service if
Dart unions
73,466
67,538
90.904 transportation conditions warranted, despite the fact that for the week
Trucks and barrows- 79.525
98,883
which ended on that day a total of 1,019,667 freight cars were loaded with
$343,573
$342,948
Total base lines
$460,075 revenue
$429,836 freight, the second largest number for any one week in the history
219.851
176.616
53,627 of the country.
Other
93,683
$563,424
$519,564
$513.,02
Total
$523,520
The total number of surplus freight cars on July 14 was an increase of
$67,563
$69,317
$103.221 20,143 over the number on July 8. Surplus box cars in good repair numGross profits on sales_ -$90,264
19,868
26.415
Fact. prof. & oth. inc_ _ _
45,378 bered 64,692, an increase within a week of 21,771, while surplus coal cars
43.281
$87,431
$95.732
Total income
$148,599 numbered 4,865. an increase of 245 within the same period. Surplus
$133.544
145,077
126.875
Operating expenses
122,049 refrigerator cars totaled 8,074, an increase of 70 over the total number on
133.212
July 8, but there was a decrease of 1,949 in the number of surplus stock
loss$51,646 loss$31,143
Operating profit
$26,550 which brought the
$333
total on July 14 to 5,702.
$20,276
$17,623
$18,871
Int. on notes payable-$19,511
Car Shortage.-The reported shortage in freight cars onrsJo
ulnyJ1u4
ly
21.946
20.444
24,810 only 5.574.
Deprec. & reserves
20,204
This was an actual decrease since July 7 of 1,314 cars. totaled
despite
$99,868
$69,210
Net loss
$39,382
$17,132 the record loading of revenue freight. Shortage in box ca
l cars.
was
Auditor,
makes the following commentary only 1,047. a decrease of 214 within a week, while the
James A. Cleary, General
was 2,700, a decrease of 1.167 within the same period.shortage in coal cars
on the balance sheet:
438
THE CHRONICLE
Car Loadings.-Loading of revenue freight for the week ended July 14
totaled 1,019,667 cars, according to the American Railway Association
report just made public. This total was 2,103 cars less than the 1,021,770
loaded in the week of June 30. the greatest loadings on record, but for the
second time within three weeks the previous record (1,018,539 cars loaded
in the week of Oct. 14 1920), was exceeded.
Including the week of July 14 the million car loading mark has been
exceeded in six out of eight consecutive weeks so far this year. The average
loading for the six weeks has been 1,013,118 cars. In 1920 the million
mark was reached only on five occasions and then only in the fail of the
year. The average for those five weeks was 1,009,688 cars. The million
mark was reached in only two weeks in 1922, but never attained in 1921
or in any week prior to 1920.
Compared with the corresponding week last year the total for the week
of July 14 was an increase of 168,9191 cars, and an increase of 244.783 cars
over the corresponding week in 1921.
By districts, loadings in the week of July 14 this year showed an increase
of 12.4% in the Western district, 9.5% in the Southern district and 29.3%
in the Eastern district, which includes the Pocahontas.
From Jan. 1 this year to July 14, inclusive, 25,887,240 cars were loaded
with revenue freight. This was an increase of 4,309.272 cars, or 20%
over the corresponding period last year, and an increase of 5,785,000 cars,
or 28.8% over the corresponding period in 1921. It also was an increase
of 2,676.475 cars, or 11.5% over the corresponding period in 1920. In
making comparisons with last year, however, consideration must be given
to the fact that coal shipments were curtailed by the miners' strike which
began on April 1. Also, on July 1, the strike of railway shopment went
into effect.
Ore loadings made a new high record in the number of cars loaded in the
week of July 14 with a total of 89.298 cars. This was the largest number
of cars loaded with that commodity during any one week on record. The
previous record was made during the week of Sept. 15 1920, when the
total was 84,789 cars. Compared with the preceding week, the total
for the week of July 14 was an increase of 15.702 cars and with the corresponding week last year, it was an increase of 19,853 cars. It also was an
increase of 57,809 cars over the corresponding week two years ago.
Loading of merchandise and miscellaneous freight which includes manufactured products, totaled 577,114 cars for the week of July 14. This was
an increase, due to the holiday, of 80,317 cars over the preceding week,
while it also was an increase of 19,026 cars over the same week last year.
Compared with the same week in 1921, it was an increase of 114.203 cars.
Coal loading amounted to 193,831 cars, an increase of 33,613 cars over
the preceding week. This also was an increase of 116,734 cars over the
corresponding week last year, when, however, the miners' strike was still
in progress. It also was an increase of 42,543 cars over the same week
two years ago.
Loading of grain and grain products totaled 40.415 cars, an increase of
9.346 cars over the week before, but a decrease of 8.180 cars under the
corresponding week last year. This also was a decrease of 16,768 cars
under the same week two years ago.
Livestock loading amounted to 32.726 cars, an increase of 7,604 cars over
the week before, and an increase of 2,654 cars over the same week last year.
Compared with the same week in 1921 it was an increase of 8,259 cars.
Loading of forest products totaled 71,768 cars, an increase of 17,592 cars
over the preceding week. Compared with the same week last year this
was an increase of 14,094 cars, and with the same two years ago, an increase
of 27,939 cars.
Coke loading amounted to 14,516 cars, an increase of 745 over the week
before. Compared with the same week last year this was an increase of
4,819 cars, and with the same week two years ago,an increase of 10,708 cars.
Compared by districts, increases over the week before in the total loading
of all commodities were reported in all districts, while all districts reported
increases over the corresponding week last year. Except for the southwestern district, all districts showed increases over the corresponding
week in 1921.
Loading of freight cars this. year to date, compared with that of the
two previous years follows:
1923.
1921.
1922.
January
2,823,759
2,785,119
3,380,296
February
2,739.234
3,366,965 3,027,886
March
3,452.941
4,088,132
4.583,162
2,822,713
April
2,863,416
3,763,963
3.733,137
May
4,873,427
3,841.683
.
June
3,114.137
3.414,031
4,045,012
Week ending July 7
640.535
707,025
854,748
Week ending July 14
1,019,667
774,884
850,676
Total for year to date
25,887,240 21,577,968 20,101.340
Matters Covered in "Chronicle" July 21.-(a) Conductors and trainmen
to ask annual wage increases totaling more than $100,000,000 a year,
p. 283. (b) Shopmen get wage increase on New York Central RR.,
. 283. (c) Wage increase on Interborough Rapid Transit Co. p. 283.
Wage increases on the Central RR. of New Jersey and the Pittsburgh
Lake Erie roads, p. 283.
(e) Charles Hansel, consulting .valuation engineer of the Central RR.
of New Jersey, submits paper on valuation of the railroads to the Interstate Commerce Conunission-defines "Original Cost to Date" and flays
Senator La Follette, p. 283.
d)1
Atchison Topeka & Santa Fe Ry.-Abandons 54 Miles.
The company has received permission from the California RR. Commission to abandon 54 miles of trackage from Goffs, Calif., to Searchlight.
Nev.. according to reports from San Francisco.-V. 116, p. 2635.
Atlanta Birmingham & Atlantic Ry -Equipment.Authority to borrow $120,000 with which to repair 400 freight cars
has been granted by Judge Samuel H. Sibley to B. L. Bugg, receiver.
The amount will be borrowed in installments of $15,000 and the per diem
earnings of each repaired car will be appropriated to the liquidation of the
loan under the arrangement.-V. 115, p. 2579.
[VOL. 117.
The trustees have accepted a lease from the City of Boston for the double
line heretofore operated by the Eastern Massachusetts Street B.in Hyde
Park from the old boundary line to Cleary Square, with rentals of 43i%
on $235,000, the amount fixed by the Massachusetts P. U. Commission as
the value of that portion of Eastern Massachusetts system in Hyde Park.
Passengers may now ride from Cleary Square, Hyde Park, to any point
on the elevated system for a single fare. The trustees also established a
bus service for other points in Hyde Park area.-V. 116, p. 2992.
Beaumont & Great Northern RR.-Successor Company.
See Waco Beaumont Trinity & Sabine By. below.-V. 115, p. 435.
Boston & Worcester St. Ry.-Refinancing Plan.The directors and stockholders of the Boston & Worcester Street By.
and trustees and stockholders of the Boston & Worcester Electric Cos.
have approved the refinancing plan mentioned in V. 116, p. 2992.
Digest of Refinancing Plan.
(a) 1st Mtge. 4e% bonds to the amount of $2,260,000 and 1st Mtge.
Extended bonds of the Framingham Southborough & Marlborough
St. By..
amounting to $37,000, which mature Aug. 1 1923 are to be exchanged par
for par for new 1st Mtge. 10-Year 6% bonds dated
Aug.
1
1923.
(6) In consideration of the exchange of
by the bondholders, and
subject to the approval of the Departmentbonds
Public Utilities, the Boston
St Worcester Electric Cos.-the voluntaryofassociation
which owns the
Common stock of the Boston & Worcester Ry.-will subscribe
at par to
8934.000 Common stock of the street railway company,
increasing
thereby
the Common stock of the street railway company
$2,025,000 to
82.959.000, all of which will be owned by the electric from
companies.
(c) The $934.000 money received by the street railway
eompany will be
applied as follows:
'Po pay the notes of the street railway company held by the public_ _$115,000
To pay the notes of the street railway company held by the electric
companies
To retire an equal amount of 43 % bonds held by the electric .65,000
companies
To retire an equal amount of F. S. & M.Ry. Co. bonds held by the 200,000
electric companies
23,000
For improvements to the road and new cars
(d) The Preferred shareholders of the electric companies will be531.000
offered
the right to purchase for each Preferred share held 87-100 of a share of
Common stock of the street railway company for $24, which is equivalent
to $27 58 a whole Common share. Such an amount of the Common
stock of the railway company as is not thus purchased by the Preferred
shareholders of the electric companies will be offered, pro rata, for the
Common shareholders of the electric companies at the same price, namely
$27 58 for each whole share of the street railway Common stock.
(e) Through the sale of the Common stock of the street railway company
to the shareholders of the electric companies there will be provided in
cash 8814,450, which will be applied as follows: $168,450 to pay the
outstanding notes of the electric companies: $646,000 to purchase Common
stock of the street railway company, as shown above.
(f) Notes of the street railway company to the amount of $182,000
held by the electric companies are to be cancelled
and no securities issued
therefor. and the assets of the electric companies
after payment of interest
and other liabilities are to be turned over to the street railway company.
(0) Accrued and unpaid dividends of 27%, as of March 1 1923 on the
Preferred stock of the street railway company
will be waived by the Preferred stockholders.
Through the expenditure of the $531.000 for improvements and new
equipment it is expected that there will be a substantial increase in the
earning power of the company and a decrease in the operating expenses.
Under this plan, the funded and floating debt will be materially decreased and the interest charges reduced as shown
below:
Present Capitalization.
Capitalization under Plan.
1st M.4 % bds. of st. ry.$2,460,000 1st Mtge. 6% bonds
$2,297,000
1st M. P. S. & M. bonds_
60,000 Preferred stock 6%
457.200
Notes payable to public_
115,000 Common stock
2,959,000
Notes parle to elec. cos__
247.000 Preferred stock 6%
457,200
Preferred stock 6%
457.200
Common stock
2,025,000
Total
85.364.200
Int. paid in 12 MOS. to
$5.713,200
Total
Mar. 31 1923
3145.387 Int. on new 6% bonds_ -- $137,820
The subscription to the Common stock of the street railway company
has been underwritten by a syndicate which will receive as its only compensation 600 shares of the Preferred stock of the street railway company
now held by the Boston & Worcester Electric
Cos.
Arrangements have been made with responsible bankers whereby the
shareholders of the electric companies who
subscribe to the Common stock
of the street railway company may borrow up to three quarters of the
amount of their subscription at 6% interest for a year or any part thereof.
The bondholders and Preferred
are requested to deposit
their securities immediately with stockholders
the American Trust Co. under this
plan. The plan will be declared effective if a sufficient amount of the
bonds and the Preferred stock are deposited on or before Aug. 1 1923
and the other provisions of the plan complied with.
The committee in charge of carrying
of the plan consists of William
M. Butler. Charles Hayden, Arthur E.out
Childs.
Earnings Six Months ended June 30 (13. & W. St. Ry.).
1922.
1923.
Gross revenues
8519,398
8577.214
Surplus after bond interest
def.5,141
4,027
-V. 116, p. 2992.
Canadian National Ry.-New Financing.-Tho issue of
$22,500,000 15-year 5% Equip, bonds has been awarded
Austin (Tex.) Street Ry.-Tenders.to a Canadian syndicate composed of A. E. Ames & Co.,
The Equitable Trust Co. will until Aug. 2 receive bids for the sale to it Wood, Gundy & Co. and
Dominion Securities Qo. at 97.889.
of 1st Mtge. 5% bonds, due 1938, to an amount sufficient to exhaust
-V. 117, p. 323, 85.
$20,212 at a price not exceeding 1023 and int.-V. 115, p. 1099.
Central Indiana Ry.-Sale.-Boston Elevated Ry.-Repays $1,114,558 More of$4,000,Charles Martindale, special master, will sell the property at not less than
000 Community Loan.-Six Months' Statement.$945,000 on Oct. Oat Anderson, Ind. See V. 117, P.
85.
The company on July 19 made a second payment to the Commonwealth
Charlottesville (Va.) & Albemarle Ry.-New Control.of Massachusetts for distribution to the cities and towns which contributed
to the $4.000.000 loan assessment in 1919. The amount of the second payment is $1,114,558. The initial payment, made a year ago, was $517,196.
so that the total repaid to date is $1,631,754.
The allocation of the assessment on the cities and towns, with amounts
already paid and still due, is shown in the following table:
-Repayment
0
Amount. Jule 1922. July 1923. Bal, Due.
Cities & Toums71.L30 $2,863,042 $372.035 $801.735 $1,689.273
Boston
386,397
50.210
9.7081
108.202
227,985
Cambridge
167,091
4.1981
21,712
46,790
98,588
Somerville
101,621
2.5532
13,205
28,457
59,959
Brookline
2.0464
81.450
10,584
22,808
48,058
Medford
76.112
9,890
21,314
1.9123
44,908
Malden
,
0,926
1.8775
44.091
Everett
56.156
7:297
15,725
1.4109
33,134
Watertown
44,267
5.752
12.396
1.1122
26.119
Arlington
40,426
5,253
11.321
1.0157
23.853
Chelsea
37,079
4,818
10,383
.9316
21,878
Newton
3,320
25,553
7,155
.6420
15,077
Belmont
2,758
21,222
5,943
12,522
.5332
Quincy e
651
5,007
1,402
.1258
2,954
Stoneham*
The company, it is understood, has been sold to banking interests which
control the Stanton Lighting Co. Control of the latter has been acquired
by the Virginia-Western Power Co. It is stated that the 3417,000 Charlottesville & Albemarle Ry. 1st mtge. 6s, duo April 11943, have been called
for payment at 105 and interest.-V. 116, p. 2515.
Chesapeake & Potomac Tel. Co. of W. Va.-Purchase.
The I.-6. C. Commission on July 14 approved the acquisition by the
company of certain properties of the Trap Hill Telephone Co. at Beckley,
W.Va.. which is a city of about 4,200 inhabitants. The parties have made
a tentative agreement by which the Chesapeake company agrees to Pay
$5,000 in cash for the properties of the Trap Hill company in Beckley and
immediate vicinity, free from all liens and encumbrances.-V.116.P. 1653.
Chicago Elevated Rys.-Reorganization-Status of Divisional Bonds and Equipment Notes.Wm. Hughes Clarke of Chicago has issued a bulletin presenting the
divisional earnings of the separate companies applicable to their respective
mortgage bond issues and equipment notes with further particulars regarding
the proposed issues of 1st & Ref. 6% bonds due 1953 and Adjustment 4%
Cumul. 6% Income debentures due 1963 and Common stock. Compare
plan in V. 117. p. 323.
100.00 83.980.152 $517,196 $1,114,558 $2,348,397
Totals
assessment,
Chicago Indianapolis & Louisville Ry.-Bonds Auth.* Exempted by Act of the Legislature from payment of .
the Commonwealth of Massachusetts assuming payment.
The I.-S. C. Commission on July 16 authorized, the company to issue
ended
June
30.
Months
$883,000 1st & Gen. Mtge. Gold bonds, Series "II,' all or any part of said
Results for Six
145.392.522 142.725,830 bonds to be pledged and repleolged from time to time until otherwise ordered,
Passengers-10-cent
49.668.497 35,239,528 as collateral security for certain notes which may be issued without having
5-cent
first obtained the authorization of the Commission.
-V. 116. p. 1270.
195.061.019
177,965,358
Total
Chicago Milwaukee & St. Paul Ry.-Branch Line.$17,448,488 $16,535.329
Gross receipts
The I.-S. C. Commission on July 9 authorized the company to abandon
16.386,353 15.489,794
Total expenses
that portion of a branch line of railroad extending from Gratiot, Lafayette
81.062.134 81.045,534 County. Wis.. to Warren. Jo Davioss County, Ill., a distance of seven
Net earnings
JULY 28 1923.]
THE CHRONICLE
439
the Denver & Rio Grande. This action
116. suit of the stockholders against purporting
to aim at an injunction against
miles, of which 5.8 miles are in Wisconsin and 1.2 miles in Iillnois.—V.
was misconstrued in the press as
p. 2992.
the reorganization plan.
to the present reorganization
bondholders
these
of
objection
prime
The
&c.—
Chicago 8c North Western Ry.—Listing,
it puts the equity in the Utah Fuel stock.
the listing of $2,233,000 plan, it is pointed out, is that
underlying issues, in the hands of the
the
The New York Stock Exchange has authorized
of
one
under
is
which
pledged
been
has
interest
which
The reorganization managers
additional Gen. Mtge. gold bonds of 1987 (on
making total Western Pacific and the Missouri Pacific.equity
in this stock for the bondincreased from 4 to 5%). which are issued and outstanding,
protect the
bonds,$22,500,000. claim that the terms of the plannew
the property increases the
into
money
amountlisted as follows: 3 Li% bonds,$31.316,000:4%
of
putting
while
the
holders,
of
as to non-payment
321.
p.
unstamped, and $8,054.000 4% bonds, stampedstamped
117,
the
of
bondholders.—V.
as to non-pay- equity
Federal income tax, and $30,705,000 5% bonds,
Lines.—
ment of Federal Income tax.
El Paso & Southwestern Co.—To Consolidate
of 1987 were issued and sold to
The $2,233,000 (len. Mtge. gold bonds
Application was made to the I.-S. C.Commission by the El Paso & Southfor permanent
merge the system lines into
to
reimburse the company's treasury for past expenditures
authority
for
and
Co.
subsidiaries
western
and
refunding
retiring,
miles of railroad in Arizona,
Improvements or additions to the property, and for
improvements one company. The system comprises 1,139
paying prioriy "existing bonds." as follows: (1) Permanent
Mexico and Texas. It is proposed that the El Paso & Southwestern
paying(a)C.& N.W. New shall
against its present issue cii
or additions,S1,100,000. (2) Retiring, refunding and
as
stock,
issue
capital
RR.
$35,000,000
L. S. & N. By. Ext.&
By. Sinking Fund Dabs, of 1933. $424,000: (b) M.By.
share for share in exchange for stock of the
Sinking Fund bonds 220,000,000 and issue its stock
of the companies to be
Impt.Sinking Fund bonds,$134.000:(c) C.& NW.
capitalization
present
The
companies.
subsidiary
$440,000.
bonds,
of 1879,$135.000:(d) Wisconsin Northern By. 1st Mtge.company
and $14,922,000 in bonds.
to assume merged consists of $28,570.000 in stock
be merged, but will be
not
The I.-S. C. Commission on July 20 authorized the
The El Paso & Southwestern Co. which will
stock of the latter
obligation and liability in respect of $4,755,000 Equip. Trust certificates
and the holding company for the operating company and the
of 1922, Series "N," to be issued by the Farmers' Loan & TrustofCo.
the
to
public.
certain will not be issued
sold at not less than 963i in connection with the procurement
was grouped together in the tentative
system
Southwestern
&
Paso
El
The
equipment. (Compare offering in V. 116, p. 2767. 2881.)
consolidation plan of the I.-S. C. Commission.—V. 116, p. 2883.
The Commission also rescinded so much of the order of Dec. 19 1921 as
authorized authentication and delivery to company's Treasurer of 23,000.Illinois Central RR.—Listing—Earnings.—
000 of 1st & Refunding Mtge. bonds, and granted authority to procure
The New York Stock Exchange has authorized the listing of $13.447,000
authentication and delivery to its Treasurer of $6,000,000 of 1st & Ref. additional Ref. Mtge. 5% coupon bonds (authorized $120,000,000), due
Commisthe
of
Mtge. bonds to be held in the treasury until further order
Nov. 1 1955. making the total amount applied for $40,740,000 4% bonds
sion.—V. 116, p. 2881.
and S13,447,000 5% bonds.
The proceeds of the bonds applied for are to reimburse the company, in
Chicago Surface Lines.—Wages Increased.—
part, for expenditures for betterments, improvements and additions.
The board of arbitration has awarded surface line employees an increase
Income Account for Four Months ended April 30.
of three cents an hour for the year from June 1 1923 to June 1 1923, and
Net income from ry.over_ _$13,211,944
Operating Revenues—
two cents additional for theyear following. The men were previously
$3,455.731
$45,051,014 *Taxes
Freight
88.
p.
117,
hour.—V.
paid 70 cents an
2,773
8,568,823Uncollectible railway rev--_
Passenger
713,208
Cincinnati & Dayton Traction Co.—Decision.—The Mall
$9,753,438
income_
Railway
operating
1,234,604
Express
Cincinnati "Enquirer' of July 17 says:
Dr.275,736
1,973,075 Equipment rents—Net
Co. Miscellaneous
Cr.32,085
Joint facility rent—Net
The stockholders of the old Cincinnati Dayton & Toledo Traction
Dayton
&
Cincinnati
the
by
succeeded
30
June
1917
and
[sold at foreclosure
Total operating revenues_ _$57,540,725
the
Net railway oper.Income— $9.509,787
Operating Expenses-Traction Co.] won a second victory July 16 in their fight against payingCo.,
1,348,685
balance of a bond mortgage of the extinct Southern Ohio Traction
Maint. of way and structures $6,931,153 Non-operating income
when the Court of Appeals handed down a decision affirming Common
Maintenance of equipment__ 13,299,023
which Traffic
$10,858,472
Gross Income
799,999
Pleas Judge Stanley 0 Reettinger's action in sustaining demurrers
them. As Transportation
21,906,486 Deductions (mnt. and rentals) 4,545,426
they had filed to tile suit to assess stockholders' liability againstC.
D.& T. Miscellaneous operations_
361,105
a result of the decision, approximately 4,000 stockholders of the Southern
of
the
holders
the
to
approximately
61,000,000
paying
1.266,018
General
escape
Cr.235,006
Investml
Ohio Traction Co. bonds.
for
Transportation
old
The Southern Ohio Traction Co. was organized in 1900, when the
Available for dive. &c__ _ 86,313,045
Total operating expenses $44.328.780
double liability law was in force. When the C.D.8r T.and its subsidiaries
constituconsolidated and took over the Southern Ohio Traction, the Ohio while
*Federal income tax, $829,825; other taxes, $2,625.906: total. 53,455.731.
the
tion had been changed and single liability only was in force, and
General Balance Sheet as of April 30 1923.
its
new company assumed all the debts of the old, its contract specified and
Liabilities—
Assets—
$
stock certificates contained the specification that the new stockholders
120,225,466
_257,161,650 Capital stock
Co.
road
equip...
In
Trac.
and
Invest.
Ohio
the
for
Southern
the
liable
by
bonds
Issued
be
to
were not
grants in aid of
the
Government
1,517,309
misc,
pay
prop.
in
to
physical
Invest.
liability
When the bondholders sued to enforce stockholders'
33,272
construction
then Invest. in affiliated cos.:
balance due on their bonds, after the sale of the mortgage security, it
37,644,144 Funded debt unmatured_ _280,732,105
Stocks
new stockwas claimed that it was against public policy to relieve the sustained
and
balcar-service
Traffic
a
47,363.577
Bonds
holders of liability on the old bonds, but Common Pleas Court
1,972,332
ances payable
16,622,675
Notes
In its dedemurrer to this and the matter went to the Appellate Court.individuals
117,491,257 Audited accounts and wages
Advances
cision the Court of Appeals says that the contract was between
18,141,163
payable
not Other investments:
and no public right was affected by it in any way, and, therefore,it was
1,546,974
51,050 Misc, accounts payable
Stock
a matter which comes under the rule of public policy, but one which must
7,472,575 Interest matured unpaid__ 1,835,758
Bonds
stand entirely upon the wording of the contract made when the money
50,343
12,013,620 Dividends matured unpaid__
Notes
was lent. In other words, the decision declares that a debtor cannot change
931.866
10,021 Funded debt matured unpaid
Miscellaneous
his security by claiming his contract is against public policy.
interest
2,424,093
accrued_
Unmatured
Trust
9,881,066
Cash
These bonds. aggregating $1.000,000, are hold by the Cleveland
447.268
5,658,410 Unmatured rents accrued_ ___
Co. They were issued by the Southern Ohio Traction Co., which was Special deposits
19,736
32,688 Other current liabilities
formed by the consolidation of three lines between Cincinnati and Dayton, Loans and bills receivable—
171,537
489,590 Deferred liabilities
and the trust company sought to hold the stockholders of all these sub- Traffic & car-service bal. rec. 3,748.629
8,159,112
Tax
liability
all
Stcond.
over
Netbals.rec.fromagts.
took
&
D.
formed
C.
and
T.,
was
the
of
later
which
sidiaries and
and casualty red— 2,773,146
the properties. Under the decision by the Court of Appeals, which was Misc, accounts receivable__ 5,367,681 Insurance
743,861
15,028,030 Operating reserves
written by Judge Wade Cushing, and concurred in by judges Robert Z. Material and supplies
36,704,348
Accrued
deprec.—Equipment
809.852
receivable
is
and
M.
Co.
dividends
estoPPed Int.
Hamilton, the Cleveland Trust
Buchwalter and Francis
31,541 Other unadjusted credits.- _ _ 9,021.506
Working fund advances
from recovering from these stockholders.
99,107 Additions to property through
[The Cincinnati & Dayton Traction Co. went into receivership in Dec. Other deferred assets
7,807,314
income and surplus
3,057,112
1920. There are now in default $1,350,000 Southern Ohio Traction 5s, due Discount on funded debt
51,842,121
May 1 1920, and other bond issues amounting to $900,000.] See V. 115, Other unidjusted debits__ _ 4,131,837 Profit and loss
P. 307.
545,673,329
Total
545,673,329
Total
Cuba RR.—Bonds Offered.—The National City Co. are —V. 117. p. 86.
offering at 86 and int., to yield 6%,$1,250,000 1st Mtge. 5s
of 1902, due July 1 1952. The above offering, it is understood, does not represent any new financing on the part of
the company.—V. 117, p. 207.
Delaware & Hudson Co.—Listing.—
The Guaranty Trust Co., trustee, N. Y. City, will until Aug. 14 receive
bids for the sale to it of 1st & Ref. Mtge.5% gold bonds, due Jan. 1 1966,
to an amount sufficient to absorb $218,961 now on deposit in the sinking
fund, at prices not exceeding 110 and intetest.—V. 117, p. 325.
states:
A majority of the bonds called for deposit under the plan have already
holders
assented to the plan. It is of the utmost importance to securitythat
the
The Massachusetts Department of Public Utilities has approved an issue
of $52,249 6% Equipment Trust Notes.—V. 115, p. 2267.
Interborough Rapid Transit Co.—Tenders.—
Longview Portland & Northern Ry.—Construction.—
The New York Stock Exchange has authorized the listing of $7,500,000
The I.-S. C. Commission on July 11 issued a certificate authorizing the
(total authorized) 15-Year 534% gold bonds. due May 1 1937.—V. company to construct and operate a line of railroad in Cowlitz and Lewis
117, p.324.
counties. Wash., commencing at a point of connection with the line of the
Northern Pacific By. about three miles south of Kelso, Wash., crossing
Denver Rio Grande Western RR.—Deposits Under Plan the
Cowlitz River near its mouth and passing through Longview. Wash.,
side of the Cowlitz River to
Urged.—Kuhn, Loeb & Co. and the Equitable Trust Co.. extending thence northward along thetowest
a point in Section 25, Township
Wash., thence northwesterly
Olequa,
reorganization managers, in a notice (see advertising pages) 11 North,
Range 3 West, and thence southwesterly to a point in Section 10,
30 miles.
to the holders of 1st & Ref. Mtge.5s and 7% Cumul. Adjust. Township 10 North, Range 3 West, a total distance of about
The company was incorporated in Washington and Its charter authorizes
Mtge, bonds of Denver & Rio Grande RR., announce that it to
construct and operate the proposed line. All of its capital stock except
the time fixed for deposit of the bond under the reorganization directors' qualifying shares has been subscribed for by the Long-Bell Lumplan dated June 15 expires Aug. 1. The notice further ber Co.. but none of it has yet been issued.
that the reorganization should proceed as rapidly as possible, so
expense incident to the receivership may tie kept down, the property
promptly restored to its owners, and a permanent operating organization
perfrected. The sale of the property and its transfer to the new company
as contemplated by the plan cannot take place until holders of each issue
of bonds to an amount sufficient to justify the reorganization managers
in declaring the plan operative shall have signified their approval of the
plan. Accordingly bondholders are urgently requested in their own interest
to expedite the reorganization by depositing their bonds immediately with
the depositaries.
The stockholders' protective committee of the Denver & Rio Grande
RR.sent out the following statement July 14: "The Interests of our stockholders will be greatly benefitted by the co-operation of holders of the folioed/1g bonds: D.& R.G.RR.Cons.4s,due 1936: D.& B. G. RR.ConsolRio Grande Western RR. Co. 1st Consol, Gold 4s, due
414s, due 1936:
1949: Denver dr Rio Grande Impt. 5s,duo 1928.*
"We are advised that these bonds are entitled to the reinstallation of
collateral security of which they have been deprived and the proposed
reorganization plan neglects to provide for their proper security. If you
With any holders thereof, idndly advise us."
hold any or are inistouch
will be made by either stockholders of the old
No attempt, it stated,
or holders of the underlying bonds to block the reorDenver & Rio Grande
ganization now in process.
The attorneys, representing the stockholders of the old Denver Company,
eliminated into a receivership, further announced
the capital of which was
a deposit committee to receive bonds, though such
that it has not formed
may be formed in the future if circumstances warrant. Such a
a committeehowever,
would be independent of the stockholders' committee
committee,
stockholders have pending before the State Suof the old Denver. The
preme Court a personal suit against the directors of the old Denver Company
recover $200.000.000 they claim they have lost
to
individuals,
and other
has no
through alleged mismanagement. This suit is purely personal and
paid
bearing on the position of the underlying bondholders, who have been
also
are
suit
the
of
stockholders
this
Several
in
involved
regularly.
interest
holders of bonds of the Denver & Rio Grande Western,and these individuals.
the
with
have
attorneys,
sounded
bondholders
out
other
the
through
acting
thought of discovering their inclination of joint intervention in the personal
Milford & Uxbridge Street Ry.—Equip. Notes Approved.
Minneapolis & St. Louis RR.—Receiver Appointed
—Protective Committee for Bondholders.—W. H. Bremmer
was appointed temporary receiver July 26 by Federal Judge
W. F. Booth at Minneapolis on the petition of Minneapolis
Steel & Machinery Co., a creditor with claims of about
$15,000.
Following the appointment of the receiver, the committee named below was formed to protect the interest of
the 1st & Ref. Mtge. 4% 50-Year Gold bonds and Iowa
Central Ry. 1st & Ref. Mtge. 4% 50-Year Gold bonds.
The committee in an announcement says: of the company, the
property
A receiver having been appointed of the
bonds of each of the
undersigned, representing a large amount of thesituation
in respect of
above named issues, and believing the present
the company makes desirable the formation of a committee to act for
bonds,
have consuch
of
holders
the protection of the interests of the
sented to act as such committee.
As the committee desires to be in a position to take such action as it
may deem advisable in behalf of depositing bondholders, should default
occur in the payment of interest due Sept. 1 1923, the committee urges
the immediate deposit of bonds with its depositary, Empire Trust Co.,
120 Broadway, N. Y. City, for which certificates of deposit will be issued
under a deposit agreement in course of preparation.
F. Q. Brown of RedCommittee.—Jules S. Bache of J. S. Bache & Co.,
mond & Co., Charles Hayden of Hayden, Stone'& Co., H. F. Whitcomb,
with E. P. Goetz,
Milwaukee,
of
Co.
Ins.
Life
Northwestern Mutual
Sec., 42 Broadway, New York, and Alfred A. Cook, Counsel.
F.J. Lisman & Co.,it is announced,are organizing a committee to protect
the interests of bondholders of Des Moines & Fort Dodge 9s. This firm is
of the opinion that these bonds as well as Consolidated 5s and Iowa Central
55 will not be disturbed in a reorganization of the road, pointing out thatthey
are adequately secured by valuable terminal property in Des Moines.—N
117. p. 325
440
THE CHRONICLE
[Vol,. 117.
Minneapolis St. Paul & Sault Ste. Marie Ry.Richmond (N. Y.) Railways, Inc.-May Acquire RailDividend Decision to U. S. Supreme Court.road Properties of Richmond Light & RR. in Reorganization.-
The Continental Insurance Co. and the Fidelity-Phenix Fire Insurance
See Richmond Light & RR.in last week's "Chronicle," p. 326.-V.
115.
Co. are seeking to have the U. S. Supreme Court review the
p. 2581.
Federal Courts in Minnesota, which held that the company decision of
could pay
dividends on its Common stock before paying the full 7% div. on
Springfield Terminal Ry.-Stock Authorized.the
Preferred. The insurance company owns about $130,000 of Preferred
The I.-S. C. Commission on July 7 authorized the company to issue
stock, 815.800
and has attempted to prevent the payment of a 2%
Capital stock, to be sold at not less
par and the proceeds used
stock, ordered in March 1922.-V. 116, p. 2388. dividend on Common solely for the purpose of capitalizing assets than
heretofore uncapitalized which
have been charged to capital account.-V. 113, p. 850; V. 115, p. 2582.
Missouri-Kansas-Texas RR.-Lease of Branch Line.-
Terre Haute Ind. & Eastern Trac. Co.-Appeal.-
See Wabash Ry. below.-V. 117, p. 86.
Monongahela West Penn Public Service Co.-Agents.
The American Water Works & Electric Co., Inc., and the Illinois Merchants Trust Co. of Chicago have been appointed coupon
paying agents for
for the First Lien & Ref. Cony.6% gold bonds, Series "A.
(For offering
of bonds see V. 116, p. 616.)-V. 11'7, p. 87.
Morris County(N.J.) Traction Co.-Receivers
Federal Judge Lynch in Newark on July 24 appointed Joseph Named.
P. Tumulty
of Jersey City, and Joseph K. Choate of New York (President),
receivers.
Jitney competition Is blamed by the company for its
Application for the receivership was made by the difficulties.
People's Savings &
Trust Co. of Pittsburgh, trustee, for the issue of $3,000,000
first mtge. 5s
and $1.179,000 Income Deb. 55.
According to an affidavit filed by Otto S.Schultz, Sec. & Treas., the company is in default $6,100 interest on bonds; $65,102 for past-due
franchise
and local taxes: $38,108 for this year's taxes; $15,000 for a
judgment obtained against the company
'and $26,000 in current bills. The cash on
hand of the company is said'
to be 82,500.-V. 116, P. 516.
New Orleans Texas & Mexico Ry.-Denied Application
to Acquire Control of Dayton-Goose Creek Ry.-
The Indianapolis Light & Heat Co. and the Merchants' Heat & Light
Co. have appealed from the decision of the Superior Court
the Indiana
Supreme Court for an injunction to prevent the Indiana P. to
S. Commission
from permitting the Terre Haute Indianapolis & Eastern Traction
Co. to
enter the Indianapolis power field. See also V.
117, la• 89.
ToledoTraction Light & Power Co.-Tenders.-
The Harris Trust & Savings Bank. trustee, Chicago, Ill., up to July 26
received bids for the sale to it of 3-Year 6% Gold
notes dated Aug. 11922,
to an amount sufficient to exhaust $115,440,
at prices not exceeding 101
and interest.-V. 116. P. 617-
Unadilla Valley Ry.-Notes Authorized.-
The I.-S. C. Commission on July 16 authorized
company to issue
unsecured promissory notes in an aggregate principal the
amount not exceeding
$3350,000 for such terms, not exceeding 20 years, and at such rates of
interest
not exceeding 6% per annum as may be practicable and.expedient.
No contracts or underwritings have been made and
commissions are
to be paid in connection with the issue, all of which itno
is expected will be
taken by the stockholders.
The proceeds from the sale of the notes are to be used for the following
purposes: (I) $177,000 for new equipment; (2) $35,000 for facilities
and
the balance for rails, rail fastenings and ballast -V. p. 78, 1168.
The L-S. C. Commission on July 16 upon further hearing and consideraUnited Gas & Electric Corp.-Earnings.
tion, denied the application for the proposed purchase of the capital
stock of
Earnings for 12 Months Ended June 30 1923.
the Dayton-Goose Creek Ry. by the New Orleans Texas & Mexico Ry.
The Balance of subsidiary operating companies
Commission had previously denied the application upon the principal ground
52.910,342
Deduct-Reserve for renewals & replacements
that the price to be paid for the stock ofthe Dayton-Goose Creek
835,710
Proportion of earns. applic. to stk. of sub.cos, owned by public_
8925.000, was not shown to be reasonable,inasmuch as it exceededcompany,
462,175
by about
$400,000 the investment in road and equipment, less depreciation,
as
Balance
shown by the books of that carrier.-V. 116, p. 1887.
Add net income from bond investments, &c., sources than $1,612,457
those covered above
New York New Haven & Hartford RR.-Abandonment
110,817
of Branch Line Approved by I.-S. C. Commission.Total
$1,723,274
Deduct
-Interest Un. G. & El. Corp. bonds. $580,140; interest
The I.-S. C. Commission on July 18 issued a certificate authorizing
Un. G. & El. Corp. ctfs of indebtedness, $49,000
the company to abandon a branch line of railroad in Franklin
629,140
County,
Amortization of debt discount
Mass. The report of the Commission says in part:
55,661
"The company on May 11 1923 filed an application for a
certificate
Balance
for authority to abandon a branch line of railroad extending from
31.038,473
South
the
above
In
earnings
statement no account is taken of profit or loss from
Deerfield to Shelburne Junction, a distance of 6.74 miles, all in Franklin
County. Mass. The line was built by the New Haven
& Northampton sales of securities, nor of earnings from oil operations.-V.116, p. 2994.
Co. and was opened to traffic on July 13 1881. It was operated
by
that
United
Light
& Rys.-Bonds Offered.-Bonbright & Co.,
company until 1887, when it was leased to the applicant. On
Oct. 26
1910, all the property and franchises of the New Haven &
Inc. are offering at 96
and int., to yield over 6%%,
Co. were conveyed to the applicant and the two companies Northampton
were
merged.
The applicant continued to operate the line until Jan. 1 1918, on which $1,060,000 1st Lien & Consol. Mtge. gold bonds, Series
date it was taken over by the U. S. RR. Administration.
latter "A"6% non-callable for 25 years. (See advertising pages).
discontinued freight service on Jan. 1 1919 and passenger serviceThe
Dated April 11922. Due April 1 1952. Int. payable A. & O. at office
Jan. 4
1919. Neither class of service has ever been resumed, and it on
or agency of the company in New York or Chicago. Red., all or part.
is
stated
that there has not been any demand therefor.
on 30 days' notice at any time on or after April 1 1947 up to April 1 1948
"There are no cities or incorporated villages on the line, and the only at 103; thereafter at 1% less each year up to 'April 1 1950. and thereafter
stations are at South Deerfield and Conway. South Deerfield
is served at 100, plus int. In each case. Denom. c* $1,000, $500 and $100, and
by the Boston & Maine RR. and by the applicant's Northampton-Turners
r* $1,000 and multiples. Company will pay
Federal income tax
Falls line. The applicant's station at Conway is about one-third of a up to 2%. and will refund Penn. 4 mills tax normal
and Connecticut tax up to
mile from South River station on the Boston & Maine. No industries 4 mills annually. New York Trust Co., New York.
trustee.
are located on the line.
Data from Letter of President Frank T. Hulswit, Chicago, July 21.
"In 1918, the last year of operation, the total freight tonnage was 378
Company.-Controls and operates properties furnishing a diversified
tons and the revenue from passenger traffic was $5 74. It is claimed
public utility service in prosperous and growing communities located in
that the decrease in traffic has been due principally to the use of motor the heart of the Middle West. These are situated principally in Iowa and
trucks and automobiles. The applicant represents that there is no apparent Illinois. In all, 77 communities are served with electric power and light,
need for resumption of the service discontinued during the Federal control gas. street railway or interurban service. Combined population of the
period and that it is desirable that the line be abandoned so that it may territory served has grown from 340,000 in 1900 to over 600.000 at present.
Purpose.-Proceeds will partially reimburse company for expenditures
be relieved from the obligations under its existing mortgage to
the property in good operating condition.-V. 117, p. 208, 87., maintain for additions and improvements to the properties.
Security.-There will be presently outstanding $10,056,500 1st
Lien &
New York Ontario & Western Ry.-Assumption.- Consol. Mtge. gold bonds secured
by a direct mortgage lien upon important
The I.-S. C. Commission on July 21 granted authority to the company piroperties and by pledge of all securities of subsidiary companies,as defined
to assume obligation and liability in respect of the payment of $185,000 In the mortgage, now owned or hereafter acquired, subject only to existing
and interest thereon, secured by a mortgage made by the Inland Lakes to liens. They are further secured by an equal face amount of 1st & Ref.
Sea Terminal Corp. to the Oswego Dock & Land Co. and Gerrit S. Miller, Mtge. 5% gold bonds or, in lieu thereof, cash or obligations of the U. S.
under date of June 19 1923, and further secured by a conditional bond of Govt. These pledged bonds of the company are secured by a first mortgage
upon important properties and by pledge of all securities of subsidiary
the same date in the penal sum of $370,000 made by the Inland Lakes
to Sea companies owned. The outstanding
Terminal Corp. to the Oswegp Dock & Land Co. and Gerrit S. Miller.
issue of $1.988,000 Convertible
The proposed assumption is in connection with the acquisition by the debentures due 1926 share with the bonds of this issue in the lien on the
company of approximately 13 acres of land in the city of Oswego, N. Y. property and assets of the company.
Combined Capitalization Outstanding with Public After Present Financing.
-V.116, p.2131.
First and Refunding Mortgage 5% gold bonds,
x$11,000,000
Northwestern Pacific RR.-Bids for Bonds.First Lien & Cons. Mtge. gold bonds (incl. this1932
10,056,500
issue)
The company will receive bids for the sale of $1,208,000 4 Si% 1st & Divisional bonds and securities on portions of property
y9,770.898
Ref. bonds due March 1 1957. No bid will be considered if submitted 6.7' Convertible debentures, 1926
1,988,000
price
less
Debenture
than $95 and int. Bids must be addressed and submitted Gold
for a
bonds, Series "A."-1%, 1973
2,500,000
by 12 o'clock noon. Pacific standard time, on Aug. 9, to W. S. Palmer, Prior Pref. stock, 7% Cumulative (Delaware Co.)
2,210,921
Preferred stock. 6% Cumulative
Pres.. 64 Pine St., San Francisco, Calif. See V. 117, p. 208.
10,095.600
Participating Pref. stock, 7% cumulative (now paying 8%)
3,408,700
Ohio Traction Co.-New Mortgage.Common stock, now paying 5% and extras
3,766,300
(mortgage
covering
x
all
Not
the real estate, the franchise and the traction
including bonds pledged as collateral to 1st Lien & Consol. Mtge.
A
building in Cincinnati was executed July 20 by the company to the Union gold bonds. y Not incl, bonds and securities pledged with trustee of 1st
Mtge. or underlying mortgages.
Savings Bank & Trust Co., Cincinnati, as trustee, to secure a bond
of & Ref.
$4,400,000. The entire mortgage is subject to a mortgage givenissue
Of the issued securities of the subsidiary companies. the United Light &
to the
Fidelity Trust Co. of Philadelphia in 1911. The company has an issue of Railways owns over 70% of bonds and notes, over 84% of Pref. and Comnotes amounting to $1,116,000. due Oct. 1 next, and It is expected that part mon stocks combined, and over 99% of the Common stocks.
of the issue will be sold to provide funds to pay off these notes.-V. 116, P•
Earnings 12 Mos. ended May 311921.
1922.
1923.
410.
Gross earnings
$12,083,934 811,201,934 $12,337,596
Oper. exp., maintenance and taxes_ _ 8,826,970
7,726.601
8,304,471
Oregon Short Line RR.-Construction.-
Net earnings
The I.-S. C. Commission on July 21 granted a certificate authorizing the
$3,256,964 $3,475.333 84,033,125
company to construct a line of railroad extending from a connection with Total annual charges prior to int. on secured debt of United
Light & Railways Co
its Rogerson Branch at Rogerson. Twin Falls County, Idaho, in a general
$535,580
southerly direction to Wells, Elko County, Nev., a distance of 97.7 miles, Annual int. on: 811,000.000 1st & Ref. Mtge. 5s. $550,000;
$10.056.500 1st Lien & Consol. Mtge. Series 'A" 6s,
of which 21.1 miles are in Idaho and 76.6 miles in Nevada. The Com$603,390: $1.988,000 6% Convertible debentures, $119,280_ 1,272,670
mission had previously issued a certificate authorizing the Idaho Central
RR. to build a railroad from Rogerson to Wells, upon the condition, among
Balance
others, that the line be completed and placed in operation on or before -V.
$2,224.875
116, p. 2517.
Dec. 31 1923. The line the company now desires to build is the same as
certificate.
On May 24 1923 the holders of 80%
the one authorized in that
Utah Power & Light Co.-Earnings.°
of the outstanding capital stock of the Idaho Central RR. unanimously
Calendar Yearsx1922.
x1920.
adopted resolutions asking the Commission to cancel the certificate issued
x1921.
Gross earnings
$8,840,905 $8,531,001 $8,591,206
to that company and to grant a certificate to the Oregon. These resolu- Operating
expenses, including taxies
4,472,492
4,458.213 4,504,512
tions state that the Idaho company has not commenced the construction
of the railroad and will not do so.
Net earnings
$4,368,413 $4,072.788 $4.086,694
The cost of construction, without equipment, is estimated at $5,094,000.
129,086
165,666
90,798
The company represents that no additional equipment will be necessary Other income
as the line can be operated with the equipment now used on its Rogerson
Total income
$4.534,079 $4.163,586 $4,215,780
Branch and other parts of its system. It is proposed to finance the con- Interest
bonds
on
1,994,940
2,082,713
2.407,875
struction from current funds or from advances made by the Union Pacific Other interest and deductions_
486,626
297,832
422,990
RR.. which owns all of the capital stock. The Chambers of Commerce of Dividends on Preferred
stock
591,500
786.402
660,221
Twin Falls and Wells have undertaken to provide the company a free Dividends
on 2d Preferred stock__ _ _
345,590
216,930
288,050
right-of-way, including land for terminals at Wells, the estimated value of Renewal and
replacement reserve_ _ _ _
759,725
600.000
600,000
which is $80,000. It is proposed to begin construction about Sept. 1 1923
and to complete the line by Dec. 31 1924.-V. 117, p. 88, 325.
Balance
$109_,612
$37,399
$225.040
x Combined statement of Utah Power & Light Co.. Western Colorado
Penn-Ohio Edison Co.-Transfer Agent.Power Co. and Utah Light & Traction Co.. inter-company charges elimiappointed
been
transfer
has
agent
for
The Guaranty Trust Co. of N. Y.
nated.-V. 117, p. 209.
$6,359,500 6% Cumulative Pref. stock, and 248,240 shares of -Common
stock, no par value. See also V. 117, p. 325.
Wabash Ry.-Equipment Trusts Sold.-Kuhn, Loeb &
Pennsylvania RR.-Number of Stockholders.-
The number of stockholders on July 1 1923 totaled 139,999, an increase of
171 compared with July 1 1922. The average holdings July 1 1923 were
71.32 shares, a decrease of .09 as compared with a year ago. Foreign
stockholders on July 1 last were 2,843, a decrease of 45.-V. 117. P. 208.
Co., New York, have purchased• and placed privately
$2,010,000 5
Equip. Trust certificates.
Dated July 11923. due $134,000 annually July 1 1924 to 1938. both incl.
Denom. $1,000c*. Bank of North America & Trust Co., Phila., trustee.
Dividends payable J. & J. at the agency of the trustee in the City of New
JULY 28 1923.]
441
THE CHRONICLE
York, in gold coin of the U. S. A. of or equal to the present standard of
weight and fineness, and without deduction for any tax or taxes (other than
Federal income taxes) which the company or the trustee may be required
to pay or to retain therefrom under any present or future law of the U. S.
A. or of any State, county. municipality or other taxing authority therein.
Security.-There will be vested in the trustee title to new equipment
costing not less than $2.695.500. including the following: 30 heavy Mikadotype locomotives, and 20 8-wheel switching locomotives.
Guaranty.-The principal and dividends will be unconditionally guaranteed by endorsement thereon by the Wabash Ry.
Earnings.-The total net operating income for the calendar year 1922.
applicable to interest on funded debt, &c., amounted to $5,161,851, while
the total of such interest, &c., amounted to $3,710,208. The total of
such net operating income for the five months ended May 31 1923 shows an
increase of $1,766,016 over the corresponding period of 1922.
Issuance.-Subject to the approval of all public authorities that may be
necessary,
The I.-S. C. Commission on July 17 approved the acquisition by the
company of control of a line of railroad of the Missouri-Kansas-Texas RR..
by lease. The line extends from Moberly to Hannibal. Mo., a distance
of 60.75 miles.
By the terms of the proposed lease, the Missouri company demises to
the Wabash the Hannibal line and its terminal facilities at Hannibal for
the term of 99 years from July 1 1923, subject to any mortgage or mortgages executed by the Missouri company or its predecessor upon the
demised premises. The applicant agrees to pay an annual rental of
$120,000. all taxes, charges and assessments levied upon the property
or the use and operation thereof; and all payments required to be made
by the Missouri company for the use of the union depot at Hannibal.
The rental payment of $120,000 equals 5% on the claimed fair and reasonable value of the property. The Wabash is given an option to purchase
the demised property at any time during the term, free from all mortgage
liens, for $2,400,000. The Missouri company represents that this amount
Is approximately 50% of the estimated reproduction cost of the property.
V. 117, p.89
Consolidated Income Acct.5 Mos.end. May 31 1923(West Penn Co.and Subs.).
Operating revenue,$9.693,450: operating exp.,taxes and deprec.,
$3,206,380
$6,487,070: net operating revenue
324.215
Non-operating revenue
$3,530,596
Gross income
Deduct: Int. and amortization, $1,643,510: Prof. diva. of
2,257,339
subsidiaries and minority interests, $613.829
$1,273,256
$2,951,693
15,071
Net income
Consolidated surplus Jan. 1 1923
Other surplus additions
$4.240,020
Total
Deduct: Divs. on Pref. stock of West Penn Co., quarter ended
May 151923.$120,820: dies. Nos.land 2 on Common stock of
West Penn Co.,$225,000; discount and expense on sale of Prof.
435.894
stock of subsidiaries, $90,073
$3,804,127
Consolidated surplus May 31 1923
-V. 117. p. 209.
West Penn Power Co.-Acquisitions.The Pennsylvania P. S. Commission has authorized the company to
acquire electric companies in the following cities and townships: Karns
City, Bruin, Fraser Township. Queenstown Township, Cowanshannock
Township, Wayne Township and Springdale Township.-V.117, p. 209,89.
' INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, toWaco Beaumont Trinity & Sabine Ry.-Acquisition.-- gether with a summary of similar news published in full
The I.-S. C. Commission has approved the acquisition by the company detail in last week's "Chronicle."
of a line of railroad extending from Trinity in an easterly direction through
Polk County, to Colmesneil, Tyler County. Tex., a distance of 66.6 miles.
This line (hereafter called the Colmesneil line) was formerly owned by the
Missouri Kansas & Texas Ry.
.Co.of Texas. The report of the Commission
says in part: "The applicant was formerly known as the Beaumont &
Great Northern RR. It owns, and until on or or about May 1 1914,
operated, a line of railroad extending from Livingston, Pclk County, in a
northwesterly direction to Weldon, Houston County, Tex., a distance of
48.3 miles. Effective May 11914. the applicant leased its railroad to the
Missouri company. On May 20 1922 this lease was canceled and possession of the property was surrendered as of Oct. 1 1922, but until March 31
1923 the applicant's railroad and the Colmesneil line were operated by the
receiver of the Missouri company as the Trinity division of that company's
system.
"On or about Dec. 13 1922 the Properties of the Missouri company,
including the Colmesneil line, were sold at a receiver's sale. The purchasers.
under authority conferred by the decree of sale, elected not to take the
Colmesneil line, and it is stated that that line will be ordered resold by
the court.
"On March 31 1923 the Waco company resumed the operation of its
railroad and also undertook to operate,and is now operating,the Colmesneil
line as agent for the receiver. The Legislature of Texas has passed an Act
authorizing the company to acquire, own, maintain, and operate the Colmesneil line, and for that purpose to issue and sell its corporate stock and
mortgage bonds, additional to such stock and mortgage bonds as it has
issued, or has the right to issue, in respect of properties previously owned
by it, for an amount in the aggregate equaling the value ofthe Colmesneil
line and property acquired, as ascertained and fixed by the Railroad Commission of Texas on or about June 2 1922. less the amount of the mortgage
or other lien indebtedness, if any, secured thereby, remaining outstanding.
The valuation fixed by the Railroad Commission of Texas was$2,433,000.
"The company's railroad has no direct physical connection with the
Colmesneil line, but interchange is effected at Trinity by use of the rails
of the International & Groat Northern under trackage rights.
"The company proposes to acquire the Colmesneil line at a receiver's
sale, and for some time has been negotiating to that end. It is proposed to
issue $60,000 in equipment trust notes, $666,000 in 1st Mtge. 6% bonds.
and Capital stock in an amount to equal the balance of the valuation fixed
by the Texas Commission under its order or finding of June 2 1922, and as
shall be approved by the I.-S. C. Commission, all of such securities to be
delivered to the vendors in payment of the railroad, appurtenanb property,
and equipment to be acquired. It is also proposed to issue certain securities
to refund $883,000 of 1st Mtge. bonds issued by the company under a
mortgage dated July 11909. An application for authority to issue securities
is pending before the I.-S. C. Commission."
West Penn Co.-Offers to Purchase Outstanding Stock of
West Penn-Monongahela Co. Not Already Owned.The company has made an agreement with Clarence W. Watson for the
purchase of Mr. Watson's stock in the West Penn-Monongahela Co. at $5
a share as follows: $1 25 in cash and 25% on July 15 1924. July 15 1925
and July 15 1926. The stock will be held for him by the Equitable Trust
Co. of New York under a trust indenture as security for final payment in
full. In event of default in payment, the stock is to be sold at the expense
of the West Penn Co. and the proceeds applied to the debt. The West
Penn Co. offers to buy holdings of all other common stockholders under the
same terms, the offer to hold good until Nov. 11923. Stock bought under
the offer is to be deposited with the Equitable Trust Co. and certificates
Issued for it as a receipt. The same proportion in cash is to be paid as paid
Mr. Watson, and the same proportion to be paid on the dates given above.
All holdings of 100 shares or less, however, are to be paid for in cash.
[According to latest reports, West Penn-Monongahela Co. has 931.830
common shares (no par) outstanding, of which 621,220 shares owned by
West Penn Co.]
Listing of7% Cum.Pref. Stock and Corn. Shares(No Par Val.).
The New York Stock Exchange has authorized the listing on or after
Aug. 15 1923 of temporary certificates for $8,054.700 (auth. $41,945,300)
7% Cum. Prof. stock, par $100 each, on official notice of issuance in exchange for outstanding shares of 6% Cum. Pref. stock, par $100 each.
par for par, and on or after July 25 of temporary certificates for 225,000
shares of Common stock, without par value (auth. 500.000 shares), on
official notice of issuance. in exchange for 225,000 shares of Common stock.
par $100 each, now outstanding, at the rate of one share of no par value
shares for each share of Common stock, par $100.
Of the capital stock now issued and outstanding. 46.685 shares of 6%
Cum. Pref. stock and 163,440 shares of Common stock are owned by
American Water Works & Electric Co., Inc.
Since April 2 1923 to and including May 31 1923, the following changes
in the capitalization have taken place with respect to subsidiary companies:
West Penn Railways Co. Issued $292,800 additional 6% Prof. stock and
$600,000 additional Common stock, making the cajoital stock issued and
outstanding $9,340,600 6% Prof. and $10,600,000 Common, of which
$10,600,000 Common is owned by West Penn Co.
West Penn Monongahela Co. issued 1,404 shares of additional Common,
making the total Common issued and outstanding 933,234 shares, of which
622,261 shares are owned by West Penn Co.
West Penn Power Co.issued $1,254,300 additional 7% Prof. and $200,000
additional Common, making the stock issued and outstanding $7,256,300
of 7% Pref. and $11,100.000 Common, of which $11.100,000 Common is
•
owned by West Penn Railways.
Monongahela West Penn Public Service Co. reduced its 5% Pref. stock
$200. making the total 5% Pref. stock issued and outstanding $35,200.
It also issued $9,138 additional 6%, Pref. stock, making the total 6%
Prof. stock issued and outstanding $4,263,346, of which $225 6% Pref. is
owned by West Penn Monongahela Co. The West Penn Monongahela
also acquired $11,303 additional Common stock, making the total Common stock OWIled by West Penn Monongahela Co. $7,777,228.
Since April 2 1923 subsidiaries of the company have acquired stock in
the following companies:
West Penn Power Co. has acquired all of the outstanding $500 stock of
Ohio County Fuel Co. of W. Va., chartered Oct. 2 1922.
West Virginia & Maryland Power Co. has acquired all of the outstanding
$40,000 stock of West Maryland Power Co.of Maryland. West Maryland
Power Co. was incorporated July 27 1922.
The West Penn Co. has acquired all of the outstanding $25,000 stock of
St. Mary's Power & Light Co. of W. Va., incorporated Sept. 26 1916.
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 conditi
@FedFRASER